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Investor Presentaiton

Financial overview HPP Volta Grande Financial assumptions @ 2018E (US$ Mn) Financing structure enel Concession bonus: Minimum: ~408 Bid: ~445 Premium (%): +9.8% Operating revenues(1): ~87 OPEX: ~23 EBITDA: ~60 (EV/EBITDA Ratio: 7.3x) EBITDA + Bond repayment (~15): ~75 (EV/EBITDA Ratio: 5.9x) CAPEX: ~1 Debt: No existing debt Risks: 70% of the revenues is almost zero risk IRR: ~18% Tender Schedule Cash needs: Investment of ~445 US$ mn to be disbursed on November, 30th 2017 Bridge financing to be substituted by long term debt at the operating Company level As of today, the remaining portion of the 2013 equity raise proceeds is ~150 US$ mn. This operation will entirely exhaust all the resources if there are not different and most optimal alternatives after November, 30th Data Room Publishement May 19th Internal due diligence Bid Bond Site Visits Enel Américas Board Auction Adjudication Bonus Payment August 22nd till 25th Sept 19th Sept 26th Sept Nov 7th 27th November 30th 2017 Attractive returns and low risks. Company will adopt the most optimal financing structure 7 1.- All revenues indexed by inflation
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