aes gener 1q-2019 corporate presentation · 2016 2017 2018 2019ltm 1q20 chile colombia argentina...
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PRESENTATIONJ.P. Morgan Southern Cone & Andean Region Opportunities Conference
June, 2020
CORPORATE
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210MWAdded since launch of Greentegra
2.1GWOf green capacity
to be added by 2024 (2)
5,304MWOf installed capacity(1)
Leading Energy Producer in Chile
~10 yearsAverage life of PPAs(4)
Providing Stable Cash Flows
66.7%Controlled by
The AES CorporationMember of Chile and MILA Indices
LEADING GENERATION COMPANY IN LATIN AMERICA
AES GENERAT A GLANCE
Baa3/BBB-/BBB-Stable Outlook
(Moody’s/S&P/Fitch)
4.2x (3)
Net Debt/LTM 1Q-20 EBITDA
$794mmLTM 1Q-20 EBITDA
Launched Greentegra Strategy to incorporate Renewables leveraging on existing commercial relationships
(1) Includes 5,242MW of installed capacity and 62MW of Battery Energy Storage System as of 19/6/2020. (2)Includes Operational assets, projects under construction, and projects under development. (3) Consolidated metric, including equity credit (4)Average remaining life on PPAs in Chile as of 31/03/2020.
2
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LEADING GENERATION COMPANY IN LATIN AMERICA
AES GENERKEY INVESTMENT CONSIDERATIONS
1 RESILIENT BUSINESS
2 MARKET LEADER POSITION
3 DIVERSIFIED PORTFOLIO
4 HIGH QUALITY LONG TERM PPAs
5 GREENTEGRA TRANSFORMATIONAL STRATEGY
6 ROBUST CAPITAL STRUCTURE & STRONG FINANCIALS
3
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RESILIENT BUSINESS
COVID-19UPDATE
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CARBON INTENSITYREDUCTION
5
SAFETYOF OUR PEOPLE
RELIABLEENERGY SUPPLY
WORK ALL
TOGETHER
COVID-19 UPDATE
AES GENERGUIDING PRINCIPLES
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6
1,319100%
High Risk personnel
WORKING REMOTELY
100%Non-Operational personnel
WORKING REMOTELY
53%of AES Gener personnel
ON SITE
AES GENER PEOPLE
6Active COVID-19
Cases
12Total COVID-19
Cases
COVID-19 UPDATE
OUR PEOPLESAFETY IS ALWAYS FIRST
Status as of 21/6/2020
AES Gener
6,535CONTRACTORS 93
Active COVID-19
Cases
213Total COVID-19
Cases
CONTRACTORS
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7
100% of Our Plants
OPERATING NORMALLY
+30 days of Fuel Supply
ASSURED
66%Of our Operations Personnel
WORKING ON SITE
COVID-19 UPDATE
OUR OPERATIONSCONTINUE PROVIDING RELIABLE ENERGY
As of May 7, 2020
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8
ALTO MAIPO4,612 WORKERS
Contingency Plan to mitigate
effect of lockdown
WINDPROJECTS
Progress at Los Olmos and
Mesamávida moderately impacted
SOLAR PROJECT
Andes Solar II nearly complete
with limited impact
COVID-19 UPDATE
OUR PROJECTSLIMITED IMPACTS
As of May 31, 2020
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9
$628
million
$378mnCASH &
CASH EQUIVALENT
60%
$250mnUNDRAWN COMMITTED
FACILITIES
40%
COVID-19 UPDATE
OUR LIQUIDITYSTRONG TO OVERCOME DISRUPTIONS
As of March 31, 2020
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89% CHILE
96% INVESTMENT GRADE
Markets
42%COLOMBIA
INVESTMENT GRADE PROFILE
Customers
A+/A1 BBB-/Baa2
Vulnerable Household Relief¹
Local CPI Indexation
S/Ca
REVENUEBY MARKET
76% 20% 4%
Chile -$1.5mn/year
Argentina -$0.5mn/month
EBITDA IMPACT
Regulatory Changes
COVID-19 UPDATE
OUR MARKETSCOUNTRY AND COUNTERPARTY RISK
(1) Based on latest version of bill as of May 7, 202010
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Chile -$1.5mn -2.6%
Colombia -$2.5mn -7.6%
Argentina -$0.3mn -7.6%
COVID-19 UPDATE
OUR CONTRACTSDEMAND RISK
Chile 100% 24%
Colombia 80% 2%
Argentina 60% 3%
HIGHLY CONTRACTED
Business with Robust Take or Pay PPAs
89% CONTRACTED
LIMITED
Volume Risk
EBITDA SENSITIVITY
10% Demand Decline per monthContract
Level
Consolidated
Contract Sales
exposed to
Volume risk¹
11
May Demand
Δ YoY²
(1) 2019 Consolidated contract sales volume exposed to demand risk / total sales volume (2) Preliminary May 2020 systemwide figures
REVENUEBY SOURCE
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COVID-19 UPDATE
OUR CURRENCIESFX RISK
REVENUEBY CURRENCY
79% DOLLAR DENOMINATED
Chile +$0.5mn
Colombia -$0.3mn
Argentina -$0.01mn
CASH FLOW SENSITIVITY
10% Devaluation per monthFIXED Costs
LOCAL CURRENCIES HELP TO
OFFSET DEVALUATION
FULLY DOLLARIZED
Revenues in Chile
ACTIVE HEDGE STRATEGY
in Colombia
12
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COVID-19 UPDATE
OUR DISCRETIONARY COSTSHELPING MITIGATE POTENTIAL COVID-19 IMPACTS
13
$11-14mn
NON-ESSENTIAL COST MANAGEMENT
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Accelerated Digital
Transformation
Flexible & Remote
Work
Virtual Collaborative
Networks
COVID-19 UPDATE
OUR TRANSFORMATIONACCELERATED DUE TO CORONAVIRUS
14
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LEADINGPOSITION
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Third largest
hydro plant
CHILE (3,620MW)(1)
COLOMBIA (1,041MW)
ARGENTINA (643MW)
Leading
Energy
Producer
Most efficient
combined cycle+Only International T-Line
connecting
HIGH-QUALITY ASSET PORTFOLIO
LEADING POSITIONIN ATTRACTIVE MARKETS
(1) Includes 62MW of Battery Energy Storage System in operation.16
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DIVERSIFIED PORTFOLIO
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69%
24%
7%
57%
13%
30%
22%
78%
DIVIERSIFIED
PORTFOLIOBY GEOGRAPHY, CUSTOMER TYPE AND TECHNOLOGY
EBITDA
$794mm
27.5TWh/y
5,304MW
Argentina
Chile
Contract Sales
Coal
Renewables
Natural Gas
Colombia
CUSTOMERS TECHNOLOGY(1)
Spot
LTM 1Q-2020 Figures(1) Includes Battery Energy Storage System (BESS)
18
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COMMERCIAL STRATEGYHIGH QUALITY LONG TERM PPAs
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CHILE COLOMBIA ARGENTINA
Energy Sales 16,083GWh
6,917GWh
4,470GWh
PPA Tennor Remaining Average Life
10-year 2 → 5-year 1-year
EBITDA $549mn $190mn $55mn
HIGHLY CONTRACTED
COMMERCIAL STRATEGYSTABLE CASH FLOWS SUPPORTED BY LONG-TERM CONTRACTS
2020
Contract Sales
Spot Sales
100%Contracted¹
LTM 1Q-20 Figures (1) Includes Rerouted Energy.
65%Contracted
20%Contracted
35%Spot
80%Spot
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GREEN TRANSFORMATIONSTRATEGY UPDATE
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STRATEGY EXECUTION UPDATE
GREENTEGRAULTIMATE OBJECTIVES
Transform AES Gener into a
LEADING RENEWABLE BUSINESS
in South America
GREEN
OUR CUSTOMERS
REDUCE
CARBON INTENSITY
STRENGTHEN
INVESTMENT GRADE
22
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PROTECT
EXISTING VALUE
ENABLE
GREEN GROWTH
Delink existing PPAs from coal
physical assets
New long-term renewable PPAs to
support green capacity expansion
STRATEGY EXECUTION UPDATE
RENEWABLE TRANSFORMATIONENABLED BY OUR BUSINESS SOLUTIONS
23
ALLOW FOR EARLIER
COAL PHASE OUT
Coal plants merchant providing
reliability to the system
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STRATEGY EXECUTION UPDATE
RENEWABLE TRANSFORMATIONTOWARDS A SUSTAINABLE LEADING COMPANY
2.1GW
8.9TWh/y
0.4bn
WIND
SOLAR
HYDRO
CHILE
COLOMBIA
CHILE
COLOMBIA
54%74% 90%
21%26% 10%
25%
GREEN
CONTRACTSRENEWABLE
CAPACITY¹
INCREMENTAL
EBITDA²
24(1)Capacity to be added by 2024 (2) Incremental EBITDA generated in 2024
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STRATEGY EXECUTION UPDATE
GREENING OUR CUSTOMERSSUSTAINABLE EBITDA
0.8bn2017
1.0bn2024
GreentegraOffsets Legacy
Contract Roll-off
RENEWABLELT AUCTION
33% 66%
RENEWABLES
NON RENEWABLES
25
Ensuring sustainable Earnings & Dividends
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STRATEGY EXECUTION UPDATE
REDUCING CARBON INTENSITYSUSTAINABLE PORTFOLIO
RENEWABLES
5.8GW2017
6.9GW2024-27%
CO2 Intensity
+152%RenewableCapacity
24% 51%
NON RENEWABLES
26
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STRATEGY EXECUTION UPDATE
STRENGTHEN INVESTMENT GRADESUSTAINABLE LEVERAGE
NON-RECOURSE DEBT
RECOURSE DEBT
4.1X2017
3.4X2024
69%
RenewableEBITDA
DebtAmortization
64%36% 31%
Net Debt¹ / EBITDA
27(1) Includes Hybrid Debt Equity Credit
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28
STRATEGY EXECUTION UPDATE
GROWTH CAPEX & FUNDINGSOURCES & USES¹
28
$400AVAILABLE CASH
Includes Cash from operations after debt & dividend payments
2019-2023
$150GREEN HYBRID BOND
2019
1.8bn
$750THIRD PARTY CAPITAL
$500CAPITAL INCREASE
(1) Excluding Alto Maipo Funding Sources
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STRATEGY EXECUTION UPDATE
RENEWABLE TRANSFORMATIONSUPPORTED BY OUR SHAREHOLDERS
500mn
CAPITAL
INCREASEAPPROVED
66.7% 16.2%
17.1%
29
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Hydro
Wind
Solar
Batteries
531 MW
10 MW
11 MW
73 MW 2,789 MW
240 MW
760 MW
UNDER
CONSTRUCTION
720MW
READY TO
BUILD
253MW
UNDER
DEVELOPMENT
3,789MW
178 MW
180 MW
IN OPERATION
SINCE GREENTEGRA
210MW
90 MW
110 MW
GROWTH PROJECT STATUS UPDATE
4,972 MW RENEWABLE PIPELINETO SUPPORT COMMERCIAL AGREEMENTS
PIPELINE
3030Capacity as of 21/6/2020
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GROWTH PROJECT STATUS UPDATE
2.1GW GROWTH CAPACITYCAPEX & COD TIMELINE
Alto Maipo531MW
Los Olmos110MW
Mesamávida68MW
Chile Wind I250MW
Casa Eléctrica187MW
Los Cururos 110MW
Virtual Reservoir10MW
Campo Lindo73MW
Chile Wind II40MW
Apotolorru77MW
Castilla 21MW
Andes Solar IIa80MW
Andes Solar IIb180MW
Andes Solar IV170MW
Chile Wind III216MW
2019 2020 2021 2022 2023
131 90 961 460 480
550 810 970 630 140
31
MW
CAPEX FLEXIBILITYTO DEFER
$100 -140mn
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CAPITAL STRUCTURE
MILESTONESACHIEVED SINCE LAUNCH OF GREENTEGRA IN 2018
32
De-risked
ALTO MAIPO1st GREEN
HYBRID BONDin the Americas
$531mn NON-STRATEGIC
ASSETSALES
$561mnDEBT PREPAYMENT
~$1.9bn DEBT REFINANCING
$500mn
CAPITAL INCREASEAPPROVED
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CAPITAL STRUCTURE & FINANCIALS
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AES GENER
EBITDA GENERATIONSUPPORTED BY UNIQUE LONG-TERM CONTRACTS
$549mn
$179mnCONVENTIONAL PPAsEnergy and Capacity
$370mnTOLLING AGREEMENTSEnergy and Capacity
$794mn1Q-2020
LTM EBITDA
7%
69%
24%
Argentina
Colombia
Chile
34
12-yearAvg. Remaining Life
7-yearAvg. Remaining Life
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146
39 22 27 31
136
19
1,042
100
105 114147 133
151
160
1,802
246
144136
174 164
287
179
2,844
AES GENER
DEBT PROFILENO SIGNFICANT MATURITIES IN THE SHORT TERM
$4.2bn
AVERAGE COST
AVERAGE LIFE
NET DEBT ¹/ EBITDA RATE
6.1%Years
22Years
4.2x(Consolidated)
91%Fixed Rate
Recourse Debt
$1,463mn35%
Amortization Schedule ($mn)
1.5x(Recourse Debt)
Non-Recourse Debt
$2,711mn65%
2020 2021 2022 20252023 2024 2026 2027/2079
(1) Includes Hybrid Debt $500mn Equity Credit 35
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AES GENER
LEVERAGE PROFILEAS OF MARCH 31, 2019
1,000 1,000
552
875
1,284
4,174
1,463
Non-Recourse Debt
Consolidated Debt Angamos Cochrane Alto Maipo Recourse Debt
794 136 156 504
4.8x 3.8x 5.1x 2.5x
4.2x 1.5x
LTM 1Q-20EBITDA
Net Debt/EBITDA
Hybrid Debt
Net Debt¹/EBITDA
(1) Includes Hybrid Debt $500mn Equity Credit 36
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APPENDIX
COAL to GREEN
ENERGY SOLUTION EXAMPLE
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TRANSFORMATIONAL STRATEGY
COAL TO GREENBUSINESS SOLUTION EXAMPLE
Tolling Agreements Coal to Green
Fixed Charge 50 Fixed Charge 50
Variable Charge 40 Green PPA 40
Green Tax Passthrough 5 Green Tax Passthrough 0
Revenues 95 Revenues 90
Variable Cost 40 Variable Cost 0
Green Tax Cost 5 Green Tax Cost 0
Costs 45 Costs 0
Margin 50 Margin 90
Figures for example purposes only, not meant to be a representation of individual contract details.38
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APPENDIX
PORTFOLIO
INFORMATION
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HIGH-QUALITY ASSET PORTFOLIO
LEADING POSITIONDIVERSIFIED BY TECHNOLOGY AND GEOGRAPHY
Capacity as of 19/6/2020
Note: Figures may not add up to total capacity due to rounding
LEADING ENERGYPRODUCER IN CHILE (3,558MW)
MAJOR PLAYER IN COLOMBIA (1,041 MW)
EFFICIENT OPERATIONIN ARGENTINA (643 MW)
Guacolda, 764MW
5 coal unitsHuascoCOD:1995/1996/20092010/2015
Hydro Plants271MW
4 run of river hydrounits Cajon del MaipoCOD:1923/1928/1944/1991
Angamos, 558MW
2 coal unitsMejillonesCOD: 2011
Cochrane, 550MW
2 coal unitsMejillonesCOD: 2016
Andes Solar, 91MW
PV SolarAtacama DesertCOD: 2016 / 2020
Chivor, 1,000MW
8 hydro unitsBocayaCOD: 1977/1982
Tunjita, 20MW
1 hydro unitBocayaCOD: 2016
Termoandes, 643MW
Combined CycleTurbines: 2 gas, 1 steamSaltaCOD: 1999
ENERGY
STORAGE (62 MW)
Spinning Reserve Systems
Norgener 12MW Angamos 20MWCochrane 20MW
Other Plants, 182MW :
Los Cururos 110MW WindLaguna Verde 59MW Gas/DieselLaja 13MW Biomass
Norgener, 276MW
2 coal unitsTocopillaCOD:1995/1997
Ventanas, 867MW
4 coal unitsValparaisoCOD:1964/1977/2010/2013
Castilla, 21MW
PV SolarMetaCOD: 2019
Virtual Reservoir System
Alfalfal I Pilot 10MW
40
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FIRM COMMITMENT WITH THE ENVIRONMENT
ACCELERATING A GREENER FUTUREOVERVIEW OF RENEWABLE GROWTH CAPACITY
WIND(1,021 MW)
SOLAR(430 MW)
RUN OF RIVER HYDRO(531 MW)
Alto Maipo, 531MW
San José de MaipoChileCOD: 2021
Los Olmos, 110MW
MulchénChileCOD: 2021
Campo Lindo 73MW
Los AngelesChileCOD:2021
Mesamávida, 68MW
Los AngelesChileCOD: 2021
Andes IIa 80MW
Atacama DesertChileCOD: 2020 – 69MW already in operation
Casa Electrica & Apotolorru 264MW
La Guajira ColombiaCOD: 2023
Projects Under Construction
Projects Ready to be built
Chile Wind I, II & III 506MW
ChileCOD 2022 - 2023
Andes IIb 180MW
Atacama DesertChileCOD: 2021
Andes IV 170MW
Atacama DesertChileCOD 2022
41Capacity as of 21/6/2020
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531MW
COD 2021
89%PROJECT
COMPLETED
93%Las Lajas & Alfalfal II
COMPLETED
Las Lajas
267MWAlfalfal II
264MW+
GROWTH PROJECT STATUS UPDATE
ALTO MAIPORUN-OF-RIVER HYDRO
4242Project Status as of 17/6/2020
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4.0kmTO BEGIN
GENERATING
1
2
GROWTH PROJECT STATUS UPDATE
ALTO MAIPORUN-OF-RIVER HYDRO - EXCAVATION PROGRESS
Las Lajas &
Alfalfal II
Systems 61km
Volcan
System 14km
43
4.1kmFOR MORE
WATER
Project Status as of 17/6/2020
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10MW 5HOURS
INSTALLED CAPACITY
CODMAY2020
100%COMPLETE
PROJECTUNDER
FINAL
COMMISSIONING
44
INNOVATIVEUSE OF BATTERY & HYDRO TECHNOLOGY
GROWTH PROJECT STATUS UPDATE
VIRTUAL RESERVOIRENERGY STORAGE
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GROWTH PROJECT STATUS UPDATE
ANDES IISOLAR
45
80MW
INSTALLED CAPACITY
BIFACIAL PANELS, CLIMATE CONDITIONS AND GRID PROXIMITY
ENHANCE CAPACITY FACTOR
CODSTAGED THROUGHOUT2020
99%COMPLETE
PROJECT69MW ALREADY IN OPERATION
FINAL STAGES OFCOMMISSIONING UNDERWAY
Project Status as of 19/06/2020
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EPC CONTRACTEXECUTED WITH NORDEX
178MW
INSTALLED CAPACITY
ATTRACTIVE CAPACITY FACTOR WITH RECORD LEVEL HUB HEIGHTFOR CHILE WIND FARMS
BEGINNINGCONSTRUCTION
PROJECTS
46
GROWTH PROJECT STATUS UPDATE
LOS OLMOS & MESAMÁVIDA WIND
CODMID-2021INCLUDING POTENTIAL DELAY DUE TO COVID-19
46
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LOCATED IN LA GUAJIRAKNOWN FOR WORLD CLASS WIND RESOURCE
264MW
INSTALLED CAPACITY
WIND PROJECTS AWARDED LONG-TERM CONTRACTS IN COLOMBIA’S 2019 AUCTIONS
UNDERDEVELOPMENT
PROJECTS
GROWTH PROJECT STATUS UPDATE
CASA ELÉCTRICA & APOTOLORRUWIND
COD2023
47
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APPENDIX
FINANCIAL INFORMATION
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AES GENER
FINANCIAL PERFORMANCESOUND METRICS & STABLE BUSINESS
CAPEX Capital Allocation
83 92 83 94 101
479 405 481556
436
562497
564650
537
2016 2017 2018 2019 LTM 1Q20
Maintenance Growth
53 74 263 259 27793 261184 287 287
102
471 351
1,646 1,621
248
806 798
2,192 2,185
2016 2017 2018 2019 LTM 1Q20
Equity Contribution Dividends Paid Debt Payment
581 591 591 550 549
172 174 241 233 19025 29
55 57 55778 793
887 839 794
34% 33% 34% 35% 34%
2016 2017 2018 2019 LTM 1Q20
Chile Colombia Argentina EBITDA Margin
EBITDA & EBITDA margin
2,198 2,387 2,346 2,628 2,712
1,626 1,353 1,1791,376 1,463
3,824 3,741 3,5254,003 4,174
4.3x 4.4x
3.6x
4.4x 4.8x
2016 2017 2018 2019 LTM 1Q20
PF/Non-Recourse Corporate Debt Net Debt/EBITDA
Total Debt and Net Debt / EBITDA
49
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APPENDIX
MARKET INFORMATION
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CHILE
COMMERCIAL STRATEGYSTRATEGY BASED ON HIGH QUALITY, LONG-TERM CUSTOMER RELATIONSHIPS
Distribution
25%
Non Regulated
75%
10 year Avg.
Contract Life
Commercial strategy aims to maximize cash flow while minimizing volatility
Optimal contracted position seeks to match contracted energy with long term efficient generation
Contract customers include regulated customers (distribution companies) and non regulatedcustomers (mining, commercial and industrial)
Contracts include Price
indexation mechanisms
(coal and US CPI) and
pass-through provisions
(regulatory risks)
~10 years
average
remaining life of
contracts
-
5,000
10,000
15,000
20,000
2020 2021 2022 2023 2024 2025 2026 2027 2028 2029
GW
h/y
ear
51
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COLOMBIA & ARGENTINA
COMMERCIALSTRATEGY
LTM 1Q-20 Figures (1) Up to 306MW of 643MW.
~80% of Expected
Generation
Short & Long Term
Contracts(1-15 Years)
Remaining
Generation
Spot and Frequency
Regulation Sales
Firm Energy
(~3,000 GWh)
Reliability Charge
Revenue
Contract Energy
Energía Plus
Contracts(1)
(1-2 years)
Remaining
Generation
Regulated
Energía Base Sales
Colombia
Argentina
65%
35%
20%80%
6,917GWh
4,470GWh
Contract Sales
Spot Sales
Contract SalesSpot Sales
52
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CHILE – COLOMBIA - ARGENTINA
SYSTEM DEMAND EVOLUTION2020 vs 2019
Source: Coordinador Eléctrico Nacional, XM, CAMMESA. May 2020 preliminary figures in most cases. February YoY comparison adjusted for leap year.
53
Total
System
Regulated
Customers
Unregulated
Customers
2.2%1.5% 1.5%
-2.6%-0.2%
-6.3% -8.3%-2.9% -4.6% -8.2%
5.2%7.3%4.6% 6.9% 1.3%
Jan Feb Mar Apr May
4.9% 4.9%
-7.6%
-0.5%
-10.9%
-2.5%
5.4%
-4.5%
5.1% 1.6%
-18.5%-4.8%
4.6%4.1%
-24.6%
Jan Feb Mar Apr May
-11.0%
2.5%
10.1%
-7.6%
-1.1%
17.7%3.9%
-4.4%
-25.3%
-7.4%-1.7% -4.2%
-23.4%
Jan Feb Mar Apr May
-2.3%
-1.5%
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DIVERSIFIED ASSET BASE
OUR MARKETS
RATINGS SYSTEM DATA ENERGY DEMAND GENERATION BY FUEL TYPE
S&P
A+ 25,206 MWInstalled
Capacity +2.5%Energy Sales Growth
(CAGR 2009-2019)
Moody’s
A1
77,353 GWhGenerationFitch
A
Chile
~19.1Minhabitants
~$282B GDP as of 2019
Regulated41%
Unregulated59%
Thermal56%
Hydro27%
NCRE17%
As of December 2019
(1) Great North Interconnected system (Sistema Interconectado del Norte Grande). (2) Central Interconnected System (Sistema Interconectado Central). (3) Non-conventional Renewable Energy
including Wind, Solar, Geothermal and Biomass (4) National Electrical System (Sistema Eléctrico Nacional).
(3)
The SING(1) and the SIC(2) were interconnected in November 2017 to comprise the SEN(4)
The SEN became fully operational in May 2019, once the last segment of the Cardones-Polpaico transmission line was completed
71,670GWh
77,353GWh
54
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DIVERSIFIED ASSET BASE
OUR MARKETS
S&P
BBB-
Moody’s
Baa2
Fitch
BBB-
17,538 MWInstalled Capacity Energy Demand
Growth
(CAGR 2009-2019)70,115 GWhGeneration
S&P
CCC+
Moody’s
Ca
Fitch
CC
39,704 MW Installed Capacity Energy Demand
Growth
(CAGR 2014-2019)131,254 GWhGeneration
Thermal 61%
Hydro 27%
Nuclear 6%
NCRE 6%
+2.1%
+0.2% Residential43%
Industrial28%
Comercial29%
Regulated69%
Unregulated31%
Thermal78%
Hydro21%
NCRE1%
Colombia
~50.4Minhabitants
~$324B GDP as of 2019
Argentina
~45.1Minhabitants
~$436B GDP as of 2019
70,438GWh
128,059GWh
131,254GWh
70,115GWh
RATINGS SYSTEM DATA ENERGY DEMAND GENERATION BY FUEL TYPE
RATINGS SYSTEM DATA ENERGY DEMAND GENERATION BY FUEL TYPE
(1)
As of December 2019
(1) Non-conventional Renewable Energy including Wind, Solar and Biomass 55
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DISCLAIMER• This presentation is not an offer for sale of securities. This material has been prepared solely for informational purposes and is not to be construed as a solicitation or an offer to
buy or sell any securities and should not be treated as giving investment advice nor as an estimation that the scenarios or assumptions will occur. No representation or warranty,
either express or implied, is provided in relation to the accuracy, completeness or reliability of the information, assumptions or examples that may be contained herein. Any
opinions expressed in this material are subject to change without notice and neither the Company nor any other person is under obligation to update or keep current the
information contained herein. The information contained herein is meant only and example of a potential scenario that is based on assumptions that may or may not occur, and
does not purport to be complete and is subject to qualifications and assumptions, and neither the Company nor any agent can give any representations as to the accuracy
thereof. The Company and its respective affiliates, agents, directors, partners and employees accept no liability whatsoever for any loss or damage of any kind arising out of the
use of all or any part of this material.
• This presentation may contain statements that are forward-looking subject to risk and uncertainties and factors, which are based on current expectations and projections about
future events and trends that may affect the Company’s business but that are not . Investors are cautioned that any such forward looking statements are not guarantees of future
performance. Several factors may adversely affect the estimates and assumptions on which these forward-looking statements are based, many of which are beyond our control.
Regarding the impact of COVID-19, the information used for preparing this presentation is solely based on what is publicly available as of March 31, 2020 and the company
cannot make any representation with respect to the real impacts as they are unforeseeable. The successful execution and commencement of operation of the investment
projects that we are developing or constructing depends on numerous external factors, including (i) delays in obtaining regulatory approvals, including environmental permits; (ii)
court rulings against governmental approvals already granted, such as environmental permits; (iii) shortages or increases in the price of equipment reflected through change
orders, materials or labor; (iv) the failure of contractors to complete or commission the facilities or auxiliary facilities by the agreed-upon date; (v) opposition by local and/or
international political, environmental and ethnic groups; (vi) strikes; (vii) adverse changes in the political and regulatory environment in Chile or other countries from which our
operations or projects obtain supplies; (viii) adverse weather conditions (ix) poor geological conditions; and (x) natural disasters, sanitary conditions, accidents or other
unforeseen or catastrophic or exceptional events.
• This presentation may not be reproduced in any manner whatsoever. Any reproduction of this document in whole or in part is unauthorized. Failure to comply with this directive
may result in a violation of applicable laws in Chile or in other jurisdiction.
• The information contained herein should not be relied upon by any person. Furthermore, you should consult with own legal, regulatory, tax, business, investment, financial and
accounting advisers to the extent that you deem it necessary, and make your own investment, hedging and trading decision based upon your own judgment and advice from
such advisers as you deem necessary and not upon any view expressed in this material.
• The Company is an issuer in Chile of securities registered with the Comisión para el Mercado Financiero, the Chilean Superintendency of Securities and Insurance, or “CMF.”
Shares of our common stock are traded on the Bolsa de Comercio de Santiago—Bolsa de Valores, or the Santiago Stock Exchange, and the Bolsa Electrónica de Chile—Bolsa
de Valores, or Electronic Stock Exchange, which we jointly refer to as the “Chilean Stock Exchanges,” under the symbol “AESGENER.” Accordingly, we are currently required to
file quarterly and annual reports in Spanish and issue hechos esenciales o relevantes (notices of essential or material events) to the CMF, and provide copies of such reports
and notices to the Chilean Stock Exchanges. All such reports are available at www.cmfchile.cl and www.aesgener.com.56
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PRESENTATIONJ.P. Morgan Southern Cone & Andean Region Opportunities Conference
June, 2020
CORPORATE