Endesa Chile IR presentation As of June 2012 Endesa Chile IR - - PowerPoint PPT Presentation

▶
endesa chile ir presentation
SMART_READER_LITE
LIVE PREVIEW

Endesa Chile IR presentation As of June 2012 Endesa Chile IR - - PowerPoint PPT Presentation

Feb 04, 2024 290 likes •657 views

Endesa Chile IR presentation As of June 2012 Endesa Chile IR presentation 1H 2012 Our company Multinational electricity generation company based in Chile Vast experience, with over 69 years of history Efficient and diversified

slide-1
SLIDE 1

Endesa Chile IR presentation

As of June 2012

slide-2
SLIDE 2

Endesa Chile IR presentation 1H 2012

2

Multinational electricity generation company based in Chile Efficient and diversified investment portfolio of generation assets  Part of an important worldwide electricity group (Enel, Endesa, Enersis)

Our company

Vast experience, with over 69 years of history Conservative commercial policy leading to revenue and margin stability  Among the most actively traded companies in Chilean stock markets

slide-3
SLIDE 3

Endesa Chile IR presentation 1H 2012

3

  • COSTANERA 70%
  • EL CHOCON 65%
  • EDEGEL 62%
  • EMGESA 27%
  • ENDESA BRASIL 39%

AMPLA COELCE FORTALEZA CDSA CIEN 61% 92% 60%  PEHUENCHE 93%  CELTA 100%  SAN ISIDRO 96%  ENDESA ECO 100%  CANELA 75%

60% 15% 4% 17% 4% ENERSIS Chilean Pension Funds ADR Holders Other Inst Shareholders Minority Shareholders

Ownership Structure

slide-4
SLIDE 4

Endesa Chile IR presentation 1H 2012

4

A unique portfolio in LATAM’s Generation business

Colombia

2,914 MW inst. capacity 20% market share

  • No. 2

5,612 MW inst. capacity 32% market share

Peru

1,668 MW inst. capacity 26% market share

Chile Brazil

987 MW inst. capacity 1% market share in generation

Market shares based on installed capacity Figures as of June 2012

Consolidated installed capacity: 13,845 MW Capacity including Brazil: 14,832 MW Consolidated energy sales 2011: 58,012 GWh Consolidated energy sales 1H2012: 28,998 GWh

3,652 MW inst. capacity 12% market share

Argentina

  • No. 1
  • No. 1
  • No. 1
slide-5
SLIDE 5

Endesa Chile IR presentation 1H 2012

5

Results affected by the drought in Chile and high fuel costs

Million Ch$ 1H 2012 1H 2011 Change MM US$ * 1H 2012 Revenues 1,155,422 1,176,178 (2%) 2,345 Gross margin 469,037 504,733 (7%) 952 EBITDA 363,981 387,597 (6%) 739 EBIT 270,825 302,621 (11%) 550 Net financial expense (65,700) (62,080) (6%) (133) Net income 174,419 211,772 (18%) 354 Net attibutable income 101,443 161,726 (37%) 206

  • Higher physical sales in Colombia, Chile and Peru.
  • Costs increased as a consequence of higher fuel costs in Chile, Colombia and Peru, and higher transportation costs

in Chile.

  • Non-recurrence of a one-time effect of the equity tax reform in Colombia which implied booking a total amount of

US$87 million* during the first half of 2011.

  • Non-recurrence of a one-time effect on payroll expenses recorded in June 2011 in Peru, which implied booking a
  • ne-time benefit on payroll expenses of US$27 million*.
  • Related company results decreased by 6.8% due to lower results in Endesa Brasil, mainly related to higher net

financial expenses.

*Amounts are expressed in US$, using the average exchange rate for each period.

slide-6
SLIDE 6

Endesa Chile IR presentation 1H 2012

Chile 41% Colombia 21% Peru 12% Argentina 26% Chile 45% Colombia 37% Peru 15% Argentina 3% Chile 39% Colombia 24% Peru 17% Argentina 20%

6

EBITDA Generation

Total Installed Capacity: 13,845 MW EBITDA 1H2012 TTM: US$ 1.929 million Total Generation (TTM): 53,564 GWh

Endesa Brasil

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

direct)

  • Net Attributable Income (TTM): US$ 224

million

slide-7
SLIDE 7

Endesa Chile IR presentation 1H 2012

67% 30% 3% 54% 19% 27% 65% 29% 6% 17% 83%

7

Conservative Commercial Policy

Regulated Spot Unregulated

Physical Sales as of June 2011

Chile Colombia Peru

Regulated Spot Unregulated

Argentina

Physical Sales as of June 2012

Chile Colombia Peru Argentina 66% 33% 1% 50% 20% 30% 65% 26% 9% 17% 83%

slide-8
SLIDE 8

Endesa Chile IR presentation 1H 2012

8

Debt by Type Debt by Currency Debt by Country

Amounts expressed in US$, using the exchange rate as of June 30, 2012.

Million Ch$ 1H 2012 1H 2011 Chg. Chg % MM US$ 1H2012 Gross Debt

1,974,825 2,142,355 (167,530) (8%) 3,935

Cash & Equivalents

165,200 229,581 (64,381) (28%) 329

Net Debt

1,809,625 1,912,774 (103,149) (5%) 3,606

Leverage

0.93 0.92 (0.01) (1%) 0.93

Financial Expenses Coverage

4.5 5.5 (1.63) (30%) 4.5

Strong Financial Position

Chile, 53% Argentina, 7% Colombia, 30% Peru, 9% Local Currency, 35% US$, 52% UF, 13% Others, 17% Bank Debt, 16% Bonds, 68%

slide-9
SLIDE 9

Endesa Chile IR presentation 1H 2012

9

1

Amounts are expressed in US$, using the average exchange rate for each period.

1 Over Trail Twelve Months

Free Cash Flow

2,248 (305) (564) (308) 1,070 (394) 2,098 (235) (499) (353) 1,012 (523) 2,014 (251) (549) (435) 779 (462) 1,929 (260) (477) (416) 775

EBITDA Net Financial Result CAPEX Income Tax FCF Dividends 2009 2010 2011 1H2012 TTM

slide-10
SLIDE 10

Endesa Chile IR presentation 1H 2012

10

Electricity demand Evolution in LATAM

4.4% 2.4% 5.3% 5.4% 3.6% 80% 90% 100% 110% 120% 130% 140% 150% 160% 170% 180% 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Total Sales in GWh (% growth) Years

Historic electricity demand growth (CAGR, last ten years)

CHILE COLOMBIA PERU ARGENTINA BRAZIL

*: Estimated growth using 1H2012

*

slide-11
SLIDE 11

Endesa Chile IR presentation 1H 2012

11

Direct relation between GDP and electricity demand

ARGENTINA AUSTRALIA AUSTRIA BOLIVIA BRAZIL CANADA CHILE COLOMBIA FRANCE GERMANY INDIA ITALY JAPAN MEXICO PERU SPAIN UNITED KINGDOM UNITED STATES CHINA RUSSIA FINLAND GREECE IRELAND 2000 4000 6000 8000 10000 12000 14000 16000 18000 5000 10000 15000 20000 25000 30000 35000 40000 45000

Electricity consumption, per cápita (Kwh per year) Income per person (Fixed PPP $)

Internal elaboration. Data source: International Energy Agency (EIA) and The World Bank.

slide-12
SLIDE 12

Endesa Chile IR presentation 1H 2012

12

Competitive tariffs

Final tariff to customers1 as of December 2011

Lima Bogotá Buenos Aires Río de Janeiro Latam Average Ceará Santiago

Gx & Tx Dx

1 US$/MWh. Reference values. Taxes not included.

200 203 177 162 128 24 158

slide-13
SLIDE 13

Endesa Chile IR presentation 1H 2012

13

Projects Under Construction

  • Location: Next to the existing coal-fired

plant Bocamina, in Bío-Bío region.

  • Installed capacity: 350 MW, coal fired.
  • Estimated investment: US$ 841 million
  • 1H 2012, Test on boiler burners and

blowing steam pipe finished.

  • Commercial start-up in 2H 2012.

BOCAMINA II

  • Location: Huila Department, upstream of

Emgesa’s Betania plant.

  • Installed capacity: 400 MW, hydro.
  • Estimated investment: US$ 837 million
  • In 2009 the environmental license and

building permissions were granted

  • River detour completed in March 2012
  • Estimated start-up: December 2014

Vertedero Presa h = 151 m

Río Magdalena

Casa de máquinas 400 MW Túnel de desviación Bocatoma Dique Conducción Embalse 720 msnm Vertedero Presa h = 151 m

Río Magdalena

Casa de máquinas 400 MW Túnel de desviación Bocatoma Dique Conducción Embalse 720 msnm

EL QUIMBO

slide-14
SLIDE 14

Endesa Chile IR presentation 1H 2012

14

Projects Under Study

Neltume, hydro run-of-the-river plant  Installed capacity: 490 MW Los Cóndores, hydro power plant  Installed capacity: 150 MW Punta Alcalde, coal-steam power plant  Installed capacity: 740 MW Curibamba, hydro power plant  Installed capacity: 188 MW Hydroaysén, hydro power plant  Installed capacity:  2,750 MW

1

1EIA rejected. On appeal to the Ministers Committee.

slide-15
SLIDE 15

Endesa Chile IR presentation 1H 2012

15

312 144 134 81 81 75 69 65 54 54 53 45 41 29 23 12 12 7 50 100 150 200 250 300 350

GWh / year-km2

Energy / Flooded Surface

  • One of the most efficient hydroelectric

projects in the world.

  • Renewable resources
  • Average load factor: 77%
  • Installed capacity: 2,750 MW.
  • Endesa Chile owns 51% and Colbún 49%.
  • CO2 emissions: Reduction of 16.2 million

tons/year

HidroAysén

  • May

9, 2011: EIA was approved for the Generation Plants.

  • June 2011: Pto Montt Court of Appeals issued

an injunction, leaving the resolution in state of abeyance.

  • April 2012: The Supreme Court of Justice

rescinded seven protection requirements presented to stop the construction of the project.

  • The Chilean Government should present the

“Electric Highway project” in 2H 2012.

slide-16
SLIDE 16

Endesa Chile IR presentation 1H 2012

16

  • 200

400 600 800 1,000 1,200 1,400

Apr-10 may jun jul ago sep

  • ct

nov dec Jan-11 feb mar Timeline Water Flow [ m³/s]

  • 200

400 600 800 1,000 1,200 1,400

MAIPO RIVER IN CABIMBAO BIOBIO RIVER IN RUCALHUE MAULE IN ARMERILLO (R.N.) CENTRAL BAKER 2 CENTRAL PASCUA 2.2

Seasonal Streaming from Hidroaysen and SIC rivers

SIC : 23% SIC : 21% SIC + Hidroaysen : 9% SIC + Hidroaysen : 12% Seasonal Variability Annual Variability

slide-17
SLIDE 17

Endesa Chile IR presentation 1H 2012

17 Power Plants Zone HVDC Land Line HVDC Submarine Line 640 km 160 km 1.112 km

Hidroaysen Technical information

slide-18
SLIDE 18

Endesa Chile IR presentation 1H 2012

13.8 21.3 26.8 32.5 27.2 2007 2008 2009 2010 2011 1.503 1.671 2.033 2.248 2.098 2.014 1.929 2006 2007 2008 2009 2010 2011 1H 2012 TTM

1Amounts expressed in US$, using the average exchange rate for each period. 2 Amounts expressed in US$, using the last exchange rate for each period. 3As of June 30 , 2012

18 Dividends (Ch$ per Share) EBITDA (US$ Million) Market Value (US$ Million)

Dividend Yield: 3.2%

Market Value and Dividends

1

Source: Intern using Bloomberg 10.072 10.393 9.428 13.963 15.364 12.102 13.878 2006 2007 2008 2009 2010 2011 1H 2012

2 3

slide-19
SLIDE 19

Endesa Chile IR presentation 1H 2012

19 Contact us at: ir@endesa.cl Juan Pablo Vicuña Investor Relations Executive (56-2) 630 9585 jpvp@endesa.cl Susana Rey Investor Relations Director (56-2) 630 96 06 susana.rey@endesa.cl Catalina Gonzalez Head of Investor Relations (56-2) 630 96 03 cbgs@endesa.cl Guillermo Berguecio Investor Relations Executive (56-2) 630 9506 gabb@endesa.cl

Endesa Chile’s Investor Relations Team

slide-20
SLIDE 20

Endesa Chile IR presentation 1H 2012

20

EXHIBITS

slide-21
SLIDE 21

Endesa Chile IR presentation 1H 2012

21

Highlights in 1H 2012

Growth of 6% in electricity demand in the region Growth of 1.9% in physical sales on a consolidated basis Increase of 2.2% in operating costs, primarily as a consequence of higher fuel costs in Chile, Colombia and Peru, and higher transportation costs in Chile Non-recurring accounting effects in Colombia and Peru in the first half 2011 Growth of 3.1% in consolidated generation due to 13% more hydro generation in Colombia and Chile Good results in Colombia, mainly related to higher hydro generation in the period.

slide-22
SLIDE 22

Endesa Chile IR presentation 1H 2012

22

Guavio: 1,213 MW Betania: 541 MW Río Bogotá: 716 MW

85% Hydro 2,471 MW 15% Thermal 444 MW

Cartagena: 208 MW Termozipa: 236 MW

Installed Capacity: 2,914 MW Market Share: 20% Total Generation: 6,396 Gwh

EMGESA

Cartagena

Bogotá

Analysis by country - Colombia

Million US$

1H 2012 1H 2011 Change Revenues 552 471 17% EBITDA 360 235 53% EBITDA Margin 65.3% 50.0% 31% Physical Sales (Gwh) 7,719 7,224 7%

slide-23
SLIDE 23

Endesa Chile IR presentation 1H 2012

23 Installed Capacity: 5,611 MW Market Share: 32% Total Generation: 9,554 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: 884 MW Laja: 940 MW Ralco-Pangue: 1,157 MW

62% Hydro 3,465 MW 37% Thermal 2,068 MW

Tarapaca-G.Atacama: 572 MW

  • D. Almagro–Taltal:

269 MW Huasco: 64 MW San Isidro 1 and 2: 778 MW Bocamina: 128 MW TG Quintero: 257 MW

1% Wind 78 MW

Canela: 18 MW Canela II: 60 MW

Analysis by country - Chile

Million US$

1H 2012 1H 2011 Change Revenues 1,136 1,269 (10%) EBITDA 206 346 (40%) EBITDA Margin 18.1% 27.3% (33%) Physical Sales (Gwh) 10,409 10,169 2%

slide-24
SLIDE 24

Endesa Chile IR presentation 1H 2012

24

Lima:

  • Edegel (Gx)

Ventanilla: 493 MW Santa Rosa: 429 MW

55% Thermal 922 MW

Cuenca Río Rímac: 552 MW Yanango: 43 MW Chimay: 151 MW

45% Hydro 747 MW

Installed Capacity: 1,668 MW Market Share: 26% Total Generation: 4,463 Gwh

EDEGEL

Analysis by country - Peru

Million US$

1H 2012 1H 2011 Change Revenues 288 234 23% EBITDA 146 152 (4%) EBITDA Margin 50.7% 65.0% (22%) Physical Sales (Gwh) 4,835 4,746 2%

slide-25
SLIDE 25

Endesa Chile IR presentation 1H 2012

25

Analysis by country - Argentina

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

Hydro 1,328 MW

Installed Capacity: 3,652 MW Market Share: 12% Total Generation: 5,758 Gwh

EL CHOCON COSTANERA

Thermal 2,324 MW

El Chocon Costanera

CIEN Line (2x1.050 MW) Interconnection with Brazil

Million US$

1H 2012 1H 2011 Change Revenues 50 47 6% EBITDA 28 25 15% EBITDA Margin 56.0% 53.2% 5% Physical Sales (Gwh) 1,498 1,395 7%

Million US$

1H 2012 1H 2011 Change Revenues 321 367 (13%) EBITDA (2) 29 (105%) EBITDA Margin (0%) 7.9% (106%) Physical Sales (Gwh) 4,537 4,919 (8%)

slide-26
SLIDE 26

Endesa Chile IR presentation 1H 2012

26

Fortaleza: 322 MW

Thermal 322 MW

Cachoeira: 665 MW

Hydro 665 MW

Installed Capacity: 987 MW Market Share: 1% Total Generation: 2,371 Gwh

CACHOEIRA FORTALEZA

Fortaleza Rio de Janeiro

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

CIEN1: Transmission Brazil-Argentina Interconnection

Analysis by country - Brazil

Cachoeira

Million US$

1H 2012 1H 2011 Change Revenues 147 120 22% EBITDA 102 89 15% EBITDA Margin 69.4% 73.7% (6%) Physical Sales (Gwh) 2,145 1,792 20%

1Includes CIEN, CTM and TESA

Million US$

1H 2012 1H 2011 Change Revenues 133 124 7% EBITDA 56 57 (1%) EBITDA Margin 41.9% 46% (8%) Physical Sales (Gwh) 1,399 1,334 5%

Million US$

1H 2012 1H 2011 Change Revenues 76 35 121% EBITDA 53 22 138% EBITDA Margin 69.2% 64.1% 8%

slide-27
SLIDE 27

Endesa Chile IR presentation 1H 2012

27

Customers Installed Capacity, Output

Installed Capacity Output

MW as of 1H 2012 Chile Brazil Peru Colombia Argentina Total Total 5,611 987 1,668 2,914 3,652 14,832 Hydro 3,456 665 746 2,471 1,328 8,666 Nuclear

  • Coal

286

  • 236
  • 522

Oil-Gas 1,783 322 922 208 2,324 5,559 CHP / Renewables 87

  • 87

GWh as of 1H 2012

  • chg. Vs. 1H 2011

Chile Brazil Peru Colombia Argentina Total Total 9,554 4.0% 2,371 75.3% 4,463

  • 4.2%

6,396 16.1% 5,758

  • 4.3%

28,541 6.8% Hydro 5,181 16.0% 1,880 65.3% 2,513

  • 1.3%

6,189 16.9% 1,295 14.4% 17,058 17.0% Nuclear

  • Coal

880

  • 5.5%
  • 111
  • 7.1%
  • 991
  • 5.6%

Oil-Gas 3,392

  • 8.5%

491 128.1% 1,949

  • 7.6%

97 2.5% 4,462

  • 8.7%

10,391

  • 5.6%

CHP / Renewables 101 18.9%

  • 101

18.9%

slide-28
SLIDE 28

Endesa Chile IR presentation 1H 2012

28

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

BBB+ Baa2 BBB+ Since: Affirmed: Jan 2012 May 2012 Credit Risk Ratings Credit Risk Ratings Financial Debt Financial Debt

US$ Million 2012 2013 2014 2015 2016 Balance TOTAL Chile

366 419 165 219 15 909 2,094

Argentina

89 69 59 35 34

  • 287

Perú

40 52 50 34 57 129 363

Colombia

  • 79

163 23 927 1,192

TOTAL

496 541 354 451 129 1,965 3,935

Jun 2012

Healthy Debt Profile

slide-29
SLIDE 29

Endesa Chile IR presentation 1H 2012

29

Net debt/EBITDA1 EBITDA/Net financial expenses1

1 EBITDA“ and “Net Financial Expenses” are over Trail Twelve Months” 2 EBITDA / (Financial expenses + Income (Loss) for indexed assets and liabilities + Foreign currency exchange differences, net)

Endesa Chile

1H 2012 1H 2011 Financial Expense Coverage2 4.5 5.5 ROE (%) 15.7% 21.0% ROA (%) 8.6% 10.0%

Principal Financial Ratios

2.0 1.5 1.5 1.5 1.9 2008 2009 2010 2011 1H 2012 5.6 7.4 8.9 8.0 7.4 2008 2009 2010 2011 1H 2012

slide-30
SLIDE 30

Endesa Chile IR presentation 1H 2012

30 100%

  • Rainfall
  • Growth in demand
  • Fuel prices
  • Exchange rates
  • Inflation

Risk variables affecting margins Risk variables affecting margins Our goal is to ensure a 95% reliability with a margin of at least 90% of budget even in the following scenarios:

  • Lower rainfall than historical levels
  • Increases in fuel prices
  • Higher growth in demand

Risk limit Real margin ≥ 0.9x expected margin Risk limit Real margin ≥ 0.9x expected margin

Spot

Extreme hydro volatility

Thermal

Target

  • utput

Target sales

Output and sales targets for future years

Hydro Regulated and unregulated contracts

75%

Relative Frequency

Results

MMUS$ 5%

MaR 95%

Integrated risk management capability

slide-31
SLIDE 31

Endesa Chile IR presentation 1H 2012

Low generation costs at any Hydro Scenario in Chile (SIC)

31

10 20 30 40 50 60 70 80 90 100 10 20 30 40 50 1980 1972 1965 1982 1986 1993 1992 1997 1966 1977 1991 2002 1978 2001 2000 1984 1994 1981 1979 1987 1975 1995 1961 1963 1969 1971 1983 1974 1973 1985 2003 1960 1970 1967 1976 1999 1988 1990 1964 1989 1962 1996 1968 1998 Costo Operacional , US$/MWh Generación, TWh

Generación SIC abr/12-mar/13

Pasada Embalse Carbón Gas Diesel Otros Falla Embalse+Pasada

  • Cost. Oper.

10 20 30 40 50 60 70 80 90 100 10 20 30 40 50 1980 1972 1965 1982 1986 1993 1992 1997 1966 1977 1991 2002 1978 2001 2000 1984 1994 1981 1979 1987 1975 1995 1961 1963 1969 1971 1983 1974 1973 1985 2003 1960 1970 1967 1976 1999 1988 1990 1964 1989 1962 1996 1968 1998 Costo operacional , US$/MWh Generación, TWh

Generación Endesa abr/12-mar/13

Pasada Embalse Carbón Gas Diesel Otros Falla Embalse+Pasada

  • Cost. Oper.

Generation SIC Generation Endesa Chile

Generation, TWh Generation, TWh

Mini Hydro Damn Coal Others Diesel Gas Fails Total Hydro

  • Op. Cost

Mini Hydro Damn Coal Others Diesel Gas Fails Total Hydro

  • Op. Cost

WET DRY WET DRY

Operational Cost, US$/MWh Operational Cost, US$/MWh

slide-32
SLIDE 32

Endesa Chile IR presentation 1H 2012

100 200 300 400 500 600 700 800 30% 40% 50% 60% 70% 80% 90% 100%

Contribution Margin (MMUS$) Exceedance Probability

Contribution Margin (MMUSD) Endesa Chile; Consolidated Contribution Margin (MMUSD) Endesa Chile; Chile Lineal (Contribution Margin (MMUSD) Endesa Chile; Consolidated) Lineal (Contribution Margin (MMUSD) Endesa Chile; Chile) 1Q10 2Q11 WET DRY 1Q10 4Q11 2Q11 3Q10 2Q12 1Q12 2Q12 1Q12

Correlation between Hydrology and Contribution Margin

Effective Commercial Policy in the long term

32

slide-33
SLIDE 33

Endesa Chile IR presentation 1H 2012

33

USA Stock Market Spain Stock Market NYSE (US$) Price 1H 2012 TTM (Avg) 49.3 Max 1H 2012 TTM 57.6 Min 1H 2012 TTM 40.6 Daily Avg Trans Vol (million ADR) 0.14 Avg Daily Trans (US$ millions traded) 6.65 LATIBEX (€) Price 1H 2012 TTM (Avg) 1.2 Max 1H 2012 TTM 1.4 Min 1H 2012 TTM 1.0 Daily Avg Trans Vol (million shares) 0.01 Avg Daily Trans (€ millions traded) 0.02 Chilean Stock Market BOLSA DE SANTIAGO (CLP) Price 1H2012 TTM (Avg) 806.6 Max 1H2012 894.0 Min 1H2012 700.5 Daily Avg Trans Vol (million shares) 5.15 Avg Daily Trans (CLP millions traded) 4,142.3

Relevant Stock Presence

Source: Intern, using Bloomberg

slide-34
SLIDE 34

Endesa Chile IR presentation 1H 2012

34

Corporate Governance Excellence

LATIN AMERICA´S INVESTOR RELATIONS AWARDS – LIRA 2011

  • Best Communication of Corporate Governance:

1st Place

  • Best Communication of Financial Results:

1st Place

  • Best Investor Relations Officer:

3rd Place

  • Best Investor Relations Department:

3rd Place

slide-35
SLIDE 35

Endesa Chile IR presentation 1H 2012

This presentation contains statements that could constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements appear in a number of places in this announcement and include statements regarding the intent, belief or current expectations of Endesa Chile and its management with respect to, among other things: (1) Endesa Chile’ business plans; (2) Endesa Chile’ cost- reduction plans; (3) trends affecting Endesa Chile’ financial condition or results of operations, including market trends in the electricity sector in Chile or elsewhere; (4) supervision and regulation of the electricity sector in Chile

  • r elsewhere; and (5) the future effect of any changes in the laws and regulations applicable to Endesa Chile’ or

its subsidiaries. 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. These factors include a decline in the equity capital markets of the United States or Chile, an increase in the market rates of interest in the United States or elsewhere, adverse decisions by government regulators in Chile or elsewhere and other factors described in Endesa Chile’ Annual Report on Form 20-F. Readers are cautioned not to place undue reliance on those forward-looking statements, which state only as of their dates. Endesa while undertakes no obligation to release publicly the result of any revisions to these forward- looking statements. 35

Disclaimer

slide-36
SLIDE 36

Endesa Chile IR presentation 1H 2012

36