Enel Chile Sa · BCS:ENELCHILE
Enel Chile Sa — Endesa Chile — FY2011 Earnings Presentation
31 slides from Enel Chile Sa's earnings presentation, December 2011
Slide 1: Endesa Chile 2011 Results
Endesa Chile 2011 Results endesariiic a Una empresa del Grupo Enersis
Slide 2: Highlights in 2011
Endesa Chile IR Presentation December 2011 Highlights in 2011 Growth of 3% in electricity demand in the region Growth of 2% in physical sales, primarily in Peru and Colombia Growth of 4% in physical energy purchases primarily in Chile, due lower water availability Growth of 11% in fuel costs primari
Slide 3: Results affected by the drought in Chile and taxes in Colombia
Endesa Chile IR Presentation December 2011 Results affected by the drought in Chile and taxes in Colombia US$ Millions 2009 2010 2011 Change Revenues 4,326 , 4,773 , 4,972 , 4% Gross margin 2,580 2,438 2,455 1% EBITDA 2,248 2,098 2,014 (4%) EBIT 1,819 1,746 1,629 (7%) Net finance (305) (235) (251) 7
Slide 4: EBITDA Generation
Endesa Chile IR Presentation December 2011 EBITDA Generation Total Installed Capacity: 13,845 MW Total Generation: 52,766 GWh Argentina Argentina 21% 26% Chile Chile 41% 39% Peru Peru 17% 12% Colombia EBITDA 2011: 21% US$ 2,014 millions Colombia 23% Argentina 5% Peru P 14% Chile 51% Colombia 30% Aff
Slide 5: Conservative Commercial Policy
Endesa Chile IR Presentation December 2011 Conservative Commercial Policy Physical Sales as of December 2010 Chile Colombia Peru Argentina 7% 12% 19% 26% 30% 63% 56% 64% % 24% 81% 18% Regulated Unregulated Spot Physical Sales as of December 2011 Chile Colombia Peru Argentina 9% 19% 8% 30% 31% 51% 27
Slide 6: Stable Results, Long Play Company
Endesa Chile IR Presentation December 2011 Stable Results, Long Play Company Consolidated EBITDA (Quarterly) 2001-2010 v/s Chilean SIC Hydrology 2,5 35.000 30.000 2,0 25.000 1,5 US$ Mllions 20.000 15.000 1,0 U 10.000 0,5 5.000 - - 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 1Q EBITDA 2Q E
Slide 7: Strong Financial Position
Endesa Chile IR Presentation December 2011 Strong Financial Position US$ Millions 2009 2010 2011 Chg. Chg % Gross Debt 4,172 3,775 3,769 (5) (0.1%) Cash 880 712 811 99 13.9% Net Debt 3,291 3,062 2,958 (104) (3.4%) Leverage 1.09 0.94 0.91 (0.003) (3.2%) Financial Expenses Coverage 6.67 8.25 6.52 (1.7
Slide 8: Free Cash Flow
Endesa Chile IR Presentation December 2011 Free Cash Flow 2.248 2.098 2.014 1.070 1.012 779 (305) (235) (251) (308) (353) (435) (564) (499) (549) EBITDA Net Financial Result CAPEX Income Tax FCF 2009 2010 2011 Amounts are expressed in US$, using the average exchange rate for each period 8
Slide 9: Analysis by country – Argentina
Endesa Chile IR Presentation December 2011 Analysis by country – Argentina Installed Capacity: 3,652 MW Market Share: 12% EL CHOCON Hydro El Chocón: 1,328 MW 1,328 MW US$ Millions 2010 2011 Change g Revenues 118 100 15.3% CIEN Line EBITDA 72 55 (23.6% ) (2x1.050 MW) Interconnection with Brazil EBI
Slide 10: Analysis by country – Colombia
Endesa Chile IR Presentation December 2011 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: 716 MW Cartagena: 208 MW Bogota 15% Thermal Termozipa: 236 MW 444 MW US$ Millions 2010 2011 Chan
Slide 11: Analysis by country – Peru
Endesa Chile IR Presentation December 2011 Analysis by country – Peru Installed Capacity: 1,668 MW Market Share: 26% EDEGEL Cuenca Río Rímac: 552 MW 45% Hydro Yanango: 43 MW 747 MW Chimay: 151 MW Ventanilla: 493 MW 55% Thermal Santa Rosa: 429 MW 922 MW US$ Millions 2010 2011 Change Lima: Revenues 13
Slide 12: Analysis by country – Chile
Endesa Chile IR Presentation December 2011 Analysis by country – Chile Installed Capacity: 5,611 MW Market Share: 32% ENDESA CHILE Tarapacá Los Molles: 18 MW Rapel-Sauzal: 466 MW Maule: 884 MW 61% Hydro D. Almagro–Taltal Laja: 940 MW 3,465 MW Huasco Ralco-Pangue: 1,157 MW Los Molles Tarapacá-G.Ataca
Slide 13: Analysis by country - Brazil
Endesa Chile IR Presentation December 2011 Analysis by country - Brazil Installed Capacity: 987 MW Market Share: 1% CACHOEIRA Fortaleza Cachoeira: 665 MW Hydro 665 MW Cachoeira US$ Millions 2010 2011 Change Revenues 239 262 9.5% Rio de Janeiro EBITDA 172 194 12.6% EBITDA Margin 72.0% 74.0% 2.8% Phys
Slide 14: Projects Under Construction
Endesa Chile IR Presentation December 2011 Projects Under Construction BOCAMINA II Location: Next to the existing coal-fired plant Bocamina I in Bío-Bío Region Installed capacity: 370 MW, coal fired Estimated Investment: US$ 841 millions* Estimated start-up: June, 2012 EL QUIMBO Río Magdalen
Slide 15: Portfolio Projects in Chile
Endesa Chile IR Presentation December 2011 Portfolio Projects in Chile Neltume, hydro Run-of-the-river plant 490 MW Piruquina, mini-hydro run- of-the-river plant 7.6 MW Los Cóndores, hydro power plant 150 MW Punta Alcalde, coal-steam power plant 740 MW Hydroaysen, hydro power plant Hydro 2,750 MW Th
Slide 16: Portfolio Projects in Peru & Colombia
Endesa Chile IR Presentation December 2011 Portfolio Projects in Peru & Colombia Peru Colombia Curibamba, hydro power Hydro plant Thermal 188 MW Renewables 16
Slide 17: Market Value and Dividends
Endesa Chile IR Presentation December 2011 Market Value and Dividends EBITDA Operating Income (US$ Millions) (US$ Millions) 2.248 1.819 2.031 2.098 2.014 1.674 1.746 1.629 1.671 1.503 1.189 1.022 2006 2007 2008 2009 2010 2011 2006 2007 2008 2009 2010 2011 Market Value Dividends (US$ Millions) (Ch$xS
Slide 18: Relevant Stock Presence
Endesa Chile IR Presentation December 2011 Relevant Stock Presence USA Stock Market Spain Stock Market NYSE LATIBEX (€) Price 2011 (Avg) 51.0 Price 2011 (Avg) 1.2 Max 2011 57.6 Max 2011 1.4 Min 2011 40.6 Min 2011 1.0 Daily D il Avg A T Trans Vol V l (million ( illi shares) h ) 120 7 120.7 Daily D il
Slide 19: Conclusions 2011
Endesa Chile consolidated results 9M2011 Conclusions 2011 1. Non-recurrent accounting effect 2. Difficult electric situation in Chile 3. Revenues and Margin stability 4. Diversified portfolio 19
Slide 20: Endesa Chile's Investor Relations Team
Endesa Chile IR Presentation December 2011 Endesa Chile’s Investor Relations Team Susana R S 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 Execut
Slide 21: EXHIBITS
Endesa Chile IR Presentation December 2011 EXHIBITS 21
Slide 22: Ownership Structure
Endesa Chile IR Presentation December 2011 Ownership Structure 4% 17% 92% 4% 61% 60% 15% 60% ENERSIS Chilean Pension Funds ADR Holders Other Inst Shareholders Minority Shareholders PEHUENCHE, 93% •ENDESA BRASIL, 39% PANGUE, 95% •COSTANERA, 70% AMPLA CELTA, 100% •EMGESA, 27% •EDEGEL, 62% COELCE
Slide 23: A unique portfolio in LATAM's Generation business
Endesa Chile IR Presentation December 2011 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 No. 1,668 MW inst. capacity 26% market share Argentina No. 1 Chile No. 1 3,652 MW
Slide 24: Installed Capacity, Output
Endesa Chile IR Presentation December 2011 Customers Installed Capacity, Output MW as of FY2011 Chile Colombia Brasil Perú Argentina Total Total 5,611 2,914 987 1,668 3,652 14,832 Hydro 3 456 3,456 2 471 2,471 665 746 1 328 1,328 8 666 8,666 Installed Nuclear 0 0 0 0 0 0 Capacity Coal 286 236 0 0 0
Slide 25: Healthy Debt Profile
Endesa Chile IR Presentation December 2011 Healthy Debt Profile Financial Debt US$ Millions 2012 2013 2014 2015 2016 2017 Balance TOTAL Chile 104 419 185 218 14 12 1,042 1,995 Argentina 129 63 53 35 17 - - 297 Peru 60 52 50 34 57 47 82 382 Colombia 157 - 73 129 - 88 649 1,095 TOTAL 450 534 362 416 8
Slide 26: Principal Financial Ratios
Endesa Chile IR Presentation December 2011 Principal Financial Ratios Net debt/EBITDA EBITDA/Net financial expenses 2,0 8,9 8,0 74 7,4 1,5 1,5 1,5 5,6 2008 2009 2010 2011 2008 2009 2010 2011 Endesa Chile 2010 2011 Net Debt/ EBITDA 1.5 1.5 P/U 13.5 14.1 EPS* 65.1 54.5 ROE (%) 24% 18.1% ROA (%) 11.2%
Slide 27: Integrated risk management capability
Endesa Chile IR Presentation December 2011 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 Rea
Slide 28: Historic electricity demand growth
Endesa Chile IR Presentation December 2011 Historic electricity demand growth 170% 162% 161% 160% 150% 146% h (%) 140% Total Sales in GWh 133% 130% 118% 120% 110% 100% 90% 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 Year CHILE COLOMBIA PERU BRAZIL ARGENTINA 28
Slide 29: HidroAysén
Endesa Chile IR Presentation December 2011 HidroAysén Installed capacity: 2,750 2 750 MW. 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%
Slide 30: Seasonal Streaming from Hidroaysen and SIC rivers
Endesa Chile IR Presentation December 2011 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 MA
Slide 31: Endesa Chile IR Presentation December 2011
Endesa Chile IR Presentation December 2011