FORM 6-K
Pursuant to Rule 13a-16 or 15d-16 of
the Securities Exchange Act of 1934
For the month of April, 2004
Commission File Number: 001-12440
ENERSIS S.A.
Santa Rosa 76
Santiago, Chile
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
INDEX OF EXHIBITS
PRESS RELEASE | |
INVESTOR RELATIONS DEPARTMENT |
ENERSIS will Release Its 1stQuarter 2004 Results on
Wednesday, April 28, 2004
You are cordially invited to participate in a conference call with management, to review First Quarter 2004 results for ENERSIS, onThursday, April 29, 2004. There will be a question and answer session following management's comments. Representing ENERSIS will beMr. Alfredo Ergas, Chief Financial Officer andMr. Ricardo Alvial, Chief Investments and Risks Officer.
Conference Call Information: | ||
Date: Thursday, April 29, 2004 | ||
Time: 10:00 a.m. Eastern Time (10:00 a.m. Chilean Time) | ||
Passcode I.D.: | 71490794 | |
Dial-In number Int: | 1 (617) 786-4501 | |
Dial-In number US: | 1 (800) 901-5247 | |
Replay Information: | ||
Passcode I.D.: | 33539484 | |
Dial-In number Int: | 1 (617) 801-6888 | |
Dial-In number US: | 1 (888) 286-8010 |
Please connect approximately 10 minutes prior to the scheduled start time. You can also access the live conference call and replay via its website atwww.enersis.cl(please note that this is a listen only mode).
Should you have any other questions or had trouble accessing this email, please contact ENERSIS Investor Relations.
Best Regards,
ENERSIS Investor Relations Team
Ricardo Alvial
Chief Investments & Risks Officer
Phone: 56 (2) 353 4682
Susana Rey | Pablo Lanyi-Grunfeldt |
Head of Investor Relations | Investor Relations |
srm@e.enersis.cl | pll@e.enersis.cl |
56 (2) 353 4554 | 56 (2) 353 4552 |
Matías Rodríguez | Francisco Luco |
Investor Relations | Investor Relations |
mra8@e.enersis.cl | fjlv@e.enersis.cl |
56 (2) 353 4492 | 56 (2) 353 4555 |
www.enersis.cl | Santa Rosa 76, Santiago, CHILE | Pg. 1/1 |
Phone: 56 (2) 353 4682 |
ENERSIS ANNOUNCES CONSOLIDATED RESULTS FOR THE FIRST QUARTER
ENDED MARCH 31, 2004
Highlights for the Period
- Net Income increased by US$ 58.2 million, from a loss of US$ 43 million in March 2003, to a profit of US$ 16 million in March 2004.
- Operating Income increased by 9.6% compared to March 2003, reaching US$ 257.6 million. This is mainly due to higher Operating Revenues of US$ 80 million.
- Interest Expense, net of Interest Income, decreased by US$ 20 million, or 13.7%, due to lower indebtedness.
- Physical sales in the generation business increased by 8.1%, from 11,881 to 12,842 GWh.
- Physical sales in the distribution business increased by 5.0%, from 12,333 to 12,948 GWh.
- As in previous quarters, labor productivity increased by 3.8%, from 1,412 to 1,466 clients per employee.
- Additionally, In our distribution business, we recorded an increase of 403 thousand clients or 4.0%, from 10,149 to 10,552 thousand customers.
- Additionally, Enersis prepaid debt for US$ 150 million of a syndicated loan and refinanced US$ 350 million on April 2004, under better conditions due to the solid financial situation of the Company.
- In our generation business in Chile, the node price increased by 18.8% in U.S. dollars. Additionally, due to an early start of the rainy season, Ralco dam started to be filled.
- Endesa Chile signed a syndicated loan agreement for US$ 250 million for a term of 3.5 years with a bullet repayment and a spread over Libor of 115 bps.
www.enersis.cl | Santa Rosa 76, Santiago, CHILE | Pg. 1 |
Phone: 56 (2) 353 4682 |
PRESS RELEASE | |
Consolidated Results for the First Quarter 2004 |
Table of Contents
www.enersis.cl | Santa Rosa 76, Santiago, CHILE | Pg. 2 |
Phone: 56 (2) 353 4682 |
PRESS RELEASE | |
Consolidated Results for the First Quarter 2004 |
www.enersis.cl | Santa Rosa 76, Santiago, CHILE | Pg. 3 |
Phone: 56 (2) 353 4682 |
PRESS RELEASE | |
Consolidated Results for the First Quarter 2004 |
General Information
(Santiago, Chile, April 28, 2004) Enersis (NYSE: ENI), announced today consolidated financial results for the first quarter, ended March 31, 2004. All figures are in both, US$ and Ch$, and in accordance to Chilean Generally Accepted Accounting Principles (GAAP) as shown in the standardized form required by Chilean authorities (FECU). Variations refer to March 31, 2003, and figures have been adjusted by the CPI variation between both periods, equal to 0.0%.
For the purpose of converting Chilean pesos (Ch$) into US dollars (US$), we have used the exchange rate prevailing as of March 31, 2004, equal to US$ 1 = Ch$ 616.41, which compared to the exchange rate of US$ 1 = Ch$ 731.56, represents a Chilean peso appreciation of 15.7%.
The consolidation includes the following investment vehicles and companies,
In the following pages you will find a detailed analysis of Financial Statements, explanation for most of variations, and comments about the main items of Income Statement and Cash Flow Statement compared to the information booked as of March 31, 2003.
Simplified Organizational Structure
www.enersis.cl | Santa Rosa 76, Santiago, CHILE | Pg. 4 |
Phone: 56 (2) 353 4682 |
PRESS RELEASE | |
Consolidated Results for the First Quarter 2004 |
Risk Rating Classification
International risk rating classification:
Table 1
STANDARD & POOR’S | FITCH | MOODY'S | |
INVESTMENT GRADE | |||
Top quality ; | AAA | AAA | Aaa |
"Gilt-edged" High Grade ; | AA+ | AA+ | Aa1 |
Very Strong | AA | AA | Aa2 |
Strong | AA- | AA- | Aa3 |
Upper Medium Grade ; | A+ | A+ | A1 |
Strong | A | A | A2 |
A- | A- | A3 | |
Medium Grade ; | BBB+ | BBB+ | Baa1 |
Adequate | BBB | BBB | Baa2 |
BBB- / Stable | BBB- / Stable | Baa3 | |
NON INVESTMENT GRADE | |||
Speculative elements ; | BB+ | BB+ | Ba1 |
Major uncertainties | BB | BB | Ba2 / Stable |
BB- | BB- | Ba3 | |
Not Desirable ; | B+ | B+ | B1 |
Impaired Ability to Meet Obligations | B | B | B2 |
B- | B- | B3 | |
For the period, the rating outlook has been stable for the three rating agencies.
Local risk rating classification:
Table 2
FELLER RATE | FITCH | HUMPHREYS | |
1st Class Level 1 | 1st Class Level 1 | 1st Class Level 1 | |
Shares | 1st Class Level 2 | 1st Class Level 2 | 1st Class Level 2 |
1st Class Level 3 | 1st Class Level 3 | 1st Class Level 3 | |
A+ | A+ | A+ | |
A | A | A | |
Bonds | A- | A- | A- |
BBB+ | BBB+ | BBB+ | |
BBB | BBB | BBB | |
BBB- | BBB- | BBB- | |
As in the international rating classification, Enersis rating outlook has remained stable for the period.
www.enersis.cl | Santa Rosa 76, Santiago, CHILE | Pg. 5 |
Phone: 56 (2) 353 4682 |
PRESS RELEASE | |
First Quarter 2004 - Market Information |
Market Information
Equity Market
The first months of the year have been unstable in terms of price, showing the last weeks an improvement after the market made a better analysis of the Argentinean gas situation.
An important fact is the sustained level of liquidity of Enersis stock on the New York Stock Exchange (NYSE) and the Santiago Stock Exchange (BCS).
It is worth mentioning, that since January 2004, Enersis local stock represents 22.4% of the IPSA Index, being the largest stock in this national index.
www.enersis.cl | Santa Rosa 76, Santiago, CHILE | Pg. 6 |
Phone: 56 (2) 353 4682 |
PRESS RELEASE | |
First Quarter 2004 - Market Information |
www.enersis.cl | Santa Rosa 76, Santiago, CHILE | Pg. 7 |
Phone: 56 (2) 353 4682 |
PRESS RELEASE | |
First Quarter 2004 - Market Information |
Market Perception
The latest research published on Enersis shows the following target prices for the ADR.
Table 3
Publication Date | Company | Main Analyst | Targe Price US$ (*) | Recommendation |
April 26, 2004 | Merrill Lynch | Frank McGann | 8.80 | Buy |
April 13, 2004 | Raymond James | Ricardo Cavanagh | 9.00 | Buy |
February 24, 2004 | Bear Stearns | Rowe Michels | 8.10 | Peer Perform |
February 3, 2004 | Credit Suisse | Emerson Leite | 7.50 | Neutral |
February 2, 2004 | UBS | Gustavo Gattass | 5.94 | Reduce |
January 30, 2004 | ING | Ricardo Fernández | 11.50 | Strong Buy |
January 27, 2004 | BBVA | Mariela Iturriaga | 8.10 | Outperform |
January 23, 2004 | Banchile | Rodrigo Godoy | 7.71 | Buy |
January 6, 2004 | Larraín Vial | Jorge Astaburuaga | 6.90 | Market Weight |
(*) | Each research uses a different exchange rate. |
On average terms, the target price is US$ 8.17 per ADR.
Debt Market
Below you will find a graph showing the risk perception measured over Enersis’ Yankee Bonds prices.
On November 20, 2003, Enersis issued a new 10 year Yankee bond, and on December 1, 2003 the put option over Enersis Yankee 2026 notes was executed.
www.enersis.cl | Santa Rosa 76, Santiago, CHILE | Pg. 8 |
Phone: 56 (2) 353 4682 |
PRESS RELEASE | |
First Quarter 2004 – Other Financial Activities |
Other Financial Activities
Cerj’s Capital Increase
Enersis Brazilian subsidiary, Companhia de Eletricidade do Rio de Janeiro, made a capital increase for R$ 710,000,000 (approximately US$ 240 million) equivalent to 1,339,622,641,509 new shares at a price of R$ 0.53 per 1,000 shares. On February 27, Enersis, acting though its subsidiary Enersis Internacional, subscribed 1,335,849,056,604 that corresponded to Endesa Spain, Chilectra and Electricidade de Portugal and Enersis’s preemptive rights. This subscription was part of the financial strengthening plan designed by the Brazilian distribution subsidiary and it was fully paid with the capitalization of Intercompany Loans.
With this capitalization, Cerj reduced its level of debt in approximately US$ 240 million and Enersis increased its participation (direct & indirect) from a 71.8% as of December 2003 to an 80.4%.
Endesa Chile Syndicated Loan
Endesa Chile and Citibank N.A., Caja Madrid, Caja Madrid Miami Agency, The Bank of Tokyo-Mitsubishi Ltd., Banco Bilbao Vizcaya Argentaria S.A. (BBVA) and the Santander Central Hispano bank, signed a syndicated loan agreement for US$ 250 million for a term of 3.5 years with a bullet repayment and a spread over Libor of 115 bps. This will enable the Company to save financial expenses for approximately US$ 5 million annually.
The proceeds will be fully used to refinance the balance of the syndicated loan drawn by the company in May 2003. At the same time, the company obtained the release of the guarantees given by Empresa Eléctrica Pangue S.A., Empresa Eléctrica Pehuenche S.A. and Compañía Eléctrica Tarapacá S.A. and is free from borrowing and investment restrictions.
This kind of refinancing is part of a new stage in which the Company is seeking to continue optimizing its financing costs and improves its maturity profile.
Enersis’ Syndicated Loan
Enersis prepaid US$ 150 million of its US$ 500 million syndicated loan granted on November 14, 2003. More over, due to the good financial situation of the Company, the remaining US$ 350 million, were refinanced in more favorable conditions than the ones obtained on November last year, reducing the spread from 225 bps to 115 bps. This new facility matures on November 2008, and it considers a grace period of 2 years for capital amortization.
The lower spread as well as the prepayment done by the Company, will imply lower interest expenses. This prepayment was possible due to the successful capital increase performed by the Company, which ended last December, and also due to the internal free cash flow generation.
www.enersis.cl | Santa Rosa 76, Santiago, CHILE | Pg. 9 |
Phone: 56 (2) 353 4682 |
PRESS RELEASE | |
First Quarter 2004 - Consolidated Income Statement |
Consolidated Income Statement
Under Chilean GAAP, thousand US$
Table 6
CONS. INCOME STATEMENT - (thousand US$) | 1Q 04 | 1Q 03 | Var 04-03 | Chg % |
Revenues from Generation | 385,842 | 379,739 | 6,103 | 1.6% |
Revenues from Distribution | 772,497 | 705,019 | 67,478 | 9.6% |
Revenues from Other Businesses | 57,223 | 66,230 | (9,007) | (13.6%) |
Consolidation Adjustments | (118,348) | (133,729) | 15,381 | 11.5% |
Operating Revenues | 1,097,215 | 1,017,260 | 79,955 | 7.9% |
Op. Expenses from Generation | (228,617) | (215,929) | (12,688) | (5.9%) |
Op. Expenses from Distribution | (604,405) | (571,571) | (32,834) | (5.7%) |
Op.Expenses from Other Businesses | (43,862) | (46,271) | 2,409 | 5.2% |
Consolidation Adjustments | 108,115 | 123,982 | (15,868) | (12.8%) |
Operating Expenses | (768,770) | (709,789) | (58,981) | (8.3%) |
Operating Margin | 328,445 | 307,471 | 20,974 | 6.8% |
SG&A from Generation | (13,079) | (12,398) | (681) | (5.5%) |
SG&A from Distribution | (56,539) | (58,696) | 2,158 | 3.7% |
SG&A from Other Businesses | (11,951) | (12,949) | 998 | 7.7% |
Consolidation Adjustments | 10,706 | 11,502 | (797) | (6.9%) |
Selling and Administrative Expenses | (70,863) | (72,541) | 1,678 | 2.3% |
Operating Income | 257,583 | 234,930 | 22,652 | 9.6% |
Interest Income | 30,060 | 29,553 | 506 | 1.7% |
Interest Expense | (153,304) | (172,306) | 19,002 | 11.0% |
Net Financial Income (Expenses) | (123,244) | (142,753) | 19,508 | 13.7% |
Equity Gains from Related Companies | 14,447 | 17,363 | (2,915) | (16.8%) |
Equity Losses from Related Companies | - | (157) | 157 | 100.0% |
Net Income from Related Companies | 14,447 | 17,206 | (2,758) | (16.0%) |
Other Non Operating Income | 45,055 | 37,030 | 8,025 | 21.7% |
Other Non Operating Expenses | (65,844) | (105,129) | 39,285 | 37.4% |
Net other Non Operating Income (Expenses) | (20,789) | (68,099) | 47,310 | 69.5% |
Price Level Restatement | 1,471 | 6,938 | (5,467) | (78.8%) |
Foreign Exchange Effect | 10,280 | (2,095) | 12,375 | - |
Net of Monetary Exposure | 11,751 | 4,843 | 6,908 | 142.7% |
Positive Goodwill Amortization | (21,536) | (22,023) | 487 | 2.2% |
Non Operating Income | (139,371) | (210,826) | 71,455 | 33.9% |
Net Inc b. Taxes, Min Int and Neg Goodwill Amort. | 118,211 | 24,104 | 94,107 | - |
Extraordinary Items | - | - | - | - |
Income Tax | (85,456) | (64,538) | (20,918) | (32.4%) |
Minority Interest | (24,662) | (10,077) | (14,585) | (144.7%) |
Negative Goodwill Amortization | 7,511 | 7,938 | (427) | (5.4%) |
NET INCOME | 15,604 | (42,573) | 58,177 | 136.7% |
R.A.I.I.D.A.I.E. | 478,839 | 483,892 | (5,053) | (1.0%) |
www.enersis.cl | Santa Rosa 76, Santiago, CHILE | Pg. 10 |
Phone: 56 (2) 353 4682 |
PRESS RELEASE | |
First Quarter 2004 – Consolidated Income Statement |
Under Chilean GAAP, million Ch$
Table 6.1
CONS. INCOME STATEMENT - (million Ch$) | 1Q 04 | 1Q 03 | Var 04-03 | Chg % |
Revenues from Generation | 237,837 | 234,075 | 3,762 | 1.6% |
Revenues from Distribution | 476,175 | 434,581 | 41,594 | 9.6% |
Revenues from Other Businesses | 35,273 | 40,825 | (5,552) | (13.6%) |
Consolidation Adjustments | (72,951) | (82,432) | 9,481 | 11.5% |
Operating Revenues | 676,334 | 627,049 | 49,285 | 7.9% |
Op. Expenses from Generation | (140,922) | (133,101) | (7,821) | (5.9%) |
Op. Expenses from Distribution | (372,561) | (352,322) | (20,239) | (5.7%) |
Op.Expenses from Other Businesses | (27,037) | (28,522) | 1,485 | 5.2% |
Consolidation Adjustments | 66,643 | 76,424 | (9,781) | (12.8%) |
Operating Expenses | (473,877) | (437,521) | (36,356) | (8.3%) |
Operating Margin | 202,457 | 189,528 | 12,929 | 6.8% |
SG&A from Generation | (8,062) | (7,642) | (420) | (5.5%) |
SG&A from Distribution | (34,851) | (36,181) | 1,330 | 3.7% |
SG&A from Other Businesses | (7,367) | (7,982) | 615 | 7.7% |
Consolidation Adjustments | 6,599 | 7,090 | (491) | (6.9%) |
Selling and Administrative Expenses | (43,680) | (44,715) | 1,035 | 2.3% |
Operating Income | 158,776 | 144,813 | 13,963 | 9.6% |
Interest Income | 18,529 | 18,217 | 312 | 1.7% |
Interest Expense | (94,498) | (106,211) | 11,713 | 11.0% |
Net Financial Income (Expenses) | (75,969) | (87,994) | 12,025 | 13.7% |
Equity Gains from Related Companies | 8,905 | 10,702 | (1,797) | (16.8%) |
Equity Losses from Related Companies | - | (97) | 97 | 100.0% |
Net Income from Related Companies | 8,905 | 10,606 | (1,700) | (16.0%) |
Other Non Operating Income | 27,772 | 22,826 | 4,946 | 21.7% |
Other Non Operating Expenses | (40,587) | (64,803) | 24,216 | 37.4% |
Net other Non Operating Income (Expense) | (12,815) | (41,977) | 29,162 | 69.5% |
Price Level Restatement | 907 | 4,277 | (3,370) | (78.8%) |
Foreign Exchange Effect | 6,337 | (1,292) | 7,628 | - |
Net of Monetary Exposure | 7,243 | 2,985 | 4,258 | 142.7% |
Positive Goodwill Amortization | (13,275) | (13,575) | 300 | 2.2% |
Non Operating Income | (85,910) | (129,955) | 44,045 | 33.9% |
Net Inc b. Taxes, Min Int and Neg Goodwill Amort. | 72,867 | 14,858 | 58,008 | - |
Extraordinary Items | - | - | - | - |
Income Tax | (52,676) | (39,782) | (12,894) | (32.4%) |
Minority Interest | (15,202) | (6,212) | (8,990) | (144.7%) |
Negative Goodwill Amortization | 4,630 | 4,893 | (263) | (5.4%) |
NET INCOME | 9,618 | (26,243) | 35,861 | 136.7% |
R.A.I.I.D.A.I.E. | 295,161 | 298,276 | (3,115) | (1.0%) |
www.enersis.cl | Santa Rosa 76, Santiago, CHILE | Pg. 11 |
Phone: 56 (2) 353 4682 |
PRESS RELEASE | |
First Quarter 2004 – Consolidated Income Statement Analysis |
Consolidated Income Statement Analysis
(As seen in the FECU)
Net Income
As of March 31, 2004, the Company registered a Net Income of US$ 15.6 million which, compared to the loss of US$ 42.6 million as of the same date last year, reflects an increase of US$ 58.1 million.
Operating Income
Activities of Enersis are developed through subsidiaries in 5 different countries where the Company operates. Core business of Enersis are Generation and Distribution of electricity.
Table 7
1Q 04 | 1Q 03 | |||||||
Thousand US$ | Operating Revenues | Operating Expenses | SG&A | Operating Income | Operating Revenues | Operating Expenses | SG&A | Operating Income |
Endesa S.A. | 394,753 | (235,690) | (13,496) | 145,567 | 398,935 | (228,174) | (13,231) | 157,530 |
Chilectra S.A. | 166,453 | (119,107) | (13,663) | 33,683 | 158,712 | (113,493) | (11,621) | 33,599 |
Río Maipo S.A. | - | - | - | - | 23,463 | (17,549) | (1,437) | 4,476 |
Edesur S.A. | 90,908 | (78,917) | (11,358) | 633 | 83,473 | (77,432) | (12,705) | (6,663) |
Distrilima (Edelnor) | 75,870 | (56,472) | (6,633) | 12,765 | 89,413 | (66,360) | (8,105) | 14,948 |
Cerj | 168,263 | (138,659) | (7,239) | 22,365 | 141,811 | (122,544) | (3,553) | 15,714 |
Investluz (Coelce) | 115,606 | (96,629) | (13,817) | 5,160 | 81,738 | (62,904) | (16,170) | 2,665 |
Luz de Bogotá (Codensa S.A.) | 155,397 | (114,621) | (3,828) | 36,948 | 126,409 | (111,289) | (5,101) | 10,019 |
CAM Ltda. | 28,538 | (23,891) | (2,552) | 2,096 | 29,267 | (23,558) | (2,741) | 2,968 |
Inmobiliaria Manso de Velasco Ltda. | 1,795 | (574) | (833) | 388 | 814 | (326) | (654) | (166) |
Synapsis Soluciones y Servicios IT Ltda. | 16,225 | (11,874) | (2,494) | 1,858 | 15,190 | (9,684) | (3,079) | 2,427 |
Enersis Holding and other investment vehicles | 1,754 | (451) | (5,656) | (4,353) | 1,763 | (459) | (5,647) | (4,343) |
Consolidation Adjustments | (118,348) | 108,115 | 10,706 | 472 | (133,728) | 123,982 | 11,502 | 1,756 |
Total Consolidation | 1,097,215 | (768,770) | (70,863) | 257,583 | 1,017,260 | (709,789) | (72,541) | 234,930 |
Table 7.1
1Q 04 | 1Q 03 | |||||||
Million Ch$ | Operating Revenues | Operating Expenses | SG&A | Operating Income | Operating Revenues | Operating Expenses | SG&A | Operating Income |
Endesa S.A. | 243,330 | (145,282) | (8,319) | 89,729 | 245,908 | (140,649) | (8,156) | 97,103 |
Chilectra S.A. | 102,603 | (73,419) | (8,422) | 20,762 | 97,832 | (69,958) | (7,163) | 20,711 |
Río Maipo S.A. | - | - | - | - | 14,463 | (10,818) | (886) | 2,759 |
Edesur S.A. | 56,037 | (48,645) | (7,001) | 390 | 51,454 | (47,730) | (7,831) | (4,107) |
Distrilima (Edelnor) | 46,767 | (34,810) | (4,089) | 7,869 | 55,115 | (40,905) | (4,996) | 9,214 |
Cerj | 103,719 | (85,471) | (4,462) | 13,786 | 87,414 | (75,538) | (2,190) | 9,686 |
Investluz (Coelce) | 71,260 | (59,563) | (8,517) | 3,181 | 50,384 | (38,774) | (9,967) | 1,643 |
Luz de Bogotá (Codensa S.A.) | 95,788 | (70,653) | (2,360) | 22,775 | 77,920 | (68,600) | (3,144) | 6,176 |
CAM Ltda. | 17,591 | (14,726) | (1,573) | 1,292 | 18,040 | (14,521) | (1,689) | 1,830 |
Inmobiliaria Manso de Velasco Ltda. | 1,107 | (354) | (513) | 239 | 502 | (201) | (403) | (102) |
Synapsis Soluciones y Servicios IT Ltda. | 10,001 | (7,319) | (1,537) | 1,145 | 9,364 | (5,969) | (1,898) | 1,496 |
Enersis Holding and other investment vehicles | 1,081 | (278) | (3,487) | (2,683) | 1,086 | (283) | (3,481) | (2,677) |
Consolidation Adjustments | (72,951) | 66,643 | 6,599 | 291 | (82,431) | 76,424 | 7,090 | 1,082 |
Total Consolidation | 676,334 | (473,877) | (43,680) | 158,776 | 627,049 | (437,521) | (44,715) | 144,813 |
www.enersis.cl | Santa Rosa 76, Santiago, CHILE | Pg. 12 |
Phone: 56 (2) 353 4682 |
PRESS RELEASE | |
First Quarter 2004 – Consolidated Income Statement Analysis |
The Operating Income for the period ended March 31, 2004, amounting to US$ 257.6 million, which represents an increase of US$ 22.7 million, or 9.6%, compared to March 2003.
This increase is principally due to the better operating results of the subsidiaries Edesur, Codensa, Cerj, Coelce, Inm Manso de Velasco and Chilectra.
Additionally, an important effect was the deconsolidation of Río Maipo and Infraestructura 2000 on April last year. If we compare both periods without Río Maipo and Infraestructura 2000, the Operating Income would have increased by 14.0%.
Additionally, the appreciation of the Chilean Peso in the period from March 31, 2003 to March 31, 2004 was by 15.7%. If the forex effect is eliminated, then the Operating Income would have increased by 18.2%.
Adding the two previous effects the operating income would have increased by 24.5%.
Non Operating Income
Non-Operating Income registered a loss of US$ 139.4 million, which represents a decrease of US$ 71.5 million respect to a loss of US$ 210.8 million booked as of March 2003.
This is mainly explained by the following.
Net Financial Expensesdecreased by 13.7% or US$ 20.0 million, going down from US$ 142.8 million as of March 2003, to US$ 123.2 million. This decrease is the result of an important reduction in debt and lower interest rate on the international markets.
Investments in Related Companiesdecreased US$ 2.8 million, going down from a net profit of US$ 17.2 million as of March 2003 to a net profit of US$ 14.4 million as of March 2004, primarily due to lower profits of related companies, namely CIEN by US$ 8.1 million, partially compensated by higher profits on Gas Atacama amounting to US$ 2.3 million and CGTF amounting US$ 4.0 million.
www.enersis.cl | Santa Rosa 76, Santiago, CHILE | Pg. 13 |
Phone: 56 (2) 353 4682 |
PRESS RELEASE | |
First Quarter 2004 – Consolidated Income Statement Analysis |
Positive Goodwill Amortizationremained basically flat with a decrease of US$ 0.5 million. This lower amortization is a consequence of the Chilean Peso appreciation affecting foreign subsidiaries accounted in dollars.
Net Other Non-Operating Incomeregistered a loss of US$ 20.8 million, going up from a loss of US$ 68.1 million registered as of March 2003. The main reasons that explain this variation are detailed as follows:
- Indemnification of US$ 12.7 million received by Edesur due to the Azopardo substation fire.
- Lower losses of US$ 10.6 million due to the application of the Technical Bulletin N° 64.
- Lower provisions of US$ 16.3 million for legal contingency and litigation.
- Lower expenses of US$ 5.6 million on related companies.
- Lower expenses of US$ 7.1 million on updating pensions and UFIR Brazil taxes.
- Higher net income of US$ 1.4 million from power balances on the CDEC-SING.
The above were partially compensated by:
- Higher expenses of US$ 7.7 million due to equity taxes on Colombia.
- Lower dividends of US$ 0.7 million received from related companies.
Price-level Restatement and Exchange Differencesshow a net positive variation of US$ 6.9 million improving from a profit of US$ 4.8 million as of March 31, 2003, to a higher profit of US$ 11.8 million during this period. This was principally due to the effects of the nominal depreciation of the Chilean Peso against the US Dollar by 3.81% as of March 31, 2004 compared to the nominal depreciation by 1.8% as of March 2003. These effects were compensated to a large extent by the exchange hedging policy that the Company keeps in place.
Income and Deferred Taxesregistered an increase amounting to US$ 85.5 million from US$ 64.5 million as of March 2003. This is mainly explained by a US$ 3.7 million higher income tax coming from Codensa, and a higher effect from deferred taxes of US$ 17.2 million, related mainly to the subsidiaries on Argentina.
Negative Goodwill Amortizationdecreased by US$ 0.4 million due to lower amortizations, resulting from the Chilean Peso exchange rate variations.
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Phone: 56 (2) 353 4682 |
PRESS RELEASE | |
First Quarter 2004 – Consolidated Income Statement Analysis |
Evolution Of Key Financial Ratios
Table 8
Indicator | Unit | 1Q 04 | 1Q 03 | Var 04-03 | Chg % |
Liquidity | Times | 1.28 | 0.59 | 0.69 | 116.9% |
Acid ratio test * | Times | 1.19 | 0.59 | 0.60 | 101.7% |
Working capital | million Ch$ | 306,928 | (1,027,563) | 1,334,491 | 129.9% |
Working capital | thousands US$ | 497,928 | (1,667,012) | 2,164,941 | 129.9% |
Leverage ** | Times | 0.85 | 1.56 | (0.71) | 45.5% |
Short-term debt | % | 0.22 | 0.32 | (0.10) | (31.3%) |
Long-term debt | % | 0.78 | 0.68 | 0.10 | 14.7% |
Interest Coverage*** | Times | 3.12 | 2.82 | 0.30 | 10.6% |
EBITDA**** | th. US$ | 422,580 | 432,291 | (9,712) | (2.2%) |
ROE | % | 0.37% | (2.65%) | 0.03 | 114.0% |
ROA | % | 0.09% | (0.20%) | 0.00 | 145.0% |
* | Current assets net of inventories and pre-paid expenses |
** | Using the ratio = Total debt / (equity + minority interest) |
*** | EBITDAEI/Interest expenses = (Earnings before taxes+Fin exp+Net non operating income+depreciation+Positive Goodwill)/Interest expenses |
**** | EBITDA: Operating Income+Depreciation+Amortization |
Liquidity Ratioas of March 2004 was 1.28 reflecting an improvement by 116.9% respect to the same date of the previous year. This improvement is due to cash flows collected from the capital increase of US$ 920 million, the sale of Río Maipo for US$ 170 million, the sale of Canutillar for US$ 174 million and the sale of transmission lines for US$ 110 million. These allowed to pay obligations with banks that were in the short term and the extension of maturities to the long term on last years refinancing.
Leverage Ratioas of March 31, 2004 was 0.85 times. When compared to the previous year, there is a decrease of 46%. This reduction is mainly due to the capitalization of the debt from Elesur as well as to the contribution made by minority shareholders, as part of the capital increase, and to the effect of the exchange rate, given that a large position of the debt is US Dollar denominated.
On the other hand, theReturn on Equityreached at 0.37%. As of the same date of the previous year, this was a negative 2.65%. This increase is due to the increase in the profits for the year in contrast to the loss registered in the previous year.
Return on Assetsincreased from a negative 0.2% in March 2003 to 0.09% in March 2004. This is basically the result from the increase in profits for the period and the decrease in total assets.
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Phone: 56 (2) 353 4682 |
PRESS RELEASE | |
First Quarter 2004 – Consolidated Balance Sheet |
Consolidated Balance Sheet
Assets Under Chilean GAAP, Thousand US$
Table 9
ASSETS - (thousand US$) | 1Q 04 | 1Q 03 | Var 04-03 | Chg% |
CURRENT ASSETS | ||||
Cash | 65,701 | 65,495 | 207 | 0.3% |
Time deposits | 595,588 | 398,262 | 197,326 | 49.5% |
Marketable securities | 32,101 | 3,245 | 28,856 | - |
Accounts receivable | 832,530 | 779,279 | 53,251 | 6.8% |
Notes receivable | 6,458 | 7,394 | (936) | (12.7%) |
Other accounts receivable | 162,250 | 102,744 | 59,506 | 57.9% |
Amounts due from related companies | 224,160 | 310,100 | (85,941) | (27.7%) |
Inventories | 112,331 | 102,012 | 10,319 | 10.1% |
Income taxes to be recovered | 82,575 | 88,107 | (5,532) | (6.3%) |
Prepaid expenses | 49,613 | 37,058 | 12,554 | 33.9% |
Deferred income taxes | 88,308 | 112,603 | (24,295) | (21.6%) |
Other current assets | 45,308 | 420,472 | (375,164) | (89.2%) |
Net of long-term leasing contracts | - | - | - | - |
Net of assets for leasing | - | - | - | - |
Total currrent assets | 2,296,924 | 2,426,771 | (129,847) | (5.4%) |
PROPERTY, PLANT AND EQUIPMENT | ||||
Property | 192,257 | 212,745 | (20,488) | (9.6%) |
Buildings and infraestructure | 16,763,542 | 18,938,191 | (2,174,649) | (11.5%) |
Plant and equipment | 2,974,452 | 3,299,650 | (325,197) | (9.9%) |
Other assets | 542,085 | 791,398 | (249,313) | (31.5%) |
Technical re-appraisal | 1,041,210 | 1,230,436 | (189,227) | (15.4%) |
Sub - Total | 21,513,546 | 24,472,419 | (2,958,873) | (12.1%) |
Accumulated depreciation | (8,139,346) | (8,531,428) | 392,082 | 4.6% |
Total property, plant and equipment | 13,374,200 | 15,940,991 | (2,566,791) | (16.1%) |
OTHER ASSETS | ||||
Investments in related companies | 311,701 | 339,432 | (27,731) | (8.2%) |
Investments in other companies | 224,605 | 268,378 | (43,773) | (16.3%) |
Positive goodwill | 1,243,650 | 1,358,032 | (114,382) | (8.4%) |
Negative goodwill | (145,523) | (208,176) | 62,652 | 30.1% |
Long-term receivables | 202,259 | 221,226 | (18,966) | (8.6%) |
Amounts due from related companies | 1,273 | 1,683 | (410) | - |
Deferred income taxes | - | - | - | - |
Intangibles | 135,213 | 146,605 | (11,392) | (7.8%) |
Accumulated amortization | (67,931) | (67,753) | (178) | (0.3%) |
Others | 310,149 | 393,608 | (83,459) | (21.2%) |
Net of long-term leasing contracts | - | - | - | - |
Total other assets | 2,215,396 | 2,453,035 | (237,639) | (9.7%) |
TOTAL ASSETS | 17,886,520 | 20,820,797 | (2,934,277) | (14.1%) |
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Phone: 56 (2) 353 4682 |
PRESS RELEASE | |
First Quarter 2004 – Consolidated Balance Sheet |
Assets Under Chilean GAAP, million Ch$
Table 9.1
ASSETS - (million Ch$) | 1Q 04 | 1Q 03 | Var 04-03 | Chg% |
CURRENT ASSETS | ||||
Cash | 40,499 | 40,372 | 127 | 0.3% |
Time deposits | 367,127 | 245,493 | 121,634 | 49.5% |
Marketable securities | 19,787 | 2,000 | 17,787 | - |
Accounts receivable | 513,180 | 480,355 | 32,824 | 6.8% |
Notes receivable | 3,981 | 4,558 | (577) | (12.7%) |
Other accounts receivable | 100,013 | 63,333 | 36,680 | 57.9% |
Amounts due from related companies | 138,174 | 191,149 | (52,975) | (27.7%) |
Inventories | 69,242 | 62,881 | 6,361 | 10.1% |
Income taxes to be recovered | 50,900 | 54,310 | (3,410) | (6.3%) |
Prepaid expenses | 30,582 | 22,843 | 7,739 | 33.9% |
Deferred income taxes | 54,434 | 69,410 | (14,975) | (21.6%) |
Other current assets | 27,928 | 259,183 | (231,255) | (89.2%) |
Net of long-term leasing contracts | - | - | - | - |
Net of assets for leasing | - | - | - | - |
Total currrent assets | 1,415,847 | 1,495,886 | (80,039) | (5.4%) |
PROPERTY, PLANT AND EQUIPMENT | ||||
Property | 118,509 | 131,138 | (12,629) | (9.6%) |
Buildings and infraestructure | 10,333,215 | 11,673,690 | (1,340,475) | (11.5%) |
Plant and equipment | 1,833,482 | 2,033,937 | (200,455) | (9.9%) |
Other assets | 334,146 | 487,825 | (153,679) | (31.5%) |
Technical re-appraisal | 641,812 | 758,453 | (116,641) | (15.4%) |
Sub - Total | 13,261,165 | 15,085,044 | (1,823,879) | (12.1%) |
Accumulated depreciation | (5,017,174) | (5,258,858) | 241,683 | 4.6% |
Total property, plant and equipment | 8,243,991 | 9,826,186 | (1,582,196) | (16.1%) |
OTHER ASSETS | ||||
Investments in related companies | 192,136 | 209,229 | (17,094) | (8.2%) |
Investments in other companies | 138,449 | 165,431 | (26,982) | (16.3%) |
Positive goodwill | 766,598 | 837,104 | (70,506) | (8.4%) |
Negative goodwill | (89,702) | (128,321) | 38,619 | 30.1% |
Long-term receivables | 124,675 | 136,366 | (11,691) | (8.6%) |
Amounts due from related companies | 785 | 1,037 | (253) | - |
Deferred income taxes | - | - | - | - |
Intangibles | 83,347 | 90,369 | (7,022) | (7.8%) |
Accumulated amortization | (41,873) | (41,764) | (110) | (0.3%) |
Others | 191,179 | 242,624 | (51,445) | (21.2%) |
Net of long-term leasing contracts | - | - | - | - |
Total other assets | 1,365,592 | 1,512,075 | (146,483) | (9.7%) |
TOTAL ASSETS | 11,025,430 | 12,834,148 | (1,808,718) | (14.1%) |
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PRESS RELEASE | |
First Quarter 2004 – Consolidated Balance Sheet |
Liabilities and Shareholders Equity Under Chilean GAAP, Thousand US$
Table 10
LIABILITIES - (thousand US$) | 1Q 04 | 1Q 03 | Var 04-03 | Chg% |
CURRENT LIABILITIES | ||||
Due to banks and financial institutions (short-term) | 441,093 | 712,764 | (271,670) | 38.1% |
Due to banks and fin. institutions (portion of long term) | 238,967 | 1,444,944 | (1,205,977) | 83.5% |
Commercial paper equivalent | - | 21,808 | (21,808) | 100.0% |
Bonds payable (short-term) | 94,343 | 843,108 | (748,764) | 88.8% |
Long-term liabilities maturing before one year | 43,722 | 55,836 | (12,114) | 21.7% |
Dividends payable | 68,853 | 60,939 | 7,914 | (13.0%) |
Accounts payable | 365,505 | 366,534 | (1,030) | 0.3% |
Notes payable | 40,720 | 42,599 | (1,879) | - |
Miscellaneous payables | 75,816 | 129,261 | (53,445) | 41.3% |
Accounts payable to related companies | 47,763 | 22,210 | 25,553 | (115.1%) |
Provisions | 65,637 | 123,560 | (57,922) | 46.9% |
Withholdings | 114,531 | 93,030 | 21,501 | (23.1%) |
Income tax | 99,059 | 63,713 | 35,346 | (55.5%) |
Anticipated income | 17,009 | 19,957 | (2,948) | 14.8% |
Deferred taxes | - | - | - | - |
Reinbursable financial contribution | 3,328 | 5,062 | (1,734) | 34.3% |
Other current liabilities | 82,647 | 88,460 | (5,812) | 6.6% |
Total current liabilities | 1,798,995 | 4,093,783 | (2,294,788) | 56.1% |
LONG-TERM LIABILITIES | ||||
Due to banks and financial institutions | 1,368,174 | 2,405,954 | (1,037,781) | 43.1% |
Bonds payable | 4,077,714 | 3,462,034 | 615,680 | (17.8%) |
Notes payable | 236,040 | 349,731 | (113,691) | 32.5% |
Miscellaneous payables | 44,049 | 37,398 | 6,651 | (17.8%) |
Amounts payable to related companies | 142 | 1,599,851 | (1,599,709) | 100.0% |
Provisions | 528,783 | 424,058 | 104,725 | (24.7%) |
Deferred taxes | 54,181 | 129,389 | (75,209) | 58.1% |
Reinbursable financial contribution | 13,180 | 22,447 | (9,267) | 41.3% |
Other long-term liabilities | 86,406 | 151,400 | (64,994) | 42.9% |
Total long-term liabilities | 6,408,668 | 8,582,263 | (2,173,595) | 25.3% |
Minority interest | 5,508,530 | 6,539,270 | (1,030,740) | (15.8%) |
SHAREHOLDERS’ EQUITY | ||||
Paid-in capital, no par value | 3,614,009 | 1,218,683 | 2,395,326 | 196.6% |
Reserve to equity revaluation | (18,070) | 6,093 | (24,163) | - |
Additional paid-in capital-share premium | 256,263 | 54,407 | 201,856 | - |
Other reserves | 831 | 81,664 | (80,834) | (99.0%) |
Total capital and reserves | 3,853,033 | 1,360,847 | 2,492,185 | 183.1% |
Future dividends reserve | - | - | - | - |
Retained earnings | 304,249 | 291,940 | 12,309 | 4.2% |
Retained losses | - | - | - | - |
Net income | 15,604 | (42,573) | 58,177 | 136.7% |
Interim dividends | - | - | - | - |
Development subsidaries deficits | (2,559) | (4,734) | 2,174 | 45.9% |
Total retained earnings | 317,294 | 244,633 | 72,660 | 29.7% |
Total shareholder’s equity | 4,170,326 | 1,605,481 | 2,564,845 | 159.8% |
TOTAL LIABILITIES AND SHAREHOLDER’S EQUITY | 17,886,520 | 20,820,797 | (2,934,277) | (14.1%) |
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PRESS RELEASE | |
First Quarter 2004 – Consolidated Balance Sheet |
Liabilities and Shareholders Equity Under Chilean GAAP, million Ch$
Table 10.1
LIABILITIES - (million Ch$) | 1Q 04 | 1Q 03 | Var 04-03 | Chg% |
CURRENT LIABILITIES | ||||
Due to banks and financial institutions (short-term) | 271,894 | 439,355 | (167,460) | 38.1% |
Due to banks and fin. institutions (portion of long term) | 147,302 | 890,678 | (743,376) | 83.5% |
Commercial paper equivalent | - | 13,442 | (13,442) | 100.0% |
Bonds payable (short-term) | 58,154 | 519,700 | (461,546) | 88.8% |
Long-term liabilities maturing before one year | 26,951 | 34,418 | (7,467) | 21.7% |
Dividends payable | 42,442 | 37,563 | 4,878 | (13.0%) |
Accounts payable | 225,301 | 225,935 | (635) | 0.3% |
Notes payable | 25,100 | 26,258 | (1,158) | - |
Miscellaneous payables | 46,734 | 79,678 | (32,944) | 41.3% |
Accounts payable to related companies | 29,442 | 13,691 | 15,751 | (115.1%) |
Provisions | 40,459 | 76,163 | (35,704) | 46.9% |
Withholdings | 70,598 | 57,344 | 13,254 | (23.1%) |
Income tax | 61,061 | 39,273 | 21,788 | (55.5%) |
Anticipated income | 10,484 | 12,302 | (1,817) | 14.8% |
Deferred taxes | - | - | - | - |
Reinbursable financial contribution | 2,051 | 3,120 | (1,069) | 34.3% |
Other current liabilities | 50,945 | 54,527 | (3,583) | 6.6% |
Total current liabilities | 1,108,919 | 2,523,449 | (1,414,530) | 56.1% |
LONG-TERM LIABILITIES | ||||
Due to banks and financial institutions | 843,356 | 1,483,054 | (639,698) | 43.1% |
Bonds payable | 2,513,543 | 2,134,032 | 379,511 | (17.8%) |
Notes payable | 145,497 | 215,578 | (70,080) | 32.5% |
Miscellaneous payables | 27,152 | 23,052 | 4,100 | (17.8%) |
Amounts payable to related companies | 88 | 986,164 | (986,077) | 100.0% |
Provisions | 325,947 | 261,393 | 64,554 | (24.7%) |
Deferred taxes | 33,397 | 79,757 | (46,359) | 58.1% |
Reinbursable financial contribution | 8,124 | 13,837 | (5,713) | 41.3% |
Other long-term liabilities | 53,262 | 93,325 | (40,063) | 42.9% |
Total long-term liabilities | 3,950,367 | 5,290,193 | (1,339,826) | 25.3% |
Minority interest | 3,395,513 | 4,030,871 | (635,358) | (15.8%) |
SHAREHOLDERS’ EQUITY | ||||
Paid-in capital, no par value | 2,227,711 | 751,208 | 1,476,503 | 196.6% |
Reserve to equity revaluation | (11,139) | 3,756 | (14,895) | - |
Additional paid-in capital-share premium | 157,963 | 33,537 | 124,426 | - |
Other reserves | 512 | 50,339 | (49,827) | (99.0%) |
Total capital and reserves | 2,375,048 | 838,840 | 1,536,208 | 183.1% |
Future dividends reserve | - | - | - | - |
Retained earnings | 187,542 | 179,955 | 7,587 | 4.2% |
Retained losses | - | - | - | - |
Net income | 9,618 | (26,243) | 35,861 | 136.7% |
Interim dividends | - | - | - | - |
Development subsidaries deficits | (1,578) | (2,918) | 1,340 | 45.9% |
Total retained earnings | 195,583 | 150,794 | 44,788 | 29.7% |
Total shareholder’s equity | 2,570,631 | 989,634 | 1,580,996 | 159.8% |
TOTAL LIABILITIES AND SHAREHOLDER’S EQUITY | 11,025,430 | 12,834,148 | (1,808,718) | (14.1%) |
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PRESS RELEASE | |
First Quarter 2004 – Consolidated Balance Sheet Analysis |
Consolidated Balance Sheet Analysis
Total Assetsshow a decrease amounting to US$ 2,934.3 million, or 14.1% mainly due to:
Fixed Assetsdecreased US$ 2,566.8 million, this is principally due to the sale of Central Canutillar for US$ 203.6 million, transmission lines for US$ 35.0 million, deconsolidation of Río Maipo for US$ 65.9 million and Infraestructura 2000 for US$ 273.9 million. Also, due to the effect of exchange rate on foreign fixed assets as a result of applying the methodology of carrying the non-monetary assets in the subsidiaries established in unstable countries, in historic US Dollars as required by Technical Bulletin N° 64.
Current Assetsdecreased by US$ 129.8 million due principally to the decrease of US$ 375.2 million in other current assets, explained basically due to:
- Deconsolidation of Canutillar and the sale of the transmission lines on April last year, lower forward contracts for US$ 81.4 million, and lower time deposits and reserve funds from Infraestructura 2000 for US$ 51.9 million.
- Lower short term accounts receivable from related companies by US$ 85.9 million.
- Increase of time deposits for US$ 197.3 million due to cash generation in Emgesa and Codensa.
- Increase of debtors due to sales of US$ 53.3 million coming from Codensa and Cachoeira Dourada, partially compensated by lower debtors in Investluz by US$ 30.1 million and the deconsolidation of Rio Maipo by US$ 15.3 million.
Other Long Term Assetsregistered a reduction of US$ 237.6 million, explained by
- Reduction in the negative and positive goodwill of net investments of US$ 114.4 million, as result of the amortization of a complete year for US$ 86.0 million and the elimination of goodwill of Rio Maipo of US$ 16.4 million.
- Reduction of other long term assets by US$ 83.5 million due to lower effects of fair value of derivatives of US$ 56 million and lower retirement benefits of US$ 22.7 million.
- Reduction of investments in other companies by US$ 43.8 million due to the Chilean Peso exchange effect on the Empresa Electrica de Bogotá of US$ 40.8 million.
Total Liabilitiesshow a decrease of US$ 4,468.4 million, or 35.3%. This is mainly due to:
Current liabilitiesdecreased by US$ 2,294.8 million or 56.1%, principally explained by US$ 1,206.0 million of lower obligations with banks as a result of the prepayments and refinancing performed last year, reduction of short term bank obligations of US$ 271.7 million due to debt payments and reductions of obligations with the public (bonds) of US$ 748.8 million.
Long Term Liabilitiesfell by US$ 2,173.6 million, or 25.3%, mainly as result of the reduction of US$ 1,599.7 million in payable accounts to related companies following the capitalization of the debt with Elesur, a reduction of US$ 1,037.8 million in obligations with banks and of US$ 113.7 million in accounts payable,
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PRESS RELEASE | |
First Quarter 2004 – Consolidated Balance Sheet Analysis |
partially compensated by an increase of US$ 615.7 million in the obligations with the public and an increase of US$ 104.7 million in provisions.
Minority Interestsfell by US$ 1,030.7 million as result of the increase on the ownership in Cerj and Costanera, the deconsolidation of Infraestructura 2000 and the reduction of the net worth of the foreign subsidiaries due to the technical bulletin N°64.
With regard toEquity,it increased by US$ 2,564.8 million respect to March 2003. This variation is principally explained by the subscription of shares of US$ 2,395.3 million during the capital increase 2003 and the overprice of US$ 201.9 million for the capitalization of the debt of Elesur and the local bonds B1 and B2.
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PRESS RELEASE | |
First Quarter 2004 – Consolidated Balance Sheet Analysis |
Financial Debt Maturity with Third Parties, thousand US$
Table 11
FINANCIAL DEBT MATURITY | TOTAL | |||||||
Thousand US$ | 2004 | 2005 | 2006 | 2007 | 2008 | 2009 | Balance | |
Chile | 166,916 | 118,318 | 827,195 | 492,450 | 613,928 | 642,491 | 1,771,486 | 4,632,784 |
Enersis | 215 | 227 | 467,941 | 169,078 | 171,400 | 2,553 | 645,503 | 1,456,918 |
Chilectra | 45,691 | - | - | - | - | - | - | 45,691 |
Other (*) | 83,728 | 83,247 | 177,673 | 49,303 | 17,331 | 1,726 | 726 | 413,733 |
Endesa | 37,282 | 34,844 | 181,581 | 274,069 | 425,197 | 638,212 | 1,125,257 | 2,716,441 |
Argentina | 164,120 | 101,664 | 47,597 | 38,769 | 21,020 | 21,020 | 40,467 | 434,657 |
Edesur | 69,251 | 70,753 | 14,885 | 6,500 | - | - | - | 161,389 |
Costanera | 94,869 | 30,910 | 32,712 | 32,269 | 21,020 | 21,020 | 40,467 | 273,268 |
Perú | 69,535 | 70,890 | 125,358 | 76,923 | 17,338 | 15,779 | 8,800 | 384,623 |
Edelnor | 42,265 | - | 52,008 | 16,923 | 8,668 | 5,779 | - | 125,643 |
Edegel | 27,270 | 70,890 | 73,350 | 60,000 | 8,670 | 10,000 | 8,800 | 258,980 |
Brasil | 194,560 | 60,113 | 45,119 | 37,506 | 34,682 | 27,469 | 93,417 | 492,865 |
Coelce | 82,658 | 29,183 | 17,073 | 19,267 | 20,074 | 15,131 | 70,392 | 253,778 |
Cerj | 110,420 | 28,421 | 24,753 | 13,916 | 12,726 | 12,338 | 23,025 | 225,598 |
Cachoeira | 1,482 | 2,509 | 3,293 | 4,322 | 1,883 | - | - | 13,490 |
Colombia | 42,777 | 2,211 | 63,290 | 65,343 | - | 135,440 | 168,026 | 477,086 |
Codensa | - | - | - | - | - | 18,670 | 168,026 | 186,695 |
Emgesa | 42,777 | 2,211 | 63,290 | - | - | 116,770 | - | 225,048 |
Betania | - | - | - | 65,343 | - | - | - | 65,343 |
TOTAL | 637,907 | 353,195 | 1,108,559 | 710,991 | 686,969 | 842,198 | 2,082,196 | 6,422,015 |
Financial Debt Maturity with Third Parties, million Ch$
Table 11.1
FINANCIAL DEBT MATURITY | TOTAL | |||||||
Million Ch$ | 2004 | 2005 | 2006 | 2007 | 2008 | 2009 | Balance | |
Chile | 102,889 | 72,932 | 509,891 | 303,551 | 378,431 | 396,038 | 1,091,962 | 2,855,694 |
Enersis | 133 | 140 | 288,444 | 104,221 | 105,653 | 1,574 | 397,895 | 898,059 |
Chilectra | 28,165 | - | - | - | - | - | - | 28,165 |
Otras | 51,611 | 51,314 | 109,519 | 30,391 | 10,683 | 1,064 | 448 | 255,029 |
Endesa | 22,981 | 21,478 | 111,928 | 168,939 | 262,096 | 393,400 | 693,619 | 1,674,442 |
Argentina | 101,165 | 62,666 | 29,339 | 23,898 | 12,957 | 12,957 | 24,945 | 267,927 |
Edesur | 42,687 | 43,613 | 9,175 | 4,007 | - | - | - | 99,482 |
Costanera | 58,478 | 19,053 | 20,164 | 19,891 | 12,957 | 12,957 | 24,945 | 168,445 |
Perú | 42,862 | 43,697 | 77,272 | 47,416 | 10,687 | 9,726 | 5,424 | 237,085 |
Edelnor | 26,053 | - | 32,058 | 10,431 | 5,343 | 3,562 | - | 77,447 |
Edegel | 16,810 | 43,697 | 45,214 | 36,985 | 5,344 | 6,164 | 5,424 | 159,638 |
Brasil | 119,928 | 37,054 | 27,812 | 23,119 | 21,379 | 16,932 | 57,583 | 303,807 |
Coelce | 50,951 | 17,989 | 10,524 | 11,876 | 12,374 | 9,327 | 43,390 | 156,431 |
Cerj | 68,064 | 17,519 | 15,258 | 8,578 | 7,845 | 7,605 | 14,193 | 139,061 |
Cachoeira | 913 | 1,547 | 2,030 | 2,664 | 1,161 | - | - | 8,315 |
Colombia | 26,368 | 1,363 | 39,012 | 40,278 | - | 83,486 | 103,573 | 294,081 |
Codensa | - | - | - | - | - | 11,508 | 103,573 | 115,081 |
Emgesa | 26,368 | 1,363 | 39,012 | - | - | 71,978 | - | 138,722 |
Betania | - | - | - | 40,278 | - | - | - | 40,278 |
TOTAL | 393,212 | 217,713 | 683,327 | 438,262 | 423,454 | 519,139 | 1,283,486 | 3,958,594 |
www.enersis.cl | Santa Rosa 76, Santiago, CHILE | Pg. 22 |
Phone: 56 (2) 353 4682 |
PRESS RELEASE | |
First Quarter 2004 – Consolidated Cash Flow |
Consolidated Cash Flow
Under Chilean GAAP, Thousand US$
Table 12
Thousand US$ | 1Q 04 | 1Q 03 | Var 04-03 | Chg % |
CASH FLOWS ORIGINATED FROM OPERATING ACTIVITIES | ||||
Net income (loss) for the year | 15,604 | (42,573) | 58,177 | 136.7% |
Profit (losses) from sales of assets: | ||||
(Profit) loss on sale of fixed assets | 63 | 202 | (139) | (68.7%) |
Charges (credits) which do not represent cash flows: | ||||
Depreciation | 162,447 | 192,752 | (30,305) | (15.7%) |
Amortization of intangibles | 2,550 | 4,609 | (2,059) | (44.7%) |
Write-offs and accrued expenses | 26,357 | 15,350 | 11,007 | 71.7% |
Accrued profit from related companies (less) | (14,447) | (17,363) | 2,915 | 16.8% |
Accrued losses from related companies | - | 157 | (157) | (100.0%) |
Amortization of positive goodwill | 21,536 | 22,023 | (487) | (2.2%) |
Amortization of negative goodwill (less) | (7,511) | (7,938) | 427 | 5.4% |
Net, price-level restatement | (1,471) | (6,938) | 5,467 | 78.8% |
Net, foreign exchange effect | (10,280) | 2,095 | (12,375) | - |
Other credits which do not represent cash flow (less) | (9,712) | (15,098) | 5,386 | 35.7% |
Other charges which do not represent cash flow | 40,850 | 69,102 | (28,253) | (40.9%) |
Assets variations which affect cash flow: | - | |||
Decrease in receivables accounts | (33,037) | (22,719) | (10,317) | (45.4%) |
Decrease (increase) in inventory | (431) | 2,097 | (2,528) | (120.5%) |
Decrease (increase) in other assets | (45,526) | 48,404 | (93,930) | (194.1%) |
Liabilities variations which affect cash flow: | ||||
(Decreased) increase in payable accounts related to operating income | 2,466 | (8,862) | 11,328 | 127.8% |
Increase of payable interest | 52,239 | 7,376 | 44,863 | 608.2% |
Net increase (decrease) of payable income tax | 58,739 | 33,888 | 24,851 | 73.3% |
Increase (decrease) of other payable accounts related to non-operating income | (54,479) | (34,479) | (20,000) | (58.0%) |
Net (decrease) of payable value added tax and other taxes | 14,971 | 33,646 | (18,675) | (55.5%) |
Profit related to minority interest | 24,662 | 10,077 | 14,585 | 144.7% |
NET POSITIVE CASH FLOW ORIGINATED FROM OP. ACTIVITIES | 245,590 | 285,809 | (40,219) | (14.1%) |
www.enersis.cl | Santa Rosa 76, Santiago, CHILE | Pg. 23 |
Phone: 56 (2) 353 4682 |
PRESS RELEASE | |
First Quarter 2004 – Consolidated Cash Flow |
Cont. Table 12
Thousand US$ | 1Q 04 | 1Q 03 | Var 04-03 | Chg % |
CASH FLOWS ORIGINATED FROM FINANCING ACTIVITIES | ||||
Shares issued and suscribed | - | - | - | - |
Proceeds from loans hired | 370,701 | 351,965 | 18,737 | 5.3% |
Proceeds from debt issuance | 223,796 | 20,059 | 203,737 | - |
Proceeds from loans obtained from related companies | - | - | - | - |
Proceeds from other loans obtained from related companies | - | - | - | - |
Other sources of financing | 24,832 | 9,433 | 15,399 | 163.2% |
Capital paid | - | - | - | - |
Dividends paid | (28,930) | (33,172) | 4,243 | 12.8% |
Loans, debt amortization (less) | (588,521) | (347,225) | (241,296) | (69.5%) |
Issuance debt amortization (less) | (17,578) | (302) | (17,276) | - |
Amortization of loans obtained from related companies | - | (7,212) | 7,212 | 100.0% |
Amortization of other loans obtained from related companies | - | - | - | - |
Expenses paid related to capital variations (less) | - | - | - | - |
Expenses paid related to debt issuance (less) | (600) | - | (600) | - |
Other disbursements related to financing (less) | (8,977) | (3,551) | (5,426) | (152.8%) |
NET (NEGATIVE) CASH FLOW ORIG. FROM FINANCING ACTIVITIES | (25,276) | (10,005) | (15,271) | (152.6%) |
CASH FLOWS ORIGINATED FROM INVESTING ACTIVITIES | ||||
Sale of fixed assets | 566 | 14,281 | (13,715) | (96.0%) |
Sale of other investments | - | - | - | - |
Sale of long-term Investments | 4,028 | - | 4,028 | - |
Collection upon other loans to related companies | 9,930 | 12,177 | (2,247) | (18.5%) |
Other income on investments | 293 | 1,095 | (802) | (73.2%) |
Additions to fixed assets (less) | (91,712) | (124,176) | 32,464 | 26.1% |
Long-term investments (less) | - | (9) | 9 | 100.0% |
Investment in financing instruments | - | - | - | - |
Other loans to related companies (less) | - | (234) | 234 | - |
Other investment disbursements (less) | (1,734) | (6,012) | 4,279 | 71.2% |
NET (NEGATIVE) CASH FLOW ORIGINATED FROM INVESTMENT ACTIVITIES | (78,628) | (102,877) | 24,249 | 23.6% |
NET POSITIVE CASH FLOW FOR THE PERIOD | 141,686 | 172,926 | (31,241) | (18.1%) |
EFFECT OF PRICE-LEVEL RESTATEMENT UPON CASH AND CASH EQ. | 20,526 | (13,553) | 34,079 | - |
NET VARIATION OF CASH AND CASH EQUIVALENT | 162,212 | 159,374 | 2,838 | 0 |
INITIAL BALANCE OF CASH AND CASH EQUIVALENT | 534,297 | 360,633 | 173,664 | 48.2% |
FINAL BALANCE OF CASH AND CASH EQUIVALENT | 696,508 | 520,007 | 176,502 | 33.9% |
www.enersis.cl | Santa Rosa 76, Santiago, CHILE | Pg. 24 |
Phone: 56 (2) 353 4682 |
PRESS RELEASE | |
First Quarter 2004 – Consolidated Cash Flow |
Under Chilean GAAP, million Ch$
Table 12.1
Million Ch$ | 1Q 04 | 1Q 03 | Var 04-03 | Chg % |
CASH FLOWS ORIGINATED FROM OPERATING ACTIVITIES | ||||
Net income (loss) for the year | 9,618 | (26,243) | 35,861 | 136.7% |
Profit (losses) from sales of assets: | ||||
(Profit) loss on sale of fixed assets | 39 | 125 | (86) | (68.7%) |
Charges (credits) which do not represent cash flows: | ||||
Depreciation | 100,134 | 118,814 | (18,680) | (15.7%) |
Amortization of intangibles | 1,572 | 2,841 | (1,269) | (44.7%) |
Write-offs and accrued expenses | 16,247 | 9,462 | 6,785 | 71.7% |
Accrued profit from related companies (less) | (8,905) | (10,702) | 1,797 | 16.8% |
Accrued losses from related companies | - | 97 | (97) | (100.0%) |
Amortization of positive goodwill | 13,275 | 13,575 | (300) | (2.2%) |
Amortization of negative goodwill (less) | (4,630) | (4,893) | 263 | 5.4% |
Net, price-level restatement | (907) | (4,277) | 3,370 | 78.8% |
Net, foreign exchange effect | (6,337) | 1,292 | (7,628) | - |
Other credits which do not represent cash flow (less) | (5,986) | (9,307) | 3,320 | 35.7% |
Other charges which do not represent cash flow | 25,180 | 42,595 | (17,415) | (40.9%) |
Assets variations which affect cash flow: | ||||
Decrease in receivables accounts | (20,364) | (14,005) | (6,360) | (45.4%) |
Decrease (increase) in inventory | (266) | 1,293 | (1,558) | (120.5%) |
Decrease (increase) in other assets | (28,063) | 29,837 | (57,900) | (194.1%) |
Liabilities variations which affect cash flow: | ||||
(Decreased) increase in payable accounts related to operating income | 1,520 | (5,463) | 6,983 | 127.8% |
Increase of payable interest | 32,201 | 4,547 | 27,654 | 608.2% |
Net increase (decrease) of payable income tax | 36,207 | 20,889 | 15,318 | 73.3% |
Increase (decrease) of other payable accounts related to non-operating income | (33,582) | (21,253) | (12,328) | (58.0%) |
Net (decrease) of payable value added tax and other taxes | 9,228 | 20,740 | (11,512) | (55.5%) |
Profit related to minority interest | 15,202 | 6,212 | 8,990 | 144.7% |
NET POSITIVE CASH FLOW ORIGINATED FROM OP. ACTIVITIES | 151,384 | 176,175 | (24,791) | (14.1%) |
www.enersis.cl | Santa Rosa 76, Santiago, CHILE | Pg. 25 |
Phone: 56 (2) 353 4682 |
PRESS RELEASE | |
First Quarter 2004 – Consolidated Cash Flow |
Cont. Table 12.1
Million Ch$ | 1Q 04 | 1Q 03 | Var 04-03 | Chg % |
CASH FLOWS ORIGINATED FROM FINANCING ACTIVITIES | ||||
Shares issued and suscribed | - | - | - | - |
Proceeds from loans hired | 228,504 | 216,954 | 11,549 | 5.3% |
Proceeds from debt issuance | 137,950 | 12,365 | 125,586 | - |
Proceeds from loans obtained from related companies | - | - | - | - |
Proceeds from other loans obtained from related companies | - | - | - | - |
Other sources of financing | 15,307 | 5,815 | 9,492 | 163.2% |
Capital paid | - | - | - | - |
Dividends paid | (17,833) | (20,448) | 2,615 | 12.8% |
Loans, debt amortization (less) | (362,770) | (214,033) | (148,737) | (69.5%) |
Issuance debt amortization (less) | (10,835) | (186) | (10,649) | - |
Amortization of loans obtained from related companies | - | (4,445) | 4,445 | 100.0% |
Amortization of other loans obtained from related companies | - | - | - | - |
Expenses paid related to capital variations (less) | - | - | - | - |
Expenses paid related to debt issuance (less) | (370) | - | (370) | - |
Other disbursements related to financing (less) | (5,533) | (2,189) | (3,344) | (152.8%) |
NET (NEGATIVE) CASH FLOW ORIG. FROM FINANCING ACTIVITIES | (15,580) | (6,167) | (9,413) | (152.6%) |
CASH FLOWS ORIGINATED FROM INVESTING ACTIVITIES | ||||
Sale of fixed assets | 349 | 8,803 | (8,454) | (96.0%) |
Sale of other investments | - | - | - | - |
Sale of long-term Investments | 2,483 | - | 2,483 | - |
Collection upon other loans to related companies | 6,121 | 7,506 | (1,385) | (18.5%) |
Other income on investments | 181 | 675 | (494) | (73.2%) |
Additions to fixed assets (less) | (56,532) | (76,543) | 20,011 | 26.1% |
Long-term investments (less) | - | (5) | 5 | 100.0% |
Investment in financing instruments | - | - | - | - |
Other loans to related companies (less) | - | (144) | 144 | - |
Other investment disbursements (less) | (1,069) | (3,706) | 2,637 | 71.2% |
NET (NEGATIVE) CASH FLOW ORIGINATED FROM INVESTMENT ACTIVITIES | (48,467) | (63,415) | 14,947 | 23.6% |
NET POSITIVE CASH FLOW FOR THE PERIOD | 87,336 | 106,594 | (19,257) | (18.1%) |
EFFECT OF PRICE-LEVEL RESTATEMENT UPON CASH AND CASH EQ. | 12,653 | (8,354) | 21,007 | - |
NET VARIATION OF CASH AND CASH EQUIVALENT | 99,989 | 98,240 | 1,749 | 1.8% |
INITIAL BALANCE OF CASH AND CASH EQUIVALENT | 329,346 | 222,298 | 107,048 | 48.2% |
FINAL BALANCE OF CASH AND CASH EQUIVALENT | 429,335 | 320,537 | 108,798 | 33.9% |
www.enersis.cl | Santa Rosa 76, Santiago, CHILE | Pg. 26 |
Phone: 56 (2) 353 4682 |
PRESS RELEASE | |
First Quarter 2004 – Consolidated Cash Flow |
Consolidated Cash Flow Analysis
During the period, the company generated a net cash flow of US$ 141,7 million, which is comprised of the following:
Table 13
Effective Cash Flow (thousand US$) | 1Q 04 | 1Q 03 | Var 04-03 | Chg % |
Operating | 245,590 | 285,809 | (40,219) | (14.1%) |
Financing | (25,276) | (10,005) | (15,271) | (152.6%) |
Investment | (78,628) | (102,877) | 24,249 | 23.6% |
Net cash flow of the period | 141,686 | 172,926 | (31,241) | (18.1%) |
Table 13.1
Effective Cash Flow (million Ch$) | 1Q 04 | 1Q 03 | Var 04-03 | Chg % |
Operating | 151,384 | 176,175 | (24,791) | (14.1%) |
Financing | (15,580) | (6,167) | (9,413) | (152.6%) |
Investment | (48,467) | (63,415) | 14,947 | 23.6% |
Net cash flow of the period | 87,336 | 106,594 | (19,257) | (18.1%) |
Operating activitiesgenerated a positive cash flow of US$ 245.6 million, US$ 40.2 million less than during the same period of last year. This cash flow is comprised mainly of profits for the period of US$ 15.6 million. Also net charges to results of US$ 210.3 million that do not represent cash flow. The main items correspond to the US$ 162.4 million depreciation for the period, US$ 26.4 million writes-off and provisions, US$ 21.5 million amortization on the negative and positive goodwill on investments and US$ 40.8 million for other charges that do not represent cash flow, the main item being US$ 21.7 million for the effect of the conversion to Technical Bulletin N° 64, increased by the rise in liabilities that affect the cash flow by US$ 73.9 million. The above was partially compensated by an increase of US$ 79.0 million in assets that affect operating cash flows, principally due to the increase in sales debtors in Colombia and Brazil, to the increase of US$ 7.5 in amortizations and US$ 9.7 million in other credits that do not represent cash flow, of which US$ 6.4 million correspond to the effect of the positive conversion of the overseas subsidiaries.
Financing activitiesproduced a negative cash flow of US$ 25.3 million, explained basically by loan repayments of US$ 588.5 million, dividend payments for US$ 28.9 million, payments of obligations with the public for US$ 17.6 million and other disbursements on investments for US$ 9.0 million. The above is partially compensated by new loans received for US$ 370.7 million and the placement of bonds for US$ 223.8 million.
Investment activitiesgenerated a net negative cash flow of US$ 78.6 million that mainly corresponds to the incorporation of Fixed Assets for US$ 91.7 million, the most important of such is the investment Endesa Chile is making in the Ralco Plant, which for this period amounts to US$ 41.5 million and other disbursements for US$ 1.7 million. This partially compensated by the payment of loans of related companies of US$ 9.9 million and the sale of permanent investments of US$ 4.0 million.
www.enersis.cl | Santa Rosa 76, Santiago, CHILE | Pg. 27 |
Phone: 56 (2) 353 4682 |
PRESS RELEASE | |
First Quarter 2004 – Consolidated Cash Flow Analysis |
Cash Flow Received From Foreign Subsidiaries by Enersis, Chilectra and Endesa Chile.
Table 14
Thousand US$ | Interest Received | Dividends Received | Management Fee | Prepayment Intercompany | Others | |||||
1Q 04 | 1Q 03 | 1Q 04 | 1Q 03 | 1Q 04 | 1Q 03 | 1Q 04 | 1Q 03 | 1Q 04 | 1Q 03 | |
Argentina | 2,885 | 6,275 | - | - | 2,567 | - | 20,000 | - | - | - |
Peru | - | - | - | - | - | - | - | - | - | - |
Brazil | - | - | - | - | - | - | - | - | - | - |
Colombia | 14,994 | 17,755 | 11,488 | 10,031 | - | - | - | 6,000 | - | - |
Chile | - | - | - | - | - | - | - | - | 20,407 | 13,947 |
Total | 17,880 | 24,029 | 11,488 | 10,031 | 2,567 | - | 20,000 | 6,000 | 20,407 | 13,947 |
Thousand US$ | Total Cash Received | |
1Q 04 | 1Q 03 | |
Argentina | 25,452 | 6,275 |
Peru | - | - |
Brazil | - | - |
Colombia | 26,482 | 33,785 |
Chile | 20,407 | 13,947 |
Total | 72,342 | 54,007 |
Table 14.1
Millions Ch$ | Interest Received | Dividends Received | Management Fee | Prepayment Intercompany | Others | |||||
1Q 04 | 1Q 03 | 1Q 04 | 1Q 03 | 1Q 04 | 1Q 03 | 1Q 04 | 1Q 03 | 1Q 04 | 1Q 03 | |
Argentina | 1,779 | 3,868 | - | - | 1,582 | - | 12,328 | - | - | - |
Peru | - | - | - | - | - | - | - | - | - | - |
Brazil | - | - | - | - | - | - | - | - | - | - |
Colombia | 9,243 | 10,944 | 7,081 | 6,183 | - | - | - | 3,698 | - | - |
Chile | - | - | - | - | - | - | - | - | 12,579 | 8,597 |
Total | 11,021 | 14,812 | 7,081 | 6,183 | 1,582 | - | 12,328 | 3,698 | 12,579 | 8,597 |
Millions Ch$ | Total Cash Received | |
1Q 04 | 1Q 03 | |
Argentina | 15,689 | 3,868 |
Peru | - | - |
Brazil | - | - |
Colombia | 16,324 | 20,826 |
Chile | 12,579 | 8,597 |
Total | 44,592 | 33,290 |
www.enersis.cl | Santa Rosa 76, Santiago, CHILE | Pg. 28 |
Phone: 56 (2) 353 4682 |
PRESS RELEASE | |
First Quarter 2004 – Consolidated Cash Flow Analysis |
Capex and Depreciation
Table 15
Payments for Additions of Fixed assets | Depreciation | |||
Thousand US$ | 1Q 04 | 1Q 03 | 1Q 04 | 1Q 03 |
Endesa S.A. | 41,464 | 84,720 | 70,383 | 87,145 |
Chilectra S.A. | 3,069 | 6,095 | 5,232 | 5,027 |
Río Maipo S.A. | - | 2,171 | - | 777 |
Edesur S.A. | 10,139 | 7,466 | 21,791 | 26,357 |
Edelnor S.A. | 2,505 | 3,470 | 6,962 | 7,522 |
Cerj | 21,932 | 8,167 | 19,012 | 20,883 |
Coelce | 8,632 | 7,871 | 15,868 | 18,407 |
Codensa S.A. | 1,392 | 3,817 | 21,765 | 25,274 |
Cam Ltda. | 485 | 360 | 431 | 468 |
Inmobiliaria Manso de Velasco Ltda. | 16 | - | 113 | 101 |
Synapsis Soluciones y Servicios Ltda. | 2,054 | 39 | 458 | 350 |
Holding Enersis | 23 | - | 433 | 441 |
Total | 91,712 | 124,175 | 162,447 | 192,752 |
Table 15.1
Payments for Additions of Fixed assets | Depreciation | |||
Million Ch$ | 1Q 04 | 1Q 03 | 1Q 04 | 1Q 03 |
Endesa S.A. | 25,559 | 52,222 | 43,385 | 53,717 |
Chilectra S.A. | 1,892 | 3,757 | 3,225 | 3,099 |
Río Maipo S.A. | - | 1,338 | - | 479 |
Edesur S.A. | 6,250 | 4,602 | 13,432 | 16,246 |
Edelnor S.A. | 1,544 | 2,139 | 4,291 | 4,636 |
Cerj | 13,519 | 5,034 | 11,719 | 12,872 |
Coelce | 5,321 | 4,852 | 9,781 | 11,347 |
Codensa S.A. | 858 | 2,353 | 13,416 | 15,579 |
Cam Ltda. | 299 | 222 | 266 | 288 |
Inmobiliaria Manso de Velasco Ltda. | 10 | - | 69 | 62 |
Synapsis Soluciones y Servicios Ltda. | 1,266 | 24 | 282 | 216 |
Holding Enersis | 14 | - | 267 | 272 |
Total | 56,532 | 76,543 | 100,134 | 118,814 |
www.enersis.cl | Santa Rosa 76, Santiago, CHILE | Pg. 29 |
Phone: 56 (2) 353 4682 |
PRESS RELEASE | |
First Quarter 2004 – Consolidated Cash Flow Analysis |
Generation Business
Table 16
Million US$ | Million Ch$ | ||||
1Q 04 | 1Q 03 | 1Q 04 | 1Q 03 | Chg % | |
Operating Revenues | 395 | 399 | 243,330 | 245,908 | (1.0%) |
Operating Expenses | (236) | (228) | (145,282) | (140,649) | (3.3%) |
Selling and Administrative Expenses | (13) | (13) | (8,319) | (8,156) | (2.0%) |
Operating Income | 146 | 158 | 89,729 | 97,103 | (7.6%) |
Interest Income | 6 | 6 | 3,917 | 3,607 | 8.6% |
Interest Expenses | (83) | (84) | (51,196) | (51,591) | 0.8% |
Net Financial Income (Expenses) | (77) | (78) | (47,279) | (47,984) | 1.5% |
Equity Gains from Related Company | 10 | 17 | 6,460 | 10,702 | (39.6%) |
Equity Losses from Related Company | (0) | (0) | (13) | (173) | 92.5% |
Net Income from Related Companies | 10 | 17 | 6,447 | 10,529 | (38.8%) |
Other Non Operating Income | 10 | 22 | 6,106 | 13,678 | (55.4%) |
Other Non Operating Expenses | (30) | (32) | (18,195) | (19,586) | 7.1% |
Net other Non Operating Income (Expenses) | (20) | (10) | (12,089) | (5,908) | (104.6%) |
Price Level Restatement | (1) | 3 | (340) | 1,726 | (119.7%) |
Foreign Exchange Effect | (0) | (1) | (142) | (354) | - |
Net of Monetary Exposure | (1) | 2 | (482) | 1,372 | (135.1%) |
Positive Goodwill Amortization | (1) | (1) | (398) | (465) | 14.3% |
Non Operating Income | (87) | (69) | (53,801) | (42,455) | (26.7%) |
Net Income b, Taxes, Min Int and Neg Goodwill Amort. | 58 | 89 | 35,928 | 54,648 | (34.3%) |
Extraordinary Items | - | - | - | - | - |
Income Tax | (44) | (34) | (26,964) | (21,182) | (27.3%) |
Minority Interest | (8) | (23) | (5,232) | (14,048) | 62.8% |
Negative Goodwill Amortization | 7 | 7 | 4,302 | 4,564 | (5.8%) |
NET INCOME | 13 | 39 | 8,033 | 23,983 | (66.5%) |
Net Income
Endesa Chile recorded a Net Income of US$ 13 million on the first quarter 2004, US$ 26 million lower than the previous year. This is mainly explained by:
Operating Income
Operating Income amounted to US$ 146 million, a decrease of US$ 12 million. This amount is mainly due to lower operating income on Chilean and Brazilian operations, compensated by the good performance of Subsidiaries on Colombia Argentina and Peru. During the first quarter of this year, sales amounted US$ 20.8 million, representing an increase by 8.1% from last year.
InChile,the operating income amounted to US$ 54 million, a reduction by 28% with respect to the year 2003. This is principally explained by the deconsolidation of Infraestructura 2000 and Central Canutillar. Operating revenues decreased by 6.7% mainly due to the 11,6% decrease product of the tariff indexation starting on February 2004. On the other hand operating expenses increased by 23.9% due to higher energy purchase costs and higher thermoelectric generation.
InColombia,operating income amounted to US$ 47.8 million, representing an increase of 33.5%. This was due to an increase of physical sales by 7.4% related to good hydrological conditions for Emgesa.
www.enersis.cl | Santa Rosa 76, Santiago, CHILE | Pg. 30 |
Phone: 56 (2) 353 4682 |
PRESS RELEASE | |
First Quarter 2004 – Generation Business |
InArgentina,operating income amounted to US$ 15 million, an increase of 18.4%. This improvement in results is due to the good performance of Costanera, whose operating results increased by US$ 2.8 related to higher sales of energy on the spot market.
InPeru,the operating income amounted to US$ 29 million, an increase by 4.5%. This is the result of an increase of energy sales and the higher prices of energy.
InBrazil,operating income of Cachoeira Dourada recorded an operating loss of US$ 0.4 million, compared to the profit of US$ 6.2 million recorded last year. In spite of energy sales increase during this quarter, sales billing decreased a 32.9% due to the partial billing to CELG regarding a partial judicial resolution.
Non Operating Income
The Company’s Non-Operating Income for the first quarter 2004 decreased 26.7% amounting to a loss of US$ 87.2 million. This is mainly due to:
- US$ 10 million of lower net other non operating income due to the application Technical Bulletin N°64 of Chilean Accounting Principles
- US$ 6.6 million of lower net income from related companies, mainly related to the related company CIEN.
- US$ 3.4 million of lower net monetary exposure due to lower inflation applicable to Chilean assets
www.enersis.cl | Santa Rosa 76, Santiago, CHILE | Pg. 31 |
Phone: 56 (2) 353 4682 |
PRESS RELEASE | |
First Quarter 2004 – Generation Business |
Table 17
Country | Market | GWh Sold | Var 04-03 | Chg % | Market Share | ||
1Q 04 | 1Q 03 | 1Q 04 | 1Q 03 | ||||
Chile | SIC & SING | 4,314 | 4,574 | (260) | (5.7%) | 40.0% | 43.0% |
SIC | 4,094 | 4,339 | (245) | (5.6%) | 49.0% | 55.0% | |
SING | 220 | 235 | (15) | (6.3%) | 8.0% | 9.0% | |
Argentina | SIN | 2,756 | 2,036 | 720 | 35.4% | 13.0% | 11.0% |
Chocón | 604 | 1,153 | (549) | (47.6%) | |||
Costanera | 2,152 | 883 | 1,269 | 143,7% | |||
Perú | SICN | 1,197 | 1,312 | (116) | (8.8%) | 26.0% | 26.0% |
Edegel | 1,197 | 1,312 | (116) | (8.8%) | |||
Colombia | SIN | 3,672 | 3,201 | 471 | 14.7% | 23.0% | 19.0% |
Betania | 330 | 326 | 4 | 1.3% | |||
Emgesa | 3,341 | 2,875 | 466 | 16.2% | |||
Brazil | SICN | 903 | 758 | 145 | 19.2% | 1.0% | 1.0% |
Cachoeira | 903 | 758 | 145 | 19.2% | |||
Total | 12,842 | 11,881 | 961 | 8.1% |
Company | GWh Produced | Var 04-03 | Chg % | ||
1Q 04 | 1Q 03 | ||||
Chilean Companies | 3,954 | 4,309 | (355) | (8.2%) | |
Chocón | 572 | 1,066 | (494) | (46.3%) | |
Costanera | 2,205 | 812 | 1,393 | 171.6% | |
Edegel | 1,217 | 1,339 | (122) | (9.1%) | |
Betania | 268 | 277 | (9) | (3.2%) | |
Emgesa | 2,566 | 2,241 | 325 | 14.5% | |
Cachoeira | 708 | 402 | 306 | 76.1% | |
TOTAL | 11,490 | 10,446 | 1,044 | 10.0% |
www.enersis.cl | Santa Rosa 76, Santiago, CHILE | Pg. 32 |
Phone: 56 (2) 353 4682 |
PRESS RELEASE | |
First Quarter 2004 - Generation Business |
Distribution Business
Highlights
Distribution Business | 1Q 04 | 1Q 03 | Var 03-04 | Chg % |
Customers (Th) | 10,552 | 10,149 | 403 | 4.0% |
GWh Sold | 12,948 | 12,333 | 615 | 5.0% |
Clients/Employe | 1,466 | 1,412 | 54 | 3.8% |
Energy Losses GWh (TTM) | 6,943 | 6,604 | 339 | 5.1% |
Energy Losses % (TTM) | 12.1% | 12.2% | (0.1%) | - |
Chile
The Short Law was approved by the Congress, and on duty since March 13, 2004. The main aspects related to the distribution business are:
Definition of the criteria to calculate retail wheeling charges on secondary transmission and distribution networks. These charges cannot discriminate against current tariff structure, then we foresee a neutral effect on distribution companies. Additionally, the limit to qualify as a deregulated client was reduced from 2,000 kW to 500 kW of installed capacity and will be applied since 2006. If customers would like to change its classification to be deregulated, they must notify the companies with 12 months of advance and have mandatory minimum time of permanence as regulated or unregulated for at least four years. Regulators have started to work in the detailed regulation for the law.
Additionally, we remind that distribution companies are in the middle of their tariff resetting process, which should be in place on November this year. On December 2003 the new VNR was established, and this year, the latest progress was Chilectra’s information to the CNE of its operating costs. On the following Diagram the whole tariff resetting process is shown.
www.enersis.cl | Santa Rosa 76, Santiago, CHILE | Pg. 33 |
Phone: 56 (2) 353 4682 |
PRESS RELEASE | |
First Quarter 2004 - Generation Business |
Brazil
On March 2004, Brazilian Government published the new laws for the New Electric Model (10.847 and 10.848) that modified the current electric framework and creates of the Energetic Studies Company (EPE).
- Full pass through for the energy purchase costs, with the exception of adjustments purchases
- Companies must contract 100% of demand 5 years in advance, through a central auction process.
- Elimination of the 12 month period for the regulated clients that can become free clients.
- For the universalization plan it is proposed to ANEEL the consideration of the return on investments and the technical, economical and financial capabilities of the distribution company.
- Regarding the delay in payment, if the delay occurs more than once a year, the distribution company may ask for a guarantee deposit and the settlement of the debt on the property and not on the person.
- Tariff setting methodology is not affected by the Novo Modelo.
Regarding the exchange rate, the Brazilian Reais has been on a stable trend with a depreciation of 0.4% during the first quarter of the year.
Colombia
Codensa placed on the local market bonds for Co$ 500,000 million, approximately US$ 185 million. The funds are applied to the conversion of short term debt in long term (90%) and for working capital (10%).
On terms of currency stability, Colombian peso has been the most unstable currency with an accumulated appreciation of 3.7% on the first quarter 2004 and of 9.5% from last year.
Argentina
Energy demand has continued a positive trend, showing this term an increase of 9% when compared to the previous year.
This quarter has started the rationing of energy to some industrial clients due to the low hydrology and the scarcity of gas. Additionally a restriction on the exports of gas to Chile has been established. Which does not affect in a significant way our generation capacity in Chile, since it is 72% hydroelectric.
Peru
On March 2004, the distribution tariffs were updated with an increase to the final client of a 0.8% related mainly to the consumer price index variation and the prices of copper and aluminum. On the same way tariffs of maintenance and reposition were increased a 1%.
Peruvian economy continues to be one of the most growing and stable economies in the region, with an exchange rate variation of 0.3% both for the first quarter and if compared to the previous year, a slight appreciation of the Peruvian Nuevo Sol.
On the following pages an analysis of Enersis’ distribution subsidiaries is shown. Figures of foreign subsidiaries are accounted for under Chilean Technical Bulletin 64, therefore they could differ from those registered in their respective local GAAP.
www.enersis.cl | Santa Rosa 76, Santiago, CHILE | Pg. 34 |
Phone: 56 (2) 353 4682 |
PRESS RELEASE | |
First Quarter 2004 - Generation Business |
Chilectra
Table 18
Million US$ | Million Ch$ | ||||
1Q 04 | 1Q 03 | 1Q 04 | 1Q 03 | Chg % | |
Revenues from Sales | 160 | 154 | 98,664 | 94,813 | 4.1% |
Other Operating Revenues | 6 | 5 | 3,939 | 3,019 | 30.5% |
Operating Revenues | 166 | 159 | 102,603 | 97,832 | 4.9% |
Energy Purchases | (103) | (98) | (63,533) | (60,714) | (4.6%) |
Other Operating Cost | (16) | (15) | (9,886) | (9,244) | (6.9%) |
Operating Expenses | (119) | (113) | (73,419) | (69,958) | (4.9%) |
Selling and Administrative Expenses | (14) | (12) | (8,422) | (7,163) | (17.6%) |
Operating Income | 34 | 34 | 20,762 | 20,711 | 0.2% |
Interest Income | 1 | 1 | 546 | 365 | 49.5% |
Interest Expenses | (15) | (16) | (8,986) | (10,076) | 10.8% |
Net Financial Income (Expenses) | (14) | (16) | (8,439) | (9,711) | 13.1% |
Equity Gains from Related Company | 3 | 1 | 1,591 | 899 | 77.1% |
Equity Losses from Related Company | (5) | (23) | (3,288) | (14,019) | 76.5% |
Net Income from Related Companies | (3) | (21) | (1,697) | (13,121) | 87.1% |
Other Non Operating Income | 12 | 10 | 7,357 | 5,929 | 24.1% |
Other Non Operating Expenses | (4) | (5) | (2,193) | (2,996) | 26.8% |
Conversion Effect (BT 64) | - | - | - | - | - |
Net other Non Operating Income (Expenses) | 8 | 5 | 5,164 | 2,933 | 76.1% |
Price Level Restatement | (4) | 1 | (2,469) | 477 | - |
Foreign Exchange Effect | - | - | - | - | - |
Net of Monetary Exposure | (4) | 1 | (2,469) | 477 | - |
Positive Goodwill Amortization | (0) | (0) | (86) | (93) | 7.9% |
Non Operating Income | (12) | (32) | (7,527) | (19,515) | 61.4% |
Net Income b. Taxes, Min Int and Neg Goodwill Amort. | 21 | 2 | 13,235 | 1,195 | - |
Extraordinary Items | - | - | - | - | - |
Income Tax | (6) | (6) | (3,445) | (3,574) | 3.6% |
Minority Interest | 2 | 2 | 940 | 1,378 | (31.8%) |
Negative Goodwill Amortization | 0 | - | 20 | - | - |
NET INCOME | 17 | (2) | 10,750 | (1,001) | 1174.5% |
Net Income
Chilectra registered a Net Income of US$ 17 million for the first quarter of 2004, US$ 19 million higher than the previous year. This result is mainly due to:
Operating Income
Operating Income of US$ 34 million equivalent to that of the previous year, due to higher energy sales of US$ 6 million, compensated by higher energy cost of US$ 4 million, and higher SG&A expenses of US$ 2 million.
Non Operating Income
Lower Non-Operating Loss of US$ 19 million, mainly due to lower net loss from related companies of US$ 18 million, lower net financial expenses of US$ 2 million and higher Other Non Operating Income of US$ 3 million related to higher income due to conversion effect due to the Technical Bulletin N°64 of Chilean Accounting Principles. These are partially compensated by a negative foreign exchange effect of US$ 5 million.
www.enersis.cl | Santa Rosa 76, Santiago, CHILE | Pg. 35 |
Phone: 56 (2) 353 4682 |
PRESS RELEASE | |
First Quarter 2004 - Generation Business |
Other
Regarding negative goodwill amortization and minority interest the amounts achieved for this term are similar to the numbers of the previous year.
Additional Information
Table 19
Chilectra | 1Q 04 | 1Q 03 | Chg % |
Customers (Th) | 1,347 | 1,312 | 2.7% |
GWh Sold | 2,721 | 2,517 | 8.1% |
Clients/Employe | 1,990 | 1,823 | 9.2% |
Energy Losses GWh (TTM) | 621 | 607 | (2.3%) |
Energy Losses % (TTM) | 5.5% | 5.7% | 0.2% |
www.enersis.cl | Santa Rosa 76, Santiago, CHILE | Pg. 36 |
Phone: 56 (2) 353 4682 |
PRESS RELEASE | |
First Quarter 2004 - Generation Business |
Cerj
Table 20
Million US$ | Million Ch$ | ||||
1Q 04 | 1Q 03 | 1Q 04 | 1Q 03 | Chg % | |
Revenues from Sales | 162 | 135 | 99,575 | 83,118 | 19.8% |
Other Operating Revenues | 7 | 7 | 4,144 | 4,296 | (3.5%) |
Operating Revenues | 168 | 142 | 103,719 | 87,414 | 18.7% |
Energy Purchases | (89) | (78) | (54,834) | (48,194) | (13.8%) |
Other Operating Cost | (50) | (44) | (30,636) | (27,343) | (12.0%) |
Operating Expenses | (139) | (123) | (85,471) | (75,538) | (13.1%) |
Selling and Administrative Expenses | (7) | (4) | (4,462) | (2,190) | (103.7%) |
Operating Income | 22 | 16 | 13,786 | 9,686 | 42.3% |
Interest Income | 5 | 6 | 3,283 | 3,764 | (12.8%) |
Interest Expenses | (15) | (19) | (9,108) | (11,558) | 21.2% |
Net Financial Income (Expenses) | (9) | (13) | (5,824) | (7,795) | 25.3% |
Equity Gains from Related Company | - | - | - | - | - |
Equity Losses from Related Company | (1) | (4) | (349) | (2,593) | - |
Net Income from Related Companies | (1) | (4) | (349) | (2,593) | 86.5% |
Other Non Operating Income | 1 | 1 | 454 | 732 | (37.9%) |
Other Non Operating Expenses | (19) | (18) | (11,930) | (10,982) | (8.6%) |
Conversion Effect (BT 64) | (1) | (21) | (334) | (12,907) | 97.4% |
Net other Non Operating Income (Expenses) | (19) | (38) | (11,810) | (23,157) | 49.0% |
Price Level Restatement | - | - | - | - | - |
Foreign Exchange Effect | - | - | - | - | - |
Net of Monetary Exposure | - | - | - | - | - |
Positive Goodwill Amortization | - | - | - | - | - |
Non Operating Income | (29) | (54) | (17,983) | (33,544) | 46.4% |
Net Income b. Taxes, Min Int and Neg Goodwill Amort. | (7) | (39) | (4,197) | (23,858) | 82.4% |
Extraordinary Items | - | - | - | - | - |
Income Tax | (1) | 1 | (472) | 350 | (234.9%) |
Minority Interest | - | - | - | - | - |
Negative Goodwill Amortization | - | - | - | - | - |
NET INCOME | (8) | (38) | (4,669) | (23,508) | 80.1% |
Net Income
Cerj registered a Net Loss of US$ 8 million for the first quarter of 2004, US$ 31 million lower than the previous year. This result is mainly due to:
Operating Income
Higher Operating Income of US$ 7 million related to higher operating revenues of US$ 26 million and lower depreciation and amortization expenses of US$ 2 million, partially compensated by higher energy purchases of US$ 11 million, higher operating and maintenance cost and third party services of US$ 6 million, higher SG&A expenses of US$ 4 million.
Non Operating Income
Lower Non Operating Loss of US$ 25 million, mainly explained by the lower negative conversion effect as a result of last years Brazilian Reais appreciation and Technical Bulletin N°64 of Chilean Accounting Principles of US$ 20 million. Also, lower net financial expenses of US$ 3 million and low net loss from related companies of US$ 4 million, compensated partially by higher net other non operating income by US$ 2 million due to lower legal contingency and litigation provisions.
www.enersis.cl | Santa Rosa 76, Santiago, CHILE | Pg. 37 |
Phone: 56 (2) 353 4682 |
PRESS RELEASE | |
First Quarter 2004 – Distribution Business |
Additional Information
Table 21
Cerj | 1Q 04 | 1Q 03 | Chg% |
Customers (Th) | 2,033 | 1,769 | 14.9% |
GWh Sold | 1,951 | 2,026 | (3.7%) |
Clients/Employe | 1,359 | 1,235 | 10.1% |
Energy Losses GWh (TTM) | 2,241 | 2,122 | (5.6%) |
Energy Losses % (TTM) | 23.6% | 22.5% | (1.1%) |
www.enersis.cl | Santa Rosa 76, Santiago, CHILE | Pg. 38 |
Phone: 56 (2) 353 4682 |
PRESS RELEASE | |
First Quarter 2004 – Distribution Business |
Coelce
Table 22
Million US$ | Million Ch$ | ||||
1Q 04 | 1Q 03 | 1Q 04 | 1Q 03 | Chg % | |
Revenues from Sales | 114 | 80 | 70,207 | 49,346 | 42.3% |
Other Operating Revenues | 2 | 2 | 1,053 | 1,038 | 1.4% |
Operating Revenues | 116 | 82 | 71,260 | 50,384 | 41.4% |
Energy Purchases | (67) | (33) | (41,469) | (20,403) | (103.2%) |
Other Operating Cost | (29) | (30) | (18,094) | (18,371) | 1.5% |
Operating Expenses | (97) | (63) | (59,563) | (38,774) | (53.6%) |
Selling and Administrative Expenses | (14) | (16) | (8,517) | (9,967) | 14.6% |
Operating Income | 5 | 3 | 3,181 | 1,643 | 93.7% |
Interest Income | 8 | 10 | 5,186 | 6,264 | (17.2%) |
Interest Expenses | (12) | (16) | (7,363) | (9,857) | 25.3% |
Net Financial Income (Expenses) | (4) | (6) | (2,177) | (3,594) | 39.4% |
Equity Gains from Related Company | - | - | - | - | - |
Equity Losses from Related Company | - | - | - | - | - |
Net Income from Related Companies | - | - | - | - | - |
Other Non Operating Income | 0 | 0 | 59 | 110 | (45.9%) |
Other Non Operating Expenses | (1) | (4) | (547) | (2,453) | 77.7% |
Conversion Effect (BT 64) | (6) | (12) | (3,835) | (7,326) | 47.6% |
Net other Non Operating Income (Expenses) | (7) | (16) | (4,323) | (9,670) | 55.3% |
Price Level Restatement | - | - | - | - | - |
Foreign Exchange Effect | - | - | - | - | - |
Net of Monetary Exposure | - | - | - | - | - |
Positive Goodwill Amortization | - | - | - | - | - |
Non Operating Income | (11) | (22) | (6,501) | (13,263) | 51.0% |
Net Income b. Taxes, Min Int and Neg Goodwill Amort. | (5) | (19) | (3,320) | (11,621) | 71.4% |
Extraordinary Items | - | - | - | - | - |
Income Tax | (2) | (1) | (1,326) | (599) | (121.3%) |
Minority Interest | - | - | - | - | - |
Negative Goodwill Amortization | - | - | - | - | - |
NET INCOME | (8) | (20) | (4,646) | (12,220) | 62.0% |
Net Income
Coelce registered a Net Loss of US$ 8 million for the first quarter of 2004, US$ 12 million lower than the previous year. This result is mainly due to:
Operating Income
Higher Operating Income of US$ 2 million, mainly due to higher operating revenues of US$ 34 million, lower other distribution costs by US$ 5 million, lower SG&A for US$ 2 million and lower depreciation and amortization expenses of US$ 2 million, compensated by higher energy purchases of US$ 34 million and higher operating and maintenance cost and third party services of US$ 7 million.
Non Operating Income
Lower Non-Operating Loss of US$ 11 million, mainly explained by a lower negative conversion effect as a result of the Brazilian Reais appreciation and Technical Bulletin N°64 of Chilean Accounting Principles of US$ 6 million, lower net financial expenses for US$ 2 million and lower other non operating expenses by US$ 3 million.
www.enersis.cl | Santa Rosa 76, Santiago, CHILE | Pg. 39 |
Phone: 56 (2) 353 4682 |
PRESS RELEASE | |
First Quarter 2004 – Distribution Business |
Additional Information
Table 23
Coelce | 1Q 04 | 1Q 03 | Chg% |
Customers (Th) | 2,170 | 2,175 | (0.3%) |
GWh Sold | 1,439 | 1,388 | 3.7% |
Clients/Employe | 1,588 | 1,567 | 1.3% |
Energy Losses GWh (TTM) | 935 | 850 | (10.0%) |
Energy Losses % (TTM) | 13.6% | 13.0% | (0.6%) |
www.enersis.cl | Santa Rosa 76, Santiago, CHILE | Pg. 40 |
Phone: 56 (2) 353 4682 |
PRESS RELEASE | |
First Quarter 2004 – Distribution Business |
Codensa
Table 24
Million US$ | Million Ch$ | ||||
1Q 04 | 1Q 03 | 1Q 04 | 1Q 03 | Chg % | |
Revenues from Sales | 119 | 110 | 73,150 | 67,754 | 8.0% |
Other Operating Revenues | 37 | 16 | 22,639 | 10,165 | 122.7% |
Operating Revenues | 155 | 126 | 95,788 | 77,920 | 22.9% |
Energy Purchases | (72) | (67) | (44,593) | (41,152) | (8.4%) |
Other Operating Cost | (43) | (47) | (26,355) | (28,790) | 8.5% |
Operating Expenses | (115) | (113) | (70,947) | (69,942) | (1.4%) |
Selling and Administrative Expenses | (3) | (3) | (2,038) | (1,696) | (20.1%) |
Operating Income | 37 | 10 | 22,803 | 6,281 | 263.0% |
Interest Income | 7 | 3 | 4,216 | 1,974 | 113.6% |
Interest Expenses | (5) | (2) | (2,801) | (930) | (201.1%) |
Net Financial Income (Expenses) | 2 | 2 | 1,415 | 1,043 | 35.6% |
Equity Gains from Related Company | - | - | - | - | - |
Equity Losses from Related Company | - | - | - | - | - |
Net Income from Related Companies | - | - | - | - | - |
Other Non Operating Income | 0 | 0 | 292 | 250 | 17.0% |
Other Non Operating Expenses | (5) | (0) | (2,901) | (211) | - |
Conversion Effect (BT 64) | 0 | (1) | 11 | (560) | 102.0% |
Net other Non Operating Income (Expenses) | (4) | (1) | (2,598) | (521) | (398.8%) |
Price Level Restatement | - | - | - | - | - |
Foreign Exchange Effect | - | - | - | - | - |
Net of Monetary Exposure | - | - | - | - | - |
Positive Goodwill Amortization | - | - | - | - | - |
Non Operating Income | (2) | 1 | (1,183) | 523 | - |
Net Income b. Taxes, Min Int and Neg Goodwill Amort. | 35 | 11 | 21,621 | 6,804 | 217.8% |
Extraordinary Items | - | - | - | - | - |
Income Tax | (15) | (8) | (9,495) | (4,720) | (101.2%) |
Minority Interest | - | - | - | - | - |
Negative Goodwill Amortization | - | - | - | - | - |
NET INCOME | 20 | 3 | 12,126 | 2,084 | 481.9% |
Net Income
Codensa registered a Net Income of US$ 20 million for the first quarter of 2004, US$ 17 million higher than the previous year. This result is mainly due to:
Operating Income
Higher Operating Income of US$ 27 million, primarily explained by higher other operating revenues of
US$ 20 million and higher energy sales by US$ 9 million, lower depreciation and amortization expenses of US$ 5 million, partially compensated by higher energy purchases by US$ 6 million and higher SG&A expenses of US$ 1 million.
Non Operating Income
Lower Non-Operating Income of US$ 3 million, primarily explained by higher other non operating loss by US$ 4 million, partially compensated by lower negative conversion effect registered as a result of the Colombian Peso appreciation and Technical Bulletin N°64 of Chilean Accounting Principles of US$ 1 million.
www.enersis.cl | Santa Rosa 76, Santiago, CHILE | Pg. 41 |
Phone: 56 (2) 353 4682 |
PRESS RELEASE | |
First Quarter 2004 – Distribution Business |
Additional Information
Table 25
Codensa | 1Q 04 | 1Q 03 | Chg |
Customers (Th) | 1,983 | 1,923 | 3.2% |
GWh Sold | 2,357 | 2,239 | 5.3% |
Clients/Employe | 2,314 | 2,295 | 0.9% |
Energy Losses GWh (TTM) | 1,062 | 1,035 | (2.6%) |
Energy Losses % (TTM) | 10.2% | 10.2% | 0.0% |
www.enersis.cl | Santa Rosa 76, Santiago, CHILE | Pg. 42 |
Phone: 56 (2) 353 4682 |
PRESS RELEASE | |
First Quarter 2004 – Distribution Business |
Edelnor
Table 26
Million US$ | Million Ch$ | ||||
1Q 04 | 1Q 03 | 1Q 04 | 1Q 03 | Chg % | |
Revenues from Sales | 74 | 87 | 45,341 | 53,413 | (15.1%) |
Other Operating Revenues | 2 | 3 | 1,426 | 1,701 | (16.2%) |
Operating Revenues | 76 | 89 | 46,767 | 55,115 | (15.1%) |
Energy Purchases | (47) | (55) | (28,984) | (33,902) | 14.5% |
Other Operating Cost | (9) | (11) | (5,826) | (7,003) | 16.8% |
Operating Expenses | (56) | (66) | (34,810) | (40,905) | 14.9% |
Selling and Administrative Expenses | (7) | (8) | (4,086) | (4,995) | 18.2% |
Operating Income | 13 | 15 | 7,872 | 9,214 | (14.6%) |
Interest Income | 1 | 1 | 445 | 652 | (31.7%) |
Interest Expenses | (3) | (3) | (2,134) | (1,744) | (22.4%) |
Net Financial Income (Expenses) | (3) | (2) | (1,688) | (1,091) | (54.7%) |
Equity Gains from Related Company | - | - | - | - | - |
Equity Losses from Related Company | - | - | - | - | - |
Net Income from Related Companies | - | - | - | - | - |
Other Non Operating Income | 1 | 2 | 773 | 1,178 | (34.4%) |
Other Non Operating Expenses | (0) | (1) | (160) | (865) | 81.5% |
Conversion Effect (BT 64) | 0 | (2) | 37 | (1,505) | 102.5% |
Net other Non Operating Income (Expenses) | 1 | (2) | 650 | (1,192) | 154.5% |
Price Level Restatement | - | - | - | - | - |
Foreign Exchange Effect | - | - | - | - | - |
Net of Monetary Exposure | - | - | - | - | - |
Positive Goodwill Amortization | - | - | - | - | - |
Non Operating Income | (2) | (4) | (1,039) | (2,284) | 54.5% |
Net Income b. Taxes, Min Int and Neg Goodwill Amort. | 11 | 11 | 6,833 | 6,931 | (1.4%) |
Extraordinary Items | - | - | - | - | - |
Income Tax | (9) | (6) | (5,788) | (3,544) | (63.3%) |
Minority Interest | - | - | - | - | - |
Negative Goodwill Amortization | - | - | - | - | - |
NET INCOME | 2 | 5 | 1,046 | 3,387 | (69.1%) |
Net Income
Edelnor registered a Net Income of US$ 2 million for the first quarter of 2004, US$ 3 million lower than the previous year. This result is mainly due to:
Operating Income
Lower Operating Income of US$ 2 million, related to lower operating revenues of US$ 14 million, compensated by lower energy purchases of US$ 8 million, lower depreciation and amortization expenses of US$ 1 million and lower operating and maintenance cost and third party services of US$ 1 million . Additionally, registered lower SG&A expenses of US$ 2 million.
Non Operating Income
Higher Non Operating Income of US$ 2 million, related to lower negative conversion effect as result of the Peruvian Peso appreciation and Technical Bulletin N°64 of Chilean Accounting Principles of US$ 3 million compensated by higher financial expenses by US$ 1 million.
www.enersis.cl | Santa Rosa 76, Santiago, CHILE | Pg. 43 |
Phone: 56 (2) 353 4682 |
PRESS RELEASE | |
First Quarter 2004 – Distribution Business |
Additional Information
Table 27
Edelnor | 1Q 04 | 1Q 03 | Chg |
Customers (Th) | 897 | 874 | 2.6% |
GWh Sold | 1,041 | 999 | 4.2% |
Clients/Employe | 1,634 | 1,544 | 5.8% |
Energy Losses GWh (TTM) | 371 | 355 | (4.5%) |
Energy Losses % (TTM) | 8.5% | 8.3% | (0.2%) |
www.enersis.cl | Santa Rosa 76, Santiago, CHILE | Pg. 44 |
Phone: 56 (2) 353 4682 |
PRESS RELEASE | |
First Quarter 2004 – Distribution Business |
Edesur
Table 28
Million US$ | Million Ch$ | ||||
1Q 04 | 1Q 03 | 1Q 04 | 1Q 03 | Chg % | |
Revenues from Sales | 85 | 77 | 52,429 | 47,562 | 10.2% |
Other Operating Revenues | 6 | 6 | 3,608 | 3,891 | (7.3%) |
Operating Revenues | 91 | 83 | 56,037 | 51,454 | 8.9% |
Energy Purchases | (45) | (36) | (27,826) | (22,090) | (26.0%) |
Other Operating Cost | (34) | (42) | (20,820) | (25,640) | 18.8% |
Operating Expenses | (79) | (77) | (48,645) | (47,730) | (1.9%) |
Selling and Administrative Expenses | (11) | (13) | (7,001) | (7,831) | 10.6% |
Operating Income | 1 | (7) | 390 | (4,107) | 109.5% |
Interest Income | 1 | 4 | 750 | 2,198 | (65.9%) |
Interest Expenses | (7) | (6) | (4,525) | (3,627) | (24.8%) |
Net Financial Income (Expenses) | (6) | (2) | (3,775) | (1,429) | (164.2%) |
Equity Gains from Related Company | - | - | - | - | - |
Equity Losses from Related Company | - | - | - | - | - |
Net Income from Related Companies | - | - | - | - | - |
Other Non Operating Income | 13 | 0 | 8,017 | 96 | - |
Other Non Operating Expenses | (5) | (2) | (2,868) | (1,444) | (98.6%) |
Conversion Effect (BT 64) | 2 | (1) | 1,459 | (524) | - |
Net other Non Operating Income (Expenses) | 11 | (3) | 6,607 | (1,872) | - |
Price Level Restatement | - | - | - | - | - |
Foreign Exchange Effect | - | - | - | - | - |
Net of Monetary Exposure | - | - | - | - | - |
Positive Goodwill Amortization | - | - | - | - | - |
Non Operating Income | 5 | (5) | 2,832 | (3,301) | 185.8% |
Net Income b. Taxes, Min Int and Neg Goodwill Amort. | 5 | (12) | 3,223 | (7,408) | - |
Extraordinary Items | - | - | - | - | - |
Income Tax | (9) | (13) | (5,805) | (7,850) | 26.0% |
Minority Interest | - | - | - | - | - |
Negative Goodwill Amortization | - | - | - | - | - |
NET INCOME | (4) | (25) | (2,582) | (15,258) | 83.1% |
Net Income
Edesur registered a Net Loss of US$ 4 million for the first quarter of 2004, US$ 21 million lower than the previous year. This result is mainly due to:
Operating Income
Higher Operating Income of US$ 7 million, mainly due to higher operating revenues by US$ 7 million, lower depreciation and amortization expenses of US$ 4 million, lower operating and maintenance cost and third party services of US$ 4 million and lower SG&A expenses of US$ 1 million. Partially compensated by higher energy purchases by US$ 9 million.
Non Operating Income
Higher Non-Operating Income of US$ 10 million, mainly explained by higher other non operating income by US$ 11 million and higher positive conversion effect of US$ 3 million as a result of the Argentinean Peso depreciation and Technical Bulletin N° 64 of Chilean Accounting Principles. Compensated by US$ 4 million lower net financial expenses.
www.enersis.cl | Santa Rosa 76, Santiago, CHILE | Pg. 45 |
Phone: 56 (2) 353 4682 |
PRESS RELEASE | |
First Quarter 2004 – Distribution Business |
Additional Information
Table 29
Edesur | 1Q 04 | 1Q 03 | Chg % |
Customers (Th) | 2,121 | 2,095 | 1.2% |
GWh Sold | 3,439 | 3,164 | 8.7% |
Clients/Employe | 941 | 934 | 0.8% |
Energy Losses GWh (TTM) | 1,713 | 1,635 | (4.8%) |
Energy Losses % (TTM) | 11.7% | 11.8% | 0.1% |
www.enersis.cl | Santa Rosa 76, Santiago, CHILE | Pg. 46 |
Phone: 56 (2) 353 4682 |
PRESS RELEASE | |
First Quarter 2004– Parent Company Income Statement |
Parent Company Income Statement
Under Chilean GAAP, thousand US$
Table 30
Th. US$ | 1Q 04 | 1Q 03 | Var 04-03 | Chg % |
Operating Revenues | 1,754 | 1,763 | (8) | (0.5%) |
Operating Expenses | (451) | (459) | 8 | 1.7% |
Operating Margin | 1,303 | 1,304 | (0) | (0.0%) |
Selling and Administrative Expenses | (5,656) | (5,642) | (14) | (0.3%) |
Operating Income | (4,353) | (4,339) | (15) | (0.3%) |
Interest Income | 15,633 | 17,105 | (1,472) | (8.6%) |
Interest Expense | (34,658) | (51,257) | 16,599 | 32.4% |
Net Financial Income (Expenses) | (19,025) | (34,152) | 15,126 | 44.3% |
Equity Gains from Related Companies | 49,218 | 45,200 | 4,017 | 8.9% |
Equity Losses from Related Companies | (2,767) | (26,459) | 23,692 | 89.5% |
Net Income from Related Companies | 46,451 | 18,741 | 27,710 | 147.9% |
Other Non Operating Income | 3,491 | 3,600 | (110) | (3.0%) |
Other Non Operating Expenses | (1,883) | (5,610) | 3,728 | 66.4% |
Net other Non Operating Income (Expense) | 1,608 | (2,010) | 3,618 | 180.0% |
Price Level Restatement | 957 | 4,169 | (3,211) | (77.0%) |
Foreign Exchange Effect | 6,871 | (9,140) | 16,011 | 175.2% |
Net of Monetary Exposure | 7,828 | (4,971) | 12,800 | - |
Positive Goodwill Amortization | (20,126) | (20,377) | 251 | 1.2% |
Non Operating Income | 16,736 | (42,769) | 59,505 | 139.1% |
Net Inc b. Taxes, Min Int and Neg Goodwill Amort | 12,383 | (47,108) | 59,490 | 126.3% |
Income Tax | 3,204 | 4,515 | (1,311) | (29.0%) |
Negative Goodwill Amortization | 17 | 19 | (2) | (10.6%) |
NET INCOME | 15,604 | (42,573) | 58,177 | 136.7% |
www.enersis.cl | Santa Rosa 76, Santiago, CHILE | Pg. 47 |
Phone: 56 (2) 353 4682 |
PRESS RELEASE | |
First Quarter 2004 - Generation Business |
Under Chilean GAAP, Million Ch$
Table 30.1
Million Ch$ | 1Q 04 | 1Q 03 | Var 04-03 | Chg % |
Operating Revenues | 1,081 | 1,086 | (5) | (0.5%) |
Operating Expenses | (278) | (283) | 5 | 1.7% |
Operating Margin | 803 | 804 | (0) | (0.0%) |
Selling and Administrative Expenses | (3,487) | (3,478) | (9) | (0.3%) |
Operating Income | (2,683) | (2,674) | (9) | (0.3%) |
Interest Income | 9,636 | 10,544 | (908) | (8.6%) |
Interest Expense | (21,364) | (31,595) | 10,232 | 32.4% |
Net Financial Income (Expenses) | (11,727) | (21,051) | 9,324 | 44.3% |
Equity Gains from Related Companies | 30,338 | 27,862 | 2,476 | 8.9% |
Equity Losses from Related Companies | (1,706) | (16,310) | 14,604 | 89.5% |
Net Income from Related Companies | 28,633 | 11,552 | 17,081 | 147.9% |
Other Non Operating Income | 2,152 | 2,219 | (68) | (3.0%) |
Other Non Operating Expenses | (1,160) | (3,458) | 2,298 | 66.4% |
Net other Non Operating Income (Expense) | 991 | (1,239) | 2,230 | 180.0% |
Price Level Restatement | 590 | 2,570 | (1,980) | (77.0%) |
Foreign Exchange Effect | 4,235 | (5,634) | 9,869 | 175.2% |
Net of Monetary Exposure | 4,825 | (3,064) | 7,890 | - |
Positive Goodwill Amortization | (12,406) | (12,561) | 155 | 1.2% |
Non Operating Income | 10,316 | (26,363) | 36,679 | 139.1% |
Net Inc b. Taxes, Min Int and Neg Goodwill Amort | 7,633 | (29,038) | 36,670 | 126.3% |
Income Tax | 1,975 | 2,783 | (808) | (29.0%) |
Negative Goodwill Amortization | 11 | 12 | (1) | (10.6%) |
NET INCOME | 9,618 | (26,243) | 35,861 | 136.7% |
www.enersis.cl | Santa Rosa 76, Santiago, CHILE | Pg. 48 |
Phone: 56 (2) 353 4682 |
PRESS RELEASE | |
First Quarter 2004 - Generation Business |
Partially Consolidated Income Statement
Parent Company Consolidated with Enersis Internacional First Quarter 2004 Earnings Report
Under Chilean GAAP, Thousand US$
Table 31
(in thousand US$ of 1Q04) | 1Q04 | 1Q 03 | Var % |
Gross Operating Margin | 1,303 | 1,304 | (0.0%) |
S&A Expenses | (5,656) | (5,642) | (0.3%) |
Operating Income | (4,353) | (4,339) | (0.3%) |
Endesa | 7,817 | 23,337 | (66.5%) |
Chilectra | 19,837 | 19,265 | 3.0% |
Rio Maipo | - | 4,523 | (100.0%) |
Edesur | (2,714) | (16,019) | 83.1% |
Edelnor | 979 | 2,578 | (62.0%) |
Cerj | (6,087) | (27,417) | 77.8% |
Coelce | (402) | (2,980) | 86.5% |
Codensa | 4,696 | (1,654) | 383.9% |
CAM LTDA | 863 | 1,819 | (52.5%) |
Inm Manso de Velasco | 2,506 | 221 | 1034.9% |
Synapsis | 1,687 | 1,693 | (0.4%) |
CGTF | 3,967 | - | NA |
Others | 0 | (26) | 101.4% |
Net Income from Related Companies | 33,151 | 5,341 | 520.7% |
Interest Income | 21,539 | 24,503 | (12.1%) |
Interest Expense | (34,658) | (51,264) | 32.4% |
Net Financial Income (Expenses) | (13,120) | (26,761) | 51.0% |
Other Non Operating Income | 3,495 | 3,606 | (3.1%) |
Other Non Operating Expenses | (2,964) | (5,611) | 47.2% |
Net other Non Operating Income (Expenses) | 531 | (2,005) | 126.5% |
Price Level Restatement | 975 | 3,542 | (72.5%) |
Foreign Exchange Effect | 15,196 | (2,509) | 705.7% |
Net Monetary Exposure | 16,171 | 1,033 | 1465.0% |
Positive Goodwill Amortization | (20,126) | (20,377) | 1.2% |
Non Operating Income | 16,608 | (42,769) | 138.8% |
Net Income before (1), (2) & (3) | 12,255 | (47,108) | 126.0% |
Income Tax (1) | 3,204 | 4,515 | (29.0%) |
Negative Goodwill Amortization (2) | 146 | 19 | 656.3% |
Minority Interest (3) | - | - | NA |
NET INCOME | 15,604 | (42,574) | 136.7% |
EPS (Ch$) | 0.29 | (3.17) | |
EPADS (US$) | 0.00 | (0.00) | |
Common Shares Outstanding (Th) | 32,651,166 | 8,291,020 | |
www.enersis.cl | Santa Rosa 76, Santiago, CHILE | Pg. 49 |
Phone: 56 (2) 353 4682 |
PRESS RELEASE | |
First Quarter 2004 - Generation Business |
Under Chilean GAAP, Million Ch$
Table 31.1
(in million Ch$ of 1Q04) | 1Q 04 | 1Q 03 | Var % |
Gross Operating Margin | 803 | 804 | (0.0%) |
S&A Expenses | (3,487) | (3,478) | (0.3%) |
Operating Income | (2,683) | (2,674) | (0.3%) |
Endesa | 4,818 | 14,385 | (66.5%) |
Chilectra | 12,228 | 11,875 | 3.0% |
Rio Maipo | - | 2,788 | (100.0%) |
Edesur | (1,673) | (9,874) | 83.1% |
Edelnor | 604 | 1,589 | (62.0%) |
Cerj | (3,752) | (16,900) | 77.8% |
Coelce | (248) | (1,837) | 86.5% |
Coden sa | 2,895 | (1,020) | 383.9% |
CAM L TDA | 532 | 1,122 | (52.5%) |
Inm Manso de Velasco | 1,545 | 136 | 1034.9% |
Synapsis | 1,040 | 1,044 | (0.4%) |
CGTF | 2,445 | - | NA |
Other | 0 | (16) | 101.4% |
Net Income from Related Companies | 20,435 | 3,292 | 520.7% |
Interest Income | 13,277 | 15,104 | (12.1%) |
Interest Expense | (21,364) | (31,600) | 32.4% |
Net Financial Income (Expenses) | (8,087) | (16,496) | 51.0% |
Other Non Operating Income | 2,154 | 2,223 | (3.1%) |
Other Non Operating Expenses | (1,827) | (3,459) | 47.2% |
Net other Non Operating Income (Expenses) | 327 | (1,236) | 126.5% |
Price Level Restatement | 601 | 2,183 | (72.5%) |
Foreign Exchange Effect | 9,367 | (1,546) | 705.7% |
Net Monetary Exposure | 9,968 | 637 | 1465.0% |
Positive Goodwill Amortization | (12,406) | (12,561) | 1.2% |
Non Operating Income | 10,237 | (26,363) | 138.8% |
Net Income before (1), (2) & (3) | 7,554 | (29,038) | 126.0% |
Income Tax (1) | 1,975 | 2,783 | (29.0%) |
Negative Goodwill Amortization (2) | 90 | 12 | 656.3% |
Minority Interest (3) | - | - | NA |
NET INCOME | 9,618 | (26,243) | 136.7% |
EPS (Ch$) | 0.29 | (3.17) | |
EPADS (US$) | 0.00 | (0.00) | |
Common Shares Outstanding (Th) | 32,651,166 | 8,291,020 | |
www.enersis.cl | Santa Rosa 76, Santiago, CHILE | Pg. 50 |
Phone: 56 (2) 353 4682 |
PRESS RELEASE | |
First Quarter 2004 - Generation Business |
Ownership of the Company as of March 31, 2004
Conference Call Invitation
Enersis is pleased to inform you that it will hold a conference call to review its results for the period, on Thursday, April 29, 2004, at 1:00 PM (New York time). To participate, please dial +1 (617) 786-4501 or +1 (800) 901-5247 (toll free USA), approximately 10 minutes prior to the scheduled start time, Passcode ID: 71490794.
The phone replay will be available since April 29, until May 6, dialing +1 (617) 801-6888 or 1+ (888) 286-8010 (toll free USA) Passcode ID: 33539484.
To access the call online, or to access the replay, go to:http://www.enersis.comInvestor Relations (please note that this is a listen only mode).
www.enersis.cl | Santa Rosa 76, Santiago, CHILE | Pg. 51 |
Phone: 56 (2) 353 4682 |
PRESS RELEASE | |
First Quarter 2004 - Generation Business |
Contact Information
For further information, please contact Enersis:
Susana Rey
Head of Investor Relations
srm@e.enersis.cl
56 (2) 353 4554
Pablo Lanyi-Grunfeldt | Matías Rodríguez | Francisco Luco | Carmen Poblete |
Investor Relations | Investor Relations | Investor Relations | Investor Relations |
Engineer | Engineer | Engineer | Engineer |
pll@e.enersis.cl | mra8@e.enersis.cl | fjlv@e.enersis.cl | cpt@e.enersis.cl |
56 (2) 353 4552 | 56 (2) 353 4492 | 56 (2) 353 4555 | 56 (2) 353-4447 |
Mariluz Muñoz
Investor Relations
Assistant
mlmr@e.enersis.cl
56 (2) 353-4682
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 Enersis and its management with respect to, among other things: (1) Enersis’ business plans; (2) Enersis’ cost-reduction plans; (3) trends affecting Enersis’ 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 Enersis’ or its affiliates. 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 Enersis’ 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. Enersis undertakes no obligation to release publicly the result of any revisions to these forward-looking statements.
www.enersis.cl | Santa Rosa 76, Santiago, CHILE | Pg. 52 |
Phone: 56 (2) 353 4682 |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
ENERSIS S.A. | |||||||
Date: April 29, 2004 | By: | /s/ Mario Valcarce | |||||
Name: Mario Valcarce | |||||||
Title: Chief Executive Officer |