THE DYNAMISM OF THE ANDEAN ECONOMIES Enersis: Value Growth
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THE DYNAMISM OF THE ANDEAN ECONOMIES
Enersis: Value Growth
11 | 15 | 12
… where GDP growth will continue to drive electricitydemand in Latin America’s towards OECD Countries
22
ColombiaPeru
BrazilMexicoArgentina
ChilePortugal
Slovakia
Russia
ItalyGreece
United Kingdom
DenmarkGermanyFrance
Spain
United States
Sweden
Finland
Latam
Source: IMF and World Energy Outlook
3,1
4,04,4 4,3 4,3
3,9
3,8 3,6 3,6 3,53,0
1,91,1
0,4
-0,7
-1,7
-2,9-3,5
-4,0-4,5
-4,8
-5,2
-5,0-4,9
-4,0-3,4
-2,2
-1,2
-0,5
0,2
0,91,2
1,72,2
2,72,92,82,7
2,21,8 1,7 1,5 1,0
0,60,0
-0,6-1,1
-1,4-1,6 -1,8
4,2
5,2 5,1 5,14,4
4,0
3,43,0
2,92,62,6 2,3
2,01,71,2
0,20,5
0,4 0,3 0,1-0,2-0,4
-0,6
-0,8
-0,6-0,2
0,61,4
1,41,9
2,5
3,23,8
4,54,85,2
5,3 5,1 5,25,15,5 5,5
5,35,0
4,74,5 4,4 4,5
4,5
4,7 4,7
2,62,2
0,60,9
1,31,21,51,10,91,00,8
1,20,9
0,4-0,1
-1,0
-2,2-2,5
-3,6-3,9
-4,5
-5,2-5,4
-6,2-6,3-6,1-5,7
-4,8
-3,7
-2,8
-1,6
-0,9
0,0
1,11,7
2,3
2,73,2 3,1
2,92,5 2,3
2,1
1,2
1,72,2
1,91,5
0,60,2
0,3-0,3
-1,0
2005
2006
2007
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oct-
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As a result of the European crisis, the demand growth gap between Latin America and Europe increases
(1) Labour and temperature effect corrected
(2) No labour and temperature effect corrections. Demand growth in the 5 countries were Endesa operates, 2011 EBITDA weighted
(3) Figures: Enel.
Spain Latam Italy
0
Demand increase -yearly moving average- Spain mainland1 vs Latam2 and Italy3 (%)
3
With a significantly larger share of installed capacity and clients than any of its peers
44
Market leaders and efficient generation mix
Every year we gain about 400 thousand new clients within our concession areas
Note: Installed capacity and electricity clients correspond to consolidated figures from 9M2012 Company reports(1) Figures does not include Bocamina II 350MW Coal plant, on stream after 3Q closing
Distribution
Installed capacity (GW) Electricity clients (millions)
Generation
(1)
Margin in risk by country Margin in risk for the combined portfolio
Peru
US$
Colombia
Chile
Brazil
Argentina
LatAm61%
… coupled with a sound commercial policy that allows reducing profit volatility and a stable regulatory framework
55
Commercial policy A diversified portfolio allows reducing risk
The objective is to secure (with a 95% probability) that the margin for the period is at least 90% of the expected margin during normal conditions
Our risk policy considers
o Hydrological conditions
o Growth in demand
o Price of fuel
o Foreign exchange
o Inflation Diversification of the portfolio
has allowed reducing the margin in risk by 61%
100%
Spot
Extreme hydro
volatility
Thermal
Target output
Target sales
Output and sales targets for future years
Hydro
Regulated and
unregulated contracts
75%
Rel
ativ
e Fr
eque
ncy
Results
MMUS$5%
MaR 95%
Authorization Lack of
exclusivity
1st set: 1997
# of revisions: 3
13.9%
Calculated during each revision
New replacementvalue based on realnetwork
1st set: 1984
# of revisions: 7
Indefiniteconcession
10.0%
Defined by law
New replacementvalue based onoptimized network
1st set: 1997
# of revisions: 4
Indefiniteconcession
12.0%
Defined by law
New replacementvalue based onoptimized network
Stable regulatory frameworks
Long-term concessions
Attractive profitability metrics (pre-tax, real terms)
Tariffs are set using technical and objective criteria
Characteristics
Concession for 30years
1st set: 2003
# of revisions: 2
11.4%
Calculated during each revision
New replacementvalue based on realnetwork
20142012 2013Next tariff revision Ampla 2014
The regulatory framework for distribution assets is stable and encourages investment…
Argentina24%
Peru11%
Colombia20%
Brazil7%
Chile38%
Argentina17%
Peru9%
Colombia19%
Brazil43%
Chile12%
Generación54%
Distribución46%
Argentina0% Peru
11%
Colombia33%
Brazil31%
Chile25%
Argentina24%
Peru10%
Colombia18%
Brazil28%
Chile20%
Argentina17%
Peru14%
Colombia25%
Brazil11%
Chile33%
Enersis owns a highly diversified portfolio of assets, by country and type of activity
66
Generation sales LTM67,022 GWh
Distribution sales LTM71,925 GWh
EBITDA LTM4,238 (US$ million)
Note: Data LTM as of 9M2012
Installed Capacity 14,825 MW
Number of Clients13.9 million
Note: 1 Consensus Forecasts as of September 2012 ; 2 As of November 8, 2012
Real expected GDP growth1 (%)
Despite a complex global macro environment, Latin America offers strong fundamentals and high growth prospects…
77
Growth in demand for electricity11’-16E’
S&P Rating
CDS
99% of TTM EBITDA comes
from investment grade countries
BBB
105.7
Brazil
B-
2,242.8
Argentina
A+
82.2
Chile Peru
BBB
103.8
BBB-
103.1
Colombia
5.8%4.5%
3.5% 4.1%
7.4%
4,9
1,6
4,25,8
1,6 2,2
-0,2
4,5 4,0 4,45,9
3,22,1
0,5
Chile Brazil Colombia Peru Argentina North America Western Europe
2012 2013
Enersis has a well diversified pipeline of projects amounting 11,400 MW, and a steady growth of client base
88
Portfolio of projects at 1H12
14
3 2
About 400.000 new clients each year just because natural growth
“Este documento es propiedad de ENDESA , en consecuencia no podrá ser divulgado ni hecho público sin el consentimiento previo y por escrito de ENDESA. Su contenido es meramente informativo por lo que no tiene naturaleza contractual ni puede hacerse uso del mismo como parte de o para interpretar contrato alguno. ENDESA no asume ninguna responsabilidad por la información contenida en este documento, ni constituye garantía alguna implícita o explícita sobre la imparcialidad, precisión , plenitud o corrección de la información o de las opiniones y afirmaciones que se recogen. Tampoco asume responsabilidad alguna por los daños y/o pérdidas que pudieran causarse sobre el uso de esta información. ENDESA no garantiza que las perspectivas contenidas en este documento se cumplirán en sus términos. Tampoco ENDESA ni ninguna de sus filiales tienen la intención de actualizar tales estimaciones, previsiones y objetivos que pudieran derivarse de este documento excepto que otra cosa sea requerida por ley” .
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