UNAUDITED PRO FORMA CONDENSED CONSOLIDATED
FINANCIAL INFORMATION
The following unaudited pro forma condensed consolidated balance sheet as of September 30, 2012 and the unaudited pro forma condensed consolidated statements of income for the year ended December 31, 2011 and the nine months ended September 30, 2012 give effect to (i) the contribution by Endesa Spain to Enersis of all the shares of Cono Sur, which would hold the investments in the Portfolio Companies, in exchange for additional shares of Enersis to be issued to Endesa Spain and (2) the subscription by other shareholders for additional shares of Enersis in the Capital Increase for cash. The pro forma information is based on the historical financial statements of Enersis after giving effect to the transactions and applying the estimates, assumptions and adjustments described in the accompanying notes to the unaudited pro forma condensed consolidated financial information and present the pro forma information assuming the transaction is consummated at a value for the In-Kind Contribution of Ch$1,724,400 million (approximately US$3,640 million based on the exchange rate as of September 30, 2012, of Ch$473.77 per U.S. dollar), as approved at the Extraordinary Shareholders Meeting (“ESM”) held on December 20, 2012.
For pro forma purposes, the unaudited pro forma condensed consolidated balance sheet of Enersis as of September 30, 2012 is presented as if the transaction had occurred on September 30, 2012. The unaudited pro forma condensed consolidated statement of income of Enersis for the year ended December 31, 2011 and the unaudited pro forma condensed consolidated statement of income of Enersis for the nine months ended September 30, 2012, in each case, are presented as if the transaction had occurred on January 1, 2011.
The unaudited pro forma condensed consolidated financial information has been prepared by Enersis management for illustrative purposes and is not intended to represent the condensed consolidated financial position or condensed consolidated results of operations in future periods or what the results actually would have been had Enersis completed the proposed Capital Increase during the specified periods. The unaudited pro forma condensed consolidated financial information and accompanying notes should be read in conjunction with the following information: (1) the historical audited consolidated financial statements of Enersis for the year ended December 31, 2011 and notes thereto included in our Annual Report on Form 20-F for the year ended December 31, 2011, as amended (the “2011 Form 20-F”), (2) the historical unaudited condensed consolidated financial statements of Enersis for the nine months ended September 30, 2012, included as Exhibit 99.1 to this Report on Form 6-K, and (3) “Item 5. Operating and Financial Review and Prospects” included in the 2011 Form 20-F.
3-1
UNAUDITED PRO FORMA CONDENSED CONSOLIDATED BALANCE SHEET AS OF SEPTEMBER 30, 2012
(In thousands of Chilean pesos) | Enersis Historical | Adjustments for Subscription for Shares | Adjustments for Consolidation of Unconsolidated Subsidiaries and Associates | Adjustments for Additional Interests in Consolidated Subsidiaries | Adjustments for Intercompany Eliminations from Unconsolidated Subsidiaries |
Pro Forma |
Pro Forma | |||||||||||||||||||||||
(1) | (2) | (3) | (4) | (5) | ||||||||||||||||||||||||||
(Th Ch$) | (Th Ch$) | (Th Ch$) | (Th Ch$) | (Th Ch$) | (Th Ch$) | (Million US$) | ||||||||||||||||||||||||
ASSETS | ||||||||||||||||||||||||||||||
CURRENT ASSETS | ||||||||||||||||||||||||||||||
Cash and cash equivalents | 782,662,802 | 1,119,997,889 | 29,461,292 | - | - | 1,932,121,983 | 4,078 | |||||||||||||||||||||||
Other current financial assets | 1,476,171 | - | - | - | - | 1,476,171 | 3 | |||||||||||||||||||||||
Other current non-financial assets | 100,539,038 | - | 1,418,165 | - | - | 101,957,203 | 215 | |||||||||||||||||||||||
Trade and other current receivables | 837,818,682 | - | 55,314,037 | - | - | 893,132,719 | 1,885 | |||||||||||||||||||||||
Accounts receivable from related companies | 33,580,107 | - | 32,286,017 | - | (63,051,975 | ) | 2,814,149 | 6 | ||||||||||||||||||||||
Inventories | 99,842,426 | - | 820,821 | - | - | 100,663,247 | 212 | |||||||||||||||||||||||
Current tax assets | 135,212,150 | - | 19,633,951 | - | - | 154,846,101 | 327 | |||||||||||||||||||||||
TOTAL CURRENT ASSETS | 1,991,131,376 | 1,119,997,889 | 138,934,283 | - | (63,051,975 | ) | 3,187,011,573 | 6,726 | ||||||||||||||||||||||
NON-CURRENT ASSETS | ||||||||||||||||||||||||||||||
Other non-current financial assets | 68,864,987 | - | - | - | - | 68,864,987 | 145 | |||||||||||||||||||||||
Other non-current non-financial assets | 88,600,532 | - | 1,023,575 | - | - | 89,624,107 | 189 | |||||||||||||||||||||||
Non-current receivables | 475,095,840 | - | 33,396,161 | - | - | 508,492,001 | 1,073 | |||||||||||||||||||||||
Investments accounted for using the equity method | 12,386,913 | - | (2,155,139 | ) | - | - | 10,231,774 | 22 | ||||||||||||||||||||||
Intangible assets other than goodwill | 1,146,093,735 | - | 373,463 | - | - | 1,146,467,198 | 2,420 | |||||||||||||||||||||||
Goodwill | 1,394,213,916 | - | - | - | - | 1,394,213,916 | 2,943 | |||||||||||||||||||||||
Property, plant, and equipment, net | 7,085,450,855 | - | 109,678,602 | - | - | 7,195,129,457 | 15,187 | |||||||||||||||||||||||
Investment property | 38,331,943 | - | - | - | - | 38,331,943 | 81 | |||||||||||||||||||||||
Deferred tax assets | 445,616,696 | - | 11,156,958 | - | - | 456,773,654 | 964 | |||||||||||||||||||||||
TOTAL NON-CURRENT ASSETS | 10,754,655,417 | - | 153,473,620 | - | - | 10,908,129,037 | 23,024 | |||||||||||||||||||||||
TOTAL ASSETS | 12,745,786,793 | 1,119,997,889 | 292,407,903 | - | (63,051,975 | ) | 14,095,140,610 | 29,750 |
See notes to the unaudited pro forma condensed consolidated financial information.
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(In thousands of Chilean pesos) | Enersis Historical | Adjustments for Subscription for Shares | Adjustments for Consolidation of Unconsolidated Subsidiaries and Associates | Adjustments for Additional Interests in Consolidated Subsidiaries | Adjustments for Intercompany Eliminations from Unconsolidated Subsidiaries |
Pro Forma |
Pro Forma | |||||||||||||||||||||||||
(1) | (2) | (3) | (4) | (5) | ||||||||||||||||||||||||||||
(Th Ch$) | (Th Ch$) | (Th Ch$) | (Th Ch$) | (Th Ch$) | (Th Ch$) | (Million US$) | ||||||||||||||||||||||||||
CURRENT LIABILITIES | ||||||||||||||||||||||||||||||||
Other current financial liabilities | 642,951,020 | - | 45,826,803 | - | - | 688,777,823 | 1,454 | |||||||||||||||||||||||||
Trade and other current payables | 977,054,887 | - | 54,201,775 | - | - | 1,031,266,662 | 2,177 | |||||||||||||||||||||||||
Accounts payable to related companies | 155,553,906 | - | 79,930,651 | - | (63,051,975 | ) | 172,432,582 | 364 | ||||||||||||||||||||||||
Other current provisions | 87,342,883 | - | - | - | - | 87,342,883 | 184 | |||||||||||||||||||||||||
Current tax liabilities | 162,109,953 | - | 12,775,368 | - | - | 174,885,321 | 369 | |||||||||||||||||||||||||
Other current non-financial liabilities | 87,405,538 | - | 3,405,163 | - | - | 90,812,801 | 192 | |||||||||||||||||||||||||
TOTAL CURRENT LIABILITIES | 2,112,429,287 | - | 196,140,760 | - | (63,051,975 | ) | 2,245,518,072 | 4,740 | ||||||||||||||||||||||||
NON-CURRENT LIABILITIES | ||||||||||||||||||||||||||||||||
Other non-current financial liabilities | 2,847,453,200 | - | 32,136,430 | - | - | 2,879,589,630 | 6,078 | |||||||||||||||||||||||||
Other non-current payables | 12,176,248 | - | - | - | - | 12,176,248 | 26 | |||||||||||||||||||||||||
Other long-term provisions | 199,892,465 | - | 4,432,956 | - | - | 204,325,421 | 431 | |||||||||||||||||||||||||
Deferred tax liabilities | 547,894,417 | - | 9,297,058 | - | - | 557,191,475 | 1,176 | |||||||||||||||||||||||||
Non-current provisions for employee benefits | 246,937,212 | - | - | - | - | 246,937,212 | 521 | |||||||||||||||||||||||||
Other non-current non-financial liabilities | 70,382,831 | - | 5,077,399 | - | - | 75,450,230 | 158 | |||||||||||||||||||||||||
TOTAL NON-CURRENT LIABILITIES | 3,924,736,373 | - | 50,943,843 | - | - | 3,975,680,216 | 8,390 | |||||||||||||||||||||||||
TOTAL LIABILITIES | 6,037,165,660 | - | 247,084,603 | - | (63,051,975 | ) | 6,221,198,288 | 13,130 | ||||||||||||||||||||||||
EQUITY | ||||||||||||||||||||||||||||||||
Issued capital | 2,824,882,835 | - | - | - | 2,824,882,835 | 5,963 | ||||||||||||||||||||||||||
Increase in capital | - | 1,119,997,889 | 31,786,140 | 1,692,613,860 | 2,844,397,889 | 6,004 | ||||||||||||||||||||||||||
Retained earnings | 2,343,296,922 | - | - | - | - | 2,343,296,922 | 4,946 | |||||||||||||||||||||||||
Share premium | 158,759,648 | - | - | - | - | 158,759,648 | 335 | |||||||||||||||||||||||||
Other reserves | (1,530,810,682 | ) | - | 17,075,025 | (957,345,126 | ) | - | (2,471,081,783 | ) | (5,216 | ) | |||||||||||||||||||||
Equity Attributable to Shareholders of Enersis | 3,796,128,723 | 1,119,997,889 | 48,861,165 | 735,267,734 | - | 5,700,255,511 | 12,032 | |||||||||||||||||||||||||
Non-controlling Interest | 2,912,492,410 | - | (3,537,865 | ) | (735,267,734 | ) | - | 2,173,686,811 | 4,588 | |||||||||||||||||||||||
TOTAL EQUITY | 6,708,621,133 | 1,119,997,889 | 45,323,300 | - | - | 7,873,942,322 | 16,620 | |||||||||||||||||||||||||
TOTAL LIABILITIES AND EQUITY | 12,745,786,793 | 1,119,997,889 | 292,407,903 | - | (63,051,975 | ) | 14,095,140,610 | 29,750 |
See notes to the unaudited pro forma condensed consolidated financial information.
3-3
UNAUDITED PRO FORMA CONDENSED CONSOLIDATED STATEMENT OF INCOME FOR THE YEAR ENDED DECEMBER 31, 2011
Enersis Historical | Adjustments for Shares | Adjustments for Associates | Adjustments for Additional interests in Consolidated Subsidiaries | Adjustments for Intercompany Eliminations from Unconsolidated Subsidiaries |
Pro Forma |
Pro Forma | ||||||||||||||||||||||||||
(1) | (2) | (3) | (4) | (5) | ||||||||||||||||||||||||||||
(In thousands of Chilean pesos] | (Th Ch$) | (Th Ch$) | (Th Ch$) | (Th Ch$] | (Th Ch$) | (Th Ch$) | (Million US$) | |||||||||||||||||||||||||
Sales | 6,254,252,089 | - | 223,231,472 | - | (13,769,806) | 6,463,713,755 | 13,643 | |||||||||||||||||||||||||
Other operating income | 280,628,255 | - | 3,087,073 | - | (66,250) | 283,649,078 | 599 | |||||||||||||||||||||||||
Total Revenues | 6,534,880,344 | - | 226,318,545 | - | (13,836,056) | 6,747,362,833 | 14,242 | |||||||||||||||||||||||||
Raw materials and consumable used | (3,538,434,729) | - | (150,189,789) | - | 13,614,133 | (3,675,010,385) | (7,757) | |||||||||||||||||||||||||
Contribution Margin | 2,996,445,615 | - | 76,128,756 | - | (221,923) | 3,072,352,448 | 6,485 | |||||||||||||||||||||||||
Other work performed by the entity and capitalized | 50,173,112 | - | - | - | - | 50,173,112 | 106 | |||||||||||||||||||||||||
Employee benefits expenses | (378,552,126) | - | (6,797,728) | - | - | (385,349,854) | (813) | |||||||||||||||||||||||||
Depreciation and amortization expense | (424,900,036) | - | (7,538,774) | - | - | (432,438,810) | (913) | |||||||||||||||||||||||||
Reversal of impairment loss (Impairment loss) recognized in the year’s profit or loss | (136,157,459) | - | 220,508 | - | - | (135,936,951) | (287) | |||||||||||||||||||||||||
Other expenses | (540,698,397) | - | (12,262,078) | - | 221,923 | (552,738,552) | (1,167) | |||||||||||||||||||||||||
Operating Income | 1,566,310,709 | - | 49,750,684 | - | - | 1,616,061,393 | 3,411 | |||||||||||||||||||||||||
Other gains (losses) | (4,814,294) | - | 22,574 | - | - | (4,791,720) | (10) | |||||||||||||||||||||||||
Financial Income | 233,612,869 | - | 2,607,359 | - | - | 236,220,228 | 499 | |||||||||||||||||||||||||
Financial costs | (465,411,363) | - | (5,774,587) | - | - | (471,185,950) | (995) | |||||||||||||||||||||||||
Share of profit (loss) of associates accounted for using the equity method | 8,465,904 | - | (249,673) | - | - | 8,216,231 | 17 | |||||||||||||||||||||||||
Share of profit (loss) of associates accounted for using the equity | - | - | 113,218 | - | - | 113,218 | - | |||||||||||||||||||||||||
Foreign currency exchange differences | 20,305,690 | - | (6,331,397) | - | - | 13,974,293 | 29 | |||||||||||||||||||||||||
Profit (loss) from indexed assets and liabilities | (25,092,203) | - | - | - | - | (25,092,203) | (53) | |||||||||||||||||||||||||
Net income before tax | 1,333,377,312 | - | 40,138,178 | - | - | 1,373,515,490 | 2,898 | |||||||||||||||||||||||||
Income tax | (460,836,692) | - | (13,702,209) | - | - | (474,538,901) | (1,002) | |||||||||||||||||||||||||
Net Income from continuing operations | 872,540,620 | - | 26,435,969 | - | - | 898,976,589 | 1,896 | |||||||||||||||||||||||||
Net income from discontinued operations | - | - | - | - | - | - | - | |||||||||||||||||||||||||
NET INCOME | 872,540,620 | - | 26,435,969 | - | - | 898,976,589 | 1,896 | |||||||||||||||||||||||||
Net Income attributable to | ||||||||||||||||||||||||||||||||
Shareholders of Enersis | 375,471,254 | - | 18,817,057 | 141,276,053 | - | 535,564,364 | 1,130 | |||||||||||||||||||||||||
Non-controlling interests | 497,069,366 | - | 7,618,912 | (141,276,053) | - | 363,412,225 | 767 | |||||||||||||||||||||||||
NET INCOME | 872,540,620 | - | 26,435,969 | - | - | 898,976,589 | 1,897 | |||||||||||||||||||||||||
Basic earnings per share (6) | ||||||||||||||||||||||||||||||||
Basic earnings per share | 11.50 | - | 102.41 | 14.44 | - | 10.91 |
See notes to the unaudited pro forma condensed consolidated financial information.
3-4
UNAUDITED PRO FORMA CONDENSED CONSOLIDATED STATEMENT OF INCOME
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2012
Enersis Historical | Adjustments for Subscription for Shares | Adjustments for Consolidation of Unconsolidated Subsidiaries and Associates | Adjustments for in Consolidated | Adjustments for Intercompany Eliminations from Unconsolidated Subsidiaries |
Pro Forma |
Pro Forma | ||||||||||||||||||||||||||
(1) | (2) | (3) | (4) | (5) | ||||||||||||||||||||||||||||
(In thousands of Chilean pesos) | (Th Ch$) | (Th Ch$) | (Th Ch$) | (Th Ch$) | (Th Ch$) | (Million US$) | ||||||||||||||||||||||||||
Sales | 4,713,328,305 | - | 136,495,954 | - | (7,639,867 | ) | 4,842,184,392 | 10,221 | ||||||||||||||||||||||||
Other operating Income | 132,982,245 | - | 76,992 | - | (219,286 | ) | 182,839,951 | 386 | ||||||||||||||||||||||||
Total Revenues | 4,896,310,550 | - | 136,572,946 | - | (7,859,153 | ) | 5,025,024,343 | 10,607 | ||||||||||||||||||||||||
Raw materials and consumables used | (2,775,881,439 | ) | - | (105,564,285 | ) | - | 7,337,525 | (2,874,108,199 | ) | (6,066 | ) | |||||||||||||||||||||
Contribution Margin | 2,120,429,111 | - | 31,008,661 | - | (521,628 | ) | 2,150,916,144 | 4,541 | ||||||||||||||||||||||||
Other work performed by the entry and capitalized | 36,027,420 | - | 484,551 | - | - | 36,511,971 | 77 | |||||||||||||||||||||||||
Employee benefits expenses | (302,481,117 | ) | - | (5,853,763 | ) | - | - | (308,334,880 | ) | (651 | ) | |||||||||||||||||||||
Depreciation and amortization expense | (331,391,644 | ) | - | (5,215,688 | ) | - | - | (336,607,332 | ) | (710 | ) | |||||||||||||||||||||
Reversal of impairment loss (Impairment loss) recognized in the year’s profit or loss | (22,722,131 | ) | - | 32,396 | - | - | (22,689,735 | ) | (48 | ) | ||||||||||||||||||||||
Other expenses | (372,851,904 | ) | - | (7,691,801 | ) | - | 521,628 | (380,022,077 | ) | (802 | ) | |||||||||||||||||||||
Operating Income | 1,127,009,735 | - | 12,764,356 | - | - | 1,139,774,091 | 2,407 | |||||||||||||||||||||||||
Other gains (losses) | 4,199,142 | - | 47,693 | - | - | 4,246,835 | 9 | |||||||||||||||||||||||||
Financial income | 122,016,539 | - | 1,492,168 | - | - | 123,508,707 | 261 | |||||||||||||||||||||||||
Financial Costs | (338,726,474 | ) | - | (5,560,005 | ) | - | - | (344,286,479 | ) | (727 | ) | |||||||||||||||||||||
Share of profit (loss) of associates accounted for using the equity method | 7,754,143 | - | (26,041 | ) | - | - | 7,728,102 | 16 | ||||||||||||||||||||||||
Share of profit (loss) or associates accounted for using the equity method | - | - | 76,642 | - | - | 76,642 | - | |||||||||||||||||||||||||
Foreign currency exchange differences | (14,017,076 | ) | - | (7,362,124 | ) | - | - | (21,379,200 | ) | (45 | ) | |||||||||||||||||||||
Profit (loss) from indexed assets and liabilities | (6,876,024 | ) | - | - | - | - | (6,876,024 | ) | (15 | ) | ||||||||||||||||||||||
Net income before tax | 901,359,985 | - | 1,432,689 | - | - | 902,792,674 | 1,906 | |||||||||||||||||||||||||
Income tax | (266,950,568 | ) | - | (687,861 | ) | - | - | (267,538,429 | ) | (565 | ) | |||||||||||||||||||||
Net Income from continuing operations | 634,409,417 | - | 744,828 | - | - | 635,154,245 | 1,341 | |||||||||||||||||||||||||
Net income from discontinued operations | - | - | - | - | - | - | ||||||||||||||||||||||||||
NET INCOME | 634,409,417 | - | 744,828 | - | - | 635,154,245 | 1,341 | |||||||||||||||||||||||||
Net income attributable to | ||||||||||||||||||||||||||||||||
Shareholders of Enersis | 264,557,423 | - | 5,013,520 | 119,362,189 | - | 388,933,132 | 821 | |||||||||||||||||||||||||
Non-controlling interests | 359,851,994 | - | (4,268,692 | ) | (119,362,189 | ) | - | 246,221,113 | 520 | |||||||||||||||||||||||
NET INCOME | 634,409,417 | - | 744,828 | - | - | 635,154,245 | 1,341 | |||||||||||||||||||||||||
Basic earnings per share (6) | ||||||||||||||||||||||||||||||||
Basic earnings per share | 8.10 | - | 27.29 | 12.20 | - | 7.92 |
See notes to the unaudited pro forma condensed consolidated financial information.
3-5
Notes to the Unaudited Pro Forma Condensed Consolidated Financial Statements
A. Basis of Presentation
Contribution of Portfolio Companies’ Share Interests
In the preparation of the unaudited pro forma condensed consolidated balance sheet as of September 30, 2012, it was assumed that the total amount of the Capital Increase would be the amount of Ch$2,844,398 million as approved by shareholders at the ESM of the Company held on December 20, 2012. It is assumed that each of the shareholders contributes to the Capital Increase in proportion to its ownership interest in the Company, and that the share participation that Endesa Spain would contribute in the Capital Increase would be valued at approximately US$3.640 million, which at the exchange rate as of September 30, 2012 (Ch$473.77 per U.S. dollar) equals Ch$1,724,400 million.
For purposes of allocating the above-mentioned value of the In-Kind Contribution in connection with the accounting treatment for non-monetary contributions described below to each of the Portfolio Companies involved in Endesa Spain’s In-Kind Contribution, the average of the weights allocated by each of the three appraisers to each of the Portfolio Companies involved in the valuations was used.
Cash contribution
For the preparation of the unaudited pro forma condensed consolidated balance sheet as of September 30, 2012, it was assumed that the shareholders other than Endesa Spain had subscribed for the shares that would correspond to them in cash (approximately US$2,364 million, or Ch$1,119,998 million), based on the assumed value of the In-Kind Contribution described under “Contribution of Portfolio Companies’ Share Interests” above.
Price of the shares
The unaudited pro forma condensed consolidated financial statements were prepared using the per share subscription price approved by shareholders at the ESM held on December 20, 2012 of Ch$173.
Earnings per share
To determine the pro forma basic earnings per share information in the unaudited pro forma condensed consolidated statement of income for the year ended December 31, 2011 and the nine months ended September 30, 2012, the contribution of the Portfolio Companies’ shares has been considered as an increase in the number of shares issued. In accordance with SEC rules on pro forma information, the increase in the number of shares issued due to the cash contribution has not been taken into account in the earnings per share calculation shown on the unaudited pro forma condensed consolidated statements of income.
Accounting treatment for non-monetary contributions:
a) | Contributions of interests in companies currently controlled, directly or indirectly, by Enersis |
These contributions were recorded in accordance with the provisions of the International Accounting Standard No. 27 (2008) “Consolidated Financial Statements”, which provides that an increase in the participation in companies which the Company already controls shall be deemed as an equity transaction. This means that the book value of assets and liabilities that are already recorded will not be modified, even if the reasonable value of the transaction differs from them. The acquired non-controlled ownership interests consider the proportion that they represent in the equity of such subsidiary according to the book value consolidated in the Company’s financial statements.
3-6
The difference between the book value and the economic value of the non-controlled ownership interests considered, is directly reflected in Other Reserves in Equity Attributable to Shareholders of Enersis.
b) | Contribution of participation in companies currently either controlled by or with a significant influence from Endesa Spain, which Enersis currently does not control or participate in. |
For accounting purposes, these contributions are deemed to be a transaction between entities controlled by the same company, given that these contributions are made by Endesa Spain, which is the parent company of Enersis. Enersis applies the “pooling of interest” method to record this type of transaction, which requires it to maintain the book value of the assets and liabilities contributed to the consolidation and to reflect any difference in Other Reserves in Equity Attributable to Shareholders of Enersis.
The difference between the book value of the net assets that are incorporated to the consolidation arising from this contribution, and the value of the consideration transferred that corresponds to the shares that will be issued in exchange to the economic value considered, is directly reflected in Other Reserves in Equity Attributable to Shareholders of Enersis.
B. | Pro Forma Adjustments |
(1) | Adjustments for Subscription for Shares: Reflects the amount of the Capital Increase of US$2,364 million, or Ch$1,119,998 million, that the shareholders can subscribe for in cash (at the exchange rate as of September 30, 2012). |
(2) | Adjustments for Consolidation of Unconsolidated Subsidiaries and Associates: Reflects the contribution of US$67 million, or Ch$31,786 million, that would be made by Endesa Spain in the form of the ownership interests in companies which Enersis currently does not control or consolidate. The ownership interests after the contribution are the following: Empresa Eléctrica Cabo Blanco S.A.C. (80%), Generalima SAC S.A. (100%), Inversora Dock Sud S.A. (57.14%), Endesa Cemsa S.A. (55%) and Yacylec S.A. (22.22%). |
(3) | Adjustments for Additional Interests in Consolidated Subsidiaries: Reflects the contribution of US$3,573 million, or Ch$1,692,614 million, that would be made by Endesa Spain in the form of the ownership interests in companies which Enersis currently controls and consolidates. The ownership interests after the contribution are the following: Endesa Brasil S.A. (28.48%), Ampla Energía e Serviços S.A. (7.7%), Ampla Investimentos e Serviços S.A. (7.7%), Emgesa S.A. ESP (21.6%), Codensa S.A. ESP (26.7%), Compañía Eléctrica San Isidro S.A. (4.4%), Inversiones Distrilima S.A.C. (34.83%) and Empresa Distribuidora Sur S.A. (6.2%). |
(4) | Adjustments for Intercompany Eliminations from Unconsolidated Subsidiaries: Reflects the eliminations for intercompany transactions between the Portfolio Companies that are being consolidated into Enersis’ consolidated financial statements as a result of the In-Kind Contribution and the companies that were historically part of Enersis’ consolidated group. |
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Pro Forma Consolidated: For the conversion of amounts in the unaudited pro forma condensed consolidated financial statements to U.S. dollars, the closing exchange rate on September 30, 2012 of Ch$473.77 per U.S. dollar was used.
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