Fourth Quarter & Full Year
Enel Américas
Consolidated results
March 1st, 2024
Q4 & FY 2023
Key highlights and operational performance
Aurelio Bustilho
CEO
Key highlights
Operational | Financial | Profitability | Corporate |
performance | results | simplification | |
1.8GW | US$4.5bn1 | US$0.9bn | Anti-trustapproval |
Additionalcapacity | +9%vsPY | Groupnetincome | DxassetsinPeru |
Continued renewables | FY2023 Adjusted EBITDA | In line with target, | Assets disposal plan on |
execution in line with our | increase mainly driven by | improvement mainly due to | track with announcement |
energy transition goals | Dx Brazil and Renewables, | comparison base effect | on our Strategic Plan |
in line with target |
(1) For additional details on EBITDA adjustments, see page 23 | 3 |
FY 2023 Enel Américas results
Improvements across the board of our managed perimeter
FY'22 | FY'23 | % | |
Installed capacity (GW) | 12.9 | 14.6 | +14% |
Net production (TWh) | 43.8 | 48.9 | +12% |
Energy sales (TWh) | 75.5 | 73.5 | -3% |
Grid customers (mn) | 23.3 | 23.8 | +2% |
Energy sales (TWh) | 107.6 | 112.0 | +4% |
Smart meters (th) | 295 | 709 | ~2.4x |
EBITDA (US$ bn) | 4.2 | 4.4 | +6% |
CAPEX (US$ bn) | 3.1 | 3.0 | -4% |
Net debt (US$ bn) | 6.9 | 7.4 | +8% |
Net debt / EBITDA1 (times) | 1.6 | 1.7 | +0.1 |
Solid growth across our businesses in line with our strategy
Operational, economic and financial data excludes sold assets (Enel Goiás, Enel Fortaleza, CIEN, Costanera and Docksud) and one-offs, and includes Perú, comparing the same perimeter managed by Enel Américas in both periods. (1) Does not include Sao Paulo pension fund.
Generation operational highlights
Solid growth in RES net production; emission-free production reached 85%
Net installed capacity (GW)
3% | 5% 2% | ||||
~1.8 GW added in 2023 | |||||
90% renewables | |||||
14.6 | Hydro | ||||
48% | Wind & Solar | ||||
42% | GW | CCGT | |||
Oil-gas | |||||
Coal
Net production
Energy sales1
Net production (TWh)
-5% | ||||||||
-12% | 0.2 | 53.4 | 0.6 | 50.6 | ||||
12.9 | 1.6 | |||||||
0.0 | 12.4 | 2.3 | 4.7 | |||||
0.2 | 11.3 | |||||||
0.6 | 14.7 | |||||||
2.7 | 0.3 | 13.5 | ||||||
3.1 | 0.9 | 3.6 | ||||||
28.3 | ||||||||
6.5 | 6.4 | 25.7 | ||||||
74% | 88% | 73% | 85% | |||||
Q4 2022 | Q4 2023 | FY 2022 | FY 2023 | |||||
Energy sales (TWh) | ||||||||
-15% | ||||||||
-12% | 88.0 | 75.2 | ||||||
25% | ||||||||
20.8 | 18% | |||||||
18.4 | ||||||||
25% | ||||||||
16% | 35% | 40% | ||||||
37% | 42% | |||||||
38% | 42% | 40% | 42% | |||||
Q4 2022 | Q4 2023 | FY 2022 | FY 2023 |
Hydro Wind & Solar
CCGT
Oil-gas
Coal Emission-free production
Spot Unregulated
Regulated
(1) Excludes intercompany sales. | 5 |
Renewables development
~1.8 GW of add. capacity in 2023 in Brazil, Colombia, Peru and Panama
FY CAPEX breakdown
3% 2%
23%
US$
1.3 bn
72%
Projects in execution
23% | ||
Brazil | 0.8 | |
Colombia | ||
Peru | GW | |
C. America
77%
Gross pipeline1 (GW)
~20 | ||||||||||
~1 | ~26 | |||||||||
~48 | ||||||||||
0.8 | ||||||||||
Gross Early Stage BESS 2 | Mature | In |
Capacity added in 2023: | Tech | COD | |
897 MW | 2024 | ||
507 MW | 0.6 GW | 0.8 GW | |
300 MW | 0.2 GW | 2025 | 0.02 GW |
47 MW |
Pipeline | Execution |
Projects in execution and Gross pipeline from Peru are not included. (1) Early stage and mature are classified based on their development regarding land secured, environmental permits and grids connection, | 6 |
while mature is further along in this process; (2) BESS: Battery Energy Storage System; includes 0.8 GW of mature pipeline and 0.6 GW of early stage pipeline | |
Grids operational highlights
Digitalization efforts and increase in net RAB to drive future growth and profitability
Electricity distributed (TWh)
Grid customers (mn)
Quality indicators1,2,3
122.6 +4%
15.0 112.0
+6%
31.3 | 29.2 |
3.7 | |
107.6 | |
+460k
23.3 23.8
SAIDI (hours) | ||
FY 2022 | FY 2023 | |
Argentina | 13.9 | 19.5 |
Brazil | 7.8 | 7.8 |
Colombia | 5.3 | 5.9 |
Peru | 10.2 | 10.5 |
Average | 8.2 | 9.0 |
SAIFI (times) | |
FY 2022 | FY 2023 |
4.8 | 7.9 |
3.8 | 3.7 |
3.9 | 4.6 |
2.9 | 2.7 |
3.9 | 4.3 |
27.6 |
Energy losses3 |
FY 2022 FY 2023 |
Q4 2022 | Q4 2023 | FY 2022 | |||
Current perimeter | Goiás | ||||
FY 2023 | FY 2022 |
Smart meters | 295 |
(th) | |
Net RAB | 11.9 |
(US$ bn) |
Net RAB / Grid | 509 |
customer (US$) | |
FY 2023
709 ~2.4x
13.5 +14%
569 +12%
Argentina | 17.1% | 16.8% |
Brazil | 13.5% | 13.0% |
Colombia | 7.5% | 7.5% |
Peru | 8.2% | 8.7% |
Average | 12.8% | 12.5% |
(1) SAIDI: System Average Interruption Frequency Index; SAIDI: System Average Interruption Duration Index; (2) Data excludes Enel Dx Goiás for 2022; (3) Quality indicators criteria for Colombia and Peru was | 7 |
modified to consider climate event-related cuts and "force majeure" cuts, respectively. | |
Q4 2023
FY 2023
Gross CAPEX
Completing renewable projects in core countries, continued focus on Grids
CAPEX by country | CAPEX by business1 | Asset development2 CAPEX by business | ||||||||
2% | 1% | |||||||||
11% | 6% | 14% | ||||||||
22% | US$ 772 mn | US$ 772 mn | 41% | US$ 409 mn | ||||||
(-45% YoY) | (-45% YoY) | (-56% YoY) | ||||||||
65% | 53% | |||||||||
Argentina | 85% | |||||||||
Brazil | Grids | |||||||||
1% | Colombia | |||||||||
Generation | 3% | |||||||||
Peru | ||||||||||
8% 4% | Customers | |||||||||
C. America | 6% | 14% | ||||||||
21% | US$ 2,963 mn 44% | |||||||||
US$ 2,963 mn | US$ 1,581 mn | |||||||||
(-17% YoY) | (-17% YoY) | (-15% YoY) | ||||||||
50% |
66%
83%
(1) Renewables business' includes trading business; (2) Asset development - Growth investments in generation and Grids (quality programs smart metering) | 8 |
Q4 & FY 2023
Economic and financial performance
Financial highlights (US$ mn)
Adjusted EBITDA increase mainly due to Dx Brazil and Renewables
Q4 2022 | Q4 2023 | Δ% YoY | FY 2022 | FY 2023 | Δ% YoY | ||||
Reported EBITDA | 1,239 | 849 | -31.5% | 4,169 | 3,749 | -10.1% | |||
Adjusted EBITDA | 1 | 1,103 | 992 | -10.1% | 4,187 | 4,545 | 8.5% | ||
Net financial results | (169) | (233) | 37.7% | (647) | (742) | 14.6% | |||
Reported Group net income | 2 | 59 | 82 | 38.6% | (44) | 864 | n.m. | ||
Net debt (Dec-22 vs Dec-23) | 3 | 6,868 | 6,543 | -4.7% | |||||
Adjusted EBITDA
FY 2023 increase mainly due to Dx Brazil on tariff indexation and Renewables on higher production
Net financial results
Higher interest rates in Brazil and Colombia, coupled with an increase in gross debt in Colombia
Reported Group net income
Explained mainly by comparison base effect (Brazil asset sales, impairments)
(1) For additional details on EBITDA adjustments, see page 23; (2) Attributable net income to controlling shareholders; (3) FY 2022 includes US$ 807 mn of net debt of deconsolidated assets | 10 |
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Enel Americas SA published this content on 01 March 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 01 March 2024 13:55:05 UTC.