Endesa Chile 2013 Results

Transcription

1 Endesa Chile 2013 Results

2 Highlights for % 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 Colombia. 21% increase in consolidated EBITDA. 7% increase in thermal generation, due to the commissioning of Bocamina II. 2

3 Financial Highlights 1 Ch$ million Change MM US$ 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, ,101 21% 1,977 EBIT 782, ,416 28% 1,581 Net Financial Expenses (137,130) (146,995) (7%) (277) Related Company Results 119, ,013 (12%) 241 Taxes (204,907) (182,833) 12% (414) Net Income 563, ,023 34% 1,138 Attributable to shareholders of Endesa Chile 353, ,335 51% Under IFRS, Endesa Chile has adopted the Chilean Peso as functional currency, comparisons between periods have been only made under Ch$. 2 Reference average exchange rate was Ch$/US$ for 2013 and the closing rate was Ch$/US$ as of December 31,

4 EBITDA by Country Total Installed Capacity 1 : 13,688 MW Total Generation 1 : 51,417 GWh Argentina 27% Chile 41% Argentina 21% Chile 38% Peru 11% Peru 16% Colombia 21% Colombia 25% 2013 EBITDA : US$ 1,977 million Argentina 6% Peru 16% Chile 37% Endesa Brasil Endesa Chile s ownership: 40% (38.9% direct). Net Attributable Income 2 : US$ 191 million. Colombia 41% 1 Excludes GasAtacama (390 MW) and Endesa Brasil (987 MW). 2 Considers the total contributions of Endesa Brasil recognized by Endesa Chile using the equity method investment. 4

5 Balanced Commercial Policy 2013 Physical Sales Endesa Chile 2013 consolidated results Chile Colombia Peru Argentina 20% 7% 28% 11% 14% 73% 20% 52% 38% 51% 86% Regulated Unregulated Spot 2012 Physical Sales Chile Colombia Peru Argentina 4% 28% 5% 18% 29% 67% 19% 53% 30% 65% 82% Regulated Unregulated Spot 5

6 Healthy Debt Profile US$ million 2,500 2,000 1,500 1, Financial Debt Maturity 1 Total Debt: US$ 3,836 million ,995 < 1 year 1-2 years 2-3 years 3-4 years 4-5 years 5 years and beyond Bonds Banks and Other 126 Cash: US$ 617 million Commited Credit Lines: US$ 493 million Non-Commited Credit Lines: US$ 353 million Average life of debt: 7 years Debt by Country (MM US$) Debt by Type Debt by Currency Peru, 283 Others, 16% UF + CLP, 12% Colombia, 1,656 Argentina, 222 Chile, 1,675 Bonds, 70% Bank Debt, 14% US$, 42% Other Local Currency, 46% 1 Includes obligations with related companies and other financial adjustments. 6

7 Strong Financial Position Ch$ million Variation Change MM US$ Gross Debt 1,894,496 1,932,107 (37,611) (2%) 3,611 Cash 323, ,678 88,130 37% 617 Net Debt 1,570,689 1,696,429 (125,740) (7%) 2,994 Leverage 2 (x) Financial Coverage 3 (x) % - Credit Risk Ratings Since: Jan Apr Feb BBB+ Baa2 BBB+ Affirmed: Aug Sept Aug Amounts translated into US$ at closing exchange rate as of December 31, 2013 (Ch$ per US$). 2 Total debt / (equity + minority interest). 3 EBITDA / (Financial expenses + Income (Loss) for indexed assets and liabilities + Foreign currency exchange differences, net). 7

8 Free Cash Flow (US$ million) 1 1,977 1, (300) (277) (538) (590) (381) (414) (244) (61) EBITDA Net Financial Income Payments for Additions of Fixed Assets Income Tax Free Cash Flow Dividends Amounts translated into US$ at the average exchange rate for each period. 2 For year 2013, considers only the provisional dividend of Ch$ 3.87 per share paid on Jan 31, 2014; translated into US$ at closing exchange rate as of Dec 31, 2013 (Ch$ per US$). * For year 2012, jointly controlled companies are included. 8

9 Argentina Installed Capacity: 3,652 MW Market Share * : 12% Total Generation: 10,840 GWh EL CHOCÓN El Chocón: 1,328 MW Hydro 1,328 MW Million US$ Change Revenues (25%) EBITDA (40%) EBITDA Margin 45% 56% (20%) Total electricity sales 3,392 3,197 6% Costanera: 2,324 MW COSTANERA Thermal 2,324 MW El Chocón Costanera Million US$ Change 2 Revenues (68%) EBITDA 80 (4) - EBITDA Margin 42% (1%) - Total electricity sales 8,962 8,655 4% Based on installed capacity 1 Includes the One Time effect of US$394 MM in to the accounting of the new regulation for generators in Argentina 9

10 Peru Installed Capacity: 1,540 MW Market Share * : 20% Total Generation: 8,391 GWh EDEGEL Cuenca Río Rímac: 556 MW Yanango: 43 MW Chimay: 151 MW 49% Hydro 750 MW Ventanilla: 485 MW Santa Rosa: 304 MW 51% Thermal 789 MW Million US$ Change Revenues % Thermal units Hydro units Lima EBITDA % EBITDA Margin 55% 50% 12% Total electricity sales 8,903 9,587 (7%) * Based on installed capacity 10

11 Chile Installed Capacity 1 : 5,571 MW Market Share * : 30% Total Generation 1 : 19,438 GWh ENDESA CHILE Tarapaca Los Molles: 18 MW Rapel-Sauzal: Maule: Laja: 466 MW 875 MW 940 MW 62% Hydro 3,456 MW D. Almagro Taltal Huasco Ralco-Pangue: 1,157 MW Tarapaca 182 MW D. Almagro Taltal: 269 MW Huasco: 64 MW San Isidro 1 and 2: 778 MW Bocamina 1 and MW 36% Thermal 2,028 MW San Isidro Bocamina Los Molles Santiago Cachapoal Maule Laja Bio Bio TG Quintero: 257 MW Canela: Canela II: Ojos de Agua: 18 MW 60 MW 9MW 2% NCRE 2 87 MW Million US$ Change Revenues 1,965 2,251 (13%) EBITDA % EBITDA Margin 37% 24% 56% Total electricity sales 20,406 20,878 (2%) 1 Excludes the proportional assets from GasAtacama (390 MW). 2 Non Conventional Renewable Energy. Based on installed capacity 11

12 Colombia Installed Capacity: 2,925 MW Market Share * : 20% Total Generation: 12,748 GWh EMGESA Guavio: 1,213 MW Betania: 541 MW Río Bogotá: 727 MW 85% Hydro 2,481 MW Cartagena Cartagena: 208 MW Termozipa: 236 MW 15% Thermal 444 MW Million US$ Change Revenues 1,291 1,172 10% Termozipa Betania Cadena Vieja / Cadena Nueva Bogotá El Guavio EBITDA % EBITDA Margin 63% 65% (3%) Total electricity sales 16,090 16,304 (1%) * Based on installed capacity 12

13 Brazil Installed Capacity: 987 MW Market Share * : 1% Total Generation: 4,992 GWh Cachoeira: 665 MW CACHOEIRA Hydro 665 MW Million US$ Change Revenues (24%) EBITDA (21%) EBITDA Margin 75% 72% 5% Total electricity sales 3,564 4,344 (18%) CIEN Fortaleza Cachoeira Rio de Janeiro Fortaleza: 322 MW FORTALEZA Thermal 322 MW CIEN 1 : Transmission Brazil-Argentina Interconnection Two 500 Km lines Total interconnection capacity: 2,100 MW Million US$ Change Revenues % EBITDA % EBITDA Margin 33% 35% (6%) Million US$ Change Revenues (7%) EBITDA (10%) EBITDA Margin 68% 70% (3%) Total electricity sales 3,262 2,947 11% 1 Includes CIEN, CTM and TESA * Based on installed capacity 13

14 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

15 Projects Under Construction Endesa Chile 2013 consolidated results Salaco Chain (optimization) Repowering the minor plants to reach 221 MW capacity. Located in the Bogotá River system. Optimization works started in January MW will be added to the capacity. On November 6 th, 2013 started the commissioning of the Dario Valencia unit 2, with 50MW of installed capacity. 15

16 Expected Evolution for Endesa Chile s Installed Capacity 16% increase over 2013 installed capacity +16% 12% Taltal, Chile Los Condores, Chile Curibamba, Peru 740 Pta Alcalde, Chile 4% 490 Neltume, Chile El Quimbo, Colombia Salaco, Colombia 13, Under Construction On Basic Engineering 16

17 Final Remarks 1.- Improved results for Severe drought affecting Chile 3.- Electricity Bids in Chile 4.- Situation with Bocamina I and II 5.- Situation with Punta Alcalde 6.- Situation with Los Condores 7.- Diversified Portfolio 17

18 Endesa Chile s Investor Relations Team Susana Rey Investor Relations Director (56-2) susana.rey@endesa.cl Catalina Gonzalez Head of Investor Relations (56-2) cbgs@endesa.cl Guillermo Berguecio Investor Relations Executive (56-2) gabb@endesa.cl Contact us at: ir@endesa.cl 18

19 EXHIBITS 19

20 Installed Capacity and Energy Generation MW CHILE COLOMBIA PERU ARGENTINA TOTAL Installed Capacity (MW) Total HYDRO NUCLEAR COAL OIL-GAS CHP / RENEWABLES 5,571 2,925 1,540 3,652 13,688 3,456 2, ,328 8, , ,324 4, Gwh / Change 2 CHILE COLOMBIA PERU ARGENTINA TOTAL TOTAL 19, % 12,748 (3.8%) 8,391 (2.1%) 10,840 (3.3%) 51,417 (1.5%) Net Generation (GWh) HYDRO 9,851 (8.8%) 11,784 (6.8%) 4, % 2,317 (17.3%) 28,426 (7.3%) NUCLEAR COAL 3, % % , % OIL-GAS 5,804 (2.2%) 91 (55.2%) 3,917 (5.4%) 8, % 18,334 (1.9%) CHP / RENEWABLES 183 (10.3%) (10.3%) 1 Compared with

21 Balanced Debt Maturity in each country Financial Debt Maturity 1 US$ million Balance TOTAL Chile ,675 Argentina Peru Colombia ,199 1,656 TOTAL ,122 3,836 1 Includes obligations with related companies and other financial adjustments. 21

22 Projects Under Study Endesa Chile 2013 consolidated results 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% EIS 1 approved. Curibamba Hydro power plant, run of the river. Located in Junín Department, utilizes streams coming from Comas and Uchubamba Rivers. 188 MW of installed capacity. EIS 1 approved. 1 Environmental Impact Study. 22

23 Projects Under Study Endesa Chile 2013 consolidated results 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 EIS 1, in line with the ruling of the Ministers Committee on Dec 3, Taltal (Conversion) Closed will upgrade the existing LNG power plant. Conversion to Combined Cycle. Located in the Antofagasta region (SIC). 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 Endesa Chile 2013 consolidated results Neltume Hydro power plant, run of the river. Located in Panguipulli, in Los Ríos Region (SIC). 490 MW of installed capacity. EIS 1 under review. HidroAysén Hydro power plants located in Aysén Region. Endesa Chile owns 51% and Colbún 49%. 2,750 MW of installed capacity Average load factor: 77%. EIS 1 approved the generation plants (5). 1 Environmental Impact Study. 24

25 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 be used as part of or construed as a legal contract. ENDESA does not assume any responsibility for the information contained in this document and does not offer any implicit or explicit guarantees of the impartiality, accuracy and completeness of this information and the opinions and statements contained therein. It shall also not be liable for any loss or damages that could arise as a result of using this information. ENDESA does not guarantee that the forward-looking statements in this document will apply in the future in the terms set forth. Neither ENDESA nor its subsidiaries intend to update such estimates, forecasts and objectives contained herein, except where required to do so by law. 25