endesa chile 1Q 2013 results
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Endesa Chile consolidated results 1Q 2013
2
Higher Revenues in Colombia, mainly explained by higher average sales
price as a consequence of lower water availability.
Highlights of 1Q 2013
Non-recurring tax effects in Colombia and Chile.
Lower generation costs, mainly explained by the commissioning of
Bocamina II and lower LNG price.
7% increase in consolidated EBITDA explained by our operations in Chile, Colombia and Peru.
Endesa Chile consolidated results 1Q 2013
3
Results affected by the drought in Chile
1Amounts expressed in US$, using the average exchange rate for the period (Ch$472.38 per US$). 2 Net of “Foreign currency exchange differences” 3 Closing share price for each year
Indicator 1Q 2012
MM ch$
1Q 2013
MM ch$ Change
3M 2013
MM US$1
Revenues 541,703 489,433 (10%)
1,036
Operational Expenses (308,108) (244,770) (21%)
(518)
Contribution margin 233,595 244,663 5%
518
EBITDA 182,422 195,975 7%
415
EBIT 137,323 147,816 8%
313
Net financial charges2 (39,409) (33,134) (16%)
(70)
Earnings before taxes 126,684 144,289 14%
305
Income Tax (20,371) (35,321) 73%
75
Net income 106,313 108,969 2%
231
Minorities 40,083 45,635 14% 97
Net attributable income 66,230 63,334 (4%)
134
Net profit margin 33.7% 40.0% 19% -
Profit Margin 12.2% 12.9% 6% -
E.P.S. 8.1 7.7 (4.9%) 0.5
P/E3 108.6 108.2 (0.3%) -
Endesa Chile consolidated results 1Q 2013
Chile40%
Colombia21%
Peru12%
Argentina27%
Chile38%
Colombia25%
Peru16%
Argentina21%
Chile35%
Colombia45%
Peru17%
Argentina3%
4
EBITDA by Country
Total Installed Capacity 1: 13,794 MW
EBITDA 3M13 (TTM):
US$ 1,791 million
Total Generation 1 (TTM): 53,255 GWh
Endesa Brasil
• Endesa Chile’s ownership: 40% (38.9% direct).
• Net Attributable Income2: US$ 233 million.
1 Excludes the proportional assets from GasAtacama (390 MW). 2 Considers the total contributions of Endesa Brasil recognized by Endesa Chile as an equity method investment.
Endesa Chile consolidated results 1Q 2013
75%
24%
1%
49%
19%
32%
53%34%
13%18%
82%
68%
31%
1%
53%
20%
27%
64%
28%
8%
73%
27%
5
Prudent Commercial Policy
Regulated Spot Unregulated
Physical Sales as of March 2012
Chile Colombia Peru
Regulated Spot Unregulated
Argentina
Physical Sales as of March 2013
Chile Colombia Peru Argentina
Endesa Chile consolidated results 1Q 2013
6
Debt by Type Debt by Currency Debt by Country
(MM US$)
1.Amounts expressed in US$, using the close exchange rate for the period (Ch$ 472.03 per US$) 2 Considers “Cash and cash equivalents” and “Other current financial assets”.
Strong Financial Position
Indicator 1Q 2012
MM Ch$
1Q 2013
MM Ch$ Change
% Change
3M 2013
MM US$
Gross Debt 1,861,469 1,897,402
35,933.12 2%
4,020
Cash1 260,798 206,417
(149,569.47) (72%)
437
Net Debt 1,505,482 1,690,985
185,502.58 11%
3,582
Leverage 0.90 0.89
(0.01) (1%)
0.89
Financial Expenses
Coverage 3.92 5.15
1.10 21%
5.15
Chile 2,005
Argentina 262
Colombia 1,434
Peru 319
Other Local
Currency 40%
US$ 49%
UF + CLP 11% Others
14%
Bank Debt 14%
Bonds 72%
Endesa Chile consolidated results 1Q 2013
7
Feb. 2010 Jan. 2010 Apr. 2011
BBB+ Baa2 BBB+
Since:
Affirmed: Dec. 2012 Oct. 2012
Credit Risk Ratings
Jun. 2012
Financial Debt Maturity
Healthy Debt Profile and Credit Risk Ratings
US$ Million 2013
2014
2015
2016
2017
Balance
TOTAL
Chile 685 132 220 16 13 939 2,005
Argentina 216 39 7 - - - 262
Peru 37 54 36 60 50 83 319
Colombia - 77 159 22 115 1,061 1,434
TOTAL 939 302 422 98 177 2,082 4,020
Endesa Chile consolidated results 1Q 2013
8
1Amounts are expressed in US$, using the average exchange rate for each period.
Free Cash Flow (US$ million)
2,098
(235)
(499) (353)
1,012
(523)
2,014
(251)
(549) (435)
779
(462)
1,714
(300)
(538)
(381)
494
(248)
1,791
(295)
(622) (424)
450
EBITDA Net Financial Result CAPEX Income Tax FCF Dividends
2010 2011 2012 1Q 2013 TTM
Endesa Chile consolidated results 1Q 2013
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Argentina
Costanera: 2,324 MW
El Chocón: 1,328 MW Hydro
1,328 MW
Installed Capacity: 3,652 MW
Market Share*: 12%
Total Generation: 2,628 GWh
EL CHOCÓN
COSTANERA
Thermal
2,324 MW
El Chocón
Costanera
Million US$ 1Q 2012 1Q 2013 Change
Revenues 99 98 (1%)
EBITDA 0 5 1527%
EBITDA Margin 0.3% 5% 1549%
Physical Sales (GWh) 2,392 2,230 (7%)
Million US$ 1Q 2012 1Q 2013 Change
Revenues 24 17 (27%)
EBITDA 13 8 (36%)
EBITDA Margin 53.4% 47.2% (12%)
Physical Sales (GWh) 673 574 (15%)
* Based on installed capacity
Endesa Chile consolidated results 1Q 2013
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Lima:
• Edegel (Gx)
Ventanilla: 485 MW
Santa Rosa: 426 MW
55% Thermal
911 MW
Cuenca Río Rímac: 552 MW
Yanango: 43 MW
Chimay: 151 MW
45% Hydro
746 MW
Installed Capacity: 1,657 MW
Market Share*: 23%
Total Generation: 2,180 GWh
EDEGEL
Peru
Million US$ 1Q 2012 1Q 2013 Change
Revenues 149 138 (7%)
EBITDA 78.6 79.3 1%
EBITDA Margin 52.8% 57.5% 9%
Physical Sales (GWh) 2,439 2,270 (7%)
* Based on installed capacity
Endesa Chile consolidated results 1Q 2013
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Installed Capacity1: 5,571 MW
Market Share*: 30%
Total Generation1: 4,894 GWh
ENDESA CHILE
D. Almagro–Taltal
Bocamina Laja
Maule
Bio Bio
Tarapaca
Huasco
San Isidro
Los Molles
Cachapoal
Santiago
Los Molles: 18 MW
Rapel-Sauzal: 466 MW
Maule: 875 MW
Laja: 940 MW
Ralco-Pangue: 1,157 MW
62% Hydro
3,456 MW
36% Thermal
2,028 MW
Tarapaca 182 MW
D. Almagro–Taltal: 269 MW
Huasco: 64 MW
San Isidro 1 and 2: 778 MW
Bocamina 1 and 2 478 MW
TG Quintero: 257 MW
2% NCRE2
87 MW
Canela: 18 MW
Canela II: 60 MW
Ojos de Agua: 9MW
Chile
1 Excludes the proportional assets from GasAtacama (390 MW). 2 Non Conventional Renewable Energy.
•Based on installed capacity
Million US$ 1Q 2012 1Q 2013 Change
Revenues 589 456 (23%)
EBITDA 110 122 10%
EBITDA Margin 18.7% 26.7% 42%
Physical Sales (GWh) 5,059 5,006 (1%)
Endesa Chile consolidated results 1Q 2013
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Guavio: 1,213 MW
Betania: 541 MW
Río Bogotá: 716 MW
85% Hydro
2,470 MW
15% Thermal
444 MW
Cartagena: 208 MW
Termozipa: 236 MW
Installed Capacity: 2,914 MW
Market Share*: 20%
Total Generation: 3,036 GWh
EMGESA
Cartagena
Bogotá
Colombia
Million US$ 1Q 2012 1Q 2013 Change
Revenues 286 324 13%
EBITDA 184 198 8%
EBITDA Margin 64.4% 61.2% (5%)
Physical Sales (GWh) 3,737 3,833 3%
* Based on installed capacity
Endesa Chile consolidated results 1Q 2013
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Fortaleza: 322 MW Thermal
322 MW
Cachoeira: 665 MW Hydro
665 MW
Installed Capacity: 987 MW
Market Share*: 1%
Total Generation: 1,246 GWh
CACHOEIRA
FORTALEZA
Fortaleza
Rio de Janeiro
Two 500 Km lines
Total interconnection capacity: 2,100 MW
CIEN1: Transmission
Brazil-Argentina Interconnection
Brazil
Cachoeira
1Includes CIEN, CTM and TESA
* Based on installed capacity
Million US$ 1Q 2012 1Q 2013 Change
Revenues 71 68 (4%)
EBITDA 46 41 (10%)
EBITDA Margin 64.7% 60.7% (6%)
Physical Sales (GWh) 1,075 923 (14%)
Million US$ 1Q 2012 1Q 2013 Change
Revenues 68 88 28%
EBITDA 27 25 (8%)
EBITDA Margin 39.4% 28.3% (28%)
Physical Sales (GWh) 707 804 14%
Million US$ 1Q 2012 1Q 2013 Change
Revenues 40 36 (10%)
EBITDA 28 25 (8%)
EBITDA Margin 68.6% 69.8% 2%
Endesa Chile consolidated results 1Q 2013
El Quimbo
• Hydro power plant.
• Located in the Huila Department
• Utilizes stream coming from Magdalena River
• 400 MW of installed capacity
• Estimated load factor: 60%
• River detour in March 2012.
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Projects Under Construction
Endesa Chile consolidated results 1Q 2013
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Projects Under Construction
Salaco Chain (optimization)
• Repowering the minor plants to reach 260
MW power.
• Located in the Bogotá River system.
• Optimization works started on January
2013.
• 145 MW will be added to the capacity.
Endesa Chile consolidated results 1Q 2013
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Projects Under Study
Renaico
• Wind farm
• Located in the Araucanía region
(SIC)
• 88 MW of installed capacity
• Environmental Impact Statement
approved for the generation plants.
Endesa Chile consolidated results 1Q 2013
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Projects Under Study
Los Cóndores
• Hydro power plant
• Located in San Clemente, in thr
Maule Region
• 150 MW of installed capacity
• EIS approved.
Curibamba
• Hydro power plant
• Located in Junín Department,
utilizes streams coming from
Comas and Uchubamba Rivers
• 188 MW of installed capacity
• EIS approved.
Endesa Chile consolidated results 1Q 2013
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Projects Under Study
Punta Alcalde
• Thermal, Coal-steam power plant
• Located in Huasco, in the Atacama
Region (SIC)
• 740 MW of installed capacity
• EIS approved by the Ministers
Committee on Dec 3, 2012
Neltume
• Hydro power plant, run of the river
• Located in Panguipulli, in Los Ríos
Region (SIC).
• 490 MW of installed capacity.
Endesa Chile consolidated results 1Q 2013
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Projects Under Study
HidroAysén
• Hydro power plants located in Aysén Region
• 2,750 MW of installed capacity
• EIS approved for the generation plants (5)
• One of the most efficient hydroelectric projects in
the world, using renewable resources
• Average load factor: 77%
• Endesa Chile owns 51% and Colbún 49%
• CO2 emissions: Reduction of 16.2 million tons/year
312
144 134
81 81 75 69 65 54 54 53 45 4129 23 12 12 7
0
50
100
150
200
250
300
350
GW
h /
ye
ar-k
m2
Energy / Flooded Surface
Endesa Chile consolidated results 1Q 2013
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Expected Evolution for Endesa Chile Installed Capacity
13,845 13,845 13,845 13,845
350 350 350
400 400
145 145 88
150
188
740
490
2011 2012 Under Construction On Basic Engineering
Percentage increase over installed capacity, year 2011 (13,845 MW)
Year 2011 Bocamina II Quimbo Salaco Renaico Los Condores Curibamba Punta Alcalde Neltume
3%
6%
18%
Endesa Chile consolidated results 1Q 2013
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1.- Severe drought affecting Chile
Conclusions
5.- Lower result in Endesa Brasil
3.- Negative Tax effect in Chile and Colombia
4.- Lower consolidated energy generation due to Argentina, partially compensated for by higher thermal generation in Chile due to Bocamina II
and lower GNL price
2.- Good results in Colombia
Endesa Chile consolidated results 1Q 2013
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The content of this document is provided for information purposes only and therefore has no contractual substance and should not be used as part of or construed as a legal contract.
ENDESA does not assume any responsibility for the information contained in this document and does not offer any implicit or explicit guarantees of the impartiality, accuracy and completeness of
this information and the opinions and statements contained therein. It shall also not be liable for any loss or damages that could arise as a result of using this information.
ENDESA does not guarantee that the forward-looking statements in this document will apply in the future in the terms set forth. Neither ENDESA nor its subsidiaries intend to update such estimates, forecasts and objectives contained herein, except where required to do so by law”.