endesa chile YE 2012 results
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1 endesa chile YE 2012 results
2 Highlights of 2012 Lower hydro generation in Chile, mainly explained by a third consecutive year of a severe drought. 6% growth of installed capacity in Chile, related to Bocamina II start up. 14% decrease in consolidated EBITDA explained by our operations in Chile, Argentina and Peru. 29% increase in Colombian EBITDA, mainly related to higher hydro generation and spot prices. Non-recurring accounting effects in Colombia and Peru. Indemnity insurance related to Bocamina II. 2
3 Results affected by the drought in Chile and high fuel costs Indicator 2011 MM ch$ 2012 MM ch$ Change 2012 MM US$* Revenues 2,404,490 2,369,386 (1%) Operational Expenses (1,217,260) (1,328,703) 9% Contribution margin 1,187,230 1,040,684 (12%) EBITDA 973, ,850 (14%) EBIT 787, ,209 (20%) Net finance expenses (114,829) (135,294) Net income before taxes 791, ,513 18% (24%) Net income 581, ,043 (28%) Net attributable income 446, ,335 (48%) 4,869 (2,731) EBITDA Margin 40.5% 35.2% (13%) - Profit Margin 24.2% 17.7% (27%) - E.P.S (51%) 2 P/E % - 2,139 1,714 1,299 (278) 1, Amounts expressed in US$, using the average exchange rate for the period (Ch$ per US$). 2 Net of Foreign currency exchange differences 3 Closing share price for each year 3
4 EBITDA by Country Total Installed Capacity: 14,185 MW Total Generation : 53,517 GWh Argentina 26% Chile 42% Argentina 21% Chile 38% Peru 12% Peru 16% Colombia 20% EBITDA 2012: US$ 1,714 million Colombia 25% Peru 17% Argentina 3% Chile 35% Endesa Brasil Endesa Chile s ownership: 40% (38.9% direct). Net Attributable Income 1 : US$ 221 million. Colombia 45% 1 Considers the total contributions of Endesa Brasil recognized by Endesa Chile as an equity method investment. 4
5 Prudent Commercial Policy Physical Sales as 2012 Chile Colombia Peru 4% 5% Argentina 18% 30% 28% 66% 53% 30% 65% 82% 19% Regulated Free Clients Spot Physical Sales as 2011 Chile Colombia Peru Argentina 8% 9% 19% 30% 31% 61% 51% 27% 64% 81% 19% Regulated Free Clients Spot 5
6 Strong Financial Position Indicator 2011 MM Ch$ 2012 MM Ch$ Change % Change 2012 MM US$ Gross Debt 1,808,969 1,958,068 (149,098.28) (8%) 4,080 Cash 1 421, , , % 629 Net Debt 1,387,687 1,656,153 (268,466.10) (16%) 3,451 Leverage Financial Expenses Coverage (0.01) (1.63) (1%) (31%) Debt by Country Debt by Type Debt by Currency Peru, 8% Others, 13% UF, 10% Colombia, 36% Chile, 49% Bank Debt, 15% Local Currency, 41% Argentina, 7% Bonds, 72% US$, 49% Amounts expressed in US$, using the close exchange rate for the period (Ch$ per US$) 1 For year 2012 considers Cash and cash equivalents and Other current financial assets. 6
7 Healthy Debt Profile and Credit Risk Ratings Financial Debt US$ Millions Balance TOTAL Chile ,985 Argentina Perú Colombia ,099 1,486 TOTAL ,110 4,080 Credit Risk Ratings Since: Jan Apr Feb BBB+ Baa2 BBB+ Affirmed: Dec Jun Oct
8 Free Cash Flow (US$ million) (305) (235)(251) (300) (564) (499)(551)(538) (308)(353) (435)(381) (51) (394) (523)(462) EBITDA Net Financial Result CAPEX Income Tax FCF Dividends Payments for additions of fixed assets. 2 For year 2012 considers only the interim dividend paid on January 24 th, Amounts are expressed in US$, using the average exchange rate for each period. 8
9 Argentina Installed Capacity: 3,652 MW Market Share: 12% Total Generation: 11,289 GWh El Chocón: 1,328 MW EL CHOCÓN Hydro 1,328 MW Million US$ Change Revenues % EBITDA % EBITDA Margin 54.9% 55.8% 2% Physical Sales (GWh) 2,888 3,197 11% CIEN Line (2x1,050 MW) Interconnection with Brazil Costanera: 2,324 MW COSTANERA Thermal 2,324 MW El Chocón Costanera Million US$ Change Revenues (14%) EBITDA 41-4 (110%) EBITDA Margin 5.8% (1%) (112%) Physical Sales (GWh) 8,493 8,655 2% 9
10 Peru Installed Capacity: 1,657 MW Market Share: 24% Total Generation: 8,740 GWh EDEGEL Cuenca Río Rímac: 552 MW Yanango: 43 MW Chimay: 151 MW 45% Hydro 746 MW Ventanilla: 485 MW Santa Rosa: 426 MW 55% Thermal 911 MW Million US$ Change Revenues % Lima: Edegel (Gx) EBITDA (1%) EBITDA Margin 58.9% 49.6% (16%) Physical Sales (GWh) 9,450 9,587 1% 10
11 Chile Installed Capacity 1 : 5,961 MW Market Share: 33% Total Generation: 20,194 GWh ENDESA CHILE Tarapaca Los Molles: 18 MW Rapel-Sauzal: 466 MW Maule: 875 MW Laja: 940 MW Ralco-Pangue: 1,157 MW Tarapaca-G.Atacama: 572 MW D. Almagro Taltal: 269 MW Huasco: 64 MW San Isidro 1 and 2: 778 MW Bocamina: 128 MW 58% Hydro 3,456 MW 41% Thermal 2,418 MW D. Almagro Taltal Huasco San Isidro Bocamina Los Molles Santiago Cachapoal Maule Laja Bio Bio Bocamina II: 350 MW TG Quintero: 257 MW Canela: Canela II: Ojos de Agua: 18 MW 60 MW 9MW 1% NCRE 87 MW Million US$ Change Revenues 2,624 2,391 (9%) EBITDA 1, (41%) EBITDA Margin 38.8% 25.2% (35%) Physical Sales (GWh) 22,070 21,277 (4%) 11
12 Colombia Installed Capacity: 2,914 MW Market Share: 20% Total Generation: 13,294 GWh EMGESA Guavio: 1,213 MW Betania: 541 MW Río Bogotá: 716 MW 85% Hydro 2,470 MW Cartagena Cartagena: 208 MW Termozipa: 236 MW 15% Thermal 444 MW Bogotá Million US$ Change Revenues 1,025 1,192 16% EBITDA % EBITDA Margin 58.3% 64.8% 11% Physical Sales (GWh) 15,112 16,304 8% 12
13 Brazil Installed Capacity: 987 MW Market Share: 1% Total Generation: 5,177 GWh CACHOEIRA Cachoeira: 665 MW Hydro 665 MW Fortaleza Million US$ Change Revenues % EBITDA % EBITDA Margin 74.0% 71.9% (3%) Cachoeira Rio de Janeiro Physical Sales (GWh) 3,986 4,344 9% 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 (16%) EBITDA Margin 44.3% 34.8% (21%) Million US$ Change Revenues % EBITDA (40%) EBITDA Margin 141.6% 70.3% (50%) Physical Sales (GWh) 2,842 2,947 4% 1 Includes CIEN, CTM and TESA 13
14 Expected Evolution for Endesa Chile Installed Capacity Percentage increase over installed capacity, year 2011 ( MW) 18% % % , Under Construction On Basic Engineering Year 2011 Bocamina II Quimbo Salaco Renaico Los Condores Curibamba Punta Alcalde Neltume 14
15 Conclusions 1.- Severe drought affecting Chile 2.- Diversified portfolio 3.- Non-recurrent accounting effects 4.- Situation with BG 15
16 EXHIBITS 16
17 New Plant Start-Up Increasing Capacity Endesa Chile consolidated results YE 2012 Bocamina II Thermal, coal fired power plant Located in Coronel, Bío-Bío region 350 MW of installed capacity Estimated load factor: 65% Capex: US$ 841 MM Investment On October 29 th, 2012, Bocamina II started its commercial operations with the formal approval from the authority. Approx 510 GWh 1 generated during year IEstimated generation including tests. 17
18 Projects Under Construction El Quimbo Hydro power plant. Located in Huila Department Utilizes stream coming from Magdalena river 400 MW of installed capacity Estimated load factor: 60% River detour in March 2012 Capex: US$ 837 MM Investment Estimated start-up: December
19 Projects Under Construction Endesa Chile consolidated results YE 2012 Salaco Chain (optimization) Repowering the minor plants to reach a 260 MW power. Located in the Bogota River system. Optimization works started on January MW will be added to the current capacity. Estimated start-up: 4 th quarter 2013 (first unit). 19
20 Projects Under Study Neltume Hydro power plant, run of the river Located in Panguipulli, in Los Ríos region (SIC). 490 MW of installed capacity. Los Cóndores Hydro power plant Located in San Clemente, in Maule region 150 MW of installed capacity EIS approved. 20
21 Projects Under Study Punta Alcalde Thermal, Coal-steam power plant Located in Huasco, in Atacama region (SIC) 740 MW of installed capacity EIS approved by the Ministers Committee on Dec 03 th 2012 Curibamba Hydro power plant Located in Junín Department, utilizes streams coming from Comas and Uchubamba rivers 188 MW of installed capacity EIS approved. 21
22 Projects Under Study Renaico Wind farm Located in Araucanía region (SIC) 88 MW of installed capacity EID approved for the generation plants. 22
23 Projects Under Study Hidroaysén Hydro power plant 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 Energy / Flooded Surface GWh / year-km
24 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. 24
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