Investor Presentaiton
Rating Considerations
HPP Volta Grande
Net debt (MUSD)
Net Debt/ Ebitda Ratio
6,000
Impacts on Enel Américas
1.80x
5,000
1.47x
1.60x
1.24x
1.40x
3,877
4,000
3,152
445
1.20x
3,000
1.00x
0.80x
2,000
0.60x
0.40x
1,000
0.20x
0
0.00x
giu-17
Net debt/ Ebitda (times)
enel
Rating
considerations
Volta Grande
Net Debt Net debt / Ebitda
Investment Grade rating for Enel Américas will not be jeopardized as a consequence of the transaction since
the financial performance of the Company will continue to be in line with the Rating Agencies expectations
Net debt to EBITDA ratio will continue to be below 2.0x and with an adequate liquidity
• Current rating valuations already factor Brazil's significant contribution to Enel Americas
Ratings on Enel Américas will remain unchanged
Financial information as of June 2017: Gross Debt=4,424 MUSD; Cash= 1,272 MUSD. Net Debt= 3,152 MUSD; EBITDA Enel Américas (YoY)= 2,549 MUSD.
Additional Ebitda (base case acquisition)=50-70 MUSD on annual basis per facility, considering 2018E, and USDBRL of 3.13.
Net debt / Ebitda as of June corresponds to accounting data. Adjustments: lower cash by 280 MUSD of Easter project, already assigned to other purposes.
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