Slide 1: Endesa Chile 9M2011 Results
Endesa Chile 9M2011 Results
Slide 2: Highlights in 9M2011
Endesa Chile consolidated results 9M2011 Highlights in 9M2011 Growth in electricity demand (+3,7%) in the region Growth in sales volumes (+2.0%) primarily in Peru and Argentina Growth in energy purchases (+13.6%) primarily in Chile Growth in fuel costs (+4.7%) primarily in Argentina One-off net wort
Slide 3: Results affected by the drought in Chile and taxes in Colombia
Endesa Chile consolidated results 9M2011 Results affected by the drought in Chile and taxes in Colombia Million US$ 9M 2010 9M 2011 Change Th US$* 9M2011 Revenues 3,899 3,803 -2.4% 3,803,056 Gross margin 1,925 1,742 -9.5% 1,741,759 EBITDA 1,660 1,401 -15.6% 1,400,686 EBIT 1,341 1,119 -16.6% 1,118,71
Slide 4: EBITDA Generation
Endesa Chile consolidated results 9M2011 EBITDA Generation Total Installed Capacity: 13,845 MW Total Generation (TTM) : 52,163 GWh Argentina Argentina 26% 22% Chile Chile 41% 39% Peru Peru 17% 12% Colombia EBITDA September 2011 (TTM) : Colombia 21% US$ 1,997 million 22% Argentina 5% Peru 14% Chile C
Slide 5: Conservative Commercial Policy
Endesa Chile consolidated results 9M2011 Conservative Commercial Policy Physical Sales as of September 2010 Chile Colombia Peru Argentina 7% 12% 19% 27% 29% 64% 56% 65% 23% 81% 17% Regulated Unregulated Spot Physical Sales as of September 2011 Chile Colombia Peru Argentina 4% 8% 17% 29% 32% 51% 27%
Slide 6: Strong Financial Position
Endesa Chile consolidated results 9M2011 Strong Financial Position (Million US$) 9M10 9M11 Change Change % Gross Debt 3,917 4,005 88 2.2% Cash 702 540.0 (116) -43.6% Net Debt 3,214 3,465 277 10.4% Leverage (x) 0.94 0.93 (0.01) -1.1% Financial Expenses Coverage (x) 7.9 6.0 (1.90) -24.1% * EBITDA / (F
Slide 7: Analysis by country – Argentina
Endesa Chile consolidated results 9M2011 Analysis by country – Argentina Installed Capacity: 3,652 MW Market Share: 13% EL CHOCON Hydro El Chocón: 1,328 MW 1,328 MW Million US$ 9M 2010 9M 2011 Change Revenues 96 73 -23.5% CIEN Line EBITDA 61 39 -35.5% (2x1.050 MW) Interconnection EBITDA Margin 63.
Slide 8: Analysis by country – Colombia
Endesa Chile consolidated results 9M2011 Analysis by country – Colombia Installed Capacity: 2,914 MW Market Share: 20% EMGESA Cartagena Guavio: 1.213 MW Betania: 541 MW 85% Hydro 2,471 MW Río Bogotá: 717 MW Cartagena: 208 MW Bogota 15% Thermal Termozipa: 236 MW 444 MW Million US$ 9M 2010 9M 2011 Cha
Slide 9: Analysis by country – Peru
Endesa Chile consolidated results 9M2011 Analysis by country – Peru Installed Capacity: 1,668 MW Market Share: 26% EDEGEL Cuenca Río Rímac: 553 MW Hydro Yanango: 43 MW 747 MW Chimay: 151 MW Ventanilla: 492 MW Thermal Santa Rosa: 429 MW 921 MW Lima: Million US$ 9M 2010 9M 2011 Change • Edegel (Gx) Re
Slide 10: Analysis by country – Chile
Endesa Chile consolidated results 9M2011 Analysis by country – Chile Installed Capacity: 5,611 MW Market Share: 34% ENDESA CHILE Tarapacá Los Molles: 18 MW Rapel-Sauzal: 466 MW Hydro D. Almagro–Taltal Maule: 884 MW Laja: 940 MW 3,465 MW Huasco Ralco-Pangue: 1,157 MW Los Molles Tarapacá-G.Atacama: 57
Slide 11: Analysis by country - Brazil
Endesa Chile consolidated results 9M2011 Analysis by country - Brazil Installed Capacity: 987 MW Market Share: 1% CACHOEIRA Fortaleza Cachoeira: 665 MW Hydro 665 MW Cachoeira Million US$ 9M 2010 9M 2011 Change Revenues 183 191 4.4% Rio de Janeiro EBITDA 131 141 7.2% EBITDA Margin 71.8% 73.8% 2.7% Ph
Slide 12: Projects Under Construction
Endesa Chile consolidated results 9M2011 Projects Under Construction BOCAMINA II Location: Next to the existing coal-fired plant Bocamina I in Bío-Bío Region Installed capacity: 370 MW Estimated Investment: US$ 841 Million*. Fuel type: Imported coal February 2010 earthquake damaged some pa
Slide 13: Projects Under Study
Endesa Chile consolidated results 9M2011 Projects Under Study Los Condores, hydro Neltume, hydro power plant run-of-the-river plant Installed capacity: Installed capacity: 150 MW 490 MW Piruquina, mini-hydro run- Choshuenco, hydro power of-the-river plant plant Installed capacity: Installed
Slide 14: Market Value and Dividends
Endesa Chile consolidated results 9M2011 Market Value and Dividends CAGR = 11% Market Value 15.367 (US$ m) 13.743 10.037 10.261 9.156 2006 2007 2008 2009 2010 CAGR = 25% (Ch$ x share) 32,5 Dividends 26,8 21,3 13,4 13,8 2006 2007 2008 2009 2010 14
Slide 15: Conclusions 9M2011
Endesa Chile consolidated results 9M2011 Conclusions 9M2011 1. Diversified portfolio 2. Difficult electric situation in Chile 3. Revenues and Margin stability 4. Non-recurrent accounting effect 15
Slide 16: Endesa Chile's Investor Relations Team
Endesa Chile consolidated results 9M2011 Endesa Chile’s Investor Relations Team Susana Rey Investor Relations Director (56-2) 630 96 06 susana.rey@endesa.cl Catalina González Juan Pablo Vicuña Guillermo Berguecio Head of Investor Relations Investor Relations Executive Investor Relations Executive (5
Slide 17: EXHIBITS
Endesa Chile consolidated results 9M2011 EXHIBITS 17
Slide 18: Ownership Structure
Endesa Chile consolidated results 9M2011 Ownership Structure 92% 61% Chilean Pension Other Inst. Minority ADR Holders Funds Shareholders Shareholders 60% 15% 4% 17% 4% Pehuenche San Isidro Emgesa Edegel Costanera Endesa Brasil 92% 100% 27% 62% 70% 39% Pangue Endesa Eco El Chocón Ampla 95% 100% 65% C
Slide 19: A unique portfolio in LATAM's Generation business
Endesa Chile consolidated results 9M2011 A unique portfolio in LATAM’s Generation business Colombia No. 2 Brazil 2,914 MW inst. capacity 987 MW inst. capacity 20% market share 1% market share in generation Peru No. 1 1,668 MW inst. capacity 26% market share Argentina No. 1 Chile No. 1 3,652 MW inst.
Slide 20: Installed Capacity, Output
Endesa Chile consolidated results 9M2011 Customers Installed Capacity, Output MW as of 9M 2011 Chile Brazil Peru Colombia Argentina Total Total 5,611 987 1,668 2,914 3,652 14,832 Hydro 3,456 665 746 2,471 1,328 8,666 Installed Nuclear 0 0 0 0 0 0 Capacity Coal 286 0 0 236 0 522 Oil-Gas 1,782 322 922
Slide 21: Comfortable Debt Profile
Endesa Chile consolidated results 9M2011 Comfortable Debt Profile Financial Debt Million US$ 2011 2012 2013 2014 2015 2016 Balance TOTAL Chile 9.9 80.6 420.4 194.6 220.6 16.7 1,089.7 2,032.5 Argentina 53.7 86.9 53.8 53.3 35.2 - 17.1 300.1 Perú 20.4 59.9 50.7 49.8 33.7 57.4 128.5 400.4 Colombia 161.9
Slide 22: Strong Financial Ratios
Endesa Chile IR Presentation September 2011 Strong Financial Ratios Net debt/EBITDA 2,0x 1,5x 1,5x 1,5x 2008 2009 2010 2011 (3Q TTM) EBITDA/Net financial expenses 8,9x 7,4x 7,3x 5,6x 2008 2009 2010 2011 (3Q TTM) 22
Slide 23: Integrated risk management capability
Endesa Chile consolidated results 9M2011 Integrated risk management capability Target output and sales in Risk variables affecting margins future years Rainfall 100% Growth in demand Extreme Fuel prices hydro volatility Spot Exchange rates Inflation Hydro 75% Regulated Risk limit and free
Slide 24: Historic electricity demand growth
Endesa Chile consolidated results 9M2011 Historic electricity demand growth 170% 163% 162% 160% 150% 147% Total Sales in GWh (%) 140% 128% 130% 120% 117% 110% 100% 90% 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011e* Year CHILE COLOMBIA PERU BRAZIL ARGENTINA *: Estimated growth using 9M2011 data
Slide 25: HidroAysén
Endesa Chile consolidated results 9M2011 HidroAysén Installed capacity: 2,750 MW. One of the most efficient hydroelectric projects in the world. Endesa Chile’s owns 51% and Colbún 49%. Renewable resources CO2 emissions: Reduction of 16.2 million tons/year Average load factor 77% May 9, 201
Slide 26: Seasonal Streaming from Hidroaysen and SIC rivers
Endesa Chile consolidated results 9M2011 Seasonal Streaming from Hidroaysen and SIC rivers 1,400 1,400 1,200 1,200 1,000 1,000 Water Flow [ m³ /s] 800 800 600 600 400 400 200 200 - - Apr-10 may jun jul ago sep oct nov dec Jan-11 feb mar Tim eline MAIPO RIVER IN CABIMBAO BIOBIO RIVER IN RUCALHUE MAUL
Slide 27: Endesa Chile consolidated results 9M2011
Endesa Chile consolidated results 9M2011