Endesa Chile IR Presentation 1H 2015
Organization structure ITALY Committed Shareholders 61% Enersis S.A. CHILE Chilean Pension 60% 14% Funds 7% ADRs (Citibank 3% N.A.) 60% 16% Retail CHILE Institutional Investors PEHUENCHE, 93% CELTA, 96% GASATACAMA, 98% ARGENTINA CHILE 1 PERU BRAZIL 1 COLOMBIA • ENEL BRASIL, 37% • GNL Quintero, 20% AMPLA, 17% • COSTANERA, 76% • Transquillota ,48% • EDEGEL, 62% • EMGESA, 27% • EL CHOCÓN, 65% COELCE, 22% • Electrogas, 43% FORTALEZA, 37% • GNL Chile, 33% CDSA, 37% CIEN, 37% 1 Recognized as equity method investments. 2 Endesa Chile Investor Presentation 1H15 USE: Public, Investor Relations
A unique portfolio in LatAm’s generation business BRAZIL No. 2 COLOMBIA 987 MW inst. Capacity 3,059 MW inst. capacity Hydro: 665 MW Hydro: 2,615 MW Thermal : 322 MW Thermal : 444 MW 1% market share 1 20% market share 1 PERU No. 1 1,673MW inst. capacity ARGENTINA No. 2 Hydro: 776 MW 3,652 MW inst. Capacity Thermal : 896 MW Hydro: 1,328 MW 19% market share 1 Thermal: 2,324 MW No. 1 CHILE 12% market share 1 6,351 MW inst. capacity Consolidated installed capacity: 14,735 MW Hydro: 3,456 MW Capacity including Brazil : 15,722 MW Thermal : 2,808 MW Consolidated energy sales 1H14: 26,877 GWh NCRE: 87 MW Consolidated energy sales 1H15: 29,795 GWh 32% market share 1 1 Calculated based on installed capacity 3 Endesa Chile Investor Presentation 1H15 USE: Public, Investor Relations
Well diversified generation assets throughout the region Coal: 872 MW Hydro: 8,840 MW Installed Capacity: 15,722 MW Colombia: Colombia: 2,615 MW Brazil 1 : 236 MW 87 665 MW Peru: 776 MW Chile: 636 MW HYDRO Chile: 3,456 MW 5,923 Argentina: COAL 8,840 1,328 MW OIL-GAS NCRE Oil-Gas: 5,923 MW NCRE 2 : 87 MW 872 Colombia: Brazil 1 : 208 MW 322 MW Peru: 56% of Endesa Chile ´ s installed capacity 896 MW corresponds to hydro resources Chile: Chile: 87 MW 2,173 MW 1 Brazilian assets are recognized as equity method investments. Argentina: 2,324 MW 2 Non Conventional Renewable Energy. 4 Endesa Chile Investor Presentation 1H15 USE: Public, Investor Relations
Diversified source of EBITDA Total Generation: Total Installed Capacity 1 : 25,259 GWh 14,735 MW Argentina Argentina 23% 25% Chile 35% Chile 43% Peru Peru 16% 11% EBITDA 1H15 Colombia Colombia US$ 744 million 26% 21% Argentina 5% Peru Chile 20% 31% Enel Brasil • Endesa Chile’s ownership: 37.1%. • Net Attributable Income 2 : US$ 38 million. Colombia 44% 1 Excludes the proportional assets of Enel Brasil (987 MW). 2 Considers the total contributions of Enel Brasil recognized by Endesa Chile as an equity method investment. 5 Endesa Chile Investor Presentation 1H15 USE: Public, Investor Relations
Balanced commercial policy Physical Sales as of June 2015: 29,795 GWh Chile Peru Argentina Colombia 5% 6% 10% 29% 18% 50% 52% 38% 76% 21% 95% Distribution Unregulated Spot Companies Customers Physical Sales as of June 2015 Gwh / Change 1 CHILE COLOMBIA PERU ARGENTINA TOTAL REGULATED 8,592 10% 4,025 12% 2,249 (12%) - 14,866 6% - 2,080 17% 1,646 1% 1,630 (4%) 314 5,670 1% Physical UNREGULATED (37%) Sales (GWh) SPOT 677 713% 2,355 8% 454 25% 5,772 9,260 27% 24% 11,349 17% 8,026 8% 4,333 (6%) 6,087 18% 29,795 11% Total 1 Compared with 1H14 6 Endesa Chile Investor Presentation 1H15 USE: Public, Investor Relations
Consolidated financial highlights US$ Mn 2 Ch$ million 1 1H15 1H14 Change 1H15 14% 2.087 Revenues 1,296,577 1,137,127 16% (1.125) Costs (698,801) (602,407) Contribution Margin 12% 962 597,776 534,720 EBITDA 462,624 422,582 9% 744 EBIT 8% 564 350,423 325,354 Net Financial Expenses 3% (134) (83,575) (81,459) Related Company Results (18%) 46 28,649 34,819 Taxes 26% (168) (104,223) (82,887) Net Income (10%) 315 195,606 218,154 90,571 92,737 (2%) 146 Attributable to shareholders of Endesa Chile 1 Under IFRS, Endesa Chile has adopted the Chilean Peso as functional currency, comparisons between periods have been only made using Ch$. 2 Referential average exchange rate was 621.41 Ch$/US$ as of June 30, 2015. 7 Endesa Chile Investor Presentation 1H15 USE: Public, Investor Relations
Revenue stability through long term contracts Energy contracts with established prices Chile – Contracted energy (TWh) Colombia – Contracted energy (TWh) Contrated energy Colombia (TWh) 24 12,0 20 10,0 16 8,0 12 6,0 8 4,0 4 2,0 0 0,0 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Futures Customers Regulated customers Futures Customers Regulated customers Free customers Optimal contracts Free customers Optimal contracts Peru – Contracted energy (TWh) Brazil – Contracted energy (TWh) Contrated energy Peru (TWh) 7,0 12 6,0 10 5,0 8 4,0 6 3,0 4 2,0 2 1,0 0,0 0 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Futures Customers Regulated customers Futures Customers Regulated customers Free customers Optimal contracts Free customers Optimal contracts 8 Endesa Chile Investor Presentation 1H15 USE: Public, Investor Relations
Healthy debt maturity profile • Debt reduction: Financial Debt Maturity 1 as of June 2015 US$ 850 MM • Cash: Total Debt: US$ 3,555 MM 2.500 1.964 US$ 95 MM 2.000 • Committed Credit Lines: 1.500 US$ 344 MM 1.000 553 • Non-Committed Credit Lines: 261 500 208 180 94 104 79 51 18 22 21 US$ 282 MM 0 • Average life of debt: < 1 year 1-2 years 2-3 years 3-4 years 4-5 years 5 years and beyond 7.1 year Bonds Banks and Other 1 Debt by Country (MM US$) Debt by Type 1 Debt by Currency 1 Peru Others UF + CLP 6% 3% 12% Bank Debt Other 11% Local Chile Currency Colombia 50% 42% 41% US$ 55% Bonds Argentina 77% 3% 9 Endesa Chile Investor Presentation 1H15 USE: Public, Investor Relations 1 Includes arrangements and other consolidation adjustments.
Consolidated Cash Flow Generation (US$ million) 1 1.200 1.000 513 (503) 800 42 (0) 600 (67) 400 542 (514) 200 81 3 95 0 Cash and Funds from Capex Funds from Other Loan Dividend Other Exchange Cash and equivalents operations assets investments payments payment financing rate effects equivalents Dec-14 disposal activities Jun-15 1. Referential average exchange rate was 621.41 Ch$/US$ as of June 30, 2015. Dividend payment considers cash outflows to Enersis and minorities ’ shareholders. 2. 3. Funds from assets disposal includes sale of Tunel El Melon and GasAtacama full consolidation. 10 Endesa Chile Investor Presentation 1H15 USE: Public, Investor Relations
Increasing electricity demand in LatAm Historic electricity demand growth (CAGR, last ten years) 210% 7.3% 190% Total Sales in GWh (%) 170% 4.3% 150% 3.5% 3.1% 130% 2.8% 110% 90% 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 Years CHILE COLOMBIA PERU BRAZIL ARGENTINA • Colombia includes 2010 and 2011 years in which serious flooding and heavy rainfall occurred, resulting in a demand reduction. • Peru includes the effect of government rural electrification plans. 11 Endesa Chile Investor Presentation 1H15 USE: Public, Investor Relations
Markets with high potential for growth Direct relation between GDP and electricity demand 18,000 Electricity consumption, per capita (Kwh per year) CANADA 16,000 FINLAND 14,000 UNITED STATES 12,000 AUSTRALIA 10,000 AUSTRIA 8,000 JAPAN FRANCE GERMANY RUSSIA 6,000 SPAIN UNITED KINGDOM ITALY GREECE 4,000 CHILE CHINA ARGENTINA BRAZIL MEXICO 2,000 PERU IRELAND INDIA COLOMBIA BOLIVIA 0 0 10,000 20,000 30,000 40,000 50,000 60,000 GDP per capita (current PPP, US$) Data source: The World Bank. • Chile aims to be in the group of developed countries. • There is no development without energy. 12 Endesa Chile Investor Presentation 1H15 USE: Public, Investor Relations
Historical evolution of Endesa Chile’s installed capacity (MW) 4% increase in installed capacity through projects under construction 14,735 15,284 1% 1% 13,845 GasAtacama 1% 781 MW*** 12,347 11,726 44% 42% 42% 32% El Quimbo 33% 400 MW Salaco Los Cóndores 145 MW*** 150 MW 6,002 33% 68% 57% 67% 57% 55% 67% * ** 1995 2000 2005 2010 June 2015 Under construction • Endesa Chile has more than doubled its installed capacity in the last 20 years. • A well diversified generation matrix incorporating all types of generation technologies (Coal, LNG and NCRE), providing a better position to cope with the hydrologic risk • El Quimbo is expected to be fully operating in the second half of 2015 increasing total consolidated installed capacity to 15,135 MW. * Includes acquisition of Emgesa and Edegel. ** Enel Brasil accounted under the equity method. *** Capacity added in 2014. 13 Endesa Chile Investor Presentation 1H15 USE: Public, Investor Relations
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