Endesa Chile IR Presentation As of December 2011
Endesa Chile IR Presentation December 2011 Our company Multinational electricity generation company based in Chile Vast experience, with over 68 years of history Leading position in most of the countries where it operates Efficient and diversified investment portfolio of generation assets Conservative commercial policy leading to revenue and margin stability Part of an important worldwide electricity group (Enel, Endesa S.A, Enersis) Among the most actively traded companies in Chilean stock markets 2
Endesa Chile IR Presentation December 2011 Ownership Structure 4% 17% 92% 4% 61% 60% 15% 60% ENERSIS Chilean Pension Funds ADR Holders Other Inst Shareholders Minority Shareholders • PEHUENCHE, 93% • ENDESA BRASIL, 39% • PANGUE, 95% AMPLA • COSTANERA, 70% • COELCE • EDEGEL, 62% CELTA, 100% • EMGESA, 27% • EL CHOCON, 65% FORTALEZA • SAN ISIDRO, 100% CDSA • ENDESA ECO, 100% CIEN • CANELA, 75% 3
Endesa Chile IR Presentation December 2011 A unique portfolio in LATAM’s Generation business Colombia No. 2 Brazil 2,914 MW inst. capacity 987 MW inst. capacity 20% market share 1% market share in generation Peru No. 1 1,668 MW inst. capacity 26% market share Argentina No. 1 Chile No. 1 3,652 MW inst. capacity 12% market share 5,611 MW inst. capacity 32% market share Consolidated installed capacity: 13,845 MW Capacity including Brazil: 14,832 MW Consolidated energy sales 2010: 56,641 GWh Market shares based on installed capacity Figures as of December 2011 Consolidated energy sales 2011: 58,012 GWh 4
Endesa Chile IR Presentation December 2011 Results from recent years US$ Millions 2009 2010 2011 Change Revenues 4,326 4,773 4,972 4% Gross margin 2,580 2,438 2,455 1% EBITDA 2,248 2,098 2,014 (4%) EBIT 1,819 1,746 1,629 (7%) Net finance (305) (235) (251) 7% expenses Net income 1,381 1,342 1,202 (10%) Net attibutable 1,121 1,046 924 (12%) income Amounts are expressed in US$, using the average exchange rate for each period Results 2011: • Higher physical sales in Colombia and Peru • Higher costs primarily as a consequence of the drought in Chile and higher fuel cost in Argentina • One time effect of Colombian equity tax (US$ 83 million) 5
Endesa Chile IR Presentation December 2011 EBITDA Generation Total Generation: 52,766 GWh Total Installed Capacity: 13,845 MW Argentina 21% Argentina 26% Chile Chile 39% 41% Peru Peru 17% 12% EBITDA 2011: Colombia US$ 2,014 millions 21% Colombia 23% Argentina 5% Peru 14% Chile 51% Colombia 30% Affiliate Company: Endesa Brasil Endesa Chile ownership: 39% Net Attributable Income: US$ 238.5 million 6
Endesa Chile IR Presentation December 2011 Endesa Chile IR Presentation December 2011 Conservative Commercial Policy Physical Sales as of December 2010 Argentina Peru Chile Chile Colombia Colombia 7% 19% 12% 26% 30% 56% 63% 64% 81% 24% 18% Regulated Regulated Unregulated Unregulated Spot Spot Physical Sales as of December 2011 Argentina Chile Chile Colombia Colombia Peru 19% 9% 8% 30% 31% 51% 27% 61% 64% 81% 19% Regulated Regulated Unregulated Unregulated Spot Spot 7
Endesa Chile IR Presentation December 2011 Strong Financial Position US$ Millions 2009 2010 2011 Chg. Chg % Gross Debt 4,172 3,775 3,769 (5) (0.1%) Cash 880 712 811 99 13.9% Net Debt 3,291 3,062 2,958 (104) (3.4%) Leverage 1.09 0.94 0.91 (0.03) (3.2%) Financial Expenses Coverage 6.67 8.25 6.52 (1.73) (21.0%) Debt by Country Debt by Type Debt by Currency Argentina, UF-Ch, 8% Others, 8% 11% Peru, 10% Local Bank Debt, Currency, 17% 34% Chile, 53% Colombia, Bonds, 29% US$, 55% 75% Amounts are expressed in US$, using the average exchange rate for each period 8
Endesa Chile IR Presentation December 2011 Free Cash Flow Free Cash Flow by year (2009-2011) 2.248 2.098 2.014 1.012 1.070 779 (235) (251) (305) (308) (353) (435) (499) (549) (564) EBITDA Net Financial Result CAPEX Income Tax FCF 2009 2010 2011 Amounts are expressed in US$, using the average exchange rate for each period 9
Endesa Chile IR Presentation December 2011 Historic electricity demand growth 170% 162% 161% 160% 150% 146% Total Sales in GWh (%) 140% 133% 130% 118% 120% 110% 100% 90% 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 Year CHILE COLOMBIA PERU BRAZIL ARGENTINA 10
Endesa Chile IR Presentation December 2011 Direct relation between GDP and electricity demand 18.000 16.000 CANADA 14.000 Electricity consumption, per cápita (Kwh) UNITED STATES 12.000 AUSTRALIA 10.000 8.000 JAPAN AUSTRIA FRANCE SPAIN GERMANY 6.000 UNITED KINGDOM ITALY 4.000 CHILE ARGENTINA 2.000 MEXICO PERU COLOMBIA INDIA - - 5.000 10.000 15.000 20.000 25.000 30.000 35.000 40.000 45.000 Income per person (Fixed PPP $) Data Source: World Energy Outlook 2010, IEA 11
Endesa Chile IR Presentation December 2011 Competitive tariffs Final tariff to customers as of December 2010 US$/ MWh Taxes not included 1 7 9 179 1 7 1 171 1 6 7 167 1 6 6 166 1 5 8 158 25 2 5 1 4 8 148 1 3 1 26 2 6 131 52 5 2 30 3 0 76 7 6 70 7 0 47 4 7 9 8 98 154 1 5 4 36 3 6 115 1 1 5 132 1 3 2 118 1 1 8 96 9 6 3 8 38 95 9 5 84 8 4 17 1 7 62 6 2 21 2 1 Latam Average , , Distribution (average VAD) Generation, Transmission & others 12
Endesa Chile IR Presentation December 2011 Projects Under Construction BOCAMINA II Location: Next to the existing coal-fired plant Bocamina I in Bío-Bío Region Installed capacity: 370 MW, coal fired Estimated Investment: US$ 841 millions * Estimated start-up: June, 2012 EL QUIMBO Río Magdalena Río Magdalena Vertedero Vertedero Location: Huila Department, upstream Casa de Casa de of Emgesa’s Betania plant máquinas máquinas 400 MW 400 MW Installed capacity: 400 MW, hydro Conducción Conducción Dique Dique Estimated investment: US$ 837 millions * Presa Presa Bocatoma Bocatoma In 2009 the environmental license and h = 151 m h = 151 m Túnel de Túnel de building permissions were granted desviación desviación Estimated start-up: December 2014 Embalse Embalse 720 msnm 720 msnm 13 * US$ 1 equals Ch$ 483.57 corresponding to the average exchange rate for the period
Endesa Chile IR Presentation December 2011 Portfolio Projects in Chile Los Cóndores, hydro power plant 150 MW Neltume, hydro Run-of-the-river plant 490 MW Piruquina, mini-hydro run- of-the-river plant 7.6 MW Punta Alcalde, coal-steam power plant 740 MW Hydroaysen, hydro power plant 2,750 MW Hydro Thermal N.C.E.S. 14
Endesa Chile IR Presentation December 2011 Portfolio Projects in Peru & Colombia Peru Colombia Curibamba, hydro power Hydro plant Thermal 188 MW N.C.E.S. 15
Endesa Chile IR Presentation December 2011 HidroAysén Installed capacity: 2,750 MW. One of the most efficient hydroelectric projects in the world. Endesa Chile’s owns 51% and Colbún 49%. Renewable resources CO 2 emissions: Reduction of 16.2 million tons/year Average load factor 77% May 9, 2011: EIA was approved. Energy / Flooded Surface June 2011: Puerto Montt Court of Appeals issued 350 312 300 an injunction, leaving the resolution in state of GWh / year-km 2 250 abeyance. 200 144 134 150 October 2011: The Court ruled in favor of 81 81 100 75 69 65 HidroAysén, rejecting all seven protection 54 54 53 45 41 29 50 23 requirements presented on June. 12 12 7 0 The Commission is preparing the Environmental Impact Study of the Aysén Transmission System, expected to be filed by the first half 2012. 16
Endesa Chile IR Presentation December 2011 Seasonal Streaming from Hidroaysen and SIC rivers 1,400 1,400 1,200 1,200 1,000 1,000 Water Flow [ m³/s] 800 800 600 600 400 400 200 200 - - Apr-10 may jun jul ago sep oct nov dec Jan-11 feb mar Timeline MAIPO RIVER IN CABIMBAO BIOBIO RIVER IN RUCALHUE MAULE IN ARMERILLO (R.N.) CENTRAL BAKER 2 CENTRAL PASCUA 2.2 Seasonal Variability Annual Variability SIC : 23% SIC : 21% SIC + Hidroaysen : 9% SIC + Hidroaysen : 12% 17
Endesa Chile IR Presentation December 2011 Hidroaysen Technical information Power Plants Zone HVDC Land Line HVDC Submarine Line 1.112 km 160 km 640 km 18
Endesa Chile IR Presentation December 2011 Market Value and Dividends EBITDA Operating Income (US$ Millions) (US$ Millions) 2.248 2.098 1.819 2.031 2.014 1.746 1.674 1.629 1.671 1.503 1.189 1.022 2006 2007 2008 2009 2010 2011 2006 2007 2008 2009 2010 2011 Dividends Market Value (Ch$xShare) (US$ Millions) 32.5 26.8 14.093 12.993 12.663 21.3 11.524 5.1* 10.112 9.901 13.8 13.4 2006 2007 2008 2009 2010 2011 2006 2007 2008 2009 2010 2011 Intern Definitive Amounts are expressed in US$, using the average exchange rate for each period *Year 2011, includes only the intern dividend paid on January 2012 19
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