endesa chile IR presentation p As of March 2012
Endesa Chile IR Presentation March 2012 Our company p y Multinational electricity generation company based in Chile M lti ti l l t i it ti b d i Chil Vast experience, with over 68 years of history V t i ith 68 f hi t 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 March 2012 Ownership Structure p 4% 17% 17% 92% 4% 61% 61% 60% 15% 60% % ENERSIS Chilean Pension Funds ADR Holders Other Institutional Shareholders Minority Shareholders • ENDESA BRASIL, 39% PEHUENCHE, 93% PANGUE, 95% AMPLA AMPLA • COSTANERA, 70% • COSTANERA 70% CELTA, 100% • EDEGEL, 62% • EMGESA, 27% COELCE • EL CHOCON, 65% SAN ISIDRO, 100% FORTALEZA ENDESA ECO, 100% CDSA CIEN CANELA, 75% 3
Endesa Chile IR Presentation March 2012 A unique portfolio in LATAM’s Generation business q p Colombia No. 2 Brazil Brazil 2 914 MW i 2,914 MW inst. capacity t it 987 MW inst. capacity 20% market share 1% market share in generation ti Peru No. 1 1,668 MW inst. capacity 26% market share 26% market share Argentina No. 1 Chile Chile No 1 No. 1 3,652 MW inst. capacity 12% market share 5,611 MW inst. capacity 32% 32% market share k t h Consolidated installed capacity: 13,845 MW Capacity including Brazil: Capacity including Brazil: 14 832 MW 14,832 MW Consolidated energy sales 2011: 58,012 GWh Market shares based on installed capacity Figures as of March 2012 Consolidated energy sales 1Q2012: 14,433 GWh 4
Endesa Chile IR Presentation March 2012 Latest first quarter results q US$ Million 1Q 2012 1Q 2012 1Q 2011 1Q 2011 Change Change Million Ch$ Million Ch$ 1Q 2012 1Q 2012 R Revenues (4%) (4%) 1 129 1,129 552 293 552,293 573 935 573,935 Gross margin (17%) 493 240,994 288,651 EBITDA EBITDA (7%) (7%) 382 382 186,803 186 803 201 365 201,365 EBIT (12%) 287 140,209 158,600 Net financial expense 28% (77) (37,663) (29,530) Net income (1%) 217 106,317 107,122 Net attibutable income (32%) 135 66,230 96,859 • Higher physical sales in Colombia and Argentina. • Higher costs primarily as a consequence of the drought in Chile and higher fuel cost in Colombia, Chile and Peru. • Good results in Colombia. Amounts are expressed in US$, using the average exchange rate for each period 5
Endesa Chile IR Presentation March 2012 EBITDA Generation Total Generation (TTM): 53,094 GWh Total Installed Capacity: 13,845 MW Argentina Chile Chile Argentina 21% 39% 41% 26% 26% Peru Peru 17% 12% Colombia Colombia 21% 23% EBITDA 1Q2012 TTM: US$ 1.962 million US$ 1.962 million Argentina 4% Peru 15% Chile 45% Endesa Brasil Colombia 36% • Endesa Chile’s ownership: 40% (38.9% direct) direct) • Net Attributable Income: US$ 233 million 6
Endesa Chile IR Presentation March 2012 Conservative Commercial Policy Physical Sales as of March 2012 Argentina Chile Chile Colombia Peru 1% 18% 8% 32% 27% 53% 28% 64% 67% 82% 20% Regulated Unregulated Spot Physical Sales as of March 2011 Argentina Peru Chile Colombia 2% 2% 9% 18% 33% 32% 48% % 66% 66% 25% 82% 19% Regulated Unregulated Spot 7
Endesa Chile IR Presentation March 2012 Strong Financial Position g US$ Million Million Ch$ 1Q 2012 1Q 2011 Chg. Chg % 1Q2012 Gross Debt 1,861,469 1,962,337 (100,867) (5%) 3,819 Cash & Equivalents 355,156 373,474 (18,318) (5%) 729 Net Debt 1,506,314 1,588,863 (82,549) (5%) 3,090 Leverage 0.90 0.96 (0.01) (1%) 0.90 Financial Expenses Coverage 4.1 5.7 (1.63) (29%) 4.1 Debt by Country Debt by Country Debt by Type Debt by Type Debt by Currency Debt by Currency UF-Ch, Peru, 10% Others, 9% 10% Local Local Bank Debt, Currency, 17% 36% Colombia, 31% Chile, 51% Bonds, US$, 54% 75% Argentina, 8% Amounts expressed in US$, using the exchange rate as of March 31, 2012. 8
Endesa Chile IR Presentation March 2012 Free Cash Flow 2,248 2,098 2,014 1,962 1,070 1,012 779 724 (235) (251) (271) (305) (308) (353) (378) (394) (435) (462) (499) (523) (549) (564) (589) EBITDA EBITDA Net Financial Result Net Financial Result CAPEX CAPEX Income Tax Income Tax FCF FCF Dividends Dividends 1 2009 2010 2011 1Q2012 ttm Amounts are expressed in US$, using the average exchange rate for each period. 1 Over Twelve Trail Months 9
Endesa Chile IR Presentation March 2012 Evolution of demand for electricity in LATAM y 170% 162% 161% 160% 150% 146% h (%) 140% al Sales in GWh 133% 130% 118% 120% 120% Tota 110% 100% 100% 90% 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 Year CHILE COLOMBIA PERU BRAZIL ARGENTINA 10 10
Endesa Chile IR Presentation March 2012 Direct relation between GDP and electricity demand y 18.000 16.000 FINLAND CANADA 14.000 per cápita (Kwh) UNITED STATES 12.000 AUSTRALIA 10.000 city consumption, 8.000 JAPAN AUSTRIA FRANCE SPAIN GERMANY IRELAND 6.000 Electric UNITED KINGDOM ITALY RUSSIA GREECE 4.000 CHILE ARGENTINA ARGENTINA CHINA BRAZIL 2.000 MEXICO PERU BOLIVIA 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 $) 11 11
Endesa Chile IR Presentation March 2012 Competitive tariffs p Final tariff to customers 1 as of December 2011 203 200 177 177 162 158 128 24 Latam Average A Ceará Río de Lima Bogotá Santiago Buenos Aires Janeiro Dx Gx & Tx 1 US$/MWh. Reference values. Taxes not included. 12 12
Endesa Chile IR Presentation March 2012 Projects Under Construction j BOCAMINA II BOCAMINA II • Location: Next to the existing coal-fired plant Bocamina, in Bío-Bío region. • Installed capacity: 370 MW, coal fired. • Estimated investment: US$ 841 million • 1Q 2012, Test on boiler burners and blowing steam pipe finished. • Estimated Commercial start-up in 2H 2012. Río Magdalena Río Magdalena EL QUIMBO Vertedero Vertedero • Location: Huila Department upstream of Location: Huila Department, upstream of Casa de Casa de máquinas máquinas Emgesa’s Betania plant. 400 MW 400 MW • Installed capacity: 400 MW, hydro. Conducción Conducción Dique Dique • Estimated investment: US$ 837 million Estimated investment: US$ 837 million 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 • • River detour completed on March 2012 River detour completed on March 2012 • Estimated start-up: December 2014 Embalse Embalse 720 msnm 720 msnm 13 13
Endesa Chile IR Presentation March 2012 Projects Under Study j y Neltume, hydro Neltume, hydro Los Condores hydro Los Condores, hydro power plant run-of-the-river plant Installed capacity: Installed capacity: 150 MW 490 MW Punta Alcalde, coal-steam Curibamba, hydro power plant power plant Installed capacity: Installed capacity: Installed capacity: 740 MW 188 MW Hydroaysen, hydro power plant power plant Installed capacity: 2,750 MW 14 14
Endesa Chile IR Presentation March 2012 HidroAysén • Installed capacity: 2,750 MW. • One of the most efficient hydroelectric • Endesa Chile owns 51% and Colbún 49% Endesa Chile owns 51% and Colbún 49%. projects in the world projects in the world. • CO 2 emissions: Reduction of 16.2 million • Renewable resources tons/year • Average load factor 77% • May 9, 2011: EIA was approved. Energy/ FloodedSurface Energy / Flooded Surface • June 2011: Pto Montt Court of Appeals issued 350 312 an injunction, leaving the resolution in state of 300 km 2 abeyance. abeyance. 250 GWh / year ‐ k 200 144 134 • April 2012: The Supreme Court of Justice 150 rescinded seven protection requirements 81 81 75 100 69 65 54 54 53 45 41 41 presented to stop the construction of the project. t d t t th t ti f th j t 29 29 50 23 12 12 7 0 • The Commission is preparing the Environmental Impact p Study y of the Aysen y Transmission System. 15 15
Endesa Chile IR Presentation March 2012 Seasonal Streaming from Hidroaysen and SIC rivers g y 1,400 1,400 1,200 1,200 1,000 1,000 w [ m³/s] 800 800 600 600 Water Flow 400 400 200 200 - - Apr-10 may jun jul ago sep oct nov dec Jan-11 feb mar Timeline MAIPO RIVER IN CABIMBAO MAIPO RIVER IN CABIMBAO BIOBIO RIVER IN RUCALHUE BIOBIO RIVER IN RUCALHUE MAULE IN ARMERILLO (R N ) 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% 16 16
Endesa Chile IR Presentation March 2012 Hidroaysen Technical information Power Plants Zone HVDC Land Line HVDC Land Line HVDC Submarine Line 1.112 km 160 km 640 km 17 17
Recommend
More recommend
