FORM 6-K
Pursuant to Rule 13a-16 or 15d-16 of
the Securities Exchange Act of 1934
For the month of November, 2004
Commission File Number: 001-12440
ENERSIS S.A.
Santa Rosa 76
Santiago, Chile
Indicate by check mark whether the registrant files or will file
annual reports under cover of Form 20-F or Form 40-F:
Form 20-F [X] Form 40-F [ ]
Indicate by check mark if the registrant is submitting the Form 6-K
in paper as permitted by Regulation S-T Rule 101(b)(1):
Yes [ ] No [X]
Indicate by check mark if the registrant is submitting the Form 6-K
in paper as permitted by Regulation S-T Rule 101(b)(7):
Yes [ ] No [X]
Indicate by check mark whether by furnishing the information
contained in this Form, the Registrant is also thereby furnishing the
information to the Commission
pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934:
Yes [ ] No [X]
If “Yes” is marked, indicate below the file number assigned to the registrant
in connection with Rule 12g3-2(b): N/A
ENERSIS ANNOUNCES CONSOLIDATED RESULTS FOR
NINE MONTHS ENDED SEPTEMBER 30, 2004
Highlights for the Period
[All figures in Chilean Pesos]
Net Income grew 36.3%, based on an important 10.7% improvement in Operating Income, as well as a 20.6% increase in Non Operating Income.
- Operating Income improved basically as a consequence of higher Operating Income in our :
- Generation subsidiaries in Colombia and Brazil
- Distribution subsidiaries in Colombia and Argentina
- Non operating income also improved, and mainly due to a :
- 21.1% reduction in net financial expenses
- 33.5% increase in net income from related companies
- Physical sales confirmed the increasing trend exhibited during 2004, based on the recovery of the economy, confirming the trend shown since 2H 2003
- Physical sales in generation increased 4.8%, from 38,104 GWh to 39,939 GWh
- Physical sales in distribution increased 5.6%, from 36,846 GWh to 38,905 GWh
As in previous quarters, our client base grew again, adding more than 400,000 new clients to be served by our distribution subsidiaries.
- Demand for electricity showed a sustained growth in all our concession areas, as follows :
- Argentina: 5.2%
- Brazil: 4.5%
- Chile: 8.2%
- Colombia: 4.2%
- Peru: 6.7%
As result of our efforts to improve the efficiency in our distribution business, labor productivity increased 7.0%, from 1,423 clients per employee in September 2003, up to 1,523 clients per employee.
- In Chile, two important facts took place in the generation business :
- The new hydroelectric power plant Ralco started its operations, whose installed capacity resulted greater than originally expected.
- Endesa’s average regulated tariff adjustment resulted in a 4.3% increase in US$ and 6.5% in Ch$.
As planned, indebtedness was reduced by US$ 310 million.
www.enersis.cl | Santa Rosa 76, Santiago, CHILE Phone: 56 (2) 353 4682 | Pg. 1 |
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Table of
Contents
www.enersis.cl | Santa Rosa 76, Santiago, CHILE Phone: 56 (2) 353 4682 | Pg. 2 |
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www.enersis.cl | Santa Rosa 76, Santiago, CHILE Phone: 56 (2) 353 4682 | Pg. 3 |
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General Information
(Santiago, Chile, October 28, 2004) Enersis (NYSE: ENI), announced today consolidated financial results for nine months, ended September 30, 2004. All figures are in both, US$ and Ch$, and in accordance to Chilean Generally Accepted Accounting Principles (Chilean GAAP) as shown in the standardized form required by Chilean authorities (FECU). Variations refer to September 30, 2003, and figures have been adjusted by the CPI variation between both periods, equal to 1.6%.
For the purpose of converting Chilean pesos (Ch$) into US dollars (US$), we have used the exchange rate prevailing as of September 30, 2004, equal to US$1 = Ch$608.90, which compared to the exchange rate of US$1 = Ch$660.97, represents a Chilean peso appreciation of 7.9% against the US$.
a) | In Chile: Endesa Chile (NYSE: EOC), Chilectra, Synapsis, CAM Ltd. and Inm. Manso de Velasco. |
b) | Outside Chile: Distrilima (Peru), Cerj and Investluz (Brazil), Edesur (Argentina), Luz de Bogotá (Colombia) and Enersis Internacional. |
In the following pages you will find a detailed analysis of Financial Statements, explanation for most of variations, and comments about the main items of Income Statement and Cash Flow Statement compared to the information booked as of September 30, 2003.
www.enersis.cl | Santa Rosa 76, Santiago, CHILE Phone: 56 (2) 353 4682 | Pg. 4 |
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Simplified Organizational Structure
www.enersis.cl | Santa Rosa 76, Santiago, CHILE Phone: 56 (2) 353 4682 | Pg. 5 |
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Market Information
Equity Market
The improved risk perception of the Latin-American macroeconomic situation, together with the recovery in demand for electricity in the majority of the areas under concession is reflected in a sustained growth in the liquidity of the Enersis shares, both on the local market and on the New York Stock Exchange through the ADRs.
Over the last 12 months, the stock price has risen over 16.5%, from Ch$75.25 to Ch$87.70.
Source: Bloomberg |
www.enersis.cl | Santa Rosa 76, Santiago, CHILE Phone: 56 (2) 353 4682 | Pg. 6 |
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Over the last 12 months, the ADR price has risen over 25%, from US$5.78 to US$7.24, compared very favorably respect to the 8.7% variation of the Dow Jones for the same period.
Source: Bloomberg |
Over the last 12 months, the Enersis unit price has raised over 19%, from € 4.92 to € 5.86.
Source: Bloomberg |
www.enersis.cl | Santa Rosa 76, Santiago, CHILE Phone: 56 (2) 353 4682 | Pg. 7 |
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Market Perception
The latest research published on Enersis shows the following target prices for the ADR.
Table 1
Publication Date | Company | Main Analyst | Target Price | Recommendation |
US$(*) | ||||
October 25, 204 | BBVA | Mariela Uturriaga | 8.30 | Outperform |
October 18, 2004 | UBS | Gustavo Gattass | 7.56 | Neutral 2 |
September 28, 2004 | Santander | Raimundo Valdés | 8.20 | Buy |
September 22, 2004 | Smith Barney | Stephen Trent | 7.50 | Hold |
September 1, 2004 | Bear Stearns | Rowe Michels | 8.30 | Peer Perform |
August 9, 2004 | Raymond James | Ricardo Cavanagh | 8.00 | Buy |
August 4, 2004 | Credit Suisse | Emerson Leite | 7.50 | Outperform |
July 28, 2004 | Merrill Lynch | Frank McGann | 8.80 | Buy |
ADR average target price (US$) | 8.02 | |||
Debt Market
The risk perception of the bondholders has improved after the uncertainty produced by the gas crisis abated, returning to prices over 100% of par value, as suggested in the following chart. This reflects the confidence in the capacity of Enersis to pay, in time and form its debt.
Enersis Yankee Bonds
% of Par Value
Source: Bloomberg |
www.enersis.cl | Santa Rosa 76, Santiago, CHILE Phone: 56 (2) 353 4682 | Pg. 8 |
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Risk Rating Classification
International risk rating classification:
Standard & Poor’s: | BBB- / Stable |
“The BBB- corporate credit rating on Enersis reflects its solid business position in Chile and significantly improved financial profile, offset by the weak performance of its investments in Argentina and Brazil”.
Fitch: | BBB- / Stable |
“The ratings and Rating Outlook of Enersis reflect the success of the company’s financial strategy implemented during 2003 and early 2004, which resulted in an improved capital structure and increased financial flexibility consistent with Fitch Ratings’ expectations”.
Moody’s: | Ba2 / Stable |
“The Ba2 senior unsecured rating reflects improvements in operating and financial performance including a significant decrease in balance sheet leverage resulting from an increase in equity and a reduction in consolidated debt, and continued improvements in the performance of Enersis’ 60% subsidiary, Endesa Chile”.
Local risk rating classification:
Feller Rate: | A+ / Stable |
Fitch: | A / Stable |
Humphrey’s: | BBB / Stable |
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Consolidated Income Statement
Under Chilean GAAP, million Ch$
CONS. INCOME STATEMENT - (million Ch$) | 9M 03 | 9M 04 | Var 04-03 | Chg % |
Revenues from Generation | 726,034 | 788,894 | 62,860 | 8.7% |
Revenues from Distribution | 1,286,477 | 1,442,857 | 156,380 | 12.2% |
Revenues from Engineering and Real Estate | 23,593 | 20,403 | (3,190) | (13.5%) |
Revenues from Other Businesses | 103,389 | 106,395 | 3,006 | 2.9% |
Consolidation Adjustments | (249,434) | (252,114) | (2,680) | (1.1%) |
Operating Revenues | 1,890,059 | 2,106,435 | 216,376 | 11.4% |
Op. Costs from Generation | (429,200) | (489,288) | (60,088) | (14.0%) |
Op. Costs from Distribution | (1,026,280) | (1,132,639) | (106,359) | (10.4%) |
Op.Costs from Engineering and Real Estate | (20,473) | (17,833) | 2,640 | 12.9% |
Op.Costs from Other Businesses | (76,453) | (84,912) | (8,459) | (11.1%) |
Consolidation Adjustments | 228,393 | 232,284 | 3,891 | 1.7% |
Operating Costs | (1,324,013) | (1,492,388) | (168,375) | (12.7%) |
Operating Margin | 566,046 | 614,047 | 48,001 | 8.5% |
SG&A from Generation | (23,131) | (23,875) | (744) | (3.2%) |
SG&A from Distribution | (107,416) | (105,942) | 1,474 | 1.4% |
SG&A from Engineering and Real Estate | (1,924) | (2,322) | (398) | (20.7%) |
SG&A from Other Businesses | (21,201) | (21,814) | (613) | (2.9%) |
Consolidation Adjustments | 22,352 | 21,250 | (1,102) | (4.9%) |
Selling and Administrative Expenses | (131,320) | (132,703) | (1,383) | (1.1%) |
Operating Income | 434,726 | 481,344 | 46,618 | 10.7% |
Interest Income | 54,838 | 54,523 | (315) | (0.6%) |
Interest Expense | (329,994) | (271,502) | 58,492 | 17.7% |
Net Financial Income (Expenses) | (275,156) | (216,979) | 58,177 | 21.1% |
Equity Gains from Related Companies | 21,373 | 28,365 | 6,992 | 32.7% |
Equity Losses from Related Companies | (127) | (0) | 127 | 99.7% |
Net Income from Related Companies | 21,246 | 28,365 | 7,119 | 33.5% |
Other Non Operating Income | 167,477 | 57,252 | (110,225) | (65.8%) |
Other Non Operating Expenses | (188,962) | (98,026) | 90,936 | 48.1% |
Net other Non Operating Income (Expense) | (21,485) | (40,774) | (19,289) | (89.8%) |
Price Level Restatement | (7,401) | (898) | 6,503 | 87.9% |
Foreign Exchange Effect | (503) | 12,658 | 13,161 | - |
Net of Monetary Exposure | (7,904) | 11,761 | 19,665 | - |
Positive Goodwill Amortization | (40,910) | (39,725) | 1,185 | 2.9% |
Non Operating Income | (324,209) | (257,353) | 66,856 | 20.6% |
Net Inc b. Taxes, Min Int and Neg Goodwill Amort. | 110,517 | 223,991 | 113,474 | 102.7% |
Extraordinary Items | - | - | - | - |
Income Tax | (78,649) | (126,546) | (47,897) | (60.9%) |
Minority Interest | (54,525) | (75,679) | (21,154) | (38.8%) |
Negative Goodwill Amortization | 48,602 | 13,588 | (35,014) | (72.0%) |
NET INCOME | 25,945 | 35,354 | 9,409 | 36.3% |
R.A.I.I.D.A.I.E. | 720,207 | 798,151 | 77,944 | 10.8% |
RAIIDAIE: Net income before taxes, interest, depreciation, amortization and extraordinary items (as defined by local SEC).
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Under Chilean GAAP, thousand US$
CONS. INCOME STATEMENT - (thousand US$) | 9M 03 | 9M 04 | Var 04-03 | Chg % |
Revenues from Generation | 1,192,370 | 1,295,605 | 103,235 | 8.7% |
Revenues from Distribution | 2,112,789 | 2,369,612 | 256,823 | 12.2% |
Revenues from Engineering and Real Estate | 38,747 | 33,508 | (5,239) | (13.5%) |
Revenues from Other Businesses | 169,796 | 174,733 | 4,937 | 2.9% |
Consolidation Adjustments | (409,647) | (414,048) | (4,401) | (1.1%) |
Operating Revenues | 3,104,055 | 3,459,410 | 355,355 | 11.4% |
Op. Costs from Generation | (704,878) | (803,561) | (98,683) | (14.0%) |
Op. Costs from Distribution | (1,685,466) | (1,860,140) | (174,674) | (10.4%) |
Op.Costs from Engineering and Real Estate | (33,623) | (29,287) | 4,336 | 12.9% |
Op.Costs from Other Businesses | (125,559) | (139,451) | (13,892) | (11.1%) |
Consolidation Adjustments | 375,091 | 381,481 | 6,390 | 1.7% |
Operating Costs | (2,174,434) | (2,450,957) | (276,523) | (12.7%) |
Operating Margin | 929,621 | 1,008,453 | 78,832 | 8.5% |
SG&A from Generation | (37,988) | (39,210) | (1,222) | (3.2%) |
SG&A from Distribution | (176,410) | (173,989) | 2,421 | 1.4% |
SG&A from Engineering and Real Estate | (3,160) | (3,813) | (653) | (20.7%) |
SG&A from Other Businesses | (34,819) | (35,825) | (1,006) | (2.9%) |
Consolidation Adjustments | 36,709 | 34,899 | (1,810) | (4.9%) |
Selling and Administrative Expenses | (215,668) | (217,939) | (2,271) | (1.1%) |
Operating Income | 713,953 | 790,514 | 76,561 | 10.7% |
Interest Income | 90,061 | 89,543 | (518) | (0.6%) |
Interest Expense | (541,951) | (445,889) | 96,062 | 17.7% |
Net Financial Income (Expenses) | (451,890) | (356,346) | 95,544 | 21.1% |
Equity Gains from Related Companies | 35,101 | 46,584 | 11,483 | 32.7% |
Equity Losses from Related Companies | (208) | (1) | 207 | 99.7% |
Net Income from Related Companies | 34,893 | 46,584 | 11,691 | 33.5% |
Other Non Operating Income | 275,048 | 94,026 | (181,022) | (65.8%) |
Other Non Operating Expenses | (310,333) | (160,989) | 149,344 | 48.1% |
Net other Non Operating Income (Expenses) | (35,285) | (66,963) | (31,678) | (89.8%) |
Price Level Restatement | (12,155) | (1,475) | 10,680 | 87.9% |
Foreign Exchange Effect | (826) | 20,789 | 21,615 | - |
Net of Monetary Exposure | (12,980) | 19,314 | 32,294 | - |
Positive Goodwill Amortization | (67,187) | (65,241) | 1,946 | 2.9% |
Non Operating Income | (532,449) | (422,652) | 109,797 | 20.6% |
Net Inc b. Taxes, Min Int and Neg Goodwill Amort. | 181,504 | 367,862 | 186,358 | 102.7% |
Extraordinary Items | - | - | - | - |
Income Tax | (129,165) | (207,828) | (78,663) | (60.9%) |
Minority Interest | (89,547) | (124,289) | (34,742) | (38.8%) |
Negative Goodwill Amortization | 79,819 | 22,316 | (57,503) | (72.0%) |
NET INCOME | 42,610 | 58,062 | 15,452 | 36.3% |
R.A.I.I.D.A.I.E. | 1,182,800 | 1,310,808 | 128,008 | 10.8% |
RAIIDAIE: Net income before taxes, interest, depreciation, amortization and extraordinary items (as defined by local SEC).
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Net Income
As of September 30, 2004, the Company registered a Net Income of $35.354 million which, compared to the $25.945 million as of the same date last year, reflects an increase of $9.409 million. This variation is explained as follows:
Operating Income
Activities of Enersis are developed through subsidiaries in 5 different countries where the Company operates. Core business of the Company are Generation and Distribution of electricity.
9M 03 | 9M 04 | |||||||
Million Ch$ | Operating Revenues | Operating Costs | SG & A | Operating Income | Operating Revenues | Operating Costs | SG& A | Operating Income |
Endesa S.A. | 744,141 | (444,369) | (23,795) | 275,977 | 804,456 | (502,620) | (24,745) | 277,091 |
Chilectra S.A. | 324,117 | (226,982) | (24,449) | 72,686 | 344,969 | (243,574) | (28,957) | 72,438 |
Edesur S.A. | 153,693 | (136,847) | (23,110) | (6,264) | 166,886 | (143,669) | (22,010) | 1,207 |
Distrilima (Edelnor) | 149,291 | (111,648) | (13,738) | 23,905 | 142,847 | (108,298) | (13,048) | 21,501 |
Cerj | 262,310 | (226,501) | (8,304) | 27,505 | 289,784 | (238,398) | (11,564) | 39,822 |
Investluz (Coelce) | 167,344 | (125,250) | (22,707) | 19,387 | 207,098 | (181,123) | (24,133) | 1,842 |
Luz de Bogotá (Codensa S.A.) | 229,721 | (199,052) | (15,108) | 15,561 | 291,273 | (217,577) | (6,230) | 67,466 |
CAM Ltda. | 66,842 | (52,595) | (4,564) | 9,683 | 70,232 | (59,460) | (5,099) | 5,673 |
Inmobiliaria Manso de Velasco Ltda. | 5,486 | (5,305) | (1,261) | (1,080) | 4,841 | (4,501) | (1,452) | (1,112) |
Synapsis Soluciones y Servicios IT Ltda. | 33,202 | (22,992) | (4,777) | 5,433 | 32,852 | (24,602) | (4,200) | 4,050 |
Enersis Holding and other investment vehicles | 3,346 | (866) | (11,860) | (9,380) | 3,311 | (849) | (12,515) | (10,053) |
Consolidation Adjustments | (249,434) | 228,394 | 22,353 | 1,313 | (252,114) | 232,283 | 21,250 | 1,419 |
Total Consolidation | 1,890,059 | (1,324,013) | (131,320) | 434,726 | 2,106,435 | (1,492,388) | (132,703) | 481,344 |
9M 03 | 9M 04 | |||||||
Thousand US$ | Operating Revenues | Operating Costs | SG & A | Operating Income | Operating Revenues | Operating Costs | SG& A | Operating Income |
Endesa S.A. | 1,222,107 | (729,790) | (39,079) | 453,239 | 1,321,163 | (825,456) | (40,639) | 455,068 |
Chilectra S.A. | 532,299 | (372,774) | (40,153) | 119,373 | 566,545 | (400,023) | (47,556) | 118,965 |
Edesur S.A. | 252,411 | (224,745) | (37,954) | (10,287) | 274,078 | (235,948) | (36,147) | 1,982 |
Distrilima (Edelnor) | 245,181 | (183,360) | (22,562) | 39,259 | 234,598 | (177,858) | (21,429) | 35,311 |
Cerj | 430,793 | (371,984) | (13,638) | 45,172 | 475,914 | (391,522) | (18,992) | 65,400 |
Investluz (Coelce) | 274,830 | (205,699) | (37,292) | 31,839 | 340,118 | (297,459) | (39,634) | 3,025 |
Luz de Bogotá (Codensa S.A.) | 377,272 | (326,904) | (24,812) | 25,556 | 478,359 | (357,328) | (10,232) | 110,800 |
CAM Ltda. | 109,775 | (86,377) | (7,495) | 15,902 | 115,342 | (97,652) | (8,374) | 9,317 |
Inmobiliaria Manso de Velasco Ltda. | 9,010 | (8,712) | (2,071) | (1,774) | 7,950 | (7,392) | (2,385) | (1,826) |
Synapsis Soluciones y Servicios IT Ltda. | 54,528 | (37,760) | (7,845) | 8,923 | 53,953 | (40,404) | (6,898) | 6,651 |
Enersis Holding and other investment vehicles | 5,495 | (1,422) | (19,478) | (15,405) | 5,438 | (1,394) | (20,553) | (16,510) |
Consolidation Adjustments | (409,647) | 375,093 | 36,710 | 2,156 | (414,048) | 381,480 | 34,899 | 2,330 |
Total Consolidation | 3,104,055 | (2,174,434) | (215,668) | 713,953 | 3,459,410 | (2,450,957) | (217,939) | 790,514 |
The Company’s Operating Income as of September 30th., of this year amounted to $481,344 million, reflecting an increase of $46,618 million, or 10.7%. This increase is principally due to an important rise in operating income in the Generating subsidiaries in Colombia and Brazil and Distribution subsidiaries in Colombia and Argentina.
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PRESS RELEASE | |
If we deduct the effects of the revaluation of the Chilean Peso against the US Dollar, which rose in value by 7.9% between September 30, 2003 and September 30, 2004 from $660,97 to $608,90, respectively, the increase in the Operating Income would have been 16.9%.
Non Operating Income
The company’s non-operating result improved by $66,856 million or 20.6% partially recovering from a loss of $324,209 million as of September 30, 2003 to a loss of $257,353 million as of September 30 of this year.
Financial expenses net of financial incomedecreased by $58,177 million or 21.1% from a net expense of $275,156 million as of September 30, 2003 to a net expense of $216,979 million in this period. This decrease in expenses is principally due to the reduction in debt that the group has experienced during the past 15 months.
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PRESS RELEASE | |
Income from investments in related companies shows an increase of $7,119 million or 33.5%, rising from a profit of $21,246 million as of September 2003 to a profit of $28,365 million as of September 2004. This is due fundamentally to the increase of $9,762 million in the results registered in the affiliate Central Generadora de Fortaleza (CGTF) as a result of the initiation of the operations of the plant at the beginning of the year.
Amortization on positive goodwill remains at the same levels with no significant variations. This amounted to $39,725 million, a reduction of 2.9%. The reduced amortization is due to the effect of the Chilean Peso exchange rate on the foreign subsidiaries controlled in US Dollars and that have a positive goodwill.
Net other non-operating income and expenses fell by $19,289 million from a loss of $21,485 million in September 2003 to a loss of $40,774 million as of September 2004. The principal reasons for this variation are the following:
A decrease of $66,561 million in profits on the sale of investments.
A rise to $4,796 million in the Equity Tax in Colombia corresponding to 1.2% which is applied to all the companies based in Colombia.
An increase of $7,634 million in provisions on obsolescence and write off of fixed assets.
A reduction of $4,587 million in dividends from affiliated companies.
The above was partially compensated by the following:
A reduction of $30,264 million in losses as a result of the adjustment on the conversion to Chilean norms following the application of Technical Bulletin Nº 64, mainly on the subsidiaries in Brazil. This was mainly caused by the appreciation of the Brazilian Real against the US Dollar during the year 2003 and its impact on the structure of the monetary assets and liabilities.
A reduction of $14,211 million in provisions on contingencies and lawsuits.
A reduction of $9,636 million in Brazilian Pension Schemes.
Indemnity of $8,112 million received by Edesur from Alstom-Pirelli on the case involving the Azopardo sub-station.
Price-level restatement and foreign exchange differences show an increase of $19,665 million respect to the same period of last year, rising from a loss of $7,904 million as of September 30, 2003 to profit of $11,761 million during the current period. This is principally due to the effects of holding, during this period, an active position in US Dollars and the nominal devaluation of 2.5% of the Chilean Peso as of September 30, 2004 as compared to the revaluation of the Chilean Peso of 8.0% as of the same date of the year before. These effects were compensated to a large extent by exchange insurance maintained by the company.
www.enersis.cl | Santa Rosa 76, Santiago, CHILE Phone: 56 (2) 353 4682 | Pg. 14 |
PRESS RELEASE | |
Income Tax and Deferred Taxes.As of September 30, 2004, the company shows an increase of $47,897 million in respect of the previous year rising from $78,649 million in tax expenses as of September 2003 to an expense of $126,546 million in the current period.
Miliion Ch$ | Sep-03 | Sep-04 | Var 04-03 |
Income Tax | (86,738) | (83,929) | 2,809 |
Deferred Income Tax | 8,089 | (42,617) | (50,706) |
Total | (78,649) | (126,546) | (47,897) |
Thousand US$ | Sep-03 | Sep-04 | Var 04-03 |
Income Tax | (142,450) | (137,837) | 4,613 |
Deferred Income | 13,285 | (69,990) | (83,275) |
Total | (129,166) | (207,827) | (78,662) |
The reduction of $2,809 million in income tax is explained mainly by the fact that in the year 2003 the company incorporated the tax on the profit resulting from the sale of its investments in Río Maipo, Canutillar and Infraestructura 2000 amounting to $27,253 million. This was partially compensated by the increase in taxes this year due to the increase of $12,956 million and $5,261 million in taxable profits in the subsidiaries, Codensa and Emgesa, respectively, and the rise in the subsidiaries Cerj by $3,828 million and in Chilectra by $2,017 million.
With regard to deferred taxes, these show a negative variation of $50,706 million, explained mainly by the generating subsidiaries in Argentina (Central Costanera and Chocón) for $35,222 million. This is the outcome of the fact that in June, 2003 the companies registered for the first time the effects of tax losses (mainly the devaluation of the Argentine Peso), that the companies had as of that date ($24,332 million in profits from deferred taxes). However, as a result of the recovery in the exchange rate and of the improved results of the companies, the tax loss has reduced, reflecting losses of $10,501 million as of September 2004 due to the reversal in deferred taxes. Other significant effects were the increase of $8,343 million in expenses from deferred taxes in Enersis, $5,167 million in Edelnor, $5,384 million in Endesa Chile and $5,232 million in Edegel.
Amortization on negative goodwill amounted to $13,588 million which, when compared to the same period of the previous year, reflects a reduction of $35,014 million. The reduction in the amortization is explained by the acceleration that took place in 2003 of the greater added value following the investment in Cerj that same year.
www.enersis.cl | Santa Rosa 76, Santiago, CHILE Phone: 56 (2) 353 4682 | Pg. 15 |
PRESS RELEASE | |
Evolution Of Key Financial Ratios
Indicator | Unit | 9M 03 | 9M 04 | Var 04-03 | Chg % |
Liquidity | Times | 1.04 | 1.43 | 0.39 | 37.5% |
Acid ratio test * | Times | 0.98 | 1.31 | 0.33 | 33.7% |
Working capital | million Ch$ | 52,130 | 443,390 | 391,260 | 750.5% |
Working capital | thousands US$ | 85,613 | 728,182 | 642,569 | 750.5% |
Leverage ** | Times | 0.89 | 0.83 | (0.06) | (6.7%) |
Short-term debt | % | 0.21 | 0.21 | - | 0.0% |
Long-term debt | % | 0.79 | 0.79 | - | 0.0% |
Interest Coverage*** | Times | 3.46 | 4.27 | 0.81 | 23.4% |
EBITDA**** | th. US$ | 1,270,715 | 1,294,245 | 23,530 | 1.9% |
ROE | % | 1.03% | 1.34% | 0.31% | 30.1% |
ROA | % | 0.22% | 0.32% | 0.10% | 45.5% |
Liquidity ratio as of September 30, 2004 was 1.43, a 37.5% improvement over the ratio as of the same date in the previous year. This reflects the improved financial situation of the company.
Leverage ratio as of September 30, 2004 was 0.83 times, reflecting a slight decrease respect to the same period of the year 2003. This reduction is mainly due to the capital increase during the second preferential option period that took place in December, 2003 and to the effects of the exchange rate, given that a large proportion of the debt is indexed to the US Dollar.
On the other hand,return on equity amounted to 1.34%. As of the same date of last year, this was 1.03%. This increase in yield is the result of a larger profit for the period respect to last year, compensated by a larger equity as of September, 2004.
Return on assets rose from 0.22% in September, 2003 to 0.32% as of September, 2004. This increase is basically due to the improved results for the period and to the reduction in total assets.
Interest Coverage improved significantly, achieving a ratio comparable with companies rated A or better.
www.enersis.cl | Santa Rosa 76, Santiago, CHILE Phone: 56 (2) 353 4682 | Pg. 16 |
PRESS RELEASE | |
Consolidated Balance Sheet
Assets Under Chilean GAAP, Million Ch$
ASSETS - (million Ch$) | 9M 03 | 9M 04 | Var 04-03 | Chg % |
CURRENT ASSETS | ||||
Cash | 28,271 | 58,071 | 29,800 | 105.4% |
Time deposits | 327,745 | 361,085 | 33,340 | 10.2% |
Marketable securities | 12,559 | 14,704 | 2,145 | 17.1% |
Accounts receivable | 493,910 | 553,550 | 59,640 | 12.1% |
Notes receivable | 4,975 | 2,640 | (2,335) | (46.9%) |
Other accounts receivable | 94,544 | 41,450 | (53,094) | (56.2%) |
Amounts due from related companies | 14,697 | 128,727 | 114,030 | - |
Inventories | 56,247 | 79,078 | 22,831 | 40.6% |
Income taxes to be recovered | 68,534 | 88,990 | 20,456 | 29.8% |
Prepaid expenses | 17,639 | 40,181 | 22,542 | 127.8% |
Deferred income taxes | 59,103 | 70,351 | 11,248 | 19.0% |
Other current assets | 54,049 | 44,467 | (9,582) | (17.7%) |
Net of long-term leasing contracts | - | - | - | - |
Net of assets for leasing | - | - | - | - |
Total currrent assets | 1,232,274 | 1,483,293 | 251,019 | 20.4% |
PROPERTY, PLANT AND EQUIPMENT | ||||
Property | 123,914 | 117,851 | (6,063) | (4.9%) |
Buildings and infraestructure | 10,852,730 | 10,432,662 | (420,068) | (3.9%) |
Plant and equipment | 1,973,402 | 1,833,441 | (139,961) | (7.1%) |
Other assets | 446,765 | 351,229 | (95,536) | (21.4%) |
Technical re-appraisal | 697,448 | 635,095 | (62,353) | (8.9%) |
Sub - Total | 14,094,258 | 13,370,278 | (723,980) | (5.1%) |
Accumulated depreciation | (5,156,362) | (5,211,747) | (55,385) | (1.1%) |
Total property, plant and equipment | 8,937,896 | 8,158,532 | (779,364) | (8.7%) |
OTHER ASSETS | ||||
Investments in related companies | 201,482 | 207,299 | 5,817 | 2.9% |
Investments in other companies | 150,920 | 102,066 | (48,854) | (32.4%) |
Positive goodwill | 812,924 | 745,423 | (67,501) | (8.3%) |
Negative goodwill | (75,420) | (67,755) | 7,665 | 10.2% |
Long-term receivables | 143,543 | 110,002 | (33,541) | (23.4%) |
Amounts due from related companies | 146,571 | 755 | (145,816) | (99.5%) |
Deferred income taxes | - | - | - | - |
Intangibles | 86,210 | 85,782 | (428) | (0.5%) |
Accumulated amortization | (42,412) | (45,579) | (3,167) | (7.5%) |
Others | 232,617 | 172,774 | (59,843) | (25.7%) |
Net of long-term leasing contracts | - | - | - | - |
Total other assets | 1,656,435 | 1,310,767 | (345,668) | (20.9%) |
TOTAL ASSETS | 11,826,606 | 10,952,592 | (874,014) | (7.4%) |
www.enersis.cl | Santa Rosa 76, Santiago, CHILE Phone: 56 (2) 353 4682 | Pg. 17 |
PRESS RELEASE | |
Assets Under Chilean GAAP, Thousand US$
ASSETS - (thousand US$) | 9M 03 | 9M 04 | Var 04-03 | Chg % |
CURRENT ASSETS | ||||
Cash | 46,429 | 95,370 | 48,941 | 105.4% |
Time deposits | 538,258 | 593,011 | 54,753 | 10.2% |
Marketable securities | 20,625 | 24,149 | 3,524 | 17.1% |
Accounts receivable | 811,151 | 909,099 | 97,948 | 12.1% |
Notes receivable | 8,171 | 4,335 | (3,836) | (46.9%) |
Other accounts receivable | 155,271 | 68,074 | (87,197) | (56.2%) |
Amounts due from related companies | 24,137 | 211,409 | 187,272 | - |
Inventories | 92,375 | 129,870 | 37,495 | 40.6% |
Income taxes to be recovered | 112,554 | 146,149 | 33,595 | 29.8% |
Prepaid expenses | 28,969 | 65,989 | 37,020 | 127.8% |
Deferred income taxes | 97,066 | 115,538 | 18,472 | 19.0% |
Other current assets | 88,766 | 73,028 | (15,738) | (17.7%) |
Net of long-term leasing contracts | - | - | - | - |
Net of assets for leasing | - | - | - | - |
Total currrent assets | 2,023,771 | 2,436,021 | 412,250 | 20.4% |
PROPERTY, PLANT AND EQUIPMENT | ||||
Property | 203,504 | 193,548 | (9,956) | (4.9%) |
Buildings and infraestructure | 17,823,502 | 17,133,621 | (689,881) | (3.9%) |
Plant and equipment | 3,240,930 | 3,011,071 | (229,859) | (7.1%) |
Other assets | 733,724 | 576,826 | (156,898) | (21.4%) |
Technical re-appraisal | 1,145,422 | 1,043,020 | (102,402) | (8.9%) |
Sub - Total | 23,147,082 | 21,958,086 | (1,188,996) | (5.1%) |
Accumulated depreciation | (8,468,323) | (8,559,282) | (90,959) | (1.1%) |
Total property, plant and equipment | 14,678,759 | 13,398,804 | (1,279,955) | (8.7%) |
OTHER ASSETS | ||||
Investments in related companies | 330,895 | 340,449 | 9,554 | 2.9% |
Investments in other companies | 247,856 | 167,624 | (80,232) | (32.4%) |
Positive goodwill | 1,335,070 | 1,224,212 | (110,858) | (8.3%) |
Negative goodwill | (123,863) | (111,275) | 12,588 | 10.2% |
Long-term receivables | 235,741 | 180,658 | (55,083) | (23.4%) |
Amounts due from related companies | 240,714 | 1,239 | (239,475) | (99.5%) |
Deferred income taxes | - | - | - | - |
Intangibles | 141,584 | 140,880 | (704) | (0.5%) |
Accumulated amortization | (69,653) | (74,855) | (5,202) | (7.5%) |
Others | 382,029 | 283,748 | (98,281) | (25.7%) |
Net of long-term leasing contracts | - | - | - | - |
Total other assets | 2,720,373 | 2,152,680 | (567,693) | (20.9%) |
TOTAL ASSETS | 19,422,904 | 17,987,505 | (1,435,399) | (7.4%) |
www.enersis.cl | Santa Rosa 76, Santiago, CHILE Phone: 56 (2) 353 4682 | Pg. 18 |
PRESS RELEASE | |
Liabilities and Shareholders Equity Under Chilean GAAP, Million Ch$
LIABILITIES - (million Ch$) | 9M 03 | 9M 04 | Var 04-03 | Chg % |
CURRENT LIABILITIES | ||||
Due to banks and financial institutions (short-term) | 316,711 | 239,026 | (77,685) | 24.5% |
Due to banks and fin. institutions (short-term position) | 192,996 | 118,675 | (74,321) | 38.5% |
Commercial paper equivalent | - | - | - | |
Bonds payable (short-term) | 73,339 | 80,984 | 7,645 | (10.4%) |
Long-term liabilities maturing before one year | 28,655 | 24,447 | (4,208) | 14.7% |
Dividends payable | 2,143 | 3,825 | 1,682 | (78.5%) |
Accounts payable | 215,839 | 209,144 | (6,695) | 3.1% |
Notes payable | 23,890 | 6,925 | (16,965) | 71.0% |
Miscellaneous payables | 62,783 | 46,174 | (16,609) | 26.5% |
Accounts payable to related companies | 18,267 | 88,878 | 70,611 | - |
Provisions | 50,919 | 52,732 | 1,813 | (3.6%) |
Withholdings | 52,856 | 58,375 | 5,519 | (10.4%) |
Income tax | 51,994 | 37,143 | (14,851) | 28.6% |
Anticipated income | 16,052 | 8,442 | (7,610) | 47.4% |
Deferred taxes | - | - | - | - |
Reinbursable financial contribution | 2,735 | 2,213 | (522) | 19.1% |
Other current liabilities | 70,967 | 62,922 | (8,045) | 11.3% |
Total current liabilities | 1,180,144 | 1,039,903 | (140,241) | 11.9% |
LONG-TERM LIABILITIES | ||||
Due to banks and financial institutions (long-term position) | 1,425,138 | 720,895 | (704,243) | 49.4% |
Bonds payable | 2,327,159 | 2,568,496 | 241,337 | (10.4%) |
Notes payable | 169,160 | 169,135 | (25) | 0.0% |
Miscellaneous payables | 19,760 | 25,081 | 5,321 | (26.9%) |
Amounts payable to related companies | 96 | - | (96) | 100.0% |
Provisions | 321,063 | 335,721 | 14,658 | (4.6%) |
Deferred taxes | 48,890 | 62,586 | 13,696 | (28.0%) |
Reinbursable financial contribution | 10,447 | 6,921 | (3,526) | 33.7% |
Other long-term liabilities | 65,112 | 39,290 | (25,822) | 39.7% |
0 | ||||
Total long-term liabilities | 4,386,825 | 3,928,125 | (458,700) | 10.5% |
Minority interest | 3,749,147 | 3,353,365 | (395,782) | (10.6%) |
SHAREHOLDERS´ EQUITY | ||||
Paid-in capital, no par value | 2,120,693 | 2,227,711 | 107,018 | 5.0% |
Reserve to equity revaluation | 10,516 | 42,327 | 31,811 | - |
Additional paid-in capital-share premium | 157,404 | 161,773 | 4,369 | 2.8% |
Other reserves | 17,862 | (26,372) | (44,234) | - |
Total capital and reserves | 2,306,475 | 2,405,439 | 98,964 | 4.3% |
Future dividends reserve | - | - | - | - |
Retained earnings | 179,197 | 193,064 | 13,867 | 7.7% |
Retained losses | - | - | - | - |
Net income | 25,945 | 35,355 | 9,410 | 36.3% |
Interim dividends | - | - | - | - |
Development subsidaries deficits | (1,127) | (2,658) | (1,531) | 135.9% |
Total retained earnings | 204,016 | 225,760 | 21,744 | 10.7% |
Total shareholder´s equity | 2,510,490 | 2,631,199 | 120,709 | 4.8% |
TOTAL LIABILITIES AND SHAREHOLDER´S EQUITY | 11,826,606 | 10,952,592 | (874,014) | (7.4%) |
www.enersis.cl | Santa Rosa 76, Santiago, CHILE Phone: 56 (2) 353 4682 | Pg. 19 |
PRESS RELEASE | |
Liabilities and Shareholders Equity Under Chilean GAAP, Thousand US$
LIABILITIES - (thousand US$) | 9M 03 | 9M 04 | Var 04-03 | Chg % |
CURRENT LIABILITIES | ||||
Due to banks and financial institutions (short-term) | 520,137 | 392,554 | (127,583) | 24.5% |
Due to banks and fin. institutions (short-term position) | 316,958 | 194,901 | (122,057) | 38.5% |
Commercial paper equivalent | - | - | - | |
Bonds payable (short-term) | 120,444 | 133,001 | 12,557 | (10.4%) |
Long-term liabilities maturing before one year | 47,060 | 40,149 | (6,911) | 14.7% |
Dividends payable | 3,520 | 6,281 | 2,761 | (78.5%) |
Accounts payable | 354,473 | 343,478 | (10,995) | 3.1% |
Notes payable | 39,234 | 11,373 | (27,861) | 71.0% |
Miscellaneous payables | 103,108 | 75,831 | (27,277) | 26.5% |
Accounts payable to related companies | 30,000 | 145,964 | 115,964 | - |
Provisions | 83,624 | 86,601 | 2,977 | (3.6%) |
Withholdings | 86,805 | 95,869 | 9,064 | (10.4%) |
Income tax | 85,389 | 61,001 | (24,388) | 28.6% |
Anticipated income | 26,362 | 13,864 | (12,498) | 47.4% |
Deferred taxes | - | - | - | - |
Reinbursable financial contribution | 4,492 | 3,634 | (858) | 19.1% |
Other current liabilities | 116,550 | 103,337 | (13,213) | 11.3% |
Total current liabilities | 1,938,157 | 1,707,839 | (230,318) | 11.9% |
LONG-TERM LIABILITIES | ||||
Due to banks and financial institutions (long-term position) | 2,340,512 | 1,183,930 | (1,156,582) | 49.4% |
Bonds payable | 3,821,907 | 4,218,255 | 396,348 | (10.4%) |
Notes payable | 277,813 | 277,772 | (41) | 0.0% |
Miscellaneous payables | 32,452 | 41,190 | 8,738 | (26.9%) |
Amounts payable to related companies | 157 | - | (157) | 100.0% |
Provisions | 527,284 | 551,356 | 24,072 | (4.6%) |
Deferred taxes | 80,293 | 102,786 | 22,493 | (28.0%) |
Reinbursable financial contribution | 17,157 | 11,367 | (5,790) | 33.7% |
Other long-term liabilities | 106,933 | 64,526 | (42,407) | 39.7% |
Total long-term liabilities | 7,204,508 | 6,451,182 | (753,326) | 10.5% |
Minority interest | 6,157,246 | 5,507,250 | (649,996) | (10.6%) |
SHAREHOLDERS´ EQUITY | ||||
Paid-in capital, no par value | 3,482,826 | 3,658,583 | 175,757 | 5.0% |
Reserve to equity revaluation | 17,271 | 69,513 | 52,242 | - |
Additional paid-in capital-share premium | 258,505 | 265,681 | 7,176 | 2.8% |
Other reserves | 29,334 | (43,310) | (72,644) | - |
Total capital and reserves | 3,787,937 | 3,950,467 | 162,530 | 4.3% |
Future dividends reserve | - | - | - | - |
Retained earnings | 294,296 | 317,069 | 22,773 | 7.7% |
Retained losses | - | - | - | - |
Net income | 42,610 | 58,063 | 15,453 | 36.3% |
Interim dividends | - | - | - | - |
Development subsidaries deficits | (1,850) | (4,365) | (2,515) | 135.9% |
Total retained earnings | 335,056 | 370,767 | 35,711 | 10.7% |
Total shareholder´s equity | 4,122,993 | 4,321,234 | 198,241 | 4.8% |
TOTAL LIABILITIES AND SHAREHOLDER´S EQUITY | 19,422,904 | 17,987,505 | (1,435,399) | (7.4%) |
www.enersis.cl | Santa Rosa 76, Santiago, CHILE Phone: 56 (2) 353 4682 | Pg. 20 |
PRESS RELEASE | |
Consolidated Balance Sheet Analysis
The Company’s total assets reflect a decrease of $874,014 million respect to the same period of the previous year. This is principally due to:
- A decrease of $779,364 million, or 8.7% in Fixed Assets due principally to depreciation and to the effect of the exchange rate on fixed assets of foreign subsidiaries as a result of the methodology of carrying non-monetary assets in the subsidiaries established in unstable countries in historic US Dollars as required by Technical Bulletin Nº 64.
Current assets increased by $251,019 million, due principally to the following:
- An increase of $114,030 million in short term accounts receivable from related companies, explained basically by the maturity within a year of the loan of $119,149 million to Atacama Finance.
- An increase of $59,640 million in sales debtors, mainly in the subsidiaries, Codensa, and increase of $21,371 million, Cerj of $14,676 million and Cachoeira Dourada of $8,649 million.
- An increase of $29,800 million in cash and of $33,340 million in term deposits due to larger deposits in Codensa and Emgesa for $133,555 million and $47,935 million respectively, to cover future capital reductions, partially compensated by smaller deposits in Enersis for $123,912 million that it held as a result of the capital increase the year before.
- An increase of $20,456 million in recoverable taxes, mainly in Elesur for $46,878 million, partially compensated by reductions of $22,074 million in Enersis, $9,382 million in Endesa, $4,609 million in Chilectra and $3,397 million in Coelce.
- An increase of $22,542 million in prepaid expenses, mainly from Cerj for $19,255 million on the regulatory asset and Lot A.
- A reduction of $53,094 million in sundry debtors due mainly to the payment from OHL of $38,426 million for the sale of Infraestructura 2000 and $12,660 million less in prepaid taxes in Codensa.
Other long term assets show a decrease of $345,668 million, explained mainly as follows:
- A reduction of $145,816 million in accounts receivable from related companies, explained basically by the maturity within a year of the loan of $119,149 million to Atacama Finance transferred to short term and payment of part of the loan.
- A reduction of $67,501 million in the positive goodwill that corresponds principally to the amortization of a whole year of approximately $53,000 million. The difference is the result of the exchange rate in Chile for the goodwill in the subsidiaries controlled in Dollars.
- A reduction of $59,843 million in other long term assets due to the decrease of $46,527 million in deferred commissions and expenses on loans, a reduction of $23,070 million in the effects of the valuation to a Fair Price of the derivatives and a reduction of $5,184 million in post-retirement benefits, compensated partially by an increase of $11,161 million in expenses and discounts on bonds.
- A reduction of $48,854 million in Investments in Other Companies, basically the investment in Empresa Eléctrica de Bogotá, as a result of the liquidation of Luz de Bogotá and the transfer to minority interests of its holding.
www.enersis.cl | Santa Rosa 76, Santiago, CHILE Phone: 56 (2) 353 4682 | Pg. 21 |
PRESS RELEASE | |
The total borrowings show a reduction of $874,014 million respect to the same period of the previous year. This is principally due to:
Current liabilities fell by $140,241 million or 11.9%. Bank borrowings show a reduction of $77,685 million in the short term and of $74,321 million in the short-term portion of the long-term borrowings, respectively, due to the prepayment of loans for $51,006 million by Edesur and $33,299 million by Luz de Bogotá. Accounts payable fell by $16,964 million, principally Cerj. Sundry creditors decreased by $16,609 million, principally Edegel. These were partially compensated by an increase of $70,611 million in accounts payable to related companies, resulting from the purchase of Elesur from Endesa Internacional.
Long term liabilities fell by $458,700 million or 10.5% due to the reduction of $704,243 million in obligations with banks due to prepayments of credits and the refinancing of debts with bond issues and to the reduction of $25,821 million in other long term liabilities, partially compensated by the increase of $241,336 million in obligations to the public in order to prepay bank debts.
Minority interests fell by $395,782 million due to the increase in the participations in Cerj and Costanera and, in addition, to the reduction in the investments in the foreign subsidiaries controlled in Dollars in accordance with Bulletin Nº 64.
Equity increased by $120,709 million respect to September 2003. This variation is explained principally by the shares underwritten in regard to the capital increase during the second preferential option period in the month of December and by the capitalization of the B1 and B2 bond series.
www.enersis.cl | Santa Rosa 76, Santiago, CHILE Phone: 56 (2) 353 4682 | Pg. 22 |
PRESS RELEASE | |
Financial Debt Maturity with Third Parties, Million Ch$
Table 7
FINANCIAL DEBT MATURITY | TOTAL | |||||||
Million Ch$ | 2004 | 2005 | 2006 | 2007 | 2008 | 2009 | Balance | |
Chile | 8,699 | 73,100 | 488,917 | 304,964 | 342,496 | 391,548 | 1,102,927 | 2,712,652 |
Enersis | 69 | 143 | 257,428 | 72,558 | 72,644 | 1,608 | 410,842 | 815,292 |
Chilectra | - | - | - | 22,213 | - | - | - | 22,213 |
Otras | 6,214 | 51,528 | 108,368 | 43,062 | 10,675 | 1,051 | 442 | 221,341 |
Endesa | 2,416 | 21,428 | 123,121 | 167,131 | 259,177 | 388,889 | 691,643 | 1,653,806 |
Argentina | 13,364 | 80,366 | 62,785 | 28,142 | 12,792 | 12,792 | 24,629 | 234,869 |
Edesur | 10,299 | 37,812 | 30,486 | 8,372 | - | - | - | 86,969 |
Costanera | 3,065 | 42,554 | 32,299 | 19,769 | 12,792 | 12,792 | 24,629 | 147,899 |
Perú | 21,772 | 46,027 | 78,390 | 47,205 | 14,575 | 19,466 | 19,934 | 247,369 |
Edelnor | 17,127 | - | 32,795 | 10,671 | 5,466 | 7,288 | 14,576 | 87,923 |
Edegel | 4,646 | 46,027 | 45,594 | 36,534 | 9,109 | 12,178 | 5,358 | 159,447 |
Brasil | 52,167 | 62,085 | 61,565 | 60,352 | 34,154 | 16,663 | 57,311 | 344,298 |
Coelce | 31,538 | 9,810 | 10,802 | 12,084 | 25,209 | 9,019 | 44,345 | 142,807 |
Ampla | 20,309 | 50,751 | 48,762 | 45,643 | 7,870 | 7,644 | 12,967 | 193,945 |
Cachoeira | 320 | 1,524 | 2,000 | 2,626 | 1,075 | - | - | 7,545 |
Colombia | 67,055 | 24,232 | 53,457 | 13,687 | - | 85,262 | 105,583 | 349,275 |
Codensa | - | 9,454 | - | - | - | 11,732 | 105,583 | 126,769 |
Emgesa | 67,055 | 1,091 | 39,770 | - | - | 73,531 | - | 181,446 |
Betania | - | 13,687 | 13,687 | 13,687 | - | - | - | 41,061 |
TOTAL | 163,057 | 285,809 | 745,113 | 454,349 | 404,017 | 525,732 | 1,310,385 | 3,888,463 |
(*) | Includes: IIMV, CAM, Endesa Chile Internacional, Pangue, Pehuenche, San Isidro, Celta and Tunel El Melon |
Financial Debt Maturity with Third Parties, Thousand US$
Table 7.1
FINANCIAL DEBT MATURITY | TOTAL | |||||||
Thousand US$ | 2004 | 2005 | 2006 | 2007 | 2008 | 2009 | Balance | |
Chile | 14,287 | 120,052 | 802,952 | 500,844 | 562,483 | 643,042 | 1,811,344 | 4,455,004 |
Enersis | 113 | 235 | 422,775 | 119,162 | 119,304 | 2,641 | 674,729 | 1,338,959 |
Chilectra | - | - | - | 36,480 | - | - | - | 36,480 |
Other (*) | 10,206 | 84,625 | 177,974 | 70,721 | 17,531 | 1,726 | 726 | 363,509 |
Endesa | 3,968 | 35,192 | 202,203 | 274,481 | 425,648 | 638,675 | 1,135,889 | 2,716,056 |
Argentina | 21,947 | 131,985 | 103,112 | 46,217 | 21,008 | 21,008 | 40,449 | 385,726 |
Edesur | 16,914 | 62,099 | 50,067 | 13,750 | - | - | - | 142,830 |
Costanera | 5,033 | 69,886 | 53,045 | 32,467 | 21,008 | 21,008 | 40,449 | 242,896 |
Perú | 35,757 | 75,590 | 128,740 | 77,525 | 23,937 | 31,969 | 32,738 | 406,256 |
Edelnor | 28,127 | - | 53,860 | 17,525 | 8,977 | 11,969 | 23,938 | 144,396 |
Edegel | 7,630 | 75,590 | 74,880 | 60,000 | 14,960 | 20,000 | 8,800 | 261,860 |
Brasil | 85,674 | 101,963 | 101,108 | 99,116 | 56,092 | 27,366 | 94,123 | 565,442 |
Coelce | 51,795 | 16,111 | 17,741 | 19,845 | 41,401 | 14,812 | 72,828 | 234,533 |
Ampla | 33,353 | 83,349 | 80,082 | 74,959 | 12,925 | 12,554 | 21,295 | 318,517 |
Cachoeira | 526 | 2,503 | 3,285 | 4,312 | 1,766 | - | - | 12,392 |
Colombia | 110,125 | 39,796 | 87,792 | 22,478 | - | 140,027 | 173,399 | 573,617 |
Codensa | - | 15,527 | - | - | - | 19,267 | 173,399 | 208,193 |
Emgesa | 110,125 | 1,791 | 65,314 | - | - | 120,760 | - | 297,990 |
Betania | - | 22,478 | 22,478 | 22,478 | - | - | - | 67,434 |
TOTAL | 267,790 | 469,386 | 1,223,704 | 746,180 | 663,520 | 863,412 | 2,152,053 | 6,386,045 |
(*) | Includes: IIMV, CAM, Endesa Chile Internacional, Pangue, Pehuenche, San Isidro, Celta and Tunel El Melon |
www.enersis.cl | Santa Rosa 76, Santiago, CHILE Phone: 56 (2) 353 4682 | Pg. 23 |
PRESS RELEASE | |
Consolidated Cash Flow
Under Chilean GAAP, million Ch$
Table 8
Million Ch$ | 9M 03 | 9M 04 | Var 04-03 | Chg % |
CASH FLOWS ORIGINATED FROM OPERATING ACTIVITIES | ||||
Net income (loss) for the year | 25,945 | 35,354 | 9,409 | 36.3% |
Profit (losses) from sales of assets: | ||||
(Profit) loss on sale of fixed assets | (83,444) | (504) | 82,940 | 99.4% |
Charges (credits) which do not represent cash flows: | ||||
Depreciation | 331,839 | 301,937 | (29,902) | (9.0%) |
Amortization of intangibles | 7,173 | 4,785 | (2,388) | (33.3%) |
Write-oils and accrued expenses | 31,295 | 19,983 | (11,312) | (36.1%) |
Accrued profit from related companies (less) | (21,373) | (28,365) | (6,992) | (32.7%) |
Accrued losses from related companies | 127 | 0 | (127) | (99.7%) |
Amortization of positive goodwill | 40,911 | 39,725 | (1,186) | (2.9%) |
Amortization of negative goodwill (less) | (48,602) | (13,589) | 35,013 | 72.0% |
Net, price-level restatement | 7,401 | 898 | (6,503) | (87.9%) |
Net, foreign exchange effect | 503 | (12,658) | (13,161) | - |
Other credits which do not represent cash flow (less) | (19,180) | (8,278) | 10,902 | 56.8% |
Other charges which do not represent cash flow | 127,136 | 67,373 | (59,763) | (47.0%) |
Assets variations which affect cash flow: | ||||
Decrease in receivables accounts | (105,991) | 21,199 | 127,190 | 120.0% |
Decrease (increase) in inventory | 2,826 | (12,740) | (15,566) | - |
Decrease (increase) in other assets | 19,308 | (51,347) | (70,655) | - |
Liabilities variations which affect cash flow: | ||||
(Decreased) increase in payable accounts related to operating income | (28,751) | (101,459) | (72,708) | - |
Increase of payable interest | 31,202 | 38,614 | 7,412 | 23.8% |
Net increase (decrease) of payable income tax | 10,277 | 22,911 | 12,634 | 122.9% |
Increase (decrease) of other payable accounts related to non-operating income | 26,355 | 7,416 | (18,939) | (71.9%) |
Net (decrease) of payable value added tax and other taxes | (1,927) | (13,507) | (11,580) | - |
Profit related to minority interest | 54,525 | 75,679 | 21,154 | 38.8% |
NET POSITIVE CASH FLOW ORIGINATED FROM OP. ACTIVITIES | 407,554 | 393,426 | (14,128) | (3.5%) |
www.enersis.cl | Santa Rosa 76, Santiago, CHILE Phone: 56 (2) 353 4682 | Pg. 24 |
PRESS RELEASE | |
Cont. Table 8
Million Ch$ | 9M 03 | 9M 04 | Var 04-03 | Chg % |
CASH FLOWS ORIGINATED FROM OPERATING ACTIVITIES | ||||
Shares issued and suscribed | 473,565 | - | (473,565) | - |
Proceeds from loans taken | 469,359 | 700,769 | 231,410 | 49.3% |
Proceeds from debt issuance | 479,211 | 232,589 | (246,622) | (51.5%) |
Proceeds from loans obtained from related companies | - | - | - | - |
Proceeds from other loans obtained from related companies | - | - | - | - |
Other sources of financing | 11,329 | 25,702 | 14,373 | 126.9% |
Capital paid | (9,793) | (3,963) | 5,830 | - |
Dividends paid | (77,620) | (90,574) | (12,954) | (16.7%) |
Loans, debt amortization (less) | (1,151,099) | (973,550) | 177,549 | 15.4% |
Issuance debt amortization (less) | (430,292) | (16,609) | 413,683 | 96.1% |
Amortization of loans obtained from related companies | (4,553) | - | 4,553 | 100.0% |
Amortization of other loans obtained from related companies | - | - | - | - |
Expenses paid related to capital variations (less) | (11,075) | - | 11,075 | - |
Expenses paid related to debt issuance (less) | (5,093) | (2,564) | 2,529 | 49.7% |
Other disbursements related to financing (less) | (97,441) | (8,202) | 89,239 | 91.6% |
NET (NEGATIVE) CASH FLOW ORIG. FROM FINANCING ACTIVITIES | (353,503) | (136,401) | 217,102 | 61.4% |
CASH FLOWS ORIGINATED FROM INVESTING ACTIVITIES | ||||
Sale of fixed assets | 165,538 | 1,208 | (164,330) | (99.3%) |
Sale of long-term Investments | 124,882 | 2,606 | (122,276) | - |
Collection upon other loans to related companies | 25,448 | 12,423 | (13,025) | (51.2%) |
Other income on investments | 51,774 | 40,037 | (11,737) | (22.7%) |
Additions to fixed assets (less) | (202,075) | (193,591) | 8,484 | 4.2% |
Long-term investments (less) | (25) | - | 25 | 100.0% |
Investment in financing instruments | - | (17,030) | (17,030) | - |
Other loans to related companies (less) | (303) | - | 303 | 100.0% |
Other investment disbursements (less) | (7,571) | (1,721) | 5,850 | 77.3% |
NET (NEGATIVE) CASH FLOW ORIGINATED FROM INVESTMENT ACTIVITIES | 157,668 | (156,068) | (313,736) | (199.0%) |
NET POSITIVE CASH FLOW FOR THE PERIOD | 211,720 | 100,957 | (110,763) | (52.3%) |
EFFECT OF PRICE.LEVEL RESTATEMENT UPON CASH AND CASH EQ. | (57,276) | (2,612) | 54,664 | 95.4% |
NET VARIATION OF CASH AND CASH EQUIVALENT | 154,444 | 98,345 | (56,099) | (36.3%) |
INITIAL BALANCE OF CASH AND CASH EQUIVALENT | 227,428 | 337,461 | 110,033 | 48.4% |
FINAL BALANCE OF CASH AND CASH EQUIVALENT | 381,871 | 435,806 | 53,935 | 14.1% |
www.enersis.cl | Santa Rosa 76, Santiago, CHILE Phone: 56 (2) 353 4682 | Pg. 25 |
PRESS RELEASE | |
Under Chilean GAAP, Thousand US$
Table 8.1
Thousand US$ | 9M 03 | 9M 04 | Var 04-03 | Chg % |
CASH FLOWS ORIGINATED FROM OPERATING ACTIVITIES | ||||
Net income (loss) for the year | 42,610 | 58,062 | 15,452 | 36.3% |
Profit (losses) from sales of assets: | ||||
(Profit) loss on sale of fixed assets | (137,041) | (828) | 136,213 | 99.4% |
Charges (credits) which do not represent cash flows: | ||||
Depreciation | 544,980 | 495,872 | (49,108) | (9.0%) |
Amortization of intangibles | 11,781 | 7,858 | (3,923) | (33.3%) |
Write-oils and accrued expenses | 51,395 | 32,818 | (18,577) | (36.1%) |
Accrued profit from related companies (less) | (35,101) | (46,584) | (11,483) | (32.7%) |
Accrued losses from related companies | 208 | 1 | (207) | (99.7%) |
Amortization of positive goodwill | 67,188 | 65,241 | (1,947) | (2.9%) |
Amortization of negative goodwill (less) | (79,819) | (22,316) | 57,503 | 72.0% |
Net, price-level restatement | 12,155 | 1,475 | (10,680) | (87.9%) |
Net, foreign exchange effect | 826 | (20,789) | (21,615) | - |
Other credits which do not represent cash flow (less) | (31,500) | (13,596) | 17,904 | 56.8% |
Other charges which do not represent cash flow | 208,796 | 110,647 | (98,149) | (47.0%) |
Assets variations which affect cash flow: | ||||
Decrease in receivables accounts | (174,069) | 34,815 | 208,884 | 120.0% |
Decrease (increase) in inventory | 4,642 | (20,923) | (25,565) | - |
Decrease (increase) in other assets | 31,709 | (84,328) | (116,037) | - |
Liabilities variations which affect cash flow: | ||||
(Decreased) increase in payable accounts related to operating income | (47,218) | (166,627) | (119,409) | - |
Increase of payable interest | 51,243 | 63,416 | 12,173 | 23.8% |
Net increase (decrease) of payable income tax | 16,879 | 37,626 | 20,747 | 122.9% |
Increase (decrease) of other payable accounts related to non-operating income | 43,283 | 12,180 | (31,103) | (71.9%) |
Net (decrease) of payable value added tax and other taxes | (3,165) | (22,183) | (19,018) | - |
Profit related to minority interest | 89,547 | 124,289 | 34,742 | 38.8% |
NET POSITIVE CASH FLOW ORIGINATED FROM OP. ACTIVITIES | 669,329 | 646,125 | (23,204) | (3.5%) |
www.enersis.cl | Santa Rosa 76, Santiago, CHILE Phone: 56 (2) 353 4682 | Pg. 26 |
PRESS RELEASE | |
Cont. Table 8.1
Thousand US$ | 9M 03 | 9M 04 | Var 04-03 | Chg % |
CASH FLOWS ORIGINATED FROM OPERATING ACTIVITIES | ||||
Shares issued and suscribed | 777,739 | - | (777,739) | - |
Proceeds from loans taken | 770,830 | 1,150,878 | 380,048 | 49.3% |
Proceeds from debt issuance | 787,010 | 381,983 | (405,027) | (51.5%) |
Proceeds from loans obtained from related companies | - | - | - | - |
Proceeds from other loans obtained from related companies | - | - | - | - |
Other sources of financing | 18,606 | 42,210 | 23,604 | 126.9% |
Capital paid | (16,083) | (6,509) | 9,574 | - |
Dividends paid | (127,476) | (148,751) | (21,275) | (16.7%) |
Loans, debt amortization (less) | (1,890,457) | (1,598,867) | 291,590 | 15.4% |
Issuance debt amortization (less) | (706,671) | (27,277) | 679,394 | 96.1% |
Amortization of loans obtained from related companies | (7,477) | - | 7,477 | 100.0% |
Amortization of other loans obtained from related companies | - | - | - | - |
Expenses paid related to capital variations (less) | (18,189) | - | 18,189 | - |
Expenses paid related to debt issuance (less) | (8,364) | (4,210) | 4,154 | 49.7% |
Other disbursements related to financing (less) | (160,028) | (13,470) | 146,558 | 91.6% |
NET (NEGATIVE) CASH FLOW ORIG. FROM FINANCING ACTIVITIES | (580,560) | (224,012) | 356,548 | 61.4% |
CASH FLOWS ORIGINATED FROM INVESTING ACTIVITIES | ||||
Sale of fixed assets | 271,865 | 1,984 | (269,881) | (99.3%) |
Sale of long-term Investments | 205,094 | 4,280 | (200,814) | - |
Collection upon other loans to related companies | 41,793 | 20,402 | (21,391) | (51.2%) |
Other income on investments | 85,030 | 65,753 | (19,277) | (22.7%) |
Additions to fixed assets (less) | (331,870) | (317,935) | 13,935 | 4.2% |
Long-term investments (less) | (41) | - | 41 | 100.0% |
Investment in financing instruments | - | (27,969) | (27,969) | - |
Other loans to related companies (less) | (497) | - | 497 | 100.0% |
Other investment disbursements (less) | (12,434) | (2,826) | 9,608 | 77.3% |
NET (NEGATIVE) CASH FLOW ORIGINATED FROM INVESTMENT ACTIVITIES | 258,940 | (256,312) | (515,252) | (199.0%) |
NET POSITIVE CASH FLOW FOR THE PERIOD | 347,709 | 165,802 | (181,907) | (52.3%) |
EFFECT OF PRICE.LEVEL RESTATEMENT UPON CASH AND CASH EQ. | (94,065) | (4,290) | 89,775 | 95.4% |
NET VARIATION OF CASH AND CASH EQUIVALENT | 253,644 | 161,513 | (92,131) | (36.3%) |
INITIAL BALANCE OF CASH AND CASH EQUIVALENT | 373,506 | 554,214 | 180,708 | 48.4% |
FINAL BALANCE OF CASH AND CASH EQUIVALENT | 627,149 | 715,727 | 88,578 | 14.1% |
www.enersis.cl | Santa Rosa 76, Santiago, CHILE Phone: 56 (2) 353 4682 | Pg. 27 |
PRESS RELEASE | |
Consolidated Cash Flow Analysis
During the period, the Company generated net cash flows of $100,957 million, comprised of the following activities:
Table 9
Effective Cash Flow (million Ch$) | 9M 03 | 9M 04 | Var 04-03 | Chg % |
Operating | 407,554 | 393,426 | (14,128) | (3.5%) |
Financing | (353,503) | (136,401) | 217,102 | 61.4% |
Investment | 157,668 | (156,068) | (313,736) | (199.0%) |
Net cash flow of the period | 211,720 | 100,957 | (110,763) | (52.3%) |
Table 9.1
Effective Cash Flow (thousand US$) | 9M 03 | 9M 04 | Var 04-03 | Chg % |
Operating | 669,329 | 646,125 | (23,204) | (3.5%) |
Financing | (580,560) | (224,012) | 356,548 | 61.4% |
Investment | 258,940 | (256,312) | (515,252) | (199.0%) |
Net cash flow of the period | 347,709 | 165,802 | (181,907) | (52.3%) |
Operating activitiesgenerated a net positive cash flow of $393,426 million, a decrease of $14,128 million respect to that obtained as of the same date of the previous year. As of September 30, 2004 the operating cash flow was mainly comprised of the profit of $35,354 million for the period, plus the net charges of $434,701 million to the income statement that do not represent cash flow and which correspond principally to depreciation of $301,937 million for the period, write-offs and provisions for $19,983 million, amortization of positive goodwill of $39,725 million and the other charges for $67,373 million that do not represent cash flow, amongst which is the effect of the conversion to Technical Bulletin Nº 64 for $31,789 million. This was partially compensated by the increase of $42,889 million in assets that represent operating cash flow, the decrease of $46,025 million in liabilities that affect operating cash flow and by the credits for $62,889 million that do not represent cash flow, of which $3,511 million correspond to the effect of the positive conversion of the foreign subsidiaries.
Financing activitiesproduced a negative cash flow of $136,401 million due mainly to the payment of loans for a value of $973,550 million, a payment of dividends for $90,574 million, the payment of Bonds for $16,609 million and other investment payments for $8,202 million. These are partially compensated by loans received for $700,769 million, Bonds issued for $232,589 million and other sources of finance for $25,702 million.
Investment activitiesgenerated a net negative cash flow of $156,068 million that correspond mainly to the incorporation of fixed assets worth $193,591 million, principally related to the investment being made by Endesa in the Ralco Plant that for this period amounts to $61,351 million, an investment of $17,030 million in financial instruments and other payments for $1,721 million, partially compensated by other income from investments for $40,037 million, recovery of loans to related companies for $12,423 million and by the sale of affiliates for $2,543 million.
www.enersis.cl | Santa Rosa 76, Santiago, CHILE Phone: 56 (2) 353 4682 | Pg. 28 |
PRESS RELEASE | |
Cash Flow Received From Foreign Subsidiaries by Enersis, Chilectra and Endesa Chile.
Table 10
Millions Ch$ | Interest Received | Dividends Received | Management Fee | Prepayment intercompany | Others | |||||
9M 03 | 9M 04 | 9M 03 | 9M 04 | 9M 03 | 9M 04 | 9M 03 | 9M 04 | 9M 03 | 9M 04 | |
Argentina | 7,753 | 5,207 | - | - | 1,078 | 1,522 | - | 12,183 | - | - |
Peru | - | - | 9,266 | 12,640 | - | - | - | - | 5,272 | 9,127 |
Brazil | 63 | 1,971 | - | 10,023 | - | - | - | - | - | - |
Colombia | 17,076 | 13,841 | 9,062 | 6,557 | - | - | 6,820 | - | - | - |
Total | 24,891 | 21,019 | 18,328 | 29,220 | 1,078 | 1,522 | 6,820 | 12,183 | 5,272 | 9,127 |
Millions Ch$ | Total Cash Received | |||||||||
9M 03 | 9M 04 | |||||||||
Argentina | 8,831 | 18,912 | ||||||||
Peru | 14,537 | 21,768 | ||||||||
Brazil | 63 | 11,994 | ||||||||
Colombia | 32,958 | 20,398 | ||||||||
Total | 56,389 | 73,071 | ||||||||
Table 10.1
Thousand US$ | Interest Received | Dividends Received | Management Fee | Prepayment intercompany | Others | |||||
9M 03 | 9M 04 | 9M 03 | 9M 04 | 9M 03 | 9M 04 | 9M 03 | 9M 04 | 9M 03 | 9M 04 | |
Argentina | 12,732 | 8,551 | - | - | 1,771 | 2,500 | - | 20,008 | - | - |
Peru | - | - | 15,217 | 20,759 | - | - | - | - | 8,658 | 14,990 |
Brazil | 103 | 3,237 | - | 16,461 | - | - | - | - | - | - |
Colombia | 28,044 | 22,731 | 14,883 | 10,768 | - | - | 11,200 | - | - | - |
Total | 40,879 | 34,519 | 30,100 | 47,988 | 1,771 | 2,500 | 11,200 | 20,008 | 8,658 | 14,990 |
Thousand US$ | Total Cash Received | |
9M 03 | 9M 04 | |
Argentina | 14,503 | 31,059 |
Peru | 23,875 | 35,749 |
Brazil | 103 | 19,698 |
Colombia | 54,127 | 33,499 |
Total | 92,608 | 120,005 |
www.enersis.cl | Santa Rosa 76, Santiago, CHILE Phone: 56 (2) 353 4682 | Pg. 29 |
PRESS RELEASE | |
Capex and Depreciation
Table 11
Payments for Additions of Fixed assets | Depreciation | |||
Million Ch$ | 9M 03 | 9M 04 | 9M 03 | 9M 04 |
Endesa S.A. | 106,180 | 82,775 | 151,788 | 132,403 |
Chilectra S.A. | 14,187 | 14,713 | 9,664 | 10,840 |
Edesur S.A. | 18,156 | 22,314 | 44,534 | 39,326 |
Edelnor S.A. | 9,667 | 8,514 | 13,171 | 13,023 |
Cerj | 27,670 | 35,202 | 35,939 | 34,800 |
Coelce | 15,455 | 22,598 | 31,469 | 29,135 |
Codensa S.A. | 10,074 | 4,173 | 42,623 | 39,737 |
Cam Ltda. | 494 | 1,247 | 898 | 883 |
Inmobiliaria Manso de Velasco Ltda. | - | 16 | 176 | 221 |
Synapsis Soluciones y Servicios Ltda. | 192 | 1,996 | 744 | 751 |
Holding Enersis | - | 42 | 831 | 818 |
Total | 202,075 | 193,590 | 331,838 | 301,937 |
Table 11.1
Payments for Additions of Fixed assets | Depreciation | |||
Thousand US$ | 9M 03 | 9M 04 | 9M 03 | 9M 04 |
Endesa S.A. | 174,380 | 135,942 | 249,282 | 217,446 |
Chilectra S.A. | 23,299 | 24,163 | 15,871 | 17,803 |
Edesur S.A. | 29,818 | 36,646 | 73,138 | 64,585 |
Edelnor S.A. | 15,876 | 13,983 | 21,631 | 21,388 |
Cerj | 45,443 | 57,812 | 59,023 | 57,152 |
Coelce | 25,382 | 37,113 | 51,682 | 47,849 |
Codensa S.A. | 16,545 | 6,853 | 70,000 | 65,260 |
Cam Ltda. | 811 | 2,048 | 1,475 | 1,450 |
Inmobiliaria Manso de Velasco Ltda. | - | 26 | 289 | 363 |
Synapsis Soluciones y Servicios Ltda. | 315 | 3,278 | 1,222 | 1,233 |
Holding Enersis | - | 69 | 1,365 | 1,343 |
Total | 331,869 | 317,934 | 544,978 | 495,873 |
www.enersis.cl | Santa Rosa 76, Santiago, CHILE Phone: 56 (2) 353 4682 | Pg. 30 |
PRESS RELEASE | |
Analysis Of The Exchange Risk And The Interest Rate
The company has a high percentage of its credits expressed in US Dollars as the greater part of its sales in the different markets where it operates is mainly indexed to that currency. Nevertheless, the Brazilian and Colombian markets are less indexed to the Dollar and, therefore, the subsidiaries in those markets have most of their debt in local currency. In the case of Argentina, an important proportion of the income is derived from exports of energy to Brazil and these are indexed to the Dollar, reducing the exposure to an exchange risk in that country.
Despite this natural hedge of the exchange risk, in a scenario of a high volatility of the Dollar, the company has continued with its policy of partly covering its debts in Dollars in order to mitigate the effects of the fluctuations in the exchange rate on the results. Considering the important reduction in the accounting mismatch in recent years, achieving prudent levels, the company has modified its policy on Dollar-Peso hedging in order to establish a policy of covering the cash flows, together with a maximum permissible accounting mismatch, on which hedging operations will be performed.
As of September 2004, on a consolidated basis, the company has hedged in Chile, by means of USD/UF Swap operations, an amount of US$700 million, compared to US$31 million in forward contracts as of the same date of the previous year. This variation is principally due to the modification of the hedging policy mentioned above.
With regard to interest rate risks, on a consolidated basis, the company has a fixed rate/variable rate ratio of approximately 84.5% / 15.5% fixed / variable as of September 30, 2004. The percentage of debt at a fixed rate has fallen slightly if compared with the 88% / 12 % ratio as of the same date of the previous year due to the low level of market interest rates that have permitted the company to borrow at more attractive interest rates.
www.enersis.cl | Santa Rosa 76, Santiago, CHILE Phone: 56 (2) 353 4682 | Pg. 31 |
PRESS RELEASE | |
Generation Business
Table 12
Million US$ | Million Ch$ | ||||
9M 03 | 9M 04 | 9M 03 | 9M 04 | Chg% | |
Operating Revenues | 1,222 | 1,321 | 744,141 | 804,456 | 8.1% |
Operating Costs | (730) | (825) | (444,369) | (502,620) | (13.1%) |
Selling and Administrative Expenses | (39) | (41) | (23,795) | (24,745) | (4.0%) |
Operating Income | 453 | 455 | 275,978 | 277,091 | 0.4% |
Interest Income | 18 | 19 | 11,188 | 11,457 | 2.4% |
Interest Expenses | (262) | (243) | (159,461) | (148,058) | 7.2% |
Net Financial Income (Expenses) | (244) | (224) | (148,273) | (136,601) | 7.9% |
Equity Gains from Related Company | 35 | 31 | 21,336 | 18,600 | (12.8%) |
Equity Losses from Related Company | (0) | (0) | (144) | (64) | 55.5% |
Net Income from Related Companies | 35 | 30 | 21,192 | 18,535 | (12.5%) |
Other Non Operating Income | 54 | 25 | 33,171 | 15,327 | (53.8%) |
Other Non Operating Expenses | (68) | (51) | (41,354) | (31,124) | 24.7% |
Net other Non Operating Income (Expenses) | (13) | (26) | (8,183) | (15,796) | (93.0%) |
Price Level Restatement | 1 | 2 | 316 | 1,241 | - |
Foreign Exchange Effect | 12 | 14 | 7,205 | 8,564 | 18.9% |
Net of Monetary Exposure | 12 | 16 | 7,521 | 9,805 | 30.4% |
Positive Goodwill Amortization | (2) | (2) | (1,294) | (1,185) | 8.4% |
Non Operating Income | (212) | (206) | (129,037) | (125,242) | 2.9% |
Net Income b. Taxes, Min Int and Neg Goodwill Amort. | 241 | 249 | 146,941 | 151,849 | 3.3% |
Extraordinary Items | - | - | - | - | - |
Income Tax | (53) | (121) | (32,178) | (73,649) | (128.9%) |
Minority Interest | (97) | (52) | (58,928) | (31,722) | 46.2% |
Negative Goodwill Amortization | 21 | 21 | 12,627 | 12,766 | 1.1% |
NET INCOME | 112 | 97 | 68,462 | 59,244 | (13.5%) |
Net Income
Endesa Chile recorded a Net Income of $59,244 million which is $9,218 million lower than the previous year. This is mainly explained by:
Operating Income
Endesa Chile’s operating income as of September 30, 2004 came to $277,091 million, an increase of 0.4% over the result obtained as of the same date in 2003. This increase in the operating income in mainly due to the improved results of the operations in Colombia and Brazil which were partially compensated by the lower operating income in Chile, Peru and Argentina. During the current period of 2004, sales amounted to 39,939 GWh, representing an increase of 4.8% with respect to the same period of 2003.
InChile, operating income as of September 2004 amounted to $104,792 million, a reduction of $14,649 million, or 12%, respect to the same period of 2003 basically as a result of lower sales and higher variable operating costs. Total accumulated physical sales of energy as of September are lower than the corresponding figure for the year 2003. Nevertheless, the figure corresponding to the period July to September 2004 is greater than the figure for the same period of 2003. Generation of hydroelectricity as of September of this year also reflects a reduction due to a relative shortage of water supplies during the first half of the year. However, as in the case of physical sales, this recovered during the last quarter of the period, permitting a reduction in operating costs.
www.enersis.cl | Santa Rosa 76, Santiago, CHILE Phone: 56 (2) 353 4682 | Pg. 32 |
PRESS RELEASE | |
InArgentina, the operating income of our subsidiaries during this period amounted to $26,400 million. When compared to the $27,652 million achieved during the same period of 2003, this reflects a decrease of 4.5%. The operations in Argentina reflect a significant increase of 30% in revenues, amounting to $125,856 million, in response to an important rise in demand for electric energy. The increase of 52% in sales by Central Costanera, as compared to the same period of 2003, due to the Costanera plant’s capability to operate not only with natural gas but also with fuel oil, was compensated by the fall in sales at El Chocón due to the shortage of water in the Comahue region. The participation of thermal generation rose from 44% during the January-September 2003 period to 69% during this period. Consequently, operating costs grew by 45% to $97,472 million. The cost of fuel for the period showed a rise of 295% due to the restrictions on natural gas on the Argentine market that obliged Costanera to increase its generation with liquid fuels.
InBrazil, our subsidiary, Cachoeira Dourada, obtained an increase of 71% in its operating revenues which amounted to $9,951 million as of September 2004, reflecting the achievements of the company in its contractual dispute with its principal client, Celg. Operating income rose by 10% over the same period of last year, amounting to $31,127 million. Invoices corresponding to the second half of 2003 were issued and, in addition, a definite agreement was reached respect to the payment of the pending debts that Celg had with Cachoeira Dourada, favored by the announcement made by Aneel, the Brazilian electricity authority, of an increase in tariffs to include a percentage to allow for the payment of the debt. Cachoeira Dourada´s physical generation increased by 15% when compared to the same period of 2003 as a result of the growing demand and the favorable hydrology.
InColombia, the accumulated operating income to September 2004 amounted to $94,431 million, an increase of 32% respect to the result obtained during the same period of 2003. The subsidiary, Emgesa, produced an operating income of $81,345 million and Betania of $13,087 million, reflecting increases of $13,694 million and $9,337 million, respectively, when compared to the same period of the year 2003. Revenues from sales of energy increased by 15% as a result of a greater demand on the Colombian market and the ample supplies of water have permitted our companies in that country to increase their market share. Physical sales rose by 886 GWh and physical generation by 1,087 GWh, adding to a smaller contribution from thermal generation. This permitted a reduction in purchases of energy and in the cost of fuel in relation to the same period of 2003.
InPeru, the operating income of the subsidiary Edegel as of September 2004 fell by 20% to $41,516 million. Revenues rose during the period by $10,130 million or 11% to $103,536 million. During the same period, physical sales fell respect to 2003 due to a shortage of water in the region, provoking an increase in prices which, also affected by the international prices of fuel, compensated for the fall in physical sales. However, the lower level of rainfall also affected the company’s operating costs that increased by $20,286 million respect to the same period of 2003 to $56,184 million. Edegel’s physical generation of electric energy as of September 2004 fell by 7% to 3,172 GWh. The generation of hydroelectricity also fell by 478 GWh though the generation of thermoelectricity rose by 237 GWh leading to the increase in the cost of fuel and to larger purchases of electric energy.
Non Operating Income
Endesa Chile recorded a Non operating Loss of $125,242 million which is $3,795 million lower than the previous year.
www.enersis.cl | Santa Rosa 76, Santiago, CHILE Phone: 56 (2) 353 4682 | Pg. 33 |
PRESS RELEASE | |
Table 13
Country | Market | GWh Sold | Var 04-03 | Chg % | Market Share | ||
9M 03 | 9M 04 | 9M 03 | 9M 04 | ||||
Chile | SIC & SING | 13,962 | 13,582 | (380) | (2.7%) | 44.1% | 39.8% |
SIC | 13,248 | 12,837 | (411) | (3.1%) | 55.4% | 49.8% | |
SING | 714 | 745 | 31 | 4.3% | 9.2% | 9.0% | |
Argentina | SIN | 7,215 | 8,687 | 1,472 | 20.4% | 12.5% | 14.0% |
Chocón | 3,977 | 2,854 | (1,123) | (28.2%) | |||
Costanera | 3,238 | 5,833 | 2,595 | 80.1% | |||
Perú | SICN | 3,401 | 3,224 | (177) | (5.2%) | 22.1% | 23.4% |
Edegel | 3,401 | 3,224 | (177) | (5.2%) | |||
Colombia | SIN | 10,745 | 11,631 | 886 | 8.2% | 22.2% | 23.4% |
Betania | 1,572 | 1,951 | 379 | 24.1% | |||
Emgesa | 9,173 | 9,680 | 507 | 5.5% | |||
Brazil | SICN | 2,781 | 2,815 | 34 | 1.2% | 1.2% | 1.2% |
Cachoeira | 2,781 | 2,815 | 34 | 1.2% | |||
Total | 38,104 | 39,939 | 1,835 | 4.8% | |||
Table 14
Company | GWh Produced | Var 04-03 | Chg % | |
9M 03 | 9M 04 | |||
Chilean Companies | 12,351 | 12,086 | (265) | (2.1%) |
Chocón | 3,488 | 2,737 | (751) | (21.5%) |
Costanera | 2,687 | 5,968 | 3,281 | 122.1% |
Edegel | 3,413 | 3,172 | (241) | (7.1%) |
Betania | 1,167 | 1,415 | 248 | 21.3% |
Emgesa | 6,765 | 7,603 | 838 | 12.4% |
Cachoeira | 2,086 | 2,394 | 308 | 14.8% |
TOTAL | 31,957 | 35,375 | 3,418 | 10.7% |
www.enersis.cl | Santa Rosa 76, Santiago, CHILE Phone: 56 (2) 353 4682 | Pg. 34 |
PRESS RELEASE | |
Distribution Business
Highlights
Table 15
Distribution Business | 9M 03 | 9M 04 | Var 04-03 | Chg % |
Customers (Th) | 10,377 | 10,825 | 448 | 4.3% |
GWh Sold | 36,846 | 38,905 | 2,059 | 5.6% |
Clients/Employe | 1,423 | 1,523 | 100 | 7.0% |
Energy Losses % (TTM) | 12.2% | 11.9% | (0.3%) | |
Chile
On July 2004, Chilectra and Metro company (Ferrocarril Metropolitano) signed an electric supply contract which means energy sales for about US$80 millions and the delivery of 3,000 GWh of electricity.
Physical sales in our concession area increased by 8.2% during 2004, respect same period 2003.
Brazil
As of July 2004, Coelce’s credit risk is the best of the Brazilian electric sector. Moody’s Investor Service rated the company in A3 in the nationale scale and Ba3 in the global scale for local currency debt.
Clients in our concession area increased by 12.9% during 2004, respect same period 2003.
On September 2004, Standard & Poor ’s changed the Cerj perspective rating from negative to stable, and confirmed the corporate credit rating, for local and foreign currency in “BB-“ of its global scale.
Colombia
Physical sales in our concession area increased by 4.2% during 2004, respect same period 2003.
Energy losses decreased for the first time below 10%, very close to technical losses.
Argentina
Energy demand has continued growing, showing an increase of 5.2% when compared to the previous year.
On September 2004, Edesur issued bonds in local currency, by Ar$ 120 million. This is the first issuance in local currency since the Argentinean crisis. It is worth mentioning that Edesur was assigned with BBB local rating from Fitch Ratings.
Peru
Physical sales in our concession area increased by 6.7% during 2004, respect same period 2003.
OSINERG postponed the deadline to present the information about the NRV (“New Replacement Value”) for distribution companies related to the 2005-2009 tariff setting process, was changed from September 30, 2004 to November 30, 2004.
On the following pages an analysis of Enersis’ distribution subsidiaries is shown. Figures of foreign subsidiaries are accounted for under Chilean Technical Bulletin 64, therefore they could differ from those registered in their respective local GAAP.
www.enersis.cl | Santa Rosa 76, Santiago, CHILE Phone: 56 (2) 353 4682 | Pg. 35 |
PRESS RELEASE | |
Chilectra
Table 16
Million US$ | Million Ch$ | ||||
9M 03 | 9M 04 | 9M 03 | 9M 04 | Chg% | |
Revenues from Sales | 514 | 545 | 313,196 | 331,897 | 6.0% |
Other Operating Revenues | 18 | 21 | 10,922 | 13,072 | 19.7% |
Operating Revenues | 532 | 567 | 324,118 | 344,969 | 6.4% |
Energy Purchases | (321) | (346) | (195,168) | (210,789) | (8.0%) |
Other Operating Cost | (52) | (54) | (31,814) | (32,786) | (3.1%) |
Operating Costs | (373) | (400) | (226,982) | (243,574) | (7.3%) |
Selling and Administrative Expenses | (40) | (48) | (24,449) | (28,957) | (18.4%) |
Operating Income | 119 | 119 | 72,687 | 72,438 | (0.3%) |
Interest Income | 2 | 2 | 1,288 | 1,475 | 14.5% |
Interest Expenses | (50) | (41) | (30,388) | (25,226) | 17.0% |
Net Financial Income (Expenses) | (48) | (39) | (29,100) | (23,751) | 18.4% |
Equity Gains from Related Company | 6 | 7 | 3,600 | 4,157 | 15.5% |
Equity Losses from Related Company | (91) | (21) | (55,503) | (13,075) | 76.4% |
Net Income from Related Companies | (85) | (15) | (51,903) | (8,918) | 82.8% |
Other Non Operating Income | 38 | 37 | 23,305 | 22,687 | (2.7%) |
Other Non Operating Expenses | (15) | (14) | (9,214) | (8,526) | 7.5% |
Conversion Effect (BT 64) | - | - | - | - | |
Net other Non Operating Income (Expenses) | 23 | 23 | 14,091 | 14,162 | 0.5% |
Price Level Restatement | 7 | 0 | 4,102 | 180 | (95.6%) |
Foreign Exchange Effect | - | - | - | - | |
Net of Monetary Exposure | 7 | 0 | 4,102 | 180 | (95.6%) |
Positive Goodwill Amortization | (0) | (1) | (272) | (333) | (22.4%) |
Non Operating Income | (104) | (31) | (63,082) | (18,660) | 70.4% |
Net Income b. Taxes, Min Int and Neg Goodwill Amort. | 16 | 88 | 9,605 | 53,778 | - |
Extraordinary Items | - | - | - | - | |
Income Tax | (7) | (12) | (4,468) | (7,597) | (70.0%) |
Minority Interest | 17 | 2 | 10,469 | 1,517 | (85.5%) |
Negative Goodwill Amortization | 22 | - | 13,130 | - | (100.0%) |
NET INCOME | 47 | 78 | 28,736 | 47,697 | 66.0% |
Net Income
Chilectra registered a Net Income of $47,697 million, which is $18,961 million higher than the previous year. This result is mainly explained by:
Operating Income
Lower Operating Income of $249 million, due to higher selling and administrative expenses of $4,508 million due to greater operating and maintenance expenses and a rise in extraordinary remunerations costs on the laying off of personnel at the beginning of the year. This reduction is significantly offset by,
Non Operating Income
Lower Non-Operating Loss of $44,422 million, due to lower net loss from related companies of $42,985 million, lower net financial expenses of $5,349 million, compensated by lower net of monetary exposure of $3,922 million.
Other
Regarding Negative Goodwill Amortization, it decreased $13,130 million. The minority interest reached $1,517 million.
www.enersis.cl | Santa Rosa 76, Santiago, CHILE Phone: 56 (2) 353 4682 | Pg. 36 |
PRESS RELEASE | |
Additional Information
Table 17
Chilectra | 9M 03 | 9M 04 | Chg % |
Customers (Th) | 1,332 | 1,361 | 2.2% |
GWh Sold | 7,812 | 8,449 | 8.2% |
Clients/Employe | 1,778 | 1,975 | 11.1% |
Energy Losses % (TTM) | 5.5% | 5.2% | 0.3% |
www.enersis.cl | Santa Rosa 76, Santiago, CHILE Phone: 56 (2) 353 4682 | Pg. 37 |
PRESS RELEASE | |
Cerj
Table 18
Million US$ | Million Ch$ | ||||
9M 03 | 9M 04 | 9M 03 | 9M 04 | Chg % | |
Revenues from Sales | 405 | 453 | 246,731 | 275,730 | 11.8% |
Other Operating Revenues | 26 | 23 | 15,580 | 14,055 | (9.8%) |
Operating Revenues | 431 | 476 | 262,311 | 289,784 | 10.5% |
Energy Purchases | (240) | (249) | (146,245) | (151,318) | (3.5%) |
Other Operating Cost | (132) | (143) | (80,256) | (87,080) | (8.5%) |
Operating Costs | (372) | (392) | (226,501) | (238,398) | (5.3%) |
Selling and Administrative Expenses | (14) | (19) | (8,304) | (11,565) | (39.3%) |
Operating Income | 45 | 65 | 27,505 | 39,822 | 44.8% |
Interest Income | 19 | 17 | 11,352 | 10,087 | (11.1%) |
Interest Expenses | (57) | (52) | (34,542) | (31,896) | 7.7% |
Net Financial Income (Expenses) | (38) | (36) | (23,190) | (21,809) | 6.0% |
Equity Gains from Related Company | - | - | - | - | |
Equity Losses from Related Company | (5) | (3) | (2,887) | (1,642) | 43.1% |
Net Income from Related Companies | (5) | (3) | (2,887) | (1,642) | 43.1% |
Other Non Operating Income | 10 | 2 | 6,113 | 1,115 | (81.8%) |
Other Non Operating Expenses | (84) | (42) | (51,193) | (25,536) | 50.1% |
Conversion Effect (BT 64) | (85) | (8) | (51,899) | (5,166) | 90.0% |
Net other Non Operating Income (Expenses) | (159) | (49) | (96,979) | (29,588) | 69.5% |
Price Level Restatement | - | - | - | - | |
Foreign Exchange Effect | - | - | - | - | |
Net of Monetary Exposure | - | - | - | - | |
Positive Goodwill Amortization | - | - | - | - | |
Non Operating Income | (202) | (87) | (123,056) | (53,039) | 56.9% |
Net Income b. Taxes, Min Int and Neg Goodwill Amort. | (157) | (22) | (95,551) | (13,217) | 86.2% |
Extraordinary Items | - | - | - | - | |
Income Tax | (4) | (6) | (2,585) | (3,515) | (36.0%) |
Minority Interest | - | - | - | - | |
Negative Goodwill Amortization | - | - | - | - | |
NET INCOME | (161) | (27) | (98,136) | (16,732) | 83.0% |
Net Income
Cerj registered a Net Loss of $16,732 million which is $81,404 million lower than the previous year. This result is mainly due to:
Operating Income
Higher Operating Income of $12,317 million, mainly explained by higher revenues from sales of $28,999 million, due to physical sales, which increased by 258 GWh and also the reduction of energy losses down to 22.9%. This was partially compensated by higher operating costs of $11,897 million.
Non Operating Income
Lower Non Operating Loss of $70,017 million, mainly explained by lower net other non operating expenses of $67,391 million, mainly explained by a lower negative conversion effect of $46,733 million as a result of the Brazilian Reais appreciation and the application of the Technical Bulletin N°64 of Chilean GAAP. Also net financial expenses were reduced in $1,381 million and losses from related companies lowered by $1,245 million.
Other
Tax loss increase $930 million compared to the previous year.
www.enersis.cl | Santa Rosa 76, Santiago, CHILE Phone: 56 (2) 353 4682 | Pg. 38 |
PRESS RELEASE | |
Additional Information
Table 19
Cerj | 9M 03 | 9M 04 | Chg % |
Customers (Th) | 2,034 | 2,096 | 3.0% |
GWh Sold | 5,386 | 5,644 | 4.8% |
Clients/Employe | 1,343 | 1,507 | 12.2% |
Energy Losses % (TTM) | 23.5% | 22.9% | 0.6% |
www.enersis.cl | Santa Rosa 76, Santiago, CHILE Phone: 56 (2) 353 4682 | Pg. 39 |
PRESS RELEASE | |
Coelce
Table 20
Million US$ | Million Ch$ | ||||
9M 03 | 9M 04 | 9M 03 | 9M 04 | Chg % | |
Revenues from Sales | 270 | 335 | 164,549 | 204,133 | 24.1% |
Other Operating Revenues | 5 | 5 | 2,796 | 2,965 | 6.0% |
Operating Revenues | 275 | 340 | 167,345 | 207,098 | 23.8% |
Energy Purchases | (115) | (208) | (70,076) | (126,937) | (81.1%) |
Other Operating Cost | (91) | (89) | (55,174) | (54,185) | 1.8% |
Operating Costs | (206) | (297) | (125,250) | (181,123) | (44.6%) |
Selling and Administrative Expenses | (37) | (40) | (22,696) | (24,121) | (6.3%) |
Operating Income | 32 | 3 | 19,398 | 1,854 | (90.4%) |
Interest Income | 31 | 24 | 19,034 | 14,708 | (22.7%) |
Interest Expenses | (45) | (32) | (27,468) | (19,731) | 28.2% |
Net Financial Income (Expenses) | (14) | (8) | (8,434) | (5,023) | 40.4% |
Equity Gains from Related Company | - | - | - | - | |
Equity Losses from Related Company | - | - | - | - | |
Net Income from Related Companies | - | - | - | - | |
Other Non Operating Income | 2 | 1 | 964 | 432 | (55.2%) |
Other Non Operating Expenses | (8) | (7) | (4,675) | (4,092) | 12.5% |
Conversion Effect (BT 64) | (28) | (5) | (17,041) | (3,249) | 80.9% |
Net other Non Operating Income (Expenses) | (34) | (11) | (20,752) | (6,908) | 66.7% |
Price Level Restatement | - | - | - | - | |
Foreign Exchange Effect | - | - | - | - | |
Net of Monetary Exposure | - | - | - | - | |
Positive Goodwill Amortization | - | - | - | - | |
Non Operating Income | (48) | (20) | (29,185) | (11,931) | 59.1% |
Net Income b. Taxes, Min Int and Neg Goodwill Amort. | (16) | (17) | (9,787) | (10,077) | (3.0%) |
Extraordinary Items | - | - | - | - | |
Income Tax | (6) | (1) | (3,825) | (668) | 82.5% |
Minority Interest | - | - | - | - | |
Negative Goodwill Amortization | - | - | - | - | |
NET INCOME | (22) | (18) | (13,612) | (10,744) | 21.1% |
Net Income
Coelce registered a Net Loss of $10,744 million which is $2,868 million lower loss than the previous year. This result is mainly due to:
Operating Income
Lower Operating Income of $17,544 million, mainly due to higher operating costs of $55,873 million basically related to higher energy purchases that were not entirely compensated by the increase in tariffs and the increase of 176 GWh in physical sales. This increase in costs was partially compensated by higher operating revenues of $39,753 million related by higher revenues from sales. This reduction is significantly offset by,
Non Operating Income
Lower Non-Operating Loss of $17,254 million, mainly explained by a lower negative conversion effect of $13,792 million as a result of the Brazilian Reais appreciation and the application of the Technical Bulletin N°64 of Chilean GAAP.
Other
Tax loss decrease by $3,157 million compared to the previous year.
www.enersis.cl | Santa Rosa 76, Santiago, CHILE Phone: 56 (2) 353 4682 | Pg. 40 |
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Additional Information
Table 21
Coelce | 9M 03 | 9M 04 | Chg % |
Customers (Th) | 2,053 | 2,318 | 12.9% |
GWh Sold | 4,307 | 4,483 | 4.1% |
Clients/Employe | 1,494 | 1,709 | 14.4% |
Energy Losses % (TTM) | 13.3% | 13.7% | (0.4%) |
www.enersis.cl | Santa Rosa 76, Santiago, CHILE Phone: 56 (2) 353 4682 | Pg. 41 |
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Codensa
Table 22
Million US$ | Million Ch$ | ||||
9M 03 | 9M 04 | 9M 03 | 9M 04 | Chg % | |
Revenues from Sales | 316 | 368 | 192,258 | 224,316 | 16.7% |
Other Operating Revenues | 62 | 110 | 37,462 | 66,958 | 78.7% |
Operating Revenues | 377 | 478 | 229,720 | 291,274 | 26.8% |
Energy Purchases | (195) | (225) | (119,019) | (137,195) | (15.3%) |
Other Operating Cost | (136) | (134) | (83,053) | (81,415) | 2.0% |
Operating Costs | (332) | (359) | (202,071) | (218,610) | (8.2%) |
Selling and Administrative Expenses | (20) | (9) | (11,965) | (5,197) | 56.6% |
Operating Income | 26 | 111 | 15,684 | 67,467 | - |
Interest Income | 9 | 24 | 5,393 | 14,354 | 166.2% |
Interest Expenses | (5) | (16) | (3,056) | (9,691) | - |
Net Financial Income (Expenses) | 4 | 8 | 2,337 | 4,664 | 99.5% |
Equity Gains from Related Company | - | - | - | - | |
Equity Losses from Related Company | - | - | - | - | |
Net Income from Related Companies | - | - | - | - | |
Other Non Operating Income | 1 | 4 | 845 | 2,370 | 180.5% |
Other Non Operating Expenses | (1) | (8) | (349) | (4,839) | - |
Conversion Effect (BT 64) | 1 | (1) | 656 | (803) | - |
Net other Non Operating Income (Expenses) | 2 | (5) | 1,152 | (3,272) | - |
Price Level Restatement | - | - | - | - | |
Foreign Exchange Effect | - | - | - | - | |
Net of Monetary Exposure | - | - | - | - | |
Positive Goodwill Amortization | - | - | - | - | |
Non Operating Income | 6 | 2 | 3,489 | 1,392 | (60.1%) |
Net Income b. Taxes, Min Int and Neg Goodwill Amort. | 31 | 113 | 19,174 | 68,859 | - |
Extraordinary Items | - | - | - | - | |
Income Tax | (21) | (46) | (12,926) | (27,875) | (115.6%) |
Minority Interest | - | - | - | - | |
Negative Goodwill Amortization | - | - | - | - | |
NET INCOME | 10 | 67 | 6,248 | 40,984 | - |
Net Income
Codensa registered a Net Income of $40,984 million which is $34,736 million higher than the previous year. This result is mainly due to:
Operating Income
Higher Operating Income of $51,783 million, primarily explained by higher energy sales of $32,057 million due to a larger unit margin and to greater demand that led to a rise of 4.2% in physical sales that amounted 7,165 GWh.
Non Operating Income
Lower Non-Operating Income of $2,097 million, primarily explained by higher other non operating expenses of $4.490 million and higher losses of $1.459 million, related to the negative conversion effect registered as a result of the application of Technical Bulletin N°64 of Chilean GAAP.
Other
Tax loss increase by $14,949 million compared to the previous year.
www.enersis.cl | Santa Rosa 76, Santiago, CHILE Phone: 56 (2) 353 4682 | Pg. 42 |
PRESS RELEASE | |
Additional Information
Table 23
Codensa | 9M 03 | 9M 04 | Chg % |
Customers (Th) | 1,956 | 2,008 | 2.7% |
GWh Sold | 6,873 | 7,165 | 4.2% |
Clients/Employe | 2,307 | 2,338 | 1.4% |
Energy Losses % (TTM) | 10.4% | 9.9% | 0.5% |
www.enersis.cl | Santa Rosa 76, Santiago, CHILE Phone: 56 (2) 353 4682 | Pg. 43 |
PRESS RELEASE | |
Edelnor
Table 24
Million US$ | Million Ch$ | ||||
9M 03 | 9M 04 | 9M 03 | 9M 04 | Chg% | |
Revenues from Sales | 237 | 228 | 144,541 | 138,651 | (4.1%) |
Other Operating Revenues | 8 | 7 | 4,749 | 4,196 | (11.7%) |
Operating Revenues | 245 | 235 | 149,291 | 142,847 | (4.3%) |
Energy Purchases | (152) | (149) | (92,795) | (90,516) | 2.5% |
Other Operating Cost | (31) | (29) | (18,853) | (17,782) | 5.7% |
Operating Costs | (183) | (178) | (111,648) | (108,298) | 3.0% |
Selling and Administrative Expenses | (23) | (21) | (13,737) | (13,041) | 5.1% |
Operating Income | 39 | 35 | 23,906 | 21,508 | (10.0%) |
Interest Income | 3 | 2 | 1,531 | 1,474 | (3.7%) |
Interest Expenses | (7) | (9) | (4,180) | (5,736) | (37.2%) |
Net Financial Income (Expenses) | (4) | (7) | (2,649) | (4,262) | (60.9%) |
Equity Gains from Related Company | - | - | - | - | |
Equity Losses from Related Company | - | - | - | - | |
Net Income from Related Companies | - | - | - | - | |
Other Non Operating Income | 5 | 4 | 2,796 | 2,274 | (18.7%) |
Other Non Operating Expenses | (2) | (1) | (1,476) | (422) | 71.4% |
Conversion Effect (BT 64) | (2) | (6) | (1,177) | (3,943) | - |
Net other Non Operating Income (Expenses) | 0 | (3) | 144 | (2,090) | - |
Price Level Restatement | - | - | - | - | |
Foreign Exchange Effect | - | - | - | - | |
Net of Monetary Exposure | - | - | - | - | |
Positive Goodwill Amortization | - | - | - | - | |
Non Operating Income | (4) | (10) | (2,505) | (6,352) | (153.6%) |
Net Income b. Taxes, Min Int and Neg Goodwill Amort. | 35 | 25 | 21,401 | 15,156 | (29.2%) |
Extraordinary Items | - | - | - | - | |
Income Tax | (13) | (22) | (8,026) | (13,215) | (64.6%) |
Minority Interest | - | - | - | - | |
Negative Goodwill Amortization | - | - | - | - | |
NET INCOME | 22 | 3 | 13,374 | 1,941 | (85.5%) |
Net Income
Edelnor registered a Net Income of $1,941 million which is $11,433 million lower than the previous year. This result is mainly due to:
Operating Income
Lower Operating Income of $2,398 million, related to lower operating revenues of $6,444 million, compensated by lower energy purchases of $2,279 million, lower other operating cost of $1,071 million and lower selling and administrative expenses of $696 million.
Non Operating Income
Higher Non-Operating Losses of $3,847 million, mainly due to higher net financial expenses of $1,613 and higher net other non operating expenses of $2,234 million mainly explained by the negative BT 64 conversion effect of $3,943 million compared to the $1,177 million positive BT 64 conversion effect in the same period of 2003.
Other
Higher Tax Loss of $5,189 million, from $13,215 million to $8,026 registered on the first nine months of 2003.
www.enersis.cl | Santa Rosa 76, Santiago, CHILE Phone: 56 (2) 353 4682 | Pg. 44 |
PRESS RELEASE | |
Additional Information
Table 25
Edelnor | 9M 03 | 9M 04 | Chg % |
Customers (Th) | 889 | 909 | 2.2% |
GWh Sold | 2,953 | 3,150 | 6.7% |
Clients/Employe | 1,602 | 1,671 | 4.3% |
Energy Losses % (TTM) | 8.4% | 8.4% | 0.0% |
www.enersis.cl | Santa Rosa 76, Santiago, CHILE Phone: 56 (2) 353 4682 | Pg. 45 |
PRESS RELEASE | |
Edesur
Table 26
Million US$ | Million Ch$ | ||||
9M 03 | 9M 04 | 9M 03 | 9M 04 | Chg % | |
Revenues from Sales | 234 | 256 | 142,522 | 155,791 | 9.3% |
Other Operating Revenues | 18 | 18 | 11,171 | 11,095 | (0.7%) |
Operating Revenues | 252 | 274 | 153,693 | 166,886 | 8.6% |
Energy Purchases | (111) | (134) | (67,820) | (81,517) | (20.2%) |
Other Operating Cost | (113) | (102) | (69,028) | (62,152) | 10.0% |
Operating Costs | (225) | (236) | (136,847) | (143,669) | (5.0%) |
Selling and Administrative Expenses | (38) | (36) | (23,110) | (22,010) | 4.8% |
Operating Income | (10) | 2 | (6,264) | 1,207 | 119.3% |
Interest Income | 9 | 4 | 5,380 | 2,553 | (52.6%) |
Interest Expenses | (17) | (20) | (10,579) | (11,895) | (12.4%) |
Net Financial Income (Expenses) | (9) | (15) | (5,199) | (9,342) | (79.7%) |
Equity Gains from Related Company | 0 | 0 | 27 | 3 | (88.1%) |
Equity Losses from Related Company | - | - | - | - | |
Net Income from Related Companies | 0 | 0 | 27 | 3 | (88.1%) |
Other Non Operating Income | 0 | 14 | 275 | 8,275 | - |
Other Non Operating Expenses | (12) | (12) | (7,178) | (7,519) | (4.7%) |
Conversion Effect (BT 64) | 4 | 2 | 2,637 | 1,446 | (45.2%) |
Net other Non Operating Income (Expenses) | (7) | 4 | (4,266) | 2,202 | 151.6% |
Price Level Restatement | - | - | - | - | |
Foreign Exchange Effect | - | - | - | - | |
Net of Monetary Exposure | - | - | - | - | |
Positive Goodwill Amortization | - | - | - | - | |
Non Operating Income | (15) | (12) | (9,438) | (7,137) | 24.4% |
Net Income b. Taxes, Min Int and Neg Goodwill Amort. | (26) | (10) | (15,702) | (5,930) | 62.2% |
Extraordinary Items | - | - | - | - | |
Income Tax | (20) | (11) | (12,110) | (6,792) | 43.9% |
Minority Interest | - | - | - | - | |
Negative Goodwill Amortization | - | - | - | - | |
NET INCOME | (46) | (21) | (27,812) | (12,722) | 54.3% |
Net Income
Edesur registered a Net Loss of $12,722 million for the first nine months of 2004, $15,090 million lower loss than the previous year. This result is mainly due to:
Operating Income
Higher Operating Income of $7,471 million, mainly due to higher operating revenues by $13,193 million, explained by the improved energy demand observed in the country and which has led to an increase of 5.2% in physical sales. This was compensated by $6,822 million higher operating costs related to higher energy purchases.
Non Operating Income
Lower Non-Operating Losses of $2,301 million, mainly explained by higher net other non operating income of $6,468 million, partially compensated by higher net financial expenses of $4,143 million.
Other
Tax loss decrease by $5,318 million compared to the previous year.
www.enersis.cl | Santa Rosa 76, Santiago, CHILE Phone: 56 (2) 353 4682 | Pg. 46 |
PRESS RELEASE | |
Additional Information
Table 27
Edesur | 9M 03 | 9M 04 | Chg % |
Customers (Th) | 2,113 | 2,133 | 0.9% |
GWh Sold | 9,515 | 10,014 | 5.2% |
Clients/Employe | 939 | 940 | 0.1% |
Energy Losses % (TTM) | 11.9% | 11.8% | 0.1% |
www.enersis.cl | Santa Rosa 76, Santiago, CHILE Phone: 56 (2) 353 4682 | Pg. 47 |
PRESS RELEASE | |
Parent Company Income Statement
Under Chilean GAAP, Million Ch$
Table 28
Million Ch$ | 9M 03 | 9M 04 | Var 04-03 | Chg % |
Operating Revenues | 3,346 | 3,305 | (41) | (1.2%) |
Operating Costs | (866) | (849) | 17 | 1.9% |
Operating Margin | 2,480 | 2,456 | (24) | (1.0%) |
Selling and Administrative Expenses | (11,860) | (12,324) | (464) | (3.9%) |
Operating Income | (9,380) | (9,868) | (488) | (5.2%) |
Interest Income | 31,919 | 25,672 | (6,247) | (19.6%) |
Interest Expense | (104,475) | (55,731) | 48,744 | 46.7% |
Net Financial Income (Expenses) | (72,556) | (30,059) | 42,497 | 58.6% |
Equity Gains from Related Companies | 79,861 | 112,301 | 32,440 | 40.6% |
Equity Losses from Related Companies | (48,624) | (8,250) | 40,374 | 83.0% |
Net Income from Related Companies | 31,237 | 104,051 | 72,814 | - |
Other Non Operating Income | 99,904 | 6,879 | (93,025) | (93.1%) |
Other Non Operating Expenses | (16,517) | (8,413) | 8,104 | 49.1% |
Net other Non Operating Income (Expense) | 83,387 | (1,534) | (84,921) | (101.8%) |
Price Level Restatement | (6,768) | (1,235) | 5,533 | 81.7% |
Foreign Exchange Effect | 15,021 | 2,849 | (12,172) | (81.0%) |
Net of Monetary Exposure | 8,253 | 1,614 | (6,639) | (80.4%) |
Positive Goodwill Amortization | (38,088) | (38,203) | (115) | (0.3%) |
Non Operating Income | 12,232 | 35,868 | 23,636 | 193.2% |
Net Inc b. Taxes, Min Int and Neg Goodwill Amort | 2,852 | 26,000 | 23,148 | - |
Income Tax | 1,120 | 9,322 | 8,202 | - |
Negative Goodwill Amortization | 21,973 | 32 | (21,941) | (99.9%) |
NET INCOME | 25,945 | 35,354 | 9,409 | 36.3% |
www.enersis.cl | Santa Rosa 76, Santiago, CHILE Phone: 56 (2) 353 4682 | Pg. 48 |
PRESS RELEASE | |
Under Chilean GAAP, Thousand US$
Table 28.1
Th. US$ | 9M 03 | 9M 04 | Var 04-03 | Chg % |
Operating Revenues | 5,495 | 5,428 | (67) | (1.2%) |
Operating Costs | (1,422) | (1,394) | 28 | 1.9% |
Operating Margin | 4,073 | 4,034 | (39) | (1.0%) |
Selling and Administrative Expenses | (19,478) | (20,240) | (762) | (3.9%) |
Operating Income | (15,404) | (16,206) | (802) | (5.2%) |
Interest Income | 52,421 | 42,161 | (10,260) | (19.6%) |
Interest Expense | (171,580) | (91,527) | 80,053 | 46.7% |
Net Financial Income (Expenses) | (119,159) | (49,366) | 69,793 | 58.6% |
Equity Gains from Related Companies | 131,156 | 184,433 | 53,277 | 40.6% |
Equity Losses from Related Companies | (79,855) | (13,550) | 66,305 | 83.0% |
Net Income from Related Companies | 51,300 | 170,883 | 119,583 | - |
Other Non Operating Income | 164,073 | 11,297 | (152,776) | (93.1%) |
Other Non Operating Expenses | (27,127) | (13,817) | 13,310 | 49.1% |
Net other Non Operating Income (Expense) | 136,946 | (2,519) | (139,465) | (101.8%) |
Price Level Restatement | (11,115) | (2,029) | 9,086 | 81.7% |
Foreign Exchange Effect | 24,669 | 4,679 | (19,990) | (81.0%) |
Net of Monetary Exposure | 13,553 | 2,650 | (10,903) | (80.4%) |
Positive Goodwill Amortization | (62,553) | (62,741) | (188) | (0.3%) |
Non Operating Income | 20,088 | 58,907 | 38,819 | 193.2% |
Net Inc b. Taxes, Min Int and Neg Goodwill Amort | 4,684 | 42,700 | 38,016 | - |
Income Tax | 1,839 | 15,310 | 13,471 | - |
Negative Goodwill Amortization | 36,087 | 53 | (36,034) | (99.9%) |
NET INCOME | 42,610 | 58,063 | 15,453 | 36.3% |
www.enersis.cl | Santa Rosa 76, Santiago, CHILE Phone: 56 (2) 353 4682 | Pg. 49 |
PRESS RELEASE | |
Partially Consolidated Income Statement
Parent Company Consolidated with Enersis Internacional September 2004 Earnings Report
Under Chilean GAAP, Million Ch$
Table 29
3Q 03 | 3Q 04 | Var % | (in million Ch$ of 9M04) | 9M 03 | 9M 04 | Var % |
829 | 818 | (1.4%) | Gross Operating Margin | 2,480 | 2,456 | (1.0%) |
(4,336) | (4,929) | (13.7%) | S&A Expenses | (11,860) | (12,324) | (3.9%) |
(3,507) | (4,111) | (17.2%) | Operating Income | (9,380) | (9,868) | (5.2%) |
11,842 | 15,573 | 31.5% | Endesa | 41,064 | 35,535 | (13.5%) |
22,975 | 32,507 | 41.5% | Chilectra | 79,219 | 55,618 | (29.8%) |
(2,317) | (2,888) | (24.7%) | Edesur | (18,011) | (8,244) | 54.2% |
1,893 | (215) | (111.4%) | Edelnor | 6,026 | 1,242 | (79.4%) |
(12,355) | (13,812) | (11.8%) | Cerj | (70,392) | (13,445) | 80.9% |
(289) | (699) | (141.6%) | Coelce | (2,048) | (1,164) | 43.2% |
2,346 | 2,967 | 26.5% | Codensa | 457 | 8,002 | - |
2,490 | 1,011 | (59.4%) | CAM LTDA | 4,926 | 2,646 | (46.3%) |
(7) | 423 | - | Inm Manso de Velasco | 413 | 1,972 | - |
1,157 | 1,047 | (9.5%) | Synapsis | 3,548 | 2,991 | (15.7%) |
4,144 | NA | CGTF | 9,762 | NA | ||
0 | (804) | - | Other | (122) | (1,015) | - |
27,735 | 39,254 | 41.5% | Net Income from Related Companies | 45,080 | 93,900 | 108.3% |
16,106 | 9,581 | (40.5%) | Interest Income | 46,016 | 35,219 | (23.5%) |
(41,556) | (14,620) | 64.8% | Interest Expense | (104,505) | (55,731) | 46.7% |
(25,450) | (5,039) | 80.2% | Net Financial Income (Expenses) | (58,489) | (20,512) | 64.9% |
2,654 | 2,434 | (8.3%) | Other Non Operating Income | 99,915 | 6,890 | (93.1%) |
(1,951) | (179) | 90.8% | Other Non Operating Expenses | (16,629) | (9,239) | 44.4% |
703 | 2,255 | - | Net other Non Operating Income (Expenses) | 83,285 | (2,349) | (102.8%) |
2,605 | (1,167) | (144.8%) | Price Level Restatement | (7,725) | (1,163) | 84.9% |
(13,590) | (8,185) | 39.8% | Foreign Exchange Effect | (11,832) | 4,196 | 135.5% |
(10,985) | (9,352) | 14.9% | Net Monetary Exposure | (19,557) | 3,033 | 115.5% |
(12,689) | (12,814) | (1.0%) | Positive Goodwill Amortization | (38,088) | (38,203) | (0.3%) |
(20,686) | 14,304 | 169.1% | Non Operating Income | 12,231 | 35,869 | 193.3% |
(24,193) | 10,193 | 142.1% | Net Income before (1), (2) & (3) | 2,851 | 26,001 | - |
9,587 | 11,569 | 20.7% | Income Tax (1) | 1,120 | 9,322 | - |
(12) | (320) | - | Negative Goodwill Amortization (2) | 21,973 | 32 | (99.9%) |
- | - | NA | Minority Interest (3) | - | - | NA |
(14,618) | 21,442 | - | NET INCOME | 25,944 | 35,355 | 36.3% |
(0.48) | 0.66 | EPS (Ch$) | 0.85 | 1.08 | ||
(0.04) | 0.05 | EPADS (US$) | 0.07 | 0.09 | ||
30,404,284 | 32,651,166 | Common Shares Outstanding (Th) | 30,404,284 | 32,651,166 | ||
www.enersis.cl | Santa Rosa 76, Santiago, CHILE Phone: 56 (2) 353 4682 | Pg. 50 |
PRESS RELEASE | |
Under Chilean GAAP, Thousand US$
Table 29.1
3Q 03 | 3Q 04 | Var % | (in thousand US$ of 9M04) | 9M 03 | 9M 04 | Var % |
1,362 | 1,343 | (1.4%) | Gross Operating Margin | 4,073 | 4,034 | (1.0%) |
(7,121) | (8,095) | (13.7%) | S&A Expenses | (19,478) | (20,240) | (3.9%) |
(5,759) | (6,752) | (17.2%) | Operating Income | (15,404) | (16,206) | (5.2%) |
19,449 | 25,576 | 31.5% | Endesa | 67,439 | 58,359 | (13.5%) |
37,733 | 53,386 | 41.5% | Chilectra | 130,102 | 91,342 | (29.8%) |
(3,805) | (4,743) | (24.7%) | Edesur | (29,580) | (13,539) | 54.2% |
3,108 | (353) | (111.4%) | Edelnor | 9,896 | 2,040 | (79.4%) |
(20,291) | (22,684) | (11.8%) | Cerj | (115,606) | (22,081) | 80.9% |
(475) | (1,148) | (141.6%) | Coelce | (3,363) | (1,912) | 43.2% |
3,852 | 4,873 | 26.5% | Codensa | 751 | 13,142 | - |
4,089 | 1,660 | (59.4%) | CAM LTDA | 8,090 | 4,346 | (46.3%) |
(11) | 695 | - | Inm Manso de Velasco | 678 | 3,239 | - |
1,901 | 1,719 | (9.5%) | Synapsis | 5,827 | 4,912 | (15.7%) |
- | 6,806 | NA | CGTF | - | 16,032 | NA |
0 | (1,320) | - | Other | (200) | (1,667) | - |
45,549 | 64,467 | 41.5% | Net Income from Related Companies | 74,035 | 154,213 | 108.3% |
26,450 | 15,735 | (40.5%) | Interest Income | 75,573 | 57,840 | (23.5%) |
(68,247) | (24,011) | 64.8% | Interest Expense | (171,629) | (91,527) | 46.7% |
(41,797) | (8,276) | 80.2% | Net Financial Income (Expenses) | (96,057) | (33,687) | 64.9% |
4,359 | 3,997 | (8.3%) | Other Non Operating Income | 164,091 | 11,315 | (93.1%) |
(3,205) | (294) | 90.8% | Other Non Operating Expenses | (27,310) | (15,173) | 44.4% |
1,155 | 3,703 | - | Net other Non Operating Income (Expenses) | 136,779 | (3,858) | (102.8%) |
4,278 | (1,917) | (144.8%) | Price Level Restatement | (12,687) | (1,910) | 84.9% |
(22,319) | (13,442) | 39.8% | Foreign Exchange Effect | (19,431) | 6,891 | 135.5% |
(18,041) | (15,359) | 14.9% | Net Monetary Exposure | (32,119) | 4,981 | 115.5% |
(20,839) | (21,045) | (1.0%) | Positive Goodwill Amortization | (62,553) | (62,741) | (0.3%) |
(33,973) | 23,492 | 169.1% | Non Operating Income | 20,086 | 58,908 | 193.3% |
(39,732) | 16,740 | 142.1% | Net Income before (1), (2) & (3) | 4,682 | 42,702 | - |
15,744 | 19,000 | 20.7% | Income Tax (1) | 1,839 | 15,310 | - |
(19) | (526) | - | Negative Goodwill Amortization (2) | 36,087 | 53 | (99.9%) |
- | - | NA | Minority Interest (3) | - | - | NA |
(24,007) | 35,214 | - | NET INCOME | 42,608 | 58,064 | 36.3% |
(0.48) | 0.66 | EPS (Ch$) | 0.85 | 1.08 | ||
(0.04) | 0.05 | EPADS (US$) | 0.07 | 0.09 | ||
30,404,284 | 32,651,166 | Common Shares Outstanding (Th) | 30,404,284 | 32,651,166 | ||
www.enersis.cl | Santa Rosa 76, Santiago, CHILE Phone: 56 (2) 353 4682 | Pg. 51 |
PRESS RELEASE | |
Ownership of the Company as of September 30, 2004
TOTAL SHAREHOLDERS: 9,883
Conference Call Invitation
Enersis is pleased to inform you that it will hold a conference call to review its results for the period, on Friday, October 29, 2004, at 12:00 PM (New York time). To participate, please dial +1 (617) 614-3525 or +1 (800) 561-2718 (toll free USA), approximately 10 minutes prior to the scheduled start time, Passcode ID: 64703743.
The phone replay will be available since October 29, until November 5, dialing +1 (617) 801-6888 or 1+ (888) 286-8010 (toll free USA) Passcode ID: 89051553.
To access the call online, or to access the replay, go to:http://www.enersis.comInvestor Relations (please note that this is a listen only mode).
www.enersis.cl | Santa Rosa 76, Santiago, CHILE Phone: 56 (2) 353 4682 | Pg. 52 |
PRESS RELEASE | |
Contact Information
For further information, please contact Enersis:
Susana Rey
Head of Investor Relations
srm@e.enersis.cl
56 (2) 353 4554
Pablo Lanyi-Grunfeldt Investor Relations Engineer pll@e.enersis.cl 56 (2) 353 4552 | Francisco Luco Investor Relations Engineer fjlv@e.enersis.cl 56 (2) 353 4555 | Cristián Palacios Investor Relations Engineer cpg1@e.enersis.cl 56 (2) 353 4492 | Carmen Poblete Investor Relations Engineer cpt@e.enersis.cl 56 (2) 353 4447 |
Mariluz Muñoz
Investor Relations
Assistant
mlmr@e.enersis.cl
56 (2) 353 4682
Disclaimer
This Press Release contains statements that could constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements appear in a number of places in this announcement and include statements regarding the intent, belief or current expectations of Enersis and its management with respect to, among other things: (1) Enersis’ business plans; (2) Enersis’ cost-reduction plans; (3) trends affecting Enersis’ financial condition or results of operations, including market trends in the electricity sector in Chile or elsewhere; (4) supervision and regulation of the electricity sector in Chile or elsewhere; and (5) the future effect of any changes in the laws and regulations applicable to Enersis’ or its affiliates. Such forward-looking statements are not guarantees of future performance and involve risks and uncertainties. Actual results may differ materially from those in the forward-looking statements as a result of various factors. These factors include a decline in the equity capital markets of the United States or Chile, an increase in the market rates of interest in the United States or elsewhere, adverse decisions by government regulators in Chile or elsewhere and other factors described in Enersis’ Annual Report on Form 20-F. Readers are cautioned not to place undue reliance on those forward-looking statements, which state only as of their dates. Enersis undertakes no obligation to release publicly the result of any revisions to these forward-looking statements.
www.enersis.cl | Santa Rosa 76, Santiago, CHILE Phone: 56 (2) 353 4682 | Pg. 53 |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
ENERSIS S.A. | |||||||
Date: November 5, 2004 | By: | /s/ Mario Valcarce | |||||
Name: Mario Valcarce | |||||||
Title: Chief Executive Officer |