COMPANY PRESENTATION. 7 th Annual Larraín Vial Andean Conference. March 19 th & 20 th, 2013
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1 COMPANY PRESENTATION 7 th Annual Larraín Vial Andean Conference March 19 th & 2 th, 213
2 Agenda Company Overview Business Strategy Financial Profile Chilean Electricity Sector Overview 2
3 Recent developments Company Overview HYDRO CONDITION 212 3rd consecutive extremely dry year SANTA MARIA I COAL PROJECT 1,853 GWh generated during 212 (out of the estimated 2,5 GWh/year) Dec. 12 : Insurance settlement for USD 65 million (USD 4 million for ALOP) COMMERCIAL BALANCE Relevant input of coal (efficient thermal complement to hydro) Net seller in the spot market, despite reduced hydro NATURAL GAS Short and medium-term natural gas supply secured 1 CCGT with gas for Jan-Apr CCGT with gas for Jan-May 213 GWh Generation vs. commitments ANGOSTURA PROJECT Over 85% of progress, scheduled for end of 213 Contractual Sales Hydro Coal Natural gas (LNG) Diesel CREDIT RATING Fitch Ratings ( ): BBB rating reaffirmed S&P ( ): BBB- rating reaffirmed, maintaining negative outlook 3
4 Colbún at a glance Company Overview Business Power Generation & Trade Market Share (as a % of Installed Capacity) - SIC Size 2 nd largest generator in Chile s Central Grid (SIC), with over 2% market share (MW). The SIC covers 9% of the population Others 24% Colbún 2% Capacity 2,962 MW 43% hydro and 57% thermal AES Gener 17% Endesa 39% Generation 11,568 GWh in 212 Assets 45% hydro and 55% thermal 15 hydro plants in 4 different basins 7 thermal plants in 4 different regions Source: Colbún December 212 Generation (GWh) and Installed Capacity (MW) Generation People 962 employees as of December 12 Results EBITDA of USD million in 212 Revenues of USD 1.4 billion in 212 Hydro Capacity 45% 43 % 57 % Thermal 55% Source: Colbún 212 Generation and Capacity 4
5 A diversified asset base Company Overview 7 THERMAL POWER PLANTS NEHUENCO COMPLEX: 874 MW DIESEL/GAS Nehuenco I Capacity: 368 MW Nehuenco II Capacity: 398 MW Nehuenco III Capacity: 18 MW CANDELARIA POWER PLANT: 27 MW DIESEL/GAS Candelaria Capacity Unit I : 133 MW Capacity Unit II : 137 MW SANTA MARIA I POWER PLANT: 342 MW COAL Santa María I Capacity: 342 MW LOS PINOS POWER PLANT: 1 MW DIESEL Los Pinos Capacity: 1 MW Chacabuquito Capacity: 29 MW Los Quilos Capacity: 39 MW Hornitos Capacity: 55 MW Colbún Capacity: 474 MW San Ignacio Capacity: 37 MW San Clemente Capacity: 5 MW ACONCAGUA BASIN: 213 MW Carena Capacity: 9 MW Blanco Capacity: 6 MW Juncal Capacity: 29 MW Juncalito Capacity: 1 MW CARENA POWER PLANT: 9 MW MAULE BASIN: 63 MW Machicura Capacity: 95 MW Chiburgo Capacity: 19 MW 15 HYDRO POWER PLANTS 5 ANTILHUE POWER PLANT: 13 MW DIESEL Antilhue Capacity Unit I : 51 MW Capacity Unit II : 52 MW TRANSMISSION LINES 47 KM Trunk Transmission System 68 KM Sub Transmission System 737 KM Additional Transmission System Combined Cycle Open Cycle Coal-fired Run of the River Reservoir Rucúe Capacity: 178 MW LAJA BASIN: 249 MW Canutillar Capacity: 172 MW Quilleco Capacity: 71 MW CHAPO LAKE: 172 MW
6 REGULATED CUSTOMERS A diversified customer base Company Overview CHILECTRA ( /23/25) CONAFE (Until 22) CGE-Río Maipo (21-221) CGE-Distribución (21-224) SAESA (21-219) Santiago CODELCO Salvador CODELCO Ventanas ANGLOAMERICAN Los Bronces CODELCO Andina METRO AGUAS ANDINAS La Farfana CMPC Puente Alto UN-REGULATED CUSTOMERS CODELCO Teniente CMPC Procart 6
7 Colbún has grown steadily over the past decade Company Overview Capacity (MW) Total Operating Revenues (MMUSD) ,7 MW CAGR: 8% 2,962 MW US$ 129 million CAGR: 2% US$ 1,49 million Market Cap (MMUSD) 3-year Moving Average EBITDA (MMUSD) US$ 4,83 million 35 3 US$ 273 million US$ 435 million CAGR: 2% US$ 54 million CAGR: 13%
8 Solid and reliable controlling group with a strategic and long term vision Company Overview CONTROL Controlled by the Matte Group (49%), one of the leading economic groups in Chile, with stakes in various sectors (forestry, financial, telecommunications, among others). LARGE STAKEHOLDER The second important stakeholder, the Angelini Group, is also a leading Chilean economic group and owns 9.6% of Colbún. FLOAT 41% free float, with relevant local institutional investor presence. GOVERNANCE 4 out of 9 are independent directors. Matte Group 49% Source: Colbún, December 212 Ownership Structure Angelini Group 1% Others 22% Pension Funds 19% ACCOUNTING STANDARDS Disclosure under IFRS standards Functional currency: US dollar 8
9 Agenda Company Overview Business Strategy Financial Profile Chilean Electricity Sector Overview 9
10 Corporate Strategy Business Strategy Who are we? We are a Chilean company, leader in the generation of reliable, competitive and sustainable energy What do we do? We seek to generate long-term value by developing projects and managing power infrastructure to meet the country s energy demand. 1
11 Strategic Pillars Business Strategy Identify and develop project options to consolidate our market share. 3. Growth Commercial strategy that generates long-term returns consistent with our asset base. 2. Diversification and Risk Management Narrow our exposure to exogenous variables: diversified asset base (technology, fuel and location) and clients. Active risk management policy. 1. Consolidation Consolidate our people, our operations, our projects, our financials Long-term value generation (Profitability/EBITDA) 11
12 Value Chain Business Strategy Project Development Operational Excellence Risk / Return Profile Multidimensional challenge: Technical + Environmental / Social + Financial High standards: Reliability + Security + Environmental Risk / return profile combining: Commercial policy + Financial strength + Risk management Sustainability Value & Trust 12
13 Colbún: a sustainable partner Business Strategy EMPLOYEES INVESTORS ENVIRONMENT CLIENTS AND SUPPLIERS COMMUNITY AND SOCIETY CONTRACTORS 13
14 Commercial policy Business Strategy COMMERCIAL GOALS Supply secure and competitive energy to our customers Maximize returns from our current and future assets Manage volatility given large renewable component 1. CONTRACT LEVEL 2. SALE PRICE INDEXATION 3. HEDGE PROGRAM Define optimal Contract Level Incorporate indexation formulas of sale prices Structure tailor-made hedge programs Hydro capacity (Output of a medium-dry year) + Efficient thermal capacity (Output of coal-fueled plant) that reflect our cost structure Hydro Efficient thermal Transitional periods CPI Fossil Fuels Flexible Price to protect from more adverse 1) Hydrologic conditions 2) Fuel prices 14
15 Evolution of Colbún s Business Model Business Strategy GWh Contractual Commitments MMUSD Base Generation EBITDA (EBITDA Margin) Ratio: Base Generation / Commitments (58%) (6%) (6%) (48%) (45%) (59%) (1%) 19 (18%) (29%) (32%) (15%) (2%) 144% 125% 112% 97% 9% 92% 53% 7% 7% 87% 67% 74% Base Generation 1 / Commitments 2 9% B.G. / C 7% B.G. / C 85% : Commitments represent Colbún s committed sales (through contracts) excluding commitments which price is indexed to the spot price 2: Base Generation represents Colbún s electricity low variable cost (hydro generation + gas generation during Phase I and coal generation in Phase III) 15
16 Our expansion plan Business Strategy Thermoelectric capacity Hydroelectric capacity 2,962 MW Angostura 316 MW San Pedro 15 MW 3,428 MW 43% 57% Other Growth Opportunities Santa María II (35 MW) Environmental approval for the construction of a second unit Hydraulic Various water rights in different basins Geothermal Two concessions awarded for exploration, others under process Wind Two wind measurement towers located in Maule Region 51% 49% 16
17 Our projects under development Business Strategy ANGOSTURA HYDRO POWER PLANT: 316 MW Santa Barbara and Quilaco, Biobío Region INVESTMENT POWER PLANT: 675 MMUSD INVESTMENT TX LINE: 45 MMUSD SPENT AS OF DEC. 212: 532 MMUSD ADVANCE DEC. 212: 84% ANGOSTURA ESTIMATE START OF OPERATION: 4Q213 SAN PEDRO HYDRO POWER PLANT: 15 MW Riñihue Lake, Los Ríos Region SAN PEDRO INVESTMENT: SPENT AS OF SEP 212: Under revision 112 MMUSD ESTIMATE START OF OPERATION: Under revision 17
18 Agenda Company Overview Business Strategy Financial Profile Chilean Electricity Sector Overview 18
19 Income Statement Financial Profile Revenues, EBITDA (MMUSD) & EBITDA Margin Revenues EBITDA EBITDA margin (%) 59% 32% 29% 2% 18% 15% 2% Average EBITDA : MMUSD 265 Non-operational result from past years affected by payments to early terminate old natural gas transport contracts 212 Income Tax: one-time MMUSD 74 charge from increase in tax rate MMUSD Revenues 753 1,16 1,346 1,159 1,24 1,333 1,49 EBITDA Depreciation (17) (118) (117) (122) (124) (125) (136) Non-operational result (43) (51) (13) (37) (45) Exchange rate differences 12 (65) (12) (14) 1 Income Tax (32) (1) (37) (7) (6) (24) (64) Net Income 276 (9)
20 Capital Structure and Credit Metrics Financial Profile Key Credit Metrics Cash, Debt & Net Debt (MMUSD) Cash Total debt to total capital (%) Net debt Total debt Net debt to EBITDA (x) EBITDA Interest coverage (x)
21 Free Cash Flow Analysis Financial Profile Selected Sources & Uses of Funds (MMUSD) 7 K WK Capex EBITDA Negative FCF in past years due to intensive capex program Intensity of capex diminishes in 213 Expected recovery of VAT Credit in coming years (current stock of MMUSD 258) Low dividend policy (3% of Net Income)
22 Conservative Financial Strategy: Smooth debt profile coupled with a strong liquidity position Financial Profile Amortization Schedule of LT Debt (MMUSD) Balance Sheet as of December 212 (MMUSD) Banks Bonds Current Assets 789 Cash and equivalents 218 Accounts receivable 23 Recoverable taxes Other current assets 11 1 '12 '13 '14 '15 '16 '17 '18 '19 '2 '21 '22 '23 '24 '25 '26 '27 '28 '29 Liquidity Position Non-Current Assets 5,215 Property, Plant and Equipment 4,94 Other non-current assets 311 Cash USD 218 million of cash and cash equivalents as of December 212. Committed lines Committed back-up facility of UF 8 million (~USD 38 million), unused, signed with local counterparties. Plan to maintain a similar level of back-up liquidity facilities during the CAPEX period. Other sources of liquidity Access to additional USD 15 million in credit lines facilities and a registered commercial paper program, which we use from time to time for working capital optimization purposes Total Assets 6,3 Current Liabilities 551 Long-Term Liabilities 1,94 Shareholders' Equity 3,513 Total Liabilities and Shareholders' Equity 6,3 22
23 A quarterly look at Colbún s results Financial Profile Sales vs. Generation - quarterly (GWh) Revenues - quarterly (MMUSD) Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 Contractual Sales Hydro Coal Natural gas (LNG) Diesel EBITDA margin - quarterly (%) 1Q 2Q 3Q 4Q Revenues 211 Revenues 212 EBITDA - quarterly (MMUSD) 5% 4% 3% 29% 23% 37% 29% % 1% % 5% 2% 1Q11 2Q11 3Q11 4Q11 8% 8% 1Q12 2Q12 3Q12 4Q Q 2Q 3Q 4Q EBITDA 211 EBITDA
24 Agenda Company Overview Business Strategy Financial Profile Chilean Electricity Sector Overview 24
25 Sector Segmentation 3 SUB-SECTORS GENERATION SING SIC Antofagasta Chilean Electricity Sector Overview 4 SEPARATE GRIDS Arica 3,964 MW - 25% GWh - 25% Tal-Tal 12,365 MW - 75% GWh - 74% TRANSMISSION Regulated sectors (concessions) Santiago DISTRIBUTION Castro SEA Chaitén 52 MW - % 146 GWh - % RELEVANT INSTITUTIONS Cochrane Ministry of Energy 25 Regulator: CNE Supervisor: SEC Coordinator: CDEC SAM Pto. Natales Pto. Williams Source: CNE, December MW - % 276 GWh - %
26 Market Structure Chilean Electricity Sector Overview Electricity Market Structure Main Players in the Generation Sector-SIC GENERATORS 39% >15 players REGULATED CUSTOMERS UNREGULATED CUSTOMERS SPOT MARKET 2% 21% 17% DISTRIBUTION COMPANIES FREE CUSTOMERS CDEC 2% 1% Regulated Auction Tariffs Unregulated Auction Tariffs Marginal Cost /Spot Price Endesa Colbún Gener Arauco CGE Others Source: Colbún, December
27 Evolution of Power Generation and Demand in the SIC Chilean Electricity Sector Overview Annual Power Generation SIC (TWh) Annual Electricity Demand SIC (TWh) Others Diesel-Fuel LNG Gas Coal /Petcoke Hydro Diesel 7% LNG 21% Gas % Unregulated Demand Regulated Demand Unregulated: ~4% 25 Coal 27% Regulated: ~6% 15 Hydro 41% Source: Generación Bruta en el SIC, CNE/Colbún, Source: Producción Real por Sistema, CNE/Colbún, 212. Informe Tecnico Definitivo SIC, CNE, October 212.
28 Variable Cost of the Plants (USD/MWh) Dispatch and pricing model: a technical guide Chilean Electricity Sector Overview OBJECTIVE INSTITUTION MODEL Meet demand at the lowest cost possible Independent load dispatch center (CDEC) coordinates the efficient dispatch of electricity producers CDEC dispatches plants in ascending order of variable production cost Prices vary according to the type of customer: REGULATED CUSTOMERS 1) Node Price: calculated by the CNE every 6 months 2) Auction Price: auctioned under the supervision of the Regulator for bilateral LT contracts UNREGULATED CUSTOMERS 3) Market Price: free price settled by both parties for bilateral contracts OTHER GENERATORS 4) Spot Market Price: the variable cost of the most expensive dispatched plant at each moment of the day All facilities are also paid a capacity charge for being available 28 Dispatch Model Pricing Model Hydro CC-Diesel CC-LNG Coal OC-Diesel Thermo-Diesel Output from available plants (MWh) Dispatched Plants *Margin = [Spot Price - Var. Cost] Back Up Plants Plants receive revenues from Capacity charge Plants earn a Margin* Dispatch Scheme Demand Curve SPOT PRICE Marginal Cost of the System
29 Evolution of electricity prices Chilean Electricity Sector Overview Electricity Prices-SIC (USD/MWh) ) Energy Node Price Alto Jahuel (USD/MWh) 2) Average Auction price (USD/MWh) 3) Average Market price (USD/MWh)* 4) Energy Spot Market Price Alto Jahuel (USD/MWh) Source: Costos reales marginales mensuales Alto Jahuel, CDEC/ Colbún; Historia precios nudos, CNE; Informes Mensuales Systep, Note (*): The market Price is calculated by the Regulator upon information provided by all generation companies. This average price does not includes the capacity charge component. 29
30 Chilean Electricity Sector Overview Demand and Supply: what to expect in the coming years Electricity Demand - SIC (TWh) Available Power by type - SIC (MW) Hydro (1) Wind Coal Gas (2) Diesel Max demand Min demand Average demand Additional installed capacity: 562 MW Hydro 214 MW Wind 927 MW Coal MW Gas and Diesel Source: Informe Técnico Definitivo Fijación Precio Nudo SIC,CNE/Colbún, Octubre Source: Informe Técnico Definitivo Fijación Precio Nudo SIC,CNE/Colbún, Octubre 212 (1) Considering normal hydro conditions (2) Real gas output depends on fuel availability
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