General Presentation Emgesa and Codensa General Presentation Emgesa and Codensa
Agenda Ownership structure of the companies in Colombia Main business lines and services Financial information and indicators 2 General Presentation Emgesa and Codensa
Enel and Endesa Worldwide Large integrated player in electricity and gas • 97,336 MW of installed capacity • Presence in 40 countries • Around 63 million clients • 40,099 MW of installed capacity • Presence in 10 countries • More than 25 million clients • 2,914 MW of installed capacity • 10 hydro and 2 thermo plants • 2.6 million clients in distribution in Bogota, Cundinamarca, Boyaca and Tolima 3 General Presentation Emgesa and Codensa
Ownership structure of Emgesa and Codensa Composición Accionaria Emgesa Codensa • Enel owns 92.1% of Endesa S.A . • Enel owns 92.1% of Endesa S.A . Endesa (through Cono Sur • • Endesa (through Cono Sur Participaciones, Enersis and Participaciones, Endesa Chile and Enel Energy Europe S.R.L(Italy) Enel Energy Europe S.R.L(Italy) Chilectra ) owns 48.5% of the capital Enersis) owns 48.5% of the capital 92.1% 92.1% stock of Codensa and controls the stock of Emgesa and controls the company as it owns 57.14% of the company as it owns 56.4% of the voting voting shares.. shares. Endesa S.A. (Spain) Endesa S.A. (Spain) • The EEB owns 51.5% of the capital 100% The EEB owns 51.5% of the capital 100% • stock of Emgesa but only 42.8% are stock of Emgesa but only 43.6% are voting shares. voting shares. Latin America Latin America • Important participation in EEC since Endesa Latam (Spain) Endesa Latam (Spain) 2009, through DECSA along with the 100% 100% 60.6% EEB. 60.6% Cono Sur Participaciones S.L. Cono Sur Participaciones S.L. Endesa Latam (Spain) Endesa Latam (Spain) Enersis S.A. (Chile) Enersis S.A. (Chile) 99.08% 21.6% 26.6% 60% 12.5% Empresa Nacional de Other minority Empresa de Energía Empresa de Energía Other minority Electricidad S.A. (Chile) shareholders de Bogotá de Bogotá shareholders 26.9% 9.35% Economic: Economic: Economic: Economic: 0.005% Economic: 0.02% Economic: 26,9% Economic: 21.6% Economic: 51.5% Economic: 51.5% 9.35% 12.5% 26.6% Voting: 0.006% Voting: 0.024% Voting: 31.3% Voting: 25.1% Voting: 43.6% Voting: 42.8% Voting: Voting: Voting: 11.02% Economic Power: 48.5% 14.7% Endesa Group 31.4% Economic Power : 48.5% Voting Power: 56.4% Endesa Group Voting Power: 57.14% 51% 49% 82.3% 4 DECSA General Presentation Emgesa and Codensa
Colombia for the Endesa Group Latam and Colombia: Relevant assets with growing participation within the Endesa Group EBITDA Endesa 1Q 2013 € 1,7 Bn € 711 Spain, Portugal MM Latin America € 971 and others 42% MM 58% Latam Distribution EBITDA Latam Generation EBITDA € 329 MM € 371 MM Chile Brazil Colombia 20% 13% 40% Colombia #1 in LATAM Brazil 33% 43% #2 in LATAM Chile In 1Q2013 Colombia was the first 26% EBITDA contributor in LATAM (40% vs. 38% in 1Q12) and represented 16% (vs. 14% in Argentina Peru Peru 4% Argentina 1Q12) of the consolidated EBITDA 11% 17% -9% of the Endesa Group Additional revenues from electricity transmition in LATAM for € 20MM 5 5 General Presentation Emgesa and Codensa
Agenda Ownership structure of the companies in Colombia Main business lines and services Financial information and indicators 6 General Presentation Emgesa and Codensa
Who is Emgesa? Strategic asset in the generation sector in Colombia Market Share in Installed Capacity (%) Gecelca Isagen 8% 16% Emgesa EPSA 19% NIS (1) Total 7% 14.764 MW Chivor 7% EPM Others 22% 2nd largest energy generation 21% and commercialization company in Colombia, measured by Market Share in Generation (%) 19.5% Isagen installed capacity and 18% Gecelca Emgesa 11% 20% NIS (1) Total 20% 15.051 MW total generation, with 3,041 GWh EPSA 6% generated in 1Q2013 EPM Chivor Others 22% 5% 18% (1) NIS: National Interconnected System Source: XM. 7 General Presentation Emgesa and Codensa As of March 30, 2013
Emgesa’s Generation Assets Diversified generation portfolio of assets located in three different river basins Hydroelectric= 2,471 MW (85%) (includes minor plants) Guavio Betania 1,213 MW 541 MW Pagua Paraíso La Guaca 277 MW 325 MW Minor Plants El Charquito Tequendama 20 MW 20 MW Limonar La Junca 18 MW 20 MW Gross La Tinta San Antonio Installed 20 MW 20 MW Capacity Under construction 2,914 MW* El Quimbo 400 MW Thermo= 444 MW (15%) Termozipa Cartagena 236 MW 208 MW *As of March 30, 2013 8 General Presentation Emgesa and Codensa
Emgesa’s Client Base Optimal mix of sales through contracts to the wholesale and the unregulated markets Wholesale Market Clients Unregulated Market Clients (% of sales to the wholesale market in GWh in 1Q2013) (% of sales to the unregulated market in GWh in 1Q2013) CENS OTHERS HUILA 1.4% 0.3% 1.0% CAQUETA CARREFOUR 2.6% 5.5% CEMEX EEPPM 4.6% EEC 2.9% 4.0% EAAB 4.4% EBSA 4.0% ECOPETROL TOLIMA CODENSA S.A. 3.1% 5.9% E.S.P. ELIOT 50.9% 2.7% OTHERS ALPINA 2.5% 75.0% ZONA EEPPM FRANCA 10,1% BOGOTÀ 2.2% Sales to the Unregulated Market: 721 GWh Monthly average of 758 commercial frontiers served Sales to the Wholesale Market: 1.901 GWh 13,7% of the total of this market More than 14 clients in this market Sales through contracts (68% of total) and in the spot market (32%of total) Attention to large distribution companies and large industrial clients Commercial and operational synergies between Emgesa and Codensa, at market levels, as large players in the generation and distribution businesses in Colombia 9 General Presentation Emgesa and Codensa
Who is Codensa? Leading company in the energy distribution and commercialization business in Colombia Market Share of National Demand (%) National Demand (1) CODENSA Rest of 24% 14.687 MW the Country 76% 1st electricity distribution and commercialization company in Colombia Client Base Evolution 24% CAGR 10-12: 2.1% 2,88 of national energy demand 2,84 2,74 2,67 0,26 0,26 0,25 0,24 Million of Clients 22% 2,62 of regulated national demand 2,59 2,50 2,43 2010 2011 2012 1T2013 Codensa EEC (1) Source: XM. As of March 30, 2013 10 General Presentation Emgesa and Codensa
Codensa’s Distribution Assets Wide extension of the medium and low tension networks in Bogota and Cundinamarca Aerial Transmition Tension 115 Kv : 1.131 Km Lines Tension 57.5 Kv: 116 Km 122 Power Substations and Subestations 66.331 Distribution Centers High tension : 231 units - 8.875 MVA Power transformers Medium tension: 98 units - 382 MVA Distribution 67.155 Units - 8.428 MVA transformers Medium Tension Urban 757 - 9.339 Km Feeders Rural 171 - 10.374 Km Medium Tension Aerial 16.576 Km Network Underground 3.136 Km Aerial 24.838 Km Low Tension Network Underground 2.621 Km *Con corte a marzo 30 de 2013 11 General Presentation Emgesa and Codensa
Codensa’s Commercial Policy Active strategies to hedge prices of energy demand from the regulated market Main Suppliers of Energy for Codensa Codensa’s Client Base January-March, 2013 January – March 2013 (% of purchases in terms of GWh) (% of purchases in terms of GWh) 2% 4% 6% Others Celsia Epsa 8% Commercial Genarco 27% 52% Emgesa 13% Residential Industrial Isagen S.A. 56% 207 Government 10% EPM 58 Public Lightning 5% 64 Chivor Energy Purchases: 1.870 GWh Energy Sales to Regulated Market: 1.930 GWh During 1Q2013 Codensa purchased 972 GWh to Emgesa, in contracts allocated through auctions at market conditions. High hedging level through contracts: 91% (2013), 90% (2014), 78% (2015) and 40% (2016) Commercial policy aims to increase hedging of energy demand through long term contracts to guarantee efficient and stable tariffs to the regulated market reducing the exposition of clients to changes in the spot price 12 12 General Presentation Emgesa and Codensa
Agenda Ownership structure of the companies in Colombia Main business lines and services Financial information and indicators 13 General Presentation Emgesa and Codensa
Emgesa’s Financial Results Commercial policy’s effectiveness proven in financial results Sales Composition Financial Results and Margins 1Q 2013 (%) (Million USD) 1.4 70.0% $ 1,213 UM 60.0% 64.4% 60.2% 63.5% Contracts Spot 50.0% 15% 34% .9 $ 781 40.0% 33.8% 36.5% 35.4% 30.0% $ 317 .4 $ 277 $ 443 20.0% $ 191 $ 176 Contracts $ 98 Reliability 10.0% $ 107 38% Payments Fixed / 13% -.1 0.0% 2012 1Q2012 1Q2013 Predictable Revenues Revenues EBITDA Net Income EBITDA Margin Net Margin * EBITDA is calculated by adding back the depreciation and amortization (included in cost of sales and administrative expenses) to operating income. +11.5% net income, +10.6% EBITDA and +16.8% operational revenues (QoQ) Increase in the commercialization activity in the spot market to compensate for lower generation due to drier conditions during 1Q 2013. This led to positive results for operational revenues profiting from higher energy prices Although higher thermo generation resulted in a 26% increase in cost of sales, the commercial policy proved correct to reduce volatility of operational margin 14 General Presentation Emgesa and Codensa
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