C OMPANY P RESENTATION BTG Pactual & Celfin Southern Cone / Andean Conference Santiago, June 5 th -6 th 2013
Colbún at a glance SING Arica Who are we? ~4,000 MW ~17 TWh We are a Chilean company, leader in the generation of reliable, competitive and sustainable energy. Antofagasta Tal-Tal SIC What is our corporate strategy? ~13,000 MW ~49 TWh We seek to generate long-term value by developing projects and managing power infrastructure , integrating with excellence the economical, technical, environmental and social dimensions. Santiago We commit our power through long-term power purchase agreements with distribution, industrial and mining companies. Some relevant figures → Presence only in the Central Grid (SIC) of Chile. Market Share (% capacity) – SIC Castro Chaitén → Almost 3,000 MW of installed power capacity. SEA → US$ 5.4 billion market cap (03.31.13). Colbún Others → Revenues of US$ 1.4 billion in 2012. 20% 24% Cochrane → EBITDA of US$ 284 million in 2012. AES EBITDA of US$ 346 million LTM March 2013 Endesa Gener 39% 17% SAM Pto. Natales Source: Colbún – December 2012 Pto. Williams 2 Source: CNE
A brief history of the Chilean power sector and Colbún … → Strong power development based on private investment (+) Back-up capacity (diesel) → Capacity growth = hydro + competitive natural gas (+) LNG re-gasification terminal since 2009 → Power purchase agreements signed under fixed prices (+) Coal-fired capacity (Set by regulator for distribution clients) New law: PPA tenders with price indexation *Argentinean Gas Shock 50 *Commodities Super-Cycle *Drought (07’) 45 Annual Power Generation – SIC 40 35 30 TWh 25 20 15 3 year severe drought 10 (10’ - 12’) New PPA Law 5 0 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 ~4,000 MW ~6,000 MW Others Diesel-Fuel LNG Gas Coal /Petcoke Hydro installed hydro installed hydro 3 Source: “ Generación Bruta en el SIC”, CNE/Colbún, 2012.
…currently with 22 operating power plants and one under construction NEHUENCO COMPLEX: 874 MW ACONCAGUA BASIN: 213 MW Depending on GAS/DIESEL Chacabuquito (29 MW)* Blanco ( 60 MW) natural gas Nehuenco I (368 MW) availability, Los Quilos ( 39 MW)* Juncal (29 MW) * Nehuenco II (398 MW) up to ~5,000 Nehuenco III (108 MW) Hornitos (55 MW) Juncalito (1 MW)* GWh/year CARENA POWER PLANT: 9 MW CANDELARIA POWER PLANT: 270 MW Carena (9 MW)* GAS/DIESEL Average-to-dry Candelaria hydrological Unit I (133 MW) MAULE BASIN: 630 MW Unit II (137 MW) conditions: Colbún (474 MW) Machicura (95 MW) ~6,500 SANTA MARIA I POWER PLANT: 342 MW San Ignacio (37 MW)* Chiburgo (19 MW)* GWh/year COAL ~2,500 San Clemente (5 MW)* Santa María I (342 MW) GWh/year LAJA BASIN: 249 MW LOS PINOS POWER PLANT: 100 MW Rucúe (178 MW) Quilleco (71 MW) DIESEL Los Pinos (100 MW) CHAPO LAKE: 172 MW Canutillar (172 MW) ANTILHUE POWER PLANT: 103 MW DIESEL Antilhue BIOBÍO BASIN: ~1,500 Unit I : 51 MW Angostura (316 MW) GWh/year Unit II : 52 MW 7 thermal power plants (1.689 MW) 15 hydro power plants (1.273 MW) Combined Cycle Run of the River (*NCRE mini-hydro) Open Cycle Reservoir 4 Coal-fired
A solid and reliable controlling group with a strategic and long term vision C ONTROL Ownership Structure Matte Group (49%): leading economic group in Chile, with stakes in various sectors (forestry, Angelini financial, telecommunications, among others). Group 10% L ARGE S TAKEHOLDER Pension Angelini Group (10%): another leading Chilean Matte Funds economic group. 19% Group F LOAT 49% Others 41% free float, with relevant local institutional 22% investor presence. G OVERNANCE 4 out of 9 are independent directors. A CCOUNTING S TANDARDS Source: Colbún, December 2012 Disclosure under IFRS standards Functional currency: US dollar 5
The key driver in our results is our commercial policy… C OMMERCIAL G OALS Supply secure and competitive energy to our customers Maximize returns from our current and future assets Manage volatility given relevant hydro component 2. Incorporate indexation 1. Define optimal formulas in sale prices, 3. Business, operational contract level which reflect our and financial management cost structure Hydro capacity Output of a average-dry year: CPI Natural Risk-sharing Today: ~6.5 TWh/year gas supply for mechanisms in 2014 and on: ~8 TWh/year certain power and Efficient thermal capacity periods supply contracts Fossil Fuels prices Output of a coal-fired plant: ~2.5 TWh/year Financial Flexible prices for transitional hedges periods 6
…so as to minimize exposure to exogenous variables Electricity Prices SIC Energy Node Price Energy Average Market Price* Energy Spot Price Alto Jahuel 350 150 WTI (CL1 Comdty) 3 year severe drought *Argentinean Gas Shock *Commodities Super-Cycle (10’ - 12’) 300 100 *Drought (07’) New coal 50 250 capacity 0 USD/MWh 200 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 150 100 50 0 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 Source: “ Costos reales marginales mensuales Alto Jahuel ”, CDEC/ Colbún; “ Historia precios nudos ”, CNE; “ Informes Mensuales Systep ”, www.systep.cl Note (*): The market Price is calculated by the Regulator upon information provided by all generation companies. This average price does not include the capacity charge component. 7
Our income statement shows our growth and recent transitional period… Income Statement (MMUSD) March 2013 2006 2007 2008 2009 2010 2011 2012 LTM Revenues from operating activities 753 1,160 1,346 1,159 1,024 1,333 1,409 1,415 Costs of materials, consumables and others (307) (1,141) (1,110) (822) (694) (1,128) (1,124) (1,069) EBITDA 446 19 236 337 331 205 284 346 Depreciation and amortization (107) (118) (117) (122) (124) (125) (136) (145) Non-operational result and taxes (63) 9 (51) 24 (91) (75) (99) (136) Net Income 276 (90) 68 239 116 5 49 64 Operational Figures (GWh) March 2013 2006 2007 2008 2009 2010 2011 2012 LTM Generation Hydro 7,674 6,284 6,822 6,580 5,566 5,462 5,233 4,859 Gas 2,976 861 319 172 1,273 2,418 2,242 2,795 Diesel 149 4,216 3,442 2,802 717 1,901 2,240 1,618 Coal - - - - - 96 1,853 2,440 Total Generation 10,799 11,360 10,583 9,554 9,403 9,877 11,568 11,711 Total Commitments 12,345 12,976 9,745 9,638 8,829 10,687 9,834 9,526 8
…we are strengthening our balance sheet … Balance Sheet as of March 2013 (MMUSD) Current Assets Current Liabilities 553 639 Financial liabilities, current Cash and equivalents 238 340 Accounts receivable Accounts payable 177 173 Other current liabilities Recoverable taxes 119 36 Other current assets 110 Non-Current Assets 5,363 Non-Current Liabilities 1,908 Property, Plant and Equipment 4,933 Financial liabilities, non-current 1,373 Other non-current assets 430 Differed taxes 502 Other non-current liabilities 33 Shareholders' Equity 3,541 Total Assets Total Liabilities and Shareholders' Equity 6,002 6,002 Key Credit Metrics Cash, Debt & Net Debt (MMUSD) Cash Net debt Total debt 2.000 March 218 238 2006 2007 2008 2009 2010 2011 2012 2013 1.500 296 543 LTM Total debt 484 1.000 18.8 26.0 25.0 27.0 31.1 30.1 32.9 32.6 522 to total capital (%) 76 1.505 1.476 1.198 Net debt 500 1.026 0.4 36.6 2.3 2.3 3.1 5.9 5.3 4.3 336 784 783 to EBITDA (x) 649 EBITDA 212 14.3 0.5 3.9 6.5 6.7 7.4 8.7 80 0 Interest coverage (x) 2006 2007 2008 2009 2010 2011 2012 March 2013 9
…and have a strong liquidity position Amortization Schedule of LT Debt as of March 2013 (MMUSD) Rating Bonds 600 Local Rating Last Update Banks Fitch Ratings A+ Dec-12 500 Humphreys AA- Jul-12 400 300 International 200 Fitch Ratings BBB Dec-12 100 Standard & Poors BBB- Dec-12 (Neg.) 0 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 Liquidity Position as of March 2013 Cash Other sources of liquidity USD 238 million of cash and cash equivalents as of March 2013. Access to additional USD 150 million in credit lines facilities, USD 300 million registered domestic bonds and a registered commercial paper Committed lines program (USD 100 million), which we use from time to time for working Committed back-up facility of UF 8 million (~USD 380 million), unused, capital optimization purposes. signed with local counterparties. Dividend policy 30% (minimum required by Chilean law). 10
Colbún has grown steadily over the past decade… Capacity (MW) Total Operating Revenues (MMUSD) 2,962 USD 1,409 3.500 1.600 MW million 1.400 3.000 1.200 2.500 1.000 2.000 800 1.500 600 USD 129 1.000 400 1,070 CAGR: 8% million CAGR: 20% 500 MW 200 0 0 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Market Cap (MMUSD) 3-year Moving Average EBITDA (MMUSD) USD 4,830 6.000 350 USD 273 million 300 million 5.000 250 4.000 200 3.000 150 2.000 USD 54 100 million CAGR: 13% USD 435 1.000 50 million CAGR: 20% 0 0 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 11
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