SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 20-F/A
(Amendment No. 2)
o | REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR 12(g) OF THE SECURITIES EXCHANGE ACT OF 1934 |
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OR | |
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x | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
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OR | |
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o | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
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OR | |
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o | SHELL COMPANY REPORT PURSUANT TO SECTION 23 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Date of event requiring this shell company report
For the transition period from to
Commission file number: 001-12440
ENERSIS S.A. |
(Exact name of Registrant as specified in its charter) |
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ENERSIS S.A. |
(Translation of Registrant’s name into English) |
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CHILE |
(Jurisdiction of incorporation or organization) |
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SANTA ROSA 76, SANTIAGO, CHILE |
(Address of principal executive offices) |
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Nicolás Billikopf, phone: (56-2) 2353-4639, fax: (56-2) 2378-4789, nbe@enersis.cl, Santa Rosa 76, Piso 15, Santiago, Chile |
(Name, Telephone, E-mail and/or Facsimile number and Address of Company Contact Person) |
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 |
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| American Depositary Shares representing Common Stock |
| New York Stock Exchange |
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| Common Stock, no par value * |
| New York Stock Exchange |
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| $ 249,734,000 7.40% Notes due December 1, 2016 |
| New York Stock Exchange |
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| $ 858,000 6.60% Notes due December 1, 2026 |
| New York Stock Exchange |
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*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 registered or to be registered pursuant to Section 12(g) of the Act: None
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
Indicate the number of outstanding shares of each of the issuer’s classes of capital or common stock as of the close of the period covered by the annual report:
Shares of Common Stock: | 32,651,166,465 |
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Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act:
x Yes o No
If this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934:
o Yes x No
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days:
x Yes o No
Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).
o Yes o No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, or a non-accelerated filer. See definition of “accelerated filer and large accelerated filer” in Rule 12b-2 of the Exchange Act:
Large accelerated filer x | Accelerated filer o | Non-accelerated filer o |
Indicate by check mark which basis of accounting the registrant has used to prepare the financial statements included in this filing:
U.S. GAAP o | International Financial Reporting Standards as issued | Other o |
Indicate by check mark which financial statement item the registrant has elected to follow:
o Item 17 x Item 18
If this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act):
o Yes x No
EXPLANATORY NOTE
Enersis S.A. (“Enersis” or the “Company”) is filing this Amendment No.2 to its Annual Report on Form 20-F for the fiscal year ended December 31, 2011, as filed with the U.S. Securities and Exchange Commission (the “SEC”) on April 5, 2012 and amended by Amendment No. 1 thereto, as filed with the SEC on October 17, 2012 (as so amended, the “Original Form 20-F”) to amend the Original Form 20-F to: 1) retrospectively apply a change in accounting policy to the 2009, 2010 and 2011 financial statements of the Company with regards to the cash flow presentation from the indirect method to the direct method; 2) revise “Item 5.B. Operating and Financial Review and Prospects – Liquidity and Capital Resources” in the Original Form 20-F to restate certain cash flow information to reflect the restated cash flow presentation using the direct method; 3) correct certain percentages previously included in our principal independent registered public accounting firm’s attestation report regarding our internal control over financial reporting (“ICFR”) as of December 31, 2011. In its report dated October 17, 2012, our independent registered public accounting firm (Ernst & Young Ltda.), indicated that it did not audit the financial statements of Empresa Nacional de Electricidad S.A. (a subsidiary), certain of its consolidated subsidiaries, certain of its associates accounted for using the equity method and certain of its jointly controlled entities accounted for using proportionate consolidation (collectively, “Endesa-Chile”), which financial statements were audited by other independent auditors and comprised 16% of consolidated revenues for the year ended December 31, 2011 and 29% of consolidated assets as of December 31, 2011. Those percentages were incorrect and should have been 29% and 43%, respectively, as reflected in the revised attestation report included herein; and 4) eliminate the audit reports on financial statements prepared on a local statutory accounting basis of Emgesa S.A. E.S.P, Endesa Brasil S.A. and Endesa Argentina S.A. of the Company (which subsidiaries were subjected to audit procedures in the context of the financial statements of Enersis by Ernst & Young Servicios Profesionales de Auditoría y Asesoría Limitada and Deloitte Auditores y Consultores Ltda. as described in their reissued audit opinions included herein).
Specifically, the Original Form 20-F included the reports of Ernst & Young Audit Limitada with respect to the consolidated financial statements of Emgesa S.A. E.S.P. and its subsidiaries as of December 31, 2011 and for the year then ended; Deloitte & Touche Ltda. with respect to the financial statements of Emgesa S.A. E.S.P. and its subsidiaries as of December 31, 2010 and for the three-month period ended December 31, 2010, the nine-month period ended September 30, 2010; Pistrelli, Henry Martin y Asociados S.R.L., a member firm of Ernst & Young Global, with respect to the consolidated financial statements of Endesa Argentina S.A. and subsidiaries as of December 31, 2011 and for the year then ended; Ernst & Young Terco Auditores Independentes S.S. with respect to the consolidated financial statements of Endesa Brasil S.A. and subsidiaries as of December 31, 2011 and for the year then ended; and Deloitte Touche Tohmatsu Auditores Independentes with respect to the consolidated financial statements of Endesa Brasil S.A. and subsidiaries as of December 31, 2010 and for each of the two years in the period ended December 31, 2010 and 2009. Such Original Form 20-F also included the report of Deloitte & Touche Ltda. with respect to the statement of operations of Emgesa S.A. E.S.P. and its subsidiaries for the year ended December 31, 2009. As noted and explained in the first paragraph, these audit reports are being eliminated.
Ernst & Young Servicios Profesionales de Auditoría y Asesoría Limitada has herein included its reissued report with respect to the consolidated financial statements of Enersis and its subsidiaries (except with respect to Empresa Nacional de Electricidad S.A., certain of its consolidated subsidiaries, certain of its associates accounted for using the equity method and certain of its jointly controlled entities accounted for using proportionate consolidation (collectively, “Endesa-Chile”) as of December 31, 2011 and for the year then ended; Deloitte Auditores y Consultores Ltda. provided as included herein its reissued report with respect to the financial statements of Enersis and its consolidated subsidiaries (which report describes therein the audit procedures to which the consolidated subsidiaries of Enersis S.A., specifically, Emgesa S.A. E.S.P. and subsidiary and Endesa Brasil S.A. and subsidiaries, were subjected as of December 31, 2010, and for each of the two years then ended; and KPMG Auditores Consultores Ltda. provided its report with respect to the consolidated financial statements of Endesa-Chile and its subsidiaries as of December 31, 2011 and 2010 and for each of the years in the three-year period ended December 31, 2011. These audit reports are not being removed.
Except for the amendments described above and the updated certifications of the Company’s Chief Executive Officer and Chief Financial Officer, this Amendment No. 2 does not modify or update other disclosures in or exhibits to the Original Form 20-F, which as amended by this Amendment No. 2, speaks as of April 5, 2012 and is not intended to reflect events that may have occurred subsequent to the initial filing date of the Original Form 20-F.
PART I
Item 5. |
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A. |
| Operating Results. |
General
The following discussion should be read in conjunction with our Consolidated Financial Statements and the notes thereto, included in Item 18 in this annual Report, and “Selected Financial Data,” included in Item 3 herein. Our Consolidated Financial Statements as of December 31, 2009, 2010 and 2011 have been prepared in accordance with IFRS as issued by IASB. Effective January 1, 2009, we adopted IFRS as issued by the IASB, in replacement of the previous accounting principles, which were under Chilean GAAP.
1. Discussion of Main Factors Affecting Operating Results and Financial Condition of the Company
We are an electricity investment company that owns and operates electric power generation, transmission, and distribution companies in Chile, Argentina, Brazil, Colombia and Peru. Most of our revenues, income and cash flows come from the operations of our subsidiaries, jointly-controlled companies and associates in these five countries.
Factors such as hydrological conditions, fuel prices, regulatory developments, extraordinary actions adopted by government authorities, and economic conditions in each country in which we operate, are important in determining our financial results. In addition, the results from operations and financial condition are affected by variations in exchange rates between the peso and the currencies of the other four countries in which we operate. These exchange variations may have an important impact in the consolidation of the results of our companies outside Chile. Lastly, we have certain critical accounting policies that affect our consolidated operating results.
Our portfolio strategy allows the impact of significant changes in one country to be sometimes offset by opposing changes in other countries, or within our two segments, leading to no significant impacts on consolidated figures. The impact of these factors on us, for the years covered by this Report, is discussed below.
a. Hydrological Conditions: Generation Business
A substantial part of our generation business depends on hydrological conditions prevailing in the countries where we operate, although only extreme hydrological conditions materially affect the Company’s operating results and financial condition. In terms of installed capacity for the three years ended December 31, 2011, our consolidated installed capacity has been 58% hydroelectric. Consolidated hydroelectric capacity was 8,654 MW, 8,675 MW, and 8,675 MW as of December 31, 2009, 2010, and 2011, respectively. (See “Item 4. Information on the Company — D. Property, Plants and Equipment”).
Hydrological conditions in 2009, 2010 and 2011 have led to significant changes in our financial condition and results from operations. Hydroelectric generation was 37,730 GWh in 2009, 33,689 GWh in 2010, and 33,676 GWh in 2011. The lower hydroelectric generation in 2010 and 2011 was associated with conditions in Chile and Argentina as compared to year 2009. Consolidated operating income was Ch$ 1,927 billion in 2009, Ch$ 1,704 billion in 2010, and Ch$ 1,566 billion in 2011.
Our thermal generators burn natural gas, LNG, coal or diesel. We can offset the effect of low hydrology (reservoir levels, rain and snow) in the geographical areas where we operate our plants by thermal generation and purchases. The company’s thermal installed capacity and the ability to purchase electricity from other generators allow us to increase thermal generation and/or purchase electricity from competitors to meet our commitments. In addition, given industry structure and the percentage of hydroelectric generation capacity in the countries where we operate, when hydrology is low, electricity prices generally increase. Under certain circumstances, low hydrology could potentially lead to higher revenues and sometimes, higher operating income.
Operating costs associated with thermal generation and energy purchases are higher than the variable cost of hydroelectric generation in normal hydrological conditions. The cost of thermal generation does not directly depend on hydrology but instead on global commodity prices. However, the cost of electricity purchases in the spot market does depend on hydrology and commodity prices.
The impact of low hydrology on operating results depends on the resulting movement in electricity prices in the market, the severity of the impact of hydrological conditions on the Company’s hydroelectric generation, the Company’s cost of thermal generation and the need for energy purchases. The effect of low hydrology on market prices may either partially or completely compensate (depending on the conditions of all relevant market factors) for the higher cost of sales, leading to an insignificant impact on operating results. For further information on the effects of hydrological conditions on our operating results, please see “Item 3.
Key Information — D. Risk Factors — “Since our generation business depends heavily on hydrological conditions, drought conditions may hurt our profitability.”
b. Regulatory Developments
The regulatory frameworks governing our business in the five countries where we operate have a material effect on our results from operations. In particular, regulators set (i) generation tariffs taking into consideration factors such as fuel costs, reservoir levels, exchange rates, future investments in installed capacity and demand growth, and (ii) distribution tariffs taking into account the costs of energy purchases paid by distribution companies (which distribution companies pass on to their customers) and the “Value Added from Distribution,” or VAD; all of which are intended to reflect investment and operating costs incurred by distribution and generation companies and is meant to allow such companies to obtain a return on their investments. The earnings of our electricity subsidiaries are determined to a large degree by government regulators, mainly through the tariff setting process. For additional information relating to the regulatory frameworks in the countries where we operate, see “Item 4. Information on the Company — B. Business Overview — Electricity Industry Regulatory Framework”.
c. Economic Conditions
Macroeconomic conditions in the countries in which we operate may have a significant effect on our operating results. For example, when a country experiences sustained economic growth, consumption of electricity by industrial and individual consumers increases. Other macroeconomic factors such as the variation of the local currency against the dollar in the countries where we operate may impact our results from operations, as well as assets and liabilities, depending on the percentage denominated in dollars. For example, a devaluation of local currencies against the dollar increases the cost of capital expenditure plans. For additional information, see “Item 3. Key Information — D. Risk Factors — Foreign exchange risks may adversely affect our results and the dollar value of dividends payable to ADS holders” and “— South American economic fluctuations are likely to affect our results from operations and financial condition, as well as the value of our securities.”
Economic Growth and Electricity Demand
Economic growth in 2011 was strong in all of the countries in which we operate, largely based on domestic private consumptions and investment. The worldwide financial and economic crisis adversely impacted developed economies, but Latin America showed resilience to global threats and the outlook remains better than for the developed world. According to the IMF’s September 2011 World Economic Outlook, the estimated GDP growth for Latin America and the Caribbean (simple average) is 4.5% for 2011, and 4.0% for 2012. Growth was, and will be, driven by many of South America’s commodity exporters— including Argentina, Chile and Peru—all of which are expected to have grown by at least 5.5% in 2011. Growth in South America is projected to be moderate in 2012, within an estimated range of 3.5% to 5.5%. This economic growth is projected to slow, as domestic demand growth moderates in response to less accommodative macroeconomic policies and a weakening projected external demand. Overall, external conditions are projected to remain positive, although with somewhat greater risk aversion and a weaker effect resulting from commodity prices.
Overall electricity demand increased at strong rates during 2011, principally due to the favorable economic situation in most of these countries. The GDP and electricity growth rate for the years covered by this Report are included in the following table:
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| 2009 |
| 2010 |
| 2011 |
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| GDP |
| Electricity |
| GDP |
| Electricity |
| GDP |
| Electricity |
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Chile (1) |
| (1.7 | ) | 0.5 |
| 5.2 |
| 3.4 |
| 6.5 |
| 6.0 |
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Argentina |
| 0.9 |
| (1.3 | ) | 7.5 |
| 5.9 |
| 8.0 |
| 5.5 |
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Colombia |
| 0.8 |
| 1.5 |
| 4.7 |
| 2.6 |
| 4.9 |
| 1.7 |
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Brazil |
| (0.2 | ) | (1.0 | ) | 7.5 |
| 7.1 |
| 3.8 |
| 3.4 |
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Peru |
| 0.9 |
| 0.9 |
| 8.3 |
| 8.5 |
| 6.2 |
| 7.5 |
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Source: GDP growth data was obtained from the World Economic Outlook (September 2011) of the International Monetary Fund (IMF). Electricity demand growth data was obtained from internal Company physical energy data.
(1) Electricity demand growth in the SIC and the SING.
Local Currency Exchange Rate
Variations in the parity of the dollar and the local currency in each of the countries in which we have operations may have an impact on our operating results and overall financial position. The impact will depend on the level at which tariffs are pegged to the dollar, dollar-denominated assets and liabilities existing in the period and also the translation of financial statements of our foreign subsidiaries for consolidation purposes to the presentation currency, which is the Chilean peso.
As of December 31, 2011, Enersis had total consolidated indebtedness in financial terms of $ 7,330 million, of which 29.4% was denominated in dollars, 22.9% in Colombian pesos, 19.8% in reais, 19.4% in pesos, 5.8% in soles, and 2.7% in Argentine pesos.
The following table sets forth the closing and average local currencies per dollar exchange rates for the periods indicated.
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| 2009 |
| 2010 |
| 2011 |
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| Average |
| Year End |
| Average |
| Year End |
| Average |
| Year End |
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Chile (peso per dollar) |
| 559.15 |
| 507.10 |
| 510.22 |
| 468.01 |
| 483.57 |
| 519.20 |
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Argentina (Argentine peso per dollar) |
| 3.77 |
| 3.80 |
| 3.92 |
| 3.98 |
| 4.13 |
| 4.30 |
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Colombia (Colombian peso per dollar) |
| 2,155 |
| 2,044 |
| 1,895 |
| 1,914 |
| 1,847 |
| 1,943 |
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Brazil (reais per dollar) |
| 2.00 |
| 1.74 |
| 1.69 |
| 1.66 |
| 1.67 |
| 1.88 |
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Peru (sol per dollar) |
| 3.01 |
| 2.89 |
| 2.81 |
| 2.81 |
| 2.75 |
| 2.70 |
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Sources: Central Bank of each country.
d. Critical Accounting Policies
Financial Reporting Release Section 501.1 encourages all companies to include a discussion of critical accounting policies or methods used in the preparation of financial statements. Critical accounting policies are defined as those that reflect significant judgments and uncertainties which would potentially result in materially different results under different assumptions and conditions. We believe that our critical accounting policies are limited to those described below with reference to the preparation of our financial statements under IFRS. For further detail of the accounting policies and the methods used in the preparation of the financial statements, see Notes 2 and 3 to our Consolidated Financial Statements.
Impairment of Long-Lived Assets
During the period, and principally at period end, the Company evaluates whether there is any indication that an asset has been impaired. Should any such indication exist, the company estimates the recoverable amount of that asset to determine the amount of impairment in each case. In the case of identifiable assets that do not generate cash flows independently, the company estimates the recoverability of the Cash Generating Unit to which the asset belongs, which is understood to be the smallest identifiable group of assets that generates independent cash inflows.
Notwithstanding the preceding paragraph, in the case of Cash Generating Units to which goodwill or intangible assets with an indefinite useful life have been allocated, a recoverability analysis is performed routinely at each period end.
The recoverable amount is the greater between the fair value less the cost needed to sell and the value in use, which is defined as the present value of the estimated future cash flows. In order to calculate the recoverable value of property, plant, and equipment, goodwill and intangible assets, the Group uses value in use criteria in practically all cases.
To estimate the value in use, the Group prepares future cash flow projections, before tax, based on the most recent budgets available. These budgets incorporate management’s best estimates of Cash Generating Units’ revenue and costs using sector projections, past experience, and future expectations.
In general, these projections cover the next ten years, estimating cash flows for subsequent years by applying reasonable growth rates, between 3.2% and 7.9%, which, in no case, are increasing nor exceed the average long-term growth rates for the particular sector and country.
These cash flows are discounted at a given pre-tax rate in order to calculate their present value. This rate reflects the cost of capital of the business and the geographical area in which the business is conducted. The discount rate is calculated taking into account the current time value of money and the risk premiums generally used by analysts for the specific business activity and the country involved.
The following discount rates, before tax and expressed in nominal terms, were applied in 2011 and 2010:
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| 2011 |
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Country |
| Currency |
| Minimum |
| Maximum |
| Minimum |
| Maximum |
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Chile |
| Pesos |
| 7.5 | % | 8.8 | % | 8.0 | % | 10.1 | % |
Argentina |
| Argentine peso |
| 15.0 | % | 16.9 | % | 15.0 | % | 17.1 | % |
Brazil |
| Brazilian reais |
| 9.6 | % | 10.8 | % | 9.5 | % | 11.6 | % |
Peru |
| Nuevos soles |
| 7.9 | % | 8.1 | % | 7.3 | % | 9.3 | % |
Colombia |
| Colombian peso |
| 9.6 | % | 9.8 | % | 8.9 | % | 10.9 | % |
If the recoverable amount is less than the net carrying amount of the asset, the corresponding provision for impairment loss is recorded for the difference, and charged to “Reversal of impairment loss (impairment loss) recognized in profit or loss” in the consolidated statement of comprehensive income.
Impairment losses recognized for an asset in prior periods are reversed when its estimated recoverable amount changes, increasing the asset’s value with a credit to earnings, limited to the asset’s carrying amount if no adjustment had occurred. In the case of goodwill, adjustments that would have been made are not reversible.
Litigation and Contingencies
The Company is currently involved in certain legal and tax proceedings. As discussed in Note 22.2 to our Consolidated Financial Statements as of December 31, 2011, we have estimated the probable outflows of resources for resolving these claims. We have reached this estimate after consulting our legal and tax advisors who are carrying out our defense in these matters and an analysis of potential results, assuming a combination of litigation and settlement strategies.
Hedge Revenues Directly Linked to the Dollar
The Company has established a policy to hedge the portion of its revenues directly linked to the dollar by obtaining financing in this currency. Exchange differences related to this debt, as they are cash flow hedge transactions, are charged net of taxes to an equity reserve account, and recorded as income during the period in which the hedged cash flows are realized. This term has been estimated at ten years.
This policy reflects a detailed analysis of our future dollar revenue streams. Such analysis may change in the future due to new electricity regulations limiting the amount of revenues tied to the dollar.
Pension and Post-Employment Benefits Liabilities
We have various defined benefits plans for our employees. These plans pay benefits to employees at retirement and use formulas based on years of service and the compensation of the participants. We also offer certain additional benefits for some retired employees in particular.
The liabilities shown for the pensions and post-employment benefits reflect our best estimate of the future cost of meeting our obligations under these plans. The accounting applied to these defined benefit plans involves actuarial calculations which contain key assumptions that include: employee turnover, life expectancy and retirement ages, discount rates, expected returns on assets, the future level of compensation and benefits, the claims rate under medical plans and future medical costs. These assumptions change as economic and market conditions vary and any change in any of these assumptions could have an important effect on the reported results from operations.
The effect of an increase of one percentage point in the discount rate used to determine the present value of the post-employment defined benefits would decrease the liability by Ch$ 54,572 million (Ch$ 48,203 million in 2010 and Ch$ 40,456 million in 2009) and the effect of a decrease of one percentage point in the rate used to determine the present value of the post-employment defined benefits would increase the liability by Ch$ 65,050 million (Ch$ 56,463 million in 2010 and Ch$ 47,467 million in 2009).
Recent Accounting Pronouncements
Please see “Item 18. Financial Statements — Note 2.2” for additional information regarding recent accounting pronouncement.
2. Enersis’ Results from Operations for the Years ended December 31, 2010 and December 31, 2011
Total income in 2011decreased 20.7%, from Ch$ 1,100.7 billion in 2010 to Ch$ 872.5 billion in 2011. This decrease of Ch$ 228.1 billion is attributable primarily to the accounting impairment recorded in our books in connection with our Argentine subsidiaries, Edesur and Endesa Costanera, coupled with an increase in income tax. The decrease in net income attributable only to Enersis (excluding the decrease in net income attributable to non-controlling interests) amounted to Ch$ 110.8 billion.
In 2011, we recorded an impairment loss in Property, Plant and Equipment of Ch$ 106.4 billion attributable to our operating costs in Edesur, an impairment in tax credits of Ch$ 44.8 billion for Edesur and Endesa Costanera, and a goodwill impairment of Ch$ 14.4 billion associated with our acquisitions of Edesur and Endesa Costanera.
We implemented the impairment loss in connection with Edesur due to the sustained period of uncertainty in the Argentine electricity sector as to whether distribution tariff adjustments would be carried out by Argentine regulatory authorities to reflect our increased costs in providing electricity service. Since the enactment of Argentina’s Public Emergency Law in 2002, our costs of providing electricity service have been subject to significant increases, without adequate tariff increases. Although Edesur did receive an increase in VAD in 2007, ENRE has not allowed much higher operating costs in 2010 and 2011 to be passed through to final tariffs.
Since 2007, increases in tariffs have not occurred due to delays in fulfillment of requirements of the Agreement Act signed between the Republic of Argentine and Edesur in August 2005, particularly with regards to the semi-annual recognition of tariff adjustments under the cost monitoring mechanism and the implementation of the integral tariff review, each as prescribed in the Agreement Act, the absence of which are severely affecting Edesur’s viability as a going concern. Given the already long period during which tariff adjustments had not been made, and our assessment of the prospects of any future tariff adjustments, at the end of 2011 we recorded the impairment loss and reversal of goodwill related to Edesur.
In connection with Endesa Costanera, our impairment loss was attributable to the inability to obtain revenues which would allow a recovery of costs and to a sustained working capital deficit over a very long period. In addition, our Argentine generator has encountered difficulties in obtaining the timely payment of receivables from CAMMESA, the operator of the Argentine electricity market. This situation affected Endesa Costanera’s viability as a going concern.
Additionally, we incurred Ch$ 70 billion in higher income taxes (excluding impairment on tax credits mentioned above).
The order in which the countries are ranked in these tables is according to their contribution to our 2011 operating income.
Revenues
Generation and Transmission Business
The following table sets forth the physical electricity sales of our subsidiaries and their corresponding changes for the twelve-month periods ended on December 31, 2010 and 2011.
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| Physical sales during |
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| Year ended December 31, |
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| 2010 |
| 2011 |
| Change |
| % Change |
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| (GWh) |
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Endesa Chile (Chile) (1) |
| 21,847 |
| 22,070 |
| 222 |
| 1.0 | % |
Emgesa (Colombia) |
| 14,817 |
| 15,112 |
| 295 |
| 2.0 | % |
Edegel (Peru) |
| 8,598 |
| 9,450 |
| 851 |
| 9.9 | % |
Cachoeira Dourada (Brazil) |
| 3,833 |
| 3,986 |
| 153 |
| 4.0 | % |
Endesa Fortaleza (Brazil) |
| 2,957 |
| 2,842 |
| (115 | ) | (3.9 | )% |
El Chocón (Argentina) |
| 3,361 |
| 2,888 |
| (473 | ) | (14.1 | )% |
Endesa Costanera (Argentina) |
| 8,018 |
| 8,493 |
| 476 |
| 5.9 | % |
Total |
| 63,431 |
| 64,840 |
| 1,409 |
| 2.2 | % |
(1) Includes Endesa Chile and its generation subsidiaries.
Distribution Business
Distribution revenues are derived mainly from the resale of electricity purchased from generators. Revenues associated with distribution include the recovery of the cost of electricity purchased and the resulting revenue from the VAD, which is associated with the recovery of costs and the return on the investment with respect to the distribution assets plus the losses permitted in the regulatory tariffs. Other revenue deriving from our distribution services consists of charges related to new connections and the maintenance and rental of meters.
The following table sets forth the physical electricity sales of our subsidiaries, by country, and their corresponding variations for the years ended December 31, 2010 and 2011.
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| Physical sales during |
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| Year ended December 31, |
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| 2010 |
| 2011 |
| Change |
| % Change |
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| (GWh) |
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Codensa (Colombia)(1) |
| 12,515 |
| 12,857 |
| 342 |
| 2.7 | % |
Coelce (Brazil) |
| 8,850 |
| 8,970 |
| 120 |
| 1.4 | % |
Ampla (Brazil) |
| 9,927 |
| 10,223 |
| 296 |
| 3.0 | % |
Chilectra (Chile) |
| 13,098 |
| 13,697 |
| 599 |
| 4.6 | % |
Edelnor (Peru) |
| 6,126 |
| 6,572 |
| 446 |
| 7.3 | % |
Edesur (Argentina) |
| 16,759 |
| 17,233 |
| 474 |
| 2.8 | % |
Total |
| 67,274 |
| 69,552 |
| 2,278 |
| 3.4 | % |
(1) Values for Codensa include the proportioned consolidation of 49.0% of DECSA. This consolidation also affects other figures in this section, such as operating income, revenues, operating costs and number of clients.
Revenues by Business Segment
The table below presents our revenues for 2010 and 2011:
|
| Year ended December 31, |
| ||||||
|
| 2010 |
| 2011 |
| Change |
| % Change |
|
|
| (in million of Ch$) |
|
|
| ||||
Generation and Transmission Business |
|
|
|
|
|
|
|
|
|
Endesa Chile and subsidiaries (Chile) |
| 1,345,371 |
| 1,257,995 |
| (87,376 | ) | (6.5 | )% |
Emgesa (Colombia) |
| 507,527 |
| 498,569 |
| (8,958 | ) | (1.8 | )% |
Edegel (Peru) |
| 211,263 |
| 239,842 |
| 28,579 |
| 13.5 | % |
Cachoeira Dourada (Brazil) |
| 115,663 |
| 126,646 |
| 10,983 |
| 9.5 | % |
CIEN (Brazil) |
| 98,909 |
| 59,918 |
| (38,991 | ) | (39.4 | )% |
Endesa Fortaleza (Brazil) |
| 150,371 |
| 129,485 |
| (20,886 | ) | (13.9 | )% |
El Chocón (Argentina) |
| 57,173 |
| 48,341 |
| (8,832 | ) | (15.4 | )% |
Endesa Costanera (Argentina) |
| 295,231 |
| 341,824 |
| 46,593 |
| 15.8 | % |
Less: Intercompany Transactions |
| (904 | ) | (2,594 | ) | (1,690 | ) | 186.9 | % |
Total |
| 2,780,604 |
| 2,700,026 |
| (80,578 | ) | (2.9 | )% |
|
|
|
|
|
|
|
|
|
|
Distribution Business |
|
|
|
|
|
|
|
|
|
Codensa (Colombia) |
| 785,890 |
| 815,487 |
| 29,597 |
| 3.8 | % |
Coelce (Brazil) |
| 940,654 |
| 859,446 |
| (81,208 | ) | (8.6 | )% |
Ampla (Brazil) |
| 1,046,387 |
| 1,117,269 |
| 70,882 |
| 6.8 | % |
Chilectra and subsidiaries (Chile) |
| 1,016,997 |
| 1,046,191 |
| 29,194 |
| 2.9 | % |
Edelnor (Peru) |
| 307,159 |
| 329,309 |
| 22,150 |
| 7.2 | % |
Edesur (Argentina) |
| 295,539 |
| 279,725 |
| (15,814 | ) | (5.4 | )% |
Total |
| 4,392,626 |
| 4,447,427 |
| 54,801 |
| 1.2 | % |
|
|
|
|
|
|
|
|
|
|
Less: Consolidation Adjustments and Other Businesses |
| (609,649 | ) | (612,573 | ) | (2,924 | ) | 0.5 | % |
Total |
| 6,563,581 |
| 6,534,880 |
| (28,701 | ) | (0.4 | )% |
Generation and Transmission Business: Revenues
Revenues in Chile in 2011 decreased by 6.5%, mainly due to lower energy sales, principally due to a lower average sale price, partially offset by larger physical sales which increased by 1.0%, reaching 22,070 GWh in 2011.
In Colombia, revenues of Emgesa decreased by Ch$ 9.0 billion, or 1.8%, principally due to a 4.0% reduction in the average energy sale price which was partially offset by an increase in physical sales of 2.0% as a consequence of higher hydroelectric generation, totaling 15,112 GWh. The “currency translation effect” (from translating local Colombian pesos into Chilean pesos) on revenues was negative, causing a decline of 2.6% in peso terms.
Revenues of Edegel, our Peruvian generating company, increased by Ch$ 28.6 billion, or 13.5%, in 2011 This was principally the result of a 9.9% growth in physical sales, totaling 9,450 GWh in 2011, as well as an increase in the average energy sale price for 2011. The currency translation effect on revenues was negative, causing a decline of 2.7% in peso terms.
Revenues of Cachoeira Dourada rose by 9.5% in 2011, mainly as a result of an increase in average sales prices, expressed in local currency, and an increase in physical energy sales of 153 GWh, to 3,986 GWh, for the year.
Revenues of CIEN fell by 39.4% in 2011, mainly due to the fact that the Annual Permitted Revenue (APR) was booked since mid April. The APR remunerates the company’s transmission assets, causing lower revenues than the energy-export revenues to Argentina generated during 2010.
Revenues of Endesa Fortaleza decreased by 13.9% in 2011, mainly due to lower sales prices and a reduction in physical sales of 115 GWh, to 2,842 GWh. In our Brazilian companies, the currency translation effect on revenues was negative, causing a slight decline of 0.2% in peso terms, in comparison to 2010.
In Argentina, revenues of Endesa Costanera rose by 15.8% in 2011, principally as a result of an increase in physical sales and higher average prices. Physical sales reached 8,493.3 GWh in 2011 compared to 8,017.7 GWh in 2010.
Revenues of El Chocón fell by 15.4% in 2011, explained by a decrease in generation of 19.2% compared to 2010, due to lower hydroelectric availability, which in turn was a result of reservoir controls at levels limited by each river basin. For both Argentine companies, the net effect of translating results from the Argentine peso to the Chilean peso was negative, resulting in a 10.1% decline in revenues in peso terms.
Distribution Business: Revenues
In Colombia, revenues of our subsidiary Codensa increased by 3.8%, mainly as result of a 3.6% increase in the average sale price in local currency, a 2.7% increase in physical sales to 12,857 GWh, and increases in other operating revenues, which rose by Ch$ 3.9 billion. This was partially offset by the currency translation effect, which resulted in a decline in revenues of 2.6% as expressed in peso terms. The number of customers rose by 70,357, for an aggregate total of over 2.6 million.
In Brazil, revenues of Coelce decreased by 8.6% in 2011, mainly due to a 6.1% drop in the average sale price in local currency, a reduction of Ch$ 98.1 billion in revenues due to the construction of fixed assets in the concession area and the currency translation effect which resulted in a fall of revenues of 0.2% in peso terms. This was partially offset by a 1.4% rise in physical sales to 8,970 GWh in 2011. The number of customers rose by 129,778 in 2011, for an aggregate total of over 3.2 million.
Revenues of our subsidiary Ampla rose by 6.8% in 2011, mainly due to a 3.0% increase in physical sales (to 10,223 GWh), a 2.2% increase in the average sale price in local currency, and an increase in other operating revenues of Ch$ 21.0 billion. This was partially offset by the currency translation effect, which resulted in a decline of revenues of 0.2% in peso terms. The number of customers rose by 72,881, for an aggregate total exceeding 2.6 million.
In Chile, revenues of our subsidiary Chilectra increased by Ch$ 29.2 billion or 2.9% in 2011, principally due to greater electricity demand, which was reflected by a 4.6% increase in physical sales (reaching 13,697 GWh in 2011). This was partially offset by a slight decrease of 0.6% in the average sale price and a Ch$ 3.2 billion decrease in other operating revenues. The number of customers rose by 28,325, reaching an aggregate total of over 1.6 million.
In Peru, revenues of Edelnor increased by 7.2% in 2011, due to a 7.3% increase in physical sales to 6,572 GWh and an 8.6% increase in average sales prices in local currency. This was partially offset by a decrease of Ch$ 3.2 billion in other operating revenues and the currency translation effect which resulted in a decline of revenues of 2.7% in 2011 in peso terms. The number of customers rose by 46,501, to an aggregate total exceeding 1.1 million.
In Argentina, revenues of Edesur decreased by 5.4% in 2011 due mainly to the currency translation effect that resulted in a decrease in revenues of 10.1% in peso terms. This was partially offset by a 2.8% increase in physical sales and a Ch$ 0.5 billion increase in other operating revenues. Average sale prices in local currency remained the same as in 2010, as well as energy losses, at a level of 10.5%. The number of customers rose by 35,885, to an aggregate total of almost 2.4 million.
Operating Costs
Operating costs primarily consist of electricity purchases from other parties, fuel purchases, depreciation, amortization and impairment losses, maintenance costs, tolls paid to transmission companies, and employee salaries. Operating costs also include Administrative and Selling expenses.
The following table shows the breakdown of operating costs as a percentage of total operating costs, for the years ended December 2010 and 2011. As can see it, the cost structure of the Company was virtually the same in 2010 and 2011.
|
| Year ended December 31 |
| ||
|
| 2010 |
| 2011 |
|
|
| (percentage of total costs of |
| ||
Electricity purchases |
| 32.0 | % | 35.5 | % |
Fuel purchases |
| 13.8 | % | 14.9 | % |
Other variable cost |
| 18.3 | % | 12.9 | % |
Depreciation, amortization and impairment losses |
| 11.5 | % | 11.3 | % |
Other fixed costs |
| 9.3 | % | 10.9 | % |
Transmission tolls |
| 8.4 | % | 7.9 | % |
Staff benefit costs |
| 6.8 | % | 6.6 | % |
|
| 100 | % | 100 | % |
The table below sets forth the breakdown of operating costs for the years ending on December 31, 2010 and 2011:
|
| Year ended December 31, |
| ||||||
|
| 2010 |
| 2011 |
| Change |
| % Change |
|
|
| (in million of Ch$) |
|
|
| ||||
Generation and Transmission Business |
|
|
|
|
|
|
|
|
|
Endesa Chile and subsidiaries (Chile) |
| 832,601 |
| 859,191 |
| 26,590 |
| 3.2 | % |
Emgesa (Colombia) |
| 246,044 |
| 245,061 |
| (983 | ) | (0.4 | )% |
Edegel (Peru) |
| 140,944 |
| 135,187 |
| (5,757 | ) | (4.1 | )% |
Cachoeira Dourada (Brazil) |
| 39,800 |
| 36,365 |
| (3,435 | ) | (8.6 | )% |
CIEN (Brazil) |
| 70,853 |
| (8,863 | ) | (79,716 | ) | (112.5 | )% |
Endesa Fortaleza (Brazil) |
| 91,257 |
| 80,299 |
| (10,958 | ) | (12.0 | )% |
El Chocón (Argentina) |
| 25,522 |
| 24,599 |
| (923 | ) | (3.6 | )% |
Endesa Costanera (Argentina) |
| 284,391 |
| 335,344 |
| 50,953 |
| 17.9 | % |
Less: Intercompany Transactions |
| (902 | ) | (1,531 | ) | (629 | ) | 69.7 | % |
Total |
| 1,730,510 |
| 1,705,652 |
| (24,858 | ) | (1.4 | )% |
|
|
|
|
|
|
|
|
|
|
Distribution Business |
|
|
|
|
|
|
|
|
|
Codensa (Colombia) |
| 578,667 |
| 630,025 |
| 51,358 |
| 8.9 | % |
Coelce (Brazil) |
| 757,490 |
| 678,458 |
| (79,032 | ) | (10.4 | )% |
Ampla (Brazil) |
| 925,698 |
| 943,612 |
| 17,914 |
| 1.9 | % |
Chilectra and Subsidiaries (Chile) |
| 905,231 |
| 926,506 |
| 21,275 |
| 2.4 | % |
Edelnor (Peru) |
| 242,210 |
| 259,409 |
| 17,199 |
| 7.1 | % |
Edesur (Argentina) |
| 291,595 |
| 416,895 |
| 125,300 |
| 43.0 | % |
Total |
| 3,700,891 |
| 3,854,905 |
| 154,014 |
| 4.2 | % |
|
|
|
|
|
|
|
|
|
|
Less: Consolidation Adjustments and Other Businesses |
| (572,121 | ) | (591,988 | ) | (19,867 | ) | 3.5 | % |
Total |
| 4,859,280 |
| 4,968,569 |
| 109,289 |
| 2.2 | % |
Generation and Transmission Business: Operating Costs
Operating costs in Chile increased by 3.2% in 2011 compared to 2010, totaling Ch$ 859.2 billion. Lower hydroelectric generation forced the company to use thermal energy more intensively, and this caused the procurement and services costs to increase by 2%, or Ch$ 13.4 billion, with higher energy purchases costs of Ch$ 66.3 billion and fuel consumption costs of Ch$ 32.1 billion, partially offset by lower transport expenses of Ch$ 46.1 billion and other variable costs of Ch$ 38.9 billion. In addition, personnel expenses rose by Ch$ 7.3 billion and depreciation, amortization and impairment losses by Ch$ 3.8 billion. Production totaled 20,722 GWh, 0.9% lower than in 2010.
Operating costs of Emgesa decreased by Ch$ 1.0 billion, or 0.4%, mainly due to reduced energy purchases of Ch$ 43.3 billion and reduced fuel costs of Ch$ 3.8 billion. This was partially offset by higher fixed costs, which resulted from the one-time effect of the equity tax reform of Ch$ 40.2 billion (which required the booking of the entire amount of this tax payable for the four year period 2011-2014 on January 1, 2011) added to increased transport costs of Ch$ 4.0 billion, other variable costs of Ch$ 1.3 billion and a higher charge for depreciation, amortization and impairment of Ch$ 0.7 billion associated with the increase in generation of 7.2% to 12,090 GWh in 2011. The currency translation effect resulted in a 2.6% decrease in operating costs in peso terms.
Operating costs of Edegel declined by Ch$ 5.8 billion, or 4.1%, largely due to a reduced personnel expenses of Ch$ 8.8 billion, reduced energy purchase costs of Ch$ 1.7 billion and a reduced charge for depreciation, amortization and impairment of Ch$ 1.5 billion. This was partially offset by an increase in fuel costs of Ch$ 3.9 billion, resulting from an increase of energy generation of 8.1% to 9,153 GWh. The currency translation effect resulted in a reduction of 2.7% in the operating costs expressed in peso terms.
Operating costs of Cachoeira Dourada decreased by 8.6%, or Ch$ 3.4 billion, to Ch$ 36.4 billion in 2011, mainly due to reduced costs for impairment losses of Ch$ 3.9 billion following the reaching of an agreement with CELG Distribução S.A. to reverse an account payable provision,which was partially offset by increased transport costs of Ch$ 0.4 billion and a rise in personnel expenses of Ch$ 0.1 billion. Generation reached 3,121 GWh in 2011, a fall of 9.0% compared to 2010.
Operating costs of CIEN fell by Ch$ 79.7 billion in 2011, a decrease greater than the total of costs for 2010. This is due to lower procurement and services costs of Ch$ 41.5 billion (largely due to the reversal on the transport tolls taxes provision) and a lower charge for depreciation, amortization and impairment of Ch$ 36.7 billion (such decrease due to the fact that depreciation was adjusted to the useful lives of the assets of the concession period in 2010). The currency translation effect resulted in a reduction of 0.2% in the operating costs expressed in peso terms.
Operating costs of Endesa Fortaleza fell by Ch$ 11.0 billion in 2011, or 12.0%, mainly due to lower energy purchase costs of Ch$ 4.7 billion, lower fuel purchase costs of Ch$ 1.8 billion and a decrease in other variable costs of Ch$ 4.8 billion. Generation reached 1,033 GWh in 2011, a fall of 37.9% from the prior year, due to a lower dispatch. The currency translation effect in both Brazilian companies resulted in a reduction of 0.2% in the cost of sales expressed in peso terms.
Operating costs of our subsidiary El Chocón declined by Ch$ 0.9 billion in 2011, or 3.6%. This was mainly due to a decrease in other variable costs of Ch$ 1.6 billion, partially offset by an increase in the cost of energy purchases of Ch$ 0.8 billion. Generation reached 2,404 GWh in 2011, a fall of 19.2% compared to the prior year. The currency translation effect resulted in a reduction of 10.1% in the cost of sales expressed in peso terms.
Operating costs of Endesa Costanera rose by Ch$ 51.0 billion in 2011 or 17.9%. This was mainly due to an increase in procurement and services costs of Ch$ 48.5 billion, or 19.4%, (such increase largely due to a higher cost of fuel consumption of Ch$ 40.2 billion) and higher transport expenses of Ch$ 4.4 billion resulting from a 5.4% increase in production to 8,397 GWh in 2011. Personnel expenses rose by Ch$ 4.4 billion, partially offset by a reduction in the charge for depreciation, amortization and impairment of Ch$ 1.1 billion and a reduction in other fixed costs of Ch$ 0.8 billion. The currency translation effect resulted in a reduction of 10.1% in the cost of sales expressed in peso terms.
Distribution Business: Operating Costs
Operating costs of Codensa increased by Ch$ 51.4 billion, or 8.9%, in 2011, mainly due to higher energy purchase costs of Ch$ 20.6 billion, higher fixed costs due to the impact of an equity tax reform charge of Ch$ 19.7 billion, which required booking the entire amount of the tax payable for the four year period (2011-2014) on January 1, 2011, higher variable costs of Ch$ 3.4 billion and higher personnel expenses of Ch$ 2.5 billion. Physical losses fell by 0.4 percentage points to 8.1% in 2011. The currency translation effect resulted in an increase of 2.6% in the cost of sales expressed in peso terms.
Operating costs of Coelce decreased by Ch$ 79.0 billion, or 10.4%, in 2011. This is mainly due to a decrease in other variable costs of Ch$ 96.8 billion (due to a reduction in fixed asset construction costs in the concession area) and a reduced charge for
depreciation, amortization and impairment of Ch$ 6.3 billion. This is partially offset by an increase in energy purchase costs of Ch$ 26.0 billion and personnel expenses of Ch$ 4.0 billion. Physical losses fell by 0.2 percentage points to 11.9% in 2011. In each of Ampla and Coelce, the currency translation effect resulted in a reduction of 0.2% in the cost of sales expressed in peso terms.
Operating costs of our subsidiary Ampla grew by Ch$ 17.9 billion, or 1.9% in 2011. This is mainly due to increases in the cost of energy purchases of Ch$ 34.8 billion, in other operating costs of Ch$ 18.3 billion (primarily due to the construction of fixed assets in the concession area, for Ch$ 18.0 billion), in transport costs of Ch$ 10.3 billion and in personnel expenses of Ch$ 2.0 billion. This was partially offset by a decrease in the charge for depreciation, amortization and impairment of Ch$ 48.7 billion, primarily due to impairment losses booked in 2010. Physical losses fell by 0.8 percentage points to 19.7% by December 2011.
Operating costs of Chilectra increased by Ch$ 21.3 billion, or 2.4%, in 2011, mainly due to increases in energy purchase costs of Ch$ 9.2 billion, transport costs of Ch$ 7.2 billion, and personnel expenses of Ch$ 4.7 billion, in addition to a charge for depreciation, amortization and an impairment of Ch$ 4.6 billion associated with Chilectra’s investment in Edesur. This was partially offset by a reduction in other fixed operating costs of Ch$ 3.8 billion, which was associated with reduced repairs, conservation and other activities. Physical sales declined by 0.3 percentage points to 5.5% in 2011.
Operating costs of Edelnor increased by Ch$ 17.2 billion, or 7.1% in 2011, mainly due to an increase in energy purchases of Ch$ 20.4 billion and a higher charge for depreciation, amortization and impairment of Ch$ 1.0 billion. This was partially offset by a reduction in other variable costs of Ch$ 3.2 billion and a reduction in personnel costs of Ch$ 1.1 billion. Physical losses declined by 0.1 percentage points to 8.2%. The currency translation effect resulted in a decrease of 2.7% in the operating costs expressed in peso terms.
Operating costs of Edesur increased by Ch$ 125.3 billion, or 43.0% in 2011. This is primarily due to an impairment loss of Ch$ 106.5 billion taken at the Enersis level at the end of 2011 in connection with Edesur’s property, plant and equipment. This impairment loss is a result of the inadequate distribution tariff adjustments allowed for our Argentine subsidiary. Since the Argentine Public Emergency Law of 2002, our operating costs have been subject to significant inflationary pressures, without any corresponding tariff increases. Increases in tariffs have not occurred due to delays in the fulfillment of certain requirements of the Agreement Act executed by Edesur and the Republic of Argentina, particularly with regard to the semi-annual recognition of tariff adjustments under the cost monitoring mechanism and the implementation of an integral tariff review contemplated by the Agreement Act, the absence of which are severely affecting Edesur’s viability as a going concern. Additionally, personnel expenses increased by Ch$ 20.0 billion and other fixed costs increased by Ch$ 1.1 billion. In contrast, other variable costs declined by Ch$ 0.6 billion and the charge for depreciation fell by Ch$ 1.0 billion. Energy losses remained at 10.5% for both 2010 and 2011. The currency translation effect resulted in a reduction of 10.1% in the operating costs expressed in peso terms.
Operating Income
The following table summarizes operating income by company, for the years ended December 31, 2010 and 2011.
|
| Year ended December 31, |
| ||||||
|
| 2010 |
| 2011 |
| Change |
| % Change |
|
|
| (in million of Ch$) |
|
|
| ||||
Generation and Transmission Business |
|
|
|
|
|
|
|
|
|
Endesa Chile and subsidiaries (Chile) |
| 512,770 |
| 398,804 |
| (113,966 | ) | (22.2 | )% |
Emgesa (Colombia) |
| 261,483 |
| 253,508 |
| (7,975 | ) | (3.0 | )% |
Edegel (Peru) |
| 70,319 |
| 104,655 |
| 34,336 |
| 48.8 | % |
Cachoeira Dourada (Brazil) |
| 75,863 |
| 90,281 |
| 14,418 |
| 19.0 | % |
CIEN (Brazil) |
| 28,056 |
| 68,781 |
| 40,725 |
| 145.2 | % |
Endesa Fortaleza (Brazil) |
| 59,114 |
| 49,186 |
| (9,928 | ) | (16.8 | )% |
El Chocón (Argentina) |
| 31,651 |
| 23,742 |
| (7,909 | ) | (25 | )% |
Endesa Costanera (Argentina) |
| 10,840 |
| 6,480 |
| (4,360 | ) | (40.2 | )% |
Less: Intercompany Transactions |
| (2 | ) | (1,063 | ) | (1,061 | ) | n.a. |
|
Total |
| 1,050,094 |
| 994,374 |
| (55,720 | ) | (5.3 | )% |
|
|
|
|
|
|
|
|
|
|
Distribution Business |
|
|
|
|
|
|
|
|
|
Codensa (Colombia) |
| 207,223 |
| 185,462 |
| (21,761 | ) | 10.5 | % |
Coelce (Brazil) |
| 183,164 |
| 180,988 |
| (2,176 | ) | (1.2 | )% |
Ampla (Brazil) |
| 120,689 |
| 173,657 |
| 52,968 |
| 43.9 | % |
Chilectra and subsidiaries (Chile) |
| 111,766 |
| 119,685 |
| 7,919 |
| 7.1 | % |
Edelnor (Peru) |
| 64,949 |
| 69,900 |
| 4,951 |
| 7.6 | % |
Edesur (Argentina) |
| 3,944 |
| (137,170 | ) | (141,114 | ) | n.a. |
|
Total |
| 691,735 |
| 592,522 |
| (99,213 | ) | (14.3 | )% |
|
|
|
|
|
|
|
|
|
|
Less: Consolidation Adjustments and Other Businesses |
| (37,528 | ) | (20,585 | ) | 16,943 |
| (45.1 | )% |
Total |
| 1,704,301 |
| 1,566,311 |
| (137,990 | ) | (8.1 | )% |
Non-Operating Result
The following table shows the non-operating results for the years ended December 31, 2010 and 2011:
|
| Year ended December 31, |
| ||||||
|
| 2010 |
| 2011 |
| Change |
| % Change |
|
|
| (in million of Ch$) |
|
|
| ||||
|
|
|
|
|
|
|
|
|
|
Financial result |
|
|
|
|
|
|
|
|
|
Financial income |
| 171,237 |
| 233,613 |
| 62,376 |
| 36.4 | % |
Financial costs |
| (438,358 | ) | (465,411 | ) | (27,053 | ) | (6.2 | )% |
Gain (loss) for indexed assets and liabilities |
| (15,056 | ) | (25,092 | ) | (10,036 | ) | (66.7 | )% |
Net Foreign currency exchange differences |
| 11,572 |
| 20,305 |
| 8,733 |
| 75.5 | % |
Total |
| (270,605 | ) | (236,585 | ) | 34,020 |
| (12.6 | )% |
|
|
|
|
|
|
|
|
|
|
Other non-operating results |
|
|
|
|
|
|
|
|
|
Total gain (loss) on sale of non-current assets not held for sale |
| 11,711 |
| (5,853 | ) | (17,564 | ) | n.a. |
|
Other non-operating income |
| 1,288 |
| 9,504 |
| 8,216 |
| 637,9 | % |
Total |
| 12,999 |
| 3,651 |
| (9,348 | ) | (71.9 | )% |
|
|
|
|
|
|
|
|
|
|
Non-operating results |
| (257,606 | ) | (232,934 | ) | 24,672 |
| (9.6 | )% |
Financial Result
Total financial result for the year 2011 was an expense of Ch$ 236.6 billion, a decrease of 12.6%, or Ch$ 34.0 billion, in comparison to 2010. This is due to higher financial income of Ch$ 62.4 billion, primarily the result of the booking of Ch$ 35.2 billion related to the agreement reached with CELG Distribução S.A., the effect of an updating of the pension fund assets in Brazil and higher cash investments, primarily in Chilectra, Endesa Fortaleza and Enersis. There was also a positive effect from net exchange differences of Ch$ 8.7 billion, primarily arising from Brazil. This was partially offset by higher financial costs of Ch$ 27.1 billion, (which resulted primarily from updating our pension fund liabilities in Brazil and a higher average cost of debt), and greater indexation charges of Ch$ 10.0 billion, due to the effect of the Unidad de Fomento (UF) value variation on UF-denominated debt for some of our Chilean companies. This value variation is due the value of the UF increasing 3.9% in 2011, compared to an increase of 2.5% in 2010.
Result of asset sales
The result of asset sales shows a decrease of Ch$ 17.6 billion, mainly due to the one-time booking of the loss on the sale of CAM during 2011.
As a result of the foregoing, total non-operating results increased by Ch$ 24.7 billion compared with the previous year.
Net Income for the Year
The following table shows our net income for the year for the periods indicated.
|
| Year ended December 31, |
| ||||||
|
| 2010 |
| 2011 |
| Change |
| % Change |
|
|
| (in million of Ch$) |
|
|
| ||||
Operating income |
| 1,704,301 |
| 1,566,311 |
| (137,990 | ) | (8.1 | )% |
Non-operating results |
| (257,606 | ) | (232,934 | ) | 24,672 |
| 9.6 | % |
Net income before taxes |
| 1,446,695 |
| 1,333,377 |
| (113,318 | ) | (7.8 | )% |
|
|
|
|
|
|
|
|
|
|
Income tax |
| (346,007 | ) | (460,837 | ) | (114,830 | ) | (33.2 | )% |
|
|
|
|
|
|
|
|
|
|
Net Income from Continuing Operations After Tax |
| 1,100,688 |
| 872,540 |
| (228,148 | ) | (20.7 | )% |
Net income from discontinued operations |
| 0 |
| 0 |
| 0 |
| 0.0 | % |
|
|
|
|
|
|
|
|
|
|
Net Income |
| 1,100,688 |
| 872,540 |
| (228,148 | ) | (20.7 | )% |
Net Income attributable to: Owners of Parent Company |
| 486,227 |
| 375,471 |
| (110,756 | ) | (22.8 | )% |
Net income attributable to: Non-controlling interests |
| 614,461 |
| 497,069 |
| (117,392 | ) | (19.1 | )% |
Income tax increased from Ch$ 346.0 billion in 2010 to Ch$ 460.8 billion in 2011, an increase of Ch$ 114.8 billion, or 33.2%. The impairment of prior tax credits in our Argentine subsidiaries, Edesur and Endesa Costanera, amounted to Ch$ 44.9 billion. Our Brazilian subsidiaries’ taxes increased by Ch$ 62.0 billion and are attributable to higher taxable income. Taxable income increased in precisely those countries where the corporate tax rate is higher, primarily in Brazil where the corporate tax rate virtually doubles the Chilean rate. The corporate tax rates in Brazil, Colombia, and Peru are 34%, 33% and 30%, respectively. In comparison, the Chilean corporate tax rate is much lower, although it increased temporarily, from 17% to 20%, as a measure to finance the reconstruction that followed the earthquake in February, 2010. Such increase in income tax rate led to a higher income tax in Chile of Ch$ 8.5 billion.
The main changes in the corporate income tax expense of our subsidiaries were as follows: increases in Ampla of Ch$ 20.1 billion, CIEN of Ch$ 19.3 billion, Endesa Costanera of Ch$ 17.2 billion, Edesur of Ch$ 12.9 billion, Cachoeira Dourada of Ch$ 12.8 billion, Coelce of Ch$ 12.3 billion, Chilectra of Ch$ 10.2 billion, Endesa Chile of Ch$ 8.3 billion, San Isidro of Ch$ 7.3 billion, Edegel of Ch$ 6.8 billion, Codensa of Ch$ 5.8 billion, Enersis of Ch$ 5.6 billion and Emgesa of Ch$ 4.1 billion. These increases were partially offset by decreases in corporate income tax for Pehuenche of Ch$ 8.3 billion, Celta of Ch$ 4.0 billion and Gas Atacama of Ch$ 0.9 billion.
3. Enersis’ Results from Operations for the Years ended December 31, 2009 and December 31, 2010
The order in which the countries are ranked in these tables is according to their contribution to our 2010 operating income.
Revenues
Generation and Transmission Business
The following table sets forth the physical electricity sales of our subsidiaries and their corresponding changes for the twelve-month periods ended on December 31, 2009 and 2010.
|
| Physical sales during |
| ||||||
|
| Year ended December 31, |
| ||||||
|
| 2009 |
| 2010 |
| Change |
| % Change |
|
|
|
|
| (GWh) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Endesa Chile (Chile) (1) |
| 22,327 |
| 21,847 |
| (480 | ) | (2.1 | )% |
Emgesa (Colombia) |
| 16,806 |
| 14,817 |
| (1,989 | ) | (11.8 | )% |
Cachoeira Dourada (Brazil) |
| 3,862 |
| 3,833 |
| (29 | ) | (0.8 | )% |
Edegel (Peru) |
| 8,321 |
| 8,598 |
| 277 |
| 3.3 | % |
Endesa Fortaleza (Brazil) |
| 3,007 |
| 2,957 |
| (50 | ) | (1.7 | )% |
El Chocón (Argentina) |
| 4,122 |
| 3,361 |
| (761 | ) | (18.5 | )% |
Endesa Costanera (Argentina) |
| 8,284 |
| 8,018 |
| (266 | ) | (3.2 | )% |
Total |
| 66,728 |
| 63,431 |
| (3,297 | ) | (4.9 | )% |
(1) Includes Endesa Chile and its generation subsidiaries.
Distribution Business
Distribution revenues are derived mainly from the resale of electricity purchased from generators. Revenues associated with distribution include the recovery of the cost of electricity purchased and the resulting revenue from the VAD, which is associated with the recovery of costs and the return on the investment with respect to the distribution assets plus the losses permitted in the regulatory tariffs. Other revenue deriving from our distribution services consists of charges related to new connections and the maintenance and rental of meters.
The following table sets forth the physical electricity sales of our subsidiaries, by country, and their corresponding variations for the years ended December 31, 2009 and 2010.
|
| Physical sales during |
| ||||||
|
| Year ended December 31, |
| ||||||
|
| 2009 |
| 2010 |
| Change |
| % Change |
|
|
| (GWh) |
|
|
| ||||
Codensa (Colombia)(1) |
| 12,114 |
| 12,515 |
| 400 |
| 3.3 | % |
Coelce (Brazil) |
| 7,860 |
| 8,850 |
| 990 |
| 12.6 | % |
Ampla (Brazil) |
| 9,394 |
| 9,927 |
| 533 |
| 5.7 | % |
Chilectra (Chile) |
| 12,585 |
| 13,098 |
| 513 |
| 4.1 | % |
Edelnor (Peru) |
| 5,716 |
| 6,126 |
| 410 |
| 7.2 | % |
Edesur (Argentina) |
| 16,026 |
| 16,759 |
| 733 |
| 4.6 | % |
Total |
| 63,694 |
| 67,274 |
| 3,580 |
| 5.6 | % |
(1) Values for Codensa include the proportioned consolidation of 49.0% of DECSA. This consolidation also affects other figures in this section, such as operating income, revenues, operating costs and number of clients.
Revenues by Business Segment
The table below presents our revenues for 2009 and 2010:
|
| Year ended December 31, |
| ||||||
|
| 2009 |
| 2010 |
| Change |
| % Change |
|
|
| (in million of Ch$) |
|
|
| ||||
Generation and Transmission Business |
|
|
|
|
|
|
|
|
|
Endesa Chile and subsidiaries (Chile) |
| 1,373,231 |
| 1,345,371 |
| (27,860 | ) | (2.0 | )% |
Emgesa (Colombia) |
| 500,964 |
| 507,527 |
| 6,563 |
| 1.3 | % |
Cachoeira Dourada (Brazil) |
| 88,300 |
| 115,663 |
| 27,363 |
| 31.0 | % |
Edegel and subsidiaries (Peru) |
| 213,625 |
| 211,263 |
| (2,362 | ) | (1.1 | )% |
Endesa Fortaleza (Brazil) |
| 138,595 |
| 150,371 |
| 11,776 |
| 8.5 | % |
El Chocón (Argentina) |
| 65,298 |
| 57,173 |
| (8,125 | ) | (12.4 | )% |
CIEN (Brazil) |
| 97,961 |
| 98,909 |
| 948 |
| 1.0 | % |
Endesa Costanera (Argentina) |
| 231,421 |
| 295,231 |
| 63,810 |
| 27.6 | % |
Less: Intercompany Transactions |
| (1,037 | ) | (904 | ) | 133 |
| (12.8 | )% |
Total |
| 2,708,358 |
| 2,780,604 |
| 72,246 |
| 2.7 | % |
|
|
|
|
|
|
|
|
|
|
Distribution Business |
|
|
|
|
|
|
|
|
|
Codensa (Colombia) |
| 741,168 |
| 785,890 |
| 44,722 |
| 6.0 | % |
Coelce (Brazil) |
| 767,993 |
| 940,654 |
| 172,661 |
| 22.5 | % |
Ampla (Brazil) |
| 1,012,342 |
| 1,046,387 |
| 34,045 |
| 3.4 | % |
Chilectra and subsidiaries (Chile) |
| 1,089,515 |
| 1,016,997 |
| (72,518 | ) | (6.7 | )% |
Edelnor (Peru) |
| 302,295 |
| 307,159 |
| 4,864 |
| 1.6 | % |
Edesur (Argentina) |
| 327,088 |
| 295,539 |
| (31,549 | ) | (9.6 | )% |
Total |
| 4,240,401 |
| 4,392,626 |
| 152,225 |
| 3.6 | % |
|
|
|
|
|
|
|
|
|
|
Less: Consolidation Adjustments and Other Businesses |
| (476,703 | ) | (609,649 | ) | (132,946 | ) | 27.9 | % |
Total |
| 6,472,056 |
| 6,563,581 |
| 91,525 |
| 1.4 | % |
Generation and Transmission Business: Revenues
Revenues in Chile decreased 2.0% in 2010, mainly as a result of a decrease of 2.1% in physical sales, to 21,847 GWh, due to the lower electricity demand in Chile after the earthquake that took place on February 27, 2010 and a 2.6% decrease in average prices in 2010 expressed in peso terms. In 2010, there were lower sales in the spot market due to reduced hydrology, partially offset by higher sales to contracted customers as a result of improved economic conditions and a recovery in energy demand by the end of 2010 compared to 2009.
In Colombia, revenues of Emgesa increased by Ch$ 6.6 billion, or 1.3%, mainly due to the 10% increase in the average energy sales price expressed in local currency. This was offset by an 11.8% decrease in physical sales, and amounted to 14,817 GWh in 2010. This is essentially due to lower sales in the spot market and to electricity companies as a result of lower hydroelectric production. The currency translation effect on revenues was positive, causing an increase of 2.7% in peso terms.
In Brazil, revenues of Cachoeira Dourada increased 31.0% in 2010, mainly as a result of an increase of 27.7% in average sales prices, expressed in local currency. Physical energy sales were virtually the same. Revenues of Endesa Fortaleza increased 8.5% in 2010, as a result of an increase of 4.0% in average sales prices, expressed in local currency. This was partly offset by a 1.7% decrease in physical sales to 2,957 GWh. For both companies, the currency translation effect on revenues was positive, causing an increase of 7.5% in peso terms as compared to 2009.
Revenues of CIEN increased 1.0% in 2010, mainly due to the currency translation effect, which produced a 7.5% increase in revenues in peso terms. This increase was partially offset by lower export revenues of 6.5%. In 2009, CIEN exported energy to Uruguay and Argentina beginning in February of that year, whereas in 2010 exports to Argentina began later in the year.
Revenues of Edegel, our generating company in Peru, declined by Ch$ 2.4 billion, or 1.1%, in 2010, mainly as a result of a 5.6% decrease in the average sales price in local currency, and a decrease in sales to unregulated customers. This was partially offset by higher sales to regulated customers and in the spot market. It is also explained by the currency translation effect from soles to the peso
in both years, producing a decrease in peso terms of 2.2% in 2010 compared to 2009. This was partially offset by the 3.3% increase in physical sales to 8,598 GWh in 2010.
In Argentina, revenues of Endesa Costanera increased 27.6% in 2010, as a result of a 30.7% increase in average energy sale prices, which was partially offset by a 3.2% decrease in physical sales to 8,018 GWh. Revenues of El Chocón decreased 12.4%, mainly due to an 18.5% decrease in physical sales to 3,361 GWh. In 2010, generation was 21.3% lower due to reduced hydroelectric availability. For both companies the net effect of the currency translation effect was negative, resulting in a 13.6% decrease in revenues in peso terms.
Distribution Business: Revenues
In Colombia, revenues of Codensa in 2010 increased 6.0%, mainly due to a 5.5% increase in the average sales price in local currency, a 3.3% increase in physical sales to 12,515 GWh, and the currency translation effect, which resulted in a 2.2% increase in pesos revenues. This increase was partially offset by a reduction in other operating revenues, including “Codensa Hogar” and public lighting. The number of customers rose by 72,578 to a total exceeding 2.5 million in December 2010, and energy losses increased to 8.5%.
In Brazil, revenues of Coelce increased 22.5% in 2010, mainly due to a 12.6% increase in physical sales to 8,850 GWh, a 1.9% increase in the average sales price in local currency and the currency translation effect, which resulted in a 7.5% increase in peso terms. In 2010, the number of customers increased 129,131 to a total exceeding 3.1 million, and energy losses increased from 11.6% to 12.1%.
Revenues of Ampla increased 3.4% in 2010, mainly due a 5.7% increase in physical sales to 9,927 GWh and the currency translation effect, which resulted in a 7.5% increase in peso terms. This increase was partially offset by an 8.8% reduction in the average sales price. In 2010, the number of customers increased 48,998, to a total exceeding 2.5 million, and energy losses declined from 21.2% to 20.5%.
In Chile, revenues of Chilectra decreased by 6.7% in 2010, mainly due to the decrease in sub-transmission tolls set by the authority and the amendment of the process used to determine electricity purchase prices, which resulted from the auction of long-term energy purchase contracts. Revenues also decreased because of reduced margins on other businesses of Ch$ 5,303 million related to reduced activity with large customers and transfer business of networks as a result of reduced post-earthquake activity. This was partially offset by the 4.1% increase in physical sales to 13,098 GWh. In 2010, the number of customers increased 30,583 to a total exceeding 1.6 million, and energy losses were 5.8%, compared to 6.1% in 2009.
In Peru, revenues of Edelnor increased 1.6% in 2010, mainly due to a 7.2% increase in physical sales, to 6,126 GWh. This was partially offset by a 3.2% reduction in the average sales price and the currency translation effect, which resulted in a 2.2% decrease in peso terms in 2010. The number of customers increased 37,025 to 1.1 million, and energy losses increased to 8.3%.
In Argentina, revenues of Edesur decreased 9.6% in 2010, principally due to a reduced average sales price of 2.9% and the currency translation effect, which resulted in a decrease of 13.6% in peso terms. This decrease was partially offset by the 4.6% increase in physical sales. Energy losses remained unchanged at 10.5% and the number of customers increased 47,660, to a total exceeding 2.3 million.
Operating Costs
Operating costs mainly consist of electricity purchases from other parties, depreciation, amortization and impairment losses, fuel purchases, maintenance costs, tolls paid to transmission companies, and employee salaries. Operating costs also include Administrative and Selling expenses.
The following table shows the breakdown of operating costs as a percentage of total operating costs, for the years ended December 2009 and 2010.
|
| Year ended December 31 |
| ||
|
| 2009 |
| 2010 |
|
|
| (percentage of total costs of |
| ||
Electricity purchases |
| 33.5 | % | 32.0 | % |
Other Variable cost |
| 17.5 | % | 18.3 | % |
Fuel purchases |
| 12.8 | % | 13.8 | % |
Depreciation, amortization and impairment losses |
| 11.9 | % | 11.5 | % |
Other fixed costs |
| 10.1 | % | 9.3 | % |
Transmission tolls |
| 7.0 | % | 8.4 | % |
Staff benefit costs |
| 7.4 | % | 6.8 | % |
|
| 100 | % | 100 | % |
The cost structure of the Company was virtually the same in 2009 and 2010. The table below sets forth the breakdown of operational costs for the years ending on December 31, 2009 and 2010:
|
| Year ended December 31, |
| ||||||
|
| 2009 |
| 2010 |
| Change |
| % Change |
|
|
| (in million of Ch$) |
|
|
| ||||
Generation and Transmission Business |
|
|
|
|
|
|
|
|
|
Endesa Chile and subsidiaries (Chile) |
| 733,191 |
| 832,601 |
| 99,410 |
| 13.6 | % |
Emgesa (Colombia) |
| 250,153 |
| 246,044 |
| (4,109 | ) | (1.6 | )% |
Cachoeira Dourada (Brazil) |
| 37,671 |
| 39,800 |
| 2,129 |
| 5.7 | % |
Edegel and subsidiaries (Peru) |
| 137,576 |
| 140,944 |
| 3,368 |
| 2.4 | % |
Endesa Fortaleza (Brazil) |
| 54,669 |
| 91,257 |
| 36,588 |
| 66.9 | % |
El Chocón (Argentina) |
| 26,598 |
| 25,522 |
| (1,076 | ) | (4.0 | )% |
CIEN (Brazil) |
| 49,969 |
| 70,853 |
| 20,884 |
| 41.8 | % |
Endesa Costanera (Argentina) |
| 227,041 |
| 284,391 |
| 57,350 |
| 25.3 | % |
Less: Intercompany Transactions |
| (918 | ) | (902 | ) | 16 |
| (1.7 | )% |
Total |
| 1,515,950 |
| 1,730,510 |
| 214,560 |
| 14.2 | % |
|
|
|
|
|
|
|
|
|
|
Distribution Business |
|
|
|
|
|
|
|
|
|
Codensa (Colombia) |
| 541,283 |
| 578,667 |
| 37,384 |
| 6.9 | % |
Coelce (Brazil) |
| 616,720 |
| 757,490 |
| 140,770 |
| 22.8 | % |
Ampla (Brazil) |
| 825,215 |
| 925,698 |
| 100,483 |
| 12.2 | % |
Chilectra and Subsidiaries (Chile) |
| 960,483 |
| 905,231 |
| (55,252 | ) | (5.8 | )% |
Edelnor (Peru) |
| 239,870 |
| 242,210 |
| 2,340 |
| 1.0 | % |
Edesur (Argentina) |
| 295,212 |
| 291,595 |
| (3,617 | ) | (1.2 | )% |
Less: Intercompany Transactions |
| 201 |
| — |
| (201 | ) | n.a. |
|
Total |
| 3,478,984 |
| 3,700,891 |
| 221,907 |
| 6.4 | % |
|
|
|
|
|
|
|
|
|
|
Less: Consolidation Adjustments and Other Businesses |
| (450,323 | ) | (572,121 | ) | (121,798 | ) | 27.0 | % |
Total |
| 4,544,611 |
| 4,859,280 |
| 314,669 |
| 6.9 | % |
Generation and Transmission Business: Operating Costs
Operating costs in Chile increased by 13.6% in 2010 as compared to 2009, totaling Ch$ 832.6 billion, largely due to higher energy purchases of Ch$ 87.1 billion, transport costs of Ch$ 53.9 billion and other variable costs of Ch$ 41.1 billion. Production was 20,914 GWh, 6.0% below 2009 levels. Lower hydroelectric generation forced us to rely more intensively on more costly thermal energy, and thus, our energy purchase cost increased by 166%. This was partially offset by a decrease in depreciation and impairment of fixed assets of Ch$ 55.8 billion and in fuel costs of Ch$ 27.2 billion.
The operating costs of Emgesa declined by Ch$ 4.1 billion in 2010, or 1.6%, mainly due to reduced energy purchases of Ch$ 19.2 billion, partly offset by higher fuel costs of Ch$ 7.2 billion, as a result of lower hydrology in the first half of 2010, as well as higher
transport expenses of Ch$ 3.8 billion, an increase in personnel expenses of Ch$ 1.3 billion and an increase in other fixed operating costs of Ch$ 2.1 billion. The currency translation effect resulted in a 2.7% increase in operating costs in peso terms.
The operating costs of Cachoeira Dourada rose by 5.7%, or Ch$ 2.1 billion, to Ch$ 39.8 billion in 2010, mainly due to an increase in other variable costs of Ch$ 2.5 billion. The operating costs of Endesa Fortaleza increased by Ch$ 36.6 billion, or 66.9%, mainly due to higher fuel purchase costs of Ch$44.1 billion and an increase in other variable costs of Ch$ 2.2 billion, partly offset by reduced energy purchase costs of Ch$ 9.0 billion. For both companies, the currency translation effect resulted in a 7.5% increase in operating costs measured in peso terms.
The operating costs of CIEN were Ch$ 70.9 billion in 2010, 41.8% higher than the prior year. This is largely due to an increase in the charge for depreciation and impairment losses of Ch$ 34.8 billion, partially offset by Ch$ 16.2 billion of lower variable costs. The currency translation effect resulted in a 7.5% increase in operating costs measured in pesos.
The operating costs of Edegel grew by Ch$ 3.4 billion, or 2.4% in 2010, largely explained by higher energy purchase costs of Ch$ 4.8 billion and higher fuel costs of Ch$ 5.0 billion. This principally reflects the absence of the non-recurring reversal of provisions for energy purchases for distribution customers without contracts, booked in 2009, and, to a lesser extent, by higher average energy purchase prices, which more than offset the 9.3% reduction in physical purchases. The increase in operating costs was partially offset by reduced fixed costs of Ch$ 4.5 billion, lower transport costs of Ch$ 0.9 billion and reduced other variable costs of Ch$ 0.7 billion. The currency translation effect resulted in a 2.2% decrease in operating costs in peso terms.
The operating costs of Endesa Costanera rose by Ch$ 57.4 billion, or 25.3% in 2010. This is largely due to higher energy and fuel costs of Ch$ 62.7 billion and an increase in personnel expenses of Ch$3.3 billion, partially offset by a reduction in other costs such as depreciation, transport costs, other fixed costs and energy purchases. The operating costs of El Chocón declined by Ch$1.1 billion, or 4.0%, mainly due to reduced other variable costs of Ch$0.7 billion, reduced transport costs of Ch$0.4 billion and reduced depreciation of Ch$0.7 billion, partly offset by an increase in energy purchases of Ch$0.8 billion. In both companies, the currency translation effect resulted in a 13.6% reduction in operating costs in peso terms.
Distribution Business: Operating Costs
The operating costs of Codensa rose by Ch$ 37.4 billion, or 6.9%, in 2010, mainly due to larger energy purchases of Ch$ 42.4 billion as a result of the 6.6% increase in average purchase prices in local currency, an increase in physical purchases, higher transport costs of Ch$ 2.2 billion and an increase in depreciation and impairment of Ch$ 4.6 billion. This was partly offset by a reduction in other variable costs of Ch$ 11.1 billion. The currency translation effect resulted in a 2.7% increase in operating costs in peso terms.
The operating costs of Ampla grew by Ch$ 100.5 billion, or 12.2% in 2010. This is mainly due to an increase in energy purchase costs of Ch$ 50.2 billion, in other operating costs of Ch$ 5.2 billion, in transport costs of Ch$ 5.9 billion and in depreciation and impairment of Ch$ 39.7 billion. The operating costs of Coelce rose by Ch$ 140.8 billion, or 22.8% in 2010. This is due to an increase in energy purchase costs of Ch$ 49.0 billion, an increase in other variable costs (basically the construction of fixed assets in the concession area of Ch$ 71.3 billion), higher transport costs of Ch$ 4.7 billion, increases in depreciation and impairment of Ch$ 8.0 billion and an increase in other fixed operating costs of Ch$ 7.8 billion. In both companies, the currency translation effect resulted in a 7.5% increase in operating costs in peso terms.
The operating costs of Chilectra fell by Ch$ 55.3 billion, or 5.8%, in 2010, mainly due to reduced energy purchase costs of Ch$ 96.9 billion. This decrease is explained by a lower average purchase price, partially offset by an increase in physical purchases. There was also a decrease of Ch$ 5.9 billion in other variable operating costs, offset by an increase in transport costs of Ch$ 45.5 billion and an increase in the charge for depreciation and impairment of Ch$ 1.9 billion.
The operating costs of Edelnor increased by Ch$ 2.3 billion, or 1.0% in 2010, mainly due to the increase in other variable costs of Ch$ 11.6 billion, partly offset by lower energy purchase costs of Ch$ 3.6 billion and other fixed costs of Ch$ 5.8 billion. The currency translation effect resulted in a 2.2% decrease in operating costs in peso terms.
The operating costs of Edesur decrease by Ch$ 3.6 billion, or 1.2% in 2010. This is mainly explained by reduced energy purchase costs of Ch$ 11.2 billion, reduced personnel costs of Ch$ 2.9 billion and a reduced charge for depreciation and impairment of Ch$ 2.5 billion, partly offset by higher fixed costs of Ch$ 13.4 billion, which were mainly fines and payments to end users resulting from interruptions to the electricity service during the year. The currency translation effect resulted in a 13.6% decrease in operating costs in peso terms.
Operating Income
The following table shows the operating income by company, for the years ended December 31, 2009 and 2010.
|
| Year ended December 31, |
| ||||||
|
| 2009 |
| 2010 |
| Change |
| % Change |
|
|
| (in million of Ch$) |
|
|
| ||||
Generation and Transmission Business |
|
|
|
|
|
|
|
|
|
Endesa Chile and subsidiaries (Chile) |
| 640,040 |
| 512,770 |
| (127,270 | ) | (19.9 | )% |
Emgesa (Colombia) |
| 250,811 |
| 261,483 |
| 10,672 |
| 4.3 | % |
Cachoeira Dourada (Brazil) |
| 50,629 |
| 75,863 |
| 25,234 |
| 49.8 | % |
Edegel and subsidiaries (Peru) |
| 76,049 |
| 70,319 |
| (5,730 | ) | (7.5 | )% |
Endesa Fortaleza (Brazil) |
| 83,926 |
| 59,114 |
| (24,812 | ) | (29.6 | )% |
El Chocón (Argentina) |
| 38,700 |
| 31,651 |
| (7,049 | ) | (18.2 | )% |
CIEN (Brazil) |
| 47,992 |
| 28,056 |
| (19,936 | ) | (41.5 | )% |
Endesa Costanera (Argentina) |
| 4,380 |
| 10,840 |
| 6,460 |
| 147.5 | % |
Less: Intercompany Transactions |
| (119 | ) | (2 | ) | 117 |
| (98.3 | )% |
Total |
| 1,192,408 |
| 1,050,094 |
| (142,314 | ) | (11.9 | )% |
|
|
|
|
|
|
|
|
|
|
Distribution Business |
|
|
|
|
|
|
|
|
|
Codensa (Colombia) |
| 199,885 |
| 207,223 |
| 7,338 |
| 3.7 | % |
Coelce (Brazil) |
| 151,273 |
| 183,164 |
| 31,891 |
| 21.1 | % |
Ampla (Brazil) |
| 187,127 |
| 120,689 |
| (66,438 | ) | (35.5 | )% |
Chilectra and subsidiaries (Chile) |
| 129,032 |
| 111,766 |
| (17,266 | ) | (13.4 | )% |
Edelnor (Peru) |
| 62,425 |
| 64,949 |
| 2,524 |
| 4.0 | % |
Edesur (Argentina) |
| 31,876 |
| 3,944 |
| (27,932 | ) | (87.6 | )% |
Less: Intercompany Transactions |
| (201 | ) | — |
| 201 |
| — |
|
Total |
| 761,417 |
| 691,735 |
| (69,682 | ) | (9.2 | )% |
|
|
|
|
|
|
|
|
|
|
Less: Consolidation Adjustments and Other Businesses |
| (26,380 | ) | (37,528 | ) | (11,148 | ) | 42.3 | % |
Total |
| 1,927,445 |
| 1,704,301 |
| (223,144 | ) | (11.6 | )% |
Non-Operating Result
The following table shows the non-operating results for the years ended December 31, 2009 and 2010, and the percentage change between both years:
|
| Year ended December 31, |
| ||||||
|
| 2009 |
| 2010 |
| Change |
| % Change |
|
|
| (in million of Ch$) |
|
|
| ||||
|
|
|
|
|
|
|
|
|
|
Financial result |
|
|
|
|
|
|
|
|
|
Financial income |
| 159,670 |
| 171,237 |
| 11,567 |
| 7.2 | % |
Financial costs |
| (482,472 | ) | (438,358 | ) | 44,114 |
| (9.1 | )% |
Gain (loss) for indexed assets and liabilities |
| 21,781 |
| (15,056 | ) | (36,837 | ) | n.a. |
|
Net Foreign currency exchange differences |
| (8,235 | ) | 11,572 |
| 19,807 |
| n.a. |
|
Total |
| (309,256 | ) | (270,605 | ) | 38,651 |
| (12.5 | )% |
|
|
|
|
|
|
|
|
|
|
Other non-operating results |
|
|
|
|
|
|
|
|
|
Total gain (loss) on sale of non-current assets not held for sale |
| 50,502 |
| 11,711 |
| (38,791 | ) | (76.8 | )% |
Other non-operating income |
| 2,374 |
| 1,288 |
| (1,086 | ) | (45.7 | )% |
Total |
| 52,876 |
| 12,999 |
| (39,877 | ) | (75.4 | )% |
|
|
|
|
|
|
|
|
|
|
Non-operating results |
| (256,380 | ) | (257,606 | ) | (1,226 | ) | 0.5 | % |
Financial Result
Financial result in 2010 was a loss of Ch$ 270.6 billion, which was a decrease of 12.5% or Ch$ 38.6 billion, as compared to the prior year. This is mainly due to reduced financial costs of Ch$ 44.1 billion, as a result of lower average debt and lower average interest rates during 2010, as compared to 2009. It is also explained by a reduced charge for exchange differences that showed a positive variation of Ch$ 19.8 billion, mainly coming from Chile, Argentina and Brazil. In Chile, this is due to the effect of the peso appreciation of 8.4% against the dollar in 2010 (compared to an appreciation of 25.5% in 2009), which impacts net assets and liabilities denominated in dollars. In Argentina, the Argentine peso depreciated by approximately 4% against the dollar during 2010 (compared to a devaluation of approximately 9% in 2009). The effect on assets and debt in dollars is a gain of Ch$ 8.2 billion in 2010 and loss of Ch$ 17.3 billion in 2009. In Brazil, the real appreciated almost 5% (compared to an appreciation of over 30% in 2009), which translates into a reduced gain of Ch$ 17.7 billion (loss of Ch$ 3.7 billion in 2010 and gain of Ch$ 14.0 billion in 2009). Finally, higher financial income of Ch$ 11.6 billion, as a result of an increase in income from larger cash placements during the year, contributed to the reduction in financial loss in 2010 compared to 2009.
The reduced losses described above were partially offset by higher indexation expenses of Ch$ 36.8 billion due to the negative effect produced by variations in the value of the Unidad de Fomento (UF) in debt denominated in UF of some of our Chilean subsidiaries. This is because the UF in 2010 increased in value by 2.4%, compared to a decrease of 2.4% in 2009.
Result of asset sales
The result of asset sales shows a reduced gain of Ch$ 38.8 billion in 2010, mainly due to the booking in 2009 of gains on the sales of shares in Empresa de Energía de Bogotá for Ch$ 28.1 billion and the sale of the credit portfolio of Codensa Hogar for Ch$ 12.8 billion.
As a result of all of the foregoing, total non-operating results remain virtually unchanged when comparing 2009 and 2010.
Net Income for the Year
The following table shows our net income for the year for the periods indicated.
|
| Year ended December 31, |
| ||||||
|
| 2009 |
| 2010 |
| Change |
| % Change |
|
|
| (in million of Ch$) |
|
|
| ||||
|
|
|
|
|
|
|
|
|
|
Operating income |
| 1,927,445 |
| 1,704,301 |
| (223,144 | ) | (11.6 | )% |
Non-operating results |
| (256,380 | ) | (257,606 | ) | (1,226 | ) | (0.5 | )% |
Net income before taxes |
| 1,671,065 |
| 1,446,695 |
| (224,370 | ) | (13.4 | )% |
|
|
|
|
|
|
|
|
|
|
Income tax |
| (359,737 | ) | (346,007 | ) | 13,730 |
| (3.8 | )% |
|
|
|
|
|
|
|
|
|
|
Net Income from Continuing Operations After Tax |
| 1,311,328 |
| 1,100,688 |
| (210,640 | ) | (16.1 | )% |
Net income from discontinued operations |
| 0 |
| 0 |
| 0 |
| 0.0 | % |
|
|
|
|
|
|
|
|
|
|
Net Income |
| 1,311,328 |
| 1,100,688 |
| (210,640 | ) | (16.1 | )% |
Net Income attributable to: Owners of Parent |
| 660,231 |
| 486,227 |
| (174,004 | ) | (26.4 | )% |
Net income attributable to: Non-controlling interests |
| 651,097 |
| 614,461 |
| (36,636 | ) | (5.6 | )% |
Corporate income tax expense was reduced by Ch$ 13.7 billion in 2010 compared to 2009, mainly due to a decrease in the corporate income tax for Ampla of Ch$ 23.7 billion, Gas Atacama of Ch$ 13.2 billion, CGTF of Ch$ 10.3 billion, Edesur of Ch$ 10.0 billion, CIEN of Ch$ 4.3 billion and Pangue of Ch$ 2.6 billion. These decreases were partially offset by increases in Enersis of Ch$ 27.9 billion, Endesa Costanera of Ch$ 7.2 billion, Emgesa of Ch$ 6.9 billion, Pehuenche of Ch$ 5.5 billion and Chilectra of Ch$ 2.2 billion.
B. Liquidity and Capital Resources.
We are a company with no significant assets other than the stock of our subsidiaries. The following discussion of cash sources and uses reflects the key drivers of cash flow for Enersis.
Enersis receives cash inflows from its subsidiaries, as well as from related companies in Chile and abroad. Foreign subsidiaries and associates’ cash flows may not be available to satisfy our own liquidity needs, mainly because they are not wholly-owned, and because there is a time lag before we have effective access to those funds, through dividends or capital reductions.
However, we believe that cash flow generated from our business operations, as well as cash balances, borrowings from commercial banks, and ample access to both Chilean and foreign capital markets will be sufficient to satisfy all our needs for working capital, debt service, dividends and routine capital expenditures.
Set forth below, is the consolidated cash flow from an accounting perspective:
|
| Year ended December 31, |
| ||||
|
| 2009 |
| 2010 |
| 2011 |
|
|
| (in Ch$ billion) |
| ||||
|
|
|
|
|
|
|
|
Net Cash Flows from (used in) operating activities |
| 2,038 |
| 1,943 |
| 1,698 |
|
Net Cash Flows from (used in) investing activities |
| (867 | ) | (776 | ) | (624 | ) |
Net Cash Flows from (used in) financing activities |
| (1,308 | ) | (1,283 | ) | (891 | ) |
|
|
|
|
|
|
|
|
Net increase (decrease) in cash and cash equivalents before effect of exchange rates changes |
| (137 | ) | (115 | ) | 183 |
|
Effects of exchange rate changes on cash and cash equivalents |
| (46 | ) | (58 | ) | 76 |
|
|
|
|
|
|
|
|
|
Cash and cash equivalents at beginning of period |
| 1,318 |
| 1,135 |
| 961 |
|
Cash and cash equivalents at end of period |
| 1,135 |
| 961 |
| 1,220 |
|
For the twelve-month period ended December 31, 2011, operating activities generated net cash flow of Ch$ 1,698 billion, a decrease of 12.6% when compared to 2010. This flow is mainly composed of cash receipts from collections from the sale of goods and services of Ch$ 7,726 billion and other operating flows of Ch$ 343 billion, partially offset by payments to suppliers for goods and services of Ch$ 3,942 billion, payments to and on behalf of employees of Ch$ 358 billion.
For the twelve-month period ended December 31, 2010, operating activities generated net cash flow of Ch$ 1,943 billion, a decrease of 4.7% when compared to 2009. This flow is mainly composed of cash receipts from collections from the sale of goods and services of Ch$ 7,344 billion and other operating flows of Ch$ 310 billion, partially offset by payments to suppliers for goods and services of Ch$ 3,688 billion, payments to and on behalf of employees of Ch$ 292 billion and other operating activity payments of Ch$ 1,731 billion.
For the twelve-month period ended on December 31, 2011, investment activities led to a cash outflow of Ch$ 624 billion, a 19.6% decrease compared to 2010. These disbursements relate mainly to the purchase of properties, plant and equipment of Ch$ 496 billion, the incorporation of intangible assets (IFRIC 12 in Brazil) of Ch$ 188 billion, and other investment disbursements of Ch$ 2 billion, partially offset by interest received of Ch$ 20 billion, cash flows from losing control of subsidiaries or other business of Ch$ 13 billion and other investment amounts of Ch$ 29 billion.
For the twelve-month period ended on December 31, 2010, investment activities led to a cash outflow of Ch$ 776 billion, a 10.5% decrease compared to 2009. These disbursements relate mainly to the purchase of properties, plant and equipment of Ch$ 474 billion, the incorporation of intangible assets (IFRIC 12 in Brazil) of Ch$ 227 billion, and other investment disbursements of Ch$ 95 billion, partially offset by proceeds from the sale of property, plant and equipment of Ch$ 9 million, interest received of Ch$ 7 billion and other investment amounts of Ch$ 5 billion.
For the twelve-month period ended on December 31, 2011, financing activities originated a cash outflow of Ch$ 891.4 billion. The main drivers are described below.
The aggregated cash inflows were mainly explained by:
· Edegel obtained loans for Ch $ 15 billion.
· Emgesa issued bonds for Ch $ 183 billion.
· Endesa Brasil Consolidated obtained loans for Ch$ 300 billion and issued bonds for Ch$ 216 billion (Ch$ 101 billion in Ampla and Ch$ 115 in Coelce), among other financial operations, for a total of Ch$ 387.1 billion cash inflow.
The aggregated cash outflows were mainly explained by:
· Ch$ 648.1 billion in dividend payments (Ch$ 243 billion from Enersis on an individual basis and Ch$ 106 billion from Endesa Chile on an individual basis, among others).
· Ch$ 248.1 billion in payment of interest expense (Ch$ 109.7 billion in Endesa Chile consolidated and Ch$ 79.2 billion in Endesa Brasil, among others).
· Endesa Brasil consolidated payments of Ch$ 315 billion in loans (Ch $ 53 billion in Endesa Brasil, Ch $ 106 billion in CIEN and Ch$ 150 billion in Ampla, among others).
· Endesa Chile consolidated payment s of Ch$ 55 billion in loans and Ch$ 94 billion in other financial instruments (Ch$ 83 billion on Emgesa’ bonds).
For the twelve-month period ended on December 31, 2010, financing activities originated a cash outflow of Ch$ 1,283 billion. The main drivers are described below.
The aggregated cash inflows were mainly explained by:
· Endesa Chile obtained loans for Ch$ 153 billion.
· Emgesa carried out an equity decrease of Ch$ 107 billion, of which Ch$ 27 billion were received by Endesa Chile.
· Codensa issued bonds for Ch$ 54 billion and obtained loans for Ch$ 62 billion.
· Edegel issued bonds for Ch$ 29 billion.
The aggregated cash outflows were mainly explained by:
· Ch$ 556 billion in dividend payments (Ch$ 304 billion from Endesa Chile, Ch$ 183 from Codensa and Ch$ 49 billion from Chilectra, among others).
· Ch$ 245 billion in payment of interest expense (Ch$ 119 billion in Endesa Chile and Ch$ 28 billion in Codensa, among others).
· Endesa Chile payment of its Ch$ 211 billion revolving credit.
For a description of liquidity risks related to our company, please see “Item 3. Key Information — D. Risk Factors — We depend in part on payments from our subsidiaries and affiliates to meet our payment obligations” in this Report”.
We coordinate the overall financing strategy of our majority-owned subsidiaries. Our operating subsidiaries independently develop their capital expenditure plans. Generally, our policy is to have the operating subsidiaries independently finance their capital expansion programs through internally generated funds or direct financings. For information regarding our commitments for capital expenditures, see “Item 4. Information on the Company — A. History and Development of the Company — Capital Investment Program” and our contractual obligations table set forth below.
We have accessed the international equity capital markets, with three SEC-registered ADS issuances in October 1993, February 1996 and September 2000, for Enersis, and once in 1994 for Endesa Chile. We have also frequently issued bonds in the United States for each of Enersis and Endesa Chile. Since 1996, Enersis, Endesa Chile and its subsidiary Pehuenche have issued a total of $ 3,520 million in Yankee Bonds.
The following table lists the Yankee Bonds issued by Enersis and Endesa Chile outstanding as of December 31, 2011. The weighted average annual interest rate for such bonds is 7.9%, without giving effect to each bond’s duration, or put options.
|
|
|
|
|
|
|
| Aggregate Principal Amount |
| ||
Issuer |
| Term |
| Maturity |
| Coupon |
| Issued |
| Outstanding |
|
|
|
|
|
|
| (as a percentage) |
| (in $ million) |
| ||
|
|
|
|
|
|
|
|
|
|
|
|
Enersis |
| 10 years |
| January 2014 |
| 7.375 | % | 350 |
| 350 |
|
Enersis (1) |
| 10 years |
| December 2016 |
| 7.400 | % | 350 |
| 250 |
|
Enersis (2) |
| 30 years |
| December 2026, Put 2003 |
| 6.600 | % | 150 |
| 1 |
|
Subtotal |
|
|
|
|
| 7.384 | % | 850 |
| 601 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Endesa Chile |
| 10 years |
| August 2013 |
| 8.350 | % | 400 |
| 400 |
|
Endesa Chile |
| 12 years |
| August 2015 |
| 8.625 | % | 200 |
| 200 |
|
Endesa Chile (1) |
| 30 years |
| February 2027 |
| 7.875 | % | 230 |
| 206 |
|
Endesa Chile (3) |
| 40 years |
| February 2037, Put 2009 |
| 7.325 | % | 220 |
| 71 |
|
Endesa Chile (1) |
| 100 years |
| February 2097 |
| 8.125 | % | 200 |
| 40 |
|
Subtotal |
|
|
|
|
| 8.214 | % | 1,250 |
| 917 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
|
|
|
| 7.886 | % | 2,100 |
| 1,518 |
|
(1) Enersis and Endesa Chile repurchased bonds in 2001.
(2) Holders of the 6.6% Enersis Yankee bonds due 2026 exercised a put option on December 1, 2003 for an aggregate principal amount of $ 149 million, leaving $ 1 million outstanding.
(3) Holders of the 7.325% Endesa Chile Yankee bonds due 2037 exercised a put option on February 1, 2009, for a total amount of $ 149.2 million. The remaining $ 70.8 million in bonds mature in February 2037.
In January 2011, our Colombian subsidiary, Emgesa, executed its first transaction in the international debt capital markets, with the issuance of Rule 144A/Reg S Notes in Colombian pesos for the equivalent of $ 400 million, due in January 2021. As of
December 31, 2011 the equivalent amount was $ 379 million. This was the first offshore private sector issuance in Colombian pesos. The net proceeds from the sale of the Notes will be used to finance new projects, such as El Quimbo, to repay existing debt and for other general corporate purposes.
The following table lists the Emgesa’s bond issued in the United States. The bond is denominated in Colombian pesos. The annual interest rate for such bond is 8.75%.
|
|
|
|
|
| Coupon |
| Aggregate Principal Amount |
| ||||
Issuer |
| Term |
| Maturity |
| adjusted rate) |
| Issued |
| Outstanding |
| ||
|
|
|
|
|
| (as a percentage) |
| (Colombian |
| (Colombian |
| (in $ million) (1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Emgesa |
| 10 years |
| January 2021 |
| 8.75 | % | 737 |
| 737 |
| 379 |
|
(1) Calculated based on the observed Exchange Rate as of December 31, 2011, which was CPs$ 1,942.7 = $ 1.00
Enersis and Endesa Chile, as well as our subsidiaries in the five countries in which we operate, have access to their domestic capital markets, where we have issued debt instruments including commercial paper and medium and long term bonds that are primarily sold to pension funds, life insurance companies and other institutional investors. In the last 16 years, Enersis and Endesa Chile have accessed the local market with total bond issuances for UF 43.0 million or $ 1,846 million (as of December 31, 2011).
The following table lists UF-denominated Chilean bonds issued by Enersis and Endesa Chile, outstanding as of December 31, 2011.
|
|
|
|
|
| Coupon |
| Aggregate Principal Amount |
| ||||
Issuer |
| Term |
| Maturity |
| rate) |
| Issued |
| Outstanding |
| ||
|
|
|
|
|
| (as a percentage) |
| (UF |
| (UF million) |
| (in $ million) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Enersis Serie B2 |
| 21 years |
| June 2022 |
| 5.75 | % | 2.5 |
| 1.5 |
| 62 |
|
Endesa Chile Serie F (1) |
| 21 years |
| August 2022 |
| 6.20 | % | 1.5 |
| 1.4 |
| 59 |
|
Endesa Chile Serie K |
| 20 years |
| April 2027 |
| 3.80 | % | 4.0 |
| 4.0 |
| 172 |
|
Endesa Chile Serie H |
| 25 years |
| October 2028 |
| 6.20 | % | 4.0 |
| 3.6 |
| 154 |
|
Endesa Chile Serie M |
| 21 years |
| December 2029 |
| 4.75 | % | 10.0 |
| 10.0 |
| 429 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
|
|
|
| 4.99 | % | 22.0 |
| 20.4 |
| 877 |
|
(1) This bond was pre-paid on February 1, 2012.
For a full description of the local bonds issued by Enersis and Endesa Chile, see “ — Unsecured liabilities detailed by currency and maturity” and “ — Secured liabilities breakdown by currency and maturity” in Note 18 to our Consolidated Financial Statements.
The following table lists local bonds issued by our foreign subsidiaries, outstanding as of December 31, 2011. We present aggregate information for each company. The maturity column for each company reflects the issuance with the longest maturity, and the coupon rate corresponds to the weighted average coupon of all issuances for each company.
Issuer |
| Maturity |
| Coupon (1) |
| Aggregate Principal |
|
|
|
|
|
|
| (in $million) |
|
|
|
|
|
|
|
|
|
Ampla |
| June 2018 |
| 13,10 | % | 404 |
|
Codensa |
| December 2018 |
| 8,91 | % | 587 |
|
Coelce |
| October 2018 |
| 13,31 | % | 309 |
|
Edegel |
| January 2028 |
| 6,58 | % | 177 |
|
Edelnor |
| August 2020 |
| 7,13 | % | 277 |
|
Emgesa |
| February 2024 |
| 9,29 | % | 559 |
|
Edesur |
| June 2012 |
| 11,75 | % | 8 |
|
|
|
|
|
|
|
|
|
Total |
|
|
|
|
| 2,320 |
|
(1) Many of the coupon rates are variable rates based on local indexes, such as inflation. The table reflects the coupon rate taking into account each local index as of December 31, 2011.
We frequently participate in the international commercial bank markets governed by the laws of the State of New York through both bilateral and syndicated senior unsecured loans. As of the date of this Report, the amounts outstanding or available for these bank loans are listed below:
Borrower |
| Type |
| Maturity |
| Facility Amount |
| Amount Drawn |
|
|
|
|
|
|
| ($ million) |
| (in $ million) |
|
|
|
|
|
|
|
|
|
|
|
Enersis |
| Syndicated revolving loan |
| December 2012 |
| 100 |
| 0 |
|
Endesa Chile |
| Syndicated revolving loan |
| June 2014 |
| 200 |
| 0 |
|
Endesa Chile |
| Syndicated term loan |
| June 2014 |
| 200 |
| 200 |
|
|
|
|
|
|
|
|
|
|
|
Total |
|
|
|
|
| 500 |
| 200 |
|
The Enersis revolving credit facility due December 2012 and the Endesa Chile revolving credit facility due June 2014 do not contain a condition precedent requirement regarding the non-occurrence of a “Material Adverse Effect” (or MAE, as defined contractually) prior to a disbursement, allowing the companies full flexibility to draw on up to $ 300 million in the aggregate from such committed revolving facilities under any circumstances, including situations involving a MAE.
Enersis and Endesa Chile also borrow from banks in Chile under fully committed facilities in which a potential MAE would not be an impediment to this source of liquidity. In December 2009, both companies signed 3-year bilateral revolving loans for an aggregate of UF 4.8 million (equivalent to $ 204 million as of December 31, 2011) as detailed below.
Borrower |
| Type |
| Maturity |
| Facility Amount |
| Amount Drawn |
|
|
|
|
|
|
| (UF million) |
| (UF million) |
|
|
|
|
|
|
|
|
|
|
|
Enersis |
| Bilateral revolving loans |
| December 2012 |
| 2.4 |
| 0 |
|
Endesa Chile |
| Bilateral revolving loans |
| December 2012 |
| 2.4 |
| 0 |
|
|
|
|
|
|
|
|
|
|
|
Total |
|
|
|
|
| 4.8 |
| 0 |
|
Our subsidiaries also have access to fully committed credit lines in the local markets, as detailed above.
Borrower |
| Type |
| Maturity |
| Facility Amount |
| Amount Drawn |
|
|
|
|
|
|
| ($ million) |
| (in $ million) |
|
|
|
|
|
|
|
|
|
|
|
Ampla |
| Bilateral revolving loans |
| April 2012 |
| 75 |
| 0 |
|
Coelce |
| Bilateral revolving loans |
| February 2012 |
| 53 |
| 0 |
|
Emgesa |
| Bilateral revolving loans |
| January 2015 |
| 185 |
| 0 |
|
|
|
|
|
|
|
|
|
|
|
Total |
|
|
|
|
| 313 |
| 0 |
|
As a result of the foregoing, we have access to fully committed undrawn revolving loans, both international and domestic, for up to approximately $ 817 million in the aggregate as of December 31, 2011.
Enersis and Endesa Chile also borrow routinely from uncommitted Chilean bank facilities with approved lines of credit for approximately $ 444 million in the aggregate. Unlike the previous committed lines not subject to MAE conditions precedent prior to disbursements, this source of funding in the Chilean market is not guaranteed under all circumstances. Our subsidiaries also have access to uncommitted local bank facilities, for a total amount of $ 1,526 million, of which $ 1,500 million are undrawn.
Both Enersis and Endesa Chile can also tap the Chilean commercial paper market under programs that have been registered with the Chilean SVS for a maximum of $ 200 million for each borrower. In addition, Enersis has a local bond program registered with the SVS for UF 12.5 million (equivalent to $ 537 million as of December 31, 2011) that has not been drawn upon yet.
Finally, our foreign subsidiaries also have access to other types of financing, including governmental facilities, supplier credit and leasing, among others.
Except for the SEC-registered Yankee bonds, which are not subject to financial covenants, Enersis and Endesa Chile’s outstanding debt facilities include such covenants. The types of financial covenants, and their respective limits, vary from one type of debt to another. As of December 31, 2011, the most restrictive financial covenants affecting Enersis was the Indebtedness to EBITDA Ratio covenant, corresponding to the revolving loan facility that matures in December 2012. In the case of Endesa Chile, it was the Capitalization Ratio covenant, corresponding to the UF-denominated Chilean bonds Serie K and Serie H that mature in April 2027 and October 2028, respectively. Under such covenants, the maximum additional debt that could be incurred without a breach of covenant is $ 6.4 billion and $ 2.6 billion for Enersis and Endesa Chile, respectively. As of the date of this Report, we are in compliance with the financial covenants contained in our debt instruments.
As is customary for certain credit and capital market debt facilities, a significant portion of Enersis and Endesa Chile’s financial indebtedness is subject to cross default provisions. Each of the revolving credit facilities described above, as well as all of Enersis and Endesa Chile’s Yankee Bonds, have cross default provisions with different definitions, criteria, materiality thresholds, and applicability as to the subsidiaries that could give rise to a cross default.
The cross default provision for the Endesa Chile revolving credit facilities due in July 2014, governed by the laws of the State of New York, refers to defaults of the borrower, without reference to any subsidiary. Under such credit facilities, only matured defaults exceeding $ 50 million qualify for a potential cross default when the principal exceeds $ 50 million, or its equivalent in other currencies. In the case of a matured default above the materiality threshold, revolving credit facility’s lenders would have the option to accelerate if the lenders representing more than 50% of the aggregate debt of a particular facility then outstanding choose to do so. None of the Enersis local facilities due in December 2012, or the Endesa Chile local facilities due on the same date, has cross default provisions to debt other than the respective borrower’s own indebtedness.
In the case of the Enersis bilateral loans maturing in December 2012, governed by the laws of the State of New York, the cross default provision refers to so-called “Relevant Subsidiaries,” a contractually defined term that makes reference only to Endesa Chile and Chilectra, and the latter does not have any debt with third parties. Therefore, the risk of a cross default under these bank loans is very limited, since there is no reference to subsidiaries in countries other than Chile. Furthermore, as of the date of this Report, there is no amount outstanding of this facility, and therefore, there is no current exposure to cross default under this credit agreement.
After amendments in July 2009, following a successful solicitation consent, Enersis and Endesa Chile Yankee Bonds’ cross default provisions may be triggered only by debt of the respective borrower or its Chilean subsidiaries. A matured default of either Enersis, Endesa Chile or one of their respective Chilean subsidiaries could result in a cross default to Enersis and Endesa Chile’s Yankee Bonds if such matured default, on an individual basis, has a principal exceeding $ 30 million, or its equivalent in other currencies. In the case of a matured default above the materiality threshold, Yankee bondholders would have the option to accelerate if either the Trustee or bondholders representing no less than 25% of the aggregate debt of a particular series then outstanding choose to do so. Following the 2009 Yankee amendments which ring-fenced Chile, a payment default or a bankruptcy/insolvency default outside of Chile has no contractual effect on our Yankee Bond indentures, no matter how material.
The cross acceleration and bankruptcy/insolvency clauses of three of our four Endesa Chile UF-denominated Chilean bonds were amended in February 2010 after bondholders’ approvals in January 2010. After the amendments, all series of Endesa Chile’s Chilean bonds ring-fenced Endesa Chile, and none of its subsidiaries, either in Chile or outside Chile, can trigger a cross default to Endesa Chile.
Our Argentine subsidiary, Endesa Costanera, did not make an installment payment due on March 30, 2012 of $ 17.6 million (which includes $ 4.3 million in interest expense) under the terms of a supplier credit agreement with Mitsubishi Corporation (“MC”) originally entered into in 1996. The aggregate amount accrued under the supplier credit agreement as of March 30, 2012, including capitalized interest, was $ 141 million. Endesa Costanera has experienced difficulties in making timely payments under its agreement with MC on a recurring basis since the Argentine crisis of 2002, but has in the past received waivers expressing the willingness to renegotiate payments. Such missed payments have been carried out on mutually agreed terms. As of the date of this Report, Endesa Costanera has not received a waiver for the payment past due. The relevant terms of the supplier credit provide for a 180-day grace period for payment. There can be no assurance that Endesa Costanera will receive a waiver or payment extension prior to the expiration of the 180-day grace period for payment. (See “Item 4. Information on the Company. B. Business Overview. Electricity Industry Regulatory Framework. Argentina. Regulatory Developments: the industry after the Public Emergency Law” and “Item 5. Operating and Financial Review and Prospects - B. Liquidity and Capital Resources”).
Defaults and cross defaults at the Endesa Costanera level do not trigger cross default provisions under indebtedness of Enersis or any of our Chilean subsidiaries. (See “Item 4. Information on the Company. B. Business Overview. Electricity Industry Regulatory Framework. Argentina. Regulatory Developments: the industry after the Public Emergency Law”).
With the exception of our Argentine subsidiaries, our companies have access to existing credit lines sufficient to satisfy all of their present working capital needs. Access to the capital markets on the part of our Argentine subsidiaries has been very limited due to the difficult financial situation still prevailing in Argentina (particularly in the utilities sector), the poor capital markets environment due to the shortage of off-shore financing, the nationalization of the pension fund system and, in general, higher risk associated with lending to Argentine utilities as a consequence of the regulatory framework. Notwithstanding these unusual circumstances, these subsidiaries were able to refinance debt maturing in 2011.
Payment of dividends and distributions by our subsidiaries and affiliates represent an important source of funds for us. The payment of dividends and distributions by certain subsidiaries and affiliates are subject to legal restrictions, such as legal reserve requirements, and capital and retained earnings criteria, and other contractual restrictions. We have been advised by legal counsel in the various geographical locations where our subsidiaries and affiliates operate that there currently are no additional legal restrictions on the payment to Enersis of dividends or distributions to us in the jurisdictions where such subsidiaries or affiliates are incorporated. Certain credit facilities and investment agreements of our subsidiaries restrict the payment of dividends or distributions in certain special circumstances. For instance, two of Endesa Chile’s UF-denominated Chilean bonds restrict the amount of intercompany loans that Endesa Chile and its consolidated subsidiaries are allowed to lend to Enersis. The threshold for the restriction of intercompany loans is now set at the equivalent of $ 100 million. For a description of liquidity risks resulting from our company status, please see “Item 3. Key Information — D. Risk factors — We depend in part on payments from our subsidiaries and affiliates to meet our payment obligations.”
Our estimated capital expenditures for the 2012-2016 period, expressed in dollars at internally estimated exchange rates, amount to $ 6,779 million, of which $ 6,499 million are considered non-discretionary investments. We include maintenance capital expenditures as non-discretionary. It is important for us to maintain the quality and operation standards required for our facilities, but we do have some flexibility regarding the timing for these investments. We consider the investment in non-conventional renewable energy (NCRE) projects in Chile to be non-discretionary. These investments are being made to comply with regulations that call for 5% of the total contracted energy to be based on NCRE. Finally, expansion projects under execution are also non-discretionary. We consider the remaining $ 280 million of the $ 6,779 million of our estimated capital expenditure for 2012-2016 to be discretionary. The latter includes expansion projects that are still under evaluation, in which case we would undertake them only if deemed profitable.
Other than in Argentina, we do not currently anticipate liquidity shortfalls affecting our ability to satisfy the material obligations described in this Report. We expect to refinance our indebtedness as it becomes due, fund our purchase obligations outlined previously with internally generated cash, and fund capital expenditures with a mixture of internally generated cash and borrowings.
Transactions that most significantly affected Enersis foreign subsidiaries’ liquidity in 2011 included:
· Endesa Costanera: refinancing of 2011 indebtedness for approximately $ 80 million. With regards to this refinancing, we highlight the $ 35 million refinancing of amounts due to Mitsubishi Corporation and of $ 10 million due to Credit Suisse.
· El Chocón: refinancing of syndicated loan for $ 40 million for four years. The Company also obtained a syndicated loan for $ 24 million for 3.5 years, which enabled the company to increase the debt’s average life.
· Edesur: refinancing of bank loans for a total of $ 10 million for 2.5 year maturity, which allowed for an increase in the debt’s average life. Signed credit lines for $ 6 million used to maintain an appropriate level of liquidity and received a total of $ 40 million on bank loans.
· Coelce: local bond issuance for $ 221 million for five and seven year maturities, which allow the company to increase the debt’s average life. Also, the company received official loans for a total of $ 34 million for development related projects.
· Ampla: local bond issuance for $ 195 million for five and seven year maturities, which allow the company to increase the debt’s average life. Also, the company received official loans for a total of $ 103 million for development related projects and signed three committed credit lines for a total of $ 75 million for liquidity purposes.
· Emgesa: International bond issuance for a total of $ 379 million for ten years, used to finance part of the El Quimbo project. The company also signed exchange swap contracts for $ 116 million.
· Edelnor: refinancing of short-term debt for $ 54 million, postponing it to 2018, thus allowing the company to increase the debt’s average life.
· Edegel: enter into bank loan for $ 31 million for seven years to refinancing in advance 2012’s maturities. The company also signed interest swap contracts for $ 30 million, to hedge leasing operations.
Transactions that most significantly affected Enersis foreign subsidiaries’ liquidity in 2010 included:
· Endesa Costanera: refinancing of all 2010 indebtedness for approximately $ 72 million. Within this refinancing, we highlight the $ 28 million refinancing of amounts due to Mitsubishi Corporation and of $ 8.6 million due to Credit Suisse.
· El Chocón: syndicated loan for $ 22 million for 3.5 years, which enabled the company to refinance its short-term debt and to increase the debt’s average life. The company also signed forward contracts for $ 29 million.
· Edesur: refinancing of two loans in advance for approximately $ 8 million, which allowed increasing the debt’s average life.
· Coelce: refinancing of debt maturing in 2010 for approximately $ 46 million.
· Endesa Brasil: payment of IFC’s equity interest for $ 111 million.
· Codensa: Bond issuances for a total of $ 116 million for three and six year maturities.
· Emgesa: The first placement of commercial paper was carried out for $ 39 million to refinance short-term debt and local bond issuances for $ 309 million with terms between 5 and 15 years.
· Edelnor: Local bond issuance during 2010 for approximately $ 36 million, used to refinance indebtedness.
· Edegel: Bond issuance for $ 20 million and obtained a 7-year term loan for $ 61 million to refinance debt maturing in 2012. The company also signed forward contracts for $ 39 million.
C. Research and Development, Patents and Licenses, etc.
None.
D. Trend Information.
Enersis is a company with subsidiaries engaged in the generation, transmission and distribution of electricity in Chile, Argentina, Brazil, Colombia and Peru. Therefore, our businesses are subject to a wide range of conditions that may result in variability in our earnings and cash flows from year to year. In general, our net income is a result of our operating income from our generation and distribution businesses and other factors such as income from unconsolidated related companies, foreign currency exchange rate effects and tax expense.
In our generation business, our operating income for 2011 decreased by 5.3% as compared to 2010. This percent change in the generation segment operating income in 2011 varies in each of the five countries where we operate and is due to numerous factors, including hydrological conditions, the price of fuel used to generate thermal electricity and the prevailing spot market and regulated prices for electricity. We expect to continue evidencing a reasonably good operating performance over the coming years, given the favorable macroeconomic perspective for all of the countries in which we operate except for Argentina. Despite current uncertainties concerning the global economy, there are good expectations for this region’s growth for the next five years, including a 4.8% growth in gross domestic product, on average, and a stable electricity demand growth.
On the other hand, development of new generation facilities in South America has always fallen behind demand growth. We anticipate that this tendency will continue in the foreseeable future. Also, due to growing environmental restrictions, transmission line saturation, obstacles for fuel transportation and scarcity of places where to locate plants, these new projects involve higher development costs than in the past. We expect that average electricity prices will adjust to recognize these increased costs. This could increase the value of our assets, especially in the case of hydroelectric power plants, which have lower production costs, and thus benefit from greater profitability in scenarios of increasing prices to end users. Furthermore, an important part of the new installed capacity under development in the five countries in which we operate corresponds to thermal power plants, with coal and natural gas as their principal fuels, and only a few hydroelectric projects are being developed. Thus, we expect this situation will also impact long term spot prices positively. Long term contracts awarded to Enersis’ subsidiaries in different bids have already incorporated these expected price levels. Currently, we have 23% of our expected annual generation sold under contracts of at least ten years, and 33% in contracts of at least five years.
However, spot prices are subject to great volatility, affecting our forecasted income. In order to address this risk in the generation business, the Company has implemented commercial policies in order to control relevant variables and provide stability to the profit margins. Our commercial policy seeks to establish a global framework to conduct energy trading operations, setting responsibilities, guidelines and acceptable risk limits aligned with company objectives. Therefore, our company defines contractual volumes that minimize the risk of supply in adverse hydrological conditions and includes, where necessary with some unregulated clients, risk mitigation clauses.
In order to mitigate the risk of increasing fuel costs, Enersis has supply contracts to cover part of the fuel needed by its thermal generation units, which operate with coal, natural gas, diesel and fuel oil. In Chile, through an equity interest in GNL Quintero, we are the only electricity company that participates in the LNG terminal at Quintero Bay (the only facility of its kind in the SIC market), enhancing our position to manage fuel supply risks, especially when facing increasing fuel costs scenarios. This becomes particularly relevant given the increasing trend to penalize other technologies that are intensive in fuels, such as coal and diesel, which have a stronger environmental impact. Because of the drought in Chile and the volatility of the price of Brent oil, we decided to hedge through a cap on the price of this commodity for the period between April and July 2011, and may do so again in the future. For further information on this subject, please see “Item 11(a) and 11(b). Quantitative and Qualitative Disclosures About Market Risk — Commodity Price Risk”.
With respect to our distribution business segment, our operating income in 2011 decreased by 14.3% as compared to 2010. This decrease is a combination of numerous factors in each of the five countries where we operate. These include, among others, effects of inflation and exceptional tax payments, which are partially offset by operational efficiency and the increase in electricity sales due to growth in population and gross domestic product in the countries in which we operate. Technological advances, such as smart metering, have enabled us to limit the increase in electricity losses in a challenging economic environment. We expect that the South American countries in which we operate will continue to experience high growth rates, positively impacting our distribution business performance. In particular, we expect the growth rates in the electricity sector to continue, mainly due to the gap in the per capita electricity consumption that these countries have with respect to more developed countries. We expect electricity demand to grow approximately 4% annually, on average, over the next ten years.
In connection with the distribution segment tariffs, and taking into account the future periodic review process in each country in which we operate, we expect that the regulators will continue to recognize investments, encourage efficiency and establish prices that will allow for an appropriate return on our investment. We also anticipate that our distribution companies will probably increase their profitability during the period between periodic tariff setting processes. After tariffs have been set, the companies have the opportunity to increase their efficiency, and obtain extra profits associated with such efficiencies, during the period subsequent to each new tariff setting. For a better understanding of the cycles in the process, please refer to the figure below, where we conceptually describe the effect of the application of the price cap model used by regulators in most of the countries where we operate.
Although the price at which a distribution company purchases the electricity has a substantial impact on the price at which it is sold to end users, it does not have an impact on our profitability. The cost of electricity purchased is passed through to end users. However, it is important to note that distribution companies usually enter into long-term contracts in order to decrease exposure to electricity price volatility. This is a common practice in most of the countries in which we operate.
Though our operations in the five countries allow us to somewhat offset and counterbalance variations with respect to these main factors that affect our operating results, in light of the variability of these factors over time and across the countries in which we operate, we cannot claim that we are fully hedged in our portfolio of assets in these countries. Furthermore, we cannot ascertain the likelihood or the extent to which past performance will be indicative of future performance with respect to our businesses. Any significant change with respect to hydrological conditions, fuel price or the electricity price, among other factors, could affect our operating income in the generation business. More broadly, any significant change with respect to economic and population growth, as well as changes in the regulatory regimes in the countries in which we operate, among other factors, could affect our operating income in the distribution business. Variability in our earnings and cash flows can also arise from non-operating factors as well, such as foreign currency exchange rates. For further information regarding 2011 results of the Company compared with those recorded in previous periods, please see “Item 5. Operating and Financial Review and Prospects — A. Operating Results - Enersis’ Results of Operations for the Years Ended December 31, 2010 and December 31, 2011” and “Item 5. Operating and Financial Review and Prospects — A. Operating Results - Enersis’ Results of Operations for the Years Ended December 31, 2009 and December 31, 2010”. Investors should not look at our past performance as indicative of future performance.
We do not expect that our current debt agreements, which impose certain restrictions, could have a negative impact on our capital expenditure plan as described in “Item 5. Operating and Financial Review and Prospects — B. Liquidity and Capital Resources.” We have a large leverage capacity prior to a potential breach of a debt covenant. As of December 31, 2011, Enersis is able to incur up to $ 6.4 billion in incremental debt, while Endesa Chile has an additional debt capacity of $ 2.6 billion, in each case beyond current levels of consolidated indebtedness. We believe that Enersis will continue to have similar comfortable levels of further leverage capacity in the foreseeable future.
In connection with funding sources, as of December 31, 2011, the Company has approximately $ 817 million in committed revolving facilities which have not yet been drawn, and additional uncommitted Chilean lines of credit for another $ 444 million in the aggregate. In addition, both Enersis and Endesa Chile have publicly registered certain commercial paper programs for up to $ 400 million in the aggregate and local bond programs for up to $ 537 million with the SVS. These funding sources can be increased in case of need.
Finally, as explained above, we expect that the Company will continue generating substantial operating cash, which can be used to finance a significant part of our capital expenditure plan. If needed, our shareholders can also decrease the dividend payout ratio, subject to certain minimum legal restrictions, in order to finance our investment plan and future growth.
E. Off—balance Sheet Arrangements.
Enersis is not a party to any off—balance sheet arrangements.
F. Tabular Disclosure of Contractual Obligations.
The table below sets forth the Company’s cash payment obligations as of December 31, 2011:
Ch$ billion (1) |
| Total |
| 2012 |
| 2013-2014 |
| 2015-2016 |
| After |
|
Bank debt |
| 573 |
| 255 |
| 218 |
| 37 |
| 63 |
|
Local bonds (2) |
| 1,642 |
| 185 |
| 322 |
| 297 |
| 838 |
|
Yankee bonds |
| 1,168 |
| 0 |
| 491 |
| 315 |
| 362 |
|
Other debt (3) |
| 350 |
| 116 |
| 126 |
| 63 |
| 44 |
|
Interest expense |
| 1,890 |
| 341 |
| 506 |
| 322 |
| 721 |
|
Pension and post-retirement obligations(4) |
| 315 |
| 47 |
| 82 |
| 108 |
| 78 |
|
Purchase obligations(5) |
| 32,094 |
| 1,887 |
| 3,500 |
| 3,256 |
| 23,450 |
|
Financial leases |
| 83 |
| 16 |
| 20 |
| 19 |
| 28 |
|
Total contractual obligations |
| 38,115 |
| 2,847 |
| 5,265 |
| 4,417 |
| 25,584 |
|
(1) All figures are in Ch$ of each year.
(2) Hedging instruments included modify substantially the principal amount of debt.
(3) Other debt includes governmental loan facilities, supplier credits and short—term commercial paper among others.
(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 discounted payments necessary to meet all of our pension and post-retirement obligations.
(5) Includes generation and distribution business purchase obligations comprised mainly of energy purchases, operating and maintenance contracts and other services. Of the total amount of Ch$ 32,094 billion, 91% corresponds to energy purchases, 5%
corresponds primarily to fuel supply, services in medium and low voltage lines, and supply of cables, and the remaining 4% to miscellaneous services, such as GNL regasification, fuel transport and coal handling.
G. Safe Harbor.
The information contained in the Items 5.E and 5.F contains statements that may constitute forward-looking statements. See “Forward-Looking Statements” in the “Introduction” of this Report, for safe harbor provisions.
PART III
Item 18. Financial Statements
ENERSIS S.A. and Subsidiaries
Index to the Audited Consolidated Financial Statements
Exhibit |
| Description |
1.1 |
| By—laws (Estatutos) of ENERSIS S.A., as amended. (*) |
8.1 |
| List of Subsidiaries as of December 31, 2011 (**) |
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 (**) |
12.3 |
| Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes—Oxley Act (**) |
12.4 |
| Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes—Oxley Act (**) |
12.5 |
| Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes—Oxley Act |
12.6 |
| 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 (**) |
13.2 |
| Certification of Chief Executive Officer and Chief Financial Officer pursuant to Section 906 of the Sarbanes—Oxley Act (**) |
13.3 |
| Certification of Chief Executive Officer and Chief Financial Officer pursuant to Section 906 of the Sarbanes—Oxley Act |
(*) Incorporated by reference to Enersis’ Form 20-F for the year ended December 31, 2009.
(**) Previously filed.
We will furnish to the Securities and Exchange Commission, upon request, copies of any not filed instruments that define the rights of stakeholders of Enersis.
SIGNATURES
The registrant hereby certifies that it meets all of the requirements for filing on Form 20-F/A and that it has duly caused and authorized the undersigned to sign this amendment to the annual report on its behalf.
| ENERSIS S.A. | |
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| By: | /s/ Ignacio Antoñanzas A. |
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| Name: Ignacio Antoñanzas A. |
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| Title: Chief Executive Officer |
Date: February 25, 2013.
Enersis and Subsidiaries
Audited Consolidated Financial Statements as of December 31, 2011 and 2010 and for each of the three years in the period ended December 31, 2011 together with the Reports of Independent Registered Public Accounting Firms
Enersis S.A. and Subsidiaries
Index to the Audited Consolidated Financial Statements
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. |
ThCh$ |
| Thousand of Chilean pesos |
ThUS$ |
| Thousand of United States dollars |
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Ernst & Young Chile | |
Av. Presidente Riesco 5435, piso 4 | |
Santiago | |
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Tel: 56 2 676 1000 | |
Fax: 56 2 676 1010 | |
www.ey.com/cl |
Report of Independent Registered Public Accounting Firm
The Board of Directors and Shareholders of Enersis S.A.
We have audited the accompanying consolidated statement of financial position of Enersis S.A. and subsidiaries (“the Company”) as of December 31, 2011, and the related consolidated statements of comprehensive income, changes in equity, and cash flows for the year then ended and the schedule of Enersis S.A.’s condensed unconsolidated financial information. These consolidated financial statements and the schedule are the responsibility of the Company��s management. Our responsibility is to express an opinion on these financial statements and the schedule based on our audit.
The consolidated financial statements of the Company include the consolidated financial statements of its subsidiary, Empresa Nacional de Electridad S.A (“Endesa-Chile”). The consolidated financial statements of Endesa-Chile include the financial statements of the following entities, each having been prepared in conformity with its respective local statutory accounting basis: Emgesa S.A. E.S.P (“Emgesa”) and Endesa Argentina S.A. (“Endesa-Argentina”) (both subsidiaries of Endesa-Chile), and of Endesa Brasil S.A. (“Endesa-Brasil”) (a consolidated subsidiary of the Company that is also a 40.45% percent owned investee of Endesa-Chile accounted for using the equity method). Except for the amounts included in Endesa-Chile’s consolidated financial statements relating to Emgesa, Endesa-Argentina and Endesa-Brasil, which we subjected to our audit procedures in the context of the financial statements of Enersis, taken as a whole, we did not audit the consolidated financial statements of Endesa-Chile. The consolidated financial statements of Endesa-Chile, exclusive of the amounts relating to Emgesa, Endesa-Argentina and Endesa-Brasil, reflect total assets constituting 29% of the Company’s consolidated total assets as of December 31, 2011, and total revenues constituting 16% of the Company’s consolidated total revenues for the year ended December 31, 2011. Endesa-Chile’s consolidated financial statements were audited by other auditors whose report has been furnished to us, and our opinion on the Company’s consolidated financial statements, insofar as it relates to the amounts included for Endesa-Chile (but exclusive of the amounts for Emgesa, Endesa-Argentina and Endesa-Brasil), is based solely on the report of the other auditors.
We conducted our audit in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements.
An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit and the report of other auditors provide a reasonable basis for our opinion.
In our opinion, based on our audit and the report of other auditors (see second paragraph above), the financial statements referred to above present fairly, in all material respects, the consolidated financial position of Enersis S.A. and subsidiaries at December 31, 2011, and the consolidated results of their operations and their cash flows for the year then ended, in conformity with International Financial Reporting Standards (IFRS), as issued by the International Accounting Standards Board (“IASB”). Also, in our opinion, the related schedule of condensed unconsolidated financial information, when considered in relation to the basic consolidated financial statements, taken as whole, presents fairly, in all material respects, the information set forth therein.
We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), Enersis S.A.’s internal control over financial reporting as of December 31, 2011, based on criteria established in Internal Control-Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission and our report dated February 24, 2013 expressed an unqualified opinion thereon based on our audit and the report on internal controls of other auditors
As discussed in Note 36 to the financial statements, the accompanying financial statements have been retrospectively adjusted for the accounting change, effective January 1, 2012, related to cash flow presentation from the indirect method to the direct method.
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Ernst & Young |
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Santiago, Chile |
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February 24, 2013 |
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Ernst & Young Chile | |
Av. Presidente Riesco 5435, piso 4 | |
Santiago | |
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Tel: 56 2 676 1000 | |
Fax: 56 2 676 1010 | |
www.ey.com/cl |
Report of Independent Registered Public Accounting Firm
The Board of Directors and Shareholders of Enersis S.A.
We have audited the internal control over financial reporting of Enersis S.A. and subsidiaries (“the Company”) as of December 31, 2011, based on criteria established in Internal Control—Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (the COSO criteria). The Company’s management is responsible for maintaining effective internal control over financial reporting, and for its assessment of the effectiveness of internal control over financial reporting included in the accompanying Management’s Annual Report on Internal Control Over Financial Reporting. Our responsibility is to express an opinion on the company’s internal control over financial reporting based on our audit. We did not examine the effectiveness of internal control over financial reporting of Empresa Nacional De Electricidad S.A. (a subsidiary) and certain of its subsidiaries, associates and jointly controlled entities (hereinafter collectively referred to as “Endesa-Chile”) which statements reflect total assets constituting 43 % in 2011, and total revenues constituting 29 % in 2011 of the related consolidated totals. The effectiveness of Endesa-Chile’s internal control over financial reporting was audited by other auditors whose report has been furnished to us, and our opinion, insofar as it relates to the effectiveness of Endesa-Chile’s internal control over financial reporting, is based solely on the report of the other auditors.
We conducted our audit in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects. Our audit included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, testing and evaluating the design and operating effectiveness of internal control based on the assessed risk, and performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion.
A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in
accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.
Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
In our opinion, based on our audit and the report of other auditors, Enersis S.A. and subsidiaries maintained, in all material respects, effective internal control over financial reporting as of December 31, 2011, based on the COSO criteria.
We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), the consolidated balance sheets of Enersis S.A. and subsidiaries as of December 31, 2011, and the related consolidated statements of comprehensive income, changes in equity, and cash flows for the year ended December 31, 2011 of Enersis S.A. and subsidiaries and the schedule of Enersis S.A.’s condensed unconsolidated financial information and our report dated February 24, 2013 expressed an unqualified opinion thereon based on our audit and the report of other auditors.
Ernst & Young
Santiago, Chile
February 24, 2013
Deloitte Auditores y Consultores Ltda. RUT: 80.276.200-3 Rosario Norte 407 Las Condes, Santiago Chile Fono: (56-2) 2729 7000 Fax: (56-2) 2374 9177 e-mail: deloittechile@deloitte.com www.deloitte.cl |
Report of Independent Registered Public Accounting Firm
The Board of Directors and Shareholders of Enersis S.A.
We have audited the accompanying consolidated statement of financial position of Enersis S.A. and subsidiaries (“the Company” or “Enersis”) as of December 31, 2010, and the related consolidated statements of comprehensive income, changes in equity, and cash flows for each of the two years then ended, and the schedule of Enersis S.A.’s condensed unconsolidated financial information as of December 31, 2010 and for each of the two years ended December 31, 2010. These consolidated financial statements and schedules are the responsibility of the Company’s management. Our responsibility is to express an opinion on these financial statements and the schedules based on our audits.
The consolidated financial statements of the Company include the financial statements of its consolidated subsidiary, Empresa Nacional de Electricidad S.A (“Endesa-Chile”). The consolidated financial statements of Endesa-Chile include the financial statements of the following entities, each having been prepared in conformity with its respective local statutory accounting basis: Emgesa S.A. E.S.P. (“Emgesa-Colombia”) (a consolidated subsidiary), and Endesa Brasil S.A. (“Endesa-Brasil”) (a consolidated subsidiary of the Company that is also a 40.45 percent owned investee of Endesa-Chile accounted for using the equity method). Except for the amounts included in Endesa-Chile’s consolidated financial statements relating to Emgesa-Colombia and Endesa-Brasil, which we subjected to our audit procedures in the context of the financial statements of Enersis. taken as a whole, we did not audit the consolidated financial statements of Endesa-Chile. The consolidated financial statements of Endesa-Chile, exclusive of the amounts relating to Emgesa-Colombia and Endesa-Brasil, which were subjected to our audit procedures in the context of the financial statements of Enersis, taken as a whole, reflect total assets constituting 35.01% of the Company’s consolidated total assets as of December 31, 2010, and total revenues constituting 27.31% and 24.03% of the Company’s consolidated total revenues for the years ended December 31, 2010 and 2009, respectively. Endesa-Chile’s consolidated financial statements were audited by other auditors whose report has been furnished to us, and our opinion on the Company’s consolidated financial statements, insofar as it relates to the amounts included for Endesa-Chile (but exclusive of the amounts for Emgesa-Colombia and Endesa-Brasil, which were prepared in conformity with International Financial Reporting Standards (“IFRS”), as issued by the International Accounting Standards Board (“IASB”) and were subjected to our audit procedures in the context of the financial statements of Enersis, taken as a whole), is based solely on the report of the other auditors.
We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits and the report of other auditors (see second paragraph of this report) provide a reasonable basis for our opinion.
In our opinion, based on our audits and the report of other auditors (see second paragraph of this report), the Company´s consolidated financial statements referred to above present fairly, in all material respects, the consolidated financial position of Enersis S.A. and subsidiaries as of December 31, 2010, and the consolidated results of their operations and their cash flows for each of the two years then ended, in conformity with IFRS, as issued by the IASB. Also, in our opinion, the related schedules of condensed unconsolidated financial information as of December 31, 2010 and for each of the two years ended December 31, 2010, when considered in relation to the basic consolidated financial statements, taken as whole, presents fairly, in all material respects, the information set forth therein.
As discussed in Note 36 to the financial statements, the accompanying financial statements and the schedule of condensed unconsolidated financial information has been retrospectively adjusted for the accounting change related to cash flow presentation from the indirect method to the direct method.
Santiago, Chile
February 24, 2013
Report of Independent Registered Public Accounting Firm
The Board of Directors and Shareholders of
Empresa Nacional de Electricidad S.A. (Endesa-Chile):
We have audited the accompanying consolidated statements of financial position of Endesa-Chile and subsidiaries (the Company) as of December 31, 2011 and 2010, and the related consolidated statements of comprehensive income, changes in equity, and cash flows for each of the years in the three-year period ended December 31, 2011. These consolidated financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on these consolidated financial statements based on our audits. We did not audit the financial statements of certain subsidiaries which statements reflect total assets constituting 30.05 percent and 22.51 percent of the Company’s consolidated total asset position as of December 31, 2011 and 2010, respectively, and total revenues constituting 35.29 percent, 20.04 percent and 20.10 percent of the Company’s consolidated revenues for the years ended December 31, 2011, 2010 and 2009, respectively. In addition, we did not audit the financial statements of Endesa Brasil S.A. (a 40.45% percent owner investee Company). The Company’s investment in Brazil at December 31, 2011and 2010 was M$ 569,012,759 and M$566,846,731 as of December 31, 2011 and 2010, respectively, and its equity earning was M$115,355,267, M$90,667,296 and M$96,139,414 for the years ended December 31, 2011, 2010 and 2009, respectively. Those consolidated financial statements prepared in accordance with the local statutory accounting basis were audited by other auditors whose reports have been furnished to us and our opinion, insofar as it relates to the amounts included for those entities on such basis of accounting, is based solely on the reports of the other auditors. Accordingly, we have audited the conversion adjustments to the financial statements of these subsidiaries and nonsubsidiary investees prepared in accordance with the local statutory accounting basis to conform them to the Company’s accounting basis referred to below.
We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the consolidated financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits and the reports of the other auditors provide a reasonable basis for our opinion.
In our opinion, based on our audits and the reports of the other auditors, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of Endesa-Chile and subsidiaries as of December 31, 2011 and 2010, and the results of their operations and their cash flows for each of the years in the three-year period ended December 31, 2011, in conformity with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB).
© 2012 KPMG Auditores Consultores Ltda., a Chilean limited liability partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved.©
We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), Endesa-Chile’s internal control over financial reporting as of December 31, 2011, based on the criteria established in Internal Control — Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO), and our report dated March 28, 2012, expressed an unqualified opinion on the effectiveness of the Company’s internal control over financial reporting.
KPMG Auditores Consultores Ltda.
Santiago, Chile
March 28, 2012
© 2012 KPMG Auditores Consultores Ltda., a Chilean limited liability partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved.©
Report of Independent Registered Public Accounting Firm
The Board of Directors and Shareholders of
Empresa Nacional de Electricidad S.A. (Endesa-Chile):
We have audited Endesa-Chile’s internal control over financial reporting as of December 31, 2011, based on criteria established in Internal Control - Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO). Endesa-Chile’s management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting, included in the accompanying Management’s Annual Report on Internal Control over Financial Reporting. Our responsibility is to express an opinion on Endesa-Chile’s internal control over financial reporting based on our audit.
We conducted our audit in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects. Our audit included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. Our audit also included performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion.
A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.
Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
In our opinion, Endesa-Chile maintained, in all material respects, effective internal control over financial reporting as of December 31, 2011, based on criteria established in Internal Control — Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission.
© 2012 KPMG Auditores Consultores Ltda., a Chilean limited liability partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved.© 2012 KPMG Auditores Consultores Ltda., a Chilean limited liability partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. All rights reserved. Report of Independent Registered Public Accounting Firm The Board of Directors and Shareholders of Empresa Nacional de Electricidad S.A. (Endesa-Chile): We have audited Endesa-Chile's internal control over financial reporting as of December 31, 2011, based on criteria established in Internal Control - Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO). Endesa-Chile's management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting, included in the accompanying Management's Annual Report on Internal Control over Financial Reporting. Our responsibility is to express an opinion on Endesa-Chile's internal control over financial reporting based on our audit. We conducted our audit in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects. Our audit included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. Our audit also included performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion. A company's internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company's internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company's assets that could have a material effect on the financial statements. Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate. In our opinion, Endesa-Chile maintained, in all material respects, effective internal control over financial reporting as of December 31, 2011, based on criteria established in Internal Control — Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission.
We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), the consolidated statement of financial position of Endesa-Chile and subsidiaries as of December 31, 2011 and 2010, and the related consolidated statements of comprehensive income, changes in stockholder’s equity, and cash flows for each of years in the three-year period ended December 31, 2011, and our report dated March 28, 2012 expressed an unqualified opinion on those consolidated financial statements.
KPMG Auditores Consultores Ltda.
Santiago, Chile
March 28, 2012
© 2012 KPMG Auditores Consultores Ltda., a Chilean limited liability partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved.©
ENERSIS S.A. AND SUBSIDIARIES
Consolidated Statements of Financial Position
At December 31, 2011 and 2010
(In thousands of Chilean pesos — ThCh$)
|
|
|
| 12-31-2011 |
| 12-31-2010 |
|
|
| Note |
| ThCh$ |
| ThCh$ |
|
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
| 5 |
| 1,219,921,268 |
| 961,355,037 |
|
Other current financial assets |
| 6 |
| 939,220 |
| 7,817,509 |
|
Other current non-financial assets |
|
|
| 72,466,312 |
| 35,993,248 |
|
Trade and other current receivables |
| 7 |
| 977,602,388 |
| 1,038,098,240 |
|
Accounts receivable from related companies |
| 8 |
| 35,282,592 |
| 20,471,607 |
|
Inventories |
| 9 |
| 77,925,544 |
| 62,651,704 |
|
Current tax assets |
| 10 |
| 141,827,684 |
| 137,987,341 |
|
Total current assets other than assets classified as held for sale and discontinued operations |
|
|
| 2,525,965,008 |
| 2,264,374,686 |
|
|
|
|
|
|
|
|
|
Non-current assets classified as held for sale and discontinued operations |
| 11 |
| — |
| 73,893,290 |
|
Non-current assets classified as held for sale and discontinued operations |
|
|
| — |
| 73,893,290 |
|
|
|
|
|
|
|
|
|
TOTAL CURRENT ASSETS |
|
|
| 2,525,965,008 |
| 2,338,267,976 |
|
|
|
|
|
|
|
|
|
NON-CURRENT ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other non-current financial assets |
| 6 |
| 37,355,061 |
| 62,968,722 |
|
Other non-current non-financial assets |
|
|
| 109,501,108 |
| 103,736,295 |
|
Non-current receivables |
| 7 |
| 443,328,450 |
| 319,567,960 |
|
Investments accounted for using the equity method |
| 12 |
| 13,193,262 |
| 14,101,652 |
|
Intangible assets other than goodwill |
| 13 |
| 1,467,398,214 |
| 1,452,586,405 |
|
Goodwill |
| 14 |
| 1,476,404,126 |
| 1,477,021,924 |
|
Property, plant, and equipment, net |
| 15 |
| 7,242,731,006 |
| 6,751,940,655 |
|
Investment property |
| 16 |
| 38,055,889 |
| 33,019,154 |
|
Deferred tax assets |
| 17 |
| 379,938,628 |
| 452,634,364 |
|
|
|
|
|
|
|
|
|
TOTAL NON-CURRENT ASSETS |
|
|
| 11,207,905,744 |
| 10,667,577,131 |
|
|
|
|
|
|
|
|
|
TOTAL ASSETS |
|
|
| 13,733,870,752 |
| 13,005,845,107 |
|
The attached notes are an integral part of these consolidated financial statements
ENERSIS S.A. AND SUBSIDIARIES
Consolidated Statements of Financial Position
At December 31, 2011 and 2010
(In thousands of Chilean pesos — ThCh$)
|
|
|
| 12-31-2011 |
| 12-31-2010 |
|
|
| Note |
| ThCh$ |
| ThCh$ |
|
LIABILITIES AND EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT LIABILITIES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other current financial liabilities |
| 18 |
| 672,082,338 |
| 665,598,018 |
|
Trade and other current payables |
| 21 |
| 1,235,064,459 |
| 1,224,489,998 |
|
Accounts payable to related companies |
| 8 |
| 157,177,638 |
| 148,202,260 |
|
Other current provisions |
| 22 |
| 99,702,654 |
| 115,449,236 |
|
Current tax liabilities |
| 10 |
| 235,853,242 |
| 147,666,655 |
|
Current provisions for employee benefits |
| 23 |
| — |
| 5,450,382 |
|
Other current non-financial liabilities |
|
|
| 60,653,304 |
| 35,790,548 |
|
Total current liabilities other than those associated with current assets classified as held for sale and discontinued operations |
|
|
| 2,460,533,635 |
| 2,342,647,097 |
|
|
|
|
|
|
|
|
|
Liabilities associated with current assets classified as held for sale and discontinued operations |
| 11 |
| — |
| 64,630,389 |
|
|
|
|
|
|
|
|
|
TOTAL CURRENT LIABILITIES |
|
|
| 2,460,533,635 |
| 2,407,277,486 |
|
|
|
|
|
|
|
|
|
NON-CURRENT LIABILITIES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other non-current financial liabilities |
| 18 |
| 3,271,355,293 |
| 3,014,956,447 |
|
Other non-current payables |
| 21 |
| 14,304,607 |
| 37,236,712 |
|
Non-current accounts payable to related companies |
| 8 |
| — |
| 1,084,290 |
|
Other long-term provisions |
| 22 |
| 202,573,641 |
| 225,522,329 |
|
Deferred tax liabilities |
| 17 |
| 508,438,255 |
| 555,923,578 |
|
Non-current provisions for employee benefits |
| 23 |
| 277,526,013 |
| 215,818,975 |
|
Other non-current non-financial liabilities |
|
|
| 102,985,451 |
| 33,997,334 |
|
|
|
|
|
|
|
|
|
TOTAL NON-CURRENT LIABILITIES |
|
|
| 4,377,183,260 |
| 4,084,539,665 |
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES |
|
|
| 6,837,716,895 |
| 6,491,817,151 |
|
|
|
|
|
|
|
|
|
EQUITY |
|
|
|
|
|
|
|
Issued capital |
| 24.1 |
| 2,824,882,835 |
| 2,824,882,835 |
|
Retained earnings |
|
|
| 2,232,968,880 |
| 2,103,689,509 |
|
Share premium |
| 24.1 |
| 158,759,648 |
| 158,759,648 |
|
Other reserves |
| 24.5 |
| (1,320,882,757 | ) | (1,351,787,356 | ) |
Equity attributable to the owners of the parent company |
|
|
| 3,895,728,606 |
| 3,735,544,636 |
|
|
|
|
|
|
|
|
|
Non-controlling interest |
| 24.6 |
| 3,000,425,251 |
| 2,778,483,320 |
|
|
|
|
|
|
|
|
|
TOTAL EQUITY |
|
|
| 6,896,153,857 |
| 6,514,027,956 |
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES AND EQUITY |
|
|
| 13,733,870,752 |
| 13,005,845,107 |
|
The attached notes are an integral part of these consolidated financial statements
ENERSIS S.A. AND SUBSIDIARIES
Consolidated Statements of Comprehensive Income
For the years ended December 31, 2011, 2010 and 2009
(In thousands of Chilean pesos)
|
|
|
| Years ended December 31, |
| ||||
|
|
|
| 2011 |
| 2010 |
| 2009 |
|
|
| Note |
| ThCh$ |
| ThCh$ |
| ThCh$ |
|
STATEMENT OF COMPREHENSIVE INCOME |
|
|
|
|
|
|
|
|
|
Net income |
|
|
|
|
|
|
|
|
|
Sales |
| 25 |
| 6,254,252,089 |
| 6,179,229,824 |
| 6,113,283,615 |
|
Other operating income |
| 25 |
| 280,628,255 |
| 384,351,289 |
| 358,772,038 |
|
Total Revenues |
|
|
| 6,534,880,344 |
| 6,563,581,113 |
| 6,472,055,653 |
|
|
|
|
|
|
|
|
|
|
|
Raw materials and consumables used |
| 26 |
| (3,538,434,729 | ) | (3,521,646,254 | ) | (3,210,593,577 | ) |
Contribution Margin |
|
|
| 2.996.445.615 |
| 3,041,934,859 |
| 3,261,462,076 |
|
|
|
|
|
|
|
|
|
|
|
Other work performed by the entity and capitalized |
|
|
| 50,173,112 |
| 44,869,365 |
| 33,730,519 |
|
Employee benefits expenses |
| 27 |
| (378,552,126 | ) | (374,678,013 | ) | (370,402,445 | ) |
Depreciation and amortization expense |
| 28 |
| (424,900,036 | ) | (449,017,275 | ) | (454,369,959 | ) |
Reversal of impairment loss (impairment loss) recognized in the year’s profit or loss |
| 28 |
| (136,157,459 | ) | (108,373,429 | ) | (85,285,525 | ) |
Other expenses |
| 29 |
| (540,698,397 | ) | (450,434,769 | ) | (457,689,197 | ) |
Operating Income |
|
|
| 1,566,310,709 |
| 1,704,300,738 |
| 1,927,445,469 |
|
|
|
|
|
|
|
|
|
|
|
Other gains (losses) |
| 30 |
| (4,814,294 | ) | 11,983,434 |
| 50,640,278 |
|
Financial income |
| 31 |
| 233,612,869 |
| 171,236,948 |
| 159,670,405 |
|
Financial costs |
| 31 |
| (465,411,363 | ) | (438,358,251 | ) | (482,472,627 | ) |
Share of profit (loss) of associates accounted for using the equity method |
| 12 |
| 8,465,904 |
| 1,015,739 |
| 2,235,579 |
|
Foreign currency exchange differences |
| 31 |
| 20,305,690 |
| 11,572,474 |
| (8,235,253 | ) |
Profit (loss) from indexed assets and liabilities |
| 31 |
| (25,092,203 | ) | (15,055,706 | ) | 21,781,329 |
|
|
|
|
|
|
|
|
|
|
|
Net Income before tax |
|
|
| 1,333,377,312 |
| 1,446,695,376 |
| 1,671,065,180 |
|
Income tax |
| 32 |
| (460,836,692 | ) | (346,006,968 | ) | (359,737,610 | ) |
Net income from continuing operations |
|
|
| 872,540,620 |
| 1,100,688,408 |
| 1,311,327,570 |
|
Net income from discontinued operations |
|
|
| — |
| — |
| — |
|
NET INCOME |
|
|
| 872,540,620 |
| 1,100,688,408 |
| 1,311,327,570 |
|
|
|
|
|
|
|
|
|
|
|
Net income attributable to |
|
|
|
|
|
|
|
|
|
Owners of parent company |
|
|
| 375,471,254 |
| 486,226,814 |
| 660,231,043 |
|
Non-controlling interests |
|
|
| 497,069,366 |
| 614,461,594 |
| 651,096,527 |
|
NET INCOME |
|
|
| 872,540,620 |
| 1,100,688,408 |
| 1,311,327,570 |
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per share from continuing operations |
| Ch$/ share |
| 11.50 |
| 14.89 |
| 20.22 |
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per share |
| Ch$/ share |
| 11.50 |
| 14.89 |
| 20.22 |
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per share from continuing operations |
| Ch$/ share |
| 11.50 |
| 14.89 |
| 20.22 |
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per share |
| Ch$/ share |
| 11.50 |
| 14.89 |
| 20.22 |
|
The attached notes are an integral part of these consolidated financial statements
ENERSIS S.A. AND SUBSIDIARIES
Consolidated Statements of Comprehensive Income
For the years ended December 31, 2011, 2010 and 2009
(In thousands of Chilean pesos)
|
|
|
| Years ended December 31, |
| ||||
|
|
|
| 2011 |
| 2010 |
| 2009 |
|
|
| Note |
| ThCh$ |
| ThCh$ |
| ThCh$ |
|
|
|
|
|
|
|
|
|
|
|
STATEMENT OF COMPREHENSIVE INCOME |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income |
|
| 872,540,620 |
| 1,100,688,408 |
| 1,311,327,570 |
| |
|
|
|
|
|
|
|
|
|
|
Components of other comprehensive income, before taxes |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exchange differences on translation |
|
|
|
|
|
|
|
|
|
Foreign currency translation gains (losses), before taxes |
|
|
| 211,929,739 |
| (138,554,045 | ) | (246,854,956 | ) |
Total exchange differences on translation |
|
|
| 211,929,739 |
| (138,554,045 | ) | (246,854,956 | ) |
|
|
|
|
|
|
|
|
|
|
Available-for-sale financial assets |
|
|
|
|
|
|
|
|
|
Gains (losses) from measuring of available-for-sale financial assets, before taxes |
|
|
| (55,959 | ) | (179 | ) | 61,031 |
|
Total available-for-sale financial assets |
|
|
| (55,959 | ) | (179 | ) | 61,031 |
|
|
|
|
|
|
|
|
|
|
|
Cash flow hedge |
|
|
|
|
|
|
|
|
|
Gains (losses) from cash flow hedge, before taxes |
|
|
| (79,722,581 | ) | 50,576,145 |
| 201,567,024 |
|
Reclassification adjustments on cash flow hedge, before taxes |
|
|
| (8,309,911 | ) | (19,664,842 | ) | (8,765,356 | ) |
Total cash flow hedge |
|
|
| (88,032,492 | ) | 30,911,303 |
| 192,801,668 |
|
|
|
|
|
|
|
|
|
|
|
Actuarial gains (losses) on defined benefit plans |
|
|
| (62,246,623 | ) | (48,495,375 | ) | (15,599,453 | ) |
Total other components of other comprehensive income, before taxes |
|
|
| 61,594,665 |
| (156,138,296 | ) | (69,591,710 | ) |
|
|
|
|
|
|
|
|
|
|
Income tax related to components of other comprehensive income |
|
|
|
|
|
|
|
|
|
Income tax related to available-for-sale financial assets |
|
|
| 9,513 |
| 31 |
| (10,528 | ) |
Income tax related to cash flow hedge |
|
|
| 14,110,400 |
| (5,301,050 | ) | (33,917,966 | ) |
Income tax related to defined benefit plans |
|
|
| 23,078,884 |
| 16,515,279 |
| 1,369,374 |
|
Total income tax |
|
|
| 37,198,797 |
| 11,214,260 |
| (32,559,120 | ) |
|
|
|
|
|
|
|
|
|
|
Total Other Comprehensive Income |
|
|
| 98,793,462 |
| (144,924,036 | ) | (102,150,830 | ) |
TOTAL COMPREHENSIVE INCOME |
|
|
| 971,334,082 |
| 955,764,372 |
| 1,209,176,740 |
|
|
|
|
|
|
|
|
|
|
|
Comprehensive income attributable to |
|
|
|
|
|
|
|
|
|
Owners of parent company |
|
|
| 368,568,685 |
| 396,687,094 |
| 655,007,019 |
|
Non-controlling interests |
|
|
| 602,765,397 |
| 559,077,278 |
| 554,169,721 |
|
TOTAL COMPREHENSIVE INCOME |
|
|
| 971,334,082 |
| 955,764,372 |
| 1,209,176,740 |
|
The attached notes are an integral part of these consolidated financial statements
ENERSIS S.A. AND SUBSIDIARIES
Consolidated Statement of Changes in Equity
For the years ended December 31, 2011, 2010 and 2009
(In thousands of Chilean pesos)
|
|
|
|
|
| Changes in Other Reserves |
|
|
|
|
|
|
|
|
| ||||||||||
Statement of Changes in Net Equity |
| Issued Capital |
| Share Premium |
| Reserve for |
| Reserve for cash |
| Reserve for |
| Reserve for gains |
| Other |
| Other reserves |
| Retained |
| Equity |
| Non-controlling |
| Total Equity |
|
Equity at beginning of year 01/01/2011 |
| 2,824,882,835 |
| 158,759,648 |
| 113,278,890 |
| 40,783,463 |
| — |
| 41,825 |
| (1,505,891,534 | ) | (1,351,787,356 | ) | 2,103,689,509 |
| 3,735,544,636 |
| 2,778,483,320 |
| 6,514,027,956 |
|
Changes in equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comprehensive income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 375,471,254 |
| 375,471,254 |
| 497.069.366 |
| 872.540.620 |
|
Other comprehensive income |
|
|
|
|
| 60,106,895 |
| (41,093,728 | ) | (25,887,747 | ) | (27,989 | ) | — |
| (6,902,569 | ) |
|
| (6,902,569 | ) | 105.696.031 |
| 98.793.462 |
|
Comprehensive income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 368,568,685 |
| 602.765.397 |
| 971.334.082 |
|
Dividends |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (209,886,734 | ) | (209,886,734 | ) |
|
| (209.886.734) |
|
Increase (decrease) through transfers and other changes |
|
|
|
|
| 3,236,883 |
|
|
| 25,887,747 |
|
|
| 8,682,538 |
| 37,807,168 |
| (36,305,149 | ) | 1,502,019 |
| (380,823,466 | ) | (379.321.447) |
|
Total changes in equity |
| — |
| — |
| 63,343,778 |
| (41,093,728 | ) | — |
| (27,989 | ) | 8,682,538 |
| 30,904,599 |
| 129,279,371 |
| 160,183,970 |
| 221,941,931 |
| 382.125.901 |
|
Equity at end of year 12-31-2011 |
| 2,824,882,835 |
| 158,759,648 |
| 176,622,668 |
| (310,265 | ) | — |
| 13,836 |
| (1,497,208,996 | ) | (1,320,882,757 | ) | 2,232,968,880 |
| 3,895,728,606 |
| 3,000,425,251 |
| 6,896,153,857 |
|
|
|
|
|
|
| Changes in Other Reserves |
|
|
|
|
|
|
|
|
| ||||||||||
Statement of Changes in Net Equity |
| Issued Capital |
| Share Premium |
| Reserve for |
| Reserve for cash |
| Reserve for |
| Reserve for gains |
| Other |
| Other reserves |
| Retained |
| Equity |
| Non-controlling |
| Total Equity |
|
Equity at beginning of year 01/01/2010 |
| 2,824,882,835 |
| 158,759,648 |
| 196,973,210 |
| 26,100,491 |
| — |
| 41,699 |
| (1,505,891,534 | ) | (1,282,776,134 | ) | 1,817,613,206 |
| 3,518,479,555 |
| 2,858,524,089 |
| 6,377,003,644 |
|
Changes in equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comprehensive income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 486,226,814 |
| 486,226,814 |
| 614.461.594 |
| 1.100.688.408 |
|
Other comprehensive income |
|
|
|
|
| (83,694,320 | ) | 14,682,972 |
| (20,528,498 | ) | 126 |
|
|
| (89,539,720 | ) |
|
| (89,539,720 | ) | (55.384.316) |
| (144.924.036) |
|
Comprehensive income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 396,687,094 |
| 559.077.278 |
| 955.764.372 |
|
Dividends |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (179,622,013 | ) | (179,622,013 | ) |
|
| (179.622.013) |
|
Increase (decrease) through transfers and other changes |
|
|
|
|
|
|
|
|
| 20,528,498 |
|
|
|
|
| 20,528,498 |
| (20,528,498 | ) | — |
| (639,118,047 | ) | (639.118.047) |
|
Total changes in equity |
| — |
| — |
| (83,694,320 | ) | 14,682,972 |
| — |
| 126 |
| — |
| (69,011,222 | ) | 286,076,303 |
| 217,065,081 |
| (80,040,769 | ) | 137.024.312 |
|
Equity at end of year 12-31-2010 |
| 2,824,882,835 |
| 158,759,648 |
| 113,278,890 |
| 40,783,463 |
| — |
| 41,825 |
| (1,505,891,534 | ) | (1,351,787,356 | ) | 2,103,689,509 |
| 3,735,544,636 |
| 2,778,483,320 |
| 6,514,027,956 |
|
|
|
|
|
|
| Changes in Other Reserves |
|
|
|
|
|
|
|
|
| ||||||||||
Statement of Changes in Net Equity |
| Issued Capital |
| Share Premium |
| Reserve for |
| Reserve for cash |
| Reserve for |
| Reserve for gains |
| Other |
| Other reserves |
| Retained |
| Equity |
| Non-controlling |
| Total Equity |
|
Equity at beginning of year 01/01/2009 |
| 2,824,882,835 |
| 158,759,648 |
| 283,959,611 |
| (61,975,971 | ) | — |
| 9,565 |
| (1,505,891,534 | ) | (1,283,898,329 | ) | 1,391,570,726 |
| 3,091,314,880 |
| 2,937,816,340 |
| 6,029,131,220 |
|
Changes in equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comprehensive income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 660,231,043 |
| 660.231.043 |
| 651.096.527 |
| 1.311.327.570 |
|
Other comprehensive income |
|
|
|
|
| (86,986,401 | ) | 88,076,462 |
| (6,346,219 | ) | 32,134 |
| — |
| (5,224,024 | ) |
|
| (5,224,024 | ) | (96.926.806) |
| (102.150.830) |
|
Comprehensive income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 655,007,019 |
| 554.169.721 |
| 1.209.176.740 |
|
Dividends |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (227,842,344 | ) | (227,842,344 | ) |
|
| (227.842.344) |
|
Increase (decrease) through transfers and other changes |
|
|
|
|
|
|
|
|
| 6,346,219 |
|
|
|
|
| 6,346,219 |
| (6,346,219 | ) | — |
| (633,461,972 | ) | (633.461.972) |
|
Total changes in equity |
| — |
| — |
| (86,986,401 | ) | 88,076,462 |
| — |
| 32,134 |
| — |
| 1,122,195 |
| 426,042,480 |
| 427,164,675 |
| (79,292,251 | ) | 347.872.424 |
|
Equity at end of year 31/12/2009 |
| 2,824,882,835 |
| 158,759,648 |
| 196,973,210 |
| 26,100,491 |
| — |
| 41,699 |
| (1,505,891,534 | ) | (1,282,776,134 | ) | 1,817,613,206 |
| 3,518,479,555 |
| 2,858,524,089 |
| 6,377,003,644 |
|
The attached notes are an integral part of these consolidated financial statements
ENERSIS S.A. AND SUBSIDIARIES
Consolidated Statements of Cash Flows
For the years ended December 31, 2011, 2010 and 2009
(In thousands of Chilean pesos)
|
|
|
| As of year ended December 31, |
| ||||
|
|
|
| 2011 |
| 2010 |
| 2009 |
|
|
| Note |
| ThCh$ |
| ThCh$ |
| ThCh$ |
|
Statement of Direct Cash Flow |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from (used in) operating activities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Types of collections from operating activities |
|
|
|
|
|
|
|
|
|
Collections from the sale of goods and services |
|
|
| 7,725,639,255 |
| 7,343,782,195 |
| 7,276,311,971 |
|
Collections from royalties, payments, commissions, and other income from ordinary activities |
|
|
| 86,290,041 |
| 87,055,879 |
| 122,035,141 |
|
Other collections from operating activities |
|
|
| 256,467,291 |
| 223,147,303 |
| 204,877,670 |
|
Types of payments |
|
|
|
|
|
|
|
|
|
Payments to suppliers for goods and services |
|
|
| (3,942,239,405 | ) | (3,687,515,697 | ) | (3,530,712,463 | ) |
Payments to and on behalf of employees |
|
|
| (358,459,354 | ) | (292,233,107 | ) | (332,466,749 | ) |
Payments on premiums and services, annual payments, and other obligations from policies held |
|
|
| (5,742,211 | ) | (2,533,860 | ) | (3,818,872 | ) |
Other payments for operating activities |
|
|
| (1,545,840,676 | ) | (1,142,818,147 | ) | (998,086,761 | ) |
Income tax reimbursed (paid) |
|
|
| (361,092,038 | ) | (349,296,688 | ) | (367,786,449 | ) |
Other inflows (outflows) of cash |
|
|
| (156,576,437 | ) | (236,172,731 | ) | (332,023,797 | ) |
|
|
|
|
|
|
|
|
|
|
Net cash flows from (used in) operating activities |
|
|
| 1,698,446,466 |
| 1,943,415,147 |
| 2,038,329,691 |
|
|
|
|
|
|
|
|
|
|
|
Cash flows from (used in) investment activities |
|
|
|
|
|
|
|
|
|
Cash flows from losing control of subsidiaries or other business |
|
|
| 12,662,234 |
| — |
| — |
|
Cash flows used to acquire non-controlling interests |
|
|
| — |
| — |
| (290,471,658 | ) |
Others payments to acquire interests in join ventures |
|
|
| — |
| — |
| (19,912,162 | ) |
Loans to related companies |
|
|
| (25,500 | ) | — |
| (8,615,091 | ) |
Proceeds from the sale of property, plant and equipment |
|
|
| 6,048,912 |
| 8,889,879 |
| 7,559,368 |
|
Purchase of property, plant and equipment |
|
|
| (495,958,729 | ) | (473,727,882 | ) | (526,521,933 | ) |
Proceeds from the sales of intangible assets |
|
|
| 8,965,592 |
| 1,424,691 |
| 5,292,416 |
|
Purchases of intangible assets |
|
|
| (187,864,119 | ) | (227,418,842 | ) | (209,939,738 | ) |
Proceeds from other long-term assets |
|
|
| 41,114 |
| — |
| 190,166,892 |
|
Purchases of other long-term assets |
|
|
| (2,183,333 | ) | (193,947 | ) | (12,461 | ) |
Dividends received |
|
|
| 4,025,233 |
| 3,278,931 |
| 2,675,741 |
|
Interest received |
|
|
| 19,611,804 |
| 6,807,678 |
| 4,346,438 |
|
Other inflows (outflows) of cash |
|
|
| 10,707,112 |
| (94,841,624 | ) | (21,834,208 | ) |
|
|
|
|
|
|
|
|
|
|
Net cash flows from (used in) investment activities |
|
|
| (623,969,680 | ) | (775,781,116 | ) | (867,266,576 | ) |
|
|
|
|
|
|
|
|
|
|
Cash flows from (used in) financing activities |
|
|
|
|
|
|
|
|
|
Total proceeds from loans |
|
|
| 646,273,100 |
| 263,124,754 |
| 826,440,011 |
|
Loans from related companies |
|
|
| 9,128,650 |
| 821,636 |
| — |
|
Repayments from borrowings |
|
|
| (629,404,409 | ) | (740,286,720 | ) | (1,283,351,536 | ) |
Payments of finance lease liabilities |
|
|
| (11,478,851 | ) | (24,129,963 | ) | (3,171,884 | ) |
Payments from loans to related companies |
|
|
| — |
| — |
| (16,986,597 | ) |
Dividends paid |
|
|
| (648,107,205 | ) | (556,087,040 | ) | (578,607,484 | ) |
Interest paid |
|
|
| (248,096,873 | ) | (244,595,847 | ) | (252,736,851 | ) |
Other inflows (outflows) of cash |
|
|
| (9,743,963 | ) | 18,132,411 |
| 8,350 |
|
|
|
|
|
|
|
|
|
|
|
Net cash flows from (used in) financing activities |
|
|
| (891,429,551 | ) | (1,283,020,769 | ) | (1,308,405,991 | ) |
|
|
|
|
|
|
|
|
|
|
Net increase (decrease) in cash and cash equivalents before effect of exchange rate changes |
|
|
| 183,047,235 |
| (115,386,738 | ) | (137,342,876 | ) |
|
|
|
|
|
|
|
|
|
|
Effect of exchange rate changes on cash and cash equivalents |
|
|
|
|
|
|
|
|
|
Effect of exchange rate changes on cash and cash equivalents |
|
|
| 75,518,996 |
| (58,159,046 | ) | (45,818,266 | ) |
Net increase (decrease) in cash and cash equivalents |
|
|
| 258,566,231 |
| (173,545,784 | ) | (183,161,142 | ) |
Cash and cash equivalents at beginning of year |
| 5 |
| 961,355,037 |
| 1,134,900,821 |
| 1,318,061,963 |
|
Cash and cash equivalents at end of year |
| 5 |
| 1,219,921,268 |
| 961,355,037 |
| 1,134,900,821 |
|
The attached notes are an integral part of these consolidated financial statements
ENERSIS S.A. AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
Table of Contents
F-20 | ||||||
|
|
| ||||
BASIS OF THE PRESENTATION OF THE CONSOLIDATED FINANCIAL STATEMENTS | F-21 | |||||
| F-21 | |||||
| F-21 | |||||
| Responsibility for the information given and the estimates made | F-24 | ||||
| F-24 | |||||
|
| F-25 | ||||
|
| Consolidated companies with an ownership interest of less than 50% | F-25 | |||
|
| Companies not consolidated with an ownership interest of over 50% | F-25 | |||
| F-25 | |||||
| F-25 | |||||
|
|
|
| |||
F-27 | ||||||
| F-27 | |||||
| F-29 | |||||
| F-29 | |||||
| F-30 | |||||
| F-31 | |||||
| F-32 | |||||
| F-33 | |||||
| F-36 | |||||
| F-36 | |||||
| Non-current assets held for sale and discontinued operations | F-36 | ||||
| F-37 | |||||
| F-37 | |||||
| F-38 | |||||
| F-38 | |||||
| F-38 | |||||
| F-39 | |||||
| F-39 | |||||
| F-39 | |||||
| F-40 | |||||
| F-40 | |||||
|
|
|
| |||
F-41 | ||||||
| F-41 | |||||
|
| F-41 | ||||
|
| F-42 | ||||
| F-44 | |||||
|
| F-44 | ||||
|
| F-44 | ||||
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INVESTMENTS ACCOUNTED FOR USING THE EQUITY METHOD, AND JOINTLY-CONTROLLED COMPANIES | F-58 | ||
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THIRD PARTY GUARANTEES, OTHER CONTINGENT ASSETS AND LIABILITIES, AND OTHER COMMITMENTS | F-121 | |||
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SUMMARIZED FINANCIAL INFORMATION OF PRINCIPAL SUBSIDIARIES AND JOINTLY CONTROLLED COMPANIES | F-124 | |||
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ENERSIS S.A. AND SUBSIDIARIES
CONSOLIDATED FINANCIAL STATEMENTS AT DECEMBER 31, 2011 AND 2010
(In thousands of Chilean pesos)
1. THE GROUP’S ACTIVITIES AND FINANCIAL STATEMENTS
Enersis S.A. (hereinafter the Parent Company or the Company) and its subsidiaries comprise the Enersis Group (hereinafter Enersis or the Group).
Enersis S.A. is a publicly traded corporation with registered address and head office located at Avenida Santa Rosa, No. 76, in Santiago, Chile. The Company is registered in the securities register of the Superintendency of Securities and Insurance of Chile (Superintendencia de Valores y Seguros or SVS) under number 175. In addition, the Company is registered with the Securities and Exchange Commission of the United States of America (hereinafter U.S. SEC), and with Spain’s Comisión Nacional del Mercado de Valores. The Company’s shares have been listed on the New York Stock Exchange since 1993 and on the Latibex since 2001.
Enersis S.A. is a subsidiary of Endesa, S.A., a Spanish company controlled by Enel S.p.A. (hereinafter Enel).
In 1981, the Company was initially created under the corporate name of Compañía Chilena Metropolitana de Distribución Eléctrica S.A. Later on, the Company changed its by-laws and its name to Enersis S.A. effective August 1, 1988. For tax purposes, the Company operates under Chilean tax identification number 94,271,000-3.
As of December 31, 2011, the Group had 10,844 employees. During 2011, the Group averaged a total of 11,039 employees. See Note 35 for additional information regarding employee distribution by category and geographic location.
The Company’s corporate purpose consists of engaging, whether in Chile or abroad, in exploring for, developing, operating, generating, distributing, transmitting, transforming, and/or selling energy in any of its forms, either directly or through another company. It is also engaged in telecommunications activities, and it provides engineering consultation services in Chile and abroad. The Company’s corporate purpose also includes investing in, and managing its investments in, subsidiaries and associates that generate, transmit, distribute, or trade electricity, or whose corporate purpose includes any of the following:
(i) energy in any kind or form;
(ii) supplying public services, or services whose main component is energy;
(iii) telecommunications and computer services; and
(iv) Internet-based intermediation businesses.
The Company’s 2010 consolidated financial statements were approved by the Board of Directors at a meeting held on January 26, 2011. The consolidated financial statements were then submitted to the consideration of a General Shareholders Meeting held on April 26, 2011, which gave its final approval on the consolidated financial statements. Related conforming changes effecting a retrospective application of accounting policy (see Subsequent Events in Note 36 to these financial statements) were approved by the Board of Directors on February 15, 2013.
These consolidated financial statements are presented in thousands of Chilean pesos (unless expressly stated otherwise), as the Chilean peso is the functional currency of the main economic environment in which Enersis operates. Foreign operations are reported in accordance with the accounting policies stated in Notes 2.6 and 3.m.
2. BASIS OF PRESENTATION OF THE CONSOLIDATED FINANCIAL STATEMENTS
The December 31, 2011 consolidated financial statements of Enersis and its subsidiaries have been prepared in accordance with International Financial Reporting Standards (IFRS), issued by the International Accounting Standards Board (hereinafter “IASB”), and approved by its Board of Directors at its meeting held on February 15, 2013.
These consolidated financial statements present fairly the financial position of Enersis and its subsidiaries as of December 31, 2011 and 2010, as well as the results of operations, the changes in equity, and the cash flows for the years ending December 31, 2011, 2010 and 2009.
These consolidated financial statements voluntarily present the figures for the 2009 fiscal year consolidated statement of comprehensive income, consolidated statement of cash flow, and consolidated statement of changes in equity, along with their corresponding notes.
These consolidated financial statements have been prepared using cost method accounting applied to the business in operation principle except, in accordance with IFRS, those assets and liabilities that are reported at a fair value and those non-current assets and groups that are available for sale, which are recorded at the book value or the fair value minus sales costs, whichever is lower (see Note 3).
The consolidated financial statements have been prepared from accounting records maintained by the Company and its subsidiaries. Each entity prepares its financial statements according to the accounting principles and standards in force in each country, so the necessary adjustments and reclassifications have been made in the consolidation process in order to present the consolidated financial statements in accordance with IFRS and the criteria of the IFRS Interpretation Committee, (hereinafter IFRIC).
2.2 New accounting pronouncements
a) Accounting pronouncements effective from January 1, 2011:
Standards, Interpretations, and Amendments |
| Mandatory |
Amendment to IAS 32: Classification of rights issuing |
| Annual periods beginning on or after February 1, 2010. |
IFRIC 19: Extinguishing financial liabilities with equity instruments |
| Annual periods beginning on or after July 1, 2010. |
IAS 24 Revised: Related party disclosures |
| Annual periods beginning on or after January 2011. |
Standards, Interpretations, and Amendments |
| Mandatory |
Amendment to IFRIC 14: Prepayments of a minimum funding requirement |
| Annual periods beginning on or after January 1, 2011. |
Improvements to the IFRS (issued in 2010). |
| Mostly to annual periods beginning on or after January 1, 2011. |
The application of these accounting pronouncements has not had any significant effects for the Group. The remaining accounting criteria applied in 2011 are consistent with those applied in 2010.
b) Accounting pronouncements effective for periods beginning January 1, 2012 or later:
As of the issuance date of these consolidated financial statements, the following accounting pronouncements had been issued by the IASB, but they were not yet mandatory:
Standards, Interpretations, and Amendments |
| Mandatory |
Amendment to IFRS 7: Financial instruments: Disclosures |
| Annual periods beginning on or after July 1, 2011. |
Amendment to IAS 12: Income taxes — Recovery of underlying assets |
| Annual periods beginning on or after January 1, 2012. |
Amendment to IAS 1: Presentation of financial statements Modifies aspects of presenting the components of “Other comprehensive income,” requiring that these components be grouped into those that will and those that will not subsequently be reclassified as losses and gains. |
| Annual periods beginning on or after July 1, 2012. |
IFRS 10: Consolidated financial statements |
| Annual periods beginning on or after January 1, 2013. |
IFRS 11: Joint arrangements |
| Annual periods beginning on or after January 1, 2013. |
Standards, Interpretations, and Amendments |
| Mandatory |
IFRS 12: Disclosures of interests in other entities |
| Annual periods beginning on or after January 1, 2013. |
IFRS 13: Fair value measurement |
| Annual periods beginning on or after January 1, 2013. |
New IAS 27: Separate financial statements |
| Annual periods beginning on or after January 1, 2013. |
New IAS 28: Investments in associates and joint ventures |
| Annual periods beginning on or after January 1, 2013. |
Amendment to IFRS 7: Financial instruments: Disclosures |
| Annual periods beginning on or after January 1, 2013. |
Amendment to IAS 19: Employee benefits |
| Annual periods beginning on or after January 1, 2013. |
Amendment to IAS 32: Financial instruments: Presentation |
| Annual periods beginning on or after January 1, 2014. |
IFRS 9: Financial Instruments: Classification and measurement |
| Annual periods beginning on or after January 1, 2015. |
The Group is still assessing the impact of applying IFRS 9, IFRS 10, IFRS 11, IFRS 12, and IFRS 13 from the date they go into effect. In Management’s opinion, the application of the other standards, interpretations, and amendments pending application will not have a significant effect on the consolidated financial statements of Enersis and its subsidiaries.
2.3 Responsibility for the information given and the estimates made
The Company’s Board of Directors is responsible for the information contained in these consolidated financial statements and expressly states that all IFRS principles and standards that are applicable to the Group have been fully implemented.
In preparing the consolidated financial statements, certain estimates made by the Company’s Management have been used to quantify some of the assets, liabilities, income, expenses, and commitments recorded in the statements.
These estimates basically refer to:
· The valuation of assets and goodwill to determine the existence of impairment losses (see Note 3.e).
· The assumptions used to calculate the actuarial liabilities and obligations to employees, such as discount rates, mortality tables, salary increases, and others (see Note 23).
· The useful life of property, plant and equipment, and intangible assets (see Notes 3.a and 3.d).
· The assumptions used to calculate the fair value of financial instruments (see Notes 3.g.5 and 20).
· Energy supplied to customers whose meter readings are pending.
· Certain assumptions inherent in the electricity system affecting transactions with other companies, such as production, customer billings, energy consumption, etc. that allow for estimating electricity system settlements that must occur on the corresponding final settlement dates, but that are pending as of the date of issuance of the consolidated financial statements and could affect the balances of assets, liabilities, income and expenses recorded in the statements.
· The probability that uncertain or contingent liabilities will be incurred and their related amounts (see Note 3.l).
· Future disbursements for the closure of facilities and restoration of land (see Note 3.a).
· The tax results of the various subsidiaries of the Group that will be reported to the respective tax authorities in the future, and that have served as the basis for recording different balances related to income taxes in these consolidated financial statements (see Note 3.o).
Although these estimates have been based on the best information available on the issuance date of these consolidated financial statements, future events may occur that would require a change (increase or decrease) to these estimates in subsequent years. This change would be done prospectively, recognizing the effects of such an estimation change in the corresponding future consolidated financial statements.
2.4 Subsidiaries and jointly controlled entities
Subsidiaries are defined as entities in which the Parent Company controls the majority of the voting rights or, should that not be the case, is authorized to direct the financial and operating policies of such entities.
Jointly controlled entities are those in which the situation described in the preceding paragraph exists as a result of an agreement with other shareholders and control is exercised jointly with them.
Appendix No.1 of these consolidated financial statements, entitled Enersis Group Companies, describes Enersis’ relationship with each of its subsidiaries and jointly controlled entities.
2.4.1 Changes in the scope of consolidation
The process of selling the companies Compañía Americana de Multiservicios (CAM) and Synapsis Soluciones y Servicios IT (Synapsis) was completed during the first quarter of 2011. The sale of CAM was concluded on February 24, 2011 for the amount of ThCh$ 6,775,748 (US$ 14,2 million), while the sale of Synapsis was finalized on March 1, 2011 for ThCh$ 24,710,920 (US$ 52 million). For more information, see Note 11.
The elimination of CAM and Synapsis from the Enersis consolidated statements has resulted in reductions in the consolidated statement of financial position of ThCh$ 80,050,947 in current assets, ThCh$ 31,003,337 in non-current assets, ThCh $56,359,935 in current liabilities, and ThCh$ 14,558,579 in non-current liabilities.
During 2010 there were no significant changes in the Enersis Group’s scope of consolidation.
The section titled “Changes in the Enersis Group scope of consolidation,” included as Appendix No.2 to these consolidated financial statements, lists the companies included within the scope of the Group’s consolidation, together with information on the Group’s respective ownership interest percentages.
2.4.2 Consolidated companies with an ownership interest of less than 50%
Although the Enersis Group holds less than a 50% interest in Codensa S.A E.S.P. and in Emgesa S.A. E.S.P., they are considered subsidiaries since the Group exercises control over the entities, either directly or indirectly, through contracts or agreements with shareholders, or as a consequence of their structure, composition, and shareholder classes.
2.4.3 Companies not consolidated with an ownership interest of over 50%
Although the Enersis Group holds more than a 50% interest in Centrales Hidroeléctricas de Aysén, S.A. (Aysén), it is considered a jointly controlled entity since the Group, through contracts and agreements with shareholders, exercises joint control of the company.
Associated Companies are those in which Enersis, either directly or indirectly, exercises significant influence. In general, significant influence is assumed to be those cases in which the Group has an ownership interest of over 20% (see Note 3.h).
Appendix No.3 to these consolidated financial statements, entitled “Associated Companies,” describes Enersis’ relationship with each associated company.
2.6 Basis of consolidation and business combinations
The subsidiaries are consolidated and all their assets, liabilities, income, expenses, and cash flows are included in the consolidated financial statements once the adjustments and eliminations from intra-Group transactions have been made.
Jointly controlled entities are consolidated using the proportional consolidation method. The Group recognizes, line by line, its share of the assets, liabilities, income, and expenses of such entities, so the adding of balances and subsequent eliminations take place only in proportion to the Group’s ownership interest in them.
The comprehensive income of subsidiaries and jointly controlled entities is included in the consolidated comprehensive income statement from the effective date of acquisition until the effective date of disposal or termination of joint control, as applicable.
The parent company’s and its subsidiaries’ operations, as well as those of jointly controlled entities, have been consolidated under the following basic principles:
1. At the date of acquisition, the assets, liabilities, and contingent liabilities of the subsidiary or jointly controlled entity are recorded at market value. If, in the parent company’s stake, there is a positive difference between the acquisition cost and the fair value of the assets and liabilities of the company acquired, including contingent liabilities, this difference is recorded as goodwill. If the difference is negative, it is recorded as a credit to income.
2. Non-controlling interests in equity and in the comprehensive income of the consolidated subsidiaries are presented, respectively, under the line items “Total Equity: Non-controlling interests” in the consolidated statement of financial position and “Net Income attributable to non-controlling interests” and “Other comprehensive income attributable to non-controlling interests” in the consolidated statement of comprehensive income.
3. The financial statements of foreign companies with functional currencies other than the Chilean peso are translated as follows:
a. For assets and liabilities, the prevailing exchange rate on the closing date of the financial statements is used.
b. For items in the comprehensive income statement, the average exchange rate for the year is used (unless this average is not a reasonable approximation of the cumulative effect of the exchange rates in effect on the dates of the transactions, in which case the exchange rate in effect on the date of each transaction is used).
c. Equity remains at the historical exchange rate from the date of acquisition or contribution, and retained earnings at the average exchange rate at the date of generation.
Exchange differences arising in the conversion of the financial statements are recognized in the item “Exchange difference on translation” within the consolidated statement of comprehensive income: Other comprehensive income (see Note 24.2).
Translation adjustments that existed at Enersis’ transition date to IFRS, January 1, 2004, were deemed to be zero and transferred to reserves, using the exemption for that purpose in IFRS 1 “First time Adoption of IFRS” (see Note 24.5).
All balances and transactions between consolidated companies, as well as the share of the proportionally consolidated companies, were eliminated in the consolidation process.
3. ACCOUNTING PRINCIPLES APPLIED
The main accounting policies used in preparing the accompanying consolidated financial statements were the following:
a) Property, plant, and equipment
Property, plant and equipment are valued at acquisition cost, net of accumulated depreciation and any impairment losses they may have experienced. In addition to the price paid to acquire each item, the cost also includes, where applicable, the following concepts:
· Financing expenses accrued during the construction period that are directly attributable to the acquisition, construction, or production of qualified assets, which require a substantial period of time before being ready for use such as, for example, electricity generation or distribution facilities. The Group defines “substantial period” as one that exceeds 12 months. The interest rate used is that of the specific financing or, if none exists, the mean financing rate of the company carrying out the investment. The mean financing rate depends principally on the geographic area and ranges between 7.89% and 15.5%. The amount capitalized for this concept amounted to ThCh$ 35,945,738, ThCh$ 15,137,380, and ThCh$ 9,137,217 for the periods ended December 31, 2011, 2010, and 2009, respectively.
· Employee expenses directly related to construction in progress. The amounts capitalized under this concept for the periods ended December 31, 2011, 2010, and 2009 were ThCh$ 32,042,815, ThCh$ 26,741,111, and ThCh$ 16,723,291, respectively.
· Future disbursements that the Group must make to close their facilities are incorporated into the value of the asset at present value, recording the corresponding provision in accounting. The Group reviews their estimate of these future disbursements on a yearly basis, increasing or decreasing the value of the asset based on the results of this estimate (see Note 22).
· Items acquired before the Group’s date of transition to IFRS, on January 1, 2004, include in the purchasing cost, where appropriate, asset reappraisals permitted in the various countries to adjust the value of the property, plant and equipment for inflation as of that date (see Note 24.5).
Items for construction work in progress are transferred to operating assets once the testing period has been completed and they are available for use, at which time depreciation begins.
Expansion, modernization, or improvement costs that represent an increase in productivity, capacity or efficiency, or a longer useful life are capitalized as a greater cost for the corresponding assets.
The replacement or overhaul of entire components that increase the asset’s useful life, or its economic capacity, are recorded as an increase in value for the respective assets, derecognizing the replaced or overhauled components. Expenses for periodic maintenance, conservation, and repair are recorded directly in income as an expense for the year in which they are incurred.
The Company, based on the outcome of impairment testing explained in Note 3.e), considers that the book value of assets does not exceed their net recoverable value.
Property, plant, and equipment, net of its residual value, is depreciated by distributing the cost of the different items that comprise it on a straight-line basis over its estimated useful life, which is the period during which the companies expect to use the assets. Useful life estimates are periodically reviewed and, if appropriate, adjusted prospectively.
The following are the main categories of property, plant, and equipment with their respective estimated useful lives.
Categories of Property, plant, and equipment |
| Years of estimated useful life |
|
Buildings |
| 22 — 100 |
|
Plant and equipment |
| 3 — 65 |
|
IT Equipment |
| 3 — 15 |
|
Fixtures and Fittings |
| 5 — 21 |
|
Motor Vehicles |
| 5 — 10 |
|
Other |
| 2 — 33 |
|
Additionally, the following provides greater detail on the useful lives of plant and equipment items:
|
| Years of estimated useful life |
|
Generating Facilities: |
|
|
|
Hydroelectric power plants |
|
|
|
Civil engineering works |
| 35 — 65 |
|
Electromechanical equipment |
| 10 — 40 |
|
Coal-fired / fuel-oil power plants |
| 25 — 40 |
|
Combined cycle plants |
| 10 — 25 |
|
Renewable energy power plants |
| 35 |
|
Transmission and distribution facilities: |
|
|
|
High-voltage network |
| 10 — 60 |
|
Low- and medium-voltage network |
| 10 — 60 |
|
Measuring and remote control equipment |
| 3 — 50 |
|
Other facilities |
| 4 — 25 |
|
Regarding the administrative concessions held by the Group’s electric companies, the following lists the years remaining until expiration for the concessions that do not have an indefinite term:
Concession holder and operator |
| Country |
| Concession term |
| Period remaining until expiration |
|
Empresa Distribuidora Sur S.A. - Edesur (Distribution) |
| Argentina |
| 95 years |
| 76 years |
|
Hidroeléctrica El Chocón S.A. (Generation) |
| Argentina |
| 30 years |
| 12 years |
|
Transportadora de Energía S.A. (Transmission) |
| Argentina |
| 85 years |
| 76 years |
|
Compañía de Transmisión del Mercosur S.A. (Transmission) |
| Argentina |
| 87 years |
| 76 years |
|
Central Eléctrica Cachoeira Dourada S.A. (Generation) |
| Brazil |
| 30 years |
| 16 years |
|
Central Geradora Termeléctrica Fortaleza S.A (Generation) |
| Brazil |
| 30 years |
| 20 years |
|
Compañía de Interconexión Energética S.A. (CIEN - Line 1) |
| Brazil |
| 20 years |
| 9 years |
|
Compañía de Interconexión Energética S.A. (CIEN - Line 2 |
| Brazil |
| 20 years |
| 11 years |
|
The Group’s management evaluated the specific contract term of each of the aforementioned concessions, which vary by country, business activity, and jurisprudence, and concluded that, with the exception of CIEN, there are no determining factors indicating that the grantor, which in every case is a government entity, controls the infrastructure and, at the same time, can continuously set the price to be charged for services. These requirements are essential for applying IFRIC 12 “Service Concession Agreements,” which establishes how to record and value certain types of concessions (see Note 3.d.1 for concession agreements within the scope of IFRIC 12).
On April 19, 2011, our subsidiary CIEN successfully completed the change in business model that we had previously been reporting. Under the new agreement, the Government continues to control the infrastructure, but CIEN receives fixed payments, which puts it on an equal footing with a public transmission concession (with regulated prices).
Under this business model, its concessions fall within the scope of Standard IFRIC 12, but the infrastructure has not been derecognized due to the fact that CIEN has not substantially transferred the significant risks and benefits to the Brazilian Government.
Concession contracts not covered under IFRIC 12 are recognized according to general criteria. To the extent that the Group recognizes assets as property, plant, and equipment, they are amortized over their economic life or the concession term, whichever is shorter. Any obligation to invest, improve or replace is considered in the estimation of impairment to Property, Plant, and Equipment as future contractual cash outflow necessary to obtain future cash inflow.
Gains or losses that arise from the sale or disposal of items of property, plant and equipment are recognized in income for the period and calculated as the difference between the sale value and the net book value.
Investment property includes primarily land and buildings held for the purpose of earning rental income and/or for capital appreciation.
Investment property is valued at acquisition cost less any accumulated depreciation and impairment losses that have been incurred. Investment property, excluding land, is depreciated on a straight-line basis over the useful lives of the related assets.
The breakdown of the fair value of investment property is detailed in Note 16.
Goodwill generated upon consolidation represents the difference between the acquisition cost and the Group’s share of the fair value of assets and liabilities, including identifiable contingent assets and liabilities of a subsidiary at the acquisition date.
Acquired assets and liabilities are temporarily valued as of the date the company takes control and reviewed within no more than a year after the acquisition date. Until the fair value of assets and liabilities is ultimately determined, the difference between the acquisition price and the book value of the acquired company is temporarily recorded as goodwill.
If goodwill is finally determined as existing in the financial statements the year following the acquisition, the prior year’s accounts, which are presented for comparison purposes, are modified to include the value of the acquired assets and liabilities and of the definitive goodwill from the acquisition date.
Goodwill generated from acquiring companies with functional currencies other than the Chilean peso is valued in the functional currency of the acquired company and converted to Chilean pesos using the exchange rate in effect as of the date of the statement of financial position.
Goodwill generated before the date of transition to IFRS, on January 1, 2004, is maintained at its net value recorded as of that date, while goodwill originated afterwards is valued at acquisition cost (see Notes 14 and 24.5).
Goodwill is not amortized; instead, at each period end the Company estimates whether any impairment has reduced its recoverable value to an amount less than the net recorded cost and, if so, it immediately adjusts for impairment (see Note 3.e).
d) Intangible assets other than goodwill
Intangible assets are initially recognized at their acquisition or production cost, and are subsequently valued at their cost, net of their accumulated amortization and of the impairment losses they may have experienced.
Intangible assets are amortized on a straight line basis during their useful life, starting from the time that they are in usable condition, except for those with an indefinite useful life, which are not amortized. As of December 31, 2011, there were no significant amounts in intangible assets with an indefinite useful life.
The criteria for recognizing these assets’ impairment losses and, if applicable, recovery of impairment losses recorded in previous fiscal years are explained in letter e) of this Note.
d.1) Concessions
IFRIC 12 “Service Concession Agreements” provides accounting guidelines for public-to-private service concession agreements. This accounting interpretation applies if:
a) The grantor controls or regulates which services the operator should provide with the infrastructure, to whom it must provide them, and at what price; and
b) The grantor controls - through ownership, beneficial entitlement, or otherwise - any significant residual interest in the infrastructure at the end of the term of the agreement.
If both of the above conditions are met simultaneously, the consideration received by the Group for the infrastructure construction is recognized at its fair value, as either an intangible asset when the Group receives the right to charge users of the public service, as long as these charges are conditional on the degree to which the service is used; or as a financial asset when the Group has an unconditional contractual right to receive cash or other financial asset from the grantor or a third party. The Group recognizes the contractual obligations assumed for maintenance of the infrastructure during its use, or for its return to the grantor at the end of the concession agreement within the conditions specified in the agreement, as long as it does not involve an activity that generates income, in accordance with the Group’s provision accounting policy (see Note 3.l).
Finance expenses attributable to the concession agreements are capitalized based on criteria established in Note 3.a above, provided that the Group has a contractual right to receive an intangible asset. No finance expenses were capitalized during the fiscal years 2011 and 2010 (ThCh$ 1,992,733 during the 2009 fiscal year).
Additionally, during the periods ended December 31, 2011, 2010, and 2009, employee expenses directly attributable to construction in progress, amounting to ThCh$ 18,130,297, ThCh$ 18,128,254, and ThCh$ 17,007,228, respectively, were capitalized.
The subsidiaries that have recognized an intangible asset from their service concession agreements are the following:
Concession holder and operator |
| Country |
| Term |
| Period remaining to |
|
Ampla Energia e Serviços S.A. (*) |
| Brazil |
| 30 years |
| 15 years |
|
Companhia Energética do Ceará S.A. (*) |
| Brazil |
| 30 years |
| 17 years |
|
Sociedad Concesionaria Túnel El Melón S.A. |
| Chile |
| 23 years |
| 5 years |
|
(*) Considering that part of the rights acquired by our subsidiaries are unconditional, a financial asset at amortized cost has also been recognized (see Notes 3.g.1 and 7).
d.2) Research and development expenses
The Group follows the policy of recording the costs incurred in a project’s development phase as intangible assets in the statement of financial position as long as the project’s technical viability and economic returns are reasonably assured.
Expenditures on research activities are recognized as an expense in the period in which they are incurred. These expenses amounted to ChTh$ 843,403 and ThCh$ 18,404 as of December 31, 2011 and 2010, respectively. No research and development expenses were recognized in the year ending December 31, 2009.
d.3) Other intangible assets
These intangible assets correspond primarily to computer software, water rights, and easements. They are initially recognized at acquisition or production cost and are subsequently measured at cost less accumulated amortization and impairment losses, if any.
Computer software programs are amortized, on average, over five years. Certain easements and water rights have indefinite useful lives and are therefore not amortized, while others have useful lives ranging from 40 to 60 years, depending on their characteristics, and they are amortized over that term.
During the period, and principally at period end, the Company evaluates whether there is any indication that an asset has been impaired. Should any such indication exist, the company estimates the recoverable amount of that asset to determine the amount of impairment in each case. In the case of identifiable assets that do not generate cash flows independently, the company estimates the recoverability of the Cash Generating Unit to which the asset belongs, which is understood to be the smallest identifiable group of assets that generates independent cash inflows.
Notwithstanding the preceding paragraph, in the case of Cash Generating Units to which goodwill or intangible assets with an indefinite useful life have been allocated, a recoverability analysis is performed routinely at each period end.
The recoverable amount is the greater amount between the fair value less the cost needed to sell and the value in use, which is defined as the present value of the estimated future cash flows. In order to calculate the recoverable value of Property, plant, and equipment, goodwill and intangible assets, the Group uses value in use criteria in practically all cases.
To estimate the value in use, the Group prepares future cash flow projections, before tax, based on the most recent budgets available. These budgets incorporate management’s best estimates of Cash Generating Units’ revenue and costs using sector projections, past experience, and future expectations.
In general, these projections cover the next ten years, estimating cash flows for subsequent years by applying reasonable growth rates, between 3.2% and 7.9%, which, in no case, are increasing nor exceed the average long-term growth rates for the particular sector and country.
These cash flows are discounted at a given pre-tax rate in order to calculate their present value. This rate reflects the cost of capital of the business and the geographical area in which the business is conducted. The discount rate is calculated taking into account the current value of money and the risk premiums generally used by analysts for the specific business activity and country involved.
The following discount rates, before tax and expressed in nominal terms, were applied in 2011 and 2010:
|
|
|
| 2011 |
| 2010 |
| ||||
Country |
| Currency |
| Minimum |
| Maximum |
| Minimum |
| Maximum |
|
Chile |
| Chilean peso |
| 8.0 | % | 10.1 | % | 7.5 | % | 8.8 | % |
Argentina |
| Argentine peso |
| 15.0 | % | 17.1 | % | 15.0 | % | 16.9 | % |
Brazil |
| Brazilian real |
| 9.5 | % | 11.6 | % | 9.6 | % | 10.8 | % |
Peru |
| Peruvian sol |
| 7.3 | % | 9.3 | % | 7.9 | % | 8.1 | % |
Colombia |
| Colombian peso |
| 8.9 | % | 10.9 | % | 9.6 | % | 9.8 | % |
If the recoverable amount is less than the net carrying amount of the asset, the corresponding provision for impairment loss is recorded for the difference, and charged to “Reversal of impairment loss (impairment loss) recognized in profit or loss” in the consolidated statement of comprehensive income.
Impairment losses recognized for an asset in prior periods are reversed when its estimated recoverable amount changes, increasing the asset’s value with a credit to earnings, limited to the asset’s carrying amount if no adjustment had occurred. In the case of goodwill, adjustments that would have been made are not reversible.
The following procedure is used to determine the need to adjust financial assets for impairment:
· In the case of commercial assets, the Group’s policy is to record impairment through an allowance account based on the age of past-due balances. This policy is generally applied except in those cases where a specific collectability analysis is recommended, such as in the case of receivables from publically owned companies.
· In the case of receivables of a financial nature, impairment is determined on case-by-case basis. As of the date of issuance of these consolidated financial statements, the Company had no significant past due non-commercial financial assets
The Group applies IFRIC 4 to assess whether an agreement is or contains a lease. Leases that transfer to the lessee substantially all of the risks and rewards inherent in ownership are classified as finance leases. All other leases are classified as operating leases.
Finance leases in which the Group acts as a lessee are recognized when the agreement begins. At that time, the Group records an asset based on the nature of the lease and a liability for the same amount, equal to the fair value of the leased asset or the present value of the minimum lease payments, if the latter is lower. Subsequently, the minimum lease payments are divided between finance expense and principal reduction. The finance expense is recorded in the income statement and distributed over the lease term, so as to obtain a constant interest rate for each period over the balance of the debt pending amortization. The asset depreciates on the same terms as other similar depreciable assets, as long as there is reasonable certainty that the lessee will acquire ownership of the asset at the end of the lease. If no such certainty exists, the asset depreciates over the shorter term between the useful life of the asset and the term of the lease.
Operating lease payments are expensed on a straight-line basis over the term of the lease unless another type of systematic basis of distribution is deemed more representative.
Financial instruments are contracts that give rise to both a financial asset in one company and a financial liability or equity instrument in another company.
g.1) Financial assets other than derivatives
The Group classifies its financial assets other than derivatives, whether permanent or temporary, except for investments accounted for using the equity method (see Note 12) and those held for sale (Note 11), into four categories:
· Trade and other current receivables and Accounts receivable from related companies: These are recorded at amortized cost, which is the initial fair value less principal repayments made, plus accrued and uncharged interest, calculated using the effective interest method.
The effective interest method is used to calculate the amortized cost of a financial asset or financial liability (or group of financial assets or financial liabilities) and is charged to finance income or cost over the relevant period. The effective interest rate is the discount rate that exactly matches the estimated cash flows to be received or paid over the expected life of the financial instrument (or, when appropriate, over a shorter period) to the net carrying amount of the financial asset or financial liability.
· Held-to-maturity investments: Investments that the Group intends to hold and is capable of holding until their maturity is accounted for at amortized cost as defined in the preceding paragraph.
· Financial assets at fair value with changes in net income: This includes the trading portfolio and those financial assets that have been designated as such upon initial recognition and that are managed and evaluated using fair value criteria. They are valued in the consolidated statement of financial position at fair value, with changes in value recorded directly in income when they occur.
· Available-for-sale financial assets: These are financial assets specifically designated as available for sale or that do not fit within any of the three preceding categories and consist almost entirely of financial investments in equity instruments (see Note 6).
These investments are recorded in the consolidated statement of financial position at fair value when it can be reliably determined. For interests in unlisted companies or companies with very little liquidity, normally the market value cannot be reliably determined. When this occurs, those interests are valued at acquisition cost or a lesser amount if evidence of impairment exists.
Changes in fair value, net of tax, are recorded in the consolidated statement of comprehensive income: Other comprehensive results, until the investments are disposed of, at which time the amount accumulated in this account for that investment is fully charged to the period’s profit or loss.
Should the fair value be less than the acquisition cost, and if there is objective evidence that the asset has been more than temporarily impaired, the difference is recorded directly in the period’s losses.
Purchases and sales of financial assets are accounted for using their trade date.
g.2) Cash and cash equivalents
This account within the statement of consolidated financial position includes cash and bank balances, time deposits, and other highly liquid short-term investments readily convertible to cash and which are subject to insignificant risk of changes in value.
g.3) Financial liabilities other than derivatives
Financial liabilities are generally recorded based on cash received, net of any costs incurred in the transaction. In subsequent periods, these obligations are valued at their amortized cost, using the effective interest rate method (see Note 3.g.1).
In the particular case that a liability is the underlying item of a fair value hedge derivative, as an exception, such liability will be valued at its fair value for the portion of the hedged risk.
In order to calculate the fair value of debt, both in the cases when it is recorded in the statement of financial position and for fair value disclosure purposes as seen in Note 20, debt has been divided into fixed interest rate debt (hereinafter “fixed-rate debt”) and variable interest rate debt (hereinafter “floating-rate debt”). Fixed-rate debt is that on which fixed-interest coupons established at the beginning of the transaction are paid explicitly or implicitly over its term. Floating-rate debt is that issued at a variable interest rate, i.e., each coupon is established at the beginning of each period based on the reference interest rate. All debt has been valued by discounting expected future cash flows with a market-interest rate curve based on the payment’s currency.
g.4) Derivative financial instruments and hedge accounting
Derivatives held by the Group are primarily transactions entered into to hedge interest and/or exchange rate risk, intended to eliminate or significantly reduce these risks in the underlying transactions being hedged.
Derivatives are recorded at fair value as of the date of the statement of financial position as follows: if their fair value is positive, they are recorded within “Other financial assets”; and if their fair value is negative, they are recorded within “Other financial liabilities.” For derivatives on commodities, the positive value is recorded in “Trade and other current receivables,” and negative values are recorded in “Trade and other current liabilities.”
Changes in fair value are recorded directly in income except when the derivative has been designated for accounting purposes as a hedge instrument and all of the conditions established under IFRS for applying hedge accounting are met, including that the hedge be highly effective. In this case, changes are recorded as follows:
· Fair value hedges: The underlying portion for which the risk is being hedged is valued at its fair value, as is the hedge instrument, and any changes in the value of both are recorded in the comprehensive income statement by netting the effects in the same comprehensive income statement account.
· Cash flow hedges: Changes in the fair value of the effective portion of derivatives are recorded in an equity reserve known as “Reserve of cash flow hedges.” The cumulative loss or gain in this account is transferred to the comprehensive income statement to the extent that the underlying item impacts the comprehensive income statement because of the hedged risk, netting the effect in the same comprehensive income statement account. Gains or losses from the ineffective portion of the hedge are recorded directly in the comprehensive income statement.
A hedge is considered highly effective when changes in the fair value or the cash flows of the underlying item directly attributable to the hedged risk, are offset by changes in the fair value or the cash flows of the hedging instrument, with effectiveness ranging from 80% to 125%.
The Company does not apply hedge accounting to its investments abroad.
As a general rule, long-term commodity purchase or sale agreements are recorded in the consolidated statement of financial position at their fair value as of period end, recording any differences in value directly in income, except when all of the following conditions are met:
· The sole purpose of the agreement is for the Group’s own use.
· The Group’s future projections justify the existence of these agreements for its own use.
· Past experience with agreements shows that they have been utilized for the Group’s own use, except in certain isolated cases when they had to be used for exceptional reasons or reasons associated with logistical issues beyond the control and projection of the Group.
· The agreement does not stipulate settlement by differences and the parties do not make it a practice to settle similar contracts by differences in the past.
The long-term commodity purchase or sale agreements maintained by the Group, which are mainly for electricity, fuel, and other supplies, meet the conditions described above. Thus, the purpose of fuel purchase agreements is to use them to generate electricity, the electricity purchase contracts are used to make sales to end-customers, and the electricity sale contracts are used to sell the company’s own product.
The Company also evaluates the existence of derivatives embedded in contracts or financial instruments to determine if their characteristics and risk are closely related to the principal contract, provided that the set is not being accounted for at fair value. If they are not closely related, they are recorded separately and changes in value are accounted for directly in the comprehensive income statement.
g.5) Fair value measurement and classification of financial instruments
The fair value of the various derivative financial instruments is calculated as follows:
· For derivatives traded on a formal market, by its quoted price as of year-end.
· The Group values derivatives not traded on formal markets by using discounted expected cash flows and generally accepted options valuation models, based on current and future market conditions as of year-end.
Using the procedures described, the Group classifies financial instruments at the following levels:
Level 1: Quoted price (unadjusted) in active markets for identical assets or liabilities;
Level 2: Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices); and
Level 3: Inputs for assets or liabilities that are not based on observable market data (unobservable inputs).
g.6) Derecognition of financial assets
Financial assets are derecognized when:
· The contractual rights to receive cash flows related to the financial asset expire or have been transferred or, if the contractual rights are retained, the Group has assumed a contractual obligation to pay these cash flows to one or more receivers.
· The Group has substantially transferred the risks and rewards of ownership of the financial asset, or, when it neither transfers nor retains substantially all the risks and rewards but does not retain control over the asset.
Transactions in which the Group retains substantially all the inherent risks and rewards of ownership of the transferred asset, it continues recognizing the transferred asset in its entirety and recognizes a financial liability for the consideration received. Transactions costs are recognized in profit and loss by using the effective interest method (see Note 3.g.1).
h) Investments accounted for using the equity method
Investments in associates in which the Group has significant influence are recorded using the equity method.
The equity method consists of recording the investment in the statement of financial position based on the share of its equity that the Group’s interest represents in its capital, adjusted for, if appropriate, the effect of transactions with subsidiaries plus any goodwill generated in acquiring the company. If the resulting amount is negative, zero is recorded for that investment in the statement of financial position, unless there is a commitment from the Group to support the company’s negative equity situation, in which case a provision is recorded.
Dividends received from these companies are deducted from the value of the investment, and any profit or loss obtained from them to which the Group is entitled based on its interest is recorded under “Share of profit (loss) of associates accounted for using equity method.”
Appendix No. 3, “Enersis Group Associated Companies,” included in these consolidated financial statements, provides information about Enersis’ relationship with each of its associates.
Inventories are valued at their weighted average acquisition price or the net realizable value, whichever is lower.
j) Non-current assets held for sale and discontinued operations
The Group classifies the following as “Non-current assets held for sale”: property, plant and equipment; intangible assets; investments accounted for using the equity method and disposals groups (a group of assets to be disposed of and the liabilities directly associated with those assets), if as of the date of the consolidated financial statements, the Group has taken active measures for their sale and estimates that such a sale is highly probable.
These held-for-sale assets or disposal groups are valued at the lower of their book value or fair value less selling costs. Depreciation and amortization on these assets cease when they meet the criteria to be classified as held for sale.
Non-current assets held for sale and the components of the disposal groups classified as held for sale are presented in these consolidated statement of financial position as a single line item within assets called “Non-current assets or disposal groups classified as held for sale,” and the respective liabilities are presented as a single line item within liabilities called “Liabilities included in disposal groups classified as held for sale.”
The Group classifies as “Discontinued operations” those which represent separate major lines of business or are part of a single coordinated plan to dispose of a separate major line of business that either has been disposed of, or are classified as held for sale.
The components of profit or loss after taxes from discontinued operations are presented as a single line item in the consolidated comprehensive income statement as “Net income from discontinued operations.”
Treasury shares are deducted from equity in the consolidated statement of financial position and valued at acquisition cost.
The gains and losses from the disposal of treasury shares are recorded directly under “Equity - Retained earnings”. As of December 31, 2011, there are no treasury shares, and no transactions with treasure shares were made during the 2011, 2010, or 2009 fiscal years.
Obligations existing as of the date of the consolidated financial statements resulting from past events which may negatively impact the Group’s equity, and whose amount and timing of payment are uncertain, are recorded as provisions in the consolidated statement of financial position at the present value of the most likely amount that it is believed that the Group will have to disburse to settle the obligation.
Provisions are quantified using the best information available as of the date of issuance of the consolidated financial statements regarding the consequences of the event causing the provision and are re-estimated at each subsequent accounting close.
l.1) Provisions for post-employment benefits and similar obligations
Some of the Group’s subsidiaries have pension and similar obligations to their employees. Such obligations, which combine defined benefits and defined contributions, are basically formalized through pension plans, except for certain non-monetary benefits, mainly electricity supply commitments, which, due to their nature, have not been externalized and are covered by the related in-house provisions.
For defined benefit plans, the cost of providing benefits is determined using the Projected Unit Credit Method, with actuarial valuations being carried out at the end of each reporting period. Past service costs relating to changes in benefits are recognized immediately to the extent that the benefits are already vested, and otherwise are amortized on a straight-line basis over the average period until the benefits become vested.
The defined benefit plan obligations in the statement of financial position represent the present value of the accrued obligations, adjusted, once the fair value of the different plans’ assets has been deducted, if applicable.
For each of the plans, any positive difference between the actuarial liability for past services and the plan assets is recognized under line item “Provisions for employee benefits” within current and non-current liabilities in the consolidated statement of financial position, and any negative difference is recognized under line item “Other financial assets” within non-current assets in the consolidated statement of financial position, provided that the negative difference is recoverable by the Group, usually through a reduction in future contributions and taking into consideration the limit established in IFRIC 14, “IAS 19 The limit on a defined benefit asset, minimum funding requirements, and their interaction.”
Contributions to defined contribution benefit plans are recognized as an expense in the consolidated statement of comprehensive income when the employees have rendered their services.
Actuarial gains and losses arising in the measurement of both the plan liabilities and the plan assets, including the limit in IFRIC 14, are recognized directly under “Equity - Retained earnings.”
m) Conversion of balances in foreign currency
Transactions carried out by each company in a currency other than its functional currency are recorded using the exchange rates in effect as of the date of each transaction. During the year, any differences that arise between the exchange rate recorded in accounting and the rate prevailing as of the date of collection or payment are recorded as “Foreign currency exchange differences” in the comprehensive income statement.
Likewise, at the end of each period, balances receivable or payable in a currency other than each company’s functional currency are converted using the period-end exchange rate. Any valuation differences are recorded as “Foreign currency exchange differences” in the comprehensive income statement.
The Group has established a policy to hedge the portion of its subsidiaries’ revenue that is directly linked to variations in the US dollar by obtaining financing in this currency. Exchange differences related to this debt, as they are cash flow hedge transactions, are charged, net of taxes, to a reserve account in equity and recorded in income during the period in which the hedged cash flows are realized. This term has been estimated at ten years.
n) Current / Non-current classification
In these consolidated statements of financial position, assets and liabilities expected to be recovered or settled within twelve months are presented as current items and those assets and liabilities expected to be recovered or settled in more than twelve months are presented as non-current items.
Should the Company have any obligations that mature in less than twelve months but can be refinanced over the long term at the Company’s discretion, through unconditionally available credit agreements with long-term maturities, such obligations may be classified as long-term liabilities.
Income taxes for the period are determined as the sum of current taxes from the Group’s different subsidiaries and result from applying the tax rate to the taxable base for the period, after allowable deductions have been made, plus any changes in deferred tax assets and liabilities and tax credits, both for tax losses and deductions. Differences between the book value and tax basis of assets and liabilities generate deferred tax asset and liability balances, which are calculated using tax rates expected to be in effect when the assets and liabilities are realized.
Current taxes and changes in deferred tax assets and liabilities not arising from business combinations are recorded in income or in equity in the statement of financial position, based on where the gains or losses originating them were recorded.
Deferred tax assets and tax credits are recognized only when it is likely that future tax gains will be sufficient to recover deductions for temporary differences and make use of tax credits.
Deferred tax liabilities are recognized for all temporary differences, except those derived from the initial recognition of goodwill and those that arose from valuing investments in subsidiaries, associates and jointly-controlled companies in which the Group can control their reversal and where it is likely that they will not be reversed in the foreseeable future.
Any deductions that can be applied to current tax liabilities are credited to earnings within the line item “Income tax expenses”, except when doubts exist about their tax realization, in which case they are not recognized until they are effectively realized, or when they correspond to specific tax incentives, in which case they are recorded as grants.
At each accounting period close, the Company reviews the deferred taxes it has recorded, both assets and liabilities, in order to ensure they remain current and otherwise make any necessary corrections based on the results of this analysis.
p) Revenue and expense recognition
Revenues and expenses are recognized on an accrual basis.
Revenue is recognized when the gross inflow of economic benefits arising in the course of the Group’s ordinary activities in the period occurs, provided that this inflow of economic benefits results in an increase in total equity that is not related to contributions from equity participants and that these benefits can be measured reliably. Revenue is measured at the fair value of the consideration received or receivable that gives rise to the revenue.
Revenue associated with the rendering of services is only recognized if it can be estimated reliably, based on the stage of completion of the service rendered at the date of the statement of financial position.
The Group excludes from the revenue figure gross inflows of economic benefits it receives when it acts as an agent or commission agent on behalf of third parties, and only recognizes as revenue economic benefits received for its own account.
When goods or services are exchanged or swapped for goods or services of a similar nature, the exchange is not regarded as a revenue-generating transaction.
The Group records the net amount non-financial asset purchase or sale contracts settled for the net amount of cash or through some other financial instruments. Contracts entered into and maintained for the purpose of receiving or delivering these non-financial assets are recognized on the basis of the contractual terms of the purchase, sale, or usage requirements expected by the entity.
Interest income (expense) is recognized at the effective interest rate applicable to the outstanding principal over the repayment period.
Basic earnings per share are calculated by dividing net income attributable to owners of the Parent (the numerator) by the weighted average number of ordinary shares outstanding (the denominator) during the period, excluding the average number of shares of the Parent held by the Group, if any.
During the 2011, 2010, and 2009 fiscal years, the Group did not engage in any transaction of any kind with potential dilutive effects leading to diluted earnings per share that could differ from basic earnings per share.
Article 79 of the Chilean Companies Act establishes that, unless unanimously agreed otherwise by the shareholders of all issued shares, listed corporations must distribute a cash dividend to its shareholders on a yearly basis, prorated by the shares owned or the proportion established in the company’s by-laws if there are preferred shares, of at least 30% of net income for each period, except when accumulated losses from prior years must be absorbed.
As it is practically impossible to achieve a unanimous agreement given Enersis’ highly fragmented share capital, as of the end of each period the amount of the dividend obligation to its shareholders is determined, net of interim dividends approved during the year, and then accounted for in “Trade and other current payables” or “Accounts payable to related companies,” as appropriate, and charged to Equity.
Interim and final dividends are deducted from equity as soon as they are approved by the competent body, which in the first case is normally the Company’s Board of Directors and in the second case is the Ordinary Shareholders’ Meeting.
s) Systems of share-based remunerations
When Group employees take part in remuneration plans tied to the price of Enel stock, and the cost of the plan is borne by this company, the Group records the fair value of the award as an expense for employee benefits. At the same time, an increase is recorded to equity under Other Reserves for the same amount, representing Enel’s contribution (see Note 8.3).
The cash flow statement reflects the changes in cash that took place during the period in relation to both continuing and discontinued operations, calculated using the direct method (see Note 3.b):
· Cash flows: inflows and outflows of cash or cash equivalents, which are defined as highly liquid investments maturing in less than three months with a low risk of changes in value.
· Operating activities: the principal revenue-producing activities of the Group and other activities that cannot be considered investing or financing activities.
· Investing activities: the acquisition and disposal of long-term assets and other investments not included in cash and cash equivalents
· Financing activities: activities that result in changes in the size and composition of the total equity and borrowings of the Group.
4. SECTOR REGULATION AND ELECTRICITY SYSTEM OPERATIONS
There are different regulations in the Latin American countries in which the Group operates. The main characteristics of each business are discussed below.
In Chile, the electricity sector is regulated by the General Law of Electrical Services (Chilean Electricity Law), also known as DFL No. 1 of 1982, of the Ministry of Mining —whose compiled and coordinated text was established in DFL No. 4 issued in 2006 by the Ministry of Economy (the Electricity Law)— as well as by an associated Regulation (D.S. No. 327 issued in 1998). Three government bodies are primarily responsible for enforcing this law: the National Energy Commission (CNE), which has the authority to propose regulated tariffs (node prices) and to draw up indicative plans for the construction of new generating units; the Superintendency of Electricity and Fuels (SEF), which supervises and oversees compliance with the laws, regulations, and technical standards that govern the generation, transmission, and distribution of electricity, as well as liquid fuels, and gas; and, finally, the recently created Ministry of Energy, which will be responsible for proposing and guiding public policies on energy matters. It also oversees the SEF, the CNE, and the Chilean Commission for Nuclear Energy (“ChCNE”), thus strengthening coordination and allowing for an integrated view of the energy sector. The Ministry of Energy also includes the Agency for Energy Efficiency and the Center for Renewable Energy. The Chilean Electricity Law has also established a Panel of Experts whose main task is to resolve potential discrepancies among the players in the electricity market, including electricity companies, system operators, regulators, etc.
The Chilean electrical sector is divided into four electrical grids: the Sistema Interconectado Central (SIC), the Sistema Interconectado del Norte Grande (SING), and two separate medium-size grids located in southern Chile, one in Aysén and the other in Magallanes. The SIC, the main electrical grid, runs 2,400 km longitudinally and connects the country from Taltal in the north to Quellon, on the island of Chiloe in the south. The SING covers the northern part of the country, from Arica down to Coloso, covering a length of some 700 km.
The electricity industry is divided into three business segments: generation, transmission, and distribution, all operating in an interconnected and coordinated manner, and whose main purpose is to supply electrical energy to the market at minimum cost while maintaining the quality and safety service standards required by the electrical regulations. Given their characteristics, the power transmission and distribution businesses are natural monopolies; these segments are regulated as such by the electricity law, which requires free access to networks and regulates rates.
Under the Chilean Electricity Law, companies engaged in generation and transmission on interconnected electrical grid must coordinate their operations through a centralizing operating agent, the Centro de Despacho Económico de Carga (CDEC), in order to operate the system at minimum cost while maintaining reliable service. For this reason, the CDEC plans and operates the system, including the calculation of the so-called “marginal cost,” which is the price assigned to CDEC-organized energy transfers occurring among power generating companies.
Therefore, a company’s decision to generate electricity is subject to the CDEC’s operation plan. On the other hand, each company is free to decide whether to sell its energy to regulated or unregulated customers. Any surplus or deficit between a company’s sales to its customers and its energy supply is sold to, or purchased from, other generators at the spot market price.
A power generating company may have the following types of customers:
(i) Regulated customers: Those residential and commercial consumers and small and medium-size businesses with a connected capacity equal to or less than 500 kW located in the concession area of a distribution company. Customers that consume from 500 kW to 2000 kW may choose to be regulated or unregulated clients. Until 2009, the transfer prices between generators and distribution companies were capped at a maximum value called the node price, which is regulated by the Ministry of Energy. Node prices are set every six months, in April and October, based on a report prepared by the CNE that takes into account projections of expected marginal costs in the system over the next 48 months for the SIC and 24 months for the SING. Beginning in 2010, and as the node price contracts begin to expire, the transfer prices between generators and distributors will be replaced by the results of regulated bidding processes, with a price cap set by the authority every six months.
(ii) Unregulated customers: Those customers, mainly industrial and mining companies, with a connected capacity of over 2,000 kW. These consumers can freely negotiate prices for electrical supply with generators and/or distributors. Customers with capacity between 500 and 2,000 kW, as indicated in the preceding paragraph, have the option to contract energy at prices agreed upon with their suppliers or be subject to regulated prices, with a minimum stay of at least four years under each pricing system.
(iii) Spot market: This represents energy and capacity transactions among generating companies that result from the CDEC’s coordination to keep the system running as economically as possible, where the surpluses (deficits) between a generator’s energy supply and the energy it needs to comply with business commitments are transferred through sales (purchases) to (from) other generators in the CDEC. In the case of energy, transfers are valued at the marginal cost, while node prices for capacity are set every semester by the regulators.
In Chile, the capacity that must be paid to each generator depends on an annual calculation performed by the CDEC to determine the firm capacity of each power plant, which is not the same as the dispatched capacity.
Beginning in 2010 with the enactment of Law 20,018, distribution companies must have enough supply permanently available to cover their entire demand projected for a period of three years; to do so, they must carry out long-term public bidding processes.
Regarding renewable energy, in April of 2008 Law 20,257 was enacted, which encourages the use of Non-Conventional Renewable Energies. The principal aspect of this law is that at least 5% of generators’ energy sold to its customers comes from renewable sources between years 2010 and 2014. This requirement progressively increases by 0.5% from year 2015 until 2024, when a 10% renewable energy requirement will be reached.
In the other Latin American countries where the Group operates, different regulations are enforced. In general, regulations in Brazil, Argentina, Peru, and Colombia allow participation of private capital in the electricity sector, uphold free competition in electricity generation, and define criteria to avoid certain levels of economic concentration and/or market practices that may cause a decline in this activity. Unlike Chile, state-owned companies participate in the electricity sector together with private companies in the electricity generation, transmission, and distribution activities.
The participation of companies in different activities (generation, distribution, and commercial), is allowed, as long as these activities are properly separated, both from an accounting and corporate point of view. Nevertheless, the transmission sector is where the strictest restrictions are usually imposed, mainly due to its nature and the need to assure adequate access to all players.
In regards to the main characteristics of the electricity generation business, it can be said that in general, these are open markets in which private players are free to make their own investment decisions. The exceptions are: Brazil, a country which, based on the contractual needs of the distribution companies, the Ministry of Energy actively participates in the electricity system’s expansion by establishing capacity quotas by technology (separate bids for thermal, hydraulic, or renewable energies) or participates directly by organizing public bids for specific projects; and Argentina where, despite the government’s promotion of initiatives to encourage electricity investments, such as “Energia Plus,” installed capacity has not increased as much as expected. On November 25, 2010, the Ministry of Energy and the participants in the electricity generation market signed an agreement that, among other aspects, seeks to increase new generation project developments financed with funds that make up part of the outstanding debt that the Argentine government has with electricity companies.
The operation in these countries is coordinated in a centralized manner in which an independent operator coordinates the dispatch of electrical charges. Except for Colombia, where charge dispatched is based on prices offered by the players, in the other countries charge dispatched is centralized, based on variable production costs in order to ensure the fulfillment of the demand at a minimum cost for the system. From that dispatch, the marginal cost, which defines the price for spot transactions, is determined.
Nevertheless, in Argentina and Peru to some extent there is currently intervention in setting prices in these marginal generation markets. This has occurred in Argentina since the 2002 crisis, and in Peru as a result of a recent Emergency Law enacted in 2008 that defines an idealized marginal cost, considering that no actual restrictions exist on the transportation system for gas and electricity.
In Colombia, Brazil, Peru, and Argentina, generation players are able to sell energy through contracts in the regulated or unregulated markets, and to trade their surplus/deficit on the spot market. The unregulated market is focused on the segment of large users, although the limits that define this status vary in each market. The principal differences among the markets involve how energy sales are regulated among generators and distributors and how regulated prices are established for the determination of the tariffs charged to end users.
Initially, Argentine law contemplated that the selling price charged by generators to distributors would have to be obtained from a centralized calculation of the average spot price expected for the next six months. However, after the 2002 crisis, Argentine authorities have established the price arbitrarily, forcing intervention in the marginal system and provoking a mismatch between actual generation costs and payment of the demand through distributors. Additionally, energy that can be sold by generators is limited to the demand that each generator had sold via energy contracts during the May — June 2005 period.
In Brazil, the regulated purchase price used in the determination of tariffs to end users is based on average prices of open bids, and there are separate bidding processes for existing and new energy. Bidding processes for new energy contemplate long-term generation contracts in which new generation projects must cover the growth of demand foreseen by distributors. The open bids for existing energy consider shorter contractual terms and seek to cover the distributors’ contractual needs arising from the expiry of prior contracts. Each bidding process is coordinated centrally. Authorities set maximum prices and, as a result, contracts are signed where all distributors participating in the process buy pro rata from each offering generator.
In Colombia, distributors are free to decide their supply, being able to define the conditions of public bidding processes where they acquire energy for the regulated market, and they are able to buy energy on the spot market. Prices paid by end users reflect an average of the purchase price. Since 2004, the CREG (the Colombian Energy and Gas Regulation Commission) is working on a proposal to modify the energy contracting system in the Colombian market. Under the proposal, the existing contracting system will be modified into an electronic contract system. This mechanism will replace the current bidding process for energy auctions with standardized commercial conditions, where contractual demand will be treated as a single aggregate demand.
In Peru, as in Chile, distributors are obligated to enter into contracts, and the legislation was amended so that public bids for energy would be based on distributor requirements. Currently, there are only a few contracts between generators and distributors that are in force at “bar price” (the equivalent of the node price in Chile), which is set on the basis of centralized calculations. However, since 2007 contracts are based on public bids. Authorities approve the terms and conditions for the bidding and set the maximum price for each bid.
With the exception of Colombia, in all the other countries there is some statute in force that promotes the use of renewable energy. In practical terms, there are no incentives or obligations similar to those in Chile that would push these renewable energy technologies to be competitive on a larger scale. Authorities are responsible for promoting specific bidding processes under special conditions in order to make these projects viable.
In the five countries where the Group operates, selling prices charged to clients are based on the purchase price paid to generators plus a component associated with the value added in distribution. Regulators set this value periodically through reviews of distribution tariffs. As a result, distribution is essentially a regulated activity.
In Chile, the distribution value added (VAD) is established every four years. For this, the local regulator, (i.e. the CNE) classifies companies in accordance with typical areas that group companies with similar distribution costs. A distribution company’s return on investment depends on the company’s performance compared to model company standards defined by the regulator. In April 2009, the regulator published tariff formulas which are effective for the period November 2008 through November 2012.
Similarly, in Peru, the VAD is calculated every 4 years, also using a model company method based on a typical area. The tariffs for the 2009-2013 period were published in October 2009.
In Brazil, there are three types of tariff adjustments: i) Ordinary Tariff Reviews (RTO) which are conducted periodically in accordance with the provisions in the concession contracts (in Coelce every 4 years and in Ampla every 5 years); (ii) Annual adjustment (IRT); and (iii) Extraordinary Reviews.
The latest RTO for Ampla is applicable for the 2009-2014 periods and for Coelce for the 2007-2011 period. At the end of 2011, the ANEEL regulating agency issued the modifications to the tariff calculation methods used for the third round of periodic reviews; one of the major changes is the decrease in the WACC. The most recent annual adjustments made by ANEEL were in April 2010 for Coelce and in March 2011 for Ampla. Coelce’s RTO for the 2011-2015 period and the annual readjustment are in process, using the new tariff methodology for the third round, and will go into effect in April 2012.
In Colombia, the CREG established in 2008 a new methodology for calculating the rate of return applicable to compensation for distribution, as well as a new methodology for establishing the charges for regional transmission and local distribution systems use. In October 2009, the CREG published the distribution charges for Codensa for the period 2009-2013. In 2011, the CREG carried out a study of the productivity index of the sales industry and issued the final resolutions of the Sales Regulations and loss management plans. The sales charge will be reviewed in 2012.
In Argentina, tariffs were frozen after the country’s debt default in 2001. Edesur’s tariff restructuring started in 2007 with the enforcement of the “Acta Acuerdo.” Starting in that year, tariff adjustments (positive impact in the VAD) and inflation readjustments (via the cost monitoring mechanism, MMC) have been made. The last adjustment through the application of the MMC was for May-October 2007, and MMC adjustments not transferred to tariffs for subsequent periods remain pending to date. In July 2008, increases were authorized for clients with consumption in excess of 650kWh quarterly, and in October 2008, the government approved an increase for consumption in excess of 1,000 kWh per month; this last increase is a pass-through to the generators and was suspended between June and September 2010
but restarted in October 2010. During the first few months of 2010, Edesur submitted the rate charts applying Resolution 467/08 and the complementary information requested by ENRE; the Comprehensive Tariff Review (RTI) of Edesur’s concession contract covered in the Renegotiation Agreement Accord is still pending. At the end of 2011, the Government announced a reduction in state subsidies, and a seasonal price increase was established for customers in certain businesses and industries and for some segments of residential customers in specific geographic areas.
· Market for unregulated customers
In the countries where the Group operates, distributors can supply their customers under a regulated or freely agreed conditions. The supply limitations imposed on the unregulated market are as follows:
Country |
| kW threshold |
Argentina |
| > 30 kW |
Brazil |
| > 3,000 kW |
Chile |
| > 500 kW |
Colombia |
| > 100 kW or 55 MWh-month |
Peru |
| > 200 kW (*) |
(*) In April 2009, Peru established that clients between 200 and 2,500 kW could choose between the regulated and unregulated markets.
· Limits on integration and concentration
In general, current legislation defends free competition and defines criteria to avoid certain levels of economic concentration and/or market practices that would lead to a deterioration of the market.
In principle, the regulators allow the participation of companies in different activities (e.g. generation, distribution, and commercialization) as long as there is an adequate separation of each activity, for both accounting and company purposes. Nevertheless, most of the restrictions imposed involve the transport sector mainly because of its nature and the need to guarantee adequate access to all agents. In Argentina and Colombia there are specific restrictions if generation or distribution companies want to become majority shareholders in transportation companies.
Additionally, in Colombia, companies that were created after 1994 cannot be vertically integrated. Furthermore, generation companies cannot participate in a distribution company if the participation rate is greater than 25% and vice versa. Moreover, companies in Peru need a permit from the local authority if they have an ownership interest of more than 5% in one business and want to participate in another business.
Regarding concentration in a specific sector, in Argentina and Chile, there are no specific limits that affect the vertical or horizontal integration of a company. On the other hand, in Peru, integrations are subject to authorization if such integration is 5% vertical and 15% horizontal. In Colombia, for the generation and commercialization sectors, companies cannot have a market share that exceeds 25%. Finally in Brazil, since 2007 there have been no restrictions to generation integration. As for distribution, there are concentration limits, both on a national and electric subsystem level. On a national level, the authorities allow a 20% concentration in both segments. As for the electric subsystem, the limit is 35% of the North and Northeast subsystems and 25% of the South, Southeast, and Midwest subsystems.
With regard to consolidations and mergers between agents of the same segment, current regulation requires authorization from the local regulator.
· Access to the grid
In the countries where the Group operates, the right of access and toll or access price is regulated by the local authority.
In Peru, the toll-setting process that recognizes investments in Secondary and Complementary Transmission Systems for the period July 2006 through April 2013, and which are effective starting November 1, 2009, was concluded back in 2009.
In Chile, during 2010, local authorities developed part of the tariff process for determining the Subtransmission System’s Annual Value for the period 2011 through 2014. The CNE published the final technical report on May 13, 2011. Chilectra submitted its discrepancies to the Panel of Experts on June 3, 2011 and explained the grounds for these discrepancies in a public hearing on June 16. The Panel of Experts issued its ruling on August 8. The CNE incorporated this ruling and drew up a final technical report, which the Ministry of Energy is expected to use to publish its subtransmission tariff decree in the first quarter of 2012. The Decree will be retroactive to January 2011.
a) The detail of cash and cash equivalents as of December 31, 2011, 2010, and 2009 is as follows:
|
| Balance at |
| ||||
|
| 12-31-2011 |
| 12-31-2010 |
| 12-31-2009 |
|
Cash and Cash Equivalents |
| ThCh$ |
| ThCh$ |
| ThCh$ |
|
|
|
|
|
|
|
|
|
Cash balances |
| 1,287,851 |
| 279,960 |
| 2,033,228 |
|
Bank balances |
| 269,065,858 |
| 186,975,512 |
| 280,296,850 |
|
Time deposits |
| 398,152,529 |
| 518,742,837 |
| 631,827,134 |
|
Other fixed-income instruments |
| 551,415,030 |
| 255,356,728 |
| 220,743,609 |
|
|
|
|
|
|
|
|
|
Total |
| 1,219,921,268 |
| 961,355,037 |
| 1,134,900,821 |
|
Time deposits have a maturity of three months or less from their date of acquisition and accrue the market interest for this type of investments. Other fixed-income investments are mainly comprised of resale agreements maturing in 30 days or less. There are no amounts of cash and cash equivalents balances held by the Group that are not available for its use.
b) The detail of cash and cash equivalents by currency is as follows:
|
| 12-31-2011 |
| 12-31-2010 |
| 12-31-2009 |
|
Currency |
| ThCh$ |
| ThCh$ |
| ThCh$ |
|
Chilean peso |
| 535,594,942 |
| 322,190,328 |
| 171,799,777 |
|
Argentine peso |
| 27,058,157 |
| 45,357,753 |
| 28,624,735 |
|
Colombian peso |
| 268,199,899 |
| 150,964,209 |
| 395,598,094 |
|
Brazilian real |
| 278,155,164 |
| 309,896,646 |
| 370,793,677 |
|
Peruvian sol |
| 38,902,348 |
| 39,467,666 |
| 21,485,345 |
|
U.S. dollar |
| 72,010,758 |
| 93,478,435 |
| 146,599,193 |
|
Total |
| 1,219,921,268 |
| 961,355,037 |
| 1,134,900,821 |
|
c) The following table shows the amounts received from the disposal of subsidiaries:
|
| 12-31-2011 |
| 12-31-2010 |
| 12-31-2009 |
|
Disposal of subsidiaries |
| ThCh$ |
| ThCh$ |
| ThCh$ |
|
Inflow received for disposals in cash and cash equivalents |
| 31,486,668 |
| — |
| (23,744,357 | ) |
Inflow of cash and cash equivalents in entities disposed of |
| (18,824,434 | ) | — |
| 3,832,195 |
|
Assets and liabilities other than cash and cash equivalents in entities disposed of |
| (21,311,336 | ) | — |
| 12,828,632 |
|
Total consideration received for disposals (*) |
| (8,649,102 | ) | — |
| (7,083,530 | ) |
(*) See Note 2.4.1
The detail of other financial assets as of December 31, 2011 and 2010 is the following:
|
| Balance at |
| ||||||
|
| Current |
| Non-current |
| ||||
|
| 12-31-2011 |
| 12-31-2010 |
| 12-31-2011 |
| 12-31-2010 |
|
Other financial assets |
| ThCh$ |
| ThCh$ |
| ThCh$ |
| ThCh$ |
|
|
|
|
|
|
|
|
|
|
|
Available-for-sale financial investments — unquoted equity securities |
| — |
| — |
| 2,805,803 |
| 2,422,288 |
|
Available-for-sale financial investments — quoted equity securities |
| — |
| — |
| 86,852 |
| 88,909 |
|
Post-employment benefits (Surplus) (*) |
| — |
| — |
| — |
| 3,352,698 |
|
Financial assets held to maturity |
| — |
| 7,735,440 |
| 20,793,960 |
| 29,461,230 |
|
Hedging derivatives (**) |
| 748,078 |
| 64,518 |
| 12,178,355 |
| 27,212,944 |
|
Non-hedging derivatives (***) |
| 47,504 |
| 17,551 |
| — |
| 91,262 |
|
Other assets |
| 143,638 |
| — |
| 1,490,091 |
| 339,391 |
|
Total |
| 939,220 |
| 7,817,509 |
| 37,355,061 |
| 62,968,722 |
|
(*) See Note 23.2
(**) See Note 20.2.a
(***) See Note 20.2.b
7. TRADE AND OTHER RECEIVABLES
(a) The detail of trade and other receivables as of December 31, 2011 and 2010 is as follows:
|
| Balance at |
| ||||||
|
| 12-31-2011 |
| 12-31-2010 |
| ||||
|
| Current |
| Non-current |
| Current |
| Non-current |
|
Trade and other Receivables, Gross |
| ThCh$ |
| ThCh$ |
| ThCh$ |
| ThCh$ |
|
|
|
|
|
|
|
|
|
|
|
Trade and other receivables, gross |
| 1,166,221,729 |
| 444,327,960 |
| 1,216,533,291 |
| 335,892,068 |
|
Trade receivables, gross |
| 1,064,550,354 |
| 182,387,693 |
| 1,124,250,876 |
| 206,462,719 |
|
Other receivables, gross |
| 101,671,375 |
| 261,940,267 |
| 92,282,415 |
| 129,429,349 |
|
|
| Balance at |
| ||||||
|
| 12-31-2011 |
| 12-31-2010 |
| ||||
|
| Current |
| Non-current |
| Current |
| Non-current |
|
Trade and other Receivables, Net |
| ThCh$ |
| ThCh$ |
| ThCh$ |
| ThCh$ |
|
|
|
|
|
|
|
|
|
|
|
Trade and other receivables, net |
| 977,602,388 |
| 443,328,450 |
| 1,038,098,240 |
| 319,567,960 |
|
Trade receivables, net (1) |
| 882,853,961 |
| 181,435,318 |
| 953,663,462 |
| 190,617,091 |
|
Other receivables, net (2) |
| 94,748,427 |
| 261,893,132 |
| 84,434,778 |
| 128,950,869 |
|
(1) At December 31, 2010, this item included ThCh$ 40,398,048 corresponding to receivables due to our subsidiary Cachoeira Dourada S.A. from Compañía de Electricidade de Goiás (CELG), a state-owned entity of the State of Goiás, from previous years. CELG finally obtained the financing needed to meet its obligations, and the amounts owed were paid in December 2011.
(2) The non-current portion includes the financial asset classified as loans and receivables measured at amortized cost arising from application of IFRIC 12, Service Concession Arrangements, totaling ThCh$ 212,947,609 as of December 31, 2011 and ThCh$ 122,301,426 as of December 31, 2010.
(3) In general, balances in trade and other receivables do not accrue interest, except for receivables that arise through the application of IFRIC 12.
(4) There are no significant trade and other receivables balances held by the Group that are not available for its use.
(5) No single customer on an individual basis holds a balance that is significant in terms of the Group’s total sales or receivables.
(6) Refer to Note 8.1 for detailed information on amounts, terms, and conditions associated with accounts receivable from related companies.
(b) As of December 31, 2011 and 2010, the balance of unimpaired past due trade receivables is as follows:
|
| Balance at |
| ||
Trade accounts receivable past due and unpaid but |
| 12-31-2011 |
| 12-31-2010 |
|
Less than three months |
| 81,387,613 |
| 124,589,681 |
|
Between three and six months |
| 38,450,793 |
| 33,311,703 |
|
Between six and twelve months |
| 30,144,689 |
| 29,193,251 |
|
More than twelve months |
| 114,487,265 |
| 147,592,648 |
|
Total |
| 264,470,360 |
| 334,687,283 |
|
(c) The reconciliation of changes in the allowance for impairment of trade receivables is as follows:
|
| Current and |
|
|
| Non-current |
|
Trade receivables past due and impaired |
| ThCh$ |
|
Balance at January 1, 2010 |
| 165,332,661 |
|
Increases (decreases) for the year (*) |
| 95,391,111 |
|
Amounts written off |
| (60,563,032 | ) |
Foreign currency translation differences |
| (5,401,581 | ) |
Balance at December 31, 2010 |
| 194,759,159 |
|
Increases (decreases) for the year (*) |
| 18,649,480 |
|
Amounts written off |
| (7,046,353 | ) |
Foreign currency translation differences |
| (16,743,435 | ) |
Balance at December 31, 2011 |
| 189,618,851 |
|
(*) See Note 28: Depreciation, amortize ation, and impairment losses.
8. BALANCES AND TRANSACTIONS WITH RELATED COMPANIES
Related party transactions are performed at current market conditions.
Balances and transactions between the Company and its subsidiaries and jointly controlled entities have been eliminated on consolidation and are not itemized in this note.
As of the date of these financial statements, no guarantees have been given or received nor has any allowance for bad or doubtful accounts been recorded with respect to receivable balances for related party transactions.
8.1 Balances and transactions with related companies
The balances of accounts receivable and payable between the Company and its non-consolidatable related companies are as follows:
a) Accounts receivable from related companies
|
|
|
|
|
|
|
|
|
|
|
|
|
| Balance at |
| ||||||
Taxpayer ID |
|
|
|
|
|
|
|
|
|
|
|
|
| Current |
| Non-Current |
| ||||
No. |
|
|
|
|
|
|
|
|
|
|
| Term of |
| 12-31-2011 |
| 12-31-2010 |
| 12-31-2011 |
| 12-31-2010 |
|
(RUT) |
| Company |
| Country |
| Nature of Relationship |
| Currency |
| Description of Transaction |
| Transaction |
| ThCh$ |
| ThCh$ |
| ThCh$ |
| ThCh$ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign |
| Empresa Eléctrica de Piura S.A. |
| Peru |
| Common Immediate Parent |
| Sol |
| Other services |
| Less than 90 days |
| 208,118 |
| 144,144 |
| — |
| — |
|
Foreign |
| Endesa Energía S.A.U. |
| Spain |
| Common Immediate Parent |
| CPs |
| Other services |
| Less than 90 days |
| 30,857 |
| 57,725 |
| — |
| — |
|
Foreign |
| Endesa Latinoamérica S.A.U. |
| Spain |
| Related to Immediate Parent |
| US$ |
| Expenses |
| Less than 90 days |
| 26,165 |
| 26,166 |
| — |
| — |
|
Foreign |
| Endesa Latinoamérica S.A.U. |
| Spain |
| Related to Immediate Parent |
| CPs |
| Other services |
| Less than 90 days |
| — |
| 27,787 |
| — |
| — |
|
Foreign |
| Endesa Spain |
| Spain |
| Related to Immediate Parent |
| US$ |
| Other services |
| Less than 90 days |
| 4,230 |
| 4,230 |
| — |
| — |
|
Foreign |
| Endesa Spain |
| Spain |
| Related to Immediate Parent |
| CH$ |
| Other services |
| Less than 90 days |
| — |
| 47,229 |
| — |
| — |
|
96,524,140-K |
| Empresa Electrica Panguipulli S.A. |
| Chile |
| Common Immediate Parent |
| CH$ |
| Other services |
| Less than 90 days |
| 107 |
| — |
| — |
| — |
|
96,880,800-1 |
| Empresa Electrica Puyehue S.A. |
| Chile |
| Common Immediate Parent |
| CH$ |
| Other services |
| Less than 90 days |
| 7 |
| — |
| — |
| — |
|
Foreign |
| Generalima S.A.C. |
| Peru |
| Common Immediate Parent |
| CH$ |
| Other services |
| Less than 90 days |
| 311,013 |
| 134,482 |
| — |
| — |
|
Foreign |
| Generalima S.A.C. |
| Peru |
| Common Immediate Parent |
| Sol |
| Other services |
| Less than 90 days |
| 578 |
| — |
| — |
| — |
|
Foreign |
| SACME S.A. |
| Argentina |
| Associate |
| Ar$ |
| Other services |
| Less than 90 days |
| 630,091 |
| 312,951 |
| — |
| — |
|
Foreign |
| Endesa Cemsa S.A. |
| Argentina |
| Associate |
| Ar$ |
| Commercial current account |
| Less than 90 days |
| 23,839,664 |
| 18,413,497 |
| — |
| — |
|
Foreign |
| Endesa Cemsa S.A. |
| Argentina |
| Associate |
| Ar$ |
| Other |
| Less than 90 days |
| 16,724 |
| — |
| — |
| — |
|
76,788,080-4 |
| GNL Quintero S.A. |
| Chile |
| Associate |
| CH$ |
| Other services |
| Less than 90 days |
| 8,926,072 |
| 458,094 |
| — |
| — |
|
76,418,940-k |
| GNL Chile S.A. |
| Chile |
| Associate |
| US$ |
| Other services |
| Less than 90 days |
| 591,541 |
| 533,218 |
| — |
| — |
|
76,418,940-k |
| GNL Chile S.A. |
| Chile |
| Associate |
| CH$ |
| Loans |
| Less than 90 days |
| 379,862 |
| 312,084 |
| — |
| — |
|
Foreign |
| PH Chucas Costa Rica |
| Costa Rica |
| Common Immediate Parent |
| CH$ |
| Other services |
| Less than 90 days |
| 317,563 |
| — |
| — |
| — |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total |
|
|
|
|
|
|
|
|
| 35,282,592 |
| 20,471,607 |
| — |
| — |
|
b) Accounts payable to related companies
|
|
|
|
|
|
|
|
|
|
|
|
|
| Balance at |
| ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| Current |
| Non-Current |
| ||||||||||||||
Taxpayer ID |
|
|
|
|
|
|
|
|
|
|
|
|
| 12-31-2011 |
| 12-31-2010 |
| 12-31-2011 |
| 12-31-2010 |
| ||||||||||
No. (RUT) |
| Company |
| Country |
| Nature of Relationship |
| Currency |
| Description of Transaction |
| Term of Transaction |
| ThCh$ |
| ThCh$ |
| ThCh$ |
| ThCh$ |
| ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Foreign |
| Empresa Eléctrica de Piura S.A. |
| Peru |
| Common Immediate Parent |
| Sol |
| Other services |
| Less than 90 days |
| 995,885 |
| 858,345 |
| — |
| — |
| ||||||||||
Foreign |
| Endesa Latinoamérica S.A |
| Spain |
| Related to Immediate Parent |
| Ar$ |
| Dividends |
| Less than 90 days |
| 130,841 |
| 127,669 |
| — |
| — |
| ||||||||||
Foreign |
| Endesa Latinoamérica S.A |
| Spain |
| Related to Immediate Parent |
| CH$ |
| Dividends |
| Less than 90 days |
| 69,240,261 |
| 89,382,016 |
| — |
| — |
| ||||||||||
Foreign |
| Endesa Latinoamérica S.A |
| Spain |
| Related to Immediate Parent |
| Real |
| Dividends |
| Less than 90 days |
| 1,207,252 |
| — |
| — |
| — |
| ||||||||||
Foreign |
| Endesa Latinoamérica S.A. |
| Spain |
| Related to Immediate Parent |
| CPs |
| Dividends |
| Less than 90 days |
| 27,306,717 |
| — |
| — |
| — |
| ||||||||||
Foreign |
| Endesa Latinoamérica S.A. (1) |
| Spain |
| Related to Immediate Parent |
| US$ |
| Loans |
| Less than one year |
| — |
| 2,428,068 |
| — |
| 1,084,290 |
| ||||||||||
96,524,140-K |
| Empresa Electrica Panguipulli S.A. |
| Chile |
| Common Immediate Parent |
| CH$ |
| Other services |
| Less than 90 days |
| 182,599 |
| — |
| — |
| — |
| ||||||||||
96,880,800-1 |
| Empresa Electrica Puyehue S.A. |
| Chile |
| Common Immediate Parent |
| CH$ |
| Other services |
| Less than 90 days |
| 60,659 |
| — |
| — |
| — |
| ||||||||||
Foreign |
| SACME |
| Argentina |
| Associate |
| Ar$ |
| Other services |
| Less than 90 days |
| 152,402 |
| 139,826 |
| — |
| — |
| ||||||||||
96,806,130-5 |
| Electrogas S.A. |
| Chile |
| Associate |
| CH$ |
| Other services |
| Less than 90 days |
| 538,373 |
| 217,889 |
| — |
| — |
| ||||||||||
Foreign |
| Endesa Cemsa S.A. |
| Argentina |
| Associate |
| Ar$ |
| Commercial Current Account |
| Less than 90 days |
| 19,615,744 |
| 15,953,845 |
| — |
| — |
| ||||||||||
Foreign |
| Endesa Cemsa S.A. |
| Argentina |
| Associate |
| Real |
| Services rendered |
| Less than 90 days |
| 21,546,571 |
| 15,658,298 |
| — |
| — |
| ||||||||||
Foreign |
| Endesa Cemsa S.A. |
| Argentina |
| Associate |
| Ar$ |
| Other services |
| Less than 90 days |
| 3,081 |
| 3,006 |
| — |
| — |
| ||||||||||
Foreign |
| Endesa Cemsa S.A. |
| Argentina |
| Associate |
| CH$ |
| Other services |
| Less than 90 days |
| 68,039 |
| — |
| — |
| — |
| ||||||||||
76,418,940-k |
| GNL Chile S.A. |
| Chile |
| Associate |
| CH$ |
| Other services |
| Less than 90 days |
| 8,517,317 |
| 23,427,988 |
| — |
| — |
| ||||||||||
Foreign |
| Carboex S.A. |
| Spain |
| Common Immediate Parent |
| CH$ |
| Other services |
| Less than 90 days |
| 5,586,847 |
| 5,310 |
| — |
| — |
| ||||||||||
Foreign |
| Termoeléctrica Manuel Belgrano S.A. |
| Argentina |
| Associate |
| Ar$ |
| Commercial Current Account |
| Less than 90 days |
| 846 |
| — |
| — |
| — |
| ||||||||||
Foreign |
| Enel Energy Europe S.L.U. |
| Italy |
| Ultimate Controlling Party |
| CPs |
| Other services |
| Less than 90 days |
| 124,977 |
| — |
| — |
| — |
| ||||||||||
Foreign |
| Enel Energy Europe S.L.U. |
| Italy |
| Ultimate Controlling Party |
| CH$ |
| Other services |
| Less than 90 days |
| 1,613,683 |
| — |
| — |
| — |
| ||||||||||
Foreign |
| Enel Energy Europe S.L.U. |
| Italy |
| Ultimate Controlling Party |
| Euros |
| Other services |
| Less than 90 days |
| 13,589 |
| — |
| — |
| — |
| ||||||||||
Foreign |
| Enel Energy Europe S.L.U. |
| Italy |
| Ultimate Controlling Party |
| Real |
| Other services |
| Less than 90 days |
| 44,705 |
| — |
| — |
| — |
| ||||||||||
Foreign |
| Enel Distribuzione S.p.A |
| Italy |
| Ultimate Controlling Party |
| CH$ |
| Other services |
| Less than 90 days |
| 4,782 |
| — |
| — |
| — |
| ||||||||||
Foreign |
| Enel Green Power Mexico |
| Mexico |
| Common Immediate Parent |
| CH$ |
| Other services |
| Less than 90 days |
| 222,468 |
| — |
| — |
| — |
| ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
|
|
|
| Total |
|
|
|
|
|
|
|
|
| 157,177,638 |
| 148,202,260 |
| — |
| 1,084,290 |
| ||||||||||
(1) The balance payable to Endesa Latinoamérica S.A.U. relates to a loan granted to Compañía de Interconexión Energética S.A. (CIEN) to purchase machinery and equipment necessary to complete the construction of its second transmission line. The loan is denominated in US dollars, bears an annual interest rate of LIBOR + 2.73% and matures in May 2012
c) Significant transactions and income/expense effects:
Transactions with non-consolidatable related companies and their effects in profit or loss are as follows:
Taxpayer ID No. |
| Company |
| Country |
| Nature of Relationship |
| Description of Transaction |
| 12-31-2011 |
| 12-31-2010 |
| 12-31-2009 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign |
| Empresa Eléctrica de Piura S.A. |
| Peru |
| Common Immediate Parent |
| Other operating income |
| 57,534 |
| 162,670 |
| — |
|
Foreign |
| Empresa Eléctrica de Piura S.A. |
| Peru |
| Common Immediate Parent |
| Other fixed operating expenses |
| — |
| (56,482 | ) | — |
|
Foreign |
| Empresa Eléctrica de Piura S.A. |
| Peru |
| Common Immediate Parent |
| Energy purchases |
| (13,352,506 | ) | (14,267,877 | ) | (9,528,999 | ) |
Foreign |
| Empresa Eléctrica de Piura S.A. |
| Peru |
| Common Immediate Parent |
| Other services rendered |
| 210,546 |
| 191,034 |
| 243,809 |
|
Foreign |
| Empresa Eléctrica de Piura S.A. |
| Peru |
| Common Immediate Parent |
| Energy sales |
| 97,878 |
| 3,512 |
| 968,848 |
|
Foreign |
| Endesa Energía S.A.U. |
| Spain |
| Common Immediate Parent |
| Other operating income |
| 48,844 |
| 39,585 |
| 35,352 |
|
Foreign |
| Endesa Latinoamérica S.A |
| Spain |
| Immediate Parent |
| Financial interest |
| 118,904 |
| (178,114 | ) | 1,533,007 |
|
Foreign |
| Endesa Latinoamérica S.A |
| Spain |
| Immediate Parent |
| Other fixed operating expenses |
| (4,490 | ) | — |
| — |
|
Foreign |
| Endesa Servicios S.A.U. |
| Spain |
| Common Immediate Parent |
| Other services rendered |
| 23,148 |
| 70,331 |
| 480,584 |
|
Foreign |
| Endesa Servicios S.A.U. |
| Spain |
| Common Immediate Parent |
| Other fixed operating expenses |
| (1,165 | ) | (7,380 | ) | — |
|
Foreign |
| Endesa Servicios S.A.U. |
| Spain |
| Common Immediate Parent |
| Other sales |
| 75,041 |
| 127,091 |
| — |
|
Foreign |
| Eléctrica Cabo Blanco S.A.C. |
| Peru |
| Common Immediate Parent |
| Other services rendered |
| — |
| 2,705 |
| — |
|
Foreign |
| Generalima S.A.C. |
| Peru |
| Common Immediate Parent |
| Other services rendered |
| 598,940 |
| 395,480 |
| 113,001 |
|
76,418,940-k |
| GNL Chile S.A. |
| Chile |
| Associate |
| Gas consumption |
| (161,567,799 | ) | (157,412,913 | ) | — |
|
76,418,940-k |
| GNL Chile S.A. |
| Chile |
| Associate |
| Other services rendered |
| 39,006 |
| — |
| — |
|
76,788,080-4 |
| GNL Quinteros S.A. |
| Chile |
| Associate |
| Energy sales |
| 6,824,604 |
| 418,290 |
| 398,267 |
|
76,788,080-4 |
| GNL Quinteros S.A. |
| Chile |
| Associate |
| Loans |
| — |
| — |
| (247,192 | ) |
76,788,080-4 |
| GNL Quinteros S.A. |
| Chile |
| Associate |
| Other services rendered |
| — |
| 86,563 |
| 37,651 |
|
96,976,600-0 |
| Gestión Social S.A. (*) |
| Chile |
| Related to Director |
| Other services rendered |
| 75,693 |
| 91,412 |
| 78,345 |
|
78,488,290-k |
| Tironi y Asociados S.A. (*) |
| Chile |
| Related to Director |
| Other services rendered |
| 33,703 |
| 62,602 |
| 17,243 |
|
Foreign |
| SACME |
| Argentina |
| Associate |
| Outsourced services |
| (945,433 | ) | (759,389 | ) | (759,968 | ) |
96,880,800-1 |
| Empresa Eléctrica Puyehue S.A. |
| Chile |
| Common Immediate Parent |
| Energy purchases |
| (2,277,414 | ) | (1,919,788 | ) | — |
|
96,880,800-2 |
| Empresa Eléctrica Puyehue S.A. |
| Chile |
| Common Immediate Parent |
| Energy sales |
| 43,114 |
| 48,042 |
| — |
|
96,524,140-K |
| Empresa Eléctrica Panguipulli S.A. |
| Chile |
| Common Immediate Parent |
| Energy purchases |
| (3,813,927 | ) | (3,554,055 | ) | — |
|
96,524,140-K |
| Empresa Eléctrica Panguipulli S.A. |
| Chile |
| Common Immediate Parent |
| Energy sales |
| 131,038 |
| 8,876 |
| — |
|
Foreign |
| Enel S.p.A. |
| Italy |
| Ultimate Controlling Party |
| Other services rendered |
| — |
| — |
| 688,898 |
|
Foreign |
| Enel S.p.A. |
| Italy |
| Ultimate Controlling Party |
| Other sales |
| — |
| 175,358 |
| — |
|
Foreign |
| Enel Energy Europe S.L.U. |
| Italy |
| Ultimate Controlling Party |
| Other services rendered |
| 1,389,272 |
| — |
| — |
|
96,806,130-5 |
| Electrogas S.A. |
| Chile |
| Associate |
| Gas transportation tolls |
| (2,914,936 | ) | (2,814,618 | ) | (1,239,471 | ) |
Foreign |
| Carboex S.A.U. |
| Spain |
| Common Immediate Parent |
| Other services rendered |
| (39,042,866 | ) | — |
| — |
|
Foreign |
| Termoeléctrica Manuel Belgrano S.A. |
| Argentina |
| Associate |
| Other financial income |
| 286,516 |
| — |
| — |
|
Foreign |
| Termoeléctrica José de San Martín S.A. |
| Argentina |
| Associate |
| Other financial income |
| 211,530 |
| — |
| — |
|
Foreign |
| ENEL Green Power Mexico |
| Mexico |
| Common Immediate Parent |
| Other services rendered |
| 19,216 |
| — |
| — |
|
Foreign |
| PH Chucas Costa Rica |
| Costa Rica |
| Common Immediate Parent |
| Other services rendered |
| 419,356 |
| — |
| — |
|
76,583,350-7 |
| Konecta Chile S.A. |
| Chile |
| Associate |
| Loans |
| — |
| — |
| 49,992 |
|
76,583,350-8 |
| Konecta Chile S.A. |
| Chile |
| Associate |
| Other variable expenses |
| — |
| (22,179 | ) | — |
|
76,583,350-7 |
| Konecta Chile S.A. |
| Chile |
| Associate |
| Other services rendered |
| 29,788 |
| 170,762 |
| 3,028 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total |
| (213,186,865 | ) | (178,938,482 | ) | (7,127,605 | ) |
Transfers of short-term funds between related companies are treated as current cash transactions, with associated variable interest rates based on market conditions. The resulting amounts receivable or payable are usually at 30 days term, with automatic rollover for the same term and amortization in line with cash flows.
(*) Companies with a connection to Enersis Director Eugenio Tironi Barrios. As of December 31, 2011, balance pending payment to the company Sociedad Gestión Social S.A. is ThCh$ 4,119. At the end of the 2010 fiscal year, the balance payable was ThCh$ 17,097.
8.2 Board of Directors and key management personnel
Enersis is managed by Board of Directors which consists of seven members. Each director serves for a three-year term after which they can be reelected.
The Board of Directors was elected at the Ordinary Shareholders Meeting held on April 26, 2011. The Chairman, Vice Chairman, and Secretary were designated at the Board meeting held on April 27, 2011.
a) Accounts receivable and payable and other transactions
· Accounts receivable and payable
There are no outstanding amounts receivable or payable between the Company and the members of the Board of Directors and key management personnel.
· Other transactions
No other transactions have taken place between the Company and the members of the Board of Directors and key management personnel.
b) Compensation for Directors.
In accordance with Article 33 of Law No.18,046 governing stock corporations, the compensation of Directors is established each year at the Ordinary Shareholders Meeting of Enersis S.A.
The remuneration consists of paying a variable annual compensation equal to one one-thousandth of the profit for the year (attributable to Shareholders of the company). Also, each member of the Board will be paid a monthly compensation, one part a fixed monthly fee and another part dependent on meetings attended. The remuneration breaks down as follows:
· 101 UF as a fixed monthly fee, and
· 66 UF as per diem for each Board meeting attended.
The amounts paid for the monthly fee will be treated as payment in advance of the variable annual compensation described above. As stated in the by-laws, the remuneration for the Chairman of the Board will be twice that of a Director, and the compensation of the Vice Chairman will be 50% higher than that of a Director.
Any advance payments received will be deducted from the annual variable compensation, with no reimbursement if the annual variable compensation is lower than the total amount paid in advances. The variable compensation will be paid after the Ordinary Shareholders’ Meeting approves the Annual Report, Balance Sheet and Financial Statements, and the Independent Auditors’ Reports and Account Inspectors’ Reports for the year ending December 31, 2011.
If any Director of Enersis S.A. is a member of more than one Board in any Chilean or foreign subsidiaries and/or associates, or holds the position of director or advisor in other Chilean or foreign companies or legal entities in which Enersis S.A. has a direct or indirect ownership interest, that Director can be compensated for his/her participation in only one of those Boards.
The Executive Officers of Enersis S.A. and/or any of its Chilean or foreign subsidiaries or associates will not receive any compensation or per diem if they hold the position of director in any of the Chilean or foreign subsidiaries or associates of Enersis S.A. Nevertheless, the executives may receive such compensation or per diem provided it is authorized as payment in advance of the variable portion of their remuneration received from the respective companies by which the executives are employed.
Directors Committee:
Each member of the Directors Committee will receive a variable remuneration equal to 0.11765 thousandth of the profit for the year (attributable to owners of parent). Also each member will be paid a monthly compensation, one part in a fixed monthly fee and another part dependent on meetings attended.
This remuneration is broken down as follows:
· 38.00 UF as a fixed monthly fee, and
· 18.00 UF as per diem for each Board meeting attended.
The amounts paid for the monthly fee will be treated as payment in advance of the variable annual compensation described above.
Any advance payments received will be deducted from the annual variable compensation, with no reimbursement if the annual variable compensation is lower than the total amount paid in advances. The variable compensation will be paid after the Ordinary Shareholders’ Meeting approves the Annual Report, Balance Sheet and Financial Statements, and the Independent Auditors’ Reports and Account Inspectors’ Reports for the year ending December 31, 2011.
The following tables show details of the compensation paid to the members of the Board of Directors as of December 31, 2011 and 2010:
|
|
|
|
|
| 12-31-2011 |
| ||||||||
Taxpayer ID |
| Name |
| Position |
| Period in Position |
| Enersis |
| Board of |
| Directors |
| Auditing |
|
5,710,967-K |
| Pablo Yrarrázaval Valdés |
| Chairman |
| January - December 2011 |
| 80,062 |
| — |
| — |
| — |
|
Foreign |
| Andrea Brentan (1) |
| Vice Chairman |
| January - December 2011 |
| — |
| — |
| — |
| — |
|
48,070,966-7 |
| Rafael Miranda Robredo |
| Director |
| January - December 2011 |
| 39,256 |
| — |
| — |
| — |
|
5,719,922-9 |
| Leonidas Vial Echeverría (2) |
| Director |
| January - December 2011 |
| 40,031 |
| — |
| 13,018 |
| — |
|
6,429,250-1 |
| Rafael Fernández Morandé (2) |
| Director |
| January - December 2011 |
| 40,031 |
| — |
| 13,410 |
| — |
|
4,132,185-7 |
| Hernán Somerville Senn |
| Director |
| January - December 2011 |
| 40,031 |
| — |
| 13,410 |
| — |
|
5,715,860-3 |
| Eugenio Tironi Barrios |
| Director |
| January - December 2011 |
| 40,031 |
| — |
| — |
| — |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| TOTAL |
|
|
|
|
| 279,442 |
| — |
| 39,838 |
| — |
|
|
|
|
|
|
| 12-31-2010 |
| ||||||||
Taxpayer ID |
| Name |
| Position |
| Period in Position |
| Enersis |
| Board of |
| Directors |
| Auditing |
|
5,710,967-K |
| Pablo Yrarrázaval Valdés |
| Chairman |
| January - December 2010 |
| 55,023 |
| — |
| 759 |
| — |
|
48,070,966-7 |
| Rafael Miranda Robredo |
| Director |
| January - December 2010 |
| 27,511 |
| — |
|
|
| — |
|
5,719,922-9 |
| Leonidas Vial Echeverría (2) |
| Director |
| April - December 2010 |
| 19,138 |
| — |
| 6,638 |
| — |
|
6,429,250-1 |
| Rafael Fernández Morandé (2) |
| Director |
| April - December 2010 |
| 19,138 |
| — |
| 6,638 |
| — |
|
4,132,185-7 |
| Hernán Somerville Senn |
| Director |
| January - December 2010 |
| 26,743 |
| — |
| 8,665 |
| 1,520 |
|
5,715,860-3 |
| Eugenio Tironi Barrios |
| Director |
| January - December 2010 |
| 26,750 |
| — |
| 764 |
| — |
|
5,206,994-7 |
| Patricio Claro Grez (3) |
| Director |
| January - April 2010 |
| 8,373 |
| — |
| 2,284 |
| 1,520 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| TOTAL |
|
|
|
|
| 182,676 |
| — |
| 25,748 |
| 3,040 |
|
|
|
|
|
|
| 12-31-2009 |
| ||||||||
Taxpayer ID |
| Name |
| Position |
| Period in Position |
| Enersis |
| Board of |
| Directors |
| Auditing |
|
5,710,967-K |
| Pablo Yrarrázaval Valdés |
| Chairman |
| January - December 2009 |
| 55,012 |
| — |
| 8,388 |
| — |
|
48,070,966-7 |
| Rafael Miranda Robredo |
| Vice Chairman |
| January - December 2009 |
| 35,855 |
| — |
| — |
| — |
|
48,077,275-K |
| Pedro Larrea Paguaga |
| Director |
| January - July 2009 |
| 16,856 |
| — |
| — |
| — |
|
4,132,185-7 |
| Hernán Somerville Senn |
| Director |
| January - December 2009 |
| 28,280 |
| — |
| 9,163 |
| 3,824 |
|
5,715,860-3 |
| Eugenio Tironi Barrios |
| Director |
| January - December 2009 |
| 28,279 |
| — |
| — |
| — |
|
5,206,994-7 |
| Patricio Claro Grez |
| Director |
| January - December 2009 |
| 28,280 |
| — |
| 9,163 |
| 3,824 |
|
4,108,103-1 |
| Juan Eduardo Errázuriz Ossa |
| Director |
| January - October 2009 |
| 23,698 |
| — |
| — |
| 3,061 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| TOTAL |
|
|
|
|
| 216,260 |
| — |
| 26,714 |
| 10,709 |
|
(1) Mr. Andrea Brentan waived the fees and allowances due him as company Director.
(2) Director since April 27, 2010.
(3) Director until April 27, 2010.
c) Guarantees established by the Company in favor of the Directors
No guarantees have been given to the directors
8.3 Compensation for key management personnel
a) Compensation received by key management personnel
Key Management Personnel
Taxpayer ID |
| Name |
| Position |
|
22,298,662-1 |
| Ignacio Antoñanzas Alvear |
| Chief Executive Officer |
|
23,535,550-7 |
| Massimo Tambosco (1) |
| Deputy Chief Executive Officer |
|
9,574,296-3 |
| Alfredo Ergas Segal |
| Chief Financial Officer |
|
14,710,692-0 |
| Angel Chocarro García |
| Accounting Officer |
|
22,357,225-1 |
| Ramiro Alfonsín Balza |
| Planning and Control Officer |
|
23,363,734-3 |
| Urrea Gómez Alba Marina (2) |
| Internal Audit Officer |
|
7,006,337-9 |
| Francisco Silva Bafalluy (3) |
| General Services Officer |
|
11,470,853-4 |
| Juan Pablo Larraín Medina |
| Communications Officer |
|
23,014,537-7 |
| Carlos Niño Forero (4) |
| Human Resources Officer |
|
7,706,387-0 |
| Eduardo Lopez Miller (2) |
| Procurement Officer |
|
6,973,465-0 |
| Domingo Valdés Prieto |
| General Counsel |
|
(1) Since October 1, 2010
(2) Since April 1, 2010
(3) Until November 2010 as Human Resources Officer and since December 1, 2010 as Regional General Services Officer
(4) Since December 1, 2010
Compensation paid to key management personnel totaled ThCh$ 3,458,934 as of December 31, 2011 (ThCh$ 2,695,060 as of December 31, 2010). This compensation includes the salaries paid and an estimate of the accrued short-term (annual bonuses) and long-term (severance indemnities payment) benefits.
Incentive plans for key management personnel
Enersis has implemented an annual bonus plan for its executives based on meeting company-wide objectives and on the level of their individual contribution in achieving the overall goals of the Group. The plan provides for a range of bonus amounts according to seniority level. The bonuses paid to the executives consist of a certain number of monthly gross remunerations.
b) Guarantees established by the Company in favor of key management personnel
No guarantees have been given to key management personnel.
8.4 Compensation plans linked to share price
There are no payment plans granted to the Directors or key management personnel based on the price of Enersis stock.
However, certain key Enersis personnel benefit from one of the Enel remuneration plans that is based on the price of its stock. The cost of this plan is borne by Enel and does not give rise to any payment obligations for Enersis. The main features of this plan are the following:
Restricted share units plan from 2008:
This plan is aimed at Enel Group executives, and its beneficiaries are divided into brackets. The basic number of units granted to each beneficiary was determined on the basis of the average gross annual compensation of the bracket, as well as the price of Enel shares at the start of the period covered by the plan (January 2, 2008). The right to exercise the units is subordinate to the condition that the executives concerned remain employed within the Group, with a few exceptions.
The plan establishes a suspensory operational objective (a “hurdle target”) as follows:
i) For the first 50% of the basic number of units granted, Group EBITDA for 2008-2009, calculated on the basis of the amounts specified in the budgets for those years; and
ii) For the remaining 50% of the basic number of units granted, Group EBITDA for 2008-2010, calculated on the basis of the amounts specified in the budgets for those years
If the hurdle target, as described above, is achieved, the actual number of units that can be exercised by each beneficiary is determined on the basis of a performance objective represented by:
i) For the first 50% of the basic number of units granted, a comparison on a total shareholders’ return basis — for the period from January 1, 2008 to December 31, 2009 — between the performance of ordinary Enel shares on the Italian stock exchange and that of a specific reference index.
ii) For the remaining 50% of the basic number of units granted, a comparison on a total shareholders’ return basis — for the period from January 1, 2008 to December 31, 2010 — between the performance of ordinary Enel shares on the Italian stock exchange and that of a specific reference index.
The number of units that can be exercised may vary up or down with respect to the basic unit granted by a percentage amount of between 0% and 120% as determined on the basis of a specific performance scale.
If the hurdle target is not achieved in the first two-year period, the first tranche of 50% of the units granted may be recovered if the same hurdle target is achieved over the longer three-year period indicated above. It is also possible to extend the validity of the performance level registered in the 2008-2010 period to the 2008-2009 period.
Depending on the degree to which both objectives are met, of the total number of units granted, 50% may be exercised from the second year subsequent to the year in which they were granted, and the remaining 50% as from the third year subsequent to the year in which they were granted. The deadline for exercising all the units is the sixth year subsequent to the year in which they were granted.
The following table summarizes the plan’s evolution.
|
| Number of |
|
Restricted units granted December 31, 2008 |
| 2,700 |
|
Restricted units expired in 2009 |
| — |
|
Restricted units pending at December 31, 2009 |
| 2,700 |
|
Restricted units expired in 2010 |
| — |
|
Restricted units exercised in 2010 |
| — |
|
Restricted units pending at December 31, 2010 |
| 2,700 |
|
Restricted units pending at January 1, 2011 (with a revaluation of 120%) |
| 3,240 |
|
Restricted units exercised in the first half of 2011 |
| 3,240 | (*) |
Restricted units pending at December 31, 2011 |
| — |
|
(*) The fiscal year value of the restricted share units was €13,683.
Using the accounting criterion described in Note 3.s, Enersis simultaneously recognized a personnel expense and an equity increase for € 1,614 (ThCh$ 1,094). This amount corresponds to the accrued value during the period in which key personnel involved in this plan provided services to Enersis.
The detail of inventories as of December 31, 2011 and 2010 is as follows:
|
| Balance at |
| ||
|
| 12-31-2011 |
| 12-31-2010 |
|
Classes of Inventory |
| ThCh$ |
| ThCh$ |
|
|
|
|
|
|
|
Goods |
| 2,575,623 |
| 691,241 |
|
Supplies for production |
| 52,637,681 |
| 36,711,384 |
|
Other inventories (*) |
| 22,712,240 |
| 25,249,079 |
|
|
|
|
|
|
|
Total |
| 77,925,544 |
| 62,651,704 |
|
|
|
|
|
|
|
Detail of other inventories |
|
|
|
|
|
(*) Other inventories |
| 22,712,240 |
| 25,249,079 |
|
Supplies for projects and spare parts |
| 9,817,787 |
| 7,332,861 |
|
Electric supplies |
| 12,894,453 |
| 17,916,218 |
|
There are no inventories pledged as security for liabilities.
As of December 31, 2011, the figure for raw materials and supplies recognized as an expense was ThCh$ 742,639,363 (ThCh$ 672,038,103 and ThCh$ 580,237,613 as of December 31, 2010 and 2009, respectively). See Note 26.
As of December 31, 2011, 2010, and 2009, no inventories have been written down.
10. CURRENT TAX RECEIVABLES AND PAYABLES
The detail of current tax receivables as of December 31, 2011 and 2010 is as follows:
|
| Balance at |
| ||
|
| 12-31-2011 |
| 12-31-2010 |
|
Tax Receivables |
| ThCh$ |
| ThCh$ |
|
|
|
|
|
|
|
Monthly provisional tax payments |
| 84,429,230 |
| 72,580,350 |
|
VAT tax credit |
| 39,192,265 |
| 29,618,364 |
|
Tax credit for absorbed profits |
| 8,067,408 |
| 14,672,543 |
|
Tax credit for training expenses |
| 7,040 |
| 242,796 |
|
Other |
| 10,131,741 |
| 20,873,288 |
|
|
|
|
|
|
|
Total |
| 141,827,684 |
| 137,987,341 |
|
The detail of current tax payables as of December 31, 2011 and 2010 is as follows:
|
| Balance at |
| ||
|
| 12-31-2011 |
| 12-31-2010 |
|
Tax Payables |
| ThCh$ |
| ThCh$ |
|
|
|
|
|
|
|
Income tax payable |
| 104,420,761 |
| 72,454,199 |
|
VAT tax charge |
| 45,054,989 |
| 36,856,368 |
|
Stamp taxes |
| 136 |
| 733 |
|
Provision for taxes |
| 6,096,210 |
| 1,583,669 |
|
Other |
| 80,281,146 |
| 36,771,686 |
|
|
|
|
|
|
|
Total |
| 235,853,242 |
| 147,666,655 |
|
11. NON-CURRENT ASSETS AND DISPOSAL GROUPS HELD FOR SALE
During the fourth quarter of 2009, the Board of Directors of Enersis authorized the sale of the subsidiaries Compañía Americana de Multiservicios S.A. (CAM) and Synapsis Soluciones y Servicios IT Ltda. (Synapsis), as they were considered “non-core” businesses. The sale process included at first an internal verification of the market and the hiring of financial advisors to provide assistance in the sale process. Once offers were received, they were submitted to the Board so that it could make the final decision about the sale and its specific conditions.
The potential sale of CAM was considered to be highly probable as of the end of 2009. As for Synapsis, such consideration was taken into account as of September 2010. After those dates, the Company applied IFRS 5 Non-current Assets Held for Sale and Discontinued Operations (IFRS 5) to account for these transactions.
CAM and Synapsis provide services in the five countries where Enersis operates in Latin America, i.e. Chile, Argentina, Brazil, Colombia, and Peru. CAM is present with its products and services throughout the electric cycle, including provision, materials logistics, construction and startup of electric projects, certification of equipment, and measurement of final consumption. On the other hand, Synapsis is a company that provides information technology services. It specializes in defining strategies companies can use and helping them select software that satisfies their business needs. Synapsis also designs the infrastructure of the services that will be provided and the methodology to be used, as well as other services.
On December 20, 2010, the Board of Directors of Enersis accepted the offers received to purchase its entire interests in CAM and Synapsis. The CAM offer was presented by Graña y Montero S.A.A, a Peruvian company that offered US$ 20 million, an amount which, after a price adjustment and contractual compensations, was reduced to US$ 14.2 million. As for Synapsis, Riverwood Capital L.P., a company domiciled in the United States of America, presented a US$ 52 million offer to purchase Synapsis, which will be paid upon the closing of the sales transaction. The sale of CAM was closed on February 24, 2011, and the Synapsis sale was finalized on March 1, 2011 (see Note 2.4.1).
As described in Note 3 j), non-current assets and disposal groups held for sale have been recorded at the lower of book value or fair value less selling costs. The impact of this treatment was to record an additional impairment on CAM’s net assets as of December 31, 2010 in the amount of ThCh$ 14,881,960, which accumulates to a total impairment of ThCh$ 36,797,809 related to CAM as of December 31, 2010 (ThCh$ 21,915,849 as of December 31, 2009), which was calculated based on the sales price received
Results of operations on these companies prior to sale in 2011 were not significant. The detail of the assets and liabilities classified as held for sale as of December 31, 2010 is as follows:
ASSETS |
| Dec. 2010 |
|
|
|
|
|
CURRENT ASSETS |
| 47,201,981 |
|
Cash and cash equivalents |
| 9,495,181 |
|
Other current non-financial assets |
| 1,250,133 |
|
Trade and other receivables |
| 22,976,361 |
|
Inventories |
| 7,439,747 |
|
Current tax assets |
| 6,040,559 |
|
|
|
|
|
NON-CURRENT ASSETS |
| 26,691,309 |
|
Other non-current financial assets |
| 53,909 |
|
Other non-current non-financial assets |
| 547,349 |
|
Non-current receivables |
| 2,367,103 |
|
Intangible assets other than goodwill |
| 1,461,938 |
|
Property, plant, and equipment, net |
| 19,130,668 |
|
Deferred taxes |
| 3,130.342 |
|
|
|
|
|
TOTAL ASSETS |
| 73,893,290 |
|
LIABILITIES |
| Dec. 2010 |
|
|
|
|
|
CURRENT LIABILITIES |
| 56,007,440 |
|
Other current financial liabilities |
| 6,210,788 |
|
Trade and other payables |
| 28,912,663 |
|
Other short-term provisions |
| 11,739,296 |
|
Other current non-financial liabilities |
| 9,144,693 |
|
|
|
|
|
NON-CURRENT LIABILITIES |
| 8,622,949 |
|
Other non-current financial liabilities |
| 837,446 |
|
Deferred taxes |
| 4,171,839 |
|
Non-current provisions for employee benefits |
| 2,582,969 |
|
Other non-current non-financial liabilities |
| 1,030,695 |
|
|
|
|
|
TOTAL LIABILITIES |
| 64,630,389 |
|
12. INVESTMENTS ACCOUNTED FOR USING THE EQUITY METHOD, AND JOINTLY-CONTROLLED COMPANIES
12.1 Equity method accounted investments
a. The following tables present the changes in shareholders’ equity of the Group’s equity method investments during the 2011 and 2010 fiscal years:
Taxpayer ID |
| Movements in Investments |
| Country |
| Currency |
| Ownership |
| Balance at |
| Share of |
| Dividends |
| Foreign |
| Other |
| Balance at |
| Negative |
| Balance at |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
96,806,130-5 |
| Electrogas S.A. (1) |
| Chile |
| U.S. dollar |
| 42.50 | % | 3,827 |
| 4,159,992 |
| (4,142,727 | ) | 918,611 |
| 8,793,697 |
| 9,733,400 |
| — |
| 9,733,400 |
|
96,889,570-2 |
| Inversiones Electrogas S.A. |
| Chile |
| Chilean peso |
| 42.50 | % | 8,089,685 |
| — |
| — |
| — |
| (8,089,685 | ) | — |
| — |
| — |
|
76,788,080-4 |
| GNL Quintero S.A. |
| Chile |
| U.S. dollar |
| 20.00 | % | 2,883,633 |
| 4,055,771 |
| — |
| 66,992 |
| (15,880,240 | ) | (8,873,844 | ) | 8,873,844 |
| — |
|
Foreign |
| Endesa Cemsa S.A. |
| Argentina |
| Argentine peso |
| 45.00 | % | 3,094,078 |
| 249,673 |
| — |
| 84,729 |
| — |
| 3,428,480 |
| — |
| 3,428,480 |
|
Foreign |
| Sacme S.A. |
| Argentina |
| Argentine peso |
| 50.00 | % | 30,151 |
| 468 |
| — |
| 763 |
| — |
| 31,382 |
| — |
| 31,382 |
|
76,583,350-7 |
| Konecta Chile S.A. |
| Chile |
| Chilean peso |
| 26.20 | % | 278 |
| — |
| — |
| — |
| (278 | ) | — |
| — |
| — |
|
|
|
|
|
|
|
|
| TOTAL |
| 14,101,652 |
| 8,465,904 |
| (4,142,727 | ) | 1,071,095 |
| (15,176,506 | ) | 4,319,418 |
| 8,873,844 |
| 13,193,262 |
|
Taxpayer ID |
| Movements in Investments |
| Country |
| Currency |
| Ownership |
| Balance at |
| Share of |
| Dividends |
| Foreign |
| Other |
| Balance at |
| Negative |
| Balance at |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
96,806,130-5 |
| Electrogas S.A. (1) |
| Chile |
| U.S. dollar |
| 0.02 | % | 3,775 |
| 1,867 |
| (1,635 | ) | (180 | ) | — |
| 3,827 |
| — |
| 3,827 |
|
96,889,570-2 |
| Inversiones Electrogas S.A. |
| Chile |
| Chilean peso |
| 42.50 | % | 7,818,937 |
| 3,352,867 |
| (3,186,199 | ) | 104,080 |
| — |
| 8,089,685 |
| — |
| 8,089,685 |
|
76,788,080-4 |
| GNL Quintero S.A. |
| Chile |
| U.S. dollar |
| 20.00 | % | 10,127,465 |
| (2,542,879 | ) | — |
| (569,597 | ) | (4,131,356 | ) | 2,883,633 |
| — |
| 2,883,633 |
|
Foreign |
| Endesa Cemsa S.A. |
| Argentina |
| Argentine peso |
| 45.00 | % | 3,297,780 |
| 202,973 |
| — |
| (406,675 | ) | — |
| 3,094,078 |
| — |
| 3,094,078 |
|
Foreign |
| Sacme S.A. |
| Argentina |
| Argentine peso |
| 50.00 | % | 33,226 |
| 911 |
| — |
| (3,986 | ) | — |
| 30,151 |
| — |
| 30,151 |
|
76,583,350-7 |
| Konecta Chile S.A. |
| Chile |
| Chilean peso |
| 26.20 | % | 278 |
| — |
| — |
| — |
| — |
| 278 |
| — |
| 278 |
|
|
|
|
|
|
|
|
| TOTAL |
| 21,281,461 |
| 1,015,739 |
| (3,187,834 | ) | (876,358 | ) | (4,131,356 | ) | 14,101,652 |
| — |
| 14,101,652 |
|
(1) On November 16, 2011, the company Electrogas S.A. merged with the company Inversiones Electrogas S.A.
b. As of December 31, 2011 and December 31, 2010 no changes in ownership interest in our investment associates have occurred.
c. Additional financial information about investments in associates
· Investments with significant influence
The following tables show summarized information from the Financial Statements of the main investments in associates where the Group has significant influence, including the aggregated amounts of assets, liabilities, revenues, expenses, and profit or loss as of December 31, 2011 and December 31, 2010.
|
| December 31, 2011 |
| ||||||||||||||
Investments with significant influence |
| Ownership |
| Current Assets |
| Non-current |
| Current |
| Non-current |
| Revenues |
| Expenses |
| Profit (Loss) |
|
Endesa Cemsa S.A. |
| 45.00 | % | 49,705,466 |
| 820,787 |
| 42,907,410 |
| — |
| 3,423,785 |
| (2,868,957 | ) | 554,828 |
|
GNL Quintero S.A. |
| 20.00 | % | 112,362,755 |
| 600,607,534 |
| 76,192,955 |
| 681,146,225 |
| 95,676,650 |
| (75,397,751 | ) | 20,278,899 |
|
Electrogas S.A. |
| 42.50 | % | 2,688,608 |
| 44,772,738 |
| 9,510,888 |
| 15,048,487 |
| 17,218,630 |
| (7,430,408 | ) | 9,788,222 |
|
|
| December 31, 2010 |
| ||||||||||||||
Investments with significant influence |
| Ownership |
| Current |
| Non-current |
| Current |
| Non-current |
| Revenues |
| Expenses |
| Profit (Loss) |
|
Endesa Cemsa S.A. |
| 45.00 | % | 42,063,375 |
| 710,433 |
| 35,898,080 |
| — |
| 3,631,967 |
| (3,180,916 | ) | 451,051 |
|
Inversiones Electrogas S.A. |
| 42.50 | % | — |
| 19,034,552 |
| — |
| — |
| 8,053,180 |
| (164,082 | ) | 7,889,098 |
|
GNL Quintero S.A. |
| 20.00 | % | 43,182,432 |
| 548,261,034 |
| 15,642,419 |
| 561,382,881 |
| 46,342,847 |
| (59,057,243 | ) | (12,714,396 | ) |
Electrogas S.A. |
| 0.02125 | % | 6,145,145 |
| 36,271,189 |
| 8,307,494 |
| 16,098,755 |
| 15,575,506 |
| (6,788,817 | ) | 8,786,689 |
|
Appendix No.3 to these consolidated financial statements provides information on the main activities of our associate companies and the ownership interest the Group holds in them.
None of our associates have published price quotations.
12.2 Jointly controlled companies
The following tables set out summarized information from the financial statements of the main jointly controlled companies that are reported using proportional consolidation as of December 31, 2011 and December 31, 2010.
|
| December 31, 2011 |
| ||||||||||||||
Jointly controlled companies |
| Ownership |
| Current |
| Non-current |
| Current |
| Non-current |
| Revenues |
| Expenses |
| Profit (Loss) |
|
Centrales Hidroeléctricas de Aysén S.A. |
| 51.00 | % | 10,250,367 |
| 115,878,802 |
| 7,348,428 |
| 1,035,256 |
| — |
| (4,664,851 | ) | (4,664,851 | ) |
Transmisora Eléctrica de Quillota Ltda. |
| 50.00 | % | 1,463,786 |
| 10,533,846 |
| 298,164 |
| 966,978 |
| 2,310,668 |
| (1,632,824 | ) | 677,844 |
|
GasAtacama S.A. |
| 50.00 | % | 93,103,848 |
| 314,752,350 |
| 77,452,973 |
| 45,808,413 |
| 260,889,567 |
| (225,125,891 | ) | 35,763,676 |
|
Distribuidora Eléctrica de Cundinamarca S.A. E.S.P. |
| 48.99 | % | 19,310,231 |
| 95,221,154 |
| 21,878,731 |
| 35,202,359 |
| 67,811,590 |
| (61,233,568 | ) | 6,578,022 |
|
|
| December 31, 2010 |
| ||||||||||||||
Jointly controlled companies |
| Ownership |
| Current |
| Non-current |
| Current |
| Non-current |
| Revenues |
| Expenses |
| Profit (Loss) |
|
Centrales Hidroeléctricas de Aysén S.A. |
| 51.00 | % | 7,609,649 |
| 99,469,947 |
| 7,655,622 |
| 642,418 |
| — |
| (7,186,862 | ) | (7,186,862 | ) |
Transmisora Eléctrica de Quillota Ltda. |
| 50.00 | % | 3,226,372 |
| 9,502,126 |
| 1,730,150 |
| 943,702 |
| 2,122,132 |
| (1,196,978 | ) | 925,154 |
|
GasAtacama S.A. |
| 50.00 | % | 111,484,190 |
| 291,968,048 |
| 138,310,532 |
| 43,440,220 |
| 334,321,296 |
| (294,331,806 | ) | 39,989,490 |
|
Sistemas Sec S.A. (*) |
| 49.00 | % | 4,948,616 |
| 6,402,040 |
| 4,057,366 |
| 3,793,979 |
| 5,420,246 |
| (5,074,838 | ) | 345,408 |
|
Distribuidora Eléctrica de Cundinamarca S.A. E.S.P. |
| 48.99 | % | 22,106,093 |
| 95,012,672 |
| 25,746,539 |
| 29,366,858 |
| 71,377,710 |
| (63,501,842 | ) | 7,875,868 |
|
(*) Company belonging to the CAM Group. See Note 2.4.1 and Note 11.
13. INTANGIBLE ASSETS OTHER THAN GOODWILL
Intangible assets as of December 31, 2011 and 2010 are detailed as follows:
Intangible Assets, Net |
| 12-31-2011 |
| 12-31-2010 |
|
|
|
|
|
|
|
Intangible Assets, Net |
| 1,467,398,214 |
| 1,452,586,405 |
|
Easements and water rights |
| 33,716,526 |
| 31,698,726 |
|
Concessions |
| 1,369,031,940 |
| 1,360,183,077 |
|
Development costs |
| 10,282,488 |
| 8,741,017 |
|
Patents, registered trademarks, and other rights |
| 2,363,933 |
| 2,872,877 |
|
Computer software |
| 48,745,282 |
| 44,247,169 |
|
Other identifiable intangible assets |
| 3,258,045 |
| 4,843,539 |
|
Intangible Assets, Gross |
| 12-31-2011 |
| 12-31-2010 |
|
|
|
|
|
|
|
Intangible Assets, Gross |
| 2,361,625,560 |
| 2,257,171,663 |
|
Easements and water rights |
| 40,322,337 |
| 38,734,478 |
|
Concessions |
| 2,145,097,304 |
| 2,045,614,318 |
|
Development costs |
| 17,698,378 |
| 17,353,688 |
|
Patents, registered trademarks, and other rights |
| 9,237,477 |
| 9,874,879 |
|
Computer software |
| 139,315,361 |
| 134,053,309 |
|
Other identifiable intangible assets |
| 9,954,703 |
| 11,540,991 |
|
Accumulated Amortization and Impairment |
| 12-31-2011 |
| 12-31-2010 |
|
|
|
|
|
|
|
Accumulated Amortization and Impairment, Total |
| (894,227,346 | ) | (804,585,258 | ) |
Easements and water rights |
| (6,605,811 | ) | (7,035,752 | ) |
Concessions |
| (776,065,364 | ) | (685,431,241 | ) |
Development costs |
| (7,415,890 | ) | (8,612,671 | ) |
Patents, registered trademarks, and other rights |
| (6,873,544 | ) | (7,002,002 | ) |
Computer software |
| (90,570,079 | ) | (89,806,140 | ) |
Other identifiable intangible assets |
| (6,696,658 | ) | (6,697,452 | ) |
The reconciliation of the carrying amounts of intangible assets for the 2011 and 2010 fiscal years is as follows:
Year ended December 31, 2011
|
| Development |
| Easements and |
| Concessions, |
| Patents, |
| Computer |
| Other |
| Intangible |
|
Movements in Intangible Assets |
| ThCh$ |
| ThCh$ |
| ThCh$ |
| ThCh$ |
| ThCh$ |
| ThCh$ |
| ThCh$ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Opening balance at 01/01/2011 |
| 8,741,017 |
| 31,698,726 |
| 1,360,183,077 |
| 2,872,877 |
| 44,247,169 |
| 4,843,539 |
| 1,452,586,405 |
|
Movements in identifiable intangible assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Additions |
| 2,897,310 |
| 500,709 |
| 173,836,828 |
| 718,039 |
| 13,095,987 |
| 22,860 |
| 191,071,733 |
|
Disposals |
| (813,771 | ) | — |
| (8,618,410 | ) | — |
| (182,691 | ) | (20,853 | ) | (9,635,725 | ) |
Amortization (*) |
| (1,044,292 | ) | (341,988 | ) | (88,675,941 | ) | (1,379,500 | ) | (10,797,238 | ) | (442,587 | ) | (102,681,546 | ) |
Foreign currency translation differences |
| 517,527 |
| 276,864 |
| (17,416,448 | ) | 98,355 |
| 1,325,759 |
| 161,688 |
| (15,036,255 | ) |
Other increases (decreases) |
| (15,303 | ) | 1,582,215 |
| (50,277,166 | ) | 54,162 |
| 1,056,296 |
| (1,306,602 | ) | (48,906,398 | ) |
Total movements in identifiable intangible assets |
| 1,541,471 |
| 2,017,800 |
| 8,848,863 |
| (508,944 | ) | 4,498,113 |
| (1,585,494 | ) | 14,811,809 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Closing balance in identifiable intangible assets at 12/31/2011 |
| 10,282,488 |
| 33,716,526 |
| 1,369,031,940 |
| 2,363,933 |
| 48,745,282 |
| 3,258,045 |
| 1,467,398,214 |
|
(*) See Note 28, Depreciation, amortization, and impairment loss.
Year ended December 31, 2010
|
| Development |
| Easements and |
| Concessions, |
| Patents, |
| Computer |
| Other |
| Intangible |
|
Movements in Intangible Assets |
| ThCh$ |
| ThCh$ |
| ThCh$ |
| ThCh$ |
| ThCh$ |
| ThCh$ |
| ThCh$ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Opening balance at 01/01/2010 |
| 8,407,694 |
| 31,332,336 |
| 1,357,976,679 |
| 2,874,809 |
| 39,672,214 |
| 5,858,513 |
| 1,446,122,245 |
|
Movements in identifiable intangible assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Additions |
| 854,638 |
| 1,257,221 |
| 250,062,078 |
| — |
| 19,185,187 |
| 3,201,990 |
| 274,561,114 |
|
Transfers to (from) non-current assets and disposal groups held for sale |
| — |
| — |
| — |
| — |
| (2,176,053 | ) | (216,865 | ) | (2,392,918 | ) |
Disposals |
| — |
| — |
| (13,311,084 | ) | — |
| (121,912 | ) | — |
| (13,432,996 | ) |
Amortization |
| (1,322 | ) | (370,817 | ) | (94,009,562 | ) | — |
| (12,177,319 | ) | (4,417,989 | ) | (110,977,009 | ) |
Foreign currency translation differences |
| (243,935 | ) | (320,358 | ) | (35,110,606 | ) | (1,932 | ) | (589,717 | ) | 254 |
| (36,266,294 | ) |
Other increases (decreases) |
| (276,058 | ) | (199,656 | ) | (105,424,428 | ) | — |
| 454,769 |
| 417,636 |
| (105,027,737 | ) |
Total movements in identifiable intangible assets |
| 333,323 |
| 366,390 |
| 2,206,398 |
| (1,932 | ) | 4,574,955 |
| (1,014,974 | ) | 6,464,160 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Closing balance in identifiable intangible assets at 12/31/2010 |
| 8,741,017 |
| 31,698,726 |
| 1,360,183,077 |
| 2,872,877 |
| 44,247,169 |
| 4,843,539 |
| 1,452,586,405 |
|
According to the Group management’s estimates and projections, the expected future cash flows attributable to intangible assets allow recovery of the carrying amount of these assets recorded as of December 31, 2011 (see Note 3.e).
As of December 31, 2011 and 2010, the Company does not have significant intangible assets with an indefinite useful life.
The following table shows goodwill by the Cash-Generating Unit or group of Cash-Generating Units to which it belongs and movements for the years ended December 31, 2011 and 2010:
Company |
| Opening |
| Foreign |
| Closing Balance at |
| Impairment Loss |
| Foreign |
| Closing Balance at |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Empresa Distribuidora Sur S.A. (*) |
| 9,874,383 |
| (1,161,106 | ) | 8,713,277 |
| (8,931,451 | ) | 218,174 |
| — |
|
Ampla Energia e Serviços S.A. |
| 247,628,585 |
| (7,897,598 | ) | 239,730,987 |
| — |
| (3,207,683 | ) | 236,523,304 |
|
Investluz S.A. |
| 125,801,783 |
| (4,012,172 | ) | 121,789,611 |
| — |
| (1,629,587 | ) | 120,160,024 |
|
Empresa Eléctrica de Colina Ltda. |
| 2,240,478 |
| — |
| 2,240,478 |
| — |
| — |
| 2,240,478 |
|
Compañía Distribuidora y Comercializadora de Energía S.A. |
| 10,748,633 |
| (212,190 | ) | 10,536,443 |
| — |
| 1,053,186 |
| 11,589,629 |
|
Empresa Eléctrica Pangue S.A. |
| 3,139,337 |
| — |
| 3,139,337 |
| — |
| — |
| 3,139,337 |
|
Endesa Costanera S.A. (**) |
| 6,023,583 |
| (708,301 | ) | 5,315,282 |
| (5,448,372 | ) | 133,090 |
| — |
|
Hidroeléctrica el Chocón S.A. |
| 14,176,409 |
| (1,666,976 | ) | 12,509,433 |
| — |
| 313,227 |
| 12,822,660 |
|
Compañía Eléctrica San Isidro S.A. |
| 1,516,768 |
| — |
| 1,516,768 |
| — |
| — |
| 1,516,768 |
|
Empresa de Energía de Cundinamarca S.A. |
| 7,497,542 |
| (149,075 | ) | 7,348,467 |
| — |
| 734,527 |
| 8,082,994 |
|
Empresa de Distribución Eléctrica de Lima Norte S.A.A. |
| 40,516,247 |
| (2,010,631 | ) | 38,505,616 |
| — |
| 6,005,693 |
| 44,511,309 |
|
Centrais Elétricas Cachoeira Dourada S.A. |
| 91,330,028 |
| (3,426,563 | ) | 87,903,465 |
| — |
| (1,176,179 | ) | 86,727,286 |
|
Edegel S.A.A. |
| 75,920,260 |
| (2,989,192 | ) | 72,931,068 |
| — |
| 10,848,527 |
| 83,779,595 |
|
Emgesa S.A. E.S.P. |
| 4,769,025 |
| (95,607 | ) | 4,673,418 |
| — |
| 467,264 |
| 5,140,682 |
|
Chilectra S.A. |
| 128,374,362 |
| — |
| 128,374,362 |
| — |
| — |
| 128,374,362 |
|
Empresa Nacional de Electricidad S.A. |
| 731,782,459 |
| — |
| 731,782,459 |
| — |
| — |
| 731,782,459 |
|
Inversiones Distrilima S.A. |
| 12,051 |
| (598 | ) | 11,453 |
| — |
| 1,786 |
| 13,239 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
| 1,501,351,933 |
| (24,330,009 | ) | 1,477,021,924 |
| (14,379,823 | ) | 13,762,025 |
| 1,476,404,126 |
|
According to the Group management’s estimates and projections, the expected future cash flows projections attributable to the Cash-Generating Units or groups of Cash-Generating Units to which the acquired goodwill has been allocated allow recovery of its carrying value as of December 31, 2011 and 2010 (see Note 3.e).
(*) See Note 15.d) viii
(**) See Note 34.3
15. PROPERTY, PLANT, AND EQUIPMENT
Property, plant, and equipment as of December 31, 2011 and December 31, 2010 are as follows:
|
| 12-31-2011 |
| 12-31-2010 |
|
Classes of Property, Plant, and Equipment, Net |
| ThCh$ |
| ThCh$ |
|
|
|
|
|
|
|
Property, Plant, and Equipment, Net |
| 7,242,731,006 |
| 6,751,940,655 |
|
Construction in progress |
| 1,072,203,347 |
| 810,013,619 |
|
Land |
| 103,166,702 |
| 122,864,336 |
|
Buildings |
| 103,542,090 |
| 103,735,435 |
|
Plant and equipment |
| 5,864,732,615 |
| 5,613,164,538 |
|
Fixtures and fittings |
| 71,886,276 |
| 74,513,233 |
|
Other |
| 27,199,976 |
| 27,649,494 |
|
|
| 12-31-2011 |
| 12-31-2010 |
|
Classes of Property, Plant, and Equipment, Gross |
| ThCh$ |
| ThCh$ |
|
|
|
|
|
|
|
Property, Plant, and Equipment, Gross |
| 12,611,068,947 |
| 11,526,132,674 |
|
Construction in progress |
| 1,072,203,347 |
| 810,013,619 |
|
Land |
| 103,166,702 |
| 122,864,336 |
|
Buildings |
| 181,206,892 |
| 185,815,964 |
|
Plant and equipment |
| 11,016,684,462 |
| 10,166,489,832 |
|
Fixtures and fittings |
| 203,946,217 |
| 203,665,511 |
|
Other |
| 33,861,327 |
| 37,283,412 |
|
Classes of Accumulated Depreciation and Impairment, |
| 12-31-2011 |
| 12-31-2010 |
|
|
|
|
|
|
|
Accumulated Depreciation and Impairment, Property, Plant, and Equipment, Total |
| (5,368,337,941 | ) | (4,774,192,019 | ) |
Buildings |
| (77,664,802 | ) | (82,080,529 | ) |
Plant and equipment |
| (5,151,951,847 | ) | (4,553,325,294 | ) |
Fixtures and Fittings |
| (132,059,941 | ) | (129,152,278 | ) |
Other |
| (6,661,351 | ) | (9,633,918 | ) |
The reconciliation of the carrying amounts of property, plant and equipment for the 2011 and 2010 fiscal years is as follows:
Changes in 2011 |
| Construction in |
| Land |
| Buildings, Net |
| Plant and |
| Fixtures and |
| Other Property, |
| Property, Plant, and Equipment, |
|
Opening balance at January 1, 2011 |
| 810,013,619 |
| 122,864,336 |
| 103,735,435 |
| 5,613,164,538 |
| 74,513,233 |
| 27,649,494 |
| 6,751,940,655 |
|
Changes |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Additions |
| 512,145,923 |
| 601,827 |
| 560,334 |
| 26,297,088 |
| 8,744,381 |
| 228 |
| 548,349,781 |
|
Retirements |
| (894,857 | ) | (27,495 | ) | (11,695 | ) | (1,478,364 | ) | (276,423 | ) | — |
| (2,688,834 | ) |
Depreciation expense (*) |
| (47,084 | ) | — |
| (4,917,847 | ) | (292,351,527 | ) | (23,896,598 | ) | (1,005,434 | ) | (322,218,490 | ) |
Impairment loss recognized in Consolidated Statement of Comprehensive Income (*) |
| — |
| — |
| — |
| (106,449,843 | ) | — |
| — |
| (106,449,843 | ) |
Foreign currency translation differences |
| 19,527,280 |
| 4,656,121 |
| 4,175,863 |
| 318,631,910 |
| 14,856,991 |
| 196,655 |
| 362,044,820 |
|
Other increases (decreases) |
| (268,541,534 | ) | (24,928,087 | ) | — |
| 306,918,813 |
| (2,055,308 | ) | 359,033 |
| 11,752,917 |
|
Total changes |
| 262,189,728 |
| (19,697,634 | ) | (193,345 | ) | 251,568,077 |
| (2,626,957 | ) | (449,518 | ) | 490,790,351 |
|
Closing balance at December 31, 2011 |
| 1,072,203,347 |
| 103,166,702 |
| 103,542,090 |
| 5,864,732,615 |
| 71,886,276 |
| 27,199,976 |
| 7,242,731,006 |
|
(*) See Note 28, Depreciation, amortization, and impairment losses.
Changes in 2010 |
| Construction in |
| Land |
| Buildings, Net |
| Plant and |
| Fixtures and |
| Other Property, |
| Property, Plant, |
|
Opening balance at January 1, 2010 |
| 710,996,813 |
| 105,539,626 |
| 537,134,153 |
| 5,304,578,506 |
| 9,551,749 |
| 196,270,395 |
| 6,864,071,242 |
|
Changes |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Additions |
| 396,969,270 |
| — |
| — |
| — |
| — |
| — |
| 396,969,270 |
|
Disposals |
| (56,851 | ) | (386,262 | ) | (43,444 | ) | (1,402,931 | ) | (270 | ) | (75,990 | ) | (1,965,748 | ) |
Transfers to (from) non-current assets and disposal groups held for sale |
| (3,390,701 | ) | (172,020 | ) | (1,442,144 | ) | (8,436,203 | ) | (7,257,038 | ) | (2,136,836 | ) | (22,834,942 | ) |
Depreciation expense |
| — |
| — |
| (17,163,012 | ) | (312,401,602 | ) | (3,851,776 | ) | (4,623,876 | ) | (338,040,266 | ) |
Impairment loss recognized in Consolidated Statement of Comprehensive Income |
| — |
| — |
| — |
| (1,340,235 | ) | — |
| — |
| (1,340,235 | ) |
Foreign currency translation differences |
| (12,614,659 | ) | (3,009,524 | ) | (27,306,886 | ) | (112,553,429 | ) | (633,677 | ) | (5,903,177 | ) | (162,021,352 | ) |
Other increases (decreases) |
| (281,890,253 | ) | 20,892,516 |
| (387,443,232 | ) | 744,720,432 |
| 76,704,245 |
| (155,881,022 | ) | 17,102,686 |
|
Total changes |
| 99,016,806 |
| 17,324,710 |
| (433,398,718 | ) | 308,586,032 |
| 64,961,484 |
| (168,620,901 | ) | (112,130,587 | ) |
Closing balance at December 31, 2010 |
| 810,013,619 |
| 122,864,336 |
| 103,735,435 |
| 5,613,164,538 |
| 74,513,233 |
| 27,649,494 |
| 6,751,940,655 |
|
Additional information on property, plant and equipment, net
a) Main investments
Material investments in the electricity generation business include developments in the program to create new capacity.
A particularly important project in Chile is the construction of the Bocamina II Coal-fired Thermal Power Plant, with capacity of 370 MW.
In Colombia, the Central Hidráulica El Quimbo, a hydroelectric dam with 400 MW of installed capacity and an average annual generation of some 2,216 GWH, is currently under construction.
b) Finance leases
As of December 31, 2011 and December 31, 2010, property, plant and equipment includes ThCh$ 137,092,811 and ThCh$ 129,749,447 respectively, in leased assets classified as finance leases.
The present value of future lease payments derived from these finance leases is as follows:
|
| 12-31-2011 |
| 12-31-2010 |
| ||||||||
|
| Gross |
| Interest |
| Present Value |
| Gross |
| Interest |
| Present Value |
|
Less than one year |
| 15,954,189 |
| 2,145,937 |
| 13,808,252 |
| 12,311,927 |
| 2,117,942 |
| 10,193,985 |
|
From one to five years |
| 39,105,238 |
| 5,827,660 |
| 33,277,578 |
| 40,900,311 |
| 8,856,066 |
| 32,044,245 |
|
More than five years |
| 27,619,488 |
| 2,457,926 |
| 25,161,562 |
| 32,304,929 |
| 3,209,115 |
| 29,095,814 |
|
Total |
| 82,678,915 |
| 10,431,523 |
| 72,247,392 |
| 85,517,167 |
| 14,183,123 |
| 71,334,044 |
|
Leasing assets relate primarily to:
1. Endesa Chile S.A.: lease agreement for Electric Transmission Lines and Installations (Ralco-Charrúa 2X220 KV) entered into between Endesa Chile and Abengoa Chile S.A. The lease agreement has a 20-year maturity and bears interest at an annual rate of 6.5%.
2. Edegel S.A.A.: lease agreements to finance the project of converting the Ventanilla thermoelectric plant to a combined cycle plant. The agreements were signed between Edegel S.A. and the financial institutions BBVA - Banco Continental, Banco de Crédito del Perú, Citibank del Peru, and Banco Internacional del Peru - Interbank. These agreements have an average term of 8 years and bear interest at an annual rate of Libor + 2.5% as of December 31, 2011.
The company also has an agreement with Scotiabank, which financed the construction of a new open cycle plant at the Santa Rosa Plant. This agreement has a term of 9 years and bears interest an annual rate of Libor + 1.75%.
c) Operating leases
The consolidated statements of income at December 31, 2011, 2010, and 2009 include ThCh$ 17,042,089, ThCh$ 16,980,825, and ThCh$ 19,969,187, respectively, corresponding to accrual during these periods of operating lease contracts for material assets in operation.
As of December 31, 2011, 2010, and 2009, the total future lease payments under those contracts are as follows:
|
| 12-31-2011 |
| 12-31-2010 |
| 12-31-2009 |
|
Less than one year |
| 7,690,811 |
| 5,655,232 |
| 14,046,981 |
|
From one to five years |
| 21,347,042 |
| 19,916,962 |
| 22,922,219 |
|
More than five years |
| 41,634,563 |
| 26,625,179 |
| 13,741,992 |
|
Total |
| 70,672,416 |
| 52,197,373 |
| 50,711,192 |
|
d) Other information
i) As of December 31, 2011 and 2010, the Group had contractual commitments for the acquisition of property, plant and equipment amounting to ThCh$ 179,872,981 and ThCh$ 205,979,469, respectively.
ii) As of December 31, 2011 and 2010, the Group had property, plant and equipment pledged as security for liabilities in the amount of ThCh$ 328,844,715 and ThCh$ 305,655,772, respectively (see Note 34).
iii) The Company and its foreign subsidiaries have insurance policies for risk, earthquake, machinery breakdown and damages for business interruption with a US$ 300 million limit in the case of generating companies and a US$ 30 million limit for distribution companies, including business interruption coverage. The premiums associated with these policies are presented under the line item “Prepayments” within assets.
iv) GasAtacama, in which Endesa Chile has a 50% ownership interest, consolidated using the proportional integration method, has, among other assets, a combined-cycle electricity generation plant in northern Chile. As importing natural gas from neighboring countries was not possible, GasAtacama has been forced to generate electricity using alternative fuels, the cost of which significantly increased since the last few months of 2007 due to increases in oil prices. As a result, the company filed lawsuits for early termination of its contract with distributor Emel. On January 25, 2008, a ruling was issued in arbitration proceedings on this matter to deny early termination. This situation significantly reduced the recoverable value of the aforementioned plant and, therefore, as of December 31, 2007, an impairment provision of US$ 110 million was recorded.
v) The asset situation, primarily that of works and infrastructure, involving facilities built to support power generation in the SIC grid, has changed since 1998, due primarily to the installation in the SIC of new thermoelectric plants, the arrival of LNG, and new projects that will starting up soon. This results in a new configuration of ample supply for the coming years, in which it is expected that these facilities will not need to be used. Therefore, as of December 31, 2009, the company recorded an impairment provision of ThCh$ 43,999,600 for these assets.
vi) As a result of the February 27, 2010 earthquake in Chile, some of our plant and equipment were partially or totally impaired. The impact on our total assets, however, is minor as the only facilities that suffered some damage in infrastructure were the Bocamina I and Bocamina II plants, the latter under construction, as well as a few other assets from our distribution business.
Due to these impairments, we have written down ThCh$ 369,643 in assets. Additionally, the Group had to incur expenditures related to repair and capital improvements totaling ThCh$ 9,733,426, primarily at the Bocamina I plant. All of the disbursements incurred are covered by insurance, which carries a US$ 2.5 million policy deductible.
The Group has the necessary insurance coverage for these types of exceptional claims, which provide coverage for material damage as well as business interruption. See Note 25.
vii) Our subsidiary Compañía de Interconexión Energética (CIEN) was initially in the business of selling electricity in Argentina and Brazil. However, because of the reduction in the availability of power generation and physical guarantee of energy and its associated power, the Company has focused its business on a different compensation structure that is not based on the purchase and sale of energy between the countries. Given the strategic importance of the Company’s assets in the relations between Brazil and Argentina, the Company and the Brazilian Government have jointly drawn up a new business plan model changing its selling activity to an electricity transmission activity with payment of a fixed compensation. This new plan involves integrating its transmission lines with the Brazilian transmission grid operated by the Brazilian Government.
In prior periods, the Argentine and Uruguayan Governments formalized toll payments with the Company to transport energy between the two countries. Management considers that this situation further emphasizes the importance of the application made to the Brazilian Government to approve the new business plan and considers that it will probably be approved. In addition, on June 4, 2010 the Company signed a new transmission contract for a six-month period for a total of US$ 155 million to cover the energy transmission required by the Argentine Government.
Finally, on April 5, 2011, the Diario Oficial (The Official Gazette) published Portarías Ministeriales (Ministerial Decrees) 210/2011 and 211/2011 that equipped CIEN with a regulated interconnection line involving payment of a regulated toll. The Receita Anual Permitida (RAP), or income permitted annually, corresponded to 248 million Brazilian reals, to be adjusted according to the Broad National Consumer Price Index (IPCA) every year in June and with the rate to be reviewed every four years. The Line 1 concession lasts until June 2020 and the Line 2 concession until July 2022, with compensation provisions for non-amortized investments. This successfully concludes the change in CIEN’s business model that we had previously been reporting.
viii) Our Argentine subsidiary, Empresa Distribuidora Sur S.A., has seen its financial equilibrium seriously affected by the delay in the compliance with certain points of the Acta de Acuerdo agreement signed with the Argentine Government, particularly the twice-yearly rate adjustments recognized through the cost-monitoring mechanism (MMC) and the establishment of an Integral Rate Review (RTI) as provided for in this agreement.
At the close of the 2011 fiscal year, Enersis had recorded an impairment loss of ThCh$ 106,449,843 for the Property, Plant and Equipment of Empresa Distribuidora Sur S.A., as well as an additional loss of ThCh$ 8,931,451 for the complete impairment of the purchase goodwill that was assigned to its Argentine subsidiary (see Note 14) in order to cover almost the total equity risk that this company represents for the Enersis Group.
The detail of the composition of, and changes in, investment property during the 2011 and 2010 fiscal years:
Investment Properties |
| ThCh$ |
|
|
|
|
|
Opening balance at January 1, 2010 |
| 31,231,839 |
|
Additions |
| 1,303,676 |
|
Disposals |
| (2,732,209 | ) |
Depreciation expense |
| (24,029 | ) |
Impairment losses reversed, recognized in the Consolidated Statement of Comprehensive Income (*) |
| 3,239,877 |
|
Balance at December 31, 2010 |
| 33,019,154 |
|
Additions |
| 2,716,250 |
|
Disposals |
| (977,173 | ) |
Depreciation expense |
| (24,029 | ) |
Impairment losses reversed, recognized in the Consolidated Statement of Comprehensive Income (*) |
| 3,321,687 |
|
Closing balance investment property at December 31, 2011 |
| 38,055,889 |
|
(*) See Note 28.
The fair value of the Group’s investment properties as of December 31, 2011, determined on the basis of valuations carried out internally, was ThCh$ 36,492,692. As of December 31, 2010, the market value of these properties was ThCh$ 34,099,993.
The selling price of investment properties disposed of in the 2011 and 2010 fiscal years was ThCh$ 5,102,508 and ThCh$ 8,015,891, respectively.
The amounts recognized in profit or loss during the 2011 and 2010 fiscal years as direct operating expenses arising from investment properties were not significant.
The Group has insurance policies to cover operational risks of its investment properties, as well as to cover legal claims against the Group that could potentially arise from exercising its business activity. The Group’s management considers that the insurance policy coverage is sufficient against the risks involved.
a. The deferred taxes recognized by temporary differences as of December 31, 2011 and 2010 are as follows:
|
| Deferred Tax Assets |
| Deferred Tax Liabilities |
| ||||
Temporary Differences |
| 12-31-2011 |
| 12-31-2010 |
| 12-31-2011 |
| 12-31-2010 |
|
Deferred tax relating to depreciations |
| 87,992,490 |
| 124,814,250 |
| 455,205,366 |
| 474,063,238 |
|
Deferred tax relating to amortizations |
| — |
| — |
| 6,082,237 |
| 8,292,149 |
|
Deferred tax relating to accruals |
| 12,161,705 |
| 9,031,226 |
| 5,034,474 |
| 26,142,262 |
|
Deferred tax relating to provisions |
| 86,876,561 |
| 130,298,290 |
| 4,431,328 |
| 7,494,432 |
|
Deferred tax relating to foreign exchange contracts |
| 31,195,995 |
| 46,746,028 |
| 107,097 |
| 1,155,119 |
|
Deferred tax relating to post-employment benefit obligations |
| 38,807,414 |
| 38,073,254 |
| 5,074,020 |
| 3,674,593 |
|
Deferred tax relating to revaluations of financial instruments |
| 37,813,186 |
| 39,794,055 |
| 880,379 |
| 4,324,798 |
|
Deferred tax relating to tax losses |
| 22,117,495 |
| 36,399,383 |
| — |
| — |
|
Deferred tax relating to other items |
| 62,973,782 |
| 27,477,878 |
| 31,623,354 |
| 30,776,987 |
|
Total |
| 379,938,628 |
| 452,634,364 |
| 508,438,255 |
| 555,923,578 |
|
b. The following table presents the changes in deferred taxes in the Consolidated Statement of Financial Position for the 2011 and 2010 fiscal years:
|
| Assets |
| Liabilities |
|
Deferred Tax Movements |
| ThCh$ |
| ThCh$ |
|
Balance at January 1, 2010 |
| 454,896,521 |
| 573,049,297 |
|
Increase (decrease) in profit or loss |
| (9,615,881 | ) | (2,995,918 | ) |
Increase (decrease) in other comprehensive income |
| 13,742,269 |
| 2,870,641 |
|
Foreign currency translation |
| (12,073,361 | ) | (17,943,096 | ) |
Other increase (decrease) |
| 5,684,816 |
| 942,654 |
|
Balance at December 31, 2010 |
| 452,634,364 |
| 555,923,578 |
|
Increase (decrease) in profit or loss |
| (48,785,847 | ) | (26,492,538 | ) |
Increase (decrease) in in other comprehensive income |
| 14,647,632 |
| 3,942,971 |
|
Foreign currency translation |
| 8,826,145 |
| 33,797,031 |
|
Other increase (decrease) |
| (47,383,666 | ) | (58,732,787 | ) |
Balance at December 31, 2011 |
| 379,938,628 |
| 508,438,255 |
|
Recovery of deferred tax assets will depend on whether sufficient tax profits are obtained in the future. The Company believes that the future profit projections for its numerous subsidiaries will allow these assets to be recovered.
c. As of December 31, 2011 and 2010, the Group has not recognized deferred tax assets related to tax losses totaling ThCh$ 39,313,993 and ThCh$ 16,551,349, respectively. See Note 3.o.
The Enersis Group has not recognized deferred tax liabilities for taxable temporary differences associated with investment in subsidiaries, associates, and jointly controlled entities, as it is able to control the timing of the reversal of the temporary differences and considers that it is probable that such temporary differences will not reverse in the foreseeable future. The aggregate amount of taxable temporary differences associated with investments in subsidiaries, associates, and jointly controlled entities for which deferred tax liabilities have not been recognized totaled ThCh$ 2,204,931,942 as of December 31, 2011 (ThCh$ 1,995,679,814 as of December 31, 2010).
The Group is potentially subject to income tax audits by the tax authorities of each country in which the Group operates. Such tax audits can be performed until the applicable statute of limitations expires. Tax audits by their nature are often complex and can require several years to complete. The following table presents a summary of tax years, potentially subject to examination, in the significant tax jurisdictions in which the Group operates:
Country |
| Period |
|
Chile |
| 2007-2011 |
|
Argentina |
| 2002-2011 |
|
Brazil |
| 2007-2011 |
|
Colombia |
| 2009-2011 |
|
Peru |
| 2007-2011 |
|
Given the range of possible interpretations of tax standards, the results of any future inspections carried out by tax authorities for the years subject to audit can give rise to tax liabilities that cannot currently be quantified objectively. Nevertheless, Enersis Management estimates that the liabilities, if any, that may arise from such audits, would not significantly impact the companies’ future results.
The effects of deferred tax on the components of other comprehensive income are as follows:
|
| December 31, 2011 |
| December 31, 2010 |
| December 31, 2009 |
| ||||||||||||
Effects of Deferred Tax on the Components of Other |
| Amount |
| Income Tax |
| Amount |
| Amount Before |
| Income Tax |
| Amount After |
| Amount Before |
| Income Tax |
| Amount After |
|
Comprehensive Income |
| ThCh$ |
| ThCh$ |
| ThCh$ |
| ThCh$ |
| ThCh$ |
| ThCh$ |
| ThCh$ |
| ThCh$ |
| ThCh$ |
|
Available-for sale financial assets |
| (55,959 | ) | 9,513 |
| (46,446 | ) | (179 | ) | 31 |
| (148 | ) | 61,031 |
| (10,528 | ) | 50,503 |
|
Cash flow hedge |
| (88,032,492 | ) | 14,110,400 |
| (73,922,092 | ) | 30,911,303 |
| (5,301,050 | ) | 25,610,253 |
| 192,801,668 |
| (33,917,966 | ) | 158,883,702 |
|
Foreign currency translation |
| 211,929,739 |
| — |
| 211,929,739 |
| (138,554,045 | ) | — |
| (138,554,045 | ) | (246,854,956 | ) | — |
| (246,854,956 | ) |
Actuarial income on defined-benefit pension plans |
| (62,246,623 | ) | 23,078,884 |
| (39,167,739 | ) | (48,495,375 | ) | 16,515,279 |
| (31,980,096 | ) | (15,599,453 | ) | 1,369,374 |
| (14,230,079 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax related to components of other income and expenses debited or credited to Equity |
| 61,594,665 |
| 37,198,797 |
| 98,793,462 |
| (156,138,296 | ) | 11,214,260 |
| (144,924,036 | ) | (69,591,710 | ) | (32,559,120 | ) | (102,150,830 | ) |
18. OTHER FINANCIAL LIABILITIES
The balance of other financial liabilities as of December 31, 2011 and 2010 is as follows:
|
| December 31, 2011 |
| December 31, 2010 |
| ||||
Classes of Financial Liabilities |
| Current |
| Non-current |
| Current |
| Non-current |
|
Interest-bearing loans |
| 661,974,731 |
| 3,049,197,963 |
| 652,979,492 |
| 2,763,822,330 |
|
Hedging derivatives (*) |
| 6,200,643 |
| 212,913,735 |
| 10,002,909 |
| 240,113,443 |
|
Non-hedging derivatives (**) |
| 807,105 |
| — |
| — |
| — |
|
Obligation for Túnel El Melón concession |
| 2,207,755 |
| 9,243,595 |
| 1,967,333 |
| 11,020,674 |
|
Other financial liabilities |
| 892,104 |
| — |
| 648,284 |
| — |
|
|
|
|
|
|
|
|
|
|
|
Total |
| 672,082,338 |
| 3,271,355,293 |
| 665,598,018 |
| 3,014,956,447 |
|
(*) See Note 20.2.a
(**) See Note 20.2.b
Interest-bearing liabilities
18.1 The detail of current and non-current interest-bearing borrowings as of December 31, 2011 and 2010 is as follows:
|
| Balance at December 31, 2011 |
| Balance at December 31, 2010 |
| ||||
Classes of Loans that Accrue Interest |
| Current |
| Non-current |
| Current |
| Non-current |
|
Bank loans |
| 278,455,859 |
| 316,103,001 |
| 184,452,979 |
| 451,937,608 |
|
Unsecured obligations |
| 242,785,757 |
| 2,439,913,903 |
| 281,652,334 |
| 2,039,070,748 |
|
Secured obligations |
| 10,660,476 |
| 9,635,108 |
| 9,522,288 |
| 17,703,710 |
|
Finance leases |
| 13,808,252 |
| 58,439,140 |
| 10,193,985 |
| 61,140,059 |
|
Other loans |
| 116,264,387 |
| 225,106,811 |
| 167,157,906 |
| 193,970,205 |
|
|
|
|
|
|
|
|
|
|
|
Total |
| 661,974,731 |
| 3,049,197,963 |
| 652,979,492 |
| 2,763,822,330 |
|
18.2 Liabilities by currency and contractual maturity as of December 31, 2011 and 2010 are as follows:
· Summary of Bank Loans by currency and contractual maturity
|
|
|
|
|
|
|
| Current |
| Non-current |
| ||||||||||
|
|
|
|
|
|
|
| Maturity |
|
|
| Maturity |
| Total |
| ||||||
|
|
|
|
|
| Secured/ |
| One to Three |
| Three to Twelve |
| Total Current |
| One to Three |
| Three to Five |
| More than Five |
| Non-Current |
|
Country |
| Currency |
| Nominal Rate |
| Unsecured |
| ThCh$ |
| ThCh$ |
| ThCh$ |
| ThCh$ |
| ThCh$ |
| ThCh$ |
| ThCh$ |
|
Chile |
| US$ |
| 1.97 | % | Unsecured |
| 84,500 |
| 1,607,710 |
| 1,692,210 |
| 107,025,578 |
| 849,449 |
| — |
| 107,875,027 |
|
Peru |
| US$ |
| 3.63 | % | Unsecured |
| 2,354,628 |
| 8,838,878 |
| 11,193,506 |
| 4,296,544 |
| 19,212,039 |
| 26,158,087 |
| 49,666,670 |
|
Peru |
| Soles |
| 5.20 | % | Unsecured |
| 310,428 |
| 1,541,618 |
| 1,852,046 |
| — |
| — |
| 30,832,352 |
| 30,832,352 |
|
Argentina |
| US$ |
| 5.28 | % | Unsecured |
| 494,597 |
| 6,393,975 |
| 6,888,572 |
| 17,983,101 |
| 1,598,484 |
| — |
| 19,581,585 |
|
Argentina |
| Ar$ |
| 21.17 | % | Unsecured |
| 37,631,229 |
| 17,687,954 |
| 55,319,183 |
| 40,368,276 |
| 2,414,084 |
| — |
| 42,782,360 |
|
Colombia |
| CPs |
| 6.48 | % | Unsecured |
| 262,107 |
| 86,794,795 |
| 87,056,902 |
| — |
| — |
| — |
| — |
|
Brazil |
| US$ |
| 6.05 | % | Unsecured |
| — |
| 5,825,541 |
| 5,825,541 |
| 13,909,371 |
| 11,722,036 |
| 6,352,599 |
| 31,984,006 |
|
Brazil |
| Reais |
| 12.89 | % | Unsecured |
| 9,173,097 |
| 99,454,802 |
| 108,627,899 |
| 33,381,001 |
| — |
| — |
| 33,381,001 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total |
| 50,310,586 |
| 228,145,273 |
| 278,455,859 |
| 216,963,871 |
| 35,796,092 |
| 63,343,038 |
| 316,103,001 |
|
|
|
|
|
|
|
|
| Current |
| Non-current |
| ||||||||||
|
|
|
|
|
|
|
| Maturity |
|
|
| Maturity |
| Total |
| ||||||
|
|
|
|
|
| Secured/ |
| One to Three |
| Three to Twelve |
| Total Current |
| One to Three |
| Three to Five |
| More than Five |
| Non-Current |
|
Country |
| Currency |
| Nominal Rate |
| Unsecured |
| ThCh$ |
| ThCh$ |
| ThCh$ |
| ThCh$ |
| ThCh$ |
| ThCh$ |
| ThCh$ |
|
Chile |
| US$ |
| 2.75 | % | Unsecured |
| 381,532 |
| 1,364,781 |
| 1,746,313 |
| 2,871,499 |
| 95,144,820 |
| — |
| 98,016,319 |
|
Peru |
| US$ |
| 2.95 | % | Unsecured |
| 999,046 |
| 16,410,407 |
| 17,409,453 |
| 11,694,152 |
| 6,908,207 |
| 21,661,326 |
| 40,263,685 |
|
Peru |
| Soles |
| 3.96 | % | Unsecured |
| 1,839,538 |
| — |
| 1,839,538 |
| 31,245,764 |
| — |
| — |
| 31,245,764 |
|
Argentina |
| US$ |
| 5.24 | % | Unsecured |
| 5,085,358 |
| 17,057,145 |
| 22,142,503 |
| 4,013,854 |
| — |
| — |
| 4,013,854 |
|
Argentina |
| Ar$ |
| 17.27 | % | Unsecured |
| 14,760,009 |
| 16,463,487 |
| 31,223,496 |
| 27,395,848 |
| 706,664 |
| — |
| 28,102,512 |
|
Colombia |
| CPs |
| 6.91 | % | Unsecured |
| — |
| 5,041,882 |
| 5,041,882 |
| — |
| 74,201,702 |
| — |
| 74,201,702 |
|
Brazil |
| US$ |
| 6.35 | % | Unsecured |
| — |
| 5,253,378 |
| 5,253,378 |
| 11,677,838 |
| 13,433,724 |
| 9,323,740 |
| 34,435,302 |
|
Brazil |
| Reais |
| 10.17 | % | Unsecured |
| 10,149,162 |
| 89,647,254 |
| 99,796,416 |
| 141,658,470 |
| — |
| — |
| 141,658,470 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total |
| 33,214,645 |
| 151,238,334 |
| 184,452,979 |
| 230,557,425 |
| 190,395,117 |
| 30,985,066 |
| 451,937,608 |
|
The fair value of current and non-current bank borrowings totaled ThCh$ 582,919,972 at December 31, 2011 and ThCh$ 844,554,823 at December 31, 2010.
· Identification of Bank Borrowings by Companies
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 12-2011 |
| ||||||||||||
|
|
|
|
|
| ID No. |
|
|
|
|
|
|
| Effective |
|
|
|
|
| Current ThCh$ |
| Non-current ThCh$ |
| ||||||||||
Taxpayer ID |
| Company |
| Country |
| Financial |
| Financial Institution |
| Country |
| Currency |
| Interest |
| Nominal |
| Type of |
| Less than 90 |
| More than |
| Total |
| One to |
| Three to |
| More than |
| Total Non- |
|
Foreign |
| Ampla |
| Brazil |
| Foreign |
| Banco Itaú |
| Brazil |
| Reais |
| 6.15 | % | 6.15% |
| Semi-annually |
| 1,694 |
| 1,856,820 |
| 1,858,514 |
| — |
| — |
| — |
| — |
|
Foreign |
| Ampla |
| Brazil |
| Foreign |
| Unibanco |
| Brazil |
| Reais |
| 6.16 | % | 6.16% |
| Semi-annually |
| 26,242 |
| 1,479,891 |
| 1,506,133 |
| — |
| — |
| — |
| — |
|
Foreign |
| Ampla |
| Brazil |
| Foreign |
| Banco Alfa |
| Brazil |
| Reais |
| 5.91 | % | 5.91% |
| Semi-annually |
| 2,211,773 |
| 12,517,876 |
| 14,729,649 |
| — |
| — |
| — |
| — |
|
Foreign |
| Ampla |
| Brazil |
| Foreign |
| Brasdesco |
| Brazil |
| Reais |
| 6.09 | % | 6.09% |
| Semi-annually |
| 6,481,458 |
| 7,048,955 |
| 13,530,413 |
| 5,563,500 |
| — |
| — |
| 5,563,500 |
|
Foreign |
| Ampla |
| Brazil |
| Foreign |
| Banco do Brazil |
| Brazil |
| Reais |
| 6.05 | % | 6.05% |
| At maturity |
| 275,812 |
| — |
| 275,812 |
| 27,817,501 |
| — |
| — |
| 27,817,501 |
|
Foreign |
| Ampla |
| Brazil |
| Foreign |
| BANCO HSBC |
| Brazil |
| Reais |
| 6.01 | % | 6.01% |
| Semi-annually |
| 176,118 |
| 20,863,126 |
| 21,039,244 |
| — |
| — |
| — |
| — |
|
Foreign |
| CGTF Fortaleza |
| Brazil |
| Foreign |
| IFC - A |
| Brazil |
| US$ |
| 7.99 | % | 7.89% |
| Semi-annually |
| — |
| 2,426,516 |
| 2,426,516 |
| 5,406,532 |
| 6,238,628 |
| 3,470,634 |
| 15,115,794 |
|
Foreign |
| CGTF Fortaleza |
| Brazil |
| Foreign |
| IFC - B |
| Brazil |
| US$ |
| 2.69 | % | 2.69% |
| Semi-annually |
| — |
| 3,399,025 |
| 3,399,025 |
| 8,502,839 |
| 4,712,630 |
| — |
| 13,215,469 |
|
Foreign |
| CGTF Fortaleza |
| Brazil |
| Foreign |
| IFC - C |
| Brazil |
| US$ |
| 11.96 | % | 11.96% |
| Semi-annually |
| — |
| — |
| — |
| — |
| 770,778 |
| 2,881,965 |
| 3,652,743 |
|
Foreign |
| Chinango |
| Peru |
| Foreign |
| BANCO CONTINENTAL |
| Peru |
| Soles |
| 3.85 | % | 3.80% |
| At maturity |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
|
Foreign |
| Chinango |
| Peru |
| Foreign |
| Banco Continental |
| Peru |
| US$ |
| 4.07 | % | 3.21% |
| At maturity |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
|
Foreign |
| Chinango |
| Peru |
| Foreign |
| Banco Continental |
| Peru |
| US$ |
| 3.52 | % | 3.52% |
| At maturity |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
|
Foreign |
| Chinango |
| Peru |
| Foreign |
| Banco Scotiabank |
| Peru |
| US$ |
| 4.26 | % | L3M+3.7% |
| At maturity |
| 71,315 |
| — |
| 71,315 |
| 1,127,370 |
| 1,288,422 |
| 13,689,484 |
| 16,105,276 |
|
Foreign |
| Chinango |
| Peru |
| Foreign |
| BANCO CONTINENTAL |
| Peru |
| Soles |
| 3.85 | % | 3.80% |
| At maturity |
| 3,068 |
| 1,541,618 |
| 1,544,686 |
| — |
| — |
| — |
| — |
|
Foreign |
| Codensa. |
| Colombia |
| Foreign |
| Banco Agrario |
| Colombia |
| CPs |
| 5.99 | % | 5.81% |
| At maturity |
| 262,107 |
| — |
| 262,107 |
| — |
| — |
| — |
| — |
|
Foreign |
| CIEN |
| Brazil |
| Foreign |
| Banco Santander Central Hispano |
| Brazil |
| Reais |
| 1.08 | % | 1.02% |
| Semi-annually |
| — |
| 55,688,134 |
| 55,688,134 |
| — |
| — |
| — |
| — |
|
Foreign |
| Edegel |
| Peru |
| Foreign |
| Banco de Crédito |
| Peru |
| US$ |
| 3.38 | % | L3M+3% |
| Quarterly |
| 1,890,464 |
| 5,610,961 |
| 7,501,425 |
| 1,870,361 |
| — |
| — |
| 1,870,361 |
|
Foreign |
| Edegel |
| Peru |
| Foreign |
| Banco Continental |
| Peru |
| US$ |
| 3.54 | % | L3M+3.13% |
| Quarterly |
| — |
| — |
| — |
| 1,298,813 |
| 17,923,617 |
| 12,468,603 |
| 31,691,033 |
|
Foreign |
| Edegel |
| Peru |
| Foreign |
| Banco Scotiabank |
| Peru |
| US$ |
| 1.65 | % | L6M+1.25% |
| Semi-annually |
| — |
| 1,870,716 |
| 1,870,716 |
| — |
| — |
| — |
| — |
|
Foreign |
| Edegel |
| Peru |
| Foreign |
| Banco Continental |
| Peru |
| US$ |
| 2.90 | % | L3M+2.5% |
| At maturity |
| 392,849 |
| 1,357,201 |
| 1,750,050 |
| — |
| — |
| — |
| — |
|
Foreign |
| Edelnor |
| Peru |
| Foreign |
| Banco de Crédito |
| Peru |
| Soles |
| 2.60 | % | 2.60% |
| At maturity |
| 18,741 |
| — |
| 18,741 |
| — |
| — |
| 2,890,532 |
| 2,890,532 |
|
Foreign |
| Edelnor |
| Peru |
| Foreign |
| Banco de Crédito |
| Peru |
| Soles |
| 4.00 | % | 4.00% |
| Semi-annually |
| 18,741 |
| — |
| 18,741 |
| — |
| — |
| 2,890,532 |
| 2,890,532 |
|
Foreign |
| Edelnor |
| Peru |
| Foreign |
| Banco de Crédito |
| Peru |
| Soles |
| 4.00 | % | 4.00% |
| Semi-annually |
| 8,847 |
| — |
| 8,847 |
| — |
| — |
| 2,505,128 |
| 2,505,128 |
|
Foreign |
| Edelnor |
| Peru |
| Foreign |
| Banco de Crédito |
| Peru |
| Soles |
| 4.00 | % | 4.00% |
| Semi-annually |
| 7,497 |
| — |
| 7,497 |
| — |
| — |
| 1,156,213 |
| 1,156,213 |
|
Foreign |
| Edelnor |
| Peru |
| Foreign |
| Banco de Crédito |
| Peru |
| Soles |
| 4.00 | % | 4.00% |
| Semi-annually |
| 31,235 |
| — |
| 31,235 |
| — |
| — |
| 4,817,554 |
| 4,817,554 |
|
Foreign |
| Edelnor |
| Peru |
| Foreign |
| Banco de Crédito |
| Peru |
| Soles |
| 4.00 | % | 4.00% |
| Semi-annually |
| 18,741 |
| — |
| 18,741 |
| — |
| — |
| 2,890,532 |
| 2,890,532 |
|
Foreign |
| Edelnor |
| Peru |
| Foreign |
| Banco de Crédito |
| Peru |
| Soles |
| 4.00 | % | 4.00% |
| Semi-annually |
| 44,826 |
| — |
| 44,826 |
| — |
| — |
| 4,046,745 |
| 4,046,745 |
|
Foreign |
| Edelnor |
| Peru |
| Foreign |
| Banco de Crédito |
| Peru |
| Soles |
| 4.00 | % | 4.00% |
| Semi-annually |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
|
Foreign |
| Edelnor |
| Peru |
| Foreign |
| Banco Continental |
| Peru |
| Soles |
| 4.40 | % | 4.40% |
| Semi-annually |
| 132,120 |
| — |
| 132,120 |
| — |
| — |
| 7,708,094 |
| 7,708,094 |
|
Foreign |
| Edelnor |
| Peru |
| Foreign |
| Banco de Interbank |
| Peru |
| Soles |
| 6.90 | % | 6.90% |
| At maturity |
| 26,612 |
| — |
| 26,612 |
| — |
| — |
| 1,927,022 |
| 1,927,022 |
|
Foreign |
| Edesur |
| Argentina |
| Foreign |
| BBVA |
| Argentina |
| Ar$ |
| 21.55 | % | 20.00% |
| Semi-annually |
| 42,370 |
| 2,414,082 |
| 2,456,452 |
| — |
| — |
| — |
| — |
|
Foreign |
| Edesur |
| Argentina |
| Foreign |
| Citibank |
| Argentina |
| Ar$ |
| 17.88 | % | 16.00% |
| Monthly |
| 311,088 |
| 1,810,562 |
| 2,121,650 |
| — |
| — |
| — |
| — |
|
Foreign |
| Edesur |
| Argentina |
| Foreign |
| Banco de Galicia |
| Argentina |
| Ar$ |
| 20.16 | % | 18.52% |
| Monthly |
| 1,260,656 |
| 2,414,082 |
| 3,674,738 |
| — |
| — |
| — |
| — |
|
Foreign |
| Edesur |
| Argentina |
| Foreign |
| Citibank |
| Argentina |
| Ar$ |
| 18.97 | % | 17.50% |
| Monthly |
| 282,930 |
| 1,750,209 |
| 2,033,139 |
| — |
| — |
| — |
| — |
|
Foreign |
| Edesur |
| Argentina |
| Foreign |
| Banco de la Ciudad de Buenos Aires |
| Argentina |
| Ar$ |
| 14.85 | % | 14.61% |
| At maturity |
| — |
| — |
| — |
| 1,207,041 |
| — |
| — |
| 1,207,041 |
|
Foreign |
| Edesur |
| Argentina |
| Foreign |
| Supervielle |
| Argentina |
| Ar$ |
| 31.92 | % | 27.00% |
| At maturity |
| 852,036 |
| — |
| 852,036 |
| — |
| — |
| — |
| — |
|
Foreign |
| Edesur |
| Argentina |
| Foreign |
| Comafi |
| Argentina |
| Ar$ |
| 28.33 | % | 25.00% |
| At maturity |
| 1,192,058 |
| — |
| 1,192,058 |
| — |
| — |
| — |
| — |
|
Foreign |
| Edesur |
| Argentina |
| Foreign |
| Standard Bank |
| Argentina |
| Ar$ |
| 19.18 | % | 17.94% |
| Quarterly |
| — |
| — |
| — |
| 1,810,562 |
| — |
| — |
| 1,810,562 |
|
Foreign |
| Edesur |
| Argentina |
| Foreign |
| Banco Santander Rio |
| Argentina |
| Ar$ |
| 19.12 | % | 17.88% |
| Quarterly |
| 4,834,533 |
| — |
| 4,834,533 |
| 2,414,082 |
| — |
| — |
| 2,414,082 |
|
Foreign |
| Edesur |
| Argentina |
| Foreign |
| BBVA |
| Argentina |
| Ar$ |
| 21.55 | % | 20.00% |
| Semi-annually |
| 617,884 |
| — |
| 617,884 |
| — |
| — |
| — |
| — |
|
Foreign |
| Edesur |
| Argentina |
| Foreign |
| Standard Bank |
| Argentina |
| Ar$ |
| 16.75 | % | 16.05% |
| Quarterly |
| — |
| — |
| — |
| 1,810,562 |
| — |
| — |
| 1,810,562 |
|
Foreign |
| Edesur |
| Argentina |
| Foreign |
| Banco Santander Rio |
| Argentina |
| Ar$ |
| 19.12 | % | 17.88% |
| Semi-annually |
| — |
| — |
| — |
| 4,224,644 |
| — |
| — |
| 4,224,644 |
|
Foreign |
| Edesur |
| Argentina |
| Foreign |
| Banco Itaú |
| Argentina |
| Ar$ |
| 21.52 | % | 19.65% |
| Monthly |
| — |
| — |
| — |
| 3,017,603 |
| — |
| — |
| 3,017,603 |
|
Foreign |
| Edesur |
| Argentina |
| Foreign |
| Banco Macro |
| Argentina |
| Ar$ |
| 22.66 | % | 20.60% |
| Monthly |
| — |
| — |
| — |
| 2,414,082 |
| — |
| — |
| 2,414,082 |
|
Foreign |
| Edesur |
| Argentina |
| Foreign |
| Banco de la Ciudad de Buenos Aires |
| Argentina |
| Ar$ |
| 15.19 | % | 14.52% |
| At maturity |
| 186,005 |
| — |
| 186,005 |
| 8,449,285 |
| — |
| — |
| 8,449,285 |
|
Foreign |
| Edesur |
| Argentina |
| Foreign |
| Banco Davivienda |
| Colombia |
| CPs |
| 6.48 | % | 6.48% |
| Annual |
| — |
| 8,977,569 |
| 8,977,569 |
| — |
| — |
| — |
| — |
|
Foreign |
| Emgesa |
| Colombia |
| Foreign |
| Bancolombia |
| Colombia |
| CPs |
| 6.48 | % | 6.48% |
| Yearly |
| — |
| 6,430,876 |
| 6,430,876 |
| — |
| — |
| — |
| — |
|
Foreign |
| Emgesa |
| Colombia |
| Foreign |
| Bancolombia |
| Colombia |
| CPs |
| 6.48 | % | 6.48% |
| Annual |
| — |
| 21,177,566 |
| 21,177,566 |
| — |
| — |
| — |
| — |
|
Foreign |
| Emgesa |
| Colombia |
| Foreign |
| BBVA Colombia |
| Colombia |
| CPs |
| 6.48 | % | 6.48% |
| Annual |
| — |
| 23,478,356 |
| 23,478,356 |
| — |
| — |
| — |
| — |
|
Foreign |
| Emgesa |
| Colombia |
| Foreign |
| Banco Santander |
| Colombia |
| CPs |
| 6.48 | % | 6.48% |
| Annual |
| — |
| 26,730,428 |
| 26,730,428 |
| — |
| — |
| — |
| — |
|
Foreign |
| Emgesa |
| Colombia |
| Foreign |
| Banco Provincia de Buenos Aires |
| Argentina |
| US$ |
| 16.00 | % | 16.00% |
| At maturity |
| 368,366 |
| — |
| 368,366 |
| — |
| — |
| — |
| — |
|
Foreign |
| Endesa Costanera |
| Argentina |
| Foreign |
| Banco Galicia |
| Argentina |
| US$ |
| 3.80 | % | LIBOR+3% |
| At maturity |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
|
Foreign |
| Endesa Costanera |
| Argentina |
| Foreign |
| Credit Suisse International |
| Argentina |
| US$ |
| 11.28 | % | LIBOR+12% |
| At maturity |
| 44,820 |
| — |
| 44,820 |
| 5,195,104 |
| — |
| — |
| 5,195,104 |
|
Foreign |
| Endesa Costanera |
| Argentina |
| Foreign |
| Citibank |
| Argentina |
| US$ |
| 4.80 | % | LIBOR+4.5% |
| At maturity |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
|
Foreign |
| Endesa Costanera |
| Argentina |
| Foreign |
| Banco Nación Argentina |
| Argentina |
| Ar$ |
| 14.00 | % | BAIBOR+5% |
| At maturity |
| 3,555,128 |
| — |
| 3,555,128 |
| — |
| — |
| — |
| — |
|
Foreign |
| Endesa Costanera |
| Argentina |
| Foreign |
| Mediocredito Italyno |
| Argentina |
| Ar$ |
| 1.75 | % | 1.75% |
| At maturity |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 12-2010 |
| ||||||||||||
|
|
|
|
|
| ID No. |
|
|
|
|
|
|
| Effective |
|
|
|
|
| Current ThCh$ |
| Non-current ThCh$ |
| ||||||||||
Taxpayer ID |
| Company |
| Country |
| Financial |
| Financial Institution |
| Country |
| Currency |
| Interest |
| Nominal |
| Type of |
| Less than 90 |
| More than |
| Total |
| One to |
| Three to |
| More than |
| Total |
|
Foreign |
| Ampla |
| Brazil |
| Foreign |
| Banco Itaú |
| Brazil |
| Reais |
| 6.15 | % | 6.15% |
| Semi-annually |
| 4,887 |
| 1,882,368 |
| 1,887,255 |
| 1,882,350 |
| — |
| — |
| 1,882,350 |
|
Foreign |
| Ampla |
| Brazil |
| Foreign |
| Unibanco |
| Brazil |
| Reais |
| 6.16 | % | 6.16% |
| Semi-annually |
| 48,591 |
| 1,500,240 |
| 1,548,831 |
| 1,500,240 |
| — |
| — |
| 1,500,240 |
|
Foreign |
| Ampla |
| Brazil |
| Foreign |
| Banco Alfa |
| Brazil |
| Reais |
| 5.91 | % | 5.91% |
| Semi-annually |
| 2,321,766 |
| 1,410,000 |
| 3,731,766 |
| 14,100,000 |
| — |
| — |
| 14,100,000 |
|
Foreign |
| Ampla |
| Brazil |
| Foreign |
| Brasdesco |
| Brazil |
| Reais |
| 6.09 | % | 6.09% |
| Semi-annually |
| 7,117,655 |
| 7,145,880 |
| 14,263,535 |
| 18,425,880 |
| — |
| — |
| 18,425,880 |
|
Foreign |
| Ampla |
| Brazil |
| Foreign |
| Banco do Brazil |
| Brazil |
| Reais |
| 6.05 | % | 6.05% |
| At maturity |
| 286,544 |
| — |
| 286,544 |
| 28,200,000 |
| — |
| — |
| 28,200,000 |
|
Foreign |
| Ampla |
| Brazil |
| Foreign |
| BANCO HSBC |
| Brazil |
| Reais |
| 6.01 | % | 6.01% |
| Semi-annually |
| 369,719 |
| 21,150,000 |
| 21,519,719 |
| 21,150,000 |
| — |
| — |
| 21,150,000 |
|
Foreign |
| CGTF Fortaleza |
| Brazil |
| Foreign |
| IFC - A |
| Brazil |
| US$ |
| 7.99 | % | 7.89% |
| Semi-annually |
| — |
| 2,034,087 |
| 2,034,087 |
| 4,532,161 |
| 5,229,685 |
| 6,034,564 |
| 15,796,410 |
|
Foreign |
| CGTF Fortaleza |
| Brazil |
| Foreign |
| IFC - B |
| Brazil |
| US$ |
| 2.69 | % | 2.69% |
| Semi-annually |
| — |
| 3,219,291 |
| 3,219,291 |
| 7,145,677 |
| 8,204,039 |
| — |
| 15,349,716 |
|
Foreign |
| CGTF Fortaleza |
| Brazil |
| Foreign |
| IFC - C |
| Brazil |
| US$ |
| 11.96 | % | 11.96% |
| Semi-annually |
| — |
| — |
| — |
| — |
| — |
| 3,289,176 |
| 3,289,176 |
|
Foreign |
| Chinango |
| Peru |
| Foreign |
| BANCO CONTINENTAL |
| Peru |
| Soles |
| 3.85 | % | 3.80% |
| At maturity |
| 27,549 |
| — |
| 27,549 |
| 4,901,950 |
| — |
| — |
| 4,901,950 |
|
Foreign |
| Chinango |
| Peru |
| Foreign |
| Banco Continental |
| Peru |
| US$ |
| 4.07 | % | 3.21% |
| At maturity |
| — |
| 3,524,902 |
| 3,524,902 |
| — |
| — |
| — |
| — |
|
Foreign |
| Chinango |
| Peru |
| Foreign |
| Banco Continental |
| Peru |
| US$ |
| 3.52 | % | 3.52% |
| At maturity |
| — |
| 6,579,812 |
| 6,579,812 |
| — |
| — |
| — |
| — |
|
Foreign |
| Chinango |
| Peru |
| Foreign |
| Banco Scotiabank |
| Peru |
| US$ |
| 4.26 | % | L3M+3.7% |
| At maturity |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
|
Foreign |
| Chinango |
| Peru |
| Foreign |
| BANCO CONTINENTAL |
| Peru |
| Soles |
| 3.85 | % | 3.80% |
| At maturity |
| 1,936 |
| — |
| 1,936 |
| 1,333,864 |
| — |
| — |
| 1,333,864 |
|
Foreign |
| Codensa. |
| Colombia |
| Foreign |
| Banco Agrario |
| Colombia |
| CPs |
| 5.99 | % | 5.81% |
| At maturity |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
|
Foreign |
| CIEN |
| Brazil |
| Foreign |
| Banco Santander Central Hispano |
| Brazil |
| Reais |
| 1.08 | % | 1.02% |
| Semi-annually |
| — |
| 56,558,766 |
| 56,558,766 |
| 56,400,000 |
| — |
| — |
| 56,400,000 |
|
Foreign |
| Edegel |
| Peru |
| Foreign |
| Banco de Crédito |
| Peru |
| US$ |
| 3.38 | % | L3M+3% |
| Quarterly |
| 583,558 |
| 1,686,071 |
| 2,269,629 |
| 8,430,354 |
| — |
| — |
| 8,430,354 |
|
Foreign |
| Edegel |
| Peru |
| Foreign |
| Banco Continental |
| Peru |
| US$ |
| 3.54 | % | L3M+3.13% |
| Quarterly |
| 415,488 |
| 1,246,464 |
| 1,661,952 |
| 1,577,727 |
| 6,908,207 |
| 21,661,326 |
| 30,147,260 |
|
Foreign |
| Edegel |
| Peru |
| Foreign |
| Banco Scotiabank |
| Peru |
| US$ |
| 1.65 | % | L6M+1.25% |
| Semi-annually |
| — |
| 3,373,158 |
| 3,373,158 |
| 1,686,071 |
| — |
| — |
| 1,686,071 |
|
Foreign |
| Edegel |
| Peru |
| Foreign |
| Banco Continental |
| Peru |
| US$ |
| 2.90 | % | L3M+2.5% |
| At maturity |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
|
Foreign |
| Edelnor |
| Peru |
| Foreign |
| Banco de Crédito |
| Peru |
| Soles |
| 2.60 | % | 2.60% |
| At maturity |
| 101,810 |
| — |
| 101,810 |
| 3,501,393 |
| — |
| — |
| 3,501,393 |
|
Foreign |
| Edelnor |
| Peru |
| Foreign |
| Banco de Crédito |
| Peru |
| Soles |
| 4.00 | % | 4.00% |
| Semi-annually |
| 10,102 |
| — |
| 10,102 |
| 2,500,995 |
| — |
| — |
| 2,500,995 |
|
Foreign |
| Edelnor |
| Peru |
| Foreign |
| Banco de Crédito |
| Peru |
| Soles |
| 4.00 | % | 4.00% |
| Semi-annually |
| 10,102 |
| — |
| 10,102 |
| 2,500,995 |
| — |
| — |
| 2,500,995 |
|
Foreign |
| Edelnor |
| Peru |
| Foreign |
| Banco de Crédito |
| Peru |
| Soles |
| 4.00 | % | 4.00% |
| Semi-annually |
| 4,255 |
| — |
| 4,255 |
| 2,167,529 |
| — |
| — |
| 2,167,529 |
|
Foreign |
| Edelnor |
| Peru |
| Foreign |
| Banco de Crédito |
| Peru |
| Soles |
| 4.00 | % | 4.00% |
| Semi-annually |
| 4,041 |
| — |
| 4,041 |
| 1,000,398 |
| — |
| — |
| 1,000,398 |
|
Foreign |
| Edelnor |
| Peru |
| Foreign |
| Banco de Crédito |
| Peru |
| Soles |
| 4.00 | % | 4.00% |
| Semi-annually |
| 16,837 |
| — |
| 16,837 |
| 4,168,325 |
| — |
| — |
| 4,168,325 |
|
Foreign |
| Edelnor |
| Peru |
| Foreign |
| Banco de Crédito |
| Peru |
| Soles |
| 4.00 | % | 4.00% |
| Semi-annually |
| 10,102 |
| — |
| 10,102 |
| 2,500,995 |
| — |
| — |
| 2,500,995 |
|
Foreign |
| Edelnor |
| Peru |
| Foreign |
| Banco de Crédito |
| Peru |
| Soles |
| 4.00 | % | 4.00% |
| Semi-annually |
| 1,544,238 |
| — |
| 1,544,238 |
| — |
| — |
| — |
| — |
|
Foreign |
| Edelnor |
| Peru |
| Foreign |
| Banco Continental |
| Peru |
| Soles |
| 4.40 | % | 4.40% |
| Semi-annually |
| 108,566 |
| — |
| 108,566 |
| 6,669,320 |
| — |
| — |
| 6,669,320 |
|
Foreign |
| Edelnor |
| Peru |
| Foreign |
| Banco de Interbank |
| Peru |
| Soles |
| 6.90 | % | 6.90% |
| At maturity |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
|
Foreign |
| Edesur |
| Argentina |
| Foreign |
| BBVA |
| Argentina |
| Ar$ |
| 21.55 | % | 20.00% |
| Semi-annually |
| — |
| 1,177,774 |
| 1,177,774 |
| — |
| — |
| — |
| — |
|
Foreign |
| Edesur |
| Argentina |
| Foreign |
| Citibank |
| Argentina |
| Ar$ |
| 17.88 | % | 16.00% |
| Monthly |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
|
Foreign |
| Edesur |
| Argentina |
| Foreign |
| Banco de Galicia |
| Argentina |
| Ar$ |
| 20.16 | % | 18.52% |
| Monthly |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
|
Foreign |
| Edesur |
| Argentina |
| Foreign |
| Citibank |
| Argentina |
| Ar$ |
| 18.97 | % | 17.50% |
| Monthly |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
|
Foreign |
| Edesur |
| Argentina |
| Foreign |
| Banco de la Ciudad de Buenos Aires |
| Argentina |
| Ar$ |
| 14.85 | % | 14.61% |
| At maturity |
| — |
| — |
| — |
| 1,413,329 |
| — |
| — |
| 1,413,329 |
|
Foreign |
| Edesur |
| Argentina |
| Foreign |
| Supervielle |
| Argentina |
| Ar$ |
| 31.92 | % | 27.00% |
| At maturity |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
|
Foreign |
| Edesur |
| Argentina |
| Foreign |
| Comafi |
| Argentina |
| Ar$ |
| 28.33 | % | 25.00% |
| At maturity |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
|
Foreign |
| Edesur |
| Argentina |
| Foreign |
| Standard Bank |
| Argentina |
| Ar$ |
| 19.18 | % | 17.94% |
| Quarterly |
| — |
| — |
| — |
| 1,413,328 |
| 353,332 |
| — |
| 1,766,660 |
|
Foreign |
| Edesur |
| Argentina |
| Foreign |
| Banco Santander Rio |
| Argentina |
| Ar$ |
| 19.12 | % | 17.88% |
| Quarterly |
| — |
| — |
| — |
| 1,943,328 |
| — |
| — |
| 1,943,328 |
|
Foreign |
| Edesur |
| Argentina |
| Foreign |
| BBVA |
| Argentina |
| Ar$ |
| 21.55 | % | 20.00% |
| Semi-annually |
| — |
| 1,177,774 |
| 1,177,774 |
| 2,355,548 |
| — |
| — |
| 2,355,548 |
|
Foreign |
| Edesur |
| Argentina |
| Foreign |
| Standard Bank |
| Argentina |
| Ar$ |
| 16.75 | % | 16.05% |
| Quarterly |
| — |
| — |
| — |
| 1,413,328 |
| — |
| — |
| 1,413,328 |
|
Foreign |
| Edesur |
| Argentina |
| Foreign |
| Banco Santander Rio |
| Argentina |
| Ar$ |
| 19.12 | % | 17.88% |
| Semi-annually |
| — |
| 1,001,108 |
| 1,001,108 |
| 2,355,548 |
| 353,332 |
| — |
| 2,708,880 |
|
Foreign |
| Edesur |
| Argentina |
| Foreign |
| Banco Itaú |
| Argentina |
| Ar$ |
| 21.52 | % | 19.65% |
| Monthly |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
|
Foreign |
| Edesur |
| Argentina |
| Foreign |
| Banco Macro |
| Argentina |
| Ar$ |
| 22.66 | % | 20.60% |
| Monthly |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
|
Foreign |
| Edesur |
| Argentina |
| Foreign |
| Banco de la Ciudad de Buenos Aires |
| Argentina |
| Ar$ |
| 15.19 | % | 14.52% |
| At maturity |
| — |
| — |
| — |
| 918,665 |
| — |
| — |
| 918,665 |
|
Foreign |
| Edesur |
| Argentina |
| Foreign |
| Banco Davivienda |
| Colombia |
| CPs |
| 6.48 | % | 6.48% |
| Annual |
| — |
| 521,504 |
| 521,504 |
| — |
| 7,675,010 |
| — |
| 7,675,010 |
|
Foreign |
| Emgesa |
| Colombia |
| Foreign |
| Bancolombia |
| Colombia |
| CPs |
| 6.48 | % | 6.48% |
| Yearly |
| — |
| 373,568 |
| 373,568 |
| — |
| 5,497,818 |
| — |
| 5,497,818 |
|
Foreign |
| Emgesa |
| Colombia |
| Foreign |
| Bancolombia |
| Colombia |
| CPs |
| 6.48 | % | 6.48% |
| Annual |
| — |
| 1,230,198 |
| 1,230,198 |
| — |
| 18,104,904 |
| — |
| 18,104,904 |
|
Foreign |
| Emgesa |
| Colombia |
| Foreign |
| BBVA Colombia |
| Colombia |
| CPs |
| 6.48 | % | 6.48% |
| Annual |
| — |
| 1,363,850 |
| 1,363,850 |
| — |
| 20,071,871 |
| — |
| 20,071,871 |
|
Foreign |
| Emgesa |
| Colombia |
| Foreign |
| Banco Santander |
| Colombia |
| CPs |
| 6.48 | % | 6.48% |
| Annual |
| — |
| 1,552,762 |
| 1,552,762 |
| — |
| 22,852,099 |
| — |
| 22,852,099 |
|
Foreign |
| Emgesa |
| Colombia |
| Foreign |
| Banco Provincia de Buenos Aires |
| Argentina |
| US$ |
| 16.00 | % | 16.00% |
| At maturity |
| 602,549 |
| — |
| 602,549 |
| — |
| — |
| — |
| — |
|
Foreign |
| Endesa Costanera |
| Argentina |
| Foreign |
| Banco Galicia |
| Argentina |
| US$ |
| 3.80 | % | LIBOR+3% |
| At maturity |
| 713,260 |
| — |
| 713,260 |
| — |
| — |
| — |
| — |
|
Foreign |
| Endesa Costanera |
| Argentina |
| Foreign |
| Credit Suisse International |
| Argentina |
| US$ |
| 11.28 | % | LIBOR+12% |
| At maturity |
| 6,596 |
| — |
| 6,596 |
| 4,013,854 |
| — |
| — |
| 4,013,854 |
|
Foreign |
| Endesa Costanera |
| Argentina |
| Foreign |
| Citibank |
| Argentina |
| US$ |
| 4.80 | % | LIBOR+4.5% |
| At maturity |
| 614,327 |
| — |
| 614,327 |
| — |
| — |
| — |
| — |
|
Foreign |
| Endesa Costanera |
| Argentina |
| Foreign |
| Banco Nación Argentina |
| Argentina |
| Ar$ |
| 14.00 | % | BAIBOR+5% |
| At maturity |
| — |
| 1,815,068 |
| 1,815,068 |
| 2,077,593 |
| — |
| — |
| 2,077,593 |
|
Foreign |
| Endesa Costanera |
| Argentina |
| Foreign |
| Mediocredito Italyno |
| Argentina |
| Ar$ |
| 1.75 | % | 1.75% |
| At maturity |
| — |
| 963,655 |
| 963,655 |
| — |
| — |
| — |
| — |
|
· Identification of Bank Borrowings by Companies, continued
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 12-2011 |
| ||||||||||||
|
|
|
|
|
| ID No. |
|
|
|
|
|
|
| Effective |
|
|
|
|
| Current ThCh$ |
| Non-current ThCh$ |
| ||||||||||
Taxpayer ID |
| Company |
| Country |
| Financial |
| Financial Institution |
| Country |
| Currency |
| Interest |
| Nominal |
| Type of |
| Less than 90 |
| More than |
| Total |
| One to |
| Three to |
| More than |
| Total Non- |
|
Foreign |
| Endesa Costanera |
| Argentina |
| Foreign |
| Banco Santander Río |
| Argentina |
| Ar$ |
| 15.50 | % | 15.50% |
| At maturity |
| 1,898,686 |
| — |
| 1,898,686 |
| — |
| — |
| — |
| — |
|
Foreign |
| Endesa Costanera |
| Argentina |
| Foreign |
| Banco Itau |
| Argentina |
| Ar$ |
| 16.90 | % | BAIBOR+5% |
| At maturity |
| 3,529,419 |
| — |
| 3,529,419 |
| — |
| — |
| — |
| — |
|
Foreign |
| Endesa Costanera |
| Argentina |
| Foreign |
| Citibank |
| Argentina |
| Ar$ |
| 13.50 | % | 13.50% |
| At maturity |
| 6,393,434 |
| — |
| 6,393,434 |
| — |
| — |
| — |
| — |
|
Foreign |
| Endesa Costanera |
| Argentina |
| Foreign |
| Banco Galicia |
| Argentina |
| Ar$ |
| 16.00 | % | 16.00% |
| At maturity |
| 5,167,489 |
| — |
| 5,167,489 |
| — |
| — |
| — |
| — |
|
Foreign |
| Endesa Costanera |
| Argentina |
| Foreign |
| Citibank |
| Argentina |
| US$ |
| 5.43 | % | LIBOR+4.8% |
| At maturity |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
|
Foreign |
| Endesa Costanera |
| Argentina |
| Foreign |
| Banco Galicia |
| Argentina |
| US$ |
| 3.80 | % | EURIBOR+3.85% |
| At maturity |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
|
Foreign |
| Endesa Costanera |
| Argentina |
| Foreign |
| Banco Supervielle |
| Argentina |
| Ar$ |
| 16.00 | % | 16.00% |
| At maturity |
| 2,566,218 |
| — |
| 2,566,218 |
| — |
| — |
| — |
| — |
|
Foreign |
| Endesa Costanera |
| Argentina |
| Foreign |
| Banco Ciudad |
| Argentina |
| Ar$ |
| 16.00 | % | 16.00% |
| At maturity |
| 978,500 |
| — |
| 978,500 |
| — |
| — |
| — |
| — |
|
Foreign |
| Endesa Costanera |
| Argentina |
| Foreign |
| Banco Standard |
| Argentina |
| Ar$ |
| 16.00 | % | 16.00% |
| At maturity |
| 2,509,954 |
| — |
| 2,509,954 |
| — |
| — |
| — |
| — |
|
Foreign |
| Endesa Costanera |
| Argentina |
| Foreign |
| Banco Macro |
| Argentina |
| Ar$ |
| 16.00 | % | 16.00% |
| At maturity |
| 368,142 |
| — |
| 368,142 |
| — |
| — |
| — |
| — |
|
Foreign |
| Endesa Costanera |
| Chile |
| Foreign |
| B.N.P. Paribas |
| USA |
| US$ |
| 6.32 | % | 6.32% |
| Semi-annually |
| 50,233 |
| 849,448 |
| 899,681 |
| 1,698,896 |
| 849,449 |
| — |
| 2,548,345 |
|
91,081,000-6 |
| Endesa Chile |
| Chile |
| Foreign |
| Export Development Corporation Loan |
| USA |
| US$ |
| 1.60 | % | Libor+1.0 |
| Semi-annually |
| — |
| 758,262 |
| 758,262 |
| 1,486,682 |
| — |
| — |
| 1,486,682 |
|
91,081,000-6 |
| Endesa Chile . |
| Chile |
| Foreign |
| Banco Bilbao Vizcaya Argentaria S.A. |
| USA |
| US$ |
| 1.93 | % | Libor+0.75 |
| At maturity |
| 34,267 |
| — |
| 34,267 |
| 30,494,018 |
| — |
| — |
| 30,494,018 |
|
91,081,000-6 |
| Endesa Chile |
| Chile |
| Foreign |
| The Bank of Tokyo-Mitsubishi, Ltd. |
| USA |
| US$ |
| 1.93 | % | Libor+0.75 |
| At maturity |
| — |
| — |
| — |
| 17,055,976 |
| — |
| — |
| 17,055,976 |
|
91,081,000-6 |
| Endesa Chile |
| Chile |
| Foreign |
| Caja Madrid, Caja Madrid Miami Agency |
| USA |
| US$ |
| 1.93 | % | Libor+0.75 |
| At maturity |
| — |
| — |
| — |
| 26,312,836 |
| — |
| — |
| 26,312,836 |
|
91,081,000-6 |
| Endesa Chile |
| Chile |
| Foreign |
| Banco Santander Central Hispano S.A. N.Y.B. |
| USA |
| US$ |
| 1.93 | % | Libor+0.75 |
| At maturity |
| — |
| — |
| — |
| 17,055,976 |
| — |
| — |
| 17,055,976 |
|
91,081,000-6 |
| Endesa Chile |
| Chile |
| Foreign |
| Banco Español de crédito S.A. N.Y.B. |
| USA |
| US$ |
| 1.93 | % | Libor+0.75 |
| At maturity |
| — |
| — |
| — |
| 12,921,194 |
| — |
| — |
| 12,921,194 |
|
91,081,000-6 |
| Endesa Chile |
| Argentina |
| Foreign |
| Deutsche Bank |
| Argentina |
| US$ |
| 3.80 | % | Libor+3.5% |
| At maturity |
| 40,734 |
| 3,197,006 |
| 3,237,740 |
| 6,393,998 |
| 799,242 |
| — |
| 7,193,240 |
|
Foreign |
| Hidroeléctrica El Chocón |
| Argentina |
| Foreign |
| Standard Bank |
| Argentina |
| US$ |
| 3.80 | % | Libor+3.5% |
| At maturity |
| 40,677 |
| 3,196,969 |
| 3,237,646 |
| 6,393,999 |
| 799,242 |
| — |
| 7,193,241 |
|
Foreign |
| Hidroeléctrica El Chocón |
| Argentina |
| Foreign |
| Banco Itau - Syndicated |
| Argentina |
| Ar$ |
| 19.36 | % | BPC + 5.75% |
| Semi-annually |
| 25,858 |
| 1,545,012 |
| 1,570,870 |
| — |
| — |
| — |
| — |
|
Foreign |
| Hidroeléctrica El Chocón |
| Argentina |
| Foreign |
| Standard - Syndicated |
| Argentina |
| Ar$ |
| 19.36 | % | BPC + 5.75% |
| Semi-annually |
| 20,196 |
| 1,207,041 |
| 1,227,237 |
| — |
| — |
| — |
| — |
|
Foreign |
| Hidroeléctrica El Chocón |
| Argentina |
| Foreign |
| Banco Santander - Syndicated |
| Argentina |
| Ar$ |
| 19.36 | % | BPC + 5.75% |
| Semi-annually |
| 25,859 |
| 1,545,012 |
| 1,570,871 |
| — |
| — |
| — |
| — |
|
Foreign |
| Hidroeléctrica El Chocón |
| Argentina |
| Foreign |
| Banco Hipotecario - Syndicated |
| Argentina |
| Ar$ |
| 19.36 | % | BPC + 5.75% |
| Semi-annually |
| 16,968 |
| 1,013,914 |
| 1,030,882 |
| — |
| — |
| — |
| — |
|
Foreign |
| Hidroeléctrica El Chocón |
| Argentina |
| Foreign |
| Banco de Galicia - Syndicated |
| Argentina |
| Ar$ |
| 19.36 | % | BPC + 5.75% |
| Semi-annually |
| 8,077 |
| 482,816 |
| 490,893 |
| — |
| — |
| — |
| — |
|
Foreign |
| Hidroeléctrica El Chocón |
| Argentina |
| Foreign |
| Banco Itau - Syndicated |
| Argentina |
| Ar$ |
| 19.36 | % | BPC + 5.75% |
| Semi-annually |
| 82,953 |
| 497,792 |
| 580,745 |
| 761,701 |
| — |
| — |
| 761,701 |
|
Foreign |
| Hidroeléctrica El Chocón |
| Argentina |
| Foreign |
| Banco Santander - Syndicated |
| Argentina |
| Ar$ |
| 19.36 | % | BPC + 5.75% |
| Semi-annually |
| 132,688 |
| 796,817 |
| 929,505 |
| 1,219,258 |
| — |
| — |
| 1,219,258 |
|
Foreign |
| Hidroeléctrica El Chocón |
| Argentina |
| Foreign |
| Banco de la Ciudad de Buenos Aires |
| Argentina |
| Ar$ |
| 15.84 | % | 15.84% |
| At maturity |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
|
Foreign |
| Hidroeléctrica El Chocón |
| Argentina |
| Foreign |
| Citibank |
| Argentina |
| Ar$ |
| 14.50 | % | 14.50% |
| At maturity |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
|
Foreign |
| Hidroeléctrica El Chocón |
| Argentina |
| Foreign |
| Banco Francés |
| Argentina |
| Ar$ |
| 14.93 | % | 14.93% |
| At maturity |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
|
Foreign |
| Hidroeléctrica El Chocón |
| Argentina |
| Foreign |
| Banco Industrial |
| Argentina |
| Ar$ |
| 17.34 | % | BPC + 5.00% |
| At maturity |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
|
Foreign |
| Hidroeléctrica El Chocón |
| Argentina |
| Foreign |
| Banco Macro |
| Argentina |
| Ar$ |
| 17.75 | % | 17.75% |
| At maturity |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
|
Foreign |
| Hidroeléctrica El Chocón |
| Argentina |
| Foreign |
| Banco Itau - Nuevo Syndicated |
| Argentina |
| Ar$ |
| 19.12 | % | BPC + 5.25% |
| Semi-annually |
| 100,996 |
| — |
| 100,996 |
| 2,414,203 |
| 603,521 |
| — |
| 3,017,724 |
|
Foreign |
| Hidroeléctrica El Chocón |
| Argentina |
| Foreign |
| Standard - Nuevo Syndicated |
| Argentina |
| Ar$ |
| 19.12 | % | BPC + 5.25% |
| Semi-annually |
| 283,419 |
| 1,095,492 |
| 1,378,911 |
| 4,090,481 |
| 603,521 |
| — |
| 4,694,002 |
|
Foreign |
| Hidroeléctrica El Chocón |
| Argentina |
| Foreign |
| Banco Santander - Nuevo Syndicated |
| Argentina |
| Ar$ |
| 19.12 | % | BPC + 5.25% |
| Semi-annually |
| 100,996 |
| — |
| 100,996 |
| 2,414,203 |
| 603,521 |
| — |
| 3,017,724 |
|
Foreign |
| Hidroeléctrica El Chocón |
| Argentina |
| Foreign |
| Banco Hipotecario - Nuevo Syndicated |
| Argentina |
| Ar$ |
| 19.12 | % | BPC + 5.25% |
| Semi-annually |
| 66,315 |
| 398,233 |
| 464,548 |
| 609,361 |
| — |
| — |
| 609,361 |
|
Foreign |
| Hidroeléctrica El Chocón |
| Argentina |
| Foreign |
| Banco de Galicia - Nuevo Syndicated |
| Argentina |
| Ar$ |
| 19.12 | % | BPC + 5.25% |
| Semi-annually |
| 167,311 |
| 398,233 |
| 565,544 |
| 3,023,612 |
| 603,521 |
| — |
| 3,627,133 |
|
Foreign |
| Hidroeléctrica El Chocón |
| Argentina |
| Foreign |
| Banco de la Ciudad - Nuevo Sindicado |
| Argentina |
| Ar$ |
| 19.12 | % | BPC + 5.25% |
| Semi-annually |
| 53,063 |
| 318,657 |
| 371,720 |
| 487,596 |
| — |
| — |
| 487,596 |
|
Foreign |
| Hidroeléctrica El Chocón |
| Chile |
| Foreign |
| PNC BANK |
| USA |
| US$ |
| 3.09 | % | 3.09% |
| Semi-annually |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total |
|
|
|
|
| 50,310,586 |
| 228,145,273 |
| 278,455,859 |
| 216,963,871 |
| 35,796,092 |
| 63,343,038 |
| 316,103,001 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 12-2010 |
| ||||||||||||
|
|
|
|
|
| ID No. |
|
|
|
|
|
|
| Effective |
|
|
|
|
| Current ThCh$ |
| Non-current ThCh$ |
| ||||||||||
Taxpayer ID |
| Company |
| Country |
| Financial |
| Financial Institution |
| Country |
| Currency |
| Interest |
| Nominal |
| Type of |
| Less than 90 |
| More than |
| Total |
| One to |
| Three to |
| More than |
| Total Non- |
|
Foreign |
| Endesa Costanera |
| Argentina |
| Foreign |
| Banco Santander Río |
| Argentina |
| Ar$ |
| 15.50 | % | 15.50% |
| At maturity |
| 882,153 |
| — |
| 882,153 |
| — |
| — |
| — |
| — |
|
Foreign |
| Endesa Costanera |
| Argentina |
| Foreign |
| Banco Itau |
| Argentina |
| Ar$ |
| 16.90 | % | BAIBOR+5% |
| At maturity |
| 2,679,318 |
| — |
| 2,679,318 |
| — |
| — |
| — |
| — |
|
Foreign |
| Endesa Costanera |
| Argentina |
| Foreign |
| Citibank |
| Argentina |
| Ar$ |
| 13.50 | % | 13.50% |
| At maturity |
| — |
| 3,705,866 |
| 3,705,866 |
| — |
| — |
| — |
| — |
|
Foreign |
| Endesa Costanera |
| Argentina |
| Foreign |
| Banco Galicia |
| Argentina |
| Ar$ |
| 16.00 | % | 16.00% |
| At maturity |
| 1,778,439 |
| — |
| 1,778,439 |
| — |
| — |
| — |
| — |
|
Foreign |
| Endesa Costanera |
| Argentina |
| Foreign |
| Citibank |
| Argentina |
| US$ |
| 5.43 | % | LIBOR+4.8% |
| At maturity |
| 381,952 |
| — |
| 381,952 |
| — |
| — |
| — |
| — |
|
Foreign |
| Endesa Costanera |
| Argentina |
| Foreign |
| Banco Galicia |
| Argentina |
| US$ |
| 3.80 | % | EURIBOR+3.85% |
| At maturity |
| — |
| 277,010 |
| 277,010 |
| — |
| — |
| — |
| — |
|
Foreign |
| Endesa Costanera |
| Argentina |
| Foreign |
| Banco Supervielle |
| Argentina |
| Ar$ |
| 16.00 | % | 16.00% |
| At maturity |
| 1,779,852 |
| — |
| 1,779,852 |
| — |
| — |
| — |
| — |
|
Foreign |
| Endesa Costanera |
| Argentina |
| Foreign |
| Banco Ciudad |
| Argentina |
| Ar$ |
| 16.00 | % | 16.00% |
| At maturity |
| — |
| 954,115 |
| 954,115 |
| — |
| — |
| — |
| — |
|
Foreign |
| Endesa Costanera |
| Argentina |
| Foreign |
| Banco Standard |
| Argentina |
| Ar$ |
| 16.00 | % | 16.00% |
| At maturity |
| 1,159,754 |
| — |
| 1,159,754 |
| — |
| — |
| — |
| — |
|
Foreign |
| Endesa Costanera |
| Argentina |
| Foreign |
| Banco Macro |
| Argentina |
| Ar$ |
| 16.00 | % | 16.00% |
| At maturity |
| 357,808 |
| — |
| 357,808 |
| — |
| — |
| — |
| — |
|
Foreign |
| Endesa Costanera |
| Chile |
| Foreign |
| B.N.P. Paribas |
| USA |
| US$ |
| 6.32 | % | 6.32% |
| Semi-annually |
| — |
| 821,662 |
| 821,662 |
| — |
| — |
| — |
| — |
|
91,081,000-6 |
| Endesa Chile |
| Chile |
| Foreign |
| Export Development Corporation Loan |
| USA |
| US$ |
| 1.60 | % | Libor+1.0 |
| Semi-annually |
| 356,896 |
| 335,088 |
| 691,984 |
| 1,531,395 |
| 1,531,396 |
| — |
| 3,062,791 |
|
91,081,000-6 |
| Endesa Chile . |
| Chile |
| Foreign |
| Banco Bilbao Vizcaya Argentaria S.A. |
| USA |
| US$ |
| 1.93 | % | Libor+0.75 |
| At maturity |
| 24,636 |
| — |
| 24,636 |
| 1,340,104 |
| 670,052 |
| — |
| 2,010,156 |
|
91,081,000-6 |
| Endesa Chile |
| Chile |
| Foreign |
| The Bank of Tokyo-Mitsubishi, Ltd. |
| USA |
| US$ |
| 1.93 | % | Libor+0.75 |
| At maturity |
| — |
| — |
| — |
| — |
| 27,418,295 |
| — |
| 27,418,295 |
|
91,081,000-6 |
| Endesa Chile |
| Chile |
| Foreign |
| Caja Madrid, Caja Madrid Miami Agency |
| USA |
| US$ |
| 1.93 | % | Libor+0.75 |
| At maturity |
| — |
| — |
| — |
| — |
| 15,335,657 |
| — |
| 15,335,657 |
|
91,081,000-6 |
| Endesa Chile |
| Chile |
| Foreign |
| Banco Santander Central Hispano S.A. N.Y.B. |
| USA |
| US$ |
| 1.93 | % | Libor+0.75 |
| At maturity |
| — |
| — |
| — |
| — |
| 23,235,843 |
| — |
| 23,235,843 |
|
91,081,000-6 |
| Endesa Chile |
| Chile |
| Foreign |
| Banco Español de crédito S.A. N.Y.B. |
| USA |
| US$ |
| 1.93 | % | Libor+0.75 |
| At maturity |
| — |
| — |
| — |
| — |
| 15,335,656 |
| — |
| 15,335,656 |
|
91,081,000-6 |
| Endesa Chile |
| Argentina |
| Foreign |
| Deutsche Bank |
| Argentina |
| US$ |
| 3.80 | % | Libor+3.5% |
| At maturity |
| 1,383,337 |
| 8,390,068 |
| 9,773,405 |
| — |
| 11,617,921 |
| — |
| 11,617,921 |
|
Foreign |
| Hidroeléctrica El Chocón |
| Argentina |
| Foreign |
| Standard Bank |
| Argentina |
| US$ |
| 3.80 | % | Libor+3.5% |
| At maturity |
| 1,383,337 |
| 8,390,067 |
| 9,773,404 |
| — |
| — |
| — |
| — |
|
Foreign |
| Hidroeléctrica El Chocón |
| Argentina |
| Foreign |
| Banco Itau - Syndicated |
| Argentina |
| Ar$ |
| 19.36 | % | BPC + 5.75% |
| Semi-annually |
| 22,071 |
| 1,095,330 |
| 1,117,401 |
| — |
| — |
| — |
| — |
|
Foreign |
| Hidroeléctrica El Chocón |
| Argentina |
| Foreign |
| Standard - Syndicated |
| Argentina |
| Ar$ |
| 19.36 | % | BPC + 5.75% |
| Semi-annually |
| 22,071 |
| 1,095,330 |
| 1,117,401 |
| 1,095,330 |
| — |
| — |
| 1,095,330 |
|
Foreign |
| Hidroeléctrica El Chocón |
| Argentina |
| Foreign |
| Banco Santander - Syndicated |
| Argentina |
| Ar$ |
| 19.36 | % | BPC + 5.75% |
| Semi-annually |
| 23,732 |
| 1,177,774 |
| 1,201,506 |
| 1,095,330 |
| — |
| — |
| 1,095,330 |
|
Foreign |
| Hidroeléctrica El Chocón |
| Argentina |
| Foreign |
| Banco Hipotecario - Syndicated |
| Argentina |
| Ar$ |
| 19.36 | % | BPC + 5.75% |
| Semi-annually |
| 19,936 |
| 989,330 |
| 1,009,266 |
| 1,177,774 |
| — |
| — |
| 1,177,774 |
|
Foreign |
| Hidroeléctrica El Chocón |
| Argentina |
| Foreign |
| Banco de Galicia - Syndicated |
| Argentina |
| Ar$ |
| 19.36 | % | BPC + 5.75% |
| Semi-annually |
| 9,493 |
| 471,110 |
| 480,603 |
| 989,330 |
| — |
| — |
| 989,330 |
|
Foreign |
| Hidroeléctrica El Chocón |
| Argentina |
| Foreign |
| Banco Itau - Syndicated |
| Argentina |
| Ar$ |
| 19.36 | % | BPC + 5.75% |
| Semi-annually |
| 8,307 |
| 412,221 |
| 420,528 |
| 471,110 |
| — |
| — |
| 471,110 |
|
Foreign |
| Hidroeléctrica El Chocón |
| Argentina |
| Foreign |
| Banco Santander - Syndicated |
| Argentina |
| Ar$ |
| 19.36 | % | BPC + 5.75% |
| Semi-annually |
| 8,307 |
| 412,221 |
| 420,528 |
| 412,221 |
| — |
| — |
| 412,221 |
|
Foreign |
| Hidroeléctrica El Chocón |
| Argentina |
| Foreign |
| Banco de la Ciudad de Buenos Aires |
| Argentina |
| Ar$ |
| 15.84 | % | 15.84% |
| At maturity |
| 10,029 |
| — |
| 10,029 |
| 412,221 |
| — |
| — |
| 412,221 |
|
Foreign |
| Hidroeléctrica El Chocón |
| Argentina |
| Foreign |
| Citibank |
| Argentina |
| Ar$ |
| 14.50 | % | 14.50% |
| At maturity |
| 729,446 |
| — |
| 729,446 |
| — |
| — |
| — |
| — |
|
Foreign |
| Hidroeléctrica El Chocón |
| Argentina |
| Foreign |
| Banco Francés |
| Argentina |
| Ar$ |
| 14.93 | % | 14.93% |
| At maturity |
| 596,140 |
| — |
| 596,140 |
| — |
| — |
| — |
| — |
|
Foreign |
| Hidroeléctrica El Chocón |
| Argentina |
| Foreign |
| Banco Industrial |
| Argentina |
| Ar$ |
| 17.34 | % | BPC + 5.00% |
| At maturity |
| 711,729 |
| — |
| 711,729 |
| — |
| — |
| — |
| — |
|
Foreign |
| Hidroeléctrica El Chocón |
| Argentina |
| Foreign |
| Banco Macro |
| Argentina |
| Ar$ |
| 17.75 | % | 17.75% |
| At maturity |
| 2,391,059 |
| — |
| 2,391,059 |
| — |
| — |
| — |
| — |
|
Foreign |
| Hidroeléctrica El Chocón |
| Argentina |
| Foreign |
| Banco Itau - Nuevo Syndicated |
| Argentina |
| Ar$ |
| 19.12 | % | BPC + 5.25% |
| Semi-annually |
| 245,369 |
| 2,314 |
| 247,683 |
| — |
| — |
| — |
| — |
|
Foreign |
| Hidroeléctrica El Chocón |
| Argentina |
| Foreign |
| Standard - Nuevo Syndicated |
| Argentina |
| Ar$ |
| 19.12 | % | BPC + 5.25% |
| Semi-annually |
| 539,813 |
| 5,092 |
| 544,905 |
| 1,226,886 |
| — |
| — |
| 1,226,886 |
|
Foreign |
| Hidroeléctrica El Chocón |
| Argentina |
| Foreign |
| Banco Santander - Nuevo Syndicated |
| Argentina |
| Ar$ |
| 19.12 | % | BPC + 5.25% |
| Semi-annually |
| 392,591 |
| 3,703 |
| 396,294 |
| 2,699,066 |
| — |
| — |
| 2,699,066 |
|
Foreign |
| Hidroeléctrica El Chocón |
| Argentina |
| Foreign |
| Banco Hipotecario - Nuevo Syndicated |
| Argentina |
| Ar$ |
| 19.12 | % | BPC + 5.25% |
| Semi-annually |
| 196,296 |
| 1,851 |
| 198,147 |
| 1,962,957 |
| — |
| — |
| 1,962,957 |
|
Foreign |
| Hidroeléctrica El Chocón |
| Argentina |
| Foreign |
| Banco de Galicia - Nuevo Syndicated |
| Argentina |
| Ar$ |
| 19.12 | % | BPC + 5.25% |
| Semi-annually |
| 196,296 |
| 1,851 |
| 198,147 |
| 981,478 |
| — |
| — |
| 981,478 |
|
Foreign |
| Hidroeléctrica El Chocón |
| Argentina |
| Foreign |
| Banco de la Ciudad - Nuevo Sindicado |
| Argentina |
| Ar$ |
| 19.12 | % | BPC + 5.25% |
| Semi-annually |
| — |
| — |
| — |
| 981,478 |
| — |
| — |
| 981,478 |
|
Foreign |
| Hidroeléctrica El Chocón |
| Chile |
| Foreign |
| PNC BANK |
| USA |
| US$ |
| 3.09 | % | 3.09% |
| Semi-annually |
| — |
| 208,031 |
| 208,031 |
| — |
| — |
| — |
| — |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total |
|
|
|
|
| 33,214,645 |
| 151,238,334 |
| 184,452,979 |
| 230,557,425 |
| 190,395,117 |
| 30,985,066 |
| 451,937,608 |
|
Appendix No.4, letter a), presents additional information on financial debt which includes a projection of future cash flows (undiscounted) that the Group will have to disburse to settle the bank loans detailed above.
18.3 The detail of Unsecured Liabilities by currency and maturity as of December 31, 2011 and 2010 is as follows:
· Summary of Unsecured Liabilities by currency and maturity
|
|
|
|
|
|
|
| Current |
| Non-current |
| ||||||||||
|
|
|
|
|
|
|
| Maturity |
|
|
| Maturity |
|
|
| ||||||
|
|
|
| Nominal |
| Secured/ |
| One to Three |
| Three to |
| Total |
| One to Three |
| Three to Five |
| More than |
| Total |
|
Country |
| Currency |
| Rate |
| Unsecured |
| ThCh$ |
| ThCh$ |
| ThCh$ |
| ThCh$ |
| ThCh$ |
| ThCh$ |
| ThCh$ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Chile |
| US$ |
| 8.10 | % | Unsecured |
| 22,439,241 |
| 802,032 |
| 23,241,273 |
| 396,001,073 |
| 236,020,317 |
| 157,801,599 |
| 789,822,989 |
|
Chile |
| CH$ |
| 5.29 | % | Unsecured |
| 31,548,592 |
| 9,198,469 |
| 40,747,061 |
| 13,764,742 |
| 14,617,263 |
| 378,064,242 |
| 406,446,247 |
|
Peru |
| US$ |
| 6.97 | % | Unsecured |
| 853,625 |
| 60,597 |
| 914,222 |
| 5,049,784 |
| 13,692,084 |
| 19,828,195 |
| 38,570,063 |
|
Peru |
| Soles |
| 7.37 | % | Unsecured |
| 27,920,075 |
| 57,158 |
| 27,977,233 |
| 80,986,235 |
| 42,415,673 |
| 28,905,326 |
| 152,307,234 |
|
Argentina |
| Ar$ |
| 12.28 | % | Unsecured |
| 15,571 |
| 3,963,560 |
| 3,979,131 |
| — |
| — |
| — |
| — |
|
Colombia |
| CPs |
| 8.99 | % | Unsecured |
| 1,753,145 |
| 36,094,355 |
| 37,847,500 |
| 131,329,301 |
| 76,673,844 |
| 574,038,462 |
| 782,041,607 |
|
Brazil |
| Reais |
| 12.97 | % | Unsecured |
| 6,688,369 |
| 101,390,968 |
| 108,079,337 |
| 60,242,802 |
| 120,351,829 |
| 90,131,132 |
| 270,725,763 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total |
| 91,218,618 |
| 151,567,139 |
| 242,785,757 |
| 687,373,937 |
| 503,771,010 |
| 1,248,768,956 |
| 2,439,913,903 |
|
|
|
|
|
|
|
|
| Current |
| Non-current |
| ||||||||||
|
|
|
|
|
|
|
| Maturity |
|
|
| Maturity |
|
|
| ||||||
|
|
|
| Nominal |
| Secured/ |
| One to Three |
| Three to |
| Total |
| One to Three |
| Three to Five |
| More than |
| Total |
|
Country |
| Currency |
| Rate |
| Unsecured |
| ThCh$ |
| ThCh$ |
| ThCh$ |
| ThCh$ |
| ThCh$ |
| ThCh$ |
| ThCh$ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Chile |
| US$ |
| 8.10 | % | Unsecured |
| 20,226,869 |
| 722,956 |
| 20,949,825 |
| 185,675,099 |
| 263,691,199 |
| 261,884,873 |
| 711,251,171 |
|
Chile |
| CH$ |
| 5.32 | % | Unsecured |
| 1,091,599 |
| 9,114,072 |
| 10,205,671 |
| 14,544,226 |
| 15,984,434 |
| 396,428,448 |
| 426,957,108 |
|
Peru |
| US$ |
| 6.88 | % | Unsecured |
| 870,099 |
| 3,801,453 |
| 4,671,552 |
| — |
| 7,528,779 |
| 27,242,221 |
| 34,771,000 |
|
Peru |
| Soles |
| 7.35 | % | Unsecured |
| 19,784,574 |
| 49,456 |
| 19,834,030 |
| 57,933,048 |
| 51,988,516 |
| 39,215,602 |
| 149,137,166 |
|
Argentina |
| Ar$ |
| 12.28 | % | Unsecured |
| — |
| 7,736,090 |
| 7,736,090 |
| 3,862,274 |
| — |
| — |
| 3,862,274 |
|
Colombia |
| CPs |
| 7.88 | % | Unsecured |
| 1,586,797 |
| 131,473,631 |
| 133,060,428 |
| 89,822,752 |
| 37,829,581 |
| 414,522,034 |
| 542,174,367 |
|
Brazil |
| Reais |
| 11.29 | % | Unsecured |
| 7,503,875 |
| 77,690,863 |
| 85,194,738 |
| 128,445,480 |
| 42,472,182 |
| — |
| 170,917,662 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total |
| 51,063,813 |
| 230,588,521 |
| 281,652,334 |
| 480,282,879 |
| 419,494,691 |
| 1,139,293,178 |
| 2,039,070,748 |
|
18.4 The detail of Secured Liabilities by currency and maturity as of December 31, 2011 and 2010 is as follows:
· Summary of Secured Liabilities by currency and maturity
|
|
|
|
|
|
|
| Current |
| Non-current |
| ||||||||||
|
|
|
|
|
|
|
| Maturity |
| Total |
| Maturity |
| Total |
| ||||||
|
|
|
| Nominal |
| Secured/ |
| One to Three |
| Three to Twelve |
| Current at |
| One to Three |
| Three to Five |
| More than |
| Non-current |
|
Country |
| Currency |
| Rate |
| Unsecured |
| ThCh$ |
| ThCh$ |
| ThCh$ |
| ThCh$ |
| ThCh$ |
| ThCh$ |
| ThCh$ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Peru |
| US$ |
| 6.15 | % | Secured |
| — |
| 10,463,994 |
| 10,463,994 |
| — |
| — |
| — |
| — |
|
Peru |
| Soles |
| 6.41 | % | Secured |
| 135,886 |
| 60,596 |
| 196,482 |
| 9,635,108 |
| — |
| — |
| 9,635,108 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total |
| 135,886 |
| 10,524,590 |
| 10,660,476 |
| 9,635,108 |
| — |
| — |
| 9,635,108 |
|
|
|
|
|
|
|
|
| Current |
| Non-current |
| ||||||||||
|
|
|
|
|
|
|
| Maturity |
| Total |
| Maturity |
| Total |
| ||||||
|
|
|
| Nominal |
| Secured/ |
| One to Three |
| Three to Twelve |
| Current at |
| One to Three |
| Three to Five |
| More than |
| Non-current |
|
Country |
| Currency |
| Rate |
| Unsecured |
| ThCh$ |
| ThCh$ |
| ThCh$ |
| ThCh$ |
| ThCh$ |
| ThCh$ |
| ThCh$ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Peru |
| US$ |
| 6.15 | % | Secured |
| — |
| 66,252 |
| 66,252 |
| 9,367,060 |
| — |
| — |
| 9,367,060 |
|
Peru |
| Soles |
| 6.26 | % | Secured |
| 4,373,389 |
| 5,082,647 |
| 9,456,036 |
| 4,168,325 |
| 4,168,325 |
| — |
| 8,336,650 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total |
| 4,373,389 |
| 5,148,899 |
| 9,522,288 |
| 13,535,385 |
| 4,168,325 |
| — |
| 17,703,710 |
|
The fair value of current and non-current secured and unsecured liabilities totaled ThCh$ 3,209,731,363 and ThCh$ 2,753,493,822 as of December 31, 2011 and December 31, 2010 respectively.
· Secured and Unsecured Liabilities by Company
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 12-2011 |
| ||||||||||||
Taxpayer ID |
|
|
|
|
| ID No. |
|
|
|
|
|
|
|
|
|
|
|
|
| Current ThCh$ |
| Non-current ThCh$ |
| ||||||||||
No. |
| Company |
| Country |
| Financial |
| Financial Institution |
| Country |
| Currency |
| Effective |
| Nominal |
| Secured/ |
| Less than |
| More than |
| Total |
| One to |
| Three to |
| More than |
| Total |
|
Foreign |
| Chinango |
| Peru |
| Foreign |
| BANCO CONTINENTAL |
| Peru |
| Soles |
| 6.57% |
| 6.57% |
| YES |
| — |
| 60,596 |
| 60,596 |
| 4,817,554 |
| — |
| — |
| 4,817,554 |
|
Foreign |
| Chinango |
| Peru |
| Foreign |
| BANCO CONTINENTAL |
| Peru |
| Soles |
| 6.16% |
| 6.16% |
| YES |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
|
Foreign |
| Chinango |
| Peru |
| Foreign |
| BANCO CONTINENTAL |
| Peru |
| Soles |
| 6.15% |
| 6.15% |
| YES |
| 135,886 |
| — |
| 135,886 |
| 4,817,554 |
| — |
| — |
| 4,817,554 |
|
Foreign |
| Chinango |
| Peru |
| Foreign |
| BANCO CONTINENTAL |
| Peru |
| Soles |
| 5.91% |
| 5.91% |
| YES |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
|
Foreign |
| Chinango |
| Peru |
| Foreign |
| BANCO CONTINENTAL |
| Peru |
| US$ |
| 6.15% |
| 6.15% |
| YES |
| — |
| 10,463,994 |
| 10,463,994 |
| — |
| — |
| — |
| — |
|
|
|
|
|
|
|
|
|
|
| Total Secured Bonds |
| 135,886 |
| 10,524,590 |
| 10,660,476 |
| 9,635,108 |
| — |
| — |
| 9,635,108 |
| ||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign |
| Ampla |
| Brazil |
| Foreign |
| BONDS |
| Brazil |
| Reais |
| 12.01% |
| CDI+1.05%aa |
| No |
| 4,711,895 |
| 83,544,437 |
| 88,256,332 |
| — |
| 17,199,885 |
| 34,700,328 |
| 51,900,213 |
|
Foreign |
| Ampla |
| Brazil |
| Foreign |
| BONDS |
| Brazil |
| Reais |
| 12.28% |
| CDI+1.30%aa |
| No |
| 164,014 |
| — |
| 164,014 |
| — |
| 32,546,476 |
| — |
| 32,546,476 |
|
Foreign |
| Ampla |
| Brazil |
| Foreign |
| BONDS |
| Brazil |
| Reais |
| 16.48% |
| CDI+5.61%aa |
| No |
| 147,518 |
| — |
| 147,518 |
| 27,931,549 |
| 14,103,489 |
| — |
| 42,035,038 |
|
Foreign |
| Codensa |
| Colombia |
| Foreign |
| B5 |
| Colombia |
| CPs |
| CPI+6.14% |
| CPI+6.14% |
| No |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
|
Foreign |
| Codensa |
| Colombia |
| Foreign |
| B8 |
| Colombia |
| CPs |
| 9.09% |
| 8.80% |
| No |
| 390,407 |
| — |
| 390,407 |
| 66,868,280 |
| — |
| — |
| 66,868,280 |
|
Foreign |
| Codensa |
| Colombia |
| Foreign |
| B302 |
| Colombia |
| CPs |
| CPI+4.60% |
| CPI+4.60% |
| No |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
|
Foreign |
| Codensa |
| Colombia |
| Foreign |
| B102 |
| Colombia |
| CPs |
| 8.03% |
| 7.80% |
| No |
| 456,111 |
| — |
| 456,111 |
| — |
| — |
| 104,210,669 |
| 104,210,669 |
|
Foreign |
| Codensa |
| Colombia |
| Foreign |
| B502 |
| Colombia |
| CPs |
| 5.97% |
| 5.97% |
| No |
| 30,623 |
| 9,019,194 |
| 9,049,817 |
| — |
| — |
| — |
| — |
|
Foreign |
| Codensa |
| Colombia |
| Foreign |
| B503 |
| Colombia |
| CPs |
| 6.06% |
| 6.06% |
| No |
| 115,603 |
| — |
| 115,603 |
| 22,868,952 |
| — |
| — |
| 22,868,952 |
|
Foreign |
| Codensa |
| Colombia |
| Foreign |
| B503 |
| Colombia |
| CPs |
| 8.74% |
| 8.46% |
| No |
| 91,853 |
| — |
| 91,853 |
| 20,194,220 |
| — |
| — |
| 20,194,220 |
|
Foreign |
| Codensa |
| Colombia |
| Foreign |
| B103 |
| Colombia |
| CPs |
| 8.28% |
| 8.04% |
| No |
| 181,497 |
| — |
| 181,497 |
| — |
| — |
| 21,397,849 |
| 21,397,849 |
|
Foreign |
| Codensa |
| Colombia |
| Foreign |
| B304 |
| Colombia |
| CPs |
| 5.65% |
| 5.53% |
| No |
| 114,096 |
| — |
| 114,096 |
| 21,397,849 |
| — |
| — |
| 21,397,849 |
|
Foreign |
| Codensa |
| Colombia |
| Foreign |
| B304 |
| Colombia |
| CPs |
| 6.61% |
| 6.45% |
| No |
| 372,955 |
| — |
| 372,955 |
| — |
| 38,783,602 |
| — |
| 38,783,602 |
|
Foreign |
| Coelce |
| Brazil |
| Foreign |
| Itaú |
| Brazil |
| Reais |
| 12.34% |
| 12.11% |
| No |
| — |
| 700,207 |
| 700,207 |
| — |
| 28,930,201 |
| — |
| 28,930,201 |
|
Foreign |
| Coelce |
| Brazil |
| Foreign |
| Santander |
| Brazil |
| Reais |
| 14.41% |
| 14.11% |
| No |
| 1,664,942 |
| 17,146,324 |
| 18,811,266 |
| 32,311,253 |
| 27,571,778 |
| 55,430,804 |
| 115,313,835 |
|
Foreign |
| Edegel |
| Peru |
| Foreign |
| BANCO CONTINENTAL |
| Peru |
| Soles |
| 6.41% |
| 6.31% |
| No |
| — |
| 7,603 |
| 7,603 |
| — |
| — |
| 4,817,555 |
| 4,817,555 |
|
Foreign |
| Edegel |
| Peru |
| Foreign |
| BANCO CONTINENTAL |
| Peru |
| Soles |
| 6.38% |
| 6.28% |
| No |
| 148,780 |
| — |
| 148,780 |
| — |
| — |
| 4,817,555 |
| 4,817,555 |
|
Foreign |
| Edegel |
| Peru |
| Foreign |
| BANCO CONTINENTAL |
| Peru |
| Soles |
| 6.86% |
| 6.75% |
| No |
| 86,706 |
| — |
| 86,706 |
| 3,854,084 |
| — |
| — |
| 3,854,084 |
|
Foreign |
| Edegel |
| Peru |
| Foreign |
| BANCO CONTINENTAL |
| Peru |
| Soles |
| 6.54% |
| 6.44% |
| No |
| — |
| 33,597 |
| 33,597 |
| 4,817,555 |
| — |
| — |
| 4,817,555 |
|
Foreign |
| Edegel |
| Peru |
| Foreign |
| BANCO CONTINENTAL |
| Peru |
| Soles |
| 6.73% |
| 6.63% |
| No |
| — |
| 15,958 |
| 15,958 |
| 4,817,555 |
| — |
| — |
| 4,817,555 |
|
Foreign |
| Edegel |
| Peru |
| Foreign |
| BANCO CONTINENTAL |
| Peru |
| Soles |
| 6.61% |
| 6.50% |
| No |
| 88,723 |
| — |
| 88,723 |
| 4,817,555 |
| — |
| — |
| 4,817,555 |
|
Foreign |
| Edegel |
| Peru |
| Foreign |
| BANCO CONTINENTAL |
| Peru |
| Soles |
| 6.70% |
| 6.59% |
| No |
| 112,871 |
| — |
| 112,871 |
| 5,453,472 |
| — |
| — |
| 5,453,472 |
|
Foreign |
| Edegel |
| Peru |
| Foreign |
| BANCO CONTINENTAL |
| Peru |
| US$ |
| 5.86% |
| 5.78% |
| No |
| 141,895 |
| — |
| 141,895 |
| — |
| — |
| 5,195,251 |
| 5,195,251 |
|
Foreign |
| Edegel |
| Peru |
| Foreign |
| BANCO CONTINENTAL |
| Peru |
| US$ |
| 6.06% |
| 5.97% |
| No |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
|
Foreign |
| Edegel |
| Peru |
| Foreign |
| BANCO CONTINENTAL |
| Peru |
| US$ |
| 6.44% |
| 6.34% |
| No |
| 141,900 |
| — |
| 141,900 |
| — |
| — |
| 5,195,251 |
| 5,195,251 |
|
Foreign |
| Edegel |
| Peru |
| Foreign |
| BANCO CONTINENTAL |
| Peru |
| US$ |
| 7.25% |
| 7.13% |
| No |
| — |
| 60,597 |
| 60,597 |
| 5,049,784 |
| — |
| — |
| 5,049,784 |
|
Foreign |
| Edegel |
| Peru |
| Foreign |
| BANCO CONTINENTAL |
| Peru |
| US$ |
| 7.13% |
| 7.13% |
| No |
| 104,550 |
| — |
| 104,550 |
| — |
| 3,301,582 |
| — |
| 3,301,582 |
|
Foreign |
| Edegel |
| Peru |
| Foreign |
| BANCO SCOTIABANK |
| Peru |
| US$ |
| 9.20% |
| 9.00% |
| No |
| 85,722 |
| — |
| 85,722 |
| — |
| 5,195,251 |
| — |
| 5,195,251 |
|
Foreign |
| Edegel |
| Peru |
| Foreign |
| BANCO SCOTIABANK |
| Peru |
| US$ |
| 6.09% |
| 6.00% |
| No |
| 146,718 |
| — |
| 146,718 |
| — |
| — |
| 4,242,442 |
| 4,242,442 |
|
Foreign |
| Edegel |
| Peru |
| Foreign |
| BANCO SCOTIABANK |
| Peru |
| US$ |
| 6.73% |
| 6.63% |
| No |
| 157,752 |
| — |
| 157,752 |
| — |
| 5,195,251 |
| — |
| 5,195,251 |
|
Foreign |
| Edegel |
| Peru |
| Foreign |
| BANCO SCOTIABANK |
| Peru |
| US$ |
| 7.93% |
| 7.78% |
| No |
| 75,088 |
| — |
| 75,088 |
| — |
| — |
| 5,195,251 |
| 5,195,251 |
|
Foreign |
| Edelnor |
| Peru |
| Foreign |
| Military/Police Pension Fund |
| Peru |
| Soles |
| 1.27% |
| 0.54% |
| No |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
|
Foreign |
| Edelnor |
| Peru |
| Foreign |
| FCR — Macro fund |
| Peru |
| Soles |
| 8.67% |
| 5.44% |
| No |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
|
Foreign |
| Edelnor |
| Peru |
| Foreign |
| Rimac Internacional Cia de Seguros |
| Peru |
| Soles |
| 9.92% |
| 6.50% |
| No |
| 4,840 |
| — |
| 4,840 |
| — |
| — |
| — |
| — |
|
Foreign |
| Edelnor |
| Peru |
| Foreign |
| Rimac Internacional Cia de Seguros |
| Peru |
| Soles |
| 9.92% |
| 6.50% |
| No |
| 48,852 |
| — |
| 48,852 |
| 4,756,410 |
| — |
| — |
| 4,756,410 |
|
Foreign |
| Edelnor |
| Peru |
| Foreign |
| AFP Integra |
| Peru |
| Soles |
| 8.94% |
| 8.75% |
| No |
| 17,997 |
| — |
| 17,997 |
| 4,746,484 |
| — |
| — |
| 4,746,484 |
|
Foreign |
| Edelnor |
| Peru |
| Foreign |
| Retirement Fund for Noncommissioned Officers and Specialists - Fosersoe |
| Peru |
| Soles |
| 8.00% |
| 7.84% |
| No |
| 10,266 |
| — |
| 10,266 |
| 9,476,559 |
| — |
| — |
| 9,476,559 |
|
Foreign |
| Edelnor |
| Peru |
| Foreign |
| AFP Integra |
| Peru |
| Soles |
| 7.71% |
| 7.56% |
| No |
| 28,102 |
| — |
| 28,102 |
| — |
| 5,781,065 |
| — |
| 5,781,065 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 12-2010 |
| ||||||||||||
Taxpayer ID |
|
|
|
|
| ID No. |
|
|
|
|
|
|
|
|
|
|
|
|
| Current ThCh$ |
| Non-current ThCh$ |
| ||||||||||
No. |
| Company |
| Country |
| Financial |
| Financial Institution |
| Country |
| Currency |
| Effective |
| Nominal |
| Secured/ |
| Less than |
| More than |
| Total |
| One to |
| Three to |
| More than |
| Total |
|
Foreign |
| Chinango |
| Peru |
| Foreign |
| BANCO CONTINENTAL |
| Peru |
| Soles |
| 6.57% |
| 6.57% |
| YES |
| — |
| 52,430 |
| 52,430 |
| 4,168,325 |
| — |
| — |
| 4,168,325 |
|
Foreign |
| Chinango |
| Peru |
| Foreign |
| BANCO CONTINENTAL |
| Peru |
| Soles |
| 6.16% |
| 6.16% |
| YES |
| — |
| 5,030,217 |
| 5,030,217 |
| — |
| — |
| — |
| — |
|
Foreign |
| Chinango |
| Peru |
| Foreign |
| BANCO CONTINENTAL |
| Peru |
| Soles |
| 6.15% |
| 6.15% |
| YES |
| 117,614 |
| — |
| 117,614 |
| — |
| 4,168,325 |
| — |
| 4,168,325 |
|
Foreign |
| Chinango |
| Peru |
| Foreign |
| BANCO CONTINENTAL |
| Peru |
| Soles |
| 5.91% |
| 5.91% |
| YES |
| 4,255,775 |
| — |
| 4,255,775 |
| — |
| — |
| — |
| — |
|
Foreign |
| Chinango |
| Peru |
| Foreign |
| BANCO CONTINENTAL |
| Peru |
| US$ |
| 6.15% |
| 6.15% |
| YES |
| — |
| 66,252 |
| 66,252 |
| 9,367,060 |
| — |
| — |
| 9,367,060 |
|
|
|
|
|
|
|
|
|
|
| Total Secured Bonds |
| 4,373,389 |
| 5,148,899 |
| 9,522,288 |
| 13,535,385 |
| 4,168,325 |
| — |
| 17,703,710 |
| ||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign |
| Ampla |
| Brazil |
| Foreign |
| BONDS |
| Brazil |
| Reais |
| 12.01% |
| CDI+1.05%aa |
| No |
| 4,686,546 |
| 52,169,863 |
| 56,856,409 |
| 52,170,000 |
| — |
| — |
| 52,170,000 |
|
Foreign |
| Ampla |
| Brazil |
| Foreign |
| BONDS |
| Brazil |
| Reais |
| 12.28% |
| CDI+1.30%aa |
| No |
| 174,000 |
| — |
| 174,000 |
| 32,523,060 |
| — |
| — |
| 32,523,060 |
|
Foreign |
| Ampla |
| Brazil |
| Foreign |
| BONDS |
| Brazil |
| Reais |
| 16.48% |
| CDI+5.61%aa |
| No |
| 153,269 |
| — |
| 153,269 |
| 13,096,397 |
| 26,860,183 |
| — |
| 39,956,580 |
|
Foreign |
| Codensa |
| Colombia |
| Foreign |
| B5 |
| Colombia |
| CPs |
| CPI+6.14% |
| CPI+6.14% |
| No |
| 240,683 |
| 48,655,410 |
| 48,896,093 |
| — |
| — |
| — |
| — |
|
Foreign |
| Codensa |
| Colombia |
| Foreign |
| B8 |
| Colombia |
| CPs |
| 9.09% |
| 8.80% |
| No |
| 307,948 |
| — |
| 307,948 |
| 60,819,262 |
| — |
| — |
| 60,819,262 |
|
Foreign |
| Codensa |
| Colombia |
| Foreign |
| B302 |
| Colombia |
| CPs |
| CPI+4.60% |
| CPI+4.60% |
| No |
| 353,650 |
| — |
| 353,650 |
| — |
| — |
| — |
| — |
|
Foreign |
| Codensa |
| Colombia |
| Foreign |
| B102 |
| Colombia |
| CPs |
| 8.03% |
| 7.80% |
| No |
| — |
| — |
| — |
| — |
| — |
| 94,695,348 |
| 94,695,348 |
|
Foreign |
| Codensa |
| Colombia |
| Foreign |
| B502 |
| Colombia |
| CPs |
| 5.97% |
| 5.97% |
| No |
| 22,810 |
| — |
| 22,810 |
| 8,203,302 |
| — |
| — |
| 8,203,302 |
|
Foreign |
| Codensa |
| Colombia |
| Foreign |
| B503 |
| Colombia |
| CPs |
| 6.06% |
| 6.06% |
| No |
| 69,066 |
| — |
| 69,066 |
| 20,800,188 |
| — |
| — |
| 20,800,188 |
|
Foreign |
| Codensa |
| Colombia |
| Foreign |
| B503 |
| Colombia |
| CPs |
| 8.74% |
| 8.46% |
| No |
| 89,400 |
| — |
| 89,400 |
| — |
| 18,367,417 |
| — |
| 18,367,417 |
|
Foreign |
| Codensa |
| Colombia |
| Foreign |
| B103 |
| Colombia |
| CPs |
| 8.28% |
| 8.04% |
| No |
| 90,029 |
| — |
| 90,029 |
| — |
| — |
| 19,462,164 |
| 19,462,164 |
|
Foreign |
| Codensa |
| Colombia |
| Foreign |
| B304 |
| Colombia |
| CPs |
| 5.65% |
| 5.53% |
| No |
| 132,693 |
| — |
| 132,693 |
| — |
| 19,462,164 |
| — |
| 19,462,164 |
|
Foreign |
| Codensa |
| Colombia |
| Foreign |
| B304 |
| Colombia |
| CPs |
| 6.61% |
| 6.45% |
| No |
| 280,518 |
| — |
| 280,518 |
| — |
| — |
| 35,275,172 |
| 35,275,172 |
|
Foreign |
| Coelce |
| Brazil |
| Foreign |
| Itaú |
| Brazil |
| Reais |
| 12.34% |
| 12.11% |
| No |
| 890,856 |
| 25,521,000 |
| 26,411,856 |
| — |
| — |
| — |
| — |
|
Foreign |
| Coelce |
| Brazil |
| Foreign |
| Santander |
| Brazil |
| Reais |
| 14.41% |
| 14.11% |
| No |
| 1,599,204 |
| — |
| 1,599,204 |
| 30,656,023 |
| 15,611,999 |
| — |
| 46,268,022 |
|
Foreign |
| Edegel |
| Peru |
| Foreign |
| BANCO CONTINENTAL |
| Peru |
| Soles |
| 6.41% |
| 6.31% |
| No |
| — |
| 6,578 |
| 6,578 |
| — |
| — |
| 4,168,325 |
| 4,168,325 |
|
Foreign |
| Edegel |
| Peru |
| Foreign |
| BANCO CONTINENTAL |
| Peru |
| Soles |
| 6.38% |
| 6.28% |
| No |
| 128,730 |
| — |
| 128,730 |
| — |
| — |
| 4,168,325 |
| 4,168,325 |
|
Foreign |
| Edegel |
| Peru |
| Foreign |
| BANCO CONTINENTAL |
| Peru |
| Soles |
| 6.86% |
| 6.75% |
| No |
| 75,030 |
| — |
| 75,030 |
| — |
| 3,334,660 |
| — |
| 3,334,660 |
|
Foreign |
| Edegel |
| Peru |
| Foreign |
| BANCO CONTINENTAL |
| Peru |
| Soles |
| 6.54% |
| 6.44% |
| No |
| 76,767 |
| — |
| 76,767 |
| 4,168,325 |
| — |
| — |
| 4,168,325 |
|
Foreign |
| Edegel |
| Peru |
| Foreign |
| BANCO CONTINENTAL |
| Peru |
| Soles |
| 6.73% |
| 6.63% |
| No |
| — |
| 29,070 |
| 29,070 |
| 4,168,325 |
| — |
| — |
| 4,168,325 |
|
Foreign |
| Edegel |
| Peru |
| Foreign |
| BANCO CONTINENTAL |
| Peru |
| Soles |
| 6.61% |
| 6.50% |
| No |
| — |
| 13,808 |
| 13,808 |
| 4,168,325 |
| — |
| — |
| 4,168,325 |
|
Foreign |
| Edegel |
| Peru |
| Foreign |
| BANCO CONTINENTAL |
| Peru |
| Soles |
| 6.70% |
| 6.59% |
| No |
| 97,660 |
| — |
| 97,660 |
| — |
| 4,718,544 |
| — |
| 4,718,544 |
|
Foreign |
| Edegel |
| Peru |
| Foreign |
| BANCO CONTINENTAL |
| Peru |
| US$ |
| 5.86% |
| 5.78% |
| No |
| 127,919 |
| — |
| 127,919 |
| — |
| — |
| 4,683,530 |
| 4,683,530 |
|
Foreign |
| Edegel |
| Peru |
| Foreign |
| BANCO CONTINENTAL |
| Peru |
| US$ |
| 6.06% |
| 5.97% |
| No |
| 100,637 |
| 3,746,824 |
| 3,847,461 |
| — |
| — |
| — |
| — |
|
Foreign |
| Edegel |
| Peru |
| Foreign |
| BANCO CONTINENTAL |
| Peru |
| US$ |
| 6.44% |
| 6.34% |
| No |
| 127,923 |
| — |
| 127,923 |
| — |
| — |
| 4,683,530 |
| 4,683,530 |
|
Foreign |
| Edegel |
| Peru |
| Foreign |
| BANCO CONTINENTAL |
| Peru |
| US$ |
| 7.25% |
| 7.13% |
| No |
| — |
| 54,629 |
| 54,629 |
| — |
| 4,552,391 |
| — |
| 4,552,391 |
|
Foreign |
| Edegel |
| Peru |
| Foreign |
| BANCO CONTINENTAL |
| Peru |
| US$ |
| 7.13% |
| 7.13% |
| No |
| 132,266 |
| — |
| 132,266 |
| — |
| — |
| 3,824,571 |
| 3,824,571 |
|
Foreign |
| Edegel |
| Peru |
| Foreign |
| BANCO SCOTIABANK |
| Peru |
| US$ |
| 9.20% |
| 9.00% |
| No |
| 94,171 |
| — |
| 94,171 |
| — |
| 2,976,388 |
| — |
| 2,976,388 |
|
Foreign |
| Edegel |
| Peru |
| Foreign |
| BANCO SCOTIABANK |
| Peru |
| US$ |
| 6.09% |
| 6.00% |
| No |
| 142,213 |
| — |
| 142,213 |
| — |
| — |
| 4,683,530 |
| 4,683,530 |
|
Foreign |
| Edegel |
| Peru |
| Foreign |
| BANCO SCOTIABANK |
| Peru |
| US$ |
| 6.73% |
| 6.63% |
| No |
| 77,278 |
| — |
| 77,278 |
| — |
| — |
| 4,683,530 |
| 4,683,530 |
|
Foreign |
| Edegel |
| Peru |
| Foreign |
| BANCO SCOTIABANK |
| Peru |
| US$ |
| 7.93% |
| 7.78% |
| No |
| 67,692 |
| — |
| 67,692 |
| — |
| — |
| 4,683,530 |
| 4,683,530 |
|
Foreign |
| Edelnor |
| Peru |
| Foreign |
| Military/Police Pension Fund |
| Peru |
| Soles |
| 1.27% |
| 0.54% |
| No |
| 3,465,734 |
| — |
| 3,465,734 |
| — |
| — |
| — |
| — |
|
Foreign |
| Edelnor |
| Peru |
| Foreign |
| FCR — Macro fund |
| Peru |
| Soles |
| 8.67% |
| 5.44% |
| No |
| 819,886 |
| — |
| 819,886 |
| — |
| — |
| — |
| — |
|
Foreign |
| Edelnor |
| Peru |
| Foreign |
| Rimac Internacional Cia de Seguros |
| Peru |
| Soles |
| 9.92% |
| 6.50% |
| No |
| 40,394 |
| — |
| 40,394 |
| — |
| 3,932,869 |
| — |
| 3,932,869 |
|
Foreign |
| Edelnor |
| Peru |
| Foreign |
| Rimac Internacional Cia de Seguros |
| Peru |
| Soles |
| 9.92% |
| 6.50% |
| No |
| 14,881 |
| — |
| 14,881 |
| — |
| 3,924,661 |
| — |
| 3,924,661 |
|
Foreign |
| Edelnor |
| Peru |
| Foreign |
| AFP Integra |
| Peru |
| Soles |
| 8.94% |
| 8.75% |
| No |
| 8,489 |
| — |
| 8,489 |
| — |
| 7,835,713 |
| — |
| 7,835,713 |
|
Foreign |
| Edelnor |
| Peru |
| Foreign |
| Retirement Fund for Noncommissioned Officers and Specialists - Fosersoe |
| Peru |
| Soles |
| 8.00% |
| 7.84% |
| No |
| 24,315 |
| — |
| 24,315 |
| — |
| 5,001,990 |
| — |
| 5,001,990 |
|
Foreign |
| Edelnor |
| Peru |
| Foreign |
| AFP Integra |
| Peru |
| Soles |
| 7.71% |
| 7.56% |
| No |
| 25,430 |
| — |
| 25,430 |
| 666,932 |
| — |
| — |
| 666,932 |
|
· Secured and Unsecured Liabilities by Company, continued
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 12-2011 |
| ||||||||||||
|
|
|
|
|
| ID No. |
|
|
|
|
|
|
| Effective |
|
|
|
|
| Current ThCh$ |
| Non-current ThCh$ |
| ||||||||||
Taxpayer ID |
| Company |
| Country |
| Financial |
| Financial Institution |
| Country |
| Currency |
| Interest |
| Nominal |
| Secured/ |
| Less than 90 |
| More than 90 days |
| Total Current |
| One to Three Years |
| Three to Five Years |
| More than Five Years |
| Total Non-current |
|
Foreign |
| Edelnor |
| Peru |
| Foreign |
| Social Health Insurance - Essalud |
| Peru |
| Soles |
| 8.32 | % | 8.16 | % | No |
| 29,390 |
| — |
| 29,390 |
| 770,809 |
| — |
| — |
| 770,809 |
|
Foreign |
| Edelnor |
| Peru |
| Foreign |
| AFP Profuturo |
| Peru |
| Soles |
| 7.35 | % | 7.22 | % | No |
| 23,074 |
| — |
| 23,074 |
| 2,890,532 |
| — |
| — |
| 2,890,532 |
|
Foreign |
| Edelnor |
| Peru |
| Foreign |
| AFP Integra |
| Peru |
| Soles |
| 8.16 | % | 8.00 | % | No |
| 137,526 |
| — |
| 137,526 |
| — |
| 3,468,639 |
| — |
| 3,468,639 |
|
Foreign |
| Edelnor |
| Peru |
| Foreign |
| AFP Horizonte |
| Peru |
| Soles |
| 6.77 | % | 6.66 | % | No |
| 2,516,119 |
| — |
| 2,516,119 |
| — |
| — |
| — |
| — |
|
Foreign |
| Edelnor |
| Peru |
| Foreign |
| AFP Integra |
| Peru |
| Soles |
| 5.77 | % | 5.69 | % | No |
| 69,553 |
| — |
| 69,553 |
| — |
| 2,890,532 |
| — |
| 2,890,532 |
|
Foreign |
| Edelnor |
| Peru |
| Foreign |
| AFP Integra |
| Peru |
| Soles |
| 5.99 | % | 5.91 | % | No |
| 173,552 |
| — |
| 173,552 |
| — |
| 5,241,499 |
| — |
| 5,241,499 |
|
Foreign |
| Edelnor |
| Peru |
| Foreign |
| FCR — Macro Fund |
| Peru |
| Soles |
| 6.06 | % | 5.97 | % | No |
| 44,894 |
| — |
| 44,894 |
| 2,890,532 |
| — |
| — |
| 2,890,532 |
|
Foreign |
| Edelnor |
| Peru |
| Foreign |
| AFP Profuturo |
| Peru |
| Soles |
| 7.06 | % | 6.94 | % | No |
| 3,897,275 |
| — |
| 3,897,275 |
| — |
| — |
| — |
| — |
|
Foreign |
| Edelnor |
| Peru |
| Foreign |
| AFP Integra |
| Peru |
| Soles |
| 6.67 | % | 6.56 | % | No |
| 44,894 |
| — |
| 44,894 |
| — |
| 3,854,043 |
| — |
| 3,854,043 |
|
Foreign |
| Edelnor |
| Peru |
| Foreign |
| AFP Horizonte |
| Peru |
| Soles |
| 6.96 | % | 6.84 | % | No |
| 7,930,354 |
| — |
| 7,930,354 |
| — |
| — |
| — |
| — |
|
Foreign |
| Edelnor |
| Peru |
| Foreign |
| AFP Prima |
| Peru |
| Soles |
| 6.38 | % | 6.28 | % | No |
| 179,735 |
| — |
| 179,735 |
| — |
| 7,708,087 |
| — |
| 7,708,087 |
|
Foreign |
| Edelnor |
| Peru |
| Foreign |
| AFP Prima |
| Peru |
| Soles |
| 6.93 | % | 6.81 | % | No |
| 5,894,881 |
| — |
| 5,894,881 |
| — |
| — |
| — |
| — |
|
Foreign |
| Edelnor |
| Peru |
| Foreign |
| AFP Prima |
| Peru |
| Soles |
| 7.25 | % | 7.13 | % | No |
| 5,082,940 |
| — |
| 5,082,940 |
| — |
| — |
| — |
| — |
|
Foreign |
| Edelnor |
| Peru |
| Foreign |
| AFP Integra |
| Peru |
| Soles |
| 7.64 | % | 7.50 | % | No |
| 186,831 |
| — |
| 186,831 |
| 5,781,065 |
| — |
| — |
| 5,781,065 |
|
Foreign |
| Edelnor |
| Peru |
| Foreign |
| Mapfre Peru Cia de Seguros |
| Peru |
| Soles |
| 7.87 | % | 7.72 | % | No |
| 81,366 |
| — |
| 81,366 |
| 3,854,043 |
| — |
| — |
| 3,854,043 |
|
Foreign |
| Edelnor |
| Peru |
| Foreign |
| AFP Prima |
| Peru |
| Soles |
| 8.49 | % | 8.31 | % | No |
| 15,498 |
| — |
| 15,498 |
| 4,817,554 |
| — |
| — |
| 4,817,554 |
|
Foreign |
| Edelnor |
| Peru |
| Foreign |
| AFP Prima |
| Peru |
| Soles |
| 8.42 | % | 8.25 | % | No |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
|
Foreign |
| Edelnor |
| Peru |
| Foreign |
| AFP Prima |
| Peru |
| Soles |
| 7.97 | % | 7.81 | % | No |
| 16,209 |
| — |
| 16,209 |
| — |
| 4,817,554 |
| — |
| 4,817,554 |
|
Foreign |
| Edelnor |
| Peru |
| Foreign |
| AFP Prima |
| Peru |
| Soles |
| 8.06 | % | 7.91 | % | No |
| 209,478 |
| — |
| 209,478 |
| 5,781,065 |
| — |
| — |
| 5,781,065 |
|
Foreign |
| Edelnor |
| Peru |
| Foreign |
| AFP Profuturo |
| Peru |
| Soles |
| 8.23 | % | 8.06 | % | No |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
|
Foreign |
| Edelnor |
| Peru |
| Foreign |
| AFP Profuturo |
| Peru |
| Soles |
| 6.67 | % | 6.56 | % | No |
| 210,758 |
| — |
| 210,758 |
| 5,781,065 |
| — |
| — |
| 5,781,065 |
|
Foreign |
| Edelnor |
| Peru |
| Foreign |
| AFP Profuturo |
| Peru |
| Soles |
| 7.06 | % | 7.06 | % | No |
| 115,030 |
| — |
| 115,030 |
| — |
| 4,800,211 |
| — |
| 4,800,211 |
|
Foreign |
| Edelnor |
| Peru |
| Foreign |
| AFP Profuturo |
| Peru |
| Soles |
| 6.63 | % | 6.63 | % | No |
| 48,664 |
| — |
| 48,664 |
| 5,679,896 |
| — |
| — |
| 5,679,896 |
|
Foreign |
| Edelnor |
| Peru |
| Foreign |
| AFP Profuturo |
| Peru |
| Soles |
| 7.44 | % | 7.44 | % | No |
| 85,060 |
| — |
| 85,060 |
| — |
| — |
| 5,781,065 |
| 5,781,065 |
|
Foreign |
| Edelnor |
| Peru |
| Foreign |
| Fondo Mi Vivienda |
| Peru |
| Soles |
| 6.50 | % | 6.50 | % | No |
| 42,555 |
| — |
| 42,555 |
| — |
| 3,854,043 |
| — |
| 3,854,043 |
|
Foreign |
| Edelnor |
| Peru |
| Foreign |
| Rimac Internacional Cia de Seguros |
| Peru |
| Soles |
| 7.03 | % | 7.03 | % | No |
| 171,987 |
| — |
| 171,987 |
| — |
| — |
| 5,781,065 |
| 5,781,065 |
|
Foreign |
| Edelnor |
| Peru |
| Foreign |
| AFP Prima |
| Peru |
| Soles |
| 6.50 | % | 6.50 | % | No |
| 40,360 |
| — |
| 40,360 |
| — |
| — |
| 3,854,043 |
| 3,854,043 |
|
Foreign |
| Edelnor |
| Peru |
| Foreign |
| Fifth Series A |
| Peru |
| Soles |
| 7.03 | % | 7.03 | % | No |
| 124,955 |
| — |
| 124,955 |
| — |
| — |
| 3,854,043 |
| 3,854,043 |
|
Foreign |
| Edesur |
| Argentina |
| Foreign |
| oeds7 |
| Argentina |
| Ar$ |
| 12.28 | % | 11.75 | % | No |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
|
Foreign |
| Edesur |
| Argentina |
| Foreign |
| oeds7 |
| Argentina |
| Ar$ |
| 12.28 | % | 11.75 | % | No |
| 15,571 |
| 3,963,560 |
| 3,979,131 |
| — |
| — |
| — |
| — |
|
Foreign |
| Emgesa |
| Colombia |
| Foreign |
| A-10 Bonds |
| Colombia |
| CPs |
| 8.21 | % | 7.97 | % | No |
| — |
| 534,079 |
| 534,079 |
| — |
| — |
| 56,169,355 |
| 56,169,355 |
|
Foreign |
| Emgesa |
| Colombia |
| Foreign |
| B-103 Bonds |
| Colombia |
| CPs |
| 8.33 | % | 8.33 | % | No |
| — |
| 3,654,924 |
| 3,654,924 |
| — |
| — |
| 45,470,431 |
| 45,470,431 |
|
Foreign |
| Emgesa |
| Colombia |
| Foreign |
| A102 Bonds |
| Colombia |
| CPs |
| 8.21 | % | 7.97 | % | No |
| — |
| 101,729 |
| 101,729 |
| — |
| — |
| 9,747,283 |
| 9,747,283 |
|
Foreign |
| Emgesa |
| Colombia |
| Foreign |
| A5 Bonds |
| Colombia |
| CPs |
| 5.32 | % | 5.22 | % | No |
| — |
| 116,036 |
| 116,036 |
| — |
| 13,223,871 |
| — |
| 13,223,871 |
|
Foreign |
| Emgesa |
| Colombia |
| Foreign |
| B10 Bonds |
| Colombia |
| CPs |
| 8.97 | % | 8.69 | % | No |
| — |
| 575,302 |
| 575,302 |
| — |
| — |
| 42,811,747 |
| 42,811,747 |
|
Foreign |
| Emgesa |
| Colombia |
| Foreign |
| B15 Bonds |
| Colombia |
| CPs |
| 9.29 | % | 8.99 | % | No |
| — |
| 205,704 |
| 205,704 |
| — |
| — |
| 14,844,758 |
| 14,844,758 |
|
Foreign |
| Emgesa |
| Colombia |
| Foreign |
| B09-09 Bonds |
| Colombia |
| CPs |
| 9.10 | % | 8.80 | % | No |
| — |
| 1,416,305 |
| 1,416,305 |
| — |
| — |
| 58,362,634 |
| 58,362,634 |
|
Foreign |
| Emgesa |
| Colombia |
| Foreign |
| B12 Bonds |
| Colombia |
| CPs |
| 9.30 | % | 9.00 | % | No |
| — |
| 592,993 |
| 592,993 |
| — |
| — |
| 23,960,242 |
| 23,960,242 |
|
Foreign |
| Emgesa |
| Colombia |
| Foreign |
| Commercial papers |
| Colombia |
| CPs |
| 4.20 | % | 4.20 | % | No |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
|
Foreign |
| Emgesa |
| Colombia |
| Foreign |
| E5-09 Bonds |
| Colombia |
| CPs |
| 9.27 | % | 9.27 | % | No |
| — |
| 1,146,419 |
| 1,146,419 |
| — |
| 24,666,371 |
| — |
| 24,666,371 |
|
Foreign |
| Emgesa |
| Colombia |
| Foreign |
| B7 Bonds |
| Colombia |
| CPs |
| 9.31 | % | 9.00 | % | No |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
|
Foreign |
| Emgesa |
| Colombia |
| Foreign |
| B72 Bonds |
| Colombia |
| CPs |
| 9.31 | % | 9.00 | % | No |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
|
Foreign |
| Emgesa |
| Colombia |
| Foreign |
| Foreign bonds |
| Colombia |
| CPs |
| 10.17 | % | 10.17 | % | No |
| — |
| 2,288,195 |
| 2,288,195 |
| — |
| — |
| 24,072,581 |
| 24,072,581 |
|
Foreign |
| Emgesa |
| Colombia |
| Foreign |
| Quimbo bonds |
| Colombia |
| CPs |
| 10.17 | % | 10.17 | % | No |
| — |
| 16,443,475 |
| 16,443,475 |
| — |
| — |
| 172,990,913 |
| 172,990,913 |
|
91,081,000-6 |
| Endesa Chile |
| Chile |
| Foreign |
| The Bank of New York Mellon — First Issuance S-1 |
| USA |
| US$ |
| 7.96 | % | 7.96 | % | No |
| 3,507,440 |
| — |
| 3,507,440 |
| — |
| — |
| 105,516,202 |
| 105,516,202 |
|
91,081,000-6 |
| Endesa Chile |
| Chile |
| Foreign |
| The Bank of New York Mellon — First Issuance S-2 |
| USA |
| US$ |
| 7.40 | % | 7.40 | % | No |
| 1,121,609 |
| — |
| 1,121,609 |
| — |
| — |
| 36,254,989 |
| 36,254,989 |
|
91,081,000-6 |
| Endesa Chile |
| Chile |
| Foreign |
| The Bank of New York Mellon — First Issuance S-3 |
| USA |
| US$ |
| 8.26 | % | 8.26 | % | No |
| 710,395 |
| — |
| 710,395 |
| — |
| — |
| 15,584,934 |
| 15,584,934 |
|
91,081,000-6 |
| Endesa Chile |
| Chile |
| 97,004,000-5 |
| Banco Santander Chile - 264 Series-F |
| Chile |
| U.F. |
| 6.44 | % | 6.44 | % | No |
| 31,548,592 |
| — |
| 31,548,592 |
| — |
| — |
| — |
| — |
|
91,081,000-6 |
| Endesa Chile |
| Chile |
| Foreign |
| The Bank of New York Mellon - 144-A |
| USA |
| US$ |
| 8.50 | % | 8.50 | % | No |
| 7,225,533 |
| — |
| 7,225,533 |
| 206,726,825 |
| — |
| — |
| 206,726,825 |
|
91,081,000-6 |
| Endesa Chile |
| Chile |
| Foreign |
| The Bank of New York Mellon - 144-A |
| USA |
| US$ |
| 8.83 | % | 8.83 | % | No |
| 3,731,750 |
| — |
| 3,731,750 |
| — |
| 102,843,263 |
| — |
| 102,843,263 |
|
91,081,000-6 |
| Endesa Chile |
| Chile |
| 97,004,000-5 |
| Banco Santander Chile - 317 Series-H |
| Chile |
| U.F. |
| 7.17 | % | 7.17 | % | No |
| — |
| 5,653,703 |
| 5,653,703 |
| 9,274,316 |
| 9,274,316 |
| 51,798,587 |
| 70,347,219 |
|
91,081,000-6 |
| Endesa Chile |
| Chile |
| 97,004,000-5 |
| Banco Santander Chile - 318 Series-K |
| Chile |
| U.F. |
| 3.86 | % | 3.86 | % | No |
| — |
| 699,402 |
| 699,402 |
| — |
| — |
| 88,931,329 |
| 88,931,329 |
|
91,081,000-6 |
| Endesa Chile |
| Chile |
| 97,004,000-5 |
| Banco Santander Chile - 522 Series-M |
| Chile |
| U.F. |
| 4.82 | % | 4.82 | % | No |
| — |
| 436,109 |
| 436,109 |
| — |
| — |
| 218,509,846 |
| 218,509,846 |
|
94,271,000-3 |
| Enersis |
| Chile |
| Foreign |
| Yankee Bonds 2016 |
| USA |
| US$ |
| 7.76 | % | 7.40 | % | No |
| — |
| 799,582 |
| 799,582 |
| — |
| 133,177,054 |
| — |
| 133,177,054 |
|
94,271,000-3 |
| Enersis |
| Chile |
| Foreign |
| Yankee Bonds 2026 |
| USA |
| US$ |
| 7.76 | % | 6.60 | % | No |
| — |
| 2,450 |
| 2,450 |
| — |
| — |
| 445,474 |
| 445,474 |
|
94,271,000-3 |
| Enersis |
| Chile |
| Foreign |
| Yankee Bonds 2014 |
| USA |
| US$ |
| 7.69 | % | 7.38 | % | No |
| 6,142,514 |
| — |
| 6,142,514 |
| 189,274,248 |
| — |
| — |
| 189,274,248 |
|
94,271,000-3 |
| Enersis |
| Chile |
| 97,004,000-5 |
| Bonds UF 269 |
| Chile |
| U.F. |
| 7.02 | % | 5.75 | % | No |
| — |
| 2,409,255 |
| 2,409,255 |
| 4,490,426 |
| 5,342,947 |
| 18,824,480 |
| 28,657,853 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
|
|
|
|
|
|
|
|
|
|
| Total Unsecured Bonds |
| 91,218,618 |
| 151,567,139 |
| 242,785,757 |
| 687,373,937 |
| 503,771,010 |
| 1,248,768,956 |
| 2,439,913,903 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 12-2010 |
| ||||||||||||
|
|
|
|
|
| ID No. |
|
|
|
|
|
|
| Effective |
|
|
|
|
| Current ThCh$ |
| Non-current ThCh$ |
| ||||||||||
Taxpayer ID |
| Company |
| Country |
| Financial |
| Financial Institution |
| Country |
| Currency |
| Interest |
| Nominal |
| Secured/ |
| Less than 90 |
| More than 90 |
| Total Current |
| One to Three |
| Three to Five |
| More than |
| Total Non-Current |
|
Foreign |
| Edelnor |
| Peru |
| Foreign |
| Social Health Insurance - Essalud |
| Peru |
| Soles |
| 8.32 | % | 8.16 | % | No |
| 19,965 |
| — |
| 19,965 |
| 2,500,995 |
| — |
| — |
| 2,500,995 |
|
Foreign |
| Edelnor |
| Peru |
| Foreign |
| AFP Profuturo |
| Peru |
| Soles |
| 7.35 | % | 7.22 | % | No |
| 118,993 |
| — |
| 118,993 |
| — |
| — |
| 3,001,194 |
| 3,001,194 |
|
Foreign |
| Edelnor |
| Peru |
| Foreign |
| AFP Integra |
| Peru |
| Soles |
| 8.16 | % | 8.00 | % | No |
| 60,180 |
| — |
| 60,180 |
| — |
| — |
| 2,500,995 |
| 2,500,995 |
|
Foreign |
| Edelnor |
| Peru |
| Foreign |
| AFP Horizonte |
| Peru |
| Soles |
| 6.77 | % | 6.66 | % | No |
| 3,432,135 |
| — |
| 3,432,135 |
| — |
| — |
| — |
| — |
|
Foreign |
| Edelnor |
| Peru |
| Foreign |
| AFP Integra |
| Peru |
| Soles |
| 5.77 | % | 5.69 | % | No |
| 150,163 |
| — |
| 150,163 |
| — |
| — |
| 4,535,138 |
| 4,535,138 |
|
Foreign |
| Edelnor |
| Peru |
| Foreign |
| AFP Integra |
| Peru |
| Soles |
| 5.99 | % | 5.91 | % | No |
| 38,844 |
| — |
| 38,844 |
| 2,500,995 |
| — |
| — |
| 2,500,995 |
|
Foreign |
| Edelnor |
| Peru |
| Foreign |
| FCR — Macro Fund |
| Peru |
| Soles |
| 6.06 | % | 5.97 | % | No |
| 37,405 |
| — |
| 37,405 |
| 3,334,660 |
| — |
| — |
| 3,334,660 |
|
Foreign |
| Edelnor |
| Peru |
| Foreign |
| AFP Profuturo |
| Peru |
| Soles |
| 7.06 | % | 6.94 | % | No |
| 38,844 |
| — |
| 38,844 |
| — |
| 3,334,660 |
| — |
| 3,334,660 |
|
Foreign |
| Edelnor |
| Peru |
| Foreign |
| AFP Integra |
| Peru |
| Soles |
| 6.67 | % | 6.56 | % | No |
| 192,403 |
| — |
| 192,403 |
| 6,669,320 |
| — |
| — |
| 6,669,320 |
|
Foreign |
| Edelnor |
| Peru |
| Foreign |
| AFP Horizonte |
| Peru |
| Soles |
| 6.96 | % | 6.84 | % | No |
| 155,513 |
| — |
| 155,513 |
| — |
| 6,669,320 |
| — |
| 6,669,320 |
|
Foreign |
| Edelnor |
| Peru |
| Foreign |
| AFP Prima |
| Peru |
| Soles |
| 6.38 | % | 6.28 | % | No |
| 98,477 |
| — |
| 98,477 |
| 5,001,990 |
| — |
| — |
| 5,001,990 |
|
Foreign |
| Edelnor |
| Peru |
| Foreign |
| AFP Prima |
| Peru |
| Soles |
| 6.93 | % | 6.81 | % | No |
| 161,653 |
| — |
| 161,653 |
| 5,001,990 |
| — |
| — |
| 5,001,990 |
|
Foreign |
| Edelnor |
| Peru |
| Foreign |
| AFP Prima |
| Peru |
| Soles |
| 7.25 | % | 7.13 | % | No |
| 3,401,208 |
| — |
| 3,401,208 |
| — |
| — |
| — |
| — |
|
Foreign |
| Edelnor |
| Peru |
| Foreign |
| AFP Integra |
| Peru |
| Soles |
| 7.64 | % | 7.50 | % | No |
| 70,401 |
| — |
| 70,401 |
| 3,334,660 |
| — |
| — |
| 3,334,660 |
|
Foreign |
| Edelnor |
| Peru |
| Foreign |
| Mapfre Peru Cia de Seguros |
| Peru |
| Soles |
| 7.87 | % | 7.72 | % | No |
| 13,410 |
| — |
| 13,410 |
| — |
| 4,168,325 |
| — |
| 4,168,325 |
|
Foreign |
| Edelnor |
| Peru |
| Foreign |
| AFP Prima |
| Peru |
| Soles |
| 8.49 | % | 8.31 | % | No |
| 14,025 |
| — |
| 14,025 |
| — |
| — |
| 4,168,325 |
| 4,168,325 |
|
Foreign |
| Edelnor |
| Peru |
| Foreign |
| AFP Prima |
| Peru |
| Soles |
| 8.42 | % | 8.25 | % | No |
| 3,452,068 |
| — |
| 3,452,068 |
| — |
| — |
| — |
| — |
|
Foreign |
| Edelnor |
| Peru |
| Foreign |
| AFP Prima |
| Peru |
| Soles |
| 7.97 | % | 7.81 | % | No |
| 181,248 |
| — |
| 181,248 |
| 5,001,990 |
| — |
| — |
| 5,001,990 |
|
Foreign |
| Edelnor |
| Peru |
| Foreign |
| AFP Prima |
| Peru |
| Soles |
| 8.06 | % | 7.91 | % | No |
| 9,509 |
| — |
| 9,509 |
| 2,167,529 |
| — |
| — |
| 2,167,529 |
|
Foreign |
| Edelnor |
| Peru |
| Foreign |
| AFP Profuturo |
| Peru |
| Soles |
| 8.23 | % | 8.06 | % | No |
| 2,589,753 |
| — |
| 2,589,753 |
| — |
| — |
| — |
| — |
|
Foreign |
| Edelnor |
| Peru |
| Foreign |
| AFP Profuturo |
| Peru |
| Soles |
| 6.67 | % | 6.56 | % | No |
| 152,924 |
| — |
| 152,924 |
| 4,245,022 |
| — |
| — |
| 4,245,022 |
|
Foreign |
| Edelnor |
| Peru |
| Foreign |
| AFP Profuturo |
| Peru |
| Soles |
| 7.06 | % | 7.06 | % | No |
| 182,356 |
| — |
| 182,356 |
| 5,001,990 |
| — |
| — |
| 5,001,990 |
|
Foreign |
| Edelnor |
| Peru |
| Foreign |
| AFP Profuturo |
| Peru |
| Soles |
| 6.63 | % | 6.63 | % | No |
| 99,528 |
| — |
| 99,528 |
| — |
| 4,153,319 |
| — |
| 4,153,319 |
|
Foreign |
| Edelnor |
| Peru |
| Foreign |
| AFP Profuturo |
| Peru |
| Soles |
| 7.44 | % | 7.44 | % | No |
| 42,106 |
| — |
| 42,106 |
| — |
| 4,914,455 |
| — |
| 4,914,455 |
|
Foreign |
| Edelnor |
| Peru |
| Foreign |
| Fondo Mi Vivienda |
| Peru |
| Soles |
| 6.50 | % | 6.50 | % | No |
| 73,597 |
| — |
| 73,597 |
| — |
| — |
| 5,001,990 |
| 5,001,990 |
|
Foreign |
| Edelnor |
| Peru |
| Foreign |
| Rimac Internacional Cia de Seguros |
| Peru |
| Soles |
| 7.03 | % | 7.03 | % | No |
| 36,820 |
| — |
| 36,820 |
| — |
| — |
| 3,334,660 |
| 3,334,660 |
|
Foreign |
| Edelnor |
| Peru |
| Foreign |
| AFP Prima |
| Peru |
| Soles |
| 6.50 | % | 6.50 | % | No |
| 148,809 |
| — |
| 148,809 |
| — |
| — |
| 5,001,990 |
| 5,001,990 |
|
Foreign |
| Edelnor |
| Peru |
| Foreign |
| Fifth Series A |
| Peru |
| Soles |
| 7.03 | % | 7.03 | % | No |
| 34,921 |
| — |
| 34,921 |
| — |
| — |
| 3,334,660 |
| 3,334,660 |
|
Foreign |
| Edesur |
| Argentina |
| Foreign |
| oeds7 |
| Argentina |
| Ar$ |
| 12.28 | % | 11.75 | % | No |
| — |
| 3,886,654 |
| 3,886,654 |
| — |
| — |
| — |
| — |
|
Foreign |
| Edesur |
| Argentina |
| Foreign |
| oeds7 |
| Argentina |
| Ar$ |
| 12.28 | % | 11.75 | % | No |
| — |
| 3,849,436 |
| 3,849,436 |
| 3,862,274 |
| — |
| — |
| 3,862,274 |
|
Foreign |
| Emgesa |
| Colombia |
| Foreign |
| A-10 Bonds |
| Colombia |
| CPs |
| 8.21 | % | 7.97 | % | No |
| — |
| 411,850 |
| 411,850 |
| — |
| — |
| 51,088,180 |
| 51,088,180 |
|
Foreign |
| Emgesa |
| Colombia |
| Foreign |
| B-103 Bonds |
| Colombia |
| CPs |
| 8.33 | % | 8.33 | % | No |
| — |
| 2,810,154 |
| 2,810,154 |
| — |
| — |
| 42,837,829 |
| 42,837,829 |
|
Foreign |
| Emgesa |
| Colombia |
| Foreign |
| A102 Bonds |
| Colombia |
| CPs |
| 8.21 | % | 7.97 | % | No |
| — |
| 78,448 |
| 78,448 |
| — |
| — |
| 9,384,105 |
| 9,384,105 |
|
Foreign |
| Emgesa |
| Colombia |
| Foreign |
| A5 Bonds |
| Colombia |
| CPs |
| 5.32 | % | 5.22 | % | No |
| — |
| 83,357 |
| 83,357 |
| — |
| — |
| 12,027,617 |
| 12,027,617 |
|
Foreign |
| Emgesa |
| Colombia |
| Foreign |
| B10 Bonds |
| Colombia |
| CPs |
| 8.97 | % | 8.69 | % | No |
| — |
| 449,458 |
| 449,458 |
| — |
| — |
| 38,938,924 |
| 38,938,924 |
|
Foreign |
| Emgesa |
| Colombia |
| Foreign |
| B15 Bonds |
| Colombia |
| CPs |
| 9.29 | % | 8.99 | % | No |
| — |
| 161,483 |
| 161,483 |
| — |
| — |
| 13,501,876 |
| 13,501,876 |
|
Foreign |
| Emgesa |
| Colombia |
| Foreign |
| B09-09 Bonds |
| Colombia |
| CPs |
| 9.10 | % | 8.80 | % | No |
| — |
| 1,108,613 |
| 1,108,613 |
| — |
| — |
| 53,083,052 |
| 53,083,052 |
|
Foreign |
| Emgesa |
| Colombia |
| Foreign |
| B12 Bonds |
| Colombia |
| CPs |
| 9.30 | % | 9.00 | % | No |
| — |
| 465,607 |
| 465,607 |
| — |
| — |
| 21,792,758 |
| 21,792,758 |
|
Foreign |
| Emgesa |
| Colombia |
| Foreign |
| Commercial papers |
| Colombia |
| CPs |
| 4.20 | % | 4.20 | % | No |
| — |
| 17,113,595 |
| 17,113,595 |
| — |
| — |
| — |
| — |
|
Foreign |
| Emgesa |
| Colombia |
| Foreign |
| E5-09 Bonds |
| Colombia |
| CPs |
| 9.27 | % | 9.27 | % | No |
| — |
| 1,042,712 |
| 1,042,712 |
| — |
| — |
| 22,435,009 |
| 22,435,009 |
|
Foreign |
| Emgesa |
| Colombia |
| Foreign |
| B7 Bonds |
| Colombia |
| CPs |
| 9.31 | % | 9.00 | % | No |
| — |
| 44,319,708 |
| 44,319,708 |
| — |
| — |
| — |
| — |
|
Foreign |
| Emgesa |
| Colombia |
| Foreign |
| B72 Bonds |
| Colombia |
| CPs |
| 9.31 | % | 9.00 | % | No |
| — |
| 14,773,236 |
| 14,773,236 |
| — |
| — |
| — |
| — |
|
Foreign |
| Emgesa |
| Colombia |
| Foreign |
| Foreign bonds |
| Colombia |
| CPs |
| 10.17 | % | 10.17 | % | No |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
|
Foreign |
| Emgesa |
| Colombia |
| Foreign |
| Quimbo bonds |
| Colombia |
| CPs |
| 10.17 | % | 10.17 | % | No |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
|
91,081,000-6 |
| Endesa Chile |
| Chile |
| Foreign |
| The Bank of New York Mellon — First Issuance S-1 |
| USA |
| US$ |
| 7.96 | % | 7.96 | % | No |
| 3,161,628 |
| — |
| 3,161,628 |
| — |
| — |
| 94,921,874 |
| 94,921,874 |
|
91,081,000-6 |
| Endesa Chile |
| Chile |
| Foreign |
| The Bank of New York Mellon — First Issuance S-2 |
| USA |
| US$ |
| 7.40 | % | 7.40 | % | No |
| 1,011,025 |
| — |
| 1,011,025 |
| — |
| — |
| 32,652,675 |
| 32,652,675 |
|
91,081,000-6 |
| Endesa Chile |
| Chile |
| Foreign |
| The Bank of New York Mellon — First Issuance S-3 |
| USA |
| US$ |
| 8.26 | % | 8.26 | % | No |
| 640,355 |
| — |
| 640,355 |
| — |
| — |
| 13,515,600 |
| 13,515,600 |
|
91,081,000-6 |
| Endesa Chile |
| Chile |
| 97,004,000-5 |
| Banco Santander Chile - 264 Series-F |
| Chile |
| U.F. |
| 6.44 | % | 6.44 | % | No |
| 1,091,599 |
| 321,834 |
| 1,413,433 |
| 1,609,167 |
| 2,252,833 |
| 25,121,867 |
| 28,983,867 |
|
91,081,000-6 |
| Endesa Chile |
| Chile |
| Foreign |
| The Bank of New York Mellon - 144-A |
| USA |
| US$ |
| 8.50 | % | 8.50 | % | No |
| 6,513,139 |
| — |
| 6,513,139 |
| 185,675,099 |
| — |
| — |
| 185,675,099 |
|
91,081,000-6 |
| Endesa Chile |
| Chile |
| Foreign |
| The Bank of New York Mellon - 144-A |
| USA |
| US$ |
| 8.83 | % | 8.83 | % | No |
| 3,363,822 |
| — |
| 3,363,822 |
| — |
| 92,366,575 |
| — |
| 92,366,575 |
|
91,081,000-6 |
| Endesa Chile |
| Chile |
| 97,004,000-5 |
| Banco Santander Chile - 317 Series-H |
| Chile |
| U.F. |
| 7.17 | % | 7.17 | % | No |
| — |
| 5,497,845 |
| 5,497,845 |
| 8,925,508 |
| 8,925,508 |
| 54,281,364 |
| 72,132,380 |
|
91,081,000-6 |
| Endesa Chile |
| Chile |
| 97,004,000-5 |
| Banco Santander Chile - 318 Series-K |
| Chile |
| U.F. |
| 3.86 | % | 3.86 | % | No |
| — |
| 673,096 |
| 673,096 |
| — |
| — |
| 85,561,441 |
| 85,561,441 |
|
91,081,000-6 |
| Endesa Chile |
| Chile |
| 97,004,000-5 |
| Banco Santander Chile - 522 Series-M |
| Chile |
| U.F. |
| 4.82 | % | 4.82 | % | No |
| — |
| 419,706 |
| 419,706 |
| — |
| — |
| 210,717,524 |
| 210,717,524 |
|
94,271,000-3 |
| Enersis |
| Chile |
| Foreign |
| Yankee Bonds 2016 |
| USA |
| US$ |
| 7.76 | % | 7.40 | % | No |
| — |
| 720,747 |
| 720,747 |
| — |
| — |
| 120,393,171 |
| 120,393,171 |
|
94,271,000-3 |
| Enersis |
| Chile |
| Foreign |
| Yankee Bonds 2026 |
| USA |
| US$ |
| 7.76 | % | 6.60 | % | No |
| — |
| 2,209 |
| 2,209 |
| — |
| — |
| 401,553 |
| 401,553 |
|
94,271,000-3 |
| Enersis |
| Chile |
| Foreign |
| Yankee Bonds 2014 |
| USA |
| US$ |
| 7.69 | % | 7.38 | % | No |
| 5,536,900 |
| — |
| 5,536,900 |
| — |
| 171,324,624 |
| — |
| 171,324,624 |
|
94,271,000-3 |
| Enersis |
| Chile |
| 97,004,000-5 |
| Bonds UF 269 |
| Chile |
| U.F. |
| 7.02 | % | 5.75 | % | No |
| — |
| 2,201,591 |
| 2,201,591 |
| 4,009,551 |
| 4,806,093 |
| 20,746,252 |
| 29,561,896 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
|
|
|
|
|
|
|
|
|
|
| Total Unsecured Bonds |
| 51,063,813 |
| 230,588,521 |
| 281,652,334 |
| 480,282,879 |
| 419,494,691 |
| 1,139,293,178 |
| 2,039,070,748 |
|
Appendix No.4, letter b) presents additional information on financial debt which includes a projection of future cash flows (undiscounted) that the Group will have to disburse to settle the secured and unsecured obligations detailed above
· Detail of Financial Lease Obligations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 12-2011 |
| ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| Nominal |
| Current |
| Non-current |
| ||||||||||
Taxpayer ID |
| Company |
| Country |
| ID No. Financial |
| Financial Institution |
| Country |
| Currency |
| Interest |
| Less than |
| More than 90 |
| Total |
| One to Three |
| Three to |
| More than |
| Total Non- |
|
91,081,000-6 |
| Endesa Chile |
| Chile |
| 87,509,100-K |
| Leasing Abengoa Chile |
| Chile |
| US$ |
| 6.50 | % | 1,041,741 |
| — |
| 1,041,741 |
| 2,291,023 |
| 2,598,536 |
| 13,765,541 |
| 18,655,100 |
|
Foreign |
| Edegel |
| Peru |
| Foreign |
| Banco Scotiabank |
| Peru |
| US$ |
| 2.02 | % | 1,918,477 |
| 6,218,565 |
| 8,137,042 |
| 10,519,276 |
| 14,415,305 |
| 11,395,943 |
| 36,330,524 |
|
96,830,980-3 |
| GasAtacama |
| Chile |
| 96,976,410-5 |
| Gasred S,A, |
| Chile |
| US$ |
| 8.27 | % | — |
| — |
| — |
| — |
| — |
| — |
| — |
|
Foreign |
| Edelnor |
| Peru |
| Foreign |
| BBVA |
| Peru |
| Soles |
| 6.30 | % | 579,527 |
| 3,648,359 |
| 4,227,886 |
| 2,859,893 |
| — |
| — |
| 2,859,893 |
|
Foreign |
| Edesur |
| Argentina |
| Foreign |
| COMAFI |
| Argentina |
| Ar$ |
| 21.19 | % | 121,499 |
| 280,084 |
| 401,583 |
| 593,623 |
| — |
| — |
| 593,623 |
|
|
|
|
|
|
|
|
| Leasing Total |
| 3,661,244 |
| 10,147,008 |
| 13,808,252 |
| 16,263,815 |
| 17,013,841 |
| 25,161,484 |
| 58,439,140 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 12-2010 |
| ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| Nominal |
| Current |
| Non-current |
| ||||||||||
Taxpayer ID |
| Company |
| Country |
| ID No. Financial |
| Financial Institution |
| Country |
| Currency |
| Interest |
| Less than |
| More than |
| Total |
| One to Three |
| Three to |
| More than |
| Total Non- |
|
91,081,000-6 |
| Endesa Chile |
| Chile |
| 87,509,100-K |
| Leasing Abengoa Chile |
| Chile |
| US$ |
| 6.50 | % | — |
| 881,720 |
| 881,720 |
| 3,004,174 |
| 2,342,336 |
| 12,408,341 |
| 17,754,851 |
|
Foreign |
| Edegel |
| Peru |
| Foreign |
| Banco Scotiabank |
| Peru |
| US$ |
| 2.02 | % | 1,877,853 |
| 5,562,774 |
| 7,440,627 |
| 12,096,296 |
| 11,246,668 |
| 16,687,463 |
| 40,030,427 |
|
96,830,980-3 |
| GasAtacama |
| Chile |
| 96,976,410-5 |
| Gasred S,A, |
| Chile |
| US$ |
| 8.27 | % | — |
| 249,450 |
| 249,450 |
| — |
| — |
| — |
| — |
|
Foreign |
| Edelnor |
| Peru |
| Foreign |
| BBVA |
| Peru |
| Soles |
| 6.30 | % | 448,208 |
| 713,588 |
| 1,161,796 |
| 2,406,791 |
| — |
| — |
| 2,406,791 |
|
Foreign |
| Edesur |
| Argentina |
| Foreign |
| COMAFI |
| Argentina |
| Ar$ |
| 21.19 | % | — |
| 460,392 |
| 460,392 |
| 947,990 |
| — |
| — |
| 947,990 |
|
|
|
|
|
|
|
|
| Leasing Total |
| 2,326,061 |
| 7,867,924 |
| 10,193,985 |
| 18,455,251 |
| 13,589,004 |
| 29,095,804 |
| 61,140,059 |
|
Appendix No.4 letter c) presents additional information on financial lease obligations which includes a projection of future cash flows (undiscounted) that the Group will have to disburse to settle these obligations.
· Detail of Other Obligations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 12-2011 |
| ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| Nominal |
| Current |
| Non-current |
| ||||||||||
Taxpayer ID |
| Company |
| Country |
| ID No. Financial |
| Financial Institution |
| Country |
| Currency |
| Interest |
| Less than |
| More than |
| Total |
| One to Three |
| Three to |
| More than |
| Total Non- |
|
Foreign |
| Endesa Costanera |
| Argentina |
| Foreign |
| Mitsubishi (secured debt) |
| Argentina |
| US$ |
| 7.42 | % | 7,749,998 |
| 14,969,290 |
| 22,719,288 |
| 12,851,153 |
| 37,735,332 |
| — |
| 50,586,485 |
|
Foreign |
| Endesa Costanera |
| Argentina |
| Foreign |
| Mitsubishi (unsecured debt) |
| Argentina |
| US$ |
| 7.42 | % | — |
| 13,925,511 |
| 13,925,511 |
| — |
| — |
| — |
| — |
|
Foreign |
| Endesa Costanera |
| Argentina |
| Foreign |
| Others |
| Argentina |
| Ar$ |
| 11.50 | % | 679,866 |
| 1,133,110 |
| 1,812,976 |
| — |
| — |
| — |
| — |
|
91,081,000-6 |
| Endesa Chile |
| Chile |
| N/A |
| Others |
| Chile |
| Ch$ |
| 4.74 | % | 27 |
| — |
| 27 |
| — |
| — |
| — |
| — |
|
96,830,980-3 |
| GasAtacama |
| Chile |
| 96,963,440-6 |
| SC GROUP |
| Chile |
| US$ |
| 7.50 | % | 10,104,537 |
| — |
| 10,104,537 |
| — |
| — |
| — |
| — |
|
96,830,980-3 |
| GasAtacama |
| Chile |
| 96,963,440-6 |
| SC GROUP |
| Chile |
| US$ |
| N/A |
| 1,092,804 |
| — |
| 1,092,804 |
| — |
| — |
| — |
| — |
|
96,589,170-6 |
| Pangue |
| Chile |
| N/A |
| Others |
| Chile |
| Ch$ |
| N/A |
| 2 |
| — |
| 2 |
| — |
| — |
| — |
| — |
|
96,827,970-K |
| Endesa Eco |
| Chile |
| 96,601,250-1 |
| Inversiones Centinela S,A, |
| Chile |
| US$ |
| N/A |
| 3,929,271 |
| — |
| 3,929,271 |
| — |
| — |
| — |
| — |
|
94,271,000-3 |
| Enersis |
| Chile |
| N/A |
| Others |
| Chile |
| Ch$ |
| N/A |
| — |
| 3,958 |
| 3,958 |
| — |
| — |
| — |
| — |
|
96,800,570-7 |
| Chilectra |
| Chile |
| N/A |
| Others |
| Chile |
| Ch$ |
| N/A |
| — |
| 1,235 |
| 1,235 |
| — |
| — |
| — |
| — |
|
Foreign |
| Ampla |
| Brazil |
| Foreign |
| Eletrobrás |
| Brazil |
| Reais |
| 7.15 | % | 205,853 |
| 613,419 |
| 819,272 |
| 2,035,832 |
| 2,239,892 |
| 2,816,907 |
| 7,092,631 |
|
Foreign |
| Ampla Energía |
| Brazil |
| Foreign |
| Bndes |
| Brazil |
| Reais |
| 9.43 | % | 4,941,520 |
| 10,526,077 |
| 15,467,597 |
| 23,343,601 |
| 22,203,629 |
| 22,367,250 |
| 67,914,480 |
|
Foreign |
| Endesa Brasil |
| Brazil |
| Foreign |
| IFC |
| Brazil |
| US$ |
| N/A |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
|
Foreign |
| Coelce |
| Brazil |
| Foreign |
| Eletrobras |
| Brazil |
| Reais |
| 6.68 | % | 1,289,715 |
| 3,067,631 |
| 4,357,346 |
| 6,534,103 |
| 5,634,274 |
| 11,052,898 |
| 23,221,275 |
|
Foreign |
| Coelce |
| Brazil |
| Foreign |
| Banco do Brazil |
| Brazil |
| US$ |
| 4.66 | % | 16,411 |
| 113,158 |
| 129,569 |
| 108,803 |
| — |
| 1,448,799 |
| 1,557,602 |
|
Foreign |
| Coelce |
| Brazil |
| Foreign |
| BEI |
| Brazil |
| US$ |
| 5.39 | % | — |
| 4,532,108 |
| 4,532,108 |
| — |
| — |
| — |
| — |
|
Foreign |
| Coelce |
| Brazil |
| Foreign |
| Banco do Brazil |
| Brazil |
| Reais |
| 15.16 | % | 1,049,301 |
| 3,073,192 |
| 4,122,493 |
| 5,366,340 |
| — |
| — |
| 5,366,340 |
|
Foreign |
| Coelce |
| Brazil |
| Foreign |
| BNDES |
| Brazil |
| Reais |
| 10.03 | % | 5,567,428 |
| 16,072,830 |
| 21,640,258 |
| 27,967,533 |
| — |
| — |
| 27,967,533 |
|
Foreign |
| Coelce |
| Brazil |
| Foreign |
| Banco do Nordeste |
| Brazil |
| Reais |
| 7.75 | % | 1,975,303 |
| 6,454,541 |
| 8,429,844 |
| 24,074,744 |
| 5,911,192 |
| 6,650,091 |
| 36,636,027 |
|
Foreign |
| Coelce |
| Brazil |
| Foreign |
| Faelce |
| Brazil |
| Reais |
| 13.87 | % | — |
| 3,176,291 |
| 3,176,291 |
| 4,764,438 |
| — |
| — |
| 4,764,438 |
|
|
|
|
|
|
|
|
| Total Other Obligations |
| 38,602,036 |
| 77,662,351 |
| 116,264,387 |
| 107,046,547 |
| 73,724,319 |
| 44,335,945 |
| 225,106,811 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 12-2010 |
| ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| Nominal |
| Current |
| Non-current |
| ||||||||||
Taxpayer ID |
| Company |
| Country |
| ID No. Financial |
| Financial Institution |
| Country |
| Currency |
| Interest |
| Less than |
| More than |
| Total |
| One to Three |
| Three to |
| More than |
| Total Non- |
|
Foreign |
| Endesa Costanera |
| Argentina |
| Foreign |
| Mitsubishi (secured debt) |
| Argentina |
| US$ |
| 7.42 | % | 17,408,628 |
| 8,223,739 |
| 25,632,367 |
| — |
| 37,523,997 |
| — |
| 37,523,997 |
|
Foreign |
| Endesa Costanera |
| Argentina |
| Foreign |
| Mitsubishi (unsecured debt) |
| Argentina |
| US$ |
| 7.42 | % | — |
| — |
| — |
| — |
| 12,332,589 |
| — |
| 12,332,589 |
|
Foreign |
| Endesa Costanera |
| Argentina |
| Foreign |
| Others |
| Argentina |
| Ar$ |
| 11.50 | % | 1,542,295 |
| 1,517,680 |
| 3,059,975 |
| 1,011,826 |
| — |
| — |
| 1,011,826 |
|
91,081,000-6 |
| Endesa Chile |
| Chile |
| N/A |
| Others |
| Chile |
| Ch$ |
| 4.74 | % | — |
| 894 |
| 894 |
| — |
| — |
| — |
| — |
|
96,830,980-3 |
| GasAtacama |
| Chile |
| 96,963,440-6 |
| SC GROUP |
| Chile |
| US$ |
| 7.50 | % | 17,550,375 |
| — |
| 17,550,375 |
| 792,809 |
| — |
| — |
| 792,809 |
|
96,830,980-3 |
| GasAtacama |
| Chile |
| 96,963,440-6 |
| SC GROUP |
| Chile |
| US$ |
| N/A |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
|
96,589,170-6 |
| Pangue |
| Chile |
| N/A |
| Others |
| Chile |
| Ch$ |
| N/A |
| — |
| — |
| — |
| — |
| 12,395,250 |
| — |
| 12,395,250 |
|
96,827,970-K |
| Endesa Eco |
| Chile |
| 96,601,250-1 |
| Inversiones Centinela S,A, |
| Chile |
| US$ |
| N/A |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
|
94,271,000-3 |
| Enersis |
| Chile |
| N/A |
| Others |
| Chile |
| Ch$ |
| N/A |
| — |
| 821 |
| 821 |
| — |
| — |
| — |
| — |
|
96,800,570-7 |
| Chilectra |
| Chile |
| N/A |
| Others |
| Chile |
| Ch$ |
| N/A |
| — |
| 1,180 |
| 1,180 |
| — |
| — |
| — |
| — |
|
Foreign |
| Ampla |
| Brazil |
| Foreign |
| Eletrobrás |
| Brazil |
| Reais |
| 7.15 | % | 96,367 |
| 410,814 |
| 507,181 |
| 1,190,260 |
| 1,190,260 |
| 1,775,735 |
| 4,156,255 |
|
Foreign |
| Ampla Energía |
| Brazil |
| Foreign |
| Bndes |
| Brazil |
| Reais |
| 9.43 | % | 8,353,041 |
| 17,646,086 |
| 25,999,127 |
| 10,399,296 |
| 531,167 |
| — |
| 10,930,463 |
|
Foreign |
| Endesa Brasil |
| Brazil |
| Foreign |
| IFC |
| Brazil |
| US$ |
| N/A |
| — |
| 51,906,330 |
| 51,906,330 |
| — |
| — |
| — |
| — |
|
Foreign |
| Coelce |
| Brazil |
| Foreign |
| Eletrobras |
| Brazil |
| Reais |
| 6.68 | % | 28,592 |
| 125,856 |
| 154,448 |
| 167,212 |
| 32,658 |
| 1,304,607 |
| 1,504,477 |
|
Foreign |
| Coelce |
| Brazil |
| Foreign |
| Banco do Brazil |
| Brazil |
| US$ |
| 4.66 | % | 233,456 |
| 3,915,570 |
| 4,149,026 |
| 3,915,570 |
| — |
| — |
| 3,915,570 |
|
Foreign |
| Coelce |
| Brazil |
| Foreign |
| BEI |
| Brazil |
| US$ |
| 5.39 | % | 1,106,146 |
| 3,547,766 |
| 4,653,912 |
| 7,202,141 |
| 4,305,798 |
| 9,066,992 |
| 20,574,931 |
|
Foreign |
| Coelce |
| Brazil |
| Foreign |
| Banco do Brazil |
| Brazil |
| Reais |
| 15.16 | % | 967,059 |
| 2,757,153 |
| 3,724,212 |
| 8,054,776 |
| 976,090 |
| — |
| 9,030,866 |
|
Foreign |
| Coelce |
| Brazil |
| Foreign |
| BNDES |
| Brazil |
| Reais |
| 10.03 | % | 6,439,374 |
| 15,673,356 |
| 22,112,730 |
| 35,333,122 |
| 13,847,857 |
| — |
| 49,180,979 |
|
Foreign |
| Coelce |
| Brazil |
| Foreign |
| Banco do Nordeste |
| Brazil |
| Reais |
| 7.75 | % | 1,982,611 |
| 5,722,717 |
| 7,705,328 |
| 17,821,201 |
| 12,798,992 |
| — |
| 30,620,193 |
|
Foreign |
| Coelce |
| Brazil |
| Foreign |
| Faelce |
| Brazil |
| Reais |
| 13.87 | % | — |
| — |
| — |
| — |
| — |
| — |
| — |
|
|
|
|
|
|
|
|
| Total Other Obligations |
| 55,707,944 |
| 111,449,962 |
| 167,157,906 |
| 85,888,213 |
| 95,934,658 |
| 12,147,334 |
| 193,970,205 |
|
Appendix No.4 letter d) presents additional information on other obligations which includes a projection of future cash flows (undiscounted) that the Group will have to disburse to settle these obligations.
Of Enersis’ US dollar denominated debt, as of December 31, 2011, ThCh$ 739,686,386 is related to future cash flow hedges for the Group’s US dollar-linked operating income (see Note 3.m). As of December 31, 2010, this amount totaled ThCh$ 679,999,810.
The following table details movements in “Reserve of cash flow hedges” during 2011 and 2010 due to exchange differences of this debt:
|
| 12-31-2011 |
| 12-31-2010 |
| 12-31-2009 |
|
Balance in hedging reserves (hedging income) at the beginning of the year, net |
| 67,748,527 |
| 60,346,205 |
| (61,905,837 | ) |
Foreign currency exchange differences recorded in equity, net |
| (28,520,464 | ) | 15,654,909 |
| 126,579,938 |
|
Recognition of foreign currency exchange differences in profit or loss, net |
| (9,306,696 | ) | (8,252,587 | ) | (4,327,896 | ) |
Foreign currency translation differences |
| 633,136 |
| — |
| — |
|
Balance in hedging reserves (hedging income) at the end of the year, net |
| 30,554,503 |
| 67,748,527 |
| 60,346,205 |
|
As of December 31, 2011 and 2010, the Enersis Group has long-term lines of credit available for use amounting to ThCh$ 238,832,000 and ThCh$ 242,750,000, respectively.
Various of the Company’s and its subsidiaries’ credit facilities contain certain financial ratio covenants, customary In these types of contracts. These agreements also include affirmative and negative covenants that require ongoing monitoring. Additionally, there are certain restrictions in the events of default sections that also require compliance.
Some of Enersis’ and Endesa Chile’s credit facilities include cross default provisions. Regarding the provision affecting Enersis, the loan subscribed on December 2009 under New York jurisdiction and that matures December 2012, stipulates that a cross default arises when Enersis, Chilectra or Endesa Chile is in arrears with any one of its debt repayments, whether on interest or on the principal. There have been no disbursements on this syndicated loan to date. Endesa Chile’s loan, syndicated the State of New York law, subscribed in 2008 and expiring in 2014, and which contains a disbursed balance of US$ 200 million to date, does not make reference to Endesa Chile’s subsidiaries, so cross default can only originate if Endesa Chile defaults on other of its own debt. For debt repayments to become accelerated due to cross default, the amount in default must exceed US$ 50 million, or its equivalent in other currencies. Additionally, other conditions must be met before debt repayments can be accelerated, including expiration of the grace period (if any) and a formal notice documenting intention to accelerate debt repayment from the lenders that represent more than 50% of the balance owed under the credit facility. Additionally, in December 2009, both Enersis and Endesa Chile subscribed loans under Chilean law that stipulate that a cross default will arise only by the debtor’s default. In these loans, the amount in default must also exceed the US$ 50 million threshold aforementioned or its equivalent in foreign currency. Note that since their subscription, these credit facilities have never been disbursed.
Regarding Enersis’ and Endesa Chile’s bonds registered with the U.S. SEC, commonly known as “Yankee Bonds,” the cross default for nonpayment can arise from other debt affecting the same company, or from any of its Chilean subsidiaries, regardless of the amount, as long as the principal that originated the cross default exceeds US$ 30 million, or its equivalent in other currency. The acceleration of the debt repayment caused by the cross default provision does not happen automatically; instead, bondholders of at least 25% of a certain series of the Yankee Bonds must demand this. Additionally, the bankruptcy or insolvency of a foreign subsidiary does not have a contractual impact on Enersis’ and Endesa Chile’s Yankee Bonds.
Enersis’ and Endesa Chile’s Chilean bonds stipulate that a cross default can only arise if the “Issuer” of the debt instrument (as defined in the debt agreement) is in default. Furthermore, the acceleration of the debt repayment must be requested by at least 50% of the bondholders of a particular series.
As of December 31, 2011 and December 31, 2010, Enersis S.A., Endesa Chile, and their respective subsidiaries were in full compliance with all above-described financial and other covenants and restrictions.
The Group’s companies are exposed to certain risks that are managed by systems that identify, measure, limit concentration of, and monitor these risks.
The main principles in the Group’s risk management policy include the following:
· Compliance with corporate governance standards.
· Strict compliance with all the Group’s internal policies.
· The Group’s Risk Committee is the organization in charge of defining, approving, and updating the basic principles that are to inspire actions taken regarding risk.
· Risk Governance is organized operationally through the Risk Control and Risk Management areas, which are two independent functions.
· Each business and corporate area determines:
I. The markets and product areas in which it will operate based on its knowledge and ability to ensure effective risk management.
II. Criteria regarding counterparts.
III. Authorized operators.
· Business and corporate areas establish their risk tolerance in a manner consistent with the defined strategy for each market in which they operate.
· Business limits are ratified by the Group’s Risk Committee.
· All of the operations of the businesses and corporate areas are conducted within the limits approved for each case.
· Businesses, corporate areas, lines of business and companies design the risk management controls necessary to ensure that transactions in the markets are conducted in accordance with Enersis’ policies, standards, and procedures.
Changes in interest rates affect the fair value of assets and liabilities bearing fixed interest rates, as well as the expected future cash flows of assets and liabilities subject to floating interest rates.
The objective of managing interest rate risk exposure is to achieve a balance in the debt structure to minimize the cost of debt with reduced volatility in profit or loss.
In compliance with the current interest rate hedging policy, the proportion of fixed debt and/or hedged debt over the net total debt was 62% as of December 31, 2011.
Depending on the Group’s estimates and on the objectives of the debt structure, hedging transactions are performed by entering into derivatives contracts that mitigate interest rate risk. Derivative instruments currently used to comply with the risk management policy are interest rate swaps to set floating rate at fixed rate.
The financial debt structure of the Group detailed by fixed, hedged, and floating rate debt, net of hedging derivative instruments, is as follows:
Net position:
|
| 12-31-2011 |
| 12-31-2010 |
|
|
| % |
| % |
|
Fixed interest rate |
| 62 | % | 51 | % |
Floating interest rate |
| 38 | % | 49 | % |
Total |
| 100 | % | 100 | % |
Exchange rate risks involve basically the following transactions:
· Debt contracted by the Group’s companies that is denominated in a foreign currency, when the Company’s contribution margin is not highly indexed to such foreign currency.
· Payments to be made in international markets for the acquisition of project-related materials.
· Group company income directly linked to dollar changes.
· Cash flows from foreign subsidiaries to the Chilean parent company, exposed to exchange rate fluctuations.
In order to mitigate foreign currency risk, the Group’s foreign currency risk management policy is based on cash flows and includes maintaining a balance between U.S. dollar flows and the levels of assets and liabilities denominated in this currency. The objective is to minimize the exposure to variability in cash flows that are attributable to foreign exchange risk.
The hedging instruments currently being used to comply with the policy are currency swaps and forward exchange contracts. In addition, the policy seeks to refinance debt in the functional currency of each of the Group’s companies.
The Group has a risk exposure to price changes in certain commodities, basically due to:
· Purchases of fuel used to generate electricity.
· Energy purchase/sale transactions that take place in local markets.
In order to reduce the risk in situations of extreme drought, the company has designed a commercial policy that defines the levels of sales commitments in line with the capacity of its generating power plants in a dry year and includes risk mitigation terms in certain contracts with unregulated customers.
Considering the operating conditions faced by the power generation market in Chile, with drought and highly volatile oil prices, the Group is constantly verifying the advisability of hedging against increases in the price of Brent crude oil. As of December 31, 2011, there are no hedging instruments in effect, and the hedging used in the past has been in specific cases and for fairly insignificant amounts. The Group does not rule out use of this type of instrument in the future.
The Group maintains a liquidity risk management policy that consists of entering into long-term committed banking facilities and temporary financial investments for amounts that cover the projected needs over a period of time that is determined based on the situation and expectations for debt and capital markets.
The projected needs mentioned above include maturities of financial debt, net of financial derivatives. For further details regarding the features and conditions of financial obligations and financial derivatives, see Notes 18 and 20, and Appendix No.4.
As of December 31, 2011, the Group has cash and cash equivalent totaling ThCh$ 1,219,921,268 and unconditionally available lines of credits totaling ThCh$ 238,832,000. As of December 31, 2010, the Group had ThCh$ 961,355,037 in cash and cash equivalents and ThCh$ 242,750,000 in unconditional available lines of credit.
Given the current economic climate, the Group has been carefully following its credit risk.
Trade receivables:
The credit risk for receivables from the Group’s commercial activity has historically been very low, due to the short term period of collections from customers, resulting in non-significant cumulative receivables amounts. This situation applies to both the electricity generating and distribution lines of business.
In our electricity generating business, some countries’ regulations allow the suspension of energy service to customers with outstanding payments, and most contracts have termination clauses for payment default. The Company monitors its credit risk on an ongoing basis and measures quantitatively its maximum exposure to payment default risk, which, as stated above, is very low.
In our electricity distribution companies, the suspension of energy service for customers in payment default is permitted in all cases, in accordance with current regulations in each country. This facilitates our credit risk management, which is also low in this line of business.
Financial assets:
Cash surpluses are invested in the highest-rated local and foreign financial entities (with risk rating equivalent to investment grade) with thresholds established for each entity.
Banks that have received investment grade ratings from at least two of the three major international rating agencies (Moody’s, S&P, and Fitch) are selected for making investments.
Investments are backed with treasury bonds from the countries in which the company operates and/or with commercial papers issued by the highest rated banks; wherever possible and when market conditions permit, the treasury bonds are preferred.
Derivative instruments are entered into with entities with solid creditworthiness; approximately 80% of derivative transactions are performed entities rated A or higher.
The Enersis Group measures the Value at Risk (VaR) of its debt positions and financial derivatives in order to ensure that the risk assumed by the company remains consistent with the risk exposure defined by Management, thereby reducing volatility in the income statement.
The portfolio of positions included in calculating the current Value at Risk consists of the following:
· Debt
· Financial derivatives
The VaR determined represents the potential loss in value of the portfolio of positions described above in one day with a 95% confidence level. To determine the VaR, we take into account the volatility of the risk variables affecting the value of the portfolio of positions including:
· U.S. dollar Libor interest rate.
· The customary local indices used in the banking industry for debt, considering the various currencies in which our companies operate.
· The exchange rates of the various currencies used in the calculation.
The calculation of VaR is based on generating possible future scenarios (at one day) of market values (both spot and term) for the risk variables, using Bootstrapping simulations. The number of scenarios generated ensures compliance with the simulation convergence criteria. The table of volatilities and correlations between the various risk variables calculated based on the historical values of the logarithmic price return has been applied to simulate the future price scenario.
Once the price scenarios have been obtained, the fair value of the portfolio is calculated using such scenarios, thereby obtaining a distribution of possible values at one day. The one-day 95%-confidence VaR number is calculated as the 5% percentile of the potential increases in the fair value of the portfolio in one day.
The various debt positions and financial derivatives included in the calculation have been valued consistently using the financial capital calculation methodology reported to Management.
Taking into account the assumptions described above, the Value at Risk of the previously discussed positions, broken down by type of position, is shown in the following table.
|
| 12-31-2011 |
| 12-31-2010 |
|
Financial Positions |
| ThCh$ |
| ThCh$ |
|
Interest rate |
| 41,560,004 |
| 38,847,459 |
|
Exchange rate |
| 3,602,591 |
| 539,575 |
|
Correlation |
| (310,050 | ) | (2,695,024 | ) |
Total |
| 44,852,545 |
| 36,692,010 |
|
The Value at Risk positions have varied during the 2011 and 2010 fiscal years depending on the start/maturity of operations throughout each year.
20.1 Financial instruments, classified by type and category
a) The detail of financial assets, classified by type and category, as of December 31, 2011 and 2010, is as follows:
|
| December 31, 2011 |
| ||||||||||
|
| Financial assets |
| Financial assets at |
| Held-to-maturity |
| Loans and |
| Available-for-sale |
| Hedge derivatives |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Derivative instruments |
| 47,504 |
| — |
| — |
| — |
| — |
| 748,078 |
|
Other financial assets |
| — |
| — |
| — |
| 1,013,028,618 |
| — |
| — |
|
Total Current |
| 47,504 |
| — |
| — |
| 1,013,028,618 |
| — |
| 748,078 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity instruments |
| — |
| — |
| — |
| — |
| 2,892,655 |
| — |
|
Derivative instruments |
| — |
| — |
| — |
| — |
| — |
| 12,178,355 |
|
Other financial assets |
| — |
| — |
| 20,793,960 |
| 444,818,541 |
| — |
| — |
|
Total Non-current |
| — |
| — |
| 20,793,960 |
| 444,818,541 |
| 2,892,655 |
| 12,178,355 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
| 47,504 |
| — |
| 20,793,960 |
| 1,457,847,159 |
| 2,892,655 |
| 12,926,433 |
|
|
| December 31, 2010 |
| ||||||||||
|
| Financial assets |
| Financial assets at |
| Held-to-maturity |
| Loans and |
| Available-for-sale |
| Hedge derivatives |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Derivative instruments |
| 17,551 |
| — |
| — |
| — |
| — |
| 64,518 |
|
Other financial assets |
| — |
| — |
| 7,735,440 |
| 1,058,569,847 |
| — |
| — |
|
Total Current |
| 17,551 |
| — |
| 7,735,440 |
| 1,058,569,847 |
| — |
| 64,518 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity instruments |
| — |
| — |
| — |
| — |
| 2,511,197 |
| — |
|
Derivative instruments |
| 91,262 |
| — |
| — |
| — |
| — |
| 27,212,944 |
|
Other financial assets |
| — |
| — |
| 29,461,230 |
| 319,907,351 |
| — |
| — |
|
Total Non-current |
| 91,262 |
| — |
| 29,461,230 |
| 319,907,351 |
| 2,511,197 |
| 27,212,944 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
| 108,813 |
| — |
| 37,196,670 |
| 1,378,477,198 |
| 2,511,197 |
| 27,277,462 |
|
b) The detail of financial liabilities, classified by type and category, as of December 31, 2011 and 2010, is as follows:
|
| December 31, 2011 |
| ||||||
|
| Financial liabilities held |
| Financial liabilities at |
| Loans and payables |
| Hedge derivatives |
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing loans |
| 11,601,335 |
| 3,929,271 |
| 646,444,125 |
| — |
|
Derivative instruments |
| 807,105 |
| — |
| — |
| 6,200,643 |
|
Other financial liabilities |
| — |
| — |
| 1,395,341,923 |
| — |
|
Total Current |
| 12,408,440 |
| 3,929,271 |
| 2,041,786,048 |
| 6,200,643 |
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing loans |
| 13,215,469 |
| — |
| 3,035,982,494 |
| — |
|
Derivative instruments |
| — |
| — |
| — |
| 212,913,735 |
|
Other financial liabilities |
| — |
| — |
| 23,548,235 |
| — |
|
Total Non-current |
| 13,215,469 |
| — |
| 3,059,530,729 |
| 212,913,735 |
|
|
|
|
|
|
|
|
|
|
|
Total |
| 25,623,909 |
| 3,929,271 |
| 5,101,316,777 |
| 219,114,378 |
|
|
| December 31, 2010 | |||||||
|
| Financial liabilities held |
| Financial liabilities at |
| Loans and payables |
| Hedge derivatives |
|
|
| ThCh$ |
| ThCh$ |
| ThCh$ |
| ThCh$ |
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing loans |
| 6,509,732 |
| — |
| 646,469,760 |
| — |
|
Derivative instruments |
| — |
| — |
| — |
| 10,002,909 |
|
Other financial liabilities |
| — |
| — |
| 1,375,307,875 |
| — |
|
Total Current |
| 6,509,732 |
| — |
| 2,021,777,635 |
| 10,002,909 |
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing loans |
| 15,171,516 |
| 12,395,250 |
| 2,736,255,564 |
| — |
|
Derivative instruments |
| — |
| — |
| — |
| 240,113,443 |
|
Other financial liabilities |
| — |
| — |
| 49,341,676 |
| — |
|
Total Non-current |
| 15,171,516 |
| 12,395,250 |
| 2,785,597,240 |
| 240,113,443 |
|
|
|
|
|
|
|
|
|
|
|
Total |
| 21,681,248 |
| 12,395,250 |
| 4,807,374,875 |
| 250,116,352 |
|
The risk management policy of the Group uses primarily interest rate and foreign exchange rate derivatives to hedge its exposure to interest rate and foreign currency risks.
The Company classifies its hedges as follows:
· Cash flow hedges: Those that hedge the cash flows of the underlying hedged item.
· Fair value hedges: Those that hedge the fair value of the underlying hedged item.
· Non-hedge derivatives: Financial derivatives that do not meet the requirements established by IFRS to be designated as hedge instruments are recorded at fair value with changes in net income (assets held for trading).
a) Assets and liabilities for hedge derivative instruments
As of December 31, 2011 and 2010, financial derivative transactions that qualify as hedge instruments resulted in recognition of the following assets and liabilities in the statement of financial position:
|
| December 31, 2011 |
| December 31, 2010 |
| ||||||||||||
|
| Assets |
| Liabilities |
| Assets |
| Liabilities |
| ||||||||
|
| Current |
| Non-current |
| Current |
| Non-current |
| Current |
| Non-current |
| Current |
| Non-current |
|
|
| ThCh$ |
| ThCh$ |
| ThCh$ |
| ThCh$ |
| ThCh$ |
| ThCh$ |
| ThCh$ |
| ThCh$ |
|
Interest rate hedge: |
| — |
| 2,792,448 |
| 119,964 |
| 7,048,868 |
| 64,518 |
| 1,825,059 |
| 661,966 |
| 4,878,454 |
|
Cash flow hedge |
| — |
| 2,792,448 |
| 119,964 |
| 7,048,868 |
| 64,518 |
| 1,825,059 |
| 661,966 |
| 4,878,454 |
|
Exchange rate hedge: |
| 748,078 |
| 9,385,907 |
| 6,080,679 |
| 205,864,867 |
| — |
| 25,387,885 |
| 9,340,943 |
| 235,234,989 |
|
Cash flow hedge |
| 748,078 |
| 9,385,907 |
| 3,070,825 |
| 201,717,556 |
| — |
| 25,387,885 |
| 3,867,323 |
| 229,257,717 |
|
Fair value hedge |
| — |
| — |
| 3,009,854 |
| 4,147,311 |
| — |
| — |
| 5,473,620 |
| 5,977,272 |
|
Total |
| 748,078 |
| 12,178,355 |
| 6,200,643 |
| 212,913,735 |
| 64,518 |
| 27,212,944 |
| 10,002,909 |
| 240,113,443 |
|
· General information on hedge derivative instruments
Hedging derivative instruments and their corresponding hedged instruments are shown in the following table:
Detail of Hedge |
| Description of Hedge |
| Description of Hedged Instrument |
| Fair Value of |
| Fair Value of |
| Type of Risks |
|
|
|
|
|
|
|
|
|
|
|
|
|
SWAP |
| Interest rate |
| Bank borrowings |
| (4,376,384 | ) | (3,715,361 | ) | Cash flow |
|
SWAP |
| Exchange rate |
| Bank borrowings |
| — |
| (509,567 | ) | Cash flow |
|
SWAP |
| Exchange rate |
| Bank borrowings |
| (7,157,165 | ) | (11,450,892 | ) | Fair value |
|
SWAP |
| Exchange rate |
| Unsecured obligations (bonds) |
| (194,654,396 | ) | (207,163,070 | ) | Cash flow |
|
At the close of the 2011 and 2010 fiscal years, the Group has not recognized significant gains or losses for ineffective cash flow hedges.
For fair value hedges the gain or losses recognized on the hedging instrument and on the underlying hedged item is detailed in the following table:
|
| December 31, 2011 |
| December 31, 2010 |
| December 31, 2009 |
| ||||||
|
| Gain |
| Loss |
| Gain |
| Loss |
| Gain |
| Loss |
|
Hedging instrument |
| 4,034,969 |
| — |
| 3,788,165 |
| — |
| — |
| 9,435,859 |
|
Hedged item |
| — |
| 4,763,189 |
| — |
| 6,749,098 |
| 7,893,882 |
| — |
|
TOTAL |
| 4,034,969 |
| 4,763,189 |
| 3,788,165 |
| 6,749,098 |
| 7,893,882 |
| 9,435,859 |
|
b) Financial derivative instrument assets and liabilities at fair value with changes in net income
As of December 31, 2011 and 2010, financial derivative transactions recorded at fair value with changes in net income, resulted in the recognition of the following assets and liabilities in the statement of financial position:
|
| December 31, 2011 |
| December 31, 2010 |
| ||||||||||||
|
| Assets |
| Liabilities |
| Assets |
| Liabilities |
| Assets |
| Liabilities |
| Assets |
| Liabilities |
|
|
| Current |
| Current |
| Non-current |
| Non-current |
| Current |
| Current |
| Non-current |
| Non-current |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-hedging derivative instruments |
| 47,504 |
| 807,105 |
| — |
| — |
| 17,551 |
| — |
| 91,262 |
| — |
|
c) Other information on derivatives:
The following tables present the fair value of hedging and non-hedging derivatives entered into by the Group as well as the remaining contractual maturities as of December 31, 2011 and 2010:
|
| December 31, 2011 |
| ||||||||||||||
|
|
|
| Notional value |
| ||||||||||||
|
| Fair Value |
| Less than 1 year |
| 1-2 years |
| 2-3 years |
| 3-4 Years |
| 4-5 Years |
| Subsequent |
| Total |
|
Financial Derivatives |
| ThCh$ |
| ThCh$ |
| ThCh$ |
| ThCh$ |
| ThCh$ |
| ThCh$ |
| ThCh$ |
| ThCh$ |
|
Interest rate hedge: |
| (4,376,384 | ) | 10,780,523 |
| 7,125,818 |
| 125,247,877 |
| 6,893,698 |
| 5,292,723 |
| 8,368,224 |
| 163,708,863 |
|
Cash flow hedge |
| (4,376,384 | ) | 10,780,523 |
| 7,125,818 |
| 125,247,877 |
| 6,893,698 |
| 5,292,723 |
| 8,368,224 |
| 163,708,863 |
|
Exchange rate hedge: |
| (201,811,561 | ) | 29,287,450 |
| 10,912,595 |
| 499,430,704 |
| 2,091,618 |
| 211,163,933 |
| — |
| 752,886,300 |
|
Cash flow hedge |
| (194,654,396 | ) | 23,473,223 |
| 9,147,062 |
| 497,538,936 |
| 64,588 |
| 211,163,933 |
| — |
| 741,387,742 |
|
Fair value hedge |
| (7,157,165 | ) | 5,814,227 |
| 1,765,533 |
| 1,891,768 |
| 2,027,030 |
| — |
| — |
| 11,498,558 |
|
Derivatives not designated for hedge accounting |
| (759,601 | ) | 17,569,294 |
| — |
| — |
| — |
| — |
| — |
| 17,569,294 |
|
TOTAL |
| (206,947,546 | ) | 57,637,267 |
| 18,038,413 |
| 624,678,581 |
| 8,985,316 |
| 216,456,656 |
| 8,368,224 |
| 934,164,457 |
|
|
| December 31, 2010 |
| ||||||||||||||
|
|
|
| Notional value |
| ||||||||||||
|
| Fair value |
| Less than 1 year |
| 1-2 years |
| 2-3 Years |
| 3-4 Years |
| 4-5 Years |
| Subsequent |
| Total |
|
Financial Derivatives |
| ThCh$ |
| ThCh$ |
| ThCh$ |
| ThCh$ |
| ThCh$ |
| ThCh$ |
| ThCh$ |
| ThCh$ |
|
Interest rate hedge: |
| (3,650,843 | ) | 16,841,269 |
| — |
| 10,670,628 |
| 107,488,844 |
| 6,314,801 |
| 13,385,086 |
| 154,700,628 |
|
Cash flow hedge |
| (3,650,843 | ) | 16,841,269 |
| — |
| 10,670,628 |
| 107,488,844 |
| 6,314,801 |
| 13,385,086 |
| 154,700,628 |
|
Exchange rate hedge: |
| (219,188,047 | ) | 7,219,945 |
| 13,573,114 |
| — |
| 462,159,584 |
| 9,023,829 |
| 203,222,043 |
| 695,198,515 |
|
Cash flow hedge |
| (207,737,155 | ) | 7,219,945 |
| 4,680,100 |
| — |
| 462,159,584 |
| — |
| 203,222,043 |
| 677,281,672 |
|
Fair value hedge |
| (11,450,892 | ) | — |
| 8,893,014 |
| — |
| — |
| 9,023,829 |
| — |
| 17,916,843 |
|
Derivatives not designated for hedge accounting |
| 108,813 |
| 72,537 |
| — |
| — |
| — |
| — |
| — |
| 72,537 |
|
TOTAL |
| (222,730,077 | ) | 24,133,751 |
| 13,573,114 |
| 10,670,628 |
| 569,648,428 |
| 15,338,630 |
| 216,607,129 |
| 849,971,680 |
|
The hedging and non-hedging derivatives contractual maturities do not represent the total Group’s risks exposure, as the amounts presented in the above tables have been drawn up based on undiscounted contractual cash inflows and outflows for their settlement.
Financial instruments recognized at fair value in the consolidated statement of financial position are classified based on the hierarchies described in Note 3.g.5.
The following table presents financial assets and liabilities measured at fair value as of December 31, 2011 and 2010:
Financial Instruments measured at Fair Value |
| Fair Value measured at end of reporting |
| ||||||
| 12-31-2011 |
| Level 1 |
| Level 2 |
| Level 3 |
| |
| ThCh$ |
| ThCh$ |
| ThCh$ |
| ThCh$ |
| |
Financial Assets |
|
|
|
|
|
|
|
|
|
Cash flow hedge derivatives |
| 12,926,433 |
| — |
| 12,926,433 |
| — |
|
Derivatives not designated for hedge accounting |
| 47,504 |
| — |
| 47,504 |
| — |
|
Available-for-sale financial assets, non-current |
| 86,852 |
| 86,852 |
| — |
| — |
|
Total |
| 13,060,789 |
| 86,852 |
| 12,973,937 |
| — |
|
Financial Liabilities |
|
|
|
|
|
|
|
|
|
Cash flow hedge derivatives |
| 211,957,213 |
| — |
| 211,957,213 |
| — |
|
Fair value hedge derivatives |
| 7,157,165 |
| — |
| 7,157,165 |
| — |
|
Derivatives not designated for hedge accounting |
| 807,105 |
| — |
| 807,105 |
| — |
|
Interest-bearing borrowings, short term |
| 11,601,335 |
| — |
| 11,601,335 |
| — |
|
Interest-bearing borrowings, long-term |
| 13,215,469 |
| — |
| 13,215,469 |
|
|
|
Other non-current financial liabilities |
| 3,929,271 |
| — |
| — |
| 3,929,271 |
|
Total |
| 248,667,558 |
| — |
| 244,738,287 |
| 3,929,271 |
|
Financial Instruments measured at Fair Value |
| Fair Value measured at end of reporting |
| ||||||
| 12-31-2010 |
| Level 1 |
| Level 2 |
| Level 3 |
| |
| ThCh$ |
| ThCh$ |
| ThCh$ |
| ThCh$ |
| |
Financial Assets |
|
|
|
|
|
|
|
|
|
Cash flow hedge derivatives |
| 27,277,462 |
| — |
| 27,277,462 |
| — |
|
Derivatives not designated for hedge accounting |
| 108,813 |
| — |
| 108,813 |
| — |
|
Available-for-sale financial assets, non-current |
| 88,909 |
| 88,909 |
| — |
| — |
|
Total |
| 27,475,184 |
| 88,909 |
| 27,386,275 |
| — |
|
Financial Liabilities |
|
|
|
|
|
|
|
|
|
Cash flow hedge derivatives |
| 238,665,460 |
| — |
| 238,665,460 |
| — |
|
Fair value hedge derivatives |
| 11,450,892 |
| — |
| 11,450,892 |
| — |
|
Derivatives not designated for hedge accounting |
| 6,509,732 |
| — |
| 6,509,732 |
| — |
|
Interest-bearing borrowings, short term |
| 15,171,516 |
| — |
| 15,171,516 |
| — |
|
Other non-current financial liabilities |
| 12,395,250 |
| — |
| — |
| 12,395,250 |
|
Total |
| 284,192,850 |
| — |
| 271,797,600 |
| 12,395,250 |
|
20.3.1 The following is the reconciliation between opening and closing balances for financial instruments whose fair value is classified at level 3:
Non-current Interest-Bearing Loans |
| ThCh$ |
|
Balance at December 31, 2009 |
| 11,953,000 |
|
Total losses recognized in financial profit or loss |
| 442,250 |
|
Balance at December 31, 2010 |
| 12,395,250 |
|
Total profit recognized in financial profit or loss |
| (8,465,979 | ) |
Balance at December 31, 2011 |
| 3,929,271 |
|
The fair value of Level 3 has been calculated by applying a traditional discounted cash flow method. These projected cash flows include assumptions from within the company that are primarily based on estimates for prices and levels of energy production and firm capacity, as well as the costs of operating and maintaining some of our plants.
None of the possible reasonable scenarios foreseeable in the assumptions mentioned in the above paragraph would result in a significant change in the fair value of the financial instruments included at this level.
Trade and other payables as of December 2011 and 2010 is as follows:
|
| Current |
| Non-current |
| ||||
|
| 12-31-2011 |
| 12-31-2010 |
| 12-31-2011 |
| 12-31-2010 |
|
Trade and Other Payables |
| ThCh$ |
| ThCh$ |
| ThCh$ |
| ThCh$ |
|
Trade payables |
| 393,066,581 |
| 305,079,295 |
| — |
| 4,477,313 |
|
Other payables |
| 841,997,878 |
| 919,410,703 |
| 14,304,607 |
| 32,759,399 |
|
Total |
| 1,235,064,459 |
| 1,224,489,998 |
| 14,304,607 |
| 37,236,712 |
|
The breakdown of Trade Accounts and other Payables as of December 31, 2011 and 2010, is as follows:
|
|
|
|
|
| Non-current |
| ||
|
| Current |
| One to Five Years |
| ||||
|
| 12-31-2011 |
| 12-31-2010 |
| 12-31-2011 |
| 12-31-2010 |
|
Trade and Other Payables |
| ThCh$ |
| ThCh$ |
| ThCh$ |
| ThCh$ |
|
Energy suppliers |
| 354,964,500 |
| 417,786,845 |
| — |
| 5,565,832 |
|
Fuel and gas suppliers |
| 38,102,081 |
| 37,808,210 |
| — |
| — |
|
Payables for goods and services |
| 612,692,782 |
| 385,380,841 |
| 243,790 |
| 13,410,089 |
|
Dividends payable to third parties |
| 89,492,092 |
| 249,404,275 |
| — |
| — |
|
Fines and claims |
| 74,994,982 |
| 53,729,963 |
| — |
| — |
|
Research and development |
| 17,971,576 |
| 33,202,794 |
| 3,894,943 |
| 1,895,349 |
|
Payables to tax authorities |
| 17,684,946 |
| 32,851,967 |
| 7,580,699 |
| 11,216,940 |
|
Mitsubishi contract |
| — |
| 3,397,620 |
| — |
| 3,288,535 |
|
Obligations for social programs |
| 14,987,123 |
| 1,122,119 |
| 1,327,278 |
| — |
|
Other accounts payable |
| 14,174,377 |
| 9,805,364 |
| 1,257,897 |
| 1,859,967 |
|
Total |
| 1,235,064,459 |
| 1,224,489,998 |
| 14,304,607 |
| 37,236,712 |
|
See Note 19.4 for the description of the liquidity risk management policy.
a) The breakdown of provisions as of December 31, 2011 and 2010, is as follows:
|
| Current |
| Non-current |
| ||||
|
| 12-31-2011 |
| 12-31-2010 |
| 12-31-2011 |
| 12-31-2010 |
|
Provisions |
| ThCh$ |
| ThCh$ |
| ThCh$ |
| ThCh$ |
|
Provision for warranty |
| — |
| — |
| — |
| 2,821,692 |
|
Provision for legal proceedings |
| 28,429,816 |
| 44,903,128 |
| 186,849,932 |
| 209,740,117 |
|
Decommissioning, restoration, and rehabilitation costs |
| — |
| — |
| 13,806,632 |
| 10,779,096 |
|
Provision for suppliers and services |
| 31,001,461 |
| 26,183,409 |
| — |
| — |
|
Provision for employee benefits |
| 31,162,406 |
| 31,935,562 |
| 65,221 |
| 1,201,357 |
|
Risk provisions |
| — |
| — |
| 38,388 |
| — |
|
Other provisions |
| 9,108,971 |
| 12,427,137 |
| 1,813,468 |
| 980,067 |
|
|
|
|
|
|
|
|
|
|
|
Total |
| 99,702,654 |
| 115,449,236 |
| 202,573,641 |
| 225,522,329 |
|
b) Movements in provisions as of December 31, 2011 and 2010 is as follows:
|
| Warranty |
| Legal |
| Decommissioning, |
| Other |
| Total |
|
|
| ThCh$ |
| ThCh$ |
| ThCh$ |
| ThCh$ |
| ThCh$ |
|
Movements in Provisions |
|
|
|
|
|
|
|
|
|
|
|
Initial balance at January 1, 2011 |
| 2,821,692 |
| 254,643,245 |
| 10,779,096 |
| 72,727,532 |
| 340,971,565 |
|
Movements in Provisions |
|
|
|
|
|
|
|
|
|
|
|
Additional provisions |
| — |
| — |
| 2,049,816 |
| — |
| 2,049,816 |
|
Increase (decrease) in existing provisions |
| — |
| 36,123,460 |
| 54,806 |
| 2,684,365 |
| 38,862,631 |
|
Provisions used |
| — |
| (43,482,537 | ) | — |
| (14,019,715 | ) | (57,502,252 | ) |
Unused provisions reversed |
| — |
| (69,128,722 | ) | — |
| — |
| (69,128,722 | ) |
Increase from adjustment to value of money over time |
| — |
| 38,900 |
| 393,141 |
| 47,818 |
| 479,859 |
|
Foreign currency translation |
| (38,273 | ) | (547,411 | ) | 573,146 |
| 1,737,638 |
| 1,725,100 |
|
Other increase (decrease) |
| (2,783,419 | ) | 37,632,813 |
| (43,373 | ) | 10,012,277 |
| 44,818,298 |
|
Total movements in provisions |
| (2,821,692 | ) | (39,363,497 | ) | 3,027,536 |
| 462,383 |
| (38,695,270 | ) |
Final balance at December 31, 2011 |
| — |
| 215,279,748 |
| 13,806,632 |
| 73,189,915 |
| 302,276,295 |
|
|
| Warranty |
| Legal |
| Decommissioning, |
| Other |
| Total |
|
|
| ThCh$ |
| ThCh$ |
| ThCh$ |
| ThCh$ |
| ThCh$ |
|
Movements in Provisions |
|
|
|
|
|
|
|
|
|
|
|
Initial balance at January 1, 2010 |
| 2,875,372 |
| 258,404,359 |
| 10,234,267 |
| 78,797,369 |
| 350,311,367 |
|
Movements in Provisions |
|
|
|
|
|
|
|
|
|
|
|
Additional provisions |
| — |
| 30,017,390 |
| — |
| 8,668,661 |
| 38,686,051 |
|
Increase (decrease) in existing provisions |
| 37,506 |
| 26,663,407 |
| 563,120 |
| 5,321,740 |
| 32,585,773 |
|
Provisions used |
| — |
| (21,169,685 | ) | — |
| (16,888,613 | ) | (38,058,298 | ) |
Unused provisions reversed |
| — |
| (32,025,516 | ) | — |
| (121,367 | ) | (32,146,883 | ) |
Increase from adjustment to value of money over time |
| — |
| — |
| 56,434 |
| 53,791 |
| 110,225 |
|
Foreign currency translation |
| (91,186 | ) | (7,644,162 | ) | (74,726 | ) | (3,995,350 | ) | (11,805,424 | ) |
Other increase (decrease) |
| — |
| 397,452 |
| 1 |
| 891,301 |
| 1,288,754 |
|
Total movements in provisions |
| (53,680 | ) | (3,761,114 | ) | 544,829 |
| (6,069,837 | ) | (9,339,802 | ) |
Final balance at December 31, 2010 |
| 2,821,692 |
| 254,643,245 |
| 10,779,096 |
| 72,727,532 |
| 340,971,565 |
|
22.2 Lawsuits and Arbitration Proceedings
As of the date of these consolidated financial statements, the most relevant litigation involving Enersis and its subsidiaries is as follows:
1.- Law 25,561 on Public Emergency and Reform to the Currency System, enacted on January 6, 2002 by the Argentine authorities, voided certain provisions of the concession agreement of Enersis’s subsidiary Edesur. That law also required that utility concession agreements be renegotiated within a reasonable timeframe to adjust them in light of the emerging economic crisis in Argentina. However, failure to renegotiate Edesur’s concession agreement prompted Enersis S.A., Chilectra S.A., Endesa Chile and Elesur S.A. (now Chilectra S.A.) (collectively, the “Claimants”) to file an arbitration petition in 2003 under the Treaty for the Promotion and Protection of Chilean-Argentine Investments with the International Center for Settlement of Investment Disputes (ICSID). The statement of claim principally requested that the ICSID declare that Edesur’s assets had been expropriated and that Edesur suffered damages totaling US$1,306,875,960. In addition, the Claimants requested that ICSID award indemnification caused to Edesur’s assets due to lack of fair and equitable treatment, totaling US$318,780,600. Claimants also seek, with respect to both claims, compounded annual interest of 6.9% per annum. The Claimants also claimed the sums resulting from the damages caused as from July 1, 2004. Finally, the claimants also demanded US$ 102,164,683 for Elesur S.A. (now Chilectra S.A.) due to a lower price received on a sale of its shares as a result of the alleged expropriation. On June 15, 2005, the Argentine authorities and Edesur executed a Letter of Understanding, which was not objected to by the Argentine parliament and was later ratified by the Executive Branch. The Letter of Understanding amends and supplements the terms and conditions of the Concession Agreement, introducing adjusted rates, first during a transitional period and then under a Comprehensive Rate Review that will establish the conditions for a regular 5-year rate period. Arbitration has been stayed since March 2006 in accordance with the terms of the Letter of Understanding, which stay has been renewed yearly at the Claimants’ request. On October 13, 2010, the arbitral panel advised that the proceedings were stayed until October 6, 2011. Once this stay expired, the arbitral panel was to ask the parties to provide a status report on the negotiation process in accordance with the Letter of Understanding, which as of this date has not yet taken place. In October 2010, arbitrator Robert Volterra tendered his resignation. Applicable regulations required the claimants to designate a replacement within 45 days as from the notice sent by the Clerk’s Office; however, the claimants asked that the proceeding be stayed also with regard to the designation of the substitute arbitrator, to which the Argentine Republic consented.
2.- Meridional Servicios, Emprendimientos y Participaciones (“Meridional”) is a company whose only assets are the rights derived from the construction companies Mistral and CIVEL, which had entered into a civil works contract with Centrais Elétricas Fluminense S.A. (“CELF”). The contract was cancelled by CELF before its privatization process started, which eventually led to the creation of Enersis’s Brazilian distribution subsidiary Ampla. Since CELF’s assets were transferred to Ampla during the privatization, Meridional sued Ampla in 1998 contending that the assets had been transferred fraudulently. Ampla only acquired assets from CELF, but is not its successor-in-interest since CELF, a state-owned company, still exists and maintains its legal personality. The plaintiff demanded payment of pending invoices and contractual penalties for repudiation of the civil works contract. In March 2009, the Court decided in favor of Meridional, and Ampla and the State of Rio de Janeiro filed appeals. On December 15, 2009, the State Court accepted the plea and overturned the lower court’s decision in favor of Ampla. Meridional appealed this ruling, which was denied. In July 2010, Meridional filed a new plea (agravo regimental) with the High Court of Justice of Brazil, which the court denied in late August 2010, ruling it was groundless.
On the basis of this decision, Meridional filed a new plea known as mandado de segurança, which was also dismissed. In June 2011, Meridional filed an Embargo de Declaração, which was denied by the court. Against this ruling Meridional filed a Recurso Ordinario with the Higher Court of Justice (in Brasilia). On August 30 of this year, the process was sent to the Ministerio Público. The amount in controversy in this case is US$427 million.
3.- On March 19, 2009, an Arbitration tribunal was established by the Mediation and Arbitration Chamber of the Getúlio Vargas/RJ Foundation issued an award related to an arbitration claim filed in 2005 by Enertrade Comercializadora de Energía S.A. (“Enertrade”) against Enersis’s Brazilian distribution subsidiary, Ampla, arising out of a dispute regarding a power purchase agreement. The ruling ordered Ampla to: i) pay the difference between the contractual price and the sum paid for the period from January 1, 2004, to August 28, 2006, revised and with interest; ii) pay from October to December 2003, plus interest and a 2% penalty. In addition, the arbitral tribunal ruled that the contract had ended on August 28, 2006 and that Ampla owes nothing to Enertrade after that date. Ampla filed a petition seeking an annulment of the arbitration award, including a petition (“antecipaçâo de tutela”), asking that execution of the arbitration award be suspended until a final ruling be passed in a pending trial of Enertrade vs. ANEEL (“Mandado de Segurança”), which discussed the administrative approval of the power purchase agreement under arbitration. The amount involved is estimated at US$53 million. In May 2009, the “antecipaçâo de tutela” was granted, which suspended the effects of the arbitration award. Enertrade has filed several petitions to try and revoke the injunctions mentioned above, maintaining the stay on the execution of the arbitration award. Simultaneously, Ampla and Enertrade have continued negotations but have yet to reach an agreement. In May of 2011, AMPLA sought a decision on the merits from the court, and in September of 2011 Ampla filed a Memorial with the Judge by reason of the replacement of Judges during the process. Ampla is currently awaiting a decision from the trial court.
4.- Companhia Brasileira de Antibióticos (“CIBRAN”) sued Enersis’s Brazilian distribution subsidiary, Ampla, for damages for the loss of products and raw materials, machinery breakdown, among other things, which allegedly occurred as a result of poor service provided by Ampla between 1987 and May 1994. CIBRAN is also seeking payment of punitive damages. This litigation is in the trial stage and has been joined with various other claims filed by Cibran against Ampla, including five other actions for smaller amounts based on power outages allegedly caused by Ampla. The judge decided to conduct a single expert assessment for these various claims, which was in part adverse to Ampla. On March 4, 2011, Ampla challenged the expert assessment, seeking its annulment, pointing out various contradictions in which the expert’s assessment and demanded that a new assessment be conducted. The amount involved for of all of these cases is estimated at approximately US$59.19 million.
5.- In October 2009, Tractebel Energía S.A. sued CIEN claiming an alleged breach of the “Purchase & Sale Agreement for 300 MW of Firm Capacity with related energy originating from Argentina” entered into in 1999 by and between CIEN and Centrais Geradoras do Sul do Brasil S.A (Gerasul — presently Tractebel Energia). Tractebel asked the court to order that CIEN pay a rescission penalty of R$ 117,666,976.00 (approximately US$ 62.72 million) plus other fines due to the non-availability of “firm capacity and related energy,” and asked the court to determine those other fines in its ruling. The breach allegedly occurred due to a failure by CIEN to assure the availability of capacity contractually agreed with Tractebel over the 20-year period, which allegedly took place beginning in March 2005. In November 2009, CIEN answered the lawsuit, arguing that this unavailability was caused by the “Argentine Crisis,” since CIEN imports all the energy it delivers — when needed - to Tractebel from that country. CIEN also argued that the “Argentine Crisis” was an extraordinary event in which CIEN was not involved to any extent, and that this situation was even acknowledged by the Brazilian authorities at the time. In May 2010, Tractebel notified CIEN via a written statement that it intended to exercise its step-in rights in Line I (30%). The process is currently at the trial stage. In October 2011, Tractebel filed its reply to the filings submitted by CIEN, and the lawsuit was sent to the judge in November for him to decide on the lawsuit and determine if he will provide CIEN the opportunity to make any statements it feels necessary or to begin discovery.
6.- Suit filed by Furnas Centrais Eletricas S.A. and served on June 15, 2010, based on CIEN’s alleged breach of Firm Capacity Purchase Agreement No. 12,399, for the purchase of 700 MW of firm capacity with related energy originating from Argentina. The agreement was signed in May 1998, with CIEN committing itself to purchase electricity in the Wholesale Electric Market of the Argentine Republic (Mercado Eléctrico Mayorista de la República Argentina hereinafter “MEM”), and transporting it from the Argentine Electric System through the Sistema de Transmissao de Interligacao, to be made available in Brazil at the Itá substation. The contract has a 20 year term effective June 21, 2000. On April 11, 2005, CIEN advised Furnas that it was unable to fulfill the agreement due to events beyond its control, alleging force majeure. Consequently, on April 14, 2005, Furnas notified CIEN that it rejected the force majeure allegations. Fumas is requesting that CIEN should be forced to pay a R$520,800,659 (US$ 280.84 million) as a rescission penalty as provided for in the agreement, as adjusted plus interest from the date of filing of the claim until actual payment, as well as other penalties based on the lack of
availability of the contracted capacity, and other charges to be determined upon the issuance of the final verdict. Discovery in the lawsuit is now completed and, on June 14, 2011, the 12th Civil Section of the Court of Justice unanimously affirmed the decision of the trial court judge to withdraw certain foreign-language documents from the case. CIEN has filed a Special Remedy (Recurso Especial) against this decision, which will be decided upon by the High Court of Justice in Brasilia. At present, the resolution of the principal action and a decision on the merits of the injunction are pending.
7.- In December 2001, the article of the Federal Constitution on which our Brazilian distribution subsidiary, Ampla, argued that it was not required to pay certain taxes (COFINS, Contribuição para o Financiamento da Seguridade Social) and pursuant to which Ampla did not pay tax, was amended. AMPLA began paying COFINS in April 2002, claiming that legislative modifications are effective 90 days after they are published.. However, the Receita Federal argued that this constitutional norm applies only to changes at the level of statutes, but not to those introduced to the Constitution itself, which would apply immediately. Also, the Receita Federal claims that, due to the change in tax treatment made by AMPLA (switching from collected to accrued basis), Ampla’s COFINS amount payable increased in the first half of 2002. This decision was rendered in July 2003. The trial-level administrative decision was adverse to AMPLA, which filed an appeal in October 2003. In November 2007, the appeal was decided at the administrative appeals level, partly in favor of the State in relation to the effective term of the constitutional reform, and in part in favor of AMPLA as regards the change in tax treatment from a collected-revenue basis to an accrued-revenue basis. In April 2008, the Federal Tax Department appealed this decision with the Upper Appellate Chamber. In October 2008, AMPLA filed its answer to this appeal and also filed its own appeal with the Upper Chamber with the regards to the part of the decision that did not favor AMPLA. In May 2009, the Federal Tax Department applied interest on the fine imposed, calculated by applying SELIC (Special Settlement and Custody System —Portuguese acronym: restatement index determined by the federal government based on the benchmark interest rate of the Central Bank of Brazil), as from the month following receipt of the infringement notice. Consequently, since the infringement notice was received in July 2003, SELIC corresponds to interest accumulated since August 2003, yielding a 101.21% rate. In August 2009, AMPLA was notified that the Special Remedy filed by the company had been dismissed. AMPLA filed another appeal from this decision with the President of the Upper Chamber of Tax Appeals. This appeal by Ampla sought to have the Special Remedy instituted, and its outcome was adverse to AMPLA. In May 2010, AMPLA was notified this decision. In July 2010, AMPLA received a demand for production of evidence, requesting that it submit the amounts that represent its financial income. On July 26, 2010, AMPLA filed a reply to the demand for production of evidence. The resolution on the Special Remedy filed by the Federal Tax Department is pending. Also pending is the decision on the remedy filed by AMPLA with the President of the Upper Chamber of Tax Appeals. The amount involved is approximately US$92.05 million.
8.- To fund its investment in Coelce in 1998, our Brazilian distribution subsidiary, AMPLA, issued FRNs (bonds) totaling US$350 million maturing in 2008, which were underwritten by Cerj Overseas (a foreign subsidiary of AMPLA). The bonds were exempted from withholding tax (15% or 25%) on interest payments made abroad, provided that, among other things, no prepayments were made before the average 96 month amortization period. To purchase the bonds, Cerj Overseas obtained 6-month foreign debt financing, whereupon, in October 1998, Cerj Overseas encountered problems in accessing other sources of financing and was forced to refinance with AMPLA, which loaned the funds in reales. The Federal Tax Department argued that the withholding tax exemption applicable to the bonds was lost in 1998 because the loans made in reales by AMPLA to Cerj Overseas were allegedly equivalent to a prepayment of the debt before the average 96-month amortization period. Ampla was notified of the loss of special tax treatment in July 2005. In August 2005 AMPLA filed an appeal with lower administrative court, which was dismissed. In April 2006, an appeal was filed with the Taxpayers Council, which was decided entirely in favor of AMPLA in December 2007. In January 2010, AMPLA was notified this favorable decision by the Taxpayers Council, as well as the Special Remedy filed by the tax authorities. In February 2010, AMPLA presented its counterarguments against the Special Remedy filed by the tax authorities, which is now pending resolution. The amount of this lawsuit is US$417.52 million.
9.- In 2002, the State of Río de Janeiro (“RJ”) issued a decree establishing that the ICMS (Imposto sobre operações relativas à circulação de mercadorias e sobre prestações de serviços de transporte interestadual, intermunicipal e de comunicação) calculated and paid on the 10th, 20th and 30th days of the same month of the accrual. Due to cash problems, our Brazilian distribution subsidiary, AMPLA, kept paying ICMS in accordance with the previous system (on the 5th day of the month following its accrual). Notwithstanding the existence of an informal agreement with the State of Rio de Janeiro and two amnesty laws, in September 2005 the State of RJ notified AMPLA of a resolution to collect the fine on late payments, and such resolution was appealed by AMPLA that same year. In February 2007, AMPLA was notified of the trial-level administrative decision, which confirmed the charges pressed by the State of RJ. In March 2007, AMPLA filed an appeal with the Taxpayers Council of the State of RJ. AMPLA obtained a “liminar” (injunction) in its favor, allowing it to file this appeal without posting a bond to guarantee 30% of the value of the adjusted amount of the fine. On August 26, 2010, AMPLA received an adverse ruling from the Taxpayers Council of the State of RJ. The Taxpayers Council, in a manner considered unlawful, ruled that AMPLA’s administrative remedy had been decided against such Council. Thereafter, on September 1, 2010, AMPLA filed an appeal with the En Banc Council (a special body within the Taxpayers Council) to amend the decision of the Taxpayers Council. The resolution of the En Banc Council is pending. The amount of the lawsuit is US$ 99.91 million.
10.- In late 2002, our Brazilian generation subsidiary CGTF filed a petition against the Federal Government seeking an acknowledgment that the assets imported for the turbo-generator units should be classified under “Other Generators” in order to be eligible for a 0% Import Tax (II) and Industrial Products Tax (IPI). The Federal Government argued that the imported assets do not qualify as generators. CGTF obtained an interlocutory resolution in its favor allowing it to clear the goods through customs with a 0% duty after depositing a bond with the court. In September 2008, the trial-level court decided entirely in CGTF’s favor. This ruling acknowledged the Generator’s classification as sought by CGTF, and determined that the judicial bond had to remain deposited to secure the outcome of the case. In February 2009, the Receita Federal filed an appeal with the Federal Regional Court (TRF). In May 2010, the Federal regional Court (TRF), judged favorably for CGTF, fully upholding the trial court’s decision in favor of CGTF and dismissing the Federal Government’s appeal. The appellate court’s decision, which classified CGTF’s equipment as generators for taxation purposes, was rendered final because the Receita Federal did not appeal to a higher courts (admitting that the basic issue was chiefly evidential and that no appeal was therefore warranted). In September 2009, CGTF received a final judgment in its favor that allowed for its assets to be levied a 0% tax and be cleared through customs after posting a bond with the court. In October 2009, an appellate decision was published that confirmed the trial-level decision in favor of CGTF. In November 2009, the Federal Government filed a special petition (embargo de declaracao) against the appellate decision. In December 2009, the appellate decision that upheld the trial court’s decision in favor of CGTF was published. In November 2009, the Federal Government filed a special petition against the appellate decision. In December 2009, the special petition filed by the government was decided in favor of CGTF. In March 2010, the government filed a special petition with the High Court of Justice (Brasilia). In June 2011, a resolution was issued that quashed the special petition filed by the Receita Federal. In August 2011, the Receita Federal was notified that its special petition had been denied. In September 2011, CGTF replied to this petition and the same is now pending. The amount involved is US$ 44.17 million.
11.- In 2005, three lawsuits were filed against ENDESA CHILE, the Chilean Tax Authority and the General Water Affairs Bureau (DGA), currently being treated as a single proceeding, requesting that DGA Resolution 134 be declared void as a matter of public policy, such resolution having established non-consumptive water rights in favor of Endesa to build the Neltume hydroelectric station project. Alternatively, damages were sought for the detriment allegedly sustained by the plaintiffs due to the loss of their status as riparian owners along the Pirehueico Lake, as well as due to the devaluation of their properties. The defendants have rejected these allegations, contending that the resolution complies with all legal requirements, and that the exercise of this right does not cause any detriment to the plaintiffs, among other arguments. To date, the court has issued a resolution opening a discovery period, and several petitions for reconsideration are presently pending resolution by the court. The sums involved in these suits are undetermined. This case was joined with two other cases: the first one is captioned “Arrieta v. the State and Others” in the 9th Civil Court, docket 15279-2005 and the second is captioned “Jordán v. the State and Others”, in the 10th Civil Court, docket 1608-2005. With regards to these cases,, an injunction has been ordered against entering into any acts and contracts concerning Endesa’s water rights related to the Neltume Project. A petition was made to have the injunction lifted, but it was denied, and an appeal was filed from this decision but it was also ultimately
denied. A petition was then filed to have the injunction replaced by a nominal bond by subsidiary Enigesa, which petition as also denied. Endesa appealed this decision and the appeal is currently under review. Discovery was ordered by the appeals court and the parties filed a plea for reconsideration, which is currently pending a decision.
12.- Five legal proceedings were initiated in 2008, 2009 and 2011 against PANGUE S.A., a subsidiary of ENDESA CHILE, where the plaintiffs sought damages that they allege were due to flooding caused by the operations of the Pangue hydroelectric station, in particular related to spills caused in July 2006. PANGUE S.A. has responded to such lawsuits arguing that its operation of the power station was in accordance with existing regulations and that it acted with due diligence and care. Consequently, PANGUE S.A. argues that there is no causal between the floods and the spills caused by the station during the period in question. These proceedings are being reviewed in several courts. The amounts claimed in these four cases is equal to $17,718,704,000 (US$ 34.12 million) in the aggregate. In two of these cases, the court has already ruled in favor of PANGUE S.A., and the plaintiffs filed appeals, with one still pending before the Concepción Court of Appeals and the other already ending with a favorable appellate ruling on May 26, 2011, when the plaintiffs’ appeal on the merits with the Supreme Court was dismissed. The three other cases are in their evidentiary stage, with rulings now imminent. The final case is now closed after the court issued an final enforceable judgment that declared the proceedings abandoned. It should be noted that these proceedings are covered by an insurance policy, and therefore PANGUE S.A. faces no monetary risk.
13.- In 2010, three suits for damages were filed against ENDESA CHILE by plaintiffs alleging that they were affected by the flooding of the Bio-Bio river in Region VIII. The plaintiffs blamed the company for losses caused by its deficient operation of the Ralco hydroelectric station during the flood. These three cases were joined and their discovery period has ended, and the parties are awaiting a verdict. The plaintiffs are required to produce legal evidence proving the causal link between the operation of the Ralco hydroelectric station during the floods and the damages that the plaintiffs claim they sustained as a result of deficient facility operation. The amount involved in the three suits totals $ 14,610,042,700 (US$ 28.13 million). It should be noted that these proceedings are covered by an insurance policy, and therefore ENDESA CHILE. faces no monetary risk.
14.- In July and September of 2010, Ingeniería y Construcción Madrid S.A. and Transportes Silva y Silva Limitada filed separate lawsuits against ENDESA CHILE and the General Water Affairs Bureau (DGA), seeking to nullify and void the administrative resolution that established ENDESA CHILE’s water rights for the Neltume hydroelectric station, and the administrative resolution that authorized the relocation of the collection point of such rights. The plaintiffs argue that both administrative resolutions should be void due to public-policy considerations. Essentially, the plaintiffs demand payment for their water rights located in the area of the hydraulic works for the future Neltume Station. ENDESA CHILE has rejected these claims, contending that the plaintiffs are engaging in wrongful prosecution to prevent the construction of the station in order to obtain monetary compensation. As to the procedural status of the two lawsuits filed by Ingeniería y Construcción Madrid S.A., the period has expired for both lawsuits and in one of the lawsuits (Case No. 7036-2010) the pleas for reconsideration filed in opposition to the discovery writ were decided upon October 5, 2011, with the evidentiary period having ended with written interrogatories and expert reports still pending. In the second lawsuit filed by Ingeniería y Construcción Madrid S.A.; (Case No. 6705-2010) a writ of discovery has been issued and has yet to be notified. In the lawsuits filed by Transportes Silva y Silva Ltda., in once lawsuit the parties are awaiting a writ of discovery to be issued, while in the other a writ of discovery has already been issued but remains to be notified. All these claims are for an undetermined amount.
15.- On January 18, 2011, an Arbitration Tribunal was established to hear the case captioned “Empresa Nacional de Electricidad S.A. vs. CMPC Celulosa S.A.”, instituted at the behest of Endesa Chile to determine the damages awarded in another arbitration between the parties on March 27, 2009. In the prior arbitration, a majority decision agreed with and affirmed Endesa Chile’s position regarding the treatment of excess consumption in the power and capacity supply agreement executed by the parties on May 31, 2003. Once the arbitration award was rendered final and binding in 2010, Endesa Chile began moving toward instituting a new arbitration to determine the amount of damages recognized in the arbitration award of 2009. A claim was filed requesting a sum of Ch$41,864,543,390 (US$ 80.63 million). An answer to the claim was filed by CMPC on June 6, 2011. The proceeding was then stayed to allow for negotiations between the parties, which were ultimately fruitless, and the stay was lifted on September 30, 2011. Endesa filed a rejoinder in reply to the defendant’s answer and the defendant was given 10 business days
to answer. The argument stage of the arbitration has now ended, and the parties await a summons to a reconciliation hearing.
16.- In 2001, a suit was filed against Colombian generation subsidiary Emgesa S.A. ESP., Empresa de Energía de Bogotá S.A. ESP. and Corporación Autónoma Regional by the inhabitants of Sibaté, Department of Cundinamarca. The lawsuit seeks to make the defendants jointly and severally liable for the damages arising from the pollution of the El Muñá reservoir, as a result of Emgesa S.A.’s pumping of polluted waters from the Bogotá river. Emgesa has challenged these allegations, arguing that the company is not liable for these damages, arguing, among other things, that it receives already polluted water. The plaintiffs’ initial demand was for $3,000,000,000 in thousands of Colombian pesos (approx. US$ 1,544.24 million). Emgesa S.A. ESP petitioned for the joinder of approximately 60 public and private entities that also discharge their effluents into the Bogotá river or are otherwise are have responsibility for the environmental management of the river, which is why the lawsuit was sent on to the State Council (Consejo de Estado), with remedies pending by these entities before this regulatory body. On June 29, 2010, the parties were notified of a motion filed by the attorney for the plaintiffs, whereby the plaintiffs sought to declare the acts of the Administrative Court of Cundinamarca since August 1, 2006 null and void. The plaintiff’s claim that as of such date the Court lacks jurisdiction over this proceeding since according to Law 472 of 1998, the Administrative Circuit Courts are the relevant courts to hear class actions. Emgesa intervened promptly, claiming that such annulment request would be irrelevant and unlawful. The Third Section of the State Council has affirmed the resolution of the Court that denied Emgesa’s impleader petition and joined various legal entities as defendants, including the appellants: Hospital Juan F. Copras, Refisal S.A., Tinzuque S.A., Emocables S.A., Cristalería Peldar S.A., Líquido Carbónico Colombiano S.A., Icollantas S.A. and Agrinal S.A. Elsewhere, the annulment request filed by the inhabitants of the municipality of Sibaté was denied, although the State Council required the Administrative Court for Adversary Proceedings (Tribunal Contencioso Administrativo) to pass the case to the Administrative Courts of the Bogotá Circuit (Juzgados Asdministrativos del Circuito de Bogotá) for its review. In June 2011, the court issued a writ ruling that the lawsuit was passed to the Fifth Administrative Court of Bogotá (Juzgado Quinto Administrativo de Bogotá), which then in turn sent it to the State Council to resolve on appeal from the writ of admission requested by Alpina. The appeal is currently still pending.
17.- The Peruvian tax authority, SUNAT (Superintendencia Nacional de Aduanas y de Administración Tributaria), through Tax and Fine Resolutions (Resoluciones de Impuestos y Multas) issued in 2001, questioned EDEGEL’s method used in accounting for depreciation of Edegel’s revalued assets. In January 2002, EDEGEL filed a petition (recurso de reclamacion) against these resolutions, which SUNAT dismissed as groundless. EDEGEL filed an appeal with the National Tax Court, which ruled in its favor in 2004, upholding (i) its right to depreciate the greater value obtained from revaluating the assets, based on the fact that Edegel had a statutory stability agreement (convenio de estabilidad jurídica), and (ii) the inapplicability of Rule VIII of the Tax Code, since there was no fraud involved. Also, the resolution provided that SUNAT had to verify that the revaluation of assets was not done at more than fair value. From that date, EDEGEL has received several notices from SUNAT request a determination of the revaluation surplus and the tax payable. In January 2006, a complaint was filed, followed by an appeal filed in 2008 against the resolution of SUNAT’s before the Tax Court, which is currently pending. This amount of this claim equals approximately US$ 51.31 million.
18 - In 2004, 2005 and 2006, Peru’s tax authority, SUNAT, notified EDELNOR of several Assessment and Fine Resolutions whereby SUNAT objected to the Income Tax and General Sales Tax paid from 2000 to 2003. With regards to Income Tax, SUNAT objected to the tax loss declared, during such period. EDELNOR accepted these objections in part and questioned some of them. In relation to General Sales Tax, the objections were substantially less. EDELNOR filed an appeal against these resolutions with SUNAT. In February 2009, EDELNOR was notified of administrative trial-level resolutions issued by SUNAT, which in part upheld the company’s appeal with SUNAT. In May 2009, an appeal was filed against these resolutions with the Tax Court, and such appeal is currently pending. The amount of this claim equals US$ 51.60 million.
19.- On May 24, 2011, Endesa was served a with a lawsuit filed by 19 riparian owners along the Pirehueico Lake asking to find DGA Resolution 732, which authorized the relocation of water catchment rights for the Neltume Station from the Pirehueico Lake drain to 900 meters downstream along the Fui River, to be declared null and void. The plaintiffs seek for this annulment to be annotated at the margin of the notarized instrument that memorialized DGA Resolution 732,. The plaintiffs also seek that the recordation of said instrument be struck from the waters registry, if entered; that the Chilean State, DGA and argue that Endesa be required to pay the damages caused to the plaintiffs as a result of the challenged resolution, seeking to reserve their right to indicate the type and amount of damages in subsequent legal proceedings. The claim is for an undetermined amount since the plaintiffs have requested that damages be determined in another suit, once the administrative resolution is declared null and void. To date, the argument period is over and a writ of discovery has been issued but not yet served.
The Management of Enersis S.A. considers that the reserves established in the Consolidated Financial Statements adequately cover the litigation risks discussed in this Note, and therefore the same are not expected to generate any liabilities in addition to those already recorded.
Given the nature of the risks covered by these reserves, one cannot determine a reasonable timeframe for the payments, if any, related to the same.
23. EMPLOYMENT BENEFIT OBLIGATIONS
Enersis S.A. and certain of its subsidiaries in Chile, Brazil, Colombia, and Argentina provide various post-employment benefits for all or some of its active or retired employees. These benefits are calculated and recorded in the financial statements according to the criteria described in Note 3.l.1, and include primarily the following:
a) Defined benefits plans:
· Complementary pension: The beneficiary is entitled to receive a monthly amount that supplements the pension obtained from the respective social security system
· Staff severance indemnities: The beneficiary receives a certain number of contractual salaries upon retirement. Such benefit is subject to a vesting minimum service requirement period, which depending on the company, varies within a range from 5 to 15 years
· Electricity: The beneficiary receives a monthly bonus to cover a portion of his/her billed residential electricity consumption
· Health benefit: The beneficiary receives health coverage in addition to that to which s/he is entitled under his/her social security regime.
b) Other benefits:
Five-year benefit: A benefit certain employees receive after 5 years; begins to accrue after the first year.
Unemployment: A benefit paid regardless of whether the employee is fired or leaves voluntarily. This benefit accrues on a daily basis and is paid at the time of contract termination (although the law allows for partial withdrawals for housing and education).
c) Defined contribution benefits:
The Group makes contributions to a retirement benefit plan where the beneficiary receives additional pension supplements upon his/her retirement, disability, or death.
23.2 Details, movements, and presentation in financial statements:
a) The post-employment obligations associated with defined benefits plans and the related assets plan as of December 31, 2011 and December 31, 2010 is detailed as follows:
The amounts included in the consolidated statement of financial position are the following
|
| Balance at |
| ||
|
| 12-31-2011 |
| 12-31-2010 |
|
|
| ThCh$ |
| ThCh$ |
|
|
|
|
|
|
|
Post-employment benefit obligation, current |
| — |
| 5,450,382 |
|
Post-employment benefit obligation, non-current |
| 277,526,013 |
| 215,818,975 |
|
|
|
|
|
|
|
Total |
| 277,526,013 |
| 221,269,357 |
|
|
|
|
|
|
|
(-) Surplus of plan assets (*) |
| — |
| (3,352,698 | ) |
|
|
|
|
|
|
Total post-employment obligations, net |
| 277,526,013 |
| 217,916,659 |
|
(*) Corresponds to the surplus of the fair value of plan assets over the present value of the defined benefit obligation in the subsidiary Coelce. This amount has been presented within “Other financial assets” (see Note 6).
The amounts included in the statement of financial position arising from the Group´s obligation with respect to its defined benefit plans are as follows:
|
| Balance at |
| ||
|
| 12-31-2011 |
| 12-31-2010 |
|
|
| ThCh$ |
| ThCh$ |
|
|
|
|
|
|
|
Post-employment obligations |
| 600,384,950 |
| 554,990,745 |
|
(-) Fair value of plan assets (*) |
| (366,137,888 | ) | (377,239,859 | ) |
|
|
|
|
|
|
Total |
| 234,247,062 |
| 177,750,886 |
|
|
|
|
|
|
|
Amount not recognized as an asset due to limit on Defined Benefit Plan Assets |
| 31,908,269 |
| 31,425,234 |
|
Minimum financing required (IFRIC 14) (**) |
| 11,370,682 |
| 11,527,032 |
|
Transfer to disposal groups held for sale (***) |
| — |
| (2,786,493 | ) |
|
|
|
|
|
|
Total Post-Employment Obligations, net |
| 277,526,013 |
| 217,916,659 |
|
(*) Plan assets to fund defined benefit plans in our Brazilian subsidiaries (Ampla and Coelce); the remaining defined benefit plans in our other subsidiaries are unfunded.
(**) The Brazilian subsidiaries are subject to minimum funding requirements of contributions that must be made to a plan over a given period, in accordance with IFRIC 14.
(***) Corresponds to benefit obligations in our subsidiaries CAM and Synapsis classified as held for sale (see Note 11 and 2.4.1).
b) The reconciliation of opening and closing balances of the present value of the defined benefit obligations as of December 31, 2011 and December 31, 2010 is as follows:
Present Value of Post-employment Benefit Obligations |
| ThCh$ |
|
|
|
|
|
Initial balance at January 1, 2010 |
| 510,334,175 |
|
Current Service Cost |
| 4,455,159 |
|
Interest cost |
| 52,703,379 |
|
Contributions from plan participants |
| 1,461,694 |
|
Actuarial (Gains) losses |
| 48,675,226 |
|
Foreign currency translation |
| (15,843,247 | ) |
Benefits paid |
| (46,795,641 | ) |
Balance at December 31, 2010 |
| 554,990,745 |
|
Current Service Cost |
| 4,355,454 |
|
Interest cost |
| 57,048,714 |
|
Contributions from plan participants |
| 1,252,638 |
|
Actuarial (Gains) losses |
| 31,390,546 |
|
Foreign currency translation |
| 890,940 |
|
Benefits paid |
| (52,715,892 | ) |
Cost of past services |
| 4,385,031 |
|
Reduction of obligation due to sale of Cam and Synapsis |
| (2,885,053 | ) |
Other |
| 1,671,827 |
|
|
|
|
|
Final balance at December 31, 2011 |
| 600,384,950 |
|
As of December 31, 2011, out of the total amount of post-employment benefit obligations, 5.99% is from defined benefit plans in Chilean companies (6.4% at December 31, 2010); 78.56% is from defined benefit plans in Brazilian companies (79.1% at December 31, 2010); 14.17% is from defined benefit plans in Colombian companies (14.1% at December 31, 2010); and the remaining 1.28% is from defined benefit plans in one Argentine subsidiary (0.4% at December 31, 2010).
c) Movements in the fair value of the benefit plan assets is as follows:
Fair Value of Benefit Plan Assets |
| ThCh$ |
|
Initial balance at January 1, 2010 |
| (362,690,337 | ) |
Expected return |
| (41,253,550 | ) |
Actuarial (gains) losses |
| (2,416,269 | ) |
Foreign currency translation |
| 12,205,535 |
|
Contributions |
| (15,530,103 | ) |
Benefits paid |
| 32,444,865 |
|
Balance at December 31, 2010 |
| (377,239,859 | ) |
Expected return |
| (44,345,866 | ) |
Actuarial (gains) losses |
| 29,912,014 |
|
Foreign currency translation |
| 5,214,769 |
|
Employer Contributions |
| (13,605,383 | ) |
Contributions |
| (1,252,638 | ) |
Benefits paid |
| 35,179,075 |
|
|
|
|
|
Final balance at December 31, 2011 |
| (366,137,888 | ) |
The amounts included in the fair value of plan assets for equity instruments of the Group’s own financial instruments and for property occupied by the Group are as follows:
|
| 12-31-2011 |
| 12-31-2010 |
|
|
| ThCh$ |
| ThCh$ |
|
|
|
|
|
|
|
Equity instruments |
| 5 |
| 5 |
|
Real estate |
| 10,152,936 |
| 9,570,510 |
|
|
|
|
|
|
|
Total |
| 10,152,941 |
| 9,570,515 |
|
d) The major categories of benefit plan assets at the end of each reporting period are as follows:
|
| 12-31-2011 |
| 12-31-2010 |
| ||||
Category of Benefit Plan Assets |
| ThCh$ |
| % |
| ThCh$ |
| % |
|
Equity instruments (variable income) |
| 55,291,894 |
| 16 | % | 65,913,747 |
| 18 | % |
Fixed income assets |
| 275,643,406 |
| 75 | % | 283,356,040 |
| 75 | % |
Real estate investments |
| 20,653,101 |
| 6 | % | 23,748,294 |
| 6 | % |
Other |
| 14,549,487 |
| 3 | % | 4,221,778 |
| 1 | % |
Total |
| 366,137,888 |
| 100 | % | 377,239,859 |
| 100 | % |
The expected rate of return on the benefit plan assets has been estimated considering the projections for financial markets of fixed and variable income instruments, and assuming that asset categories will have a weighting similar to that of the previous year. The average return on plan assets was 12.09% as of December 31, 2011.
e) The total expense recognized in profit or loss and comprehensive income with respect to the defined benefit plans as of December 31, 2011, 2010, and 2009 are as follows:
|
| 12-31-2011 |
| 12-31-2010 |
| 12-31-2009 |
|
|
| ThCh$ |
| ThCh$ |
| ThCh$ |
|
Normal service cost for defined benefits plan |
| 4,355,454 |
| 4,455,159 |
| 5,138,692 |
|
Interest cost for defined benefits plan |
| 57,048,714 |
| 52,703,379 |
| 51,679,594 |
|
Expected return on plan assets |
| (44,345,866 | ) | (41,253,550 | ) | (32,050,585 | ) |
|
|
|
|
|
|
|
|
Expenses recognized in Profit or Loss |
| 17,058,302 |
| 15,904,988 |
| 24,767,701 |
|
Net actuarial (gains) losses |
| 62,246,623 |
| 48,495,375 |
| 15,599,453 |
|
Total expense recognized in Comprehensive Income |
| 79,304,925 |
| 64,400,363 |
| 40,367,154 |
|
· Actuarial assumptions:
As of December 31, 2011 and December 31, 2010, the following assumptions were used in the actuarial calculation of defined benefits:
|
| Chile |
| Brazil |
| Colombia |
| Argentina |
| ||||||||
|
| 12-31-2011 |
| 12-31-2010 |
| 12-31-2011 |
| 12-31-2010 |
| 12-31-2011 |
| 12-31-2010 |
| 12-31-2011 |
| 12-31-2010 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Discount rates used |
| 6.50% |
| 6.50% |
| 10.50% |
| 10.50% |
| 8.50% |
| 9,52% |
| 5,50% |
| 16,80% |
|
Expected return on plan assets |
| N/A |
| N/A |
| 11.10% |
| 12.90% / 13.41% |
| N/A |
| N/A |
| N/A |
| N/A |
|
Expected rate of salary increases |
| 3.00% |
| 3.00% |
| 6.59% |
| 4.50% |
| 3.5% - 4.0% - 4.5% |
| 4,51% |
| 0,00% |
| 11,30% |
|
Mortality tables |
| RV-2004 |
| RV-2004 / RV-85 |
| AT 2000 |
| AT 2000 |
| RV 08 |
| RV 08 |
| RV 2004 |
| CSO 1980 |
|
· Sensitivity:
As of December 31, 2011, the sensitivity of the value of the actuarial liability for post-employment benefits to variations of 100 basis points in the discount rate assumes a decrease of ThCh$ 54.571.512 (ThCh$ 48,202,624 as of December 31, 2010) if the rate rises and an increase of ThCh$ 65.049.753 (ThCh$ 56,462,882 as of December 31, 2010) if the rate falls.
· Defined contribution:
The total expense recognized in the consolidated statement of comprehensive income within line item “Employee expenses” represents contributions payables to the defined contribution plans by the Group. As of December 31, 2011, the amounts recognized as expenses were ThCh$ 1,998,189 (ThCh$ 1,382,818 and ThCh$ 2,132,317 as of December 2010 and 2009, respectively).
24.1 Equity attributable to the parent company’s owners
24.1.1 Subscribed and paid capital and number of shares
Enersis S.A.’s share capital as of December 31, 2011 and December 31, 2010 was ThCh$ 2,824,882,835, divided into 32,651,166,465 fully subscribed and paid no par value shares listed at the Bolsa de Comercio de Santiago de Chile, Bolsa Electrónica de Chile, Bolsa de Valores de Valparaíso, New York Stock Exchange (NYSE), and Bolsa de Valores Latinoamericanos de la Bolsa de Madrid (LATIBEX). There has been no change in the numbers of shares as of December 31, 2011 and December 31, 2010.
Capital contributions made in 2003 and 1995 resulted in share premiums amounting to ThCh$ 125,881,577 and ThCh$ 32,878,071, respectively. The Chilean Companies Law permits the use of the share premium account balance to increase capital and does not establish any specific restrictions as to its use.
24.1.2 Dividends
The Enersis Board of Directors, at the Board Meeting held on February 26, 2010, agreed to propose to the General Shareholders Meeting, to be held on April 22, 2010, the distribution of a final dividend equivalent to 35.11% of the Company’s 2009 net income, at Ch$ 7.1 per share.
The aforementioned proposal modified the Company’s Dividend Policy for 2009, which allowed for distribution of an expected final dividend of 60% of the Company’s net income. This was disclosed as an Essential Event dated February 26, 2010. In the General Ordinary Shareholders’ Meeting held on April 22, 2010, the shareholders agreed to distribute the minimum mandatory dividend and an additional dividend amounting to Ch$ 7.1 per share. This dividend was partially paid during 2009 (Interim Dividend No. 80) and the remaining Ch$ 4.64323 per share was paid on May 6, 2010 (Final Dividend No. 81).
The Board agreed to establish a dividend policy for 2010 amounting to 60% of 2010 net income.
The Enersis Board, at its Ordinary Session held on October 27, 2010, unanimously agreed to pay an interim dividend on January 27, 2011 of Ch$ 1.57180 per share out of 2010 net income and corresponding to 15% of the Company’s net income through September 30, 2010.
At the Ordinary Shareholders’ Meeting held on April 26, 2011, it was unanimously agreed to pay a minimum obligatory dividend (partially paid through interim dividend No. 82) and an additional dividend totaling Ch$ 7.44578. Given that the interim dividend No. 82 had already been paid, distribution and payment of the balance of final dividend No. 83 totaling Ch$ 5.87398 per share was made from May 12, 2011 onwards.
The foregoing constitutes a modification to the Company’s 2010 dividend policy, which considered payment of the interim dividend in December.
The Enersis Board, at its Ordinary Session held on November 30, 2011, unanimously agreed to distribute an interim dividend of Ch$ 1.46560 per share on January 27, 2012 to be charged against the 2011 fiscal year net income; the amount to be distributed amounts to 15% of the liquid profits calculated as of September 30, 2011.
Fulfillment of the aforementioned dividend plan is subject to the actual net income earned by the Company during the current year, and to the results of the Company’s periodic income projections or to the existence of certain conditions, as applicable.
The following table details the dividends paid in the last six years:
Dividend No. |
| Type of |
| Payment Date |
| Pesos Per |
| Charged to |
|
72 |
| Final |
| 04-20-2005 |
| 0.41654 |
| 2004 |
|
73 |
| Final |
| 04-03-2006 |
| 1.00000 |
| 2005 |
|
74 |
| Interim |
| 12-26-2006 |
| 1.11000 |
| 2006 |
|
75 |
| Final |
| 05-23-2007 |
| 4.89033 |
| 2006 |
|
76 |
| Interim |
| 12-27-2007 |
| 0.53119 |
| 2007 |
|
77 |
| Final |
| 04-30-2008 |
| 3.41256 |
| 2007 |
|
78 |
| Interim |
| 12-19-2008 |
| 1.53931 |
| 2008 |
|
79 |
| Final |
| 05-12-2009 |
| 4.56069 |
| 2008 |
|
80 |
| Interim |
| 12-17-2009 |
| 2.45677 |
| 2009 |
|
81 |
| Final |
| 05-06-2010 |
| 4.64323 |
| 2009 |
|
82 |
| Interim |
| 01-27-2011 |
| 1.57180 |
| 2010 |
|
83 |
| Final |
| 05-12-2011 |
| 5.87398 |
| 2010 |
|
84 |
| Interim |
| 01-27-2012 |
| 1.46560 |
| 2011 |
|
24.2 Foreign currency translation
The following table details translation adjustments, net of taxes, in the consolidated statement of financial position and the consolidated statement of change in equity as of December 31, 2011, 2010, and 2009.
|
| 12-31-2011 |
| 12-31-2010 |
| 12-31-2009 |
|
Foreign Currency Translation |
| ThCh$ |
| ThCh$ |
| ThCh$ |
|
Distrilec Inversora S.A. |
| (32,242,851 | ) | (31,997,882 | ) | (25,140,985 | ) |
Empresa Distribuidora Sur S.A. |
| (39,867,010 | ) | (39,533,598 | ) | (30,917,314 | ) |
Ampla Energia e Serviços S.A. |
| 125,398,489 |
| 131,368,333 |
| 145,683,499 |
|
Ampla Investimentos e Serviços S.A. |
| 1,047,218 |
| 2,457,495 |
| 3,558,280 |
|
Codensa S.A. E.S.P. |
| 20,185,717 |
| 8,383,309 |
| 8,666,552 |
|
Inversiones Distrilima S.A. |
| 7,760,149 |
| (631,395 | ) | 1,913,422 |
|
Edelnor |
| 2,567,123 |
| (9,402,243 | ) | (5,533,832 | ) |
Investluz S.A. |
| 3,630,372 |
| 3,645,236 |
| 3,681,834 |
|
Endesa Brasil S.A. |
| 20,839,624 |
| 32,580,194 |
| 55,686,633 |
|
Central Costanera S.A. |
| (6,301,808 | ) | (6,826,288 | ) | (3,209,430 | ) |
GasAtacama S.A. |
| 3,979,726 |
| (2,013,576 | ) | 2,261,348 |
|
Emgesa S.A. E.S.P. |
| 51,141,069 |
| 38,858,582 |
| 40,494,477 |
|
Hidroelectrica El Chocón S.A. |
| (9,846,088 | ) | (10,306,187 | ) | (7,744,971 | ) |
Generandes Peru S.A. |
| 28,938,192 |
| 766,900 |
| 9,417,649 |
|
Grupo Synapsis |
| — |
| (1,148,937 | ) | (339,801 | ) |
Grupo CAM |
| — |
| (2,087,946 | ) | (1,259,460 | ) |
Others |
| (607,254 | ) | (833,107 | ) | (244,691 | ) |
TOTAL |
| 176,622,668 |
| 113,278,890 |
| 196,973,210 |
|
The Company’s objective is to maintain an adequate level of capitalization in order to be able to secure its access to the financial markets, so as to fulfill its medium- and long-term goals while maximizing the return to its shareholders and maintaining a sound financial position.
24.4 Restrictions on subsidiaries’ transferring funds to the parent
Certain of the Group’s subsidiaries must comply with financial ratio covenants which require them to have a minimum level of equity or other requirements that restrict the transferring of assets to the parent company. The Group’s restricted net assets as of December 31, 2011 from its subsidiaries Endesa Chile, Endesa Brasil, Ampla Energía, Coelce, and Edelnor totaled ThCh$ 1,037,860,473, ThCh$ 142,130,265, ThCh$ 437,934,092, ThCh$ 49,905,714, and ThCh$ 84,428,267, respectively.
Other reserves within Equity as of December 31, 2011, 2010, and 2009 are as follows:
|
| Balance at |
| Movements 2011 |
| Balance at |
|
|
| ThCh$ |
| ThCh$ |
| ThCh$ |
|
|
|
|
|
|
|
|
|
Exchange differences on translation |
| 113,278,890 |
| 63,343,778 |
| 176,622,668 |
|
Cash flow hedges |
| 40,783,463 |
| (41,093,728 | ) | (310,265 | ) |
Remeasurement of available-for-sale financial assets |
| 41,825 |
| (27,989 | ) | 13,836 |
|
Miscellaneous other reserves |
| (1,505,891,534 | ) | 8,682,538 |
| (1,497,208,996 | ) |
TOTAL |
| (1,351,787,356 | ) | 30,904,599 |
| (1,320,882,757 | ) |
|
| Balance at |
| Movements 2010 |
| Balance at |
|
|
| ThCh$ |
| ThCh$ |
| ThCh$ |
|
|
|
|
|
|
|
|
|
Exchange differences on translation |
| 196,973,210 |
| (83,694,320 | ) | 113,278,890 |
|
Cash flow hedges |
| (188,691,145 | ) | 14,682,972 |
| (174,008,173 | ) |
Remeasurement of available-for-sale financial assets |
| 41,699 |
| 126 |
| 41,825 |
|
Miscellaneous other reserves |
| (1,291,099,898 | ) | — |
| (1,291,099,898 | ) |
TOTAL |
| (1,282,776,134 | ) | (69,011,222 | ) | (1,351,787,356 | ) |
|
| Balance at |
| Movements 2009 |
| Balance at |
|
|
| ThCh$ |
| ThCh$ |
| ThCh$ |
|
|
|
|
|
|
|
|
|
Exchange differences on translation |
| 283,959,611 |
| (86,986,401 | ) | 196,973,210 |
|
Cash flow hedges |
| (276,767,607 | ) | 88,076,462 |
| (188,691,145 | ) |
Remeasurement of available-for-sale financial assets |
| 9,565 |
| 32,134 |
| 41,699 |
|
Miscellaneous other reserves |
| (1,291,099,898 | ) | — |
| (1,291,099,898 | ) |
TOTAL |
| (1,283,898,329 | ) | 1,122,195 |
| (1,282,776,134 | ) |
· Foreign currency translation reserves: These arise primarily from exchange differences relating to:
· Translation of the financial statements of our foreign operations from their functional currencies to our presentation currency (i.e. Chilean peso) (see Note 2.6.3); and
· Translation of goodwill arising from the acquisition of foreign operations with a functional currency other than the Chilean peso (see Note 3.c).
· Cash flow hedging reserves: These represent the cumulative portion of gains and losses on hedging instruments deemed effective in cash flow hedges (Note 3.g.4. and 3.m).
· Other miscellaneous reserves
Other miscellaneous reserves include the following:
(i) In accordance with Oficio Circular No. 456 of the SVS, accumulated price level restatements related to paid-in capital since our transition to IFRS 1 on January 1, 2004 through December 31, 2008.
Note that despite the fact that the Company adopted IFRS as its accounting standards as of January 1, 2009, the January 1, 2004 transition date disclosed previously was that used by the our Parent Company Endesa, S.A. in its transition to IFRS. This applies the exemption provided for this purpose in IFRS 1, “First-time adoption.”
(ii) Translation differences existing at the date of transition to IFRS (exemption IFRS 1 “First-time adoption”).
(iii) Reserves arising from transactions between entities under common control, mainly explained by the creation of the Endesa Brasil Holding in 2005 and the merger of our Colombian subsidiaries Emgesa and Betania in 2007.
24.6 Non-controlling interests
The following is an explanation of the main variations in minority interests during the 2011, 2010, and 2009 fiscal years:
a) On October 9, 2009, in a transaction on the Lima, Peru Stock Exchange, our subsidiary Endesa Chile purchased an additional 29.3974% ownership interest in Edegel S.A.A. for US$ 375 million. This purchase resulted in a decrease of ThCh$ 127,551,963 in the equity attributable to non-controlling interests in such entity.
· Then, on October 15, in another transaction on the Lima Stock Exchange, Enersis purchased an additional 24% ownership interest in Empresa de Distribución Eléctrica de Lima Norte S.A.A. (Edelnor) for US$ 145.7 million. This purchase resulted in a decrease of ThCh $37,886,392 the equity attributable to non-controlling interests in such entity.
· It should be noted that the Endesa Chile and Enersis Boards of Directors authorized the above transactions after reviewing the external valuations provided by investment banks hired for this purpose, as well as its own internal valuation carried out by the executive management of each company. In both cases, the stock was purchased from Generalima S.A.C., a Peruvian company that is entirely a subsidiary of Endesa Latinoamérica, the direct parent of Enersis.
b) The negative variation reflected in the line item “Increase (decrease) through transfers and other changes” in the Statement of Changes in Equity is explained primarily by:
(i) The amount corresponding to the non-controlling interests in dividends declared by the consolidated subsidiaries
(ii) In addition the 2010 fiscal year includes the amount corresponding to the non-controlling interests in the Emgesa S.A. E.S.P return of capital. The amount received by the non-controlling interests corresponds to ThCh$ 85,231,132.
The detail of revenues presented in the Statement of Comprehensive Income for the years ended December 31, 2011, 2010, and 2009 is as follows:
|
| Balance at |
| ||||
|
| 12-31-2011 |
| 12-31-2010 |
| 12-31-2009 |
|
Revenues |
| ThCh$ |
| ThCh$ |
| ThCh$ |
|
|
|
|
|
|
|
|
|
Energy sales |
| 5,805,296,274 |
| 5,653,724,917 |
| 5,579,145,884 |
|
|
|
|
|
|
|
|
|
Other sales |
| 31,746,174 |
| 50,570,774 |
| 56,489,259 |
|
Sale of metering equipment |
| 2,229,019 |
| 2,621,293 |
| 2,822,658 |
|
Sale of electronic supplies |
| 18,913,641 |
| 31,263,834 |
| 39,840,661 |
|
Sale of products and services |
| 10,603,514 |
| 16,685,647 |
| 13,825,940 |
|
|
|
|
|
|
|
|
|
Revenue from other services |
| 417,209,641 |
| 474,934,133 |
| 477,648,472 |
|
Tolls and transmission |
| 249,719,988 |
| 182,638,100 |
| 229,183,380 |
|
Metering equipment leases |
| 6,540,680 |
| 9,646,546 |
| 8,327,754 |
|
Public lighting |
| 27,583,293 |
| 31,092,463 |
| 30,603,007 |
|
Verifications and connections |
| 15,605,137 |
| 14,106,659 |
| 14,869,456 |
|
Engineering services |
| 11,896,382 |
| 15,871,319 |
| 19,960,120 |
|
Advisory services |
| — |
| 23,442,524 |
| 26,976,336 |
|
Other services |
| 105,864,161 |
| 198,136,522 |
| 147,728,419 |
|
|
|
|
|
|
|
|
|
Total operating revenue |
| 6,254,252,089 |
| 6,179,229,824 |
| 6,113,283,615 |
|
|
| Balance at |
| ||||
|
| 12-31-2011 |
| 12-31-2010 |
| 12-31-2009 |
|
Other operating income |
| ThCh$ |
| ThCh$ |
| ThCh$ |
|
|
|
|
|
|
|
|
|
Revenue from construction contracts |
| 179,051,253 |
| 252,401,048 |
| 200,493,636 |
|
Mutual support |
| 25,188,962 |
| 23,287,510 |
| 17,809,432 |
|
Third party services to own and third party fixtures |
| 8,693,287 |
| 10,611,783 |
| 24,832,249 |
|
Leases |
| 765,055 |
| 699,787 |
| 841,083 |
|
Sale of new businesses |
| 12,619,489 |
| 11,380,343 |
| 9,238,121 |
|
Other revenue (1) |
| 54,310,209 |
| 85,970,818 |
| 105,557,517 |
|
|
|
|
|
|
|
|
|
Total other income |
| 280,628,255 |
| 384,351,289 |
| 358,772,038 |
|
(1) During the 2011 fiscal year, the Company recognized ThCh$ 7,273,992 (ThCh$ 22,225,795 in December 2010) related to the Bocamina power plant business interruption insurance policy, which was activated as a result of the February 27, 2010 earthquake that damaged that plant (see Note 15 d) vi).
26. RAW MATERIALS AND CONSUMABLES USED
Raw materials and consumables used presented in profit or loss as of December 31, 2011, 2010, and 2009 are detailed as follows:
|
| Balance at |
| ||||
|
| 12-31-2011 |
| 12-31-2010 |
| 12-31-2009 |
|
Raw Materials and Consumables Used |
| ThCh$ |
| ThCh$ |
| ThCh$ |
|
|
|
|
|
|
|
|
|
Energy purchases |
| (1,762,818,298 | ) | (1,554,714,636 | ) | (1,520,198,225 | ) |
Fuel consumption |
| (742,639,363 | ) | (672,038,103 | ) | (580,237,613 | ) |
Transportation costs |
| (393,991,121 | ) | (405,983,092 | ) | (316,287,883 | ) |
Costs from construction contracts |
| (179,051,253 | ) | (252,401,048 | ) | (200,493,636 | ) |
Other variable supplies and services |
| (459,934,694 | ) | (636,509,375 | ) | (593,376,220 | ) |
|
|
|
|
|
|
|
|
Total |
| (3,538,434,729 | ) | (3,521,646,254 | ) | (3,210,593,577 | ) |
27. EMPLOYEE BENEFITS EXPENSES
Employee expenses recognized in profit or loss as of December 2011, 2010, and 2009 is as follows:
|
| Balance at |
| ||||
|
| 12-31-2011 |
| 12-31-2010 |
| 12-31-2009 |
|
Employee Benefits Expenses |
| ThCh$ |
| ThCh$ |
| ThCh$ |
|
|
|
|
|
|
|
|
|
Wages and salaries |
| (277,553,004 | ) | (295,339,462 | ) | (296,862,091 | ) |
Post-employment benefit obligations expense |
| (6,353,643 | ) | (5,837,977 | ) | (7,271,009 | ) |
Social security and other contributions |
| (92,915,099 | ) | (63,391,743 | ) | (52,252,408 | ) |
Other employee expenses |
| (1,730,380 | ) | (10,108,831 | ) | (14,016,937 | ) |
|
|
|
|
|
|
|
|
Total |
| (378,552,126 | ) | (374,678,013 | ) | (370,402,445 | ) |
28. DEPRECIATION, AMORTIZATION, AND IMPAIRMENT LOSSES
Depreciation, amortization, and impairment losses recognized in profit or loss as of December 31, 2011, 2010, and 2009 can be broken down as follows:
|
| Balance at |
| ||||
|
| 12-31-2011 |
| 12-31-2010 |
| 12-31-2009 |
|
|
| ThCh$ |
| ThCh$ |
| ThCh$ |
|
|
|
|
|
|
|
|
|
Depreciation |
| (322,218,490 | ) | (338,040,266 | ) | (346,587,547 | ) |
Amortization |
| (102,681,546 | ) | (110,977,009 | ) | (107,782,412 | ) |
|
|
|
|
|
|
|
|
Subtotal |
| (424,900,036 | ) | (449,017,275 | ) | (454,369,959 | ) |
Reversal (losses) from impairment (*) |
| (136,157,459 | ) | (108,373,429 | ) | (85,285,525 | ) |
|
|
|
|
|
|
|
|
Total |
| (561,057,495 | ) | (557,390,704 | ) | (539,655,484 | ) |
|
| Balance at |
| ||||
|
| 12-31-2011 |
| 12-31-2010 |
| 12-31-2009 |
|
(*) Impairment Losses |
| ThCh$ |
| ThCh$ |
| ThCh$ |
|
|
|
|
|
|
|
|
|
Financial assets (see Note 7c) |
| (18,649,480 | ) | (95,391,111 | ) | (22,179,120 | ) |
Assets and disposal groups held for sale (see Note 11) |
| — |
| (14,881,960 | ) | (21,915,849 | ) |
Goodwill (see Note 14) |
| (14,379,823 | ) | — |
| — |
|
Fixed assets (see Note 15) |
| (106,449,843 | ) | (1,340,235 | ) | (43,999,600 | ) |
Reversal of investment property provision (see Note 16) |
| 3,321,687 |
| 3,239,877 |
| 2,809,044 |
|
|
|
|
|
|
|
|
|
Total |
| (136,157,459 | ) | (108,373,429 | ) | (85,285,525 | ) |
Other miscellaneous operating expenses as of December 31, 2011, 2010, and 2009 can be broken down as follows:
|
| Balance at |
| ||||
|
| 12-31-2011 |
| 12-31-2010 |
| 12-31-2009 |
|
Other Expenses |
| ThCh$ |
| ThCh$ |
| ThCh$ |
|
|
|
|
|
|
|
|
|
Other supplies and services |
| (95,222,224 | ) | (130,232,972 | ) | (146,952,970 | ) |
Professional, outsourced, and other services |
| (180,880,189 | ) | (113,944,110 | ) | (117,604,978 | ) |
Repairs and maintenance |
| (89,045,849 | ) | (69,199,458 | ) | (53,933,371 | ) |
Indemnities and fines |
| (14,733,175 | ) | (41,316,694 | ) | (20,934,632 | ) |
Taxes and charges |
| (90,333,630 | ) | (26,456,298 | ) | (33,891,117 | ) |
Insurance premiums |
| (20,745,032 | ) | (19,147,361 | ) | (19,866,916 | ) |
Leases and rental costs |
| (17,042,089 | ) | (16,980,825 | ) | (19,969,187 | ) |
Marketing, public relations, and advertising |
| (10,316,261 | ) | (16,207,055 | ) | (16,338,026 | ) |
Other supplies |
| (14,716,010 | ) | (11,701,238 | ) | (19,372,298 | ) |
Travel expenses |
| (6,428,292 | ) | (4,306,510 | ) | (4,966,691 | ) |
Environmental expenses |
| (1,235,646 | ) | (942,248 | ) | (3,859,011 | ) |
|
|
|
|
|
|
|
|
Total |
| (540,698,397 | ) | (450,434,769 | ) | (457,689,197 | ) |
Other gains (losses) as of December 31, 2011, 2010, and 2009 are detailed as follows:
|
| Balance at |
| ||||
|
| 12-31-2011 |
| 12-31-2010 |
| 12-31-2009 |
|
Other Gains (Losses) |
| ThCh$ |
| ThCh$ |
| ThCh$ |
|
|
|
|
|
|
|
|
|
Investment sales (Cam Group and Synapsis (*)) |
| (10,733,882 | ) | 272,686 |
| 28,113,548 |
|
Sale of Condesa Hogar portfolio |
| — |
| — |
| 12,784,152 |
|
Land sales |
| 3,766,963 |
| 8,381,710 |
| 9,253,010 |
|
Other assets |
| 2,152,625 |
| 3,329,038 |
| 489,568 |
|
Total |
| (4,814,294 | ) | 11,983,434 |
| 50,640,278 |
|
(*) Includes foreign currency translation differences of ThCh$ (3,236,883).
Financial income and costs as of December 31, 2011, 2010, and 2009 are as follows:
|
| Balance at |
| ||||
|
| 12-31-2011 |
| 12-31-2010 |
| 12-31-2009 |
|
Financial Income |
| ThCh$ |
| ThCh$ |
| ThCh$ |
|
|
|
|
|
|
|
|
|
Income from cash and cash equivalents |
| 124,109,491 |
| 68,144,673 |
| 79,364,437 |
|
Income from expected return on plan assets (Brazil) |
| 44,345,866 |
| 41,253,550 |
| 32,050,585 |
|
Other financial income |
| 62,735,004 |
| 56,962,380 |
| 41,884,708 |
|
Income from other financial assets |
| 2,422,508 |
| 4,876,345 |
| 6,370,675 |
|
|
|
|
|
|
|
|
|
Total |
| 233,612,869 |
| 171,236,948 |
| 159,670,405 |
|
|
| Balance at |
| ||||
|
| 12-31-2011 |
| 12-31-2010 |
| 12-31-2009 |
|
Financial Costs |
| ThCh$ |
| ThCh$ |
| ThCh$ |
|
|
|
|
|
|
|
|
|
Financial Costs |
| (465,411,363 | ) | (438,358,251 | ) | (482,472,627 | ) |
|
|
|
|
|
|
|
|
Bank loans |
| (134,214,794 | ) | (127,921,732 | ) | (137,274,372 | ) |
Secured and unsecured obligations |
| (161,347,460 | ) | (150,777,160 | ) | (171,723,898 | ) |
Financial leasing |
| (2,937,215 | ) | (3,056,546 | ) | (3,733,454 | ) |
Valuation of financial derivatives |
| (23,723,865 | ) | (19,034,198 | ) | (19,307,617 | ) |
Financial provisions |
| (90,830,303 | ) | (73,709,974 | ) | (12,105,233 | ) |
Post-employment benefit obligations |
| (57,048,714 | ) | (52,703,379 | ) | (51,679,594 | ) |
Capitalized borrowing costs |
| 35,945,738 |
| 15,137,380 |
| 11,165,950 |
|
Other financial costs |
| (31,254,750 | ) | (26,292,642 | ) | (97,814,409 | ) |
|
|
|
|
|
|
|
|
Gain (loss) from indexed assets and liabilities |
| (25,092,203 | ) | (15,055,706 | ) | 21,781,329 |
|
|
|
|
|
|
|
|
|
Foreign currency exchange differences, net |
| 20,305,690 |
| 11,572,474 |
| (8,235,253 | ) |
|
|
|
|
|
|
|
|
Positive |
| 71,301,059 |
| 83,236,540 |
| 82,015,125 |
|
Negative |
| (50,995,369 | ) | (71,664,066 | ) | (90,250,378 | ) |
|
|
|
|
|
|
|
|
Total financial costs |
| (470,197,876 | ) | (441,841,483 | ) | (468,926,551 | ) |
|
|
|
|
|
|
| |
Total financial results |
| (236,585,007 | ) | (270,604,535 | ) | (309,256,146 | ) |
The following table reconciles income taxes resulting from applying the general current tax rate to “Net income before taxes” to the income tax expense recorded in the accompanying Consolidated Statement of Comprehensive Income for the 2011, 2010, and 2009 fiscal years:
|
| Balance at |
| ||||
|
| 12-31-2011 |
| 12-31-2010 |
| 12-31-2009 |
|
Income Tax |
| ThCh$ |
| ThCh$ |
| ThCh$ |
|
|
|
|
|
|
|
|
|
Current tax expense |
| (458,621,881 | ) | (397,519,578 | ) | (422,830,225 | ) |
Tax benefit from tax assets not previously recognized (Credits and/or benefits on current tax) |
| 42,545,139 |
| 51,094,799 |
| 39,752,182 |
|
Adjustments to current tax from the previous period |
| (882,687 | ) | (2,869,081 | ) | 12,569,886 |
|
Other current tax expense |
| (301,441 | ) | (2,597,705 | ) | (4,276,209 | ) |
|
|
|
|
|
|
|
|
Current Tax Expense, Net |
| (417,260,870 | ) | (351,891,565 | ) | (374,784,366 | ) |
|
|
|
|
|
|
|
|
Deferred tax income (expense) from origination and reversal of temporary differences |
| (43,612,506 | ) | 7,335,286 |
| 15,046,756 |
|
Deferred tax (income) or expense from tax rate changes or new taxes |
| 148,137 |
| (1,450,689 | ) | — |
|
Other deferred tax expense |
| (111,453 | ) | — |
| — |
|
|
|
|
|
|
|
|
|
Deferred Tax Income (expense), net |
| (43,575,822 | ) | 5,884,597 |
| 15,046,756 |
|
|
|
|
|
|
|
|
|
Effect of changes in the tax status of the entity or its shareholders |
| — |
| — |
| — |
|
|
|
|
|
|
|
|
|
(Income tax income (expense) |
| (460,836,692 | ) | (346,006,968 | ) | (359,737,610 | ) |
The principal temporary differences are detailed in Note 17a.
|
| 12-31-2011 |
| 12-31-2010 |
| 12-31-2009 |
|
Reconciliation of Tax Expense |
| ThCh$ |
| ThCh$ |
| ThCh$ |
|
|
|
|
|
|
|
|
|
Tax expense using statutory rate (20%) |
| (266,675,462 | ) | (245,938,215 | ) | (284,081,079 | ) |
Tax effect of rates in other jurisdictions |
| (117,057,673 | ) | (159,695,526 | ) | (166,163,264 | ) |
Tax effect of non-taxable revenues |
| 51,007,579 |
| 44,357,904 |
| 40,858,030 |
|
Tax effect of non-tax-deductible expenses |
| (106,636,806 | ) | (9,065,332 | ) | (30,896,605 | ) |
Tax effect from change in tax rate |
| 148,137 |
| (1,450,689 | ) | — |
|
Tax effect of over-provided tax in previous period |
| (882,687 | ) | (2,869,081 | ) | 12,569,886 |
|
Price level restatement for tax purposes (investments and equity) |
| (20,739,780 | ) | 28,653,971 |
| 67,975,422 |
|
Total adjustments to tax expense using statutory rate |
| (194,161,230 | ) | (100,068,753 | ) | (75,656,531 | ) |
|
|
|
|
|
|
|
|
Income tax |
| (460,836,692 | ) | (346,006,968 | ) | (359,737,610 | ) |
On July 29, 2010, Chilean Law No.20,455 “Modifica diversos cuerpos legales para obtener recursos destinados al financiamiento de la reconstrucción del país” (modifies tax entities to obtain funds to finance the reconstruction of the country) was enacted and published in the Diario Oficial on July 31, 2010. This law, among other things temporarily increases tax rates for the commercial years 2011 and 2012 (20% and 18.5%, respectively), and returns to 17% in 2013.
The Group’s activities are organized primarily around its core businesses, electric energy generation, transmission, and distribution. On that basis, the Group has established two major business lines.
In addition, segment information has been organized by the geographical areas in which the Group operates:
· Chile
· Argentina
· Brazil
· Peru
· Colombia
Given that the Group’s corporate organization basically matches its business organization and, therefore, the segments organization, the following segment information is based on the financial information of the companies forming each segment.
The following tables present the segment information for the 2011 and 2010 fiscal years.
33.2 Generation, distribution, and others
|
| Generation |
| Distribution |
| Eliminations and Others |
| Total |
| ||||||||
Line of Business |
| 12-31-2011 |
| 12-31-2010 |
| 12-31-2011 |
| 12-31-2010 |
| 12-31-2011 |
| 12-31-2010 |
| 12-31-2011 |
| 12-31-2010 |
|
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT ASSETS |
| 1,212,585,323 |
| 1,064,310,315 |
| 1,007,409,597 |
| 1,155,049,652 |
| 305,970,088 |
| 118,908,009 |
| 2,525,965,008 |
| 2,338,267,976 |
|
Cash and cash equivalents |
| 552,738,084 |
| 410,734,005 |
| 298,945,821 |
| 307,574,515 |
| 368,237,363 |
| 243,046,517 |
| 1,219,921,268 |
| 961,355,037 |
|
Other current financial assets |
| 914,209 |
| 5,535,951 |
| 25,011 |
| 2,281,558 |
| — |
| — |
| 939,220 |
| 7,817,509 |
|
Other current non-financial assets |
| 31,292,979 |
| 7,342,281 |
| 38,792,524 |
| 27,188,821 |
| 2,380,809 |
| 1,462,146 |
| 72,466,312 |
| 35,993,248 |
|
Trade and other current receivables |
| 355,609,508 |
| 321,074,432 |
| 610,324,178 |
| 690,037,361 |
| 11,668,702 |
| 26,986,447 |
| 977,602,388 |
| 1,038,098,240 |
|
Accounts receivable from related companies |
| 130,673,380 |
| 186,356,762 |
| 7,215,786 |
| 87,128,995 |
| (102,606,574 | ) | (253,014,150 | ) | 35,282,592 |
| 20,471,607 |
|
Inventories |
| 55,906,768 |
| 42,162,603 |
| 16,354,914 |
| 15,560,743 |
| 5,663,862 |
| 4,928,358 |
| 77,925,544 |
| 62,651,704 |
|
Current tax assets |
| 85,450,395 |
| 91,104,281 |
| 35,751,363 |
| 25,277,659 |
| 20,625,926 |
| 21,605,401 |
| 141,827,684 |
| 137,987,341 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-current assets classified as held for sale and discontinued operations |
| — |
| — |
| — |
| — |
| — |
| 73,893,290 |
| — |
| 73,893,290 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NON-CURRENT ASSETS |
| 6,154,273,562 |
| 5,808,436,926 |
| 4,778,151,088 |
| 4,606,429,950 |
| 275,481,095 |
| 252,710,255 |
| 11,207,905,744 |
| 10,667,577,131 |
|
Other non-current financial assets |
| 13,598,337 |
| 28,295,886 |
| 2,826,723 |
| 5,211,606 |
| 20,930,001 |
| 29,461,230 |
| 37,355,061 |
| 62,968,722 |
|
Other non-current non-financial assets |
| 28,731,435 |
| 31,459,012 |
| 80,741,831 |
| 70,535,341 |
| 27,842 |
| 1,741,942 |
| 109,501,108 |
| 103,736,295 |
|
Non-current receivables |
| 175,400,312 |
| 139,301,288 |
| 267,256,936 |
| 179,381,740 |
| 671,202 |
| 884,932 |
| 443,328,450 |
| 319,567,960 |
|
Non-current accounts receivable from related companies |
| (1,863,216 | ) | 764,220 |
| 117,946 |
| 324,864 |
| 1,745,270 |
| (1,089,084 | ) | — |
| — |
|
Investments accounted for using the equity method |
| 591,668,155 |
| 591,361,178 |
| 503,610,981 |
| 546,884,644 |
| (1,082,085,874 | ) | (1,124,144,170 | ) | 13,193,262 |
| 14,101,652 |
|
Intangible assets other than goodwill |
| 35,332,818 |
| 31,398,642 |
| 1,417,846,070 |
| 1,405,434,608 |
| 14,219,326 |
| 15,753,155 |
| 1,467,398,214 |
| 1,452,586,405 |
|
Goodwill |
| 106,399,041 |
| 97,673,241 |
| 129,382,377 |
| 130,262,504 |
| 1,240,622,708 |
| 1,249,086,179 |
| 1,476,404,126 |
| 1,477,021,924 |
|
Property, plant, and equipment, net |
| 5,068,294,024 |
| 4,739,297,094 |
| 2,180,696,470 |
| 2,017,266,712 |
| (6,259,488 | ) | (4,623,151 | ) | 7,242,731,006 |
| 6,751,940,655 |
|
Investment property |
| — |
| — |
| — |
| — |
| 38,055,889 |
| 33,019,154 |
| 38,055,889 |
| 33,019,154 |
|
Deferred tax assets |
| 136,712,656 |
| 148,886,365 |
| 195,671,754 |
| 251,127,931 |
| 47,554,218 |
| 52,620,068 |
| 379,938,628 |
| 452,634,364 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL ASSETS |
| 7,366,858,884 |
| 6,872,747,241 |
| 5,785,560,685 |
| 5,761,479,602 |
| 581,451,183 |
| 371,618,264 |
| 13,733,870,752 |
| 13,005,845,107 |
|
|
| Generation |
| Distribution |
| Eliminations and Others |
| Total |
| ||||||||
|
| 12-31-2011 |
| 12-31-2010 |
| 12-31-2011 |
| 12-31-2010 |
| 12-31-2011 |
| 12-31-2010 |
| 12-31-2011 |
| 12-31-2010 |
|
LIABILITIES AND EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT LIABILITIES |
| 1,150,249,282 |
| 1,143,674,971 |
| 1,394,053,750 |
| 1,298,274,817 |
| (83,769,398 | ) | (34,672,303 | ) | 2,460,533,634 |
| 2,407,277,486 |
|
Other current financial liabilities |
| 365,375,002 |
| 315,103,380 |
| 292,160,116 |
| 284,864,090 |
| 14,547,220 |
| 65,630,548 |
| 672,082,338 |
| 665,598,018 |
|
Trade and other current payables |
| 380,701,745 |
| 417,077,978 |
| 774,128,579 |
| 714,667,656 |
| 80,234,135 |
| 92,744,364 |
| 1,235,064,459 |
| 1,224,489,998 |
|
Accounts payable to related companies |
| 234,167,088 |
| 288,461,159 |
| 126,083,948 |
| 141,795,739 |
| (203,073,399 | ) | (282,054,639 | ) | 157,177,637 |
| 148,202,260 |
|
Other short-term provisions |
| 36,030,224 |
| 43,331,481 |
| 43,227,192 |
| 51,478,884 |
| 20,445,238 |
| 20,638,871 |
| 99,702,654 |
| 115,449,236 |
|
Current tax liabilities |
| 122,601,990 |
| 69,759,646 |
| 110,935,913 |
| 75,509,486 |
| 2,315,339 |
| 2,397,523 |
| 235,853,242 |
| 147,666,655 |
|
Current provisions for employee benefits |
| — |
| 2,703,107 |
| — |
| 2,690,108 |
| — |
| 57,167 |
| — |
| 5,450,382 |
|
Other current non-financial liabilities |
| 11,373,233 |
| 7,238,220 |
| 47,518,002 |
| 27,268,854 |
| 1,762,069 |
| 1,283,474 |
| 60,653,304 |
| 35,790,548 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities associated with non-current assets classified as held for sale and discontinued operations |
| — |
| — |
| — |
| — |
| — |
| 64,630,389 |
| — |
| 64,630,389 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NON-CURRENT LIABILITIES |
| 2,231,327,095 |
| 2,110,719,491 |
| 1,572,059,394 |
| 1,545,885,669 |
| 573,796,771 |
| 427,934,505 |
| 4,377,183,260 |
| 4,084,539,665 |
|
Other non-current financial liabilities |
| 1,755,575,529 |
| 1,621,961,525 |
| 952,894,143 |
| 831,035,287 |
| 562,885,621 |
| 561,959,635 |
| 3,271,355,293 |
| 3,014,956,447 |
|
Other non-current payables |
| 243,234 |
| 13,548,800 |
| 14,060,817 |
| 23,380,657 |
| 556 |
| 307,255 |
| 14,304,607 |
| 37,236,712 |
|
Accounts payable to related companies |
| 81,953 |
| 1,163,160 |
| — |
| 147,930,726 |
| (81,953 | ) | (148,009,596 | ) | — |
| 1,084,290 |
|
Other long-term provisions |
| 20,833,139 |
| 67,038,203 |
| 181,636,893 |
| 158,484,126 |
| 103,609 |
| — |
| 202,573,641 |
| 225,522,329 |
|
Deferred tax liabilities |
| 341,568,310 |
| 349,429,640 |
| 162,528,439 |
| 200,477,944 |
| 4,341,506 |
| 6,015,994 |
| 508,438,255 |
| 555,923,578 |
|
Non-current provisions for employee benefits |
| 36,504,909 |
| 27,147,186 |
| 234,826,662 |
| 181,236,136 |
| 6,194,442 |
| 7,435,653 |
| 277,526,013 |
| 215,818,975 |
|
Other non-current non-financial liabilities |
| 76,520,021 |
| 30,430,977 |
| 26,112,440 |
| 3,340,793 |
| 352,990 |
| 225,564 |
| 102,985,451 |
| 33,997,334 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EQUITY |
| 3,985,282,507 |
| 3,618,352,778 |
| 2,819,447,541 |
| 2,917,319,116 |
| 91,423,809 |
| (21,643,938 | ) | 6,896,153,857 |
| 6,514,027,956 |
|
Equity attributable to owners of parent |
| 3,985,282,507 |
| 3,618,352,778 |
| 2,819,447,541 |
| 2,917,319,116 |
| 91,423,809 |
| (21,643,938 | ) | 3,895,728,606 |
| 3,735,544,636 |
|
Issued capital |
| 1,752,890,037 |
| 1,830,431,254 |
| 1,010,886,630 |
| 1,088,609,246 |
| 61,106,168 |
| (94,157,665 | ) | 2,824,882,835 |
| 2,824,882,835 |
|
Retained earnings |
| 1,838,419,172 |
| 1,566,278,776 |
| 957,047,345 |
| 1,318,048,927 |
| (562,497,637 | ) | (780,638,194 | ) | 2,232,968,880 |
| 2,103,689,509 |
|
Share premium |
| — |
| — |
| — |
| — |
| 158,759,648 |
| 158,759,648 |
| 158,759,648 |
| 158,759,648 |
|
Other reserves |
| 393,973,298 |
| 221,642,748 |
| 851,513,566 |
| 510,660,943 |
| 434,055,630 |
| 694,392,273 |
| (1,320,882,757 | ) | (1,351,787,356 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-controlling interests |
| — |
| — |
| — |
| — |
| — |
| — |
| 3,000,425,251 |
| 2,778,483,320 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Liabilities and Equity |
| 7,366,858,884 |
| 6,872,747,241 |
| 5,785,560,685 |
| 5,761,479,602 |
| 581,451,182 |
| 371,618,264 |
| 13,733,870,752 |
| 13,005,845,107 |
|
|
| Generation |
| Distribution |
| Eliminations and Others |
| Total |
| ||||||||||||||||
|
| 12-31-2011 |
| 12-31-2010 |
| 12-31-2009 |
| 12-31-2011 |
| 12-31-2010 |
| 12-31-2009 |
| 12-31-2011 |
| 12-31-2010 |
| 12-31-2009 |
| 12-31-2011 |
| 12-31-2010 |
| 12-31-2009 |
|
STATEMENT OF COMPREHENSIVE INCOME |
| ThCh$ |
| ThCh$ |
| ThCh$ |
| ThCh$ |
| ThCh$ |
| ThCh$ |
| ThCh$ |
| ThCh$ |
| ThCh$ |
| ThCh$ |
| ThCh$ |
| ThCh$ |
|
REVENUES |
| 2,700,026,218 |
| 2,780,604,080 |
| 2,708,357,655 |
| 4,447,427,469 |
| 4,392,625,917 |
| 4,240,401,202 |
| (612,573,343 | ) | (609,648,884 | ) | (476,703,204 | ) | 6,534,880,344 |
| 6,563,581,113 |
| 6,472,055,653 |
|
Sales |
| 2,681,583,403 |
| 2,735,336,937 |
| 2,692,140,931 |
| 4,187,214,704 |
| 4,053,333,247 |
| 3,892,291,952 |
| (614,546,018 | ) | (609,440,360 | ) | (471,149,268 | ) | 6,254,252,089 |
| 6,179,229,824 |
| 6,113,283,615 |
|
Energy sales |
| 2,587,301,858 |
| 2,599,487,673 |
| 2,570,529,382 |
| 3,830,011,900 |
| 3,754,753,999 |
| 3,642,828,755 |
| (612,017,484 | ) | (700,516,755 | ) | (634,212,253 | ) | 5,805,296,274 |
| 5,653,724,917 |
| 5,579,145,884 |
|
Other sales |
| 10,642,489 |
| 15,262,308 |
| 6,009,988 |
| 8,391,707 |
| 9,220,770 |
| 12,431,451 |
| 12,711,978 |
| 26,087,696 |
| 38,047,820 |
| 31,746,174 |
| 50,570,774 |
| 56,489,259 |
|
Other services rendered |
| 83,639,056 |
| 120,586,956 |
| 115,601,561 |
| 348,811,097 |
| 289,358,478 |
| 237,031,746 |
| (15,240,512 | ) | 64,988,699 |
| 125,015,165 |
| 417,209,641 |
| 474,934,133 |
| 477,648,472 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other operating income |
| 18,442,815 |
| 45,267,143 |
| 16,216,724 |
| 260,212,765 |
| 339,292,670 |
| 348,109,250 |
| 1,972,675 |
| (208,524 | ) | (5,553,936 | ) | 280,628,255 |
| 384,351,289 |
| 358,772,038 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RAW MATERIALS AND CONSUMABLES USED |
| (1,272,985,092 | ) | (1,300,760,188 | ) | (1,058,410,593 | ) | (2,904,965,972 | ) | (2,861,855,754 | ) | (2,687,937,114 | ) | 639,516,335 |
| 640,969,688 |
| 535,754,130 |
| (3,538,434,729 | ) | (3,521,646,254 | ) | (3,210,593,577 | ) |
Energy purchases |
| (272,699,080 | ) | (264,194,654 | ) | (197,058,728 | ) | (2,099,527,411 | ) | (1,988,241,950 | ) | (1,958,392,871 | ) | 609,408,193 |
| 697,721,968 |
| 635,253,374 |
| (1,762,818,298 | ) | (1,554,714,636 | ) | (1,520,198,225 | ) |
Fuel consumption |
| (742,631,157 | ) | (672,030,596 | ) | (580,234,432 | ) | — |
| — |
| — |
| (8,206 | ) | (7,507 | ) | (3,181 | ) | (742,639,363 | ) | (672,038,103 | ) | (580,237,613 | ) |
Transport expenses |
| (210,422,135 | ) | (233,134,592 | ) | (177,886,470 | ) | (228,281,706 | ) | (216,929,666 | ) | (158,940,229 | ) | 44,712,720 |
| 44,081,166 |
| 20,538,816 |
| (393,991,121 | ) | (405,983,092 | ) | (316,287,883 | ) |
Other variable supplies and services |
| (47,232,720 | ) | (131,400,346 | ) | (103,230,963 | ) | (577,156,855 | ) | (656,684,138 | ) | (570,604,014 | ) | (14,596,372 | ) | (100,825,939 | ) | (120,034,879 | ) | (638,985,947 | ) | (888,910,423 | ) | (793,869,856 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONTRIBUTION MARGIN |
| 1,427,041,126 |
| 1,479,843,892 |
| 1,649,947,062 |
| 1,542,461,497 |
| 1,530,770,163 |
| 1,552,464,088 |
| 26,942,992 |
| 31,320,804 |
| 59,050,926 |
| 2,996,445,615 |
| 3,041,934,859 |
| 3,261,462,076 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other work performed by entity and capitalized |
| 6,404,803 |
| 688,024 |
| 731,901 |
| 39,331,002 |
| 34,742,737 |
| 32,998,618 |
| 4,437,307 |
| 9,438,604 |
| — |
| 50,173,112 |
| 44,869,365 |
| 33,730,519 |
|
Employee benefits expense |
| (84,624,505 | ) | (76,018,545 | ) | (69,577,977 | ) | (252,417,780 | ) | (215,810,871 | ) | (216,622,884 | ) | (41,509,841 | ) | (82,848,597 | ) | (84,201,584 | ) | (378,552,126 | ) | (374,678,013 | ) | (370,402,445 | ) |
Other expense |
| (148,540,710 | ) | (109,570,881 | ) | (118,108,486 | ) | (389,777,503 | ) | (366,421,018 | ) | (367,766,183 | ) | (2,380,185 | ) | 25,557,129 |
| 28,185,472 |
| (540,698,398 | ) | (450,434,770 | ) | (457,689,197 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GROSS OPERATING RESULT |
| 1,200,280,714 |
| 1,294,942,490 |
| 1,462,992,500 |
| 939,597,216 |
| 983,281,011 |
| 1,001,073,639 |
| (12,509,727 | ) | (16,532,060 | ) | 3,034,814 |
| 2,127,368,203 |
| 2,261,691,441 |
| 2,467,100,953 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation, amortization, and impairment losses |
| (205,906,910 | ) | (244,848,894 | ) | (270,584,246 | ) | (347,074,905 | ) | (291,545,800 | ) | (239,656,554 | ) | (8,075,680 | ) | (20,996,010 | ) | (29,414,684 | ) | (561,057,495 | ) | (557,390,704 | ) | (539,655,484 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING INCOME |
| 994,373,804 |
| 1,050,093,596 |
| 1,192,408,254 |
| 592,522,311 |
| 691,735,211 |
| 761,417,085 |
| (20,585,407 | ) | (37,528,070 | ) | (26,379,870 | ) | 1,566,310,708 |
| 1,704,300,737 |
| 1,927,445,469 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FINANCIAL RESULTS |
| (96,533,304 | ) | (139,201,816 | ) | (186,313,678 | ) | (114,211,524 | ) | (94,631,362 | ) | (99,796,594 | ) | (25,840,179 | ) | (36,771,357 | ) | (23,145,874 | ) | (236,585,007 | ) | (270,604,535 | ) | (309,256,146 | ) |
Financial income |
| 88,970,416 |
| 27,878,995 |
| 40,841,166 |
| 127,716,519 |
| 132,691,391 |
| 117,121,114 |
| 16,925,934 |
| 10,666,562 |
| 1,708,125 |
| 233,612,869 |
| 171,236,948 |
| 159,670,405 |
|
Financial costs |
| (187,258,748 | ) | (178,031,427 | ) | (239,569,394 | ) | (242,555,022 | ) | (227,390,652 | ) | (226,454,904 | ) | (35,597,593 | ) | (32,936,172 | ) | (16,448,329 | ) | (465,411,363 | ) | (438,358,251 | ) | (482,472,627 | ) |
Gains (losses) from indexed assets and liabilities |
| (5,369,555 | ) | (2,885,747 | ) | 9,009,669 |
| 42,067 |
| 153,805 |
| 458,162 |
| (19,764,715 | ) | (12,323,764 | ) | 12,313,498 |
| (25,092,203 | ) | (15,055,706 | ) | 21,781,329 |
|
Foreign currency exchange differences |
| 7,124,583 |
| 13,836,363 |
| 3,404,881 |
| 584,912 |
| (85,906 | ) | 9,079,034 |
| 12,596,195 |
| (2,177,983 | ) | (20,719,168 | ) | 20,305,690 |
| 11,572,474 |
| (8,235,253 | ) |
Gains |
| 36,535,322 |
| 59,331,363 |
| 71,795,866 |
| 4,951,758 |
| 7,255,856 |
| 18,584,732 |
| 39,385,744 |
| 24,744,149 |
| (8,365,473 | ) | 80,872,824 |
| 91,331,368 |
| 82,015,125 |
|
Losses |
| (29,410,739 | ) | (45,495,000 | ) | (68,390,985 | ) | (4,366,846 | ) | (7,341,762 | ) | (9,505,698 | ) | (26,789,549 | ) | (26,922,132 | ) | (12,353,695 | ) | (60,567,134 | ) | (79,758,894 | ) | (90,250,378 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share of profit (loss) of associates accounted for using the equity method |
| 8,215,763 |
| 811,855 |
| 2,233,946 |
| 468 |
| 911 |
| 82,758,254 |
| 249,673 |
| 202,973 |
| (82,756,621 | ) | 8,465,904 |
| 1,015,739 |
| 2,235,579 |
|
Gains (losses) from other investments |
| 1,038,160 |
| 234,251 |
| (55,494 | ) | 70 |
| — |
| 82,850 |
| — |
| 38,435 |
| 110,587 |
| 1,038,230 |
| 272,686 |
| 137,943 |
|
Gains (losses) from sale of property, plant, and equipment |
| 975,577 |
| 1,631,416 |
| 64,430 |
| (313,790 | ) | 1,365,276 |
| 24,938,953 |
| (6,514,311 | ) | 8,714,057 |
| 25,498,952 |
| (5,852,524 | ) | 11,710,749 |
| 50,502,335 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET INCOME BEFORE TAX |
| 908,070,000 |
| 913,569,302 |
| 1,008,337,458 |
| 477,997,535 |
| 598,470,036 |
| 769,400,548 |
| (52,690,224 | ) | (65,343,962 | ) | (106,672,826 | ) | 1,333,377,311 |
| 1,446,695,376 |
| 1,671,065,180 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax |
| (255,341,927 | ) | (197,493,560 | ) | (201,746,950 | ) | (200,528,618 | ) | (141,600,737 | ) | (178,201,978 | ) | (4,966,146 | ) | (6,912,671 | ) | 20,211,318 |
| (460,836,691 | ) | (346,006,968 | ) | (359,737,610 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET INCOME AFTER TAX FROM CONTINUING OPERATIONS |
| 652,728,073 |
| 716,075,742 |
| 806,590,508 |
| 277,468,917 |
| 456,869,299 |
| 591,198,570 |
| (57,656,370 | ) | (72,256,633 | ) | (86,461,508 | ) | 872,540,620 |
| 1,100,688,408 |
| 1,311,327,570 |
|
Net income from discontinued operations |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
|
NET INCOME |
| 652,728,073 |
| 716,075,742 |
| 806,590,508 |
| 277,468,917 |
| 456,869,299 |
| 591,198,570 |
| (57,656,370 | ) | (72,256,633 | ) | (86,461,508 | ) | 872,540,620 |
| 1,100,688,408 |
| 1,311,327,570 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RESULT FOR THE PERIOD |
| 652,728,073 |
| 716,075,742 |
| 806,590,508 |
| 277,468,917 |
| 456,869,299 |
| 591,198,570 |
| (57,656,370 | ) | (72,256,633 | ) | (86,461,508 | ) | 872,540,620 |
| 1,100,688,408 |
| 1,311,327,570 |
|
Owners of parent |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| 375,471,254 |
| 486,226,814 |
| 660,231,043 |
|
Non-controlling interests |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| 497,069,366 |
| 614,461,594 |
| 651,096,527 |
|
|
| Chile |
| Argentina |
| Brazil |
| Colombia |
| Peru |
| Eliminations |
| Total |
| ||||||||||||||
|
| 12-31-2011 |
| 12-31-2010 |
| 12-31-2011 |
| 12-31-2010 |
| 12-31-2011 |
| 12-31-2010 |
| 12-31-2011 |
| 12-31-2010 |
| 12-31-2011 |
| 12-31-2010 |
| 12-31-2011 |
| 12-31-2010 |
| 12-31-2011 |
| 12-31-2010 |
|
Country |
| ThCh$ |
| ThCh$ |
| ThCh$ |
| ThCh$ |
| ThCh$ |
| ThCh$ |
| ThCh$ |
| ThCh$ |
| ThCh$ |
| ThCh$ |
| ThCh$ |
| ThCh$ |
| ThCh$ |
| ThCh$ |
|
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT ASSETS |
| 1,117,076,586 |
| 958,252,718 |
| 198,804,567 |
| 206,682,679 |
| 680,639,175 |
| 773,987,829 |
| 439,170,846 |
| 298,436,755 |
| 138,640,932 |
| 118,519,262 |
| (48,367,098 | ) | (17,611,267 | ) | 2,525,965,008 |
| 2,338,267,976 |
|
Cash and cash equivalents |
| 588,127,702 |
| 396,117,160 |
| 43,522,761 |
| 64,001,651 |
| 277,962,207 |
| 309,608,364 |
| 268,253,856 |
| 150,969,852 |
| 42,054,742 |
| 40,658,010 |
| — |
| — |
| 1,219,921,268 |
| 961,355,037 |
|
Other current financial assets |
| 47,504 |
| 17,551 |
| 143,638 |
| 2,271,690 |
| — |
| 5,463,750 |
| 699,517 |
| 64,518 |
| 48,561 |
| — |
| — |
| — |
| 939,220 |
| 7,817,509 |
|
Other current non-financial assets |
| 8,430,910 |
| 2,823,979 |
| 2,444,742 |
| 3,453,937 |
| 43,310,736 |
| 24,929,082 |
| 13,185,071 |
| 1,741,706 |
| 5,094,853 |
| 3,044,544 |
| — |
| — |
| 72,466,312 |
| 35,993,248 |
|
Trade and other current receivables |
| 338,292,487 |
| 424,328,700 |
| 108,345,327 |
| 105,722,882 |
| 318,551,280 |
| 399,849,969 |
| 137,785,949 |
| 134,933,800 |
| 73,975,674 |
| 55,329,513 |
| 651,671 |
| (82,066,624 | ) | 977,602,388 |
| 1,038,098,240 |
|
Accounts receivable from related companies |
| 49,976,938 |
| 9,118,913 |
| 34,084,870 |
| 20,580,614 |
| — |
| — |
| 30,857 |
| 85,521 |
| 208,696 |
| 124,492 |
| (49,018,769 | ) | (9,437,933 | ) | 35,282,592 |
| 20,471,607 |
|
Inventories |
| 37,057,881 |
| 31,508,007 |
| 4,921,951 |
| 4,012,205 |
| 1,266,810 |
| 1,329,912 |
| 17,676,019 |
| 10,639,048 |
| 17,002,883 |
| 15,162,532 |
| — |
| — |
| 77,925,544 |
| 62,651,704 |
|
Current tax assets |
| 95,143,164 |
| 94,338,408 |
| 5,341,278 |
| 6,639,700 |
| 39,548,142 |
| 32,806,752 |
| 1,539,577 |
| 2,310 |
| 255,523 |
| 4,200,171 |
| — |
| — |
| 141,827,684 |
| 137,987,341 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-current assets classified as held for sale and discontinued operations |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| 73,893,290 |
| — |
| 73,893,290 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NON-CURRENT ASSETS |
| 7,893,250,053 |
| 7,882,741,067 |
| 593,346,110 |
| 612,376,604 |
| 3,805,276,863 |
| 3,724,836,639 |
| 2,353,927,049 |
| 2,089,588,249 |
| 1,246,563,957 |
| 1,087,290,030 |
| (4,684,458,288 | ) | (4,729,255,458 | ) | 11,207,905,744 |
| 10,667,577,131 |
|
Other non-current financial assets |
| 32,942,181 |
| 57,422,721 |
| 161,140 |
| — |
| 27,818 |
| 3,352,698 |
| 1,214,684 |
| 8,267 |
| 3,009,238 |
| 2,185,036 |
| — |
| — |
| 37,355,061 |
| 62,968,722 |
|
Other non-current non-financial assets |
| 599,528 |
| 1,327,410 |
| 1,984,737 |
| 10,897,471 |
| 106,916,843 |
| 89,288,250 |
| — |
| 1,111,481 |
| — |
| — |
| — |
| 1,111,683 |
| 109,501,108 |
| 103,736,295 |
|
Non-current receivables |
| 4,531,190 |
| 9,751,497 |
| 151,690,773 |
| 123,872,850 |
| 273,379,275 |
| 177,122,226 |
| 13,727,212 |
| 8,821,387 |
| — |
| — |
| — |
| — |
| 443,328,450 |
| 319,567,960 |
|
Non-current accounts receivable from related companies |
| 6,179,892 |
| 5,570,592 |
| — |
| — |
| 44,861,006 |
| 36,381,275 |
| — |
| — |
| — |
| — |
| (51,040,898 | ) | (41,951,867 | ) | — |
| — |
|
Investments accounted for using the equity method |
| 4,681,940,902 |
| 4,728,577,212 |
| 4,727,255 |
| 4,360,892 |
| 1,217,587,204 |
| 1,231,117,115 |
| 76 |
| — |
| 49,887,780 |
| 49,494,618 |
| (5,940,949,955 | ) | (5,999,448,185 | ) | 13,193,262 |
| 14,101,652 |
|
Intangible assets other than goodwill |
| 40,438,658 |
| 43,574,579 |
| 3,649,971 |
| 3,394,462 |
| 1,375,676,408 |
| 1,362,506,970 |
| 44,330,454 |
| 40,486,684 |
| 3,302,723 |
| 2,623,710 |
| — |
| — |
| 1,467,398,214 |
| 1,452,586,405 |
|
Goodwill |
| 2,312,632 |
| 2,311,244 |
| 2,357,592 |
| 2,453,791 |
| 119,058,905 |
| 120,673,559 |
| 13,209,651 |
| 7,348,467 |
| 10,361,690 |
| 10,502,214 |
| 1,329,103,656 |
| 1,333,732,649 |
| 1,476,404,126 |
| 1,477,021,924 |
|
Property, plant, and equipment |
| 2,998,303,344 |
| 2,907,392,986 |
| 424,077,441 |
| 435,556,490 |
| 479,342,553 |
| 502,536,126 |
| 2,184,994,520 |
| 1,908,861,856 |
| 1,178,479,794 |
| 1,021,665,793 |
| (22,466,646 | ) | (24,072,596 | ) | 7,242,731,006 |
| 6,751,940,655 |
|
Investment property |
| 38,055,889 |
| 33,019,154 |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| 38,055,889 |
| 33,019,154 |
|
Deferred tax assets |
| 87,945,837 |
| 93,793,672 |
| 4,697,201 |
| 31,840,648 |
| 188,426,851 |
| 201,858,420 |
| 96,450,452 |
| 122,950,107 |
| 1,522,732 |
| 818,659 |
| 895,555 |
| 1,372,858 |
| 379,938,628 |
| 452,634,364 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL ASSETS |
| 9,010,326,640 |
| 8,840,993,785 |
| 792,150,677 |
| 819,059,282 |
| 4,485,916,038 |
| 4,498,824,468 |
| 2,793,097,895 |
| 2,388,025,004 |
| 1,385,204,889 |
| 1,205,809,292 |
| (4,732,825,387 | ) | (4,746,866,725 | ) | 13,733,870,752 |
| 13,005,845,107 |
|
Country |
| Chile |
| Argentina |
| Brazil |
| Colombia |
| Peru |
| Eliminations |
| Total |
| ||||||||||||||
|
| 12-31-2011 |
| 12-31-2010 |
| 12-31-2011 |
| 12-31-2010 |
| 12-31-2011 |
| 12-31-2010 |
| 12-31-2011 |
| 12-31-2010 |
| 12-31-2011 |
| 12-31-2010 |
| 12-31-2011 |
| 12-31-2010 |
| 12-31-2011 |
| 12-31-2010 |
|
|
| ThCh$ |
| ThCh$ |
| ThCh$ |
| ThCh$ |
| ThCh$ |
| ThCh$ |
| ThCh$ |
| ThCh$ |
| ThCh$ |
| ThCh$ |
| ThCh$ |
| ThCh$ |
| ThCh$ |
| ThCh$ |
|
LIABILITIES AND EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT LIABILITIES |
| 661,869,058 |
| 647,462,363 |
| 494,783,567 |
| 368,365,266 |
| 650,237,150 |
| 749,685,522 |
| 483,448,241 |
| 432,517,038 |
| 170,828,751 |
| 122,675,915 |
| (633,131 | ) | 86,571,381 |
| 2,460,533,635 |
| 2,407,277,486 |
|
Other current financial liabilities |
| 88,087,416 |
| 57,353,811 |
| 105,336,295 |
| 91,305,044 |
| 288,730,920 |
| 316,931,058 |
| 124,904,402 |
| 138,102,310 |
| 65,023,305 |
| 61,905,795 |
| — |
| — |
| 672,082,338 |
| 665,598,018 |
|
Trade and other current payables |
| 405,601,668 |
| 397,291,875 |
| 283,219,858 |
| 188,824,968 |
| 234,837,848 |
| 350,493,006 |
| 223,557,756 |
| 242,087,064 |
| 68,645,529 |
| 46,211,217 |
| 19,201,800 |
| (418,132 | ) | 1,235,064,459 |
| 1,224,489,998 |
|
Accounts payable to related companies |
| 48,929,238 |
| 95,959,740 |
| 45,686,586 |
| 21,522,018 |
| 34,092,017 |
| 22,670,347 |
| 51,713,966 |
| (8,763,202 | ) | 1,068,536 |
| (5,545,768 | ) | (24,312,705 | ) | 22,359,124 |
| 157,177,638 |
| 148,202,260 |
|
Other short-term provisions |
| 54,333,202 |
| 61,952,297 |
| 25,324,807 |
| 31,334,089 |
| 6,801,936 |
| 9,290,490 |
| 10,860 |
| 1,498,668 |
| 8,754,075 |
| 11,373,692 |
| 4,477,774 |
| — |
| 99,702,654 |
| 115,449,236 |
|
Current tax liabilities |
| 58,625,870 |
| 26,985,525 |
| 12,379,051 |
| 18,739,444 |
| 67,476,356 |
| 45,603,630 |
| 76,893,506 |
| 50,694,810 |
| 20,478,459 |
| 5,643,246 |
| — |
| — |
| 235,853,242 |
| 147,666,655 |
|
Current provisions for employee benefits |
| — |
| 1,341,781 |
| — |
| 591,831 |
| — |
| — |
| — |
| 3,516,770 |
| — |
| — |
| — |
| — |
| — |
| 5,450,382 |
|
Other current non-financial liabilities |
| 6,291,663 |
| 6,577,334 |
| 22,836,970 |
| 16,047,872 |
| 18,298,073 |
| 4,696,991 |
| 6,367,751 |
| 5,380,618 |
| 6,858,847 |
| 3,087,733 |
| — |
| — |
| 60,653,304 |
| 35,790,548 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities associated with non-current assets classified as held for sale and discontinued operations |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| 64,630,389 |
| — |
| 64,630,389 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NON-CURRENT LIABILITIES |
| 1,819,290,887 |
| 1,798,546,677 |
| 206,938,488 |
| 182,056,288 |
| 929,216,917 |
| 866,894,226 |
| 928,038,093 |
| 749,238,211 |
| 527,947,698 |
| 525,104,242 |
| (34,248,823 | ) | (37,299,979 | ) | 4,377,183,260 |
| 4,084,539,665 |
|
Other non-current financial liabilities |
| 1,538,473,627 |
| 1,511,148,690 |
| 113,544,053 |
| 87,795,042 |
| 515,352,311 |
| 483,293,292 |
| 782,142,214 |
| 616,376,069 |
| 321,843,088 |
| 316,343,354 |
| — |
| — |
| 3,271,355,293 |
| 3,014,956,447 |
|
Other non-current payables |
| — |
| 3,595,790 |
| 1,146,930 |
| 325,183 |
| 13,157,677 |
| 33,173,070 |
| — |
| 142,669 |
| — |
| — |
| — |
| — |
| 14,304,607 |
| 37,236,712 |
|
Accounts payable to related companies |
| — |
| — |
| 34,248,823 |
| 36,634,177 |
| — |
| 1,750,092 |
| — |
| — |
| — |
| — |
| (34,248,823 | ) | (37,299,979 | ) | — |
| 1,084,290 |
|
Other long-term provisions |
| 17,935,877 |
| 17,164,654 |
| 9,239,778 |
| 11,451,261 |
| 168,801,883 |
| 183,780,246 |
| 4,762,542 |
| 2,198,153 |
| 1,833,561 |
| 10,928,015 |
| — |
| — |
| 202,573,641 |
| 225,522,329 |
|
Deferred tax liabilities |
| 204,262,599 |
| 222,646,728 |
| 13,419,881 |
| 21,549,260 |
| 67,691,941 |
| 61,907,742 |
| 19,717,371 |
| 52,263,418 |
| 203,346,463 |
| 197,556,430 |
| — |
| — |
| 508,438,255 |
| 555,923,578 |
|
Non-current provisions for employee benefits |
| 35,817,248 |
| 33,170,562 |
| 7,627,051 |
| 1,400,727 |
| 149,353,832 |
| 102,989,784 |
| 84,727,882 |
| 78,257,902 |
| — |
| — |
| — |
| — |
| 277,526,013 |
| 215,818,975 |
|
Other non-current non-financial liabilities |
| 22,801,536 |
| 10,820,253 |
| 27,711,972 |
| 22,900,638 |
| 14,859,273 |
| — |
| 36,688,084 |
| — |
| 924,586 |
| 276,443 |
| — |
| — |
| 102,985,451 |
| 33,997,334 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EQUITY |
| 6,529,166,695 |
| 6,394,984,745 |
| 90,428,622 |
| 268,637,728 |
| 2,906,461,971 |
| 2,882,244,720 |
| 1,381,611,561 |
| 1,206,269,755 |
| 686,428,440 |
| 558,029,135 |
| (4,697,943,433 | ) | (4,796,138,127 | ) | 6,896,153,857 |
| 6,514,027,956 |
|
Equity attributable to owners of parent |
| 6,529,166,695 |
| 6,394,984,745 |
| 90,428,622 |
| 268,637,728 |
| 2,906,461,971 |
| 2,882,244,720 |
| 1,381,611,561 |
| 1,206,269,755 |
| 686,428,440 |
| 558,029,135 |
| (4,697,943,433 | ) | (4,796,138,127 | ) | 3,895,728,606 |
| 3,735,544,636 |
|
Issued capital |
| 5,517,944,809 |
| 5,504,650,136 |
| 230,798,614 |
| 233,455,382 |
| 1,768,841,536 |
| 1,016,335,188 |
| 150,811,424 |
| 147,297,657 |
| 197,139,383 |
| 198,134,490 |
| (5,040,652,931 | ) | (4,274,990,018 | ) | 2,824,882,835 |
| 2,824,882,835 |
|
Retained earnings |
| 2,728,371,595 |
| 2,687,545,567 |
| (99,901,666 | ) | 77,431,069 |
| 459,494,106 |
| 446,813,310 |
| 125,770,175 |
| 274,298,955 |
| 72,384,456 |
| 56,504,426 |
| (1,053,149,787 | ) | (1,438,903,818 | ) | 2,232,968,880 |
| 2,103,689,509 |
|
Share premium |
| 158,759,648 |
| 158,759,648 |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| 158,759,648 |
| 158,759,648 |
|
Other reserves |
| (1,875,909,357 | ) | (1,955,970,606 | ) | (40,468,326 | ) | (42,248,723 | ) | 678,126,329 |
| 1,419,096,222 |
| 1,105,029,962 |
| 784,673,143 |
| 416,904,601 |
| 303,390,219 |
| 1,395,859,285 |
| 917,755,709 |
| (1,320,882,757 | ) | (1,351,787,356 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-controlling interests |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| 3,000,425,251 |
| 2,778,483,320 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities and equity |
| 9,010,326,640 |
| 8,840,993,785 |
| 792,150,677 |
| 819,059,282 |
| 4,485,916,038 |
| 4,498,824,468 |
| 2,793,097,895 |
| 2,388,025,004 |
| 1,385,204,889 |
| 1,205,809,292 |
| (4,732,825,387 | ) | (4,746,866,725 | ) | 13,733,870,752 |
| 13,005,845,107 |
|
Country |
| Chile |
| Argentina |
| Brazil |
| Colombia |
| ||||||||||||||||
|
| 12-31-2011 |
| 12-31-2010 |
| 12-31-2009 |
| 12-31-2011 |
| 12-31-2010 |
| 12-31-2009 |
| 12-31-2011 |
| 12-31-2010 |
| 12-31-2009 |
| 12-31-2011 |
| 12-31-2010 |
| 12-31-2009 |
|
|
| ThCh$ |
| ThCh$ |
| ThCh$ |
| ThCh$ |
| ThCh$ |
| ThCh$ |
| ThCh$ |
| ThCh$ |
| ThCh$ |
| ThCh$ |
| ThCh$ |
| ThCh$ |
|
STATEMENT OF COMPREHENSIVE INCOME |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
REVENUES |
| 2,124,479,297 |
| 2,085,557,501 |
| 2,283,457,941 |
| 675,647,122 |
| 658,417,051 |
| 637,839,445 |
| 2,165,287,761 |
| 2,230,116,193 |
| 1,979,203,998 |
| 1,113,791,686 |
| 1,163,978,952 |
| 1,096,256,547 |
|
Sales |
| 2,097,527,758 |
| 2,041,203,346 |
| 2,260,373,406 |
| 667,299,420 |
| 644,085,670 |
| 624,398,698 |
| 1,970,909,825 |
| 1,953,154,510 |
| 1,732,004,318 |
| 1,080,920,739 |
| 1,135,970,285 |
| 1,040,262,693 |
|
Energy sales |
| 1,961,366,637 |
| 1,868,868,808 |
| 2,071,597,022 |
| 641,615,807 |
| 614,505,180 |
| 590,796,228 |
| 1,787,773,720 |
| 1,778,434,279 |
| 1,564,412,704 |
| 991,306,129 |
| 1,019,682,987 |
| 948,485,479 |
|
Other sales |
| 21,888,297 |
| 37,515,316 |
| 42,402,319 |
| — |
| — |
| (49,808 | ) | 6,072,128 |
| 3,332,080 |
| 4,180,089 |
| 3,289,633 |
| 6,557,919 |
| 6,515,455 |
|
Other services rendered |
| 114,272,824 |
| 134,819,222 |
| 146,374,065 |
| 25,683,613 |
| 29,580,490 |
| 33,652,278 |
| 177,063,977 |
| 171,388,151 |
| 163,411,525 |
| 86,324,977 |
| 109,729,379 |
| 85,261,759 |
|
Other operating income |
| 26,951,539 |
| 44,354,155 |
| 23,084,535 |
| 8,347,702 |
| 14,331,381 |
| 13,440,747 |
| 194,377,936 |
| 276,961,683 |
| 247,199,680 |
| 32,870,947 |
| 28,008,667 |
| 55,993,854 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RAW MATERIALS AND CONSUMABLES USED |
| (1,280,894,315 | ) | (1,157,432,602 | ) | (1,131,384,329 | ) | (457,898,841 | ) | (413,059,847 | ) | (365,964,562 | ) | (1,228,453,536 | ) | (1,308,455,877 | ) | (1,074,015,467 | ) | (385,326,627 | ) | (463,847,068 | ) | (428,527,683 | ) |
Energy purchases |
| (747,064,363 | ) | (542,253,232 | ) | (581,492,020 | ) | (153,569,548 | ) | (148,902,836 | ) | (160,131,967 | ) | (587,111,958 | ) | (543,260,558 | ) | (443,577,232 | ) | (186,337,063 | ) | (246,229,847 | ) | (229,843,920 | ) |
Fuel consumption |
| (350,733,784 | ) | (318,644,651 | ) | (345,815,766 | ) | (283,048,981 | ) | (242,853,893 | ) | (180,160,003 | ) | (35,498,349 | ) | (37,260,897 | ) | 6,826,322 |
| (23,946,682 | ) | (27,780,401 | ) | (20,572,023 | ) |
Transport expenses |
| (146,853,453 | ) | (183,181,403 | ) | (107,329,158 | ) | (9,143,907 | ) | (4,875,869 | ) | (6,886,114 | ) | (107,475,644 | ) | (93,660,230 | ) | (82,792,555 | ) | (114,302,814 | ) | (111,637,522 | ) | (105,632,478 | ) |
Other variable supplies and services |
| (36,242,715 | ) | (113,353,316 | ) | (96,747,385 | ) | (12,136,405 | ) | (16,427,249 | ) | (18,786,478 | ) | (498,367,585 | ) | (634,274,192 | ) | (554,472,002 | ) | (60,740,068 | ) | (78,199,298 | ) | (72,479,262 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONTRIBUTION MARGIN |
| 843,584,982 |
| 928,124,899 |
| 1,152,073,612 |
| 217,748,281 |
| 245,357,204 |
| 271,874,883 |
| 936,834,225 |
| 921,660,316 |
| 905,188,531 |
| 728,465,059 |
| 700,131,884 |
| 667,728,864 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other work performed by entity and capitalized |
| 11,168,239 |
| 11,962,653 |
| 2,666,652 |
| 12,146,533 |
| 8,296,765 |
| 8,057,055 |
| 18,130,297 |
| 18,128,254 |
| 17,007,228 |
| 6,497,714 |
| 4,423,015 |
| 3,003,205 |
|
Employee benefits expense |
| (105,910,635 | ) | (113,164,815 | ) | (110,843,668 | ) | (106,287,626 | ) | (79,533,998 | ) | (79,385,952 | ) | (110,708,252 | ) | (109,354,257 | ) | (108,515,145 | ) | (48,007,413 | ) | (51,541,615 | ) | (47,341,752 | ) |
Other expenses |
| (113,660,233 | ) | (100,976,501 | ) | (106,575,741 | ) | (88,827,726 | ) | (89,055,759 | ) | (77,076,137 | ) | (161,072,702 | ) | (148,686,023 | ) | (158,794,504 | ) | (146,263,633 | ) | (78,880,441 | ) | (75,624,710 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GROSS OPERATING RESULTS |
| 635,182,353 |
| 725,946,236 |
| 937,320,855 |
| 34,779,462 |
| 85,064,212 |
| 123,469,849 |
| 683,183,568 |
| 681,748,290 |
| 654,886,110 |
| 540,691,727 |
| 574,132,843 |
| 547,765,607 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation, amortization, and impairment losses |
| (123,699,667 | ) | (119,048,628 | ) | (194,587,688 | ) | (138,094,097 | ) | (34,724,329 | ) | (42,541,505 | ) | (131,553,418 | ) | (229,368,430 | ) | (145,172,290 | ) | (101,908,200 | ) | (102,190,376 | ) | (96,735,454 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING INCOME |
| 511,482,686 |
| 606,897,608 |
| 742,733,167 |
| (103,314,635 | ) | 50,339,883 |
| 80,928,344 |
| 551,630,150 |
| 452,379,860 |
| 509,713,820 |
| 438,783,527 |
| 471,942,467 |
| 451,030,153 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FINANCIAL RESULTS |
| (78,797,719 | ) | (106,356,565 | ) | (114,219,912 | ) | (31,563,414 | ) | (15,788,697 | ) | (40,008,868 | ) | (32,405,059 | ) | (64,838,758 | ) | (69,697,374 | ) | (76,360,671 | ) | (62,523,560 | ) | (72,011,415 | ) |
Financial income |
| 34,484,561 |
| 15,604,598 |
| 26,321,994 |
| 13,314,838 |
| 10,926,110 |
| 9,381,341 |
| 173,831,176 |
| 132,197,987 |
| 103,326,143 |
| 11,407,941 |
| 11,883,669 |
| 20,075,886 |
|
Financial costs |
| (93,072,101 | ) | (109,360,408 | ) | (135,713,458 | ) | (36,394,214 | ) | (34,924,333 | ) | (32,076,508 | ) | (225,571,907 | ) | (193,320,965 | ) | (187,048,645 | ) | (87,553,973 | ) | (74,211,667 | ) | (92,155,200 | ) |
Gains (losses) from indexed assets and liabilities |
| (25,092,203 | ) | (15,055,706 | ) | 21,781,329 |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
|
Foreign currency exchange differences |
| 4,882,024 |
| 2,454,951 |
| (26,609,777 | ) | (8,484,038 | ) | 8,209,526 |
| (17,313,701 | ) | 19,335,672 |
| (3,715,780 | ) | 14,025,128 |
| (214,639 | ) | (195,562 | ) | 67,899 |
|
Gains |
| 53,545,105 |
| 38,536,192 |
| 34,338,086 |
| 6,006,240 |
| 20,715,091 |
| 3,564,040 |
| 29,865,459 |
| 30,931,909 |
| 47,716,990 |
| 738,510 |
| 963,520 |
| 1,887,294 |
|
Losses |
| (48,663,081 | ) | (36,081,241 | ) | (60,947,863 | ) | (14,490,278 | ) | (12,505,565 | ) | (20,877,741 | ) | (10,529,787 | ) | (34,647,689 | ) | (33,691,862 | ) | (953,149 | ) | (1,159,082 | ) | (1,819,395 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share of profit (loss) of associates accounted for using the equity method |
| 8,215,729 |
| 811,657 |
| (8,074,230 | ) | 250,141 |
| 203,884 |
| 374,621 |
| — |
| — |
| — |
| — |
| — |
| — |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Negative consolidation difference |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gains (losses) from other investments |
| 1,053,408 |
| 1,626,786 |
| 172,804 |
| 498,877 |
| 1,596,643 |
| 2,683,755 |
| — |
| 29,251 |
| — |
| 70 |
| — |
| (34,772 | ) |
Gains (losses) from sale of property, plant, and equipment |
| (6,039,997 | ) | 8,825,168 |
| 37,360,860 |
| — |
| — |
| — |
| — |
| (34,754 | ) | 486,834 |
| (230,878 | ) | 2,515,018 |
| 12,851,414 |
|
Other expenses distinct from operating expenses |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET INCOME BEFORE TAX |
| 435,914,107 |
| 511,804,654 |
| 657,972,689 |
| (134,129,031 | ) | 36,351,713 |
| 43,977,852 |
| 519,225,091 |
| 387,535,599 |
| 440,503,280 |
| 362,192,048 |
| 411,933,925 |
| 391,835,380 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax |
| (110,530,698 | ) | (91,503,756 | ) | (68,971,765 | ) | (34,044,480 | ) | (13,131,879 | ) | (15,197,010 | ) | (129,039,820 | ) | (66,998,716 | ) | (107,407,226 | ) | (142,998,659 | ) | (134,315,662 | ) | (127,250,804 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET INCOME AFTER TAX FROM CONTINUING OPERATIONS |
| 325,383,409 |
| 420,300,898 |
| 589,000,924 |
| (168,173,511 | ) | 23,219,834 |
| 28,780,842 |
| 390,185,271 |
| 320,536,883 |
| 333,096,054 |
| 219,193,389 |
| 277,618,263 |
| 264,584,576 |
|
Net income from discontinued operations |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
|
NET INCOME |
| 325,383,409 |
| 420,300,898 |
| 589,000,924 |
| (168,173,511 | ) | 23,219,834 |
| 28,780,842 |
| 390,185,271 |
| 320,536,883 |
| 333,096,054 |
| 219,193,389 |
| 277,618,263 |
| 264,584,576 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RESULT FOR THE PERIOD |
| 325,383,409 |
| 420,300,898 |
| 589,000,924 |
| (168,173,511 | ) | 23,219,834 |
| 28,780,842 |
| 390,185,271 |
| 320,536,883 |
| 333,096,054 |
| 219,193,389 |
| 277,618,263 |
| 264,584,576 |
|
Owners of parent |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
|
Non-controlling interests |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
|
Country |
| Peru |
| Eliminations |
| Total |
| ||||||||||||
|
| 12-31-2011 |
| 12-31-2010 |
| 12-31-2009 |
| 12-31-2011 |
| 12-31-2010 |
| 12-31-2009 |
| 12-31-2011 |
| 12-31-2010 |
| 12-31-2009 |
|
|
| ThCh$ |
| ThCh$ |
| ThCh$ |
| ThCh$ |
| ThCh$ |
| ThCh$ |
| ThCh$ |
| ThCh$ |
| ThCh$ |
|
STATEMENT OF COMPREHENSIVE INCOME |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
REVENUES |
| 458,047,567 |
| 429,229,748 |
| 479,144,395 |
| (2,373,089 | ) | (3,718,332 | ) | (3,846,673 | ) | 6,534,880,344 |
| 6,563,581,113 |
| 6,472,055,653 |
|
Sales |
| 439,967,436 |
| 408,534,345 |
| 460,091,173 |
| (2,373,089 | ) | (3,718,332 | ) | (3,846,673 | ) | 6,254,252,089 |
| 6,179,229,824 |
| 6,113,283,615 |
|
Energy sales |
| 423,233,981 |
| 372,233,663 |
| 403,854,451 |
| — |
| — |
| — |
| 5,805,296,274 |
| 5,653,724,917 |
| 5,579,145,884 |
|
Other sales |
| 565,295 |
| 4,375,367 |
| 5,012,398 |
| (69,179 | ) | (1,209,908 | ) | (1,571,194 | ) | 31,746,174 |
| 50,570,774 |
| 56,489,259 |
|
Other services rendered |
| 16,168,160 |
| 31,925,315 |
| 51,224,324 |
| (2,303,910 | ) | (2,508,424 | ) | (2,275,479 | ) | 417,209,641 |
| 474,934,133 |
| 477,648,472 |
|
Other operating income |
| 18,080,131 |
| 20,695,403 |
| 19,053,222 |
| — |
| — |
| — |
| 280,628,255 |
| 384,351,289 |
| 358,772,038 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RAW MATERIALS AND CONSUMABLES USED |
| (185,931,510 | ) | (180,533,345 | ) | (213,585,176 | ) | 70,100 |
| 1,682,485 |
| 2,883,640 |
| (3,538,434,729 | ) | (3,521,646,254 | ) | (3,210,593,577 | ) |
Energy purchases |
| (88,735,366 | ) | (74,068,163 | ) | (105,153,086 | ) | — |
| — |
| — |
| (1,762,818,298 | ) | (1,554,714,636 | ) | (1,520,198,225 | ) |
Fuel consumption |
| (49,411,567 | ) | (45,498,261 | ) | (40,516,143 | ) | — |
| — |
| — |
| (742,639,363 | ) | (672,038,103 | ) | (580,237,613 | ) |
Transport expenses |
| (16,215,303 | ) | (12,628,068 | ) | (13,647,578 | ) | — |
| — |
| — |
| (393,991,121 | ) | (405,983,092 | ) | (316,287,883 | ) |
Other variable supplies and services |
| (31,569,274 | ) | (48,338,853 | ) | (54,268,369 | ) | 70,100 |
| 1,682,485 |
| 2,883,640 |
| (638,985,947 | ) | (888,910,423 | ) | (793,869,856 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONTRIBUTION MARGIN |
| 272,116,057 |
| 248,696,403 |
| 265,559,219 |
| (2,302,989 | ) | (2,035,847 | ) | (963,033 | ) | 2,996,445,615 |
| 3,041,934,859 |
| 3,261,462,076 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other work performed by entity and capitalized |
| 2,230,329 |
| 2,058,678 |
| 2,996,379 |
| — |
| — |
| — |
| 50,173,112 |
| 44,869,365 |
| 33,730,519 |
|
Employee benefits expense |
| (7,638,200 | ) | (21,083,328 | ) | (24,315,928 | ) | — |
| — |
| — |
| (378,552,126 | ) | (374,678,013 | ) | (370,402,445 | ) |
Other expenses |
| (33,100,304 | ) | (33,890,176 | ) | (40,566,405 | ) | 2,226,200 |
| 1,054,130 |
| 948,300 |
| (540,698,398 | ) | (450,434,770 | ) | (457,689,197 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GROSS OPERATING RESULTS |
| 233,607,882 |
| 195,781,577 |
| 203,673,265 |
| (76,789 | ) | (981,717 | ) | (14,733 | ) | 2,127,368,203 |
| 2,261,691,441 |
| 2,467,100,953 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation, amortization, and impairment losses |
| (59,219,178 | ) | (60,339,333 | ) | (60,618,547 | ) | (6,582,935 | ) | (11,719,608 | ) | — |
| (561,057,495 | ) | (557,390,704 | ) | (539,655,484 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING INCOME |
| 174,388,704 |
| 135,442,244 |
| 143,054,718 |
| (6,659,724 | ) | (12,701,325 | ) | (14,733 | ) | 1,566,310,708 |
| 1,704,300,737 |
| 1,927,445,469 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FINANCIAL RESULTS |
| (22,714,456 | ) | (25,742,132 | ) | (34,167,002 | ) | 5,256,312 |
| 4,645,177 |
| 20,848,425 |
| (236,585,007 | ) | (270,604,535 | ) | (309,256,146 | ) |
Financial income |
| 2,723,717 |
| 2,116,913 |
| 3,631,106 |
| (2,149,364 | ) | (1,492,329 | ) | (3,066,065 | ) | 233,612,869 |
| 171,236,948 |
| 159,670,405 |
|
Financial costs |
| (24,968,532 | ) | (28,154,018 | ) | (38,544,881 | ) | 2,149,364 |
| 1,613,140 |
| 3,066,065 |
| (465,411,363 | ) | (438,358,251 | ) | (482,472,627 | ) |
Gains (losses) from indexed assets and liabilities |
| — |
| — |
| — |
| — |
| — |
| — |
| (25,092,203 | ) | (15,055,706 | ) | 21,781,329 |
|
Foreign currency exchange differences |
| (469,641 | ) | 294,973 |
| 746,773 |
| 5,256,312 |
| 4,524,366 |
| 20,848,425 |
| 20,305,690 |
| 11,572,474 |
| (8,235,253 | ) |
Gains |
| 702,589 |
| 1,553,835 |
| 2,333,966 |
| (9,985,079 | ) | (1,369,179 | ) | (7,825,251 | ) | 80,872,824 |
| 91,331,368 |
| 82,015,125 |
|
Losses |
| (1,172,230 | ) | (1,258,862 | ) | (1,587,193 | ) | 15,241,391 |
| 5,893,545 |
| 28,673,676 |
| (60,567,134 | ) | (79,758,894 | ) | (90,250,378 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share of profit (loss) of associates accounted for using the equity method |
| — |
| — |
| 9,935,172 |
| 34 |
| 198 |
| 16 |
| 8,465,904 |
| 1,015,739 |
| 2,235,579 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Negative consolidation difference |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gains (losses) from other investments |
| — |
| — |
| — |
| (514,125 | ) | (2,979,994 | ) | (2,683,844 | ) | 1,038,230 |
| 272,686 |
| 137,943 |
|
Gains (losses) from sale of property, plant, and equipment |
| 418,351 |
| 405,317 |
| (196,773 | ) | — |
| — |
| — |
| (5,852,524 | ) | 11,710,749 |
| 50,502,335 |
|
Other expenses distinct from operating expenses |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET INCOME BEFORE TAX |
| 152,092,599 |
| 110,105,429 |
| 118,626,115 |
| (1,917,503 | ) | (11,035,944 | ) | 18,149,864 |
| 1,333,377,311 |
| 1,446,695,376 |
| 1,671,065,180 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax |
| (44,223,034 | ) | (40,056,955 | ) | (40,910,805 | ) | — |
| — |
| — |
| (460,836,691 | ) | (346,006,968 | ) | (359,737,610 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET INCOME AFTER TAX FROM CONTINUING OPERATIONS |
| 107,869,565 |
| 70,048,474 |
| 77,715,310 |
| (1,917,503 | ) | (11,035,944 | ) | 18,149,864 |
| 872,540,620 |
| 1,100,688,408 |
| 1,311,327,570 |
|
Net income from discontinued operations |
| — |
| — |
| — |
| — |
| — |
|
|
|
|
|
|
|
|
|
NET INCOME |
| 107,869,565 |
| 70,048,474 |
| 77,715,310 |
| (1,917,503 | ) | (11,035,944 | ) | 18,149,864 |
| 872,540,620 |
| 1,100,688,408 |
| 1,311,327,570 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RESULT FOR THE PERIOD |
| 107,869,565 |
| 70,048,474 |
| 77,715,310 |
| (1,917,503 | ) | (11,035,944 | ) | 18,149,864 |
| 872,540,620 |
| 1,100,688,408 |
| 1,311,327,570 |
|
Owners of parent |
| — |
| — |
| — |
| — |
| — |
| — |
| 375,471,254 |
| 486,226,814 |
| 660,231,043 |
|
Non-controlling interests |
| — |
| — |
| — |
| — |
| — |
| — |
| 497,069,366 |
| 614,461,594 |
| 651,096,527 |
|
33.4 Generation and distribution by country
a) Generation
Line of Business |
| Generation |
| ||||||||||||||||||||||||||
Country |
| Chile |
| Argentina |
| Brazil |
| Colombia |
| Peru |
| Eliminations |
| Total |
| ||||||||||||||
|
| 12-31-2011 |
| 12-31-2010 |
| 12-31-2011 |
| 12-31-2010 |
| 12-31-2011 |
| 12-31-2010 |
| 12-31-2011 |
| 12-31-2010 |
| 12-31-2011 |
| 12-31-2010 |
| 12-31-2011 |
| 12-31-2010 |
| 12-31-2011 |
| 12-31-2010 |
|
|
| ThCh$ |
| ThCh$ |
| ThCh$ |
| ThCh$ |
| ThCh$ |
| ThCh$ |
| ThCh$ |
| ThCh$ |
| ThCh$ |
| ThCh$ |
| ThCh$ |
| ThCh$ |
| ThCh$ |
| ThCh$ |
|
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT ASSETS |
| 581,738,393 |
| 581,919,944 |
| 113,950,708 |
| 96,454,500 |
| 229,070,896 |
| 206,821,621 |
| 239,044,005 |
| 154,997,283 |
| 75,650,050 |
| 50,330,357 |
| (26,868,729 | ) | (26,213,389 | ) | 1,212,585,323 |
| 1,064,310,315 |
|
Cash and cash equivalents |
| 230,289,585 |
| 225,658,998 |
| 22,383,610 |
| 18,626,377 |
| 131,040,180 |
| 77,999,226 |
| 136,260,140 |
| 74,583,887 |
| 32,764,569 |
| 13,865,517 |
| — |
| — |
| 552,738,084 |
| 410,734,005 |
|
Other current financial assets |
| 47,504 |
| 17,551 |
| 143,638 |
| — |
| — |
| 5,463,750 |
| 674,506 |
| 54,650 |
| 48,561 |
| — |
| — |
| — |
| 914,209 |
| 5,535,951 |
|
Other current non-financial assets |
| 5,388,772 |
| 1,073,419 |
| 1,197,748 |
| 2,254,847 |
| 14,283,730 |
| 808,494 |
| 7,964,428 |
| 1,370,458 |
| 2,458,301 |
| 1,835,063 |
| — |
| — |
| 31,292,979 |
| 7,342,281 |
|
Trade and other current receivables |
| 175,085,843 |
| 150,897,103 |
| 54,090,162 |
| 53,364,468 |
| 63,940,752 |
| 83,976,499 |
| 45,507,596 |
| 41,680,862 |
| 16,985,155 |
| 11,027,554 |
| — |
| (19,872,054 | ) | 355,609,508 |
| 321,074,432 |
|
Accounts receivable from other related companies |
| 58,683,378 |
| 103,058,701 |
| 33,441,555 |
| 20,203,295 |
| 19,803,730 |
| 28,663,608 |
| 35,104,241 |
| 32,368,651 |
| 10,509,205 |
| 8,403,843 |
| (26,868,729 | ) | (6,341,335 | ) | 130,673,380 |
| 186,356,762 |
|
Inventories |
| 29,481,511 |
| 24,443,037 |
| 1,783,282 |
| 1,750,879 |
| 2,504 |
| 22,842 |
| 11,993,970 |
| 4,936,465 |
| 12,645,501 |
| 11,009,380 |
| — |
| — |
| 55,906,768 |
| 42,162,603 |
|
Current tax assets |
| 82,761,800 |
| 76,771,135 |
| 910,713 |
| 254,634 |
| — |
| 9,887,202 |
| 1,539,124 |
| 2,310 |
| 238,758 |
| 4,189,000 |
| — |
| — |
| 85,450,395 |
| 91,104,281 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-current assets classified as held for sale and discontinued operations |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NON-CURRENT ASSETS |
| 4,058,185,785 |
| 3,989,974,642 |
| 319,979,207 |
| 290,297,224 |
| 600,244,367 |
| 614,488,434 |
| 1,393,219,292 |
| 1,203,713,202 |
| 812,558,136 |
| 730,619,632 |
| (1,029,913,225 | ) | (1,020,656,208 | ) | 6,154,273,562 |
| 5,808,436,926 |
|
Other non-current financial assets |
| 12,014,822 |
| 27,935,909 |
| 161,140 |
| — |
| — |
| — |
| 1,205,585 |
| — |
| 216,790 |
| 359,977 |
| — |
| — |
| 13,598,337 |
| 28,295,886 |
|
Other non-current non-financial assets |
| 342,343 |
| 146,349 |
| 1,099,011 |
| 10,203,998 |
| 27,290,081 |
| 19,997,184 |
| — |
| 1,111,481 |
| — |
| — |
| — |
| — |
| 28,731,435 |
| 31,459,012 |
|
Non-current receivables |
| 160,518 |
| 1,820,235 |
| 150,312,091 |
| 123,377,243 |
| 21,685,968 |
| 11,129,694 |
| 3,241,735 |
| 2,974,116 |
| — |
| — |
| — |
| — |
| 175,400,312 |
| 139,301,288 |
|
Non-current accounts receivable from related companies |
| 6,179,892 |
| 5,570,592 |
| — |
| — |
| 42,997,790 |
| 37,063,260 |
| — |
| — |
| — |
| — |
| (51,040,898 | ) | (41,869,632 | ) | (1,863,216 | ) | 764,220 |
|
Investments accounted for using the equity method |
| 1,594,961,765 |
| 1,591,313,598 |
| 3,428,479 |
| 3,094,078 |
| 10,801,536 |
| 10,950,060 |
| — |
| — |
| 49,887,780 |
| 49,494,618 |
| (1,067,411,405 | ) | (1,063,491,176 | ) | 591,668,155 |
| 591,361,178 |
|
Intangible assets other than goodwill |
| 11,005,836 |
| 9,638,098 |
| 176,228 |
| 190,799 |
| 1,410,902 |
| 972,900 |
| 22,281,991 |
| 20,247,206 |
| 457,861 |
| 349,639 |
| — |
| — |
| 35,332,818 |
| 31,398,642 |
|
Goodwill |
| 14,024 |
| 12,636 |
| 2,357,592 |
| 2,453,791 |
| — |
| — |
| 5,126,657 |
| — |
| 10,361,690 |
| 10,502,214 |
| 88,539,078 |
| 84,704,600 |
| 106,399,041 |
| 97,673,241 |
|
Property, plant, and equipment |
| 2,400,516,617 |
| 2,328,158,165 |
| 157,747,465 |
| 136,585,507 |
| 456,994,530 |
| 480,313,680 |
| 1,302,924,129 |
| 1,125,145,217 |
| 750,111,283 |
| 669,094,525 |
| — |
| — |
| 5,068,294,024 |
| 4,739,297,094 |
|
Investment property |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
|
Deferred tax assets |
| 32,989,968 |
| 25,379,060 |
| 4,697,201 |
| 14,391,808 |
| 39,063,560 |
| 54,061,656 |
| 58,439,195 |
| 54,235,182 |
| 1,522,732 |
| 818,659 |
| — |
| — |
| 136,712,656 |
| 148,886,365 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL ASSETS |
| 4,639,924,178 |
| 4,571,894,586 |
| 433,929,915 |
| 386,751,724 |
| 829,315,263 |
| 821,310,055 |
| 1,632,263,297 |
| 1,358,710,485 |
| 888,208,186 |
| 780,949,989 |
| (1,056,781,954 | ) | (1,046,869,597 | ) | 7,366,858,885 |
| 6,872,747,241 |
|
Line of Business |
| Generation |
| ||||||||||||||||||||||||||
Country |
| Chile |
| Argentina |
| Brazil |
| Colombia |
| Peru |
| Eliminations |
| Total |
| ||||||||||||||
|
| 12-31-2011 |
| 12-31-2010 |
| 12-31-2011 |
| 12-31-2010 |
| 12-31-2011 |
| 12-31-2010 |
| 12-31-2011 |
| 12-31-2010 |
| 12-31-2011 |
| 12-31-2010 |
| 12-31-2011 |
| 12-31-2010 |
| 12-31-2011 |
| 12-31-2010 |
|
|
| ThCh$ |
| ThCh$ |
| ThCh$ |
| ThCh$ |
| ThCh$ |
| ThCh$ |
| ThCh$ |
| ThCh$ |
| ThCh$ |
| ThCh$ |
| ThCh$ |
| ThCh$ |
| ThCh$ |
| ThCh$ |
|
LIABILITIES AND EQUITY |
|
|
| �� |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT LIABILITIES |
| 419,861,754 |
| 461,971,755 |
| 184,089,684 |
| 151,057,167 |
| 223,439,239 |
| 182,940,166 |
| 220,413,976 |
| 286,630,051 |
| 77,444,300 |
| 61,493,965 |
| 25,000,330 |
| (418,133 | ) | 1,150,249,283 |
| 1,143,674,971 |
|
Other current financial liabilities |
| 73,513,845 |
| 43,626,925 |
| 82,987,086 |
| 79,751,906 |
| 62,027,186 |
| 64,363,398 |
| 113,869,956 |
| 87,860,103 |
| 32,976,929 |
| 39,501,048 |
| — |
| — |
| 365,375,002 |
| 315,103,380 |
|
Trade and other current payables |
| 210,953,110 |
| 221,957,794 |
| 47,852,899 |
| 28,920,947 |
| 47,171,805 |
| 63,002,748 |
| 50,897,328 |
| 86,644,371 |
| 23,834,560 |
| 16,970,251 |
| (7,957 | ) | (418,133 | ) | 380,701,745 |
| 417,077,978 |
|
Accounts payable to related companies |
| 69,582,013 |
| 142,252,923 |
| 43,569,836 |
| 28,374,815 |
| 81,664,568 |
| 37,105,842 |
| 14,328,510 |
| 80,508,993 |
| 13,875 |
| 218,586 |
| 25,008,287 |
| — |
| 234,167,089 |
| 288,461,159 |
|
Other short-term provisions |
| 29,277,728 |
| 35,783,147 |
| 3,901,399 |
| 2,553,179 |
| — |
| 1,874,736 |
| 10,860 |
| 22,520 |
| 2,840,237 |
| 3,097,899 |
| — |
| — |
| 36,030,224 |
| 43,331,481 |
|
Current tax liabilities |
| 31,286,802 |
| 14,656,865 |
| 5,362,401 |
| 11,212,408 |
| 30,425,114 |
| 16,593,444 |
| 40,779,406 |
| 26,604,320 |
| 14,748,267 |
| 692,609 |
| — |
| — |
| 122,601,990 |
| 69,759,646 |
|
Current provisions for employee benefits |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| 2,703,107 |
| — |
| — |
| — |
| — |
| — |
| 2,703,107 |
|
Other current non-financial liabilities |
| 5,248,256 |
| 3,694,101 |
| 416,063 |
| 243,912 |
| 2,150,566 |
| (2 | ) | 527,916 |
| 2,286,637 |
| 3,030,432 |
| 1,013,572 |
| — |
| — |
| 11,373,233 |
| 7,238,220 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities associated with non-current assets classified as held for sale and discontinued operations |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NON-CURRENT LIABILITIES |
| 1,193,061,174 |
| 1,172,214,180 |
| 165,441,384 |
| 141,817,640 |
| 58,875,184 |
| 156,436,680 |
| 530,859,723 |
| 356,958,221 |
| 317,338,453 |
| 319,926,947 |
| (34,248,823 | ) | (36,634,177 | ) | 2,231,327,095 |
| 2,110,719,491 |
|
Other non-current financial liabilities |
| 975,588,006 |
| 949,189,055 |
| 87,602,569 |
| 70,465,040 |
| 36,725,221 |
| 94,332,102 |
| 486,420,793 |
| 339,291,052 |
| 169,238,940 |
| 168,684,276 |
| — |
| — |
| 1,755,575,529 |
| 1,621,961,525 |
|
Other non-current payables |
| — |
| 3,288,535 |
| 241,287 |
| — |
| 1,947 |
| 10,117,596 |
| — |
| 142,669 |
| — |
| — |
| — |
| — |
| 243,234 |
| 13,548,800 |
|
Accounts payable to related companies |
| 81,953 |
| 78,870 |
| 34,248,823 |
| 36,634,177 |
| — |
| 1,084,290 |
| — |
| — |
| — |
| — |
| (34,248,823 | ) | (36,634,177 | ) | 81,953 |
| 1,163,160 |
|
Other long-term provisions |
| 10,251,812 |
| 9,797,457 |
| — |
| — |
| 8,596,721 |
| 46,119,690 |
| 316,576 |
| 348,770 |
| 1,668,030 |
| 10,772,286 |
| — |
| — |
| 20,833,139 |
| 67,038,203 |
|
Deferred tax liabilities |
| 177,178,521 |
| 192,358,468 |
| 13,419,881 |
| 11,817,785 |
| 4,538,425 |
| 4,783,002 |
| — |
| — |
| 146,431,483 |
| 140,470,385 |
| — |
| — |
| 341,568,310 |
| 349,429,640 |
|
Non-current provisions for employee benefits |
| 12,334,488 |
| 9,971,456 |
| 2,216,852 |
| — |
| — |
| — |
| 21,953,569 |
| 17,175,730 |
| — |
| — |
| — |
| — |
| 36,504,909 |
| 27,147,186 |
|
Other non-current non-financial liabilities |
| 17,626,394 |
| 7,530,339 |
| 27,711,972 |
| 22,900,638 |
| 9,012,870 |
| — |
| 22,168,785 |
| — |
| — |
| — |
| — |
| — |
| 76,520,021 |
| 30,430,977 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EQUITY |
| 3,027,001,250 |
| 2,937,708,650 |
| 84,398,847 |
| 93,876,916 |
| 547,000,840 |
| 481,933,209 |
| 880,989,598 |
| 715,122,213 |
| 493,425,433 |
| 399,529,077 |
| (1,047,533,461 | ) | (1,009,817,287 | ) | 3,985,282,507 |
| 3,618,352,778 |
|
Equity attributable to owners of parent |
| 3,027,001,250 |
| 2,937,708,650 |
| 84,398,847 |
| 93,876,916 |
| 547,000,840 |
| 481,933,209 |
| 880,989,598 |
| 715,122,213 |
| 493,425,433 |
| 399,529,077 |
| (1,047,533,461 | ) | (1,009,817,287 | ) | 3,985,282,507 |
| 3,618,352,778 |
|
Issued capital |
| 2,153,213,074 |
| 2,132,404,418 |
| 92,185,037 |
| 92,185,037 |
| 204,171,117 |
| 203,659,553 |
| 142,906,410 |
| 142,906,410 |
| 164,297,758 |
| 164,297,758 |
| (1,003,883,359 | ) | (905,021,922 | ) | 1,752,890,037 |
| 1,830,431,254 |
|
Retained earnings |
| 1,140,321,396 |
| 1,152,825,041 |
| (7,554,043 | ) | 10,088,706 |
| 202,644,366 |
| 123,291,764 |
| 128,464,532 |
| 149,784,385 |
| 70,760,796 |
| 23,141,069 |
| 303,782,125 |
| 107,147,811 |
| 1,838,419,172 |
| 1,566,278,776 |
|
Share premium |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
|
Treasury shares |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
|
Other equity interests |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
|
Other reserves |
| (266,533,220 | ) | (347,520,809 | ) | (232,147 | ) | (8,396,827 | ) | 140,185,357 |
| 154,981,892 |
| 609,618,656 |
| 422,431,418 |
| 258,366,879 |
| 212,090,250 |
| (347,432,227 | ) | (211,943,176 | ) | 393,973,298 |
| 221,642,748 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-controlling interests |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES AND EQUITY |
| 4,639,924,178 |
| 4,571,894,585 |
| 433,929,915 |
| 386,751,724 |
| 829,315,263 |
| 821,310,055 |
| 1,632,263,297 |
| 1,358,710,485 |
| 888,208,186 |
| 780,949,989 |
| (1,056,781,954 | ) | (1,046,869,597 | ) | 7,366,858,885 |
| 6,872,747,241 |
|
Line of Business |
| Generation |
| ||||||||||||||||||||||
Country |
| Chile |
| Argentina |
| Brazil |
| Colombia |
| ||||||||||||||||
|
| 12-31-2011 |
| 12-31-2010 |
| 12-31-2009 |
| 12-31-2011 |
| 12-31-2010 |
| 12-31-2009 |
| 12-31-2011 |
| 12-31-2010 |
| 12-31-2009 |
| 12-31-2011 |
| 12-31-2010 |
| 12-31-2009 |
|
|
| ThCh$ |
| ThCh$ |
| ThCh$ |
| ThCh$ |
| ThCh$ |
| ThCh$ |
| ThCh$ |
| ThCh$ |
| ThCh$ |
| ThCh$ |
| ThCh$ |
| ThCh$ |
|
STATEMENT OF COMPREHENSIVE INCOME |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
REVENUES |
| 1,257,995,225 |
| 1,345,370,795 |
| 1,373,230,894 |
| 395,296,464 |
| 358,089,711 |
| 303,112,035 |
| 309,049,119 |
| 359,211,026 |
| 318,321,960 |
| 498,568,875 |
| 507,526,498 |
| 500,964,413 |
|
Sales |
| 1,244,969,978 |
| 1,315,430,658 |
| 1,367,051,056 |
| 395,107,435 |
| 351,429,303 |
| 299,912,430 |
| 306,693,874 |
| 351,386,168 |
| 314,667,204 |
| 496,505,095 |
| 507,148,312 |
| 500,829,922 |
|
Energy sales |
| 1,214,467,888 |
| 1,286,727,887 |
| 1,349,609,938 |
| 389,963,331 |
| 345,706,935 |
| 293,388,675 |
| 253,753,923 |
| 258,243,192 |
| 224,502,356 |
| 495,453,014 |
| 506,194,881 |
| 500,175,971 |
|
Other sales |
| 10,642,489 |
| 15,262,308 |
| 6,009,988 |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
|
Other services rendered |
| 19,859,601 |
| 13,440,463 |
| 11,431,130 |
| 5,144,104 |
| 5,722,368 |
| 6,523,755 |
| 52,939,951 |
| 93,142,976 |
| 90,164,848 |
| 1,052,081 |
| 953,431 |
| 653,951 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other operating income |
| 13,025,247 |
| 29,940,137 |
| 6,179,838 |
| 189,029 |
| 6,660,408 |
| 3,199,605 |
| 2,355,245 |
| 7,824,858 |
| 3,654,756 |
| 2,063,780 |
| 378,186 |
| 134,491 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RAW MATERIALS AND CONSUMABLES USED |
| (679,798,692 | ) | (666,388,433 | ) | (511,521,900 | ) | (315,717,397 | ) | (267,824,397 | ) | (208,539,466 | ) | (55,607,090 | ) | (109,560,464 | ) | (82,267,885 | ) | (134,977,823 | ) | (176,746,281 | ) | (184,067,482 | ) |
Energy purchases |
| (205,693,620 | ) | (139,373,210 | ) | (52,310,897 | ) | (13,740,208 | ) | (9,296,132 | ) | (9,375,553 | ) | (9,943,885 | ) | (27,257,255 | ) | (32,746,221 | ) | (29,508,762 | ) | (72,764,711 | ) | (91,955,452 | ) |
Fuel consumption |
| (350,725,578 | ) | (318,637,144 | ) | (345,812,585 | ) | (283,048,981 | ) | (242,853,893 | ) | (180,160,003 | ) | (35,498,349 | ) | (37,260,897 | ) | 6,826,322 |
| (23,946,682 | ) | (27,780,401 | ) | (20,572,023 | ) |
Transport expenses |
| (115,056,998 | ) | (161,189,862 | ) | (107,314,035 | ) | (8,165,583 | ) | (3,636,524 | ) | (5,363,800 | ) | (16,353,299 | ) | (5,098,408 | ) | (4,851,240 | ) | (54,452,560 | ) | (50,431,204 | ) | (46,663,960 | ) |
Other variable supplies and services |
| (8,322,496 | ) | (47,188,217 | ) | (6,084,383 | ) | (10,762,625 | ) | (12,037,848 | ) | (13,640,110 | ) | 6,188,443 |
| (39,943,904 | ) | (51,496,746 | ) | (27,069,819 | ) | (25,769,965 | ) | (24,876,047 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONTRIBUTION MARGIN |
| 578,196,533 |
| 678,982,362 |
| 861,708,994 |
| 79,579,067 |
| 90,265,314 |
| 94,572,569 |
| 253,442,029 |
| 249,650,562 |
| 236,054,075 |
| 363,591,052 |
| 330,780,217 |
| 316,896,931 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other work performed by entity and capitalized |
| 3,954,056 |
| — |
| — |
| — |
| — |
| — |
| 244,254 |
| — |
| — |
| 2,187,900 |
| 688,024 |
| 517,847 |
|
Employee benefits expense |
| (42,826,606 | ) | (31,556,880 | ) | (29,654,313 | ) | (19,020,797 | ) | (14,457,685 | ) | (11,009,053 | ) | (12,425,160 | ) | (11,622,887 | ) | (11,417,189 | ) | (13,009,393 | ) | (12,219,664 | ) | (10,959,497 | ) |
Other expenses |
| (52,364,624 | ) | (50,276,801 | ) | (51,829,666 | ) | (9,996,620 | ) | (11,003,847 | ) | (12,461,750 | ) | (10,652,946 | ) | (11,621,153 | ) | (14,560,167 | ) | (61,997,033 | ) | (21,193,354 | ) | (19,127,781 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GROSS OPERATING RESULT |
| 486,959,359 |
| 597,148,681 |
| 780,225,015 |
| 50,561,650 |
| 64,803,782 |
| 71,101,766 |
| 230,608,177 |
| 226,406,522 |
| 210,076,719 |
| 290,772,526 |
| 298,055,223 |
| 287,327,500 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation, amortization, and impairment losses |
| (88,155,103 | ) | (84,379,198 | ) | (140,184,964 | ) | (16,647,907 | ) | (18,093,427 | ) | (23,365,251 | ) | (27,115,088 | ) | (67,594,458 | ) | (32,305,072 | ) | (37,264,422 | ) | (36,572,942 | ) | (36,516,121 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING INCOME |
| 398,804,256 |
| 512,769,483 |
| 640,040,051 |
| 33,913,743 |
| 46,710,355 |
| 47,736,515 |
| 203,493,089 |
| 158,812,064 |
| 177,771,647 |
| 253,508,104 |
| 261,482,281 |
| 250,811,379 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FINANCIAL RESULT |
| (47,157,682 | ) | (62,503,182 | ) | (89,797,956 | ) | (24,064,353 | ) | (9,499,131 | ) | (33,772,058 | ) | 31,870,959 |
| (20,035,955 | ) | (25,088,330 | ) | (44,412,198 | ) | (35,898,815 | ) | (42,513,775 | ) |
Financial income |
| 15,047,206 |
| 4,880,575 |
| 9,495,037 |
| 6,318,260 |
| 1,504,063 |
| 2,507,846 |
| 62,448,962 |
| 19,217,791 |
| 18,523,222 |
| 6,440,538 |
| 3,441,874 |
| 11,968,380 |
|
Financial costs |
| (57,750,591 | ) | (70,389,036 | ) | (90,931,585 | ) | (20,995,238 | ) | (18,112,699 | ) | (19,226,132 | ) | (49,265,315 | ) | (36,376,407 | ) | (52,183,133 | ) | (50,600,130 | ) | (39,269,219 | ) | (54,646,985 | ) |
Gain (loss) for indexed assets and liabilities |
| (5,369,555 | ) | (2,885,747 | ) | 9,009,669 |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
|
Foreign currency exchange differences |
| 915,258 |
| 5,891,026 |
| (17,371,077 | ) | (9,387,375 | ) | 7,109,505 |
| (17,053,772 | ) | 18,687,312 |
| (2,877,339 | ) | 8,571,581 |
| (252,606 | ) | (71,470 | ) | 164,830 |
|
Gains |
| 16,349,908 |
| 12,258,950 |
| 28,981,945 |
| 4,805,473 |
| 19,544,626 |
| 2,092,050 |
| 27,309,335 |
| 27,014,846 |
| 39,823,108 |
| 370,895 |
| 184,162 |
| 263,663 |
|
Losses |
| (15,434,650 | ) | (6,367,924 | ) | (46,353,022 | ) | (14,192,848 | ) | (12,435,121 | ) | (19,145,822 | ) | (8,622,023 | ) | (29,892,185 | ) | (31,251,527 | ) | (623,501 | ) | (255,632 | ) | (98,833 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share of the profit (loss) of associates accounted for using the equity method |
| 8,215,763 |
| 811,855 |
| (8,074,214 | ) | — |
| — |
| 372,988 |
| — |
| — |
| — |
| — |
| — |
| — |
|
Negative consolidation difference |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
|
Gains (losses) from other investments |
| 539,283 |
| 234,251 |
| (20,722 | ) | 498,877 |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| (34,772 | ) |
Gains (losses) on sale of property, plant, and equipment |
| 478,619 |
| 24,894 |
| 34,186 |
| — |
| — |
| — |
| — |
| 23,169 |
| 25,505 |
| 70,187 |
| 1,127,732 |
| 83,708 |
|
Other expenses distinct from operating expenses |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET INCOME BEFORE TAX |
| 360,880,239 |
| 451,337,301 |
| 542,181,345 |
| 10,348,267 |
| 37,211,224 |
| 14,337,445 |
| 235,364,048 |
| 138,799,278 |
| 152,708,822 |
| 209,166,093 |
| 226,711,198 |
| 208,346,540 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax |
| (79,043,325 | ) | (70,628,343 | ) | (76,281,986 | ) | (21,796,346 | ) | (13,781,110 | ) | (5,927,003 | ) | (46,012,835 | ) | (15,507,514 | ) | (28,251,488 | ) | (80,740,375 | ) | (76,639,668 | ) | (69,788,953 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET INCOME AFTER TAX FROM CONTINUING OPERATIONS |
| 281,836,914 |
| 380,708,958 |
| 465,899,359 |
| (11,448,079 | ) | 23,430,114 |
| 8,410,442 |
| 189,351,213 |
| 123,291,764 |
| 124,457,334 |
| 128,425,718 |
| 150,071,530 |
| 138,557,587 |
|
Net income from discontinued operations |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
|
NET INCOME |
| 281,836,914 |
| 380,708,958 |
| 465,899,359 |
| (11,448,079 | ) | 23,430,114 |
| 8,410,442 |
| 189,351,213 |
| 123,291,764 |
| 124,457,334 |
| 128,425,718 |
| 150,071,530 |
| 138,557,587 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RESULT FOR THE PERIOD |
| 281,836,914 |
| 380,708,958 |
| 465,899,359 |
| (11,448,079 | ) | 23,430,114 |
| 8,410,442 |
| 189,351,213 |
| 123,291,764 |
| 124,457,334 |
| 128,425,718 |
| 150,071,530 |
| 138,557,587 |
|
Owners of parent |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
|
Non-controlling interests |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
|
Line of Business |
|
Generation |
| ||||||||||||||||
Country |
| Peru |
| Eliminations |
| Total |
| ||||||||||||
|
| 12-31-2011 |
| 12-31-2010 |
| 12-31-2009 |
| 12-31-2011 |
| 12-31-2010 |
| 12-31-2009 |
| 12-31-2011 |
| 12-31-2010 |
| 12-31-2009 |
|
|
| ThCh$ |
| ThCh$ |
| ThCh$ |
| ThCh$ |
| ThCh$ |
| ThCh$ |
| ThCh$ |
| ThCh$ |
| ThCh$ |
|
STATEMENT OF COMPREHENSIVE INCOME |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
REVENUES |
| 239,841,441 |
| 211,263,618 |
| 213,624,981 |
| (724,906 | ) | (857,568 | ) | (896,628 | ) | 2,700,026,218 |
| 2,780,604,080 |
| 2,708,357,655 |
|
Sales |
| 239,031,927 |
| 210,800,064 |
| 210,576,947 |
| (724,906 | ) | (857,568 | ) | (896,628 | ) | 2,681,583,403 |
| 2,735,336,937 |
| 2,692,140,931 |
|
Energy sales |
| 233,663,702 |
| 202,614,778 |
| 202,852,442 |
| — |
| — |
| — |
| 2,587,301,858 |
| 2,599,487,673 |
| 2,570,529,382 |
|
Other sales |
| — |
| — |
| — |
| — |
| — |
| — |
| 10,642,489 |
| 15,262,308 |
| 6,009,988 |
|
Other services rendered |
| 5,368,225 |
| 8,185,286 |
| 7,724,505 |
| (724,906 | ) | (857,568 | ) | (896,628 | ) | 83,639,056 |
| 120,586,956 |
| 115,601,561 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other operating income |
| 809,514 |
| 463,554 |
| 3,048,034 |
| — |
| — |
| — |
| 18,442,815 |
| 45,267,143 |
| 16,216,724 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RAW MATERIALS AND CONSUMABLES USED |
| (86,884,090 | ) | (80,240,613 | ) | (72,013,860 | ) | — |
| — |
| — |
| (1,272,985,092 | ) | (1,300,760,188 | ) | (1,058,410,593 | ) |
Energy purchases |
| (13,812,605 | ) | (15,503,346 | ) | (10,670,605 | ) | — |
| — |
| — |
| (272,699,080 | ) | (264,194,654 | ) | (197,058,728 | ) |
Fuel consumption |
| (49,411,567 | ) | (45,498,261 | ) | (40,516,143 | ) | — |
| — |
| — |
| (742,631,157 | ) | (672,030,596 | ) | (580,234,432 | ) |
Transport expenses |
| (16,393,695 | ) | (12,778,594 | ) | (13,693,435 | ) | — |
| — |
| — |
| (210,422,135 | ) | (233,134,592 | ) | (177,886,470 | ) |
Other variable supplies and services |
| (7,266,223 | ) | (6,460,412 | ) | (7,133,677 | ) | — |
| — |
| — |
| (47,232,720 | ) | (131,400,346 | ) | (103,230,963 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONTRIBUTION MARGIN |
| 152,957,351 |
| 131,023,005 |
| 141,611,121 |
| (724,906 | ) | (857,568 | ) | (896,628 | ) | 1,427,041,126 |
| 1,479,843,892 |
| 1,649,947,062 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other work performed by entity and capitalized |
| 18,593 |
| — |
| 214,054 |
| — |
| — |
| — |
| 6,404,803 |
| 688,024 |
| 731,901 |
|
Employee benefits expense |
| 2,657,451 |
| (6,161,429 | ) | (6,537,925 | ) | — |
| — |
| — |
| (84,624,505 | ) | (76,018,545 | ) | (69,577,977 | ) |
Other expenses |
| (14,254,393 | ) | (16,333,294 | ) | (21,025,750 | ) | 724,906 |
| 857,568 |
| 896,628 |
| (148,540,710 | ) | (109,570,881 | ) | (118,108,486 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GROSS OPERATING RESULT |
| 141,379,002 |
| 108,528,282 |
| 114,261,500 |
| — |
| — |
| — |
| 1,200,280,714 |
| 1,294,942,490 |
| 1,462,992,500 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation, amortization, and impairment losses |
| (36,724,390 | ) | (38,208,869 | ) | (38,212,838 | ) | — |
| — |
| — |
| (205,906,910 | ) | (244,848,894 | ) | (270,584,246 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING INCOME |
| 104,654,612 |
| 70,319,413 |
| 76,048,662 |
| — |
| — |
| — |
| 994,373,804 |
| 1,050,093,596 |
| 1,192,408,254 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FINANCIAL RESULT |
| (10,596,299 | ) | (14,738,535 | ) | (23,600,707 | ) | (2,173,731 | ) | 3,473,802 |
| 28,459,148 |
| (96,533,304 | ) | (139,201,816 | ) | (186,313,678 | ) |
Financial income |
| 862,313 |
| 455,981 |
| 1,341,180 |
| (2,146,863 | ) | (1,621,289 | ) | (2,994,499 | ) | 88,970,416 |
| 27,878,995 |
| 40,841,166 |
|
Financial costs |
| (10,794,337 | ) | (15,505,355 | ) | (25,576,058 | ) | 2,146,863 |
| 1,621,289 |
| 2,994,499 |
| (187,258,748 | ) | (178,031,427 | ) | (239,569,394 | ) |
Gain (loss) for indexed assets and liabilities |
| — |
| — |
| — |
| — |
| — |
| — |
| (5,369,555 | ) | (2,885,747 | ) | 9,009,669 |
|
Foreign currency exchange differences |
| (664,275 | ) | 310,839 |
| 634,171 |
| (2,173,731 | ) | 3,473,802 |
| 28,459,148 |
| 7,124,583 |
| 13,836,363 |
| 3,404,881 |
|
Gains |
| 19,821 |
| 805,044 |
| 635,100 |
| (12,320,110 | ) | (476,265 | ) | — |
| 36,535,322 |
| 59,331,363 |
| 71,795,866 |
|
Losses |
| (684,096 | ) | (494,205 | ) | (929 | ) | 10,146,379 |
| 3,950,067 |
| 28,459,148 |
| (29,410,739 | ) | (45,495,000 | ) | (68,390,985 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share of the profit (loss) of associates accounted for using the equity method |
| — |
| — |
| 9,935,172 |
| — |
| — |
| — |
| 8,215,763 |
| 811,855 |
| 2,233,946 |
|
Negative consolidation difference |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
|
Gains (losses) from other investments |
| — |
| — |
| — |
| — |
| — |
| — |
| 1,038,160 |
| 234,251 |
| (55,494 | ) |
Gains (losses) on sale of property, plant, and equipment |
| 426,771 |
| 455,621 |
| (78,969 | ) | — |
| — |
| — |
| 975,577 |
| 1,631,416 |
| 64,430 |
|
Other expenses distinct from operating expenses |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET INCOME BEFORE TAX |
| 94,485,084 |
| 56,036,499 |
| 62,304,158 |
| (2,173,731 | ) | 3,473,802 |
| 28,459,148 |
| 908,070,000 |
| 913,569,302 |
| 1,008,337,458 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax |
| (27,749,046 | ) | (20,936,925 | ) | (21,497,520 | ) | — |
| — |
| — |
| (255,341,927 | ) | (197,493,560 | ) | (201,746,950 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET INCOME AFTER TAX FROM CONTINUING OPERATIONS |
| 66,736,038 |
| 35,099,574 |
| 40,806,638 |
| (2,173,731 | ) | 3,473,802 |
| 28,459,148 |
| 652,728,073 |
| 716,075,742 |
| 806,590,508 |
|
Net income from discontinued operations |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
|
NET INCOME |
| 66,736,038 |
| 35,099,574 |
| 40,806,638 |
| (2,173,731 | ) | 3,473,802 |
| 28,459,148 |
| 652,728,073 |
| 716,075,742 |
| 806,590,508 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| �� |
|
|
|
|
RESULT FOR THE PERIOD |
| 66,736,038 |
| 35,099,574 |
| 40,806,638 |
| (2,173,731 | ) | 3,473,802 |
| 28,459,148 |
| 652,728,073 |
| 716,075,742 |
| 806,590,508 |
|
Owners of parent |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
|
Non-controlling interests |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
|
b) Distribution
Line of Business |
| Distribution |
| ||||||||||||||||||||||||||
Country |
| Chile |
| Argentina |
| Brazil |
| Colombia |
| Peru |
| Eliminations |
| Total |
| ||||||||||||||
|
| 12-31-2011 |
| 12-31-2010 |
| 12-31-2011 |
| 12-31-2010 |
| 12-31-2011 |
| 12-31-2010 |
| 12-31-2011 |
| 12-31-2010 |
| 12-31-2011 |
| 12-31-2010 |
| 12-31-2011 |
| 12-31-2010 |
| 12-31-2011 |
| 12-31-2010 |
|
|
| ThCh$ |
| ThCh$ |
| ThCh$ |
| ThCh$ |
| ThCh$ |
| ThCh$ |
| ThCh$ |
| ThCh$ |
| ThCh$ |
| ThCh$ |
| ThCh$ |
| ThCh$ |
| ThCh$ |
| ThCh$ |
|
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT ASSETS |
| 193,667,154 |
| 308,282,584 |
| 84,947,442 |
| 110,182,639 |
| 424,487,557 |
| 404,494,596 |
| 239,448,013 |
| 255,980,239 |
| 73,305,844 |
| 76,808,391 |
| (8,446,413 | ) | (698,797 | ) | 1,007,409,597 |
| 1,155,049,652 |
|
Cash and cash equivalents |
| 26,582,727 |
| 106,822,082 |
| 21,100,767 |
| 45,328,399 |
| 109,978,438 |
| 52,245,576 |
| 131,993,716 |
| 76,385,965 |
| 9,290,173 |
| 26,792,493 |
| — |
| — |
| 298,945,821 |
| 307,574,515 |
|
Other current financial assets |
| — |
| — |
| — |
| 2,271,690 |
| — |
| — |
| 25,011 |
| 9,868 |
| — |
| — |
| — |
| — |
| 25,011 |
| 2,281,558 |
|
Other current non-financial assets |
| 2,312,576 |
| 1,422,618 |
| 1,246,994 |
| 1,199,090 |
| 27,375,759 |
| 22,986,384 |
| 5,220,643 |
| 371,248 |
| 2,636,552 |
| 1,209,481 |
| — |
| — |
| 38,792,524 |
| 27,188,821 |
|
Trade and other current receivables |
| 152,223,272 |
| 185,002,586 |
| 54,255,165 |
| 52,358,414 |
| 254,576,869 |
| 315,121,464 |
| 92,278,353 |
| 93,252,938 |
| 56,990,519 |
| 44,301,959 |
| — |
| — |
| 610,324,178 |
| 690,037,361 |
|
Accounts receivable from other related companies |
| 10,623,831 |
| 6,640,662 |
| 776,127 |
| 379,832 |
| — |
| 209,526 |
| 4,247,788 |
| 80,257,637 |
| 14,453 |
| 340,135 |
| (8,446,413 | ) | (698,797 | ) | 7,215,786 |
| 87,128,995 |
|
Inventories |
| 1,924,748 |
| 2,136,612 |
| 3,138,669 |
| 2,261,326 |
| 1,252,066 |
| 1,307,070 |
| 5,682,049 |
| 5,702,583 |
| 4,357,382 |
| 4,153,152 |
| — |
| — |
| 16,354,914 |
| 15,560,743 |
|
Current tax assets |
| — |
| 6,258,024 |
| 4,429,720 |
| 6,383,888 |
| 31,304,425 |
| 12,624,576 |
| 453 |
| — |
| 16,765 |
| 11,171 |
| — |
| — |
| 35,751,363 |
| 25,277,659 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-current assets classified as held for sale and discontinued operations |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NON-CURRENT ASSETS |
| 1,116,514,950 |
| 1,153,691,583 |
| 272,099,510 |
| 320,842,717 |
| 1,994,823,050 |
| 1,889,350,205 |
| 960,707,757 |
| 885,875,047 |
| 434,005,821 |
| 356,670,398 |
| — |
| — |
| 4,778,151,088 |
| 4,606,429,950 |
|
Other non-current financial assets |
| 25,176 |
| 25,582 |
| — |
| — |
| — |
| 3,352,698 |
| 9,099 |
| 8,267 |
| 2,792,448 |
| 1,825,059 |
| — |
| — |
| 2,826,723 |
| 5,211,606 |
|
Other non-current non-financial assets |
| 229,343 |
| 550,802 |
| 885,726 |
| 693,473 |
| 79,626,762 |
| 69,291,066 |
| — |
| — |
| — |
| — |
| — |
| — |
| 80,741,831 |
| 70,535,341 |
|
Non-current receivables |
| 3,699,470 |
| 7,046,330 |
| 1,378,682 |
| 495,607 |
| 251,693,307 |
| 165,992,532 |
| 10,485,477 |
| 5,847,271 |
| — |
| — |
| — |
| — |
| 267,256,936 |
| 179,381,740 |
|
Non-current accounts receivable from related companies |
| — |
| — |
| — |
| — |
| 117,946 |
| 324,864 |
| — |
| — |
| — |
| — |
| — |
| — |
| 117,946 |
| 324,864 |
|
Investments accounted for using the equity method |
| 503,579,522 |
| 546,854,493 |
| 31,383 |
| 30,151 |
| — |
| — |
| 76 |
| — |
| — |
| — |
| — |
| — |
| 503,610,981 |
| 546,884,644 |
|
Intangible assets other than goodwill |
| 15,263,011 |
| 18,189,812 |
| 3,473,743 |
| 3,203,663 |
| 1,374,215,991 |
| 1,361,527,584 |
| 22,048,463 |
| 20,239,478 |
| 2,844,862 |
| 2,274,071 |
| — |
| — |
| 1,417,846,070 |
| 1,405,434,608 |
|
Goodwill |
| 2,240,478 |
| 2,240,478 |
| — |
| — |
| 119,058,905 |
| 120,673,559 |
| 8,082,994 |
| 7,348,467 |
| — |
| — |
| — |
| — |
| 129,382,377 |
| 130,262,504 |
|
Property, plant, and equipment |
| 583,180,744 |
| 561,616,684 |
| 266,329,976 |
| 298,970,983 |
| 20,746,848 |
| 20,391,138 |
| 882,070,391 |
| 783,716,639 |
| 428,368,511 |
| 352,571,268 |
| — |
| — |
| 2,180,696,470 |
| 2,017,266,712 |
|
Investment property |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
|
Deferred tax assets |
| 8,297,206 |
| 17,167,402 |
| — |
| 17,448,840 |
| 149,363,291 |
| 147,796,764 |
| 38,011,257 |
| 68,714,925 |
| — |
| — |
| — |
| — |
| 195,671,754 |
| 251,127,931 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL ASSETS |
| 1,310,182,104 |
| 1,461,974,167 |
| 357,046,952 |
| 431,025,356 |
| 2,419,310,607 |
| 2,293,844,801 |
| 1,200,155,770 |
| 1,141,855,286 |
| 507,311,665 |
| 433,478,789 |
| (8,446,413 | ) | (698,797 | ) | 5,785,560,685 |
| 5,761,479,602 |
|
Line of Business |
| Distribution | |||||||||||||||||||||||||||
Country |
| Chile |
| Argentina |
| Brazil |
| Colombia |
| Peru |
| Eliminations |
| Total |
| ||||||||||||||
|
| 12-31-2011 |
| 12-31-2010 |
| 12-31-2011 |
| 12-31-2010 |
| 12-31-2011 |
| 12-31-2010 |
| 12-31-2011 |
| 12-31-2010 |
| 12-31-2011 |
| 12-31-2010 |
| 12-31-2011 |
| 12-31-2010 |
| 12-31-2011 |
| 12-31-2010 |
|
|
| ThCh$ |
| ThCh$ |
| ThCh$ |
| ThCh$ |
| ThCh$ |
| ThCh$ |
| ThCh$ |
| ThCh$ |
| ThCh$ |
| ThCh$ |
| ThCh$ |
| ThCh$ |
| ThCh$ |
| ThCh$ |
|
LIABILITIES AND EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT LIABILITIES |
| 196,759,945 |
| 171,286,364 |
| 310,638,397 |
| 226,189,613 |
| 489,046,971 |
| 553,701,924 |
| 302,355,437 |
| 269,331,660 |
| 103,699,413 |
| 78,464,053 |
| (8,446,413 | ) | (698,797 | ) | 1,394,053,750 |
| 1,298,274,817 |
|
Other current financial liabilities |
| 26,351 |
| 2,668 |
| 22,349,209 |
| 11,553,138 |
| 226,703,734 |
| 200,661,330 |
| 11,034,446 |
| 50,242,207 |
| 32,046,376 |
| 22,404,747 |
| — |
| — |
| 292,160,116 |
| 284,864,090 |
|
Trade and other current payables |
| 137,937,525 |
| 86,947,700 |
| 235,366,718 |
| 159,903,785 |
| 183,352,939 |
| 283,132,512 |
| 172,660,428 |
| 155,442,693 |
| 44,810,969 |
| 29,240,966 |
| — |
| — |
| 774,128,579 |
| 714,667,656 |
|
Accounts payable to related companies |
| 23,267,428 |
| 63,921,986 |
| 2,249,562 |
| 2,212,567 |
| 20,937,120 |
| 30,669,756 |
| 76,706,628 |
| 34,172,478 |
| 11,369,623 |
| 11,517,749 |
| (8,446,413 | ) | (698,797 | ) | 126,083,948 |
| 141,795,739 |
|
Other short-term provisions |
| 9,088,010 |
| 6,792,229 |
| 21,423,408 |
| 28,780,910 |
| 6,801,936 |
| 6,153,804 |
| — |
| 1,476,148 |
| 5,913,838 |
| 8,275,793 |
| — |
| — |
| 43,227,192 |
| 51,478,884 |
|
Current tax liabilities |
| 25,872,525 |
| 10,039,050 |
| 7,016,288 |
| 7,526,565 |
| 36,202,808 |
| 28,902,744 |
| 36,114,100 |
| 24,090,490 |
| 5,730,192 |
| 4,950,637 |
| — |
| — |
| 110,935,913 |
| 75,509,486 |
|
Current provisions for employee benefits |
| — |
| 1,284,614 |
| — |
| 591,831 |
| — |
| — |
| — |
| 813,663 |
| — |
| — |
| — |
| — |
| — |
| 2,690,108 |
|
Other current non-financial liabilities |
| 568,106 |
| 2,298,117 |
| 22,233,212 |
| 15,620,817 |
| 15,048,434 |
| 4,181,778 |
| 5,839,835 |
| 3,093,981 |
| 3,828,415 |
| 2,074,161 |
| — |
| — |
| 47,518,002 |
| 27,268,854 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities associated with non-current assets classified as held for sale and discontinued operations |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NON-CURRENT LIABILITIES |
| 52,473,555 |
| 196,967,970 |
| 41,497,104 |
| 40,238,648 |
| 870,301,120 |
| 711,221,766 |
| 397,178,370 |
| 392,279,990 |
| 210,609,245 |
| 205,177,295 |
| — |
| — |
| 1,572,059,394 |
| 1,545,885,669 |
|
Other non-current financial liabilities |
| — |
| — |
| 25,941,484 |
| 17,330,002 |
| 478,627,090 |
| 388,961,190 |
| 295,721,421 |
| 277,085,017 |
| 152,604,148 |
| 147,659,078 |
| — |
| — |
| 952,894,143 |
| 831,035,287 |
|
Other non-current payables |
| — |
| — |
| 905,643 |
| 325,183 |
| 13,155,174 |
| 23,055,474 |
| — |
| — |
| — |
| — |
| — |
| — |
| 14,060,817 |
| 23,380,657 |
|
Accounts payable to related companies |
| — |
| 146,500,704 |
| — |
| — |
| — |
| 1,430,022 |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| 147,930,726 |
|
Other long-term provisions |
| 7,618,844 |
| 7,367,197 |
| 9,239,778 |
| 11,451,261 |
| 160,166,774 |
| 137,660,556 |
| 4,445,966 |
| 1,849,383 |
| 165,531 |
| 155,729 |
| — |
| — |
| 181,636,893 |
| 158,484,126 |
|
Deferred tax liabilities |
| 22,742,572 |
| 24,272,266 |
| — |
| 9,731,475 |
| 63,153,516 |
| 57,124,740 |
| 19,717,371 |
| 52,263,418 |
| 56,914,980 |
| 57,086,045 |
| — |
| — |
| 162,528,439 |
| 200,477,944 |
|
Non-current provisions for employee benefits |
| 17,289,987 |
| 15,763,453 |
| 5,410,199 |
| 1,400,727 |
| 149,352,163 |
| 102,989,784 |
| 62,774,313 |
| 61,082,172 |
| — |
| — |
| — |
| — |
| 234,826,662 |
| 181,236,136 |
|
Other non-current non-financial liabilities |
| 4,822,152 |
| 3,064,350 |
| — |
| — |
| 5,846,403 |
| — |
| 14,519,299 |
| — |
| 924,586 |
| 276,443 |
| — |
| — |
| 26,112,440 |
| 3,340,793 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EQUITY |
| 1,060,948,604 |
| 1,093,719,833 |
| 4,911,451 |
| 164,597,095 |
| 1,059,962,516 |
| 1,028,921,111 |
| 500,621,963 |
| 480,243,636 |
| 193,003,007 |
| 149,837,441 |
| — |
| — |
| 2,819,447,541 |
| 2,917,319,116 |
|
Equity attributable to owners of parent |
| 1,060,948,604 |
| 1,093,719,833 |
| 4,911,451 |
| 164,597,095 |
| 1,059,962,516 |
| 1,028,921,111 |
| 500,621,963 |
| 480,243,636 |
| 193,003,007 |
| 149,837,441 |
| — |
| — |
| 2,819,447,541 |
| 2,917,319,116 |
|
Issued capital |
| 368,494,984 |
| 368,494,984 |
| 135,477,599 |
| 135,477,599 |
| 466,167,408 |
| 547,861,028 |
| 7,905,014 |
| 3,934,010 |
| 32,841,625 |
| 32,841,625 |
| — |
| — |
| 1,010,886,630 |
| 1,088,609,246 |
|
Retained earnings |
| 978,146,893 |
| 998,431,191 |
| (92,338,025 | ) | 66,482,841 |
| 72,309,174 |
| 104,634,235 |
| (2,694,357 | ) | 123,200,147 |
| 1,623,660 |
| 25,300,513 |
| — |
| — |
| 957,047,345 |
| 1,318,048,927 |
|
Share premium |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
|
Treasury shares |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
|
Other equity interests |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
|
Other reserves |
| (285,693,273 | ) | (273,206,342 | ) | (38,228,123 | ) | (37,363,345 | ) | 521,485,934 |
| 376,425,848 |
| 495,411,306 |
| 353,109,479 |
| 158,537,722 |
| 91,695,303 |
| — |
| — |
| 851,513,566 |
| 510,660,943 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-controlling interests |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES AND EQUITY |
| 1,310,182,104 |
| 1,461,974,167 |
| 357,046,952 |
| 431,025,356 |
| 2,419,310,607 |
| 2,293,844,801 |
| 1,200,155,770 |
| 1,141,855,286 |
| 507,311,665 |
| 433,478,789 |
| (8,446,413 | ) | (698,797 | ) | 5,785,560,685 |
| 5,761,479,602 |
|
Line of Business |
| Distribution |
| ||||||||||||||||||||||
Country |
| Chile |
| Argentina |
| Brazil |
| Colombia |
| ||||||||||||||||
|
| 12-31-2011 |
| 12-31-2010 |
| 12-31-2009 |
| 12-31-2011 |
| 12-31-2010 |
| 12-31-2009 |
| 12-31-2011 |
| 12-31-2010 |
| 12-31-2009 |
| 12-31-2011 |
| 12-31-2010 |
| 12-31-2009 |
|
|
| ThCh$ |
| ThCh$ |
| ThCh$ |
| ThCh$ |
| ThCh$ |
| ThCh$ |
| ThCh$ |
| ThCh$ |
| ThCh$ |
| ThCh$ |
| ThCh$ |
| ThCh$ |
|
STATEMENT OF COMPREHENSIVE INCOME |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
REVENUES |
| 1,046,190,998 |
| 1,016,997,495 |
| 1,089,515,077 |
| 279,724,815 |
| 295,538,314 |
| 327,087,549 |
| 1,976,715,786 |
| 1,987,041,550 |
| 1,780,335,633 |
| 815,486,660 |
| 785,889,588 |
| 741,167,816 |
|
Sales |
| 1,035,360,191 |
| 1,003,001,004 |
| 1,066,239,632 |
| 271,566,142 |
| 287,867,341 |
| 318,293,459 |
| 1,784,693,095 |
| 1,717,875,184 |
| 1,536,790,709 |
| 783,614,400 |
| 757,935,491 |
| 684,930,692 |
|
Energy sales |
| 936,062,746 |
| 900,798,434 |
| 1,007,550,579 |
| 251,678,813 |
| 268,829,105 |
| 297,441,695 |
| 1,661,700,350 |
| 1,648,205,624 |
| 1,473,905,923 |
| 677,266,087 |
| 657,681,311 |
| 585,665,734 |
|
Other sales |
| 6,051,771 |
| 7,166,927 |
| 10,418,293 |
| — |
| — |
| — |
| — |
| — |
| — |
| 2,293,979 |
| 2,035,272 |
| 1,999,965 |
|
Other services rendered |
| 93,245,674 |
| 95,035,643 |
| 48,270,760 |
| 19,887,329 |
| 19,038,236 |
| 20,851,764 |
| 122,992,745 |
| 69,669,560 |
| 62,884,786 |
| 104,054,334 |
| 98,218,908 |
| 97,264,993 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other operating income |
| 10,830,807 |
| 13,996,491 |
| 23,275,445 |
| 8,158,673 |
| 7,670,973 |
| 8,794,090 |
| 192,022,691 |
| 269,166,366 |
| 243,544,924 |
| 31,872,260 |
| 27,954,097 |
| 56,237,124 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RAW MATERIALS AND CONSUMABLES USED |
| (803,854,371 | ) | (788,044,087 | ) | (845,396,679 | ) | (141,879,982 | ) | (142,565,611 | ) | (153,916,681 | ) | (1,297,135,167 | ) | (1,310,974,462 | ) | (1,109,711,167 | ) | (451,191,503 | ) | (426,625,508 | ) | (393,206,055 | ) |
Energy purchases |
| (728,175,203 | ) | (718,972,828 | ) | (815,863,794 | ) | (139,846,898 | ) | (139,626,236 | ) | (150,780,462 | ) | (704,848,626 | ) | (644,017,840 | ) | (544,826,586 | ) | (338,121,156 | ) | (317,529,068 | ) | (275,176,733 | ) |
Fuel consumption |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
|
Transport expenses |
| (52,701,930 | ) | (45,459,555 | ) | — |
| (978,324 | ) | (1,239,345 | ) | (1,522,314 | ) | (92,384,968 | ) | (88,561,822 | ) | (77,941,315 | ) | (82,215,432 | ) | (81,668,944 | ) | (79,476,600 | ) |
Other variable supplies and services |
| (22,977,238 | ) | (23,611,704 | ) | (29,532,885 | ) | (1,054,760 | ) | (1,700,030 | ) | (1,613,905 | ) | (499,901,573 | ) | (578,394,800 | ) | (486,943,266 | ) | (30,854,915 | ) | (27,427,496 | ) | (38,552,722 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONTRIBUTION MARGIN |
| 242,336,627 |
| 228,953,408 |
| 244,118,398 |
| 137,844,833 |
| 152,972,703 |
| 173,170,868 |
| 679,580,619 |
| 676,067,088 |
| 670,624,466 |
| 364,295,157 |
| 359,264,080 |
| 347,961,761 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other work performed by entity and capitalized |
| 2,776,876 |
| 2,524,049 |
| 2,666,652 |
| 12,146,533 |
| 8,296,765 |
| 8,057,055 |
| 17,886,043 |
| 18,128,254 |
| 17,007,228 |
| 4,309,814 |
| 3,734,991 |
| 2,485,358 |
|
Employee benefits expense |
| (29,792,819 | ) | (24,818,903 | ) | (24,641,080 | ) | (87,034,352 | ) | (63,168,597 | ) | (66,048,079 | ) | (92,462,436 | ) | (86,726,523 | ) | (84,491,569 | ) | (33,383,134 | ) | (30,266,521 | ) | (29,972,265 | ) |
Other expenses |
| (60,852,918 | ) | (64,729,067 | ) | (64,826,993 | ) | (78,690,268 | ) | (77,589,301 | ) | (64,218,481 | ) | (146,412,225 | ) | (144,659,664 | ) | (153,761,807 | ) | (85,303,430 | ) | (61,109,969 | ) | (60,815,070 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GROSS OPERATING RESULT |
| 154,467,766 |
| 141,929,487 |
| 157,316,977 |
| (15,733,254 | ) | 20,511,570 |
| 50,961,363 |
| 458,592,001 |
| 462,809,155 |
| 449,378,318 |
| 249,918,407 |
| 271,622,581 |
| 259,659,784 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation, amortization, and impairment losses |
| (34,783,079 | ) | (30,162,735 | ) | (28,284,945 | ) | (121,436,654 | ) | (16,567,619 | ) | (19,085,702 | ) | (103,946,132 | ) | (158,955,424 | ) | (111,178,295 | ) | (64,456,300 | ) | (64,400,224 | ) | (59,775,278 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING INCOME |
| 119,684,687 |
| 111,766,752 |
| 129,032,032 |
| (137,169,908 | ) | 3,943,951 |
| 31,875,661 |
| 354,645,869 |
| 303,853,731 |
| 338,200,023 |
| 185,462,107 |
| 207,222,357 |
| 199,884,506 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FINANCIAL RESULT |
| 10,648,013 |
| 2,470,113 |
| 2,906,811 |
| (7,990,001 | ) | (6,198,811 | ) | (5,626,845 | ) | (72,935,412 | ) | (54,257,621 | ) | (57,393,403 | ) | (31,913,547 | ) | (26,452,173 | ) | (29,268,297 | ) |
Financial income |
| 15,874,126 |
| 10,576,373 |
| 14,891,938 |
| 6,538,668 |
| 9,324,258 |
| 6,866,221 |
| 97,925,921 |
| 101,888,814 |
| 83,232,583 |
| 5,531,446 |
| 9,289,334 |
| 9,885,040 |
|
Financial costs |
| (4,383,448 | ) | (8,048,514 | ) | (17,384,760 | ) | (15,352,367 | ) | (16,070,345 | ) | (12,048,619 | ) | (171,235,373 | ) | (155,096,284 | ) | (145,101,661 | ) | (37,469,524 | ) | (35,637,190 | ) | (39,051,936 | ) |
Gain (loss) for indexed assets and liabilities |
| 42,067 |
| 153,805 |
| 458,162 |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
|
Foreign currency exchange differences |
| (884,732 | ) | (211,551 | ) | 4,941,471 |
| 823,698 |
| 547,276 |
| (444,447 | ) | 374,040 |
| (1,050,151 | ) | 4,475,675 |
| 24,531 |
| (104,317 | ) | (101,401 | ) |
Gains |
| 798,025 |
| 2,679,429 |
| 8,283,203 |
| 1,121,128 |
| 617,720 |
| 1,287,472 |
| 2,081,506 |
| 3,249,786 |
| 6,419,927 |
| 328,173 |
| 604,900 |
| 1,561,581 |
|
Losses |
| (1,682,757 | ) | (2,890,980 | ) | (3,341,732 | ) | (297,430 | ) | (70,444 | ) | (1,731,919 | ) | (1,707,466 | ) | (4,299,937 | ) | (1,944,252 | ) | (303,642 | ) | (709,217 | ) | (1,662,982 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share of the profit (loss) of associates accounted for using the equity method |
| — |
| — |
| 82,756,621 |
| 468 |
| 911 |
| 1,633 |
| — |
| — |
| — |
| — |
| — |
| — |
|
Negative consolidation difference |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
|
Gains (losses) from other investments |
| — |
| — |
| 82,850 |
| — |
| — |
| — |
| — |
| — |
| — |
| 70 |
| — |
| — |
|
Gains (losses) on sale of property, plant, and equipment |
| (4,305 | ) | (3,349 | ) | 12,050,737 |
| — |
| — |
| — |
| — |
| — |
| 250,284 |
| (301,065 | ) | 1,389,720 |
| 12,755,736 |
|
Other expenses distinct from operating expenses |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET INCOME BEFORE TAX |
| 130,328,395 |
| 114,233,516 |
| 226,829,051 |
| (145,159,441 | ) | (2,253,949 | ) | 26,250,449 |
| 281,710,457 |
| 249,596,110 |
| 281,056,904 |
| 153,247,565 |
| 182,159,904 |
| 183,371,945 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax |
| (33,614,812 | ) | (23,402,198 | ) | (21,064,399 | ) | (12,248,134 | ) | 635,038 |
| (9,357,145 | ) | (75,932,075 | ) | (43,566,137 | ) | (72,619,778 | ) | (62,216,531 | ) | (56,459,150 | ) | (56,364,261 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET INCOME AFTER TAX FROM CONTINUING OPERATIONS |
| 96,713,583 |
| 90,831,318 |
| 205,764,652 |
| (157,407,575 | ) | (1,618,911 | ) | 16,893,304 |
| 205,778,382 |
| 206,029,973 |
| 208,437,126 |
| 91,031,034 |
| 125,700,754 |
| 127,007,684 |
|
Net income from discontinued operations |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
|
NET INCOME |
| 96,713,583 |
| 90,831,318 |
| 205,764,652 |
| (157,407,575 | ) | (1,618,911 | ) | 16,893,304 |
| 205,778,382 |
| 206,029,973 |
| 208,437,126 |
| 91,031,034 |
| 125,700,754 |
| 127,007,684 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RESULT FOR THE PERIOD |
| 96,713,583 |
| 90,831,318 |
| 205,764,652 |
| (157,407,575 | ) | (1,618,911 | ) | 16,893,304 |
| 205,778,382 |
| 206,029,973 |
| 208,437,126 |
| 91,031,034 |
| 125,700,754 |
| 127,007,684 |
|
Owners of parent |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
|
Non-controlling interests |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
|
Line of Business |
| Distribution |
| ||||||||||||||||
Country |
| Peru |
| Eliminations |
| Total |
| ||||||||||||
|
| 12-31-2011 |
| 12-31-2010 |
| 12-31-2009 |
| 12-31-2011 |
| 12-31-2010 |
| 12-31-2009 |
| 12-31-2011 |
| 12-31-2010 |
| 12-31-2009 |
|
|
| ThCh$ |
| ThCh$ |
| ThCh$ |
| ThCh$ |
| ThCh$ |
| ThCh$ |
| ThCh$ |
| ThCh$ |
| ThCh$ |
|
STATEMENT OF COMPREHENSIVE INCOME |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
REVENUES |
| 329,309,210 |
| 307,158,970 |
| 302,295,127 |
| — |
| — |
| — |
| 4,447,427,469 |
| 4,392,625,917 |
| 4,240,401,202 |
|
Sales |
| 311,980,876 |
| 286,654,227 |
| 286,037,460 |
| — |
| — |
| — |
| 4,187,214,704 |
| 4,053,333,247 |
| 3,892,291,952 |
|
Energy sales |
| 303,303,904 |
| 279,239,525 |
| 278,264,824 |
| — |
| — |
| — |
| 3,830,011,900 |
| 3,754,753,999 |
| 3,642,828,755 |
|
Other sales |
| 45,957 |
| 18,571 |
| 13,193 |
| — |
| — |
| — |
| 8,391,707 |
| 9,220,770 |
| 12,431,451 |
|
Other services rendered |
| 8,631,015 |
| 7,396,131 |
| 7,759,443 |
| — |
| — |
| — |
| 348,811,097 |
| 289,358,478 |
| 237,031,746 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other operating income |
| 17,328,334 |
| 20,504,743 |
| 16,257,667 |
| — |
| — |
| — |
| 260,212,765 |
| 339,292,670 |
| 348,109,250 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RAW MATERIALS AND CONSUMABLES USED |
| (210,904,949 | ) | (193,646,086 | ) | (185,706,532 | ) | — |
| — |
| — |
| (2,904,965,972 | ) | (2,861,855,754 | ) | (2,687,937,114 | ) |
Energy purchases |
| (188,535,528 | ) | (168,095,978 | ) | (171,745,296 | ) | — |
| — |
| — |
| (2,099,527,411 | ) | (1,988,241,950 | ) | (1,958,392,871 | ) |
Fuel consumption |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
|
Transport expenses |
| (1,052 | ) | — |
| — |
| — |
| — |
| — |
| (228,281,706 | ) | (216,929,666 | ) | (158,940,229 | ) |
Other variable supplies and services |
| (22,368,369 | ) | (25,550,108 | ) | (13,961,236 | ) | — |
| — |
| — |
| (577,156,855 | ) | (656,684,138 | ) | (570,604,014 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONTRIBUTION MARGIN |
| 118,404,261 |
| 113,512,884 |
| 116,588,595 |
| — |
| — |
| — |
| 1,542,461,497 |
| 1,530,770,163 |
| 1,552,464,088 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other work performed by entity and capitalized |
| 2,211,736 |
| 2,058,678 |
| 2,782,325 |
| — |
| — |
| — |
| 39,331,002 |
| 34,742,737 |
| 32,998,618 |
|
Employee benefits expense |
| (9,745,039 | ) | (10,830,327 | ) | (11,469,891 | ) | — |
| — |
| — |
| (252,417,780 | ) | (215,810,871 | ) | (216,622,884 | ) |
Other expenses |
| (18,518,662 | ) | (18,333,017 | ) | (24,143,832 | ) | — |
| — |
| — |
| (389,777,503 | ) | (366,421,018 | ) | (367,766,183 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GROSS OPERATING RESULT |
| 92,352,296 |
| 86,408,218 |
| 83,757,197 |
| — |
| — |
| — |
| 939,597,216 |
| 983,281,011 |
| 1,001,073,639 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation, amortization, and impairment losses |
| (22,452,740 | ) | (21,459,798 | ) | (21,332,334 | ) | — |
| — |
| — |
| (347,074,905 | ) | (291,545,800 | ) | (239,656,554 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING INCOME |
| 69,899,556 |
| 64,948,420 |
| 62,424,863 |
| — |
| — |
| — |
| 592,522,311 |
| 691,735,211 |
| 761,417,085 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FINANCIAL RESULT |
| (12,080,615 | ) | (10,893,433 | ) | (10,414,860 | ) | 60,038 |
| 700,563 |
| — |
| (114,211,524 | ) | (94,631,362 | ) | (99,796,594 | ) |
Financial income |
| 1,846,358 |
| 1,612,612 |
| 2,245,332 |
| — |
| — |
| — |
| 127,716,519 |
| 132,691,391 |
| 117,121,114 |
|
Financial costs |
| (14,114,310 | ) | (12,538,319 | ) | (12,867,928 | ) | — |
| — |
| — |
| (242,555,022 | ) | (227,390,652 | ) | (226,454,904 | ) |
Gain (loss) for indexed assets and liabilities |
| — |
| — |
| — |
| — |
| — |
| — |
| 42,067 |
| 153,805 |
| 458,162 |
|
Foreign currency exchange differences |
| 187,337 |
| 32,274 |
| 207,736 |
| 60,038 |
| 700,563 |
| — |
| 584,912 |
| (85,906 | ) | 9,079,034 |
|
Gains |
| 562,888 |
| 308,495 |
| 1,032,549 |
| 60,038 |
| (204,474 | ) | — |
| 4,951,758 |
| 7,255,856 |
| 18,584,732 |
|
Losses |
| (375,551 | ) | (276,221 | ) | (824,813 | ) | — |
| 905,037 |
| — |
| (4,366,846 | ) | (7,341,762 | ) | (9,505,698 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share of the profit (loss) of associates accounted for using the equity method |
| — |
| — |
| — |
| — |
| — |
| — |
| 468 |
| 911 |
| 82,758,254 |
|
Negative consolidation difference |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
|
Gains (losses) from other investments |
| — |
| — |
| — |
| — |
| — |
| — |
| 70 |
| — |
| 82,850 |
|
Gains (losses) on sale of property, plant, and equipment |
| (8,420 | ) | (21,095 | ) | (117,804 | ) | — |
| — |
| — |
| (313,790 | ) | 1,365,276 |
| 24,938,953 |
|
Other expenses distinct from operating expenses |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET INCOME BEFORE TAX |
| 57,810,521 |
| 54,033,892 |
| 51,892,199 |
| 60,038 |
| 700,563 |
| — |
| 477,997,535 |
| 598,470,036 |
| 769,400,548 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax |
| (16,517,066 | ) | (18,808,290 | ) | (18,796,395 | ) | — |
| — |
| — |
| (200,528,618 | ) | (141,600,737 | ) | (178,201,978 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET INCOME AFTER TAX FROM CONTINUING OPERATIONS |
| 41,293,455 |
| 35,225,602 |
| 33,095,804 |
| 60,038 |
| 700,563 |
| — |
| 277,468,917 |
| 456,869,299 |
| 591,198,570 |
|
Net income from discontinued operations |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
|
NET INCOME |
| 41,293,455 |
| 35,225,602 |
| 33,095,804 |
| 60,038 |
| 700,563 |
| — |
| 277,468,917 |
| 456,869,299 |
| 591,198,570 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RESULT FOR THE PERIOD |
| 41,293,455 |
| 35,225,602 |
| 33,095,804 |
| 60,038 |
| 700,563 |
| — |
| 277,468,917 |
| 456,869,299 |
| 591,198,570 |
|
Owners of parent |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
|
Non-controlling interests |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
|
34. THIRD PARTY GUARANTEES, OTHER CONTINGENT ASSETS AND LIABILITIES, AND OTHER COMMITMENTS
|
|
|
|
|
|
|
|
|
|
|
|
|
| Balance pending |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
|
| Debtor |
|
|
| Assets Committed |
| at December 31, |
| Guarantees Released |
| ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| Accounting |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Creditor of Guarantee |
| Name |
| Relationship |
| Type of Guarantee |
| Type |
| Currency |
| Value |
| Currency |
| 2011 |
| 2010 |
| 2012 |
| Assets |
| 2013 |
| Assets |
| 2014 |
| Assets |
|
Soc. de Energía de la República Argentina |
| Endesa Argentina Endesa Costanera |
| Creditor |
| Pledge |
| Shares |
| ThCh$ |
| — |
| ThCh$ |
| — |
| 963,655 |
| — |
| — |
| — |
| — |
| — |
| — |
|
Mitsubishi |
| Endesa Costanera |
| Creditor |
| Pledge |
| Combined cycle |
| ThCh$ |
| 42,351,337 |
| ThCh$ |
| 73,262,031 |
| 66,236,055 |
| — |
| — |
| — |
| — |
| — |
| — |
|
Credit Suisse First Boston |
| Endesa Costanera |
| Creditor |
| Pledge |
| Combined cycle |
| ThCh$ |
| 11,313,893 |
| ThCh$ |
| 5,192,000 |
| 4,011,514 |
| — |
| — |
| — |
| — |
| — |
| — |
|
Various creditors |
| Edegel |
| Creditor |
| Pledge |
| Real estate and equipment |
| ThCh$ |
| 100,476,362 |
| ThCh$ |
| 7,127,904 |
| 13,008,383 |
| — |
| — |
| — |
| — |
| — |
| — |
|
Scotiabank |
| Chinango |
| Creditor |
| Pledge |
| Collection flows |
| ThCh$ |
| 22,694,232 |
| ThCh$ |
| 16,095,200 |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
|
Banco Santander (Guarantee agent) |
| G.N.L. Quintero |
| Investee |
| Pledge |
| Shares |
| ThCh$ |
| — |
| ThCh$ |
| 109,265,974 |
| 94,071,116 |
| — |
| — |
| — |
| — |
| — |
| — |
|
Deutsche Bank (*) / Santander Benelux |
| Enersis |
| Creditor |
| Deposit account |
| Deposit account |
| ThCh$ |
| 20,793,960 |
| ThCh$ |
| 55,264,828 |
| 62,720,234 |
| — |
| — |
| — |
| — |
| — |
| — |
|
Various creditors |
| Ampla |
| Creditor |
| Pledge on collection and others |
|
|
| ThCh$ |
| 10,646,394 |
| ThCh$ |
| 140,483,626 |
| 84,993,209 |
| — |
| — |
| — |
| — |
| — |
| — |
|
Various creditors |
| Coelce |
| Creditor |
| Pledge on collection and others |
|
|
| ThCh$ |
| 16,453,910 |
| ThCh$ |
| 99,126,606 |
| 102,571,290 |
| — |
| — |
| — |
| — |
| — |
| — |
|
International Finance Corporation |
| CGT Fortaleza |
| Creditor |
| Mortgage and pledge |
| Real estate and equipment |
| ThCh$ |
| 174,703,123 |
| ThCh$ |
| 38,087,401 |
| 17,867,290 |
| — |
| — |
| — |
| — |
| — |
| — |
|
As of December 31, 2011, Enersis had commitments for future purchases of energy amounting to ThCh$ 29,249,750,127 (ThCh$ 26,115,482,639 as of December 31, 2010).
|
|
|
|
|
|
|
|
|
|
|
| Balance Pending |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||
Creditor |
| Debtor |
| Assets Committed |
| at December 31, |
| Guarantee Released |
| |||||||||||||||||||||||||
of |
|
|
|
|
| Type of |
|
|
| Book |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Guarantee |
| Name |
| Relation |
| Guarantee |
| Currency |
| Value |
| Currency |
| 2011 |
| 2010 |
| 2012 |
| Assets |
| 2013 |
| Assets |
| 2014 |
| 2015 |
| |||||
Bank credit bill |
| CIEN |
| Subsidiary |
| Guarantee |
| ThCh$ |
| 55,410,663 |
| ThCh$ |
| 55,410,663 |
| 140,797,232 |
| — |
| — |
| — |
| — |
| — |
| — |
| |||||
Bonds and bank borrowings |
| Chinango |
| Subsidiary |
| Guarantee |
| ThCh$ |
| 21,553,733 |
| ThCh$ |
| 21,553,733 |
| 34,817,262 |
| — |
| — |
| — |
| — |
| — |
| — |
| |||||
Our Argentine subsidiary, Endesa Costanera, is experiencing a deficit in its working capital, as it is under pressure from the difficulties it is having in obtaining rate adjustments that reflect actual generation costs, a situation that is creating difficulties in the company’s short-term financial equilibrium. Endesa Costanera hopes to revert the current situation through a favorable resolution of the requests it has made to the Argentine Government. This company does not represent a significant equity risk for the Group.
Enersis personnel, including that of subsidiaries and jointly-controlled companies in the five Latin American countries where the Group is present, is distributed as follows as of December 31, 2011 and December 31, 2010:
|
| 12-31-2011 |
|
|
| ||||||
Country |
| Managers |
| Professionals |
| Workers and |
| Total |
| Average for |
|
Chile |
| 94 |
| 1,963 |
| 340 |
| 2,397 |
| 2,522 |
|
Argentina |
| 43 |
| 2,401 |
| 883 |
| 3,327 |
| 3,242 |
|
Brazil |
| 40 |
| 2,414 |
| 310 |
| 2,764 |
| 2,780 |
|
Peru |
| 20 |
| 624 |
| 153 |
| 797 |
| 854 |
|
Colombia |
| 27 |
| 1,517 |
| 55 |
| 1,599 |
| 1,641 |
|
Total |
| 224 |
| 8,919 |
| 1,741 |
| 10,884 |
| 11,039 |
|
(*) Includes average staff at Cam and Synapsis up to the time they were sold, See Note 2,4,1 and Note 11.
|
| 12-31-2010 |
|
|
| ||||||
Country |
| Managers |
| Professionals |
| Workers and |
| Total |
| Average for |
|
Chile |
| 106 |
| 2,397 |
| 546 |
| 3,049 |
| 3,152 |
|
Argentina |
| 33 |
| 2,276 |
| 850 |
| 3,159 |
| 3,115 |
|
Brazil |
| 45 |
| 2,514 |
| 387 |
| 2,946 |
| 2,940 |
|
Peru |
| 18 |
| 944 |
| 177 |
| 1,139 |
| 1,131 |
|
Colombia |
| 27 |
| 1,819 |
| 125 |
| 1,971 |
| 1,923 |
|
Total |
| 229 |
| 9,950 |
| 2,085 |
| 12,264 |
| 12,261 |
|
(**) Includes 387 employees from Synapsis and 1,313 from CAM. See Note 2.4.1 and Note 11.
During 2012, Enersis voluntarily modified the presentation of its cash flows, changing from the indirect to the direct method. The Company did so in anticipation of the effectiveness of a requirement of the Superintendency of Securities and Insurance of Chile to use the direct method applicable for filings of financial statements beginning March 31, 2013.
As a result of this early adoption and in order to conform the presentation of the cash flow statements, the direct method of the cash flow presentation has been retrospectively applied to the consolidated cash flow statements for the 2011, 2010 and 2009 fiscal years included in these financial statements.
No significant events have occurred between December 31, 2011 and date of issuance of these financial statements that could materially affect the presentation of the financial statements.
Environmental expenses as of December 31, 2011, 2010, and 2009 are as follows:
Company Incurring the Cost |
| Project |
| 12-31-2011 |
| 12-31-2010 |
| 12-31-2009 |
|
|
|
|
|
|
|
|
|
|
|
Endesa Chile S.A. |
| Studies, monitoring, laboratory analysis, removal and final disposal of solid waste at hydroelectric power stations (HPS) and thermoelectric power stations. |
| — |
| — |
| 2,416,053 |
|
GasAtacama S.A. |
| Environmental monitoring (air quality, marine monitoring, etc.). |
| 72,711 |
| 72,984 |
| 65,481 |
|
Centrales Hidroeléctricas de Aysén S.A. |
| Expenses in education and tourism. |
| 455,617 |
| 294,327 |
| 116,820 |
|
Empresa Eléctrica Pehuenche S.A. |
| Environmental expenses. |
| — |
| — |
| 57,394 |
|
Chinango S.A.C. |
| Air and climate protection, waste water management, soil and water recovery, noise and vibration reduction, biodiversity and landscape protection. |
| 211,544 |
| — |
| — |
|
Edegel S.A.A. |
| Environmental monitoring, waste management, mitigation and restoration. |
| 336,435 |
| 444,983 |
| 667,059 |
|
Codensa S.A. E.S.P. |
| Environmental management of PCB transformers. |
| 71,667 |
| 69,820 |
| 53,926 |
|
Companhia Energética do Ceará |
| Environmental monitoring, waste management, ISO 14,001 audit, environmental education. |
| — |
| 4,344 |
| 212,166 |
|
Ampla Energia e Servicos S.A. |
| Environmental license and environmental management equipment. |
| — |
| 17,377 |
| 8,688 |
|
Empresa Distribuidora Sur S.A. |
| Final disposal of waste and contaminants. |
| 56,185 |
| 10,287 |
| 151,563 |
|
Companía de Interconexión Energética S.A. |
| Environmental compensation, improvements to facilities and environmental control, implementation of landscaping project. |
| — |
| — |
| 11,491 |
|
Centrais Elétricas Cachoeira Dourada S.A. |
| Repopulating of deposit sites. |
| — |
| — |
| 50,449 |
|
Central Geradora Termeléctrica Fortaleza S.A. |
| Purchase of environmental monitoring equipment. |
| — |
| — |
| 25,505 |
|
Compañía de Transmisión del Mercosur S.A. |
| ISO 14,001 Audit and ENRE 57/2003 Resolution (Public Safety), environmental monitoring, and environmental standards update. |
| 15,100 |
| 13,412 |
| 10,837 |
|
Transportadora de Energía S.A. |
| ISO 14,001 Audit and ENRE 57/2003 Resolution (Public Safety), environmental monitoring, and environmental standards update. |
| 16,387 |
| 14,714 |
| 11,579 |
|
|
|
|
|
|
|
|
|
|
|
Total |
|
|
| 1,235,646 |
| 942,248 |
| 3,859,011 |
|
38. SUMMARIZED FINANCIAL INFORMATION OF PRINCIPAL SUBSIDIARIES AND JOINTLY CONTROLLED ENTITIES
As of December 31, 2011 and 2010, the summarized financial information of our principal subsidiaries and jointly controlled entities under IFRS is as follows:
|
| 12-31-2011 |
| ||||||||||||||||||
|
| Type of Financial |
| Current Assets |
| Non-current |
| Total Assets |
| Current |
| Non-current |
| Total Liabilities |
| Revenue |
| Costs |
| Profit (Loss) |
|
Chilectra S.A. |
| Consolidated |
| 193,667,154 |
| 1,116,514,950 |
| 1,310,182,104 |
| (196,759,945 | ) | (52,473,555 | ) | (249,233,500 | ) | 1,035,360,191 |
| (924,569,246 | ) | 110,790,945 |
|
Synapsis Soluciones y Servicios IT Ltda. |
| Consolidated |
| — |
| — |
| — |
| — |
| — |
| — |
| 6,690,708 |
| (6,561,185 | ) | 129,523 |
|
Inmobiliaria Manso de Velasco Ltda. |
| Consolidated |
| 30,451,690 |
| 36,347,961 |
| 66,799,651 |
| (3,801,501 | ) | (675,754 | ) | (4,477,255 | ) | 7,741,781 |
| (1,479,399 | ) | 6,262,382 |
|
Compañía Americana de Multiservicios de Chile S.A. |
| Consolidated |
| — |
| — |
| — |
| — |
| — |
| — |
| 15,582,078 |
| (16,890,062 | ) | (1,307,984 | ) |
ICT Servicios Informáticos Ltda. |
| Separate |
| 3,386,984 |
| 296,193 |
| 3,683,177 |
| (2,119,237 | ) | (557,313 | ) | (2,676,550 | ) | 5,897,820 |
| (5,282,766 | ) | 615,054 |
|
Inversiones Distrilima S.A. |
| Separate |
| 73,612 |
| 53,558,686 |
| 53,632,298 |
| (8,288 | ) | — |
| (8,288 | ) | 12,106,048 |
| (4,386 | ) | 12,101,662 |
|
Empresa de Distribución Eléctrica de Lima Norte S.A.A. |
| Separate |
| 73,237,435 |
| 434,005,821 |
| 507,243,256 |
| (103,696,328 | ) | (210,609,245 | ) | (314,305,573 | ) | 311,980,876 |
| (270,687,421 | ) | 41,293,455 |
|
Empresa Nacional de Electricidad S.A. |
| Separate |
| 723,937,172 |
| 3,238,686,083 |
| 3,962,623,255 |
| (488,951,209 | ) | (1,087,287,205 | ) | (1,576,238,414 | ) | 1,184,084,739 |
| (812,433,884 | ) | 371,650,855 |
|
Endesa Eco S.A. |
| Separate |
| 5,437,267 |
| 135,146,612 |
| 140,583,879 |
| (139,297,158 | ) | (8,360,757 | ) | (147,657,915 | ) | 14,315,105 |
| (11,047,198 | ) | 3,267,907 |
|
Empresa Eléctrica Pehuenche S.A. |
| Separate |
| 56,656,641 |
| 234,597,856 |
| 291,254,497 |
| (77,321,477 | ) | (39,046,758 | ) | (116,368,235 | ) | 195,003,413 |
| (78,664,231 | ) | 116,339,182 |
|
Compañía Eléctrica San Isidro S.A. |
| Separate |
| 68,408,746 |
| 77,242,199 |
| 145,650,945 |
| (71,972,413 | ) | (9,267,849 | ) | (81,240,262 | ) | 243,562,829 |
| (199,292,302 | ) | 44,270,527 |
|
Empresa Eléctrica Pangue S.A. |
| Separate |
| 34,480,062 |
| 131,950,788 |
| 166,430,850 |
| (44,091,140 | ) | (13,223,971 | ) | (57,315,111 | ) | 119,050,275 |
| (40,689,183 | ) | 78,361,092 |
|
Compañía Eléctrica Tarapacá S.A. |
| Separate |
| 33,507,950 |
| 78,813,461 |
| 112,321,411 |
| (15,031,457 | ) | (5,726,043 | ) | (20,757,500 | ) | 39,522,009 |
| (38,375,668 | ) | 1,146,341 |
|
Inversiones Endesa Norte S.A. |
| Separate |
| 41 |
| 25,157,716 |
| 25,157,757 |
| (3,641,034 | ) | — |
| (3,641,034 | ) | — |
| (270,529 | ) | (270,529 | ) |
Inversiones GasAtacama Holding Ltda. |
| Separate |
| 46,551,925 |
| 157,376,178 |
| 203,928,103 |
| (38,726,488 | ) | (22,904,207 | ) | (61,630,695 | ) | 130,444,784 |
| (112,562,946 | ) | 17,881,838 |
|
Soc. Concesionaria Túnel El Melón S.A. |
| Separate |
| 29,481,896 |
| 15,071,789 |
| 44,553,685 |
| (5,430,649 | ) | (11,437,055 | ) | (16,867,704 | ) | 7,687,068 |
| (2,664,769 | ) | 5,022,299 |
|
Endesa Argentina S.A. |
| Separate |
| 8,573,370 |
| 34,592,709 |
| 43,166,079 |
| (103,684 | ) | — |
| (103,684 | ) | — |
| 453,345 |
| 453,345 |
|
Endesa Costanera S.A. |
| Separate |
| 58,093,676 |
| 141,156,445 |
| 199,250,121 |
| (160,504,466 | ) | (61,581,301 | ) | (222,085,767 | ) | 341,636,333 |
| (364,229,923 | ) | (22,593,590 | ) |
Hidroeléctrica El Chocón S.A. |
| Separate |
| 27,754,942 |
| 161,753,755 |
| 189,508,697 |
| (24,739,392 | ) | (69,116,012 | ) | (93,855,404 | ) | 48,326,998 |
| (36,168,754 | ) | 12,158,244 |
|
Emgesa S.A. E.S.P. |
| Separate |
| 239,044,005 |
| 1,393,219,292 |
| 1,632,263,297 |
| (220,413,976 | ) | (530,859,723 | ) | (751,273,699 | ) | 496,479,981 |
| (368,041,227 | ) | 128,438,754 |
|
Generandes Perú S.A. |
| Separate |
| 162,255 |
| 208,237,040 |
| 208,399,295 |
| (9,633 | ) | — |
| (9,633 | ) | 22,317,674 |
| (180,671 | ) | 22,137,003 |
|
Edegel S.A.A. |
| Separate |
| 70,142,623 |
| 709,616,464 |
| 779,759,087 |
| (60,257,964 | ) | (275,273,113 | ) | (335,531,077 | ) | 214,815,328 |
| (140,762,791 | ) | 74,052,537 |
|
Chinango S.A.C. |
| Separate |
| 11,140,497 |
| 112,163,451 |
| 123,303,948 |
| (22,972,028 | ) | (42,065,340 | ) | (65,037,368 | ) | 25,943,033 |
| (17,770,892 | ) | 8,172,141 |
|
Centrales Hidroeléctricas de Aysén S.A. |
| Separate |
| 5,227,686 |
| 59,098,190 |
| 64,325,876 |
| (3,747,698 | ) | (527,981 | ) | (4,275,679 | ) | — |
| (2,379,074 | ) | (2,379,074 | ) |
Endesa Brasil S.A. |
| Separate |
| 144,245,706 |
| 1,071,816,109 |
| 1,216,061,815 |
| (5,924,851 | ) | (2,225 | ) | (5,927,076 | ) | 160,755,284 |
| 10,670,289 |
| 171,425,573 |
|
Central Geradora Termeléctrica Fortaleza S.A. |
| Separate |
| 85,453,417 |
| 162,710,126 |
| 248,163,543 |
| (40,948,473 | ) | (38,033,756 | ) | (78,982,229 | ) | 127,130,032 |
| (86,764,813 | ) | 40,365,219 |
|
Centrais Elétricas Cachoeira Dourada S.A. |
| Separate |
| 118,123,679 |
| 144,987,597 |
| 263,111,276 |
| (29,508,803 | ) | (4,697,541 | ) | (34,206,344 | ) | 126,646,148 |
| (12,834,467 | ) | 113,811,681 |
|
Compañía de Interconexión Energética S.A. |
| Separate |
| 25,533,963 |
| 292,499,911 |
| 318,033,874 |
| (151,994,548 | ) | (16,143,887 | ) | (168,138,435 | ) | 54,757,129 |
| (18,519,083 | ) | 36,238,046 |
|
Compañía de Transmisión del Mercosur S.A. |
| Separate |
| 18,236,701 |
| 3,922,642 |
| 22,159,343 |
| (3,751,001 | ) | (15,927,509 | ) | (19,678,510 | ) | 2,682,140 |
| (2,906,410 | ) | (224,270 | ) |
Companhia Energética do Ceará |
| Separate |
| 202,961,217 |
| 773,140,433 |
| 976,101,650 |
| (194,185,629 | ) | (311,700,107 | ) | (505,885,736 | ) | 805,668,597 |
| (669,295,646 | ) | 136,372,951 |
|
EN-Brasil Comércio e Serviços S.A. |
| Separate |
| 2,449,053 |
| 115,999 |
| 2,565,052 |
| (1,071,810 | ) | (38,388 | ) | (1,110,198 | ) | 5,839,550 |
| (4,878,723 | ) | 960,827 |
|
Ampla Energia e Serviços S.A. |
| Separate |
| 215,407,325 |
| 1,102,615,089 |
| 1,318,022,414 |
| (293,476,867 | ) | (548,590,886 | ) | (842,067,753 | ) | 979,024,498 |
| (909,619,067 | ) | 69,405,431 |
|
Ampla Investimentos e Serviços S.A. |
| Separate |
| 1,507,987 |
| 138,395,284 |
| 139,903,271 |
| (51,994,249 | ) | — |
| (51,994,249 | ) | — |
| 16,979,113 |
| 16,979,113 |
|
Codensa S.A. E.S.P. |
| Separate |
| 1,669 |
| 46,733 |
| 48,402 |
| (1,029,247 | ) | — |
| (1,029,247 | ) | — |
| (1,063,733 | ) | (1,063,733 | ) |
Inversora Codensa S.A.S. |
| Separate |
| 233,090,499 |
| 934,300,085 |
| 1,167,390,584 |
| (294,852,363 | ) | (379,922,653 | ) | (674,775,016 | ) | 751,734,951 |
| (663,876,013 | ) | 87,858,938 |
|
Empresa de Energía de Cundinamarca S.A. |
| Separate |
| 1,076 |
| 76 |
| 1,152 |
| (2 | ) | (33 | ) | (35 | ) | — |
| — |
| — |
|
Empresa Distribuidora Sur S.A. |
| Separate |
| 9,578,051 |
| 54,738,504 |
| 64,316,555 |
| (10,724,651 | ) | (17,255,717 | ) | (27,980,368 | ) | 33,225,646 |
| (30,053,506 | ) | 3,172,140 |
|
|
| 12-31-2010 |
| ||||||||||||||||||
|
| Type of |
| Current Assets |
| Non-current |
| Total Assets |
| Current Liabilities |
| Non-current |
| Total Liabilities |
| Revenue |
| Costs |
| Profit (Loss) |
|
Chilectra S.A. |
| Consolidated |
| 308,282,584 |
| 1,153,691,583 |
| 1,461,974,167 |
| (171,286,364 | ) | (196,967,970 | ) | (368,254,334 | ) | 1,003,001,004 |
| (852,052,652 | ) | 150,948,352 |
|
Synapsis Soluciones y Servicios IT Ltda. |
| Consolidated |
| 27,547,119 |
| 10,385,607 |
| 37,932,726 |
| (15,618,790 | ) | (1,915,098 | ) | (17,533,888 | ) | 66,028,200 |
| (70,214,530 | ) | (4,186,330 | ) |
Inmobiliaria Manso de Velasco Ltda. |
| Consolidated |
| 32,323,759 |
| 35,782,164 |
| 68,105,923 |
| (3,422,178 | ) | (1,623,485 | ) | (5,045,663 | ) | 10,546,195 |
| (2,729,975 | ) | 7,816,220 |
|
Compañía Americana de Multiservicios de Chile S.A. |
| Consolidated |
| 71,769,555 |
| 25,904,845 |
| 97,674,400 |
| (45,136,731 | ) | (6,707,851 | ) | (51,844,582 | ) | 131,410,554 |
| (133,224,067 | ) | (1,813,513 | ) |
ICT Servicios Informáticos Ltda. |
| Separate |
| 4,077,868 |
| 233,684 |
| 4,311,552 |
| (3,372,931 | ) | (456,919 | ) | (3,829,850 | ) | 2,174,853 |
| (2,193,935 | ) | (19,082 | ) |
Inversiones Distrilima S.A. |
| Separate |
| 368,480 |
| 46,340,936 |
| 46,709,416 |
| (3,835 | ) | — |
| (3,835 | ) | 11,116,825 |
| (18,031 | ) | 11,098,794 |
|
Empresa de Distribución Eléctrica de Lima Norte S.A.A. |
| Separate |
| 76,439,911 |
| 356,670,398 |
| 433,110,309 |
| (78,460,218 | ) | (205,177,295 | ) | (283,637,513 | ) | 286,654,227 |
| (251,428,625 | ) | 35,225,602 |
|
Empresa Nacional de Electricidad S.A. |
| Separate |
| 693,166,827 |
| 3,171,595,808 |
| 3,864,762,635 |
| (464,147,067 | ) | (1,057,670,971 | ) | (1,521,818,038 | ) | 1,173,423,692 |
| (654,190,040 | ) | 519,233,652 |
|
Endesa Eco S.A. |
| Separate |
| 6,327,207 |
| 138,782,297 |
| 145,109,504 |
| (137,123,791 | ) | (20,442,170 | ) | (157,565,961 | ) | 13,515,877 |
| (16,056,170 | ) | (2,540,293 | ) |
Empresa Eléctrica Pehuenche S.A. |
| Separate |
| 54,209,408 |
| 242,417,018 |
| 296,626,426 |
| (60,865,292 | ) | (41,020,747 | ) | (101,886,039 | ) | 234,534,178 |
| (57,265,757 | ) | 177,268,421 |
|
Compañía Eléctrica San Isidro S.A. |
| Separate |
| 43,642,004 |
| 81,215,943 |
| 124,857,947 |
| (55,987,180 | ) | (11,948,576 | ) | (67,935,756 | ) | 167,998,478 |
| (154,961,416 | ) | 13,037,062 |
|
Empresa Eléctrica Pangue S.A. |
| Separate |
| 26,348,540 |
| 135,422,607 |
| 161,771,147 |
| (48,954,765 | ) | (13,940,056 | ) | (62,894,821 | ) | 99,324,285 |
| (35,590,926 | ) | 63,733,359 |
|
Compañía Eléctrica Tarapacá S.A. |
| Separate |
| 28,342,554 |
| 77,234,443 |
| 105,576,997 |
| (7,312,647 | ) | (7,839,404 | ) | (15,152,051 | ) | 45,280,244 |
| (41,788,042 | ) | 3,492,202 |
|
Inversiones Endesa Norte S.A. |
| Separate |
| — |
| 25,157,716 |
| 25,157,716 |
| (3,370,464 | ) | — |
| (3,370,464 | ) | — |
| (146,130 | ) | (146,130 | ) |
Inversiones GasAtacama Holding Ltda. |
| Separate |
| 55,742,095 |
| 145,984,024 |
| 201,726,119 |
| (69,155,266 | ) | (21,720,110 | ) | (90,875,376 | ) | 167,160,648 |
| (147,165,903 | ) | 19,994,745 |
|
Soc. Concesionaria Túnel El Melón S.A. |
| Separate |
| 21,178,870 |
| 17,552,855 |
| 38,731,725 |
| (2,391,836 | ) | (13,674,875 | ) | (16,066,711 | ) | 6,701,752 |
| (2,364,828 | ) | 4,336,924 |
|
Endesa Argentina S.A. |
| Separate |
| 7,852,572 |
| 33,753,943 |
| 41,606,515 |
| (44,284 | ) | — |
| (44,284 | ) | 5,641,118 |
| 151,175 |
| 5,792,293 |
|
Endesa Costanera S.A. |
| Separate |
| 45,572,669 |
| 128,841,292 |
| 174,413,961 |
| (107,230,903 | ) | (65,903,875 | ) | (173,134,778 | ) | 288,534,151 |
| (290,157,746 | ) | (1,623,595 | ) |
Hidroeléctrica El Chocón S.A. |
| Separate |
| 18,399,302 |
| 144,894,940 |
| 163,294,242 |
| (43,781,981 | ) | (38,683,634 | ) | (82,465,615 | ) | 57,172,784 |
| (32,791,612 | ) | 24,381,172 |
|
Emgesa S.A. E.S.P. |
| Separate |
| 154,997,283 |
| 1,203,713,202 |
| 1,358,710,485 |
| (286,630,051 | ) | (356,958,221 | ) | (643,588,272 | ) | 507,137,563 |
| (357,040,190 | ) | 150,097,373 |
|
Generandes Perú S.A. |
| Separate |
| 54,688 |
| 180,174,348 |
| 180,229,036 |
| (21,008 | ) | — |
| (21,008 | ) | 21,122,454 |
| (214,017 | ) | 20,908,437 |
|
Edegel S.A.A. |
| Separate |
| 44,851,844 |
| 643,944,854 |
| 688,796,698 |
| (40,685,019 | ) | (282,540,573 | ) | (323,225,592 | ) | 188,755,959 |
| (152,380,933 | ) | 36,375,026 |
|
Chinango S.A.C. |
| Separate |
| 5,717,609 |
| 98,861,331 |
| 104,578,940 |
| (21,081,723 | ) | (49,460,678 | ) | (70,542,401 | ) | 23,636,752 |
| (19,685,636 | ) | 3,951,116 |
|
Centrales Hidroeléctricas de Aysén S.A. |
| Separate |
| 3,880,921 |
| 50,729,673 |
| 54,610,594 |
| (3,904,367 | ) | (327,633 | ) | (4,232,000 | ) | — |
| (3,665,300 | ) | (3,665,300 | ) |
Endesa Brasil S.A. |
| Separate |
| 269,141,082 |
| 1,085,178,300 |
| 1,354,319,382 |
| (58,046,034 | ) | — |
| (58,046,034 | ) | 200,739,840 |
| 6,041,979 |
| 206,781,819 |
|
Central Geradora Termeléctrica Fortaleza S.A. |
| Separate |
| 67,892,629 |
| 162,438,204 |
| 230,330,833 |
| (32,581,434 | ) | (39,966,450 | ) | (72,547,884 | ) | 142,546,333 |
| (93,304,291 | ) | 49,242,042 |
|
Centrais Elétricas Cachoeira Dourada S.A. |
| Separate |
| 94,488,048 |
| 134,422,068 |
| 228,910,116 |
| (13,765,546 | ) | (7,521,222 | ) | (21,286,768 | ) | 115,662,684 |
| (40,215,273 | ) | 75,447,411 |
|
Compañía de Interconexión Energética S.A. |
| Separate |
| 44,440,944 |
| 317,628,162 |
| 362,069,106 |
| (136,593,186 | ) | (108,949,008 | ) | (245,542,194 | ) | 93,177,151 |
| (94,574,840 | ) | (1,397,689 | ) |
Compañía de Transmisión del Mercosur S.A. |
| Separate |
| 14,503,105 |
| 3,826,350 |
| 18,329,455 |
| (449,321 | ) | (15,233,324 | ) | (15,682,645 | ) | 2,983,647 |
| (2,420,226 | ) | 563,421 |
|
Compañía Energética do Ceará |
| Separate |
| 177,267,456 |
| 737,234,010 |
| 914,501,466 |
| (244,318,033 | ) | (226,036,818 | ) | (470,354,851 | ) | 788,759,176 |
| (634,806,589 | ) | 153,952,587 |
|
EN-Brasil Comércio e Serviços S.A. |
| Separate |
| 1,033,812 |
| 54,708 |
| 1,088,520 |
| (489,835 | ) | — |
| (489,835 | ) | 1,879,321 |
| (1,267,362 | ) | 611,959 |
|
Ampla Energia e Serviços S.A. |
| Separate |
| 218,527,158 |
| 1,031,433,894 |
| 1,249,961,052 |
| (307,918,902 | ) | (481,355,952 | ) | (789,274,854 | ) | 929,116,008 |
| (877,038,622 | ) | 52,077,386 |
|
Ampla Investimentos e Serviços S.A. |
| Separate |
| 1,579,764 |
| 136,771,841 |
| 138,351,605 |
| (60,967,554 | ) | — |
| (60,967,554 | ) | — |
| 22,325,366 |
| 22,325,366 |
|
Codensa S.A. E.S.P. |
| Separate |
| 251,294,158 |
| 865,089,733 |
| 1,116,383,891 |
| (262,861,871 | ) | (377,891,111 | ) | (640,752,982 | ) | 723,345,987 |
| (599,569,993 | ) | 123,775,994 |
|
Empresa de Energía de Cundinamarca S.A. |
| Separate |
| 10,831,321 |
| 46,553,360 |
| 57,384,681 |
| (12,615,030 | ) | (14,388,879 | ) | (27,003,909 | ) | 36,621,778 |
| (31,864,753 | ) | 4,757,025 |
|
Empresa Distribuidora Sur S.A. |
| Separate |
| 110,182,639 |
| 320,842,717 |
| 431,025,356 |
| (226,189,613 | ) | (40,238,648 | ) | (266,428,261 | ) | 287,867,341 |
| (289,486,252 | ) | (1,618,911 | ) |
APPENDIX No. 1 ENERSIS GROUP COMPANIES:
This appendix is part of Note 2.4 “Subsidiaries and jointly-controlled entities.”
It presents the Group’s ownership interest in each company.
Taxpayer ID |
| Company |
| Functional |
| % Ownership Interest at 12-31-2011 |
| % Ownership Interest at 12-31-2010 |
|
|
|
|
|
|
| ||||||||
No, (RUT) |
| (in alphabetical order) |
| Currency |
| Direct |
| Indirect |
| Total |
| Direct |
| Indirect |
| Total |
| Relation |
| Country |
| Activity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
96,773,290-7 |
| Aguas Santiago Poniente S.A. |
| Chilean peso |
| 0.00 | % | 78.88 | % | 78.88 | % | 0.00 | % | 78.88 | % | 78.88 | % | Subsidiary |
| Chile |
| Sanitation Services |
|
Foreign |
| Ampla Energía e Serviços S.A. |
| Brazilian real |
| 13.68 | % | 78.25 | % | 91.93 | % | 13.68 | % | 78.25 | % | 91.93 | % | Subsidiary |
| Brazil |
| Electric energy production, transportation, and distribution |
|
Foreign |
| Ampla Investimentos e Serviços S.A. |
| Brazilian real |
| 13.68 | % | 78.25 | % | 91.93 | % | 13.68 | % | 78.25 | % | 91.93 | % | Subsidiary |
| Brazil |
| Electric energy production, transmission, transformation, distribution, and sales |
|
Foreign |
| Atacama Finance Co |
| Dollar |
| 0.00 | % | 50.00 | % | 50.00 | % | 0.00 | % | 50.00 | % | 50.00 | % | Joint control |
| Cayman Islands |
| Portfolio company |
|
Foreign |
| Compañía Americana de Multiservicios de Brasil Ltda. |
| Brazilian real |
| 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 99.99 | % | 99.99 | % | Subsidiary |
| Brazil |
| Purchase and sales of electricity-related products |
|
Foreign |
| Centrais Elétricas Cachoeira Dourada S.A. |
| Brazilian real |
| 0.00 | % | 99.61 | % | 99.61 | % | 0.00 | % | 99.61 | % | 99.61 | % | Subsidiary |
| Brazil |
| Generation and sales of electric energy |
|
76,003,204-2 |
| Central Eólica Canela S.A. |
| Chilean peso | �� | 0.00 | % | 75.00 | % | 75.00 | % | 0.00 | % | 75.00 | % | 75.00 | % | Subsidiary |
| Chile |
| Promotion and development of renewable energy projects |
|
Foreign |
| Central Generadora Termoeléctrica Fortaleza S.A. |
| Brazilian real |
| 0.00 | % | 100.00 | % | 100.00 | % | 0.00 | % | 100.00 | % | 100.00 | % | Subsidiary |
| Brazil |
| Development of a thermoelectric project |
|
76,652,400-1 |
| Centrales Hidroeléctricas de Aysén S.A. |
| Chilean peso |
| 0.00 | % | 51.00 | % | 51.00 | % | 0.00 | % | 51.00 | % | 51.00 | % | Joint control |
| Chile |
| Development and running of a hydroelectric project |
|
Foreign |
| Central Vuelta Obligado S.A. |
| Argentine peso |
| 0.00 | % | 34.50 | % | 34.50 | % | 0.00 | % | 0.00 | % | 0.00 | % | Joint control |
| Argentina |
| Electricity generation and sales |
|
99,573,910-0 |
| Chilectra Inversud S.A. |
| Chilean peso |
| 0.00 | % | 100.00 | % | 100.00 | % | 0.00 | % | 100.00 | % | 100.00 | % | Subsidiary |
| Chile |
| Portfolio company |
|
96,800,570-7 |
| Chilectra S.A. |
| Chilean peso |
| 99.08 | % | 0.01 | % | 99.09 | % | 99.08 | % | 0.01 | % | 99.09 | % | Subsidiary |
| Chile |
| Participation in companies of any nature |
|
Foreign |
| Chinango S.A.C. |
| Peruvian sol |
| 0.00 | % | 80.00 | % | 80.00 | % | 0.00 | % | 80.00 | % | 80.00 | % | Subsidiary |
| Peru |
| Electric energy generation, sales, and distribution |
|
Foreign |
| Compañía Americana de Multiservicios de Argentina Ltda. |
| Argentine peso |
| 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 100.00 | % | 100.00 | % | Subsidiary |
| Argentina |
| Electric network meters, postal, energy meter calibration |
|
96,543,670-1 |
| Compañía Americana de Multiservicios de Chile Ltda. |
| Chilean peso |
| 0.00 | % | 0.00 | % | 0.00 | % | 99.99 | % | 0.00 | % | 99.99 | % | Subsidiary |
| Chile |
| Purchase and sales of electricity-related products |
|
Foreign |
| Compañía Americana de Multiservicios de Colombia Ltda. |
| Colombian Peso |
| 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 100.00 | % | 100.00 | % | Subsidiary |
| Colombia |
| Technical services in calibration and metering |
|
Foreign |
| Compañía Americana de Multiservicios del Perú Ltda. |
| Peruvian sol |
| 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 100.00 | % | 100.00 | % | Subsidiary |
| Peru |
| Purchase, sales, and distribution of electricity-related products |
|
Foreign |
| Compañía de Interconexión Energética S.A. |
| Brazilian real |
| 0.00 | % | 100.00 | % | 100.00 | % | 0.00 | % | 100.00 | % | 100.00 | % | Subsidiary |
| Brazil |
| Electric energy production, transportation, and distribution |
|
Foreign |
| Compañía de Transmisión del Mercosur S.A. |
| Argentine peso |
| 0.00 | % | 99.99 | % | 99.99 | % | 0.00 | % | 99.99 | % | 99.99 | % | Subsidiary |
| Argentina |
| Electric energy production, transportation, and distribution |
|
Foreign |
| Codensa S.A. E.S.P. |
| Colombian peso |
| 12.47 | % | 9.35 | % | 21.82 | % | 12.47 | % | 9.35 | % | 21.82 | % | Subsidiary |
| Colombia |
| Electric energy distribution and sales |
|
Taxpayer ID |
| Company |
| Functional |
| % Ownership Interest at 12-31-2011 |
| % Ownership Interest at 12-31-2010 |
|
|
|
|
|
|
| ||||||||
No, (RUT) |
| (in alphabetical order) |
| Currency |
| Direct |
| Indirect |
| Total |
| Direct |
| Indirect |
| Total |
| Relation |
| Country |
| Activity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
96,783,220-0 |
| Compañía Eléctrica San Isidro S.A. |
| Chilean peso |
| 0.00 | % | 100.00 | % | 100.00 | % | 0.00 | % | 100.00 | % | 100.00 | % | Subsidiary |
| Chile |
| Complete electric energy cycle |
|
96,770,940-9 |
| Compañía Eléctrica Tarapacá S.A. |
| Chilean peso |
| 0.00 | % | 100.00 | % | 100.00 | % | 0.00 | % | 100.00 | % | 100.00 | % | Subsidiary |
| Chile |
| Complete electric energy cycle |
|
Foreign |
| Compañía Energética Do Ceará S.A. |
| Brazilian real |
| 0.00 | % | 58.87 | % | 58.87 | % | 0.00 | % | 58.87 | % | 58.87 | % | Subsidiary |
| Brazil |
| Complete electric energy cycle |
|
77,625,850-4 |
| Consorcio Ara- Ingendesa Ltda. |
| Chilean peso |
| 0.00 | % | 50.00 | % | 50.00 | % | 0.00 | % | 50.00 | % | 50.00 | % | Joint control |
| Chile |
| Engineering services |
|
96,764,840-K |
| Constructora y Proyectos Los Maitenes S.A. |
| Chilean peso |
| 0.00 | % | 55.00 | % | 55.00 | % | 0.00 | % | 55.00 | % | 55.00 | % | Subsidiary |
| Chile |
| Construction and facilities |
|
Foreign |
| Distribuidora Eléctrica de Cundinamarca S.A. E.S.P. |
| Colombian peso |
| 0.00 | % | 49.00 | % | 49.00 | % | 0.00 | % | 49.00 | % | 49.00 | % | Joint control |
| Colombia |
| Electricity distribution and sales |
|
Foreign |
| Distrilec Inversora S.A. |
| Argentine peso |
| 27.19 | % | 24.31 | % | 51.50 | % | 27.19 | % | 24.31 | % | 51.50 | % | Subsidiary |
| Argentina |
| Portfolio company |
|
Foreign |
| Edegel S.A.A. |
| Peruvian sol |
| 0.00 | % | 83.60 | % | 83.60 | % | 0.00 | % | 83.60 | % | 83.60 | % | Subsidiary |
| Peru |
| Electric energy generation, sales, and distribution |
|
Foreign |
| Emgesa S.A. E.S.P. |
| Colombian peso |
| 0.00 | % | 26.87 | % | 26.87 | % | 0.00 | % | 26.87 | % | 26.87 | % | Subsidiary |
| Colombia |
| Electric energy generation |
|
Foreign |
| Empresa de Distribución Eléctrica de Lima Norte S.A.A. |
| Peruvian sol |
| 35.02 | % | 30.15 | % | 65.17 | % | 35.02 | % | 30.15 | % | 65.17 | % | Subsidiary |
| Peru |
| Electric energy distribution and sales |
|
Foreign |
| Empresa de Energía de Cundinamarca S.A. |
| Colombian peso |
| 0.00 | % | 49.00 | % | 49.00 | % | 0.00 | % | 49.00 | % | 49.00 | % | Joint control |
| Colombia |
| Electric energy distribution and sales |
|
96,588,800-4 |
| Empresa de Ingeniería Ingendesa S.A. |
| Chilean peso |
| 0.00 | % | 100.00 | % | 100.00 | % | 0.00 | % | 100.00 | % | 100.00 | % | Subsidiary |
| Chile |
| Engineering services |
|
Foreign |
| Empresa Distribuidora Sur S.A. |
| Argentine peso |
| 16.02 | % | 77.21 | % | 93.23 | % | 16.02 | % | 77.21 | % | 93.23 | % | Subsidiary |
| Argentina |
| Electric energy distribution and sales |
|
96,783,910-8 |
| Empresa Eléctrica de Colina Ltda. |
| Chilean peso |
| 0.00 | % | 100.00 | % | 100.00 | % | 0.00 | % | 100.00 | % | 100.00 | % | Subsidiary |
| Chile |
| Complete energy cycle and related supplies |
|
96,589,170-6 |
| Empresa Eléctrica Pangue S.A. |
| Chilean peso |
| 0.00 | % | 94.99 | % | 94.99 | % | 0.00 | % | 94.99 | % | 94.99 | % | Subsidiary |
| Chile |
| Complete electric energy cycle |
|
96,504,980-0 |
| Empresa Eléctrica Pehuenche S.A. |
| Chilean peso |
| 0.00 | % | 92.65 | % | 92.65 | % | 0.00 | % | 92.65 | % | 92.65 | % | Subsidiary |
| Chile |
| Complete electric energy cycle |
|
91,081,000-6 |
| Endesa Chile S.A. |
| Chilean peso |
| 59.98 | % | 0.00 | % | 59.98 | % | 59.98 | % | 0.00 | % | 59.98 | % | Subsidiary |
| Chile |
| Complete electric energy cycle |
|
Foreign |
| Endesa Argentina S.A. |
| Argentine peso |
| 0.00 | % | 100.00 | % | 100.00 | % | 0.00 | % | 100.00 | % | 100.00 | % | Subsidiary |
| Argentina |
| Portfolio company |
|
Foreign |
| Endesa Brasil S.A. |
| Brazilian real |
| 22.06 | % | 49.46 | % | 71.52 | % | 22.06 | % | 49.46 | % | 71.52 | % | Subsidiary |
| Brazil |
| Portfolio company |
|
Foreign |
| Endesa Costanera S.A. |
| Argentine peso |
| 0.00 | % | 69.76 | % | 69.76 | % | 0.00 | % | 69.76 | % | 69.76 | % | Subsidiary |
| Argentina |
| Electricity generation and sales |
|
|
| Company |
|
|
| % Ownership Interest at 12-31-2011 |
| % Ownership Interest at 12-31-2010 |
|
|
|
|
|
|
| ||||||||
Taxpayer ID No. (RUT) |
| (in alphabetical order) |
| Functional Currency |
| Direct |
| Indirect |
| Total |
| Direct |
| Indirect |
| Total |
| Relation |
| Country |
| Activity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
96,827,970-K |
| Endesa Eco S.A. |
| Chilean peso |
| 0.00 | % | 100.00 | % | 100.00 | % | 0.00 | % | 100.00 | % | 100.00 | % | Subsidiary |
| Chile |
| Renewable energy projects |
|
96,526,450-7 |
| Endesa Inversiones Generales S.A. |
| Chilean peso |
| 0.00 | % | 100.00 | % | 100.00 | % | 0.00 | % | 100.00 | % | 100.00 | % | Subsidiary |
| Chile |
| Portfolio company |
|
Foreign |
| Energex Co. |
| U.S. dollar |
| 0.00 | % | 50.00 | % | 50.00 | % | 0.00 | % | 50.00 | % | 50.00 | % | Joint control |
| Cayman Islands |
| Portfolio company |
|
Foreign |
| EN-Brasil Comércio e Serviços S.A. |
| Brazilian real |
| 0.00 | % | 99.99 | % | 99.99 | % | 0.00 | % | 99.99 | % | 99.99 | % | Associate |
| Brazil |
| Portfolio company |
|
Foreign |
| Eólica Fanzenda Nova-Geracao e Comercializacao de Energia S.A. |
| Brazilian real |
| 0.00 | % | 99.95 | % | 99.95 | % | 0.00 | % | 99.95 | % | 99.95 | % | Associate |
| Brazil |
| Promotion and development of renewable energy projects |
|
96,830,980-3 |
| GasAtacama S.A. |
| U.S. dollar |
| 0.00 | % | 50.00 | % | 50.00 | % | 0.00 | % | 50.00 | % | 50.00 | % | Joint control |
| Chile |
| Administration and management of companies |
|
Foreign |
| Gasoducto Atacama Argentina S.A. |
| U.S. dollar |
| 0.00 | % | 49.99 | % | 49.99 | % | 0.00 | % | 49.99 | % | 49.99 | % | Joint control |
| Chile |
| Transportation of natural gas |
|
78,882,820-9 |
| Gasoducto Atacama Chile S.A. |
| U.S. dollar |
| 0.00 | % | 50.00 | % | 50.00 | % | 0.00 | % | 50.00 | % | 50.00 | % | Joint control |
| Chile |
| Transportation of natural gas |
|
77,032,280-4 |
| Gasoducto Taltal Ltda. |
| Chilean peso |
| 0.00 | % | 50.00 | % | 50.00 | % | 0.00 | % | 50.00 | % | 50.00 | % | Joint control |
| Chile |
| Transportation of natural gas |
|
Foreign |
| Generandes Perú S.A. |
| Peruvian sol |
| 0.00 | % | 61.00 | % | 61.00 | % | 0.00 | % | 61.00 | % | 61.00 | % | Subsidiary |
| Peru |
| Portfolio company |
|
76,041,891-9 |
| Hidroaysén Transmisión S.A. |
| Chilean peso |
| 0.00 | % | 51.00 | % | 51.00 | % | 0.00 | % | 51.00 | % | 51.00 | % | Joint control |
| Chile |
| Development of electricity transmission systems |
|
Foreign |
| Hidroeléctrica El Chocón S.A. |
| Argentine peso |
| 0.00 | % | 67.67 | % | 67.67 | % | 0.00 | % | 67.67 | % | 67.67 | % | Subsidiary |
| Argentina |
| Electric energy production and sales |
|
Foreign |
| Hidroinvest S.A. |
| Argentine peso |
| 0.00 | % | 96.09 | % | 96.09 | % | 0.00 | % | 96.09 | % | 96.09 | % | Subsidiary |
| Argentina |
| Portfolio company |
|
In application process |
| ICT Servicios Informáticos Ltda. |
| Chilean peso |
| 99.00 | % | 1.00 | % | 100.00 | % | 99.00 | % | 1.00 | % | 100.00 | % | Subsidiary |
| Chile |
| Information and technology services |
|
Foreign |
| Ingendesa do Brasil Ltda. |
| Brazilian real |
| 0.00 | % | 100.00 | % | 100.00 | % | 0.00 | % | 100.00 | % | 100.00 | % | Subsidiary |
| Brazil |
| Project engineering consulting |
|
79,913,810-7 |
| Inmobiliaria Manso de Velasco Ltda. |
| Chilean peso |
| 99.99 | % | 0.00 | % | 99.99 | % | 99.99 | % | 0.00 | % | 99.99 | % | Subsidiary |
| Chile |
| Construction and works |
|
Foreign |
| Inversiones Distrilima S.A. |
| Peruvian sol |
| 34.99 | % | 15.38 | % | 50.37 | % | 34.99 | % | 15.38 | % | 50.37 | % | Subsidiary |
| Peru |
| Portfolio company |
|
96,887,060-2 |
| Inversiones Endesa Norte S.A. |
| Chilean peso |
| 0.00 | % | 100.00 | % | 100.00 | % | 0.00 | % | 100.00 | % | 100.00 | % | Subsidiary |
| Chile |
| Investment in energy projects in the northern Chile |
|
76,014,570-K |
| Inversiones GasAtacama Holding Ltda. |
| U.S. dollar |
| 0.00 | % | 50.00 | % | 50.00 | % | 0.00 | % | 50.00 | % | 50.00 | % | Joint control |
| Chile |
| Natural gas transportation |
|
|
| Company |
|
|
| % Ownership Interest at 12-31-2011 |
| % Ownership Interest at 12-31-2010 |
|
|
|
|
|
|
| ||||||||
Taxpayer ID No. (RUT) |
| (in alphabetical order) |
| Functional Currency |
| Direct |
| Indirect |
| Total |
| Direct |
| Indirect |
| Total |
| Relation |
| Country |
| Activity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign |
| Inversora Codensa S.A.S. |
| Colombian peso |
| 0.00 | % | 100.00 | % | 100.00 | % | 0.00 | % | 100.00 | % | 100.00 | % | Subsidiary |
| Colombia |
| Investment in domestic public energy services activities |
|
Foreign |
| Investluz S.A. |
| Brazilian real |
| 0.00 | % | 100.00 | % | 100.00 | % | 0.00 | % | 100.00 | % | 100.00 | % | Subsidiary |
| Brazil |
| Portfolio company |
|
96,800,460-3 |
| Luz Andes Ltda. |
| Chilean peso |
| 0.00 | % | 100.00 | % | 100.00 | % | 0.00 | % | 100.00 | % | 100.00 | % | Subsidiary |
| Chile |
| Energy and fuel transportation, distribution, and sales |
|
96905700-K |
| Progas S.A. |
| Chilean peso |
| 0.00 | % | 50.00 | % | 50.00 | % | 0.00 | % | 50.00 | % | 50.00 | % | Joint control |
| Chile |
| Gas distribution |
|
99,584,600-4 |
| Sistema Sec S.A. |
| Chilean peso |
| 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 49.00 | % | 49.00 | % | Joint control |
| Chile |
| Supply of signaling, electrification, and communications systems |
|
77,047,280-6 |
| Sociedad Agrícola de Cameros Ltda. |
| Chilean peso |
| 0.00 | % | 57.50 | % | 57.50 | % | 0.00 | % | 57.50 | % | 57.50 | % | Subsidiary |
| Chile |
| Financial investments |
|
78,970,360-4 |
| Sociedad Agrícola e Inmobiliaria Pastos Verdes Ltda. |
| Chilean peso |
| 0.00 | % | 55.00 | % | 55.00 | % | 0.00 | % | 55.00 | % | 55.00 | % | Subsidiary |
| Chile |
| Financial investments |
|
96,671,360-7 |
| Sociedad Concesionaria Túnel El Melón S.A. |
| Chilean peso |
| 0.00 | % | 100.00 | % | 100.00 | % | 0.00 | % | 100.00 | % | 100.00 | % | Subsidiary |
| Chile |
| Execution, construction, and operation of the El Melón tunnel |
|
79197570-6 |
| Sociedad Consorcio Ingendesa-Ara Limitada |
| Chilean peso |
| 0.00 | % | 50.00 | % | 50.00 | % | 0.00 | % | 50.00 | % | 50.00 | % | Joint control |
| Santiago, Chile |
| Engineering services |
|
Foreign |
| Sociedad Portuaria Central Cartagena S.A. |
| Colombian peso |
| 0.00 | % | 99.85 | % | 99.85 | % | 0.00 | % | 99.85 | % | 99.85 | % | Associate |
| Colombia |
| Port administration |
|
Foreign |
| Southern Cone Power Argentina S.A. |
| Argentine peso |
| 0.00 | % | 100.00 | % | 100.00 | % | 0.00 | % | 100.00 | % | 100.00 | % | Subsidiary |
| Argentina |
| Portfolio company |
|
Foreign |
| Synapsis Argentina S.R.I. |
| Argentine peso |
| 0.00 | % | 0.00 | % | 0.00 | % | 5.00 | % | 95.00 | % | 100.00 | % | Subsidiary |
| Argentina |
| Computer services |
|
Foreign |
| Synapsis Brasil Ltda. |
| Brazilian real |
| 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 100.00 | % | 100.00 | % | Subsidiary |
| Brazil |
| Computer services |
|
Foreign |
| Synapsis Colombia Ltda. |
| Colombian peso |
| 0.00 | % | 0.00 | % | 0.00 | % | 0.20 | % | 99.80 | % | 100.00 | % | Subsidiary |
| Colombia |
| Computer services |
|
Foreign |
| Synapsis Perú S.R.I. |
| Peruvian sol |
| 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 100.00 | % | 100.00 | % | Subsidiary |
| Peru |
| Computer and telecommunications services and products |
|
96,529,420-1 |
| Synapsis Soluciones y Servicios It Ltda. |
| Chilean peso |
| 0.00 | % | 0.00 | % | 0.00 | % | 99.99 | % | 0.01 | % | 100.00 | % | Subsidiary |
| Chile |
| Supply and sale of computer services and equipment |
|
Foreign |
| Termoeléctrica José de San Martín S.A. |
| Argentine peso |
| 0.00 | % | 20.86 | % | 20.86 | % | 0.00 | % | 20.86 | % | 20.86 | % | Associate |
| Argentina |
| Construction and operation of combined cycle plant |
|
Foreign |
| Termoeléctrica Manuel Belgrano S.A. |
| Argentine peso |
| 0.00 | % | 20.86 | % | 20.86 | % | 0.00 | % | 20.86 | % | 20.86 | % | Associate |
| Argentina |
| Electric energy production, transportation, and distribution |
|
77,017,930-0 |
| Transmisora Eléctrica de Quillota Ltda. |
| Chilean peso |
| 0.00 | % | 50.00 | % | 50.00 | % | 0.00 | % | 50.00 | % | 50.00 | % | Joint control |
| Chile |
| Electric energy transportation and distribution |
|
Foreign |
| Transportadora de Energía S.A. |
| Argentine peso |
| 0.00 | % | 100.00 | % | 100.00 | % | 0.00 | % | 100.00 | % | 100.00 | % | Subsidiary |
| Argentina |
| Electric energy production, transportation, and distribution |
|
APPENDIX No. 2 CHANGES IN THE SCOPE OF CONSOLIDATION:
This appendix is part of Note 2.4.1 “Changes in the scope of consolidation.”
Incorporated into the scope of consolidation during the 2011 and 2010 fiscal years
|
| % Ownership Interest |
| % Ownership Interest |
| ||||||||||||
|
| at December 31, 2011 |
| at December 31, 2010 |
| ||||||||||||
Company |
| Direct |
| Indirect |
| Total |
| Consolidation Method |
| Direct |
| Indirect |
| Total |
| Consolidation Method |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ICT Servicios Informáticos Ltda. |
| — |
| — |
| — |
|
|
| 99.00 | % | 1.00 | % | 100.00 | % | Consolidation |
|
Central Vuelta Obligado S.A. |
| 0.00 | % | 34.50 | % | 34.50 | % | Joint control |
|
|
|
|
|
|
|
|
|
Excluded from the scope of consolidation during the 2011 and 2010 fiscal years
|
| % Ownership Interest |
| % Ownership Interest |
| ||||||||||||
|
| at December 31, 2011 |
| at December 31, 2010 |
| ||||||||||||
Company (*) |
| Direct |
| Indirect |
| Total |
| Consolidation Method |
| Direct |
| Indirect |
| Total |
| Consolidation Method |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Compañía Americana de Multiservicios de Brasil Ltda. |
| — |
| — |
| — |
| — |
| 0.00 | % | 99.99 | % | 99.99 | % | Consolidation |
|
Compañía Americana de Multiservicios de Argentina Ltda. |
| — |
| — |
| — |
| — |
| 0.00 | % | 100.00 | % | 100.00 | % | Consolidation |
|
Compañía Americana de Multiservicios Ltda. |
| — |
| — |
| — |
| — |
| 99.99 | % | 0.00 | % | 99.99 | % | Consolidation |
|
Compañía Americana de Multiservicios de Colombia Ltda. |
| — |
| — |
| — |
| — |
| 0.00 | % | 100.00 | % | 100.00 | % | Consolidation |
|
Compañía Americana de Multiservicios del Perú Ltda. |
| — |
| — |
| — |
| — |
| 0.00 | % | 100.00 | % | 100.00 | % | Consolidation |
|
Synapsis Argentina S.R.L. |
| — |
| — |
| — |
| — |
| 5.00 | % | 95.00 | % | 100.00 | % | Consolidation |
|
Synapsis Brasil Ltda. |
| — |
| — |
| — |
| — |
| 0.00 | % | 100.00 | % | 100.00 | % | Consolidation |
|
Synapsis Colombia Ltda. |
| — |
| — |
| — |
| — |
| 0.20 | % | 99.80 | % | 100.00 | % | Consolidation |
|
Synapsis Perú S.R.L. |
| — |
| — |
| — |
| — |
| 0.00 | % | 100.00 | % | 100.00 | % | Consolidation |
|
Synapsis Soluciones y Servicios IT Ltda. |
| — |
| — |
| — |
| — |
| 99.99 | % | 0.01 | % | 100.00 | % | Consolidation |
|
(*) See Notes 2.4.1 and 11.
APPENDIX No. 3 ENERSIS GROUP ASSOCIATED COMPANIES:
This appendix is part of Note 3.h “Investments in associates accounted for using the equity method”.
Taxpayer ID |
| Company |
| Functional |
| % Ownership Interest at 12-31-2011 |
| % Ownership Interest at 12-31-2010 |
|
|
|
|
| ||||||||
No, (RUT) |
| (in alphabetic order) |
| Currency |
| Direct |
| Indirect |
| Total |
| Direct |
| Indirect |
| Total |
| Country |
| Activity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
96,806,130-5 |
| Electrogas S.A. |
| U.S. dollar |
| 42.50 | % | 0.00 | % | 42.50 | % | 0.00 | % | 42.50 | % | 42.50 | % | Chile |
| Portfolio company |
|
Foreign |
| Endesa Cemsa S.A. |
| Argentine peso |
| 0.00 | % | 45.00 | % | 45.00 | % | 0.00 | % | 45.00 | % | 45.00 | % | Argentina |
| Electricity wholesaler |
|
76,418,940-K |
| GNL Chile S.A. |
| Chilean peso |
| 0.00 | % | 33.33 | % | 33.33 | % | 0.00 | % | 33.33 | % | 33.33 | % | Chile |
| Promotion of liquefied gas supply project |
|
76,788,080-4 |
| GNL Quintero S.A. |
| U.S. dollar |
| 0.00 | % | 20.00 | % | 20.00 | % | 0.00 | % | 20.00 | % | 20.00 | % | Chile |
| Development, design, and supply of a liquid natural gas regasifying terminal |
|
96,889,570-2 |
| Inversiones Electrogas S.A. |
| Chilean peso |
| 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 42.50 | % | 42.50 | % | Chile |
| Portfolio company |
|
Foreign |
| Sacme S.A. |
| U.S. dollar |
| 0.00 | % | 50.00 | % | 50.00 | % | 0.00 | % | 50.00 | % | 50.00 | % | Argentina |
| Electric system supervision and control |
|
APPENDIX No. 4 ADDITIONAL INFORMATION ON FINANCIAL DEBT:
This appendix is part of Note 18 “Other financial liabilities.”
The following tables present the contractual undiscounted cash flows by type of financial debt:
a) Bank borrowings
a. Summary of bank loans by currency and maturity
|
|
|
|
|
| Current |
| Non-current |
| Current |
| Non-current |
| ||||||||||||||||||||
|
|
|
|
|
| Maturity |
|
|
| Maturity |
|
|
| Maturity |
|
|
| Maturity |
|
|
| ||||||||||||
Country |
| Currency |
| Nominal |
| One to Three |
| Three to |
| Total Current |
| One to Three |
| Three to Five |
| More than |
| Total Non- |
| One to Three |
| Three to |
| Total Current |
| One to Three |
| Three to |
| More than |
| Total Non- |
|
|
|
|
|
|
| ThCh$ |
| ThCh$ |
| ThCh$ |
| ThCh$ |
| ThCh$ |
| ThCh$ |
| ThCh$ |
| ThCh$ |
| ThCh$ |
| ThCh$ |
| ThCh$ |
| ThCh$ |
| ThCh$ |
| ThCh$ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Chile |
| US$ |
| 0.99 | % | 906,389 |
| 3,359,497 |
| 4,265,886 |
| 109,631,899 |
| 876,746 |
| — |
| 110,508,645 |
| 816,706 |
| 18,915,156 |
| 19,731,862 |
| 3,202,593 |
| 83,824,641 |
| — |
| 87,027,234 |
|
Peru |
| US$ |
| 3.64 | % | 2,810,297 |
| 10,519,166 |
| 13,329,463 |
| 7,864,024 |
| 25,087,748 |
| 26,158,087 |
| 59,109,859 |
| 1,458,040 |
| 17,809,137 |
| 19,267,177 |
| 14,419,663 |
| 14,145,757 |
| 21,661,326 |
| 50,226,746 |
|
Peru |
| Soles |
| 4.62 | % | 431,794 |
| 2,987,507 |
| 3,419,301 |
| 3,362,985 |
| — |
| 38,373,491 |
| 41,736,476 |
| 1,839,538 |
| 1,031,134 |
| 2,870,672 |
| 32,616,930 |
| — |
| — |
| 32,616,930 |
|
Argentina |
| US$ |
| 6.16 | % | 2,662,019 |
| 9,436,481 |
| 12,098,500 |
| 17,142,594 |
| 1,612,063 |
| — |
| 18,754,657 |
| 5,085,358 |
| 18,145,263 |
| 23,230,621 |
| 4,013,855 |
| — |
| — |
| 4,013,855 |
|
Argentina |
| Ar$ |
| 9.18 | % | 37,689,501 |
| 28,405,542 |
| 66,095,043 |
| 47,915,942 |
| 2,458,440 |
| — |
| 50,374,382 |
| 14,760,009 |
| 24,845,072 |
| 39,605,081 |
| 29,992,159 |
| 2,424,007 |
| — |
| 32,416,166 |
|
Colombia |
| CPs |
| 6.58 | % | 1,338,154 |
| 82,134,906 |
| 83,473,060 |
| — |
| — |
| — |
| — |
| 744,241 |
| 5,091,793 |
| 5,836,034 |
| — |
| 75,664,686 |
| — |
| 75,664,686 |
|
Brazil |
| US$ |
| 5.90 | % | 644,936 |
| 12,599,186 |
| 13,244,122 |
| 17,532,685 |
| 17,877,446 |
| 6,352,599 |
| 41,762,730 |
| 765,141 |
| 11,617,821 |
| 12,382,962 |
| 19,990,693 |
| 18,600,098 |
| 10,681,077 |
| 49,271,868 |
|
Brazil |
| Reais |
| 10.81 | % | 30,524,862 |
| 175,096,068 |
| 205,620,930 |
| 142,254,517 |
| 90,580,272 |
| 8,209,057 |
| 241,043,846 |
| 34,521,334 |
| 175,760,765 |
| 210,282,099 |
| 235,737,812 |
| 41,010,710 |
| 9,066,992 |
| 285,815,514 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 77,007,952 |
| 324,538,353 |
| 401,546,305 |
| 345,704,646 |
| 138,492,715 |
| 79,093,234 |
| 563,290,595 |
| 59,990,367 |
| 273,216,141 |
| 333,206,508 |
| 339,973,705 |
| 235,669,899 |
| 41,409,395 |
| 617,052,999 |
|
b. Identification of bank borrowings by company
|
|
|
|
|
|
|
|
|
|
|
|
|
| 12-2011 |
| ||||||||||||
|
|
|
|
|
|
|
|
|
| Effective |
| Nominal |
| Current |
| Non-current |
| ||||||||||
Taxpayer ID |
| Company |
| Country |
| Financial Institution |
| Currency |
| Interest |
| Interest |
| Less than |
| More than 90 |
| Total |
| One to Three |
| Three to Five |
| More than |
| Total Non- |
|
Foreign |
| Ampla |
| Brazil |
| Banco Itaú |
| Reais |
| 12.47 | % | 6.15 | % | 57,479 |
| 1,964,473 |
| 2,021,952 |
| — |
| — |
| — |
| — |
|
Foreign |
| Ampla |
| Brazil |
| Unibanco |
| Reais |
| 12.49 | % | 6.16 | % | 45,870 |
| 1,542,373 |
| 1,588,243 |
| — |
| — |
| — |
| — |
|
Foreign |
| Ampla |
| Brazil |
| Banco Alfa |
| Reais |
| 12.26 | % | 5.91 | % | 1,779,341 |
| 12,975,006 |
| 14,754,347 |
| — |
| — |
| — |
| — |
|
Foreign |
| Ampla |
| Brazil |
| Brasdesco |
| Reais |
| 6.09 | % | 6.09 | % | 5,982,354 |
| 13,453,719 |
| 19,436,073 |
| — |
| — |
| — |
| — |
|
Foreign |
| Ampla |
| Brazil |
| Banco do Brasil |
| Reais |
| 12.68 | % | 6.05 | % | 875,019 |
| 2,942,372 |
| 3,817,391 |
| 30,333,452 |
| — |
| — |
| 30,333,452 |
|
Foreign |
| Ampla |
| Brazil |
| BANCO HSBC |
| Reais |
| 9.73 | % | 9.73 | % | 632,464 |
| 22,045,700 |
| 22,678,164 |
| — |
| — |
| — |
| — |
|
Foreign |
| Ampla |
| Brazil |
| Electrobras |
| Reais |
| 6.02 | % | 6.02 | % | 339,935 |
| 1,111,948 |
| 1,451,883 |
| 2,916,206 |
| 5,539,073 |
| 725,103 |
| 9,180,382 |
|
Foreign |
| Ampla |
| Brazil |
| Bndes |
| Reais |
| 11.02 | % | 11.02 | % | 6,488,408 |
| 16,888,622 |
| 23,377,030 |
| 33,192,137 |
| 52,961,281 |
| 3,133,364 |
| 89,286,782 |
|
Foreign |
| CGTF Fortaleza |
| Brazil |
| IFC — A |
| US$ |
| 7.91 | % | 7.89 | % | 344,277 |
| 3,510,015 |
| 3,854,292 |
| 7,427,750 |
| 7,100,739 |
| 4,604,499 |
| 19,132,988 |
|
Foreign |
| CGTF Fortaleza |
| Brazil |
| IFC — B |
| US$ |
| 2.98 | % | 2.98 | % | 114,099 |
| 4,162,847 |
| 4,276,946 |
| 8,990,990 |
| 4,835,251 |
| — |
| 13,826,241 |
|
Foreign |
| CGTF Fortaleza |
| Brazil |
| IFC — C |
| US$ |
| 11.98 | % | 11.96 | % | 108,598 |
| 365,176 |
| 473,774 |
| 875,946 |
| 5,584,166 |
| — |
| 6,460,112 |
|
Foreign |
| CIEN |
| Brazil |
| Banco Santander Central Hispano |
| Reais |
| 13.05 | % | 12.18 | % | 1,801,366 |
| 59,020,877 |
| 60,822,243 |
| — |
| — |
| — |
| — |
|
Foreign |
| Coelce |
| Brazil |
| Banco Europeo de Investimentos |
| US$ |
| 6.58 | % | 6.58 | % | 19,073 |
| 173,334 |
| 192,407 |
| 237,999 |
| 357,290 |
| 1,748,100 |
| 2,343,389 |
|
Foreign |
| Coelce |
| Brazil |
| Eletrobras |
| Reais |
| 6.58 | % | 6.58 | % | 1,721,402 |
| 4,747,664 |
| 6,469,066 |
| 8,943,102 |
| 16,832,769 |
| 4,350,590 |
| 30,126,461 |
|
Foreign |
| Coelce |
| Brazil |
| Banco do Brasil |
| Reais |
| 10.75 | % | 10.75 | % | 1,310,254 |
| 4,235,607 |
| 5,545,861 |
| 5,443,423 |
| — |
| — |
| 5,443,423 |
|
Foreign |
| Coelce |
| Brazil |
| Bndes |
| Reais |
| 9.95 | % | 9.95 | % | 9,231,834 |
| 30,273,652 |
| 39,505,486 |
| 56,108,514 |
| 15,247,149 |
| — |
| 71,355,663 |
|
Foreign |
| Coelce |
| Brazil |
| Banco do Nordeste |
| Reais |
| 13.15 | % | 8.50 | % | 259,136 |
| 3,894,055 |
| 4,153,191 |
| 5,317,683 |
| — |
| — |
| 5,317,683 |
|
Foreign |
| Coelce |
| Brazil |
| Banco Europeo de Investimentos |
| US$ |
| 5.49 | % | 5.49 | % | 58,889 |
| 4,387,814 |
| 4,446,703 |
| — |
| — |
| — |
| — |
|
Foreign |
| Edegel |
| Peru |
| Banco de Crédito |
| US$ |
| 3.97 | % | 3.97 | % | 405,477 |
| 1,378,129 |
| 1,783,606 |
| — |
| — |
| — |
| — |
|
Foreign |
| Edegel |
| Peru |
| Banco de Crédito |
| US$ |
| 3.97 | % | 3.97 | % | 1,949,762 |
| 5,760,203 |
| 7,709,965 |
| 1,880,534 |
| — |
| — |
| 1,880,534 |
|
Foreign |
| Edegel |
| Peru |
| Banco Continental |
| US$ |
| 7.19 | % | 7.19 | % | 280,841 |
| 944,367 |
| 1,225,208 |
| 3,559,934 |
| 7,313,080 |
| 26,158,087 |
| 37,031,101 |
|
Foreign |
| Edegel |
| Peru |
| Banco Scotiabank |
| US$ |
| 5.70 | % | 5.70 | % | 8,155 |
| 1,878,060 |
| 1,886,215 |
| — |
| — |
| — |
| — |
|
Foreign |
| Edegel |
| Peru |
| Banco Continental |
| Soles |
| 3.80 | % | 3.80 | % | 14,597 |
| 1,585,500 |
| 1,600,097 |
| — |
| — |
| — |
| — |
|
Foreign |
| Edegel |
| Peru |
| Banco Continental |
| Soles |
| 4.30 | % | 4.30 | % | 260 |
| — |
| 260 |
| — |
| — |
| — |
| — |
|
Foreign |
| Edegel |
| Peru |
| Banco Scotiabank |
| US$ |
| 5.95 | % | 5.95 | % | 166,062 |
| 558,407 |
| 724,469 |
| 2,423,556 |
| 17,774,668 |
| — |
| 20,198,224 |
|
Foreign |
| Edegel |
| Peru |
| Banco de Crédito |
| US$ |
| 32.27 | % | 9.59 | % | — |
| — |
| — |
| — |
| — |
| — |
| — |
|
Foreign |
| Edelnor |
| Peru |
| Banco de Crédito |
| Soles |
| 15.78 | % | 2.60 | % | 37,891 |
| 127,413 |
| 165,304 |
| 305,625 |
| — |
| 3,584,598 |
| 3,890,223 |
|
Foreign |
| Edelnor |
| Peru |
| Banco de Crédito |
| Soles |
| 15.78 | % | 4.00 | % | 37,891 |
| 127,413 |
| 165,304 |
| 305,625 |
| — |
| 3,584,598 |
| 3,890,223 |
|
Foreign |
| Edelnor |
| Peru |
| Banco de Crédito |
| Soles |
| 5.18 | % | 4.00 | % | 32,360 |
| 108,816 |
| 141,176 |
| 261,016 |
| — |
| 3,097,880 |
| 3,358,896 |
|
Foreign |
| Edelnor |
| Peru |
| Banco de Crédito |
| Soles |
| 5.26 | % | 4.00 | % | 15,156 |
| 50,965 |
| 66,121 |
| 122,250 |
| — |
| 1,433,839 |
| 1,556,089 |
|
Foreign |
| Edelnor |
| Peru |
| Banco de Crédito |
| Soles |
| 5.26 | % | 4.00 | % | 63,151 |
| 212,355 |
| 275,506 |
| 509,375 |
| — |
| 5,974,330 |
| 6,483,705 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 12-2010 |
| ||||||||||||
|
|
|
|
|
|
|
|
|
| Effective |
| Nominal |
| Current |
| Non-current |
| ||||||||||
Taxpayer ID |
| Company |
| Country |
| Financial Institution |
| Currency |
| Interest |
| Interest |
| Less than |
| More than 90 |
| Total |
| One to Three |
| Three to Five |
| More than |
| Total Non- |
|
Foreign |
| Ampla |
| Brazil |
| Banco Itaú |
| Reais |
| 12.47 | % | 6.15 | % | 101,554 |
| 2,149,535 |
| 2,251,089 |
| 2,014,313 |
| — |
| — |
| 2,014,313 |
|
Foreign |
| Ampla |
| Brazil |
| Unibanco |
| Reais |
| 12.49 | % | 6.16 | % | 80,587 |
| 1,698,892 |
| 1,779,479 |
| 1,585,020 |
| — |
| — |
| 1,585,020 |
|
Foreign |
| Ampla |
| Brazil |
| Banco Alfa |
| Reais |
| 12.26 | % | 5.91 | % | 2,321,766 |
| 3,599,477 |
| 5,921,243 |
| 14,100,000 |
| — |
| — |
| 14,100,000 |
|
Foreign |
| Ampla |
| Brazil |
| Brasdesco |
| Reais |
| 6.09 | % | 6.09 | % | 7,117,655 |
| 13,583,761 |
| 20,701,416 |
| 18,425,880 |
| — |
| — |
| 18,425,880 |
|
Foreign |
| Ampla |
| Brazil |
| Banco do Brasil |
| Reais |
| 12.68 | % | 6.05 | % | 763,245 |
| 2,538,618 |
| 3,301,863 |
| 28,701,429 |
| — |
| — |
| 28,701,429 |
|
Foreign |
| Ampla |
| Brazil |
| BANCO HSBC |
| Reais |
| 9.73 | % | 9.73 | % | 1,116,014 |
| 24,085,514 |
| 25,201,528 |
| 21,832,924 |
| — |
| — |
| 21,832,924 |
|
Foreign |
| Ampla |
| Brazil |
| Electrobras |
| Reais |
| 6.02 | % | 6.02 | % | 183,646 |
| 738,057 |
| 921,703 |
| 1,731,933 |
| 3,074,414 |
| 589,902 |
| 5,396,249 |
|
Foreign |
| Ampla |
| Brazil |
| Bndes |
| Reais |
| 11.02 | % | 11.02 | % | 9,075,941 |
| 20,796,621 |
| 29,872,562 |
| 9,181,709 |
| 488,855 |
| — |
| 9,670,564 |
|
Foreign |
| CGTF Fortaleza |
| Brazil |
| IFC — A |
| US$ |
| 7.91 | % | 7.89 | % | 261,361 |
| 3,383,432 |
| 3,644,793 |
| 6,938,582 |
| 5,647,394 |
| 7,977,977 |
| 20,563,953 |
|
Foreign |
| CGTF Fortaleza |
| Brazil |
| IFC — B |
| US$ |
| 2.98 | % | 2.98 | % | 145,163 |
| 3,664,317 |
| 3,809,480 |
| 5,979,125 |
| 12,952,704 |
| — |
| 18,931,829 |
|
Foreign |
| CGTF Fortaleza |
| Brazil |
| IFC — C |
| US$ |
| 11.98 | % | 11.96 | % | 106,304 |
| 353,577 |
| 459,881 |
| 848,122 |
| — |
| 2,703,100 |
| 3,551,222 |
|
Foreign |
| CIEN |
| Brazil |
| Banco Santander Central Hispano |
| Reais |
| 13.05 | % | 12.18 | % | 3,166,878 |
| 64,735,216 |
| 67,902,094 |
| 60,518,449 |
| — |
| — |
| 60,518,449 |
|
Foreign |
| Coelce |
| Brazil |
| Banco Europeo de Investimentos |
| US$ |
| 6.58 | % | 6.58 | % | 18,857 |
| 197,806 |
| 216,663 |
| 2,225,398 |
| — |
| — |
| 2,225,398 |
|
Foreign |
| Coelce |
| Brazil |
| Eletrobras |
| Reais |
| 6.58 | % | 6.58 | % | 1,521,161 |
| 5,224,999 |
| 6,746,160 |
| 9,147,592 |
| 7,457,925 |
| 4,670,947 |
| 21,276,464 |
|
Foreign |
| Coelce |
| Brazil |
| Banco do Brasil |
| Reais |
| 10.75 | % | 10.75 | % | 69,396 |
| 5,878,755 |
| 5,948,151 |
| 9,423,706 |
| 976,090 |
| — |
| 10,399,796 |
|
Foreign |
| Coelce |
| Brazil |
| Bndes |
| Reais |
| 9.95 | % | 9.95 | % | 7,020,880 |
| 25,008,603 |
| 32,029,483 |
| 59,074,857 |
| 29,013,426 |
| 3,806,143 |
| 91,894,426 |
|
Foreign |
| Coelce |
| Brazil |
| Banco do Nordeste |
| Reais |
| 13.15 | % | 8.50 | % | 1,982,611 |
| 5,722,717 |
| 7,705,328 |
| — |
| — |
| — |
| — |
|
Foreign |
| Coelce |
| Brazil |
| Banco Europeo de Investimentos |
| US$ |
| 5.49 | % | 5.49 | % | 233,456 |
| 4,018,689 |
| 4,252,145 |
| 3,999,466 |
| — |
| — |
| 3,999,466 |
|
Foreign |
| Edegel |
| Peru |
| Banco de Crédito |
| US$ |
| 3.97 | % | 3.97 | % | 653,107 |
| 1,953,825 |
| 2,606,932 |
| 4,307,956 |
| 4,307,955 |
| — |
| 8,615,911 |
|
Foreign |
| Edegel |
| Peru |
| Banco de Crédito |
| US$ |
| 3.97 | % | 3.97 | % | 268,854 |
| 1,472,491 |
| 1,741,345 |
| 1,603,280 |
| — |
| — |
| 1,603,280 |
|
Foreign |
| Edegel |
| Peru |
| Banco Continental |
| US$ |
| 7.19 | % | 7.19 | % | 415,488 |
| 645,897 |
| 1,061,385 |
| 1,957,430 |
| 9,837,802 |
| 21,661,326 |
| 33,456,558 |
|
Foreign |
| Edegel |
| Peru |
| Banco Scotiabank |
| US$ |
| 5.70 | % | 5.70 | % | 23,655 |
| 3,427,268 |
| 3,450,923 |
| 1,697,864 |
| — |
| — |
| 1,697,864 |
|
Foreign |
| Edegel |
| Peru |
| Banco Continental |
| Soles |
| 3.80 | % | 3.80 | % | 12,762 |
| 42,449 |
| 55,211 |
| 1,379,498 |
| — |
| — |
| 1,379,498 |
|
Foreign |
| Edegel |
| Peru |
| Banco Continental |
| Soles |
| 4.30 | % | 4.30 | % | 77,109 |
| 167,805 |
| 244,914 |
| 5,030,048 |
| — |
| — |
| 5,030,048 |
|
Foreign |
| Edegel |
| Peru |
| Banco Scotiabank |
| US$ |
| 5.95 | % | 5.95 | % | 96,936 |
| 10,309,656 |
| 10,406,592 |
| — |
| — |
| — |
| — |
|
Foreign |
| Edegel |
| Peru |
| Banco de Crédito |
| US$ |
| 32.27 | % | 9.59 | % | — |
| — |
| — |
| 4,853,133 |
| — |
| — |
| 4,853,133 |
|
Foreign |
| Edelnor |
| Peru |
| Banco de Crédito |
| Soles |
| 15.78 | % | 2.60 | % | 108,895 |
| — |
| 108,895 |
| 2,658,128 |
| — |
| — |
| 2,658,128 |
|
Foreign |
| Edelnor |
| Peru |
| Banco de Crédito |
| Soles |
| 15.78 | % | 4.00 | % | 25,172 |
| 83,723 |
| 108,895 |
| 2,658,128 |
| — |
| — |
| 2,658,128 |
|
Foreign |
| Edelnor |
| Peru |
| Banco de Crédito |
| Soles |
| 5.18 | % | 4.00 | % | 21,816 |
| 72,561 |
| 94,377 |
| 2,310,826 |
| — |
| — |
| 2,310,826 |
|
Foreign |
| Edelnor |
| Peru |
| Banco de Crédito |
| Soles |
| 5.26 | % | 4.00 | % | 10,069 |
| — |
| 10,069 |
| 1,063,251 |
| — |
| — |
| 1,063,251 |
|
Foreign |
| Edelnor |
| Peru |
| Banco de Crédito |
| Soles |
| 5.26 | % | 4.00 | % | 41,953 |
| — |
| 41,953 |
| 4,430,213 |
| — |
| — |
| 4,430,213 |
|
c. Identification of bank borrowings by company
|
|
|
|
|
|
|
|
|
|
|
|
|
| 12-2011 |
| ||||||||||||
|
|
|
|
|
|
|
|
|
| Effective |
|
|
| Current |
| Non-current |
| ||||||||||
Taxpayer ID |
| Company |
| Country |
| Financial Institution |
| Currency |
| Interest |
| Nominal |
| Less than |
| More than |
| Total |
| One to |
| Three to |
| More than |
| Total Non- |
|
Foreign |
| Edelnor |
| Peru |
| Banco de Crédito |
| Soles |
| 15.78 | % | 2.60 | % | 37,891 |
| 127,413 |
| 165,304 |
| 305,625 |
| — |
| 3,584,598 |
| 3,890,223 |
|
Foreign |
| Edelnor |
| Peru |
| Banco de Crédito |
| Soles |
| 6.01 | % | 2.63 | % | 60,638 |
| 203,903 |
| 264,541 |
| 489,101 |
| — |
| — |
| 489,101 |
|
Foreign |
| Edelnor |
| Peru |
| Banco de Crédito |
| Soles |
| 32.27 | % | 2.64 | % | — |
| — |
| — |
| — |
| — |
| 5,157,627 |
| 5,157,627 |
|
Foreign |
| Edelnor |
| Peru |
| BBVA |
| Soles |
| 5.16 | % | 4.40 | % | 99,201 |
| 333,576 |
| 432,777 |
| 800,145 |
| — |
| 9,525,160 |
| 10,325,305 |
|
Foreign |
| Edelnor |
| Peru |
| Interbank |
| Soles |
| 6.82 | % | 5.72 | % | 32,758 |
| 110,153 |
| 142,911 |
| 264,223 |
| — |
| 2,430,861 |
| 2,695,084 |
|
Foreign |
| Edesur |
| Argentina |
| BBVA |
| Ar$ |
| 21.31 | % | 14.00 | % | 128,257 |
| 2,499,512 |
| 2,627,769 |
| — |
| — |
| — |
| — |
|
Foreign |
| Edesur |
| Argentina |
| Banco de la Ciudad de Buenos Aires |
| Ar$ |
| 14.85 | % | 14.85 | % | 673,842 |
| 228,279 |
| 902,121 |
| 3,245,052 |
| — |
| — |
| 3,245,052 |
|
Foreign |
| Edesur |
| Argentina |
| Standard Bank |
| Ar$ |
| 23.67 | % | 17.61 | % | 213,681 |
| 718,530 |
| 932,211 |
| 4,195,131 |
| — |
| — |
| 4,195,131 |
|
Foreign |
| Edesur |
| Argentina |
| Banco Santander Rio |
| Ar$ |
| 59.77 | % | 15.98 | % | 179,826 |
| 604,690 |
| 784,516 |
| 1,811,063 |
| — |
| — |
| 1,811,063 |
|
Foreign |
| Edesur |
| Argentina |
| Banco Santander Rio |
| Ar$ |
| 15.17 | % | 15.17 | % | 435,062 |
| 483,752 |
| 918,814 |
| 2,896,973 |
| — |
| — |
| 2,896,973 |
|
Foreign |
| Edesur |
| Argentina |
| Citibank |
| Ar$ |
| 16.20 | % | 16.20 | % | 6,354,203 |
| 1,169,601 |
| 7,523,804 |
| 9,498,494 |
| — |
| — |
| 9,498,494 |
|
Foreign |
| Edesur |
| Argentina |
| Banco de Galicia |
| Ar$ |
| 16.27 | % | 16.27 | % | 2,120,536 |
| 1,891,956 |
| 4,012,492 |
| — |
| — |
| — |
| — |
|
Foreign |
| Edesur |
| Argentina |
| Macro |
| Ar$ |
| 24.96 | % | 24.96 | % | 151,298 |
| 508,762 |
| 660,060 |
| 3,474,143 |
| — |
| — |
| 3,474,143 |
|
Foreign |
| Edesur |
| Argentina |
| Itaú |
| Ar$ |
| 19.91 | % | 19.91 | % | 288,456 |
| 4,819,512 |
| 5,107,968 |
| 2,454,313 |
| — |
| — |
| 2,454,313 |
|
Foreign |
| Edesur |
| Argentina |
| Banco de la Ciudad de Buenos Aires |
| Ar$ |
| 16.00 | % | 16.00 | % | 124,577 |
| 158,143 |
| 282,720 |
| 1,364,912 |
| — |
| — |
| 1,364,912 |
|
Foreign |
| Emgesa |
| Colombia |
| Davivienda |
| CPs |
| 6.99 | % | 6.99 | % | 138,411 |
| 8,481,828 |
| 8,620,239 |
| — |
| — |
| — |
| — |
|
Foreign |
| Emgesa |
| Colombia |
| Bancolombia |
| CPs |
| 6.99 | % | 6.99 | % | 99,148 |
| 6,208,686 |
| 6,307,834 |
| — |
| — |
| — |
| — |
|
Foreign |
| Emgesa |
| Colombia |
| Bancolombia |
| CPs |
| 6.99 | % | 6.99 | % | 326,504 |
| 20,008,140 |
| 20,334,644 |
| — |
| — |
| — |
| — |
|
Foreign |
| Emgesa |
| Colombia |
| BBVA Colombia |
| CPs |
| 6.99 | % | 6.99 | % | 361,976 |
| 22,181,880 |
| 22,543,856 |
| — |
| — |
| — |
| — |
|
Foreign |
| Emgesa |
| Colombia |
| Banco Santander Central Hispano |
| CPs |
| 6.99 | % | 6.99 | % | 412,115 |
| 25,254,372 |
| 25,666,487 |
| — |
| — |
| — |
| — |
|
Foreign |
| Endesa Costanera |
| Argentina |
| Banco Provincia de Buenos Aires |
| US$ |
| 32.27 | % | 6.00 | % | — |
| — |
| — |
| — |
| — |
| — |
| — |
|
Foreign |
| Endesa Costanera |
| Argentina |
| Banco Galicia |
| US$ |
| 32.27 | % | 5.44 | % | — |
| — |
| — |
| — |
| — |
| — |
| — |
|
Foreign |
| Endesa Costanera |
| Argentina |
| Credit Suisse International |
| US$ |
| 12.85 | % | 12.26 | % | 166,419 |
| 3,156,573 |
| 3,322,992 |
| 2,652,744 |
| — |
| — |
| 2,652,744 |
|
Foreign |
| Endesa Costanera |
| Argentina |
| Citibank |
| US$ |
| 5.00 | % | 5.00 | % | 156,279 |
| — |
| 156,279 |
| — |
| — |
| — |
| — |
|
Foreign |
| Endesa Costanera |
| Argentina |
| Banco Nación Argentina |
| Ar$ |
| 15.82 | % | 15.82 | % | 1,382,931 |
| 1,533,096 |
| 2,916,027 |
| — |
| — |
| — |
| — |
|
Foreign |
| Endesa Costanera |
| Argentina |
| Mediocredito Italyno |
| Ar$ |
| 32.27 | % | 1.75 | % | — |
| — |
| — |
| — |
| — |
| — |
| — |
|
Foreign |
| Endesa Costanera |
| Argentina |
| Banco Santander Río |
| Ar$ |
| 15.00 | % | 15.00 | % | 10,746,076 |
| 1,949,571 |
| 12,695,647 |
| — |
| — |
| — |
| — |
|
Foreign |
| Endesa Costanera |
| Argentina |
| Banco Itau |
| Ar$ |
| 18.12 | % | 18.12 | % | 3,503,302 |
| — |
| 3,503,302 |
| — |
| — |
| — |
| — |
|
Foreign |
| Endesa Costanera |
| Argentina |
| Citibank |
| Ar$ |
| 25.30 | % | 13.00 | % | 1,478,241 |
| — |
| 1,478,241 |
| — |
| — |
| — |
| — |
|
Foreign |
| Endesa Costanera |
| Argentina |
| Banco Galicia |
| Ar$ |
| 22.24 | % | 15.00 | % | 1,105,942 |
| — |
| 1,105,942 |
| — |
| — |
| — |
| — |
|
Foreign |
| Endesa Costanera |
| Argentina |
| Citibank |
| US$ |
| 5.32 | % | 5.32 | % | 209,622 |
| — |
| 209,622 |
| — |
| — |
| — |
| — |
|
Foreign |
| Endesa Costanera |
| Argentina |
| Banco de la Ciudad de Buenos Aires |
| Ar$ |
| 6.70 | % | 6.70 | % | 4,670,705 |
| — |
| 4,670,705 |
| — |
| — |
| — |
| — |
|
Foreign |
| Endesa Costanera |
| Argentina |
| Macro |
| Ar$ |
| 32.27 | % | 14.75 | % | — |
| — |
| — |
| — |
| — |
| — |
| — |
|
Foreign |
| Endesa Costanera |
| Argentina |
| Standard Bank |
| Ar$ |
| 15.40 | % | 15.40 | % | 832,611 |
| — |
| 832,611 |
| — |
| — |
| — |
| — |
|
Foreign |
| Endesa Costanera |
| Argentina |
| Supervielle |
| Ar$ |
| 28.00 | % | 13.00 | % | 123,454 |
| — |
| 123,454 |
| — |
| — |
| — |
| — |
|
91,081,000-6 |
| Endesa Chile |
| Chile |
| B,N,P, Paribas |
| US$ |
| 6.32 | % | 5.96 | % | 53,521 |
| 1,002,756 |
| 1,056,277 |
| 1,915,379 |
| 876,746 |
| — |
| 2,792,125 |
|
91,081,000-6 |
| Endesa Chile |
| Chile |
| Export Development Corporation Loan |
| US$ |
| 2.50 | % | 2.50 | % | 379,501 |
| 764,980 |
| 1,144,481 |
| 1,132,904 |
| — |
| — |
| 1,132,904 |
|
91,081,000-6 |
| Endesa Chile |
| Chile |
| Banco Bilbao Vizcaya Argentaria S,A, |
| US$ |
| 1.83 | % | 1.65 | % | 473,367 |
| 1,591,761 |
| 2,065,128 |
| 106,583,616 |
| — |
| — |
| 106,583,616 |
|
Foreign |
| Hidroeléctrica El Chocón |
| Argentina |
| Deutsche Bank |
| US$ |
| 9.16 | % | 3.80 | % | 518,208 |
| 1,530,246 |
| 2,048,454 |
| 3,576,867 |
| 402,643 |
| — |
| 3,979,510 |
|
Foreign |
| Hidroeléctrica El Chocón |
| Argentina |
| Standard Bank |
| US$ |
| 3.80 | % | 3.80 | % | 1,611,491 |
| 4,749,662 |
| 6,361,153 |
| 10,912,983 |
| 1,209,420 |
| — |
| 12,122,403 |
|
Foreign |
| Hidroeléctrica El Chocón |
| Argentina |
| ITAU - Syndicated |
| Ar$ |
| 20.10 | % | 18.67 | % | 1,791,907 |
| — |
| 1,791,907 |
| — |
| — |
| — |
| — |
|
Foreign |
| Hidroeléctrica El Chocón |
| Argentina |
| STANDARD - Syndicated |
| Ar$ |
| 21.27 | % | 18.67 | % | 64,001 |
| 1,336,177 |
| 1,400,178 |
| — |
| — |
| — |
| — |
|
Foreign |
| Hidroeléctrica El Chocón |
| Argentina |
| SANTANDER - Syndicated |
| Ar$ |
| 20.10 | % | 20.10 | % | 80,629 |
| 1,707,695 |
| 1,788,324 |
| — |
| — |
| — |
| — |
|
Foreign |
| Hidroeléctrica El Chocón |
| Argentina |
| HIPOTECARIO - Syndicated |
| Ar$ |
| 21.96 | % | 18.67 | % | 55,506 |
| 1,125,918 |
| 1,181,424 |
| — |
| — |
| — |
| — |
|
Foreign |
| Hidroeléctrica El Chocón |
| Argentina |
| GALICIA - Syndicated |
| Ar$ |
| 21.85 | % | 18.67 | % | 26,301 |
| 535,888 |
| 562,189 |
| — |
| — |
| — |
| — |
|
Foreign |
| Hidroeléctrica El Chocón |
| Argentina |
| Citibank |
| Ar$ |
| 22.39 | % | 14.30 | % | 112,503 |
| 1,115,167 |
| 1,227,670 |
| 1,471,923 |
| — |
| — |
| 1,471,923 |
|
Foreign |
| Hidroeléctrica El Chocón |
| Argentina |
| BBVA |
| Ar$ |
| 22.09 | % | 14.50 | % | 152,645 |
| 1,527,554 |
| 1,680,199 |
| 2,019,288 |
| — |
| — |
| 2,019,288 |
|
Foreign |
| Hidroeléctrica El Chocón |
| Argentina |
| Macro |
| Ar$ |
| 17.75 | % | 17.75 | % | 233,981 |
| 2,275,667 |
| 2,509,648 |
| 2,994,506 |
| — |
| — |
| 2,994,506 |
|
Foreign |
| Hidroeléctrica El Chocón |
| Argentina |
| Banco Santander Rio - Syndicated |
| Ar$ |
| 17.44 | % | 17.44 | % | 329,514 |
| 1,108,036 |
| 1,437,550 |
| 6,245,072 |
| 1,229,220 |
| — |
| 7,474,292 |
|
Foreign |
| Hidroeléctrica El Chocón |
| Argentina |
| Banco Industrial de Azul |
| Ar$ |
| 17.14 | % | 17.14 | % | 329,514 |
| 1,108,036 |
| 1,437,550 |
| 6,245,072 |
| 1,229,220 |
| — |
| 7,474,292 |
|
96,830,980-3 |
| Inversiones GasAtacama Holding |
| Chile |
| PNC BANK |
| US$ |
| 32.27 | % | 3.09 | % | — |
| — |
| — |
| — |
| — |
| — |
| — |
|
|
|
|
|
|
|
|
| Total |
|
|
|
|
| 77,007,952 |
| 324,538,353 |
| 401,546,305 |
| 345,704,646 |
| 138,492,715 |
| 79,093,234 |
| 563,290,595 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 12-2010 |
| ||||||||||||
|
|
|
|
|
|
|
|
|
| Effective |
|
|
| Current |
| Non-current |
| ||||||||||
Taxpayer ID |
| Company |
| Country |
| Financial Institution |
| Currency |
| Interest |
| Nominal |
| Less than |
| More than |
| Total |
| One to |
| Three to |
| More than |
| Total Non- |
|
Foreign |
| Edelnor |
| Peru |
| Banco de Crédito |
| Soles |
| 15.78 | % | 2.60 | % | 25,172 |
| 83,723 |
| 108,895 |
| 2,658,128 |
| — |
| — |
| 2,658,128 |
|
Foreign |
| Edelnor |
| Peru |
| Banco de Crédito |
| Soles |
| 6.01 | % | 2.63 | % | 1,308,111 |
| 334,293 |
| 1,642,404 |
| — |
| — |
| — |
| — |
|
Foreign |
| Edelnor |
| Peru |
| Banco de Crédito |
| Soles |
| 32.27 | % | 2.64 | % | 134,344 |
| — |
| 134,344 |
| 3,591,829 |
| — |
| — |
| 3,591,829 |
|
Foreign |
| Edelnor |
| Peru |
| BBVA |
| Soles |
| 5.16 | % | 4.40 | % | 74,135 |
| 246,580 |
| 320,715 |
| 6,836,881 |
| — |
| — |
| 6,836,881 |
|
Foreign |
| Edelnor |
| Peru |
| Interbank |
| Soles |
| 6.82 | % | 5.72 | % | — |
| — |
| — |
| — |
| — |
| — |
| — |
|
Foreign |
| Edesur |
| Argentina |
| BBVA |
| Ar$ |
| 21.31 | % | 14.00 | % | 271,817 |
| 3,031,502 |
| 3,303,319 |
| 2,534,402 |
| — |
| — |
| 2,534,402 |
|
Foreign |
| Edesur |
| Argentina |
| Banco de la Ciudad de Buenos Aires |
| Ar$ |
| 14.85 | % | 14.85 | % | 54,835 |
| 182,384 |
| 237,219 |
| 1,466,744 |
| — |
| — |
| 1,466,744 |
|
Foreign |
| Edesur |
| Argentina |
| Standard Bank |
| Ar$ |
| 23.67 | % | 17.61 | % | 156,756 |
| 521,383 |
| 678,139 |
| 3,845,625 |
| 727,040 |
| — |
| 4,572,665 |
|
Foreign |
| Edesur |
| Argentina |
| Banco Santander Rio |
| Ar$ |
| 59.77 | % | 15.98 | % | — |
| 601,759 |
| 601,759 |
| 2,008,017 |
| — |
| — |
| 2,008,017 |
|
Foreign |
| Edesur |
| Argentina |
| Banco Santander Rio |
| Ar$ |
| 15.17 | % | 15.17 | % | — |
| 1,354,637 |
| 1,354,637 |
| 2,530,914 |
| — |
| — |
| 2,530,914 |
|
Foreign |
| Edesur |
| Argentina |
| Citibank |
| Ar$ |
| 16.20 | % | 16.20 | % | — |
| — |
| — |
| — |
| — |
| — |
| — |
|
Foreign |
| Edesur |
| Argentina |
| Banco de Galicia |
| Ar$ |
| 16.27 | % | 16.27 | % | — |
| — |
| — |
| — |
| — |
| — |
| — |
|
Foreign |
| Edesur |
| Argentina |
| Macro |
| Ar$ |
| 24.96 | % | 24.96 | % | — |
| — |
| — |
| — |
| — |
| — |
| — |
|
Foreign |
| Edesur |
| Argentina |
| Itaú |
| Ar$ |
| 19.91 | % | 19.91 | % | — |
| — |
| — |
| — |
| — |
| — |
| — |
|
Foreign |
| Edesur |
| Argentina |
| Banco de la Ciudad de Buenos Aires |
| Ar$ |
| 16.00 | % | 16.00 | % | 39,530 |
| 131,479 |
| 171,009 |
| 957,228 |
| — |
| — |
| 957,228 |
|
Foreign |
| Emgesa |
| Colombia |
| Davivienda |
| CPs |
| 6.99 | % | 6.99 | % | — |
| 603,337 |
| 603,337 |
| — |
| 7,812,518 |
| — |
| 7,812,518 |
|
Foreign |
| Emgesa |
| Colombia |
| Bancolombia |
| CPs |
| 6.99 | % | 6.99 | % | — |
| 432,186 |
| 432,186 |
| — |
| 23,602,722 |
| — |
| 23,602,722 |
|
Foreign |
| Emgesa |
| Colombia |
| Bancolombia |
| CPs |
| 6.99 | % | 6.99 | % | — |
| 1,423,236 |
| 1,423,236 |
| — |
| 23,817,961 |
| — |
| 23,817,961 |
|
Foreign |
| Emgesa |
| Colombia |
| BBVA Colombia |
| CPs |
| 6.99 | % | 6.99 | % | 328,989 |
| 1,251,871 |
| 1,580,860 |
| — |
| 20,431,485 |
| — |
| 20,431,485 |
|
Foreign |
| Emgesa |
| Colombia |
| Banco Santander Central Hispano |
| CPs |
| 6.99 | % | 6.99 | % | 415,252 |
| 1,381,163 |
| 1,796,415 |
| — |
| — |
| — |
| — |
|
Foreign |
| Endesa Costanera |
| Argentina |
| Banco Provincia de Buenos Aires |
| US$ |
| 32.27 | % | 6.00 | % | 605,038 |
| — |
| 605,038 |
| — |
| — |
| — |
| — |
|
Foreign |
| Endesa Costanera |
| Argentina |
| Banco Galicia |
| US$ |
| 32.27 | % | 5.44 | % | 713,260 |
| 351,529 |
| 1,064,789 |
| — |
| — |
| — |
| — |
|
Foreign |
| Endesa Costanera |
| Argentina |
| Credit Suisse International |
| US$ |
| 12.85 | % | 12.26 | % | 643,599 |
| 1,931,528 |
| 2,575,127 |
| 2,055,803 |
| — |
| — |
| 2,055,803 |
|
Foreign |
| Endesa Costanera |
| Argentina |
| Citibank |
| US$ |
| 5.00 | % | 5.00 | % | 160,286 |
| 267,560 |
| 427,846 |
| — |
| — |
| — |
| — |
|
Foreign |
| Endesa Costanera |
| Argentina |
| Banco Nación Argentina |
| Ar$ |
| 15.82 | % | 15.82 | % | 184,556 |
| 2,497,668 |
| 2,682,224 |
| 1,994,435 |
| — |
| — |
| 1,994,435 |
|
Foreign |
| Endesa Costanera |
| Argentina |
| Mediocredito Italyno |
| Ar$ |
| 32.27 | % | 1.75 | % | — |
| 963,655 |
| 963,655 |
| — |
| — |
| — |
| — |
|
Foreign |
| Endesa Costanera |
| Argentina |
| Banco Santander Río |
| Ar$ |
| 15.00 | % | 15.00 | % | 881,772 |
| — |
| 881,772 |
| — |
| — |
| — |
| — |
|
Foreign |
| Endesa Costanera |
| Argentina |
| Banco Itau |
| Ar$ |
| 18.12 | % | 18.12 | % | 1,853,593 |
| 890,721 |
| 2,744,314 |
| — |
| — |
| — |
| — |
|
Foreign |
| Endesa Costanera |
| Argentina |
| Citibank |
| Ar$ |
| 25.30 | % | 13.00 | % | — |
| 3,954,652 |
| 3,954,652 |
| — |
| — |
| — |
| — |
|
Foreign |
| Endesa Costanera |
| Argentina |
| Banco Galicia |
| Ar$ |
| 22.24 | % | 15.00 | % | 1,808,418 |
| — |
| 1,808,418 |
| — |
| — |
| — |
| — |
|
Foreign |
| Endesa Costanera |
| Argentina |
| Citibank |
| US$ |
| 5.32 | % | 5.32 | % | 6,489 |
| 426,386 |
| 432,875 |
| — |
| — |
| — |
| — |
|
Foreign |
| Endesa Costanera |
| Argentina |
| Banco de la Ciudad de Buenos Aires |
| Ar$ |
| 6.70 | % | 6.70 | % | 35,128 |
| 1,011,545 |
| 1,046,673 |
| — |
| — |
| — |
| — |
|
Foreign |
| Endesa Costanera |
| Argentina |
| Macro |
| Ar$ |
| 32.27 | % | 14.75 | % | 357,550 |
| — |
| 357,550 |
| — |
| — |
| — |
| — |
|
Foreign |
| Endesa Costanera |
| Argentina |
| Standard Bank |
| Ar$ |
| 15.40 | % | 15.40 | % | 1,159,080 |
| — |
| 1,159,080 |
| — |
| — |
| — |
| — |
|
Foreign |
| Endesa Costanera |
| Argentina |
| Supervielle |
| Ar$ |
| 28.00 | % | 13.00 | % | 1,788,875 |
| — |
| 1,788,875 |
| — |
| — |
| — |
| — |
|
91,081,000-6 |
| Endesa Chile |
| Chile |
| B,N,P, Paribas |
| US$ |
| 6.32 | % | 5.96 | % | 60,946 |
| 944,030 |
| 1,004,976 |
| 1,823,007 |
| 1,648,517 |
| — |
| 3,471,524 |
|
91,081,000-6 |
| Endesa Chile |
| Chile |
| Export Development Corporation Loan |
| US$ |
| 2.50 | % | 2.50 | % | 356,896 |
| 688,663 |
| 1,045,559 |
| 1,379,586 |
| 670,052 |
| — |
| 2,049,638 |
|
91,081,000-6 |
| Endesa Chile |
| Chile |
| Banco Bilbao Vizcaya Argentaria S,A, |
| US$ |
| 1.83 | % | 1.65 | % | 397,349 |
| 17,072,365 |
| 17,469,714 |
| — |
| 81,506,072 |
| — |
| 81,506,072 |
|
Foreign |
| Hidroeléctrica El Chocón |
| Argentina |
| Deutsche Bank |
| US$ |
| 9.16 | % | 3.80 | % | 1,479,285 |
| 7,585,610 |
| 9,064,895 |
| 979,026 |
| — |
| — |
| 979,026 |
|
Foreign |
| Hidroeléctrica El Chocón |
| Argentina |
| Standard Bank |
| US$ |
| 3.80 | % | 3.80 | % | 1,477,401 |
| 7,582,650 |
| 9,060,051 |
| 979,026 |
| — |
| — |
| 979,026 |
|
Foreign |
| Hidroeléctrica El Chocón |
| Argentina |
| ITAU - Syndicated |
| Ar$ |
| 20.10 | % | 18.67 | % | 136,513 |
| 1,869,470 |
| 2,005,983 |
| 1,687,700 |
| — |
| — |
| 1,687,700 |
|
Foreign |
| Hidroeléctrica El Chocón |
| Argentina |
| STANDARD - Syndicated |
| Ar$ |
| 21.27 | % | 18.67 | % | 106,749 |
| 1,460,783 |
| 1,567,532 |
| 1,318,645 |
| — |
| — |
| 1,318,645 |
|
Foreign |
| Hidroeléctrica El Chocón |
| Argentina |
| SANTANDER - Syndicated |
| Ar$ |
| 20.10 | % | 20.10 | % | 415,988 |
| 1,589,995 |
| 2,005,983 |
| 1,687,700 |
| — |
| — |
| 1,687,700 |
|
Foreign |
| Hidroeléctrica El Chocón |
| Argentina |
| HIPOTECARIO - Syndicated |
| Ar$ |
| 21.96 | % | 18.67 | % | 88,490 |
| 1,223,925 |
| 1,312,415 |
| 1,106,099 |
| — |
| — |
| 1,106,099 |
|
Foreign |
| Hidroeléctrica El Chocón |
| Argentina |
| GALICIA - Syndicated |
| Ar$ |
| 21.85 | % | 18.67 | % | 41,985 |
| 582,414 |
| 624,399 |
| 526,511 |
| — |
| — |
| 526,511 |
|
Foreign |
| Hidroeléctrica El Chocón |
| Argentina |
| Citibank |
| Ar$ |
| 22.39 | % | 14.30 | % | 740,013 |
| — |
| 740,013 |
| — |
| — |
| — |
| — |
|
Foreign |
| Hidroeléctrica El Chocón |
| Argentina |
| BBVA |
| Ar$ |
| 22.09 | % | 14.50 | % | 21,510 |
| 595,558 |
| 617,068 |
| — |
| — |
| — |
| — |
|
Foreign |
| Hidroeléctrica El Chocón |
| Argentina |
| Macro |
| Ar$ |
| 17.75 | % | 17.75 | % | 2,704,496 |
| — |
| 2,704,496 |
| — |
| — |
| — |
| — |
|
Foreign |
| Hidroeléctrica El Chocón |
| Argentina |
| Banco Santander Rio - Syndicated |
| Ar$ |
| 17.44 | % | 17.44 | % | 1,533,640 |
| 2,013,163 |
| 3,546,803 |
| 8,328,139 |
| 1,696,967 |
| — |
| 10,025,106 |
|
Foreign |
| Hidroeléctrica El Chocón |
| Argentina |
| Banco Industrial de Azul |
| Ar$ |
| 17.14 | % | 17.14 | % | 378,715 |
| 368,379 |
| 747,094 |
| — |
| — |
| — |
| — |
|
96,830,980-3 |
| Inversiones GasAtacama Holding |
| Chile |
| PNC BANK |
| US$ |
| 32.27 | % | 3.09 | % | 1,515 |
| 210,098 |
| 211,613 |
| — |
| — |
| — |
| — |
|
|
|
|
|
|
|
|
| Total |
|
|
|
|
| 59,990,367 |
| 273,216,141 |
| 333,206,508 |
| 339,973,705 |
| 235,669,899 |
| 41,409,395 |
| 617,052,999 |
|
b) Secured and unsecured liabilities by currency and maturity
d. Summary of secured and unsecured liabilities by currency and maturity
|
|
|
|
|
| Current |
| Non-current |
| Current |
| Non-current |
| ||||||||||||||||||||
|
|
|
|
|
| Maturity |
|
|
| Maturity |
|
|
| Maturity |
|
|
| Maturity |
|
|
| ||||||||||||
|
|
|
| Nominal |
| One to Three |
| Three to Twelve |
| Total Current at |
| One to Three Years |
| Three to Five Years |
| More than Five |
| Total Non-current at |
| One to Three |
| Three to |
| Total Current at |
| One to Three |
| Three to Five |
| More than Five |
| Total Non-current |
|
Country |
| Currency |
| rate |
| ThCh$ |
| ThCh$ |
| ThCh$ |
| ThCh$ |
| ThCh$ |
| ThCh$ |
| ThCh$ |
| ThCh$ |
| ThCh$ |
| ThCh$ |
| ThCh$ |
| ThCh$ |
| ThCh$ |
| ThCh$ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Chile |
| US$ |
| 8.15 | % | 22,439,241 |
| 48,971,036 |
| 71,410,277 |
| 481,039,815 |
| 346,571,275 |
| 425,876,193 |
| 1,253,487,283 |
| 20,226,869 |
| 44,237,144 |
| 64,464,013 |
| 299,076,238 |
| 429,205,042 |
| 515,592,354 |
| 1,243,873,634 |
|
Chile |
| U.F. |
| 9.71 | % | 41,003,385 |
| 39,199,072 |
| 80,202,457 |
| 89,539,138 |
| 263,688,193 |
| 527,887,200 |
| 881,114,531 |
| 8,474,004 |
| 33,742,901 |
| 42,216,905 |
| 77,732,304 |
| 187,444,894 |
| 542,172,671 |
| 807,349,869 |
|
Peru |
| US$ |
| 6.82 | % | 853,625 |
| 2,238,831 |
| 3,092,456 |
| 15,656,525 |
| 27,138,567 |
| 24,540,662 |
| 67,335,754 |
| 870,099 |
| 6,351,625 |
| 7,221,724 |
| 18,968,745 |
| 8,678,373 |
| 38,097,741 |
| 65,744,859 |
|
Peru |
| Soles |
| 6.75 | % | 31,909,724 |
| 18,212,792 |
| 50,122,516 |
| 81,151,846 |
| 50,536,091 |
| 48,755,116 |
| 180,443,053 |
| 19,784,574 |
| 22,667,166 |
| 42,451,740 |
| 64,109,539 |
| 68,651,225 |
| 59,006,695 |
| 191,767,459 |
|
Argentina |
| Ar$ |
| 11.74 | % | 116,551 |
| 4,100,169 |
| 4,216,720 |
| — |
| — |
| — |
| — |
| 510,018 |
| 9,010,562 |
| 9,520,580 |
| 4,165,269 |
| — |
| — |
| 4,165,269 |
|
Colombia |
| CPs |
| 8.76 | % | 17,854,990 |
| 68,624,369 |
| 86,479,359 |
| 299,425,050 |
| 335,136,989 |
| 589,777,719 |
| 1,224,339,758 |
| 47,619,509 |
| 131,473,631 |
| 179,093,140 |
| 152,631,795 |
| 183,051,591 |
| 442,910,408 |
| 778,593,794 |
|
Brazil |
| Reais |
| 12.75 | % | 11,815,750 |
| 134,615,237 |
| 146,430,987 |
| 123,922,410 |
| 200,558,653 |
| 90,131,132 |
| 414,612,195 |
| 7,503,875 |
| 97,708,841 |
| 105,212,716 |
| 155,008,143 |
| 48,941,503 |
| — |
| 203,949,646 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 125,993,266 |
| 315,961,506 |
| 441,954,772 |
| 1,090,734,784 |
| 1,223,629,768 |
| 1,706,968,022 |
| 4,021,332,574 |
| 104,988,948 |
| 345,191,870 |
| 450,180,818 |
| 771,692,033 |
| 925,972,628 |
| 1,597,779,869 |
| 3,295,444,530 |
|
e. Secured and unsecured liabilities by company
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 12-2011 |
| ||||||||||||
Taxpayer |
|
|
|
|
|
|
|
|
|
|
| Effective |
| Nominal |
| Current |
| Non-current |
| ||||||||||
ID No, |
| Company |
| Country |
| Financial Institution |
| Country |
| Currency |
| Interest |
| Interest |
| Less than 90 |
| More than 90 |
| Total Current |
| One to Three |
| Three to Five |
| More than |
| Total Non- |
|
Foreign |
| Ampla |
| Brazil |
| BONDS |
| Brazil |
| Reais |
| 9.56 | % | 9.56 | % | 6,698,731 |
| 102,230,946 |
| 108,929,677 |
| 59,162,266 |
| 133,237,309 |
| — |
| 192,399,575 |
|
Foreign |
| Codensa |
| Colombia |
| B5 |
| Colombia |
| CPs |
| 32.27 | % | 8.00 | % | — |
| — |
| — |
| — |
| — |
| — |
| — |
|
Foreign |
| Codensa |
| Colombia |
| B8 |
| Colombia |
| CPs |
| 9.61 | % | 8.51 | % | 1,601,595 |
| 5,385,582 |
| 6,987,177 |
| 74,917,478 |
| — |
| — |
| 74,917,478 |
|
Foreign |
| Codensa |
| Colombia |
| B102 |
| Colombia |
| CPs |
| 8.81 | % | 7.77 | % | 863,459 |
| 2,903,500 |
| 3,766,959 |
| 6,964,604 |
| 52,594,867 |
| — |
| 59,559,471 |
|
Foreign |
| Codensa |
| Colombia |
| B502 |
| Colombia |
| CPs |
| 6.34 | % | 6.21 | % | 142,540 |
| 9,063,816 |
| 9,206,356 |
| — |
| — |
| — |
| — |
|
Foreign |
| Codensa |
| Colombia |
| B503 |
| Colombia |
| CPs |
| 6.48 | % | 6.37 | % | 369,477 |
| 1,242,417 |
| 1,611,894 |
| 24,349,062 |
| — |
| — |
| 24,349,062 |
|
Foreign |
| Codensa |
| Colombia |
| B503 |
| Colombia |
| CPs |
| 9.29 | % | 8.17 | % | 467,694 |
| 1,572,686 |
| 2,040,380 |
| 22,071,605 |
| — |
| — |
| 22,071,605 |
|
Foreign |
| Codensa |
| Colombia |
| B102 |
| Colombia |
| CPs |
| 8.62 | % | 7.50 | % | 1,404,776 |
| 4,723,752 |
| 6,128,528 |
| 11,330,829 |
| 86,996,017 |
| — |
| 98,326,846 |
|
Foreign |
| Codensa |
| Colombia |
| B103 |
| Colombia |
| CPs |
| 8.81 | % | 7.75 | % | 469,953 |
| 1,580,283 |
| 2,050,236 |
| 3,790,614 |
| 32,393,688 |
| — |
| 36,184,302 |
|
Foreign |
| Codensa |
| Colombia |
| B304 |
| Colombia |
| CPs |
| 6.50 | % | 5.13 | % | 346,784 |
| 1,166,108 |
| 1,512,892 |
| 21,620,973 |
| — |
| — |
| 21,620,973 |
|
Foreign |
| Codensa |
| Colombia |
| B604 |
| Colombia |
| CPs |
| 7.42 | % | 6.03 | % | 717,221 |
| 2,411,754 |
| 3,128,975 |
| 5,785,056 |
| 46,931,965 |
| — |
| 52,717,021 |
|
Foreign |
| Coelce |
| Brazil |
| Itaú |
| Brazil |
| Reais |
| 10.47 | % | 10.47 | % | 2,539,943 |
| 23,718,519 |
| 26,258,462 |
| 43,973,620 |
| 34,824,619 |
| — |
| 78,798,239 |
|
Foreign |
| Coelce |
| Brazil |
| Santander |
| Brazil |
| Reais |
| 13.57 | % | 13.57 | % | 2,577,076 |
| 8,665,772 |
| 11,242,848 |
| 20,786,524 |
| 32,496,725 |
| 90,131,132 |
| 143,414,381 |
|
Foreign |
| Edegel |
| Peru |
| BANCO CONTINENTAL |
| Peru |
| Soles |
| 6.32 | % | 6.31 | % | — |
| — |
| — |
| — |
| — |
| — |
| — |
|
Foreign |
| Edegel |
| Peru |
| BANCO CONTINENTAL |
| Peru |
| Soles |
| 6.31 | % | 6.28 | % | 75,800 |
| 254,886 |
| 330,686 |
| 611,394 |
| 1,775,041 |
| 5,728,426 |
| 8,114,861 |
|
Foreign |
| Edegel |
| Peru |
| BANCO CONTINENTAL |
| Peru |
| Soles |
| 6.28 | % | 6.17 | % | 75,424 |
| 253,624 |
| 329,048 |
| 608,367 |
| 6,582,587 |
| — |
| 7,190,954 |
|
Foreign |
| Edegel |
| Peru |
| BANCO CONTINENTAL |
| Peru |
| Soles |
| 6.75 | % | 6.11 | % | 64,842 |
| 218,041 |
| 282,883 |
| 4,267,060 |
| — |
| — |
| 4,267,060 |
|
Foreign |
| Edegel |
| Peru |
| BANCO CONTINENTAL |
| Peru |
| Soles |
| 6.50 | % | 5.92 | % | 78,051 |
| 262,457 |
| 340,508 |
| 4,868,653 |
| — |
| — |
| 4,868,653 |
|
Foreign |
| Edegel |
| Peru |
| BANCO CONTINENTAL |
| Peru |
| Soles |
| 6.44 | % | 6.17 | % | 77,300 |
| 259,934 |
| 337,234 |
| 4,919,966 |
| — |
| — |
| 4,919,966 |
|
Foreign |
| Edegel |
| Peru |
| BANCO CONTINENTAL |
| Peru |
| Soles |
| 6.63 | % | 6.33 | % | 79,552 |
| 267,504 |
| 347,056 |
| 4,950,085 |
| — |
| — |
| 4,950,085 |
|
Foreign |
| Edegel |
| Peru |
| BANCO CONTINENTAL |
| Peru |
| US$ |
| 6.19 | % | 5.97 | % | 160,276 |
| — |
| 160,276 |
| — |
| — |
| 10,819,378 |
| 10,819,378 |
|
Foreign |
| Edegel |
| Peru |
| BANCO CONTINENTAL |
| Peru |
| US$ |
| 6.48 | % | 6.06 | % | 83,851 |
| 281,959 |
| 365,810 |
| 2,639,913 |
| — |
| 8,220,849 |
| 10,860,762 |
|
Foreign |
| Edegel |
| Peru |
| BANCO CONTINENTAL |
| Peru |
| US$ |
| 9.19 | % | 6.44 | % | 115,630 |
| 388,820 |
| 504,450 |
| 5,903,654 |
| — |
| — |
| 5,903,654 |
|
Foreign |
| Edegel |
| Peru |
| BANCO CONTINENTAL |
| Peru |
| US$ |
| 7.94 | % | 7.78 | % | 83,988 |
| 282,422 |
| 366,410 |
| 677,444 |
| 6,208,170 |
| — |
| 6,885,614 |
|
Foreign |
| Edegel |
| Peru |
| BANCO CONTINENTAL |
| Peru |
| US$ |
| 7.27 | % | 7.13 | % | 59,850 |
| 201,252 |
| 261,102 |
| 3,783,487 |
| — |
| — |
| 3,783,487 |
|
Foreign |
| Edegel |
| Peru |
| BANCO SCOTIABANK |
| Peru |
| US$ |
| 6.76 | % | 6.63 | % | 87,568 |
| 294,460 |
| 382,028 |
| 706,319 |
| 6,190,863 |
| — |
| 6,897,182 |
|
Foreign |
| Edegel |
| Peru |
| BANCO SCOTIABANK |
| Peru |
| US$ |
| 6.12 | % | 6.00 | % | 79,307 |
| 266,681 |
| 345,988 |
| 639,685 |
| 6,096,813 |
| — |
| 6,736,498 |
|
Foreign |
| Edegel |
| Peru |
| BANCO SCOTIABANK |
| Peru |
| US$ |
| 6.60 | % | 6.10 | % | 85,503 |
| 287,515 |
| 373,018 |
| 689,660 |
| 6,853,252 |
| — |
| 7,542,912 |
|
Foreign |
| Edegel |
| Peru |
| BANCO CONTINENTAL |
| Peru |
| Soles |
| 6.59 | % | 6.23 | % | 89,628 |
| 301,387 |
| 391,015 |
| 5,873,636 |
| — |
| — |
| 5,873,636 |
|
Foreign |
| Edegel |
| Peru |
| BANCO CONTINENTAL |
| Peru |
| Soles |
| 6.47 | % | 6.47 | % | 77,676 |
| 261,195 |
| 338,871 |
| 5,051,067 |
| — |
| — |
| 5,051,067 |
|
Foreign |
| Edegel |
| Peru |
| BANCO CONTINENTAL |
| Peru |
| Soles |
| 6.16 | % | 6.09 | % | 73,923 |
| 248,577 |
| 322,500 |
| 5,114,463 |
| — |
| — |
| 5,114,463 |
|
Foreign |
| Edegel |
| Peru |
| BANCO CONTINENTAL |
| Peru |
| Soles |
| 32.27 | % | 6.16 | % | — |
| — |
| — |
| — |
| — |
| — |
| — |
|
Foreign |
| Edegel |
| Peru |
| BANCO CONTINENTAL |
| Peru |
| US$ |
| 6.06 | % | 6.06 | % | 97,652 |
| 235,722 |
| 333,374 |
| 616,363 |
| 1,789,469 |
| 5,500,435 |
| 7,906,267 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 12-2010 |
| ||||||||||||
Taxpayer |
|
|
|
|
|
|
|
|
|
|
| Effective |
| Nominal |
| Current |
| Non-current |
| ||||||||||
ID No, |
| Company |
| Country |
| Financial Institution |
| Country |
| Currency |
| Interest |
| Interest |
| Less than 90 |
| More than 90 |
| Total |
| One to Three |
| Three to Five |
| More than |
| Total Non- |
|
Foreign |
| Ampla |
| Brazil |
| BONDS |
| Brazil |
| Reais |
| 9.56 | % | 9.56 | % | 5,058,194 |
| 66,186,606 |
| 71,244,800 |
| 115,328,463 |
| 32,291,490 |
| — |
| 147,619,953 |
|
Foreign |
| Codensa |
| Colombia |
| B5 |
| Colombia |
| CPs |
| 32.27 | % | 8.00 | % | 34,864,627 |
| 14,808,827 |
| 49,673,454 |
| — |
| — |
| — |
| — |
|
Foreign |
| Codensa |
| Colombia |
| B8 |
| Colombia |
| CPs |
| 9.61 | % | 8.51 | % | 1,305,256 |
| 4,341,394 |
| 5,646,650 |
| 60,819,262 |
| — |
| — |
| 60,819,262 |
|
Foreign |
| Codensa |
| Colombia |
| B102 |
| Colombia |
| CPs |
| 8.81 | % | 7.77 | % | 700,056 |
| 2,328,447 |
| 3,028,503 |
| — |
| — |
| 94,695,348 |
| 94,695,348 |
|
Foreign |
| Codensa |
| Colombia |
| B502 |
| Colombia |
| CPs |
| 6.34 | % | 6.21 | % | 128,474 |
| 427,314 |
| 555,788 |
| 8,288,014 |
| — |
| — |
| 8,288,014 |
|
Foreign |
| Codensa |
| Colombia |
| B503 |
| Colombia |
| CPs |
| 6.48 | % | 6.37 | % | 333,765 |
| 1,110,132 |
| 1,443,897 |
| 21,659,750 |
| 19,672,953 |
| — |
| 41,332,703 |
|
Foreign |
| Codensa |
| Colombia |
| B503 |
| Colombia |
| CPs |
| 9.29 | % | 8.17 | % | 378,323 |
| 1,258,334 |
| 1,636,657 |
| 21,257,241 |
| — |
| — |
| 21,257,241 |
|
Foreign |
| Codensa |
| Colombia |
| B102 |
| Colombia |
| CPs |
| 8.62 | % | 7.50 | % | 1,124,031 |
| 3,738,624 |
| 4,862,655 |
| — |
| 36,313,095 |
| 80,644,446 |
| 116,957,541 |
|
Foreign |
| Codensa |
| Colombia |
| B103 |
| Colombia |
| CPs |
| 8.81 | % | 7.75 | % | 380,204 |
| 1,264,592 |
| 1,644,796 |
| — |
| — |
| 26,883,291 |
| 26,883,291 |
|
Foreign |
| Codensa |
| Colombia |
| B304 |
| Colombia |
| CPs |
| 6.50 | % | 5.13 | % | 251,482 |
| 836,452 |
| 1,087,934 |
| — |
| — |
| 20,546,246 |
| 20,546,246 |
|
Foreign |
| Codensa |
| Colombia |
| B604 |
| Colombia |
| CPs |
| 7.42 | % | 6.03 | % | 536,552 |
| 1,784,618 |
| 2,321,170 |
| — |
| — |
| — |
| — |
|
Foreign |
| Coelce |
| Brazil |
| Itaú |
| Brazil |
| Reais |
| 10.47 | % | 10.47 | % | 846,422 |
| 26,202,959 |
| 27,049,381 |
| — |
| — |
| — |
| — |
|
Foreign |
| Coelce |
| Brazil |
| Santander |
| Brazil |
| Reais |
| 13.57 | % | 13.57 | % | 1,599,259 |
| 5,319,276 |
| 6,918,535 |
| 39,679,680 |
| 16,650,013 |
| — |
| 56,329,693 |
|
Foreign |
| Edegel |
| Peru |
| BANCO CONTINENTAL |
| Peru |
| Soles |
| 6.32 | % | 6.31 | % | 4,162,360 |
| — |
| 4,162,360 |
| — |
| — |
| — |
| — |
|
Foreign |
| Edegel |
| Peru |
| BANCO CONTINENTAL |
| Peru |
| Soles |
| 6.31 | % | 6.28 | % | 66,273 |
| 220,431 |
| 286,704 |
| 528,747 |
| 1,293,774 |
| 5,217,004 |
| 7,039,525 |
|
Foreign |
| Edegel |
| Peru |
| BANCO CONTINENTAL |
| Peru |
| Soles |
| 6.28 | % | 6.17 | % | 65,396 |
| 217,512 |
| 282,908 |
| 521,745 |
| 1,276,641 |
| 4,424,723 |
| 6,223,109 |
|
Foreign |
| Edegel |
| Peru |
| BANCO CONTINENTAL |
| Peru |
| Soles |
| 6.75 | % | 6.11 | % | 56,693 |
| 188,567 |
| 245,260 |
| 452,314 |
| 3,464,092 |
| — |
| 3,916,406 |
|
Foreign |
| Edegel |
| Peru |
| BANCO CONTINENTAL |
| Peru |
| Soles |
| 6.50 | % | 5.92 | % | 68,242 |
| 226,979 |
| 295,221 |
| 4,482,746 |
| — |
| — |
| 4,482,746 |
|
Foreign |
| Edegel |
| Peru |
| BANCO CONTINENTAL |
| Peru |
| Soles |
| 6.44 | % | 6.17 | % | 67,586 |
| 224,796 |
| 292,382 |
| 4,524,506 |
| — |
| — |
| 4,524,506 |
|
Foreign |
| Edegel |
| Peru |
| BANCO CONTINENTAL |
| Peru |
| Soles |
| 6.63 | % | 6.33 | % | 69,554 |
| 231,344 |
| 300,898 |
| 4,557,650 |
| — |
| — |
| 4,557,650 |
|
Foreign |
| Edegel |
| Peru |
| BANCO CONTINENTAL |
| Peru |
| US$ |
| 6.19 | % | 5.97 | % | 269,406 |
| 4,353,667 |
| 4,623,073 |
| 626,739 |
| — |
| 5,590,323 |
| 6,217,062 |
|
Foreign |
| Edegel |
| Peru |
| BANCO CONTINENTAL |
| Peru |
| US$ |
| 6.48 | % | 6.06 | % | 75,208 |
| 250,147 |
| 325,355 |
| 428,296 |
| — |
| 3,383,243 |
| 3,811,539 |
|
Foreign |
| Edegel |
| Peru |
| BANCO CONTINENTAL |
| Peru |
| US$ |
| 9.19 | % | 6.44 | % | 103,734 |
| 345,028 |
| 448,762 |
| 600,026 |
| 1,468,183 |
| 7,663,880 |
| 9,732,089 |
|
Foreign |
| Edegel |
| Peru |
| BANCO CONTINENTAL |
| Peru |
| US$ |
| 7.94 | % | 7.78 | % | 75,334 |
| 250,569 |
| 325,903 |
| 601,038 |
| 1,470,659 |
| 4,120,651 |
| 6,192,348 |
|
Foreign |
| Edegel |
| Peru |
| BANCO CONTINENTAL |
| Peru |
| US$ |
| 7.27 | % | 7.13 | % | 53,683 |
| 178,554 |
| 232,237 |
| 532,248 |
| 846,573 |
| 5,665,215 |
| 7,044,036 |
|
Foreign |
| Edegel |
| Peru |
| BANCO SCOTIABANK |
| Peru |
| US$ |
| 6.76 | % | 6.63 | % | 78,556 |
| 261,284 |
| 339,840 |
| 567,661 |
| — |
| 5,504,523 |
| 6,072,184 |
|
Foreign |
| Edegel |
| Peru |
| BANCO SCOTIABANK |
| Peru |
| US$ |
| 6.12 | % | 6.00 | % | 71,151 |
| 236,654 |
| 307,805 |
| 608,863 |
| — |
| 6,169,906 |
| 6,778,769 |
|
Foreign |
| Edegel |
| Peru |
| BANCO SCOTIABANK |
| Peru |
| US$ |
| 6.60 | % | 6.10 | % | 76,315 |
| 253,831 |
| 330,146 |
| 827,616 |
| 4,892,958 |
| — |
| 5,720,574 |
|
Foreign |
| Edegel |
| Peru |
| BANCO CONTINENTAL |
| Peru |
| Soles |
| 6.59 | % | 6.23 | % | 78,364 |
| 260,646 |
| 339,010 |
| 625,209 |
| 4,767,047 |
| — |
| 5,392,256 |
|
Foreign |
| Edegel |
| Peru |
| BANCO CONTINENTAL |
| Peru |
| Soles |
| 6.47 | % | 6.47 | % | 67,914 |
| 225,888 |
| 293,802 |
| 4,639,193 |
| — |
| — |
| 4,639,193 |
|
Foreign |
| Edegel |
| Peru |
| BANCO CONTINENTAL |
| Peru |
| Soles |
| 6.16 | % | 6.09 | % | 64,633 |
| 214,975 |
| 279,608 |
| 164,402 |
| — |
| — |
| 164,402 |
|
Foreign |
| Edegel |
| Peru |
| BANCO CONTINENTAL |
| Peru |
| Soles |
| 32.27 | % | 6.16 | % | 77,560 |
| 5,057,591 |
| 5,135,151 |
| — |
| — |
| — |
| — |
|
Foreign |
| Edegel |
| Peru |
| BANCO CONTINENTAL |
| Peru |
| US$ |
| 6.06 | % | 6.06 | % | 66,712 |
| 221,891 |
| 288,603 |
| 13,746,666 |
| — |
| — |
| 13,746,666 |
|
f. Secured and unsecured liabilities by company
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 12-2011 |
| ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| Effective |
| Nominal |
| Current |
| Non-current |
| ||||||||||
Taxpayer ID |
| Company |
| Country |
| Financial Institution |
| Country |
| Currency |
| Interest |
| Interest |
| Less than 90 |
| More than 90 |
| Total Current |
| One to Three |
| Three to Five |
| More than Five |
| Total Non- |
|
Foreign |
| Edegel |
| Peru |
| BANCO CONTINENTAL |
| Peru |
| US$ |
| 32.27 | % | 5.79 | % | — |
| — |
| — |
| — |
| — |
| — |
| — |
|
Foreign |
| Edelnor |
| Peru |
| Military / Police pension fund |
| Peru |
| Soles |
| 5.45 | % | 5.44 | % | 63,823 |
| 214,613 |
| 278,436 |
| 5,077,124 |
| — |
| — |
| 5,077,124 |
|
Foreign |
| Edelnor |
| Peru |
| FCR - Macrofund |
| Peru |
| Soles |
| 6.44 | % | 1.27 | % | 76,203 |
| 256,244 |
| 332,447 |
| 5,180,728 |
| — |
| — |
| 5,180,728 |
|
Foreign |
| Edelnor |
| Peru |
| Rimac Internacional Cia de Seguros |
| Peru |
| Soles |
| 6.48 | % | 6.48 | % | 151,944 |
| 510,933 |
| 662,877 |
| 10,342,337 |
| — |
| — |
| 10,342,337 |
|
Foreign |
| Edelnor |
| Peru |
| Rimac Internacional Cia de Seguros |
| Peru |
| Soles |
| 32.27 | % | 0.48 | % | — |
| — |
| — |
| — |
| — |
| — |
| — |
|
Foreign |
| Edelnor |
| Peru |
| AFP Integra |
| Peru |
| Soles |
| 14.00 | % | 14.00 | % | 126,147 |
| 424,187 |
| 550,334 |
| 1,017,494 |
| — |
| 5,991,693 |
| 7,009,187 |
|
Foreign |
| Edelnor |
| Peru |
| Retirement Insurance fund for Noncommissioned Officers and Specialists - Fosersoe |
| Peru |
| Soles |
| 7.44 | % | 7.31 | % | 107,277 |
| 360,734 |
| 468,011 |
| 865,289 |
| 2,512,167 |
| 6,209,886 |
| 9,587,342 |
|
Foreign |
| Edelnor |
| Peru |
| AFP Integra |
| Peru |
| Soles |
| 7.88 | % | 7.31 | % | 15,147 |
| 821,547 |
| 836,694 |
| — |
| — |
| — |
| — |
|
Foreign |
| Edelnor |
| Peru |
| Social Health Insurance - Essalud |
| Peru |
| Soles |
| 7.57 | % | 7.56 | % | 54,563 |
| 183,474 |
| 238,037 |
| 2,962,950 |
| — |
| — |
| 2,962,950 |
|
Foreign |
| Edelnor |
| Peru |
| AFP Profuturo |
| Peru |
| Soles |
| 8.17 | % | 7.56 | % | 70,593 |
| 237,379 |
| 307,972 |
| 569,399 |
| 4,271,435 |
| — |
| 4,840,834 |
|
Foreign |
| Edelnor |
| Peru |
| AFP Integra |
| Peru |
| Soles |
| 7.23 | % | 7.22 | % | 52,086 |
| 175,146 |
| 227,232 |
| 420,122 |
| 3,482,779 |
| — |
| 3,902,901 |
|
Foreign |
| Edelnor |
| Peru |
| AFP Horizonte |
| Peru |
| Soles |
| 7.06 | % | 7.06 | % | 62,548 |
| 210,325 |
| 272,873 |
| 504,506 |
| 4,816,026 |
| — |
| 5,320,532 |
|
Foreign |
| Edelnor |
| Peru |
| AFP Integra |
| Peru |
| Soles |
| 8.01 | % | 7.06 | % | 104,593 |
| 351,709 |
| 456,302 |
| 843,643 |
| — |
| 6,430,925 |
| 7,274,568 |
|
Foreign |
| Edelnor |
| Peru |
| AFP Integra |
| Peru |
| Soles |
| 6.67 | % | 6.66 | % | 48,033 |
| 161,519 |
| 209,552 |
| 3,034,955 |
| — |
| — |
| 3,034,955 |
|
Foreign |
| Edelnor |
| Peru |
| FCR - Macrofund |
| Peru |
| Soles |
| 5.70 | % | 5.69 | % | 3,926,418 |
| — |
| 3,926,418 |
| — |
| — |
| — |
| — |
|
Foreign |
| Edelnor |
| Peru |
| AFP Profuturo |
| Peru |
| Soles |
| 5.91 | % | 5.69 | % | 56,814 |
| 191,045 |
| 247,859 |
| 458,259 |
| 3,910,505 |
| — |
| 4,368,764 |
|
Foreign |
| Edelnor |
| Peru |
| AFP Integra |
| Peru |
| Soles |
| 5.97 | % | 5.91 | % | 7,975,989 |
|
|
| 7,975,989 |
| — |
| — |
| — |
| — |
|
Foreign |
| Edelnor |
| Peru |
| AFP Horizonte |
| Peru |
| Soles |
| 6.94 | % | 5.97 | % | 133,328 |
| 448,335 |
| 581,663 |
| 1,075,419 |
| 8,019,674 |
| — |
| 9,095,093 |
|
Foreign |
| Edelnor |
| Peru |
| AFP Prima |
| Peru |
| Soles |
| 6.94 | % | 6.94 | % | 6,065,488 |
| — |
| 6,065,488 |
| — |
| — |
| — |
| — |
|
Foreign |
| Edelnor |
| Peru |
| AFP Prima |
| Peru |
| Soles |
| 6.85 | % | 6.56 | % | 98,656 |
| 6,111,343 |
| 6,209,999 |
| — |
| — |
| — |
| — |
|
Foreign |
| Edelnor |
| Peru |
| AFP Prima |
| Peru |
| Soles |
| 7.13 | % | 5.94 | % | 68,516 |
| 230,393 |
| 298,909 |
| 552,643 |
| 5,457,537 |
| — |
| 6,010,180 |
|
Foreign |
| Edelnor |
| Peru |
| AFP Integra |
| Peru |
| Soles |
| 6.29 | % | 5.94 | % | 60,381 |
| 203,039 |
| 263,420 |
| 3,893,541 |
| — |
| — |
| 3,893,541 |
|
Foreign |
| Edelnor |
| Peru |
| Mapfre Peru Cia de Seguros |
| Peru |
| Soles |
| 6.82 | % | 6.28 | % | 81,845 |
| 275,214 |
| 357,059 |
| 5,284,017 |
| — |
| — |
| 5,284,017 |
|
Foreign |
| Edelnor |
| Peru |
| AFP Prima |
| Peru |
| Soles |
| 7.13 | % | 6.81 | % | 85,597 |
| 287,833 |
| 373,430 |
| 690,422 |
| 5,790,825 |
| — |
| 6,481,247 |
|
Foreign |
| Edelnor |
| Peru |
| AFP Prima |
| Peru |
| Soles |
| 32.27 | % | 7.13 | % | — |
| — |
| — |
| — |
| — |
| — |
| — |
|
Foreign |
| Edelnor |
| Peru |
| AFP Prima |
| Peru |
| Soles |
| 7.72 | % | 7.50 | % | 111,264 |
| 374,141 |
| 485,405 |
| — |
| — |
| 6,004,573 |
| 6,004,573 |
|
Foreign |
| Edelnor |
| Peru |
| AFP Prima |
| Peru |
| Soles |
| 8.32 | % | 7.72 | % | 51,945 |
| 2,662,041 |
| 2,713,986 |
| — |
| — |
| — |
| — |
|
Foreign |
| Edelnor |
| Peru |
| AFP Profuturo |
| Peru |
| Soles |
| 32.27 | % | 8.25 | % | — |
| — |
| — |
| — |
| — |
| — |
| — |
|
Foreign |
| Edelnor |
| Peru |
| AFP Profuturo |
| Peru |
| Soles |
| 32.27 | % | 7.81 | % | — |
| — |
| — |
| — |
| — |
| — |
| — |
|
Foreign |
| Edelnor |
| Peru |
| AFP Profuturo |
| Peru |
| Soles |
| 7.82 | % | 7.81 | % | 4,936,463 |
| — |
| 4,936,463 |
| — |
| — |
| — |
| — |
|
Foreign |
| Edelnor |
| Peru |
| AFP Profuturo |
| Peru |
| Soles |
| 7.91 | % | 7.91 | % | 6,276,791 |
| — |
| 6,276,791 |
| — |
| — |
| — |
| — |
|
Foreign |
| Edelnor |
| Peru |
| AFP Profuturo |
| Peru |
| Soles |
| 8.07 | % | 6.56 | % | 96,506 |
| 324,515 |
| 421,021 |
| 778,412 |
| — |
| 4,863,685 |
| 5,642,097 |
|
Foreign |
| Edelnor |
| Peru |
| Fondo Mi Vivienda |
| Peru |
| Soles |
| 6.57 | % | 6.56 | % | 92,948 |
| 312,552 |
| 405,500 |
| — |
| — |
| 6,177,926 |
| 6,177,926 |
|
Foreign |
| Edelnor |
| Peru |
| Atlantic Security Bank |
| Peru |
| Soles |
| 7.07 | % | 6.16 | % | 101,873 |
| 342,563 |
| 444,436 |
| 821,704 |
| — |
| 7,348,002 |
| 8,169,706 |
|
Foreign |
| Edelnor |
| Peru |
| AFP Integra |
| Peru |
| Soles |
| 7.45 | % | 7.44 | % | 63,749 |
| 214,363 |
| 278,112 |
| 514,191 |
| 3,917,515 |
| — |
| 4,431,706 |
|
Foreign |
| Edesur |
| Argentina |
| oeds7 |
| Argentina |
| Ar$ |
| 11.74 | % | 8.00 | % | 116,551 |
| 4,100,169 |
| 4,216,720 |
| — |
| — |
| — |
| — |
|
Foreign |
| Emgesa |
| Colombia |
| B10 Bonds |
| Colombia |
| CPs |
| 32.27 | % | 7.05 | % | — |
| — |
| — |
| — |
| — |
| — |
| — |
|
Foreign |
| Emgesa |
| Colombia |
| A-10 Bonds |
| Colombia |
| CPs |
| 8.22 | % | 7.21 | % | 1,150,327 |
| 3,868,134 |
| 5,018,461 |
| 9,278,465 |
| — |
| 56,536,718 |
| 65,815,183 |
|
Foreign |
| Emgesa |
| Colombia |
| B-103 Bonds |
| Colombia |
| CPs |
| 9.97 | % | 5.11 | % | 1,129,556 |
| 3,798,288 |
| 4,927,844 |
| 9,110,927 |
| — |
| 62,840,794 |
| 71,951,721 |
|
Foreign |
| Emgesa |
| Colombia |
| A102 Bonds |
| Colombia |
| CPs |
| 8.13 | % | 6.34 | % | 216,825 |
| 729,104 |
| 945,929 |
| 1,748,896 |
| 10,768,120 |
| — |
| 12,517,016 |
|
Foreign |
| Emgesa |
| Colombia |
| A2-5 Bonds |
| Colombia |
| CPs |
| 5.43 | % | 4.83 | % | 179,093 |
| 602,226 |
| 781,319 |
| 14,001,389 |
| — |
| — |
| 14,001,389 |
|
Foreign |
| Emgesa |
| Colombia |
| B105 Bonds |
| Colombia |
| CPs |
| 9.27 | % | 4.83 | % | 569,828 |
| 1,916,126 |
| 2,485,954 |
| 28,105,888 |
| — |
| — |
| 28,105,888 |
|
Foreign |
| Emgesa |
| Colombia |
| B105 Bonds |
| Colombia |
| CPs |
| 9.13 | % | 5.33 | % | 1,328,332 |
| 4,466,698 |
| 5,795,030 |
| 10,714,236 |
| 84,115,563 |
| — |
| 94,829,799 |
|
Foreign |
| Emgesa |
| Colombia |
| A5 Bonds |
| Colombia |
| CPs |
| 32.27 | % | 7.77 | % | — |
| — |
| — |
| — |
| — |
| — |
| — |
|
Foreign |
| Emgesa |
| Colombia |
| B9 Bonds |
| Colombia |
| CPs |
| 32.27 | % | 6.07 | % | — |
| — |
| — |
| — |
| — |
| — |
| — |
|
Foreign |
| Emgesa |
| Colombia |
| B104 Bonds |
| Colombia |
| CPs |
| 9.28 | % | 7.94 | % | 989,794 |
| 3,328,320 |
| 4,318,114 |
| 7,983,617 |
| — |
| 65,971,663 |
| 73,955,280 |
|
Foreign |
| Emgesa |
| Colombia |
| B104 Bonds |
| Colombia |
| CPs |
| 9.80 | % | 9.80 | % | 354,285 |
| 1,191,331 |
| 1,545,616 |
| 2,857,637 |
| 8,296,492 |
| 21,943,442 |
| 33,097,571 |
|
Foreign |
| Emgesa |
| Colombia |
| C10 Bonds |
| Colombia |
| CPs |
| 32.27 | % | 8.14 | % | — |
| — |
| — |
| — |
| — |
| — |
| — |
|
Foreign |
| Emgesa |
| Colombia |
| E105-5 Bonds |
| Colombia |
| CPs |
| 9.33 | % | 9.27 | % | 556,858 |
| 1,872,513 |
| 2,429,371 |
| 4,491,583 |
| 13,040,277 |
| 28,416,894 |
| 45,948,754 |
|
Foreign |
| Emgesa |
| Colombia |
| B1 Bonds |
| Colombia |
| CPs |
| 10.17 | % | 7.76 | % | 4,386,227 |
| 14,749,291 |
| 19,135,518 |
| 35,379,018 |
| — |
| 310,816,486 |
| 346,195,504 |
|
Foreign |
| Emgesa |
| Colombia |
| Commercial papers |
| Colombia |
| CPs |
| 10.17 | % | 4.00 | % | 610,366 |
| 2,052,440 |
| 2,662,806 |
| 4,923,173 |
| — |
| 43,251,722 |
| 48,174,895 |
|
91,081,000-6 |
| Endesa Chile |
| Chile |
| The Bank of New York Mellon — First Issue S-1 |
| USA |
| US$ |
| 7.88 | % | 7.88 | % | 703,310 |
| 2,364,976 |
| 3,068,286 |
| 5,672,852 |
| 16,469,819 |
| 84,974,171 |
| 107,116,842 |
|
91,081,000-6 |
| Endesa Chile |
| Chile |
| The Bank of New York Mellon — First Issue S-2 |
| USA |
| US$ |
| 8.27 | % | 7.33 | % | 2,204,773 |
| 7,413,852 |
| 9,618,625 |
| 17,783,553 |
| 51,630,453 |
| 177,679,777 |
| 247,093,783 |
|
91,081,000-6 |
| Endesa Chile |
| Chile |
| The Bank of New York Mellon — First Issue S-3 |
| USA |
| US$ |
| 9.21 | % | 8.13 | % | 2,384,734 |
| 8,018,994 |
| 10,403,728 |
| 19,235,104 |
| 109,486,718 |
| — |
| 128,721,822 |
|
91,081,000-6 |
| Endesa Chile |
| Chile |
| Banco Santander Chile — 264 Series-F |
| Chile |
| U.F. |
| 10.59 | % | 6.20 | % | 31,321,953 |
| — |
| 31,321,953 |
| — |
| — |
| — |
| — |
|
91,081,000-6 |
| Endesa Chile |
| Chile |
| The Bank of New York Mellon - 144 - A |
| USA |
| US$ |
| 8.95 | % | 8.35 | % | 4,635,971 |
| 15,589,088 |
| 20,225,059 |
| 218,659,499 |
| — |
| — |
| 218,659,499 |
|
91,081,000-6 |
| Endesa Chile |
| Chile |
| The Bank of New York Mellon - 144 - A |
| USA |
| US$ |
| 8.74 | % | 8.63 | % | 457,603 |
| 1,538,753 |
| 1,996,356 |
| 3,690,997 |
| 10,715,959 |
| 162,562,141 |
| 176,969,097 |
|
91,081,000-6 |
| Endesa Chile |
| Chile |
| Banco Santander Chile — 317 Series-H |
| Chile |
| U.F. |
| 10.66 | % | 6.20 | % | 2,124,125 |
| 11,532,964 |
| 13,657,089 |
| 24,422,163 |
| 58,670,925 |
| 66,097,899 |
| 149,190,987 |
|
91,081,000-6 |
| Endesa Chile |
| Chile |
| Banco Santander Chile — 318 Series-K |
| Chile |
| U.F. |
| 7.85 | % | 3.80 | % | 1,746,368 |
| 5,872,402 |
| 7,618,770 |
| 14,086,088 |
| 40,895,714 |
| 145,246,623 |
| 200,228,425 |
|
91,081,000-6 |
| Endesa Chile |
| Chile |
| Banco Santander Chile — 522 Series-M |
| Chile |
| U.F. |
| 8.95 | % | 4.75 | % | 4,973,783 |
| 16,725,028 |
| 21,698,811 |
| 40,118,205 |
| 136,748,818 |
| 305,217,831 |
| 482,084,854 |
|
94,271,000-3 |
| Enersis |
| Chile |
| Yankee bonds 2016 |
| USA |
| US$ |
| 7.71 | % | 7.40 | % | 2,492,775 |
| 8,382,298 |
| 10,875,073 |
| 20,106,557 |
| 158,089,452 |
| — |
| 178,196,009 |
|
94,271,000-3 |
| Enersis |
| Chile |
| Yankee bonds 2026 |
| USA |
| US$ |
| 6.88 | % | 6.60 | % | 7,638 |
| 25,685 |
| 33,323 |
| 61,611 |
| 178,874 |
| 660,104 |
| 900,589 |
|
94,271,000-3 |
| Enersis |
| Chile |
| Yankee bonds 2014 |
| USA |
| US$ |
| 7.68 | % | 7.38 | % | 9,552,437 |
| 5,637,390 |
| 15,189,827 |
| 195,829,642 |
| — |
| — |
| 195,829,642 |
|
94,271,000-3 |
| Enersis |
| Chile |
| UF 269 Bonds |
| Chile |
| U.F. |
| 10.36 | % | 5.75 | % | 837,156 |
| 5,068,678 |
| 5,905,834 |
| 10,912,682 |
| 27,372,736 |
| 11,324,847 |
| 49,610,265 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total |
| 125,993,266 |
| 315,961,506 |
| 441,954,772 |
| 1,090,734,784 |
| 1,223,629,768 |
| 1,706,968,022 |
| 4,021,332,574 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 12-2010 |
| ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| Effective |
| Nominal |
| Current |
| Non-current |
| ||||||||||
Taxpayer ID |
| Company |
| Country |
| Financial Institution |
| Country |
| Currency |
| Interest |
| Interest |
| Less than 90 |
| More than 90 |
| Total Current |
| One to Three |
| Three to Five |
| More than Five |
| Total Non- |
|
Foreign |
| Edegel |
| Peru |
| BANCO CONTINENTAL |
| Peru |
| US$ |
| 32.27 | % | 5.79 | % | — |
| — |
| — |
| 429,592 |
| — |
| — |
| 429,592 |
|
Foreign |
| Edelnor |
| Peru |
| Military / Police pension fund |
| Peru |
| Soles |
| 5.45 | % | 5.44 | % | 53,845 |
| 179,094 |
| 232,939 |
| 429,592 |
| 7,737,244 |
| — |
| 8,166,836 |
|
Foreign |
| Edelnor |
| Peru |
| FCR - Macrofund |
| Peru |
| Soles |
| 6.44 | % | 1.27 | % | 64,056 |
| 213,056 |
| 277,112 |
| 511,056 |
| 4,027,619 |
| — |
| 4,538,675 |
|
Foreign |
| Edelnor |
| Peru |
| Rimac Internacional Cia de Seguros |
| Peru |
| Soles |
| 6.48 | % | 6.48 | % | 127,846 |
| 425,227 |
| 553,073 |
| 1,019,989 |
| 8,041,180 |
| — |
| 9,061,169 |
|
Foreign |
| Edelnor |
| Peru |
| Rimac Internacional Cia de Seguros |
| Peru |
| Soles |
| 32.27 | % | 0.48 | % | 815,693 |
| — |
| 815,693 |
| — |
| — |
| — |
| — |
|
Foreign |
| Edelnor |
| Peru |
| AFP Integra |
| Peru |
| Soles |
| 14.00 | % | 14.00 | % | 110,243 |
| 366,678 |
| 476,921 |
| 879,547 |
| 5,838,330 |
| — |
| 6,717,877 |
|
Foreign |
| Edelnor |
| Peru |
| Retirement Insurance fund for Noncommissioned Officers and Specialists — Fosersoe |
| Peru |
| Solses |
| 7.44 | % | 7.31 | % | 3,352,913 |
| — |
| 3,352,913 |
| — |
| — |
| — |
| — |
|
Foreign |
| Edelnor |
| Peru |
| AFP Integra |
| Peru |
| Soles |
| 7.88 | % | 7.31 | % | 13,176 |
| 43,824 |
| 57,000 |
| 719,004 |
| — |
| — |
| 719,004 |
|
Foreign |
| Edelnor |
| Peru |
| Social Health Insurance - Essalud |
| Peru |
| Soles |
| 7.57 | % | 7.56 | % | 47,638 |
| 158,449 |
| 206,087 |
| — |
| 2,752,371 |
| — |
| 2,752,371 |
|
Foreign |
| Edelnor |
| Peru |
| AFP Profuturo |
| Peru |
| Soles |
| 8.17 | % | 7.56 | % | 61,654 |
| 205,067 |
| 266,721 |
| 491,892 |
| 3,713,379 |
| — |
| 4,205,271 |
|
Foreign |
| Edelnor |
| Peru |
| AFP Integra |
| Peru |
| Soles |
| 7.23 | % | 7.22 | % | 45,473 |
| 151,246 |
| 196,719 |
| 362,794 |
| 3,026,055 |
| — |
| 3,388,849 |
|
Foreign |
| Edelnor |
| Peru |
| AFP Horizonte |
| Peru |
| Soles |
| 7.06 | % | 7.06 | % | 3,371,548 |
| — |
| 3,371,548 |
| — |
| — |
| — |
| — |
|
Foreign |
| Edelnor |
| Peru |
| AFP Integra |
| Peru |
| Soles |
| 8.01 | % | 7.06 | % | 91,381 |
| 303,942 |
| 395,323 |
| 729,064 |
| 1,836,652 |
| — |
| 2,565,716 |
|
Foreign |
| Edelnor |
| Peru |
| AFP Integra |
| Peru |
| Soles |
| 6.67 | % | 6.66 | % | 41,929 |
| 139,461 |
| 181,390 |
| — |
| 2,791,758 |
| — |
| 2,791,758 |
|
Foreign |
| Edelnor |
| Peru |
| FCR - Macrofund |
| Peru |
| Soles |
| 5.70 | % | 5.69 | % | 47,769 |
| 158,885 |
| 206,654 |
| 3,379,468 |
| — |
| — |
| 3,379,468 |
|
Foreign |
| Edelnor |
| Peru |
| AFP Profuturo |
| Peru |
| Soles |
| 5.91 | % | 5.69 | % | 49,607 |
| 164,996 |
| 214,603 |
| 395,775 |
| 3,710,199 |
| — |
| 4,105,974 |
|
Foreign |
| Edelnor |
| Peru |
| AFP Integra |
| Peru |
| Soles |
| 5.97 | % | 5.91 | % | 100,263 |
| 333,484 |
| 433,747 |
| 6,863,872 |
| — |
| — |
| 6,863,872 |
|
Foreign |
| Edelnor |
| Peru |
| AFP Horizonte |
| Peru |
| Soles |
| 6.94 | % | 5.97 | % | 116,536 |
| 387,610 |
| 504,146 |
| 929,757 |
| 7,552,392 |
| — |
| 8,482,149 |
|
Foreign |
| Edelnor |
| Peru |
| AFP Prima |
| Peru |
| Soles |
| 6.94 | % | 6.94 | % | 82,678 |
| 274,994 |
| 357,672 |
| — |
| — |
| 5,217,603 |
| 5,217,603 |
|
Foreign |
| Edelnor |
| Peru |
| AFP Prima |
| Peru |
| Soles |
| 6.85 | % | 6.56 | % | 86,221 |
| 286,779 |
| 373,000 |
| 5,342,274 |
| — |
| — |
| 5,342,274 |
|
Foreign |
| Edelnor |
| Peru |
| AFP Prima |
| Peru |
| Soles |
| 7.13 | % | 5.94 | % | 3,382,087 |
| — |
| 3,382,087 |
| — |
| — |
| — |
| — |
|
Foreign |
| Edelnor |
| Peru |
| AFP Integra |
| Peru |
| Soles |
| 6.29 | % | 5.94 | % | 52,756 |
| 175,472 |
| 228,228 |
| 3,577,649 |
| — |
| — |
| 3,577,649 |
|
Foreign |
| Edelnor |
| Peru |
| Mapfre Peru Cia de Seguros |
| Peru |
| Soles |
| 6.82 | % | 6.28 | % | 71,523 |
| 237,891 |
| 309,414 |
| 570,628 |
| 4,283,441 |
| — |
| 4,854,069 |
|
Foreign |
| Edelnor |
| Peru |
| AFP Prima |
| Peru |
| Soles |
| 7.13 | % | 6.81 | % | 74,804 |
| 248,804 |
| 323,608 |
| 596,804 |
| — |
| 1,147,374 |
| 1,744,178 |
|
Foreign |
| Edelnor |
| Peru |
| AFP Prima |
| Peru |
| Soles |
| 32.27 | % | 7.13 | % | 62,993 |
| 3,415,752 |
| 3,478,745 |
| — |
| — |
| — |
| — |
|
Foreign |
| Edelnor |
| Peru |
| AFP Prima |
| Peru |
| Soles |
| 7.72 | % | 7.50 | % | 97,245 |
| 323,445 |
| 420,690 |
| 5,579,682 |
| — |
| — |
| 5,579,682 |
|
Foreign |
| Edelnor |
| Peru |
| AFP Prima |
| Peru |
| Soles |
| 8.32 | % | 7.72 | % | 45,381 |
| 150,941 |
| 196,322 |
| 2,331,681 |
| — |
| — |
| 2,331,681 |
|
Foreign |
| Edelnor |
| Peru |
| AFP Profuturo |
| Peru |
| Soles |
| 32.27 | % | 8.25 | % | 1,850,054 |
| 940,321 |
| 2,790,375 |
| — |
| — |
| — |
| — |
|
Foreign |
| Edelnor |
| Peru |
| AFP Profuturo |
| Peru |
| Soles |
| 32.27 | % | 7.81 | % | 83,531 |
| 4,519,744 |
| 4,603,275 |
| — |
| — |
| — |
| — |
|
Foreign |
| Edelnor |
| Peru |
| AFP Profuturo |
| Peru |
| Soles |
| 7.82 | % | 7.81 | % | 99,607 |
| 331,302 |
| 430,909 |
| 5,395,672 |
| — |
| — |
| 5,395,672 |
|
Foreign |
| Edelnor |
| Peru |
| AFP Profuturo |
| Peru |
| Soles |
| 7.91 | % | 7.91 | % | 84,342 |
| 280,527 |
| 364,869 |
| 672,899 |
| — |
| 14,378,772 |
| 15,051,671 |
|
Foreign |
| Edelnor |
| Peru |
| AFP Profuturo |
| Peru |
| Soles |
| 8.07 | % | 6.56 | % | 81,231 |
| 270,181 |
| 351,412 |
| 648,082 |
| — |
| 28,621,219 |
| 29,269,301 |
|
Foreign |
| Edelnor |
| Peru |
| Fondo Mi Vivienda |
| Peru |
| Soles |
| 6.57 | % | 6.56 | % | 88,558 |
| 294,551 |
| 383,109 |
| 706,538 |
| — |
| — |
| 706,538 |
|
Foreign |
| Edelnor |
| Peru |
| Atlantic Security Bank |
| Peru |
| Soles |
| 7.07 | % | 6.16 | % | 55,355 |
| 184,114 |
| 239,469 |
| 441,633 |
| — |
| — |
| 441,633 |
|
Foreign |
| Edelnor |
| Peru |
| AFP Integra |
| Peru |
| Soles |
| 7.45 | % | 7.44 | % | 130,063 |
| 432,600 |
| 562,663 |
| 1,037,675 |
| 2,539,051 |
| — |
| 3,576,726 |
|
Foreign |
| Edesur |
| Argentina |
| oeds7 |
| Argentina |
| Ar$ |
| 11.74 | % | 8.00 | % | 510,018 |
| 9,010,562 |
| 9,520,580 |
| 4,165,269 |
| — |
| — |
| 4,165,269 |
|
Foreign |
| Emgesa |
| Colombia |
| B10 Bonds |
| Colombia |
| CPs |
| 32.27 | % | 7.05 | % | 925,274 |
| 46,241,341 |
| 47,166,615 |
| — |
| — |
| — |
| — |
|
Foreign |
| Emgesa |
| Colombia |
| A-10 Bonds |
| Colombia |
| CPs |
| 8.22 | % | 7.21 | % | 928,950 |
| 3,089,767 |
| 4,018,717 |
| 7,411,403 |
| — |
| 58,531,760 |
| 65,943,163 |
|
Foreign |
| Emgesa |
| Colombia |
| B-103 Bonds |
| Colombia |
| CPs |
| 9.97 | % | 5.11 | % | — |
| 3,417,457 |
| 3,417,457 |
| — |
| — |
| 59,944,656 |
| 59,944,656 |
|
Foreign |
| Emgesa |
| Colombia |
| A102 Bonds |
| Colombia |
| CPs |
| 8.13 | % | 6.34 | % | 127,910 |
| 425,441 |
| 553,351 |
| 1,020,502 |
| — |
| — |
| 1,020,502 |
|
Foreign |
| Emgesa |
| Colombia |
| A2-5 Bonds |
| Colombia |
| CPs |
| 5.43 | % | 4.83 | % | 920,115 |
| 3,060,381 |
| 3,980,496 |
| 7,340,914 |
| — |
| 12,326,963 |
| 19,667,877 |
|
Foreign |
| Emgesa |
| Colombia |
| B105 Bonds |
| Colombia |
| CPs |
| 9.27 | % | 4.83 | % | 631,089 |
| 16,269,543 |
| 16,900,632 |
| — |
| — |
| — |
| — |
|
Foreign |
| Emgesa |
| Colombia |
| B105 Bonds |
| Colombia |
| CPs |
| 9.13 | % | 5.33 | % | 525,615 |
| 1,748,240 |
| 2,273,855 |
| 4,193,491 |
| 23,479,236 |
| — |
| 27,672,727 |
|
Foreign |
| Emgesa |
| Colombia |
| A5 Bonds |
| Colombia |
| CPs |
| 32.27 | % | 7.77 | % | 1,870,289 |
| 2,803,288 |
| 4,673,577 |
| 8,619,110 |
| 74,169,812 |
| — |
| 82,788,922 |
|
Foreign |
| Emgesa |
| Colombia |
| B9 Bonds |
| Colombia |
| CPs |
| 32.27 | % | 6.07 | % | 454,112 |
| 1,510,415 |
| 1,964,527 |
| 3,623,022 |
| 8,865,052 |
| 27,196,423 |
| 39,684,497 |
|
Foreign |
| Emgesa |
| Colombia |
| B104 Bonds |
| Colombia |
| CPs |
| 9.28 | % | 7.94 | % | 774,134 |
| 2,574,836 |
| 3,348,970 |
| 6,176,240 |
| 15,112,435 |
| 42,007,978 |
| 63,296,653 |
|
Foreign |
| Emgesa |
| Colombia |
| B104 Bonds |
| Colombia |
| CPs |
| 9.80 | % | 9.80 | % | — |
| — |
| — |
| — |
| — |
| — |
| — |
|
Foreign |
| Emgesa |
| Colombia |
| C10 Bonds |
| Colombia |
| CPs |
| 32.27 | % | 8.14 | % | 278,613 |
| 926,691 |
| 1,205,304 |
| 2,222,846 |
| 5,439,008 |
| 20,133,297 |
| 27,795,151 |
|
Foreign |
| Emgesa |
| Colombia |
| E105-5 Bonds |
| Colombia |
| CPs |
| 9.33 | % | 9.27 | % | — |
| — |
| — |
| — |
| — |
| — |
| — |
|
Foreign |
| Emgesa |
| Colombia |
| B1 Bonds |
| Colombia |
| CPs |
| 10.17 | % | 7.76 | % | — |
| — |
| — |
| — |
| — |
| — |
| — |
|
Foreign |
| Emgesa |
| Colombia |
| Commercial papers |
| Colombia |
| CPs |
| 10.17 | % | 4.00 | % | 180,638 |
| 17,507,497 |
| 17,688,135 |
| — |
| — |
| — |
| — |
|
91,081,000-6 |
| Endesa Chile |
| Chile |
| The Bank of New York Mellon — First Issue S-1 |
| USA |
| US$ |
| 7.88 | % | 7.88 | % | 3,258,258 |
| — |
| 3,258,258 |
| — |
| — |
| 133,240,165 |
| 133,240,165 |
|
91,081,000-6 |
| Endesa Chile |
| Chile |
| The Bank of New York Mellon — First Issue S-2 |
| USA |
| US$ |
| 8.27 | % | 7.33 | % | 1,800,577 |
|
|
| 1,800,577 |
| — |
| — |
| 67,013,806 |
| 67,013,806 |
|
91,081,000-6 |
| Endesa Chile |
| Chile |
| The Bank of New York Mellon — First Issue S-3 |
| USA |
| US$ |
| 9.21 | % | 8.13 | % | 1,995,692 |
| 6,202,409 |
| 8,198,101 |
| — |
| — |
| 14,515,600 |
| 14,515,600 |
|
91,081,000-6 |
| Endesa Chile |
| Chile |
| Banco Santander Chile - 264 Series-F |
| Chile |
| U.F. |
| 10.59 | % | 6.20 | % | 1,277,966 |
| 2,083,536 |
| 3,361,502 |
| 6,435,714 |
| 19,069,273 |
| 23,877,508 |
| 49,382,495 |
|
91,081,000-6 |
| Endesa Chile |
| Chile |
| The Bank of New York Mellon - 144 - A |
| USA |
| US$ |
| 8.95 | % | 8.35 | % | — |
| 13,893,834 |
| 13,893,834 |
| 86,790,375 |
| 143,546,561 |
| 157,010,138 |
| 387,347,074 |
|
91,081,000-6 |
| Endesa Chile |
| Chile |
| The Bank of New York Mellon - 144 - A |
| USA |
| US$ |
| 8.74 | % | 8.63 | % | 3,450,641 |
| 10,287,028 |
| 13,737,669 |
| 186,924,716 |
| 110,135,092 |
| — |
| 297,059,808 |
|
91,081,000-6 |
| Endesa Chile |
| Chile |
| Banco Santander Chile - 317 Series-H |
| Chile |
| U.F. |
| 10.66 | % | 6.20 | % | 1,436,610 |
| 10,440,417 |
| 11,877,027 |
| 21,414,704 |
| 53,101,972 |
| 61,491,208 |
| 136,007,884 |
|
91,081,000-6 |
| Endesa Chile |
| Chile |
| Banco Santander Chile - 318 Series-K |
| Chile |
| U.F. |
| 7.85 | % | 3.80 | % | 1,284,413 |
| 4,272,071 |
| 5,556,484 |
| 10,247,385 |
| 25,073,983 |
| 131,684,135 |
| 167,005,503 |
|
91,081,000-6 |
| Endesa Chile |
| Chile |
| Banco Santander Chile - 522 Series-M |
| Chile |
| U.F. |
| 8.95 | % | 4.75 | % | 3,759,700 |
| 12,505,089 |
| 16,264,789 |
| 29,995,867 |
| 73,395,881 |
| 304,052,705 |
| 407,444,453 |
|
94,271,000-3 |
| Enersis |
| Chile |
| Yankee bonds 2016 |
| USA |
| US$ |
| 7.71 | % | 7.40 | % | 2,270,849 |
| 7,553,041 |
| 9,823,890 |
| — |
| — |
| 143,190,238 |
| 143,190,238 |
|
94,271,000-3 |
| Enersis |
| Chile |
| Yankee bonds 2026 |
| USA |
| US$ |
| 6.88 | % | 6.60 | % | 6,958 |
| 23,144 |
| 30,102 |
| 55,516 |
| 135,840 |
| 622,407 |
| 813,763 |
|
94,271,000-3 |
| Enersis |
| Chile |
| Yankee bonds 2014 |
| USA |
| US$ |
| 7.68 | % | 7.38 | % | 7,443,894 |
| 6,277,688 |
| 13,721,582 |
| 25,305,631 |
| 175,387,549 |
| — |
| 200,693,180 |
|
94,271,000-3 |
| Enersis |
| Chile |
| UF 269 Bonds |
| Chile |
| U.F. |
| 10.36 | % | 5.75 | % | 715,315 |
| 4,441,788 |
| 5,157,103 |
| 9,638,634 |
| 16,803,785 |
| 21,067,115 |
| 47,509,534 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total |
| 104,988,948 |
| 345,191,870 |
| 450,180,818 |
| 771,692,033 |
| 925,972,628 |
| 1,597,779,869 |
| 3,295,444,530 |
|
c) Financial lease obligations
g. Financial lease obligations by company
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 12-2011 |
| ||||||||||||
Taxpayer |
|
|
|
|
| Financial |
|
|
|
|
|
|
|
|
| Current |
| Non-Current |
| ||||||||||
ID No, |
| Company |
| Country |
| Institution |
| Financial Institution |
| Country |
| Currency |
| Nominal |
| Less than 90 |
| More than |
| Total |
| One to |
| Three to |
| More than |
| Total Non- |
|
91,081,000-6 |
| Endesa Chile |
| Chile |
| 87,509,100-K |
| Leasing Abengoa Chile |
| Chile |
| US$ |
| 6.40 | % | 567,586 |
| 1,900,568 |
| 2,468,154 |
| 4,556,135 |
| 12,220,275 |
| 10,867,880 |
| 27,644,290 |
|
Foreign |
| Edegel |
| Peru |
| Foreign |
| Scotiabank |
| Peru |
| US$ |
| 5.16 | % | 2,137,134 |
| 6,953,795 |
| 9,090,929 |
| 11,858,222 |
| 27,292,271 |
| — |
| 39,150,493 |
|
96,830,980-3 |
| GasAtacama |
| Chile |
| 96,976,410-5 |
| Gasred S.A. |
| Chile |
| US$ |
| 9.38 | % | — |
| — |
| — |
| — |
| — |
| — |
| — |
|
Foreign |
| Edelnor |
| Peru |
| Foreign |
| BBVA |
| Peru |
| Soles |
| 6.40 | % | 1,178,706 |
| 3,660,137 |
| 4,838,843 |
| 2,604,306 |
| — |
| — |
| 2,604,306 |
|
Foreign |
| Edesur |
| Argentina |
| Foreign |
| COMAFI |
| Argentina |
| Ar$ |
| 3.54 | % | 170,578 |
| 411,253 |
| 581,831 |
| 673,700 |
| — |
| — |
| 673,700 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total |
| 4,054,004 |
| 12,925,753 |
| 16,979,757 |
| 19,692,363 |
| 39,512,546 |
| 10,867,880 |
| 70,072,789 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 12-2010 |
| ||||||||||||
Taxpayer |
|
|
|
|
| Financial |
|
|
|
|
|
|
|
|
| Current |
| Non-current |
| ||||||||||
ID No, |
| Company |
| Country |
| Institution |
| Financial Institution |
| Country |
| Currency |
| Nominal |
| Less than 90 |
| More than |
| Total |
| One to |
| Three to |
| More than |
| Total Non- |
|
91,081,000-6 |
| Endesa Chile |
| Chile |
| 87,509,100-K |
| Leasing Abengoa Chile |
| Chile |
| US$ |
| 6.40 | % | 514,759 |
| 1,713,147 |
| 2,227,906 |
| 4,107,030 |
| 10,200,414 |
| 11,875,674 |
| 26,183,118 |
|
Foreign |
| Edegel |
| Peru |
| Foreign |
| Scotiabank |
| Peru |
| US$ |
| 5.16 | % | 2,204,779 |
| 6,628,821 |
| 8,833,600 |
| 14,084,254 |
| 30,098,142 |
| — |
| 44,182,396 |
|
96,830,980-3 |
| GasAtacama |
| Chile |
| 96,976,410-5 |
| Gasred S.A. |
| Chile |
| US$ |
| 9.38 | % | 65,489 |
| 195,946 |
| 261,435 |
| — |
| — |
| — |
| — |
|
Foreign |
| Edelnor |
| Peru |
| Foreign |
| BBVA |
| Peru |
| Soles |
| 6.40 | % | 450,157 |
| 909,184 |
| 1,359,341 |
| 2,470,766 |
| — |
| — |
| 2,470,766 |
|
Foreign |
| Edesur |
| Argentina |
| Foreign |
| COMAFI |
| Argentina |
| Ar$ |
| 3.54 | % | 174,909 |
| 581,159 |
| 756,068 |
| 917,985 |
| 225,762 |
| — |
| 1,143,747 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total |
| 3,410,093 |
| 10,028,257 |
| 13,438,350 |
| 21,580,035 |
| 40,524,318 |
| 11,875,674 |
| 73,980,027 |
|
d) Other Liabilities
h. Other liabilities by company
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 12-2011 |
| ||||||||||||
Taxpayer |
|
|
|
|
| Financial |
|
|
|
|
|
|
| Nominal |
| Current |
| Non-current |
| ||||||||||
ID No, |
| Company |
| Country |
| Institution ID |
| Financial Institution |
| Country |
| Currency |
| Interest |
| Less than 90 |
| More than |
| Total |
| One to |
| Three to |
| More than |
| Total Non- |
|
Foreign |
| Endesa Costanera |
| Argentina |
| Foreign |
| Mitsubishi (secured debt) |
| Argentina |
| US$ |
| 16.08 | % | 14,958,554 |
| 10,030,787 |
| 24,989,341 |
| 32,747,272 |
| 24,243,194 |
| — |
| 56,990,466 |
|
Foreign |
| Endesa Costanera |
| Argentina |
| Foreign |
| Mitsubishi (unsecured debt) |
| Argentina |
| US$ |
| 16.08 | % | 2,296,618 |
| 67,527 |
| 2,364,145 |
| 161,976 |
| 1,139,597 |
| — |
| 1,301,573 |
|
Foreign |
| Endesa Costanera |
| Argentina |
| Foreign |
| Other |
| Argentina |
| Ar$ |
| 17.17 | % | 547,198 |
| 884,765 |
| 1,431,963 |
| — |
| — |
| — |
| — |
|
96,827,970-K |
| Endesa Eco |
| Chile |
| 96,601,250-1 |
| Inversiones Centinela S.A. |
| Chile |
| US$ |
| 9.90 | % | — |
| 3,930,734 |
| 3,930,734 |
| — |
| — |
| — |
| — |
|
Foreign |
| Endesa Brasil |
| Brazil |
| Foreign |
| IFC |
| Brazil |
| US$ |
| 24.09 | % | — |
| — |
| — |
| — |
| — |
| — |
| — |
|
96,830,980-3 |
| Inversiones GasAtacama Holding |
| Chile |
| 96,963,440-6 |
| SC GROUP |
| Chile |
| US$ |
| 7.50 | % | 10,193,375 |
| — |
| 10,193,375 |
| — |
| — |
| — |
| — |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total |
| 27,995,745 |
| 14,913,813 |
| 42,909,558 |
| 32,909,248 |
| 25,382,791 |
| — |
| 58,292,039 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 12-2010 |
| ||||||||||||
Taxpayer |
|
|
|
|
| Financial |
|
|
|
|
|
|
| Nominal |
| Current |
| Non-current |
| ||||||||||
ID No, |
| Company |
| Country |
| Institution ID |
| Financial Institution |
| Country |
| Currency |
| Interest |
| Less than 90 |
| More than |
| Total |
| One to |
| Three to |
| More than |
| Total Non- |
|
Foreign |
| Endesa Costanera |
| Argentina |
| Foreign |
| Mitsubishi (secured debt) |
| Argentina |
| US$ |
| 16.08 | % | 9,372,718 |
| 10,439,827 |
| 19,812,545 |
| 28,222,904 |
| 26,997,497 |
| — |
| 55,220,401 |
|
Foreign |
| Endesa Costanera |
| Argentina |
| Foreign |
| Mitsubishi (unsecured debt) |
| Argentina |
| US$ |
| 16.08 | % | 56,194 |
| 1,181,656 |
| 1,237,850 |
| 1,164,650 |
| 1,117,531 |
| — |
| 2,282,181 |
|
Foreign |
| Endesa Costanera |
| Argentina |
| Foreign |
| Other |
| Argentina |
| Ar$ |
| 17.17 | % | 968,330 |
| 1,855,135 |
| 2,823,465 |
| 866,537 |
| — |
| — |
| 866,537 |
|
96,827,970-K |
| Endesa Eco |
| Chile |
| 96,601,250-1 |
| Inversiones Centinela S.A. |
| Chile |
| US$ |
| 9.90 | % | — |
| — |
| — |
| 12,395,250 |
| — |
| — |
| 12,395,250 |
|
Foreign |
| Endesa Brasil |
| Brazil |
| Foreign |
| IFC |
| Brazil |
| US$ |
| 24.09 | % | 51,831,581 |
| — |
| 51,831,581 |
| — |
| — |
| — |
| — |
|
96,830,980-3 |
| Inversiones GasAtacama Holding |
| Chile |
| 96,963,440-6 |
| SC GROUP |
| Chile |
| US$ |
| 7.50 | % | — |
| — |
| — |
| — |
| — |
| — |
| — |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total |
|
|
| 62,228,823 |
| 13,476,618 |
| 75,705,441 |
| 42,649,341 |
| 28,115,028 |
| — |
| 70,764,369 |
|
APPENDIX No. 5 ASSETS AND LIABILITIES IN FOREIGN CURRENCIES:
This appendix forms an integral part of the Enersis financial statements.
The detail of assets and liabilities denominated in foreign currencies is the following:
|
|
|
|
|
| 12-31-2011 |
| 12-31-2010 |
|
|
| Foreign Currency |
| Functional Currency |
| ThCh$ |
| ThCh$ |
|
ASSETS |
|
|
|
|
|
|
|
|
|
CURRENT ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
|
|
|
| 42,323,083 |
| 66,329,098 |
|
|
| U.S. dollar |
| Chilean peso |
| 22,805,258 |
| 46,804,371 |
|
|
| U.S. dollar |
| Colombian peso |
| 5,634 |
| 6,004 |
|
|
| U.S. dollar |
| Peruvian sol |
| 3,201,968 |
| 1,234,825 |
|
|
| U.S. dollar |
| Argentine peso |
| 16,310,223 |
| 18,283,898 |
|
|
|
|
|
|
|
|
|
|
|
Trade and other current receivables |
|
|
|
|
| 10,100,793 |
| 17,592,080 |
|
|
| U.S. dollar |
| Chilean peso |
| 10,100,793 |
| 17,592,080 |
|
|
|
|
|
|
|
|
|
|
|
Accounts receivable from related companies |
|
|
|
|
| 379,862 |
| 563,614 |
|
|
| U.S. dollar |
| Chilean peso |
| 379,862 |
| 563,614 |
|
Total current assets other than assets classified as held for sale and discontinued operations |
|
|
|
|
| 52,803,738 |
| 84,484,792 |
|
TOTAL CURRENT ASSETS |
|
|
|
|
| 52,803,738 |
| 84,484,792 |
|
NON-CURRENT ASSETS |
|
|
|
|
|
|
|
|
|
Investments accounted for using equity method |
|
|
|
|
| 9,733,400 |
| 2,887,460 |
|
|
| U.S. dollar |
| Chilean peso |
| 9,733,400 |
| 2,887,460 |
|
|
|
|
|
|
|
|
|
|
|
Goodwill |
|
|
|
|
| 477,068,142 |
| 488,403,515 |
|
|
| Brazilian real |
| Peruvian sol |
| 10,361,690 |
| 10,502,214 |
|
|
| Brazilian real |
| Chilean peso |
| 313,990,020 |
| 327,477,479 |
|
|
| Colombian peso |
| Chilean peso |
| 11,589,629 |
| 7,348,467 |
|
|
| Peruvian sol |
| Chilean peso |
| 128,304,143 |
| 118,949,428 |
|
|
| Argentine peso |
| Chilean peso |
| 12,822,660 |
| 24,125,927 |
|
TOTAL NON-CURRENT ASSETS |
|
|
|
|
| 486,801,542 |
| 491,290,975 |
|
TOTAL ASSETS |
|
|
|
|
| 539,605,280 |
| 575,775,767 |
|
|
|
|
|
|
| 12-31-2011 |
| 12-31-2010 |
| ||||||||||||||||||||||||
|
|
|
|
|
| Current Liabilities |
| Non-current Liabilities |
| Current Liabilities |
| Non-current Liabilities |
| ||||||||||||||||||||
|
| Foreign |
| Functional |
| Up to 90 days |
| 91 days to 1 year |
| Total |
| 1 to 3 years |
| 3 to 5 years |
| More than 5 |
| Total |
| Up to 90 |
| 91 days to 1 |
| Total |
| 1 to 3 years |
| 3 to 5 years |
| More than 5 |
| Total |
|
|
| Currency |
| Currency |
| ThCh$ |
| ThCh$ |
| Current |
| ThCh$ |
| ThCh$ |
| ThCh$ |
| Non-current |
| ThCh$ |
| ThCh$ |
| Current |
| ThCh$ |
| ThCh$ |
| ThCh$ |
| Non-current |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other current financial liabilities |
| U.S. dollar |
|
|
| 50,273,399 |
| 110,007,608 |
| 160,281,007 |
| 698,191,147 |
| 484,059,182 |
| 493,795,421 |
| 1,676,045,750 |
| 93,267,733 |
| 137,235,543 |
| 230,503,276 |
| 419,645,875 |
| 622,867,495 |
| 537,908,172 |
| 1,580,421,542 |
|
|
| U.S. dollar |
| Chilean peso |
| 23,913,216 |
| 58,161,835 |
| 82,075,051 |
| 595,227,849 |
| 359,668,296 |
| 436,744,073 |
| 1,391,640,218 |
| 21,623,823 |
| 65,061,393 |
| 86,685,216 |
| 318,781,111 |
| 523,230,097 |
| 467,468,028 |
| 1,309,479,236 |
|
|
| U.S. dollar |
| Brazilian real |
| 644,936 |
| 12,599,186 |
| 13,244,122 |
| 17,532,685 |
| 17,877,446 |
| 6,352,599 |
| 41,762,730 |
| 52,596,722 |
| 11,617,821 |
| 64,214,543 |
| 19,990,693 |
| 18,600,098 |
| 10,681,077 |
| 49,271,868 |
|
|
| U.S. dollar |
| Peruvian sol |
| 5,801,056 |
| 19,711,792 |
| 25,512,848 |
| 35,378,771 |
| 79,518,586 |
| 50,698,749 |
| 165,596,106 |
| 4,532,918 |
| 30,789,583 |
| 35,322,501 |
| 47,472,662 |
| 52,922,272 |
| 59,759,067 |
| 160,154,001 |
|
|
| U.S. dollar |
| Argentine peso |
| 19,914,191 |
| 19,534,795 |
| 39,448,986 |
| 50,051,842 |
| 26,994,854 |
| — |
| 77,046,696 |
| 14,514,270 |
| 29,766,746 |
| 44,281,016 |
| 33,401,409 |
| 28,115,028 |
| — |
| 61,516,437 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES |
|
|
|
|
| 50,273,399 |
| 110,007,608 |
| 160,281,007 |
| 698,191,147 |
| 484,059,182 |
| 493,795,421 |
| 1,676,045,750 |
| 93,267,733 |
| 137,235,543 |
| 230,503,276 |
| 419,645,875 |
| 622,867,495 |
| 537,908,172 |
| 1,580,421,542 |
|
Rule 5-04 of the Securities and Exchange Commission requires presentation of condensed financial statements of the registrant (parent company) when restricted net asset, defined as assets not to be transferred to the parent company in the form of loans, advance or cash dividends of the subsidiary without the consent of a third party, exceed of the 25% consolidated net assets of the parent and its subsidiaries.
Following are the Enersis separate statements of financial position as of December 31, 2011 and 2010 and the related statements of comprehensive income, changes in equity and cash flows for each of the three years in the period ended December 31, 2011, which have been prepared in accordance with International Financial Reporting Standards and have been conformed in accordance to the presentation explained in Note 36 to the consolidated financial statements.
ENERSIS S.A.
Separate Statement of Financial Position
At December 31, 2011 and 2010
(In thousands of Chilean pesos - ThCh$)
|
| 12-31-2011 |
| 12-31-2010 |
|
|
| ThCh$ |
| ThCh$ |
|
|
|
|
|
|
|
ASSETS |
|
|
|
|
|
CURRENT ASSETS |
|
|
|
|
|
Cash and cash equivalents |
| 328,709,300 |
| 62,696,278 |
|
Other current non-financial assets |
| 432,477 |
| 189,330 |
|
Trade and other current receivables |
| 5,307,457 |
| 2,516,969 |
|
Accounts receivable from related companies |
| 45,295,153 |
| 39,517,364 |
|
Inventories |
| 5,651,622 |
| 4,928,358 |
|
Current tax assets |
| 10,746,284 |
| 9,628,948 |
|
Total current assets other than assets classified as held for sale and discontinued operations |
| 396,142,293 |
| 119,477,247 |
|
|
|
|
|
|
|
Non-current assets classified as held for sale and discontinued operations |
| — |
| 2,756,706 |
|
|
|
|
|
|
|
TOTAL CURRENT ASSETS |
| 396,142,293 |
| 122,233,953 |
|
|
|
|
|
|
|
NON-CURRENT ASSETS |
|
|
|
|
|
Other non-current financial assets |
| 20,793,960 |
| 29,461,230 |
|
Non-current receivables |
| — |
| 146,500,704 |
|
Investments in subsidiaries and associates companies |
| 2,407,743,084 |
| 2,563,742,088 |
|
Intangible assets other than goodwill |
| 1,848,204 |
| 1,225,648 |
|
Property, plant and equipment, net |
| 6,831,258 |
| 7,186,515 |
|
Deferred tax assets |
| 39,818,448 |
| 42,203,457 |
|
|
|
|
|
|
|
TOTAL NON-CURRENT ASSETS |
| 2,477,034,954 |
| 2,790,319,642 |
|
|
|
|
|
|
|
TOTAL ASSETS |
| 2,873,177,247 |
| 2,912,553,595 |
|
ENERSIS S.A.
Separate Statement of Financial Position
At December 31, 2011 and 2010
(In thousands of Chilean pesos - ThCh$)
|
| 12-31-2011 |
| 12-31-2010 |
|
|
|
|
|
|
|
LIABILITIES AND EQUITY |
|
|
|
|
|
CURRENT LIABILITIES |
|
|
|
|
|
Other current financial liabilities |
| 12,336,371 |
| 11,755,506 |
|
Trade and other current payables |
| 49,990,132 |
| 63,408,992 |
|
Accounts payable to related companies |
| 79,076,032 |
| 111,156,625 |
|
Other current provisions |
| 13,485,579 |
| 14,443,439 |
|
Current tax liabilities |
| 302,633 |
| 194,195 |
|
Current provisions for employee benefits |
|
|
| — |
|
Other current non-financial liabilities |
| 341,616 |
| 156,045 |
|
Total current liabilities other than those associated with current assets classified as held for sale and discontinued operations |
| 155,532,363 |
| 201,114,802 |
|
|
|
|
|
|
|
Liabilities associated with current assets classified as held for sale and discontinued operations |
|
|
| — |
|
|
|
|
|
|
|
TOTAL CURRENT LIABILITIES |
| 155,532,363 |
| 201,114,802 |
|
|
|
|
|
|
|
NON-CURRENT LIABILITIES |
|
|
|
|
|
Other non-current financial liabilities |
| 553,642,026 |
| 550,938,961 |
|
Deferred tax liabilities |
| 1,833,765 |
| 2,092,367 |
|
Non-current provisions for employee benefits |
| 5,359,699 |
| 5,229,738 |
|
|
|
|
|
|
|
TOTAL NON-CURRENT LIABILITIES |
| 560,835,490 |
| 558,261,066 |
|
|
|
|
|
|
|
TOTAL LIABILITIES |
| 716,367,853 |
| 759,375,868 |
|
|
|
|
|
|
|
EQUITY |
|
|
|
|
|
Issued capital |
| 2,824,882,835 |
| 2,824,882,835 |
|
Retained earnings |
| 486,707,243 |
| 495,967,789 |
|
Share premium |
| 158,759,648 |
| 158,759,648 |
|
Other reserves |
| (1,313,540,332 | ) | (1,326,432,545 | ) |
|
|
|
|
|
|
TOTAL EQUITY |
| 2,156,809,394 |
| 2,153,177,727 |
|
|
|
|
|
|
|
TOTAL LIABILITIES AND EQUITY |
| 2,873,177,247 |
| 2,912,553,595 |
|
ENERSIS S.A.
Separate Statement of Comprehensive Income
For the years ended December 31, 2011, 2010 and 2009
(In thousands of Chilean pesos - ThCh$)
|
| 2011 |
| 2010 |
| 2009 |
|
STATEMENT OF COMPREHENSIVE INCOME |
|
|
|
|
|
|
|
Dividends from a subsidiaries and Associates |
| 400,034,628 |
| 249,037,939 |
| 204,489,046 |
|
Other operating income |
| 14,504,696 |
| 15,184,438 |
| 14,987,498 |
|
Total Revenues |
| 414,539,324 |
| 264,222,377 |
| 219,476,544 |
|
|
|
|
|
|
|
|
|
Raw materials and consumable used |
| (14,798,705 | ) | (3,802,716 | ) | — |
|
Contribution Margin |
| 399,740,619 |
| 260,419,661 |
| 219,476,544 |
|
Employee benefits expense |
| (16,713,154 | ) | (16,829,950 | ) | (14,061,411 | ) |
Depreciation and amortization expense |
| (1,050,299 | ) | (933,976 | ) | (1,118,649 | ) |
Impairment loss recognized in the year’s profit or loss |
| (149,027,067 | ) | — |
| — |
|
Other miscellaneous operating expenses |
| (12,833,294 | ) | (13,734,299 | ) | (12,595,192 | ) |
Operating Income |
| 220,116,805 |
| 228,921,436 |
| 191,701,292 |
|
|
|
|
|
|
|
|
|
Profit (Loss) on derecognition of available-for-sale financial assets |
| 22,793,523 |
| — |
| 15,997,454 |
|
Financial cost |
| (29,348,484 | ) | (30,590,442 | ) | (25,661,743 | ) |
Foreign currency exchange differences |
| 6,580,169 |
| (13,591,211 | ) | (55,209,234 | ) |
Profit (loss) for indexed assets and liabilities |
| (19,881,258 | ) | (12,195,357 | ) | 12,192,704 |
|
Net Income Before Tax |
| 200,260,755 |
| 172,544,426 |
| 139,020,473 |
|
Income Tax |
| 470,914 |
| 6,031,074 |
| 33,886,710 |
|
Net Income from Continuing Operations |
| 200,731,669 |
| 178,575,500 |
| 172,907,183 |
|
Net Income from discontinued operations |
|
|
| — |
| — |
|
NET INCOME |
| 200,731,669 |
| 178,575,500 |
| 172,907,183 |
|
|
|
|
|
|
|
|
|
Components of other comprehensive income, before taxes |
|
|
|
|
|
|
|
Gains (losses) on cash flow hedge |
| 15,532,787 |
| 1,695,814 |
| (39,016,540 | ) |
Actuarial gain (loss) on defined benefit plans |
| (127,086 | ) | 73,634 |
| (974,288 | ) |
Total components of other comprehensive income, before taxes |
| 15,405,701 |
| 1,769,448 |
| (39,990,828 | ) |
|
|
|
|
|
|
|
|
Income tax related to components of other comprehensive income |
|
|
|
|
|
|
|
Income tax related to cash flow hedge |
| (2,640,574 | ) | (288,289 | ) | 6,610,405 |
|
Income tax related to defined benefit plans |
| 21,605 |
| (12,518 | ) | 165,629 |
|
Total income tax |
| (2,618,969 | ) | (300.807 | ) | 6,776,034 |
|
|
|
|
|
|
|
|
|
Total Other Comprehensive Income |
| 12,786,732 |
| 1,468,641 |
| (33,214,794 | ) |
TOTAL COMPREHENSIVE INCOME |
| 213,518,401 |
| 180,044,141 |
| 139,692,389 |
|
ENERSIS S.A.
Separate Statement of Changes in Equity
For the years ended December 31, 2011, 2010 and 2009
(In thousands of Chilean pesos - ThCh$)
|
|
|
|
|
| Changes in other reserves |
|
|
|
|
|
|
| ||||
Statement of Changes in Equity, Net |
| Issued capital |
| Share |
| Reserve of |
| Reserve of |
| Other |
| Other reserves |
| Retained |
| Total Equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity at beginning of period 01/01/2011 |
| 2,824,882,835 |
| 158,759,648 |
| (28,319,646 | ) |
|
| (1,298,112,899 | ) | (1,326,432,545 | ) | 495,967,789 |
| 2,153,177,727 |
|
Changes in equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comprehensive income |
|
|
|
|
| 12,892,213 |
| (105,481 | ) |
|
| 12,786,732 |
| 200,731,669 |
| 213,518,401 |
|
Net income |
|
|
|
|
|
|
|
|
|
|
|
|
| 200,731,669 |
| 200,731,669 |
|
Other comprehensive income |
|
|
|
|
| 12,892,213 |
| (105,481 | ) |
|
| 12,786,732 |
|
|
| 12,786,732 |
|
Comprehensive Income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends |
|
|
|
|
|
|
|
|
|
|
|
|
| (209,886,734 | ) | (209,886,734 | ) |
Increase (decrease) through transfers and other changes |
|
|
|
|
|
|
| 105,481 |
|
|
| 105,481 |
| (105,481 | ) | — |
|
Total changes in equity |
|
|
|
|
| 12,892,213 |
| — |
|
|
| 12,892,213 |
| (9,260,546 | ) | 3,631,667 |
|
Equity at end of year 31/12/2011 |
| 2,824,882,835 |
| 158,759,648 |
| (15.427.433 | ) | — |
| (1,298,112,899 | ) | (1,313,540,332 | ) | 486,707,243 |
| 2,156,809,394 |
|
|
|
|
|
|
| Changes in other reserves |
|
|
|
|
|
|
| ||||
Statement of Changes in Equity, Net |
| Issued capital |
| Share Premium |
| Reserve of |
| Reserve of |
| Other |
| Other reserves |
| Retained |
| Total Equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity at beginning of period 01/01/2010 |
| 2,824,882,835 |
| 158,759,648 |
| (29,727,171 | ) | — |
| (1,298,112,899 | ) | (1,327,840,070 | ) | 496,953,186 |
| 2,152,755,599 |
|
Changes in equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| — |
|
Comprehensive income |
| — |
| — |
| 1,407,525 |
| 61,116 |
| — |
| 1,468,641 |
| 178,575,500 |
| 180,044,141 |
|
Net income |
|
|
|
|
|
|
|
|
|
|
|
|
| 178,575,500 |
| 178,575,500 |
|
Other comprehensive income |
|
|
|
|
| 1,407,525 |
| 61,116 |
|
|
| 1,468,641 |
|
|
| 1,468,641 |
|
Comprehensive Income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| — |
|
Dividends |
|
|
|
|
|
|
|
|
|
|
|
|
| (179,622,013 | ) | (179,622,013 | ) |
Increase (decrease) through transfers and other changes |
|
|
|
|
|
|
| (61,116 | ) | — |
| (61,116 | ) | 61,116 |
| — |
|
Total changes in equity |
| — |
| — |
| 1,407,525 |
| — |
| — |
| 1,407,525 |
| (985,397 | ) | 422,128 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity at end of year 31/12/2010 |
| 2,824,882,835 |
| 158,759,648 |
| (28,319,646 | ) | — |
| (1,298,112,899 | ) | (1,326,432,545 | ) | 495,967,789 |
| 2,153,177,727 |
|
ENERSIS S.A.
Separate Statement of Changes in Equity
For the years ended December 31, 2011, 2010 and 2009
(In thousands of Chilean pesos - ThCh$)
|
|
|
|
|
| Changes in others reserves |
|
|
|
|
|
|
| ||||
Statement of Changes in Equity, Net |
| Issued capital |
| Share |
| Reserve of |
| Reserve of |
| Other |
| Other reserves |
| Retained |
| Total Equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity at beginning of year 01/01/2009 |
| 2,824,882,835 |
| 158,759,648 |
| 2,678,964 |
| — |
| (1,298,112,899 | ) | (1,295,433,935 | ) | 552,784,987 |
| 2,240,993,535 |
|
Changes in equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| — |
|
Comprehensive income |
| — |
| — |
| (32,406,135 | ) | (808,659 | ) | — |
| (33,214,794 | ) | 172,907,183 |
| 139,692,389 |
|
Net income |
|
|
|
|
|
|
|
|
|
|
|
|
| 172,907,183 |
| 172,907,183 |
|
Other comprehensive income |
|
|
|
|
| (32,406,135 | ) | (808,659 | ) |
|
| (33,214,794 | ) |
|
| (33,214,794 | ) |
Comprehensive Income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| — |
|
Dividends |
|
|
|
|
|
|
|
|
|
|
|
|
| (227,842,344 | ) | (227,842,344 | ) |
Increase (decrease) through transfers and other changes |
|
|
|
|
|
|
| 808,659 |
| — |
| 808,659 |
| (896,640 | ) | (87,981 | ) |
Total changes in equity |
| — |
| — |
| (32,406,135 | ) | — |
| — |
| (32,406,135 | ) | (55,831,801 | ) | (88,237,936 | ) |
Equity at end of year 31/12/2009 |
| 2,824,882,835 |
| 158,759,648 |
| (29.727.171 | ) | — |
| (1,298,112,899 |
| (1,327,840,070 | ) | 496,953,186 |
| 2,152,755,599 |
|
ENERSIS S.A.
Separate Statement of Cash Flows
For the years ended December 31, 2011, 2010 and 2009
(In thousands of Chilean pesos - ThCh$)
|
| 2011 |
| 2010 |
| 2009 |
|
Statement of Direct Cash Flow |
| ThCh$ |
| ThCh$ |
| ThCh$ |
|
|
|
|
|
|
|
|
|
Cash flows from (used in) operating activities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Types of collections from operating activities |
|
|
|
|
|
|
|
Collections from the sale of goods and services |
| 24,558,500 |
| 11,980,151 |
| 5,900,671 |
|
Collections from royalties, payments, commissions, and other income from ordinary activities |
| 11,677,458 |
| 13,710,820 |
| — |
|
Other collections from operating activities |
| 153,937 |
| — |
| 9,427,353 |
|
Types of payments |
|
|
|
|
|
|
|
Payments to suppliers for goods and services |
| (20,151,765 | ) | (11,957,836 | ) | (6,965,640 | ) |
Payments to and on behalf of employees |
| (15,353,879 | ) | (13,090,048 | ) | (11,514,439 | ) |
Other payments for operating activities |
| (21,265,185 | ) | (5,616,563 | ) | (3,355,537 | ) |
Income tax reimbursed (paid) |
| 636,356 |
| 419,096 |
| 629,778 |
|
Other inflows (outflows) of cash |
| (10,749,578 | ) | (45,322,204 | ) | (54,957,901 | ) |
Net cash flows from (used in) operating activities |
| (30,494,156 | ) | (49,876,584 | ) | (60,835,715 | ) |
|
|
|
|
|
|
|
|
Cash flows from (used in) investing activities |
|
|
|
|
|
|
|
Proceeds from the sale of Other Financial Assets |
| 31,486,668 |
| — |
| 27,081,403 |
|
Other cash flows provided by (used in) investing activities |
| 161,163,996 |
| 17,031,549 |
| 89,147,305 |
|
Proceeds from dividends received classified for investing purposes |
| 374,143,660 |
| 211,194,885 |
| 289,576,311 |
|
Purchase of property, plant and equipment |
| (700,846 | ) | (236,768 | ) | (499,384 | ) |
Investments in subsidiaries |
| — |
| — |
| (81,549,336 | ) |
Loans to related companies |
| (2,067,881 | ) | (821,636 | ) | (4,074,609 | ) |
Interest received |
| 9,826,441 |
| 7,533,195 |
| 16,832,831 |
|
Other investment disbursements |
| — |
| (6,356,992 | ) | (28,801,680 | ) |
Net cash flows from (used in) investing activities |
| 573,852,038 |
| 228,344,233 |
| 307,712,841 |
|
|
|
|
|
|
|
|
|
Cash flows from (used in) financing activities |
|
|
|
|
|
|
|
Proceeds from loans obtained |
| — |
| — |
| 36,500,000 |
|
Proceeds from loans from related companies |
| — |
| 5,536,031 |
| 9,363,881 |
|
Repayments of borrowings |
| (1,943,349 | ) | (1,585,498 | ) | (148,935,949 | ) |
Payments of finance lease liabilities |
| — |
| — |
| (7,895,140 | ) |
Payments from loans to related companies |
| (7,072,402 | ) | — |
| — |
|
Dividends paid to Non-controlling interests |
| (95,766,907 | ) | (59,198,027 | ) | (89,894,294 | ) |
Dividend paid to shareholders of the parent |
| (146,902,672 | ) | (61,446,535 | ) | (102,539,559 | ) |
Interest paid |
| (25,659,530 | ) | (26,402,662 | ) | (32,675,965 | ) |
Net cash flows from (used in) financing activities |
| (277,344,860 | ) | (143,096,691 | ) | (336,077,026 | ) |
|
|
|
|
|
|
|
|
Net Increase (Decrease) in Cash and Cash Equivalents |
| 266,013,022 |
| 35,370,958 |
| (89,199,900 | ) |
|
|
|
|
|
|
|
|
Cash and cash equivalents at beginning of year |
| 62,696,278 |
| 27,325,320 |
| 116,525,220 |
|
Cash and cash equivalents at end of year |
| 328,709,300 |
| 62,696,278 |
| 27,325,320 |
|
Additional information:
1. Basis of Presentation
Enersis S.A. (“the Parent”) is a holding company that conducts substantially all of its business operations through its subsidiaries. It is important to consider that for purposes of preparing separate financial statements under International Financial Reporting Standards, the Parent records its investments in subsidiaries and associates at its cost. Dividends received from a subsidiary and associate are recognized in profit or loss in the Parent’s separate financial statements when its right to receive such dividend is established. The information described bellow should be read in conjunction with the consolidated financial statements of Enersis S.A. The basis of presentation and accounting principles used in the preparation of these separate financial statements are described in notes 2 and 3 of the consolidated financial statements except for notes 2.4.1, 2.4.2, 2.4.3, 2.5 and 3.c which relates to the consolidation process.
2. Restricted Net Assets
Certain assets of the Parent’s subsidiaries totaling approximately ThCh$1,752,258,811 constitute restricted net assets, as there are contractual, legal or regulatory limitations on transferring such assets outside of the countries where the respective assets are located, or because they constitute undistributed earnings of affiliates of the Parent recorded under the equity method of accounting. As of December 31, 2011 all of the restricted net assets of the Parent’s subsidiaries currently exceed 25% of the consolidated net assets of the Parent and its subsidiaries, thus requiring this Schedule I, “Condensed Financial Information of the Registrant.”