Slide 1: Enersis FY 2013 results
10 | 02 | 2014 enersis FY 2013 results
Slide 2: Highlights
consolidated results FY 2013 Highlights Net income attributable to shareholders increased by 75% to US$ 1.3 bn and represents about 60% of total net income (vs. 42% last year) Notwithstanding a 50% increase in shares issued as a result of the 2013 capital increase, earnings per share rose by 16.1% i
Slide 3: Business context in FY 2013
consolidated results FY 2013 Business context in FY 2013 Sales to final clients (%) Generation Output (TWh) +3.0%(1,2) +4.7%(3) +2.9%(1) 19.4 5.9% 19.2 4.4% 4.4% 14.4 13.3 12.7 3.5% 3.2% 11.2 2.6% 2.5% 2.7% 8.6 8.5 1.3% 5.2 5.0 1.0% Enersis - Investor Relations Chile Colombia Brazil Peru Argentina C
Slide 4: Financial highlights
consolidated results FY 2013 Financial highlights FY 2013 (1) FY 2013 FY 2012 Change Ch$ Million Mn US$ Revenues 6,264,446 6,495,953 -3.6% 12,651 Costs -4,012,956 -4,548,094 -11.8% -8,104 Enersis - Investor Relations EBITDA 2,251,489 1,947,859 15.6% 4,547 EBIT 1,741,138 1,470,763 18.4% 3,516 Net inc
Slide 5: From EBIT to net income
consolidated results FY 2013 From EBIT to net income FY 2013 (1) FY 2013 FY 2012 Change Ch$ Million Mn US$ EBIT 1,741,138 1,470,763 18.4% 3,516 Net Financial Expense -168,029 -216,642 -22.4% -339 Interest Expense -388,368 -419,889 -7.5% -784 Enersis - Investor Relations Other 220,339 203,247 8.4% 44
Slide 6: Regulation update (I)
consolidated results FY 2013 Regulation update (I) 20-2025 non-conventional renewable energy (NCRE) Law: Law 20,698 published on October 22th, 2013 20-2025 targets to be gradually applied for new supply contracts signed since July 2013 Government reserves the right to hold an auction if targ
Slide 7: Regulation update (II)
consolidated results FY 2013 Regulation update (II) Codensa tariffs review: Colombia 2014-2018 tariffs review process ongoing New tariffs expected to be published during 4Q 2014 and to be effective since 2015 Enersis - Investor Relations Edelnor tariff review: 1.2% VAD increase according t
Slide 8: EBITDA evolution LatAm
consolidated results FY 2013 EBITDA evolution LatAm +15.6% 2,251,489 Ch$ Million 214,714 -4,588 -61,215 (Weight) 42,467 1,947,859 102,318 -22,289 37,090 201,333 (9%) (12%) 275,969 (12%) 234,723 Enersis - Investor Relations FX 562,506 (25%) 634,525 (33%) Other Argentina Peru 704,524 680,935 (35%) Bra
Slide 9: EBITDA - Chile evolution
consolidated results FY 2013 EBITDA - Chile evolution +23.9% (1) Ch$ Million 95,263 7,055 531,092 428,773 175,781 Enersis - Investor Relations Dx 168,726 Gx 260,047 355,311 FY 2012 Generation Distribution FY 2013 1 Figures differ from data published in financial statements (“Nota Segmentos”) due to
Slide 10: EBITDA – Brazil evolution
consolidated results FY 2013 EBITDA – Brazil evolution -11.3% (1) Ch$ Million -3.5% 634,525 612,236 562,506 Enersis - Investor Relations -4,954 -17,335 -49,729 Dx 423,695 406,360 373,154 Gx (2) 210,830 205,876 189,353 FY2012 Generation Distribution FY2013 FX FY2013 excluding FX 1 Figures differ from
Slide 11: EBITDA – Colombia evolution
consolidated results FY 2013 EBITDA – Colombia evolution +3.5% (1) Ch$ Million +5.4% 32,873 4,217 718,025 704,524 680,935 -13,502 Enersis - Investor Relations 308,993 Dx 304,776 302,950 409,032 Gx 376,159 401,574 FY 2012 Generation Distribution FY2013 Excluding FX FY 2013 FX 1 Figures differ from da
Slide 12: EBITDA – Peru evolution
consolidated results FY 2013 EBITDA – Peru evolution +17.6% (1) Ch$ Million +18.1% 14,527 277,190 275,969 27,940 -1,221 Enersis - Investor Relations 234,723 109,413 108,919 Dx 94,886 167,777 167,049 Gx 139,837 FY 2012 Generation Distribution FY2013 Excluding FX FY 2013 FX 1 Figures differ from data
Slide 13: EBITDA – Argentina evolution
consolidated results FY 2013 EBITDA – Argentina evolution Positive (1) Ch$ Million 169,333 198,895 2,438 201,333 Enersis - Investor Relations 136,844 Dx 45,381 64,489 Gx -15,819 FY 2012 Generation Distribution FY2013 FX FY 2013 Excluding FX 1 Figures differ from data published in financial statement
Slide 14: A solid financial position
consolidated results FY 2013 A solid financial position Cash flow YTD Ch$ Million 1,700,976 -767.370 Enersis - Investor Relations -472.964 -138.407 322,234 1 Cash flow from Capex (net) Dividend (net) Interest (net) Cash flow available operations from operations Dividend considers cash outflow to Ene
Slide 15: Enersis capital increase finished successfully in 2013
consolidated results FY 2013 Enersis capital increase finished successfully in 2013 92% Rationale for the proposed transaction Endesa, S.A. Total capital increase US$ 6.0 bn: 100% 12 60.6% US$3.6 bn in assets and US$ 2.4 bn in Endesa LATAM Enersis cash Stakes held directly by ELA Enersis holdings th
Slide 16: Conosur assets are adding an important increase in net income
consolidated results FY 2013 Conosur assets are adding an important increase in net income Ownership Enersis Incremental EPS 2013 vs 2012 (Ch$ per share) Pre-txn% Post-txn 54.3% 82.8% Brazil 70.2% 91.3% 13.4 Inv. 70.2% 91.3% 11.6 16.1% 37.7% Colombia 21.7% 48.4% Enersis - Investor Relations 57.5% 75
Slide 17: OPA Coelce (I)
consolidated results FY 2013 OPA Coelce (I) Acquirer Enersis S.A. Target Companhia Energética do Ceará - COELCE Offer Type Voluntary tender offer for the acquisition of ordinary, preferred class A and preferred class B shares of Coelce R$49.00 per share for ordinary, preferred class A and pr
Slide 18: OPA Coelce (II)
consolidated results FY 2013 OPA Coelce (II) In line with the capital increase strategy, increasing our economic interest in Brazil Use of funds rationale Enersis’ capital increase to be invested in: I Minority Buy-out in selected participations II Selected M&A opportunities in the Latin American
Slide 19: Final remarks
consolidated results FY 2013 Final remarks In generation, the company has been able to face adverse weather conditions through a more efficient and diversified generation mix In distribution, our geographical diversification, infrastructure, segment of Enersis - Investor Relations additional service
Slide 20: annexes
annexes
Slide 21: Operational annexes FY 2013: Production mix
Operational annexes FY 2013 Production mix (TWh) LatAm Chile Colombia +4.7% +1.3% -3.8% 57,405 60,089 19,194 19,438 13,251 12,748 0.4% 0.3% 1.1% 0.9% 3.0% 4.6% 7.4% 6.8% 11.8% 18.5% 1.5% 0.7% 35.0% 40.9% 30.9% 29.9% 95.5% 92.4% 60.0% 56.3% 51.3% 50.7% Enersis - Investor Relations FY 2012 FY 2013 FY
Slide 22: Net installed capacity by source and location
Operational annexes FY 2013 FY 2013 Net installed capacity: Breakdown by source and location MW Hydro Oil-Gas Coal NCRE Total Chile 3,456 1,392 636 87 5,571 Colombia 2,482 208 236 0 2,925 Enersis - Investor Relations Peru 746 1,096 0 0 1,842 Brazil 665 322 0 0 987 Argentina 1,328 3,194 0 0 4,522 Tot
Slide 23: Total net production by source and location
Operational annexes FY 2013 FY 2013 total net production: breakdown by source and location MWh Hydro Oil-Gas Coal NCRE Total Chile 9,851 5,804 3,601 183 19,438 Colombia 11,784 91 873 0 12,748 Enersis - Investor Relations Peru 4,474 4,014 0 0 8,489 Brazil 2,404 2,588 0 0 4,992 Argentina 2,317 12,105
Slide 24: EBITDA: generation/distribution businesses
Operational annexes FY 2013 EBITDA: generation/distribution businesses FY 2013 EBITDA: US$ 4,547Mn1 48.1% Enersis - Investor Relations 51.9% Generation Distribution 1 The average exchange rate for the period January – December 2013 was 495.18 CLP/USD. 24
Slide 25: EBITDA: reconciliation of FX effect
Operational annexes FY 2013 EBITDA: reconciliation of FX effect FY 2012 Chile Brazil Colombia Peru Argentina Total Financial Statements Generación 258,553 207,207 376,127 139,991 29,093 1,010,971 Distribución 167,222 421,575 304,776 94,895 -38,393 950,076 Total 425,775 628,782 680,903 234,886 -9,300
Slide 26: EBIT by business
Operational annexes FY 2013 EBIT by business +18.9% 1,483,626 1,763,983 Enersis - Investor Relations Ch$ Million 47% 46% 53% 54% FY 2012 FY 2013 Generation Distribution EBIT by business does not include holding companies or services 26
Slide 27: CAPEX by business
Operational annexes FY 2013 CAPEX by business FY 2013: Ch$ Million 767,370 +8.6% Enersis - Investor Relations 59.7% 1,483,626 1,763,983 47% 40.3% 46% 53% 54% FY 2012 FY 2013 Generation Distribution 27
Slide 28: Balance Sheet
Operational annexes FY 2013 Balance Sheet FY 2013 FY 2013 FY 2012 Change Ch$ Million Mn US$ Net Debt 1,338,757 2,576,515 -48.0% 2,552 Shareholder's equity 6,168,554 3,893,799 58.4% 11,758 Enersis - Investor Relations Net capital employed 7,507,312 6,470,313 16.0% 14,310 The exchange rate as of Decem
Slide 29: Financial debt
Operational annexes FY 2013 Financial debt Average cost of gross debt Average residual maturity (years) 9.6% 5.5 5.5 8.6% 8.1% 5.3 2011 2012 FY 2013 2011 2012 FY 2013 Enersis - Investor Relations (1) Net debt (CLP$ MM) Fixed + hedged / Total gross debt 2,723,516 2,576,515 1,338,757 42% 43% 40% 2011
Slide 30: Liquidity analysis
Operational annexes FY 2013 Liquidity analysis Amount Outstanding Available US$ Million Committed credit lines 757 0 757 (1) Cash and cash equivalents 4,495 n.a. 4,495 Enersis - Investor Relations Uncommitted lines 926 0 925 Total liquidity 6,178 0 6,178 1 Cash and cash equivalents considers in addi
Slide 31: Debt structure
Operational annexes FY 2013 Debt structure Average debt maturity: 5.5 years Average cost of gross debt: 8.1% Fixed+Hedged/ Total gross debt: 40% Rating: Standard & Poor’s(1): BBB+ / AA, Stable Enersis - Investor Relations Moody’s: BBB+, Stable Fitch Ratings(1): Baa2 / AA, Stable Dec. 2
Slide 32: Disclaimer
Disclaimer This presentation contains statements that could constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements appear in a number of places in this announcement and include statements regarding the intent, belief or curr
Slide 33: Contact us
Contact us Investor Relations Team (ir@enersis.cl) • Pedro Cañamero +56 2 2353 4434 • Denisse Labarca +56 2 2353 4576 • Nicolás Donoso +56 2 2353 4492 • Jorge Velis +56 2 2353 4552 • Carmen Poblete +56 2 2353 4447 • María Luz Muñoz +56 2 2353 4682 Visit our website at: www.enersis.cl (Investor Relat