10| 02 | 14 Endesa Chile 2013 Results
Endesa Chile 2013 consolidated results Highlights for 2013 51% growth in Net Income attributable to Endesa Chile’s shareholders. 37% decrease in procurement and service costs, mainly in Chile. 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. 2
Endesa Chile 2013 consolidated results Financial Highlights 1 MM US$ Ch$ million 2 2013 2012 Change 2013 Revenues (13%) 4,094 2,027,432 2,320,385 Costs (37%) (1,678) (830,874) (1,318,480) Contribution Margin 19% 2,416 1,196,558 1,001,905 EBITDA 21% 1,977 978,993 808,101 EBIT 28% 1,581 782,839 612,416 Net Financial Expenses (7%) (277) (137,130) (146,995) Related Company Results (12%) 241 119,347 135,013 Taxes 12% (414) (204,907) (182,833) Net Income 34% 1,138 563,506 419,023 Attributable to shareholders of Endesa Chile 51% 715 353,927 234,335 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 3
Endesa Chile 2013 consolidated results EBITDA by Country Total Generation 1 : 51,417 GWh Total Installed Capacity 1 : 13,688 MW Chile Chile 41% Argentina Argentina 38% 27% 21% Peru Peru 16% 11% Colombia Colombia 21% 25% 2013 EBITDA : US$ 1,977 million Argentina 6% Chile 37% Peru 16% Endesa Brasil • Endesa Chile’s ownership: 40% (38.9% Colombia direct). 41% • Net Attributable Income 2 : 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. 4
Endesa Chile 2013 consolidated results Balanced Commercial Policy 2013 Physical Sales Argentina Chile Peru Colombia 7% 11% 14% 28% 20% 52% 51% 38% 86% 73% 20% Regulated Unregulated Spot 2012 Physical Sales Argentina Chile Peru Colombia 5% 4% 18% 28% 29% 30% 53% 19% 65% 82% 67% Regulated Unregulated Spot 5
Endesa Chile 2013 consolidated results Healthy Debt Profile Financial Debt Maturity 1 US$ million • Cash: Total Debt: US$ 3,836 million 2,500 US$ 617 million 1,995 2,000 • Commited Credit Lines: 1,500 US$ 493 million 1,000 797 • Non-Commited Credit Lines: 500 345 US$ 353 million 133 126 98 70 65 74 55 49 29 0 • Average life of debt: < 1 year 1-2 years 2-3 years 3-4 years 4-5 years 5 years and beyond 7 years Bonds Banks and Other Debt by Country (MM US$) Debt by Type Debt by Currency 1 1 1 Peru, UF + CLP, Others, 283 12% 16% Other Local Chile, Bank Debt, Currency, 1,675 14% 46% Colombia, 1,656 US$, Bonds, 42% 70% Argentina, 222 6 1 Includes obligations with related companies and other financial adjustments.
Endesa Chile 2013 consolidated results Strong Financial Position MM US$ 1 2013 2012 Variation Change Ch$ million 2013 Gross Debt 3,611 1,894,496 1,932,107 (37,611) (2%) Cash 617 323,807 235,678 88,130 37% Net Debt 2,994 1,570,689 1,696,429 (125,740) (7%) Leverage 2 (x) 0.88 0.88 - - - Financial Coverage 3 (x) - 6.30 5.00 1.30 26% Credit Risk Ratings Jan. 2010 Apr. 2011 Feb. 2010 Since: BBB+ BBB+ Baa2 Sept. 2013 Affirmed: Aug. 2013 Aug. 2013 1 Amounts translated into US$ at closing exchange rate as of December 31, 2013 (Ch$ 524.61 per US$). 2 Total debt / (equity + minority interest). 3 EBITDA / (Financial expenses + Income (Loss) for indexed assets and liabilities + Foreign currency exchange differences, net). 7
Endesa Chile 2013 consolidated results Free Cash Flow (US$ million) 1 1,977 1,714 697 494 (61) (244) (277) (300) (381) (414) (538) (590) EBITDA Net Financial Income Payments for Additions of Income Tax Free Cash Flow Dividends 2 Fixed Assets 2012 2013 1 Amounts 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$). 8 * For year 2012, jointly controlled companies are included.
Endesa Chile 2013 consolidated results Argentina Installed Capacity: 3,652 MW Market Share * : 12% Total Generation: 10,840 GWh EL CHOCÓN Hydro El Chocón : 1,328 MW 1,328 MW 2013 2012 Change Million US$ Revenues (25%) 74 99 EBITDA (40%) 33 55 EBITDA Margin (20%) 45% 56% Total electricity sales 6% 3,392 3,197 Costanera COSTANERA El Chocón Thermal Costanera : 2,324 MW 2,324 MW 2013 2012 Change Million US$ 2 Revenues (68%) 192 596 EBITDA - 80 (4) EBITDA Margin - 42% (1%) Total electricity sales 4% 8,962 8,655 • Based on installed capacity 9 1 Includes the One Time effect of US$394 MM in to the accounting of the new regulation for generators in Argentina
Endesa Chile 2013 consolidated results Peru Installed Capacity: 1,540 MW Market Share * : 20% Total Generation: 8,391 GWh EDEGEL Cuenca Río Rímac: 556 MW 49% Hydro Yanango : 43 MW 750 MW Chimay : 151 MW 51% Thermal Ventanilla: 485 MW 789 MW Santa Rosa : 304 MW Hydro units 2013 2012 Change Lima Million US$ Thermal units Revenues 1% 573 570 EBITDA 13% 318 282 EBITDA Margin 12% 55% 50% Total electricity sales (7%) 8,903 9,587 10 * Based on installed capacity
Endesa Chile 2013 consolidated results Chile Installed Capacity 1 : 5,571 MW Market Share * : 30% Total Generation 1 : 19,438 GWh Tarapaca ENDESA CHILE Los Molles : 18 MW Rapel-Sauzal : 466 MW D. Almagro – Taltal 62% Hydro Maule : 875 MW 3,456 MW Huasco Laja : 940 MW Ralco-Pangue : 1,157 MW Los Molles San Isidro Tarapaca 182 MW Santiago D. Almagro – Taltal : 269 MW Cachapoal Huasco : 36% Thermal 64 MW Maule 2,028 MW San Isidro 1 and 2 : Laja 778 MW Bocamina Bio Bio Bocamina 1 and 2 478 MW TG Quintero : 257 MW Canela : 18 MW 2% NCRE 2 Canela II : 60 MW 87 MW Ojos de Agua: 9MW 2013 2012 Change Million US$ Revenues (13%) 1,965 2,251 EBITDA 37% 736 539 EBITDA Margin 56% 37% 24% Total electricity sales (2%) 20,406 20,878 1 Excludes the proportional assets from GasAtacama (390 MW). 2 Non Conventional Renewable Energy. 11 • Based on installed capacity
Endesa Chile 2013 consolidated results Colombia Installed Capacity: 2,925 MW Market Share * : 20% Total Generation: 12,748 GWh EMGESA Guavio: 1,213 MW Cartagena 85% Hydro Betania: 541 MW 2,481 MW Río Bogotá: 727 MW Termozipa Cartagena: 208 MW 15% Thermal Bogotá 444 MW Termozipa: 236 MW El Guavio Betania Cadena Vieja / Cadena Nueva 2013 2012 Change Million US$ Revenues 10% 1,291 1,172 EBITDA 7% 811 760 EBITDA Margin (3%) 63% 65% Total electricity sales (1%) 16,090 16,304 12 * Based on installed capacity
Endesa Chile 2013 consolidated results Brazil Installed Capacity: 987 MW Market Share * : 1% Total Generation: 4,992 GWh CACHOEIRA Fortaleza Hydro Cachoeira: 665 MW 665 MW 2013 2012 Change Million US$ Cachoeira Revenues (24%) 237 313 Rio de Janeiro EBITDA (21%) 178 225 EBITDA Margin 5% 75% 72% CIEN Total electricity sales (18%) 3,564 4,344 CIEN 1 : Transmission FORTALEZA Brazil-Argentina Interconnection Thermal Two 500 Km lines Fortaleza: 322 MW 322 MW Total interconnection capacity: 2,100 MW 2013 2012 Change 2013 2012 Change Million US$ Million US$ Revenues 21% Revenues (7%) 341 281 137 146 EBITDA 14% EBITDA (10%) 111 98 93 103 EBITDA Margin (6%) EBITDA Margin (3%) 33% 35% 68% 70% Total electricity sales 11% 3,262 2,947 1 Includes CIEN, CTM and TESA 13 * Based on installed capacity
Endesa Chile 2013 consolidated results 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. 14
Endesa Chile 2013 consolidated results 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 6 th , 2013 started the commissioning of the “Dario Valencia” unit 2, with 50MW of installed capacity. 15
Endesa Chile 2013 consolidated results Expected Evolution for Endesa Chile´s Installed Capacity 16% increase over 2013 installed capacity 12% 120 Taltal, Chile 150 Los Condores, Chile +16% 188 Curibamba, Peru 740 Pta Alcalde, Chile 490 Neltume, Chile 4% 400 El Quimbo, Colombia 145 Salaco, Colombia 13,688 2013 Under Construction On Basic Engineering 16
Endesa Chile 2013 consolidated results Final Remarks 1.- Improved results for 2013 2.- Severe drought affecting Chile 3.- Electricity Bids in Chile 4.- Situation with Bocamina I and II 5.- Situation with Punta Alcalde 6.- Situation with Los Condores 7.- Diversified Portfolio 17
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