Endesa Chile IR Presentation As of March 31, 2014
Organization structure ITALY Committed Shareholders 92% SPAIN 61% ENERSIS Chilean Pension CHILE Funds 3%13% Institutional 3% Shareholders 60% 6% ADR Holders 60% 15% Minority Shareholders Other Institutional Shareholders CHILE PEHUENCHE, 93% CELTA, 96% PERU ARGENTINA BRAZIL COLOMBIA • ENDESA BRASIL, 39% AMPLA • COSTANERA, 76% COELCE • EMGESA, 27% • EDEGEL, 62% • EL CHOCÓN, 65% FORTALEZA CDSA CIEN 2
A unique portfolio in LatAm’s generation business COLOMBIA No. 2 2,956 MW inst. capacity BRAZIL Renewables: 2,512 MW Thermal : 444 MW 987 MW inst. capacity 20% market share 2 Renewables: 665 MW Thermal : 322 MW 1% market share 2 No. 1 PERU 1,539 MW inst. capacity Renewables: 750 MW Thermal : 789 MW ARGENTINA 20% market share 2 No. 2 3,652 MW inst. capacity Renewables: 1,328 MW CHILE No. 1 Thermal: 2,324 MW 5,571 MW inst. capacity 1 12% market share 2 Renewables: 3.456 MW Thermal : 2,028 MW NCRE: 87 MW Consolidated installed capacity : 13,717 MW 30% market share 2 Capacity including Brazil : 14,704 MW Consolidated energy sales 2012 : 58,621 GWh Consolidated energy sales 2013 : 57,754 GWh 1 From April 1, 2014, GasAtacama will be included in Chilean capacity (+780 MW) 3 2 Calculated based on installed capacity
Well diversified generation assets throughout the region Coal: 896 MV Renewables: 8,711 MW Installed Capacity Colombia: 2,512 MW Brazil 1 : Colombia: 665 MW 236 MW 87 Peru: 750 MW Chile: Chile: 660 MW RENEWABLES 3,456 MW 5,010 Argentina: 1,328 MW COAL 8,711 OIL-GAS NCRE Oil-Gas: 5,010 MW NCRE 2 : 87 MW 896 Colombia: Brazil 1 : 208 MW 322 MW Peru: 60% of Endesa Chile´s installed capacity 788 MW corresponds to renewable resources Chile: Chile: 87 MW 1,368 Argentina: MW 2,324 MW 1 Brazil assets are recognized as equity method investments. 2 Non Conventional Renewable Energy. 4
Consolidated financial highlights MM US$ 2 Ch$ million 1 1Q14 1Q13 Change 1Q14 Revenues 521 489 6% 943 Costs (283) (245) 15% (512) Contribution Margin 238 245 (3%) 432 EBITDA 184 196 (6%) 333 EBIT 136 148 (8%) 246 Net Financial Expenses (49) (35) 39% (88) Related Company Results 38 29 29% 68 Taxes (41) (35) 15% (74) Net Income 84 109 (23%) 153 Attributable to shareholders of Endesa 36 63 (43%) 65 Chile 1 Under IFRS, Endesa Chile has adopted the Chilean Peso as functional currency, comparisons between periods have been only made under Ch$. 2 Referential average exchange rate was 551.91 Ch$/US$ as of March 31, 2014. 5
Diversified source of EBITDA Total Generation 1 (TTM): Total Installed Capacity 1 : 49,827 GWh 13,717 MW Argentina Argentina 20% 27% Chile Chile 37% 41% Peru 17% Peru 11% Colombia Colombia EBITDA 1Q14 (TTM): 21% 26% US$ 1,751 million Argentina 6% Chile Peru 35% 17% Endesa Brasil • Endesa Chile’s ownership: 38.6%. • Net Attributable Income (TTM) 2 : US$ 186 million. Colombia 42% 1 Excludes the proportional assets from GasAtacama (390 MW) and Endesa Brasil (987 MW). 6 2 Considers the total contributions of Endesa Brasil recognized by Endesa Chile as an equity method investment.
Balanced commercial policy Physical Sales as of March 2014 Chile Peru Argentina Colombia 9% 13% 18% 31% 47% 36% 55% 82% 87% 22% Distribution Companies Free Customers Spot Physical Sales as of March 2013 Argentina Chile Peru Colombia 1% 13% 18% 24% 32% 49% 53% 34% 75% 82% 19% Distribution Companies Free Customers Spot 7
Revenue stability through long term contracts Energy contracts with established prices (GWh) Colombia – Contracted energy (GWh) Chile – Contracted energy (GWh) Peru – Contracted energy (GWh) Brazil – Contracted energy (GWh) Peru – Hired energy 8
Healthy debt maturity profile Financial Debt Maturity 1 as of March 2014 • Cash: 2,000 1,865 US$ million US$ 556 MM Total Debt: US$ 3,845 MM 1,800 1,600 • Commited Credit Lines: 1,400 US$ 485 MM 1,200 1,000 871 • Non-Commited Credit Lines: 800 US$ 345 MM 600 400 209 210 • Average life of debt: 174 115 123 89 200 76 69 19 25 0 6.7 years < 1 year 1-2 years 2-3 years 3-4 years 4-5 years 5 years and beyond Bonds Banks and Other Debt by Country (MM US$) Debt by Type Debt by Currency 1 1 1 Peru Others UF + CLP 7% 19% 16% Other Local Chile Currency 46% Bank Debt 43% 14% Colombia 42% Bonds 67% US$ 41% Argentina 5% 9 1 Includes arrangements and other consolidation adjustments.
Consistent consolidated cash flow generation (US$ million) 1 1,977 1,751 1,714 697 599 494 (233) (277) (300) (381) (414) (381) (538) (539) (590) EBITDA Net Financial Result Payments for Additions of Fixed Income Tax Free Cash Flow Assets 2012 2013 1Q 2014 TTM *Attributable to each period 1 Amounts translated into US$ at the average exchange rate for each period. 10 * For year 2012, jointly controlled companies are included
Increasing electricity demand in LatAm Historic electricity demand growth (CAGR, last ten years) 180% 5.6% 170% 160% 4.9% 150% Total Sales in GWh (%) 4.0% 140% 3.1% 130% 2.7% 120% 110% 100% 90% 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 Years CHILE COLOMBIA PERU BRAZIL ARGENTINA 11
Markets with high potential for growth Direct relation between GDP and electricity demand 18,000 CANADA Electricity consumption, per capita (Kwh per year) 16,000 FINLAND 14,000 UNITED STATES 12,000 AUSTRALIA 10,000 AUSTRIA JAPAN 8,000 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
Projects under construction Colombia El Quimbo • Hydro power plant. • Located in the Huila Department, Colombia • Utilizes stream coming from Magdalena River. • 400 MW of installed capacity. • Estimated load factor: 60%. • River detour in March 2012. 13
Projects under construction Colombia Salaco Chain (optimization) • Repowering the minor plants to reach 221 MW capacity. • Located in the Bogotá River system, Colombia • Optimization works started in January 2013. • 145 MW will be added to the capacity. • As of March 31, 2014, 2 repowered units have been commissioned, adding 42 MW of installed hydro capacity. 14
Investments recently approved Chile Los Cóndores • Hydro power plant, run of the river. • Located in San Clemente, in Maule region, Chile. • 150 MW of installed capacity. • Estimated load factor: 46% • FID 1 approved on March 31, 2014. Chile Gas Atacama • Thermal power plant, Gas - CCGT • Located in Mejillones, in Atacama region, Chile. • 780 MW of installed capacity. • Estimated load factor: 46% • FID 1 approved on March 31, 2014 to buy the 50% outstanding non controlling stake. 15 1 Final Investment Decision.
Expected evolution for Endesa Chile´s installed capacity 22% increase over March 2014 installed capacity through new projects Hydro plant Thermal plant 815 MW Curibamba - 188 MW Punta Alcalde - 740 MW Neltume - 490 MW Salaco- 145 MW Taltal - 120 MW Los Cóndores - 150 MW El Quimbo- 400 MW GasAtacama- 780 MW 13,717 13,717 13,717 13,717 March - 2014 Acquisition of Non- Under Construction In basic enginering Under study Controlling Interest • In March 2014, Endesa Chile’s Board of Directors approved the acquisition from Southern Cross of their 50% interest in GasAtacama, adding 780 MW of installed capacity from April 2014. 16
Projects under study Chile Punta Alcalde • Thermal, coal-steam power plant. • Located in Huasco, in the Atacama region (SIC), Chile. • 740 MW of installed capacity. • Estimated load factor: 83% • On Jan 17, 2014, the Supreme Court of Chile reaffirmed the approval of the EIS 1 , in line with the ruling of the Ministers Committee on Dec 3, 2012. Chile Taltal (Conversion) • Closure to upgrade the existing LNG power plant. Conversion to Combined Cycle. • Located in the Antofagasta region (SIC), Chile. • 120 MW will be added to the current 245 MW capacity. • EIS 2 submitted for approval in Dec 2013 17 1 Environmental Impact Study. 2 Environmental Impact Statement.
Projects under study Chile Neltume • Hydro power plant, run of the river. • Located in Panguipulli, in the Los Ríos Region (SIC). • 490 MW of installed capacity. • EIS 1 under review. Perú Curibamba • Hydro power plant, run of the river. • Located in the Junín Department, utilizes streams coming from the Comas and Uchubamba Rivers. • 188 MW of installed capacity. • EIS 1 approved. 18 1 Environmental Impact Study.
Projects under study Chile HidroAysén • Hydro power plants located in Aysén Region. • Endesa Chile owns 51% and Colbún 49%. • 2,750 MW of installed capacity • Estimated average load factor: 77%. • EIS 1 approved the generation plants (5). 1 Environmental Impact Study. 19
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