ENERSIS S.A. AND SUBSIDIARIES
INTERIM CONSOLIDATED
FINANCIAL STATEMENTS
(UNAUDITED)
for the period ended
September 30, 2012
ENERSIS and SUBSIDIARIES
In Thousands of Chilean Pesos
This document consists of 2 sections:
– Consolidated Financial Statements
– Notes to the Consolidated Financial Statements
ENERSIS S.A. AND SUBSIDIARIES Consolidated Statements of Financial Position, Classified at September 30, 2012 and December 31, 2011 (In thousands of Chilean pesos) | ![]() |
ASSETS | Note | 9-30-2012 ThCh$ | 12-31-2011 ThCh$ | |||||||
CURRENT ASSETS | ||||||||||
Cash and cash equivalents | 5 | 782,662,802 | 1,219,921,268 | |||||||
Other current financial assets | 6 | 1,476,171 | 939,220 | |||||||
Other current non-financial assets | 100,539,038 | 72,466,312 | ||||||||
Trade and other current receivables | 7 | 837,818,682 | 977,602,388 | |||||||
Accounts receivable from related companies | 8 | 33,580,107 | 35,282,592 | |||||||
Inventories | 9 | 99,842,426 | 77,925,544 | |||||||
Current tax assets | 10 | 135,212,150 | 141,827,684 | |||||||
Total current assets other than assets classified as held for sale and discontinued operations | 1,991,131,376 | 2,525,965,008 | ||||||||
Non-current assets classified as held for sale and discontinued operations | 11 | - | - | |||||||
Non-current assets classified as held for sale and discontinued operations | - | - | ||||||||
TOTAL CURRENT ASSETS | 1,991,131,376 | 2,525,965,008 | ||||||||
NON-CURRENT ASSETS
| ||||||||||
Other non-current financial assets | 6 | 68,864,987 | 37,355,061 | |||||||
Other non-current non-financial assets | 88,600,532 | 109,501,108 | ||||||||
Non-current receivables | 7 | 475,095,840 | 443,328,450 | |||||||
Investments accounted for using the equity method | 12 | 12,386,913 | 13,193,262 | |||||||
Intangible assets other than goodwill | 13 | 1,146,093,735 | 1,467,398,214 | |||||||
Goodwill | 14 | 1,394,213,916 | 1,476,404,126 | |||||||
Property, plant, and equipment, net | 15 | 7,085,450,855 | 7,242,731,006 | |||||||
Investment property | 16 | 38,331,943 | 38,055,889 | |||||||
Deferred tax assets | 17 | 445,616,696 | 379,938,628 | |||||||
TOTAL NON-CURRENT ASSETS | 10,754,655,417 | 11,207,905,744 | ||||||||
TOTAL ASSETS | 12,745,786,793 | 13,733,870,752 |
The attached notes are an integral part of these consolidated financial statements. | Page 2 |
ENERSIS S.A. AND SUBSIDIARIES Consolidated Statements of Financial Position, Classified at September 30, 2012 and December 31, 2011 (In thousands of Chilean pesos | ![]() |
LIABILITIES AND EQUITY | Note | 9-30-2012 ThCh$ | 12-31-2011 ThCh$ | |||||||||
CURRENT LIABILITIES | ||||||||||||
Other current financial liabilities | 18 | 642,951,020 | 672,082,338 | |||||||||
Trade and other current payables | 21 | 977,064,887 | 1,235,064,459 | |||||||||
Accounts payable to related companies | 8 | 155,553,906 | 157,177,638 | |||||||||
Other current provisions | 22 | 87,342,883 | 99,702,654 | |||||||||
Current tax liabilities | 10 | 162,109,953 | 235,853,242 | |||||||||
Other current non-financial liabilities | 87,406,638 | 60,653,304 | ||||||||||
Total current liabilities other than those associated with current assets classified as held for sale and discontinued operations | 2,112,429,287 | 2,460,533,635 | ||||||||||
| ||||||||||||
Liabilities associated with current assets classified as held for sale and discontinued operations | 11 | - | - | |||||||||
TOTAL CURRENT LIABILITIES | 2,112,429,287 | 2,460,533,635 | ||||||||||
NON-CURRENT LIABILITIES | ||||||||||||
Other non-current financial liabilities | 18 | 2,847,453,200 | 3,271,355,293 | |||||||||
Other non-current payables | 21 | 12,176,248 | 14,304,607 | |||||||||
Non-current accounts payable to related companies | 8 | - | - | |||||||||
Other long-term provisions | 22 | 199,892,465 | 202,573,641 | |||||||||
Deferred tax liabilities | 17 | 547,894,417 | 508,438,255 | |||||||||
Non-current provisions for employee benefits | 23 | 246,937,212 | 277,526,013 | |||||||||
Other non-current non-financial liabilities | 70,382,831 | 102,985,451 | ||||||||||
TOTAL NON-CURRENT LIABILITIES | 3,924,736,373 | 4,377,183,260 | ||||||||||
| ||||||||||||
TOTAL LIABILITIES | 6,037,165,660 | 6,837,716,895 | ||||||||||
EQUITY | ||||||||||||
Issued capital | 24.1 | 2,824,882,835 | 2,824,882,835 | |||||||||
Retained earnings | 2,343,296,922 | 2,232,968,880 | ||||||||||
Share premium | 24.1 | 158,759,648 | 158,759,648 | |||||||||
Other reserves | 24.5 | (1,530,810,682) | (1,320,882,757) | |||||||||
Equity attributable to Shareholders of Enersis | 3,796,128,723 | 3,895,728,606 | ||||||||||
| ||||||||||||
Non-controlling interest | 24.6 | 2,912,492,410 | 3,000,425,251 | |||||||||
| ||||||||||||
TOTAL EQUITY | 6,708,621,133 | 6,896,153,857 | ||||||||||
| ||||||||||||
TOTAL LIABILITIES AND EQUITY | 12,745,786,793 | 13,733,870,752 |
The attached notes are an integral part of these consolidated financial statements. | Page 3 |
ENERSIS S.A. AND SUBSIDIARIES Consolidated Statements of Comprehensive Income, by Type For the periods ending September 30, 2012 and 2011 (In thousands of Chilean pesos) | ![]() |
January - September | July - September | |||||||||||||||||||
STATEMENT OF COMPREHENSIVE INCOME | Note | 2012 | 2011 | 2012 | 2011 | |||||||||||||||
ThCh$ | ThCh$ | ThCh$ | ThCh$ | |||||||||||||||||
Sales | 25 | 4,713,328,305 | 4,645,607,830 | 1,535,822,921 | 1,587,952,271 | |||||||||||||||
Other operating income | 25 | 182,982,245 | 203,191,646 | 64,784,001 | 59,125,527 | |||||||||||||||
Revenues | 4,896,310,550 | 4,848,799,476 | 1,600,606,922 | 1,647,077,798 | ||||||||||||||||
Raw materials and consumables used | 26 | (2,775,881,439 | ) | (2,683,199,865 | ) | (875,894,357 | ) | (882,704,835 | ) | |||||||||||
Contribution Margin | 2,120,429,111 | 2,165,599,611 | 724,712,565 | 764,372,963 | ||||||||||||||||
Other work performed by the entity and capitalized | 36,027,420 | 35,664,973 | 12,578,812 | 13,110,730 | ||||||||||||||||
Employee benefits expenses | 27 | (302,481,117 | ) | (269,352,057 | ) | (95,421,151 | ) | (95,955,283 | ) | |||||||||||
Depreciation and amortization expense | 28 | (331,391,644 | ) | (313,264,863 | ) | (113,415,947 | ) | (107,241,366 | ) | |||||||||||
Reversal of impairment loss (impairment loss) recognized in the year’s profit or loss | 28 | (22,722,131 | ) | 1,048,188 | (5,232,504 | ) | (14,754,203 | ) | ||||||||||||
Other expenses | 29 | (372,851,904 | ) | (420,265,522 | ) | (115,562,130 | ) | (95,167,041 | ) | |||||||||||
Operating Income | 1,127,009,735 | 1,199,430,330 | 407,659,645 | 464,365,800 | ||||||||||||||||
Other gains (losses) | 30 | 4,199,142 | (6,796,039 | ) | 2,451,855 | 357,796 | ||||||||||||||
Financial income | 31 | 122,016,539 | 134,088,523 | 32,562,437 | 40,919,181 | |||||||||||||||
Financial costs | 31 | (338,726,474 | ) | (320,468,062 | ) | (104,395,538 | ) | (102,844,638 | ) | |||||||||||
Share of profit (loss) of associates accounted for using the equity method | 12 | 7,754,143 | 5,847,995 | 2,417,588 | 1,525,820 | |||||||||||||||
Foreign currency exchange differences | 31 | (14,017,076 | ) | 9,276,785 | (4,489,643 | ) | 8,608,060 | |||||||||||||
Profit (loss) from indexed assets and liabilities | 31 | (6,876,024 | ) | (17,038,304 | ) | 989,010 | (3,936,594 | ) | ||||||||||||
Net income before tax | 901,359,985 | 1,004,341,228 | 337,195,354 | 408,995,425 | ||||||||||||||||
Income tax | 32 | (266,950,568 | ) | (316,549,872 | ) | (91,744,127 | ) | (137,921,565 | ) | |||||||||||
Net income from continuing operations | 634,409,417 | 687,791,356 | 245,451,227 | 271,073,860 | ||||||||||||||||
Net income from discontinued operations | - | - | - | - | ||||||||||||||||
NET INCOME | 634,409,417 | 687,791,356 | 245,451,227 | 271,073,860 | ||||||||||||||||
Net income attributable to: | ||||||||||||||||||||
Shareholders of Enersis | 264,557,423 | 319,025,580 | 101,936,569 | 117,269,300 | ||||||||||||||||
Non-controlling interests | 369,851,994 | 368,765,776 | 143,514,658 | 153,804,560 | ||||||||||||||||
NET INCOME | 634,409,417 | 687,791,356 | 245,451,227 | 271,073,860 | ||||||||||||||||
Basic earnings per share | ||||||||||||||||||||
Basic earnings per share from continuing operations | Ch$ / Share | 8.10 | 9.77 | 3.12 | 3.59 | |||||||||||||||
Basic earnings per share | Ch$ / share | 8.10 | 9.77 | 3.12 | 3.59 | |||||||||||||||
Diluted earnings per share | ||||||||||||||||||||
Diluted earnings per share from continuing operations | Ch$ / share | 8.10 | 9.77 | 3.12 | 3.59 | |||||||||||||||
Diluted earnings per share | Ch$ / share | 8.10 | 9.77 | 3.12 | 3.59 |
The attached notes are an integral part of these consolidated financial statements. | Page 4 |
ENERSIS S.A. AND SUBSIDIARIES Consolidated Statements of Comprehensive Income, by Type For the periods ending September 30, 2012 and 2011 (In thousands of Chilean pesos) | ![]() |
January - September | July - September | |||||||||||||||||||
STATEMENT OF COMPREHENSIVE INCOME | Note | 2012 ThCh$ | 2011 ThCh$ | 2012 ThCh$ | 2011 ThCh$ | |||||||||||||||
Net Income | 634,409,417 | 687,791,356 | 245,451,227 | 271,073,860 | ||||||||||||||||
Components of other comprehensive income, before taxes
| ||||||||||||||||||||
Exchange differences on translation | ||||||||||||||||||||
Foreign currency translation gains (losses), before taxes | (438,560,586 | ) | 243,429,400 | (243,892,617 | ) | 5,401,222 | ||||||||||||||
Total exchange differences on translation | (438,560,586 | ) | 243,429,400 | (243,892,617 | ) | 5,401,222 | ||||||||||||||
Available-for-sale financial assets | ||||||||||||||||||||
Gains (losses) from new measuring of available-for-sale financial assets, before taxes | (315 | ) | (2,642 | ) | (1,176 | ) | (1,474 | ) | ||||||||||||
Total available-for-sale financial assets | (315 | ) | (2,642 | ) | (1,176 | ) | (1,474 | ) | ||||||||||||
Cash flow hedge | ||||||||||||||||||||
Gains (losses) from cash flow hedge, before taxes | 63,642,964 | (88,343,833 | ) | 40,105,121 | (88,470,885 | ) | ||||||||||||||
Reclassification adjustments on cash flow hedge, before taxes | (2,579,872 | ) | (12,797,529 | ) | (4,193,480 | ) | (9,730,317 | ) | ||||||||||||
Total cash flow hedge | 61,063,092 | (101,141,362 | ) | 35,911,641 | (98,201,202 | ) | ||||||||||||||
Actuarial gains (losses) on defined benefit plans | 178,754 | (1,491,871 | ) | 70,333 | 670,142 | |||||||||||||||
Total other components of other comprehensive income, before taxes | (377,319,055 | ) | 140,793,525 | (207,911,819 | ) | (92,131,312 | ) | |||||||||||||
Income tax related to components of other comprehensive income | ||||||||||||||||||||
Income tax related to available-for-sale financial assets | (8 | ) | 449 | 138 | 251 | |||||||||||||||
Income tax related to cash flow hedge | (13,352,141 | ) | 20,417,589 | (10,245,495 | ) | 19,764,726 | ||||||||||||||
Income tax related to defined benefit plans | 52,128 | 428,493 | 85,579 | (1,036,920 | ) | |||||||||||||||
Total income tax | (13,300,021 | ) | 20,846,531 | (10,159,778 | ) | 18,728,057 | ||||||||||||||
Total Other Comprehensive Income | (390,619,076 | ) | 161,640,056 | (218,071,597 | ) | (73,403,255 | ) | |||||||||||||
TOTAL COMPREHENSIVE INCOME | 243,790,341 | 849,431,412 | 27,379,630 | 197,670,605 | ||||||||||||||||
Comprehensive income attributable to | ||||||||||||||||||||
Shareholders of Enersis | 55,685,072 | 349,777,808 | 12,856,187 | 47,375,925 | ||||||||||||||||
Non-controlling interests | 188,105,269 | 499,653,604 | 14,523,443 | 150,294,680 | ||||||||||||||||
TOTAL COMPREHENSIVE INCOME | 243,790,341 | 849,431,412 | 27,379,630 | 197,670,605 |
The attached notes are an integral part of these consolidated financial statements. | Page 5 |
ENERSIS S.A. AND SUBSIDIARIES Statement of Changes in Net Equity For the periods ending September 30, 2012 and 2011 (In thousands of Chilean pesos ) | ![]() |
Statement of Changes in Net Equity | Issued Capital | Share Premium | Changes in Other Reserves | Retained earnings | Equity Attributable to Shareholders of Enersis | Non-controlling interests | Total Equity | |||||||||||||||||||||||||||||||||||||||||
Reserve for exchange differences in translation | Reserve for cash flow hedge | Reserve for gains and losses for defined benefit plans | Reserve for gains and losses on remeasuring available-for- sale financial assets | Other miscellaneous reserves | Other reserves | |||||||||||||||||||||||||||||||||||||||||||
Equity at beginning of period 01/01/2012 | 2,824,882,835 | 158,759,648 | 176,622,668 | (310,265) | - | 13,836 | (1,497,208,996) | (1,320,882,757) | 2,232,968,880 | 3,895,728,606 | 3,000,425,251 | 6,896,153,857 | ||||||||||||||||||||||||||||||||||||
Changes in equity | ||||||||||||||||||||||||||||||||||||||||||||||||
Comprehensive income | ||||||||||||||||||||||||||||||||||||||||||||||||
Net income | 264,557,423 | 264,557,423 | 369,851,994 | 634,409,417 | ||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income | (239,461,323 | ) | 30,358,385 | 230,882 | (323) | 28 | (208,872,351) | (208,872,351 | ) | (181,746,725) | (390,619,076) | |||||||||||||||||||||||||||||||||||||
Comprehensive income | 55,685,072 | 188,105,269 | 243,790,341 | |||||||||||||||||||||||||||||||||||||||||||||
Dividends | (154,460,263) | (154,460,263 | ) | (154,460,263) | ||||||||||||||||||||||||||||||||||||||||||||
Increase (decrease) through transfers and other changes | - | (230,882) | (824,692) | (1,055,574) | 230,882 | (824,692 | ) | (276,038,110) | (276,862,802) | |||||||||||||||||||||||||||||||||||||||
Total changes in equity | - | - | (239,461,323 | ) | 30,358,385 | - | (323) | (824,664) | (209,927,925) | 110,328,042 | (99,599,883 | ) | (87,932,841) | (187,532,724) | ||||||||||||||||||||||||||||||||||
Equity at end of period 9/30/2012 | 2,824,882,835 | 158,759,648 | (62,838,655 | ) | 30,048,120 | - | 13,513 | (1,498,033,660) | (1,530,810,682) | 2,343,296,922 | 3,796,128,723 | 2,912,492,410 | 6,708,621,133 | |||||||||||||||||||||||||||||||||||
Equity at beginning of period 01/01/2011 | 2,824,882,835 | 158,759,648 | 113,278,890 | 40,783,463 | - | 41,825 | (1,505,891,534) | (1,351,787,356) | 2,103,689,509 | 3,735,544,636 | 2,778,483,320 | 6,514,027,956 | ||||||||||||||||||||||||||||||||||||
Changes in equity | ||||||||||||||||||||||||||||||||||||||||||||||||
Comprehensive income | ||||||||||||||||||||||||||||||||||||||||||||||||
Net income | 319,025,580 | 319,025,580 | 368,765,776 | 687,791,356 | ||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income | 75,875,638 | (44,526,838) | (594,935) | (1,637) | - | 30,752,228 | 30,752,228 | 130,887,828 | 161,640,056 | |||||||||||||||||||||||||||||||||||||||
Comprehensive income | 349,777,808 | 499,653,604 | 849,431,412 | |||||||||||||||||||||||||||||||||||||||||||||
Dividends | (193,034,066) | (193,034,066 | ) | (193,034,066) | ||||||||||||||||||||||||||||||||||||||||||||
Increase (decrease) through transfers and other changes | 3,236,883 | 594,935 | 19,399,969 | 23,231,787 | (18,722,786) | 4,509,001 | (264,140,099) | (259,631,098) | ||||||||||||||||||||||||||||||||||||||||
Total changes in equity | - | - | 79,112,521 | (44,526,838) | - | (1,637) | 19,399,969 | 53,984,015 | 107,268,728 | 161,252,743 | 235,513,505 | 396,766,248 | ||||||||||||||||||||||||||||||||||||
Equity at end of period 9/30/2011 | 2,824,882,835 | 158,759,648 | 192,391,411 | (3,743,375) | - | 40,188 | (1,486,491,565) | (1,297,803,341) | 2,210,958,237 | 3,896,797,379 | 3,013,996,825 | 6,910,794,204 |
The attached notes are an integral part of these consolidated financial statements. | Page 6 |
ENERSIS S.A. AND SUBSIDIARIES Consolidated Statements of Direct Cash Flow For the periods ending September 30, 2012 and 2011 (In thousands of Chilean pesos) | ![]() |
January - September | ||||||||||
Statement of Direct Cash Flow | Note | 2012 ThCh$ | 2011 ThCh$ | |||||||
Cash flows from (used in) operating activities | ||||||||||
Types of collections from operating activities | ||||||||||
Collections from the sale of goods and services | 5,782,965,768 | 5,749,515,628 | ||||||||
Collections from royalties, payments, commissions, and other income from ordinary activities | 65,796,607 | 60,940,405 | ||||||||
Collections from premiums and services, annual payments, and other benefits from policies held | - | - | ||||||||
Other collections from operating activities | 259,047,468 | 243,434,732 | ||||||||
Types of payments | ||||||||||
Payments to suppliers for goods and services | (3,194,536,965 | ) | (3,097,168,021 | ) | ||||||
Payments on contracts held for intermediation or negotiation | - | 2,537 | ||||||||
Payments to and on behalf of employees | (310,205,238 | ) | (277,900,050 | ) | ||||||
Payments on premiums and services, annual payments, and other obligations from policies held | (4,695,902 | ) | (3,194,840 | ) | ||||||
Other payments for operating activities | (1,030,024,790 | ) | (1,094,029,864 | ) | ||||||
Income tax reimbursed (paid) | (377,590,181 | ) | (328,793,608 | ) | ||||||
Other inflows (outflows) of cash | (183,925,622 | ) | (180,245,957 | ) | ||||||
Net cash flows from (used in ) operating activities | 1,006,831,145 | 1,072,560,962 | ||||||||
Cash flows from (used in) investment activities | ||||||||||
Cash flows from losing control of subsidiaries or other business | - | 12,662,234 | ||||||||
Proceeds from the sale of property, plant and equipment | 400,344 | 3,578,768 | ||||||||
Purchase of property, plant and equipment | (374,535,018 | ) | (353,971,126 | ) | ||||||
Proceeds from the sales of intangible assets | - | 7,591,006 | ||||||||
Purchases of intangible assets | (142,113,526 | ) | (133,280,056 | ) | ||||||
Purchases of other long-term assets | (2,346,720 | ) | (1,854,895 | ) | ||||||
Prepayment of cash and loans to third parties | - | (1,258,611 | ) | |||||||
Collections from futures, forward, options, and swap contracts | - | - | ||||||||
Dividends received | 6,848,284 | 4,012,669 | ||||||||
Interest received | 43,027,279 | 15,455,922 | ||||||||
Other inflows (outflows) of cash | (24,312,119 | ) | 6,290,518 | |||||||
Net cash flows from (used in) investment activities | (493,031,476 | ) | (440.773.571 | ) |
The attached notes are an integral part of these consolidated financial statements. | Page 7 |
ENERSIS S.A. AND SUBSIDIARIES Consolidated Statements of Direct Cash Flow For the periods ending September 30, 2012 and 2011 (In thousands of Chilean pesos) | ![]() |
January - September | ||||||||||
Statement of Direct Cash Flow | Note | 2012 ThCh$ | 2011 ThCh$ | |||||||
| ||||||||||
Cash flows from (used in) financing activities | ||||||||||
Total proceeds from loans | 331,334,292 | 491,955,812 | ||||||||
Proceeds from long-term loans | 238,472,940 | 58,077,250 | ||||||||
Proceeds from short-term loans | 92,861,352 | 433,878,562 | ||||||||
Loans from related companies | - | - | ||||||||
Repayments from borrowings | (540,161,471) | (448,529,016) | ||||||||
Payments of finance lease liabilities | (7,417,374) | (8,640,208) | ||||||||
Payments from loans to related companies | - | - | ||||||||
Dividends paid | (437,636,861) | (566,337,573) | ||||||||
Interest paid | (203,679,096) | (186,250,863) | ||||||||
Other inflows (outflows) of cash | (21,936,630) | (5,251,186) | ||||||||
| ||||||||||
Net cash flows from (used in) financing activities | (879,497,140) | (723,053,034) | ||||||||
Net increase (decrease) in cash and cash equivalents before effect of exchange rate changes | (365,697,471) | (91,265,643) | ||||||||
Effect of exchange rate changes on cash and cash equivalents | ||||||||||
Effect of exchange rate changes on cash and cash equivalents | (71,560,995) | 67,364,582 | ||||||||
Net increase (decrease) in cash and cash equivalents | (437,258,466) | (23,901,061) | ||||||||
Cash and cash equivalents at beginning of period | 5 | 1,219,921,268 | 961,355,037 | |||||||
Cash and cash equivalents at end of period | 5 | 782,662,802 | 937,453,976 |
The attached notes are an integral part of these consolidated financial statements. | Page 8 |
ENERSIS S.A. AND SUBSIDIARIES | ![]() |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
1. | 13 | |||||||
2. | BASIS OF PRESENTATION OF THE CONSOLIDATED FINANCIAL STATEMENTS | 14 | ||||||
2.1 | 14 | |||||||
2.2 | 14 | |||||||
2.3 | Responsibility for the information given and the estimates made | 16 | ||||||
2.4 | 17 | |||||||
2.4.1 | 18 | |||||||
2.4.2 | Consolidated companies with an ownership interest of less than 50% | 18 | ||||||
2.4.3 | Non-consolidated companies with an ownership interest of over 50% | 18 | ||||||
2.5 | 18 | |||||||
2.6 | 18 | |||||||
3. | 20 | |||||||
a) | 20 | |||||||
b) | 23 | |||||||
c) | 23 | |||||||
d) | 23 | |||||||
d.1) | 24 | |||||||
d.2) | 25 | |||||||
d.3) | 25 | |||||||
e) | 25 | |||||||
f) | 27 | |||||||
g) | 27 | |||||||
g.1) | 27 | |||||||
g.2) | 28 | |||||||
g.3) | 28 | |||||||
g.4) | 28 | |||||||
g.5) | Fair value measurement and classification of financial instruments | 30 | ||||||
g.6) | 30 | |||||||
h) | 30 | |||||||
i) | 31 | |||||||
j) | Non-current assets held for sale and discontinued operations | 31 | ||||||
k) | 31 | |||||||
l) | 32 | |||||||
l.1) | Provisions for post-employment benefits and similar obligations | 32 | ||||||
m) | 32 | |||||||
n) | 33 | |||||||
o) | 33 | |||||||
p) | 34 | |||||||
q) | 34 |
Page 9 |
ENERSIS S.A. AND SUBSIDIARIES | ![]() |
r) | 34 | |||||||
s) | 35 | |||||||
t) | 35 | |||||||
35 | ||||||||
4.1 | 35 | |||||||
4.2 | 38 | |||||||
41 | ||||||||
42 | ||||||||
43 | ||||||||
44 | ||||||||
8.1 | 45 | |||||||
a) | 45 | |||||||
b) | 46 | |||||||
c) | 47 | |||||||
8.2 | 48 | |||||||
8.3 | 50 | |||||||
a) | 50 | |||||||
b) | Guarantees established by the Company in favor of key management personnel | 50 | ||||||
8.4 | 51 | |||||||
9. INVENTORIES | 52 | |||||||
53 | ||||||||
53 | ||||||||
12. INVESTMENTS ACCOUNTED FOR USING THE EQUITY METHOD AND JOINTLY CONTROLLED COMPANIES | 55 | |||||||
12.1 | 55 | |||||||
12.2 | 57 | |||||||
58 | ||||||||
14. GOODWILL | 60 | |||||||
62 | ||||||||
66 | ||||||||
17. DEFERRED TAXES | 67 | |||||||
68 | ||||||||
18.1 | 69 | |||||||
18.2 | 72 | |||||||
18.3 | 72 | |||||||
18.4 | 76 | |||||||
18.5 | 76 |
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ENERSIS S.A. AND SUBSIDIARIES | ![]() |
76 | ||||||||||
19.1. Interest rate risk | 77 | |||||||||
19.2. Exchange rate risk | 77 | |||||||||
19.3. Commodities risk | 77 | |||||||||
19.4. Liquidity risk | 78 | |||||||||
19.5. Credit risk | 78 | |||||||||
19.6. Risk measurement | 79 | |||||||||
80 | ||||||||||
80 | ||||||||||
81 | ||||||||||
83 | ||||||||||
84 | ||||||||||
22. PROVISIONS | 85 | |||||||||
86 | ||||||||||
23.1 General information | 86 | |||||||||
23.2 Details, changes, and presentation in financial statements | 87 | |||||||||
24. EQUITY | 90 | |||||||||
90 | ||||||||||
92 | ||||||||||
24.3 Capital management | 92 | |||||||||
24.4 Restrictions on subsidiaries’ transferring funds to the parent | 92 | |||||||||
24.5 Other reserves | 92 | |||||||||
93 | ||||||||||
25. REVENUES | 94 | |||||||||
95 | ||||||||||
95 | ||||||||||
95 | ||||||||||
29. OTHER EXPENSES | 96 | |||||||||
96 | ||||||||||
96 | ||||||||||
32. INCOME TAX | 98 | |||||||||
99 | ||||||||||
99 | ||||||||||
100 | ||||||||||
33.3 Countries | 103 | |||||||||
106 |
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ENERSIS S.A. AND SUBSIDIARIES | ![]() |
34. THIRD PARTY GUARANTEES, OTHER CONTINGENT ASSETS AND LIABILITIES, AND OTHER COMMITMENTS | 112 | |||||||||
34.1 Direct guarantees | 112 | |||||||||
34.2 Indirect guarantees | 112 | |||||||||
113 | ||||||||||
34.4 Financial covenants | 120 | |||||||||
34.5 Other information | 124 | |||||||||
125 | ||||||||||
36. SANCTIONS | 125 | |||||||||
127 | ||||||||||
38. ENVIRONMENT | 130 | |||||||||
39. SUMMARIZED FINANCIAL INFORMATION OF PRINCIPAL SUBSIDIARIES AND JOINTLY CONTROLLED ENTITIES | 131 | |||||||||
133 | ||||||||||
135 | ||||||||||
136 | ||||||||||
137 | ||||||||||
145 | ||||||||||
APPENDIX 6 ADDITIONAL INFORMATION,OFICIO CIRCULAR (OFFICIAL BULLETIN) 715 OF FEBRUARY 13, 2012 | 147 | |||||||||
150 |
Page 12 |
ENERSIS S.A. AND SUBSIDIARIES INTERIM CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD ENDING SEPTEMBER 30, 2012 (In thousands of Chilean pesos) |
|
1. | THE GROUP’S ACTIVITIES AND FINANCIAL STATEMENTS |
Enersis S.A. (hereinafter the Parent Company or the Company) and its subsidiaries comprise the Enersis Group (hereinafter Enersis or the Group).
Enersis S.A. is a publicly traded corporation with registered address and head office located at Avenida Santa Rosa, No. 76, in Santiago, Chile. The Company is registered in the securities register of the Superintendency of Securities and Insurance of Chile (Superintendencia de Valores y Seguros or SVS) under number 175. In addition, the Company is registered with the Securities and Exchange Commission of the United States of America (hereinafter U.S. SEC) and with Spain’s Comisión Nacional del Mercado de Valores. The Company’s shares have been listed on the New York Stock Exchange since 1993 and on the Latibex since 2001.
Enersis S.A. is a subsidiary of Endesa, S.A., a Spanish company controlled by Enel S.p.A. (hereinafter Enel).
The Company was initially created in 1981 under the corporate name of Compañía Chilena Metropolitana de Distribución Eléctrica S.A. Later on, the Company changed its by-laws and its name to Enersis S.A. effective August 1, 1988. For tax purposes, the Company operates under Chilean tax identification number 94,271,000-3.
As of September 30, 2012, the Group had 11,093 employees. During 2012, the Group averaged a total of 11,006 employees. See Note 35 for additional information regarding employee distribution by category and geographic location.
The Company’s corporate purpose consists of exploring for, developing, operating, generating, distributing, transmitting, transforming, and/or selling energy in any of its forms, whether in Chile or abroad, either directly or through another company. It is also engaged in telecommunications activities, and it provides engineering consultation services in Chile and abroad. The Company’s corporate purpose also includes investing in, and managing its investments in, subsidiaries and associates that generate, transmit, distribute, or sell electricity, or whose corporate purpose includes any of the following:
(i) | energy in any kind or form, |
(ii) | supplying public services, or services whose main component is energy, |
(iii) | telecommunications and information technology services, and |
(iv) | Internet-based intermediation business. |
The Company’s 2011 consolidated financial statements were approved by the Board of Directors at a meeting held on January 31, 2012. The consolidated financial statements were then submitted to the consideration of a General Shareholders Meeting held on April 26, 2012, which gave its final approval on the consolidated financial statements.
These consolidated financial statements are presented in thousands of Chilean pesos (unless expressly stated otherwise), as the Chilean peso is the functional currency of the main economic environment in which Enersis operates. Foreign operations are reported in accordance with the accounting policies stated in Notes 2.6 and 3.m.
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ENERSIS S.A. AND SUBSIDIARIES INTERIM CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD ENDING SEPTEMBER 30, 2012 (In thousands of Chilean pesos) |
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2. | BASIS OF PRESENTATION OF THE CONSOLIDATED FINANCIAL STATEMENTS |
The September 30, 2012 unaudited interim consolidated financial statements of Enersis and its subsidiaries have been prepared in accordance with International Financial Reporting Standards (IFRS), specifically International Accounting Standards (IAS) 34, Interim Financial Reporting, and approved by its Board of Directors at its meeting held on November 6, 2012.
These interim consolidated financial statements present fairly the financial position of Enersis and its subsidiaries as of September 30, 2012 and December 31, 2011, as well as the results of operations, the changes in equity, and the cash flows for the periods ended September 30, 2012 and 2011.
These interim consolidated financial statements have been prepared using cost method accounting applied to the business in operation principle except, in accordance with IFRS, those assets and liabilities that are reported at a fair value and those non-current assets and groups that are available for sale, which are recorded at the book value or the fair value minus sales costs, whichever is lower (see Note 3).
These interim consolidated financial statements have been prepared from accounting records maintained by the Company and its subsidiaries. Each entity prepares its financial statements according to the accounting principles and standards in force in each country, so the necessary adjustments and reclassifications have been made in the consolidation process in order to present the consolidated financial statements in accordance with IFRS and the interpretations of the IFRS Interpretation Committee (hereinafter IFRIC) and its predecesor Standards Interpretation Committee.
Our results at 30 September 2012 was not significantly affected by seasonal effects.
2.2 New accounting pronouncements
a) | Accounting pronouncements effective from January 1, 2012: |
Standards, Interpretations, and Amendments | Mandatory application for: | |||
Amendment to IFRS 7: Financial Instruments: Disclosures
Modifies the disclosure requirements when financial assets are transferred to promote transparency and to facilitate an analysis of the risks may affect the entity’s financial situation.
|
Annual periods beginning on or after July 1, 2011 | |||
Amendment to IAS 12: Income taxes
Provides an exception to the general principles of IAS 12 for investment properties measured using the fair value model contained in IAS 40, “Investment Properties.”
|
Annual periods beginning on or after January 1, 2012 |
The application of these accounting pronouncements has not had any significant effects for the Group.
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ENERSIS S.A. AND SUBSIDIARIES INTERIM CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD ENDING SEPTEMBER 30, 2012 (In thousands of Chilean pesos) |
|
b) | Accounting principles effective from January 1, 2013: |
As of the issuance date of these interim consolidated financial statements, the following accounting pronouncements had been issued by the IASB, but they were not yet mandatory:
Standards, Interpretations, and Amendments
|
Mandatory | |||||
Amendment to IAS 1: Presentation of financial statements Modifies aspects of presenting the components of “Other comprehensive income,” requiring that these components be grouped into those that will and those that will not subsequently be reclassified as losses and gains. |
Annual periods beginning on or after July 1, 2012
| |||||
IFRS 10: Consolidated financial statements Establishes clarifications and new parameters for defining control, as well as the principles for preparing consolidated financial statements that apply to all entities (including special purpose entities or structured entities).
|
Annual periods beginning on or after January 1, 2013
| |||||
IFRS 11: Joint agreements Redefines the concept of joint control, aligning with IFRS 10 and requiring that entities that are part of a joint agreement determine the type of agreement (joint operation or joint venture) by evaluating their rights and obligations. The standard eliminates the possibility of proportional consolidation for joint venture).
|
Annual periods beginning on or after January 1, 2013
| |||||
IFRS 12: Disclosures of interest held in other entities Requires certain disclosures that allow for assessing the nature of the stake held in other entities and the risks involved, as well as how these interest affect the entity’s financial situation, financial performance, and cash flows.
|
Annual periods beginning on or after January 1, 2013
| |||||
IFRS 13: Measurement of fair value Establishes, in a single standard, a framework for assessing the fair value of assets and liabilities, and incorporates new concepts and clarifications for this assessment. It also requires that the entities disclose certain information on the measurement of the fair value of their assets and liabilities.
| Annual periods beginning on or after January 1, 2013
| |||||
New IAS 27: Separate financial statements When IFRS 10 was issued, it eliminated from IAS 27 everything connected with consolidated financial statements, restricting its scope only to separate financial statements.
|
Annual periods beginning on or after January 1, 2013
| |||||
New IAS 28: Investments in associated companies and joint business Modified by the effect of the issuance of IFRS 10 and IFRS 11 in order to make the definitions and other clarifications contained in these new IFRS consistent.
|
Annual periods beginning on or after January 1, 2013
| |||||
Amendment to IFRS 7: Financial instruments: Disclosures Clarifies the disclosure requirements for the offsetting of financial assets and liabilities.
|
Annual periods beginning on or after January 1, 2013
|
Page 15
ENERSIS S.A. AND SUBSIDIARIES INTERIM CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD ENDING SEPTEMBER 30, 2012 (In thousands of Chilean pesos) |
|
Standards, Interpretations, and Amendments
|
Mandatory application
| |||||
Amendment to IAS 19: Employee benefits
Modifies recognition and disclosure of changes in the obligations from defined benefit plans and in the assets affected by the plan, eliminating the corridor method and accelerating recognition of costs from past services.
|
Annual periods beginning on or after January 1, 2013
| |||||
Amendment to IAS 32: Financial instruments: Presentation
Clarifies the requirements for the offsetting of financial assets and financial liabilities in order to eliminate the inconsistencies from applying the current IAS 32 criteria for offsetting.
| Annual periods beginning on or after January 1, 2014
| |||||
IFRS 9: Financial instruments: Classification and measurement
The first stage of the IASB project to replace IAS 39, “Financial Instruments: Recognition and Measurement.” Modifies classification and measurement of financial assets and includes treatment and classification of financial liabilities.
|
Annual periods beginning on or after January 1, 2015.
| |||||
Improvements to the IFRS
A series of improvements that are necessary but not urgent and that modify the following standards: IFRS 1, IAS 1, IAS 16, IAS 32 , and IAS 34.
| Annual periods beginning on or after January 1, 2013 | |||||
Transition Guide (Amendments to IFRS 10, 11, and 12)
These amendments clarify the transition guide for IFRS 10. They also simplify the transition of IFRS 10, IFRS 11, and IFRS 12, limiting the requirements to provide adjusted comparative information to the preceding comparative period only. In addition, for disclosures related to entities with non-consolidated structures, the amendments remove the requirement to present comparative information for periods prior to the first application if IFRS 12.
|
Annual periods beginning on or after January 1, 2013
|
The Group is assessing the impact of applying IFRS 9, IFRS 10, IFRS 11, IFRS 12, and IFRS 13 from the date they go into effect. In Management’s opinion, the application of other standards, interpretations, and amendments pending application will not have a significant effect on the consolidated financial statements of Enersis and its subsidiaries.
2.3 | Responsibility for the information given and estimates made |
The Company’s Board of Directors is responsible for the information contained in these interim consolidated financial statements and expressly states that all IFRS principles and standards have been fully implemented.
In preparing the interim consolidated financial statements, certain estimates made by the Company’s Management have been used to quantify some of the assets, liabilities, income, expenses, and commitments recorded in the statements.
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ENERSIS S.A. AND SUBSIDIARIES INTERIM CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD ENDING SEPTEMBER 30, 2012 (In thousands of Chilean pesos) | ![]() |
These estimates basically refer to:
- | The valuation of assets and goodwill to determine the existence of impairment losses (see Note 3.e). |
- | The assumptions used to calculate the actuarial liabilities and obligations to employees, such as discount rates, mortality tables, salary raises, etc. (see Notes 3.l.1 and 23). |
- | The useful life of property, plant and equipment, and intangible assets (see Notes 3.a and 3.d). |
- | The assumptions used to calculate the fair value of financial instruments (see Notes 3.g.5 and 20). |
- | Energy supplied to customers whose meter readings are pending. |
- | Certain assumptions inherent in the electricity system affecting transactions with other companies, such as production, customer billings, energy consumption, etc. that allow for estimating electricity system settlements that must occur on the corresponding final settlement dates, but that are pending as of the date of issuance of the consolidated financial statements and could affect the balances of assets, liabilities, income and expenses recorded in the statements. |
- | The probability that uncertain or contingent liabilities will be incurred and their related amounts (see Note 3.l). |
- | Future disbursements for the closure of facilities and restoration of land (see Note 3.a). |
- | The tax results of the various subsidiaries of the Group that will be reported to the respective tax authorities in the future, and that have served as the basis for recording different balances related to income taxes in these interim consolidated financial statements (see Note 3.o). |
Although these estimates have been based on the best information available on the issuance date of these interim consolidated financial statements, future events may occur that would require a change (increase or decrease) to these estimates in subsequent periods. This change would be made prospectively, recognizing the effects of such an estimation change in the corresponding future consolidated financial statements.
2.4 | Subsidiaries and jointly controlled entities |
Subsidiaries are defined as entities in which the Parent Company controls the majority of the voting rights or, should that not be the case, is authorized to direct the financial and operating policies of such entities.
Jointly controlled entities are those in which the situation described in the preceding paragraph exists as a result of an agreement with other shareholders and control is exercised jointly with them.
Appendix 1 of these interim consolidated financial statements, entitled Enersis Group Companies, describes Enersis’ relationship with each of its subsidiaries and jointly controlled entities.
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ENERSIS S.A. AND SUBSIDIARIES INTERIM CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD ENDING SEPTEMBER 30, 2012 (In thousands of Chilean pesos) | ![]() |
2.4.1 Changes in the scope of consolidation
The process of selling the companies Compañía Americana de Multiservicios (CAM) and Synapsis Servicios y Soluciones Informáticas IT (Synapsis) was completed during the first quarter of 2011. The sale of CAM was concluded on February 24, 2011 for the amount of ThCh$ 6,775,748 (US$14.2 million), while the sale of Synapsis was finalized on March 1, 2011 for ThCh$ 24,710,920 (US$ 52 million). For more information, see Note 11.
The elimination of CAM and Synapsis from the Enersis consolidated statements has resulted in reductions in the consolidated statement of financial position of ThCh$ 80,050,947 in current assets, ThCh$ 31,003,337 in non-current assets, ThCh$ 56,359,935 in current liabilities, and ThCh$ 14,558,579 in non-current liabilities.
During 2012 there were no significant changes in the Enersis Group’s scope of consolidation.
The section titled “Changes in the Enersis Group Scope of Consolidation,” included as Appendix No. 2 to these consolidated financial statements, lists the companies included within the scope of the Group’s consolidation, together with information on the Group’s respective ownership interest percentages.
2.4.2 Consolidated companies with an ownership interest of less than 50%
Although the Enersis Group holds less than a 50% interest in Compañía Distribuidora y Comercializadora de Energía S.A. (Codensa) and in Empresa Generadora de Energía Eléctrica S.A. (Emgesa), they are considered subsidiaries since the Group exercises control over the entities, either directly or indirectly, through contracts or agreements with shareholders, or as a consequence of their structure, composition, and shareholder classes.
2.4.3 Non-consolidated companies with an ownership interest of over 50%
Although the Enersis Group holds more than a 50% interest in Centrales Hidroeléctricas de Aysén S.A. (Aysén), it is considered a jointly controlled entity since the Group, through contracts and agreements with shareholders, exercises joint control of the company.
Associated Companies are those in which Enersis, either directly or indirectly, exercises significant influence. In general, significant influence is assumed to be those cases in which the Group has an ownership interest of over 20% (see Note 3.h).
Appendix 3 to these interim consolidated financial statements, entitled “Associated Companies,” describes Enersis’ relationship with each associated company.
2.6 Basis of consolidation and business combinations
The subsidiaries are consolidated and all their assets, liabilities, income, expenses, and cash flows are included in the consolidated financial statements once the adjustments and eliminations from intra-Group transactions have been made.
Jointly controlled entities are consolidated using the proportional consolidation method. The Group recognizes, line by line, its share of the assets, liabilities, income, and expenses of such entities, so the adding of balances and subsequent eliminations take place only in proportion to the Group’s ownership interest in them.
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ENERSIS S.A. AND SUBSIDIARIES INTERIM CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD ENDING SEPTEMBER 30, 2012 (In thousands of Chilean pesos) | ![]() |
The comprehensive income of subsidiaries and jointly controlled entities is included in the consolidated comprehensive income statement from the effective date of acquisition until the effective date of disposal or termination of joint control, as applicable.
The parent company’s and its subsidiaries’ operations, as well as those of jointly controlled entities, have been consolidated under the following basic principles:
1. | At the date of acquisition, the assets, liabilities, and contingent liabilities of the subsidiary or jointly controlled entity are recorded at market value. If, in the parent company’s stake, there is a positive difference between the acquisition cost and the fair value of the assets and liabilities of the company acquired, including contingent liabilities, this difference is recorded as goodwill. If the difference is negative, it is recorded as a credit to income. |
2. | Non-controlling interests in equity and in the comprehensive income of the consolidated subsidiaries are presented, respectively, under the line items “Total Equity: Non-controlling interests” in the consolidated statement of financial position and “Net Income attributable to non-controlling interests” and “Comprehensive income attributable to non-controlling interests” in the consolidated statement of comprehensive income. |
3. | The financial statements of foreign companies with functional currencies other than the Chilean peso are translated as follows: |
a. | For assets and liabilities, the prevailing exchange rate on the closing date of the financial statements is used. |
b. | For items in the comprehensive income statement, the average exchange rate for the year is used (unless this average is not a reasonable approximation of the cumulative effect of the exchange rates in effect on the dates of the transactions, in which case the exchange rate in effect on the date of each transaction is used). |
c. | Equity remains at the historical exchange rate from the date of acquisition or contribution, and retained earnings at the average exchange rate at the date of generation. |
Exchange differences arising in the conversion of the financial statements are recognized in the item “Exchange difference on translation” within the consolidated statement of comprehensive income: Other comprehensive income (see Note 24.2).
Translation adjustments that existed at Enersis’ transition date to IFRS, on January 1, 2004, were transferred to reserves, using the exemption for that purpose in IFRS 1 “First time Adoption of IFRS” (see Note 24.5).
All balances and transactions between consolidated companies, as well as the share of the proportionally consolidated companies, were eliminated in the consolidation process.
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ENERSIS S.A. AND SUBSIDIARIES INTERIM CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD ENDING SEPTEMBER 30, 2012 (In thousands of Chilean pesos) | ![]() |
3. ACCOUNTING PRINCIPLES APPLIED
The main accounting policies used in preparing the accompanying consolidated financial statements were the following:
a) Property, plant, and equipment
Property, plant and equipment are valued at acquisition cost, net of accumulated depreciation and any impairment losses they may have experienced. In addition to the price paid to acquire each item, the cost also includes, where applicable, the following concepts:
- | Financing expenses accrued during the construction period that are directly attributable to the acquisition, construction, or production of qualified assets, which require a substantial period of time before being ready for use such as, for example, electricity generation or distribution facilities. The Group defines “substantial period” as one that exceeds 12 months. The interest rate used is that of the specific financing or, if none exists, the mean financing rate of the company carrying out the investment. The mean financing rate depends principally on the geographic area and ranges between 7.54% and 10.17%. The amount capitalized for this concept amounted to ThCh$ 21,108,541 and ThCh$ 23,068,441 for the periods ended September 30, 2012 and 2011, respectively. |
- | Employee expenses directly related to construction in progress. The amounts capitalized under this concept for the periods ended September 30, 2012 and 2011 were ThCh$ 23,627,678 and ThCh$ 22,450,011, respectively. |
- | Future disbursements that the Group will have to make to close their facilities are incorporated into the value of the asset at present value, recording in the accounting the corresponding provision. The Group reviews its estimate of these future disbursements on a yearly basis, increasing or decreasing the value of the asset based on the results of this estimate (see Note 22). |
- | Items acquired before the Group’s date of transition to IFRS, on January 1, 2004, include in the purchasing cost, where appropriate, asset reappraisals permitted in the various countries to adjust the value of the property, plant and equipment for inflation as of that date (see Note 24.5). |
Items for construction work in progress are transferred to operating assets once the testing period has been completed and they are available for use, at which time depreciation begins.
Expansion, modernization, or improvement costs that represent an increase in productivity, capacity or efficiency, or a longer useful life are capitalized as a greater cost for the corresponding assets.
The replacement or overhaul of entire components that increase the asset’s useful life, or its economic capacity, are recorded as an increase in value for the respective assets, derecognizing the replaced or overhauled components.
Expenses for periodic maintenance, conservation, and repair are recorded directly in income as an expense for the year in which they are incurred.
The Company, based on the outcome of impairment testing explained in Note 3.e), considers that the book value of assets does not exceed their net recoverable value.
Property, plant, and equipment, net of its residual value, is depreciated by distributing the cost of the different items that comprise it on a straight-line basis over its estimated useful life, which is the period during which the companies expect to use the assets. Useful life estimates are periodically reviewed and, if appropriate, adjusted prospectively.
Page 20
ENERSIS S.A. AND SUBSIDIARIES INTERIM CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD ENDING SEPTEMBER 30, 2012 (In thousands of Chilean pesos) |
|
The following are the main categories of property, plant, and equipment with their respective estimated useful lives.
Categories of Property, plant, and equipment
|
Years of estimated useful life
| |
Buildings | 22-100 | |
Plant and equipment | 3-65 | |
IT equipment | 3-15 | |
Fixtures and fittings | 5-21 | |
Motor vehicles | 5-10 | |
Other | 2-33 |
Additionally, the following provides greater detail on the useful lives of plant and equipment items:
Years of estimated useful life
| ||
Generating facilities: | ||
Hydroelectric power plants | ||
Civil engineering works | 35-65 | |
Electromechanical equipment | 10-40 | |
Coal-fired / fuel-oil power plants | 25-40 | |
Combined cycle plants | 10-25 | |
Renewable energy power plants | 35 | |
Transmission and distribution facilities: | ||
High-voltage network | 10-60 | |
Low- and medium-voltage network | 10-60 | |
Measuring and remote control equipment | 3-50 | |
Other facilities | 4-25 |
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ENERSIS S.A. AND SUBSIDIARIES INTERIM CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD ENDING SEPTEMBER 30, 2012 (In thousands of Chilean pesos) | ![]() |
Regarding the administrative concessions held by the Group’s electric companies, the following lists the years remaining until expiration for the concessions that do not have an indefinite term:
Concession holder and operator | Country | Concession term |
Period remaining until expiration
| |||
Empresa Distribuidora Sur S.A. - Edesur (Distribution) | Argentina | 95 years | 75 years | |||
Hidroeléctrica El Chocón S.A. (Generation) | Argentina | 30 years | 11 years | |||
Transportadora de Energía S.A. (Transmission) | Argentina | 85 years | 75 years | |||
Compañía de Transmisión del Mercosur S.A. (Transmission) | Argentina | 87 years | 75 years | |||
Central Eléctrica Cachoeira Dourada S.A. (Generation) | Brazil | 30 years | 15 years | |||
Central Generadora Termoeléctrica Fortaleza S.A. (Generation) | Brazil | 30 years | 19 years | |||
Companhía de Interconexao Energética S.A. (CIEN - Line 1) | Brazil | 20 years | 8 years | |||
Companhía de Interconexao Energética S.A. CIEN - Line 2) | Brazil | 20 years | 10 years |
The Group’s management evaluated the specific contract term of each of the aforementioned concessions, which vary by country, business activity, and jurisprudence, and concluded that, with the exception of CIEN, there are no determining factors indicating that the grantor, which in every case is a government entity, controls the infrastructure and, at the same time, can continuously set the price to be charged for services. These requirements are essential for applying IFRIC 12 “Service Concession Agreements,” which establishes how to record and value certain types of concessions (see Note 3.d.1 for concession agreements within the scope of IFRIC 12).
On April 19, 2011, our subsidiary CIEN successfully completed the change in business model that we had previously been reporting. Under the new agreement, the Government continues to control the infrastructure, but CIEN receives fixed payments, which puts it on an equal footing with a public transmission concession (with regulated prices).
Under this business model, its concessions fall within the scope of Standard IFRIC 12, but the infrastructure has not been derecognized due to the fact that CIEN has not substantially transferred the significant risks and benefits to the Brazilian Government.
Concession contracts not covered under IFRIC 12 are recognized according to general criteria. To the extent that the Group recognizes assets as property, plant, and equipment, they are amortized over their economic life or the concession term, whichever is shorter. Any required investment, improvement, or replacement made by the Group is calculated as an impairment to Property, Plant, and Equipment as a future contractual cash outflow that is necessary to obtain future cash inflow.
Gains or losses that arise from the sale or disposal of items of property, plant and equipment are recognized in income for the period and calculated as the difference between the sale value and the net book value.
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ENERSIS S.A. AND SUBSIDIARIES INTERIM CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD ENDING SEPTEMBER 30, 2012 (In thousands of Chilean pesos) | ![]() |
“Investment property” includes primarily land and buildings held for the purpose of earning rental income and/or for capital appreciation.
Investment property is valued at acquisition cost less any accumulated depreciation and impairment losses that have been incurred. Investment property, excluding land, is depreciated on a straight-line basis over the useful lives of the related assets.
The breakdown of the fair value of investment property is detailed in Note 16.
Goodwill generated upon consolidation represents the difference between the acquisition cost and the Group’s share of the fair value of assets and liabilities, including identifiable contingent liabilities of a subsidiary at the acquisition date.
Acquired assets and liabilities are temporarily valued as of the date the company takes control and reviewed within no more than a year after the acquisition date. Until the fair value of assets and liabilities is ultimately determined, the difference between the acquisition price and the book value of the acquired company is temporarily recorded as goodwill.
If goodwill is finally determined as existing in the financial statements the year following the acquisition, the prior year’s accounts, which are presented for comparison purposes, are modified to include the value of the acquired assets and liabilities and of the definitive goodwill from the acquisition date.
Goodwill generated from acquiring companies with functional currencies other than the Chilean peso is valued in the functional currency of the acquired company and converted to Chilean pesos using the exchange rate in effect as of the date of the statement of financial position.
Goodwill generated before the date of transition to IFRS, on January 1, 2004, is maintained at its net value recorded as of that date, while goodwill originated afterwards is valued at acquisition cost (see Notes 14 and 24.5).
Goodwill is not amortized; instead, at each period end the Company estimates whether any impairment has reduced its recoverable value to an amount less than the net recorded cost and, if so, it immediately adjusts for impairment (see Note 3.e).
d) Intangible assets other than goodwill
Intangible assets are initially recognized at their acquisition or production cost, and are subsequently valued at their cost, net of their accumulated amortization and of the impairment losses they may have experienced.
Intangible assets are amortized on a straight line basis during their useful life, starting from the time that they are in usable condition, except for those with an indefinite useful life, which are not amortized. As of September 30, 2012, there were no significant amounts in intangible assets with an indefinite useful life.
The criteria for recognizing these assets’ impairment losses and, if applicable, recovery of impairment losses recorded in previous fiscal years are explained in letter e) of this Note.
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ENERSIS S.A. AND SUBSIDIARIES INTERIM CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD ENDING SEPTEMBER 30, 2012 (In thousands of Chilean pesos) | ![]() |
IFRIC 12, “Service Concession Agreements,” provides accounting guidelines for public-to-private service concession agreements. This accounting interpretation applies if:
a) | The grantor controls or regulates which services the operator should provide with the infrastructure, to whom it must provide them, and at what price; and |
b) | The grantor controls – through ownership, beneficial entitlement, or otherwise – any significant residual interest in the infrastructure at the end of the term of the agreement. |
If both of the above conditions are met simultaneously, the consideration received by the Group for the infrastructure construction is recognized at its fair value, as either an intangible asset when the Group receives the right to charge users of the public service, as long as these charges are conditional on the degree to which the service is used; or as a financial asset when the Group has an unconditional contractual right to receive cash or other financial asset from the grantor or a third party. The Group recognizes the contractual obligations assumed for maintenance of the infrastructure during its use, or for its return to the grantor at the end of the concession agreement within the conditions specified in the agreement, as long as it does not involve an activity that generates income, in accordance with the Group’s provision accounting policy (see Note 3.l).
Finance expenses attributable to the concession agreements are capitalized based on criteria established in Note 3 a) above, provided that the Group has a contractual right to receive an intangible asset. No finance expenses were capitalized during the periods ended on September 30, 2012 and 2011.
Additionally, during the periods ended September 30, 2012 and 2011, employee expenses directly attributable to construction in progress, amounting to ThCh 12,399,742 and ThCh$ 13,214,962, respectively, were capitalized.
The subsidiaries that have recognized an intangible asset from their service concession agreements are the following:
Concession holder and operator | Country | Term | Period remaining to expiration | |||
Ampla Energía e Serviços S.A. (*) (Distribution) | Brazil | 30 years | 14 years | |||
Companhia Energética do Ceará S.A. (*) (Distribution) | Brazil | 30 years | 16 years | |||
Concesionaria Túnel El Melón S.A. (Highway Infrastructure) | Chile | 23 years | 4 years |
(*) Considering that part of the rights acquired by our subsidiaries are unconditional, a financial asset at amortized cost has also been recognized (see Notes 3.g.1 and 7).
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ENERSIS S.A. AND SUBSIDIARIES INTERIM CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD ENDING SEPTEMBER 30, 2012 (In thousands of Chilean pesos) | ![]() |
d.2) Research and development expenses
The Group follows the policy of recording the costs incurred in a project’s development phase as intangible assets in the statement of financial position as long as the project’s technical viability and economic returns are reasonably assured.
Expenditures on research activities are recognized as an expense in the period in which they are incurred. These expenses amounted to ChTh$826,869 and ThCh$1,391,315 for the periods ended of September 30, 2012 and 2011, respectively.
These intangible assets correspond primarily to computer software, water rights, and easements. They are initially recognized at acquisition or production cost and are subsequently measured at cost less accumulated amortization and impairment losses, if any.
Computer software programs are amortized, on average, over five years. Certain easements and water rights have indefinite useful lives and are therefore not amortized, while others have useful lives ranging from 40 to 60 years, depending on their characteristics, and they are amortized over that term.
During the period, and principally at period end, the Company evaluates whether there is any indication that an asset has been impaired. Should any such indication exist, the company estimates the recoverable amount of that asset to determine the amount of impairment in each case. In the case of identifiable assets that do not generate cash flows independently, the company estimates the recoverability of the Cash Generating Unit to which the asset belongs, which is understood to be the smallest identifiable group of assets that generates independent cash inflows.
Notwithstanding the preceding paragraph, in the case of Cash Generating Units to which goodwill or intangible assets with an indefinite useful life have been allocated, a recoverability analysis is performed routinely at each period end.
The recoverable amount is the greater amount between the market value less the cost needed to sell and the value in use, which is defined as the present value of the estimated future cash flows. In order to calculate the recoverable value of Property, plant, and equipment, goodwill and intangible assets, the Group uses value in use criteria in practically all cases.
To estimate the value in use, the Group prepares future cash flow projections, before tax, based on the most recent budgets available. These budgets incorporate management’s best estimates of Cash Generating Units’ revenue and costs using sector projections, past experience, and future expectations.
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ENERSIS S.A. AND SUBSIDIARIES INTERIM CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD ENDING SEPTEMBER 30, 2012 (In thousands of Chilean pesos) | ![]() |
In general, these projections cover the next ten years, estimating cash flows for subsequent years by applying reasonable growth rates which, in no case, are increasing nor exceed the average long-term growth rates for the particular sector and country. At the end of 2011, projections were extrapolated from the following rates:
Country | Currency
| 2011
| ||
Growth Rate
| ||||
Chile | Chilean peso | 4.2% - 5.3% | ||
Argentina | Argentine peso | 7.0% - 7.9% | ||
Brazil | Brazilian real | 5.0% - 6.0% | ||
Peru | Peruvian sol | 3.2% - 4.3% | ||
Colombia | Colombian peso | 4.4% - 5.2% |
These flows are discounted to calculate their current value at a before-tax rate that covers the cost of capital for the business activity and the geographic area in which it is being carried out. The current cost of money and the risk premiums generally used among analysts for the business activity and the geographic zone are taken into account to calculate this value.
The following are the before-tax discount rates applied in 2011, expressed in nominal terms:
Country | Currency | 2011 | ||||
Minimum
|
Maximum
| |||||
Chile | Chilean peso | 8.0% | 10.1% | |||
Argentina | Argentine peso | 15.0% | 17.1% | |||
Brazil | Brazilian real | 9.5% | 11.6% | |||
Peru | Peruvian sol | 7.3% | 9.3% | |||
Colombia | Colombian peso | 8.9% | 10.9% |
If the recoverable amount is less than the net carrying amount of the asset, the corresponding provision for impairment loss is recorded for the difference, and charged to “Reversal of impairment loss (impairment loss) recognized in profit or loss” in the consolidated statement of comprehensive income.
Impairment losses recognized for an asset in prior periods are reversed when its estimated recoverable amount changes, increasing the asset’s value with a credit to earnings, limited to the asset’s carrying amount if no adjustment had occurred. In the case of goodwill, adjustments that would have been made are not reversible.
The following procedure is used to determine the need to adjust financial assets for impairment:
- In the case of commercial assets, in both our generation and transmission segment and the electricity distribution segment, the Group’s policy is to record impairment through an allowance account based on the age of past-due balances. This policy is generally applied except in those cases where a specific collectability analysis is recommended, such as in the case of receivables from publically owned companies.
- In the case of receivables of a financial nature, impairment is determined on case-by-case basis. As of the date of issuance of these consolidated financial statements, the Company had no significant past due non-commercial financial assets.
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ENERSIS S.A. AND SUBSIDIARIES INTERIM CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD ENDING SEPTEMBER 30, 2012 (In thousands of Chilean pesos) | ![]() |
The Group applies IFRIC 4 to assess whether an agreement is or contains a lease. Leases that transfer to the lessee substantially all of the risks and rewards inherent in ownership are classified as finance leases. All other leases are classified as operating leases.
Finance leases in which the Group acts as a lessee are recognized when the agreement begins. At that time, the Group records an asset based on the nature of the lease and a liability for the same amount, equal to the fair value of the leased asset or the present value of the minimum lease payments, if the latter is lower. Subsequently, the minimum lease payments are divided between finance expense and principal reduction. The finance expense is recorded in the income statement and distributed over the lease term, so as to obtain a constant interest rate for each period over the balance of the debt pending amortization. The asset depreciates on the same terms as other similar depreciable assets, as long as there is reasonable certainty that the lessee will acquire ownership of the asset at the end of the lease. If no such certainty exists, the asset depreciates over the shorter term between the useful life of the asset and the term of the lease.
Operating lease payments are expensed on a straight-line basis over the term of the lease unless another type of systematic basis of distribution is deemed more representative.
Financial instruments are contracts that give rise to both a financial asset in one company and a financial liability or equity instrument in another company.
g.1) Financial assets other than derivatives
The Group classifies its financial assets other than derivatives, whether permanent or temporary, except for investments accounted for using the equity method (see Note 12) and those held for sale (Note 11), into four categories:
- | Trade and other current receivables and Accounts receivable from related companies: These are recorded at amortized cost, which is the initial fair value less principal repayments made, plus accrued and uncharged interest, calculated using the effective interest method. |
The effective interest method is used to calculate the amortized cost of a financial asset or liability (or group of financial assets or financial liabilities) and is charged to finance income or cost over the relevant period. The effective interest rate is the discount rate that exactly matches the estimated cash flows to be received or paid over the expected life of the financial instrument (or, when appropriate, over a shorter period) to the net carrying amount of the financial asset or financial liability. |
- | Held-to-maturity investments: Investments that the Group intends to hold and is capable of holding until their maturity is accounted for at amortized cost as defined in the preceding paragraph. |
- | Financial assets at fair value with changes in net income: This includes the trading portfolio and those financial assets that have been designated as such upon initial recognition and that are managed and evaluated using fair value criteria. They are valued in the consolidated statement of financial position at fair value, with changes in value recorded directly in income when they occur. |
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ENERSIS S.A. AND SUBSIDIARIES INTERIM CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD ENDING SEPTEMBER 30, 2012 (In thousands of Chilean pesos) | ![]() |
- | Available-for-sale financial assets: These are financial assets specifically designated as available for sale or that do not fit within any of the three preceding categories and consist almost entirely of financial investments in equity instruments (see Note 6). |
These investments are recorded in the consolidated statement of financial position at fair value when it can be reliably determined. For interests in unlisted companies or companies with very little liquidity, normally the market value cannot be reliably determined. When this occurs, those interests are valued at acquisition cost or a lesser amount if evidence of impairment exists.
Changes in fair value, net of tax, are recorded in the consolidated statement of comprehensive income: Other comprehensive results, until the investments are disposed of, at which time the amount accumulated in this account for that investment is fully charged to the period’s profit or loss.
Should the fair value be less than the acquisition cost, and if there is objective evidence that the asset has been more than temporarily impaired, the difference is recorded directly in the period’s losses.
Purchases and sales of financial assets are accounted for using their trade date.
g.2) Cash and cash equivalents
This account within the statement of consolidated financial position includes cash and bank balances, time deposits, and other highly liquid investments with a maturity of three months or less when acquired, readily convertible to cash and which are subject to insignificant risk of changes in value.
g.3) Financial liabilities other than derivatives
Financial liabilities are generally recorded based on cash received, net of any costs incurred in the transaction. In subsequent periods, these obligations are valued at their amortized cost, using the effective interest rate method (see Note 3.g.1).
In the particular case that a liability is the underlying item of a fair value hedge derivative, as an exception, such liability will be valued at its fair value for the portion of the hedged risk.
In order to calculate the fair value of debt, both in the cases when it is recorded in the statement of financial position and for fair value disclosure purposes as seen in Note 20, debt has been divided into fixed interest rate debt (hereinafter “fixed-rate debt”) and variable interest rate debt (hereinafter “floating-rate debt”). Fixed-rate debt is that on which fixed-interest coupons established at the beginning of the transaction are paid explicitly or implicitly over its term. Floating-rate debt is that issued at a variable interest rate, i.e., each coupon is established at the beginning of each period based on the reference interest rate. All debt has been valued by discounting expected future cash flows with a market-interest rate curve based on the payment’s currency.
g.4) Derivative financial instruments and hedge accounting
Derivatives held by the Group are primarily transactions entered into to hedge interest and/or exchange rate risk, intended to eliminate or significantly reduce these risks in the underlying transactions being hedged.
Derivatives are recorded at fair value as of the date of the statement of financial position as follows: if their fair value is positive, they are recorded within “Other financial assets”; and if their fair value is negative, they are recorded within “Other financial liabilities.” For derivatives on commodities, the positive value is recorded in “Trade and other current receivables,” and negative values are recorded in “Trade and other current liabilities.”
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ENERSIS S.A. AND SUBSIDIARIES INTERIM CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD ENDING SEPTEMBER 30, 2012 (In thousands of Chilean pesos) | ![]() |
Changes in fair value are recorded directly in income except when the derivative has been designated for accounting purposes as a hedge instrument and all of the conditions established under IFRS for applying hedge accounting are met, including that the hedge be highly effective. In this case, changes are recorded as follows:
- | Fair value hedges: The underlying portion for which the risk is being hedged is valued at its fair value, as is the hedge instrument, and any changes in the value of both are recorded in the comprehensive income statement by netting the effects in the same comprehensive income statement account. |
- | Cash flow hedges: Changes in the fair value of the effective portion of derivatives are recorded in an equity reserve known as “Reserve of cash flow hedges.” The cumulative loss or gain in this account is transferred to the comprehensive income statement to the extent that the underlying item impacts the comprehensive income statement because of the hedged risk, netting the effect in the same comprehensive income statement account. Gains or losses from the ineffective portion of the hedge are recorded directly in the comprehensive income statement. |
A hedge is considered highly effective when changes in the fair value or the cash flows of the underlying item directly attributable to the hedged risk, are offset by changes in the fair value or the cash flows of the hedging instrument, with effectiveness ranging from 80% to 125%.
The Company does not apply hedge accounting to its investments abroad.
As a general rule, long-term commodity purchase or sale agreements are recorded in the consolidated statement of financial position at their fair value as of period end, recording any differences in value directly in income, except when all of the following conditions are met:
- | The sole purpose of the agreement is for the Group’s own use. |
- | The Group’s future projections justify the existence of these agreements for its own use. |
- | Past experience with agreements shows that they have been utilized for the Group’s own use, except in certain isolated cases when they had to be used for exceptional reasons or reasons associated with logistical issues beyond the control and projection of the Group. |
- | The agreement does not stipulate settlement by differences and the parties do not make it a practice to settle similar contracts by differences in the past. |
The long-term commodity purchase or sale agreements maintained by the Group, which are mainly for electricity, fuel, and other supplies, meet the conditions described above. Thus, the purpose of fuel purchase agreements is to use them to generate electricity, the electricity purchase contracts are used to make sales to end-customers, and the electricity sale contracts are used to sell the company’s own product.
The Company also evaluates the existence of derivatives embedded in contracts or financial instruments to determine if their characteristics and risk are closely related to the principal contract, provided that when taken together they are not being accounted for at fair value. If they are not closely related, they are recorded separately and changes in value are accounted for directly in the comprehensive income statement.
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ENERSIS S.A. AND SUBSIDIARIES INTERIM CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD ENDING SEPTEMBER 30, 2012 (In thousands of Chilean pesos) | ![]() |
g.5) Fair value measurement and classification of financial instruments
The fair value of the various derivative financial instruments is calculated as follows:
- | For derivatives traded on a formal market, by its quoted price as of year-end. |
- | The Group values derivatives not traded on formal markets by using discounted expected cash flows and generally accepted options valuation models, based on current and future market conditions as of year-end. |
Using the procedures described, the Group classifies financial instruments at the following levels:
Level 1:
| Quoted price (unadjusted) in active markets for identical assets or liabilities;
| |
Level 2:
| Inputs other than quoted prices included within Level 1 that are observable for the assets or liabilities, either directly (i.e. as prices) or indirectly (i.e. derived from prices); and
| |
Level 3:
| Inputs for assets or liabilities that are not based on observable market data (unobservable inputs).
|
g.6) Derecognition of financial assets
Financial assets are derecognized when:
- | The contractual rights to receive cash flows related to the financial asset expire or have been transferred or, if the contractual rights are retained, the Group has assumed a contractual obligation to pay these cash flows to one or more receivers. |
- | The Group has substantially transferred the risks and rewards of ownership of the financial asset, or, if it has neither transferred nor retained substantially all the risks and rewards, when it does not retain control over the asset. |
Transactions in which the Group retains substantially all the inherent risks and rewards of ownership of the transferred asset, it continues recognizing the transferred asset in its entirety and recognizes a financial liability for the consideration received. Transactions costs are recognized in profit and loss by using the effective interest method (see Note 3.g.1).
h) Investments accounted for using the equity method
Investments in associates in which the Group has significant influence are recorded using the equity method.
The equity method consists of recording the investment in the statement of financial position based on the share of its equity that the Group’s interest represents in its capital, adjusted for, if appropriate, the effect of transactions with subsidiaries plus any goodwill generated in acquiring the company. If the resulting amount is negative, zero is recorded for that investment in the statement of financial position, unless there is a commitment from the Group to support the company’s negative equity situation, in which case a provision is recorded.
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ENERSIS S.A. AND SUBSIDIARIES INTERIM CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD ENDING SEPTEMBER 30, 2012 (In thousands of Chilean pesos) | ![]() |
Dividends received from these companies are deducted from the value of the investment, and any profit or loss obtained from them to which the Group is entitled based on its interest is recorded under “Share of profit (loss) of associates accounted for using equity method.”
Appendix No. 3, “Enersis Group Associated Companies,” included in these interim consolidated financial statements, provides information about Enersis’ relationship with each of its associates.
Inventories are valued at their weighted average acquisition price or the net realizable value, whichever is lower.
j) Non-current assets held for sale and discontinued operations
The Group classifies the following as “Non-current assets held for sale”: property, plant and equipment; intangible assets; investments accounted for using the equity method and disposals groups (a group of assets to be disposed of and the liabilities directly associated with those assets), if as of the date of the consolidated financial statements, the Group has taken active measures for their sale and estimates that such a sale is highly probable.
These held-for-sale assets or disposal groups are valued at the lower of their book value or fair value less selling costs. Depreciation and amortization on these assets cease when they meet the criteria to be classified as held for sale.
Non-current assets held for sale and the components of the disposal groups classified as held for sale are presented in these consolidated statement of financial position as a single line item within assets called “Non-current assets or disposal groups classified as held for sale,” and the respective liabilities are presented as a single line item within liabilities called “Liabilities included in disposal groups classified as held for sale.”
The Group classifies as “Discontinued operations” those separate major lines of business that have been sold, or disposed of in another way, or those that may be classified as held for sale, including other assets that are part of the same coordinated sales or disposal plan. In the same way, entities that have been acquired solely in order to be resold are also considered “Discontinued operations”.
The components of profit or loss after taxes from discontinued operations are presented as a single line item in the consolidated comprehensive income statement as “Net income from discontinued operations.”
Treasury shares are deducted from equity in the consolidated statement of financial position and valued at acquisition cost.
The gains and losses from the disposal of treasury shares are recorded under the heading Total Equity – Retained earnings. As of September 30, 2012, there are no treasury shares, and no transactions with treasury shares were made during the 2012 and 2011 fiscal periods.
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ENERSIS S.A. AND SUBSIDIARIES INTERIM CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD ENDING SEPTEMBER 30, 2012 (In thousands of Chilean pesos) | ![]() |
Obligations existing as of the date of the consolidated financial statements resulting from past events which may negatively impact the Group’s equity, and whose amount and timing of payment are uncertain, are recorded as provisions in the consolidated statement of financial position at the present value of the most likely amount that it is believed that the Group will have to disburse to settle the obligation.
Provisions are quantified using the best information available as of the date of issuance of the consolidated financial statements regarding the consequences of the event causing the provision and are re-estimated at each subsequent accounting close.
l.1) Provisions for post-employment benefits and similar obligations
Some of the Group’s subsidiaries have pension and similar obligations to their employees. Such obligations, which combine defined benefits and defined contributions, are basically formalized through pension plans, except for certain non-monetary benefits, mainly electricity supply commitments, which, due to their nature, have not been externalized and are covered by the related in-house provisions.
For defined benefit plans, the cost of providing benefits is determined using the Projected Unit Credit Method, with actuarial valuations being carried out at the end of each reporting period. Past service costs relating to changes in benefits are recognized immediately to the extent that the benefits are already vested, and otherwise are amortized on a straight-line basis over the average period until the benefits become vested.
The defined benefit plan obligations in the statement of financial position represent the present value of the accrued obligations, adjusted, once the fair value of the different plans’ assets has been deducted, if applicable.
For each of the plans, any positive difference between the actuarial liability for past services and the plan assets is recognized under line item “Provisions for employee benefits” within current and non-current liabilities in the consolidated statement of financial position, and any negative difference is recognized under line item “Other financial assets” within non-current assets in the consolidated statement of financial position, provided that the negative difference is recoverable by the Group, usually through a reduction in future contributions and taking into consideration the limit established in IFRIC 14, “IAS 19The limit on a defined benefit asset, minimum funding requirements, and their interaction.”
Contributions to defined contribution benefit plans are recognized as an expense in the consolidated statement of comprehensive income when the employees have rendered their services.
Actuarial gains and losses arising in the measurement of both the plan liabilities and the plan assets, including the limit in IFRIC 14, are recognized directly under “Equity - Retained earnings.”
m) Conversion of balances in foreign currency
Transactions carried out by each company in a currency other than its functional currency are recorded using the exchange rates in effect as of the date of each transaction. During the year, any differences that arise between the exchange rate recorded in accounting and the rate prevailing as of the date of collection or payment are recorded as “Foreign currency exchange differences” in the comprehensive income statement.
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ENERSIS S.A. AND SUBSIDIARIES INTERIM CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD ENDING SEPTEMBER 30, 2012 (In thousands of Chilean pesos) | ![]() |
Likewise, at the end of each period, balances receivable or payable in a currency other than each company’s functional currency are converted using the period-end exchange rate. Any valuation differences are recorded as “Foreign currency exchange differences” in the comprehensive income statement.
The Group has established a policy to hedge the portion of its subsidiaries’ revenue that is directly linked to variations in the US dollar by obtaining financing in this currency. Exchange differences related to this debt, as they are cash flow hedge transactions, are charged, net of taxes, to a reserve account in equity and recorded in income during the period in which the hedged cash flows are realized. This term has been estimated at ten years.
n) Current / non-current classification
In these consolidated statements of financial position, assets and liabilities expected to be recovered or settled within twelve months are presented as current items and those assets and liabilities expected to be recovered or settled in more than twelve months are presented as non-current items.
Should the Company have any obligations that mature in less than twelve months but can be refinanced over the long term at the Company’s discretion, through unconditionally available credit agreements with long-term maturities, such obligations may have been be classified as long-term liabilities.
Income taxes for the period are determined as the sum of current taxes from the Group’s different subsidiaries and result from applying the tax rate to the taxable base for the period, after allowable deductions have been made, plus any changes in deferred tax assets and liabilities and tax credits, both for tax losses and deductions. Differences between the book value and tax basis of assets and liabilities generate deferred tax asset and liability balances, which are calculated using tax rates expected to be in effect when the assets and liabilities are realized or settled.
Current taxes and changes in deferred tax assets and liabilities not arising from business combinations are recorded in income or in equity in the statement of financial position, based on where the gains or losses originating them were recorded.
Deferred tax assets and tax credits are recognized only when it is likely that future tax gains will be sufficient to recover deductions for temporary differences and make use of tax credits.
Deferred tax liabilities are recognized for all temporary differences, except those derived from the initial recognition of goodwill and those that arose from valuing investments in subsidiaries, associates and jointly-controlled companies in which the Group can control their reversal and where it is likely that they will not be reversed in the foreseeable future.
Any deductions that can be applied to current tax liabilities are credited to earnings within the line item “Income tax expenses”, except when doubts exist about their tax realization, in which case they are not recognized until they are effectively realized, or when they correspond to specific tax incentives, in which case they are recorded as grants.
At each accounting period close, the Company reviews the deferred taxes it has recorded, both assets and liabilities, in order to ensure they remain current and otherwise make any necessary corrections based on the results of this analysis.
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ENERSIS S.A. AND SUBSIDIARIES INTERIM CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD ENDING SEPTEMBER 30, 2012 (In thousands of Chilean pesos) | ![]() |
p) Revenue and expense recognition
Revenues and expenses are recognized on an accrual basis.
Revenue is recognized when the gross inflow of economic benefits arising in the course of the Group’s ordinary activities in the period occurs, provided that this inflow of economic benefits results in an increase in total equity that is not related to contributions from equity participants and that these benefits can be measured reliably. Revenue is measured at the fair value of the consideration received or receivable that gives rise to the revenue.
Revenue associated with the rendering of services is only recognized if it can be estimated reliably, based on the stage of completion of the service rendered at the date of the statement of financial position.
The Group excludes from the revenue figure gross inflows of economic benefits it receives when it acts as an agent or commission agent on behalf of third parties, and only recognizes as revenue economic benefits received for its own account.
When goods or services are exchanged or swapped for goods or services of a similar nature, the exchange is not regarded as a revenue-generating transaction.
The Group records the net amount of non-financial asset purchase or sale contracts settled for the net amount of cash or through some other financial instruments. Contracts entered into and maintained for the purpose of receiving or delivering these non-financial assets are recognized on the basis of the contractual terms of the purchase, sale, or usage requirements expected by the entity.
Interest income (expense) is recognized at the effective interest rate applicable to the outstanding principal over the repayment period.
These criteria for recognizing revenues and expenses are applied throughout the Enersis Group’s lines of business.
Basic earnings per share are calculated by dividing net income attributable to shareholders of Enersis (the numerator) by the weighted average number of ordinary shares outstanding (the denominator) during the period, excluding the average number of shares of the Parent Company held by the Group, if any.
During the periods ended on September 30, 2012 and 2011, the Group did not engage in any transaction of any kind with potential dilutive effects leading to diluted earnings per share that could differ from basic earnings per share.
Article 79 of the Chilean Companies Act establishes that, unless unanimously agreed otherwise by the shareholders of all issued shares, listed corporations must distribute a cash dividend to shareholders on a yearly basis, prorated by the shares owned or the proportion established in the company’s by-laws if there are preferred shares, of at least 30% of net income for each period, except when accumulated losses from prior years must be absorbed.
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ENERSIS S.A. AND SUBSIDIARIES INTERIM CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD ENDING SEPTEMBER 30, 2012 (In thousands of Chilean pesos) | ![]() |
As it is practically impossible to achieve a unanimous agreement given Enersis’ highly fragmented share capital, as of the end of each period the amount of the dividend obligation to its shareholders is determined, net of interim dividends approved during the year, and then accounted for in “Trade and other current payables” or “Accounts payable to related companies,” as appropriate, and charged to Equity.
Interim and final dividends are deducted from equity as soon as they are approved by the competent body, which in the first case is normally the Company’s Board of Directors and in the second case is the Ordinary Shareholders’ Meeting.
s) Systems of share-based remunerations
When Group employees take part in remuneration plans tied to the price of Enel stock, and the cost of the plan is borne by this company, the Group records the fair value of the Enel liability as an expense for employee benefits. At the same time, an increase is recorded to equity under Other Reserves for the same amount, representing Enel’s contribution (see Note 8.3).
Starting in this fiscal year, Enersis voluntarily modified the presentation of its cash flows from operating activities, changing from the indirect to the direct method. This change was applied retroactively to the presentation of the consolidated cash flow statement for the period ended on September 30, 2011.
The cash flow statement reflects the changes in cash that took place during the period, using the following expressions and corresponding meanings:
- | Cash flows: inflows and outflows of cash or cash equivalents, which are defined as highly liquid investments maturing in less than three months with a low risk of changes in value. |
- | Operating activities: the principal revenue-producing activities of the Group and other activities that cannot be considered investing or financing activities. |
- | Investment activities: the acquisition and disposal of long-term assets and other investments not included in cash and cash equivalents. |
- | Financing activities: activities that result in changes in the size and composition of the total equity and borrowings of the Group. |
4. SECTOR REGULATIONS AND ELECTRICITY SYSTEM OPERATIONS
There are different regulations in the Latin American countries in which the Group operates. The main characteristics of each business are discussed below.
Chile
In Chile, the electricity sector is regulated by the General Law of Electrical Services (Chilean Electricity Law), also known as DFL No. 1 of 1982, of the Ministry of Mining —whose compiled and coordinated text was established in DFL No. 4 issued in 2006 by the Ministry of Economy (the Electricity Law)— as well as by an associated Regulation (D.S. No. 327 issued in 1998). Three government bodies are primarily responsible for
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ENERSIS S.A. AND SUBSIDIARIES INTERIM CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD ENDING SEPTEMBER 30, 2012 (In thousands of Chilean pesos) | ![]() |
enforcing this law: the National Energy Commission (CNE), which has the authority to propose regulated tariffs (node prices) and to draw up indicative plans for the construction of new generating units; the Superintendency of Electricity and Fuels (SEF), which supervises and oversees compliance with the laws, regulations, and technical standards that govern the generation, transmission, and distribution of electricity, as well as liquid fuels, and gas; and, finally, the recently created Ministry of Energy, which will be responsible for proposing and guiding public policies on energy matters. It also oversees the SEF, the CNE, and the Chilean Commission for Nuclear Energy (“ChCNE”), thus strengthening coordination and allowing for an integrated view of the energy sector. The Ministry of Energy also includes the Agency for Energy Efficiency and the Center for Renewable Energy. The Chilean Electricity Law has also established a Panel of Experts whose main task is to resolve potential discrepancies among the players in the electricity market, including electricity companies, system operators, regulators, etc.
From a physical view point, the Chilean electrical sector is divided into four electrical grids: theSistema Interconectado Central (SIC),the Sistema Interconectado del Norte Grande (SING), and two separate medium-size grids located in southern Chile, one in Aysén and the other in Magallanes. The SIC, the main electrical grid, runs 2,400 km longitudinally and connects the country from Taltal in the north to Quellon, on the island of Chiloe in the south. The SING covers the northern part of the country, from Arica down to Coloso, covering a length of some 700 km.
The electricity industry is organized into three business segments: generation, transmission, and distribution, all operating in an interconnected and coordinated manner, and whose main purpose is to supply electrical energy to the market at minimum cost while maintaining the quality and safety service standards required by the electrical regulations. Given their characteristics, the power transmission and distribution businesses are natural monopolies; these segments are regulated as such by the electricity law, which requires free access to networks and regulates rates.
Under the Chilean Electricity Law, companies engaged in generation and transmission on interconnected electrical grid must coordinate their operations through a centralizing operating agent, theCentro de Despacho Económico de Carga (CDEC), in order to operate the system at minimum cost while maintaining reliable service. For this reason, the CDEC plans and operates the system, including the calculation of the so-called “marginal cost,” which is the price assigned to CDEC-organized energy transfers occurring among power generating companies.
Therefore, a company’s decision to generate electricity is subject to the CDEC’s operation plan. On the other hand, each company is free to decide whether to sell its energy to regulated or unregulated customers. Any surplus or deficit between a company’s sales to its customers and its energy supply is sold to, or purchased from, other generators at the spot market price.
A power generating company may have the following types of customers:
(i) Regulated customers: Those residential and commercial consumers and small and medium-size businesses with a connected capacity equal to or less than 500 kW located in the concession area of a distribution company. Customers that consume from 500 kW to 2000 kW may choose to be regulated or unregulated clients. Until 2009, the transfer prices between generators and distribution companies were capped at a maximum value called the node price, which is regulated by the Ministry of Energy. Node prices are set every six months, in April and October, based on a report prepared by the CNE that takes into account projections of expected marginal costs in the system over the next 48 months for the SIC and 24 months for the SING. Beginning in 2010, and as the node price contracts begin to expire, the transfer prices between generators and distributors will be replaced by the results of regulated bidding processes, with a price cap set by the authority every six months.
(ii) Unregulated customers: Those customers, mainly industrial and mining companies, with a connected capacity of over 2,000 kW. These consumers can freely negotiate prices for electrical supply with generators and/or distributors. Customers with capacity between 500 and 2,000 kW, as indicated in the preceding paragraph, have the option to contract energy at prices agreed upon with their suppliers or be subject to regulated prices, with a minimum stay of at least four years under each pricing system.
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ENERSIS S.A. AND SUBSIDIARIES INTERIM CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD ENDING SEPTEMBER 30, 2012 (In thousands of Chilean pesos) | ![]() |
(iii) Spot market: This represents energy and capacity transactions among generating companies that result from the CDEC’s coordination to keep the system running as economically as possible, where the surpluses (deficits) between a generator’s energy supply and the energy it needs to comply with business commitments are transferred through sales (purchases) to (from) other generators in the CDEC. In the case of energy, transfers are valued at the marginal cost, while node prices for capacity are set every semester by the regulators.
In Chile, the capacity that must be paid to each generator depends on an annual calculation performed by the CDEC to determine the firm capacity of each power plant, which is not the same as the dispatched capacity.
Beginning in 2010 with the enactment of Law 20,018, distribution companies must have enough supply permanently available to cover their entire demand projected for a period of three years; to do so, they must carry out long-term public bidding processes.
Regarding renewable energy, in April of 2008 Law 20,257 was enacted, which encourages the use of Non-Conventional Renewable Energies (NCRE). The principal aspect of this law is that at least 5% of generators’ energy sold to its customers should come from renewable sources between years 2010 and 2014. This requirement progressively increases by 0.5% from year 2015 until 2024, when a 10% renewable energy requirement will be reached.
The rest of Latin America
In the other Latin American countries where the Group operates, different regulations are enforced. In general, regulations in Brazil, Argentina, Peru, and Colombia allow participation of private capital in the electricity sector, uphold free competition in electricity generation, and define criteria to avoid certain levels of economic concentration and/or market practices that may cause a decline in this activity. Unlike Chile, state-owned companies participate in the electricity sector together with private companies in the electricity generation, transmission, and distribution activities.
The participation of companies in different activities (generation, distribution, and commercial), is allowed, as long as these activities are properly separated, both from an accounting and corporate point of view. Nevertheless, the transmission sector is where the strictest restrictions are usually imposed, mainly due to its nature and the need to assure adequate access to all players.
In regards to the main characteristics of the electricity generation business, it can be said that in general, these are open markets in which private players are free to make their own investment decisions. The exceptions are: Brazil, a country which, based on the contractual needs of the distribution companies, the Ministry of Energy actively participates in the electricity system’s expansion by establishing capacity quotas by technology (separate bids for thermal, hydraulic, or renewable energies) or participates directly by organizing public bids for specific projects; and Argentina where, despite the government’s promotion of initiatives to encourage electricity investments, such as “Energía Plus,” installed capacity has not increased as much as expected. On November 25, 2010, the Ministry of Energy and the participants in the electricity generation market signed an agreement that, among other aspects, seeks to increase new generation project developments financed with funds that make up part of the outstanding debt that the Argentine government has with electricity companies.
The operation in these countries is coordinated in a centralized manner in which an independent operator coordinates the dispatch of electrical charges. Except for Colombia, where charge dispatched is based on prices offered by the players, in the other countries charge dispatched is centralized, based on variable production costs in order to ensure the fulfillment of the demand at a minimum cost for the system. From that dispatch, the marginal cost, which defines the price for spot transactions, is determined.
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ENERSIS S.A. AND SUBSIDIARIES INTERIM CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD ENDING SEPTEMBER 30, 2012 (In thousands of Chilean pesos) | ![]() |
Nevertheless, in Argentina and Peru to some extent there is currently intervention in setting prices in these marginal generation markets. This has occurred in Argentina since the 2002 crisis, and in Peru as a result of a recent Emergency Law enacted in 2008 that defines an idealized marginal cost, considering that no actual restrictions exist on the transportation system for gas and electricity.
In Colombia, Brazil, Peru, and Argentina, generation players are able to sell energy through contracts in the regulated or unregulated markets, and to trade their surplus/deficit on the spot market. The unregulated market is focused on the segment of large users, although the limits that define this status vary in each market. The principal differences among the markets involve how energy sales are regulated among generators and distributors and how regulated prices are established for the determination of the tariffs charged to end users.
Initially, Argentine law contemplated that the selling price charged by generators to distributors would have to be obtained from a centralized calculation of the average spot price expected for the next six months. However, after the 2002 crisis, Argentine authorities have established the price arbitrarily, forcing intervention in the marginal system and provoking a mismatch between actual generation costs and payment of the demand through distributors. Additionally, energy that can be sold by generators is limited to the demand that each generator had sold via energy contracts during the May – June 2005 period.
In Brazil, the regulated purchase price used in the determination of tariffs to end users is based on average prices of open bids, and there are separate bidding processes for existing and new energy. Bidding processes for new energy contemplate long-term generation contracts in which new generation projects must cover the growth of demand foreseen by distributors. The open bids for existing energy consider shorter contractual terms and seek to cover the distributors’ contractual needs arising from the expiry of prior contracts. Each bidding process is coordinated centrally. Authorities set maximum prices and, as a result, contracts are signed where all distributors participating in the process buy pro rata from each offering generator.
In Colombia, distributors are free to decide their supply, being able to define the conditions of public bidding processes where they acquire energy for the regulated market, and they are able to buy energy on the spot market. Prices paid by end users reflect an average of the purchase price. Since 2004, the CREG (the Colombian Energy and Gas Regulation Commission) is working on a proposal to modify the energy contracting system in the Colombian market. Under the proposal, the existing contracting system will be modified into an electronic contract system. This mechanism will replace the current bidding process for energy auctions with standardized commercial conditions, where contractual demand will be treated as a single aggregate demand.
In Peru, as in Chile, distributors are obligated to enter into contracts, and the legislation was amended so that public bids for energy would be based on distributor requirements. Currently, there are only a few contracts between generators and distributors that are in force at “bar price” (the equivalent of the node price in Chile), which is set on the basis of centralized calculations. However, since 2007 contracts are based on public bids. Authorities approve the terms and conditions for the bidding and set the maximum price for each bid.
With the exception of Colombia, in all the other countries there is some statute in force that promotes the use of renewable energy. In practical terms, there are no incentives or obligations similar to those in Chile that would push these renewable energy technologies to be competitive on a larger scale. Authorities are responsible for promoting specific bidding processes under special conditions in order to make these projects viable.
General aspects
In the five countries where the Group operates, selling prices charged to clients are based on the purchase price paid to generators plus a component associated with the value added in distribution. Regulators set this value periodically through reviews of distribution tariffs. As a result, distribution is essentially a regulated activity.
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ENERSIS S.A. AND SUBSIDIARIES INTERIM CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD ENDING SEPTEMBER 30, 2012 (In thousands of Chilean pesos) | ![]() |
Chile
In Chile, the Distribution Value Added (VAD) is established every four years. For this, the local regulator, (i.e. the CNE) classifies companies in accordance with typical areas that group together companies with similar distribution costs. A distribution company’s return on investment depends on the company’s performance compared to model company standards defined by the regulator. In April 2009, the regulator published tariff formulas which are effective for the period November 2008 through November 2012. In 2012 the Study process was initiated for calculating the components of the Distribution Value Added for the next tariff period, namely 2012-2016. On September 3, 2012 Chilectra handed the study in to the CNE; its results count for 1/3 of the value of the new tariffs. The remaining 2/3 of the new tariff values correspond to the contribution made by the study carried out by the CNE.
The rest of Latin America
Similarly, in Peru, the VAD is calculated every 4 years, also using a model company method based on a typical area. The tariffs for the 2009-2013 period were published in October 2009.
In Brazil, there are three types of tariff adjustments: i) Ordinary Tariff Reviews (ORT) which are conducted periodically in accordance with the provisions in the concession contracts (in Coelce every 4 years and in Ampla every 5 years); (ii) Annual adjustment (IRT); and (iii) Extraordinary Reviews.
At the end of 2011, the ANEEL regulating agency issued the modifications to the tariff calculation methods used for the third round of periodic reviews; one of the major changes is the decrease in the WACC. The most recent annual adjustments made by ANEEL were in March 2012 for Ampla and in April 2012 for Coelce.
The latest ORT revision for Ampla is applicable for the 2009-2013 periods and for Coelce for the 2007-2014 period. Coelce’s ORT for the 2011-2014 period, based on the new tariff methodology for the third round, was applied starting on April 22, 2012 and was calculated retroactively to April 2011. The Resolution requiring the annual readjustment also included the results of the Ordinary Tariff Review.
In Colombia, theComisión de Regulación de Energía y Gas -CREG established in 2008 a new methodology for calculating the rate of return applicable to compensation for distribution, set a new value for that rate, and issued a new methodology for establishing the charges for regional transmission and local distribution systems use. In October 2009, the CREG published the distribution charges for Codensa, which will be in effect until October 2013 or until the Commission approves new charges. In 2011, the CREG carried out a study of the productivity index of the sales industry and issued the final resolutions of the Sales Regulations and loss management plans. The revision process for the sales charge will be carried out in 2012.
In Argentina, tariffs were frozen after the country’s debt default in 2001. Edesur’s tariff restructuring started in 2007 with the enforcement of the “Acta Acuerdo.” Starting in that year, tariff adjustments (positive impact in the VAD) and inflation readjustments (via the cost monitoring mechanism, MMC) were made. The last adjustment through the application of the MMC was for May-October 2007, and MMC adjustments not transferred to tariffs for subsequent periods remain pending to date. In July 2008 increases were authorized for clients with consumption in excess of 650 kWh quarterly, and in October 2008 the government approved an increase for consumption in excess of 1,000 kWh per month; this last increase is a pass-through to the generators and was suspended between June and September 2010 but restarted in October 2010. During the first few months of 2010, Edesur submitted the rate charts applying Resolution 467/08 and the complementary information requested by ENRE; the Comprehensive Tariff Review (RTI) of Edesur’s concession contract covered in the Renegotiation Agreement Accord is still pending. At the end of 2011, the Government announced a reduction in state subsidies, and a seasonal price increase was established for customers in certain businesses and industries and for some segments of residential customers in specific geographic areas.
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ENERSIS S.A. AND SUBSIDIARIES INTERIM CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD ENDING SEPTEMBER 30, 2012 (In thousands of Chilean pesos) | ![]() |
- | Market for unregulated customers |
In the countries where the Group operates, distributors can supply their customers under a regulated or freely agreed conditions. The supply limitations imposed on the unregulated market are as follows.
Country | kW threshold | |||||
Argentina | > 30 kW | |||||
Brazil | > 3,000 kW | |||||
Chile | > 500 kW | |||||
Colombia | > 100 kW or 55 MWh-month | |||||
Peru | > 200 kW (*) |
(*). In April 2009, Peru established that clients between 200 and 2,500 kW could choose between the regulated and unregulated markets. Those over 2,500 kW are required to be unregulated customers.
- | Limits on integration and concentration |
In general, current legislation defends free competition and defines criteria to avoid certain levels of economic concentration and/or market practices that would lead to a deterioration of the market.
In principle, the regulators allow the participation of companies in different activities (e.g. generation, distribution, and commercialization) as long as there is an adequate separation of each activity, for both accounting and company purposes. Nevertheless, most of the restrictions imposed involve the transport sector mainly because of its nature and the need to guarantee adequate access to all agents. In Argentina and Colombia there are specific restrictions if generation or distribution companies want to become majority shareholders in transportation companies.
Additionally, in Colombia, companies that were created after 1994 may only engage in activities that are complementary to generation-sales and distribution-sales. Generation companies cannot hold an interest of over 25% in a distribution company and vice versa. Moreover, companies in Peru need a permit from the local authority if they have an ownership interest of more than 5% in one business activity and wish to take an ownership stake in a company in another business activity.
Regarding concentration in a specific sector, in Argentina, there are no specific limits that affect the vertical or horizontal integration of a company. In Chile, while there are regulations on free competition, there are no specific quantitative limits on vertical or horizontal integration. However, the General Law on Electrical Services provides that companies that operate on or have ownership in the Trunk Transmission Systems cannot engage in, either directly or indirectly, activities that are in any way involved in the business of power generation or distribution. In Peru, integrations are subject to authorization if such integration is 5% vertical and 15% horizontal. In Colombia, no company may have a direct or indirect market share of over 25% in electricity sale activities. Finally in Brazil, since 2007 there have been no restrictions to generation integration. As for distribution, there are concentration limits, both on a national and electric subsystem level. On a national level, the authorities allow a 20% concentration in both segments. As for the electric subsystem, the limit is 35% of the North and Northeast subsystems and 25% of the South, Southeast, and Midwest subsystems.
With regard to consolidations and mergers between agents of the same segment, current regulation requires authorization from the local regulator.
- | Access to the grid |
In the countries where the Group operates, the right of access and toll or access price is regulated by the local authority.
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ENERSIS S.A. AND SUBSIDIARIES INTERIM CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD ENDING SEPTEMBER 30, 2012 (In thousands of Chilean pesos) | ![]() |
In Peru, the toll-setting process that recognizes investments in Secondary and Complementary Transmission Systems for the period July 2006 through April 2013, and which are effective starting November 1, 2009, was concluded back in 2009.
In Chile, during 2010, local authorities developed part of the tariff process for determining the Subtransmission System’s Annual Value for the period 2011 through 2014. The CNE published the final technical report on May 13, 2011. Chilectra submitted its discrepancies to the Panel of Experts on June 3, 2011 and explained the grounds for these discrepancies in a public hearing on June 16. The Panel of Experts issued its ruling on August 8. The CNE incorporated this ruling and drew up a final technical report on 26 October, which the Ministry of Energy will use to publish its subtransmission tariff decree. The Decree has not yet been issued; it will be retroactive to January 2011.
5. | CASH AND CASH EQUIVALENTS |
a) | The detail of cash and cash equivalents as of September 30, 2012 and December 31, 2011 is as follows: |
Cash and cash equivalents | Balance at | |||||||
9-30-2012 | 12-31-2011 | |||||||
ThCh$ | ThCh$ | |||||||
Cash balances | 2,069,190 | 1,287,851 | ||||||
Bank balances | 154,402,364 | 269,065,858 | ||||||
Time deposits | 478,277,136 | 398,152,529 | ||||||
Other fixed-income instruments | 147,914,112 | 551,415,030 | ||||||
Total | 782,662,802 | 1,219,921,268 |
Short-term time deposits have a maturity of three months or less from their date of acquisition and accrue the market interest for this type of investments. Other fixed-income investments are mainly comprised of resale agreements maturing in 30 days or less. There are no amounts of cash and cash equivalents balances held by the Group that are not available for its use.
b) | The detail of cash and cash equivalents by currency is as follows: |
Currency | 9-30-2012 | 12-31-2011 | ||||||
ThCh$ | ThCh$ | |||||||
Chilean peso | 161,440,655 | 535,594,942 | ||||||
Argentine peso | 20,353,164 | 27,058,157 | ||||||
Colombian peso | 160,668,410 | 268,199,899 | ||||||
Brazilian real | 354,621,700 | 278,155,164 | ||||||
Peruvian sol | 46,662,004 | 38,902,348 | ||||||
U.S. dollar | 38,916,869 | 72,010,758 | ||||||
Total | 782,662,802 | 1,219,921,268 |
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ENERSIS S.A. AND SUBSIDIARIES INTERIM CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD ENDING SEPTEMBER 30, 2012 (In thousands of Chilean pesos) | ![]() |
c) | The following table shows the amounts received from the disposal of subsidiaries: |
Disposal of subsidiaries | 9-30-2012 | 12-31-2011 | ||||||
ThCh$ | ThCh$ | |||||||
Inflow received for disposals in cash and cash equivalents | - | 31,486,668 | ||||||
Inflow of cash and cash equivalents in entities disposed of | - | (18,824,434 | ) | |||||
Assets and liabilities other than cash and cash equivalents in entities disposed of | - | (21,311,336 | ) | |||||
Total consideration received for disposals (*) | - | (8,649,102 | ) |
(*) See Note 2.4.1.
6. | OTHER FINANCIAL ASSETS |
The detail of other financial assets as of September 30, 2012 and December 31, 2011 is the following
Other financial assets | Balance at | |||||||||||||||
Current | Non-current | |||||||||||||||
9-30-2012 | 12-31-2011 | 9-30-2012 | 12-31-2011 | |||||||||||||
ThCh$ | ThCh$ | ThCh$ | ThCh$ | |||||||||||||
Available-for-sale financial investments – unquoted equity securities or with limited liquidity | - | - | 2,849,968 | 2,805,803 | ||||||||||||
Available-for-sale financial investments – quoted equity securities | - | - | 30,314 | 86,852 | ||||||||||||
Financial assets held to maturity | - | - | 30,060,707 | 20,793,960 | ||||||||||||
Hedging derivatives (*) | 22,205 | 748,078 | 34,349,259 | 12,178,355 | ||||||||||||
Non-hedging derivatives (**) | 1,449,935 | 47,504 | - | - | ||||||||||||
Other assets | 4,031 | 143,638 | 1,574,739 | 1,490,091 | ||||||||||||
Total | 1,476,171 | 939,220 | 68,864,987 | 37,355,061 |
(*) See Note 20.2.a.
(**) See Note 20.2.b.
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ENERSIS S.A. AND SUBSIDIARIES INTERIM CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD ENDING SEPTEMBER 30, 2012 (In thousands of Chilean pesos) | ![]() |
7. | TRADE AND OTHER RECEIVABLES |
a) | The detail of trade and other receivables as of September 30, 2012 and December 31, 2011 is as follows: |
Trade and Other Receivables, Gross | Balance at | |||||||||||||||
9-30-2012 | 12-31-2011 | |||||||||||||||
Current | Non-current | Current | Non-current | |||||||||||||
ThCh$ | ThCh$ | ThCh$ | ThCh$ | |||||||||||||
Trade and other receivables, gross | 1,000,819,527 | 475,097,539 | 1,166,221,729 | 444,327,960 | ||||||||||||
Trade receivables, gross | 906,693,023 | 158,483,052 | 1,064,989,760 | 182,387,693 | ||||||||||||
Other receivables, gross | 94,126,504 | 316,614,487 | 101,231,969 | 261,940,267 | ||||||||||||
Trade and Other Receivables, Net | Balance at | |||||||||||||||
9-30-2012 | 12-31-2011 | |||||||||||||||
Current | Non-current | Current | Non-current | |||||||||||||
ThCh$ | ThCh$ | ThCh$ | ThCh$ | |||||||||||||
Trade and other receivables, net | 837,818,682 | 475,095,840 | 977,602,388 | 443,328,450 | ||||||||||||
Trade receivables, net | 749,192,527 | 158,481,353 | 877,696,508 | 181,388,183 | ||||||||||||
Other receivables, net (1) | 88,626,155 | 316,614,487 | 99,905,880 | 261,940,267 |
(1) Includes mainly accounts receivable from the application of IFRIC 12, “Service Concession Agreements,” for ThCh$ 282,669,338 (ThCh$ 212,947,609 as of December 2011); accounts receivable from personnel for ThCh$ 29,559,171 (ThCh$20,411,550 as of December 2011); accounts receivable from losses due to the earthquake and other indemnities to be received for ThCh$ 22,635,988 (ThCh$ 24,261,059 as of December 2011); and accounts receivable from Atacama Finance for ThCh$ 6,514,337 (ThCh$ 10,859,686 as of December 2011).
In general, current balances in trade and other receivables do not accrue interest, except for receivables that arise through the application of IFRIC 12.
There are no significant trade and other receivables balances held by the Group that are not available for its use.
The Group does not have clients to which it has sales representing 10% or more of its operating income in the periods ended September 30, 2012 and 2011.
Refer to Note 8.1 for detailed information on amounts, terms, and conditions associated with accounts receivable from related companies.
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ENERSIS S.A. AND SUBSIDIARIES INTERIM CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD ENDING SEPTEMBER 30, 2012 (In thousands of Chilean pesos) | ![]() |
b) | As of September 30, 2012 and December 31, 2011, the balance of unimpaired past due trade receivables is as follows: |
Trade receivables past due and unpaid but not impaired | Balance at | |||||
9-30-2012 | 12-31-2011 | |||||
ThCh$ | ThCh$ | |||||
Less than three months | 112,673,264 | 81,387,613 | ||||
Between three and six months | 18,555,375 | 38,450,793 | ||||
Between six and twelve months | 50,199,435 | 30,144,689 | ||||
More than twelve months | 79,100,351 | 114,487,265 | ||||
Total | 260,528,425 | 264,470,360 |
c) | The reconciliation of changes in the allowance for impairment of trade receivables is as follows: |
Trade receivables past due and impaired | Current and non-current ThCh$ | |
Balance at January 1, 2011 | 194,759,159 | |
Increases (decreases) for the year (*) | 18,649,480 | |
Amounts written off | (7,046,353) | |
Foreign currency translation differences | (16,743,435) | |
Balance at December 31, 2011 | 189,618,851 | |
Increases (decreases) for the year (*) | 22,722,131 | |
Amounts written off | (7,990,591) | |
Foreign currency translation differences | (41,347,847) | |
Balance at September 30, 2012 | 163,002,544 |
(*) See Note 28 for Impairment of financial assets.
Write-offs for bad debt
Past-due debt is written off once all collection measures and legal proceedings have been exhausted and the debtors’ insolvency has been demonstrated. In our power generation business, this process normally takes at least one year of procedures for the few cases that arise in each country. In our distribution business, considering the differences in each country, the process takes at least six months in Argentina and Brazil, 12 months in Colombia and Peru, and 48 months in Chile. Overall, the risk of bad debt, and therefore the risk of writing off our customers, is limited (see Notes 3.e and 19.5).
d) Additional information:
- | Additional statistical information required under Official Bulletin 715 of February 3, 2012, XBRL Taxonomy: see Appendix 6. |
- | Complementary information on Trade Receivables, see Appendix 6.1. |
8. | BALANCES AND TRANSACTIONS WITH RELATED COMPANIES |
Related party transactions are performed at current market conditions.
Transactions between the Company and its subsidiaries and jointly controlled entities have been eliminated on consolidation and are not itemized in this note.
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ENERSIS S.A. AND SUBSIDIARIES INTERIM CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD ENDING SEPTEMBER 30, 2012 (In thousands of Chilean pesos) | ![]() |
As of the date of these financial statements, no guarantees have been given or received nor has any allowance for bad or doubtful accounts been recorded with respect to receivable balances for related party transactions.
Enersis’ controlling shareholder is Endesa S.A., a Spanish corporation which, in turn, is controlled by the Italian corporation Enel S.p.A.
8.1 Balances and transactions with related companies
The balances of accounts receivable and payable between the Company and its non-consolidatable related companies are as follows:
a) | Receivables from related companies |
Balance at | ||||||||||||||||||||||||
Current | Non-current | |||||||||||||||||||||||
Taxpayer ID (RUT) | Company | Country | Nature of Relationship | Currency | Description of Transaction | Term of Transaction | 9-30-2012
ThCh$ | 12-31-2011
ThCh$ | 9-30-2012
ThCh$ | 12-31-2011
ThCh$ | ||||||||||||||
Foreign | E E Piura | Peru | Common Immediate Parent | Sol | Other services | Less than 90 days | 38,437 | 208,118 | - | - | ||||||||||||||
Foreign | Endesa Energía S.A. | Spain | Common Immediate Parent | CP | Other services | Less than 90 days | 30,810 | 30,857 | - | - | ||||||||||||||
Foreign | Endesa Latinoamérica S.A. | Spain | Related to Immediate Parent | US$ | Reimbursement for expenses | Less than 90 days | 26,165 | 26,165 | - | - | ||||||||||||||
Foreign | Endesa España | Spain | Related to Immediate Parent | US$ | Other services | Less than 90 days | 4,230 | 4,230 | - | - | ||||||||||||||
96,524,140-K | Empresa Electrica Panguipulli S.A. | Chile | Common Immediate Parent | CH$ | Energy sales | Less than 90 days | 74 | 107 | - | - | ||||||||||||||
96,880,800-1 | Empresa Electrica Puyehue S.A. | Chile | Common Immediate Parent | CH$ | Energy sales | Less than 90 days | 27 | 7 | - | - | ||||||||||||||
Foreign | Generalima S.A. | Peru | Common Immediate Parent | CH$ | Other services | Less than 90 days | 23,890 | 311,013 | - | - | ||||||||||||||
Foreign | Generalima S.A. | Peru | Common Immediate Parent | Sol | Other services | Less than 90 days | - | 578 | - | - | ||||||||||||||
Foreign | EOSC | Spain | Ultimate Controlling Party | CP | Other services | Less than 90 days | 26,633 | - | - | - | ||||||||||||||
Foreign | SACME | Argentina | Associate | Ar$ | Other services | Less than 90 days | 797,042 | 630,091 | - | - | ||||||||||||||
Foreign | Endesa Cemsa S.A. | Argentina | Associate | Ar$ | Energy sales | Less than 90 days | 9,965,635 | 2,135,015 | - | - | ||||||||||||||
Foreign | Endesa Cemsa S.A. | Argentina | Associate | Ar$ | Tolls | Less than 90 days | 20,150,793 | 21,546,570 | - | - | ||||||||||||||
Foreign | Endesa Cemsa S.A. | Argentina | Associate | Ar$ | Other | Less than 90 days | 600,653 | 158,079 | - | - | ||||||||||||||
Foreign | Endesa Cemsa S.A. | Argentina | Associate | Ar$ | Other | Less than 90 days | - | 16,724 | - | - | ||||||||||||||
76,788,080-4 | GNL Quintero S.A. | Chile | Associate | CH$ | Energy sales | Less than 90 days | 568,173 | - | - | - | ||||||||||||||
76,788,080-4 | GNL Quintero S.A. | Chile | Associate | CH$ | Dividends and capital reduction | Less than 90 days | - | 8,926,072 | - | - | ||||||||||||||
76,418,940-k | GNL Chile S.A. | Chile | Associate | US$ | Other services | Less than 90 days | 539,781 | 591,541 | - | - | ||||||||||||||
76,418,940-k | GNL Chile S.A. | Chile | Associate | CH$ | Loans | Less than 90 days | 368,606 | 379,862 | - | - | ||||||||||||||
Foreign | PH Chucas Costa Rica | Costa Rica | Common Immediate Parent | CH$ | Other services | Less than 90 days | 439,158 | 317,563 | - | - | ||||||||||||||
Total | 33,580,107 | 35,282,592 | - | - |
Page 45
ENERSIS S.A. AND SUBSIDIARIES INTERIM CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD ENDING SEPTEMBER 30, 2012 (In thousands of Chilean pesos) | ![]() |
b) | Payables to related companies |
Balance at | ||||||||||||||||||||||||||
Current | Non-current | |||||||||||||||||||||||||
Taxpayer ID (RUT) | Company | Country | Nature of Relationship | Currency | Description of Transaction | Term of Transaction | 9-30-2012
ThCh$ | 12-31-2011
ThCh$ | 9-30-2012
ThCh$ | 12-31-2011
ThCh$ | ||||||||||||||||
Foreign | E E Piura | Peru | Common Immediate Parent | Sol | Other services | Less than 90 days | 653,835 | 995,885 | - | - | ||||||||||||||||
Foreign | Endesa Latinoamérica S.A. | Spain | Related to Immediate Parent | Ar$ | Dividends | Less than 90 days | 109,116 | 130,841 | - | - | ||||||||||||||||
Foreign | Endesa Latinoamérica S.A. | Spain | Related to Immediate Parent | CH$ | Dividends | Less than 90 days | 48,815,902 | 69,240,261 | - | - | ||||||||||||||||
Foreign | Endesa Latinoamérica S.A. | Spain | Related to Immediate Parent | CP | Dividends | Less than 90 days | 34,727,404 | 27,306,717 | - | - | ||||||||||||||||
Foreign | Endesa Latinoamérica S.A. | Spain | Related to Immediate Parent | Real | Dividends | Less than 90 days | 3,011,190 | - | - | - | ||||||||||||||||
Foreign | Endesa Latinoamérica S.A. (1) | Spain | Related to Immediate Parent | US$ | Loans | More than one year | - | 1,207,252 | - | - | ||||||||||||||||
96,524,140-K | Empresa Electrica Panguipulli S.A. | Chile | Common Immediate Parent | CH$ | Energy purchases | Less than 90 days | 181,866 | 182,599 | - | - | ||||||||||||||||
96,880,800-1 | Empresa Electrica Puyehue S.A. | Chile | Common Immediate Parent | CH$ | Energy purchases | Less than 90 days | 13,547 | 60,659 | - | - | ||||||||||||||||
Foreign | SACME | Argentina | Associate | Ar$ | Other services | Less than 90 days | 83,817 | 152,402 | - | - | ||||||||||||||||
96,806,130-5 | Electrogas S.A. | Chile | Associate | CH$ | Other services | Less than 90 days | 30,869 | 538,373 | - | - | ||||||||||||||||
Foreign | Endesa Cemsa S.A. | Argentina | Associate | Ar$ | Fuel purchases | Less than 90 days | 7,639,947 | 19,615,744 | - | - | ||||||||||||||||
Foreign | Endesa Cemsa S.A. | Argentina | Associate | Real | Energy transportation | Less than 90 days | 20,551,645 | 21,546,571 | - | - | ||||||||||||||||
Foreign | Endesa Cemsa S.A. | Argentina | Associate | Ar$ | Other services | Less than 90 days | 1,275 | 3,081 | - | - | ||||||||||||||||
Foreign | Endesa Cemsa S.A. | Argentina | Associate | CH$ | Other services | Less than 90 days | 753 | 68,039 | - | - | ||||||||||||||||
76,418,940-k | GNL Chile S.A. | Chile | Associate | CH$ | Gas purchases | Less than 90 days | 36,987,220 | 8,517,317 | - | - | ||||||||||||||||
Foreign | Carboex S.A. | Spain | Common Immediate Parent | CH$ | Coal purchases | Less than 90 days | 521,592 | 5,586,847 | - | - | ||||||||||||||||
Foreign | Endesa Generación | Spain | Common Immediate Parent | CH$ | Fuel purchases | Less than 90 days | 2,000,680 | - | - | - | ||||||||||||||||
Foreign | Central Termica Manuel Belgrano | Argentina | Associate | Ar$ | Mercantile Current Acct | Less than 90 days | - | 846 | - | - | ||||||||||||||||
Foreign | Enel Energy Europe | Italy | Ultimate Controlling Party | CP | Other services | Less than 90 days | 121,925 | 124,977 | - | - | ||||||||||||||||
Foreign | Enel Energy Europe | Italy | Ultimate Controlling Party | CH$ | Other services | Less than 90 days | - | 1,613,683 | - | - | ||||||||||||||||
Foreign | Enel Energy Europe | Italy | Ultimate Controlling Party | Euro | Other services | Less than 90 days | - | 13,589 | - | - | ||||||||||||||||
Foreign | Enel Energy Europe | Italy | Ultimate Controlling Party | Real | Other services | Less than 90 days | 37,402 | 44,705 | - | - | ||||||||||||||||
Foreign | Enel Distribuzione | Italy | Ultimate Controlling Party | CH$ | Other services | Less than 90 days | - | 4,782 | - | - | ||||||||||||||||
Foreign | Enel Produzione | Italy | Common Immediate Parent | CH$ | Other services | Less than 90 days | 63,921 | - | - | - | ||||||||||||||||
Foreign | Enel Green Power Mexico | Mexico | Common Immediate Parent | CH$ | Other services | Less than 90 days | - | 222,468 | - | - | ||||||||||||||||
Total | 155,553,906 | 157,177,638 | - | - |
(1) | The balance payable to Endesa Latinoamérica S.A. relates to a loan granted to Companhia Interconexao Energética S.A. (“CIEN”) to purchase machinery and equipment necessary to complete the construction of its second transmission line. The loan is denominated in US dollars, bears an annual interest rate of LIBOR + 2.73% and matures in May 2012. |
Page 46
ENERSIS S.A. AND SUBSIDIARIES INTERIM CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD ENDING SEPTEMBER 30, 2012 (In thousands of Chilean pesos) | ![]() |
c) | Significant transactions and income/expense effects |
Transactions with non-consolidatable related companies and their effects in profit or loss are as follows:
Taxpayer ID No. (RUT) | Company | Country | Nature of Relationship | Description of the transaction | 9-30-2012 Total ThCh$ | 9-30-2011 Total ThCh$ | ||||||||||
Foreign | E E Piura | Peru | Common Immediate Parent | Other operating income | 161,530 | 39,646 | ||||||||||
Foreign | E E Piura | Peru | Common Immediate Parent | Energy purchases | (4,343,985) | (10,214,790) | ||||||||||
Foreign | E E Piura | Peru | Common Immediate Parent | Other services rendered | 35,439 | 39,160 | ||||||||||
Foreign | E E Piura | Peru | Common Immediate Parent | Energy sales | 170,287 | 54,665 | ||||||||||
Foreign | Endesa Energía S.A. | Spain | Common Immediate Parent | Other operating income | 40,601 | 24,268 | ||||||||||
Foreign | Endesa Latinoamérica S.A. | Spain | Immediate Parent | Other fixed operating expenses | (15,493) | (4,490) | ||||||||||
Foreign | Endesa Servicios | Spain | Common Immediate Parent | Other services rendered | - | 20,345 | ||||||||||
Foreign | Endesa Servicios | Spain | Common Immediate Parent | Other fixed operating expenses | - | (117,384) | ||||||||||
Foreign | Endesa Servicios | Spain | Common Immediate Parent | Other operating income | - | 75,041 | ||||||||||
Foreign | Endesa Generación | Spain | Common Immediate Parent | Fuel consumption | (15,128,681) | - | ||||||||||
Foreign | Endesa Trading | Spain | Common Immediate Parent | Fuel consumption | (705,859) | - | ||||||||||
Foreign | Generalima S.A. | Peru | Common Immediate Parent | Other services rendered | 23,890 | 248,806 | ||||||||||
76,418,940-k | GNL Chile S.A. | Chile | Associate | Gas consumption | (112,614,683) | (98,465,857) | ||||||||||
76,418,940-k | GNL Chile S.A. | Chile | Associate | Gas transportation | (25,579,742) | (20,294,384) | ||||||||||
76,418,940-k | GNL Chile S.A. | Chile | Associate | Other services rendered | 220,493 | 29,319 | ||||||||||
76,418,940-k | GNL Chile S.A. | Chile | Associate | Other financial income | 14,277 | - | ||||||||||
76,788,080-4 | GNL Quintero S.A. | Chile | Associate | Energy sales | 683,962 | 103,432 | ||||||||||
76,788,080-4 | GNL Quintero S.A. | Chile | Associate | Other services rendered | 482,954 | - | ||||||||||
96,976,600-0 | Gestión Social S.A. (*) | Chile | Related to Director | Other services rendered | 50,116 | (36,565) | ||||||||||
78,488,290-k | Tironi y Asociados S.A. (*) | Chile | Related to Director | Other services rendered | 2,475 | (32,714) | ||||||||||
Foreign | SACME | Argentina | Associate | Outsourced services | (839,149) | (667,663) | ||||||||||
96,880,800-1 | Empresa Eléctrica Puyehue S.A. | Chile | Common Immediate Parent | Energy purchases | (730,478) | (2,097,122) | ||||||||||
96,880,800-2 | Empresa Eléctrica Puyehue S.A. | Chile | Common Immediate Parent | Energy sales | 7,200 | 32,721 | ||||||||||
96,524,140-K | Empresa Eléctrica Panguipulli S.A. | Chile | Common Immediate Parent | Energy purchases | (1,469,098) | (3,053,653) | ||||||||||
96,524,140-K | Empresa Eléctrica Panguipulli S.A. | Chile | Common Immediate Parent | Energy sales | 77,742 | 4,460 | ||||||||||
Foreign | Enel Distribuzione | Italy | Ultimate Controlling Party | Other fixed operating expenses | (97,053) | - | ||||||||||
Foreign | Enel Energy Europe | Italy | Ultimate Controlling Party | Other fixed operating expenses | (88,428) | - | ||||||||||
96,806,130-5 | Electrogas S.A. | Chile | Associate | Gas tolls | (1,500,907) | (2,181,796) | ||||||||||
96,806,130-5 | Electrogas S.A. | Chile | Associate | Fuel consumption | (576,766) | - | ||||||||||
Foreign | Carboex S.A. | Spain | Common Immediate Parent | Fuel consumption | (16,708,358) | (17,803,256) | ||||||||||
Foreign | Central Térmica Manuel Belgrano | Argentina | Associate | Other financial income | - | 284,898 | ||||||||||
Foreign | Central Térmica San Martin | Argentina | Associate | Other financial income | - | 209,727 | ||||||||||
Foreign | Endesa Cemsa S.A. | Argentina | Associate | Energy purchases | (2,674,732) | (12,070) | ||||||||||
Foreign | Endesa Cemsa S.A. | Argentina | Associate | Electricity tolls | (4,437) | - | ||||||||||
Foreign | Endesa Cemsa S.A. | Argentina | Associate | Other services rendered | 2,671,924 | 875 | ||||||||||
Foreign | Endesa Cemsa S.A. | Argentina | Associate | Other fixed operating expenses | (328,296) | - | ||||||||||
Foreign | EOSC | Spain | Ultimate Controlling Party | Other operating income | 39,075 | - | ||||||||||
Foreign | ENEL Green Power Mexico | México | Common Immediate Parent | Other services rendered | - | 19,214 | ||||||||||
Foreign | PH Chucas Costa Rica | Costa Rica | Common Immediate Parent | Other services rendered | 439,159 | 87,656 | ||||||||||
Foreign | Endesa Distribución Eléctrica | Spain | Common Immediate Parent | Other fixed operating expenses | (6,133) | - | ||||||||||
76,583,350-7 | Konecta Chile S.A. | Chile | Associate | Other services rendered | - | 1,287 | ||||||||||
Total | (178,291,154) | (153,706,224) |
Transfers of short-term funds between related companies are treated as current accounts changes, with variable interest rates based on market conditions used for the monthly balance. The resulting amounts receivable or payable are usually at 30 days term, with automatic rollover for the same term and amortization in line with cash flows.
(*) Companies with a connection to Enersis Director Eugenio Tironi Barrios.
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ENERSIS S.A. AND SUBSIDIARIES INTERIM CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD ENDING SEPTEMBER 30, 2012 (In thousands of Chilean pesos) | ![]() |
As of September 30, 2012, there is no balance pending payment to Sociedad Gestión Social S.A. At the end of the 2011 fiscal year, there was a balance payable of ThCh$ 4,119.
8.2 Board of Directors and key management personnel
Enersis is managed by Board of Directors which consists of seven members. Each director serves for a three-year term after which they can be reelected.
The Board of Directors was elected at the Ordinary Shareholders Meeting held on April 26, 2011. The Chairman, Vice Chairman, and Secretary were designated at the Board meeting held on April 27, 2011.
a)Accounts receivable and payable and other transactions
— | Accounts receivable and payable |
There are no outstanding amounts receivable or payable between the Company and the members of the Board of Directors and key management personnel.
— | Other transactions |
No other transactions have taken place between the Company and the members of the Board of Directors and key management personnel.
b)Compensation for Directors
In accordance with Article 33 of Law No. 18,046 governing stock corporations, the compensation of Directors is established each year at the Ordinary Shareholders Meeting of Enersis S.A.
The remuneration consists of paying a variable annual compensation equal to one one-thousandth of the profit for the year (attributable to shareholders of Enersis). Also, each member of the Board will be paid a monthly compensation, one part a fixed monthly fee and another part dependent on meetings attended. The remuneration breaks down as follows:
-101 UF as a fixed monthly fee, and
-66 UF as per diem for each Board meeting attended.
The amounts paid for the monthly fee will be treated as payment in advance of the variable annual compensation described above. As stated in the by-laws, the remuneration for the Chairman of the Board will be twice that of a Director, and the compensation of the Vice Chairman will be 50% higher than that of a Director.
Any advance payments received will be deducted from the annual variable compensation, with no reimbursement if the annual variable compensation is lower than the total amount paid in advances. The variable compensation will be paid after the Ordinary Shareholders’ Meeting approves the Annual Report, Balance Sheet and Financial Statements, and the Independent Auditors’ Reports and Account Inspectors’ Reports for the year ended December 31, 2012.
If any Director of Enersis S.A. is a member of more than one Board in any Chilean or foreign subsidiaries and/or associates, or holds the position of director or advisor in other Chilean or foreign companies or legal entities in which Enersis S.A. has a direct or indirect ownership interest, that Director can be compensated for his/her participation in only one of those Boards.
Page 48
ENERSIS S.A. AND SUBSIDIARIES INTERIM CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD ENDING SEPTEMBER 30, 2012 (In thousands of Chilean pesos) | ![]() |
The Executive Officers of Enersis S.A. and/or any of its Chilean or foreign subsidiaries or associates will not receive any compensation or per diem if they hold the position of director in any of the Chilean or foreign subsidiaries or associates of Enersis S.A. Nevertheless, the executives may receive such compensation or per diem provided it is authorized as payment in advance of the variable portion of their remuneration received from the respective companies by which the executives are employed.
Directors’ Committee:
Each member of the Directors’ Committee will receive a variable remuneration equal to 0.11765 thousandth of the profit for the year (attributable to shareholders of Enersis). Also each member will be paid a monthly compensation, one part in a fixed monthly fee and another part dependent on meetings attended.
This remuneration is broken down as follows:
- 38.00 UF as a fixed monthly fee, and
- 18.00 UF as per diem for each Board meeting attended.
The amounts paid for the monthly fee will be treated as payment in advance of the variable annual compensation described above.
Any advance payments received will be deducted from the annual variable compensation, with no reimbursement if the annual variable compensation is lower than the total amount paid in advances. The variable compensation will be paid after the Ordinary Shareholders’ Meeting approves the Annual Report, Balance Sheet and Financial Statements, and the Independent Auditors’ Reports and Account Inspectors’ Reports for the year ended December 31, 2012.
The following tables show details of the compensation paid to the members of the Board of Directors as of September 30, 2012 and 2011.
Taxpayer ID No. (RUT) | Name | Position | For the Period ended September 30, 2012 | |||||||||||||||||||
Period in Position | Enersis Board ThCh$ | Board of Subsidiaries or Associates ThCh$ | Directors’ Committee | Auditing Committee ThCh$ | ||||||||||||||||||
5,710,967-K | Pablo Yrarrázaval Valdés | Chairman | January - September 2012 | 79,710 | - | - | - | |||||||||||||||
Foreign | Andrea Brentan (1) | Vice Chairman | January - September 2012 | - | - | - | - | |||||||||||||||
48,070,966-7 | Rafael Miranda Robredo | Director | January - September 2012 | 39,855 | - | - | - | |||||||||||||||
5,719,922-9 | Leonidas Vial Echeverría | Director | January - September 2012 | 40,262 | - | 11,773 | - | |||||||||||||||
6,429,250-1 | Rafael Fernández Morandé | Director | January - September 2012 | 40,669 | - | 12,181 | - | |||||||||||||||
4,132,185-7 | Hernán Somerville Senn | Director | January - September 2012 | 40,669 | - | 12,181 | - | |||||||||||||||
5,715,860-3 | Eugenio Tironi Barrios | Director | January - September 2012 | 39,855 | - | - | - | |||||||||||||||
TOTAL | 281,020 | - | 36,135 | - | ||||||||||||||||||
Taxpayer ID No. (RUT) | Name | Position | For the Period ended September 30, 2011 | |||||||||||||||||||
Period in Position | Enersis Board ThCh$ | Board of Subsidiaries or Associates ThCh$ | Directors’ Committee ThCh$ | Auditing Committee ThCh$ | ||||||||||||||||||
5,710,967-K | Pablo Yrarrázaval Valdés | Chairman | January - September 2011 | 57,817 | - | - | - | |||||||||||||||
48,070,966-7 | Rafael Miranda Robredo | Director | January - September 2011 | 28,134 | - | - | - | |||||||||||||||
5,719,922-9 | Leonidas Vial Echeverría | Director | January - September 2011 | 28,909 | - | 7,729 | 1,559 | |||||||||||||||
6,429,250-1 | Rafael Fernández Morandé | Director | January - September 2011 | 28,909 | - | 7,729 | 1,951 | |||||||||||||||
4,132,185-7 | Hernán Somerville Senn | Director | January - September 2011 | 28,909 | - | 7,729 | 1,951 | |||||||||||||||
5,715,860-3 | Eugenio Tironi Barrios | Director | January - September 2011 | 28,909 | - | - | - | |||||||||||||||
TOTAL | 201,587 | - | 23,187 | 5,461 |
(1) Mr. Andrea Brentan waived the fees and allowances due him as company Director.
c) | Guarantees established by the Company in favor of the Directors |
No guarantees have been given to the Directors.
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ENERSIS S.A. AND SUBSIDIARIES INTERIM CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD ENDING SEPTEMBER 30, 2012 (In thousands of Chilean pesos) | ![]() |
8.3 Compensation for key management personnel
a) | Compensation received by key management personnel |
Key Management Personnel | ||||
Taxpayer ID No. (RUT) | Name | Position | ||
22,298,662-1 | Ignacio Antoñanzas Alvear | Chief Executive Officer | ||
23,535,550-7 | Massimo Tambosco | Deputy Chief Executive Officer | ||
7,984,912-K | Eduardo Escaffi Johnson (1) | Chief Financial Officer | ||
14,710,692-0 | Angel Chocarro García | Accounting Officer | ||
22,357,225-1 | Ramiro Alfonsín Balza | Planning and Control Officer | ||
23,363,734-3 | Alba Marina Urrea Gómez | Internal Audit Officer | ||
7,006,337-9 | Francisco Silva Bafalluy | General Services Officer | ||
11,470,853-4 | Juan Pablo Larraín Medina | Communications Officer | ||
23,014,537-7 | Carlos Niño Forero | Human Resources and Organization Officer | ||
7,706,387-0 | Eduardo Lopez Miller | Procurement Officer | ||
6,973,465-0 | Domingo Valdés Prieto | General Counsel |
(1) Mr. Eduardo Escaffi Johnson took over as Chief Financial Officer on September 1, 2012, replacing Mr. Alfredo Ergas S., who resigned on August 27, 2012.
Compensation received by key management personnel is the following:
Balance at | ||||
9-30-2012 | 9-30-2011 | |||
ThCh$ | ThCh$ | |||
Compensation | 2,030,682 | 1,977,778 | ||
Short-term benefits for employees | 926,134 | 672,814 | ||
Other long-term benefits | 481,658 | 116,778 | ||
Total | 3,438,474 | 2,767,370 |
Incentive plans for key management personnel
Enersis has implemented an annual bonus plan for its executives based on meeting company-wide objectives and on the level of their individual contribution in achieving the overall goals of the Group. The plan provides for a range of bonus amounts according to seniority level. The bonuses paid to the executives consist of a certain number of monthly gross remunerations.
b) | Guarantees established by the Company in favor of key management personnel |
No guarantees have been given to key management personnel.
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ENERSIS S.A. AND SUBSIDIARIES INTERIM CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD ENDING SEPTEMBER 30, 2012 (In thousands of Chilean pesos) | ![]() |
8.4 Compensation plans linked to share price
There are no payment plans granted to the Directors or key management personnel based on the price of Enersis stock.
However, until the 2011 fiscal year, certain key Enersis personnel benefited from one of the Enel remuneration plans that is based on the price of its stock. The cost of this plan is borne by Enel and does not give rise to any payment obligations for Enersis. The main features of this plan are the following:
Restricted share units plan from 2008:
This plan is aimed at Enel Group executives, and its beneficiaries are divided into brackets. The basic number of units granted to each beneficiary was determined on the basis of the average gross annual compensation of the bracket, as well as the price of Enel shares at the start of the period covered by the plan (January 2, 2008). The right to exercise the units is subordinate to the condition that the executives concerned remain employed within the Group, with a few exceptions.
The plan establishes a suspensory operational objective (a “hurdle target”) as follows:
i) For the first 50% of the basic number of units granted, Group EBITDA for 2008-2009, calculated on the basis of the amounts specified in the budgets for those years.
ii) For the remaining 50% of the basic number of units granted, Group EBITDA for 2008-2010, calculated on the basis of the amounts specified in the budgets for those years.
If the hurdle target, as described above, is achieved, the actual number of units that can be exercised by each beneficiary is determined on the basis of a performance objective represented by:
i) For the first 50% of the basic number of units granted, a comparison on a total shareholders’ return basis – for the period from January 1, 2008 to December 31, 2009 – between the performance of ordinary Enel shares on the Italian stock exchange and that of a specific reference index.
ii) For the remaining 50% of the basic number of units granted, a comparison on a total shareholders’ return basis – for the period from January 1, 2008 to December 31, 2010 – between the performance of ordinary Enel shares on the Italian stock exchange and that of a specific reference index.
The number of units that can be exercised may vary up or down with respect to the basic unit granted by a percentage amount of between 0% and 120% as determined on the basis of a specific performance scale.
If the hurdle target is not achieved in the first two-year period, the first tranche of 50% of the units granted may be recovered if the same hurdle target is achieved over the longer three-year period indicated above. It is also possible to extend the validity of the performance level registered in the 2008-2010 period to the 2008-2009 period.
Depending on the degree to which both objectives are met, of the total number of units granted, 50% may be exercised from the second year subsequent to the year in which they were granted, and the remaining 50% as from the third year subsequent to the year in which they were granted. The deadline for exercising all the units is the sixth year subsequent to the year in which they were granted.
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ENERSIS S.A. AND SUBSIDIARIES INTERIM CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD ENDING SEPTEMBER 30, 2012 (In thousands of Chilean pesos) | ![]() |
The following table summarizes the plan’s evolution.
Number of restricted share units | ||
Restricted units granted December 31, 2008 | 2,700 | |
Restricted units expired in 2009 | - | |
Restricted units pending at December 31, 2009 | 2,700 | |
Restricted units expired in 2010 | - | |
Restricted units exercised in 2010 | - | |
Restricted units pending at December 31, 2010 | 2,700 | |
Restricted units pending at January 1, 2011 (with a revaluation of 120%) | 3,240 | |
Restricted units exercised in the first half of 2011 (*) | 3,240 | |
Restricted units pending at December 31, 2011 | - |
(*) The fiscal year value of the restricted share units was€13,683 (2011).
Using the accounting criterion described in Note 3.s, Enersis simultaneously recognized a personnel expense and an equity increase for€ 1,614 (2011). This amount corresponds to the accrued value during the period in which key personnel involved in this plan provided services to Enersis.
9. | INVENTORIES |
The detail of inventories as of September 30, 2012 and December 31, 2011 is as follows:
Classes of inventories | Balance at | |||||||
9-30-2012 | 12-31-2011 | |||||||
ThCh$ | ThCh$ | |||||||
Goods | 7,144,900 | 2,575,623 | ||||||
Supplies for production | 53,583,925 | 35,893,349 | ||||||
Other inventories (*) | 39,113,601 | 39,456,572 | ||||||
Total | 99,842,426 | 77,925,544 | ||||||
Detail of other inventories | ||||||||
(*) Other inventories | 39,113,601 | 39,456,572 | ||||||
Supplies for projects and spare parts | 27,387,453 | 26,562,119 | ||||||
Electric supplies | 11,726,148 | 12,894,453 |
There are no inventories pledged as security for liabilities.
For the Period ended September 30, 2012, the figure for raw materials and supplies recognized as an expense was ThCh$602,100,613 (ThCh$595,644,374 at September 30, 2011). See Note 26.
As of September 30, 2012 and December 31, 2011, no inventories have been written down.
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ENERSIS S.A. AND SUBSIDIARIES INTERIM CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD ENDING SEPTEMBER 30, 2012 (In thousands of Chilean pesos) | ![]() |
10. | TAX RECEIVABLES AND PAYABLES |
The detail of current tax receivables as of September 30, 2012 and December 31, 2011 is as follows:
Tax Receivables | Balance at | |||
9-30-2012 | 12-31-2011 | |||
ThCh$ | ThCh$ | |||
Monthly provisional tax payments | 67,940,570 | 84,429,230 | ||
VAT tax credit | 49,302,878 | 39,192,265 | ||
Tax credit for absorbed profits | 1,602,453 | 8,067,408 | ||
Tax credit for training expenses | 196,898 | 7,040 | ||
Other | 16,169,351 | 10,131,741 | ||
Total | 135,212,150 | 141,827,684 |
The detail of current tax payables as of September 30, 2012 and December 31, 2011 is as follows:
Tax Payables | Balance at | |||
9-30-2012 | 12-31-2011 | |||
ThCh$ | ThCh$ | |||
Income tax payable | 76,961,620 | 110,516,971 | ||
VAT tax charge | 30,530,801 | 45,054,989 | ||
Stamp taxes | - | 136 | ||
Other | 54,617,532 | 80,281,146 | ||
Total | 162,109,953 | 235,853,242 |
11. | NON-CURRENT ASSETS AND DISPOSAL GROUPS HELD FOR SALE |
During the fourth quarter of 2009, the Board of Directors of Enersis authorized the sale of the subsidiaries Compañía Americana de Multiservicios (CAM) and Synapsis Soluciones y Servicios IT Ltda. (Synapsis), as they were considered “non-core” businesses. The sale process included at first an internal verification of the market and the hiring of financial advisors to provide assistance in the sale process. Once offers were received, they were submitted to the Board so that it could make the final decision about the sale and its specific conditions.
The potential sale of CAM was considered to be highly probable as of the end of 2009. As for Synapsis, such consideration was taken into account as of September 2010. After those dates, the Company applied IFRS 5 Non-current Assets Held for Sale and Discontinued Operations (IFRS 5) to account for these transactions.
CAM and Synapsis provide services in the five countries where Enersis operates in Latin America, i.e. Chile, Argentina, Brazil, Colombia, and Peru. CAM is present with its products and services throughout the electric cycle, including provision, materials logistics, construction and startup of electric projects, certification of equipment, and measurement of final consumption. Furthermore, Synapsis is a company that provides information technology services. It specializes in defining strategies companies can use and helping them select software that satisfies their business needs. Synapsis also designs the infrastructure of the services that will be provided and the methodology to be used, as well as other services.
On December 20, 2010, the Board of Directors of Enersis accepted the offers received to purchase its entire interests in CAM and Synapsis. The CAM offer was presented by Graña y Montero S.A.A., a Peruvian
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ENERSIS S.A. AND SUBSIDIARIES INTERIM CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD ENDING SEPTEMBER 30, 2012 (In thousands of Chilean pesos) | ![]() |
company that offered US$ 20 million, an amount which, after a price adjustment and contractual compensations, was reduced to US$14.2 million. As for Synapsis, Riverwood Capital L.P., a company domiciled in the United States of America, presented a US$ 52 million offer to purchase Synapsis, which will be paid upon the closing of the sales transaction. The sale of CAM was closed on February 24, 2011, and the Synapsis sale was finalized on March 1, 2011 (see Note 2.4.1).
As described in Note 3 j), non-current assets and disposal groups held for sale have been recorded at the lower of book value or fair value less selling costs. The impact of this treatment was to record an additional impairment on CAM’s net assets as of December 31, 2010 in the amount of ThCh$ 14,881,960, which accumulates to a total impairment of ThCh$ 36,797,809 related to CAM as of December 31, 2010 (ThCh$ 21,915,849 as of December 31, 2009), which was calculated based on the sales price received.
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ENERSIS S.A. AND SUBSIDIARIES INTERIM CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD ENDING SEPTEMBER 30, 2012. (In thousands of Chilean pesos) | ![]() |
12. | INVESTMENTS ACCOUNTED FOR USING THE EQUITY METHOD AND JOINTLY CONTROLLED COMPANIES |
12.1 | Investments accounted for using the equity method |
a. | The following tables present the changes in shareholders’ equity of the Group’s equity method investments during the third quarter of 2012 and the 2011 fiscal year: |
RUT | Changes in Investments in Associates | Country | Currency | Ownership Interest | Balance at 1-1-2012 | Share of Profit (Loss) ThCh$ | Dividends Declared ThCh$ | Foreign Currency Translation ThCh$ | Other ThCh$ | Balance at 9-30-2012 | Negative Equity Provision | Balance at 9-30-2012 | ||||||||||||||||||||||||||||
96,806,130-5 | Electrogas S.A. (1) | Chile | U.S. dollar | 42.50% | 9,733,400 | 3,373,374 | (3,588,468) | (897,378) | 565,362 | 9,186,290 | - | 9,186,290 | ||||||||||||||||||||||||||||
76,788,080-4 | GNL Quintero S.A. | Chile | U.S. dollar | 20.00% | - | 4,046,794 | (2,755,918) | 763,377 | (37,695) | 2,016,558 | (2,016,558) | - | ||||||||||||||||||||||||||||
76,418,940-k | GNL Chile S.A. | Chile | U.S. dollar | 33.33% | - | 310,253 | - | (10,197) | (6,657) | 293,399 | - | 293,399 | ||||||||||||||||||||||||||||
Foreign | Endesa Cemsa S.A. | Argentina | Argentine peso | 45.00% | 3,428,480 | 26,041 | - | (571,388) | (32) | 2,883,101 | - | 2,883,101 | ||||||||||||||||||||||||||||
Foreign | Sacme S.A. | Argentina | Argentine peso | 50.00% | 31,382 | (2,319) | - | (4,940) | - | 24,123 | - | 24,123 | ||||||||||||||||||||||||||||
TOTAL | 13,193,262 | 7,754,143 | (6,344,386) | (720,526) | 520,978 | 14,403,471 | (2,016,558) | 12,386,913 | ||||||||||||||||||||||||||||||||
Changes in Investments in Associates | Country | Currency | Ownership Interest | Balance at 1-1-2011 | Share of Profit (Loss) ThCh$ | Dividends Declared ThCh$ | Foreign Currency Translation ThCh$ | Other ThCh$ | Balance at 12-31-2011 | Negative Equity Provision | Balance at 12-31-2011 | |||||||||||||||||||||||||||||
96,806,130-5 | Electrogas S.A. (1) | Chile | U.S. dollar | 42.50% | 3,827 | 4,159,992 | (4,142,727 | ) | 918,611 | 8,793,697 | 9,733,400 | - | 9,733,400 | |||||||||||||||||||||||||||
96,889,570-2 | Inversiones Electrogas S.A. | Chile | Chilean peso | 42.50% | 8,089,685 | - | - | - | (8,089,685 | ) | - | - | - | |||||||||||||||||||||||||||
76,788,080-4 | GNL Quintero S.A. | Chile | U.S. dollar | 20.00% | 2,883,633 | 4,055,771 | - | 66,992 | (15,880,240 | ) | (8,873,844 | ) | 8,873,844 | - | ||||||||||||||||||||||||||
Foreign | Endesa Cemsa S.A. | Argentina | Argentine peso | 45.00% | 3,094,078 | 249,673 | - | 84,729 | - | 3,428,480 | - | 3,428,480 | ||||||||||||||||||||||||||||
Foreign | Sacme S.A. | Argentina | Argentine peso | 50.00% | 30,151 | 468 | - | 763 | - | 31,382 | - | 31,382 | ||||||||||||||||||||||||||||
76,583,350-7 | Konecta Chile S.A. | Chile | Chilean peso | 26.20% | 278 | - | - | - | (278 | ) | - | - | - | |||||||||||||||||||||||||||
TOTAL | 14,101,652 | 8,465,904 | (4,142,727 | ) | 1,071,095 | (15,176,506 | ) | 4,319,418 | 8,873,844 | 13,193,262 |
(1) | On November 16, 2011, Electrogas S.A. merged with Inversiones Electrogas S.A. |
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ENERSIS S.A. AND SUBSIDIARIES INTERIM CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD ENDING SEPTEMBER 30, 2012 (In thousands of Chilean pesos) | ![]() |
b. | As of September 30, 2012 and December 31, 2011 no changes in ownership interest in our investment associates have occurred. |
c. | Additional financial information about investments in associates |
- Investments with significant influence
The following tables show summarized information from the Financial Statements of the main investments in associates where the Group has significant influence, including the aggregated amounts of assets, liabilities, revenues, expenses, and profit or loss as of September 30, 2012 and December 31, 2011.
Investments with significant influence | September 30, 2012 | |||||||||||||||||||||||||
Ownership interest % | Current assets ThCh$ | Non-current assets ThCh$ | Current liabilities ThCh$ | Non-current ThCh$ | Revenues
ThCh$ | Expenses
ThCh$ | Profit (Loss) ThCh$ | |||||||||||||||||||
Endesa Cemsa S.A. | 45.00% | 51,251,239 | 862,126 | 45,706,475 | - | 2,742,073 | (2,684,204) | 57,869 | ||||||||||||||||||
GNL Quintero S.A. | 20.00% | 66,615,166 | 539,757,259 | 27,878,687 | 612,780,108 | 77,076,287 | (56,842,315) | 20,233,972 | ||||||||||||||||||
Electrogas S.A. | 42.50% | 3,712,488 | 38,771,063 | 7,053,363 | 13,815,389 | 14,167,295 | (6,229,969) | 7,937,326 | ||||||||||||||||||
Investments with significant influence | December 31, 2011 | |||||||||||||||||||||||||
Ownership interest % | Current assets ThCh$ | Non-current assets ThCh$ | Current liabilities ThCh$ | Non-current ThCh$ | Revenues
ThCh$ | Expenses
ThCh$ | Profit (Loss) ThCh$ | |||||||||||||||||||
Endesa Cemsa S.A. | 45.00% | 49,705,466 | 820,787 | 42,907,410 | - | 3,423,785 | (2,868,957) | 554,828 | ||||||||||||||||||
GNL Quintero S.A. | 20.00% | 112,362,755 | 600,607,534 | 76,192,955 | 681,146,225 | 95,676,650 | (75,397,751) | 20,278,899 | ||||||||||||||||||
Electrogas S.A. | 42.50% | 2,688,608 | 44,772,738 | 9,510,888 | 15,048,487 | 17,218,630 | (7,430,408) | 9,788,222 |
Appendix 3 to these consolidated financial statements provides information on the main activities of our associate companies and the ownership interest the Group holds in them.
None of our associates have published price quotations.
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ENERSIS S.A. AND SUBSIDIARIES INTERIM CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD ENDING SEPTEMBER 30, 2012 (In thousands of Chilean pesos) | ![]() |
12.2 | Jointly controlled companies |
The following tables set out summarized information from the financial statements of the main jointly controlled companies that are reported using proportional consolidation as of September 30, 2012 and December 31, 2011.
September 30, 2012
| ||||||||||||||||||||||||||||||
Ownership interest % | Current assets ThCh$ | Non-current assets ThCh$ | Current liabilities ThCh$ | Non-current liabilities ThCh$ | Revenues ThCh$ | Expenses ThCh$ |
Profit (loss) ThCh$
| |||||||||||||||||||||||
Hidroaysen S.A. | 51.00% | 9,185,556 | 121,494,429 | 3,555,676 | 799,016 | - | (2,622,123) | (2,622,123) | ||||||||||||||||||||||
Transmisora Eléctrica de Quillota Ltda. | 50.00% | 2,787,787 | 10,067,005 | 369,049 | 1,052,599 | 1,712,849 | (1,012,195) | 700,654 | ||||||||||||||||||||||
Gas Atacama S.A. | 50.00% | 95,640,374 | 278,164,948 | 48,334,840 | 41,051,799 | 90,227,949 | (63,594,896) | 26,633,053 | ||||||||||||||||||||||
Distribuidora Eléctrica de Cundinamarca S.A. | 48.99% | 21,352,377 | 99,205,932 | 25,440,758 | 33,476,752 | 56,121,177 | (50,668,628) | 5,452,549 | ||||||||||||||||||||||
December 31, 2011
| ||||||||||||||||||||||||||||||
Ownership interest % | Current assets ThCh$ | Non-current assets ThCh$ | Current liabilities ThCh$ | Non-current liabilities ThCh$ | Revenues ThCh$ | Expenses ThCh$ |
Profit (loss) ThCh$
| |||||||||||||||||||||||
Hidroaysen S.A. | 51.00% | 10,250,367 | 115,878,802 | 7,348,428 | 1,035,256 | - | (4,664,851 | ) | (4,664,851 | ) | ||||||||||||||||||||
Transmisora Eléctrica de Quillota Ltda. | 50.00% | 1,463,786 | 10,533,846 | 298,164 | 966,978 | 2,310,668 | (1,632,824 | ) | 677,844 | |||||||||||||||||||||
Gas Atacama S.A. | 50.00% | 93,103,848 | 314,752,350 | 77,452,973 | 45,808,413 | 260,889,567 | (225,125,891 | ) | 35,763,676 | |||||||||||||||||||||
Distribuidora Eléctrica de Cundinamarca S.A. | 48.99% | 19,310,231 | 95,221,154 | 21,878,731 | 35,202,359 | 67,811,590 | (61,233,568 | ) | 6,578,022 |
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ENERSIS S.A. AND SUBSIDIARIES INTERIM CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD ENDING SEPTEMBER 30, 2012 (In thousands of Chilean pesos) | ![]() |
13. | INTANGIBLE ASSETS OTHER THAN GOODWILL |
Intangible assets as of September 30, 2012 and December 31, 2011 are detailed as follows:
Intangible Assets, Net | 9-30-2012 ThCh$ | 12-31-2011 ThCh$ | ||||
| ||||||
Intangible assets, net | 1,146,093,735 | 1,467,398,214 | ||||
Easements and water rights | 33,251,584 | 33,716,526 | ||||
Concessions (1) (*) | 1,055,421,064 | 1,369,031,940 | ||||
Development costs | 9,766,292 | 10,282,488 | ||||
Patents, registered trademarks, and other rights | 1,563,221 | 2,363,933 | ||||
Computer software | 43,239,476 | 48,745,282 | ||||
Other identifiable intangible assets | 2,852,098 | 3,258,045 | ||||
| ||||||
Intangible Assets, Gross | 9-30-2012 ThCh$ | 12-31-2011 ThCh$ | ||||
| ||||||
Intangible Assets, Gross | 2,140,930,699 | 2,361,625,560 | ||||
Easements and water rights | 40,937,807 | 40,322,337 | ||||
Concessions | 1,909,984,946 | 2,145,097,304 | ||||
Development costs | 18,067,264 | 17,698,378 | ||||
Patents, registered trademarks, and other rights | 9,212,031 | 9,237,477 | ||||
Computer software | 150,553,311 | 139,315,361 | ||||
Other identifiable intangible assets | 12,175,340 | 9,954,703 | ||||
| ||||||
Accumulated Amortization and Impairment, Total | 9-30-2012 ThCh$ | 12-31-2011 ThCh$ | ||||
| ||||||
Accumulated Amortization and Impairment, Total | (994,836,964) | (894,227,346) | ||||
Easements and water rights | (7,686,223) | (6,605,811) | ||||
Concessions | (854,563,882) | (776,065,364) | ||||
Development costs | (8,300,972) | (7,415,890) | ||||
Patents, registered trademarks, and other rights | (7,648,810) | (6,873,544) | ||||
Computer software | (107,313,835) | (90,570,079) | ||||
Other identifiable intangible assets | (9,323,242) | (6,696,658) |
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ENERSIS S.A. AND SUBSIDIARIES INTERIM CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD ENDING SEPTEMBER 30, 2012 (In thousands of Chilean pesos) | ![]() |
(1) The detail of concessions is the following:
Concession Holder | Country | Term of concession | Period to expiration | 9-30-2012 ThCh$ | 12-31-2011 ThCh$ | |||||||||
| ||||||||||||||
Concesionaria Túnel el Melon S.A. (Highway infrastructure) | Chile | 23 years | 5 years | 10,023,084 | 12,152,979 | |||||||||
Ampla Energía e Servicios S.A. (Distribution) | Brazil | 30 years | 15 years | 594,607,642 | 733,283,981 | |||||||||
Compañía Energética do Ceara S.A. (Distribution) | Brazil | 30 years | 16 years | 450,790,338 | 623,594,980 | |||||||||
| ||||||||||||||
TOTAL | 1,055,421,064 | 1,369,031,940 |
(*) See Note 3.d.1
During the third quarter of 2012, the Brazilian regulatory agency changed the period in which it pays incentives for investments made in assets in electricity distribution concessions, which has resulted in a ThCh$111,326,667 decrease in the value of intangible assets recorded for the concession. This decrease has been offset by a similar increase in payments receivable, as this change gives rise to a higher amount that can be recovered as payment for investments made, which will be amortized at the end of the concession period (see Note 7.a.1).
The reconciliation of the carrying amounts of intangible assets during the third quarter of 2012 and the 2011 fiscal year is as follows:
Period ended September 30, 2012
Changes in Intangible Assets | Development costs, net | Easements and water rights, net | Concessions, Net | Patents, and Other Rights, Net | Computer Software,Net | Other Identifiable | Intangible Assets, Net | |||||||
ThCh$ | ThCh$ | ThCh$ | ThCh$ | ThCh$ | ThCh$ | ThCh$ | ||||||||
| ||||||||||||||
Opening balance at 1-1-2012 | 10,282,488 | 33,716,526 | 1,369,031,940 | 2,363,933 | 48,745,282 | 3,258,045 | 1,467,398,214 | |||||||
Changes in identifiable intangible assets | ||||||||||||||
Additions | 1,472,806 | 413,337 | 107,943,964 | 280,392 | 4,935,497 | 25,357 | 115,071,353 | |||||||
Disposals | (757,359) | (5,016) | (1,589,394) | (1) | - | - | (2,351,770) | |||||||
Amortization (*) | (1,094,589) | (491,420) | (58,388,062) | (937,201) | (8,182,837) | (360,403) | (69,454,512) | |||||||
Foreign currency translation differences | (187,469) | (492,536) | (212,835,645) | (27,272) | (4,030,507) | (44,990) | (217,618,419) | |||||||
Other increases (decreases) | 50,415 | 110,693 | (148,741,739) | (116,630) | 1,772,041 | (25,911) | (146,951,131) | |||||||
Total changes in identifiable intangible assets | (516,196) | (464,942) | (313,610,876) | (800,712) | (5,505,806) | (405,947) | (321,304,479) | |||||||
| ||||||||||||||
Closing balance in identifiable intangible assets at 9-30-2012 | 9,766,292 | 33,251,584 | 1,055,421,064 | 1,563,221 | 43,239,476 | 2,852,098 | 1,146,093,735 | |||||||
Year ended December 31, 2011
| ||||||||||||||
Changes in Intangible Assets | Development costs, net | Easements and water rights, net | Concessions, Net | Patents, and Other Rights, Net | Computer Software, Net | Other Identifiable | Intangible Assets, Net | |||||||
ThCh$ | ThCh$ | ThCh$ | ThCh$ | ThCh$ | ThCh$ | ThCh$ | ||||||||
| ||||||||||||||
Opening balance at 1-1-2011 | 8,741,017 | 31,698,726 | 1,360,183,077 | 2,872,877 | 44,247,169 | 4,843,539 | 1,452,586,405 | |||||||
Changes in identifiable intangible assets | ||||||||||||||
Additions | 2,897,310 | 500,709 | 173,836,828 | 718,039 | 13,095,987 | 22,860 | 191,071,733 | |||||||
Disposals | (813,771) | - | (8,618,410) | - | (182,691) | (20,853) | (9,635,725) | |||||||
Amortization (*) | (1,044,292) | (341,988) | (88,675,941) | (1,379,500) | (10,797,238) | (442,587) | (102,681,546) | |||||||
Foreign currency translation differences | 517,527 | 276,864 | (17,416,448) | 98,355 | 1,325,759 | 161,688 | (15,036,255) | |||||||
Other increases (decreases) | (15,303) | 1,582,215 | (50,277,166) | 54,162 | 1,056,296 | (1,306,602) | (48,906,398) | |||||||
| ||||||||||||||
Total changes in identifiable intangible assets | 1,541,471 | 2,017,800 | 8,848,863 | (508,944) | 4,498,113 | (1,585,494) | 14,811,809 | |||||||
| ||||||||||||||
Closing balance in identifiable intangible assets at 12-31-2011 | 10,282,488 | 33,716,526 | 1,369,031,940 | 2,363,933 | 48,745,282 | 3,258,045 | 1,467,398,214 |
(*) See Note 28, Depreciation, amortization, and impairment loss.
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ENERSIS S.A. AND SUBSIDIARIES INTERIM CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD ENDING SEPTEMBER 30, 2012 (In thousands of Chilean pesos) | ![]() |
According to the Group management’s estimates and projections, the expected future cash flows attributable to intangible assets allow recovery of the carrying amount of these assets recorded as of September 30, 2012 (see Note 3.e).
As of September 30, 2012 and December 31, 2011, the Company does not have significant intangible assets with an indefinite useful life.
14. | GOODWILL |
The following table shows goodwill by the Cash-Generating Unit or group of Cash-Generating Units to which it belongs and changes as of September 30, 2012 and December 31, 2011:
Company | Opening balance 1-1-2011 ThCh$ | Impairment loss recorded in of Income | Foreign currency translation ThCh$ | Closing balance 12-31-2011 ThCh$ | Transfers from mergers | Foreign currency translation ThCh$ | Closing balance 9-30-2012 ThCh$ | |||||||||||||||||||||
Empresa Distribuidora Sur S.A. (*) | 8,713,277 | (8,931,451) | 218,174 | - | - | - | - | |||||||||||||||||||||
Ampla Energia e Serviços S.A. | 239,730,987 | - | (3,207,683) | 236,523,304 | - | (38,639,378) | 197,883,926 | |||||||||||||||||||||
Investluz S.A. | 121,789,611 | - | (1,629,587) | 120,160,024 | - | (19,629,814) | 100,530,210 | |||||||||||||||||||||
Empresa Eléctrica de Colina Ltda. | 2,240,478 | - | - | 2,240,478 | - | - | 2,240,478 | |||||||||||||||||||||
Compañía Distribuidora y Comercializadora de Energía S.A. | 10,536,443 | - | 1,053,186 | 11,589,629 | - | (214,825) | 11,374,804 | |||||||||||||||||||||
Empresa Eléctrica Pangue S.A. (***) | 3,139,337 | - | - | 3,139,337 | (3,139,337) | - | - | |||||||||||||||||||||
Endesa Costanera S.A. (**) | 5,315,282 | (5,448,372) | 133,090 | - | - | - | - | |||||||||||||||||||||
Hidroeléctrica el Chocón S.A. | 12,509,433 | - | 313,227 | 12,822,660 | - | (2,129,051) | 10,693,609 | |||||||||||||||||||||
Compañía Eléctrica San Isidro S.A. (***) | 1,516,768 | - | - | 1,516,768 | 3,139,337 | - | 4,656,105 | |||||||||||||||||||||
Empresa de Energía de Cundinamarca S.A. | 7,348,467 | - | 734,527 | 8,082,994 | - | (149,826) | 7,933,168 | |||||||||||||||||||||
Empresa de Distribución Eléctrica de Lima Norte S.A.A. | 38,505,616 | - | 6,005,693 | 44,511,309 | - | (2,484,957) | 42,026,352 | |||||||||||||||||||||
Cachoeira Dourada S.A. | 87,903,465 | - | (1,176,179) | 86,727,286 | - | (14,168,110) | 72,559,176 | |||||||||||||||||||||
Edegel S.A.A | 72,931,068 | - | 10,848,527 | 83,779,595 | - | (4,677,208) | 79,102,387 | |||||||||||||||||||||
Emgesa S.A. E.S.P. | 4,673,418 | - | 467,264 | 5,140,682 | - | (96,302) | 5,044,380 | |||||||||||||||||||||
Chilectra S.A. | 128,374,362 | - | - | 128,374,362 | - | - | 128,374,362 | |||||||||||||||||||||
Empresa Nacional de Electricidad S.A. | 731,782,459 | - | - | 731,782,459 | - | - | 731,782,459 | |||||||||||||||||||||
Inversiones Distrilima S.A. | 11,453 | - | 1,786 | 13,239 | - | (739) | 12,500 | |||||||||||||||||||||
Total | 1,477,021,924 | (14,379,823) | 13,762,025 | 1,476,404,126 | - | (82,190,210) | 1,394,213,916 |
According to the Group management’s estimates and projections, the expected future cash flows projections attributable to the Cash-Generating Units or groups of Cash-Generating Units to which the acquired goodwill has been allocated allow recovery of its carrying value as of September 30, 2012 and December 31, 2011 (see Note 3.e).
(*) See Note 15.d) viii
(**) See Note 34.5
(***) Empresa Eléctrica Pangue S.A. was merged with Compañía Eléctrica San Isidro S.A. on May 2, 2012; it is the latter company that legally continues to exist.
The origin of the goodwill is detailed below:
1.- Ampla Energia e Serviços S.A.
On November 20, 1996, Enersis S.A. and Chilectra S.A., together with Endesa S.A. and Electricidad de Portugal, acquired a controlling stake in the company Cerj S.A. (now Ampla de Energía) of Rio de Janeiro in Brazil. Enersis S.A. and Chilectra S.A. together bought 42% of the total shares in an international public bidding process held by the Brazilian government.
Enersis S.A. and Chilectra S.A. also bought an additional 18.5% on December 31, 2000, so that they then held a total 60.5% stake, directly and indirectly.
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ENERSIS S.A. AND SUBSIDIARIES INTERIM CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD ENDING SEPTEMBER 30, 2012 (In thousands of Chilean pesos) | ![]() |
2.- Compañía Energética Do Ceará S.A. (Coelce)
Between 1998 and 1999, Enersis S.A. and Chilectra S.A., together with Endesa S.A., acquired the company Compañía de Distribución Eléctrica del Estado de Ceará (Coelce) in northeast Brazil in an international public bidding process held by the Brazilian government.
3.- Empresa Eléctrica de Colina Ltda.
On September 30, 1996, Chilectra S.A. acquired 100% of the company Empresa Eléctrica de Colina Ltda. from the investment company Saint Thomas S.A., which is neither directly nor indirectly related to Chilectra S.A.
4.- Compañía Distribuidora y Comercializadora de Energía S.A. (Codensa S.A.)
On October 23, 1997, Enersis S.A. and Chilectra S.A., together with Endesa S.A., acquired 48.5% of Colombiana Codensa S.A., a company that distributes electricity in Santa Fé de Bogotá in Colombia. The purchase took place through an international public bidding process held by the Colombian government.
5.- Empresa Eléctrica Pangue S.A.
On July 12, 2002, Endesa Chile acquired 2.51% of the shares of Empresa Eléctrica Pangue S.A. through a put option held by the minority shareholder Internacional Finance Corporation (IFC)
6.- Hidroeléctrica el Chocón S.A.
On August 31, 1993, Endesa Chile acquired 59% of Hidroeléctrica El Chocón in an international public bidding process held by the Argentine government.
7.- Compañía Eléctrica San Isidro S.A.
On August 11, 2005, Endesa Chile bought the shares of the company Inversiones Lo Venecia Ltda., whose only asset was a 25% interest in the company San Isidro S.A. (minority shareholder purchase).
8.- Empresa de Energía de Cundinamarca S.A.
On March 31, 2009, the company Distribuidora de Energía de Cundinamarca S.A. (DECA), a company jointly controlled by Empresa Eléctrica de Bogotá (51.003%) and our subsidiary Codensa S.A. (48.997%), acquired 82.34% of Empresa de Energía de Cundinamarca in a public bidding process held by the Colombian government.
9.- Empresa de Distribución Eléctrica de Lima Norte S.A.A.
On October 15, 2009 in a transaction on the Lima Stock Exchange, Enersis S.A. purchased an additional 24% interest in Empresa de Distribución Eléctrica de Lima Norte S.A.A. (Edelnor).
10.- Cachoeira Dourada S.A.
On September 5, 1997, our subsidiary Endesa Chile acquired 79% of the company Cachoeira Dourada S.A. in the state of Goias in a public bidding process held by the Brazilian government.
11.- Edegel S.A.A.
On October 9, 2009, in a transaction on the Lima Stock Exchange in Peru, our subsidiary Endesa Chile acquired an additional 29.3974% interest in Edegel S.A.A.
12.- Emgesa S.A. E.S.P.
On October 23, 1997, our subsidiary Endesa Chile, together with Endesa S.A., bought 48.5% of Emgesa S.A.E.S.P. in Colombia. The purchase was made in an international public bidding process held by the Colombian government.
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ENERSIS S.A. AND SUBSIDIARIES INTERIM CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD ENDING SEPTEMBER 30, 2012 (In thousands of Chilean pesos) | ![]() |
13.- Chilectra S.A.
In November 2000, Enersis S.A. purchased an additional 25.4% interest in the subsidiary Chilectra S.A. through a purchasing power of attorney in a public bidding process, reaching a 99.99% stake in the company.
14.- Empresa Nacional de Electricidad S.A.
On May 11, 1999, Enersis S.A. acquired an additional 35% in Endesa Chile in a public bidding process on the Santiago Stock Exchange and by buying shares in the U.S. (30% and 5%, respectively), reaching a 60% interest in the generation company.
15. | PROPERTY, PLANT, AND EQUIPMENT |
Property, plant, and equipment as of September 30, 2012 and December 31, 2011 are as follows:
Classes of Property, Plant, and Equipment, Net | 9-30-2012 | 12-31-2011 | ||||||
ThCh$ | ThCh$ | |||||||
Property, Plant, and Equipment, Net | 7,085,450,855 | 7,242,731,006 | ||||||
Construction in progress | 733,954,856 | 1,072,203,347 | ||||||
Land | 103,215,360 | 103,166,702 | ||||||
Buildings | 97,756,020 | 103,542,090 | ||||||
Plant and equipment | 6,058,611,550 | 5,864,732,615 | ||||||
Fixtures and fittings | 66,758,038 | 71,886,276 | ||||||
Other | 25,155,031 | 27,199,976 | ||||||
Classes of Property, Plant, and Equipment, Gross | 9-30-2012 | 12-31-2011 | ||||||
ThCh$ | ThCh$ | |||||||
Property, Plant, and Equipment, Gross | 12,462,607,503 | 12,611,068,947 | ||||||
Construction in progress | 733,954,856 | 1,072,203,347 | ||||||
Land | 103,215,360 | 103,166,702 | ||||||
Buildings | 174,523,233 | 181,206,892 | ||||||
Plant and equipment | 11,220,443,960 | 11,016,684,462 | ||||||
Fixtures and fittings | 198,132,482 | 203,946,217 | ||||||
Other | 32,337,612 | 33,861,327 | ||||||
Classes of Accumulated Depreciation and Impairment, Property, Plant, and Equipment | 9-30-2012 | 12-31-2011 | ||||||
ThCh$ | ThCh$ | |||||||
Accumulated Depreciation and Impairment, Property, Plant, and Equipment, Total | (5,377,156,648 | ) | (5,368,337,941 | ) | ||||
Buildings | (76,767,213 | ) | (77,664,802 | ) | ||||
Plant and equipment | (5,161,832,410 | ) | (5,151,951,847 | ) | ||||
Fixtures and Fittings | (131,374,444 | ) | (132,059,941 | ) | ||||
Other | (7,182,581 | ) | (6,661,351 | ) |
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ENERSIS S.A. AND SUBSIDIARIES INTERIM CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD ENDING SEPTEMBER 30, 2012 (In thousands of Chilean pesos) | ![]() |
The detail of property, plant, and equipment during the third quarter of 2012 and the 2011 fiscal year is as follows:
Changes in 2012 | Construction in Progress ThCh$ | Land ThCh$ | Buildings, Net ThCh$ | Plant and Equipment, Net ThCh$ | Other Property, Plant, and Equipment, Net ThCh$ | Property, Plant, and Equipment, Net ThCh$ | Property, Plant, and Equipment, Net ThCh$ | |||||||||||||||||||||||
Opening balance at January 1, 2012 | 1,072,203,347 | 103,166,702 | 103,542,090 | 5,864,732,615 | 71,886,276 | 27,199,976 | 7,242,731,006 | |||||||||||||||||||||||
Additions | 339,189,450 | 56,033 | 56,020 | 13,996,273 | 4,727,331 | - | 358,025,107 | |||||||||||||||||||||||
Disposals | (7,977) | (28,464) | 3,464 | (516,458) | (237,149) | - | (786,584) | |||||||||||||||||||||||
Depreciation expense (*) | - | - | (3,353,063) | (239,394,979) | (18,465,484) | (723,606) | (261,937,132) | |||||||||||||||||||||||
Foreign currency translation differences | (31,041,701) | (1,950,962) | (7,210,914) | (220,073,264) | (5,634,380) | (387,653) | (266,298,874) | |||||||||||||||||||||||
Other increases (decreases) | (646,388,263) | 1,972,051 | 4,718,423 | 639,867,363 | 14,481,444 | (933,686) | 13,717,332 | |||||||||||||||||||||||
Total changes | (338,248,491) | 48,658 | (5,786,070) | 193,878,935 | (5,128,238) | (2,044,945) | (157,280,151) | |||||||||||||||||||||||
Closing balance at September 30, 2012 | 733,954,856 | 103,215,360 | 97,756,020 | 6,058,611,550 | 66,758,038 | 25,155,031 | 7,085,450,855 | |||||||||||||||||||||||
| ||||||||||||||||||||||||||||||
Changes in 2011 | Construction in Progress
ThCh$ | Land
ThCh$ | Buildings, Net
ThCh$ | Plant and Equipment, Net
ThCh$ | Other Property, Plant, and Equipment, Net ThCh$ | Property, Plant, and Equipment, Net
ThCh$ | Property, Plant, and Equipment, Net ThCh$ | |||||||||||||||||||||||
Opening balance at January 1, 2011 | 810,013,619 | 122,864,336 | 103,735,435 | 5,613,164,538 | 74,513,233 | 27,649,494 | 6,751,940,655 | |||||||||||||||||||||||
Additions | 512,145,923 | 601,827 | 560,334 | 26,297,088 | 8,744,381 | 228 | 548,349,781 | |||||||||||||||||||||||
Disposals | (894,857) | (27,495) | (11,695) | (1,478,364) | (276,423) | - | (2,688,834) | |||||||||||||||||||||||
Depreciation expense | (47,084) | - | (4,917,847) | (292,351,527) | (23,896,598) | (1,005,434) | (322,218,490) | |||||||||||||||||||||||
Impairment loss recognized in Consolidated Statement of Comprehensive Income | - | - | - | (106,449,843) | - | - | (106,449,843) | |||||||||||||||||||||||
Foreign currency translation differences | 19,527,280 | 4,656,121 | 4,175,863 | 318,631,910 | 14,856,991 | 196,655 | 362,044,820 | |||||||||||||||||||||||
Other increases (decreases) | (268,541,534) | (24,928,087) | - | 306,918,813 | (2,055,308) | �� | 359,033 | 11,752,917 | ||||||||||||||||||||||
Total changes | 262,189,728 | (19,697,634) | (193,345) | 251,568,077 | (2,626,957) | (449,518) | 490,790,351 | |||||||||||||||||||||||
Closing balance at December 31, 2011 | 1,072,203,347 | 103,166,702 | 103,542,090 | 5,864,732,615 | 71,886,276 | 27,199,976 | 7,242,731,006 |
(*) See Note 28, Depreciation, amortization, and impairment loss.
Additional information on property, plant and equipment, net
a) Main investments
Material investments in the electricity generation business include developments in the program to create new capacity.
In Colombia, the Central Hidráulica El Quimbo, a hydroelectric dam with 400W of installed capacity and an average annual generation of some 2,216 GWH, is currently under construction.
b) Finance leases
As of September 30, 2012 and December 31, 2011, property, plant and equipment includes ThCh$125,532,463 and ThCh$137,092,811 respectively, in leased assets classified as finance leases.
The present value of future lease payments derived from these finance leases is as follows:
9-30-2012 | 12-31-2011 | |||||||||||||||||||||||||||||
Gross ThCh$ | Interest ThCh$ | Present Value ThCh$ | Gross ThCh$ | Interest ThCh$ | Present Value ThCh$ | |||||||||||||||||||||||||
Less than one year | 12,840,894 | 1,883,703 | 10,957,191 | 15,954,189 | 2,145,937 | 13,808,252 | ||||||||||||||||||||||||
From one to five years | 41,202,118 | 4,069,422 | 37,132,696 | 39,105,238 | 5,827,660 | 33,277,578 | ||||||||||||||||||||||||
More than Five Years | 13,322,818 | 2,183,071 | 11,139,747 | 27,619,488 | 2,457,926 | 25,161,562 | ||||||||||||||||||||||||
Total | 67,365,830 | 8,136,196 | 59,229,634 | 82,678,915 | 10,431,523 | 72,247,392 |
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ENERSIS S.A. AND SUBSIDIARIES INTERIM CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD ENDING SEPTEMBER 30, 2012 (In thousands of Chilean pesos) | ![]() |
Leasing assets primarily relate to:
1. Endesa Chile S.A.: a lease agreement for Electric Transmission Lines and Installations (Ralco-Charrúa 2X220 KV) entered into between Endesa Chile and Abengoa Chile S.A. The lease agreement has a 20-year maturity and bears interest at an annual rate of 6.5%.
2. Edegel S.A.A.: lease agreements to finance the project of converting the Ventanilla thermoelectric plant to a combined cycle plant. The agreements were signed between Edegel S.A.A. and the financial institutions BBVA - Banco Continental, Banco de Crédito del Perú, Citibank del Peru, and Banco Internacional del Peru - Interbank. These agreements have an average term of 8 years and bear interest at an annual rate of Libor + 2.5% as of June 30, 2012.
The company also has an agreement with Scotiabank, which financed the construction of a new open cycle plant at the Santa Rosa Plant. This agreement has a term of 9 years and bears interest an annual rate of Libor + 1.75%.
c) Operating leases
The consolidated statements of income at September 30, 2012 and 2011 include ThCh$13,208,770 and ThCh$13,300,615, respectively, corresponding to accrual during these periods of operating lease contracts for material assets in operation.
As of September 30, 2012 and December 31, 2011, the total future lease payments under those contracts are as follows:
9-30-2012 ThCh$ | 12-31-2011 ThCh$ | |||||||
Less than one year | 15,551,115 | 7,690,811 | ||||||
From one to five years | 32,303,730 | 21,347,042 | ||||||
More than Five Years | 32,568,793 | 41,634,563 | ||||||
Total | 80,423,638 | 70,672,416 |
d) Other information
i) As of September 30, 2012 and December 31, 2011, the Group had contractual commitments for the acquisition of property, plant and equipment amounting to ThCh$212,869,523 and ThCh$179,872,981, respectively.
ii) As of September 30, 2012 and December 31, 2011, the Group had property, plant and equipment pledged as security for liabilities in the amount of ThCh$281,809,824 and ThCh$328,844,716, respectively (see Note 34).
iii) The Company and its foreign subsidiaries have insurance policies for risk, earthquake, machinery breakdown and damages for business interruption with a US$300 million limit in the case of generating companies and a US$30 million limit for distribution companies, including business interruption coverage. The premiums associated with these policies are presented under the line item “Prepayments” within assets.
iv) GasAtacama, in which Endesa Chile has a 50% ownership interest, consolidated using the proportional integration method, has, among other assets, a combined-cycle electricity generation plant in northern Chile. As importing natural gas from neighboring countries was not possible, GasAtacama has been forced to generate electricity using alternative fuels, the cost of which significantly increased since the last few months of 2007 due to increases in oil prices. As a result, the company filed lawsuits for early termination of its contract with distributor Emel. On January 25, 2008, a ruling was issued in arbitration proceedings on this matter to deny early termination. This situation significantly reduced the recoverable value of the aforementioned plant and, therefore, as of December 31, 2007, an impairment provision of US$110 million was recorded.
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ENERSIS S.A. AND SUBSIDIARIES INTERIM CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD ENDING SEPTEMBER 30, 2012 (In thousands of Chilean pesos) | ![]() |
v) The asset situation, primarily that of works and infrastructure, involving facilities built to support power generation in the SIC grid, has changed since 1998, due primarily to the installation in the SIC of new thermoelectric plants, the arrival of LNG, and new projects that will starting up soon. This results in a new configuration of ample supply for the coming years, in which it is expected that these facilities will not need to be used. Therefore, as of December 31, 2009, the company recorded an impairment provision of ThCh$43,999,600 for these assets.
vi) As a result of the February 27, 2010 earthquake in Chile, some of our plant and equipment were partially or totally impaired. The impact on our total assets, however, is minor as the only facilities that suffered some damage in infrastructure were the Bocamina I and Bocamina II plants, as well as a few other assets from our distribution business.
Due to these impairments, we have written down ThCh$369,643 in assets. Additionally, the Group had to incur expenditures related to repair and capital improvements totaling ThCh$9,733,426, primarily at the Bocamina I plant. All of the disbursements incurred are covered by insurance, which carries a US$ 2.5 million policy deductible.
The Group has the necessary insurance coverage for these types of exceptional claims, which provide coverage for material damage as well as business interruption. See Note 25.
vii) Our subsidiary Companhia De Interconexão Energética (“CIEN”) was initially in the business of selling electricity in Argentina and Brazil. However, because of the reduction in the availability of power generation and physical guarantee of energy and its associated power, the company has focused its business on a different compensation structure that is not based on the purchase and sale of energy between the countries. Given the strategic importance of the company’s assets in the relations between Brazil and Argentina, the company and the Brazilian Government have jointly drawn up a new business plan model changing its selling activity to an electricity transmission activity with payment of a fixed compensation. This new plan involves integrating its transmission lines with the Brazilian transmission grid operated by the Brazilian Government.
In prior periods, the Argentine and Uruguayan Governments formalized toll payments with the company to transport energy between the two countries. Management considers that this situation further emphasizes the importance of the application made to the Brazilian Government to approve the new business plan and considers that it will probably be approved. In addition, on June 4, 2010 the company signed a new transmission contract for a six-month period for a total of US$155 million to cover the energy transmission required by the Argentine Government.
Finally, on April 5, 2011, theDiario Oficial(The Official Gazette) publishedPortarías Ministeriales (Ministerial Decrees) 210/2011 and 211/2011 that equipped Companhía de Interconexao Energética, S.A. (CIEN) with a regulated interconnection line involving payment of a regulated toll. TheReceita Anual Permitida (RAP), or income permitted annually, corresponded to 248 million Brazilian reals, to be adjusted according to the Broad National Consumer Price Index (IPCA) every year in June and with the rate to be reviewed every four years. The Line 1 concession lasts until June 2020 and the Line 2 concession until July 2022, with compensation provisions for non-amortized investments. This successfully concludes the change in CIEN’s business model that we had previously reported. (see Note 3a).
viii) Our Argentine subsidiary, Empresa Distribuidora Sur S.A., has seen its financial equilibrium seriously affected by the delay in the compliance with certain points of theActa de Acuerdo agreement signed with the Argentine Government, particularly the twice-yearly rate adjustments recognized through the cost-monitoring mechanism (MMC) and the establishment of an Integral Rate Review (IRT) as provided for in this agreement.
At the close of the 2011 fiscal year, Enersis had recorded an impairment loss of ThCh$106,449,843 for the Property, Plant and Equipment of Empresa Distribuidora Sur S.A., as well as an additional loss of ThCh$8,931,451 for the complete impairment of the purchase goodwill that was assigned to its Argentine subsidiary (see Note 14) in order to cover almost the total equity risk that this company represents for the Enersis Group.
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ENERSIS S.A. AND SUBSIDIARIES INTERIM CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD ENDING SEPTEMBER 30, 2012 (In thousands of Chilean pesos) |
16. | INVESTMENT PROPERTY |
The detail of the composition of, and changes in, investment property during the third quarter of 2012 and the 2011 fiscal year is as follows:
Investment Properties | ThCh$ | |
Opening balance January 1, 2011 | 33,019,154 | |
Additions | 2,716,250 | |
Disposals | (977,173) | |
Depreciation expense | (24,029) | |
Impairment losses reversed, recognized in the Consolidated Statement of Comprehensive Income (*) | 3,321,687 | |
Balance at December 31, 2011 | 38,055,889 | |
Additions | 825,184 | |
Disposals | (531,108) | |
Depreciation expense | (18,022) | |
Closing balance investment properties September 30, 2012 | 38,331,943 |
(*) See Note 28.
The fair value of the Group’s investment properties as of December 31, 2011, determined on the basis of valuations carried out internally, was ThCh$36,492,692. As of September 30, 2012, the market value of these properties had not changed significantly.
The selling price of investment properties disposed of in the 2012 period and the 2011 fiscal year was ThCh$2,577,975 and ThCh$2,330,179, respectively.
The amounts recognized in profit or loss during the 2012 and 2011 periods as direct operating expenses arising from investment properties were not significant.
The Group has insurance policies to cover operational risks of its investment properties, as well as to cover legal claims against the Group that could potentially arise from exercising its business activity. The Group’s management considers that the insurance policy coverage is sufficient against the risks involved.
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ENERSIS S.A. AND SUBSIDIARIES INTERIM CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD ENDING SEPTEMBER 30, 2012 (In thousands of Chilean pesos) | ![]() |
17. | DEFERRED TAXES |
a. | The deferred taxes recognized by temporary differences as of September 30, 2012 and December 31, 2011 are as follows: |
Deferred Tax Assets | Deferred Tax Liabilities | |||||||||||||||
Temporary Differences | 9-30-2012 | 12-31-2011 | 9-30-2012 | 12-31-2011 | ||||||||||||
ThCh$ | ThCh$ | ThCh$ | ThCh$ | |||||||||||||
Deferred tax relating to depreciations | 90,097,787 | 87,992,490 | 467,045,117 | 455,205,366 | ||||||||||||
Deferred tax relating to amortizations | - | - | 6,624,665 | 6,082,237 | ||||||||||||
Deferred tax relating to accruals | 10,708,712 | 12,161,705 | 13,091,658 | 5,034,474 | ||||||||||||
Deferred tax relating to provisions | 103,014,292 | 86,876,561 | 619,757 | 4,431,328 | ||||||||||||
Deferred tax relating to foreign exchange contracts | 3,634,834 | 31,195,995 | 1,583,930 | 107,097 | ||||||||||||
Deferred tax relating to post-employment benefit obligations | 46,112,660 | 38,807,414 | 2,284,825 | 5,074,020 | ||||||||||||
Deferred tax relating to revaluations of financial instruments | 49,957,681 | 37,813,186 | 6,472,329 | 880,379 | ||||||||||||
Deferred tax relating to tax losses | 81,964,241 | 22,117,495 | - | - | ||||||||||||
Deferred tax relating to other items | 60,126,489 | 62,973,782 | 50,172,136 | 31,623,354 | ||||||||||||
Total Deferred Taxes | 445,616,696 | 379,938,628 | 547,894,417 | 508,438,255 |
b. | The following table presents the changes in deferred taxes in the Consolidated Statement of Financial Position for the 2012 period and the 2011 fiscal year: |
Changes in Deferred Taxes | Assets ThCh$ | Liabilities ThCh$ | ||||||||
Balance at January 1, 2011 | 452,634,364 | 555,923,578 | ||||||||
Increase (decrease) in profit or loss | (48,785,847) | (26,492,538) | ||||||||
Increase (decrease) in Comprehensive Income | 14,647,632 | 3,942,971 | ||||||||
Foreign currency translation | 8,826,145 | 33,797,031 | ||||||||
Other increase (decrease) | (47,383,666) | (58,732,787) | ||||||||
Balance at December 31, 2011 | 379,938,628 | 508,438,255 | ||||||||
Increase (decrease) in profit or loss | 91,837,628 | 53,891,987 | ||||||||
Increase (decrease) in Comprehensive Income | (703,139) | 4,007,585 | ||||||||
Foreign currency translation | (35,982,380) | (28,670,272) | ||||||||
Other increase (decrease) | 10,525,959 | 10,226,862 | ||||||||
Balance at September 30, 2012 | 445,616,696 | 547,894,417 |
Recovery of deferred tax assets will depend on whether sufficient tax profits are obtained in the future. The Company believes that the future profit projections for its numerous subsidiaries will allow these assets to be recovered.
c. | As of September 30, 2012 and December 31, 2011, the Group has not recognized deferred tax assets related to tax losses totaling ThCh$43,505,221 and ThCh$39,313,993, respectively. See Note 3.o. |
The Enersis Group has not recognized deferred tax liabilities for taxable temporary differences associated with investment in subsidiaries, associates, and jointly controlled entities, as it is able to control the timing of the reversal of the temporary differences and considers that it is probable that such temporary differences will not reverse in the foreseeable future. The aggregate amount of taxable temporary differences associated with investments in subsidiaries, associates, and jointly controlled entities for which deferred tax liabilities have not been recognized totaled ThCh$2,142,657,526 as of September 30, 2012 (ThCh$ 2,204,931,942 as of December 31, 2011).
The Group is potentially subject to income tax audits by the tax authorities of each country in which the Group operates. Such tax audits can be performed until the applicable statute of limitations expires. Tax audits by their nature are often complex and can require several years to complete. The following table presents a summary of tax years, potentially subject to examination, in the significant tax jurisdictions in which the Group operates:
Country | Period | |
Chile | 2007-2011 | |
Argentina | 2002-2011 | |
Brazil | 2007-2011 | |
Colombia | 2009-2011 | |
Peru | 2007-2011 |
Given the range of possible interpretations of tax standards, the results of any future inspections carried out by tax authorities for the years subject to audit can give rise to tax liabilities that cannot currently be quantified objectively. Nevertheless, Enersis Management estimates that the liabilities, if any, that may arise from such audits, would not significantly impact the companies’ future results.
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ENERSIS S.A. AND SUBSIDIARIES INTERIM CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD ENDING SEPTEMBER 30, 2012 (In thousands of Chilean pesos) | ![]() |
The effects of deferred tax on the components of other comprehensive income are as follows:
September 30, 2012 | September 30, 2011 | |||||||||||||||||||||||
Effects of Deferred Tax on the Components of Other Comprehensive Income | Amount Before Tax | Income Tax Expense (Benefit) | Amount After Tax | Amount Before Tax | Income Tax Expense (Benefit) | Amount After Tax | ||||||||||||||||||
ThCh$ | ThCh$ | ThCh$ | ThCh$ | ThCh$ | ThCh$ | |||||||||||||||||||
Available-for sale financial assets | (315) | (8) | (323) | (2,642) | 449 | (2,193) | ||||||||||||||||||
Cash flow hedge | 61,063,092 | (13,352,141) | 47,710,951 | (101,141,362) | 20,417,589 | (80,723,773) | ||||||||||||||||||
Foreign currency translation | (438,560,586) | - | (438,560,586) | 243,429,400 | - | 243,429,400 | ||||||||||||||||||
Actuarial income on defined-benefit pension plans | 178,754 | 52,128 | 230,882 | (1,491,871) | 428,493 | (1,063,378) | ||||||||||||||||||
Income tax related to components of other income and expenses debited or credited to Equity | (377,319,055) | (13,300,021) | (390,619,076) | 140,793,525 | 20,846,531 | 161,640,056 |
18. | OTHER FINANCIAL LIABILITIES |
The balance of other financial liabilities as of September 30, 2012 and December 31, 2011 is as follows:
Other financial liabilities | September 30, 2012 | December 31, 2011 | ||||||||||||||
Current | Non-current | Current | Non-current | |||||||||||||
ThCh$ | ThCh$ | ThCh$ | ThCh$ | |||||||||||||
Interest-bearing loans | 635,233,795 | 2,600,198,581 | 661,974,731 | 3,049,197,963 | ||||||||||||
Hedging derivatives (*) | 4,647,013 | 237,887,616 | 6,200,643 | 212,913,735 | ||||||||||||
Non-hedging derivatives (**) | 136,810 | - | 807,105 | - | ||||||||||||
Obligation for Túnel El Melón concession | 2,933,402 | 9,367,003 | 2,207,755 | 9,243,595 | ||||||||||||
Other financial liabilities | - | - | 892,104 | - | ||||||||||||
Total | 642,951,020 | 2,847,453,200 | 672,082,338 | 3,271,355,293 |
(*) See Note 20.2.a.
(**) See Note 20.2.b.
Page 68
ENERSIS S.A. AND SUBSIDIARIES INTERIM CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD ENDING SEPTEMBER 30, 2012 (In thousands of Chilean pesos) | ![]() |
18.1 | Interest-bearing borrowings |
The detail of current and non-current interest-bearing borrowings as of September 30, 2012 and December 31, 2011 is as follows:
Classes of Loans that Accrue Interest | Balance at September 30, 2012 | Balance at December 31, 2011 | ||||||||
Current ThCh$ | Non-current ThCh$ | Current ThCh$ | Non-current ThCh$ | |||||||
Bank loans | 127,033,115 | 325,286,591 | 278,455,859 | 316,103,001 | ||||||
Unsecured obligations | 352,070,509 | 2,078,834,779 | 242,785,757 | 2,439,913,903 | ||||||
Secured obligations | 9,853,075 | 9,097,204 | 10,660,476 | 9,635,108 | ||||||
Finance leases | 10,957,191 | 48,272,443 | 13,808,252 | 58,439,140 | ||||||
Other loans | 135,319,905 | 138,707,564 | 116,264,387 | 225,106,811 | ||||||
| ||||||||||
Total | 635,233,795 | 2,600,198,581 | 661,974,731 | 3,049,197,963 |
Bank loans by currency and contractual maturity as of September 30, 2012 and December 31, 2011 are as follows:
-Summary of Bank Loans by currency and contractual maturity
Current | Non-current | |||||||||||||||||||||||||||||||||
Maturity | Maturity | |||||||||||||||||||||||||||||||||
Country |
Currency | Nominal Rate | Secured/ Unsecured | One to ThCh$ | Three to ThCh$ | Total Current at ThCh$ | One to ThCh$ | Three to Five Years ThCh$ | More than Five Years ThCh$ | Total Non- current at 9-30-2012 | ||||||||||||||||||||||||
ThCh$ | ||||||||||||||||||||||||||||||||||
Chile | US$ | 1.90 | % | Unsecured | 874,083 | 683,378 | 1,557,461 | 96,653,228 | 387,561 | - | 97,040,789 | |||||||||||||||||||||||
Chile | Ch$ | 6.30 | % | Unsecured | 5,038 | - | 5,038 | - | - | - | - | |||||||||||||||||||||||
Peru | US$ | 3.55 | % | Unsecured | 2,553,754 | 1,994,755 | 4,548,509 | 5,899,180 | 25,279,499 | 12,015,798 | 43,194,477 | |||||||||||||||||||||||
Peru | Sol | 5.16 | % | Unsecured | 8,921,301 | - | 8,921,301 | - | 1,819,441 | 20,013,848 | 21,833,289 | |||||||||||||||||||||||
Argentina | US$ | 8.42 | % | Unsecured | 1,701,836 | 9,559,577 | 11,261,413 | 8,728,848 | - | - | 8,728,848 | |||||||||||||||||||||||
Argentina | Ar$ | 20.60 | % | Unsecured | 26,511,976 | 22,691,250 | 49,203,226 | 25,167,689 | - | - | 25,167,689 | |||||||||||||||||||||||
Colombia | CP | 9.10 | % | Unsecured | 3,513,427 | - | 3,513,427 | - | 80,067,155 | - | 80,067,155 | |||||||||||||||||||||||
Brazil | US$ | 7.81 | % | Unsecured | 2,883,158 | 3,551,576 | 6,434,734 | 13,046,395 | 9,103,440 | 3,831,384 | 25,981,219 | |||||||||||||||||||||||
Brazil | Real | 9.06 | % | Unsecured | 36,933,381 | 4,654,625 | 41,588,006 | 23,273,125 | - | - | 23,273,125 | |||||||||||||||||||||||
Total | 83,897,954 | 43,135,161 | 127,033,115 | 172,768,465 | 116,657,096 | 35,861,030 | 325,286,591 |
Current | Non-current | |||||||||||||||||||||||||||||||||
Maturity | Maturity | |||||||||||||||||||||||||||||||||
Country |
Currency | Nominal Rate | Secured/ Unsecured | One to ThCh$ | Three to ThCh$ | Total Current at ThCh$ | One to ThCh$ | Three to Five Years ThCh$ | More than Five Years ThCh$ | Total Non- current at 12-31-2011 | ||||||||||||||||||||||||
ThCh$ | ||||||||||||||||||||||||||||||||||
Chile | US$ | 1.97 | % | Unsecured | 84,500 | 1,607,710 | 1,692,210 | 107,025,578 | 849,449 | - | 107,875,027 | |||||||||||||||||||||||
Peru | US$ | 3.63 | % | Unsecured | 2,354,628 | 8,838,878 | 11,193,506 | 4,296,544 | 19,212,039 | 26,158,087 | 49,666,670 | |||||||||||||||||||||||
Peru | Sol | 5.20 | % | Unsecured | 310,428 | 1,541,618 | 1,852,046 | - | - | 30,832,352 | 30,832,352 | |||||||||||||||||||||||
Argentina | US$ | 5.28 | % | Unsecured | 494,597 | 6,393,975 | 6,888,572 | 17,983,101 | 1,598,484 | - | 19,581,585 | |||||||||||||||||||||||
Argentina | Ar$ | 21.17 | % | Unsecured | 37,631,229 | 17,687,954 | 55,319,183 | 40,368,276 | 2,414,084 | - | 42,782,360 | |||||||||||||||||||||||
Colombia | CP | 6.48 | % | Unsecured | 262,107 | 86,794,795 | 87,056,902 | - | - | - | - | |||||||||||||||||||||||
Brazil | US$ | 6.05 | % | Unsecured | - | 5,825,541 | 5,825,541 | 13,909,371 | 11,722,036 | 6,352,599 | 31,984,006 | |||||||||||||||||||||||
Brazil | Real | 12.89 | % | Unsecured | 9,173,097 | 99,454,802 | 108,627,899 | 33,381,001 | - | - | 33,381,001 | |||||||||||||||||||||||
Total | 50,310,586 | 228,145,273 | 278,455,859 | 216,963,871 | 35,796,092 | 63,343,038 | 316,103,001 |
The fair value of current and non-current bank borrowings totaled ThCh$438,228,895 at September 30, 2012 and ThCh$582,919,972 at December 31, 2011.
Page 69
ENERSIS S.A. AND SUBSIDIARIES INTERIM CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD ENDING SEPTEMBER 30, 2012 (In thousands of Chilean pesos) | ![]() |
- Identification of Bank Borrowings by Company
Taxpayer ID No.(RUT) | Company | Country | ID No. Financial Institution | Financial Institution | Country | Currency | Effective Interest Rate | Nominal Interest Rate | Type of Amorti- zation | 09-2012 | 12-2011 | |||||||||||||||||||||||||||||||||||
Current ThCh$ | Non-current ThCh$ | Current ThCh$ | Non-current ThCh$ | |||||||||||||||||||||||||||||||||||||||||||
Less than 90 days | More than 90 Days | Total Current | One to Three Years | Three to Five Years | More than Five Years | Total Non- current | Less than 90 days | More than 90 Days | Total Current | One to Three Years | Three to Five Years | More than Five Years | Total Non- current | |||||||||||||||||||||||||||||||||
Foreign | Ampla | Brazil | Foreign | Unibanco | Brazil | Real | 10.27% | 10.29% | Semi- annually | 642,235 | - | 642,235 | - | - | - | - | 26,242 | 1,479,891 | 1,506,133 | - | - | - | - | |||||||||||||||||||||||
Foreign | Ampla | Brazil | Foreign | Brasdesco | Brazil | Real | 10.10% | 5.92% | Semi- annually | 730,809 | 4,654,625 | 5,385,434 | - | - | - | - | 6,481,458 | 7,048,955 | 13,530,413 | 5,563,500 | - | - | 5,563,500 | |||||||||||||||||||||||
Foreign | Ampla | Brazil | Foreign | Banco do Brasil | Brazil | Real | 9.93% | 9.77% | At maturity | 1,964,994 | - | 1,964,994 | 23,273,125 | - | - | 23,273,125 | 275,812 | - | 275,812 | 27,817,501 | - | - | 27,817,501 | |||||||||||||||||||||||
Foreign | Ampla | Brazil | Foreign | Banco HSBC | Brazil | Real | 9.91% | 6.35% | Semi- annually | 8,971,217 | - | 8,971,217 | - | - | - | - | 176,118 | 20,863,126 | 21,039,244 | - | - | - | - | |||||||||||||||||||||||
Foreign | Ampla | Brazil | Foreign | Banco Itaú | Brazil | Real | 10.12% | 10.20% | Semi- annually | 794,194 | - | 794,194 | - | - | - | - | 1,694 | 1,856,820 | 1,858,514 | - | - | - | - | |||||||||||||||||||||||
Foreign | Ampla | Brazil | Foreign | Banco Alfa | Brazil | Real | 10.23% | 10.27% | Semi- annually | - | - | - | - | - | - | - | 2,211,773 | 12,517,876 | 14,729,649 | - | - | - | - | |||||||||||||||||||||||
Foreign | CGTF Fortaleza | Brazil | Foreign | IFC - A | Brazil | US$ | 7.96% | 8.06% | Semi- annually | 1,118,483 | 1,159,236 | 2,277,719 | 5,074,997 | 5,856,068 | 1,599,761 | 12,530,826 | - | 2,426,516 | 2,426,516 | 5,406,532 | 6,238,628 | 3,470,634 | 15,115,794 | |||||||||||||||||||||||
Foreign | CGTF Fortaleza | Brazil | Foreign | IFC - B | Brazil | US$ | 3.03% | 3.03% | Semi- annually | 1,764,675 | 2,392,340 | 4,157,015 | 7,971,398 | 2,170,906 | - | 10,142,304 | - | 3,399,025 | 3,399,025 | 8,502,839 | 4,712,630 | - | 13,215,469 | |||||||||||||||||||||||
Foreign | CGTF Fortaleza | Brazil | Foreign | IFC - C | Brazil | US$ | 12.06% | 12.35% | Semi- annually | - | - | - | - | 1,076,466 | 2,231,623 | 3,308,089 | - | - | - | - | 770,778 | 2,881,965 | 3,652,743 | |||||||||||||||||||||||
96,800,570-7 | Chilectra S.A. | Chile | - | Credit Lines | Chile | Ch$ | 6.60% | 6.60% | Other | 1,046 | - | 1,046 | - | - | - | - | - | - | - | - | - | - | - | |||||||||||||||||||||||
79,913,810-7 | Inmobiliaria Velasco S.A. | Chile | - | Credit Lines | Chile | Ch$ | At maturity | - | - | - | - | - | - | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||
Foreign | Chinango | Peru | Foreign | Banco Continental | Peru | Sol | 3.85% | 3.80% | Quarterly | 1,459,025 | - | 1,459,025 | - | - | - | - | 3,068 | 1,541,618 | 1,544,686 | - | - | - | - | |||||||||||||||||||||||
Foreign | Chinango | Peru | Foreign | Banco Scotiabank | Peru | US$ | 4.24% | 4.19% | Quarterly | 63,935 | 293,068 | 357,003 | 1,172,273 | 1,172,273 | 12,015,798 | 14,360,344 | 71,315 | - | 71,315 | 1,127,370 | 1,288,422 | 13,689,484 | 16,105,276 | |||||||||||||||||||||||
Foreign | Compañía Distribuidora y Comercializ. de Energía S.A. | Colombia | Foreign | Banco Agrario | Colombia | CP | 6.27% | 6.11% | At maturity | - | - | - | - | - | - | - | 262,107 | - | 262,107 | - | - | - | - | |||||||||||||||||||||||
Foreign | Companhía de Interconexao Energética S.A. | Brazil | Foreign | Santander | Brazil | Real | 11.61% | 11.80% | Semi- annually | 23,829,932 | - | 23,829,932 | - | - | - | - | - | 55,688,134 | 55,688,134 | - | - | - | - | |||||||||||||||||||||||
Foreign | Edegel | Peru | Foreign | Banco de Crédito | Peru | US$ | 3.51% | 3.47% | Quarterly | 1,708,131 | 1,701,687 | 3,409,818 | - | - | - | - | 1,890,464 | 5,610,961 | 7,501,425 | 1,870,361 | - | - | 1,870,361 | |||||||||||||||||||||||
Foreign | Edegel | Peru | Foreign | Banco Continental | Peru | US$ | 2.99% | 2.96% | Quarterly | 519,983 | - | 519,983 | - | - | - | - | 392,849 | 1,357,201 | 1,750,050 | - | - | - | - | |||||||||||||||||||||||
Foreign | Edegel | Peru | Foreign | Banco Continental | Peru | US$ | 3.64% | 3.59% | Quarterly | 261,705 | - | 261,705 | 4,726,907 | 24,107,226 | - | 28,834,133 | - | - | - | 1,298,813 | 17,923,617 | 12,468,603 | 31,691,033 | |||||||||||||||||||||||
Foreign | Edegel | Peru | Foreign | Banco Scotiabank | Peru | US$ | 1.65% | L6M+1.25% | Semi- annually | - | - | - | - | - | - | - | - | 1,870,716 | 1,870,716 | - | - | - | - | |||||||||||||||||||||||
Foreign | Edelnor | Peru | Foreign | Banco de Crédito | Peru | Sol | 5.43% | 5.32% | Quarterly | 19,309 | - | 19,309 | - | - | 2,729,161 | 2,729,161 | 18,741 | - | 18,741 | - | - | 2,890,532 | 2,890,532 | |||||||||||||||||||||||
Foreign | Edelnor | Peru | Foreign | Banco de Crédito | Peru | Sol | 5.43% | 5.32% | Quarterly | 19,309 | - | 19,309 | - | - | 2,729,161 | 2,729,161 | 18,741 | - | 18,741 | - | - | 2,890,532 | 2,890,532 | |||||||||||||||||||||||
Foreign | Edelnor | Peru | Foreign | Banco de Crédito | Peru | Sol | 5.43% | 5.32% | Quarterly | 9,399 | - | 9,399 | - | - | 2,365,273 | 2,365,273 | 8,847 | - | 8,847 | - | - | 2,505,128 | 2,505,128 | |||||||||||||||||||||||
Foreign | Edelnor | Peru | Foreign | Banco de Crédito | Peru | Sol | 5.43% | 5.32% | Quarterly | 7,724 | - | 7,724 | - | - | 1,091,664 | 1,091,664 | 7,497 | - | 7,497 | - | - | 1,156,213 | 1,156,213 | |||||||||||||||||||||||
Foreign | Edelnor | Peru | Foreign | Banco de Crédito | Peru | Sol | 5.43% | 5.32% | Quarterly | 32,182 | - | 32,182 | - | - | 4,548,602 | 4,548,602 | 31,235 | - | 31,235 | - | - | 4,817,554 | 4,817,554 | |||||||||||||||||||||||
Foreign | Edelnor | Peru | Foreign | Banco de Crédito | Peru | Sol | 5.43% | 5.32% | Quarterly | 19,309 | - | 19,309 | - | - | 2,729,161 | 2,729,161 | 18,741 | - | 18,741 | - | - | 2,890,532 | 2,890,532 | |||||||||||||||||||||||
Foreign | Edelnor | Peru | Foreign | Banco de Crédito | Peru | Sol | 5.43% | 5.32% | Quarterly | 45,729 | - | 45,729 | - | - | 3,820,826 | 3,820,826 | 44,826 | - | 44,826 | - | - | 4,046,745 | 4,046,745 | |||||||||||||||||||||||
Foreign | Edelnor | Peru | Foreign | Banco de Interbank | Peru | Sol | 6.90% | 6.73% | Quarterly | 25,126 | - | 25,126 | - | 1,819,441 | - | 1,819,441 | 26,612 | - | 26,612 | - | - | 1,927,022 | 1,927,022 | |||||||||||||||||||||||
Foreign | Edelnor | Peru | Foreign | Banco de Crédito | Peru | Sol | 4.56% | 4.48% | Quarterly | 2,732,205 | - | 2,732,205 | - | - | - | - | - | - | - | - | - | - | - | |||||||||||||||||||||||
Foreign | Edelnor | Peru | Foreign | Banco de Crédito | Peru | Sol | 4.56% | 4.48% | Quarterly | 4,551,984 | - | 4,551,984 | - | - | - | - | - | - | - | - | - | - | - | |||||||||||||||||||||||
Foreign | Edelnor | Peru | Foreign | Banco Continental | Peru | Sol | 5.43% | 5.32% | Quarterly | - | - | - | - | - | - | - | 132,120 | - | 132,120 | - | - | 7,708,094 | 7,708,094 | |||||||||||||||||||||||
Foreign | Edesur S.A. | Argentina | Foreign | Banco de la Ciudad de Buenos Aires | Argentina | Ar$ | 21.72% | 19.81% | Quarterly | 107,082 | - | 107,082 | 7,046,383 | - | - | 7,046,383 | 186,005 | - | 186,005 | 8,449,285 | - | - | 8,449,285 | |||||||||||||||||||||||
Foreign | Edesur S.A. | Argentina | Foreign | Banco Provincia de Buenos Aires | Argentina | Ar$ | 16.65% | 15.50% | Monthly | 9,832 | - | 9,832 | 1,006,626 | - | - | 1,006,626 | - | - | - | 1,207,041 | - | - | 1,207,041 | |||||||||||||||||||||||
Foreign | Edesur S.A. | Argentina | Foreign | Standard Bank | Argentina | Ar$ | 22.83% | 21.10% | Monthly | 10,479 | 1,811,927 | 1,822,406 | 1,207,952 | - | - | 1,207,952 | - | - | - | 3,621,124 | - | - | 3,621,124 | |||||||||||||||||||||||
Foreign | Edesur S.A. | Argentina | Foreign | Banco Santander Río | Argentina | Ar$ | 21.27% | 19.76% | Monthly | 57,235 | 1,006,626 | 1,063,861 | 1,509,939 | - | - | 1,509,939 | 4,834,533 | - | 4,834,533 | 2,414,082 | - | - | 2,414,082 | |||||||||||||||||||||||
Foreign | Edesur S.A. | Argentina | Foreign | BBVA | Argentina | Ar$ | 19.55% | 18.00% | Monthly | 604,870 | - | 604,870 | - | - | - | - | 42,370 | 2,414,082 | 2,456,452 | - | - | - | - | |||||||||||||||||||||||
Foreign | Edesur S.A. | Argentina | Foreign | BBVA | Argentina | Ar$ | 21.55% | 20.00% | Semi- annually | - | - | - | - | - | - | - | 617,884 | - | 617,884 | - | - | - | - | |||||||||||||||||||||||
Foreign | Edesur S.A. | Argentina | Foreign | Banco Santander Río | Argentina | Ar$ | 21.27% | 19.76% | Quarterly | 45,785 | 805,300 | 851,085 | 1,207,950 | - | - | 1,207,950 | - | - | - | - | - | - | - | |||||||||||||||||||||||
Foreign | Edesur S.A. | Argentina | Foreign | Banco Santander Río | Argentina | Ar$ | 21.26% | 19.75% | Quarterly | 22,875 | 402,650 | 425,525 | 603,975 | - | - | 603,975 | - | - | - | - | - | - | - | |||||||||||||||||||||||
Foreign | Edesur S.A. | Argentina | Foreign | Citibank | Argentina | Ar$ | 21.94% | 20.00% | Monthly | 617,872 | 603,976 | 1,221,848 | - | - | - | - | - | - | - | - | - | - | - | |||||||||||||||||||||||
Foreign | Edesur S.A. | Argentina | Foreign | Banco Itaú | Argentina | Ar$ | 21.52% | 19.65% | Quarterly | 25,741 | - | 25,741 | 2,516,566 | - | - | 2,516,566 | - | - | - | 3,017,603 | - | - | 3,017,603 | |||||||||||||||||||||||
Foreign | Edesur S.A. | Argentina | Foreign | Banco Galicia | Argentina | Ar$ | 21.94% | 20.00% | Monthly | 807,618 | 603,976 | 1,411,594 | - | - | - | - | 1,260,656 | 2,414,082 | 3,674,738 | - | - | - | - | |||||||||||||||||||||||
Foreign | Edesur S.A. | Argentina | Foreign | Banco Macro | Argentina | Ar$ | 23.67% | 21.44% | Monthly | 20,105 | 2,013,252 | 2,033,357 | - | - | - | - | - | - | - | 2,414,082 | - | - | 2,414,082 | |||||||||||||||||||||||
Foreign | Edesur S.A. | Argentina | Foreign | Citibank | Argentina | Ar$ | 21.94% | 20.00% | Monthly | 588,323 | 583,843 | 1,172,166 | - | - | - | - | 282,930 | 1,750,209 | 2,033,139 | - | - | - | - | |||||||||||||||||||||||
Foreign | Edesur S.A. | Argentina | Foreign | Citibank | Argentina | Ar$ | 24.06% | 21.75% | Monthly | 8,656 | 2,421,087 | 2,429,743 | - | - | - | - | 311,088 | 1,810,562 | 2,121,650 | - | - | - | - | |||||||||||||||||||||||
Foreign | Edesur S.A. | Argentina | Foreign | Banco Santander Río | Argentina | Ar$ | 24.03% | 21.00% | Monthly | 228,303 | 4,409,022 | 4,637,325 | - | - | - | - | - | - | - | 4,224,644 | - | - | 4,224,644 | |||||||||||||||||||||||
Foreign | Edesur S.A. | Argentina | Foreign | Banco Frances | Argentina | Ar$ | 18.55% | 17.75% | Monthly | 542,720 | - | 542,720 | - | - | - | - | - | - | - | - | - | - | - | |||||||||||||||||||||||
Foreign | Edesur S.A. | Argentina | Foreign | Banco Supervielle | Argentina | Ar$ | 22.39% | 20.35% | Monthly | 356,553 | - | 356,553 | - | - | - | - | 852,036 | - | 852,036 | - | - | - | - | |||||||||||||||||||||||
Foreign | Edesur S.A. | Argentina | Foreign | Comafi | Argentina | Ar$ | 25.07% | 22.50% | Monthly | 332,372 | - | 332,372 | - | - | - | - | 1,192,058 | - | 1,192,058 | - | - | - | - | |||||||||||||||||||||||
Foreign | Edesur S.A. | Argentina | Foreign | Banco Santander Río | Argentina | US$ | 6.24% | 6.24% | Monthly | 200,984 | - | 200,984 | - | - | - | - | - | - | - | - | - | - | - | |||||||||||||||||||||||
Foreign | Emgesa | Colombia | Foreign | Bancolombia | Colombia | CP | 9.53% | 9.31% | At maturity | 794,868 | - | 794,868 | - | 17,968,120 | - | 17,968,120 | - | 21,177,566 | 21,177,566 | - | - | - | - | |||||||||||||||||||||||
Foreign | Emgesa | Colombia | Foreign | Bancolombia | Colombia | CP | 8.30% | 8.47% | At maturity | 233,884 | - | 233,884 | - | 5,932,582 | - | 5,932,582 | - | 6,430,876 | 6,430,876 | - | - | - | - | |||||||||||||||||||||||
Foreign | Emgesa | Colombia | Foreign | BBVA Colombia | Colombia | CP | 9.53% | 9.31% | At maturity | 2,148,419 | - | 2,148,419 | - | 48,565,324 | - | 48,565,324 | - | 23,478,356 | 23,478,356 | - | - | - | - | |||||||||||||||||||||||
Foreign | Emgesa | Colombia | Foreign | AV VILLAS | Colombia | CP | 9.53% | 9.31% | At maturity | 336,256 | - | 336,256 | - | 7,601,129 | - | 7,601,129 | - | - | - | - | - | - | - | |||||||||||||||||||||||
Foreign | Emgesa | Colombia | Foreign | Banco Santander | Colombia | CP | 8.15% | 7.91% | Annually | - | - | - | - | - | - | - | - | 26,730,428 | 26,730,428 | - | - | - | - | |||||||||||||||||||||||
Foreign | Emgesa | Colombia | Foreign | Banco Davivienda | Colombia | CP | 8.15% | 7.91% | Annually | - | - | - | - | - | - | - | - | 8,977,569 | 8,977,569 | - | - | - | - | |||||||||||||||||||||||
Foreign | Endesa Costanera S.A. | Argentina | Foreign | Banco Supervielle | Argentina | Ar$ | 20.75% | 20.75% | At maturity | 1,418,089 | - | 1,418,089 | - | - | - | - | 2,566,218 | - | 2,566,218 | - | - | - | - | |||||||||||||||||||||||
Foreign | Endesa Costanera S.A. | Argentina | Foreign | Banco Santander Río | Argentina | Ar$ | 22.00% | 22.00% | At maturity | 1,127,201 | - | 1,127,201 | - | - | - | - | 1,898,686 | - | 1,898,686 | - | - | - | - | |||||||||||||||||||||||
Foreign | Endesa Costanera S.A. | Argentina | Foreign | Banco Nación Argentina | Argentina | Ar$ | 18.85% | 18.85% | At maturity | 660,867 | 1,702,606 | 2,363,473 | 1,016,722 | - | - | 1,016,722 | 3,555,128 | - | 3,555,128 | - | - | - | - | |||||||||||||||||||||||
Foreign | Endesa Costanera S.A. | Argentina | Foreign | Citibank | Argentina | Ar$ | 17.00% | 17.00% | At maturity | 4,715,708 | - | 4,715,708 | - | - | - | - | 6,393,434 | - | 6,393,434 | - | - | - | - | |||||||||||||||||||||||
Foreign | Endesa Costanera S.A. | Argentina | Foreign | Banco Ciudad | Argentina | Ar$ | 18.64% | 18.64% | At maturity | 508,711 | - | 508,711 | - | - | - | - | 978,500 | - | 978,500 | - | - | - | - |
Page 70
ENERSIS S.A. AND SUBSIDIARIES INTERIM CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD ENDING SEPTEMBER 30, 2012 (In thousands of Chilean pesos) | ![]() |
- Identification of Bank Borrowings by Company, continued
Taxpayer ID No.(RUT) | Company | Country | ID No. Financial Institution | Financial Institution | Country | Currency | Effective Interest Rate | Nominal Interest Rate | Type of Amorti- zation | 09-2012 | 12-2011 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Current ThCh$ | Non-current ThCh$ | Current ThCh$ | Non-current ThCh$ | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Less than 90 days |
|
| More than 90 Days |
|
| Total Current |
|
| One to Three Years |
|
| Three to Five Years |
|
| More than Five Years |
|
| Total Non- current |
|
| Less than 90 days |
|
| More than 90 Days |
|
| Total Current |
|
| One to Three Years |
|
| Three to Five Years |
|
| More than Five Years |
|
| Total Non- current |
| |||||||||||||||||||||||||||||||||
Foreign | Endesa Costanera S.A. | Argentina | Foreign | Banco Standard | Argentina | Ar$ | 21.00% | 21.00% | At maturity | 1,578,275 | - | 1,578,275 | - | - | - | - | 2,509,954 | - | 2,509,954 | - | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign | Endesa Costanera S.A. | Argentina | Foreign | Banco Itau | Argentina | Ar$ | 23.75% | 23.75% | At maturity | 3,680,735 | - | 3,680,735 | - | - | - | - | 3,529,419 | - | 3,529,419 | - | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign | Endesa Costanera S.A. | Argentina | Foreign | Banco Galicia | Argentina | Ar$ | 18.75% | 18.75% | At maturity | 1,436,786 | - | 1,436,786 | - | - | - | - | 5,167,489 | - | 5,167,489 | - | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign | Endesa Costanera S.A. | Argentina | Foreign | Banco Provincia de Buenos Aires | Argentina | Ar$ | 18.09% | 18.09% | At maturity | 309,168 | - | 309,168 | - | - | - | - | 368,366 | - | 368,366 | - | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign | Endesa Costanera S.A. | Argentina | Foreign | Credit Suisse International | Argentina | US$ | 11.45% | 11.45% | Quarterly | - | 5,195,161 | 5,195,161 | - | - | - | - | 44,820 | - | 44,820 | 5,195,104 | - | - | 5,195,104 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign | Endesa Costanera S.A. | Argentina | Foreign | Banco Macro | Argentina | Ar$ | 14.00% | 16.00% | At maturity | - | - | - | - | - | - | - | 368,142 | - | 368,142 | - | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||||||||
91,081,000-6 | Endesa S.A. (Chile) | Chile | Foreign | B.N.P. Paribas | USA | US$ | 6.32% | 5.98% | Semi- annually | 856,238 | - | 856,238 | 1,550,243 | 387,561 | - | 1,937,804 | 50,233 | 849,448 | 899,681 | 1,698,896 | 849,449 | - | 2,548,345 | |||||||||||||||||||||||||||||||||||||||||||||||||||
91,081,000-6 | Endesa S.A. (Chile) | Chile | Foreign | Export Development Corporation Loan | USA | US$ | 1.83% | 1.73% | Semi-annually | - | 683,378 | 683,378 | 678,299 | - | - | 678,299 | - | 758,262 | 758,262 | 1,486,682 | - | - | 1,486,682 | |||||||||||||||||||||||||||||||||||||||||||||||||||
91,081,000-6 | Endesa S.A. (Chile) | Chile | Foreign | Banco Bilbao Viscera Argentaria S.A.NY | USA | US$ | 1.72% | 1.12% | At maturity | 17,845 | - | 17,845 | 27,855,282 | - | - | 27,855,282 | 34,267 | - | 34,267 | 30,494,018 | - | - | 30,494,018 | |||||||||||||||||||||||||||||||||||||||||||||||||||
91,081,000-6 | Endesa S.A. (Chile) | Chile | Foreign | Bankia S.A. Miami Branch. | USA | US$ | 1.72% | 1.12% | At maturity | - | - | - | 23,606,171 | - | - | 23,606,171 | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||||||||
91,081,000-6 | Endesa S.A. (Chile) | Chile | Foreign | Banco Santander C.H. SA Chile | USA | US$ | 1.72% | 1.12% | At maturity | - | - | - | 15,580,073 | - | - | 15,580,073 | - | - | - | 17,055,976 | - | - | 17,055,976 | |||||||||||||||||||||||||||||||||||||||||||||||||||
91,081,000-6 | Endesa S.A. (Chile) | Chile | Foreign | Banco Español de crédito S.A. N.Y.B. | USA | US$ | 1.72% | 1.12% | At maturity | - | - | - | 11,803,086 | - | - | 11,803,086 | - | - | - | 12,921,194 | - | - | 12,921,194 | |||||||||||||||||||||||||||||||||||||||||||||||||||
91,081,000-6 | Endesa S.A. (Chile) | Chile | Foreign | The Bank of Tokyo-Mitsubishi, Ltd. | USA | US$ | 1.72% | 1.12% | At maturity | - | - | - | 15,580,074 | - | - | 15,580,074 | - | - | - | 17,055,976 | - | - | 17,055,976 | |||||||||||||||||||||||||||||||||||||||||||||||||||
91,081,000-6 | Endesa S.A. (Chile) | Chile | Foreign | Caja Madrid, Caja Madrid Miami Agency | USA | US$ | 1.83% | Libor+0,75 | At maturity | - | - | - | - | - | - | - | - | - | - | 26,312,836 | - | - | 26,312,836 | |||||||||||||||||||||||||||||||||||||||||||||||||||
91,081,000-6 | Endesa S.A. (Chile) | Chile | 97.004.000-5 | Banco Santander Chile (Linea Crédito) | Chile | Ch$ | 6.00% | 6.00% | At maturity | 584 | - | 584 | - | - | - | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||||||||
94,271,00-3 | Enersis S.A. | Chile | 97.004.000-5 | Banco Santander Chile | Chile | Ch$ | 2.10% | 2.10% | At maturity | 3,408 | - | 3,408 | - | - | - | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign | Hidroeléctrica El Chocón | Argentina | Foreign | Deutsche Bank | Argentina | US$ | 8.39% | 8.14% | Quarterly | 750,424 | 2,182,208 | 2,932,632 | 4,364,426 | - | - | 4,364,426 | 40,734 | 3,197,006 | 3,237,740 | 6,393,999 | 799,242 | - | 7,193,241 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign | Hidroeléctrica El Chocón | Argentina | Foreign | Standard Bank | Argentina | US$ | 8.39% | 8.14% | Quarterly | 375,214 | 1,091,104 | 1,466,318 | 2,182,209 | - | - | 2,182,209 | 40,677 | 3,196,970 | 3,237,647 | 6,393,999 | 799,242 | - | 7,193,241 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign | Hidroeléctrica El Chocón | Argentina | Foreign | Banco Itau | Argentina | US$ | 8.39% | 8.14% | Quarterly | 375,214 | 1,091,104 | 1,466,318 | 2,182,213 | - | - | 2,182,213 | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign | Hidroeléctrica El Chocón | Argentina | Foreign | Banco Itau- Syndicated I | Argentina | Ar$ | 25.42% | 23.31% | Semi-annually | 652,469 | - | 652,469 | - | - | - | - | 25,858 | 1,545,012 | 1,570,870 | - | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign | Hidroeléctrica El Chocón | Argentina | Foreign | Standard Bank - Syndicated I | Argentina | Ar$ | 25.42% | 23.31% | Semi-annually | 509,740 | - | 509,740 | - | - | - | - | 20,196 | 1,207,041 | 1,227,237 | - | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign | Hidroeléctrica El Chocón | Argentina | Foreign | Banco Santander - Syndicated I | Argentina | Ar$ | 25.42% | 23.31% | Semi-annually | 652,469 | - | 652,469 | - | - | - | - | 25,859 | 1,545,012 | 1,570,871 | - | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign | Hidroeléctrica El Chocón | Argentina | Foreign | Banco Hipotecario - Syndicated I | Argentina | Ar$ | 25.42% | 23.31% | Semi-annually | 428,182 | - | 428,182 | - | - | - | - | 16,968 | 1,013,914 | 1,030,882 | - | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign | Hidroeléctrica El Chocón | Argentina | Foreign | Banco Galicia - Syndicated I | Argentina | Ar$ | 25.42% | 23.31% | Semi-annually | 203,895 | - | 203,895 | - | - | - | - | 8,077 | 482,816 | 490,893 | - | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign | Hidroeléctrica El Chocón | Argentina | Foreign | Banco Itau - Syndicated II | Argentina | Ar$ | 25.09% | 22.60% | Semi-annually | 252,238 | 207,550 | 459,788 | 427,682 | - | - | 427,682 | 82,953 | 497,792 | 580,745 | 761,701 | - | - | 761,701 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign | Hidroeléctrica El Chocón | Argentina | Foreign | Standard Bank -Syndicated II | Argentina | Ar$ | 25.09% | 22.60% | Semi-annually | 555,102 | 456,757 | 1,011,859 | 941,195 | - | - | 941,195 | 283,419 | 1,095,492 | 1,378,911 | 4,090,481 | 603,521 | - | 4,694,002 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign | Hidroeléctrica El Chocón | Argentina | Foreign | Banco Santander -Syndicated II | Argentina | Ar$ | 25.09% | 22.60% | Semi-annually | 403,759 | 332,226 | 735,985 | 684,588 | - | - | 684,588 | 132,688 | 796,817 | 929,505 | 1,219,258 | - | - | 1,219,258 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign | Hidroeléctrica El Chocón | Argentina | Foreign | Banco Hipotecario - Syndicated II | Argentina | Ar$ | 25.09% | 22.60% | Semi-annually | 201,791 | 166,040 | 367,831 | 342,143 | - | - | 342,143 | 66,315 | 398,233 | 464,548 | 609,361 | - | - | 609,361 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign | Hidroeléctrica El Chocón | Argentina | Foreign | Banco Galicia - Syndicated II | Argentina | Ar$ | 25.09% | 22.60% | Semi-annually | 201,791 | 166,040 | 367,831 | 342,143 | - | - | 342,143 | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign | Hidroeléctrica El Chocón | Argentina | Foreign | Banco Ciudad -Syndicated II | Argentina | Ar$ | 25.09% | 22.60% | Semi-annually | 161,645 | 133,013 | 294,658 | 274,069 | - | - | 274,069 | 53,063 | 318,657 | 371,720 | 487,596 | - | - | 487,596 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign | Hidroeléctrica El Chocón | Argentina | Foreign | Banco Galicia - Syndicated III | Argentina | Ar$ | 25.35% | 22.81% | Semi-annually | 63,129 | 1,006,626 | 1,069,755 | 1,509,939 | - | - | 1,509,939 | 167,311 | 398,233 | 565,544 | 3,023,611 | 603,521 | - | 3,627,132 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign | Hidroeléctrica El Chocón | Argentina | Foreign | Banco Itau - Syndicated III | Argentina | Ar$ | 25.35% | 22.81% | Semi-annually | 63,129 | 1,006,626 | 1,069,755 | 1,509,939 | - | - | 1,509,939 | 100,996 | - | 100,996 | 2,414,203 | 603,521 | - | 3,017,724 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign | Hidroeléctrica El Chocón | Argentina | Foreign | Standard Bank - Syndicated III | Argentina | Ar$ | 25.35% | 22.81% | Semi-annually | 63,129 | 1,006,626 | 1,069,755 | 1,509,939 | - | - | 1,509,939 | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign | Hidroeléctrica El Chocón | Argentina | Foreign | Banco Santander - Syndicated III | Argentina | Ar$ | 25.35% | 22.81% | Semi-annually | 63,129 | 1,006,626 | 1,069,755 | 1,509,939 | - | - | 1,509,939 | 100,996 | - | 100,996 | 2,414,203 | 603,521 | - | 3,017,724 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign | Hidroeléctrica El Chocón | Argentina | Foreign | Banco Macro | Argentina | Ar$ | 18.81% | 18.00% | At maturity | 2,043,037 | - | 2,043,037 | - | - | - | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign | Hidroeléctrica El Chocón | Argentina | Foreign | Banco Santander Río | Argentina | Ar$ | 20.40% | 19.00% | At maturity | 168,688 | - | 168,688 | - | - | - | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign | Hidroeléctrica El Chocón | Argentina | Foreign | Banco Hipotecario | Argentina | Ar$ | 26.11% | 23.43% | At maturity | 2,693 | 838,855 | 841,548 | - | - | - | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||||||||
Total | 83,897,954 | 43,135,161 | 127,033,115 | 172,768,465 | 116,657,096 | 35,861,030 | 325,286,591 | 50.310.586 | 228.145.273 | 278.455.859 | 216.963.871 | 35,796,092 | 63,343,038 | 316,103,001 |
Appendix No. 4, letter a), presents details of estimated future cash flows (undiscounted) that the Group will have to disburse to settle the bank loans detailed above.
Page 71
ENERSIS S.A. AND SUBSIDIARIES INTERIM CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD ENDING SEPTEMBER 30, 2012 (In thousands of Chilean pesos) | ![]() |
18.2 | Unsecured Liabilities |
The detail ofUnsecured Liabilities by currency and maturity as of September 30, 2012 and December 31, 2011 is as follows:
- Summary of Unsecured Liabilities by currency and maturity
Country | Currency | Annual Nominal Rate | Secured/ Unsecured | Current | Non-current | |||||||||||||||||||||||||||||||
Maturity | Total Current at 9-30-2012 | Maturity | Total Non-current at 9-30-2012 | |||||||||||||||||||||||||||||||||
One to Three Months | Three to Twelve Months | One to Three Years | Three to Five Years | More than Five Years | ||||||||||||||||||||||||||||||||
ThCh$ | ThCh$ | ThCh$ | ThCh$ | ThCh$ | ThCh$ | ThCh$ | ||||||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||||
Chile | US$ | 8.10 | % | Unsecured | 2,927,416 | 198,004,054 | 200,931,470 | 267,704,221 | 121,831,639 | 143,327,745 | 532,863,605 | |||||||||||||||||||||||||
Chile | CH$ | 5.56 | % | Unsecured | 10,597,779 | 2,349,469 | 12,947,248 | 14,166,477 | 14,994,471 | 290,295,689 | 319,456,637 | |||||||||||||||||||||||||
Peru | US$ | 6.97 | % | Unsecured | 158,512 | 279,152 | 437,664 | 7,598,497 | 9,453,816 | 18,040,714 | 35,093,027 | |||||||||||||||||||||||||
Peru | Sol | 6.86 | % | Unsecured | 4,512,798 | 37,987,180 | 42,499,978 | 64,327,198 | 20,959,957 | 47,305,461 | 132,592,616 | |||||||||||||||||||||||||
Colombia | CP | 9.35 | % | Unsecured | 20,961,931 | 21,001,221 | 41,963,152 | 210,710,502 | 185,042,822 | 350,867,646 | 746,620,970 | |||||||||||||||||||||||||
Brazil | Real | 10.50 | % | Unsecured | 39,071,822 | 14,219,175 | 53,290,997 | 51,541,040 | 150,580,011 | 110,086,873 | 312,207,924 | |||||||||||||||||||||||||
Total | 78,230,258 | 273,840,251 | 352,070,509 | 616,047,935 | 502,862,716 | 959,924,128 | 2,078,834,779 |
Country | Currency | Annual Nominal Rate | Secured/ Unsecured | Current | Non-current | |||||||||||||||||||||||||||||||
Maturity | Total Current at 2011 | Maturity | Total Non- current at 12-31-2011 | |||||||||||||||||||||||||||||||||
One to Three Months | Three to Twelve Months | One to Three Years | Three to Five Years | More than Five Years | ||||||||||||||||||||||||||||||||
ThCh$ | ThCh$ | ThCh$ | ThCh$ | ThCh$ | ThCh$ | ThCh$ | ||||||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||||
Chile | US$ | 8.10 | % | Unsecured | 22,439,241 | 802,032 | 23,241,273 | 396,001,073 | 236,020,317 | 157,801,599 | 789,822,989 | |||||||||||||||||||||||||
Chile | CH$ | 5.29 | % | Unsecured | 31,548,592 | 9,198,469 | 40,747,061 | 13,764,742 | 14,617,263 | 378,064,242 | 406,446,247 | |||||||||||||||||||||||||
Peru | US$ | 6.97 | % | Unsecured | 853,625 | 60,597 | 914,222 | 5,049,784 | 13,692,084 | 19,828,195 | 38,570,063 | |||||||||||||||||||||||||
Peru | Sol | 7.37 | % | Unsecured | 27,920,075 | 57,158 | 27,977,233 | 80,986,235 | 42,415,673 | 28,905,326 | 152,307,234 | |||||||||||||||||||||||||
Argentina | Ar$ | 12.28 | % | Unsecured | 15,571 | 3,963,560 | 3,979,131 | - | - | - | - | |||||||||||||||||||||||||
Colombia | CP | 8.99 | % | Unsecured | 1,753,145 | 36,094,355 | 37,847,500 | 131,329,301 | 76,673,844 | 574,038,462 | 782,041,607 | |||||||||||||||||||||||||
Brazil | Real | 12.97 | % | Unsecured | 6,688,369 | 101,390,968 | 108,079,337 | 60,242,802 | 120,351,829 | 90,131,132 | 270,725,763 | |||||||||||||||||||||||||
Total | 91,218,618 | 151,567,139 | 242,785,757 | 687,373,937 | 503,771,010 | 1,248,768,956 | 2,439,913,903 |
18.3 | Secured Liabilities |
The detail ofSecured Liabilities by currency and maturity as of September 30, 2012 and December 31, 2011 is as follows:
- Summary of Secured Liabilities by currency and maturity
Country | Currency | Annual Nominal Rate | Secured/ Unsecured | Current | Non-current | |||||||||||||||||||||||||||||||||
Maturity | Total Current at 9-30-2012 | Maturity | Total Non- 9-30-2012 | |||||||||||||||||||||||||||||||||||
Unspecified | One to Three Months | Three to Twelve Months | One to Three Years | Three to Five Years | More than Five Years | |||||||||||||||||||||||||||||||||
ThCh$ | ThCh$ | ThCh$ | ThCh$ | ThCh$ | ThCh$ | ThCh$ | ThCh$ | |||||||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||||||
Peru | US$ | 6.15 | % | Secured | 9,663,966 | - | 9,663,966 | - | - | - | - | |||||||||||||||||||||||||||
Peru | Sol | 6.41 | % | Secured | 130,771 | 58,338 | 189,109 | 9,097,204 | - | - | 9,097,204 | |||||||||||||||||||||||||||
Total | 9,794,737 | 58,338 | 9,853,075 | 9,097,204 | - | - | 9,097,204 |
Country | Currency | Annual Nominal Rate | Secured/ Unsecured | Current | Non-current | |||||||||||||||||||||||||||||||||
Maturity | Total Current at 12-31-2011 | Maturity | Total Non- 12-31-2010 | |||||||||||||||||||||||||||||||||||
Unspecified | One to Three Months | Three to Twelve Months | One to Three Years | Three to Five Years | More than Five Years | |||||||||||||||||||||||||||||||||
ThCh$ | ThCh$ | ThCh$ | ThCh$ | ThCh$ | ThCh$ | ThCh$ | ThCh$ | |||||||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||||||
Peru | US$ | 6.15 | % | Secured | - | 10,463,994 | 10,463,994 | - | - | - | - | |||||||||||||||||||||||||||
Peru | Sol | 6.41 | % | Secured | 135,886 | 60,596 | 196,482 | 9,635,108 | - | - | 9,635,108 | |||||||||||||||||||||||||||
Total | 135,886 | 10,524,590 | 10,660,476 | 9,635,108 | - | - | 9,635,108 |
The fair value of current and non-current secured and unsecured liabilities totaled ThCh$2,783,648,938 and ThCh$3,209,731,363 as of September 30, 2012 and December 31, 2011, respectively.
Page 72
ENERSIS S.A. AND SUBSIDIARIES INTERIM CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD ENDING SEPTEMBER 30, 2012 (In thousands of Chilean pesos) | ![]() |
- Secured and Unsecured Liabilities by Company
Taxpayer ID No.(RUT) | Company | Country | ID No. Financial Institution | Financial Institution | Country | Currency | Effective Rate | Nominal Interest Rate | Secured/ Unsecured | 09-2012 | 12-2011 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Current ThCh$ | Non-current ThCh$ | Current ThCh$ | Non-current ThCh$ | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Less than 90 days | More than 90 Days | Total Current | One to Three Years | Three to Five Years | More than Five Years | Total Non- current | Less than 90 days | More than 90 Days | Total Current | One to Three Years | Three to Five Years | More than Five Years | Total Non- current | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign | Chinango | Peru | Foreign | Banco Continental | Peru | US$ | 6.15% | 6.06% | Secured | 9,663,966 | - | 9,663,966 | - | - | - | - | - | 10,463,994 | 10,463,994 | - | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign | Chinango | Peru | Foreign | Banco Continental | Peru | Sol | 6.57% | 6.47% | Secured | 130,771 | - | 130,771 | 4,548,602 | 4,548,602 | - | 60,596 | 60,596 | 4,817,554 | - | - | 4,817,554 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign | Chinango | Peru | Foreign | Banco Continental | Peru | Sol | 6.25% | 6.16% | Secured | - | 58,338 | 58,338 | 4,548,602 | 4,548,602 | 135,886 | - | 135,886 | 4,817,554 | - | - | 4,817,554 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Secured Bonds | 9,794,737 | 58,338 | 9,853,075 | 9,097,204 | - | - | 9,097,204 | 135,886 | 10,524,590 | 10,660,476 | 9,635,108 | - | - | 9,635,108 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign | Ampla | Brazil | Foreign | Bonds, 1st Series | Brazil | Real | 9.84% | 9.93% | Unsecured | 27,238,512 | - | 27,238,512 | - | - | - | - | 160,282 | 32,081,924 | 32,242,206 | - | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign | Ampla | Brazil | Foreign | Bonds, 2nd Series | Brazil | Real | 13.19% | 13.36% | Unsecured | 2,397,206 | - | 2,397,206 | 24,463,684 | 12,231,842 | - | 36,695,526 | 164,014 | - | 164,014 | - | 32,546,476 | - | 32,546,476 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign | Ampla | Brazil | Foreign | Bonds, 1st Series | Brazil | Real | 9.94% | 10.03% | Unsecured | 707,639 | - | 707,639 | 13,120,204 | 13,614,778 | - | 26,734,982 | 147,518 | - | 147,518 | 27,931,549 | 14,103,489 | - | 42,035,038 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign | Ampla | Brazil | Foreign | Bonds, 2nd Series | Brazil | Real | 12.93% | 13.79% | Unsecured | 1,021,227 | - | 1,021,227 | - | 30,152,999 | 15,076,500 | 45,229,499 | 1,941,239 | - | 1,941,239 | - | 17,199,885 | 34,700,328 | 51,900,213 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign | Ampla | Brazil | Foreign | Bonds, 1st Series | Brazil | Real | 8.66% | 8.85% | Unsecured | 594,026 | - | 594,026 | - | 23,273,125 | - | 23,273,125 | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign | Ampla | Brazil | Foreign | Bonds, 2nd Series | Brazil | Real | 9.79% | 10.09% | Unsecured | 1,218,815 | - | 1,218,815 | - | 23,161,268 | 46,885,274 | 70,046,542 | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign | Ampla | Brazil | Foreign | Bonds, 1st Series | Brazil | Real | 10.13% | 10.17% | Unsecured | - | - | - | - | - | - | - | 2,610,374 | 51,462,513 | 54,072,887 | - | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign | Codensa | Colombia | Foreign | B8 | Colombia | CP | 9.65% | 9.32% | Unsecured | 334,635 | - | 334,635 | 65,628,816 | - | - | 65,628,816 | 390,407 | - | 390,407 | 66,868,280 | - | - | 66,868,280 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign | Codensa | Colombia | Foreign | B102 | Colombia | CP | 8.57% | 8.31% | Unsecured | 383,165 | - | 383,165 | - | 102,350,514 | - | 102,350,514 | 456,111 | - | 456,111 | - | - | 104,210,669 | 104,210,669 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign | Codensa | Colombia | Foreign | B502 | Colombia | CP | 6.81% | 6.93% | Unsecured | - | - | - | - | - | - | - | 30,623 | 9,019,194 | 9,049,817 | - | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign | Codensa | Colombia | Foreign | B503 | Colombia | CP | 8.17% | 7.93% | Unsecured | 92,653 | - | 92,653 | 22,445,055 | - | - | 22,445,055 | 115,603 | - | 115,603 | 22,868,952 | - | - | 22,868,952 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign | Codensa | Colombia | Foreign | B503 | Colombia | CP | 9.29% | 8.98% | Unsecured | 97,523 | - | 97,523 | 19,819,902 | - | - | 19,819,902 | 91,853 | - | 91,853 | 20,194,220 | - | - | 20,194,220 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign | Codensa | Colombia | Foreign | B103 | Colombia | CP | 8.83% | 8.55% | Unsecured | 98,387 | - | 98,387 | - | - | 21,001,221 | 21,001,221 | 181,497 | - | 181,497 | - | - | 21,397,849 | 21,397,849 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign | Codensa | Colombia | Foreign | B304 | Colombia | CP | 6.18% | 6.04% | Unsecured | 156,386 | 21,001,221 | 21,157,607 | - | - | - | - | 114,096 | - | 114,096 | 21,397,849 | - | - | 21,397,849 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign | Codensa | Colombia | Foreign | B604 | Colombia | CP | 7.15% | 6.97% | Unsecured | 327,092 | - | 327,092 | - | 38,064,713 | - | 38,064,713 | 372,955 | - | 372,955 | - | 38,783,602 | - | 38,783,602 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign | Compañía Energética Do Ceará S.A. | Brazil | Foreign | Itaú 2 | Brazil | Real | 12.36% | 12.22% | Unsecured | 166,148 | 14,219,175 | 14,385,323 | 13,957,152 | - | - | 13,957,152 | 1,664,942 | 15,999,149 | 17,664,091 | 32,311,253 | - | - | 32,311,253 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign | Compañía Energética Do Ceará S.A. | Brazil | Foreign | Itaú 1 | Brazil | Real | 10.26% | 10.30% | Unsecured | 1,000,112 | - | 1,000,112 | - | 24,204,050 | - | 24,204,050 | - | 700,207 | 700,207 | - | 28,930,201 | - | 28,930,201 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign | Compañía Energética Do Ceará S.A. | Brazil | Foreign | Itaú 2 | Brazil | Real | 11.48% | 11.57% | Unsecured | 4,728,137 | - | 4,728,137 | - | 23,941,949 | 48,125,099 | 72,067,048 | - | 1,147,175 | 1,147,175 | - | 27,571,778 | 55,430,804 | 83,002,582 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign | Edegel | Peru | Foreign | BANCO CONTINENTAL | Peru | US$ | 6.57% | 6.47% | Unsecured | - | 52,661 | 52,661 | - | - | 4,726,908 | 4,726,908 | 141,895 | - | 141,895 | - | - | 5,195,251 | 5,195,251 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign | Edegel | Peru | Foreign | BANCO CONTINENTAL | Peru | Sol | 6.41% | 6.31% | Unsecured | 78,961 | - | 78,961 | - | - | 4,548,603 | 4,548,603 | - | 7,603 | 7,603 | - | - | 4,817,555 | 4,817,555 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign | Edegel | Peru | Foreign | BANCO CONTINENTAL | Peru | Sol | 6.38% | 6.28% | Unsecured | - | 69,046 | 69,046 | - | - | 4,548,603 | 4,548,603 | 148,780 | - | 148,780 | - | - | 4,817,555 | 4,817,555 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign | Edegel | Peru | Foreign | BANCO CONTINENTAL | Peru | Sol | 6.86% | 6.75% | Unsecured | - | 20,469 | 20,469 | 3,638,882 | - | - | 3,638,882 | 86,706 | - | 86,706 | 3,854,084 | - | - | 3,854,084 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign | Edegel | Peru | Foreign | BANCO CONTINENTAL | Peru | Sol | 6.61% | 6.50% | Unsecured | - | 4,558,458 | 4,558,458 | - | - | - | - | - | 33,597 | 33,597 | 4,817,555 | - | - | 4,817,555 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign | Edegel | Peru | Foreign | BANCO CONTINENTAL | Peru | Sol | 6.54% | 6.44% | Unsecured | 104,926 | 4,548,603 | 4,653,529 | - | - | - | - | - | 15,958 | 15,958 | 4,817,555 | - | - | 4,817,555 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign | Edegel | Peru | Foreign | BANCO CONTINENTAL | Peru | Sol | 6.73% | 6.63% | Unsecured | 90,403 | 4,548,603 | 4,639,006 | - | - | - | - | 88,723 | - | 88,723 | 4,817,555 | - | - | 4,817,555 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign | Edegel | Peru | Foreign | BANCO SCOTIABANK | Peru | Sol | 6.70% | 6.59% | Unsecured | - | 21,691 | 21,691 | 5,149,018 | - | - | 5,149,018 | 112,871 | - | 112,871 | 5,453,472 | - | - | 5,453,472 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign | Edegel | Peru | Foreign | BANCO SCOTIABANK | Peru | US$ | 6.44% | 6.34% | Unsecured | - | 54,142 | 54,142 | - | - | 4,726,908 | 4,726,908 | 141,900 | - | 141,900 | - | - | 5,195,251 | 5,195,251 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign | Edegel | Peru | Foreign | BANCO SCOTIABANK | Peru | US$ | 9.20% | 9.00% | Unsecured | 158,512 | - | 158,512 | 4,594,554 | - | - | 4,594,554 | - | 60,597 | 60,597 | 5,049,784 | - | - | 5,049,784 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign | Edegel | Peru | Foreign | BANCO SCOTIABANK | Peru | US$ | 7.93% | 7.78% | Unsecured | - | 58,403 | 58,403 | - | - | 3,859,990 | 3,859,990 | 146,718 | - | 146,718 | - | - | 4,242,442 | 4,242,442 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign | Edegel | Peru | Foreign | BANCO CONTINENTAL | Peru | US$ | 7.25% | 7.13% | Unsecured | - | 41,615 | 41,615 | 3,003,943 | - | - | 3,003,943 | 104,550 | - | 104,550 | - | 3,301,582 | - | 3,301,582 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign | Edegel | Peru | Foreign | BANCO CONTINENTAL | Peru | US$ | 6.73% | 6.63% | Unsecured | - | 65,241 | 65,241 | - | 4,726,908 | - | 4,726,908 | 157,752 | - | 157,752 | - | 5,195,251 | - | 5,195,251 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign | Edegel | Peru | Foreign | BANCO CONTINENTAL | Peru | US$ | 6.09% | 6.00% | Unsecured | - | 7,090 | 7,090 | - | 4,726,908 | - | 4,726,908 | 85,722 | - | 85,722 | - | 5,195,251 | - | 5,195,251 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign | Edegel | Peru | Foreign | BANCO CONTINENTAL | Peru | US$ | 5.86% | 5.78% | Unsecured | - | - | - | - | - | 4,726,908 | 4,726,908 | 75,088 | - | 75,088 | - | - | 5,195,251 | 5,195,251 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign | Edelnor | Peru | Foreign | FCR - Macrofondo | Peru | Sol | 9.92% | 6.50% | Unsecured | - | - | - | - | 4,840 | - | 4,840 | - | - | - | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign | Edelnor | Peru | Foreign | Rimac Internacional Cia de Seguros | Peru | Sol | 5.44% | 5.37% | Unsecured | 109,762 | - | 109,762 | 4,599,347 | - | - | 4,599,347 | 48,852 | - | 48,852 | 4,756,410 | - | - | 4,756,410 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign | Edelnor | Peru | Foreign | Rimac Internacional Cia de Seguros | Peru | Sol | 6.50% | 6.40% | Unsecured | 91,986 | - | 91,986 | 4,589,749 | - | - | 4,589,749 | 17,997 | - | 17,997 | 4,746,484 | - | - | 4,746,484 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign | Edelnor | Peru | Foreign | AFP Integra | Peru | Sol | 6.50% | 6.40% | Unsecured | 158,835 | - | 158,835 | 9,163,561 | - | - | 9,163,561 | 10,266 | - | 10,266 | 9,476,559 | - | - | 9,476,559 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign | Edelnor | Peru | Foreign | Retirement Insurance Fund for Non-commissioned Officers and Specialists - Fosersoe | Peru | Sol | 8.75% | 8.57% | Unsecured | 145,934 | - | 145,934 | 5,458,322 | - | - | 5,458,322 | 28,102 | - | 28,102 | - | 5,781,065 | - | 5,781,065 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign | Edelnor | Peru | Foreign | AFP Integra | Peru | Sol | 8.16% | 8.00% | Unsecured | - | 63,069 | 63,069 | - | 3,274,993 | - | 3,274,993 | 137,526 | - | 137,526 | - | 3,468,639 | - | 3,468,639 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign | Edelnor | Peru | Foreign | AFP Horizonte | Peru | Sol | 7.22% | 7.09% | Unsecured | - | 16,418 | 16,418 | - | 2,729,161 | - | 2,729,161 | 69,553 | - | 69,553 | - | 2,890,532 | - | 2,890,532 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign | Edelnor | Peru | Foreign | AFP Integra | Peru | Sol | 8.00% | 7.85% | Unsecured | - | 64,885 | 64,885 | - | 4,948,879 | - | 4,948,879 | 173,552 | - | 173,552 | - | 5,241,499 | - | 5,241,499 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign | Edelnor | Peru | Foreign | FCR - Macrofondo | Peru | Sol | 6.66% | 6.55% | Unsecured | 87,802 | - | 87,802 | 2,729,161 | - | - | 2,729,161 | 44,894 | - | 44,894 | 2,890,532 | - | - | 2,890,532 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign | Edelnor | Peru | Foreign | AFP Integra | Peru | Sol | 5.91% | 5.82% | Unsecured | 96,118 | - | 96,118 | 3,638,882 | - | - | 3,638,882 | 44,894 | - | 44,894 | - | 3,854,043 | - | 3,854,043 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign | Edelnor | Peru | Foreign | AFP Prima | Peru | Sol | 6.94% | 6.82% | Unsecured | - | 43,477 | 43,477 | 7,277,763 | - | - | 7,277,763 | 179,735 | - | 179,735 | - | 7,708,087 | - | 7,708,087 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign | Edelnor | Peru | Foreign | AFP Prima | Peru | Sol | 6.81% | 6.70% | Unsecured | 92,101 | - | 92,101 | 4,548,602 | - | - | 4,548,602 | 15,498 | - | 15,498 | 4,817,554 | - | - | 4,817,554 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign | Edelnor | Peru | Foreign | AFP Prima | Peru | Sol | 7.13% | 7.00% | Unsecured | 96,326 | - | 96,326 | - | 4,548,602 | - | 4,548,602 | 16,209 | - | 16,209 | - | 4,817,554 | - | 4,817,554 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign | Edelnor | Peru | Foreign | AFP Profuturo | Peru | Sol | 7.72% | 7.58% | Unsecured | - | 5,550,777 | 5,550,777 | - | - | - | - | 209,478 | - | 209,478 | 5,781,065 | - | - | 5,781,065 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign | Edelnor | Peru | Foreign | AFP Profuturo | Peru | Sol | 8.06% | 7.91% | Unsecured | - | 17,256 | 17,256 | 4,532,227 | - | - | 4,532,227 | 115,030 | - | 115,030 | - | 4,800,211 | - | 4,800,211 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign | Edelnor | Peru | Foreign | AFP Horizonte | Peru | Sol | 6.56% | 6.46% | Unsecured | 133,930 | - | 133,930 | 5,362,802 | - | - | 5,362,802 | 48,664 | - | 48,664 | 5,679,896 | - | - | 5,679,896 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign | Edelnor | Peru | Foreign | Rimac Internacional Cia de Seguros | Peru | Sol | 7.06% | 6.94% | Unsecured | 176,685 | - | 176,685 | - | 5,458,322 | - | 5,458,322 | 85,060 | - | 85,060 | - | - | 5,781,065 | 5,781,065 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign | Edelnor | Peru | Foreign | AFP Prima | Peru | Sol | 6.63% | 6.52% | Unsecured | 100,448 | - | 100,448 | 3,638,882 | - | - | 3,638,882 | 42,555 | - | 42,555 | - | 3,854,043 | - | 3,854,043 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign | Edelnor | Peru | Foreign | AFP Prima | Peru | Sol | 7.44% | 7.30% | Unsecured | - | 60,894 | 60,894 | - | - | 5,458,322 | 5,458,322 | 171,987 | - | 171,987 | - | - | 5,781,065 | 5,781,065 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign | Edelnor | Peru | Foreign | Rimac Internacional Cia de Seguros | Peru | Sol | 6.50% | 6.40% | Unsecured | 97,239 | - | 97,239 | - | - | 3,638,882 | 3,638,882 | 40,360 | - | 40,360 | - | - | 3,854,043 | 3,854,043 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign | Edelnor | Peru | Foreign | FCR - Macrofondo | Peru | Sol | 7.03% | 6.91% | Unsecured | - | 54,015 | 54,015 | - | - | 3,638,882 | 3,638,882 | 124,955 | - | 124,955 | - | - | 3,854,043 | 3,854,043 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign | Edelnor | Peru | Foreign | 9th Issue Series A | Peru | Sol | 6.28% | 6.19% | Unsecured | 212,060 | - | 212,060 | - | - | 7,277,763 | 7,277,763 | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign | Edelnor | Peru | Foreign | 11th Issue Series A | Peru | Sol | 6.06% | 5.97% | Unsecured | 214,479 | - | 214,479 | - | - | 9,097,203 | 9,097,203 | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign | Edelnor | Peru | Foreign | Essalud Health Insurance | Peru | Sol | 7.84% | 7.70% | Unsecured | - | 741,254 | 741,254 | - | - | - | - | 29,390 | - | 29,390 | 770,809 | - | - | 770,809 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign | Edelnor | Peru | Foreign | AFP Prima | Peru | Sol | 6.84% | 6.73% | Unsecured | - | 5,545,720 | 5,545,720 | - | - | - | - | 186,831 | - | 186,831 | 5,781,065 | - | - | 5,781,065 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign | Edelnor | Peru | Foreign | Mapfre Perú Cia de Seguros | Peru | Sol | 6.28% | 6.19% | Unsecured | - | 3,658,564 | 3,658,564 | - | - | - | - | 81,366 | - | 81,366 | 3,854,043 | - | - | 3,854,043 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign | Edelnor | Peru | Foreign | AFP Profuturo | Peru | Sol | 8.31% | 8.15% | Unsecured | 2,424,803 | - | 2,424,803 | - | - | - | - | 2,516,119 | - | 2,516,119 | - | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign | Edelnor | Peru | Foreign | AFP Profuturo | Peru | Sol | 7.91% | 7.76% | Unsecured | - | 5,549,427 | 5,549,427 | - | - | - | - | 210,758 | - | 210,758 | 5,781,065 | - | - | 5,781,065 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign | Edelnor | Peru | Foreign | AFP Profuturo | Peru | Sol | 7.56% | 7.42% | Unsecured | - | 2,802,545 | 2,802,545 | - | - | - | - | 23,074 | - | 23,074 | 2,890,532 | - | - | 2,890,532 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign | Edelnor | Peru | Foreign | 13th Issue Series A | Peru | Sol | 5.56% | 5.49% | Unsecured | - | 52,009 | 52,009 | - | - | 9,097,203 | 9,097,203 | - | - | - | - | - | - | - |
Page 73
ENERSIS S.A. AND SUBSIDIARIES INTERIM CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD ENDING SEPTEMBER 30, 2012 (In thousands of Chilean pesos) | ![]() |
Secured and Unsecured Liabilities by Company, continued
Taxpayer ID No.(RUT) | Company | Country | ID No. Financial Institution | Financial Institution | Country | Currency | Effective Rate | Nominal Interest Rate | Secured/ Unsecured | 09-2012 | 12-2011 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Current ThCh$ | Non-current ThCh$ | Current ThCh$ | Non-current ThCh$ | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Less than90 days | More than 90 Days | Total Current | One to Three Years | Three to Five Years | More than Five Years | Total Non- current | Less than90 days | More than 90 Days | Total Current | One to Three Years | Three to Five Years | More than Five Years | Total Non- current | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign | Edelnor | Peru | Foreign | AFP Profuturo | Peru | Sol | 5.77% | 5.69% | Unsecured | - | - | - | - | - | - | - | 3,897,275 | - | 3,897,275 | - | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign | Edelnor | Peru | Foreign | AFP Horizonte | Peru | Sol | 6.06% | 5.97% | Unsecured | - | - | - | - | - | - | - | 7,930,354 | - | 7,930,354 | - | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign | Edelnor | Peru | Foreign | AFP Profuturo | Peru | Sol | 6.67% | 6.56% | Unsecured | - | - | - | - | - | - | - | 5,894,881 | - | 5,894,881 | - | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign | Edelnor | Peru | Foreign | AFP Profuturo | Peru | Sol | 7.97% | 7.81% | Unsecured | - | - | - | - | - | - | - | 5,082,940 | - | 5,082,940 | - | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign | Edesur S.A. | Argentina | Foreign | oeds7 | Argentina | Ar$ | 12.28% | 11.75% | Unsecured | - | - | - | - | - | - | - | 15,571 | 3,963,560 | 3,979,131 | - | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign | Emgesa | Colombia | Foreign | A-10 Bonds | Colombia | CP | 8.65% | 8.39% | Unsecured | 474,799 | - | 474,799 | 55,128,205 | - | - | 55,128,205 | - | 534,079 | 534,079 | - | - | 56,169,355 | 56,169,355 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign | Emgesa | Colombia | Foreign | A102 Bonds | Colombia | CP | 8.65% | 8.39% | Unsecured | 90,438 | - | 90,438 | 10,500,611 | - | - | 10,500,611 | - | 101,729 | 101,729 | - | - | 9,747,283 | 9,747,283 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign | Emgesa | Colombia | Foreign | A5 Bonds | Colombia | CP | 7.02% | 6.85% | Unsecured | 124,224 | - | 124,224 | 12,978,755 | - | - | 12,978,755 | - | 116,036 | 116,036 | - | 13,223,871 | - | 13,223,871 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign | Emgesa | Colombia | Foreign | B09-09 Bonds | Colombia | CP | 9.54% | 9.22% | Unsecured | 1,270,050 | - | 1,270,050 | - | - | 57,280,830 | 57,280,830 | - | 1,416,305 | 1,416,305 | - | - | 58,362,634 | 58,362,634 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign | Emgesa | Colombia | Foreign | B10 Bonds | Colombia | CP | 9.42% | 9.10% | Unsecured | 515,328 | - | 515,328 | - | - | 42,018,193 | 42,018,193 | - | 575,302 | 575,302 | - | - | 42,811,747 | 42,811,747 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign | Emgesa | Colombia | Foreign | B-103 Bonds | Colombia | CP | 8.77% | 8.77% | Unsecured | 2,295,820 | - | 2,295,820 | - | 44,627,595 | - | 44,627,595 | - | 3,654,924 | 3,654,924 | - | - | 45,470,431 | 45,470,431 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign | Emgesa | Colombia | Foreign | B12 Bonds | Colombia | CP | 9.75% | 9.41% | Unsecured | 532,712 | - | 532,712 | - | - | 23,516,117 | 23,516,117 | - | 592,993 | 592,993 | - | - | 23,960,242 | 23,960,242 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign | Emgesa | Colombia | Foreign | B15 Bonds | Colombia | CP | 9.74% | 9.40% | Unsecured | 184,777 | - | 184,777 | - | - | 14,569,597 | 14,569,597 | - | 205,704 | 205,704 | - | - | 14,844,758 | 14,844,758 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign | Emgesa | Colombia | Foreign | E5-09 Bonds | Colombia | CP | 9.27% | 9.27% | Unsecured | 559,510 | - | 559,510 | 24,209,158 | - | - | 24,209,158 | - | 1,146,419 | 1,146,419 | - | 24,666,371 | - | 24,666,371 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign | Emgesa | Colombia | Foreign | Foreign bonds | Colombia | CP | 10.17% | 10.17% | Unsecured | 1,639,881 | - | 1,639,881 | - | - | 23,626,374 | 23,626,374 | - | 2,288,195 | 2,288,195 | - | - | 24,072,581 | 24,072,581 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign | Emgesa | Colombia | Foreign | Quimbo bonds | Colombia | CP | 10.17% | 10.17% | Unsecured | 11,784,551 | - | 11,784,551 | - | - | 168,855,314 | 168,855,314 | - | 16,443,475 | 16,443,475 | - | - | 172,990,913 | 172,990,913 | |||||||||||||||||||||||||||||||||||||||||||||||||||
91,081,000-6 | Endesa S.A. (Chile) | Chile | Foreign | The Bank of New York Mellon –First Issue S-1 | USA | US$ | 7.96% | 7.88% | Unsecured | - | 1,280,216 | 1,280,216 | - | - | 96,203,361 | 96,203,361 | 3,507,440 | - | 3,507,440 | - | - | 105,516,202 | 105,516,202 | |||||||||||||||||||||||||||||||||||||||||||||||||||
91,081,000-6 | Endesa S.A. (Chile) | Chile | Foreign | The Bank of New York Mellon –First Issue S-2 | USA | US$ | 7.40% | 7.33% | Unsecured | - | 409,387 | 409,387 | - | - | 33,023,641 | 33,023,641 | 1,121,609 | - | 1,121,609 | - | - | 36,254,989 | 36,254,989 | |||||||||||||||||||||||||||||||||||||||||||||||||||
91,081,000-6 | Endesa S.A. (Chile) | Chile | Foreign | The Bank of New York Mellon –First Issue S-3 | USA | US$ | 8.26% | 8.13% | Unsecured | - | 259,294 | 259,294 | - | - | 13,694,248 | 13,694,248 | 710,395 | - | 710,395 | - | - | 15,584,934 | 15,584,934 | |||||||||||||||||||||||||||||||||||||||||||||||||||
91,081,000-6 | Endesa S.A. (Chile) | Chile | 97,004,000-5 | The Bank of New York Mellon - 144 - A | USA | US$ | 8.50% | 8.35% | Unsecured | - | 192,145,320 | 192,145,320 | - | - | - | - | 7,225,533 | - | 7,225,533 | 206,726,825 | - | - | 206,726,825 | |||||||||||||||||||||||||||||||||||||||||||||||||||
91,081,000-6 | Endesa S.A. (Chile) | Chile | Foreign | The Bank of New York Mellon - 144 - A | USA | US$ | 8.83% | 8.63% | Unsecured | - | 1,362,089 | 1,362,089 | 93,453,298 | - | - | 93,453,298 | 3,731,750 | - | 3,731,750 | - | 102,843,263 | - | 102,843,263 | |||||||||||||||||||||||||||||||||||||||||||||||||||
91,081,000-6 | Endesa S.A. (Chile) | Chile | Foreign | Banco Santander Chile - 317 Series-H | Chile | U.F. | 7.17% | 6.20% | Unsecured | 4,549,904 | 2,349,469 | 6,899,373 | 9,397,876 | 9,397,876 | 50,516,539 | 69,312,291 | - | 5,653,703 | 5,653,703 | 9,274,316 | 9,274,316 | 51,798,587 | 70,347,219 | |||||||||||||||||||||||||||||||||||||||||||||||||||
91,081,000-6 | Endesa S.A. (Chile) | Chile | 97,004,000-5 | Banco Santander Chile - 522 Series-M | Chile | U.F. | 4.82% | 4.75% | Unsecured | 3,093,430 | - | 3,093,430 | - | - | 222,165,054 | 222,165,054 | - | 436,109 | 436,109 | - | - | 218,509,846 | 218,509,846 | |||||||||||||||||||||||||||||||||||||||||||||||||||
91,081,000-6 | Endesa S.A. (Chile) | Chile | 97,004,000-5 | Banco Santander Chile - 318 Series-K | Chile | U.F. | 3.86% | 3.86% | Unsecured | - | - | - | - | - | - | - | - | 699,402 | 699,402 | - | - | 88,931,329 | 88,931,329 | |||||||||||||||||||||||||||||||||||||||||||||||||||
91,081,000-6 | Endesa S.A. (Chile) | Chile | 97,004,000-5 | Banco Santander Chile - 264 Series-F | Chile | U.F. | 6.44% | 6.44% | Unsecured | - | - | - | - | - | - | - | 31,548,592 | - | 31,548,592 | - | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||||||||
94,271,000-3 | Enersis S.A. | Chile | Foreign | Yankee bonds 2016 | USA | US$ | 7.76% | 7.40% | Unsecured | 2,918,473 | - | 2,918,473 | - | 121,831,639 | - | 121,831,639 | - | 799,582 | 799,582 | - | 133,177,054 | - | 133,177,054 | |||||||||||||||||||||||||||||||||||||||||||||||||||
94,271,000-3 | Enersis S.A. | Chile | Foreign | Yankee bonds 2026 | USA | US$ | 7.76% | 6.60% | Unsecured | 8,943 | - | 8,943 | - | - | 406,495 | 406,495 | - | 2,450 | 2,450 | - | - | 445,474 | 445,474 | |||||||||||||||||||||||||||||||||||||||||||||||||||
94,271,000-3 | Enersis S.A. | Chile | Foreign | Yankee bonds 2014 | USA | US$ | 7.69% | 7.38% | Unsecured | - | 2,547,748 | 2,547,748 | 174,250,923 | - | - | 174,250,923 | 6,142,514 | - | 6,142,514 | 189,274,248 | - | - | 189,274,248 | |||||||||||||||||||||||||||||||||||||||||||||||||||
94,271,000-3 | Enersis S.A. | Chile | 97,004,000-5 | UF 269 bonds | Chile | U.F. | 7.02% | 5.75% | Unsecured | 2,954,445 | - | 2,954,445 | 4,768,601 | 5,596,595 | 17,614,096 | 27,979,292 | - | 2,409,255 | 2,409,255 | 4,490,426 | 5,342,947 | 18,824,480 | 28,657,853 | |||||||||||||||||||||||||||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Unsecured Bonds | 78,230,258 | 273,840,251 | 352,070,509 | 616,047,935 | 502,862,716 | 959,924,128 | 2,078,834,779 | 91,218,618 | 151,567,139 | 242,785,757 | 687,373,937 | 503,771,010 | 1,248,768,956 | 2,439,913,903 |
Appendix No. 4, letter b) presents details of estimated future cash flows (undiscounted) that the Group will have to disburse to settle the secured and unsecured obligations detailed above.
Page 74
ENERSIS S.A. AND SUBSIDIARIES INTERIM CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD ENDING SEPTEMBER 30, 2012 (In thousands of Chilean pesos) | ![]() |
- Detail of Financial Lease Obligations
Taxpayer ID No. (RUT) | Company | Country | RUT Financial Institution | Financial Institution | Country | Currency | Nominal Interest Rate | 09-2012 | 12-2011 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Current | Non-current | Current | Non-current | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Less than 90 days | More than 90 Days | Total Current | One to Three Years | Three to Five Years | More than Five Years | Total Non- current | Less than 90 days | More than 90 Days | Total Current | One to Three Years | Three to Five Years | More than Five Years | Total Non- current | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
91,081,000-6 | Endesa S.A. (Chile) | Chile | 87,509,100-K | Leasing Abengoa Chile | Chile | US$ | 6.50% | - | 996,563 | 996,563 | 2,758,593 | 2,371,164 | 11,139,747 | 16,269,504 | 1,041,741 | - | 1,041,741 | 2,291,023 | 2,598,536 | 13,765,541 | 18,655,100 | |||||||||||||||||||||||||||||||||||||||||||||||||
Foreign | Edegel | Peru | Foreign | Banco Scotiabank | Peru | US$ | 2.96% | 2,237,150 | 3,569,205 | 5,806,355 | 10,900,283 | 18,565,926 | - | 29,466,209 | 1,918,477 | 6,218,565 | 8,137,042 | 10,519,276 | 14,415,305 | 11,395,943 | 36,330,524 | |||||||||||||||||||||||||||||||||||||||||||||||||
Foreign | Edelnor | Peru | Foreign | BBVA | Peru | Sol | 24.20% | 1,099,832 | 2,674,110 | 3,773,942 | 2,249,552 | - | - | 2,249,552 | 579,527 | 3,648,359 | 4,227,886 | 2,859,893 | - | - | 2,859,893 | |||||||||||||||||||||||||||||||||||||||||||||||||
Foreign | Edesur S.A. | Argentina | Foreign | COMAFI | Argentina | Ar$ | 5.68% | 72,138 | 308,193 | 380,331 | 287,178 | - | - | 287,178 | 121,499 | 280,084 | 401,583 | 593,623 | - | - | 593,623 | |||||||||||||||||||||||||||||||||||||||||||||||||
Total Leasing | 3,409,120 | 7,548,071 | 10,957,191 | 16,195,606 | 20,937,090 | 11,139,747 | 48,272,443 | 3,661,244 | 10,147,008 | 13,808,252 | 16,263,815 | 17,013,841 | 25,161,484 | 58,439,140 |
Appendix No. 4 letter c) presents details of estimated future cash flows (undiscounted) that the Group will have to disburse to settle the financial lease obligations detailed above
- Detail of Other Obligations
Taxpayer ID No. (RUT) | Company | Country | RUT Financial | Financial Institution | Country | Currency | Nominal Interest Rate | 09-2012 | 12-2011 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Current | Non-current | Current | Non-current | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Less than 90 days | More than 90 Days | Total Current | One to Three Years | Three to Five Years | More than Five Years | Total Non- current | Less than 90 days | More than 90 Days | Total Current | One to Three Years | Three to Five Years | More than Five Years | Total Non- current | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign | Endesa Costanera S.A. | Argentina | Foreign | Mitsubishi (secured debt) | Argentina | US$ | 7.42% | 66,540,733 | 66,540,733 | - | - | - | - | 7,749,998 | 14,969,290 | 22,719,288 | 12,851,153 | 37,735,332 | - | 50,586,485 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign | Endesa Costanera S.A. | Argentina | Foreign | Mitsubishi (unsecured debt) | Argentina | US$ | 7.42% | 14,837,677 | 14,837,677 | - | - | - | - | - | 13,925,511 | 13,925,511 | - | - | - | - | ||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign | Endesa Costanera S.A. | Argentina | Foreign | Other | Argentina | Ar$ | 17.29% | 3,452,007 | 3,452,007 | 7,038,832 | - | - | 7,038,832 | 679,866 | 1,133,110 | 1,812,976 | - | - | - | - | ||||||||||||||||||||||||||||||||||||||||||||||||||
91,081,000-6 | Empresa Nacional de Electricidad S.A. | Chile | N/A | Other | Chile | Ch$ | 4.74% | - | - | - | - | - | - | - | 27 | - | 27 | - | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||||||
96,830,980-3 | Inversiones Gas Atacama Holding Ltda. | Chile | 96,963,440-6 | SC GROUP | Chile | US$ | 7.50% | 6,501,619 | - | 6,501,619 | - | - | - | - | 11,197,341 | - | 11,197,341 | - | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||||||
96,589,170-6 | Empresa Eléctrica Pangue | Chile | N/A | Other | Chile | Ch$ | N/A | - | - | - | - | - | - | - | 2 | - | 2 | - | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||||||
96,827,970-K | Endesa Eco S.A. | Chile | 96,601,250-1 | Inversiones Centinela S.A. | Chile | US$ | 6.10% | 498,000 | 498,000 | - | - | - | - | 3,929,271 | - | 3,929,271 | - | - | - | - | ||||||||||||||||||||||||||||||||||||||||||||||||||
94,271,000-3 | Enersis S.A. | Chile | N/A | Other | Chile | Ch$ | N/A | - | - | - | - | - | - | - | - | 3,958 | 3,958 | - | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||||||
96,800,570-7 | Chilectra S.A. | Chile | N/A | Other | Chile | Ch$ | N/A | - | - | - | - | - | - | - | - | 1,235 | 1,235 | - | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||||||
Foreign | Ampla Energía E Servicios S.A. | Brazil | Foreign | Eletrobrás | Brazil | Real | 6.37% | 260,020 | 513,209 | 773,229 | 1,904,069 | 1,783,695 | 1,732,980 | 5,420,744 | 205,853 | 613,419 | 819,272 | 2,035,832 | 2,239,892 | 2,816,907 | 7,092,631 | |||||||||||||||||||||||||||||||||||||||||||||||||
Foreign | Ampla Energía E Servicios S.A. | Brazil | Foreign | Bndes | Brazil | Real | 9.11% | 3,198,241 | 8,914,507 | 12,112,748 | 23,308,476 | 22,741,266 | 15,457,708 | 61,507,450 | 4,941,520 | 10,526,077 | 15,467,597 | 23,343,601 | 22,203,629 | 22,367,250 | 67,914,480 | |||||||||||||||||||||||||||||||||||||||||||||||||
Foreign | Compañía Energética Do Ceará S.A. | Brazil | Foreign | Eletrobras | Brazil | Real | 6.42% | 860,713 | 2,480,854 | 3,341,567 | 4,986,088 | 4,732,238 | 8,326,744 | 18,045,070 | 1,289,715 | 3,067,631 | 4,357,346 | 6,534,103 | 5,634,274 | 11,052,898 | 23,221,275 | |||||||||||||||||||||||||||||||||||||||||||||||||
Foreign | Compañía Energética Do Ceará S.A. | Brazil | Foreign | Banco do Brasil | Brazil | US$ | 4.70% | 64,182 | 32,847 | 97,029 | 65,694 | - | 1,312,147 | 1,377,841 | 16,411 | 113,158 | 129,569 | 108,803 | - | 1,448,799 | 1,557,602 | |||||||||||||||||||||||||||||||||||||||||||||||||
Foreign | Compañía Energética Do Ceará S.A. | Brazil | Foreign | BEI | Brazil | US$ | - | - | - | - | - | - | - | - | 4,532,108 | 4,532,108 | - | - | - | - | ||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign | Compañía Energética Do Ceará S.A. | Brazil | Foreign | Banco do Brasil | Brazil | Real | 16.06% | 952,722 | 2,847,763 | 3,800,485 | 1,880,978 | - | - | 1,880,978 | 1,049,301 | 3,073,192 | 4,122,493 | 5,366,340 | - | - | 5,366,340 | |||||||||||||||||||||||||||||||||||||||||||||||||
Foreign | Compañía Energética Do Ceará S.A. | Brazil | Foreign | BNDES | Brazil | Real | 9.70% | 4,572,429 | 9,113,093 | 13,685,522 | 14,285,554 | - | - | 14,285,554 | 5,567,428 | 16,072,830 | 21,640,258 | 27,967,533 | - | - | 27,967,533 | |||||||||||||||||||||||||||||||||||||||||||||||||
Foreign | Compañía Energética Do Ceará S.A. | Brazil | Foreign | Banco do Nordeste | Brazil | Real | 7.68% | 2,570,719 | 4,345,221 | 6,915,940 | 17,733,093 | 4,945,517 | 3,709,137 | 26,387,747 | 1,975,303 | 6,454,541 | 8,429,844 | 24,074,744 | 5,911,192 | 6,650,091 | 36,636,027 | |||||||||||||||||||||||||||||||||||||||||||||||||
Foreign | Compañía Energética Do Ceará S.A. | Brazil | Foreign | Faelce | Brazil | Real | 13.22% | 1,381,674 | 1,381,675 | 2,763,349 | 2,763,348 | - | - | 2,763,348 | - | 3,176,291 | 3,176,291 | 4,764,438 | - | - | 4,764,438 | |||||||||||||||||||||||||||||||||||||||||||||||||
Total Other Obligations | 101,740,729 | 33,579,176 | 135,319,905 | 73,966,132 | 34,202,716 | 30,538,716 | 138,707,564 | 38,602,036 | 77,662,351 | 116,264,387 | 107,046,547 | 73,724,319 | 44,335,945 | 225,106,811 |
Appendix No. 4 letter d) presents details of estimated future cash flows (undiscounted) that the Group will have to disburse to settle these obligations.
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ENERSIS S.A. AND SUBSIDIARIES INTERIM CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD ENDING SEPTEMBER 30, 2012 (In thousands of Chilean pesos) |
18.4 | Hedged debt |
Of Enersis’ US dollar denominated debt, as of September 30, 2012, ThCh$664,986,702 is related to future cash flow hedges for the Group’s US dollar-linked operating income (see Note 3.m). As of December 31, 2011, this amount totaled ThCh$739,686,386.
The following table details changes in “Reserve of cash flow hedges” during 2012 and 2011 due to exchange differences of this debt:
9-30-2012 | 12-31-2011 | |||||||
Balance in hedging reserves (hedging income) at the beginning of the Period, net | 30,554,503 | 67,748,527 | ||||||
Foreign currency exchange differences recorded in equity, net | 20,346,145 | (28,520,464) | ||||||
Recognition of foreign currency exchange differences in profit or loss, net | (7,934,107) | (9,306,696) | ||||||
Foreign currency translation differences | (295,067) | 633,136 | ||||||
Balance in hedging reserves (hedging income) at the end of the Period, net | 42,671,474 | 30,554,503 |
18.5 | Other information |
As of September 30, 2012 and December 31, 2011, the Enersis Group has long-term lines of credit available for use amounting to ThCh$212,812,000 and ThCh$238,832,000, respectively.
19. | RISK MANAGEMENT POLICY |
The Group’s companies are exposed to certain risks that are managed by systems that identify, measure, limit concentration of, and monitor these risks.
The main principles in the Group’s risk management policy include the following:
- | Compliance with good corporate governance standards. |
- | Strict compliance with all the Group’s internal policies. |
- | The Group’s Risk Committee is the organization in charge of defining, approving, and updating the basic principles that are to inspire actions taken regarding risk. |
- | Risk Governance is organized operationally through the Risk Control and Risk Management areas, which are two independent functions. |
- | Each business and corporate area determines: |
I. | The markets and product areas in which it can operate based on its knowledge and ability to ensure effective risk management. |
II. Criteria regarding counterparts.
III. Authorized operators.
- | Business and corporate areas establish their risk tolerance in a manner consistent with the defined strategy for each market in which they operate. |
- | Business limits are ratified by the Group’s Risk Committee. |
- | All of the operations of the businesses and corporate areas are conducted within the limits approved for each case. |
- | Businesses, corporate areas, lines of business and companies design the risk management controls necessary to ensure that transactions in the markets are conducted in accordance with Enersis’ policies, standards, and procedures. |
Page 76
ENERSIS S.A. AND SUBSIDIARIES INTERIM CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD ENDING SEPTEMBER 30, 2012 (In thousands of Chilean pesos) |
19.1. | Interest rate risk |
Changes in interest rates affect the fair value of assets and liabilities bearing fixed interest rates, as well as the expected future cash flows of assets and liabilities subject to floating interest rates.
The objective of managing interest rate risk exposure is to achieve a balance in the debt structure to minimize the cost of debt with reduced volatility in profit or loss.
In compliance with the current interest rate hedging policy, the proportion of fixed debt and/or hedged debt over the net total debt was 57% as of September 30, 2012.
Depending on the Group’s estimates and on the objectives of the debt structure, hedging transactions are performed by entering into derivatives contracts that mitigate interest rate risk. Derivative instruments currently used to comply with the risk management policy are interest rate swaps to set floating rate at fixed rate.
The financial debt structure of the Group detailed by fixed, hedged, and floating rate debt, net of hedging derivative instruments, is as follows:
Net position:
9-30-2012 | 12-31-2011 | |||||||
% | % | |||||||
Fixed interest rate | 57 | % | 62 | % | ||||
Floating interest rate | 43 | % | 38 | % | ||||
Total | 100 | % | 100 | % |
Exchange rate risks involve basically the following transactions:
- | Debt taken on by the Group’s companies that is denominated in a currency other than that in which its cash flows are indexed. |
- | Payments to be made for the acquisition of project-related materials in a currency other than that in which its cash flows are indexed. |
- | Group company income directly linked to dollar changes. |
- | Cash flows from foreign subsidiaries to the Chilean parent company which are exposed to exchange rate fluctuations. |
In order to mitigate foreign currency risk, the Group’s foreign currency risk management policy is based on cash flows and includes maintaining a balance between U.S. dollar flows and the levels of assets and liabilities denominated in this currency. The objective is to minimize the exposure to variability in cash flows that are attributable to foreign exchange risk.
The hedging instruments currently being used to comply with the policy are currency swaps and forward exchange contracts. In addition, the policy seeks to refinance debt in the functional currency of each of the Group’s companies.
19.3. | Commodities risk |
The Group has a risk exposure to price changes in certain commodities, basically due to:
- | Purchases of fuel used to generate electricity. |
- | Energy purchase/sale transactions that take place in local markets. |
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ENERSIS S.A. AND SUBSIDIARIES INTERIM CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD ENDING SEPTEMBER 30, 2012 (In thousands of Chilean pesos) |
In order to reduce the risk in situations of extreme drought, the company has designed a commercial policy that defines the levels of sales commitments in line with the capacity of its generating power plants in a dry year and includes risk mitigation terms in certain contracts with unregulated customers.
Considering the operating conditions faced by the power generation market in Chile, with drought and highly volatile oil prices, the Gro up is constantly verifying the advisability of hedging against increases in the price of Brent crude oil. As of September 30, 2012, there are no hedging instruments in effect, and the hedging used in the past has been in specific cases and for fairly insignificant amounts. The Group does not rule out use of this type of instrument in the future.
19.4. | Liquidity risk |
The Group maintains a liquidity risk management policy that consists of entering into long-term committed banking facilities and temporary financial investments for amounts that cover the projected needs over a period of time that is determined based on the situation and expectations for debt and capital markets.
The projected needs mentioned above include maturities of financial debt, net of financial derivatives. For further details regarding the features and conditions of financial obligations and financial derivatives, see Notes 18 and 20, and Appendix No. 4.
As of September 30, 2012, the Group has cash and cash equivalent totaling ThCh$782,662,802 and unconditionally available lines of credits totaling ThCh$212,812,000. As of December 31, 2011, the Group had ThCh$1,219,921,268 in cash and cash equivalents and ThCh$238,832,000 in unconditional available lines of credit.
19.5. | Credit risk |
Given the current economic situation, the Group has been conducting detailed monitoring of its credit risk.
Trade receivables:
The credit risk for receivables from the Group’s commercial activity has historically been very low, due to the short term period of collections from customers, resulting in non-significant cumulative receivables amounts. This situation applies to both the electricity generating and distribution lines of business.
In our electricity generating business, some countries’ regulations allow the suspension of energy service to customers with outstanding payments, and most contracts have termination clauses for payment default. The Company monitors its credit risk on an ongoing basis and measures quantitatively its maximum exposure to payment default risk, which, as stated above, is very low.
In our electricity distribution companies, the suspension of energy service for customers in payment default is permitted in all cases, in accordance with current regulations in each country. This facilitates our credit risk management, which is also low in this line of business.
Financial assets:
Cash surpluses are invested in the highest-rated local and foreign financial entities (with risk rating equivalent to investment grade) with thresholds established for each entity.
Banks that have received investment grade ratings from at least two of the three major international rating agencies (Moody’s, S&P, and Fitch) are selected for making investments.
Investments are backed with treasury bonds from the countries in which the company operates and/or with commercial papers issued by the highest rated banks; wherever possible and when market conditions permit, the treasury bonds are preferred.
Derivative instruments are entered into with entities with solid creditworthiness; all derivative transactions are performed with entities with investment grade ratings.
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ENERSIS S.A. AND SUBSIDIARIES INTERIM CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD ENDING SEPTEMBER 30, 2012 (In thousands of Chilean pesos) |
19.6. | Risk measurement |
The Enersis Group measures the Value at Risk (VaR) of its debt positions and financial derivatives in order to ensure that the risk assumed by the company remains consistent with the risk exposure defined by Management, thereby reducing volatility in the income statement.
The portfolio of positions included in calculating the current Value at Risk consists of the following:
- | Debt |
- | Financial derivatives. |
The VaR determined represents the potential loss in value of the portfolio of positions described above in one day with a 95% confidence level. To determine the VaR, we take into account the volatility of the risk variables affecting the value of the portfolio of positions including:
- | U.S. dollar Libor interest rate. |
- | The customary local indices used in the banking industry for debt, considering the various currencies in which our companies operate. |
- | The Exchange rates of the various currencies used in the calculation. |
The calculation of VaR is based on generating possible future scenarios (at one day) of market values (both spot and term) for the risk variables, using Bootstrapping simulations. The number of scenarios generated ensures compliance with the simulation convergence criteria. The table of volatilities and correlations between the various risk variables calculated based on the historical values of the logarithmic price return has been applied to simulate the future price scenario.
Once the price scenarios have been obtained, the fair value of the portfolio is calculated using such scenarios, thereby obtaining a distribution of possible values at one day. The one-day 95%-confidence VaR number is calculated as the 5% percentile of the potential increases in the fair value of the portfolio in one day.
The various debt positions and financial derivatives included in the calculation have been valued consistently using the financial capital calculation methodology reported to Management.
Taking into account the assumptions described above, the Value at Risk of the previously discussed positions, broken down by type of position, is shown in the following table:
Financial Positions | 9-30-2012 | 12-31-2011 | ||||||
ThCh$ | ThCh$ | |||||||
Interest rate | 18,614,609 | 41,560,004 | ||||||
Exchange rate | 4,479,041 | 3,602,591 | ||||||
Correlation | (225,220 | ) | (310,050 | ) | ||||
Total | 22,868,430 | 44,852,545 |
The Value at Risk positions have varied during the 2012 fiscal period and the 2011 fiscal year depending on the start/maturity of operations throughout each year.
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ENERSIS S.A. AND SUBSIDIARIES INTERIM CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD ENDING SEPTEMBER 30, 2012 (In thousands of Chilean pesos) |
20. | FINANCIAL INSTRUMENTS |
20.1 | Financial instruments, classified by type and category. |
a) | The detail of financial assets, classified by type and category, as of September 30, 2012 and December 31, 2011, is as follows: |
September 30, 2012 | ||||||||||||||||||||||||
Financial assets held for trading ThCh$ | Financial assets at fair value with change in net income ThCh$ | Held-to- maturity investments ThCh$ | Loans and receivables ThCh$ | Available-for- sale financial assets ThCh$ | Hedge derivatives ThCh$ | |||||||||||||||||||
Derivative instruments | 1,449,935 | - | - | - | - | 22,205 | ||||||||||||||||||
Other financial assets | - | - | - | 871,402,820 | - | - | ||||||||||||||||||
Total Current | 1,449,935 | - | - | 871,402,820 | - | 22,205 | ||||||||||||||||||
Equity instruments | - | - | - | - | 2,880,282 | - | ||||||||||||||||||
Derivative instruments | - | - | - | - | - | 34,349,259 | ||||||||||||||||||
Other financial assets | - | - | 30,060,707 | 476,670,579 | - | - | ||||||||||||||||||
Total Non-current | - | - | 30,060,707 | 476,670,579 | 2,880,282 | 34,349,259 | ||||||||||||||||||
Total | 1,449,935 | - | 30,060,707 | 1,348,073,399 | 2,880,282 | 34,371,464 | ||||||||||||||||||
December 31, 2011 | ||||||||||||||||||||||||
Financial assets held for trading ThCh$ | Financial assets at fair value with change in net income ThCh$ | Held-to- maturity investments ThCh$ | Loans and receivables ThCh$ | Available-for- sale financial assets ThCh$ | Hedge derivatives ThCh$ | |||||||||||||||||||
Derivative instruments | 47,504 | - | - | - | - | 748,078 | ||||||||||||||||||
Other financial assets | - | - | - | 1,013,028,618 | - | - | ||||||||||||||||||
Total Current | 47,504 | - | - | 1,013,028,618 | - | 748,078 | ||||||||||||||||||
Equity instruments | - | - | - | - | 2,892,655 | - | ||||||||||||||||||
Derivative instruments | - | - | - | - | - | 12,178,355 | ||||||||||||||||||
Other financial assets | - | - | 20,793,960 | 444,818,541 | - | - | ||||||||||||||||||
Total Non-current | - | - | 20,793,960 | 444,818,541 | 2,892,655 | 12,178,355 | ||||||||||||||||||
Total | 47,504 | - | 20,793,960 | 1,457,847,159 | 2,892,655 | 12,926,433 |
b) | The detail of financial liabilities, classified by type and category, as of September 30, 2012 and December 31, 2011, is as follows: |
September 30, 2012 | ||||||||||||||||
Financial liabilities | Financial liabilities at fair value with | Loans and payables | Hedge derivatives | |||||||||||||
ThCh$ | ThCh$ | ThCh$ | ThCh$ | |||||||||||||
Interest-bearing loans | 3,591,347 | 498,000 | 634,077,850 | - | ||||||||||||
Derivative instruments | 136,810 | - | - | 4,647,013 | ||||||||||||
Other financial liabilities | - | - | 1,132,618,793 | - | ||||||||||||
Total Current | 3,728,157 | 498,000 | 1,766,696,643 | 4,647,013 | ||||||||||||
Interest-bearing loans | 10,142,304 | - | 2,599,423,280 | - | ||||||||||||
Derivative instruments | - | - | - | 237,887,616 | ||||||||||||
Other financial liabilities | - | - | - | - | ||||||||||||
Total Non-current | 10,142,304 | - | 2,599,423,280 | 237,887,616 | ||||||||||||
Total | 13,870,461 | 498,000 | 4,366,119,923 | 242,534,629 | ||||||||||||
December 31, 2011 | ||||||||||||||||
Financial liabilities | Financial liabilities at fair value with change in net income | Loans and payables | Hedge derivatives | |||||||||||||
ThCh$ | ThCh$ | ThCh$ | ThCh$ | |||||||||||||
Interest-bearing loans | 11,601,335 | 3,929,271 | 646,444,125 | - | ||||||||||||
Derivative instruments | 807,105 | - | - | 6,200,643 | ||||||||||||
Other financial liabilities | - | - | 1,395,341,923 | - | ||||||||||||
Total Current | 12,408,440 | 3,929,271 | 2,041,786,048 | 6,200,643 | ||||||||||||
Interest-bearing loans | 13,215,469 | - | 3,035,982,494 | - | ||||||||||||
Derivative instruments | - | - | - | 212,913,735 | ||||||||||||
Other financial liabilities | - | - | 23,548,235 | - | ||||||||||||
Total Non-current | 13,215,469 | - | 3,059,530,729 | 212,913,735 | ||||||||||||
Total | 25,623,909 | 3,929,271 | 5,101,316,777 | 219,114,378 |
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ENERSIS S.A. AND SUBSIDIARIES INTERIM CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD ENDING SEPTEMBER 30, 2012 (In thousands of Chilean pesos) |
20.2 | Derivative instruments |
The risk management policy of the Group uses primarily interest rate and foreign exchange rate derivatives to hedge its exposure to interest rate and foreign currency risks.
The Company classifies its hedges as follows:
- | Cash flow hedges: Those that hedge the cash flows of the underlying hedged item. |
- | Fair value hedges:Those that hedge the fair value of the underlying hedged item. |
- | Non-hedge derivatives: Financial derivatives that do not meet the requirements established by IFRS to be designated as hedge instruments are recorded at fair value with changes in net income (assets held for trading). |
a) | Assets and liabilities for hedge derivative instruments |
As of September 30, 2012 and December 31, 2011, financial derivative transactions qualifying as hedge instruments resulted in recognition of the following assets and liabilities in the statement of financial position:
September 30, 2012 | December 31, 2011 | |||||||||||||||||||||||||||||||
Assets | Liabilities | Assets | Liabilities | |||||||||||||||||||||||||||||
Current ThCh$ | Non-current ThCh$ | Current ThCh$ | Non-current ThCh$ | Current ThCh$ | Non-current ThCh$ | Current ThCh$ | Non-current ThCh$ | |||||||||||||||||||||||||
Interest rate hedge: | - | 3,076,323 | 280,838 | 5,604,401 | - | 2,792,448 | 119,964 | 7,048,868 | ||||||||||||||||||||||||
Cash flow hedge | - | 3,076,323 | 280,838 | 5,604,401 | - | 2,792,448 | 119,964 | 7,048,868 | ||||||||||||||||||||||||
Exchange rate hedge: | 22,205 | 31,272,936 | 4,366,175 | 232,283,215 | 748,078 | 9,385,907 | 6,080,679 | 205,864,867 | ||||||||||||||||||||||||
Cash flow hedge | 22,205 | 31,272,936 | 4,202,192 | 228,719,537 | 748,078 | 9,385,907 | 3,070,825 | 201,717,556 | ||||||||||||||||||||||||
Fair value hedge | - | - | 163,983 | 3,563,678 | - | - | 3,009,854 | 4,147,311 | ||||||||||||||||||||||||
TOTAL | 22,205 | 34,349,259 | 4,647,013 | 237,887,616 | 748,078 | 12,178,355 | 6,200,643 | 212,913,735 |
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ENERSIS S.A. AND SUBSIDIARIES INTERIM CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD ENDING SEPTEMBER 30, 2012 (In thousands of Chilean pesos) |
- General information on Hedge Derivative Instruments
Hedge derivative instruments and their corresponding hedged instruments are shown in the following table:
Detail of Hedge Instruments | Description of Hedge Instrument | Description of Hedged Instrument | Fair Value of Hedged Instruments 9-30-2012 | Fair Value of Hedged Instruments 12-31-2011 | Type of Risks Hedged | |||||||||
SWAP | Interest rate | Bank borrowings | (2,808,916 | ) | (4,376,384 | ) | Cash flow | |||||||
SWAP | Exchange rate | Bank borrowings | (3,727,661 | ) | (7,157,165 | ) | Fair value | |||||||
SWAP | Exchange rate | Unsecured obligations (Bonds) | (201,626,588 | ) | (194,654,396 | ) | Cash flow |
At the close of the 2012 and 2011 periods, the Group has not recognized significant gains or losses for ineffective cash flow hedges.
For fair value hedges the gain or losses recognized on the hedging instrument and on the underlying hedged item is detailed in the following table:
September 30, 2012 | December 31, 2011 | |||||||||||||||
Gain ThCh$ | Loss ThCh$ | Gain ThCh$ | Loss ThCh$ | |||||||||||||
Hedging instrument | - | 433,245 | 4,034,969 | - | ||||||||||||
Hedged item | - | 1,752,262 | - | 4,763,189 | ||||||||||||
TOTAL | - | 2,185,507 | 4,034,969 | 4,763,189 |
b) | Financial derivative instrument assets and liabilities at fair value with changes in net income |
As of September 30, 2012 and December 31, 2011, financial derivative transactions recorded at fair value with changes in net income, resulted in the recognition of the following assets and liabilities in the statement of financial position:
September 30, 2012 | December 31, 2011 | |||||||||||||||||||||||||||||||
Current Assets | Current Liabilities | Non-current Assets | Non-current Liabilities | Current Assets | Current Liabilities | Non-current Assets | Non-current Liabilities | |||||||||||||||||||||||||
ThCh$ | ThCh$ | ThCh$ | ThCh$ | ThCh$ | ThCh$ | ThCh$ | ThCh$ | |||||||||||||||||||||||||
Non-hedging derivative instruments | 1,449,935 | 136,810 | - | - | 47,504 | 807,105 | - | - |
c) | Other information on derivatives: |
The following tables present the fair value of hedging and non-hedging derivatives entered into by the Group as well as the remaining contractual maturities as of September 30, 2012 and December 31, 2011:
Financial Derivatives | September 30, 2012 | |||||||||||||||||||||||||||||||
Fair Value | Notional value | |||||||||||||||||||||||||||||||
Less than 1 year | 1-2 Years | 2-3 Years | 3-4 Years | 4-5 Years | More than 5 Years | Total | ||||||||||||||||||||||||||
ThCh$ | ThCh$ | ThCh$ | ThCh$ | ThCh$ | ThCh$ | ThCh$ | ThCh$ | |||||||||||||||||||||||||
Interest rate hedge: | (2,808,916 | ) | 7,740,472 | 114,794,916 | 5,914,591 | 17,238,428 | 20,509,171 | 8,088,424 | 174,286,002 | |||||||||||||||||||||||
Cash flow hedge | (2,808,916 | ) | 7,740,472 | 114,794,916 | 5,914,591 | 17,238,428 | 20,509,171 | 8,088,424 | 174,286,002 | |||||||||||||||||||||||
Exchange rate hedge: | (205,354,249 | ) | 13,422,876 | 295,976,509 | 190,155,884 | 869,077 | 213,977,238 | - | 714,401,584 | |||||||||||||||||||||||
Cash flow hedge | (201,626,588 | ) | 11,985,155 | 294,435,991 | 188,505,218 | - | 213,977,238 | - | 708,903,602 | |||||||||||||||||||||||
Fair value hedge | (3,727,661 | ) | 1,437,721 | 1,540,518 | 1,650,666 | 869,077 | - | - | 5,497,982 | |||||||||||||||||||||||
Derivatives not designated for hedge accounting | 1,313,125 | 35,969,371 | - | - | - | - | - | 35,969,371 | ||||||||||||||||||||||||
TOTAL | (206,850,040 | ) | 57,132,719 | 410,771,425 | 196,070,475 | 18,107,505 | 234,486,409 | 8,088,424 | 924,656,957 | |||||||||||||||||||||||
Financial Derivatives | December 31, 2011 | |||||||||||||||||||||||||||||||
Fair Value | Notional value | |||||||||||||||||||||||||||||||
Less than 1 year | 1 - 2 Years | 2-3 Years | 3-4 Years | 4-5 Years | More than 5 Years | Total | ||||||||||||||||||||||||||
ThCh$ | ThCh$ | ThCh$ | ThCh$ | ThCh$ | ThCh$ | ThCh$ | ThCh$ | |||||||||||||||||||||||||
Interest rate hedge: | (4,376,384 | ) | 10,780,523 | 7,125,818 | 125,247,877 | 6,893,698 | 5,292,723 | 8,368,224 | 163,708,863 | |||||||||||||||||||||||
Cash flow hedge | (4,376,384 | ) | 10,780,523 | 7,125,818 | 125,247,877 | 6,893,698 | 5,292,723 | 8,368,224 | 163,708,863 | |||||||||||||||||||||||
Exchange rate hedge: | (201,811,561 | ) | 29,287,450 | 10,912,595 | 499,430,704 | 2,091,618 | 211,163,933 | - | 752,886,300 | |||||||||||||||||||||||
Cash flow hedge | (194,654,396 | ) | 23,473,223 | 9,147,062 | 497,538,936 | 64,588 | 211,163,933 | - | 741,387,742 | |||||||||||||||||||||||
Fair value hedge | (7,157,165 | ) | 5,814,227 | 1,765,533 | 1,891,768 | 2,027,030 | - | - | 11,498,558 | |||||||||||||||||||||||
Derivatives not designated for hedge accounting | (759,601 | ) | 17,569,294 | - | - | - | - | - | 17,569,294 | |||||||||||||||||||||||
TOTAL | (206,947,546 | ) | 57,637,267 | 18,038,413 | 624,678,581 | 8,985,316 | 216,456,656 | 8,368,224 | 934,164,457 |
The hedging and non-hedging derivatives contractual maturities do not represent the total Group’s risks exposure, as the amounts presented in the above tables have been drawn up based on undiscounted contractual cash inflows and outflows for their settlement.
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ENERSIS S.A. AND SUBSIDIARIES INTERIM CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD ENDING SEPTEMBER 30, 2012 (In thousands of Chilean pesos) |
Financial instruments recognized at fair value in the consolidated statement of financial position are classified based on the hierarchies described in Note 3.g.5.
The following table presents financial assets and liabilities measured at fair value as of September 30, 2012 and December 31, 2011:
Financial Instruments Measured at Fair Value | Fair Value Measured at End of Reporting Period Using: | |||||||||||||||
9-30-2012 ThCh$ | Level 1 ThCh$ | Level 2 ThCh$ | Level 3 ThCh$ | |||||||||||||
Financial Assets | ||||||||||||||||
Cash flow hedge derivatives | 34,371,464 | - | 34,371,464 | - | ||||||||||||
Derivatives not designated for hedge accounting | 1,449,935 | - | 1,449,935 | - | ||||||||||||
Available-for-sale financial assets, non-current | 30,314 | 30,314 | - | - | ||||||||||||
Total | 35,851,713 | 30,314 | 35,821,399 | - | ||||||||||||
Financial Liabilities | ||||||||||||||||
Cash flow hedge derivatives | 238,806,968 | - | 238,806,968 | - | ||||||||||||
Fair value hedge derivatives | 3,727,661 | - | 3,727,661 | - | ||||||||||||
Derivatives not designated for hedge accounting | 136,810 | - | 136,810 | - | ||||||||||||
Interest-bearing borrowings, short term | 3,591,347 | - | 3,591,347 | - | ||||||||||||
Interest-bearing borrowings, long-term | 10,142,304 | - | 10,142,304 | - | ||||||||||||
Other non-current financial liabilities | 498,000 | - | - | 498,000 | ||||||||||||
Total | 256,903,090 | - | 256,405,090 | 498,000 | ||||||||||||
Financial Instruments Measured at Fair Value | Fair Value Measured at End of Reporting Period Using: | |||||||||||||||
12-31-2011 ThCh$ | Level 1 ThCh$ | Level 2 ThCh$ | Level 3 ThCh$ | |||||||||||||
Financial Assets | ||||||||||||||||
Cash flow hedge derivatives | 12,926,433 | - | 12,926,433 | - | ||||||||||||
Fair value hedge derivatives | 47,504 | - | 47,504 | - | ||||||||||||
Available-for-sale financial assets, non-current | 86,852 | 86,852 | - | - | ||||||||||||
Total | 13,060,789 | 86,852 | 12,973,937 | - | ||||||||||||
Financial Liabilities | ||||||||||||||||
Cash flow hedge derivatives | 211,957,213 | - | 211,957,213 | - | ||||||||||||
Fair value hedge derivatives | 7,157,165 | - | 7,157,165 | - | ||||||||||||
Derivatives not designated for hedge accounting | 807,105 | - | 807,105 | - | ||||||||||||
Interest-bearing borrowings, short term | 11,601,335 | - | 11,601,335 | - | ||||||||||||
Interest-bearing borrowings, long-term | 13,215,469 | - | 13,215,469 | - | ||||||||||||
Other non-current financial liabilities | 3,929,271 | - | - | 3,929,271 | ||||||||||||
Total | 248,667,558 | - | 244,738,287 | 3,929,271 |
20.3.1 | The following is the reconciliation between opening and closing balances for financial instruments whose fair value is classified at level 3: |
Non-current Interest-bearing Loans | ThCh$ | |||
Balance at December 31 2010 | 12,395,250 | |||
Total Profit recognized in financial profit or loss | (8,465,979) | |||
Balance at December 31, 2011 | 3,929,271 | |||
Total Profit recognized in financial profit or loss | (3,431,271) | |||
Balance at September 30, 2012 | 498,000 |
The fair value of Level 3 has been calculated by applying a traditional discounted cash flow method. These projected cash flows include assumptions from within the company that are primarily based on estimates for prices and levels of energy production and firm capacity, as well as the costs of operating and maintaining some of our plants.
None of the possible reasonable scenarios foreseeable in the assumptions mentioned in the above paragraph would result in a significant change in the fair value of the financial instruments included at this level.
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ENERSIS S.A. AND SUBSIDIARIES INTERIM CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD ENDING SEPTEMBER 30, 2012 (In thousands of Chilean pesos) |
21. | TRADE AND OTHER PAYABLES |
The breakdown of Trade and other payables as of September 30, 2012 and December 31, 2011 is as follows:
Current | Non-current | |||||||||||||||
Trade and Other Payables | 9-30-2012 | 12-31-2011 | 9-30-2012 | 12-31-2011 | ||||||||||||
ThCh$ | ThCh$ | ThCh$ | ThCh$ | |||||||||||||
Trade payables | 208,622,993 | 393,066,581 | - | - | ||||||||||||
Other payables | 768,441,894 | 841,997,878 | 12,176,248 | 14,304,607 | ||||||||||||
Total | 977,064,887 | 1,235,064,459 | 12,176,248 | 14,304,607 |
The breakdown of Trade Accounts and other Payables as of September 30, 2012 and December 31, 2011, is as follows:
Current | Non-current | |||||||||||||||
One to Five Years | ||||||||||||||||
Trade and Other Payables | 9-30-2012 | 12-31-2011 | 9-30-2012 | 12-31-2011 | ||||||||||||
ThCh$ | ThCh$ | ThCh$ | ThCh$ | |||||||||||||
Energy suppliers | 294,800,570 | 354,964,500 | - | - | ||||||||||||
Fuel and gas suppliers | 27,176,908 | 38,102,081 | - | - | ||||||||||||
Payables for goods and services | 355,086,725 | 529,596,153 | 10,618 | 243,790 | ||||||||||||
Dividends payable to third parties | 158,066,371 | 161,073,860 | - | - | ||||||||||||
Fines and complaints (*) | 73,368,173 | 74,994,982 | - | - | ||||||||||||
Research and development | 22,732,201 | 17,971,576 | 5,417,837 | 3,894,943 | ||||||||||||
Payables to tax authorities | 9,908,991 | 17,684,946 | 4,257,112 | 7,580,699 | ||||||||||||
Mitsubishi contract (LTSA) | 15,550,445 | 11,514,861 | - | - | ||||||||||||
Obligations for social programs | 3,906,347 | 14,987,123 | - | - | ||||||||||||
Other accounts payable | 16,468,156 | 14,174,377 | 2,490,681 | 2,585,175 | ||||||||||||
Total | 977,064,887 | 1,235,064,459 | 12,176,248 | 14,304,607 |
See Note 19.4 for the description of the liquidity risk management policy.
(*) This corresponds to fines and complaints our Argentine subsidiary Edesur S.A. has received from the regulatory agency due to business service quality, technical product quality, and public safety prior to 2010. These fines have not been paid, as some were suspended under the Agreement Act signed in 2007 with the Argentine government, and others are pending until the Integral Tariff Review (ITR) takes place (see Note 4.2).
Page 84
ENERSIS S.A. AND SUBSIDIARIES INTERIM CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD ENDING SEPTEMBER 30, 2012 (In thousands of Chilean pesos) |
22. | PROVISIONS |
a) | The breakdown of provisions as September 30, 2012 and December 31, 2011 is as follows: |
Provisions | Current | Non-current | ||||||||||||||
9-30-2012 ThCh$ | 12-31-2011 ThCh$ | 9-30-2012 ThCh$ | 12-31-2011 ThCh$ | |||||||||||||
Provision for legal proceedings | 29,783,081 | 49,741,677 | 176,877,256 | 186,849,932 | ||||||||||||
Decommissioning, restoration, and rehabilitation costs | - | - | 22,799,101 | 13,806,632 | ||||||||||||
Provision for suppliers and services | 10,582,410 | 9,689,600 | - | - | ||||||||||||
Provision for employee benefits | 25,188,533 | 31,162,406 | 119,108 | 65,221 | ||||||||||||
Risk provisions | - | - | - | 38,388 | ||||||||||||
Other provisions | 21,788,859 | 9,108,971 | 97,000 | 1,813,468 | ||||||||||||
Total | 87,342,883 | 99,702,654 | 199,892,465 | 202,573,641 |
b) | Changes in provisions as of December 31, 2011 and September 30, 2012 is as follows: |
Warranty | Legal Proceedings | Decommissioning, | Other Provisions | Total | ||||||||||||||||
ThCh$ | ThCh$ | ThCh$ | ThCh$ | ThCh$ | ||||||||||||||||
Changes in Provisions | ||||||||||||||||||||
Opening balance at January 1, 2012 | - | 236,591,609 | 13,806,632 | 51,878,054 | 302,276,295 | |||||||||||||||
Changes in Provisions | ||||||||||||||||||||
Additional provisions | - | - | 9,024,758 | - | 9,024,758 | |||||||||||||||
Increase (decrease) in existing provisions | - | 13,120,044 | - | 6,911,420 | 20,031,464 | |||||||||||||||
Provisions used | - | (30,852,290) | (102,301) | (16,534,338) | (47,488,929) | |||||||||||||||
Increase from adjustment to value of money over time | - | 24,018,729 | 380,946 | 11,577,680 | 35,977,355 | |||||||||||||||
Foreign currency translation | - | (30,835,486) | (356,234) | (6,097,786) | (37,289,506) | |||||||||||||||
Other increase (decrease) | - | (5,382,269) | 45,300 | 10,040,880 | 4,703,911 | |||||||||||||||
Total changes in provisions | - | (29,931,272) | 8,992,469 | 5,897,856 | (15,040,947) | |||||||||||||||
Balance at September 30, 2012 | - | 206,660,337 | 22,799,101 | 57,775,910 | 287,235,348 | |||||||||||||||
Warranty | Legal Proceedings | Decommissioning, Costs | Other Provisions | Total | ||||||||||||||||
ThCh$ | ThCh$ | ThCh$ | ThCh$ | ThCh$ | ||||||||||||||||
Changes in Provisions | ||||||||||||||||||||
Initial balance at January 1, 2011 | 2,821,692 | 254,643,245 | 10,779,096 | 72,727,532 | 340,971,565 | |||||||||||||||
Changes in Provisions | ||||||||||||||||||||
Additional provisions | - | - | 2,049,816 | - | 2,049,816 | |||||||||||||||
Increase (decrease) in existing provisions | - | 36,123,460 | 54,806 | 2,684,365 | 38,862,631 | |||||||||||||||
Provisions used | - | (43,482,537) | - | (14,019,715) | (57,502,252) | |||||||||||||||
Unused provisions reversed | - | (69,128,722) | - | - | (69,128,722) | |||||||||||||||
Increase from adjustment to value of money over time | - | 28,730,776 | 393,141 | 7,779,422 | 36,903,339 | |||||||||||||||
Foreign currency translation | (38,273) | (547,411) | 573,146 | 1,737,638 | 1,725,100 | |||||||||||||||
Other increase (decrease) | (2,783,419) | 30,252,798 | (43,373) | (19,031,188) | 8,394,818 | |||||||||||||||
Total changes in provisions | (2,821,692) | (18,051,636) | 3,027,536 | (20,849,478) | (38,695,270) | |||||||||||||||
Final Balance at December 31, 2011 | - | 236,591,609 | 13,806,632 | 51,878,054 | 302,276,295 | |||||||||||||||
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ENERSIS S.A. AND SUBSIDIARIES INTERIM CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD ENDING SEPTEMBER 30, 2012 (In thousands of Chilean pesos) |
23. | EMPLOYMENT BENEFIT OBLIGATIONS |
Enersis S.A. and certain of its subsidiaries in Chile, Brazil, Colombia, and Argentina provide various post-employment benefits for all or some of its active or retired employees. These benefits are calculated and recorded in the financial statements according to the criteria described in Note 3.l.1, and include primarily the following:
a) Defined benefits plans:
· | Complementary pension: The beneficiary is entitled to receive a monthly amount that supplements the pension obtained from the respective social security system. |
· | Employee severance indemnities: The beneficiary receives a certain number of contractual salaries upon retirement. Such benefit is subject to a vesting minimum service requirement period, which depending on the company, varies within a range from 5 to 15 years. |
· | Electricity: The beneficiary receives a monthly bonus to cover a portion of his/her billed residential electricity consumption. |
· | Health benefit: The beneficiary receives health coverage in addition to that to which s/he is entitled under his/her social security regime. |
b) Other benefits:
Five-year benefit: A benefit certain employees receive after 5 years; begins to accrue after the first year.
Unemployment: A benefit paid regardless of whether the employee is fired or leaves voluntarily. This benefit accrues on a daily basis and is paid at the time of contract termination (although the law allows for partial withdrawals for housing and education).
c) Defined contribution benefits:
The Group makes contributions to a retirement benefit plan where the beneficiary receives additional pension supplements upon his/her retirement, disability, or death.
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ENERSIS S.A. AND SUBSIDIARIES INTERIM CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD ENDING SEPTEMBER 30, 2012 (In thousands of Chilean pesos) |
23.2 Details, changes, and presentation in financial statements:
a) | The post-employment obligations associated with defined benefits plans and the related assets plan as of September 30, 2012 and December 31, 2011 is detailed as follows: |
General ledger accounts:
Balance at | ||||||||
9-30-2012 ThCh$ | 12-31-2011 ThCh$ | |||||||
Post-employment benefits, non-current | 246,937,212 | 277,526,013 | ||||||
Total | 246,937,212 | 277,526,013 | ||||||
Total post-employment obligations, net | 246,937,212 | 277,526,013 | ||||||
Reconciliation with general ledger accounts: |
| |||||||
Balance at | ||||||||
9-30-2012 ThCh$ | 12-31-2011 ThCh$ | |||||||
Post-employment obligations | 545,860,734 | 600,384,950 | ||||||
(-) Fair value of plan assets (*) | (335,132,698) | (366,137,888) | ||||||
Total | 210,728,036 | 234,247,062 | ||||||
Amount not recognized as an asset due to limit on Defined Benefit Plan Assets | 26,696,053 | 31,908,269 | ||||||
Minimum financing required (IFRIC 14) (**) | 9,513,123 | 11,370,682 | ||||||
Total post-employment obligations, net | 246,937,212 | 277,526,013 |
(*) Plan assets to fund defined benefit plans in our Brazilian subsidiaries (Ampla and Coelce). the remaining defined benefit plans in our other subsidiaries are unfunded.
(**)The Brazilian subsidiaries are subject to minimum funding requirements to cover the deficit from contributions committed to the sponsoring company.
The following table presents the balance recorded in the Consolidated Financial Situation Statement as a result of the difference between the actuarial liability from defined benefit commitments and the fair value of the assets affected as of September 30, 2012 and the close of the four previous fiscal years:
9/30/2012 ThCh$ | 12/31/2011 ThCh$ | 12/31/2010 ThCh$ | 12/31/2009 ThCh$ | 12/31/2008 ThCh$ | ||||||||||||||||
Actuarial liability | 545,860,734 | 600,384,950 | 554,990,745 | 510,334,175 | 443,320,261 | |||||||||||||||
Assets affected | (335,132,698) | (366,137,888) | (377,239,859) | (362,690,337) | (264,762,082) | |||||||||||||||
Difference | 210,728,036 | 234,247,062 | 177,750,886 | 147,643,838 | 178,558,179 | |||||||||||||||
Surplus limit from applying IFRIC 14 and Paragraph 58 (b) of IAS 19 | 36,209,176 | 43,278,951 | 40,165,773 | 39,960,319 | 2,126,401 | |||||||||||||||
Accounting balance of actuarial liability deficit | 246,937,212 | 277,526,013 | 217,916,659 | 187,604,157 | 180,684,580 |
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ENERSIS S.A. AND SUBSIDIARIES INTERIM CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD ENDING SEPTEMBER 30, 2012 (In thousands of Chilean pesos) |
b) | The reconciliation of opening and closing balances of the defined benefit obligations as of September 30, 2012 and December 31, 2011: |
Actuarial Value of Post-employment Obligations | ThCh$ | |||
Opening balance January 1, 2011 | 554,990,745 | |||
Current service cost | 4,355,454 | |||
Interest cost | 57,048,714 | |||
Contributions from plan participants | 1,252,638 | |||
Actuarial (gains) losses | 31,390,546 | |||
Foreign currency translation | 890,940 | |||
Benefits paid | (52,715,892 | ) | ||
Past service cost | 4,385,031 | |||
Reduction of obligation from the sale of Cam and Synapsis | (2,885,053 | ) | ||
Other | 1,671,827 | |||
Balance at December 31, 2011 | 600,384,950 | |||
Current service cost | 1,620,773 | |||
Interest cost | 41,204,203 | |||
Actuarial (gains) losses | (246,073 | ) | ||
Foreign currency translation | (83,051,941 | ) | ||
Benefits paid | (14,041,513 | ) | ||
Personnel transfers | (9,665 | ) | ||
Balance at September 30, 2012 | 545,860,734 |
As of September 30, 2012, out of the total amount of post-employment benefit obligations, 6.53% is from defined benefit plans in Chilean companies (5.99% at December 31, 2011); 77.75% is from defined benefit plans in Brazilian companies (78.56% at December 31, 2011); 14.55% is from defined benefit plans in Colombian companies (14.17% at December 31, 2011); and the remaining 1.17% is from defined benefit plans in Argentine subsidiaries (1.28% at December 31, 2011).
c) | Changes in the fair value of the benefit plan assets is as follows: |
Fair Value of Benefit Plan Assets | ThCh$ | |||
Opening balance at January 1, 2011 | (377,239,859 | ) | ||
Expected return | (44,345,866 | ) | ||
Actuarial (gains) losses | 29,912,014 | |||
Foreign currency translation | 5,214,769 | |||
Employer contributions | (13,605,383 | ) | ||
Contributions | (1,252,638 | ) | ||
Benefits paid | 35,179,075 | |||
Balance at December 31, 2011 | (366,137,888 | ) | ||
Expected return | (26,422,218 | ) | ||
Foreign currency translation | 62,713,550 | |||
Contributions | (7,781,750 | ) | ||
Benefits paid | 2,495,608 | |||
Balance at September 30, 2012 | (335,132,698 | ) |
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ENERSIS S.A. AND SUBSIDIARIES INTERIM CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD ENDING SEPTEMBER 30, 2012 (In thousands of Chilean pesos) |
The benefit plan assets invested in equity and the Group’s own properties are as follows:
9-30-2012 ThCh$ | 12-31-2011 ThCh$ | |||||||
Equity instruments | 4 | 5 | ||||||
Real estate | 8,422,639 | 10,152,936 | ||||||
Total | 8,422,643 | 10,152,941 |
d) | The main categories of benefit plan assets are as follows: |
Category of Benefit Plan Assets | 9-30-2012 | 12-31-2011 | ||||||||||
ThCh$ | % | ThCh$ | % | |||||||||
Equity instruments (variable income) | 50,712,884 | 15% | 55,291,894 | 16% | ||||||||
Fixed income assets | 252,277,863 | 75% | 275,643,406 | 75% | ||||||||
Real estate investments | 18,913,116 | 6% | 20,653,101 | 6% | ||||||||
Other | 13,228,835 | 4% | 14,549,487 | 3% | ||||||||
Total | 335,132,698 | 100% | 366,137,888 | 100% |
The expected rate of return on the benefit plan assets has been estimated considering the projections for financial markets of fixed and variable income instruments, and assuming that asset categories will have a weighting similar to that of the previous year. The average return on plan assets was 12.09% as of December 31, 2011.
e) | The total expense recognized in profit or loss with respect to the defined benefit plans as of September 30, 2012 and December 31, 2011 are as follows: |
Expense Recognized in Profit or Loss | 9-30-2012 | 9-30-2011 | ||||||
ThCh$ | ThCh$ | |||||||
Normal service cost for defined benefits plan | 1,620,773 | 2,964,839 | ||||||
Interest cost for defined benefits plan | 41,204,203 | 44,278,201 | ||||||
Expected return on plan assets | (26,422,218) | (29,768,997) | ||||||
Expenses recognized in Profit or Loss | 16,402,758 | 17,474,043 | ||||||
Net actuarial (gains) losses | (246,073) | 1,491,871 | ||||||
Total expense recognized in Profit or Loss | 16,156,685 | 18,965,914 |
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ENERSIS S.A. AND SUBSIDIARIES INTERIM CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD ENDING SEPTEMBER 30, 2012 (In thousands of Chilean pesos) |
Other disclosures:
— | Actuarial assumptions: |
As of September 30, 2012 and December 31, 2011, the following assumptions were used in the actuarial calculation of defined benefits:
Chile | Brazil | Colombia | Argentina | |||||||||||||
9-30-2012 | 12-31-2011 | 9-30-2012 | 12-31-2011 | 9-30-2012 | 12-31-2011 | 9-30-2012 | 12-31-2011 | |||||||||
Discount rates used | 6.50% | 6.50% | 10.50% | 10.50% | 8.50% | 8.50% | 5.50% | 5.50% | ||||||||
Expected return on plan assets | N/A | N/A | 11.10% | 11.10% | N/A | N/A | N/A | N/A | ||||||||
Expected rate of salary increases | 3.00% | 3.00% | 6.59% | 6.59% | 3.5% - 4.0% - 4.5% | 3.5% - 4.0% - 4.5% | 0.00% | 0.00% | ||||||||
Mortality tables | RV -2004 | RV-2004 | AT 2000 | AT 2000 | RV 08 | RV 08 | RV 2004 | RV 2004 |
— | Sensitivity: |
As of September 30, 2012, the sensitivity of the value of the actuarial liability for post-employment benefits to variations of 100 basis points in the discount rate assumes a decrease of ThCh$53,324,862 (ThCh$54,571,512 as of December 31, 2011) if the rate rises and an increase of ThCh$65,414,609 (ThCh$65,049,753 as of December 31, 2011) if the rate falls.
— | Defined contribution: |
The total expense recognized in the consolidated statement of comprehensive income within line item “Employee expenses” represents contributions payables to the defined contribution plans by the Group. As of September 30, 2012, the amounts recognized as expenses were ThCh$1,417,652 (ThCh$1,385,035 as of September 2011).
��
24. | EQUITY |
24.1 Equity attributable to the shareholders of Enersis
24.1.1 Subscribed and paid capital and number of shares
Enersis S.A.’s share capital as of September 30, 2012 and December 31, 2011 was ThCh$ 2,824,882,835, divided into 32,651,166,465 fully subscribed and paid no par value shares listed at the Bolsa de Comercio de Santiago de Chile, Bolsa Electrónica de Chile, Bolsa de Valores de Valparaíso, New York Stock Exchange (NYSE), and Bolsa de Valores Latinoamericanos de la Bolsa de Madrid (LATIBEX). There has been no change in the numbers of shares as of September 30, 2012 and December 31, 2011.
Capital contributions made in 2003 and 1995 resulted in share premiums amounting to ThCh$ 125,881,577 and ThCh$ 32,878,071, respectively. The Chilean Companies Law permits the use of the share premium account balance to increase capital and does not establish any specific restrictions as to its use.
24.1.2 Dividends
The Enersis Board of Directors, at the Board Meeting held on February 26, 2010, agreed to propose to the General Shareholders Meeting, to be held on April 22, 2010, the distribution of a final dividend equivalent to 35.11% of the Company’s 2009 net income, at Ch$7.1 per share.
The aforementioned proposal modified the Company’s Dividend Policy for 2009, which allowed for distribution of an expected final dividend of 60% of the Company’s net income. This was disclosed as an Essential Event dated February 26, 2010. In the General Ordinary Shareholders’ Meeting held on April 22, 2010, the shareholders agreed to distribute the minimum mandatory dividend and an additional dividend amounting to Ch$ 7.1 per share. This dividend was partially paid during 2009 (Interim Dividend No. 80) and the remaining Ch$ 4.64323 per share was paid on May 6, 2010 (Final Dividend No. 81).
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ENERSIS S.A. AND SUBSIDIARIES INTERIM CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD ENDING SEPTEMBER 30, 2012 (In thousands of Chilean pesos) |
The Board agreed to establish a dividend policy for 2010 amounting to 60% of 2010 net income.
The Enersis Board, at its Ordinary Session held on October 27, 2010, unanimously agreed to pay an interim dividend on January 27, 2011 of Ch$1.57180 per share out of 2010 net income and corresponding to 15% of the Company’s net income as of September 30, 2010.
At the Ordinary Shareholders’ Meeting held on April 26, 2011, it was unanimously agreed to pay a minimum obligatory dividend (partially paid through interim dividend No. 82) and an additional dividend totaling Ch$7.44578. Given that the interim dividend No. 82 had already been paid, distribution and payment of the balance of final dividend No. 83 totaling Ch$ 5.87398 per share was made from May 12, 2011 onwards.
The foregoing constitutes a modification to the Company’s 2010 dividend policy, which considered payment of the interim dividend in December.
The Enersis Board, at its Ordinary Session held on November 30, 2011, unanimously agreed to distribute an interim dividend of Ch$1.46560 per share on January 27, 2012 to be charged against the 2011 fiscal year net income; the amount to be distributed amounts to 15% of the liquid profits calculated as of September 30, 2011.
On February 29, 2012, the Enersis Board agreed, by a unanimous vote of the Directors present, to propose at the Enersis S.A. Ordinary Shareholders’ Meeting that the same percentage of profits be distributed as in the previous year, that is, 50% of the Company’s net profits. For this fiscal year, that percentage is the equivalent of Ch$5.7497 per share, from which the interim dividend of Ch$1.46560 per share paid in January 2012 will be deducted. Therefore, the final dividend amount distributed to shareholders will be Ch$4.2841 per Company share. This is a change from the previous dividend policy, which contemplated distributing 55% of the Company’s liquid profits in dividends.
At the Ordinary Shareholders Meeting held on April 26, 2012, it was agreed to distribute a minimum obligatory dividend (partially covered by interim dividend No. 84) and an additional dividend totaling Ch$5.74970. Since interim dividend 84 had already been paid, the remaining Ch$4.28410 per share was distributed and paid as final dividend No. 85.
Fulfillment of the aforementioned dividend plan is subject to the actual net income earned by the Company during the current year, and to the results of the Company’s periodic income projections or to the existence of certain conditions, as applicable.
The following table details the dividends paid in the last six years:
Dividend No. | Type of Dividend | Payment Date | Pesos per Share | Charged to | ||||
72 | Final | 4-20-2005 | 0.41654 | 2004 | ||||
73 | Final | 4-3-2006 | 1.00000 | 2005 | ||||
74 | Interim | 12-26-2006 | 1.11000 | 2006 | ||||
75 | Final | 5-23-2007 | 4.89033 | 2006 | ||||
76 | Interim | 12-27-2007 | 0.53119 | 2007 | ||||
77 | Final | 4-30-2008 | 3.41256 | 2007 | ||||
78 | Interim | 12-19-2008 | 1.53931 | 2008 | ||||
79 | Final | 5-12-2009 | 4.56069 | 2008 | ||||
80 | Interim | 12-17-2009 | 2.45677 | 2009 | ||||
81 | Final | 5-6-2010 | 4.64323 | 2009 | ||||
82 | Interim | 1-27-2011 | 1.57180 | 2010 | ||||
83 | Final | 5-12-2011 | 5.87398 | 2010 | ||||
84 | Interim | 1-27-2012 | 1.46560 | 2011 | ||||
85 | Final | 5-9-2012 | 4.28410 | 2011 |
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ENERSIS S.A. AND SUBSIDIARIES INTERIM CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD ENDING SEPTEMBER 30, 2012 (In thousands of Chilean pesos) |
24.2 Foreign currency translation reserves
The following table details translation adjustments, net of taxes, in the consolidated statement of financial position and the consolidated statement of change in equity as of September 30, 2011 and 2012.
Foreign Currency Translation | 9-30-2012 | 9-30-2011 | ||||||
ThCh$ | ThCh$ | |||||||
Empresa Distribuidora Sur S.A. | (70,249,870) | (66,199,011) | ||||||
Ampla Energía e Serviços S.A. | 53,898,610 | 128,368,903 | ||||||
Ampla Investimentos E Serviços S.A. | 4,190,557 | 2,097,366 | ||||||
Compañía Distribuidora y Comercializadora de Energía S.A. | 14,861,340 | 21,753,914 | ||||||
Edelnor | 1,487,239 | 6,704,874 | ||||||
Investluz S.A. | (5,947,822) | 3,639,698 | ||||||
Endesa Brasil S.A. | (103,462,840) | 27,009,479 | ||||||
Central Costanera S.A. | (3,440,848) | (5,213,728) | ||||||
Gas Atacama S.A. | (1,453,928) | 5,360,009 | ||||||
Emgesa S.A. E.S.P. | 49,011,093 | 53,098,572 | ||||||
Hidroeléctrica El Chocon S.A. | (17,886,998) | (9,425,342) | ||||||
Generandes Perú S.A. | 17,950,092 | 23,515,581 | ||||||
Other | (1,795,280) | 1,681,096 | ||||||
TOTAL | (62,838,655) | 192,391,411 |
The Company’s objective is to maintain an adequate level of capitalization in order to be able to secure its access to the financial markets, so as to fulfill its medium- and long-term goals while maximizing the return to its shareholders and maintaining a sound financial position.
24.4 Restrictions on subsidiaries’ transferring funds to the parent
Certain of the Group’s subsidiaries must comply with financial ratio covenants which require them to have a minimum level of equity or other requirements that restrict the transferring of assets to the Company. The Group’s restricted net assets as of September 30, 2012 from its subsidiaries Endesa Chile, Endesa Brasil, Ampla Energía, Coelce, and Edelnor totaled ThCh$811,142,781; ThCh$78,178,874; ThCh$363,227,603; ThCh$29,229,700; and ThCh$84,643,265, respectively.
Other reserves within Equity as of September 30, 2012 and 2011 are as follows:
Balance at January 1, 2012 | Changes 2012 | Balance at September 30, 2012 | ||||||||||
ThCh$ | ThCh$ | ThCh$ | ||||||||||
Exchange differences on translation | 176,622,668 | (239,461,323) | (62,838,655) | |||||||||
Cash flow hedges | (310,265) | 30,358,385 | 30,048,120 | |||||||||
Remeasurement of available-for-sale financial assets | 13,836 | (323) | 13,513 | |||||||||
Miscellaneous other reserves | (1,497,208,996) | (824,664) | (1,498,033,660) | |||||||||
TOTAL | (1,320,882,757) | (209,927,925) | (1,530,810,682) |
Balance at January 1, 2011 | Changes 2011 | Balance at September 30, 2011 | ||||||||||
ThCh$ | ThCh$ | ThCh$ | ||||||||||
Exchange differences on translation | 113,278,890 | 79,112,521 | 192,391,411 | |||||||||
Cash flow hedges | (174,008,173) | (44,526,838) | (218,535,011) | |||||||||
Remeasurement of available-for-sale financial assets | 41,825 | (1,637) | 40,188 | |||||||||
Miscellaneous other reserves | (1,291,099,898) | 19,399,969 | (1,271,699,929) | |||||||||
TOTAL | (1,351,787,356) | 53,984,015 | (1,297,803,341) |
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ENERSIS S.A. AND SUBSIDIARIES INTERIM CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD ENDING SEPTEMBER 30, 2012 (In thousands of Chilean pesos) |
— | Translation reserves: These arise primarily from exchange differences relating to: |
- | Translation of the financial statements of our foreign operations from their functional currencies to our presentation currency (i.e. Chilean peso) (see Note 2.6.3); and |
- | Translation of goodwill arising from the acquisition of foreign operations with a functional currency other than the Chilean peso (see Note 3.c). |
— | Cash flow hedging reserves: |
These represent the cumulative portion of gains and losses on hedging instruments deemed effective in cash flow hedges (Note 3.g.4. and 3.m).
— | Other miscellaneous reserves |
Other miscellaneous reserves include the following:
(i) In accordance with Oficio Circular No. 456 of the SVS, accumulated price level restatements related to paid-in capital since our transition to IFRS 1 on January 1, 2004 through December 31, 2008.
Note that despite the fact that the Company adopted IFRS as its accounting standards as of January 1, 2009, the January 1, 2004 transition date disclosed previously was that used by the our parent company Endesa, S.A. in its transition to IFRS. This applies the exemption provided for this purpose in IFRS 1, “First-time adoption.”
(ii) Translation differences existing at the date of transition to IFRS (exemption IFRS 1 “First-time adoption”).
(iii) Reserves arising from transactions between entities under common control, mainly explained by the creation of the Endesa Brasil Holding in 2005 and the merger of our Colombian subsidiaries Emgesa and Betania in 2007.
24.6 Non-controlling interests
The negative change reflected in the line item “Increase (decrease) from transfers and other changes” in the Statement of Changes in Net Equity is explained in the two periods primarily by non-controlling interests in the dividends declared by the consolidated companies.
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ENERSIS S.A. AND SUBSIDIARIES INTERIM CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD ENDING SEPTEMBER 30, 2012 (In thousands of Chilean pesos) |
25. | REVENUES |
The detail of revenues presented in the Statement of Comprehensive Income for the periods ended September 30, 2012 and 2011 is as follows:
Revenues | Balance at | |||||||
9-30-2012 | 9-30-2011 | |||||||
ThCh$ | ThCh$ | |||||||
Energy sales (1) | 4,368,868,519 | 4,323,338,174 | ||||||
Other sales | 21,220,586 | 20,769,731 | ||||||
Sale of metering equipment | 2,047,063 | 1,567,407 | ||||||
Sale of electronic supplies | 153,211 | 218,540 | ||||||
Sale of products and services | 19,020,312 | 18,983,784 | ||||||
Revenue from other services | 323,239,200 | 301,499,925 | ||||||
Tolls and transmission | 239,948,342 | 185,319,724 | ||||||
Metering equipment leases | 3,484,906 | 5,825,706 | ||||||
Public lighting | 24,388,726 | 19,997,597 | ||||||
Verifications and connections | 9,613,921 | 11,682,667 | ||||||
Engineering and consulting services | 8,161,523 | 6,313,495 | ||||||
Other services | 37,641,782 | 72,360,736 | ||||||
Total operating revenue | 4,713,328,305 | 4,645,607,830 |
(1) | Includes ThCh$29,210,154 from agreements corresponding to reconciliation, termination of arbitration, and settling of prices between Endesa Chile and CMPC. |
Other operating income | Balance at | |||||||
9-30-2012 | 9-30-2011 | |||||||
ThCh$ | ThCh$ | |||||||
Revenue from construction contracts | 108,256,733 | 130,297,347 | ||||||
Mutual support | 22,485,725 | 18,537,322 | ||||||
Third party services to own and third party fixtures | 8,301,550 | 6,025,052 | ||||||
Leases | 182,445 | 552,536 | ||||||
Sale of new businesses | 8,560,796 | 9,144,207 | ||||||
Other revenue (2) | 35,194,996 | 38,635,182 | ||||||
Total other income | 182,982,245 | 203,191,646 |
(2) | During the nine months of 2011, the Company recognized ThCh$8,067,707 (ThCh$0 in 2012) related to the Bocamina I power plant business interruption insurance policy, which was activated as a result of the February 27, 2010 earthquake that damaged that plant. See Note 15 d) vi. |
Page 94
ENERSIS S.A. AND SUBSIDIARIES INTERIM CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD ENDING SEPTEMBER 30, 2012 (In thousands of Chilean pesos) |
26. | RAW MATERIALS AND CONSUMABLES USED |
Raw materials and consumables used presented in profit or loss for the periods September 30, 2012 and 2011 is detailed as follows:
Raw Materials and Consumables Used | Balance at | |||||||
9-30-2012 | 9-30-2011 | |||||||
ThCh$ | ThCh$ | |||||||
Energy purchases | (1,372,852,611 | ) | (1,309,275,960 | ) | ||||
Fuel consumption | (602,100,613 | ) | (595,644,374 | ) | ||||
Transportation costs | (359,822,431 | ) | (303,241,450 | ) | ||||
Costs from construction contracts | (108,256,733 | ) | (130,297,347 | ) | ||||
Other raw materials and consumables | (332,849,051 | ) | (344,740,734 | ) | ||||
Total | (2,775,881,439 | ) | (2,683,199,865 | ) |
27. | EMPLOYEE BENEFITS EXPENSE |
Employee expenses recognized in profit or loss for the periods September 30, 2012 and 2011 is as follows:
Employee Benefits Expenses | Balance at | |||||||
9-30-2012 | 9-30-2011 | |||||||
ThCh$ | ThCh$ | |||||||
Wages and salaries | (220,929,170 | ) | (198,796,390 | ) | ||||
Post-employment benefit obligations expense | (3,092,426 | ) | (4,349,874 | ) | ||||
Social security and other contributions | (76,593,977 | ) | (63,874,694 | ) | ||||
Other employee expenses | (1,865,544 | ) | (2,331,099 | ) | ||||
Total | (302,481,117 | ) | (269,352,057 | ) |
28. | DEPRECIATION, AMORTIZATION, AND IMPAIRMENT LOSSES |
Depreciation, amortization, and impairment losses recognized in profit or loss for the periods September 30, 2012 and 2011 is broken down as follows:
Balance at | ||||||||
9-30-2012 | 9-30-2011 | |||||||
ThCh$ | ThCh$ | |||||||
Depreciation | (261,937,132 | ) | (237,832,680 | ) | ||||
Amortization | (69,454,512 | ) | (75,432,183 | ) | ||||
Subtotal | (331,391,644 | ) | (313,264,863 | ) | ||||
Reversal (losses) from impairment (*) | (22,722,131 | ) | 1,048,188 | |||||
Total | (354,113,775 | ) | (312,216,675 | ) | ||||
(*) Impairment losses | Balance at | |||||||
9-30-2012 | 9-30-2011 | |||||||
ThCh$ | ThCh$ | |||||||
Financial assets (see Note 7c) | (22,722,131 | ) | 1,048,188 | |||||
Total | (22,722,131 | ) | 1,048,188 |
Page 95
ENERSIS S.A. AND SUBSIDIARIES INTERIM CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD ENDING SEPTEMBER 30, 2012 (In thousands of Chilean pesos) |
29. | OTHER EXPENSES |
Other miscellaneous operating expenses for the periods ended September 30, 2012 and 2011 is broken down as follows:
Other Expenses | Balance at | |||||||
9-30-2012 | 9-30-2011 | |||||||
ThCh$ | ThCh$ | |||||||
Other supplies and services | (51,530,193) | (75,572,405) | ||||||
Professional, outsourced, and other services | (151,097,948) | (131,931,102) | ||||||
Repairs and maintenance | (69,886,988) | (64,764,722) | ||||||
Indemnities and fines | (17,389,423) | (11,499,139) | ||||||
Taxes and charges | (20,800,037) | (84,855,133) | ||||||
Insurance premiums | (17,862,465) | (14,317,245) | ||||||
Leases and rental costs | (13,208,770) | (13,300,616) | ||||||
Marketing, public relations, and advertising | (5,416,922) | (6,227,059) | ||||||
Other supplies | (18,981,775) | (11,760,350) | ||||||
Travel expenses | (4,793,411) | (4,008,163) | ||||||
Environmental expenses | (1,883,972) | (2,029,588) | ||||||
Total | (372,851,904) | (420,265,522) |
30. | OTHER GAINS (LOSSES) |
Other gains (losses) for the periods ended September 30, 2012 and 2011 are detailed as follows:
Other gains (losses) | Balance at | |||||||
9-30-2012 | 9-30-2011 | |||||||
ThCh$ | ThCh$ | |||||||
Investment sales [Cam Group and Synapsis (*)] | - | (9,897,402) | ||||||
Land sales | 4,049,724 | 1,640,143 | ||||||
Other assets | 149,418 | 1,461,220 | ||||||
Total | 4,199,142 | (6,796,039) |
(*) Includes foreign currency translation differences of ThCh$(3,236,883).
31. | FINANCIAL RESULTS |
Financial income and costs for the periods ended September 30, 2012 and 2011 are as follows:
Financial Income | Balance at | |||||||
9-30-2012 | 9-30-2011 | |||||||
ThCh$ | ThCh$ | |||||||
Income from cash and cash equivalents | 46,747,417 | 53,430,577 | ||||||
Income from expected return on plan assets (Brazil) | 26,422,218 | 29,768,997 | ||||||
Other financial income | 44,691,171 | 48,982,771 | ||||||
Income from other financial assets | 4,155,733 | 1,906,178 | ||||||
Total | 122,016,539 | 134,088,523 |
Page 96
ENERSIS S.A. AND SUBSIDIARIES INTERIM CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD ENDING SEPTEMBER 30, 2012 (In thousands of Chilean pesos) |
FINANCIAL RESULTS (continued)
Financial Costs | Balance at | |||||||
9-30-2012 | 9-30-2011 | |||||||
ThCh$ | ThCh$ | |||||||
Financial Costs | (338,726,474 | ) | (320,468,062 | ) | ||||
Bank loans | (34,239,139 | ) | (43,503,605 | ) | ||||
Secured and unsecured obligations | (153,390,326 | ) | (154,842,862 | ) | ||||
Financial leasing | (2,736,131 | ) | (2,265,999 | ) | ||||
Valuation of financial derivatives | (14,803,046 | ) | (15,739,962 | ) | ||||
Financial provisions | (35,955,469 | ) | (23,158,810 | ) | ||||
Post-employment benefit obligations | (41,204,203 | ) | (44,278,201 | ) | ||||
Capitalized borrowing costs | 21,108,541 | 23,068,441 | ||||||
Other financial costs | (77,506,701 | ) | (59,747,064 | ) | ||||
Gain (loss) from indexed assets and liabilities (*) | (6,876,024 | ) | (17,038,304 | ) | ||||
Foreign currency exchange differences, net (**) | (14,017,076 | ) | 9,276,785 | |||||
Total Financial Costs | (359,619,574 | ) | (328,229,581 | ) | ||||
Total Financial Results | (237,603,035 | ) | (194,141,058 | ) |
The effects on Financial Results from exchange differences and the application of indexed assets and liabilities originated from the following:
(*) Results from indexed assets and liabilities | Balance at | |||||||
9-30-2012 | 9-30-2011 | |||||||
ThCh$ | ThCh$ | |||||||
Other financial assets (derivative instruments) | 3,037,624 | 5,899,631 | ||||||
Other non-financial assets | 431,959 | 915,331 | ||||||
Trade and other accounts receivable | 127,009 | 18,457 | ||||||
Current tax assets and liabilities | 1,303,752 | 183,556 | ||||||
Other financial liabilities (financial debt and derivative instruments) | (12,480,956 | ) | (23,875,054 | ) | ||||
Trade and other accounts payable | 245,065 | 12,799 | ||||||
Other provisions | (118,231 | ) | (140,771 | ) | ||||
Other non-financial liabilities | 577,754 | (52,253 | ) | |||||
Total | (6,876,024 | ) | (17,038,304 | ) |
(**) Exchange differences | Balance at | |||||||
9-30-2012 | 9-30-2011 | |||||||
ThCh$ | ThCh$ | |||||||
Cash and cash equivalents | (3,055,367 | ) | 7,351,862 | |||||
Other financial assets (derivative instruments) | 3,831,513 | 5,665,636 | ||||||
Other non-financial assets | 720,160 | 1,443,229 | ||||||
Trade and other accounts receivable | (4,431,626 | ) | 10,829,178 | |||||
Current tax assets and liabilities | 43,656 | 70,224 | ||||||
Other financial liabilities (financial debt and derivative instruments) | (10,337,625 | ) | (8,314,550 | ) | ||||
Trade and other accounts payable | (18,305 | ) | (8,277,514 | ) | ||||
Other non-financial liabilities | (769,482 | ) | 508,720 | |||||
Total | (14,017,076 | ) | 9,276,785 |
Page 97
ENERSIS S.A. AND SUBSIDIARIES INTERIM CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD ENDING SEPTEMBER 30, 2012 (In thousands of Chilean pesos) |
32. | INCOME TAX |
The following table reconciles income taxes resulting from applying the general current tax rate to “Net income before taxes” to the income tax expense recorded in the accompanying Consolidated Statement of Comprehensive Income as of the third quarter of 2012 and 2011:
Income Tax | Balance at | |||||||
9-30-2012 | 9-30-2011 | |||||||
ThCh$ | ThCh$ | |||||||
| ||||||||
Current tax expense | (333,250,292) | (296,879,968) | ||||||
Tax benefit from tax assets not previously recognized (Credits and/or benefits on current tax) | 11,175,511 | 18,224,334 | ||||||
Adjustments to current tax from the previous period | 485,528 | (1,800,930) | ||||||
Other current tax expense | (286,449) | (79,460) | ||||||
| ||||||||
Current tax expense, net | (321,875,702) | (280,536,024) | ||||||
| ||||||||
Deferred tax income (expense)from origination and reversal of temporary differences | 60,677,555 | (44,439,385) | ||||||
Deferred tax (income) or expense from tax rate changes or new taxes (*) | (5,752,421) | - | ||||||
Other deferred tax expense | - | 8,425,537 | ||||||
| ||||||||
Deferred tax income (expense), net | 54,925,134 | (36,013,848) | ||||||
| ||||||||
Effect of changes in the tax status of the entity or its shareholders | - | - | ||||||
| ||||||||
Income tax income (expense) | (266,950,568) | (316,549,872) |
The principal temporary differences are detailed in Note 17a.
Reconciliation of Tax Expense | 9-30-2012 | 9-30-2011 | ||||||
ThCh$ | ThCh$ | |||||||
| ||||||||
Tax expense using statutory rate (20%) | (180,271,996) | (200,868,245) | ||||||
Tax effect of rates in other jurisdictions | (92,835,038) | (96,114,504) | ||||||
Tax effect of non-taxable revenues | 56,829,139 | (1,853,475) | ||||||
Tax effect of non-tax-deductible expenses | (84,246,907) | 10,371,531 | ||||||
Tax effect from change in tax rate | (5,752,421) | - | ||||||
Tax effect of over-provided tax in previous period | 485,528 | (1,800,930) | ||||||
Price level restatement for tax purposes (investments and equity) | 38,841,127 | (26,284,249) | ||||||
Total adjustments to tax expense using statutory rate | (86,678,572) | (115,681,627) | ||||||
| ||||||||
Income tax | (266,950,568) | (316,549,872) |
(*) Law No. 20,630, which modifies Chilean tax law to finance education reform, was published in theDiario Oficialon September 27, 2012. Among other changes, this law increases the First Category tax rate to 20% starting January 1, 2012 (2011 also had a 20% First Category tax due to a previous temporary increase).
Page 98
ENERSIS S.A. AND SUBSIDIARIES INTERIM CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD ENDING SEPTEMBER 30, 2012 (In thousands of Chilean pesos) |
The Group’s activities are organized primarily around its core businesses: electric energy generation, transmission, and distribution. On that basis, the Group has established two major business lines.
In addition, segment information has been organized by the geographical areas in which the Group operates:
• Chile
• Argentina
• Brazil
• Peru
• Colombia
Given that the Group’s corporate organization basically matches its business organization and, therefore, the segments organization, the following segment information is based on the financial information of the companies forming each segment.
The following tables present the segment information for the 2012 period and 2011.
Page 99
ENERSIS S.A. AND SUBSIDIARIES INTERIM CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD ENDING SEPTEMBER 30, 2012 (In thousands of Chilean pesos) | ![]() |
33.2 | Generation, distribution, and others |
Line of Business | Generation | Distribution | Eliminations and Others | Total | ||||||||||||||||||||||||||||
ASSETS | 9-30-2012 ThCh$ | 12-31-2011 ThCh$ | 9-30-2012 ThCh$ | 12-31-2011 ThCh$ | 9-30-2012 ThCh$ | 12-31-2011 ThCh$ | 9-30-2012 ThCh$ | 12-31-2011 ThCh$ | ||||||||||||||||||||||||
CURRENT ASSETS | 840,559,195 | 1,212,585,323 | 993,849,646 | 1,007,409,597 | 156,722,535 | 305,970,087 | 1,991,131,376 | 2,525,965,007 | ||||||||||||||||||||||||
Cash and cash equivalents | 294,908,327 | 552,738,084 | 279,418,782 | 298,945,821 | 208,335,693 | 368,237,363 | 782,662,802 | 1,219,921,268 | ||||||||||||||||||||||||
Other current financial assets | 565,770 | 914,209 | 445,343 | 25,011 | 465,058 | - | 1,476,171 | 939,220 | ||||||||||||||||||||||||
Other current non-financial assets | 31,736,682 | 31,292,979 | 65,718,981 | 38,792,524 | 3,083,375 | 2,380,808 | 100,539,038 | 72,466,311 | ||||||||||||||||||||||||
Trade and other current receivables | 236,931,360 | 355,609,508 | 588,431,895 | 610,324,178 | 12,455,427 | 11,668,702 | 837,818,682 | 977,602,388 | ||||||||||||||||||||||||
Accounts receivable from related companies | 107,929,452 | 130,673,380 | 21,385,465 | 7,215,786 | (95,734,810) | (102,606,574) | 33,580,107 | 35,282,592 | ||||||||||||||||||||||||
Inventories | 76,509,584 | 55,906,768 | 17,732,180 | 16,354,914 | 5,600,662 | 5,663,862 | 99,842,426 | 77,925,544 | ||||||||||||||||||||||||
Current tax assets | 91,978,020 | 85,450,395 | 20,717,000 | 35,751,363 | 22,517,130 | 20,625,926 | 135,212,150 | 141,827,684 | ||||||||||||||||||||||||
Non-current assets classified as held for sale and discontinued operations | - | - | - | - | - | - | - | |||||||||||||||||||||||||
NON-CURRENT ASSETS | 6,051,191,950 | 6,154,273,562 | 4,387,586,029 | 4,778,151,088 | 315,877,438 | 275,481,095 | 10,754,655,417 | 11,207,905,745 | ||||||||||||||||||||||||
Other non-current financial assets | 35,464,007 | 13,598,337 | 3,204,019 | 2,826,723 | 30,196,961 | 20,930,001 | 68,864,987 | 37,355,061 | ||||||||||||||||||||||||
Other non-current non-financial assets | 25,579,610 | 28,731,435 | 62,980,947 | 80,741,831 | 39,975 | 27,843 | 88,600,532 | 109,501,109 | ||||||||||||||||||||||||
Non-current receivables | 145,372,466 | 175,400,312 | 328,930,815 | 267,256,936 | 792,559 | 671,202 | 475,095,840 | 443,328,450 | ||||||||||||||||||||||||
Non-current accounts receivable from related companies | - | (1,863,216) | 98,652 | 117,946 | (98,652) | 1,745,270 | - | - | ||||||||||||||||||||||||
Investments accounted for using the equity method | 556,974,211 | 591,668,155 | 469,506,730 | 503,610,981 | (1,014,094,028) | (1,082,085,874) | 12,386,913 | 13,193,262 | ||||||||||||||||||||||||
Intangible assets other than goodwill | 36,560,851 | 35,332,818 | 1,096,839,207 | 1,417,846,070 | 12,693,677 | 14,219,326 | 1,146,093,735 | 1,467,398,214 | ||||||||||||||||||||||||
Goodwill | 99,496,479 | 106,399,041 | 109,782,621 | 129,382,377 | 1,184,934,816 | 1,240,622,708 | 1,394,213,916 | 1,476,404,126 | ||||||||||||||||||||||||
Property, plant, and equipment, net | 4,951,640,482 | 5,068,294,024 | 2,141,260,794 | 2,180,696,470 | (7,450,421) | (6,259,488) | 7,085,450,855 | 7,242,731,006 | ||||||||||||||||||||||||
Investment property | - | - | - | - | 38,331,943 | 38,055,889 | 38,331,943 | 38,055,889 | ||||||||||||||||||||||||
Deferred tax assets | 200,103,844 | 136,712,656 | 174,982,244 | 195,671,754 | 70,530,608 | 47,554,218 | 445,616,696 | 379,938,628 | ||||||||||||||||||||||||
TOTAL ASSETS | 6,891,751,145 | 7,366,858,885 | 5,381,435,675 | 5,785,560,685 | 472,599,973 | 581,451,182 | 12,745,786,793 | 13,733,870,752 |
Page 100
ENERSIS S.A. AND SUBSIDIARIES INTERIM CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD ENDING SEPTEMBER 30, 2012 (In thousands of Chilean pesos) | ![]() |
Generation | Distribution | Eliminations and Others | Total | |||||||||||||||||||||||||||||
LIABILITIES AND EQUITY | 9-30-2012 ThCh$ | 12-31-2011 ThCh$ | 9-30-2012 ThCh$ | 12-31-2011 ThCh$ | 9-30-2012 ThCh$ | 12-31-2011 ThCh$ | 9-30-2012 ThCh$ | 12-31-2011 ThCh$ | ||||||||||||||||||||||||
CURRENT LIABILITIES | 1,188,754,978 | 1,150,249,283 | 1,230,847,083 | 1,394,053,750 | (307,172,774 | ) | (83,769,398 | ) | 2,112,429,287 | 2,460,533,635 | ||||||||||||||||||||||
Other current financial liabilities | 431,908,212 | 365,375,002 | 196,483,566 | 292,160,116 | 14,559,242 | 14,547,220 | 642,951,020 | 672,082,338 | ||||||||||||||||||||||||
Trade and other current payables | 267,514,919 | 380,701,746 | 666,647,815 | 774,128,579 | 42,902,153 | 80,234,135 | 977,064,887 | 1,235,064,460 | ||||||||||||||||||||||||
Accounts payable to related companies | 343,415,960 | 234,167,088 | 196,921,310 | 126,083,948 | (384,783,364 | ) | (203,073,399 | ) | 155,553,906 | 157,177,637 | ||||||||||||||||||||||
Other short-term provisions | 32,053,248 | 36,030,224 | 40,062,550 | 43,227,192 | 15,227,085 | 20,445,238 | 87,342,883 | 99,702,654 | ||||||||||||||||||||||||
Current tax liabilities | 95,570,163 | 122,601,990 | 63,042,110 | 110,935,913 | 3,497,680 | 2,315,339 | 162,109,953 | 235,853,242 | ||||||||||||||||||||||||
Current provisions for employee benefits | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||
Other current non-financial liabilities | 18,292,476 | 11,373,233 | 67,689,732 | 47,518,002 | 1,424,430 | 1,762,069 | 87,406,638 | 60,653,304 | ||||||||||||||||||||||||
Liabilities associated with non-current assets classified as held for sale and discontinued operations | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||
NON-CURRENT LIABILITIES | 1,891,293,689 | 2,231,327,095 | 1,473,497,444 | 1,572,059,394 | 559,945,240 | 573,796,771 | 3,924,736,373 | 4,377,183,260 | ||||||||||||||||||||||||
Other non-current financial liabilities | 1,394,558,789 | 1,755,575,529 | 890,642,132 | 952,894,143 | 562,252,279 | 562,885,621 | 2,847,453,200 | 3,271,355,293 | ||||||||||||||||||||||||
Other non-current payables | 187,072 | 243,234 | 11,989,176 | 14,060,817 | - | 556 | 12,176,248 | 14,304,607 | ||||||||||||||||||||||||
Accounts payable to related companies | 7,230,948 | 81,953 | - | - | (7,230,948 | ) | (81,953 | ) | - | - | ||||||||||||||||||||||
Other long-term provisions | 28,110,607 | 20,833,139 | 165,519,353 | 181,636,893 | 6,262,505 | 103,609 | 199,892,465 | 202,573,641 | ||||||||||||||||||||||||
Deferred tax liabilities | 373,216,026 | 341,568,310 | 170,232,952 | 162,528,439 | 4,445,439 | 4,341,506 | 547,894,417 | 508,438,255 | ||||||||||||||||||||||||
Non-current provisions for employee benefits | 34,713,631 | 36,504,909 | 205,907,345 | 234,826,662 | 6,316,236 | 6,194,442 | 246,937,212 | 277,526,013 | ||||||||||||||||||||||||
Other non-current non-financial liabilities | 53,276,616 | 76,520,021 | 29,206,486 | 26,112,440 | (12,100,271 | ) | 352,990 | 70,382,831 | 102,985,451 | |||||||||||||||||||||||
EQUITY | 3,811,702,478 | 3,985,282,507 | 2,677,091,148 | 2,819,447,541 | 219,827,507 | 91,423,809 | 6,708,621,133 | 6,896,153,857 | ||||||||||||||||||||||||
Equity attributable to shareholders of Enersis | 3,811,702,478 | 3,985,282,507 | 2,677,091,148 | 2,819,447,541 | 219,827,507 | 91,423,809 | 3,796,128,723 | 3,895,728,606 | ||||||||||||||||||||||||
Issued capital | 1,489,166,003 | 1,752,890,037 | 829,743,863 | 1,010,886,630 | 505,972,968 | 61,106,168 | 2,824,882,834 | 2,824,882,835 | ||||||||||||||||||||||||
Retained earnings | 1,800,524,774 | 1,838,419,172 | 1,168,185,885 | 957,047,345 | (625,413,737 | ) | (562,497,637 | ) | 2,343,296,922 | 2,232,968,880 | ||||||||||||||||||||||
Share premium | 206,008,557 | - | 4,067,275 | - | (51,316,184) | 158,759,648 | 158,759,648 | 158,759,648 | ||||||||||||||||||||||||
Other reserves | 316,003,144 | 393,973,298 | 675,094,125 | 851,513,566 | 390,584,460 | 434,055,630 | (1,530,810,681 | ) | (1,320,882,757 | ) | ||||||||||||||||||||||
Non-controlling interests | - | - | - | - | - | - | 2,912,492,410 | 3,000,425,251 | ||||||||||||||||||||||||
Total Liabilities and Equity | 6,891,751,145 | 7,366,858,885 | 5,381,435,675 | 5,785,560,685 | 472,599,973 | 581,451,182 | 12,745,786,793 | 13,733,870,752 |
Page 101
ENERSIS S.A. AND SUBSIDIARIES INTERIM CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD ENDING SEPTEMBER 30, 2012 (In thousands of Chilean pesos) | ![]() |
Generation | Distribution | Eliminations and Others | Total | |||||||||||||||||||||||||||||
STATEMENT OF COMPREHENSIVE INCOME | 9-30-2012 ThCh$ | 9-30-2011 ThCh$ | 9-30-2012 ThCh$ | 9-30-2011 ThCh$ | 9-30-2012 ThCh$ | 9-30-2011 ThCh$ | 9-30-2012 ThCh$ | 9-30-2011 ThCh$ | ||||||||||||||||||||||||
REVENUES | 2,003,838,207 | 2,012,421,139 | 3,350,889,939 | 3,289,888,740 | (458,417,596) | (453,510,403) | 4,896,310,550 | 4,848,799,476 | ||||||||||||||||||||||||
Sales | 1,999,473,862 | 1,997,928,554 | 3,177,151,377 | 3,101,224,429 | (463,296,934) | (453,545,153) | 4,713,328,305 | 4,645,607,830 | ||||||||||||||||||||||||
Energy sales | 1,898,317,970 | 1,946,813,268 | 2,909,314,117 | 2,834,228,799 | (438,763,568) | (457,703,893) | 4,368,868,519 | 4,323,338,174 | ||||||||||||||||||||||||
Other sales | 7,726,018 | 19,596 | 6,715,498 | 5,077,999 | 6,779,070 | 15,672,136 | 21,220,586 | 20,769,731 | ||||||||||||||||||||||||
Other services rendered | 93,429,874 | 51,095,690 | 261,121,762 | 261,917,631 | (31,312,436) | (11,513,396) | 323,239,200 | 301,499,925 | ||||||||||||||||||||||||
Other operating income | 4,364,345 | 14,492,585 | 173,738,562 | 188,664,311 | 4,879,338 | 34,750 | 182,982,245 | 203,191,646 | ||||||||||||||||||||||||
RAW MATERIALS AND CONSUMABLES USED | (1,078,048,532) | (1,023,461,516) | (2,170,719,115) | (2,135,763,364) | 472,886,208 | 476,025,015 | (2,775,881,439) | (2,683,199,865) | ||||||||||||||||||||||||
Energy purchases | (241,041,881) | (228,673,175) | (1,573,353,772) | (1,534,914,602) | 441,543,042 | 454,311,817 | (1,372,852,611) | (1,309,275,960) | ||||||||||||||||||||||||
Fuel consumption | (602,093,440) | (595,636,580) | - | - | (7,173) | (7,794) | (602,100,613) | (595,644,374) | ||||||||||||||||||||||||
Transport expenses | (188,127,660) | (167,616,691) | (205,135,313) | (168,907,633) | 33,440,542 | 33,282,874 | (359,822,431) | (303,241,450) | ||||||||||||||||||||||||
Other raw materials and consumables | (46,785,551) | (31,535,070) | (392,230,030) | (431,941,129) | (2,090,203) | (11,561,882) | (441,105,784) | (475,038,081) | ||||||||||||||||||||||||
CONTRIBUTION MARGIN | 925,789,675 | 988,959,623 | 1,180,170,824 | 1,154,125,376 | 14,468,612 | 22,514,612 | 2,120,429,111 | 2,165,599,611 | ||||||||||||||||||||||||
Other work performed by entity and capitalized | 9,195,210 | 2,921,033 | 26,832,210 | 28,306,633 | - | 4,437,307 | 36,027,420 | 35,664,973 | ||||||||||||||||||||||||
Employee benefits expense | (88,880,515) | (53,362,832) | (190,283,467) | (180,327,626) | (23,317,135) | (35,661,599) | (302,481,117) | (269,352,057) | ||||||||||||||||||||||||
Other expense | (90,102,025) | (116,339,643) | (286,398,123) | (303,779,655) | 3,648,244 | (146,224) | (372,851,904) | (420,265,522) | ||||||||||||||||||||||||
GROSS OPERATING RESULT | 756,002,345 | 822,178,181 | 730,321,444 | 698,324,728 | (5,200,279) | (8,855,904) | 1,481,123,510 | 1,511,647,005 | ||||||||||||||||||||||||
Depreciation, amortization, and impairment losses | (160,463,766) | (130,665,637) | (192,185,359) | (180,147,771) | (1,464,650) | (1,403,267) | (354,113,775) | (312,216,675) | ||||||||||||||||||||||||
OPERATING INCOME | 595,538,579 | 691,512,544 | 538,136,085 | 518,176,957 | (6,664,929) | (10,259,171) | 1,127,009,735 | 1,199,430,330 | ||||||||||||||||||||||||
FINANCIAL RESULT | (111,402,729) | (110,276,608) | (107,366,142) | (76,213,126) | (18,834,164) | (7,651,324) | (237,603,035) | (194,141,058) | ||||||||||||||||||||||||
Financial income | 30,553,073 | 25,394,095 | 84,814,279 | 96,977,392 | 6,649,187 | 11,717,036 | 122,016,539 | 134,088,523 | ||||||||||||||||||||||||
Financial costs | (130,462,387) | (127,432,245) | (194,398,002) | (174,109,300) | (13,866,085) | (18,926,517) | (338,726,474) | (320,468,062) | ||||||||||||||||||||||||
Gain (loss) from indexed assets and liabilities | (743,782) | (3,909,485) | 961,198 | 1,786 | (7,093,440) | (13,130,605) | (6,876,024) | (17,038,304) | ||||||||||||||||||||||||
Foreign currency exchange differences | (10,749,633) | (4,328,973) | 1,256,383 | 916,996 | (4,523,826) | 12,688,762 | (14,017,076) | 9,276,785 | ||||||||||||||||||||||||
Gains | 15,282,679 | 23,754,678 | 2,889,905 | 4,061,416 | 27,916,621 | 40,243,879 | 46,089,205 | 68,059,973 | ||||||||||||||||||||||||
Losses | (26,032,312) | (28,083,651) | (1,633,522) | (3,144,420) | (32,440,447) | (27,555,117) | (60,106,281) | (58,783,188) | ||||||||||||||||||||||||
Share of the profit (loss) of associates accounted for using the equity method | 7,754,143 | 5,819,161 | (2,320) | (1,509) | 2,320 | 30,343 | 7,754,143 | 5,847,995 | ||||||||||||||||||||||||
Gains (losses) from other investments | 672,339 | 375,764 | 73,786 | - | - | - | 746,125 | 375,764 | ||||||||||||||||||||||||
Gains (losses) on sale of property, plant, and equipment | 25,386 | 724,563 | 1,404,692 | 28,985 | 2,022,939 | (7,925,351) | 3,453,017 | (7,171,803) | ||||||||||||||||||||||||
NET INCOME BEFORE TAX | 492,587,718 | 588,155,424 | 432,246,101 | 441,991,307 | (23,473,834) | (25,805,503) | 901,359,985 | 1,004,341,228 | ||||||||||||||||||||||||
Income tax | (154,230,003) | (181,156,275) | (130,878,358) | (119,169,864) | 18,157,793 | (16,223,733) | (266,950,568) | (316,549,872) | ||||||||||||||||||||||||
NET INCOME AFTER TAX FROM CONTINUING OPERATIONS | 338,357,715 | 406,999,149 | 301,367,743 | 322,821,443 | (5,316,041) | (42,029,236) | 634,409,417 | 687,791,356 | ||||||||||||||||||||||||
NET INCOME | 338,357,715 | 406,999,149 | 301,367,743 | 322,821,443 | (5,316,041) | (42,029,236) | 634,409,417 | 687,791,356 | ||||||||||||||||||||||||
RESULT FOR THE PERIOD | 338,357,715 | 406,999,149 | 301,367,743 | 322,821,443 | (5,316,041) | (42,029,236) | 634,409,417 | 687,791,356 | ||||||||||||||||||||||||
Shareholders of Enersis | - | - | - | - | - | - | 264,557,424 | 319,025,580 | ||||||||||||||||||||||||
Non-controlling interests | - | - | - | - | - | - | 369,851,993 | 368,765,776 |
Page 102
ENERSIS S.A. AND SUBSIDIARIES INTERIM CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD ENDING SEPTEMBER 30, 2012 (In thousands of Chilean pesos) | ![]() |
33.3 | Countries |
Country | Chile | Argentina | Brazil | Colombia | Peru | Eliminations | Total | |||||||||||||||||||||||||||||||||||||||||||||||||
ASSETS | 9-30-2012 ThCh$ | 12-31-2011 ThCh$ | 9-30-2012 ThCh$ | 12-31-2011 ThCh$ | 9-30-2012 ThCh$ | 12-31-2011 ThCh$ | 9-30-2012 ThCh$ | 12-31-2011 ThCh$ | 9-30-2012 ThCh$ | 12-31-2011 ThCh$ | 9-30-2012 ThCh$ | 12-31-2011 ThCh$ | 9-30-2012 ThCh$ | 12-31-2011 ThCh$ | ||||||||||||||||||||||||||||||||||||||||||
CURRENT ASSETS | 683,036,978 | 1,117,076,586 | 137,277,077 | 198,804,567 | 745,507,589 | 680,639,175 | 337,422,778 | 439,170,846 | 144,917,115 | 138,640,931 | (57,030,161) | (48,367,098) | 1,991,131,376 | �� | 2,525,965,007 | |||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | 187,200,155 | 588,127,702 | 28,539,239 | 43,522,761 | 354,852,089 | 277,962,207 | 160,694,616 | 268,253,856 | 51,376,703 | 42,054,742 | - | - | 782,662,802 | 1,219,921,268 | ||||||||||||||||||||||||||||||||||||||||||
Other current financial assets | 1,453,966 | 47,504 | - | 143,638 | - | - | - | 699,517 | 22,205 | 48,561 | - | - | 1,476,171 | 939,220 | ||||||||||||||||||||||||||||||||||||||||||
Other current non-financial assets | 11,637,281 | 8,430,910 | 2,064,033 | 2,444,742 | 72,826,509 | 43,310,736 | 9,068,663 | 13,185,071 | 4,244,111 | 5,094,852 | 698,441 | - | 100,539,038 | 72,466,311 | ||||||||||||||||||||||||||||||||||||||||||
Trade and other current receivables | 279,071,926 | 338,292,487 | 60,600,465 | 108,345,327 | 283,188,852 | 318,551,280 | 143,947,505 | 137,785,949 | 69,112,988 | 73,975,674 | 1,896,946 | 651,671 | 837,818,682 | 977,602,388 | ||||||||||||||||||||||||||||||||||||||||||
Accounts receivable from related companies | 57,030,031 | 49,976,938 | 34,742,560 | 34,084,870 | - | - | 1,040,648 | 30,857 | 392,416 | 208,696 | (59,625,548) | (49,018,769) | 33,580,107 | 35,282,592 | ||||||||||||||||||||||||||||||||||||||||||
Inventories | 52,182,118 | 37,057,881 | 5,933,816 | 4,921,951 | 999,352 | 1,266,810 | 21,202,764 | 17,676,019 | 19,524,376 | 17,002,883 | - | - | 99,842,426 | 77,925,544 | ||||||||||||||||||||||||||||||||||||||||||
Current tax assets | 94,461,501 | 95,143,164 | 5,396,964 | 5,341,278 | 33,640,787 | 39,548,142 | 1,468,582 | 1,539,577 | 244,316 | 255,523 | - | - | 135,212,150 | 141,827,684 | ||||||||||||||||||||||||||||||||||||||||||
Non-current assets classified as held for sale and discontinued operations | - | - | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||||||||
NON-CURRENT ASSETS | 7,806,154,700 | 7,893,250,054 | 566,947,955 | 593,346,110 | 3,208,606,383 | 3,805,276,863 | 2,389,118,948 | 2,353,927,049 | 1,181,155,855 | 1,246,563,957 | (4,397,328,424) | (4,684,458,288) | 10,754,655,417 | 11,207,905,745 | ||||||||||||||||||||||||||||||||||||||||||
Other non-current financial assets | 63,919,970 | 32,942,181 | 221,317 | 161,140 | 23,274 | 27,818 | 1,217,165 | 1,214,684 | 3,483,261 | 3,009,238 | - | - | 68,864,987 | 37,355,061 | ||||||||||||||||||||||||||||||||||||||||||
Other non-current non-financial assets | 468,411 | 599,529 | 1,812,908 | 1,984,737 | 86,347,404 | 106,916,843 | - | - | - | - | (28,191) | - | 88,600,532 | 109,501,109 | ||||||||||||||||||||||||||||||||||||||||||
Non-current receivables | 3,722,677 | 4,531,190 | 141,203,454 | 151,690,773 | 317,469,075 | 273,379,275 | 12,585,909 | 13,727,212 | - | - | 114,725 | - | 475,095,840 | 443,328,450 | ||||||||||||||||||||||||||||||||||||||||||
Non-current accounts receivable from related companies | 5,639,152 | 6,179,892 | - | - | 42,203,339 | 44,861,006 | - | - | - | - | (47,842,491) | (51,040,898) | - | - | ||||||||||||||||||||||||||||||||||||||||||
Investments accounted for using the equity method | 4,477,184,874 | 4,681,940,902 | 60,166,886 | 4,727,255 | 1,038,286,387 | 1,217,587,204 | 75 | 76 | 47,894,459 | 49,887,780 | (5,611,145,768) | (5,940,949,955) | 12,386,913 | 13,193,262 | ||||||||||||||||||||||||||||||||||||||||||
Intangible assets other than goodwill | 37,363,010 | 40,438,658 | 3,714,712 | 3,649,971 | 1,060,478,730 | 1,375,676,408 | 41,582,639 | 44,330,454 | 2,954,644 | 3,302,723 | - | - | 1,146,093,735 | 1,467,398,214 | ||||||||||||||||||||||||||||||||||||||||||
Goodwill | 2,311,356 | 2,312,632 | (11,136,040) | 2,357,592 | 99,608,974 | 119,058,905 | 12,964,799 | 13,209,651 | 8,668,964 | 10,361,690 | 1,281,795,863 | 1,329,103,656 | 1,394,213,916 | 1,476,404,126 | ||||||||||||||||||||||||||||||||||||||||||
Property, plant, and equipment | 3,008,506,737 | 2,998,303,344 | 365,710,895 | 424,077,441 | 387,998,793 | 479,342,553 | 2,227,472,599 | 2,184,994,520 | 1,116,879,949 | 1,178,479,794 | (21,118,118) | (22,466,646) | 7,085,450,855 | 7,242,731,006 | ||||||||||||||||||||||||||||||||||||||||||
Investment property | 38,331,943 | 38,055,889 | - | - | - | - | - | - | - | - | - | - | 38,331,943 | 38,055,889 | ||||||||||||||||||||||||||||||||||||||||||
Deferred tax assets | 168,706,570 | 87,945,837 | 5,253,823 | 4,697,201 | 176,190,407 | 188,426,851 | 93,295,762 | 96,450,452 | 1,274,578 | 1,522,732 | 895,556 | 895,555 | 445,616,696 | 379,938,628 | ||||||||||||||||||||||||||||||||||||||||||
TOTAL ASSETS | 8,489,191,678 | 9,010,326,640 | 704,225,032 | 792,150,677 | 3,954,113,972 | 4,485,916,038 | 2,726,541,726 | 2,793,097,895 | 1,326,072,970 | 1,385,204,888 | (4,454,358,585) | (4,732,825,386) | 12,745,786,793 | 13,733,870,752 |
Page 103
ENERSIS S.A. AND SUBSIDIARIES INTERIM CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD ENDING SEPTEMBER 30, 2012 (In thousands of Chilean pesos) | ![]() |
Country | Chile | Argentina | Brazil | Colombia | Peru | Eliminations | Total | |||||||||||||||||||||||||||||||||||||||||||||||||
LIABILITIES AND EQUITY | 9-30-2012 ThCh$ | 12-31-2011 ThCh$ | 9-30-2012 ThCh$ | 12-31-2011 ThCh$ | 9-30-2012 ThCh$ | 12-31-2011 ThCh$ | 9-30-2012 ThCh$ | 12-31-2011 ThCh$ | 9-30-2012 ThCh$ | 12-31-2011 ThCh$ | 9-30-2012 ThCh$ | 12-31-2011 ThCh$ | 9-30-2012 ThCh$ | 12-31-2011 ThCh$ | ||||||||||||||||||||||||||||||||||||||||||
CURRENT LIABILITIES | 649,376,424 | 661,869,058 | 521,364,966 | 494,783,567 | 459,410,501 | 650,237,150 | 366,042,322 | 483,448,241 | 175,770,524 | 170,828,751 | (59,535,450 | ) | (633,130 | ) | 2,112,429,287 | 2,460,533,637 | ||||||||||||||||||||||||||||||||||||||||
Other current financial liabilities | 229,995,038 | 88,087,416 | 145,737,403 | 105,336,295 | 144,974,458 | 288,730,920 | 46,232,703 | 124,904,402 | 76,011,418 | 65,023,305 | - | - | 642,951,020 | 672,082,338 | ||||||||||||||||||||||||||||||||||||||||||
Trade and other current payables | 213,206,874 | 405,601,668 | 282,229,496 | 283,219,858 | 226,522,690 | 234,837,848 | 192,591,493 | 223,557,756 | 54,554,983 | 68,645,529 | 7,959,351 | 19,201,800 | 977,064,887 | 1,235,064,459 | ||||||||||||||||||||||||||||||||||||||||||
Accounts payable to related companies | 80,992,489 | 48,929,239 | 31,919,145 | 45,686,586 | 42,357,798 | 34,092,017 | 71,457,990 | 51,713,966 | 799,060 | 1,068,536 | (71,972,576 | ) | (24,312,705 | ) | 155,553,906 | 157,177,639 | ||||||||||||||||||||||||||||||||||||||||
Other short-term provisions | 45,165,065 | 54,333,202 | 28,015,732 | 25,324,807 | 1,731,691 | 6,801,936 | 6,962 | 10,860 | 7,945,658 | 8,754,075 | 4,477,775 | 4,477,775 | 87,342,883 | 99,702,655 | ||||||||||||||||||||||||||||||||||||||||||
Current tax liabilities | 68,054,559 | 58,625,870 | 11,208,537 | 12,379,051 | 26,057,512 | 67,476,356 | 47,821,314 | 76,893,506 | 8,968,031 | 20,478,459 | - | - | 162,109,953 | 235,853,242 | ||||||||||||||||||||||||||||||||||||||||||
Current provisions for employee benefits | - | - | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||||||||
Other current non-financial liabilities | 11,962,399 | 6,291,663 | 22,254,653 | 22,836,970 | 17,766,352 | 18,298,073 | 7,931,860 | 6,367,751 | 27,491,374 | 6,858,847 | - | - | 87,406,638 | 60,653,304 | ||||||||||||||||||||||||||||||||||||||||||
Liabilities associated with non-current assets classified as held for sale and discontinued operations | - | - | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||||||||
NON-CURRENT LIABILITIES | 1,536,773,790 | 1,819,290,887 | 131,469,304 | 206,938,488 | 872,080,649 | 929,216,917 | 968,615,736 | 928,038,093 | 466,383,032 | 527,947,698 | (50,586,138 | ) | (34,248,823 | ) | 3,924,736,373 | 4,377,183,260 | ||||||||||||||||||||||||||||||||||||||||
Other non-current financial liabilities | 1,207,123,377 | 1,538,473,627 | 41,222,548 | 113,544,053 | 497,107,090 | 515,352,311 | 826,990,735 | 782,142,214 | 275,009,450 | 321,843,088 | - | - | 2,847,453,200 | 3,271,355,293 | ||||||||||||||||||||||||||||||||||||||||||
Other non-current payables | - | - | 187,072 | 1,146,930 | 11,989,176 | 13,157,677 | - | - | - | - | - | - | 12,176,248 | 14,304,607 | ||||||||||||||||||||||||||||||||||||||||||
Accounts payable to related companies | - | - | 36,746,339 | 34,248,823 | - | - | - | - | - | - | (36,746,339 | ) | (34,248,823 | ) | - | - | ||||||||||||||||||||||||||||||||||||||||
Other long-term provisions | 18,465,092 | 17,935,877 | 8,410,433 | 9,239,778 | 157,707,007 | 168,801,883 | 13,531,570 | 4,762,542 | 1,778,363 | 1,833,561 | - | - | 199,892,465 | 202,573,641 | ||||||||||||||||||||||||||||||||||||||||||
Deferred tax liabilities | 243,650,669 | 204,262,599 | 11,147,090 | 13,419,881 | 74,670,724 | 67,691,941 | 30,164,775 | 19,717,371 | 188,261,159 | 203,346,463 | - | - | 547,894,417 | 508,438,255 | ||||||||||||||||||||||||||||||||||||||||||
Non-current provisions for employee benefits | 35,670,125 | 35,817,248 | 6,403,491 | 7,627,051 | 125,442,764 | 149,353,832 | 79,420,832 | 84,727,882 | - | - | - | - | 246,937,212 | 277,526,013 | ||||||||||||||||||||||||||||||||||||||||||
Other non-current non-financial liabilities | 31,864,527 | 22,801,536 | 27,352,331 | 27,711,972 | 5,163,888 | 14,859,273 | 18,507,824 | 36,688,084 | 1,334,060 | 924,586 | (13,839,799 | ) | - | 70,382,831 | 102,985,451 | |||||||||||||||||||||||||||||||||||||||||
EQUITY | 6,303,041,464 | 6,529,166,695 | 51,390,762 | 90,428,622 | 2,622,622,822 | 2,906,461,971 | 1,391,883,668 | 1,381,611,561 | 683,919,414 | 686,428,439 | (4,344,236,997 | ) | (4,697,943,433 | ) | 6,708,621,133 | 6,896,153,855 | ||||||||||||||||||||||||||||||||||||||||
Equity attributable to shareholders of Enersis | 6,303,041,464 | 6,529,166,695 | 51,390,762 | 90,428,622 | 2,622,622,822 | 2,906,461,971 | 1,391,883,668 | 1,381,611,561 | 683,919,414 | 686,428,439 | (4,344,236,997 | ) | (4,697,943,433 | ) | 3,796,128,723 | 6,896,153,855 | ||||||||||||||||||||||||||||||||||||||||
Issued capital | 5,181,648,569 | 5,517,944,809 | 200,340,431 | 230,798,614 | 942,539,641 | 1,768,841,536 | 162,912,152 | 150,811,424 | 217,000,763 | 197,139,383 | (3,879,558,722 | ) | (5,040,652,931 | ) | 2,824,882,834 | 2,824,882,835 | ||||||||||||||||||||||||||||||||||||||||
Retained earnings | 2,682,529,224 | 2,728,371,595 | (144,857,193 | ) | (99,901,666 | ) | 415,634,091 | 459,494,106 | 537,138,154 | 125,770,175 | 119,815,864 | 72,384,455 | (1,266,963,218 | ) | (1,053,149,787 | ) | 2,343,296,922 | 2,232,968,878 | ||||||||||||||||||||||||||||||||||||||
Share premium | 365,334,507 | 158,759,648 | - | - | 627,739,694 | - | 3,500,973 | - | - | - | (837,815,526 | ) | - | 158,759,648 | 158,759,648 | |||||||||||||||||||||||||||||||||||||||||
Other reserves | (1,926,470,836 | ) | (1,875,909,357 | ) | (4,092,476 | ) | (40,468,326 | ) | 636,709,396 | 678,126,329 | 688,332,389 | 1,105,029,962 | 347,102,787 | 416,904,601 | 1,640,100,469 | 1,395,859,285 | (1,530,810,681 | ) | 1,679,542,494 | |||||||||||||||||||||||||||||||||||||
Non-controlling interests | - | - | - | - | - | - | - | - | - | - | - | - | 2,912,492,410 | 3,000,425,251 | ||||||||||||||||||||||||||||||||||||||||||
Total Liabilities and Equity | 8,489,191,678 | 9,010,326,640 | 704,225,032 | 792,150,677 | 3,954,113,972 | 4,485,916,038 | 2,726,541,726 | 2,793,097,895 | 1,326,072,970 | 1,385,204,888 | (4,454,358,585 | ) | (4,732,825,386 | ) | 12,745,786,793 | 13,733,870,752 |
Page 104
ENERSIS S.A. AND SUBSIDIARIES INTERIM CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD ENDING SEPTEMBER 30, 2012 (In thousands of Chilean pesos) | ![]() |
Country | Chile | Argentina | Brazil | Colombia | Peru | Eliminations | Total | |||||||||||||||||||||||||||||||||||||||||||||||||
STATEMENT OF COMPREHENSIVE INCOME | 9-30-2012 ThCh$ | 9-30-2011 ThCh$ | 9-30-2012 ThCh$ | 9-30-2011 ThCh$ | 9-30-2012 ThCh$ | 9-30-2011 ThCh$ | 9-30-2012 ThCh$ | 9-30-2011 ThCh$ | 9-30-2012 ThCh$ | 9-30-2011 ThCh$ | 9-30-2012 ThCh$ | 9-30-2011 ThCh$ | 9-30-2012 ThCh$ | 9-30-2011 ThCh$ | ||||||||||||||||||||||||||||||||||||||||||
REVENUES | 1,419,560,916 | 1,548,301,898 | 533,032,646 | 547,882,703 | 1,578,094,711 | 1,604,907,067 | 941,625,023 | 816,728,659 | 424,701,770 | 332,484,785 | (704,516) | (1,505,636) | 4,896,310,550 | 4,848,799,476 | ||||||||||||||||||||||||||||||||||||||||||
Sales | 1,404,603,899 | 1,527,453,076 | 523,041,897 | 541,770,450 | 1,460,514,885 | 1,462,905,388 | 916,617,392 | 795,605,630 | 409,296,007 | 319,378,922 | (745,775) | (1,505,636) | 4,713,328,305 | 4,645,607,830 | ||||||||||||||||||||||||||||||||||||||||||
Energy sales | 1,290,321,095 | 1,433,200,186 | 508,460,971 | 526,960,989 | 1,326,154,926 | 1,329,833,693 | 847,086,952 | 727,149,080 | 396,844,575 | 306,194,226 | - | - | 4,368,868,519 | 4,323,338,174 | ||||||||||||||||||||||||||||||||||||||||||
Other sales | 14,613,930 | 13,167,782 | 255,373 | - | 4,291,337 | 4,506,228 | 2,030,425 | 2,632,710 | 29,521 | 532,190 | - | (69,179) | 21,220,586 | 20,769,731 | ||||||||||||||||||||||||||||||||||||||||||
Other services rendered | 99,668,874 | 81,085,108 | 14,325,553 | 14,809,461 | 130,068,622 | 128,565,467 | 67,500,015 | 65,823,840 | 12,421,911 | 12,652,506 | (745,775) | (1,436,457) | 323,239,200 | 301,499,925 | ||||||||||||||||||||||||||||||||||||||||||
Other operating income | 14,957,017 | 20,848,822 | 9,990,749 | 6,112,253 | 117,579,826 | 142,001,679 | 25,007,631 | 21,123,029 | 15,405,763 | 13,105,863 | 41,259 | - | 182,982,245 | 203,191,646 | ||||||||||||||||||||||||||||||||||||||||||
RAW MATERIALS AND CONSUMABLES USED | (942,817,362) | (967,786,296) | (372,175,085) | (388,080,638) | (935,872,827) | (915,924,926) | (326,692,965) | (283,847,358) | (198,372,680) | (127,721,010) | 49,480 | 160,363 | (2,775,881,439) | (2,683,199,865) | ||||||||||||||||||||||||||||||||||||||||||
Energy purchases | (490,302,349) | (561,410,183) | (143,039,186) | (113,450,318) | (458,928,714) | (434,192,955) | (164,293,114) | (135,966,915) | (117,228,245) | (64,255,589) | 938,997 | - | (1,372,852,611) | (1,309,275,960) | ||||||||||||||||||||||||||||||||||||||||||
Fuel consumption | (293,769,989) | (260,246,463) | (218,957,120) | (258,354,010) | (20,970,857) | (22,725,921) | (24,470,220) | (18,596,386) | (43,932,427) | (35,721,594) | - | - | (602,100,613) | (595,644,374) | ||||||||||||||||||||||||||||||||||||||||||
Transport expenses | (142,957,330) | (120,670,207) | (2,514,090) | (7,194,927) | (109,435,702) | (79,434,107) | (89,315,161) | (84,584,917) | (14,657,858) | (11,357,292) | (942,290) | - | (359,822,431) | (303,241,450) | ||||||||||||||||||||||||||||||||||||||||||
Other raw materials and consumables | (15,787,694) | (25,459,443) | (7,664,689) | (9,081,383) | (346,537,554) | (379,571,943) | (48,614,470) | (44,699,140) | (22,554,150) | (16,386,535) | 52,773 | 160,363 | (441,105,784) | (475,038,081) | ||||||||||||||||||||||||||||||||||||||||||
CONTRIBUTION MARGIN | 476,743,554 | 580,515,602 | 160,857,561 | 159,802,065 | 642,221,884 | 688,982,141 | 614,932,058 | 532,881,301 | 226,329,090 | 204,763,775 | (655,036) | (1,345,273) | 2,120,429,111 | 2,165,599,611 | ||||||||||||||||||||||||||||||||||||||||||
Other work performed by entity and capitalized | 8,045,069 | 7,996,682 | 9,317,778 | 8,618,338 | 12,399,741 | 13,214,962 | 4,391,127 | 4,169,166 | 1,873,705 | 1,665,825 | - | - | 36,027,420 | 35,664,973 | ||||||||||||||||||||||||||||||||||||||||||
Employee benefits expense | (80,549,594) | (77,959,149) | (86,742,079) | (75,624,280) | (75,946,513) | (78,021,109) | (37,291,456) | (36,618,726) | (21,951,475) | (1,128,793) | - | - | (302,481,117) | (269,352,057) | ||||||||||||||||||||||||||||||||||||||||||
Other expenses | (84,226,603) | (79,879,690) | (83,170,263) | (64,174,325) | (116,124,802) | (122,606,940) | (59,553,118) | (126,058,144) | (30,431,964) | (28,894,231) | 654,846 | 1,347,808 | (372,851,904) | (420,265,522) | ||||||||||||||||||||||||||||||||||||||||||
GROSS OPERATING RESULT | 320,012,426 | 430,673,445 | 262,997 | 28,621,798 | 462,550,310 | 501,569,054 | 522,478,611 | 374,373,597 | 175,819,356 | 176,406,576 | (190) | 2,535 | 1,481,123,510 | 1,511,647,005 | ||||||||||||||||||||||||||||||||||||||||||
Depreciation, amortization, and impairment losses | (90,506,164) | (94,945,368) | (29,929,044) | (23,515,256) | (106,296,518) | (79,655,847) | (81,219,080) | (74,242,470) | (47,514,551) | (42,322,413) | 1,351,582 | 2,464,679 | (354,113,775) | (312,216,675) | ||||||||||||||||||||||||||||||||||||||||||
OPERATING INCOME | 229,506,262 | 335,728,077 | (29,666,047) | 5,106,542 | 356,253,792 | 421,913,207 | 441,259,531 | 300,131,127 | 128,304,805 | 134,084,163 | 1,351,392 | 2,467,214 | 1,127,009,735 | 1,199,430,330 | ||||||||||||||||||||||||||||||||||||||||||
FINANCIAL RESULT | (63,406,263) | (67,138,796) | (41,478,361) | (21,547,830) | (61,259,511) | (32,923,979) | (51,420,195) | (58,815,497) | (21,570,374) | (16,760,888) | 1,531,669 | 3,045,932 | (237,603,035) | (194,141,058) | ||||||||||||||||||||||||||||||||||||||||||
Financial income | 22,287,139 | 17,680,931 | 5,581,530 | 10,325,154 | 81,498,149 | 101,409,075 | 9,988,422 | 4,320,043 | 4,377,917 | 1,927,208 | (1,716,618) | (1,573,888) | 122,016,539 | 134,088,523 | ||||||||||||||||||||||||||||||||||||||||||
Financial costs | (71,933,495) | (71,202,287) | (37,013,624) | (26,279,238) | (144,740,821) | (143,277,316) | (60,635,724) | (62,932,499) | (26,118,778) | (18,350,610) | 1,715,968 | 1,573,888 | (338,726,474) | (320,468,062) | ||||||||||||||||||||||||||||||||||||||||||
Gain (loss) from indexed assets and liabilities | (6,875,369) | (17,038,304) | - | - | - | - | - | - | - | - | (655) | - | (6,876,024) | (17,038,304) | ||||||||||||||||||||||||||||||||||||||||||
Foreign currency exchange differences | (6,884,538) | 3,420,864 | (10,046,267) | (5,593,746) | 1,983,161 | 8,944,262 | (772,893) | (203,041) | 170,487 | (337,486) | 1,532,974 | 3,045,932 | (14,017,076) | 9,276,785 | ||||||||||||||||||||||||||||||||||||||||||
Gains | 36,900,113 | 49,012,672 | 5,818,205 | 4,302,586 | 6,590,457 | 16,094,094 | 813,328 | 548,600 | 670,272 | 1,750,946 | (4,703,170) | (3,648,925) | 46,089,205 | 68,059,973 | ||||||||||||||||||||||||||||||||||||||||||
Losses | (43,784,651) | (45,591,808) | (15,864,472) | (9,896,332) | (4,607,296) | (7,149,832) | (1,586,221) | (751,641) | (499,785) | (2,088,432) | 6,236,144 | 6,694,857 | (60,106,281) | (58,783,188) | ||||||||||||||||||||||||||||||||||||||||||
Share of the profit (loss) of associates accounted for using the equity method | 571,360 | 5,819,127 | 23,720 | 28,834 | - | - | - | - | 7,159,063 | - | - | 34 | 7,754,143 | 5,847,995 | ||||||||||||||||||||||||||||||||||||||||||
Negative consolidation difference | - | - | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||||||||
Gains (losses) from other investments | 152,462 | 889,889 | 593,663 | - | - | - | - | - | - | - | - | (514,125) | 746,125 | 375,764 | ||||||||||||||||||||||||||||||||||||||||||
Gains (losses) on sale of property, plant, and equipment | 1,955,081 | (7,674,626) | 2,084 | - | 2,032,322 | - | (515,234) | 40,826 | (21,236) | 461,997 | - | - | 3,453,017 | (7,171,803) | ||||||||||||||||||||||||||||||||||||||||||
Other expenses distinct from operating expenses | - | - | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||||||||
NET INCOME BEFORE TAX | 168,778,902 | 267,623,671 | (70,524,941) | (16,412,454) | 297,026,603 | 388,989,228 | 389,324,102 | 241,356,456 | 113,872,258 | 117,785,272 | 2,883,061 | 4,999,055 | 901,359,985 | 1,004,341,228 | ||||||||||||||||||||||||||||||||||||||||||
Income tax | (29,390,011) | (97,405,551) | (2,176,133) | 4,149,186 | (65,625,530) | (88,448,500) | (133,031,536) | (103,495,520) | (36,727,358) | (32,339,299) | 989,812 | (266,950,568) | (316,549,872) | |||||||||||||||||||||||||||||||||||||||||||
NET INCOME AFTER TAX FROM CONTINUING OPERATIONS | 139,388,891 | 170,218,120 | (72,701,074) | (12,263,268) | 231,401,073 | 300,540,728 | 256,292,566 | 137,860,936 | 77,144,900 | 85,445,973 | 2,883,061 | 5,988,867 | 634,409,417 | 687,791,356 | ||||||||||||||||||||||||||||||||||||||||||
Net income from discontinued operations | - | - | - | - | - | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||||||||||||
NET INCOME | 139,388,891 | 170,218,120 | (72,701,074) | (12,263,268) | 231,401,073 | 300,540,728 | 256,292,566 | 137,860,936 | 77,144,900 | 85,445,973 | 2,883,061 | 5,988,867 | 634,409,417 | 687,791,356 | ||||||||||||||||||||||||||||||||||||||||||
RESULT FOR THE PERIOD | 139,388,891 | 170,218,120 | (72,701,074) | (12,263,268) | 231,401,073 | 300,540,728 | 256,292,566 | 137,860,936 | 77,144,900 | 85,445,973 | 2,883,061 | 5,988,867 | 634,409,417 | 687,791,356 | ||||||||||||||||||||||||||||||||||||||||||
Shareholders of Enersis | - | - | - | - | - | - | - | - | - | - | - | - | 264,557,424 | 319,025,580 | ||||||||||||||||||||||||||||||||||||||||||
Non-controlling interests | - | - | - | - | - | - | - | - | - | - | - | - | 369,851,993 | 368,765,776 |
Page 105
ENERSIS S.A. AND SUBSIDIARIES INTERIM CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD ENDING SEPTEMBER 30, 2012 (In thousands of Chilean pesos) | ![]() |
33.4 | Generation and distribution by country |
a) | Generation |
Line of Business | Generation | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Country | Chile | Argentina | Brazil | Colombia | Peru | Eliminations | Total | |||||||||||||||||||||||||||||||||||||||||||||||||
ASSETS | 9-30-2012 ThCh$ | 12-31-2011 ThCh$ | 9-30-2012 ThCh$ | 12-31-2011 ThCh$ | 9-30-2012 ThCh$ | 12-31-2011 ThCh$ | 9-30-2012 ThCh$ | 12-31-2011 ThCh$ | 9-30-2012 ThCh$ | 12-31-2011 ThCh$ | 9-30-2012 ThCh$ | 12-31-2011 ThCh$ | 9-30-2012 ThCh$ | 12-31-2011 ThCh$ | ||||||||||||||||||||||||||||||||||||||||||
CURRENT ASSETS | 338,913,577 | 581,738,393 | 71,537,186 | 113,950,708 | 225,082,854 | 229,070,896 | 176,295,383 | 239,044,005 | 71,115,726 | 75,650,050 | (42,385,531) | (26,868,729) | 840,559,195 | 1,212,585,323 | ||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | 41,942,136 | 230,289,585 | 11,502,664 | 22,383,610 | 147,128,916 | 131,040,180 | 62,506,367 | 136,260,140 | 31,828,244 | 32,764,569 | - | - | 294,908,327 | 552,738,084 | ||||||||||||||||||||||||||||||||||||||||||
Other current financial assets | 543,565 | 47,504 | - | 143,638 | - | - | - | 674,506 | 22,205 | 48,561 | - | - | 565,770 | 914,209 | ||||||||||||||||||||||||||||||||||||||||||
Other current non-financial assets | 8,788,918 | 5,388,772 | 858,164 | 1,197,748 | 15,923,518 | 14,283,730 | 4,777,824 | 7,964,428 | 1,387,491 | 2,458,301 | 767 | - | 31,736,682 | 31,292,979 | ||||||||||||||||||||||||||||||||||||||||||
Trade and other current receivables | 111,862,670 | 175,085,843 | 19,632,842 | 54,090,162 | 37,090,417 | 63,940,752 | 50,319,698 | 45,507,596 | 17,439,289 | 16,985,155 | 586,444 | - | 236,931,360 | 355,609,508 | ||||||||||||||||||||||||||||||||||||||||||
Accounts receivable from related companies | 50,982,818 | 58,683,378 | 33,948,424 | 33,441,555 | 17,299,048 | 19,803,730 | 40,859,920 | 35,104,241 | 7,811,984 | 10,509,205 | (42,972,742) | (26,868,729) | 107,929,452 | 130,673,380 | ||||||||||||||||||||||||||||||||||||||||||
Inventories | 44,535,938 | 29,481,511 | 3,186,337 | 1,783,282 | 21,678 | 2,504 | 16,364,476 | 11,993,970 | 12,401,155 | 12,645,501 | - | - | 76,509,584 | 55,906,768 | ||||||||||||||||||||||||||||||||||||||||||
Current tax assets | 80,257,532 | 82,761,800 | 2,408,755 | 910,713 | 7,619,277 | - | 1,467,098 | 1,539,124 | 225,358 | 238,758 | - | - | 91,978,020 | 85,450,395 | ||||||||||||||||||||||||||||||||||||||||||
Non-current assets classified as held for sale and discontinued operations | - | - | - | - | - | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||||||||||||
NON-CURRENT ASSETS | 4,140,441,580 | 4,058,185,785 | 263,514,501 | 319,979,207 | 493,928,397 | 600,244,367 | 1,454,111,236 | 1,393,219,292 | 750,022,259 | 812,558,136 | (1,050,826,023) | (1,029,913,225) | 6,051,191,950 | 6,154,273,562 | ||||||||||||||||||||||||||||||||||||||||||
Other non-current financial assets | 33,720,931 | 12,014,822 | 127,898 | 161,140 | 1 | - | 1,208,239 | 1,205,585 | 406,938 | 216,790 | - | - | 35,464,007 | 13,598,337 | ||||||||||||||||||||||||||||||||||||||||||
Other non-current non-financial assets | 126,354 | 342,343 | 1,212,658 | 1,099,011 | 24,267,446 | 27,290,081 | - | - | - | - | (26,848) | - | 25,579,610 | 28,731,435 | ||||||||||||||||||||||||||||||||||||||||||
Non-current receivables | 5,903 | 160,518 | 139,472,994 | 150,312,091 | 2,896,631 | 21,685,968 | 2,996,938 | 3,241,735 | - | - | - | - | 145,372,466 | 175,400,312 | ||||||||||||||||||||||||||||||||||||||||||
Non-current accounts receivable from related companies | 5,639,152 | 6,179,892 | - | - | 39,502,408 | 42,997,790 | - | - | - | - | (45,141,560) | (51,040,898) | - | (1,863,216) | ||||||||||||||||||||||||||||||||||||||||||
Investments accounted for using the equity method | 1,599,736,458 | 1,594,961,765 | 2,883,101 | 3,428,479 | 9,036,984 | 10,801,536 | - | - | 47,894,460 | 49,887,780 | (1,102,576,792) | (1,067,411,405) | 556,974,211 | 591,668,155 | ||||||||||||||||||||||||||||||||||||||||||
Intangible assets other than goodwill | 11,523,361 | 11,005,836 | 134,808 | 176,228 | 2,974,928 | 1,410,902 | 21,546,259 | 22,281,991 | 381,495 | 457,861 | - | - | 36,560,851 | 35,332,818 | ||||||||||||||||||||||||||||||||||||||||||
Goodwill | 12,748 | 14,024 | (11,136,040) | 2,357,592 | - | - | 5,031,630 | 5,126,657 | 8,668,964 | 10,361,690 | 96,919,177 | 88,539,078 | 99,496,479 | 106,399,041 | ||||||||||||||||||||||||||||||||||||||||||
Property, plant, and equipment | 2,400,501,339 | 2,400,516,617 | 125,565,259 | 157,747,465 | 368,221,938 | 456,994,530 | 1,365,956,122 | 1,302,924,129 | 691,395,824 | 750,111,283 | - | - | 4,951,640,482 | 5,068,294,024 | ||||||||||||||||||||||||||||||||||||||||||
Investment property | - | - | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||||||||
Deferred tax assets | 89,175,334 | 32,989,968 | 5,253,823 | 4,697,201 | 47,028,061 | 39,063,560 | 57,372,048 | 58,439,195 | 1,274,578 | 1,522,732 | - | - | 200,103,844 | 136,712,656 | ||||||||||||||||||||||||||||||||||||||||||
TOTAL ASSETS | 4,479,355,157 | 4,639,924,178 | 335,051,687 | 433,929,915 | 719,011,251 | 829,315,263 | 1,630,406,619 | 1,632,263,297 | 821,137,985 | 888,208,186 | (1,093,211,554) | (1,056,781,954) | 6,891,751,145 | 7,366,858,885 |
Page 106
ENERSIS S.A. AND SUBSIDIARIES INTERIM CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD ENDING SEPTEMBER 30, 2012 (In thousands of Chilean pesos) | ![]() |
Line of Business | Generation | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Country | Chile | Argentina | Brazil | Colombia | Peru | Eliminations | Total | |||||||||||||||||||||||||||||||||||||||||||||||||
LIABILITIES AND EQUITY | 9-30-2012 ThCh$ | 12-31-2011 ThCh$ | 9-30-2012 ThCh$ | 12-31-2011 ThCh$ | 9-30-2012 ThCh$ | 12-31-2011 ThCh$ | 9-30-2012 ThCh$ | 12-31-2011 ThCh$ | 9-30-2012 ThCh$ | 12-31-2011 ThCh$ | 9-30-2012 ThCh$ | 12-31-2011 ThCh$ | 9-30-2012 ThCh$ | 12-31-2011 ThCh$ | ||||||||||||||||||||||||||||||||||||||||||
CURRENT LIABILITIES | 603,465,586 | 419,861,754 | 199,123,867 | 184,089,684 | 179,860,598 | 223,439,239 | 189,290,538 | 220,413,976 | 67,033,854 | 77,444,300 | (50,019,465) | 25,000,330 | 1,188,754,978 | 1,150,249,283 | ||||||||||||||||||||||||||||||||||||||||||
Other current financial liabilities | 215,429,821 | 73,513,845 | 126,026,078 | 82,987,086 | 30,493,092 | 62,027,186 | 23,741,641 | 113,869,956 | 36,217,580 | 32,976,929 | - | - | 431,908,212 | 365,375,002 | ||||||||||||||||||||||||||||||||||||||||||
Trade and other current payables | 93,037,015 | 210,953,110 | 31,437,108 | 47,852,899 | 36,360,427 | 47,171,805 | 77,965,241 | 50,897,328 | 20,577,954 | 23,834,560 | 8,137,174 | (7,957) | 267,514,919 | 380,701,745 | ||||||||||||||||||||||||||||||||||||||||||
Accounts payable to related companies | 209,199,618 | 69,582,013 | 30,621,016 | 43,569,836 | 100,953,777 | 81,664,568 | 60,534,950 | 14,328,510 | 263,238 | 13,875 | (58,156,639) | 25,008,287 | 343,415,960 | 234,167,089 | ||||||||||||||||||||||||||||||||||||||||||
Other short-term provisions | 27,572,547 | 29,277,728 | 1,146,762 | 3,901,399 | - | - | 6,963 | 10,860 | 3,326,976 | 2,840,237 | - | - | 32,053,248 | 36,030,224 | ||||||||||||||||||||||||||||||||||||||||||
Current tax liabilities | 47,478,906 | 31,286,802 | 8,030,073 | 5,362,401 | 10,273,438 | 30,425,114 | 25,638,728 | 40,779,406 | 4,149,018 | 14,748,267 | - | - | 95,570,163 | 122,601,990 | ||||||||||||||||||||||||||||||||||||||||||
Current provisions for employee benefits | - | - | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||||||||
Other current non-financial liabilities | 10,747,679 | 5,248,256 | 1,862,830 | 416,063 | 1,779,864 | 2,150,566 | 1,403,015 | 527,916 | 2,499,088 | 3,030,432 | - | - | 18,292,476 | 11,373,233 | ||||||||||||||||||||||||||||||||||||||||||
Liabilities associated with non-current assets classified as held for sale and discontinued operations | - | - | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||||||||
NON-CURRENT LIABILITIES | 892,768,282 | 1,193,061,174 | 101,157,778 | 165,441,384 | 41,371,680 | 58,875,184 | 610,060,923 | 530,859,723 | 275,246,854 | 317,338,453 | (29,311,828) | (34,248,823) | 1,891,293,689 | 2,231,327,095 | ||||||||||||||||||||||||||||||||||||||||||
Other non-current financial liabilities | 644,871,099 | 975,588,006 | 25,835,979 | 87,602,569 | 29,952,100 | 36,725,221 | 557,680,513 | 486,420,793 | 136,219,098 | 169,238,940 | - | - | 1,394,558,789 | 1,755,575,529 | ||||||||||||||||||||||||||||||||||||||||||
Other non-current payables | - | - | 187,072 | 241,287 | - | 1,947 | - | - | - | - | - | - | 187,072 | 243,234 | ||||||||||||||||||||||||||||||||||||||||||
Accounts payable to related companies | - | 81,953 | 36,746,339 | 34,248,823 | - | - | - | - | - | - | (29,515,391) | (34,248,823) | 7,230,948 | 81,953 | ||||||||||||||||||||||||||||||||||||||||||
Other long-term provisions | 10,540,261 | 10,251,812 | - | - | 7,020,628 | 8,596,721 | 8,933,716 | 316,576 | 1,616,002 | 1,668,030 | - | - | 28,110,607 | 20,833,139 | ||||||||||||||||||||||||||||||||||||||||||
Deferred tax liabilities | 211,308,339 | 177,178,521 | 11,147,090 | 13,419,881 | 1,673,582 | 4,538,425 | 11,675,261 | - | 137,411,754 | 146,431,483 | - | - | 373,216,026 | 341,568,310 | ||||||||||||||||||||||||||||||||||||||||||
Non-current provisions for employee benefits | 12,132,596 | 12,334,488 | 1,912,063 | 2,216,852 | - | - | 20,668,972 | 21,953,569 | - | - | - | - | 34,713,631 | 36,504,909 | ||||||||||||||||||||||||||||||||||||||||||
Other non-current non-financial liabilities | 13,915,987 | 17,626,394 | 25,329,235 | 27,711,972 | 2,725,370 | 9,012,870 | 11,102,461 | 22,168,785 | - | - | 203,563 | - | 53,276,616 | 76,520,021 | ||||||||||||||||||||||||||||||||||||||||||
EQUITY | 2,983,121,289 | 3,027,001,250 | 34,770,042 | 84,398,847 | 497,778,973 | 547,000,840 | 831,055,158 | 880,989,598 | 478,857,277 | 493,425,433 | (1,013,880,261) | (1,047,533,461) | 3,811,702,478 | 3,985,282,507 | ||||||||||||||||||||||||||||||||||||||||||
Equity attributable to shareholders of Enersis | 2,983,121,289 | 3,027,001,250 | 34,770,042 | 84,398,847 | 497,778,973 | 547,000,840 | 831,055,158 | 880,989,598 | 478,857,277 | 493,425,433 | (1,013,880,261) | (1,047,533,461) | 3,811,702,478 | 3,985,282,507 | ||||||||||||||||||||||||||||||||||||||||||
Issued capital | 1,943,391,772 | 2,153,213,074 | 60,871,687 | 92,185,037 | 169,465,422 | 204,171,117 | 159,444,502 | 142,906,410 | 180,486,999 | 164,297,758 | (1,024,494,379) | (1,003,883,359) | 1,489,166,003 | 1,752,890,037 | ||||||||||||||||||||||||||||||||||||||||||
Retained earnings | 1,100,272,729 | 1,140,321,396 | (7,156,730) | (7,554,043) | 129,480,656 | 202,644,366 | 461,309,686 | 128,464,532 | 64,318,916 | 70,760,796 | 52,299,517 | 303,782,125 | 1,800,524,774 | 1,838,419,172 | ||||||||||||||||||||||||||||||||||||||||||
Share premium | 206,008,557 | - | - | - | - | - | - | - | - | - | - | - | 206,008,557 | - | ||||||||||||||||||||||||||||||||||||||||||
Treasury shares | - | - | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||||||||
Other equity interests | - | - | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||||||||
Other reserves | (266,551,769) | (266,533,220) | (18,944,915) | (232,147) | 198,832,895 | 140,185,357 | 210,300,970 | 609,618,656 | 234,051,362 | 258,366,879 | (41,685,399) | (347,432,227) | 316,003,144 | 393,973,298 | ||||||||||||||||||||||||||||||||||||||||||
Non-controlling interests | - | - | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||||||||
Total Liabilities and Equity | 4,479,355,157 | 4,639,924,178 | 335,051,687 | 433,929,915 | 719,011,251 | 829,315,263 | 1,630,406,619 | 1,632,263,297 | 821,137,985 | 888,208,186 | (1,093,211,554) | (1,056,781,954) | 6,891,751,145 | 7,366,858,885 |
Page 107
ENERSIS S.A. AND SUBSIDIARIES INTERIM CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD ENDING SEPTEMBER 30, 2012 (In thousands of Chilean pesos) | ![]() |
Line of Business | Generation | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Country | Chile | Argentina | Brazil | Colombia | Peru | Eliminations | Total | |||||||||||||||||||||||||||||||||||||||||||||||||
STATEMENT OF COMPREHENSIVE INCOME | 9-30-2012 ThCh$ | 9-30-2011 ThCh$ | 9-30-2012 ThCh$ | 9-30-2011 ThCh$ | 9-30-2012 ThCh$ | 9-30-2011 ThCh$ | 9-30-2012 ThCh$ | 9-30-2011 ThCh$ | 9-30-2012 ThCh$ | 9-30-2011 ThCh$ | 9-30-2012 ThCh$ | 9-30-2011 ThCh$ | 9-30-2012 ThCh$ | 9-30-2011 ThCh$ | ||||||||||||||||||||||||||||||||||||||||||
REVENUES | 815,382,480 | 908,325,291 | 291,183,269 | 341,325,461 | 254,847,432 | 223,042,268 | 431,824,717 | 365,899,206 | 211,134,555 | 174,349,186 | (534,246) | (520,273) | 2,003,838,207 | 2,012,421,139 | ||||||||||||||||||||||||||||||||||||||||||
Sales | 812,334,646 | 896,943,765 | 291,186,275 | 341,283,217 | 254,847,432 | 220,591,251 | 431,417,894 | 365,790,186 | 210,224,890 | 173,840,408 | (537,275) | (520,273) | 1,999,473,862 | 1,997,928,554 | ||||||||||||||||||||||||||||||||||||||||||
Energy sales | 768,163,924 | 884,070,358 | 288,496,805 | 341,283,217 | 205,598,328 | 187,079,865 | 431,119,244 | 364,550,698 | 204,939,669 | 169,829,130 | - | - | 1,898,317,970 | 1,946,813,268 | ||||||||||||||||||||||||||||||||||||||||||
Other sales | 7,726,018 | 19,596 | - | - | - | - | - | - | - | - | - | - | 7,726,018 | 19,596 | ||||||||||||||||||||||||||||||||||||||||||
Other services rendered | 36,444,704 | 12,853,811 | 2,689,470 | - | 49,249,104 | 33,511,386 | 298,650 | 1,239,488 | 5,285,221 | 4,011,278 | (537,275) | (520,273) | 93,429,874 | 51,095,690 | ||||||||||||||||||||||||||||||||||||||||||
Other operating income | 3,047,834 | 11,381,526 | (3,006) | 42,244 | - | 2,451,017 | 406,823 | 109,020 | 909,665 | 508,778 | 3,029 | - | 4,364,345 | 14,492,585 | ||||||||||||||||||||||||||||||||||||||||||
RAW MATERIALS AND CONSUMABLES USED | (543,815,313) | (529,537,569) | (238,895,419) | (283,950,108) | (89,452,585) | (45,599,560) | (121,058,312) | (101,373,202) | (84,823,874) | (63,001,077) | (3,029) | - | (1,078,048,532) | (1,023,461,516) | ||||||||||||||||||||||||||||||||||||||||||
Energy purchases | (138,184,553) | (167,528,842) | (10,104,503) | (11,134,173) | (43,153,657) | (15,964,615) | (29,749,788) | (22,672,028) | (20,788,566) | (11,373,517) | 939,186 | - | (241,041,881) | (228,673,175) | ||||||||||||||||||||||||||||||||||||||||||
Fuel consumption | (293,762,816) | (260,238,669) | (218,957,120) | (258,354,010) | (20,970,857) | (22,725,921) | (24,470,220) | (18,596,386) | (43,932,427) | (35,721,594) | - | - | (602,093,440) | (595,636,580) | ||||||||||||||||||||||||||||||||||||||||||
Transport expenses | (113,645,898) | (97,339,492) | (2,303,560) | (6,456,007) | (12,797,411) | (11,736,618) | (43,675,750) | (40,590,877) | (14,762,826) | (11,493,697) | (942,215) | - | (188,127,660) | (167,616,691) | ||||||||||||||||||||||||||||||||||||||||||
Other raw materials and consumables | 1,777,954 | (4,430,566) | (7,530,236) | (8,005,918) | (12,530,660) | 4,827,594 | (23,162,554) | (19,513,911) | (5,340,055) | (4,412,269) | - | - | (46,785,551) | (31,535,070) | ||||||||||||||||||||||||||||||||||||||||||
CONTRIBUTION MARGIN | 271,567,167 | 378,787,722 | 52,287,850 | 57,375,353 | 165,394,847 | 177,442,708 | 310,766,405 | 264,526,004 | 126,310,681 | 111,348,109 | (537,275) | (520,273) | 925,789,675 | 988,959,623 | ||||||||||||||||||||||||||||||||||||||||||
Other work performed by entity and capitalized | 5,996,752 | 1,490,309 | - | - | 467,337 | 61,355 | 2,661,499 | 1,355,489 | 69,622 | 13,880 | - | - | 9,195,210 | 2,921,033 | ||||||||||||||||||||||||||||||||||||||||||
Employee benefits expense | (42,503,507) | (28,842,549) | (16,788,330) | (12,889,035) | (8,354,564) | (7,302,455) | (12,116,116) | (9,413,150) | (9,117,998) | 5,084,357 | - | - | (88,880,515) | (53,362,832) | ||||||||||||||||||||||||||||||||||||||||||
Other expenses | (43,737,507) | (38,378,196) | (10,927,599) | (6,667,922) | (7,901,527) | (5,171,007) | (15,244,234) | (55,966,155) | (12,828,433) | (10,676,636) | 537,275 | 520,273 | (90,102,025) | (116,339,643) | ||||||||||||||||||||||||||||||||||||||||||
GROSS OPERATING RESULT | 191,322,905 | 313,057,286 | 24,571,921 | 37,818,396 | 149,606,093 | 165,030,601 | 286,067,554 | 200,502,188 | 104,433,872 | 105,769,710 | - | - | 756,002,345 | 822,178,181 | ||||||||||||||||||||||||||||||||||||||||||
Depreciation, amortization, and impairment losses | (63,773,228) | (67,697,776) | (18,013,277) | (12,384,198) | (20,423,904) | 1,726,674 | (29,098,117) | (26,089,312) | (29,155,240) | (26,221,025) | - | - | (160,463,766) | (130,665,637) | ||||||||||||||||||||||||||||||||||||||||||
�� | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
OPERATING INCOME | 127,549,677 | 245,359,510 | 6,558,644 | 25,434,198 | 129,182,189 | 166,757,275 | 256,969,437 | 174,412,876 | 75,278,632 | 79,548,685 | - | - | 595,538,579 | 691,512,544 | ||||||||||||||||||||||||||||||||||||||||||
FINANCIAL RESULT | (44,000,252) | (46,556,945) | (26,892,975) | (16,052,223) | 4,077,596 | (1,863,924) | (30,840,615) | (33,732,477) | (14,905,004) | (8,037,638) | 1,158,521 | (4,033,401) | (111,402,729) | (110,276,608) | ||||||||||||||||||||||||||||||||||||||||||
Financial income | 7,459,142 | 4,215,883 | 1,552,634 | 4,833,909 | 18,233,624 | 16,350,194 | 3,999,129 | 976,520 | 957,282 | 588,976 | (1,648,738) | (1,571,387) | 30,553,073 | 25,394,095 | ||||||||||||||||||||||||||||||||||||||||||
Financial costs | (49,397,556) | (45,472,566) | (17,669,084) | (14,625,214) | (15,208,870) | (26,210,966) | (34,005,836) | (34,492,225) | (15,829,782) | (8,202,661) | 1,648,741 | 1,571,387 | (130,462,387) | (127,432,245) | ||||||||||||||||||||||||||||||||||||||||||
Gain (loss) from indexed assets and liabilities | (743,782) | (3,909,485) | - | - | - | - | - | - | - | - | - | - | (743,782) | (3,909,485) | ||||||||||||||||||||||||||||||||||||||||||
Foreign currency exchange differences | (1,318,056) | (1,390,777) | (10,776,525) | (6,260,918) | 1,052,842 | 7,996,848 | (833,908) | (216,772) | (32,504) | (423,953) | 1,158,518 | (4,033,401) | (10,749,633) | (4,328,973) | ||||||||||||||||||||||||||||||||||||||||||
Gains | 7,780,297 | 7,929,303 | 4,891,598 | 3,432,899 | 5,622,275 | 13,821,248 | 540,722 | 245,363 | - | 1,265,520 | (3,552,213) | (2,939,655) | 15,282,679 | 23,754,678 | ||||||||||||||||||||||||||||||||||||||||||
Losses | (9,098,353) | (9,320,080) | (15,668,123) | (9,693,817) | (4,569,433) | (5,824,400) | (1,374,630) | (462,135) | (32,504) | (1,689,473) | 4,710,731 | (1,093,746) | (26,032,312) | (28,083,651) | ||||||||||||||||||||||||||||||||||||||||||
Share of the profit (loss) of associates accounted for using the equity method | 569,040 | 5,819,161 | 26,041 | - | - | - | - | - | 7,159,062 | - | - | - | 7,754,143 | 5,819,161 | ||||||||||||||||||||||||||||||||||||||||||
Negative consolidation difference | - | - | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||||||||
Gains (losses) from other investments | 152,463 | 375,764 | 519,876 | - | - | - | - | - | - | - | - | - | 672,339 | 375,764 | ||||||||||||||||||||||||||||||||||||||||||
Gains (losses) on sale of property, plant, and equipment | 11,587 | 248,582 | 2,084 | - | - | - | 10,397 | 69,849 | 1,318 | 406,132 | - | - | 25,386 | 724,563 | ||||||||||||||||||||||||||||||||||||||||||
Other expenses distinct from operating expenses | - | - | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||||||||
NET INCOME BEFORE TAX | 84,282,515 | 205,246,072 | (19,786,330) | 9,381,975 | 133,259,785 | 164,893,351 | 226,139,219 | 140,750,248 | 67,534,008 | 71,917,179 | 1,158,521 | (4,033,401) | 492,587,718 | 588,155,424 | ||||||||||||||||||||||||||||||||||||||||||
Income tax | (29,559,677) | (64,732,385) | (5,035,708) | (4,892,751) | (17,327,188) | (32,397,102) | (78,623,821) | (58,841,677) | (23,683,609) | (20,292,360) | - | (154,230,003) | (181,156,275) | |||||||||||||||||||||||||||||||||||||||||||
NET INCOME AFTER TAX FROM CONTINUING OPERATIONS | 54,722,838 | 140,513,687 | (24,822,038) | 4,489,224 | 115,932,597 | 132,496,249 | 147,515,398 | 81,908,571 | 43,850,399 | 51,624,819 | 1,158,521 | (4,033,401) | 338,357,715 | 406,999,149 | ||||||||||||||||||||||||||||||||||||||||||
Net income from discontinued operations | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||||||||||
NET INCOME | 54,722,838 | 140,513,687 | (24,822,038) | 4,489,224 | 115,932,597 | 132,496,249 | 147,515,398 | 81,908,571 | 43,850,399 | 51,624,819 | 1,158,521 | (4,033,401) | 338,357,715 | 406,999,149 | ||||||||||||||||||||||||||||||||||||||||||
RESULT FOR THE PERIOD | 54,722,838 | 140,513,687 | (24,822,038) | 4,489,224 | 115,932,597 | 132,496,249 | 147,515,398 | 81,908,571 | 43,850,399 | 51,624,819 | 1,158,521 | (4,033,401) | 338,357,715 | 406,999,149 | ||||||||||||||||||||||||||||||||||||||||||
Shareholders of Enersis | - | - | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||||||||
Non-controlling interests | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Page 108
ENERSIS S.A. AND SUBSIDIARIES INTERIM CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD ENDING SEPTEMBER 30, 2012 (In thousands of Chilean pesos) | ![]() |
b) | Distribution |
Line of Business | Distribution | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Country | Chile | Argentina | Brazil | Colombia | Peru | Eliminations | Total | |||||||||||||||||||||||||||||||||||||||||||||||||
ASSETS | 9-30-2012 ThCh$ | 12-31-2011 ThCh$ | 9-30-2012 ThCh$ | 12-31-2011 ThCh$ | 9-30-2012 ThCh$ | 12-31-2011 ThCh$ | 9-30-2012 ThCh$ | 12-31-2011 ThCh$ | 9-30-2012 ThCh$ | 12-31-2011 ThCh$ | 9-30-2012 ThCh$ | 12-31-2011 ThCh$ | 9-30-2012 ThCh$ | 12-31-2011 ThCh$ | ||||||||||||||||||||||||||||||||||||||||||
CURRENT ASSETS | 173,055,812 | 193,667,154 | 65,803,599 | 84,947,442 | 462,083,376 | 424,487,557 | 219,178,540 | 239,448,013 | 81,374,299 | 73,305,844 | (7,645,980) | (8,446,413) | 993,849,646 | 1,007,409,597 | ||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | 2,221,685 | 26,582,727 | 17,006,714 | 21,100,767 | 142,453,677 | 109,978,438 | 98,188,249 | 131,993,716 | 19,548,457 | 9,290,173 | - | - | 279,418,782 | 298,945,821 | ||||||||||||||||||||||||||||||||||||||||||
Other current financial assets | 445,343 | - | - | - | - | - | - | 25,011 | - | - | - | - | 445,343 | 25,011 | ||||||||||||||||||||||||||||||||||||||||||
Other current non-financial assets | 2,244,575 | 2,312,576 | 1,205,668 | 1,246,994 | 55,121,280 | 27,375,759 | 4,290,838 | 5,220,643 | 2,856,620 | 2,636,552 | - | - | 65,718,981 | 38,792,524 | ||||||||||||||||||||||||||||||||||||||||||
Trade and other current receivables | 156,168,135 | 152,223,272 | 40,967,623 | 54,255,165 | 245,994,632 | 254,576,869 | 93,627,806 | 92,278,353 | 51,673,699 | 56,990,519 | - | - | 588,431,895 | 610,324,178 | ||||||||||||||||||||||||||||||||||||||||||
Accounts receivable from related companies | 9,754,344 | 10,623,831 | 891,884 | 776,127 | - | - | 18,231,875 | 4,247,788 | 153,342 | 14,453 | (7,645,980) | (8,446,413) | 21,385,465 | 7,215,786 | ||||||||||||||||||||||||||||||||||||||||||
Inventories | 2,045,516 | 1,924,748 | 2,747,479 | 3,138,669 | 977,675 | 1,252,066 | 4,838,288 | 5,682,049 | 7,123,222 | 4,357,382 | - | - | 17,732,180 | 16,354,914 | ||||||||||||||||||||||||||||||||||||||||||
Current tax assets | 176,214 | - | 2,984,231 | 4,429,720 | 17,536,112 | 31,304,425 | 1,484 | 453 | 18,959 | 16,765 | - | - | 20,717,000 | 35,751,363 | ||||||||||||||||||||||||||||||||||||||||||
Non-current assets classified as held for sale and discontinued operations | - | - | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||||||||
NON-CURRENT ASSETS | 1,093,955,032 | 1,116,514,950 | 246,173,794 | 272,099,510 | 1,681,315,893 | 1,994,823,050 | 935,007,715 | 960,707,757 | 431,133,595 | 434,005,821 | - | - | 4,387,586,029 | 4,778,151,088 | ||||||||||||||||||||||||||||||||||||||||||
Other non-current financial assets | 25,350 | 25,176 | 93,420 | - | - | - | 8,926 | 9,099 | 3,076,323 | 2,792,448 | - | - | 3,204,019 | 2,826,723 | ||||||||||||||||||||||||||||||||||||||||||
Other non-current non-financial assets | 336,288 | 229,343 | 600,250 | 885,726 | 62,044,409 | 79,626,762 | - | - | - | - | - | - | 62,980,947 | 80,741,831 | ||||||||||||||||||||||||||||||||||||||||||
Non-current receivables | 3,038,940 | 3,699,470 | 1,730,460 | 1,378,682 | 314,572,444 | 251,693,307 | 9,588,971 | 10,485,477 | - | - | - | - | 328,930,815 | 267,256,936 | ||||||||||||||||||||||||||||||||||||||||||
Non-current accounts receivable from related companies | - | - | - | - | 98,652 | 117,946 | - | - | - | - | - | - | 98,652 | 117,946 | ||||||||||||||||||||||||||||||||||||||||||
Investments accounted for using the equity method | 469,482,531 | 503,579,522 | 24,124 | 31,383 | - | - | 75 | 76 | - | - | - | - | 469,506,730 | 503,610,981 | ||||||||||||||||||||||||||||||||||||||||||
Intangible assets other than goodwill | 13,241,456 | 15,263,011 | 3,579,905 | 3,473,743 | 1,057,408,318 | 1,374,215,991 | 20,036,380 | 22,048,463 | 2,573,148 | 2,844,862 | - | - | 1,096,839,207 | 1,417,846,070 | ||||||||||||||||||||||||||||||||||||||||||
Goodwill | 2,240,478 | 2,240,478 | - | - | 99,608,974 | 119,058,905 | 7,933,169 | 8,082,994 | - | - | - | - | 109,782,621 | 129,382,377 | ||||||||||||||||||||||||||||||||||||||||||
Property, plant, and equipment | 595,693,806 | 583,180,744 | 240,145,635 | 266,329,976 | 18,420,750 | 20,746,848 | 861,516,479 | 882,070,391 | 425,484,124 | 428,368,511 | - | - | 2,141,260,794 | 2,180,696,470 | ||||||||||||||||||||||||||||||||||||||||||
Investment property | - | - | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||||||||
Deferred tax assets | 9,896,183 | 8,297,206 | - | - | 129,162,346 | 149,363,291 | 35,923,715 | 38,011,257 | - | - | - | - | 174,982,244 | 195,671,754 | ||||||||||||||||||||||||||||||||||||||||||
TOTAL ASSETS | 1,267,010,844 | 1,310,182,104 | 311,977,393 | 357,046,952 | 2,143,399,269 | 2,419,310,607 | 1,154,186,255 | 1,200,155,770 | 512,507,894 | 507,311,665 | (7,645,980) | (8,446,413) | 5,381,435,675 | 5,785,560,685 |
Page 109
ENERSIS S.A. AND SUBSIDIARIES INTERIM CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD ENDING SEPTEMBER 30, 2012 (In thousands of Chilean pesos) | ![]() |
Line of Business | Distribution | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Country | Chile | Argentina | Brazil | Colombia | Peru | Eliminations | Total | |||||||||||||||||||||||||||||||||||||||||||||||||
LIABILITIES AND EQUITY | 9-30-2012 ThCh$ | 12-31-2011 ThCh$ | 9-30-2012 ThCh$ | 12-31-2011 ThCh$ | 9-30-2012 ThCh$ | 12-31-2011 ThCh$ | 9-30-2012 ThCh$ | 12-31-2011 ThCh$ | 9-30-2012 ThCh$ | 12-31-2011 ThCh$ | 9-30-2012 ThCh$ | 12-31-2011 ThCh$ | 9-30-2012 ThCh$ | 12-31-2011 ThCh$ | ||||||||||||||||||||||||||||||||||||||||||
CURRENT LIABILITIES | 170,845,982 | 196,759,945 | 322,285,256 | 310,638,397 | 394,249,310 | 489,046,971 | 234,802,934 | 302,355,437 | 116,309,581 | 103,699,413 | (7,645,980) | (8,446,413) | 1,230,847,083 | 1,394,053,750 | ||||||||||||||||||||||||||||||||||||||||||
Other current financial liabilities | 5,974 | 26,351 | 19,711,325 | 22,349,209 | 114,481,366 | 226,703,734 | 22,491,063 | 11,034,446 | 39,793,838 | 32,046,376 | - | - | 196,483,566 | 292,160,116 | ||||||||||||||||||||||||||||||||||||||||||
Trade and other current payables | 80,724,096 | 137,937,525 | 250,310,226 | 235,366,718 | 187,010,211 | 183,352,939 | 114,626,252 | 172,660,428 | 33,977,030 | 44,810,969 | - | - | 666,647,815 | 774,128,579 | ||||||||||||||||||||||||||||||||||||||||||
Accounts payable to related companies | 64,155,544 | 23,267,428 | 1,832,731 | 2,249,562 | 61,496,095 | 20,937,120 | 68,974,187 | 76,706,628 | 8,108,733 | 11,369,623 | (7,645,980) | (8,446,413) | 196,921,310 | 126,083,948 | ||||||||||||||||||||||||||||||||||||||||||
Other short-term provisions | 6,843,207 | 9,088,010 | 26,868,970 | 21,423,408 | 1,731,691 | 6,801,936 | - | - | 4,618,682 | 5,913,838 | - | - | 40,062,550 | 43,227,192 | ||||||||||||||||||||||||||||||||||||||||||
Current tax liabilities | 18,488,095 | 25,872,525 | 3,170,180 | 7,016,288 | 14,382,234 | 36,202,808 | 22,182,587 | 36,114,100 | 4,819,014 | 5,730,192 | - | - | 63,042,110 | 110,935,913 | ||||||||||||||||||||||||||||||||||||||||||
Current provisions for employee benefits | - | - | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||||||||
Other current non-financial liabilities | 629,066 | 568,106 | 20,391,824 | 22,233,212 | 15,147,713 | 15,048,434 | 6,528,845 | 5,839,835 | 24,992,284 | 3,828,415 | - | - | 67,689,732 | 47,518,002 | ||||||||||||||||||||||||||||||||||||||||||
Liabilities associated with non-current assets classified as held for sale and discontinued operations | - | - | - | - | - | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||||||||||||
NON-CURRENT LIABILITIES | 70,939,304 | 52,473,555 | 30,311,528 | 41,497,104 | 822,555,623 | 870,301,120 | 358,554,812 | 397,178,370 | 191,136,177 | 210,609,245 | - | - | 1,473,497,444 | 1,572,059,394 | ||||||||||||||||||||||||||||||||||||||||||
Other non-current financial liabilities | - | - | 15,386,570 | 25,941,484 | 467,154,990 | 478,627,090 | 269,310,221 | 295,721,421 | 138,790,351 | 152,604,148 | - | - | 890,642,132 | 952,894,143 | ||||||||||||||||||||||||||||||||||||||||||
Other non-current payables | - | - | - | 905,643 | 11,989,176 | 13,155,174 | - | - | - | - | - | - | 11,989,176 | 14,060,817 | ||||||||||||||||||||||||||||||||||||||||||
Accounts payable to related companies | - | - | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||||||||
Other long-term provisions | 7,924,831 | 7,618,844 | 8,410,433 | 9,239,778 | 144,423,874 | 160,166,774 | 4,597,854 | 4,445,966 | 162,361 | 165,531 | - | - | 165,519,353 | 181,636,893 | ||||||||||||||||||||||||||||||||||||||||||
Deferred tax liabilities | 27,896,889 | 22,742,572 | - | - | 72,997,142 | 63,153,516 | 18,489,515 | 19,717,371 | 50,849,406 | 56,914,980 | - | - | 170,232,952 | 162,528,439 | ||||||||||||||||||||||||||||||||||||||||||
Non-current provisions for employee benefits | 17,221,293 | 17,289,987 | 4,491,429 | 5,410,199 | 125,442,764 | 149,352,163 | 58,751,859 | 62,774,313 | - | - | - | - | 205,907,345 | 234,826,662 | ||||||||||||||||||||||||||||||||||||||||||
Other non-current non-financial liabilities | 17,896,291 | 4,822,152 | 2,023,096 | - | 547,677 | 5,846,403 | 7,405,363 | 14,519,299 | 1,334,059 | 924,586 | - | - | 29,206,486 | 26,112,440 | ||||||||||||||||||||||||||||||||||||||||||
EQUITY | 1,025,225,558 | 1,060,948,604 | (40,619,391) | 4,911,451 | 926,594,336 | 1,059,962,516 | 560,828,509 | 500,621,963 | 205,062,136 | 193,003,007 | - | - | 2,677,091,148 | 2,819,447,541 | ||||||||||||||||||||||||||||||||||||||||||
Equity attributable to shareholders of Enersis | 1,025,225,558 | 1,060,948,604 | (40,619,391) | 4,911,451 | 926,594,336 | 1,059,962,516 | 560,828,509 | 500,621,963 | 205,062,136 | 193,003,007 | - | - | 2,677,091,148 | 2,819,447,541 | ||||||||||||||||||||||||||||||||||||||||||
Issued capital | 367,928,682 | 368,494,984 | 86,426,782 | 135,477,599 | 335,406,986 | 466,167,408 | 3,467,650 | 7,905,014 | 36,513,763 | 32,841,625 | - | - | 829,743,863 | 1,010,886,630 | ||||||||||||||||||||||||||||||||||||||||||
Retained earnings | 1,020,859,477 | 978,146,893 | (130,522,789) | (92,338,025) | 146,523,781 | 72,309,174 | 75,828,468 | (2,694,357) | 55,496,948 | 1,623,660 | - | - | 1,168,185,885 | 957,047,345 | ||||||||||||||||||||||||||||||||||||||||||
Share premium | 566,302 | - | - | - | - | - | 3,500,973 | - | - | - | - | - | 4,067,275 | - | ||||||||||||||||||||||||||||||||||||||||||
Treasury shares | - | - | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||||||||
Other equity interests | - | - | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||||||||
Other reserves | (364,128,903 | ) | (285,693,273 | ) | 3,476,616 | (38,228,123 | ) | 444,663,569 | 521,485,934 | 478,031,418 | 495,411,306 | 113,051,425 | 158,537,722 | - | - | 675,094,125 | 851,513,566 | |||||||||||||||||||||||||||||||||||||||
Non-controlling interests | - | - | - | - | - | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||||||||||||
Total Liabilities and Equity | 1,267,010,844 | 1,310,182,104 | 311,977,393 | 357,046,952 | 2,143,399,269 | 2,419,310,607 | 1,154,186,255 | 1,200,155,770 | 512,507,894 | 507,311,665 | (7,645,980) | (8,446,413) | 5,381,435,675 | 5,785,560,685 |
Page 110
ENERSIS S.A. AND SUBSIDIARIES INTERIM CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD ENDING SEPTEMBER 30, 2012 (In thousands of Chilean pesos) | ![]() |
Line of Business | Distribution | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Country | Chile | Argentina | Brazil | Colombia | Peru | Eliminations | Total | |||||||||||||||||||||||||||||||||||||||||||||||||
STATEMENT OF COMPREHENSIVE INCOME | 9-30-2012 ThCh$ | 9-30-2011 ThCh$ | 9-30-2012 ThCh$ | 9-30-2011 ThCh$ | 9-30-2012 ThCh$ | 9-30-2011 ThCh$ | 9-30-2012 ThCh$ | 9-30-2011 ThCh$ | 9-30-2012 ThCh$ | 9-30-2011 ThCh$ | 9-30-2012 ThCh$ | 9-30-2011 ThCh$ | 9-30-2012 ThCh$ | 9-30-2011 ThCh$ | ||||||||||||||||||||||||||||||||||||||||||
REVENUES | 744,752,222 | 778,004,929 | 241,861,711 | 205,924,443 | 1,410,389,831 | 1,471,514,611 | 665,295,201 | 595,808,434 | 288,590,974 | 238,636,323 | - | 3,350,889,939 | 3,289,888,740 | |||||||||||||||||||||||||||||||||||||||||||
Sales | 738,042,884 | 769,463,171 | 231,867,956 | 199,854,434 | 1,292,810,005 | 1,331,963,949 | 640,367,739 | 574,009,222 | 274,062,793 | 225,933,653 | - | - | 3,177,151,377 | 3,101,224,429 | ||||||||||||||||||||||||||||||||||||||||||
Energy sales | 658,671,752 | 695,675,133 | 219,976,501 | 185,697,269 | 1,210,742,638 | 1,238,408,314 | 553,086,135 | 494,960,786 | 266,837,091 | 219,487,297 | - | - | 2,909,314,117 | 2,834,228,799 | ||||||||||||||||||||||||||||||||||||||||||
Other sales | 4,400,178 | 3,427,963 | 255,373 | - | - | - | 2,030,425 | 1,637,184 | 29,522 | 12,852 | - | - | 6,715,498 | 5,077,999 | ||||||||||||||||||||||||||||||||||||||||||
Other services rendered | 74,970,954 | 70,360,075 | 11,636,082 | 14,157,165 | 82,067,367 | 93,555,635 | 85,251,179 | 77,411,252 | 7,196,180 | 6,433,504 | - | - | 261,121,762 | 261,917,631 | ||||||||||||||||||||||||||||||||||||||||||
Other operating income | 6,709,338 | 8,541,758 | 9,993,755 | 6,070,009 | 117,579,826 | 139,550,662 | 24,927,462 | 21,799,212 | 14,528,181 | 12,702,670 | - | - | 173,738,562 | 188,664,311 | ||||||||||||||||||||||||||||||||||||||||||
RAW MATERIALS AND CONSUMABLES USED | (552,259,510 | ) | (592,283,515 | ) | (133,291,999 | ) | (103,824,508 | ) | (935,620,893 | ) | (965,546,341 | ) | (361,032,580 | ) | (328,111,668 | ) | (188,514,133 | ) | (145,997,332 | ) | - | (2,170,719,115 | ) | (2,135,763,364 | ) | |||||||||||||||||||||||||||||||
Energy purchases | (491,195,597 | ) | (537,748,341 | ) | (132,947,018 | ) | (102,329,143 | ) | (505,961,097 | ) | (513,882,826 | ) | (271,950,022 | ) | (244,990,813 | ) | (171,300,038 | ) | (135,963,479 | ) | - | - | (1,573,353,772 | ) | (1,534,914,602 | ) | ||||||||||||||||||||||||||||||
Fuel consumption | - | - | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||||||||
Transport expenses | (43,501,410 | ) | (38,642,979 | ) | (210,529 | ) | (738,920 | ) | (97,886,140 | ) | (68,514,783 | ) | (63,537,234 | ) | (61,010,951 | ) | - | - | - | - | (205,135,313 | ) | (168,907,633 | ) | ||||||||||||||||||||||||||||||||
Other raw materials and consumables | (17,562,503 | ) | (15,892,195 | ) | (134,452 | ) | (756,445 | ) | (331,773,656 | ) | (383,148,732 | ) | (25,545,324 | ) | (22,109,904 | ) | (17,214,095 | ) | (10,033,853 | ) | - | - | (392,230,030 | ) | (431,941,129 | ) | ||||||||||||||||||||||||||||||
CONTRIBUTION MARGIN | 192,492,712 | 185,721,414 | 108,569,712 | 102,099,935 | 474,768,938 | 505,968,270 | 304,262,621 | 267,696,766 | 100,076,841 | 92,638,991 | - | - | 1,180,170,824 | 1,154,125,376 | ||||||||||||||||||||||||||||||||||||||||||
Other work performed by entity and capitalized | 2,048,316 | 2,069,066 | 9,317,777 | 8,618,338 | 11,932,405 | 13,153,607 | 1,729,629 | 2,813,677 | 1,804,083 | 1,651,945 | - | - | 26,832,210 | 28,306,633 | ||||||||||||||||||||||||||||||||||||||||||
Employee benefits expense | (19,197,843 | ) | (20,979,807 | ) | (69,953,749 | ) | (62,502,768 | ) | (63,123,057 | ) | (65,591,823 | ) | (25,175,341 | ) | (25,590,690 | ) | (12,833,477 | ) | (5,662,538 | ) | - | - | (190,283,467 | ) | (180,327,626 | ) | ||||||||||||||||||||||||||||||
Other expenses | (45,502,916 | ) | (44,873,970 | ) | (72,020,269 | ) | (57,396,013 | ) | (106,889,723 | ) | (112,606,632 | ) | (44,436,443 | ) | (70,979,606 | ) | (17,548,772 | ) | (17,923,434 | ) | - | - | (286,398,123 | ) | (303,779,655 | ) | ||||||||||||||||||||||||||||||
GROSS OPERATING RESULT | 129,840,269 | 121,936,703 | (24,086,529 | ) | (9,180,508 | ) | 316,688,563 | 340,923,422 | 236,380,466 | 173,940,147 | 71,498,675 | 70,704,964 | - | - | 730,321,444 | 698,324,728 | ||||||||||||||||||||||||||||||||||||||||
Depreciation, amortization, and impairment losses | (24,187,845 | ) | (24,027,321 | ) | (11,915,767 | ) | (11,121,522 | ) | (85,621,759 | ) | (80,973,127 | ) | (52,100,678 | ) | (47,966,461 | ) | (18,359,310 | ) | (16,059,340 | ) | - | - | (192,185,359 | ) | (180,147,771 | ) | ||||||||||||||||||||||||||||||
OPERATING INCOME | 105,652,424 | 97,909,382 | (36,002,296 | ) | (20,302,030 | ) | 231,066,804 | 259,950,295 | 184,279,788 | 125,973,686 | 53,139,365 | 54,645,624 | - | - | 538,136,085 | 518,176,957 | ||||||||||||||||||||||||||||||||||||||||
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FINANCIAL RESULT | 7,964,339 | 8,005,091 | (15,879,146 | ) | (5,808,536 | ) | (72,062,365 | ) | (44,784,494 | ) | (20,569,768 | ) | (25,052,146 | ) | (6,819,247 | ) | (8,682,480 | ) | 45 | 109,439 | (107,366,142 | ) | (76,213,126 | ) | ||||||||||||||||||||||||||||||||
Financial income | 8,225,865 | 12,509,885 | 4,012,220 | 5,207,723 | 62,591,291 | 74,064,392 | 6,567,155 | 3,867,496 | 3,265,177 | 1,327,896 | 152,571 | - | 84,814,279 | 96,977,392 | ||||||||||||||||||||||||||||||||||||||||||
Financial costs | (1,097,199 | ) | (3,934,372 | ) | (20,435,985 | ) | (11,608,371 | ) | (135,379,490 | ) | (119,557,526 | ) | (27,197,938 | ) | (28,919,999 | ) | (10,287,390 | ) | (10,089,032 | ) | - | - | (194,398,002 | ) | (174,109,300 | ) | ||||||||||||||||||||||||||||||
Gain (loss) from indexed assets and liabilities | 961,198 | 1,786 | - | - | - | - | - | - | - | - | - | - | 961,198 | 1,786 | ||||||||||||||||||||||||||||||||||||||||||
Foreign currency exchange differences | (125,525 | ) | (572,208 | ) | 544,619 | 592,112 | 725,834 | 708,640 | 61,015 | 357 | 202,966 | 78,656 | (152,526 | ) | 109,439 | 1,256,383 | 916,996 | |||||||||||||||||||||||||||||||||||||||
Gains | 515,694 | 698,161 | 740,968 | 794,627 | 763,169 | 1,979,656 | 272,606 | 263,898 | 669,922 | 392,937 | (72,454 | ) | (67,863 | ) | 2,889,905 | 4,061,416 | ||||||||||||||||||||||||||||||||||||||||
Losses | (641,219 | ) | (1,270,369 | ) | (196,349 | ) | (202,515 | ) | (37,335 | ) | (1,271,016 | ) | (211,591 | ) | (263,541 | ) | (466,956 | ) | (314,281 | ) | (80,072 | ) | 177,302 | (1,633,522 | ) | (3,144,420 | ) | |||||||||||||||||||||||||||||
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Share of the profit (loss) of associates accounted for using the equity method | - | - | (2,320 | ) | (1,509 | ) | - | - | - | - | - | - | - | - | (2,320 | ) | (1,509 | ) | ||||||||||||||||||||||||||||||||||||||
Negative consolidation difference | - | - | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||||||||
Gains (losses) from other investments | - | - | 73,786 | - | - | - | - | - | - | - | - | 73,786 | - | |||||||||||||||||||||||||||||||||||||||||||
Gains (losses) on sale of property, plant, and equipment | (79,446 | ) | 2,143 | - | - | 2,032,322 | - | (525,630 | ) | (29,023 | ) | (22,554 | ) | 55,865 | - | - | 1,404,692 | 28,985 | ||||||||||||||||||||||||||||||||||||||
Other expenses distinct from operating expenses | - | - | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||||||||
NET INCOME BEFORE TAX | 113,537,317 | 105,916,616 | (51,809,976 | ) | (26,112,075 | ) | 161,036,761 | 215,165,801 | 163,184,390 | 100,892,517 | 46,297,564 | 46,019,009 | 45 | 109,439 | 432,246,101 | 441,991,307 | ||||||||||||||||||||||||||||||||||||||||
Income tax | (20,717,235 | ) | (22,105,084 | ) | 3,101,903 | 9,041,937 | (45,811,586 | ) | (49,400,978 | ) | (54,407,691 | ) | (44,615,694 | ) | (13,043,749 | ) | (12,090,045 | ) | - | - | (130,878,358 | ) | (119,169,864 | ) | ||||||||||||||||||||||||||||||||
NET INCOME AFTER TAX FROM CONTINUING OPERATIONS | 92,820,082 | 83,811,532 | (48,708,073 | ) | (17,070,138 | ) | 115,225,175 | 165,764,823 | 108,776,699 | 56,276,823 | 33,253,815 | 33,928,964 | 45 | 109,439 | 301,367,743 | 322,821,443 | ||||||||||||||||||||||||||||||||||||||||
Net income from discontinued operations | - | - | - | - | - | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||||||||||||
NET INCOME | 92,820,082 | 83,811,532 | (48,708,073 | ) | (17,070,138 | ) | 115,225,175 | 165,764,823 | 108,776,699 | 56,276,823 | 33,253,815 | 33,928,964 | 45 | 109,439 | 301,367,743 | 322,821,443 | ||||||||||||||||||||||||||||||||||||||||
�� | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
RESULT FOR THE PERIOD | 92,820,082 | 83,811,532 | (48,708,073 | ) | (17,070,138 | ) | 115,225,175 | 165,764,823 | 108,776,699 | 56,276,823 | 33,253,815 | 33,928,964 | 45 | 109,439 | 301,367,743 | 322,821,443 | ||||||||||||||||||||||||||||||||||||||||
Shareholders of Enersis | - | - | - | - | - | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||||||||||||
Non-controlling interests | - | - | - | - | - | - | - | - | - | - | - | - | - |
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34. THIRD PARTY GUARANTEES, OTHER CONTINGENT ASSETS AND LIABILITIES, AND OTHER COMMITMENTS
Creditor of Guarantee | Debtor | Type of Guarantee | Assets Committed | Balance Pending | Guarantees Released | |||||||||||||||||||||||||||||||||||||||||||
Type | Currency | Accounting Value | at September 30, | |||||||||||||||||||||||||||||||||||||||||||||
Name | Relationship | Currency | 2012 | Dec 2011 | 2013 | Assets | 2014 | Assets | 2015 | Assets | ||||||||||||||||||||||||||||||||||||||
Mitsubishi | Endesa Costanera | Creditor | Pledge | Combined cycle | ThCh$ | 43,172,094 | ThCh$ | 66,675,517 | 73,262,031 | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||
Credit Suisse First Boston | Endesa Costanera | Creditor | Pledge | Combined cycle | ThCh$ | 19,771,568 | ThCh$ | 4,737,700 | 5,192,000 | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||
Banco de la Nación Argentina | Endesa Costanera | Creditor | Pledge on collection and others | Collections CAMMES Accounts | ThCh$ | 3,994,314 | ThCh$ | 3,328,595 | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||
Citibank N.A. / Santander Río | Edesur | Creditor | Pledge | Money deposit | ThCh$ | 7,338,697 | ThCh$ | 6,843,944 | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||
Various Creditors | Edegel | Creditor | Pledge | Real estate and equipment | ThCh$ | 94,105,221 | ThCh$ | 2,121,712 | 7,127,904 | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||
Scotiabank | Chinango | Creditor | Pledge | Collection flows | ThCh$ | - | ThCh$ | 14,686,870 | 16,095,200 | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||
Banco Santander (Guarantee Agent) | G.N.L. Quintero | Affiliated company | Pledge | Shares | ThCh$ | - | ThCh$ | 97,034,059 | 109,265,974 | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||
Deutsche Bank (*) / Santander Benelux | Enersis S.A. | Creditor | Deposit account | Deposit account | ThCh$ | 30,060,707 | ThCh$ | 61,647,875 | 55,264,828 | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||
Various Creditors | Ampla S.A. | Creditor | Pledge on collection and others | ThCh$ | 2,775,418 | ThCh$ | 123,995,006 | 140,483,626 | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||
Various Creditors | Coelce S.A. | Creditor | Pledge on collection and others | ThCh$ | 11,505,195 | ThCh$ | 70,703,839 | 99,126,606 | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||
International Finance Corporation | CGT Fortaleza S.A. | Creditor | Mortgage and pledge | Real estate and equipment | ThCh$ | 124,760,941 | ThCh$ | 32,497,298 | 38,087,401 | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||
As of September 30, 2012, Enersis had future energy purchase commitments amounting to ThCh$24,244,595,578 (ThCh$33,215,671,295 as of September 30, 2011).
Creditor of Guarantee | Debtor | Assets Committed | Balance Pending | Guarantees Released | ||||||||||||||||||||||||||||||||||||||||||
Type of Guarantee | Currency | Accounting Value | at September 30, | |||||||||||||||||||||||||||||||||||||||||||
Name | Relationship | Currency | 2012 | Dec 2011 | 2013 | Assets | 2014 | Assets | 2015 | 2016 | ||||||||||||||||||||||||||||||||||||
Bank loan cells
| CIEN | Subsidiary | Guarantee | ThCh$ | | 23,889,732 | | ThCh$ | | 23,889,732 | | | 55,410,663 | | | - | | | - | | - | - | - | - | ||||||||||||||||||||||
Bank Bonds and Loans | Chinango | Subsidiary | Guarantee | ThCh$ | 20,052,251 | ThCh$ | 20,052,251 | 21,553,733 | - | - | - | - | - | - |
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34.3 Lawsuits and Arbitrations Proceedings.
As of the date of these consolidated financial statements, the most relevant litigation involving Enersis and its subsidiaries are as follows:
1.- Law 25,561 on Public Emergency and Reform to the Currency System, enacted on January 6, 2002 by the Argentine authorities, voided certain provisions of the concession agreement of Enersis’s subsidiary Edesur. Law 25,561 also required that utility concession agreements be renegotiated within a reasonable timeframe to adjust them to the new conditions. However, the failure to renegotiate Edesur’s concession agreement prompted Enersis S.A., Chilectra S.A., Endesa Chile and Elesur S.A. (now Chilectra S.A.) (collectively, the “Claimants”) to file an arbitration petition in 2003 under the Treaty for the Promotion and Protection of Chilean-Argentine Investments with the International Center for Settlement of Investment Disputes (ICSID). The statement of claim principally requested that the ICSID declare that Edesur’s assets had been expropriated and that Edesur suffered damages totaling US$1,306,875,960. In addition, the Claimants requested that ICSID award indemnification caused to Edesur’s assets due to lack of fair and equitable treatment, totaling US$318,780,600. The Claimants also seek, with respect to both claims, compounded annual interest of 6.9% per annum. The Claimants also claimed the sums resulting from the damages caused as from July 1, 2004. Finally, the claimants also demanded US$102,164,683 for Elesur S.A. (now Chilectra S.A.) due to a lower price received on a sale of its shares as a result of the alleged expropriation. In 2005, the Argentine authorities and Edesur executed a Letter of Understanding, which was not objected to by the Argentine parliament and was later ratified by the Executive Branch. The Letter of Understanding amends and supplements the terms and conditions of the concession agreement, introducing adjusted rates, first during a transitional period and then under a Comprehensive Rate Review that will establish the conditions for a regular 5-year rate period. Arbitration has been stayed since March 2006 in accordance with the terms of the Letter of Understanding, which stay has been renewed annually at the Claimants’ request. On October 13, 2010, the arbitral panel advised that the proceedings were stayed until October 6, 2011. Once this stay expired, the arbitral panel was to ask the parties to provide a status report on the negotiation process in accordance with the Letter of Understanding, which as of this date has not yet taken place.
In October 2010, arbitrator Robert Volterra tendered his resignation. Applicable regulations required the Claimants to designate a replacement within 45 days as from the notice sent by the Clerk’s Office; however, the Claimants asked that the proceeding also be stayed with regard to the designation of the substitute arbitrator, to which the Argentine Republic consented.
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2.- Meridional Servicios, Emprendimientos y Participaciones (“Meridional”) is a company whose only assets are the rights derived from the acquisition of the construction companies Mistral and CIVEL (which entered into a civil works contract with Centrais Elétricas Fluminense S.A. (“CELF”)), which are under litigation. The contract was terminated by CELF before its privatization process started, which eventually led to the creation of Enersis’s Brazilian distribution subsidiary Ampla. Since CELF’s assets were transferred to Ampla during the privatization, Meridional sued Ampla in 1998 contending that the assets had been fraudulently transferred. Ampla only acquired assets from CELF, but is not its successor-in-interest since CELF, a state-owned company, still exists and maintains its legal capacity. The plaintiff demanded payment of pending invoices and contractual penalties for termination of the civil works contract. In March 2009, the court decided in favor of Meridional, and Ampla and the State of Rio de Janeiro filed appeals. On December 15, 2009, the State Court accepted the appeal and overturned the lower court’s decision. Meridional filed an appeal, which was denied. In July 2010, Meridional filed an Appeal under Specific Court Regulations (Agravo Regimental) with the Superior Court of Justice, which the court denied in late August 2010, ruling it was groundless. In order to overturn such decision, Meridional filed a Petition for Writ of Mandamus (Mandado de Seguranca), which was also denied. In June 2011, Meridional filed an Appeal to Request Clarification of the Decision (Embargos de Declaracao) in order to clarify an omission by the Superior Court of Justice in the decision on the Petition of Writ of Mandamus, which was not accepted by the court. Against this decision, Meridional filed a Regular Appeal (Recurso Especial) before the Superior Court of Justice. On August 30, 2011 the proceeding was sent to the Public Prosecutor’s Office and, on December 13, 2011, to the Reporting Justice of the Superior Court of Justice. On March 28, 2012 the Reporting Justice decided the Regular Appeal in favor of Meridional. Ampla and the State of Rio de Janeiro filed an Appeal under Specific Court Regulations against the Reporting Justice’s decision, which was accepted by the First Court Room of the Superior Court of Justice on August 28, 2012, determining that the Regular Appeal of the Petition of Writ of Mandamus must be submitted to the full Court and not only by one single Justice. Meridional challenged the decision. The amount involved in of this trial is estimated to be at approximately US$434.65 million.
3.- On March 19, 2009, an arbitration tribunal established by the Mediation and Arbitration Chamber of the Getúlio Vargas/RJ Foundation issued an award related to an arbitration claim filed in 2005 by Enertrade Comercializadora de Energía S.A. (“Enertrade”) against Enersis’s Brazilian distribution subsidiary, Ampla, arising out of a dispute regarding a power purchase agreement. The arbitration ruling ordered Ampla to: i) pay the difference between the contractual price and the sum paid for the period from January 1, 2004, to August 28, 2006, revised and with interest; ii) pay from October to December 2003, plus interest and a 2% penalty. In addition, the arbitration tribunal ruled that the contract had ended on August 26, 2006 and that Ampla owed nothing to Enertrade after that date. Ampla filed a petition seeking an annulment of the arbitration award, including a petition (antecipação de tutela), asking that execution of the arbitration award be suspended until a final ruling is made in a pending trial of Enertrade vs. ANEEL (Mandadode Segurança), which relates to the administrative approval of the power purchase agreement under arbitration. In May 2009, the petition was granted, which suspended the effects of the arbitration award. The amount involved is estimated to be approximately US$57.10 million. Enertrade has filed several petitions to revoke the injunctions described above, maintaining the stay on the execution of the arbitration award. Simultaneously, Ampla and Enertrade have continued negotiations but have yet to reach an agreement. In May 2011, Ampla sought a decision on the merits from the court, and in September 2011 Ampla filed a Memorial with the judge by reason of the replacement of the judges during the process. On March 1, 2012, Ampla requested that the proceeding continue, requesting again a trial in depth. On June 6, 2012, Ampla filed its final allegations. The proceeding will now continue so that the judge can issue his ruling.
4.- Companhia Brasileira de Antibióticos (“CIBRAN”) filed suit against Enersis’s Brazilian distribution subsidiary, Ampla, for damages for the loss of products and raw materials, machinery breakdown, among other things, which allegedly occurred as a result of poor service provided by Ampla between 1987 and May 1994. CIBRAN is also seeking payment of punitive damages. This litigation is in the trial stage and has been joined with various other claims filed by Cibran against Ampla, including five other actions for smaller amounts based on power outages allegedly caused by Ampla. The judge decided to conduct a single expert assessment for these various claims, which was in part adverse to Ampla. On March 4, 2011, Ampla challenged the expert assessment, seeking its annulment, pointing out various contradictions in which the
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expert’s assessment and demanded that a new assessment be conducted. On March 2, 2012, the parties expressed their opinion on the expert assessment and on March 20, 2012, the proceeding went before the Public Ministry. The amount involved for all these cases is estimated at approximately US$56.29 million.
5.- In October 2009, Tractebel Energia S.A. sued CIEN, claiming an alleged breach of the “Purchase & Sale Agreement for 300 MW of Firm Capacity with related energy originating from Argentina” entered into in 1999 between CIEN and Centrais Geradoras do Sul do Brasil S.A. (Gerasul, now named Tractebel Energia S.A.). Tractebel Energia asked the court to order CIEN to pay a rescission penalty of R$117,666,976.00 (approximately US$57.94 million) plus other fines due to the non-availability of “firm capacity and related energy”, and asked the court to determine the amount of the other fines in its decision. The breach allegedly occurred due to a failure by CIEN to guarantee the availability of the capacity agreed contractually with Tractebel Energia over the 20-year period, which failure allegedly started in March 2005. In November 2009, CIEN answered the lawsuit, arguing that this unavailability was caused by the “Argentine Crisis”, since CIEN imports all the energy it delivers, when needed, to Tractebel Energia from Argentina. CIEN also argued that the “Argentine Crisis” was an extraordinary event in which CIEN was not involved to any extent, and that this situation was even acknowledged by the Brazilian authorities at the time. In May 2010, Tractebel Energia sent an extrajudicial notification to CIEN that it intended to exercise its step-in rights in Line I (30%). The trial is currently at the first instance trial stage. In October 2011, Tractebel Energia presented its response to the documents submitted by CIEN and the lawsuit was sent in November 2011 to the judge for analysis, who will then determine if CIEN will have additional time to challenge the lawsuit or if the discovery stage will begin. On June 11, 2012 CIEN filed a presentation to the court in support of its argument of its defense based on the “Argentine Crisis”, attaching reports from Argentinean legal experts and from the School of Engineering of the University of Buenos Aires.
6.- Furnas Centrais Eletricas S.A. filed a suit against CIEN, which was served on June 15, 2010, based on CIEN’s alleged breach of Firm Capacity Purchase Agreement for the purchase of 700 MW of firm capacity with related energy originating from Argentina. The agreement was signed in May 1998, with CIEN committing itself to purchase electricity in the Wholesale Electric Market of the Argentine Republic (Mercado Eléctrico Mayorista de la República Argentina), and transporting it from the Argentine electric system through the Interconnection Transmission System (Sistema de Transmissao de Interligacao), to be made available in Brazil at the Itá substation. The contract has a 20-year term effective June 21, 2000. On April 11, 2005, CIEN informed Furnas that it was unable to fulfill the agreement due to events beyond its control, alleging force majeure. Consequently, on April 14, 2005, Furnas notified CIEN that it rejected the force majeure allegations. Furnas is requesting that CIEN pay R$520,800,659 (approximately US$256.47 million) as a rescission penalty as provided for in the agreement, as adjusted according to the terms of such agreement, plus interest from the date of filing of the claim until actual payment, as well as other penalties based on the lack of availability of the contracted capacity, and other damages to be determined upon the final decision. Discovery in the lawsuit is now completed and, in respect of the foreign language documents presented by CIEN, the trial judge of first instance determined that those documents would be excluded from the lawsuit, which decision was unanimously affirmed on June 14, 2011 by the 12th Civil Section of the State Court. CIEN has filed a Regular Appeal (Recurso Especial) against this decision, which will be decided by the Superior Court of Justice in Brasilia. At present, the decision of such appeal is pending.
7.- In December 2001, the article of the Brazilian Federal Constitution used by Ampla to claim an exemption from the COFINS tax (Contribuicao para o Financiamento da Seguridade Social) was amended. Ampla only started to pay the COFINS tax beginning in April 2002 because it believed that the changes in law are effective 90 days after they are published. However, the Federal Revenue (Receita Federal) argued that this constitutional norm applies only to amendments at the level of statutes, but not to those made to the Federal Constitution itself, which would apply immediately. Also, the Federal Revenue claims that, due to the change in tax treatment made by Ampla (switching from a collected revenue basis to an accrued revenue basis), Ampla’s COFINS tax amount payable increased in the first half of 2002. This decision was rendered in July 2003. The first instance administrative decision was adverse to Ampla, which filed an appeal in October 2003. In November 2007, the appeal was decided at the administrative appeals level, partially in
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favor of the Federal Revenue in relation to the effective date of the Constitutional amendment, and in part in favor of Ampla as regards the change in tax treatment from a collected revenue basis to an accrued revenue basis. In April 2008, the Federal Revenue appealed this decision with the Superior Chamber of Tax Appeals (Camara Superior de Recursos). In October 2008, Ampla filed its answer to this appeal and also filed its own appeal with the Superior Chamber of Tax Appeals with the regards to the part of the decision that did not favor Ampla. In May 2009, the Federal Revenue applied interest on the fine imposed, calculated by applying the SELIC rate (Special Settlement and Custody System: restatement index determined by the federal government based on the benchmark interest rate of the Central Bank of Brazil), beginning with the month following receipt of the Infraction Notice (Auto de Infracao). Since the Infraction Notice was received in July 2003, the SELIC rate corresponds to interest accrued since August 2003, yielding a 101.21% rate. In August 2009, Ampla was notified that the appeal filed by Ampla had been dismissed. Ampla filed an appeal from this decision with the President of the Superior Chamber of Tax Appeals, which sought to have the previous appeal instituted. In May 2010, Ampla was notified that the latter appeal had been denied. In July 2010, Ampla received a demand for production of evidence, requesting that it submit the amounts that represent its financial income. On July 26, 2010, Ampla filed a reply to the demand for production of evidence. The resolution on the appeal filed by the Federal Revenue is pending. Also pending is the appeal filed by Ampla with the President of the Superior Chamber of Tax Appeals. The amount of the COFINS tax is approximately US$87.22 million.
8.- In order to fund its investment in Coelce in 1998, Ampla issued US$350 million principal amount of floating rate notes maturing in 2008, which were underwritten by Cerj Overseas (a foreign subsidiary of Ampla). The bonds were exempt from withholding tax (15% or 25%) on interest payments made abroad, provided that, among other things, no prepayments are made before the average 96-month amortization period. To purchase the bonds, Cerj Overseas obtained 6-month financing outside Brazil. At the end of such period in October 1998, Cerj Overseas encountered problems in accessing other sources of financing and was forced to refinance with Ampla, which loaned the funds in Reais. The Federal Revenue argued that the withholding tax exemption applicable to the bonds was lost in October 1998 because the loans made in Reais by Ampla to Cerj Overseas were allegedly equivalent to a prepayment of the debt before the average 96-month amortization period. Ampla received the Infraction Notice (Auto de Infracao) from the Federal Revenue in respect of such tax liability in July 2005. In August 2005 Ampla filed an appeal with the first instance administrative court, which appeal was dismissed. In April 2006, an appeal was filed with the Taxpayers Council (Conselho de Contribuintes), which was decided entirely in favor of Ampla in December 2007. In January 2010, Ampla was notified with this favorable decision by the Taxpayers Council, as well as with the Regular Appeal (Recurso Especial) filed by the Federal Revenue with the Superior Chamber of Tax Appeals (Camara Superior de Recursos). In February 2010, Ampla presented its counterarguments against the Regular Appeal filed by the Federal Revenue, which is now pending resolution. The amount of this lawsuit is of US$397.99 million.
9.- In 2002, the State of Rio de Janeiro issued a decree establishing that the ICMS (Imposto sobre operações relativas a circulação de mercadorias e sobre prestações de serviços de transporte interestadual, intermunicipal e de comunicação) should be calculated and paid on the 10th, 20th and 30th days of the same month of the accrual. Ampla continued paying ICMS in accordance with the previous system (on the 5th day of the month following its accrual). Notwithstanding the existence of an informal agreement with the State of Rio de Janeiro, and two amnesty laws, in September 2005 the State of Rio de Janeiro issued a resolution against Ampla to collect the fine on late payments, and such resolution was appealed by Ampla that same year. In February 2007, Ampla was notified of the first instance trial level administrative decision, which confirmed the resolution issued by the State of Rio de Janeiro. In March 2007, Ampla filed an appeal with the Taxpayers Council (Conselho de Contribuintes) of the State of Rio de Janeiro. Ampla obtained an injunction (liminar) in its favor, allowing it to file this appeal without posting a bond to guarantee 30% of the value of the adjusted amount of the fine. On August 26, 2010, Ampla received an adverse decision from the Taxpayers Council of the State of Rio de Janeiro. The Taxpayers Council, in a manner considered unlawful, ruled that Ampla’s administrative remedy had been decided against the Taxpayers Council. Thereafter, on September 1, 2010, Ampla filed an appeal with the En Banc Council (a special body within the Taxpayers Council) to review the decision of the Taxpayers Council. In May 9, 2012 the appeal filed by Ampla was denied, which
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was the end of the administrative legal path. On August 29, 2012, before the judicial trial started, Ampla requested a review of the decision by the administrative authorities based on the amnesty law. The request was filed before the competent entity of the State Public Treasury and before the Governor of Rio de Janeiro. A decision on the request filed is pending. Notwithstanding the above, Ampla will continue to be prepared to appeal before the courts, with a possible probability of success, which means that Ampla will have to provide a guarantee for the tax liability with a 40% increase. The amount of the lawsuit is US$101.99 million.
10.- In late 2002, Enersis’s Brazilian generation subsidiary CGTF filed a petition against the Federal Revenue seeking an acknowledgment that the assets imported for the turbo-generator units should be classified under “Other Generators” in order to be eligible for a 0% Import Tax (Imposto de Importacao, or II) and for Industrial Products Tax (Imposto sobre Produtos Industrializados, or IPI). The Federal Revenue argued that the imported assets do not qualify as generators. CGTF obtained an interlocutory resolution in its favor allowing it to clear the goods through customs with a 0% duty after depositing a bond with the court. In September 2008, the first instance trial court decided the matter entirely in CGTF’s favor. This ruling acknowledged the generator classification sought by CGTF, and determined that the judicial bond had to remain deposited to secure the outcome of the case. In February 2009, the Federal Revenue filed an appeal with the Regional Federal Court (Tribunal Regional Federal), the second judicial instance of the northeast region. In May 2010, the Regional Federal Court ruled in favor of CGTF, fully upholding the first instance trial court’s decision in favor of CGTF and dismissing the Federal Revenue’s appeal. The appellate court’s decision, which classified CGTF’s equipment as generators for tax purposes, was rendered final because the Federal Revenue did not appeal to the higher courts (admitting that the substantive issue was basically evidential and that no appeal was warranted). In September 2009, CGTF received a final judgment in its favor that allowed its assets to be levied a 0% tax and be cleared through customs after posting a bond with the court. In October 2009, a second instance appellate decision was published, which confirmed the first instance trial court decision in favor of CGTF. In November 2009, the Federal Revenue filed an Appeal to Request Clarification of the Decision (Embargos de Declaração) against the appellate decision. In December 2009, the Appeal to Request Clarification of the Decision filed by the Federal Revenue was decided in favor of CGTF. In March 2010, the Federal Revenue filed a Regular Appeal (Recurso Especial) with the Superior Court of Justice in Brasilia. In June 2011, a ruling was issued that qualified the Regular Appeal filed by the Federal Revenue. In August 2011, the Federal Revenue was notified that its Regular Appeal had been denied, and the Federal Revenue appealed this decision. In September 2011, CGTF responded to this appellate petition, which is still pending. The amount involved is US$37.91 million.
11.- In 2005, three lawsuits were filed against Endesa Chile, the Chilean Tax Authority and the Chilean General Water Affairs Bureau (the “DGA”), currently being treated as a single proceeding, requesting that DGA Resolution 134, which established non-consumptive water rights in favor of Endesa Chile to build the Neltume hydroelectric station project, be declared null as a matter of public policy. Alternatively, damages were sought for the detriment allegedly sustained by the plaintiffs due to the loss of their status as riparian owners along Pirehueico Lake, as well as due to the devaluation of their properties. The defendants have rejected these allegations, contending that the resolution complies with all legal requirements, and that the exercise of this right does not cause any detriment to the plaintiffs, among other arguments. The sums involved in these suits are undetermined. This case was joined with two other cases: the first one is captioned “Arrieta v. the State and Others” in the 9th Civil Court, docket 15279-2005 and the second is captioned “Jordán v. the State and Others”, in the 10th Civil Court, docket 1608-2005. With regard to these cases, an injunction has been ordered against entering into any acts and contracts concerning Endesa Chile’s water rights related to the Neltume project. A petition to have the injunction lifted was denied, and an appeal of this decision was also ultimately denied. A petition was then filed to have the injunction replaced by a nominal bond by Endesa Chile’s subsidiary, Emgesa S.A. E.S.P., which petition was also denied. Endesa Chile appealed this decision and the appeal is currently under review. The regular discovery period has ended and some evidence disclosure, expert reports, physical inspections and several petitions for reconsideration are currently pending resolution by the court. Testimonies have also been provided.
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12.- Five legal proceedings were initiated in 2008, 2009 and 2011 against Pangue S.A., a subsidiary of Endesa Chile, where the plaintiffs sought damages that they allege were due to flooding caused by the operations of the Pangue hydroelectric station, in particular related to spills caused in July 2006. Pangue S.A. has responded to such lawsuits arguing that its operation of the power station was in accordance with existing regulations and that it acted with due diligence and care. Consequently, Pangue S.A. argues that there is no causal link between the floods and the spills caused by the station during the period in question. These proceedings are being reviewed in several courts. The amounts claimed in these five cases are equal to $17,718,704,000 (approximately US$37.4 million). In two of these cases, the court has already ruled in favor of Pangue S.A., and the plaintiffs filed appeals on May 26, 2011 and on April 11, 2012, which were rejected and the sentence appealed was confirmed. In reference to the remaining cases, on June 27, 2012, there was a first instance sentence filed in one case, which rejects the claim filed in all its parts. The plaintiff has filed a recourse appeal against such sentence, which to date is still pending review by the court. In the other case, the evidence period has ended and the company is awaiting the insurance of a sentence. These proceedings are covered by an insurance policy.
13.- During 2010, three lawsuits for damages were filed against Endesa Chile by plaintiffs alleging that they were affected by the flooding of the Bio-Bio River in Region VIII. The plaintiffs sued Endesa Chile for losses caused by its deficient operation of the Ralco hydroelectric station during the flood. These three cases were joined, and a first instance ruling has been issued which denies the claim filed in all its parts. The ruling was appealed and such appeal has not yet been reviewed by the court. The plaintiffs are required to produce legal evidence proving the causal link between the operation of the Ralco hydroelectric station during the floods and the damages that the plaintiffs claim they sustained as a result of deficient facility operation. The amount involved in the three lawsuits totals Ch$14,610,042,700 (approximately US$30.8 million). Enersis Chile’s liabilities with respect to these proceedings are covered by an insurance policy.
14.- In July and September of 2010, Ingeniería y Construcción Madrid S.A. and Transportes Silva y Silva Limitada filed separate lawsuits against Endesa Chile and the DGA, seeking to declare the administrative resolution that granted Endesa Chile’s water rights for the Neltume hydroelectric station and the administrative resolution that authorized the relocation of the collection point of such rights null as a matter of public policy. The plaintiffs demanded payment for their water rights located in the area of influence of the hydraulic works for the future Neltume station. Endesa Chile has rejected these claims, contending that the plaintiffs are engaging in wrongful prosecution to prevent the construction of the station in order to obtain monetary compensation. As to the procedural status of the two lawsuits filed by Ingeniería y Construcción Madrid S.A., the discussion stage has expired. In one of the lawsuits (Case No. 7036-2010), the pleas for reconsideration filed in opposition to the discovery writ were decided on October 5, 2011, which started the discovery stage, which has already ended with the testimony of the parties in response to request by one of the parties related to discovery, still pending. Regarding the other lawsuit (Case No. 6705-2010), on March 12, 2012 a ruling was issued that declared the proceeding as abandoned.
Regarding the lawsuits of Transportes Silva y Silva Limitada, it was requested that the proceedings be declared as abandoned. The request was granted in one of the lawsuits (Case No. 16025-2012), declaring the proceeding as abandoned and in the other lawsuit, it was denied, and an appeal was filed against the ruling, which has not been heard to date. All these claims are for an undetermined amount.
15.- In 2001, a lawsuit was filed against Enersis Chile’s Colombian generation subsidiary Emgesa S.A. E.S.P., Empresa de Energía de Bogotá S.A. E.S.P. (“EEB”) and Corporación Autónoma Regional de Cundinamarca (“CAR”), by the inhabitants of Sibaté, Department of Cundinamarca. The lawsuit seeks to make the defendants jointly and severally liable for the damages arising from the pollution of the El Muñá reservoir, as a result of Emgesa’s pumping of polluted waters from the Bogotá River. Emgesa has challenged these allegations, establishing that it is not liable for these damages, arguing, among other things, that it receives already polluted water, among other arguments. The plaintiffs’ initial demand was for $3,000,000,000 in thousands of Colombian pesos (approximately US$1,666,185 million). Emgesa petitioned
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for the joinder of approximately 60 public and private entities that also discharge their effluents into the Bogotá River or that otherwise have responsibility for the environmental management of the river, which is why the lawsuit was sent on to the State Council (Consejo de Estado), with remedies pending by these entities before this regulatory body. On June 29, 2010, the parties were notified of a motion filed by the attorney for the plaintiffs, whereby the plaintiffs sought to declare the acts of the Administrative Court of Cundinamarca since August 1, 2006 null, claiming that from that date such court lost the authority to hear the current process, since the Administrative Circuit Courts started to be in force, which were the competent courts to hear the class actions and popular legal suits in conformance with Law 472, dated 1998. Emgesa gave its timely opinion regarding the matter, claiming that such annulment request would be irrelevant and unlawful. The Third Section of the State Council has affirmed the ruling of the Court that denied Emgesa’s impleader petition and joined various legal entities as defendants, including: Hospital Juan F. Copras, Refisal S.A., Tinzuque S.A., Emocables S.A., Cristalería Peldar S.A., Líquido Carbónico Colombiano S.A., Icollantas S.A. and Agrinal S.A. Also, the annulment request filed by the plaintiffs was denied, although the State Council required the Administrative Court for Adversary Proceedings (Tribunal Contencioso Administrativo) to pass the case to the Administrative Courts of the Bogotá Circuit (Juzgados Administrativos del Circuito de Bogotá) for its review. In June 2011, the Administrative Court for Adversary Proceedings issued a writ ruling that the lawsuit was passed to the Fifth Administrative Court of Bogotá (Juzgado Quinto Administrativo de Bogotá), which then in turn sent it to the State Council to resolve on appeal the writ of admission requested by Alpina. The State Council then resolved the appeal keeping the tie of Alpina to this case and the proceeding is pending before the Fifth Administrative Court of Bogotá to continue its course.
16.- The Peruvian tax authority, SUNAT (Superintendencia Nacional de Aduanas y de Administración Tributaria), through Tax and Fine Resolutions (Resoluciones de Impuestos y Multas) issued in 2001, questioned Edegel’s method used in accounting for depreciation of Edegel’s revalued assets. In January 2002, Edegel filed a petition (recurso de reclamacion) against these resolutions, which SUNAT dismissed as groundless. Edegel filed an appeal with the Tax Court (Tribunal Fiscal), which ruled in its favor in 2004, upholding (i) its right to depreciate the greater value obtained from revaluating the assets, based on the fact that Edegel had a statutory stability agreement (convenio de estabilidad jurídica), and (ii) the inapplicability of Rule VIII of the Tax Code, since there was no fraud involved. Also, the resolution provided that SUNAT had to verify that the revaluation of assets was not done at more than fair market value. From that date, Edegel has received several notifications from SUNAT requesting a determination of the revaluation surplus and the tax payable. In January 2006, a complaint was filed, followed by an appeal filed in 2008 against the resolution of SUNAT’s claim before the Tax Court. In February 2012, the Tax Court ruled in a last administrative instance on the Edegel litigation for income taxes for the 1999 accounting period regarding the voluntary reevaluation of assets (i) in favor of Edegel with respect to Central Huinco (Huinco Power Plant) (civil works) and the Central Matucana (Matucana Power Plant) (civil works, equipment and machinery and other assets) and (ii) against Edegel with respect to the other power plants (Santa Rosa, Callahuanca, Moyopampa and Huampaní), providing that the SUNAT “will proceed to the debt recalculation”.
In May 2012, Edegel filed a Contentious Administrative Claim (Demanda Contencioso Administrativa,or DCA,) against the ruling of the Tax Court. In June 2012, Edegel filed before the SUNAT a writ for the recalculation of the debt ordered by the Tax Court and that pertains to resettlement by the SUNAT. On June 19, 2012, Edegel received the Resolution of Intendancy No. 0150150001103, which established the recalculation made by the SUNAT regarding the tax debt. In June 26, 2012, Edegel made a partial payment of the updated debt to such date, other than the part referring to the Workers’ Profit Sharing. The payment was made based on the criteria taken by the Tax Court in its ruling. Such payment has not meant the discontinuance of any of Edegel’s claims (i.e., the litigation is still in force). In July 2012, Edegel received a Resolution of the Intendancy of the SUNAT that disregards the recalculation. Edegel filed a partial recourse appeal against the SUNAT resolution. The appeal was taken before the Tax Court for its resolution. In August 2012, the Judge admitted the DCA for processing and ordered its transfer so that the Tax Court and SUNAT can resolve the DCA.
In summary, the status of the litigation is as follows: Regarding the 1999 accounting period, a ruling was issued which was partially favorable to Edegel providing that the SUNAT must perform the debt recalculation.
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In the Tax Court, the resolution of the appeal against the Resolution of the Intendancy of the SUNAT, which recalculated the debt, is still pending. In the Judicial Branch (Poder Judicial), the DCA has been admitted for processing and the transfer is still pending resolution by the Tax Court and the SUNAT. Regarding the 2000 and 2001 accounting periods, verbal reports and written allegations were filed and the decision of the Tax Court is still pending. The sum of the amounts at issue is approximately US$27.54 million.
17.- In 2004, 2005 and 2006, Peru’s tax authority, SUNAT, notified Edelnor of several Assessment and Fine Resolutions whereby SUNAT objected to the Income Tax and General Sales Tax paid from 2000 to 2003. With regards to Income Tax, SUNAT objected to the tax loss declared, during such period. Edelnor accepted these objections in part and questioned some of them. In relation to General Sales Tax, the objections were substantially less. Edelnor filed an appeal against these resolutions with SUNAT. In February 2009, Edelnor was notified of administrative trial-level resolutions issued by SUNAT, which in part upheld the company’s appeal with SUNAT. In May 2009, an appeal was filed against these resolutions with the Tax Court, and such appeal is currently pending. The amount of this claim is of US$57.04 million.
18 - On May 24, 2011, Endesa Chile was served with a lawsuit filed by 19 riparian owners along Pirehueico Lake seeking to declare null DGA Resolution 732, which authorized the relocation of water catchment rights for the Neltume station from the Pirehueico Lake drain to 900 meters downstream along the Fui River. The plaintiffs seek to have this annulment annotated at the margin of the notarized instrument that memorialized DGA Resolution 732, which approved the transfer of the catchment. The plaintiffs also seek to have the recordation of said instrument struck from the waters registry, if entered, and to require the Chilean Treasury, the DGA and Endesa Chile to pay damages to the plaintiffs as a result of the challenged DGA resolution, seeking to reserve their right to indicate the type and amount of damages in subsequent legal proceedings. The claim is for an undetermined amount since the plaintiffs have requested that damages be determined in another suit, once the DGA’s administrative resolution is declared null and void. The discussion period is over and the discovery writ has been issued, which has been served on the plaintiffs and Endesa Chile, both of whom filed motions seeking the annulment or modification of the writ which were both rejected. To date, service of the discovery writ on the Chilean Treasury is pending, and the discovery stage has not yet started.
19.- In 1996, 45 workers filed a suit requesting reinstatement to their employment positions with Enersis’s Brazilian distribution company, Ampla. Ampla obtained a favorable ruling in 2003. The Higher Labor Court of Law (Tribunal Superior de Trabalho) acknowledged that the early retirement terminated the work contracts. Based on some judicial decisions that recognized that upholding these voluntary early retirement programs did not terminate the work contracts, the workers filed a “rescissory claim” before the Higher Labor Court of Law grounded on the judicial decisions described above. Ampla, in the course of this proceeding, is attempting to uphold the unconstitutionality of the legislative resolution of the Energy Secretary of the State of Río de Janeiro and the consequent non-existence of the stability right, regardless of whether the voluntary early retirement cancels the work contract or not. The amount of this trial is of approximately US$54.09 million.
The management of Enersis S.A. considers that the provisions registered in the Consolidated Financial Statements adequately cover the risks resulting from litigation described in this Note, which is why it does not consider that there are additional liabilities than those specified herein.
Given the characteristics of the risks covered by these provisions, it is impossible to determine a reasonable schedule of payment dates, in case there are any.
Various of the company’s loan agreements, and those of some of its subsidiaries, include the obligation to comply with certain financial ratios, normal in contracts of this nature. There are also covenants and negative covenants requiring the monitoring of these commitments. In addition, there are restrictions in the events-of-default clauses of the agreements which require compliance.
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1-. Cross default
Some of the financial debt contracts of Enersis S.A. and of Endesa Chile contain cross default clauses. In the case of Enersis S.A., the syndicated loan under New York law signed in December 2009, and which matures in December 2012, states that a cross default occurs when there is an overdue payment, of interest or principal, of Enersis S.A., Chilectra or Endesa Chile. This syndicated loan has not been drawn to date. The syndicated loan of Endesa Chile under New York law signed in 2008 and which expires in 2014, with an amount disbursed of US$ 200 million at the present time, makes no reference to its subsidiaries, so a cross default can only arise with respect to another own debt. In order to accelerate payment of the debt of one or more of these loans due to cross default with respect to another debt, the amount overdue of a debt must exceed US$ 50 million, or the equivalent in other currencies, and other additional conditions should be met including the expiry of grace periods (if any) and formal notification of the intention to accelerate the debt by creditors representing over 50% of the amount due under the agreement. Lastly, in December 2009, both Enersis S.A. and Endesa Chile signed loan agreements under Chilean law that state that cross default is triggered only by the default of the debtor. In these loans, the amount overdue must also exceed US$ 50 million or the equivalent in other currencies. These loans have never been drawn and they expire in December 2012.
Regarding the bond issues of Enersis S.A. and Endesa Chile registered with the United States Securities and Exchange Commission (“SEC”), commonly called “Yankee Bonds”, a cross default can be triggered by another debt of the same company or of any of their Chilean subsidiaries, for any amount overdue provided that the principal of the debt giving rise to the cross default exceeds US$ 30 million or its equivalent in other currencies. Debt acceleration due to cross default does not occur automatically but has to be demanded by the holders of at least 25% of the bonds of a certain series of Yankee Bonds. In addition, events of bankruptcy or insolvency of foreign subsidiaries have no contractual effects on the Yankee Bonds of Enersis S.A. and Endesa Chile. The last Yankee Bond of Enersis S.A. matures in December 2026 and that of Endesa Chile in February 2097.
The domestic bonds of Enersis S.A. and Endesa Chile state that cross default can be triggered only by the default of the issuer, and debt acceleration requires the agreement of at least 50% of the holders of the bonds of a certain series.
2-. Financial Covenants
Financial covenants are contractual commitments with respect to minimum or maximum financial ratios that the company is obliged to meet at certain periods of time (quarterly, annually, etc.). Most of the financial covenants of the Group limit the level of indebtedness and evaluate the ability to generate cash flows in order to service the companies’ debts. Various companies are also required to certify these covenants periodically. The types of covenants and their respective limits vary according to the type of debt.
The Series B2 domestic bonds of Enersis S.A. include the following financial covenants, whose definitions and calculation formulas are set out in the respective contract:
- Equity: A minimum Equity should be maintained of ThCh$590,322,177 a limit adjusted at the end of each year as established in the indenture. Equity is the sum of Equity attributable to the dominant company and Minority participations. As of September 30, 2012, the equity of Enersis S.A. was ThCh$ 6,708,621,133.
- Debt Ratio: A debt ratio, being Total liabilities to Equity, should be no more than 2.24:1. Total liabilities are the sum of Total current liabilities and Total non-current liabilities, while Equity is the sum of Equity attributable to the dominant company and Minority participations. As of September 30, 2012, the ratio of total liabilities to equity of Enersis S.A. was 0.90:1.
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- Unsecured Assets: The ratio of Unsecured assets to Unsecured total liabilities should be at least 1:1. Total Unsecured or free assets is the difference between Total unsecured or free assets and Total secured assets. Total unsecured or free assets consists of Total assets less the sum of Cash, Bank balances, Accounts receivable from related entities, current, Payments made in advance, current, Accounts receivable from related entities, non-current and Identifiable intangible assets, gross, while Total secured assets relates to assets pledged in guarantee. On the other hand, Unsecured total liabilities consist of the sum of Total current liabilities and Total non-current liabilities, less liabilities secured by collateral. As of September 30, 2012, this ratio was 1.81:1.
In addition, the rest of the debt of Enersis S.A. includes other covenants with debt, leverage, and debt coverage ratios (debt/EBITDA ratio), while the Yankee Bonds are not subject to any financial covenants.
As of September 30, 2012, the most restrictive financial covenant of Enersis S.A. was the debt/EBITDA ratio with respect to the syndicated loan under New York law which expires in December 2012 and which has never been drawn.
The domestic bonds of Endesa Chile include the following financial covenants whose definitions and calculation formulas are established in the respective indentures:
Series H
- Consolidated Debt Ratio: A consolidated debt ratio, being Financial debt to Capitalization, should be no more than 0.64:1. Financial debt is the sum of Interest-bearing loans, current, Interest-bearing loans, non-current, Other financial liabilities, current, Other financial liabilities, non-current and Other obligations guaranteed by the issuer or its subsidiaries, while Capitalization is the sum of Financial liabilities, Equity attributable to the dominant company and Minority participations. As of September 30, 2012, the debt ratio was 0.37:1.
- Equity: A minimum Equity should be maintained of Ch$ 755,796 million, which limit is adjusted at the end of each year as established in the indenture. Equity is the sum of Equity attributable to the dominant company and Minority participations. As of September 30, 2012, the equity of Endesa Chile was Ch$ 2,478,882 million.
- Financial Expense Coverage: A financial expense coverage ratio should be maintained of at least 1.85:1. Financial expense coverage is the quotient between i) the Gross margin plus Financial income and Dividends received from associate companies, and ii) Financial expenses; both items refer to the period of four consecutive quarters months ending on the quarter being reported. As of September 30, 2012, this ratio was 6.71:1.
- Net Asset Position with Related Companies: A Net asset position should be maintained with related companies of no more than a hundred million dollars. The Net asset position with related companies is the difference between i) the sum of Accounts receivable from related entities, current, Accounts receivable from related entities, non-current, less transactions in the ordinary course of business at less than 180 days term, short-term transactions of associates of Endesa Chile in which Enersis S.A. has no participation, and long-term transactions of associates of Endesa Chile in which Enersis S.A. has no participation, and ii) the sum of Accounts payable to related entities, current, Accounts payable to related entities, non-current, less transactions in the ordinary course of business at less than 180 days term, short-term transactions of associates of Endesa Chile in which Enersis S.A. has no participation, and long-term transactions of associates of Endesa Chile in which Enersis S.A. has no participation. As of September 30, 2012, using the exchange rate prevailing on that date, the Net asset position with related companies was a negative US$ 433.9 million.
Series M
- Consolidated Debt Ratio: A consolidated debt ratio, being Financial debt to Capitalization, should be no more than 0.64:1. Financial debt is the sum of Interest-bearing loans, current, Interest-bearing loans, non-current,
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Other financial liabilities, current, Other financial liabilities, non-current, while Capitalization is the sum of Financial liabilities, Equity attributable to the dominant company and Minority participations. As of September 30, 2012, the debt ratio was 0.35:1.
- Equity: As for Series H.
- Financial Expense Coverage Ratio: As for Series H.
The rest of the debt of Endesa Chile includes other covenants like leverage and debt coverage ratios (debt/EBITDA ratio), while the Yankee Bonds are not subject to financial covenants.
In the case of Endesa Chile, the most restrictive financial covenant as of September 30, 2012 was the debt ratio, with respect to the syndicated loan under New York law which expires in June 2014.
In Peru, the debt of Edelnor only has one covenant, a debt ratio with respect to the domestic bonds which mature in May 2032 and a loan from Banco de Crédito which matures in September 2018. On the other hand, the debt of Edegel includes the following covenants: debt, leverage, interest coverage, equity to debt and debt to equity and debt coverage (debt/EBITDA) ratios. As of September 30, 2012, the most restrictive financial covenant of Edegel was the debt ratio, corresponding to the 2nd domestic bonds program which matures in January 2014.
In Brazil, the debt of CIEN includes Net adjusted debt to EBITDA and to Own funds plus minorities covenants. As of September 30, 2012, the most restrictive financial covenant of CIEN was the debt /EBITDA ratio, corresponding to bank loans that mature in December 2012. This covenant is calculated on the consolidated financial statements of the guarantor, Endesa Brasil. The debt of Coelce includes compliance with the following covenants: interest coverage (EBITDA/financial expenses), debt repayment coverage (debt/EBITDA) and debt ratios. As of September 30, 2012, the most restrictive financial covenant of Coelce was the debt/EBITDA ratio, corresponding to the 2nd and 3rd domestic bond issues, whose final maturity is October 2018. Lastly, the debt of Ampla includes the following covenants: debt payment coverage, interest coverage and short-term debt (short-term debt to EBITDA) ratios. As of September 30, 2012, the most restrictive financial covenant of Ampla was the debt payment coverage ratio, corresponding to the 5th, 6th and 7th domestic bond issues, whose final maturity is June 2019.
In Argentina, Endesa Costanera has just one covenant which is the maximum debt, corresponding to a loan from Credit Suisse International which matures in March 2013. The debt of El Chocón includes covenants of maximum debt, equity, interest coverage, debt payment coverage (debt/EBITDA) and leverage ratios. In the case of El Chocón, as of September 30, 2012, the most restrictive financial covenant was the interest coverage ratio, corresponding to loans from Deutsche Bank, Standard Bank and Itaú which mature in February 2015.
In Colombia, the debts of Codensa and Emgesa are not subject to compliance with financial covenants, a situation that also applies to the debt of the rest of the companies not mentioned in this Note.
Lastly, in most of the contracts, debt acceleration for non-compliance with these covenants does not occur automatically but is subject to certain conditions, like a cure period.
As of September 30, 2012 and December 31, 2011, neither Enersis S.A. nor Endesa Chile, nor any of their subsidiaries are in default under their financial obligations summarized here or other financial obligations whose defaults might trigger the acceleration of their financial commitments, with the sole exception of Endesa Costanera, our Argentine generation subsidiary, which has still not repaid the installment of US$ 17.6 million due under a supplier credit with Mitsubishi Corporation which was due on March 31, 2012, for which no waiver has been received. The grace period established was 180 days and expired on September 26, 2012. Endesa Costanera has not repaid the second installment of US$ 17 million that matured at the end of September 2012. Under the contract terms, and as the grace period of 180 days has expired, should Mitsubishi Corporation wish to accelerate the amount outstanding of this loan, it would have to notify formally
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ten days in advance. To date, Endesa Costanera has not received such notification from Mitsubishi Corporation and negotiations are currently proceeding to restructure the unpaid installments. Should Mitsubishi Corporation send a formal communication of debt acceleration, total loans of US$ 141 million would be payable. None of this represents a cross-default risk or other default for Enersis S.A. or Endesa Chile.
- Our Argentine subsidiary Endesa Costanera shows a working capital deficit, pressed by the difficulties it is facing in obtaining tariff adjustments to cover the real costs of generation, leading to problems in its short-term financial equilibrium. Endesa Costanera expects to correct the present situation depending on a favorable resolution of requests made to the Argentine government. This equity risk that this company represents for the Enersis S.A. is not significant.
- On July 12, 2012, the Argentine electricity regulatory authority (Ente Nacional Regulador de la Electricidad de la República Argentina (ENRE)), by its Resolution 183/2012, informed Edesur of the appointment of a “Veedor” (a kind of inspector) for an extendable term of 45 days in order to control and verify all normal administrative actions linked to the normal provision of the electricity distribution service public utility by Edesur. On September 13, 2012 the ENRE, by Resolution 246/2012, stated that the “veedor” will be maintained for another extendable period of 45 days. The appointment of the “veedor” does not imply the loss of control by Enersis of Edesur. Edesur considers that this appointment and its justification are inappropriate and therefore, on July 20 and September 20, it brought proceedings against the ENRE.
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35. | PERSONNEL FIGURES |
Enersis personnel, including that of subsidiaries and jointly-controlled companies in the five Latin American countries where the Group is present, is distributed as follows as of September 30, 2012 and December 31, 2011:
Country | 9-30-2012 | |||||||||||||||||||||
Managers and Main Executives
| Professionals and Technicians |
Workers and |
Total |
Average for the Period | ||||||||||||||||||
Chile | 89 | 2,071 | 317 | 2,477 | 2,435 | |||||||||||||||||
Argentina | 42 | 2,422 | 912 | 3,376 | 3,348 | |||||||||||||||||
Brazil | 37 | 2,426 | 270 | 2,733 | 2,760 | |||||||||||||||||
Peru | 19 | 677 | 164 | 860 | 834 | |||||||||||||||||
Colombia | 27 | 1,566 | 54 | 1,647 | 1,629 | |||||||||||||||||
Total | 214 | 9,162 | 1,717 | 11,093 | 11,006 | |||||||||||||||||
Country | 12-31-2011 | |||||||||||||||||||||
Managers and Main
| Professionals and Technicians |
Workers and |
Total |
Average for
| ||||||||||||||||||
Chile | 94 | 1,963 | 340 | 2,397 | 2,522 | |||||||||||||||||
Argentina | 43 | 2,401 | 883 | 3,327 | 3,242 | |||||||||||||||||
Brazil | 40 | 2,414 | 310 | 2,764 | 2,780 | |||||||||||||||||
Peru | 20 | 624 | 153 | 797 | 854 | |||||||||||||||||
Colombia | 27 | 1,517 | 55 | 1,599 | 1,641 | |||||||||||||||||
Total | 224 | 8,919 | 1,741 | 10,884 | 11,039 |
(*) Includes average staff at Cam and Synapsis up to the time they were sold. See Note 2.4.1 and Note 11.
36. | SANCTIONS |
The following companies belonging to the Group have received sanctions from the administrative authorities:
1.- Endesa Chile
- During the 2011 fiscal year, the company was fined ThCh$638,504 by the Electricity and Fuels Superintendency (Superintendencia de Electricidad y Combustibles,SEC) for the blackout on March 14, 2010. The management has filed a grievance appealing the measure.
2.- Pehuenche
- On October 6, 2011, the Securities and Insurance Superintendency (Superintendencia de Valores y Seguros, SVS) issued Exempt Resolution No. 545 and applied a sanction fining the Directors of Pehuenche who participated in the approval of the Energy and Capacity agreement signed between the Company and its parent company, Empresa Nacional de Electricidad S.A. (Endesa), on November 19, 2007.
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The following fines were applied:
a) The Directors who were not members of the Directors’ Committee were fined for not having verified, according to the SVS resolution, that the Energy and Capacity sales agreement signed between Empresa Eléctrica Pehuenche S.A. and its parent company Endesa on November 19, 2007 was entered into under equitable conditions normally prevailing in the market, and for having approved the Minutes of the Board meeting stating that Directors’ Committee Report had been read when only the Minutes of the Directors’ Committee meeting had actually been read. The Directors were fined 300 UF each.
b) The Directors who are members of the Directors’ Committee were only fined for not having issued, according to the SVS, the Report referred to in the regulation. They were each fined 400 UF.
The Directors filed a grievance with the competent civil court after paying 25% of the total fine to the General Treasury of the Republic. As a consequence, the fines and their grounds are being questioned before the ordinary courts of law, which, in a summary proceeding, are studying the Directors’ claim requesting their acquittal.
On August 22, 2012, the first party, Endesa, and the second party, Inversiones Tricahue and other minority shareholders, entered into a transactional agreement in which the minority shareholders desisted from all arbitration, administrative, and criminal actions against Endesa, Pehuenche, and the Directors who were in place on November 19, 2007. In exchange, Endesa agreed to rescind the capacity and energy supply agreement of November 19, 2007 and enter into a new one under the same conditions but with prices at marginal cost; this agreement will be in force as of the date it is signed until December 31, 2021. Both parties also agreed to vote favorably on the rescission and the signing of the new agreement at the Pehuenche Extraordinary Shareholders’ Meeting. Endesa undertook to pay Pehuenche the price difference that arose from the price of the November 19, 2007 agreement, in force from January 1, 2008 to July 31, 2012, and the price difference from that paid from August 1, 2012 until the date the new capacity and energy supply agreement was signed, according to the calculation methods and conditions of the new agreement. On October 4, 2012, the Pehuenche Extraordinary Shareholders’ Meeting unanimously approved the rescission and the signing of a new contract. On October 19, the Pehuenche Board of Directors voted to pay an interim dividend for the amount it will receive from the price differences implemented by Endesa; the dividend will be paid on November 5, 2012. However, the Directors must pay the fine imposed by the SVS. The respective insurance will cover these fines, and we are in the process of declaring and paying these sanctions to the Treasury.
- During the 2011 fiscal year, the company was fined ThCh$286,713 by the Electricity and Fuels Superintendency (SEC) for the blackout on March 14, 2010. The management has filed a grievance appealing the measure.
3.- Chilectra S.A.
For the fiscal year ended September 30, 2012, Chilectra S.A. received 18 fines totaling ThCh$986,559 from the Electricity and Fuels Superintendency (SEC) for different reasons in connection with power supply and facilities. Chilectra S.A. was also fined ThCh$3,969 by the Regional Health Ministry Office of the Metropolitan Region for failure to comply with regulations on the storage of materials. During the 2011 fiscal year, the Company was fined ThCh$29,529 for technical failures related to power supply. The management has filed the corresponding appeals or grievances for each sanction.
4.- Edelnor S.A.
For the period ended September 30, 2012, Edelnor S.A. was fined $17,568,800 Peruvian Sols (ThCh$3,203,692) for allegedly failing to pay a portion of its income tax for the 2007 fiscal year. The company has filed the respective appeal.
Also, during the first half of 2012, the Agency for the Supervision of Investment in Energy and Mining (Organismo Supervisor de la Inversión en Energía y Minería, OSINERG) issued 16 fines to Edelnor S.A. totaling $417,000 Peruvian Sols (ThCh$76,044) for failure to comply with technical and commercial quality regulations; it received 47 fines totaling $717,000 (ThCh$138,081) in 2011.
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5.- Edesur S.A.
For the period ended September 30, 2012, Edesur S.A. received 799 fines from the Energy Regulatory Body (Ente Regulador de Energía, ENRE) totaling ThCh$370,877 (Th$13,591 Argentine pesos) for failure to comply with technical and commercial quality regulations. During the 2011 fiscal year, the Company received 182 fines for the same reasons totaling ThCh$10,075,970 (Th$83,526 Argentine pesos).
6.- Hidroeléctrica El Chocón S.A.
For the period ended September 30, 2012, Hidroeléctrica El Chocón was fined ThCh$309,559 (Th$3,069 Argentine pesos) by the Jurisdictional Authority of the Limay, Neuquén, and Negro River Basins (Autoridad Jurisdiccional de las Cuencas de los Ríos Limay, NeuquénNegro, AIC) for failure to comply with water extraction from its basins. The company has presented the respective grievance.
7.- Endesa Costanera S.A.
During the 2011 fiscal year, the company received two fines totaling ThCh$2,422 (Th$24 Argentine pesos) from the Energy Regulatory Body (ENRE). The company has filed the respective grievance.
8.- Ampla Energía S.A.
For the period ended September 30, 2012, the company received one fine for ThCh$541,991 (Th$2,863 Brazilian Reals) from the National Electrical Energy Agency (Agencia Nacional de Energía Eléctrica, ANEEL) for power consumption metering. In 2011, it received three fines totaling ThCh$1,959,386 (Th$7,079 Brazilian Reals) for violation of telemarketing and energy sale tariff indicators. As of September 30, 2012, Ampla had also been fined ThCh$1,744,732 (Th$7,478 Brazilian Reals) by the Federal Revenue Office (Secretaria de Receita Federal) for failure to meet tax obligations. The company has filed the respective grievance.
9.- Coelce
For the period ended September 30, 2012, the company received two fines totaling ThCh$160,754 (Th$689 Brazilian Reals) from the National Electrical Energy Agency (ANEEL) for failure to comply with technical regulations. During the 2011 fiscal year, the company received three fines totaling ThCh$386,674 (Th$1,397 Brazilian Reals) from the National Electrical Energy Agency (ANEEL) for the same reason as in 2012.
10.-The company and its Board of Directors have not received other fines from the SVS or from other administrative authorities.
37. | SUBSEQUENT EVENTS |
ENERSIS
Capital Increase
The following essential events are reported in accordance with Articles 9 and 10, second section, of Law 18,045 on the Securities Market and the provisions of that Superintendency’s General Regulation 30.
- The company reported on October 24, 2012 that in their extraordinary meeting, held on October 24, 2012, the Enersis S.A. Directors’ Committee officially received the report on the Enersis S.A. capital increase that is in process from the company Claro y Asociados, independent appraisers designated by the Committee on September 7, 2012.
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We also reported that the Enersis S.A. Board of Directors, in an extraordinary meeting, officially received the report on the Enersis S.A. capital increase that is in process from the company IM Trust, independent appraisers designated by the Board on September 5, 2012.
These reports, in accordance with legal requirements, refer to the conditions of the capital increase operation that is underway, its effects and potential impact on Enersis S.A., and other points that the Board, the Directors’ Committee, and the Committee members expressly requested that the companies evaluate.
As of October 24, a copy of those reports are available to the shareholders in the corporate offices located at 76 Santa Rosa, Suite 15, Santiago, Chile (Investment and Risk Department) and on the company’s website, www.enersis.cl.
These reports are in addition to the expert report prepared by Mr. Eduardo Walker Hitschield, which is also available on the website.
- On October 30, 2012, the company reported that the Enersis S.A. Directors’ Committee, in an extraordinary meeting held on the afternoon of October 29, 2012, officially issued its report on the Enersis S.A. capital increase that is in process, in accordance with Article 50 bis of the Law on Corporations.
As of that date, a copy of the report is available to the shareholders at the corporate offices located at 76 Santa Rosa, Suite 15, Santiago, Chile (Investment and Risk Department) and on the company’s website, www.enersis.cl.
- On October 31, 2012, the company reported that all of the Enersis S.A. Directors, individually and within the time-frames established by the Law on Corporations, have respectively issued their individual opinions on the Enersis S.A. capital increase that is in process, as provided for under numbers 5 and 6 of Article 147 of the Law on Corporations.
As of this date, a copy of those opinions will be available to the shareholders at the corporate offices located at 76 Santa Rosa, Suite 15, Santiago, Chile (Investment and Risk Department) and on the company’s website, www.enersis.cl.
- On October 31, 2012, the company reported that Enersis S.A. had been notified by Endesa S.A. (Endesa España or Endesa) on October 30, 2012, of a conditionality proposal regarding the Enersis capital increase that is in process.
In that notification, Endesa officially requested that it be proposed at the Enersis S.A. extraordinary shareholders’ meeting that will deal with the capital increase that the subscription and payment of the shares issued be subject to fulfillment of a condition precedent. This condition is that that the interested parties must subscribe and pay, either in the preferred subscription period or in other offering period(s), at least enough shares for Endesa to be able to subscribe at least all of the shares it is allowed by proration without exceeding the 65% limit of voting share concentration allowed by law and the bylaws. In the event that the sum total of shares subscribed and paid results in Endesa’s exceeding that limit, the condition will be automatically understood as having failed, the share subscription agreements will have no legal legitimacy, and the amounts paid by the share subscribers will be returned to them.
The Enersis S.A. Board of Directors, in a meeting held on October 31, 2012, declared that Endesa’s proposal is in line with the company’s interests and agreed to adopt, at the next meeting, the measures considered appropriate for safeguarding the equity of Enersis S.A. and of those who take part in the capital increase.
ENDESA CHILE
- On October 16, 2012, Endesa Chile reported to the market through an Essential Event that it proceeded to execute all of the bank performance bonds guaranteeing compliance with proper, timely execution of the works contained in the Bocamina Thermal Plant Extension Project Contract, known as contract ACP-003.06. This is a turnkey project for a coal-fired thermal generation plant (the “Agreement”) signed on July 25, 2007 by Empresa Nacional de Electricidad S.A. (the “Owner”) and the Consortium formed by (i) the Chilean company Ingeniería y Construcción Tecnimont Chile y Compañía Limitada; (ii) the Italian company Tecnimont SpA; (iii)
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the Brazilian company Tecnimont do Brasil Construcao e Administracao de Projetos Ltda.; (iv) the Slovakian company Slovenske Energeticke Strojarne a.s. (“SES”); and (v) the Chilean company Ingeniería y Construcción SES Chile Limitada; (all referred to collectively as “the Contractor”).
The aforementioned bonds total US$74,795,164.44 and UF796,594.29 (approximately US$38,200,000).
Together with proceeding to collect on the bonds, Endesa Chile has reserved all of the rights conferred upon it under the Agreement and applicable national legislation to demand complete, timely compliance with the obligations agreed to by the Contractor.
In addition, on October 17, 2012 and complementing the information presented in the previous paragraphs, Endesa Chile informed the market through another Essential Event that, also on October 17, it filed an arbitration request with the International Arbitration Chamber of Paris in order to exercise the rights conferred upon it under that instrument.
- On October 10, 2012, the company was fined ThCh$555,221 by the Electricity and Fuels Superintendency (SEC) under Exempt Resolution No. 2004 for the blackout that occurred on September 24, 2001. The management has filed the corresponding grievance.
PEHUENCHE
- On October 5, our subsidiary Empresa Eléctrica Pehuenche S.A. informed the market through an Essential Event that at an Extraordinary Shareholders’ Meeting held on October 4, 2012, the Energy and Capacity supply agreement signed between Endesa Chile and Empresa Eléctrica Pehuenche S.A. on November 19, 2007 was rescinded by a unanimous vote, and the signing of a new supply agreement between the same parties was approved. The new agreement will be in force from the date it is signed until December 31, 2021.
The new agreement approved will have the following characteristics:
— | The Power price will be the marginal cost on the Alto Jahuel 220 kV system. |
— | The Capacity price will be that set by the CDEC for capacity transfers between generating companies. |
— | The new agreement will go into effect the date it is signed and will be in force until December 31, 2021. |
— | The new agreement will be for the same amount of energy and capacity as the agreement that is to be rescinded. |
As of September 30, 2012, Enersis’ consolidated financial statements reflect the accounting effects of the rescission of the November 19, 2007 Energy and Capacity supply agreement between Endesa Chile and Empresa Eléctrica Pehuenche S.A. The net effect on Enersis’ results is a loss of ThCh$8,348,460.
- The Empresa Eléctrica Pehuenche S.A. Board of Directors met on October 19 and approved the distribution of an interim dividend of Ch$312.185426 per share for the 2012 fiscal year.
This dividend was to be paid starting on November 5, 2012 to the shareholders registered in the Shareholders’ Registry on the fifth business day prior to the date indicated. The corresponding notification was published on Sunday, October 21 in the Santiago newspaperEl Mercurio.
The agreement adopted by the Board was a modification of the dividend policy for 2012, which was approved by the Board in an agreement on April 24, 2012, and it was reported in a timely manner at the company’s Ordinary Shareholders’ Meeting.
- No other subsequent events have occurred between October 1, 2012 and date of issuance of these financial statements that could materially affect the presentation of the financial statements.
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38. | ENVIRONMENT |
Environmental expenses as of September 30, 2012 and 2011 are as follows
Company Incurring the Cost | Project | 9-30-2012 ThCh$ | 9-30-2011 ThCh$ | |||||||||
Endesa Chile S.A. | Studies, monitoring, laboratory analysis, removal and final disposal of solid waste at hydroelectric power stations (HPS) and thermoelectric power stations | 826,869 | 1,391,315 | |||||||||
Gasatacama S.A. | Environmental monitoring (air quality, marine monitoring, etc.) | 29,253 | 48,617 | |||||||||
Hidroaysen S.A. | Expenses in education and tourism | 667,732 | 145,593 | |||||||||
Pehuenche | Environmental expenses | - | - | |||||||||
Edegel S.A.A. | Environmental monitoring, waste management, mitigation and restoration | 319,140 | 323,192 | |||||||||
Codensa | Environmental management of PCB transformers | - | 46,696 | |||||||||
Codensa | Environmental management of PCB transformers | - | 4,362 | |||||||||
Chilectra | Weed removal on substation premises, tree pruning at A.T., garden maintenance, oil-contaminated solids | 40,978 | - | |||||||||
Ampla Energia | Environmental license and environmental management equipment | - | 29,078 | |||||||||
Edesur S.A. | Final disposal of waste and contaminants | - | 19,149 | |||||||||
Compañía de Transmisión del Mercosur S.A. | ISO 14,001 audit and ENRE 57/2003 Resolution (Public Safety), environmental monitoring, and environmental standards update | - | 10,097 | |||||||||
Transportadora de Energía S.A. | ISO 14,001 audit and ENRE 57/2003 Resolution (Public Safety), environmental monitoring, and environmental standards update | - | 11,489 | |||||||||
Total | 1,883,972 | 2,029,588 |
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39. | SUMMARIZED FINANCIAL INFORMATION OF PRINCIPAL SUBSIDIARIES AND JOINTLY CONTROLLED ENTITIES |
As of September 30, 2012 and 31 December 2011, the summarized financial information of our principal subsidiaries and jointly controlled entities under IFRS is as follows:
9-30-2012 | ||||||||||||||||||||||||||||||||||||||
Type of Financial Statements | Current Assets ThCh$ | Non-current Assets ThCh$ | Total Assets ThCh$ | Current Liabilities ThCh$ | Non-current Liabilities ThCh$ | Total Liabilities | Revenues ThCh$ | Costs ThCh$ | Profit (Loss) ThCh$ | |||||||||||||||||||||||||||||
Chilectra S.A. | consolidated | 176,094,751 | 1,090,916,092 | 1,267,010,843 | (170,845,982) | (70,939,304) | (241,785,286) | 738,042,883 | (612,568,317) | 125,474,567 | ||||||||||||||||||||||||||||
Inmobiliaria Manso de Velasco Ltda. | consolidated | 32,955,277 | 36,420,073 | 69,375,349 | (2,827,403) | (654,414) | (3,481,817) | 4,377,737 | 1,500,636 | 5,878,373 | ||||||||||||||||||||||||||||
ICT Servicios Informáticos Ltda. | separate | 2,669,457 | 305,000 | 2,974,457 | (1,727,723) | (590,623) | (2,318,346) | 3,975,935 | (4,334,603) | (358,668) | ||||||||||||||||||||||||||||
Inversiones Distrilima S.A. | separate | 11,417,063 | 43,795,024 | 55,212,087 | - | - | - | - | 11,493,343 | 11,493,343 | ||||||||||||||||||||||||||||
Empresa de Distribución Eléctrica de Lima Norte S.A.A. | separate | 69,957,237 | 431,133,596 | 501,090,833 | (116,309,580) | (191,136,178) | (307,445,758) | 281,178,116 | (247,924,301) | 33,253,815 | ||||||||||||||||||||||||||||
Empresa Nacional de Electricidad S.A. | separate | 570,573,068 | 3,317,727,467 | 3,888,300,535 | (803,746,943) | (782,184,895) | (1,585,931,838) | 870,801,339 | (822,474,315) | 48,327,024 | ||||||||||||||||||||||||||||
Endesa Eco S.A. | separate | 99,530,252 | 68,302,835 | 167,833,087 | (147,349,863) | (2,369,855) | (149,719,718) | 5,114,972 | (10,851,709) | (5,736,738) | ||||||||||||||||||||||||||||
Empresa Eléctrica Pehuenche S.A. | separate | 214,626,496 | 228,789,174 | 443,415,670 | (99,877,401) | (44,500,786) | (144,378,187) | 293,868,988 | (96,421,070) | 197,447,917 | ||||||||||||||||||||||||||||
Compañía Eléctrica San Isidro S.A. | separate | 86,614,359 | 205,102,577 | 291,716,936 | (143,767,581) | (24,469,515) | (168,237,096) | 232,113,472 | (178,636,557) | 53,476,915 | ||||||||||||||||||||||||||||
Empresa Eléctrica Pangue S.A. | separate | - | - | - | - | - | - | 21,743,445 | (10,100,577) | 11,642,868 | ||||||||||||||||||||||||||||
Compañía Eléctrica Tarapacá S.A. | separate | 21,487,909 | 79,856,427 | 101,344,335 | (8,076,827) | (6,896,114) | (14,972,941) | 29,397,633 | (34,594,087) | (5,196,453) | ||||||||||||||||||||||||||||
Inversiones Endesa Norte S.A. | separate | - | - | - | - | - | - | 563,298 | (350,866) | 212,432 | ||||||||||||||||||||||||||||
Inversiones Gasatacama Holding Ltda. | separate | 95,640,374 | 278,164,948 | 373,805,322 | (48,334,840) | (41,051,799) | (89,386,638) | 87,357,862 | (60,724,809) | 26,633,053 | ||||||||||||||||||||||||||||
Soc. Concesionaria Túnel El Melón S.A. | separate | 6,530,197 | 15,714,753 | 22,244,950 | (3,299,557) | (11,498,659) | (14,798,216) | 7,185,286 | 254,696 | 7,439,981 | ||||||||||||||||||||||||||||
Endesa Argentina S.A. | separate | 13,754,740 | 31,621,649 | 45,376,389 | (254,676) | (4,630,480) | (4,885,156) | - | 2,740,494 | 2,740,494 | ||||||||||||||||||||||||||||
Endesa Costanera S.A. | separate | 25,466,294 | 108,314,321 | 133,780,615 | (174,879,772) | (12,152,167) | (187,031,938) | 248,112,547 | (285,373,980) | (37,261,433) | ||||||||||||||||||||||||||||
Hidroeléctrica El Chocón S.A. | separate | 17,522,926 | 150,622,493 | 168,145,418 | (29,038,236) | (51,860,483) | (80,898,719) | 40,384,259 | (27,526,176) | 12,858,083 | ||||||||||||||||||||||||||||
Emgesa S.A. E.S.P. | separate | 176,310,716 | 1,449,018,154 | 1,625,328,870 | (189,283,965) | (610,060,922) | (799,344,888) | 431,417,895 | (283,902,496) | 147,515,398 | ||||||||||||||||||||||||||||
Generandes Perú S.A. | separate | 184,137 | 196,611,570 | 196,795,707 | (2,652) | - | (2,652) | - | 13,616,855 | 13,616,855 | ||||||||||||||||||||||||||||
Edegel S.A.A. | separate | 56,993,256 | 654,757,025 | 711,750,281 | (50,744,839) | (235,788,100) | (286,532,939) | 184,351,533 | (154,670,981) | 29,680,552 | ||||||||||||||||||||||||||||
Chinango S.A.C. | separate | 14,110,193 | 104,294,678 | 118,404,871 | (16,458,224) | (39,458,754) | (55,916,978) | 23,364,131 | (13,942,638) | 9,421,492 | ||||||||||||||||||||||||||||
Centrales Hidroeléctricas de Aysén S.A. | separate | 9,185,556 | 121,494,429 | 130,679,985 | (3,555,676) | (799,016) | (4,354,692) | - | (2,622,123) | (2,622,123) | ||||||||||||||||||||||||||||
Endesa Brasil S.A. | separate | 212,891,063 | 897,870,252 | 1,110,761,315 | (11,905,195) | (24,259) | (11,929,455) | - | 103,988,922 | 103,988,922 | ||||||||||||||||||||||||||||
Central Generadora Termoeléctrica Fortaleza S.A. | separate | 78,514,883 | 133,646,059 | 212,160,942 | (34,314,848) | (30,522,828) | (64,837,676) | 97,422,464 | (69,096,039) | 28,326,425 | ||||||||||||||||||||||||||||
Centrais Elétricas Cachoeira Dourada S.A. | separate | 130,813,864 | 103,455,009 | 234,268,873 | (14,187,495) | (3,310,277) | (17,497,772) | 108,192,259 | (34,748,047) | 73,444,212 | ||||||||||||||||||||||||||||
Companhía de Interconexao Energética S.A. | separate | 15,799,227 | 256,776,753 | 272,575,980 | (130,532,155) | (7,538,576) | (138,070,731) | 49,485,931 | (35,323,971) | 14,161,960 | ||||||||||||||||||||||||||||
Compañía de Transmisión del Mercosur S.A. | separate | 16,982,669 | 3,498,170 | 20,480,839 | (4,082,192) | (14,960,379) | (19,042,570) | 1,898,948 | (2,586,020) | (687,072) | ||||||||||||||||||||||||||||
Compañía Energética Do Ceará S.A. | separate | 245,487,722 | 613,656,888 | 859,144,610 | (216,946,588) | (252,783,599) | (469,730,187) | 603,935,326 | (537,875,845) | 66,059,481 | ||||||||||||||||||||||||||||
EN-Brasil Comercio e Servicios S.A. | separate | 2,919,513 | 159,550 | 3,079,063 | (1,861,481) | - | (1,861,481) | 4,291,337 | (3,466,663) | 824,674 | ||||||||||||||||||||||||||||
Ampla Energía E Servicios S.A. | separate | 228,674,971 | 955,970,714 | 1,184,645,685 | (189,291,898) | (557,782,847) | (747,074,746) | 797,131,412 | (747,965,719) | 49,165,694 | ||||||||||||||||||||||||||||
Ampla Investimentos E Servicios S.A. | separate | 12,411,826 | 83,943,868 | 96,355,694 | (49,378,018) | - | (49,378,018) | - | 8,996,261 | 8,996,261 | ||||||||||||||||||||||||||||
Compañía Distribuidora y Comercializadora de Energía S.A. | separate | 217,026,305 | 903,467,061 | 1,120,493,366 | (227,948,673) | (342,148,471) | (570,097,144) | 615,042,101 | (508,936,974) | 106,105,126 | ||||||||||||||||||||||||||||
Inversora Codensa S.A. | separate | 896 | 75 | 970 | (1,224) | - | (1,224) | - | (1,402) | (1,402) | ||||||||||||||||||||||||||||
Empresa de Enegría de Cundinamarca S.A. | separate | 21,352,377 | 99,205,932 | 120,558,309 | (25,440,758) | (33,476,752) | (58,917,510) | 56,121,177 | (50,668,628) | 5,452,549 | ||||||||||||||||||||||||||||
Empresa Distribuidora Sur S.A. | separate | 67,534,058 | 244,443,334 | 311,977,392 | (322,285,256) | (30,311,527) | (352,596,783) | 231,612,584 | (280,320,657) | (48,708,073) |
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12-31-2011 | ||||||||||||||||||||||||||||||||||||||
Type of Financial Statements | Current ThCh$ | Non-current Assets ThCh$ | Total Assets ThCh$ | Current Liabilities ThCh$ | Non-current Liabilities ThCh$ | Total Liabilities ThCh$ | Revenues ThCh$ | Costs ThCh$ | Profit (Loss) ThCh$ | |||||||||||||||||||||||||||||
Chilectra S.A. | consolidated | 193,667,154 | 1,116,514,950 | 1,310,182,104 | (196,759,945) | (52,473,555) | (249,233,500) | 1,035,360,191 | (924,569,246) | 110,790,945 | ||||||||||||||||||||||||||||
Synapsis Soluciones y Servicios IT Ltda. | consolidated | - | - | - | - | - | - | 6,690,708 | (6,561,185) | 129,523 | ||||||||||||||||||||||||||||
Inmobiliaria Manso de Velasco Ltda. | consolidated | 30,451,690 | 36,347,961 | 66,799,651 | (3,801,501) | (675,754) | (4,477,255) | 7,741,781 | (1,479,399) | 6,262,382 | ||||||||||||||||||||||||||||
Compañía Americana de Multiservicios de Chile S.A. | consolidated | - | - | - | - | - | - | 15,582,078 | (16,890,062) | (1,307,984) | ||||||||||||||||||||||||||||
ICT Servicios Informáticos Ltda. | separate | 3,386,984 | 296,193 | 3,683,177 | (2,119,237) | (557,313) | (2,676,550) | 5,897,820 | (5,282,766) | 615,054 | ||||||||||||||||||||||||||||
Inversiones Distrilima S.A. | separate | 73,612 | 53,558,686 | 53,632,298 | (8,288) | - | (8,288) | 12,106,048 | (4,386) | 12,101,662 | ||||||||||||||||||||||||||||
Empresa de Distribución Eléctrica de Lima Norte S.A.A. | separate | 73,237,435 | 434,005,821 | 507,243,256 | (103,696,328) | (210,609,245) | (314,305,573) | 311,980,876 | (270,687,421) | 41,293,455 | ||||||||||||||||||||||||||||
Empresa Nacional de Electricidad S.A. | separate | 723,937,172 | 3,238,686,083 | 3,962,623,255 | (488,951,209) | (1,087,287,205) | (1,576,238,414) | 1,184,084,739 | (812,433,884) | 371,650,855 | ||||||||||||||||||||||||||||
Endesa Eco S.A. | separate | 5,437,267 | 135,146,612 | 140,583,879 | (139,297,158) | (8,360,757) | (147,657,915) | 14,315,105 | (11,047,198) | 3,267,907 | ||||||||||||||||||||||||||||
Empresa Eléctrica Pehuenche S.A. | separate | 56,656,641 | 234,597,856 | 291,254,497 | (77,321,477) | (39,046,758) | (116,368,235) | 195,003,413 | (78,664,231) | 116,339,182 | ||||||||||||||||||||||||||||
Compañía Eléctrica San Isidro S.A. | separate | 68,408,746 | 77,242,199 | 145,650,945 | (71,972,413) | (9,267,849) | (81,240,262) | 243,562,829 | (199,292,302) | 44,270,527 | ||||||||||||||||||||||||||||
Empresa Eléctrica Pangue S.A. | separate | 34,480,062 | 131,950,788 | 166,430,850 | (44,091,140) | (13,223,971) | (57,315,111) | 119,050,275 | (40,689,183) | 78,361,092 | ||||||||||||||||||||||||||||
Compañía Eléctrica Tarapacá S.A. | separate | 33,507,950 | 78,813,461 | 112,321,411 | (15,031,457) | (5,726,043) | (20,757,500) | 39,522,009 | (38,375,668) | 1,146,341 | ||||||||||||||||||||||||||||
Inversiones Endesa Norte S.A. | separate | 41 | 25,157,716 | 25,157,757 | (3,641,034) | - | (3,641,034) | - | (270,529) | (270,529) | ||||||||||||||||||||||||||||
Inversiones Gasatacama Holding Ltda. | separate | 93,103,849 | 314,752,349 | 407,856,198 | (77,452,970) | (45,808,413) | (123,261,383) | 260,889,567 | (225,125,890) | 35,763,678 | ||||||||||||||||||||||||||||
Soc. Concesionaria Túnel El Melón S.A. | separate | 29,481,896 | 15,071,789 | 44,553,685 | (5,430,649) | (11,437,055) | (16,867,704) | 7,687,068 | (2,664,769) | 5,022,299 | ||||||||||||||||||||||||||||
Endesa Argentina S.A. | separate | 8,573,370 | 34,592,709 | 43,166,079 | (103,684) | - | (103,684) | - | 453,345 | 453,345 | ||||||||||||||||||||||||||||
Endesa Costanera S.A. | separate | 58,093,676 | 141,156,445 | 199,250,121 | (160,504,466) | (61,581,301) | (222,085,767) | 341,636,333 | (364,229,923) | (22,593,590) | ||||||||||||||||||||||||||||
Hidroeléctrica El Chocón S.A. | separate | 27,754,942 | 161,753,755 | 189,508,697 | (24,739,392) | (69,116,012) | (93,855,404) | 48,326,998 | (36,168,754) | 12,158,244 | ||||||||||||||||||||||||||||
Emgesa S.A. E.S.P. | separate | 239,044,005 | 1,393,219,292 | 1,632,263,297 | (220,413,976) | (530,859,723) | (751,273,699) | 496,479,981 | (368,041,227) | 128,438,754 | ||||||||||||||||||||||||||||
Generandes Perú S.A. | separate | 162,255 | 208,237,040 | 208,399,295 | (9,633) | - | (9,633) | 22,317,674 | (180,671) | 22,137,003 | ||||||||||||||||||||||||||||
Edegel S.A.A. | separate | 70,142,623 | 709,616,464 | 779,759,087 | (60,257,964) | (275,273,113) | (335,531,077) | 214,815,328 | (140,762,791) | 74,052,537 | ||||||||||||||||||||||||||||
Chinango S.A.C. | separate | 11,140,497 | 112,163,451 | 123,303,948 | (22,972,028) | (42,065,340) | (65,037,368) | 25,943,033 | (17,770,892) | 8,172,141 | ||||||||||||||||||||||||||||
Centrales Hidroeléctricas de Aysén S.A. | separate | 10,250,367 | 115,878,802 | 126,129,169 | (7,348,428) | (1,035,256) | (8,383,684) | - | (4,664,851) | (4,664,851) | ||||||||||||||||||||||||||||
Endesa Brasil S.A. | separate | 144,245,706 | 1,071,816,109 | 1,216,061,815 | (5,924,851) | (2,225) | (5,927,076) | 160,755,284 | 10,670,289 | 171,425,573 | ||||||||||||||||||||||||||||
Central Generadora Termoeléctrica Fortaleza S.A. | separate | 85,453,417 | 162,710,126 | 248,163,543 | (40,948,473) | (38,033,756) | (78,982,229) | 127,130,032 | (86,764,813) | 40,365,219 | ||||||||||||||||||||||||||||
Centrais Elétricas Cachoeira Dourada S.A. | separate | 118,123,679 | 144,987,597 | 263,111,276 | (29,508,803) | (4,697,541) | (34,206,344) | 126,646,148 | (12,834,467) | 113,811,681 | ||||||||||||||||||||||||||||
Companhía de Interconexao Energética S.A. | separate | 25,533,963 | 292,499,911 | 318,033,874 | (151,994,548) | (16,143,887) | (168,138,435) | 54,757,129 | (18,519,083) | 36,238,046 | ||||||||||||||||||||||||||||
Compañía de Transmisión del Mercosur S.A. | separate | 18,236,701 | 3,922,642 | 22,159,343 | (3,751,001) | (15,927,509) | (19,678,510) | 2,682,140 | (2,906,410) | (224,270) | ||||||||||||||||||||||||||||
Compañía Energética Do Ceará S.A. | separate | 202,961,217 | 773,140,433 | 976,101,650 | (194,185,629) | (311,700,107) | (505,885,736) | 805,668,597 | (669,295,646) | 136,372,951 | ||||||||||||||||||||||||||||
EN-Brasil Comercio e Servicios S.A. | separate | 2,449,053 | 115,999 | 2,565,052 | (1,071,810) | (38,388) | (1,110,198) | 5,839,550 | (4,878,723) | 960,827 | ||||||||||||||||||||||||||||
Ampla Energía E Servicios S.A. | separate | 215,407,325 | 1,102,615,089 | 1,318,022,414 | (293,476,867) | (548,590,886) | (842,067,753) | 979,024,498 | (909,619,067) | 69,405,431 | ||||||||||||||||||||||||||||
Ampla Investimentos E Servicios S.A. | separate | 1,507,987 | 138,395,284 | 139,903,271 | (51,994,249) | - | (51,994,249) | - | 16,979,113 | 16,979,113 | ||||||||||||||||||||||||||||
Compañía Distribuidora y Comercializadora de Energía S.A. | separate | 233,090,499 | 934,300,085 | 1,167,390,584 | (294,852,363) | (379,922,653) | (674,775,016) | 751,734,951 | (663,876,013) | 87,858,938 | ||||||||||||||||||||||||||||
Inversora Codensa S.A. | separate | 1,076 | 76 | 1,152 | (35) | - | (35) | - | (45) | (45) | ||||||||||||||||||||||||||||
Empresa de Enería de Cundinamarca S.A. | separate | 19,310,230 | 95,221,154 | 114,531,384 | (21,874,858) | (35,202,438) | (57,077,296) | 67,832,508 | (61,248,745) | 6,583,763 | ||||||||||||||||||||||||||||
Empresa Distribuidora Sur S.A. | separate | 86,197,848 | 270,721,415 | 356,919,263 | (311,415,979) | (40,591,590) | (352,007,569) | 269,794,850 | (427,202,383) | (157,407,532) |
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ENERSIS S.A. AND SUBSIDIARIES INTERIM CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD ENDING SEPTEMBER 30, 2012 (In thousands of Chilean pesos) | ![]() |
APPENDIX 1 ENERSIS GROUP COMPANIES:
This appendix is part of Note 2.4, “Subsidiaries and jointly-controlled entities.”
It presents the Group’s ownership interest in each company.
Taxpayer ID No. (Rut) | Company (in alphabetical order) | Functional Currency | Ownership interest at 9-30-2012 | Ownership interest at 12-31-2011 | ||||||||||||||||||
Direct | Indirect | Total | Direct | Indirect | Total | Relation | Country | Activity | ||||||||||||||
96,773,290-7 | Aguas Santiago Poniente S.A. | Chilean peso | 0.00% | 78.88% | 78.88% | 0.00% | 78.88% | 78.88% | Subsidiary | Chile | Sanitation Services | |||||||||||
Foreign | Ampla Energía E Serviços S.A. | Brazilian real | 13.68% | 78.25% | 91.93% | 13.68% | 78.25% | 91.93% | Subsidiary | Brazil | Electric energy production, transportation, and distribution | |||||||||||
Foreign | Ampla Investimentos E Serviços S.A. | Brazilian real | 13.68% | 78.25% | 91.93% | 13.68% | 78.25% | 91.93% | Subsidiary | Brazil | Electric energy production, transmission, transformation, distribution, and sales | |||||||||||
Foreign | Atacama Finance Co | U.S. dollar | 0.00% | 50.00% | 50.00% | 0.00% | 50.00% | 50.00% | Joint control | Cayman Islands | Portfolio company | |||||||||||
Foreign | Compañía Americana de Multiservicios de Brasil Ltda. | Brazilian real | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | Subsidiary | Brazil | Purchase and sales of electricity-related products | |||||||||||
Foreign | Centrais Elétricas Cachoeira Dourada S.A. | Brazilian real | 0.00% | 99.61% | 99.61% | 0.00% | 99.61% | 99.61% | Subsidiary | Brazil | Generation and sales of electric energy | |||||||||||
76,003,204-2 | Central Eólica Canela S.A. | Chilean peso | 0.00% | 75.00% | 75.00% | 0.00% | 75.00% | 75.00% | Subsidiary | Chile | Promotion and development of renewable energy projects | |||||||||||
Foreign | Central Generadora Termoeléctrica Fortaleza S.A. | Brazilian real | 0.00% | 100.00% | 100.00% | 0.00% | 100.00% | 100.00% | Subsidiary | Brazil | Development of a thermoelectric project | |||||||||||
76,652,400-1 | Centrales Hidroeléctricas De Aysén S.A. | Chilean peso | 0.00% | 51.00% | 51.00% | 0.00% | 51.00% | 51.00% | Joint control | Chile | Development and running of a hydroelectric project | |||||||||||
Foreign | Central Vuelta Obligado S.A. | Argentine peso | 0.00% | 34.50% | 34.50% | 0.00% | 34.50% | 34.50% | Joint control | Argentina | Electricity generation and sales | |||||||||||
99,573,910-0 | Chilectra Inversud S.A. | Chilean peso | 0.00% | 100.00% | 100.00% | 0.00% | 100.00% | 100.00% | Subsidiary | Chile | Portfolio company | |||||||||||
96,800,570-7 | Chilectra S.A. | Chilean peso | 99.08% | 0.01% | 99.09% | 99.08% | 0.01% | 99.09% | Subsidiary | Chile | Participation in companies of any nature | |||||||||||
Foreign | Chinango S.A.C. | Peruvian sol | 0.00% | 80.00% | 80.00% | 0.00% | 80.00% | 80.00% | Subsidiary | Peru | Electric energy generation, sales, and distribution | |||||||||||
Foreign | Companhía de Interconexao Energética S.A. | Brazilian real | 0.00% | 100.00% | 100.00% | 0.00% | 100.00% | 100.00% | Subsidiary | Brazil | Electric energy production, transportation, and distribution | |||||||||||
Foreign | Compañía de Transmisión del Mercosur S.A. | Argentine peso | 0.00% | 99.99% | 99.99% | 0.00% | 99.99% | 99.99% | Subsidiary | Argentina | Electric energy production, transportation, and distribution | |||||||||||
Foreign | Compañía Distribuidora y Comercializadora de energía S.A. | Colombian peso | 12.47% | 9.35% | 21.82% | 12.47% | 9.35% | 21.82% | Subsidiary | Colombia | Electric energy distribution and sales | |||||||||||
96,783,220-0 | Compañía Eléctrica San Isidro S.A. (1) | Chilean peso | 0.00% | 95.61% | 95.61% | 0.00% | 100.00% | 100.00% | Subsidiary | Chile | Complete electric energy cycle | |||||||||||
96,770,940-9 | Compañía Eléctrica Tarapacá S.A. | Chilean peso | 0.00% | 100.00% | 100.00% | 0.00% | 100.00% | 100.00% | Subsidiary | Chile | Complete electric energy cycle | |||||||||||
Foreign | Compañía Energética Do Ceará S.A. | Brazilian real | 0.00% | 58.87% | 58.87% | 0.00% | 58.87% | 58.87% | Subsidiary | Brazil | Complete electric energy cycle | |||||||||||
77,625,850-4 | Consorcio Ara- Ingendesa Ltda. | Chilean peso | 0.00% | 50.00% | 50.00% | 0.00% | 50.00% | 50.00% | Joint control | Chile | Engineering services | |||||||||||
76,738,990-6 | Consorcio Ara- Ingendesa Sener Ltda. | Chilean peso | 0.00% | 33.33% | 33.33% | 0.00% | 33.33% | 33.33% | Associate | Chile | Execution and compliance of the Maipu Line Basic Engineering Contract | |||||||||||
77,573,910-K | Consorcio Ingendesa Minimetal Ltda. | Chilean peso | 0.00% | 50.00% | 50.00% | 0.00% | 50.00% | 50.00% | Joint control | Chile | Engineering services | |||||||||||
96,764,840-K | Constructora y Proyectos Los Maitenes S.A. | Chilean peso | 0.00% | 55.00% | 55.00% | 0.00% | 55.00% | 55.00% | Subsidiary | Chile | Construction and facilities | |||||||||||
Foreign | Distribuidora Eléctrica de Cundinamarca S.A. | Colombian peso | 0.00% | 49.00% | 49.00% | 0.00% | 49.00% | 49.00% | Joint control | Colombia | Electricity distribution and sales | |||||||||||
Foreign | Distrilec Inversora S.A. | Argentine peso | 27.19% | 24.31% | 51.50% | 27.19% | 24.31% | 51.50% | Subsidiary | Argentina | Portfolio company | |||||||||||
Foreign | Edegel S.A.A | Peruvian sol | 0.00% | 83.60% | 83.60% | 0.00% | 83.60% | 83.60% | Subsidiary | Peru | Electric energy generation, sales, and distribution | |||||||||||
Foreign | Emgesa S.A. E.S.P. | Colombian peso | 0.00% | 26.87% | 26.87% | 0.00% | 26.87% | 26.87% | Subsidiary | Colombia | Electric energy generation | |||||||||||
Foreign | Empresa de Distribución Eléctrica de Lima Norte S.A.A | Peruvian sol | 35.02% | 30.15% | 65.17% | 35.02% | 30.15% | 65.17% | Subsidiary | Peru | Electric energy distribution and sales | |||||||||||
Foreign | Empresa de Energía de Cundinamarca S.A. | Colombian peso | 0.00% | 49.00% | 49.00% | 0.00% | 49.00% | 49.00% | Joint control | Colombia | Electric energy distribution and sales | |||||||||||
96,588,800-4 | Empresa de Ingeniería Ingendesa S.A. (2) | Chilean peso | 0.00% | 0.00% | 0.00% | 0.00% | 100.00% | 100.00% | Subsidiary | Chile | Engineering services | |||||||||||
Foreign | Empresa Distribuidora Sur S.A. | Argentine peso | 16.02% | 77.21% | 93.23% | 16.02% | 77.21% | 93.23% | Subsidiary | Argentina | Electric energy distribution and sales | |||||||||||
96,783,910-8 | Empresa Eléctrica de Colina Ltda. | Chilean peso | 0.00% | 100.00% | 100.00% | 0.00% | 100.00% | 100.00% | Subsidiary | Chile | Complete energy cycle and related supplies | |||||||||||
96,589,170-6 | Empresa Eléctrica Pangue S.A. (1) | Chilean peso | 0.00% | 0.00% | 0.00% | 0.00% | 94.99% | 94.99% | Subsidiary | Chile | Complete electric energy cycle | |||||||||||
96,504,980-0 | Empresa Eléctrica Pehuenche S.A. | Chilean peso | 0.00% | 92.65% | 92.65% | 0.00% | 92.65% | 92.65% | Subsidiary | Chile | Complete electric energy cycle | |||||||||||
91,081,000-6 | Empresa Nacional de Electricidad S.A. | Chilean peso | 59.98% | 0.00% | 59.98% | 59.98% | 0.00% | 59.98% | Subsidiary | Chile | Complete electric energy cycle | |||||||||||
Foreign | Endesa Argentina S.A. | Argentine peso | 0.00% | 100.00% | 100.00% | 0.00% | 100.00% | 100.00% | Subsidiary | Argentina | Portfolio company | |||||||||||
Foreign | Endesa Brasil S.A. | Brazilian real | 22.06% | 49.46% | 71.52% | 22.06% | 49.46% | 71.52% | Subsidiary | Brazil | Portfolio company | |||||||||||
Foreign | Endesa Costanera S.A. | Argentine peso | 0.00% | 69.76% | 69.76% | 0.00% | 69.76% | 69.76% | Subsidiary | Argentina | Electricity generation and sales |
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ENERSIS S.A. AND SUBSIDIARIES INTERIM CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD ENDING SEPTEMBER 30, 2012 (In thousands of Chilean pesos) |
Taxpayer ID No. (RUT) | Company (in alphabetical order) | Functional Currency | Ownership interest at 9-30-2012 | Ownership interest at 12-31-2011 | Relation | Country | Activity | |||||||||||||||
Direct | Indirect | Total | Direct | Indirect | Total | |||||||||||||||||
96,827,970-K | Endesa Eco S.A. (3) | Chilean peso | 0.00% | 100.00% | 100.00% | 0.00% | 100.00% | 100.00% | Subsidiary | Chile | Renewable energy projects | |||||||||||
96,526,450-7 | Endesa Inversiones Generales S.A. (2) | Chilean peso | 0.00% | 0.00% | 0.00% | 0.00% | 100.00% | 100.00% | Subsidiary | Chile | Portfolio company | |||||||||||
Foreign | Energex Co. | U.S. dollar | 0.00% | 50.00% | 50.00% | 0.00% | 50.00% | 50.00% | Joint control | Cayman Islands | Portfolio company | |||||||||||
Foreign | EN-Brasil Comercio e Servicos S.A. | Brazilian real | 0.00% | 99.99% | 99.99% | 0.00% | 99.99% | 99.99% | Associate | Brazil | Portfolio company | |||||||||||
Foreign | Eólica Fanzenda Nova-Geracao e Comercializacao de Energía S.A. | Brazilian real | 0.00% | 99.95% | 99.95% | 0.00% | 99.95% | 99.95% | Associate | Brazil | Promotion and development of renewable energy projects | |||||||||||
96,830,980-3 | Gas Atacama S.A. | U.S. dollar | 0.00% | 50.00% | 50.00% | 0.00% | 50.00% | 50.00% | Joint control | Chile | Administration and management of companies | |||||||||||
Foreign | Gasoducto Atacama Argentina S.A. | U.S. dollar | 0.00% | 49.99% | 49.99% | 0.00% | 49.99% | 49.99% | Joint control | Chile | Transportation of natural gas | |||||||||||
78,882,820-9 | Gasoducto Atacama Chile S.A. | U.S. dollar | 0.00% | 50.00% | 50.00% | 0.00% | 50.00% | 50.00% | Joint control | Chile | Transportation of natural gas | |||||||||||
77,032,280-4 | Gasoducto Taltal Ltda. | Chilean peso | 0.00% | 50.00% | 50.00% | 0.00% | 50.00% | 50.00% | Joint control | Chile | Transportation of natural gas | |||||||||||
Foreign | Generandes Perú S.A. | Peruvian sol | 0.00% | 61.00% | 61.00% | 0.00% | 61.00% | 61.00% | Subsidiary | Peru | Portfolio company | |||||||||||
76,041,891-9 | Hidroaysén Transmisión S.A. | Chilean peso | 0.00% | 51.00% | 51.00% | 0.00% | 51.00% | 51.00% | Joint control | Chile | Development of electricity transmission systems | |||||||||||
Foreign | Hidroeléctrica El Chocón S.A. | Argentine peso | 0.00% | 67.67% | 67.67% | 0.00% | 67.67% | 67.67% | Subsidiary | Argentina | Electric energy production and sales | |||||||||||
Foreign | Hidroinvest S.A. | Argentine peso | 0.00% | 96.09% | 96.09% | 0.00% | 96.09% | 96.09% | Subsidiary | Argentina | Portfolio company | |||||||||||
In process | ICT Servicios Informáticos Ltda. | Chilean peso | 99.00% | 1.00% | 100.00% | 99.00% | 1.00% | 100.00% | Subsidiary | Chile | Information and technology services | |||||||||||
Foreign | Ingendesa do Brazil Ltda. | Brazilian real | 0.00% | 100.00% | 100.00% | 0.00% | 100.00% | 100.00% | Subsidiary | Brazil | Project engineering consulting | |||||||||||
79,913,810-7 | Inmobiliaria Manso de Velasco Ltda. | Chilean peso | 99.99% | 0.00% | 99.99% | 99.99% | 0.00% | 99.99% | Subsidiary | Chile | Construction and works | |||||||||||
Foreign | Inversiones Distrilima S.A. | Peruvian sol | 34.99% | 15.38% | 50.37% | 34.99% | 15.38% | 50.37% | Subsidiary | Peru | Portfolio company | |||||||||||
96,887,060-2 | Inversiones Endesa Norte S.A. (3) | Chilean peso | 0.00% | 0.00% | 0.00% | 0.00% | 100.00% | 100.00% | Subsidiary | Chile | Investment in energy projects in the northern Chile | |||||||||||
76,014,570-K | Inversiones Gas Atacama Holding Ltda. | U.S. dollar | 0.00% | 50.00% | 50.00% | 0.00% | 50.00% | 50.00% | Joint control | Chile | Natural gas transportation | |||||||||||
Foreign | Inversora Codensa S.A.S. | Colombian peso | 0.00% | 100.00% | 100.00% | 0.00% | 100.00% | 100.00% | Subsidiary | Colombia | Investment in domestic public energy services activities | |||||||||||
Foreign | Investluz S.A. | Brazilian real | 0.00% | 100.00% | 100.00% | 0.00% | 100.00% | 100.00% | Subsidiary | Brazil | Portfolio company | |||||||||||
96,800,460-3 | Luz Andes Ltda. | Chilean peso | 0.00% | 100.00% | 100.00% | 0.00% | 100.00% | 100.00% | Subsidiary | Chile | Energy and fuel transportation, distribution, and sales | |||||||||||
96,905,700-K | Progas S.A. | Chilean peso | 0.00% | 50.00% | 50.00% | 0.00% | 50.00% | 50.00% | Joint control | Chile | Gas distribution | |||||||||||
99,584,600-4 | Sistema Sec S.A. | Chilean peso | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | Joint control | Chile | Supply of signaling, electrification, and communications systems | |||||||||||
77,047,280-6 | Sociedad Agrícola de Cameros Ltda. | Chilean peso | 0.00% | 57.50% | 57.50% | 0.00% | 57.50% | 57.50% | Subsidiary | Chile | Financial investments | |||||||||||
78,970,360-4 | Sociedad Agrícola e Inmobiliaria Pastos Verdes Ltda. | Chilean peso | 0.00% | 55.00% | 55.00% | 0.00% | 55.00% | 55.00% | Subsidiary | Chile | Financial investments | |||||||||||
96,671,360-7 | Sociedad Concesionaria Túnel El Melón S.A. | Chilean peso | 0.00% | 100.00% | 100.00% | 0.00% | 100.00% | 100.00% | Subsidiary | Chile | Execution, construction, and operation of the El Melón tunnel | |||||||||||
79,197,570-6 | Sociedad Consorcio Ingendesa-Ara Limitada | Chilean peso | 0.00% | 50.00% | 50.00% | 0.00% | 50.00% | 50.00% | Joint control | Santiago, Chile | Engineering services | |||||||||||
Foreign | Sociedad Portuaria Central Cartagena S.A. | Colombian peso | 0.00% | 99.85% | 99.85% | 0.00% | 99.85% | 99.85% | Associate | Colombia | Port administration | |||||||||||
Foreign | Southern Cone Power Argentina S.A. | Argentine peso | 0.00% | 100.00% | 100.00% | 0.00% | 100.00% | 100.00% | Subsidiary | Argentina | Portfolio company | |||||||||||
Foreign | Termoeléctrica José de San Martín S.A. | Argentine peso | 0.00% | 20.86% | 20.86% | 0.00% | 20.86% | 20.86% | Associate | Argentina | Construction and operation of a combined cycle plant | |||||||||||
Foreign | Termoeléctrica Manuel Belgrano S.A. | Argentine peso | 0.00% | 20.86% | 20.86% | 0.00% | 20.86% | 20.86% | Associate | Argentina | Electric energy production, transportation, and distribution | |||||||||||
77,017,930-0 | Transmisora Eléctrica de Quillota Ltda. | Chilean peso | 0.00% | 50.00% | 50.00% | 0.00% | 50.00% | 50.00% | Joint control | Chile | Electric energy transportation and distribution | |||||||||||
Foreign | Transportadora de Energía S.A. | Argentine peso | 0.00% | 100.00% | 100.00% | 0.00% | 100.00% | 100.00% | Subsidiary | Argentina | Electric energy production, transportation, and distribution |
(1) | On May 2, 2012, Empresa Eléctrica Pangue S.A. was merged with Compañía Eléctrica San Isidro S.A.; the latter is the company which legally continues to exist. |
(2) | On May 2, 2012, Empresa de Ingeniería Ingendesa S.A. and Endesa Inversiones Generales S.A. were merged with Inversiones Endesa Norte S.A.; the latter is the company which legally continues to exist. |
(3) | On July 1, 2012, Inversiones Endesa Norte S.A. was merged with Endesa Eco S.A.; the latter is the company which legally continues to exist. |
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ENERSIS S.A. AND SUBSIDIARIES INTERIM CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD ENDING SEPTEMBER 30, 2012 (In thousands of Chilean pesos) | ![]() |
APPENDIX 2 CHANGES IN THE SCOPE OF CONSOLIDATION:
This appendix is part of Note 2.4.1, “Changes in the scope of consolidation.”
Incorporated into the scope of consolidation during the 2012 period and the 2011 fiscal year
Company | Ownership Interest | Ownership Interest | ||||||||||||||
at September 30, 2012 | at December 31, 2011 | |||||||||||||||
Direct | Indirect | Total | Consolidation Method | Direct | Indirect | Total | Consolidation Method | |||||||||
Central Vuelta Obligado S.A. | - | - | - | - | 0.00% | 34.50% | 34.50% | Joint control |
There were no companies excluded from the scope of consolidation during the third quarter of 2012 and the 2011 fiscal year.
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ENERSIS S.A. AND SUBSIDIARIES INTERIM CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD ENDING SEPTEMBER 30, 2012 (In thousands of Chilean pesos) | ![]() |
APPENDIX 3 ENERSIS GROUP ASSOCIATED COMPANIES:
This appendix is part of Note 3.h, “Investments in associates accounted for using the equity method.”
Taxpayer ID | Company (in | Functional | Ownership interest at 12-31-2011 | Ownership interest at 9-30-2012 | Country | Activity | ||||||||||||||
No. (RUT) | alphabetical order) | Currency | Direct | Indirect | Total | Direct | Indirect | Total | ||||||||||||
96,806,130-5 | Electrogas S.A. | U.S. dollar | 42.50% | 0.00% | 42.50% | 42.50% | 0.00% | 42.50% | Chile | Portfolio company | ||||||||||
Foreign | Endesa Cemsa S.A. | Argentine peso | 0.00% | 45.00% | 45.00% | 0.00% | 45.00% | 45.00% | Argentina | Electricity wholesaler | ||||||||||
Foreign | Endesa Market Place | U.S. dollar | 15.00% | 0.00% | 15.00% | 15.00% | 0.00% | 15.00% | Spain | B2B (New technologies) | ||||||||||
76,418,940-K | GNL Chile S.A. | Chilean peso | 0.00% | 33.33% | 33.33% | 0.00% | 33.33% | 33.33% | Chile | Promotion of liquefied gas supply project | ||||||||||
76,788,080-4 | GNL Quintero S.A. | U.S. dollar | 0.00% | 20.00% | 20.00% | 0.00% | 20.00% | 20.00% | Chile | Development, design, and supply of a liquid natural gas regasifying terminal | ||||||||||
Foreign | Sacme S.A. | U.S. dollar | 0.00% | 50.00% | 50.00% | 0.00% | 50.00% | 50.00% | Argentina | Electric system supervision and control |
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ENERSIS S.A. AND SUBSIDIARIES INTERIM CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD ENDING SEPTEMBER 30, 2012 (In thousands of Chilean pesos) | ![]() |
APPENDIX 4 ADDITIONAL INFORMATION ON FINANCIAL DEBT:
This appendix is part of Note 18, “Other financial liabilities.”
The following tables present the contractual undiscounted cash flows by type of financial debt:
a ) Bank borrowings
a. Summary of bank loans by currency and maturity
Country | Currency | Nominal Rate | Current | Non-current | ||||||||||||||||||||||||||||
Maturity | Maturity | |||||||||||||||||||||||||||||||
One to Three Months | Three to Twelve Months | Total Current at 9-30-2012
| One to Three Years | Three to Five Years | More than Five Years | Total Non-
| ||||||||||||||||||||||||||
ThCh$ | ThCh$ | ThCh$ | ThCh$ | ThCh$ | ThCh$ | ThCh$ | ||||||||||||||||||||||||||
Chile | US$ | 1.90% | 872,127 | 2,499,488 | 3,371,615 | 98,112,317 | 388,150 | - | 98,500,467 | |||||||||||||||||||||||
Chile | U.F. | 6.30% | 4,648 | 4,648 | - | - | - | - | ||||||||||||||||||||||||
Peru | US$ | 3.55% | 2,684,159 | 3,299,301 | 5,983,460 | 9,203,946 | 27,486,843 | 12,217,046 | 48,907,835 | |||||||||||||||||||||||
Peru | Sol | 5.16% | 9,063,343 | 978,173 | 10,041,516 | 2,608,460 | 9,517,485 | 15,249,740 | 27,375,685 | |||||||||||||||||||||||
Argentina | US$ | 8.42% | 1,962,009 | 10,244,322 | 12,206,331 | 9,467,892 | - | - | 9,467,892 | |||||||||||||||||||||||
Argentina | Ar$ | 20.60% | 27,515,413 | 28,486,176 | 56,001,589 | 27,315,822 | - | - | 27,315,822 | |||||||||||||||||||||||
Colombia | CP | 9.10% | 1,844,441 | 5,533,323 | 7,377,764 | 19,882,691 | 32,804,919 | 64,797,513 | 117,485,123 | |||||||||||||||||||||||
Brazil | US$ | 7.81% | 3,378,485 | 4,333,345 | 7,711,830 | 15,807,650 | 10,544,021 | 4,210,327 | 30,561,998 | |||||||||||||||||||||||
Brazil | Real | 9.06% | 35,559,800 | 6,420,606 | 41,980,406 | 23,444,498 | - | - | 23,444,498 | |||||||||||||||||||||||
82,884,425 | 61,794,734 | 144,679,159 | 205,843,276 | 80,741,418 | 96,474,626 | 383,059,320 | ||||||||||||||||||||||||||
Country | Currency | Nominal Rate | Current | Non-current | ||||||||||||||||||||||||||||
Maturity | Maturity | |||||||||||||||||||||||||||||||
One to Three Months | Three to Twelve Months | Total Current at 12-31-2011 | One to Three Years | Three to Five Years | More than Years | Total Non- current at 12-31-2011 | ||||||||||||||||||||||||||
ThCh$ | ThCh$ | ThCh$ | ThCh$ | ThCh$ | ThCh$ | ThCh$ | ||||||||||||||||||||||||||
Chile | US$ | 1.90% | 906,389 | 3,359,497 | 4,265,886 | 109,631,899 | 876,746 | - | 110,508,645 | |||||||||||||||||||||||
Chile | U.F. | 6.30% | - | - | - | - | - | - | - | |||||||||||||||||||||||
Peru | US$ | 3.55% | 2,810,297 | 10,519,166 | 13,329,463 | 7,864,024 | 25,087,748 | 26,158,087 | 59,109,859 | |||||||||||||||||||||||
Peru | Sol | 5.16% | 431,794 | 2,987,507 | 3,419,301 | 3,362,985 | - | 38,373,491 | 41,736,476 | |||||||||||||||||||||||
Argentina | US$ | 8.42% | 2,662,019 | 9,436,481 | 12,098,500 | 17,142,594 | 1,612,063 | - | 18,754,657 | |||||||||||||||||||||||
Argentina | Ar$ | 20.60% | 37,689,501 | 28,405,542 | 66,095,043 | 47,915,942 | 2,458,440 | - | 50,374,382 | |||||||||||||||||||||||
Colombia | CP | 9.10% | 1,338,154 | 82,134,906 | 83,473,060 | - | - | - | - | |||||||||||||||||||||||
Brazil | US$ | 7.81% | 644,936 | 12,599,186 | 13,244,122 | 17,532,685 | 17,877,446 | 6,352,599 | 41,762,730 | |||||||||||||||||||||||
Brazil | Real | 9.06% | 30,524,862 | 175,096,068 | 205,620,930 | 142,254,517 | 90,580,272 | 8,209,057 | 241,043,846 | |||||||||||||||||||||||
77,007,952 | 324,538,353 | 401,546,305 | 345,704,646 | 138,492,715 | 79,093,234 | 563,290,595 |
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ENERSIS S.A. AND SUBSIDIARIES INTERIM CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD ENDING SEPTEMBER 30, 2012 (In thousands of Chilean pesos) | ![]() |
b Identification of bank borrowings by company
Taxpayer ID No. (RUT) | Company | Country | Financial Institution | Currency | Effective Interest Rate | Nominal Interest Rate | 09-2012 | 12-2011 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Current | Non-current | Current | Non-current | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Less than 90 days | More than 90 | Total Current | One to Three Years | Three to Years | More than Five Years | Total Non- current | Less than 90 days | More than 90 Days | Total Current | One to Three Years | Three to Five Years | More than Five | Total Non- current | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign | Ampla Energía E Servicios S.A. | Brazil | Unibanco | Real | 10.27% | 10.29% | 623,800 | - | 623,800 | - | - | - | - | 45,870 | 1,542,373 | 1,588,243 | - | - | - | - | ||||||||||||||||||||||||||||||||||||||||||||||||
Foreign | Ampla Energía E Servicios S.A. | Brazil | Brasdesco | Real | 10.10% | 5.92% | 753,893 | 4,689,510 | 5,443,403 | - | - | - | - | 5,982,354 | 13,453,719 | 19,436,073 | - | - | - | - | ||||||||||||||||||||||||||||||||||||||||||||||||
Foreign | Ampla Energía E Servicios S.A. | Brazil | Banco do Brasil | Real | 9.93% | 9.77% | 577,032 | 1,731,096 | 2,308,128 | 23,444,498 | - | - | 23,444,498 | 875,019 | 2,942,372 | 3,817,391 | 30,333,452 | - | - | 30,333,452 | ||||||||||||||||||||||||||||||||||||||||||||||||
Foreign | Ampla Energía E Servicios S.A. | Brazil | Banco HSBC | Real | 9.91% | 6.35% | 8,935,583 | - | 8,935,583 | - | - | - | - | 632,464 | 22,045,700 | 22,678,164 | - | - | - | - | ||||||||||||||||||||||||||||||||||||||||||||||||
Foreign | Ampla Energía E Servicios S.A. | Brazil | Banco Itaú | Real | 10.12% | 10.20% | 795,675 | - | 795,675 | - | - | - | - | 57,479 | 1,964,473 | 2,021,952 | - | - | - | - | ||||||||||||||||||||||||||||||||||||||||||||||||
Foreign | Ampla Energía E Servicios S.A. | Brazil | Electrobras | Real | 6.02% | 6.02% | - | - | - | - | - | - | - | 339,935 | 1,111,948 | 1,451,883 | 2,916,206 | 5,539,073 | 725,103 | 9,180,382 | ||||||||||||||||||||||||||||||||||||||||||||||||
Foreign | Ampla Energía E Servicios S.A. | Brazil | Bndes | Real | 11.02% | 11.02% | - | - | - | - | - | - | - | 6,488,408 | 16,888,622 | 23,377,030 | 33,192,137 | 52,961,281 | 3,133,364 | 89,286,782 | ||||||||||||||||||||||||||||||||||||||||||||||||
Foreign | Ampla Energía E Servicios S.A. | Brazil | Banco Alfa | Real | 10.23% | 10.27% | - | - | - | - | - | - | - | 1,779,341 | 12,975,006 | 14,754,347 | - | - | - | - | ||||||||||||||||||||||||||||||||||||||||||||||||
Foreign | CGTF Fortaleza | Brazil | IFC - A | US$ | 7.96% | 8.06% | 1,411,719 | 1,951,217 | 3,362,936 | 6,667,973 | 6,580,932 | 1,630,107 | 14,879,012 | 344,277 | 3,510,015 | 3,854,292 | 7,427,750 | 7,100,739 | 4,604,499 | 19,132,988 | ||||||||||||||||||||||||||||||||||||||||||||||||
Foreign | CGTF Fortaleza | Brazil | IFC - B | US$ | 3.03% | 3.03% | 1,867,124 | 2,083,203 | 3,950,327 | 8,342,544 | 2,185,396 | - | 10,527,940 | 114,099 | 4,162,847 | 4,276,946 | 8,990,990 | 4,835,251 | - | 13,826,241 | ||||||||||||||||||||||||||||||||||||||||||||||||
Foreign | CGTF Fortaleza | Brazil | IFC - C | US$ | 12.06% | 12.35% | 99,642 | 298,925 | 398,567 | 797,133 | 1,777,693 | 2,580,220 | 5,155,046 | 108,598 | 365,176 | 473,774 | 875,946 | 5,584,166 | - | 6,460,112 | ||||||||||||||||||||||||||||||||||||||||||||||||
Foreign | Chinango S.A.C. | Peru | Banco Continental | Sol | 3.85% | 3.80% | 1,467,721 | 1,467,721 | - | - | - | - | 14,597 | 1,585,500 | 1,600,097 | - | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||||||
Foreign | Chinango S.A.C. | Peru | Banco Scotiabank | US$ | 4.24% | 4.19% | 158,317 | 765,052 | 923,369 | 2,363,610 | 2,262,287 | 12,217,046 | 16,842,943 | 166,062 | 558,407 | 724,469 | 2,423,556 | 17,774,668 | 20,198,224 | |||||||||||||||||||||||||||||||||||||||||||||||||
Foreign | Companhia de Interconexao Energética S.A. | Brazil | Santander | Real | 11.61% | 11.80% | 23,873,817 | - | 23,873,817 | - | - | - | - | 1,801,366 | 59,020,877 | 60,822,243 | - | - | - | - | ||||||||||||||||||||||||||||||||||||||||||||||||
96,800,570-7 | Chilectra S.A. | Chile | Bank credit lines | Ch$ | 6.60% | 6.60% | 1,044 | - | 1,044 | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||||||||||||||
94,271,000-3 | Enersis S.A. | Chile | Banco Santander Chile | Ch$ | 2.10% | 2.10% | 3,344 | - | 3,344 | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||||||||||||||
Foreign | Compañía Energética Do Ceará S.A. | Brazil | Banco Europeo de Investimentos | US$ | 6.58% | 6.58% | - | - | - | - | - | - | - | 19,073 | 173,334 | 192,407 | 237,999 | 357,290 | 1,748,100 | 2,343,389 | ||||||||||||||||||||||||||||||||||||||||||||||||
Foreign | Compañía Energética Do Ceará S.A. | Brazil | Eletrobras | Real | 6.58% | 6.58% | - | - | - | - | - | - | - | 1,721,402 | 4,747,664 | 6,469,066 | 8,943,102 | 16,832,769 | 4,350,590 | 30,126,461 | ||||||||||||||||||||||||||||||||||||||||||||||||
Foreign | Compañía Energética Do Ceará S.A. | Brazil | Banco do Brasil | Real | 10.75% | 10.75% | - | - | - | - | - | - | - | 1,310,254 | 4,235,607 | 5,545,861 | 5,443,423 | - | - | 5,443,423 | ||||||||||||||||||||||||||||||||||||||||||||||||
Foreign | Compañía Energética Do Ceará S.A. | Brazil | Bndes | Real | 9.95% | 9.95% | - | - | - | - | - | - | - | 9,231,834 | 30,273,652 | 39,505,486 | 56,108,514 | 15,247,149 | - | 71,355,663 | ||||||||||||||||||||||||||||||||||||||||||||||||
Foreign | Compañía Energética Do Ceará S.A. | Brazil | Banco do Nordeste | Real | 8.50% | 8.50% | - | - | - | - | - | - | - | 259,136 | 3,894,055 | 4,153,191 | 5,317,683 | - | - | 5,317,683 | ||||||||||||||||||||||||||||||||||||||||||||||||
Foreign | Compañía Energética Do Ceará S.A. | Brazil | Banco Europeo de Investimentos | US$ | 5.49% | 5.49% | - | - | - | - | - | - | - | 58,889 | 4,387,814 | 4,446,703 | - | - | - | - | ||||||||||||||||||||||||||||||||||||||||||||||||
Foreign | Edelnor | Peru | Banco de Crédito | Sol | 5.43% | 5.32% | 40,235 | 120,705 | 160,940 | 321,880 | 1,027,466 | 2,079,509 | 3,428,855 | 37,891 | 127,413 | 165,304 | 305,625 | - | 3,584,598 | 3,890,223 | ||||||||||||||||||||||||||||||||||||||||||||||||
Foreign | Edelnor | Peru | Banco de Crédito | Sol | 5.43% | 5.32% | 56,332 | 168,996 | 225,328 | 450,655 | 1,438,474 | 2,911,319 | 4,800,448 | 60,638 | 203,903 | 264,541 | 489,101 | - | 5,157,627 | 5,646,728 | ||||||||||||||||||||||||||||||||||||||||||||||||
Foreign | Edelnor | Peru | Banco de Interbank | Sol | 6.90% | 6.73% | 30,998 | 92,995 | 123,993 | 247,987 | 1,982,716 | - | 2,230,703 | 32,758 | 110,153 | 142,911 | 264,223 | - | 2,430,861 | 2,695,084 | ||||||||||||||||||||||||||||||||||||||||||||||||
Foreign | Edelnor | Peru | Banco de Crédito | Sol | 4.56% | 4.48% | 2,726,087 | - | 2,726,087 | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||||||||||||||
Foreign | Edelnor | Peru | Banco de Crédito | Sol | 4.56% | 4.48% | 4,543,478 | - | 4,543,478 | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||||||||||||||
Foreign | Edelnor | Peru | Banco Continental | Sol | 5.43% | 5.32% | - | - | - | - | - | - | - | 99,201 | 333,576 | 432,777 | 800,145 | - | 9,525,160 | 10,325,305 | ||||||||||||||||||||||||||||||||||||||||||||||||
Foreign | Edegel | Peru | Banco de Crédito | US$ | 3.51% | 3.47% | 1,729,271 | 1,714,520 | 3,443,791 | - | - | - | - | 1,949,762 | 5,760,203 | 7,709,965 | 1,880,534 | - | - | 1,880,534 | ||||||||||||||||||||||||||||||||||||||||||||||||
Foreign | Edegel | Peru | Banco Continental | US$ | 2.99% | 2.96% | 523,328 | 523,328 | - | - | - | - | 405,477 | 1,378,129 | 1,783,606 | - | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||||||
Foreign | Edegel | Peru | Banco Continental | US$ | 3.64% | 3.59% | 273,243 | 819,729 | 1,092,972 | 6,840,336 | 25,224,556 | - | 32,064,892 | 280,841 | 944,367 | 1,225,208 | 3,559,934 | 7,313,080 | 26,158,087 | 37,031,101 | ||||||||||||||||||||||||||||||||||||||||||||||||
Foreign | Edegel | Peru | Banco Scotiabank | US$ | 1.65% | L6M+1.25% | - | - | - | - | - | - | - | 8,155 | 1,878,060 | 1,886,215 | - | - | - | - | ||||||||||||||||||||||||||||||||||||||||||||||||
Foreign | Edegel S.A.A. | Peru | Banco Continental | US$ | 3.00% | L3M+2.5% | - | - | - | - | - | - | - | 260 | 260 | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign | Edelnor | Peru | Banco de Crédito | Sol | 5.43% | 5.32% | 40,235 | 120,705 | 160,940 | 321,880 | 1,027,466 | 2,079,509 | 3,428,855 | 37,891 | 127,413 | 165,304 | 305,625 | - | 3,584,598 | 3,890,223 | ||||||||||||||||||||||||||||||||||||||||||||||||
Foreign | Edelnor | Peru | Banco de Crédito | Sol | 5.43% | 5.32% | 40,235 | 120,705 | 160,940 | 321,880 | 1,027,466 | 2,079,509 | 3,428,855 | 37,891 | 127,413 | 165,304 | 305,625 | - | 3,584,598 | 3,890,223 | ||||||||||||||||||||||||||||||||||||||||||||||||
Foreign | Edelnor | Peru | Banco de Crédito | Sol | 5.43% | 5.32% | 34,870 | 104,610 | 139,480 | 278,960 | 890,468 | 1,802,241 | 2,971,669 | 32,360 | 108,816 | 141,176 | 261,016 | - | 3,097,880 | 3,358,896 | ||||||||||||||||||||||||||||||||||||||||||||||||
Foreign | Edelnor | Peru | Banco de Crédito | Sol | 5.43% | 5.32% | 16,094 | 48,282 | 64,376 | 128,752 | 410,986 | 831,804 | 1,371,542 | 15,156 | 50,965 | 66,121 | 122,250 | - | 1,433,839 | 1,556,089 | ||||||||||||||||||||||||||||||||||||||||||||||||
Foreign | Edelnor | Peru | Banco de Crédito | Sol | 5.43% | 5.32% | 67,058 | 201,175 | 268,233 | 536,466 | 1,712,443 | 3,465,849 | 5,714,758 | 63,151 | 212,355 | 275,506 | 509,375 | - | 5,974,330 | 6,483,705 |
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ENERSIS S.A. AND SUBSIDIARIES INTERIM CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD ENDING SEPTEMBER 30, 2012 (In thousands of Chilean pesos) | ![]() |
b | Identification of bank borrowings by company, continued |
Taxpayer ID No. (RUT) | Company | Country | Financial Institution | Currency | Effective Interest Rate | Nominal Interest Rate | 09-2012 | 12-2011 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Current | Non-current | Current | Non-current | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Less than 90 days | More than 90 Days | Total Current | One to Three Years | Three to Five Years | More than Five Years | Total Non- current | Less than 90 days | More than 90 Days | Total Current | One to Three Years | Three to Five Years | More than Five Years | Total Non- current | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign | Edesur S.A. | Argentina | Banco de la Ciudad de Buenos Aires | Ar$ | 21.72% | 19.81% | 348,002 | 1,044,006 | 1,392,008 | 7,152,636 | - | - | 7,152,636 | 6,354,203 | 1,169,601 | 7,523,804 | 9,498,494 | - | - | 9,498,494 | ||||||||||||||||||||||||||||||||||||||||||||||||
Foreign | Edesur S.A. | Argentina | Banco Provincia de Buenos Aires | Ar$ | 16.65% | 15.50% | 38,953 | 116,858 | 155,811 | 1,031,202 | - | - | 1,031,202 | 124,577 | 158,143 | 282,720 | 1,364,912 | - | - | 1,364,912 | ||||||||||||||||||||||||||||||||||||||||||||||||
Foreign | Edesur S.A. | Argentina | Standard Bank | Ar$ | 22.83% | 21.10% | 161,758 | 2,197,641 | 2,359,399 | 1,303,335 | - | - | 1,303,335 | 213,681 | 718,530 | 932,211 | 4,195,131 | - | - | 4,195,131 | ||||||||||||||||||||||||||||||||||||||||||||||||
Foreign | Edesur S.A. | Argentina | Banco Santander Río | Ar$ | 21.27% | 19.76% | 271,482 | 2,935,466 | 3,206,948 | 3,588,752 | - | - | 3,588,752 | 614,888 | 1,088,442 | 1,703,330 | 4,708,036 | - | - | 4,708,036 | ||||||||||||||||||||||||||||||||||||||||||||||||
Foreign | Edesur S.A. | Argentina | BBVA | Ar$ | 19.55% | 18.00% | 619,813 | - | 619,813 | - | - | - | - | 128,257 | 2,499,512 | 2,627,769 | - | - | - | - | ||||||||||||||||||||||||||||||||||||||||||||||||
Foreign | Edesur S.A. | Argentina | Citibank | Ar$ | 21.94% | 20.00% | 910,450 | 1,497,590 | 2,408,040 | - | - | - | - | 673,842 | 228,279 | 902,121 | 3,245,052 | - | - | 3,245,052 | ||||||||||||||||||||||||||||||||||||||||||||||||
Foreign | Edesur S.A. | Argentina | Banco Itaú | Ar$ | 21.52% | 19.65% | 123,455 | 370,366 | 493,821 | 2,554,236 | - | - | 2,554,236 | 288,456 | 4,819,512 | 5,107,968 | 2,454,313 | - | - | 2,454,313 | ||||||||||||||||||||||||||||||||||||||||||||||||
Foreign | Edesur S.A. | Argentina | Banco Galicia | Ar$ | 21.94% | 20.00% | 613,814 | 810,117 | 1,423,931 | - | - | - | - | 2,120,536 | 1,891,956 | 4,012,492 | - | - | - | - | ||||||||||||||||||||||||||||||||||||||||||||||||
Foreign | Edesur S.A. | Argentina | Banco Macro | Ar$ | 23.67% | 21.44% | 103,105 | 2,079,204 | 2,182,309 | - | - | - | - | 151,298 | 508,762 | 660,060 | 3,474,143 | - | - | 3,474,143 | ||||||||||||||||||||||||||||||||||||||||||||||||
Foreign | Edesur S.A. | Argentina | Citibank | Ar$ | 21.94% | 20.00% | 89,242 | 2,536,727 | 2,625,969 | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||||||||||||||
Foreign | Edesur S.A. | Argentina | Banco Santander Río | Ar$ | 24.03% | 21.00% | 166,472 | 4,569,396 | 4,735,868 | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||||||||||||||
Foreign | Edesur S.A. | Argentina | Banco Frances | Ar$ | 18.55% | 17.75% | 512,137 | - | 512,137 | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||||||||||||||
Foreign | Edesur S.A. | Argentina | Banco Supervielle | Ar$ | 22.39% | 20.35% | 359,518 | - | 359,518 | - | - | - | �� | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||||
Foreign | Edesur S.A. | Argentina | Comafi | Ar$ | 25.07% | 22.50% | 339,926 | - | 339,926 | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||||||||||||||
Foreign | Edesur S.A. | Argentina | Banco Santander Río | US$ | 6.24% | 6.24% | 1,792 | 196,098 | 197,890 | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||||||||||||||
Foreign | Emgesa | Colombia | Bancolombia | CP | 9.53% | 9.31% | 417,281 | 1,251,844 | 1,669,125 | 4,488,480 | 7,382,790 | 14,562,348 | 26,433,618 | 326,504 | 20,008,140 | 20,334,644 | - | - | - | - | ||||||||||||||||||||||||||||||||||||||||||||||||
Foreign | Emgesa | Colombia | Bancolombia | CP | 8.30% | 8.47% | 122,782 | 368,345 | 491,127 | 1,363,694 | 2,344,304 | 4,714,798 | 8,422,796 | 99,148 | 6,208,686 | 6,307,834 | - | - | - | - | ||||||||||||||||||||||||||||||||||||||||||||||||
Foreign | Emgesa | Colombia | BBVA Colombia | CP | 9.53% | 9.31% | 1,127,854 | 3,383,561 | 4,511,415 | 12,131,736 | 19,954,652 | 39,359,996 | 71,446,384 | 361,976 | 22,181,880 | 22,543,856 | - | - | - | - | ||||||||||||||||||||||||||||||||||||||||||||||||
Foreign | Emgesa | Colombia | AV VILLAS | CP | 9.53% | 9.31% | 176,524 | 529,573 | 706,097 | 1,898,781 | 3,123,173 | 6,160,371 | 11,182,325 | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||||||||||||||
Foreign | Emgesa | Colombia | Banco Santander | CP | 8.15% | 7.91% | - | - | - | - | - | - | - | 412,115 | 25,254,372 | 25,666,487 | - | - | - | - | ||||||||||||||||||||||||||||||||||||||||||||||||
Foreign | Emgesa | Colombia | Banco Davivienda | CP | 8.15% | 7.91% | - | - | - | - | - | - | - | 138,411 | 8,481,828 | 8,620,239 | - | - | - | - | ||||||||||||||||||||||||||||||||||||||||||||||||
Foreign | Endesa Costanera S.A. | Argentina | Banco Supervielle | Ar$ | 20.75% | 20.75% | 1,532,064 | - | 1,532,064 | - | - | - | - | 123,454 | 123,454 | - | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||||||
Foreign | Endesa Costanera S.A. | Argentina | Banco Santander Río | Ar$ | 22.00% | 22.00% | 1,126,167 | - | 1,126,167 | - | - | - | - | 10,746,076 | 1,949,571 | 12,695,647 | - | - | - | - | ||||||||||||||||||||||||||||||||||||||||||||||||
Foreign | Endesa Costanera S.A. | Argentina | Banco Nación Argentina | Ar$ | 18.85% | 18.85% | 803,461 | 1,917,152 | 2,720,613 | 1,063,652 | - | - | 1,063,652 | 1,382,931 | 1,533,096 | 2,916,027 | - | - | - | - | ||||||||||||||||||||||||||||||||||||||||||||||||
Foreign | Endesa Costanera S.A. | Argentina | Citibank | Ar$ | 17.00% | 17.00% | 4,712,264 | - | 4,712,264 | - | - | - | - | 1,844,142 | 1,844,142 | - | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||||||
Foreign | Endesa Costanera S.A. | Argentina | Banco Ciudad | Ar$ | 18.64% | 18.64% | 509,534 | - | 509,534 | - | - | - | - | 4,670,705 | 4,670,705 | - | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||||||
Foreign | Endesa Costanera S.A. | Argentina | Banco Standard | Ar$ | 21.00% | 21.00% | 1,580,051 | - | 1,580,051 | - | - | - | - | 832,611 | 832,611 | - | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||||||
Foreign | Endesa Costanera S.A. | Argentina | Banco Itau | Ar$ | 23.75% | 23.75% | 2,662,233 | - | 2,662,233 | - | - | - | - | 3,503,302 | 3,503,302 | - | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||||||
Foreign | Endesa Costanera S.A. | Argentina | Banco Galicia | Ar$ | 18.75% | 18.75% | 2,354,344 | - | 2,354,344 | - | - | - | - | 1,105,942 | 1,105,942 | - | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||||||
Foreign | Endesa Costanera S.A. | Argentina | Banco Provincia de Buenos Aires | Ar$ | 18.09% | 18.09% | 104,173 | 226,937 | 331,110 | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign | Endesa Costanera S.A. | Argentina | Credit Suisse International | US$ | 11.45% | 11.45% | 143,975 | 4,817,566 | 4,961,541 | - | - | - | - | 166,419 | 3,156,573 | 3,322,992 | 2,652,744 | - | - | 2,652,744 | ||||||||||||||||||||||||||||||||||||||||||||||||
91,081,000-6 | Endesa S.A. (Chile) | Chile | B.N.P. Paribas | US$ | 6.32% | 5.98% | 422,491 | 479,725 | 902,216 | 1,667,070 | 388,150 | - | 2,055,220 | 53,521 | 1,002,756 | 1,056,277 | 1,915,379 | 876,746 | - | 2,792,125 | ||||||||||||||||||||||||||||||||||||||||||||||||
91,081,000-6 | Endesa S.A. (Chile) | Chile | Export Development Corporation Loan | US$ | 1.83% | 1.73% | 6,165 | 689,349 | 695,514 | 683,184 | - | - | 683,184 | 379,501 | 764,980 | 1,144,481 | 1,132,904 | - | - | 1,132,904 | ||||||||||||||||||||||||||||||||||||||||||||||||
91,081,000-6 | Endesa S.A. (Chile) | Chile | Banco Bilbao Vizcaya Argentaria S.A.NY | US$ | 1.72% | 1.12% | 443,471 | 1,330,414 | 1,773,885 | 95,762,063 | - | - | 95,762,063 | 473,367 | 1,591,761 | 2,065,128 | 106,583,616 | - | - | 106,583,616 | ||||||||||||||||||||||||||||||||||||||||||||||||
91,081,000-6 | Endesa S.A. (Chile) | Chile | Banco Santander Chile (Credit Line) | Ch$ | 6.00% | 6.00% | 260 | - | 260 | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||||||||||||||
Foreign | Hidroeléctrica El Chocón | Argentina | Deutsche Bank | US$ | 8.39% | 8.14% | 905,693 | 2,609,502 | 3,515,195 | 4,728,928 | - | - | 4,728,928 | 518,208 | 1,530,246 | 2,048,454 | 3,576,867 | 402,643 | - | 3,979,510 | ||||||||||||||||||||||||||||||||||||||||||||||||
Foreign | Hidroeléctrica El Chocón | Argentina | Standard Bank | US$ | 8.39% | 8.14% | 454,362 | 1,308,388 | 1,762,750 | 2,367,596 | - | - | 2,367,596 | 1,611,491 | 4,749,662 | 6,361,153 | 10,912,983 | 1,209,420 | - | 12,122,403 | ||||||||||||||||||||||||||||||||||||||||||||||||
Foreign | Hidroeléctrica El Chocón | Argentina | Banco Itau | US$ | 8.39% | 8.14% | 456,187 | 1,312,768 | 1,768,955 | 2,371,368 | - | - | 2,371,368 | 1,791,907 | 1,791,907 | - | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||||||
Foreign | Hidroeléctrica El Chocón | Argentina | Banco Itau- Syndicated I | Ar$ | 25.42% | 23.31% | 681,083 | - | 681,083 | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign | Hidroeléctrica El Chocón | Argentina | Standard Bank - Syndicated I | Ar$ | 25.42% | 23.31% | 531,094 | - | 531,094 | - | - | - | - | 64,001 | 1,336,177 | 1,400,178 | - | - | - | - | ||||||||||||||||||||||||||||||||||||||||||||||||
Foreign | Hidroeléctrica El Chocón | Argentina | Banco Santander - Syndicated I | Ar$ | 25.42% | 23.31% | 681,083 | - | 681,083 | - | - | - | - | 80,629 | 1,707,695 | 1,788,324 | - | - | - | - | ||||||||||||||||||||||||||||||||||||||||||||||||
Foreign | Hidroeléctrica El Chocón | Argentina | Banco Hipotecario - Syndicated I | Ar$ | 25.42% | 23.31% | 444,589 | - | 444,589 | - | - | - | - | 55,506 | 1,125,918 | 1,181,424 | - | - | - | - | ||||||||||||||||||||||||||||||||||||||||||||||||
Foreign | Hidroeléctrica El Chocón | Argentina | Banco Galicia - Syndicated I | Ar$ | 25.42% | 23.31% | 209,063 | - | 209,063 | - | - | - | - | 26,301 | 535,888 | 562,189 | - | - | - | - | ||||||||||||||||||||||||||||||||||||||||||||||||
Foreign | Hidroeléctrica El Chocón | Argentina | Banco Itau - Syndicated II | Ar$ | 25.09% | 22.60% | 255,596 | 304,583 | 560,179 | 476,211 | - | - | 476,211 | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||||||||||||||
Foreign | Hidroeléctrica El Chocón | Argentina | Standard Bank -Syndicated II | Ar$ | 25.09% | 22.60% | 561,440 | 668,327 | 1,229,767 | 1,046,781 | - | - | 1,046,781 | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||||||||||||||
Foreign | Hidroeléctrica El Chocón | Argentina | Banco Santander -Syndicated II | Ar$ | 25.09% | 22.60% | 410,295 | 490,036 | 900,331 | 763,299 | - | - | 763,299 | 329,514 | 1,108,036 | 1,437,550 | 6,245,072 | 1,229,220 | - | 7,474,292 | ||||||||||||||||||||||||||||||||||||||||||||||||
Foreign | Hidroeléctrica El Chocón | Argentina | Banco Hipotecario - Syndicated II | Ar$ | 25.09% | 22.60% | 204,611 | 243,937 | 448,548 | 381,105 | - | - | 381,105 | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||||||||||||||
Foreign | Hidroeléctrica El Chocón | Argentina | Banco Galicia - Syndicated II | Ar$ | 25.09% | 22.60% | 204,477 | 243,667 | 448,144 | 380,969 | - | - | 380,969 | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||||||||||||||
Foreign | Hidroeléctrica El Chocón | Argentina | Banco Ciudad – Syndicated II | Ar$ | 25.09% | 22.60% | 163,586 | 194,943 | 358,529 | 304,780 | - | - | 304,780 | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||||||||||||||
Foreign | Hidroeléctrica El Chocón | Argentina | Banco Galicia - Syndicated III | Ar$ | 25.35% | 22.81% | 140,621 | 1,352,098 | 1,492,719 | 1,817,216 | - | - | 1,817,216 | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||||||||||||||
Foreign | Hidroeléctrica El Chocón | Argentina | Banco Itau - Syndicated III | Ar$ | 25.35% | 22.81% | 140,621 | 1,352,098 | 1,492,719 | 1,817,216 | - | - | 1,817,216 | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||||||||||||||
Foreign | Hidroeléctrica El Chocón | Argentina | Standard Bank - Syndicated III | Ar$ | 25.35% | 22.81% | 140,621 | 1,352,098 | 1,492,719 | 1,817,216 | - | - | 1,817,216 | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||||||||||||||
Foreign | Hidroeléctrica El Chocón | Argentina | Banco Santander - Syndicated III | Ar$ | 25.35% | 22.81% | 140,621 | 1,352,098 | 1,492,719 | 1,817,216 | - | - | 1,817,216 | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||||||||||||||
Foreign | Hidroeléctrica El Chocón | Argentina | Banco Macro | Ar$ | 18.81% | 18.00% | 2,100,938 | - | 2,100,938 | - | - | - | - | 233,981 | 2,275,667 | 2,509,648 | 2,994,506 | - | - | 2,994,506 | ||||||||||||||||||||||||||||||||||||||||||||||||
Foreign | Hidroeléctrica El Chocón | Argentina | Banco Santander Río | Ar$ | 20.40% | 19.00% | 168,490 | - | 168,490 | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||||||||||||||
Foreign | Hidroeléctrica El Chocón | Argentina | Citibank | Ar$ | 19.84% | BPC + 5.10% | - | - | - | - | - | - | - | 112,503 | 1,115,167 | 1,227,670 | 1,471,923 | - | - | 1,471,923 | ||||||||||||||||||||||||||||||||||||||||||||||||
Foreign | Hidroeléctrica El Chocón | Argentina | BBVA | Ar$ | 19.84% | BPC + 5.10% | - | - | - | - | - | - | - | 152,645 | 1,527,554 | 1,680,199 | 2,019,288 | - | - | 2,019,288 | ||||||||||||||||||||||||||||||||||||||||||||||||
Foreign | Hidroeléctrica El Chocón | Argentina | Banco Industrial de Azul | Ar$ | 19.84% | BPC + 5.10% | - | - | - | - | - | - | - | 329,514 | 1,108,036 | 1,437,550 | 6,245,072 | 1,229,220 | - | 7,474,292 | ||||||||||||||||||||||||||||||||||||||||||||||||
Foreign | Hidroeléctrica El Chocón | Argentina | Banco Hipotecario | Ar$ | 26.11% | 23.43% | 294,166 | 630,831 | 924,997 | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||||||||||||||
Total | 82,884,425 | 61,794,734 | 144,679,159 | 205,843,276 | 80,741,418 | 96,474,626 | 383,059,320 | 77,007,952 | 324,538,353 | 401,546,305 | 345,704,646 | 138,492,715 | 79,093,234 | 563,290,595 |
Page 139
ENERSIS S.A. AND SUBSIDIARIES INTERIM CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD ENDING SEPTEMBER 30, 2012 (In thousands of Chilean pesos) | ![]() |
b ) Secured and unsecured liabilities
d | Secured and unsecured liabilities by currency and maturity |
Country | Currency | Nominal Rate | Current | Non-current | ||||||||||||||||||||||||||||||
Maturity | Maturity | |||||||||||||||||||||||||||||||||
One to Three Months | Three to Twelve Months | Total Current at 9- | One to Three Years | Three to Five Years | More than Five Years | Total Non- 9-30-2012 | ||||||||||||||||||||||||||||
ThCh$ | ThCh$ | ThCh$ | ThCh$ | ThCh$ | ThCh$ | ThCh$ | ||||||||||||||||||||||||||||
Chile | US$ | 8.06% | 14,514,531 | 231,050,060 | 245,564,591 | 321,779,506 | 152,986,624 | 392,730,194 | 867,496,324 | |||||||||||||||||||||||||
Chile | U.F. | 5.48% | 9,456,623 | 21,108,268 | 30,564,891 | 59,796,837 | 57,995,832 | 431,534,773 | 549,327,442 | |||||||||||||||||||||||||
Peru | US$ | 6.48% | 10,153,801 | 1,839,712 | 11,993,513 | 11,998,553 | 12,405,904 | 22,532,003 | 46,936,460 | |||||||||||||||||||||||||
Peru | Sol | 6.57% | 5,933,364 | 46,492,073 | 52,425,437 | 91,278,588 | 32,136,743 | 72,775,120 | 196,190,451 | |||||||||||||||||||||||||
Argentina | Ar$ | 9.35% | - | - | - | - | - | - | - | |||||||||||||||||||||||||
Colombia | CP | 8.77% | 17,027,131 | 71,313,049 | 88,340,180 | 321,675,251 | 272,290,389 | 445,460,635 | 1,039,426,275 | |||||||||||||||||||||||||
Brazil | Real | 11.13% | 36,671,758 | 41,497,211 | 78,168,969 | 115,820,323 | 192,801,465 | 120,797,448 | 429,419,236 | |||||||||||||||||||||||||
93,757,208 | 413,300,373 | 507,057,581 | 922,349,058 | 720,616,957 | 1,485,830,173 | 3,128,796,188 |
Country | Currency | Nominal Rate | Current | Non-current | ||||||||||||||||||||||||||||||
Maturity | Maturity | |||||||||||||||||||||||||||||||||
One to Three Months | Three to Twelve Months | Total Current at 12-31-2011 | One to Three Years | Three to Five Years | More than Five Years | Total Non- 12-31-2011 | ||||||||||||||||||||||||||||
ThCh$ | ThCh$ | ThCh$ | ThCh$ | ThCh$ | ThCh$ | ThCh$ | ||||||||||||||||||||||||||||
Chile | US$ | 8.06% | 22,439,241 | 48,971,036 | 71,410,277 | 481,039,815 | 346,571,275 | 425,876,193 | 1,253,487,283 | |||||||||||||||||||||||||
Chile | U.F. | 5.48% | 41,003,385 | 39,199,072 | 80,202,457 | 89,539,138 | 263,688,193 | 527,887,200 | 881,114,531 | |||||||||||||||||||||||||
Peru | US$ | 6.48% | 853,625 | 2,238,831 | 3,092,456 | 16,267,919 | 28,913,608 | 19,449,710 | 64,631,237 | |||||||||||||||||||||||||
Peru | Sol | 6.57% | 31,909,724 | 18,212,792 | 50,122,516 | 92,722,951 | 73,395,355 | 17,029,264 | 183,147,570 | |||||||||||||||||||||||||
Argentina | Ar$ | 9.35% | 116,551 | 4,100,169 | 4,216,720 | - | - | - | - | |||||||||||||||||||||||||
Colombia | CP | 8.77% | 17,854,990 | 68,624,369 | 86,479,359 | 299,425,050 | 335,136,989 | 589,777,719 | 1,224,339,758 | |||||||||||||||||||||||||
Brazil | Real | 11.13% | 11,815,750 | 134,615,237 | 146,430,987 | 123,922,410 | 200,558,653 | 90,131,132 | 414,612,195 | |||||||||||||||||||||||||
125,993,266 | 315,961,506 | 441,954,772 | 1,102,917,283 | 1,248,264,073 | 1,670,151,218 | 4,021,332,574 |
Page 140
ENERSIS S.A. AND SUBSIDIARIES INTERIM CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD ENDING SEPTEMBER 30, 2012 (In thousands of Chilean pesos) | ![]() |
e | Secured and unsecured liabilities by company |
Taxpayer ID No. (RUT) | Company | Country | Financial Institution | Country | Currency |
Effective Rate
|
Nominal
| 9-2012 | 12-2011 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Current | Current | Current | Current | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Less than 90 days | More than 90 Days | Total Current | One to Three Years | Three to Five Years | More than Five Years | Total Non- | Less than 90 days | More than 90 Days | Total Current | One to Three Years | Three to Five Years | More than Five Years | Total Non- current | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign | Ampla | Brazil | Bonds | Brazil | Real | 9.56% | 9.56% | - | - | - | - | - | - | - | 6,698,731 | 102,230,946 | 108,929,677 | 59,162,266 | 133,237,309 | - | 192,399,575 | |||||||||||||||||||||||||||||||||||||||||||||||||
Foreign | Ampla | Brazil | Bonds, 1st series | Brazil | Real | 9.84% | 9.93% | 27,476,073 | - | 27,476,073 | - | - | - | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||||||
Foreign | Ampla | Brazil | Bonds, 2nd series | Brazil | Real | 13.19% | 13.36% | 1,208,934 | 3,626,802 | 4,835,736 | 30,083,331 | 12,623,798 | - | 42,707,129 | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||||||
Foreign | Ampla | Brazil | Bonds, 1st series | Brazil | Real | 9.94% | 10.03% | 675,935 | 2,027,804 | 2,703,739 | 18,672,019 | 14,616,412 | - | 33,288,431 | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||||||
Foreign | Ampla | Brazil | Bonds, 2nd series | Brazil | Real | 12.93% | 13.79% | 1,460,285 | 4,380,856 | 5,841,141 | 11,682,283 | 38,887,542 | 16,523,201 | 67,093,026 | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||||||
Foreign | Ampla | Brazil | Bonds, 1st series | Brazil | Real | 8.66% | 8.85% | 503,275 | 1,509,825 | 2,013,100 | 4,026,200 | 25,768,529 | - | 29,794,729 | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||||||
Foreign | Ampla | Brazil | Bonds, 2nd series | Brazil | Real | 9.79% | 10.09% | 1,726,931 | 5,180,792 | 6,907,723 | 13,815,444 | 36,759,727 | 52,796,289 | 103,371,460 | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||||||
Foreign | Codensa | Colombia | B8 | Colombia | CP | 9.65% | 9.32% | 1,551,457 | 4,654,372 | 6,205,829 | 68,661,510 | - | - | 68,661,510 | 1,601,595 | 5,385,582 | 6,987,177 | 74,917,478 | - | - | 74,917,478 | |||||||||||||||||||||||||||||||||||||||||||||||||
Foreign | Codensa | Colombia | B102 | Colombia | CP | 8.57% | 8.31% | 2,200,029 | 6,600,086 | 8,800,115 | 17,600,231 | 115,864,933 | - | 133,465,164 | 2,268,235 | 7,627,252 | 9,895,487 | 18,295,433 | 139,590,884 | - | 157,886,317 | |||||||||||||||||||||||||||||||||||||||||||||||||
Foreign | Codensa | Colombia | B502 | Colombia | CP | 6.81% | 6.93% | - | - | - | - | - | - | - | 142,540 | 9,063,816 | 9,206,356 | - | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||||||
Foreign | Codensa | Colombia | B503 | Colombia | CP | 8.17% | 7.93% | 433,897 | 1,301,691 | 1,735,588 | 22,854,936 | - | - | 22,854,936 | 369,477 | 1,242,417 | 1,611,894 | 24,349,062 | - | - | 24,349,062 | |||||||||||||||||||||||||||||||||||||||||||||||||
Foreign | Codensa | Colombia | B503 | Colombia | CP | 9.29% | 8.98% | 453,104 | 1,359,311 | 1,812,415 | 20,251,799 | - | - | 20,251,799 | 467,694 | 1,572,686 | 2,040,380 | 22,071,605 | - | - | 22,071,605 | |||||||||||||||||||||||||||||||||||||||||||||||||
Foreign | Codensa | Colombia | B103 | Colombia | CP | 8.83% | 8.55% | 457,674 | 1,373,022 | 1,830,696 | 3,661,393 | 3,661,393 | 23,267,121 | 30,589,907 | 469,953 | 1,580,283 | 2,050,236 | 3,790,614 | 32,393,688 | - | 36,184,302 | |||||||||||||||||||||||||||||||||||||||||||||||||
Foreign | Codensa | Colombia | B304 | Colombia | CP | 6.18% | 6.04% | 320,183 | 21,192,205 | 21,512,388 | - | - | - | - | 346,784 | 1,166,108 | 1,512,892 | 21,620,973 | - | - | 21,620,973 | |||||||||||||||||||||||||||||||||||||||||||||||||
Foreign | Codensa | Colombia | B604 | Colombia | CP | 7.15% | 6.97% | 667,621 | 2,002,862 | 2,670,483 | 5,340,964 | 39,136,686 | - | 44,477,650 | 717,221 | 2,411,754 | 3,128,975 | 5,785,056 | 46,931,965 | - | 52,717,021 | |||||||||||||||||||||||||||||||||||||||||||||||||
Foreign | Coelce | Brazil | Itaú 2 | Brazil | Real | 12.36% | 12.22% | 888,618 | 16,576,012 | 17,464,630 | 15,687,393 | - | - | 15,687,393 | 2,539,943 | 23,718,519 | 26,258,462 | 43,973,620 | 34,824,619 | - | 78,798,239 | |||||||||||||||||||||||||||||||||||||||||||||||||
Foreign | Coelce | Brazil | Itaú 1 | Brazil | Real | 10.26% | 10.30% | 589,780 | 1,769,340 | 2,359,120 | 4,718,239 | 25,558,393 | - | 30,276,632 | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||||||
Foreign | Coelce | Brazil | Itaú 2 | Brazil | Real | 11.48% | 11.57% | 2,141,927 | 6,425,780 | 8,567,707 | 17,135,414 | 38,587,064 | 51,477,958 | 107,200,436 | 2,577,076 | 8,665,772 | 11,242,848 | 20,786,524 | 32,496,725 | 90,131,132 | 143,414,381 | |||||||||||||||||||||||||||||||||||||||||||||||||
Foreign | Chinango S.A.C. | Peru | Banco Continental | Peru | US$ | 6.15% | 6.06% | 9,540,564 | - | 9,540,564 | - | - | - | - | 75,800 | 254,886 | 330,686 | 611,394 | 1,775,041 | 5,728,426 | 8,114,861 | |||||||||||||||||||||||||||||||||||||||||||||||||
Foreign | Chinango S.A.C. | Peru | Banco Continental | Peru | Sol | 6.57% | 6.47% | 73,410 | 220,229 | 293,639 | 4,567,948 | - | - | 4,567,948 | 75,424 | 253,624 | 329,048 | 608,367 | 6,582,587 | - | 7,190,954 | |||||||||||||||||||||||||||||||||||||||||||||||||
Foreign | Chinango S.A.C. | Peru | Banco Continental | Peru | Sol | 6.25% | 6.16% | 69,863 | 209,589 | 279,452 | 4,636,629 | - | - | 4,636,629 | 64,842 | 218,041 | 282,883 | 4,267,060 | - | - | 4,267,060 | |||||||||||||||||||||||||||||||||||||||||||||||||
Foreign | Edegel | Peru | Banco Continental | Peru | US$ | 6.57% | 6.47% | 78,013 | 234,039 | 312,052 | 624,105 | 624,105 | 4,825,600 | 6,073,810 | 97,652 | 235,722 | 333,374 | 616,363 | 1,789,469 | 5,500,435 | 7,906,267 | |||||||||||||||||||||||||||||||||||||||||||||||||
Foreign | Edegel | Peru | Banco Continental | Peru | Sol | 6.41% | 6.31% | 71,636 | 214,909 | 286,545 | 573,091 | 573,091 | 5,904,569 | 7,050,751 | 160,276 | - | 160,276 | - | - | 10,819,378 | 10,819,378 | |||||||||||||||||||||||||||||||||||||||||||||||||
Foreign | Edegel | Peru | Banco Continental | Peru | Sol | 6.38% | 6.28% | 71,282 | 213,845 | 285,127 | 570,254 | 570,254 | 5,066,211 | 6,206,719 | 79,552 | 267,504 | 347,056 | 4,950,085 | - | - | 4,950,085 | |||||||||||||||||||||||||||||||||||||||||||||||||
Foreign | Edegel | Peru | Banco Continental | Peru | Sol | 6.86% | 6.75% | 61,281 | 183,843 | 245,124 | 3,859,479 | - | - | 3,859,479 | 78,051 | 262,457 | 340,508 | 4,868,653 | - | - | 4,868,653 | |||||||||||||||||||||||||||||||||||||||||||||||||
Foreign | Edegel | Peru | Banco Continental | Peru | Sol | 6.61% | 6.50% | 73,764 | 4,617,242 | 4,691,006 | - | - | - | - | 77,676 | 261,195 | 338,871 | 5,051,067 | - | - | 5,051,067 | |||||||||||||||||||||||||||||||||||||||||||||||||
Foreign | Edegel | Peru | Banco Continental | Peru | Sol | 6.54% | 6.44% | 73,055 | 4,665,236 | 4,738,291 | - | - | - | - | 73,923 | 248,577 | 322,500 | 5,114,463 | - | - | 5,114,463 | |||||||||||||||||||||||||||||||||||||||||||||||||
Foreign | Edegel | Peru | Banco Continental | Peru | Sol | 6.73% | 6.63% | 75,183 | 4,693,843 | 4,769,026 | - | - | - | - | 89,628 | 301,387 | 391,015 | 5,873,636 | - | - | 5,873,636 | |||||||||||||||||||||||||||||||||||||||||||||||||
Foreign | Edegel | Peru | Banco Continental | Peru | Sol | 6.70% | 6.59% | 84,705 | 254,116 | 338,821 | 5,312,628 | - | - | 5,312,628 | 77,300 | 259,934 | 337,234 | 4,919,966 | - | - | 4,919,966 | |||||||||||||||||||||||||||||||||||||||||||||||||
Foreign | Edegel | Peru | Banco Continental | Peru | US$ | 6.44% | 6.34% | 76,506 | 229,517 | 306,023 | 612,045 | 612,045 | 7,883,814 | 9,107,904 | 83,851 | 281,959 | 365,810 | 2,639,913 | - | 8,220,849 | 10,860,762 | |||||||||||||||||||||||||||||||||||||||||||||||||
Foreign | Edegel | Peru | Banco Continental | Peru | US$ | 9.20% | 9.00% | 105,501 | 316,503 | 422,004 | 5,081,715 | - | - | 5,081,715 | 115,630 | 388,820 | 504,450 | 5,903,654 | - | - | 5,903,654 | |||||||||||||||||||||||||||||||||||||||||||||||||
Foreign | Edegel | Peru | Banco Continental | Peru | US$ | 7.93% | 7.78% | 76,631 | 229,894 | 306,525 | 613,050 | 613,050 | 4,264,344 | 5,490,444 | 83,988 | 282,422 | 366,410 | 677,444 | 6,208,170 | - | 6,885,614 | |||||||||||||||||||||||||||||||||||||||||||||||||
Foreign | Edegel | Peru | Banco Continental | Peru | US$ | 7.25% | 7.13% | 54,607 | 163,821 | 218,428 | 3,291,803 | - | - | 3,291,803 | 59,850 | 201,252 | 261,102 | 3,783,487 | - | - | 3,783,487 | |||||||||||||||||||||||||||||||||||||||||||||||||
Foreign | Edegel | Peru | Banco Scotiabank | Peru | US$ | 6.73% | 6.63% | 79,897 | 239,692 | 319,589 | 639,180 | 4,987,907 | - | 5,627,087 | 87,568 | 294,460 | 382,028 | 706,319 | 6,190,863 | - | 6,897,182 | |||||||||||||||||||||||||||||||||||||||||||||||||
Foreign | Edegel | Peru | Banco Scotiabank | Peru | US$ | 6.09% | 6.00% | 72,360 | 217,080 | 289,440 | 578,880 | 5,011,022 | - | 5,589,902 | 79,307 | 266,681 | 345,988 | 639,685 | 6,096,813 | - | 6,736,498 | |||||||||||||||||||||||||||||||||||||||||||||||||
Foreign | Edegel | Peru | Banco Scotiabank | Peru | US$ | 5.86% | 5.78% | 69,722 | 209,166 | 278,888 | 557,775 | 557,775 | 5,558,245 | 6,673,795 | 85,503 | 287,515 | 373,018 | 689,660 | 6,853,252 | - | 7,542,912 |
Page 141
ENERSIS S.A. AND SUBSIDIARIES INTERIM CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD ENDING SEPTEMBER 30, 2012 (In thousands of Chilean pesos) | ![]() |
f | Secured and unsecured liabilities by company |
Taxpayer ID No. (RUT) | Company | Country | Financial Institution | Country | Currency |
Effective Interest Rate
|
Nominal Interest Rate
| 9-2012 | 12-2011 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Current | Non-current | Current | Non-current | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Less than 90 days | More than 90 Days | Total Current | One to Three Years | Three to Five Years | More than Five Years | Total Non- current | Less than 90 days | More than 90 Days | Total Current | One to Three Years | Three to Five Years | More than Five Years | Total Non- current | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign | Edelnor | Peru | Rimac Internacional Cia de Seguros | Peru | Sol | 5.44% | 5.37% | 63,220 | 189,659 | 252,879 | 4,741,679 | 4,741,679 | 63,823 | 214,613 | 278,436 | 5,077,124 | 5,077,124 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign | Edelnor | Peru | Rimac Internacional Cia de Seguros | Peru | Sol | 6.50% | 6.40% | 75,427 | 226,281 | 301,708 | 4,810,860 | 4,810,860 | 76,203 | 256,244 | 332,447 | 5,180,728 | 5,180,728 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign | Edelnor | Peru | AFP Integra | Peru | Sol | 6.50% | 6.40% | 150,158 | 450,475 | 600,633 | 9,603,714 | 9,603,714 | 151,944 | 510,933 | 662,877 | 10,342,337 | 10,342,337 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign | Edelnor | Peru | Retirement Insurance Fund for Petty Officers and Specialists - Fosersoe | Peru | Sol | 8.75% | 8.57% | 119,157 | 357,472 | 476,629 | 6,286,276 | 6,286,276 | 126,147 | 424,187 | 550,334 | 1,017,494 | 6,418,045 | - | 7,435,539 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign | Edelnor | Peru | AFP Integra | Peru | Sol | 8.16% | 8.00% | 66,751 | 200,253 | 267,004 | 534,008 | 3,360,306 | 3,894,314 | 70,593 | 237,379 | 307,972 | 569,399 | 4,271,435 | 4,840,834 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign | Edelnor | Peru | AFP Horizonte | Peru | Sol | 7.22% | 7.09% | 49,260 | 147,781 | 197,041 | 394,083 | 2,906,708 | 3,300,791 | 52,086 | 175,146 | 227,232 | 420,122 | 3,482,779 | 3,902,901 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign | Edelnor | Peru | AFP Integra | Peru | Sol | 8.00% | 7.85% | 98,884 | 296,652 | 395,536 | 791,071 | 5,108,111 | 5,899,182 | 104,593 | 351,709 | 456,302 | 843,643 | 6,430,925 | 7,274,568 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign | Edelnor | Peru | FCR - Macrofondo | Peru | Sol | 6.66% | 6.55% | 45,430 | 136,291 | 181,721 | 2,741,230 | 2,741,230 | 48,033 | 161,519 | 209,552 | 3,034,955 | 3,034,955 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign | Edelnor | Peru | AFP Integra | Peru | Sol | 5.91% | 5.82% | 53,729 | 161,187 | 214,916 | 3,975,065 | 3,975,065 | 56,814 | 191,045 | 247,859 | 458,259 | 3,910,505 | 4,368,764 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign | Edelnor | Peru | AFP Prima | Peru | Sol | 6.94% | 6.82% | 126,045 | 378,136 | 504,181 | 8,235,913 | - | 8,235,913 | 133,328 | 448,335 | 581,663 | 1,075,419 | 8,019,674 | 9,095,093 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign | Edelnor | Peru | AFP Prima | Peru | Sol | 6.81% | 6.70% | 77,389 | 232,168 | 309,557 | 4,775,646 | - | 4,775,646 | 81,845 | 275,214 | 357,059 | 5,284,017 | - | 5,284,017 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign | Edelnor | Peru | AFP Prima | Peru | Sol | 7.13% | 7.00% | 80,936 | 242,807 | 323,743 | 647,486 | 4,786,285 | 5,433,771 | 85,597 | 287,833 | 373,430 | 690,422 | 5,790,825 | 6,481,247 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign | Edelnor | Peru | AFP Profuturo | Peru | Sol | 7.72% | 7.58% | 51,601 | 2,812,089 | 2,863,690 | - | 54,563 | 183,474 | 238,037 | 2,962,950 | 2,962,950 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign | Edelnor | Peru | AFP Profuturo | Peru | Sol | 8.06% | 7.91% | 105,193 | 5,697,624 | 5,802,817 | - | 111,264 | 374,141 | 485,405 | 6,004,573 | 6,004,573 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign | Edelnor | Peru | AFP Horizonte | Peru | Sol | 6.56% | 6.46% | 87,883 | 263,649 | 351,532 | 5,591,116 | 5,591,116 | 92,948 | 312,552 | 405,500 | 6,177,926 | 6,177,926 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign | Edelnor | Peru | Rimac Internacional Cia de Seguros | Peru | Sol | 7.06% | 6.94% | 96,177 | 288,531 | 384,708 | 769,417 | 6,061,295 | 6,830,712 | 101,873 | 342,563 | 444,436 | 821,704 | 6,921,650 | 7,743,354 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign | Edelnor | Peru | AFP Prima | Peru | Sol | 6.63% | 6.52% | 60,146 | 180,438 | 240,584 | 4,015,708 | - | - | 4,015,708 | 63,749 | 214,363 | 278,112 | 514,191 | 3,917,515 | - | 4,431,706 | |||||||||||||||||||||||||||||||||||||||||||||||||
Foreign | Edelnor | Peru | AFP Prima | Peru | Sol | 7.44% | 7.30% | 101,284 | 303,852 | 405,136 | 810,271 | 810,271 | 6,633,819 | 8,254,361 | 107,277 | 360,734 | 468,011 | 865,289 | 2,512,167 | 6,209,886 | 9,587,342 | |||||||||||||||||||||||||||||||||||||||||||||||||
Foreign | Edelnor | Peru | Rimac Internacional Cia de Seguros | Peru | Sol | 6.50% | 6.40% | 59,011 | 177,034 | 236,045 | 472,091 | 472,091 | 3,674,123 | 4,618,305 | 62,548 | 210,325 | 272,873 | 504,506 | 4,816,026 | 5,320,532 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign | Edelnor | Peru | FCR - Macrofondo | Peru | Sol | 7.03% | 6.91% | 63,834 | 191,503 | 255,337 | 510,675 | 510,675 | 3,975,232 | 4,996,582 | 68,516 | 230,393 | 298,909 | 552,643 | 5,457,537 | 6,010,180 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign | Edelnor | Peru | 9th issue Series A | Peru | Sol | 6.28% | 6.19% | 125,899 | 377,697 | 503,596 | 1,007,193 | 1,007,193 | 9,577,715 | 11,592,101 | - | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign | Edelnor | Peru | 11th issue Series A | Peru | Sol | 6.06% | 5.97% | 158,634 | 475,902 | 634,536 | 1,269,072 | 1,269,072 | 17,298,909 | 19,837,053 | - | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign | Edelnor | Peru | Essalud Health Insurance | Peru | Sol | 7.84% | 7.70% | 14,350 | 731,740 | 746,090 | - | 15,147 | 821,547 | 836,694 | - | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign | Edelnor | Peru | AFP Prima | Peru | Sol | 6.84% | 6.73% | 93,277 | 5,483,266 | 5,576,543 | - | 98,656 | 6,111,343 | 6,209,999 | - | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign | Edelnor | Peru | Mapfre Peru Cia de Seguros | Peru | Sol | 6.28% | 6.19% | 57,104 | 3,691,887 | 3,748,991 | - | 60,381 | 203,039 | 263,420 | 3,893,541 | 3,893,541 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign | Edelnor | Peru | AFP Profuturo | Peru | Sol | 8.31% | 8.15% | 91,245 | 273,736 | 364,981 | 5,074,594 | 5,074,594 | 96,506 | 324,515 | 421,021 | 778,412 | 4,863,685 | 5,642,097 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign | Edelnor | Peru | AFP Profuturo | Peru | Sol | 7.91% | 7.76% | 2,411,741 | - | 2,411,741 | - | 51,945 | 2,662,041 | 2,713,986 | - | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign | Edelnor | Peru | AFP Profuturo | Peru | Sol | 7.56% | 7.42% | 107,746 | 5,488,089 | 5,595,835 | - | 6,276,791 | 6,276,791 | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign | Edelnor | Peru | 13th issue Series A | Peru | Sol | 5.56% | 5.49% | 587,674 | 1,763,022 | 2,350,696 | 4,701,391 | 4,701,391 | 20,644,542 | 30,047,324 | - | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign | Edelnor | Peru | AFP Profuturo | Peru | Sol | 5.77% | 5.69% | - | - | 3,926,418 | 3,926,418 | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign | Edelnor | Peru | AFP Horizonte | Peru | Sol | 6.06% | 5.97% | - | - | 7,975,989 | 7,975,989 | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign | Edelnor | Peru | AFP Profuturo | Peru | Sol | 6.67% | 6.56% | - | - | 6,065,488 | 6,065,488 | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign | Edelnor | Peru | AFP Profuturo | Peru | Sol | 7.97% | 7.81% | - | - | 4,936,463 | 4,936,463 | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign | Edesur S.A. | Argentina | oeds7 | Argentina | Ar$ | 12.28% | 11.75% | - | - | - | - | - | - | - | 116,551 | 4,100,169 | 4,216,720 | - | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||||||
Foreign | Emgesa | Colombia | Bonds A-10 | Colombia | CP | 8.65% | 8.39% | 1,076,496 | 3,229,487 | 4,305,983 | 61,169,363 | - | - | 61,169,363 | 1,150,327 | 3,868,134 | 5,018,461 | 9,278,465 | - | 56,536,718 | 65,815,183 | |||||||||||||||||||||||||||||||||||||||||||||||||
Foreign | Emgesa | Colombia | Bonds A102 | Colombia | CP | 8.65% | 8.39% | 205,045 | 615,135 | 820,180 | 11,651,297 | - | - | 11,651,297 | 216,825 | 729,104 | 945,929 | 1,748,896 | 10,768,120 | - | 12,517,016 | |||||||||||||||||||||||||||||||||||||||||||||||||
Foreign | Emgesa | Colombia | Bonds A5 | Colombia | CP | 7.02% | 6.85% | 213,395 | 640,186 | 853,581 | 13,320,526 | - | - | 13,320,526 | 179,093 | 602,226 | 781,319 | 14,001,389 | - | - | 14,001,389 | |||||||||||||||||||||||||||||||||||||||||||||||||
Foreign | Emgesa | Colombia | Bonds B09-09 | Colombia | CP | 9.54% | 9.22% | 1,303,797 | 3,911,390 | 5,215,187 | 10,430,374 | 10,430,374 | 61,565,531 | 82,426,279 | 1,328,332 | 4,466,698 | 5,795,030 | 10,714,236 | 84,115,563 | - | 94,829,799 | |||||||||||||||||||||||||||||||||||||||||||||||||
Foreign | Emgesa | Colombia | Bonds B10 | Colombia | CP | 9.42% | 9.10% | 924,168 | 2,772,505 | 3,696,673 | 7,393,347 | 7,393,347 | 47,210,189 | 61,996,883 | 989,794 | 3,328,320 | 4,318,114 | 7,983,617 | - | 65,971,663 | 73,955,280 | |||||||||||||||||||||||||||||||||||||||||||||||||
Foreign | Emgesa | Colombia | Bonds B-103 | Colombia | CP | 8.77% | 8.77% | 887,617 | 2,662,851 | 3,550,468 | 7,100,937 | 49,609,675 | - | 56,710,612 | 1,129,556 | 3,798,288 | 4,927,844 | 9,110,927 | - | 62,840,794 | 71,951,721 | |||||||||||||||||||||||||||||||||||||||||||||||||
Foreign | Emgesa | Colombia | Bonds B12 | Colombia | CP | 9.75% | 9.41% | 546,558 | 1,639,675 | 2,186,233 | 4,372,468 | 4,372,468 | 31,871,519 | 40,616,455 | 556,858 | 1,872,513 | 2,429,371 | 4,491,583 | 13,040,277 | 28,416,894 | 45,948,754 | |||||||||||||||||||||||||||||||||||||||||||||||||
Foreign | Emgesa | Colombia | Bonds B15 | Colombia | CP | 9.74% | 9.40% | 331,293 | 993,878 | 1,325,171 | 2,650,342 | 2,650,342 | 23,057,189 | 28,357,873 | 354,285 | 1,191,331 | 1,545,616 | 2,857,637 | 8,296,492 | 21,943,442 | 33,097,571 | |||||||||||||||||||||||||||||||||||||||||||||||||
Foreign | Emgesa | Colombia | Bonds E5-09 | Colombia | CP | 9.27% | 9.27% | 558,401 | 1,675,204 | 2,233,605 | 26,044,593 | - | - | 26,044,593 | 569,828 | 1,916,126 | 2,485,954 | 28,105,888 | - | - | 28,105,888 | |||||||||||||||||||||||||||||||||||||||||||||||||
Foreign | Emgesa | Colombia | Foreign bonds | Colombia | CP | 10.17% | 10.17% | 598,126 | 1,794,379 | 2,392,505 | 4,785,012 | 4,785,012 | 31,576,114 | 41,146,138 | 610,366 | 2,052,440 | 2,662,806 | 4,923,173 | - | 43,251,722 | 48,174,895 | |||||||||||||||||||||||||||||||||||||||||||||||||
Foreign | Emgesa | Colombia | Quimbo bonds | Colombia | CP | 10.17% | 10.17% | 4,298,270 | 12,894,810 | 17,193,080 | 34,386,159 | 34,386,159 | 226,912,972 | 295,685,290 | 4,386,227 | 14,749,291 | 19,135,518 | 35,379,018 | - | 310,816,486 | 346,195,504 |
Page 142
ENERSIS S.A. AND SUBSIDIARIES INTERIM CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD ENDING SEPTEMBER 30, 2012 (In thousands of Chilean pesos) | ![]() |
Taxpayer ID No. (RUT) | Company | Country | Financial Institution | Country | Currency |
Effective Interest Rate
|
Nominal Interest Rate
| 9-2012 | 12-2011 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Current | Non-current | Current | Non-current | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Less than 90 days | More than 90 Days | Total Current | One to Three Years | Three to Five Years | More than Five Years | Total Non- current | Less than 90 days | More than 90 Days | Total Current | One to Three Years | Three to Five Years | More than Five Years | Total Non- current | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
91,081,000-6 | Endesa S.A. (Chile) | Chile | The Bank of New York Mellon –First Issue S-1 | USA | US$ | 7.96% | 7.88% | 1,938,280 | 5,814,839 | 7,753,119 | 15,506,237 | 15,506,237 | 170,216,945 | 201,229,419 | 703,310 | 2,364,976 | 3,068,286 | 5,672,852 | 16,469,819 | 84,974,171 | 107,116,842 | |||||||||||||||||||||||||||||||||||||||||||||||||
91,081,000-6 | Endesa S.A. (Chile) | Chile | The Bank of New York Mellon - First Issue S-2 | USA | US$ | 7.40% | 7.33% | 618,395 | 1,855,184 | 2,473,579 | 4,947,157 | 4,947,157 | 76,892,501 | 86,786,815 | 2,204,773 | 7,413,852 | 9,618,625 | 17,783,553 | 51,630,453 | 177,679,777 | 247,093,783 | |||||||||||||||||||||||||||||||||||||||||||||||||
91,081,000-6 | Endesa S.A. (Chile) | Chile | The Bank of New York Mellon - First Issue S-3 | USA | US$ | 8.26% | 8.13% | 401,559 | 1,204,678 | 1,606,237 | 3,212,475 | 3,212,475 | 144,958,246 | 151,383,196 | 2,384,734 | 8,018,994 | 10,403,728 | 19,235,104 | 109,486,718 | - | 128,721,822 | |||||||||||||||||||||||||||||||||||||||||||||||||
91,081,000-6 | Endesa S.A. (Chile) | Chile | The Bank of New York Mellon - 144 - A | USA | US$ | 80.50% | 8.35% | 4,070,488 | 199,717,933 | 203,788,421 | - | - | - | - | 4,635,971 | 15,589,088 | 20,225,059 | 218,659,499 | - | - | 218,659,499 | |||||||||||||||||||||||||||||||||||||||||||||||||
91,081,000-6 | Endesa S.A. (Chile) | Chile | The Bank of New York Mellon - 144 - A | USA | US$ | 8.83% | 8.63% | 2,094,363 | 6,283,090 | 8,377,453 | 110,488,433 | - | - | 110,488,433 | 457,603 | 1,538,753 | 1,996,356 | 3,690,997 | 10,715,959 | 162,562,141 | 176,969,097 | |||||||||||||||||||||||||||||||||||||||||||||||||
91,081,000-6 | Endesa S.A. (Chile) | Chile | Banco Santander Chile - 317 Series-H | Chile | U.F. | 7.17% | 6.20% | 3,914,903 | 6,933,816 | 10,848,719 | 20,545,970 | 19,010,680 | 80,560,951 | 120,117,601 | 2,124,125 | 11,532,964 | 13,657,089 | 24,422,163 | 58,670,925 | 66,097,899 | 149,190,987 | |||||||||||||||||||||||||||||||||||||||||||||||||
91,081,000-6 | Endesa S.A. (Chile) | Chile | Banco Santander Chile - 522 Series-M | Chile | U.F. | 4.82% | 4.75% | 3,718,384 | 11,155,153 | 14,873,537 | 29,747,074 | 29,747,074 | 329,256,715 | 388,750,863 | 4,973,783 | 16,725,028 | 21,698,811 | 40,118,205 | 136,748,818 | 305,217,831 | 482,084,854 | |||||||||||||||||||||||||||||||||||||||||||||||||
91,081,000-6 | Endesa S.A. (Chile) | Chile | Banco Santander Chile - 318 Series-K | Chile | U.F. | 3.86% | 3.86% | - | - | - | - | - | - | - | 1,746,368 | 5,872,402 | 7,618,770 | 14,086,088 | 40,895,714 | 145,246,623 | 200,228,425 | |||||||||||||||||||||||||||||||||||||||||||||||||
91,081,000-6 | Endesa S.A. (Chile) | Chile | Banco Santander Chile - 264 Series-F | Chile | U.F. | 6.44% | 6.44% | - | - | - | - | - | - | - | 31,321,953 | - | 31,321,953 | - | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||||||
94,271,000-3 | Enersis S.A. | Chile | Yankee bonds 2016 | USA | US$ | 7.76% | 7.40% | 2,270,227 | 6,810,681 | 9,080,908 | 18,161,817 | 129,265,103 | - | 147,426,920 | 2,492,775 | 8,382,298 | 10,875,073 | 20,106,557 | 158,089,452 | - | 178,196,009 | |||||||||||||||||||||||||||||||||||||||||||||||||
94,271,000-3 | Enersis S.A. | Chile | Yankee bonds 2026 | USA | US$ | 7.76% | 6.60% | 6,957 | 20,870 | 27,827 | 55,652 | 55,652 | 662,502 | 773,806 | 7,638 | 25,685 | 33,323 | 61,611 | 178,874 | 660,104 | 900,589 | |||||||||||||||||||||||||||||||||||||||||||||||||
94,271,000-3 | Enersis S.A. | Chile | Yankee bonds 2014 | USA | US$ | 7.69% | 7.38% | 3,114,262 | 9,342,785 | 12,457,047 | 169,407,735 | - | - | 169,407,735 | 9,552,437 | 5,637,390 | 15,189,827 | 195,829,642 | - | - | 195,829,642 | |||||||||||||||||||||||||||||||||||||||||||||||||
94,271,000-3 | Enersis S.A. | Chile | UF 269 Bonds | Chile | U.F. | 7.02% | 5.75% | 1,823,336 | 3,019,299 | 4,842,635 | 9,503,793 | 9,238,078 | 21,717,107 | 40,458,978 | 837,156 | 5,068,678 | 5,905,834 | 10,912,682 | 27,372,736 | 11,324,847 | 49,610,265 | |||||||||||||||||||||||||||||||||||||||||||||||||
Total | 93,757,208 | 413,300,373 | 507,057,581 | 922,349,058 | 720,616,957 | 1,485,830,173 | 3,128,796,188 | 125,993,266 | 315,961,506 | 441,954,772 | 1,102,917,283 | 1,248,264,073 | 1,670,151,218 | 4,021,332,574 |
Page 143
ENERSIS S.A. AND SUBSIDIARIES INTERIM CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD ENDING SEPTEMBER 30, 2012 (In thousands of Chilean pesos) | ![]() |
c ) Financial lease obligations
g | Financial lease obligations by company |
Taxpayer ID No. (RUT) | Company | Country | Taxpayer ID No. (RUT) | Financial Institution | Country | Currency | Nominal Interest Rate | 9-2012 | 12-2011 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Current | Non-current | Current | Non-current | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Less than 90 days | More than 90 Days | Total Current | One to Three Years | Three to Five Years | More than Five Years | Total Non- current | Less than 90 days | More than 90 | Total Current | One to Three Years | Three to Years | More than Five | Total Non- current | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
91,081,000-6 | Endesa S.A. (Chile) | Chile | 87.509.100-K | Leasing Abengoa Chile | Chile | US$ | 6.50% | 505,101 | 1,515,967 | 2,021,068 | 4,047,778 | 4,056,136 | 14,123,451 | 22,227,365 | 567,586 | 1,900,568 | 2,468,154 | 4,556,135 | 12,220,275 | 10,867,880 | 27,644,290 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign | Edegel | Peru | Foreign | Scotiabank | Peru | US$ | 2.96% | 2,422,117 | 4,139,380 | 6,561,497 | 12,053,150 | 19,048,437 | - | 31,101,587 | 2,137,134 | 6,953,795 | 9,090,929 | 11,858,222 | 27,292,271 | - | 39,150,493 | |||||||||||||||||||||||||||||||||||||||||||||||||||
96,830,980-3 | Gas Atacama S.A. | Chile | 96.976.410-5 | Gasred S.A. | Chile | US$ | 9.38% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign | Edelnor | Peru | Foreign | BBVA | Peru | Sol | 24.20% | 1,218,682 | 2,832,196 | 4,050,878 | 2,325,700 | - | - | 2,325,700 | 1,178,706 | 3,660,137 | 4,838,843 | 2,604,306 | - | - | 2,604,306 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign | Edesur S.A. | Argentina | Foreign | COMAFI | Argentina | Ar$ | 5.68% | 97,878 | 458,414 | 556,292 | 315,262 | - | - | 315,262 | 170,578 | 411,253 | 581,831 | 673,700 | - | - | 673,700 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Total | 4,243,778 | 8,945,957 | 13,189,735 | 18,741,890 | 23,104,573 | 14,123,451 | 55,969,914 | 4,054,004 | 12,925,753 | 16,979,757 | 19,692,363 | 39,512,546 | 10,867,880 | 70,072,789 |
d ) Other liabilities
h | Other liabilities by company |
Taxpayer ID No. (RUT) | Company | Country | Taxpayer ID No. (RUT) | Financial Institution | Country | Currency | Nominal Interest Rate | 9-2012 | 12-2011 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Current | Non-current | Current | Non-current | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Less than 90 days | More than 90 Days | Total Current | One to Three Years | Three to Five Years | More than Five Years | Total Non- current | Less than 90 days | More than 90 Days | Total Current | One to Three Years | Three to Five Years | More than Five Years | Total Non- current | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign | Endesa Costanera S.A. | Argentina | Foreign | Mitsubishi (secured debt) | Argentina | US$ | 7.42% | 61,579,708 | - | 61,579,708 | - | - | - | - | 14,958,554 | 10,030,787 | 24,989,341 | 32,747,272 | 24,243,194 | - | 56,990,466 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign | Endesa Costanera S.A. | Argentina | Foreign | Mitsubishi (unsecured debt) | Argentina | US$ | 7.42% | 14,492,674 | - | 14,492,674 | - | - | - | - | 2,296,618 | 67,527 | 2,364,145 | 161,976 | 1,139,597 | - | 1,301,573 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign | Endesa Costanera S.A. | Argentina | Foreign | Others | Argentina | Ar$ | 17.29% | 377,233 | 4,206,757 | 4,583,990 | 7,618,289 | - | - | 7,618,289 | 547,198 | 884,765 | 1,431,963 | - | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||||||||
96,830,980-3 | Inversiones Gas Atacama Holding Ltda. | Chile | 96.963.440-6 | SC GROUP | Chile | US$ | 1.72% | 78,923 | 6,571,098 | 6,650,021 | - | - | - | - | 10,193,375 | - | 10,193,375 | - | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||||||||
96,827,970-K | Endesa Eco S.A. | Chile | 96.601.250-1 | Inversiones Centinela S.A. | Chile | US$ | 6.10% | 496,306 | - | 496,306 | - | - | - | - | - | 3,930,734 | 3,930,734 | - | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign | Ampla Energía E Servicios S.A. | Brazil | Foreign | Eletrobrás | Brazil | Real | 6.37% | 322,978 | 781,625 | 1,104,603 | 2,469,742 | 2,112,548 | 1,905,110 | 6,487,400 | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign | Ampla Energía E Servicios S.A. | Brazil | Foreign | Bndes | Brazil | Real | 9.11% | 4,577,895 | 13,340,517 | 17,918,412 | 32,236,912 | 27,553,468 | 17,081,080 | 76,871,460 | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign | Compañía Energética Do Ceará S.A. | Brazil | Foreign | Eletrobras | Brazil | Real | 6.42% | 1,193,197 | 3,396,704 | 4,589,901 | 6,965,041 | 6,097,813 | 9,533,896 | 22,596,750 | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign | Compañía Energética Do Ceará S.A. | Brazil | Foreign | Banco do Brasil | Brazil | US$ | 4.70% | 49,231 | 80,279 | 129,510 | 180,922 | 113,507 | 1,684,591 | 1,979,020 | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign | Compañía Energética Do Ceará S.A. | Brazil | Foreign | Banco do Brasil | Brazil | Real | 16.06% | 1,121,325 | 3,245,324 | 4,366,649 | 1,962,640 | - | - | 1,962,640 | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign | Compañía Energética Do Ceará S.A. | Brazil | Foreign | BNDES | Brazil | Real | 9.70% | 5,097,535 | 10,435,566 | 15,533,101 | 15,156,493 | - | - | 15,156,493 | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign | Compañía Energética Do Ceará S.A. | Brazil | Foreign | Banco do Nordeste | Brazil | Real | 7.68% | 3,134,372 | 5,934,700 | 9,069,072 | 20,010,211 | 5,888,045 | 3,927,017 | 29,825,273 | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign | Compañía Energética Do Ceará S.A. | Brazil | Foreign | Faelce | Brazil | Real | 13.22% | 1,535,744 | 1,691,058 | 3,226,802 | 2,916,172 | - | - | 2,916,172 | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||||||||
Total | 94,057,121 | 49,683,628 | 143,740,749 | 89,516,422 | 41,765,381 | 34,131,694 | 165,413,497 | 27,995,745 | 14,913,813 | 42,909,558 | 32,909,248 | 25,382,791 | - | 58,292,039 |
Page 144
ENERSIS S.A. AND SUBSIDIARIES INTERIM CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD ENDING SEPTEMBER 30, 2012 (In thousands of Chilean pesos) | ![]() |
APPENDIX 5 ASSETS AND LIABILITIES IN FOREIGN CURRENCIES:
This appendix forms an integral part of the Enersis financial statements.
The detail of assets and liabilities denominated in foreign currencies is the following:
ASSETS | Foreign Currency | Functional Currency | 9-30-2012 ThCh$ | 12-31-2011 ThCh$ | ||||||||
CURRENT ASSETS | ||||||||||||
Cash and cash equivalents | 38,260,688 | 42,323,083 | ||||||||||
U.S. dollar | Chilean peso | 25,486,771 | 22,805,258 | |||||||||
U.S. dollar | Colombian peso | 26,205 | 5,634 | |||||||||
U.S. dollar | Peruvian sol | 4,714,699 | 3,201,968 | |||||||||
U.S. dollar | Argentine peso | 8,033,013 | 16,310,223 | |||||||||
Trade and other current receivables | 6,523,838 | 10,100,793 | ||||||||||
U.S. dollar | Chilean peso | 6,523,838 | 10,100,793 | |||||||||
| ||||||||||||
Accounts receivable from related companies | 3,437,806 | 379,862 | ||||||||||
U.S. dollar | Chilean peso | 3,437,806 | 379,862 | |||||||||
Total current assets other than assets classified as held for sale and discontinued operations | 48,222,332 | 52,803,738 | ||||||||||
TOTAL CURRENT ASSETS | 48,222,332 | 52,803,738 | ||||||||||
Investments accounted for using the equity method | 9,186,290 | 9,733,400 | ||||||||||
U.S. dollar | Chilean peso | 9,186,290 | 9,733,400 | |||||||||
| ||||||||||||
Goodwill | 412,595,349 | 477,068,142 | ||||||||||
Brazilian real | Sol | 8,668,964 | 10,361,690 | |||||||||
Brazilian real | Chilean peso | 262,695,375 | 313,990,020 | |||||||||
Colombian peso | Chilean peso | 11,374,805 | 11,589,629 | |||||||||
Peruvian sol | Chilean peso | 121,128,739 | 128,304,143 | |||||||||
Argentine peso | Chilean peso | 8,727,466 | 12,822,660 | |||||||||
TOTAL NON-CURRENT ASSETS | 421,781,639 | 486,801,542 | ||||||||||
TOTAL ASSETS | 470,003,971 | 539,605,280 |
Page 145
ENERSIS S.A. AND SUBSIDIARIES INTERIM CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD ENDING SEPTEMBER 30, 2012 (In thousands of Chilean pesos) | ![]() |
9-30-2012 | ||||||||||||||||||||||||||||||||||
Current Liabilities | Non-current Liabilities | |||||||||||||||||||||||||||||||||
Foreign Currency | Functional Currency | Less than 90 days | 91 days to 1 year | Total Current
| More than 1 year to 3 years | More than 3 years to 5 years | More than 5 years |
Total Non- | ||||||||||||||||||||||||||
ThCh$ | ThCh$ | ThCh$ | ThCh$ | ThCh$ | ||||||||||||||||||||||||||||||
LIABILITIES
| ||||||||||||||||||||||||||||||||||
Other current financial liabilities | U.S. dollar | 50,553,067 | 280,065,626 | 330,618,693 | 513,714,256 | 244,110,511 | 447,497,612 | 1,205,322,379 | ||||||||||||||||||||||||||
U.S. dollar | Chilean peso | 16,466,988 | 241,636,613 | 258,103,601 | 423,939,601 | 157,430,910 | 406,853,645 | 988,224,156 | ||||||||||||||||||||||||||
U.S. dollar | Brazilian real | 3,427,716 | 4,413,624 | 7,841,340 | 15,988,572 | 10,657,528 | 5,894,918 | 32,541,018 | ||||||||||||||||||||||||||
U.S. dollar | Peruvian sol | 15,260,077 | 9,278,393 | 24,538,470 | 33,255,649 | 58,941,184 | 34,749,049 | 126,945,882 | ||||||||||||||||||||||||||
U.S. dollar | Argentine peso | 15,398,286 | 24,736,996 | 40,135,282 | 40,530,434 | 17,080,889 | - | 57,611,323 | ||||||||||||||||||||||||||
TOTAL LIABILITIES | 50,553,067 | 280,065,626 | 330,618,693 | 513,714,256 | 244,110,511 | 447,497,612 | 1,205,322,379 |
12-31-2011 | ||||||||||||||||||||||||||||||||||
Current Liabilities | Non-current Liabilities | |||||||||||||||||||||||||||||||||
Foreign Currency | Functional Currency | Less than 90 days | 91 days to 1 year | Total Current | 1 year to 3 years | More than 3 years to 5 years | More than 5 years |
Total Non- | ||||||||||||||||||||||||||
ThCh$ | ThCh$ | ThCh$ | ThCh$ | ThCh$ | ||||||||||||||||||||||||||||||
LIABILITIES
| ||||||||||||||||||||||||||||||||||
Other current financial liabilities | U.S. dollar | 50,273,399 | 110,007,608 | 160,281,007 | 698,191,147 | 484,059,182 | 493,795,421 | 1,676,045,750 | ||||||||||||||||||||||||||
U.S. dollar | Chilean peso | 23,913,216 | 58,161,835 | 82,075,051 | 595,227,849 | 359,668,296 | 436,744,073 | 1,391,640,218 | ||||||||||||||||||||||||||
U.S. dollar | Brazilian real | 644,936 | 12,599,186 | 13,244,122 | 17,532,685 | 17,877,446 | 6,352,599 | 41,762,730 | ||||||||||||||||||||||||||
U.S. dollar | Peruvian sol | 5,801,056 | 19,711,792 | 25,512,848 | 35,378,771 | 79,518,586 | 50,698,749 | 165,596,106 | ||||||||||||||||||||||||||
U.S. dollar | Argentine peso | 19,914,191 | 19,534,795 | 39,448,986 | 50,051,842 | 26,994,854 | - | 77,046,696 | ||||||||||||||||||||||||||
TOTAL LIABILITIES | 50,273,399 | 110,007,608 | 160,281,007 | 698,191,147 | 484,059,182 | 493,795,421 | 1,676,045,750 |
Page 146
ENERSIS S.A. AND SUBSIDIARIES INTERIM CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD ENDING SEPTEMBER 30, 2012 (In thousands of Chilean pesos) | ![]() |
APPENDIX 6 ADDITIONAL INFORMATIONOFICIO CIRCULAR (OFFICIAL BULLETIN) 715 OF FEBRUARY 3, 2012:
This appendix forms an integral part of the Enersis financial statements.
a ) Portfolio stratification
- | Trade and other accounts receivable by time in arrears: |
Trade and other accounts receivable | Balance at | |||||||||||||||||||||||||||||||||||||||||||||||
9-30-2012 | ||||||||||||||||||||||||||||||||||||||||||||||||
Up-to-date Portfolio ThCh$ | 1-30 days in arrears ThCh$ | 31-60 in arrears ThCh$ | 61-90 days in arrears ThCh$ | 91-120 ThCh$ | 121-150 ThCh$ | 151-180 in arrears ThCh$ | 181-210 in arrears ThCh$ | 211-250 in arrears ThCh$ | More than ThCh$ | Total Current ThCh$ | Total Non- current ThCh$ | |||||||||||||||||||||||||||||||||||||
Trade | 575,948,363 | 84,513,216 | 29,089,509 | 9,360,459 | 7,074,010 | 7,039,399 | 5,670,388 | 3,316,023 | 3,086,624 | 181,595,032 | 906,693,023 | 158,483,052 | ||||||||||||||||||||||||||||||||||||
Impairment | (803,519) | (582,127) | (855,611) | (380,288) | (2,070,040) | (2,281,362) | (2,170,843) | (1,102,478) | (725,483) | (146,528,744) | (157,500,495) | (1,700) | ||||||||||||||||||||||||||||||||||||
Other | 85,464,652 | 1,184,438 | 416,861 | 283,864 | 508,320 | 102,536 | 156,712 | 358,132 | 559,553 | 5,091,436 | 94,126,504 | 316,614,487 | ||||||||||||||||||||||||||||||||||||
Impairment | (4,622,826) | - | - | - | - | - | - | - | - | (877,523) | (5,500,349) | - | ||||||||||||||||||||||||||||||||||||
Total | 655,986,670 | 85,115,527 | 28,650,759 | 9,264,035 | 5,512,290 | 4,860,573 | 3,656,257 | 2,571,677 | 2,920,694 | 39,280,201 | 837,818,683 | 475,095,839 | ||||||||||||||||||||||||||||||||||||
Trade and other accounts receivable | Balance at | |||||||||||||||||||||||||||||||||||||||||||||||
12-31-2011 | ||||||||||||||||||||||||||||||||||||||||||||||||
Up-to-date Portfolio ThCh$ | 1-30 days in arrears ThCh$ | 31-60 days in arrears ThCh$ | 61-90 days in arrears ThCh$ | 91-120 days in arrears ThCh$ | 121-150 days in arrears ThCh$ | 151-180 days in arrears ThCh$ | 181-210 days in arrears ThCh$ | 211-250 days in arrears ThCh$ | More than 251 days in arrears ThCh$ | Total Current ThCh$ | Total Non- current ThCh$ | |||||||||||||||||||||||||||||||||||||
Trade | 534,607,770 | 79,940,683 | 35,672,835 | 12,874,596 | 8,896,804 | 7,584,496 | 5,471,489 | 8,895,281 | 4,139,605 | 366,906,201 | 1,064,989,760 | 182,387,693 | ||||||||||||||||||||||||||||||||||||
Impairment | (2,786,319) | (489,464) | (185,027) | (4,711,605) | (3,233,750) | (2,895,859) | (4,921,080) | (5,688,359) | (1,381,095) | (161,000,694) | (187,293,252) | (999,510) | ||||||||||||||||||||||||||||||||||||
Other | 57,740,000 | 1,220,415 | 429,523 | 292,486 | 523,760 | 105,650 | 161,472 | 5,288,580 | 576,549 | 34,893,534 | 101,231,969 | 261,940,267 | ||||||||||||||||||||||||||||||||||||
Impairment | (1,326,089) | - | - | - | - | - | - | - | - | - | (1,326,089) | - | ||||||||||||||||||||||||||||||||||||
Total | 588,235,362 | 80,671,634 | 35,917,331 | 8,455,477 | 6,186,814 | 4,794,287 | 711,881 | 8,495,502 | 3,335,059 | 240,799,041 | 977,602,388 | 443,328,450 | ||||||||||||||||||||||||||||||||||||
Page 147
ENERSIS S.A. AND SUBSIDIARIES INTERIM CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD ENDING SEPTEMBER 30, 2012 (In thousands of Chilean pesos) | ![]() |
- By type of portfolio:
Time in Arrears | Balance at | Balance at | ||||||||||||||||||||||||||||||||||||||||||||
9-30-2012 | 12-31-2011 | |||||||||||||||||||||||||||||||||||||||||||||
Non-renegotiated portfolio | Renegotiated portfolio | Total gross portfolio | Non-renegotiated portfolio | Renegotiated portfolio | Total gross portfolio | |||||||||||||||||||||||||||||||||||||||||
Number of clients | Gross ThCh$ | Number of clients | Gross amount ThCh$ | Number of clients | Gross amount ThCh$ | Number of clients | Gross amount | Number of clients | Gross amount | Number of clients | Gross amount | |||||||||||||||||||||||||||||||||||
ThCh$ | ThCh$ | ThCh$ | ||||||||||||||||||||||||||||||||||||||||||||
Up to date | 9,597,309 | 558,307,023 | 152,311 | 17,641,339 | 9,749,620 | 575,948,362 | 7,908,458 | 513,850,924 | 92,748 | 20,756,846 | 8,001,206 | 534,607,770 | ||||||||||||||||||||||||||||||||||
1 to 30 days | 2,223,931 | 78,137,880 | 14,391 | 6,375,337 | 2,238,322 | 84,513,217 | 2,128,913 | 75,776,992 | 16,026 | 4,163,691 | 2,144,939 | 79,940,683 | ||||||||||||||||||||||||||||||||||
31 to 60 days | 667,434 | 25,896,399 | 37,097 | 3,193,111 | 704,531 | 29,089,510 | 423,750 | 28,581,320 | 49,184 | 7,091,515 | 472,934 | 35,672,835 | ||||||||||||||||||||||||||||||||||
61 to 90 days | 177,755 | 6,954,003 | 333 | 2,406,457 | 178,088 | 9,360,460 | 133,395 | 11,531,589 | 795 | 1,343,007 | 134,190 | 12,874,596 | ||||||||||||||||||||||||||||||||||
91 to 120 days | 126,494 | 5,189,996 | 97 | 1,884,014 | 126,591 | 7,074,010 | 113,101 | 7,636,149 | 6,420 | 1,260,655 | 119,521 | 8,896,804 | ||||||||||||||||||||||||||||||||||
121 to 150 days | 131,762 | 5,587,577 | 90 | 1,451,822 | 131,852 | 7,039,399 | 98,637 | 6,367,912 | 8,836 | 1,216,584 | 107,473 | 7,584,496 | ||||||||||||||||||||||||||||||||||
151 to 180 days | 90,557 | 4,331,374 | 3,441 | 1,339,014 | 93,998 | 5,670,388 | 89,794 | 3,355,049 | 8,423 | 2,116,440 | 98,217 | 5,471,489 | ||||||||||||||||||||||||||||||||||
181 to 210 days | 35,338 | 2,104,070 | 234 | 1,211,952 | 35,572 | 3,316,022 | 36,235 | 7,811,862 | 3,180 | 1,083,419 | 39,415 | 8,895,281 | ||||||||||||||||||||||||||||||||||
211 to 250 days | 20,930 | 1,998,936 | 29 | 1,087,688 | 20,959 | 3,086,624 | 24,108 | 3,162,199 | 2,565 | 977,406 | 26,673 | 4,139,605 | ||||||||||||||||||||||||||||||||||
251 days and over | 608,321 | 171,624,052 | 10,558 | 9,970,979 | 618,879 | 181,595,031 | 847,486 | 331,712,072 | 43,791 | 35,194,129 | 891,277 | 366,906,201 | ||||||||||||||||||||||||||||||||||
Total | 13,679,831 | 860,131,310 | 218,581 | 46,561,713 | 13,898,412 | 906,693,023 | 11,803,877 | 989,786,068 | 231,968 | 75,203,692 | 12,035,845 | 1,064,989,760 |
b ) Portfolio in default and in legal collection process.
Portfolio in default and in legal collection process | Balance at | Balance at | ||||||||||||
9-30-2012 | 12-31-2011 | |||||||||||||
Number of clients | Amount ThCh$ | Number of clients | Amount ThCh$ | |||||||||||
Notes receivable in default | 155,027 | 20,112,764 | 50,995 | 17,482,266 | ||||||||||
Notes receivable in legal collection process (*) | 12,183 | 26,291,962 | 11,033 | 26,318,280 | ||||||||||
Total | 167,210 | 46,404,726 | 62,028 | 43,800,546 |
(*) Legal collections are included in the portfolio in arrears.
Page 148
ENERSIS S.A. AND SUBSIDIARIES INTERIM CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD ENDING SEPTEMBER 30, 2012 (In thousands of Chilean pesos) | ![]() |
c ) Provisions and write-offs
Provisions and Write-offs | Balance at | |||||||
9-30-2012 | 9-30-2011 | |||||||
ThCh$ | ThCh$ | |||||||
Provision for non-renegotiated portfolio | 19,717,125 | 20,395,002 | ||||||
Provision for renegotiated portfolio | 3,124,449 | 527,254 | ||||||
Write-offs during the period | (1,142,151) | (3,705,353) | ||||||
Recoveries during the period | (119,443) | (21,970,444) | ||||||
Total | 21,579,980 | (4,753,541) |
d ) Number and amount of operations
Number and Amount of Operations | Balance at | |||||||||||||||
9-30-2012 | 9-30-2011 | |||||||||||||||
Total detail by type of operation Last Quarter | Total detail by type of operation Annual Accumulation | Total detail by type of operation Last Quarter | Total detail by type of operation Annual Accumulation | |||||||||||||
ThCh$ | ThCh$ | ThCh$ | ThCh$ | |||||||||||||
Impairment provision and recoveries: | ||||||||||||||||
Number of operations | 2,243,620 | 2,668,028 | 2,128,200 | 2,590,194 | ||||||||||||
Amount of operations ThCh$ | 17,489,627 | 22,722,131 | (15,802,391 | ) | (1,048,188 | ) |
Page 149
ENERSIS S.A. AND SUBSIDIARIES INTERIM CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD ENDING SEPTEMBER 30, 2012 (In thousands of Chilean pesos) | ![]() |
APPENDIX 6.1 COMPLEMENTARY INFORMATION ON TRADE RECEIVABLES:
This appendix forms an integral part of the Enersis financial statements.
a ) Portfolio stratification
- | Trade receivables by time in arrears: |
Trade Receivables | Balance at | |||||||||||||||||||||||||||||||||||||||||||||||
9-30-2012 | ||||||||||||||||||||||||||||||||||||||||||||||||
Up to date ThCh$ | 1-30 days in arrears ThCh$ | 31-60 days in arrears ThCh$ | 61-90 days in arrears ThCh$ | 91-120 days in arrears ThCh$ | 121-150 days in arrears ThCh$ | 151-180 days in arrears ThCh$ | 181-210 days in arrears ThCh$ | 211-250 days in arrears ThCh$ | More than 250 days in arrears ThCh$ | Total Current ThCh$ | Total Non- current ThCh$ | |||||||||||||||||||||||||||||||||||||
Generation and transmission receivables | 173,583,070 | 1,817,848 | 501,527 | 812,524 | 1 | 1,200,313 | 69,233 | 40 | 336,517 | 71,713,628 | 250,034,701 | 138,068,090 | ||||||||||||||||||||||||||||||||||||
-Large clients | 121,433,510 | 1,308,744 | 329,755 | 5 | 1 | 1,200,313 | 22 | 40 | 336,517 | 15,495,663 | 140,104,570 | - | ||||||||||||||||||||||||||||||||||||
-Institutional clients | 46,455,302 | - | - | 579,233 | - | - | 69,211 | - | - | 56,217,965 | 103,321,711 | 138,068,090 | ||||||||||||||||||||||||||||||||||||
Impairment provision | (126,799 | ) | - | - | - | - | - | - | - | - | (58,450,697 | ) | (58,577,496 | ) | - | |||||||||||||||||||||||||||||||||
Non-invoiced services | 113,583,862 | - | - | - | - | - | - | - | - | - | 113,583,862 | - | ||||||||||||||||||||||||||||||||||||
Invoiced services | 61,199,209 | 1,817,848 | 501,527 | 812,524 | 1 | 313 | 69,233 | 40 | 336,517 | 71,713,628 | 136,450,840 | 138,068,090 | ||||||||||||||||||||||||||||||||||||
Distribution receivables | 402,365,293 | 82,695,368 | 28,587,983 | 8,547,936 | 7,074,008 | 5,839,086 | 5,601,153 | 3,315,983 | 2,750,107 | 109,881,405 | 656,658,322 | 20,414,962 | ||||||||||||||||||||||||||||||||||||
-Mass-market clients | 260,537,451 | 61,154,963 | 19,655,017 | 5,956,840 | 3,843,153 | 4,014,112 | 3,617,523 | 2,051,727 | 1,398,091 | 45,392,974 | 407,621,851 | 9,961,757 | ||||||||||||||||||||||||||||||||||||
-Large clients | 92,141,488 | 13,485,250 | 4,081,273 | 881,653 | 794,708 | 652,046 | 735,713 | 442,542 | 561,029 | 35,702,161 | 149,477,863 | 4,151,299 | ||||||||||||||||||||||||||||||||||||
-Institutional clients | 49,686,354 | 8,055,155 | 4,851,693 | 1,709,443 | 2,436,147 | 1,172,928 | 1,247,917 | 821,714 | 790,987 | 28,786,270 | 99,558,608 | 6,301,906 | ||||||||||||||||||||||||||||||||||||
Impairment provision | (676,720 | ) | (582,127 | ) | (855,611 | ) | (380,288 | ) | (2,070,040 | ) | (2,281,362 | ) | (2,170,843 | ) | (1,102,478 | ) | (725,483 | ) | (88,078,048 | ) | (98,923,000 | ) | (1,699 | ) | ||||||||||||||||||||||||
Non-invoiced services | 192,600,053 | - | - | - | - | - | - | - | - | - | 192,600,053 | - | ||||||||||||||||||||||||||||||||||||
Invoiced services | 209,765,239 | 82,695,368 | 28,587,982 | 8,547,936 | 7,074,009 | 5,839,086 | 5,601,154 | 3,315,983 | 2,750,107 | 109,098,529 | 463,275,393 | 20,414,962 | ||||||||||||||||||||||||||||||||||||
Total Trade Receivables, Gross | 575,948,363 | 84,513,216 | 29,089,510 | 9,360,460 | 7,074,009 | 7,039,399 | 5,670,386 | 3,316,023 | 3,086,624 | 181,595,033 | 906,693,023 | 158,483,052 | ||||||||||||||||||||||||||||||||||||
Total Impairment Provision | (803,519 | ) | (582,127 | ) | (855,611 | ) | (380,288 | ) | (2,070,040 | ) | (2,281,362 | ) | (2,170,843 | ) | (1,102,478 | ) | (725,483 | ) | (146,528,745 | ) | (157,500,496 | ) | (1,699 | ) | ||||||||||||||||||||||||
Total Net Trade Receivables | 575,144,844 | 83,931,089 | 28,233,899 | 8,980,172 | 5,003,969 | 4,758,037 | 3,499,543 | 2,213,545 | 2,361,141 | 35,066,288 | 749,192,527 | 158,481,353 |
Page 150
ENERSIS S.A. AND SUBSIDIARIES INTERIM CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD ENDING SEPTEMBER 30, 2012 (In thousands of Chilean pesos) | ![]() |
Trade Receivables | Balance at | |||||||||||||||||||||||||||||||||||||||||||||||
12-31-2011 | ||||||||||||||||||||||||||||||||||||||||||||||||
Up to date ThCh$ | 1-30 days in arrears ThCh$ | 31-60 days in arrears ThCh$ | 61-90 days in arrears ThCh$ | 91-120 days ThCh$ | 121-150 days in arrears ThCh$ | 151-180 days in arrears ThCh$ | 181-210 days in arrears ThCh$ | 211-250 days in arrears ThCh$ | More than 250 days in arrears ThCh$ | Total Current ThCh$ | Total Non- current ThCh$ | |||||||||||||||||||||||||||||||||||||
Generation and transmission receivables | 276,162,422 | 2,205,313 | 84,972 | 7,284,829 | 493,005 | 138,523 | 1,323,063 | - | - | 77,148,806 | 364,840,933 | 148,953,896 | ||||||||||||||||||||||||||||||||||||
-Large clients | 219,872,741 | 2,205,313 | 84,972 | 7,284,829 | 493,005 | 138,523 | 1,323,063 | - | - | 77,148,806 | 308,551,252 | 586,863 | ||||||||||||||||||||||||||||||||||||
-Institutional clients | 56,289,681 | - | - | - | - | - | - | - | - | - | 56,289,681 | 148,367,033 | ||||||||||||||||||||||||||||||||||||
Impairment provision | (983,105 | ) | - | - | (4,110,640 | ) | (55,494 | ) | - | - | - | - | (43,766,186 | ) | (48,915,425 | ) | - | |||||||||||||||||||||||||||||||
Non-invoiced services | 108,875,974 | - | - | - | - | - | - | - | - | - | 108,875,974 | - | ||||||||||||||||||||||||||||||||||||
Invoiced services | 167,286,448 | 2,205,313 | 84,972 | 7,284,829 | 493,005 | 138,523 | 1,323,063 | - | - | 77,148,806 | 255,964,959 | 148,953,896 | ||||||||||||||||||||||||||||||||||||
Distribution receivables | 258,445,348 | 77,735,369 | 35,587,863 | 5,589,767 | 8,403,798 | 7,445,973 | 4,148,425 | 8,895,281 | 4,139,606 | 289,757,397 | 700,148,827 | 33,433,797 | ||||||||||||||||||||||||||||||||||||
-Mass-market clients | 112,922,763 | 60,157,006 | 28,341,140 | 2,984,669 | 5,486,134 | 5,666,497 | 2,738,905 | 7,186,606 | 2,699,305 | 249,080,159 | 477,263,184 | 9,995,785 | ||||||||||||||||||||||||||||||||||||
-Large clients | 94,208,438 | 11,240,026 | 4,312,588 | 1,311,741 | 1,519,470 | 621,819 | 635,550 | 776,703 | 1,015,465 | 38,272,310 | 153,914,110 | 4,622,939 | ||||||||||||||||||||||||||||||||||||
-Institutional clients | 51,314,147 | 6,338,337 | 2,934,135 | 1,293,357 | 1,398,194 | 1,157,657 | 773,970 | 931,972 | 424,836 | 2,404,928 | 68,971,533 | 18,815,073 | ||||||||||||||||||||||||||||||||||||
Impairment provision | (1,803,214 | ) | (489,464 | ) | (185,027 | ) | (600,965 | ) | (3,178,256 | ) | (2,895,859 | ) | (4,921,080 | ) | (5,688,359 | ) | (1,381,095 | ) | (117,234,508 | ) | (138,377,827 | ) | (999,510 | ) | ||||||||||||||||||||||||
Non-invoiced services | 150,400,140 | - | - | - | - | - | - | - | - | - | 150,400,140 | - | ||||||||||||||||||||||||||||||||||||
Invoiced services | 108,045,208 | 77,735,370 | 35,587,863 | 5,589,767 | 8,403,799 | 7,445,973 | 4,148,426 | 8,895,281 | 4,139,605 | 289,757,395 | 549,748,687 | 33,433,797 | ||||||||||||||||||||||||||||||||||||
Total Trade Receivables, Gross | 534,607,770 | 79,940,682 | 35,672,835 | 12,874,596 | 8,896,803 | 7,584,496 | 5,471,488 | 8,895,281 | 4,139,606 | 366,906,203 | 1,064,989,760 | 182,387,693 | ||||||||||||||||||||||||||||||||||||
Total Impairment Provision | (2,786,319 | ) | (489,464 | ) | (185,027 | ) | (4,711,605 | ) | (3,233,750 | ) | (2,895,859 | ) | (4,921,080 | ) | (5,688,359 | ) | (1,381,095 | ) | (161,000,694 | ) | (187,293,252 | ) | (999,510 | ) | ||||||||||||||||||||||||
Total Net Trade Receivables | 531,821,451 | 79,451,218 | 35,487,808 | 8,162,991 | 5,663,053 | 4,688,637 | 550,408 | 3,206,922 | 2,758,511 | 205,905,509 | 877,696,508 | 181,388,183 |
Since not all of our commercial databases in our Group’s different subsidiaries distinguish whether the final electricity service consumer is a natural or legal person, the main management segmentation used by all the subsidiaries to monitor and follow up on trade receivables is the following:
- | Mass-market Clients |
- | Large Clients |
- | Institutional Clients |
Page 151
ENERSIS S.A. AND SUBSIDIARIES INTERIM CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD ENDING SEPTEMBER 30, 2012 (In thousands of Chilean pesos) | ![]() |
- By type of portfolio:
Type of Portfolio | Balance at | |||||||||||||||||||||||||||||||||||||||||||
9-30-2012 | ||||||||||||||||||||||||||||||||||||||||||||
Up to date ThCh$ | 1-30 days in arrears ThCh$ | 31-60 days in arrears ThCh$ | 61-90 days in arrears ThCh$ | 91-120 days in | 121-150 days in | 151-180 days in | 181-210 days in | 211-250 days in | More than in arrears | Total ThCh$ | ||||||||||||||||||||||||||||||||||
GENERATION AND TRANSMISSION | ||||||||||||||||||||||||||||||||||||||||||||
Non-renegotiated portfolio | 167,623,199 | 1,817,848 | 501,527 | 788,711 | 1 | 1,200,313 | 22 | 40 | 336,517 | 71,815,562 | 244,083,740 | |||||||||||||||||||||||||||||||||
-Large clients | 121,894,026 | 1,308,744 | 329,755 | 5 | 1 | 1,200,313 | 22 | 40 | 336,517 | 24,204,621 | 149,274,044 | |||||||||||||||||||||||||||||||||
-Institutional clients | 28,084,089 | - | - | - | - | - | - | - | - | - | 28,084,089 | |||||||||||||||||||||||||||||||||
-Others | 17,645,084 | 509,104 | 171,772 | 788,706 | - | - | - | - | - | 47,610,941 | 66,725,607 | |||||||||||||||||||||||||||||||||
Renegotiated portfolio | 5,857,938 | - | - | 23,812 | - | - | 69,211 | - | - | - | 5,950,961 | |||||||||||||||||||||||||||||||||
-Large clients | - | - | - | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||
-Institutional clients | - | - | - | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||
-Others | 5,857,938 | - | - | 23,812 | - | - | 69,211 | - | - | - | 5,950,961 | |||||||||||||||||||||||||||||||||
DISTRIBUTION | ||||||||||||||||||||||||||||||||||||||||||||
Non-renegotiated portfolio | 390,683,825 | 76,320,032 | 25,394,871 | 6,165,291 | 5,189,996 | 4,387,264 | 4,331,352 | 2,104,030 | 1,662,419 | 99,808,491 | 616,047,571 | |||||||||||||||||||||||||||||||||
-Mass-market clients | 251,551,880 | 57,479,654 | 17,603,728 | 4,167,961 | 2,793,968 | 3,215,050 | 2,407,477 | 719,331 | 374,503 | 38,005,977 | 378,319,529 | |||||||||||||||||||||||||||||||||
-Large clients | 90,719,660 | 12,409,727 | 3,988,475 | 896,070 | 769,466 | 593,407 | 986,680 | 566,984 | 524,216 | 35,371,906 | 146,826,591 | |||||||||||||||||||||||||||||||||
-Institutional clients | 48,412,285 | 6,430,651 | 3,802,668 | 1,101,260 | 1,626,562 | 578,807 | 937,195 | 817,715 | 763,700 | 26,430,608 | 90,901,451 | |||||||||||||||||||||||||||||||||
Renegotiated portfolio | 11,783,401 | 6,375,336 | 3,193,112 | 2,382,645 | 1,884,013 | 1,451,822 | 1,269,803 | 1,211,953 | 1,087,687 | 9,970,979 | 40,610,751 | |||||||||||||||||||||||||||||||||
-Mass-market clients | 9,087,507 | 4,042,772 | 1,776,425 | 1,337,128 | 1,091,000 | 944,108 | 815,513 | 709,006 | 624,068 | 7,977,836 | 28,405,363 | |||||||||||||||||||||||||||||||||
-Large clients | 1,421,827 | 711,100 | 161,092 | 98,245 | 67,081 | 47,273 | 37,959 | 35,880 | 42,888 | 193,927 | 2,817,272 | |||||||||||||||||||||||||||||||||
-Institutional clients | 1,274,067 | 1,621,464 | 1,255,595 | 947,272 | 725,932 | 460,441 | 416,331 | 467,067 | 420,731 | 1,799,216 | 9,388,116 | |||||||||||||||||||||||||||||||||
Total Portfolio, Gross | 575,948,363 | 84,513,216 | 29,089,510 | 9,360,459 | 7,074,010 | 7,039,399 | 5,670,388 | 3,316,023 | 3,086,623 | 181,595,032 | 906,693,023 | |||||||||||||||||||||||||||||||||
Type of Portfolio | Balance at | |||||||||||||||||||||||||||||||||||||||||||
12-31-2011 | ||||||||||||||||||||||||||||||||||||||||||||
Up to date ThCh$ | 1-30 days in arrears ThCh$ | 31-60 days in arrears ThCh$ | 61-90 days in arrears ThCh$ | 91-120 days in arrears ThCh$ | 121-150 days in arrears ThCh$ | 151-180 days in arrears ThCh$ | 181-210 days in arrears ThCh$ | 211-250 days in arrears ThCh$ | More than in arrears | Total ThCh$ | ||||||||||||||||||||||||||||||||||
GENERATION AND TRANSMISSION | ||||||||||||||||||||||||||||||||||||||||||||
Non-renegotiated portfolio | 256,097,955 | 2,205,313 | 2,894,669 | 4,727,650 | 493,005 | - | 935,644 | - | - | 72,143,556 | 339,497,792 | |||||||||||||||||||||||||||||||||
-Large clients | 206,702,908 | 2,205,313 | 2,894,669 | 4,727,650 | 493,005 | - | 935,644 | - | - | 72,143,556 | 290,102,745 | |||||||||||||||||||||||||||||||||
-Institutional clients | 49,395,047 | - | - | - | - | - | - | - | - | - | 49,395,047 | |||||||||||||||||||||||||||||||||
Renegotiated portfolio | - | - | - | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||
-Large clients | - | - | - | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||
-Institutional clients | - | - | - | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||
DISTRIBUTION | ||||||||||||||||||||||||||||||||||||||||||||
Non-renegotiated portfolio | 257,752,969 | 73,571,679 | 25,686,651 | 6,803,939 | 7,143,144 | 6,367,912 | 2,419,405 | 7,811,862 | 3,162,199 | 259,568,517 | 650,288,277 | |||||||||||||||||||||||||||||||||
-Mass-market clients | 116,163,607 | 56,976,736 | 19,972,918 | 4,801,938 | 5,568,695 | 5,865,662 | 1,812,061 | 7,121,529 | 2,250,787 | 224,276,812 | 444,810,745 | |||||||||||||||||||||||||||||||||
-Large clients | 93,126,921 | 11,031,598 | 3,980,710 | 1,152,224 | 1,453,185 | 490,552 | 554,707 | 690,333 | 911,412 | 35,291,705 | 148,683,347 | |||||||||||||||||||||||||||||||||
-Institutional clients | 48,462,441 | 5,563,345 | 1,733,023 | 849,777 | 121,264 | 11,698 | 52,637 | - | - | - | 56,794,185 | |||||||||||||||||||||||||||||||||
Renegotiated portfolio | 20,756,846 | 4,163,691 | 7,091,516 | 1,343,007 | 1,260,655 | 1,216,584 | 2,116,440 | 1,083,419 | 977,406 | 35,194,127 | 75,203,691 | |||||||||||||||||||||||||||||||||
-Mass-market clients | 16,403,309 | 3,111,313 | 5,410,638 | 690,352 | 622,125 | 532,578 | 857,606 | 349,526 | 267,212 | 10,304,763 | 38,549,422 | |||||||||||||||||||||||||||||||||
-Large clients | 1,131,708 | 224,970 | 341,266 | 167,209 | 72,709 | 139,446 | 86,961 | 90,179 | 108,624 | 3,024,804 | 5,387,876 | |||||||||||||||||||||||||||||||||
-Institutional clients | 3,221,829 | 827,408 | 1,339,612 | 485,446 | 565,821 | 544,560 | 1,171,873 | 643,714 | 601,570 | 21,864,560 | 31,266,393 | |||||||||||||||||||||||||||||||||
Total Portfolio, Gross | 534,607,770 | 79,940,683 | 35,672,836 | 12,874,596 | 8,896,804 | 7,584,496 | 5,471,489 | 8,895,281 | 4,139,605 | 366,906,200 | 1,064,989,760 |
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