FORM 6-K |
Form 20-F |X| | Form 40-F |_| |
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Yes |_| | No |X| |
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SIGNATURESPursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. |
ENERSIS S.A. By: /s/ Enrique García —————————————— Name: Enrique García Title: Chief Executive Officer |
Date: February 21st, 2003 2 |
INDEX OF EXHIBITSExhibit 01 - Enersis Press Release dated February 10th, 2003 Exhibit 02 - Additional Information regarding the Year End 2002 results 3 |
FOR IMMEDIATE RELEASEFor further information, please contact Enersis Investor Relations: |
Ricardo Alvial Chief Investments & Risks Officer E-mail: ram@e.enersis.cl Phone: 56 (2) 353-4682 | Susana Rey, srm@e.enersis.cl Ximena Rivas, mxra@e.enersis.cl Pablo Lanyi-Grunfeldt, pll@e.enersis.cl |
ENERSIS ANNOUNCES AUDITED CONSOLIDATED RESULTS FOR YEAR |
» | Enersis Net Income reached a loss of US$ 311 million, basically due to accounting adjustments |
» | Operating Revenues decreased by US$ 798 million or 18.7%, mainly due to economic instability in Argentina |
» | Operating Expenses decreased by US$ 411 million or 14.6% |
» | Selling and Administrative Expenses were reduced by US$ 78 million, a 20.2% |
» | Operating Income decreased by US$ 309 million or 29.4% |
» | Net Financial Income improved by US$ 58 million, equivalent to 10.6% |
» | Labor Productivity increased by 2.2%, from 1,379 up to 1,409 clients per employee |
» | Clients increased in 275,000 new customers |
» | As part of the Global Financial Plan launched by the Company on October 2002, Enersis announced on January 27th, that thirteen offers are competing for the acquisition of Rio Maipo and Canutillar |
» | The Company, made accounting adjustments by a total amount of US$ 387 million, with no impact upon cash flows |
» | These adjustments were partially compensated with provisions of US$ 97 million booked as of November 2002, totaling a net effect of US$ 290 million |
4 |
(Santiago, Chile, February 10th, 2003) Enersis (NYSE: ENI), today announced consolidated financial results for the year ended December 31st, 2002. All figures are in US$, and in accordance with Chilean Generally Accepted Accounting Principles (GAAP) as seen in the standardized form required by Chilean authorities (FECU). Figures corresponding to December 31st, 2001 have been adjusted by the CPI variation between both periods, equal to 3.0%. For the purpose of converting Chilean pesos (Ch$) into US dollars (US$), we have used the exchange rate prevailing as of December 31st, 2002, equal to US$ 1 = Ch$ 718.61. The consolidation includes the following investment vehicles and companies, |
a) | In Chile: Endesa Chile (NYSE: EOC), Chilectra (OTC: CLRAY), Río Maipo, Synapsis, CAM Ltd. and Inm. Manso de Velasco. |
b) | Outside Chile: Distrilima (Perú), Cerj and Investluz (Brazil), Edesur (Argentina), Luz de Bogotá (Colombia). |
In the following pages you will find a detailed analysis of Financial Statements, explanation for most of variations, and comments about the main items of Income Statement and Cash Flow Statement compared to the information corresponding to December 31st, 2001. 5 |
CONSOLIDATED INCOME STATEMENT |
Th. US$ | YE 02 | YE 01 | Var 02-01 | Chg % | |||||
---|---|---|---|---|---|---|---|---|---|
Revenues from Generation | 1,248,981 | 1,402,782 | (153,801 | ) | -11.0 | % | |||
Revenues from Distribution | 2,452,109 | 3,019,488 | (567,379 | ) | -18.8 | % | |||
Revenues from Other Businesses | 277,909 | 268,898 | 9,010 | 3.4 | % | ||||
Consolidation Adjustments | (519,718 | ) | (433,809 | ) | (85,910 | ) | 19.8 | % | |
Operating Revenues | 3,459,280 | 4,257,359 | (798,079 | ) | -18.7 | % | |||
Op. Expenses from Generation | (733,174 | ) | (885,786 | ) | 152,613 | -17.2 | % | ||
Op. Expenses from Distribution | (1,945,841 | ) | (2,155,113 | ) | 209,272 | -9.7 | % | ||
Op.Expenses from Other Businesses | (204,143 | ) | (194,609 | ) | (9,534 | ) | 4.9 | % | |
Consolidation Adjustments | 475,662 | 417,134 | 58,528 | 14.0 | % | ||||
Operating Expenses | (2,407,496 | ) | (2,818,374 | ) | 410,879 | -14.6 | % | ||
Operating Margin | 1,051,785 | 1,438,985 | (387,200 | ) | -26.9 | % | |||
SG&A from Generation | (47,372 | ) | (45,285 | ) | (2,087 | ) | 4.6 | % | |
SG&A from Distribution | (250,921 | ) | (326,529 | ) | 75,608 | -23.2 | % | ||
SG&A from Other Businesses | (55,303 | ) | (53,990 | ) | (1,312 | ) | 2.4 | % | |
Consolidation Adjustments | 43,025 | 36,824 | 6,201 | 16.8 | % | ||||
Selling and Administrative Expenses | (310,570 | ) | (388,980 | ) | 78,410 | -20.2 | % | ||
Operating Income | 741,215 | 1,050,005 | (308,790 | ) | -29.4 | % | |||
Interest Income | 118,680 | 78,753 | 39,927 | 50.7 | % | ||||
Interest Expense | (611,648 | ) | (630,107 | ) | 18,459 | -2.9 | % | ||
Net Financial Income (Expenses) | (492,968 | ) | (551,354 | ) | 58,386 | -10.6 | % | ||
Equity Gains from Related Companies | 20,868 | 5,050 | 15,818 | 313.2 | % | ||||
Equity Losses from Related Companies | (9,369 | ) | (19,939 | ) | 10,570 | -53.0 | % | ||
Net Income from Related Companies | 11,500 | (14,888 | ) | 26,388 | -177.2 | % | |||
Other Non Operating Income | 428,805 | 270,931 | 157,875 | 58.3 | % | ||||
Other Non Operating Expenses | (335,643 | ) | (255,951 | ) | (79,692 | ) | 31.1 | % | |
Net other Non Operating Income (Expenses) | 93,162 | 14,979 | 78,183 | 521.9 | % | ||||
Price Level Restatement | 6,909 | 3,027 | 3,882 | 128.3 | % | ||||
Foreign Exchange Effect | (22,419 | ) | (42,502 | ) | 20,084 | -47.3 | % | ||
Net of Monetary Exposure | (15,510 | ) | (39,476 | ) | 23,966 | -60.7 | % | ||
Positive Goodwill Amortization | (704,616 | ) | (112,128 | ) | (592,488 | ) | 528.4 | % | |
Non Operating Income | (1,108,432 | ) | (702,866 | ) | (405,565 | ) | 57.7 | % | |
Net Inc b. Taxes, Min Int and Neg Goodwill Amort. | (367,217 | ) | 347,138 | (714,355 | ) | -205.8 | % | ||
Extraordinary Items | (31,137 | ) | — | (31,137 | ) | N/A | |||
Income Tax | (91,868 | ) | (180,696 | ) | 88,829 | -49.2 | % | ||
Minority Interest | 22,658 | (174,159 | ) | 196,818 | -113.0 | % | |||
Negative Goodwill Amortization | 156,201 | 66,378 | 89,823 | 135.3 | % | ||||
NET INCOME | (311,362 | ) | 58,661 | (370,023 | ) | -630.8 | % | ||
R.A.I.I.D.A.I.E | 1,502,730 | 1,679,672 | (176,942 | ) | -10.5 | % | |||
6 |
CONSOLIDATED INCOME STATEMENT |
Million Ch$ | YE 02 | YE 01 | Var 02-01 | Chg % | |||||
---|---|---|---|---|---|---|---|---|---|
Revenues from Generation | 897,530 | 1,008,053 | (110,523 | ) | -11.0 | % | |||
Revenues from Distribution | 1,762,110 | 2,169,834 | (407,724 | ) | -18.8 | % | |||
Revenues from Other Businesses | 199,708 | 193,233 | 6,475 | 3.4 | % | ||||
Consolidation Adjustments | (373,475 | ) | (311,739 | ) | (61,736 | ) | 19.8 | % | |
Operating Revenues | 2,485,873 | 3,059,381 | (573,508 | ) | -18.7 | % | |||
Op. Expenses from Generation | (526,866 | ) | (636,535 | ) | 109,669 | -17.2 | % | ||
Op. Expenses from Distribution | (1,398,301 | ) | (1,548,686 | ) | 150,385 | -9.7 | % | ||
Op.Expenses from Other Businesses | (146,699 | ) | (139,848 | ) | (6,851 | ) | 4.9 | % | |
Consolidation Adjustments | 341,816 | 299,757 | 42,059 | 14.0 | % | ||||
Operating Expenses | (1,730,050 | ) | (2,025,312 | ) | 295,262 | -14.6 | % | ||
Operating Margin | 755,823 | 1,034,069 | (278,246 | ) | -26.9 | % | |||
SG&A from Generation | (34,042 | ) | (32,542 | ) | (1,500 | ) | 4.6 | % | |
SG&A from Distribution | (180,314 | ) | (234,647 | ) | 54,333 | -23.2 | % | ||
SG&A from Other Businesses | (39,741 | ) | (38,798 | ) | (943 | ) | 2.4 | % | |
Consolidation Adjustments | 30,918 | 26,462 | 4,456 | 16.8 | % | ||||
Selling and Administrative Expenses | (223,179 | ) | (279,525 | ) | 56,346 | -20.2 | % | ||
Operating Income | 532,644 | 754,544 | (221,899 | ) | -29.4 | % | |||
Interest Income | 85,285 | 56,593 | 28,692 | 50.7 | % | ||||
Interest Expense | (439,536 | ) | (452,801 | ) | 13,265 | -2.9 | % | ||
Net Financial Income (Expenses) | (354,252 | ) | (396,208 | ) | 41,957 | -10.6 | % | ||
Equity Gains from Related Companies | 14,996 | 3,629 | 11,367 | 313.2 | % | ||||
Equity Losses from Related Companies | (6,732 | ) | (14,328 | ) | 7,596 | -53.0 | % | ||
Net Income from Related Companies | 8,264 | (10,699 | ) | 18,963 | -177.2 | % | |||
Other Non Operating Income | 308,144 | 194,694 | 113,450 | 58.3 | % | ||||
Other Non Operating Expenses | (241,197 | ) | (183,929 | ) | (57,267 | ) | 31.1 | % | |
Net other Non Operating Income (Expense) | 66,947 | 10,764 | 56,183 | 521.9 | % | ||||
Price Level Restatement | 4,965 | 2,175 | 2,790 | 128.3 | % | ||||
Foreign Exchange Effect | (16,110 | ) | (30,543 | ) | 14,432 | -47.3 | % | ||
Net of Monetary Exposure | (11,145 | ) | (28,368 | ) | 17,222 | -60.7 | % | ||
Positive Goodwill Amortization | (506,344 | ) | (80,576 | ) | (425,768 | ) | 528.4 | % | |
Non Operating Income | (796,530 | ) | (505,087 | ) | (291,443 | ) | 57.7 | % | |
Net Income b. Taxes, Min Int and Neg Goodwill Amort. | (263,886 | ) | 249,457 | (513,343 | ) | -205.8 | % | ||
Extraordinary Items | (22,376 | ) | 0 | (22,376 | ) | N/A | |||
Income Tax | (66,017 | ) | (129,850 | ) | 63,833 | -49.2 | % | ||
Minority Interest | 16,283 | (125,153 | ) | 141,435 | -113.0 | % | |||
Negative Goodwill Amortization | 112,248 | 47,700 | 64,548 | 135.3 | % | ||||
NET INCOME | (223,748 | ) | 42,154 | (265,902 | ) | -630.8 | % | ||
R.A.I.I.D.A.I.E | 1,079,877 | 1,207,029 | (127,152 | ) | -10.5 | % | |||
7 |
PROFORMA CONSOLIDATED INCOME STATEMENT |
Th. US$ | |||||||||
---|---|---|---|---|---|---|---|---|---|
YE 02 Proforma | YE 01Proforma | Var 02-01 | Chg % | ||||||
Operating Revenues | 3,045,621 | 3,115,079 | (69,458 | ) | -2.2 | % | |||
Operating Expenses | (2,042,742 | ) | (2,024,827 | ) | (17,915 | ) | 0.9 | % | |
Operating Margin | 1,002,879 | 1,090,252 | (87,373 | ) | -8.0 | % | |||
Selling and Administrative Expenses | (265,503 | ) | (283,284 | ) | 17,782 | -6.3 | % | ||
Operating Income | 737,376 | 806,968 | (69,591 | ) | -8.6 | % | |||
Net Financial Income (Expenses) | (422,987 | ) | (508,548 | ) | 85,561 | -16.8 | % | ||
Net Income from Related Companies | 13,468 | 83,124 | (69,657 | ) | -83.8 | % | |||
Net other Non Operating Income (Expense) | 64,587 | (5,427 | ) | 70,014 | -1290.1 | % | |||
Net of Monetary Exposure | (15,494 | ) | (19,350 | ) | 3,856 | -19.9 | % | ||
Price Level Restatement | 6,912 | 3,031 | 3,881 | 128.1 | % | ||||
Foreign Exchange Effect | (22,406 | ) | (22,381 | ) | (25 | ) | 0.1 | % | |
Positive Goodwill Amortization | (704,616 | ) | (112,128 | ) | (592,488 | ) | 528.4 | % | |
Non Operating Income | (1,065,042 | ) | (562,329 | ) | (502,714 | ) | 89.4 | % | |
Net Inc b. Taxes, Min Int and Neg Goodwill Amort. | (327,666 | ) | 244,639 | (572,305 | ) | -233.9 | % | ||
Extraordinary Items | (31,138 | ) | — | (31,138 | ) | N/A | |||
Income Tax | (139,373 | ) | (114,503 | ) | (24,870 | ) | 21.7 | % | |
Minority Interest | 30,613 | (137,854 | ) | 168,467 | -122.2 | % | |||
Negative Goodwill Amortization | 156,202 | 66,378 | 89,823 | 135.3 | % | ||||
NET INCOME | (311,362 | ) | 58,660 | (370,023 | ) | -630.8 | % | ||
8 |
PROFORMA CONSOLIDATED INCOME STATEMENT |
Million Ch$ | |||||||||
---|---|---|---|---|---|---|---|---|---|
YE 02 Proforma | YE 01Proforma | Var 02-01 | Chg % | ||||||
Operating Revenues | 2,188,614 | 2,238,527 | (49,913 | ) | -2.2 | % | |||
Operating Expenses | (1,467,935 | ) | (1,455,061 | ) | (12,874 | ) | 0.9 | % | |
Operating Margin | 720,679 | 783,466 | (62,787 | ) | -8.0 | % | |||
Selling and Administrative Expenses | (190,793 | ) | (203,571 | ) | 12,778 | -6.3 | % | ||
Operating Income | 529,886 | 579,895 | (50,009 | ) | -8.6 | % | |||
Net Financial Income (Expenses) | (303,963 | ) | (365,448 | ) | 61,485 | -16.8 | % | ||
Net Income from Related Companies | 9,678 | 59,734 | (50,056 | ) | -83.8 | % | |||
Net other Non Operating Income (Expense) | 46,413 | (3,900 | ) | 50,313 | -1290.1 | % | |||
Net of Monetary Exposure | (11,134 | ) | (13,905 | ) | 2,771 | -19.9 | % | ||
Price Level Restatement | 4,967 | 2,178 | 2,789 | 128.1 | % | ||||
Foreign Exchange Effect | (16,101 | ) | (16,083 | ) | (18 | ) | 0.1 | % | |
Positive Goodwill Amortization | (506,344 | ) | (80,576 | ) | (425,768 | ) | 528.4 | % | |
Non Operating Income | (765,350 | ) | (404,095 | ) | (361,255 | ) | 89.4 | % | |
Net Income b. Taxes, Min Int and Neg Goodwill Amort. | (235,464 | ) | 175,800 | (411,264 | ) | -233.9 | % | ||
Extraordinary Items | (22,376 | ) | 0 | (22,376 | ) | N/A | |||
Income Tax | (100,155 | ) | (82,283 | ) | (17,872 | ) | 21.7 | % | |
Minority Interest | 21,999 | (99,063 | ) | 121,062 | -122.2 | % | |||
Negative Goodwill Amortization | 112,248 | 47,700 | 64,548 | 135.3 | % | ||||
NET INCOME | (223,748 | ) | 42,154 | (265,902 | ) | -630.8 | % | ||
9 |
CONSOLIDATED INCOME STATEMENT ANALYSIS |
Accounting Adjustment (after minorities) | |||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
TOTAL | |||||||||||
US$ MM | Generation | Distribution | Others | ||||||||
Chile | 0 | 0 | 23 | 23 | |||||||
Argentina | 23 | 26 | 0 | 49 | |||||||
Edesur | 0 | 26 | 0 | 26 | |||||||
Brazil | 60 | 255 | 0 | 315 | |||||||
Cerj | 0 | 122 | 0 | 122 | |||||||
Coelce | 0 | 133 | 0 | 133 | |||||||
Total Ajustments | 83 | 281 | 23 | 387 | |||||||
Provisions (BT64) | 97 | ||||||||||
Argentina | 16 | ||||||||||
Brazil | 81 | ||||||||||
TOTAL | 290 | ||||||||||
These adjustments were somewhat compensated by US$ 97 million of provisions booked by the Company along 2002. The purpose of these extraordinary adjustments is to more properly reflect the value of our investments. These adjustments are in accordance to Chilean generally accepted accounting rules and have been applied for the first time on our Financial Statements. Adjustments correspond to the acceleration of net balance of negative and positive goodwill of investments in distribution and generation located in Argentina and Brazil, and due to the socioeconomic instability experienced in that countries. In any event, it is important to highlight that these one time adjustments, are merely accounting issues, and do not represent cash flow reduction. Therefore, these will not affect the liquidity of the Company. OPERATING INCOMEOperating Incomeamounted to US$ 741 million, which represents a decrease of US$ 309 million or 29.4% respect to the year 2001. This fall is mainly explained by the economic instability in Argentina and the strong devaluation in Brazil. It is important to highlight, however, the improved Operating Income achieved during this period by Chilean subsidiaries. This is clearly shown when isolating the effect of subsidiaries in Argentina, in which case the Operating Income decreased only 8.6%, equivalent to US$ 70 million, as shown in the Pro-Forma Income Statement. In theGeneration Business, the Operating Income of Endesa Chile amounted to US$ 482 million, a decrease of 0.5%, basically due to a lower Operating Income in Argentina and Brazil, compensated by improvements in Chile and Peru. 10 |
InChile, Operating Income amounted to US$ 238 million, reflecting an increase of 25.4%, mainly due to the result of higher hydroelectric generation associated to an improvement in the reservoirs levels. Another contributing factor, was the increase in average sales prices resulting from the marketing policies that enabled the company to obtain the best prices on unregulated clients and spot markets. Furthermore, the reduction in the generation of thermoelectric meant a decrease of US$ 34 million in the cost of fuel and transport of gas and the greater volumes of water allowed for a reduction of US$ 15 million in the cost of energy purchases. InColombia, Operating Income increased by 1.1% to US$ 105 million, basically as a result of an increase in physical sales of energy due to an improvement in water supplies and rainfall and to higher energy sales prices on the spot market. InPeru, Operating Income rose by 6.7% to US$ 98 million mainly due to higher average sales prices on the spot market which more than compensated the reduction in physical sales. On the other hand, Endesa Chile shows a decrease in the Operating Income of its subsidiaries inArgentinaandBrazil, as follows: InArgentina, Operating Income amounted to US$ 17 million, a fall of US$ 43 million respect to December 2001. This decrease is due to the drop in average sales prices of energy from El Chocón as a result of the devaluation of the Argentine Peso and also 39.2% decrease in physical sales. Furthermore, lower energy prices in Brazil as a result of a surplus water supply in the zone, implied that in 2002 only 2% needed to be purchased from CIEN interconnection line. InBrazil, Operating Income of Cachoeira Dourada decreased by 39.2% to US$ 24 million. This decrease was result of 20.3% lower average energy sales prices, due to the devaluation of the Brazilian currency respect to the US$ and greater energy purchases associated to the recovery of reservoirs after the drought in southeastern Brazil. TheDistribution Business shows an improvement of 1.6% in consolidated Physical Sales, reaching 48,955 GWh, which is equivalent to 767GWh of higher sales compared to 2001. There is a 2.7% increase in the number of clients, reaching 275,000 new customers. InChile, Chilectra shows an improvement of US$ 8 million, equivalent to 6.9%, basically due to greater physical sales, compensated by an increase in Selling and Administrative Expenses related to higher salaries expenses. In the case of Rio Maipo, Operating Income increased by US$ 0.3 million due to greater Energy Sales and lower Selling and Administrative Expenses. InBrazil, the Operating Income of our subsidiaries Cerj and Coelce show a decrease of US$ 69 million and US$ 27 million, respectively. This variation is due to Regulatory Asset that both companies recognized on December 2001, addressed to the recovery of financial and economic equilibrium of the concessions contracts, and by that way, recover the consumption losses registered during the rationing in place during the year 2001 and early 2002. InColombia, Codensa shows a decrease of US$ 10 million, mainly explained by the increase in Operating Expenses and Administrative Expenses, which was partially compensated by the increase in Operating Revenues, due to greater physical energy sales and lower energy losses, improving from 11.8% as of December 2001, to a 10.3% as of December 2002. InPeru, the subsidiary Edelnor reduced its Operating Income by US$ 2 million, basically due to an increase in Operating and Maintenance Costs. 11 |
InArgentina, Edesur registered a loss of US$ 18 million as of December 2002. This lower result is due to the economic instability of the country, that implied lower revenues on sales, due to a freeze on tariffs, a reduction in physical sales a as a result of a lower demand of energy, losses arising from the devaluation of the Argentine Peso and to an increase of energy losses due to theft. This significant negative impact on the Operating Income led to a net reduction in the consolidated Operating Income of Enersis, in comparison with the same period of the previous year. 12 |
Operating income and expenses, as well as administrative and selling expenses, by subsidiaries, for the year ended December 2002 and 2001, are shown below: OPERATING INCOME, BREAKDOWN BY SUBSIDIARY |
YE02 | YE01 | ||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Operating results main subsidaries (million US$) | Operating Revenues | Operating Expenses | SG & A | Operating Income | Operating Revenues | Operating Expenses | SG & A | Operating Income | |||||||||||
Endesa S.A. | 1,305,435 | (773,140 | ) | (50,499 | ) | 481,797 | 1,454,585 | (922,069 | ) | (48,283 | ) | 484,232 | |||||||
Chilectra S.A. | 553,759 | (387,867 | ) | (44,382 | ) | 121,511 | 516,042 | (358,485 | ) | (43,910 | ) | 113,647 | |||||||
Rio Maipo S.A. | 78,861 | (59,042 | ) | (5,523 | ) | 14,296 | 73,962 | (53,531 | ) | (6,056 | ) | 14,375 | |||||||
Edesur S.A. | 277,590 | (252,753 | ) | (42,561 | ) | (17,724 | ) | 834,071 | (567,845 | ) | (102,231 | ) | 163,996 | ||||||
Edelnor S.A. | 283,372 | (210,419 | ) | (27,183 | ) | 45,770 | 263,119 | (188,169 | ) | (26,746 | ) | 48,204 | |||||||
Cerj | 480,318 | (422,130 | ) | (29,794 | ) | 28,394 | 524,439 | (382,431 | ) | (44,579 | ) | 97,428 | |||||||
Coelce | 316,897 | (227,272 | ) | (56,236 | ) | 33,388 | 344,450 | (220,497 | ) | (63,123 | ) | 60,830 | |||||||
Codensa S.A. | 461,314 | (386,358 | ) | (45,221 | ) | 29,735 | 454,909 | (375,597 | ) | (39,521 | ) | 39,791 | |||||||
CAM Ltda. | 130,733 | (102,538 | ) | (11,014 | ) | 17,180 | 130,315 | (101,364 | ) | (11,698 | ) | 17,254 | |||||||
Inmobiliaria Manso de Velasco S.A. | 15,833 | (8,317 | ) | (2,261 | ) | 5,255 | 16,924 | (10,351 | ) | (2,400 | ) | 4,173 | |||||||
Synapsis soluciones y servicios IT Ltda. | 68,929 | (51,810 | ) | (8,512 | ) | 8,607 | 63,871 | (45,436 | ) | (8,157 | ) | 10,277 | |||||||
Enersis Holding and other investment vehicles | 5,957 | (1,511 | ) | (30,409 | ) | (25,963 | ) | 14,479 | (9,731 | ) | (29,101 | ) | (24,353 | ) | |||||
Consolidation Adjustments | (519,719 | ) | 475,663 | 43,025 | (1,031 | ) | (433,807 | ) | 417,132 | 36,825 | 20,150 | ||||||||
Total Consolidation | 3,459,280 | (2,407,495 | ) | (310,570 | ) | 741,214 | 4,257,359 | (2,818,374 | ) | (388,980 | ) | 1,050,005 | |||||||
Table 3.1 |
Dic-02 | Dic-01 | ||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Operating results main subsidaries (thousand Ch$) | Operating Revenues | Operating Expenses | SG & A | Operating Income | Operating Revenues | Operating Expenses | SG & A | Operating Income | |||||||||||
Endesa S.A. | 938,099 | (555,586 | ) | (36,289 | ) | 346,224 | 1,045,279 | (662,608 | ) | (34,697 | ) | 347,974 | |||||||
Chilectra S.A. | 397,937 | (278,725 | ) | (31,893 | ) | 87,319 | 370,833 | (257,611 | ) | (31,554 | ) | 81,668 | |||||||
Rio Maipo S.A. | 56,670 | (42,428 | ) | (3,969 | ) | 10,273 | 53,150 | (38,468 | ) | (4,352 | ) | 10,330 | |||||||
Edesur S.A. | 199,479 | (181,631 | ) | (30,585 | ) | (12,737 | ) | 599,372 | (408,059 | ) | (73,464 | ) | 117,849 | ||||||
Edelnor S.A. | 203,634 | (151,209 | ) | (19,534 | ) | 32,891 | 189,080 | (135,220 | ) | (19,220 | ) | 34,640 | |||||||
Cerj | 345,161 | (303,347 | ) | (21,410 | ) | 20,404 | 376,867 | (274,819 | ) | (32,035 | ) | 70,013 | |||||||
Coelce | 227,725 | (163,320 | ) | (40,412 | ) | 23,993 | 247,525 | (158,451 | ) | (45,361 | ) | 43,713 | |||||||
Codensa S.A. | 331,505 | (277,641 | ) | (32,496 | ) | 21,368 | 326,902 | (269,908 | ) | (28,400 | ) | 28,594 | |||||||
CAM Ltda. | 93,946 | (73,685 | ) | (7,915 | ) | 12,346 | 93,646 | (72,841 | ) | (8,406 | ) | 12,399 | |||||||
Inmobiliaria Manso de Velasco Ltda. | 11,378 | (5,977 | ) | (1,625 | ) | 3,776 | 12,162 | (7,438 | ) | (1,725 | ) | 2,999 | |||||||
Synapsis Soluciones y Servicios IT Ltda. | 49,533 | (37,231 | ) | (6,117 | ) | 6,185 | 45,898 | (32,651 | ) | (5,862 | ) | 7,385 | |||||||
Enersis Holding and other investment vehicles | 4,281 | (1,086 | ) | (21,852 | ) | (18,657 | ) | 10,405 | (6,993 | ) | (20,912 | ) | (17,500 | ) | |||||
Consolidation Adjustments | (373,475 | ) | 341,816 | 30,918 | (741 | ) | (311,738 | ) | 299,755 | 26,463 | 14,480 | ||||||||
Total Consolidation | 2,485,873 | (1,730,050 | ) | (223,179 | ) | 532,644 | 3,059,381 | (2,025,312 | ) | (279,525 | ) | 754,544 | |||||||
13 |
NON-OPERATING INCOMENon-Operating Income shows a greater loss of US$ 406 million. This is mainly explained by the Accounting Adjustments made by the Company, and also by: Net Financial Result improved by US$ 58 million or 10.6%, from a loss of US$ 551 million as of December 2001 to a loss of US$ 493 million this year. This variation is the result of lower interest rates on the international markets respect to the previous year. Investment in Related Companies registered a net profit of US$ 11 million, a positive variation of US$ 26 million when compared to the net loss of US$ 15 million registered in December 2001. This is principally due to the better result of US$ 18 million of CIEN, and the effects of the exchange rates in the results for both periods of the Endesa Chile’s related companies. TheAmortization on Positive Goodwill for the year 2002, amounted to US$ 705 million, an increase of US$ 592 million respect to US$ 112 million as of December 2001. The increase in the amortization is related to the acceleration of amortization of the net balance of Negative and Positive goodwill of investments in distribution and generation located in Argentina and Brazil. Net Other Non-Operating Income increased by US$ 78 million, reaching a total amount of US$ 93 million. This increase is mainly due to: |
• | An increase of US$ 218 million derived from the adjustment on converting over to Chilean Accounting Rules on applying the norms contained in Technical Bulletin N° 64, particularly respect to subsidiaries in Brazil and Argentina. This was principally due to the devaluation of both Brazilian Real and the Argentine Peso against its monetary assets and liabilities structure. |
• | An increase of US$ 15 million in profits from forward contracts, which recovered from a loss of US$ 8 million as of December 2001 to a profit of US$ 7 million this year. |
• | Higher dividends received from related companies of US$ 7 million. |
This was partially compensated by: |
• | Provisions made during 2002 of US$ 88 million for real estate projects in course. |
• | Lower profits booked during the year 2001 of US$ 34 million, due to the repurchase of the Yankee Bonds made by Enersis and Endesa Chile on November 2001. |
• | An increase of US$ 18 million in provisions for contingencies and lawsuits. |
• | Net losses of US$ 10 million resulting from the recalculations of energy in the SIC-SING system. |
• | Taxes adjustment of the sales in a Brazilian subsidiary during the past year of US$ 9 million. |
• | Adjustment to the market value of the Sovereign Bond of the Argentinean Government by US$ 7 million. |
Price Level Restatement and Exchange Differences show lower losses of US$ 24 million. This was caused principally by the effects of the nominal devaluation of 9.75% of the Ch$ against the US$, compared to a devaluation of 14.14% as the same date last year. These effects were compensated to a large extent by forward contracts held by the Company. 14 |
Income Tax and Deferred Taxesregistered a reduction of US$ 89 million. This is mainly explained by a fall of US$ 71 million in Income Tax, mainly due to the effects of the Argentinean subsidiaries and by a decrease of US$ 18 million in Deferred Taxes. Extraordinary Items as of December, 2002 show a loss of US$ 31 million as a result of a new tax imposed by the Colombian Government (Tax to contribute to security’s purposes) upon all companies established in that country. INTEREST RATE RISKSOn a consolidated basis, as of December 31st, 2001, 42% of the total debt was expressed in variable terms (mainly Libor USD and Chilean TAB), while 58% was at fixed rates and secure. At the end of 2002, the debt linked to variable rates represented 30% of the total debt, while 70% was at fixed rates. The reduction in the percentage of debt at variable rates during this year is explained basically by the refinancing of obligations (previously at variable terms) into fixed rates, and by hedge operations of Libor US$ rate for US$ 1,000 million, of which US$ 700 million were done by Enersis and US$ 300 million by Endesa Chile. The Company manages its interest rate risk by concentrating its debt structure on the long term with a suitable combination of debt at fixed rates and at variable rates. EXCHANGE RISKThe Company’s exposure to an exchange risk is derived from the assets and liabilities denominated in foreign currency, mainly US$. On a consolidated basis, as of December 2001, Enersis had 72% of its total debt expressed in US$. With the US$/Ch$ forward position, the weight of this debt in US$ was reduced to 67%. As of December 31st, 2002, 69% of the debt was denominated in US$. Considering the US$/Ch$ hedging policy mentioned below, the percentage of the debt denominated in US$ is reduced to 65%. The reason behind the largest part of our debt being denominated in US$ is the fact that an important proportion of our revenues is directly or indirectly related to US$. Thus, the tariffs of the majority of the countries in which we have operations are tied to a large extent to the evolution of the US$. Particularly in Chile and Peru. In countries where the indexation to the US$ is lower, the companies borrow a greater proportion of their loans in local currency. In our generation subsidiaries, in the case of Argentina, a large part of Central Costanera’s income come from exports to Brazil with contracts indexed to the US$. On the other hand, El Chocon contracts, expressed in US$, are currently being paid in Argentine Pesos. In Colombia the contracts are at spot and at short term and, to a large extent follow the variation of the US$ exchange rate. In Chile and Peru, the tariff process and the contracts are indexed to changes in the US$. Finally, the tariffs set for Cachoeira Dourada (in Brazil) are not indexed to US$. Revenues are in local currency and are indexed to the inflation. 15 |
In the case of Distribution companies in Argentina which operates under a federal concession, their tariffs are established in US$ in contracts and are indexed to the United States inflation, this is the case of our subsidiary Edesur. Nevertheless, the Emergency Law promulgated in January 2002 expressed the tariffs in Pesos and has maintained them frozen. For this reason, the companies have had to absorb, with no compensation whatsoever, the effects of devaluation and of inflation. Within the framework of renegotiation that is ongoing between the government and the companies, must established the conditions under which the tariffs will be set in the future. In Brazil, tariffs are indexed to the General Market Price Index. In Colombia the Added Distribution Value (VAD) is adjusted in accordance with the Producers Price Index every time that this rises by more than 3% in any of its components. In Argentina, generating subsidiaries have their debts expressed in US$, given that their operating cash flows are largely related to that currency. Edesur has most of its debts in US$, because before the emergency law, its tariffs were indexed to that currency. Since then, the restrictions impossed, and the volatility on the local financial market have prevented any form of hedging the exchange risk. Thus, to date, the exposure to the US$ remains. On the other hand, in Brazil, our generating subsidiary is not exposed to the US$ as it has very low debt in Reales. Distribution subsidiaries used to have loans with third parties in local currencies. Only Cerj has received inter-company loans in US$ and for this reason has adopted a hedging policy, tending to maintain its US$ exposure at around 20%. In the particular case of Chile, the exchange risk depends on the variation in the exchange rates of the currencies in which assets and liabilities are booked. For accounting purposes and bearing in mind the instructions contained in Bulletin N° 64, our results are also affected. According to this Chilean accounting norm, debts in foreign currency utilized to finance investments in countries considered to have an unstable currency are matched against the corresponding investments and the result of the variations of the Dollar against the Chilean Peso from the crossed debts are not reflected in the income statement. Currently, the exchange risk is managed on a consolidated basis, taking into consideration the part of these risks that our Chilean subsidiaries have not covered. The company’s policy is set on maintaining between 70% and 85% of the booked exposure to exchange risk covered. The current exchange exposure between the Chilean Peso and the US Dollar is controlled with financial derivative instruments, basically USD/CLP forward contracts, to cover the exchange risk. OthersAs is customary in most of debts contracts from bank borrowings, and also on the capital markets, a substantial proportion of the financial debt of Enersis S.A. is subject to cross-default conditions. Some defaults on the part of Endesa Chile or its subsidiaries, if not cured in time (in those specific conditions that permit some time to resolve the problem), could result in a cross-default for Endesa Chile and for Enersis S.A. We give below a detail of the defaults by Enersis or its subsidiaries that, if not cured in time, could result in a cross-default for Enersis and/or its subsidiaries: |
• | Failure to pay capital and interest on the corresponding debt. |
• | Failure by Enersis, Endesa Chile or of one of their respective subsidiaries to pay a single debt of USD 30 million or more on the date the corresponding payment should be paid (be it on the maturity date or by acceleration). |
• | Bankruptcy or suspension of payments by Enersis, Endesa Chile or one of their respective subsidiaries. |
16 |
• | Legal resolutions against Enersis, Endesa Chile or of one of their respective subsidiaries that imply an obligation for an amount equivalent or superior, jointly, to USD 30 million, and legal resolutions whose contents are different to a payment of a monetary obligation against Enersis, Endesa Chile or of one of their respective subsidiaries that could have an important adverse effect on Enersis (consolidated), or on Endesa Chile (consolidated), whichever the case. |
• | Government action by virtue of which all or a major part of the property or assets of Enersis, Endesa Chile or of one of their respective subsidiaries is nationalized, embargoed, expropriated, or government action impedes the continuity of operations, or a major part of them, of Enersis, Endesa Chile or of one of their respective subsidiaries. |
• | In certain cases, Enersis.’s or Endesa Chile’s (whichever the case) debt expressed in US Dollars is rated below the “investment grade” category by the corresponding Risk Rating Agency (which, in this case, is Standard & Poor’s). |
• | Failure to comply with the clauses of the corresponding contract and that are not regularized during the grace period established such as commitments to maintain specific ratios on debt, interest coverage and a minimum net worth. |
• | In most of the loans, and in general, the term subsidiary refers to those of certain importance, both in Chile and abroad. |
17 |
BUSINESS INFORMATION |
Company | Customers (Th) YE 02 | Customers (Th) YE 01 | Dif 01-02 | Var 01-02 | |||||
---|---|---|---|---|---|---|---|---|---|
Chilectra | 1,319 | 1,289 | 30 | 2.33 | % | ||||
Río Maipo | 302 | 294 | 8 | 2.72 | % | ||||
Cerj | 1,778 | 1,691 | 87 | 5.14 | % | ||||
Coelce | 2,009 | 1,917 | 92 | 4.80 | % | ||||
Codensa | 1,911 | 1,850 | 61 | 3.30 | % | ||||
Edelnor | 871 | 867 | 4 | 0.46 | % | ||||
Edesur | 2,090 | 2,097 | (7 | ) | -0.33 | % | |||
Total | 10,280 | 10,005 | 275 | 2.75 | % | ||||
Company | GWh sold YE 02 | GWh sold YE 01 | Dif 01-02 | Var 01-02 | |||||
---|---|---|---|---|---|---|---|---|---|
Chilectra | 9,952 | 9,585 | 367 | 3.83 | % | ||||
Río Maipo | 1,274 | 1,245 | 29 | 2.33 | % | ||||
Cerj | 7,146 | 6,739 | 407 | 6.04 | % | ||||
Coelce | 5,558 | 5,352 | 206 | 3.85 | % | ||||
Codensa | 9,015 | 8,673 | 342 | 3.94 | % | ||||
Edelnor | 3,872 | 3,685 | 187 | 5.07 | % | ||||
Edesur | 12,138 | 12,909 | (771 | ) | -5.97 | % | |||
Total | 48,955 | 48,188 | 767 | 1.59 | % | ||||
Company | Clients/Employee YE 02 | Clients/Employee YE 01 | Dif 01-02 | Var 01-02 | |||||
---|---|---|---|---|---|---|---|---|---|
Chilectra | 1,833 | 1,785 | 48 | 2.69 | % | ||||
Río Maipo | 4,021 | 3,764 | 257 | 6.83 | % | ||||
Cerj | 1,226 | 1,249 | (23 | ) | -1.84 | % | |||
Coelce | 1,434 | 1,309 | 125 | 9.55 | % | ||||
Codensa | 2,382 | 2,276 | 106 | 4.66 | % | ||||
Edelnor | 1,465 | 1,557 | (92 | ) | -5.91 | % | |||
Edesur | 928 | 925 | 3 | 0.32 | % | ||||
Total | 1,409 | 1,379 | 30 | 2.18 | % | ||||
18 |
BUSINESS INFORMATION |
Company | Energy Losses % (*) YE 02 | Energy Losses % (*) YE 01 | Dif 01-02 | ||||
---|---|---|---|---|---|---|---|
Chilectra (%) | 5.6 | % | 5.4 | % | 0.002 | ||
Chilectra (GWh) | 589 | 545 | 44 | ||||
Río Maipo (%) | 6.2 | % | 6.4 | % | (0.002 | ) | |
Río Maipo (GWh) | 84 | 85 | (1 | ) | |||
Cerj (%) | 22.6 | % | 22.7 | % | (0.001 | ) | |
Cerj (GWh) | 2,064 | 1,974 | 90 | ||||
Coelce (%) | 12.9 | % | 13.0 | % | (0.001 | ) | |
Coelce (GWh) | 828 | 799 | 29 | ||||
Codensa (%) | 10.3 | % | 11.8 | % | (0.015 | ) | |
Codensa (GWh) | 1,038 | 1,158 | (120 | ) | |||
Edelnor (%) | 8.5 | % | 8.9 | % | (0.004 | ) | |
Edelnor (GWh) | 361 | 360 | 1 | ||||
Edesur (%) | 11.6 | % | 9.9 | % | 0.017 | ||
Edesur (GWh) | 1,588 | 1,420 | 168 | ||||
Weighted Average Losses | 12.1 | % | 11.9 | % | 0.002 | ||
(*) | Energy Losses calculated Trailing Twelve Month (TTM) |
19 |
BUSINESS INFORMATION |
CHILECTRA | RIO MAIPO | ||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Million US$ | YE02 | YE01 | Var 02-01 | Chg % | YE02 | YE01 | Var 02-01 | Chg % | |||||||||
Revenues from Sales | 533 | 496 | 37 | 8 | % | 75 | 70 | 5 | 7 | % | |||||||
Other Operating Revenues | 20 | 20 | 0 | 2 | % | 4 | 3 | 0 | 2 | % | |||||||
Operating Revenues | 554 | 516 | 38 | 7 | % | 79 | 74 | 5 | 7 | % | |||||||
Energy Purchases | (330 | ) | (301 | ) | (29 | ) | 10 | % | (52 | ) | (48 | ) | (4 | ) | 9 | % | |
Other Operating Cost | (58 | ) | (58 | ) | (0 | ) | 1 | % | (7 | ) | (7 | ) | (1 | ) | 11 | % | |
Operating Expenses | (388 | ) | (358 | ) | (29 | ) | 8 | % | (59 | ) | (54 | ) | (5 | ) | 9 | % | |
Selling and Administrative Expenses | (44 | ) | (44 | ) | (0 | ) | 1 | % | (6 | ) | (6 | ) | 0 | -4 | % | ||
Operating Income | 122 | 114 | 8 | 7 | % | 14 | 14 | 0 | 2 | % | |||||||
Interest Income | 18 | 19 | (1 | ) | -6 | % | 1 | 1 | (0 | ) | -28 | % | |||||
Interest Expenses | (71 | ) | (63 | ) | (8 | ) | 13 | % | (2 | ) | (2 | ) | 0 | -19 | % | ||
Net Financial Income (Expenses) | (53 | ) | (44 | ) | (9 | ) | 22 | % | (1 | ) | (1 | ) | 0 | -13 | % | ||
Equity Gains from Related Company | 11 | 49 | (38 | ) | -78 | % | 0 | 0 | 0 | 0 | % | ||||||
Equity Losses from Related Company | (35 | ) | (6 | ) | (29 | ) | 477 | % | 0 | 0 | 0 | 0 | % | ||||
Net Income from Related Companies | (24 | ) | 43 | (68 | ) | -156 | % | 0 | 0 | 0 | 0 | % | |||||
Other Non Operating Income | 46 | 66 | (20 | ) | -31 | % | 9 | 5 | 4 | 92 | % | ||||||
Other Non Operating Expenses | (22 | ) | (42 | ) | 20 | -48 | % | (3 | ) | (2 | ) | (1 | ) | 44 | % | ||
Net other Non Operating Income (Expenses) | 24 | 25 | (0 | ) | -1 | % | 6 | 3 | 3 | 129 | % | ||||||
Price Level Restatement | (21 | ) | 1 | (22 | ) | -2795 | % | (0 | ) | 0 | (0 | ) | -133 | % | |||
Foreign Exchange Effect | 0 | 0 | 0 | 0 | % | 0 | 0 | 0 | 0 | % | |||||||
Net of Monetary Exposure | (21 | ) | 1 | (22 | ) | -2795 | % | (0 | ) | 0 | (0 | ) | -133 | % | |||
Possitive Goodwill Amortization | (107 | ) | (6 | ) | (101 | ) | 1635 | % | 0 | 0 | 0 | 0 | % | ||||
Non Operating Income | (181 | ) | 19 | (200 | ) | -1064 | % | 5 | 2 | 3 | 196 | % | |||||
Net Income b. Taxes, Min Int and Neg Goodwill Amort. | (59 | ) | 132 | (192 | ) | -145 | % | 19 | 16 | 4 | 22 | % | |||||
Extraordinary Items | 0 | 0 | 0 | 0 | % | 0 | 0 | 0 | 0 | % | |||||||
Income Tax | (13 | ) | (29 | ) | 16 | -56 | % | (3 | ) | (3 | ) | (0 | ) | 3 | % | ||
Minority Interest | (16 | ) | (2 | ) | (14 | ) | 646 | % | 0 | 0 | 0 | 0 | % | ||||
Negative Goodwill Amortization | 44 | 0 | 44 | 46606 | % | 0 | 0 | 0 | 0 | % | |||||||
NET INCOME | (43 | ) | 102 | (145 | ) | -142 | % | 16 | 13 | 3 | 27 | % | |||||
EDESUR | EDELNOR | ||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Million US$ | YE02 | YE01 | Var 02-01 | Chg % | YE02 | YE01 | Var 02-01 | Chg % | |||||||||
Revenues from Sales | 256 | 765 | (510 | ) | -67 | % | 273 | 252 | 21 | 8 | % | ||||||
Other Operating Revenues | 22 | 69 | (47 | ) | -68 | % | 10 | 11 | (1 | ) | -10 | % | |||||
Operating Revenues | 278 | 834 | (556 | ) | -67 | % | 283 | 263 | 20 | 8 | % | ||||||
Energy Purchases | (112 | ) | (348 | ) | 236 | -68 | % | (173 | ) | (159 | ) | (15 | ) | 9 | % | ||
Other Operating Cost | (140 | ) | (220 | ) | 80 | -36 | % | (37 | ) | (29 | ) | (7 | ) | 25 | % | ||
Operating Expenses | (253 | ) | (568 | ) | 315 | -55 | % | (210 | ) | (188 | ) | (22 | ) | 12 | % | ||
Selling and Administrative Expenses | (43 | ) | (102 | ) | 60 | -58 | % | (27 | ) | (27 | ) | (0 | ) | 2 | % | ||
Operating Income | (18 | ) | 164 | (182 | ) | -111 | % | 46 | 48 | (2 | ) | -5 | % | ||||
Interest Income | 16 | 19 | (3 | ) | -14 | % | 4 | 4 | (1 | ) | -20 | % | |||||
Interest Expenses | (39 | ) | (22 | ) | (17 | ) | 74 | % | (10 | ) | (10 | ) | 0 | -3 | % | ||
Net Financial Income (Expenses) | (23 | ) | (3 | ) | (19 | ) | 553 | % | (6 | ) | (5 | ) | (1 | ) | 11 | % | |
Equity Gains from Related Company | 0 | 0 | 0 | 0 | % | 0 | 0 | 0 | 0 | % | |||||||
Equity Losses from Related Company | 0 | (0 | ) | 0 | -100 | % | 0 | 0 | 0 | 0 | % | ||||||
Net Income from Related Companies | 0 | (0 | ) | 0 | -100 | % | 0 | 0 | 0 | 0 | % | ||||||
Other Non Operating Income | 0 | 2 | (2 | ) | -78 | % | 7 | 5 | 2 | 29 | % | ||||||
Other Non Operating Expenses | (15 | ) | (10 | ) | (5 | ) | 46 | % | (4 | ) | (7 | ) | 4 | -50 | % | ||
Net other Non Operating Income (Expenses) | (14 | ) | (8 | ) | (6 | ) | 78 | % | 3 | (2 | ) | 5 | -265 | % | |||
Price Level Restatement | 0 | 0 | 0 | 0 | % | 0 | 0 | 0 | 0 | % | |||||||
Foreign Exchange Effect | 18 | 24 | (6 | ) | -25 | % | 1 | (4 | ) | 5 | -137 | % | |||||
Net of Monetary Exposure | 18 | 24 | (6 | ) | -25 | % | 1 | (4 | ) | 5 | -137 | % | |||||
Possitive Goodwill Amortization | 0 | 0 | 0 | 0 | % | 0 | 0 | 0 | 0 | % | |||||||
Non Operating Income | (19 | ) | 13 | (31 | ) | -248 | % | (1 | ) | (11 | ) | 10 | -88 | % | |||
Net Income b. Taxes, Min Int and Neg Goodwill Amort. | (36 | ) | 177 | (213 | ) | -121 | % | 44 | 37 | 7 | 19 | % | |||||
Extraordinary Items | 0 | 0 | 0 | 0 | % | 0 | 0 | 0 | 0 | % | |||||||
Income Tax | 48 | (61 | ) | 108 | -179 | % | (17 | ) | (11 | ) | (6 | ) | 51 | % | |||
Minority Interest | 0 | 0 | 0 | 0 | % | 0 | 0 | 0 | 0 | % | |||||||
Negative Goodwill Amortization | 0 | 0 | 0 | 0 | % | 0 | 0 | 0 | 0 | % | |||||||
NET INCOME | 11 | 116 | (105 | ) | -90 | % | 27 | 26 | 2 | 6 | % | ||||||
20 |
Cont. Table 5 - DISTRIBUTION INCOME STATEMENTS |
CERJ | COELCE | CODENSA | |||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Million US$ | YE02 | YE01 | Var 02-01 | Chg % | YE02 | YE01 | Var 02-01 | Chg % | YE02 | YE01 | Var 02-01 | Chg % | |||||||||||||
Revenues from Sales | 466 | 508 | (43 | ) | -8 | % | 311 | 329 | (17 | ) | -5 | % | 411 | 407 | 4 | 1 | % | ||||||||
Other Operating Revenues | 15 | 16 | (1 | ) | -8 | % | 6 | 16 | (10 | ) | -65 | % | 50 | 48 | 2 | 5 | % | ||||||||
Operating Revenues | 480 | 524 | (44 | ) | -8 | % | 317 | 344 | (28 | ) | -8 | % | 461 | 455 | 6 | 1 | % | ||||||||
Energy Purchases | (237 | ) | (225 | ) | (12 | ) | 5 | % | (129 | ) | (131 | ) | 2 | -2 | % | (233 | ) | (235 | ) | 2 | -1 | % | |||
Other Operating Cost | (185 | ) | (158 | ) | (28 | ) | 18 | % | (98 | ) | (89 | ) | (9 | ) | 10 | % | (157 | ) | (144 | ) | (13 | ) | 9 | % | |
Operating Expenses | (422 | ) | (382 | ) | (40 | ) | 10 | % | (227 | ) | (220 | ) | (7 | ) | 3 | % | (390 | ) | (380 | ) | (11 | ) | 3 | % | |
Selling and Administrative Expenses | (30 | ) | (45 | ) | 15 | -33 | % | (56 | ) | (63 | ) | 7 | -11 | % | (41 | ) | (35 | ) | (6 | ) | 16 | % | |||
Operating Income | 28 | 97 | (69 | ) | -71 | % | 34 | 61 | (27 | ) | -45 | % | 30 | 40 | (10 | ) | -25 | % | |||||||
Interest Income | 20 | 1 | 19 | 1824 | % | 30 | 8 | 22 | 282 | % | 19 | 15 | 4 | 26 | % | ||||||||||
Interest Expenses | (51 | ) | (69 | ) | 18 | -26 | % | (47 | ) | (24 | ) | (23 | ) | 98 | % | (20 | ) | (0 | ) | (20 | ) | 4354 | % | ||
Net Financial Income (Expenses) | (31 | ) | (68 | ) | 37 | -54 | % | (17 | ) | (16 | ) | (1 | ) | 8 | % | (1 | ) | 15 | (16 | ) | -106 | % | |||
Equity Gains from Related Company | 0 | 0 | 0 | 0 | % | 0 | 0 | 0 | 0 | % | 0 | 0 | 0 | 0 | % | ||||||||||
Equity Losses from Related Company | (101 | ) | (6 | ) | (95 | ) | 1591 | % | 0 | 0 | 0 | 0 | % | 0 | 0 | 0 | 0 | % | |||||||
Net Income from Related Companies | (101 | ) | (6 | ) | (95 | ) | 1591 | % | 0 | 0 | 0 | 0 | % | 0 | 0 | 0 | 0 | % | |||||||
Other Non Operating Income | 8 | 5 | 3 | 50 | % | 1 | 4 | (4 | ) | -82 | % | 2 | 2 | (0 | ) | -1 | % | ||||||||
Other Non Operating Expenses | (85 | ) | (106 | ) | 21 | -20 | % | (4 | ) | (7 | ) | 3 | -44 | % | (1 | ) | (7 | ) | 6 | -83 | % | ||||
Net other Non Operating Income (Expenses) | (77 | ) | (101 | ) | 23 | -23 | % | (3 | ) | (3 | ) | (0 | ) | 12 | % | 1 | (5 | ) | 6 | -119 | % | ||||
Price Level Restatement | 0 | 0 | 0 | 0 | % | 0 | 0 | 0 | 0 | % | 0 | 0 | 0 | 0 | % | ||||||||||
Foreign Exchange Effect | 154 | 70 | 84 | 120 | % | 22 | (13 | ) | 35 | -262 | % | (12 | ) | 1 | (13 | ) | -1017 | % | |||||||
Net of Monetary Exposure | 154 | 70 | 84 | 120 | % | 22 | (13 | ) | 35 | -262 | % | (12 | ) | 1 | (13 | ) | -1017 | % | |||||||
Possitive Goodwill Amortization | 0 | 0 | 0 | 0 | % | 0 | 0 | 0 | 0 | % | 0 | 0 | 0 | 0 | % | ||||||||||
Non Operating Income | (55 | ) | (105 | ) | 49 | -47 | % | 1 | (32 | ) | 33 | -103 | % | (12 | ) | 11 | (23 | ) | -208 | % | |||||
Net Income b. Taxes, Min Int and Neg Goodwill Amort. | (27 | ) | (7 | ) | (20 | ) | 267 | % | 35 | 29 | 6 | 20 | % | 18 | 51 | (33 | ) | -64 | % | ||||||
Extraordinary Items | 0 | 0 | 0 | 0 | % | 0 | 0 | 0 | 0 | % | 0 | 0 | 0 | 0 | % | ||||||||||
Income Tax | 14 | 3 | 12 | 452 | % | (6 | ) | (10 | ) | 4 | -38 | % | (27 | ) | (19 | ) | (8 | ) | 42 | % | |||||
Minority Interest | 0 | 0 | 0 | 0 | % | 0 | 0 | 0 | 0 | % | 0 | 0 | 0 | 0 | % | ||||||||||
Negative Goodwill Amortization | 0 | 0 | 0 | 0 | % | 0 | 0 | 0 | 0 | % | 0 | 0 | 0 | 0 | % | ||||||||||
NET INCOME | (13 | ) | (5 | ) | (8 | ) | 165 | % | 28 | 19 | 10 | 51 | % | (9 | ) | 32 | (41 | ) | -129 | % | |||||
Table 6 - GENERATION BUSINESS |
Company | GWh sold Year 2001 | GWh sold Year 2002 | Dif 02-01 | Var 02-01 | |||||
---|---|---|---|---|---|---|---|---|---|
Chilean Companies | 18,673 | 18,344 | (329 | ) | (1.76 | %) | |||
Chocón | 4,593 | 3,719 | (874 | ) | (19.03 | %) | |||
Costanera | 8,395 | 4,178 | (4,217 | ) | (50.23 | %) | |||
Edegel | 4,239 | 4,158 | (81 | ) | (1.91 | %) | |||
Betania | 2,562 | 2,637 | 75 | 2.93 | % | ||||
Emgesa | 12,028 | 12,002 | (26 | ) | (0.22 | %) | |||
Cachoeira | 3,743 | 3,591 | (152 | ) | (4.06 | %) | |||
TOTAL | 54,233 | 48,629 | |||||||
Company | GWh produced Year 2001 | GWh produced Year 2002 | Dif 02-01 | Var 02-01 | |||||
---|---|---|---|---|---|---|---|---|---|
Chilean Companies | 15,741 | 16,286 | 545 | 3.46 | % | ||||
Chocón | 4,496 | 3,682 | (814 | ) | (18.10 | %) | |||
Costanera | 5,451 | 3,486 | (1,965 | ) | (36.05 | %) | |||
Edegel | 4,176 | 4,279 | 103 | 2.47 | % | ||||
Betania | 1,770 | 1,829 | 59 | 3.33 | % | ||||
Emgesa | 8,335 | 8,787 | 452 | 5.42 | % | ||||
Cachoeira | 2,256 | 2,467 | 211 | 9.35 | % | ||||
TOTAL | 42,225 | 40,816 | |||||||
21 |
BUSINESS INFORMATION ANALYSISFinally, here is a brief analysis of the Results of Enersis’ distribution subsidiaries: Chilectra recorded a Net Loss of US$ 43 million as of December 31, 2002, compared to the Net Income of US$ 102 million obtained during the same period of 2001, mainly related to: |
• | Lower Non-Operating Income of US$ 200 million, primarily due to one time goodwill amortization acceleration of US$ 101 million, related to an accounting adjustment made on December 2002 from Chilectra’s investment in Brazilian and Argentinean subsidiaries (of US$ 95 million). Also achieved to higher net losses from related companies of US$ 68 million, attributable to higher losses from Cerj, Investluz and Luz de Bogotá (of US$ 35 million), and lower net income from Edesur and Distrilec Inversora (of US$ 36 million). Finally accrued by higher price level restatement of US$ 22 million and higher net financial expenses of US$ 9 million. |
• | Higher Operating Income of US$ 8 million, mainly due to higher energy sales of US$ 37 million, compensated by higher energy purchases of US$ 29 million. |
• | Higher negative goodwill amortization of US$ 44 million related to the accounting adjustment over Chilectra’s investment in Cerj. |
Río Maipo registered a Net Income of US$ 16 million as of December 31, 2002, which represents an increase of US$ 3 million compared to the same period of 2001. This is mainly explained by: |
• | Higher Non-Operating Income of US$ 3 million, primarily due to other net non-operating income of US$ 3 million. |
• | Higher Operating Income of US$ 0.3 million, basically due to higher energy sales of US$ 4.8 million, compensated by higher energy purchases of US$ 4.1 million. |
Cerjrecorded a Net Loss of US$ 13 million as of December 31, 2002, US$ 8 million lower than December 2001. This is primarily due to: |
• | Lower Operating Income of US$ 69 million, primarily explained by lower energy sales of US$ 43 million, higher depreciation and amortization expenses of US$ 14 million, and higher energy purchases of US$ 12 million. |
• | Lower Non-Operating Losses of US$ 49 million, mainly due to higher positive conversion effect registered as a result of the Brazilian Reais depreciation and due to Technical Bulletin N° 64 of Chilean Accounting Principles. Also higher net financial revenues of US$ 37 million. This figure was partially offset by higher losses form related companies of US$ 95 million, attributable to an extraordinary accounting adjustment made on December from Investluz Goodwil Amortization. |
• | Higher Tax payments of US$ 12 million. |
Coelce registered a Net Income of US$ 28 million as of December 31, 2002, US$ 10 million higher than December 2001. This result, mainly due to: |
• | Higher Non-Operating Income of US$ 33 million, mainly explained by higher positive conversion recorded as a result of the Brazilian R$ depreciation and due to Technical Bulletin N° 64 of Chilean Accounting Principles. |
• | Lower Tax payment of US$ 4 million. |
• | Lower Operating Income of US$ 27 million, mainly due to lower energy sales of US$ 17 million, and lower other operating revenues from electric grid rentals and tolls of US$ 10 million. |
22 |
Codensa registered a Net Loss of US$ 9 million for the twelve months ended December 31, 2002. This figure, represents US$ 41 million reduction compare to the same period of 2001. This is primarily attributable to: |
• | Lower Operating Income of US$ 10 million, primarily explained by higher other operating cost of US$ 13 million, acrrued to higher depreciation and amortization expenses (of US$ 6 million), higher cost of remuneration and fees (of US$ 5 million), higher operating and maintenance cost of (US$ 2 million). This figure was compensated by higher Energy Sales of US$ 4 million. |
• | Lower Non-Operating Income of US$ 23 million, mainly related to higher net financial expenses of US$ 16 million, higher negative conversion effect registered as a result of the Colombian Peso depreciation and also due to Technical Bulletin N° 64 of Chilean Accounting Principles. The aforementioned was compensated by other non-operating revenues of US$ 6 million. |
• | Higher Tax payment of US$ 8 million. |
Edelnor Net Income registered by Edelnor was US$ 27 million, US$ 2 million higher compared to the previous year. This result can be mainly explained by: |
• | Higher Non-Operating Income of US$ 10 million, mainly due to higher positive conversion effect registered as a result of the Peruvian Peso depreciation and due to Technical Bulletin N° 64 of Chilean Accounting Principles. |
• | Higher Tax payment of US$ 6 million. |
• | Lower Operating Income of US$ 2 million, mainly explained by higher energy purchases of US$ 15 million, higher costs associated to third parties services and operating and maintenance cost of US$ 3 million, higher remuneration and fees expenses of US$ 3 million, and higher depreciation and amortization expenses of US$ 2 million. This figure was compensated by higher energy sales of US$ 21 million. |
Edesur registered a Net Income of US$ 11 million as of December 31, 2002, this is US$ 105 million lower than December 2001. Detail as follows: |
• | Lower Operating Income of US$ 182 million, mainly due to lower revenues on Energy Sales of US$ 510 million, lower Other Operating Income of US$ 47 million, which was compensated by lower expenses in Energy Purchases of US$ 236 million. Also due to lower Other Operating Costs of US$ 80 million attributable to third parties services and operating and maintenance cost, and lower SG&A expenses of US$ 60 million. |
• | Lower Non-Operating Income of US$ 32 million, mainly explained by compensated by higher net financial expenses of US$ 19 million and higher negative conversion effect registered as a result of the Argentinean Peso depreciation and due to Technical Bulletin N° 64 of Chilean Accounting Principles. |
• | Lower Tax payment of US$ 108 million. |
23 |
CONSOLIDATED BALANCE SHEET |
Th. US$ | YE 02 | YE 01 | |||
---|---|---|---|---|---|
CURRENT ASSETS | |||||
Cash | 67,053 | 52,391 | |||
Time Deposits | 202,651 | 247,858 | |||
Marketable Securities | 2,148 | 283 | |||
Accounts Receivable, net | 638,510 | 765,713 | |||
Notes receivable | 7,141 | 7,909 | |||
Other accounts receivable | 87,358 | 100,501 | |||
Amounts due from related companies | 271,912 | 25,076 | |||
Inventories, net | 84,027 | 107,741 | |||
Income taxes to be recovered | 75,752 | 80,030 | |||
Prepaid expenses | 10,668 | 19,442 | |||
Deferred income taxes | 72,300 | 33,623 | |||
Other current assets | 183,718 | 177,066 | |||
Net of Long Term Leasing Contracts | 0 | 0 | |||
Net of Assets for leasing | 0 | 0 | |||
Total currrent assets | 1,703,237 | 1,617,632 | |||
PROPERTY, PLANT AND EQUIPMENT | |||||
Property | 180,772 | 171,523 | |||
Buildings and Infraestructure | 16,173,312 | 15,240,738 | |||
Plant and equipment | 2,753,035 | 2,537,037 | |||
Other assets | 744,299 | 749,064 | |||
Technical re-appraisal | 1,030,664 | 970,798 | |||
Sub-Total | 20,882,082 | 19,669,160 | |||
Accumulated depreciation | (7,134,071 | ) | (6,275,177 | ) | |
Total property, plant and equipment | 13,748,011 | 13,393,982 | |||
OTHER ASSETS | |||||
Investments in related companies | 270,194 | 233,017 | |||
Investments in other companies | 221,910 | 208,125 | |||
Positive Goodwill | 1,179,379 | 1,835,255 | |||
Negative goodwill | (132,440 | ) | (252,146 | ) | |
Long-term receivables | 175,130 | 141,806 | |||
Amounts due from related companies | 1,250 | 237,497 | |||
Deferred income taxes | 0 | 0 | |||
Intangibles | 112,601 | 99,772 | |||
Accumulated amortization | (48,216 | ) | (34,995 | ) | |
Others | 332,246 | 276,277 | |||
Net of Long Term Leasing Contracts | 0 | 0 | |||
Total other assets | 2,112,054 | 2,744,608 | |||
TOTAL ASSETS | 17,563,302 | 17,756,223 | |||
24 |
CONSOLIDATED BALANCE SHEET |
Th. Ch$ | YE 02 | YE 01 | |||
---|---|---|---|---|---|
CURRENT ASSETS | |||||
Cash | 48,184,878 | 37,648,796 | |||
Time Deposits | 145,626,894 | 178,113,234 | |||
Marketable Securities | 1,543,290 | 203,072 | |||
Accounts Receivable, net | 458,839,724 | 550,248,992 | |||
Notes receivable | 5,131,349 | 5,683,330 | |||
Other accounts receivable | 62,776,096 | 72,220,719 | |||
Amounts due from related companies | 195,398,835 | 18,019,578 | |||
Inventories, net | 60,382,653 | 77,424,074 | |||
Income taxes to be recovered | 54,435,976 | 57,510,102 | |||
Prepaid expenses | 7,666,018 | 13,971,567 | |||
Deferred income taxes | 51,955,793 | 24,162,101 | |||
Other current assets | 132,021,608 | 127,241,229 | |||
Net of Long Term Leasing Contracts | 0 | 0 | |||
Net of Assets for leasing | 0 | 0 | |||
Total currrent assets | 1,223,963,114 | 1,162,446,794 | |||
PROPERTY, PLANT AND EQUIPMENT | |||||
Property | 129,904,787 | 123,257,963 | |||
Buildings and Infraestructure | 11,622,303,528 | 10,952,146,542 | |||
Plant and equipment | 1,978,358,503 | 1,823,140,358 | |||
Other assets | 534,860,864 | 538,284,944 | |||
Technical re-appraisal | 740,645,407 | 697,624,932 | |||
Sub-Total | 15,006,073,089 | 14,134,454,739 | |||
Accumulated depreciation | (5,126,614,906 | ) | (4,509,405,080 | ) | |
Total property, plant and equipment | 9,879,458,183 | 9,625,049,659 | |||
OTHER ASSETS | |||||
Investments in related companies | 194,164,157 | 167,448,008 | |||
Investments in other companies | 159,466,794 | 149,560,997 | |||
Positive Goodwill | 847,513,499 | 1,318,832,593 | |||
Negative goodwill | (95,172,950 | ) | (181,194,560 | ) | |
Long-term receivables | 125,850,513 | 101,903,562 | |||
Amounts due from related companies | 898,167 | 170,667,792 | |||
Deferred income taxes | 0 | 0 | |||
Intangibles | 80,915,893 | 71,697,080 | |||
Accumulated amortization | (34,648,290 | ) | (25,148,069 | ) | |
Others | 238,755,596 | 198,535,455 | |||
Net of Long Term Leasing Contracts | 0 | 0 | |||
Total other assets | 1,517,743,379 | 1,972,302,858 | |||
TOTAL ASSETS | 12,621,164,676 | 12,759,799,311 | |||
25 |
CONSOLIDATED BALANCE SHEET |
Th. US$ | YE 02 | YE 01 | |||
---|---|---|---|---|---|
LIABILITIES AND SHAREHOLDER’S EQUITY | |||||
CURRENT LIABILITIES | |||||
Due to banks and financial institutions(Short Term) | 591,488 | 418,878 | |||
Due to banks and financial institutions(Short term portion of Long Term) | 842,268 | 592,166 | |||
Commercial paper equivalent | 18,354 | 76,022 | |||
Bonds payable(Short Term) | 693,702 | 87,458 | |||
Long-term liabilities maturing before one year | 57,930 | 36,989 | |||
Dividends payable | 20,253 | 9,753 | |||
Accounts payable | 309,035 | 360,356 | |||
Notes payable | 6,726 | 63,218 | |||
Miscellaneous payables | 102,166 | 74,205 | |||
Accounts payable to related companies | 22,663 | 43,307 | |||
Provisions | 118,187 | 111,215 | |||
Withholdings | 77,213 | 75,086 | |||
Income Tax | 38,313 | 107,545 | |||
Anticipated income | 12,643 | 15,745 | |||
Deferred Taxes | — | — | |||
Other current liabilities | 82,857 | 209,270 | |||
Total current liabilities | 2,993,798 | 2,281,214 | |||
LONG-TERM LIABILITIES | |||||
Due to banks and financial institutions | 2,353,625 | 2,743,143 | |||
Bonds payable | 2,919,310 | 3,160,920 | |||
Notes payable | 307,380 | 299,903 | |||
Miscellaneous payables | 31,459 | 48,353 | |||
Amounts payable to related companies | 1,375,282 | 1,393,951 | |||
Provisions | 315,780 | 326,170 | |||
Deferred taxes | 85,917 | 50,180 | |||
Other long-term liabilities | 144,690 | 93,553 | |||
Total Long-term liabilities | 7,533,444 | 8,116,173 | |||
Minority interest | 5,636,719 | 5,668,681 | |||
SHAREHOLDERS’ EQUITY | |||||
Paid-in capital, no par value | 1,045,363 | 1,045,363 | |||
Reserve to Equity Revaluation | 0 | 0 | |||
Additional paid-in capital-share premium | 46,437 | 46,437 | |||
Other reserves | 65,236 | 36,574 | |||
Total Capital and Reserves | 1,157,036 | 1,128,374 | |||
RETAINED EARNINGS | |||||
Future Dividends Reserve | — | — | |||
Retained earnings | 560,537 | 501,877 | |||
Retained Losses | — | — | |||
Net Income | (311,362 | ) | 58,661 | ||
Interim dividends | — | — | |||
Development subsidaries deficits | (6,870 | ) | 1,243 | ||
Total Retained Earnings | 242,305 | 561,780 | |||
Total Shareholder’s Equity | 1,399,341 | 1,690,155 | |||
TOTAL LIABILITIES AND SHAREHOLDER’S EQUITY | 17,563,302 | 17,756,223 | |||
26 |
CONSOLIDATED BALANCE SHEET |
Th. Ch$ | YE 02 | YE 01 | |||
---|---|---|---|---|---|
LIABILITIES AND SHAREHOLDER’S EQUITY | |||||
CURRENT LIABILITIES | |||||
Due to banks and financial institutions (Short Term) | 425,049,260 | 301,010,064 | |||
Due to banks and financial institutions (Short term portion of Long Term) | 605,261,953 | 425,536,729 | |||
Commercial paper equivalent | 13,189,514 | 54,630,248 | |||
Bonds payable(Short Term) | 498,501,344 | 62,848,322 | |||
Long-term liabilities maturing before one year | 41,628,914 | 26,580,340 | |||
Dividends payable | 14,554,203 | 7,008,951 | |||
Accounts payable | 222,075,984 | 258,955,300 | |||
Notes payable | 4,833,074 | 45,429,070 | |||
Miscellaneous payables | 73,417,551 | 53,324,443 | |||
Accounts payable to related companies | 16,285,712 | 31,120,649 | |||
Provisions | 84,930,321 | 79,920,329 | |||
Withholdings | 55,485,759 | 53,957,592 | |||
Income Tax | 27,532,029 | 77,283,022 | |||
Anticipated income | 9,085,674 | 11,314,564 | |||
Deferred Taxes | 0 | 0 | |||
Other current liabilities | 59,541,957 | 150,383,758 | |||
Total current liabilities | 2,151,373,249 | 1,639,303,381 | |||
LONG-TERM LIABILITIES | |||||
Due to banks and financial institutions | 1,691,338,670 | 1,971,249,920 | |||
Bonds payable | 2,097,845,568 | 2,271,468,659 | |||
Notes payable | 220,886,690 | 215,513,230 | |||
Miscellaneous payables | 22,606,529 | 34,746,948 | |||
Amounts payable to related companies | 988,291,605 | 1,001,707,159 | |||
Provisions | 226,922,617 | 234,388,938 | |||
Deferred taxes | 61,740,871 | 36,059,964 | |||
Other long-term liabilities | 103,975,862 | 67,228,005 | |||
Total Long-term liabilities | 5,413,608,412 | 5,832,362,823 | |||
Minority interest | 4,050,602,721 | 4,073,571,128 | |||
SHAREHOLDERS’ EQUITY | |||||
Paid-in capital, no par value | 751,208,198 | 751,208,197 | |||
Reserve to Equity Revaluation | 0 | 0 | |||
Additional paid-in capital-share premium | 33,370,057 | 33,370,057 | |||
Other reserves | 46,879,586 | 26,282,673 | |||
Total Capital and Reserves | 831,457,841 | 810,860,927 | |||
RETAINED EARNINGS | |||||
Future Dividends Reserve | 0 | 0 | |||
Retained Earnings | 402,807,650 | 360,653,617 | |||
Retained Losses | 0 | 0 | |||
Net Income | (223,748,087 | ) | 42,154,033 | ||
Interim dividends | 0 | 0 | |||
Development subsidaries deficits | (4,937,110 | ) | 893,402 | ||
Total Retained Earnings | 174,122,453 | 403,701,052 | |||
Total Shareholder’s Equity | 1,005,580,294 | 1,214,561,979 | |||
TOTAL LIABILITIES AND SHAREHOLDER’S EQUITY | 12,621,164,676 | 12,759,799,311 | |||
27 |
EVOLUTION OF KEY FINANCIAL RATIOSTable 9 |
Indicator | Unit | Dic-02 | Dic-01 | Dic 02-01 | %Var 02-01 | ||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Liquidity | Times | 0.57 | 0.71 | (0.14 | ) | (19.7 | %) | ||||
Acid ratio test * | Times | 0.56 | 0.70 | (0.14 | ) | (20.0 | %) | ||||
Working capital | million Ch$ | (927,410 | ) | (476,856 | ) | (450,554 | ) | (94.5 | %) | ||
Working capital | thousands US$ | (1,290,561 | ) | (663,581 | ) | (626,980 | ) | (94.5 | %) | ||
Leverage ** | Times | 1.50 | 1.41 | 0.09 | 6.4 | % | |||||
Short-term debt | % | 0.28 | 0.22 | 0.06 | 29.6 | % | |||||
Long-term debt | % | 0.72 | 0.78 | (0.06 | ) | (8.3 | %) | ||||
Interest Coverage*** | Times | 2.46 | 2.67 | (0.21 | ) | (7.8 | %) | ||||
EBITDA**** | th. US$ | 1,373,646 | 1,642,844 | (269,198 | ) | (16.4 | %) | ||||
ROE | % | (22.25% | ) | 3.47 | % | (25.7 | %) | (741.2 | %) | ||
ROA | % | (1.8% | ) | 0.3 | % | (2.1 | %) | (636.6 | %) | ||
* | Current assets net of inventories and pre-paid expenses |
** | Using the ratio = Total debt / (equity + minority interest) |
*** | EBITDAEI/Interest expenses=(Earnings before taxes+Fin exp+Net non operating income+depreciation+ Positive Goodwill)/Interest expenses |
**** | EBITDA: Operating Income+Depreciation |
28 |
CONSOLIDATED DEBT MATURITY SCHEDULE (Debt with third parties)Table 10 |
Debt Maturity | TOTAL | ||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
US$ Th | 2003 | 2004 | 2005 | 2006 | 2007 | Balance | |||||||||||
Chile | 1,474,820 | 3,179,871 | 130,286 | 669,153 | 91,148 | 1,815,626 | 7,360,903 | ||||||||||
Enersis | 525,077 | 2,535,419 | 12,045 | 313,856 | 15,795 | 325,956 | 3,728,147 | ||||||||||
Chilectra | 40,696 | 18,457 | 0 | 0 | 0 | 0 | 59,153 | ||||||||||
Rio Maipo | 9,741 | 23,301 | 0 | 0 | 0 | 0 | 33,042 | ||||||||||
Otras | 5,076 | 29,126 | 0 | 0 | 0 | 0 | 34,202 | ||||||||||
Endesa | 894,229 | 573,569 | 118,241 | 355,297 | 75,352 | 1,489,670 | 3,506,359 | ||||||||||
Argentina | 345,777 | 35,453 | 20,445 | 20,445 | 20,445 | 80,499 | 523,066 | ||||||||||
Edesur | 188,078 | 13,157 | 0 | 0 | 0 | 0 | 201,235 | ||||||||||
Costanera | 157,699 | 22,295 | 20,445 | 20,445 | 20,445 | 80,499 | 321,830 | ||||||||||
Perú | 134,672 | 63,036 | 35,714 | 81,224 | 65,285 | 0 | 379,931 | ||||||||||
Edelnor | 47,624 | 18,298 | 0 | 51,224 | 5,285 | 0 | 122,431 | ||||||||||
Edegel | 87,048 | 44,738 | 35,714 | 30,000 | 60,000 | 0 | 257,500 | ||||||||||
Brasil | 155,437 | 33,724 | 48,990 | 33,651 | 27,588 | 117,912 | 417,302 | ||||||||||
Coelce | 59,819 | 13,136 | 30,117 | 13,561 | 13,877 | 79,812 | 210,322 | ||||||||||
Cerj | 93,936 | 19,003 | 16,821 | 17,437 | 10,281 | 37,437 | 194,915 | ||||||||||
Cachoeira | 1,683 | 1,586 | 2,051 | 2,652 | 3,431 | 663 | 12,065 | ||||||||||
Colombia | 98,729 | 4,451 | 15,126 | 56,840 | 15,126 | 108,514 | 298,786 | ||||||||||
Codensa | 74,235 | 0 | 0 | 0 | 0 | 0 | 74,235 | ||||||||||
Emgesa | 24,494 | 4,451 | 0 | 41,713 | 0 | 108,514 | 179,172 | ||||||||||
Betania | 0 | 0 | 15,126 | 15,126 | 15,126 | 0 | 45,379 | ||||||||||
TOTAL | 2,209,435 | 3,316,535 | 250,562 | 861,312 | 219,592 | 2,122,551 | 8,979,988 | ||||||||||
Table 10.1 |
Debt Maturity | TOTAL | ||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Ch$ million | 2003 | 2004 | 2005 | 2006 | 2007 | Balance | |||||||||||
Chile | 1,059,820 | 2,285,087 | 93,625 | 480,860 | 65,500 | 1,304,727 | 5,289,619 | ||||||||||
Enersis | 377,325 | 1,821,977 | 8,656 | 225,540 | 11,351 | 234,235 | 2,679,084 | ||||||||||
Chilectra | 29,245 | 13,263 | 0 | 0 | 0 | 0 | 42,508 | ||||||||||
Rio Maipo | 7,000 | 16,744 | 0 | 0 | 0 | 0 | 23,744 | ||||||||||
Otras | 3,648 | 20,930 | 0 | 0 | 0 | 0 | 24,578 | ||||||||||
Endesa | 642,602 | 412,172 | 84,969 | 255,320 | 54,149 | 1,070,492 | 2,519,705 | ||||||||||
Argentina | 248,479 | 25,477 | 14,692 | 14,692 | 14,692 | 57,847 | 375,880 | ||||||||||
Edesur | 135,155 | 9,455 | 0 | 0 | 0 | 0 | 144,610 | ||||||||||
Costanera | 113,324 | 16,022 | 14,692 | 14,692 | 14,692 | 57,847 | 231,270 | ||||||||||
Perú | 96,777 | 45,299 | 25,664 | 58,368 | 46,914 | 0 | 273,022 | ||||||||||
Edelnor | 34,223 | 13,149 | 0 | 36,810 | 3,798 | 0 | 87,980 | ||||||||||
Edegel | 62,554 | 32,149 | 25,664 | 21,558 | 43,117 | 0 | 185,042 | ||||||||||
Brasil | 111,699 | 24,235 | 35,205 | 24,182 | 19,825 | 84,733 | 299,877 | ||||||||||
Coelce | 42,986 | 9,440 | 21,643 | 9,745 | 9,972 | 57,354 | 151,140 | ||||||||||
Cerj | 67,503 | 13,656 | 12,088 | 12,530 | 7,388 | 26,903 | 140,068 | ||||||||||
Cachoeira | 1,209 | 1,140 | 1,474 | 1,906 | 2,465 | 476 | 8,670 | ||||||||||
Colombia | 70,947 | 3,198 | 10,870 | 40,846 | 10,870 | 77,979 | 214,710 | ||||||||||
Codensa | 53,346 | 0 | 0 | 0 | 0 | 0 | 53,346 | ||||||||||
Emgesa | 17,601 | 3,198 | 0 | 29,976 | 0 | 77,979 | 128,755 | ||||||||||
Betania | 0 | 0 | 10,870 | 10,870 | 10,870 | 0 | 32,610 | ||||||||||
TOTAL | 1,587,722 | 2,383,296 | 180,056 | 618,948 | 157,801 | 1,525,286 | 6,453,109 | ||||||||||
29 |
CONSOLIDATED CASH FLOW |
Th. US$ | YE 02 | YE 01 | |||
---|---|---|---|---|---|
CASH FLOWS ORIGINATED FROM OPERATING ACTIVITIES | |||||
Net income (loss) for the year | (311,362 | ) | 58,661 | ||
Profit (losses) from sales of assets: | |||||
(Profit) loss on sale of fixed assets | -1,525 | -7,980 | |||
Charges (credits) which do not represent cash flows: | |||||
Depreciation | 632,431 | 592,840 | |||
Amortization of intangibles | 14,457 | 11,177 | |||
Write-offs and accrued expenses | 77,842 | 115,916 | |||
Accrued profit from related companies (less) | -20,868 | -5,050 | |||
Accrued losses from related companies | 9,369 | 19,939 | |||
Amortization of positive goodwill | 704,616 | 112,128 | |||
Amortization of negative goodwill (less) | -156,201 | -66,378 | |||
Net, price-level restatement | -6,909 | -3,027 | |||
Net, foreign exchange effect | 22,419 | 42,502 | |||
Other credits which do not represent cash flow (less) | -318,747 | -118,866 | |||
Other charges which do not represent cash flow | 205,474 | 96,578 | |||
Assets variations which affect cash flow: | |||||
Decrease in receivables accounts | 77,891 | 166,935 | |||
Decrease (increase) in inventory | 16,377 | 1,686 | |||
Decrease (increase) in other assets | -32,073 | 33,994 | |||
Liabilities variations which affect cash flow: | |||||
(Decreased) increase in payable accounts related to operating income | -69,005 | -86,536 | |||
Increase of payable interest | 76,711 | 10,890 | |||
Net increase (decrease) of payable income tax | -63,787 | -75,247 | |||
Increase (decrease) of other payable accounts related to non-operating income | 41,789 | -130,625 | |||
Net (decrease) of payable value added tax and other taxes | -2,632 | -163,688 | |||
Profit related to minority interest | -22,658 | 174,159 | |||
NET POSITIVE CASH FLOW ORIGINATED FROM OPERATING ACTIVITIES | 873,606 | 605,848 | |||
30 |
CONSOLIDATED CASH FLOW |
Th. US$ | YE 02 | YE 01 | |||
---|---|---|---|---|---|
CASH FLOWS ORIGINATED FROM FINANCING ACTIVITIES | |||||
Shares issued and suscribed | 2,652 | 0 | |||
Proceeds from loans hired | 1,362,233 | 2,695,342 | |||
Proceeds from debt issuance | 183,014 | 390,163 | |||
Proceeds from other loans obtained from related companies | 36,666 | 80,601 | |||
Other sources of financing | -165,996 | 0 | |||
Dividends paid | -139,779 | -201,037 | |||
Capital paid | -1,523,143 | -2,602,333 | |||
Loans, debt amortization (less) | -40,839 | -103,210 | |||
Issuance debt amortization (less) | -61,772 | -140,410 | |||
Amortization of other loans obtained from related companies | -15,503 | -1,386 | |||
Expenses paid related to debt issuance (less) | -34,188 | -60,695 | |||
NET (NEGATIVE) CASH FLOW ORIGINATED FROM FINANCING ACTIVITIES | (396,654 | ) | 57,034 | ||
CASH FLOWS ORIGINATED FROM INVESTING ACTIVITIES | |||||
Sale of fixed assets | 31,457 | 27,437 | |||
Collection upon loans to related companies | 0 | 7,690 | |||
Other income on investments | 25,822 | 19,031 | |||
Additions to fixed assets (less) | (442,403 | ) | (475,298 | ) | |
Long-term investments (less) | �� | (32,654 | ) | (17,923 | ) |
Investment in financing instruments | (1,008 | ) | 0 | ||
Other loans to related companies (less) | 0 | (325 | ) | ||
Other investment disbursements (less) | (50,007 | ) | (261,465 | ) | |
NET (NEGATIVE) CASH FLOW ORIGINATED FROM INVESTMENT ACTIVITIES | (468,792 | ) | (700,852 | ) | |
NET POSITIVE CASH FLOW FOR THE PERIOD | 8,160 | 136,189 | |||
EFFECT OF PRICE-LEVEL RESTATEMENT UPON CASH AND CASH EQUIVALENT | (3,478 | ) | (104 | ) | |
NET VARIATION OF CASH AND CASH EQUIVALENT | 4,681 | 136,085 | |||
INITIAL BALANCE OF CASH AND CASH EQUIVALENT | 303,124 | 167,039 | |||
FINAL BALANCE OF CASH AND CASH EQUIVALENT | 307,805 | 303,124 | |||
31 |
CONSOLIDATED CASH FLOW |
Million Ch$ | YE 02 | YE 01 | |||
---|---|---|---|---|---|
CASH FLOWS ORIGINATED FROM OPERATING ACTIVITIES | |||||
Net income (loss) for the year | (223,748,087 | ) | 42,154,033 | ||
Profit (losses) from sales of assets: | |||||
(Profit) loss on sale of fixed assets | (1,095,916 | ) | (5,734,441 | ) | |
Charges (credits) which do not represent cash flows: | |||||
Depreciation | 454,471,134 | 426,020,442 | |||
Amortization of intangibles | 10,389,287 | 8,031,971 | |||
Write-offs and accrued expenses | 55,938,311 | 83,298,120 | |||
Accrued profit from related companies (less) | (14,996,244 | ) | (3,629,292 | ) | |
Accrued losses from related companies | 6,732,461 | 14,328,089 | |||
Amortization of positive goodwill | 506,344,171 | 80,576,348 | |||
Amortization of negative goodwill (less) | (112,247,774 | ) | (47,699,849 | ) | |
Net, price-level restatement | (4,964,890 | ) | (2,175,075 | ) | |
Net, foreign exchange effect | 16,110,247 | 30,542,651 | |||
Other credits which do not represent cash flow (less) | (229,054,815 | ) | (85,418,284 | ) | |
Other charges which do not represent cash flow | 147,655,390 | 69,401,896 | |||
Assets variations which affect cash flow: | |||||
Decrease in receivables accounts | 55,973,106 | 119,961,261 | |||
Decrease (increase) in inventory | 11,768,733 | 1,211,389 | |||
Decrease (increase) in other assets | (23,047,923 | ) | 24,428,653 | ||
Liabilities variations which affect cash flow: | |||||
(Decreased) increase in payable accounts related to operating income | (49,587,699 | ) | (62,185,972 | ) | |
Increase of payable interest | 55,125,046 | 7,825,819 | |||
Net increase (decrease) of payable income tax | (45,838,237 | ) | (54,073,346 | ) | |
Increase (decrease) of other payable accounts related to non-operating income | 30,029,884 | (93,868,474 | ) | ||
Net (decrease) of payable value added tax and other taxes | (1,891,294 | ) | (117,627,568 | ) | |
Profit related to minority interest | (16,282,559 | ) | 125,152,619 | ||
NET POSITIVE CASH FLOW ORIGINATED FROM OPERATING ACTIVITIES | 627,782,332 | 435,368,371 | |||
32 |
CONSOLIDATED CASH FLOW |
Million Ch$ | YE 02 | YE 01 | |||
---|---|---|---|---|---|
CASH FLOWS ORIGINATED FROM FINANCING ACTIVITIES | |||||
Shares issued and suscribed | 1,905,653 | 0 | |||
Proceeds from loans hired | 978,914,577 | 1,936,899,708 | |||
Proceeds from debt issuance | 131,515,409 | 280,374,847 | |||
Proceeds from other loans obtained from related companies | 26,348,466 | 57,920,839 | |||
Other sources of financing | -119,286,568 | 0 | |||
Dividends paid | -100,446,315 | -144,467,460 | |||
Capital paid | -1,094,545,835 | -1,870,062,467 | |||
Loans, debt amortization (less) | -29,347,204 | -74,167,788 | |||
Issuance debt amortization (less) | -44,389,633 | -100,900,143 | |||
Amortization of other loans obtained from related companies | -11,140,779 | -996,147 | |||
Expenses paid related to debt issuance (less) | -24,567,635 | -43,615,899 | |||
NET (NEGATIVE) CASH FLOW ORIGINATED FROM FINANCING ACTIVITIES | (285,039,864 | ) | 40,985,490 | ||
CASH FLOWS ORIGINATED FROM INVESTING ACTIVITIES | |||||
Sale of fixed assets | 22,605,406 | 19,716,715 | |||
Collection upon loans to related companies | 0 | 5,525,961 | |||
Other income on investments | 18,556,146 | 13,675,849 | |||
Additions to fixed assets (less) | (317,915,443 | ) | (341,553,736 | ) | |
Long-term investments (less) | (23,465,277 | ) | (12,879,738 | ) | |
Investment in financing instruments | (724,403 | ) | 0 | ||
Other loans to related companies (less) | 0 | (233,615 | ) | ||
Other investment disbursements (less) | (35,935,186 | ) | (187,891,023 | ) | |
NET (NEGATIVE) CASH FLOW ORIGINATED FROM INVESTMENT ACTIVITIES | (336,878,757 | ) | (503,639,587 | ) | |
NET POSITIVE CASH FLOW FOR THE PERIOD | 5,863,711 | 97,866,893 | |||
EFFECT OF PRICE-LEVEL RESTATEMENT UPON CASH AND CASH EQUIVALENT | (2,499,632 | ) | (74,996 | ) | |
NET VARIATION OF CASH AND CASH EQUIVALENT | 3,364,079 | 97,791,897 | |||
INITIAL BALANCE OF CASH AND CASH EQUIVALENT | 217,827,601 | 120,035,704 | |||
FINAL BALANCE OF CASH AND CASH EQUIVALENT | 221,191,680 | 217,827,601 | |||
33 |
CONSOLIDATED CASH FLOW ANALYSIS |
Effective Cash Flow (thousand US$) | Dec 01 | Dec 02 | Dec 02-01 | %Var 02-01 | |||||
---|---|---|---|---|---|---|---|---|---|
Operating | 780,007 | 873,607 | 102,723 | 12.0 | % | ||||
Financing | 57,034 | (396,655 | ) | (497,908 | ) | (795.5 | %) | ||
Investment | (700,852 | ) | (468,793 | ) | 254,677 | (33.1 | %) | ||
Net cash flow of the period | 136,189 | 8,160 | (128,029 | ) | (94.0 | %) | |||
Table 12.1 |
Effective Cash Flow (million Ch$) | Dec 01 | Dec 02 | Dec 02-01 | %Var 02-01 | |||||
---|---|---|---|---|---|---|---|---|---|
Operating | 560,521 | 627,783 | 67,262 | 12.0 | % | ||||
Financing | 40,985 | (285,040 | ) | (326,025 | ) | (795.5 | %) | ||
Investment | (503,639 | ) | (336,879 | ) | 166,760 | (33.1 | %) | ||
Net cash flow of the period | 97,867 | 5,864 | (92,003 | ) | (94.0 | %) | |||
Operating activities generated a net positive cash flow of US$ 874 million, 11.0% greater than year 2002. This flow is mainly related to a loss for the period of US$ 311 million, plus net charges to income that do not represent cash flow for US$ 1,164 million that correspond mainly to Depreciation by US$ 632 million and Amortization of Negative and Positive Goodwill for US$ 548 million. Financing activities produced a negative cash flow of US$ 397 million mainly due to loan payment for US$ 1,523 million, dividend payment for US$ 140 million, Bonds payment for US$ 41 million and capital reduction in subsidiaries for US$ 166 million. These were partially compensated by loans received and Bonds issued fur US$ 1,362 million and US$ 183 million, respectively. Investment activities generated a net negative cash flow of US$ 469 million, basically explained by the addition of fixed assets by US$ 442 million, here it is worth mentioned Endesa Chile’ investment in Ralco for US$ 171 million. Other important factors in Investment Activities are, investment in subsidiaries, basically Central Fortaleza in Brazil, for US$ 33 million, investments in financial instruments for US$ 1 million and other disbursements for US$ 50 million. These were partially compensated by the sale of fixed assets for US$ 31 million and other income for US$ 26 million. 34 |
ADDITIONAL CASH FLOW INFORMATIONTable 13 |
Th US$ | Interest Received | Dividends Received | Management Fee | Others | TOTAL | ||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
YE01 | YE 02 | YE01 | YE 02 | YE01 | YE 02 | YE01 | YE 02 | YE01 | YE 02 | ||||||||||||
Chile | 71,333 | 68,119 | 158,917 | 118,100 | 0 | 0 | 17,047 | 14,764 | 247,297 | 200,983 | |||||||||||
Argentina | 0 | 0 | 23,911 | 0 | 14,000 | 700 | 0 | 0 | 37,911 | 700 | |||||||||||
Perú | 0 | 0 | 3,575 | 2,362 | 0 | 0 | 0 | 0 | 3,575 | 2,362 | |||||||||||
Brasil | 3,919 | 7,213 | 170 | 1,499 | 0 | 0 | 0 | 0 | 4,089 | 8,712 | |||||||||||
Colombia | 0 | 0 | 2,380 | 1,072 | 0 | 0 | 0 | 0 | 2,380 | 1,072 | |||||||||||
TOTAL | 75,251 | 75,332 | 188,953 | 123,032 | 14,000 | 700 | 17,047 | 14,764 | 295,251 | 213,828 | |||||||||||
Table 13.1 |
MM Ch$ | Interest Received | Dividends Received | Management Fee | Others | TOTAL | ||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
YE01 | YE 02 | YE01 | YE 02 | YE01 | YE 02 | YE01 | YE 02 | YE01 | YE 02 | ||||||||||||
Chile | 51,260 | 48,951 | 114,200 | 84,868 | 0 | 0 | 12,250 | 10,609 | 177,710 | 144,428 | |||||||||||
Argentina | 0 | 0 | 17,183 | 0 | 10,061 | 503 | 0 | 0 | 27,244 | 503 | |||||||||||
Perú | 0 | 0 | 2,569 | 1,697 | 0 | 0 | 0 | 0 | 2,569 | 1,697 | |||||||||||
Brasil | 2,816 | 5,183 | 122 | 1,077 | 0 | 0 | 0 | 0 | 2,938 | 6,260 | |||||||||||
Colombia | 0 | 0 | 1,710 | 770 | 0 | 0 | 0 | 0 | 1,710 | 770 | |||||||||||
TOTAL | 54,076 | 54,135 | 135,784 | 88,412 | 10,061 | 503 | 12,250 | 10,609 | 212,171 | 153,659 | |||||||||||
35 |
Table 14 |
Payments for additions of fixed assets | Depreciation | ||||||||
---|---|---|---|---|---|---|---|---|---|
Th US$ | Dic-01 | Dic-02 | Dic-01 | Dic-02 | |||||
Endesa S.A. | 73,716 | 187,665 | 258,027 | 272,553 | |||||
Chilectra S.A. | 16,581 | 27,484 | 16,634 | 17,649 | |||||
Río Maipo S.A. | 4,837 | 8,443 | 2,161 | 2,629 | |||||
Edesur S.A. | 119,509 | 29,794 | 96,378 | 91,678 | |||||
Edelnor S.A. | 41,202 | 32,870 | 21,725 | 24,105 | |||||
Cerj | 90,228 | 47,873 | 62,959 | 76,496 | |||||
Coelce | 72,562 | 66,992 | 52,990 | 58,563 | |||||
Codensa S.A. | 55,841 | 39,615 | 77,434 | 83,595 | |||||
Cam Ltda. | 602 | 437 | 1,334 | 1,507 | |||||
Inmobiliaria Manso de Velasco Ltda. | — | 614 | 337 | 306 | |||||
Synapsis Soluciones y Servicios Ltda. | 221 | 616 | 1,746 | 1,901 | |||||
Holding Enersis | — | — | 1,115 | 1,449 | |||||
Total | 475,298 | 442,403 | 592,839 | 632,431 | |||||
Table 14.1 |
Payments for additions of fixed assets | Depreciation | ||||||||
---|---|---|---|---|---|---|---|---|---|
Million Ch US$ | Dic-01 | Dic-02 | Dic-01 | Dic-02 | |||||
Endesa S.A. | 52,973 | 134,858 | 185,421 | 195,859 | |||||
Chilectra S.A. | 11,915 | 19,750 | 11,953 | 12,683 | |||||
Río Maipo S.A. | 3,476 | 6,067 | 1,553 | 1,889 | |||||
Edesur S.A. | 85,880 | 21,410 | 69,258 | 65,881 | |||||
Edelnor S.A. | 29,608 | 23,621 | 15,612 | 17,322 | |||||
Cerj | 64,839 | 34,402 | 45,243 | 54,971 | |||||
Coelce | 52,144 | 48,141 | 38,079 | 42,084 | |||||
Codensa S.A. | 40,128 | 28,468 | 55,645 | 60,072 | |||||
Cam Ltda. | 433 | 314 | 959 | 1,083 | |||||
Inmobiliaria Manso de Velasco Ltda. | — | 441 | 242 | 220 | |||||
Synapsis Soluciones y Servicios Ltda. | 159 | 443 | 1,255 | 1,366 | |||||
Holding Enersis | — | — | 801 | 1,041 | |||||
Total | 341,554 | 317,915 | 426,020 | 454,471 | |||||
36 |
PARENT COMPANY INCOME STATEMENT |
Th. US$ | YE 02 | YE 01 | Var 02-01 | Chg % | |||||
---|---|---|---|---|---|---|---|---|---|
Operating Revenues | 5,958 | 5,985 | (27 | ) | -0.4 | % | |||
Operating Expenses | (1,511 | ) | (1,176 | ) | (335 | ) | 28.5 | % | |
Operating Margin | 4,447 | 4,809 | (362 | ) | -7.5 | % | |||
Selling and Administrative Expenses | (30,377 | ) | (28,724 | ) | (1,653 | ) | 5.8 | % | |
Operating Income | (25,931 | ) | (23,915 | ) | (2,016 | ) | 8.4 | % | |
Interest Income | 79,451 | 65,410 | 14,041 | 21.5 | % | ||||
Interest Expense | (200,602 | ) | (225,006 | ) | 24,404 | -10.8 | % | ||
Net Financial Income (Expenses) | (121,151 | ) | (159,595 | ) | 38,444 | -24.1 | % | ||
Equity Gains from Related Companies | 100,037 | 346,175 | (246,137 | ) | -71.1 | % | |||
Equity Losses from Related Companies | (111,787 | ) | (14,103 | ) | (97,684 | ) | 692.6 | % | |
Net Income from Related Companies | (11,750 | ) | 332,072 | (343,821 | ) | -103.5 | % | ||
Other Non Operating Income | 31,142 | 41,049 | (9,908 | ) | -24.1 | % | |||
Other Non Operating Expenses | (25,144 | ) | (22,658 | ) | (2,485 | ) | 11.0 | % | |
Net other Non Operating Income (Expense) | 5,998 | 18,391 | (12,393 | ) | -67.4 | % | |||
Price Level Restatement | 2,200 | 2,203 | (3 | ) | -0.2 | % | |||
Foreign Exchange Effect | (25,246 | ) | (51,910 | ) | 26,664 | -51.4 | % | ||
Net of Monetary Exposure | (23,046 | ) | (49,707 | ) | 26,661 | -53.6 | % | ||
Positive Goodwill Amortization | (150,135 | ) | (70,234 | ) | (79,901 | ) | 113.8 | % | |
Non Operating Income | (300,085 | ) | 70,926 | (371,011 | ) | -523.1 | % | ||
Net Inc b. Taxes, Min Int and Neg Goodwill Amort. | (326,015 | ) | 47,011 | (373,026 | ) | -793.5 | % | ||
Income Tax | 13,201 | 11,559 | 1,643 | 14.2 | % | ||||
Negative Goodwill Amortization | 1,451 | 91 | 1,361 | 1500.4 | % | ||||
NET INCOME | (311,362 | ) | 58,661 | (370,023 | ) | -630.8 | % | ||
37 |
PARENT COMPANY INCOME STATEMENT |
Million Ch$ | |||||||||
---|---|---|---|---|---|---|---|---|---|
YE 02 | YE 01 | Var 02-01 | Chg % | ||||||
Operating Revenues | 4,281,520 | 4,300,825 | (19,305 | ) | -0.4 | % | |||
Operating Expenses | (1,085,952 | ) | (844,901 | ) | (241,051 | ) | 28.5 | % | |
Operating Margin | 3,195,568 | 3,455,924 | (260,356 | ) | -7.5 | % | |||
Selling and Administrative Expenses | (21,829,565 | ) | (20,641,463 | ) | (1,188,102 | ) | 5.8 | % | |
Operating Income | (18,633,997 | ) | (17,185,539 | ) | (1,448,458 | ) | 8.4 | % | |
Interest Income | 57,094,170 | 47,004,483 | 10,089,687 | 21.5 | % | ||||
Interest Expense | (144,154,767 | ) | (161,691,390 | ) | 17,536,623 | -10.8 | % | ||
Net Financial Income (Expenses) | (87,060,597 | ) | (114,686,907 | ) | 27,626,310 | -24.1 | % | ||
Equity Gains from Related Companies | 71,887,722 | 248,764,514 | (176,876,792 | ) | -71.1 | % | |||
Equity Losses from Related Companies | (80,331,239 | ) | (10,134,537 | ) | (70,196,702 | ) | 692.6 | % | |
Net Income from Related Companies | (8,443,517 | ) | 238,629,977 | (247,073,494 | ) | -103.5 | % | ||
Other Non Operating Income | 22,378,615 | 29,498,296 | (7,119,681 | ) | -24.1 | % | |||
Other Non Operating Expenses | (18,068,458 | ) | (16,282,459 | ) | (1,785,999 | ) | 11.0 | % | |
Net other Non Operating Income (Expense) | 4,310,157 | 13,215,837 | (8,905,680 | ) | -67.4 | % | |||
Price Level Restatement | 1,580,699 | 1,583,108 | (2,409 | ) | -0.2 | % | |||
Foreign Exchange Effect | (18,141,777 | ) | (37,302,866 | ) | 19,161,089 | -51.4 | % | ||
Net of Monetary Exposure | (16,561,078 | ) | (35,719,758 | ) | 19,158,680 | -53.6 | % | ||
Positive Goodwill Amortization | (107,888,725 | ) | (50,470,996 | ) | (57,417,729 | ) | 113.8 | % | |
Non Operating Income | (215,643,760 | ) | 50,968,153 | (266,611,913 | ) | -523.1 | % | ||
Net Income b. Taxes, Min Int and Neg Goodwill Amort. | (234,277,757 | ) | 33,782,614 | (268,060,371 | ) | -793.5 | % | ||
Income Tax | 9,486,627 | 8,306,245 | 1,180,382 | 14.2 | % | ||||
Negative Goodwill Amortization | 1,043,043 | 65,174 | 977,869 | 1500.4 | % | ||||
NET INCOME | (223,748,087 | ) | 42,154,033 | (265,902,120 | ) | -630.8 | % | ||
38 |
PARTIALLY CONSOLIDATED INCOME STATEMENT IN THOUSAND US$Table 16Enersis S.A. |
4Q 02 | 4Q 01 | Var % | YE 02 | YE 01 | Var % | ||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
1,088 | 1,770 | -38.6 | % | Gross Operating Margin | 4,447 | 4,809 | -7.5 | % | |||||
(12,491 | ) | (7,690 | ) | 62.4 | % | S&A Expenses | (30,377 | ) | (28,724 | ) | 5.8 | % | |
(11,403 | ) | (5,920 | ) | 92.6 | % | Operating Income | (25,931 | ) | (23,915 | ) | 8.4 | % | |
(62,846 | ) | 23,699 | -365.2 | % | Endesa | (7,778 | ) | 60,231 | -112.9 | % | |||
6,961 | 18,801 | -63.0 | % | Chilectra | (18,490 | ) | 57,578 | -132.1 | % | ||||
5,622 | 2,852 | 97.2 | % | Río Maipo | 16,114 | 12,702 | 26.9 | % | |||||
(63 | ) | 26,829 | -100.2 | % | Edesur | 7,384 | 75,374 | -90.2 | % | ||||
(44 | ) | 2,524 | -101.8 | % | Edelnor | 12,305 | 11,423 | 7.7 | % | ||||
(109,685 | ) | (61,746 | ) | 77.6 | % | Cerj | (7,742 | ) | (5,718 | ) | 35.4 | % | |
(73,295 | ) | (166 | ) | 44113.2 | % | Coelce | (71,210 | ) | (4,210 | ) | 1591.5 | % | |
2,285 | 1,137 | 100.9 | % | Codensa | (2,801 | ) | 7,155 | -139.2 | % | ||||
776 | 3,437 | -77.4 | % | CAM LTDA | 6,646 | 11,557 | -42.5 | % | |||||
(15,775 | ) | 5,321 | -396.5 | % | Inm Manso de Velasco | (13,827 | ) | 7,787 | -277.6 | % | |||
(384 | ) | 2,577 | -114.9 | % | Synapsis | 4,230 | 7,617 | -44.5 | % | ||||
(161 | ) | 34 | -569.2 | % | Endesa Market Place | (391 | ) | (468 | ) | -16.4 | % | ||
13,426 | 4,785 | 180.6 | % | Others | 13,268 | 21,174 | -37.3 | % | |||||
(233,182 | ) | 30,084 | -875.1 | % | Net Income from Related Companies | (62,293 | ) | 262,202 | -123.8 | % | |||
25,642 | 26,313 | -2.5 | % | Interest Income | 106,859 | 108,435 | -1.5 | % | |||||
(46,864 | ) | (53,294 | ) | -12.1 | % | Interest Expense | (200,602 | ) | (226,915 | ) | -11.6 | % | |
(21,221 | ) | (26,981 | ) | -21.3 | % | Net Financial Income (Expenses) | (93,743 | ) | (118,480 | ) | -20.9 | % | |
(4,289 | ) | 8,095 | -153.0 | % | Other Non Operating Income | 32,987 | 42,004 | -21.5 | % | ||||
33,773 | (5,740 | ) | -688.4 | % | Other Non Operating Expenses | (25,303 | ) | (24,162 | ) | 4.7 | % | ||
29,485 | 2,355 | 1151.9 | % | Net other Non Operating Income (Expenses) | 7,685 | 17,842 | -56.9 | % | |||||
829 | 1,232 | -32.7 | % | Price Level Restatement | 1,669 | (1,001 | ) | -266.8 | % | ||||
(7,868 | ) | 9,624 | -181.8 | % | Foreign Exchange Effect | (1,184 | ) | (26,406 | ) | -95.5 | % | ||
(7,039 | ) | 10,856 | -164.8 | % | Net Price Level Restatement and Foreign Exchange Effect | 485 | (27,406 | ) | -101.8 | % | |||
(95,745 | ) | (18,525 | ) | 416.9 | % | Positive Goodwill Amortization | (152,219 | ) | (75,190 | ) | 102.4 | % | |
(327,703 | ) | (2,210 | ) | 14725.8 | % | Non Operating Income | (300,085 | ) | 58,967 | -608.9 | % | ||
(339,107 | ) | (8,130 | ) | 4071.1 | % | Net Income before (1), (2) & (3) | (326,016 | ) | 35,052 | -1030.1 | % | ||
2,396 | 5,463 | -56.1 | % | Income Tax (1) | 13,201 | 11,459 | 15.2 | % | |||||
1,361 | 19 | 7049.9 | % | Negative Goodwill Amortization (2) | 1,451 | 91 | 1500.4 | % | |||||
0 | (3,174 | ) | -100.0 | % | Minority Interest (3) | 0 | 12,059 | -100.0 | % | ||||
(335,350 | ) | (5,823 | ) | 5659.4 | % | NET INCOME | (311,363 | ) | 58,661 | -630.8 | % | ||
(29.07 | ) | (0.50 | ) | EPS (Ch$) | (26.99 | ) | 5.08 | ||||||
(1.94 | ) | (0.03 | ) | EPADS (US$) | (1.80 | ) | 0.34 | ||||||
8,291,020 | 8,291,020 | Common Shares Outstanding (MM) | 8,291,020 | 8,291,020 | |||||||||
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PARTIALLY CONSOLIDATED INCOME STATEMENT IN MILLION CH$Table 16.1Enersis S.A. |
4Q 02 | 4Q 01 | Var % | YE 02 | YE 01 | Var % | ||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
782 | 1,272 | -38.6 | % | Gross Operating Margin | 3,196 | 3,456 | -7.5 | % | |||||
(8,976 | ) | (5,526 | ) | 62.4 | % | S&A Expenses | (21,830 | ) | (20,641 | ) | 5.8 | % | |
(8,195 | ) | (4,254 | ) | 92.6 | % | Operating Income | (18,634 | ) | (17,186 | ) | 8.4 | % | |
(45,162 | ) | 17,030 | -365.2 | % | Endesa | (5,590 | ) | 43,282 | -112.9 | % | |||
5,002 | 13,511 | -63.0 | % | Chilectra | (13,287 | ) | 41,376 | -132.1 | % | ||||
4,040 | 2,049 | 97.2 | % | Río Maipo | 11,580 | 9,128 | 26.9 | % | |||||
(46 | ) | 19,280 | -100.2 | % | Edesur | 5,306 | 54,164 | -90.2 | % | ||||
(32 | ) | 1,814 | -101.8 | % | Edelnor | 8,843 | 8,209 | 7.7 | % | ||||
(78,821 | ) | (44,372 | ) | 77.6 | % | Cerj | (5,564 | ) | (4,109 | ) | 35.4 | % | |
(52,671 | ) | (119 | ) | 44113.2 | % | Coelce | (51,172 | ) | (3,025 | ) | 1591.5 | % | |
1,642 | 817 | 100.9 | % | Codensa | (2,013 | ) | 5,141 | -139.2 | % | ||||
557 | 2,470 | -77.4 | % | CAM LTDA | 4,776 | 8,305 | -42.5 | % | |||||
(11,336 | ) | 3,824 | -396.5 | % | Inm Manso de Velasco | (9,936 | ) | 5,596 | -277.6 | % | |||
(276 | ) | 1,852 | -114.9 | % | Synapsis | 3,039 | 5,474 | -44.5 | % | ||||
(115 | ) | 25 | -569.2 | % | Endesa Market Place | (281 | ) | (336 | ) | -16.4 | % | ||
9,648 | 3,439 | 180.6 | % | Other | 9,534 | 15,216 | -37.3 | % | |||||
(167,567 | ) | 21,619 | -875.1 | % | Net Income from Related Companies | (44,764 | ) | 188,421 | -123.8 | % | |||
18,427 | 18,909 | -2.5 | % | Interest Income | 76,790 | 77,922 | -1.5 | % | |||||
(33,677 | ) | (38,298 | ) | -12.1 | % | Interest Expense | (144,155 | ) | (163,063 | ) | -11.6 | % | |
(15,250 | ) | (19,389 | ) | -21.3 | % | Net Financial Income (Expenses) | (67,365 | ) | (85,141 | ) | -20.9 | % | |
(3,082 | ) | 5,817 | -153.0 | % | Other Non Operating Income | 23,705 | 30,185 | -21.5 | % | ||||
24,270 | (4,125 | ) | -688.4 | % | Other Non Operating Expenses | (18,183 | ) | (17,363 | ) | 4.7 | % | ||
21,188 | 1,692 | 1151.9 | % | Net other Non Operating Income (Expenses) | 5,522 | 12,822 | -56.9 | % | |||||
596 | 885 | -32.7 | % | Price Level Restatement | 1,200 | (719 | ) | -266.8 | % | ||||
(5,654 | ) | 6,916 | -181.8 | % | Foreign Exchange Effect | (851 | ) | (18,975 | ) | -95.5 | % | ||
(5,058 | ) | 7,801 | -164.8 | % | Net Price Level Restatement and Foreign Exchange Effect | 349 | (19,695 | ) | -101.8 | % | |||
(68,804 | ) | (13,312 | ) | 416.9 | % | Positive Goodwill Amortization | (109,386 | ) | (54,033 | ) | 102.4 | % | |
(235,491 | ) | (1,588 | ) | 14725.8 | % | Non Operating Income | (215,644 | ) | 42,374 | -608.9 | % | ||
(243,686 | ) | (5,842 | ) | 4071.1 | % | Net Income before (1), (2) & (3) | (234,278 | ) | 25,189 | -1030.1 | % | ||
1,722 | 3,926 | -56.1 | % | Income Tax (1) | 9,487 | 8,234 | 15.2 | % | |||||
978 | 14 | 7049.9 | % | Negative Goodwill Amortization (2) | 1,043 | 65 | 1500.4 | % | |||||
0 | (2,281 | ) | -100.0 | % | Minority Interest (3) | 0 | 8,666 | -100.0 | % | ||||
(240,986 | ) | (4,184 | ) | 5659.4 | % | NET INCOME | (223,749 | ) | 42,154 | -630.8 | % | ||
(29.07 | ) | (0.50 | ) | EPS (Ch$) | (26.99 | ) | 5.08 | ||||||
(1.94 | ) | (0.03 | ) | EPADS (US$) | (1.80 | ) | 0.34 | ||||||
8,291,020 | 8,291,020 | Common Shares Outstanding (MM) | 8,291,020 | 8,291,020 | |||||||||
40 |
OWNERSHIP OF THE COMPANY AS OF DECEMBER 31ST, 2002 |
Additional Information Year End 2002 Results |
1. | And then, if I go to the balance sheet, table 8, I can’t get numbers that add up to that much. So, I’m wondering, if Debt to Third Parties includes values other than the traditional banks and bondholders; banks, financial institutions, bonds payable, notes payable. Are there other values included in that $9 billion, such as for instance, amounts payable to related companies? |
A: | Yes, the Debt Maturity table includes the debt with Elesur, that is registered as Amounts Payables to Related Companies in the Balance Sheet. |
2. | Additional information about Codensa’ Capital Reduction, and increased in Financial Expenses. |
A: | Codensa’Capital Reduction was for a total amount of Col$ 500,000 million, or approximately US$ 195 million. Increase in Financial Expenses is mainly due to higher debt related to this operation. The distribution of that amount is shown below: |
3. | Why Brazil is shown so weak? |
Codensa Capital Reduction |
Capital Reduction | |||||
---|---|---|---|---|---|
Codensa Ownership | Direct Ownership | ||||
MMUS$ | |||||
EEB | 51.51 | % | 100 | ||
Luz de Bogotá | 48.48 | % | 94 | ||
Chilectra Agencia | 0.0000008 | % | 0 | ||
Enersis Agencia | 0.0000008 | % | 0 | ||
Endesa Internacional | 0.0000008 | % | 0 | ||
Otros | 0.0167 | % | 0 | ||
100 | % | 195 | |||
Capital Reduction | |||||
---|---|---|---|---|---|
Luz de Bogotá Ownership | Direct Ownership | ||||
MMUS$ | |||||
Endesa Internacional | 38.76 | % | 37 | ||
Enersis Agencia | 25.71 | % | 24 | ||
Chilectra Agencia | 19.29 | % | 18 | ||
Inversiones Colombia S.A. | 16.24 | % | 15 | ||
Enersis | 0.000000000 | % | 0 | ||
100 | % | 94 | |||
Capital Reduction | |||||
---|---|---|---|---|---|
Final Situation Codensa Ownership | Total Ownership | ||||
MMUS$ | |||||
Enersis Consolidado | 23.66 | % | 46 | ||
Enersis Individual | 13.29 | % | 26 | ||
Endesa Internacional | 1.24 | % | 2 | ||
Chilectra | 9.90 | % | 19 | ||
42 |
A: | The main reason for the decrease between Year 2001 compared to Year 2002 is the ARTE effect, related to the rationing period. The main portion was booked on 2001. Breakdown of that effect is in the table below: |
There are two other factors that can be considered in that decrease in Cerj |
ARTE Effect in Brazil |
Year 2002 effect in Results | |||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Year 2001 Effect | Year 2001 Adjustments | Year 2002 | |||||||||||||
Amount 2001 Adjustment | Adjust Factor | Year 2001 Total Adjutsment | Year 2002 ARTE | ARTE Readjustment | Total Effect Year 2002 | ||||||||||
Mill. Reales | Mill. Reales | Mill. Reales | Mill. Reales | Mill. Reales | Mill. Reales | Mill. Reales | |||||||||
Cerj | 189 | 15 | (29 | ) | (14 | ) | 60 | 42 | 88 | ||||||
Coelce | 151 | 26 | (19 | ) | 7 | 28 | 35 | 70 | |||||||
Total MM$R | 340 | 41 | (48 | ) | (7 | ) | 88 | 77 | 158 | ||||||
Total US$ Million | 144 | 12 | (14 | ) | (2 | ) | 25 | 22 | 45 | ||||||
a. | Provisions by US$ 6 million for uncollectable accounts. |
b. | Cerj purchased more energy from Itaipú, during the 4th quarter. This contract is in US$, so it is affected by the exchange variation. |
4. | In the case of Cerj, the increase in debt is related to BNDES? |
A: | Yes, the increase is basically due to the BNDES loans, after the rationing. The breakdown by quarter is: |
2nd Quarter (May 2002): 4th Quarter (October 2002): 4th Quarter (November 2002): | US$ 14.6 million US$ 41.2 million US$ 16.0 million |
Total amount for 4th Quarter: US$ 57.2 million |
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