Endesa Chile 2013 Results Endesa Chile 2013 consolidated results - - PowerPoint PPT Presentation

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Endesa Chile 2013 Results Endesa Chile 2013 consolidated results - - PowerPoint PPT Presentation

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10| 02 | 14 Endesa Chile 2013 Results Endesa Chile 2013 consolidated results Highlights for 2013 51% growth in Net Income attributable to Endesa Chiles shareholders. 37% decrease in procurement and service costs, mainly in Chile. 19%

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SLIDE 1

Endesa Chile 2013 Results

10| 02 | 14

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SLIDE 2

Endesa Chile 2013 consolidated results

2

Highlights for 2013

37% decrease in procurement and service costs, mainly in Chile. 51% growth in Net Income attributable to Endesa Chile’s shareholders. 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.

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SLIDE 3

Endesa Chile 2013 consolidated results

3

Financial Highlights1

1 Under IFRS, Endesa Chile has adopted the Chilean Peso as functional currency, comparisons between periods have been only made under Ch$. 2 Reference average exchange rate was 495.18 Ch$/US$ for 2013 and the closing rate was 524.61 Ch$/US$ as of December 31, 2013

Ch$ million2 2013 2012 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

978,993 808,101 21% 1,977

EBIT

782,839 612,416 28% 1,581

Net Financial Expenses

(137,130) (146,995) (7%) (277)

Related Company Results

119,347 135,013 (12%) 241

Taxes

(204,907) (182,833) 12% (414)

Net Income

563,506 419,023 34% 1,138 Attributable to shareholders of Endesa Chile 353,927 234,335 51% 715

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SLIDE 4

Endesa Chile 2013 consolidated results

Chile 41% Colombia 21% Peru 11% Argentina 27% Chile 38% Colombia 25% Peru 16% Argentina 21% Chile 37% Colombia 41% Peru 16% Argentina 6%

4

EBITDA by Country

Total Installed Capacity 1: 13,688 MW 2013 EBITDA : US$ 1,977 million Total Generation1: 51,417 GWh

Endesa Brasil

  • Endesa Chile’s ownership: 40% (38.9%

direct).

  • Net Attributable Income2: US$ 191 million.

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.

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SLIDE 5

Endesa Chile 2013 consolidated results

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Balanced Commercial Policy

Regulated Spot Unregulated

2012 Physical Sales

Chile Colombia Peru

Regulated Spot Unregulated

Argentina

2013 Physical Sales

Chile Colombia Peru Argentina 73% 20% 7% 52% 20% 28% 51% 38% 11% 14% 86% 67% 29% 4% 53% 19% 28% 65% 30% 5% 18% 82%

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SLIDE 6

Endesa Chile 2013 consolidated results

70 345 29 98 133 1,995 797 55 65 74 49 126

500 1,000 1,500 2,000 2,500 < 1 year 1-2 years 2-3 years 3-4 years 4-5 years 5 years and beyond Bonds Banks and Other

  • Cash:

US$ 617 million

  • Commited Credit Lines:

US$ 493 million

  • Non-Commited Credit Lines:

US$ 353 million

  • Average life of debt:

7 years

US$ million

6

Financial Debt Maturity1

Healthy Debt Profile

Debt by Type Debt by Currency Debt by Country (MM US$)

1 Includes obligations with related companies and other financial adjustments.

1 1 1

Total Debt: US$ 3,836 million

Chile, 1,675 Argentina, 222 Colombia, 1,656 Peru, 283 Other Local Currency, 46% US$, 42% UF + CLP, 12% Others, 16% Bank Debt, 14% Bonds, 70%

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SLIDE 7

Endesa Chile 2013 consolidated results

Ch$ million 2013 2012 Variation Change MM US$1 2013 Gross Debt

1,894,496 1,932,107 (37,611) (2%) 3,611

Cash

323,807 235,678 88,130 37% 617

Net Debt

1,570,689 1,696,429 (125,740) (7%) 2,994

Leverage2 (x)

0.88 0.88

  • Financial Coverage3 (x)

6.30 5.00 1.30 26%

  • 7

Strong Financial Position

  • Feb. 2010
  • Jan. 2010
  • Apr. 2011

BBB+ Baa2 BBB+ Since: Affirmed:

  • Aug. 2013
  • Aug. 2013

Credit Risk Ratings

  • Sept. 2013

1 Amounts translated into US$ at closing exchange rate as of December 31, 2013 (Ch$ 524.61 per US$). 2 Total debt / (equity + minority interest). 3 EBITDA / (Financial expenses + Income (Loss) for indexed assets and liabilities + Foreign currency exchange differences, net).

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SLIDE 8

Endesa Chile 2013 consolidated results

1,714 (300) (538) (381) 494 (244) 1,977 (277) (590) (414) 697 (61) EBITDA Net Financial Income Payments for Additions of Fixed Assets Income Tax Free Cash Flow Dividends 2012 2013

8

Free Cash Flow (US$ million)1

1Amounts 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$ 524.61 per

US$). * For year 2012, jointly controlled companies are included.

2

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SLIDE 9

Endesa Chile 2013 consolidated results

9

Argentina

Costanera: 2,324 MW El Chocón: 1,328 MW

Hydro 1,328 MW

Installed Capacity: 3,652 MW Market Share*: 12% Total Generation: 10,840 GWh

EL CHOCÓN COSTANERA

Thermal 2,324 MW

El Chocón Costanera

  • 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

Million US$

2013 2012 Change Revenues 192 596 (68%) EBITDA 80 (4)

  • EBITDA Margin

42% (1%)

  • Total electricity sales

8,962 8,655 4%

Million US$

2013 2012 Change Revenues 74 99 (25%) EBITDA 33 55 (40%) EBITDA Margin 45% 56% (20%) Total electricity sales 3,392 3,197 6%

2

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Endesa Chile 2013 consolidated results

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Ventanilla: 485 MW Santa Rosa: 304 MW

51% Thermal 789 MW

Cuenca Río Rímac: 556 MW Yanango: 43 MW Chimay: 151 MW

49% Hydro 750 MW

Installed Capacity: 1,540 MW Market Share*: 20% Total Generation: 8,391 GWh

EDEGEL

Peru

* Based on installed capacity

Hydro units Thermal units

Lima

Million US$

2013 2012 Change Revenues 573 570 1% EBITDA 318 282 13% EBITDA Margin 55% 50% 12% Total electricity sales 8,903 9,587 (7%)

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Endesa Chile 2013 consolidated results

11 Installed Capacity1: 5,571 MW Market Share*: 30% Total Generation1: 19,438 GWh

ENDESA CHILE

  • D. Almagro–Taltal

Bocamina Laja Maule Bio Bio Tarapaca Huasco San Isidro Los Molles Cachapoal

Santiago

Los Molles: 18 MW Rapel-Sauzal: 466 MW Maule: 875 MW Laja: 940 MW Ralco-Pangue: 1,157 MW

62% Hydro 3,456 MW 36% Thermal 2,028 MW

Tarapaca 182 MW

  • D. Almagro–Taltal:

269 MW Huasco: 64 MW San Isidro 1 and 2: 778 MW Bocamina 1 and 2 478 MW TG Quintero: 257 MW

2% NCRE2 87 MW

Canela: 18 MW Canela II: 60 MW Ojos de Agua: 9MW

Chile

1 Excludes the proportional assets from GasAtacama (390 MW).

2 Non Conventional Renewable Energy.

  • Based on installed capacity

Million US$

2013 2012 Change Revenues 1,965 2,251 (13%) EBITDA 736 539 37% EBITDA Margin 37% 24% 56% Total electricity sales 20,406 20,878 (2%)

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SLIDE 12

Endesa Chile 2013 consolidated results

12

Guavio: 1,213 MW Betania: 541 MW Río Bogotá: 727 MW

85% Hydro 2,481 MW 15% Thermal 444 MW

Cartagena: 208 MW Termozipa: 236 MW

Installed Capacity: 2,925 MW Market Share*: 20% Total Generation: 12,748 GWh

EMGESA Bogotá

Colombia

* Based on installed capacity

Cartagena Termozipa El Guavio Betania Cadena Vieja / Cadena Nueva

Million US$

2013 2012 Change Revenues 1,291 1,172 10% EBITDA 811 760 7% EBITDA Margin 63% 65% (3%) Total electricity sales 16,090 16,304 (1%)

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SLIDE 13

Endesa Chile 2013 consolidated results

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Fortaleza: 322 MW

Thermal 322 MW

Cachoeira: 665 MW

Hydro 665 MW

Installed Capacity: 987 MW Market Share*: 1% Total Generation: 4,992 GWh

CACHOEIRA FORTALEZA

Rio de Janeiro

Two 500 Km lines Total interconnection capacity: 2,100 MW

CIEN1: Transmission Brazil-Argentina Interconnection

Brazil

1Includes CIEN, CTM and TESA

* Based on installed capacity

Fortaleza Cachoeira CIEN Million US$

2013 2012 Change Revenues 237 313 (24%) EBITDA 178 225 (21%) EBITDA Margin 75% 72% 5% Total electricity sales 3,564 4,344 (18%)

Million US$

2013 2012 Change Revenues 341 281 21% EBITDA 111 98 14% EBITDA Margin 33% 35% (6%) Total electricity sales 3,262 2,947 11%

Million US$

2013 2012 Change Revenues 137 146 (7%) EBITDA 93 103 (10%) EBITDA Margin 68% 70% (3%)

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Endesa Chile 2013 consolidated results

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 2012.

14

Projects Under Construction

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Endesa Chile 2013 consolidated results

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Projects Under Construction

Salaco Chain (optimization)

  • Repowering the minor plants to reach 221

MW capacity.

  • Located in the Bogotá River system.
  • Optimization works started in January

2013.

  • 145 MW will be added to the capacity.
  • On November 6th, 2013 started the

commissioning of the “Dario Valencia” unit 2, with 50MW of installed capacity.

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Endesa Chile 2013 consolidated results

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16% increase over 2013 installed capacity

Expected Evolution for Endesa Chile´s Installed Capacity

13,688 145 400 490 740 188 150 120 2013 Under Construction On Basic Engineering

4%

El Quimbo, Colombia Salaco, Colombia Neltume, Chile Pta Alcalde, Chile Curibamba, Peru Taltal, Chile Los Condores, Chile

+16%

12%

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Endesa Chile 2013 consolidated results

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1.- Improved results for 2013

Final Remarks

5.- Situation with Punta Alcalde 3.- Electricity Bids in Chile 4.- Situation with Bocamina I and II 2.- Severe drought affecting Chile 6.- Situation with Los Condores 7.- Diversified Portfolio

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Endesa Chile 2013 consolidated results

18 Contact us at: ir@endesa.cl Susana Rey Investor Relations Director (56-2) 2630 9606 susana.rey@endesa.cl Catalina Gonzalez Head of Investor Relations (56-2) 2630 9603 cbgs@endesa.cl Guillermo Berguecio Investor Relations Executive (56-2) 2630 9506 gabb@endesa.cl

Endesa Chile’s Investor Relations Team

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Endesa Chile 2013 consolidated results

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EXHIBITS

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Endesa Chile 2013 consolidated results

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Installed Capacity and Energy Generation

Installed Capacity (MW) Net Generation (GWh)

1 Compared with 2012

MW CHILE COLOMBIA PERU ARGENTINA TOTAL Total 5,571 2,925 1,540 3,652 13,688 HYDRO 3,456 2,482 750 1,328 8,016 NUCLEAR COAL 660 236 896 OIL-GAS 1,368 208 790 2,324 4,690 CHP / RENEWABLES 87 87 Gwh / Change2 CHILE COLOMBIA PERU ARGENTINA TOTAL TOTAL 19,438 1.3% 12,748 (3.8%) 8,391 (2.1%) 10,840 (3.3%) 51,417 (1.5%) HYDRO 9,851 (8.8%) 11,784 (6.8%) 4,474 1.0% 2,317 (17.3%) 28,426 (7.3%) NUCLEAR

  • COAL

3,601 59.7% 873 119.1%

  • 4,474

68.6% OIL-GAS 5,804 (2.2%) 91 (55.2%) 3,917 (5.4%) 8,523 1.4% 18,334 (1.9%) CHP / RENEWABLES 183 (10.3%)

  • 183

(10.3%)

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Endesa Chile 2013 consolidated results

21 Financial Debt Maturity1

Balanced Debt Maturity in each country

US$ million 2014 2015 2016 2017 2018 Balance TOTAL Chile

540 219 15 12 12 877 1,675

Argentina

197 16 9

  • 222

Peru

56 36 60 50 35 46 283

Colombia

74 130 11 109 134 1,199 1,656

TOTAL

867 401 94 171 182 2,122 3,836

1 Includes obligations with related companies and other financial adjustments.

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Endesa Chile 2013 consolidated results

22

Projects Under Study

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%
  • EIS1 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.
  • EIS1 approved.

1 Environmental Impact Study.

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SLIDE 23

Endesa Chile 2013 consolidated results

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Projects Under Study

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 EIS1, in line with the ruling of the Ministers Committee on Dec 3, 2012. 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.

  • EIS2

submitted for approval in Dec 2013

1 Environmental Impact Study. 2 Environmental Impact Statement.

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SLIDE 24

Endesa Chile 2013 consolidated results

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Projects Under Study

Neltume

  • Hydro power plant, run of the river.
  • Located in Panguipulli, in Los Ríos

Region (SIC).

  • 490 MW of installed capacity.
  • EIS1 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%.
  • EIS1 approved the generation

plants (5).

1 Environmental Impact Study.

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Endesa Chile 2013 consolidated results

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“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”.