Endesa Chile 1H14 Results

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1 Endesa Chile 1H14 Results July 28th 2014

2 Highlights 12% growth in Operating Revenues due to a higher average electricity sales price expressed in Chilean pesos, along with the full consolidation of GasAtacama s operating revenue. 7% increase in hydro generation because of better water availability in the period. 11% increase in consolidated EBITDA due to higher revenues, primarily in Chile and Colombia. 7% decrease in net earnings attributable to Endesa Chile s controlling shareholders, mainly due the higher cost of energy purchases and a greater negative exchange difference effect. Acquisition of the additional 50% non controlling stake in GasAtacama and becoming part of the Group's consolidation perimeter. Beginning the construction of Los Cóndores pass-through hydro power plant. 2

3 Consolidated financial highlights Ch$ million 1 1H14 1H13 Change MM US$ 2 1H14 Revenues 1,137,127 1,015,796 12% 2,056 Costs (602,407) (532,591) 13% (1,089) Contribution Margin 534, ,205 11% 967 EBITDA 422, ,396 11% 764 EBIT 325, ,578 13% 588 Net Financial Expenses (81,459) (65,557) 24% (147) Related Company Results 34,819 59,655 (42%) 63 Taxes (82,887) (90,240) (8%) (150) Net Income 218, ,768 11% 394 Attributable to shareholders of Endesa Chile 92, ,115 (7%) Under IFRS, Endesa Chile has adopted the Chilean Peso as functional currency, comparisons between periods have been only made using Ch$. 2 Referential average exchange rate was Ch$/US$ as of June 30,

4 Diversified source of EBITDA Total Installed Capacity 1: 14,568 MW Argentina 25% Chile 44% Total Generation 1 (TTM): 50,719 GWh Argentina 22% Chile 36% Peru 10% Peru 17% Colombia 21% EBITDA 1H14 (TTM): US$ 1,843 million Peru 17% Argentina 7% Chile 33% Colombia 25% Endesa Brasil Endesa Chile s ownership: 37.1%. Net Attributable Income (TTM) 2 : US$ 131 million. Colombia 43% 1 Excludes the proportional assets of Endesa Brasil (987 MW). 2 Considers the total contributions of Endesa Brasil recognized by Endesa Chile as an equity method investment. 4

5 Balanced commercial policy Physical Sales as of June 2014 Chile Colombia Peru Argentina 1% 8% 10% 18% 29% 49% 37% 55% 81% 22% 90% Distribution Companies Free Customers Spot Physical Sales as of June 2013 Chile Colombia Peru Argentina 2% 10% 19% 22% 31% 50% 36% 54% 76% 19% 81% Distribution Companies Free Customers Spot 5

6 Healthy debt maturity profile 3,000 2,500 2,000 1,500 1, US$ million 665 Financial Debt Maturity 1 as of June 2014 Total Debt: US$ 4,405 MM 2, < 1 year 1-2 years 2-3 years 3-4 years 4-5 years 5 years and beyond Bonds Banks and Other Cash: US$ 441 MM; (US$ 581 MM including >90 days cash investments) Committed Credit Lines: US$ 495 MM Non-Committed Credit Lines: US$ 344 MM Average life of debt: 7.4 years Debt by Country (MM US$) Peru 6% Debt by Type Debt by Currency Others 16% UF + CLP 6% Colombia 45% Chile 44% Bank Debt 7% US$ 48% Other Local Currency 46% Argentina 5% 1 Includes arrangements and other consolidation adjustments. Bonds 77% 6

7 Consistent consolidated cash flow generation (US$ million) 1 1,714 1,977 1, (300) (277) (293) (538) (590) (643) (381) (414) (357) EBITDA Net Financial Result Payments for Additions of Fixed Assets Income Tax Free Cash Flow H 2014 TTM 1 Amounts translated into US$ at the average exchange rate for each period. * For year 2012, jointly controlled companies are included 7

8 Strong financial position Ch$ Million 1H H 2013 Change % Change Th US$ 1 1H 2014 Gross Debt 2,257,133 1,894, ,637 16% 4,084 Cash 243, ,807 (80,354) (33%) 441 Net Debt 2,013,680 1,570, ,991 22% 3,643 Leverage % 0.96 Financial Coverage * (0.62) (13%) Amounts translated into US$ at closing exchange rate for the period (Ch$ per US$) * Financial ratio for the Year End

9 Argentina Installed Capacity: 3,652 MW Market Share*: 12% Total Generation: 4,676 GWh EL CHOCON El Chocón: 1,328 MW Hydro 1,328 MW Million US$ 1H H 2013 Change Revenues (9%) EBITDA % EBITDA Margin 54.9% 38.0% 45% Physical Sales (GWh) 1,704 1,386 23% Costanera: 2,324 MW *Based on installed capacity COSTANERA Thermal 2,324 MW Million US$ 1H H 2013 Change Revenues (73%) EBITDA % EBITDA Margin 47.2% 5% - Physical Sales (GWh) 3,459 3,898 (11%) El Chocón Buenos Aires Costanera 9

10 Chile Los Molles: Rapel-Sauzal: Maule: Laja: Ralco-Pangue: GasAtacama Tarapaca 18 MW 466 MW 875 MW 940 MW 1,157 MW 780 MW 182 MW D. Almagro Taltal: 269 MW Huasco: 64 MW San Isidro 1 and 2: 778 MW Bocamina 1 and 2: TG Quintero: Canela: Canela II: Installed Capacity: 6,352 MW Market Share*: 32% Total Generation: 8,166 GWh Ojos de Agua: ENDESA CHILE 478 MW 257 MW 8 MW 60 MW 9MW 54% Hydro 3,456 MW 44% Thermal 2,809 MW 2% NCRE 1 87 MW Tarapacá GasAtacama D. Almagro Taltal Huasco San Isidro Bocamina Los Molles Santiago Cachapoal Maule Laja Bio Bío Million US$ 1H H 2013 Change Revenues 1, % EBITDA (28%) EBITDA Margin 12.9% 23.5% (45%) Physical Sales (GWh) 9,699 9,543 2% 1 Non Conventional Renewable Energy. *Based on installed capacity 10

11 Colombia Installed Capacity: 3,041 MW Market Share*: 21% Total Generation: 6,113 GWh EMGESA Cartagena Guavio: 1,213 MW Betania: 541 MW Río Bogotá: 843 MW Cartagena: 208 MW Termozipa: 236 MW 85% Hydro 2,597 MW 15% Thermal 444 MW Termozipa Bogotá Guavio Betania Río Bogotá Million US$ 1H H 2013 Change Revenues % EBITDA % EBITDA Margin 66.1% 63.7% 4% Physical Sales (GWh) 7,397 7,965 (7%) *Based on installed capacity 11

12 Peru Installed Capacity: 1,524 MW Market Share*: 19% Total Generation: 4,397 GWh EDEGEL Cuenca Río Rímac: 556 MW Yanango: 43 MW Chimay: 151 MW 45% Hydro 751 MW Ventanilla: 485 MW Santa Rosa: 288 MW 55% Thermal 773 MW Ventanilla Lima Río Rimac Yanango Sta Rosa Chimay Million US$ 1H H 2013 Change Revenues % EBITDA % EBITDA Margin 51.8% 54.9% (6%) Physical Sales (GWh) 4,618 4,446 4% *Based on installed capacity 12

13 Brazil Installed Capacity: 987 MW Market Share*: 1% Total Generation: 2,473 GWh Cachoeira: 665 MW CACHOEIRA Hydro 665 MW Fortaleza Million US$ 1H H 2013 Change Revenues % Cachoeira EBITDA % EBITDA Margin 62.6% 69.5% (10%) Physical Sales (GWh) 2,171 1,814 20% CIEN Rio de Janeiro Fortaleza: 322 MW FORTALEZA Thermal 322 MW Million US$ 1H H 2013 Change Revenues % EBITDA (52%) EBITDA Margin 13.5% 30.0% (55%) CIEN: Transmission Brazil-Argentina Interconnection Two 500 Km lines Total interconnection capacity: 2,100 MW Million US$ 1H H 2013 Change Revenues (6%) EBITDA % EBITDA Margin 80.4% 67.8% 19% Physical Sales (GWh) 1,461 1,623 (10%) *Based on installed capacity 13

14 Projects under construction Colombia El Quimbo Hydro power plant. Located in the Huila Department, Colombia Utilizes stream coming from Magdalena River. 400 MW of installed capacity. Estimated load factor: 60%. River detour in March

15 Projects under construction Colombia Salaco Chain (optimization) Upgrading the minor plants to reach 221 MW capacity. Located in the Bogotá River system, Colombia Optimization work started in January MW will be added to the capacity. As of June 30th, 4 units had come into service, adding a net total of 128 MW. 15

16 Investments recently approved Chile Los Cóndores Hydro power plant, run of the river. Located in San Clemente, in Maule region, Chile. 150 MW of installed capacity. Estimated load factor: 46% FID 1 approved on March 31, Chile Gas Atacama Thermal power plant, Gas - CCGT Located in Mejillones, in Atacama region, Chile. 780 MW of installed capacity. On March 31, 2014 the Board of Directors of Endesa Chile approved the buyout for the 50% outstanding non controlling stake. 1 Final Investment Decision. 16

17 Expected evolution for Endesa Chile s installed capacity 22% increase in installed capacity through new projects Hydro plant Thermal plant 815 MW Curibamba MW Punta Alcalde MW Salaco- 145 MW Los Cóndores MW El Quimbo- 400 MW Taltal MW Neltume MW GasAtacama- 780 MW 13,717 13,717 13,717 13,717 March Acquisition of Non- Controlling Interest April Under Construction In basic enginering Under study In March 2014, Endesa Chile s Board of Directors approved the acquisition of the remaining 50% interest in GasAtacama, adding 780 MW of installed capacity since April

18 Summary Better Operationg Results for First Half 2014 Net Income affected by Non Operating effects Severe drought affecting Chile Situation with Bocamina II Investments recently approved Diversified portfolio 18

19 Endesa Chile s Investor Relations Team Susana Rey Investor Relations Director (56-2) Catalina Gonzalez Head of Investor Relations (56-2) Guillermo Berguecio Investor Relations Executive (56-2) Francisco Basauri Investor Relations Executive (56-2) Contact us at: 19

20 EXHIBITS 20

21 Installed capacity and energy generation Installed Capacity (MW) MW CHILE COLOMBIA PERU ARGENTINA TOTAL HYDRO 3,456 2, ,328 8,131 COAL OIL-GAS 2, ,324 5,454 NCRE Total 6,351 3,041 1,524 3,652 14,568 Gwh / Change 1 CHILE COLOMBIA PERU ARGENTINA TOTAL HYDRO 4,369 12% 5,581 (4%) 2,307 (4%) 1,268 52% 13,524 4% Net Generation (GWh) COAL 775 (63%) 512 4% - 0% - - 1,287 (50%) OIL-GAS 2,928 (4%) 21 (64%) 2,089 20% 3,408 (6%) 8,447 (1%) NCRE 94 5% - 0% % Total 8,166 (10%) 6,113 (4%) 4,397 6% 4,676 4% 23,352 (3%) 1 Compared with 1H

22 Healthy debt maturity profile in each country Financial Debt Maturity 1, as of June 2014 US$ million Balance TOTAL Chile ,265 1,953 Argentina Peru Colombia ,553 1,984 TOTAL ,864 4,405 1 Includes arrangements and other consolidation adjustments. 2 May not total exactly due to rounding. 22

23 Projects under study Chile Punta Alcalde Thermal, coal-steam power plant. Located in Huasco, in the Atacama region (SIC), Chile. 740 MW of installed capacity. Estimated load factor: 83% On Jan 17, 2014, the Supreme Court of Chile reaffirmed the approval of the EIS 1, in line with the ruling of the Ministers Committee on Dec 3, Chile Taltal (Conversion) Closure to upgrade the existing LNG power plant. Conversion to Combined Cycle. Located in the Antofagasta region (SIC), Chile. 120 MW will be added to the current 245 MW capacity. EIS 2 submitted for approval in Dec Environmental Impact Study. 2 Environmental Impact Statement. 23

24 Projects under study Chile Neltume Hydro power plant, run of the river. Located in Panguipulli, in the Los Ríos Region (SIC). 490 MW of installed capacity. EIS 1 under review. Perú Curibamba Hydro power plant, run of the river. Located in the Junín Region, utilizes water coming from the Comas and Uchubamba Rivers. 188 MW of installed capacity. EIS 1 approved. 1 Environmental Impact Study. 24

25 Projects under study Chile Hidroaysén Hydro power plants located in Aysén Region. Endesa Chile owns 51% and Colbún 49%. 2,750 MW of installed capacity Estimated average load factor: 77%. On June 10th 2014 the Ministers Committee revoked the EIS previously approved for the five generation plants. Hidroaysen was officially notified about the resolution on July 15th Currently Hidroaysen is examining all possible alternatives in order to preserve the value of the project. 1 Environmental Impact Study. 25

26 This presentation contains statements that could constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of These statements appear in a number of places in this announcement and include statements regarding the intent, belief or current expectations of Endesa Chile and its management with respect to, among other things: (1) Endesa Chile business plans; (2) Endesa Chile cost-reduction plans; (3) trends affecting Endesa Chile financial condition or results of operations, including market trends in the electricity sector in Chile or elsewhere; (4) supervision and regulation of the electricity sector in Chile or elsewhere; and (5) the future effect of any changes in the laws and regulations applicable to Endesa Chile or its subsidiaries. Such forward-looking statements are not guarantees of future performance and involve risks and uncertainties. Actual results may differ materially from those in the forward-looking statements as a result of various factors. These factors include a decline in the equity capital markets of the United States or Chile, an increase in the market rates of interest in the United States or elsewhere, adverse decisions by government regulators in Chile or elsewhere and other factors described in Endesa Chile Annual Report on Form 20-F. Readers are cautioned not to place undue reliance on those forwardlooking statements, which state only as of their dates. Endesa Chile undertakes no obligation to release publicly the result of any revisions to these forwardlooking statements. 26

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