FORM 6-K
Pursuant to Rule 13a-16 or 15d-16 of
the Securities Exchange Act of 1934
For the month of February, 2008
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
ontained 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
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ENERSIS ANNOUNCES CONSOLIDATED RESULTS FOR
THE YEAR ENDED DECEMBER 31, 2007
HIGHLIGHTS FOR THE PERIOD
[All figures in Chilean Pesos]
• Operating Revenues increased 12.8% to Ch$4,686,676 million, explained by 24.2% higher operating revenues arising from our generation and transmission businesses, and 3.9% arising from our distribution business.
• Operating Income accounted for Ch$1,255,567 million, or an 11.0% improvement over 2006. This better outcome is attributable to 9.3% better operating income in generation and transmission, and to 11.7% of better higher operating income in distribution.
• Net Income reached Ch$188,376 million, which represents an increase of 13.3% if we compare in homogeneous terms and isolate the one time recognition of the positive effect due to Chilectra and Elesur merger. This result decreased primarily because of an investment impairment of Ch$48,890 million in connection with GasAtacama.
• Energy demand grew in the five countries where we operate, as follows:
Chile | 4.0% | |
Argentina | 5.2% | |
Brazil | 4.8% | |
Colombia | 4.0% | |
Peru | 10.7% |
• In line with the increased demand, physical sales in distribution grew by 5.7% .
• On September, the Colombian companies Emgesa and Betania completed the merger.
• Our client base increased by more than 390 thousand new customers.
• In 2007, we approved the operations of Bocamina II and Quintero and also started the operations of the second part of San Isidro II, Palmucho and Canela, which represents 155 MW of new generating capacity in Chile.
• Based on a recognition of our improved financial condition, Standard & Poor’s increased the international rating risk classification to 'BBB' from 'BBB-'.
• Local Rating agencies, Feller Rate and Fitch Chile, also improved the domestic risk rating to “AA-“(stable) from “A+”, ratifying the positive opinion released by the international agencies.
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TABLE OF CONTENTS
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GENERAL INFORMATION
(Santiago, Chile, February 27, 2008) Enersis S.A. (NYSE: ENI), announced today its consolidated financial results for the year ended on December 31, 2007. All figures are in both US$ and Ch$, under Chilean Generally Accepted Accounting Principles (Chilean GAAP), as seen in the standardized form required by Chilean authorities (FECU). Variations refer to the period between December 31, 2006 and December 31, 2007. Figures for 2007 have been adjusted by the one-moth lag accounting convention for CPI variation between both periods, accounting to 7.4% .
Any figures in US$ are merely offered as a convenience translation, using theobservado exchange rate of Ch$496.89 = US$1 for December 31, 2007. The Chilean pesos appreciated by 7.1% against the US$ between December 31, 2006 and the comparable date in 2007.
The consolidation includes the following investment vehicles and companies,
a) In Chile: Endesa Chile (NYSE: EOC)*, Chilectra, Synapsis, CAM and Inmobiliaria Manso de Velasco.
b) Outside Chile: Distrilima (Peru), Endesa Brasil (Brazil)**, Edesur (Argentina) and Codensa (Colombia).
In the following pages you will find a detailed analysis of financial statements, a brief explanation for most variations, and comments on main items in the Income and Cash Flow Statements compared to the information as of December 2006.
* Includes its Chilean subsidiaries (Celta, Pangue, Pehuenche, San Isidro, Tunel El Melon) and Costanera, El Chocón, Edegel.
** Includes Endesa Fortaleza, CIEN, Cachoeira Dourada, Ampla and Coelce.
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SIMPLIFIEDORGANIZATIONALSTRUCTURE
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MARKET INFORMATION
EQUITYMARKET
New York Stock Exchange (NYSE)
The chart below presents the performance of Enersis’ ADS stock price listing in NYSE (“ENI”) against Dow Jones and the DJ Utilities Index:
Bolsa de Comercio de Santiago (BCS)
The chart below presents the performance of the Enersis’ Chilean stock price during the last 12 months compared to Chilean Stock Index:
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Bolsa de Comercio de Madrid (Latibex)
The chart below illustrates the Enersis’ share price at the Madrid Stock Exchange, (Latibex ) over the last 12 months compared with the Local Stock Index:
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MARKETPERCEPTION
The chart below summarizes the ADS´ target price released by analysts.
Table 1
Publication Date | Company | Main Analyst | Target Price | Recommendation | ||||
US$ | ||||||||
12-Sep-07 | Santander | Raimundo Valdés | 22,0 | Buy | ||||
01-Oct-07 | Penta Inversiones | Jorge Palavecino | 22,5 | Neutral (3) | ||||
11-Oct-07 | UBS | Brian Chase | 20,2 | Neutral (4) | ||||
12-Oct-07 | Banchile (1) | Sergio Zapata | 21,5 | Buy | ||||
26-Oct-07 | Larrain Vial | Jorge Donoso | 24,4 | Overweight | ||||
30-Oct-07 | Deutsche Bank | Marcus Sequeira | 23,0 | Buy | ||||
30-Oct-07 | Bear Stearns | Rowe Michels | 19,0 | Peer Perform (5) | ||||
10-Dec-07 | Alfa Corredores (2) | Lorena Pizarro | 23,4 | Buy | ||||
06-Feb-08 | Merrill Lynch | Frank McGann | 22,0 | Buy | ||||
26-Feb-08 | Raymond James | Ricardo Cavanagh | 20,8 | Buy | ||||
ADR average target price (US$) | 21,9 | |||||||
(1) The analyst used an exchange rate of Ch$535 forecasted by Banchile for the end of year 2008.
(2) We used an exchange rate of Ch$497 as of report´s date
(3) Target price differ between -8% & 8% from real price.
(4) Target price differ between -6% & 6% from real price.
(5) Stock is projected to perform in line with estimation
Source: Bloomberg and market researches
DEBTMARKET
The following chart shows the pricing of our Yankee Bonds during the last twelve months.
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RISK RATING CLASSIFICATION
Standard & Poor’s: BBB / Stable
Rationale (July 03, 2007); “Standard & Poor's Ratings Services raised its ratings on Chile -based electricity provider Enersis S.A. by one notch, to 'BBB' from 'BBB'-, and removed them from CreditWatch with positive implications where they were placed on Dec. 15, 2006. The outlook is stable. The upgrade reflects the improvement of the company's financial risk profile mainly due to the very good performance of its Chilean operations, which represent about 50% of its consolidated EBITDA adjusted by ownership, combined with adequate debt service coverage ratios (DSCR) and very good liquidity and financial flexibility.”
Fitch: BBB / Stable
Rationale (July 5, 2007); “Fitch has affirmed both the Foreign Currency Issuer Default Rating (FC IDR) and the Local Currency IDR (LC IDR) for Enersis S.A. (Enersis) at 'BBB'. The unsecured debt rating is also 'BBB' and applies to the company's US$600.6 million of Yankee Bonds. The ratings affect approximately US$679 million of debt. All ratings have a Stable Outlook. The ratings reflect continued growth in electricity demand in all the countries where Enersis has a presence. In general, Enersis operates in countries with a stable regulatory framework, resulting in growing tariffs and electricity prices, and a manageable level of government interference.”
Moody’s: Baa3 / Stable
Rationale (December 14, 2006); “Moody’s upgraded its rating for Enersis and for its 60% owned subsidiary, Endesa Chile, from Ba1 to Baa3, both withStable Outlook. With this rating action, both companies achieved “investment grade” category. Moody’s upgrade was mainly due to the companies’ higher financial flexibility and liquidity, and based also on the fact that the financial performance has raised markedly over the last two years as a result of improvements in the regulatory framework and higher demand for electricity in the countries in which the companies operate; namely, Chile, Colombia, Peru, Brazil and Argentina. The ratings were placed onStable Outlook, reflecting the stable scenario in the region, with higher prices for electricity, better economic conditions, strong increase in electricity demand and a lower regulatory uncertainty.”
Feller Rate: Bonds: AA- / Positive - Shares: 1st Class Level 1
Rationale (July 6, 2007); “Feller Rate improved the credit risk classification for the Company’s local bonds and bonds lines to the level “AA-” from “A+”, with stable outlook. These ratings had been under positive outlook since July, 2006. Feller Rate remarked, that it had raised the risk rating category based upon Enersis’ improved financial profile, derived from the better financial situation of the Chilean subsidiary Endesa Chile, as well as to the sustained positive results arising from the distribution business, mainly through the subsidiary Chilectra. At the same time, and due to a healthy financial flexibility, the agency expects that Enersis will continue facing refinancing of its consolidated debt maturity in better terms and conditions, to reduce its total debt.”
Fitch Chile:Bonds: AA- / Stable - Shares: 1st Class Level 1
Rationale (July 20, 2007); “Fitch Ratings raised its domestic credit rating for Enersis S.A. (“Enersis” or “the Company”) to “AA-“ from “A+”, maintaining a “Stable Outlook.” This change affects the local bonds issuance No.264 (Series B1 and B2). The increase in the rating for Enersis reflects the culmination of a credit improvement plan to reduce debt and extend debt maturities, resulting in a stronger cash flow and greater financial flexibility.”
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CONSOLIDATED INCOME STATEMENT
UNDERCHILEANGAAP, MILLIONCH$
Table 2
CONS. INCOME STATEMENT - (million Ch$) | 12M 06 | 12M 07 | Var 06-07 | Chg % | ||||
Revenues from Generation & Transmission | 1,737,839 | 2,158,077 | 420,238 | 24.2% | ||||
Revenues from Distribution | 2,717,257 | 2,822,626 | 105,369 | 3.9% | ||||
Revenues from Engineering and Real Estate | 53,460 | 54,745 | 1,285 | 2.4% | ||||
Revenues from Other Businesses | 214,841 | 202,813 | (12,028) | (5.6%) | ||||
Consolidation Adjustments | (567,551) | (551,585) | 15,966 | 2.8% | ||||
Operating Revenues | 4,155,845 | 4,686,676 | 530,831 | 12.8% | ||||
Costs from Generation | (1,059,442) | (1,428,300) | (368,858) | (34.8%) | ||||
Costs from Distribution | (2,033,790) | (2,051,844) | (18,054) | (0.9%) | ||||
Costs from Engineering and Real Estate | (38,811) | (41,762) | (2,951) | (7.6%) | ||||
Costs from Other Businesses | (181,861) | (162,121) | 19,740 | 10.9% | ||||
Consolidation Adjustments | 531,217 | 520,162 | (11,055) | (2.1%) | ||||
Operating Costs | (2,782,687) | (3,163,865) | (381,178) | (13.7%) | ||||
Operating Margin | 1,373,158 | 1,522,811 | 149,653 | 10.9% | ||||
SG&A from Generation | (52,032) | (45,127) | 6,905 | 13.3% | ||||
SG&A from Distribution | (179,674) | (208,096) | (28,422) | (15.8%) | ||||
SG&A from Engineering and Real Estate | (4,052) | (4,530) | (478) | (11.8%) | ||||
SG&A from Other Businesses | (43,303) | (45,573) | (2,270) | (5.2%) | ||||
Consolidation Adjustments | 37,534 | 36,082 | (1,452) | (3.9%) | ||||
Selling and Administrative Expenses | (241,527) | (267,244) | (25,717) | (10.7%) | ||||
Operating Income | 1,131,631 | 1,255,567 | 123,936 | 11.0% | ||||
Interest Income | 139,286 | 116,408 | (22,878) | (16.4%) | ||||
Interest Expense | (419,622) | (407,286) | 12,336 | 2.9% | ||||
Net Interest (Expense) | (280,336) | (290,878) | (10,542) | (3.8%) | ||||
Equity Gains from Related Companies | 5,546 | 2,732 | (2,814) | (50.7%) | ||||
Equity Losses from Related Companies | (135) | (57,493) | (57,359) | N/A | ||||
Net Income from Related Companies | 5,412 | (54,761) | (60,173) | N/A | ||||
Other Non Operating Income | 113,673 | 199,328 | 85,655 | 75.4% | ||||
Other Non Operating Expenses | (224,763) | (348,716) | (123,953) | (55.1%) | ||||
Net other Non Operating Income (Expense) | (111,089) | (149,389) | (38,300) | (34.5%) | ||||
Price Level Restatement | 1,307 | (10,803) | (12,110) | N/A | ||||
Foreign Exchange Effect | 5,722 | 6,786 | 1,064 | 18.6% | ||||
Net of Monetary Exposure | 7,029 | (4,016) | (11,045) | N/A | ||||
Positive Goodwill Amortization | (60,045) | (59,814) | 231 | 0.4% | ||||
Non Operating Income | (439,029) | (558,859) | (119,830) | (27.3%) | ||||
Net Inc b. Taxes, Min Int and Neg Goodwill Amort. | 692,602 | 696,708 | 4,106 | 0.6% | ||||
Extraordinary Items | - | - | - | - | ||||
Income Tax | (102,257) | (253,148) | (150,891) | (147.6%) | ||||
Minority Interest | (289,750) | (259,606) | 30,144 | 10.4% | ||||
Negative Goodwill Amortization | 6,527 | 4,422 | (2,105) | (32.3%) | ||||
NET INCOME | 307,122 | 188,376 | (118,746) | (38.7%) | ||||
EBITDA | 1,585,370 | 1,680,994 | 95,624 | 6.0% | ||||
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UNDERCHILEANGAAP, THOUSANDUS$
Table 2.1
CONS. INCOME STATEMENT - (thousand US$) | 12M 06 | 12M 07 | Var 06-07 | Chg % | ||||
Revenues from Generation & Transmission | 3,497,433 | 4,343,168 | 845,735 | 24.2% | ||||
Revenues from Distribution | 5,468,529 | 5,680,585 | 212,056 | 3.9% | ||||
Revenues from Engineering and Real Estate | 107,588 | 110,175 | 2,587 | 2.4% | ||||
Revenues from Other Businesses | 432,371 | 408,164 | (24,207) | (5.6%) | ||||
Consolidation Adjustments | (1,142,208) | (1,110,074) | 32,134 | 2.8% | ||||
Operating Revenues | 8,363,712 | 9,432,018 | 1,068,306 | 12.8% | ||||
Costs from Generation | (2,132,147) | (2,874,480) | (742,333) | (34.8%) | ||||
Costs from Distribution | (4,093,038) | (4,129,373) | (36,335) | (0.9%) | ||||
Costs from Engineering and Real Estate | (78,108) | (84,048) | (5,940) | (7.6%) | ||||
Costs from Other Businesses | (365,999) | (326,271) | 39,728 | 10.9% | ||||
Consolidation Adjustments | 1,069,084 | 1,046,835 | (22,249) | (2.1%) | ||||
Operating Costs | (5,600,207) | (6,367,335) | (767,128) | (13.7%) | ||||
Operating Margin | 2,763,505 | 3,064,683 | 301,178 | 10.9% | ||||
SG&A from Generation | (104,715) | (90,818) | 13,897 | 13.3% | ||||
SG&A from Distribution | (361,597) | (418,798) | (57,201) | (15.8%) | ||||
SG&A from Engineering and Real Estate | (8,155) | (9,116) | (961) | (11.8%) | ||||
SG&A from Other Businesses | (87,147) | (91,717) | (4,570) | (5.2%) | ||||
Consolidation Adjustments | 75,537 | 72,615 | (2,922) | (3.9%) | ||||
Selling and Administrative Expenses | (486,077) | (537,833) | (51,756) | (10.7%) | ||||
Operating Income | 2,277,428 | 2,526,850 | 249,422 | 11.0% | ||||
Interest Income | 280,316 | 234,273 | (46,043) | (16.4%) | ||||
Interest Expense | (844,497) | (819,670) | 24,827 | 2.9% | ||||
Net Interest (Expense) | (564,181) | (585,398) | (21,217) | (3.8%) | ||||
Equity Gains from Related Companies | 11,162 | 5,499 | (5,663) | (50.7%) | ||||
Equity Losses from Related Companies | (271) | (115,706) | (115,435) | N/A | ||||
Net Income from Related Companies | 10,891 | (110,208) | (121,099) | N/A | ||||
Other Non Operating Income | 228,770 | 401,150 | 172,380 | 75.4% | ||||
Other Non Operating Expenses | (452,339) | (701,797) | (249,458) | (55.1%) | ||||
Net other Non Operating Income (Expense) | (223,569) | (300,647) | (77,078) | (34.5%) | ||||
Price Level Restatement | 2,630 | (21,740) | (24,370) | N/A | ||||
Foreign Exchange Effect | 11,515 | 13,658 | 2,143 | 18.6% | ||||
Net of Monetary Exposure | 14,145 | (8,082) | (22,227) | N/A | ||||
Positive Goodwill Amortization | (120,842) | (120,377) | 465 | 0.4% | ||||
Non Operating Income | (883,555) | (1,124,712) | (241,157) | (27.3%) | ||||
Net Inc b. Taxes, Min Int and Neg Goodwill Amort. | 1,393,872 | 1,402,138 | 8,266 | 0.6% | ||||
Extraordinary Items | - | - | - | - | ||||
Income Tax | (205,793) | (509,466) | (303,673) | (147.6%) | ||||
Minority Interest | (583,127) | (522,461) | 60,666 | 10.4% | ||||
Negative Goodwill Amortization | 13,136 | 8,899 | (4,237) | (32.3%) | ||||
NET INCOME | 618,088 | 379,111 | (238,977) | (38.7%) | ||||
EBITDA | 3,190,585 | 3,383,031 | 192,446 | 6.0% | ||||
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CONSOLIDATED INCOME STATEMENT ANALYSIS
(Source in Ch$ FECU)
NETINCOME
Enersis´ Net Income amounted Ch$ 188,376 million, during the year ended on December 31, 2007.
This income compared to the Ch$ 307,122 million achieved by December 2006 represents a decrease of 38.7% . If we isolate the one time recognition of the positive effect of deferred taxes for Ch$ 140,835 million due to Chilectra and Elesur merger of March 2006, and compare in homogeneous terms, we would have accounted an increase of 13.3%, mainly due to a higher Operating Income by Ch$ 123,936 million. This was offset by a higher non operating loss, which is primarily driven by the effect of losses coming from the application of Technical Bulletin N° 64 (���BT 64”), related to foreign subsidiaries for Ch$ 114,523 million (Ch$ 35,945 million net of minority interest) and due to Ch$ 48,890 million in a provision because of an investment impairment in Gas Atacama Holding, (Ch$ 29,324 million net of minority interest).
OPERATINGINCOME
Amounted Ch$ 1,255,567 million, increasing Ch$ 123,936 or 11,0% compared with the Ch$ 1,131,631 accounted for December 2006.
Table 4
12M 06 | 12M 07 | |||||||||||||||
Million Ch$ | Operating Revenues | Operating Costs | SG & A | Operating Income | Operating Revenues | Operating Costs | SG& A | Operating Income | ||||||||
Endesa Chile | 1.436.068 | (851.961) | (42.301) | 541.806 | 1.726.964 | (1.119.053) | (37.081) | 570.830 | ||||||||
Cachoeira (*) | 67.258 | (33.285) | (2.240) | 31.733 | 115.325 | (61.960) | (2.550) | 50.815 | ||||||||
Fortaleza (**) | 107.607 | (49.502) | (1.687) | 56.418 | 103.414 | (57.384) | (1.606) | 44.424 | ||||||||
Cien (**) | 154.549 | (149.363) | (6.000) | (814) | 261.370 | (233.816) | (4.374) | 23.180 | ||||||||
Chilectra | 714.164 | (537.874) | (50.484) | 125.806 | 801.817 | (630.573) | (49.139) | 122.105 | ||||||||
Edesur | 266.775 | (232.947) | (38.206) | (4.378) | 293.374 | (223.049) | (41.146) | 29.179 | ||||||||
Distrilima (Edelnor) | 230.127 | (167.251) | (21.442) | 41.434 | 214.530 | (152.111) | (19.937) | 42.482 | ||||||||
Ampla | 573.827 | (452.665) | (18.461) | 102.701 | 551.394 | (380.606) | (35.252) | 135.536 | ||||||||
Investluz (Coelce) | 449.269 | (319.503) | (36.812) | 92.954 | 439.785 | (315.228) | (46.884) | 77.673 | ||||||||
Codensa | 483.097 | (323.551) | (14.178) | 145.368 | 521.726 | (350.277) | (15.629) | 155.820 | ||||||||
CAM Ltda. | 151.520 | (130.458) | (10.565) | 10.497 | 138.574 | (114.708) | (11.758) | 12.108 | ||||||||
Inmobiliaria Manso de Velasco Ltda. | 23.262 | (12.632) | (2.820) | 7.810 | 23.844 | (16.196) | (3.191) | 4.457 | ||||||||
Synapsis Soluciones y Servicios IT Ltda. | 58.277 | (48.828) | (9.471) | (22) | 59.228 | (45.912) | (8.691) | 4.625 | ||||||||
Enersis Holding and other investment vehicles | 5.042 | (2.573) | (23.350) | (20.881) | 5.011 | (1.501) | (24.937) | (21.427) | ||||||||
Consolidation Adjustments | (564.997) | 529.706 | 36.490 | 1.199 | (569.680) | 538.509 | 34.931 | 3.760 | ||||||||
Total Consolidation | 4.155.845 | (2.782.687) | (241.527) | 1.131.631 | 4.686.676 | (3.163.865) | (267.244) | 1.255.567 | ||||||||
Table 4.1
12M 06 | 12M 07 | |||||||||||||||
Thousand US$ | Operating Revenues | Operating Costs | SG & A | Operating Income | Operating Revenues | Operating Costs | SG& A | Operating Income | ||||||||
Endesa Chile | 2.890.112 | (1.714.587) | (85.132) | 1.090.393 | 3.475.546 | (2.252.115) | (74.625) | 1.148.806 | ||||||||
Cachoeira (*) | 135.358 | (66.987) | (4.507) | 63.864 | 232.094 | (124.696) | (5.131) | 102.267 | ||||||||
Fortaleza (**) | 216.562 | (99.623) | (3.396) | 113.543 | 208.123 | (115.487) | (3.233) | 89.403 | ||||||||
Cien (**) | 311.032 | (300.595) | (12.076) | (1.639) | 526.012 | (470.559) | (8.803) | 46.651 | ||||||||
Chilectra | 1.437.268 | (1.082.481) | (101.601) | 253.187 | 1.613.671 | (1.269.039) | (98.893) | 245.739 | ||||||||
Edesur | 536.890 | (468.810) | (76.890) | (8.810) | 590.420 | (448.889) | (82.807) | 58.724 | ||||||||
Distrilima (Edelnor) | 463.135 | (336.596) | (43.153) | 83.386 | 431.745 | (306.126) | (40.123) | 85.495 | ||||||||
Ampla | 1.154.836 | (910.997) | (37.153) | 206.687 | 1.109.691 | (765.976) | (70.946) | 272.769 | ||||||||
Investluz (Coelce) | 904.161 | (643.006) | (74.086) | 187.070 | 885.076 | (634.402) | (94.354) | 156.319 | ||||||||
Codensa | 972.241 | (651.153) | (28.533) | 292.555 | 1.049.983 | (704.939) | (31.453) | 313.592 | ||||||||
CAM Ltda. | 304.936 | (262.549) | (21.263) | 21.124 | 278.883 | (230.851) | (23.664) | 24.368 | ||||||||
Inmobiliaria Manso de Velasco Ltda. | 46.815 | (25.423) | (5.675) | 15.717 | 47.986 | (32.594) | (6.422) | 8.971 | ||||||||
Synapsis Soluciones y Servicios IT Ltda. | 117.284 | (98.268) | (19.060) | (44) | 119.198 | (92.399) | (17.491) | 9.308 | ||||||||
Enersis Holding and other investment vehicles | 10.147 | (5.179) | (46.992) | (42.024) | 10.084 | (3.021) | (50.187) | (43.124) | ||||||||
Consolidation Adjustments | (1.137.066) | 1.066.043 | 73.438 | 2.414 | (1.146.492) | 1.083.758 | 70.299 | 7.566 | ||||||||
Total Consolidation | 8.363.711 | (5.600.211) | (486.079) | 2.277.421 | 9.432.019 | (6.367.334) | (537.833) | 2.526.852 | ||||||||
(*) Consolidated by Endesa Chile until September 30th, 2005. Since October 1th is consolidated by Enersis through Endesa Brasil.
(**) Since October 1, 2005, these subsidiaries are consolidated by Enersis through Endesa Brasil.
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NONOPERATINGINCOME
The company’s non-operating losses increased Ch$ 119,830 to a loss of Ch$ 558,859 million. This is mainly explained by:
Net interest expensesincreasedby Ch$ 10,542 million to a net expense of Ch$ 290,878 million, due to higher average debt primarily in our subsidiaries Codensa, Ampla, and Edelnor, and also to the reduction in interest income as a consequence of lower issuances and restatements. Additionally, our subsidiary Edesur accounted for Ch$ 7,385 million in interest expense attributable to fines and penalties due to quality of service.
Income from investments in related companies decreased Ch$ 60,173 million to a loss of Ch$ 54.761 million. This is mainly explained by the loss recognized from Gas Atacama Holding by Ch$ 10,208 million and a loss provision on our investment amounting to Ch$ 48,890 million (Ch$29,324 million net of minority interest), due to the investment impairment associated with the affiliate Gas Atacama Holding, which has not been able to count on contractual agreements for Argentine natural gas.
Amortization on positive goodwill remains with no significant variations, reaching Ch$ 59,814 million.
Net other non-operating incomedecreased by 34.5% to a net loss of Ch$ 149.389 million. The main reasons for this variation are,
- Net losses of Ch$ 114,523 million coming from conversion adjustments in accordance with BT 64, primarily from our subsidiaries in Brazil, Colombia and Perú (Ch$ 35,760 million net of minorities).
- Lower profit in fixed assets sales of Ch$ 21,142 million (Ampla Generation).
- Higher equity tax in Colombia of Ch$ 18,576 million.
These items were partially offset by:
- Lower penalties from accounts receivable in CIEN during the 2006 renegotiation of the new contract with Copel for Ch$ 32,776 million.
- Tariff adjustment from previous periods in Edesur for Ch$ 27,804 million.
- Lower provisions from contingencies and litigations in Brazilian subsidiaries for Ch$ 21,086 million.
- Lower expenses from energy efficiency programs in Brazilian subsidiaries for Ch$ 11,919 million.
- Profits coming from finishing the contract between Cemsa and CIEN for Ch$ 8,144 million.
- Lower provision for obsolescence and decrease in fixed assets for Ch$ 6,457 million
Price-level restatementshows a negative variation of Ch$ 12,110 million, mainly due to the higher one-month lag inflation of 7.4% in 2007, in comparison with 2.1% for the comparable period in 2006. This variation affects monetary and non-monetary assets and liabilities, mainly debt denominated in U.F., as well as the accounting effects on the income statement.
The foreign exchange effectincreased by Ch$ 1,064 million, due to the dollar mismatch position as of December 2007.
Income tax and Deferred taxaccounted a Ch$ 253,148 million loss which means a negative variation of Ch$ 150,891 million.
Income tax, decreased Ch$ 48,302 million, mainly explained by lower taxes provisions as follows: Emgesa Ch$ 19,916 million, Endesa Ch$ 21,597 million, Codensa Ch$ 14,788 million, Enersis Ch$ 13,932 million, Coelce Ch$ 7,030 million and Ampla Ch$ 6,377 million. This was partially offset by an increase of Ch$ 15,462 million in Edesur, Ch$ 13,518 million in Pehuenche and of Ch$ 5,786 million in El Chocón.
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Deferred taxes, which do not constitute cash flow, evidenced a negative variation of Ch$ 199,193 million. This increase was mainly explained by Ch$ 140,835 million from Chilectra due to the one time effect as consequence of the merger between Elesur and Chilectra. For Elesur, this merger implied an adjustment in the provisions on valuations upon accumulated tax losses booked in prior years. Other important variations were caused by Ampla Ch$ 30,837 million, CIEN Ch$ 21,634 million, Emgesa Ch$ 14,245 million and Codensa by Ch$ 12,973 million. That was partially offset by variations in El Chocón Ch$ 8,040 million, Edegel Ch$ 7,177 million Endesa Chile Ch$ 3,274 million and Coelce Ch$ 2,607 million.
Amortization on negative goodwill decreased Ch$2,105 million, reaching Ch$4,422 million as of December 2007, explained by the end of the amortization related to the first purchase of shares in Betania, which effect is a lower amortization of Ch$ 1,798 million.
EVOLUTIONOFKEYFINANCIALRATIOS
Table 5
Indicator | Unit | 12M 06 | 12M 07 | Var 06-07 | Chg % | |||||
Liquidity | Times | 1.19 | 1.30 | 0.11 | 9.2% | |||||
Acid ratio test * | Times | 1.11 | 1.21 | 0.10 | 9.0% | |||||
Working capital | million Ch$ | 287,190 | 520,429 | 233,239 | 81.2% | |||||
Working capital | th. US$ | 577,975 | 1,047,373 | 469,398 | 81.2% | |||||
Leverage ** | Times | 0.93 | 1.03 | 0.10 | 10.8% | |||||
Short-term debt | % | 0.26 | 0.30 | 0.04 | 15.4% | |||||
Long-term debt | % | 0.74 | 0.70 | (0.04) | (5.4%) | |||||
Interest Coverage*** | Times | 4.14 | 4.27 | 0.13 | 3.1% | |||||
EBITDA**** | th. US$ | 3,190,585 | 3,383,031 | 192,446 | 6.0% | |||||
ROE | % | 9.96% | 6.49% | (3.47%) | (34.8%) | |||||
ROA | % | 2.58% | 1.65% | (0.93%) | (36.0%) | |||||
* Current assets net of inventories and pre-paid expenses
** Using the ratio = Total debt / (equity + minority interest)
***EBITDAEI/Interest expenses = (Earnings before taxes+Fin exp+Net non operating income+depreciation+Positive Goodwill) /Interest expenses
****EBITDA: Operating Income+Depreciation+Amortization
Liquidity ratioincreased to 1.30 times, which represents an improvement of 9.2% . This means that the company is showing stronger liquidity, reducing its obligations with banks using cash surplus and structuring an adequate debt maturity calendar.
Leverage reached 1.03 times, an increase of 10.8% compared with last year.
Interest Coverage improved to 4.27 times, mainly due to the increase in operating income in the whole Enersis group, plus a decrease in interest expenses during the period.
ROE and ROA reached to 6.49% and 1.65%, respectively. The reductions are mainly explained by the lower net income accounted this year, as a consequence of the effect produced by the merger that took place in March 2006 between Chilectra and Elesur.
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CONSOLIDATED BALANCE SHEET
ASSETSUNDERCHILEANGAAP,MILLIONCH$
Table 6
ASSETS - (million Ch$) | 12M 06 | 12M 07 | Var 06-07 | Chg % | ||||
CURRENT ASSETS | ||||||||
Cash | 107,179 | 81,980 | (25,199) | (23.5%) | ||||
Time deposits | 303,002 | 404,584 | 101,582 | 33.5% | ||||
Marketable securities | 9,788 | 11,797 | 2,009 | 20.5% | ||||
Accounts receivable, net | 901,209 | 987,383 | 86,175 | 9.6% | ||||
Notes receivable, net | 8,021 | 11,839 | 3,818 | 47.6% | ||||
Other accounts receivable, net | 108,527 | 99,770 | (8,757) | (8.1%) | ||||
Amounts due from related companies | 14,569 | 152,384 | 137,815 | 946.0% | ||||
Inventories | 71,789 | 105,440 | 33,650 | 46.9% | ||||
Income taxes recoverable | 76,630 | 144,712 | 68,082 | 88.8% | ||||
Prepaid expenses | 55,250 | 50,357 | (4,894) | (8.9%) | ||||
Deferred income taxes | 66,112 | 68,409 | 2,298 | 3.5% | ||||
Other current assets | 71,589 | 142,032 | 70,444 | 98.4% | ||||
Total currrent assets | 1,793,666 | 2,260,688 | 467,022 | 26.0% | ||||
PROPERTY, PLANT AND EQUIPMENT | ||||||||
Land | 142,417 | 138,136 | (4,281) | (3.0%) | ||||
Buildings and infraestructure and works in progress | 11,772,970 | 11,269,879 | (503,091) | (4.3%) | ||||
Machinery and equipment | 2,134,240 | 1,984,795 | (149,445) | (7.0%) | ||||
Other plant and equipment | 674,281 | 533,413 | (140,868) | (20.9%) | ||||
Technical appraisal | 141,423 | 126,858 | (14,565) | (10.3%) | ||||
Sub - Total | 14,865,331 | 14,053,081 | (812,249) | (5.5%) | ||||
Accumulated depreciation | (6,179,423) | (6,045,735) | 133,688 | 2.2% | ||||
Total property, plant and equipment | 8,685,908 | 8,007,346 | (678,562) | (7.8%) | ||||
OTHER ASSETS | ||||||||
Investments in related companies | 123,445 | 59,196 | (64,249) | (52.0%) | ||||
Investments in other companies | 25,874 | 22,977 | (2,897) | (11.2%) | ||||
Positive goodwill, net | 703,537 | 641,178 | (62,359) | (8.9%) | ||||
Negative goodwill, net | (39,756) | (37,394) | 2,362 | 5.9% | ||||
Long-term receivables | 147,653 | 195,538 | 47,885 | 32.4% | ||||
Amounts due from related companies | 97,223 | 627 | (96,596) | (99.4%) | ||||
Deferred income taxes | 13,156 | - | (13,156) | - | ||||
Intangibles | 97,476 | 95,326 | (2,150) | (2.2%) | ||||
Accumulated amortization | (58,857) | (59,912) | (1,055) | (1.8%) | ||||
Others assets | 294,779 | 252,198 | (42,581) | (14.4%) | ||||
Total other assets | 1,404,530 | 1,169,733 | (234,797) | (16.7%) | ||||
TOTAL ASSETS | 11,884,104 | 11,437,767 | (446,337) | (3.8%) | ||||
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ASSETSUNDERCHILEANGAAP,THOUSANDUS$
Table 6.1
ASSETS - (thousand US$) | 12M 06 | 12M 07 | Var 06-07 | Chg % | ||||
CURRENT ASSETS | ||||||||
Cash | 215,700 | 164,985 | (50,715) | (23.5%) | ||||
Time deposits | 609,798 | 814,232 | 204,434 | 33.5% | ||||
Marketable securities | 19,699 | 23,743 | 4,044 | 20.5% | ||||
Accounts receivable, net | 1,813,699 | 1,987,127 | 173,428 | 9.6% | ||||
Notes receivable, net | 16,142 | 23,826 | 7,684 | 47.6% | ||||
Other accounts receivable, net | 218,412 | 200,789 | (17,623) | (8.1%) | ||||
Amounts due from related companies | 29,320 | 306,676 | 277,356 | 946.0% | ||||
Inventories | 144,478 | 212,199 | 67,721 | 46.9% | ||||
Income taxes recoverable | 154,220 | 291,236 | 137,016 | 88.8% | ||||
Prepaid expenses | 111,192 | 101,344 | (9,848) | (8.9%) | ||||
Deferred income taxes | 133,051 | 137,675 | 4,624 | 3.5% | ||||
Other current assets | 144,074 | 285,843 | 141,769 | 98.4% | ||||
Total currrent assets | 3,609,784 | 4,549,674 | 939,890 | 26.0% | ||||
PROPERTY, PLANT AND EQUIPMENT | ||||||||
Land | 286,617 | 278,002 | (8,615) | (3.0%) | ||||
Buildings and infraestructure and works in progress | 23,693,312 | 22,680,833 | (1,012,479) | (4.3%) | ||||
Machinery and equipment | 4,295,197 | 3,994,435 | (300,762) | (7.0%) | ||||
Other plant and equipment | 1,357,003 | 1,073,504 | (283,499) | (20.9%) | ||||
Technical appraisal | 284,616 | 255,304 | (29,312) | (10.3%) | ||||
Sub - Total | 29,916,744 | 28,282,077 | (1,634,667) | (5.5%) | ||||
Accumulated depreciation | (12,436,199) | (12,167,150) | 269,049 | 2.2% | ||||
Total property, plant and equipment | 17,480,545 | 16,114,927 | (1,365,618) | (7.8%) | ||||
OTHER ASSETS | ||||||||
Investments in related companies | 248,435 | 119,132 | (129,303) | (52.0%) | ||||
Investments in other companies | 52,072 | 46,241 | (5,831) | (11.2%) | ||||
Positive goodwill, net | 1,415,881 | 1,290,383 | (125,498) | (8.9%) | ||||
Negative goodwill, net | (80,010) | (75,257) | 4,753 | 5.9% | ||||
Long-term receivables | 297,154 | 393,523 | 96,369 | 32.4% | ||||
Amounts due from related companies | 195,663 | 1,261 | (194,402) | (99.4%) | ||||
Deferred income taxes | 26,477 | - | (26,477) | - | ||||
Intangibles | 196,172 | 191,846 | (4,326) | (2.2%) | ||||
Accumulated amortization | (118,451) | (120,574) | (2,123) | (1.8%) | ||||
Others assets | 593,248 | 507,552 | (85,696) | (14.4%) | ||||
Total other assets | 2,826,642 | 2,354,109 | (472,533) | (16.7%) | ||||
TOTAL ASSETS | 23,916,970 | 23,018,710 | (898,260) | (3.8%) | ||||
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LIABILITIES ANDSHAREHOLDERSEQUITYUNDERCHILEANGAAP,MILLIONCH$
Table 7
LIABILITIES AND SHAREHOLDER´S EQUITY - (million Ch$) | 12M 06 | 12M 07 | Var 06-07 | Chg % | ||||
CURRENT LIABILITIES | ||||||||
Short-term debt due to banks and financial institutions | 144,194 | 169,695 | 25,501 | 17.7% | ||||
Current portion of long-term debt due to banks and financial institutions | 105,769 | 129,311 | 23,541 | 22.3% | ||||
Current portion of bonds payable | 121,585 | 366,035 | 244,450 | 201.1% | ||||
Current portion of long-term notes payable | 36,541 | 24,184 | (12,357) | (33.8%) | ||||
Dividends payable | 80,213 | 32,886 | (47,328) | (59.0%) | ||||
Accounts payable | 397,090 | 514,756 | 117,665 | 29.6% | ||||
Short-term notes payable | 16,890 | 15,962 | (929) | (5.5%) | ||||
Miscellaneous payables | 119,630 | 106,101 | (13,529) | (11.3%) | ||||
Accounts payable to related companies | 32,072 | 31,851 | (221) | (0.7%) | ||||
Accrued expenses | 85,223 | 85,056 | (167) | (0.2%) | ||||
Withholdings | 107,386 | 106,033 | (1,352) | (1.3%) | ||||
Income taxes payable | 156,915 | 18,343 | (138,572) | (88.3%) | ||||
Anticipated income | 5,392 | 7,830 | 2,438 | 45.2% | ||||
Reinbursable financial contribution | 1,127 | 1,340 | 213 | 18.9% | ||||
Other current liabilities | 96,448 | 130,878 | 34,430 | 35.7% | ||||
Total current liabilities | 1,506,476 | 1,740,259 | 233,783 | 15.5% | ||||
LONG-TERM LIABILITIES | ||||||||
Due to banks and financial institutions | 972,982 | 1,024,723 | 51,741 | 5.3% | ||||
Bonds payable | 2,357,989 | 2,146,924 | (211,065) | (9.0%) | ||||
Long -term notes payable | 120,705 | 122,968 | 2,262 | 1.9% | ||||
Accounts payables | 165,166 | 143,949 | (21,218) | (12.8%) | ||||
Amounts payable to related companies | 12,083 | 8,162 | (3,921) | (32.5%) | ||||
Accrued expenses | 348,993 | 328,300 | (20,693) | (5.9%) | ||||
Deferred income taxes | - | 22,441 | 22,441 | - | ||||
Reinbursable financial contribution | 3,171 | 3,824 | 653 | 20.6% | ||||
Other long-term liabilities | 231,945 | 251,241 | 19,296 | 8.3% | ||||
Total long-term liabilities | 4,213,035 | 4,052,531 | (160,504) | (3.8%) | ||||
Minority interest | 3,082,340 | 2,741,767 | (340,573) | (11.0%) | ||||
SHAREHOLDERS´ EQUITY | ||||||||
Paid-in capital, no par value | 2,594,015 | 2,594,015 | - | 0.0% | ||||
Additional paid-in capital | - | - | - | - | ||||
Additional paid-in capital (share premium) | 184,861 | 184,861 | - | 0.0% | ||||
Other reserves | (255,980) | (435,491) | (179,512) | 70.1% | ||||
Total capital and reserves | 2,522,897 | 2,343,385 | (179,512) | (7.1%) | ||||
Retained earnings | 291,354 | 388,983 | 97,628 | 33.5% | ||||
Net income for the period | 307,121 | 188,376 | (118,745) | (38.7%) | ||||
Interim dividends | (38,925) | (17,535) | 21,390 | (55.0%) | ||||
Deficits of subsidaries in development stage | (195) | - | 195 | (100.0%) | ||||
Total retained earnings | 559,356 | 559,824 | 468 | 0.1% | ||||
Total shareholder´s equity | 3,082,253 | 2,903,210 | (179,043) | (5.8%) | ||||
TOTAL LIABILITIES AND SHAREHOLDER´S EQUITY | 11,884,104 | 11,437,767 | (446,337) | (3.8%) | ||||
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LIABILITIES ANDSHAREHOLDERSEQUITYUNDERCHILEANGAAP,THOUSANDUS$
Table 7.1
LIABILITIES - (thousand US$) | 12M 06 | 12M 07 | Var 06-07 | Chg % | ||||
CURRENT LIABILITIES | ||||||||
Short-term debt due to banks and financial institutions | 290,193 | 341,514 | 51,321 | 17.7% | ||||
Current portion of long-term debt due to banks and financial institutions | 212,863 | 260,240 | 47,377 | 22.3% | ||||
Current portion of bonds payable | 244,692 | 736,651 | 491,959 | 201.1% | ||||
Current portion of long-term notes payable | 73,539 | 48,670 | (24,869) | (33.8%) | ||||
Dividends payable | 161,431 | 66,183 | (95,248) | (59.0%) | ||||
Accounts payable | 799,152 | 1,035,955 | 236,803 | 29.6% | ||||
Short-term notes payable | 33,992 | 32,123 | (1,869) | (5.5%) | ||||
Miscellaneous payables | 240,758 | 213,529 | (27,229) | (11.3%) | ||||
Accounts payable to related companies | 64,546 | 64,101 | (445) | (0.7%) | ||||
Accrued expenses | 171,512 | 171,177 | (335) | (0.2%) | ||||
Withholdings | 216,115 | 213,394 | (2,721) | (1.3%) | ||||
Income taxes payable | 315,794 | 36,916 | (278,878) | (88.3%) | ||||
Anticipated income | 10,851 | 15,757 | 4,906 | 45.2% | ||||
Reinbursable financial contribution | 2,268 | 2,697 | 429 | 18.9% | ||||
Other current liabilities | 194,103 | 263,395 | 69,292 | 35.7% | ||||
Total current liabilities | 3,031,809 | 3,502,303 | 470,494 | 15.5% | ||||
LONG-TERM LIABILITIES | ||||||||
Due to banks and financial institutions | 1,958,144 | 2,062,274 | 104,130 | 5.3% | ||||
Bonds payable | 4,745,496 | 4,320,723 | (424,773) | (9.0%) | ||||
Long -term notes payable | 242,922 | 247,475 | 4,553 | 1.9% | ||||
Accounts payables | 332,400 | 289,699 | (42,701) | (12.8%) | ||||
Amounts payable to related companies | 24,317 | 16,426 | (7,891) | (32.5%) | ||||
Accrued expenses | 702,355 | 660,709 | (41,646) | (5.9%) | ||||
Deferred income taxes | - | 45,163 | 45,163 | - | ||||
Reinbursable financial contribution | 6,381 | 7,696 | 1,315 | 20.6% | ||||
Other long-term liabilities | 466,793 | 505,626 | 38,833 | 8.3% | ||||
Total long-term liabilities | 8,478,808 | 8,155,791 | (323,017) | (3.8%) | ||||
Minority interest | 6,203,264 | 5,517,855 | (685,409) | (11.0%) | ||||
SHAREHOLDERS´ EQUITY | ||||||||
Paid-in capital, no par value | 5,220,502 | 5,220,502 | - | 0.0% | ||||
Additional paid-in capital | - | - | - | - | ||||
Additional paid-in capital (share premium) | 372,037 | 372,037 | - | 0.0% | ||||
Other reserves | (515,164) | (876,434) | (361,270) | 70.1% | ||||
Total capital and reserves | 5,077,376 | 4,716,105 | (361,271) | (7.1%) | ||||
Retained earnings | 586,356 | 782,834 | 196,478 | 33.5% | ||||
Net income for the period | 618,087 | 379,111 | (238,976) | (38.7%) | ||||
Interim dividends | (78,337) | (35,289) | 43,048 | (55.0%) | ||||
Deficits of subsidaries in development stage | (393) | - | 393 | (100.0%) | ||||
Total retained earnings | 1,125,714 | 1,126,656 | 942 | 0.1% | ||||
Total shareholder´s equity | 6,203,090 | 5,842,761 | (360,329) | (5.8%) | ||||
TOTAL LIABILITIES AND SHAREHOLDER´S EQUITY | 23,916,970 | 23,018,710 | (898,259) | (3.8%) | ||||
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CONSOLIDATED BALANCE SHEET ANALYSIS
The Company’stotal assets decreased Ch$ 446,337 million. This was due to:
• A decline of Ch$ 678,562 million, or 7.8% infixed assetsis explained by one year fixed asset depreciation by nearly Ch$ 417,000, lower fixed assets of Ch$ 3,756 million, and real exchange rate effect upon subsidiaries located in countries with unstable currencies, pursuant to BT 64, by Ch$ 850,000 million. This is partially offset by the addition of fixed assets for one year by nearly Ch$ 594,000 million.
•Other assets decreased by Ch$ 234,797 million, explained mainly as follows:
• Decrease in accounts receivable from related companies for Ch$ 96,596 million, due to the transfer at Atacama Finance’s debt.
• Decrease of investment in related companies by Ch$ 64,250 million, basically due to impairment for Gas Atacama Holding for Ch$ 48,890 million, the loss recognized during 2007 for Ch$ 8,603 million and exchange rate effect.
• Decrease of positive goodwill of Ch$ 62,358 million basically due to the amortization registered during the year.
• Decrease in other long term assets for Ch$ 42,582 million, basically explained by the amortization in deferred expenses by Ch$ 27,100 million, a decrease in credit rate taxes by Ch$ 9,081 million and a lower fair value in derivatives instruments by Ch$ 5,418 million.
• Decrease in negative goodwill of Ch$ 2,361 million, due to amortization, partially offset by raises in new investments made in the first quarter in El Chocón and Endesa Costanera.
• Increase in long term debt for Ch$ 47,885 million, basically explained by increases in Codensa for Ch$ 52,570 million (Codensa Hogar), Chocón and Endesa Costanera for Ch$ 13,920 million (Foninvemem) and Edesur Ch$ 17,013 million (tariff adjustment), partially offset by a decrease in regulatory assets coming from Ampla and Coelce for Ch$ 23,783 million and Ch$ 5,269 million, respectively.
•Current assets increased by Ch$ 467,022 million, a 26.0% mainly due to:
• An increase of Ch$ 137,815 million in receivable documents due to related companies, mainly due to the transfer into short term of the account collectable from Atacama Finance Co by Ch$ 89,080 million, and also due to the increase in accounts receivable from GNL Quintero by Ch$ 40,175 million, Cemsa by Ch$ 2,410 million and GNL Chile by Ch$ 1,874 million.
• An increase in time deposits of Ch$ 101,582 million, mainly explained by redemptions in Ampla of Ch$ 90,903 million, Codensa Ch$ 48,642 million, Endesa Fortaleza Ch$ 33,627 million, Endesa Chile Ch$ 25,913 million, Cachoeira Dourada Ch$ 12,750 million and Cien Ch$ 4,506 million, partially offset by decreases in dividends in Emgesa Ch$ 48,909 million, Endesa Brazil Ch$ 37,853 million, Conosur Ch$ 19,275 million and Edegel Ch$ 9,031 million.
• An increase in debt receivable of Ch$ 86,175 million due to increases in Endesa Chile of Ch$48,858 million, Ampla Ch$ 27,984 million, Cachoeira Dourada Ch$ 25,558 million, El Chocón Ch$ 8,980 million, Emgesa Ch$ 6,752 million, Endesa Costanera Ch$ 2,458 million and Edelnor Ch$ 2,009 million. This is partially offset by decreases in Codensa Ch$ 12,652 million, Coelce Ch$ 11,843 million and Edegel Ch$ 11,547 million.
• An increase in tax receivable of Ch$ 68,082 million due to increases in Endesa Chile of Ch$ 34,113 million, Emgesa Ch$ 10,361 million, San Isidro Ch$ 8,647 million, Enersis Ch$ 8,010 million and Endesa Eco Ch$ 5,067 million.
• An increase in inventories by Ch$ 33,650 million, mainly at Endesa Chile by Ch$ 23,483, San Isidro Ch$ 4,362 million due to an increase in coal and fuel oil, and at CAM by Ch$ 1,372 million.
• Decrease in cash and cash equivalent by Ch$ 25,199 million, mainly in Emgesa by Ch$ 4,878 million, Cien Ch$ 29,670 million and Endesa Fortaleza Ch$ 4,147 million. This is partially offset by increases in Coelce Ch$ 7,547 million and Endesa Brazil Ch$ 4,247 million.
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Total Liabilities decreased by Ch$ 446,337 million, due to:
•Long term liabilitiesdecreased by Ch$ 160.504 million or 3.8% due to:
• Decrease of Ch$ 211,065 million in obligations due to the transfer to short term liabilities of Endesa Chile Ch$ 198,756 million, Ampla Ch$ 77,558 million, Edegel Ch$ 15,506 million and Emgesa Ch$ 5,190 million, plus expenditure made by Endesa Chile and Edesur by Ch$ 78,773 million and Ch$ 11,209 million respectively and a strong decrease in debts by nearly Ch$ 200,000 million, due to the exchange rate effect in relation to US$ denominated debts. This is partially offset by increases in bonds in Codensa by Ch$ 160,306 million, Endesa Chile Ch$ 78,773 million, Emgesa Ch$ 51,791 million, Edegel Ch$ 37,134 million, Edesur Ch$ 26,006 million and Edelnor Ch$ 24,877 million.
• Increase in miscellaneous payable accounts by Ch$ 21,217 million, due to a lower leasing obligations in Edegel by Ch$ 29,324 million, offset by higher obligations in Endesa Brazil and Ampla by Ch$ 11,112 million and Ch$ 2,277 million respectively.
• Decrease in provisions of Ch$ 20,693 million, due to lower provisions for labor and third-party contingencies in Ampla, Coelce and CIEN for Ch$ 20,595 million.
• Increase in banks long term obligations by Ch$ 51,741 million, mainly due to the increase in Ampla by Ch$ 145,703 million, Endesa Chile Ch$ 44,307 million, partially offset by decreases in Edesur Ch$ 53,690 million, Edegel Ch$ 32,155 million, and Endesa Fortaleza Ch$ 12,490 million.
• Increase in other long term liabilities by Ch$ 19,295 million mainly due to increases in Enersis of Ch$ 38,966 million as a consequence of lower fair value in derivatives instruments and transfer to short term penalties in Edesur by Ch$ 13,828 million.
•Short-term liabilities increased Ch$ 233,783 million or 15.5% as a result of:
• Increase in obligations by Ch$ 244,450 million due to change from long term to short term in Endesa Chile, Ampla, Edegel and Emgesa, offset by payments in Edelnor by Ch$ 10,967 million, Edesur Ch$ 11,208 million and Edegel Ch$ 34,930 million.
• Increase in payable accounts of Ch$ 117,665 million due to debt increase in Endesa by Ch$45,213 million, San Isidro Ch$ 40,630 million, Coelce Ch$ 23,185 million and Emgesa Ch$7,097 million.
• Increase in other short term liabilities by Ch$ 34,644 million, principally due to increase in Edesur by Ch$ 26,829 million, provisions for electric emergencies by Ch$ 11,524 million in Argentina and Brazil, increases in derivatives contracts by Ch$ 8,737 million, partially offset by liabilities diminish in earnings by Ch$ 10,589 million.
• Increase in banks obligations by Ch$ 49,042 million due to increases in Ampla by Ch$ 29,545 million, Coelce Ch$ 26.626 million, Edelnor Ch$ 12,515 million, Codensa Ch$ 16,384 million, partially offset by decreases in Emgesa by Ch$ 31,724 million and Cachoeira Dourada Ch$2,690 million.
• Decrease in income taxes by Ch$ 138,572 million, where highlights Ampla by Ch$ 62,763 million, Endesa Chile Ch$ 23,576 million, Emgesa Ch$ 25,538 million, Codensa Ch$ 16,794 million and Edelnor Ch$ 9,338 million.
• Decrease in payable dividend in Ch$ 47,328 million, of which Ch$ 31,808 million corresponds to third parties and Ch$ 15,520 million to Endesa Internacional.
Minority interest reached Ch$ 2,741,767 million, showing a decrease by Ch$ 340,573 million as a consequence of purchase made to minorities in Endesa Costanera and Chocón and by the decreases in equity due to dividends in Codensa, Emgesa and Endesa Brasil and by exchange rates.
Shareholders’ Equity decreased by Ch$ 179,043 million. This variation is mainly explained by decrease in results by Ch$ 118,550 million and reserves Ch$ 179,512 million mainly due to exchange rates over the foreign investments coverage, partially offset by increase in retained earnings Ch$ 97,628 million and lower distribution of interim dividends of Ch$ 21,390 million.
Pg. 20
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DEBTMATURITY WITHTHIRDPARTIES,MILLIONCH$
Table 8
TOTAL | ||||||||||||||
Million Ch$ | 2008 | 2009 | 2010 | 2011 | 2012 | Balance | ||||||||
Chile | 220,122 | 489,579 | 51,698 | 74,165 | 9,245 | 1,075,648 | 1,920,457 | |||||||
Enersis | 1,833 | 175,747 | 1,836 | 1,942 | 2,053 | 462,189 | 645,600 | |||||||
Chilectra | - | - | - | - | - | - | - | |||||||
Other (*) | 7,259 | 329 | 192 | - | - | - | 7,779 | |||||||
Endesa Chile (**) | 211,030 | 313,503 | 49,670 | 72,223 | 7,192 | 613,459 | 1,267,077 | |||||||
Argentina | 38,405 | 52,188 | 45,301 | 52,845 | 15,811 | - | 204,551 | |||||||
Edesur | 2,912 | 10,832 | 13,681 | 13,726 | 5,338 | - | 46,489 | |||||||
Costanera | 29,696 | 29,762 | 20,027 | 18,416 | 10,473 | - | 108,373 | |||||||
Chocon | 5,797 | 11,594 | 11,594 | 20,704 | - | - | 49,689 | |||||||
Hidroinvest | - | - | - | - | - | - | - | |||||||
CTM | - | - | - | - | - | - | - | |||||||
Tesa | - | - | - | - | - | - | - | |||||||
Perú | 109,470 | 56,322 | 26,535 | 31,115 | 50,613 | 81,502 | 355,556 | |||||||
Edelnor | 42,505 | 12,320 | 4,984 | 7,454 | 14,922 | 44,800 | 126,984 | |||||||
Edegel | 66,965 | 44,002 | 21,551 | 23,661 | 35,691 | 36,702 | 228,572 | |||||||
Brazil | 175,316 | 99,132 | 178,920 | 183,231 | 181,492 | 89,643 | 907,735 | |||||||
Endesa Brasil | - | - | - | - | - | - | - | |||||||
Coelce | 59,295 | 18,011 | 23,308 | 23,494 | 22,324 | 23,330 | 169,762 | |||||||
Ampla | 108,487 | 73,953 | 91,989 | 95,739 | 95,958 | 35,857 | 501,983 | |||||||
Cachoeira | 624 | - | - | - | - | - | 624 | |||||||
Cien | 2,407 | 2,338 | 58,443 | 58,443 | 57,251 | - | 178,883 | |||||||
Fortaleza | 4,503 | 4,829 | 5,180 | 5,556 | 5,959 | 30,457 | 56,483 | |||||||
Colombia | 82,200 | 90,628 | 55,436 | 147,975 | 83,539 | 261,792 | 721,570 | |||||||
Codensa | 66,589 | 12,331 | 55,436 | 49,325 | 8,316 | 158,210 | 350,207 | |||||||
Emgesa | 15,611 | 78,297 | - | 98,650 | 75,223 | 103,582 | 371,363 | |||||||
Betania | - | - | - | - | - | - | - | |||||||
TOTAL | 625,513 | 787,849 | 357,890 | 489,331 | 340,700 | 1,508,585 | 4,109,869 | |||||||
(*) Includes: CAM
(**) Includes: Endesa Chile Internacional, Pangue, Pehuenche, San Isidro, Celta and Tunel El Melon.
DEBTMATURITY WITHTHIRDPARTIES,THOUSANDUS$
Table 8.1
TOTAL | ||||||||||||||
Thousand US$ | 2008 | 2009 | 2010 | 2011 | 2012 | Balance | ||||||||
Chile | 443,000 | 985,287 | 104,043 | 149,258 | 18,605 | 2,164,761 | 3,864,954 | |||||||
Enersis | 3,690 | 353,695 | 3,695 | 3,907 | 4,132 | 930,163 | 1,299,282 | |||||||
Chilectra | - | - | - | - | - | - | - | |||||||
Other (*) | 14,608 | 662 | 386 | - | - | - | 15,656 | |||||||
Endesa Chile (**) | 424,703 | 630,931 | 99,962 | 145,351 | 14,473 | 1,234,597 | 2,550,016 | |||||||
Argentina | 77,290 | 105,029 | 91,170 | 106,352 | 31,821 | - | 411,662 | |||||||
Edesur | 5,860 | 21,800 | 27,532 | 27,623 | 10,743 | - | 93,559 | |||||||
Costanera | 59,763 | 59,896 | 40,304 | 37,062 | 21,077 | - | 218,102 | |||||||
Chocon | 11,667 | 23,333 | 23,333 | 41,667 | - | - | 100,000 | |||||||
Hidroinvest | - | - | - | - | - | - | - | |||||||
CTM | - | - | - | - | - | - | - | |||||||
Tesa | - | - | - | - | - | - | - | |||||||
Peru | 220,310 | 113,349 | 53,403 | 62,619 | 101,859 | 164,024 | 715,563 | |||||||
Edelnor | 85,541 | 24,794 | 10,031 | 15,001 | 30,030 | 90,160 | 255,557 | |||||||
Edegel | 134,769 | 88,555 | 43,372 | 47,618 | 71,829 | 73,863 | 460,006 | |||||||
Brazil | 352,827 | 199,504 | 360,079 | 368,756 | 365,257 | 180,409 | 1,826,832 | |||||||
Endesa Brasil | - | - | - | - | - | - | - | |||||||
Coelce | 119,332 | 36,247 | 46,908 | 47,281 | 44,928 | 46,951 | 341,649 | |||||||
Ampla | 218,333 | 148,832 | 185,129 | 192,677 | 193,118 | 72,162 | 1,010,250 | |||||||
Cachoeira | 1,255 | - | - | - | - | - | 1,255 | |||||||
Cien | 4,845 | 4,706 | 117,617 | 117,617 | 115,219 | - | 360,005 | |||||||
Fortaleza | 9,062 | 9,719 | 10,424 | 11,181 | 11,992 | 61,295 | 113,673 | |||||||
Colombia | 165,428 | 182,390 | 111,567 | 297,802 | 168,124 | 526,862 | 1,452,173 | |||||||
Codensa | 134,011 | 24,817 | 111,567 | 99,267 | 16,736 | 318,400 | 704,799 | |||||||
Emgesa | 31,417 | 157,573 | - | 198,535 | 151,387 | 208,462 | 747,374 | |||||||
Betania | - | - | - | - | - | - | - | |||||||
TOTAL | 1,258,856 | 1,585,560 | 720,261 | 984,787 | 685,665 | 3,036,055 | 8,271,184 | |||||||
(*) Includes: CAM
(**) Includes: Endesa Chile Internacional, Pangue, Pehuenche, San Isidro, Celta and Tunel El Melon.
Pg. 21
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CONSOLIDATED CASH FLOW
UNDERCHILEANGAAP, MILLIONCH$
Table 9
Million Ch$ | 12M 06 | 12M 07 | Var 06-07 | Chg % | ||||
CASH FLOWS PROVIDED BY OPERATING ACTIVITIES | ||||||||
Net income (loss) for the year | 307.122 | 188.376 | (118.746) | (38,7%) | ||||
Gain (losses) from sales of assets: | ||||||||
Losses (gain) on sale of property, plant and equipment | (20.238) | (4.210) | 16.028 | 79,2% | ||||
Charges (credits) to income which do not represent cash flows: | ||||||||
Depreciation | 445.298 | 416.693 | (28.605) | (6,4%) | ||||
Amortization of intangibles | 8.441 | 8.734 | 293 | 3,5% | ||||
Write-offs and accrued expenses | 27.993 | 52.432 | 24.439 | 87,3% | ||||
Equity in income of related companies | (5.546) | (2.732) | 2.814 | 50,7% | ||||
Equity in losses of related companies | 135 | 57.493 | 57.358 | - | ||||
Amortization of positive goodwill | 60.045 | 59.814 | (231) | (0,4%) | ||||
Amortization of negative goodwill | (6.527) | (4.422) | 2.105 | 32,3% | ||||
Price-level restatement, net | (1.307) | 10.804 | 12.111 | N/A | ||||
Exchange difference, net | (5.722) | (6.786) | (1.064) | (18,6%) | ||||
Other credits to income which do not represent cash flows | (16.315) | (53.731) | (37.416) | - | ||||
Other charges to income which do not represent cash flows | 73.903 | 204.010 | 130.107 | 176,1% | ||||
Changes in assets which affect cash flows: | ||||||||
Decrease (increase) in trade receivables | (193.956) | (216.051) | (22.095) | (11,4%) | ||||
Decrease (increase) in inventory | 5.012 | (30.585) | (35.597) | N/A | ||||
Decrease (increase) in other assets | (104.363) | (66.934) | 37.429 | 35,9% | ||||
Changes in liabilities which affect cash flow: | ||||||||
Decreased (increase) in payable accounts associated with operating results | 156.946 | 233.700 | 76.754 | 48,9% | ||||
Decreased (increase) of payable interest | 29.992 | 30.090 | 98 | 0,3% | ||||
Decreased (increase) in income tax payable | (32.879) | (96.771) | (63.892) | (194,3%) | ||||
Decreased (increase) in other accounts payable associated with non-operating results | (39.664) | (15.724) | 23.940 | 60,4% | ||||
Decreased (increase) in value added tax and other similar taxes payable, net | (51.891) | (69.371) | (17.480) | (33,7%) | ||||
Income (loss) attributable to minority interest | 289.750 | 259.606 | (30.144) | (10,4%) | ||||
NET CASH FLOW PROVIDED BY OPERATING ACTIVITIES | 926.227 | 954.434 | 28.207 | 3,0% | ||||
Pg. 22
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Cont. Table 9
Million Ch$ | 12M 06 | 12M 07 | Var 06-07 | Chg % | ||||
CASH FLOWS FROM FINANCING ACTIVITIES | ||||||||
Proceeds from issuance of shares issued to minorities | - | 2.820 | 2.820 | - | ||||
Proceeds from debt issuance | 1.368.499 | 869.562 | (498.937) | (36,5%) | ||||
Proceeds from bond issuance | 178.977 | 363.115 | 184.138 | 102,9% | ||||
Proceeds from loans obtained from related companies | - | - | - | - | ||||
Proceeds from other loans obtained from related companies | - | - | - | - | ||||
Other sources of financing | - | - | - | - | ||||
Capital paid | (91.852) | (14.340) | 77.512 | 84,4% | ||||
Dividends paid | (191.825) | (553.117) | (361.292) | (188,3%) | ||||
Payment of debt | (1.062.290) | (713.170) | 349.120 | 32,9% | ||||
Payment of bonds | (503.548) | (129.597) | 373.951 | 74,3% | ||||
Payments of loans obtained from related companies | (8.676) | (2.375) | 6.301 | 72,6% | ||||
Payments of other loans obtained from related companies | - | - | - | - | ||||
Payments of shares issuance costs | - | - | - | - | ||||
Payments of bonds issuance costs | (537) | - | 537 | 100,0% | ||||
Other disbursements for financing | (7.823) | (1.381) | 6.442 | 82,3% | ||||
NET CASH FLOW FROM FINANCING ACTIVITIES | (319.074) | (178.482) | 140.592 | 44,1% | ||||
CASH FLOWS FROM INVESTING ACTIVITIES | ||||||||
Proceeds from sale of property, plant and equipment | 47.847 | 3.756 | (44.091) | (92,2%) | ||||
Sale of investment | 53 | 8.374 | 8.321 | - | ||||
Other loans received from related companies | 2.997 | - | (2.997) | - | ||||
Other receipts from investments | 2.054 | 44.103 | 42.049 | - | ||||
Additions to property, plant and equipment | (556.083) | (594.055) | (37.972) | (6,8%) | ||||
Long-term investments | (24.219) | (38.182) | (13.963) | (57,7%) | ||||
Investment in financing instruments | - | - | - | - | ||||
Other loans granted to related companies | - | (43.172) | (43.172) | - | ||||
Other investment disbursements | (13.472) | (72.360) | (58.888) | - | ||||
NET CASH FLOW FROM INVESTMENT ACTIVITIES | (540.823) | (691.537) | (150.714) | (27,9%) | ||||
NET CASH FLOW FOR THE PERIOD | 66.330 | 84.415 | 18.085 | (27,3%) | ||||
EFFECT OF PRICE-LEVEL RESTATEMENT ON CASH AND CASH EQUIVALENT | 11.232 | 19.450 | 8.218 | 73,2% | ||||
NET VARIATION ON CASH AND CASH EQUIVALENT | 77.562 | 103.864 | 26.302 | 33,9% | ||||
CASH AND CASH EQUIVALENT AT THE BEGINNING OF THE YEAR | 395.097 | 472.657 | 77.560 | 19,6% | ||||
CASH AND CASH EQUIVALENT AT THE END OF THE PERIOD | 472.659 | 576.521 | 103.862 | 22,0% | ||||
Pg. 23
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UNDERCHILEANGAAP,THOUSANDUS$
Table 9.1
Thousand US$ | 12M 06 | 12M 07 | Var 06-07 | Chg % | ||||
CASH FLOWS PROVIDED BY OPERATING ACTIVITIES | ||||||||
Net income (loss) for the year | 618.088 | 379.111 | (238.977) | (38,7%) | ||||
Gain (losses) from sales of assets: | ||||||||
Losses (gain) on sale of property, plant and equipment | (40.730) | (8.472) | 32.258 | 79,2% | ||||
Charges (credits) to income which do not represent cash flows: | ||||||||
Depreciation | 896.170 | 838.602 | (57.568) | (6,4%) | ||||
Amortization of intangibles | 16.988 | 17.577 | 589 | 3,5% | ||||
Write-offs and accrued expenses | 56.336 | 105.520 | 49.184 | 87,3% | ||||
Equity in income of related companies | (11.161) | (5.499) | 5.662 | 50,7% | ||||
Equity in losses of related companies | 272 | 115.706 | 115.434 | - | ||||
Amortization of positive goodwill | 120.842 | 120.377 | (465) | (0,4%) | ||||
Amortization of negative goodwill | (13.136) | (8.899) | 4.237 | 32,3% | ||||
Price-level restatement, net | (2.630) | 21.742 | 24.372 | N/A | ||||
Exchange difference, net | (11.516) | (13.658) | (2.142) | (18,6%) | ||||
Other credits to income which do not represent cash flows | (32.834) | (108.134) | (75.300) | - | ||||
Other charges to income which do not represent cash flows | 148.731 | 410.574 | 261.843 | 176,1% | ||||
Changes in assets which affect cash flows: | ||||||||
Decrease (increase) in trade receivables | (390.340) | (434.806) | (44.466) | (11,4%) | ||||
Decrease (increase) in inventory | 10.087 | (61.554) | (71.641) | N/A | ||||
Decrease (increase) in other assets | (210.032) | (134.707) | 75.325 | 35,9% | ||||
Changes in liabilities which affect cash flow: | ||||||||
Decreased (increase) in payable accounts associated with operating results | 315.857 | 470.325 | 154.468 | 48,9% | ||||
Decreased (increase) of payable interest | 60.359 | 60.557 | 198 | 0,3% | ||||
Decreased (increase) in income tax payable | (66.170) | (194.753) | (128.583) | (194,3%) | ||||
Decreased (increase) in other accounts payable associated with non-operating results | (79.825) | (31.645) | 48.180 | 60,4% | ||||
Decreased (increase) in value added tax and other similar taxes payable, net | (104.432) | (139.610) | (35.178) | (33,7%) | ||||
Income (loss) attributable to minority interest | 583.127 | 522.461 | (60.666) | (10,4%) | ||||
NET CASH FLOW PROVIDED BY OPERATING ACTIVITIES | 1.864.052 | 1.920.816 | 56.764 | 3,0% | ||||
Pg. 24
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Cont. Table 9.1
Thousand US$ | 12M 06 | 12M 07 | Var 06-07 | Chg % | ||||
CASH FLOWS FROM FINANCING ACTIVITIES | ||||||||
Proceeds from issuance of shares issued to minorities | - | 5.676 | 5.676 | - | ||||
Proceeds from debt issuance | 2.754.129 | 1.750.009 | (1.004.120) | (36,5%) | ||||
Proceeds from bond issuance | 360.194 | 730.775 | 370.581 | 102,9% | ||||
Proceeds from loans obtained from related companies | - | - | - | - | ||||
Proceeds from other loans obtained from related companies | - | - | - | - | ||||
Other sources of financing | - | - | - | - | ||||
Capital paid | (184.854) | (28.859) | 155.995 | 84,4% | ||||
Dividends paid | (386.051) | (1.113.157) | (727.106) | (188,3%) | ||||
Payment of debt | (2.137.878) | (1.435.268) | 702.610 | 32,9% | ||||
Payment of bonds | (1.013.399) | (260.816) | 752.583 | 74,3% | ||||
Payments of loans obtained from related companies | (17.461) | (4.779) | 12.682 | 72,6% | ||||
Payments of other loans obtained from related companies | - | - | - | - | ||||
Payments of shares issuance costs | - | - | - | - | ||||
Payments of bonds issuance costs | (1.081) | - | 1.081 | 100,0% | ||||
Other disbursements for financing | (15.744) | (2.779) | 12.965 | 82,3% | ||||
NET CASH FLOW FROM FINANCING ACTIVITIES | (642.144) | (359.199) | 282.945 | 44,1% | ||||
CASH FLOWS FROM INVESTING ACTIVITIES | ||||||||
Proceeds from sale of property, plant and equipment | 96.293 | 7.558 | (88.735) | (92,2%) | ||||
Sale of investment | 107 | 16.852 | 16.745 | - | ||||
Other loans received from related companies | 6.032 | - | (6.032) | - | ||||
Other receipts from investments | 4.134 | 88.758 | 84.624 | - | ||||
Additions to property, plant and equipment | (1.119.127) | (1.195.547) | (76.420) | (6,8%) | ||||
Long-term investments | (48.741) | (76.842) | (28.101) | (57,7%) | ||||
Investment in financing instruments | - | - | - | - | ||||
Other loans granted to related companies | - | (86.884) | (86.884) | - | ||||
Other investment disbursements | (27.113) | (145.626) | (118.513) | - | ||||
NET CASH FLOW FROM INVESTMENT ACTIVITIES | (1.088.416) | (1.391.731) | (303.315) | (27,9%) | ||||
NET CASH FLOW FOR THE PERIOD | 133.490 | 169.886 | 36.396 | (27,3%) | ||||
EFFECT OF PRICE-LEVEL RESTATEMENT ON CASH AND CASH EQUIVALENT | 22.605 | 39.143 | 16.538 | 73,2% | ||||
NET VARIATION ON CASH AND CASH EQUIVALENT | 156.095 | 209.029 | 52.934 | 33,9% | ||||
CASH AND CASH EQUIVALENT AT THE BEGINNING OF THE YEAR | 795.140 | 951.231 | 156.091 | 19,6% | ||||
CASH AND CASH EQUIVALENT AT THE END OF THE PERIOD | 951.235 | 1.160.260 | 209.025 | 22,0% | ||||
Pg. 25
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CONSOLIDATED CASH FLOW ANALYSIS
During the period, the Company generated a positive net cash flow of Ch$ 84,415 million, comprised by the following activities:
Table 10
Effective Cash Flow (million Ch$) | 12M 06 | 12M 07 | Var 06-07 | Chg % | ||||
Operating | 926,227 | 954,434 | 28,207 | 3.0% | ||||
Financing | (319,074) | (178,482) | 140,592 | 44.1% | ||||
Investment | (540,823) | (691,537) | (150,714) | (27.9%) | ||||
Net cash flow of the period | 66,330 | 84,415 | 18,085 | (27.3%) | ||||
Table 10.1
Effective Cash Flow (thousand US$) | 12M 06 | 12M 07 | Var 06-07 | Chg % | ||||
Operating | 1,864,048 | 1,920,816 | 56,768 | 3.0% | ||||
Financing | (642,142) | (359,199) | 282,943 | 44.1% | ||||
Investment | (1,088,416) | (1,391,731) | (303,315) | (27.9%) | ||||
Net cash flow of the period | 133,490 | 169,886 | 36,396 | (27.3%) | ||||
Operating activities generated a net positive cash flow of Ch$ 954,434 million, which represents an increase of 3.0% . The operating cash flow is comprised mainly of:
• Net income for the period reached Ch$ 188,376 million, plus:
• Charges of Ch$ 809,980 million to the income statement that do not represent cash flow and refers mainly to the Depreciation of the period for Ch$ 416,693 million, write-offs and provisions for Ch$ 52,432 million, amortizations of positive goodwill of Ch$ 59,814 million, amortization of intangibles of Ch$ 8,734 million, losses in long term investments of Ch$ 57,493 million and other charges that do not represent cash flow for Ch$ 204,010 million, which includes the Ch$ 192,036 million negative conversion effect of the application of the BT 64 over foreign subsidiaries.
• The variation of net liabilities that affect cash flow of Ch$ 81,924 million.
• The above was partially offset by:
• Charges of Ch$ 67,671 million that do not represent cash, which corresponds to other non cash charges by Ch$ 53,731, of which Ch$ 39,426 million refers to the positive effect of the conversion of the foreign subsidiaries, Ch$ 2,732 million of profit on investment in related companies and Ch$ 4,422 million of negative goodwill amortization.
• Variation in net assets that affect operating cash flow of Ch$ 313,570 million.
Financing activities resulted in a negative cash flow of Ch$ 178,482 million mainly due to the payment of loans for a value of Ch$ 713,170 million, dividend payments of Ch$ 553,117 million, payments to other obligations for Ch$ 129,597 million, payment of loans with related companies for Ch$ 2,735 million and other disbursements for Ch$ 1,381 million. This is partially offset by loans obtained for Ch$ 869,562 million and bonds issued for Ch$ 363,115 million.
Investment activitieshad a net negative cash flow of Ch$ 691,537 million, an increase of Ch$ 150,714 million that correspond mainly to the addition of fixed assets for Ch$ 594,055 million, long term investments for Ch$ 38,182 million, other loans for related companies for Ch$ 38,731 and other disbursements of Ch$ 72,360 million, partially offset by earnings coming from long term investments of Ch$ 8,374 million, sale of fixed assets Ch$ 3,756 million and other investment revenues Ch$ 44,103 million.
Pg. 26
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CASHFLOWRECEIVEDFROMFOREIGNSUBSIDIARIES BYENERSIS,CHILECTRA ANDENDESA CHILE
Table 11
Millions Ch$ | Interest Received | Dividends Received | Management Fee | Prepayment intercompany | Capital Reductions | |||||
12M 06 | 12M 07 | 12M 06 | 12M 07 | 12M 06 | 12M 07 | 12M 06 | 12M 07 | 12M 06 | 12M 07 | |
Argentina | 4,259 | 280 | - | 5,794 | 1,263 | 1,437 | 59,627 | - | - | - |
Peru | - | - | 9,452 | 11,770 | - | - | - | - | 4,887 | 7,755 |
Brazil | 1,623 | - | 21,577 | 70,897 | - | - | 30,921 | - | - | - |
Colombia | 17,994 | - | 2,549 | 53,710 | - | - | 86,124 | - | 18,097 | 5,856 |
Total | 23,876 | 280 | 33,579 | 142,171 | 1,263 | 1,437 | 176,671 | - | 22,984 | 13,611 |
Millions Ch$ | Total Cash Received | |
12M 06 | 12M 07 | |
Argentina | 65,149 | 7,511 |
Peru | 14,339 | 19,525 |
Brazil | 54,122 | 70,897 |
Colombia | 124,764 | 59,566 |
Total | 258,373 | 157,499 |
Table 11.1
Thousand US$ | Interest Received | Dividends Received | Management Fee | Prepayment intercompany | Capital Reductions | |||||
12M 06 | 12M 07 | 12M 06 | 12M 07 | 12M 06 | 12M 07 | 12M 06 | 12M 07 | 12M 06 | 12M 07 | |
Argentina | 8,571 | 564 | - | 11,660 | 2,542 | 2,891 | 120,000 | - | - | - |
Peru | - | - | 19,023 | 23,688 | - | - | - | - | 9,835 | 15,607 |
Brazil | 3,267 | - | 43,425 | 142,681 | - | - | 62,229 | - | - | - |
Colombia | 36,214 | - | 5,130 | 108,092 | - | - | 173,325 | - | 36,420 | 11,785 |
Total | 48,052 | 564 | 67,578 | 286,121 | 2,542 | 2,891 | 355,554 | - | 46,255 | 27,392 |
Thousand US$ | Total Cash Received | |
12M 06 | 12M 07 | |
Argentina | 131,113 | 15,116 |
Peru | 28,858 | 39,294 |
Brazil | 108,921 | 142,681 |
Colombia | 251,089 | 119,878 |
Total | 519,981 | 316,969 |
Source: Internal Financial Report
Pg. 27
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CAPEX ANDDEPRECIATION
Table 12
Payments for Additions of | Depreciation | |||
Fixed assets | ||||
Million Ch$ | 12M 06 | 12M 07 | 12M 06 | 12M 07 |
Endesa | 182,671 | 207,030 | 188,280 | 192,976 |
Cachoeira (*) | 1,808 | 1,834 | 16,290 | 12,588 |
Fortaleza (**) | 2,424 | 1,468 | 5,366 | 3,690 |
Cien (**) | 2,034 | 163 | 14,465 | 12,292 |
Chilectra S.A. | 61,503 | 68,903 | 19,295 | 21,070 |
Edesur S.A. | 37,769 | 41,676 | 46,557 | 37,920 |
Edelnor S.A. | 21,425 | 19,913 | 18,361 | 15,854 |
Ampla | 115,081 | 104,627 | 45,904 | 35,099 |
Coelce | 78,915 | 101,292 | 39,741 | 38,241 |
Codensa S.A. | 46,028 | 41,876 | 44,581 | 40,892 |
Cam Ltda. | 1,567 | 1,633 | 2,316 | 1,689 |
Inmobiliaria Manso de Velasco Ltda. | 1,202 | 1,120 | 368 | 318 |
Synapsis Soluciones y Servicios Ltda. | 3,190 | 1,519 | 2,382 | 2,576 |
Holding Enersis | 465 | 1,001 | 1,392 | 1,488 |
Total | 556,083 | 594,055 | 445,298 | 416,693 |
Table 12.1
Payments for Additions of | Depreciation | |||
Fixed assets | ||||
Thousand US$ | 12M 06 | 12M 07 | 12M 06 | 12M 07 |
Endesa | 367,629 | 416,651 | 378,917 | 388,368 |
Cahoeira (*) | 3,639 | 3,692 | 32,783 | 25,333 |
Fortaleza (*) | 4,877 | 2,954 | 10,800 | 7,426 |
Cien (*) | 4,093 | 327 | 29,111 | 24,738 |
Chilectra S.A. | 123,776 | 138,669 | 38,831 | 42,403 |
Edesur S.A. | 76,011 | 83,874 | 93,697 | 76,314 |
Edelnor S.A. | 43,118 | 40,075 | 36,952 | 31,906 |
Ampla | 231,602 | 210,564 | 92,383 | 70,638 |
Coelce | 158,819 | 203,853 | 79,980 | 76,961 |
Codensa S.A. | 92,632 | 84,276 | 89,721 | 82,297 |
Cam Ltda. | 3,154 | 3,286 | 4,661 | 3,398 |
Inmobiliaria Manso de Velasco Ltda. | 2,419 | 2,255 | 741 | 641 |
Synapsis Soluciones y Servicios Ltda. | 6,419 | 3,057 | 4,794 | 5,184 |
Holding Enersis | 935 | 2,014 | 2,801 | 2,994 |
Total | 1,119,123 | 1,195,547 | 896,172 | 838,599 |
(*) Consolidated by Enersis through Endesa Brasil since October 1st, 2005.
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ANALYSIS OF THE EXCHANGE RISK AND THE INTEREST RATE
The company has a high percentage of its loans in US Dollars considering that an important part of its sales, in the different markets where it operates, are mainly indexed to that currency. However, the Brazilian, Argentine and Colombian markets are indexed to the US Dollar to a lower extent and, therefore, subsidiaries in those markets have most of their liabilities in local currency. In the case of Argentina, the company has chosen to replace dollar denominated debt with local currency debt, when market financial conditions allow it.
In a scenario of a high exchange rate risk, the company has continued with its policy of partly covering its liabilities in dollars in order to mitigate the effects of the fluctuations in the exchange rate upon results. Considering the important reduction in the accounting mismatch in recent years, the company has modified its policy on Dollar-Peso hedging in order to establish a policy of covering cash flows, together with a maximum permissible accounting mismatch, on which hedging operations will be performed.
As of December 31, 2007, the company has hedged in Chile, by means of US$/UF Swap operations, an amount of US$ 600 million on a consolidated basis and holds US$ 125 million in forward contracts, allowing for an adequate management of the hedging policy. At the same date last year, the Company had already contracted US$ 600 million of the total US$/UF swap as part of the establishment of the new hedging policy mentioned.
In terms of interest rate risk, the Company had, on a consolidated basis, a proportion of its indebtedness at a fixed / variable ratio of approximately 68.3% fixed / 31.7% variable as of December 31, 2007. The percentage of its indebtedness at a fixed rate has decreased compared with the 70.8% / 29.2% ratio as of the same date in 2006.
Pg. 29
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![](https://capedge.com/proxy/6-K/0001292814-08-000473/arg.gif)
ARGENTINA
GENERATION
Operating Income decreased in both companies in 2007, mainly due to lower hydrology and higher demand and cost of liquid fuels. Argentina’s weather has been extremely cold and very hot, in winter and in summer, respectively, so heating and air conditioning that requires more fuel, raised prices.
COSTANERA
Operating Income, decreased by Ch$4,867 million, accounting a lower profit. This is explained by higher use of fuel. Additionally, operating revenues grew 12.1% due to higher sale price, partially offset by lower physical sales.
Table 13
Million US$ | Million Ch$ | ||||||
12M 06 | 12M 07 | 12M 06 | 12M 07 | Chg % | |||
Operating Revenues | 376 | 421 | 186,588 | 209,225 | 12.1% | ||
Operating Costs | (360) | (415) | (178,946) | (206,330) | (15.3%) | ||
Operating Margin | 15 | 6 | 7,643 | 2,894 | (62.1%) | ||
Selling and Administrative Expenses | (5) | (5) | (2,388) | (2,506) | (4.9%) | ||
Operating Income | 11 | 1 | 5,255 | 388 | (92.6%) | ||
Additional Information
Table 14
Costanera | 12M 06 | 12M 07 | Var 06-07 | Chg % |
GWh Produced | 8,709 | 8,421 | (288) | (3.3%) |
GWh Sold | 8,736 | 8,450 | (285) | (3.3%) |
Market Share | 8.9% | 8.2% | - | (8.0%) |
Pg. 30
![]() | PRESS RELEASE Year Ended 2007 – Breakdown by country |
CHOCÓN
Operating Income, decreased by Ch$7,248 million, accounting a lower profit. This is explained by lower physical sales as a consequence of the poor hydrology in the Comahue region, and partially offset by an increase in average sales prices.
Table 15
Million US$ | Million Ch$ | ||||||
12M 06 | 12M 07 | 12M 06 | 12M 07 | Chg % | |||
Operating Revenues | 133 | 112 | 66,248 | 55,716 | (15.9%) | ||
Operating Costs | (66) | (59) | (32,568) | (29,189) | 10.4% | ||
Operating Margin | 68 | 53 | 33,681 | 26,527 | (21.2%) | ||
Selling and Administrative Expenses | (2) | (2) | (1,128) | (1,223) | (8.4%) | ||
Operating Income | 66 | 51 | 32,553 | 25,305 | (22.3%) | ||
Additional Information
Table 16
Chocón | 12M 06 | 12M 07 | Var 06-07 | Chg % |
GWh Produced | 5,041 | 3,696 | (1,345) | (26.7%) |
GWh Sold | 5,191 | 3,956 | (1,235) | (23.8%) |
Market Share | 5.3% | 3.8% | - | (27.5%) |
DISTRIBUTION
On February 5, 2007, the National Electricity Regulatory Entity (ENRE) published in the Official Bulletin the Resolution No.50 approving tariffs for Edesur effective as of February 1, 2007. This refers to consumption accrued during the period between November 1st, 2005 and January 31st, 2007. The ENRE established that the total amount will be charged in 55 monthly installments.
EDESUR
Operating Income,grew by Ch$33,557 million, accounting a profit. This is mainly explained by higher sales margin and energy demand, which boosted physical sales in order to reach a 6.7% growth. Additionally, 32 thousand new clients were served.
Pg. 31
![]() | PRESS RELEASE Year Ended 2007 – Breakdown by country |
Table 17
Million US$ | Million Ch$ | ||||||
12M 06 | 12M 07 | 12M 06 | 12M 07 | Chg % | |||
Revenues from Sales | 499 | 547 | 247,944 | 271,691 | 9.6% | ||
Other Operating Revenues | 38 | 44 | 18,831 | 21,682 | 15.1% | ||
Operating Revenues | 537 | 590 | 266,775 | 293,374 | 10.0% | ||
Energy Purchases | (309) | (296) | (153,522) | (147,129) | 4.2% | ||
Other Operating Cost | (160) | (153) | (79,426) | (75,919) | 4.4% | ||
Operating Costs | (469) | (449) | (232,947) | (223,049) | 4.2% | ||
Selling and Administrative Expenses | (77) | (83) | (38,206) | (41,146) | (7.7%) | ||
Operating Income | (9) | 59 | (4,378) | 29,179 | - | ||
Additional Information
Table 18
Edesur | 12M 06 | 12M 07 | Var 06-07 | Chg % |
Customers (Th) | 2,196 | 2,228 | 32 | 1.4% |
GWh Sold | 14,837 | 15,833 | 996 | 6.7% |
Clients/Employee | 912 | 879 | (33) | (3.6%) |
Energy Losses % (12M) | 10.5% | 10.7% | - | 1.9% |
Pg. 32
![]() | PRESS RELEASE Year Ended 2007 – Breakdown by country |
BRAZIL
ENDESABRAZIL(*)
Table 19
Million US$ | Million Ch$ | Chg % | ||||||||
12M 06 | 12M 07 | 12M 06 | 12M 07 | |||||||
Revenues from Sales | 2,325 | 2,466 | 1,155,152 | 1,225,230 | 6.1% | |||||
Other Operating Revenues | 60 | 155 | 29,648 | 77,229 | 160.5% | |||||
Operating Revenues | 2,384 | 2,621 | 1,184,800 | 1,302,459 | 9.9% | |||||
Energy Purchases | (1,112) | (1,351) | (552,505) | (671,093) | (21.5%) | |||||
Other Operating Cost | (572) | (421) | (284,105) | (209,071) | 26.4% | |||||
Operating Costs | (1,684) | (1,771) | (836,609) | (880,164) | (5.2%) | |||||
Selling and Administrative Expenses | (142) | (192) | (70,451) | (95,521) | (35.6%) | |||||
Operating Income | 559 | 658 | 277,740 | 326,774 | 17.7% | |||||
Interest Income | 218 | 162 | 108,305 | 80,543 | (25.6%) | |||||
Interest Expense | (323) | (288) | (160,612) | (142,882) | 11.0% | |||||
Net Financial Income (Expenses) | (105) | (125) | (52,307) | (62,339) | (19.2%) | |||||
Equity Gains from Related Companies | - | - | - | - | - | |||||
Equity Losses from Related Companies | - | - | - | - | - | |||||
Net Income from Related Companies | - | - | - | - | - | |||||
Other Non Operating Income | 131 | 248 | 64,952 | 123,132 | 89.6% | |||||
Other Non Operating Expenses | (267) | (402) | (132,781) | (199,553) | (50.3%) | |||||
Net other Non Operating Income (Expense) | (137) | (154) | (67,828) | (76,421) | (12.7%) | |||||
Price Level Restatement | - | - | - | - | - | |||||
Foreign Exchange Effect | - | - | - | - | - | |||||
Net of Monetary Exposure | - | - | - | - | - | |||||
Positive Goodwill Amortization | - | - | - | - | - | |||||
Non Operating Income | (242) | (279) | (120,135) | (138,760) | (15.5%) | |||||
Net Inc b. Taxes, Min Int and Neg Goodwill | 317 | 378 | 157,605 | 188,014 | 19.3% | |||||
Extraordinary Items | - | - | - | - | - | |||||
Income Tax | (19) | (113) | (9,522) | (56,280) | (491.1%) | |||||
Minority Interest | (99) | (46) | (49,033) | (22,683) | 53.7% | |||||
Negative Goodwill Amortization | - | - | - | - | - | |||||
NET INCOME | 199 | 219 | 99,049 | 109,051 | 10.1% | |||||
EBITDA | 807 | 866 | 401,094 | 430,194 | 7.3% | |||||
(*) Consolidated by Enersis since October 1st.
Pg. 33
![]() | PRESS RELEASE Year Ended 2007 – Breakdown by country |
GENERATION
CACHOEIRADOURADA
Operating Income, increased by Ch$19,082 million, accounting a higher profit. This is explained by 11.2% of higher physical sales, and better average sales margin during the period.
Table 20
Million US$ | Million Ch$ | ||||||
12M 06 | 12M 07 | 12M 06 | 12M 07 | Chg % | |||
Operating Revenues | 135 | 232 | 67,258 | 115,325 | 71.5% | ||
Operating Costs | (67) | (125) | (33,285) | (61,960) | (86.2%) | ||
Operating Margin | 68 | 107 | 33,973 | 53,365 | 57.1% | ||
Selling and Administrative Expenses | (5) | (5) | (2,240) | (2,550) | (13.8%) | ||
Operating Income | 64 | 102 | 31,733 | 50,815 | 60.1% | ||
Additional Information
Table 21
Cachoeira | 12M 06 | 12M 07 | Var 06-07 | Chg % |
GWh Produced | 4,241 | 3,888 | (353) | (8.3%) |
GWh Sold | 4,177 | 4,643 | 466 | 11.2% |
Market Share | 1.2% | 1.3% | - | 8.3% |
FORTALEZA
Operating Income,decreased by Ch$11,994 million, accounting a lower profit. This is explained by lower sales prices and higher energy purchases at higher prices.
Table 22
Million US$ | Million Ch$ | ||||||
12M 06 | 12M 07 | 12M 06 | 12M 07 | Chg % | |||
Operating Revenues | 217 | 208 | 107,607 | 103,414 | (3.9%) | ||
Operating Costs | (100) | (115) | (49,502) | (57,384) | (15.9%) | ||
Operating Margin | 117 | 93 | 58,106 | 46,030 | (20.8%) | ||
Selling and Administrative Expenses | (3) | (3) | (1,687) | (1,606) | 4.8% | ||
Operating Income | 114 | 89 | 56,418 | 44,424 | (21.3%) | ||
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![]() | PRESS RELEASE Year Ended 2007 – Breakdown by country |
Additional Information
Table 23
Fortaleza | 12M 06 | 12M 07 | Var 06-07 | Chg % |
GWh Produced | 248 | 66 | (183) | (73.6%) |
GWh Sold | 2,690 | 2,705 | 15 | 0.6% |
Market Share | 0.8% | 0.7% | - | - |
TRANSMISSION
CIEN
Operating Income,increase by Ch$23,994 million, accounting a better profit. This is explained by higher average margins during the year.
It is important to remind that Cien is restructuring its business in order to reduce its dependency on the energy supply in both countries. The company is renegotiating its supply contracts, as well as searching for an adequate compensation for its international transmission capacity.
Table 24
Million US$ | Million Ch$ | ||||||
12M 06 | 12M 07 | 12M 06 | 12M 07 | Chg % | |||
Operating Revenues | 311 | 526 | 154,549 | 261,370 | 69.1% | ||
Operating Costs | (301) | (471) | (149,363) | (233,816) | (256.5%) | ||
Operating Margin | 10 | 55 | 5,186 | 27,554 | (431.3%) | ||
Selling and Administrative Expenses | (12) | (9) | (6,000) | (4,374) | 27.1% | ||
Operating Income | (2) | 47 | (814) | 23,180 | N/A | ||
Additional Information
Table 25
CIEN | 12M 06 | 12M 07 | Var 06-07 | Chg % |
GWh Produced | 0 | 0 | - | - |
GWh Sold | 6.394 | 6.232 | -161 | (2,5%) |
Market Share | N.A. | N.A. | - | - |
Pg. 35
![]() | PRESS RELEASE Year Ended 2007 – Breakdown by country |
DISTRIBUTION
AMPLA
Operating Income, grew by US$32,835 million, rising 32%. This is explained by higher physical sales leaded by higher energy demand, and either due to higher sales margin.
Additionally, 63 thousand new clients were served.
Table 26
Million US$ | Million Ch$ | ||||||
12M 06 | 12M 07 | 12M 06 | 12M 07 | Chg % | |||
Revenues from Sales | 1,135 | 1,085 | 563,928 | 539,087 | (4.4%) | ||
Other Operating Revenues | 20 | 25 | 9,899 | 12,307 | 24.3% | ||
Operating Revenues | 1,155 | 1,110 | 573,827 | 551,394 | (3.9%) | ||
Energy Purchases | (538) | (524) | (267,147) | (260,604) | 2.4% | ||
Other Operating Cost | (373) | (242) | (185,519) | (120,002) | 35.3% | ||
Operating Costs | (911) | (766) | (452,665) | (380,606) | 15.9% | ||
Selling and Administrative Expenses | (37) | (71) | (18,461) | (35,252) | (91.0%) | ||
Operating Income | 207 | 273 | 102,701 | 135,536 | 32.0% | ||
Additional Information
Table 27
Ampla | 12M 06 | 12M 07 | Var 06-07 | Chg % |
Customers (Th) | 2,316 | 2,379 | 63 | 2.7% |
GWh Sold | 8,668 | 8,985 | 316 | 3.7% |
Clients/Employee | 1,639 | 1,718 | 79 | 4.8% |
Energy Losses % (12M) | 21.9% | 21.4% | - | (2.0%) |
Pg. 36
![]() | PRESS RELEASE Year Ended 2007 – Breakdown by country |
COELCE
Operating Income, decreased Ch$15,281 million, accounting a lower profit. This is mainly explained by a provision for uncollectible accounts coming from the regulatory assets ARTE by Ch$14,370 million, together with lower sales margins, both effects partially offset by higher physical sales.
Additionally, 146 thousand new clients were served.
Table 28
Million US$ | Million Ch$ | ||||||
12M 06 | 12M 07 | 12M 06 | 12M 07 | Chg % | |||
Revenues from Sales | 882 | 841 | 438,027 | 417,843 | (4.6%) | ||
Other Operating Revenues | 23 | 44 | 11,242 | 21,943 | 95.2% | ||
Operating Revenues | 904 | 885 | 449,269 | 439,785 | (2.1%) | ||
Energy Purchases | (411) | (439) | (204,368) | (218,078) | (6.7%) | ||
Other Operating Cost | (232) | (196) | (115,135) | (97,150) | 15.6% | ||
Operating Costs | (643) | (634) | (319,503) | (315,228) | 1.3% | ||
Selling and Administrative Expenses | (74) | (94) | (36,812) | (46,884) | (27.4%) | ||
Operating Income | 187 | 156 | 92,954 | 77,673 | (16.4%) | ||
Additional Information
Table 29
Coelce | 12M 06 | 12M 07 | Var 06-07 | Chg % |
Customers (Th) | 2,543 | 2,689 | 146 | 5.7% |
GWh Sold | 6,769 | 7,227 | 458 | 6.8% |
Clients/Employee | 1,937 | 2,073 | 136 | 7.0% |
Energy Losses % (12M) | 13.0% | 12.5% | - | (3.8%) |
Pg. 37
![]() | PRESS RELEASE Year Ended 2007 – Breakdown by country |
CHILE
GENERATION
ENDESACHILE
Consolidated Income Statement
Table 30
Million US$ | Million Ch$ | ||||||
12M 06 | 12M 07 | 12M 06 | 12M 07 | Chg % | |||
Operating Revenues | 2,890 | 3,476 | 1,436,068 | 1,726,964 | 20.3% | ||
Operating Costs | (1,715) | (2,252) | (851,962) | (1,119,053) | (31.4%) | ||
Selling and Administrative Expenses | (85) | (75) | (42,300) | (37,081) | 12.3% | ||
Operating Income | 1,090 | 1,149 | 541,806 | 570,830 | 5.4% | ||
Interest Income | 32 | 47 | 15,915 | 23,275 | 46.2% | ||
Interest Expenses | (372) | (357) | (184,641) | (177,529) | 3.9% | ||
Net Financial Income (Expenses) | (340) | (310) | (168,726) | (154,254) | 8.6% | ||
Equity Gains from Related Company | 92 | 94 | 45,613 | 46,947 | 2.9% | ||
Equity Losses from Related Company | (0) | (116) | (134) | (57,400) | - | ||
Net Income from Related Companies | 92 | (21) | 45,478 | (10,453) | (123.0%) | ||
Other Non Operating Income | 65 | 36 | 32,185 | 17,916 | (44.3%) | ||
Other Non Operating Expenses | (94) | (172) | (46,792) | (85,251) | (82.2%) | ||
Net other Non Operating Income (Expenses) | (29) | (136) | (14,606) | (67,335) | - | ||
Price Level Restatement | 3 | 18 | 1,597 | 8,854 | - | ||
Foreign Exchange Effect | 8 | 33 | 3,875 | 16,612 | - | ||
Net of Monetary Exposure | 11 | 51 | 5,472 | 25,466 | - | ||
Positive Goodwill Amortization | (2) | (2) | (1,013) | (910) | 10.2% | ||
Non Operating Income | (268) | (418) | (133,395) | (207,485) | (55.5%) | ||
Net Income b. Taxes, Min Int and Neg Goodwill Amort. | 822 | 731 | 408,411 | 363,345 | (11.0%) | ||
Extraordinary Items | - | - | - | - | - | ||
Income Tax | (283) | (228) | (140,540) | (113,413) | 19.3% | ||
Minority Interest | (142) | (125) | (70,788) | (61,874) | 12.6% | ||
Negative Goodwill Amortization | 13 | 9 | 6,484 | 4,382 | (32.4%) | ||
NET INCOME | 410 | 387 | 203,567 | 192,439 | (5.5%) | ||
Chilean Operations
The reserve at Endesa Chile’s reservoirs allowed the supply of all the contracts, even though year 2007 was a dry year.
Operating Income,increased by Ch$23,836 million, accounting a higher profit. This is explained by higher energy sales prices, despite physical sales decreased by 8.2% due to the 23% of lower hydraulic generation and 98% higher thermoelectric generation, in order to handle efficiently our reservoir levels and ensure the supply of our contracts, in a dry scenario faced in year 2007.
Additional Information
Table 31
Chilean Companies | 12M 06 | 12M 07 | Var 06-07 | Chg % |
GWh Produced | 19,973 | 18,773 | (1,200) | (6.0%) |
GWh Sold | 20,923 | 19,212 | (1,711) | (8.2%) |
Market Share | 41.6% | 36.5% | - | (12.4%) |
Pg. 38
![]() | PRESS RELEASE Year Ended 2007 – Breakdown by country |
DISTRIBUTION
It is important to mention that in the year 2006, Chilectra participated in the first auction for 4.500 GWh at an energy average price of US$ 54 MWh. This auction was for a period of 11 years, starting the year 2010.
Currently, Chilectra faced its second auction process for 3 blocks of 2,500 GWh each at an energy average price of US$ 60 MWh. Terms of the auction comprise maturity periods of 11, 13 and 15 years respectively, starting from 2011.
CHILECTRA
Operating Income, decreased Ch$3,701 million, accounting a 2.9% of lower profit. This is explained by higher average purchase price as a consequence of the node price adjustments during the year and higher energy purchases leaded by the growth in energy demand. The higher operating revenues from sales were not enough to compensate higher energy purchase costs.
Additionally, 46 thousand new clients were served.
Pg. 39
![]() | PRESS RELEASE Year Ended 2007 – Breakdown by country |
Table 32
Million US$ | Million Ch$ | ||||||
12M 06 | 12M 07 | 12M 06 | 12M 07 | Chg % | |||
Revenues from Sales | 1.331 | 1.478 | 661.478 | 734.529 | 11,0% | ||
Other Operating Revenues | 106 | 135 | 52.686 | 67.288 | 27,7% | ||
Operating Revenues | 1.437 | 1.614 | 714.164 | 801.817 | 12,3% | ||
Energy Purchases | (939) | (1.116) | (466.626) | (554.509) | (18,8%) | ||
Other Operating Cost | (143) | (153) | (71.247) | (76.064) | (6,8%) | ||
Operating Costs | (1.082) | (1.269) | (537.874) | (630.573) | (17,2%) | ||
Selling and Administrative Expenses | (102) | (99) | (50.484) | (49.139) | 2,7% | ||
Operating Income | 253 | 246 | 125.806 | 122.105 | (2,9%) | ||
Interest Income | 9 | 14 | 4.607 | 7.104 | 54,2% | ||
Interest Expenses | (55) | (49) | (27.254) | (24.230) | 11,1% | ||
Net Financial Income (Expenses) | (46) | (34) | (22.647) | (17.126) | 24,4% | ||
Equity Gains from Related Company | 62 | 60 | 31.030 | 29.988 | (3,4%) | ||
Equity Losses from Related Company | (17) | - | (8.568) | - | 100,0% | ||
Net Income from Related Companies | 45 | 60 | 22.463 | 29.988 | 33,5% | ||
Other Non Operating Income | 13 | 30 | 6.554 | 14.731 | 124,8% | ||
Other Non Operating Expenses | (9) | (14) | (4.377) | (6.945) | (58,7%) | ||
Conversion Effect (BT 64) | - | - | - | - | |||
Net other Non Operating Income (Expenses) | 4 | 16 | 2.177 | 7.786 | - | ||
Price Level Restatement | 1 | (23) | 331 | (11.346) | - | ||
Foreign Exchange Effect | (0) | 20 | (49) | 9.779 | |||
Net of Monetary Exposure | 1 | (3) | 282 | (1.567) | - | ||
Positive Goodwill Amortization | (1) | (1) | (638) | (583) | 8,6% | ||
Non Operating Income | 3 | 37 | 1.636 | 18.497 | - | ||
Net Income b. Taxes, Min Int and Neg Goodwill Amort. | 256 | 283 | 127.442 | 140.602 | 10,3% | ||
Extraordinary Items | - | - | - | - | |||
Income Tax | 244 | (25) | 121.489 | (12.494) | (110,3%) | ||
Minority Interest | 1 | (12) | 277 | (5.793) | - | ||
Negative Goodwill Amortization | - | - | - | - | |||
NET INCOME | 502 | 246 | 249.209 | 122.315 | (50,9%) | ||
Additional Information
Table 33
Chilectra | 12M 06 | 12M 07 | Var 06-07 | Chg % |
Customers (Th) | 1,437 | 1,483 | 46 | 3.2% |
GWh Sold | 12,377 | 12,923 | 546 | 4.4% |
Clients/Employee | 2,030 | 2,037 | 7 | 0.4% |
Energy Losses % (12M) | 5.4% | 5.9% | - | 8.2% |
Pg. 40
![]() | PRESS RELEASE Year Ended 2007 – Breakdown by country |
COLOMBIA
GENERATION
On September, 2007 Colombian generation companies Emgesa and Betania completed the merger process, and the resulting company was named Emgesa.
EMGESA
Operating Income,increase by Ch$29,964 million, accounting a higher profit. This is explained by higher energy sales prices as a consequence of the lower hydrology in the country, better revenues coming from reliability charges, and higher physical sales driven by the increase in demand. Additionally, the company recorded lower operating costs derived from lower energy purchases as a consequence of intermediation operations.
Table 36
Million US$ | Million Ch$ | ||||||
12M 06 | 12M 07 | 12M 06 | 12M 07 | Chg % | |||
Operating Revenues | 592 | 640 | 294,088 | 318,085 | 8.2% | ||
Operating Costs | (320) | (307) | (158,854) | (152,793) | 3.8% | ||
Operating Margin | 272 | 333 | 135,233 | 165,292 | 22.2% | ||
Selling and Administrative Expenses | (10) | (10) | (4,925) | (5,021) | (1.9%) | ||
Operating Income | 262 | 323 | 130,307 | 160,271 | 23.0% | ||
Since September 1, 2007, Betania is merged with Emgesa. |
Additional Information
Table 37
Emgesa | 12M 06 | 12M 07 | Var 06-07 | Chg % |
GWh Produced | 12,564 | 11,942 | -622 | (5.0%) |
GWh Sold | 15,327 | 15,613 | 286 | 1.9% |
Market Share | 17.4% | 21.5% | - | 23.6% |
Pg. 41
![]() | PRESS RELEASE Year Ended 2007 – Breakdown by country |
DISTRIBUTION
CODENSA
Operating Income, increased 7.2%, accounting a higher profit. This is explained by 6.4% higher physical sales due to the increase in energy demand in Colombia, and by lower energy losses, both effects partially offset by decrease in sales margins.
Additionally, 71 thousand new clients were served.
Table 38
Million US$ | Million Ch$ | ||||||
12M 06 | 12M 07 | 12M 06 | 12M 07 | Chg % | |||
Revenues from Sales | 726 | 769 | 360,587 | 382,353 | 6.0% | ||
Other Operating Revenues | 247 | 280 | 122,509 | 139,373 | 13.8% | ||
Operating Revenues | 972 | 1,050 | 483,097 | 521,726 | 8.0% | ||
Energy Purchases | (414) | (461) | (205,706) | (228,915) | (11.3%) | ||
Other Operating Cost | (237) | (244) | (117,846) | (121,362) | (3.0%) | ||
Operating Costs | (651) | (705) | (323,551) | (350,277) | (8.3%) | ||
Selling and Administrative Expenses | (29) | (31) | (14,178) | (15,629) | (10.2%) | ||
Operating Income | 293 | 314 | 145,368 | 155,820 | 7.2% | ||
Additional Information
Table 39
Codensa | 12M 06 | 12M 07 | Var 06-07 | Chg % |
Customers (Th) | 2,138 | 2,209 | 70 | 3.3% |
GWh Sold | 10,755 | 11,441 | 686 | 6.4% |
Clients/Employee | 2,289 | 2,373 | 85 | 3.7% |
Energy Losses % (12M) | 8.9% | 8.7% | - | (2.0%) |
Pg. 42
![]() | PRESS RELEASE Year Ended 2007 – Breakdown by country |
PERU
GENERATION
EDEGEL
Operating Income,decrease by Ch$13,492 million, accounting a lower profit. This is explained by lower energy sales prices as a consequence of the good hydrology in the country, lower fuel prices and diminish in regulated prices due to tariff adjustment driven by the exchange rate indexation. Additionally, operating costs rose 3.8% which mainly correspond to higher energy purchases at higher prices related with transmission problems.. All the above mentioned was partially offset by higher energy physical sales by 18% driven by the increase in demand.
Table 40
Million US$ | Million Ch$ | ||||||
12M 06 | 12M 07 | 12M 06 | 12M 07 | Chg % | |||
Operating Revenues | 364 | 337 | 180,628 | 167,379 | (7.3%) | ||
Operating Costs | (218) | (226) | (108,263) | (112,328) | (3.8%) | ||
Operating Margin | 146 | 111 | 72,364 | 55,051 | (23.9%) | ||
Selling and Administrative Expenses | (26) | (18) | (12,719) | (8,897) | 30.1% | ||
Operating Income | 120 | 93 | 59,645 | 46,153 | (22.6%) | ||
Additional Information
Table 41
Edegel | 12M 06 | 12M 07 | Var 06-07 | Chg % |
GWh Produced | 6.662 | 7.654 | 992 | 14,9% |
GWh Sold | 6.766 | 7.994 | 1.227 | 18,1% |
Market Share | 30,4% | 32,5% | - | 6,9% |
Pg. 43
![]() | PRESS RELEASE Year Ended 2007 – Breakdown by country |
DISTRIBUTION
EDELNOR
Operating Income increased Ch$1,048 million, accounting a higher profit. This is explained by 6.7% higher physical sales due to the increase in energy demand in Peru, better average sales margin and lower energy losses.
Additionally, 34 thousand new clients were served.
Operating Income
Table 42
Million US$ | Million Ch$ | ||||||
12M 06 | 12M 07 | 12M 06 | 12M 07 | Chg % | |||
Revenues from Sales | 441 | 401 | 219,201 | 199,381 | (9.0%) | ||
Other Operating Revenues | 22 | 30 | 10,926 | 15,149 | 38.6% | ||
Operating Revenues | 463 | 432 | 230,127 | 214,530 | (6.8%) | ||
Energy Purchases | (279) | (242) | (138,548) | (120,000) | 13.4% | ||
Other Operating Cost | (58) | (65) | (28,702) | (32,111) | (11.9%) | ||
Operating Costs | (337) | (306) | (167,251) | (152,111) | 9.1% | ||
Selling and Administrative Expenses | (43) | (40) | (21,442) | (19,937) | 7.0% | ||
Operating Income | 83 | 85 | 41,434 | 42,482 | 2.5% | ||
* Please take note that these figures could differ from those accounted under Peruvian GAAP.
Additional Information
Table 43
Edelnor | 12M 06 | 12M 07 | Var 06-07 | Chg % |
Customers (Th) | 952 | 986 | 34 | 3.7% |
GWh Sold | 4,874 | 5,201 | 327 | 6.8% |
Clients/Employee | 1,737 | 1,813 | 76 | 4.4% |
Energy Losses % (12M) | 8.2% | 8.1% | - | (1.8%) |
Pg. 44
![]() | PRESS RELEASE Year Ended 2007 – Breakdown by country |
PARTIALLYCONSOLIDATEDINCOMESTATEMENT
(Parent Company Year Ended 2007 Earnings Report)
UNDERCHILEANGAAP,MILLIONCH$
Table 44
4Q 06 | 4Q 07 | Var % | (in million Ch$ of 12M07) | 12M 06 | 12M 07 | Var % | ||||||
904 | 865 | (4.4%) | Gross Operating Margin | 3,625 | 3,510 | (3.2%) | ||||||
(4,523) | (6,194) | (36.9%) | S&A Expenses | (18,100) | (20,083) | (11.0%) | ||||||
(3,619) | (5,329) | (47.3%) | Operating Income | (14,474) | (16,574) | (14.5%) | ||||||
30,359 | 39,879 | 31.4% | Endesa | 122,102 | 115,427 | (5.5%) | ||||||
16,107 | 22,876 | 42.0% | Chilectra | 225,504 | 91,496 | (59.4%) | ||||||
(4,603) | 7,849 | (270.5%) | Edesur | (16,381) | 13,339 | (181.4%) | ||||||
1,136 | (333) | (129.3%) | Edelnor | 3,546 | 4,332 | 22.2% | ||||||
4,467 | 3,099 | (30.6%) | Ampla | 14,084 | 3,943 | (72.0%) | ||||||
- | - | N/A | Coelce | - | - | N/A | ||||||
4,940 | 5,270 | 6.7% | Codensa | 20,338 | 14,730 | (27.6%) | ||||||
(78) | 1,744 | (2325.1%) | CAM LTDA | 2,944 | 5,588 | 89.8% | ||||||
1,544 | 413 | (73.2%) | Inm Manso de Velasco | 4,278 | 7,020 | 64.1% | ||||||
(2,494) | 1,421 | 157.0% | Synapsis | (2,491) | 1,466 | (158.8%) | ||||||
9,761 | 11,225 | 15.0% | Endesa Brasil | 30,673 | 33,763 | 10.1% | ||||||
- | - | N/A | CGTF | - | - | N/A | ||||||
1,814 | - | N/A | Other | - | - | N/A | ||||||
62,952 | 93,443 | 48.4% | Net Income from Related Companies | 404,596 | 291,102 | (28.1%) | ||||||
9,519 | 7,816 | (17.9%) | Interest Income | 43,546 | 35,975 | (17.4%) | ||||||
(13,771) | (13,239) | 3.9% | Interest Expense | (61,670) | (54,592) | 11.5% | ||||||
(4,252) | (5,423) | (27.5%) | Net Financial Income (Expenses) | (18,124) | (18,616) | (2.7%) | ||||||
1,963 | 3,764 | 91.7% | Other Non Operating Income | 7,082 | 12,481 | 76.2% | ||||||
5,679 | (396) | 107.0% | Other Non Operating Expenses | (3,430) | (878) | 74.4% | ||||||
7,642 | 3,368 | (55.9%) | Net other Non Operating Income (Expenses) | 3,653 | 11,603 | 217.7% | ||||||
698 | 25 | 96.4% | Price Level Restatement | (1,465) | (6,332) | (332.1%) | ||||||
(2,961) | (9,071) | 206.4% | Foreign Exchange Effect | 2,002 | (19,551) | (1076.5%) | ||||||
(2,263) | (9,046) | 299.7% | Net Monetary Exposure | 537 | (25,883) | (4922.9%) | ||||||
(14,586) | (14,555) | 0.2% | Positive Goodwill Amortization | (58,388) | (58,315) | 0.1% | ||||||
49,493 | 67,786 | (37.0%) | Non Operating Income | 332,273 | 199,891 | (39.8%) | ||||||
45,874 | 62,457 | (36.1%) | Net Income before (1), (2) & (3) | 317,798 | 183,317 | (42.3%) | ||||||
677 | 4,276 | 531.2% | Income Tax (1) | (10,720) | 5,019 | (146.8%) | ||||||
11 | 9 | (14.7%) | Negative Goodwill Amortization (2) | 43 | 40 | (7.6%) | ||||||
- | - | N/A | Minority Interest (3) | - | - | N/A | ||||||
46,563 | 66,742 | (43.3%) | NET INCOME | 307,122 | 188,376 | (38.7%) | ||||||
1.43 | 2.04 | EPS (Ch$) | 9.41 | 5.77 | ||||||||
0.14 | 0.21 | EPADS (US$) | 0.95 | 0.58 | ||||||||
32,651,166 | 32,651,166 | Common Shares Outstanding (Th) | 32,651,166 | 32,651,166 | ||||||||
Pg. 45
![]() | PRESS RELEASE Year Ended 2007 – Breakdown by country |
UNDERCHILEANGAAP,THOUSANDUS$
Table 44.1
4Q 06 | 4Q 07 | Var % | (in thousand US$ of 12M07) | 12M 06 | 12M 07 | Var % | ||||||
1,820 | 1,740 | (4.4%) | Gross Operating Margin | 7,296 | 7,063 | (3.2%) | ||||||
(9,103) | (12,465) | (36.9%) | S&A Expenses | (36,426) | (40,418) | (11.0%) | ||||||
(7,283) | (10,725) | (47.3%) | Operating Income | (29,130) | (33,355) | (14.5%) | ||||||
61,098 | 80,257 | 31.4% | Endesa | 245,732 | 232,299 | (5.5%) | ||||||
32,416 | 46,038 | 42.0% | Chilectra | 453,830 | 184,137 | (59.4%) | ||||||
(9,264) | 15,795 | (270.5%) | Edesur | (32,967) | 26,846 | (181.4%) | ||||||
2,286 | (670) | (129.3%) | Edelnor | 7,136 | 8,718 | 22.2% | ||||||
8,990 | 6,237 | (30.6%) | Ampla | 28,345 | 7,935 | (72.0%) | ||||||
- | - | N/A | Coelce | - | - | N/A | ||||||
9,942 | 10,606 | 6.7% | Codensa | 40,930 | 29,644 | (27.6%) | ||||||
(158) | 3,510 | (2325.1%) | CAM LTDA | 5,925 | 11,245 | 89.8% | ||||||
3,106 | 832 | (73.2%) | Inm Manso de Velasco | 8,609 | 14,127 | 64.1% | ||||||
(5,019) | 2,860 | 157.0% | Synapsis | (5,014) | 2,949 | (158.8%) | ||||||
19,643 | 22,591 | 15.0% | Endesa Brasil | 61,731 | 67,948 | 10.1% | ||||||
- | - | N/A | CGTF | - | - | N/A | ||||||
3,651 | - | N/A | Others | - | - | N/A | ||||||
126,691 | 188,055 | 48.4% | Net Income from Related Companies | 814,256 | 585,847 | (28.1%) | ||||||
19,158 | 15,730 | (17.9%) | Interest Income | 87,637 | 72,401 | (17.4%) | ||||||
(27,715) | (26,644) | 3.9% | Interest Expense | (124,113) | (109,867) | 11.5% | ||||||
(8,558) | (10,914) | (27.5%) | Net Financial Income (Expenses) | (36,475) | (37,466) | (2.7%) | ||||||
3,950 | 7,574 | 91.7% | Other Non Operating Income | 14,254 | 25,118 | 76.2% | ||||||
11,430 | (796) | 107.0% | Other Non Operating Expenses | (6,902) | (1,767) | 74.4% | ||||||
15,380 | 6,778 | (55.9%) | Net other Non Operating Income (Expenses) | 7,351 | 23,351 | 217.7% | ||||||
1,404 | 50 | 96.4% | Price Level Restatement | (2,949) | (12,742) | (332.1%) | ||||||
(5,959) | (18,256) | 206.4% | Foreign Exchange Effect | 4,029 | (39,347) | (1076.5%) | ||||||
(4,554) | (18,206) | 299.7% | Net Monetary Exposure | 1,080 | (52,089) | (4922.9%) | ||||||
(29,354) | (29,292) | 0.2% | Positive Goodwill Amortization | (117,507) | (117,359) | 0.1% | ||||||
99,605 | 136,421 | (37.0%) | Non Operating Income | 668,705 | 402,284 | (39.8%) | ||||||
92,322 | 125,696 | (36.1%) | Net Income before (1), (2) & (3) | 639,575 | 368,929 | (42.3%) | ||||||
1,363 | 8,605 | 531.2% | Income Tax (1) | (21,574) | 10,101 | (146.8%) | ||||||
21 | 18 | (14.7%) | Negative Goodwill Amortization (2) | 87 | 80 | (7.6%) | ||||||
- | - | N/A | Minority Interest (3) | - | - | N/A | ||||||
93,707 | 134,319 | (43.3%) | NET INCOME | 618,088 | 379,109 | (38.7%) | ||||||
1.43 | 2.04 | EPS (Ch$) | 9.41 | 5.77 | ||||||||
0.14 | 0.21 | EPADS (US$) | 0.95 | 0.58 | ||||||||
32,651,166 | 32,651,166 | Common Shares Outstanding (Th) | 32,651,166 | 32,651,166 | ||||||||
Pg. 46
![]() | PRESS RELEASE Year Ended 2007 – Breakdown by country |
OWNERSHIP OF THECOMPANY AS OFDECEMBER31,2007
CONFERENCECALLINVITATION
Enersis is pleased to inform you that it will hold a conference call to review its results for the period, on Thursday, February 28, 2008, at 10:00 AM EST (Eastern Standard Time) (12:00 pm Chilean time). To participate, please dial +1 (617) 213-4846 or +1 (888) 679-8033 (toll free USA), approximately 10 minutes prior to the scheduled start time, Passcode ID: 62493646.
The phone replay will be available between February 28, 2008, and March 06, 2008, dialing +1 (617) 801-6888 or +1 (888) 286-8010 (toll free USA) Passcode ID: 94207493.
To access the call online, or to access the replay, go to:http://www.enersis.com Investor Relations.
Pg. 47
![]() | PRESS RELEASE Year Ended 2007 – Breakdown by country |
CONTACTINFORMATION
For further information, please contact us:
Susana Rey | ||||||
Head of Investor Relations | ||||||
srm@e.enersis.cl | ||||||
56 (2) 353 4554 | ||||||
Ignacio González | Denisse Labarca | Doris Saba | Carmen Poblete | |||
Investor Relations | Investor Relations | Investor Relations | Investor Relations | |||
Representative | Representative | Representative | Representative | |||
ijgr@e.enersis.cl | dla@e.enersis.cl | dsb@e.enersis.cl | cpt@e.enersis.cl | |||
56 (2) 353 4552 | 56 (2) 353 4492 | 56 (2) 353 4555 | 56 (2) 353 4447 | |||
Maria Luz 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.
Pg. 48
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. | |
By: /s/ Ignacio Antoñanzas | |
-------------------------------------------------- | |
Title: Chief Executive Officer |
Date: February 28, 2008