Slide 1: Enersis 1H 2014 results
Enersis 1H 2014 results 28/07/2014
Slide 2: Highlights
Consolidated results 1H 2014 Highlights EBITDA in 1H14 was 1.7 bn USD decreasing by 14.8% vs 1H13 and includes important non-recurring effects mainly in our distribution businesses in Argentina and Brazil. Generation has increased EBITDA by 17.2% during 2Q14 thanks to higher hydro generation in Chil
Slide 3: Business context in 1H 2014
Consolidated results 1H 2014 Business context in 1H 2014 Sales to final clients (%) Generation Output (TWh) +4.4(1,2) +3.9%(3) +4.7(1) 9.1 8.2 6.9% 7.2 6.4 6.1 5.4% 5.4% 5.5 Enersis - Investor Relations 4.3% 4.0% 3.9% 4.2 4.5 2.9% 3.2% 2.5% 2.0% 2.2 2.5 Chile Colombia Brazil Peru Argentina Chile Col
Slide 4: Financial highlights
Consolidated results 1H 2014 Financial highlights Change 1H 2014 Ch$ Million(1) 1H 2014 1H 2013 (%) Mn US$ Revenues 3,379,432 3,157,601 7.0% 6,110 Enersis - Investor Relations Costs -2,452,706 -2,070,425 18.5% -4,434 EBITDA 926,726 1,087,175 -14.8% 1,675 EBIT 680,282 865,630 -21.4% 1,230 Net income
Slide 5: From EBIT to net income
Consolidated results 1H 2014 From EBIT to net income Change 1H 2014 Ch$ Million(1) 1H 2014 1H 2013 (%) Mn US$ EBIT 680,282 865,630 -21.4% 1,230 Net Financial Expenses -204,660 -64,879 215.5% -370 Enersis - Investor Relations Financial Expenses -243,516 -187,511 29.9% -440 Financial Income 89,882 124
Slide 6: Regulation update
Consolidated results 1H 2014 Regulation update Fiscal reform project: Possibility to chose among 2 tax system from 2017: “Attributed income” or “Semi- integrated system” Disappearance of FUT(“Fondo de Utilidades Tributarias”) New emissions tax beginning in 2017 affecting thermal facilities >
Slide 7: EBITDA evolution (Ch$ Million)
Consolidated results 1H 2014 EBITDA evolution (Ch$ Million) -14.8% 1,087,175 27,048 25,204 Enersis - Investor Relations -22,601 (15%) 166,311 -43,568 47,928 926,726 (11%) 117,990 -180,107 -4,463 156,637 (17%) Chile Brazil (31%) 342,031 Colombia Peru 395,346 (43%) Argentina Other (27%) 289,098 FX 240
Slide 8: EBITDA – Chile evolution
Consolidated results 1H 2014 (1) EBITDA – Chile evolution (Ch$ Million) -12.5% 181,418 Enersis - Investor Relations 4,043 175,781 158,816 -26,644 Dx 86,845 90,888 Gx 94,573 67,928 1H 2013 Generation Distribution 1H 2014 1 Figures differ from data published in financial statements (“Nota Segmentos”)
Slide 9: EBITDA – Brazil evolution
Consolidated results 1H 2014 (1) EBITDA – Brazil evolution (Ch$ Million) -16.8% -18.5% Enersis - Investor Relations 9,222 289,098 235,638 4,946 240,584 -62,681 Dx 196,963 134,282 137,100 Gx 92,135 103,484 101,357 (2) 1H 2013 Generation Distribution 1H 2014 FX 1H 2014 Excluding FX 1 Figures differ fr
Slide 10: EBITDA – Colombia evolution
Consolidated results 1H 2014 (1) EBITDA – Colombia evolution (Ch$ Million) +15.6% +7,4% 395,346 28,111 Enersis - Investor Relations 367,235 342,031 23,422 1,782 140,076 157,257 Dx 144,293 221,159 238,088 Gx 197,737 1H 2013 Generation Distribution 1H 2014 FX 1H 2014 Excluding FX 1 Figures differ from
Slide 11: EBITDA – Peru evolution
Consolidated results 1H 2014 (1) EBITDA – Peru evolution (Ch$ Million) +32.8% +22.9% 11,599 156,637 Enersis - Investor Relations 8,008 145,038 19,041 57,719 117,990 53,445 Dx 45,438 91,593 98,918 Gx 72,552 1H 2013 Generation Distribution 1H 2014 FX 1H 2014 Excluding FX 1 Figures differ from data pub
Slide 12: EBITDA – Argentina evolution
Consolidated results 1H 2014 (1) EBITDA – Argentina evolution (Ch$ Million) Ch$ -176,742 22,867 166,311 Gx Enersis - Investor Relations 17,383 Dx 148,929 Generation: 30,433 3,365 -202,974 -13,796 -10,431 Distribution: -40,864 1H 2013 Generation Distribution 1H 2014 FX 1H 2014 Excluding FX 1 Figures
Slide 13: A solid financial position: Cash flow YTD
Consolidated results 1H 2014 A solid financial position Cash flow YTD (Ch$ Million) 684,541 Enersis - Investor Relations -489,750 -541,005 -84,823 -431,037 (1) Cash flow from Capex (net) Dividend (net) Interest (net) Available Cash operations flow 13 1. Dividend considers cash outflow to Enersis and
Slide 14: Annexes
Annexes enersis 14
Slide 15: Production mix (GWh)
Operational annexes 1H 2014 Production mix (GWh) Hydro Oil-gas Coal NCRE LatAm Chile Colombia -10,3% -4.0% +3.9% 9,109 8,166 6,367 6,113 27,348 28,410 1.0% 1.2% 8.4% 0.7% 4.5% 0.3% 9.5% 7.8% 0.3% 9.4% 22.8% 0.9% 35.9% Enersis - Investor Relations 39.5% 43.0% 33.4% 89.7% 91.3% 50.4% 52.1% 53.5% 42.8%
Slide 16: 1H 2014 Net installed capacity: Breakdown by source and geography
Operational annexes 1H 2014 1H 2014 Net installed capacity: Breakdown by source and geography MW Hydro Oil-Gas Coal NCRE Total Chile 3,456 2,173 636 87 6,351 Enersis - Investor Relations Colombia 2,597 208 236 0 3,041 Peru 750 1,082 0 0 1,832 Brazil 665 322 0 0 987 Argentina 1,328 3,194 0 0 4,522 To
Slide 17: 1H 2014 total net production: Breakdown by source and geography
Operational annexes 1H 2014 1H 2014 total net production: Breakdown by source and geography MWh Hydro Oil-Gas Coal NCRE Total Chile 4,368 2,931 773 95 8,166 Enersis - Investor Relations Colombia 5,581 21 512 0 6,113 Peru 2,307 2,196 0 0 4,503 Brazil 1,290 1,183 0 0 2,473 Argentina 1,268 5,887 0 0 7,
Slide 18: EBITDA: generation/distribution businesses
Operational annexes 1H 2014 EBITDA: generation/distribution businesses 1H 2014 EBITDA: US$ 1,697Mn1 Enersis - Investor Relations 43% 57% Generation Distribution 18 1 The average exchange rate for the period January – June 2014 of 553.12 CLP/USD.
Slide 19: EBITDA: reconciliation of FX effect
Operational annexes 1H 2014 EBITDA: reconciliation of FX effect: 1H 13 Chile Brazil Colombia Peru Argentina Total Financial Statements(1) Generation 95,146 90,416 197,685 72,918 19,101 475,266 Distribution 85,887 195,692 144,294 45,438 148,936 620,246 Total 181,033 286,108 341,978 118,357 168,037 1,
Slide 20: EBIT by business
Operational annexes 1H 2014 (1) EBIT by business -20.8 % Ch$ Million 875,096 693,454 Enersis - Investor Relations 39% 58% 61% 42% 1H 13 1H 14 Generation Distribution 20 1.EBIT by business does not include holding companies or services
Slide 21: CAPEX by business
Operational annexes 1H 2014 CAPEX by business 1H 2014: Ch$ Million 489,750 Enersis - Investor Relations 46% 54% 40.3% 59.7% Generation Distribution 21
Slide 22: Balance Sheet
Operational annexes 1H 2014 Balance Sheet Change 1H 2014 (1) Ch$ Million 1H 2014 1H 2013 (%) Mn US$ Enersis - Investor Relations Net Debt 2,358,172 1,896,340 24.4% 4,266 Shareholder's equity 6,410,774 6,168,554 3.9% 11,599 (2) Net capital employed 8,768,946 8,064,895 8.7% 15,865 1. The exchange rate
Slide 23: Financial debt
Operational annexes 1H 2014 Financial debt Average cost of gross debt Average residual maturity (years) 8.6% 8.6% 6.4 8.1% 5.3 5.5 Enersis - Investor Relations 2012 2013 1H 2014 2012 2013 1H 2014 (1) Net debt (CLP$ MM) Fixed + hedged / Total gross debt 2,576,515 2,358,172 43% 43% 1,896,340 40% 2012
Slide 24: Liquidity analysis
Operational annexes 1H 2014 Liquidity analysis US$ Million Amount Outstanding Available Enersis - Investor Relations Committed credit lines 784 16 768 (1) Cash and cash equivalents 3,099 n.a. 3,099 Uncommitted lines 857 1 856 Total liquidity 4,398 17 4,381 1 Cash and cash equivalents considers in ad
Slide 25: Debt structure
Operational annexes 1H 2013 Debt structure • Average debt maturity: 6.4 years • Rating: • Average cost of gross debt: 8.6% - Standard & Poor‟s(1): BBB+ / AA, Stable • Fixed+Hedged/ Total gross debt: 43% - Moody‟s: BBB+, Stable - Fitch Ratings(1): Baa2 / AA, Stable Enersis - Investor Relations Change
Slide 26: 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 27: Investor Relations Team
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) 27
Slide 28: enersis
enersis