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December 2015
Endesa Chile
IR Presentation
Endesa Chile Investor Presentation FY2015
USE: Public, Investor Relations 2
PEHUENCHE, 93%
CELTA, 96%
GASATACAMA, 98%
•COSTANERA, 76%
•EL CHOCÓN, 65% •EDEGEL, 62% •EMGESA, 27%
• ENEL BRASIL, 37%
AMPLA, 17%
COELCE, 22%
FORTALEZA, 37%
CDSA, 37%
CIEN, 37%
61%
60%
COLOMBIA PERU ARGENTINA BRAZIL1
Organization structure
CHILE
Committed Shareholders ITALY
CHILE
1 Recognized as equity method investments.
•GNL Quintero, 20%
•Transquillota ,48%
•Electrogas, 43%
•GNL Chile, 33%
CHILE1
60% 15%
4%
6%
15%
Enersis S.A.
Chilean Pension Funds
ADRs (Citibank N.A.)
Retail
Institutional Investors
Endesa Chile Investor Presentation FY2015
USE: Public, Investor Relations 3
12/18/2015: ESMs approved the spin-off.
03/01/2016: Spin-off of Enersis, Endesa Chile and Chilectra becomes effective.
2H16: ESMs call to vote merger.
Enersis
Chilectra Endesa
99% 60%
Enel SpA
Enel
Iberoamérica
100%
Enersis
Chile
Chilectra
Chile
Endesa
Chile
60% 99%
61%
Enersis
Américas
Enel SpA
Enel
Iberoamérica
100%
Chilectra
Américas
Endesa
Américas
60% 99%
Enersis
Chile
61%
Enel SpA
Enel
Iberoamérica
100%
Chilectra
Chile
Endesa
Chile
60% 99%
>50%
Chilectra
Américas
Endesa
Américas
Enersis
Américas
ARG BR PE COL
These
companies are
expected to
merge in 2H16.
Str
uc
ture
as o
f D
ece
mb
er
201
5
Spin - off
61% 61%
As of March 1st,
Endesa Chile and
Endesa Americas
spin-off became
effective.
ARG BR PE COL CHI
Reorganization highlights
Spin-off of Latam assets to Endesa Americas
3
Endesa Chile Investor Presentation FY2015
USE: Public, Investor Relations 4
Endesa Chile Financial Statements
(Structure reported to SVS)
Consolidated Financial Statements
(Proxy including discontinued operations)
• Endesa Chile Income Statement as reported to SVS reflect only Chilean
operations in EBITDA.
• LATAM investments reflected as “Net Income from discontinued ops”
• Proxy Income Statement, including discontinued operations allocated
throughout the Income Statement, presented for information and
comparison purposes.
• Brasil investments are accounted for as “Related Company Results” 1 Under IFRS, Endesa Chile has adopted the Chilean Peso as functional currency. 2 Referential average exchange rate was 654,66 Ch$/US$ as of December 31, 2015.
Endesa Chile Financial Statements
New structure reported to SVS
Ch$ million1 2015 2014 Chg. MM US$2
2015
Revenues 1,543,810 1,230,975 25% 2,358
Costs (880,891) (750,217) 17% (1,346)
EBITDA 516,861 366,029 41% 790
Others
(293,029)
(236,972)
23%
(448)
Net income from
discontinued
operations
411,190 489,916 (16%) 628
Net Income Attributable to
shareholders 392,868 334,556 17% 600
Ch$ million1 YE 2015 YE 2014 Chg. MM US$2
2015
Revenues 2,846,926 2,446,534 16% 4,349
Costs (1,362,638) (1,119,458) 22% (2,081)
EBITDA 1,191,661 1,094,981 9% 1,820
Others
(607,731)
(526,595)
15%
(928)
Related company
Results & other inv. 51,092 50,586 1% 78
Net Income Attributable
to shareholders 392,868 334,556 17% 600
Endesa Chile Investor Presentation FY2015
USE: Public, Investor Relations 5
COLOMBIA
3,459 MW inst. Capacity 2
Hydro: 3,015 MW
Thermal : 444 MW
22% market share1
No. 2
6,351 MW inst. capacity
Hydro: 3,456 MW
Thermal : 2,808 MW
NCRE: 87 MW
32% market share1
PERU
1,686MW inst. capacity
Hydro: 783 MW
Thermal : 902 MW
18% market share1
CHILE
BRAZIL
987 MW inst. Capacity
Hydro: 665 MW
Thermal : 322 MW
1% market share1
Consolidated installed capacity: 15,148 MW
Capacity including Brazil : 16,135 MW
Consolidated energy sales 2014: 56,692 GWh
Consolidated energy sales 2015: 61,046 GWh
3,652 MW inst. Capacity
Hydro: 1,328 MW
Thermal: 2,324 MW
12% market share1
ARGENTINA No. 2
No. 1
No. 1
1. Calculated based on installed capacity
2. Includes El Quimbo installed capacity
A unique portfolio in Latam’s generation
business
Endesa Chile Investor Presentation FY2015
USE: Public, Investor Relations 6
Hydro: 9,247 MW
Chile:
3,456 MW Argentina:
1,328 MW
Brazil1:
665 MW
Peru:
783 MW
Colombia:
3,015 MW 1
Chile:
636 MW
Colombia:
236 MW
Chile:
2,173 MW Argentina:
2,324 MW
Peru:
902 MW
Colombia:
208 MW
Chile:
87 MW
NCRE2: 87 MW
Coal: 872 MW
Oil-Gas: 5,929 MW
1 Brazilian assets are recognized as equity method investments. 2 Non Conventional Renewable Energy.
57% of Endesa’s installed capacity corresponds to hydro
resources
Brazil1:
322 MW
1. Includes El Quimbo installed capacity
872
9,247
87
5,929 COAL
HYDRO
NCRE
OIL-GAS
Installed Capacity: 16,135 MW
Well diversified generation assets throughout the
region
Endesa Chile Investor Presentation FY2015
USE: Public, Investor Relations
Chile 41%
Colombia 25%
Peru 11%
Argentina 23%
Chile 43%
Colombia 35%
Peru 16%
Argentina 6%
7
Enel Brasil
• Endesa Chile’s ownership: 37.1%.
• Net Attributable Income2: US$ 56 million.
1 Excludes the proportional assets of Enel Brasil (987 MW). 2 Considers the total contributions of Enel Brasil recognized by Endesa Chile as an equity method investment.
Total Installed Capacity1
15,148 MW
EBITDA FY15
US$1,820 million
Total Generation:
51,622 GWh
Diversified source of EBITDA
Including discontinued operations
Chile 35%
Colombia 27%
Peru 16%
Argentina 22%
Endesa Chile Investor Presentation FY2015
USE: Public, Investor Relations
75%
18%
7%
54%
20%
26%
52% 40%
8% 5%
95%
8
Chile Colombia Peru
Distribution
Companies Spot Unregulated
Customers
Argentina
Physical
Sales
(GWh)
1 Compared with FY14
Physical Sales as of December 2015: 61,046 GWh
Balanced Commercial policy
Gwh / Change1 CHILE COLOMBIA PERU ARGENTINA TOTAL
REGULATED 17,622 11% 9,070 18% 4,531 (12%) - 0% 31,222 9%
UNREGULATED 4,319 6% 3,435 4% 3,441 (4%) 585 (32%) 11,780 0%
SPOT 1,618 29% 4,381 (9%) 662 10% 11,383 19% 18,044 11%
TOTAL 23,558 11% 16,886 7% 8,633 (7%) 11,968 15% 61,046 8%
Endesa Chile Investor Presentation FY2015
USE: Public, Investor Relations
1 Under IFRS, Endesa Chile has adopted the Chilean Peso as functional currency, comparisons between periods have been only made using Ch$.
2 Referential average exchange rate was 654,66 Ch$/US$ as of December 31, 2015.
9
Consolidated financial highlights
Endesa Chile consolidated (including discontinued operations)
Ch$ million1 YE 2015 YE 2014 Change MM US$ *
2015
Revenues 2,846,926 2,446,534 16% 4,349
Costs (1,362,638) (1,119,458) 22% (2,081)
Contribution Margin 1,484,287 1,327,076 12% 2,267
EBITDA 1,191,661 1,094,981 9% 1,820
EBIT 963.400 875,321 11% 1,472
Net Financial Expenses (46.565) (68,783) 32% (71)
Related Company Results 47.585 7,185 562% 73
Taxes (332.905) (238,153) 40% (509)
Net Income 635.021 618,973 3% 970
Attributable to shareholders of Endesa Chile 392.868 334,556 17% 600
Endesa Chile Investor Presentation FY2015
USE: Public, Investor Relations
Colombia – Contracted energy (TWh) Chile– Contracted energy (TWh)
Peru – Contracted energy (TWh) Brazil– Contracted energy (TWh)
10
Energy contracts with established prices
Revenue stability through long term contracts
0
4
8
12
16
20
24
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Contrated energy Chile (TWh)
Futures Customers Regulated customers
Free customers Optimal contracts
0,0
1,0
2,0
3,0
4,0
5,0
6,0
7,0
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Contrated energy Brazil (TWh)
Futures Customers Regulated customers
Free customers Optimal contracts
0,0
2,0
4,0
6,0
8,0
10,0
12,0
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Contrated energy Colombia (TWh)
Futures Customers Regulated customers
Free customers Optimal contracts
0
2
4
6
8
10
12
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Contrated energy Peru (TWh)
Futures Customers Regulated customers
Free customers Optimal contracts
Data as of September 2015.
Endesa Chile Investor Presentation FY2015
USE: Public, Investor Relations
Other Local
Currency 43%
US$ 54%
UF + CLP 3%
Chile 50%
Argentina 3%
Colombia 41%
Peru 6%
Others 13%
Bank Debt 12%
Bonds 75%
28 61 87 239
127
1.756
500
99 46 19 19 84
0
200
400
600
800
1.000
1.200
1.400
1.600
1.800
2.000
< 1 year 1-2 years 2-3 years 3-4 years 4-5 years 5 years and beyond Bonds Banks and Other
• Debt reduction: US$ 455 MM
• Cash: US$ 53 MM
• Committed Credit Lines: US$ 316 MM,
• Non-Committed Credit Lines: US$ 300 MM
• Average life of debt: 7.4year
•International Credit Rating: BBB+
Debt by Type1 Debt by Currency1 Debt by Country (MM US$)1
1 Includes arrangements and other consolidation adjustments.
Total Debt: US$ 3,065 MM
11
Financial Debt Maturity1 as of December 2015
Healthy debt maturity profile
Solid financial ratios and investment grade category (BBB+)
Endesa Chile Investor Presentation FY2015
USE: Public, Investor Relations
(305)
1,377
(787)
41
(611)
514
229
0
200
400
600
800
1.000
1.200
1.400
1.600
1.800
2.000
Cash and equivalents Dec-14
Funds from operations
Capex Funds from assets disposal
Financing activities & Exchange rate
effects
Dividend payment Cash and equivalents Dec-15
12
1. Referential average exchange rate was 654.66 Ch$/US$ as of December 31, 2015.
2. Dividend payment considers cash outflows to Enersis and all minorities’ shareholders.
3. Funds from assets disposal includes sale of Tunel El Melon.
Consolidated Cash Flow Generation (US$million)1
Including discontinued operations
Endesa Chile Investor Presentation FY2015
USE: Public, Investor Relations
• Colombia includes 2010 and 2011 years in which serious flooding and heavy rainfall occurred, resulting in a demand reduction.
• Peru includes the effect of government rural electrification plans.
13
90%
110%
130%
150%
170%
190%
210%
230%
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
To
tal S
ale
s in
GW
h (
%)
Years
Historic electricity demand growth (CAGR, last ten years)
CHILE COLOMBIA PERU BRAZIL ARGENTINA
3.4% 3.1%
7.4%
4.2%
2.2%
Increasing electricity demand in Latam
Endesa Chile Investor Presentation FY2015
USE: Public, Investor Relations
ARGENTINA
AUSTRALIA
AUSTRIA
BOLIVIA
BRAZIL
CANADA
CHILECHINA
COLOMBIA
FINLAND
FRANCE GERMANY
GREECE
INDIA IRELAND
ITALY
JAPAN
MEXICO
PERU
RUSSIA
SPAIN UNITED KINGDOM
UNITED STATES
0
2,000
4,000
6,000
8,000
10,000
12,000
14,000
16,000
18,000
0 10,000 20,000 30,000 40,000 50,000 60,000
Ele
ctrici
ty c
onsu
mption,
per
capita (
Kw
h p
er
year)
GDP per capita (current PPP, US$)Data source: The World Bank.
Direct relation between GDP and electricity demand
14
• Chile aims to be in the group of developed countries.
• There is no development without energy.
Markets with high potential for growth
Endesa Chile Investor Presentation FY2015
USE: Public, Investor Relations
67%
68% 67% 57% 57% 57% 33%
32% 33%
42% 42%
42%
1%
1% 1%
1995 2000 2005 2010 2015 Under Construction
6,002
GasAtacama 781 MW(3)
15
• Endesa Chile has more than doubled its installed capacity in the last 20 years.
• A well diversified generation matrix incorporating all types of generation technologies (Coal, LNG and NCRE), providing a better position to cope with the
hydrologic risk
(1) (2)
(1) Includes acquisition of Emgesa and Edegel. (2) Enel Brasil accounted under the equity method. (3) Capacity added in 2014. (4) Capacity added in 2015.
Salaco 145 MW (3) El Quimbo 400 MW (4)
Los Cóndores 150 MW
12,347 11,726
13,845
15,148 15,298
Historical evolution of Endesa Chile’s installed capacity
1% increase in installed capacity through projects under construction
Hydro Thermal NCRE
Endesa Chile Investor Presentation FY2015
USE: Public, Investor Relations
• Hydro power plant, run of the river.
• Located in San Clemente, in Maule region, Chile.
• 150 MW of installed capacity.
• Estimated generation of 600 GWh/year.
• Estimated load factor: 46%.
• Total CAPEX of US$ 662 million.
• 24% progress as of December, 2015.
16
Los Cóndores
Projects under construction
Endesa Chile Investor Presentation FY2015
USE: Public, Investor Relations
9,598 9,748 9,800
11,545 10,918
2011 2012 2013 2014 2015
715 408 556 566
790
444
575 613 755
629 216
214 240
282 291 71
38
85
70 107
2011 2012 2013 2014 2015
CHILE COLOMBIA PERU ARGENTINA
1,446
1,234 1,495
1,673 1,820
407 393 446
644
803
2011 2012 2013 2014 2015
Dividends (Ch$ per Share)
EBITDA (US$ Million1) Market Value (US$ Million1)
Source: Bloomberg
1. Amounts expressed in US$, using the average exchange rate of 654,66 Ch$/US$ as of December 29th 2015.
CAPEX (US$ Million1)
Source: Purchases of property, plant and equipment
17
27,2
14,3
21,6 20,4
20,5
2011 2012 2013 2014 2015
Market value and dividends
Including discontinued operations
Endesa Chile Investor Presentation FY2015
USE: Public, Investor Relations
BBB+ Baa2 BBB+
Since:
Affirmed:
Jan. 2010 Apr. 2011 Feb. 2010
Jun. 2015 Dec. 2015 Nov. 2015
AA (cl) AA
Jan. 2010 Apr. 2010
Jun. 2015 Dec. 2015
International market Chilean market
RATINGS BASED UPON:
• Well diversified and efficient assets
• Leading market share in the four countries where we operate
• Transparent and favorable regulatory framework in Chile
• Solid financials, good cash flow generation and prudent financial management
• Conservative commercial policy
18
Credit Risk Agencies Recognition
Endesa Chile Investor Presentation FY2015
USE: Public, Investor Relations 19
Contact us at:
ir.endesacl@enel.com
Susana Rey
Head of Investor Relations
(56) 22630 9606
susana.rey@enel.com
Catalina Gonzalez
Investor Relations Senior Analyst
(56) 22630 9603
catalina.gonzalez@enel.com
Guillermo Berguecio
Investor Relations Analyst
(56) 22630 9506
guillermo.berguecio@enel.com
Francisco Basauri
Investor Relations Analyst
(56) 22630 9585
francisco.basauri@enel.com
Endesa Chile’s Investor Relations Team
Endesa Chile Investor Presentation FY2015
USE: Public, Investor Relations 20
EXHIBITS
Endesa Chile Investor Presentation FY2015
USE: Public, Investor Relations
1943 1987 1994 1999 2004 2005 2015
• December 1943, Endesa Chile is
incorporated as a Stock Company and
an affiliate of the Corporación de
Fomento de la Producción (CORFO)
• July 1994, Endesa Chile’s stock
begins to trade on the New York
Stock Exchange
•September 2004, Ralco hydroelectric
plant started operations adding 690 MW
of installed capacity to Endesa Chile
•As of December 2015, Endesa Chile and its
subsidiaries have 192 electricity units with an
installed capacity of 15,148 MW
• In 1987,the process of privatization begins,
and was completed in 1989 through a series of
public offerings
• May 1999, Enersis S.A. becomes the
majority owner of Endesa Chile • In 2005, the Company incorporates
Endesa Brasil S.A.
21
Endesa Chile’s corporate history
•As of December
2015, ESM held on
December 18, 2015,
approves the first
stage of the
Reorganization
Process (Enersis,
Endesa Chile and
Chilectra Spin-Off)
Endesa Chile Investor Presentation FY2015
USE: Public, Investor Relations 22
Colombia
El Quimbo (400MW)
• Hydro power plant, located in the Huila Department, Colombia
• Utilizes the flow coming from the Magdalena River.
• Estimated: generation of 2,093 GWh/year, Load factor: 60%
• Total CAPEX of US$ 1,231 million*.
Installed capacity added in 2015
* In constant US dollars of 2010.
El Quimbo began commercial operations on November 16, 2015, contributing with 159 GWh in 2015.
Endesa Chile Investor Presentation FY2015
USE: Public, Investor Relations 23
Chilean EBITDA amounted to 297 million dollars in 4Q15, increasing 19%
Improved generation mix (+409 GWh hydro generation)
Total energy sales rose by 5% in 4Q15
El Quimbo began commercial operation in November 2015
Rating Agencies have reaffirmed Endesa Chile in BBB+ (stable)
Extraordinary shareholders meeting approved Endesa Chile Spin-Off
Argentina EBITDA amounted to 33 million dollars in 4Q15, increasing over 100%
Higher hydro and thermo generation (+453 GWh)
Highlights 4Q15
Endesa Chile Investor Presentation FY2015
USE: Public, Investor Relations 24
CH
ILE
A
RG
EN
TIN
A
CO
NS
OL
IDA
TE
D
CO
LO
MB
IA
PE
RU
BR
AS
IL1
1. Considers the total contributions of Enel Brasil recognized by Endesa Chile as an equity method investment.
Million US$ 4Q15 4Q14 Chg %
Revenues 626 533 17%
EBITDA 297 243 19%
EBITDA MARGIN 34% 30% 13%
Physical Sales (GWh) 6,247 6,093 3%
Million US$ 4Q15 4Q14 Chg %
Revenues 1,237 972 27%
EBITDA 542 495 10%
EBITDA MARGIN 42% 45% (7%)
Physical Sales (GWh) 15,276 14,561 5%
Million US$ 4Q15 4Q14 Chg %
Revenues 161 146 19%
EBITDA 79 79 -1%
EBITDA MARGIN 50% 52% (5%)
Physical Sales (GWh) 2,132 2,391 -11%
Million US$ 4Q15 4Q14 Chg %
Revenues 387 252 54%
EBITDA 131 149 -12%
EBITDA MARGIN 53% 66% (19%)
Physical Sales (GWh) 4,041 3634 11%
Million US$ 4Q15 4Q14 Chg %
Revenues 693 1,075 19%
EBITDA 130 369 22%
EBITDA MARGIN 19% 34% 3%
Physical Sales (GWh) 1,759 1,742 1%
Million US$ 4Q15 4Q14 Chg %
Revenues 58 44 34%
EBITDA 33 16 102%
EBITDA MARGIN 50% 43% 16%
Physical Sales (GWh) 2,856 2,443 17%
4Q15 Results
Endesa Chile consolidated (including discontinued operations)
Endesa Chile Investor Presentation FY2015
USE: Public, Investor Relations 25
Hydro
1,328 MW
Thermal
2,324 MW
*Based on installed capacity
Financial data is converted at YE 2015 average exchange rate of 654.66 Ch$ / US$ for comparative purposes
Installed Capacity: 3,652 MW
Market Share*: 12%
Total Generation: 11,406 GWh
EL CHOCON
Million US$ 2015 2014 Change
Revenues 154 115 34%
EBITDA 64 45 40%
EBITDA Margin 41% 39% 5%
Physical Sales (GWh) 8,168 7,051 16%
Million US$ 2015 2014 Change
Revenues 61 46 33%
EBITDA 44 25 79%
EBITDA Margin 72% 53% 35%
Physical Sales (GWh) 3,801 3,391 12%
Argentina
2015 Results
COSTANERA
Endesa Chile Investor Presentation FY2015
USE: Public, Investor Relations 26
Los Molles: 18 MW
Rapel-Sauzal: 466 MW
Maule: 875 MW
Laja: 940 MW
Ralco-Pangue: 1,157 MW
54% Hydro
3,456 MW
44% Thermal
2,808 MW
GasAtacama 780 MW
Tarapaca 182 MW
D. Almagro–Taltal: 268 MW
Huasco: 64 MW
San Isidro 1 and 2: 778 MW
Bocamina 1 and 2: 478 MW
TG Quintero: 257 MW
2% NCRE1
87 MW
Canela: 18 MW
Canela II: 60 MW
Ojos de Agua: 9 MW
1 Non Conventional Renewable Energy.
*Based on installed capacity
Financial data is converted at YE 2015 average exchange rate of 654.66 Ch$ / US$ for comparative purposes
ENDESA CHILE
Installed Capacity: 6,351 MW
Market Share*: 32%
Total Generation: 18,294 GWh
D. Almagro–
Taltal
Bocamina Laja Maule
Bio Bío
Tarapaca
Huasco
San Isidro
Los Molles
Cachapoal
Santiago
GasAtacama
Million US$ 2015 2014 Chg %
Revenues 2,358 1,888 25%
EBITDA 790 566 41%
EBITDA Margin 33% 30% 12%
Physical Sales (GWh) 23,558 21,156 11%
Chile
2015 Results
Endesa Chile Investor Presentation FY2015
USE: Public, Investor Relations
Cartagena
Bogota
27
Guavio: 1,213 MW
Betania: 541 MW
Río Bogotá: 861 MW
El Quimbo: 400 MW
87% Hydro
3,015 MW
13% Thermal
444 MW
Cartagena: 208 MW
Termozipa: 236 MW
*Based on installed capacity
Financial data is converted at YE 2015 average exchange rate of 654.66 Ch$ / US$ for comparative purposes
Termozipa
Guavio Betania
Río Bogota
EMGESA
Installed Capacity: 3,459 MW
Market Share*: 21%
Total Generation: 13,705 GWh
El Quimbo
Million US$ 2015 2014 Chg %
Revenues 1,190 1,151 3%
EBITDA 629 755 (17%)
EBITDA Margin 53% 66% (19%)
Physical Sales (GWh) 16,886 15,773 7%
Colombia
2015 Results
Endesa Chile Investor Presentation FY2015
USE: Public, Investor Relations 28
Ventanilla: 484 MW
Santa Rosa: 419 MW
53% Thermal
902 MW
Cuenca Río Rímac: 582 MW
Yanango: 43 MW
Chimay: 152 MW
47% Hydro
783 MW
*Based on installed capacity
Financial data is converted at YE 2015 average exchange rate of 654.66 Ch$ / US$ for comparative purposes
Sta Rosa
Ventanilla
Lima
Río Rimac
Yanango
Chimay
EDEGEL
Installed Capacity: 1,686 MW
Market Share*: 18%
Total Generation: 8,218 GWh
Million US$ 2015 2014 Chg %
Revenues 584 540 8%
EBITDA 291 282 3%
EBITDA Margin 50% 52% (5%)
Physical Sales (GWh) 8,633 9,320 (7%)
Peru
2015 Results
Endesa Chile Investor Presentation FY2015
USE: Public, Investor Relations 29
Fortaleza: 322 MW Thermal
322 MW
Cachoeira: 665 MW Hydro
665 MW
*Based on installed capacity
Financial data is converted at YE 2015 average exchange rate of 656.44 Ch$ / US$ for comparative purposes
CA
CH
OE
IRA
Installed Capacity: 987 MW
Market Share*: 1%
Total Generation: 4,398 GWh
FO
RTA
LE
ZA
Fortaleza
Rio de
Janeiro
Cachoeira
Million US$ 2015 2014 Chg
Revenues 140 243 (42%)
EBITDA 102 120 (15%)
EBITDA Margin 73% 49% 48%
Physical Sales (GWh) 3,215 3,903 (18%)
Million US$ 2015 2014 Chg
Revenues 243 322 (25%)
EBITDA 62 67 (7%)
EBITDA Margin 25% 21% 23%
Physical Sales (GWh) 3,326 3,205 4%
EN
EL
BR
AS
IL Million US$ 2015 2014 Chg
Revenues 3,080 3,467 (11%)
EBITDA 555 914 (39%)
EBITDA Margin 18% 26% (32%)
Brasil
2015 Results
Endesa Chile Investor Presentation FY2015
USE: Public, Investor Relations 30
Higher energy sales of 8%
EBITDA increased by 9%, explained by a significant improvement in Chile
El Quimbo is currently in commercial operation
Net Income attributable to shareholders increased 17% in 2015
Rating Agencies have reaffirmed Endesa Chile in BBB+ (stable)
Summary
Endesa Chile Investor Presentation FY2015
USE: Public, Investor Relations
Gwh / Change1 CHILE COLOMBIA PERU ARGENTINA TOTAL
HYDRO 7,699 3% 12,223 (3%) 4,653 5% 3,238 23% 31,963 4%
COAL 1,334 35% 1,150 34% 0 0 2,904 2%
OIL-GAS 4,218 (10%) 332 351% 3,565 (15%) 8,167 17% 16,624 35%
NCRE 130 (37%) 0 0 0 130 (37%)
Total 18,294 1% 13,705 1% 8,218 (5%) 11,405 19% 51,622 4%
MW CHILE COLOMBIA 2 PERU ARGENTINA TOTAL
HYDRO 3,456 3,015 783 1,328 8,582
COAL 636 236 0 0 872
OIL-GAS 2,173 208 902 2,324 5,607
NCRE 87 0 0 0 87
Total 6,351 3,459 1,686 3,652 15,148
31
Installed
Capacity
(MW)
Net Generation
(GWh)
1 Compared with FY14
2 Includes El Quimbo intalled capacity
Installed capacity and energy generation
2015 Results
Endesa Chile Investor Presentation FY2015
USE: Public, Investor Relations
(Million Ch$) 2015 2014 Chg. Chg % MM US$ 2015
Gross Debt 2,063,062 2,116,462 (53,400) (3%)
2,905
Cash 149,738 336,629 (186,890) (125%) 211
Net Debt 1,913,323 1,779,833 133,490 7% 2,694
Leverage 1.05 1.05 - 0% 1.05
Financial Expenses
Coverage 4.51 4.64 (0,13) (3%) 4.51
32 1Amounts translated into US$ using the exchange rate as of December (Ch$ 710,16 per US$). *Financial ratio for the Year End 2015.
Strong financial position
Endesa Chile Investor Presentation FY2015
USE: Public, Investor Relations
US$ Millions 2016 2017 2018 2019 2020 Balance TOTAL
Chile 260 10 10 112 44 1,089 1,525
Argentina 37 15 3 2 2 31 91
Perú 75 27 37 16 10 17 183
Colombia 155 108 82 128 89 704 1,266
TOTAL 527 161 133 258 146 1,841 3,065
33
1 Includes arrangements and other consolidation adjustments. 2 May not total exactly due to rounding.
Financial Debt Maturity1, as of December 2015
Healthy debt maturity profile in each country
Endesa Chile Investor Presentation FY2015
USE: Public, Investor Relations
Endesa Chile 2015 2014
Financial Expenses Coverage1 11.2% 6.7%
ROE (%) 14.7% 12.5%
ROA (%) 8,7% 8.8%
1 EBITDA / (Financial expenses + Income (Loss) for indexed assets and liabilities + Foreign currency exchange differences, net)
34
Strong performance paired with a conservative
financial policy
3.336 3.116 3.106
3.535
2.994 2.933 2694
2.248 2.097 2.014
1.661 1.977 1.920 1.820
1,5 1,5 1,5 2,1 1,5 1,5 1,5
7,4 8,9 8,0
5,4
7,1
15,9
11,3
-
5,0
10,0
15,0
20,0
-
1.000
2.000
3.000
4.000
5.000
2009 2010 2011 2012 2013 2014 2015
Net Debt EBITDA Net Debt/ EBITDA EBITDA/Net Financial Expenses
Endesa Chile Investor Presentation FY2015
USE: Public, Investor Relations 35
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 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 forward-looking statements, which state only as of their dates.
Endesa Chile undertakes no obligation to release publicly the result of any revisions to these forward-looking statements.
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