Endesa Chile Roadshow 2006
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- George Patrick
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1 Endesa Chile Roadshow
2 Index Introduction Where We Stand Financial Profile Operating & Financial Results Conclusions 2
3 Endesa Chile Strengths & Opportunities Highly Efficient Generation Assets Increasing Demand in the Region Positive Regulatory Changes Among the main Power Producers in Latin America Solid Operational Performance Stable Cash Flow Investment Opportunities Know How 3
4 Capacity Mix by Country COLOMBIA 2,657 MW 20% Installed Cap. 11 Plants TOTAL 11,726 MW 46 Plants PERU 969 MW 22% Installed Cap. 8 Plants (33.6%) Equity Affiliate Endesa Brasil Gx: 977 MW Dx: 4.7 mm Clients Tx: 2,000 MW CHILE 4,477 MW 37% Installed Cap. 22 Plants ARGENTINA 3,624 MW 16% Installed Cap. 5 Plants Figures as of the 31 st of December,
5 Regional Energy Supply ENERGY DEMAND INDEX CHILE PERU COLOMBIA BRAZIL ARGENTINA E 2009E Base 1993 = 100% Increasing demand in all 5 countries in which we are present Lack of investments necessary to face the increase in demand Regional scenario of pressures for rise of energy prices 5
6 Important Regulatory Changes New Model for Electricity Sector Short Laws I & II Agreement with Government: Construction of 1,600 MW 6
7 1Q EBITDA Country Distribution Total EBITDA Ownership Adjusted EBITDA Colombia 25% Colombia 11% Chile 52% Peru 13% Chile 75% Peru 7% Argentina 10% Argentina 7% US$ 305 million US$ 212 million Figures presented in Chilean GAAP as of March 31 st,
8 Operational Efficiencies Para meter EOC Benchmark 10,000 8,000 Hydro US$0/MWh 7,897 MW 67% Availability 93,45% 93.45% 89.27% 89,27% 6,000 4,000 2,000 0 Hydro Thermo (efficient) <US$20/MWh 3,156 MW 27% Thermo (efficient) Thermo (peakers) >US$20/MWh 673 MW 6% Thermo peakers 05 99,29% 99.29% NERC 04 Para meter EOC Benchmark Reliability 99,15% 99.15% 05 NERC 04 2/3 EOC plants most efficient in their markets NERC: North American Electric Reliability Council Figures as of December 31 st,
9 Index Introduction Where We Stand Financial Profile Operating & Financial Results Conclusions 8
10 Argentina FONINVEMEM Necessary Investments Authority s response to high energy demand in the country Financed by MEM account receivables Adhesion of 89% of the generators 2 New Combined Cycles totalizing 1,600 MW 7% projected property of plants without direct contributions by EOC Commitment to recovery of market prices by
11 Argentina Improving Economic Signals for Generators Attempting to Prevent a Crisis High increase in demand: 7.3% during the first quarter of 2006 Temporary rescission of Endesa Costanera s export contracts Redirection of Endesa Costanera s capacity into the local market Expansion in capacity of natural gas transportation infrastructure 30% YoY increase in electricity spot prices due to recognition of higher natural gas prices 10
12 Brazil New Brazilian Electricity Sector Model Seeking to Guarantees the expansion of the system Distributors obliged to contract 100% of their expected demand Distinction between start-up year of the generators: Existing energy prior to 2000 New energy after 2000 Government responsible for planning generation activities Future supply to regulated markets via competitive auctions: Existing energy (5 to 15 years) New energy (15 to 30 years) 11
13 Restructuring of Assets : Endesa Brasil Contributions to the Endesa Brasil Holding Increasing our Growth Opportunities 28.5% 22.1% 9.0% 33.6% Endesa Brasil 100% 100% 99.6% 91.9% 58.9% 12
14 Colombia Stable Market Asset & Commercial Policy Optimization Termocartagena, power plant improves our generation mix High increase in demand: 4.3% during the first quarter of 2006 Acquisition of Termocartagena through bidding process Future merger between our Colombian subsidiaries, improving return on equity 13
15 Termocartagena Power Plant, Colombia Natural Gas based plant Installed Capacity: 203 MW Investment: US$ 17 millions Growing Caribbean Coast Market Improves Capacity Mix for our Colombian Operations Date of Acquisition: 2 nd of March,
16 Peru Edegel-Etevensa Merger Improving Generation Mix High increase in demand: 8.2% during the first quarter of 2006 Camisea Natural Gas: future base of generation in local electricity system Conversion of diesel base generation power plants to natural gas generation power plants Merger between Edegel & Etevensa (EOC holds 33.2% of new Edegel) 15
17 Etevensa, Ventanilla Power Plant, Peru Installed Capacity: 492 MW Ventanilla is the largest Combined Cycle in Peru Optimal hydrological exposure of Merged Company New Installed Capacity Mix: 51% Hydro 49% Thermal New Market Share: 33% Merger Completion Date: 1 st of June,
18 Chile Short Law I Regulator s s First Modification Reduces the transmission costs for generators, transferring portion to final customers Promotes investment in transmission lines, guaranteeing expansion Endesa Chile s responsible answer: New Investments Reduces the consumption limit of unregulated consumers, increasing potential customer base 17
19 Chile Short Law II Required Regulatory Adjustment Allows to bind investment projects to fixed and known prices Regulated tariffs are consistent with generation costs Distributors non-contracted spot market purchases delivered at spot market prices Endesa Chile s responsible answer: New Investments Eliminates the uncertainty produced by prices with distribution companies 18
20 Chile Current Reality Uncertain Energy Supply Under CNE s projected demand (6.9%) scenario for the SIC s Installed Capacity would: Double in 10 years Triple in 20 years High increase in demand: 6.6% during the first quarter of 2006 Country which doesn t count with natural fuel resources Restrictions and uncertainty of natural gas supply High international crude oil prices 19
21 Liquefied Natural Gas in Chile Project Chilean government initiative, lead by ENAP LNG Reliable source of generation Responsible from an environmental perspective Price in line with other commodity prices LNG supplied by British Gas Endesa Chile will participate in the re-gasification terminal Expected LNG Arrival: End
22 San Isidro Plant Expansion Project, Chile Installed Capacity: 377 MW Investment: US$ 200 millions Turbine Manufacturer: Mitsubishi First LNG Power Plant in Chile DUAL Technology for Operations (LNG and Fuel Oil) Expected Time of Completion: Open Cycle: March 2007 Combined Cycle: February
23 Palmucho, Pass-Through Hydroelectric Plant, Chile Pass-Through Plant Installed Capacity: 32 MW Investment: US$ 32 millions Environmental Permits Approved Expected Time of Completion: 2 2 Semester
24 Upcoming Endesa ECO Projects: First wind farm in the SIC Installed Capacity: 9 MW Investment: 14 MM US$ Expected Time of Completion: 2 2 semester 2007 Mini-hydro Ojos de Agua Maule Region, Chile Bellow lagoon La Invernada Installed Capacity: 9 MW Investment: US$ 15.5 millions Expected Time of Completion:
25 Aysen Project Programmed plants: El Salto, Baker 1, Pascua 2, Pascua 1 and Baker 2 Installed Capacity: 2,355 MW Total Investment: US$ 4,000 million (including transmission line) Expected Time of Completion: 2018 Investment includes a 2,000 kms. Direct Current (HVDC) transmission line from Cochrane to Santiago Agreement with Transelec for research and valuation Expected Time of Completion:
26 Endesa Chile & Colbún Memorandum of Understanding Favorable for Endesa Chile New Entity: 51% Endesa Chile 49% Colbún S.A. Before distributing energy EOC will receive 12.3% of the energy for 30 years Remaining portion distributed according to participation 25
27 Projects Currently Being Studied: Neltume 400 MW Los Cóndores 100 MW Choshuenco 134 MW 26 Steffen & Portón 685 MW
28 Index Introduction Regulatory Changes and Future Perspectives Financial Profile Operating & Financial Results Conclusions 27
29 Consolidated Financial Debt Financial Debt Evolution Financial Debt by Currency US$ Millions US$ 64% UF - Ch$ 17% Local Currencies 19% Mar- 06 US$ Millions 598 Financial Debt Maturity Balance Figures as of the 31 st of March, 2006 and in Historical Dollars 28
30 Financial Ratios US$ Millions Times *Mar-06 0 EBITDA Financial Debt/EBITDA Figures as of the 31 st of March, 2006 and in Historical Dollars 29 Financial Expenses Coverage * March figures calculated on a TTM basis
31 Debt Profile by Country * Chile Total Financial Debt: US$ 2846 million Argentina Total Financial Debt: US$ 227 million Peru Total Financial Debt: US$ 277 million Colombia Total Financial Debt: US$ 575 million After 2016 Considers the exercise of a Yankee Bond Put Option in 2009 worth US$ 220 mm which expires in Figures as of the 31 st of March,
32 Index Introduction Regulatory Changes and Future Perspectives Financial Profile Operating & Financial Results Conclusions 31
33 Consolidated 1Q Operating & Financial Results Revenues Expenses (309.0) Operating Income 1Q 06 1Q 05* Var (288.0) % 7% 24% Unregulated 22% Sales Mix Spot 45% Net Income EBITDA % 18% Regulated 33% Gigawatt Hours 15,000 10,000 5,000 0 Energy Sales* & Average Sale Price* 11,641 11, ,939 12, , Mar-02 Mar-03 Mar-04 Mar-05 Mar (US$/MWh) Thermal 27% Generation Mix Hydro 73% Figures presented in Chilean GAAP & US Historical Dollars 33 * Historical Figures do not include CDSA results
34 Chile s 1Q Operating & Financial Results Revenues Expenses (153.0) Operating Income 1Q 06 1Q 05 Var (140.2) % 9% 92% Spot 19% Sales Mix Regulated 55% Net Income EBITDA (15.6) NMF 44% Unregulated 26% Gigawatt Hours 6,000 4,500 3,000 1,500 0 Energy Sales & Average Sale Price 4,428 4,574 4,315 4, , (US$/MWh) Thermal 20% Generation Mix Hydro 80% Mar-02 Mar-03 Mar-04 Mar-05 Mar-06 Figures presented in Chilean GAAP & US Historical Dollars 34
35 Argentina s 1Q Operating & Financial Results Revenues 78.5 Expenses (64.1) Operating Income Net Income EBITDA 1Q 06 1Q 05 Var (58.7) Q Q (5%) 9% (43%) (74%) (24)% Unregulated 15% Sales Mix Spot 85% Gigawatt Hours 4,000 3,000 2,000 1,000 0 Energy Sales & Average Sale Price 2, , , , , Mar-02 Mar-03 Mar-04 Mar-05 Mar (US$/MWh) Hydro 34% Generation Mix Thermal 66% Figures presented in Chilean GAAP & US Historical Dollars 35
36 Colombia s 1Q Operating & Financial Results Revenues Expenses (64.8) Operating Income 1Q 06 1Q 05 Var (56.3) % 15% 3% Unregulated 20% Sales Mix Spot 47% Net Income EBITDA % 2% Regulated 33% Gigawatt Hours 4,000 3,000 2,000 1,000 0 Revenues Energy Sales* & Average Sale Price* 3,659 3,672 3,201 3, , (US$/MWh) Generation Mix Thermal 3% Hydro 97% Mar-02 Mar-03 Mar-04 Mar-05 Mar-06 Figures presented in Chilean GAAP & US Historical Dollars 36 *Colombia s Energy Sales exclude capacity installments
37 Peru s 1Q Operating & Financial Results Revenues 61.5 Expenses (27.0) Operating Income 1Q 06 1Q 05 Var (21.5) % 26% 2% Unregulated 34% Sales Mix Spot 29% Net Income EBITDA (6%) 4% Regulated 37% Gigawatt Hours Energy Sales & Average Sale Price Revenues 1,500 1, ,094 1,312 1,196 1,263 1, (US$/MWh) Thermal 5% Generation Mix Hydro 95% Mar-02 Mar-03 Mar-04 Mar-05 Mar-06 Figures presented in Chilean GAAP & US Historical Dollars 37
38 Index Introduction Regulatory Changes and Future Perspectives Financial Profile Operating & Financial Results Conclusions 38
39 Rentabilidad a los Accionistas Commercial Policy 120% 100% 80% 60% 40% 20% 0% 28% 35% 16% 29% 56% 36% Spot Un-regulated Regulated Key strategic instrument for adding value to our portfolio Allows for optimizing of Commercial Portfolio Reduction in risks associated with over Exposing Capacity 39
40 Dividends Evolution of Dividend Distribution (US$/ADR) Positive expectations and tendencies Figures presented in Chilean GAAP & US Historical Dollars 40
41 Environment and Sustainability Adhesion to the United Nation s Global Compact Dow Jones Sustainability Index (DJSI) 71% in the evaluation, comparable to the industries top rated utilities 41
42 Environment and Corporate Social Responsibility 39% Installed Capacity ISO Certified 63% 86% 98% Installed Capacity OHSAS Certified 95% 28% 0% 3% Figures as of December 31 st,
43 Endesa Chile Value Drivers Increasing the Return for our Investors Increasing efficiency and capacity Improving operating performance Continuous efforts over issues concerning: Sustainability Corporate Governance Portfolio Consisting of investments in 5 Countries, but anchored in Chile Optimization of asset portfolio 43
44 Endesa Chile s Investor Relations Team Jaime Montero Investor Relations Director Endesa Chile (56-2) jfmv@endesa.cl Tomás González Investor Relations Executive (56-2) tgonzalez@endesa.cl Irene Aguiló Investor Relations Executive (56-2) iaguilo@endesa.cl Peter Chamberlain Investor Relations Executive (56-2) ptcm@endesa.cl Jacqueline Michael Investor Relations Executive (56-2) jmc@endesa.cl Contact us at: ir@endesa.cl This presentation may contain statements that constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of These statements may appear in a number of places in this announcement and include statements regarding the intent, belief or current expectations of Endesa Chile and management with respect to, among other issues: (1)Endesa Chile business and costreduction plans; (2) trends affecting Endesa Chile financial condition or results of operations, including market trends in the electricity sector in Chile or elsewhere; (3) supervision and regulation of the electricity sector in Chile or elsewhere; and (4) the future effects of any changes in the laws and regulations applicable to Endesa Chile and its affiliates. Such forward-looking statements are not guarantees of future performance and involve risks and uncertainties. Actual results may differ materially from those in the forward-looking statements as a result of various factors. Readers are cautioned not to place undue reliance on those forward-looking statements, which speak only as of their dates. Endesa Chile undertakes no obligation to release the results of any revisions to these forward-looking statements. 44
45 Endesa Chile Roadshow
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