Presentación de Resultados - Junio 2012

Transcripción

26 | 07 | 2012
endesa chile 1H 2012 results
Endesa Chile consolidated results 1H 2012
Highlights in 1H 2012
Growth of 6% in electricity demand in the region
Growth of 3.1% in consolidated generation due to 13% more hydro
generation in Colombia and Chile
Growth of 1.9% in physical sales on a consolidated basis
Increase of 2.2% in operating costs, primarily as a consequence of higher
fuel costs in Chile, Colombia and Peru, and higher transportation costs in
Chile
Good results in Colombia, mainly related to higher hydro generation in the
period.
Non-recurring accounting effects in Colombia and Peru in the first half 2011
2
Results affected by the drought in Chile and high fuel costs
Million Ch$
1H 2012
Revenues
1H 2011
Change
MM US$ *
1H 2012
1,155,422
1,176,178
(2%)
2,345
Gross margin
469,037
504,733
(7%)
952
EBITDA
363,981
387,597
(6%)
739
EBIT
270,825
302,621
(11%)
550
Net financial expense
(65,700)
(62,080)
(6%)
(133)
Net income
174,419
211,772
(18%)
354
Net attibutable income
101,443
161,726
(37%)
206
• Higher physical sales in Colombia, Chile and Peru.
• Costs increased as a consequence of higher fuel costs in Chile, Colombia and Peru, and higher transportation costs
in Chile.
• Non-recurrence of a one-time effect of the equity tax reform in Colombia which implied booking a total amount of
US$87 million* during the first half of 2011.
• Non-recurrence of a one-time effect on payroll expenses recorded in June 2011, which implied booking a one-time
benefit on payroll expenses of US$27 million*.
• Related company results decreased by 6.8% due to lower results in Endesa Brasil mainly related to higher net
financial expenses.
*Amounts are expressed in US$, using the average exchange rate for each period
3
EBITDA Generation
Total Generation (TTM): 53,564 GWh
Total Installed Capacity: 13,845 MW
Argentina
26%
Argentina
20%
Chile
41%
Chile
39%
Peru
17%
Peru
12%
Colombia
21%
EBITDA 1H2012 TTM:
US$ 1.929 million
Colombia
24%
Argentina
3%
Peru
15%
Endesa Brasil
• Endesa Chile’s ownership: 40% (38.9%
direct)
• Net Attributable Income (TTM): US$ 224
million
Chile
45%
Colombia
37%
4
Conservative Commercial Policy
Physical Sales as of June 2012
Chile
Argentina
Peru
Colombia
3%
6%
17%
30%
27%
54%
67%
29%
65%
83%
19%
Regulated
Unregulated
Spot
Physical Sales as of June 2011
Chile
Argentina
Peru
Colombia
1%
17%
9%
33%
30%
50%
66%
26%
65%
83%
20%
Regulated
Unregulated
Spot
5
Effective Commercial Policy in the long term
Correlation between Hydrology and Contribution Margin
800
700
3Q10
Contribution Margin (MMUS$)
600
10% -3MMUS$
1Q10
500
2Q11
2Q12
4Q11
400
300
10% -13MMUS$
1Q10
200
2Q11
2Q12
100
0
30%
WET
40%
50%
60%
70%
80%
90%
100%
DRY
Exceedance Probability
Contribution Margin (MMUSD) Endesa Chile; Consolidated
Contribution Margin (MMUSD) Endesa Chile; Chile
Lineal (Contribution Margin (MMUSD) Endesa Chile; Consolidated)
Lineal (Contribution Margin (MMUSD) Endesa Chile; Chile)
6
Strong Financial Position
Million Ch$
1H 2012
1H 2011
Chg.
Gross Debt
1,974,825
2,142,355
(167,530)
(8%)
3,935
165,200
229,581
(64,381)
(28%)
329
1,809,625
1,912,774
(103,149)
(5%)
3,606
0.93
0.92
(0.01)
(1%)
0.93
4.5
5.5
(1.63)
(30%)
4.5
Cash & Equivalents
Net Debt
Leverage
Financial Expenses Coverage
Debt by Country
Debt by Type
Peru, 9%
Chg %MM US$ 1H2012
Debt by Currency
Others,
17%
UF, 13%
Local
Currency,
35%
Colombia,
30%
Bank Debt,
16%
Chile, 53%
Bonds,
68%
Argentina,
7%
US$, 52%
Amounts expressed in US$, using the exchange rate as of June 30, 2012.
7
Free Cash Flow
2,248
2,098
2,014 1,929
1,070 1,012
779 775
(305) (235) (251) (260)
(477)
(564) (499) (549)
EBITDA
Net Financial Result
CAPEX
(308) (353)
(394)
(435) (416)
Income Tax
FCF
(523) (462)
Dividends
1
2009
2010
Amounts are expressed in US$, using the average exchange rate for each period.
1 Over Twelve Trail Months
2011
1H2012 TTM
8
Colombia
Installed Capacity: 2,914 MW
Market Share: 20%
Total Generation: 6,396 Gwh
EMGESA
Guavio: 1,213 MW
Cartagena
85% Hydro
2,471 MW
Betania: 541 MW
Río Bogotá: 716 MW
Cartagena: 208 MW
Termozipa: 236 MW
Million US$
Bogotá
15% Thermal
444 MW
1H 2012
1H 2011
Change
Revenues
552
471
17%
EBITDA
360
235
53%
65.3%
50.0%
31%
7,719
7,224
7%
EBITDA Margin
Physical Sales (Gwh)
9
Chile
Market Share: 32%
Tarapaca
ENDESA CHILE
Los Molles:
18 MW
Rapel-Sauzal:
466 MW
Maule:
884 MW
Laja:
940 MW
Ralco-Pangue:
D. Almagro–Taltal
Huasco
62% Hydro
3,465 MW
Los Molles
1,157 MW
Tarapaca-G.Atacama:
572 MW
D. Almagro–Taltal:
269 MW
Huasco:
778 MW
Bocamina:
128 MW
TG Quintero:
257 MW
Canela:
18 MW
Canela II:
60 MW
Million US$
Revenues
Santiago
37% Thermal
2,068 MW
64 MW
San Isidro 1 and 2:
San Isidro
Bocamina
1% Wind
78 MW
1H 2012
1H 2011
Change
1,136
1,269
(10% )
206
346
(40% )
EBITDA Margin
18.1%
27.3%
(33% )
10,409
10,169
2%
EBITDA
Cachapoal
Maule
Laja
Bio Bio
10
Peru
Market Share: 26%
EDEGEL
Cuenca Río Rímac: 552 MW
45% Hydro
747 MW
Yanango: 43 MW
Chimay: 151 MW
55% Thermal
922 MW
Ventanilla: 493 MW
Santa Rosa: 429 MW
Million US$
1H 2012
1H 2011
Change
Revenues
288
234
23%
EBITDA
146
152
(4% )
50.7%
65.0%
(22% )
4,835
4,746
2%
EBITDA Margin
Lima:
• Edegel (Gx)
11
Argentina
Market Share: 12%
EL CHOCON
Hydro
1,328 MW
El Chocon: 1,328 MW
1H 2012
Million US$
1H 2011
Change
Revenues
50
47
6%
EBITDA
28
25
15%
56.0%
53.2%
5%
1,498
1,395
7%
EBITDA Margin
EBITDA
EBITDA Margin
El Chocon
Thermal
2,324 MW
Costanera: 2,324 MW
Revenues
CIEN Line
(2x1.050 MW)
Interconnection
with Brazil
Costanera
COSTANERA
Million US$

1H 2012
1H 2011
Change
321
367
(13% )
(2)
29
(105% )
(0%)
7.9%
(106% )
4,537
4,919
(8% )
12
Brazil
Installed Capacity: 987 MW
Market Share: 1%
CACHOEIRA
1H 2012
Million US$
Fortaleza
Hydro
665 MW
Cachoeira: 665 MW
1H 2011
Change
Revenues
147
120
22%
EBITDA
102
89
15%
69.4%
73.7%
(6% )
2,145
1,792
20%
EBITDA Margin
Cachoeira
CIEN1: Transmission
Brazil-Argentina Interconnection
FORTALEZA
Thermal
322 MW
Fortaleza: 322 MW
Million US$
Revenues
EBITDA
EBITDA Margin
1H 2012
Rio de Janeiro
1H 2011
Two 500 Km lines
Total interconnection capacity: 2,100 MW
Change
133
124
7%
56
57
41.9%
1,399
1H 2012
Million $
1H 2011
Change
Revenues
76
35
121%
(1% )
EBITDA
53
22
138%
46%
(8% )
EBITDA Margin
69.2%
64.1%
8%
1,334
5%
1Includes
CIEN, CTM and TESA
13
Projects Under Construction
BOCAMINA II
•
•
•
•
Location: Next to the existing coal-fired
plant Bocamina, in Bío-Bío region.
Installed capacity: 350 MW, coal fired.
Estimated investment: US$ 841 million
1H 2012, Test on boiler burners and
blowing steam pipe finished.
Commercial start-up in 2H 2012.
Río Magdalena
•
EL QUIMBO
•
•
•
•
•
•
Location: Huila Department, upstream of
Emgesa’s Betania plant.
Installed capacity: 400 MW, hydro.
Estimated investment: US$ 837 million
In 2009 the environmental license and
building permissions were granted
River detour completed in March 2012
Estimated start-up: December 2014
Vertedero
Casa de
máquinas
400 MW
Conducción
Dique
Presa
h = 151 m
Bocatoma
Túnel de
desviación
Embalse
720 msnm
14
Projects Under Study
Neltume, hydro
Los Cóndores, hydro
power plant
 Installed capacity:
150 MW
run-of-the-river plant
490 MW
Punta Alcalde,1 coal-steam
power plant
740 MW
Curibamba, hydro
power plant
188 MW
Hydroaysen, hydro

1EIA
rejected. On appeal to the Ministers Committee.
power plant
Installed capacity:
 2,750 MW
15
HidroAysén
• Installed capacity: 2,750 MW.
• One of the most efficient hydroelectric
• Endesa Chile owns 51% and Colbún 49%.
projects in the world.
• CO2 emissions: Reduction of 16.2 million
• Renewable resources
tons/year
• Average load factor: 77%
• May 9, 2011: EIA was approved for the
Energy / Flooded Surface
Generation Plants.
an injunction, leaving the resolution in state of
abeyance.
• April 2012: The Supreme Court of Justice
rescinded
seven
protection
requirements
presented to stop the construction of the project.
312
300
GWh / year-km 2
• June 2011: Pto Montt Court of Appeals issued
350
250
200
150
100
50
144 134
81 81 75
69 65
54 54 53 45
41
29 23
12 12
7
0
• The Chilean Government should present the
“Electric Highway project” on 2H 2012.
16
Market Value and Dividends
Dividends
(Ch$ per Share)
1
EBITDA
(US$ Millions)
3
Dividend Yield: 3.2%
2.033
1.503
2.248
2.098
32.5
2.014
26.8
1.929
1.671
27.2
21.3
13.8
2006
2007
2008
2009
2010
2011
1H 2012
TTM
2007
2008
2009
2010
2011
Market Value
(US$ Millions)
2
13.963
10.072
10.393
2006
2007
15.364
13.878
12.102
9.428
2008
2009
2010
2011
1H 2012
Source: Intern using Bloomberg
1Amounts
expressed in US$, using the average exchange rate for each period.
Amounts expressed in US$, using the last exchange rate for each period.
3As of June 30 , 2012
2
17
Relevant Stock Presence
USA Stock Market
Spain Stock Market
NYSE (US$)
Price 1H 2012 TTM (Avg)
Max 1H 2012 TTM
Min 1H 2012 TTM
Daily Avg Trans Vol (million ADR)
Avg Daily Trans (US$ millions
traded)
LATIBEX (€)
Price 1H 2012 TTM (Avg)
Max 1H 2012 TTM
49.3
57.6
Min 1H 2012 TTM
40.6
0.14
Daily Avg Trans Vol (million shares)
Avg Daily Trans (€ millions traded)
6.65
1.2
1.4
1.0
0.01
0.02
Chilean Stock Market
BOLSA DE SANTIAGO (CLP)
Price 1H2012 TTM (Avg)
Max 1H2012
Min 1H2012
Daily Avg Trans Vol (million shares)
Avg Daily Trans (CLP millions
traded)
Source: Intern, using Bloomberg
806.6
894.0
700.5
5.15
4,142.3
18
Conclusions
Non-recurrent accounting effect
Difficult electric situation in Chile
Revenues and Margin stability
Diversified portfolio
19
Endesa Chile’s Investor Relations Team
Susana Rey
Investor Relations Director
(56-2) 630 96 06
[email protected]
Catalina Gonzalez
Head of Investor Relations
(56-2) 630 96 03
[email protected]
Juan Pablo Vicuña
Investor Relations Executive
(56-2) 630 9585
[email protected]
Guillermo Berguecio
Investor Relations Executive
(56-2) 630 9506
[email protected]
Contact us at:
[email protected]
20
EXHIBITS
21
Ownership Structure
4%
17%
92%
4%
61%
15%
60%
60%
ENERSIS
Chilean Pension Funds
ADR Holders
Other Inst Shareholders
Minority Shareholders





PEHUENCHE, 93%
CELTA, 100%
SAN ISIDRO, 96%
ENDESA ECO, 100%
CANELA, 75%
•EMGESA, 27%
•EDEGEL, 62%
•COSTANERA, 70%
•EL CHOCON, 65%
•ENDESA BRASIL, 39%
AMPLA
COELCE
FORTALEZA
CDSA
CIEN
22
A unique portfolio in LATAM’s Generation business
Colombia
No. 2
Brazil
2,914 MW inst. capacity
987 MW inst. capacity
20% market share
1% market share in
generation
Peru
No. 1
26% market share
Argentina
No. 1
Chile
No. 1
12% market share
32% market share
Market shares based on installed capacity
Figures as of June 2012
Consolidated installed capacity:
Capacity including Brazil:
Consolidated energy sales 2011:
Consolidated energy sales 1H2012:
13,845 MW
14,832 MW
58,012 GWh
28,541 GWh
23
Customers Installed Capacity, Output
MW as of 1H 2012
Installed
Capacity
Chile
Brazil
Peru
Colombia
Argentina
Total
Total
5,611
987
1,668
2,914
3,652
14,832
Hydro
3,456
665
746
2,471
1,328
8,666
-
-
-
-
-
-
286
-
-
236
-
522
1,783
322
922
208
2,324
5,559
87
-
-
-
-
87
Chile
Brazil
Peru
Colombia
Argentina
Total
Nuclear
Coal
Oil-Gas
CHP / Renewables
GWh as of 1H 2012
chg. Vs. 1H 2011
Output
Total
9,554
4.0%
2,371
75.3%
4,463
-4.2%
6,396
16.1%
5,758
-4.3%
28,541
6.8%
Hydro
5,181
16.0%
1,880
65.3%
2,513
-1.3%
6,189
16.9%
1,295
14.4%
17,058
17.0%
-
-
-
-
-
-
-
-
-
-
-
-
880
-5.5%
-
-
-
-
111
-7.1%
-
-
991
-5.6%
3,392
-8.5%
491
128.1%
1,949
-7.6%
97
2.5%
4,462
-8.7%
10,391
-5.6%
101
18.9%
-
-
-
-
-
-
-
-
101
18.9%
Nuclear
Coal
Oil-Gas
CHP / Renewables
24
Healthy Debt Profile
Financial Debt
US$ Million
2012
2013
2014
2015
2016
Balance
TOTAL
Chile
366
419
165
219
15
909
2,094
Argentina
89
69
59
35
34
-
287
Perú
40
52
50
34
57
129
363
-
-
79
163
23
927
1,192
496
541
354
451
129
1,965
3,935
Colombia
TOTAL
Credit Risk Ratings
Since:
Affirmed:
Jan. 2010
Apr. 2011
Feb. 2010
BBB+
Baa2
BBB+
Jan 2012
Jun 2012
May 2012
25
Principal Financial Ratios
Net debt/EBITDA1
EBITDA/Net financial expenses1
Net Debt/ EBITDA
8,9
8,0
7,4
2,0
2008
1,9
1,5
1,5
1,5
2009
2010
2011
2
2008
2009
2010
1H 2012
1H 2011
4.5
5.5
ROE (%)
15.7%
21%
ROA (%)
8.6%
10%
Financial Expense Coverage2
1
5,6
1H 2012
Endesa Chile
7,4
EBITDA“ and “Net Financial Expenses” are over Twelve Trail Months”
EBITDA / (Financial expenses + Income (Loss) for indexed assets and liabilities + Foreign currency exchange differences, net)
2011
1H 2012
26
Integrated risk management capability
Output and sales targets
for future years
Risk variables affecting margins
•
•
•
•
•
Rainfall
Growth in demand
Fuel prices
Exchange rates
Inflation
100%
Extreme
hydro
volatility
Spot
Hydro
75%
Risk limit
Our goal is to ensure a 95% reliability with a
margin of at least 90% of budget even in the
following scenarios:
• Lower rainfall than historical levels
• Increases in fuel prices
• Higher growth in demand
Thermal
Target
output
Relative Frequency
Real margin ≥ 0.9x expected margin
Regulated
and
unregulated
contracts
Target sales
Results
MaR 95%
5%
MMUS$
27
Electricity demand Evolution in LATAM
Historic electricity demand growth
170%
162%
161%
160%
Total Sales in GWh (%)
150%
146%
140%
133%
130%
118%
120%
110%
100%
90%
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
Year
CHILE
COLOMBIA
PERU
BRAZIL
ARGENTINA
*: Estimated growth using 3Q2011 data
28
Seasonal Streaming from Hidroaysen and SIC rivers
1,400
1,200
1,200
1,000
1,000
Water Flow [ m³ /s]
1,400
800
800
600
600
400
400
200
200
-
Apr-10
may
jun
jul
ago
sep
oct
nov
dec
Jan-11
feb
mar
Tim eline
MAIPO RIVER IN CABIMBAO
BIOBIO RIVER IN RUCALHUE
CENTRAL BAKER 2
CENTRAL PASCUA 2.2
Seasonal Variability
SIC
:
SIC + Hidroaysen :
MAULE IN ARMERILLO (R.N.)
Annual Variability
23%
9%
SIC
SIC + Hidroaysen
:
:
21%
12%
29
Corporate Governance Excellence
LATIN AMERICA´S INVESTOR RELATIONS AWARDS – LIRA 2011
•Best Communication of Corporate Governance:
1st Place
•Best Communication of Financial Results:
1st Place
•Best Investor Relations Officer:
3rd Place
•Best Investor Relations Department:
3rd Place
30
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 current expectations of Endesa Chile and its
management with respect to, among other things: (1) Endesa Chile’ business plans; (2) Endesa Chile’ costreduction 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 while undertakes no obligation to release publicly the result of any revisions to these forwardlooking statements.
31
32

Presentación de Resultados - Junio 2012

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