Q3 2022 Enel Americas SA Earnings Call
Okay.
Good day, ladies and gentlemen, and welcome to Enel Americas third quarter 2022 results Conference call. My name is Victor and I'll be your operator for today.
At this time all participants are in a listen only mode.
After the speaker's presentation, there will be a question answer session to ask a question. During the session you will need to press star one one on your telephone please be advised that today's conference is being recorded.
During this conference call, we may make statements that constitute forward looking statements within the meaning of the private Securities Litigation Reform Act of 1095.
Famous could include statements regarding the intent belief or current expectations of Enel Americas and its management with respect to among other things.
Americas business plans and Americas cost reduction plans trends affecting enel Americas financial condition or results of operations, including market trends.
In the electricity sector in Chile or elsewhere.
Supervision and regulation of the electricity sector in Chile, or elsewhere, and the future effect of any changes in the laws and regulations applicable and honor it.
Because or its affiliates such forward looking statements reflect only our current expectations are not guarantees of future performance and include involve risks and uncertainties actual results may differ materially from those anticipated in the forward looking statements are a result of various <unk>.
Factors. These factors include a decline in the equity capital markets of the United States or Chile.
An increase in the market rates of interest in the United States or elsewhere.
Adverse decisions by government regulators regulators in Chile or elsewhere.
And other factors described in our Americas annual report on form 20-F, including under risk factor.
Factors you may access our 20-F on the SEC's website.
Www Dot SEC dot Gov readers are cautioned not to place undue reliance.
And those forward looking statements, which speak only as of their dates and Americas undertakes no obligation to update these forward looking statements or to disclose any development as a result of which these forward looking statements become inaccurate.
I'd like to turn the turn.
Turn to the presentation and turn the presentation over to Mr. Rafael de La Alpha and Omega as head of Investor Relations. Please proceed.
Thank you Victoria.
Welcome to our third quarter, two first on <unk> results presentation.
And then also head of Investor relations of elevators in.
In the coming of light our CFO CEO will be presenting the main figures of this period.
Let me remind you that this presentation will follow the slides that have been.
You have no relating to the company's website.
Hello.
The presentation.
As for our Q&A session.
Please remember that questions can be made only through telephone line.
Now, let me hand over to Nick also Aurelio OLS Saturday, a lively debate highlights of the PD <unk> three.
Great.
Thank you Rafael and good morning, everybody during the third quarter this year, our production and sales lead generation.
Solid growth of 8% and 12%, respectively, mainly due to better performance in Brazil, and Colombia. Thanks to the renewable capacity would have added duty this year.
In networks, our sales remained flat, while the tariff adjustment in Sao Paolo and the new theaters in Peru were in line with our expectations regarding Enel X and retail businesses, we saw a solid increase in all our indicators EBITDA.
For the first nine months increased 17% with positive performance across all our businesses.
Do you think back.
And net working cap now.
Working capital reduce it.
Increase in fleet.
The 9% of our.
Funds from operation.
Yes.
On a quarterly basis third quarter, EBITDA was 7% lower compared to the same period of last.
Year to date.
As explained by lower results in networks in Brazil, Argentina due to adjustments in the value of distribution concessions in Brazil.
Due to the inflation and the delay is that if I just missed in Argentina.
Regarding net income.
Affected by the external world generic net negative impact of $9 billion due to the impairments in connection with the sale of antibody and Fortaleza.
In terms of that and Thats all net net should we be that ratio remained stable, while we continue to execute our significant capex plan, especially gross cash Capex Brian .
During this period, we added close to 100 megawatts of new renewable capacity.
We continue to working and two nine gigawatts of capacity under construction, our renewable capacity now represents 71% of our total capacity and 73% of our production, reflecting our commitment to 020.
Finally, we concluded the sale of Fortaleza thermal plants, and we are well on track on the sale process itself.
We're we just received the approval by the antitrust authorities to go ahead.
The operation.
We are also working we are also working on the merchant processing in angiogenesis generation.
<unk> and Adobe.
And finally, we are moving ahead with a demonstration of our company of the FCC and as we announced it a few months ago, let's move to the following slide to see the main macro indicators.
As shown on the left table during this quarter currencies in Argentina, Colombia, and Costa Rica devaluated against the U S dollars.
In Peru, and Guatemala, we have no reason why Brazil, Brazil.
Brazilian reais have.
4% appreciation in.
In terms of inflation, we can see that during this year.
Police and rate increases in almost all of that in most of the countries.
Significant level in line with the situation that we are seeing across the world duty space. However, in Brazil in Panama, we saw a slowdown compared to last year. We are working on delivering on our efficiency targets to compensate for the effect of <unk>.
Please I mean currency volatility on our results as we'll see later on this presentation.
Regarding electricity distribution distributed.
During this quarter, we saw growth in Argentina, Colombia, and Peru, while Brazil decreased due to lower temperatures and stronger rainfall in terms of collection, we can see that Argentina, Peru, and Peru improvement in a significant way Colombia remain at stable.
And while Brazil slightly decreased reaching almost 98% of collections finally regarding bad debt.
It remains basically in line compared to last year now, let's have a look at our investments for the period.
During the third quarter of this year, our capex increased by 2% compared to the same period of last year.
Reaching $883 million.
This is mainly explained by higher investment in generation business in Peru, due to development of renewable projects why.
And so a lot of claims.
And higher investments in distribution business in Brazil, Colombia and Argentina.
From the total amount.
60% what are you factoring in Brazil, while in terms of business 57 were devoted to networks and 37.
Percent to renewable generation.
Gross capex.
Reach at $396 million and was mainly devoted to renewable business with 72%.
Now analyze our operating highlights on slide six.
In generation business. During this quarter, we added close to 100 megawatts of new renewable capacity, reaching 16 gigawatts of installed capacity from which 71%.
Is renewable.
Net production in the third quarter reached 14, nine Terawatt hour, an increase of 8% compared to the same periods of last year, mainly explained by higher generation in Brazil and Colombia.
From our total production, 74% is emission free.
An important improvement compared to the 68% of the same period of last year.
And let's just say you increased it by 12% duty dispute, reaching 24, one terawatt hour.
Due to higher sales in Brazil, Colombia and Peru.
In slide seven we will have a focus on Egypt.
Yes.
With close to 100 megawatts of new renewable capacity added during this third quarter, we reached five gigawatts of capacity coming from Egypt, Americas from which 79% are in Brazil and in terms of technology too.
C G.
And one six gigawatts of solar and other 0.8 Gigawatts hydro.
During this quarter, we began the construction of our <unk> solar plant in Brazil, reaching two nine gigawatts of capacity under construction.
Mainly located in Brazil and in Colombia.
One four Gigawatts, we project and one six gigawatts of solar projects.
Sure.
During what's left from.
From 2022.
0.2, Gigawatts will begin operation.
While 190, Gigawatts, we will enter into empty during the three and eight gigawatts equally into 'twenty four.
Capex in Egypt, the Americas during this quarter was $3.
Mainly located in Brazil.
Regarding our pipeline, we are considering 69, Gigawatts 13, gigawatts more than what we had on December last year.
This amount.
37, Gigawatts are in early stage and 31 Gigawatts are in mature stage. In addition to these we have around one gigawatts of battery energy storage systems.
And we are also considering the two seven gigawatts of projects under construction already mentioned.
Let me highlight that we just announced announced at the beginning of the construction for the Golar those vendors.
<unk> in Brazil, This new expansion of <unk>, the Big Wind farm in South America will have 332099 megawatts of capacity and will be operative by the end of 2023 and beginning of 'twenty 'twenty four.
When the complex. It's fully finished with it will have one five gigawatts of wind capacity and Thats just supply the series of Rio de Janeiro, and some Paolo combined.
Let's continue with great operational highlights on slide three.
The electricity distributed reached 32 terawatt hours in the third quarter flat compared to the same period last year explained by higher sales in Argentina, Colombia, and Peru compensated by lower sales in Brazil.
Regarding number of customers, we have an increase of around 540.
In the last 12 months, reaching 26 6 million customers among all our distribution companies.
In terms of quality indicators.
<unk> improved in Brazil, and Colombia, while in Argentina, Peru.
In Peru slight increase due to the higher temperatures at the start of the year and scheduled outage due to environmental regulations, respectively regarding safety.
The frequency, we performed better than in all countries, except for Argentina. Finally in terms of energy losses, It improvement in Argentina, and Colombia, and likely increase in Brazil explained by higher nontechnical losses in Peru, mainly due to.
And regulatory changes.
Which we expect should that should be normalized by the year end on slide nine we will see Enel X and retail.
Businesses.
In Enel X business, we had a very solid growth in our our businesses, especially in charging stations.
<unk> panels and maintenance and repair contracts.
Regarding retail business the number of delivery points.
Increased by 14%, reaching almost 5000 points and the energy sold amounted to $18 one terawatt hours in the first nine months of 2022.
Which means a 20% increase compared to the same period of 2021.
The solid growth of both businesses shows the importance of our commitment towards electrification as core pillar.
Our forward strategy.
On the following slide we will discuss our ongoing asset rotation and corporate simplification process.
Sure.
The sale of Fortaleza thermal plant was fully completed in August now our generation metrics in Brazil is 100% renewable.
Regarding <unk> the sale process.
Ounces on September 23rd is well on track.
We have the.
It drifts to regulation.
<unk> recently approved with the operation and we are waiting for the final approved approval of Enel <unk>. We expect to have this process concluded by December of this year.
Regarding corporate simplification, we recently announced that the merger between annual generation through.
Annual Green power bedroom Dave.
The independent Board members Committee will soon announce big Sterno evaluate who will handle this operation.
Finally in connection to our with our the listing in New York Securities Exchange, We are working on our demonstration of FCC and S.
We presented the documentation needed.
We will continue our efforts on simplifying and streamlining our operations in line with our asset rotation incorporations simplification corporate simplification strategy.
Now, let me comment on financial results for the period on the coming slides.
EBITDA in the third quarter reached <unk> 1 billion in U S dollars minus seven 1% lower than the same period of last year, considering in less let's say results the adjustment relates to <unk>.
That was recognized in the fourth quarter of 2021.
This lower result is mainly explained by a distribution business in Brazil, and Argentina in case of Brazil, We had a reduction of EBITDA level, mainly due to lower adjustments in value of distribution concept concessions I freak throughout and higher transportation costs.
And in case of Argentina, due to the delayed <unk> adjustments.
Okay.
Tariff adjustments EBITDA of the first months reached $3 4 billion U S dollars growing 17, 1% with positive results in all our businesses except for thermal generation.
Currency exchange had a negative impact of minus 64 million U S. Dollar to this but if we isolate this effect EBITDA would have depreciated depreciated decrease it by minus 141, 5%.
Opex increased by six 7% due to higher inflation in the region, partially compensated by our efficiency efforts.
Net financial results improved by 5%, mainly due to hyperinflation effects in Argentina, partially offset by higher financial expenses.
Group net income in the third quarter.
Considering the extra ordinary.
The effects of the sales of portal isn't quite as Richard mined $680 million.
And.
If we exclude these effects net income would have decreased by four 2%.
$253 million.
Therefore in disputed funds from operations reached $699 million, while net debt increased by three.
13%, reaching six $6 billion.
Let me highlight that we have.
Very positive funds from operation variation in this period.
Which increase that almost 60% for the nine months of Duane.
<unk>.
Well, we will analyze the detailed cash flow and debt later in this presentation on next slide we will see EBITDA evolution and breakdown.
Starting from $1001 $1 billion of EBITDA in the third quarter of 2021.
We see that thermal generation networks business had a negative variation, mainly driven by lower trading activity and lower jet adjustments of distribution assets respectively.
Excluding these effects on revenues for adjustments of distribution assets networks grew by $61 million.
On the other hand renewables businesses business grow grew by $38 million, mainly explained by Colombia, and Brazil, while retail and analytics grew by $11 million and $7 million respectively.
Currency devaluation, plus other impacts had a negative effect of $31 million, which finally beta of $1 billion, 7% lower or the same period of last year on a country basis, we see that the main contributor for consolidated EBITDA was Brazil with 446%.
Colombia represent represented 33 through 16 Central America, four in Argentina of 1%.
In terms of business line networks represents 44% of our EBITDA and renewable generation, 41% thermal generation with data and analytics contributed with the 6% 7% venture percent respectively. Let's.
EBITDA breakdown on accumulative basis on slide 13.
Starting from $2 $9 billion of EBITDA for the first months of two anti picked when we see that all our business has had a positive operational results duty dispute thermal generation increased by 4 million U S dollars, while renewables grew.
By $281 million, mainly explained by Colombia and Brazil.
Network grew by $194 million also explained mainly by Brazil and Colombia.
Which was partially offset by lower revenues for adjustment of distribution assets of $48 million with Vale and Enel X grew by $109 million and $40 million, respectively currency devaluation, plus other impacts had a negative effect of $46 million, which.
And our final EBITDA of $3 4 billion U S dollars, 17% higher than the same period of last year on a country basis, we see that the main contributed four consolidated EBITDA was Brazil with 49%, while Colombia represented 33%.
14% Central America, 2% in Argentina, and 1% in terms of business lines networks 45.
<unk>.
Our EBITDA and renewables, 36% thermal generation with tail Enel X contributed with 80%, 8% and 3% respectively.
Our generation business on slide 14.
EBITDA in generation business remained flat compared to the third quarter of 2021, reaching $557 million.
This result is mainly explained by lower results in Brazil and in.
And Colombia, mainly due to a lower trading activity.
Emergent demand due to lower energy sales offset by higher EBITDA in Peru, due to higher sale prices on the right side chart. You can see that Colombia was the main contributor of our total EBITDA with 37% followed by Brazil and Peru.
32 and 18%.
Since our America in Argentina reached 7% and 6% respectively.
Let's see networks business.
In the next slide.
EBITDA in networks business decreased by 12% compared to the third quarter of last year, reaching $537 million.
This lower result is mainly explained by lower EBITDA in Brazil, and Argentina in case of Brazil, we have as explain at this impact with the actualization of distributor concessions <unk> 12, due to lower reflecting inflation in this period in case of Argentina tariffs are not covering <unk>.
<unk> seen inflation in the country.
This was partially offset by better results in Colombia, and Peru, due to higher energy sales and higher price.
Excluding the effects of revenues related to actualization of distribution concessions networks, EBITDA grew 9% with Brazil growing 16%.
Due to tariff indexation.
In cumulative nine months period, we reached $1 8 billion of EBITDA, an increase of 16% compared to the same period of last year, Brazil represents 63% of this amount.
By Columbia.
Peru, with 27% and 10% respectively.
On slide <unk>.
<unk> 16 will have a focus on opex efficiency gain.
During this period.
As seen before Opex increase it by 9% moving from $1 two.
$2 billion in the first nine months of 2021 to $1 $36 billion in this period.
However, we can see that the increase is fully explained by FX and inflation effects, which represented higher opex of $170 million.
And the pyramid.
And the difference due to the consolidation of Egypt Americas during the first quarter of this year.
Each represented higher capex of $20 million, leaving these effects of side, we were able to gain operational efficiency for $80 million.
The efficiency gain are mainly related to network.
Digitization and blood of formulation.
With this we are on track to meet our 'twenty to 'twenty two 'twenty 'twenty four targets analysis on our strategic plan, which is $201 million.
On a cumulative efficiencies for this three year period, let's analyze our cash flow in slide 17.
Starting from an EBITDA of $3 $4 billion.
We see that networking capital amounted to minus $381 million, a significant improvement compared to last year, mainly explained by improvement in cba's in Brazil due to better hydrology.
Taxes paid during the period amounted to $495 million, while net financial expenses amounted to 415.
$15 million an increase.
More than two times compared to last year, mainly due to consolidation of any repowering of higher interest rates.
With these friends from operations amounted to $1 million in the first nine months in the first nine months of 2022.
At 59% higher than the same period of last year.
After investments of two point.
One.
Million billion.
Including 900, which includes $935 million of growth Capex will get you a free cash flow.
Minus $34 million, a significant improvement compared to last year.
Let me now analyze the depth of our company in the coming quarters.
Gross debt amounted to $8 2 billion, an increase of 11% compared to December 2021.
This increase is mainly explained by increases in <unk>, holding and et cetera, and then kinetic agenda generation, Peru, and Colombia net debt, which is six $6 billion, which can see this free cash flow as we sort of minus $34 million net dividends paid for minus.
Yes.
$547 million financial receivables from minus $154 million in extra origination operation and effects.
Sure.
Net impacts of minus $30 million in terms of currency in country, we see that it remains as the largest contributor while that thats at holding level represent 13% of the total.
Finally regarding the cost of debt, we can see an increase for disputed going from six 1% to nine 4%.
Mainly explained by higher interest rates in Brazil and.
In Colombia, partially offset by a lowest lower cost of debt in Enel Americas holding.
In the slide 19, we will see our financial position.
Our liquidity amounts to $2 5 billion.
From which 64% correspond to cash and cash equivalents and 36% are committed credit lines. The average maturity of our debt is three five years for 2022, we have mature it's $4 $9 billion and most of our debt is much mature.
After 2024.
Our solid liquidity position allows us to support our growth strategy.
On the next slide I will conclude this presentation with some closing remarks.
During the third quarter of 2002.
We saw solid operation results across all our businesses, despite a challenging macroeconomic context.
We had a solid <unk> generation for dispute and despite that we are executing a significant amount of capex of growth Capex.
Our net debt remaining stable.
We are.
<unk> delivering and executing the new capacity comes from renewable sources in line with our strategy.
Finally in line with our desktop monetization and asset rotations policies, we concluded the sale.
Thermal plant of Fortaleza, Enzo will conclude that.
The sale of and in glass.
Ralph I forget it also earlier lately are complete.
Presentation explanation and we will move to the Q&A session. Operator. Please proceed.
Yes.
As a reminder to ask a question.
Press Star one on your telephone.
Once again star one one please.
Based upon borrower compile the Q&A roster.
Okay.
Our first question will come from the line of Javier Suarez from Mediobanca. Your line is open.
Hi, This is Javier Suarez mediobanca, Thank you for the presentation.
Two questions. The first one is on the on the capital expected of the company.
We have seen.
Quite a significant increase in the cost of financing for the year for the company.
That is mainly related to higher financing costs in Brazil.
And at the same time the company has a very.
Intense capex plan for the year to come so the question for you is in order to maintain financial stability.
You see the necessity to modulate these capex light of course.
Cost of financing that is significantly higher maybe it was forecasted by the company and these latest business plan or what or data managerial policy of the company may may take to insure.
That's capex continue while financing facilities in CRE.
That would be the first question.
One question is on the working capital absorption I think that the Ethernet slide number 17.
Net working capital absorption has improved.
<unk>.
<unk> vessels.
So kind of can you help us understand the dynamics behind thank you.
Thank you Javier.
Our capital structure.
Yes, it's a very very good and important question, we see no different.
Let's say talking about.
Regarding monetary policy of the state.
Policymakers in countries, we saw a different movements.
For example, Brazil increase more of the interest rates.
And.
I can tell you that Peru is lower but anyway, we are proactively.
In structuring the debt.
<unk> speaking.
Operational way.
Are there to capture the momentum very proactively to capture the momentum in terms of effects on one hand and in terms of interest rates in other hands led let me Im telling you this because we.
We decided for example to increase.
Les our depth in Brazil, since we will observe at higher interest rates in the beginning of this year or in the last 12 months and increase it a little bit more.
Annual Americas level.
I mean, you can see you can say that but in enel Americas inquiries in U S dollars booking is increasingly yes, yes.
Yes, we analyze that these and we saw that.
All in costs compensated this is drive to.
We'll have more depth during this period.
Americas and reduce our debt in Brazil on the other hand.
We increased it a little bit more our consolidated debt.
I mean, a smaller escaped the scale of course in Peru, which saw a lower.
<unk> in Peru, more favorable and.
We did not for the capital need seen in Peru, we didn't increase our depth in <unk>, so with that as our hour that's in a very proactively way in order to meet.
This investment, especially these investments that we are doing in their needs in terms of cash doing among all.
<unk> recent companies okay.
That's from one side.
So that the capital cost increases generally treated for everybody.
Of course.
The projects we are.
Much more selectively.
Selectivity in terms of investments.
Facing the lateral in the I mean the velocity.
Of these estimates.
But in any case, we are very well positioned in terms of leverage one four times.
Of course, we are not considering these one five times the patient fund, but again.
Yeah.
With the pension fund it will be one seven times again, it's a very comfortable position in order to support that.
Even in this scenario with the higher capital costs.
In doing this.
During this period.
The company Glenn we are analyzing our current actives.
To support that.
Our growth in terms of.
Open to partnership and so on but it is still under analysis there to growth without.
Without any.
Without causing any risk in terms of leverage of the company. This is our mantra.
For us so that's why we preserve the.
This capital structure I mean proactively.
The beauty of the deaths among the country's analyzing this.
And interest rate difference.
And on the other hand selected in their Capex and on the other hand.
Providing different and innovative models in order to.
We reduced our debt level in the consolidated balance sheet.
In terms of.
Networking capital.
We have we have that significant improvement.
This year, a 59% off of our network of <unk> driven by our networking capital two factors, mainly two factors here.
We are very well positioned in terms of the regular.
The regulatory assets.
<unk>, Brazil, right, we have a positive.
Hydrology in Brazil, but also.
We book it all the negative in fact effects.
DSO, we are collecting these these effects in the CVA of disease second point.
We are improving our collection.
During the countries of course not.
We expect by the end of the year improve a much more of this this level, but we are seeing some improvement in the in the at least in the last three months. So with all these effects combined it.
This.
Our our networking capital.
What was very positive produced during this period.
This effect of course.
The hydrology is something that we cannot control.
But again since we are developing a very good strategy in terms of of contracts and in demand demand contracts. We are confident that this we maintain we will maintain this.
This.
I mean, there's networking capital control it falls for the for the next year.
And I think that's that's it thank you Javier.
Many thanks.
Youre welcome.
Thank you one moment our next question.
Our next question comes from the line of Francisco <unk> from Santander. Your line is open.
Io radio.
Thanks for the question.
My question is portfolio.
Is the company strategy regarding the Farnsworth.
We received from the sales of fertilizer.
Could you tell us about what are the plans for this.
The volume of course.
Part of the company.
Thank you Francisco.
Yes in line also with the question the previous question.
Made by Javier.
We complement our our financial position with the sales.
And our.
First one we wanted to rebalance our generation of EBITDA cash flow more into generation business and reduce the.
Little bit.
Oh sure.
In distribution Capex.
We're in renewables.
And we want to increase our.
In support financially our increase in renewables there is in the region of course observing.
Returns.
Of course, observing the financial discipline, but this.
These funds, we will use of course select they've been selective and <unk>.
<unk> returns in the renewables.
Projects.
And growing.
Moore, our participation, let's say in our EBITDA in terms of generation business. That's basically at this point.
Physical.
Yes.
Youre welcome.
Thank you.
Not showing any further questions in the queue at this moment I would like to turn the call over to Rafael de La <unk> for any closing remarks.
Alright. Thank you thank.
Thank you Leo.
There are no more questions. We can maybe fair returns conference call.
Before finalizing let me remind you that the Investor relations team is available for any of those.
Hey, David.
This concludes today's conference call. Thank you for participating you may now disconnect everyone have a great day.
The conference will begin shortly to raise your hand during Q&A you can dial star one one.
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