FORM 6-K
Pursuant to Rule 13a-16 or 15d-16 of
the Securities Exchange Act of 1934
For the month of
January, 2010
Commission File Number: 001-13240
Empresa Nacional de Electricidad S.A.
National Electricity Co of Chile Inc
Santa Rosa 76
Santiago, Chile
(562) 6309000
(Address of principal executive office)
Indicate by check mark whether the registrant files or will file
annual reports under cover of Form 20-F or Form 40-F:
Form 20-F [X] Form 40-F [ ]
Indicate by check mark if the registrant is submitting the
Form 6-K
in paper as permitted by Regulation S-T Rule 101(b)(1):
Yes [ ] No [X]
Indicate by check mark if the registrant is submitting the
Form 6-K
in paper as permitted by Regulation S-T Rule 101(b)(7):
Yes [ ] No [X]
Indicate by check mark whether by furnishing the information
contained in this Form, the Registrant is also thereby furnishing the
information to the Commission
pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934:
Yes [ ] No [X]
If “Yes” is marked, indicate below the file number assigned to
the registrant
in connection with Rule 12g3-2(b): N/A
PRESS RELEASE |
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ENDESA CHILE
ANNOUNCES CONSOLIDATED RESULTS
FOR YEAR ENDED DECEMBER 31st, 2009
Highlights for the Period |
SUMMARY
• Consolidated physical sales increased to 59,859 GWh, 4.2% higher than 2008, primarily in Chile and Argentina. Nevertheless, revenues decreased by 4.6% reaching Ch$ 2,418,919 million.
• Operating costs amounted to Ch$ 976,146 million, a reduction of 25.2% compared to December 2008, due to lower use of liquid fuels for thermal generation. During 2009, WTI diesel reached an average price of US$ 68.8/ barrel representing a 31.3% drop from the 2008 average value of US$100.1/ barrel.
• For the year ended December 31st, 2009, Endesa Chile’s Net Income was Ch$ 627,053 million, a 44.8% increase year over year.
• Gross operating income (EBITDA) was Ch$ 1,257,072 million, an 18.5% increase over the Ch$ 1,060,768 million recorded for the same period of 2008.
• The financial result decreased by Ch$ 18,101 million, 9.6% lower than 2008.
• Income derived from investments in related companies reached Ch$ 98,458 million, 19.9% higher in relation to 2008, mainly as a result of higher net income of our affiliate, Endesa Brasil.
• Hydro generation at a consolidated level experienced a 7.9% increase, mainly in Chile and Argentina.
• In Chile, EBITDA increased by Ch$ 123,239 million which is explained primarily by the following:
• Lower liquid fuel prices and consumption.
• Better production mix due to better hydrology.
• Higher gas availability,
improving efficiency.
• In Colombia, EBITDA increased by Ch$ 39,949 million, which is explained primarily by the following:
• Higher sales prices, partially explained by the “El Niño” phenomenon.
• Higher energy sales to the regulated market.
• In Peru, EBITDA increased by Ch$ 26,256 million, as a result of:
• Better purchase-production mix due to better hydrology.
• Lower costs of energy purchases in the spot market
• In Argentina, EBITDA increased by Ch$ 7,624 million, as a result of:
• Better hydrology conditions.
• Higher energy sales to the spot market.
• Better purchase-production mix.
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FINANCIAL SUMMARY
• Consent solicitation approval for the Yankee Bonds outstanding, restricting cross default and insolvency clauses to the Issuer and its Chilean subsidiaries. A default in a foreign subsidiary can no longer have an effect in our Yankee bonds.
• Consolidated debt reached US$ 4,172 million, 5.8% lower than December 2008.
• Average interest rate fell from 8.7% to 6.5% on a consolidated basis.
• Interest Coverage ratio increased 24.7%, to a healthy 6.7 times.
• Liquidity, a key consideration in our financial management, continues to be in a very solid position as shown below:
• Uncommitted credit lines for US$ 231 million available for Endesa Chile in the Chilean capital markets.
• Committed credit lines for US$ 200 million in undrawn revolving debt facilities in the international market.
• Committed credit lines for US$ 100 million in undrawn revolving debt facilities in the local market.
• Cash and cash equivalents amounted to US$880 million.
• Endesa Chile continued to apply a strict control over its liquidity for all its subsidiaries. The outstanding derivative instruments as of December 31, 2009 are detailed as follows:
• Interest Rate Swaps for a total amount of US$ 200 million to fix the interest rate.
• Collars, for a value of US$ 40 million.
• Forwards, for US$ 129 million.
The aforementioned financial tools are being permanently evaluated and adjusted to the changing macroeconomic scenario, in order to achieve the most efficient levels of protection.
MARKET SUMMARY
• During 2009, Chile’s Stock market showed a high performance compared to other world stock markets and continue showing strength having high exposure to sectors commonly considered as defensive. The IPSA index registered the highest annual performance over the last 16 years of 50.7%, outperforming other world benchmarks: Dow Jones Industrials: +18.8%, UKX: +22.1%, S&P 500: +23.5%, IBEX: +29.8% and FTSE 250: +46.3% .
• Endesa Chile’s shares showed high performance in the Chilean and US markets. Endesa Chile ADRs outperformed representative US stock market indexes, showing a positive return of 50.1% . Following the Chilean Stock market, the Endesa Chile share price increased 17.6% YTD from Ch$733.9 to Ch$863.3.
• In addition, during this year, Endesa Chile continued to be among the most traded companies at the Santiago Stock Exchange, with an average trading of US$ 8.5 million in 2009.
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Top Five Daily Average Traded Amount at SSE in 2009 | ||
Thousand US$ | ||
SQM-B | 17,608 | |
D&S | 16,289 | |
ENDESA CHILE | 8,468 | |
ENERSIS | 7,840 | |
CAP | 7,582 | |
Source: Santiago Stock Exchange (SSE) |
RISK RATING CLASSIFICATION INFORMATION
• Endesa Chile’s credit profile has continued to strengthen in 2009, due to improvements in the liquidity position and reduction of leverage levels. The positive perspective of the operational and credit profile of Endesa Chile has been reflected in the very recent upgrade made in January 2010 by Fitch Ratings to our Foreign and Local Currency Issuer Default Ratings and Endesa Chile Yankee Bonds to BBB+ from BBB. Similarly, it made an upgrade of our Domestic Ratings to AA from AA- with stable outlook.
• Fitch Ratings’ highlights of Endesa Chile’s are the following:
• Strong operational and financial improvement and incorporates the
expectation that the company's cash flow will stabilize and that solid
credit metrics will be maintained over the medium term.
• The beginning of new contracts with price indexation mechanisms and the maintenance of a conservative commercial policy.
• The recent new generation capacity and the company’s participation in
the recently inaugurated LNG terminal in Chile, which have helped the
company to build a stronger business platform, which should enable it
to achieve earnings with less volatility.
The current risk classifications are:
• International Ratings:
Endesa Chile | S&P | Moody’s | Fitch |
Corporate | BBB, Stable | Baa3, Stable | BBB+ / Stable |
• Domestic Ratings (for securities issued in Chile):
Endesa Chile | Feller Rate | Fitch |
Shares | 1st Class Level 1 | 1st Class Level 1 |
Bonds | AA- / Stable | AA / Stable |
• Risk classification of the countries where Endesa Chile has its operations also experienced positive changes during 2009. Moody's upgraded Peru's and Brazil’s foreign currency ratings to Investment Grade level.
• With this decision, in December 2009, 95% of total EBITDA comes from "Investment Grade" countries.
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TABLE OF CONTENTS | ||
Summary | 1 | |
Financial Summary | 2 | |
Market Summary | 2 | |
Risk Rating Classification Information | 3 | |
GENERAL INFORMATION | 5 | |
SIMPLIFIED ORGANIZATIONAL STRUCTURE | 5 | |
MARKET INFORMATION | 6 | |
EQUITY MARKET | 6 | |
DEBT MARKET | 8 | |
CONSOLIDATED INCOME STATEMENT ANALYSIS | 9 | |
NET INCOME | 9 | |
OPERATING INCOME | 10 | |
NET FINANCIAL RESULT | 10 | |
TAXES | 10 | |
CONSOLIDATED BALANCE SHEET ANALYSIS | 11 | |
ASSETS | 11 | |
LIABILITIES AND SHAREHOLDER’S EQUITY | 12 | |
DEBT MATURITY WITH THIRD PARTIES | 13 | |
EVOLUTION OF KEY FINANCIAL RATIOS | 13 | |
CONSOLIDATED STATEMENTS OF CASH FLOWS ANALYSIS | 15 | |
CASH FLOW RECEIVED FROM FOREIGN SUBSIDIARIES BY ENDESA CHILE | 17 | |
CAPEX AND DEPRECIATION | 17 | |
ARGENTINA | 18 | |
CHILE | 20 | |
COLOMBIA | 22 | |
PERU | 23 | |
MAIN RISKS ASSOCIATED TO THE ACTIVITIES OF ENDESA CHILE | 24 | |
SUSTAINABILITY AND THE ENVIRONMENT | 26 | |
BOOK VALUE AND ECONOMIC VALUE OF ASSETS | 27 | |
OPERATING INCOME BY SUBSIDIARY | 28 | |
BUSINESS INFORMATION OF CHILEAN OPERATIONS | 30 | |
BUSINESS INFORMATION OF FOREIGN OPERATIONS | 31 | |
BRAZIL | 32 | |
CONFERENCE CALL INVITATION | 36 |
PRESS RELEASE |
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GENERAL INFORMATION
(Santiago, Chile, January 27, 2010) – Endesa Chile (NYSE: EOC), announced today its consolidated financial results for the year ended December 31st, 2009. All figures are in Chilean pesos (Ch$) under International Financial Reporting Standards (IFRS). Variations refer to the period between December 31st, 2008 and December 31st, 2009.
Figures as of December 31st, 2009 are additionally translated into US$, merely as a convenience translation, using the exchange rate of US$1 = Ch$507.10 as of December 31st, 2009 for the Balance Sheet, and 2009 average exchange rate of US$1 = Ch$559.66 for the Income Statement, Cash Flow Statements, Capex and Depreciation.
The consolidated financial statements of Endesa Chile for such period include all of its Chilean subsidiaries (*), as well as its jointly-controlled companies or associates (GasAtacama, HidroAysén and Transquillota), Argentine subsidiaries (Hidroeléctrica El Chocón S.A. and Endesa Costanera S.A), its Colombian subsidiary (Emgesa S.A. E.S.P.) and its Peruvian subsidiary (Edegel S.A.A.).
In the following pages you will find a detailed analysis of financial statements, a brief explanation for most important variations and comments on main items in the P&L and Cash Flow Statements compared to the information as of December 31st, 2008.
* Endesa Chile Chilean subsidiaries are Celta, Pangue, Pehuenche, San Isidro and Túnel El Melón.
SIMPLIFIED ORGANIZATIONAL STRUCTURE
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MARKET INFORMATION
EQUITY MARKET
New York Stock Exchange (NYSE)
The chart below shows the performance of Endesa Chile’s ADR (“EOC”) price at the NYSE, compared to the Dow Jones Industrials and the Dow Jones Utilities indexes over the last 12 months:
Return for the period: 50.1%
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Santiago Stock Exchange (SSE)
The chart below shows the performance of Endesa Chile’s Chilean stock price over the last 12 months compared to the selective Chilean selective Stock Index (IPSA):
Madrid Stock Exchange (Latibex) - Spain
The chart below shows Endesa Chile’s share price (“XEOC”) at the Latibex over the last 12 months compared to the Local Stock Index (IBEX):
PRESS RELEASE |
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DEBT MARKET
Yankee Bonds Price Evolution
The following chart shows the pricing of three of our Yankee Bonds over the last twelve months compared to the iShares iBoxx Investment Grade Corporate Bond Fund Index:
(*) iShares iBoxx Investment Grade Corporate Bond Fund is an exchange traded fund incorporated in the United States. The Index measures the performance of a fixed number of investment grade corporate bonds.
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CONSOLIDATED INCOME STATEMENT ANALYSIS
NET INCOME
Endesa Chile’ Net Income attributable to parent company for 2009 was Ch$627,053 million, representing a 44.8% increase over the previous year, which was Ch$433,177 million.
Table 1 | ||||||
CONSOLIDATED INCOME STATEMENT | Million Ch$ | Thousand US$ | ||||
2008 | 2009 | Var 08-09 | Chg % | 2009 | ||
Sales | 2,531,568 | 2,408,239 | (123,329) | (4.9%) | 4,303,012 | |
Energy sales | 2,441,009 | 2,346,027 | (94,982) | (3.9% ) | 4,191,852 | |
Other sales | 20,558 | 12,085 | (8,473) | (41.2% ) | 21,594 | |
Other services | 70,001 | 50,127 | (19,874) | (28.4% ) | 89,566 | |
Other operating income | 4,820 | 10,680 | 5,860 | 121.6% | 19,083 | |
Revenues | 2,536,388 | 2,418,919 | (117,469) | (4.6%) | 4,322,095 | |
Power purchased | (224,432) | (164,313) | 60,120 | 26.8% | (293,592) | |
Cost of fuel consumed | (845,936) | (587,064) | 258,872 | 30.6% | (1,048,959) | |
Transportation expenses | (187,325) | (173,035) | 14,289 | 7.6% | (309,177) | |
Other variable procurements and services | (46,760) | (51,734) | (4,974) | (10.6% ) | (92,438) | |
Procurements and Services | (1,304,453) | (976,146) | 328,307 | 25.2% | (1,744,165) | |
Contribution Margin | 1,231,935 | 1,442,773 | 210,838 | 17.1% | 2,577,930 | |
Work on non-current assets | 500 | 732 | 232 | 46.3% | 1,308 | |
Employee expenses | (63,800) | (75,564) | (11,765) | (18.4% ) | (135,017) | |
Other fixed operating expenses | (107,868) | (110,869) | (3,001) | (2.8% ) | (198,099) | |
Gross Operating Income (EBITDA) | 1,060,768 | 1,257,072 | 196,304 | 18.5% | 2,246,121 | |
Depreciation and amortization | (186,605) | (196,142) | (9,538) | (5.1% ) | (350,464) | |
Impairment loss (reversal), net | - | (44,000) | (44,000) | (78,618) | ||
Operating Income | 874,164 | 1,016,931 | 142,767 | 16.3% | 1,817,039 | |
Net Financial Income | (188,895) | (170,794) | 18,101 | 9.6% | (305,173) | |
Financial income | 34,323 | 25,316 | (9,007) | (26.2% ) | 45,234 | |
Financial expenses | (198,440) | (188,368) | 10,071 | 5.1% | (336,574) | |
Income (Loss) for indexed assets and liabilities | (18,950) | 9,275 | 28,226 | 148.9% | 16,573 | |
Foreign currency exchange differences, net | (5,828) | (17,017) | (11,189) | (192.0%) | (30,406) | |
Gains |
42,223 | 31,785 | (10,438) | (24.7% ) | 56,794 | |
Losses |
(48,052) | (48,803) | (751) | (1.6% ) | (87,200) | |
Net Income from related companies | 82,132 | 98,458 | 16,326 | 19.9% | 175,923 | |
Net Income from other investments | 1,016 | (90) | (1,107) | (108.9% ) | (161) | |
Net Income from sales of assets | (708) | 65 | 773 | 109.2% | 116 | |
Net Income before taxes | 767,708 | 944,569 | 176,860 | 23.0% | 1,687,744 | |
Income Tax | (210,178) | (172,468) | 37,709 | 17.9% | (308,164) | |
Continued Operating Result | 557,531 | 772,100 | 214,570 | 38.5% | 1,379,579 | |
Gain (Loss) from discontinued operations, net from taxes | - | - | - | - | ||
Discontinued Operating Result | 557,531 | 772,100 | 214,570 | 38.5% | 1,379,579 | |
NET INCOME | 557,531 | 772,100 | 214,570 | 38.5% | 1,379,579 | |
Parent company | 433,177 | 627,053 | 193,876 | 44.8% | 1,120,411 | |
Minority interest | 124,354 | 145,047 | 20,693 | 16.6% | 259,168 | |
Net income per share (Ch$ /share and US$ / ADR) | 52.8 | 76.5 | 23.6 | 44.8% | 4.1 | |
PRESS RELEASE |
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OPERATING INCOME
Operating Income for the period increased by Ch$ 142,767 million, from Ch $874,164 million to Ch$ 1,016,931 million as of December 2009, representing an increase of 16.3% . The main reason behind this increase was the decrease in our operating costs.
EBITDA, or Gross Operating Income, was Ch$ 1,257,072 million in 2009, an 18.5% increase compared to 2008. This does not include the contribution of the investment in Endesa Brasil which is not consolidated by Endesa Chile.
Operating Revenues and costs, broken down by business line for the years ending December 31st, 2008 and 2009 are:
Table 2 | ||||||||||||||||||||||||
Chilean Electricity Business | Other Businesses in Chile | Argentina | ||||||||||||||||||||||
Million Ch$ | Chg% | Th. US$ | Million Ch$ | Chg% | Th. US$ | Million Ch$ | Chg% | Th. US$ | ||||||||||||||||
2008 | 2009 | 2009 | 2008 | 2009 | 2009 | 2008 | 2009 | 2009 | ||||||||||||||||
Operating Revenues | 1,605,337 | 1,369,647 | (14.7%) | 2,700,941 | 36,856 | 39,001 | 5.8% | 76,911 | 284,228 | 296,578 | 4.3% | 584,851 | ||||||||||||
% of consolidated | 63% | 57% | 57% | 1% | 2% | 2% | 11% | 12% | 12% | |||||||||||||||
Operating Costs | (1,037,600) | (729,607) | (29.7%) | (1,438,784) | (37,069) | (31,921) | (13.9%) | (62,949) | (246,944) | (253,627) | 2.7% | (500,152) | ||||||||||||
% of consolidated | 62% | 52% | 52% | 2% | 2% | 2% | 15% | 18% | 18% | |||||||||||||||
Operating Income | 567,737 | 640,040 | 12.7% | 1,262,157 | (212) | 7,080 | (3437.3%) | 13,962 | 37,284 | 42,951 | 15.2% | 84,699 | ||||||||||||
Colombia | Peru | Consolidated | ||||||||||||||||||||||
Million Ch$ | Chg% | Th. US$ | Million Ch$ | Chg% | Th. US$ | Million Ch$ | Chg% | Th. US$ | ||||||||||||||||
2008 | 2009 | 2009 | 2008 | 2009 | 2009 | 2008 | 2009 | 2009 | ||||||||||||||||
Operating Revenues | 401,470 | 500,964 | 24.8% | 987,901 | 208,497 | 213,625 | 2.5% | 421,268 | 2,536,388 | 2,418,919 | (4.6%) | 4,770,103 | ||||||||||||
% of consolidated | 16% | 21% | 21% | 8% | 9% | 9% | ||||||||||||||||||
Operating Costs | (184,652) | (250,153) | 35.5% | (493,301) | (156,725) | (137,576) | (12.2%) | (271,300) | (1,662,225) | (1,401,989) | (15.7%) | (2,764,719) | ||||||||||||
% of consolidated | 11% | 18% | 18% | 9% | 10% | 10% | ||||||||||||||||||
Operating Income | 216,818 | 250,811 | 15.7% | 494,599 | 51,772 | 76,049 | 46.9% | 149,968 | 874,164 | 1,016,931 | 16.3% | 2,005,385 | ||||||||||||
NET FINANCIAL RESULT
The company’s financial result as of December 2009 was negative Ch$ 170,794 million, 9.6% lower than 2008. This is mainly explained by lower financial expenses of Ch$10,071 million, mainly in Chile, as a result of the lower debt in average and the lower interest rate and by the Ch$9,275 million positive results from adjustments of debt denominated in Unidades de Fomento (U.F.) in Chile as a result of lower inflation. This was partially offset by a net loss from exchange rate difference of Ch$ 17,017 million, which was mainly generated in Chile while the appreciation of the Chilean peso in relation to the dollar impacted the net assets denominated in dollars, and by lower financial income of Ch$ 9,007 million.
Other results reached Ch$ 98,433 million in December 2009, increasing by 19% over 2008. These results mostly reflect the proportional contribution of the affiliate, Endesa Brasil S.A., which equity gain as of December 2009 increased due to better results in CIEN, given a higher level of energy transmission and better results of Fortaleza due to higher generation and the growth of physical sales in the spot market. This was partly offset by lower prices in the spot market and the decrease in sales of Cachoeira Dourada. The latter is what mostly explains the increase of our total equity investment result by 20% in 2009, reaching Ch$ 98,458 million.
TAXES
Taxes decreased by Ch$ 37,709 million as of December 30, 2009 compared to the same period of 2008.
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CONSOLIDATED BALANCE SHEET ANALYSIS
ASSETS
Table 3 | ||||||
ASSETS | (Million Ch$) | (Thousand US$) | ||||
2008 | 2009 | Var 08-09 | Chg % | 2009 | ||
CURRENT ASSETS | ||||||
Cash and cash equivalents | 719,218 | 446,438 | (272,780) | (37.9% ) | 880,375 | |
Financial assets at fair value with changes through net income | - | 1,493 | 1,493 | 2,945 | ||
Available-for-sale financial assets | - | - | - | - | ||
Other financial assets | - | 43 | 43 | 84 | ||
Trade accounts receivable and other receivables, net | 342,261 | 328,265 | (13,995) | (4.1% ) | 647,339 | |
Accounts receivable from related companies | 66,245 | 69,161 | 2,916 | 4.4% | 136,385 | |
Inventories | 49,142 | 40,180 | (8,962) | (18.2% ) | 79,234 | |
Hedging instruments | - | - | - | - | ||
Prepayments | 4,709 | 7,184 | 2,475 | 52.6% | 14,167 | |
Current tax receivable | 54,912 | 44,392 | (10,520) | (19.2% ) | 87,542 | |
Other assets | 5,353 | 5,205 | (148) | (2.8% ) | 10,263 | |
Non-current assets (or disposal groups) classified as held for sale | - | - | - | - | ||
Total Current Assets | 1,241,839 | 942,361 | (299,478) | (24.1%) | 1,858,334 | |
NON-CURRENT ASSETS | ||||||
Available-for-sale financial assets | 2,433 | 2,488 | 55 | 2.3% | 4,906 | |
Other financial assets | 1,655 | 1,063 | (592) | (35.8% ) | 2,097 | |
Trade accounts receivable and other receivables, net | 153,412 | 66,716 | (86,696) | (56.5% ) | 131,565 | |
Accounts receivable from related companies | - | - | - | - | ||
Investments in associates accounted for using the equity method | 536,703 | 574,097 | 37,394 | 7.0% | 1,132,118 | |
Intangibles assets, net | 76,954 | 148,184 | 71,230 | 92.6% | 292,218 | |
Property, plant and equipment, net | 4,540,895 | 4,326,989 | (213,905) | (4.7% ) | 8,532,813 | |
Investment properties | - | - | - | - | ||
Deferred tax assets | 110,326 | 94,924 | (15,402) | (14.0% ) | 187,190 | |
Hedging instruments | - | 591 | 591 | 1,165 | ||
Prepayments | - | - | - | - | ||
Other assets | 14,688 | 11,938 | (2,749) | (18.7% ) | 23,542 | |
Total Non-Current Assets | 5,437,066 | 5,226,991 | (210,075) | (3.9%) | 10,307,615 | |
TOTAL ASSETS | 6,678,905 | 6,169,353 | (509,553) | (7.6%) | 12,165,949 | |
Total Assets decreased Ch$509,553 million in December 2009 compared to December 2008, which is mainly due to:
• Ch$299,478 million decrease in Current Assets, equal to 24.1%, as a result of:
• Reductions in cash and cash
equivalents of Ch$ 272,780 million, mainly lower dividends and debt
payments, an also due to the reduction of commercial debtors and other
accounts receivable of Ch$ 13,995 million.
• Non-current assets decreased Ch$210,075 million, mainly due to a reduction in net property, plant and equipment of Ch$ 213,905 million, mainly the effect of the translation of the local currency of each country and the exchange rate effect of approximately Ch$ 364,000 million, the depreciation for the period of Ch$ 192,773 million. This was partially compensated by additions in the period of approximately Ch$315,590 million; and also due to a reduction in commercial debtors and other accounts receivables of Ch$ 86,696 million, mainly the transfer to short term of the account receivable from the affiliate company Atacama Finance Co and the reduction of deferred taxes and other assets of Ch$ 18,151 million. This was partially compensated by the increase in investments from affiliate companies of Ch$ 37,394 million, mainly the higher result of Endesa Brasil, higher exchange rate differences, and the increase of intangible assets of Ch$ 71,230 million, mainly to the fund generated by the acquisition of 29.4% of Edegel.
PRESS RELEASE |
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LIABILITIES AND SHAREHOLDER’S EQUITY
Table 4 | ||||||
LIABILITIES AND SHAREHOLDERS' EQUITY | (Million Ch$) | (Thousand US$) | ||||
2008 | 2009 | Var 08-09 | Chg % | 2009 | ||
CURRENT LIABILITIES | ||||||
Interest-bearing loans | 740,118 | 345,356 | (394,762) | (53.3% ) | 681,041 | |
Other financial liabilities | - | 697 | 697 | 1,374 | ||
Trade accounts payable and other payables | 347,675 | 373,872 | 26,197 | 7.5% | 737,274 | |
Accounts payable to related companies | 137,396 | 90,554 | (46,842) | (34.1% ) | 178,572 | |
Provisions | 33,706 | 33,393 | (313) | (0.9% ) | 65,851 | |
Current tax payable | 83,966 | 123,945 | 39,979 | 47.6% | 244,420 | |
Other liabilities | 8,710 | 8,669 | (41) | (0.5% ) | 17,096 | |
Deferred revenues | 449 | 448 | (1) | (0.2% ) | 884 | |
Post-employment benefit obligations | 3,593 | 3,449 | (144) | (4.0% ) | 6,801 | |
Hedging instruments | 30 | 718 | 688 | 2307.4% | 1,416 | |
Total Current Liabilities | 1,355,644 | 981,102 | (374,542) | (27.6%) | 1,934,730 | |
LONG-TERM LIABILITIES | ||||||
Interest-bearing loans | 2,134,544 | 1,791,981 | (342,563) | (16.0% ) | 3,533,782 | |
Trade accounts payable and other payables | 13,252 | 7,570 | (5,683) | (42.9% ) | 14,928 | |
Provisions | 3,291 | 20,161 | 16,870 | 512.7% | 39,757 | |
Deferred tax liabilities | 399,374 | 347,877 | (51,498) | (12.9% ) | 686,012 | |
Other liabilities | 33,436 | 34,337 | 900 | 2.7% | 67,712 | |
Deferred revenues | 234 | 164 | (70) | (29.9% ) | 323 | |
Post-employment benefit obligations | 29,880 | 28,231 | (1,649) | (5.5% ) | 55,672 | |
Hedging instruments | 7,295 | 2,930 | (4,365) | (59.8% ) | 5,777 | |
Total Long-Term Liabilities | 2,621,307 | 2,233,249 | (388,058) | (14.8%) | 4,403,962 | |
SHAREHOLDERS' EQUITY | ||||||
Issued share capital | 1,537,723 | 1,537,723 | - | 0.0% | 3,032,385 | |
Reserves | (744,746) | (769,182) | (24,436) | (3.3% ) | (1,516,825) | |
Retained earnings | 805,753 | 1,300,545 | 494,792 | 61.4% | 2,564,672 | |
Parent Company | 1,598,730 | 2,069,086 | 470,356 | 29.4% | 4,080,232 | |
Minority Interest | 1,103,224 | 885,916 | (217,308) | (19.7%) | 1,747,025 | |
Total Shareholders's Equity | 2,701,954 | 2,955,002 | 253,048 | 9.4% | 5,827,257 | |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | 6,678,905 | 6,169,353 | (509,553) | (7.6%) | 12,165,949 | |
The company’s Total Liabilitiesand Shareholders’ Equity decreased by Ch$509,553 million from the period ended on December 2008, largely due to:
• Decrease in Current Liabilities of Ch$ 374,542 million, a 27.6%, mainly explained by a reduction of Ch$ 394,762 million in interest-bearing loans, mainly due to the payment of bonds (put option and Yankee bonds) plus interest accrued and the interest rate effect in Endesa Chile for Ch$ 280,100 million, explained by the loans and bonds payment of Emgesa for Ch$ 91,390 million and of Edegel for Ch$ 38,140 million, partially compensated by the transfer to short term of the debt of GasAtacama for Ch$ 34,637 million and the a reduction in accounts payable to related companies of Ch$ 46,842 million. This was partially compensated by the increase in commercial creditors and other accounts payable of Ch$ 26,197 million, mainly higher suppliers for energy purchases, dividends payable to third parties and the increase of accounts payable and taxes payable of Ch$ 39,979 million.
• Non-current liabilities declined by Ch$ 388,058 million, mainly explained by a reduction in interest-bearing loans of Ch$ 342,563 million, mainly in Endesa Chile due to a lower exchange rate and a reduced restatement of debt denominated in Unidades de Fomento (U.F.) due to lower inflation, and in Endesa Costanera, Chocón and Edegel due to loan repayments and a reduced exchange rate, and the transfer to short term of the debt of Gas Atacama, partially offset by increases in loans of Emgesa and the lower deferred taxed for Ch$ 16,870 million.
PRESS RELEASE |
||
• Net equity rose by Ch$ 253,048 million over December 2008. The controller increased by Ch$ 470,356 million, mainly explained by the result of the higher earnings of the period of Ch$ 627,053 million, the increase of cash flow hedge reserve for Ch$ 185,568 million and other reserves for Ch$ 13,965 million. This was partially compensated by the effect of the controller in the conversion differences over the investments and capital gain of Ch$ 124,473 million, dividend payment of Ch$ 130,371 million, Ch$ 86,730 million of which were provisioned in December 31, 2009, and the reduction of the minimum dividend for Ch$ 188,116 million.
• The participation of minority holdings decreased by Ch$ 217,308 million, as a consequence of the conversion net effects, minimum dividend, coverage derivatives reserves and minorities net income.
DEBT MATURITY WITH THIRD PARTIES
Table 5 | ||||||||||||||
(Million Ch$) | 2010 | 2011 | 2012 | 2013 | 2014 | Balance | TOTAL | |||||||
Chile | 178,109 | 109,411 | 19,246 | 210,778 | 109,428 | 660,601 | 1,287,574 | |||||||
Endesa Chile (*) | 178,109 | 109,411 | 19,246 | 210,778 | 109,428 | 660,601 | 1,287,574 | |||||||
Argentina | 51,630 | 51,499 | 19,610 | 12,545 | 14,274 | 149,558 | ||||||||
Costanera | 36,456 | 23,964 | 13,205 | 12,545 | 14,274 | 100,444 | ||||||||
Chocón | 15,035 | 27,535 | 6,405 | 48,975 | ||||||||||
Perú | 36,552 | 29,475 | 65,733 | 24,289 | 22,709 | 55,503 | 234,261 | |||||||
Edegel | 36,552 | 29,475 | 65,733 | 24,289 | 22,709 | 55,503 | 234,261 | |||||||
Colombia | 39,690 | 59,535 | 75,662 | 35,141 | 234,009 | 444,037 | ||||||||
Emgesa | 39,690 | 59,535 | 75,662 | 35,141 | 234,009 | 444,037 | ||||||||
TOTAL | 305,982 | 249,920 | 180,251 | 247,611 | 181,552 | 950,113 | 2,115,430 | |||||||
Table 5.1 | ||||||||||||||
(Thousand US$) | 2010 | 2011 | 2012 | 2013 | 2014 | Balance | TOTAL | |||||||
Chile | 351,231 | 215,759 | 37,953 | 415,653 | 215,792 | 1,302,704 | 2,539,093 | |||||||
Endesa Chile (*) | 351,231 | 215,759 | 37,953 | 415,653 | 215,792 | 1,302,704 | 2,539,093 | |||||||
Argentina | 101,814 | 101,556 | 38,672 | 24,738 | 28,149 | 294,929 | ||||||||
Costanera | 71,890 | 47,257 | 26,040 | 24,738 | 28,149 | 198,075 | ||||||||
Chocón | 29,649 | 54,298 | 12,632 | 96,579 | ||||||||||
Perú | 72,081 | 58,124 | 129,626 | 47,897 | 44,782 | 109,452 | 461,962 | |||||||
Edegel | 72,081 | 58,124 | 129,626 | 47,897 | 44,782 | 109,452 | 461,962 | |||||||
Colombia | 78,269 | 117,404 | 149,205 | 69,297 | 461,465 | 875,640 | ||||||||
Emgesa | 78,269 | 117,404 | 149,205 | 69,297 | 461,465 | 875,640 | ||||||||
TOTAL | 603,396 | 492,842 | 355,455 | 488,289 | 358,020 | 1,873,621 | 4,171,624 | |||||||
(*) Includes: Endesa Chile, Pangue, Pehuenche, San Isidro, Celta and Túnel El Melón
EVOLUTION OF KEY FINANCIAL RATIOS
Table 6 | ||||||||||
Indicator | Unit | 2008 | 2009 | Var 08-09 | Chg % | |||||
Liquidity | Times | 0.92 | 0.96 | 0.04 | 4.3% | |||||
Acid ratio test * | Times | 0.83 | 0.86 | 0.03 | 3.6% | |||||
Working capital | million Ch$ | (113,805) | (38,740) | 75,065 | 66.0% | |||||
Working capital | th. US$ | (224,424) | (76,396) | 148,028 | 66.0% | |||||
Leverage ** | Times | 1.47 | 1.09 | (0.38) | 25.9% | |||||
Short-term debt | % | 34.1 | 30.5 | (3.56) | (10.5% ) | |||||
Long-term debt | % | 65.9 | 69.5 | 3.56 | 5.4% | |||||
* Current assets net of inventories and prepaid expenses
** Using the ratio = Total debt / (equity + minority interest)
PRESS RELEASE |
||
Table 6.1 | ||||||||||
Indicator | Unit | 2008 | 2009 | Var 08-09 | Chg % | |||||
Financial Expenses Coverage*** | Times | 5.35 | 6.67 | 1.33 | 24.7% | |||||
EBITDA**** | Ch$ Million | 1,060,768 | 1,257,072 | 196,304 | 18.5% | |||||
Op.Income / Op.Rev. | % | 34.5 | 42.2 | 7.58 | 22.0% | |||||
ROE | % | 27.1 | 30.3 | 3.21 | 11.8% | |||||
ROA | % | 8.3 | 12.5 | 4.17 | 49.9% | |||||
***EBITDA/Financial Expenses
****EBITDA: Operating Income+Depreciation+Amortization
Liquidity index as of December, 2009 was 0.96, an improvement of 4.3% compared to December, 2008. This shows the solid liquidity position of the company, meeting its obligations with banks and financing its investments with cash surpluses and having a satisfactory debt repayment schedule.
The acid test ratio is 0.86 times, an increase of 3.6% over December 2008, basically explained by the reduction in interest-bearing loans (bonds).
Leverage ratio was 1.09, reflecting a reduction of 25.9% over December, 2008, due to lower liabilities and higher shareholders’ equity.
Financial expense coverage increased 1.33 times or an equivalent 24.7%, going from 5.35 in December 2008 to 6.67 for the current exercise. The above is the result of a significant increase in EBITDA achieved by the company over the current period and to the stabilization of debt service costs, mainly due to a positive UF effect.
Operating Income over Operating Revenues profitability increased 22.0%, reaching a 42.2% in December 2009.
The annual ROE of the Parent Company increase from 27.1% to 30.3% in December 2009. This increase is derived from higher results from the period despite an increase in Parent Company equity.
Annual ROA went from 8.3% as of December 2008 to 12.5% in December 2009, situation which also reflects the improved current period result, together with a decline in assets.
PRESS RELEASE |
||
CONSOLIDATED STATEMENTS OF CASH FLOWS ANALYSIS
Table 7 | ||||||
CASH FLOW | (Million Ch$) | (Thousand US$) | ||||
2008 | 2009 | Var 08-09 | Chg % | 2009 | ||
Net Income | 557,531 | 772,100 | 214,570 | 38.5% | 1,379,579 | |
Financial expenses | 217,390 | 179,093 | (38,297) | (17.6% ) | 320,001 | |
Financial income | (34,323) | (25,316) | 9,007 | 26.2% | (45,234) | |
Income tax | 210,178 | 172,468 | (37,709) | (17.9% ) | 308,164 | |
Share of the (profit) loss of associates accounted for using the equity method, net of cash distributions received | (82,132) | (98,458) | (16,326) | (19.9% ) | (175,923) | |
Other (Increases) decreases to Reconcile to Operating Income | 5,520 | 17,043 | 11,523 | 208.7% | 30,452 | |
Adjustments to Reconcile to Operating Income | 316,633 | 244,830 | (71,802) | (22.7%) | 437,460 | |
Operating Income | 874,164 | 1,016,931 | 142,767 | 16.3% | 1,817,039 | |
Non-Monetary Adjustments | ||||||
Depreciation | 182,631 | 192,773 | 10,142 | 5.6% | 344,444 | |
Amortization of intangible assets | 3,973 | 3,369 | (604) | (15.2% ) | 6,020 | |
Impairment loss | - | 44,000 | 44,000 | 78,618 | ||
Unrealized foreign currency exchange differences, net | - | - | - | - | ||
(Gain) loss on sale of non-current assets not held for sale | 708 | (65) | (773) | (109.2% ) | (116) | |
Participation in (profits) loss of investments | (1,016) | 90 | 1,107 | 108.9% | 161 | |
Increase in provisions | 2,223 | 775 | (1,448) | (65.1% ) | 1,385 | |
Reversal of unused provisions | - | - | - | - | ||
Used provisions | - | 2,474 | 2,474 | 4,421 | ||
(Increase) decrease in deferred tax Assets | 4,020 | (8,090) | (12,110) | (301.2% ) | (14,455) | |
Increase (decrease) in deferred tax Liabilities | (1,592) | 3,258 | 4,849 | 304.6% | 5,821 | |
Other non-monetary adjustments | (4,329) | (12,624) | (8,295) | (191.6% ) | (22,557) | |
Total Non-Monetary adjustments | 186,618 | 225,960 | 39,341 | 21.1% | 403,742 | |
Net cash from operating activities before changes in working capital | 1,060,782 | 1,242,890 | 182,108 | 17.2% | 2,220,781 | |
Increase (Decrease) in Working Capital in: | ||||||
Inventories | 11,986 | (794) | (12,780) | (106.6% ) | (1,418) | |
Trade accounts receivable and other receivables, net | (107,071) | 13,388 | 120,458 | 112.5% | 23,921 | |
Prepayments | (19,917) | (4,364) | 15,553 | 78.1% | (7,798) | |
Other assets | 91,045 | 108,055 | 17,010 | 18.7% | 193,072 | |
Trade accounts payable and other payables | 14,956 | (130,366) | (145,323) | (971.6% ) | (232,937) | |
Deferred revenues | - | - | - | - | ||
Accruals | (7,954) | (13,316) | (5,362) | (67.4% ) | (23,794) | |
Taxes Payable | (59,259) | (85,390) | (26,131) | (44.1% ) | (152,573) | |
Post-employment benefit obligations | (105) | 6,392 | 6,497 | 6164.9% | 11,421 | |
Other liabilities | (14,185) | (41,675) | (27,489) | (193.8% ) | (74,464) | |
Increase (Decrease) in Working Capital, Total | (90,503) | (148,070) | (57,567) | (63.6%) | (264,570) | |
TOTAL CASH FLOWS PROVIDED BY (USED IN) OPERATIONS | 970,279 | 1,094,820 | 124,541 | 12.8% | 1,956,211 | |
Cash generated by (used for) other operating activities | ||||||
Proceeds from interest received classified as operating | - | - | - | - | ||
Payments of interest classified as operating | - | - | - | - | ||
Proceeds from refunded income tax | - | - | - | - | ||
Payments of income tax | 19,341 | 99,250 | 79,910 | 413.2% | 177,339 | |
Other inflows (outflows) from other operating activities | - | - | - | - | ||
Cash generated by (used for) other operating activities | (19,341) | (99,250) | (79,910) | (413.2%) | (177,339) | |
NET CASH FLOWS PROVIDED BY (USED IN) OPERATING ACTIVITIES | 950,938 | 995,570 | 44,632 | 4.7% | 1,778,872 | |
PRESS RELEASE |
||
CASH FLOW (CONTINUED) | (Million Ch$) | (Thousand US$) | ||||
2008 | 2009 | Var 08-09 | Chg % | 2009 | ||
Net Cash Flows provided by (used in) Investing Activities | ||||||
Proceeds from sales of property, plant and equipment | 6,537 | 4,807 | (1,730) | (26.5% ) | 8,588 | |
Proceeds from sales of intangible assets | - | - | - | - | ||
Proceeds from sales of other financial assets | 7,731 | - | (7,731) | (100.0% ) | - | |
Proceeds from sales of other assets | 14 | - | (14) | (100.0% ) | - | |
Other cash flows provided by (used in) investing activities | 73,805 | 9,848 | (63,957) | (86.7% ) | 17,596 | |
Proceeds from dividends classified for investing purposes | 35,463 | 75,348 | 39,885 | 112.5% | 134,630 | |
Proceeds from interest received classified for investing purposes | 3,026 | 2,441 | (585) | (19.3% ) | 4,362 | |
Purchase of property, plant and equipment | (255,118) | (315,590) | (60,472) | (23.7% ) | (563,891) | |
Acquisitions of investment properties | - | - | - | - | ||
Acquisitions of intangible assets | (2,488) | (412) | 2,076 | 83.5% | (735) | |
Acquisitions of intangible assets | - | - | - | - | ||
Acquisitions of joint ventures, net of cash acquired | - | - | - | - | ||
Loans to related companies | (47,066) | (8,975) | 38,091 | 80.9% | (16,036) | |
Other investment disbursements | (23,576) | (208,922) | (185,347) | (786.2% ) | (373,300) | |
NET CASH FLOWS PROVIDED BY (USED IN) INVESTING ACTIVITIES | (201,672) | (441,455) | (239,783) | (118.9%) | (788,787) | |
Net Cash Flows provided by (used in) Financing Activities | ||||||
Proceeds from issuance of equity securities, net | - | - | - | - | ||
Loans obtained | 348,060 | 230,775 | (117,285) | (33.7% ) | 412,346 | |
Proceeds from issuance of other financial liabilities | 227,770 | 126,062 | (101,707) | (44.7% ) | 225,247 | |
Proceeds from loans from related companies | 58,060 | 11,436 | (46,624) | (80.3% ) | 20,434 | |
Revenue from other financing sources | 448 | - | (448) | (100.0% ) | - | |
Payments of loans | (137,386) | (231,907) | (94,521) | (68.8% ) | (414,369) | |
Repayment of other financial liabilities | (217,926) | (439,519) | (221,593) | (101.7% ) | (785,327) | |
Repayments of liabilities for financial leases | (6,996) | (3,172) | 3,824 | 54.7% | (5,667) | |
Payments of loans to related parties | (6,199) | (58,538) | (52,339) | (844.3% ) | (104,595) | |
Payments of interest classified for financing purposes | (163,445) | (114,393) | 49,052 | 30.0% | (204,396) | |
Dividends paid to minority interest | (146,871) | (164,683) | (17,812) | (12.1% ) | (294,254) | |
Dividends paid to shareholders of the company | (101,988) | (156,415) | (54,427) | (53.4% ) | (279,481) | |
Other cash flows provided by (used in) financing activities | - | - | - | - | ||
NET CASH FLOWS PROVIDED BY (USED IN) FINANCING ACTIVITIES | (146,474) | (800,353) | (653,880) | (446.4%) | (1,430,062) | |
Net Increase (Decrease) in Cash and Cash Equivalents | 602,793 | (246,239) | (849,031) | (140.8%) | (439,977) | |
Effects of foreign exchange rate variations on cash and cash equivalents | 1,330 | (26,541) | (27,870) | (2096.2% ) | (47,423) | |
Effect of changes in scope of consolidation on cash and cash equivalents | - | - | - | - | ||
Beginning balance of cash and cash equivalents, statement of cash flows | 115,096 | 719,218 | 604,122 | 524.9% | 1,285,090 | |
Ending Balance of Cash and Cash Equivalents, Statement of Cash Flows | 719,218 | 446,438 | (272,780) | (37.9%) | 797,690 | |
The company generated a negative cash flow of Ch$ 246,239 million for the period, which can be broken down as follows:
Operating activities generated a positive cash flow of Ch$ 995,570 million, representing an increase of 4.7% over December 2008. This flow mainly comprises the net income for the period of Ch$ 772,100 million.
Investment activities generated a negative flow of Ch$ 441,455 million, mainly due to acquisitions of property, plant and equipment, and of intangible assets, for Ch$ 316,001 million, other investment payments of Ch$ 208,922 million, and loans to related companies of Ch$8,975 million, compensated by the sales proceeds of property, plant and equipment for Ch$ 4,807 million, dividends received of Ch$ 75,348 million and other cash flows of Ch$ 12,288 million.
Financing activities generated a negative flow of Ch$ 800,353 million. This was generated mainly by other cash flows used in financing activities (bonds) for Ch$ 439,519 million, loan repayments of Ch$ 231,907 million, repayments of loans to related companies of Ch$ 58,538 million, interest payments of Ch$ 114,393 million, dividend payments to minorities of Ch$ 164,683 million, payments by the entity reporting of Ch$ 156,415 million and others of Ch$ 3,172 million. These were offset by loans drawn of Ch$ 230,775 million, the issue of other financial liabilities of Ch$ 126,062 million and loans from related companies of Ch$ 11,437 million.
PRESS RELEASE |
||
CASH FLOW RECEIVED FROM FOREIGN SUBSIDIARIES BY ENDESA CHILE
Table 8 | ||||||||||||||||||||||||||||||||
Interest Received | Dividends Received | Management Fee | Total Cash Received | |||||||||||||||||||||||||||||
Millions Ch$ | Chg% | Thousand US$ | Millions Ch$ | Chg% | Thousand US$ | Millions Ch$ | Chg% | Thousand US$ | Millions Ch$ | Chg% | Thousand US$ | |||||||||||||||||||||
2008 | 2009 | 2009 | 2008 | 2009 | 2009 | 2008 | 2009 | 2009 | 2008 | 2009 | 2009 | |||||||||||||||||||||
Argentina | 337 | 147 | -56% | 262 | 187 | 164 | -13% | 292 | 736 | 666 | -10% | 1,190 | 1,259 | 976 | -23% | 1,744 | ||||||||||||||||
Peru | 5,575 | 15,316 | 175% | 27,366 | 5,575 | 15,316 | 175% | 27,366 | ||||||||||||||||||||||||
Brazil | 32,304 | 69,228 | 114% | 123,695 | 32,304 | 69,228 | 114% | 123,695 | ||||||||||||||||||||||||
Colombia | 34,093 | 29,156 | -14% | 52,095 | 34,093 | 29,156 | -14% | 52,095 | ||||||||||||||||||||||||
Total | 337 | 147 | 262 | 72,159 | 113,862 | 203,448 | 736 | 666 | 1,190 | 73,231 | 114,675 | 204,900 | ||||||||||||||||||||
Source: Internal Financial Report |
CAPEX AND DEPRECIATION
Table 9 | ||||||||||||
Payments for Additions of Fixed | Depreciation | |||||||||||
Million Ch$ | Thousand US$ | Million Ch$ | Thousand US$ | |||||||||
Million Ch$ | 2008 | 2009 | 2009 | 2008 | 2009 | 2009 | ||||||
Endesa Chile | 157,744 | 203,892 | 364,315 | 59,217 | 59,414 | 106,161 | ||||||
Endesa Eco | 43,352 | 52,390 | 93,610 | 1,279 | 1,672 | 2,987 | ||||||
Pehuenche | 267 | 410 | 733 | 12,107 | 12,180 | 21,763 | ||||||
San Isidro | 4,419 | 2,737 | 4,890 | 8,268 | 8,926 | 15,948 | ||||||
Pangue | 456 | 619 | 1,105 | 4,314 | 4,381 | 7,828 | ||||||
Celta | (2,675) | 4,115 | 7,353 | 2,929 | 2,610 | 4,664 | ||||||
Enigesa | 874 | 295 | 527 | 119 | 99 | 176 | ||||||
Ingendesa | 599 | 227 | 405 | 267 | 209 | 374 | ||||||
Túnel El Melón | 46 | - | - | 1 | - | - | ||||||
EASA (Grupo) | 27,495 | 21,375 | 38,193 | 20,685 | 22,643 | 40,458 | ||||||
Emgesa | 24,011 | 19,881 | 35,523 | 29,602 | 35,943 | 64,223 | ||||||
Generandes Perú | 9,003 | 7,110 | 12,705 | 36,073 | 38,003 | 67,903 | ||||||
Transquillota | 787 | 2,129 | 3,803 | 559 | 322 | 576 | ||||||
Hidroaysén | - | 12,733 | 22,751 | 50 | 55 | 98 | ||||||
Gas Atacama | 759 | 2,938 | 5,250 | 7,162 | 6,317 | 11,287 | ||||||
Total | 255,118 | 315,590 | 563,895 | 182,631 | 192,773 | 344,446 | ||||||
PRESS RELEASE |
||
ARGENTINA
In Argentina, operating income for December 2009 was Ch$ 42,951 million, compared to Ch$ 37,284 million reported the year before, a 15% increase. Overall, the combined EBITDA of our operations in Argentina experienced an increase of 13.2% as of December 2009, reaching Ch$ 65,593 million.
ENDESA COSTANERA
Operating income amounted to Ch$ 4,380 million, 76% below the level of the same period of 2008. Physical sales fell by 3%, which basically explains the decrease of revenues by 4% as of December 2009 compared to December 2008. Operating costs of the company increased by 1% between the two periods, driven by higher consumption of fuel and the increase of energy purchases.
Table 10 | ||||||
Costanera | Million Ch$ | Thousand US$ | ||||
2008 | 2009 | Var 08-09 | Chg % | 2009 | ||
Operating Revenues | 240,087 | 231,280 | (8,808) | (3.7% ) | 413,248 | |
Procurement and Services | (188,737) | (190,815) | (2,078) | (1.1% ) | (340,946) | |
Contribution Margin | 51,350 | 40,464 | (10,886) | (21.2% ) | 72,301 | |
Other Costs | (15,690) | (17,226) | (1,536) | (9.8% ) | (30,779) | |
Gross Operating Income (EBITDA) | 35,661 | 23,239 | (12,422) | (34.8%) | 41,522 | |
Depreciation and Amortization | (17,236) | (18,859) | (1,623) | (9.4% ) | (33,696) | |
Operating Income | 18,425 | 4,380 | (14,045) | (76.2%) | 7,826 | |
Figures may differ from those accounted under Argentine GAAP. |
Table 10.1 | ||||||||
Costanera | 2008 | 2009 | Var 08-09 | Chg % | ||||
GWh Produced | 8,540 | 8,172 | (368) | (4.3% ) | ||||
GWh Sold | 8,543 | 8,284 | (260) | (3.0% ) | ||||
Market Share | 8.1% | 7.9% | (0.1% ) | (1.8% ) | ||||
PRESS RELEASE |
||
EL CHOCÓN
Reservoirs showed higher levels accumulated in the early months of the year, thus providing greater hydroelectric generation. El Chocón hydro plant generation increased 1,843 GWh. With this, El Chocón improved its operating income to Ch$ 38,700 million as of December 2009, with physical sales increasing by 61% compared to the same period of 2008.
Table 11 | ||||||
El Chocó;n | Million Ch$ | Thousand US$ | ||||
2008 | 2009 | Var 08-09 | Chg % | 2009 | ||
Operating Revenues | 44,141 | 65,298 | 21,158 | 47.9% | 116,674 | |
Procurement and Services | (17,503) | (17,724) | (221) | (1.3% ) | (31,669) | |
Contribution Margin | 26,638 | 47,574 | 20,936 | 78.6% | 85,005 | |
Other Costs | (4,158) | (5,090) | (932) | (22.4% ) | (9,094) | |
Gross Operating Income (EBITDA) | 22,480 | 42,484 | 20,005 | 89.0% | 75,911 | |
Depreciation and Amortization | (3,449) | (3,784) | (335) | (9.7% ) | (6,762) | |
Operating Income | 19,031 | 38,700 | 19,670 | 103.4% | 69,149 | |
Figures may differ from those accounted under Argentine GAAP. |
Table 11.1 | ||||||||
El Chocón | 2008 | 2009 | Var 08-09 | Chg % | ||||
GWh Produced | 1,940 | 3,783 | 1,843 | 95.0% | ||||
GWh Sold | 2,554 | 4,122 | 1,567 | 61.4% | ||||
Market Share | 2.4% | 3.9% | 1.5% | 63.4% | ||||
Market risk analysis
Investments
PRESS RELEASE |
||
CHILE
In Chile, operating income of the generation business for 2009 amounted to Ch$ 640,040 million, a 13% increase over 2008. This growth is mainly explained by a 41% fall in operating costs as a result of the positive hydrology conditions accumulated during 2009, improving the production mix. This led to 61% lower energy purchases and to reduce fuel consumption by 43%. Although energy sold on the spot market rose by 26% as of December 2009, which allowed overall physical sales to increase by 4%, the lower average prices led revenues to decrease by 15%. The generation of 22,239 GWh in 2009 represented a 5% improvement over 2008. EBITDA, or gross operating income, of the generation business in Chile amounted to Ch$ 780,225 million through December 2009, compared to Ch$ 663,697 million through December 2008.
Chilean Operations
The Operating Income in Chile reached an important increase due to a drop in operating costs. This growth is mainly explained by the decrease in liquid fuel prices, improved hydrological conditions which result in lower fuel consumption and less energy purchases, a decrease in toll costs and higher availability of gas. Hydro generation of Endesa Chile increased 1,042 GWh.
Table 12 | ||||||
Chilean Electricity Business | Million Ch$ | Thousand US$ | ||||
2008 | 2009 | Var 08-09 | Chg % | 2009 | ||
Operating Revenues | 1,605,337 | 1,369,647 | (235,690) | (14.7% ) | 2,447,269 | |
Procurement and Services | (871,056) | (511,522) | 359,534 | 41.3% | (913,981) | |
Contribution Margin | 734,281 | 858,125 | 123,845 | 16.9% | 1,533,288 | |
Other Costs | (70,584) | (77,900) | (7,317) | (10.4% ) | (139,192) | |
Gross Operating Income (EBITDA) | 663,697 | 780,225 | 116,528 | 17.6% | 1,394,096 | |
Depreciation and Amortization | (95,960) | (140,185) | (44,225) | (46.1% ) | (250,481) | |
Operating Income | 567,737 | 640,040 | 72,304 | 12.7% | 1,143,616 | |
Table 12.1 | ||||||||
Chilean Electricity Business | 2008 | 2009 | Var 08-09 | Chg % | ||||
GWh Produced | 21,267 | 22,239 | 972 | 4.6% | ||||
GWh Sold | 21,532 | 22,327 | 795 | 3.7% | ||||
Market Share | 40.8% | 42.1% | 1.3% | 3.2% | ||||
Most important changes in the market
PRESS RELEASE |
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Market risk analysis
• The hydrological year April - December 2009 shows a 41.4% probability of surplus in its affluent energy, constituting a normal year.
• As of January 1st, 2010, reservoir levels had an approximate accumulation of 5,757 GWh of energy equivalent (approximately 2% above the level on the same date 2008, the equivalent of 105 GWh more).
• Variations in energy sales: Energy sales in Chile (SIC + SING) in 2009 was 53,057 GWh, a 0.5% increase over the same period of the previous year (52,813 GWh). The SIC fell by 0.5% and the SING rose by 3.3% .
Investments
• Reinforcing Endesa Chile’s commitment with sustainability and within its non-conventional renewable energy (NCRE) project development initiatives, and following the commercial start-up of the Canela 18 MW wind farm in December 2007, Endesa Chile, through Endesa Eco, on November 25 completed the commissioning of the 40 additional wind generators of the wind farm Canela II. Commercial operations started up on December 11, 2009.
• With respect to the Quintero LNG project, in which Endesa Chile holds 20% shareholding in the re-gasification terminal, the “Early Gas” phase started commercial operations on September 12, requiring the presence in port of the tanker in port to operate the re-gasification plant. This re-gasification plant is already operating in fast-track, and plans to be fully operative in its total storage capacity in August 2010.
• On June 20, the first unit of the Quintero thermal-plant project, which Endesa Chile built in the Region of Valparaíso, successfully made its first synchronization with the Central Interconnected System (SIC), beginning its commercial operations on July 23. The second unit successfully made its synchronization with the SIC on August 28 and has been in commercial operations since September 4. This project, located on a site alongside the Quintero re-gasification plant, was declared with a capacity of 257 MW, and will operate either with natural gas or with diesel oil.
• Works continue for the construction of the Bocamina II coal-fired plant in Coronel, in the Eighth region. With a capacity of 370 MW, it will be equipped with the latest emission-reduction technologies and it is estimated that the start-up will be in December 2010.
PRESS RELEASE |
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COLOMBIA
EMGESA
Operating income of our business in Colombia reached Ch$ 250,811 million during 2009, 16% higher than in 2008. This improvement is mainly explained by an increase of average prices measured in local currency given lower hydrology conditions during the period as well as an increase of physical sales of 3% over 2008. Hydro generation of Emgesa experienced a 703 GWh decrease in 2009 as result of the lower hydrology related with “El Niño” phenomenon. This situation led to a weaker production mix, thus a 43% growth of operating costs, in which energy purchases increased as well as fuel consumption expenses for thermal generation. EBITDA, or gross operating income, increased 16% in the period, reaching Ch$ 287,328 million in 2009.
Table 13 | ||||||
Emgesa | Million Ch$ | Thousand US$ | ||||
2008 | 2009 | Var 08-09 | Chg % | 2009 | ||
Operating Revenues | 401,470 | 500,964 | 99,494 | 24.8% | 895,117 | |
Procurement and Services | (128,688) | (184,067) | (55,379) | (43.0% ) | (328,890) | |
Contribution Margin | 272,782 | 316,897 | 44,115 | 16.2% | 566,228 | |
Other Costs | (25,403) | (29,569) | (4,166) | (16.4% ) | (52,834) | |
Gross Operating Income (EBIT | 247,378 | 287,328 | 39,949 | 16.1% | 513,393 | |
Depreciation and Amortization | (30,560) | (36,516) | (5,956) | (19.5% ) | (65,247) | |
Operating Income | 216,818 | 250,811 | 33,993 | 15.7% | 448,147 | |
* Please notice that these figures could differ from those accounted under Colombian GAAP. |
Emgesa | 2008 | 2009 | Var 08-09 | Chg % |
GWh Produced | 12,905 | 12,674 | (232) | (1.8% ) |
GWh Sold | 16,368 | 16,806 | 438 | 2.7% |
Market Share | 21.9% | 20.5% | (1.4% ) | (6.5% ) |
Market risk analysis
• Hydrological risk: Total contributions by the SIN during the October - December 2009 quarter, corresponding to the beginning of the summer, were 65% of the historic average (very dry condition). For Guavio, the inflows for the same period were 61% (extremely dry condition, the second driest since 1963) and 59% for Betania (very dry condition).The contribution in relation to the averge amount were 89% for the total in the SIN; 81% for Guavio and 96% for Betania. In 2009, with respect to the water level of the reservoir of greatest significance to Endesa (Guavio), in December 31st it was at 59.2% of its maximum capacity, equivalent to 1,259 GWh (approx. 570 GWh, 27% lower than the level in 2008).
• Variation in energy demand: Accumulated demand in 2009 was 54,679 GWh, a 1.5% increase over the same period 2008 (53,870 GWh).
Investments
• In Colombia, following the conclusion of the Assignment of Firm Energy process for the projects to start operating between December 2014 and November 2019, The Colombian Ministry of Mines and Energy in June chose Emgesa’s El Quimbo hydroelectric project, with a capacity of 400 MW. In line with the project’s schedule, the principal civil works and equipment supply and assembly contracts are currently in their tender processes, in order to estimate the investment of the project.
PRESS RELEASE |
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PERU
EDEGEL
Operating income in Peru was Ch$ 76,212 million, an increase of Ch$ 24,266 million over 2008. This is mainly explained by a better production mix given the positive hydrology conditions during the year. Edegel hydro generation increased 376 GWh in 2009. This situation allowed operating costs to reduce by 27% compared to 2008, with lower fuel consumption and costs of energy purchases. The drop in costs of energy purchases also reflects a reversal of a provision for energy purchases for distributors without contracts. EBITDA of Peru amounted to Ch$ 114,425 million in 2009, compared to Ch$ 88,179 million in 2008.
Table 14 | ||||||
Edegel | Million Ch$ | Thousand US$ | ||||
2008 | 2009 | Var 08-09 | Chg % | 2009 | ||
Operating Revenues | 208,497 | 213,625 | 5,128 | 2.5% | 381,702 | |
Procurement and Services | (98,453) | (72,014) | 26,439 | 26.9% | (128,673) | |
Contribution Margin | 110,044 | 141,611 | 31,567 | 28.7% | 253,029 | |
Other Costs | (21,864) | (27,186) | (5,322) | (24.3% ) | (48,576) | |
Gross Operating Income (EBIT | 88,179 | 114,425 | 26,246 | 29.8% | 204,453 | |
Depreciation and Amortization | (36,233) | (38,213) | (1,980) | (5.5% ) | (68,278) | |
Operating Income | 51,946 | 76,212 | 24,266 | 46.7% | 136,175 | |
* Please notice that these figures could differ from those accounted under Peruvian GAAP. |
Edegel | 2008 | 2009 | Var 08-09 | Chg % |
GWh Produced | 8,102 | 8,163 | 61 | 0.8% |
GWh Sold | 8,461 | 8,321 | (140) | (1.7% ) |
Market Share | 31.6% | 30.7% | (0.9% ) | (2.8% ) |
Most important changes in the market
• On December 17, OSINERGMIN published the distribution tariffs for
natural gas for the next four years. Generators will receive payments
on January 1st, 2014 reported that the Ventanilla plant units qualified as dual as a result of
the evaluation and analysis of the operation of the plant’s gas turbines (TG3 and TG4).
• In September, Edegel terminated its supply contract with Electroperú
(385 MW) related to the Ventanilla plant, releasing energy that can
sold at more competitive prices.
Market risk analysis
• Hydrological risk: The total volume stored in Edegel’s lakes and reservoirs at the end of December 2009 was approximately 229.1 million cubic meters, which represents 80% of total capacity (36 more than the level on the same date of the year before). In the fourth quarter, flows in the Rimac basin were 197% of average (humid condition), in contrast to the 82% obtained in the fourth quarter of 2009. In this period, the rivers Tulumayo and Tarma maintained flows representing 111% of the average (semi-humid) and 85% (semi-dry) respectively.
Investments
• In January 2008 Edegel signed a turnkey contract with Siemens Power Generation for the installation of a 188.6 MW turbine at the Santa Rosa plant, which will operate with natural gas from Camisea. On September 2nd of 2009, the turbine started its commercial operations with 193.18 MW of capacity. Later on November 28, an increase of 6.65 MW was recognized, reaching a total capacity of 199.83 MW, allowing Edegel to increase its installed capacity to 1,667.23 MW and enabled it to meet the Peruvian market growth in demand.
PRESS RELEASE |
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MAIN RISKS ASSOCIATED TO THE ACTIVITIES OF ENDESA CHILE
Commercial and Regulatory Risk
Endesa Chile’s activities are subject to a broad range of governmental standards. Any modification of such standards may affect its activities, economic situation and operating results.
Likewise, the operations of Endesa Chile are subject to environmental regulations, which the company fulfills permanently. Modifications to these regulations may impact its economic situation and the results of its operations.
The commercial activity of Endesa Chile is designed in order to moderate the possible impact of changes in hydrological conditions.
Interest Rate Risk
Interest rate variations modify the reasonable value of those assets and liabilities that accrue a variable interest rate, as well as the future flow of assets and liabilities pegged to a variable interest rate.
Consistent with current interest rate hedging policy, the portion of fixed and/or hedged debt rate to the total gross debt was 46.9% as of December 2009 on a consolidated basis.
Depending on the Endesa Chile’s forecasts and debt structure objectives, hedging transactions take place through contracted derivatives that mitigate these risks.
Exchange Rate Risk
The exchange rate risk is mainly related to the following transactions: foreign currency debts contracted by Endesa Chile’s subsidiaries and affiliate companies, payments made on international markets for the acquisition of projects related materials, revenues directly linked to the evolution of the dollar, and cash flows from subsidiaries to headquarters in Chile.
In order to mitigate exchange rate risks, Endesa Chile’s exchange rate hedging policy is based on cash flows and it strives to maintain a balance between the flows indexed to dollar and the asset and liability levels in such currency. Currency swaps and exchange rate forwards are the instruments currently used in compliance with this policy. Likewise, the policy strives to refinance debts in each company’s functional currency. The exchange rates of the local currencies in relation to the dollar in the five countries where we operate are the following:
Closing Exchange Rate | ||||||
Dic-08 | Dic-09 | Change (% ) | ||||
Argentina | 3.45 | 3.80 | 10.0% | |||
Brazil | 2.34 | 1.74 | -25.5% | |||
Chile | 636.45 | 507.10 | -20.3% | |||
Colombia | 2,243.59 | 2,044.23 | -8.9% | |||
Peru | 3.14 | 2.89 | -7.9% | |||
Negative variation means appreciation of the local currency. |
PRESS RELEASE |
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Commodities Risk
Endesa Chile is exposed to the price fluctuation risk on some commodities, basically of fuel purchases for the electricity generation and also of energy trading transactions in the local markets.
Looking forward to reduce risks of extreme drought situations, the company has designed a trading policy that defines sales commitment levels consistent with its firm energy capacity of its generating power plants in a dry condition, and includes risk mitigation clauses in some contracts with non-regulated customers.
Liquidity Risk
Endesa Chile’s liquidity policy consists on contracting long term committed credit facilities and short term financial investments, for the amounts needed to support future estimated needs according to the period with the situation and the expectations of debt and capital markets.
As of December 2009, Endesa Chile’s liquidity was US$ 493 million. As of December, 2008, the company’s liquidity was US$ 1,104 million.
Risk Measurement
Endesa Chile measures the value at risk of its debt and financial derivatives positions with the objective of guaranteeing that the risk contracted by the company is consistent with the risk exposure defined by the management, thus restricting the volatility of its financial results. The risk exposure used in the calculations of the current value at risk comprises debt and financial derivatives.
Other Risks
Part of Endesa Chile’s debt is subject to cross default provisions. If certain defaults in debt of specific subsidiaries are not remedied within specified grace periods, a cross default could affect Endesa Chile. Additionally, under certain scenarios, debts at the holding company level could be accelerated.
Nonpayment, after any applicable grace period, of Endesa Chile debts, or their so-called Relevant Subsidiaries, with an individual principal amount outstanding in excess of US$ 50 million dollars (or its equivalent in other currencies), and with a missed payment also in excess of US$ 50 million dollars, could give rise to a cross default of several bank revolving debt facilities at Endesa Chile. Furthermore, some of these debt facilities are also subject to cross acceleration provisions in the event of a default in other Relevant Subsidiary debt, for reasons other than payment default, for events such as bankruptcy, insolvency proceedings, and materially adverse governmental or legal actions, in all cases for amounts in excess of US$ 50 million dollars.
There are no clauses in the credit agreements by which changes in the corporate or debt classification of these companies from credit rating agencies could trigger prepayments.
PRESS RELEASE |
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SUSTAINABILITY AND THE ENVIRONMENT
In January 2009, Endesa Chile received the Silver Class distinction in the Sustainability Yearbook 2009 published by the Swiss agency SAM (Sustainable Asset Management) together with PricewaterhouseCoopers, which placed the Company among the 6 best performing electricity companies in sustainability in the world.
In March, and for the third consecutive year, the Sustainability Report 2008 of Endesa Chile was rated by GRI (Global Reporting Initiative) as A+, the maximum qualification possible. In October, this report was awarded the prize for the Best Sustainability Report by the Chilean organization Acción RSE, where the company obtained the prize in the Best Description of Environmental Performance category.
The Canela I wind farm of Endesa Eco, a company for the development of non-conventional renewable energies (NCRE) of Endesa Chile, was registered in the CDM (clean development mechanism) circuit by the United Nations Office for Climate Change (UNFCCC), a process that will allow the verification and later commercialization of the greenhouse gas emissions saved, which are estimated in 27,251 tons of CO2 equivalent per year. Additionally, the Canela II wind farm started up commercial operations on December 11, 2009, providing 60 MW of new capacity to the electricity grid. This wind farm is the biggest wind farm in Chile and the second largest in South America. Its registration in the CDM circuit by the UNFCCC is pending.
In September, Endesa Chile received the evaluation made by the Swiss agency SAM (Sustainable Asset Management) which selects the member firms of the Dow Jones Sustainability Index (DJSI). The company was awarded 78 points, 2 more than in 2008, which represents the highest level ever obtained by the company and places it within the world’s leading electricity companies in this matter.
The United Nations Global Compact published the “Notable” category for Endesa Chile’s latest Communication of Progress (COP). The company thus forms part of a select group of companies around the world which have obtained this important classification, and becomes an example in carrying out policies that promote the Global Compact, especially in the human rights, labor rights, environment and fight against corruption areas.
As of December 2009, out of the 65,158.1 GWh generated, 99.9% was produced by power plants which Environmental Management Systems (EMS) are certified under the ISO 14.001 standard. On the other hand, 100% was generated by plants having their safety and occupational health management system certified under the OHSAS 18.001 standard, demonstrating the company’s commitment with the environment and safety in the place of work.
PRESS RELEASE |
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BOOK VALUE AND ECONOMIC VALUE OF ASSETS
The following can be mentioned with respect to the assets of greatest importance:
Properties, Plant and Equipment are valued at cost less the corresponding accumulated depreciation and losses for any deterioration suffered. Properties, Plant and Equipment, net of their residual value if any, are depreciated on a straight-line basis distributing the cost of the different components over their estimated useful lives, which represent the period during which the companies expect to use them. The estimated useful lives are revised periodically.
The goodwill (on investments or trade funds) generated in the consolidation represents the premium of the cost of acquisition over the Group’s participation in the fair value of the assets and liabilities, including identifiable contingent liabilities of a subsidiary on the date of acquisition. The goodwill bought is not amortized but, at the end of each accounting period, an estimate is made as to whether any deterioration has occurred that might reduce its recoverable value to an amount below the recorded net cost, in which case an adjustment is made for deterioration (see Note 3.c of the financial statements).
Throughout the period, and fundamentally on its closing, an evaluation is made to ensure that there is no indication that some asset might have suffered a loss for deterioration. Should such indication be noted, an estimate is made of the recoverable value of such asset to determine the amount of deterioration. In the case of identifiable assets that do not generate cash flows independently, the recoverability is estimated of the effective generating unit to which the asset belongs, this being understood to be the smallest identifiable group of assets that generate independent cash inflows. As a result of this evaluation, it was determined that there is no deterioration related to the acquired businesses, except in the case of our jointly-controlled company Gas Atacama Holding Ltda., whose deterioration test made in 2007 determined that the recoverable value of the assets was below their book value, making an investment provision on that date.
Assets denominated in foreign currencies are shown at the exchange rate at the end of each period.
Accounts and notes receivable from related companies are shown according to their maturities, in short and long term. The transactions meet conditions of equity similar to those normally prevailing in the market.
In summary, the assets are shown valued according to the financial information reporting standards whose criteria are set out in Note 3 of the financial statements.
PRESS RELEASE |
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OPERATING INCOME BY SUBSIDIARY
Summary of operating revenues, operating costs (including other costs) and operating income of all Endesa Chile’ subsidiaries, for the years ended in December 2008 and December 2009, detailed as follows:
Table 15 | ||||||||||||||||
(MILLION PESOS) | OPERATING REVENUES | OPERATING EXPENSES | OPERATING INCOME | Change | VAR % | |||||||||||
2008 | 2009 | 2008 | 2009 | 2008 | 2009 | |||||||||||
ARGENTINA | 284,228 | 296,578 | (246,944) | (253,627) | 37,284 | 42,951 | 5,666 | 15.2% | ||||||||
COLOMBIA | 401,470 | 500,964 | (184,652) | (250,153) | 216,818 | 250,811 | 33,993 | 15.7% | ||||||||
PERU | 208,497 | 213,625 | (156,725) | (137,576) | 51,772 | 76,049 | 24,276 | 46.9% | ||||||||
CONS. FOREIGN SUBS. ADJUSTMENTS | - | (897) | 764 | 897 | 764 | - | (764) | (100.0%) | ||||||||
TOTAL FOREIGN SUBSIDIARIES | 894,195 | 1,010,271 | (587,556) | (640,460) | 306,639 | 369,811 | 63,172 | 20.6% | ||||||||
ELECTRICITY BUSINESS IN CHILE | 1,605,337 | 1,369,647 | (1,037,600) | (729,607) | 567,737 | 640,040 | 72,304 | 12.7% | ||||||||
OTHER BUSINESSES IN CHILE | 36,856 | 39,001 | (37,069) | (31,921) | (212) | 7,080 | 7,292 | (3437.3%) | ||||||||
TOTAL CHILE | 1,642,193 | 1,408,649 | (1,074,669) | (761,529) | 567,524 | 647,120 | 79,596 | 14.0% | ||||||||
TOTAL CONSOLIDATED | 2,536,388 | 2,418,919 | (1,662,225) | (1,401,989) | 874,164 | 1,016,931 | 142,767 | 16.3% | ||||||||
Table 15.1 | ||||||||||
(MILLION PESOS) | OPERATING REVENUES |
|||||||||
% Revenues | % Revenues | |||||||||
2008 | 2008 | 2009 | 2009 | Change | ||||||
CHOCÓN (ARGENTINA) | 44,141 | 1.7% | 65,298 | 2.7% | 21,158 | |||||
COSTANERA (ARGENTINA) | 240,087 | 9.5% | 231,280 | 9.6% | (8,808) | |||||
INVESTMENT VEHICLES IN ARGENTINA | - | 0.0% | - | 0.0% | - | |||||
TOTAL ARGENTINA | 284,228 | 11.2% | 296,578 | 12.3% | 12,350 | |||||
EMGESA (COLOMBIA) | 401,470 | 15.8% | 500,964 | 20.7% | 99,494 | |||||
TOTAL COLOMBIA | 401,470 | 15.8% | 500,964 | 20.7% | 99,494 | |||||
EDEGEL (PERU) | 208,497 | 8.2% | 213,625 | 8.8% | 5,128 | |||||
INVESTMENT VEHICLES IN PERU | - | 0.0% | - | 0.0% | - | |||||
TOTAL PERU | 208,497 | 8.2% | 213,625 | 8.8% | 5,128 | |||||
CONS. FOREIGN SUBS. ADJUSTMENTS | - | 0.0% | (897) | 0.0% | (897) | |||||
TOTAL FOREIGN SUBSIDIARIES | 894,195 | 35.3% | 1,010,271 | 41.8% | 116,076 | |||||
ELECTRICITY BUSINESS IN CHILE | 1,605,337 | 63.3% | 1,369,647 | 56.6% | (235,690) | |||||
OTHER BUSINESSES IN CHILE | 36,856 | 1.5% | 39,001 | 1.6% | 2,145 | |||||
TOTAL CHILE | 1,642,193 | 64.7% | 1,408,649 | 58.2% | (233,545) | |||||
TOTAL CONSOLIDATED | 2,536,388 | 100.0% | 2,418,919 | 100.0% | (117,469) | |||||
PRESS RELEASE |
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Table 15.2 | ||||||||||
(MILLION PESOS) | OPERATING EXPENSES |
|||||||||
% Expenses | % Expenses | |||||||||
2008 | 2008 | 2009 | 2009 | Change | ||||||
CHOCÓN (ARGENTINA) | (25,110) | 1.5% | (26,598) | 1.9% | (1,488) | |||||
COSTANERA (ARGENTINA) | (221,662) | 13.3% | (226,900) | 16.2% | (5,237) | |||||
INVESTMENT VEHICLES IN ARGENTINA | (171) | 0.0% | (130) | 0.0% | 41 | |||||
TOTAL ARGENTINA | (246,944) | 14.9% | (253,627) | 18.1% | (6,684) | |||||
EMGESA (COLOMBIA) | (184,652) | 11.1% | (250,153) | 17.8% | (65,501) | |||||
TOTAL COLOMBIA | (184,652) | 11.1% | (250,153) | 17.8% | (65,501) | |||||
EDEGEL (PERU) | (156,551) | 9.4% | (137,413) | 9.8% | 19,138 | |||||
INVESTMENT VEHICLES IN PERU | (174) | 0.0% | (164) | 0.0% | 10 | |||||
TOTAL PERU | (156,725) | 9.4% | (137,576) | 9.8% | 19,148 | |||||
CONS. FOREIGN SUBS. ADJUSTMENTS | 764 | 0.0% | 897 | -0.1% | 132 | |||||
TOTAL FOREIGN SUBSIDIARIES | (587,556) | 35.3% | (640,460) | 45.7% | (52,904) | |||||
ELECTRICITY BUSINESS IN CHILE | (1,037,600) | 62.4% | (729,607) | 52.0% | 307,993 | |||||
OTHER BUSINESSES IN CHILE | (37,069) | 2.2% | (31,921) | 2.3% | 5,147 | |||||
TOTAL CHILE | (1,074,669) | 64.7% | (761,529) | 54.3% | 313,140 | |||||
TOTAL CONSOLIDATED | (1,662,225) | 100.0% | (1,401,989) | 100.0% | 260,236 | |||||
Table 15.3 | ||||||||||
(MILLION PESOS) | OPERATING INCOME |
|||||||||
% Expenses | % Expenses | |||||||||
2008 | 2008 | 2009 | 2009 | Change | ||||||
CHOCÓN (ARGENTINA) | 19,031 | 2.2% | 38,700 | 3.8% | 19,670 | |||||
COSTANERA (ARGENTINA) | 18,425 | 2.1% | 4,380 | 0.4% | (14,045) | |||||
INVESTMENT VEHICLES IN ARGENTINA | (171) | 0.0% | (130) | 0.0% | 41 | |||||
TOTAL ARGENTINA | 37,284 | 4.3% | 42,951 | 4.2% | 5,666 | |||||
EMGESA (COLOMBIA) | 216,818 | 24.8% | 250,811 | 24.7% | 33,993 | |||||
TOTAL COLOMBIA | 216,818 | 24.8% | 250,811 | 24.7% | 33,993 | |||||
EDEGEL (PERU) | 51,946 | 5.9% | 76,212 | 7.5% | 24,266 | |||||
INVESTMENT VEHICLES IN PERU | (174) | 0.0% | (164) | 0.0% | 10 | |||||
TOTAL PERU | 51,772 | 5.9% | 76,049 | 7.5% | 24,276 | |||||
CONS. FOREIGN SUBS. ADJUSTMENTS | 764 | 0.1% | - | 0.0% | (764) | |||||
TOTAL FOREIGN SUBSIDIARIES | 306,639 | 35.1% | 369,811 | 36.4% | 63,172 | |||||
ELECTRICITY BUSINESS IN CHILE | 567,737 | 64.9% | 640,040 | 62.9% | 72,304 | |||||
OTHER BUSINESSES IN CHILE | (212) | 0.0% | 7,080 | 0.7% | 7,292 | |||||
TOTAL CHILE | 567,524 | 64.9% | 647,120 | 63.6% | 79,596 | |||||
TOTAL CONSOLIDATED | 874,164 | 100.0% | 1,016,931 | 100.0% | 142,767 | |||||
Consolidation adjustments of foreign subsidiaries correspond to consolidation adjustments between foreign and Chilean companies. Generation business in Chile includes Endesa Chile, Pangue, Pehuenche, San Isidro, Celta, Endesa Eco, 50% of GasAtacama, 50% of Transquillota and 51% of HidroAysén.
PRESS RELEASE |
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BUSINESS INFORMATION OF CHILEAN OPERATIONS
MAIN OPERATING FIGURES IN GWH
Table 16 | ||||||||||
Endesa and Non- | ||||||||||
2009 | Registered | Endesa SIC | Endesa SING | Total Chile | ||||||
(GWh) | Subsidiaries | Pehuenche | Consolidated | Consolidated | Consolidated | |||||
Total generation | 16,088.0 | 3,613.0 | 19,701.0 | 2,538.3 | 22,239.4 | |||||
Hydro generation | 11,213.3 | 3,613.0 | 14,826.3 | - | 14,826.3 | |||||
Thermo generation | 4,781.0 | - | 4,781.0 | 2,538.3 | 7,319.3 | |||||
Wind generation | 93.7 | - | 93.7 | - | 93.7 | |||||
Purchases | 5,625.8 | - | 156.2 | 376.3 | 532.5 | |||||
Purchases to related companies | 5,469.7 | - | 5,469.7 | - | 5,469.7 | |||||
Purchases to other generators | 156.2 | - | 156.2 | - | 156.2 | |||||
Purchases at spot | - | - | - | 376.3 | 376.3 | |||||
Transmission losses, pump and other consumption | 398.8 | 16.6 | 415.4 | 29.3 | 444.7 | |||||
Total electricity sales | 21,315.0 | 3,596.4 | 19,441.3 | 2,885.4 | 22,326.6 | |||||
Sales at regulated prices | 10,929.7 | 331.4 | 11,261.1 | 705.3 | 11,966.5 | |||||
Sales at unregulated prices | 3,968.3 | 190.4 | 4,158.7 | 2,018.7 | 6,177.4 | |||||
Sales at spot marginal cost | 2,446.9 | 1,574.5 | 4,021.4 | 161.4 | 4,182.8 | |||||
Sales to related companies generators | 3,970.1 | 1,500.1 | 5,470.2 | - | 5,470.2 | |||||
TOTAL SALES OF THE SYSTEM | 39,400.8 | 39,400.8 | 39,400.8 | 13,656.5 | 374,356.8 | |||||
Market Share on total sales (%) | 44.0% | 5.3% | 49.3% | 21.1% | 1.0% | |||||
Table 16.1 | ||||||||||
Endesa and Non- | ||||||||||
2008 | Registered | Endesa SIC | Endesa SING | Total Chile | ||||||
(GWh) | Subsidiaries | Pehuenche | Consolidated | Consolidated | Consolidated | |||||
Total generation | 15,305.3 | 3,589.4 | 18,894.7 | 2,372.4 | 21,267.1 | |||||
Hydro generation | 10,194.6 | 3,589.4 | 13,784.1 | - | 13,784.1 | |||||
Thermo generation | 5,080.2 | - | 5,080.2 | 2,372.4 | 7,452.6 | |||||
Wind generation | 30.4 | - | 30.4 | - | 30.4 | |||||
Purchases | 5,207.5 | 41.0 | 252.0 | 446.0 | 698.0 | |||||
Purchases to related companies | 4,996.4 | - | 4,996.4 | - | 4,996.4 | |||||
Purchases to other generators | 211.1 | - | 211.1 | - | 211.1 | |||||
Purchases at spot | - | 41.0 | 41.0 | 446.0 | 487.0 | |||||
Transmission losses, pump and other consumption | 384.3 | 16.5 | 400.8 | 32.5 | 433.3 | |||||
Total electricity sales | 20,128.4 | 3,613.9 | 18,745.9 | 2,785.9 | 21,531.9 | |||||
Sales at regulated prices | 11,113.9 | 352.1 | 11,466.0 | 700.2 | 12,166.2 | |||||
Sales at unregulated prices | 3,965.9 | 176.8 | 4,142.7 | 1,891.5 | 6,034.2 | |||||
Sales at spot marginal cost | 1,552.1 | 1,585.1 | 3,137.2 | 194.2 | 3,331.5 | |||||
Sales to related companies generators | 3,496.4 | 1,500.0 | 4,996.4 | - | 4,996.4 | |||||
TOTAL SALES OF THE SYSTEM | 39,594.2 | 39,594.2 | 39,594.2 | 13,218.9 | 376,953.5 | |||||
Market Share on total sales (%) | 42.0% | 5.3% | 47.3% | 21.1% | 1.1% | |||||
PRESS RELEASE |
||
BUSINESS INFORMATION OF FOREIGN OPERATIONSMAIN OPERATING FIGURES IN GWH
Table 17
2009 (GWh) |
Costanera | Chocón | Tot. Argentina | Chile | Colombia | Peru | Abroad | TOTAL Cons. |
Total generation | 8,172.0 | 3,782.6 | 11,954.6 | 22,239.4 | 12,673.6 | 8,162.8 | 32,791.0 | 55,030.4 |
Hydro generation | - | 3,782.6 | 3,782.6 | 14,826.3 | 11,700.1 | 4,564.3 | 20,046.9 | 34,873.3 |
Thermo generation | 8,172.0 | - | 8,172.0 | 7,319.3 | 973.6 | 3,598.5 | 12,744.1 | 20,063.4 |
Wind generation | - | - | - | 93.7 | - | - | - | 93.7 |
Purchases | 189.3 | 339.1 | 528.4 | 532.5 | 4,284.3 | 336.6 | 5,149.3 | 5,681.8 |
Purchases to related companies | - | - | - | 5,469.7 | - | - | - | 5,469.7 |
Purchases to other generators | - | - | - | 156.2 | 1,233.3 | - | 1,233.3 | 1,389.5 |
Purchases at spot | 189.3 | 339.1 | 528.4 | 376.3 | 3,051.0 | 336.6 | 3,916.0 | 4,292.3 |
Transmission losses, pump and other consumption | 77.6 | - | 77.6 | 444.7 | 151.7 | 178.7 | 407.9 | 852.7 |
Total electricity sales | 8,283.7 | 4,121.6 | 12,405.3 | 22,326.6 | 16,806.2 | 8,320.8 | 37,532.4 | 59,859.0 |
Sales at regulated prices | - | - | - | 11,966.5 | 9,485.1 | 4,065.1 | 13,550.2 | 25,516.6 |
Sales at unregulated prices | 772.0 | 1,355.7 | 2,127.7 | 6,177.4 | 2,474.6 | 3,500.2 | 8,102.6 | 14,279.9 |
Sales at spot marginal cost | 7,511.7 | 2,765.9 | 10,277.6 | 4,182.8 | 4,846.5 | 755.5 | 15,879.6 | 20,062.4 |
Sales to related companies generators | - | - | - | 5,470.2 | - | - | - | 5,470.2 |
TOTAL SALES OF THE SYSTEM | 104,592.0 | 104,592.0 | 104,592.0 | 53,057.3 | 81,921.0 | 27,082.3 | ||
Market Share on total sales (%) | 7.9% | 3.9% | 11.9% | 42.1% | 20.5% | 30.7% |
Table 17.1
2008 (GWh) |
Costanera | Chocón | Tot. Argentina | Chile | Colombia | Peru | Abroad | TOTAL Cons. |
Total generation | 8,540.1 | 1,940.0 | 10,480.2 | 21,267.1 | 12,905.1 | 8,101.9 | 31,487.2 | 52,754.4 |
Hydro generation | - | 1,940.0 | 1,940.0 | 13,784.1 | 12,402.6 | 4,188.7 | 18,531.3 | 32,315.4 |
Thermo generation | 8,540.1 | - | 8,540.1 | 7,452.6 | 502.5 | 3,913.3 | 12,955.9 | 20,408.6 |
Wind generation | - | - | - | - | - | - | - | - |
Purchases | 79.5 | 614.3 | 693.7 | 698.0 | 3,611.4 | 524.6 | 4,829.7 | 5,527.7 |
Purchases to related companies | - | - | - | 4,996.4 | - | - | - | 4,996.4 |
Purchases to other generators | - | - | - | 211.1 | 885.4 | - | 885.4 | 1,096.4 |
Purchases at spot | 79.5 | 614.3 | 693.7 | 487.0 | 2,726.0 | 524.6 | 3,944.4 | 4,431.3 |
Transmission losses, pump and other consumption | 76.2 | - | 76.2 | 433.3 | 148.6 | 165.7 | 390.5 | 823.8 |
Total electricity sales | 8,543.4 | 2,554.3 | 11,097.7 | 21,531.9 | 16,367.9 | 8,460.8 | 35,926.5 | 57,458.3 |
Sales at regulated prices | - | - | - | 12,166.2 | 8,738.9 | 3,574.0 | 12,312.9 | 24,479.1 |
Sales at unregulated prices | 1,032.7 | 1,364.2 | 2,396.9 | 6,034.2 | 2,429.7 | 4,651.4 | 9,477.9 | 15,512.1 |
Sales at spot marginal cost | 7,510.7 | 1,190.1 | 8,700.8 | 3,331.5 | 5,199.3 | 235.5 | 14,135.6 | 17,467.1 |
Sales to related companies generators | - | - | - | 4,996.4 | - | - | - | 4,996.4 |
TOTAL SALES OF THE SYSTEM | 105,938.3 | 105,938.3 | 105,938.3 | 52,813.2 | 74,628.7 | 26,771.2 | ||
Market Share on total sales (%) | 8.1% | 2.4% | 10.5% | 40.8% | 21.9% | 31.6% |
PRESS RELEASE |
||
BRAZIL
We disclose the operating results of Endesa Brasil and its subsidiaries for information purposes only. Endesa Chile does not consolidate these companies’ results; their equity contribution is reflected in Net Income From Related Companies account in the Consolidated Income Statement.
ENDESA BRASIL
Table 18 | ||||||
Endesa Brasil | Million Ch$ | Thousand US$ | ||||
2008 | 2009 | Var 08-09 | Chg % | 2009 | ||
Total Revenues | 1,939,140 | 1,958,614 | 19,474 | 1.0% | 3,862,383 | |
Procurements and Services | (1,119,726) | (1,057,983) | 61,743 | (5.5%) | (2,086,341) | |
Contribution Margin | 819,414 | 900,631 | 81,217 | 9.9% | 1,776,042 | |
Other Costs | (238,083) | (255,151) | (17,068) | 7.2% | (503,156) | |
Gross Operating Income (EBITDA) | 581,331 | 645,480 | 64,149 | 11.0% | 1,272,886 | |
Depreciation and Amortization | (114,465) | (131,888) | (17,423) | 15.2% | (260,084) | |
Operating Income | 466,866 | 513,592 | 46,726 | 10.0% | 1,012,802 | |
Net Financial Income | (113,816) | (59,969) | 53,848 | (47.3%) | (118,258) | |
Financial income | 118,860 | 100,509 | (18,351) | (15.4%) | 198,203 | |
Financial expenses | (198,955) | (185,208) | 13,747 | (6.9%) | (365,229) | |
Income (Loss) for indexed assets and liabilities | - | - | - | - | - | |
Foreign currency exchange differences, net | (33,722) | 24,730 | 58,452 | (173.3%) | 48,768 | |
Gains | 59,906 | 46,431 | (13,475) | (22.5%) | 91,561 | |
Losses | (93,627) | (21,700) | 71,927 | (76.8%) | (42,793) | |
Net Income from Related Comp. Cons. By the Prop. Eq. Method | - | - | - | - | - | |
Net Income from Other Investments | - | - | - | - | - | |
Net Income from asset sales | 401 | 276 | (125) | (31.1%) | 544 | |
Net Income before Taxes | 353,450 | 453,899 | 100,449 | 28.4% | 895,088 | |
Income Tax | (66,187) | (106,585) | (40,398) | 61.0% | (210,185) | |
Continued Operations Result | 287,263 | 347,314 | 60,051 | 20.9% | 684,903 | |
Gain (Loss) from discontinued operations, | - | - | - | - | - | |
Net from taxes | ||||||
Dicontinued Operations Result | 287,263 | 347,314 | 60,051 | 20.9% | 684,903 | |
NET INCOME | 287,263 | 347,314 | 60,051 | 20.9% | 684,903 | |
Net Income Attributable to Owners of the Company | 194,650 | 237,684 | 43,033 | 22.1% | 468,711 | |
Net Income Attributable to Minority Interest | 92,613 | 109,631 | 17,018 | 18.4% | 216,192 | |
PRESS RELEASE |
||
GENERATION
CACHOEIRA
Operating Income decreased due to lower market sales prices mainly explained by better hydrological conditions in Brazil compared to higher prices in 2008. Negative conversion effect from local currency to Chilean pesos reduced 6.5% the year 2009 results compared to last year’s figure.
Table 19 | ||||||
Cachoeira | Million Ch$ | Thousand US$ | ||||
2008 | 2009 | Var 08-09 | Chg % | 2009 | ||
Total Revenues | 147,105 | 88,300 | (58,805) | (40.0%) | 174,127 | |
Procurements and Services | (39,270) | (23,600) | 15,670 | 39.9% | (46,539) | |
Contribution Margin | 107,835 | 64,700 | (43,135) | (40.0%) | 127,588 | |
Other Costs | (6,103) | (6,820) | (718) | (11.8%) | (13,450) | |
Gross Operating Income (EBITDA) | 101,732 | 57,880 | (43,853) | (43.1%) | 114,139 | |
Depreciation and Amortization | (6,951) | (7,250) | (300) | (4.3%) | (14,298) | |
Operating Income | 94,782 | 50,629 | (44,153) | (46.6%) | 99,841 | |
Figures may differ from those accounted under Brazilian GAAP. |
Table 19.1 | ||||||||
Cachoeira | 2008 | 2009 | Var 08-09 | Chg % | ||||
GWh Produced | 3,308 | 2,820 | (488) | (14.8%) | ||||
GWh Sold | 4,403 | 3,862 | (541) | (12.3%) | ||||
Market Share | 1.1% | 1.0% | -0.1% | - | ||||
FORTALEZA (CGTF)
Operating Income increased mainly due to lower energy purchased costs, as a consequence of lower market prices. Negative conversion effect from local currency to Chilean pesos reduced 6.5% the year 2009 results compared to last year’s figure.
Table 20 | ||||||
Fortaleza | Million Ch$ | Thousand US$ | ||||
2008 | 2009 | Var 08-09 | Chg % | 2009 | ||
Total Revenues | 110,163 | 138,595 | 28,432 | 25.8% | 273,309 | |
Procurements and Services | (65,587) | (38,643) | 26,944 | 41.1% | (76,204) | |
Contribution Margin | 44,576 | 99,952 | 55,376 | 124.2% | 197,104 | |
Other Costs | (8,010) | (8,351) | (340) | (4.2%) | (16,468) | |
Gross Operating Income (EBITDA) | 36,566 | 91,601 | 55,035 | 150.5% | 180,637 | |
Depreciation and Amortization | (8,056) | (7,675) | 381 | 4.7% | (15,136) | |
Operating Income | 28,510 | 83,926 | 55,416 | 194.4% | 165,501 | |
Figures may differ from those accounted under Brazilian GAAP. |
Table 20.1 | ||||||||
Fortaleza | 2008 | 2009 | Var 08-09 | Chg % | ||||
GWh Produced | 71 | 499 | 429 | 604.6% | ||||
GWh Sold | 2,690 | 3,007 | 317 | 11.8% | ||||
Market Share | 0.7% | 0.8% | 0.1% | - | ||||
PRESS RELEASE |
||
TRANSMISSION
CIEN
Operating Income increased mainly due to contracts signed to export energy to Uruguay and Argentina, initiating this activity in February, while in 2008, commercialization activities started on April. The latter was partially affected by negative conversion effect from local currency to Chilean pesos.
Table 21 | ||||||
Cien | Million Ch$ | Thousand US$ | ||||
2008 | 2009 | Var 08-09 | Chg % | 2009 | ||
Total Revenues | 72,777 | 97,961 | 25,185 | 34.6% | 193,180 | |
Procurements and Services | (290) | (20,025) | (19,735) | - | (39,489) | |
Contribution Margin | 72,487 | 77,936 | 5,450 | 7.5% | 153,690 | |
Other Costs | (9,665) | (11,842) | (2,177) | (22.5%) | (23,352) | |
Gross Operating Income (EBITDA) | 62,821 | 66,095 | 3,273 | 5.2% | 130,338 | |
Depreciation and Amortization | (17,099) | (18,102) | (1,002) | (5.9%) | (35,697) | |
Operating Income | 45,722 | 47,993 | 2,271 | 5.0% | 94,641 | |
Figures may differ from those accounted under Brazilian GAAP. |
DISTRIBUTION
AMPLA
Operating Income increased mainly due to increasing demand and the higher average sales prices and tolls, partially compensated by the increase in the energy purchase costs, higher energy losses and a negative conversion effect due to Real depreciation relative to the Chilean peso.
Tariff Review for the period 2009-2014 was held on March 2009 and the ANEEL set an adjustment of 0.82% to the final tariffs. Additionally, the annual revision designed to protect the company versus uncontrollable costs increases and inflation, set an adjustment of 10.95% in the final tariffs.
Table 22 | ||||||
Ampla | Million Ch$ | Thousand US$ | ||||
2008 | 2009 | Var 08-09 | Chg % | 2009 | ||
Total Revenues | 964,909 | 1,001,031 | 36,122 | 3.7% | 1,974,030 | |
Procurements and Services | (624,626) | (619,675) | 4,951 | 0.8% | (1,221,997) | |
Contribution Margin | 340,283 | 381,356 | 41,073 | 12.1% | 752,033 | |
Other Costs | (124,999) | (137,765) | (12,766) | (10.2%) | (271,672) | |
Gross Operating Income (EBITDA) | 215,283 | 243,591 | 28,308 | 13.1% | 480,361 | |
Depreciation and Amortization | (46,817) | (56,566) | (9,749) | (20.8%) | (111,548) | |
Operating Income | 168,466 | 187,025 | 18,559 | 11.0% | 368,813 | |
Figures may differ from those accounted under Brazilian GAAP. |
Table 22.1 | ||||||||
Ampla | 2008 | 2009 | Var 08-09 | Chg % | ||||
Customers (Th) | 2,466 | 2,522 | 55 | 2.2% | ||||
GWh Sold | 9,119 | 9,394 | 275 | 3.0% | ||||
Clients/Employee | 1,900 | 2,042 | 142 | 7.5% | ||||
Energy Losses % | 20.2% | 21.2% | 1.0% | 5.1% | ||||
PRESS RELEASE |
||
COELCE
Operating Income increased mainly due to higher energy average sales prices, higher physical sales and lower energy losses. The latter was partially offset by the negative conversion effect from local currency to Chilean pesos.
The annual revision designed to protect the company versus uncontrollable costs increases and inflation, set an adjustment of 11.95% in the final tariffs.
Table 23 | ||||||
Coelce | Million Ch$ | Thousand US$ | ||||
2008 | 2009 | Var 08-09 | Chg % | 2009 | ||
Total Revenues | 759,779 | 766,723 | 6,944 | 0.9% | 1,511,976 | |
Procurements and Services | (505,546) | (490,036) | 15,509 | 3.1% | (966,351) | |
Contribution Margin | 254,234 | 276,687 | 22,453 | 8.8% | 545,626 | |
Other Costs | (78,931) | (83,481) | (4,551) | (5.8%) | (164,625) | |
Gross Operating Income (EBITDA) | 175,303 | 193,206 | 17,903 | 10.2% | 381,001 | |
Depreciation and Amortization | (35,361) | (42,031) | (6,670) | (18.9%) | (82,884) | |
Operating Income | 139,942 | 151,175 | 11,233 | 8.0% | 298,117 | |
Figures may differ from those accounted under Brazilian GAAP. |
Table 23.1 | ||||||||
Coelce | 2008 | 2009 | Var 08-09 | Chg % | ||||
Customers (Th) | 2,842 | 2,965 | 124 | 4.4% | ||||
GWh Sold | 7,571 | 7,860 | 289 | 3.8% | ||||
Clients/Employee | 2,224 | 2,285 | 61 | 2.7% | ||||
Energy Losses % | 11.7% | 11.6% | (0.1%) | (1.3%) | ||||
PRESS RELEASE |
||
OWNERSHIP OF THE COMPANY AS OF DECEMBER 31ST, 2009
TOTAL SHAREHOLDERS: 19,252
CONFERENCE CALL INVITATION
Endesa Chile is pleased to inform you that it will conduct a conference call to review its results for the period ended December 31st, 2009, on Thursday, January 28, 2010, at 8:30 am (Eastern Time).
To participate, please dial: 1 (617) 213 48 69, international or 1 (888) 713 4217 (toll free USA) Passcode I.D.: 92497461 approximately 10 minutes prior to the scheduled starting time.
To access the phone replay, please dial 1 (617) 801 68 88 or 1 (888) 286 80 10 (toll free USA) Passcode I.D.: 39437274.
In order for you to have an easier access to our conference call, we suggest to pre-register your attendance and obtain your PIN code at the following link: https://www.theconferencingservice.com/prereg/key.process?key=PM6AYPPH9
If you would like to take part in the Conference Call via Internet and watch an online presentation, or listen to a webcast replay of the call, you may access www.endesachile.cl (please note that this is a listen only mode).
PRESS RELEASE |
||
CONTACT INFORMATION
For further information, please contact us:
Susana Rey | ||||||
Investor Relations Director | ||||||
srm@endesa.cl | ||||||
(56-2) 630 96 06 | ||||||
Juan Pablo Reitze | Irene Aguiló | Jacqueline Michael | M. Teresa Fuentealba | |||
Head of Investor | Investor Relations | Investor Relations | Investor Relations | |||
Relations | Representative | Representative | Representative | |||
jprv@endesa.cl | iaguilo@endesa.cl | jmc@endesa.cl | mtfd@endesa.cl | |||
(56-2) 630 96 03 | (56-2) 630 96 04 | (56-2) 630 95 85 | (56-2) 630 95 06 | |||
Gloria Mora | ||||||
Investor Relations | ||||||
Assistant | ||||||
gaml@endesa.cl | ||||||
(56-2) 630 95 87 |
DISCLAIMER
This Press Release 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.
Pursuant
to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf
by the undersigned, thereunto duly authorized.
EMPRESA NACIONAL DE ELECTRICIDAD S.A. | |||||||
By: | /s/ Joaquín Galindo V. | ||||||
Joaquín Galindo V. |
|||||||
Chief Executive Officer | |||||||
Dated: January 27, 2010 | |||||||