engie energia perú · 2018. 4. 25. · engie energía perú - corporate presentation / march 2018...

ENGIE Energia Perú

Corporate Presentation

March 2018

KEY MESSAGES 2017

ENGIE Energía Perú - Corporate Presentation / March 2018 2

Solid results in a volatile context

Value proposition for our clients and portfolio optimization

Solid financial discipline

Limited commercial risk in a highly competitive

environment

HIGHLIGHTS 2017


- At the end of 2017, total debt

reached 837MUSD, decreasing 17%

with respect to 2016

- Bond issuance in local capital market

for ~100MUSD @ 10/7 years at an

attractive rate below 3.5%

- 5.5 year Corporate Loan with

Scotiabank for up to 150MUSD

@3.3%.

- Net debt / EBITDA (12m): 2.5x @

Dec/2017

Awards

- ENGIE’s good environmental, social

and governance practices were once

more recognized. EEP was appointed

by Capital Finance International as

The Best ESG Power Producer in

Peru in 2017 for a consecutive year

Industry &

regulation

- FY 2017 EBITDA reached

325.0MUSD while Net Result

totalized 129.7MUSD, growing 5%

and decreasing 1% compared to FY

2016

- On March 31st EEP announced the

commercial operation of Intipampa

solar project. Our business

- Total energy generation (SEIN)

grew 1.4% compared to 2016. As of

December, EEP was the first

private player of the sector

accounting for 21% of the total

capacity and 16% of the total energy

generation of the system

- End of DU049

- Natural gas Price declaration norm

was modified

Financial

discipline

Solid results in a volatile context

SNAPSHOT 2017


Operation• Excellent availability & reliability of our operating assets

• Main focus in efficiency and Health & Safety standards through all internal processes (ENGIE previene app)

Commercial• New commercial contracts with free clients, regulated and extensions for 380 MW

• Net buyer position in the spot market for FY 2017, net seller position in Q4 2017

• Very competitive conditions in the PPA market due to oversupply continues

Finance• Successful 100MUSD bond issuance in local capital market: 25MUSD @ 7 years and 75MUSD @ 10 years, at final rates in USD of 3.15% and 3.55%, respectively

• Average cost of debt reduction (4.5%) & maturity extension

Sustainability•2.9MUSD investment in infrastructure (education & basic services), access and productive areas that benefited +12,000 people

• Lima PV rooftop project, 31 kwp in our corporate building that reduces our CO2 footprint

•Support campaigns for communities affected by “niño costero”

AGENDA

5ENGIE Energía Perú - Corporate Presentation / March 2018

Energy market

ENGIE Energia Peru overview

Financial update

Capital structure

Generation12,001 MW

Total Capacity

ENERGY SYSTEMComposed by three different sectors


Transmission27,358 km

Basic transmission

Distribution7.1 million clients

Energy Sales44,500 GWh

87% Private

Free market – market

prices

Two type of clients:

Free clients: Mainly

mining and industry.

Consumption > 0.2

MW. Private auctions

Regulated Distribution

companies. Public

auctions

100% Private

Exclusive concession

Regulated tariff

Open Access

Main players: ISA

(56%), Abengoa (11%)

& Red Electrica (3%)

38% Private

Exclusive concession

Two type of clients:

Free clients:

Industries with

consumption below

2.5 MW.

Households and

industries with

demand below

0.2MW

Main players:

Government (62%), Enel

disco (20%) & Luz de

Sur (15%)

37

24

21

18

Mining and smelting

Industry

Residential

Commercial

ENERGY GENERATION MARKETAn energy matrix with strong natural gas and hydro components


• Main regulated clients are

Enel Distribución 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 as of

December in terms of

energy generation

• Others include: Colbun, I

Squared, Statkraft,

Termochilca, among

others

Clients Generation matrix Market shareMarket

Installed capacity

12,000 MW

Peak demand

6,596 MW

Annual energy

Generation

48,993 GWh

+1%

+2%

-1%

57%

3%

37%

3%

Hydro

Non Conventional Renewables

Natural Gas

Coal & diesel

16%

22%

16%13%

34%

ENGIE Government

Enel Generación IC Power

Others

45%

55%

Regulated Clients Free Clients

BUSINESS MODELS IN ENERGY GENERATION


• Investments are repaid by long term commercial

contracts (PPAs). Private auctions & negotiations

• Commercial margin & Producer margin

• Capacity (fixed fee) and energy (variable charges) charges

• Contractual and physical position determines “buyer” or

“seller” position in spot market

Hydro investment cost is higher than

natural gas thermoelectric investment

and operational cost

Pro-inversion auctions to promote hydros

Given hydrological seasonality, hydro

power plants are normally net sellers in

the spot market during wet season

• Government auctions every 2-3 years. Lower tariff projects

are awarded

• The project commits to generate a certain amount of energy

per year and receives a fixed tariff ($/MWh) for ~20 years

• Electricity consumers are charged an additional fee in their

electricity bill (charge is the difference between the

auctioned tariff and the spot prices)

• Geographic diversification of natural gas generation

• Public auctions for dual fuel (Natural gas / diesel plants)

• Projects are available for the national system and receive an

annuity for ~20 years

• Electricity consumers are charged an additional fee in their

electricity bill

After the privatization of the sector in the 90´s, the government developed different mechanisms to increase energy

generation sources looking for i) hydro and natural gas power balance, ii) diversification of non conventional

renewable sources, iii) geographic diversification of natural gas thermoelectric generation and iv) increase reserve for

emergencies

Cold reserves & Nodos

Non Conventional RenewablesTraditional model

Hydro

MAIN REGULATION FRAMEWORK


• Centralized generation

• 2 markets: PPA market and the spot market

• PPA market

• Private negotiations or private / public auctions

• Protection against short term volatility

• Spot market (physical exchange)

• Goal of the dispatch system is to minimize total cost for the system

• Marginal cost or spot price is the result of the system optimization and reflects

the cost to generate an additional unit of electricity at a given time

• Spot settlement between generators (sellers and buyers depending on

contractual positions)

• Natural Gas generators declare prices to optimize its fixed cost structure

Generators

Distribution

companies

Free clients

SEIN

Generators

Free clients

Interconnected

Energy

System

SUPPLY AND DEMAND IMBALANCEOversupply generates low spot prices


Source: COES, OSINERGMIN a Sep-2017

0%

20%

40%

60%

80%

100%

-

2,000

4,000

6,000

8,000

10,000

12,000

14,000

201

7

201

8

201

9

202

0

202

1

202

2

Reserve MW Balance Supply - Demand - Dry Season

Hydro Dry Season RenewableNatural Gas (CC) Natural Gas (OC)Coal Oil and Fuel OilMax Demand Reserve Dry Season (%)

• Peruvian electricity generation 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). Based on these conditions

and forecasts, the Government incentivized new generation

projects for more than 4000MW that started operations

between 2012-2016

• In 2016/2017, demand growth diminished its expected pace

(2% in 2017) due to delays in investment and lower

consumption. Currently, demand is expected to have an

average annual growth of 5-6% between 2018 and 2023

As a result, a temporal imbalance between supply

and demand has generated strong competition in

the PPA market and very low levels of spot prices

0

500

1000

1500

2000

2500

3000

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

Incremental supply by mechanism (MW)

Market (Demand / Supply) RER Other incentive mechanisms

MARGINAL COST RESULTING FROM SETTING UP

DISPATCH ORDER


0

5

10

15

20

25

30

35

40

45

50

0

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

4,500

Ja

n-1

4

Ap

r-1

4

Ju

l-1

4

Oct-

14

Ja

n-1

5

Ap

r-1

5

Ju

l-1

5

Oct-

15

Ja

n-1

6

Ap

r-1

6

Ju

l-1

6

Oct-

16

Ja

n-1

7

Ap

r-1

7

Ju

l-1

7

Oct-

17

GWh

Generation mix by fuel and Marginal Cost (energy only)

Hydro Renewable Natural Gas Coal Fuel Oil Marginal CostSource: COES

USD/MWh

AGENDA


Energy market


Financial update

Capital structure

ENGIE ENERGIA PERU OVERVIEW

13

ENGIE; 61.8

AFP´s (Peruvian pension funds);

31.6

Others; 6.6

Shareholders

%

Largest private electricity generation company in Peru

2,497 MW of installed capacity & ~7,600 GWh of annual

generation

Diversified & decentralized portfolio of generation

sources

20 years operating in the country & listed since 2005

508 employees

Solid clients

Strong financials to support ambitions, AAA local rating

Sponsored by a global leader

SPONSORED BY A GLOBAL PLAYER


ELECTRICITY

112.7

GW

21.5

GW

5.2

GW

NATURAL GAS & LNG

Europe’s leading

natural gas distribution

network

Europe’s leading LNG

importer

Europe’s leading seller

of natural gas storage

capacity

Natural gas supply per

year

1st

1st

1,082TWh

ENERGY SERVICES

1st

250

23million

World’s leading energy

efficiency service

provider

Urban heating and

cooling networks in 13

countries

Individual and

professional contracts

Under management in

the tertiary sector

World’s leading

independent producer

Installed power

production capacity

Installed renewable

production 18.3% of

fleet

Power production

capacity under

construction

3 CORE BUSINESSES SUPPORTING A NEW VISION OF ENERGY FOR THE WORLD

153,090employees

worldwide

Activity in

close to 70 countries

€ 66.6 bn revenues in

2016

€ 22 bn of growth

investment over

2016-2018

A- rated by S&P

A2 rated by

Moody’s

140 mm3

1st 1st

http://www.google.cl/url?sa=i&rct=j&q=&esrc=s&source=images&cd=&cad=rja&uact=8&ved=0ahUKEwiYmr_fy6DWAhWCfZAKHVA_A9cQjRwIBw&url=http://www.freeiconspng.com/img/1685&psig=AFQjCNEgmyGV6IuLzHPGwLFhz8zaU6QqpA&ust=1505338085774804

LEADING THE ENERGY REVOLUTION THROUGH 3

PILLARS


ENERGY

REVOLUTION &

MEGA TRENDSCustomer

Centricity

Environmental

awarenessEnergy efficiency

DigitalizationNew

technologies

3 pillars

DECARBONIZATION

Worldwide renewable

energies: annual

additional capacity to

grow by +70% in 2030

vs 2015

DECENTRALIZATION

Decentralized

solutions to more

than double by 2030

DIGITALIZATION

Digital changes

energy systems and

improves customer

offers

Reduce exposure to commodity prices

OUR ROLE IN THE ENERGY TRANSITION


Balanced portfolio of assets under

development

Geographic diversification and proximity to our

clients

Non conventional renewable pipeline

Continue with hydro mapping and studies

Studies for natural gas options

M&A opportunities

Focus on improving operational efficiency

of existing assets

Optimum contracting level

Balanced portfolio between Regulated Clients (Distribution

Companies) and Free Clients

Power Purchase Agreements under “pass-through”

scheme

Minimize non-manageable risks

Focus on low CO2

Develop solutions for clients

Customer focus: partnering with our clients to

help them finding efficiency gains

Value added proposals

Integral solutions “one shop” approach

Leverage from worldwide experience to

elaborate tailor made solutions


Low Co2 generation base

Largest private electricity company

Diversified & decentralized asset base across 4 regions

#1

220 km of transmission lines + 1 substation

Natural Gas; 963;

39%

Hydro; 248; 10%

Dual fuel; 1110; 44%

Coal; 135; 5%

Solar; 41; 2%

2,497MW

Chilca Complex

• ChilcaUno - 852MW - Natural Gas

• ChilcaDos - 111MW- Natural Gas

Ilo Complex

Nodo - 610MW - Dual Fuel

Ilo31 (Cold Reserve) - 500MW - Dual Fuel

Ilo21 - 135MW - Coal

Intipampa

Solar 41MW

Yuncan

Hydro 136MW

Quitaracsa

Hydro 112MW

SUPPORTED BY A STRONG PORTFOLIO OF ASSETS

2004 2007 2010 2013 2016 2019

PROVEN TRACK RECORD IN DRIVING ORGANIC GROWTH


Nodo Ilo &

Chilca Dos

+723MW

Total Capacity MW 374 868 1,068 1,860 2,665 2,456 2,497

EBITDA MUSD 80 84 163 270 309 325

Market Cap MUSD - 645 1,600 2,005 1,611 1,351

374

MW

Hydro

Natural Gas

Dual Fuel

Solar

Yuncan +134MW

Chilca 1 +854MW

Ilo 31

+500MW

Quitaracsa

+112MW

Intipampa

+41MW

2,497

MW

AVERAGE

GROWTH

16%

More than 3x capacity in 10 years

Investments for 1.6 BnUSD in 2010 - 2017

2017

Ilo 1

‐105MW

2018

FIRST STEP IN NON CONVENTIONAL RENEWABLESIntipampa


INTIPAMPA - Key facts

• Location the project is located in the south of Peru,

Moquegua

• Description: The project will deliver 108.404 GWh/year to

the system

• Economics: the project is backed by a 20 year Investment

Agreement with Ministry of Energy and Mines @48.5$/MWh

until 2038 (approx. 20-21 years)

• Investment: ~52MUSD below initial estimate of 55MUSD

• Construction: EPC contractor Solaire Direct. Site

mobilization started in February, 2017

In 2016, ENGIE Energía Perú was awarded as part of the 4th Renewables Auction process

the construction of a 40.5 MW solar plant, which will benefit 90,000 households and avoid

50,000t of CO2

Intipampa project successfully entered

into operation 31rst March 2018

NATURAL GAS MEDIUM TERM UPSIDES


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

CONSISTENT COMMERCIAL STRATEGY


Our portfolio &

contracts

+ 380 MW1 new contracts in 2017

Number of clients growing from 40 to 60

Marcobre (84MW), Distriluz (30MW) & Grupo Nexa (62MW)

Main

commercial

pillars

1. Value quality and new services

2. Relationship plan with clients and

new projects

3. Internal reorganization to respond

quickly to market

4. Continuous communication with

authorities, market and media

+50%

AGRESSIVE COMPETITORS

The market

SLOW GROWING DEMAND

REGULATORY

UNCERTAINTY

WE KEEP FOCUSS ON MANTAINING OUR EFFICIENT PORTFOLIO CONTRACTED

1- Includes new contracts with free clients and existing expansions


Limited spot market risk

• Fully contracted capacity for next 2 years

and 91% on average for 2020-2021

• Average PPA life of 6.8 years

• Most of EEP´s contracts do not include

termination clauses

Strong credit profile

• +50% of portfolio investment grade clients

& +70% above BB- (Or local equivalent)

Low commodity risk

• Indexation ~60% of portfolio to Natural

Gas prices in line with generation costs42%

58%

Balanced portfolio

Regulated Free clients

Diversification

PORTFOLIO APPROACHResilience in face of unfavorable market conditions

ENERGY BALANCE 2017


Lower thermal generation in 2017 due to higher supply from hydro power plants. Seller-position in the spot market in Q4 2017

GWh∆

2017 -2016

∆

Q4

Yuncán HPP 901 10% 760 8% 889 11% 17% 173 8% 210 11% 22%

Quitaracsa HPP 88 1% 484 5% 531 6% 10% 112 5% 101 6% -10%

Chilca1 CCGT 5,838 66% 5,617 63% 5,303 63% -6% 1,516 71% 1,439 78% -5%

Chilca2 0 0% 220 2% 308 4% 40% 88 4% 155 8% 77%

Ilo21 (Coal) 248 3% 773 9% 674 8% -13% 191 9% 23 1% -88%

Ilo1 (Diesel) 62 1% 210 2% 86 1% -59% 17 1% 0 0% -100%

Ilo31 (Cold Reserve) 35 0% 100 1% 7 0% -93% 9 0% 0 0% -97%

NEPI 0 0% 18 0% 9 0% -47% 4 0% 1 0% -66%

Imports (Ecuador) 0 0% 21 0% 0 0% -100% 0 0% 0 0% 0%

Auxiliaries -100 -1% -289 -3% -185 -2% -36% -82 -4% -34 -2% -59%

NET GENERATION 7,072 81% 7,914 88% 7,624 91% -4% 2,028 95% 1,897 103% -6%

COES: NET 1,711 19% 1,061 12% 734 9% -31% 117 5% -63 -3% -154%

CLIENTS DEMAND 8,783 100% 8,976 100% 8,358 100% -7% 2,145 100% 1,834 100% -14%

Q4 2017Q4 2016FY 2015 FY 2016 FY 2017

OUR ORGANIZATION, GOVERNANCE & ETHICS


Acting in accordance with an internal

set of values based on honesty,

integrity and respect to human rights…

Ethics Chapter that guides our relationship

with clients, suppliers, partners and

Government among our main stakeholders

Practical approach

1. Annual training plan to all employees

2. Practical Guide to Ethics

3. Control systems

4. Anonymous ethical complaints

channel

Independent Ethics Officer, appointed by

the board of directors

Shareholders

assembly

Board of

directors

CEO

Audit

Committee

Transactions

between

affiliates

Committee

Executive

Operations

Regulatory

Commercial

Development

Construction

Risk & Finance

Ethics

COO CFO Commercial

DevelopmentCorporate

AffairsLegal

Committees & Task

forces

Internal Auditor

The Board of Directors includes three independent members out of a total of 7 directors

HR

AGENDA


Energy market


Financial update

Capital structure


2017 FINANCIAL KPIS

Main Financial Results

(MUSD) FY 2017 FY 2016 ∆ FY

Income 683 748 -9%

EBITDA 325 309 5%

Net Result 130 132 -1%

Recurrent EBITDA* 298 330 -10%

Net Recurrent Result* 111 169 -35%

Net Debt / EBITDA 12m 2.5 3.2 -22%

Total Debt 837 1,009 -17%

Net Debt 799.9 981.2 -18%

Net Generation GWh 7,624 7,914 -4%

Clients Demand GWh 8,358 8,976 -7%

The focus in managing our portfolio of clients and plants, combined with a strong financial

discipline, has enabled us to deliver solid financial results, even during periods of instability in the

power sector and in the country

*No include

2017: Commercial penalty fees and impairment of assets

2016: Impairment of assets and tax non recurrent impacts

EBITDA GROWING 5% (+16MUSD)


EBITDA 2016 Eventos norecurrentes

Reducción delcosto marginal

Fin SPCC Reducción delmargen

comercial

NodoEnergético

Otros EBITDA 2017

(84.0)

Marginal cost

reduction

Non

recurrent

events

Commercial

margin

decrease

mainly due

to lower

prices

EBITDA

2016

EBITDA

2017

+47.6

+24.7

Cost

optimization

and SPCC

servicesNodo

Energético

COD

By effectIn US$ millions

(8.5)

+6.1

309.0

End of

SPCC

contract

+29.9 325.0

START OF NODO ENERGETICO PROJECT AND COST OPTIMIZATION

PARTILLY OFFSETTING END OF COMMERCIAL CONTRACTS

NET RESULT REMAINS STABLE


resultado neto2016

Eventos norecurrentes

Reducción delcosto marginal

Fin SPCC Reducción delmargen

comercial

Nodo Energético EBITDA 2017

(16.7)EBITDA

expansion

Non

recurrent

effects in

Net ResultsNet financial

expensesNET

RESULT

2016

NET

RESULT

2017

+9.4

+16.0

Tax(11.3)

131.5

D&A increase New projects and first

major overhaul of

Chilca

+0.8 129.9

By effectIn US$ millions

D&A & INTEREST EXPENSES INCREASE DUE TO START OF OPERATIONS OF

NEW PROJECTS


NON RECURRENT EVENT IN 2017

2. Impairment of assets (Other expenses)

1. Commercial penalties & fees accounted as other

income in June 2017 Financial Statements (Other

income)

EBITDA 2017 Net Result 2017

+28.0MUSD +20.2MUSD

-1.3MUSD -0.9MUSD

+26.7MUSD +19.2MUSDTotal non recurrent events (1 + 2)

As a result of these non recurrent events, full year Recurrent EBITDA reduces to 298MUSD

and Net recurrent Income to 111MUSD

30

EBITDA BREAKDOWN

ENGIE Energía Perú - Corporate Presentation / March 2018

4881

69

68

192148

28

2016 2017

+69%

-1%

-23%

Market risk -

Market risk +

Investment agreements with Government

Capacity income

Market margin50%

50%

HIGHER PROPORTION OF INCOME WITH LOWER RISK BUT MANTAINING UPSIDES

309.0325.05%EBITDA

In US$ millions

AGENDA


Energy market


Financial update

Capital structure

SUCCESSFUL FINANCIAL PLAN EXECUTION IN A

HIGHLY VOLATILE ENVIRONMENT


158 152

93 82

- - - - - - - -

30

-

15

-

25

76

10 -

25

76 50 50

-

50

100

150

200

2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030

Financial leases Bonds New bonds New corporate loan

• Total debt reached 837MUSD as of December 2017, decreasing 17% following expected amortization schedule

• ENGIE continues with its AAA local credit rating

• In 2017 EEP successfully closed financial conditions for up to 250MUSD for an average fixed cost of 3.35% and

average life of 7 years, issuing 200MUSD of medium and long term debt; 100MUSD in local capital markets ( 7 – 10

year bonds) and 100MUSD through a 5.5 year Corporate Loan. Through the 2017 financial plan execution EEP was

able to:

1. Optimize cost, reducing average long term cost from 4.7% to 4.5%

2. Improve debt structure, increasing debt duration from 2.7 years to 3.6 years

3. Eliminate interest rate risk

4. Maintain flexibility to continue looking for costs optimizations

Outstanding debt repayment profile as of December 2017 (MUSD)

STOCK PRICE ENGIEC1


467

663

1,020

793 839

1,602

1,187

1,759

2,0052,075

1,427

1,611

1,351

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 2017

MU

SD

MU

SD

Net ResultMarket cap

Dividends

Source: SMV & BVL, EEFF @ 31/12/2017

Market KPIs – December 2017

Number of shares 601,307,011

Share price (PEN) 7.29

VWAP (3m) – (PEN) 7.83

52 week – high – (PEN) 9.30

52 week – low – (PEN) 6.50

Enterprise Value (EV) (MUSD) 2,151

EV / EBITDA 6.6x

P/E 10.4x

Average liquidity (mm shares / day) 0.03

EV: Market Cap + Net Debt

EQUITY ANALYST VIEW


PE

N /

Sh

are

6.5

7.5

8.0

8.5

6.0

Credicorp Larrain Kallpa Inteligo Consensus

Target price 8.4 8.2 8.9 8.8 8.6

Recommendation Underperform Buy Maintain Buy

Date October 2017 February 2018 January 2018 January 2018

2017 Dec

Consensus

Price as of December

29th 7.29

18%

Upside

7.0

BuySell Mantain

9.0

DIVIDEND PAYMENTS


MUSDDividend policy since 2010: Minimum 30%

%

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.

FOR MORE INFORMATION ABOUT ENGIE ENERGIA PERU

Ticker: ENGIEC1

+51 1 616 79 79 [email protected]

Rocío Vásquez, Head of Corporate Finance & Investor Relations – [email protected]

Marcelo Soares, Chief Financial Officer – [email protected]

Av. República de Panamá 3490, Lima 27, Peru www.engie.pe

engie energia perú · 2018. 4. 25. · engie energía perú - corporate presentation / march 2018...

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