Enel Chile Sa · BCS:ENELCHILE
Enel Chile Sa — Endesa Chile — Investor Presentation (December 2013)
31 slides from Enel Chile Sa's investor presentation, December 2013
Slide 1: Endesa Chile IR presentation
Endesa Chile IR presentation As of December 2013
Slide 2: Ownership Structure
Endesa Chile IR presentation YE 2013 Ownership Structure ENERSIS 92% Chilean Pension Funds 12% 3% Institutional 4% Shareholders 61% 6% ADR Holders 15% 60% Minority Shareholders 60% Other Institutional Shareholders CHILE COLOMBIA PERU ARGENTINA BRAZIL •ENDESA BRASIL, 39% AMPLA •COSTANERA, 76% PEHUE
Slide 3: A unique portfolio in LATAM's Generation business
Endesa Chile IR presentation YE 2013 A unique portfolio in LATAM’s Generation business COLOMBIA No. 2 2,925 MW inst. capacity BRAZIL Hydro: 2,481 MW 987 MW inst. capacity Thermal : 444 MW Hydro: 665 MW Thermal : 322 MW 20% market share2 1% market share in generation2 PERU No. 1 1,540 MW inst. capaci
Slide 4: Financial Highlights
Endesa Chile IR presentation YE 2013 Financial Highlights1 MM US$ Ch$ million2 2013 2012 Change 2013 Revenues 2,027,432 2,320,385 (13%) 4,094 Costs (830,874) (1,318,480) (37%) (1,678) Contribution Margin 1,196,558 1,001,905 19% 2,416 EBITDA 978,993 808,101 21% 1,977 EBIT 782,839 612,416 28% 1,581 Ne
Slide 5: EBITDA by Country
Endesa Chile IR presentation YE 2013 EBITDA by Country Total Installed Capacity 1: 13,688 MW Total Generation1: 51,417 GWh Chile Chile Argentina 41% Argentina 38% 27% 21% Peru Peru 11% 16% Colombia Colombia 21% 25% 2013 EBITDA : US$ 1,977 million Argentina 6% Chile 37% Peru 16% Endesa Brasil • Endes
Slide 6: Balanced Commercial Policy
Endesa Chile IR presentation YE 2013 Balanced Commercial Policy 2013 Physical Sales Chile Colombia Peru Argentina 7% 11% 14% 28% 20% 52% 38% 51% 86% 73% 20% Regulated Unregulated Spot 2012 Physical Sales Chile Colombia Peru Argentina 4% 5% 18% 28% 29% 30% 53% 67% 19% 65% 82% Regulated Unregulated Sp
Slide 7: Healthy Debt Profile
Endesa Chile IR presentation YE 2013 Healthy Debt Profile Financial Debt Maturity1 US$ million •Cash: 2,500 Total Debt: US$ 3,836 million US$ 617 million 1,995 2,000 •Commited Credit Lines: 1,500 US$ 493 million 1,000 797 •Non-Commited Credit Lines: 500 345 98 133 49 126 US$ 353 million 70 55 29 65
Slide 8: Free Cash Flow (US$ million)
Endesa Chile IR presentation YE 2013 Free Cash Flow (US$ million)1 1,977 1,714 697 494 (61) (300) (277) (244) (381) (414) (538) (590) EBITDA Net Financial Income Payments for Additions of Income Tax Free Cash Flow Dividends2 Fixed Assets 2012 2013 1Amounts translated into US$ at the average exchange
Slide 9: Electricity demand Evolution in LATAM
Endesa Chile IR presentation YE 2013 Electricity demand Evolution in LATAM Historic electricity demand growth (CAGR, last ten years) 180% 5.6% 170% 160% 4.9% 150% 4.0% Total Sales in GWh (%) 140% 3.1% 130% 2.7% 120% 110% 100% 90% 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 Years CHILE COL
Slide 10: Direct relation between GDP and electricity demand
Endesa Chile IR presentation YE 2013 Direct relation between GDP and electricity demand 18,000 CANADA 16,000 FINLAND Electricity consumption, per capita (Kwh per year) 14,000 UNITED STATES 12,000 AUSTRALIA 10,000 JAPAN AUSTRIA 8,000 FRANCE GERMANY RUSSIA 6,000 SPAIN ITALY UNITED KINGDOM GREECE 4,000
Slide 11: Projects Under Construction
Endesa Chile IR presentation YE 2013 Projects Under Construction El Quimbo • Hydro power plant. • Located in the Huila Department. • Utilizes stream coming from Magdalena River. • 400 MW of installed capacity. • Estimated load factor: 60%. • River detour in March 2012. 11
Slide 12: Projects Under Construction
Endesa Chile IR presentation YE 2013 Projects Under Construction Salaco Chain (optimization) • Repowering the minor plants to reach 221 MW capacity. • Located in the Bogotá River system. • Optimization works started in January 2013. • 145 MW will be added to the capacity. • On November 6th, 2013 sta
Slide 13: Expected Evolution for Endesa Chile's Installed Capacity
Endesa Chile IR presentation YE 2013 Expected Evolution for Endesa Chile´s Installed Capacity 16% increase over 2013 installed capacity + 12% 120 Taltal, Chile + 16% 150 Los Condores, Chile 188 Curibamba, Peru 740 Pta Alcalde, Chile 490 Neltume, Chile + 4% 400 El Quimbo, Colombia 145 Salaco, Colombi
Slide 14: Market Value and Dividends
Endesa Chile IR presentation YE 2013 Market Value and Dividends EBITDA 1 Dividends (US$ Million) (Ch$ per Share) 2,248 32.5 2,033 2,098 2,014 27.2 1,977 26.8 1,671 1,661 21.6 1,503 21.3 13.8 14.3 2 2006 2007 2008 2009 2010 2011 2012 2013 2007 2008 2009 2010 2011 2012 2013 Market Value 3 (US$ Million
Slide 15: Key factors
Endesa Chile IR presentation YE 2013 Key factors Multinational electricity generation company based in Chile. Vast experience, with over 70 years of history. Efficient and diversified investment portfolio of generation assets. Balanced commercial policy leading to revenue and margin stability.
Slide 16: Endesa Chile's Investor Relations Team
Endesa Chile IR presentation YE 2013 Endesa Chile’s Investor Relations Team Susana Rey Catalina Gonzalez Investor Relations Director Head of Investor Relations (56-2) 2630 9606 (56-2) 2630 9603 susana.rey@endesa.cl cbgs@endesa.cl Guillermo Berguecio Investor Relations Executive (56-2) 2630 9506 gabb
Slide 17: EXHIBITS
Endesa Chile IR presentation YE 2013 EXHIBITS 17
Slide 18: Highlights for 2013
Endesa Chile IR presentation YE 2013 Highlights for 2013 51% growth in Net Income attributable to Endesa Chile’s shareholders. 37% decrease in procurement and service costs, mainly in Chile. 19% increase in consolidated Operating Margin, mainly due to operating improvements in Chile, Argentina and C
Slide 19: Argentina
Endesa Chile IR presentation YE 2013 Argentina Installed Capacity: 3,652 MW Market Share*: 12% Total Generation: 10,840 GWh EL CHOCÓN Hydro El Chocón: 1,328 MW 1,328 MW Million US$ 2013 2012 Change Revenues 74 99 (25% ) EBITDA 33 55 (40% ) EBITDA Margin 45% 56% (20% ) Total electricity sales 3,392 3
Slide 20: Chile
Endesa Chile IR presentation YE 2013 Chile Installed Capacity1: 5,571 MW Market Share*: 30% Total Generation1: 19,438 GWh Tarapaca ENDESA CHILE Los Molles: 18 MW Rapel-Sauzal: 466 MW D. Almagro–Taltal Maule: 875 MW 62% Hydro Laja: 940 MW 3,456 MW Huasco Ralco-Pangue: 1,157 MW Los Molles Tarapaca 182
Slide 21: Colombia
Endesa Chile IR presentation YE 2013 Colombia Installed Capacity: 2,925 MW Market Share*: 20% Total Generation: 12,748 GWh EMGESA Guavio: 1,213 MW Cartagena Betania: 541 MW 85% Hydro 2,481 MW Río Bogotá: 727 MW Termozipa Cartagena: 208 MW 15% Thermal 444 MW Bogotá Termozipa: 236 MW El Guavio Betania
Slide 22: Peru
Endesa Chile IR presentation YE 2013 Peru Installed Capacity: 1,540 MW Market Share*: 20% Total Generation: 8,391 GWh EDEGEL Cuenca Río Rímac: 556 MW 49% Hydro Yanango: 43 MW 750 MW Chimay: 151 MW Ventanilla: 485 MW 51% Thermal Santa Rosa: 304 MW 789 MW Hydro units Million US$ 2013 2012 Change Lima
Slide 23: Brazil
Endesa Chile IR presentation YE 2013 Brazil Installed Capacity: 987 MW Market Share*: 1% Total Generation: 4,992 GWh CACHOEIRA Fortaleza Cachoeira: 665 MW Hydro 665 MW Million US$ 2013 2012 Change Cachoeira Revenues 237 313 (24% ) EBITDA 178 225 (21% ) Rio de Janeiro EBITDA Margin 75% 72% 5% CIEN To
Slide 24: Projects Under Study
Endesa Chile IR presentation YE 2013 Projects Under Study Los Cóndores • Hydro power plant, run of the river. • Located in San Clemente, in Maule region . • 150 MW of installed capacity. • Estimated load factor: 46% • EIS1 approved. Curibamba • Hydro power plant, run of the river. • Located in Junín
Slide 25: Projects Under Study
Endesa Chile IR presentation YE 2013 Projects Under Study Punta Alcalde • Thermal, coal-steam power plant. • Located in Huasco, in Atacama region (SIC). • 740 MW of installed capacity. • Estimated load factor: 83% • On Jan 17, 2014, the Supreme Court of Chile reaffirmed the approval of the EIS1, in
Slide 26: Projects Under Study
Endesa Chile IR presentation YE 2013 Projects Under Study Neltume • Hydro power plant, run of the river. • Located in Panguipulli, in Los Ríos Region (SIC). • 490 MW of installed capacity. • EIS1 under review. HidroAysén • Hydro power plants located in Aysén Region. • Endesa Chile owns 51% and Colbú
Slide 27: Installed Capacity and Energy Generation
Endesa Chile IR presentation YE 2013 Installed Capacity and Energy Generation MW CHILE COLOMBIA PERU ARGENTINA TOTAL Total 5,571 2,925 1,540 3,652 13,688 HYDRO Installed 3,456 2,482 750 1,328 8,016 Capacity (MW) NUCLEAR 0 0 0 0 0 COAL 660 236 0 0 896 OIL-GAS 1,368 208 790 2,324 4,690 CHP / RENEWABLE
Slide 28: Strong Financial Position
Endesa Chile IR presentation YE 2013 Strong Financial Position MM US$1 Ch$ million 2013 2012 Variation Change 2013 Gross Debt 1,894,496 1,932,107 (37,611) (2%) 3,611 Cash 323,807 235,678 88,130 37% 617 Net Debt 1,570,689 1,696,429 (125,740) (7%) 2,994 Leverage2 (x) 0.88 0.88 - - - Financial Coverage
Slide 29: Balanced Debt Maturity in each country
Endesa Chile IR presentation YE 2013 Balanced Debt Maturity in each country Financial Debt Maturity1 US$ million 2014 2015 2016 2017 2018 Balance TOTAL Chile 540 219 15 12 12 877 1,675 Argentina 197 16 9 - - - 222 Peru 56 36 60 50 35 46 283 Colombia 74 130 11 109 134 1,199 1,656 TOTAL 867 401 94 171
Slide 30: Principal Financial Ratios
Endesa Chile IR presentation YE 2013 Principal Financial Ratios Net debt1/EBITDA EBITDA/Net financial expenses 8.9 8.0 2.1 7.4 2.0 7.1 5.6 5.4 1.5 1.5 1.5 1.5 2008 2009 2010 2011 2012 2013 2008 2009 2010 2011 2012 2013 Endesa Chile 2013 2012 Financial Expense Coverage2 6.3 5.0 ROE (%) 13.6% 9.2% ROA
Slide 31: Endesa Chile IR presentation YE 2013
Endesa Chile IR presentation YE 2013 “This document is the property of ENDESA and therefore must not be disseminated or published without ENDESA's prior written consent. The content of this document is provided for information purposes only and therefore has no contractual substance and should not b