25 | 04 | 2012 enersis 1Q 2012 results
Enersis consolidated results 1Q 2012 Highlights in 1Q 2012 Enersis increased its operating revenues, despite the adverse conditions, such as the drought in Chile. Even with the drought in Chile and the Argentinean situation, EBITDA increased by 14.4% due to better performance in, Colombia, Brazil and Peru. Distribution: improvement in Colombia, Brazil, Chile and Peru, with an average growth in electricity demand of 5.7% in our concession areas. Generation: operating revenues fell 1.0% due to lower average energy sales prices, partially offset by higher physical sales volume. 2
Enersis consolidated results 1Q 2012 Key physical data and EBITDA structure Physical data (GWh) 1Q 2012 Chile Brazil Peru Colombia Argentina TOTAL ENERSIS 4,875 31 Other 14,093 3,073 2,111 Thermal 31 128 2,896 5,621 5,156 2,273 18,251 4,536 Hydro 975 2,352 3,564 3,261 2,945 8,441 946 2,733 84 1,735 Generation Electricity Sales 892 1,327 544 (Gx) (Dx) Generation Electricity Sales Generation Electricity Sales Generation Electricity Sales Generation Electricity Sales Generation Electricity Sales (Gx) (Dx) (Gx) (Dx) (Gx) (Dx) (Gx) (Dx) (Gx) (Dx) Var% Over 1Q 2011 0.0% 6.8% 75.1% 6.5% -2.8% 6.3% 12.0% 4.8% 2.1% 4.4% 5.6% 5.7% EBITDA Composition 1Q 2012 Chile Brazil Peru Colombia Argentina TOTAL ENERSIS 55.3% 26.5% 62.3% 52.7% 396.8% 46.3% Generation 44.7% 73.5% 37.7% 47.3% -296.8% 53.7% Distribution 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% Ch$ Million Ch$ Million Ch$ Million Ch$ Million Ch$ Million Ch$ Million 95,803 -36.9% 174,511 27.1% 59,655 10.0% 165,319 125.0% 1,738 -90.1% 497,025 14.4% 3
Enersis consolidated results 1Q 2012 Demand evolution and spot prices Latam countries where Enersis operates showed an average growth weighted by TWh +6.5%¹ weighted average 6.5% Average spot prices 2 200 198 Average Spot Prices -0.9% 41 49 47 30 25 28 22 20 87.5% 26.5% -5.4% -7.6% 1Q 2011 1Q 2012 1Q 2011 1Q 2012 1Q 2011 1Q 2012 1Q 2011 1Q 2012 1Q 2011 1Q 2012 Chile-SIC (US$/MWh) Brazil (US$/MWh) Peru (US$/MWh) Colombia (US$/MWh) Argentina (US$/MWh) ¹ Not adjusted. Chile correspond to SIC + SING; Brazilian average spot prices, reflect only the price of South East Middle West sub-system, where we operate 4
Enersis consolidated results 1Q 2012 Income Statement 1 Th US$ 1Q 2012 1Q 2011 Change Ch$ Million 1Q 2012 (*) Revenues 1,644,117 1,575,569 4.4% 3,361,928 Gross Margin 718,696 702,524 2.3% 1,469,606 EBITDA 497,025 434,360 14.4% 1,016,328 Operating Income 376,538 350,715 7.4% 769,952 Financial Expenses -117,766 -108,203 -8.8% -240,810 Net Income 231,099 181,340 27.4% 472,556 100,661 95,851 5.0% 205,834 Net Income Attibutable to Controlling Shareholders Best performers in terms of EBITDA: Colombian companies, distribution and transmission in Brazil, Edelnor in Peru and Chilectra in Chile. Underperformers: Endesa Chile (in Chile) and Argentinean companies. 1 Since under IFRS, Enersis has adopted the Chilean Peso as the functional currency, comparisons between periods have been only made under Ch$. Referential exchange rates: 489.04 CLP/USD 5
Enersis consolidated results 1Q 2012 Gross margin¹ +14.3% 702,524 718,696 -8.5% Ch$ Million 1Q 2011 Generation Business Distribution Business 1Q 2012 CHI: Lower operating revenues, with higher transportation cost and fuel COL: Higher energy sales income due to an increase in demand, and consumption due to severe drought. higher average sales sales prices. ARG: lower average energy sales prices. BRA: Stronger demand in Coelce and higher average energy sale price. COL: Higher sales, partially offset by higher fuel consumption. CHI: Better sales margin and higher physical sales due to higher demand. PER: Increase in average energy sales price and an increase in physical sales. PER: Higher physical sales explained by Peruvian economic conditions BRA: Higher phisical sales, and the recognition of CIEN as regulatory ARG: Higher energy purchases partially offset by higher demand and asset, besides of lower energy purchases costs. physical sales. • Gx: Higher costs related to transportation cost in Chile; lower average energy sales prices in Argentina, compensated by lower fuel consumption and stronger demand in Peru, Colombia and Brazil • Dx: The growth of demand in our concession areas are in line with the economics conditions showed in the period. 6 ¹ Generation + Distribution may differ from Enersis’ EBITDA due to consolidation adjustments
Enersis consolidated results 1Q 2012 EBITDA in Generation and Distribution¹ Generation Distribution Ch$ Million 267,165 231,710 230,587 7,243 14,999 -0.5% 205,985 29.7% 78,253 Argentina 36,395 2,518 87,060 37,204 32,174 22,527 Colombia 22,042 32,517 Peru 37,175 129,204 106,978 46,510 Brazil 115,625 Chile 52,598 42,598 37,244 -5,418 1Q 2011 1Q 2012 1Q 2011 1Q 2012 Unit Unit -13.7% 8.2% 23.9 Th CLP / MWh 20.6 Th CLP / MWh 21.4 Th CLP / MWh 23.2 Th CLP / MWh margin margin Chile: Lower sales, higher transportation cost and fuel Colombia: positive impact from the one-time effect of worth consumption, linked to the drought experienced in the tax reform accounted last period. country. Chile: Better sales margin and higher physical sales . Argentina: lower average energy sales prices and Peru: Higher physical sales due to better economics employee benefits. condition of the country. Colombia: positive impact from the one-time effect of worth Brazil: Higher demand in Coelce and average energy sales tax reform accounted last period. prices in Coelce. Peru: Higher revenues due to higher average energy sales prices and physical sales. Argentina: Lower sales margin and higher employee Brazil: Recognition of CIEN as regulatory asset, as well as benefits. lower energy purchases and other costs in Fortaleza. 7 ¹ Generation + Distribution may differ from Enersis’ EBITDA due to consolidation adjustments
Enersis consolidated results 1Q 2012 Commercial policy and sales strategy Latin America (% estimated output hedged) 75.7% 62.4% Contracting level in Latin America that optimizes margin and risk exposure 34% of the generation 2012 2013 sold through contracts > Year 2012 Chile Peru Brazil Colombia Argentina 5 yrs and 21% through Total auctioned energy 13,027 6,831 3,858 8,662 0 contracts > 10 yrs Average Price US$/MWh 88.6 53.1 89.9 73.9 0 • Effective policy to manage hydrological volatility risk • Successful bidding and pricing policy for regulated and non regulated clients • Fuel acquisition policies have been built considering global energy management optimization • Stability of future margins, despite market volatility 8
Enersis consolidated results 1Q 2012 Commercial Policy Total Generation Sales 1Q2012 25% 49% 26% Chile Colombia Brazil Argentina Peru 1% 8% 27% 17% 18% 32% 54% 28% 53% 67% 64% 20% 82% 29% Regulated Sales Unregulated sales Spot Sales Chile Brazil Peru Colombia Argentina Total Var. v/s Var. v/s Var. v/s Var. v/s Var. v/s Var. v/s GWh 1Q 2012 1Q 2012 1Q 2012 1Q 2012 1Q 2012 1Q 2012 1Q 2011 1Q 2011 1Q 2011 1Q 2011 1Q 2011 1Q 2011 Regulated sales 1.7% 0.4% -1.6% 13.8% - 3.6% 3,451 962 1,546 1,975 0 7,935 Unregulated sales 1,675 1.4% 526 9.6% 693 13.8% 745 6.6% 548 1.8% 4,186 5.2% Spot sales 65 -47.4% 295 381.4% 200 -5.3% 1,017 -15.0% 2,517 3.1% 4,094 1.5% Total sales 0.4% 18.9% 2.0% 2.9% 2.8% 3.5% 5,191 1,782 2,439 3,737 3,066 16,215 9
Enersis consolidated results 1Q 2012 Efficiency Program Enersis’ Synergy Plan Enersis’ Zenith Plan (M € ) 144 (M € ) 70 Synergies to achieve 104 Zenith to achieve 49 100% 100% 100% 100% Capex 1% Others: 1% 0. 25 0 Generation Generation 24% Opex Opex 25% Zenith Plan 41% Synergies 94% achived in achived in Distribution 1Q2012 Distribution Margen 74% 15. 65 21 58% 40 76% Margen 6% 1. 166 Synergy Plan 2012 Breakdown by nature Breakdown by area in Synergy Plan 2012 Breakdown by nature Breakdown by area in in 2012 2012 in 2012 2012 • Target 2012 € 214 million • Efficiencies, achieving 28% of annual target 10
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