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o | REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR 12(g) OF THE SECURITIES EXCHANGE ACT OF 1934 |
þ | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
o | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
o | SHELL COMPANY REPORT PURSUANT TO SECTION 23 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
ENERSIS S.A. | CHILE | |
(Translation of Registrant’s name into English) | (Jurisdiction of incorporation or organization) |
Santiago, Chile
Securities registered or to be registered pursuant to Section 12(b) of the Act:
Title of Each Class | Name of each exchange on which registered | |
American Depositary Shares representing Common Stock | New York Stock Exchange | |
Common Stock, no par value | New York Stock Exchange* | |
$350,000,000 7.40% Notes due December 1, 2016 | New York Stock Exchange | |
$150,000,000 6.60% Notes due December 1, 2026 | New York Stock Exchange |
* | Listed, not for trading, but only in connection with the registration of American Depositary Shares, pursuant to the requirements of the Securities and Exchange Commission. |
Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act:
$ 350,000,000 7.375% Notes due January 15, 2014
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EX-1.1: BY-LAWS AS AMENDED | ||||||||
EX-1.2: BY-LAWS AS AMENDED (ENGLISH TRANSLATION) | ||||||||
EX-8.1: LIST OF SUBSIDIARIES | ||||||||
EX-12.1: CERTIFICATION | ||||||||
EX-12.2: CERTIFICATION | ||||||||
EX-13.1: CERTIFICATION |
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AESGener | AES Gener S.A. | Chilean generation company that competes with Endesa Chile in Chile, both in the SIC and in the SING systems, as well as in Argentina, Brazil and Colombia. | ||
AFP | Administradora de Fondos de Pensiones | Chilean pension funds. | ||
Ampla | Ampla Energía e Serviços S.A. | Brazilian distribution company operating in Rio do Janeiro, owned by Endesa Brasil, a subsidiary of Enersis. | ||
ANEEL | Agéncia Nacional de Energia Elétrica | Brazilian agency for electric energy. | ||
Betania | Central Hidroeléctrica de Betania S.A. E.S.P. | Endesa Chile’s Colombian subsidiary which operates a 541 MW hydroelectric facility. | ||
Cachoeira Dourada | Centrais Eléctricas Cachoeira Dourada S.A. | Brazilian company owned by Endesa Brasil, a subsidiary of Enersis, with a hydroelectric capacity of 658 MW. | ||
CAM | Compañía Americana de Multiservicios Ltda. | Enersis’ subsidiary engaged in the electrical parts procurement business. | ||
CAMMESA | Compañía Administradora del Mercado Mayorista Eléctrico S.A. | Argentine company in charge of the operation of the MEM. CAMMESA’s stockholders are generation, transmission and distribution companies, large users and the Secretary of Energy. | ||
CCE | Compañía Chilena de Electricidad Ltda. | Chilean Electricity Company, founded in 1921; origin of Enersis. | ||
CCEE | Cámara de Comercialização de Energia Elétrica | Chamber of Energy Trading, in Brazil. | ||
CELTA | Compañía Eléctrica Tarapacá S.A. | Endesa Chile’ subsidiary that operates in the SING with 182 MW in thermal plants | ||
CEMSA | Compañía de Energía del Mercosur S.A. | Endesa Chile’s subsidiary trading company with operations in Argentina. | ||
CGE | Compañía General de Electricidad S.A | The second largest Chilean distribution company after Chilectra. | ||
CGTF | Central Geradora Termeléctrica Endesa Fortaleza S.A. | CGTF owns a 322 MW combined cycle generating plant, located in the state of Ceará. CGTF is fully owned by Endesa Brasil, Enersis’ subsidiary. | ||
Chilectra | Chilectra S.A. | Largest Chilean distribution company owned by Enersis. | ||
CIEN | Companhia de Interconexão Energética S.A. | Brazilian transmission company, wholly-owned by Endesa Brasil, Enersis’ subsidiary. | ||
CNE | Comisión Nacional de Energía | Chilean National Energy Commission; governmental entity with responsibilities under the Chilean regulatory framework. | ||
Codensa | Codensa S.A. E.S.P. | Colombian distribution company controlled by Enersis. |
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Coelce | Companhia Energética do Ceará S.A. | Brazilian distribution company operating in the state of Ceará; Coelce is controlled by Endesa Brasil, a subsidiary of Enersis. | ||
CREG | Comisión de Regulación de Energía y Gas | Colombian Commission for the Regulation of Energy and Gas. | ||
CTM | Compañía de Transmisión del Mercosur | Endesa Chile’s subsidiary transmission company with operations in Argentina. | ||
Edegel | Edegel S.A.A. | Peruvian generation company, subsidiary of Endesa Chile. | ||
Edelnor | Empresa de Distribución Eléctrica de Lima Norte S.A.A. | Peruvian distribution company with concession area in the northern part of Lima. | ||
Edesur | Empresa Distribuidora Sur S.A. | Argentine distribution company with concession area in the south of Buenos Aires. | ||
El Chocón | Hidroeléctrica El Chocón S.A. | Endesa Chile’s subsidiary with two hydroelectric plants, El Chocón (1,200 MW) and Arroyito (120 MW), both located in the Limay River, Argentina. | ||
Elesur | Elesur S.A. | A Chilean subsidiary of Enersis that absorbed Chilectra, and later changed its name to Chilectra. | ||
Emgesa | Emgesa S.A. E.S.P. | Colombian generation company controlled by Endesa Chile. | ||
Endesa Costanera | Endesa Costanera S.A. | Argentine generation company controlled by Endesa Chile. | ||
Endesa Brasil | Endesa Brasil, S.A. | Brazilian holding company, subsidiary of Enersis, created in 2005 to improve the positioning of the Group. | ||
Endesa Chile | Empresa Nacional de Electricidad S.A. | Main Chilean power producer with operations in five countries in South America. | ||
Endesa Internacional | Endesa Internacional S.A. | Endesa Spain subsidiary to control operations in Latin America. | ||
Endesa Spain | ENDESA, S.A. | The largest electricity generation and distribution company in Spain; it owns a 60.6% beneficial interest in Enersis. | ||
IMV | Inmobiliaria Manso de Velasco Limitada | Enersis wholly-owned subsidiary devoted to the real estate business. | ||
MEM | Mercado Eléctrico Mayorista | Wholesale Electricity Market. The MEM operates theSistema Interconectado Nacionalor National Interconnected System, or NIS, in Argentina. | ||
NIS | Sistema Interconectado Nacional | National interconnected electric system. There are such systems in Argentina, Brazil and Colombia. | ||
ONS | Operador Nacional do Sistema Elétricos | Brazilian nonprofit private entity responsible for the planning and coordination of operations in interconnected systems. |
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ORSEP | Organismo Responsible de la Seguridad de las Presas | The entity for safety of dams. | ||
OSINERG | Organismo Supervisor de la Inversión en Energía | Peruvian regulatory electricity authority. | ||
Pangue | Empresa Eléctrica Pangue S.A. | Chilean electric company, owner of the 467 MW Pangue power station. Pangue is an Endesa Chile subsidiary. | ||
Pehuenche | Empresa Eléctrica Pehuenche S.A. | Chilean electric company, owner of three power stations in the Maule basin, with a total generation capacity of 69555 MW. Pehuenche is an Endesa Chile subsidiary. | ||
San Isidro | Compañía Eléctrica San Isidro S.A. | Chilean electric company, owner of a 379 MW thermal power station. San Isidro is wholly-owned by Endesa Chile. | ||
SEF | Superintendencia de Electricidad y Combustible | Governmental entity in charge of supervising the Chilean electric industry. | ||
SEIN | Sistema Eléctrico Interconectado Nacional | Peruvian electric system. | ||
SIC | Sistema Interconectado Central | Chilean central interconnected system. | ||
SING | Sistema Interconectado del Norte Grande | Electric system operating in the northern region of Chile. | ||
SVS | Superintendencia de Valores y Seguros | Chilean authority in charge of supervising public companies, securities and insurances. | ||
Synapsis | Synapsis Soluciones y Servicios IT Ltda. | Wholly owned subsidiary of Enersis engaged in the computer services business. | ||
TESA | Transportadora del Energía de Mercosur S.A. | Endesa Chile’s transmission company subsidiary with operations in Argentina. | ||
UNIREN | Unidad de Renegociación y Análisis de Contratos de Servicios Públicos | Argentine institution in charge of renegotiating public service contracts. | ||
UTA | Unidad Tributaria Anual | Chilean annual tax unit. One UTA equals 12 UTM. | ||
UTM | Unidad Tributaria Mensual | Chilean monthly tax unit used to define fines, among other purposes. | ||
VAD | Valued Added Distribution | Value added from distribution of electricity. | ||
VNR | Valor Nuevo de Reemplazo | The net replacement value, in its Spanish acronym. |
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• | control, directly or indirectly, more than a 50% voting interest in that company; or | ||
• | nominate or have the power to nominate a majority of the Board of Directors of that company if we control 50% or less of the voting interest of that company. |
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• | subtracting the number of GWh of energy sold from the number of GWh of energy purchased and self-generated within a given period; and | ||
• | calculating the percentage that the resulting quantity bears to the aggregate number of GWh of energy purchased and self-generated within the same period. |
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• | our capital investment program; | ||
• | trends affecting our financial condition or results from operations; | ||
• | our dividend policy; | ||
• | the future impact of competition and regulation; | ||
• | political and economic conditions in the countries in which we or our affiliates operate or may operate in the future; | ||
• | any statements preceded by, followed by or that include the words “believes,” “expects,” “predicts,” “anticipates,” “intends,” “estimates,” “should,” “may” or similar expressions; and | ||
• | other statements contained or incorporated by reference in this annual Report regarding matters that are not historical facts. |
• | changes in the regulatory environment in one or more of the countries in which we operate; | ||
• | changes in the environmental regulatory framework in one or more of the countries in which we operate; | ||
• | our ability to implement proposed capital expenditures, including our ability to arrange financing where required; | ||
• | the nature and extent of future competition in our principal markets; | ||
• | political, economic and demographic developments in the emerging market countries of South America where we conduct our business; and | ||
• | the factors discussed below under “Risk Factors.” |
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As of or for the year ended December, 31 | ||||||||||||||||||||||||
2002 | 2003 | 2004 | 2005 | 2006 | 2006 (1) | |||||||||||||||||||
(Constant Ch$ Millions as of December 31, 2006, | Millions of | |||||||||||||||||||||||
Except share and ADS data) | U.S.$ | |||||||||||||||||||||||
CONSOLIDATED INCOME STATEMENT DATA Chilean GAAP | ||||||||||||||||||||||||
Revenues from Operations | 2,739,970 | 2,576,082 | 2,888,255 | 3,293,143 | 3,892,064 | 7,311 | ||||||||||||||||||
Cost of Sales | (1,898,073 | ) | (1,796,316 | ) | (2,009,541 | ) | (2,234,186 | ) | (2,594,444 | ) | (4,873 | ) | ||||||||||||
Administrative and Selling Expenses | (244,613 | ) | (183,891 | ) | (187,016 | ) | (230,313 | ) | (229,578 | ) | (431 | ) | ||||||||||||
Operating Income | 597,284 | 595,875 | 691,698 | 828,644 | 1,068,042 | 2,007 | ||||||||||||||||||
Equity in Income of Related Companies | 9,050 | 18,992 | 32,945 | 6,887 | 5,039 | 9 | ||||||||||||||||||
Goodwill Amortization | (554,467 | ) | (57,710 | ) | (56,274 | ) | (56,345 | ) | (55,908 | ) | (105 | ) | ||||||||||||
Interest (Expense), Net | (393,035 | ) | (382,695 | ) | (305,535 | ) | (207,088 | ) | (265,918 | ) | (499 | ) | ||||||||||||
Price Level Adjustment | (12,203 | ) | (11,442 | ) | 14,417 | (11,422 | ) | 6,544 | 12 | |||||||||||||||
Other non Operating Income (loss), net | 64,406 | (74,996 | ) | (97,365 | ) | (88,930 | ) | (98,723 | ) | (185 | ) | |||||||||||||
Income (loss) before Income Taxes, Minority Interest and Amortization of Negative Goodwill | (288,965 | ) | 88,024 | 280,886 | 408,746 | 659,076 | 1,239 | |||||||||||||||||
Income taxes | (72,291 | ) | (45,071 | ) | (145,168 | ) | (182,051 | ) | (109,408 | ) | (206 | ) | ||||||||||||
Extraordinary Items | (24,503 | ) | — | — | — | — | — | |||||||||||||||||
Minority Interest | 17,831 | (84,920 | ) | (106,946 | ) | (173,072 | ) | (269,786 | ) | (507 | ) | |||||||||||||
Amortization of Negative Goodwill | 122,915 | 55,485 | 18,095 | 15,822 | 6,078 | 11 | ||||||||||||||||||
Net Income (loss) | (245,013 | ) | 13,518 | 46,867 | 69,445 | 285,960 | 537 | |||||||||||||||||
Net Income (loss) per Share | (29.55 | ) | 0.66 | 1.44 | 2.13 | 8.76 | — | |||||||||||||||||
Net Income (loss) per ADS | (1,477.58 | ) | 20.70 | 71.77 | 106.34 | 437.90 | 1 | |||||||||||||||||
U.S. GAAP | ||||||||||||||||||||||||
Operating Income | (236,589 | ) | 489,318 | 702,832 | 842,175 | 1,032,575 | 1,940 | |||||||||||||||||
Equity in Income (loss) of Related Companies | 25,508 | 47,285 | 32,946 | (26,936 | ) | 9,509 | 18 | |||||||||||||||||
Income taxes | (3,018 | ) | (23,581 | ) | (131,130 | ) | (185,596 | ) | (101,998 | ) | (192 | ) | ||||||||||||
Net Income (loss) from continuing operations | (361,447 | ) | 31,962 | 160,540 | 124,918 | 362,152 | 680 | |||||||||||||||||
Income (loss) from discontinued operations net of tax and minority interest | 182 | 76 | — | — | — | — | ||||||||||||||||||
Net Income (loss) | (361,265 | ) | 32,038 | 160,540 | 124,918 | 362,152 | 680 | |||||||||||||||||
Net Income (loss) from continuing operations per Share | (43.59 | ) | 1.56 | 4.92 | 3.83 | 11.09 | — | |||||||||||||||||
Net Income (loss) from continuing operations per ADS | (2,179.78 | ) | 78.07 | 71.77 | 191.29 | 554.58 | 1 | |||||||||||||||||
Net Income (loss) per Share | (43.59 | ) | 1.55 | 4.92 | 3.83 | 11.09 | — | |||||||||||||||||
Net Income (loss) per ADS | (2,178.70 | ) | 77.52 | 71.77 | 191.29 | 554.58 | 1 | |||||||||||||||||
Cash Dividends per share | — | — | — | 0.44 | 2.13 | — | ||||||||||||||||||
Cash Dividends per ADS | — | — | — | 21.95 | 106.64 | — | ||||||||||||||||||
Capital stock | 859,146 | 2,587,409 | 2,587,409 | 2,587,409 | 2,587,409 | 4,860 | ||||||||||||||||||
Number of shares of common stock (thousands) | 8,291,020 | 32,651,166 | 32,651,166 | 32,651,166 | 32,651,166 | — | ||||||||||||||||||
Number of American Depository Shares (thousands) | 6,578 | 55,111 | 66,345 | 61,384 | 61,384 | — | ||||||||||||||||||
CONSOLIDATED BALANCE SHEET DATA CHILEAN GAAP | ||||||||||||||||||||||||
Total Assets | 13,810,387 | 11,617,221 | 11,096,860 | 10,481,004 | 11,062,409 | 20,779 | ||||||||||||||||||
Long Term Debt | 5,917,810 | 4,000,907 | 4,026,563 | 3,451,643 | 3,923,079 | 7,369 | ||||||||||||||||||
Minority Interest | 4,435,580 | 3,631,292 | 3,305,494 | 2,858,841 | 2,869,963 | 5,391 | ||||||||||||||||||
Stockholders’ Equity | 1,101,153 | 2,762,967 | 2,707,383 | 2,650,385 | 2,869,882 | 5,391 | ||||||||||||||||||
U.S. GAAP | ||||||||||||||||||||||||
Total Assets | 13,502,056 | 11,451,812 | 11,166,609 | 10,601,905 | 11,218,412 | 21,072 | ||||||||||||||||||
Long Term Debt | 5,700,623 | 4,127,015 | 4,225,161 | 3,629,544 | 4,111,953 | 7,724 | ||||||||||||||||||
Minority Interest | 4,661,936 | 3,391,101 | 3,068,712 | 2,654,505 | 2,678,841 | 5,032 | ||||||||||||||||||
Stockholders’ Equity | 937,414 | 2,724,075 | 2,786,704 | 2,799,385 | 3,034,318 | 5,699 |
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As of or for the year ended December, 31 | ||||||||||||||||||||||||
2002 | 2003 | 2004 | 2005 | 2006 | 2006 (1) | |||||||||||||||||||
(Constant Ch$ Millions as of December 31, 2006, | Millions of | |||||||||||||||||||||||
Except share and ADS data) | U.S.$ | |||||||||||||||||||||||
OTHER CONSOLIDATED FINANCIAL DATA | ||||||||||||||||||||||||
CHILEAN GAAP | ||||||||||||||||||||||||
Capital Expenditures | 348,130 | 280,576 | 281,294 | 324,116 | 517,768 | 973 | ||||||||||||||||||
Depreciation and amortization of intangibles (2) | 509,042 | 439,100 | 408,603 | 383,831 | 422,476 | 794 | ||||||||||||||||||
U.S. GAAP | ||||||||||||||||||||||||
Capital Expenditures | 348,130 | 280,576 | 281,294 | 324,116 | 517,768 | 973 | ||||||||||||||||||
Depreciation and amortization | 1,135,890 | 438,485 | 387,933 | 367,662 | 399,413 | 750 |
(1) | Solely for the convenience of the reader, peso amounts have been translated into dollars at the rate of Ch$ 532.39 per dollar, the Observed Exchange Rate for December 31, 2006. | |
(2) | Does not include goodwill and negative goodwill amortization. |
As of or for the year ended December 31, | ||||||||||||||||||||
2002 | 2003 | 2004 | 2005 | 2006 | ||||||||||||||||
Operating Data of Subsidiaries | ||||||||||||||||||||
Chilectra | ||||||||||||||||||||
Electricity Sold (GWh)(1) | 9,952 | 10,518 | 11,317 | 11,851 | 12,377 | |||||||||||||||
Number of Customers (thousands) | 1,319 | 1,341 | 1,371 | 1,404 | 1,437 | |||||||||||||||
Total Energy Losses (%)(2) | 5.6 | 5.6 | 5.2 | 5.5 | 5.4 | |||||||||||||||
Río Maipo | ||||||||||||||||||||
Electricity Sold (GWh) | 1,274 | — | — | — | — | |||||||||||||||
Number of Customers (thousands) | 302 | — | — | — | — | |||||||||||||||
Total Energy Losses (%)(2) | 6.2 | — | — | — | — | |||||||||||||||
Edesur | ||||||||||||||||||||
Electricity Sold (GWh) | 12,138 | 12,656 | 13,322 | 14,018 | 14,837 | |||||||||||||||
Number of Customers (thousands) | 2,090 | 2,117 | 2,139 | 2,165 | 2,196 | |||||||||||||||
Total Energy Losses (%)(2) | 11.6 | 11.8 | 11.8 | 11.4 | 10.5 | |||||||||||||||
Ampla | ||||||||||||||||||||
Electricity Sold (GWh) | 7,145 | 7,276 | 7,628 | 8,175 | 8,668 | |||||||||||||||
Number of Customers (thousands) | 1,778 | 2,012 | 2,115 | 2,216 | 2,316 | |||||||||||||||
Total Energy Losses (%)(2) | 22.6 | 23.6 | 22.8 | 22.4 | 21.9 | |||||||||||||||
Coelce | ||||||||||||||||||||
Electricity Sold (GWh) | 5,558 | 5,905 | 6,141 | 6,580 | 6,769 | |||||||||||||||
Number of Customers (thousands) | 2,009 | 2,109 | 2,334 | 2,438 | 2,543 | |||||||||||||||
Total Energy Losses (%)(2) | 12.9 | 13.5 | 13.9 | 14.0 | 13.0 | |||||||||||||||
Codensa | ||||||||||||||||||||
Electricity Sold (GWh) | 9,015 | 9,254 | 9,656 | 10,094 | 10,755 | |||||||||||||||
Number of Customers (thousands) | 1,911 | 1,972 | 2,015 | 2,073 | 2,138 | |||||||||||||||
Total Energy Losses (%)(2) | 10.3 | 10.2 | 9.7 | 9.4 | 8.9 | |||||||||||||||
Edelnor | ||||||||||||||||||||
Electricity Sold (GWh) | 3,872 | 3,968 | 4,250 | 4,530 | 4,874 | |||||||||||||||
Number of Customers (thousands) | 871 | 892 | 912 | 925 | 952 | |||||||||||||||
Total Energy Losses (%)(2) | 8.5 | 8.4 | 8.4 | 8.6 | 8.2 | |||||||||||||||
Endesa Chile | ||||||||||||||||||||
Installed capacity in Chile (MW) | 3,935 | 3,763 | 4,477 | 4,477 | 4,477 | |||||||||||||||
Installed capacity in Argentina (MW) | 3,622 | 3,622 | 3,623 | 3,624 | 3,639 | |||||||||||||||
Installed capacity in Colombia (MW) | 2,735 | 2,589 | 2,609 | 2,657 | 2,729 | |||||||||||||||
Installed capacity in Brazil (MW)(3) | 658 | 658 | 658 | — | — | |||||||||||||||
Installed capacity in Peru (MW) | 1,003 | 967 | 967 | 969 | 1,426 | |||||||||||||||
Production in Chile (GWh)(4) | 16,286 | 16,524 | 16,797 | 18,764 | 19,973 | |||||||||||||||
Production in Argentina (GWh)(4) | 7,167 | 7,997 | 11,290 | 12,333 | 13,750 | |||||||||||||||
Production in Colombia (GWh)(4) | 10,699 | 10,794 | 11,881 | 11,864 | 12,564 | |||||||||||||||
Production in Brazil (GWh)(4) | 2,467 | 3,024 | 3,262 | 3,954 | 4,489 | |||||||||||||||
Production in Peru (GWh)(4) | 4,141 | 4,287 | 4,375 | 4,763 | 6,935 | |||||||||||||||
Endesa Brasil. | ||||||||||||||||||||
Installed capacity in Brazil (MW)(3) | — | — | — | 1,039 | 980 | |||||||||||||||
Production in Brazil (GWh)(4) | — | — | — | 3,954 | 4,489 |
(1) | Energy sold by Chilectra includes sales to Río Maipo up to 2003, year in which we sold this company. | |
(2) | Energy losses are calculated by (a) subtracting the number of GWh of energy sold from the aggregate GWh of energy purchased and self-generated within a period and (b) calculating the percentage that the resulting sum bears to the aggregate number of GWh of energy purchased and self-generated within the same period. Energy losses arise from illegally tapped energy as well as technical failures. | |
(3) | As a result of the creation of Endesa Brasil, Cachoeira Dourada became a subsidiary of Enersis as of October 2005. As of the same date, Enersis also started to consolidate Endesa Fortaleza. Ampla had small generation facilities with a capacity of 62 MW, however these facilities were sold as of the beginning of 2006. | |
(4) | Energy production is defined as total generation minus energy consumption and technical losses within our own power plants. |
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Observed Exchange Rate (1) | ||||||||||||||||
(Ch$ per U.S.$) | ||||||||||||||||
Year | Low (2) | High (2) | Average (3) | Period-end | ||||||||||||
2002 | 641.75 | 756.56 | 692.32 | 718.61 | ||||||||||||
2003 | 593.10 | 758.21 | 686.89 | 593.80 | ||||||||||||
2004 | 557.40 | 649.45 | 611.11 | 557.40 | ||||||||||||
2005 | 509.70 | 592.75 | 558.06 | 512.50 | ||||||||||||
2006 | 511.44 | 549.63 | 529.64 | 532.39 |
Observed Exchange Rate (1) | ||||||||||||||||
(Ch$ per U.S.$) | ||||||||||||||||
Last six months | Low (2) | High (2) | Average (3) | Period-end | ||||||||||||
2006 | ||||||||||||||||
November | 523.34 | 530.61 | — | 527.69 | ||||||||||||
December | 524.78 | 534.43 | — | 532.39 | ||||||||||||
2007 | ||||||||||||||||
January | 534.42 | 545.18 | — | 544.49 | ||||||||||||
February | 535.29 | 548.67 | — | 540.07 | ||||||||||||
March | 535.36 | 541.95 | — | 539.21 | ||||||||||||
April | 525.96 | 539.69 | — | 525.96 |
(1) | Reflects pesos at historical values rather than in constant pesos. | |
(2) | Exchange rates are the actual high and low, on a day-by-day basis, for each period. | |
(3) | The average of the exchange rates on the last day of each month during the period. This is not applicable to monthly data. |
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Main office: | Avenida Santa Rosa 76, Santiago, Chile | |||
Mailing Address: | Casilla 1392 | |||
Telephone: | (562) 353-4400 | |||
Fax: | (562) 378-4789 | |||
Web Site: | www.enersis.cl |
Main office: | 850 Library Avenue, Suite 204, Newark, Delaware | |||
Mailing Address: | P.O. Box 885, Newark, Delaware, 19711 | |||
Telephone: | (302) 738-6680 | |||
Fax: | (302) 738-7210 |
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Capital Expenditure | ||||||||||||||||
(in billions of Ch$) | ||||||||||||||||
2004 | 2005 | 2006 | 2007-2011 | |||||||||||||
Electricity Generation/Transmission (1)(2) | 92 | 60 | 219 | 1,334 | ||||||||||||
Electricity Distribution | 189 | 266 | 360 | 1,594 | ||||||||||||
Other Businesses | 6 | 6 | 6 | 29 | ||||||||||||
Total | 287 | 332 | 586 | 2,956 | ||||||||||||
companies are subsidiaries of Endesa Brasil, which in turn is consolidated by Enersis.
into Edegel.
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• | enhance earnings through expansion of our unregulated client base; | ||
• | reduce our exposure to hydrological risk with commercial policies that reduce contracted sales and increase sales in the spot markets; | ||
• | improve our operating margins by reducing the operating costs of our existing businesses; and | ||
• | take advantage of the continued demographic growth in the regions where we operate. |
• | reducing energy losses associated with distribution businesses over the long term; | ||
• | building and operating efficient generation facilities; | ||
• | implementing proprietary billing and accounts receivable management systems; | ||
• | increasing work force productivity while maintaining good labor relations; | ||
• | operating under a range of tariff and regulatory frameworks that reward efficient operations; and | ||
• | maximizing our return on actively managed subsidiaries |
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Year ended December 31, | ||||||||||||||||||||||||
2004 | 2005 | 2006 | ||||||||||||||||||||||
(GWh) | % | (GWh) | % | GWh | % | |||||||||||||||||||
Hydroelectric generation | 34,858 | 74 | 41,675 | 77 | 42,858 | 75 | ||||||||||||||||||
Thermal generation | 12,508 | 26 | 12,401 | 23 | 14,581 | 25 | ||||||||||||||||||
Total generation | 47,366 | 100 | 54,076 | 100 | 57,439 | 100 | ||||||||||||||||||
Year ended December 31, | ||||||||||||
2004 | 2005 | 2006 | ||||||||||
(in millions of constant Ch$ as of December 31, 2006) | ||||||||||||
Operating revenues | 474,350 | 540,113 | 633,961 | |||||||||
Operating expenses | 318,945 | 348,398 | 344,138 | |||||||||
Operating income | 155,405 | 191,715 | 289,823 |
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2004 | 2005 | 2006 | ||||||||||
Endesa | 2,754 | 2,754 | 2,754 | |||||||||
Pehuenche | 695 | 695 | 695 | |||||||||
Pangue | 467 | 467 | 467 | |||||||||
San Isidro. | 379 | 379 | 379 | |||||||||
Celta | 182 | 182 | 182 | |||||||||
Total | 4,477 | 4,477 | 4,477 | |||||||||
(1) | The installed capacity was certified during 2006 by Bureau Veritas, according to Norm No. 038 of Endesa Chile, “Definition of the maximum power in Hydroelectric and Thermoelectric plants of Endesa Chile.” |
Year ended December 31, | ||||||||||||
2004 | 2005 | 2006 | ||||||||||
Endesa | 8,633 | 10,903 | 11,642 | |||||||||
Pehuenche | 3,464 | 4,060 | 4,345 | |||||||||
Pangue | 1,671 | 2,241 | 2,432 | |||||||||
San Isidro. | 2,622 | 1,178 | 802 | |||||||||
Celta | 407 | 383 | 751 | |||||||||
Total | 16,797 | 18,765 | 19,973 | |||||||||
Year ended December 31 | ||||||||||||||||||||||||
2004 | 2005 | 2006 | ||||||||||||||||||||||
Generation. | Generation. | Generation. | ||||||||||||||||||||||
(GWh) | % | (GWh) | % | (GWh) | % | |||||||||||||||||||
Hydroelectric generation | 12,462 | 74.2 | 15,762 | 84.0 | 17,148 | 85.9 | ||||||||||||||||||
Thermal generation | 4,335 | 25.8 | 3,003 | 16.0 | 2,825 | 14.1 | ||||||||||||||||||
Total generation | 16,797 | 100.0 | 18,765 | 100.0 | 19,973 | 100.0 | ||||||||||||||||||
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Year ended December 31 | ||||||||||||||||||||||||
2004 | 2005 | 2006 | ||||||||||||||||||||||
% | Sales | % | Sales | % | ||||||||||||||||||||
(GWh) | of Volume | (GWh) | of Volume | (GWh) | of Volume | |||||||||||||||||||
Electricity production | 16,797 | 89.8 | 18,764 | 89.2 | 19,973 | 93.8 | ||||||||||||||||||
Electricity purchases | 1,914 | 10.2 | 2,268 | 10.8 | 1,317 | 6.2 | ||||||||||||||||||
Total(1) | 18,711 | 100.0 | 21,032 | 100.0 | 21,290 | 100.0 | ||||||||||||||||||
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(1) | Total GWh production plus purchases differs from GWh sales due to transmission losses, as power plant consumption and technical losses have already been deducted. |
Year ended December 31 | ||||||||||||||||||||||||
2004 | 2005 | 2006 | ||||||||||||||||||||||
% of | % of | % of | ||||||||||||||||||||||
Sales | Sales | Sales | Sales | Sales | Sales | |||||||||||||||||||
(GWh) | Volume | (GWh) | Volume | (GWh) | Volume | |||||||||||||||||||
Regulated customers | 10,387 | 56.3 | 10,575 | 51.0 | 10,756 | 51.4 | ||||||||||||||||||
Non-regulated customers | 4,884 | 26.5 | 4,797 | 23.1 | 5,176 | 24.7 | ||||||||||||||||||
Electricity pool market sales | 3,192 | 17.3 | 5,358 | 25.8 | 4,991 | 23.9 | ||||||||||||||||||
Total electricity sales | 18,462 | 100 | 20,731 | 100.0 | 20,923 | 100.0 | ||||||||||||||||||
Energy | Energy | % of energy | |||||||||||||||
Offered | Allocated | allocated in | % of the total | ||||||||||||||
Company | [Gwh] | [Gwh] | respect of offer | energy allocated | |||||||||||||
Endesa Chile | 6,400 | 6,395 | 99.9 | % | 58.7 | % | |||||||||||
Colbún | 3,000 | 2,200 | 73.3 | % | 20.2 | % | |||||||||||
Gener | 1,800 | 1,389 | 77.1 | % | 12.8 | % | |||||||||||
Guacolda | 1,010 | 900 | 89.2 | % | 8.3 | % | |||||||||||
Total | 12,210 | 10,884 | 89.1 | % | 100.0 | % |
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Year ended December 31, | ||||||||||||
2004 | 2005 | 2006 | ||||||||||
(in millions of constant Ch$) | ||||||||||||
Operating revenues | 156,866 | 160,088 | 235,416 | |||||||||
Operating expenses | 121,787 | 147,754 | 200,213 | |||||||||
Operating income | 35,079 | 12,334 | 35,203 |
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As of December 31, | ||||||||||||
2004 | 2005 | 2006 (1) | ||||||||||
Endesa Costanera | ||||||||||||
Costanera steam turbine | 1,131 | 1,131 | 1,138 | |||||||||
Costanera combined cycle II | 852 | 851 | 859 | |||||||||
Central termoeléctrica Buenos Aires Combined Cycle I | 320 | 322 | 322 | |||||||||
Hidroeléctrica El Chócon | ||||||||||||
El Chócon hydroelectric | 1,200 | 1,200 | 1,200 | |||||||||
Arroyito hydroelectric | 120 | 120 | 120 | |||||||||
Total | 3,623 | 3,624 | 3,639 | |||||||||
(1) | The installed capacity was certified during 2006 by Bureau Veritas, according to Norm No. 038 of Endesa Chile, “Definition of the maximum power in Hydroelectric and Thermoelectric plants of Endesa Chile.” |
Year Ended December 31, | ||||||||||||
2004 | 2005 | 2006 | ||||||||||
Endesa Costanera | 7,859 | 8,402 | 8,709 | |||||||||
El Chocón | 3,431 | 3,931 | 5,041 | |||||||||
Total | 11,290 | 12,333 | 13,750 | |||||||||
Year Ended December 31, | ||||||||||||||||||||||||
2004 | 2005 | 2006 | ||||||||||||||||||||||
(GWh) | % | (GWh) | % | (GWh) | % | |||||||||||||||||||
Hydroelectric generation | 3,431 | 30.4 | 3,931 | 31.9 | 5,041 | 36.7 | ||||||||||||||||||
Thermal generation | 7,859 | 69.6 | 8,402 | 68.1 | 8,709 | 63.3 | ||||||||||||||||||
Total generation | 11,290 | 100.0 | 12,333 | 100.0 | 13,750 | 100.0 | ||||||||||||||||||
(1) | Generation minus power plant own consumption and technical losses. |
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2004 | 2005 | 2006 | ||||||||||||||||||||||
(GWh) | % | (GWh) | % | (GWh) | % | |||||||||||||||||||
Electricity generation | 11,290 | 97.3 | 12,333 | 97.6 | 13,750 | 98.2 | ||||||||||||||||||
Electricity purchases | 313 | 2.7 | 308 | 2.4 | 256 | 1.8 | ||||||||||||||||||
Total(1) | 11,602 | 100.0 | 12,640 | 100.0 | 14,006 | 100.0 | ||||||||||||||||||
(1) | Energy generation plus energy purchases differs from electricity sales in 2005 and 2006 due to 61 GWh and 80 GWh respectively of power plant consumption of electricity that had been uploaded to the grid, referred to as non-billed electricity consumption. |
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Year Ended December 31, | ||||||||||||||||||||||||
2004 | 2005 | 2006 | ||||||||||||||||||||||
(GWh) | % of Sales Volume | (GWh) | % of Sales Volume | (GWh) | % of Sales Volume | |||||||||||||||||||
Contracted sales | 1,855 | 16.0 | 2,328 | 18.5 | 2,116 | 15.2 | ||||||||||||||||||
Non-contracted sales | 9,749 | 84.0 | 10,251 | 81.5 | 11,810 | 84.8 | ||||||||||||||||||
Total electricity sales | 11,604 | 100.0 | 12,579 | 100.0 | 13,926 | 100.0 | ||||||||||||||||||
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Year ended December 31, | ||||||||||||
2004 | 2005(1) | 2006(1) | ||||||||||
(in millions of constant Ch$) | ||||||||||||
Operating revenues | 44,432 | 86,188 | 167,037 | |||||||||
Operating expenses | 29,292 | 46,607 | 84,959 | |||||||||
Operating income | 15,140 | 39,581 | 82,078 | |||||||||
(1) | Operating results from Brazil for 2005 include CGTF’s fourth quarter financials. For 2006 include CGTF’s complete year’s financial statements. |
(MW) | ||||||||||||
2004 | 2005 | 2006 | ||||||||||
Cachoeira Dourada | 658 | 658 | 658 | |||||||||
CGTF | — | 319 | 322 | |||||||||
Total | 658 | 977 | 980 | |||||||||
(1) | Total installed capacity defined as the maximum MW capacity of generation units, under specific technical conditions and characteristics. |
Year ended December 31 | ||||||||||||||||||||||||
2004 | 2005 | 2006 | ||||||||||||||||||||||
(GWh) | % | (GWh) | % | (GWh) | % | |||||||||||||||||||
Cachoeira Dourada | 3,262 | 100.0 | 3,559 | 91.1 | 4,241 | 94.5 | ||||||||||||||||||
CGTF | — | — | 347 | 8.9 | 248 | 5.5 | ||||||||||||||||||
Total | 3,262 | 100.0 | 3,906 | 100.0 | 4,489 | 100.0 | ||||||||||||||||||
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Year Ended December 31, | ||||||||||||||||||||||||
2004 | 2005 | 2006 | ||||||||||||||||||||||
% of Sales | % of Sales | % of Sales | ||||||||||||||||||||||
(GWh) | Volume | (GWh) | Volume | (GWh) | Volume | |||||||||||||||||||
Contracted sales | 3,398.0 | 87.1 | 3,494.0 | 90.3 | 3,284.9 | 78.6 | ||||||||||||||||||
Non-contracted sales | 504.0 | 12.9 | 373.0 | 9.7 | 892.3 | 21.4 | ||||||||||||||||||
Total electricity sales | 3,902.0 | 100.0 | 3,867.0 | 100.0 | 4,177.2 | 100.0 | ||||||||||||||||||
Year ended December 31, | ||||||||||||
2004 (1) | 2005 | 2006 | ||||||||||
Installed capacity (MW) | — | 319 | 322 | |||||||||
Electricity sales (GWh) | — | 2.690 | 2.690 |
(1) | During 2004, CGTF was not consolidated by Enersis. |
Year Ended December 31, | ||||||||||||||||||||||||
2004 (1) | 2005 | 2006 | ||||||||||||||||||||||
% of Sales | % of Sales | |||||||||||||||||||||||
(GWh) | (GWh) | (GWh) | Volume | (GWh) | Volume | |||||||||||||||||||
Contracted sales | — | — | 2,690.0 | 100.0 | 2,690.0 | 100.0 | ||||||||||||||||||
Non-contracted sales | — | — | 0.0 | 0.0 | 0.0 | 0.0 | ||||||||||||||||||
Total electricity sales | — | — | 2,690.0 | 100.0 | 2,690.0 | 100.0 | ||||||||||||||||||
(1) | During 2004, CGTF was not consolidated by Enersis |
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�� | ||||||||||||
Year ended December 31, | ||||||||||||
2004 | 2005 | 2006 | ||||||||||
(in millions of constant Ch$) | ||||||||||||
Operating revenues | 266,040 | 264,410 | 273,824 | |||||||||
Operating expenses | 140,741 | 141,330 | 152,495 | |||||||||
Operating income | 125,299 | 123,080 | 121,329 |
(MW) | ||||||||||||
2004 | 2005 | 2006 | ||||||||||
Emgesa | ||||||||||||
Guavio (Hydroelectric) | 1,150.0 | 1,164.0 | 1,163.0 | |||||||||
Cadena Nueva (Hydroelectric) | 600.0 | 601.2 | 601.2 | |||||||||
Termozipa (Thermal) | 223.0 | 235.5 | 235.5 | |||||||||
Cartagena (Thermal) | 0 | 0 | 142.0 | |||||||||
Minor Plants (Hydroelectric) (3) | 96.0 | 115.6 | 96.1 | |||||||||
Betania | ||||||||||||
Betania (Hydroelectric) | 540.0 | 540.9 | 540.9 | |||||||||
Total | 2,609.0 | 2,657.2 | 2,778.7 | |||||||||
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(1) | For 2004, installed capacity corresponds to capacity available for the system while for 2005 and 2006 the figure includes the capacity used for own power plant consumption. | |
(2) | The installed capacity was certified during 2006 by Bureau Veritas, according to Norm No. 038 of Endesa Chile, “Definition of the maximum power in Hydroelectric and Thermoelectric plants of Endesa Chile.” | |
(3) | As of December 31, 2006, Emgesa owned and operated five minor plants:Charquito,El Limonar,La Tinta,Tequendama and la Junta. On January 1, 2006, San Antonio plant (20 MW) was withdrawn from the Colombian NIS. |
(GWh) | ||||||||||||
2004 | 2005 | 2006 | ||||||||||
Emgesa | 10,028 | 9,763 | 10,360 | |||||||||
Betania | 1,853 | 2,101 | 2,204 | |||||||||
Total | 11,881 | 11,864 | 12,564 | |||||||||
(1) | Generation minus power plant own consumption and technical losses. |
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Year ended December 31, | ||||||||||||||||||||||||
2004 | 2005 | 2006 | ||||||||||||||||||||||
(GWh) | % | (GWh) | % | (GWh) | % | |||||||||||||||||||
Electricity production | 11,881 | 77.9 | 11,864 | 78.1 | 12,564 | 81.3 | ||||||||||||||||||
Electricity purchases | 3,368 | 22.1 | 3,321 | 21.9 | 2,883 | 18.7 | ||||||||||||||||||
Total(1) | 15,249 | 100.0 | 15,185 | 100.0 | 15,447 | 100.0 | ||||||||||||||||||
(1) | Energy production plus energy purchases exceed electricity sales due to power plant pump consumption. |
Year ended December 31, | ||||||||||||||||||||||||
2004 | 2005 | 2006 | ||||||||||||||||||||||
Sales | % of Sales | Sales | % of Sales | Sales | % of Sales | |||||||||||||||||||
(GWh) | Volume | (GWh) | Volume | (GWh) | Volume | |||||||||||||||||||
Contracted sales | 9,736 | 64.3 | 9,800 | 65.0 | 9,687 | 63.2 | ||||||||||||||||||
Non-contracted sales | 5,412 | 35.7 | 5,277 | 35.0 | 5,640 | 36.8 | ||||||||||||||||||
Total electricity sales | 15,148 | 100.0 | 15,077 | 100.0 | 15,327 | 100.0 | ||||||||||||||||||
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Year Ended December 31, | ||||||||||||
2004 | 2005 | 2006(1) | ||||||||||
(in millions of constant Ch$) | ||||||||||||
Operating revenues | 130,501 | 120,134 | 168,182 | |||||||||
Operating expenses | 75,331 | 65,180 | 112,647 | |||||||||
Operating income | 55,170 | 54,954 | 55,535 |
(1) | Includes figures of Etevensa since January 2006. |
(MW) | ||||||||||||
2004 | 2005 | 2006 | ||||||||||
Edegel S.A. | ||||||||||||
Huinco (hydroelectric) | 247.3 | 247.4 | 247.3 | |||||||||
Matucana (hydroelectric) | 128.6 | 128.6 | 128.6 | |||||||||
Callahuanca (hydroelectric) | 75.1 | 75.1 | 75.1 | |||||||||
Moyopampa (hydroelectric) | 64.7 | 64.7 | 64.7 | |||||||||
Huampani (hydroelectric) | 30.2 | 30.2 | 30.2 | |||||||||
Yanango (hydroelectric) | 42.6 | 42.6 | 42.6 | |||||||||
Chimay (hydroelectric) | 150.9 | 150.9 | 150.9 | |||||||||
Santa Rosa (thermal) | 227.7 | 229.1 | 229.1 | |||||||||
Ventanilla (thermal) | 0 | 0 | 457.0 | |||||||||
Total | 967.1 | 968.5 | 1425.5 | |||||||||
(1) | The installed capacity was certified during 2006 by Bureau Veritas, according to Norm No. 038 of Endesa Chile, “Definition of the maximum power in Hydroelectric and Thermoelectric plants of Endesa Chile.” |
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Year ended December 31, | ||||||||||||||||||||||||
2004 | 2005 | 2006(2) | ||||||||||||||||||||||
(GWh) | % | (GWh) | % | (GWh) | % | |||||||||||||||||||
Hydroelectric generation | 3,891 | 94.1 | 4,095 | 90.7 | 4,197 | 63.0 | ||||||||||||||||||
Thermal generation | 245 | 5.9 | 422 | 9.3 | 2,465 | 37.0 | ||||||||||||||||||
Total generation | 4,136 | 100.0 | 4,517 | 100.0 | 6,662 | 100.0 | ||||||||||||||||||
(1) | Generation minus power plant own consumption and technical losses. | |
(2) | Thermal generation includes Ventanilla’s generation since January 2006. |
Year ended December 31, | ||||||||||||||||||||||||
2004 | 2005 | 2006(2) | ||||||||||||||||||||||
(GWh) | % | (GWh) | % | (GWh) | % | |||||||||||||||||||
Electricity Generation | 4,136 | 94.5 | 4,517 | 94.8 | 6,662 | 96.1 | ||||||||||||||||||
Electricity Purchases | 239 | 5.5 | 246 | 5.2 | 274 | 3.9 | ||||||||||||||||||
Total(1) | 4,375 | 100.0 | 4,763 | 100.0 | 6,935 | 100.0 | ||||||||||||||||||
(1) | Total GWh production plus purchases differs from GWh sales due to transmission losses, own power plant consumption and technical losses. | |
(2) | Figures for 2006 include Ventanilla’s generation and purchases since January 2006. |
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Year ended December 31, | ||||||||||||||||||||||||
2004 | 2005 | 2006 (2) | ||||||||||||||||||||||
Sales | % of Sales | Sales | % of Sales | Sales | % of Sales | |||||||||||||||||||
(GWh) | Volume | (GWh) | Volume | (GWh) | Volume | |||||||||||||||||||
Contracted sales (1) | 3,344 | 77.3 | 3,766 | 81.9 | 6,145 | 90.8 | ||||||||||||||||||
Non-Contracted sales | 984 | 22.7 | 834 | 18.1 | 621 | 9.2 | ||||||||||||||||||
Total Electricity sales | 4,328 | 100.0 | 4,600 | 100.0 | 6,766 | 100.0 | ||||||||||||||||||
(1) | Includes the sales to distributors without contract. | |
(2) | Figures for 2006 include Ventanilla ´s sales since January 2006. |
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• | installing their own lines directly from a generation company; | ||
• | arranging a supply contract with a generation company, which pays a toll to a transmission company and a distribution company; | ||
• | negotiating a contract with a distribution company; and | ||
• | generating their own electricity. |
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• | final customers with a connected capacity greater than 2 MW, commonly known as “major customers”, | ||
• | temporary customers; and | ||
• | customers with special quality requirements. |
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• | a new methodology concerning compensation to, and expansion of, transmission systems, reducing generators’ transmission costs by transferring part of the cost to final customers; | ||
• | definition regarding the payment for ancillary services (including frequency regulation, among others); | ||
• | regulation of the distribution toll (wheeling rate), requiring electricity distributors to provide service to third parties; | ||
• | a change in the definition of unregulated customer, reducing power capacity needs from 2 MW to 0.5 MW; | ||
• | institution of a permanent Commission of Experts to resolve discrepancies that arise in each of the tariff and toll setting processes. | ||
• | the flexibility of the node price band that relates theoretical node prices to non-regulated customer prices: if the difference between the average contracted market price, including long term contracts with distribution companies, and the theoretical price is lower than 30%, the regulated price will be equal to the average contract market price +/-5%. If the difference is greater than 80%, the regulated price will be equal to the average contract market price +/- 30%. If the difference is between 30% and 80%, the adjustment will be within 5% and 30% of the average contracted market price; | ||
• | the obligation for the distribution companies to permanently cover future electricity requirements of their regulated clients for the following three years beginning in 2010; | ||
• | the approval of long-term contracts at fixed prices between distribution companies and generation companies for the regulated market: distribution companies must launch bidding processes for contracting electricity for up to 15 years, and are allowed to buy at prices which may increase by up to 20% above the prevailing node prices; in case of unsuccessful auctions, prices may increase by an additional 15%; | ||
• | the elimination of the treatment of natural gas scarcity as aforce majeureevent; and | ||
• | the approval of a process that allows distribution companies without long-term electricity supply contracts to buy electricity at spot marginal costs, for a period which ends in December 2009. |
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• | a fixed charge applicable to small users who are generally residential, small industrial and commercial customers (up to 10 kW), or a charge per unit of maximum demand for medium (10 to 50 kW) or large (over 50 kW) users who are generally commercial, industrial or governmental customers; and, | ||
• | a variable energy charge per unit of energy consumed applicable to small and medium customers, or a peak/off peak hours variable charge for large users. |
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• | the sustainable production and use of bio-fuels, | ||
• | the development of technology, production, use and application of hydrogen as a fuel; |
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• | hydrocarbon exploration and exploitation, and | ||
• | renewable electricity energy sources. |
• | granting, managing and supervising concessions for electricity generation, transmission, trading and distribution, including their termination; also, the execution of concession contracts with privatized electricity companies, | ||
• | approval of applications for the setting of tariff rates, | ||
• | managing the process of tariff adjustments, | ||
• | establishing the criteria to calculate transmission prices, | ||
• | implementing public policies, | ||
• | issuing regulations for the electricity sector, | ||
• | managing the bidding process for the wholesale of energy, | ||
• | supervising and auditing the concessionaire companies, and, | ||
• | imposing contractual and regulatory penalties, among other attributions. |
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• | maintaining the public service concept for the production and distribution of the electricity to consumers within our concession area; | ||
• | restructuring the system planning; | ||
• | transparency in the auction and bidding process for public projects; | ||
• | mitigating the systemic risks; | ||
• | maintaining centralized and coordinated operations of the energy system; |
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• | granting universal use and access to electricity services; and | ||
• | modifying the bidding process of public service concessions. |
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• | ensure continuous and efficient service without abuse of a dominant position; | ||
• | facilitate low-income users’ access to subsidies granted by the government; | ||
• | inform users regarding efficient and safe use of the services; | ||
• | protect the environment; | ||
• | allow access and interconnection to other public service companies, and large users; | ||
• | cooperate with the authorities in the event of emergency to prevent damage to the users; and, | ||
• | report initiation of activities to the proper regulatory commission and theSuperintendencia de Servicios Públicos Domiciliarios(Superintendency of Public Services). |
• | efficiency – the correct allocation and use of resources and the supply of electricity at minimum cost; | ||
• | quality – compliance with technical requirements; | ||
• | continuity – a continuous electricity supply without unjustified interruptions; | ||
• | adaptability – the incorporation of modern technology and administrative systems to promote quality and efficiency; | ||
• | neutrality –impartial treatment to all electricity consumers; |
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• | solidarity – the provision of funds by higher-income consumers to subsidize the subsistence consumption of lower income consumers; and, | ||
• | equity – an adequate and non-discriminatory supply of electricity to all regions and sectors of the country. |
• | Superintendencia de Servicios Públicos Domiciliarios(“SSPD”, in its Spanish acronym), which is in charge of overseeing and inspecting the utility companies; | ||
• | CREG, which is in charge of regulating the energy and gas sectors; and |
• | establish conditions for gradual deregulation of the electricity sector toward an open and competitive market; | ||
• | approve charges for transmission and distribution networks and charges for retailing to regulated customers; | ||
• | establish the methodology for calculating and establishing maximum tariffs for supplying the regulated market; | ||
• | establish regulations for planning and coordination of operations of the Colombian National Interconnected System; | ||
• | establish technical requirements for quality, reliability and security of supply; and | ||
• | protect customers’ rights. |
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(i) | vertical disintegration (or separation of the three main activities: generation, transmission and distribution); | ||
(ii) | freedom of prices for the supply of energy in competitive markets, and a system of regulated prices based on efficiency (correct allocation and utilization of resources and the supply of electricity at minimum costs); and, | ||
(iii) | private operation of the interconnected electricity systems with a focus on efficiency and service quality (compliance with the technical requirements established in regulations affecting the sector). |
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• | Distribution companies will be able to conduct auctions to buy electricity in contracts for up to 10 years at a firm price to supply their regulated and unregulated market and to establish the contracting methodology, the volumes to contract and the contract term. The prices that result from the bidding processes will be shifted to the final customers. The auctions must be launched at least three years in advance from the beginning of the proposed contracts, and their terms cannot be greater than 10 years. Companies that have auctions in the first three years are allowed to do it with less anticipation. In these cases the term of the contracts cannot be greater than five years. OSINERG has to approve the administrative and technical bidding specifications, to define the price cap to the proposals, and to supervise the corresponding processes. | ||
• | COES, which coordinates electricity dispatch, is reorganized, as an Assembly integrated by SEIN’s Agents, grouped in four subcommittees: generators, distributors, transmission companies and unregulated customers. The Assembly designates an independent board of directors that manages the COES for five year periods. | ||
• | Distribution companies (for their unregulated market) and the unregulated customers can participate in the spot market. | ||
• | A Guaranteed Transmission System is granted by the ME&M through public auctions, developed according to the Transmission Planning elaborated by the COES and approved by the ministry. | ||
• | Customers whose annual maximum consumption capacity falls within a certain range, to be set in further regulations, will be able to choose their status as a regulated or unregulated customer. The change of status will require an advance warning with at least a year of anticipation, according to the terms that the regulation will establish. In case that a customer changes its status, he will have to keep this new status by a minimum term of three years. |
Consolidated | ||||||||||||
% Economic | Assets of Each | Operating Income | ||||||||||
Ownership of | Main Subsidiary | of Each Main | ||||||||||
Main Subsidiary | on a Stand-alone | Subsidiary on a | ||||||||||
Principal Subsidiary and Country of Operations | by Enersis | Basis | Stand-alone Basis | |||||||||
(in billions of Ch $ except percentages) | ||||||||||||
Electricity Generation | ||||||||||||
Endesa Chile (Chile) | 60.0 | % | 5,284.7 | 504.5 | ||||||||
Electricity Distribution | ||||||||||||
Chilectra (Chile) | 99.1 | % | 1,218.6 | 117.1 | ||||||||
Edesur (Argentina) | 65.4 | % | 640.0 | -4.1 | ||||||||
Edelnor (Peru) | 33.5 | % | 333.1 | 38.6 | ||||||||
Codensa(Colombia) | 21.7 | % | 933.9 | 135.3 | ||||||||
Endesa Brasil, Electricity distribution, generation and transmission |
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Consolidated | ||||||||||||
% Economic | Assets of Each | Operating Income | ||||||||||
Ownership of | Main Subsidiary | of Each Main | ||||||||||
Main Subsidiary | on a Stand-alone | Subsidiary on a | ||||||||||
Principal Subsidiary and Country of Operations | by Enersis | Basis | Stand-alone Basis | |||||||||
(in billions of Ch $ except percentages) | ||||||||||||
Endesa Brasil Consolidated (Brazil) | 53.6 | % | 3,045.5 | 273.0 | ||||||||
Coelce (Brazil) | 34.9 | % | 815.5 | 86.5 | ||||||||
Ampla (Brazil) | 69.9 | % | 1,230.5 | 110.0 | ||||||||
Cachoeira Dourada (Brazil) | 53.4 | % | 357.7 | 29.5 | ||||||||
CGTF (Brazil) | 53.6 | % | 219.1 | 52.5 | ||||||||
CIEN (Brazil) | 53.6 | % | 453.0 | -0.7 | ||||||||
Other Businesses | ||||||||||||
IMV (Chile) | 100.0 | % | 75.0 | 7.3 | ||||||||
Synapsis (Chile) | 100.0 | % | 31.1 | -1.1 | ||||||||
CAM (Chile) | 100.0 | % | 88.1 | 9.8 |
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Country/Company | Power Plant Name | Power Plant Type (1) | 2005 | 2006 | ||||||||
MW (2) | ||||||||||||
Argentina | ||||||||||||
Endesa Costanera | Total | 2,304 | 2,319 | |||||||||
Costanera Steam Turbine | Steam Turbine/ Natural Gas+Fuel Oil | 1,131 | 1,138 | |||||||||
Costanera Combined Cycle II (10) | Combined Cycle/Natural Gas+Diesel Oil | 851 | 859 | |||||||||
Central Buenos Aires | Combined Cycle/Natural Gas (CBA) Combined Cycle I(10) | 322 | 322 | |||||||||
El Chocón | Total | 1,320 | 1,320 | |||||||||
El Chocón | Hydro Reservoir | 1,200 | 1,200 | |||||||||
Arroyito | Hydro Pass Through | 120 | 120 | |||||||||
Total Capacity in Argentina | 3,624 | 3,639 | ||||||||||
Brazil | ||||||||||||
Cachoeira Dourada | Cachoeira Dourada | Hydro Pass Through | 658 | 658 | ||||||||
CGTF | CGTF (10) | Combined Cycle/Natural Gas | 319 | 322 | ||||||||
Ampla Generación | Various small facilities | Hydro Reservoirs | 62 | — | ||||||||
Total Capacity in Brazil | 1,039 | 980 | ||||||||||
Chile | ||||||||||||
Endesa Chile | Total | 2,754 | 2,754 | |||||||||
Hydroelectric | 2,254 | 2,254 | ||||||||||
Rapel | Hydro Reservoir | 377 | 377 | |||||||||
Cipreses | Hydro Reservoir | 106 | 106 | |||||||||
El Toro | Hydro Reservoir | 450 | 450 | |||||||||
Los Molles | Hydro Pass Through | 18 | 18 | |||||||||
Sauzal | Hydro Pass Through | 77 | 77 | |||||||||
Sauzalito | Hydro Pass Through | 12 | 12 | |||||||||
Isla | Hydro Pass Through | 68 | 68 | |||||||||
Antuco | Hydro Pass Through | 320 | 320 | |||||||||
Abanico | Hydro Pass Through | 136 | 136 | |||||||||
Ralco | Hydro Reservoir | 690 | 690 | |||||||||
Thermal | 500 | 500 | ||||||||||
Huasco | Steam Turbine/Coal | 16 | 16 | |||||||||
Bocamina | Steam Turbine/Coal | 128 | 128 | |||||||||
Diego de Almagro (3) | Gas Turbine/Diesel Oil | 47 | 47 | |||||||||
Huasco | Gas Turbine/IFO 180 Oil | 64 | 64 | |||||||||
Taltal (4) | Gas Turbine/Natural Gas | 245 | 245 | |||||||||
Pehuenche | Total | 695 | 695 | |||||||||
Pehuenche | Hydro Reservoir | 566 | 566 | |||||||||
Curillinque | Hydro Pass Through | 89 | 89 | |||||||||
Loma Alta | Hydro Pass Through | 40 | 40 | |||||||||
Pangue | Pangue (10) | Hydro Reservoir | 467 | 467 | ||||||||
San Isidro | San Isidro | Combined Cycle /Natural Gas+Diesel Oil | 379 | 379 | ||||||||
Celta | Total | 182 | 182 | |||||||||
Tarapacá | Steam Turbine/Coal | 158 | 158 | |||||||||
Tarapacá | Gas Turbine/Diesel Oil | 24 | 24 | |||||||||
Total Capacity in Chile | 4,477 | 4,477 | ||||||||||
Colombia | ||||||||||||
Emgesa | Total | 2,116 | 2,238 | |||||||||
Guavio (5) | Hydro Reservoir | 1,164 | 1,163 | |||||||||
Paraíso | Hydro Reservoir | 276 | 277 | |||||||||
La Guaca | Hydro Pass Through | 325 | 325 |
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Country/Company | Power Plant Name | Power Plant Type (1) | 2005 | 2006 | ||||||||
MW (2) | ||||||||||||
Termozipa | Steam Turbine/Coal | 235 | 236 | |||||||||
Cartagena (6) | Steam Turbine/Natural Gas + Diesel Oil | 142 | ||||||||||
Minor plants (7) | Hydro Pass Through | 116 | 96 | |||||||||
Betania | Betania | Hydro Reservoir | 541 | 541 | ||||||||
Total Capacity in Colombia | 2,657 | 2,779 | ||||||||||
Peru | ||||||||||||
Edegel | Total | 969 | 1,426 | |||||||||
Huinco | Hydro Pass Through | 247 | 247 | |||||||||
Matucana | Hydro Pass Through | 129 | 129 | |||||||||
Callahuanca (8) | Hydro Pass Through | 75 | 75 | |||||||||
Moyopampa | Hydro Pass Through | 65 | 65 | |||||||||
Huampani | Hydro Pass Through | 30 | 30 | |||||||||
Yanango | Hydro Pass Through | 43 | 43 | |||||||||
Chimay | Hydro Pass Through | 151 | 151 | |||||||||
Santa Rosa | Gas Turbine/Diesel Oil | 229 | 229 | |||||||||
Ventanilla (9) | Combined cycle/Natural gas | 457 | ||||||||||
Total Capacity in Peru | 969 | 1,426 | ||||||||||
Total Enersis Consolidated | 12,766 | 13,302 | ||||||||||
(1) | Reservoir and pass-through refer to a hydroelectric plant that uses a dam or a river, respectively, to move the turbines which generate electricity. Steam, Gas Turbine (TG) or Combined Cycle, refers to the technology of a thermal power plant that uses either natural gas, coal, diesel or fuel oil to produce steam which moves the turbines to generate the electricity. | |
(2) | Maximum capacity of generation units, under specific technical conditions and characteristics, certified during 2006 by Bureau Veritas according to the Norm No. 038 of Endesa Chile. Figures may differ from capacity declared to regulating authorities in each country. | |
(3) | Includes one additional unit of Diego de Almagro (23 MW), which Endesa Chile has rented fromCorporación Nacional del Cobre de Chile, or Codelco, since 2001. | |
(4) | One of two generation units of Tal Tal may use diesel oil as an alternative to natural gas. | |
(5) | During 2005, 2 auxiliary units (7 MW each) were added to Guavio. | |
(6) | Purchased in 2006. Figure represents capacity value for units 1 and 3. Unit 2 is under overhaul and recovery of capacity | |
(7) | As of December 31, 2006 Emgesa owned and operated five minor plants:Charquito,El Limonar,La Tinta,Tequendama and La Junta. On January 1, 2006, San Antonio plant (19.5 MW) was withdrawn. | |
(8) | As of December 31, 2006, the recovery of capacity of this plant has yet to be acknowledged by the regulator. | |
(9) | During 2006 Edegel and Etevensa merged and Edegel added Ventanilla to its generation assets. | |
(10) | Part of this facility is pledged in favor of certain creditors. |
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Concession Area | Transmission | |||||||||||||
Location | (km2) | Lines (km) (1) | ||||||||||||
2005 | 2006 | |||||||||||||
Chilectra | Chile | 2,118 | 355 | 355 | ||||||||||
Edesur | Argentina | 3,309 | 1,171 | 1,173 | ||||||||||
Edelnor | Peru | 2,440 | 419 | 419 | ||||||||||
Ampla | Brazil | 32,615 | 2,295 | 2,303 | ||||||||||
Coelce | Brazil | 146,817 | 3,780 | 3,879 | ||||||||||
Codensa | Colombia | 14,087 | 1,146 | 1,149 | ||||||||||
Total | 201,386 | 9,166 | 9,277 |
(1) | The transmission lines consists of circuits, which voltages are in the range of 27 kV — 220 kV. |
2005 | 2006 | |||||||||||||||||||||||
Number of | Number of | Capacity | Number of | Number of | Capacity | |||||||||||||||||||
Sub-stations | Transformers | (MVA) | Sub-stations | Transformers | (MVA) | |||||||||||||||||||
Chilectra | 53 | 137 | 6,030 | 53 | 143 | 6,330 | ||||||||||||||||||
Edesur | 63 | 163 | 10,332 | 63 | 164 | 10,442 | ||||||||||||||||||
Edelnor | 28 | 61 | 2,127 | 28 | 61 | 2,127 | ||||||||||||||||||
Ampla | 115 | 225 | 4,109 | 115 | 225 | 4,199 | ||||||||||||||||||
Coelce | 90 | 143 | 1,988 | 93 | 148 | 2,065 | ||||||||||||||||||
Codensa | 61 | 196 | 6,422 | 60 | 198 | 6,534 | ||||||||||||||||||
Total | 410 | 925 | 31,008 | 412 | 939 | 31,697 |
(2) | Voltage of these transformers is in the range of 500 kV (high voltage) and 7 kV (low voltage). |
2005 | 2006 | |||||||||||||||
Medium | Low | Medium | Low | |||||||||||||
Voltage | Voltage | Voltage | Voltage | |||||||||||||
(km) | (km) | (km) | (km) | |||||||||||||
Chilectra | 4,521 | 9,334 | 4,614 | 9,396 | ||||||||||||
Edesur | 6,695 | 15,460 | 6,885 | 15,549 | ||||||||||||
Edelnor | 3,191 | 16,786 | 3,289 | 17,116 | ||||||||||||
Ampla | 27,477 | 15,726 | 28,996 | 16,142 | ||||||||||||
Coelce | 52,716 | 30,262 | 57,558 | 34,587 | ||||||||||||
Codensa | 17,522 | 21,836 | 17,711 | 21,912 | ||||||||||||
Total | 112,122 | 109,404 | 119,053 | 114,702 |
(3) | Medium voltage lines: 7.000 V – 34.500 V; Low voltage lines: 380-110 V. |
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2005 | 2006 | |||||||||||||||
Number of | Capacity | Number of | Capacity | |||||||||||||
Transformers | (MVA) | Transformers | (MVA) | |||||||||||||
Chilectra | 26,466 | 4,973 | 26,822 | 5,260 | ||||||||||||
Edesur | 22,808 | 4,782 | 23,254 | 4,801 | ||||||||||||
Edelnor | 9,087 | 1,101 | 9,216 | 1,149 | ||||||||||||
Ampla | 86,810 | 3,067 | 93,293 | 3,235 | ||||||||||||
Coelce | 89,830 | 3,569 | 97,529 | 3,681 | ||||||||||||
Codensa | 59,022 | 6,975 | 60,168 | 7,145 | ||||||||||||
Total | 294,023 | 24,467 | 310,282 | 25,271 |
(4) | Voltage of these transformers is 34.500 V (in high voltage) and 110 V (in low voltage). |
• | Hydrological conditions. A substantial portion of our generation business is dependent upon the hydrological conditions prevailing in the countries where we operate. Our thermal generators, which are fueled with natural gas, coal or diesel, are dispatched to cover peaks in energy demand and any shortfalls of our hydroelectric plants due to insufficient water resources. The use of fuels for the generation of electricity results in higher costs of operations that we would not incur otherwise. Accordingly, our results of operation may be adversely affected by low rainfall, and extreme hydrological conditions materially affect our operating results and financial condition. In addition, adverse hydrological conditions at times have led governments to take affirmative steps to regulate the electricity business. (For additional information regarding the effects of hydrological conditions on our results from operations, please see “Item 3. Key Information — D. Risk Factors — “Risk Relating To Our Operations.” |
• | Extraordinary actions by government authorities. Our operations are materially affected by extraordinary actions taken by the governments of the countries in which we operate. In the past few years the results from operations of our Argentine, Brazilian and Colombian subsidiaries were affected by governmental actions taken in these countries. Below are some examples: |
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ü | In Argentina, electricity tariffs historically were expressed in dollars at an exchange rate of Ar$ 1.00 per $ 1.00. However, following a devaluation of the Argentine peso against the dollar from Ar$ 1.00 per $ 1.00 to Ar$ 3.37 per $ 1.00 in December 31, 2002, the Argentine government converted electricity tariffs to Argentine pesos at the old exchange rate of Ar$ 1.00 to $ 1.00. As a result of this devaluation and the tariff conversion rate determined by the Argentine government, the dollar equivalent of our Argentine revenues declined significantly. | ||
ü | As a consequence of a severe drought in Brazil, in 2001 and the first quarter of 2002, the Brazilian government imposed restrictions limiting the consumption of electricity in certain provinces where our distribution companies operate. As a result of these restrictions, our distribution subsidiaries experienced a reduction in their revenues. | ||
ü | In 2002, the Colombian government imposed an extraordinary tax to finance Colombia’s anti-terrorist campaign and in 2004 and 2005, it imposed a 1.2% tax on shareholders’ equity on all Colombian companies. |
• | Regulatory developments. The regulatory structure governing our distribution and generation business has a material effect on our results from operations. In particular, regulators in the countries in which we operate set (x) distribution tariffs taking into account the costs of energy purchases paid by distribution companies (which distribution companies pass on to their customers) and the “Distribution Added Value”, or VAD and (y) generation tariffs taking into consideration principally the costs of fuels, level of reservoirs, exchange rate, future investments in installed capacity and growth in demand, all of which is intended to reflect investment and operating costs incurred by distribution and generation companies and is meant to allow such companies to earn a regulated level of return on their investments. Accordingly, the earnings of our electricity subsidiaries are determined in significant part by the actions of government regulators. For additional information relating to the regulatory frameworks in the countries in which we operate, please see “Item 4. Information on the Company — B. Business Overview — Electricity Industry Regulatory Framework” included in this annual Report. |
• | Economic conditions. Macroeconomic conditions in the countries in which we operate may have a significant effect on our results from operations. For example, when a country experiences sustained economic growth, consumption of electricity by industrial and individual consumers of electricity increases while electricity theft decreases. Other macroeconomic factors such as a devaluation of the local currency in the countries in which we operate may have a negative impact in our results from operations because while most of our revenues are denominated in the currency of the countries in which we operate, our financing and significant other costs such as depreciation are denominated in dollars. As a result, devaluation of local currencies against the dollar shrinks our operating margins and increases the cost of capital expenditure plans. |
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• | the foreseeable life of the business; | ||
• | expected actions by competitors and potential competitors; and | ||
• | legal, regulatory, or contractual provisions affecting the useful life. |
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Year ended December 31, | ||||||||
2005 | 2006 | |||||||
(increase in millions of Ch$) | ||||||||
Projected benefit obligation | 25,764 | 30,701 |
Year ended December 31, | ||||||||
2005 | 2006 | |||||||
(increase in millions of Ch$) | ||||||||
Accumulated post-retirement benefit obligation | 4,061 | 4,304 |
• | permits fair value re-measurement of any hybrid financial instrument that contains an embedded derivative that otherwise would require bifurcation; | |
• | clarifies which interest-only strips and principal-only strips are not subject to the requirements of SFAS 133, “Accounting for Derivative Instruments and Hedging Activities”; | |
• | establishes a requirement to evaluate interests in securitized financial assets to identify interests that are freestanding derivatives or that are hybrid financial instruments that contain an embedded derivative requiring bifurcation; | |
• | clarifies that concentrations of credit risk in the form of subordination are not embedded derivatives; and |
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• | amends SFAS 140, “Accounting for Transfers and Servicing of Financial Assets and Extinguishments of Liabilities,” to eliminate the prohibition on a qualifying special-purpose entity from holding a derivative financial instrument that pertains to a beneficial interest other than another derivative financial instrument. |
December 31, 2005 and December 31, 2006
• | Our operating income increased by Ch$ 239.4 billion, or 28.9%, to Ch$ 1,068.0 billion in 2006. As of October 2005, with the creation of the Endesa Brasil holding company, Enersis began consolidating CGTF and CIEN. If we were to give pro forma effect to such consolidation as of January 1, 2005 for comparative purposes, operating income would have increased by 20.3%. See note 2(a) (iii) to our Consolidated Financial Statements. If we were to eliminate the positive impact in pesos of the 3.7% depreciation of the peso against the United States dollar (from Ch$ 512.50 per dollar as of December 31, 2005 to Ch$ 532.39 per dollar as of December 31, 2006), operating income would have increased by 18.3%. We believe that it is helpful to eliminate the effects of the appreciation of the peso against the dollar and to give pro forma effect to the formation of Endesa Brasil in order to understand the underlying trends in our operating income. (For a reconciliation of these non-GAAP measures to Chilean GAAP, see “Item 5. Operating and Financial Review and Prospects — B. Liquidity and Capital Resources — Reconciliation of non-GAAP measures to Chilean GAAP” below.) | ||
• | Physical sales in our distribution companies increased by 5.5% to 58,280 GWh in 2006. Physical sales in generation increased by 19.2% to 70,337 GWh. These increases reflect a continued economic |
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recovery in all the economies of the countries in which we operate. Our number of distribution clients increased by 3.2% to 11.6 million in 2006. | |||
• | Tax expenses decreased by Ch$ 72.6 billion, from Ch$ 182.0 billion in 2005 to Ch$ 109.4 billion in 2006, partly due to Ch$ 189.3 billion of non-cash deferred income tax benefit recorded. This deferred income tax benefit is primarily attributable to the merger of Chilectra and Elesur which gave the surviving entity the ability to utilize previously provisioned tax loss carryforwards, which was partially offset by Ch$ 116.7 billion in tax expenses, as a result of additional taxable income from our foreign subsidiaries. |
Year ended December 31, | ||||||||||||||||
2005 | 2006 | Change | % Change | |||||||||||||
(in million of Ch$) | ||||||||||||||||
Distribution Business | ||||||||||||||||
Chilectra and subsidiaries (Chile) | 117,597 | 117,137 | -460 | -0.4 | % | |||||||||||
Edesur (Argentina) | 3,738 | -4,077 | -7,815 | N/A | ||||||||||||
Distrilima/Edelnor (Peru) | 29,731 | 38,578 | 8,847 | 29.8 | % | |||||||||||
Ampla (Brazil) | 81,795 | 109,925 | 28,130 | 34.4 | % | |||||||||||
Investluz/Coelce (Brazil) | 49,189 | 86,548 | 37,359 | 75.9 | % | |||||||||||
Codensa (Colombia) | 110,002 | 135,352 | 25,350 | 23.0 | % | |||||||||||
Total operating income distribution business | 392,052 | 483,463 | 91,411 | 23.3 | % | |||||||||||
Generation Business | ||||||||||||||||
Endesa and subsidiaries (Chile) | 191,715 | 289,823 | 98,108 | 51.2 | % | |||||||||||
Endesa Costanera (Argentina) | -2,132 | 4,893 | 7,025 | N/A | ||||||||||||
El Chocón (Argentina) | 14,466 | 30,310 | 15,844 | 109.5 | % | |||||||||||
Cachoeira Dourada (Brazil) | 23,896 | 29,547 | 5,651 | 23.6 | % | |||||||||||
CGTF (Brazil)(1) | 15,685 | 52,531 | 36,846 | 234.9 | % | |||||||||||
Emgesa (Colombia) | 106,153 | 109,077 | 2,924 | 2.8 | % | |||||||||||
Betania (Colombia) | 16,927 | 12,252 | -4,675 | -27.6 | % | |||||||||||
Edegel (Peru) | 54,954 | 55,535 | 581 | 1.1 | % | |||||||||||
Total operating income generation business | 421,664 | 583,968 | 162,304 | 38.5 | % | |||||||||||
Transmission Business | ||||||||||||||||
CIEN (Brazil)(1) | 13,339 | -759 | -14,098 | N/A | ||||||||||||
Total operating income Transmission business | 13,339 | -759 | -14,098 | N/A | ||||||||||||
Non-electricity subsidiaries(2) | 3,021 | 254 | -2,767 | -91.6 | % | |||||||||||
Total operating income from Non-electricity subsidiaries Chile | 3,021 | 254 | -2,767 | -91.6 | % | |||||||||||
Less:intercompany transactions | -1,432 | 1,116 | 2,548 | N/A | ||||||||||||
Total operating income | 828,644 | 1,068,042 | 239,398 | 28.9 | % |
(1) | Corresponds to Operating Income for the last quarter of 2005 in which Enersis consolidated Endesa Brasil. | |
(2) | Includes operating income for CAM, Synapsis, IMV, Túnel El Melón, Ingendesa, Enigesa, Enersis Holding and investment vehicles |
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Year ended December 31, | ||||||||||||||||||||||||||||||||
(in million of Ch$) | ||||||||||||||||||||||||||||||||
Generation | Transmission | Distribution | Total | |||||||||||||||||||||||||||||
2005 | 2006 | 2005 | 2006 | 2005 | 2006 | 2005 | 2006 | |||||||||||||||||||||||||
Operating revenues | 1.170.933 | 1.478.419 | 28.614 | 143.900 | 2.282.206 | 2.548.377 | 3.293.143 | 3.892.064 | ||||||||||||||||||||||||
Operating costs | -708.546 | -847.373 | -13.957 | -139.072 | -1.705.225 | -1.897.619 | -2.234.186 | -2.594.444 | ||||||||||||||||||||||||
Operating margin | 462.387 | 631.046 | 14.657 | 4.828 | 576.981 | 650.758 | 1.058.957 | 1.297.620 | ||||||||||||||||||||||||
Selling and administrative expenses | -40.723 | -47.080 | -1.318 | -5.587 | -184.607 | -167.295 | -230.313 | -229.578 | ||||||||||||||||||||||||
Operating income | 421.664 | 583.966 | 13.339 | -759 | 392.374 | 483.463 | 828.644 | 1.068.042 |
Year ended December 31, | ||||||||||||||||||||||||
(in million of Ch$) | ||||||||||||||||||||||||
Other | Intercompany transactions | Total | ||||||||||||||||||||||
2005 | 2006 | 2005 | 2006 | 2005 | 2006 | |||||||||||||||||||
Operating revenues | 213.065 | 249.814 | -401.675 | -528.446 | 3.293.143 | 3.892.064 | ||||||||||||||||||
Operating costs | -173.611 | -204.995 | 367.153 | 494.615 | -2.234.186 | -2.594.444 | ||||||||||||||||||
Operating margin | 39.454 | 44.819 | -34.522 | -33.831 | 1.058.957 | 1.297.620 | ||||||||||||||||||
Selling and administrative expenses | -36.754 | -44.564 | 33.089 | 34.948 | -230.313 | -229.578 | ||||||||||||||||||
Operating income | 2.700 | 255 | -1.433 | 1.117 | 828.644 | 1.068.042 |
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Physical sales during | ||||||||||||||||
Year ended December 31, | ||||||||||||||||
2005 | 2006 | Change | % Change | |||||||||||||
(GWh) | ||||||||||||||||
Chilectra (Chile) | 11,851 | 12,377 | 526 | 4.4 | % | |||||||||||
Edesur (Argentina) (1) | 14,018 | 14,837 | 819 | 5.8 | % | |||||||||||
Edelnor (Peru) | 4,530 | 4,874 | 344 | 7.6 | % | |||||||||||
Ampla (Brazil) | 8,175 | 8,668 | 493 | 6.0 | % | |||||||||||
Coelce (Brazil) | 6,580 | 6,769 | 189 | 2.9 | % | |||||||||||
Codensa (Colombia) (1) | 10,094 | 10,755 | 661 | 6.5 | % | |||||||||||
Total | 55,248 | 58,280 | 3,032 | 5.5 | % |
(1) | Includes toll revenues. |
Physical sales during | ||||||||||||||||
Year ended December 31, | ||||||||||||||||
2005 | 2006 | Change | % Change | |||||||||||||
(GWh) | ||||||||||||||||
Endesa Chile (Chile) | 20,731 | 20,923 | 192 | 0.9 | % | |||||||||||
Endesa Costanera (Argentina) | 8,466 | 8,816 | 350 | 4.1 | % | |||||||||||
El Chocón (Argentina) | 4,113 | 5,191 | 1,078 | 26.2 | % | |||||||||||
Edegel (Peru) | 4,600 | 6,767 | 2,167 | 47.1 | % | |||||||||||
Emgesa (Colombia) (1) | 12,358 | 12,311 | (47 | ) | -0.4 | % | ||||||||||
Betania (Colombia) | 2,737 | 3,054 | 317 | 11.6 | % | |||||||||||
Cachoeira Dourada (Brazil) | 3,867 | 4,177 | 310 | 8.0 | % | |||||||||||
Endesa Fortaleza (Brazil) (2) | 678 | 2,705 | 2,027 | 299.0 | % | |||||||||||
Cien (Brazil) (2) | 1,467 | 6,394 | 4,927 | 335.9 | % | |||||||||||
Total | 59,017 | 70,337 | 11,320 | 19.2 | % |
(1) | In 2005, 18 GWh of inter-company sales are included. | |
(2) | Corresponds to sales for the last quarter of 2005 in which Enersis consolidated Endesa Brasil. |
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Year ended December 31, | ||||||||||||||||
2005 | 2006 | Change | % Change | |||||||||||||
(in million of Ch$) | ||||||||||||||||
Distribution Business | ||||||||||||||||
Chilectra and subsidiaries (Chile) | 606,015 | 664,957 | 58,942 | 9.7 | % | |||||||||||
Edesur (Argentina) | 239,469 | 248,394 | 8,925 | 3.7 | % | |||||||||||
Distrilima/Edelnor (Peru) | 197,488 | 214,271 | 16,783 | 8.5 | % | |||||||||||
Ampla (Brazil) | 485,791 | 552,631 | 66,840 | 13.8 | % | |||||||||||
Investluz/Coelce (Brazil) | 343,491 | 418,313 | 74,822 | 21.8 | % | |||||||||||
Codensa (Colombia) | 409,952 | 449,811 | 39,859 | 9.7 | % | |||||||||||
Total operating revenues distribution business | 2,282,206 | 2,548,377 | 266,171 | 11.7 | % | |||||||||||
Generation Business | ||||||||||||||||
Endesa and subsidiaries (Chile) | 540,113 | 633,961 | 93,848 | 17.4 | % | |||||||||||
Endesa Costanera (Argentina) | 119,732 | 173,732 | 54,000 | 45.1 | % | |||||||||||
El Chocón (Argentina) | 40,356 | 61,684 | 21,328 | 52.8 | % | |||||||||||
Cachoeira Dourada (Brazil) | 55,265 | 66,844 | 11,579 | 21.0 | % | |||||||||||
CGTF (Brazil)(1) | 30,923 | 100,193 | 69,270 | 224.0 | % | |||||||||||
Emgesa (Colombia) | 224,488 | 237,103 | 12,615 | 5.6 | % | |||||||||||
Betania (Colombia) | 39,922 | 36,721 | -3,201 | -8.0 | % | |||||||||||
Edegel (Peru) | 120,134 | 168,182 | 48,048 | 40.0 | % | |||||||||||
Total operating revenues generation business | 1,170,933 | 1,478,420 | 307,487 | 26.3 | % | |||||||||||
Transmission Business | ||||||||||||||||
CIEN (Brazil)(1) | 28,614 | 143,900 | 115,286 | 402.9 | % | |||||||||||
Total operating revenues Transmission business | 28,614 | 143,900 | 115,286 | 402.9 | % | |||||||||||
Non-electricity subsidiaries(2) | 213,065 | 249,814 | 36,749 | 17.2 | % | |||||||||||
Total operating revenues from Non-electricity subsidiaries Chile | 213,065 | 249,814 | 36,749 | 17.2 | % | |||||||||||
Less:intercompany transactions | -401,675 | -528,447 | -126,772 | 31.6 | % | |||||||||||
Total operating revenues | 3,293,143 | 3,892,064 | 598,921 | 18.2 | % |
(1) | Corresponds to Operating Revenues for the last quarter of 2005 in which Enersis consolidated Endesa Brasil. | |
(2) | Includes operating revenues for CAM, Synapsis, IMV, Túnel El Melón, Ingendesa, Enigesa, Enersis Holding and investment vehicles. |
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Year ended December 31, | ||||||||
2005 | 2006 | |||||||
(percentage of total costs of operations) | ||||||||
Electricity purchases | 47.7 | % | 45.7 | % | ||||
Depreciation and amortization | 16.3 | % | 15.6 | % | ||||
Fuel purchases | 9.8 | % | 10.8 | % | ||||
Operating cost and maintenance | 9.2 | % | 9.3 | % | ||||
Transmission tolls | 6.0 | % | 5.9 | % | ||||
Salaries | 5.7 | % | 5.5 | % | ||||
Other expenses | 5.3 | % | 7.1 | % | ||||
100.0 | % | 100.0 | % | |||||
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Year ended December 31, | ||||||||||||||||
2005 | 2006 | Change | % Change | |||||||||||||
(in million of Ch$) | ||||||||||||||||
Distribution Business | ||||||||||||||||
Chilectra and Subsidiaries (Chile) | 444,798 | 500,814 | 56,016 | 12.6 | % | |||||||||||
Edesur (Argentina) | 205,917 | 216,897 | 10,980 | 5.3 | % | |||||||||||
Distrilima/Edelnor (Peru) | 149,599 | 155,727 | 6,128 | 4.1 | % | |||||||||||
Ampla (Brazil) | 381,422 | 425,434 | 44,012 | 11.5 | % | |||||||||||
Investluz/Coelce (Brazil) | 242,305 | 297,489 | 55,184 | 22.8 | % | |||||||||||
Codensa (Colombia) | 281,185 | 301,258 | 20,073 | 7.1 | % | |||||||||||
Total operating costs distribution business | 1,705,226 | 1,897,619 | 192,393 | 11.3 | % | |||||||||||
Generation Business | ||||||||||||||||
Endesa and subsidiaries (Chile) | 329,713 | 324,637 | -5,076 | -1.5 | % | |||||||||||
Endesa Costanera (Argentina) | 119,956 | 166,616 | 46,660 | 38.9 | % | |||||||||||
El Chocón (Argentina) | 25,019 | 30,324 | 5,305 | 21.2 | % | |||||||||||
Cachoeira Dourada (Brazil) | 26,491 | 30,992 | 4,501 | 17.0 | % | |||||||||||
CGTF (Brazil)(1) | 14,758 | 46,091 | 31,333 | 212.3 | % | |||||||||||
Emgesa (Colombia) | 113,512 | 124,150 | 10,638 | 9.4 | % | |||||||||||
Betania (Colombia) | 22,528 | 23,759 | 1,231 | 5.5 | % | |||||||||||
Edegel (Peru) | 56,569 | 100,804 | 44,235 | 78.2 | % | |||||||||||
Total operating costs generation business | 708,546 | 847,373 | 138,827 | 19.6 | % | |||||||||||
Transmission Business | ||||||||||||||||
CIEN (Brazil)(1) | 13,957 | 139,072 | 125,115 | 896.4 | % | |||||||||||
Total operating costsTransmission business | 13,957 | 139,072 | 125,115 | 896.4 | % | |||||||||||
Non-electricity subsidiaries(2) | 173,611 | 204,995 | 31,384 | 18.1 | % | |||||||||||
Total operating costs from Non-electricity subsidiaries Chile | 173,611 | 204,995 | 31,384 | 18.1 | % | |||||||||||
Less:intercompany transactions | -367,154 | -494,615 | -127,461 | 34.7 | % | |||||||||||
Total operating costs | 2,234,186 | 2,594,444 | 235,143 | 10.5 | % |
(1) | Corresponds to operating costs for the last quarter of 2005 in which Enersis consolidated Endesa Brasil. | |
(2) | Includes operating costs for CAM, Synapsis, IMV, Túnel el Melón, Ingendesa, Enigesa, Enersis Holding and investment vehicles. |
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Year ended December 31, | ||||||||
2005 | 2006 | |||||||
(percentage of total costs of operations) | ||||||||
General administrative expenses | 34.9 | % | 43.6 | % | ||||
Salaries | 34.6 | % | 39.1 | % | ||||
Uncollectible accounts | 21.8 | % | 9.4 | % | ||||
Depreciation and amortization | 8.2 | % | 7.3 | % | ||||
Materials and office supplies | 0.5 | % | 0.6 | % | ||||
100.0 | % | 100.0 | % | |||||
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Year ended December 31, | ||||||||||||||||
2005 | 2006 | Change | % Change | |||||||||||||
(in million of Ch$) | ||||||||||||||||
Distribution Business | ||||||||||||||||
Chilectra and Subsidiaries (Chile) | 43,620 | 47,006 | 3,386 | 7.8 | % | |||||||||||
Edesur (Argentina) | 29,814 | 35,574 | 5,760 | 19.3 | % | |||||||||||
Distrilima/Edelnor (Peru) | 18,158 | 19,966 | 1,808 | 10.0 | % | |||||||||||
Ampla (Brazil) | 22,574 | 17,272 | -5,302 | -23.5 | % | |||||||||||
Investluz/Coelce (Brazil) | 51,997 | 34,276 | -17,721 | -34.1 | % | |||||||||||
Codensa (Colombia) | 18,765 | 13,201 | -5,564 | -29.7 | % | |||||||||||
Total selling and administrative expenses distribution business | 184,928 | 167,295 | -17,633 | -9.5 | % | |||||||||||
Generation Business | ||||||||||||||||
Endesa and subsidiaries (Chile) | 18,685 | 19,501 | 816 | 4.4 | % | |||||||||||
Endesa Costanera (Argentina) | 1,908 | 2,223 | 315 | 16.5 | % | |||||||||||
El Chocón (Argentina) | 871 | 1,050 | 179 | 20.6 | % | |||||||||||
Cachoeira Dourada (Brazil) | 4,878 | 6,305 | 1,427 | 29.3 | % | |||||||||||
CGTF (Brazil)(1) | 480 | 1,571 | 1,091 | 227.3 | % | |||||||||||
Emgesa (Colombia) | 4,823 | 3,876 | -947 | -19.6 | % | |||||||||||
Betania (Colombia) | 467 | 710 | 243 | 52.0 | % | |||||||||||
Edegel (Peru) | 8,611 | 11,843 | 3,232 | 37.5 | % | |||||||||||
Total selling and administrative expenses generation business | 40,723 | 47,079 | 6,356 | 15.6 | % | |||||||||||
Transmission Business | ||||||||||||||||
CIEN (Brazil)(1) | 1,318 | 5,587 | 4,269 | 323.9 | % | |||||||||||
Total selling and administrative expenses Transmission business | 1,318 | 5,587 | 4,269 | 323.9 | % | |||||||||||
Non-electricity subsidiaries(2) | 36,433 | 44,565 | 8,132 | 22.3 | % | |||||||||||
Total operating costs from Non-electricity subsidiaries Chile | 36,433 | 44,565 | 8,132 | 22.3 | % | |||||||||||
Less:intercompany transactions | -33,089 | -34,948 | -1,859 | 5.6 | % | |||||||||||
Total selling and administrative expenses | 230,313 | 229,578 | -735 | -0.3 | % |
(1) | Corresponds to selling and administrative expenses for the last quarter of 2005 in which Enersis consolidated Endesa Brasil. | |
(2) | Includes selling and administrative expenses for CAM, Synapsis, IMV, Túnel el Melón, Ingendesa, Enigesa, Enersis Holding and investment vehicles. |
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Year ended December 31, | ||||||||||||||||
2005 | 2006 | Change | % Change | |||||||||||||
(in million of Ch$) | ||||||||||||||||
Net interest expense | -270,088 | -265,918 | 4,170 | -1.5 | % | |||||||||||
Net income from related companies | 6,887 | 5,039 | -1,848 | -26.8 | % | |||||||||||
Net other non-operating income (expense) | -88,930 | -98,723 | -9,793 | 11.0 | % | |||||||||||
Net monetary exposure | -11,422 | 6,544 | 17,966 | N/A | ||||||||||||
Goodwill amortization | -56,345 | -55,908 | 437 | -0.8 | % | |||||||||||
Non-operating expense | -419,898 | -408,966 | 10,932 | -2.6 | % |
• | Write-off in accounts receivable from CIEN due to contract a renegotiation of Ch$ 30.5 billion with Copel in 2006. | ||
• | Higher expenses due of Ch$12.2 billion to an energy efficiency program promoted by the authorities that affect all the distribution companies in Brazil. | ||
• | Net loss of Ch$ 10.1 billion due to an accounting adjustment under Chilean GAAP, with the application of the BT 64, mainly from our subsidiaries from Colombia, Brazil y Peru. |
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• | Higher gains arising from the sales of fixed assets for Ch$ 19.2 billion, mainly because of the generation assets sales of Ampla. | ||
• | Lower expenses for provisions and contingencies for Ch$ 16.7 billion. |
Year ended December 31, | ||||||||||||||||
2005 | 2006 | Change | % Change | |||||||||||||
(in million of Ch$) | ||||||||||||||||
Operating income | 828,644 | 1,068,042 | 239,398 | 28.9 | % | |||||||||||
Non-operating income | -419,898 | -408,966 | 10,932 | -2.6 | % | |||||||||||
Net income before taxes, minority interest and negative goodwill amortization | 408,746 | 659,076 | 250,330 | 61.2 | % | |||||||||||
Current tax (expense) benefit | -182,051 | -109,408 | 72,643 | -39.9 | % | |||||||||||
Minority interest | -173,072 | -269,786 | -96,714 | 55.9 | % | |||||||||||
Amortization of negative goodwill | 15,822 | 6,078 | -9,744 | -61.6 | % | |||||||||||
Net income | 69,445 | 285,960 | 216,515 | 311.8 | % |
Year ended December 31, | ||||||||||||||||
2005 | 2006 | Change | % Change | |||||||||||||
(in million of Ch$) | ||||||||||||||||
Current tax (expense) benefit | -134,787 | -251,486 | -116,699 | 86.6 | % | |||||||||||
Deferred tax (expense) benefit | -47,264 | 142,078 | 189,342 | N/A | ||||||||||||
Income tax expense | -182,051 | -109,408 | 72,643 | -39.9 | % |
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December 31, 2004 and December 31, 2005
• | Physical sales in our distribution companies increased by 5.6% to 55,248 GWh in 2005. Physical sales in generation increased by 10.4% to 59,017 GWh. These increases reflect a continued economic recovery in all the economies of the countries in which we operate. Our number of distribution clients increased by 3.1% to 11.2 million in 2005. | ||
• | Our operating income increased by Ch$ 136.9 billion, or 19.8%, to Ch$ 828.6 billion in 2005, primarily due to improved results of our distribution subsidiaries in Colombia and Brazil, as well as our generation companies in Chile and Brazil. If we were to eliminate the negative impact in pesos of the 8.1% appreciation of the peso against the United States dollar (from Ch$ 557.40 per dollar as of December 31, 2004 to Ch$ 512.50 per dollar as of December 31, 2005), operating income would have increased by 28.7%. As of October 2005, with the creation of the Endesa Brasil holding company, Enersis began consolidating CGTF and CIEN. If we were to give pro forma effect to such consolidation as of a year earlier for comparative purposes, operating income would have increased by 17.7%. See note 2(a)(iii) to our Consolidated Financial Statements. In addition, had it not been for the appreciation of the peso mentioned above, operating income would have increased by 23.6%. Other regional currencies with important exchange rate fluctuations include the Colombian peso, which appreciated |
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11.7%, and the Brazilian real, which appreciated 16.8%, in both cases against the dollar. These changes offset in part the negative effect of the peso appreciation. We believe that it is helpful to eliminate the effects of the appreciation of the peso against the dollar and to give pro forma effect to the formation of Endesa Brasil in order to understand the underlying trends in our operating income. (For a reconciliation of these non-GAAP measures to Chilean GAAP, see “Item 5. Operating and Financial Review and Prospects — B. Liquidity and Capital Resources — Reconciliation of non-GAAP measures to Chilean GAAP” below.) | |||
• | Tax expenses increased by Ch$ 36.9 billion, from Ch$ 145.2 billion in 2004 to Ch$ 182.0 billion in 2005, partly due to incremental Ch$ 65.7 billion in tax expenses, primarily attributed to additional taxable income arising from our foreign subsidiaries, which was partially offset by Ch$ 28.8 billion of non-cash deferred tax expense. |
Year ended December 31, | ||||||||||||||||
2004 | 2005 | Change | % Change | |||||||||||||
(in million of Ch$) | ||||||||||||||||
Distribution Business | ||||||||||||||||
Chilectra and Subsidiaries (Chile) | 117,075 | 117,597 | 522 | 0.4 | % | |||||||||||
Edesur (Argentina) | (267 | ) | 3,738 | 4,005 | N/A | |||||||||||
Distrilima/Edelnor (Peru) | 30,744 | 29,731 | (1,013 | ) | -3.3 | % | ||||||||||
Ampla (Brazil) | 49,601 | 81,795 | 32,194 | 64.9 | % | |||||||||||
Investluz/Coelce (Brazil) | 5,172 | 49,189 | 44,017 | 851.1 | % | |||||||||||
Codensa (Colombia) | 92,426 | 110,002 | 17,576 | 19.0 | % | |||||||||||
Total operating income distribution business | 294,751 | 392,052 | 97,301 | 33.0 | % | |||||||||||
Generation Business | ||||||||||||||||
Endesa and subsidiaries (Chile) | 155,405 | 191,715 | 36,310 | 23.4 | % | |||||||||||
Endesa Costanera (Argentina) | 29,294 | (2,132 | ) | (31,426 | ) | N/A | ||||||||||
El Chocón (Argentina) | 5,785 | 14,466 | 8,681 | 150.1 | % | |||||||||||
Cachoeira Dourada (Brazil) | 15,140 | 23,896 | 8,756 | 57.8 | % | |||||||||||
CGTF (Brazil) | — | 15,685 | 15,685 | N/A | ||||||||||||
Emgesa (Colombia) | 106,611 | 106,153 | (458 | ) | -0.4 | % | ||||||||||
Betania (Colombia) | 18,688 | 16,927 | (1,761 | ) | -9.4 | % | ||||||||||
Edegel (Peru) | 55,170 | 54,954 | (216 | ) | -0.4 | % | ||||||||||
Total operating income generation business | 386,093 | 421,664 | 35,571 | 9.2 | % | |||||||||||
Transmission Business | ||||||||||||||||
CIEN (Brazil) | — | 13,339 | 13,339 | N/A | ||||||||||||
Total operating income Transmission business | — | 13,339 | 13,339 | N/A | ||||||||||||
Non-electricity subsidiaries(1) | 2,381 | 3,021 | 640 | 26.9 | % | |||||||||||
Total operating income from Non-electricity subsidiaries Chile | 2,381 | 3,021 | 640 | 26.9 | % | |||||||||||
Less:intercompany transactions | 8,470 | (1,432 | ) | (9,902 | ) | -116.9 | % | |||||||||
Total operating income | 691,695 | 828,644 | 136,949 | 19.8 | % |
(1) | Includes operating income for CAM, Synapsis, IMV, Túnel El Melón, Ingendesa, Enigesa, Enersis Holding and investment vehicles. |
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Year ended December 31, | ||||||||||||||||||||||||||||||||||||||||||||||||
(in million of Ch$) | ||||||||||||||||||||||||||||||||||||||||||||||||
Generation | Transmisión | Distribution | Other | Interc. transactions | Total | |||||||||||||||||||||||||||||||||||||||||||
2004 | 2005 | 2004 | 2005 | 2004 | 2005 | 2004 | 2005 | 2004 | 2005 | 2004 | 2005 | |||||||||||||||||||||||||||||||||||||
Operating revenues | 1,072,189 | 1,170,933 | — | 28,614 | 1,990,710 | 2,282,206 | 191,484 | 213,065 | (366,128 | ) | (401,675 | ) | 2,888,255 | 3,293,143 | ||||||||||||||||||||||||||||||||||
Operating costs | (650,471 | ) | (708,546 | ) | — | (13,957 | ) | (1,548,626 | ) | (1,705,225 | ) | (152,695 | ) | (173,611 | ) | 342,249 | 367,153 | (2,009,543 | ) | (2,234,186 | ) | |||||||||||||||||||||||||||
Operating margin | 421,718 | 462,387 | — | 14,657 | 442,084 | 576,981 | 38,789 | 39,454 | (23,879 | ) | (34,522 | ) | 878,712 | 1,058,957 | ||||||||||||||||||||||||||||||||||
Selling and administrative expenses | (35,625 | ) | (40,723 | ) | — | (1,318 | ) | (147,333 | ) | (184,607 | ) | (36,408 | ) | (36,754 | ) | 32,349 | 33,089 | (187,017 | ) | (230,313 | ) | |||||||||||||||||||||||||||
Operating income | 386,093 | 421,664 | — | 13,339 | 294,751 | 392,374 | 2,381 | 2,700 | 8,470 | (1,433 | ) | 691,695 | 828,644 |
Physical sales during Year ended | ||||||||||||||||
December 31, | ||||||||||||||||
2004 | 2005 | Change | % Change | |||||||||||||
(GWh) | ||||||||||||||||
Chilectra (Chile) | 11,317 | 11,851 | 534 | 4.7 | % | |||||||||||
Edesur (Argentina)(1) | 13,322 | 14,018 | 696 | 5.2 | % | |||||||||||
Edelnor (Peru) | 4,250 | 4,530 | 280 | 6.6 | % | |||||||||||
Ampla (Brazil) | 7,628 | 8,175 | 547 | 7.2 | % | |||||||||||
Coelce (Brazil) | 6,141 | 6,580 | 439 | 7.1 | % | |||||||||||
Codensa (Colombia)(1) | 9,656 | 10,094 | 438 | 4.5 | % | |||||||||||
Total | 52,314 | 55,248 | 2,934 | 5.6 | % | |||||||||||
(1) | Includes tolls revenues. |
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Physical sales during Year ended | ||||||||||||||||
December 31, | ||||||||||||||||
2004 | 2005 | Change | % Change | |||||||||||||
(GWh) | ||||||||||||||||
Endesa Chile (Chile) | 18,461 | 20,731 | 2,270 | 12.3 | % | |||||||||||
Endesa Costanera (Argentina) | 7,973 | 8,466 | 493 | 6.2 | % | |||||||||||
El Chocón (Argentina) | 3,630 | 4,113 | 483 | 13.3 | % | |||||||||||
Edegel (Peru) | 4,328 | 4,600 | 272 | 6.3 | % | |||||||||||
Emgesa (Colombia) (1) | 12,614 | 12,358 | (256 | ) | (2.0 | )% | ||||||||||
Betania (Colombia) | 2,534 | 2,737 | 203 | 8.0 | % | |||||||||||
Cachoeira Dourada (Brazil) | 3,902 | 3,867 | (35 | ) | (0.9 | )% | ||||||||||
CGTF (Brazil) (2) | — | 678 | 678 | N/A | ||||||||||||
CIEN (Brazil) (2) | — | 1,467 | 1,467 | N/A | ||||||||||||
Total | 53,442 | 59,017 | 5,575 | 10.4 | % | |||||||||||
(1) | In 2005, 18 GWh of inter-company sales are included. | |
(2) | Corresponds to sales for the last quarter of 2005 in which Enersis consolidated Endesa Brasil. |
Year ended December 31, | ||||||||||||||||
2004 | 2005 | Change | % Change | |||||||||||||
(in million of Ch$) | ||||||||||||||||
Distribution Business | ||||||||||||||||
Chilectra and Subsidiaries (Chile) | 530,382 | 606,015 | 75,633 | 14.3 | % | |||||||||||
Edesur (Argentina) | 221,053 | 239,469 | 18,416 | 8.3 | % | |||||||||||
Distrilima/Edelnor (Peru) | 194,555 | 197,488 | 2,933 | 1.5 | % | |||||||||||
Ampla (Brazil) | 375,121 | 485,791 | 110,670 | 29.5 | % | |||||||||||
Investluz/Coelce (Brazil) | 279,626 | 343,491 | 63,865 | 22.8 | % | |||||||||||
Codensa (Colombia) | 389,973 | 409,952 | 19,979 | 5.1 | % | |||||||||||
Total operating revenues distribution business | 1,990,710 | 2,282,206 | 291,496 | 14.6 | % | |||||||||||
Generation Business | ||||||||||||||||
Endesa and subsidiaries (Chile) | 474,350 | 540,113 | 65,763 | 13.9 | % | |||||||||||
Endesa Costanera (Argentina) | 125,526 | 119,732 | (5,794 | ) | -4.6 | % | ||||||||||
El Chocón (Argentina) | 31,340 | 40,356 | 9,016 | 28.8 | % | |||||||||||
Cachoeira Dourada (Brazil) | 44,432 | 55,265 | 10,833 | 24.4 | % | |||||||||||
CGTF (Brazil) | 0 | 30,923 | 30,923 | N/A | ||||||||||||
Emgesa (Colombia) | 227,883 | 224,488 | (3,395 | ) | -1.5 | % | ||||||||||
Betania (Colombia) | 38,157 | 39,922 | 1,765 | 4.6 | % | |||||||||||
Edegel (Peru) | 130,501 | 120,134 | (10,367 | ) | -7.9 | % | ||||||||||
Total operating revenues generation business | 1,072,189 | 1,170,933 | 98,744 | 9.2 | % | |||||||||||
Transmission Business | ||||||||||||||||
CIEN (Brazil) | — | 28,614 | 28,614 | N/A | ||||||||||||
Total operating revenues Transmission business | — | 28,614 | 28,614 | N/A | ||||||||||||
Non-electricity subsidiaries(1) | 191,484 | 213,065 | 21,581 | 11.3 | % | |||||||||||
Total operating revenues from Non-electricity subsidiaries Chile | 191,484 | 213,065 | 21,581 | 11.3 | % | |||||||||||
Less:intercompany transactions | (366,128 | ) | (401,675 | ) | (35,547 | ) | 9.7 | % | ||||||||
Total operating revenues | 2,888,255 | 3,293,143 | 404,888 | 14.0 | % |
(1) | Includes operating revenues of CAM, Synapsis, IMV, Túnel El Melón, Ingendesa, Enigesa, Enersis Holding and investment vehicles. |
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Year ended December 31, | ||||||||
2004 | 2005 | |||||||
(percentage of total costs of | ||||||||
operations) | ||||||||
Electricity purchases | 46.8 | % | 47.7 | % | ||||
Depreciation and amortization | 19.5 | % | 16.3 | % | ||||
Transmission tolls | 7.5 | % | 6.0 | % | ||||
Operating costs and maintenance | 7.4 | % | 9.2 | % | ||||
Salaries | 5.7 | % | 5.7 | % | ||||
Fuel purchases | 8.2 | % | 9.8 | % | ||||
Other expenses | 4.9 | % | 5.3 | % | ||||
100.0 | % | 100.0 | % | |||||
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Year ended December 31, | ||||||||||||||||
2004 | 2005 | Change | % Change | |||||||||||||
(in million of Ch$) | ||||||||||||||||
Distribution Business | ||||||||||||||||
Chilectra and Subsidiaries (Chile) | 368,272 | 444,798 | 76,526 | 20.8 | % | |||||||||||
Edesur (Argentina) | 191,903 | 205,917 | 14,014 | 7.3 | % | |||||||||||
Distrilima/Edelnor (Peru) | 146,022 | 149,599 | 3,577 | 2.4 | % | |||||||||||
Ampla (Brazil) | 310,076 | 381,422 | 71,346 | 23.0 | % | |||||||||||
Investluz/Coelce (Brazil) | 242,939 | 242,305 | (634 | ) | -0.3 | % | ||||||||||
Codensa (Colombia) | 289,414 | 281,185 | (8,229 | ) | -2.8 | % | ||||||||||
Total operating costs distribution business | 1,548,626 | 1,705,226 | 156,600 | 10.1 | % | |||||||||||
Generation Business | ||||||||||||||||
Endesa and subsidiaries (Chile) | 299,724 | 329,713 | 29,989 | 10.0 | % | |||||||||||
Endesa Costanera (Argentina) | 94,101 | 119,956 | 25,855 | 27.5 | % | |||||||||||
El Chocón (Argentina) | 24,968 | 25,019 | 51 | 0.2 | % | |||||||||||
Cachoeira Dourada (Brazil) | 27,450 | 26,491 | (959 | ) | -3.5 | % | ||||||||||
CGTF (Brazil) | — | 14,758 | 14,758 | N/A | ||||||||||||
Emgesa (Colombia) | 117,764 | 113,512 | (4,252 | ) | -3.6 | % | ||||||||||
Betania (Colombia) | 19,001 | 22,528 | 3,527 | 18.6 | % | |||||||||||
Edegel (Peru) | 67,463 | 56,569 | (10,894 | ) | -16.1 | % | ||||||||||
Total operating costs generation business | 650,471 | 708,546 | 58,075 | 8.9 | % | |||||||||||
Transmission Business | ||||||||||||||||
CIEN (Brazil) | — | 13,957 | 13,957 | N/A | ||||||||||||
Total operating costsTransmission business | 0 | 13,957 | 13,957 | N/A | ||||||||||||
Non-electricity subsidiaries(1) | 152,695 | 173,611 | 20,916 | 13.7 | % | |||||||||||
Total operating costs from Non-electricity subsidiaries Chile | 152,695 | 173,611 | 20,916 | 13.7 | % | |||||||||||
Less:intercompany transactions | (342,249 | ) | (367,154 | ) | (24,905 | ) | 7.3 | % | ||||||||
Total operating costs | 2,009,543 | 2,234,186 | 210,686 | 10.5 | % |
(1) | Includes operating costs of CAM, Synapsis, IMV, Túnel el Melón, Ingendesa, Enigesa, Enersis Holding and investment vehicles. |
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Year ended December 31, | ||||||||
2004 | 2005 | |||||||
(as a percentage of selling and | ||||||||
administrative expenses) | ||||||||
Salaries | 42.3 | % | 34.7 | % | ||||
General administrative expenses | 38.7 | % | 34.8 | % | ||||
Depreciation and amortization | 9.6 | % | 8.2 | % | ||||
Uncollectible accounts | 8.9 | % | 21.8 | % | ||||
Materials and office supplies | 0.6 | % | 0.6 | % | ||||
100.0 | % | 100.0 | % | |||||
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Year ended December 31, | ||||||||||||||||
2004 | 2005 | Change | % Change | |||||||||||||
(in million of Ch$) | ||||||||||||||||
Distribution Business | ||||||||||||||||
Chilectra and Subsidiaries (Chile) | 45,035 | 43,620 | (1,415 | ) | -3.1 | % | ||||||||||
Edesur (Argentina) | 29,417 | 29,814 | 397 | 1.3 | % | |||||||||||
Distrilima/Edelnor (Peru) | 17,789 | 18,158 | 369 | 2.1 | % | |||||||||||
Ampla (Brazil) | 15,444 | 22,574 | 7,130 | 46.2 | % | |||||||||||
Investluz/Coelce (Brazil) | 31,515 | 51,997 | 20,482 | 65.0 | % | |||||||||||
Codensa (Colombia) | 8,133 | 18,765 | 10,632 | 130.7 | % | |||||||||||
Total selling and administrative expenses distribution business | 147,333 | 184,928 | 37,595 | 25.5 | % | |||||||||||
Generation Business | ||||||||||||||||
Endesa and subsidiaries (Chile) | 19,221 | 18,685 | (536 | ) | -2.8 | % | ||||||||||
Endesa Costanera (Argentina) | 2,131 | 1,908 | (223 | ) | -10.5 | % | ||||||||||
El Chocón (Argentina) | 587 | 871 | 284 | 48.4 | % | |||||||||||
Cachoeira Dourada (Brazil) | 1,842 | 4,878 | 3,036 | 164.8 | % | |||||||||||
CGTF (Brazil) | — | 480 | 480 | N/A | ||||||||||||
Emgesa (Colombia) | 3,508 | 4,823 | 1,315 | 37.5 | % | |||||||||||
Betania (Colombia) | 468 | 467 | (1 | ) | -0.2 | % | ||||||||||
Edegel (Peru) | 7,868 | 8,611 | 743 | 9.4 | % | |||||||||||
Total selling and administrative expenses generation business | 35,625 | 40,723 | 5,098 | 14.3 | % | |||||||||||
Transmission Business | ||||||||||||||||
CIEN (Brazil) | — | 1,318 | 1,318 | N/A | ||||||||||||
Total selling and administrative expenses Transmission business | 0 | 1,318 | 1,318 | N/A | ||||||||||||
Non-electricity subsidiaries(1) | 36,408 | 36,433 | 25 | 0.1 | % | |||||||||||
Total operating costs from Non-electricity subsidiaries Chile | 36,408 | 36,433 | 25 | 0.1 | % | |||||||||||
Less:intercompany transactions | (32,349 | ) | (33,089 | ) | (740 | ) | 2.3 | % | ||||||||
Total selling and administrative expenses | 187,017 | 230,313 | 43,296 | 23.2 | % |
(1) | Includes selling and administrative expenses for CAM, Synapsis, IMV, Túnel el Melón, Ingendesa, Enigesa, Enersis Holding and investment vehicles. |
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Year ended December 31, | ||||||||||||||||
2004 | 2005 | Change | % Change | |||||||||||||
(in million of Ch$) | ||||||||||||||||
Net interest expense | (304,536 | ) | (270,088 | ) | 34,448 | -11.3 | % | |||||||||
Net income from related companies | 32,945 | 6,887 | (26,058 | ) | -79.1 | % | ||||||||||
Net other non-operating income (expense) | (97,365 | ) | (88,930 | ) | 8,435 | -8.7 | % | |||||||||
Net monetary exposure | 14,418 | (11,422 | ) | (25,840 | ) | N/A | ||||||||||
Goodwill amortization | (56,273 | ) | (56,345 | ) | (72 | ) | 0.1 | % | ||||||||
Non-operating expense | (410,811 | ) | (419,898 | ) | (9,087 | ) | 2.2 | % |
• | Higher income arising from adjustment to Chilean accounting norms, in accordance with BT 64, and in particular the currency conversion adjustment, primarily arising from our subsidiaries in Colombia, Brazil and Peru, for an amount of Ch$ 34.8 billion.The Brazilian and Colombian local currencies appreciated significantly against the dollar. | ||
• | Higher compensations received of Ch$4.7 billion. | ||
• | Lower losses associated with provisions for fixed asset obsolescence, for Ch$10.8 billion. | ||
• | Lower losses due to power and energy invoice adjustments of Ch$13.5 billion. |
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• | Lower reversals for provisions for Ch$44.0 billion. | ||
• | Non-recurrence of the Alstom-Pirelli reimbursement associated with Edesur’s Azopardo substation fire incident several years before, for Ch$ 8.1 billion received in 2004. | ||
• | Higher taxes due to a social integration program and a social security program in Brazil for Ch$ 3.1 billion. |
Year ended December 31, | ||||||||||||||||
2004 | 2005 | Change | % Change | |||||||||||||
(in million of Ch$) | ||||||||||||||||
Operating income | 691,695 | 828,644 | 136,949 | 19.8 | % | |||||||||||
Non-operating income | (410,811 | ) | (419,898 | ) | (9,087 | ) | 2.2 | % | ||||||||
Net income before taxes, minority interest and negative goodwill amortization | 280,884 | 408,746 | 127,862 | 45.5 | % | |||||||||||
Income taxes | (145,168 | ) | (182,051 | ) | (36,883 | ) | 25.4 | % | ||||||||
Minority interest | (106,947 | ) | (173,072 | ) | (66,125 | ) | 61.8 | % | ||||||||
Amortization of negative goodwill | 18,095 | 15,822 | (2,273 | ) | -12.6 | % | ||||||||||
�� | ||||||||||||||||
Net income | 46,864 | 69,445 | 22,581 | 48.2 | % |
Year ended December 31, | ||||||||||||||||
2004 | 2005 | Change | % Change | |||||||||||||
(in million of Ch$) | ||||||||||||||||
Current tax (expense) benefit | 69,105 | 134,787 | 65,682 | 95.0 | % | |||||||||||
Deferred tax (expense) benefit | 76,063 | 47,264 | -28,799 | -37.9 | % | |||||||||||
Income tax expense | 145,168 | 182,051 | 36,883 | 25.4 | % |
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2005 | 2006 | |||||||
(figures in U.S.$ millions) | ||||||||
INITIAL CASH (A) | 45.7 | 0.7 | ||||||
SOURCES (B) + (C) | 707.8 | 684.3 | ||||||
Cash Inflows from Chile (B) | 627.1 | 580.3 | ||||||
Cash Inflows from Operations | 278.0 | 348.2 | ||||||
Interest Income from Chilean Subsidiaries | 40.2 | 43.4 | ||||||
Dividends from Chilean Subs | 108.1 | 141.3 | ||||||
Amortization of Intercompany Loans from Chilean Subsidiaries | 160.2 | 47.4 | ||||||
Other Income from non Operating Activities | 40.6 | — | ||||||
Cash Inflows from foreign subsidiaries (C) | 80.7 | 104.0 | ||||||
Interest Income from Foreign Subs | 6.6 | 3.1 | ||||||
Dividends from Foreign Subs | 13.7 | 17.4 |
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2005 | 2006 | |||||||
(figures in U.S.$ millions) | ||||||||
Capital Reductions | 59.7 | 21.3 | ||||||
Management Fee and Others | 0.7 | 0.1 | ||||||
Intercompany debt amortizations | — | 62.2 | ||||||
USES (D) + (E) | 752.8 | 659.7 | ||||||
Cash Outflows from Operations (D) | 328.0 | 329.3 | ||||||
Cash Outflows from Operations | 319.5 | 297.1 | ||||||
Taxes | 8.5 | 32.2 | ||||||
Cash Outflows from non Operating Activities (E) | 424.8 | 330.4 | ||||||
Interest Expenses and Derivative Contracts | 92.9 | 84.6 | ||||||
Dividend Payment | 23.4 | 133.4 | ||||||
Debt Amortization | 267.5 | 85.2 | ||||||
Others | 41.0 | 27.2 | ||||||
FINAL CASH (A)+(B)+(C)-(D)-(E) | 0.7 | 25.3 |
• | $348.2 million of cash inflows from operating revenues of our wholly-owned subsidiaries; | ||
• | $43.4 million of interest payments from non wholly-owned Chilean subsidiaries; | ||
• | $ 141.3 million of dividends from non wholly-owned Chilean subsidiaries, which includes $ 62.2 million from Chilectra; | ||
• | $ 47.4 million of intercompany loan payment from non wholly-owned Chilean subsidiaries, which includes $ 41.1 million from Chilectra; | ||
• | $ 3.1 million on interest income from intercompany debt with our Brazilian subsidiaries; | ||
• | $ 17.4 million from dividends, which includes $ 13.9 million from our Brazilian subsidiaries and $ 3.5 million from our Colombian subsidiaries; | ||
• | $ 21.3 million from capital reductions, which includes $ 20.8 million from our Colombian subsidiaries; | ||
• | $ 62.2 from amortization of intercompany loans from our Brazilian subsidiary Coelce; |
• | $ 297.1 million from operating expenses of our wholly-owned subsidiaries, including investments and capital expenditures; | ||
• | $32.2 million in taxes paid by Enersis and its wholly-owned subsidiaries; | ||
• | $84.6 million in net interest expenses (net of derivative contracts); | ||
• | $133.4 million dividend payments by Enersis; | ||
• | $ 85.2 million of net financial debt amortization (discounting new debt used for refinancing purposes), and | ||
• | $ 27.2 million of payment to Endesa Internacional related to the purchase of Elesur. |
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• | $278.0 million of cash inflows from operating revenues of our wholly-owned subsidiaries; | ||
• | $ 40.2 million of interest payments from non wholly-owned Chilean subsidiaries, which includes $ 40.0 million from Chilectra and $ 0.2 million from Endesa Chile; | ||
• | $ 108.1 million of dividends from non wholly-owned Chilean subsidiaries, which includes $ 73.5 million from Chilectra and $ 34.6 million from Endesa Chile; | ||
• | $ 160.2 million of intercompany payment from non wholly-owned Chilean subsidiaries, which includes $ 149.1 million from Chilectra and $ 11.1 million from Endesa Chile; | ||
• | $ 40.6 million from a capital reduction in Elesur; | ||
• | $ 6.6 million on interest income from intercompany debt with our Brazilian subsidiaries; | ||
• | $ 13.7 million from dividends, which includes $ 11.2 million from our Colombian subsidiaries and $ 2.5 million from our Peruvian subsidiaries; | ||
• | $ 59.7 million from capital reductions, which includes $ 49.9 million from our Colombian subsidiaries and $ 9.8 million from our Peruvian subsidiaries. |
• | $ 319.5 million from operating expenses of our wholly-owned subsidiaries, including investments and capital expenditures; | ||
• | $ 8.5 million in taxes paid by Enersis and its wholly-owned subsidiaries; | ||
• | $ 92.9 million in net interest expenses (net of derivative contracts); | ||
• | $ 23.4 million dividend payments by Enersis. During 2005, Enersis raised its dividend policy from 30% to 50% of net revenues; | ||
• | $ 267.5 million of net financial debt amortization (discounting new debt used for refinancing purposes); |
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Aggregate | ||||||||||||
Principal | ||||||||||||
Issuer | Maturity | Coupon | Amount Issued | |||||||||
(as a | ||||||||||||
percentage) | (in millions) | |||||||||||
Endesa Chile | July 15, 2008 | 7.750 | 400 | |||||||||
Endesa Chile | April 1, 2009 | 8.500 | 400 | |||||||||
Endesa Chile | August 1, 2013 | 8.350 | 400 | |||||||||
Endesa Chile | August 1, 2015 | 8.625 | 200 | |||||||||
Endesa Chile (3) | February 1, 2027 | 7.875 | 230 | |||||||||
Endesa Chile (1) | February 1, 2037 | 7.325 | 220 | |||||||||
Endesa Chile (3) | February 1, 2097 | 8.125 | 200 | |||||||||
Enersis | January 15, 2014 | 7.375 | 350 | |||||||||
Enersis (3) | December 1, 2016 | 7.400 | 350 | |||||||||
Enersis (2) | December 1, 2026 | 6.600 | 150 |
(1) | Holders of these Yankee Bonds can exercise a put option against Endesa Chile on February 1, 2009. | |
(2) | Holders of these Yankee Bonds exercised a put option against Enersis on December 1, 2003 for an aggregate principal amount of $ 149.1 million, leaving only $ 0.9 million outstanding. | |
(3) | In 2001, Enersis and Endesa Chile repurchased an aggregate of $ 284 million of these Yankee Bonds. |
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2005 | 2006 | |||||||
(in millions of Ch$) | ||||||||
Operating Income | 828,644 | 1,068,042 | ||||||
Consolidation CIEN and CGTF year 2005 | 12,137 | — | ||||||
Operating income included above | 887,498 | 1,068,042 | ||||||
2005 | 2006 | |||||||
(in millions of Ch$) | ||||||||
Operating Income includes effect of consolidation of CIEN and CGTF | 887,498 | 1,068,042 | ||||||
Effect of Ch$ depreciation | 15,238 | — | ||||||
Operating income excluding above | 902,736 | 1,068,042 | ||||||
2004 | 2005 | |||||||
(in millions of Ch$) | ||||||||
Operating Income | 691,695 | 828,644 | ||||||
Effect of Ch$ appreciation | (47,766 | ) | — | |||||
Operating income excluding above | 643,929 | 828,644 | ||||||
2004 | 2005 | |||||||
(in millions of Ch$) | ||||||||
Operating Income | 691,695 | 828,644 | ||||||
Consolidation CIEN and CGTF fourth quarter of 2004 | 12,137 | — | ||||||
Operating income included above | 703,832 | 828,644 | ||||||
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As of December 31, 2006
Payment obligations due by period (in U.S.$ millions) | ||||||||||||||||||||||||
Dec. | Dec. | Dec. | After | |||||||||||||||||||||
Total | Dec.2007 | 2008 | 2009 | 2010 | 2010 | |||||||||||||||||||
Bank Debt | 1,846 | 390 | 516 | 230 | 242 | 468 | ||||||||||||||||||
Local Bonds (1) | 1,759 | 102 | 180 | 233 | 302 | 942 | ||||||||||||||||||
Yankee Bonds (2) | 2,656 | 25 | 399 | 620 | 0 | 1,612 | ||||||||||||||||||
Other Debt (3) | 742 | 91 | 137 | 142 | 130 | 242 | ||||||||||||||||||
Interest Expenses | 3,124 | 585 | 516 | 418 | 338 | 1,267 | ||||||||||||||||||
Pension and Post-retirement obligations (4) | 516 | 5 | 57 | 58 | 59 | 337 | ||||||||||||||||||
Purchase Obligations (5) | 7,232 | 1,910 | 1,548 | 1,383 | 1,297 | 1,094 | ||||||||||||||||||
Operational Leases (6) | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||
Total Contractual Obligations | 17,875 | 3,108 | 3,352 | 3,084 | 2,369 | 5,962 | ||||||||||||||||||
(1) | Includes net payment from Endesa Chile’s currency swap of $ 22.9 million. | |
(2) | Includes net payment of Enersis’ currency swaps for a total of $ 210.1 million. | |
(3) | Includes Endesa Chile’s capital lease obligations for a total of.$ 47.7 million. | |
(4) | We have funded and unfunded pension and post-retirement benefit plans. Our funded plans have contractual annual commitments for contributions which do not change based on funding status. Cash flow estimates in the table are based on such annual contractual commitments including certain estimable variable factors such as interest. Cash flow estimates in the table relating to our unfunded plans are based on future undiscounted payments necessary to meet all of our pension and post-retirement obligations. The amount of $ 286 million in the “After 2010” column includes all of our cash flow estimates relating to our unfunded plans plus one year’s estimate of our contractual commitment for our funded plans (we estimate that our contractual commitments for our funded plans are equal to $ 44 million per annum). However, we have estimated that we will have $ 44 million in cash flow commitments in connection with such funded plans. We have only included one year of cash flow estimates for our funded plans in this column because such plans do not have an expiration or settlement date and therefore the aggregate of our obligations related to such plans after 2009 would not accurately represent our year-to-year cash commitments. | |
(5) | Includes generation and distribution business purchase obligations comprised mainly of energy purchases, operating and maintenance contracts and other services. In addition to the contractual operational obligations set forth above, annual payments of electricity purchase contacts that correspond to derivative instruments are quantified in Item 11. Market Risks — Commodity Price Risk. | |
(6) | We do not have any material operating lease obligations. |
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Directors | Position | Held Since | ||||
Pablo Yrarrázaval V. (1) | Chairman | 2002 | ||||
Rafael Miranda R. | Vice Chairman | 1999 | ||||
Patricio Claro G. (1) | Director | 2006 | ||||
Juan Ignacio de la Mata G. (2) | Director | 2005 | ||||
Rafael Español N. (2) | Director | 2005 | ||||
Hernán Somerville S. (1) (2) | Director | 1999 | ||||
Eugenio Tironi B. | Director | 2000 |
(1) | Member of the Directors’ Committee | |
(2) | Member of the Audit Committee. |
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Position | Current Position Held Since | |||||
Ignacio Antoñanzas A. | Chief Executive Officer | 2006 | ||||
José Luis Domínguez C. | Communications Officer | 2003 | ||||
Alfredo Ergas S. | Chief Financial Officer | 2003 | ||||
Francisco Herrera F. | Auditing Officer | 2003 | ||||
Fernando Isac C. | Accounting Officer | 2003 | ||||
Macarena Lama C. | Planning and Control Officer | 2003 | ||||
Francisco Silva B. | Human Resources Officer | 2003 | ||||
Domingo Valdés P. | General Counsel | 1999 |
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Year ended December 31, 2006 | ||||
(in thousands of Ch$) | ||||
Pablo Yrarrázaval V. | 57,439 | |||
Rafael Miranda R. | 34,676 | |||
Hernán Somerville S. | 34,999 | |||
Patricio Claro G. | 25,644 | |||
Juan Ignacio de la Mata G. | 27,065 | |||
Rafael Español N. | 27,065 | |||
Eugenio Tironi B. | 24,426 | |||
Ernesto Silva B. (1) | 8,483 | |||
Total | 239,797 | |||
(1) | Mr. Silva ceased to be a Director of Enersis in 2006. |
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• | examination of Annual Report, Financial Statements and the Reports of the External Auditors and Inspectors of the Accounts; | |
• | formulation of the proposal to the Board of Directors for the selection of external auditors and private rating agencies; | |
• | examination of information related to operations by the Company with related parties and/or related to operations in which the Company board members or relevant executive officers may have personal interest; | |
• | examination of the compensation framework and plans for managers and executive officers; and | |
• | any other function mandated to the committee by theestatutos, the board of directors or the shareholders of the company. |
• | submits a proposal for the appointment and compensation of independent auditors at the Shareholders’ Meeting; | ||
• | oversees the work of independent auditors; | ||
• | pre-approves audit and non-audit services provided by the independent auditors; | ||
• | establishes procedures for receiving and dealing with complaints regarding accounting, internal control and auditing matters. |
Years ended December 31, | ||||||||||||
2004 | 2005 | 2006 | ||||||||||
Enersis (Chile) | 212 | 215 | 220 | |||||||||
Endesa Chile (1) | 1,562 | 1,560 | 2,028 | |||||||||
Endesa Brasil (2) | — | 2,842 | 2,938 | |||||||||
Chilectra (Chile) | 692 | 712 | 708 | |||||||||
Edesur (Argentina) | 2,277 | 2,338 | 2,407 | |||||||||
Edelnor (Peru) | 543 | 536 | 548 | |||||||||
Ampla (Brazil) | 1,408 | — | — | |||||||||
Codensa (Colombia) | 901 | 926 | 934 | |||||||||
Coelce (Brazil) | 1,337 | — | — | |||||||||
Other Businesses (3) | 2,286 | 2,524 | 2,001 | |||||||||
Total | 11,218 | 11,653 | 11,784 | |||||||||
(1) | Includes Chilean operations and subsidiaries in Argentina, Colombia and Peru. |
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(2) | In 2005, Endesa Brasil includes Ampla, Coelce, Cachoeira Dourada, CGTF, CIEN, CTM and TESA. | |
(3) | Includes CAM, Synapsis and IMV. |
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Percentage of | ||||||||
No. of | Shares | |||||||
Shares Owned | Outstanding | |||||||
Endesa Spain(1) | 19,794,583,473 | 60.6 | % | |||||
AFP Provida(2) | 1,952,198,706 | 6.0 | % |
(1) | Endesa Spain’s 60.6% beneficial interest is held throughEndesa Internacional. | |
(2) | The beneficial interest of AFP Provida is held through four different investment funds. |
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Nominal | U.S.$ | |||||||
Year | Ch$(1) | per ADS(2) | ||||||
(Ch$ per share) | ||||||||
2002 | — | — | ||||||
2003 | — | — | ||||||
2004 | — | — | ||||||
2005 | 0.42 | 0.04 | ||||||
2006 | 2.11 | 0.20 |
(1) Amounts shown are in historical pesos and reflect all the dividends paid in a given year. These dividends may have been accrued the prior year, or the same year in which they were paid. | |||||||||
(2) The dollar per ADS amount has been calculated by applying the exchange rate of Ch$532.39= $ 1.00, the Observed Exchange Rate prevailing on December 31, 2006, to the constant peso amount. |
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Chilean Pesos Per Share (1) | U.S.$ per ADS (2) | |||||||||||||||||||
Share Volume | High | Low | High | Low | ||||||||||||||||
2007 | ||||||||||||||||||||
April | 520,557,149 | 201.50 | 175.50 | 193/4 | 161/5 | |||||||||||||||
March | 850,271,540 | 180.00 | 163,50 | 167/8 | 142/3 | |||||||||||||||
February | 755,536,760 | 185.50 | 163.00 | 172/7 | 141/3 | |||||||||||||||
January | 720,737,637 | 175.50 | 167.50 | 162/9 | 151/3 | |||||||||||||||
2006 | ||||||||||||||||||||
December | 1,473,086,846 | 173.00 | 158.16 | 162/5 | 15 | |||||||||||||||
November | 983,312,375 | 164.00 | 143.00 | 154/9 | 131/2 | |||||||||||||||
4th quarter | 2,935,194,633 | 173.00 | 140.00 | 162/5 | 13 | |||||||||||||||
3rd quarter | 1,424,604,249 | 147.99 | 117.99 | 136/7 | 103/4 | |||||||||||||||
2nd quarter | 1,391,561,107 | 129.90 | 112.40 | 122/3 | 101/7 | |||||||||||||||
1st quarter | 1,963,504,194 | 129.49 | 108.50 | 122/3 | 103/5 | |||||||||||||||
2005 | ||||||||||||||||||||
December | 618,835,548 | 122.00 | 109.00 | 82/3 | 71/3 | |||||||||||||||
4th quarter | 2,212,992,708 | 130.00 | 109.00 | 121/3 | 101/2 | |||||||||||||||
3rd quarter | 1,840,936,792 | 123.00 | 111.00 | 111/2 | 97/8 | |||||||||||||||
2nd quarter | 2,112,530,098 | 126.00 | 97.00 | 106/7 | 81/4 | |||||||||||||||
1st quarter | 1,348,339,507 | 103.50 | 87.00 | 9 | 71/3 | |||||||||||||||
2004 | ||||||||||||||||||||
December | 568,896,414 | 97.00 | 87.00 | 85/8 | 72/5 | |||||||||||||||
4th quarter | 2,248,285,905 | 97.00 | 84.00 | 85/8 | 64/5 | |||||||||||||||
3rd quarter | 2,236,312,231 | 89.51 | 73.00 | 71/2 | 52/3 | |||||||||||||||
2nd quarter | 1,032,271,059 | 82.01 | 70.00 | 65/6 | 51/2 | |||||||||||||||
1st quarter | 1,413,791,567 | 87.50 | 73.00 | 73/4 | 57/8 | |||||||||||||||
2003 | ||||||||||||||||||||
4th quarter | 2,949,415,326 | 88.00 | 72.01 | 72/5 | 57/9 | |||||||||||||||
3rd quarter | 2,615,141,119 | 76.50 | 60.80 | 6 | 41/2 | |||||||||||||||
2nd quarter | 2,037,701,115 | 73.00 | 56.00 | 51/4 | 36/7 | |||||||||||||||
1st quarter | 435,639,838 | 67.00 | 55.00 | 45/7 | 35/8 | |||||||||||||||
2002 | ||||||||||||||||||||
4th quarter | 684,639,252 | 77.00 | 52.00 | 52/9 | 35/7 | |||||||||||||||
3rd quarter | 692,521,240 | 92.80 | 65.01 | 64/5 | 41/6 | |||||||||||||||
2nd quarter | 474,079,058 | 127.02 | 79.49 | 10 | 54/7 | |||||||||||||||
1st quarter | 512,037,133 | 176.00 | 117.50 | 133/4 | 83/4 |
(1) | As reported by the Santiago Stock Exchange. Pesos per share reflect the nominal price as of the trade date. The price has not been restated in constant pesos. | |
(2) | As reported by the NYSE. One ADS = 50 Shares |
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• | any direct or indirect acquisition or sale of shares or options to buy or sell shares that results in the holder’s acquiring or disposing, directly or indirectly, of 10% or more of a publicly held limited liability stock company’s subscribed capital; and | ||
• | any direct or indirect acquisition or sale of shares or options to buy or sell shares, in any amount, if made by a holder of 10% or more of a publicly held limited liability stock company’s subscribed capital. |
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• | borrowing powers exercisable by the directors and how such borrowing powers can be varied; or | ||
• | retirement or non-retirement of directors under an age limit requirement. |
• | redemption provisions; | ||
• | sinking funds; or | ||
• | liability to further capital calls by the company. |
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• | a transformation of the company into a different form of entity, a merger or division of the company; | ||
• | an amendment to the term of duration or early dissolution; | ||
• | a change in the corporation’s domicile; | ||
• | a decrease of corporate capital; | ||
• | approval of capital contributions in kind and assessment of such assets; | ||
• | modification of the authority reserved to shareholders or limitations on the Board of Directors’ powers; | ||
• | reduction in the number of members of the Board of Directors; | ||
• | disposition of 50% or more of the assets of the corporation, whether it includes disposition of liabilities or not, as well as the approval or the amendment of the business plan which contemplates the disposition of assets for such amount; | ||
• | the form of distributing corporate benefits; | ||
• | issue of guarantees for third parties’ liabilities which exceed 50% of the assets, but if the third party is a subsidiary of the company, the approval of the Board of Directors is sufficient; | ||
• | the purchase of the corporation’s own shares; or | ||
• | certain remedies for the nullification of the corporate by-laws. |
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• | the transformation of the company into another type of entity; | ||
• | the merger of the company with another company; | ||
• | disposition of 50% or more of the assets of the corporation, whether it includes disposition of liabilities or not, as well as the approval or the amendment of the business plan which contemplates the disposition of assets for such amount; | ||
• | issue of guarantees for third parties’ liabilities which exceed 50% of the assets, but if the third party is a subsidiary of the company, the approval of the Board of Directors is sufficient; | ||
• | the creation of preferential rights for a class of shares or an amendment to the existing ones. The right to withdraw only accrues to the dissenting shareholders of the class or classes of shares adversely affected; | ||
• | certain remedies for the nullification of the corporate by-laws; and | ||
• | such other causes as may be established by a company’s by-laws. |
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• | This new Compendium enhances the information gathered by the Central Bank and the quality of such information. In addition, this new Compendium includes the main rules that modified the Compendium of Foreign Exchange Regulations in April 1991. In other words, new cross-border investing and financing decisions will no longer be subject to any restrictions set forth in both Articles 42 and 49 of the Central Bank Law such as: |
• | the prior Central Bank authorization requirement for the entry of capital associated with foreign loans, investments, capital contributions, bonds and ADRs; | ||
• | the prior Central Bank authorization for capital remittances associated with returns of capital, dividends, and other benefits related to capital contributions, investments and prepayment of foreign loans; | ||
• | the prior Central Bank authorization for the return of capital, profits and other benefits associated with investments made by Chilean residents abroad; | ||
• | the limitations to the special prepayment and acceleration clauses contained in foreign loans; | ||
• | the restrictions of minimum risk classification and the weighted duration for the issuance of bonds; | ||
• | the limitations with respect to the currencies in which external debt can be issued or contracted; | ||
• | the restrictions to the issue of ADRs; and | ||
• | the reserve requirement on funds coming from abroad (which was already 0%). |
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• | cash dividends; | ||
• | proceeds from the sale in Chile of Withdrawn Shares subject to receipt by the Central Bank of a certificate from the holder of the Withdrawn Shares (or from an institution authorized by the Central Bank) that such holder’s residence and domicile are outside Chile and a certificate from a Chilean |
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stock exchange (or from a brokerage or securities firm established in Chile) that such Withdrawn Shares were sold on a Chilean stock exchange; | |||
• | proceeds from the sale in Chile of rights to subscribe for additional shares of Common Stock; | ||
• | proceeds from the liquidation, merger or consolidation of our company; and | ||
• | other distributions, including without limitation those resulting from any recapitalization, as a result of holding shares of Common Stock represented by ADSs or Withdrawn Shares. |
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• | in the case of an individual, a person who is not a resident in Chile; for purposes of Chilean taxation, an individual holder is resident in Chile if he or she has resided in Chile for more than six months in one calendar year, or a total of more than six months in two consecutive fiscal years; or | ||
• | in the case of a legal entity, an entity that is not organized under the laws of Chile, unless the shares or ADSs are assigned to a branch, agent, representative or permanent establishment of such entity in Chile. |
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Company taxable income | 100.00 | |||
Chilean corporate income tax (17% of Ch$100) | (17 | ) | ||
Net distributable income | 83 | |||
Dividend distributed (50% of net distributable income) | 41.5 | |||
Withholding tax (35% of the sum of Ch$41.50 dividend plus Ch$8.50 credit) | (17.5 | ) | ||
Credit for 50% of Chilean corporate income tax | 8.5 | |||
Net withholding tax | (9 | ) | ||
Net dividend received | 32.5 | |||
Effective dividend withholding rate | 21.69 | % |
Effective Dividend | = | (Withholding tax rate) – (Chilean corporate income tax rate) | ||
Withholding Tax Rate | 1 – (Chilean corporate income tax rate) |
• | has held the shares for less than one year since exchanging ADSs for the shares; or |
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• | acquired and disposed of the shares in the ordinary course of its business or as a habitual trader of shares. |
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• | certain financial institutions; | ||
• | a dealer in securities or foreign currencies; | ||
• | a trader in securities that elects to use a mark-to-market method of accounting for your securities holdings; | ||
• | an insurance company; | ||
• | a tax-exempt entity; | ||
• | a person subject to the alternative minimum tax; | ||
• | partnerships or other entities classified as partnerships for U.S. federal income tax purposes; | ||
• | a person who will hold our ADSs or shares as part of a straddle, hedging transaction, conversion transaction or other integrated transaction; | ||
• | a person that has a principal place of business or “tax home” outside the United States, or a person whose functional currency is not the dollar; | ||
• | a person who acquired our ADSs or shares pursuant to the exercise of an employee stock option or otherwise as compensation; and | ||
• | a person owning directly, indirectly or by attribution 10% or more of our capital stock. |
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Fair Value [in | ||||||||||||||||||||||||||||||
ENDESA CHILE | 2007 | 2008 | 2009 | 2010 | Thereafter | Total | U.S.$ millions] | |||||||||||||||||||||||
Purchase of Electricity | GWh | 720 | — | — | — | — | 720 | (14.52 | ) | |||||||||||||||||||||
Weighted Average Price | U.S.$/MWh | 55.97 | — | — | — | — |
Fair Value | ||||||||||||||||||||||||||||||
[in U.S.$ | ||||||||||||||||||||||||||||||
CIEN | 2007 | 2008 | 2009 | 2010 | Thereafter | Total | millions] | |||||||||||||||||||||||
Sale of Electricity | GWh | 1,392 | — | — | — | — | 1,392 | 6.02 | ||||||||||||||||||||||
Weighted Average Price | U.S.$/MWh | 38.16 | — | — | — | — | 38.16 | |||||||||||||||||||||||
Purchase of Electricity | GWh | 1,392 | — | — | — | — | 1,392 | |||||||||||||||||||||||
Weighted Average Price | U.S.$/MWh | 33.77 | — | — | — | — | 33.77 |
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Fair Value | ||||||||||||||||||||||||||||||
[in U.S.$ | ||||||||||||||||||||||||||||||
CEMSA | 2007 | 2008 | 2009 | 2010 | Thereafter | Total | millions] | |||||||||||||||||||||||
Sale of Electricity | GWh | — | — | — | — | — | — | — | ||||||||||||||||||||||
Weighted Average Price | U.S.$/MWh | — | — | — | — | — | — | — | ||||||||||||||||||||||
Purchase of Electricity | GWh | — | — | — | — | — | — | — | ||||||||||||||||||||||
Weighted Average Price | U.S.$/MWh | — | — | — | — | — | — | — |
Fair Value | ||||||||||||||||||||||||||||||
U.S.$ [in | ||||||||||||||||||||||||||||||
COSTANERA | 2007 | 2008 | 2009 | 2010 | Thereafter | Total | millions] | |||||||||||||||||||||||
Sale of Electricity | GWh | — | — | — | — | — | — | — | ||||||||||||||||||||||
Weighted Average Price | U.S.$/MWh | — | — | — | — | — | — | — |
Contract Terms | ||||||||||||||||||||||||||||||||
As of December 31, | 2007 | 2008 | 2009 | 2010 | 2011 | Thereafter | Total | Fair Value (1) | ||||||||||||||||||||||||
(in millions of constant Ch$) | ||||||||||||||||||||||||||||||||
Long-term Debt | ||||||||||||||||||||||||||||||||
Fixed rate: | ||||||||||||||||||||||||||||||||
Ch$-and UF-denominated | 2,461 | 2,271 | 2,254 | 79,425 | 6,178 | 117,670 | 210,259 | 241,226 | ||||||||||||||||||||||||
Weighted average interest rate | 5.6 | % | 5.6 | % | 5.6 | % | 5.6 | % | 6.1 | % | 6.1 | % | 5.6 | % | ||||||||||||||||||
U.S.$-denominated | 91,029 | 268,215 | 392,065 | 44,331 | 18,160 | 857,785 | 1,671,585 | 1,849,024 | ||||||||||||||||||||||||
Weighted average interest rate | 7.7 | % | 7.7 | % | 7.7 | % | 7.7 | % | 7.8 | % | 7.8 | % | 7.7 | % | ||||||||||||||||||
Other currencies (2) | 73,451 | 66,669 | 82,811 | 67,510 | 129,931 | 174,061 | 594,433 | 584,264 | ||||||||||||||||||||||||
Weighted average interest rate | 5.9 | % | 5.6 | % | 5.4 | % | 5.6 | % | 5.2 | % | 5.8 | % | 5.9 | % | ||||||||||||||||||
Variable rate: | ||||||||||||||||||||||||||||||||
Ch$-and UF-denominated | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Weighted average interest rate | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
U.S.$-denominated | 28,229 | 216,059 | 29,777 | 54,729 | 44,537 | 29,891 | 403,222 | 432,646 | ||||||||||||||||||||||||
Weighted average interest rate | 5.9 | % | 5.9 | % | 7.2 | % | 6.4 | % | 6.8 | % | 7.3 | % | 5.9 | % | ||||||||||||||||||
Other currencies (2) | 128,596 | 102,425 | 145,355 | 112,979 | 100,955 | 168,383 | 758,693 | 833,624 | ||||||||||||||||||||||||
Weighted average interest rate | 13.3 | % | 13.2 | % | 12.4 | % | 12.2 | % | 11.9 | % | 11.5 | % | 13.3 | % | ||||||||||||||||||
Total | 323,765 | 655,638 | 652,263 | 358,974 | 299,762 | 1,347,790 | 3,638,192 | 3,940,785 |
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(1) | As of December 31, 2006, fair values were calculated based on the discounted value of future cash flows expected to be paid (or received), considering current discount rates that reflect the different risks involved. | |
(2) | “Other currencies” includes the Euro, the Brazilian real, the Colombian peso and the Peruvian sol, among others. |
Contract Terms | ||||||||||||||||||||||||||||||||
Fair Value | ||||||||||||||||||||||||||||||||
As of December 31, | 2006 | 2007 | 2008 | 2009 | 2010 | Thereafter | Total | (1) | ||||||||||||||||||||||||
(in millions of constant Ch$) | ||||||||||||||||||||||||||||||||
Long-term Debt | ||||||||||||||||||||||||||||||||
Fixed rate: | ||||||||||||||||||||||||||||||||
Ch$-and UF-denominated | 148,119 | 2,412 | 2,221 | 2,223 | 77,940 | 121,532 | 354,447 | 389,323 | ||||||||||||||||||||||||
Weighted average interest rate | 9.8 | % | 9.7 | % | 9.7 | % | 9.7 | % | 10.1 | % | — | 9.8 | % | — | ||||||||||||||||||
U.S.$-denominated | 297,661 | 93,365 | 290,725 | 349,942 | 73,090 | 806,725 | 1,911,507 | 2,064,986 | ||||||||||||||||||||||||
Weighted average interest rate | 7.8 | % | 7.8 | % | 7.9 | % | 7.7 | % | 7.9 | % | — | 7.8 | % | — | ||||||||||||||||||
Other currencies (2) | 119,471 | 33,355 | 25,471 | 39,600 | 42,705 | 229,295 | 489,899 | 532,429 | ||||||||||||||||||||||||
Weighted average interest rate | 10.5 | % | 10.6 | % | 10.9 | % | 11.1 | % | 11.3 | % | 5.0 | % | 10.8 | % | — | |||||||||||||||||
Variable rate: | ||||||||||||||||||||||||||||||||
Ch$-and UF-denominated | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Weighted average interest rate | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
U.S.$-denominated | 67,414 | 13,221 | 25,879 | 25,295 | 28,435 | 30,508 | 190,752 | 191,304 | ||||||||||||||||||||||||
Weighted average interest rate | 5.6 | % | 5.7 | % | 5.4 | % | 4.8 | % | 4.6 | % | — | 5.5 | % | — | ||||||||||||||||||
Other currencies (2) | 87,593 | 74,793 | 100,072 | 108,064 | 61,276 | 33,071 | 464,869 | 482,830 | ||||||||||||||||||||||||
Weighted average interest rate | 19.0 | % | 14.7 | % | 13.4 | % | 12.2 | % | 12.4 | % | 18.2 | % | 16.1 | % | — | |||||||||||||||||
Total | 720,258 | 217,147 | 444,368 | 525,125 | 283,446 | 1,221,131 | 3,411,474 | 3,660,873 | ||||||||||||||||||||||||
(1) | As of December 31, 2005, fair values were calculated based on the discounted value of future cash flows expected to be paid (or received), considering current discount rates that reflect the different risks involved. | |
(2) | “Other currencies” includes the Euro, the Brazilian real, the Colombian peso and the Peruvian sol, among others. |
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Contract Terms | ||||||||||||||||||||||||||||||||
As of December 31, | 2007 | 2008 | 2009 | 2010 | 2011 | Thereafter | Total | Fair Value(1) | ||||||||||||||||||||||||
(in millions of constant Ch$) | ||||||||||||||||||||||||||||||||
Long-term Debt | ||||||||||||||||||||||||||||||||
Fixed rate: | ||||||||||||||||||||||||||||||||
U.S.$-denominated | 91,029 | 268,215 | 392,065 | 44,331 | 18,160 | 857,785 | 1,671,585 | 1,849,024 | ||||||||||||||||||||||||
Other currencies (2) | 73,451 | 66,669 | 82,811 | 67,510 | 129,931 | 174,061 | 594,433 | 584,264 | ||||||||||||||||||||||||
Variable rate: | ||||||||||||||||||||||||||||||||
U.S.$-denominated | 28,229 | 216,059 | 29,777 | 54,729 | 44,537 | 29,891 | 403,222 | 432,646 | ||||||||||||||||||||||||
Other currencies (2) | 128,596 | 102,425 | 145,355 | 112,979 | 100,955 | 168,383 | 758,693 | 833,624 | ||||||||||||||||||||||||
Other instruments (3) | ||||||||||||||||||||||||||||||||
U.S.$-denominated assets | 81,683 | 90,524 | 2,049 | — | — | — | 174,256 | 174,256 | ||||||||||||||||||||||||
Assets in other currencies (2) | 1,320,719 | 55,508 | 19,110 | 8,464 | 9,535 | 42,813 | 1,456,149 | 1,456,149 | ||||||||||||||||||||||||
Forward contracts (receive U.S.$/Pay Ch$) (1) | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Swap contracts (receive U.S.$/Pay Ch$) | — | 66,549 | — | — | — | 319,434 | 385,983 | -142,193 | ||||||||||||||||||||||||
Other foreign currency derivatives (2) | — | 1,314 | — | — | — | 26,620 | 27,934 | -4,219 |
(1) | Calculated based on the Observed Exchange Rate as of December 31, 2006, which was Ch$ 532.39 = $ 1.00. Fair values were calculated based on the discounted value of future cash flows expected to paid (or received), considering current discount rates that reflect the different risks involved. | |
(2) | “Other currencies” includes the Euro, Brazilian real, the Colombian pesos, Peruvian soles, Argentine and Chilean pesos. | |
(3) | “Other instruments” include cash, time deposits and short-term accounts receivables. See note 29 to financial statements. |
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Contract Terms | ||||||||||||||||||||||||||||||||
Fair | ||||||||||||||||||||||||||||||||
As of December 31, | 2006 | 2007 | 2008 | 2009 | 2010 | Thereafter | Total | Value(1) | ||||||||||||||||||||||||
(in millions of constant Ch$) | ||||||||||||||||||||||||||||||||
Long-term Debt | ||||||||||||||||||||||||||||||||
Fixed rate: | ||||||||||||||||||||||||||||||||
U.S.$-denominated | 297,661 | 93,365 | 290,725 | 349,942 | 73,090 | 806,725 | 1,911,507 | 2,064,986 | ||||||||||||||||||||||||
Other currencies (2) | 119,471 | 33,355 | 25,471 | 39,600 | 42,705 | 229,295 | 489,899 | 532,429 | ||||||||||||||||||||||||
Variable rate: | ||||||||||||||||||||||||||||||||
U.S.$-denominated | 67,414 | 13,221 | 25,879 | 25,295 | 28,435 | 30,508 | 190,752 | 191,304 | ||||||||||||||||||||||||
Other currencies (2) | 87,593 | 74,793 | 100,072 | 108,064 | 61,276 | 33,071 | 464,869 | 482,830 | ||||||||||||||||||||||||
Other instruments (3) | ||||||||||||||||||||||||||||||||
U.S.$-denominated assets | 58,790 | 91,879 | — | — | — | — | 150,669 | 150,669 | ||||||||||||||||||||||||
Assets in other currencies (2) | 817,996 | 48,443 | 34,450 | 16,976 | 13,450 | 19,230 | 950,545 | 950,545 | ||||||||||||||||||||||||
Forward contracts (receive U.S.$/Pay Ch$) (1) | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Swap contracts (receive U.S.$/Pay Ch$) | 102,500 | 5,125 | 1,951 | — | 6,253 | 307,500 | 423,329 | (123,385 | ) | |||||||||||||||||||||||
Other foreign currency derivatives (2) | 43,695 | 8,547 | — | 30,750 | 20,500 | — | 103,492 | (107 | ) |
(1) | Calculated based on the Observed Exchange Rate as of December 31, 2005, which was Ch$ 512.5 = $ 1.00. Fair values were calculated based on the discounted value of future cash flows expected to paid (or received), considering current discount rates that reflect the different risks involved. | |
(2) | “Other currencies” includes the Euro, Brazilian real, the Colombian pesos and Peruvian soles among others. | |
(3) | “Other instruments” include cash, time deposits and short-term accounts receivables. See note 29 to financial statements. |
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Attention: Investor Relations Department
Santa Rosa 76
Santiago, Chile
(56-2) 353-4682
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Services | ||||||||
Rendered | 2005 | 2006 | ||||||
(millions of U.S.$) | ||||||||
Audit Fees | 1.7 | 3.7 | ||||||
Audit-Related Fees (1) | 0.3 | 0.2 | ||||||
Tax Fees (2) | 0.1 | 0.1 | ||||||
All Other Fees (3) | 0.2 | 0.1 | ||||||
Total | 2.3 | 4.1 | ||||||
(1) | In 2006, includes fees paid for assistance services rendered in relation with Enersis’ readiness plan to comply with Sarbanes-Oxley’s section 404 requirements (USD 122,200), and other audit-related services (USD 47,380). | |
(2) | In 2006, includes fees paid for tax consultancy work in Argentina, Colombia and Chile (USD 56,250; USD 50,288; and USD 10,158 respectively). In 2005, includes fees paid for tax consultancy work in Argentina and Chile (amounted to USD 49,567; and USD 16,531, respectively). | |
(3) | In 2006, includes fees for collaboration in a rules and procedures program project (USD 80,000), and other minor services in Perú and Chile (USD 31,062). In 2005, includes fees for: collaboration in a rules and procedures program project (USD 134,987); collaboration in a commercial procedures identification project (USD 60,500) and other minor services (USD 45,696). |
§ | The business unit that has requested the service and the audit firm requested to perform the service must request that the corporate audit manager review the nature of the service to be provided. | ||
§ | At that point, the corporate audit department analyzes the request and requires the audit firm that has been requested to provide the service to issue a certificate signed by the partner responsible for the audit of our consolidated financial statements confirming such audit firm’s independence. | ||
§ | Finally, the proposal is submitted to the Audit and Control Committee for approval or denial. |
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F-18 | ||||
F-19 | ||||
Consolidated Financial Statements: | ||||
F-20 | ||||
F-22 | ||||
F-23 | ||||
F-24 | ||||
F-25 | ||||
SCHEDULE I Financial Statements of Enersis Parent Company | F-173 |
Exhibit | Description | |
1.1 | By-laws (Estatutos) of ENERSIS S.A., as amended. | |
1.2 | By-laws (Estatutos) of ENERSIS S.A., as amended (English translation). | |
4.1 | Assignment of Rights Contract, dated January 27, 2004, between Endesa Internacional S.A. and ENERSIS S.A. (Spanish version).* | |
4.2 | Assignment of Rights Contract, dated January 27, 2004 between Endesa Internacional S.A. and ENERSIS S.A. (English version).* | |
8.1 | List of Subsidiaries as of December 31, 2006. | |
12.1 | Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act | |
12.2 | Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act | |
13.1 | Certification of Chief Executive Officer and Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act |
162
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* | Incorporated by reference to ENERSIS S.A. Annual Report on From 20-F for the year ended December 31, 2004 filed with the Securities and Exchange Commission on June 10, 2005. |
163
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ENERSIS S.A. | ||||
By: | /s/ Ignacio Antoñanzas A. | |||
Name: | Ignacio Antoñanzas A. | |||
Title: | Chief Executive Officer | |||
Table of Contents
Report of Independent Accountants: | ||||
F-1 | ||||
F-3 | ||||
F-5 | ||||
F-6 | ||||
F-8 | ||||
F-9 | ||||
F-10 | ||||
F-11 | ||||
F-12 | ||||
F-13 | ||||
F-14 | ||||
F-15 | ||||
F-16 | ||||
F-18 | ||||
F-19 | ||||
Consolidated Financial Statements: | ||||
F-20 | ||||
F-22 | ||||
F-23 | ||||
F-24 | ||||
F-25 | ||||
SCHEDULE I Financial Statements of Enersis Parent Company | F-173 |
Ch$ | Chilean pesos | |
US$ | United States dollars | |
UF | The UF is a Chilean inflation-indexed, peso-denominated monetary unit that is set daily in advance based on the previous month’s inflation rate (See Note 2 (c)). | |
ThCh$ | Thousand of Chilean pesos | |
ThUS$ | Thousand of United States dollars |
Table of Contents
![(DELOITTE LOGO)](https://capedge.com/proxy/20-F/0000950123-07-007419/y34738y3473802.gif)
Deloitte & Touche | ||
Sociedad de Auditores y Consultores Ltda. | ||
RUT: 80.276.200-3 | ||
Av. Providencia 1760 | ||
Pisos 6, 7, 8 y 9 | ||
Providencia, Santiago | ||
Chile | ||
Fono: (56-2) 270 3000 | ||
Fax: (56-2) 374 9177 | ||
e-mail: deloittechile@deloitte.com | ||
www.deloitte.cl |
Una firma miembro de | ||
Deloitte Touche Tohmastu |
F - 1
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F - 2
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Deloitte & Touche | ||
Sociedad de Auditores y Consultores Ltda. | ||
RUT: 80.276.200-3 | ||
Av. Providencia 1760 | ||
Pisos 6, 7, 8 y 9 | ||
Providencia, Santiago | ||
Chile | ||
Fono: (56-2) 270 3000 | ||
Fax: (56-2) 374 9177 | ||
e-mail: deloittechile@deloitte.com | ||
www.deloitte.cl |
Enersis S.A.
Una firma miembro de | ||
Deloitte Touche Tohmastu |
F - 3
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F - 4
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§ Huérfanos 770, 5° Piso Santiago, Chile | § Teléfono : (56-2) 676 1000 Fax : (56-2) 676 1010 Casilla : 2823 |
Empresa Nacional de Electricidad S.A. (Endesa-Chile):
April 13, 2007
F - 5
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§ Huérfanos 770, 5° Piso Santiago, Chile | § Teléfono : (56-2) 676 1000 Fax : (56-2) 676 1010 Casilla : 2823 |
Empresa Nacional De Electricidad S.A. and subsidiaries:
F - 6
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April 13,2007
F - 7
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Deloitte & Touche Ltda. | ||
Cra. 7 N° 74 - 09 | ||
A.A. 075874 | ||
Nit. 860.005.813-4 | ||
Bogotá D.C. | ||
Colombia | ||
Tel +57(1) 5461810 - 5461815 | ||
Fax +57(1)2178088 | ||
www.deloitte.com.co |
Central Hidroeléctrica de Bctania S.A. E.S.P. and subsidiaries:
Bogotá, Colombia, March 7, 2007
DELOITTE & TOUCHE LTDA.
Auditoría. Impuestos. Consultoría Finanzas Corporativas. | Una firma membro de Deloitte Touche Tohmatsu |
F - 8
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Deloitte & Co. S.R.L. | ||
Florida 234, Piso 5° | ||
C1005AAF | ||
Ciudad Autónoma | ||
de Buenos Aires | ||
Argentina | ||
Tel: (54-11) 4320-2700 | ||
Fax: (54-11) 4325-8081/4326-7340 | ||
www.deloitte.com |
Endesa Argentina S.A.:
Buenos Aires, March 7, 2007
F - 9
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Deloitte & Touche | ||
Sociedad de Auditores y Consultores Ltda. | ||
RUT: 80.276.200-3 | ||
Av. Providencia 1760 | ||
Pisos 6, 7, 8 y 9 | ||
Providencia, Santiago | ||
Chile | ||
Fono: (56-2) 270 3000 | ||
Fax: (56-2) 374 9177 | ||
e-mail: deloittechile@deloitte.com | ||
www.deloitte.cl |
March 9, 2007
Una firma miembro de | ||
Deloitte Touche Tohmatsu |
F - 10
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§ Praia de Botafogo, 300 - 13° andar 22250-040 — Rio de Janeiro, RJ, Brasil | § Fone: (55) (21) 2109-1400 Fax: (55) (21) 2109-1600 www.ey.com.br |
Centrais Elétricas Cachoeira Dourada S.A. — CDSA
Auditores Independentes S.S.
Partner
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§ Praia de Botafogo, 300 - 13° andar 22250-040 — Rio de Janeiro, RJ, Brasil | § Fone: (55) (21) 2109-1400 Fax: (55) (21) 2109-1600 www.ey.com.br |
Central Geradora Termelétrica Fortaleza — CGTF
Auditores Independentes S.S.
Partner
F - 12
Table of Contents
]
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§ Praia de Botafogo, 300 - 13° andar 22250-040 — Rio de Janeiro, RJ, Brasil | § Fone: (55) (21) 2109-1400 Fax: (55) (21) 2109-1600 www.ey.com.br |
CIEN-Companhia de Interconexão Energética
Auditores Independentes S.S.
Partner
F - 13
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§ Praia de Botafogo, 300 - 13° andar 22250-040 — Rio de Janeiro, RJ, Brasil | § Fone: (55) (21) 2109-1400 Fax: (55) (21) 2109-1600 www.ey.com.br |
Centrais Elétricas Cachoeira Dourada — CDSA
Auditores Independentes S.S.
Partner
F - 14
Table of Contents
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§ Praia de Botafogo, 300 - 13° andar 22250-040 — Rio de Janeiro, RJ, Brasil | § Fone: (55) (21) 2109-1400 Fax: (55) (21) 2109-1600 www.ey.com.br |
Central Geradora Termelétrica Fortaleza — CGTF
Auditores Independentes S.S.
Partner
F - 15
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§ Praia de Botafogo, 300 - 13° andar 22250-040 — Rio de Janeiro, RJ, Brasil | § Fone: (55) (21) 2109-1400 Fax: (55) (21) 2109-1600 www.ey.com.br |
CIEN — Companhia de Interconexao Energetica
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Auditores Independentes S.S.
Partner
F - 17
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Deloitte & Co. S.R.L. | ||
Florida 234, Piso 5° | ||
C1005AAF | ||
Ciudad Autónoma | ||
de Buenos Aires | ||
Argentina | ||
Tel: (54-11) 4320-2700 | ||
Fax: (54-11) 4325-8081/4326-7340 | ||
www.deloitte.com |
Transportadora de Energía S.A.:
Buenos Aires, February 1, 2007
F - 18
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Deloitte & Co. S.R.L. | ||
Florida 234, Piso 5° | ||
C1005AAF | ||
Ciudad Autónoma | ||
de Buenos Aires | ||
Argentina | ||
Tel: (54-11) 4320-2700 | ||
Fax: (54-11) 4325-8081/4326-7340 | ||
www.deloitte.com |
Compañía de Transmisión del Mercosur S.A.:
Buenos Aires, February 1, 2007
F - 19
Table of Contents
Chilean pesos of December 31, 2006 and thousands of US dollars)
As of December 31, | ||||||||||||
2005 | 2006 | 2006 | ||||||||||
ThCh$ | ThCh$ | ThUS$ | ||||||||||
ASSETS | ||||||||||||
CURRENT ASSETS | ||||||||||||
Cash | 72,873,740 | 99,794,219 | 187,446 | |||||||||
Time deposits | 265,352,164 | 282,125,166 | 529,922 | |||||||||
Marketable securities | 5,421,998 | 9,113,927 | 17,119 | |||||||||
Accounts receivable, net | 648,182,799 | 839,114,373 | 1,576,127 | |||||||||
Notes receivable, net | 3,643,961 | 7,468,202 | 14,028 | |||||||||
Other accounts receivable, net | 64,188,527 | 102,348,625 | 192,244 | |||||||||
Amounts due from related companies | 11,519,571 | 13,564,970 | 25,479 | |||||||||
Inventories | 72,098,351 | 65,908,585 | 123,798 | |||||||||
Income taxes recoverable | 51,785,668 | 42,272,428 | 79,401 | |||||||||
Prepaid expenses | 35,854,421 | 51,443,419 | 96,627 | |||||||||
Deferred taxes | 55,124,100 | 61,556,350 | 115,623 | |||||||||
Other current assets | 42,770,237 | 66,656,313 | 125,202 | |||||||||
Total current assets | 1,328,815,537 | 1,641,366,577 | 3,083,016 | |||||||||
PROPERTY, PLANT AND EQUIPMENT | ||||||||||||
Land | 129,843,148 | 132,604,494 | 249,074 | |||||||||
Buildings and infrastructure and works in progress | 10,561,484,247 | 10,935,962,744 | 20,541,263 | |||||||||
Machinery and equipment | 1,757,852,219 | 1,987,188,305 | 3,732,580 | |||||||||
Other plant and equipment | 438,828,494 | 607,486,494 | 1,141,055 | |||||||||
Technical appraisal | 183,406,562 | 186,062,190 | 349,485 | |||||||||
Accumulated depreciation | (5,264,657,883 | ) | (5,761,866,828 | ) | (10,822,643 | ) | ||||||
Total property, plant and equipment, net | 7,806,756,787 | 8,087,437,399 | 15,190,814 | |||||||||
OTHER ASSETS | ||||||||||||
Investments in related companies | 100,968,106 | 115,267,451 | 216,509 | |||||||||
Investments in other companies | 41,511,402 | 24,091,667 | 45,252 | |||||||||
Goodwill, net | 716,131,962 | 655,061,997 | 1,230,418 | |||||||||
Negative goodwill, net | (37,460,588 | ) | (37,016,317 | ) | (69,529 | ) | ||||||
Long-term receivables | 144,623,436 | 137,479,691 | 258,231 | |||||||||
Amounts due from related companies | 91,713,359 | 90,523,990 | 170,033 | |||||||||
Deferred taxes | — | 12,249,242 | 23,008 | |||||||||
Intangibles | 83,533,722 | 90,759,417 | 170,476 | |||||||||
Accumulated amortization | (49,440,338 | ) | (54,801,394 | ) | (102,935 | ) | ||||||
Other assets | 253,851,127 | 299,989,563 | 563,477 | |||||||||
Total other assets | 1,345,432,188 | 1,333,605,307 | 2,504,940 | |||||||||
TOTAL ASSETS | 10,481,004,512 | 11,062,409,283 | 20,778,770 | |||||||||
F - 20
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CONSOLIDATED BALANCE SHEETS
Chilean pesos of December 31, 2006 and thousands of US dollars)
As of December 31, | ||||||||||||
2005 | 2006 | 2006 | ||||||||||
ThCh$ | ThCh$ | ThUS$ | ||||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||||||
CURRENT LIABILITIES: | ||||||||||||
Short-term debt due to banks and financial institutions | 112,817,457 | 134,258,949 | 252,182 | |||||||||
Current portion of long-term debt due to banks and financial institutions | 120,043,940 | 98,481,794 | 184,981 | |||||||||
Current portion of bonds payable | 526,349,244 | 113,207,598 | 212,640 | |||||||||
Current portion of long-term notes payable | 30,733,269 | 34,022,985 | 63,906 | |||||||||
Dividends payable | 17,868,511 | 74,686,578 | 140,285 | |||||||||
Accounts payable | 289,487,672 | 369,730,359 | 694,473 | |||||||||
Short-term notes payable | 14,664,751 | 15,726,703 | 29,540 | |||||||||
Miscellaneous payables | 86,510,753 | 111,387,344 | 209,221 | |||||||||
Amounts payable to related companies | 48,465,331 | 29,862,520 | 56,091 | |||||||||
Accrued expenses | 75,536,120 | 79,350,634 | 149,046 | |||||||||
Withholdings | 75,497,909 | 99,986,616 | 187,807 | |||||||||
Income taxes payable | 68,101,613 | 142,911,425 | 268,434 | |||||||||
Deferred income | 4,157,316 | 5,020,454 | 9,430 | |||||||||
Other current liabilities | 49,901,747 | 90,851,517 | 170,648 | |||||||||
Total current liabilities | 1,520,135,633 | 1,399,485,476 | 2,628,684 | |||||||||
LONG-TERM LIABILITIES: | ||||||||||||
Due to banks and financial institutions | 565,455,648 | 905,942,537 | 1,701,652 | |||||||||
Bonds payable | 2,044,245,014 | 2,195,520,795 | 4,123,896 | |||||||||
Long-term notes payable | 107,816,634 | 112,388,525 | 211,102 | |||||||||
Accounts payable | 48,841,187 | 153,786,083 | 288,860 | |||||||||
Amounts payable to related companies | 13,520,056 | 11,250,360 | 21,132 | |||||||||
Accrued expenses | 408,707,679 | 324,947,002 | 610,355 | |||||||||
Deferred income taxes | 87,433,198 | — | — | |||||||||
Other long-term liabilities | 175,623,314 | 219,243,648 | 411,810 | |||||||||
Total long-term liabilities | 3,451,642,730 | 3,923,078,950 | 7,368,807 | |||||||||
MINORITY INTEREST | 2,858,841,421 | 2,869,962,948 | 5,390,715 | |||||||||
SHAREHOLDERS’ EQUITY: | ||||||||||||
Paid-in capital, no par value | 2,415,284,412 | 2,415,284,412 | 4,536,683 | |||||||||
Additional paid-in capital | 172,124,214 | 172,124,214 | 323,304 | |||||||||
Other reserves | (241,698,626 | ) | (238,342,306 | ) | (447,684 | ) | ||||||
Retained earnings | 235,229,509 | 271,279,769 | 509,551 | |||||||||
Net income (loss) for the year | 69,445,219 | 285,960,366 | 537,127 | |||||||||
Provisional dividends | — | (36,242,795 | ) | (68,076 | ) | |||||||
Deficit of subsidiaries in development stage | — | (181,751 | ) | (341 | ) | |||||||
Total shareholders’ equity | 2,650,384,728 | 2,869,881,909 | 5,390,564 | |||||||||
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | 10,481,004,512 | 11,062,409,283 | 20,778,770 | |||||||||
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Chilean pesos of December 31, 2006 and thousands of US dollars)
For the years ended December 31, | ||||||||||||||||
2004 | 2005 | 2006 | 2006 | |||||||||||||
ThCh$ | ThCh$ | ThCh$ | ThUS$ | |||||||||||||
OPERATING INCOME: | ||||||||||||||||
SALES | 2,888,255,347 | 3,293,142,666 | 3,892,064,732 | 7,310,552 | ||||||||||||
COST OF SALES | (2,009,541,485 | ) | (2,234,185,846 | ) | (2,594,444,056 | ) | (4,873,202 | ) | ||||||||
GROSS PROFIT | 878,713,862 | 1,058,956,820 | 1,297,620,676 | 2,437,350 | ||||||||||||
ADMINISTRATIVE AND SELLING EXPENSES | (187,015,996 | ) | (230,312,754 | ) | (229,578,225 | ) | (431,222 | ) | ||||||||
OPERATING INCOME | 691,697,866 | 828,644,066 | 1,068,042,451 | 2,006,128 | ||||||||||||
NON-OPERATING INCOME AND EXPENSE: | ||||||||||||||||
Interest income | 76,155,577 | 87,944,510 | 124,791,200 | 234,398 | ||||||||||||
Equity in income of related companies | 32,945,467 | 14,767,445 | 5,164,292 | 9,700 | ||||||||||||
Other non-operating income | 120,210,627 | 72,463,652 | 110,552,625 | 207,653 | ||||||||||||
Equity in loss of related companies | (723 | ) | (7,879,946 | ) | (125,352 | ) | (235 | ) | ||||||||
Amortization of goodwill | (56,274,016 | ) | (56,344,563 | ) | (55,908,079 | ) | (105,013 | ) | ||||||||
Interest expense | (380,690,839 | ) | (358,032,727 | ) | (390,708,744 | ) | (733,877 | ) | ||||||||
Other non-operating expenses | (217,575,137 | ) | (161,394,104 | ) | (209,276,211 | ) | (393,088 | ) | ||||||||
Price-level restatement, net | (821,748 | ) | (5,048,829 | ) | 1,216,801 | 2,286 | ||||||||||
Exchange difference, net | 15,238,858 | (6,373,029 | ) | 5,327,511 | 10,007 | |||||||||||
NON-OPERATING EXPENSE, NET | (410,811,934 | ) | (419,897,591 | ) | (408,965,957 | ) | (768,169 | ) | ||||||||
INCOME BEFORE INCOME TAXES, MINORITY INTEREST AND AMORTIZATION OF NEGATIVE GOODWILL | 280,885,932 | 408,746,475 | 659,076,494 | 1,237,959 | ||||||||||||
INCOME TAXES | (145,167,711 | ) | (182,050,674 | ) | (109,407,874 | ) | (205,503 | ) | ||||||||
INCOME (LOSS) BEFORE MINORITY INTEREST AND AMORTIZATION OF NEGATIVE GOODWILL | 135,718,221 | 226,695,801 | 549,668,620 | 1,032,456 | ||||||||||||
MINORITY INTEREST | (106,946,525 | ) | (173,072,574 | ) | (269,785,811 | ) | (506,745 | ) | ||||||||
INCOME (LOSS) BEFORE AMORTIZATION OF NEGATIVE GOODWILL | 28,771,696 | 53,623,227 | 279,882,809 | 525,711 | ||||||||||||
AMORTIZATION OF NEGATIVE GOODWILL | 18,094,928 | 15,821,992 | 6,077,557 | 11,416 | ||||||||||||
NET INCOME FOR THE YEAR | 46,866,624 | 69,445,219 | 285,960,366 | 537,127 | ||||||||||||
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Chilean pesos of December 31, 2006 and thousands of US dollars)
For the years ended December 31, | ||||||||||||||||
2004 | 2005 | 2006 | 2006 | |||||||||||||
ThCh$ | ThCh$ | ThCh$ | ThUS$ | |||||||||||||
Net income for the year | 46,866,624 | 69,445,219 | 285,960,366 | 537,127 | ||||||||||||
GAIN (LOSSES) FROM SALES OF ASSETS: | ||||||||||||||||
Losses (gain) on sale of property, plant and equipment | (6,995,594 | ) | 1,110,490 | (18,572,796 | ) | (34,886 | ) | |||||||||
Losses (gain) on sale of other assets | (241,023 | ) | (269,833 | ) | (270,919 | ) | (509 | ) | ||||||||
Charges (credits) to income which do not represent cash flows: | ||||||||||||||||
Depreciation | 401,409,058 | 375,344,080 | 414,616,755 | 778,784 | ||||||||||||
Amortization of intangibles | 7,194,188 | 8,486,578 | 7,859,387 | 14,762 | ||||||||||||
Write-offs and accrued expenses | 40,597,247 | 56,939,695 | 26,064,041 | 48,957 | ||||||||||||
Equity in income of related companies | (32,945,467 | ) | (14,767,445 | ) | (5,164,292 | ) | (9,700 | ) | ||||||||
Equity in loss of related companies | 723 | 7,879,946 | 125,352 | 235 | ||||||||||||
Amortization of goodwill | 56,274,016 | 56,344,563 | 55,908,079 | 105,013 | ||||||||||||
Amortization of negative goodwill | (18,094,928 | ) | (15,821,992 | ) | (6,077,557 | ) | (11,416 | ) | ||||||||
Price-level restatement, net | 821,748 | 5,048,829 | (1,216,801 | ) | (2,286 | ) | ||||||||||
Exchange difference, net | (15,238,858 | ) | 6,373,029 | (5,327,511 | ) | (10,007 | ) | |||||||||
Other credits to income which do not represent cash flows | (16,357,226 | ) | (27,093,600 | ) | (15,191,289 | ) | (28,534 | ) | ||||||||
Other charges to income which do not represent cash flows | 117,561,117 | 87,537,535 | 68,810,643 | 129,249 | ||||||||||||
Changes in assets which affect operating cash flows: | ||||||||||||||||
Decrease (increase) in trade receivables | (25,569,613 | ) | (79,262,927 | ) | (180,592,346 | ) | (339,211 | ) | ||||||||
Decrease (increase) in inventory | (7,387,130 | ) | (20,295,362 | ) | 4,666,559 | 8,765 | ||||||||||
Decrease (increase) in other assets | (7,980,038 | ) | 27,645,253 | (97,172,086 | ) | (182,520 | ) | |||||||||
Changes in liabilities which affect operating cash flows: | ||||||||||||||||
Increase (decrease) in acounts payable associated with operating results | (9,998,484 | ) | 18,135,149 | 146,132,574 | 274,484 | |||||||||||
Increase (decrease) in interest payable | 49,103,197 | 36,917,739 | 27,925,255 | 52,453 | ||||||||||||
Increase (decrease) in income tax payable | 40,251,489 | 45,716,876 | (30,613,805 | ) | (57,503 | ) | ||||||||||
Increase (decrease) in other accounts payable associated with operating results | (69,127,491 | ) | 42,469,679 | (36,931,047 | ) | (69,368 | ) | |||||||||
Net (increase) in value added tax and other similar taxes payable | (3,391,049 | ) | (23,807,971 | ) | (48,316,033 | ) | (90,753 | ) | ||||||||
Income attributable to minority interest | 106,946,525 | 173,072,574 | 269,785,811 | 506,745 | ||||||||||||
Net cash flows provided by operating activities | 653,699,031 | 837,148,104 | 862,408,340 | 1,619,881 | ||||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||||||||||
Proceeds from the issuance of debt | 875,511,455 | 409,207,785 | 1,274,208,005 | 2,393,373 | ||||||||||||
Proceeds from bond issuances | 347,705,622 | 170,583,174 | 166,644,978 | 313,013 | ||||||||||||
Other sources of financing | 24,097,631 | 691,355 | — | — | ||||||||||||
Distribution of capital in subsidiary | (22,394,932 | ) | (281,707,042 | ) | (85,522,851 | ) | (160,639 | ) | ||||||||
Dividends paid | (102,616,257 | ) | (123,960,197 | ) | (178,608,453 | ) | (335,484 | ) | ||||||||
Payment of debt | (1,260,109,736 | ) | (804,952,563 | ) | (989,096,582 | ) | (1,857,842 | ) | ||||||||
Payment of bonds | (23,387,507 | ) | (112,873,490 | ) | (468,853,343 | ) | (880,658 | ) | ||||||||
Payment of loans obtained from related companies | — | (2,633,414 | ) | (8,077,906 | ) | (15,173 | ) | |||||||||
Payment of bond issuance costs | (2,499,972 | ) | (916,513 | ) | (500,059 | ) | (939 | ) | ||||||||
Other disbursements for financing | (36,353,612 | ) | (17,700,359 | ) | (7,283,652 | ) | (13,681 | ) | ||||||||
Net cash used in financing activities | (200,047,308 | ) | (764,261,264 | ) | (297,089,863 | ) | (558,030 | ) | ||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||||||||||||
Proceeds from sales of property, plant and equipment | 16,434,913 | 6,221,648 | 44,550,554 | 83,680 | ||||||||||||
Sales of investment in related companies | 2,705,467 | 1,703,530 | 49,394 | 93 | ||||||||||||
Payments received from notes receivable from related companies | 16,178,084 | 8,038,327 | 2,790,737 | 5,242 | ||||||||||||
Other receipts from investments | 42,917,773 | 7,242,722 | 1,912,389 | 3,592 | ||||||||||||
Liquidation of subsidiary (see Note 11 e)) | — | — | (4,120,940 | ) | (7,740 | ) | ||||||||||
Additions to property, plant and equipment | (281,293,658 | ) | (324,115,605 | ) | (517,768,346 | ) | (972,536 | ) | ||||||||
Long-term investments in related companies | (363,825 | ) | (33,837,526 | ) | (22,550,433 | ) | (42,357 | ) | ||||||||
Other investment disbursements | (1,683,540 | ) | (2,920,172 | ) | (12,544,075 | ) | (23,562 | ) | ||||||||
Net cash used in investing activities | (205,104,786 | ) | (337,667,076 | ) | (507,680,720 | ) | (953,588 | ) | ||||||||
POSITIVE (NEGATIVE) NET CASH FLOW FOR THE PERIOD | 248,546,937 | (264,780,236 | ) | 57,637,757 | 108,263 | |||||||||||
EFFECT OF PRICE-LEVEL RESTATEMENT ON CASH AND CASH EQUIVALENTS | (28,574,426 | ) | (21,406,173 | ) | 14,578,723 | 27,383 | ||||||||||
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 219,972,511 | (286,186,409 | ) | 72,216,480 | 135,646 | |||||||||||
CASH AND CASH EQUIVALENTS AT BEGINNING OF THE YEAR | 358,871,064 | 578,843,575 | 367,873,902 | 690,986 | ||||||||||||
Additional cash resulting from creation of Endesa Brasil (see note 11 l)) | — | 75,216,736 | — | — | ||||||||||||
CASH AND CASH EQUIVALENTS AT END OF THE YEAR | 578,843,575 | 367,873,902 | 440,090,382 | 826,632 | ||||||||||||
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Additional | Deficit of | Net income | ||||||||||||||||||||||||||||||
Paid-in | paid-in | Other | Retained | subsidiaries in | Interim | for | ||||||||||||||||||||||||||
capital | capital | reserves | earnings | development stage | dividends | the year | Total | |||||||||||||||||||||||||
ThCh$ | ThCh$ | ThCh$ | ThCh$ | ThCh$ | ThCh$ | ThCh$ | ThCh$ | |||||||||||||||||||||||||
As of January 1, 2004 | 2,227,711,340 | 159,323,362 | (25,671,685 | ) | 176,016,726 | (1,455,716 | ) | — | 12,467,863 | 2,548,391,890 | ||||||||||||||||||||||
Capital increase | — | (563,714 | ) | — | — | — | — | — | (563,714 | ) | ||||||||||||||||||||||
Transfer of prior year income to retained earnings | — | — | — | 13,629,822 | (1,161,959 | ) | — | (12,467,863 | ) | — | ||||||||||||||||||||||
Changes in equity of affiliates | — | — | (4,435,524 | ) | — | — | — | — | (4,435,524 | ) | ||||||||||||||||||||||
Cumulative translation adjustment | — | — | (103,832,123 | ) | — | — | — | — | (103,832,123 | ) | ||||||||||||||||||||||
Reserve Technical Bulletin No, 72 | — | — | 11,992,130 | — | — | — | — | 11,992,130 | ||||||||||||||||||||||||
Price-level restatement | 55,692,784 | 3,966,173 | (641,792 | ) | 4,731,711 | (55,989 | ) | — | — | 63,692,887 | ||||||||||||||||||||||
Net income for the year | — | — | — | — | — | 44,307,596 | 44,307,596 | |||||||||||||||||||||||||
As of December 31, 2004 | 2,283,404,124 | 162,725,821 | (122,588,994 | ) | 194,378,259 | (2,673,664 | ) | — | 44,307,596 | 2,559,553,142 | ||||||||||||||||||||||
As of December 31, 2004 (1) | 2,415,284,412 | 172,124,214 | (129,669,244 | ) | 205,604,769 | (2,828,084 | ) | — | 46,866,624 | 2,707,382,691 | ||||||||||||||||||||||
As of January 1, 2005 | 2,283,404,124 | 162,725,821 | (122,588,994 | ) | 194,378,259 | (2,673,664 | ) | — | 44,307,596 | 2,559,553,142 | ||||||||||||||||||||||
Transfer of prior year income to retained earnings | — | — | — | 41,633,932 | 2,673,664 | — | (44,307,596 | ) | — | |||||||||||||||||||||||
Changes in equity of affiliates | — | — | (5,851,418 | ) | — | — | — | — | (5,851,418 | ) | ||||||||||||||||||||||
Dividend paid | — | — | — | (13,600,517 | ) | — | — | — | (13,600,517 | ) | ||||||||||||||||||||||
Cumulative translation adjustment | — | — | (97,676,664 | ) | — | — | — | — | (97,676,664 | ) | ||||||||||||||||||||||
Reserve Technical Bulletin No, 72 | — | — | (6,197,072 | ) | — | — | — | — | (6,197,072 | ) | ||||||||||||||||||||||
Price-level restatement | 82,202,548 | 5,858,130 | (4,413,203 | ) | 7,979,618 | — | — | — | 91,627,093 | |||||||||||||||||||||||
Net income for the year | — | — | — | — | — | — | 68,016,865 | 68,016,865 | ||||||||||||||||||||||||
As of December 31, 2005 | 2,365,606,672 | 168,583,951 | (236,727,351 | ) | 230,391,292 | — | — | 68,016,865 | 2,595,871,429 | |||||||||||||||||||||||
As of December 31, 2005(1) | 2,415,284,412 | 172,124,214 | (241,698,626 | ) | 235,229,509 | — | — | 69,445,219 | 2,650,384,728 | |||||||||||||||||||||||
As of January 1, 2006 | 2,365,606,672 | 168,583,951 | (236,727,351 | ) | 230,391,292 | — | — | 68,016,865 | 2,595,871,429 | |||||||||||||||||||||||
Transfer of prior year income to retained earnings | — | — | — | 68,016,865 | — | — | (68,016,865 | ) | — | |||||||||||||||||||||||
Investment equity variations | — | — | (10,585,093 | ) | — | — | — | — | (10,585,093 | ) | ||||||||||||||||||||||
Accumulated deficit of subsidiaries in development stage | — | — | — | — | (181,751 | ) | — | — | (181,751 | ) | ||||||||||||||||||||||
Final dividend 2005 | — | — | — | (32,651,166 | ) | — | — | — | (32,651,166 | ) | ||||||||||||||||||||||
Cumulative translation adjustment | — | — | (825,381 | ) | — | — | — | — | (825,381 | ) | ||||||||||||||||||||||
Reserve Technical Bulletin No, 72 | — | — | 14,766,794 | — | — | — | — | 14,766,794 | ||||||||||||||||||||||||
Price-level restatement | 49,677,740 | 3,540,263 | (4,971,275 | ) | 5,522,778 | — | — | — | 53,769,506 | |||||||||||||||||||||||
Interim dividend | — | — | — | — | — | (36,242,795 | ) | — | (36,242,795 | ) | ||||||||||||||||||||||
Net income for the year | — | — | — | — | — | — | 285,960,366 | 285,960,366 | ||||||||||||||||||||||||
As of December 31, 2006 | 2,415,284,412 | 172,124,214 | (238,342,306 | ) | 271,279,769 | (181,751 | ) | (36,242,795 | ) | 285,960,366 | 2,869,881,909 | |||||||||||||||||||||
As of December 31, 2006 (2) | 4,536,683 | 323,304 | (447,684 | ) | 509,551 | (341 | ) | (68,076 | ) | 537,127 | 5,390,564 | |||||||||||||||||||||
(1) | Restated in thousands of constant Chilean pesos as of December 31, 2006. | |
(2) | Expressed in thousands of US$ as of December 31, 2006 |
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Chilean pesos of December 31, 2006, except as stated)
As of and for the years ended December 31, 2004, 2005 and 2006
a) | General | |
(i) | The consolidated financial statements of the Company have been prepared in accordance with generally accepted accounting principles in Chile and the regulations established by the SVS (collectively “Chilean GAAP”), and the specific corporate regulations of Law No.18,046, related to the formation, registration and liquidation of Chilean corporations, among others. Certain amounts in the prior year’s financial statements have been reclassified to conform to the current year’s presentation. | |
The preparation of financial statements in conformity with Chilean GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosures of contingent assets and liabilities as of the date of the financial statements, and the reported amounts of revenues and expenses during the reporting year. Actual results could differ from those estimates. | ||
In certain cases generally accepted accounting principles in Chile require that assets or liabilities be recorded or disclosed at their fair values. The fair value is the amount at which an asset could be bought or sold or the amount at which a liability could be incurred or settled in a current transaction between willing parties, other than in a forced or liquidation sale. Where available, quoted market prices in active markets have been used as the basis for the measurement; however, where quoted market prices in active markets are not available, the Company has estimated such values based on the best information available, including using modeling and other valuation techniques. |
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(ii) | Reclassifications —For purposes of comparison, the following reclassifications were made in the 2004 and 2005 financial statements: |
2004 Statement of operations reclassifications | ||||||||||
From | To | |||||||||
ThCh$ | ThCh$ | |||||||||
Other non-operating income | (17,514,843 | ) | Operating income | 17,514,843 | ||||||
Other non-operating expenses | (1,229,815 | ) | Operating income | 1,229,815 | ||||||
2005 Balance sheet reclassifications | ||||||||||
From | To | |||||||||
ThCh$ | ThCh$ | |||||||||
Accounts receivable | (5,683,903 | ) | Due from related companies | 5,683,903 | ||||||
Prepaid expenses | (1,451,226 | ) | Other current assets | 1,451,226 | ||||||
Long-term accrued expenses | 6,631,306 | Long-term liabilities | (6,631,306 | ) | ||||||
Technical appraisal | (368,441,249 | ) | Land | 4,158,060 | ||||||
Building and infrastructure | 265,229,615 | |||||||||
Machinery and equipment | 98,857,837 | |||||||||
Other fixed assets | 258,978 | |||||||||
Withholdings | (12,086,774 | ) | Other assets | 12,023,533 | ||||||
2005 Statement of operations reclassifications | ||||||||||
From | To | |||||||||
ThCh$ | ThCh$ | |||||||||
Interest income | (6,814,406 | ) | Sales | 9,813,406 | ||||||
Other non-operating income | (2,999,000 | ) | ||||||||
Other non-operating expenses | 683,018 | Cost of sales | (3,106,694 | ) | ||||||
Interest expenses | 2,731,475 | Administrative and selling expenses | (307,799 | ) |
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(iii) | The accompanying financial statements reflect the consolidated results of operations of Enersis S.A. and its subsidiaries. All significant intercompany transactions have been eliminated in consolidation. Investments in companies in the development stage are accounted for using the equity method, except that income or losses are included directly in equity instead of being reflected in the Company’s consolidated statement of operations. The Company consolidates the financial statements of companies in which it controls over 50% of the voting shares, provided there are no substantive minority participating rights that prevent control, as detailed as follows: |
Percentage participation in voting rights as of December 31, | ||||||||||||||||||||||||
2004 | 2005 | 2006 | ||||||||||||||||||||||
Company | Economic | Voting | Economic | Voting | Economic | Voting | ||||||||||||||||||
Chilectra S.A. (1) | 98.24 | 98.24 | 98.24 | 98.24 | — | — | ||||||||||||||||||
Synapsis Soluciones y Servicios IT Ltda. | 100.00 | 100.00 | 100.00 | 100.00 | 100.00 | 100.00 | ||||||||||||||||||
Inmobiliaria Manso de Velasco Ltda. | 100.00 | 100.00 | 100.00 | 100.00 | 100.00 | 100.00 | ||||||||||||||||||
Cía. Americana de Multiservicios Ltda. | 100.00 | 100.00 | 100.00 | 100.00 | 100.00 | 100.00 | ||||||||||||||||||
Endesa Chile S.A. | 59.98 | 59.98 | 59.98 | 59.98 | 59.98 | 59.98 | ||||||||||||||||||
Chilectra S.A. ( former Elesur) (1) | 100.00 | 100.00 | 100.00 | 100.00 | 99.09 | 99.09 | ||||||||||||||||||
Enersis Internacional Ltda. (5) | 100.00 | 100.00 | 100.00 | 100.00 | — | — | ||||||||||||||||||
Inversiones Distrilima S.A. | 55.68 | 68.39 | 55.68 | 68.39 | 55.91 | 68.39 | ||||||||||||||||||
Empresa Distribuidora Sur S.A. (Edesur) | 65.09 | 65.88 | 65.09 | 65.88 | 65.39 | 65.88 | ||||||||||||||||||
Codensa S.A. (2) | 21.66 | 25.71 | 21.66 | 25.71 | 21.73 | 25.71 | ||||||||||||||||||
Investluz (3) | 55.13 | 62.45 | 59.45 | 100.00 | 59.51 | 100.00 | ||||||||||||||||||
Ampla Energía e Serviços S.A. | 80.41 | 81.23 | 69.64 | 91.93 | 69.88 | 91.93 | ||||||||||||||||||
Ampla Investimentos e Serviços S.A. | — | — | 69.64 | 91.93 | 69.88 | 91.93 | ||||||||||||||||||
Compañía de Interconexión Energética S.A. (Cien) (4) | 27.00 | 45.00 | 53.61 | 100.00 | 53.57 | 100.00 | ||||||||||||||||||
Central Geradora Termeléctrica Fortaleza S.A. (4) | 48.82 | 48.82 | 53.61 | 100.00 | 53.57 | 100.00 | ||||||||||||||||||
Endesa Brasil S.A. (4) | — | — | 53.61 | 71.52 | 53.57 | 71.52 | ||||||||||||||||||
Cachoeira Dourada | 55.49 | 99.61 | 53.61 | 99.61 | 53.36 | 99.61 |
(1) | In the extraordinary meeting of shareholders of Elesur S.A., held on March 31, 2006, it was agreed to change the name of Elesur S.A. The merger of Chilectra (former Elesur) and Chilectra S.A., approved in general meetings of their shareholders held on March 31, 2006, became effective on April 1, 2006. | |
On May 27, 2004, 99.9989% of Elesur S.A. was purchased, therefore, as from that date it is consolidated into Enersis S.A. financial statements. | ||
(2) | Codensa S.A. is consolidated because of the majority presence on the board of directors, obtained through the shareholders’ agreement of January 27, 2004, between Endesa Internacional and subsidiaries of Enersis S.A. | |
(3) | Investluz is Parent Company of Companhia Energética do Céará S.A. Coelce. | |
(4) | As a result of the creation of the Brazilian holding company, Endesa Brasil S.A. (“Endesa Brasil”) (see Note 11.l), this company and its subsidiaries were included in the consolidated financial statements of Enersis S.A. | |
The following pro forma income statement information for the year ended December 31, 2004 and 2005 gives effect to the acquisition of additional shareholding in these subsidiaries as if it took place on January 1, 2004. The pro forma information is not necessarily indicative of what would have occurred if the acquisitions had been in effect for the periods presented, nor is it intended to be a projection of future results. | ||
(5) | On September 21, 2006, Enersis Internacional ceased to exist. Its assets and liabilities were awarded to Agencia Enersis. Due to the above, the following investments in related companies were awarded to Agencia Enersis: 33,336,890 shares of Distrilec Inversora S.A., equivalent to 6.76%; 56,008,787 shares of Inversiones Distrilima S.A., equivalent to 12.21%; 98,539 shares of Cía. Peruana de Electricidad S.A., equivalent to 0.1%; 536,591,907,867 shares of Ampla Energia e Serviços S.A., equivalent to 13.68%; 1,641,574,700 shares of Ampla Investimentos e Serviços S.A., equivalent to 13.68%, and 450 rights of Synapsis Argentina S.R.L, equivalent to 0.12%. |
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As of December 31, | ||||||||||||
2004 | 2005 | 2006 | ||||||||||
(Proforma) | (Proforma) | |||||||||||
ThCh$ | ThCh$ | ThCh$ | ||||||||||
OPERATING INCOME | ||||||||||||
Sales | 2,908,849,228 | 3,373,127,876 | 3,892,064,732 | |||||||||
Cost of sales | (2,019,745,199 | ) | (2,251,953,631 | ) | (2,594,444,056 | ) | ||||||
Gross profit | 889,104,029 | 1,121,174,245 | 1,297,620,676 | |||||||||
Administrative and selling expenses | (189,851,576 | ) | (233,676,571 | ) | (229,578,225 | ) | ||||||
Operating income | 699,252,453 | 887,497,674 | 1,068,042,451 | |||||||||
Non operating expenses-net | (419,871,132 | ) | (460,979,489 | ) | (408,965,957 | ) | ||||||
Income before income taxes | 279,381,321 | 426,518,185 | 659,076,494 | |||||||||
Income taxes | (147,592,232 | ) | (203,125,049 | ) | (109,407,874 | ) | ||||||
Income before minority interest | 131,789,089 | 223,393,136 | 549,668,620 | |||||||||
Minority interest | (103,017,393 | ) | (169,769,909 | ) | (269,785,811 | ) | ||||||
Income before amortization of negative goodwill | 28,771,696 | 53,623,227 | 279,882,809 | |||||||||
Amortization of negative goodwill | 18,094,928 | 15,821,992 | 6,077,557 | |||||||||
Net income of the year | 46,866,624 | 69,445,219 | 285,960,366 | |||||||||
(1) | To allow comparison with the current year, results for the entire year 2004 and 2005. |
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(iv) | Consolidated subsidiaries of Endesa Chile S.A. are detailed as follows: |
Percentage participation in voting | ||||||||||||||||||||
rights as of December 31, | ||||||||||||||||||||
Company name | 2004 | 2005 | 2006 | |||||||||||||||||
Total | Total | Direct | Indirect | Total | ||||||||||||||||
% | % | % | % | % | ||||||||||||||||
Enigesa S.A. (Chile) | 100.00 | 100.00 | 99.51 | 0.49 | 100.00 | |||||||||||||||
Ingendesa S.A. (Chile) | 97.64 | 100.00 | 98.75 | 1.25 | 100.00 | |||||||||||||||
Pehuenche S.A. (Chile) | 92.65 | 92.65 | 92.65 | — | 92.65 | |||||||||||||||
Endesa Argentina S.A. (Argentina) | 99.99 | 99.99 | 97.99 | 2.00 | 99.99 | |||||||||||||||
Endesa-Chile Internacional (Chile) | 100.00 | 100.00 | 100.00 | — | 100.00 | |||||||||||||||
Pangue S.A. (Chile) | 94.99 | 94.99 | 94.98 | 0.01 | 94.99 | |||||||||||||||
Hidroinvest S.A. (Argentina) | 69.93 | 69.93 | — | 69.93 | 69.93 | |||||||||||||||
Hidroeléctrica El Chocón S.A. (Argentina) | 65.19 | 65.19 | — | 65.19 | 65.19 | |||||||||||||||
Endesa Costanera S.A. (Argentina) | 64.26 | 64.26 | 12.33 | 51.93 | 64.26 | |||||||||||||||
Endesa Brasil Participacoes Ltda. (Brazil) | 100.00 | 100.00 | 5.00 | 95.00 | 100.00 | |||||||||||||||
Túnel El Melón S.A. (Chile) | 99.96 | 99.96 | 99.96 | — | 99.96 | |||||||||||||||
Compañía Eléctrica Cono Sur S.A. (Chile) | 100.00 | 100.00 | 100.00 | — | 100.00 | |||||||||||||||
Central Hidroeléctrica Betania S.A. (1) (Colombia) | 85.62 | 85.62 | 5.01 | 94.98 | 99.99 | |||||||||||||||
Lajas Inversora S.A. (Brazil) | 100.00 | — | — | — | — | |||||||||||||||
Cachoeira Dourada S.A. (2) (Brazil) | 99.61 | — | — | — | — | |||||||||||||||
Capital de Energía S.A. (7) (Colombia) | 51.00 | 51.00 | — | — | — | |||||||||||||||
Emgesa S.A. (1), (3) (Colombia) | 51.32 | 51.32 | — | 23.45 | 23.45 | |||||||||||||||
Edegel S.A. (5) Perú | 63.56 | 63.56 | — | 55.44 | 55.44 | |||||||||||||||
Generandes Perú S.A. (Perú) | 59.63 | 59.63 | — | 59.63 | 59.63 | |||||||||||||||
Compañía Eléctrica San Isidro S.A. (4) (Chile) | 75.00 | 100.00 | 100.00 | — | 100.00 | |||||||||||||||
Compañía Eléctrica Tarapacá S.A. (Chile) | 100.00 | 100.00 | 99.94 | 0.06 | 100.00 | |||||||||||||||
Inversiones Endesa Norte S.A. (Chile) | 100.00 | 100.00 | 99.99 | 0.01 | 100.00 | |||||||||||||||
Ingendesa Do Brasil Limitada (Brazil) | 100.00 | 100.00 | — | 100.00 | 100.00 | |||||||||||||||
Endesa Eco S.A. (6) (Chile) | — | 100.00 | 99.99 | 0.01 | 100.00 |
(1) | See Note 11 (i) | |
(2) | Subsequent to October 1, 2005, the Company’s subsidiary Cachoeira Dourada S.A. was not included in the consolidated financial statements of Endesa Chile due to the restructuring process of the Brazilian operations. | |
(3) | Endesa Chile exercises control over this company pursuant to a shareholders’ agreement. | |
(4) | See Note 11 (m) | |
(5) | See Note 11 (g) | |
(6) | See Note 11 (k) | |
(7) | See Note 11 (e) |
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Percentage of economic | ||||||||||||
participation as of December 31, | ||||||||||||
2004 | 2005 | 2006 | ||||||||||
% | % | % | ||||||||||
Lajas Inversora S.A. | 92.88 | — | — | |||||||||
Cachoeira Dourada S.A. | 92.51 | — | — | |||||||||
Emgesa S.A. (1) | 22.36 | 22.36 | 23.45 | |||||||||
Edegel S.A. (2) | 37.90 | 37.90 | 33.06 | |||||||||
Capital de Energía S.A. (3) | 43.68 | 43.59 | — | |||||||||
Hidroeléctrica El Chocon S.A. | 47.45 | 47.45 | 47.45 |
(1) | See note 11(i). | |
(2) | See note 11(g). | |
(3) | See note 11(e). |
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Change over | ||||||||
Previous | ||||||||
Index | November 30, | |||||||
November 30, 2004 | 117.28 | 2.5 | % | |||||
November 30, 2005 | 121.53 | 3.6 | % | |||||
November 30, 2006 | 124.11 | 2.1 | % |
Change over | ||||||||
Previous | ||||||||
Index | December 31, | |||||||
December 31, 2004 | 116.84 | 2.4 | % | |||||
December 31, 2005 | 121.12 | 3.7 | % | |||||
December 31, 2006 | 124.23 | 2.6 | % |
Ch$ | ||||
December 31, 2004 | 17,317.05 | |||
December 31, 2005 | 17,974.81 | |||
December 31, 2006 | 18,336.38 |
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Symbol | ||||||||||||||
Currency | Used | 2004 | 2005 | 2006 | ||||||||||
Ch$ | Ch$ | Ch$ | ||||||||||||
United States dollar | US$ | 557.40 | 512.50 | 532.39 | ||||||||||
British pound sterling | £ | 1,073.37 | 880.43 | 1,041.86 | ||||||||||
Colombian peso | $Col | 0.23 | 0.22 | 0.24 | ||||||||||
New Peruvian sol | Soles | 169.84 | 149.42 | 166.58 | ||||||||||
Brazilian real | Rs | 209.99 | 219.02 | 249.01 | ||||||||||
Japanese yen | ¥ | 5.41 | 4.34 | 4.47 | ||||||||||
Euro | € | 760.13 | 606.08 | 702.08 | ||||||||||
Pool Unit (IBRD)(1) | UP | 7,874,799.07 | — | — | ||||||||||
Unidad de Fomento (UF) | UF | 17,317.05 | 17,974.81 | 18,336.38 | ||||||||||
Unit of Account (IDB) (1) | UC | 899.42 | — | — | ||||||||||
Argentine peso | $Arg | 187.65 | 181.92 | 173.87 |
(1) | Units of measurement used by the International Bank for Reconstruction and Development (IBRD) and Interamerican Development Bank (IDB) to express the weighted-average of multicurrency loan obligations granted using fixed currency rates to the US dollar, at a determined date. |
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Table of Contents
Useful life | ||||
Table | in years | |||
Distribution and transmission lines network | 20 - 50 | |||
Substations | 20 - 40 | |||
Public lighting | 20 - 50 | |||
Generator and turbines | 20 - 40 | |||
Combined cycle | 20 - 40 |
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a) | Effective January 1, 2005, the Company modified its accounting estimate for recording exchange derivatives associated with certain liabilities expressed in foreign currency, from hedges of existing items to hedges of expected transactions. | |
The change seeks to better show the transaction’s economic and financial implications, fully implementing the policy of hedging exchange risk set forth by the company as well as Technical Bulletin No.57 of the Chilean Institute of Accountants as regards hedges over expected transactions. As of December 31, 2005, the application of this policy led to the deferral of income amounting to ThCh$8,843,102. | ||
Except as indicated above, there were no changes in accounting principles during the years ended December 31, 2004, 2005 and 2006 that would affect the comparison with the prior year financial statements. | ||
b) | In accordance with notes 11(g) and 22(e), as of June 1, 2006, Etevensa (indirectly related through the same majority shareholder) was upstream merged into Edegel S.A. (a subsidiary of Endesa Chile), as agreed to in the Shareholders’ Meetings of the two companies held on January 17, 2006. | |
The above transaction has been recorded in conformity with Technical Bulletin N°72 of the Chilean Institute of Accountants, as a business combination under common control, based on the pooling of interest methodology. | ||
As a result of this reorganization of entities under common control, the shareholding of Endesa Chile S.A. in its subsidiary Edegel S.A. decreased to 55.44%, causing a decrease of ThCh$5,757,792 (see note 22e) in shareholders’ equity that is shown in the item Other Reserves. In addition, as from June 1, 2006, the merged financial statements involved incorporating assets and liabilities of ThCh$140,370,073 and ThCh$97,826,807, respectively. |
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2005 | 2006 | |||||||||||||||||||||||||
Tax Payer | Annual | Scheduled | Annual | Scheduled | ||||||||||||||||||||||
Number | Financial Institution | Rate % | Maturity | ThCh$ | Rate % | Maturity | ThCh$ | |||||||||||||||||||
Foreign | ABN Amro | 7.50 | % | 09.01.06 | 747,015 | — | — | — | ||||||||||||||||||
Foreign | Alfa mix | — | — | 1.11 | % | 02.01.07 | 2,507,181 | |||||||||||||||||||
Foreign | Alianza Valores | — | — | 8.10 | % | 1,300,014 | ||||||||||||||||||||
Foreign | AV villas | 7.00 | % | 02.01.06 | 3,481,534 | |||||||||||||||||||||
Foreign | Banco Bilbao Vizcaya | 6.77 | % | 02.01.06 | 3,814,991 | 7.45 | % | 02.01.07 | 105,150 | |||||||||||||||||
Foreign | Banco Colpatria | — | — | 1.24 | % | 02.01.07 | 3,592 | |||||||||||||||||||
Foreign | Banco Continental | 4.66 | % | 02.01.06 | 5,427,374 | 4.97 | % | 02.01.07 | 8,409,664 | |||||||||||||||||
Foreign | Banco Crédito | 4.01 | % | 02.01.06 | 2,143,099 | 4.43 | % | 02.01.07 | 1,175,824 | |||||||||||||||||
Foreign | Banco Davivienda | — | — | 1.00 | % | 02.01.07 | 136 | |||||||||||||||||||
Foreign | Banco de Galicia | 7.93 | % | 02.01.06 | 1,891,460 | 6.34 | % | 02.01.07 | 1,899,867 | |||||||||||||||||
Foreign | Banco do Brasil | 1.51 | % | 02.01.06 | 1,361,170 | |||||||||||||||||||||
Foreign | Banco do Estado do Ceará | 1.51 | % | 02.01.06 | 1,487,039 | |||||||||||||||||||||
Foreign | Banco Frances | 6.58 | % | 02.01.06 | 5,651,785 | 4.08 | % | 02.01.07 | 3,935,683 | |||||||||||||||||
Foreign | Banco Itau | 1.48 | % | 02.01.06 | 36,117,388 | 4.09 | % | 02.01.07 | 13,159,451 | |||||||||||||||||
Foreign | Banco Lloyds | 6.00 | % | 02.01.06 | 2,938,164 | 5.65 | % | 02.01.07 | 225 | |||||||||||||||||
Foreign | Banco Mellon Brascan | 6.90 | % | 02.01.06 | 9,038,314 | 1.60 | % | 02.01.07 | 4,119,984 | |||||||||||||||||
Foreign | Banco Nationale de Paris | 1.50 | % | 02.01.06 | 7,615,052 | 3.34 | % | 02.01.07 | 59,116 | |||||||||||||||||
Foreign | Banco Nordeste | 1.39 | % | 02.01.06 | 114,962 | 1.17 | % | 02.01.07 | 145,648 | |||||||||||||||||
Foreign | Banco Pactual | 1.54 | % | 31.01.06 | 49,694 | 1.10 | % | 31.01.07 | 62,820 | |||||||||||||||||
Foreign | Banco Paribas luxembourg | — | — | 6.67 | % | 02.01.07 | 4,331,936 | |||||||||||||||||||
Foreign | Banco Real | 1.53 | % | 02.01.06 | 3,935,344 | 0.10 | % | 02.01.07 | 1,763,347 | |||||||||||||||||
Foreign | Banco Rio de la Plata | 6.29 | % | 02.01.06 | 14,854,083 | 8.74 | % | 02.01.07 | 11,589,120 | |||||||||||||||||
Foreign | Banco Santander Central Hispano | 9.58 | % | 02.01.06 | 20,151,836 | 2.76 | % | 02.01.07 | 14,543,061 | |||||||||||||||||
Foreign | Banco Sudameris | 7.20 | % | 02.01.06 | 13,518,032 | 7.80 | % | 02.01.07 | 6,265,436 | |||||||||||||||||
Foreign | Banco Wiese Sudameris | 5.00 | % | 02.01.06 | 1,143,826 | |||||||||||||||||||||
Foreign | Banco Unión | 4.82 | % | 02.01.06 | 50,471 | |||||||||||||||||||||
Foreign | Banco Votorantim | 1.46 | % | 02.01.06 | 28,494,945 | 1.17 | % | 02.01.07 | 16,666,843 | |||||||||||||||||
Foreign | Bancolombia | — | — | 6.58 | % | 02.01.07 | 72 | |||||||||||||||||||
Foreign | Banistmo Colombia S.A. | — | — | 7.00 | % | 02.01.07 | 700,941 | |||||||||||||||||||
Foreign | Bank Boston | 7.98 | % | 02.01.06 | 3,990,069 | 5.14 | % | 02.01.07 | 2,171,201 | |||||||||||||||||
Foreign | Bank of America | 3.67 | % | 02.01.06 | 7,667,815 | 4.76 | % | 02.01.07 | 10,068,547 | |||||||||||||||||
Foreign | BNB | — | — | 1.18 | % | 02.01.07 | 5,972,283 | |||||||||||||||||||
Foreign | Bradesco | 3.10 | % | 02.01.06 | 15,493,287 | 7.06 | % | 02.01.07 | 66,181,869 | |||||||||||||||||
Foreign | Cdt | 6.90 | % | 02.01.06 | 1,604 | 8.68 | % | 02.01.07 | 241,517 | |||||||||||||||||
Foreign | Citibank N.Y. | 2.94 | % | 02.01.06 | 23,134,105 | 4.19 | % | 02.01.07 | 42,249,678 | |||||||||||||||||
Foreign | Comafi | 8.00 | % | 02.01.06 | 1,228,019 | 9.97 | % | 02.01.07 | 997,529 | |||||||||||||||||
Foreign | Corficolombiana | — | — | 6.39 | % | 02.01.07 | 11,464,636 | |||||||||||||||||||
Foreign | Correval | 3.69 | % | 02.01.06 | 1,415,787 | 7.99 | % | 02.01.07 | 861,342 | |||||||||||||||||
Foreign | Corredores Asociados | — | — | 7.85 | % | 02.01.07 | 729,111 | |||||||||||||||||||
Foreign | Credit Bank | 3.35 | % | 02.01.06 | 1,916,263 | |||||||||||||||||||||
Foreign | Encargo Fiduciario Banco Santander | 3.49 | % | 02.01.06 | 4,011,541 | 7.00 | % | 02.01.07 | 260,604 | |||||||||||||||||
Foreign | FAM Fondo Ganadero | — | — | 6.72 | % | 02.01.07 | 792 | |||||||||||||||||||
Foreign | Fiduciaria Helm Trust | — | — | 6.01 | % | 02.01.07 | 79 | |||||||||||||||||||
Foreign | Fiducolombia | 5.33 | % | 02.01.06 | 1,443 | 6.80 | % | 02.01.07 | 6,630,055 | |||||||||||||||||
Foreign | Fiducomercio | — | — | 5.46 | % | 02.01.07 | 51 | |||||||||||||||||||
Foreign | Fiduoccidente | 5.60 | % | 02.01.06 | 750,145 | 5.93 | % | 02.01.07 | 234,006 | |||||||||||||||||
Foreign | Fiduvalle | 5.85 | % | 02.01.06 | 5,801,594 | 5.99 | % | 02.01.07 | 1,474,367 | |||||||||||||||||
Foreign | Fiduciaria Banco de Bogotá | 4.44 | % | 02.01.06 | 3,826 | |||||||||||||||||||||
Foreign | Fondeos | — | — | 7.32 | % | 02.01.07 | 2,937,750 | |||||||||||||||||||
Foreign | Fondo Sumar | — | — | 6.48 | % | 02.01.07 | 223,214 | |||||||||||||||||||
Foreign | Fondo Surgir | — | — | 5.09 | % | 02.01.07 | 2,194,192 | |||||||||||||||||||
Foreign | Fondo Surenta | — | — | 6.90 | % | 02.01.07 | 2,622,708 | |||||||||||||||||||
Foreign | HSBC - Bamerindus | 1.90 | % | 02.01.06 | 17,950,729 | 1.27 | % | 02.01.07 | 4,983,847 | |||||||||||||||||
Foreign | Panamericano | 1.54 | % | 01.01.06 | 136,574 | 1.10 | % | 02.01.07 | 169,706 | |||||||||||||||||
Foreign | Porvenir | 1.09 | % | 02.01.06 | 515,766 | |||||||||||||||||||||
Foreign | Serfinco | 6.10 | % | 02.01.06 | 155,497 | 7.89 | % | 02.01.07 | 641,603 | |||||||||||||||||
Foreign | Standard Bank London | 4.27 | % | 31.01.06 | 2,320,479 | 5.29 | % | 17.01.07 | 3,320,614 | |||||||||||||||||
Foreign | Suvalor | — | — | 7.32 | % | 02.01.07 | 13,330,763 | |||||||||||||||||||
Foreign | Other time deposits | 6.20 | % | 02.01.06 | 4,833,899 | |||||||||||||||||||||
Foreign | Unibanco | 0.91 | % | 02.01.06 | 9,996,144 | 8.83 | % | 02.01.07 | 9,417,991 | |||||||||||||||||
Total | 265,352,164 | 282,125,166 | ||||||||||||||||||||||||
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(a) | Current accounts, notes and other receivables and their related allowances for doubtful accounts as of each December 31, are as follows: |
As of December 31, | ||||||||||||||||||||||||||||||||||||
Under 90 days | 91 days to 1 year | Sub total | Current | Long term | ||||||||||||||||||||||||||||||||
Account | 2005 | 2006 | 2005 | 2006 | 2006 | 2005 | 2006 | 2005 | 2006 | |||||||||||||||||||||||||||
ThCh$ | ThCh$ | ThCh$ | ThCh$ | ThCh$ | ThCh$ | ThCh$ | ThCh$ | ThCh$ | ||||||||||||||||||||||||||||
Account receivable | 689,339,476 | 869,466,114 | 85,459,845 | 90,538,606 | 960,004,720 | 774,799,321 | 839,114,373 | — | — | |||||||||||||||||||||||||||
Allowance for doubtful accounts | (48,857,565 | ) | (50,422,157 | ) | (77,758,957 | ) | (70,468,190 | ) | (120,890,347 | ) | (126,616,522 | ) | — | — | — | |||||||||||||||||||||
Notes receivables | 3,860,141 | 7,187,368 | 577,682 | 786,335 | 7,973,703 | 4,437,823 | 7,468,202 | — | — | |||||||||||||||||||||||||||
Allowance for doubtful accounts | (654,413 | ) | (354,275 | ) | (139,449 | ) | (151,226 | ) | (505,501 | ) | (793,862 | ) | — | |||||||||||||||||||||||
Other receivables (1) | 48,122,343 | 97,156,662 | 19,689,059 | 11,946,073 | 109,102,735 | 67,811,402 | 102,348,625 | 147,013,881 | 144,189,342 | |||||||||||||||||||||||||||
Allowance for doubtful accounts | (1,146,820 | ) | (4,009,993 | ) | (2,476,055 | ) | (2,744,117 | ) | (6,754,110 | ) | (3,622,875 | ) | (2,390,445 | ) | (6,709,651 | ) | ||||||||||||||||||||
Total | 716,015,287 | 948,931,200 | 144,623,436 | 137,479,691 | ||||||||||||||||||||||||||||||||
(1) | This includes ThCh$19,709,125, ThCh$ 29,089,378 in 2005 and 2006 relating to other generating companies’ debt payable to Endesa Chile S.A. and generating subsidiaries, as a result of the collection of tolls due to the application, since March 13, 2004, of Law No.19,940. |
(b) | Current and long-term accounts receivable per country as of each December 31, are as follows: |
As of December 31, | ||||||||||||||||
Country | 2005 | 2006 | ||||||||||||||
ThCh$ | % | ThCh$ | % | |||||||||||||
Chile | 175,965,223 | 20.45 | % | 240,403,400 | 22.13 | % | ||||||||||
Perú | 47,287,258 | 5.49 | % | 62,532,559 | 5.76 | % | ||||||||||
Argentina | 86,123,198 | 10.01 | % | 135,088,425 | 12.43 | % | ||||||||||
Colombia | 151,687,014 | 17.62 | % | 229,987,240 | 21.17 | % | ||||||||||
Brazil | 394,687,045 | 45.86 | % | 418,399,267 | 38.51 | % | ||||||||||
Panamá | 4,888,985 | 0.57 | % | — | 0.00 | % | ||||||||||
Total | 860,638,723 | 100.00 | % | 1,086,410,891 | 100.00 | % | ||||||||||
(c) | Changes in provision for accounts receivables are as follows: |
Year ended December 31, | ||||||||||||
2004 | 2005 | 2006 | ||||||||||
ThCh$ | ThCh$ | ThCh$ | ||||||||||
Balance at beginning of period | 113,174,528 | 110,372,271 | 133,423,704 | |||||||||
Additions charged to costs and expenses | 17,201,688 | 34,225,315 | 30,913,821 | |||||||||
Deductions | (21,839,726 | ) | (14,127,572 | ) | (31,538,224 | ) | ||||||
Other | 1,835,781 | 2,953,690 | 2,060,308 | |||||||||
Balance at end of period | 110,372,271 | 133,423,704 | 134,859,609 | |||||||||
(d) | Amounts of unbilled energy sold are as follows: |
As of December 31, | ||||||||||||
2004 | 2005 | 2006 | ||||||||||
ThCh$ | ThCh$ | ThCh$ | ||||||||||
Unbilled energy sold | 187,861,462 | 192,683,750 | 236,077,669 | |||||||||
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As of December 31, | ||||||||||||||||
Short-term | Long-term | |||||||||||||||
Company | 2005 | 2006 | 2005 | 2006 | ||||||||||||
ThCh$ | ThCh$ | ThCh$ | ThCh$ | |||||||||||||
Atacama Finance Co. (1) | 21,654 | 61,561 | 91,713,359 | 90,523,990 | ||||||||||||
Com. de Energía del Mercosur S.A. | 3,821,437 | 6,193,659 | — | — | ||||||||||||
Empresa Eléctrica Piura S.A. | 53,464 | 132,203 | — | — | ||||||||||||
Endesa España | 261,384 | 275,023 | — | — | ||||||||||||
Endesa Europa | — | 878 | — | — | ||||||||||||
Endesa Internacional S.A. | 552,739 | 343,059 | — | — | ||||||||||||
Etevensa | 307,821 | — | — | — | ||||||||||||
Fundación Endesa | 160,590 | — | — | — | ||||||||||||
Consorcio Ingendesa — Minmetal Ltda. | 8,511 | — | — | — | ||||||||||||
Gas Atacama Generación Ltda. | 21,026 | 61,365 | — | — | ||||||||||||
Gasoducto Atacama Chile | 179,951 | 283,820 | — | — | ||||||||||||
Gasoducto Tal Tal Ltda. | 32,847 | 1,973 | — | — | ||||||||||||
Sociedad Consorcio Ara Ltda. | 17,461 | 7,928 | — | — | ||||||||||||
Consorcio Ara-Ingendesa Ltda. | 69,704 | 147,575 | — | — | ||||||||||||
Sacme | 2,339 | 1,547 | — | — | ||||||||||||
Sistemas Sec S.A. | 5,683,903 | 6,051,495 | — | — | ||||||||||||
Transmisora Eléctrica de Quillota Ltda. | 324,740 | 2,884 | — | — | ||||||||||||
Total | 11,519,571 | 13,564,970 | 91,713,359 | 90,523,990 | ||||||||||||
(1) | The balance receivable from Atacama Finance Co. relates to the loans granted by Compañía Eléctrica Cono Sur S.A. to finance the work in construction of Gasoducto Atacama Argentina S.A., Gasoducto Atacama Chile S.A. and Gas Atacama Generación S.A. The loans are expressed in US dollars, accrue interest at a rate of 7.5% per annum and are due in September 2008. |
(b) | Notes and accounts payable due to related companies: |
As of December 31, | ||||||||||||||||
Short-term | Long-term | |||||||||||||||
Company | 2005 | 2006 | 2005 | 2006 | ||||||||||||
ThCh$ | ThCh$ | ThCh$ | ThCh$ | |||||||||||||
Com. de Energía del Mercosur S.A. | 15,280,697 | 24,620,706 | — | — | ||||||||||||
Consorcio Ingendesa Ltda. | — | 153,015 | — | — | ||||||||||||
Consorcio Ingendesa — Mimmetal Ltda. | 1,582 | — | — | — | ||||||||||||
Electrogas S.A. | 204,122 | 223,051 | — | — | ||||||||||||
Empresa Eléctrica Piura S.A. | 416,359 | 1,332,476 | — | — | ||||||||||||
Endesa Internacional S.A. | 32,479,176 | 2,830,515 | 13,520,056 | 11,250,360 | ||||||||||||
Etevensa | 11,902 | — | — | — | ||||||||||||
Gas Atacama Generación S.A. | — | 644,376 | — | — | ||||||||||||
Sacme | 45,577 | 58,381 | — | — | ||||||||||||
Transmisora Eléctrica de Quillota Ltda. | 25,916 | — | — | — | ||||||||||||
Total | 48,465,331 | 29,862,520 | 13,520,056 | 11,250,360 | ||||||||||||
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(c) | The most significant transactions and their effects in income (expense) for each year ended December 31 are as follows: |
2004 | 2005 | 2006 | ||||||||||||||
Income | Income | Income | ||||||||||||||
Company | Relationship | Nature of transaction | (Expense) | (Expense) | (Expense) | |||||||||||
ThCh$ | ThCh$ | ThCh$ | ||||||||||||||
Atacama Finance Co. | Affiliate | Interest | 6,776,671 | 4,924,252 | 6,495,898 | |||||||||||
Monetary correction | 3,154,701 | 3,863,870 | 1,886,303 | |||||||||||||
Exchange difference | (10,869,996 | ) | (12,609,487 | ) | 1,643,119 | |||||||||||
CGTF Fortaleza | Affiliate | Services | 346,659 | — | — | |||||||||||
Purchase of energy | (91,252,784 | ) | — | — | ||||||||||||
Cía. Interconexión Energética S.A. | Affiliate | Sale of energy | 20,307,358 | — | — | |||||||||||
Purchase of energy | (57,123,376 | ) | — | — | ||||||||||||
Interest | 8,421 | — | — | |||||||||||||
Services | 66,869 | — | — | |||||||||||||
Consorcio ARA-Ingendesa | Affiliate | Services | 2,720,759 | 1,926,343 | 800,048 | |||||||||||
Consorcio Ingendesa Minmetal Ltda. | Affiliate | Services | 64,672 | 106,440 | 63,059 | |||||||||||
Com. de Energía del Mercosur S.A. | Affiliate | Sale of energy | 20,613,357 | 11,260,086 | 5,843,513 | |||||||||||
Purchase of energy | (786,695 | ) | (7,106,860 | ) | (5,019,836 | ) | ||||||||||
Services | 19,321 | 1,206,991 | 5,910,737 | |||||||||||||
Com. Transmisión del Mercosur S.A. | Affiliate | Sale of energy | (2,291,749 | ) | — | — | ||||||||||
Empresa Eléctrica Piura S.A. | Member of Controlling Group | Sale of energy | 133,090 | 722,645 | 678,308 | |||||||||||
Purchase of energy | (5,037,290 | ) | (5,257,305 | ) | (11,795,737 | ) | ||||||||||
Services | 132,348 | 132,718 | 205,474 | |||||||||||||
Electrogas S.A. | Affiliate | Purchase of energy | (2,828,872 | ) | (1,585,550 | ) | (1,967,300 | ) | ||||||||
Endesa España | Parent company | Exchange difference | (29,549 | ) | — | 46,493 | ||||||||||
Interest | — | — | (3,198,774 | ) | ||||||||||||
Endesa Internacional S.A. | Parent company | Interest | (150,198 | ) | (564,448 | ) | (2,132,796 | ) | ||||||||
Services | 76,004 | — | (4,122,187 | ) | ||||||||||||
Exchange difference | — | — | (12,693 | ) | ||||||||||||
Monetary correction | — | — | (60,276 | ) | ||||||||||||
Endesa Servicios | Member of Controlling Group | Exchange difference | — | — | 146 | |||||||||||
Monetary correction | — | — | (145 | ) | ||||||||||||
Etevensa | Member of Controlling Group | Sale of energy | 1,607,929 | 1,026,031 | — | |||||||||||
Purchase of energy | — | (171,886 | ) | — | ||||||||||||
Services | 674,038 | 955,477 | — | |||||||||||||
Fundación Endesa | Member of Controlling Group | Services | 36,955 | 101,508 | 94,712 | |||||||||||
Gas Atacama Generación S.A. | Affiliate | Services | 1,827 | 147,268 | 970,233 | |||||||||||
Gas Atacama S.A. | Affiliate | Exchange difference | (134,983 | ) | — | — | ||||||||||
Ingendesa Argentina | Member of Controlling Group | Services | 7,681 | — | — | |||||||||||
Sacme | Affiliate | Services | (353,586 | ) | (364,214 | ) | (399,009 | ) | ||||||||
Smartcom S.A. | Member of Controlling Group | Services | 3,936,307 | — | — | |||||||||||
Interest | 34,166 | — | — | |||||||||||||
Sistema SEC S.A | Affiliate | Services | — | (7,573 | ) | 469,428 | ||||||||||
Soc. Consorcio Ingendesa ARA Ltda. | Affiliate | Services | — | 219,092 | 164,767 | |||||||||||
Soc. de Inv. Chispa Uno S.A. | Affiliate | Services | 3,079 | — | — | |||||||||||
Transmisora Eléctrica de Quillota Ltda. | Affiliate | Interest | 85,789 | 61,924 | 26,889 | |||||||||||
Monetary correction | 60,615 | — | — | |||||||||||||
Services | 90,234 | 4,901 | 5,118 |
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As of December 31, | ||||||||
2005 | 2006 | |||||||
ThCh$ | ThCh$ | |||||||
Real estate under development | 15,452,755 | 12,176,293 | ||||||
Materials in transit | 420,382 | 2,425,443 | ||||||
Operation and maintenance material | 39,409,541 | 39,225,020 | ||||||
Fuel | 16,815,673 | 12,081,829 | ||||||
Total | 72,098,351 | 65,908,585 | ||||||
a) | Income taxes (recoverable) payable as of each year-end are as follows: |
As of December 31, | ||||||||
2005 | 2006 | |||||||
ThCh$ | ThCh$ | |||||||
Income tax provision — current | 149,547,441 | 259,128,302 | ||||||
Recoverable tax credits | (81,445,828 | ) | (116,216,877 | ) | ||||
Total | 68,101,613 | 142,911,425 | ||||||
b) | Tax loss carryforwards- As of December 31, 2005 and 2006, the Company had tax loss carryforwards of ThCh$388,694,437 and ThCh$325,202,670, respectively. |
c) | The net effect of recording the deferred tax expense (benefit) was ThCh$45,573,486, ThCh$33,283,646 and ThCh$(143,659,736) during the years ended December 31, 2004, 2005 and 2006, respectively. |
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d) | In accordance with BT No.60 and 69 of the Chilean Association of Accountants, and Circular No.1,466 of the SVS, the Company and its subsidiaries have recorded consolidated deferred income taxes as of December 31, 2005 and 2006 as follows: |
As of December 31, 2005 | As of December 31, 2006 | |||||||||||||||||||||||||||||||
Asset | Liability | Asset | Liability | |||||||||||||||||||||||||||||
Description | Short-term | Long-term | Short-term | Long-term | Short-term | Long-term | Short-term | Long-term | ||||||||||||||||||||||||
ThCh$ | ThCh$ | ThCh$ | ThCh$ | ThCh$ | ThCh$ | ThCh$ | ThCh$ | |||||||||||||||||||||||||
Allowance for doubtful accounts | 12,822,825 | 44,076,950 | — | — | 16,631,379 | 50,916,006 | — | — | ||||||||||||||||||||||||
Deferred income | 700,342 | 1,314,987 | — | 966,263 | 693,720 | 1,542,496 | — | 1,076,847 | ||||||||||||||||||||||||
Vacation accrual | 1,053,846 | — | — | — | 1,147,149 | — | — | — | ||||||||||||||||||||||||
Leased assets | — | — | — | 560,949 | — | — | — | 464,611 | ||||||||||||||||||||||||
Fixed assets depreciation | — | 2,716,255 | 145,408 | 400,056,299 | — | 2,739,244 | 789,178 | 410,799,454 | ||||||||||||||||||||||||
Severance indemnities | — | 475 | — | 1,761,264 | — | 639 | — | 1,677,822 | ||||||||||||||||||||||||
Other | 1,493,957 | 5,285,281 | 278,200 | 3,691,748 | 5,760,844 | 5,342,971 | 2,296,439 | 3,076,910 | ||||||||||||||||||||||||
Contingencies | 7,471,990 | 72,528,830 | — | — | 8,630,826 | 76,646,343 | — | — | ||||||||||||||||||||||||
Bond discount | — | — | 142,001 | 1,567,290 | — | — | 141,442 | 1,337,058 | ||||||||||||||||||||||||
Cost of studies | — | — | — | 8,498,040 | — | — | — | 8,420,626 | ||||||||||||||||||||||||
Finance cost | — | 102,542 | — | 13,254,965 | — | — | — | 15,353,914 | ||||||||||||||||||||||||
Imputed interest on construction | — | — | — | 4,148,807 | — | — | 3,756,520 | |||||||||||||||||||||||||
Deferred charges | 1,604,532 | — | 611,338 | 3,921,623 | 702,591 | 562,219 | 3,373,758 | |||||||||||||||||||||||||
Actuarial deficit (Brasil) | — | 11,830,729 | — | — | 10,500,328 | — | — | |||||||||||||||||||||||||
Obsolescence | 309,921 | 2,060,233 | — | — | 351,596 | 2,191,170 | — | — | ||||||||||||||||||||||||
Materials used | — | — | — | 857,794 | — | — | — | 811,521 | ||||||||||||||||||||||||
Imputed salaries on construction | — | 3,781,606 | — | — | 4,013,859 | — | — | |||||||||||||||||||||||||
Tax losses | 44,387,632 | 174,383,258 | — | — | 53,654,994 | 188,163,151 | — | — | ||||||||||||||||||||||||
Provision real state project | — | 2,460,812 | — | — | — | 2,367,831 | — | — | ||||||||||||||||||||||||
Sie2000A project | — | — | — | 425,977 | — | — | — | 474,148 | ||||||||||||||||||||||||
Provision for employee benefits | 2,480,983 | 3,543,641 | — | — | 2,483,126 | 3,065,119 | — | — | ||||||||||||||||||||||||
Operating fees | 1,519,060 | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Energy in measurers | — | — | 2,573,088 | — | — | — | 2,317,635 | — | ||||||||||||||||||||||||
Regulated assets | — | — | 14,970,953 | 14,149,146 | — | — | 10,552,279 | 18,421,701 | ||||||||||||||||||||||||
Capitalized expenses | — | — | — | — | — | — | — | 2,130,360 | ||||||||||||||||||||||||
Fixed assets | — | 23,800,779 | — | — | — | — | — | — | ||||||||||||||||||||||||
Exchange difference | — | — | — | 20,816,953 | — | — | — | 18,678,406 | ||||||||||||||||||||||||
Complementary account-net | — | (10,831,559 | ) | — | (201,390,555 | ) | — | (10,800,717 | ) | — | (193,572,033 | ) | ||||||||||||||||||||
Valuation allowance | — | (151,201,454 | ) | — | — | (11,840,683 | ) | (28,157,575 | ) | — | — | |||||||||||||||||||||
Total | 73,845,088 | 185,853,365 | 18,720,988 | 273,286,563 | 78,215,542 | 308,530,865 | 16,659,192 | 296,281,623 | ||||||||||||||||||||||||
e) | Income tax benefit (expense) for the year ended December 31, 2004, 2005 and 2006 is as follows: |
As of December 31, | ||||||||||||
Item | 2004 | 2005 | 2006 | |||||||||
ThCh$ | ThCh$ | ThCh$ | ||||||||||
Current income tax (expense) benefit: | ||||||||||||
Income tax provision | (100,314,322 | ) | (149,547,441 | ) | (259,128,302 | ) | ||||||
Adjustment for tax expense — prior year | 720,097 | 780,413 | 6,060,692 | |||||||||
Deferred tax (expense) benefit: | ||||||||||||
Deferred taxes | (48,817,962 | ) | (22,392,657 | ) | 19,619,937 | |||||||
Benefits for tax losses | 30,489,800 | 13,979,822 | 1,581,142 | |||||||||
Amortization of complementary accounts | (9,610,365 | ) | (5,945,853 | ) | (8,564,282 | ) | ||||||
Valuation allowance (*) | (17,627,463 | ) | (17,725,293 | ) | 131,022,939 | |||||||
Other charges or credits | (7,496 | ) | (1,199,665 | ) | — | |||||||
Total | (145,167,711 | ) | (182,050,674 | ) | (109,407,874 | ) | ||||||
(*) | During 2006, the valuation provision has been reversed as a consequence of the merger approved in Extraordinary Shareholders’ Meetings of Chilectra S.A. (formerly Elesur S.A.) and Chilectra S.A. and the sale of the offices of the former Elesur S.A., whose proceeds, Th$129,771,116 (historic values) were credited to net income as a reduction in the allowance for valuation. |
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As of December 31, | ||||||||
2005 | 2006 | |||||||
ThCh$ | ThCh$ | |||||||
Forwards contracts and swap (1) | 19,244 | — | ||||||
Guaranties and indemnities | 218,529 | 228,911 | ||||||
Deferred expenses | 639,798 | 176,085 | ||||||
Post-retirement benefits | 247,784 | 247,554 | ||||||
Deposits for commitments and guarantees | 6,984,605 | 8,015,123 | ||||||
Deferred expenses for bond placement | — | 180,002 | ||||||
Assets available for sale | 7,768,838 | 4,737,696 | ||||||
Bond discount | 975,562 | 973,620 | ||||||
Fair value derivatives contracts | 650,026 | 1,965,181 | ||||||
Reverse repurchase agreements (2) | 22,061,590 | 48,872,100 | ||||||
Others | 3,204,261 | 1,260,041 | ||||||
Total | 42,770,237 | 66,656,313 | ||||||
(1) | See detail in Note 29. | |
(2) | The detail of reverse repurchase agreements is as follows: |
As of December 31, 2005 | ||||||||||||||||||||||||||
Date | Interest | Current | ||||||||||||||||||||||||
Code | Start | End | Financial institution | Currency | Document | rate | amount | Nominal | Fair value | |||||||||||||||||
% | ThCh$ | ThCh$ | ThCh$ | |||||||||||||||||||||||
VRC | 29-Dec-05 | 2-Jan-06 | Banco Central de Chile | $ | D.P.F. | 0.50 | % | 18,519 | 18,513 | 18,525 | ||||||||||||||||
VRC | 29-Dec-05 | 2-Jan-06 | Banco Central de Chile | $ | D.P.F. | 0.50 | % | 5,393,871 | 5,392,073 | 5,356,033 | ||||||||||||||||
VRC | 30-Dec-05 | 2-Jan-06 | Banco Central de Chile | $ | D.P.F. | 0.42 | % | 318,792 | 318,747 | 318,881 | ||||||||||||||||
VRC | 30-Dec-05 | 2-Jan-06 | Corpbanca | $ | D.P.F. | 0.42 | % | 3,862 | 3,862 | 3,863 | ||||||||||||||||
VRC | 30-Dec-05 | 2-Jan-06 | Banco Estado | $ | D.P.F. | 0.42 | % | 27 | 27 | 27 | ||||||||||||||||
VRC | 30-Dec-05 | 2-Jan-06 | Banco Central de Chile | $ | D.P.F. | 0.51 | % | 3,184 | 3,184 | 3,186 | ||||||||||||||||
VRC | 30-Dec-05 | 2-Jan-06 | Banco Santander Santiago | $ | D.P.F. | 0.51 | % | 921,545 | 921,387 | 921,858 | ||||||||||||||||
VRC | 30-Dec-05 | 2-Jan-06 | Banco del Desarrollo | $ | D.P.F. | 0.51 | % | 51,785 | 51,777 | 51,802 | ||||||||||||||||
VRC | 30-Dec-05 | 2-Jan-06 | Banco Chile | $ | D.P.F. | 0.51 | % | 1,854,651 | 1,854,335 | 1,855,282 | ||||||||||||||||
VRC | 30-Dec-05 | 2-Jan-06 | Banco Boston | $ | D.P.F. | 0.51 | % | 209,686 | 209,650 | 209,757 | ||||||||||||||||
VRC | 30-Dec-05 | 2-Jan-06 | Banco Central de Chile | $ | D.P.R. | 0.51 | % | 1,308 | 1,308 | 1,309 | ||||||||||||||||
VRC | 30-Dec-05 | 2-Jan-06 | Banco Boston | $ | D.P.R. | 0.51 | % | 418,087 | 418,017 | 418,230 | ||||||||||||||||
VRC | 12-Dec-05 | 19-Jan-06 | Valores Security | $ | P.R.C. | 0.09 | % | 12,866,273 | 12,829,708 | 12,902,837 | ||||||||||||||||
Total | 22,061,590 | 22,022,588 | 22,061,590 | |||||||||||||||||||||||
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As of December 31, 2006 | ||||||||||||||||||||||||||
Date | Interest | Current | ||||||||||||||||||||||||
Code | Start | End | Financial institution | Currency | Document | rate | amount | Nominal | Fair value | |||||||||||||||||
% | ThCh$ | ThCh$ | ThCh$ | |||||||||||||||||||||||
VRC | 12-26-2006 | 1-2-2007 | Corpbanca | $ | D.P.F. | 0.50 | % | 2,207,276 | 2,205,438 | 2,207,276 | ||||||||||||||||
VRC | 12-26-2006 | 1-2-2007 | Banco Central de Chile | $ | CERO | 0.50 | % | 2,837 | 2,835 | 2,837 | ||||||||||||||||
VRC | 12-26-2006 | 1-2-2007 | Banco Estado | $ | D.P.F. | 0.50 | % | 4,485,879 | 4,482,144 | 4,485,879 | ||||||||||||||||
VRC | 12-26-2006 | 1-2-2007 | Citibank | $ | O.P.F. | 0.50 | % | 2,577,679 | 2,575,532 | 2,577,679 | ||||||||||||||||
VRC | 12-26-2006 | 1-2-2007 | Banco Crédito e Inversiones | $ | D.P.F. | 0.50 | % | 3,402,863 | 3,400,030 | 3,402,863 | ||||||||||||||||
VRC | 12-26-2006 | 1-2-2007 | Banco Santander Santiago | $ | D.P.F. | 0.50 | % | 1,383,106 | 1,381,954 | 1,383,106 | ||||||||||||||||
VRC | 12-26-2006 | 1-2-2007 | Banco Chile | $ | D.P.F. | 0.50 | % | 2,090,097 | 2,088,356 | 2,090,097 | ||||||||||||||||
VRC | 12-29-2006 | 1-2-2007 | BBVA Banco BHIF | $ | D.P.R. | 0.51 | % | 2,899 | 2,898 | 2,899 | ||||||||||||||||
VRC | 12-29-2006 | 1-2-2007 | Banco Central de Chile | $ | CERO | 0.51 | % | 162 | 161 | 162 | ||||||||||||||||
VRC | 12-29-2006 | 1-2-2007 | Banco Santander Santiago | $ | D.P.F. | 0.51 | % | 1,946,087 | 1,945,426 | 1,946,087 | ||||||||||||||||
VRC | 12-29-2006 | 1-2-2007 | Banco Crédito e Inversiones | $ | D.P.F. | 0.51 | % | 65,737 | 65,715 | 65,737 | ||||||||||||||||
VRC | 12-27-2006 | 1-3-2007 | Banco Central de Chile | $ | CERO | 0.53 | % | 2,838 | 2,836 | 2,838 | ||||||||||||||||
VRC | 12-27-2006 | 1-3-2007 | BBVA Banco BHIF | $ | D.P.F. | 0.53 | % | 7,436,726 | 7,431,474 | 7,436,726 | ||||||||||||||||
VRC | 12-27-2006 | 1-3-2007 | BBVA Banco BHIF | $ | D.P.R. | 0.53 | % | 111,078 | 110,999 | 111,078 | ||||||||||||||||
v RC | 12-28-2006 | 1-4-2007 | Banco Chile | $ | L.H. | 0.52 | % | 3,901,603 | 3,899,575 | 3,901,603 | ||||||||||||||||
VRC | 12-28-2006 | 1-4-2007 | Banco Santander Santiago | $ | L.H. | 0.52 | % | 2,926 | 2,925 | 2,926 | ||||||||||||||||
VRC | 12-28-2006 | 1-4-2007 | Banco Central de Chile | $ | CERO | 0.54 | % | 11,167 | 11,161 | 11,167 | ||||||||||||||||
VRC | 12-28-2006 | 1-4-2007 | Banco Boston | $ | D.P.F. | 0.54 | % | 69,871 | 69,833 | 69,871 | ||||||||||||||||
VRC | 12-28-2006 | 1-4-2007 | Banco Santander Santiago | $ | D.P.F. | 0.54 | % | 5,411,354 | 5,408,433 | 5,411,354 | ||||||||||||||||
VRC | 12-28-2006 | 1-4-2007 | Banco Crédito e Inversiones | $ | D.P.F. | 0.54 | % | 1,511,388 | 1,510,572 | 1,511,388 | ||||||||||||||||
VRC | 12-28-2006 | 1-2-2007 | Banchile C. de B. | $ | L.H. | 0.52 | % | 106,492 | 106,437 | 106,492 | ||||||||||||||||
VRC | 12-28-2006 | 1-2-2007 | Banchile C. de B. | $ | L.H. | 0.52 | % | 1,019,081 | 1,018,551 | 1,019,081 | ||||||||||||||||
VRC | 12-28-2006 | 1-2-2007 | Banchile C. de B. | $ | L.H. | 0.52 | % | 400,580 | 400,372 | 400,580 | ||||||||||||||||
VRC | 12-28-2006 | 1-2-2007 | Banchile C. de B. | $ | L.H. | 0.52 | % | 192,181 | 192,081 | 192,181 | ||||||||||||||||
VRC | 12-29-2006 | 1-2-2007 | Banchile C. de B. | $ | BOND | 0.35 | % | 115,399 | 115,372 | 115,399 | ||||||||||||||||
VRC | 12-29-2006 | 1-2-2007 | Banchile C. de B. | $ | L.H. | 0.35 | % | 254,838 | 254,778 | 254,838 | ||||||||||||||||
VRC | 12-29-2006 | 1-2-2007 | Banchile C. de B. | $ | L.H. | 0.35 | % | 203,112 | 203,065 | 203,112 | ||||||||||||||||
VRC | 12-29-2006 | 1-2-2007 | Inv. Boston C. de B. | $ | D.P.F. | 0.48 | % | 150,306 | 150,258 | 150,306 | ||||||||||||||||
VRC | 12-29-2006 | 1-2-2007 | Inv. Boston C. de B. | $ | CERO | 0.48 | % | 38,612 | 38,600 | 38,612 | ||||||||||||||||
VRC | 12-29-2006 | 1-2-2007 | Inv. Boston C. de B. | $ | D.P.F. | 0.48 | % | 279,469 | 279,380 | 279,469 | ||||||||||||||||
VRC | 12-29-2006 | 1-2-2007 | Inv. Boston C. de B. | $ | D.P.F. | 0.48 | % | 503,923 | 503,762 | 503,923 | ||||||||||||||||
VRC | 12-29-2006 | 1-2-2007 | BBVA BHIF C. de B. | $ | CERO | 0.51 | % | 881 | 881 | 881 | ||||||||||||||||
VRC | 12-29-2006 | 1-2-2007 | BBVA BHIF C. de B. | $ | D.P.F. | 0.51 | % | 1,877,005 | 1,876,367 | 1,877,005 | ||||||||||||||||
VRC | 12-29-2006 | 1-2-2007 | BBVA BHIF C. de B. | $ | D.P.F. | 0.51 | % | 201,088 | 201,019 | 201,088 | ||||||||||||||||
VRC | 12-29-2006 | 1-2-2007 | BBVA BHIF C. de B. | $ | D.P.F. | 0.51 | % | 146,945 | 146,895 | 146,945 | ||||||||||||||||
VRC | 12-29-2006 | 1-2-2007 | BBVA BHIF C. de B. | $ | D.P.F. | 0.51 | % | 298,166 | 298,065 | 298,166 | ||||||||||||||||
VRC | 12-29-2006 | 1-2-2007 | BBVA BHIF C. de B. | $ | D.P.F. | 0.51 | % | 25,489 | 25,480 | 25,489 | ||||||||||||||||
VRC | 12-29-2006 | 1-2-2007 | BBVA BHIF C. de B. | $ | D.P.R. | 0.51 | % | 158,440 | 158,386 | 158,440 | ||||||||||||||||
VRC | 12-29-2006 | 1-2-2007 | BBVA BHIF C. de B. | UF | D.P.R. | 0.51 | % | 206,457 | 206,387 | 206,457 | ||||||||||||||||
VRC | 12-29-2006 | 1-2-2007 | BBVA Banco BHIF | UF | D.P.R. | 0.51 | % | 6,327 | 6,325 | 6,327 | ||||||||||||||||
VRC | 12-29-2006 | 1-2-2007 | Banco Santander Santiago | UF | D.P.F. | 0.51 | % | 2,086,973 | 2,086,264 | 2,086,973 | ||||||||||||||||
VRC | 12-29-2006 | 1-2-2007 | Banco Chile | UF | D.P.F. | 0.51 | % | 512,294 | 512,120 | 512,294 | ||||||||||||||||
VRC | 12-29-2006 | 1-2-2007 | Banco Estado | UF | D.P.F. | 0.51 | % | 505,435 | 505,263 | 505,435 | ||||||||||||||||
VRC | 12-29-2006 | 1-2-2007 | Banco Crédito e Inversiones | UF | D.P.F. | 0.51 | % | 1,087,578 | 1,087,208 | 1,087,578 | ||||||||||||||||
VRC | 12-29-2006 | 1-2-2007 | BBVA Banco BHIF | UF | D.P.R. | 0.51 | % | 729,817 | 729,569 | 729,817 | ||||||||||||||||
VRC | 12-29-2006 | 1-2-2007 | Security | UF | D.P.R. | 0.51 | % | 629,001 | 628,787 | 629,001 | ||||||||||||||||
VRC | 12-29-2006 | 1-2-2007 | Scotiabank | UF | D.P.R. | 0.51 | % | 512,638 | 512,467 | 512,638 | ||||||||||||||||
Total | 48,872,100 | 48,842,436 | 48,872,100 | |||||||||||||||||||||||
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Table of Contents
As of December 31, | Useful life | |||||||||
2005 | 2006 | range | ||||||||
ThCh$ | ThCh$ | Years | ||||||||
Land | 129,843,148 | 132,604,494 | — | |||||||
Buildings and infrastructure | 6,330,456,250 | 6,546,069,336 | 20-40 | |||||||
Distribution and transmission lines and public lighting | 4,314,627,499 | 4,495,375,612 | 20-50 | |||||||
Less: third party contributions | (83,599,502 | ) | (105,482,204 | ) | 20-50 | |||||
Sub-total | 10,561,484,247 | 10,935,962,744 | ||||||||
Machinery and equipment | 1,757,852,219 | 1,987,188,305 | 4-20 | |||||||
Work in progress | 171,584,764 | 282,997,996 | — | |||||||
Construction materials | 47,230,684 | 50,950,519 | 4-10 | |||||||
Leased assets (1) | 28,742,014 | 99,127,980 | 4-10 | |||||||
Furniture and fixtures, tools, and computing equipment | 84,829,123 | 80,397,713 | 4-10 | |||||||
Vehicles | 7,262,119 | 7,278,032 | 4-10 | |||||||
Equipment in transit | 7,545,663 | 13,226,605 | 4-10 | |||||||
Other assets | 91,634,127 | 73,507,649 | 4-10 | |||||||
Sub-total | 438,828,494 | 607,486,494 | ||||||||
Technical appraisal | ||||||||||
Buildings and infrastructure | 183,107,327 | 185,762,956 | 20-50 | |||||||
Machinery and equipment | 299,235 | 299,234 | 4-20 | |||||||
Total technical appraisal | 183,406,562 | 186,062,190 | ||||||||
Total property plant and equipment | 13,071,414,670 | 13,849,304,227 | ||||||||
Accumulated depreciation at beginning of year | ||||||||||
Buildings and infrastructure | (4,108,596,188 | ) | (4,427,593,232 | ) | ||||||
Machinery and equipment | (684,780,097 | ) | (784,484,184 | ) | ||||||
Other assets | (50,003,980 | ) | (80,599,386 | ) | ||||||
Accumulated depreciation at beginning of year | (4,843,380,265 | ) | (5,292,676,802 | ) | ||||||
Accumulated depreciation at beginning of year technical appraisal | ||||||||||
Buildings and infrastructure | (45,644,528 | ) | (54,164,397 | ) | ||||||
Machinery and equipment | (289,010 | ) | (291,994 | ) | ||||||
Other assets | — | (116,880 | ) | |||||||
Total accumulated depreciation at beginning of year technical appraisal | (45,933,538 | ) | (54,573,271 | ) | ||||||
Depreciation of the year | (375,344,080 | ) | (414,616,755 | ) | ||||||
Total accumulated depreciation at end of year | (5,264,657,883 | ) | (5,761,866,828 | ) | ||||||
Total property, plant and equipment, net | 7,806,756,787 | 8,087,437,399 | ||||||||
F - 46
Table of Contents
2004 | 2005 | 2006 | ||||||||||
ThCh$ | ThCh$ | ThCh$ | ||||||||||
Cost of sales | 386,573,445 | 362,089,059 | 402,853,125 | |||||||||
Administrative and selling expenses | 14,835,613 | 13,255,021 | 11,763,630 | |||||||||
Total | 401,409,058 | 375,344,080 | 414,616,755 | |||||||||
(1) | Leased assets |
a. | In Endesa Chile the amount of ThCh$29,363,992 corresponds to a contract for power transmission lines and installations (Ralco-Charrúa 2X220KV) between Empresa Nacional de Electricidad S.A. and Huepil S.A. This contract has a 20-year maturity and earns interest at a 6.5% annual rate. |
b. | In the Peruvian subsidiary Edegel S.A. the amount of ThCh$69,763,988 relates to contracts to finance the project of converting the thermo-electric plant to combination cycle (former Etevensa), being carried out by the Company and the financial institutions Banco de Crédito del Perú BBVA — Banco Continental and Citibank. These contracts have a life of eight years and accrue interest at an annual rate of Libor +3.65%. |
a) | Investments in related companies of December 31, 2005 and 2006 are as follows: |
Number | Percentage | Shareholders’ equity | Net income | |||||||||||||||||||||||||||||||||||||||||||||
Related Companies | of shares | owned | of investee | of investees | Equity in income | Investment book value | ||||||||||||||||||||||||||||||||||||||||||
2005 | 2006 | 2005 | 2006 | 2005 | 2006 | 2004 | 2005 | 2006 | 2005 | 2006 | ||||||||||||||||||||||||||||||||||||||
(6) | (6) | ThCh$ | ThCh$ | ThCh$ | ThCh$ | ThCh$ | ThCh$ | ThCh$ | ThCh$ | ThCh$ | ||||||||||||||||||||||||||||||||||||||
Cía. de Interconexión Energética S.A. (5) | — | 45.00 | % | 0.00 | % | — | — | (17,497,116 | ) | — | 6,816,788 | (7,873,702 | ) | — | — | — | ||||||||||||||||||||||||||||||||
Gas Atacama Generación S.A. | — | 0.05 | % | 0.05 | % | 40,700,209 | 25,992,826 | (10,285,893 | ) | (15,417,047 | ) | (695 | ) | (5,143 | ) | (7,709 | ) | 20,350 | 12,996 | |||||||||||||||||||||||||||||
Gasoducto Atacama Argentina S.A. | — | 0.05 | % | 0.05 | % | 61,743,533 | 73,302,051 | 8,645,600 | 10,544,902 | 2,833 | 4,323 | 5,272 | 30,872 | 36,651 | ||||||||||||||||||||||||||||||||||
Gasoducto Atacama Chile S.A. | — | 0.05 | % | 0.05 | % | 68,369,574 | 80,930,367 | 12,203,699 | 11,304,767 | 6,100 | 6,101 | 5,652 | 34,185 | 40,465 | ||||||||||||||||||||||||||||||||||
Inversiones Electrogas S.A. | 425 | 42.50 | % | 42.50 | % | 17,939,876 | 17,159,888 | 4,203,589 | 4,393,321 | 2,207,363 | 1,786,525 | 1,867,161 | 7,624,447 | 7,292,952 | ||||||||||||||||||||||||||||||||||
Inversiones Eléctricas Quillota S.A. | 3,754,586 | |||||||||||||||||||||||||||||||||||||||||||||||
Cía. de Energía del Mercosur S.A. (2) | 6,305,400 | 45.00 | % | 45.00 | % | 8,114,349 | 8,257,640 | 113,039 | 1,749 | 612,648 | 50,867 | 787 | 3,651,457 | 3,715,938 | ||||||||||||||||||||||||||||||||||
Transmisora Eléctrica de Quillota Ltda. | — | 50.00 | % | 50.00 | % | 6,468,906 | 6,901,090 | 350,385 | 428,224 | 136,128 | 175,192 | 214,112 | 3,234,453 | 3,450,545 | ||||||||||||||||||||||||||||||||||
Sacme | 12,000 | 50.00 | % | 50.00 | % | 72,520 | 76,644 | (2,203 | ) | 3,548 | (28 | ) | (1,101 | ) | 1,774 | 36,260 | 38,322 | |||||||||||||||||||||||||||||||
Electrogas S.A. | 85 | 0.021 | % | 0.021 | % | 16,525,445 | 15,853,446 | 4,313,870 | 4,531,558 | 1,130 | 917 | 963 | 3,511 | 3,369 | ||||||||||||||||||||||||||||||||||
Consorcio ARA- Ingendesa | — | 50.00 | % | 50.00 | % | 863,643 | 323,546 | 299,310 | 186,142 | 214,514 | 149,655 | 93,071 | 431,822 | 161,773 | ||||||||||||||||||||||||||||||||||
Sociedad Consorcio Ingendesa Ara Ltda (1) | 50.00 | % | 50.00 | % | 136,862 | 154,620 | 125,513 | 117,360 | 5,144 | 62,757 | 58,680 | 68,432 | 77,310 | |||||||||||||||||||||||||||||||||||
Consorcio Ingendesa — Minmetal Limited (1) | — | 50.00 | % | 50.00 | % | 183,176 | 29,154 | 219,558 | 147,002 | 42,340 | 109,779 | 73,501 | 91,588 | 14,577 | ||||||||||||||||||||||||||||||||||
Gas Atacama S.A. | 1,147 | 0.00115 | % | 0.00115 | % | 170,025,373 | 179,364,050 | 12,340,047 | 6,373,709 | 151 | 142 | 73 | 1,950 | 2,057 | ||||||||||||||||||||||||||||||||||
Inversiones Gas Atacama Holding Ltda. | — | 50.00 | % | 50.00 | % | 169,777,794 | 178,505,773 | 12,697,243 | 5,686,489 | 6,603,716 | 6,348,622 | 2,843,246 | 84,888,897 | 89,252,887 | ||||||||||||||||||||||||||||||||||
Central Geradora Termelectrica Fortaleza S.A. (5) | 20,246,908 | 48.82 | % | 0.00 | % | — | — | 12,349,939 | — | 12,542,026 | 6,029,241 | — | — | — | ||||||||||||||||||||||||||||||||||
Sistemas SEC S.A. (3) | — | 49.00 | % | 49.00 | % | 1,653,295 | 192,951 | 88,413 | (240,088 | ) | — | 43,324 | (117,643 | ) | 810,114 | 945,676 | ||||||||||||||||||||||||||||||||
Termoeléctrica José de San Martín S.A. (4) | 500,006 | 23.10 | % | 23.10 | % | 85,966 | 78,364 | — | — | — | — | — | 19,884 | 18,102 | ||||||||||||||||||||||||||||||||||
Termoeléctrica Manuel Belgrano S.A. (4) | 500,006 | 23.10 | % | 23.10 | % | 85,966 | 78,359 | — | — | — | — | — | 19,884 | 18,101 | ||||||||||||||||||||||||||||||||||
Centrales Hidroeléctricas de Aysén S.A. (6) | 1,020,000 | 0.00 | % | 51.00 | % | — | 19,972,020 | — | — | — | — | — | — | 10,185,730 | ||||||||||||||||||||||||||||||||||
Total | 32,944,744 | 6,887,499 | 5,038,940 | 100,968,106 | 115,267,451 | |||||||||||||||||||||||||||||||||||||||||||
(1) | Related companies of subsidiary Ingendesa Ltda. | |
(2) | Related company of subsidiary Endesa Argentina S.A. | |
(3) | Related company of subsidiary of CAM Chile Ltda. | |
(4) | Related companies of subsidiaries Endesa Costanera S.A. and Hidroeléctrica El Chocon S.A. | |
(5) | See Note 11-l). | |
(6) | Related company of parent company Endesa (organization and development stage) |
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b) | Income and (losses) recognized by Enersis S.A. based on the participation in the related companies as of December 31, 2004, amounted to ThCh$32.945.467 (ThCh$723); ThCh$14,767,445 (ThCh$7,879,946) in 2005 and ThCh$5,164,292 (ThCh$125,352) in 2006. |
c) | In accordance with Technical Bulletin No.64 of the Chilean Association of Accountants for the years ended December 31, 2004, 2005 and 2006, the Company has recorded foreign exchange gains and losses on liabilities related to net investments in foreign countries that are denominated in the same currency as the functional currency of those foreign investments. Such gains and losses are included in the cumulative translation adjustment account in shareholders’ equity, and in this way, act as a hedge of the exchange risk affecting the investments. As of December 31, 2006 the corresponding amounts are as follows: |
Country | Reporting | |||||||||||
Company | of origin | Investment | currency | Liability | ||||||||
ThCh$ | ThCh$ | |||||||||||
Edesur S.A. | Argentina | 158,353,824 | US$ | 57,081,416 | ||||||||
Ampla Energía e Servicos S.A. | Brazil | 151,159,521 | US$ | 139,525,671 | ||||||||
Central Hidroeléctrica Betania S.A. | Colombia | 331,103,269 | US$ | 244,249,312 | ||||||||
Edegel S.A. | Peru | 140,498,360 | US$ | 112,553,841 | ||||||||
Hidroeléctrica El Chocón S.A. | Argentina | 176,190,422 | US$ | 78,476,027 | ||||||||
Comercializadora de Energia del Mercosur S.A. | Argentina | 3,715,938 | US$ | 2,490,419 | ||||||||
Endesa Brasil S.A. | Brazil | 470,347,245 | US$ | 403,724,902 | ||||||||
Endesa Costanera S.A. | Argentina | 82,724,307 | US$ | 48,643,241 | ||||||||
Total | 1,514,092,886 | 1,086,744,829 | ||||||||||
d) | The investments in related companies made by Enersis S.A. and its affiliates for the years ended December 31, 2005 and 2006, amounted to ThCh$33,837,526 and ThCh$22,550,433, respectively, which are detailed as follows: |
As of December 31, | ||||||||
Company | 2005 | 2006 | ||||||
ThCh$ | ThCh$ | |||||||
Inversiones Lo Venecia Ltda. (San Isidro S.A.) | 8,536,140 | — | ||||||
Ingendesa S.A. | 61,879 | — | ||||||
Centrales Hidroeléctricas de Aysen S.A. (Endesa S.A) | — | 10,159,200 | ||||||
Pangue (Endesa S.A.) | — | 9,152 | ||||||
Sistemas Sec S.A. (Cam) | 429,112 | 258,372 | ||||||
Chilectra S.A. (ex Elesur S.A.) (1) | 24,810,395 | 12,123,709 | ||||||
Total | 33,837,526 | 22,550,433 | ||||||
(1) | On May 27, 2004, Enersis S.A. purchased 49,207,343 shares of Elesur S.A. (currently Chilectra S.A.) from Endesa International. The ThCh$ 24,810,395 and ThCh$ 12,123,709, corresponds to disbursements made in June 2005 and March 2006 relates to a partial payments of the debt. |
e) | Due to a corporate restructuring carried out in Colombia, on January 30, 2006, the company Capital de Energía S.A. (Cesa) was liquidated. As a result of such restructuring, and in accordance with Technical Bulletin No. 72 of the Chilean Institute of Accountants, for this transaction carried out by companies under common control, a ThCh$1,912,820 increase in reserves has been recognized under shareholders’ equity (see note 22e). | |
Also as a result of the liquidation of CESA, cash amounting to ThCh$ 4,120,940 was transferred to CESA other shareholder, Endesa Internacional S.A.. |
f) | On April 1, 2006, the subsidiaries Chilectra S.A. (formerly Elesur S.A.) and Chilectra S.A. merged, as was approved in a Meeting of Shareholders held on March 31, 2006. As a result of the merger and according to Technical Bulletin N°72 of the Chilean Institute of Accountants, this business combination subject to common control was recorded under the pooling of interests methodology, causing an increase of ThCh$3,019,591 in shareholders’ equity (see note 22e). |
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g) | In Peru, on June 1, 2006, Empresa de Generación Termoeléctrica Ventanilla S.A. (Etevensa) was upstream merged into the subsidiary Edegel S.A. | |
As a result of the merger and in accordance with Technical Bulletin N° 72 of the Chilean Institute of Accountants, this business combination subject to common control was recorded under the pooling of interests methodology and led to decreasing the interest in Edegel S.A. to 55.44% and recognizing a reduction in other reserves, under shareholders’ equity, by Th$5,757,792 (See note 22e). |
h) | On September 4, 2006, Endesa Chile and its subsidiary Endesa Inversiones Generales S.A. executed the incorporation deed that gave birth to a new subsidiary, whose name is Centrales Hidroeléctricas de Aysén S.A. and whose objective is the development, financing, ownership and operation of a hydroelectric project in the 11th Region (Aysén). The capital of the company is one million Chilean pesos divided into 100 ordinary, single-series, nominal, equivalent, no par-value shares. Endesa Chile subscribed 99 shares, representing 99% of the capital, and paid the total amount, a sum of ThCh$990, while Endesa Inversiones Generales S.A. subscribed one share, representing 1% of the capital, and paid in Th$10 for it. | |
On September 21, 2006 the First General Extraordinary Shareholders’ Meeting of Centrales Hidroeléctricas de Aysén S.A. was held and in it the increase in the paid-in capital of the Company to the new sum of $ThCh20,000,000 divided into 2 million nominal, single-series, no par value shares, was approved. This will be subscribed to and paid in within three years of the date of the above mentioned First Extraordinary General Shareholders’ Meeting. In this way, of the 1,999,900 shares corresponding to the increase in paid-in capital, Endesa Chile would subscribe to 1,019,900 shares, representing 51% of the increase in capital and 50.99995% of the new capital of the Company, while the new shareholder Colbún S.A. would subscribe to 980,000 shares, representing 49% of the increase in paid-in capital and 49% of the new paid-in capital. Endesa Inversiones Generales S.A. will not exercise its preferential subscription right, and therefore its interest in the paid-in capital of the Company will be 0.00005%. | ||
On October 10, 2006, Endesa Chile subscribed to 1,019,899 shares, paying in a total of Ch$10,158,194,040 for them, or $10,000 per share, a sum equivalent to the placement value agreed to in the First General Shareholders’ Meeting of Centrales Hidroeléctricas de Aysén S.A.. At the same time, it subscribed to an additional 1 share, paying in a total of $10,000 for it, equivalent to the placement value agreed to in the First General Extraordinary Shareholders’ Meeting of Centrales Hidroeléctricas de Aysén S.A.. However, the payment for this share was made in accordance with the terms set out in the public deed of “Payment of Shares Subscribed to for Transfer of Title and the Constitution of Usufruct on the Rights to Use the Water”, which was executed by the parties as of the same date, and according to which Ch$9,955 were paid in cash, plus a contribution, valued at Ch$5, for the ownership of the title to the rights to use the water that are identified in the above deed. |
i) | Through a Memorandum of Understanding signed on October 5, 2004, the Corporación Financiera del Valle would sell its shares of Central Hidroeléctrica de Betania S.A. through an asset exchange operation which will take place between the Corfivalle Group and Endesa Group when the legal processes defined by both parties prior to the delivery of the titles to the assets involved was completed. On December 29, 2006 the writ of the splitting of Betania was protocolized, and with that the transfer of ownership of the assets forming part of the Corfivalle group was agreed upon. | |
With this operation, the Endesa Chile Group gave to Corfivalle the electricity Sub-station of Betania S.A. E.S.P. and 3.81% of the ownership in Empresa de Energía de Bogotá S.A. E.S.P., in exchange for a 14.3% interest in Central Hidroeléctrica de Betania S.A. E.S.P which at that date was owned by Corfivalle; thus Endesa Chile Group increased its interest in Central Hidroeléctrica de Betania S.A. E.S.P from 85.62% to 99.99%. | ||
In accordance with Technical Bulletin N° 72 of the Chilean Institute of Accountants and Circular N°1697 of the Superintendency of Securities and Insurance, the Company evaluated the assets and liabilities acquired from Central Hidroeléctrica de Betania S.A. at their respective fair market values. As a result of this evaluation it was concluded that the fair market values do not differ substantially from the book values. | ||
As a result, the above mentioned purchase of the minority interest was recorded in conformity with Technical Bulletin No. 72 of the Chilean Institute of Accountants and involved recognizing negative goodwill amounting to Th$7,314,475. (See note 13b). |
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j) | Business Structure — As a result of the reduction of available capacity for power generation and the physical guarantee of energy and associated wattage, Companhia de Interconexão Energética (CIEN) is struggling to focus its business on a different compensation structure which would not be dependant on the energy coming from Argentina and Brazil for purchases and sales of power across borders. In this regard, CIEN is renegotiating its existing contracts for supplying energy while seeking at the same time a compensation that would be compatible with its position of transporter of energy across country boundaries. CIEN expects to define its new business structure in the course of 2007. |
k) | On April 18, 2005, Endesa Chile and its subsidiary Enigesa executed the incorporation deed of a new subsidiary, bearing the corporate name of Endesa Eco S.A. and whose purpose will be to promote and develop projects associated with renewable energies. Endesa Eco S.A.’s capital amounts to ThCh$580,000, historical value, and is divided into 5,800,000 nominal, no par value shares. Endesa Chile subscribed to 5,799,420 shares, representing 99.99% of the corporate capital and paid in ThCh$179,982, historical value, representing 1,799,820 shares while Enigesa subscribed to 580 shares, representing 0.01% of the corporate capital and paid in ThCh$18, historical value, representing 180 shares. Each shareholder will pay in its part of the balance of the capital over three years as from the date of incorporation. |
l) | On June 10, 2005, Endesa Brasil S.A. was incorporated; its purpose is to acquire paid-in capital in other companies operating, or that may be incorporated to operate, directly or indirectly, in any segment of the electrical sector, transmission, distribution, generation and marketing of electrical energy, in Brazil and other countries. Endesa Brasil S.A. was created as an energy holding concentrating all the electrical assets of Endesa Group in Brazil. | |
Endesa Brasil S.A. holds ownership percentages in the following companies: Compañía de Interconexión Energética S.A. (CIEN), Central Generadora Termeléctrica Fortaleza S.A. (CGTF), Companhia Energetica Do Ceara (COELCE), Ampla Energia e Servicos S.A. (formerly, Cerj), Ampla Investimentos e Servicos S.A., Ampla Generación S.A., Investluz and Cetrais Eléctricas Cachoeira Dourada S.A. (CDSA). | ||
Endesa Brasil’s interest in these investees were contributed on October 25, 26 and 27, 2005 by Enersis S.A., Endesa Chile S.A., Chilectra S.A. and Endesa Internacional. | ||
Contributions made by Enersis S.A. and its subsidiaries are detailed as follows: |
• | Endesa Chile S.A., through its subsidiaries Edegel S.A. and Compañía Eléctrica Cono Sur S.A., contributed its investment in Centrais Eléctricas Cachoeira Dourada S.A. (99.61%) and Compañía de Interconexión Energética S.A. (Cien) (45.00%), receiving in exchange an interest in Endesa Brasil S.A.: 4.18% for Edegel S.A. and 36.27% for Compañia Eléctrica Cono Sur S.A. | ||
• | Chilectra S.A., through its subsidiaries Chilectra Inversud S.A. and Luz de Río S.A., contributed its investments as follows: |
• | Chilectra S.A. contributed 10.33% of its investment in Ampla Energia e Servicos S.A., receiving in exchange a 4.65% interest in Endesa Brasil S.A. | ||
• | Chilectra Inversud S.A. contributed 10.42% of its investment in Investluz S.A., receiving in exchange a 2.37% interest in Endesa Brasil S.A. | ||
• | Luz de Río S.A. contributed 7.76% of its investment in Ampla Energia e Servicos S.A., receiving in exchange a 3.49% interest in Endesa Brasil S.A. |
• | Enersis S.A., contributed to Endesa Brasil S.A. the following investments: |
• | Its 48.82% interest in Central Generadora Termeléctrica Fortaleza S.A., receiving in exchange an 8.84% interest in Endesa Brasil S.A. | ||
• | Its 15.61% interest in Investluz S.A., receiving in exchange a 3.55% interest in Endesa Brasil S.A. |
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• | Its 18.10% interest in Ampla Energia e Servicos S.A., receiving in exchange an 8.15% interest in Endesa Brasil S.A. |
To summarize the above, Enersis S.A. has a direct and indirect interest in Endesa Brasil S.A. amounting to 53.61%. | ||
The transaction described above resulted in ThCh$6,197,172 (historic value) equity decrease as a result of the application of Technical Bulletin No. 72 of the Chilean Association of Accountants, for a business combination under the pooling of interest method (see note 22 e). | ||
m) | On August 11, 2005, the Company and its subsidiary Endesa Inversiones Generales S.A. acquired 99.999% and 0.001% of Inversiones Lo Venecia Ltda., for historical amounts of ThCh$ 8,360,472 and ThCh$ 82, (historic values) respectively. Lo Venecia Ltda was the owner of 25.001% of the paid-in capital of Compañía Eléctrica San Isidro S.A. As a result, Endesa-Chile now directly and indirectly owns 100% of the shares of Compañía Eléctrica San Isidro S.A. | |
In accordance with Technical Bulletin No.72 of Chilean Association of Accountants and the standards established in the Circular No.1697 of the Chilean Superintendency of Securities and Insurance, the Company recorded the acquisition under the purchase method, valuing the proportion of all assets and liabilities acquired of Compañía Eléctrica San Isidro S.A. from third parties as of July 31, 2005 at their respective fair values. | ||
The difference determined by the Company between the fair value and the carrying value of Compañía Eléctrica San Isidro S.A. shareholders’ equity as of the acquisition date amounted to ThCh$ 6,645,776, and it is due to the higher economic value of property, plant and equipment compared to their carrying value. This amount assigned to the property, plant and equipment will be depreciated over 18 years, which was the estimated remaining useful life of these assets at the time of acquisition. |
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Number | Percentage | As of December 31, | ||||||||||||||
Company | of shares | owned | 2005 | 2006 | ||||||||||||
% | ThCh$ | ThCh$ | ||||||||||||||
CDEC-SIC Ltda. | — | 14.84 | % | 226,109 | 136,234 | |||||||||||
CDEC-SING Ltda. | — | 7.83 | % | 109,131 | 152,709 | |||||||||||
Club de la Banca y Comercio | 1 | — | 1,891 | 2,060 | ||||||||||||
Club Empresarial | 1 | 1.00 | % | 5,365 | 23,044 | |||||||||||
Cooperativa Eléctrica de Chillán | — | — | 14,135 | 14,135 | ||||||||||||
Electrificadora de la Costa Atlántica | 6,795,148 | 0.19 | % | 23,330 | 91,500 | |||||||||||
Electrificadora del Caribe | 42,784,058 | 0.71 | % | 1,249,998 | 1,212,261 | |||||||||||
Empresa Eléctrica de Aysen S.A. | 2,516,231 | — | 2,168,431 | 2,158,060 | ||||||||||||
Empresa Eléctrica de Bogotá S.A. (1) | 2,124,047 | 2.10 | % | 37,604,403 | 20,188,918 | |||||||||||
Financiera Eléctrica Nacional S.A. | 4,098 | 0.10 | % | 108,609 | 110,256 | |||||||||||
Dardanelos Participaçóes S.A. | — | — | — | 2,490 | ||||||||||||
Total | 41,511,402 | 24,091,667 | ||||||||||||||
(1) | See Note 14 (1). |
a) | In accordance with current standards, recognition has been given to the excess of purchase price of the proportional equity in the net assets acquired (goodwill) in the purchase of shares as of December 31, 2005 and 2006, as follows: |
As of December 31, | ||||||||||||||||||||
Amortization | Net Balance | |||||||||||||||||||
2004 | 2005 | 2006 | 2005 | 2006 | ||||||||||||||||
ThCh$ | ThCh$ | ThCh$ | ThCh$ | ThCh$ | ||||||||||||||||
Chilectra S.A. (ex Elesur S.A.) | (6,806,415 | ) | (6,806,450 | ) | (6,806,528 | ) | 95,957,890 | 89,151,363 | ||||||||||||
Codensa S.A. | (674,431 | ) | (898,047 | ) | (913,713 | ) | 10,626,895 | 9,898,552 | ||||||||||||
Edegel S.A. | (33,655 | ) | (29,869 | ) | (30,390 | ) | 353,449 | 329,224 | ||||||||||||
Emgesa S.A. | (1,325,994 | ) | (1,176,819 | ) | (724,050 | ) | 13,924,538 | 7,846,896 | ||||||||||||
Empresa Eléctrica de Colina S.A. | (202,790 | ) | (202,788 | ) | (202,788 | ) | 2,179,973 | 1,977,185 | ||||||||||||
Empresa Eléctrica Pangue S.A. | (183,157 | ) | (183,157 | ) | (183,157 | ) | 3,037,355 | 2,854,198 | ||||||||||||
Empresa Nacional de Electricidad S.A. | (47,041,117 | ) | (47,041,116 | ) | (47,041,116 | ) | 589,973,222 | 542,932,105 | ||||||||||||
Gasoducto Atacama Chile Ltda. | (5,226 | ) | (5,225 | ) | (5,226 | ) | 68,809 | 63,583 | ||||||||||||
Inversiones Distrilima S.A. | (1,231 | ) | (1,092 | ) | (1,111 | ) | 9,831 | 8,891 | ||||||||||||
Total | (56,274,016 | ) | (56,344,563 | ) | (55,908,079 | ) | 716,131,962 | 655,061,997 | ||||||||||||
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b) | Following current standards, recognition has been given to the excess of the equity in the net assets purchased over the purchase price (negative goodwill) in the purchase of shares as of December 31, 2005 and 2006 as follows: |
As of December 31, | ||||||||||||||||||||
Company | Amortization | Net Balance | ||||||||||||||||||
2004 | 2005 | 2006 | 2005 | 2006 | ||||||||||||||||
ThCh$ | ThCh$ | ThCh$ | ThCh$ | ThCh$ | ||||||||||||||||
Endesa Costanera S.A. | 2,855,914 | 2,534,616 | 2,578,829 | (9,504,823 | ) | (7,091,791 | ) | |||||||||||||
Central Hidroeléctrica Betania S.A. (1) | 5,520,336 | 5,415,785 | 1,681,106 | (1,703,645 | ) | (7,314,475 | ) | |||||||||||||
Edegel S.A. | 8,445,982 | 7,495,788 | 1,693,940 | (23,447,324 | ) | (22,162,386 | ) | |||||||||||||
Edelnor S.A. | 1,020,788 | 150,346 | — | — | — | |||||||||||||||
Emgesa S.A. | 209,306 | 185,759 | 83,585 | (2,226,482 | ) | — | ||||||||||||||
Inversiones Distrilima S.A. | 25,832 | 22,927 | 23,326 | (376,377 | ) | (359,616 | ) | |||||||||||||
Synapsis Soluciones y Servicios IT Ltda. | 16,770 | 16,771 | 16,771 | (201,937 | ) | (88,049 | ) | |||||||||||||
Total | 18,094,928 | 15,821,992 | 6,077,557 | (37,460,588 | ) | (37,016,317 | ) | |||||||||||||
As of December 31, | ||||||||
2005 | 2006 | |||||||
ThCh$ | ThCh$ | |||||||
Bond discount (Note 18) | 18,122,213 | 14,824,231 | ||||||
Bond issuance cost | 5,903,514 | 5,172,084 | ||||||
Deferred expenses | 23,493,248 | 5,421,634 | ||||||
Bank fees and interest expense | 16,294,953 | 7,767,199 | ||||||
Post-retirement benefits | 2,997,785 | 2,893,528 | ||||||
Security deposits for judicial obligations | 47,111,510 | 58,939,499 | ||||||
Recoverable taxes | 31,194,724 | 72,208,739 | ||||||
Reimbursable contributions | 1,007,208 | 815,229 | ||||||
Investment in Empresa Eléctrica de Bogotá S.A. (1) | 39,598,937 | — | ||||||
Regulatory assets (Brazil) | 61,672,226 | 71,047,279 | ||||||
Fair value derivative contracts | 189,294 | 57,378,238 | ||||||
Others | 6,265,515 | 3,521,903 | ||||||
Total | 253,851,127 | 299,989,563 | ||||||
(1) | See Note 11 (i). |
F - 53
Table of Contents
Foreign currency | ||||||||||||||||||||||||||||||||||||||||
Financial Institution | US$ | Other foreign currency | $ Readjusted | Ch$ | As of December 31, | |||||||||||||||||||||||||||||||||||
2005 | 2006 | 2005 | 2006 | 2005 | 2006 | 2005 | 2006 | 2005 | 2006 | |||||||||||||||||||||||||||||||
ThCh$ | ThCh$ | ThCh$ | ThCh$ | ThCh$ | ThCh$ | ThCh$ | ThCh$ | ThCh$ | ThCh$ | |||||||||||||||||||||||||||||||
ABN Amro Bank | — | — | — | 6,772,464 | — | — | — | — | 6,772,464 | |||||||||||||||||||||||||||||||
Banco Av Villas | — | — | — | 7,681,959 | — | — | — | — | 7,681,959 | |||||||||||||||||||||||||||||||
Banco Bayerische Landes | — | 14,716 | — | — | — | — | — | — | 14,716 | |||||||||||||||||||||||||||||||
Banco BBVA | 68,004,765 | — | 9,256,354 | 24,111,715 | — | — | — | 77,261,119 | 24,111,715 | |||||||||||||||||||||||||||||||
Banco BBVA Bhif | — | — | — | — | — | 9 | 1 | 9 | 1 | |||||||||||||||||||||||||||||||
Bnp Paribas | — | — | 23,608 | — | — | — | 23,608 | |||||||||||||||||||||||||||||||||
Banco Continental | 2,355,647 | 2,184 | 12,638,085 | 13,918,596 | — | — | — | 14,993,732 | 13,920,780 | |||||||||||||||||||||||||||||||
Banco Credicoop | — | — | 172,258 | — | — | — | 172,258 | |||||||||||||||||||||||||||||||||
Banco Crédito Perú | — | — | 8,444,052 | 10,065,018 | — | — | — | 8,444,052 | 10,065,018 | |||||||||||||||||||||||||||||||
Banco Crédito e Inversiones | — | 147,767 | — | — | — | 14,459 | 785 | 14,459 | 148,552 | |||||||||||||||||||||||||||||||
Banco de Bogotá | — | — | — | 19,712,752 | — | — | — | — | 19,712,752 | |||||||||||||||||||||||||||||||
Banco de Chile | — | — | — | — | — | — | 200,409 | — | 200,409 | |||||||||||||||||||||||||||||||
Banco de Galicia y Buenos Aires | 570,880 | 591,097 | — | — | — | — | — | 570,880 | 591,097 | |||||||||||||||||||||||||||||||
Banco de la Ciudad de Buenos Aires | — | — | 2,116,073 | 2,102,568 | — | — | — | 2,116,073 | 2,102,568 | |||||||||||||||||||||||||||||||
Banco de la Nación | — | — | — | 22,647 | — | — | — | — | 22,647 | |||||||||||||||||||||||||||||||
Banco de la Provincia de Buenos Aires | 1,241,702 | 1,347,575 | — | — | — | — | — | 1,241,702 | 1,347,575 | |||||||||||||||||||||||||||||||
Banco do Brasil | 27,996 | 2,532,469 | — | — | — | — | — | 27,996 | 2,532,469 | |||||||||||||||||||||||||||||||
Banco do Nordeste do Brasil | — | — | — | 94,087 | — | — | — | — | 94,087 | |||||||||||||||||||||||||||||||
Banco Estado | — | 71,274 | — | — | — | — | — | 71,274 | ||||||||||||||||||||||||||||||||
Banco Hipotecario | — | — | — | 69,841 | — | — | — | — | 69,841 | |||||||||||||||||||||||||||||||
Banco Itau | 1,217,109 | 1,023,677 | 957,931 | 685,710 | — | — | — | 2,175,040 | 1,709,387 | |||||||||||||||||||||||||||||||
Banco Popular | — | — | — | 7,233,759 | — | — | — | — | 7,233,759 | |||||||||||||||||||||||||||||||
Banco Real | — | — | 245,649 | 11,705 | — | — | — | 245,649 | 11,705 | |||||||||||||||||||||||||||||||
Banco Río de la Plata | — | — | — | 245,920 | — | — | — | — | 245,920 | |||||||||||||||||||||||||||||||
Banco Safra | — | — | — | 732,477 | — | — | — | — | 732,477 | |||||||||||||||||||||||||||||||
Banco Santander Central Hispano | 113,782 | �� | 115,767 | 2,955,910 | 4,566,626 | — | — | — | 3,069,692 | 4,682,393 | ||||||||||||||||||||||||||||||
Banco Santander Santiago | 8,530 | 139 | — | — | 128 | 2,089 | 652 | 2,237 | 9,310 | 4,465 | ||||||||||||||||||||||||||||||
Banco Security | — | — | — | — | — | 9,084 | 3,673 | 9,084 | 3,673 | |||||||||||||||||||||||||||||||
Bank Boston | 51,175 | — | — | 39,757 | — | — | — | 51,175 | 39,757 | |||||||||||||||||||||||||||||||
Bancolombia | — | — | 12,169,227 | — | — | — | 12,169,227 | |||||||||||||||||||||||||||||||||
Barings | 605,415 | — | — | — | — | — | — | 605,415 | — | |||||||||||||||||||||||||||||||
Bladex | 615,357 | 2,439,560 | — | — | — | — | — | 615,357 | 2,439,560 | |||||||||||||||||||||||||||||||
Citibank N.A. | — | 4,951 | 343,784 | 9,917,513 | — | — | — | 343,784 | 9,922,464 | |||||||||||||||||||||||||||||||
Citibank (Agencia Chile) | — | — | — | — | — | 23 | 1 | 23 | 1 | |||||||||||||||||||||||||||||||
Comafi | — | — | 7,178 | 19,625 | — | — | — | 7,178 | 19,625 | |||||||||||||||||||||||||||||||
Compagnie Belge de la Webstlb | 3,789 | — | — | — | — | — | — | 3,789 | — | |||||||||||||||||||||||||||||||
Deutsche Bank | 2,834 | 7,410 | — | — | — | — | — | 2,834 | 7,410 | |||||||||||||||||||||||||||||||
Interbank | — | — | — | 1,335,224 | — | — | — | — | 1,335,224 | |||||||||||||||||||||||||||||||
JP Morgan | — | — | — | 103,287 | — | — | — | — | 103,287 | |||||||||||||||||||||||||||||||
Standard Bank | 30,722 | 34,747 | — | — | — | — | — | 30,722 | 34,747 | |||||||||||||||||||||||||||||||
Scotiabank — Perú | — | — | — | 3,908,078 | — | — | — | — | 3,908,078 | |||||||||||||||||||||||||||||||
Unibanco | — | — | 978,383 | — | — | — | — | 978,383 | — | |||||||||||||||||||||||||||||||
Total | 74,849,703 | 8,333,333 | 37,943,399 | 125,716,421 | 128 | 2,089 | 24,227 | 207,106 | 112,817,457 | 134,258,949 | ||||||||||||||||||||||||||||||
Total principal | 67,364,733 | 5,334,404 | 27,964,088 | 123,534,971 | — | — | 24,227 | — | 95,353,048 | 128,869,375 | ||||||||||||||||||||||||||||||
Weighted average annual interest rate | 4.73 | % | 6.80 | % | 5.81 | % | 7.91 | % | 3.00 | % | 3.00 | % | — | 0.30 | % | 5.10 | % | 7.85 | % |
As of December 31, | ||||||||
2005 | 2006 | |||||||
% | % | |||||||
Percentage of debt in foreign currency: | 99.98 | % | 99.84 | % | ||||
Percentage of debt in local currency: | 0.02 | % | 0.16 | % | ||||
Total | 100.00 | % | 100.00 | % | ||||
F-54
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Foreign currency | ||||||||||||||||||||||||||||||||||||||||||||||||||
US$ | Euros | Other foreign currency | Ch$ | $ no Readjusted | As of December 31 | |||||||||||||||||||||||||||||||||||||||||||||
Rut | Financial Institution | 2005 | 2006 | 2005 | 2006 | 2005 | 2006 | 2005 | 2006 | 2005 | 2006 | 2005 | 2006 | |||||||||||||||||||||||||||||||||||||
ThCh$ | ThCh$ | ThCh$ | ThCh$ | ThCh$ | ThCh$ | ThCh$ | ThCh$ | ThCh$ | ThCh$ | ThCh$ | ThCh$ | |||||||||||||||||||||||||||||||||||||||
Foreign | Bancafe | — | — | — | — | 1,203,288 | 1,224,653 | — | — | — | — | 1,203,288 | 1,224,653 | |||||||||||||||||||||||||||||||||||||
Foreign | Banco Abn Amro Bank | 929,278 | 36,246 | — | — | — | — | — | — | — | 929,278 | 36,246 | ||||||||||||||||||||||||||||||||||||||
Foreign | Banco Alfa | — | — | — | 106,411 | — | — | — | — | — | 106,411 | — | ||||||||||||||||||||||||||||||||||||||
Foreign | Banco Bayerische Landes | 8,026,740 | 661,430 | — | — | — | — | — | — | — | — | 8,026,740 | 661,430 | |||||||||||||||||||||||||||||||||||||
Foreign | Banco BBVA | 1,602 | 115,122 | — | — | — | 1,012,536 | — | — | — | — | 1,602 | 1,127,658 | |||||||||||||||||||||||||||||||||||||
Foreign | Bnp Paribas | 3,508,128 | — | — | — | — | — | — | 3,508,128 | |||||||||||||||||||||||||||||||||||||||||
Foreign | Banco Colpatria | — | — | — | — | 802,193 | 816,521 | — | — | — | — | 802,193 | 816,521 | |||||||||||||||||||||||||||||||||||||
Foreign | Banco Continental | — | 1,326,929 | — | — | 3,937 | 9,829,342 | — | — | — | — | 3,937 | 11,156,271 | |||||||||||||||||||||||||||||||||||||
Foreign | Banco de Crédito (Perú) | — | — | — | — | 3,034 | 10,125 | — | — | — | — | 3,034 | 10,125 | |||||||||||||||||||||||||||||||||||||
Foreign | Banco Corfinsura | — | — | — | — | 3,208,770 | 3,265,742 | — | — | — | — | 3,208,770 | 3,265,742 | |||||||||||||||||||||||||||||||||||||
Foreign | Banco Davivienda | — | — | — | — | 2,419,275 | 2,836,477 | — | — | — | — | 2,419,275 | 2,836,477 | |||||||||||||||||||||||||||||||||||||
Foreign | Banco do Brasil | 1,323,854 | — | — | — | 227,096 | 1,586,684 | — | — | — | — | 1,550,950 | 1,586,684 | |||||||||||||||||||||||||||||||||||||
Foreign | Banco do Nordeste do Brasil | 80,060 | — | — | — | — | — | — | — | — | — | 80,060 | — | |||||||||||||||||||||||||||||||||||||
97.090.000-7 | Banco Estado | — | — | — | — | — | — | 1,825,596 | 386,869 | — | — | 1,825,596 | 386,869 | |||||||||||||||||||||||||||||||||||||
Foreign | Banco Europeo de Investimentos | — | 6,925,976 | — | — | 793,790 | — | — | — | — | — | 793,790 | 6,925,976 | |||||||||||||||||||||||||||||||||||||
Foreign | Banco Interamericado de Desarrollo | 11,608,238 | — | — | — | — | — | — | — | — | — | 11,608,238 | — | |||||||||||||||||||||||||||||||||||||
Foreign | Banco Itau | — | — | — | — | 1,856,924 | — | — | — | — | — | 1,856,924 | — | |||||||||||||||||||||||||||||||||||||
Foreign | Banco Medio Crédito | — | — | — | — | 1,841,361 | 2,028,368 | — | — | — | — | 1,841,361 | 2,028,368 | |||||||||||||||||||||||||||||||||||||
Foreign | Banco Monte Paschi | 175 | 12,427 | — | — | — | — | — | 175 | 12,427 | ||||||||||||||||||||||||||||||||||||||||
Foreign | Banco Nacionale del Lavoro | — | — | — | — | 606,534 | — | — | — | — | — | 606,534 | — | |||||||||||||||||||||||||||||||||||||
Foreign | Banco Nacionale de Paris | 3,493,888 | — | — | — | 1,243,640 | — | — | — | — | — | 4,737,528 | — | |||||||||||||||||||||||||||||||||||||
Foreign | Banco Pactual | — | — | — | — | 370,907 | 422,279 | — | — | — | — | 370,907 | 422,279 | |||||||||||||||||||||||||||||||||||||
Foreign | Banco Safra | — | — | — | — | 770,794 | — | — | — | — | — | 770,794 | — | |||||||||||||||||||||||||||||||||||||
Foreign | Banco Santander Central Hispano | 3,668,581 | 112,752 | — | — | 1,380,034 | 1,152,921 | — | — | — | — | 5,048,615 | 1,265,673 | |||||||||||||||||||||||||||||||||||||
Foreign | Bancolombia | — | — | — | — | 3,208,770 | 4,456,393 | — | — | — | — | 3,208,770 | 4,456,393 | |||||||||||||||||||||||||||||||||||||
Foreign | Banesto | 4,391,905 | 4,413,387 | — | — | — | — | — | — | — | — | 4,391,905 | 4,413,387 | |||||||||||||||||||||||||||||||||||||
Foreign | Bank Boston | — | — | — | — | 5,028,227 | — | — | — | — | — | 5,028,227 | — | |||||||||||||||||||||||||||||||||||||
Foreign | Bank of Tokio - Mitsubishi | 1,212 | 89,507 | — | — | — | — | — | — | — | — | 1,212 | 89,507 | |||||||||||||||||||||||||||||||||||||
Foreign | Bndes | — | — | — | — | 26,727,120 | 8,675,850 | — | — | — | — | 26,727,120 | 8,675,850 | |||||||||||||||||||||||||||||||||||||
Foreign | Bradesco | — | — | — | — | 887,144 | 28,739 | — | — | — | — | 887,144 | 28,739 | |||||||||||||||||||||||||||||||||||||
Foreign | Caja de ahorros de galicia | 24,853 | — | — | — | — | — | — | — | — | 24,853 | |||||||||||||||||||||||||||||||||||||||
Foreign | Caja de Ahorros y Monte de Piedad de Madrid | 20,143 | 129,578 | — | — | — | — | — | — | — | 20,143 | 129,578 | ||||||||||||||||||||||||||||||||||||||
Foreign | Caixa General de Depósitos | — | — | 728,517 | 823,824 | — | — | — | — | — | — | 728,517 | 823,824 | |||||||||||||||||||||||||||||||||||||
Foreign | Citibank N.A. | 1,010 | 2,249,817 | — | — | — | — | — | — | 355 | — | 1,365 | 2,249,817 | |||||||||||||||||||||||||||||||||||||
97.008.000-7 | Citibank (Agencia en Chile) | — | — | — | — | — | — | — | — | — | 30 | — | 30 | |||||||||||||||||||||||||||||||||||||
Foreign | Comafi | — | — | — | — | — | 614,905 | — | — | — | — | — | 614,905 | |||||||||||||||||||||||||||||||||||||
Foreign | Compagnie Belge de la Webstlb | 2,110,853 | 3,863,683 | — | — | — | — | — | — | — | — | 2,110,853 | 3,863,683 | |||||||||||||||||||||||||||||||||||||
Foreign | Conavi | — | — | — | 2,005,482 | 2,041,089 | — | — | — | — | 2,005,482 | 2,041,089 | ||||||||||||||||||||||||||||||||||||||
Foreign | Credit Suisse First Boston | — | 11,218 | — | — | — | — | — | — | — | — | — | 11,218 | |||||||||||||||||||||||||||||||||||||
Foreign | Deutsche Bank A.G. | 3,492,862 | 238,637 | — | — | — | — | — | — | — | — | 3,492,862 | 238,637 | |||||||||||||||||||||||||||||||||||||
Foreign | Dresdner | 505 | 24,854 | — | — | — | — | — | — | — | — | 505 | 24,854 | |||||||||||||||||||||||||||||||||||||
Foreign | Export Develop. Corp. | 1,733,770 | 1,800,708 | — | — | — | — | — | — | — | — | 1,733,770 | 1,800,708 | |||||||||||||||||||||||||||||||||||||
Foreign | Granahorrar | — | — | — | — | 1,203,288 | 1,224,653 | — | — | — | — | 1,203,288 | 1,224,653 | |||||||||||||||||||||||||||||||||||||
Foreign | Hsbc | 1,602 | 72,492 | — | — | — | — | — | — | — | — | 1,602 | 72,492 | |||||||||||||||||||||||||||||||||||||
Foreign | Instituto crédito oficial | 1,602 | 36,246 | — | — | — | — | — | — | — | — | 1,602 | 36,246 | |||||||||||||||||||||||||||||||||||||
Foreign | International Fiance Corporation | 4,725,494 | — | — | — | — | — | — | — | — | — | 4,725,494 | ||||||||||||||||||||||||||||||||||||||
Foreign | J.P. Morgan Chase Bank | 93,751 | 13,405,136 | — | — | — | — | — | — | — | — | 93,751 | 13,405,136 | |||||||||||||||||||||||||||||||||||||
Foreign | Kreditanstal Fur Weideraubau | 8,273,583 | 300,064 | — | — | — | — | — | — | — | — | 8,273,583 | 300,064 | |||||||||||||||||||||||||||||||||||||
Foreign | San Pedro IMI S.P.A. | 1,212 | 86,990 | — | — | — | — | — | — | — | — | 1,212 | 86,990 | |||||||||||||||||||||||||||||||||||||
Foreign | Scotiabank | — | — | — | — | — | 91,477 | — | — | — | — | — | 91,477 | |||||||||||||||||||||||||||||||||||||
Foreign | Skandinaviska Enskilda Banken | 1,737,851 | 882,607 | — | — | — | — | — | — | — | — | 1,737,851 | 882,607 | |||||||||||||||||||||||||||||||||||||
Foreign | Standard Bank | — | 123,515 | — | — | — | — | — | — | — | — | — | 123,515 | |||||||||||||||||||||||||||||||||||||
Foreign | Unibanco | 1,085,185 | — | — | — | 9,511,991 | 8,466,259 | — | — | — | — | 10,597,176 | 8,466,259 | |||||||||||||||||||||||||||||||||||||
Foreign | West LB | — | 2,308,262 | — | — | — | — | — | — | — | — | — | 2,308,262 | |||||||||||||||||||||||||||||||||||||
Total | 52,079,462 | 47,486,058 | 728,517 | 823,824 | 65,410,010 | 49,785,013 | 1,825,596 | 386,869 | 355 | 30 | 120,043,940 | 98,481,794 | ||||||||||||||||||||||||||||||||||||||
Total principal | 49,475,489 | 36,701,521 | 725,426 | 821,821 | 46,795,927 | 49,785,013 | 1,643,036 | 386,869 | 355 | — | 98,640,233 | 87,693,224 | ||||||||||||||||||||||||||||||||||||||
Weighted average annual interest rate | 10.27 | % | 7.85 | % | 3.45 | % | 4.03 | % | 11.66 | % | 10.92 | % | 9.00 | % | 9.00 | % | 0.00 | % | 0.30 | % | 11.06 | % | 9.37 | % |
As of December 31, | ||||||||
2005 | 2006 | |||||||
% | % | |||||||
Percentage of debt in foreign currency: | 98.48 | % | 99.61 | % | ||||
Percentage of debt in local currency: | 1.52 | % | 0.39 | % | ||||
Total | 100.00 | % | 100.00 | % | ||||
F-55
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As of December 31, 2006 | Total | Annual | ||||||||||||||||||||||||||||||||||||
After 1 year | After 2 years | After 3 years | After 5 years | Long-term | interest | Total | ||||||||||||||||||||||||||||||||
Financial | but within | but within | but within | but within | portion | rate | long-term | |||||||||||||||||||||||||||||||
Institution | Currency | 2 years | 3 years | 5 years | 10 years | After 10 years | 2006 | average | portion - 2005 | |||||||||||||||||||||||||||||
ThCh$ | ThCh$ | ThCh$ | ThCh$ | Years | ThCh$ | ThCh$ | ThCh$ | |||||||||||||||||||||||||||||||
Bancafe | $ Colom | — | — | — | — | — | — | — | — | 1,145,385 | ||||||||||||||||||||||||||||
ABN Amro Bank | US$ | 6,876,704 | — | 1,885,548 | — | — | — | 8,762,252 | 5.74 | % | 15,800,986 | |||||||||||||||||||||||||||
$ Arg | — | 1,158,944 | 579,472 | — | — | — | 1,738,416 | 13.25 | % | — | ||||||||||||||||||||||||||||
Banco Alfa | Rs | — | — | — | — | — | — | — | — | 6,706,488 | ||||||||||||||||||||||||||||
Banco Bayerische Landes | US$ | 658,833 | 3,074,552 | — | — | — | — | 3,733,385 | 8.61 | % | — | |||||||||||||||||||||||||||
Banco BBVA | US$ | 22,341,366 | — | 5,656,644 | — | — | — | 27,998,010 | 5.75 | % | 14,380,375 | |||||||||||||||||||||||||||
$ Colom | — | 19,620,308 | — | — | — | — | 19,620,308 | 9.07 | % | — | ||||||||||||||||||||||||||||
Banco Colpatria | $ Colom | — | — | — | — | — | — | — | — | 763,591 | ||||||||||||||||||||||||||||
Banco Continental | US$ | — | 10,257,565 | 8,656,800 | — | — | — | 18,914,365 | 5.00 | % | — | |||||||||||||||||||||||||||
Soles | — | — | — | — | — | — | — | — | 8,998,102 | |||||||||||||||||||||||||||||
Banco Crédito Perú | Soles | 16,990,017 | — | — | — | — | — | 16,990,017 | 5.00 | % | 6,329,174 | |||||||||||||||||||||||||||
Banco Estado | US$ | — | — | 549,027 | — | — | — | 549,027 | 5.71 | % | — | |||||||||||||||||||||||||||
$ Reaj. | — | — | — | — | — | — | — | 971,845 | ||||||||||||||||||||||||||||||
Banco Europeo de Investimentos | US$ | — | 4,436,583 | 8,873,167 | 8,873,168 | — | — | 22,182,918 | 18.33 | % | 26,163,125 | |||||||||||||||||||||||||||
Banco Davivienda | $ Colom | — | 7,502,299 | — | — | — | — | 7,502,299 | 9.07 | % | 2,290,771 | |||||||||||||||||||||||||||
Banco de la Provincia de Buenos Aires | US$ | — | — | — | — | — | 523,263 | |||||||||||||||||||||||||||||||
Banco do Brasil | US$ | 198,064 | 198,064 | 307,650 | 235,237 | 8 | 1,478,200 | 2,417,215 | 4.31 | % | — | |||||||||||||||||||||||||||
Rs | 8,228 | 1,480,913 | 2,961,826 | 4,841,762 | — | — | 9,292,729 | 16.25 | % | 11,526,891 | ||||||||||||||||||||||||||||
Banco do Nordeste do Brasil | Rs | — | 4,100,034 | — | — | — | 4,100,034 | 8.61 | % | 1,711,559 | ||||||||||||||||||||||||||||
Banco Hipotecario | $ Arg | — | 2,468,551 | 1,234,276 | — | — | — | 3,702,827 | 13.25 | % | — | |||||||||||||||||||||||||||
Banco Interamericado de Desarrollo | US$ | — | — | — | — | — | — | — | — | 71,633,668 | ||||||||||||||||||||||||||||
Banco Itau | Rs | — | — | — | — | — | — | — | 22,181,363 | |||||||||||||||||||||||||||||
Banco Medio Crédito | $ Arg | 2,022,063 | 2,022,063 | 3,033,467 | — | — | — | 7,077,593 | 1.75 | % | 8,209,989 | |||||||||||||||||||||||||||
Banco Monte Paschi | US$ | 2,357,727 | — | — | — | 2,357,727 | 5.75 | % | 635,393 | |||||||||||||||||||||||||||||
Banco Nacionale de Paris | US$ | 3,301,077 | 2,623,467 | 2,540,641 | 3,484,113 | — | — | 11,949,298 | 5.89 | % | 14,204,026 | |||||||||||||||||||||||||||
$ Arg | — | 834,440 | 417,220 | — | — | — | 1,251,660 | 13.25 | % | — | ||||||||||||||||||||||||||||
Banco Pactual | Rs | — | — | 7,723,508 | — | — | — | 7,723,508 | 15.58 | % | 6,669,085 | |||||||||||||||||||||||||||
Banco Río de la Plata | $ Arg | — | 8,692,082 | 4,346,041 | — | — | — | 13,038,123 | 13.25 | % | — | |||||||||||||||||||||||||||
Bancolombia | $ Colom | — | 23,071,588 | — | — | — | — | 23,071,588 | 9.07 | % | 3,253,820 | |||||||||||||||||||||||||||
Banco Santander Central Hispano | US$ | 14,019,603 | — | 7,004,256 | — | — | — | 21,023,859 | 6.78 | % | 29,475,836 | |||||||||||||||||||||||||||
$ Colom | — | 22,337,554 | — | — | — | — | 22,337,554 | 6.72 | % | — | ||||||||||||||||||||||||||||
Rs | — | — | — | 149,407,800 | — | — | 149,407,800 | 9.07 | % | — | ||||||||||||||||||||||||||||
Banesto | US$ | 2,168,434 | — | 399,293 | — | — | — | 2,567,727 | 14.84 | % | 6,393,772 | |||||||||||||||||||||||||||
Bank Boston | $ Arg | 7,822,874 | — | — | — | — | 7,822,874 | 6.66 | % | — | ||||||||||||||||||||||||||||
Bank Tokio — Mitsubishi | US$ | 16,504,090 | — | 5,872,925 | — | — | — | 22,377,015 | 14.05 | % | 11,250,145 | |||||||||||||||||||||||||||
BNDES | US$ | — | — | 8,311,056 | — | — | — | 8,311,056 | 5.74 | % | — | |||||||||||||||||||||||||||
Rs | 42,561,499 | 4,593,240 | 24,492,649 | — | — | — | 71,647,388 | 17.75 | % | 67,537,292 | ||||||||||||||||||||||||||||
Bradesco | Rs | — | — | 10,670,762 | — | — | — | 10,670,762 | 13.80 | % | 8,941,983 | |||||||||||||||||||||||||||
Caja de Ahorro de Galicia | US$ | 4,715,456 | — | — | — | — | 4,715,456 | 14.91 | % | — | ||||||||||||||||||||||||||||
Caja de Ahorros y Monte de Piedad de Madrid | US$ | 22,341,366 | — | 2,941,455 | — | — | — | 25,282,821 | 5.75 | % | 10,298,927 | |||||||||||||||||||||||||||
Caixa General de Depósitos | Euros | — | — | — | — | — | — | — | 725,880 | |||||||||||||||||||||||||||||
Citibank N.Y. | US$ | 22,341,366 | 10,647,800 | 7,004,256 | — | — | — | 39,993,422 | 5.81 | % | 12,209,458 | |||||||||||||||||||||||||||
Compagnie Belge de la Webstlb | US$ | — | — | — | — | — | — | — | 3,793,653 | |||||||||||||||||||||||||||||
Comafi | $ Arg | 304,223 | 579,472 | 289,736 | — | — | — | 1,173,431 | 13.25 | % | 1,207,860 | |||||||||||||||||||||||||||
Conavi | $ Colom | — | — | — | — | — | — | — | — | 1,908,976 | ||||||||||||||||||||||||||||
Corfinsura | $ Colom | — | — | — | — | — | — | — | 3,054,361 | |||||||||||||||||||||||||||||
Credit Swiss First Boston | US$ | 4,565,624 | 9,126,686 | 2,279,390 | — | — | — | 15,971,700 | 11.12 | % | 15,697,875 | |||||||||||||||||||||||||||
Deutsche Bank A.G. | US$ | 27,666,584 | 12,870,052 | 18,811,113 | — | — | — | 59,347,749 | 7.65 | % | 8,985,785 | |||||||||||||||||||||||||||
Dresdner | US$ | 4,715,454 | — | — | — | — | — | 4,715,454 | 5.75 | % | 1,853,221 | |||||||||||||||||||||||||||
Export Develop. Corp. | US$ | 1,535,300 | 1,535,300 | 2,909,218 | 2,286,675 | — | — | 8,266,493 | 6.42 | % | 8,652,627 | |||||||||||||||||||||||||||
Granahorrar | $ Colom | — | — | — | — | — | — | — | — | 1,145,405 | ||||||||||||||||||||||||||||
HBSC | US$ | 13,753,408 | — | 3,771,096 | — | — | — | 17,524,504 | 5.74 | % | 11,546,034 | |||||||||||||||||||||||||||
ING Bank | US$ | — | — | 7,240,504 | — | — | — | 7,240,504 | 5.71 | % | 10,883,860 | |||||||||||||||||||||||||||
Instituto de Crédito Oficial | US$ | 6,876,704 | — | 2,684,134 | — | — | — | 9,560,838 | 5.74 | % | 8,711,698 | |||||||||||||||||||||||||||
International Finance Corporation | US$ | 4,824,505 | 5,174,478 | 11,502,298 | 32,535,843 | 13 | 6,481,777 | 60,518,901 | 7.81 | % | — | |||||||||||||||||||||||||||
J.P.Morgan Chase Bank | US$ | — | — | — | — | — | — | — | — | 13,081,563 | ||||||||||||||||||||||||||||
$ Arg | — | 3,650,674 | 1,825,337 | — | — | — | 5,476,011 | 13.25 | % | — | ||||||||||||||||||||||||||||
Kreditanstal Fur Weideraubau | US$ | 436,853 | — | — | — | — | 436,853 | 4.85 | % | 42,756,680 | ||||||||||||||||||||||||||||
San Pablo IMI S.P.A. | US$ | 16,504,090 | — | 4,525,315 | — | — | — | 21,029,405 | 5.74 | % | 11,250,144 | |||||||||||||||||||||||||||
Scotiabank | Soles | 8,326,400 | — | — | — | — | — | 8,326,400 | 6.75 | % | — | |||||||||||||||||||||||||||
Skandinaviska Enskilda Banken | US$ | — | — | — | — | — | — | — | — | 864,649 | ||||||||||||||||||||||||||||
Standard Bank | US$ | 13,753,407 | 6,211,218 | 17,302,675 | — | — | — | 37,267,300 | 8.81 | % | 10,465,249 | |||||||||||||||||||||||||||
The Royal Bank of Scotiand | US$ | — | — | 399,293 | — | — | — | 399,293 | 5.71 | % | — | |||||||||||||||||||||||||||
Unibanco | Rs | 10,056,608 | 8,137,099 | 8,957,085 | 12,887,636 | — | — | 40,038,428 | 9.99 | % | 38,663,816 | |||||||||||||||||||||||||||
West LB | US$ | — | 8,518,240 | — | — | — | — | 8,518,240 | 6.45 | % | — | |||||||||||||||||||||||||||
Totals | 300,547,927 | 184,923,266 | 197,959,133 | 214,552,234 | 7,959,977 | 905,942,537 | 565,455,648 | |||||||||||||||||||||||||||||||
As of December 31, | ||||||||
2005 | 2006 | |||||||
% | % | |||||||
Percentage of debt in local currency: | 2.71 | % | 2.79 | % | ||||
Percentage of debt in foreign currency: | 97.29 | % | 97.21 | % | ||||
Total | 100.00 | % | 100.00 | % | ||||
F-56
Table of Contents
F-57
Table of Contents
As of December 31, | ||||||||
2005 | 2006 | |||||||
ThCh$ | ThCh$ | |||||||
Advances and guarantee on construction | 43,233 | 47,394 | ||||||
Taxes payables | 1,411,849 | 2,545,150 | ||||||
Contingencies — third party claims | 7,048,506 | 23,406,960 | ||||||
Reimbursable contributions | 1,743,750 | 1,049,136 | ||||||
Energy efficiency program (Brazil) | — | 28,103,397 | ||||||
Azopardo provision | 3,422,683 | 2,834,863 | ||||||
Accrued employees benefits — other | 1,977,599 | 2,716,016 | ||||||
Fair value — derivative contracts | 28,667,619 | 6,145,925 | ||||||
Emergency energy provision (Brazil) | 3,896,892 | 7,863,307 | ||||||
Obligations of payment to third parties | — | 10,961,026 | ||||||
Other current liabilities | 4,689,616 | 5,178,343 | ||||||
Total | 49,901,747 | 90,851,517 | ||||||
F-58
Table of Contents
Face value | Interest | Maturity | As of December 31, | |||||||||||||||||
Instrument | Series | outstanding | Currency | rate | date | 2005 | 2006 | |||||||||||||
% | ThCh$ | ThCh$ | ||||||||||||||||||
Bond N°269 — Enersis | B-1 | 28,356 | UF | 5.50% | 06-15-2009 | 162,304 | 799,912 | |||||||||||||
Bond N°269 — Enersis | B-2 | 1,935,000 | UF | 5.75% | 06-15-2022 | 780,002 | 903,634 | |||||||||||||
Yankee Bonds — Enersis | One | 300,000,000 | US$ | 6.90% | 12-01-2006 | 157,881,378 | — | |||||||||||||
Yankee Bonds — Enersis | Two | 350,000,000 | US$ | 7.40% | 12-01-2016 | 816,622 | 1,025,253 | |||||||||||||
Yankee Bonds — Enersis | Three | 858,000 | US$ | 6.60% | 12-01-2026 | 2,469 | 2,512 | |||||||||||||
Yankee Bonds II — Enersis | One | 350,000,000 | US$ | 7.38% | 12-01-2014 | 6,190,577 | 6,298,562 | |||||||||||||
Bonds Edelnor | One | 4,981,900 | Soles | 9.61% | 02-01-2011 | 5,271 | 6,779 | |||||||||||||
Bonds Edelnor | I° Prog. | 80,000,000 | Soles | VAC + 7.5% | 07-01-2006 | 13,681,226 | — | |||||||||||||
Bonds Edelnor | I° Prog. | 100,000,000 | Soles | VAC + 6.9% | 10-10-2006 | 16,744,396 | — | |||||||||||||
Bonds Edelnor | I° Prog. | 18,570,000 | Soles | VAC + 6.2% | 04-26-2007 | 35,002 | 3,458,582 | |||||||||||||
Bonds Edelnor | I° Prog. | 40,000,000 | Soles | 4.47% | 09-11-2007 | 83,322 | 6,752,532 | |||||||||||||
Bonds Edelnor | I° Prog. | 30,000,000 | Soles | 5.86% | 01-15-2008 | 123,474 | 131,616 | |||||||||||||
Bonds Edelnor | I° Prog. | 20,000,000 | Soles | 6.25% | 01/15-2012 | 87,655 | 93,435 | |||||||||||||
Bonds Edelnor | I° Prog. | 20,000,000 | Soles | VAC + 5.4% | 04-22-2014 | 33,089 | 35,637 | |||||||||||||
Bonds Edelnor | I° Prog. | 20,000,000 | Soles | 8.56% | 06-01-2009 | 15,965 | 16,641 | |||||||||||||
Bonds Edelnor | I° Prog. | 20,000,000 | Soles | VAC + 6.5% | 06-01-2014 | 12,405 | 13,129 | |||||||||||||
Bonds Edelnor | I° Prog. | 40,000,000 | Soles | VAC + 6.5% | 06-01-2014 | 7,883 | 7,489 | |||||||||||||
Bonds Edelnor | I° Prog. | 30,000,000 | Soles | 7.38% | 06-10-2010 | 19,689 | 20,476 | |||||||||||||
Bonds Edelnor | I° Prog. | 30,000,000 | Soles | 8.75% | 06-08-2009 | 23,360 | 24,293 | |||||||||||||
Bonds Edelnor | II° Prog. | 20,000,000 | Soles | 7.31% | 01-05-2011 | — | 118,428 | |||||||||||||
Bonds Edelnor | II° Prog. | 4,000,000 | Soles | 7.84% | 01-05-2013 | — | 25,406 | |||||||||||||
Bonds Edelnor | II° Prog. | 18,000,000 | Soles | 8.16% | 01-05-2016 | — | 118,884 | |||||||||||||
Bonds Edelnor | II° Prog. | 20,000,000 | Soles | 7.06% | 02-01-2011 | — | 97,386 | |||||||||||||
Bonds Edelnor | II° Prog. | 27,200,000 | Soles | 8.00% | 02-01-2016 | — | 150,027 | |||||||||||||
Bonds Edelnor | II° Prog. | 19,250,000 | Soles | 6.63% | 03-17-2009 | — | 60,782 | |||||||||||||
Bonds Edelnor | II° Prog. | 15,000,000 | Soles | 6.75% | 05-22-2009 | — | 17,803 | |||||||||||||
Bonds Edelnor | II° Prog. | 15,000,000 | Soles | 7.56% | 05-22-2013 | — | 19,946 | |||||||||||||
Bonds Edelnor | II° Prog. | 15,000,000 | Soles | 7.22% | 08-31-2016 | — | 60,125 | |||||||||||||
Bonds Edelnor | II° Prog. | 15,000,000 | Soles | 6.66% | 10-06-2013 | — | 38,808 | |||||||||||||
Bonds Codensa | B3 | 50,000,000,000 | $ Col. | 8.84% | 03-15-2009 | 61,851 | 58,262 | |||||||||||||
Bonds Codensa | B5 | 200,000,000,000 | $ Col. | 10.05% | 03-15-2011 | 274,893 | 266,338 | |||||||||||||
Bonds Codensa | B8 | 250,000,000,000 | $ Col. | 10.24% | 03-15-2014 | 349,342 | 338,869 | |||||||||||||
Bonds Edesur | Five | 40,000,000 | $ Arg. | 8.50% | 04-05-2006 | 5,546,761 | — | |||||||||||||
Bonds Edesur | Six | 80,000,000 | $ Arg. | 10.41% | 10-05-2007 | 3,456,707 | 10,436,461 | |||||||||||||
Bonds Ampla | 1° serie | 290,000,000 | Reales | CDI+1.2%aa | 03-01-2008 | 4,027,908 | 3,288,428 | |||||||||||||
Bonds Ampla | 2° serie | 110,000,000 | Reales | IGP-M+11.4% | 03-01-2010 | 2,338,356 | 2,663,888 | |||||||||||||
Bonds Ampla | Unit | 370,000,000 | Reales | DI + 0.85% aa | 08-01-2012 | — | 5,369,066 | |||||||||||||
Bonds Coelce | Unit | 88,500,000 | Reales | CDI + 16% | 02-20-2012 | 3,767,092 | — | |||||||||||||
Bonds Endesa | E-1 y E-2 | 6,000,000 | UF | 6.20% | 08-01-2006 | 112,915,513 | — | |||||||||||||
Bonds Endesa | F | 1,500,000 | UF | 6.20% | 08-01-2022 | 700,457 | 699,850 | |||||||||||||
Bonds Endesa | G | 4,000,000 | UF | 4.80% | 10-15-2010 | 725,487 | 724,858 | |||||||||||||
Bonds Endesa | H | 4,000,000 | UF | 6.20% | 10-15-2008 | 933,940 | 933,132 | |||||||||||||
Bonds Endesa | One | 230,000,000 | US$ | 7.88% | 02-01-2027 | 3,537,645 | 3,604,972 | |||||||||||||
Bonds Endesa | Two | 220,000,000 | US$ | 7.33% | 02-01-2037 | 3,513,491 | 3,574,778 | |||||||||||||
Bonds Endesa | Three | 200,000,000 | US$ | 8.13% | 02-01-2097 | 734,801 | 785,969 | |||||||||||||
Bonds Endesa | One | 400,000,000 | US$ | 7.75% | 07-15-2008 | 7,434,687 | 7,564,374 | |||||||||||||
Bonds Endesa | One | 400,000,000 | US$ | 8.50% | 04-01-2009 | 4,447,731 | 4,525,315 | |||||||||||||
Bonds Endesa | 144A | 400,000,000 | US$ | 8.35% | 08-01-2013 | 7,282,070 | 7,409,094 | |||||||||||||
Bonds Endesa | 144A | 200,000,000 | US$ | 8.63% | 08-01-2015 | 3,760,949 | 3,826,553 | |||||||||||||
Bonds Endesa Chile Internacional | Unit | 150,000,000 | US$ | 7.20% | 04-01-2006 | 79,902,184 | — | |||||||||||||
Bonds Edegel | One | 30,000,000 | US$ | 8.75% | 06-03-2006 | 15,806,229 | — | |||||||||||||
Bonds Edegel | Two | 30,000,000 | US$ | 8.41% | 02-14-2007 | 503,052 | 16,480,993 | |||||||||||||
Bonds Edegel | Three | 30,000,000 | US$ | 8.75% | 06-13-2007 | 71,032 | 16,042,565 | |||||||||||||
Bonds Edegel | Three A | 50,000,000 | Soles | 4.13% | 09-04-2006 | 7,726,866 | — | |||||||||||||
Bonds Edegel | Three B | 50,000,000 | Soles | 4.88% | 10-30-2006 | 7,687,466 | — | |||||||||||||
Bonds Edegel | Four A | 50,000,000 | Soles | 4.75% | 12-12-2006 | 7,643,621 | — | |||||||||||||
Bonds Edegel | 5 A 2° issue | 10,000,000 | US$ | 3.75% | 01-26-2009 | 83,940 | 85,404 | |||||||||||||
Bonds Edegel | 6 A 2° issue | 30,000,000 | Soles | 5.88% | 02-27-2008 | 91,840 | 100,281 | |||||||||||||
Bonds Edegel | 6 B 2° issue | 20,000,000 | Soles | 5.88% | 06-18-2008 | 9,363 | 10,223 | |||||||||||||
Bonds Edegel | 7 A 2° issue | 10,000,000 | US$ | 7.33% | 07-26-2009 | 126,819 | 167,150 | |||||||||||||
Bonds Edegel | 8 A 2° issue | 22,370,000 | Soles | 6.00% | 03-10-2008 | 62,547 | 68,296 | |||||||||||||
Bonds Edegel | 8 B 2° issue | 25,700,000 | Soles | 6.47% | 03-30-2008 | 63,386 | 69,212 | |||||||||||||
Bonds Edegel | 9 A 2° issue | 70,000,000 | Soles | 6.91% | 01-06-2009 | 61,441 | 67,088 | |||||||||||||
Bonds Edegel | 10 A 2° issue | 35,000,000 | Soles | 6.72% | 10-21-2010 | 68,739 | 75,057 | |||||||||||||
Bonds Edegel | 11 A 2° issue | 20,000,000 | US$ | 3.71% | 11-18-2012 | 73,979 | 75,311 | |||||||||||||
Bonds Edegel | 13 A 2° issue | 25,000,000 | Soles | 6.47% | 10-20-2013 | — | 52,365 | |||||||||||||
Bonds Edegel | 14 A 2° issue | 25,000,000 | Soles | 6.09% | 10-21-2010 | — | 44,397 | |||||||||||||
Bonds Edegel | 15 A 2° issue | 30,000,000 | Soles | 6.16% | 11-27-2011 | — | 28,193 | |||||||||||||
Bonds Emgesa | A-1 | 15,000,000,000 | $ Col. | 9.36% | 01-26-2007 | 54,716 | 190,202 | |||||||||||||
Bonds Emgesa | B-7 | 19,500,000,000 | $ Col. | 9.13% | 02-23-2007 | 3,529,370 | — | |||||||||||||
Bonds Emgesa | B-10 | 229,825,000,000 | $ Col. | 10.30% | 10-09-2009 | 1,136,232 | — | |||||||||||||
Bonds Emgesa | B-10 | 60,000,000,000 | $ Col. | 9.87% | 11-10-2009 | 182,356 | 94,157 | |||||||||||||
Bonds Emgesa | C-10 | 8,928,433,000 | $ Col. | 10.25% | 10-09-2009 | 85,905 | 50,992 | |||||||||||||
Bonds Emgesa | C-10 | 15,889,565,000 | $ Col. | 10.62% | 10-09-2009 | 46,530 | 1,156,693 | |||||||||||||
Bonds Emgesa | B-1 2° issue | 50,000,000,000 | $ Col. | 12.43% | 07-26-2006 | 12,707,360 | — | |||||||||||||
Bonds Emgesa | B-1 | 85,000,000,000 | $ Col. | 12.43% | 07-26-2006 | 1,054,346 | — | |||||||||||||
Bonds Emgesa | A-10 | 210,000,000,000 | $ Col. | 10.33% | 02-23-2015 | 4,467,004 | 579,485 | |||||||||||||
Bonds Emgesa | A-1 | 15,000,000,000 | $ Col. | 8.68% | 07-26-2006 | 19,471,554 | — | |||||||||||||
Bonds Betania | B | 400,000,000,000 | $ Col. | 10.70% | 11-10-2011 | 1,115,597 | 1,401,250 | |||||||||||||
Total | 526,349,244 | 113,207,598 | ||||||||||||||||||
F-59
Table of Contents
Face value | Interest | Maturity | As of December 31, | |||||||||||||||||
Instrument | Series | outstanding | Currency | rate | date | 2005 | 2006 | |||||||||||||
ThCh$ | ThCh$ | |||||||||||||||||||
Bond N°269 — Enersis | B-1 | 28,356 | UF | 5.50% | 06-15-2009 | 442,153 | 441,770 | |||||||||||||
Bond N°269 — Enersis | B-2 | 1,935,000 | UF | 5.75% | 06-15-2022 | 34,815,550 | 33,165,013 | |||||||||||||
Yankee Bonds — Enersis | Two | 350,000,000 | US$ | 7.40% | 12-01-2016 | 130,676,437 | 132,955,886 | |||||||||||||
Yankee Bonds — Enersis | Three | 858,000 | US$ | 6.60% | 12-06-2026 | 448,959 | 456,791 | |||||||||||||
Yankee Bonds II — Enersis | One | 350,000,000 | US$ | 7.38% | 12-01-2014 | 183,141,875 | 186,336,500 | |||||||||||||
Bonds Edelnor | One | 4,891,900 | Soles | 9.61% | 02-01-2011 | 746,283 | 814,893 | |||||||||||||
Bonds Edelnor | I° Prog. | 18,570,000 | Soles | VAC + 6,2% | 04-26-2007 | 3,085,553 | — | |||||||||||||
Bonds Edelnor | I° Prog. | 40,000,000 | Soles | 4.47% | 09-11-2007 | 6,102,188 | — | |||||||||||||
Bonds Edelnor | I° Prog. | 30,000,000 | Soles | 5.86% | 01-15-2008 | 4,576,640 | 4,997,403 | |||||||||||||
Bonds Edelnor | I° Prog. | 20,000,000 | Soles | 6.25% | 15-01-2012 | 3,051,093 | 3,331,602 | |||||||||||||
Bonds Edelnor | I° Prog. | 20,000,000 | Soles | VAC + 5.4% | 22-04-2014 | 3,129,532 | 3,469,712 | |||||||||||||
Bonds Edelnor | I° Prog. | 20,000,000 | Soles | 8.56% | 01-06-2009 | 4,576,640 | 4,997,403 | |||||||||||||
Bonds Edelnor | I° Prog. | 20,000,000 | Soles | VAC + 6.5% | 01-06-2014 | 3,123,001 | 3,462,470 | |||||||||||||
Bonds Edelnor | I° Prog. | 40,000,000 | Soles | VAC + 6.5% | 01-06-2014 | 6,235,159 | 6,912,916 | |||||||||||||
Bonds Edelnor | I° Prog. | 30,000,000 | Soles | 7.38% | 10-06-2010 | 4,576,640 | 4,997,403 | |||||||||||||
Bonds Edelnor | I° Prog. | 30,000,000 | Soles | 8.75% | 08-06-2015 | 3,051,093 | 3,331,602 | |||||||||||||
Bonds Edelnor | II° Prog. | 20,000,000 | Soles | 7.31% | 05-01-2011 | — | 3,331,602 | |||||||||||||
Bonds Edelnor | II° Prog. | 4,000,000 | Soles | 7.84% | 05-01-2013 | — | 666,320 | |||||||||||||
Bonds Edelnor | II° Prog. | 18,000,000 | Soles | 8.16% | 05-01-2016 | — | 2,998,442 | |||||||||||||
Bonds Edelnor | II° Prog. | 20,000,000 | Soles | 7.06% | 01-02-2011 | — | 3,331,602 | |||||||||||||
Bonds Edelnor | II° Prog. | 27,200,000 | Soles | 8.00% | 02-01-2016 | — | 4,530,979 | |||||||||||||
Bonds Edelnor | II° Prog. | 19,250,000 | Soles | 6.63% | 03-17-2009 | — | 3,206,667 | |||||||||||||
Bonds Edelnor | II° Prog. | 15,000,000 | Soles | 6.75% | 05-22-2009 | — | 2,498,702 | |||||||||||||
Bonds Edelnor | II° Prog. | 15,000,000 | Soles | 7.56% | 05-22-2013 | — | 2,498,702 | |||||||||||||
Bonds Edelnor | II° Prog. | 15,000,000 | Soles | 7.22% | 08-31-2016 | — | 2,498,702 | |||||||||||||
Bonds Edelnor | II° Prog. | 15,000,000 | Soles | 6.66% | 10-06-2013 | — | 2,498,702 | |||||||||||||
Bonds Codensa | B3 | 50,000,000,000 | $ Col. | 8.84% | 03-15-2009 | 11,453,855 | 11,890,128 | |||||||||||||
Bonds Codensa | B5 | 200,000,000,000 | $ Col. | 10.05% | 03-15-2011 | 45,815,421 | 47,560,513 | |||||||||||||
Bonds Codensa | B8 | 250,000,000,000 | $ Col. | 10.24% | 03-15-2014 | 57,269,275 | 59,450,640 | |||||||||||||
Bonds Edesur | Six | 80,000,000 | $ Arg. | 10.41% | 10-05-2007 | 10,353,091 | — | |||||||||||||
Bonds Ampla | 1° serie | 290,000,000 | Reales | CDI + 1.2% aa | 03-01-2008 | 24,717,299 | 28,583,054 | |||||||||||||
Bonds Ampla | 2° serie | 110,000,000 | Reales | IGP-M+11.4% aa | 03-01-2010 | 64,829,378 | 72,213,798 | |||||||||||||
Bonds Ampla | Unit | 370,000,000 | Reales | DI + 0.85% aa | 08-01-2012 | — | 92,134,846 | |||||||||||||
Bonds Coelce | Unit | 88,500,000 | Reales | CDI + 16% | 02-20-2012 | 14,842,630 | — | |||||||||||||
Bonds Endesa | F | 1,500,000 | UF | 6.20% | 08-01-2022 | 27,528,422 | 27,504,570 | |||||||||||||
Bonds Endesa | G | 4,000,000 | UF | 4.80% | 10-15-2010 | 73,409,124 | 73,345,520 | |||||||||||||
Bonds Endesa | H | 4,000,000 | UF | 6.20% | 10-15-2008 | 73,409,124 | 73,345,520 | |||||||||||||
Bonds Endesa | One | 230,000,000 | US$ | 7.88% | 02-01-2027 | 107,729,807 | 109,608,986 | |||||||||||||
Bonds Endesa | Two | 220,000,000 | US$ | 7.33% | 02-01-2037 | 115,117,750 | 117,125,800 | |||||||||||||
Bonds Endesa | Three | 200,000,000 | US$ | 8.13% | 02-01-2097 | 21,148,177 | 21,517,074 | |||||||||||||
Bonds Endesa | One | 400,000,000 | US$ | 7.75% | 07-15-2008 | 209,305,000 | 212,956,000 | |||||||||||||
Bonds Endesa | Unit | 400,000,000 | US$ | 8.50% | 04-01-2009 | 209,305,000 | 212,956,000 | |||||||||||||
Bonds Endesa | 144A | 400,000,000 | US$ | 8.35% | 08-01-2013 | 209,305,000 | 212,956,000 | |||||||||||||
Bonds Endesa | 144A | 200,000,000 | US$ | 8.63% | 08-01-2015 | 104,652,500 | 106,478,000 | |||||||||||||
Bonds Edegel | Two | 30,000,000 | US$ | 8.41% | 02-14-2007 | 15,697,875 | — | |||||||||||||
Bonds Edegel | Three | 30,000,000 | US$ | 8.75% | 06-13-2007 | 15,697,875 | — | |||||||||||||
Bonds Edegel | 5 A 2° issue | 10,000,000 | US$ | 3.75% | 01-26-2009 | 5,232,625 | 5,323,900 | |||||||||||||
Bonds Edegel | 6 A 2° issue | 30,000,000 | Soles | 5.88% | 02-27-2008 | 4,575,306 | 4,995,840 | |||||||||||||
Bonds Edegel | 6 B 2° issue | 20,000,000 | Soles | 5.88% | 06-18-2008 | 3,050,204 | 3,330,560 | |||||||||||||
Bonds Edegel | 7 A 2° issue | 10,000,000 | US$ | 8.50% | 07-26-2009 | 5,232,625 | 5,323,900 | |||||||||||||
Bonds Edegel | 8 A 2° issue | 22,370,000 | Soles | 6.00% | 03-10-2008 | 3,411,653 | 3,725,230 | |||||||||||||
Bonds Edegel | 8 B 2° issue | 25,700,000 | Soles | 6.47% | 03-30-2008 | 3,919,512 | 4,279,769 | |||||||||||||
Bonds Edegel | 9 A 2° issue | 70,000,000 | Soles | 6.91% | 06-01-2009 | 10,675,714 | 11,656,960 | |||||||||||||
Bonds Edegel | 10 A 2° issue | 35,000,000 | Soles | 6.72% | 10-21-2010 | 5,337,857 | 5,828,480 | |||||||||||||
Bonds Edegel | 11 A 2° issue | 20,000,000 | US$ | 3.71% | 11-18-2012 | 10,465,250 | 10,647,800 | |||||||||||||
Bonds Edegel | 13 A 2° issue | 25,000,000 | Soles | 6.47% | 10-20-2013 | — | 4,163,200 | |||||||||||||
Bonds Edegel | 14 A 2° issue | 25,000,000 | Soles | 6.09% | 10-21-2013 | — | 4,163,200 | |||||||||||||
Bonds Edegel | 15 A 2° issue | 30,000,000 | Soles | 6.16% | 11-27-2011 | — | 4,995,840 | |||||||||||||
Bonds Emgesa | B-10 | 229,825,000,000 | $ Col. | 10.30% | 10-09-2009 | 52,647,645 | 54,652,729 | |||||||||||||
Bonds Emgesa | B-10 | 60,000,000,000 | $ Col. | 9.87% | 11-10-2009 | 13,744,473 | 14,268,154 | |||||||||||||
Bonds Emgesa | C-10 | 8,928,433,000 | $ Col. | 10.25% | 10-09-2009 | 3,686,110 | 2,243,172 | |||||||||||||
Bonds Emgesa | C-10 | 15,889,565,000 | $ Col. | 10.62% | 10-09-2009 | 2,071,243 | 3,992,085 | |||||||||||||
Bonds Emgesa | A-10 | 250,000,000,000 | $ Col. | 10.33% | 02-23-2015 | 48,106,194 | 59,450,686 | |||||||||||||
Bonds Betania | B | 400,000,000,000 | $ Col. | 10.70% | 11-10-2011 | 68,723,204 | 95,121,057 | |||||||||||||
Total | 2,044,245,014 | 2,195,520,795 | ||||||||||||||||||
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* | VAC (“Valor de activación constante”) is issued by the Banco Central de Reserva del Perú and calculated based in the inflation rate (represents an inflation — indexed new Peruvian Sol). |
Year | % | |||
2005 | 1.05 | |||
2006 | 1.56 |
b) | Bonds payable consist of the following: |
1. | Current bonds are as follows: |
Total amount | No. of bonds | Face value | ||||||||||
Series | In UF | per series | In UF | |||||||||
B1 | 1,000,000 | 1,000 | 1,000 | |||||||||
B1 | 3,000,000 | 300 | 10,000 | |||||||||
B2 | 1,000,000 | 1,000 | 1,000 | |||||||||
B2 | 1,500,000 | 150 | 10,000 |
Total amount | Years to | Stated annual | ||||||||||
Series | in US$ | maturity | interest rate | |||||||||
1 | 300,000,000 | 10 | 6.90 | % | ||||||||
2 | 350,000,000 | 20 | 7.40 | % | ||||||||
3 | 150,000,000 | 30 | 6.60 | % |
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Total amount | Years to | Stated annual | ||||||||||
Series | in US$ | Maturity | interest rate | |||||||||
1 | 350,000,000 | 10 | 7.375 | % |
First issue | ||
Date of Issue | : March 1, 1996 | |
Number of bonds subscribed | : 48,919 bonds. | |
Face value | : S/. 100 (100 new soles) each | |
Redemption term | : 15 years | |
Interest rate | : 9.61% annual | |
Interest payment | : Annually, on coupon maturity | |
Principal amortization | : Amortization of total principal upon maturity | |
First program of Corporate Bonds | ||
First issue | ||
Date of Issue | : October 29, 2001 | |
Number of bonds subscribed | : 146,300 bonds. | |
Face value | : 30,000 new soles each | |
Redemption term | : 5 years | |
Interest rate | : 7.50% annual | |
Interest payment | : Semi-annual |
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Second issue | ||
Date of Issue | : October 19, 2001 | |
Number of bonds subscribed | : 20,000 bonds. | |
Face value | : 5,000 new soles each | |
Redemption term | : 5 years | |
Interest rate | : 6.9% annual + VAC | |
Interest payment | : Semi-annual | |
Fifth issue | ||
Date of issue | : March 1, 2003 | |
Number of bonds subscribed | : 3,714 bonds. | |
Face value | : 5,000 (new soles each) | |
Redemption term | : 4 years | |
Interest rate | : 6.2 % annual + VAC | |
Interest payment | : Semi-annual | |
Sixth issue | ||
Date of issue | : September 12, 2003 | |
Number of bonds subscribed | : 8,000 bonds. | |
Face value | : 5,000 new soles each | |
Redemption term | : 4 years | |
Interest rate | : 4.47% annual | |
Interest payment | : Semi-annual | |
Seventh issue | ||
Date of issue | : January 16, 2004. | |
Number of bonds subscribed | : 6,000 bonds. | |
Nominal value | : 5,000 new soles each. | |
Term | : 4 years. | |
Interest rate | : 5.86%. | |
Interest payment | : Semi-annual. | |
Eighth issue | ||
Date of issue | : January 16, 2004. | |
Number of bonds subscribed | : 4,000 bonds. | |
Nominal value | : 5,000 new soles each. | |
Term | : 8 years. | |
Interest rate | : 6.25%. | |
Interest payment | : Semi-annual. | |
Ninth issue | ||
Date of issue | : April 22, 2004. | |
Number of bonds subscribed | : 4,000 bonds. | |
Nominal value | : 5,000 new soles each. | |
Term | : 10 years. | |
Interest rate | : VAC + 5.4%. | |
Interest payment | : Semi-annual. | |
Tenth issue | ||
Date of issue | : June 9, 2004. | |
Number of bonds subscribed | : 4,000 bonds. | |
Nominal value | : 5,000 new soles each. | |
Term | : 5 years. | |
Interest rate | : 8.56%. | |
Interest payment | : Semi-annual. |
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Eleventh issue | ||
Date of issue | : June 9, 2004. | |
Number of bonds subscribed | : 4,000 bonds. | |
Nominal value | : 5,000 new soles each. | |
Term | : 10 years. | |
Interest rate | : VAC + 6.50%. | |
Interest payment | : Semi-annual. | |
Twelfth issue | ||
Date of issue | : June 24, 2004. | |
Number of bonds subscribed | : 8,000 bonds. | |
Nominal value | : 5,000 new soles each. | |
Term | : 10 years. | |
Interest rate | : VAC + 6.50%. | |
Interest payment | : Semi-annual. | |
Thirteenth issue | ||
Date of issue | : June 10, 2005. | |
Number of bonds subscribed | : 6,000 bonds. | |
Nominal value | : 5,000 new soles each. | |
Term | : 10 years. | |
Interest rate | : 7.38%. | |
Interest payment | : Semi-annual. | |
Fourteenth issue | ||
Date of issue | : June 10, 2005. | |
Number of bonds subscribed | : 6,000 bonds. | |
Nominal value | : 5,000 new soles each. | |
Term | : 15 years. | |
Interest rate | : 8.75%. | |
Interest payment | : Semi-annual. | |
Second program of Corporate Bonds | ||
First issue | ||
Date of Issue | : January 5, 2006 | |
Number of bonds subscribed | : 4,000 bonds | |
Face value | : 5,000 new soles each | |
Redemption term | : 5 years | |
Interest rate | : 7.31% | |
Interest payment | : Semi-annual | |
Second issue | ||
Date of Issue | : January 5, 2006 | |
Number of bonds subscribed | : 800 bonds | |
Face value | : 5,000 new soles each | |
Redemption term | : 7 years | |
Interest rate | : 7.84% | |
Interest payment | : Semi-annual | |
Third issue | ||
Date of issue | : January 5, 2006 | |
Number of bonds subscribed | : 3,600 bonds | |
Face value | : 5,000 new soles each | |
Redemption term | : 10 years | |
Interest rate | : 8.16% | |
Interest payment | : Semi-annual |
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Fourth issue | ||
Date of issue | : February 1, 2006 | |
Number of bonds subscribed | : 4,000 bonds | |
Face value | : 5,000 new soles each | |
Redemption term | : 5 years | |
Interest rate | : 7.06% | |
Interest payment | : Semi-annual | |
Fifth issue | ||
Date of issue | : February 1, 2006. | |
Number of bonds subscribed | : 5,440 bonds. | |
Nominal value | : 5,000 new soles each. | |
Term | : 10 years. | |
Interest rate | : 8.00%. | |
Interest payment | : Semi-annual. | |
Sixth issue | ||
Date of issue | : March 17, 2006. | |
Number of bonds subscribed | : 3,850 bonds. | |
Nominal value | : 5,000 new soles each. | |
Term | : 3 years. | |
Interest rate | : 6.63% | |
Interest payment | : Semi-annual. | |
Seventh issue | ||
Date of issue | : May 22, 2006. | |
Number of bonds subscribed | : 3,000 bonds. | |
Nominal value | : 5,000 new soles each. | |
Term | : 3 years. | |
Interest rate | : 6.75%. | |
Interest payment | : Semi-annual. | |
Eight issue | ||
Date of issue | : May 22, 2006. | |
Number of bonds subscribed | : 3,000 bonds. | |
Nominal value | : 5,000 new soles each. | |
Term | : 7 years. | |
Interest rate | : 7.56%. | |
Interest payment | : Semi-annual. | |
Third issue — Series B | ||
Date of issue | : August 31, 2006. | |
Number of bonds subscribed | : 3,000 bonds. | |
Nominal value | : 5,000 new soles each. | |
Term | : 10 years. | |
Interest rate | : 7.22%. | |
Interest payment | : Semi-annual. | |
Tenth issue — Series B | ||
Date of issue | : October 6, 2006. | |
Number of bonds subscribed | : 3,000 bonds. | |
Nominal value | : 5,000 new soles each. | |
Term | : 7 years. | |
Interest rate | : 6.66%. | |
Interest payment | : Semi-annual. |
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First Issue | ||
Issuer | : Codensa. | |
Issued securities | : Securities negotiable in Colombian pesos. | |
Amount issued | : 500,000,000,000 Colombian pesos. | |
1st principal payment | : Maturity in 2009 for 50,000,000,000 Colombian pesos. | |
Nominal interest rate | : 8.84% average annual rate. | |
Interest payment | : Quarterly. | |
Interest accrued at year end is ThCh$58,262 (ThCh$61,851 in 2005), | ||
and it is presented in current liabilities. | ||
2nd principal payment | : Maturity in 2011 for 200,000,000,000 Colombian pesos. | |
Nominal interest rate | : 10.05% average annual rate. | |
Interest payment | : Quarterly. | |
Interest accrued at year end is ThCh$266,338 (ThCh$274,893 en 2005), and it is presented in current liabilities. | ||
3rd principal payment | : Maturity in 2014 for 250,000,000,000 Colombian pesos. | |
Nominal interest rate | : 10.24% average annual rate. | |
Interest payment | : Quarterly. | |
Interest accrued at year-end is ThCh$338,869 | ||
(ThCh$349,342 in 2005), and it is presented in the current liabilities. |
Issuer | : Edesur S.A. | |
Issued securities | : Negotiable bonds in Argentinean pesos. | |
Amount issued | : ThUS$13,434. | |
Principal due | : Maturity in 2006. | |
Nominal interest rate | : 8.50% average annual rate. | |
Interest payment | : Semi-annual. | |
This issue has been redeemed through payment at December, 2006 | ||
Issuer | : Edesur S.A. | |
Issued securities | : Negotiable bonds in Argentinean pesos. | |
Amount issued | : ThUS$26,868. | |
Principal due | : Maturity in 2007. | |
Nominal interest rate | : 10.41% minimum annual nominal rate. | |
Interest payment | : Quarterly. |
First Series | ||
Issuer | : Ampla Energía e Servicos S.A. | |
Issued securities | : Negotiable bonds in Brazilian reales. | |
Amount issued | : R$290,000,000. | |
Principal due | : Maturity in 2008. | |
Nominal interest rate | : CDI + 1.2% per annum | |
Interest payment | : Semi-annual. | |
Principal due | : Maturity in 2008. |
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Second Series | ||
Issuer | : Ampla Energía e Servicos S.A. | |
Issued securities | : Negotiable bonds in Brazilian reales. | |
Amount issued | : R$110,000,000. | |
Principal due | : Maturity in 2010. | |
Nominal interest rate | : IGP — M + 11.4% per annum | |
Interest payment | : Annual. | |
On August 1, 2006, the Company issued bonds in reales for R$370,000,000.00 in a single series. | ||
Issuer | : Ampla Energía e Servicos S.A. | |
Issued securities | : Negotiable bonds in Brazilian reales. | |
Amount issued | : R$370,000,000. | |
Principal due | : Maturity in 2012 | |
Nominal interest rate | : DI + 0.85% per annum | |
Interest payment | : Semi-annual. |
Issuer | : Coelce S.A. | |
Issued securities | : Negotiable bonds in Brazilian reales. | |
Amount issued | : ThR$88,500. | |
Principal due | : Maturity in 2012. | |
Nominal interest rate | : CDI average annual rate + 16%. | |
Interest payment | : Semi-annual. |
• | On August 9, 2001, it registered the fourth bond issue of U.F. 7,500,000 under No.264; this was totally placed at December 31, 2001. | |
Series E-1 and E-2 were totally redeemed through payment at July 31, 2006. | ||
• | On November 26, 2002, it registered the fifth bond issue of U.F. 8,000,000 under Nos. 317 and 318 and then amended it on October 2, 2003; this issue was totally placed at December 31, 2003. |
Category | ||
- Feller-Rate Clasificadora de Riesgo Ltda. | A+ | |
- Comisión Clasificadora de Riesgo | A+ | |
- Fitch Chile Clasificadora de Riesgo Ltda. | A+ |
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Fourth Issue | ||||
Issuer | : | Empresa Nacional de Electricidad S.A. | ||
Securities issued | : | Bearer bonds in local currency, denominated in Unidades de Fomento (UF-Inflation Index-linked Units of Account) | ||
Issuance Value (1) | : | Up to seven and a half million (UF7,500,000) divided into: | ||
Series E-1: 1,000 bonds at UF1,000 each. | ||||
Series E-2: 500 bonds at UF10,000 each. | ||||
Series F: 150 bonds at UF10,000 each. | ||||
Adjustment base | : | Variation in the UF | ||
Amortization period | : | Series E-1 and E-2: August 1, 2006. | ||
Series F: August 1, 2022. | ||||
Early redemption | : | Only for Series F, beginning February 1, 2012. | ||
Nominal interest rate | : | 6.20% annually, compounded semi-annually and effective on the outstanding principal adjusted for the value of the Unidad de fomento. The semi-annual interest rate will be 3.0534%. | ||
Placement period | : | 36 months from the registration date in the Chilean Securities Register of the Superintendency of Securities and Insurance | ||
Security | : | There is no specific security, other than the general security of all the issuer’s properties | ||
Interest payment | : | Interest will be paid semi-annually each August 1 and February 1, starting August 1, 2001. Accrued interest at year end is ThCh$699,850 (ThCh$3,502,284 in 2005) and it is presented in current liabilities. | ||
Fifth Issue | ||||
Issuer | : | Empresa Nacional de Electricidad S.A. | ||
Securities issued | : | Dematerialized bearer bonds in local currency, expressed in Unidades de Fomento (UF-Inflation Index-linked Units of Account) | ||
Amount of issue | : | Eight million Unidades de Fomento (U.F. 8,000,000) divided into: | ||
- | Series G: 4,000 bonds U.F. 1,000 each. | |||
- | Series H: 4,000 bonds U.F. 1,000 each. | |||
Adjustment base | : | Variation in Unidad de Fomento. | ||
Amortization period | : | Series G: October 15, 2010. | ||
Series H: Semi-annually and successively as of April 15, 2010. | ||||
Early redemption | : | Only for series G bonds, as of October 16, 2004. | ||
Nominal interest rate | : | Series G: 4.8% per year, compounded every six months and effective on the principal not fully paid adjusted by the value of the Unidad de Fomento. The interest rate to be applied every six months will be 2.3719%. | ||
: | Series H: 6.2% per year, compounded every six months and effective on the principal not fully paid adjusted by the value of the Unidad de Fomento. The interest rate to be paid every six months will be 3.0534%. | |||
Placement deadline | : | 36 months as of date of registration in Securities Register of the Superintendency of Securities and Insurance. | ||
Security | : | No specific security, except for general security of all the issuer’s properties. | ||
Interest payment | : | Interest will be paid semi-annually, due on April 15 and October 15 of each year starting from April 15, 2004. Interest accrued at year-end is ThCh$1,657,990 (ThCh$1,659,429 in 2005) an it is presented in current liabilities. |
Rating entity | Category | |
-Standard & Poor’s | BBB- | |
-Moodys Investors Services | Baa3 | |
-Fitch | BBB |
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First Issue | ||||
Issuer | : | Empresa Nacional de Electricidad S.A. | ||
Securities issued | : | Marketable bonds denominated in US$(Yankee bonds) in the US market. | ||
Issuance Value | : | Six hundred and fifty million US Dollars (US$650,000,000) divided into: | ||
Series 1: US$230,000,000 | ||||
Series 2: US$220,000,000 | ||||
Series 3: US$200,000,000 | ||||
Adjustment | : | Variation in the US Dollar in relation to the Chilean peso | ||
Amortization period | : | Series 1 matures on February 1, 2027: Series 2 matures on February 1, 2037 (Put Option on February 1, 2009, on which date the holders may redeem 100% of bonds plus accrued interest). | ||
Series 3 matures on February 1, 2097. | ||||
Nominal interest rate | : | Series 1: 7.88% annually | ||
Series 2: 7.33% annually | ||||
Series 3: 8.13% annually | ||||
Interest Payments | : | Interest will be paid semi-annually on February 1 and August 1 every year, starting January 27, 1997. Accrued interest at year end is ThCh$11,197,384 (ThCh$11,005,411 in 2005), and it is presented in current liabilities. | ||
Second Issue | ||||
Issuer | : | Empresa Nacional de Electricidad S.A. | ||
Securities issued | : | Marketable bonds denominated in US$(Yankee bonds) in the US market. | ||
Issuance Value | : | Four hundred million US Dollars (US$400,000,000) | ||
Adjustment | : | Variation in the US Dollar in relation to the Chilean peso | ||
Principal due | : | Series 1 matures on July 15, 2008 | ||
Nominal interest rate | : | Series 1: 7.75% annually | ||
Interest Payment | : | Interest will be paid semi-annually on January 15 and July 15 of each year, starting January 15, 1999. Accrued interest at year end is ThCh$7,564,374 (ThCh$7,434,687 in 2005), and it is presented in current liabilities. | ||
Third Issue | ||||
Issuer | : | Empresa Nacional de Electricidad S.A. | ||
Securities issued | : | Marketable bonds denominated in US$(Yankee bonds) in the US market. | ||
Issuance Value | : | Four hundred million US Dollars (US$400,000,000). | ||
Adjustment | : | Variation in the US Dollar in relation to the Chilean peso | ||
Principal due | : | Series 1 matures on April 1, 2009. | ||
Nominal interest rate | : | Series 1: 8.50% annually | ||
Interest Payment | : | Interest will be paid semi-annually on October 1 and April 1 of each year, starting October 1, 1999. Accrued interest at year end is ThCh$4,525,315 (ThCh$4,447,731 2005), and it is presented in current liabilities. |
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Fourth Issue | ||||
Issuer | : | Empresa Nacional de Electricidad S.A. | ||
Securities issued | : | Electronic bonds expressed in US dollars on the American and European markets, under “Rule 144A” and “Regulation S”. | ||
Amount of issue | : | Six hundred million US dollars (US$600,000,000) divided into: | ||
Series August 1, 2013: US$400,000,000 | ||||
Series August 1, 2015: US$200,000,000 | ||||
Adjustment | : | Variation in US dollar. | ||
Principal due | : | Series of US$400 millions total maturity on August 1, 2013. | ||
: | Series of US$200 millions total maturity on August 1, 2015. | |||
Nominal interest rate | : | Series of US$400 millions 8.35% per year. | ||
Series of US$400 millions 8.63% per year. | ||||
Payment of interest | : | Interest will be paid semi-annually on February 1 and August 1 each year starting from July 23, 2003. Interest accrued at year-end was ThCh$11,235,647 (ThCh$11,043,019 in 2005) and it is presented in current liabilities. |
• | Series 1: ThCh$230,000 at 30 years, maturing in 2027. | |
• | Series 3: ThCh$200,000 at 100 years, maturing in 2097. |
Category | ||
- Standard & Poor’s | BBB- | |
- Moodys Investors Services | Baa 3 |
Issuer | : | Endesa Chile Internacional. | ||
Securities issued | : | Marketable bonds denominated in US$(150,000 bonds). | ||
Issuance Value | : | One hundred and fifty million US Dollars (US$150,000,000): | ||
Principal due | : | Maturity as of April 1, 2006 | ||
Nominal interest rate | : | 7.2 % per year in arrears. | ||
Interest Payment | : | Interest will be paid semi-annually in arrears starting October 1, 1996. Accrued interest at year end is ThCh$0 (ThCh$1,412,809 in 2005). | ||
Security | : | Security from Empresa Nacional de Electricidad S.A. |
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Issuer | : | Edegel S.A. | ||
Securities issued | : | Marketable bonds in US$(110,000 bonds). | ||
Issuance value | : | One hundred and ten million US dollars (US$110,000,000) | ||
Principal due | : | June 3, 2006, February 14, 2007, June 13, 2007, and November 21, 2005, respectively. | ||
Nominal interest rate | : | 8.75%, 8.41%, 8.75% and 8.44% per year | ||
Interest payment | : | Interest will be paid semi-annually. Accrued interest at year end is ThCh$708,922 (ThCh$682,437), and it is presented in current liabilities. | ||
Issuer | : | Edegel S.A. | ||
Securities issued | : | Marketable bonds in new soles (10,000 bonds). | ||
Issuance value | : | Fifty million New Soles (NS50,000,000) | ||
Principal due | : | Maturity at September 4, 2006. | ||
Nominal interest rate | : | 4.13% annually | ||
Interest payment | : | Interest will be paid semi-annually. Accrued interest at year end is ThCh$0 (ThCh$101,356 in 2005) and it is presented in current liabilities. | ||
At December 31, 2006, this issue has been fully redeemed through payment. | ||||
Issuer | : | Edegel S.A. | ||
Securities issued | : | Negotiable Bonds in New Peruvian Soles (10,000 bonds) | ||
Amount of issuance | : | Fifty million new Peruvian soles (NS50,000,000). | ||
Principal due | : | Total maturity at October 30, 2006. | ||
Nominal interest rate | : | 4.88% per year. | ||
Interest payment | : | Interests will be paid semi-annually. Interest accrued at year-end is ThCh$0 (ThCh$61,956 in 2005) and it is presented in current liabilities. |
Issuer | : | Edegel S.A. | ||
Securities issued | : | Negotiable bonds in new Peruvian soles (10,000 bonds) | ||
Amount of issue | : | Fifty million new Peruvian soles (NS50,000000). | ||
Principal due | : | Total maturity at December 12, 2006. | ||
Nominal interest rate | : | 4.75% per year. | ||
Interest payment | : | Interests will be paid semi-annually. Interest accrued at year-end is ThCh$0 (ThCh$18,110 in 2005) and it is presented in current liabilities. |
Issuer | : | Edegel S.A. | ||
Issued securities | : | Negotiable bonds in US dollars (10,000 bonds.) | ||
Amount issued | : | Ten million US dollars (US$10,000,000.) | ||
Principal due | : | Total maturity on January 26, 2009. | ||
Nominal interest rate | : | 3.75% per year | ||
Interest payment | : | Semi-annual. Interest accrued at year end is ThCh$85,404 (ThCh$83,940 in 2005) and it is presented in current liabilities. |
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Issuer | : | Edegel S.A. | ||
Issued securities | : | Negotiable bonds in new Peruvian soles (6,000 bonds.) | ||
Amount issued | : | Thirty million new Peruvian soles (NS 30,000,000.) | ||
Principal due | : | Total maturity on February 27, 2008. | ||
Nominal interest rate | : | 5.88% per year | ||
Interest payment | : | Semi-annual. Interest accrued at year end is ThCh$100,281 (ThCh$91,840 in 2005) and it is presented in current liabilities. | ||
Issuer | : | Edegel S.A. | ||
Issued securities | : | Negotiable bonds in new Peruvian soles (4,000 bonds.) | ||
Amount issued | : | Twenty million new Peruvian soles (NS 20,000,000.) | ||
Principal due | : | Total maturity on June 18, 2008. | ||
Nominal interest rate | : | 5.88% per year. | ||
Interest payment | : | Semi-annual. Interest accrued at year end is ThCh$10,223 (ThCh$9,363 in 2005) and it is presented in current liabilities. | ||
Issuer | : | Edegel S.A. | ||
Issued securities | : | Negotiable bonds in US dollars (10,000 bonds.) | ||
Amount issued | : | Ten million US dollars (US$10,000,000.) | ||
Principal due | : | Total maturity on July 26, 2009. | ||
Nominal interest rate | : | 8.5% per year. | ||
Interest payment | : | Semi-annual. Interest accrued at year end is ThCh$167,510 (ThCh$126,819 in 2005) and it is presented in current liabilities. | ||
Issuer | : | Edegel S.A. | ||
Securities issued | : | Marketable bonds in new Peruvian soles (4,474 bonds) | ||
Amount of issue | : | Twenty two million three hundred seventy thousand new Peruvian soles (NS22,370,000). | ||
Principal due | : | Total maturity on March 10, 2008. | ||
Nominal interest rate | : | 6.00% per year. | ||
Interest payment | : | Semi-annual. Interest accrued at year-end is ThCh$68,296 (ThCh$62,547 in 2005) and it is presented in current liabilities. | ||
Issuer | : | Edegel S.A. | ||
Securities issued | : | Marketable bonds in new Peruvian soles (5,140 bonds) | ||
Amount of issue | : | Twenty five million seven hundred thousand new Peruvian soles (NS25,700,000). | ||
Principal due | : | Total maturity on March 30, 2008. | ||
Nominal interest rate | : | 6.47% | ||
Interest payment | : | Semi-annual. Interest accrued at year-end is ThCh$69,212 (ThCh$63,386 in 2005) and it is presented in current liabilities. | ||
Issuer | : | Edegel S.A. | ||
Securities issued | : | Marketable bonds in new Peruvian soles (14,000 bonds) | ||
Amount of issue | : | Seventy million new Peruvian soles (NS70,000,000). | ||
Principal due | : | Total maturity on June 1, 2009. | ||
Nominal interest rate | : | 6.91% | ||
Interest payment | : | Semi-annual. Interest accrued at year-end is ThCh$67,088 (ThCh$61,441 in 2005) and it is presented in current liabilities. | ||
Issuer | : | Edegel S.A. | ||
Securities issued | : | Marketable bonds in new Peruvian soles (7,000 bonds) | ||
Amount of issue | : | Thirty five million new Peruvian soles (NS35,000,000). | ||
Principal due | : | Total maturity on October 21, 2010. | ||
Nominal interest rate | : | 6.72% | ||
Interest payment | : | Semi-annual. Interest accrued at year-end is ThCh$75,057 (ThCh$68,739 in 2005) and it is presented in current liabilities. |
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Issuer | : | Edegel S.A. | ||
Securities issued | : | Marketable bonds in US dollars (20,000 bonds) | ||
Amount of issue | : | Twenty million US dollars (US$20,000,000). | ||
Principal due | : | Total maturity on November 18, 2012. | ||
Nominal interest rate | : | 3.71% | ||
Interest payment | : | Semi-annual. Interest accrued at year-end is ThCh$75,311 (ThCh$73,979 in 2005) and it is presented in current liabilities. | ||
Issuer | : | Edegel S.A. | ||
Securities issued | : | Marketable bonds in new Peruvian soles (5,000 bonds) | ||
Amount of issue | : | Twenty Five million new Peruvian soles (NS25,000,000). | ||
Principal due | : | Total maturity on October 20, 2013. | ||
Nominal interest rate | : | 6.47% | ||
Interest payment | : | Semi-annual. Interest accrued at year-end is ThCh$52,365 and it is presented in current liabilities. | ||
Issuer | : | Edegel S.A. | ||
Securities issued | : | Marketable bonds in new Peruvian soles (5,000 bonds) | ||
Amount of issue | : | Twenty five million new Peruvian soles (NS25,000,000). | ||
Principal due | : | Total maturity on October 27, 2010. | ||
Nominal interest rate | : | 6.09% | ||
Interest payment | : | Semi-annual. Interest accrued at year-end is ThCh$44,397 and it is presented in current liabilities. | ||
Issuer | : | Edegel S.A. | ||
Securities issued | : | Marketable bonds in Peruvian Soles (6,000 bonds) | ||
Amount of issue | : | Twenty five million Peruvian Soles (S/. 30,000,000). | ||
Principal due | : | Total maturity on November 27, 2011. | ||
Nominal interest rate | : | 6.16% | ||
Interest payment | : | Semi-annual. Interest accrued at year-end is ThCh$28,193 and it is presented in current liabilities. |
Issuer | : | Emgesa S.A. | ||
Securities issued | : | Marketable bonds in Colombian pesos | ||
Issuance Value | : | $Col 530,000,000,000 | ||
Principal due | : | Maturities between 2004 and 2009 amounting to Col$449,554,880.000 | ||
Interest nominal rate | : | 8.97% per year average rate | ||
Interest payment | : | Interest will be paid on a quarterly and yearly basis. Accrued interest at year end is ThCh$1,492,044 (ThCh$1,598,953 in 2005) and it is presented in current liabilities. |
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Second Issue | ||||
Issuer | : | Emgesa S.A. | ||
Securities issued | : | Marketable bonds in Colombian pesos | ||
Issuance value | : | $Col 50,000,000,000 | ||
Principal due | : | Maturity on July 26, 2006. | ||
Nominal interest rate | : | 12.43% annual average rate | ||
Interest payment | : | Interest will be paid annually. Accrued interest at year end is ThCh$0 (ThCh$1,784,508 in 2005) and it is presented in current liabilities. |
Issuer | : | Emgesa S.A. | ||
Securities issued | : | Marketable bonds in Colombian pesos | ||
Issuance value | : | $Col 250,000,000,000 | ||
Principal due | : | Maturity at February 23, 2015. | ||
Nominal interest rate | : | Consumer Price Index + 5.04% per quarter (10.33%) | ||
Interest payment | : | Interest will be paid annually. Accrued interest at year end is ThCh$579,485 (ThCh$523,342 in 2005) and it is presented in current liabilities. |
First issue | ||||
Issuer | : | Central Hidroeléctrica Betania S.A. E.S.P. | ||
Issued securities | : | Bonds in Colombian pesos. | ||
Amount issued | : | 400,000,000,000 Colombian pesos. | ||
Principal due | : | Maturity between 2009 and 2011, for 400,000,000,000 Colombian pesos. | ||
Nominal interest rate | : | Consumer Price Index + 6.29% (10.70%) per annum. | ||
Interest payment | : | Quarterly. Interest accrued at year end is ThCh$1,401,205 (ThCh$1,115,596 in 2005) and it is presented in current liabilities. |
As of December 31, | ||||||||
2005 | 2006 | |||||||
ThCh$ | ThCh$ | |||||||
Bonus and other employee benefits | 35,332,828 | 39,434,992 | ||||||
Litigation and other contingencies | 13,292,127 | 11,942,680 | ||||||
Energy purchases from others | 822,448 | — | ||||||
Post-retirement benefits foreign subsidiaries | 17,489,940 | 9,058,164 | ||||||
Post-retirement benefits local subsidiaries | 991,044 | 1,109,950 | ||||||
Suppliers and services | 5,763,474 | 15,969,804 | ||||||
Others | 1,844,259 | 1,835,044 | ||||||
Total | 75,536,120 | 79,350,634 | ||||||
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As of December 31, | ||||||||
2005 | 2006 | |||||||
ThCh$ | ThCh$ | |||||||
Post-retirement benefits-local subsidiaries | 15,763,109 | 15,916,543 | ||||||
Employee and retired personnel benefits (Ampla-Coelce) | 30,760,217 | 32,796,639 | ||||||
Severance indemnity (Note 20) | 13,450,029 | 14,618,570 | ||||||
Legal, labor and tax contingencies (Ampla, Coelce and Cien) | 254,401,205 | 166,933,247 | ||||||
Post-retirement benefits-foreign subsidiaries | 68,441,868 | 71,761,136 | ||||||
Regulatory contingencies (Brazil) | 24,353,683 | 21,759,376 | ||||||
Other | 1,537,568 | 1,161,491 | ||||||
Total | 408,707,679 | 324,947,002 | ||||||
As of December 31, | ||||||||
2005 | 2006 | |||||||
ThCh$ | ThCh$ | |||||||
Opening balance as of January 1 | 11,648,577 | 13,450,029 | ||||||
Increase in accrual | 2,781,974 | 3,396,098 | ||||||
Transfer to short-term | (47,310 | ) | (186,306 | ) | ||||
Payments during the period | (933,212 | ) | (2,041,251 | ) | ||||
Total | 13,450,029 | 14,618,570 | ||||||
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Note 21. | Minority Interest |
(a) | Minority shareholders’ participation in the shareholders’ equity of the Company’s subsidiaries is as follows: |
As of December 31, 2005 | As of December 31, 2006 | |||||||||||||||||||||||
Company | Equity | Participation | Total | Equity | Participation | Total | ||||||||||||||||||
ThCh$ | % | ThCh$ | ThCh$ | % | ThCh$ | |||||||||||||||||||
Aguas Santiago Poniente | 2,175,170 | 45.00 | % | 978,827 | 4,465,413 | 21.12 | % | 943,299 | ||||||||||||||||
Ampla Energía e Servicios S.A. | 448,933,206 | 8.07 | % | 36,215,022 | 481,905,893 | 8.07 | % | 38,874,897 | ||||||||||||||||
Ampla Investimentos | 36,019,322 | 8.07 | % | 2,905,645 | 40,805,135 | 8.07 | % | 3,291,711 | ||||||||||||||||
Cam Argentina S.A. | 333,667 | 0.001 | % | 4 | 317,868 | 0.001 | % | 4 | ||||||||||||||||
Cam Brasil S.A. | 861,876 | 0.0001 | % | 1 | 3,306,198 | 0.0001 | % | 5 | ||||||||||||||||
Cam Colombia S.A. | 2,169,447 | 0.001 | % | 29 | 2,964,877 | 0.001 | % | 40 | ||||||||||||||||
Capital de Energía S.A. | 360,943,855 | 49.00 | % | 176,862,489 | — | — | — | |||||||||||||||||
Central Hidroeléctrica Betania S.A. | 374,886,708 | 14.38 | % | 53,900,461 | 338,438,193 | 0.01 | % | 20,448 | ||||||||||||||||
Central Cachoeira Dourada | 331,584,644 | 0.39 | % | 1,306,841 | 330,607,802 | 0.39 | % | 1,302,991 | ||||||||||||||||
Chilectra S.A. (ex Elesur S.A.) | 481,233,183 | 1.76 | % | 8,406,794 | 689,197,708 | 0.92 | % | 6,270,631 | ||||||||||||||||
Cía. Peruana de Electricidad S.A. | 22,076,683 | 49.00 | % | 10,817,575 | 21,352,538 | 49.00 | % | 10,462,743 | ||||||||||||||||
Codensa S.A. | 569,255,183 | 78.19 | % | 445,074,460 | 524,261,128 | 78.19 | % | 409,895,674 | ||||||||||||||||
Comercial Mercosur S.A. | 8,970,421 | 0.02 | % | 145 | 11,069,163 | 0.02 | % | 1,018 | ||||||||||||||||
Companhia Energetica Do Ceara — Coelce | 442,881,698 | 41.14 | % | 182,187,512 | 456,001,503 | 41.14 | % | 187,584,584 | ||||||||||||||||
Constructora y Proyectos Los Maitenes S.A. | (1,783,821 | ) | 45.00 | % | (802,719 | ) | (1,477,728 | ) | 45.00 | % | (672,375 | ) | ||||||||||||
Edegel S.A. | 440,365,430 | 36.44 | % | 160,485,896 | 464,027,142 | 44.56 | % | 206,758,769 | ||||||||||||||||
Edelnor S.A. | 147,162,202 | 40.00 | % | 58,864,881 | 141,565,767 | 40.00 | % | 56,626,307 | ||||||||||||||||
Edesur S.A. | 473,552,393 | 34.11 | % | 161,499,865 | 458,422,125 | 34.11 | % | 156,337,020 | ||||||||||||||||
Chilectra S.A. | 17,483,801 | 0.001 | % | 188 | — | — | ||||||||||||||||||
Emgesa S.A. | 595,283,825 | 51.52 | % | 306,671,773 | 618,289,529 | 76.55 | % | 473,281,467 | ||||||||||||||||
Empresa Eléctrica Pangue S.A. | 97,690,887 | 5.02 | % | 4,900,370 | 116,788,312 | 5.00 | % | 5,858,335 | ||||||||||||||||
Endesa S.A. | 1,676,746,264 | 40.02 | % | 671,018,358 | 1,794,309,851 | 40.02 | % | 718,066,218 | ||||||||||||||||
Endesa Argentina S.A. | 41,485,034 | 0.01 | % | 4,148 | 39,793,197 | 0.01 | % | 3,979 | ||||||||||||||||
Endesa Brasil S.A. | 933,041,318 | 28.48 | % | 265,753,122 | 1,005,342,841 | 28.48 | % | 286,346,373 | ||||||||||||||||
Central Endesa Costanera S.A. | 143,443,519 | 35.74 | % | 51,259,409 | 139,758,763 | 35.74 | % | 49,942,665 | ||||||||||||||||
Generandes Perú S.A. | 256,441,790 | 40.37 | % | 103,523,037 | 235,060,927 | 40.37 | % | 94,891,793 | ||||||||||||||||
Hidroeléctrica El Chocón S.A. | 171,383,120 | 34.81 | % | 59,658,465 | 188,190,814 | 34.81 | % | 65,509,222 | ||||||||||||||||
Hidroinvest S.A. | 68,639,517 | 30.07 | % | 20,639,903 | 76,517,705 | 30.07 | % | 23,008,874 | ||||||||||||||||
Inversiones Distrilima S.A. | 88,364,078 | 31.61 | % | 27,931,883 | 78,665,631 | 31.61 | % | 24,866,206 | ||||||||||||||||
Pehuenche S.A. | 212,394,646 | 7.35 | % | 15,611,006 | 216,562,914 | 7.35 | % | 15,917,374 | ||||||||||||||||
Soc. Agrícola de Cameros Ltda. | 7,406,552 | 42.50 | % | 3,147,784 | 7,366,591 | 42.50 | % | 3,130,801 | ||||||||||||||||
Soc. Agrícola Pastos Verdes Ltda. | 66,719,139 | 45.00 | % | 30,023,613 | 69,880,794 | 45.00 | % | 31,446,358 | ||||||||||||||||
Túnel El Melón S.A. | (10,732,330 | ) | 0.05 | % | (5,366 | ) | (8,966,075 | ) | 0.05 | % | (4,483 | ) | ||||||||||||
Total | 2,858,841,421 | 2,869,962,948 | ||||||||||||||||||||||
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(b) | Minority shareholders’ participation in the net (income) or loss of the Company’s subsidiaries is as follows: |
As of December 31, 2004 | As of December 31, 2005 | As of December 31, 2006 | ||||||||||||||||||||||||||||||||||
Company | Net income | Participation | Total | Net income | Participation | Total | Net income | Participation | Total | |||||||||||||||||||||||||||
ThCh$ | % | ThCh$ | ThCh$ | % | ThCh$ | ThCh$ | % | ThCh$ | ||||||||||||||||||||||||||||
Aguas Santiago Poniente | 114,918 | 45.00 | % | 51,713 | 87,119 | 45.00 | % | 39,203 | 100,158 | 41.70 | % | 41,767 | ||||||||||||||||||||||||
Ampla Energía e Servicios S.A. | 32,747,274 | 18.77 | % | 6,148,174 | 8,256,002 | 37.50 | % | 3,096,128 | (25,141,747 | ) | 8.07 | % | (2,028,162 | ) | ||||||||||||||||||||||
Ampla Investimentos | — | — | — | (1,403,437 | ) | 8.07 | % | (113,215 | ) | (4,157,513 | ) | 8.07 | % | (335,383 | ) | |||||||||||||||||||||
Cam Argentina S.A. | 69,052 | 0.10 | % | 69 | 127,172 | 0.001 | % | 1 | 21,619 | 0.001 | % | — | ||||||||||||||||||||||||
Cam Brasil S.A. | — | — | — | — | — | — | 662,012 | 0.0001 | % | 1 | ||||||||||||||||||||||||||
Cam Colombia S.A. | (959,857 | ) | 0.001 | % | (12 | ) | (851,349 | ) | 0.001 | % | (11 | ) | (757,588 | ) | 0.001 | % | (10 | ) | ||||||||||||||||||
Capital de Energía S.A. | (14,145,520 | ) | 49.00 | % | (6,931,305 | ) | (19,783,507 | ) | 49.00 | % | (9,693,918 | ) | — | — | — | |||||||||||||||||||||
Central Hidroeléctrica Betania S.A. | 4,907,185 | 14.38 | % | 705,546 | (2,480,263 | ) | 14.38 | % | (356,608 | ) | (1,013,673 | ) | 0.01 | % | (61 | ) | ||||||||||||||||||||
Central Cachoeira Dourada | (15,674,335 | ) | 0.39 | % | (61,777 | ) | (25,535,210 | ) | 0.39 | % | (100,639 | ) | (34,674,029 | ) | 0.39 | % | (136,657 | ) | ||||||||||||||||||
Chilectra S.A. (ex Elesur S.A.) | (81,787,362 | ) | 1.76 | % | (1,431,448 | ) | (79,516,682 | ) | 1.76 | % | (1,389,098 | ) | (232,037,916 | ) | 0.92 | % | (1,320,540 | ) | ||||||||||||||||||
Cía. Eléctrica San Isidro S.A. | (15,033,990 | ) | 50.00 | % | (7,516,995 | ) | — | — | — | |||||||||||||||||||||||||||
Cía. Peruana de Electricidad S.A. | (126,510 | ) | 49.00 | % | (61,990 | ) | (2,783,688 | ) | 49.00 | % | (1,364,007 | ) | (1,251,375 | ) | 49.00 | % | (613,174 | ) | ||||||||||||||||||
Codensa S.A. | (59,948,460 | ) | 78.19 | % | (46,870,972 | ) | (68,194,303 | ) | 78.19 | % | (53,317,991 | ) | (87,150,758 | ) | 78.19 | % | (68,139,171 | ) | ||||||||||||||||||
Compañía de Transmisión del Mercosur S.A. | — | — | — | 213,391 | 0.02 | % | 202 | (1,942,266 | ) | 0.02 | % | (338 | ) | |||||||||||||||||||||||
Companhia Energetica Do Ceara — Coelce | 17,000,243 | 43.41 | % | 7,379,853 | (13,586,759 | ) | 40.96 | % | (5,564,953 | ) | (72,820,430 | ) | 41.14 | % | (29,956,020 | ) | ||||||||||||||||||||
Constructora y Proyectos Los Maitenes S.A. | 761,656 | 45.00 | % | 342,746 | 428,061 | 45.00 | % | 192,628 | (289,656 | ) | 45.00 | % | (130,345 | ) | ||||||||||||||||||||||
Edegel S.A. | (18,820,383 | ) | 36.44 | % | (6,858,863 | ) | (35,247,397 | ) | 36.44 | % | (12,845,491 | ) | (8,637,978 | ) | 44.56 | % | (3,848,865 | ) | ||||||||||||||||||
Edelnor S.A. | 553,051 | 40.00 | % | 221,220 | (18,416,541 | ) | 40.00 | % | (7,366,616 | ) | (8,469,675 | ) | 40.00 | % | (3,387,870 | ) | ||||||||||||||||||||
Edesur S.A. | 18,119,173 | 34.11 | % | 6,180,091 | 17,908,558 | 34.11 | % | 6,107,518 | 23,390,653 | 34.11 | % | 7,976,982 | ||||||||||||||||||||||||
Chilectra S.A. | 1,344,152 | 0.001 | % | 15 | 4,550,191 | 0.001 | % | 49 | — | — | — | |||||||||||||||||||||||||
Emgesa S.A. | (29,782,712 | ) | 51.52 | % | (15,343,131 | ) | (41,236,222 | ) | 51.52 | % | (21,243,623 | ) | (62,646,331 | ) | 76.55 | % | (47,953,824 | ) | ||||||||||||||||||
Empresa Eléctrica Pangue S.A. | (5,119,494 | ) | 5.02 | % | (256,804 | ) | (19,783,241 | ) | 5.02 | % | (992,367 | ) | (38,948,354 | ) | 5.00 | % | (1,953,727 | ) | ||||||||||||||||||
Endesa S.A. | (88,628,059 | ) | 40.02 | % | (35,468,130 | ) | (112,946,076 | ) | 40.02 | % | (45,199,975 | ) | (189,541,318 | ) | 40.02 | % | (75,852,684 | ) | ||||||||||||||||||
Endesa Argentina S.A. | 478,942 | 0.01 | % | 48 | 9,716,647 | 0.01 | % | 972 | 2,413,625 | 0.01 | % | 241 | ||||||||||||||||||||||||
Endesa Brasil S.A. | — | — | — | (32,452,492 | ) | 28.48 | % | (9,243,268 | ) | (92,224,764 | ) | 28.48 | % | (26,267,882 | ) | |||||||||||||||||||||
Endesa Costanera S.A. | (5,792,753 | ) | 35.74 | % | (2,070,035 | ) | 11,048,688 | 35.74 | % | 3,948,239 | 6,186,904 | 35.74 | % | 2,210,884 | ||||||||||||||||||||||
Generandes Perú S.A. | (20,283,264 | ) | 40.37 | % | (8,188,155 | ) | (29,805,937 | ) | 40.37 | % | (12,032,365 | ) | (6,372,945 | ) | 40.37 | % | (2,572,695 | ) | ||||||||||||||||||
Hidroeléctrica El Chocón S.A. | 3,693,801 | 34.81 | % | 1,285,813 | (2,638,290 | ) | 34.81 | % | (918,388 | ) | (13,818,182 | ) | 34.81 | % | (4,810,109 | ) | ||||||||||||||||||||
Hidroinvest S.A. | 7,152,882 | 30.07 | % | 2,150,871 | 122,186 | 30.07 | % | 36,742 | (6,679,741 | ) | 30.07 | % | (2,008,598 | ) | ||||||||||||||||||||||
Ingendesa S.A. | (1,002,491 | ) | 2.36 | % | (23,684 | ) | — | — | — | |||||||||||||||||||||||||||
Inversiones Distrilima S.A. | (553,953 | ) | 31.61 | % | (175,105 | ) | (11,174,458 | ) | 31.61 | % | (3,532,247 | ) | (4,850,516 | ) | 31.61 | % | (1,533,248 | ) | ||||||||||||||||||
Investluz | 6,869,234 | 37.55 | % | 2,579,404 | (8,571,935 | ) | 13.68 | % | (1,172,360 | ) | — | — | — | |||||||||||||||||||||||
Inversiones Eléctricas Quillota S.A. | — | — | — | 10,268,767 | 50.00 | % | 5,134,383 | — | — | — | ||||||||||||||||||||||||||
Pehuenche S.A. | (29,480,337 | ) | 7.35 | % | (2,166,805 | ) | (61,448,069 | ) | 7.35 | % | (4,516,433 | ) | (67,661,976 | ) | 7.35 | % | (4,973,155 | ) | ||||||||||||||||||
Soc. Agrícola de Cameros Ltda. | 27,594 | 42.50 | % | 11,727 | 66,402 | 42.50 | % | 28,220 | 39,962 | 42.50 | % | 16,984 | ||||||||||||||||||||||||
Soc. Agrícola Pastos Verdes Ltda. | (1,287,809 | ) | 45.00 | % | (579,514 | ) | (1,542,661 | ) | 45.00 | % | (694,198 | ) | (4,909,487 | ) | 45.00 | % | (2,209,269 | ) | ||||||||||||||||||
Túnel El Melón S.A. | 1,818,508 | 0.05 | % | 910 | 1,823,705 | 0.05 | % | 912 | (1,766,256 | ) | 0.05 | % | (883 | ) | ||||||||||||||||||||||
Total | (106,946,525 | ) | (173,072,574 | ) | (269,785,811 | ) | ||||||||||||||||||||||||||||||
F - 77
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(a) | Paid capital |
(b) | Dividends |
Dividend | Payment | Historical | Type of | |||||||||||
Number | Date | value ($) | dividend | |||||||||||
72 | April 2005 | 0.41654 | Final 2004 | |||||||||||
73 | March 2006 | 1.000 | Final 2005 | |||||||||||
74 | November 2006 | 1.110 | Interim 2006 |
(c) | Number of shares |
As of December 31, | ||||||||||||
2004 | 2005 | 2006 | ||||||||||
Shares | Shares | Shares | ||||||||||
Capital stock authorized | 32,651,166,465 | 32,651,166,465 | 32,651,166,465 |
(d) | Subscribed and paid in capital is as follows: |
As of December 31, | ||||||||
2005 | 2006 | |||||||
ThCh$ | ThCh$ | |||||||
As of December 31, | 2,415,284,412 | 2,415,284,412 | ||||||
(e) | Other reserves |
Initial | Final | |||||||||||
balance at | balance at | |||||||||||
January 1, | Reserve | December 31, | ||||||||||
2006 | for the period | 2006 | ||||||||||
ThCh$ | ThCh$ | ThCh$ | ||||||||||
Reserve for entities using remeasurement method | (21,771,808 | ) | (10,585,093 | ) | (32,356,901 | ) | ||||||
Reserve for accumulated conversion differences | (226,284,354 | ) | 14,766,794 | (211,517,560 | ) | |||||||
Reserve for Technical Bulletin No. 72 (1) | 6,357,536 | (825,381 | ) | 5,532,155 | ||||||||
Total | (241,698,626 | ) | 3,356,320 | (238,342,306 | ) | |||||||
(1) | In the Jan-Dec 2006 period, Other Reserves diminished owing to the corporate restructuring conducted by generation companies subject to common control in Colombia and Peru, which had a net effect of ThCh$3,844,972, offset by ThCh$3,019,591 resulting from the Chilectra S.A. merger. |
F - 78
Table of Contents
Initial | Final | |||||||||||||||||||
balance at | Reserve | Reserve for | Reserve for | balance at | ||||||||||||||||
January 1, 2006 | for assets | liabilities | the period | December 31, 2006 | ||||||||||||||||
ThCh$ | ThCh$ | ThCh$ | ThCh$ | ThCh$ | ||||||||||||||||
Cumulative translation adjustment | (226,284,354 | ) | 18,731,782 | (3,964,988 | ) | 14,766,794 | (211,517,560 | ) | ||||||||||||
Total | (226,284,354 | ) | 18,731,782 | (3,964,988 | ) | 14,766,794 | (211,517,560 | ) | ||||||||||||
ThCh$ | ||||
Distrilec Inversora S.A. | (26,483,840 | ) | ||
Inversiones Distrilima S.A. | (11,039,298 | ) | ||
Cía. Peruana de Electricidad S.A. | (1,362,734 | ) | ||
Edesur S.A. | (36,273,768 | ) | ||
Ampla Energia e Servicios S.A. | (48,068,771 | ) | ||
Ampla Investimentos e Servicios S.A. | 2,820,689 | |||
Codensa S.A. | (39,106,966 | ) | ||
Investluz S.A. | (6,260,384 | ) | ||
Central Geradora Termelétrica Fortaleza S.A. | (6,425,742 | ) | ||
Synapsis de Colombia S.A. | (963,768 | ) | ||
Endesa Market Place | 397,933 | |||
Endesa Argentina S.A. | (2,742,948 | ) | ||
Endesa Chile Internacional | (3,202,893 | ) | ||
Endesa Brasil S.A. | (19,561,981 | ) | ||
Ingendesa Do Brasil Ltda. | (139,262 | ) | ||
Endesa Costanera S.A. | (773,235 | ) | ||
Conosur S.A. | (12,307,502 | ) | ||
Emgesa S.A. | (23,090 | ) | ||
Total | (211,517,560 | ) | ||
F - 79
Table of Contents
Year ended December 31, | ||||||||||||
2004 | 2005 | 2006 | ||||||||||
ThCh$ | ThCh$ | ThCh$ | ||||||||||
Adjustments to investments in related companies | 1,209,859 | 229,888 | 1,551,942 | |||||||||
Gain on sale of property, plant and equipment and materials | 8,357,949 | 9,719,125 | 23,532,274 | |||||||||
Gain on sale of materials | 176,351 | — | — | |||||||||
Received compensations | — | 4,669,263 | — | |||||||||
Gain on forward contracts and swaps | 7,314,872 | — | ||||||||||
Services — projects and inspections | 875,284 | 1,876,364 | 504,588 | |||||||||
Penalties charged to contractors and suppliers | 6,869,870 | 3,147,849 | 3,125,137 | |||||||||
CDEC-SING power settlement gain (2) | 12,743,603 | 7,695,386 | 9,039,962 | |||||||||
Transportation and gas service income (San Isidro) | 929,519 | — | — | |||||||||
Cost recoveries | 2,183,191 | 3,465,839 | 4,960,900 | |||||||||
Reversal of contingencies provision and other provisions (3) | 46,583,630 | 2,529,525 | 17,392,103 | |||||||||
Fiscal benefits for Brazilian Subsidiaries | 2,794,071 | 8,464,117 | 22,501,782 | |||||||||
Effect of application of BT 64 (1) | 9,045,356 | 20,401,508 | 11,645,105 | |||||||||
Indemnities and commissions | 8,098,882 | 1,201,071 | 8,909,405 | |||||||||
Dividend from investees | 2,074,709 | 2,265,474 | 922,070 | |||||||||
Other | 10,953,481 | 6,798,243 | 6,467,357 | |||||||||
Total | 120,210,627 | 72,463,652 | 110,552,625 | |||||||||
(1) | These amounts correspond to the net adjustments related to the translation of financial statements of foreign affiliates from the respective local country currency to US Dollars. | |
(2) | The amount recorded in 2004 corresponds to the result of re-liquidations of balances of power on a firm basis from the period April 2000 — March 2004. In 2005, the amount recorded corresponds to the period of April 2004 — December 2004. In 2006, the amount recorded corresponds to the period of January 2005 — December 2005. | |
(3) | In 2004, as the result of a change in the tax law in Brazil, the foreign exchange gains or losses generated by certain assets and liabilities were eliminated from the base upon which PIS and COFINS tax were calculated. Therefore, as the Company had accrued for these taxes in prior years including the foreign exchange gains/losses as part of the base and as, in the opinion of Company management and Company legal counsel it was appropriate to do so, the Company reversed the portion of its tax accrual for PIS and COFINS generated by the foreign exchange gains/losses. |
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Year ended December 31, | ||||||||||||
2004 | 2005 | 2006 | ||||||||||
ThCh$ | ThCh$ | ThCh$ | ||||||||||
Adjustments to investments in related companies | 2,019,386 | 5,381,566 | 1,075,222 | |||||||||
Cost of sales – materials | 889,729 | — | — | |||||||||
Loss on sale of fixed assets and materials | 1,362,355 | 7,229,865 | 1,861,962 | |||||||||
Obsolescence provision and write-off of fixed assets | 22,033,356 | 11,163,472 | 12,838,033 | |||||||||
Effect of application of BT 64 (1) | 69,282,036 | 45,793,460 | 47,155,146 | |||||||||
Contingencies and litigation | 37,443,873 | 36,110,799 | 34,256,885 | |||||||||
SIC power settlement loss | 27,180,199 | 8,691,477 | 10,521,560 | |||||||||
Pension plan expense | 5,423,911 | 3,276,820 | 4,311,452 | |||||||||
Index UFIR Brazilian subsidiaries | 1,860,655 | 3,166,191 | 3,263,258 | |||||||||
Penalties and fines | 7,960,540 | 7,627,894 | 21,002,355 | |||||||||
Other taxes Colombia | 4,747,161 | 6,821,778 | 4,952,418 | |||||||||
Other taxes Argentina and Brazil | 7,300,749 | 10,411,316 | 9,167,270 | |||||||||
Other taxes Perú | — | 1,016,548 | 3,215,074 | |||||||||
Loss on forward contracts and swap | 14,096,209 | — | — | |||||||||
Cost of projects, inspections and other | 1,763,420 | — | — | |||||||||
Energy efficiency Brazilian subsidiaries | — | — | 12,244,926 | |||||||||
Write-off of Copel and other contracts (Brazil) | — | — | 30,518,164 | |||||||||
Other | 14,211,558 | 14,702,918 | 12,892,486 | |||||||||
Total | 217,575,137 | 161,394,104 | 209,276,211 | |||||||||
(1) | These amounts correspond to the net adjustments related to the translation of financial statements of foreign affiliates from the respective local country currency to US Dollars. |
F - 81
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Year ended December 31, | ||||||||||||||||
Index | 2004 | 2005 | 2006 | |||||||||||||
ThCh$ | ThCh$ | ThCh$ | ||||||||||||||
Assets | ||||||||||||||||
Inventory | I.P.C. | 2,757,663 | 2,502,066 | 2,389,811 | ||||||||||||
Current assets | I.P.C. | 5,375,305 | 10,751,606 | 9,112,369 | ||||||||||||
U.F. | 2,378,979 | 452,012 | 463,698 | |||||||||||||
Property, plant and equipment | I.P.C. | 56,803,081 | 83,773,671 | 48,406,222 | ||||||||||||
Accounts receivable from subsidiaries | I.P.C. | 3,215,316 | 3,863,870 | 1,825,882 | ||||||||||||
Investment in subsidiaries | I.P.C. | 4,765,494 | 7,037,490 | 2,076,719 | ||||||||||||
Amortization of goodwill | I.P.C. | 18,224,177 | 24,745,919 | 13,885,080 | ||||||||||||
Other assets | I.P.C. | 102,885,941 | 120,151,816 | 53,681,349 | ||||||||||||
U.F. | 3,015,364 | 6,310,909 | 4,777,433 | |||||||||||||
Price-level restatement of the income statement | 1,193,919 | 1,355,133 | 10,824,096 | |||||||||||||
Net credits — assets | 200,615,239 | 260,944,492 | 147,442,659 | |||||||||||||
Liabilities and Shareholders’ equity | ||||||||||||||||
Shareholders equity | I.P.C. | (67,371,533 | ) | (93,551,261 | ) | (53,769,506 | ) | |||||||||
Current and long-term liabilities | I.P.C. | (86,187,361 | ) | (102,062,662 | ) | (42,846,521 | ) | |||||||||
U.F. | (25,697,119 | ) | (37,206,833 | ) | (20,406,848 | ) | ||||||||||
Minority interest | I.P.C. | (15,749,891 | ) | (22,836,797 | ) | (13,431,629 | ) | |||||||||
Accounts payable to subsidiaries | I.P.C. | (231,094 | ) | (838,830 | ) | (344,193 | ) | |||||||||
Non-monetary liabilities | U.F. | (34,796 | ) | (67,400 | ) | — | ||||||||||
Price-level restatement of the income statement | I.P.C. | (6,165,193 | ) | (9,429,538 | ) | (15,427,161 | ) | |||||||||
Net charge-liabilities and shareholders’ equity accounts | (201,436,987 | ) | (265,993,321 | ) | (146,225,858 | ) | ||||||||||
Net credits (charge) to income | (821,748 | ) | (5,048,829 | ) | 1,216,801 | |||||||||||
F - 82
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Currency | 2004 | 2005 | 2006 | |||||||||||||
ThCh$ | ThCh$ | ThCh$ | ||||||||||||||
Assets | ||||||||||||||||
Cash | US$ | 352,410 | 2,064,363 | 426,778 | ||||||||||||
Other | (6,621 | ) | (234,743 | ) | (2,576 | ) | ||||||||||
Time deposits | US$ | (6,485,648 | ) | (961,188 | ) | 72,963 | ||||||||||
Other | 3,847 | — | — | |||||||||||||
Marketable securities | US$ | (9,613 | ) | (22,532 | ) | 69,525 | ||||||||||
Other | (72,592 | ) | — | 11,599 | ||||||||||||
Accounts receivable, net | US$ | (55,607 | ) | (749,527 | ) | 251,948 | ||||||||||
Other | (402,568 | ) | (22,397 | ) | (9,060 | ) | ||||||||||
Prepaid expenses | US$ | 6,974 | — | 574 | ||||||||||||
Other current assets | US$ | (5,714,900 | ) | (6,634,958 | ) | 249,351 | ||||||||||
Other | (133,701 | ) | (22,934 | ) | (2,472 | ) | ||||||||||
Amounts due from related companies | US$ | (11,034,528 | ) | (156,439 | ) | 1,677,065 | ||||||||||
Non-current assets | ||||||||||||||||
Long-term receivables | US$ | (4,536,099 | ) | (2,862,090 | ) | 6,222,449 | ||||||||||
Other | 7,486 | — | — | |||||||||||||
Amounts due from related companies | US$ | — | (12,458,654 | ) | — | |||||||||||
Other assets | US$ | (34,719,774 | ) | (23,582,940 | ) | 209,375 | ||||||||||
Forward contracts and swaps | US$ | 5,286,409 | — | 22,030 | ||||||||||||
Total gain (loss) | (57,514,525 | ) | (45,644,039 | ) | 9,199,549 | |||||||||||
Year ended December, 31 | ||||||||||||||||
Currency | 2004 | 2005 | 2006 | |||||||||||||
ThCh$ | ThCh$ | ThCh$ | ||||||||||||||
Liabilities | ||||||||||||||||
Short-term debt due to banks | US$ | (660,314 | ) | 5,071 | (23,315 | ) | ||||||||||
and financial institutions | ||||||||||||||||
Current portion of long-term | US$ | 2,350,588 | (3,245,814 | ) | 20,093 | |||||||||||
debt due to banks | Yen | 15,502 | (51,283 | ) | — | |||||||||||
and financial institutions | Other | (106,754 | ) | (30,922 | ) | — | ||||||||||
Current portion of bonds payable | Euro | 1,275 | 1,264 | — | ||||||||||||
Current portion of bonds payable | US$ | 225,776 | 9,949,604 | (1,764,564 | ) | |||||||||||
Current portion of notes payable | US$ | 547,970 | (498,415 | ) | — | |||||||||||
Accounts payable | US$ | 79,458 | (1,876,197 | ) | (190,750 | ) | ||||||||||
Euro | 2,040 | — | — | |||||||||||||
Other | 767 | 120 | 1,852 | |||||||||||||
Miscellaneous payables | US$ | 864,588 | (10,013 | ) | (158,658 | ) | ||||||||||
Accrued expenses | US$ | 194,823 | 20,523 | (5,427 | ) | |||||||||||
Other | 1,849 | 16,215 | — | |||||||||||||
Deferred income | US$ | (10,488 | ) | 1,263,049 | (548,241 | ) | ||||||||||
Other current liabilities | US$ | 82,286 | 3,439 | (11,009 | ) | |||||||||||
Dividends payable | US$ | 52 | — | — | ||||||||||||
Amounts due from related companies | US$ | — | 53 | — | ||||||||||||
Long-term liabilities | ||||||||||||||||
Due to banks and | US$ | 20,830,546 | 15,696,935 | 320,952 | ||||||||||||
financial institutions | Yen | 3,965 | 65,769 | — | ||||||||||||
Euro | 476 | 5,390 | — | |||||||||||||
Notes payable | US$ | 1,643,908 | — | — | ||||||||||||
Other | 957,398 | 42,099 | — | |||||||||||||
Bonds payable | US$ | 46,938,182 | 19,376,577 | (1,038,055 | ) | |||||||||||
Accounts payable | US$ | 1,776,496 | 3,130,240 | — | ||||||||||||
Other long-term liabilities | US$ | (2,987,006 | ) | (238,321 | ) | (474,916 | ) | |||||||||
Forward | US$ | — | (4,354,373 | ) | — | |||||||||||
Total gain (loss) | 72,753,383 | 39,271,010 | (3,872,038 | ) | ||||||||||||
Exchange difference — net loss | 15,238,858 | (6,373,029 | ) | 5,327,511 | ||||||||||||
As of December 31 | ||||||||
2005 | 2006 | |||||||
ThCh$ | ThCh$ | |||||||
Bank commissions | 916,513 | 500,059 | ||||||
Total | 916,513 | 500,059 | ||||||
F - 83
Table of Contents
As of December 31 | ||||||||||||
2004 | 2005 | 2006 | ||||||||||
ThCh$ | ThCh$ | ThCh$ | ||||||||||
Commissions on debt refinancing | 4,919,600 | — | 592,597 | |||||||||
Forward contract payments | 29,146,237 | 16,610,130 | 6,171,736 | |||||||||
Reimbursables contributions | — | 1,074,908 | 473,114 | |||||||||
Payments to Santander Leasing | 2,124,445 | — | — | |||||||||
Others | 163,330 | 15,321 | 46,205 | |||||||||
Total | 36,353,612 | 17,700,359 | 7,283,652 | |||||||||
As of December 31 | ||||||||||||
2004 | 2005 | 2006 | ||||||||||
ThCh$ | ThCh$ | ThCh$ | ||||||||||
Receipts from loans granted to former subsidiary | 1,862,197 | 2,106,789 | 542,842 | |||||||||
Payments from OHL | 40,778,880 | — | — | |||||||||
Margin call premiums | — | — | 405,546 | |||||||||
Capital reduction Company Energy of Bogotá | — | 5,135,933 | 456,401 | |||||||||
Others | 276,696 | — | 507,600 | |||||||||
Total | 42,917,773 | 7,242,722 | 1,912,389 | |||||||||
As of December 31 | ||||||||||||
2004 | 2005 | 2006 | ||||||||||
ThCh$ | ThCh$ | ThCh$ | ||||||||||
Payments associated with derivative contracts | 1,022,130 | — | 10,840,312 | |||||||||
Intangible assets | 640,242 | 2,920,172 | 1,197,015 | |||||||||
Other | 21,168 | — | 506,748 | |||||||||
Total | 1,683,540 | 2,920,172 | 12,544,075 | |||||||||
F - 84
Table of Contents
Amount | Accounts | |||||||||||||||||||||||||||||||||||
Type | Type | Nominal | Date of | Sales/ | Hedged | Assets / Liabilities | Income | |||||||||||||||||||||||||||||
Derivative | Contract | Amount | Maturity | Item | Purchase | Hedged Item | Amount | item | Account | Amount | Realized | Unrealized | ||||||||||||||||||||||||
US$ | ThCh$ | ThCh$ | ThCh$ | ThCh$ | ThCh$ | |||||||||||||||||||||||||||||||
S | CCTE | 10,005,950 | III quarter 07 | Interest rate | C | Bank obligations | 8,878,446 | 8,878,446 | Other assets l/t | 41,632 | 50,928 | 636 | ||||||||||||||||||||||||
S | CCTE | 90,000,000 | IV quarter 12 | Interest rate | C | Bank obligations | 47,915,100 | 47,915,100 | Other assets | 524,416 | — | 524,416 | ||||||||||||||||||||||||
S | CCTE | 26,070,991 | II quarter 14 | Interest rate | C | Bonds | 13,879,935 | 13,844,820 | Other liabilities s/t | 19,698 | — | 22,360 | ||||||||||||||||||||||||
S | CCTE | 21,389,734 | IV quarter 15 | Interest rate | C | Bank obligations | 11,387,680 | 11,387,680 | Other liabilities l/t | �� | 219,355 | — | 219,355 | |||||||||||||||||||||||
S | CCTE | 125,000,000 | III quarter 08 | Interest rate | C | Bonds | 66,548,750 | 66,548,750 | Other assets l/t | 184,062 | — | (61,309 | ) | |||||||||||||||||||||||
S | CCTE | 2,468,231 | IV quarter 08 | Interest rate | C | Bank obligations | 1,314,061 | 1,314,061 | Other liabilities l/t | (901,468 | ) | — | (901,468 | ) | ||||||||||||||||||||||
S | CCTE | 350,000,000 | I quarter 14 | Interest rate | C | Bonds | 186,336,500 | 186,336,500 | Other liabilities l/t | (77,962,451 | ) | (855,631 | ) | (108,931 | ) | |||||||||||||||||||||
S | CCTE | 250,000,000 | IV quarter 16 | Interest rate | C | Bonds | 133,097,500 | 133,097,500 | Other liabilities l/t | (64,414,666 | ) | (470,600 | ) | (915,686 | ) | |||||||||||||||||||||
OE | CCTE | 50,000,000 | II quarter 12 | Interest rate | C | Bank obligations | 26,619,500 | 26,619,500 | Other liabilities l/t | (3,317,305 | ) | — | (3,317,305 | ) | ||||||||||||||||||||||
OE | CCTE | 50,000,000 | IV quarter 07 | Interest rate | C | Bank obligations | 26,619,500 | 26,619,500 | Other liabilities l/t | — | — | — | ||||||||||||||||||||||||
OE | CCTE | 120,000,000 | IV quarter 08 | Interest rate | C | Bank obligations | 63,886,500 | 63,886,500 | Other liabilities l/t | 42,282 | 23,366 | 1,473 | ||||||||||||||||||||||||
OE | CCTE | 60,000,000 | III quarter 09 | Interest rate | C/V | Bank obligations | 31,943,400 | 31,943,400 | Other assets l/t /Other liabilities l/t | 17,528 | — | 17,528 | ||||||||||||||||||||||||
OE | CCTE | 50,000,000 | IV quarter 09 | Interest rate | C | Bank obligations | 26,619,500 | 26,619,500 | Other liabilities l/t | — | — | — | ||||||||||||||||||||||||
OE | CCTE | 40,000,000 | III quarter 10 | Interest rate | C/V | Bank obligations | 21,295,600 | 21,295,600 | Other assets l/t | (43,242 | ) | (385 | ) | (43,242 | ) |
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Commited assets | Balance payable of related debt | Release of | ||||||||||||||||||||||
Type | Book value | at December 31. | guarantees | |||||||||||||||||||||
Guarantee | Subsidiary | guarantee | Type | Currency | of collateral | Currency | 2006 | 2005 | 2007 | |||||||||||||||
Creditors banks | Pangue S.A. | Mortgage and pledge | Real estate, properties | ThCh$ | 91,220,201 | ThCh$ | 4,403,734 | 7,108,191 | — | |||||||||||||||
Banco Estado | Tunel el Melón S.A. | Pledge over 45% of operating income | ThCh$ | 2,064,958 | ThCh$ | 386,869 | 2,797,441 | — | ||||||||||||||||
Sociedad de Energía de la República Argentina | Endesa Argentina — Endesa Costanera S.A. | Pledge | Shares | ThCh$ | 72,580,273 | ThCh$ | 9,105,961 | 10,051,350 | — | |||||||||||||||
Mitsubishi | Endesa Costanera S.A. | Pledge | Combined cycle | ThCh$ | 84,241,470 | ThCh$ | 30,130,080 | 20,383,142 | — | |||||||||||||||
Credit Suisse First Boston | Endesa Costanera S.A. | Pledge | Combined cycle | ThCh$ | 24,978,865 | ThCh$ | 21,295,600 | 20,930,500 | — | |||||||||||||||
Other creditors | Endesa Matriz | Bank bond | ThCh$ | — | ThCh$ | 5,610,319 | 109,820 | — | ||||||||||||||||
Other creditors | Edegel S.A. | Pledge | Real estate, properties | ThCh$ | 124,837,126 | ThCh$ | 84,298,633 | 62,581,672 | — | |||||||||||||||
Deutsche Bank | Enersis S.A. | Deposits accounts | Deposits accounts | ThCh$ | 4,008,541 | ThCh$ | 39,415,282 | — | — | |||||||||||||||
Other creditors | Ampla S.A. | Pledge over collections and others | ThCh$ | 10,001,535 | ThCh$ | 24,473,045 | — | — | ||||||||||||||||
Other creditors | Coelce S.A. | Pledge over collections and others | ThCh$ | 61,842,491 | ThCh$ | 78,286,545 | — | — | ||||||||||||||||
International Finance Corporation | CGT Fortaleza S.A. | Mortgage and pledge | Real estate, properties | ThCh$ | 213,152,560 | ThCh$ | 652,406,200 | — | — | |||||||||||||||
Bndes | Cachoeira Dourada S.A. | Pledge | ThCh$ | 20,055,776 | ThCh$ | 36,106,450 | — | — |
Commited assets | Balance payable of related debt | |||||||||||||||||||||||||||||||
Type | Book value | at December 31. | Release of guarantees | |||||||||||||||||||||||||||||
Guarantee | Subsidiary | guarantee | Type | of collateral | Currency | 2006 | 2005 | 2006 | 2007 | 2008 | 2009 | |||||||||||||||||||||
J.P. Morgan & Co. y C.S.F.B. | Endesa Chile Internacional | Guarantees | ThCh$ | — | ThCh$ | — | 78,489,375 | — | — | — | — | |||||||||||||||||||||
2° Juzgado Civil de Quillota | Cía. Eléctrica San Isidro | Guarantees | ThCh$ | 10,000 | ThCh$ | 10,000 | — | 10,000 | — | — | — | |||||||||||||||||||||
Compañía Vestas | Endesa Eco S.A. | Guarantees | ThCh$ | 6,601,636 | ThCh$ | 6,601,636 | — | 6,601,636 | — | — | — | |||||||||||||||||||||
Vestas Elóicas S.A.U. | Endesa Eco S.A. | Guarantees | ThCh$ | 5,439,682 | ThCh$ | 5,439,682 | — | — | 5,439,682 | — | — | |||||||||||||||||||||
Banco Español de Crédito | Cía. Eléctrica Tarapacá S.A. | Guarantees | ThCh$ | 6,581,821 | ThCh$ | 6,581,821 | 10,785,677 | 6,581,821 |
(1) | Unless otherwise stated, the guarantees in the table “Guarantees of Subsidiary Obligations” were provided by a subsidiary of the Company (the “Guarantor”) to a third party creditor that had entered into a new obligation with another subsidiary (the “Subsidiary Debtor”). If the Subsidiary Debtor is unable to meet the requirements of the related obligation, the Guarantor will be required to make future payments on behalf of the Subsidiary Debtor up to the remaining amount payable. |
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Plaintiff | : | Enersis S.A., Chilectra S.A., Empresa Nacional de Electricidad S.A. | ||
Defendant | : | The Republic of Argentina | ||
Court | : | CIADI Arbitration Panel | ||
Case/Identification | : | (CIADI Case ARB/03/21) |
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Plaintiff | : | Enersis S.A., Elesur S.A. (now Chilectra S.A.), Empresa Nacional de Electricidad S.A. | ||
Defendant | : | The Republic of Argentina | ||
Court | : | CIADI Arbitration Panel | ||
Case/Identification | : | CIADI Case ARB/03/21 |
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Plaintiff | : | Chilectra S.A. | ||
Defendant | : | Superintendency of Securities and Insurance | ||
Court | : | 10th Civil Court of Santiago | ||
Case/Identification | : | 4394-97 |
Plaintiff | : | Asociación Coordinadora de Usuarios Consumidores y Contribuyentes — Ente Nacional Regulador de la Electricidad (ENRE). | ||
Defendant | : | Edesur S.A. | ||
Court | : | N°2 Federal Civil and Commercial First Instance Court, Registry of the Court N° 6, La Plata | ||
Case/Identification | : | 38676/03 |
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Plaintiff | : | Users affected by a mass power outage in Buenos Aires | ||
Defendant | : | Edesur S.A. | ||
Court | : | Courts and Civil and Commercial Courts of the Federal Capital of Buenos Aires | ||
Case/Identification | : | (Various processes) |
Plaintiff | : | Edesur S.A. | ||
Defendant | : | Transportes Metropolitanos Gral. Roca. | ||
Court | : | First Instance National Commercial Court, Registry of the Court N° 1 | ||
Case/Identification | : | 87934/03 |
Plaintiff | : | Users and Consumers Union. | ||
Defendant | : | Edesur S.A. | ||
Court | : | N° 11 Federal Administrative First Instance National Court, Registry of the Court N° 21. | ||
Case/Identification | : | 142321/02 |
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Plaintiff | : | Edesur S.A. | ||
Defendant | : | National State (Ministry of Economy) | ||
Court | : | N° 3 Federal Administrative First Instance National Court, Registry of the Court N° 5. | ||
Case/Identification | : | 1856/97 |
Plaintiff | : | Edesur S.A. | ||
Defendant | : | Municipality of Berazategui | ||
Court | : | N° 2 Federal Administrative First Instance Court for Civil, Commercial and Administrative Trials, Registry of the Court N° 5. in La Plata | ||
Case/Identification | : | 11,859/05 |
Plaintiff | : | Edesur S.A. | ||
Defendant | : | Secretaría de la Política Ambiental de la Provincia de Buenos Aires | ||
Court | : | N° 2 Federal Civil, Commercial and Administrative First Instance National Court, Registry of the Court N° 5, La Plata. | ||
Case/Identification | : | 9335/05 |
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Plaintiff | : | Edesur S.A. | ||
Defendant | : | Municipalidad de Berazategui. | ||
Court | : | N° 2 Federal Civil, Commercial and Administrative First Instance National Court, Registry of the Court N° 5, La Plata. | ||
Case/Identification | : | 11.893/05 |
Plaintiff | : | Edesur S.A. | ||
Defendant | : | Buenos Aires City Government (“GCBA”) | ||
Court | : | N° 7 Administrative and Tax Court of Buenos Aires City, Registry of the Court N° 13 | ||
Case/Identification | : | 2955/00 |
Plaintiff | : | Edesur S.A. | ||
Defendant | : | Buenos Aires City Government (GCBA) | ||
Court | : | N° 7 Administrative and Tax Court of the City of Buenos Aires, Registry of the Court N° 13. | ||
Case/Identification | : | 2956/01 |
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Plaintiff | : | Meridional S/A Servicios, Emprendimientos y Participaciones | ||
Defendant | : | Ampla | ||
Court | : | 9th Chamber of Rio de Janeiro Public Finance | ||
Case/Identification | : | 98.001.048296-8 |
Plaintiff | : | Enertrade — Comercializadora de Energía S.A | ||
Defendant | : | Ampla | ||
Court | : | Getulio Vargas Foundation Chamber for Conciliation and Arbitration | ||
Case/Identification | : | Arbitration procedure No. 03/2005 |
Plaintiff | : | Ampla | ||
Defendant | : | Enertrade — Comercializadora de Energía S.A | ||
Court | : | Getulio Vargas Foundation Chamber for Conciliation and Arbitration | ||
Case/Identification | : | Arbitration procedure No. 04/2006 |
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Plaintiff | : | Cibrapel S/A Industria de Papel y Embalajes | ||
Defendant | : | Ampla | ||
Court | : | Single Chamber of Guapimirim County | ||
Case/Identification | : | 1998.073.000018-6 |
Plaintiff | : | Qualita’s Tecnología y Servicios Ltda and Symon de Souza Coury | ||
Defendant | : | Ampla | ||
Court | : | 4th Civil Court of Niteroi County | ||
Case/Identification | : | 2005.002.024695-9 |
it intended to produce expert accounting evidence, evidence of witnesses and supplementary proof of private documents. On November 14, 2006, Ampla lodged an appeal against the terms of the decision rejecting the preliminary petitions (delaying actions) brought in its first plea for the defense.
Plaintiff | : | General Attorney’s Office | ||
Defendant | : | Ampla and the Municipality of Sao Goncalo | ||
Court | : | 4th Civil Court of Sao Goncalo County | ||
Case/Identification | : | 2000.004.012307-7 |
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Plaintiff | : | AFCONT — Asociación Fluminense del Consumidor y Trabajador y ANACONT — Nacional de Asistencia al Consumidor y al Trabajador | ||
Defendant | : | AMPLA, LIGHT, ANEEL, Unión Federal, Eletropaulo Metropolitana de São Paulo, CEMIG Compañía Energética de Minas Gerais. | ||
Court | : | 7th Federal Court of the Rio de Janeiro Country | ||
Case/Identification | : | 2004.51.01010086-9. |
Plaintiff | : | Association of Townspeople of Recanto dos Arcanjos-Amora | ||
Defendant | : | Ampla | ||
Court | : | 1st Civil Chamber of the Town of Saint Gonzalo | ||
Case/Identification | : | 2002.004.003639-2 |
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Plaintiff | : | Consumer Defence Commission of the Legislative Assembly of the State of Rio de Janeiro | ||
Defendant | : | Ampla | ||
Court | : | 8th Business chamber of the County of Rio de Janeiro | ||
Case/Identification | : | 2002.001.115854-5 |
Plaintiff | : | Núcleo de Defensa do Consumidor — NUDECON | ||
Defendant | : | Ampla and Light | ||
Court | : | 8th Chamber of Rio de Janeiro Commercial | ||
Case/Identification | : | 1999.001.168990-1 |
Plaintiff | : | Brazilian Consumer Defence Association (ADCON) | ||
Defendant | : | Ampla | ||
Court | : | 8th Business chamber of the County of Brasilia | ||
Case/Identification | : | 2004.001.017223-0 |
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Plaintiff | : | Consumer Defence Commission of the Legislative Assembly of the State of Rio de Janeiro | ||
Defendant | : | Ampla | ||
Court | : | 7th Business chamber of the State of Rio de Janeiro | ||
Case/Identification | : | 2005.001.084370-8 |
Plaintiff | : | State Attorney General’s Office | ||
Defendant | : | Ampla | ||
Court | : | 2nd Civil Chamber of Town of Saint Gonzalo | ||
Case/Identification | : | 2003.004.034117-9 |
Plaintiff | : | Town of Itaborai | ||
Defendant | : | Ampla | ||
Court | : | 2nd Civil Chamber of County of Itaborai | ||
Case/Identification | : | 2003.023.041682-7 |
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Plaintiff | : | Town of Niterói | ||
Defendant | : | Ampla | ||
Court | : | 6th Civil Chamber of Niterói County | ||
Case/Identification | : | 2000.002.007345-7 |
Plaintiff | : | Anacont National Association of Consumer and Worker Assistance | ||
Defendant | : | Ampla and Town of Angra dos Reis | ||
Court | : | 2nd Civil Chamber of the County of Angra dos Reis | ||
Case/Identification | : | 2002.003.001624-5 |
Plaintiff | : | National Association of Consumer and Worker Assistance | ||
Defendant | : | Ampla | ||
Court | : | 1st Civil Chamber of the County of Angra dos Reis | ||
Case/Identification | : | 2003.003.003327-0 |
Plaintiff | : | National Consumer and Worker Assistance Association and Attorney General’s Office | ||
Defendant | : | Ampla and Town of Cachoieras de Macacu | ||
Court | : | 2nd Civil Chamber of the County of Cachoieras de Macacu | ||
Case/Identification | : | 2004.012.000013-9 |
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Plaintiff | : | Marcos Enrique Sousa de Magalhães | ||
Defendant | : | Ampla, State of Rio de Janeiro, EDP — Electricidade de Portugal S/A (EDP), Sociedad Panameña de Electricidad S.A., Endesa Desarrollo S.A., and Empresa Eléctrica de Panamá S.A. | ||
Court | : | 2nd Public Finance Chamber of the County of Brasilia | ||
Case/Identification | : | 1996.001.128021-4 |
Plaintiff | : | Macao Consumer and Worker Defence Association | ||
Defendant | : | Ampla | ||
Court | : | Single Chamber of the County of Río das Ostras | ||
Case/Identification | : | 2004.068.001287-1 |
Plaintiff | : | National Citizen and Consumer Defence Institute (INDECCON) | ||
Defendant | : | Ampla | ||
Court | : | Single Chamber of the County of Río das Ostras | ||
Case/Identification | : | 2005.001.069542-2 |
Plaintiff | : | National Institute of Defence of Citizen Consumer — INDECCON | ||
Defendant | : | Ampla and Light | ||
Court | : | 7th Business Chamber of the County of Rio de Janeiro | ||
Case/Identification | : | 2005.001.073480-4 |
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Plaintiff | : | General Attorney’s Office of the State of Rio do Janeiro | ||
Defendant | : | Ampla | ||
Court | : | 5th Civil Court of Niteroi County | ||
Case/Identification | : | 2005.002.024755-1 |
Plaintiff | : | Commission for the Defense of Consumer in the Legislative Assembly of the State Rio de Janeiro | ||
Defendant | : | Ampla and ANEEL | ||
Court | : | 5th Federal Court of Rio de Janeiro | ||
Case/Identification | : | 2006.51.01.003191-1 |
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Plaintiff | : | General Attorney’s Office of the State of Rio do Janeiro | ||
Defendant | : | Ampla | ||
Court | : | 1st Civil Court of Cabo Frío County | ||
Case/Identification | : | 2005.011.005968-1 |
Plaintiff | : | Centro Comunitario de los Residentes y Asistencia Social del Apolo y Adyacencias Itaboraí | ||
Defendant | : | Ampla | ||
Court | : | 1st Civil Court of Itaboraí County | ||
Case/Identification | : | 2005.023.009672-2 |
Plaintiff | : | General Attorney’s Office of the State of Rio do Janeiro | ||
Defendant | : | Ampla and Municipality of Paraty | ||
Court | : | Single Court of Paraty County | ||
Case/Identification | : | 2005.041.001008-9 |
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Plaintiff | : | Municipality of Paraty | ||
Defendant | : | Ampla | ||
Court | : | Single Court of Paraty County | ||
Case/Identification | : | 2005.041.001124-0 |
Plaintiff | : | Núcleo de Primer Atendimiento de la Defensoría Pública de la Comarca de Três Rios | ||
Defendant | : | Ampla and Light | ||
Court | : | 1st Civil Court of Tres Rios County | ||
Case/Identification | : | 2003.063.009822-6 |
Plaintiff | : | Brazilian bar of lawyers, Section of the Rio de Janeiro State, Subsection 15th | ||
Defendant | : | Municipality of Conceicao of Macabu and Ampla | ||
Court | : | Single Court of Conceicao of Macabu County | ||
Case/Identification | : | 1998.018.000024-9 |
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Plaintiff | : | Organization of the Society of Angra dos Reis (OSCAR) | ||
Defendant | : | Ampla and Town of Angra dos Reis | ||
Court | : | 2nd Civil Chamber of the County of Angra dos Reis | ||
Case/Identification | : | 2002.003.005590-1 |
Plaintiff | : | Casimiro de Abreu Municipal Chamber | ||
Defendant | : | Ampla | ||
Court | : | Single Court of Casimiro de Abreu County | ||
Case/Identification | : | 2006.017.000168-5 |
Plaintiff | : | Organization of the Society of Angra dos Reis (OSCAR) | ||
Defendant | : | Ampla | ||
Court | : | 1st Civil Chamber of the County of Angra dos Reis | ||
Case/Identification | : | 2003.003.010569-4 |
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Plaintiff | : | Jorge Luiz Gasco | ||
Defendant | : | Ampla | ||
Court | : | 4th Civil Court of Sao Goncalo County | ||
Case/Identification | : | 2005.004.074298-1 |
Plaintiff | : | ASOBRAEE — Brazilian Association of Consumers of Water and Electricity | ||
Defendant | : | Ampla | ||
Court | : | 5th Civil Court of Niteroi County | ||
Case/Identification | : | 2006.002.002621-4 |
Plaintiff | : | ANDEC — National Association of Credit Consumers | ||
Defendant | : | Ampla | ||
Court | : | 3rd Business Court of Rio de Janeiro County | ||
Case/Identification | : | 2006.001.024920-5 |
Plaintiff | : | ANDEC — National Association of Credit Consumers | ||
Defendant | : | Ampla | ||
Court | : | 2nd Business Court of Rio de Janeiro County | ||
Case/Identification | : | 2006.001.024911-4 |
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Plaintiff | : | Consumer Defense Association | ||
Defendant | : | Ampla | ||
Court | : | 5th Civil Court of Niteroi County | ||
Case/Identification | : | 2002.002.025734-2 |
Plaintiff | : | Ampla | ||
Defendant | : | Cooperativa de Electrificación Rural Sanjoanense (CERSAN) | ||
Court | : | 1st Federal Chamber of Niterol County | ||
Case/Identification | : | 99.020.8621-7 |
Plaintiff | : | Ampla | ||
Defendant | : | Teresópolis-Friburgo Electrification Cooperative (CERTEF) | ||
Court | : | 1st Federal Chamber of Niteroi County | ||
Case/Identification | : | 2000.51.02.000030-1 |
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Plaintiff | : | Coordination of Consumer Defence — CODECON/SG | ||
Defendant | : | Ampla | ||
Court | : | 4th Civil Chamber of the Town of Saint Gonzalo | ||
Case/Identification | : | 2003.004.043260-4 |
Plaintiff | : | Union of Workers in the NiteróI Electrical Energy Industry representing a class action suit by 2841 employees | ||
Defendant | : | Ampla | ||
Court | : | Niterói Work Chamber | ||
Case/Identification | : | Labour Complaint 884/1989 |
Plaintiff | : | Selma de Souza and 122 other plaintiffs | ||
Defendant | : | Ampla | ||
Court | : | 2nd Employment Chamber of Niterói | ||
ID Number | : | Work Complaint No.3142/1995 |
Plaintiff | : | Ampla | ||
Defendant | : | Federal Union | ||
Court | : | 2nd Federal Chamber and 4th TRF Chamber of the 2nd Region | ||
Case/Identification | : | Ordinary Action No.96.0035653-0 and Civil Appeal No.98.02.21000-5 (d.1) |
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Plaintiff | : | Federal Union | ||
Defendant | : | Ampla | ||
Court | : | Special Body of TRF in the 2nd Region | ||
Case/Identification | : | Rescission Action No.97.02.09655-3 (d.2) |
Plaintiff | : | Ampla | ||
Defendant | : | Federal Union | ||
Court | : | 4th Federal Chamber of Niterói and 4th Group of the TRF of the 2nd Region | ||
Case/Identification | : | Ordinary Action No.96.0035387-5 and Civil Appeal No.1999.02.01.047064-8 (d.4) |
Plaintiff | : | Ampla | ||
Defendant | : | Federal Union | ||
Court | : | 3rd Group — Federal Regional Court of the 2nd Region and 1st Federal Court of Niterói. | ||
Case/Identification | : | Lawsuit 98.02.07129-3 and Appeal against Lawsuit 1998.51.02.207129-6 (d.5) Lawsuit 98.02.02033-8 and Appeal against Lawsuit 2000.02.01.055412-5 (d.6). |
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Plaintiff | : | Secretary of the Federal Collecion Tax (Brazilian IRS) | ||
Defendant | : | Ampla | ||
Court | : | Federal Income Tax Commissary | ||
Case/Identification | : | Infraction Proceeding No.00218 and Administrative Trial No.10730.002007/99-24 (d.26). |
Plaintiff | : | Secretary of Federal Collecion Tax (Brazilian IRS) | ||
Defendant | : | Ampla | ||
Court | : | Commissariat of the Niterói Federal Collecion Tax | ||
ID Number | : | Infraction Proceeding 0710200/00112/05 and Administrative Trial 10730.003110/2005-55 (d.41) |
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Plaintiff | : | Ampla | ||
Defendant | : | State of Rio de Janeiro | ||
Court | : | Superior Court of Justice | ||
Case/Identification | : | Trial No.2002.001.110494-9 (d.46) |
Plaintiff | : | Inácio Nunes Arruda & Others. | ||
Defendant | : | Coelce. | ||
Court | : | 2nd Court of Public Finance — Ceará | ||
Case/Identification | : | 2000.0122.6248-0/0 |
Plaintiff | : | Libra — Ligas Do Brasil S/A. | ||
Defendant | : | Coelce. | ||
Court | : | Court of Ceara State, in Brazil | ||
Case/Identification | : | 2000.0013.4212-7 (Court of appeals) — 1997.02.22643-0 (lower court) |
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Plaintiff | : | Bar of Lawyers of Brazil and Others | ||
Defendant | : | Coelce. | ||
Court | : | Supreme Court of Justice | ||
Case/Identification | : | None |
Plaintiff | : | Maximiliano Nagl Garcez and Aldino Beal | ||
Defendant | : | Companhia Paranaense de Energia (COPEL), Companhia de Interconexao Energética (CIEN), Governor of Paraná: Jaime Lerner, State of Paraná, Agencia Nacional de Energía Eléctrica (ANEEL). | ||
Court | : | 8a Federal Court of Curitiba — PR | ||
Case/Identification | : | 2001.70.00.039775-7 |
Plaintiff | : | Municipality of Garruchos | ||
Defendant | : | Companhia de Interconexao Energética (CIEN) | ||
Court | : | 1st Civil Chamber of the Court of the State of Rio Grande do Sul | ||
Case/Identification | : | 70013356134 |
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Plaintiff | : | Wildson Sebastiao Fraga Guimaraes (shareholder of Centrais Elétricas de Goias (CELG) and chairman of the “Sindicato dos Trabalhadores nas Industrias Urbanas no Estado de Goias”. | ||
Defendant | : | State of Goias, Centrais Elétricas de Goias (CELG), Centrais Elétricas Cachoeira Dourada S/A (CDSA). | ||
Court | : | 3rd Court of Public Finance of the County of Goiania | ||
Case/Identification | : | 97.00904507-3 |
Plaintiff | : | Municipality of Cachoeira Dourada | ||
Defendant | : | Centrais Elétricas Cachoeira Dourada S.A. - CDSA | ||
Court | : | Public Finance Court of Itumbiara County | ||
Case/Identification | : | 200503342330 |
Plaintiff | : | Municipality of Cachoeira Dourada | ||
Defendant | : | Centrais Elétricas Cachoeira Dourada S.A. — CDSA | ||
Court | : | Municipal Secretary of Finance | ||
Case/Identification | : | None |
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Plaintiff | : | Secretariat of the Federal Collection Office | ||
Defendant | : | CGTF | ||
Court | : | 3rd Fiscal Region: Alfândega do Porto de Fortaleza | ||
Case/Identification | : | 0317600/00212/04 |
Plaintiff | : | CGTF — Central Geradora Termelétrica Fortaleza S.A. | ||
Defendant | : | Federal Union | ||
Court | : | 1st Federal Court of Ceará | ||
Case/Identification | : | 2002.81.00.020687-1 |
Plaintiff | : | Central Piedra Buena S.A. | ||
Defendant | : | CEMSA | ||
Court | : | Buenos Aires Stock Exchange | ||
Case/Identification | : | 718/06 |
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Plaintiff | : | Transportadora de Energía S.A. (Tesa) | ||
Defendant | : | Province of Corrientes | ||
Court | : | Supreme Court of the Nation | ||
Case/Identification | : | T-53/03 |
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Plaintiff | : | Compañía de Transmisión del Mercosur S.A. (Ctm) | ||
Defendant | : | Province of Corrientes (in Argentina) | ||
Court | : | Supreme Court of the Nation | ||
Case/Identification | : | C-222/03 |
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Plaintiff | : | Roberto Ramírez Rojas (Class action lawsuit). | ||
Defendant | : | Codensa, Bogotá Capital District and Alcaldía Zonal de San Cristóbal. | ||
Court | : | Cundinamarca Administrative Court, Third Section — Sub-section “B”. | ||
Case/Identification | : | Case file 03-1473. |
Plaintiff | : | Conjunto Residencial Iguazú (Class act-like lawsuit). | ||
Defendant | : | Codensa and Soacha City Government. | ||
Court | : | Cundinamarca Administrative Court, Fourth Section — Sub-section “B”. | ||
Case/Identification | : | Case file 03-01342. |
Plaintiff | : | Jorge Ernesto Salamanca Cortés y Luis Alejandro Montero. | ||
Defendant | : | Codensa, Nación — Ministerio de Minas — Unidad de Planeación Minero Energética. | ||
Court | : | 3rd Administrative Court of Bogotá Circuit | ||
Case/Identification | : | Case file 05-2357 |
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Plaintiff | : | Maria Elena Teresa Sola Ruedi | ||
Defendant | : | Endesa, Minister of Economy, and Superintendent of Electricity and Fuels. | ||
Court | : | Santa Barbara Court of First Instance | ||
Case/Identification | : | Case file 4340-2004 |
Plaintiff | : | Jaime Arrieta Correa and others | ||
Defendant | : | Treasury of Chile, General Direction of Water and Endesa S.A. | ||
Court | : | First Civil Court of Valdivia | ||
Case/Identification | : | Case file 198-2005 |
Plaintiff | : | Inversiones M.D. Ltda. and others | ||
Defendant | : | Treasury of Chile, General Direction of Water and Endesa S.A. | ||
Court | : | 24th Civil Court of Santiago | ||
Case Identification | : | Case file 7957-2005 |
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Plaintiff | : | José Manuel Jordán Barahona and others | ||
Defendant | : | Treasury of Chile, General Direction of Water and Endesa S.A. | ||
Court | : | 10th Civil Court of Santiago | ||
Case Identification | : | Case file 1608-2005 |
Plaintiff | : | Endesa Pangue S.A. and Pehuenche S.A. | ||
Defendant | : | Treasury of Chile | ||
Court | : | Ninth Civil Court of Santiago | ||
Case Identification | : | Case file 13084-04 |
Plaintiff | : | Luis Danús Covian and other fifteen people | ||
Defendant | : | Endesa and Pangue S.A. | ||
Court | : | Santa Bárbara lower court | ||
Case/Identification | : | Case file 4563 |
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Plaintiff | : | Endesa | ||
Defendant | : | YPF | ||
Court | : | Arbitration Court of the International Chamber of Commerce (CCI) | ||
Case Identification | : | Case file 14210/CCO |
Plaintiff | : | Endesa, Pangue S.A. and Pehuenche S.A. | ||
Defendant | : | Treasury of Chile | ||
Court | : | Ninth Civil Court of Santiago | ||
Case Identification | : | Case file 13084-04 |
Plaintiff | : | Luis Danús Covian and other fifteen people | ||
Defendant | : | Endesa and Pangue S.A. | ||
Court | : | Santa Bárbara lower court | ||
Case/Identification | : | Case file 4563 |
Plaintiff | : | Endesa, Pangue S.A. and Pehuenche S.A. | ||
Defendant | : | Treasury of Chile | ||
Court | : | Ninth Civil Court of Santiago | ||
Case Identification | : | Case file 13084-04 |
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Plaintiff | : | Fariel San Juan | ||
Defendant | : | Central Hidroeléctrica de Betania S.A. E.S.P. | ||
Court | : | 3th and 4th Civil Courts of Neiva Circuit | ||
Case/Identification | : | Class action motivated by the impact that the construction of the dam will have on the economy of the region. |
Plaintiff | : | 380 people of different locations | ||
Defendant | : | Central Hidroeléctrica de Betania S.A. E.S.P. | ||
Court | : | Several courts in the departments of Huila and Tolima | ||
Case/Identification | : | Non-contractual civil liability |
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Plaintiff | : | Orlando Enrique Guaqueta and Inhabitants of Sibaté | ||
Defendant | : | Emgesa S.A. ESP. Empresa de Energía de Bogotá S.A. ESP.- EEB- Corporación Autónoma Regional — CAR - | ||
Court | : | Administrative Court of Cundinamarca — First Section | ||
Case/Identification | : | Class Action |
Plaintiff | : | Gustavo Moya | ||
Defendant | : | Emgesa S.A. ESP, Empresa de Energía de Bogotá S.A. ESP, the Capital District of Bogotá, Empresa de Acueducto y Alcantarillado de Bogotá, the City Hall of Sibaté and other plants and government agencies that presumably contribute to the pollution of the river Bogotá by action or omission. | ||
Court | : | Administrative Court of Cundinamarca — Fourth Section | ||
Case/Identification | : | Class Action |
Plaintiff/Tax Creditor | : | Emgesa S.A. ESP. | ||
Defendant/Taxpayer | : | Corporación Autónoma Regional de Cundinamarca — CAR | ||
Court | : | Administrative Court of Cundinamarca — First Section | ||
Case/Identification | : | Action seeking nullification of decrees and then re-establishment of right |
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Plaintiff/Tax Creditor | : | Sunat | ||
Defendant/Taxpayer | : | Edegel | ||
Court | : | Sunat | ||
Case/Identification | : | n/n | ||
Summary of proceedings | : | Tax Note — 2000 Supervision — 2000 Fiscal Year Income Tax |
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• | Ratio of debt and cash flow for four quarters of Enersis and its Chilean subsidiaries does not exceed 6.5 in 2006, ending at 6.00 in 2008; | |
• | The ratio of consolidated debt to consolidated EBITDA for four consolidated quarters, does not exceed 4.5 in 2006, ending at 3.00 in 2008; | |
• | The ratio of Enersis and its Chilean subsidiaries cash flow to financial expenses for four quarters, not less than 1.80 in 2006, ending at 2.20 in 2008; | |
• | The consolidated debt to shareholders’ equity plus minority interest does not exceed 77.5% in 2006, ending at 70% in 2008; | |
• | No less than 50% of the total consolidated assets of Enersis S.A., steadily until 2008, should belong to companies whose business is regulated; | |
• | Minimum shareholders’ equity at least equal to U.F.27 million |
• | Ratio between debt and cash flow for four quarters of Endesa Chile and its Chilean subsidiaries does not exceed 9.25 in 2006, which evolves up to 7.5in 2010; | |
• | The ratio of consolidated debt to consolidated EBITDA for four consolidated quarters, not exceeding 5.90 in 2006, which evolves up to 4.2X in 2010; | |
• | The ratio of Endesa Chile and its Chilean subsidiaries cash flow to financial expenses for four quarters, not less than 1.5 in 2006, which evolves up to 2.00X in 2010; | |
• | The ratio of consolidated debt to shareholders’ equity plus minority interest not exceeding 107% in 2006, which evolves up to 100% in 2010; | |
• | Assets corresponding to companies whose business is regulated, is not to be less than 50% of the total consolidated assets; | |
• | Minimum shareholders’ equity at least equal to U.F.45 million. |
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• | Debt ratio no greater than 0.90 |
• | EBITDA/Senior Financial Debt no less than 1.3 | |
• | Cash Flows plus Dividend Payments/Senior Financial Debt no less than 1.4 | |
• | Shareholders’ Equity/Senior Debt no less than 2.5. |
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As of December 31, | ||||||||||
Account | Currency | 2005 | 2006 | |||||||
ThCh$ | ThCh$ | |||||||||
Cash and banks | $ no Reaj. | 2,756,165 | 2,191,957 | |||||||
US$ | 1,473,361 | 3,600,298 | ||||||||
Euro | — | 6,467 | ||||||||
Yen | 595 | 226 | ||||||||
$ Col. | 14,771,565 | 23,362,312 | ||||||||
Soles | 3,136,272 | 7,416,124 | ||||||||
$ Arg. | 2,008,767 | 2,228,412 | ||||||||
Real | 48,727,015 | 60,988,423 | ||||||||
Time deposits | US$ | 43,946,339 | 59,861,548 | |||||||
$ Col. | 37,985,578 | 53,629,271 | ||||||||
Soles | 6,680,800 | 9,981,878 | ||||||||
$ Arg. | 26,208,710 | 22,196,015 | ||||||||
Real | 150,530,737 | 136,456,454 | ||||||||
Marketable securities | $ no Reaj. | 3,901 | 3,900 | |||||||
US$ | 2,375,415 | 2,101,620 | ||||||||
$ Col. | 3,855 | 4,399,346 | ||||||||
Soles | 1,906,378 | 832,640 | ||||||||
$ Arg. | 1,132,449 | 1,776,421 | ||||||||
Accounts receivable, net | $ Reaj. | 2,145,497 | — | |||||||
$ no Reaj. | 144,505,269 | 176,292,058 | ||||||||
US$ | 5,946,084 | 2,324,931 | ||||||||
Euro | 4,944 | — | ||||||||
$ Col. | 133,690,798 | 201,719,237 | ||||||||
Soles | 34,498,389 | 53,613,613 | ||||||||
$ Arg. | 57,793,252 | 70,816,003 | ||||||||
Real | 269,598,566 | 334,348,531 | ||||||||
Notes receivable | $ no Reaj. | 884,914 | 2,526,021 | |||||||
US$ | 64,903 | 131,722 | ||||||||
Soles | 17,638 | 49,173 | ||||||||
$ Arg. | 19,640 | 19,786 | ||||||||
Real | 2,656,866 | 4,741,500 | ||||||||
Other receivables | $ Reaj. | 668,416 | 108,279 | |||||||
$ no Reaj. | 23,861,154 | 31,448,255 | ||||||||
US$ | 5,148,189 | 12,920,727 | ||||||||
Euro | 4,570 | — | ||||||||
$ Col. | 13,261,915 | 21,777,269 | ||||||||
Soles | 4,831,051 | 5,802,174 | ||||||||
$ Arg. | 705,197 | 863,783 | ||||||||
Real | 15,708,035 | 29,428,138 |
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As of December 31, | ||||||||||
Account | Currency | 2005 | 2006 | |||||||
ThCh$ | ThCh$ | |||||||||
Amounts due from related companies | $ no Reaj. | 581,006 | 6,495,675 | |||||||
US$ | 1,069,602 | 741,886 | ||||||||
$ no Reaj. | 5,683,903 | — | ||||||||
Soles | 361,285 | 132,203 | ||||||||
$ Arg. | 3,823,775 | 6,195,206 | ||||||||
Inventories, net | $ no Reaj. | 48,006,439 | 36,358,647 | |||||||
US$ | — | 1,821,376 | ||||||||
$ Col. | 9,078,082 | 9,681,693 | ||||||||
Soles | 9,433,077 | 15,154,427 | ||||||||
$ Arg. | 3,118,033 | 1,547,713 | ||||||||
Real | 2,462,720 | 1,344,729 | ||||||||
Income taxes recoverable | $ no Reaj. | 31,254,058 | 19,620,499 | |||||||
US$ | — | 612,350 | ||||||||
$ Col. | 198,383 | 598,004 | ||||||||
Soles | 77,664 | 149,010 | ||||||||
$ Arg. | 5,046,562 | 955,545 | ||||||||
Real | 15,209,001 | 20,337,020 | ||||||||
Prepaid expenses and other | $ Reaj. | 25,674 | — | |||||||
$ no Reaj. | 838,852 | 913,609 | ||||||||
US$ | 613,336 | 836,873 | ||||||||
$ Col. | 850,235 | 1,700,751 | ||||||||
Soles | 1,142,647 | 2,551,861 | ||||||||
$ Arg. | 645,914 | 891,188 | ||||||||
Real | 31,737,763 | 44,549,137 | ||||||||
Deferred income taxes | $ no Reaj. | 49,987,797 | 44,331,741 | |||||||
$ Col. | 467,274 | 174,704 | ||||||||
$ Arg. | 4,669,029 | 6,918,174 | ||||||||
Real | — | 10,131,731 | ||||||||
Other current assets | $ Reaj. | 1,528,313 | 6,255,485 | |||||||
$ no Reaj. | 30,184,853 | 44,501,683 | ||||||||
US$ | — | 4,008,541 | ||||||||
$ Col. | 1,047 | — | ||||||||
Soles | 252,758 | 233,633 | ||||||||
$ Arg. | 160,405 | 185,087 | ||||||||
Real | 10,642,861 | 11,471,884 | ||||||||
Total current assets | 1,328,815,537 | 1,641,366,577 | ||||||||
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As of December 31, | ||||||||||
Account | Currency | 2005 | 2006 | |||||||
ThCh$ | ThCh$ | |||||||||
Land | $ no Reaj. | 54,286,322 | 54,557,590 | |||||||
$ Col. | 24,978,117 | 26,321,229 | ||||||||
Soles | 11,629,522 | 11,127,621 | ||||||||
$ Arg. | 7,251,626 | 7,227,372 | ||||||||
Real | 31,697,561 | 33,370,682 | ||||||||
Building, infrastructure and | $ no Reaj. | 3,933,280,052 | 4,065,765,666 | |||||||
work in progress | $ Col. | 2,403,356,496 | 2,498,284,958 | |||||||
Soles | 1,169,622,760 | 1,219,914,400 | ||||||||
$ Arg. | 1,315,357,590 | 1,361,086,320 | ||||||||
Real | 1,739,867,349 | 1,790,911,400 | ||||||||
Machinery and equipment | $ no Reaj. | 62,733,741 | 66,803,411 | |||||||
$ Col. | 28,690,807 | 30,658,273 | ||||||||
Soles | 439,825,114 | 559,522,797 | ||||||||
$ Arg. | 601,876,650 | 633,075,377 | ||||||||
Real | 624,725,907 | 697,128,447 | ||||||||
Other plant and equipment | $ no Reaj. | 145,166,531 | 176,236,751 | |||||||
$ Col. | 16,187,648 | 9,122,302 | ||||||||
Soles | 39,438,784 | 118,572,568 | ||||||||
$ Arg. | 90,748,711 | 94,049,268 | ||||||||
Real | 147,286,820 | 209,505,605 | ||||||||
Technical appraisal | $ no Reaj. | 31,412,411 | 31,416,737 | |||||||
$ Col. | 53,451,264 | 54,383,639 | ||||||||
Real | 98,542,887 | 100,261,814 | ||||||||
Accumulated depreciation | $ no Reaj. | (1,878,445,735 | ) | (1,979,929,855 | ) | |||||
$ Col. | (740,014,382 | ) | (827,701,103 | ) | ||||||
Soles | (803,881,427 | ) | (908,746,260 | ) | ||||||
$ Arg. | (984,610,843 | ) | (1,080,089,592 | ) | ||||||
Real | (857,705,496 | ) | (965,400,018 | ) | ||||||
Total property, plant and equipment | 7,806,756,787 | 8,087,437,399 | ||||||||
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As of December 31, | ||||||||||
Account | Currency | 2005 | 2006 | |||||||
ThCh$ | ThCh$ | |||||||||
Investments in related companies | $ no Reaj. | 97,155,214 | 76,386,876 | |||||||
US$ | 3,812,892 | 38,880,575 | ||||||||
Investments in other companies | $ no Reaj. | 2,517,805 | 2,469,103 | |||||||
US$ | 22,009,610 | 20,188,918 | ||||||||
$ Col. | 16,936,962 | 1,406,052 | ||||||||
Soles | 7,257 | 25,104 | ||||||||
Real | 39,768 | 2,490 | ||||||||
Goodwill, net | $ no Reaj. | 691,217,248 | 636,978,434 | |||||||
US$ | 10,990,175 | 10,236,667 | ||||||||
$ Col. | 13,924,539 | 7,846,896 | ||||||||
Negative goodwill, net | $ no Reaj. | (9,609,642 | ) | (7,179,840 | ) | |||||
US$ | (2,177,140 | ) | (7,674,091 | ) | ||||||
$ Col. | (2,226,482 | ) | — | |||||||
Soles | (23,447,324 | ) | (22,162,386 | ) | ||||||
Long-term accounts receivable | $ Reaj. | 1,057,385 | 9,264,695 | |||||||
$ no Reaj. | 1,032,539 | 887,532 | ||||||||
US$ | 2,095,347 | 2,049,292 | ||||||||
$ Col. | 4,591,576 | 6,415,588 | ||||||||
Soles | 428,507 | 151,270 | ||||||||
$ Arg. | 27,353,846 | 63,094,185 | ||||||||
Real | 108,064,236 | 55,617,129 | ||||||||
Amounts due from related companies | US$ | 91,713,359 | 90,523,990 | |||||||
Deferred taxes | Real | — | 12,249,242 | |||||||
Other long-term assets | $ Reaj. | 584,435 | 226,049 | |||||||
$ no Reaj. | 44,253,365 | 93,761,617 | ||||||||
US$ | 49,593 | 109,628 | ||||||||
$ Col. | 58,212,149 | 19,744,847 | ||||||||
Soles | 2,861,715 | 3,788,440 | ||||||||
$ Arg. | 21,152,382 | 26,685,970 | ||||||||
Real | 160,830,872 | 191,631,035 | ||||||||
Total other assets | 1,345,432,188 | 1,333,605,307 | ||||||||
Total assets by currency | $ Reaj. | 6,009,720 | 15,854,508 | |||||||
$ no Reaj. | 3,513,548,162 | 3,582,838,067 | ||||||||
US$ | 189,131,065 | 243,276,851 | ||||||||
Euro | 9,514 | 6,467 | ||||||||
Yen | 595 | 226 | ||||||||
$ Col. | 2,088,397,426 | 2,143,525,268 | ||||||||
Soles | 898,822,867 | 1,078,110,290 | ||||||||
$ Arg. | 1,184,461,695 | 1,219,722,233 | ||||||||
Real | 2,600,623,468 | 2,779,075,373 | ||||||||
Total assets by currency | 10,481,004,512 | 11,062,409,283 | ||||||||
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Within 90 days | 91 day to 1 year | |||||||||||||||||||||||||||||||||
As of December 31, 2005 | As of December 31, 2006 | As of December 31, 2005 | As of December 31, 2006 | |||||||||||||||||||||||||||||||
Average | Average | Average | Average | |||||||||||||||||||||||||||||||
Account | Currency | Amount | Rate | Amount | Rate | Amount | Rate | Amount | Rate | |||||||||||||||||||||||||
ThCh$ | ThCh$ | ThCh$ | ThCh$ | |||||||||||||||||||||||||||||||
Short-term debt due to banks and | $ Reaj. | 128 | 3.00 | % | 2,089 | 0.30 | % | — | — | — | — | |||||||||||||||||||||||
financial institutions | $ no Reaj. | 24,227 | — | 207,106 | 0.96 | % | — | — | — | — | ||||||||||||||||||||||||
US$ | 71,312,447 | 4.62 | % | 6,915,738 | 10.49 | % | 3,537,256 | 6.10 | % | 1,417,595 | 6.94 | % | ||||||||||||||||||||||
$ Col. | 12,556,049 | 6.85 | % | 92,133,225 | 8.35 | % | — | — | — | — | ||||||||||||||||||||||||
Soles | 21,082,137 | 4.87 | % | 29,249,563 | 5.62 | % | — | — | — | — | ||||||||||||||||||||||||
$ Arg. | 7,178 | 7.23 | % | 550,956 | 13.70 | % | 2,116,073 | 9.50 | % | 2,086,440 | 8.72 | % | ||||||||||||||||||||||
Reales | 2,181,962 | 5.51 | % | 1,196,452 | 16.58 | % | — | — | — | — | ||||||||||||||||||||||||
Others | — | — | 499,785 | 2.80 | % | — | — | — | — | |||||||||||||||||||||||||
Current portion of long-term debt | $ no Reaj. | 355 | 4.41 | % | 30 | — | — | — | — | — | ||||||||||||||||||||||||
due to banks and financial | $ Reaj. | 1,825,596 | 9.00 | % | — | — | — | — | 386,869 | 9.00 | % | |||||||||||||||||||||||
institutions | US$ | 12,967,592 | 9.38 | % | 17,830,678 | 11.05 | % | 39,111,870 | 6.09 | % | 29,655,380 | 8.68 | % | |||||||||||||||||||||
Euro | — | — | — | — | 728,517 | 3.45 | % | 823,824 | 4.23 | % | ||||||||||||||||||||||||
$ Col. | — | — | 18,030,985 | 9.85 | % | 14,051,066 | 12.17 | % | — | — | ||||||||||||||||||||||||
Soles | 6,971 | 4.41 | % | 9,930,944 | 5.00 | % | — | — | — | — | ||||||||||||||||||||||||
$ Arg. | 2,803,527 | 6.86 | % | 310,682 | 12.11 | % | 5,916,236 | 8.22 | % | 2,332,591 | 3.10 | % | ||||||||||||||||||||||
Reales | 20,361,376 | 12.99 | % | 3,789,554 | 17.86 | % | 22,270,834 | 18.28 | % | 15,390,257 | 15.45 | % | ||||||||||||||||||||||
Current portion of bonds payable | $ Reaj. | 942,306 | 5.75 | % | 1,703,546 | 5.63 | % | 115,275,397 | 6.19 | % | 2,357,840 | 5.61 | % | |||||||||||||||||||||
US$ | 16,665,051 | 7.00 | % | 40,177,750 | 5.38 | % | 275,504,604 | 7.34 | % | 31,291,055 | 8.22 | % | ||||||||||||||||||||||
$ Col. | 44,537,056 | 11.15 | % | 4,136,248 | 10.15 | % | — | — | — | — | ||||||||||||||||||||||||
Soles | 54,288,006 | 6.98 | % | 1,699,161 | 6.55 | % | — | — | 10,084,155 | 7.19 | % | |||||||||||||||||||||||
$ Arg. | 5,677 | 7.50 | % | 3,482,796 | 10.43 | % | 8,997,791 | 8.12 | % | 6,953,665 | 10.43 | % | ||||||||||||||||||||||
Reales | 10,133,356 | 19.93 | % | — | — | — | — | 11,321,382 | 14.53 | % | ||||||||||||||||||||||||
Current portion of long-term | $ no Reaj. | — | — | 1,576 | — | — | — | — | — | |||||||||||||||||||||||||
notes payable | US$ | 13,477,672 | 7.42 | % | 20,404,380 | 7.42 | % | 14,808,330 | 7.42 | % | 10,858,626 | 7.42 | % | |||||||||||||||||||||
Reales | 2,447,267 | 5.00 | % | — | — | — | — | 2,758,403 | — | |||||||||||||||||||||||||
Dividends payable | $ no Reaj. | 1,619,729 | — | 1,553,261 | — | 5,190 | — | — | — | |||||||||||||||||||||||||
$ Col. | 3,630,030 | — | 58,710,662 | — | — | — | — | — | ||||||||||||||||||||||||||
Soles | 72,719 | — | 2,100,067 | — | — | — | — | — | ||||||||||||||||||||||||||
$ Arg. | 1,448 | — | 1,980 | — | — | — | — | — | ||||||||||||||||||||||||||
Reales | 1,594,314 | — | 12,320,608 | — | 10,945,081 | — | — | — | ||||||||||||||||||||||||||
Accounts payable | $ Reaj. | 27,379 | — | 35,478 | — | — | — | — | — | |||||||||||||||||||||||||
$ no Reaj. | 63,379,838 | — | 88,560,521 | — | — | — | — | — | ||||||||||||||||||||||||||
US$ | 8,625,682 | — | 11,706,722 | — | — | — | 495,519 | — | ||||||||||||||||||||||||||
Euro | 926,272 | — | 1,073,737 | — | — | — | — | — | ||||||||||||||||||||||||||
$ Col. | 38,058,132 | — | 53,426,857 | — | — | — | — | — | ||||||||||||||||||||||||||
Soles | 20,983,113 | — | 30,731,784 | — | — | — | 2,047,513 | — | ||||||||||||||||||||||||||
$ Arg. | 52,191,858 | — | 58,321,901 | — | — | — | — | — | ||||||||||||||||||||||||||
Reales | 105,295,398 | — | 80,565,796 | — | — | — | 42,764,531 | — | ||||||||||||||||||||||||||
Short-term notes payables | US$ | 2,922,136 | — | — | — | 2,907,014 | — | — | — | |||||||||||||||||||||||||
Reales | 8,835,601 | — | 3,029,446 | — | — | — | 12,697,257 | — | ||||||||||||||||||||||||||
Miscellaneous payables | $ no Reaj. | 9,086,776 | — | 5,348,856 | — | — | — | — | — | |||||||||||||||||||||||||
US$ | 356,916 | — | 14,063,409 | — | 9,026,537 | — | 779,663 | — | ||||||||||||||||||||||||||
Euro | — | — | 568 | — | — | — | — | — | ||||||||||||||||||||||||||
$ Col. | 11,444,931 | — | 14,388,375 | — | — | — | — | — | ||||||||||||||||||||||||||
Soles | 9,256,138 | — | 17,520,303 | — | — | — | 201,839 | — | ||||||||||||||||||||||||||
$ Arg. | 104 | — | 75,262 | — | — | — | — | — | ||||||||||||||||||||||||||
Reales | 47,339,351 | — | 26,156,922 | — | — | — | 32,845,402 | — | ||||||||||||||||||||||||||
Others | — | — | 6,745 | — | — | — | — | — | ||||||||||||||||||||||||||
Amounts payable to related | $ no Reaj. | 230,573 | — | 1,020,442 | — | — | — | — | — | |||||||||||||||||||||||||
companies | US$ | 32,479,176 | — | 2,830,515 | — | — | — | — | — | |||||||||||||||||||||||||
Soles | 428,260 | — | 1,332,476 | — | — | — | — | — | ||||||||||||||||||||||||||
$ Arg. | 15,326,275 | — | 24,679,087 | — | — | — | — | — | ||||||||||||||||||||||||||
Reales | 1,047 | — | — | — | — | — | — | — | ||||||||||||||||||||||||||
Accrued expenses | $ Reaj. | 1,597 | — | — | — | 80,585 | — | 1,244,597 | — | |||||||||||||||||||||||||
$ no Reaj. | 12,669,277 | — | 13,563,503 | — | 19,728,544 | — | 17,907,374 | — | ||||||||||||||||||||||||||
US$ | 2,027,550 | — | 2,254,459 | — | 267,524 | — | 34,523 | — | ||||||||||||||||||||||||||
$ Col. | 6,705,600 | — | 12,214,947 | — | — | — | — | — | ||||||||||||||||||||||||||
Soles | 2,229,021 | — | 6,597,027 | — | 1,577,692 | — | 242,483 | — | ||||||||||||||||||||||||||
$ Arg. | 3,876,734 | — | 5,017,288 | — | — | — | — | — | ||||||||||||||||||||||||||
Reales | 26,369,675 | — | 7,967,636 | — | 2,321 | — | 12,306,797 | — | ||||||||||||||||||||||||||
Withholdings | $ no Reaj. | 8,849,811 | — | 10,396,763 | — | — | — | — | — | |||||||||||||||||||||||||
$ Col. | 2,646,017 | — | 2,993,292 | — | — | — | — | — | ||||||||||||||||||||||||||
Soles | 5,278,772 | — | 6,348,709 | — | — | — | 134,516 | — | ||||||||||||||||||||||||||
$ Arg. | 11,780,985 | — | 13,404,157 | — | 3,055 | — | — | — | ||||||||||||||||||||||||||
Reales | 46,934,709 | — | 33,877,889 | — | — | — | 32,831,290 | — | ||||||||||||||||||||||||||
Others | 4,560 | — | — | — | — | — | — | — | ||||||||||||||||||||||||||
Income tax payable | $ no Reaj. | 191,341 | — | 315,481 | — | — | — | 32,571,130 | — | |||||||||||||||||||||||||
$ Col. | 29,821,382 | — | 30,863,810 | — | — | — | — | — | ||||||||||||||||||||||||||
Soles | 8,004,824 | — | 11,185,703 | — | — | — | — | — | ||||||||||||||||||||||||||
$ Arg. | 1,664,326 | — | 3,959,378 | — | — | — | 707,546 | — | ||||||||||||||||||||||||||
Reales | 28,419,740 | — | 15,018,189 | — | — | — | 48,290,188 | — | ||||||||||||||||||||||||||
Reimbursable financial contributions | $ no Reaj. | 3,453,219 | — | 3,408,981 | — | 685,401 | — | 705,534 | — | |||||||||||||||||||||||||
$ Col. | 18,696 | — | 905,939 | — | — | — | — | — | ||||||||||||||||||||||||||
$ Reaj. | 1,307 | — | 1,436 | — | 3,920 | — | 4,309 | — | ||||||||||||||||||||||||||
$ no Reaj. | 8,088 | — | 7,465 | — | 1,730,435 | — | 1,035,926 | — |
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Within 90 days | 91 day to 1 year | |||||||||||||||||||||||||||||||||
As of December 31, 2005 | As of December 31, 2006 | As of December 31, 2005 | As of December 31, 2006 | |||||||||||||||||||||||||||||||
Account | Currency | Amount | Average Rate | Amount | Average Rate | Amount | Average Rate | Amount | Average Rate | |||||||||||||||||||||||||
ThCh$ | ThCh$ | ThCh$ | ThCh$ | |||||||||||||||||||||||||||||||
Other current liabilities | $ Reaj. | — | — | — | — | 13,262,749 | — | 61,309 | — | |||||||||||||||||||||||||
$ no Reaj. | 105,753 | — | 16,184 | — | 131,348 | — | 79,886 | — | ||||||||||||||||||||||||||
US$ | 1,117,013 | — | 1,086,926 | — | 12 | — | — | — | ||||||||||||||||||||||||||
$ Col. | 3,679,476 | — | 15,154,212 | — | — | — | — | — | ||||||||||||||||||||||||||
Soles | 44,471 | — | 543,128 | — | — | — | — | — | ||||||||||||||||||||||||||
$ Arg. | 9,423,031 | — | 29,028,494 | — | — | — | — | — | ||||||||||||||||||||||||||
Reales | 20,394,144 | — | 27,943,766 | — | — | — | 15,888,476 | — | ||||||||||||||||||||||||||
Total current liabilities by currency | $ Reaj. | 2,798,313 | 1,742,549 | 128,622,651 | 4,054,924 | |||||||||||||||||||||||||||||
$ no Reaj. | 99,618,987 | 124,400,169 | 22,280,918 | 52,299,850 | ||||||||||||||||||||||||||||||
US$ | 161,951,235 | 117,270,577 | 345,163,147 | 74,532,361 | ||||||||||||||||||||||||||||||
Euro | 926,272 | 1,074,305 | 728,517 | 823,824 | ||||||||||||||||||||||||||||||
$ Col. | 153,097,369 | 302,958,552 | 14,051,066 | — | ||||||||||||||||||||||||||||||
Soles | 121,674,432 | 117,238,865 | 1,577,692 | 12,710,506 | ||||||||||||||||||||||||||||||
Reales | 320,307,940 | 211,866,258 | 33,218,236 | 227,093,983 | ||||||||||||||||||||||||||||||
$ Arg. | 97,081,143 | 138,831,981 | 17,033,155 | 12,080,242 | ||||||||||||||||||||||||||||||
Others | 4,560 | 506,530 | — | — | ||||||||||||||||||||||||||||||
Total current liabilities | 957,460,251 | 1,015,889,786 | 562,675,382 | 383,595,690 | ||||||||||||||||||||||||||||||
1 to 3 years | 3 to 5 years | 5 to 10 years | More than 10 years | |||||||||||||||||||||||||||||||
Account | Currency | Amount | Average Rate | Amount | Average Rate | Amount | Average Rate | Amount | Average Rate | |||||||||||||||||||||||||
ThCh$ | ThCh$ | ThCh$ | ThCh$ | |||||||||||||||||||||||||||||||
Due to banks and financial | $ Reaj. | 971,845 | 9.00 | % | — | — | — | — | — | — | ||||||||||||||||||||||||
institutions | US$ | 164,631,448 | 6.61 | % | 74,080,158 | 7.51 | % | 122,800,406 | 5.89 | % | — | — | ||||||||||||||||||||||
Euro | 725,880 | 3.06 | % | — | — | — | — | — | — | |||||||||||||||||||||||||
$ Arg. | 4,856,825 | 3.11 | % | 3,648,964 | 1.75 | % | 912,060 | 1.75 | % | — | — | |||||||||||||||||||||||
$ Col. | 199,458 | 7.25 | % | 13,362,850 | 12.10 | % | — | — | — | — | ||||||||||||||||||||||||
Soles | 15,327,275 | 5.51 | % | — | — | — | — | — | — | |||||||||||||||||||||||||
Reales | 65,544,532 | 16.67 | % | 77,717,970 | 13.84 | % | 20,675,977 | 17.38 | % | — | — | |||||||||||||||||||||||
Bonds payable | $ Reaj. | 73,409,124 | 6.20 | % | 73,851,277 | 4.80 | % | — | — | 62,343,972 | 5.95 | % | ||||||||||||||||||||||
US$ | 240,700,750 | 7.86 | % | 219,770,250 | 8.39 | % | 507,564,625 | 7.96 | % | 375,121,130 | 7.56 | % | ||||||||||||||||||||||
$ Col. | — | — | 83,603,327 | 10.76 | % | 219,914,093 | 10.91 | % | — | — | ||||||||||||||||||||||||
Soles | 28,721,056 | 5.65 | % | 25,166,851 | 7.25 | % | 19,336,161 | 7.83 | % | — | — | |||||||||||||||||||||||
$ Arg. | 10,353,091 | 7.00 | % | — | — | — | — | — | — | |||||||||||||||||||||||||
Reales | 24,717,299 | 20.64 | % | 64,829,378 | 18.02 | % | 14,842,630 | 23.16 | % | — | — | |||||||||||||||||||||||
Long-term notes payable | US$ | 44,445,917 | 7.42 | % | — | — | 9,350,701 | 7.42 | % | — | — | |||||||||||||||||||||||
Reales | 38,069,794 | 10.61 | % | 6,624,267 | 10.61 | % | 9,113,086 | 10.61 | % | 212,869 | 10.61 | % | ||||||||||||||||||||||
Miscellaneous payable | $ Reaj. | — | — | — | — | — | — | 109,717 | — | |||||||||||||||||||||||||
$ no Reaj. | 184,424 | — | — | — | — | — | — | — | ||||||||||||||||||||||||||
US$ | 7,166,487 | — | 1,794,801 | — | 5,612,872 | — | 15,223,901 | — | ||||||||||||||||||||||||||
Reales | 18,748,985 | — | — | — | — | — | — | — | ||||||||||||||||||||||||||
Amounts payable to related companies | US$ | 13,520,056 | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Accrued expenses | $ Reaj. | 128,355 | — | — | — | — | — | — | — | |||||||||||||||||||||||||
$ no Reaj. | 3,423,253 | — | 3,111,726 | — | 7,557,188 | — | 15,458,434 | — | ||||||||||||||||||||||||||
$ Col. | 69,203,641 | — | 305,585 | — | — | — | — | — | ||||||||||||||||||||||||||
Reales | 303,969,650 | — | 1,081,460 | — | 3,244,380 | — | 1,224,007 | — | ||||||||||||||||||||||||||
Deferred income taxes | $ no Reaj. | 27,535,615 | — | 3,977,446 | — | 16,883,181 | — | 39,036,956 | — | |||||||||||||||||||||||||
Reimbursable financial contributions | $ Reaj. | 12,074 | — | 6,958 | — | — | — | — | — | |||||||||||||||||||||||||
$ no Reaj. | 1,565,050 | — | 723,207 | — | 514,587 | — | 11,913 | — | ||||||||||||||||||||||||||
Soles | 697,212 | — | 45,540 | — | 502,102 | — | — | — | ||||||||||||||||||||||||||
Other long-term liabilities | $ Reaj. | 1,852,706 | — | 221,845 | — | — | — | — | — | |||||||||||||||||||||||||
$ no Reaj. | — | — | 137,688 | — | — | — | 122,712,020 | — | ||||||||||||||||||||||||||
$ Arg. | 17,442,874 | — | 9,975,310 | — | 6,557,389 | — | 608,060 | — | ||||||||||||||||||||||||||
Reales | 11,209,500 | — | 827,279 | — | — | — | — | — | ||||||||||||||||||||||||||
Total long-term liabilities | $ Reaj. | 76,374,104 | 74,080,080 | — | 62,453,689 | |||||||||||||||||||||||||||||
by currency | $ no Reaj. | 32,708,342 | 7,950,067 | 24,954,956 | 177,219,323 | |||||||||||||||||||||||||||||
US$ | 470,464,658 | 295,645,209 | 645,328,604 | 390,345,031 | ||||||||||||||||||||||||||||||
Euro | 725,880 | — | — | — | ||||||||||||||||||||||||||||||
$ Col. | 69,403,099 | 97,271,762 | 219,914,093 | — | ||||||||||||||||||||||||||||||
Soles | 44,745,543 | 25,212,391 | 19,838,263 | — | ||||||||||||||||||||||||||||||
$ Arg. | 32,652,790 | 13,624,274 | 7,469,449 | 608,060 | ||||||||||||||||||||||||||||||
Reales | 462,259,760 | 151,080,354 | 47,876,073 | 1,436,876 | ||||||||||||||||||||||||||||||
Total long-term liabilities | 1,189,334,176 | 664,864,137 | 965,381,438 | 632,062,979 | ||||||||||||||||||||||||||||||
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1 to 3 years | 3 to 5 years | 5 to 10 years | More than 10 years | |||||||||||||||||||||||||||||||
Account | Currency | Amount | Average Rate | Amount | Average Rate | Amount | Average Rate | Amount | Average Rate | |||||||||||||||||||||||||
ThCh$ | ThCh$ | ThCh$ | ThCh$ | |||||||||||||||||||||||||||||||
Due to banks and financial | US$ | 287,130,020 | 6.80 | % | 131,427,754 | 8.01 | % | 47,415,036 | 9.44 | % | 7,959,977 | 8.51 | % | |||||||||||||||||||||
institutions | $ Arg. | 29,555,386 | 11.89 | % | 11,725,549 | 10.87 | % | — | — | — | — | |||||||||||||||||||||||
$ Col. | 72,531,749 | 9.07 | % | — | — | — | — | — | — | |||||||||||||||||||||||||
Soles | 25,316,417 | 5.58 | % | — | — | — | — | — | — | |||||||||||||||||||||||||
Reales | 70,937,621 | 12.61 | % | 54,805,830 | 13.91 | % | 167,137,198 | 14.95 | % | — | — | |||||||||||||||||||||||
Bonds payable | $ Reaj. | 73,787,290 | 6.20 | % | 73,345,520 | 4.80 | % | — | — | 60,669,583 | 5.95 | % | ||||||||||||||||||||||
US$ | 436,559,800 | 8.08 | % | — | — | 649,374,186 | 7.85 | % | 248,708,651 | 7.64 | % | |||||||||||||||||||||||
$ Col. | 87,046,268 | 10.04 | % | 142,681,570 | 10.48 | % | 118,901,326 | 10.29 | % | — | — | |||||||||||||||||||||||
Soles | 43,688,534 | 6.63 | % | 23,299,820 | 6.97 | % | 44,526,549 | 8.88 | % | — | — | |||||||||||||||||||||||
Reales | 28,583,054 | 14.90 | % | 72,213,798 | 15.70 | % | 92,134,846 | 14.10 | % | — | — | |||||||||||||||||||||||
Long-term notes payable | US$ | 29,803,192 | 7.42 | % | 23,455,926 | 7.42 | % | — | — | — | — | |||||||||||||||||||||||
$ Arg. | 3,884,430 | — | — | — | — | — | — | �� | ||||||||||||||||||||||||||
Reales | 37,802,048 | 10.61 | % | 8,411,125 | 10.61 | % | 7,488,215 | 10.61 | % | 1,543,589 | 10.61 | % | ||||||||||||||||||||||
Miscellaneous payable | $ Reaj. | — | — | — | — | — | — | 130,779 | — | |||||||||||||||||||||||||
$ no Reaj. | 7,682,647 | — | — | — | — | — | — | — | ||||||||||||||||||||||||||
US$ | 30,695,575 | 11.50 | % | 36,413,334 | 9.50 | % | 33,728,660 | 6.50 | % | 14,115,249 | 6.50 | % | ||||||||||||||||||||||
$ Arg. | 218,658 | — | 245,890 | — | 16,071 | — | — | — | ||||||||||||||||||||||||||
Reales | 17,079,788 | — | 4,263,725 | — | 9,195,707 | — | — | — | ||||||||||||||||||||||||||
Amounts payable to related companies | US$ | 11,250,360 | 11.00 | % | — | — | — | — | — | — | ||||||||||||||||||||||||
Accrued expenses | $ Reaj. | 128,245 | — | — | — | — | — | — | — | |||||||||||||||||||||||||
$ no Reaj. | 3,504,925 | — | 3,358,560 | — | 8,309,725 | — | 15,361,903 | — | ||||||||||||||||||||||||||
$ Col. | 72,789,491 | — | — | — | — | — | — | — | ||||||||||||||||||||||||||
Reales | 221,494,153 | — | — | — | — | — | — | — | ||||||||||||||||||||||||||
Reimbursable financial contributions | $ Reaj. | 13,272 | — | — | — | — | — | — | — | |||||||||||||||||||||||||
$ no Reaj. | 1,237,759 | — | 616,087 | — | 467,933 | — | — | — | ||||||||||||||||||||||||||
Soles | 518,558 | — | 37,015 | — | 61,693 | — | — | — | ||||||||||||||||||||||||||
Other long-term liabilities | $ Reaj. | 2,309,877 | — | 1,539,918 | — | 3,400,637 | — | — | — | |||||||||||||||||||||||||
$ no Reaj. | 157,883,821 | — | 727,152 | — | 30,290 | — | — | — | ||||||||||||||||||||||||||
US$ | 304,111 | — | 592,493 | — | — | — | — | — | ||||||||||||||||||||||||||
$ Col. | 5,512,899 | — | — | — | — | — | — | — | ||||||||||||||||||||||||||
$ Arg. | 18,030,688 | — | 3,672,070 | — | 7,240,627 | — | — | — | ||||||||||||||||||||||||||
Reales | 15,046,748 | — | — | — | — | — | — | |||||||||||||||||||||||||||
Total long-term liabilities | $ Reaj. | 76,238,684 | 74,885,438 | 3,400,637 | 60,800,362 | |||||||||||||||||||||||||||||
by currency | $ no Reaj. | 170,309,152 | 4,701,799 | 8,807,948 | 15,361,903 | |||||||||||||||||||||||||||||
US$ | 795,743,058 | 191,889,507 | 730,517,882 | 270,783,877 | ||||||||||||||||||||||||||||||
Euro | — | — | — | — | ||||||||||||||||||||||||||||||
$ Col. | 237,880,407 | 142,681,570 | 118,901,326 | — | ||||||||||||||||||||||||||||||
Soles | 69,523,509 | 23,336,835 | 44,588,242 | — | ||||||||||||||||||||||||||||||
$ Arg. | 51,689,162 | 15,643,509 | 7,256,698 | — | ||||||||||||||||||||||||||||||
Reales | 390,943,412 | 139,694,478 | 275,955,966 | 1,543,589 | ||||||||||||||||||||||||||||||
Total long-term liabilities | 1,792,327,384 | 592,833,136 | 1,189,428,699 | 348,489,731 | ||||||||||||||||||||||||||||||
a) | On April 27, 2004, through Exempt resolution 814, the Superintendency of Electricity and Fuel (S.E.C.) penalized the Company for a total amount of 1,830 UTA (ThCh$665,564), as a result of the blackout which occurred on January 13, 2003, that affected the area between Tal Tal and Santiago. On May 7, 2004, the Company filed an appeal whose jurisdiction and solution belongs to the Superintendency of Electricity and Fuel (S.E.C.). The S.E.C. rejected the appeal and a claim petition was filed with the Santiago Court of Appeals. | |
The resolution issued by the Santiago Court of Appeal can be appealed against in the Supreme Court. | ||
To this date, the Company cannot exactly forecast the effects the final resolution will have on its financial statements. |
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b) | Summary trial to complain about the fine imposed by the Superintendency of Securities and Insurance, 10 thCivil Court of Santiago (Case No. 4394-97). This summary trial was brought by Chilectra S.A. (fomerly Elesur S.A.) according to the regulations of Statutory Decree 3538 (Basic Law on the Superintendency of Securities and Insurance) against such Superintendency, and its purpose is to petition for the line imposed by such inspection agency via exempt resolution No. 337 of October 31, 1997 (U.F. 100,000 — 100,000 inflation index-linked units of account) to be declared null and void. On November 17, 2000, the court ruled an appealable judgment endorsing the claim by Chilectra S.A. (formerly Elesur S.A.), declaring the fine imposed by the Superintendency null and void. The ruling states, in sum, that there was no use of privileged information since it was one of the parties to the contract’s own information. The Superintendency lodged an appeal for annulment of the ruling (case number 82-2001). On June 6, 2006, the Santiago Court of Appeal revoked the ruling, maintaining al1 parts of Exempt Resolution 337 of the Superintendency. On June 23, 2006, appeals for annulment in form and substance were lodged with the Supreme Court, and these are on the weekly lists of cases for bearing and sentencing. | |
The Company and the Board of Directors have not been the target of any other sanctions by the SVS or by any other administrative authorities. |
• | Implementation of Environmental Management System, ISO Standard 14.001. | |
• | Reforestation, installation of acustic panels and preparation of Environmental Impact Statement. | |
• | “Space cape” and pre-assembling for maintenance and improvement of installations. |
• | For handling hazardous wastes controlled through the Management System. | |
• | Environment-related, to meet current regulations. | |
• | In cleaning and order, which is associated with the preparation for environmental audits. | |
• | In pruning and cutting, associated with the need for clearing the area around the lines. |
• | El Toro Power Plant: Environmental liabilities recovery and works required for SGA certification under ISO 14.001. | |
• | San Isidro- Certification of C02 cilinders and maintenance of certifications. | |
• | Bocamina Power Plant: Certification of environmental management system under ISO 14.001. | |
• | Tarapacá: Control on line for particulate material, normalization of gas analyzer and 2nd stage in the power plant’s landscape project | |
• | Huasco: Construction project of a profile against fuel spillovers. | |
• | Sanzal: Recover of environmental liabilities. |
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Amortization | ||||
Year | ThCh$ | |||
2007 | 5,547,991 | |||
2008 | 4,986,896 | |||
2009 | 4,499,388 | |||
2010 | 1,920,840 | |||
2011 | 2,394,384 |
i. | A deferred tax liability or asset is recognized for the estimated future tax effects attributable to temporary differences and tax loss carryforwards. | |
ii. | The measurement of deferred tax liabilities and assets is based on the provisions of the enacted tax law. The effects of future changes in tax laws or rates are not recognized prior to the period in which such changes are enacted into law. | |
iii. | Deferred tax assets are reduced by a valuation allowance, to the extent that, based on the weight of available evidence, it is deemed more likely than not that the deferred tax assets will not be realized. |
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• | Under both Chilean GAAP and US GAAP, actuarial gains/losses are deferred over the average remaining service period when the cumulative amount of deferred actuarial gains and losses are less than 10% of the higher of the projected benefit obligation or fair value of plan assets. | |
• | The changes effected for the discount rate in Chile GAAP and US GAAP and their timing as described in (f) were also instituted for post-retirement benefits. |
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(i) | Reversal of capitalized foreign currency exchange differences related to capitalized interest. | ||
(ii) | Reversal of complementary accounts (asset or liability) recorded as a transitional provision in connection with the adoption of Technical Bulletin N°60 as of January 1, 2000. | ||
(iii) | Organizational costs deferred under Chilean GAAP that, under U.S. GAAP, should have been included in income. | ||
(iv) | The recording of derivative instruments in accordance with SFAS No. 133. | ||
(v) | The deferred income tax effects of adjustments (i), (iii) and (iv). |
(i) | Under Chilean GAAP, for acquisitions completed through December 31, 2003 assets acquired and liabilities assumed are recorded at their carrying value, and the excess of the purchase price over the carrying value are recorded as goodwill. Circular No. 1358, dated December 3, 1997 issued by the SVS, extended the maximum amortization period of goodwill to 20 years from the previous 10 years. | |
Under U.S. GAAP, assets acquired and liabilities assumed are recorded at their estimated fair values, and the excess of the purchase price over the estimated fair value of the net identifiable assets and liabilities acquired are recorded as goodwill. Up until December 31, 2001, the Company amortized goodwill on a straight-line basis over the estimated useful lives of the assets, ranging from 20 to 40 years. Goodwill acquired after June 30, 2001 is not amortized. In accordance with SFAS No. 142, the Company discontinued amortizing goodwill on January 1, 2002. The effects of recording the different amortization periods and reversing the amortization of goodwill are included in paragraph (cc) below. | ||
Technical Bulletin No. 72 issued by Chilean Association of Accountants requires using fair value of acquired assets and liabilities for the accounting for all acquisitions after January 1, 2004, and consequently after that date difference in accounting treatment related to the allocation of purchase consideration over assets acquired and liabilities assumed between Chilean GAAP and US GAAP no longer exists. |
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(ii) | Under Chilean GAAP and US GAAP, the Company evaluates the carrying amount of goodwill for impairment. The Company determines the impairment losses using a discounted cash flow approach and recent comparable transactions in the market. In order to estimate recoverable value, the Company makes assumptions about future events that are highly uncertain at the time of estimation. The results of this analysis showed no impairment of goodwill for the years ended December 31, 2005 and 2006. | |
The following effects are included in the net income and shareholders’ equity reconciliation to US GAAP under paragraph (cc) below: |
(i) | differences in the amount of the impairment under US GAAP related to basis differences in the original determination and subsequent amortization methodology between Chilean GAAP and US GAAP; | ||
(ii) | the reversal of negative goodwill impairment under Chilean GAAP, as under US GAAP negative goodwill is treated as an adjustment to the net book value of the related fixed assets to their fair value; | ||
(iii) | the reversal of goodwill amortization recorded under Chilean GAAP. |
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• | Monetary assets and liabilities are translated at year-end rates of exchange between the US dollar and the local currency. | |
• | All non-monetary assets and liabilities and shareholder’s equity are translated at historical rates of exchange between the US dollar and the local currency. | |
• | Income and expense accounts are translated at average rates of exchange between the US dollar and local currency. | |
• | The effects of any exchange rate fluctuations between the local currency and the US dollar are included in the results of operations for the period. |
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As of December 31, | ||||||||||||
2004 | 2005 | 2006 | ||||||||||
ThCh$ | ThCh$ | ThCh$ | ||||||||||
Net income in accordance with Chilean GAAP | 46,866,624 | 69,445,219 | 285,960,366 | |||||||||
Reversal of amortization of revaluation of property, plant and equipment (paragraph b) | 1,955,277 | 1,123,624 | 940,087 | |||||||||
Depreciation of property, plant and equipment and difference in fixed assets value at acquisition date (paragraph c) | (2,323,226 | ) | (1,091,989 | ) | (1,124,997 | ) | ||||||
Amortization of intangibles (paragraph d) | 1,067,360 | — | — | |||||||||
Deferred income taxes (paragraph e) | 12,612,586 | 3,507,010 | 8,255,112 | |||||||||
Pension and post-retirement benefits (paragraph g) | (5,736,710 | ) | 1,533 | 155,497 | ||||||||
Investments in related companies (paragraph h) | 1,549 | (33,823,190 | ) | 4,773,424 | ||||||||
Amortization of goodwill (paragraph i) | 56,882,043 | 55,757,931 | 55,324,188 | |||||||||
Amortization of negative goodwill (paragraph j) | 1,267,005 | 900,014 | 17,753,365 | |||||||||
Capitalized interest (paragraph k) | 8,348,959 | 11,526,719 | 11,902,604 | |||||||||
Depreciation capitalized interest (paragraph k) | (2,292,471 | ) | (1,689,013 | ) | (2,037,571 | ) | ||||||
Difference foreign exchange capitalized (paragraph k) | (6,182,165 | ) | 6,659 | 31,411 | ||||||||
Depreciation difference foreign exchange capitalized (paragraph k) | 261,423 | 493,599 | 495,731 | |||||||||
Accumulated deficit during the development stage (paragraph l) | — | — | (303,015 | ) | ||||||||
Capitalized general and administrative expenses (paragraph n) | 2,953,118 | (2,995,173 | ) | (2,930,771 | ) | |||||||
Involuntary employee termination benefits (paragraph o) | (1,769 | ) | (17,268 | ) | (21,295 | ) | ||||||
Revenue recognition Edesur (paragraph p) | — | (3,983,074 | ) | 4,071,920 | ||||||||
Elimination of amortization of capitalized legal reserve (paragraph q) | 518,351 | 459,424 | 466,907 | |||||||||
Amortization of organizational and start-up costs (paragraph r) | 489,552 | 3,695,633 | 2,384,966 | |||||||||
Derivative instruments operating income (paragraph t) | (7,115,723 | ) | 33,692,028 | 1,058,984 | ||||||||
Derivative instruments non operating income (paragraph t) | 16,710,560 | (1,919,538 | ) | (85,113 | ) | |||||||
Fair value of long-term debt assumed (paragraph u) | (146,231 | ) | (978,245 | ) | (27,371 | ) | ||||||
Deferred income (paragraph v) | 242,761 | 128,342 | 130,581 | |||||||||
Regulated assets (paragraph w) | 12,056,423 | 12,320,216 | (3,562,711 | ) | ||||||||
Reorganization of subsidiaries (paragraph x) | (262,369 | ) | (232,852 | ) | (236,914 | ) | ||||||
Effects of minority interest on the U.S. GAAP adjustments (paragraph y) | 23,374,626 | (6,988,163 | ) | (7,211,572 | ) | |||||||
Deferred tax effects on the U.S. GAAP adjustments | (710,466 | ) | (14,505,746 | ) | (15,198,481 | ) | ||||||
Amortization of bond discount and deferred debt issuance cost (paragraph z) | — | — | 2,338,553 | |||||||||
Staff severance indemnities (paragraph f) | (189,069 | ) | — | — | ||||||||
Asset retirement cost — (paragraph aa) | 566,123 | (64,469 | ) | (12,090 | ) | |||||||
Asset retirement obligations — liabilities (paragraph aa) | (674,105 | ) | 148,420 | (1,140,190 | ) | |||||||
Net income in accordance with U.S. GAAP | 160,540,036 | 124,917,651 | 362,151,605 | |||||||||
Net income in accordance with U.S. GAAP | 160,540,036 | 124,917,651 | 362,151,605 | |||||||||
Other comprehensive income (loss): | ||||||||||||
Cumulative translation adjustment determined under Chilean GAAP net of minority interest | (101,836,006 | ) | (105,702,172 | ) | 15,780,715 | |||||||
Cumulative translation adjustment related to U.S GAAP adjustments net of minority interest | 13,171,282 | 21,138,761 | (3,334,313 | ) | ||||||||
Fair value change of hedging instruments used in cash flow hedges, net of deferred tax | — | 1,317,498 | (44,746,077 | ) | ||||||||
Comprehensive income in accordance with U.S.GAAP | 71,875,312 | 41,671,738 | 329,851,930 | |||||||||
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As of December 31, | ||||||||
2005 | 2006 | |||||||
ThCh$ | ThCh$ | |||||||
Shareholders’ equity in accordance with Chilean GAAP | 2,650,384,728 | 2,869,881,909 | ||||||
Reversal of revaluation of property, plant and equipment net of accumulated amortization revaluation of property, plant and equipment (paragraph b) | (10,179,636 | ) | (9,238,334 | ) | ||||
Depreciation of property, plant and equipment and difference in fixed asset value at acquisition date (paragraph c) | (8,986,279 | ) | (10,008,427 | ) | ||||
Deferred income taxes (paragraph e) | (294,941,836 | ) | (290,128,352 | ) | ||||
Pension and post-retirement benefits liabilities long term (paragraph g) | (16,368,212 | ) | 8,057,678 | |||||
Investments in related companies (paragraph h) | (6,946,111 | ) | (2,293,661 | ) | ||||
Goodwill (paragraph i) | 421,820,730 | 479,559,912 | ||||||
Goodwill gross amount (paragraph i) | 89,858,301 | 88,417,514 | ||||||
Negative goodwill (paragraph j) | (354,124,446 | ) | (339,386,151 | ) | ||||
Capitalized interest (paragraph k) | 68,157,399 | 79,211,332 | ||||||
Exchange difference (paragraph k) | (20,328,830 | ) | (19,905,733 | ) | ||||
Minimum dividend (paragraph m) | (16,086,968 | ) | (47,710,019 | ) | ||||
Capitalized general and administrative expenses (paragraph n) | (26,240,459 | ) | (29,373,265 | ) | ||||
Reversal of accrual of certain involuntary employee termination benefits (paragraph o) | 59,128 | 38,865 | ||||||
Revenue recognition Edesur (paragraph p) | (3,983,074 | ) | — | |||||
Elimination of capitalized legal reserve (paragraph q) | (5,438,791 | ) | (5,066,755 | ) | ||||
Amortization organizational and start-up costs (paragraph r) | (10,037,395 | ) | (7,827,515 | ) | ||||
Derivative instruments (paragraph t) | 19,558,830 | (33,346,865 | ) | |||||
Fair value of long-term debt assumed (paragraph u) | 191,592 | 164,221 | ||||||
Reorganization of subsidiaries (paragraph x) | 3,721,443 | 13,816,196 | ||||||
Deferred income (paragraph v) | (2,053,473 | ) | (1,958,711 | ) | ||||
Regulated assets (paragraph w) | 2,996,725 | (513,714 | ) | |||||
Effects of minority interest on the U.S. GAAP adjustments (paragraph y) | 204,336,006 | 191,122,226 | ||||||
Deferred tax effects on the U.S. GAAP adjustments | 114,447,475 | 100,059,125 | ||||||
Amortization of bond discount and deferred debt issuance cost (paragraph z) | — | 2,338,553 | ||||||
Asset retirement cost (paragraph aa) | 567,187 | 547,154 | ||||||
Asset retirement obligations — liabilities (paragraph aa) | (998,688 | ) | (2,139,121 | ) | ||||
Shareholders’ equity in accordance with U.S. GAAP | 2,799,385,346 | 3,034,318,062 | ||||||
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As of December 31, | ||||||||||||
2004 | 2005 | 2006 | ||||||||||
ThCh$ | ThCh$ | ThCh$ | ||||||||||
Shareholders equity in accordance with U.S. GAAP — January 1 | 2,724,074,973 | 2,786,704,619 | 2,799,385,346 | |||||||||
Dividends paid during the year | — | (13,886,128 | ) | (68,893,961 | ) | |||||||
Reversal of dividends payable as of previous balance sheet date | — | 8,631,508 | 16,086,968 | |||||||||
Minimum dividend payable (paragraph m) | (8,631,508 | ) | (16,086,968 | ) | (47,710,019 | ) | ||||||
Reorganization under common control (paragraph x and bb) | — | (7,649,423 | ) | (4,795,801 | ) | |||||||
Fair value change of hedging instruments used in cash flow hedges, net of deferred tax | — | 1,317,498 | (44,746,077 | ) | ||||||||
Adoption of FAS 158, Brazilian subsidiaries, net of deferred tax | — | — | 10,393,599 | |||||||||
Cumulative translation adjustment | (88,664,724 | ) | (84,563,411 | ) | 12,446,402 | |||||||
Capital increase | (614,158 | ) | — | — | ||||||||
Net income in accordance with U.S. GAAP for the year | 160,540,036 | 124,917,651 | 362,151,605 | |||||||||
Shareholders equity in accordance with U.S.GAAP — December 31 | 2,786,704,619 | 2,799,385,346 | 3,034,318,062 | |||||||||
As of December 31, | ||||||||
2005 | 2006 | |||||||
ThCh$ | ThCh$ | |||||||
Goodwill | 1,806,704,228 | 1,801,542,342 | ||||||
Less: accumulated amortization | (1,090,572,266 | ) | (1,146,480,345 | ) | ||||
Goodwill, net | 716,131,962 | 655,061,997 | ||||||
Negative goodwill | (469,806,762 | ) | (475,440,048 | ) | ||||
Less: accumulated amortization | 432,346,174 | 438,423,731 | ||||||
Negative goodwill, net | (37,460,588 | ) | (37,016,317 | ) | ||||
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For the year ended December 31, | ||||||||||||
2004 | 2005 | 2006 | ||||||||||
Ch$ | Ch$ | Ch$ | ||||||||||
Chilean GAAP earnings per share | 1.44 | 2.13 | 8.76 | |||||||||
U.S. GAAP earnings per share | 4.92 | 3.83 | 11.09 | |||||||||
Basic and diluted U.S. GAAP earnings per share | 4.92 | 3.83 | 11.09 | |||||||||
Total number of common outstanding shares at December 31, | 32,651,166 | 32,651,166 | 32,651,166 | |||||||||
Weighted average number of common shares outstanding (000’s) | 32,651,166 | 32,651,166 | 32,651,166 |
(1) | The earnings per share figures for both U.S. GAAP and Chilean GAAP purposes have been calculated by dividing the respective earnings (loss) amounts in accordance with U.S. GAAP and Chilean GAAP, respectively, by the weighted average number of common shares outstanding during the year. The Company has not issued convertible debt or contingent equity securities. Consequently, there are no potentially dilutive effects on the earnings per share of the Company. |
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2004 | ||||||||||||||||||||||||
Chile | Argentina | Perú | Brazil | Colombia | Total | |||||||||||||||||||
ThCh$ | ThCh$ | ThCh$ | ThCh$ | ThCh$ | ThCh$ | |||||||||||||||||||
Income tax provision under Chilean GAAP | ||||||||||||||||||||||||
Current income taxes as determined under Chilean GAAP | (6,110,475 | ) | (272,789 | ) | (18,550,941 | ) | (5,332,042 | ) | (69,327,978 | ) | (99,594,225 | ) | ||||||||||||
Deferred income taxes as determined under Chilean GAAP | 12,770,470 | (24,173,507 | ) | (27,780,,981 | ) | (2,526,996 | ) | (3,862,472 | ) | (45,573,486 | ) | |||||||||||||
Total income tax provision under Chilean GAAP | 6,659,995 | (24,446,296 | ) | (46,331,922 | ) | (7,859,038 | ) | (73,190,450 | ) | (145,167,711 | ) | |||||||||||||
U.S. GAAP adjustments: | ||||||||||||||||||||||||
Deferred tax effect of applying SFAS No. 109 | 1,536,490 | 8,820,314 | 2,814,136 | (558,354 | ) | — | 12,612,586 | |||||||||||||||||
Deferred tax effect of adjustments to U.S. GAAP | (332,152 | ) | 1,570,741 | 3,022,940 | (3,499,615 | ) | (1,472,380 | ) | (710,466 | ) | ||||||||||||||
U.S. GAAP reclassifications (1) | 628,403 | — | — | — | 1,507,553 | 2,135,956 | ||||||||||||||||||
Total U.S. GAAP adjustments: | 1,832,741 | 10,391,055 | 5,837,076 | (4,057,969 | ) | 35,173 | 14,038,077 | |||||||||||||||||
Total Income tax provision under U.S. GAAP | 8,492,736 | (14,055,241 | ) | (40,494,846 | ) | (11,917,007 | ) | (73,155,277 | ) | (131,129,635 | ) | |||||||||||||
2005 | ||||||||||||||||||||||||
Chile | Argentina | Perú | Brazil | Colombia | Total | |||||||||||||||||||
ThCh$ | ThCh$ | ThCh$ | ThCh$ | ThCh$ | ThCh$ | |||||||||||||||||||
Income tax provision under Chilean GAAP | ||||||||||||||||||||||||
Current income taxes as determined under Chilean GAAP | (12,757,343 | ) | (6,081,363 | ) | (24,595,823 | ) | (30,249,268 | ) | (75,083,231 | ) | (148,767,028 | ) | ||||||||||||
Deferred income taxes as determined under Chilean GAAP | (28,135,999 | ) | (6,060,321 | ) | (2,138,607 | ) | 2,577,728 | 473,553 | (33,283,646 | ) | ||||||||||||||
Total income tax provision under Chilean GAAP | (40,893,342 | ) | (12,141,684 | ) | (26,734,430 | ) | (27,671,540 | ) | (74,609,678 | ) | (182,050,674 | ) | ||||||||||||
U.S. GAAP adjustments: | ||||||||||||||||||||||||
Deferred tax effect of applying SFAS No. 109 | (414,414 | ) | 150,177 | 5,655,585 | (1,884,338 | ) | — | 3,507,010 | ||||||||||||||||
Deferred tax effect of adjustments to U.S. GAAP | (9,755,096 | ) | 1,726,862 | (1,137,194 | ) | (5,259,431 | ) | (80,887 | ) | (14,505,746 | ) | |||||||||||||
U.S. GAAP reclassifications (1) | 1,626,755 | — | — | 4,226,268 | 1,600,673 | 7,453,696 | ||||||||||||||||||
Total U.S. GAAP adjustments: | (8,542,755 | ) | 1,877,039 | 4,518,391 | (2,917,501 | ) | 1,519,786 | (3,545,040 | ) | |||||||||||||||
Total Income tax provision under U.S. GAAP | (49,436,097 | ) | (10,264,645 | ) | (22,216,039 | ) | (30,589,041 | ) | (73,089,892 | ) | (185,595,714 | ) | ||||||||||||
2006 | ||||||||||||||||||||||||
Chile | Argentina | Perú | Brazil | Colombia | Total | |||||||||||||||||||
ThCh$ | ThCh$ | ThCh$ | ThCh$ | ThCh$ | ThCh$ | |||||||||||||||||||
Income tax provision under Chilean GAAP | ||||||||||||||||||||||||
Current income taxes as determined under Chilean GAAP | (48,613,763 | ) | (4,507,845 | ) | (33,745,695 | ) | (80,992,242 | ) | (85,208,065 | ) | (253,067,610 | ) | ||||||||||||
Deferred income taxes as determined under Chilean GAAP | 83,652,728 | (10,880,034 | ) | (8,186,970 | ) | 55,665,414 | 23,408,598 | 143,659,736 | ||||||||||||||||
Total income tax provision under Chilean GAAP | 35,038,965 | (15,387,879 | ) | (41,932,665 | ) | (25,326,828 | ) | (61,799,467 | ) | (109,407,874 | ) | |||||||||||||
U.S. GAAP adjustments: | ||||||||||||||||||||||||
Deferred tax effect of applying SFAS No. 109 | 5,728,815 | 135,227 | (577,332 | ) | 2,968,402 | — | 8,255,112 | |||||||||||||||||
Deferred tax effect of adjustments to U.S. GAAP | (6,978,720 | ) | (3,588,034 | ) | (977,017 | ) | (1,263,702 | ) | (2,391,008 | ) | (15,198,481 | ) | ||||||||||||
U.S. GAAP reclassifications (1) | 86,038 | — | — | 14,085,351 | 182,224 | 14,353,613 | ||||||||||||||||||
Total U.S. GAAP adjustments: | (1,163,867 | ) | (3,452,807 | ) | (1,554,349 | ) | 15,790,051 | (2,208,784 | ) | 7,410,244 | ||||||||||||||
Total Income tax provision under U.S. GAAP | 33,875,098 | (18,840,686 | ) | (43,487,014 | ) | (9,536,777 | ) | (64,008,251 | ) | (101,997,630 | ) | |||||||||||||
(1) | Certain tax-related expenses under Chilean GAAP are classified as non-operating, but under US GAAP would be classified as income taxes. |
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2005 | 2006 | |||||||||||||||||||||||
SFAS No. 109 | SFAS No. 109 | |||||||||||||||||||||||
Applied to | SFAS No. | Total | Applied to | SFAS No. | Total | |||||||||||||||||||
Chilean | 109 applied | Deferred | Chilean | 109 applied | Deferred | |||||||||||||||||||
GAAP | to U.S. GAAP | Taxes under | GAAP | to U.S. GAAP | Taxes under | |||||||||||||||||||
Balances | Adjustments | SFAS No. 109 | Balances | Adjustments | SFAS No. 109 | |||||||||||||||||||
ThCh$ | ThCh$ | ThCh$ | ThCh$ | ThCh$ | ThCh$ | |||||||||||||||||||
Deferred income tax assets: | ||||||||||||||||||||||||
Property, plant and equipment | 28,899,953 | 131,313,976 | 160,213,929 | 2,739,244 | 101,989,597 | 104,728,841 | ||||||||||||||||||
Allowance for doubtful accounts | 56,899,775 | — | 56,899,775 | 67,547,385 | — | 67,547,385 | ||||||||||||||||||
Actuarial deficit (companies in Brazil) | 11,830,729 | — | 11,830,729 | 10,500,328 | — | 10,500,328 | ||||||||||||||||||
Deferred income | 2,015,328 | — | 2,015,328 | 2,236,216 | — | 2,236,216 | ||||||||||||||||||
Provision real estate projects | 2,460,812 | — | 2,460,812 | 2,367,831 | — | 2,367,831 | ||||||||||||||||||
Derivative contracts | — | 3,038,592 | 3,038,592 | — | 9,184,618 | 9,184,618 | ||||||||||||||||||
Vacation accrual | 1,053,846 | — | 1,053,846 | 1,147,149 | — | 1,147,149 | ||||||||||||||||||
Post retirement benefits | — | 5,565,192 | 5,565,192 | — | — | — | ||||||||||||||||||
Tax loss carryforwards (1) | 243,459,396 | — | 243,459,396 | 241,818,145 | — | 241,818,145 | ||||||||||||||||||
Contingencies | 80,000,821 | — | 80,000,821 | 85,277,169 | — | 85,277,169 | ||||||||||||||||||
Salaries for construction-in progress | 3,781,606 | — | 3,781,606 | 4,013,859 | — | 4,013,859 | ||||||||||||||||||
Revenue recognition Edesur | — | 1,394,076 | 1,394,076 | — | — | — | ||||||||||||||||||
Valuation allowance | (178,272,879 | ) | (940,389 | ) | (179,213,268 | ) | (39,998,258 | ) | (1,104,621 | ) | (41,102,879 | ) | ||||||||||||
Others | 12,376,001 | 804,107 | 13,180,108 | 14,349,812 | 1,247,333 | 15,597,145 | ||||||||||||||||||
Provision for employee benefits | 6,024,624 | — | 6,024,624 | 5,548,245 | (2,739,611 | ) | 2,808,634 | |||||||||||||||||
Total deferred income tax assets | 270,530,012 | 141,175,554 | 411,705,566 | 397,547,125 | 108,577,316 | 506,124,441 | ||||||||||||||||||
Deferred income tax liabilities: | ||||||||||||||||||||||||
Property, plant and equipment (2) | 400,201,707 | 99,843,560 | 500,045,267 | 411,588,632 | 83,812,317 | 495,400,949 | ||||||||||||||||||
Severance indemnities | 1,761,264 | — | 1,761,264 | 1,677,822 | — | 1,677,822 | ||||||||||||||||||
Regulated assets | 29,120,098 | 1,018,886 | 30,138,984 | 28,973,980 | (174,663 | ) | 28,799,317 | |||||||||||||||||
Finance costs | 13,254,965 | — | 13,254,965 | 15,353,914 | — | 15,353,914 | ||||||||||||||||||
Derivative contracts | — | 7,042,386 | 7,042,386 | — | 4,889,361 | 4,889,361 | ||||||||||||||||||
Bond discount | 1,709,291 | — | 1,709,291 | 1,478,500 | 397,554 | 1,876,054 | ||||||||||||||||||
Cost of studies | 8,498,040 | — | 8,498,040 | 8,420,626 | — | 8,420,626 | ||||||||||||||||||
Imputed interest on construction | 4,532,961 | — | 4,532,961 | 3,756,520 | — | 3,756,520 | ||||||||||||||||||
Materials used | 857,794 | — | 857,794 | 811,521 | — | 811,521 | ||||||||||||||||||
Exchange difference | 20,816,953 | — | 20,816,953 | 18,678,406 | — | 18,678,406 | ||||||||||||||||||
Capitalized expenses | — | — | — | 2,130,360 | — | 2,130,360 | ||||||||||||||||||
Capitalized interest | — | 23,173,516 | 23,173,516 | — | 26,922,740 | 26,922,740 | ||||||||||||||||||
Others | 12,645,033 | 32,571 | 12,677,604 | 13,642,567 | 27,918 | 13,670,485 | ||||||||||||||||||
Total deferred income tax liabilities | 493,398,106 | 131,110,919 | 624,509,025 | 506,512,848 | 115,875,227 | 622,388,075 | ||||||||||||||||||
Net deferred assets (liabilities) | (222,868,094 | ) | 10,064,635 | (212,803,459 | ) | (108,965,723 | ) | (7,297,911 | ) | (116,263,634 | ) | |||||||||||||
Complementary Account | 190,558,996 | (190,558,996 | ) | — | 182,771,316 | (182,771,316 | ) | — | ||||||||||||||||
Net deferred assets (liabilities) | (32,309,098 | ) | (180,494,361 | ) | (212,803,459 | ) | 73,805,593 | (190,069,227 | ) | (116,263,634 | ) | |||||||||||||
(1) | Tax loss carryforwards relate primarily to Peruvian, Chilean and Brazilian entities. In accordance with the current enacted tax law in Chile and Brazil, such tax losses may be carried-forward indefinitely, however Peruvian tax carryforwards expire after five years. | |
(2) | In September 2004, the Peruvian tax court ruled invalid the tax basis of certain assets held by Edegel S.A. Based on this ruling, the Company has increased the long-term deferred tax liability ThCh$80,429,245, in order to reflect the write-off of the corresponding tax-basis assets held in Peru. As such estimate of future deductible amounts was determined prior to the acquisition of Edegel in connection with the acquisition of Endesa-Chile in 1999, the Company has adjusted goodwill by a corresponding amount in accordance with SFAS No. 109 “Accounting for Income Taxes” (“SFAS No. 109”) and EITF 93-7 “Uncertainties Related to Income Taxes in a Business Combination”. |
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2004 | ||||||||||||||||||||||||
Chile | Argentina | Perú | Brazil | Colombia | Total | |||||||||||||||||||
ThCh$ | ThCh$ | ThCh$ | ThCh$ | ThCh$ | ThCh$ | |||||||||||||||||||
Statutory US GAAP tax | (55,978,322 | ) | 2,198,715 | (20,188,626 | ) | (177,024 | ) | (26,039,812 | ) | (100,185,069 | ) | |||||||||||||
Effect of higher foreign tax rates | — | 3,526,043 | (19,384,976 | ) | 10,540,274 | (31,758,912 | ) | (37,077,571 | ) | |||||||||||||||
Increase (decrease) in rates resulting from: | ||||||||||||||||||||||||
Price-level restatement not accepted for tax purposes | (158,725 | ) | (3,260,306 | ) | (9,134,554 | ) | — | (7,798,630 | ) | (20,352,215 | ) | |||||||||||||
Non-taxable items | 35,091,466 | (14,671,010 | ) | (8,667,228 | ) | (19,240,519 | ) | (6,371,390 | ) | (13,858,681 | ) | |||||||||||||
Non-deductible items (2) | 27,204,360 | 1,300,938 | 1,133,032 | (3,346,512 | ) | 1,598,587 | 27,890,405 | |||||||||||||||||
Prior years income tax | (1,280,114 | ) | — | — | — | — | (1,280,114 | ) | ||||||||||||||||
Other | 2,985,668 | (3,149,621 | ) | 15,747,506 | 306,774 | (4,292,673 | ) | 11,597,654 | ||||||||||||||||
US GAAP reclassifications (1) | 628,403 | — | — | — | 1,507,553 | 2,135,956 | ||||||||||||||||||
Tax (benefit) expense at effective tax rate | 8,492,736 | (14,055,241 | ) | (40,494,846 | ) | (11,917,007 | ) | (73,155,277 | ) | (131,129,635 | ) | |||||||||||||
2005 | ||||||||||||||||||||||||
Chile | Argentina | Perú | Brazil | Colombia | Total | |||||||||||||||||||
ThCh$ | ThCh$ | ThCh$ | ThCh$ | ThCh$ | ThCh$ | |||||||||||||||||||
Statutory US GAAP tax | (30,843,549 | ) | 7,236,194 | (14,242,625 | ) | (16,049,611 | ) | (30,765,133 | ) | (84,664,724 | ) | |||||||||||||
Effect of higher foreign tax rates | — | 7,661,853 | (13,823,723 | ) | (14,624,618 | ) | (36,329,724 | ) | (57,116,212 | ) | ||||||||||||||
Increase (decrease) in rates resulting from: | ||||||||||||||||||||||||
Price-level restatement not accepted for tax purposes | 4,557,943 | (6,680,885 | ) | — | — | 114,226 | (2,008,716 | ) | ||||||||||||||||
Non-taxable items | 13,581,428 | 1,981,745 | 9,437,281 | 12,733,699 | 8,930,895 | 46,665,048 | ||||||||||||||||||
Non-deductible items (2) | (37,594,487 | ) | (19,075,945 | ) | (2,330,001 | ) | (16,854,574 | ) | (14,975,140 | ) | (90,830,147 | ) | ||||||||||||
Effect of change in valuation allowance | (627,216 | ) | — | — | — | 1,348,200 | 720,984 | |||||||||||||||||
Prior years income tax | 780,413 | — | — | — | — | 780,413 | ||||||||||||||||||
Other | (917,384 | ) | (1,387,607 | ) | (1,256,971 | ) | (20,205 | ) | (3,013,889 | ) | (6,596,056 | ) | ||||||||||||
US GAAP reclassifications (1) | 1,626,755 | — | — | 4,226,268 | 1,600,673 | 7,453,696 | ||||||||||||||||||
Tax (benefit) expense at effective tax rate | (49,436,097 | ) | (10,264,645 | ) | (22,216,039 | ) | (30,589,041 | ) | (73,089,892 | ) | (185,595,714 | ) | ||||||||||||
2006 | ||||||||||||||||||||||||
Chile | Argentina | Perú | Brazil | Colombia | Total | |||||||||||||||||||
ThCh$ | ThCh$ | ThCh$ | ThCh$ | ThCh$ | ThCh$ | |||||||||||||||||||
Statutory US GAAP tax | (54,195,284 | ) | (2,250,914 | ) | (10,474,694 | ) | (26,981,297 | ) | (34,486,586 | ) | (128,388,775 | ) | ||||||||||||
Effect of higher foreign tax rates | — | (2,383,321 | ) | (10,166,614 | ) | (26,981,296 | ) | (43,615,390 | ) | (83,146,621 | ) | |||||||||||||
Increase (decrease) in rates resulting from: | ||||||||||||||||||||||||
Price-level restatement not accepted for tax purposes | (5,306,699 | ) | (6,090,435 | ) | — | — | 23,819,730 | 12,422,596 | ||||||||||||||||
Non-taxable items | 16,426,968 | 5,524,094 | 1,604,352 | 40,260,656 | 3,896,349 | 67,712,419 | ||||||||||||||||||
Non-deductible items (2) | (63,104,687 | ) | (13,626,074 | ) | (24,538,926 | ) | (15,456,493 | ) | (14,913,918 | ) | (131,640,098 | ) | ||||||||||||
Effect of change in valuation allowance | 130,922,325 | — | — | — | (58,155 | ) | 130,864,170 | |||||||||||||||||
Prior years income tax | 6,060,692 | — | — | — | — | 6,060,692 | ||||||||||||||||||
Other | 2,985,745 | (14,036 | ) | 88,868 | 5,536,302 | 1,167,497 | 9,764,376 | |||||||||||||||||
US GAAP reclassifications (1) | 86,038 | — | — | 14,085,351 | 182,224 | 14,353,613 | ||||||||||||||||||
Tax (benefit) expense at effective tax rate | 33,875,098 | (18,840,686 | ) | (43,487,014 | ) | (9,536,777 | ) | (64,008,251 | ) | (101,997,630 | ) | |||||||||||||
(1) | US GAAP reclassifications are tax related expenses that under Chilean GAAP are classified as non-operating expenses, but under US GAAP would be classified as income taxes. | |
(2) | This represents mainly deductible temporary differences related to investments in subsidiaries that are permanent in nature for which deferred tax asset are not recognized. |
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• | Generation | |
• | Distribution | |
• | Engineering Services and Real Estate | |
• | Corporate and other |
• | Generation |
• | Distribution — Operating Revenues |
• | Distribution — Non Operating Revenues |
• | Engineering Services and Real Estate |
• | Corporate and Other |
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Engineering | ||||||||||||||||||||||||||||
services and | Corporate | |||||||||||||||||||||||||||
2004 | Generation | Transmission | Distribution | real estate | and other | Eliminations | Consolidated | |||||||||||||||||||||
ThCh$ | ThCh$ | ThCh$ | ThCh$ | ThCh$ | ThCh$ | ThCh$ | ||||||||||||||||||||||
Sales to unaffiliated customers | 781,423,212 | — | 1,975,320,611 | 18,997,389 | 51,147,903 | (3,957,563 | ) | 2,822,931,552 | ||||||||||||||||||||
Intersegment sales | 289,349,079 | — | 15,389,646 | 13,487,262 | 107,853,629 | (360,755,821 | ) | 65,323,795 | ||||||||||||||||||||
Total revenues | 1,070,772,291 | — | 1,990,710,257 | 32,484,651 | 159,001,532 | (364,713,384 | ) | 2,888,255,347 | ||||||||||||||||||||
Operating income | 388,719,251 | — | 294,748,608 | 1,529,056 | 1,107,915 | 5,593,036 | 691,697,866 | |||||||||||||||||||||
Participation in net income of affiliate companies | 20,044,545 | — | (20,161,300 | ) | 275,703 | 139,481,433 | (106,695,637 | ) | 32,944,744 | |||||||||||||||||||
Depreciation and amortization | 165,202,222 | — | 222,094,781 | 1,763,525 | 57,721,804 | — | 446,782,332 | |||||||||||||||||||||
Identifiable assets including investment in related companies | 5,588,680,641 | — | 5,383,514,858 | 118,908,566 | 4,316,359,635 | (4,310,603,765 | ) | 11,096,859,935 | ||||||||||||||||||||
Capital expenditures | 101,367,892 | — | 174,379,204 | 341,021 | 5,205,542 | — | 281,293,659 | |||||||||||||||||||||
Engineering | ||||||||||||||||||||||||||||
services and | Corporate | |||||||||||||||||||||||||||
2005 | Generation | Transmission | Distribution | real estate | and other | Eliminations | Consolidated | |||||||||||||||||||||
ThCh$ | ThCh$ | ThCh$ | ThCh$ | ThCh$ | ThCh$ | ThCh$ | ||||||||||||||||||||||
Sales to unaffiliated customers | 885,593,542 | 13,088,320 | 2,264,900,754 | 21,073,868 | 64,780,472 | 385,645 | 3,249,822,601 | |||||||||||||||||||||
Intersegment sales | 285,394,924 | 15,525,130 | 17,304,838 | 12,977,309 | 114,233,574 | (402,115,710 | ) | 43,320,065 | ||||||||||||||||||||
Total revenues | 1,170,988,466 | 28,613,450 | 2,282,205,592 | 34,051,177 | 179,014,046 | (401,730,065 | ) | 3,293,142,666 | ||||||||||||||||||||
Operating income | 421,610,853 | 13,338,963 | 392,373,848 | 3,170,830 | (470,967 | ) | (1,379,461 | ) | 828,644,066 | |||||||||||||||||||
Participation in net income of affiliate companies | 13,709,598 | — | 3,173,550 | 155,382 | 153,395,823 | (163,546,854 | ) | 6,887,499 | ||||||||||||||||||||
Depreciation and amortization | 163,867,174 | 2,762,088 | 197,684,077 | 2,047,397 | 57,992,494 | — | 424,353,230 | |||||||||||||||||||||
Identifiable assets including investment in related companies | 5,529,152,941 | 499,883,129 | 4,837,653,506 | 108,462,482 | 4,912,851,951 | (5,419,086,272 | ) | 10,468,917,737 | ||||||||||||||||||||
Capital expenditures | 61,309,432 | 328,473 | 256,061,777 | 1,437,230 | 4,978,693 | — | 324,115,605 | |||||||||||||||||||||
Engineering | ||||||||||||||||||||||||||||
services and | Corporate | |||||||||||||||||||||||||||
2006 | Generation | Transmission | Distribution | real estate | and other | Eliminations | Consolidated | |||||||||||||||||||||
ThCh$ | ThCh$ | ThCh$ | ThCh$ | ThCh$ | ThCh$ | ThCh$ | ||||||||||||||||||||||
Sales to unaffiliated customers | 1,148,304,162 | 80,025,138 | 2,529,416,905 | 33,904,941 | 66,484,924 | — | 3,858,136,070 | |||||||||||||||||||||
Intersegment sales | 330,777,812 | 63,874,769 | 18,960,499 | 15,871,165 | 133,553,160 | (529,108,743 | ) | 33,928,662 | ||||||||||||||||||||
Total revenues | 1,479,081,974 | 143,899,907 | 2,548,377,404 | 49,776,106 | 200,038,084 | (529,108,743 | ) | 3,892,064,732 | ||||||||||||||||||||
Operating income | 583,966,319 | (758,516 | ) | 483,463,309 | 9,865,975 | (9,611,537 | ) | 1,116,901 | 1,068,042,451 | |||||||||||||||||||
Participation in net income of affiliate companies | 42,138,395 | — | 20,916,594 | 117,573 | 390,506,117 | (448,639,739 | ) | 5,038,940 | ||||||||||||||||||||
Depreciation and amortization | 189,730,359 | 13,555,986 | 206,673,313 | 2,255,417 | 60,091,589 | — | 472,306,664 | |||||||||||||||||||||
Identifiable assets including investment in related companies | 5,817,728,024 | 460,656,686 | 5,332,487,512 | 118,831,802 | 4,876,485,024 | (5,543,779,765 | ) | 11,062,409,283 | ||||||||||||||||||||
Capital expenditures | 173,512,065 | 1,893,683 | 335,867,636 | 1,631,388 | 4,863,574 | — | 517,768,346 | |||||||||||||||||||||
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Chile | Argentina | Perú | Brasil | Colombia | Total | |||||||||||||||||||
ThCh$ | ThCh$ | ThCh$ | ThCh$ | ThCh$ | ThCh$ | |||||||||||||||||||
2004 | ||||||||||||||||||||||||
Total revenues | 953,247,486 | 347,706,629 | 305,657,073 | 707,503,624 | 574,140,535 | 2,888,255,347 | ||||||||||||||||||
Long lived assets (net) (1) | 2,369,681,055 | 1,161,390,679 | 973,037,235 | 1,562,259,410 | 2,062,298,139 | 8,128,666,518 | ||||||||||||||||||
2005 | ||||||||||||||||||||||||
Total revenues | 1,089,380,399 | 402,590,119 | 300,264,933 | 901,123,363 | 599,783,852 | 3,293,142,666 | ||||||||||||||||||
Long lived assets (net) (1) | 2,353,816,519 | 995,511,199 | 855,959,997 | 1,816,089,978 | 1,785,379,094 | 7,806,756,787 | ||||||||||||||||||
2006 | ||||||||||||||||||||||||
Total revenues | 1,238,222,497 | 503,975,086 | 367,619,243 | 1,117,460,724 | 664,787,181 | 3,892,064,732 | ||||||||||||||||||
Long lived assets (net) (1) | 2,422,172,672 | 1,014,877,458 | 999,784,191 | 1,861,638,455 | 1,788,964,623 | 8,087,437,399 | ||||||||||||||||||
(1) | Long-lived assets include property, plant and equipment. |
As of | ||||
December 31, 2006 | ||||
ThCh$ | ||||
2007 | 379,971,326 | |||
2008 | 634,872,297 | |||
2009 | 501,655,473 | |||
2010 | 354,435,129 | |||
2011 | 368,596,613 | |||
Thereafter | 1,354,292,344 | |||
Total | 3,593,823,182 | |||
Year ended December 31, | ||||||||||||
2004 | 2005 | 2006 | ||||||||||
ThCh$ | ThCh$ | ThCh$ | ||||||||||
Interest expense incurred | 380,690,839 | 358,032,727 | 390,708,744 | |||||||||
Interest capitalized under Chilean GAAP | 7,619,740 | — | 5,783,642 | |||||||||
Interest capitalized under U.S. GAAP | 15,968,699 | 11,526,719 | 17,686,246 |
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(i) | The statement of cash flows under Chile GAAP differs in certain respects from the presentation of a statement of cash flow under U.S. GAAP. Marketable securities under Chile GAAP qualify as cash flow equivalent, whereas under U.S. GAAP they are classified as available – for –sale securities (See note 36 II (q)) |
As of December 31, | ||||||||||||
2004 | 2005 | 2006 | ||||||||||
ThCh$ | ThCh$ | ThCh$ | ||||||||||
Cash flow from operating activities — Chile GAAP and US GAAP | 653,699,031 | 837,148,104 | 862,408,340 | |||||||||
Cash flow from financing activities — Chile GAAP and US GAAP | (200,047,308 | ) | (764,261,264 | ) | (297,089,863 | ) | ||||||
Cash flow investing activities Chile GAAP | (205,104,786 | ) | (337,667,076 | ) | (507,680,720 | ) | ||||||
Differences between Chilean GAAP and US GAAP: | ||||||||||||
Purchase of marketable securities during period | (13,033,179 | ) | (5,421,998 | ) | (9,019,778 | ) | ||||||
Sale of marketable securities during period | 12,095,052 | 13,033,179 | 5,421,998 | |||||||||
Cash flow investing activities US GAAP | (206,042,913 | ) | (330,055,895 | ) | (511,278,500 | ) | ||||||
Net cash flow | 247,608,810 | (257,169,055 | ) | 54,039,977 | ||||||||
Effect of price-level restatement and foreign exchange differences | (28,574,426 | ) | (21,406,173 | ) | 14,578,723 | |||||||
Net increase (decrease) in cash and cash equivalent | 219,034,384 | (278,575,228 | ) | 68,618,700 | ||||||||
Cash and cash equivalent at beginning of the year | 346,776,012 | 565,810,396 | 362,451,904 | |||||||||
Additional cash resulting from creation of Endesa Brasil | — | 75,216,736 | — | |||||||||
Cash and cash equivalent at end of the year | 565,810,396 | 362,451,904 | 431,070,604 | |||||||||
(ii) | The reconciliation of cash and cash equivalents from Chilean GAAP to U.S. GAAP as of December 31, 2004, 2005 and 2006 is as follows: |
Year ended December 31, | ||||||||||||
2004 | 2005 | 2006 | ||||||||||
ThCh$ | ThCh$ | ThCh$ | ||||||||||
Cash and cash equivalent under Chilean GAAP | 578,843,575 | 367,873,902 | 440,090,382 | |||||||||
Elimination of marketable securities | (13,033,179 | ) | (5,421,998 | ) | (9,019,778 | ) | ||||||
Total cash and cash equivalents under US GAAP | 565,810,396 | 362,451,904 | 431,070,604 | |||||||||
(iii) | Additional disclosures required under U.S. GAAP are as follows: |
Years ended December 31, | ||||||||||||
2004 | 2005 | 2006 | ||||||||||
ThCh$ | ThCh$ | ThCh$ | ||||||||||
Interest paid during the year | 333,041,786 | 295,157,898 | 299,160,341 | |||||||||
Income taxes paid during the year | 93,108,247 | 100,024,223 | 155,915,573 | |||||||||
Assets acquired under capital leases | 29,084,335 | — | — |
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(iv) | Under US GAAP, cash and cash equivalents includes all highly liquid debt instruments purchased with a maturity of three months or less: |
Years ended December 31, | ||||||||||||
2004 | 2005 | 2006 | ||||||||||
ThCh$ | ThCh$ | ThCh$ | ||||||||||
Cash | 59,757,305 | 72,873,740 | 99,794,219 | |||||||||
Time deposits and repurchase agreements | 506,053,093 | 289,578,164 | 331,276,385 | |||||||||
Total cash and cash equivalents under US GAAP | 565,810,398 | 362,451,904 | 431,070,604 | |||||||||
• | Cash | |
The fair value of the Company’s cash is equal to its carrying value. | ||
• | Time deposits | |
The fair value of time deposits is equal to its carrying value due to its relatively short-term nature. | ||
• | Marketable securities | |
The fair value of marketable securities is based on quoted market prices of the mutual money market funds held and is equal to its carrying value. | ||
• | Long-term accounts receivable | |
The fair value of long-term accounts receivable was estimated using the interest rates that are currently offered for loans with similar terms and remaining maturities. |
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• | Long-term debt | |
The fair value of long-term debt was based on rates currently available to the Company for debt with similar terms and remaining maturities. | ||
• | Derivative instruments | |
Estimates of fair values of derivative instruments for which no quoted prices or secondary market exists have been made using valuation techniques such as forward pricing models, present value of estimated future cash flows, and other modeling techniques. These estimates of fair value include assumptions made by the Company about market variables that may change in the future. Changes in assumptions could have a significant impact on the estimate of fair values disclosed. As a result such fair value amounts are subject to significant volatility and are highly dependent on the quality of the assumptions used. | ||
The estimated fair values of the Company’s financial instruments compared to Chilean GAAP carrying amounts are as follows: |
2005 | 2006 | |||||||||||||||
Carrying | Fair | Carrying | Fair | |||||||||||||
amount | Value | amount | Value | |||||||||||||
ThCh$ | ThCh$ | ThCh$ | ThCh$ | |||||||||||||
Cash | 72,873,740 | 72,873,740 | 99,794,219 | 99,794,219 | ||||||||||||
Time deposits | 265,352,164 | 265,352,164 | 282,125,166 | 282,125,166 | ||||||||||||
Marketable securities | 5,421,998 | 5,421,998 | 9,113,927 | 9,113,927 | ||||||||||||
Accounts receivable | 648,182,799 | 648,182,799 | 839,114,373 | 839,114,373 | ||||||||||||
Notes receivable, net | 3,643,961 | 3,643,961 | 7,468,202 | 7,468,202 | ||||||||||||
Other accounts receivable, net | 64,188,527 | 64,188,527 | 102,348,625 | 102,348,625 | ||||||||||||
Amounts due from related companies | 11,519,571 | 11,519,571 | 13,564,970 | 13,564,970 | ||||||||||||
Long-term accounts receivable | 144,623,436 | 144,623,436 | 137,479,691 | 137,479,691 | ||||||||||||
Accounts payable and other | (375,457,796 | ) | (375,457,796 | ) | (587,328,362 | ) | (587,328,362 | ) | ||||||||
Notes payable | (113,031,828 | ) | (113,031,828 | ) | (136,440,740 | ) | (136,440,740 | ) | ||||||||
Long-term debt | (3,507,461,206 | ) | (3,737,751,214 | ) | (3,593,823,183 | ) | (3,940,785,000 | ) | ||||||||
Derivative instruments | (126,228,655 | ) | (126,086,146 | ) | (146,110,329 | ) | (146,110,329 | ) |
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2005 | ||||||||||||
Distribution | Generation | Total | ||||||||||
ThCh$ | ThCh$ | ThCh$ | ||||||||||
Embedded derivatives | 2,347,356 | 38,569,674 | 40,917,030 | |||||||||
Commodity derivatives | — | (21,500,709 | ) | (21,500,709 | ) | |||||||
Financial derivatives | (112,685,697 | ) | (13,400,449 | ) | (126,086,146 | ) | ||||||
(110,338,341 | ) | 3,668,516 | (106,669,825 | ) | ||||||||
Investment in related companies | — | (4,559,772 | ) | (4,559,772 | ) | |||||||
Derivative instruments U.S.GAAP | ||||||||||||
Shareholders equity adjustment | (110,338,341 | ) | (891,256 | ) | (111,229,597 | ) | ||||||
2006 | ||||||||||||
Distribution | Generation | Total | ||||||||||
ThCh$ | ThCh$ | ThCh$ | ||||||||||
Embedded derivatives | 5,166,861 | 23,111,274 | 28,278,135 | |||||||||
Commodity derivatives | — | (7,731,630 | ) | (7,731,630 | ) | |||||||
Financial derivatives | (146,500,484 | ) | 390,155 | (146,110,329 | ) | |||||||
Derivative instruments U.S.GAAP | ||||||||||||
Shareholders equity adjustment | (141,333,623 | ) | 15,769,799 | (125,563,824 | ) | |||||||
2005 | ||||||||||||
Chile | ||||||||||||
GAAP | Adjustment | US GAAP | ||||||||||
ThCh$ | ThCh$ | ThCh$ | ||||||||||
Embedded derivatives | — | 40,917,030 | 40,917,030 | |||||||||
Commodity derivatives | — | (21,500,709 | ) | (21,500,709 | ) | |||||||
Financial derivatives | (126,228,655 | ) | 142,509 | (126,086,146 | ) | |||||||
Shareholders equity adjustment | (126,228,655 | ) | 19,558,830 | (106,669,825 | ) | |||||||
2006 | ||||||||||||
Chile | ||||||||||||
GAAP | Adjustment | US GAAP | ||||||||||
ThCh$ | ThCh$ | ThCh$ | ||||||||||
Embedded derivatives | — | 28,278,135 | 28,278,135 | |||||||||
Commodity derivatives | — | (7,731,630 | ) | (7,731,630 | ) | |||||||
Financial derivatives | (92,216,959 | ) | (53,893,370 | ) | (146,110,329 | ) | ||||||
Shareholders equity adjustment | (92,216,959 | ) | (33,346,865 | ) | (125,563,824 | ) | ||||||
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• | Losses arising from contingencies and litigation, and reversals thereof | ||
• | Gains and losses from disposals of fixed assets | ||
• | Taxes, other than income taxes | ||
• | Pension plan expenses | ||
• | Penalties and fines |
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2004 | ||||||||||||||||||||
Chilean | U.S. GAAP | U.S. GAAP | ||||||||||||||||||
GAAP | Reclassification | Sub-total | Adjustments | U.S. GAAP | ||||||||||||||||
ThCh$ | ThCh$ | ThCh$ | ThCh$ | ThCh$ | ||||||||||||||||
Operating income | 691,697,866 | (56,879,565 | ) | 634,818,301 | 68,013,899 | 702,832,200 | ||||||||||||||
Non-operating expense, net | (410,811,934 | ) | 39,893,792 | (370,918,142 | ) | 10,381,218 | (360,536,924 | ) | ||||||||||||
Income taxes | (145,167,711 | ) | 2,135,956 | (143,031,755 | ) | 11,902,120 | (131,129,635 | ) | ||||||||||||
Minority interest | (106,946,525 | ) | — | (106,946,525 | ) | 23,374,626 | (83,571,899 | ) | ||||||||||||
Equity participation in income of related companies, net | — | 32,944,745 | 32,944,745 | 1,549 | 32,946,294 | |||||||||||||||
Amortization of negative goodwill | 18,094,928 | (18,094,928 | ) | — | — | — | ||||||||||||||
Net income | 46,866,624 | — | 46,866,624 | 113,673,412 | 160,540,036 | |||||||||||||||
2005 | ||||||||||||||||||||
Chilean | U.S. GAAP | U.S. GAAP | ||||||||||||||||||
GAAP | Reclassification | Sub-total | Adjustments | U.S. GAAP | ||||||||||||||||
ThCh$ | ThCh$ | ThCh$ | ThCh$ | ThCh$ | ||||||||||||||||
Operating income | 828,644,066 | (96,382,051 | ) | 732,262,015 | 109,912,898 | 842,174,913 | ||||||||||||||
Non-operating expense, net | (419,897,591 | ) | 97,862,848 | (322,034,743 | ) | (2,630,377 | ) | (324,665,120 | ) | |||||||||||
Income taxes | (182,050,674 | ) | 7,453,696 | (174,596,978 | ) | (10,998,736 | ) | (185,595,714 | ) | |||||||||||
Minority interest | (173,072,574 | ) | — | (173,072,574 | ) | (6,988,163 | ) | (180,060,737 | ) | |||||||||||
Equity participation in income of related companies, net | — | 6,887,499 | 6,887,499 | (33,823,190 | ) | (26,935,691 | ) | |||||||||||||
Amortization of negative goodwill | 15,821,992 | (15,821,992 | ) | — | — | — | ||||||||||||||
Net income | 69,445,219 | — | 69,445,219 | 55,472,432 | 124,917,651 | |||||||||||||||
2006 | ||||||||||||||||||||
Chilean | U.S. GAAP | U.S. GAAP | ||||||||||||||||||
GAAP | Reclassification | Sub-total | Adjustments | U.S. GAAP | ||||||||||||||||
ThCh$ | ThCh$ | ThCh$ | ThCh$ | ThCh$ | ||||||||||||||||
Operating income | 1,068,042,451 | (118,827,218 | ) | 949,215,233 | 83,359,474 | 1,032,574,707 | ||||||||||||||
Non-operating expense, net | (408,965,957 | ) | 105,512,222 | (303,453,735 | ) | 2,516,297 | (300,937,438 | ) | ||||||||||||
Income taxes | (109,407,874 | ) | 14,353,613 | (95,054,261 | ) | (6,943,369 | ) | (101,997,630 | ) | |||||||||||
Minority interest | (269,785,811 | ) | — | (269,785,811 | ) | (7,211,572 | ) | (276,997,383 | ) | |||||||||||
Equity participation in income of related companies, net | — | 5,038,940 | 5,038,940 | 4,470,409 | 9,509,349 | |||||||||||||||
Amortization of negative goodwill | 6,077,557 | (6,077,557 | ) | — | — | — | ||||||||||||||
Net income | 285,960,366 | — | 285,960,366 | 76,191,239 | 362,151,605 | |||||||||||||||
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2005 | ||||||||||||||||||||
Chilean | U.S. GAAP | U.S. GAAP | ||||||||||||||||||
GAAP | Reclassification | Sub-total | Adjustments | U.S. GAAP | ||||||||||||||||
ThCh$ | ThCh$ | ThCh$ | ThCh$ | ThCh$ | ||||||||||||||||
Current assets | 1,328,815,537 | (44,216,371 | ) | 1,284,599,166 | (3,983,074 | ) | 1,280,616,092 | |||||||||||||
Property, plant and equipment, net | 7,806,756,787 | (37,460,588 | ) | 7,769,296,199 | (2,449,410 | ) | 7,766,846,789 | |||||||||||||
Other assets | 1,345,432,188 | 61,720,620 | 1,407,152,808 | 147,289,248 | 1,554,442,056 | |||||||||||||||
Total assets | 10,481,004,512 | (19,956,339 | ) | 10,461,048,173 | 140,856,764 | 10,601,904,937 | ||||||||||||||
Current liabilities | 1,520,135,633 | (1,644,832 | ) | 1,518,490,801 | (20,723 | ) | 1,518,470,078 | |||||||||||||
Long-term liabilities | 3,451,642,730 | (18,311,507 | ) | 3,433,331,223 | 196,212,875 | 3,629,544,098 | ||||||||||||||
Minority interest | 2,858,841,421 | — | 2,858,841,421 | (204,336,006 | ) | 2,654,505,415 | ||||||||||||||
Shareholder’s equity | 2,650,384,728 | — | 2,650,384,728 | 149,000,618 | 2,799,385,346 | |||||||||||||||
Total liabilities and shareholders’ equity | 10,481,004,512 | (19,956,339 | ) | 10,461,048,173 | 140,856,764 | 10,601,904,937 | ||||||||||||||
2006 | ||||||||||||||||||||
Chilean | U.S. GAAP | U.S. GAAP | ||||||||||||||||||
GAAP | Reclassification | Sub-total | Adjustments | U.S. GAAP | ||||||||||||||||
ThCh$ | ThCh$ | ThCh$ | ThCh$ | ThCh$ | ||||||||||||||||
Current assets | 1,641,366,577 | (52,915,315 | ) | 1,588,451,262 | — | 1,588,451,262 | ||||||||||||||
Property, plant and equipment, net | 8,087,437,399 | (37,016,317 | ) | 8,050,421,082 | 6,165,972 | 8,056,587,054 | ||||||||||||||
Other assets | 1,333,605,307 | 7,995,325 | 1,341,600,632 | 231,772,581 | 1,573,373,213 | |||||||||||||||
Total assets | 11,062,409,283 | (81,936,307 | ) | 10,980,472,976 | 237,938,553 | 11,218,411,529 | ||||||||||||||
Current liabilities | 1,399,485,476 | (2,938,801 | ) | 1,396,546,675 | (3,246,469 | ) | 1,393,300,206 | |||||||||||||
Long-term liabilities | 3,923,078,950 | (78,997,506 | ) | 3,844,081,444 | 267,871,095 | 4,111,952,539 | ||||||||||||||
Minority interest | 2,869,962,948 | — | 2,869,962,948 | (191,122,226 | ) | 2,678,840,722 | ||||||||||||||
Shareholder’s equity | 2,869,881,909 | — | 2,869,881,909 | 164,436,153 | 3,034,318,062 | |||||||||||||||
Total liabilities and shareholders’ equity | 11,062,409,283 | (81,936,307 | ) | 10,980,472,976 | 237,938,553 | 11,218,411,529 | ||||||||||||||
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F - 163
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At December 31, 2005 | ||||||||||||||||
Pension Benefits | Other Benefits | |||||||||||||||
Non | ||||||||||||||||
Contributory | Contributory | Total | Total | |||||||||||||
Assets and obligations | ||||||||||||||||
Accumulated benefit obligation | (58,065,099 | ) | (204,562,870 | ) | (262,627,969 | ) | (51,078,797 | ) | ||||||||
Plan assets at fair value | — | 182,018,314 | 182,018,314 | — | ||||||||||||
Unfunded accumulated benefit | (58,065,099 | ) | (22,544,556 | ) | (80,609,655 | ) | (51,078,797 | ) | ||||||||
Changes in benefit (obligations) | ||||||||||||||||
Benefit (obligations) at January 1 | (57,665,992 | ) | (62,906,646 | ) | (120,572,638 | ) | (53,668,943 | ) | ||||||||
Price-level restatement | (1,444,699 | ) | 2,185,946 | 741,247 | 147,962 | |||||||||||
Foreign exchange effect | 3,632,203 | 4,344,922 | 7,977,125 | 2,666,728 | ||||||||||||
Net periodic expense | (7,934,975 | ) | (2,724,248 | ) | (10,659,223 | ) | (4,627,758 | ) | ||||||||
Benefits paid | 5,348,364 | (6,225,185 | ) | (876,821 | ) | 3,485,837 | ||||||||||
Company contributions | — | 17,317,971 | 17,317,971 | (1,234,377 | ) | |||||||||||
Effect of exchange adjustment | — | (4,821,341 | ) | (4,821,341 | ) | 1,400,772 | ||||||||||
Benefit (obligations) at December 31 | (58,065,099 | ) | (52,828,581 | ) | (110,893,680 | ) | (51,829,779 | ) | ||||||||
Funded Status of the Plans | ||||||||||||||||
Projected Benefit Obligation | (58,065,099 | ) | (209,279,991 | ) | (267,345,090 | ) | (54,228,413 | ) | ||||||||
Fair value of the plans assets | — | 182,018,313 | 182,018,313 | — | ||||||||||||
Funded Status | (58,065,099 | ) | (27,261,678 | ) | (85,326,777 | ) | (54,228,413 | ) | ||||||||
Unrecognized loss (gain) | — | — | — | — | ||||||||||||
Unrecognized net prior service cost | — | (25,566,904 | ) | (25,566,904 | ) | 2,398,635 | ||||||||||
Net liability recorded under U.S. GAAP | (58,065,099 | ) | (52,828,582 | ) | (110,893,681 | ) | (51,829,778 | ) | ||||||||
Change in the plan assets | ||||||||||||||||
Fair value of the plan assets, beginning | — | 137,576,219 | 137,576,219 | — | ||||||||||||
Foreign exchange effect | — | 12,060,795 | 12,060,795 | — | ||||||||||||
Actual return on the plan assets | — | 31,095,794 | 31,095,794 | — | ||||||||||||
Employer contributions | — | 14,384,960 | 14,384,960 | — | ||||||||||||
Plan participant contributions | — | 2,953,647 | 2,953,647 | — | ||||||||||||
Benefits paid | — | (16,053,101 | ) | (16,053,101 | ) | — | ||||||||||
Fair value of plans assets, ending | — | 182,018,314 | 182,018,314 | — | ||||||||||||
Service cost | (592,565 | ) | 859,211 | 266,646 | (136,121 | ) | ||||||||||
Interest cost | (6,375,991 | ) | (3,974,837 | ) | (10,350,828 | ) | (4,270,515 | ) | ||||||||
Expected return on assets | — | 1,277,410 | 1,277,410 | — | ||||||||||||
Amortization gain (loss) | (966,419 | ) | 479,003 | (487,416 | ) | (221,122 | ) | |||||||||
Amortization of transition asset | — | (1,365,035 | ) | (1,365,035 | ) | — | ||||||||||
Net periodic expenses | (7,934,975 | ) | (2,724,248 | ) | (10,659,223 | ) | (4,627,758 | ) | ||||||||
Pension Benefits | Other Benefits | |||||||||||||||||||||||
Assumptions as of December 31, 2005 | Chile | Brazil | Colombia | Chile | Brazil | Colombia | ||||||||||||||||||
Weighted — discount rate (1) | 6.5 | % | 10.2 | % | 11.2 | % | 6.5 | % | 11.2 | % | 10.2 | % | ||||||||||||
Weighted — salary increase | 4.0 | % | 4.0 | % | 6.1 | % | 4.0 | % | — | — | ||||||||||||||
Weighted — return on plan assets (1) | — | 10.2 | % | — | — | — | — | |||||||||||||||||
Weighted — long term inflation (2) | 2.5 | % | 4.0 | % | 6.1 | % | 2.5 | % | 6.1 | % | 4.0 | % |
(1) | Includes fixed long term inflation assumption detail in (2) |
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At December 31, 2006 | ||||||||||||||||
Pension Benefits | Other Benefits | |||||||||||||||
Non | ||||||||||||||||
Contributory | Contributory | Total | Total | |||||||||||||
Assets and obligations | ||||||||||||||||
Accumulated benefit obligation | (60,792,793 | ) | (251,324,115 | ) | (312,116,908 | ) | (56,184,086 | ) | ||||||||
Plan assets at fair value | — | 240,748,561 | 240,748,561 | — | ||||||||||||
Unfunded accumulated benefit | (60,792,793 | ) | (10,575,554 | ) | (71,368,347 | ) | (56,184,086 | ) | ||||||||
Changes in benefit (obligations) | ||||||||||||||||
Benefit (obligations) at January 1 | (58,065,099 | ) | (52,828,581 | ) | (110,893,680 | ) | (51,829,776 | ) | ||||||||
Price-level restatement | 1,194,287 | 1,086,582 | 2,280,869 | 1,066,038 | ||||||||||||
Foreign exchange effect | (3,774,906 | ) | (2,007,564 | ) | (5,782,470 | ) | (867,908 | ) | ||||||||
Net periodic expense | (6,665,640 | ) | (344,901 | ) | (7,010,540 | ) | (8,779,014 | ) | ||||||||
Benefits paid | 6,352,917 | (7,409,385 | ) | (1,056,468 | ) | 3,629,464 | ||||||||||
Company contributions | — | 19,552,581 | 19,552,581 | 1,654,136 | ||||||||||||
Effect of exchange adjustment | — | (2,570,910 | ) | (2,570,910 | ) | (1,145,703 | ) | |||||||||
Recognized net prior service cost (application SFAS 158) | — | 27,686,366 | 27,686,366 | (3,136,309 | ) | |||||||||||
Benefit (obligations) at December 31 | (60,958,441 | ) | (16,835,811 | ) | (77,794,252 | ) | (59,409,071 | ) | ||||||||
Funded Status of the Plans | ||||||||||||||||
Projected Benefit Obligation | (60,958,441 | ) | (257,584,373 | ) | (318,542,814 | ) | (59,409,071 | ) | ||||||||
Fair value of the plans assets | — | 240,748,562 | 240,748,562 | — | ||||||||||||
Funded Status | (60,958,441 | ) | (16,835,811 | ) | (77,794,252 | ) | (59,409,071 | ) | ||||||||
Unrecognized loss (gain) | — | — | — | — | ||||||||||||
Unrecognized net prior service cost | — | — | — | — | ||||||||||||
Net liability recorded under U.S. GAAP | (60,958,441 | ) | (16,835,811 | ) | (77,794,252 | ) | (59,409,071 | ) | ||||||||
Change in the plan assets | ||||||||||||||||
Fair value of the plan assets, beginning | — | 181,750,303 | 181,750,303 | — | ||||||||||||
Foreign exchange effect | — | 21,311,462 | 21,311,462 | — | ||||||||||||
Actual return on the plan assets | — | 38,166,830 | 38,166,830 | — | ||||||||||||
Employer contributions | — | 16,006,512 | 16,006,512 | — | ||||||||||||
Plan participant contributions | — | 3,414,838 | 3,414,838 | — | ||||||||||||
Benefits paid | — | (19,901,384 | ) | (19,901,384 | ) | — | ||||||||||
Fair value of plans assets, ending | — | 240,748,562 | 240,748,562 | — | ||||||||||||
Service cost | (387,040 | ) | 981,823 | 594,783 | (22,221 | ) | ||||||||||
Interest cost | (6,428,734 | ) | (3,998,016 | ) | (10,426,750 | ) | (5,983,796 | ) | ||||||||
Expected return on assets | — | 3,339,360 | 3,339,360 | — | ||||||||||||
Amortization gain (loss) | 150,134 | 6,493,179 | 6,643,313 | (2,772,997 | ) | |||||||||||
Amortization of transition asset | — | (7,161,247 | ) | (7,161,247 | ) | — | ||||||||||
Net periodic expenses | (6,665,640 | ) | (344,901 | ) | (7,010,541 | ) | (8,779,014 | ) | ||||||||
Pension Benefits | Other Benefits | |||||||||||||||||||||||
Assumptions as of December 31, 2006 | Chile | Brazil | Colombia | Chile | Brazil | Colombia | ||||||||||||||||||
Weighted — discount rate (1) | 6.5 | % | 12.0 | % | 10.4 | % | 6.5 | % | 10.4 | % | 12.3 | % | ||||||||||||
Weighted — salary increase | 3.5 | % | 5.8 | % | 5.3 | % | 3.5 | % | — | — | ||||||||||||||
Weighted — return on plan assets (1) | — | 14.1 | % | — | — | — | — | |||||||||||||||||
Weighted — long term inflation (2) | 3.0 | % | 4.7 | % | 5.3 | % | 3.0 | % | 4.5 | % | 5.3 | % |
(1) | Includes fixed long term inflation assumption detail in (2) |
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Before | Adjustment | After | ||||||||||
SFAS 158 | SFAS 158 | SFAS 158 | ||||||||||
Liabilities and Equity: | ThCh$ | ThCh$ | ThCh$ | |||||||||
Accrued Pension Cost | (105,480,618 | ) | 27,686,366 | (77,794,252 | ) | |||||||
Other Benefits Cost | (56,272,762 | ) | (3,136,309 | ) | (59,409,071 | ) | ||||||
Deferred taxes — long term | (107,916,615 | ) | (8,347,019 | ) | (116,263,634 | ) | ||||||
Accumulated Other Comprehensive Income, net of tax | (194,776,448 | ) | 16,203,038 | (178,573,410 | ) |
As of December 31, | ||||
2006 | ||||
ThCh$ | ||||
2007 | 2,716,016 | |||
2008 | 30,117,741 | |||
2009 | 30,681,598 | |||
2010 | 31,616,466 | |||
2011 | 32,152,437 | |||
Thereafter | 147,313,928 | |||
Total | 274,598,186 | |||
2005 | 2006 | |||||||
Asset Category | Plan asset | Plan asset | ||||||
Equity securities | 22.00 | % | 22.11 | % | ||||
Debt securities | 71.74 | % | 70.75 | % | ||||
Real estate | 4.70 | % | 4.80 | % | ||||
Other | 1.56 | % | 2.34 | % |
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2004 | ||||||||||||
Chilean GAAP | Effect of U.S. GAAP | Accumulated other | ||||||||||
cumulative translation | adjustments on cumulative | comprehensive | ||||||||||
adjustment | translation adjustment | income (loss) | ||||||||||
ThCh$ | ThCh$ | ThCh$ | ||||||||||
Beginning balance | (24,582,738 | ) | 39,826,041 | 15,243,303 | ||||||||
Credit (charge) for the period | (101,836,006 | ) | 13,171,282 | (88,664,724 | ) | |||||||
Ending balance | (126,418,744 | ) | 52,997,323 | (73,421,421 | ) | |||||||
2005 | ||||||||||||||||
Chilean GAAP | Fair value | |||||||||||||||
cumulative | Effect of U.S. GAAP | of financial | Accumulated other | |||||||||||||
translation | adjustments on cumulative | instruments used in | comprehensive | |||||||||||||
adjustment | translation adjustment | cash flow hedge | income (loss) | |||||||||||||
ThCh$ | ThCh$ | ThCh$ | ThCh$ | |||||||||||||
Beginning balance | (126,418,744 | ) | 52,997,323 | — | (73,421,421 | ) | ||||||||||
Credit (charge) for the period | (105,702,172 | ) | 21,138,761 | 1,317,498 | (83,245,913 | ) | ||||||||||
Ending balance | (232,120,916 | ) | 74,136,084 | 1,317,498 | (156,667,334 | ) | ||||||||||
2006 | ||||||||||||||||||||
Chilean GAAP | Application | Fair value | ||||||||||||||||||
cumulative | Effect of U.S. GAAP | of SFAS 158 in | of financial | Accumulated other | ||||||||||||||||
translation | adjustments on cumulative | Ampla and Coelce | instruments used | comprehensive | ||||||||||||||||
adjustment | translation adjustment | see Note 36 Ig | in cash flow hedge | income (loss) | ||||||||||||||||
ThCh$ | ThCh$ | ThCh$ | ThCh$ | ThCh$ | ||||||||||||||||
Beginning balance | (232,120,916 | ) | 74,136,084 | — | 1,317,498 | (156,667,334 | ) | |||||||||||||
Credit (charge) for the period | 15,780,715 | (3,334,313 | ) | 10,393,599 | (44,746,077 | ) | (21,906,076 | ) | ||||||||||||
Ending balance | (216,340,201 | ) | 70,801,771 | 10,393,599 | (43,428,579 | ) | (178,573,410 | ) | ||||||||||||
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F - 168
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2005 | ||||||||||||||||||||
Acquisitions | Translation | |||||||||||||||||||
Goodwill by Country | January 1, | (Disposals) | adjustment | Impairment | December 31, | |||||||||||||||
ThCh$ | ThCh$ | ThCh$ | ThCh$ | ThCh$ | ||||||||||||||||
Chile | 1,165,258,375 | — | — | — | 1,165,258,375 | |||||||||||||||
Colombia | 45,183,742 | — | (5,083,283 | ) | — | 40,100,459 | ||||||||||||||
Perú | 17,479,019 | — | (1,966,433 | ) | — | 15,512,586 | ||||||||||||||
Total | 1,227,921,136 | — | (7,049,716 | ) | — | 1,220,871,420 | ||||||||||||||
2005 | ||||||||||||||||||||
Acquisitions | Translation | |||||||||||||||||||
Goodwill by Segment | January 1, | (Disposals) | adjustment | Impairment | December 31, | |||||||||||||||
ThCh$ | ThCh$ | ThCh$ | ThCh$ | ThCh$ | ||||||||||||||||
Generation | 1,071,651,161 | — | (4,635,851 | ) | — | 1,067,015,310 | ||||||||||||||
Distribution | 156,201,391 | — | (2,413,865 | ) | — | 153,787,526 | ||||||||||||||
Other | 68,584 | — | — | — | 68,584 | |||||||||||||||
Total | 1,227,921,136 | — | (7,049,716 | ) | — | 1,220,871,420 | ||||||||||||||
2006 | ||||||||||||||||||||||||
Acquisitions | Translation | Reclassification | ||||||||||||||||||||||
Goodwill by Country | January 1, | (Disposals) | adjustment | Impairment | (1) | December 31, | ||||||||||||||||||
ThCh$ | ThCh$ | ThCh$ | ThCh$ | ThCh$ | ThCh$ | |||||||||||||||||||
Chile | 1,165,258,375 | — | — | — | 1,165,258,375 | |||||||||||||||||||
Colombia | 40,100,459 | — | 699,490 | — | (8,473,153 | ) | 32,326,796 | |||||||||||||||||
Perú | 15,512,586 | 3,194,340 | 270,175 | — | — | 18,977,101 | ||||||||||||||||||
Total | 1,220,871,420 | 3,194,340 | 969,665 | — | (8,473,153 | ) | 1,216,562,272 | |||||||||||||||||
2006 | ||||||||||||||||||||||||
Acquisitions | Translation | Reclassification | ||||||||||||||||||||||
Goodwill by Segment | January 1, | (Disposals) | adjustment | Impairment | (1) | December 31, | ||||||||||||||||||
ThCh$ | ThCh$ | ThCh$ | ThCh$ | ThCh$ | ThCh$ | |||||||||||||||||||
Generation | 1,067,015,310 | 3,194,340 | 637,434 | — | (8,473,153 | ) | 1,062,373,931 | |||||||||||||||||
Distribution | 153,787,526 | — | 332,231 | — | — | 154,119,757 | ||||||||||||||||||
Other | 68,584 | — | — | — | — | 68,584 | ||||||||||||||||||
Total | 1,220,871,420 | 3,194,340 | 969,665 | — | (8,473,153 | ) | 1,216,562,272 | |||||||||||||||||
(1) | See Note 11 e). |
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As of December 31, | ||||||||
2005 | 2006 | |||||||
ThCh$ | ThCh$ | |||||||
Balance as of January 1, | (1,201,519 | ) | (998,688 | ) | ||||
Cumulative Translation Adjustment | 54,411 | (243 | ) | |||||
Liabilities incurred in the period | — | (819,317 | ) | |||||
Accretion expense | 148,420 | (320,873 | ) | |||||
Balance as of December 31, | (998,688 | ) | (2,139,121 | ) | ||||
Year ended December 31, | ||||||||
2005 | 2006 | |||||||
ThCh$ | ThCh$ | |||||||
Short-term: | ||||||||
Lease obligations | 2,093,050 | 15,354,959 | ||||||
Less: interest expense | (1,373,523 | ) | (9,547,254 | ) | ||||
Net short-term lease obligations | 719,527 | 5,807,705 | ||||||
Long-term: | ||||||||
Lease obligations | 37,214,877 | 123,292,061 | ||||||
Less: interest expense | (13,000,900 | ) | (40,669,984 | ) | ||||
Net long-term lease obligations | 24,213,977 | 82,622,077 | ||||||
Weighted-average interest reate | 6.50 | % | 8.47 | % | ||||
Year ended | ||||
December 31, 2006 | ||||
ThCh$ | ||||
2007 | 15,354,959 | |||
2008 | 27,512,877 | |||
2009 | 13,857,691 | |||
2010 | 14,741,976 | |||
2011 and thereafter | 67,179,517 | |||
Total | 138,647,020 | |||
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Gross | ||||||||||
unrealized | Fair | |||||||||
Cost | gains | value | ||||||||
ThCh$ | ThCh$ | ThCh$ | ||||||||
Securities available for sale at December 31, 2004 | 13,033,179 | — | 13,033,179 | |||||||
Securities available for sale at December 31, 2005 | 5,421,998 | — | 5,421,998 | |||||||
Securities available for sale at December 31, 2006 | 9,019,778 | — | 9,019,778 |
2004 | 2005 | 2006 | ||||||||||
ThCh$ | ThCh$ | ThCh$ | ||||||||||
Proceeds from sales | 12,095,052 | 13,033,179 | 5,421,998 | |||||||||
a) | permits fair value re-measurement of any hybrid financial instrument that contains an embedded derivative that otherwise would require bifurcation; | |
b) | clarifies which interest-only strips and principal-only strips are not subject to the requirements of SFAS 133, “Accounting for Derivative Instruments and Hedging Activities”; | |
c) | establishes a requirement to evaluate interests in securitized financial assets to identify interests that are freestanding derivatives or that are hybrid financial instruments that contain an embedded derivative requiring bifurcation; | |
d) | clarifies that concentrations of credit risk in the form of subordination are not embedded derivatives; and | |
e) | amends SFAS 140, “Accounting for Transfers and Servicing of Financial Assets and Extinguishments of Liabilities,” to eliminate the prohibition on a qualifying special - purpose entity from holding a derivative financial instrument that pertains to a beneficia1 interest other than another derivative financia1 instrument. |
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BALANCE SHEETS
Chilean pesos as of December 31, 2006 and thousands of US dollars)
As of December 31, | ||||||||||||
2005 | 2006 | 2006 | ||||||||||
ThCh$ | ThCh$ | ThUS$ | ||||||||||
ASSETS | ||||||||||||
CURRENT ASSETS: | ||||||||||||
Cash | 121,111 | 162,935 | 306 | |||||||||
Time deposits | — | 6,949,540 | 13,053 | |||||||||
Notes receivable, net | 752 | 737 | 1 | |||||||||
Other accounts receivable, net | 19,368,022 | 8,167,902 | 15,342 | |||||||||
Amounts due from related companies | 25,951,697 | 95,297,378 | 178,999 | |||||||||
Income taxes recoverable | 7,764,556 | 3,914,901 | 7,353 | |||||||||
Prepaid expenses | 633 | 21,075 | 40 | |||||||||
Deferred income taxes | 44,968,049 | 36,240,045 | 68,070 | |||||||||
Other current assets | 5,922,650 | 11,100,923 | 20,851 | |||||||||
Total current assets | 104,097,470 | 161,855,436 | 304,015 | |||||||||
PROPERTY, PLANT AND EQUIPMENT: | ||||||||||||
Buildings and infraestructure | 22,554,028 | 22,553,982 | 42,364 | |||||||||
Machinery and equipment | 2,677,301 | 2,957,880 | 5,556 | |||||||||
Other assets | 1,045,214 | 748,512 | 1,406 | |||||||||
Technical appraisal | 35,928 | 35,915 | 67 | |||||||||
Sub — total | 26,312,471 | 26,296,289 | 49,393 | |||||||||
Less: accumulated depreciation | (14,081,250 | ) | (15,116,748 | ) | (28,394 | ) | ||||||
Total property, plant and equipment, net | 12,231,221 | 11,179,541 | 20,999 | |||||||||
OTHER ASSETS: | ||||||||||||
Investments in related companies | 2,260,486,518 | 2,357,240,064 | 4,427,657 | |||||||||
Investment in other companies | 13,956,895 | 12,408,630 | 23,307 | |||||||||
Goodwill, net | 691,959,988 | 637,700,908 | 1,197,808 | |||||||||
Negative goodwill, net | (578,314 | ) | (447,665 | ) | (841 | ) | ||||||
Amounts due from related companies | 359,398,768 | 482,649,439 | 906,571 | |||||||||
Intangibles | 1,559,002 | 1,559,002 | 2,928 | |||||||||
Accumulated amortization | (615,481 | ) | (693,579 | ) | (1,303 | ) | ||||||
Other assets | 7,452,939 | 59,813,862 | 112,350 | |||||||||
Total other assets | 3,333,620,315 | 3,550,230,661 | 6,668,477 | |||||||||
TOTAL ASSETS | 3,449,949,006 | 3,723,265,638 | 6,993,491 | |||||||||
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BALANCE SHEETS
Chilean pesos as of December 31, 2006 and thousands of US dollars)
As of December 31, | ||||||||||||
2005 | 2006 | 2006 | ||||||||||
ThCh$ | ThCh$ | ThUS$ | ||||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||||||
CURRENT LIABILITIES: | ||||||||||||
Current portion of long-term debt due to banks and financial institutions | 12,479 | 870,783 | 1,636 | |||||||||
Current portion of bonds payable | 166,146,106 | 9,029,873 | 16,961 | |||||||||
Dividends payable | 56,071 | 15,563 | 29 | |||||||||
Accounts payable | 370,422 | 369,676 | 694 | |||||||||
Miscellaneous payables | 44,267 | 155,577 | 292 | |||||||||
Amounts payable to related companies | 34,633,984 | 35,887,882 | 67,409 | |||||||||
Accrued expenses | 22,063,178 | 23,539,813 | 44,215 | |||||||||
Withholdings | 111,060 | 60,099 | 113 | |||||||||
Other current liabilities | 1,194,830 | 1,086,926 | 2,042 | |||||||||
Total current liabilities | 224,632,397 | 71,016,192 | 133,391 | |||||||||
LONG -TERM LIABILITIES: | ||||||||||||
Due to baks and financial institutions | 44,477,313 | 167,702,850 | 315,000 | |||||||||
Bonds payable | 401,990,412 | 353,355,960 | 663,716 | |||||||||
Amounts payable to related companies | — | 100,962,578 | 189,639 | |||||||||
Accrued expenses | 2,804,580 | 3,130,568 | 5,880 | |||||||||
Deferred income taxes | 2,947,556 | 2,567,976 | 4,823 | |||||||||
Other long-term liabilities | 122,712,020 | 154,647,605 | 290,478 | |||||||||
Total long-term liabilities | 574,931,881 | 782,367,537 | 1,469,536 | |||||||||
SHAREHOLDERS’ EQUITY: | ||||||||||||
Paid-in capital, no par value shares | 2,415,284,412 | 2,415,284,412 | 4,536,683 | |||||||||
Additional paid-in capital | 172,124,214 | 172,124,214 | 323,305 | |||||||||
Other reserves | (241,698,626 | ) | (238,342,306 | ) | (447,684 | ) | ||||||
Retained earnings | 235,229,509 | 271,279,769 | 509,551 | |||||||||
Net income for the year | 69,445,219 | 285,960,366 | 537,126 | |||||||||
Provisional dividends | — | (36,242,795 | ) | (68,076 | ) | |||||||
Deficit of subsidiaries in development stage | — | (181,751 | ) | (341 | ) | |||||||
Total shareholders’ equity | 2,650,384,728 | 2,869,881,909 | 5,390,564 | |||||||||
TOTAL LIABILITIES AND SHAREHOLDERS ´ EQUITY | 3,449,949,006 | 3,723,265,638 | 6,993,491 | |||||||||
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INCOME STATEMENT
Chilean pesos as of December 31, 2006 and thousands of US dollars)
Years ended December 31, | ||||||||||||||||
2004 | 2005 | 2006 | 2006 | |||||||||||||
ThCh$ | ThCh$ | ThCh$ | ThUS$ | |||||||||||||
OPERATING INCOME: | ||||||||||||||||
SALES | 4,688,939 | 4,684,439 | 4,696,347 | 8,821 | ||||||||||||
COST OF SALES | (1,165,089 | ) | (1,168,385 | ) | (1,320,685 | ) | (2,481 | ) | ||||||||
GROSS PROFIT | 3,523,850 | 3,516,054 | 3,375,662 | 6,340 | ||||||||||||
ADMINISTRATIVE AND SELLING EXPENSES | (18,314,915 | ) | (17,405,985 | ) | (16,852,806 | ) | (31,655 | ) | ||||||||
OPERATING LOSS | (14,791,065 | ) | (13,889,931 | ) | (13,477,144 | ) | (25,315 | ) | ||||||||
NON-OPERATING INCOME SELLING EXPENSES: | ||||||||||||||||
Interest income | 32,277,277 | 25,900,988 | 26,511,641 | 49,798 | ||||||||||||
Equity in income of related companies | 166,628,832 | 176,922,137 | 397,786,664 | 747,172 | ||||||||||||
Other non-operating income | 10,572,293 | 12,572,511 | 6,579,819 | 12,359 | ||||||||||||
Equity in losses of related companies | (22,057,188 | ) | (23,541,240 | ) | (9,668,736 | ) | (18,161 | ) | ||||||||
Amortization of goodwill | (54,225,363 | ) | (54,356,183 | ) | (54,365,152 | ) | (102,115 | ) | ||||||||
Interest expense | (75,759,667 | ) | (57,730,417 | ) | (49,274,578 | ) | (92,554 | ) | ||||||||
Other non-operating expenses | (16,881,795 | ) | (2,920,264 | ) | (2,999,139 | ) | (5,633 | ) | ||||||||
Price-level restatements, net | (2,255,046 | ) | (1,653,344 | ) | (755,593 | ) | (1,419 | ) | ||||||||
Exchange difference, net | 5,391,199 | (6,675,764 | ) | (4,436,146 | ) | (8,333 | ) | |||||||||
NON-OPERATING RESULT | 43,690,542 | 68,518,424 | 309,378,780 | 581,114 | ||||||||||||
INCOME (LOSS) BEFORE INCOME TAXES AND AMORTIZATION OF NEGATIVE GOODWILL | 28,899,477 | 54,628,493 | 295,901,636 | 555,799 | ||||||||||||
INCOME TAX | 17,924,544 | 14,777,028 | (9,981,367 | ) | (18,748 | ) | ||||||||||
INCOME (LOSS) BEFORE AMORTIZATION OF NEGATIVE GOODWILL | 46,824,021 | 69,405,521 | 285,920,269 | 537,051 | ||||||||||||
AMORTIZATION OF NEGATIVE GOODWILL | 42,603 | 39,698 | 40,097 | 75 | ||||||||||||
NET INCOME FOR THE YEAR | 46,866,624 | 69,445,219 | 285,960,366 | 537,126 | ||||||||||||
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STATEMENTS OF CASH FLOWS
Chilean pesos as of December 31, 2006 and thousands of US dollars)
As of December 31, | ||||||||||||||||
2004 | 2005 | 2006 | 2006 | |||||||||||||
ThCh$ | ThCh$ | ThCh$ | ThUS$ | |||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES : | ||||||||||||||||
Net income (loss) for the year | 46,866,625 | 69,445,219 | 285,960,366 | 537,126 | ||||||||||||
GAIN (LOSSES) FROM SALES OF ASSETS: | ||||||||||||||||
Gain on sale of investments | — | — | — | — | ||||||||||||
Charges (credits) to income which do not represent cash flows: | ||||||||||||||||
Depreciation | 1,115,925 | 1,118,537 | 1,270,523 | 2,386 | ||||||||||||
Amortization of intangibles | 78,097 | 78,097 | 78,097 | 147 | ||||||||||||
Equity in income of related companies | (166,628,832 | ) | (176,922,137 | ) | (397,786,664 | ) | (747,172 | ) | ||||||||
Equity in losses of related companies | 22,057,188 | 23,541,240 | 9,668,736 | 18,161 | ||||||||||||
Amortization of goodwill | 54,225,363 | 54,356,183 | 54,365,152 | 102,115 | ||||||||||||
Amortization of negative goodwill | (42,604 | ) | (39,698 | ) | (40,097 | ) | (75 | ) | ||||||||
Price-level restatement, net | 2,255,046 | 1,653,344 | 755,593 | 1,419 | ||||||||||||
Exchange difference, net | (5,391,199 | ) | 6,675,764 | 4,436,146 | 8,333 | |||||||||||
Other credits to income which do not represent cash flows | (915,099 | ) | (4,762,484 | ) | (125,661 | ) | (236 | ) | ||||||||
Other charges to income which do not represent cash flows | 30,668,634 | 7,312,730 | 2,805,359 | 5,269 | ||||||||||||
Changes in assets which affect cash flows: | — | |||||||||||||||
Decrease in dividends receipts | 70,316,217 | 87,849,013 | — | — | ||||||||||||
Decrease (increase) in trade receivable | 461,966 | — | — | — | ||||||||||||
Decrease in other assets | (9,453,276 | ) | (2,551,565 | ) | 115,748,695 | 217,413 | ||||||||||
Changes in liabilities which affect cash flows: | — | |||||||||||||||
Increase (decrease) in accounts payable associated with operating results | (4,460,429 | ) | (4,396,430 | ) | (12,500,564 | ) | (23,480 | ) | ||||||||
Increase in interest payable | 6,149,084 | (966,827 | ) | 6,085,743 | 11,431 | |||||||||||
Decrease in income tax payable | (19,171,282 | ) | (9,409,654 | ) | 11,210,273 | 21,057 | ||||||||||
Increase in other accounts payable associated with non-operating results | (20,424,928 | ) | (38,490 | ) | (19,814,541 | ) | (37,218 | ) | ||||||||
Net decrease in value added tax and other similar taxes payable | 40,217 | (307,675 | ) | 42,567 | 80 | |||||||||||
Net cash flows provided by operating activities | 7,746,713 | 52,635,167 | 62,159,723 | 116,756 | ||||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||||||||||
Issuance of shares | — | — | — | — | ||||||||||||
Loans obtained | 79,609,984 | — | 163,847,648 | 307,759 | ||||||||||||
Proceeds from bond issuances | — | — | — | — | ||||||||||||
Other loans obtained from related companies | — | 1,178,526 | 33,486,296 | 62,898 | ||||||||||||
Loans obtained from related companies | 89,663,745 | 25,763,034 | 9,322,986 | 17,512 | ||||||||||||
Other sources of financing | 13,374,721 | 453,506 | — | — | ||||||||||||
Dividends paid by related company | — | (8,637,264 | ) | — | — | |||||||||||
Dividends paid | (62,506 | ) | (5,706,970 | ) | (69,571,809 | ) | (130,678 | ) | ||||||||
Payment of loans | (176,610,595 | ) | (152,622,147 | ) | (42,885,724 | ) | (80,553 | ) | ||||||||
Payment of bonds | (142,415 | ) | (147,886 | ) | (159,582,715 | ) | (299,748 | ) | ||||||||
Payment of loans granted by related companies | (90,172,184 | ) | — | (11,680,095 | ) | (21,939 | ) | |||||||||
Payment of other loans obtained from related companies | (12,101,961 | ) | (39,484,097 | ) | — | — | ||||||||||
Payment of bond issuance costs | — | — | — | — | ||||||||||||
Other disbursements for financing | (2,869,086 | ) | (5,967,572 | ) | — | — | ||||||||||
Net cash used in financing activities | (99,310,297 | ) | (185,170,870 | ) | (77,063,413 | ) | (144,750 | ) | ||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||||||||||||
Sales of property, plant and equipment | — | — | 187,482 | 352 | ||||||||||||
Proceeds from sales of long-term investments | — | — | — | — | ||||||||||||
Proceeds from loans granted to related companies | 114,971,918 | 221,784,153 | 22,891,224 | 42,997 | ||||||||||||
Proceeds from other loans granted to related companies | 103,894,064 | — | — | — | ||||||||||||
Long-term investments | (363,825 | ) | (24,810,395 | ) | (12,123,709 | ) | (22,772 | ) | ||||||||
Sales of other investment | — | 1,106,324 | — | — | ||||||||||||
Additions to property, plant and equipment | (99,462 | ) | (148,437 | ) | (181,166 | ) | (340 | ) | ||||||||
Other loans to related companies | — | (9,435,501 | ) | (6,153,842 | ) | (11,559 | ) | |||||||||
Loans granted to relates companies | (105,134,269 | ) | (137,957,317 | ) | (205,536 | ) | (386 | ) | ||||||||
Other disbursement for investments | — | — | (502,413 | ) | (944 | ) | ||||||||||
Other receipts from investment | 2,244,700 | 57,095,671 | 24,028,675 | 45,134 | ||||||||||||
Net cash provided by investing activities | 115,513,126 | 107,634,498 | 27,940,715 | 52,482 | ||||||||||||
NET CASH FLOW FOR THE YEAR | 23,949,542 | (24,901,205 | ) | 13,037,025 | 24,488 | |||||||||||
EFECT OF PRICE-LEVEL RESTATEMENT ON CASH AND CASH EQUIVALENTS | (331,672 | ) | (205,833 | ) | 24,402 | 46 | ||||||||||
NET INCREASE IN CASH AND CASH EQUIVALENTS | 23,617,870 | (25,107,038 | ) | 13,061,427 | 24,534 | |||||||||||
CASH AND CASH EQUIVALENTS AT BEGINNING OF THE YEAR | 1,610,278 | 25,228,149 | 121,111 | 227 | ||||||||||||
CASH AND CASH EQUIVALENTS AT END OF THE YEAR | 25,228,148 | 121,111 | 13,182,538 | 24,761 | ||||||||||||
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STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY
Additional | Deficit of | Net income | ||||||||||||||||||||||||||||||
Paid-in | paid-in | Other | Retained | subsidiaries in | Interim | (loss) for | ||||||||||||||||||||||||||
capital | Capital | reserves | earnings | development stage | dividens | the year | Total | |||||||||||||||||||||||||
ThCh$ | ThCh$ | ThCh$ | ThCh$ | ThCh$ | ThCh$ | ThCh$ | ThCh$ | |||||||||||||||||||||||||
As of January 1, 2004 | 2,227,711,340 | 159,323,362 | (25,671,685 | ) | 176,016,726 | (1,455,716 | ) | — | 12,467,863 | 2,548,391,890 | ||||||||||||||||||||||
Capital increase | — | (563,714 | ) | — | — | — | — | — | (563,714 | ) | ||||||||||||||||||||||
Transfer of prior year income to retained earnings | — | — | — | 13,629,822 | (1,161,959 | ) | — | (12,467,863 | ) | — | ||||||||||||||||||||||
Changes in equity of affiliates | — | — | (4,435,524 | ) | — | — | — | — | (4,435,524 | ) | ||||||||||||||||||||||
Cumulative translation adjustment | — | — | (103,832,123 | ) | — | — | — | — | (103,832,123 | ) | ||||||||||||||||||||||
Reserve Technical Bulletin No. 72 | — | — | 11,992,130 | — | — | — | — | 11,992,130 | ||||||||||||||||||||||||
Price-level restatement of capital | 55,692,784 | 3,966,173 | (641,792 | ) | 4,731,711 | (55,989 | ) | — | — | 63,692,887 | ||||||||||||||||||||||
Net income for the year | — | — | — | — | — | 44,307,596 | 44,307,596 | |||||||||||||||||||||||||
As of December 31, 2004 | 2,283,404,124 | 162,725,821 | (122,588,994 | ) | 194,378,259 | (2,673,664 | ) | — | 44,307,596 | 2,559,553,142 | ||||||||||||||||||||||
As of December 31, 2004 (1) | 2,415,284,412 | 172,124,214 | (129,669,244 | ) | 205,604,769 | (2,828,084 | ) | — | 46,866,624 | 2,707,382,691 | ||||||||||||||||||||||
As of January 1, 2005 | 2,283,404,124 | 162,725,821 | (122,588,994 | ) | 194,378,259 | (2,673,664 | ) | — | 44,307,596 | 2,559,553,142 | ||||||||||||||||||||||
Transfer of prior year income to retained earnings | — | — | — | 41,633,932 | 2,673,664 | — | (44,307,596 | ) | — | |||||||||||||||||||||||
Changes in equity of affiliates | — | — | (5,851,418 | ) | — | — | — | — | (5,851,418 | ) | ||||||||||||||||||||||
Dividend paid | — | — | — | (13,600,517 | ) | — | — | — | (13,600,517 | ) | ||||||||||||||||||||||
Cumulative translation adjustment | — | — | (97,676,664 | ) | — | — | — | — | (97,676,664 | ) | ||||||||||||||||||||||
Reserve Technical Bulletin No. 72 | — | — | (6,197,072 | ) | — | — | — | — | (6,197,072 | ) | ||||||||||||||||||||||
Price-level restatement of capital | 82,202,548 | 5,858,130 | (4,413,203 | ) | 7,979,618 | — | — | — | 91,627,093 | |||||||||||||||||||||||
Net income for the year | — | — | — | — | — | — | 68,016,865 | 68,016,865 | ||||||||||||||||||||||||
As of December 31, 2005 | 2,365,606,672 | 168,583,951 | (236,727,351 | ) | 230,391,292 | — | — | 68,016,865 | 2,595,871,429 | |||||||||||||||||||||||
As of December 31, 2005 (1) | 2,415,284,412 | 172,124,214 | (241,698,626 | ) | 235,229,509 | — | — | 69,445,219 | 2,650,384,728 | |||||||||||||||||||||||
As of January 1, 2006 | 2,365,606,672 | 168,583,951 | (236,727,351 | ) | 230,391,292 | — | — | 68,016,865 | 2,595,871,429 | |||||||||||||||||||||||
Transfer of prior year income to retained earnings | — | — | — | 68,016,865 | — | — | (68,016,865 | ) | — | |||||||||||||||||||||||
Changes is equity of affiliates | — | — | (10,585,093 | ) | — | — | — | — | (10,585,093 | ) | ||||||||||||||||||||||
Accumulated deficit of subsidiaries in development stage | — | — | — | — | (181,751 | ) | — | — | (181,751 | ) | ||||||||||||||||||||||
Final dividend 2005 | — | — | — | (32,651,166 | ) | — | — | — | (32,651,166 | ) | ||||||||||||||||||||||
Reserve Technical Bulletin No. 72 | — | — | (825,381 | ) | — | — | — | — | (825,381 | ) | ||||||||||||||||||||||
Cumulative translation adjustment | — | — | 14,766,794 | — | — | — | — | 14,766,794 | ||||||||||||||||||||||||
Price-level restatement | 49,677,740 | 3,540,263 | (4,971,275 | ) | 5,522,778 | — | — | — | 53,769,506 | |||||||||||||||||||||||
Interim dividend | — | — | — | — | — | (36,242,795 | ) | — | (36,242,795 | ) | ||||||||||||||||||||||
Net income for the year | — | — | — | — | — | — | 285,960,366 | 285,960,366 | ||||||||||||||||||||||||
As of December 31, 2006 | 2,415,284,412 | 172,124,214 | (238,342,306 | ) | 271,279,769 | (181,751 | ) | (36,242,795 | ) | 285,960,366 | 2,869,881,909 | |||||||||||||||||||||
As of December 31, 2006 (2) | 4,536,683 | 323,304 | (447,684 | ) | 509,551 | (341 | ) | (68,076 | ) | 537,127 | 5,390,564 | |||||||||||||||||||||
(1) | Restated in thousands of constant Chilean pesos as of December 31, 2006. | |
(2) | Expressed in thousands of US$ as of December 31, 2006 |
Years ended December 31, | ||||||||||||
2004 | 2005 | 2006 | ||||||||||
ThCh$ | ThCh$ | ThCh$ | ||||||||||
Dividends received | 70,316,217 | 87,843,005 | 127,505,099 | |||||||||
F - 177