Endesa Chile IR presentation As of March 2013
Endesa Chile IR presentation 1Q 2013 Our company Multinational electricity generation company based in Chile. Vast experience, with over 70 years of history. 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, Enersis). Among the most actively traded companies in Chilean stock markets. 2
Endesa Chile IR presentation 1Q 2013 Ownership Structure 92% ENERSIS Chilean Pension Funds 4% 12% Institutional Shareholders 4% 61% 6% ADR Holders 60% 14% Minority Shareholders Other Institutional 60% Shareholders PEHUENCHE, 93% • ENDESA BRASIL, 39% CELTA, 100% AMPLA • COSTANERA, 70% COELCE SAN ISIDRO, 96% • EDEGEL, 62% • EMGESA, 27% • EL CHOCÓN, 65% FORTALEZA ENDESA ECO, 100% CDSA CANELA, 75% CIEN 3
Endesa Chile IR presentation 1Q 2013 A unique portfolio in LATAM’s Generation business COLOMBIA No. 2 BRAZIL 2,914 MW inst. capacity 987 MW inst. capacity Hydro: 2,470 MW Hydro: 665 MW Thermal : 444 MW Thermal : 322 MW 20% market share 1% market share in generation PERU No. 1 1,657 MW inst. capacity Hydro: 746 MW ARGENTINA Thermal : 911 MW 23% market share No. 2 3,652 MW inst. capacity No. 1 CHILE Hydro: 1,328 MW 5,571 MW inst. capacity 1 Thermal: 2.324 MW Hydro: 3.456 MW 12% market share Thermal : 2,028 MW NCRE: 87 MW Consolidated installed capacity: 13,794 MW Capacity including Brazil: 14,781 MW 30% market share Consolidated energy sales 2012: 59,020 GWh Consolidated energy sales 1Q13: 12,738 GWh 4 1 Excludes the proportional assets from GasAtacama (390 MW).
Endesa Chile IR presentation 1Q 2013 Results affected by the drought in Chile 1Q 2012 1Q 2013 1Q 2013 Indicator Change MM US$ 1 MM ch$ MM ch$ Revenues (10%) 541,703 489,433 1,036 Operational Expenses (21%) (308,108) (244,770) (518) Contribution margin 5% 233,595 244,663 518 EBITDA 7% 182,422 195,975 415 EBIT 8% 137,323 147,816 313 Net financial charges 2 (16%) (39,409) (33,134) (70) Earnings before taxes 14% 126,684 144,289 305 Income Tax 73% (20,371) (35,321) 75 Net income 2% 106,313 108,969 231 Minorities 14% 97 40,083 45,635 Net attributable income (4%) 66,230 63,334 134 Net profit margin 19% - 33.7% 40.0% Profit Margin 6% - 12.2% 12.9% E.P.S. (4.9%) 0.5 8.1 7.7 P/E 3 (0.3%) - 108.6 108.2 1 Amounts expressed in US$, using the average exchange rate for the period (Ch$472.38 per US$). 2 Net of “Foreign currency exchange differences” 5 3 Closing share price for each period
Endesa Chile IR presentation 1Q 2013 EBITDA by Country Total Generation 1 (TTM): 53,255 GWh Total Installed Capacity 1 : 13,794 MW Chile Chile Argentina 38% Argentina 40% 21% 27% Peru Peru 16% 12% Colombia Colombia 21% 25% EBITDA 1Q 2013 (TTM): US$ 1,791 million Argentina 3% Chile 35% Peru 17% Endesa Brasil • Endesa Chile’s ownership: 40% (38.9% direct). Colombia • Net Attributable Income 2 (TTM): US$ 233 45% million. 1 Excludes the proportional assets from GasAtacama (390 MW). 2 Considers the total contributions of Endesa Brasil recognized by Endesa Chile as an equity method investment. 6
Endesa Chile IR presentation 1Q 2013 Prudent Commercial Policy Physical Sales as of March 2013 Chile Peru Argentina Colombia 1% 13% 18% 24% 32% 49% 53% 34% 75% 82% 19% Regulated Unregulated Spot Physical Sales as of March 2012 Argentina Chile Peru Colombia 1% 8% 26% 27% 31% 28% 53% 64% 68% 73% 74% 20% Regulated Unregulated Spot 7
Endesa Chile IR presentation 1Q 2013 Strong Financial Position 1Q 2012 1Q 2013 1Q 2013 Indicator Change % Change MM Ch$ MM Ch$ MM US$ Gross Debt 1,861,469 1,897,402 35,933 2% 4,020 Cash 1 260,798 206,417 (149,569) (72%) 437 Net Debt 1,505,482 1,690,985 185,502 11% 3,582 Leverage 0.90 0.89 (0.01) (1%) 0.89 Financial Expenses 3.92 5.15 1.10 21% Coverage 5.15 Debt by Country Debt by Type Debt by Currency (MM US$) UF + CLP Peru Others 11% 319 14% Other Local Currency Bank Debt 40% 14% Chile Colombia 2,005 1,434 US$ Bonds 49% 72% Argentina 262 Amounts expressed in US$, using the close exchange rate for the period (Ch$ 472.03 per US$) 1 Considers “Cash and cash equivalents” and “Other current financial assets”. 8
Endesa Chile IR presentation 1Q 2013 Free Cash Flow (US$ million) 2,098 2,014 1,791 1,714 1,012 779 450 494 (235) (251) (248) (300) (295) (353) (381) (435) (462) (499) (424) (523) (549) (538) (622) EBITDA Net Financial Result CAPEX Income Tax FCF Dividends 2010 2011 2012 1Q 2013 TTM 1 Amounts are expressed in US$, using the average exchange rate for each period. 9
Endesa Chile IR presentation 1Q 2013 Electricity demand Evolution in LATAM Historic electricity demand growth (CAGR, last ten years) 180% 170% 5.5% 5.3% 160% 4.4% Total Sales in GWh (% growth) 150% 140% 3.3% 130% 2.2% 120% 110% 100% 90% Years 80% 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 CHILE COLOMBIA PERU ARGENTINA BRAZIL 10
Endesa Chile IR presentation 1Q 2013 Direct relation between GDP and electricity demand 18000 16000 FINLAND Electricity consumption, per capita (Kwh per year) CANADA 14000 UNITED STATES 12000 AUSTRALIA 10000 8000 JAPAN AUSTRIA FRANCE SPAIN GERMANY IRELAND 6000 UNITED KINGDOM ITALY RUSSIA GREECE 4000 CHILE ARGENTINA CHINA BRAZIL 2000 MEXICO PERU BOLIVIA COLOMBIA 0 INDIA 0 5000 10000 15000 20000 25000 30000 35000 40000 45000 Income per capita (Fixed PPP $) Data source: International Energy Agency (EIA) and The World Bank. Chile aims to be in the group of developed countries. There is no development without energy. 11
Endesa Chile IR presentation 1Q 2013 Projects Under Construction 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. 12
Endesa Chile IR presentation 1Q 2013 Projects Under Construction Salaco Chain (optimization) • Repowering the minor plants to reach 260 MW power. • Located in the Bogotá River system. • Optimization works started on January 2013. • 145 MW will be added to the capacity. 13
Endesa Chile IR presentation 1Q 2013 Projects Under Study Renaico • Wind farm • Located in the Araucanía region (SIC) • 88 MW of installed capacity • EIA 1 approved for the generation plants and the transmission line. 1 Environmental Impact Assessment. 14
Endesa Chile IR presentation 1Q 2013 Projects Under Study Los Cóndores • Hydro power plant • Located in San Clemente, in the Maule Region • 150 MW of installed capacity • EIA 1 approved. Curibamba • Hydro power plant • Located in Junín Department, utilizes streams coming from Comas and Uchubamba Rivers • 188 MW of installed capacity • EIS 2 approved for the generation plant and the transmission line. 1 Environmental Impact Assessment. 2 Environmental Impact Study. 15
Endesa Chile IR presentation 1Q 2013 Projects Under Study Punta Alcalde • Thermal, Coal-steam power plant • Located in Huasco, in the Atacama Region (SIC) • 740 MW of installed capacity • EIS 1 approved by the Ministers ´ Committee on Dec 3, 2012 Neltume • Hydro power plant, run of the river • Located in Panguipulli, in Los Ríos Region (SIC). • 490 MW of installed capacity. 1 Environmental Impact Study. 16
Endesa Chile IR presentation 1Q 2013 Projects Under Study HidroAysén • Hydro power plants located in Aysén Region • 2,750 MW of installed capacity • EIS 1 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 350 312 300 GWh / year-km 2 250 200 144 134 150 81 81 100 75 69 65 54 54 53 45 41 29 50 23 12 12 7 0 1 Environmental Impact Study. 17
Endesa Chile IR presentation 1Q 2013 Expected Evolution for Endesa Chile Installed Capacity Increase percentage over installed capacity, year 2012 (13,794 MW) 18000 + 16% 17000 1,403 Installed Capacity (MW) 16000 490 740 15000 188 + 4% 150 88 145 14000 400 13000 13,794 12000 2012 Under Construction On Basic Engineering Year 2012 Quimbo Salaco Renaico Los Condores Curibamba Punta Alcalde Neltume HidroAysen (51%) 18
Endesa Chile IR presentation 1Q 2013 Market Value and Dividends Dividends EBITDA 1 (Ch$ per Share) (US$ Million) 2,248 32.5 2,098 2,033 2,014 26.8 27.2 1,791 1,714 1,671 1,503 21.3 13.8 14.3 3.04 2006 2007 2008 2009 2010 2011 2012 1Q 2013 2007 2008 2009 2010 2011 2012 TTM Market Value 2 (US$ Million) 15,364 12,102 13,297 14,479 13,963 10,072 10,393 9,428 2006 2007 2008 2009 2010 2011 2012 1Q 2013 Source: Intern using Bloomberg 1 Amounts expressed in US$, using the average exchange rate for each period. 19 2 Amounts expressed in US$, using the last exchange rate for each period.
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