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
ENGIE Energía Perú - Corporate Presentation / March 2018 3
- 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
ENGIE Energía Perú - Corporate Presentation / March 2018 4
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
ENGIE Energía Perú - Corporate Presentation / March 2018 6
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
ENGIE Energía Perú - Corporate Presentation / March 2018 7
• 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
ENGIE Energía Perú - Corporate Presentation / March 2018 8
• 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
ENGIE Energía Perú - Corporate Presentation / March 2018 9
• 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
ENGIE Energía Perú - Corporate Presentation / March 2018 10
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
ENGIE Energía Perú - Corporate Presentation / March 2018 11
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
12ENGIE Energía Perú - Corporate Presentation / March 2018
Energy market
ENGIE Energia Peru overview
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
ENGIE Energía Perú - Corporate Presentation / March 2018 14
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
LEADING THE ENERGY REVOLUTION THROUGH 3
PILLARS
ENGIE Energía Perú - Corporate Presentation / March 2018 15
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
ENGIE Energía Perú - Corporate Presentation / March 2018 16
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
ENGIE Energía Perú - Corporate Presentation / March 2018 17
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
ENGIE Energía Perú - Corporate Presentation / March 2018 18
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
ENGIE Energía Perú - Corporate Presentation / March 2018 19
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
ENGIE Energía Perú - Corporate Presentation / March 2018 20
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
ENGIE Energía Perú - Corporate Presentation / March 2018 21
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
ENGIE Energía Perú - Corporate Presentation / March 2018 22
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
ENGIE Energía Perú - Corporate Presentation / March 2018 23
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
ENGIE Energía Perú - Corporate Presentation / March 2018 24
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
25ENGIE Energía Perú - Corporate Presentation / March 2018
Energy market
ENGIE Energia Peru overview
Financial update
Capital structure
ENGIE Energía Perú - Corporate Presentation / March 2018 26
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)
ENGIE Energía Perú - Corporate Presentation / March 2018 27
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
ENGIE Energía Perú - Corporate Presentation / March 2018 28
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
ENGIE Energía Perú - Corporate Presentation / March 2018 29
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
31ENGIE Energía Perú - Corporate Presentation / March 2018
Energy market
ENGIE Energia Peru overview
Financial update
Capital structure
SUCCESSFUL FINANCIAL PLAN EXECUTION IN A
HIGHLY VOLATILE ENVIRONMENT
ENGIE Energía Perú - Corporate Presentation / March 2018 32
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
33ENGIE Energía Perú - Corporate Presentation / March 2018
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
34ENGIE Energía Perú - Corporate Presentation / March 2018
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
35ENGIE Energía Perú - Corporate Presentation / March 2018
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.
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