Company Presentation 1Q 2015
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1 Company Presentation 1Q 215 1
2 2 AGENDA 1. SIC OVERVIEW 2. COLBÚN OVERVIEW A. OPERATIONS B. FINANCIALS C. PROJECTS 2
3 3 SECTOR SEGMENTATION 3 SUB-SECTORS GENERATION TRANSMISSION DISTRIBUTION Regulated sectors (concessions) RELEVANT INSTITUTIONS Ministry of Energy Regulator: CNE Supervisor: SEC Coordinator: CDEC
4 4 GEOGRAPHIC SEGMENTATION SING Northern Grid Predominantly mining activity Mainly thermal capacity ~25% of national installed capacity ~25% of national electricity output SING SIC 4 SEPARATE GRIDS Antofagasta Tal-Tal Arica Santiago 4,146 MW - 25% GWh - 25% 12,69 MW - 75% GWh - 74% SIC Central Grid 9% of the country s population Mostly residential consumption, but also relevant industrial and some mining activity Large hydro capacity component ~75% of national installed capacity ~75% of national electricity output SEA Castro Chaitén Cochrane 52 MW - % 146 GWh - % Source: CNE SAM Pto. Natales Pto. Williams 1 MW - % 276 GWh - %
5 5 MARKET STRUCTURE GENERATORS REGULATED CUSTOMERS UN-REGULATED CUSTOMERS SPOT MARKET DISTRIBUTION COMPANIES FREE CUSTOMERS CDEC Regulated Auction Tariffs Unregulated Auction Tariffs Marginal Cost/ Spot Price
6 6 GENERATION AND PRICE EVOLUTION IN CHILE S CENTRAL GRID Development based on hydro + competitive natural gas Power purchase agreements signed under fixed prices (set by regulator for distribution clients ) (+) Development based on gas turbine (diesel) (+) LNG re-gasification terminal since 29 (+) Coal- power plants New law: PPA tenders with price indexation Annual Power Generation SIC TWh Others 8% Diesel 3% Gas 15% Coal 28% Hydro 45% USD/MWh Others Diesel-Fuel LNG Coal /Petcoke Gas Hydro Average SIC PPA Price Average Spot Market Price Source: CNE; CDEC;
7 7 AGENDA 1. SIC OVERVIEW 2. COLBÚN OVERVIEW 1. OPERATIONS 2. FINANCIALS 3. PROJECTS 7
8 8 OVERVIEW Main Figures As of Mar15 (US$ million) Assets: 6,3 Equity: 3,4 Mkt Cap: 5,1 Ownership 24% 49% 17% 1% Intern. Ratings Fitch: BBB S&P: BBB- Local Ratings EBITDA LTM: 51 Fitch: A+ Net Debt: 1,71 Matte Group Pension Funds Angelini Group Others Humphreys: AA- 8
9 9 HIGH STANDARDS OF CORPORATE GOVERNANCE Our Board 2 out of 9 are independent directors Elected every 3 years (indefinitely reelection) 2 out of 3 independent directors in the Board Committee 2 female members Monthly meetings Two annual meetings with our external auditors No directors in management positions Board and board committee remunerations are approved in the Annual Shareholders Meeting (no equity options) Code of ethics ruling both workers and directors 9
10 1 GENERATION ASSETS Installed capacity of 3,278 MW ~ 21% Market Share / 25% by Generation* 48% Hydro 1,589 MW 532 MW Run-of-the-river 33% 1,57 MW Reservoir 67% 3,278 MW 52% Thermal 1,689 MW (*): In MW CCGT 45% 342 MW Coal 2% 581 MW Diesel 35% 1
11 11 HIGH QUALITY CLIENTS 1 2 Sales by Type of Costumer (%) Sales Volume by Customer (%) Unregulated Regulated 61% 39% Codelco (A/A+) 29% Chilectra (BBB+/BBB+ )* 22% CGED (Local A+) 19% AngloAmeric an Others (BBB/BBB+) 5% 9% Saesa (Local AA) 16% Historic Sales by Type of Costumer (GWh) Q15 LTM Regulated customers Unregulated customers Average Monomic Price (US$/MWh) Regulated Costumers Unregulated Costumers Graphs Sources: 1), 2), 3), 4) Colbun as of Mar15 LTM. 4) Average monomic prices are calculated by dividing the total amount of sales in US$, by physical energy sales in MWh. 11
12 12 COMMERCIAL POSITION 1 GWh Contractual Sales vs. Generation (GWh) ,655 1,687 1, ,935 3,11 2,24 2,81 9,639 9,85 8,831 1,91 3,234 2,82 2,563 2,242 2,623 2,79 4% 35% 3% 25% ,578 2,418 1,273 1,853 2, ,566 5,462 5,233 4,857 6,655 6,644 2% 15% 1% 5% Q15 LTM Hydro Coal LNG Diesel % Regulated Sales Unregulated Sales EBITDA Mg Graph Source: Colbun. Unregulated Sales 213 & 214 excludes sales to Codelco at Marginal Cost 12
13 13 POWER PLANT AVAILABILITY 1 Hydro Power Plants 1% 97% 97% 96% 96% 92% 93% 9% 8% 7% Q15 2 Thermal Power Plants 1% 9% 93% 89% 94% 91% 91% 8% 78% 79% 7% Q15 Graphs Sources: Colbún. 13
14 14 AGENDA 1. SIC OVERVIEW 2. COLBÚN OVERVIEW 1. OPERATIONS 2. FINANCIALS 3. PROJECTS 14
15 15 MAIN FIGURES AND METRICS 1 2 Operating Revenues (US$ million) 2. 1,696 1,53 1,49 1, EBITDA (US$ million) & EBITDA Mg (%) % 36% 287 2% 21% 5% 4% 3% 2% 1% Q15 LTM Q15 LTM % Net Income (US$ million) Cash Flow (US$ million) Capex EBITDA Q15 LTM Q15 LTM Source: Colbún s Financial Statements 15 15
16 16 MAIN FIGURES AND METRICS Debt & Net Debt (US$ million) Debt Net Debt Net Debt / EBITDA Q Q15 LTM 3 4 Leverage Ratio* (%) Q Net Interest Coverage Q15 LTM Source: Colbún s Financial Statements. (*) Calculated as Liabilities/Equity 16 16
17 17 DEBT AND LIQUIDITY 1 Total Debt: MMUS$ 1,888 Avrg. Maturity: 6.2 years Avrg. USD Interest Rate: 4.8% Cash: MMUS$ 817 Net Debt: MMUS$ 1,71 Dividend Policy 3% (As of Mar15) BANKS 22% Debt Profile Type Currency Interest Rate BONDS 78% UF 1% USD 9% FIXED 1% 2 8 Amortization Structure (US$ million) 3 Banks Bonds Avg. MMUS$ 5 for the next 3 years Avg. Maturity: 6.2 years Source: Colbún s Financial Statements 17
18 18 AGENDA 1. SIC OVERVIEW 2. COLBÚN OVERVIEW 1. OPERATIONS 2. FINANCIALS 3. PROJECTS 18
19 19 COLBÚN HAS SEVERAL GROWTH OPPORTUNITIES Projects in Chile La Mina Hydroelectric Project 34 MW of Capacity 191 GWh of expected annual generation Phase: Under Construction since Dec14 Qualifies as NCRE Santa María II Coal-fired Project 35 MW of Capacity 2,5 GWh of expected annual generation Phase: Environmentally Approved San Pedro - Hydroelectric Project ~17 MW of Capacity 95 GWh of expected annual generation Phase: Submit EIA on
20 2 LA MINA HYDROELECTRIC RUN-OF-THE-RIVER 1 Main Features Location: San Clemente, Maule region Capacity: 34 MW Annual Generation: ~ GWh CAPEX including the Tx. line: ~US$12-13 million Construction + commissioning period: ~25-3 months Status: Under construction since Dec14 and on schedule Qualifies as NCRE 2 Location 2
21 21 SANTA MARIA II COAL-FIRED POWER PLANT 1 2 Main Features Location: Coronel, Biobío region Capacity: 35 MW Annual Generation: ~2,5 GWh Construction period: ~43-45 months 214 Main Events: RCA/RSE commitments compliance Stakeholders socialization EPC contract review Location Concepción Santa María II Coronel
22 22 SAN PEDRO HYDROELECTRIC POWER PLANT 1 2 Main Features Location: Panguipulli and Los Lagos, Los Ríos region Capacity: ~17 MW Annual Generation: ~9-95 GWh Construction period: ~4-45 months 214 Main Events: Socialization process Submit EIA on 215 Valdivia Location San Pedro Panguipulli 22
23 23 SEARCHING FOR INVESTMENT OPPORTUNITIES IN THE REGION Special Focus on Colombia and Peru Growing Electricity Consumption Well established regulatory framework Diversification: Hydrological Conditions Generation Technology Fuel Access Regulatory Risks
24 24 KEY INVESTMENT HIGHLIGHTS Country: Operates in Chile, the highest-rated country in the region (Aa3/AA/A+) Size: Second-largest generation company in Chile s largest electricity grid Competitive: High-quality, diversified asset portfolio and flexible commercial policy. Stable: Diversified, solid and creditworthy customer portfolio Shareholders: Strong, reliable controlling group with a strategic and long-term vision for the business Management: Experienced management and high standards of corporate governance Projects: Strong pipeline of new projects with improving efficiency and diversification of generation sources Liquidity: Conservative financial strategy that emphasizes keeping a strong liquidity position
25 This document provides information about Colbún S.A. In no case this document constitutes a comprehensive analysis of the financial, production and sales situation of the company. To evaluate whether to purchase or sell securities of the company, the investor must conduct its own independent analysis. This presentation may contain forward-looking statements concerning Colbun's future performance and should be considered as good faith estimates by Colbún S.A. In compliance with the applicable rules, Colbún S.A. publishes on its Web Site ( and sends the financial statements of the Company and its corresponding notes to the Superintendencia de Valores y Seguros, those documents should be read as a complement to this presentation. 25
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