Slide 1: FY 2014 results
FY 2014 results January 30, 2015
Slide 2: Agenda
Agenda • Opening remarks Enersis - Investor Relations • FY 2014 results • Closing remarks • Exhibits 1
Slide 3: Opening remarks
Opening remarks EBITDA target for 2014 achieved Surpassing 4 bn USD Enersis - Investor Relations Decoupling of LatAm operations completed Since October 23rd Enersis has been directly held by Enel Group New Group organization finalized Key top Management appointed Delivery of new capacity on going an
Slide 4: Highlights of the period
Highlights of the period Better operational results in the 4th quarter of 2014 Higher hydro generation in Chile, better prices in Colombia and Brazilian regulation Enersis - Investor Relations Write-downs of HidroAysén and Punta Alcalde Projects Negative impact on consolidated net income of 83 mn US
Slide 5: Agenda
Agenda • Opening remarks Enersis - Investor Relations • FY 2014 results • Closing remarks • Exhibits 4
Slide 6: Business context in FY 2014
Consolidated results FY 2014 Business context in FY 2014 Electricity demand (%) Generation Output (TWh) +3.1(1) +0.4%(2) +2.4(1) 5.5% 19.4 18.1 Enersis - Investor Relations 4.8% 4.5% 4.4% 3.6% 13.6 14.4 14.4 2.5% 2.6% 12.7 2.3% 8.5 9.1 1.0% 5.0 5.2 -0.7% Chile Colombia Brazil Peru Argentina Chile Co
Slide 7: Financial highlights
Consolidated results FY 2014 Financial highlights Change FY 2014 Ch$ Million(1) FY 2014 FY 2013 (%) Mn US$ Enersis - Investor Relations Revenues 7,253,876 6,264,446 15.8% 12,717 Costs -4,953,856 -4,012,956 23.4% -8,685 EBITDA 2,300,020 2,251,489 2.2% 4,032 EBIT 1,769,325 1,741,138 1.6% 3,102 Net inc
Slide 8: From EBIT to net income
Consolidated results FY 2014 From EBIT to net income Change FY 2014 Ch$ Million(1) FY 2014 FY2013 (%) Mn US$ EBIT 1,769,325 1,741,138 1.6% 3,102 Enersis - Investor Relations Net Financial Expense -263,162 -168,029 56.6% -461 Interest Expense -255,823 -228,936 11.7% -448 Other -7,339 60,907 -112.0% -
Slide 9: Regulation update
Consolidated results FY 2014 Regulation update Tax Reform New Law that reforms energy auctions of distribution companies Chile Approved on January 6, 2015. Improves condition for bidders, increases contract duration and promotes competition. Enersis - Investor Relations Tax Reform: Wealth-
Slide 10: Regulation update
Consolidated results FY 2014 Regulation update CVA’s implementation “conta de Variação de Valores de Itens da Parcela A”: From Dec. 14 over-run costs in distribution to be recovered are accounted in the capital resulting in a 4th quarter impact of +280 mn USD Enersis - Investor Relations This
Slide 11: EBITDA evolution (Ch$ Million)
Consolidated results FY 2014 EBITDA evolution (Ch$ Million) +2.2% Enersis - Investor Relations 2,300,020 2,251,489 126,004 50,485 6,714 44,901 24,479 (1%) (9%) 204,052 179,573 326,453 (14%) (12%) 275,969 Chile 830,528 (43%) (31%) 704,524 Brazil Colombia (24%) 551,135 596,036 (26%) Peru Argentina (23
Slide 12: EBITDA – Chile evolution
Consolidated results FY 2014 (1) EBITDA – Chile evolution (Ch$ Million) +1.3% Enersis - Investor Relations 515,810 6,032 6,820 522,524 -6,139 Dx 174,191 181,012 Gx 355,257 361,289 Other: -13,638 Other: -19,776 FY 2013 Generation Distribution Other FY 2014 1. EBITDA considered “Others”, related to ho
Slide 13: EBITDA – Brazil evolution
Consolidated results FY 2014 (1) EBITDA – Brazil evolution (Ch$ Million) +8.1% +2.3% Enersis - Investor Relations 32,024 596,036 551,135 34,715 564,012 -2,936 -18,903 Dx 371,052 405,768 428,807 Gx 186,183 176,779 167,281 Other: -6,101 Other: -9,036 Other: -9,549 (2) FY 2013 Generation Distribution O
Slide 14: EBITDA – Colombia evolution
Consolidated results FY 2014 (1) EBITDA – Colombia evolution (Ch$ Million) +17.9% +9.5% Enersis - Investor Relations 59,015 830,528 9,523 771,513 57,496 704,524 -30 336,376 312,474 Dx 302,950 458,977 494,085 Gx 401,481 Other: 93 Other: 63 Other: 67 FY 2013 Generation Distribution Other FY 2014 FX FY
Slide 15: EBITDA – Peru evolution
Consolidated results FY 2014 (1) EBITDA – Peru evolution (Ch$ Million) +18.3% +7.9% Enersis - Investor Relations 28,614 326,453 22,440 297,839 275,969 -135 119,243 -435 108,791 Dx 108,927 208,373 190,109 Gx 167,669 Other: -627 Other : -1,062 Other: -1,164 FY 2013 Generation Distribution Other FY 201
Slide 16: EBITDA – Argentina evolution
Consolidated results FY 2014 (1) EBITDA – Argentina evolution (Ch$ Million) -88.0% -84.6% Enersis - Investor Relations 12,768 204,052 119,243 Dx 136,859 Dx: -48,787 Dx: -37,897 Gx: 80,426 Gx: 62,475 Other : -127 Other : -99 208,373 339 31,513 Gx 67,658 24,479 185,646 Other: -466 7,034 FY 2013 Genera
Slide 17: Cash flow (US$ Million)
Consolidated results FY 2014 (1) Cash flow (US$ Million) (2) Maintenance Expansion Net Financial (3) Extraordinary(4) (2) CFO Capex Capex Taxes FCF Charges Dividends operations 3,728 Enersis - Investor Relations -1,218 -688 1,071 -751 -269 -1,086 -914 1. The average exchange rate for the period Janu
Slide 18: Agenda
Agenda • Opening remarks Enersis - Investor Relations • FY 2014 results • Closing remarks • Exhibits 17
Slide 19: Closing remarks
Closing remarks Good diversification of technologies and geographies delivered solid results in generation Enersis - Investor Relations Distribution business supported by stable regulatory frameworks responsive to the sector needs 387,000 new clients in Distribution plus an average electricity deman
Slide 20: Exhibits
Exhibits enersis 19
Slide 21: Operating exhibits FY 2014: Production mix
Operating exhibits FY 2014 Production mix (GWh) Hydro Oil-gas Coal NCRE LatAm Chile Colombia -7.1% +6.4% +0.4% 19,438 18,063 12,748 13,559 60,089 60,299 0.3% 3.6% 0.3% 0.9% 1.1% 6.8% 6.3% 7.4% 7.2% 0.7% 0.5% Enersis - Investor Relations 18.5% 39.8% 27.9% 40.9% 29.9% 92.4% 93.1% 63.7% 51.3% 56.3% 50.
Slide 22: Net installed capacity by source and geography
Operating exhibits FY 2014 FY 2014 Net installed capacity: Breakdown by source and geography MW Hydro Oil-Gas Coal NCRE Total Enersis - Investor Relations Chile 3,456 2,173 636 87 6,351 Colombia 2,615 208 236 0 3,059 Peru 755 1,194 0 0 1,949 Brazil 665 322 0 0 987 Argentina 1,328 3,194 0 0 4,522 Tot
Slide 23: Total net production by source and geography
Operating exhibits FY 2014 FY 2014 total net production: Breakdown by source and geography GWh Hydro Oil-Gas Coal NCRE Total Enersis - Investor Relations Chile 11,512 5,046 1,298 206 18,063 Colombia 12,627 74 859 0 13,559 Peru 4,439 4,623 0 0 9,062 Brazil 2,741 2,484 0 0 5,225 Argentina 2,632 11,758
Slide 24: EBITDA: generation/distribution businesses
Operating exhibits FY 2014 EBITDA: generation/distribution businesses US$ 4,032 mn1 Enersis - Investor Relations 44.1% 55.9% Generation Distribution 24 1 Using the average exchange rate for the period January – December 2014 of 570.40 CLP/USD.
Slide 25: EBIT by business
Operating exhibits FY 2014 (1) EBIT by business +2.1% Ch$ Million 1,763,983 1,801,831 Enersis - Investor Relations 46% 42% 54% 58% FY 13 FY 14 Generation Distribution 25 1 EBIT by business does not include holding companies or services
Slide 26: CAPEX by business
Operating exhibits FY 2014 CAPEX by business US$ 1,906 mn1 Enersis - Investor Relations 45.2% 54.8% 40.3% 59.7% Generation Distribution 1 The average exchange rate for the period January – December 2014 of 570.40 CLP/USD. CAPEX relates to effective investments 26 made in the period, according to the
Slide 27: Balance Sheet
Operating exhibits FY 2014 Balance Sheet Change FY 2014 Enersis - Investor Relations (1) Ch$ Million FY 2014 FY 2013 (%) Mn US$ Net Debt 1,915,179 1,338,757 43.1% 3,156 Shareholder's equity 6,201,976 6,168,554 0.5% 10,222 Net capital employed (2) 8,117,155 7,507,312 8.1% 13,378 1. The exchange rate
Slide 28: Financial debt
Operating exhibits FY 2014 Financial debt Average cost of gross debt Average residual maturity (years) 6.3 8.6% 8.1% 8.3% 5.3 5.5 Enersis - Investor Relations 2012 2013 FY 2014 2012 2013 FY 2014 (1) Net debt (CLP$ MM) Fixed + hedged / Total gross debt 2,576,515 1,338,757 1,915,179 42.6% 39.9% 46.0%
Slide 29: Liquidity analysis
Operating exhibits FY 2014 Liquidity analysis Enersis - Investor Relations US$ Million Amount Outstanding Available Committed credit lines 808 0 808 (1) Cash and cash equivalents 2,960 n.a. 2,960 Uncommitted lines 789 1 788 Total liquidity 4,557 1 4,556 1 Cash and cash equivalents considers in addit
Slide 30: Debt structure
Operating exhibits FY 2014 Debt structure • Average debt maturity: 6.3 years • Rating: • Average cost of gross debt: 8.3% - Standard & Poor’s(1): BBB+ / AA, Stable • Fixed+Hedged/Total gross debt: 46.0% - Moody’s: BBB+, Stable Enersis - Investor Relations - Fitch Ratings(1): Baa2 / AA, Stable Ch$ Mi
Slide 31: 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 32: Investor Relations Team (ir@enersis.cl)
Investor Relations Team (ir@enersis.cl) • Pedro Cañamero +56 2 2353 4682 • 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 Relations) 32
Slide 33: enersis
enersis