Endesa Chile IR presentation As of December 2013
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1 Endesa Chile IR presentation As of December 2013
2 Ownership Structure 92% ENERSIS 61% 12% 3% 4% 6% 15% 60% Chilean Pension Funds Institutional Shareholders ADR Holders 60% Minority Shareholders Other Institutional Shareholders CHILE COLOMBIA PERU ARGENTINA BRAZIL PEHUENCHE, 93% CELTA, 96% EMGESA, 27% EDEGEL, 62% COSTANERA, 76% EL CHOCÓN, 65% ENDESA BRASIL, 39% AMPLA COELCE FORTALEZA CDSA CIEN 2
3 A unique portfolio in LATAM s Generation business COLOMBIA 2,925 MW inst. capacity Hydro: 2,481 MW Thermal : 444 MW 20% market share 2 PERU No. 1 No. 2 BRAZIL 987 MW inst. capacity Hydro: 665 MW Thermal : 322 MW 1% market share in generation 2 1,540 MW inst. capacity Hydro: 751 MW Thermal : 789 MW ARGENTINA 21% market share 2 No. 2 CHILE No. 1 3,652 MW inst. capacity Hydro: 1,328 MW 5,571 MW inst. capacity 1 Thermal: MW Hydro: MW Thermal : 2,028 MW 12% market share 2 NCRE: 87 MW 30% market share 2 1 Excludes the proportional assets from GasAtacama (390 MW). 2 Calculated based on installed capacity Consolidated installed capacity: Capacity including Brazil: Consolidated energy sales 2012: Consolidated energy sales 2013: 13,688 MW 14,675 MW 58,621 GWh 57,754 GWh 3
4 Financial Highlights 1 Ch$ million Change MM US$ 2013 Revenues 2,027,432 2,320,385 (13%) 4,094 Costs (830,874) (1,318,480) (37%) (1,678) Contribution Margin 1,196,558 1,001,905 19% 2,416 EBITDA 978, ,101 21% 1,977 EBIT 782, ,416 28% 1,581 Net Financial Expenses (137,130) (146,995) (7%) (277) Related Company Results 119, ,013 (12%) 241 Taxes (204,907) (182,833) 12% (414) Net Income 563, ,023 34% 1,138 Attributable to shareholders of Endesa Chile 353, ,335 51% Under IFRS, Endesa Chile has adopted the Chilean Peso as functional currency, comparisons between periods have been only made under Ch$. 2 Reference average exchange rate was Ch$/US$ for 2013 and the closing rate was Ch$/US$ as of December 31,
5 EBITDA by Country Total Installed Capacity 1 : 13,688 MW Total Generation 1 : 51,417 GWh Argentina 27% Chile 41% Argentina 21% Chile 38% Peru 11% Peru 16% Colombia 21% Colombia 25% 2013 EBITDA : US$ 1,977 million Argentina 6% Peru 16% Chile 37% Endesa Brasil Endesa Chile s ownership: 39.4% (37.1% direct). Net Attributable Income 2 : US$ 191 million. Colombia 41% 1 Excludes GasAtacama (390 MW) and Endesa Brasil (987 MW). 2 Considers the total contributions of Endesa Brasil recognized by Endesa Chile using the equity method investment. 5
6 Balanced Commercial Policy 2013 Physical Sales Endesa Chile IR presentation YE 2013 Chile Colombia Peru Argentina 20% 7% 28% 11% 14% 73% 20% 52% 38% 51% 86% Regulated Unregulated Spot 2012 Physical Sales Chile Colombia Peru Argentina 4% 28% 5% 18% 29% 67% 19% 53% 30% 65% 82% Regulated Unregulated Spot 6
7 Healthy Debt Profile US$ million 2,500 2,000 1,500 1, Financial Debt Maturity 1 Total Debt: US$ 3,836 million ,995 < 1 year 1-2 years 2-3 years 3-4 years 4-5 years 5 years and beyond Bonds Banks and Other 126 Cash: US$ 617 million Commited Credit Lines: US$ 493 million Non-Commited Credit Lines: US$ 353 million Average life of debt: 7 years Debt by Country (MM US$) Debt by Type Debt by Currency Peru, 283 Others, 16% UF + CLP, 12% Colombia, 1,656 Argentina, 222 Chile, 1,675 Bonds, 70% Bank Debt, 14% US$, 42% Other Local Currency, 46% 1 Includes obligations with related companies and other financial adjustments. 7
8 Free Cash Flow (US$ million) 1 1,977 1, (300) (277) (538) (590) (381) (414) (244) (61) EBITDA Net Financial Income Payments for Additions of Fixed Assets Income Tax Free Cash Flow Dividends Amounts translated into US$ at the average exchange rate for each period. 2 For year 2013, considers only the provisional dividend of Ch$ 3.87 per share paid on Jan 31, 2014; translated into US$ at closing exchange rate as of Dec 31, 2013 (Ch$ per US$). * For year 2012, jointly controlled companies are included. 8
9 Total Sales in GWh (%) Endesa Chile IR presentation YE Electricity demand Evolution in LATAM Historic electricity demand growth (CAGR, last ten years) 180% 170% 5.6% 160% 4.9% 150% 4.0% 140% 3.1% 130% 2.7% 120% 110% 100% 90% Years CHILE COLOMBIA PERU BRAZIL ARGENTINA
10 Electricity consumption, per capita (Kwh per year) Endesa Chile IR presentation YE ,000 Direct relation between GDP and electricity demand 16,000 FINLAND CANADA 14,000 UNITED STATES 12,000 10,000 AUSTRALIA 8,000 6,000 RUSSIA GREECE JAPAN AUSTRIA FRANCE GERMANY SPAIN ITALY UNITED KINGDOM 4,000 CHINA ARGENTINA CHILE 2,000 BRAZIL MEXICO INDIA PERU IRELAND BOLIVIA COLOMBIA ,000 20,000 30,000 40,000 50,000 60,000 GDP per capita (current PPP, US$) Data source: The World Bank. Chile aims to be in the group of developed countries. There is no development without energy. 10
11 Projects Under Construction 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
12 Projects Under Construction Endesa Chile IR presentation YE 2013 Salaco Chain (optimization) Repowering the minor plants to reach 221 MW capacity. Located in the Bogotá River system. Optimization works started in January MW will be added to the capacity. On November 6 th, 2013 started the commissioning of the Dario Valencia unit 2, with 50MW of installed capacity. 12
13 Expected Evolution for Endesa Chile s Installed Capacity 16% increase over 2013 installed capacity + 16% + 12% Taltal, Chile Los Condores, Chile Curibamba, Peru 740 Pta Alcalde, Chile + 4% 490 Neltume, Chile El Quimbo, Colombia Salaco, Colombia 13, Under Construction On Basic Engineering 13
14 Market Value and Dividends 1 EBITDA (US$ Million) Dividends (Ch$ per Share) 1,503 1,671 2,033 2,248 2,098 2,014 1,661 1, Market Value (US$ Million) 3 10,072 10,393 9,428 13,963 15,364 12,102 13,297 12, Source: Intern using Bloomberg 1 Amounts expressed in US$, using the average exchange rate for each period. For Years 2010 and 2011 only consider jointly controlled companies. 2 Considers the expected final dividend for period 2013, to be approved at the Annual Shareholders meeting, (with 50% dividend policy) to be held in April Amounts expressed in US$, using the last exchange rate for each period. 14
15 Key factors Multinational electricity generation company based in Chile. Vast experience, with over 70 years of history. Efficient and diversified investment portfolio of generation assets. Balanced commercial policy leading to revenue and margin stability. Part of an important worldwide electricity group (Enel, Endesa, Enersis). Among the most actively traded companies in Chilean stock markets. 15
16 Endesa Chile s Investor Relations Team Susana Rey Investor Relations Director (56-2) susana.rey@endesa.cl Catalina Gonzalez Head of Investor Relations (56-2) cbgs@endesa.cl Guillermo Berguecio Investor Relations Executive (56-2) gabb@endesa.cl Contact us at: ir@endesa.cl 16
17 EXHIBITS 17
18 Highlights for % growth in Net Income attributable to Endesa Chile s shareholders. 37% decrease in procurement and service costs, mainly in Chile. 19% increase in consolidated Operating Margin, mainly due to operating improvements in Chile, Argentina and Colombia. 21% increase in consolidated EBITDA. 7% increase in thermal generation, due to the commissioning of Bocamina II. 18
19 Argentina Installed Capacity: 3,652 MW Market Share * : 12% Total Generation: 10,840 GWh EL CHOCÓN El Chocón: 1,328 MW Hydro 1,328 MW Million US$ Change Revenues (25%) EBITDA (40%) EBITDA Margin 45% 56% (20%) Total electricity sales 3,392 3,197 6% Costanera: 2,324 MW COSTANERA Thermal 2,324 MW El Chocón Costanera Million US$ Change 2 Revenues (68%) EBITDA 80 (4) - EBITDA Margin 42% (1%) - Total electricity sales 8,962 8,655 4% Based on installed capacity 1 Includes the One Time effect of US$394 MM in to the accounting of the new regulation for generators in Argentina 19
20 Chile Installed Capacity 1 : 5,571 MW Market Share * : 30% Total Generation 1 : 19,438 GWh ENDESA CHILE Tarapaca Los Molles: 18 MW Rapel-Sauzal: Maule: Laja: 466 MW 875 MW 940 MW 62% Hydro 3,456 MW D. Almagro Taltal Huasco Ralco-Pangue: 1,157 MW Tarapaca 182 MW D. Almagro Taltal: 269 MW Huasco: 64 MW San Isidro 1 and 2: 778 MW Bocamina 1 and MW 36% Thermal 2,028 MW San Isidro Bocamina Los Molles Santiago Cachapoal Maule Laja Bio Bio TG Quintero: 257 MW Canela: Canela II: Ojos de Agua: 18 MW 60 MW 9MW 2% NCRE 2 87 MW Million US$ Change Revenues 1,965 2,251 (13%) EBITDA % EBITDA Margin 37% 24% 56% Total electricity sales 20,406 20,878 (2%) 1 Excludes the proportional assets from GasAtacama (390 MW). 2 Non Conventional Renewable Energy. Based on installed capacity 20
21 Colombia Installed Capacity: 2,925 MW Market Share * : 20% Total Generation: 12,748 GWh EMGESA Guavio: 1,213 MW Betania: 541 MW Río Bogotá: 727 MW 85% Hydro 2,481 MW Cartagena Cartagena: 208 MW Termozipa: 236 MW 15% Thermal 444 MW Million US$ Change Revenues 1,291 1,172 10% Termozipa Betania Cadena Vieja / Cadena Nueva Bogotá El Guavio EBITDA % EBITDA Margin 63% 65% (3%) Total electricity sales 16,090 16,304 (1%) * Based on installed capacity 21
22 Peru Installed Capacity: 1,540 MW Market Share * : 20% Total Generation: 8,391 GWh EDEGEL Cuenca Río Rímac: 556 MW Yanango: 43 MW Chimay: 151 MW 49% Hydro 750 MW Ventanilla: 485 MW Santa Rosa: 304 MW 51% Thermal 789 MW Million US$ Change Revenues % Thermal units Hydro units Lima EBITDA % EBITDA Margin 55% 50% 12% Total electricity sales 8,903 9,587 (7%) * Based on installed capacity 22
23 Brazil Installed Capacity: 987 MW Market Share * : 1% Total Generation: 4,992 GWh Cachoeira: 665 MW CACHOEIRA Hydro 665 MW Million US$ Change Revenues (24%) EBITDA (21%) EBITDA Margin 75% 72% 5% Total electricity sales 3,564 4,344 (18%) CIEN Fortaleza Cachoeira Rio de Janeiro Fortaleza: 322 MW FORTALEZA Thermal 322 MW CIEN 1 : Transmission Brazil-Argentina Interconnection Two 500 Km lines Total interconnection capacity: 2,100 MW Million US$ Change Revenues % EBITDA % EBITDA Margin 33% 35% (6%) Million US$ Change Revenues (7%) EBITDA (10%) EBITDA Margin 68% 70% (3%) Total electricity sales 3,262 2,947 11% 1 Includes CIEN, CTM and TESA * Based on installed capacity 23
24 Projects Under Study Endesa Chile IR presentation YE 2013 Los Cóndores Hydro power plant, run of the river. Located in San Clemente, in Maule region. 150 MW of installed capacity. Estimated load factor: 46% EIS 1 approved. Curibamba Hydro power plant, run of the river. Located in Junín Department, utilizes streams coming from Comas and Uchubamba Rivers. 188 MW of installed capacity. EIS 1 approved. 1 Environmental Impact Study. 24
25 Projects Under Study Endesa Chile IR presentation YE 2013 Punta Alcalde Thermal, coal-steam power plant. Located in Huasco, in Atacama region (SIC). 740 MW of installed capacity. Estimated load factor: 83% On Jan 17, 2014, the Supreme Court of Chile reaffirmed the approval of the EIS 1, in line with the ruling of the Ministers Committee on Dec 3, Taltal (Conversion) Closed will upgrade the existing LNG power plant. Conversion to Combined Cycle. Located in the Antofagasta region (SIC). 120 MW will be added to the current 245 MW capacity. EIS 2 submitted for approval in Dec Environmental Impact Study. 2 Environmental Impact Statement. 25
26 Projects Under Study Endesa Chile IR presentation YE 2013 Neltume Hydro power plant, run of the river. Located in Panguipulli, in Los Ríos Region (SIC). 490 MW of installed capacity. EIS 1 under review. HidroAysén Hydro power plants located in Aysén Region. Endesa Chile owns 51% and Colbún 49%. 2,750 MW of installed capacity Average load factor: 77%. EIS 1 approved the generation plants (5). 1 Environmental Impact Study. 26
27 Installed Capacity and Energy Generation MW CHILE COLOMBIA PERU ARGENTINA TOTAL Installed Capacity (MW) Total HYDRO NUCLEAR COAL OIL-GAS CHP / RENEWABLES 5,571 2,925 1,540 3,652 13,688 3,456 2, ,328 8, , ,324 4, Gwh / Change 2 CHILE COLOMBIA PERU ARGENTINA TOTAL TOTAL 19, % 12,748 (3.8%) 8,391 (2.1%) 10,840 (3.3%) 51,417 (1.5%) Net Generation (GWh) HYDRO 9,851 (8.8%) 11,784 (6.8%) 4, % 2,317 (17.3%) 28,426 (7.3%) NUCLEAR COAL 3, % % , % OIL-GAS 5,804 (2.2%) 91 (55.2%) 3,917 (5.4%) 8, % 18,334 (1.9%) CHP / RENEWABLES 183 (10.3%) (10.3%) 1 Compared with
28 Strong Financial Position Ch$ million Variation Change MM US$ Gross Debt 1,894,496 1,932,107 (37,611) (2%) 3,611 Cash 323, ,678 88,130 37% 617 Net Debt 1,570,689 1,696,429 (125,740) (7%) 2,994 Leverage 2 (x) Financial Coverage 3 (x) % - Credit Risk Ratings Since: Jan Apr Feb BBB+ Baa2 BBB+ Affirmed: Aug Sept Aug Amounts translated into US$ at closing exchange rate as of December 31, 2013 (Ch$ per US$). 2 Total debt / (equity + minority interest). 3 EBITDA / (Financial expenses + Income (Loss) for indexed assets and liabilities + Foreign currency exchange differences, net). 28
29 Balanced Debt Maturity in each country Financial Debt Maturity 1 US$ million Balance TOTAL Chile ,675 Argentina Peru Colombia ,199 1,656 TOTAL ,122 3,836 1 Includes obligations with related companies and other financial adjustments. 29
30 Principal Financial Ratios Net debt 1 /EBITDA EBITDA/Net financial expenses Endesa Chile Financial Expense Coverage ROE (%) 13.6% 9.2% ROA (%) 8.5% 6.5% 1 Includes obligations with related companies and other financial adjustments. 2 EBITDA / (Financial expenses + Income (Loss) for indexed assets and liabilities + Foreign currency exchange differences, net) 30
31 This document is the property of ENDESA and therefore must not be disseminated or published without ENDESA's prior written consent. 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. 31
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