Enel Americas S.a. · BCS:ENELAM
Enel Americas — Enersis — H1 2012 Earnings Presentation
29 slides from Enel Americas's earnings presentation, Jul 26, 2012
Slide 1: Enersis 1H 2012 results
26 | 07 | 2012 enersis 1H 2012 results
Slide 2: Highlights in 1H 2012
Enersis consolidated results 1H 2012 Highlights in 1H 2012 Distribution: an increase in 1,582 GWh in physical sales and close to 377,000 new customers were added in the period Generation: despite the increase in physical sales, higher operating costs impacted our results which were heavily influence
Slide 3: Key physical data and EBITDA structure
Enersis consolidated results 1H 2012 Key physical data and EBITDA structure Physical data (GWh) 1H 2012 Chile Brazil Peru Colombia Argentina TOTAL ENERSIS 9,554 69 Other 6,396 28,541 4,272 208 69 Thermal 5,758 2,371 10,139 11,382 4,463 8,672 35,902 7,121 6,522 4,462 Hydro 491 6,189 5,213 1,949 17,09
Slide 4: Demand evolution and spot prices
Enersis consolidated results 1H 2012 Demand evolution and spot prices Latam countries where Enersis operates showed an average weighted growth by TWh +5.5%¹ Average spot prices 2 206.4 0.8% 208.1 42.3 64.5 41.2 58.1 60.2 39.5 -2.6% -9.9% 30.3 16.8 258.3% 30.4% 1H 2011 1H 2012 1H 2011 1H 2012 1H 2011
Slide 5: Income Statement
Enersis consolidated results 1H 2012 Income Statement 1 Th US$ 1H 2011 1H 2012 Change Ch$ Million 1H 2012(*) Revenues 3,201,722 3,295,704 2.9% 6,688,389 Gross Margin 1,401,227 1,395,717 -0.4% 2,832,504 EBITDA 925,286 954,815 3.2% 1,937,728 Operating Income 735,065 719,350 -2.1% 1,459,868 Net Financi
Slide 6: Gross margin
Enersis consolidated results 1H 2012 Gross margin¹ 1,401,227 -5.3% +4.8% 1,395,717 Ch$ Million 1H 2011 Generation Distribution 1H 2012 CHI: Lower average sales price, lower revenues coming from RM88 and the COL: Higher energy sales volume due to an increase in demand by 4.1%. absence of insurance co
Slide 7: EBITDA in Generation and Distribution
Enersis consolidated results 1H 2012 EBITDA in Generation and Distribution¹ Generation Distribution Ch$ Million 463,696 462,478 497,338 467,351 25,863 15,205 -0.3% 6.4% 156,617 104,318 115,984 Argentina 177,464 48,984 47,390 74,954 Colombia 71,965 80,407 Peru 236,487 225,684 101,645 Brazil 166,489 7
Slide 8: Commercial policy and sales strategy
Enersis consolidated results 1H 2012 Commercial policy and sales strategy Latin America (% estimated output hedged) 78.0% 65.6% Contracting level in Latin America that optimizes margin and risk exposure 31% of the generation sold 2012 2013 through contracts > 5 yrs and 21% through contracts Year 201
Slide 9: Commercial Policy
Enersis consolidated results 1H 2012 Commercial Policy Total Generation Sales 1H 2012 25% 50% 25% Chile Brazil Peru Colombia Argentina 3% 6% 13% 27% 17% 54% 30% 29% 67% 65% 54% 19% 33% 83% Regulated Sales Unregulated sales Spot sales Chile Brazil Peru Colombia Argentina Total Var v/s Var v/s Var v/s
Slide 10: Efficiency Program
Enersis consolidated results 1H 2012 Efficiency Program Enersis’ Synergy Plan Enersis’ Zenith Plan (M€)(M€) (M€) 69 69 Tí t ulo del gr áf ico 144 144144 (M€) 70 Synergies to Zenith to achieve achieve M€ 57 M€ 27 100% 100% 100% 100% Capex 1% Others: 2% Generation 24% Opex 32% Generation 34% Opex Real
Slide 11: Regulation update: Latam
Enersis consolidated results 1H 2012 Regulation update: Latam Coelce, 3rd Cycle tariff review: • The Federal Court allowed Coelce to capture the revenues coming from the tax benefit from SUDENE. The net effect for the tariff reduction for 2012 reached 6.76%. Brazil • Even with this tariff review,
Slide 12: Regulation update: Argentina
Enersis consolidated results 1H 2012 Regulation update: Argentina Generation: Asset portfolio • Hydro: 1,328 MW (Chocón) • Thermal: 2,324 MW (Costanera) Distribution: 2.4 million clients in Buenos Aires (Edesur) Total risk: CLP 108,239 million after CLP 106,750 million value adjustment in Dec.
Slide 13: Growth platform
Enersis consolidated results 1H 2012 Growth platform Solid organic, and sustained growth in Distribution 377 thousand new customers in current distribution areas in 1H 2012 in comparison to 1H 2011. 1.8% increase in electricity consumption per household during the year. The future brings smart
Slide 14: A solid financial position
Enersis consolidated results 1H 2012 A solid financial position Net debt evolution in 1H 2012 Ch$ Million • Enersis liquidity ex Endesa Chile covers 29 months of debt maturities including interest expenses • Enersis liquidity covers 31 months of debt maturities including interest expenses ¹ Cash flo
Slide 15: Conclusions 1H 2012
Conclusions 1H 2012 Expecting better conditions for the coming months The strong growth shown by the five countries and the economic expectations, help to guarantee the continuing growth in electricity demand close to a 5%. Tough hydrological scenarios, as seen in Chile during last two years, sh
Slide 16: Disclaimer
Enersis consolidated results 1H 2012 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
Slide 17: We are here to help you
Call us! We are here to help you Ricardo Alvial Denisse Labarca Investments & Risks Director Head of Investor Relations mlmr@enersis.cl denisse.labarca@enersis.cl 56 (2) 353-4682 56 (2) 353-4576 Melissa Vargas Jorge Velis Javier Hernandez Carmen Poblete Investor Relations Investor Relations Investor
Slide 18: enersis
enersis ay endesa hy endesa light - gas - people
Slide 19: Appendices
appendices
Slide 20: Installed capacity and output per country
Appendices 1H 2012 Installed capacity and output per country¹ MW at 1H 2012 Chile Colombia Brazil Peru Argentina Total Total 5,611 2,914 987 1,668 3,652 14,833 Hydro 3,456 2,470 665 746 1,328 8,666 Installed Coal 286 236 0 0 0 522 Capacity Oil-Gas 1,782 208 322 922 2,324 5,559 CHP / Renewables 87 0
Slide 21: Enersis: financial debt maturity calendar
Appendices 1H 2012 Enersis: financial debt maturity calendar Debt by Country (Million Ch$) 2012 2013 2014 2015 2016 Balance TOTAL Chile 17,378 212,978 373,079 112,734 224,676 476,300 1,417,145 Argentina 54,614 63,055 33,117 17,517 17,197 - 185,499 Peru 38,143 56,584 55,715 42,269 44,795 130,583 368,
Slide 22: Enersis: financial debt maturity calendar
Appendices 1H 2012 Enersis: financial debt maturity calendar Debt maturity profile outstanding as of June 30, 2012 US$ million 2,500 2,014 2,000 1,500 1,405 976 1,000 464 487 474 500 354 295 291 161 145 163 0 < 1 year 1-2 years 2-3 years 3-4 years 4-5 years 5 years and beyond Bonds Banks and others
Slide 23: Enersis Group in Chile
Enersis’ unique business platform Enersis Group in Chile Generation Distribution ENDESA CHILE CHILECTRA Total Generation: 9,554 GWh Distribution area: Santiago de Chile Tarapacá Market Share¹: 32% 1.6 million customers Wind Hydro Thermal 69 Energy losses 5.4% 5,213 GWh 4.272 GWh GWh D. Almagro–Talta
Slide 24: Enersis Group in Colombia
Enersis’ unique business platform Enersis Group in Colombia Generation Distribution EMGESA CODENSA Total Generation: 6,396 GWh Distribution area: Bogotá Market Share¹: 20% 2.7 million customers Hydro Thermal 6,189 GWh 208 GWh Energy losses 7.9% (3%) (97%) Ch$ Million 1H 2012 1H 2011 Change Ch$ Milli
Slide 25: Enersis Group in Peru
Enersis’ unique business platform Enersis Group in Peru Generation Distribution EDEGEL EDELNOR Total Generation: 4,463 GWh Distribution area: Northern Lima Market Share¹: 26% 1.2 million customers Hydro Thermal 2,513 GWh 1,949 GWh Energy losses 8.2% 56% 44% Ch$ Million 1H 2012 1H 2011 Change Ch$ Mil
Slide 26: Enersis Group in Brazil: Generation
Enersis’ unique business platform Enersis Group in Brazil Generation Total Generation: 2,371 GWh Market Share¹: 1% CACHOEIRA FORTALEZA Hydro Thermal 1,880 GWh 491 GWh Ch$ Million 1H 2012 1H 2011 Change Ch$ Million 1H 2012 1H 2011 Change Revenues 72,195 59,300 21.7% Revenues 65,715 61,169 7.4% EBITDA
Slide 27: Enersis Group in Brazil: Distribution
Enersis’ unique business platform Enersis Group in Brazil Distribution AMPLA COELCE Distribution area: Río de Janeiro State Distribution area: Ceara State 2.7 million customers 3.3 million customers Energy losses 19.5% Energy losses 12.2% Ch$ Million 1H 2012 1H 2011 Change Ch$ Million 1H 2012 1H 201
Slide 28: Enersis Group in Argentina
Enersis’ unique business platform Enersis Group in Argentina Generation Distribution Total Generation: 5,758 GWh EDESUR Market Share¹: 12% Distribution area: Southern Buenos Aires EL CHOCON 2.4 million customers Energy losses 10.6% Hydro 1,295 GWh Ch$ Million 1H 2012 1H 2011 Change Ch$ Million 1H 20
Slide 29: enersis
enersis ay endesa hy endesa light - gas - people