FORM 6-K
Pursuant to Rule 13a-16 or 15d-16 of
the Securities Exchange Act of 1934
For the month of October, 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
NINE MONTHS ENDED September 30, 2008
HIGHLIGHTS FOR THEPERIOD
ECONOMIC-FINANCIALSUMMARY
The most important topics as of September 2008, as compared with September 2007, may be summarized as follows:
1. RESULTS
• Operating Revenues increased 28% or Ch$ 986,922 million amounting Ch$ 4,553,459 million.
• Operating Income increased 39% or Ch$ 371,129 million amounting Ch$ 1,330,147 million, basically related to the exceptional performance of both lines of business:
• Generation & Transmission | 48% | |
• Distribution | 30% |
• Net Income reached Ch$ 339,245 million a 161% of better result.
• Net Cash Flow coming from operating activities increased 105% or Ch$ 645,608 million amounting Ch$ 1,260,150 million.
• Net Interest Income improved 4% or Ch$ 9,650 million, and Interest Coverage increased by 26% to 5,3 times.
2. DISTRIBUTIONBUSINESS
• The Operating Revenues of the distribution business confirms its sustained stability by growing at 25%; equivalent to Ch$ 574,406 million, reaching Ch$ 2,838,283 million.
• In addition to other reasons, higher revenues were recorded thanks to an additional 422,000 new clients over the last 12 months, whose composition is as follows:
- Chile 3.6% or 53 thousand new clients
- Argentina 1.6% or 35 thousand new clients
- Colombia 3.3% or 73 thousand new clients
- Brazil 4.4 % or 222 thousand new clients
- Peru 4.0% or 39 thousand new clients
The foregoing reflects the natural growth of our subsidiaries as a result of the incorporation of new clients at an annual average rate between 3% or 4%; which - in terms of number of clients - is equivalent to add a new medium size distribution company every year.
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• Consolidated physical sales increased by 2.0%, where, the largest growth corresponded to Peru, with a 7.8% increase.
• An important improvement in distribution business was the reduction in energy losses, which dropped from 11.3% to 10.8%, in average for the Group.
3. GENERATION ANDTRANSMISSIONBUSINESS
• As distribution business, Operating Revenues coming from Generation and Transmission showed a 29% increase, equivalent to Ch$ 450,000 million.
• Operating Revenues increased basically due to higher average sale prices. Sales have remained practically constant, despite a 2% increase in installed capacity, from 13,595 MW to 13,885 MW, because of the coming on line of the San Isidro II, Palmucho, Canela and Ojos de Agua facilities in Chile.
• The incorporation of these new power plants reflects the real commitment of Enersis to providing a safe energy supply compatible with the country’s demand. At the same time, two of the above-mentioned projects are part of initiatives intended to supply the environmentally-compatible system of solutions with the highest degree of standards and sustainability requirements.
• Generation subsidiaries reporting the highest operating increases were Emgesa (Colombia) and Cachoeira Dourada (Brazil).
4. FINANCIALS
• Liquidity, a key consideration in our financial management, continues to be in a very solid position, as follows:
- Open Credit Lines for US$ 411 million available between Enersis and its subsidiary Endesa Chile in the domestic market as well as other US$ 800 million in the international financial market.
- Cash and Cash Equivalents, amounts to US$ 1,390 million, which represents an increase of 75%, equivalent to US$ 594 million.
• Maturities for the coming year are going to be managed according to the most efficient solution compatible with our financial strategy. Amounts by maturity, can be seen in the following chart:
US$ | Less than | Between 1 | Between 2 | Between 3 | Between 5 | More than | Total | |||||||
millon | 1 year * | & 2 years | & 3 years | & 5 years | & 10 years | 10 years | ||||||||
Bonds | 596 | 414 | 755 | 691 | 340 | 4 | 2,800 | |||||||
Banks | 786 | 335 | 150 | 971 | 1,419 | 698 | 4,359 | |||||||
Total | 1,382 | 749 | 905 | 1,662 | 1,758 | 702 | 7,159 | |||||||
* Includes accrued interest of financial debt only |
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• Coverage and protection
Enersis, in accomplishment to its Financial Strategy, has continued applying a rigorous control over its liquidity along all its subsidiaries. In that respect, in addition to strict internal rules to protect our balance sheet, we have hired several instruments to protect our cash flows and liquidity.
Among other, between Enersis and Endesa Chile, we currently have:
- Cross Currency Swaps for a total amount of US$ 652 million to match, as much as possible, the currency in which cash flows are originated and its associated debt.
- Interest Rate Swaps for US$ 168 million, not to be exposed to huge variations in this crucial variable.
- Collars, for a whole value of US$ 250 million, intended to provide additional protection against important variations in interest rate.
- Forwards, for US$ 8 million, not to be exposed to exchange variations.
The previous financial tools are being permanently evaluated and adjusted to the variable macroeconomic scenario, in order to achieve the most efficient levels of protection.
These instruments, however, do not replace the most important reason behind our liquidity: the very stable nature of our business, where electricity has no perfect substitutes.
5. MARKETSUMMARY
• The Chilean Stock Market was the second less affected market during the worst days of unprecedented volatility experienced during the third quarter.
• Last September, Enersis was the most invested company by the Chilean Pension Funds.
Issuer | Sector | Buy | Sell | Net | ||||
Enersis | Electric, Integrated | 34.8 | -4.6 | 30.2 | ||||
Endesa Chile | Electric Generation | 35.4 | -5.8 | 29.6 | ||||
Cencosud | Retail | 25.1 | -2.3 | 22.8 | ||||
CTC-A | Telecommunications | 14.3 | 0.0 | 14.3 | ||||
CCU | Beverage | 10.1 | 0.0 | 10.1 | ||||
Copec | Industrial Holding | 19.9 | -10.5 | 9.4 | ||||
Fuente: Banchile |
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6. RISKRATINGCLASSIFICATIONINFORMATION
In the macroeconomic arena, is important to highlight that in the second quarter of 2008, two of the countries in which Enersis operates received an Investment Grade classification. This means that now, 94% of our total EBITDA comes from countries whose cash flow may become increasingly predictable and stable.
Country | S&P | Moody’s | Fitch | |||
Perú | BBB- / 14 Jul 08 | Ba1 / 19 Ago 08 | BBB- / 2 Abr 08 | |||
Brazil | BBB- / 30 Abr 08 | Ba1 / 23 Ago 07 | BBB- / 29 May 08 | |||
Colombia | BBB- / 12 Jun 07 | Ba1 / 19 Jun 08 | BB+ / 21Jun 07 | |||
Moreover, these countries have been awarded at least two ratings, thus facilitating the participation of new international funds in the development and financing of large-scale energy projects, for which Enersis constitutes an excellent market reference.
Rating agencies are frequently informed about our cash position and maturities schedule, and we have not received any concern or warning from them.
• International classification:
Enersis | S&P | Moody’s | Fitch | |||
Corporate | BBB, Stable | Baa3, Stable | BBB, Stable | |||
• Domestic classification:
Enersis | Feller Rate | Fitch | ||
Shares | BBB, Stable | BBB, Stable | ||
Bonds | AA-, Stable | AA-, Stable | ||
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TABLE OFCONTENTS
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GENERALINFORMATION
(Santiago, Chile, September 30, 2008) Enersis S.A. (NYSE: ENI), announced today its consolidated financial results for the nine months ended on September 30, 2008. All figures are in both US$ and Ch$, under Chilean Generally Accepted Accounting Principles (Chilean GAAP), as seen in the standardized form (FECU) required by Chilean authorities. Variations refer to the period between September 30, 2007 and September 30, 2008. Figures for 2007 have been adjusted by the accounting convention for CPI variation between both periods, accounting to 9.3% .
Any figures in US$ are merely offered as a convenience translation, using the exchange rate of Ch$551.31 = US$1 for September 30, 2008. The Chilean Peso depreciated by 7.8% against the US$ between September 28, 2007 and the comparable date in 2008.
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 September 2007.
* Includes Endesa Chile chilean subsidiaries (Celta, Pangue, Pehuenche, San Isidro, Túnel El Melón) and foreign subsidiaries (Costanera, El Chocón, Edegel and Emgesa).
** Includes Endesa Fortaleza, CIEN, Cachoeira Dourada, Ampla and Coelce.
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SIMPLIFIEDORGANIZATIONALSTRUCTURE
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MARKETINFORMATION
EQUITYMARKET
New York Stock Exchange (NYSE)
The chart below presents the performance of Enersis’ ADS (ENI) stock price listing in NYSE (“ENI”) compared to the Dow Jones Industrials and the Dow Jones Utilities Indexes over the last 12 months:
![](https://capedge.com/proxy/6-K/0001292814-08-002930/fp9a.gif)
Bolsa de Comercio de Santiago (BCS)
The chart below presents the performance of the Enersis’ Chilean stock price over the last 12 months compared to the selective Chilean Stock Index (IPSA):
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Madrid Stock Exchange (Latibex)
The chart below illustrates the Enersis’ share price (XENI) at the Madrid Stock Exchange (Latibex) over the last 12 months compared to the Local Stock Index:
![](https://capedge.com/proxy/6-K/0001292814-08-002930/fp10b.gif)
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DEBTMARKET
The following chart presents the pricing of our Yankee Bonds over the last twelve months compared to the Ishares Iboxx Investment grade corporate bond Fund Index:
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RISKRATINGCLASSIFICATION
Fitch: BBB / Stable
Rationale(July 2, 2008); “Fitch Ratings 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', which affects its foreign unsecured debt issuances. In addition Enersis’ national scale rating was affirmed at ‘AA-(chl)’, which affects approximately US$84 million of local bond issuances (UF denominated). All ratings have a Stable Outlook. The ratings reflect the expected growth in energy demand all throughout Latin America. The ratings are tempered by the company’s dependence on dividend payments from its subsidiaries to repay its own debt, and its exposure to less creditworthy international markets, such as Argentina and Colombia, which adds some volatility to the earnings profile.”
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 Credit Watch 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.”
Moody’s: Baa3 / Stable
Rationale (December 27, 2007); “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- / Stable - 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 2, 2008); “Fitch Ratings has affirmed Enersis’ national scale rating at ‘AA-(chl)’, which affects approximately US$84 million of local bond issuances (UF denominated). All ratings have a Stable Outlook. In addition, Fitch affirmed Enersis’ equity rating at ‘Level 1’. The ratings are tempered by the company’s dependence on dividend payments from its subsidiaries to repay its own debt, and its exposure to less creditworthy international markets, such as Argentina and Colombia, which adds some volatility to the earnings profile.”
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CONSOLIDATEDINCOMESTATEMENT
UNDERCHILEANGAAP, MILLIONCH$
Table 2 | ||||||||
CONS. INCOME STATEMENT - (million Ch$) | 9M 07 | 9M 08 | Var 07-08 | Chg % | ||||
Revenues from Generation & Transmission | 1,542,262 | 1,992,262 | 450,000 | 29.2% | ||||
Revenues from Distribution | 2,263,877 | 2,838,283 | 574,406 | 25.4% | ||||
Revenues from Engineering and Real Estate | 48,238 | 37,228 | (11,010) | (22.8%) | ||||
Revenues from Other Businesses | 157,612 | 180,284 | 22,672 | 14.4% | ||||
Consolidation Adjustments | (445,452) | (494,598) | (49,146) | (11.0%) | ||||
Operating Revenues | 3,566,537 | 4,553,459 | 986,922 | 27.7% | ||||
Costs from Generation | (1,004,166) | (1,213,107) | (208,941) | (20.8%) | ||||
Costs from Distribution | (1,645,182) | (2,077,137) | (431,955) | (26.3%) | ||||
Costs from Engineering and Real Estate | (36,132) | (29,316) | 6,816 | 18.9% | ||||
Costs from Other Businesses | (128,604) | (146,413) | (17,809) | (13.8%) | ||||
Consolidation Adjustments | 420,007 | 473,522 | 53,515 | 12.7% | ||||
Operating Costs | (2,394,077) | (2,992,451) | (598,374) | (25.0%) | ||||
Gross Profit | 1,172,460 | 1,561,008 | 388,548 | 33.1% | ||||
SG&A from Generation | (37,537) | (37,454) | 83 | 0.2% | ||||
SG&A from Distribution | (167,312) | (175,539) | (8,227) | (4.9%) | ||||
SG&A from Engineering and Real Estate | (3,527) | (3,328) | 199 | 5.6% | ||||
SG&A from Other Businesses | (33,872) | (39,834) | (5,962) | (17.6%) | ||||
Consolidation Adjustments | 28,806 | 25,294 | (3,512) | (12.2%) | ||||
Selling and Administrative Expenses | (213,442) | (230,861) | (17,419) | (8.2%) | ||||
Operating Income | 959,018 | 1,330,147 | 371,129 | 38.7% | ||||
Interest Income | 88,609 | 105,704 | 17,095 | 19.3% | ||||
Interest Expense | (334,330) | (341,774) | (7,444) | (2.2%) | ||||
Net Interest (Expense) | (245,720) | (236,070) | (9,650) | 3.9% | ||||
Equity Gains from Related Companies | 2,757 | 2,971 | 214 | 7.8% | ||||
Equity Losses from Related Companies | (6,223) | (4,569) | 1,654 | 26.6% | ||||
Net Income from Related Companies | (3,466) | (1,598) | 1,868 | 53.9% | ||||
Other Non Operating Income | 164,971 | 174,295 | 9,324 | 5.7% | ||||
Other Non Operating Expenses | (309,355) | (160,715) | 148,640 | 48.0% | ||||
Net other Non Operating Income (Expense) | (144,384) | 13,580 | 157,964 | N/A | ||||
Price Level Restatement | (12,720) | (18,292) | (5,572) | (43.8%) | ||||
Foreign Exchange Effect | 12,310 | 8,799 | (3,511) | (28.5%) | ||||
Net of Monetary Exposure | (410) | (9,492) | (9,082) | - | ||||
Positive Goodwill Amortization | (47,994) | (48,058) | (64) | (0.1%) | ||||
Non Operating Income | (441,974) | (281,639) | 160,335 | 36.3% | ||||
Net Inc b. Taxes, Min Int and Neg Goodwill Amort. | 517,044 | 1,048,508 | 531,464 | 102.8% | ||||
Extraordinary Items | - | - | - | - | ||||
Income Tax | (195,706) | (273,177) | (77,471) | (39.6%) | ||||
Minority Interest | (194,958) | (440,263) | (245,305) | (125.8%) | ||||
Negative Goodwill Amortization | 3,705 | 4,177 | 472 | 12.7% | ||||
NET INCOME | 130,085 | 339,245 | 209,160 | 160.8% | ||||
EBITDA (*) | 1,312,593 | 1,700,985 | 388,392 | 29.6% | ||||
(*) EBITDA: Operating Income+Depreciation+Amortization |
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UNDERCHILEANGAAP, THOUSANDUS$
Table 2.1 | ||||||||
CONS. INCOME STATEMENT - (thousand US$) | 9M 07 | 9M 08 | Var 07-08 | Chg % | ||||
Revenues from Generation & Transmission | 2,797,450 | 3,613,688 | 816,238 | 29.2% | ||||
Revenues from Distribution | 4,106,359 | 5,148,253 | 1,041,894 | 25.4% | ||||
Revenues from Engineering and Real Estate | 87,497 | 67,526 | (19,971) | (22.8%) | ||||
Revenues from Other Businesses | 285,886 | 327,010 | 41,124 | 14.4% | ||||
Consolidation Adjustments | (807,988) | (897,132) | (89,144) | (11.0%) | ||||
Operating Revenues | 6,469,204 | 8,259,343 | 1,790,139 | 27.7% | ||||
Costs from Generation | (1,821,417) | (2,200,408) | (378,991) | (20.8%) | ||||
Costs from Distribution | (2,984,132) | (3,767,639) | (783,507) | (26.3%) | ||||
Costs from Engineering and Real Estate | (65,538) | (53,175) | 12,363 | 18.9% | ||||
Costs from Other Businesses | (233,270) | (265,572) | (32,302) | (13.8%) | ||||
Consolidation Adjustments | 761,835 | 858,903 | 97,068 | 12.7% | ||||
Operating Costs | (4,342,524) | (5,427,892) | (1,085,368) | (25.0%) | ||||
Gross Profit | 2,126,680 | 2,831,452 | 704,772 | 33.1% | ||||
SG&A from Generation | (68,088) | (67,936) | 152 | 0.2% | ||||
SG&A from Distribution | (303,481) | (318,404) | (14,923) | (4.9%) | ||||
SG&A from Engineering and Real Estate | (6,398) | (6,037) | 361 | 5.6% | ||||
SG&A from Other Businesses | (61,440) | (72,253) | (10,813) | (17.6%) | ||||
Consolidation Adjustments | 52,250 | 45,879 | (6,371) | (12.2%) | ||||
Selling and Administrative Expenses | (387,154) | (418,750) | (31,596) | (8.2%) | ||||
Operating Income | 1,739,526 | 2,412,702 | 673,176 | 38.7% | ||||
Interest Income | 160,725 | 191,732 | 31,007 | 19.3% | ||||
Interest Expense | (606,428) | (619,930) | (13,502) | (2.2%) | ||||
Net Interest (Expense) | (445,703) | (428,199) | 17,504 | 3.9% | ||||
Equity Gains from Related Companies | 5,000 | 5,389 | 389 | 7.8% | ||||
Equity Losses from Related Companies | (11,288) | (8,287) | 3,001 | 26.6% | ||||
Net Income from Related Companies | (6,288) | (2,898) | 3,390 | 53.9% | ||||
Other Non Operating Income | 299,234 | 316,147 | 16,913 | 5.7% | ||||
Other Non Operating Expenses | (561,127) | (291,515) | 269,612 | 48.0% | ||||
Net other Non Operating Income (Expense) | (261,893) | 24,632 | 286,525 | N/A | ||||
Price Level Restatement | (23,073) | (33,178) | (10,105) | (43.8%) | ||||
Foreign Exchange Effect | 22,329 | 15,960 | (6,369) | (28.5%) | ||||
Net of Monetary Exposure | (743) | (17,218) | (16,475) | - | ||||
Positive Goodwill Amortization | (87,054) | (87,171) | (117) | (0.1%) | ||||
Non Operating Income | (801,680) | (510,853) | 290,827 | 36.3% | ||||
Net Inc b. Taxes, Min Int and Neg Goodwill Amort. | 937,846 | 1,901,848 | 964,002 | 102.8% | ||||
Extraordinary Items | - | - | - | - | ||||
Income Tax | (354,983) | (495,505) | (140,522) | (39.6%) | ||||
Minority Interest | (353,627) | (798,576) | (444,949) | (125.8%) | ||||
Negative Goodwill Amortization | 6,720 | 7,577 | 857 | 12.7% | ||||
NET INCOME | 235,956 | 615,344 | 379,388 | 160.8% | ||||
EBITDA (*) | 2,380,862 | 3,085,352 | 704,490 | 29.6% | ||||
(*) EBITDA: Operating Income+Depreciation+Amortization |
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CONSOLIDATEDINCOMESTATEMENTANALYSIS
(Figures in Ch$, Source: FECU)
NETINCOME
As of September 30, 2008, Enersis’ income increased significantly by 160.8% totaling Ch$339,245 million, which is Ch$209,160 million higher than the previous year.
OPERATINGINCOME
Operating income ending September 30, 2008 increased by Ch$371,129 million, up from Ch$959,018 million as of September 30, 2007 to Ch$1,330,147 million for this period, corresponding to a 38,7% increase. This is due to the good results recorded in both businesses.
Generation and Transmission Businesses exhibits an operating result increase of Ch$241,142 million, equivalent to a 48.2% which represents Ch$741.701 million. This increase was mainly achieved by higher prices in spite of having stable physical generation sales with respect to same period last year, reaching 46,332 GWh in September 2008 (46,404 GWh as of September 2007).
The Distribution businessshows an increase in the operating result of Ch$134,224 million, equivalent to a 29.7% increase, amounting Ch$585,607 million. Physical sales as of September 30, 2008 totaled 46.868 GWh, up 925 GWh or 2.0% with respect to the same period last year. Furthermore, a total of 422,000 new customers, representing a 3.5% increase over same period last year, thereby exceeding the 12.3 million customer base.
Table 4
9M07 | 9M08 | |||||||||||||||
Million Ch$ | Operating Revenues | Operating Costs | SG & A | Operating Income | Operating Revenues | Operating Costs | SG& A | Operating Income | ||||||||
Endesa Chile | 1,369,747 | (923,047) | (30,994) | 415,706 | 1,729,944 | (1,111,657) | (30,806) | 587,481 | ||||||||
Cachoeira (*) | 68,522 | (24,989) | (1,981) | 41,552 | 129,472 | (36,629) | (2,032) | 90,811 | ||||||||
Fortaleza (**) | 83,726 | (43,404) | (1,223) | 39,099 | 96,554 | (68,077) | (1,666) | 26,811 | ||||||||
Cien (**) | 62,606 | (51,321) | (3,650) | 7,635 | 61,484 | (17,500) | (3,389) | 40,595 | ||||||||
Chilectra | 624,112 | (485,117) | (37,000) | 101,995 | 778,300 | (632,013) | (36,065) | 110,222 | ||||||||
Edesur | 239,838 | (189,856) | (33,002) | 16,980 | 258,065 | (198,188) | (42,601) | 17,276 | ||||||||
Distrilima (Edelnor) | 176,789 | (125,267) | (16,231) | 35,291 | 201,463 | (138,360) | (17,398) | 45,705 | ||||||||
Ampla | 438,554 | (306,179) | (26,053) | 106,322 | 594,149 | (417,862) | (32,448) | 143,839 | ||||||||
Investluz (Coelce) | 356,599 | (251,557) | (41,496) | 63,546 | 451,049 | (329,642) | (31,221) | 90,186 | ||||||||
Codensa | 427,983 | (287,207) | (13,408) | 127,368 | 555,258 | (361,071) | (15,660) | 178,527 | ||||||||
CAM Ltda. | 108,005 | (90,767) | (8,072) | 9,166 | 125,450 | (107,056) | (11,891) | 6,503 | ||||||||
Inmobiliaria Manso de Velasco Ltda. | 23,650 | (16,019) | (2,523) | 5,108 | 8,807 | (6,324) | (2,181) | 302 | ||||||||
Synapsis Soluciones y Servicios IT Ltda. | 45,586 | (34,279) | (9,554) | 1,753 | 50,822 | (38,067) | (6,444) | 6,311 | ||||||||
Enersis Holding and other investment vehicles | 4,022 | (3,558) | (16,179) | (15,715) | 4,012 | (1,291) | (21,470) | (18,749) | ||||||||
Consolidation Adjustments | (463,202) | 438,490 | 27,924 | 3,212 | (491,370) | 471,286 | 24,411 | 4,327 | ||||||||
Total Consolidation | 3,566,537 | (2,394,077) | (213,442) | 959,018 | 4,553,459 | (2,992,451) | (230,861) | 1,330,147 | ||||||||
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Table 4.1
9M07 | 9M08 | |||||||||||||||
Thousand US$ | Operating Revenues | Operating Costs | SG & A | Operating Income | Operating Revenues | Operating Costs | SG& A | Operating Income | ||||||||
Endesa Chile | 2,484,532 | (1,674,279) | (56,219) | 754,034 | 3,137,880 | (2,016,391) | (55,878) | 1,065,611 | ||||||||
Cachoeira (*) | 124,289 | (45,326) | (3,594) | 75,369 | 234,845 | (66,439) | (3,686) | 164,719 | ||||||||
Fortaleza (**) | 151,868 | (78,729) | (2,218) | 70,921 | 175,135 | (123,482) | (3,022) | 48,631 | ||||||||
Cien (**) | 113,558 | (93,090) | (6,621) | 13,847 | 111,524 | (31,742) | (6,147) | 73,635 | ||||||||
Chilectra | 1,132,053 | (879,935) | (67,114) | 185,004 | 1,411,728 | (1,146,384) | (65,416) | 199,928 | ||||||||
Edesur | 435,034 | (344,373) | (59,861) | 30,800 | 468,095 | (359,486) | (77,273) | 31,335 | ||||||||
Distrilima (Edelnor) | 320,670 | (227,217) | (29,441) | 64,012 | 365,426 | (250,967) | (31,558) | 82,901 | ||||||||
Ampla | 795,475 | (555,366) | (47,257) | 192,853 | 1,077,703 | (757,943) | (58,856) | 260,904 | ||||||||
Investluz (Coelce) | 646,822 | (456,290) | (75,268) | 115,263 | 818,140 | (597,924) | (56,630) | 163,585 | ||||||||
Codensa | 776,301 | (520,954) | (24,321) | 231,026 | 1,007,161 | (654,934) | (28,404) | 323,823 | ||||||||
CAM Ltda. | 195,907 | (164,639) | (14,642) | 16,625 | 227,549 | (194,185) | (21,568) | 11,796 | ||||||||
Inmobiliaria Manso de Velasco Ltda. | 42,898 | (29,055) | (4,576) | 9,267 | 15,975 | (11,471) | (3,956) | 547 | ||||||||
Synapsis Soluciones y Servicios IT Ltda. | 82,687 | (62,177) | (17,329) | 3,181 | 92,184 | (69,047) | (11,689) | 11,448 | ||||||||
Enersis Holding and other investment vehicles | 7,296 | (6,454) | (29,347) | (28,505) | 7,277 | (2,341) | (38,943) | (34,007) | ||||||||
Consolidation Adjustments | (840,185) | 795,360 | 50,650 | 5,825 | (891,276) | 854,848 | 44,278 | 7,850 | ||||||||
Total Consolidation | 6,469,205 | (4,342,525) | (387,158) | 1,739,522 | 8,259,345 | (5,427,890) | (418,750) | 2,412,706 | ||||||||
(*) Consolidated by Endesa Chile until September 30th, 2005. Since October 1th, 2005 is consolidated by Enersis through Endesa Brasil. | ||||||||||||||||
(**) Since October 1, 2005, these subsidiaries are consolidated by Enersis through Endesa Brasil. |
NONOPERATINGINCOME
As of the end of the third quarter 2008, the company had recorded a loss in non-operating income amounting to Ch$281,639 million, showing a Ch$160,335 million improvement with respect to the loss registered on the same date of the year 2007 (Ch$441,974 million). Mainly due to:
Interest expense net of interest incomeexhibits a 3.9% decrease equal to Ch$9,650 million, resulting from a drop in net expenses of Ch$245,720 million as of September 2007 to net expenses of Ch$236,070 million for the current period. This decrease in interest expense is primarily due to greater interest income of Ch$7.965 million, mostly from Chilectra, Edesur, and Codensa, and lower interest expense of Ch$5.504 million, primarily from Endesa Chile, given a lower average exchange rate, and from Edesur as a result of lower fines updates which were partially offset by Codensa’s greater debt.
Equity in income of related companies, net, increased by Ch$1,868 million after having gone from a net loss of Ch$3,466 million as of September 2007 to a net loss of Ch$1,598 million in the current period. This lower loss was partially the result of having recognized fewer losses in Gas AtacamaHolding for Ch$ 2,494 million, totaling Ch$2,736 million in income during the period, as compared to a loss of Ch$5,230 million as of the same period on 2007. This was partially compensated by the higher loss coming from Aysen power plant for Ch$ 504 million.
Goodwill amortizationdid not undergo any significant changes and amounted to Ch$48,058 million as of September 30th, 2008, which represents an increase of Ch$64 million as compared to the same period last year.
Other non-operating income and expenses, net, increased by Ch$157,964 million, moving from a loss of Ch$144.384 million as of September 2007 to a profit of Ch$13,580 million in the current period.
The main reasons that explain such result variation are identified below:
• Higher net profit of Ch$219,987 million coming from the conversion adjustment to Chilean rules resulting from the application of Technical Bulletin N°64, mainly in the Brazilian and Colombian subsidiaries (Ch$83,657 million, net of minority shareholders).
• Fewer expenses related to a Heritage Tax in Colombia of Ch$10,901 million.
• Fewer expenses related to fines and penalties of Ch$15,810 million, primarily in CIEN, Edesur, and CGTF.
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The foregoing was partially offset by:
• Ch$31,047 million less in income due to tariff adjustments in previous fiscal years in Edesur, which was recognized during first quarter of the year 2007.
• Ch$20,541 million less in income due to provision reversals during the 2007.
• Ch$18,409 million increase in tax expense in Chile.
• Ch$9,159 million less in revenues in CIEN due to the liquidation of its contract with Cemsa, recognized in 2007.
Price-level restatementunderwent a negative change of Ch$5,572 million, primarily due to the impact of higher inflation during the present period which reached 6.9% versus 5.1% during the same period in 2007. This change has affected both non-monetary and monetary assets and liabilities, mainly UF-denominated bonds, in addition to updated income accounts.
Foreign currency translationas of September 30th, 2008 revealed a negative change of Ch$3,511 million, dropping from a positive balance of Ch$12,310 million in 2007 to Ch$8,799 million for the current period. This is the result of both an active position of mismatch in dollars held by the company during both periods and changes in the Chilean peso-dollar parity. Consequently, during the previous period the exchange rate drop $21.16 pesos from Ch$532.39 to Ch$511.23 while it increased up to Ch$54.42 this period from Ch$496.89 to Ch$551.31.
Income Taxes and Deferred Taxesduring the current period it was recorded an expense of Ch$273,177 million, which represents an increment of Ch$77,471 million when compared to the Ch$195,706 million expense recorded as of September 30, 2007.
TheIncome Tax Expense increased Ch$62,057 million, which is primarily due to greater income tax provisions in our following subsidiaries: Emgesa (Ch$33,573 million), Codensa (Ch$16,121 million), Ampla (Ch$15,655 million), Pehuenche (Ch$10,168 million), Pangue (Ch$5,305 million), San Isidro (Ch$2,714 million) and Costanera (Ch$2,293 million), partially offset by lower Income Tax provisions in our affiliates: Coelce (Ch$6,723 million), CIEN (Ch$6,310 million), Endesa Chile (Ch$6,163 million), El Chocón (Ch$5,219 million) and Edegel (Ch$1,667 million).
With respect toDeferred Taxes, which do not represent cash flows, they recorded a greater expense of Ch$15,414 million, primarily due to the recorded changes in CIEN (Ch$19,139), Endesa Chile (Ch$5,779 million), Coelce (Ch$5,229 million), San Isidro (Ch$5,221 million), Chilectra (Ch$4,846 million) and Edelnor (Ch$3,835 million), which was partially offset by Edesur (Ch$10,513 million), Ampla (Ch$7,841 million), Ampla Investimento (Ch$4,458 million), Edegel (Ch$3,377 million) and Codensa (Ch$3,161 million).
Negative Goodwill Amortizationamounted to Ch$4,177 million as of September 30th, 2008 which does not represent any significant change from the same period last year for which this figure totaled Ch$3,705 million.
Minority Interestincreased by Ch$245,305 million for a total of Ch$440,263 million. The foregoing is the consequence of the significant increase in the results of some of our subsidiaries that now have a high percentage of minority interest. Such is the case of Endesa Chile, which increased by Ch$64,645 million, Codensa (Ch$56,838) million, Emgesa (Ch$47,385 million), Endesa Brazil (Ch$31,789 million), Coelce (Ch$24,817 million) and Ampla (Ch$7,099 million), partially offset by the drop in Edesur (Ch$3,132 million) and El Chocón (Ch$3.076 million).
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EVOLUTIONOFKEYFINANCIALRATIOS
Table 5 | ||||||||||
Indicator | Unit | 9M 07 | 9M 08 | Var 07-08 | Chg % | |||||
Liquidity | Times | 1.24 | 1.20 | (0.04) | (3.2%) | |||||
Acid ratio test * | Times | 1.14 | 1.11 | (0.03) | (2.6%) | |||||
Working capital | million Ch$ | 415,541 | 388,027 | (27,514) | (6.6%) | |||||
Working capital | th. US$ | 753,733 | 703,828 | (49,906) | (6.6%) | |||||
Leverage ** | Times | 0.99 | 0.94 | (0.05) | (5.1%) | |||||
Short-term debt | % | 0.29 | 0.32 | 0.03 | 10.3% | |||||
Long-term debt | % | 0.71 | 0.68 | (0.03) | (4.2%) | |||||
Interest Coverage*** | Times | 4.18 | 5.25 | 1.07 | 25.6% | |||||
EBITDA**** | th. US$ | 2,380,862 | 3,085,352 | 704,490 | 29.6% | |||||
O.I./O.R. | % | 26.89 | 29.21 | 2.32 | 8.6% | |||||
ROE | % | 5.60% | 13.51% | 7.91% | 141.2% | |||||
ROA | % | 1.41% | 3.57% | 2.16% | 152.8% | |||||
* 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
Theliquidity index as of September 2008 amounted to 1.20 times, revealing a 0.04 times decrease, which is equivalent to 3.2% drop as compared to the same period last year. The latter is due to a temporary situation: In effect, during the second quarter took place the refinancing of Endesa Chile’s bonds that mature in less than one year and that were transferred to the short term. Despite the latter, the indexes reflect that the company enjoys a sound position in terms of liquidity, while it continues to hold bank debt and finance its investments with cash surplus, while having an appropriate schedule of debt maturity.
Theindebtedness ratio reached 0.94 as of September 30, 2008, a decreased of 5.1% over its 2007 level.
Interest coverage increased 1.07 times or the equivalent of 25.6% as it jumped from 4.18 times in September 2007 to 5.25 times in the current period. This is due to the better results obtained by the Enersis Group during this period, in addition to a reduction in interest expense.
Furthermore, the annualROE amounted to 13.51%, which was 5.60% by the same period last year.
AnnualROAjumped from 1.41% in September 2007 to 3.57% as of September 30, 2008, which is also a reflection of the better results recorded for this year, partly offset by an increase in dollar-denominated assets.
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CONSOLIDATEDBALANCESHEET
ASSETSUNDERCHILEANGAAP,MILLIONCH$
Table 6 | ||||||||
ASSETS - (million Ch$) | 9M 07 | 9M 08 | Var 07-08 | Chg % | ||||
CURRENT ASSETS | ||||||||
Cash | 99,527 | 66,395 | (33,132) | (33.3%) | ||||
Time deposits | 319,690 | 456,008 | 136,318 | 42.6% | ||||
Marketable securities | 12,845 | 14,993 | 2,148 | 16.7% | ||||
Accounts receivable, net | 1,007,789 | 1,037,699 | 29,911 | 3.0% | ||||
Notes receivable, net | 12,591 | 10,164 | (2,427) | (19.3%) | ||||
Other accounts receivable, net | 104,618 | 93,708 | (10,910) | (10.4%) | ||||
Amounts due from related companies | 152,920 | 22,487 | (130,433) | (85.3%) | ||||
Inventories | 115,375 | 103,782 | (11,593) | (10.0%) | ||||
Income taxes recoverable | 157,655 | 123,360 | (34,295) | (21.8%) | ||||
Prepaid expenses | 48,435 | 57,832 | 9,397 | 19.4% | ||||
Deferred income taxes | 63,328 | 80,596 | 17,268 | 27.3% | ||||
Other current assets | 69,056 | 305,349 | 236,294 | - | ||||
Total currrent assets | 2,163,828 | 2,372,374 | 208,546 | 9.6% | ||||
PROPERTY, PLANT AND EQUIPMENT | ||||||||
Land | 147,663 | 151,251 | 3,588 | 2.4% | ||||
Buildings and infraestructure and works in progress | 12,223,860 | 12,666,915 | 443,055 | 3.6% | ||||
Machinery and equipment | 2,183,921 | 2,310,631 | 126,710 | 5.8% | ||||
Other plant and equipment | 710,368 | 718,962 | 8,594 | 1.2% | ||||
Technical appraisal | 36,079 | 35,833 | (246) | (0.7%) | ||||
Sub - Total | 15,301,891 | 15,883,592 | 581,701 | 3.8% | ||||
Accumulated depreciation | (6,559,758) | (6,962,536) | (402,778) | (6.1%) | ||||
Total property, plant and equipment | 8,742,133 | 8,921,056 | 178,923 | 2.0% | ||||
OTHER ASSETS | ||||||||
Investments in related companies | 118,123 | 102,161 | (15,962) | (13.5%) | ||||
Investments in other companies | 25,632 | 25,498 | (134) | (0.5%) | ||||
Positive goodwill, net | 702,711 | 637,983 | (64,728) | (9.2%) | ||||
Negative goodwill, net | (43,802) | (37,243) | 6,559 | 15.0% | ||||
Long-term receivables | 225,228 | 204,228 | (21,000) | (9.3%) | ||||
Amounts due from related companies | 544 | 104,077 | 103,533 | - | ||||
Deferred income taxes | - | - | - | - | ||||
Intangibles | 101,198 | 110,729 | 9,531 | 9.4% | ||||
Accumulated amortization | (64,030) | (73,387) | (9,357) | (14.6%) | ||||
Others assets | 294,137 | 272,805 | (21,332) | (7.3%) | ||||
Total other assets | 1,359,743 | 1,346,850 | (12,893) | (0.9%) | ||||
TOTAL ASSETS | 12,265,704 | 12,640,280 | 374,576 | 3.1% | ||||
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ASSETSUNDERCHILEANGAAP,THOUSANDUS$
Table 6.1 | ||||||||
ASSETS - (thousand US$) | 9M 07 | 9M 08 | Var 07-08 | Chg % | ||||
CURRENT ASSETS | ||||||||
Cash | 180,528 | 120,431 | (60,097) | (33.3%) | ||||
Time deposits | 579,874 | 827,136 | 247,262 | 42.6% | ||||
Marketable securities | 23,299 | 27,195 | 3,896 | 16.7% | ||||
Accounts receivable, net | 1,827,989 | 1,882,243 | 54,254 | 3.0% | ||||
Notes receivable, net | 22,839 | 18,436 | (4,403) | (19.3%) | ||||
Other accounts receivable, net | 189,762 | 169,973 | (19,789) | (10.4%) | ||||
Amounts due from related companies | 277,375 | 40,788 | (236,587) | (85.3%) | ||||
Inventories | 209,274 | 188,247 | (21,027) | (10.0%) | ||||
Income taxes recoverable | 285,964 | 223,758 | (62,206) | (21.8%) | ||||
Prepaid expenses | 87,854 | 104,899 | 17,045 | 19.4% | ||||
Deferred income taxes | 114,867 | 146,190 | 31,323 | 27.3% | ||||
Other current assets | 125,257 | 553,861 | 428,604 | - | ||||
Total currrent assets | 3,924,884 | 4,303,157 | 378,273 | 9.6% | ||||
PROPERTY, PLANT AND EQUIPMENT | ||||||||
Land | 267,840 | 274,348 | 6,508 | 2.4% | ||||
Buildings and infraestructure and works in progress | 22,172,389 | 22,976,030 | 803,641 | 3.6% | ||||
Machinery and equipment | 3,961,331 | 4,191,164 | 229,833 | 5.8% | ||||
Other plant and equipment | 1,288,510 | 1,304,098 | 15,588 | 1.2% | ||||
Technical appraisal | 65,442 | 64,996 | (446) | (0.7%) | ||||
Sub - Total | 27,755,512 | 28,810,636 | 1,055,124 | 3.8% | ||||
Accumulated depreciation | (11,898,493) | (12,629,076) | (730,583) | (6.1%) | ||||
Total property, plant and equipment | 15,857,019 | 16,181,560 | 324,541 | 2.0% | ||||
OTHER ASSETS | ||||||||
Investments in related companies | 214,259 | 185,305 | (28,954) | (13.5%) | ||||
Investments in other companies | 46,493 | 46,250 | (243) | (0.5%) | ||||
Positive goodwill, net | 1,274,620 | 1,157,213 | (117,407) | (9.2%) | ||||
Negative goodwill, net | (79,451) | (67,554) | 11,897 | 15.0% | ||||
Long-term receivables | 408,532 | 370,441 | (38,091) | (9.3%) | ||||
Amounts due from related companies | 987 | 188,781 | 187,794 | - | ||||
Deferred income taxes | - | - | - | - | ||||
Intangibles | 183,559 | 200,847 | 17,288 | 9.4% | ||||
Accumulated amortization | (116,142) | (133,114) | (16,972) | (14.6%) | ||||
Others assets | 533,524 | 494,830 | (38,694) | (7.3%) | ||||
Total other assets | 2,466,382 | 2,443,000 | (23,382) | (0.9%) | ||||
TOTAL ASSETS | 22,248,285 | 22,927,717 | 679,432 | 3.1% | ||||
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LIABILITIES ANDSHAREHOLDERSEQUITYUNDERCHILEANGAAP,MILLIONCH$
Table 7 | ||||||||
LIABILITIES AND SHAREHOLDER´S EQUITY - (million Ch$) | 9M 07 | 9M 08 | Var 07-08 | Chg % | ||||
CURRENT LIABILITIES | ||||||||
Short-term debt due to banks and financial institutions | 146,458 | 168,766 | 22,308 | 15.2% | ||||
Current portion of long-term debt due to banks and financial institutions | 149,646 | 159,967 | 10,321 | 6.9% | ||||
Current portion of bonds payable | 382,209 | 433,397 | 51,188 | 13.4% | ||||
Current portion of long-term notes payable | 32,014 | 36,247 | 4,233 | 13.2% | ||||
Dividends payable | 45,576 | 107,646 | 62,069 | 136.2% | ||||
Accounts payable | 491,646 | 491,863 | 217 | 0.0% | ||||
Short-term notes payable | 15,439 | 15,222 | (217) | (1.4%) | ||||
Miscellaneous payables | 100,876 | 146,725 | 45,850 | 45.5% | ||||
Accounts payable to related companies | 26,136 | 33,159 | 7,023 | 26.9% | ||||
Accrued expenses | 88,113 | 94,964 | 6,851 | 7.8% | ||||
Withholdings | 95,148 | 106,936 | 11,788 | 12.4% | ||||
Income taxes payable | 12,613 | 38,586 | 25,973 | - | ||||
Anticipated income | 10,265 | 9,096 | (1,169) | (11.4%) | ||||
Reinbursable financial contribution | 1,350 | 1,447 | 97 | 7.1% | ||||
Other current liabilities | 150,798 | 140,327 | (10,471) | (6.9%) | ||||
Total current liabilities | 1,748,287 | 1,984,347 | 236,060 | 13.5% | ||||
LONG-TERM LIABILITIES | ||||||||
Due to banks and financial institutions | 1,054,434 | 1,215,076 | 160,642 | 15.2% | ||||
Bonds payable | 2,346,356 | 1,969,597 | (376,759) | (16.1%) | ||||
Long -term notes payable | 128,024 | 116,811 | (11,213) | (8.8%) | ||||
Accounts payables | 154,178 | 132,578 | (21,600) | (14.0%) | ||||
Amounts payable to related companies | 10,493 | 7,780 | (2,713) | (25.9%) | ||||
Accrued expenses | 393,939 | 371,464 | (22,475) | (5.7%) | ||||
Deferred income taxes | 6,948 | 98,672 | 91,724 | 100.0% | ||||
Reinbursable financial contribution | 4,188 | 4,316 | 128 | 3.1% | ||||
Other long-term liabilities | 250,784 | 239,599 | (11,185) | (4.5%) | ||||
Total long-term liabilities | 4,349,344 | 4,155,893 | (193,451) | (4.4%) | ||||
Minority interest | 3,073,959 | 3,149,549 | 75,590 | 2.5% | ||||
SHAREHOLDERS´ EQUITY | ||||||||
Paid-in capital, no par value | 2,639,906 | 2,594,015 | (45,890) | (1.7%) | ||||
Additional paid-in capital | 134,635 | 178,987 | 44,352 | 32.9% | ||||
Additional paid-in capital (share premium) | 197,726 | 197,617 | (110) | (0.1%) | ||||
Other reserves | (424,317) | (440,608) | (16,291) | 3.8% | ||||
Total capital and reserves | 2,547,951 | 2,530,011 | (17,939) | (0.7%) | ||||
Retained earnings | 416,079 | 481,234 | 65,155 | 15.7% | ||||
Net income for the period | 130,085 | 339,245 | 209,161 | 160.8% | ||||
Interim dividends | - | - | - | - | ||||
Deficits of subsidaries in development stage | - | - | - | - | ||||
Total retained earnings | 546,164 | 820,479 | 274,316 | 50.2% | ||||
Total shareholder´s equity | 3,094,114 | 3,350,491 | 256,377 | 8.3% | ||||
TOTAL LIABILITIES AND SHAREHOLDER´S EQUITY | 12,265,704 | 12,640,280 | 374,576 | 3.1% | ||||
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LIABILITIES ANDSHAREHOLDERSEQUITYUNDERCHILEANGAAP,THOUSANDUS$
Table 7.1 | ||||||||
LIABILITIES - (thousand US$) | 9M 07 | 9M 08 | Var 07-08 | Chg % | ||||
CURRENT LIABILITIES | ||||||||
Short-term debt due to banks and financial institutions | 265,654 | 306,118 | 40,464 | 15.2% | ||||
Current portion of long-term debt due to banks and financial institutions | 271,437 | 290,159 | 18,722 | 6.9% | ||||
Current portion of bonds payable | 693,274 | 786,122 | 92,848 | 13.4% | ||||
Current portion of long-term notes payable | 58,068 | 65,746 | 7,678 | 13.2% | ||||
Dividends payable | 82,669 | 195,255 | 112,586 | 136.2% | ||||
Accounts payable | 891,778 | 892,172 | 394 | 0.0% | ||||
Short-term notes payable | 28,005 | 27,611 | (394) | (1.4%) | ||||
Miscellaneous payables | 182,975 | 266,140 | 83,165 | 45.5% | ||||
Accounts payable to related companies | 47,407 | 60,145 | 12,738 | 26.9% | ||||
Accrued expenses | 159,824 | 172,251 | 12,427 | 7.8% | ||||
Withholdings | 172,586 | 193,967 | 21,381 | 12.4% | ||||
Income taxes payable | 22,879 | 69,990 | 47,111 | - | ||||
Anticipated income | 18,620 | 16,500 | (2,120) | (11.4%) | ||||
Reinbursable financial contribution | 2,449 | 2,624 | 175 | 7.1% | ||||
Other current liabilities | 273,526 | 254,534 | (18,992) | (6.9%) | ||||
Total current liabilities | 3,171,150 | 3,599,331 | 428,181 | 13.5% | ||||
LONG-TERM LIABILITIES | ||||||||
Due to banks and financial institutions | 1,912,597 | 2,203,979 | 291,382 | 15.2% | ||||
Bonds payable | 4,255,965 | 3,572,576 | (683,389) | (16.1%) | ||||
Long -term notes payable | 232,219 | 211,879 | (20,340) | (8.8%) | ||||
Accounts payables | 279,657 | 240,478 | (39,179) | (14.0%) | ||||
Amounts payable to related companies | 19,033 | 14,113 | (4,920) | (25.9%) | ||||
Accrued expenses | 714,551 | 673,785 | (40,766) | (5.7%) | ||||
Deferred income taxes | 12,602 | 178,977 | 166,375 | 100.0% | ||||
Reinbursable financial contribution | 7,596 | 7,828 | 232 | 3.1% | ||||
Other long-term liabilities | 454,888 | 434,600 | (20,288) | (4.5%) | ||||
Total long-term liabilities | 7,889,107 | 7,538,215 | (350,892) | (4.4%) | ||||
Minority interest | 5,575,736 | 5,712,845 | 137,109 | 2.5% | ||||
SHAREHOLDERS´ EQUITY | ||||||||
Paid-in capital, no par value | 4,788,424 | 4,705,185 | (83,239) | (1.7%) | ||||
Additional paid-in capital | 244,210 | 324,658 | 80,448 | 32.9% | ||||
Additional paid-in capital (share premium) | 358,648 | 358,450 | (198) | (0.1%) | ||||
Other reserves | (769,652) | (799,202) | (29,550) | 3.8% | ||||
Total capital and reserves | 4,621,629 | 4,589,090 | (32,539) | (0.7%) | ||||
Retained earnings | 754,710 | 872,892 | 118,182 | 15.7% | ||||
Net income for the period | 235,955 | 615,344 | 379,389 | 160.8% | ||||
Interim dividends | - | - | - | - | ||||
Deficits of subsidaries in development stage | - | - | - | - | ||||
Total retained earnings | 990,665 | 1,488,236 | 497,571 | 50.2% | ||||
Total shareholder´s equity | 5,612,295 | 6,077,326 | 465,031 | 8.3% | ||||
TOTAL LIABILITIES AND SHAREHOLDER´S EQUITY | 22,248,286 | 22,927,717 | 679,431 | 3.1% | ||||
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CONSOLIDATEDBALANCESHEETANALYSIS
The company’stotal assets as of September 2008 increased by Ch$374,576 million compared to thesame period last year, which is mainly due to:
• A Ch$208,546 million increase inCurrent assets, equal to 9,6%, as a result of:
• An increased debtors due sales of Ch$29,910 million, as a result of the higher invoicing level in Endesa Costanera by Ch$21,155 million, Codensa by Ch$16,091 million, Endesa Chile Ch$15,938 million, San Isidro Ch$7,569 million, Emgesa Ch$4,963 million, Celta Ch$4,781 million and Edegel Ch$4,469 million, which was partially offset by a drop of Ch$30,469 million in Coelce and in Ampla of Ch$14,616 million.
• A Ch$130,433 million drop in instruments receivable from related companies mainly because of the long-term transfer of the Ch$98,633 million Atacama Finance Co. receivable document and the drop of accounts receivable from GNL Quintero of Ch$22,243 million and GNL Chile of Ch$4,782 million.
• A Ch$136,318 million increase in time deposits primarily due to a greater lending volume to Endesa Brasil of Ch$100,043 million, Ampla of Ch$46,161 million, Coelce Ch$42,070 million, Ampla Investimento of Ch$13,765 million, CIEN of Ch$10,960 million and Endesa Chile of Ch$14,092 million. The foregoing is partly offset by drops occurring in Emgesa of Ch$27,717 million, Codensa of Ch$15,357 million, Edelnor of Ch$14,069 million, Edesur of Ch$12,807 million and CGTF of Ch$9,457 million.
• A Ch$236,294 million increase in other current assets, explained mostly by greater repurchase agreement investments in Endesa Chile of Ch$150,090 million, Enersis of Ch$47,332 million, and Chilectra of Ch$25,105 million. Furthermore, by an increase of Ch$4,807 million in Enersis investments in deposits for obligations and guarantees and an additional Ch$13,773 million investment in Coelce related to the Brazilian government’s “Light for All” project. This is partially offset by a drop in the Fair Value of derivative contracts of Ch$5,082 million.
• A Ch$34,295 million decrease in recoverable taxes resulting from the drops in Emgesa of Ch$16,322 million, Endesa Chile of Ch$21,123 million, CIEN Ch$5,389 million, Coelce Ch$2,903 million and Ampla Ch$1,514 million, partially offset by the increase in San Isidro of Ch$9,043 million and in Endesa Eco of Ch$2,442 million.
• A Ch$33,132 million drop in available cash explained mostly by smaller balances in Emgesa (Ch$33,581 million), Ampla (Ch$7,687 million), Coelce (Ch$4,290 million) and Endesa Brasil (Ch$3,006 million) and partially offset by positive balances in Hidroinvest (Ch$8,035 million) and CIEN (Ch$8,314 million).
• A $178,923 million increase inFixed Assets, equivalent to a 2.0% increase, mostly attributable to fixed asset additions during the last year, amounting to approximately Ch$739,000 million. This was partly offset by the 1-year fixed asset depreciation of approximately Ch$465,000 million, fixed asset sales totaling Ch$2,692 million and by the impact of the real foreign exchange rate over the assets of foreign companies, as a result of the methodology of carrying non-monetary assets stated in historic US dollars, pursuant to Technical Bulleting N°64 at those affiliates that reside in unstable countries by approximately Ch$93,000 million.
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• A Ch$12,893 million reduction in Other Assets primarily due to the following:
• A drop in Goodwill on investments of Ch$64.727 million, basically due to the Goodwill amortization on investments recorded during the last 12 months.
• A drop in Other Long-term Assets of Ch$21,332 million, which is basically explained by lower deferred assets of Ch$15,817 million in Coelce, lower losses, not realized by Enersis derivative contracts totaling Ch$7,127 and lower bond placement costs of Ch$2,768 million, partially offset by increased guarantee deposits totaling Ch$4,001 million.
• A drop in Long-term Debtors of Ch$21.001 million, mainly as a consequence of a drop in Ampla’s regulatory assets, amounting to Ch$14.905 million and a drop in the account receivable for the charges on Edesur’s retroactive income of Ch$5,895 million.
• A drop in investments made in related companies, by Ch$15,963 million, mainly because of a drop of investments in Gas Atacama Holding Ltda. Of Ch$58,982 million; which, in turn, is mostly explained by the deterioration clause recorded over such investment as of the year 2007 for Ch$52,264 million. The foregoing is partially offset by a larger investment in the Aysén Hydroelectric project, of Ch$23,253 million and in GNL Quintero S.A., of Ch$19,645 million.
• An increase of the companies Accounts receivable from related companies for Ch$103,532 million, mainly the result of transferring to the long-term the account receivable from Atacama Finance, of Ch$101,025 million and increased accounts receivable to SEC Systems for Ch$2,523 million.
The company’stotal liabilities increased by Ch$378,576 million from the same period last year, whichwas largely due to the following:
• An increase incurrent liabilities of Ch$236,060 million, equal to 13.5%, resulting from changes in the following areas:
• A Ch$62,069 million increase in dividends payable: Ch$43,223 million correspond to more third-party dividends payable and Ch$18,846 million to Endesa Internacional.
• An increase in short-term public debt of Ch$51,188 million mostly due to a transfer to the long term in Endesa Chile of Ch$114,674, Codensa (Ch$12,688 million), Edegel (Ch$6,402 million) and Edelnor (Ch$4,557 million), which were partially offset by payments in Ampla for Ch$88,864 million.
• Increased Sundry Debtors of Ch$45,850 million, mostly explained by the transfer from the short term of Endesa Brasil’s IFC put option contract of shares of Ch$52,851 million, partly offset by lower equity taxes in Codensa of Ch$5,835 million and a drop in Coelce of Ch$3,035 million.
• An increase in Bank Debt in the amount of Ch$22,308 million, mainly because of the Ch$40,084 million increase in Coelce, the Ch$31,500 increase in Enersis and the Ch$12,025 million increase Chilectra, which were partly offset by the Ch$46,824 million drop in Codensa and the Ch$14,842 million drop in Edelnor.
• An increase in the income tax amount of Ch$25,973 million, resulting from the Ch 19,513 million in Emgesa, the Ch$2,896 million in Codensa and the Ch$2,293 million in Edesur.
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•Long-term liabilities decreased by Ch$193,451 million, equal to 4.4%, in large part due to the following:
• A decrease in public debt in the amount of Ch$376,759 million, primarily due to a transfer to the short term in Endesa Chile of Ch$341.792 million, in Edegel of Ch$24,373 million, and in Emgesa of Ch$25,344 million. The latter was partly offset by increased new bond placements in Edegel amounting to Ch$20,013 million.
• A drop in Provisions in the amount of Ch$22,475 million as a result of smaller labor and third-party contingencies in Brazil (Ch$35,298 million) and lower provisions on account of food pensions in Colombia (Ch$7,493 million), which was partly compensated by the increased actuarial value of employee benefits and retired personnel in Ampla and Coelce of Ch$23,547 million.
• An increase in long-term bank debt in the amount of Ch$160,642 million due to more bank credit in Endesa Chile of Ch$233,962 million in revolving funds, in Ampla of Ch$48,043 million and Ch$16,264 million in Edegel, partly offset by a reduction in Enersis of Ch$112,875 million, in El Chocón of Ch$13,567 million and Costanera of Ch$13,136 million.
• An increase in long-term deferred taxes of Ch$91,724 million, which can be partly explained by the impact of a reduction in deferred tax expenses, primarily due to a reversal in the valuation allowance in Betania given the merger with Emgesa.
Minority interest totaled Ch$3,149,549 million, revealing an increase of Ch$75,590 million, equal to 2.5%, as a consequence of increments in the companies’ shareholders’ equities because of the results of the current period and the effect of the dollar-peso exchange rate.
Shareholders’ equity increased by Ch$256,376 million with respect of September 2007. This change is primarily due to the period’s income of Ch$209,161 million and an increase of the accumulated results totaling Ch$65,155 million, which was partly offset by reserves drops of Ch$16,291 million, largely due to the exchange rate effect of the dollar on investment hedges abroad and a Ch$1,539 million decrease in capital revaluation.
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DEBTMATURITY WITHTHIRDPARTIES,MILLIONCH$
Table 8
TOTAL | |||||||
Million Ch$ | 2008 | 2009 | 2010 | 2011 | 2012 | Balance | |
Chile | 32,963 | 451,410 | 150,801 | 120,064 | 13,143 | 1,278,439 | 2,046,819 |
Enersis | 15,994 | 101,160 | 1,964 | 2,077 | 2,196 | 494,368 | 617,758 |
Chilectra | 12,021 | - | - | - | - | - | 12,021 |
Other (*) | 3,719 | 2,435 | 2,947 | - | - | - | 9,102 |
Endesa Chile (**) | 1,228 | 347,815 | 145,890 | 117,987 | 10,947 | 784,072 | 1,407,938 |
Argentina | 19,225 | 63,730 | 51,247 | 59,897 | 19,221 | 6,389 | 219,708 |
Edesur | 68 | 12,020 | 15,235 | 15,285 | 5,953 | - | 48,561 |
Costanera | 15,941 | 35,687 | 23,148 | 21,640 | 13,268 | 6,389 | 116,072 |
Chocon | 3,216 | 16,023 | 12,864 | 22,971 | - | - | 55,075 |
Hidroinvest | - | - | - | - | - | - | - |
CTM | - | - | - | - | - | - | - |
Tesa | - | - | - | - | - | - | - |
Perú | 43,315 | 67,620 | 40,212 | 57,178 | 65,733 | 148,991 | 423,049 |
Edelnor | 21,667 | 13,750 | 11,111 | 15,757 | 16,667 | 74,939 | 153,893 |
Edegel | 21,648 | 53,869 | 29,101 | 41,420 | 49,066 | 74,051 | 269,156 |
Brazil | 12,615 | 177,347 | 172,072 | 216,512 | 211,678 | 115,775 | 905,997 |
Endesa Brasil | - | - | - | - | - | - | - |
Coelce | 4,878 | 90,458 | 34,528 | 35,212 | 34,031 | 45,667 | 244,774 |
Ampla | 3,769 | 78,825 | 71,484 | 114,814 | 112,028 | 35,844 | 416,764 |
Cachoeira | - | - | - | - | - | - | - |
Cien | 1,374 | 2,594 | 60,194 | 60,194 | 58,871 | - | 183,227 |
Fortaleza | 2,594 | 5,469 | 5,866 | 6,291 | 6,748 | 34,264 | 61,232 |
Colombia | 2,274 | 93,502 | 56,986 | 152,112 | 85,875 | 269,112 | 659,860 |
Codensa | 1,775 | 12,676 | 56,986 | 50,704 | 8,549 | 162,633 | 293,323 |
Emgesa | 499 | 80,826 | - | 101,408 | 77,326 | 106,478 | 366,538 |
Betania | - | - | - | - | - | - | - |
TOTAL | 110,391 | 853,608 | 471,318 | 605,762 | 395,650 | 1,818,705 | 4,255,433 |
(*) Includes: CAM | |||||||
(**) Includes: Endesa Chile, 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 | 59,790 | 818,795 | 273,532 | 217,779 | 23,839 | 2,318,912 | 3,712,646 |
Enersis | 29,011 | 183,490 | 3,562 | 3,767 | 3,983 | 896,714 | 1,120,528 |
Chilectra | 21,804 | - | - | - | - | - | 21,804 |
Other (*) | 6,747 | 4,416 | 5,346 | - | - | - | 16,509 |
Endesa Chile (**) | 2,228 | 630,888 | 264,623 | 214,012 | 19,856 | 1,422,197 | 2,553,805 |
Argentina | 34,871 | 115,597 | 92,955 | 108,644 | 34,865 | 11,588 | 398,519 |
Edesur | 123 | 21,802 | 27,634 | 27,726 | 10,798 | - | 88,083 |
Costanera | 28,914 | 64,730 | 41,988 | 39,252 | 24,066 | 11,588 | 210,538 |
Chocon | 5,833 | 29,064 | 23,333 | 41,667 | - | - | 99,898 |
Hidroinvest | - | - | - | - | - | - | - |
CTM | - | - | - | - | - | - | - |
Tesa | - | - | - | - | - | - | - |
Peru | 78,567 | 122,653 | 72,940 | 103,713 | 119,231 | 270,248 | 767,352 |
Edelnor | 39,301 | 24,941 | 20,155 | 28,582 | 30,232 | 135,929 | 279,140 |
Edegel | 39,266 | 97,712 | 52,785 | 75,131 | 89,000 | 134,319 | 488,212 |
Brazil | 22,881 | 321,682 | 312,114 | 392,722 | 383,955 | 209,999 | 1,643,354 |
Endesa Brasil | - | - | - | - | - | - | - |
Coelce | 8,847 | 164,079 | 62,630 | 63,870 | 61,727 | 82,834 | 443,986 |
Ampla | 6,836 | 142,977 | 129,661 | 208,257 | 203,204 | 65,016 | 755,952 |
Cachoeira | - | - | - | - | - | - | - |
Cien | 2,492 | 4,706 | 109,183 | 109,183 | 106,785 | - | 332,348 |
Fortaleza | 4,706 | 9,921 | 10,640 | 11,412 | 12,239 | 62,149 | 111,067 |
Colombia | 4,124 | 169,600 | 103,365 | 275,910 | 155,765 | 488,131 | 1,196,895 |
Codensa | 3,219 | 22,993 | 103,365 | 91,970 | 15,506 | 294,994 | 532,047 |
Emgesa | 905 | 146,607 | - | 183,940 | 140,259 | 193,137 | 664,848 |
Betania | - | - | - | - | - | - | - |
TOTAL | 200,233 | 1,548,326 | 854,906 | 1,098,768 | 717,655 | 3,298,879 | 7,718,767 |
(*) Includes: CAM | |||||||
(**) Includes: Endesa Chile, Pangue, Pehuenche, San Isidro, Celta and Tunel El Melon. |
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CONSOLIDATEDCASHFLOW
UNDERCHILEANGAAP, MILLIONCH$
Table 9
Million Ch$ | 9M 07 | 9M 08 | Var 07-08 | Chg % |
CASH FLOWS PROVIDED BY OPERATING ACTIVITIES | ||||
Net income (loss) for the year | 130,085 | 339,245 | 209,160 | 160.8% |
Gain (losses) from sales of assets: | ||||
Losses (gain) on sale of property, plant and equipment | (690) | (4,948) | (4,258) | - |
Charges (credits) to income which do not represent cash flows: | ||||
Depreciation | 345,321 | 363,837 | 18,516 | 5.4% |
Amortization of intangibles | 8,254 | 7,001 | (1,253) | (15.2%) |
Write-offs and accrued expenses | 43,274 | 25,227 | (18,047) | (41.7%) |
Equity in income of related companies | (2,757) | (2,971) | (214) | (7.8%) |
Equity in losses of related companies | 6,223 | 4,569 | (1,654) | (26.6%) |
Amortization of positive goodwill | 47,994 | 48,058 | 64 | 0.1% |
Amortization of negative goodwill | (3,705) | (4,177) | (472) | (12.7%) |
Price-level restatement, net | 12,720 | 18,292 | 5,572 | 43.8% |
Exchange difference, net | (12,310) | (8,799) | 3,511 | 28.5% |
Other credits to income which do not represent cash flows | (50,251) | (114,453) | (64,202) | (127.8%) |
Other charges to income which do not represent cash flows | 185,137 | 35,930 | (149,207) | (80.6%) |
Changes in assets which affect cash flows: | ||||
Decrease (increase) in trade receivables | (178,017) | 65,669 | 243,686 | N/A |
Decrease (increase) in inventory | (40,900) | 6,887 | 47,787 | (116.8%) |
Decrease (increase) in other assets | (44,712) | (188,933) | (144,221) | - |
Changes in liabilities which affect cash flow: | ||||
Decreased (increase) in payable accounts associated with operating results | 143,390 | 62,848 | (80,542) | (56.2%) |
Decreased (increase) of payable interest | 214 | 19,122 | 18,908 | - |
Decreased (increase) in income tax payable | (118,682) | 97,998 | 216,680 | N/A |
Decreased (increase) in other accounts payable associated with non-operating results | 12,174 | 42,579 | 30,405 | 249.8% |
Decreased (increase) in value added tax and other similar taxes payable, net | (63,178) | 6,907 | 70,085 | N/A |
Income (loss) attributable to minority interest | 194,958 | 440,263 | 245,305 | 125.8% |
NET CASH FLOW PROVIDED BY OPERATING ACTIVITIES | 614,542 | 1,260,150 | 645,608 | 105.1% |
CASH FLOWS FROM FINANCING ACTIVITIES | ||||
Proceeds from issuance of shares issued to minorities | - | - | - | - |
Proceeds from debt issuance | 673,060 | 817,367 | 144,307 | 21.4% |
Proceeds from bond issuance | 361,171 | 44,709 | (316,462) | (87.6%) |
Proceeds from loans obtained from related companies | - | - | - | - |
Proceeds from other loans obtained from related companies | - | - | - | - |
Other sources of financing | - | 448 | 448 | - |
Capital paid | - | - | - | - |
Dividends paid | (449,697) | (330,167) | 119,530 | 26.6% |
Payment of debt | (630,605) | (707,424) | (76,819) | (12.2%) |
Payment of bonds | (135,972) | (319,742) | (183,770) | 135.2% |
Payments of loans obtained from related companies | (1,920) | (1,323) | 597 | - |
Payments of other loans obtained from related companies | - | - | - | - |
Payments of shares issuance costs | - | - | - | - |
Payments of bonds issuance costs | - | - | - | - |
Other disbursements for financing | (1,514) | (13,297) | (11,783) | - |
NET CASH FLOW FROM FINANCING ACTIVITIES | (185,478) | (509,430) | (323,952) | (174.7%) |
CASH FLOWS FROM INVESTING ACTIVITIES | ||||
Proceeds from sale of property, plant and equipment | 3,404 | 2,692 | (712) | (20.9%) |
Sale of investment | - | 7,731 | 7,731 | - |
Other loans received from related companies | - | 52,213 | 52,213 | - |
Other receipts from investments | 46,813 | 8,946 | (37,867) | (80.9%) |
Additions to property, plant and equipment | (439,520) | (547,455) | (107,935) | (24.6%) |
Long-term investments | (36,722) | (19,507) | 17,215 | 46.9% |
Investment in financing instruments | - | - | - | - |
Other loans granted to related companies | (30,335) | (28,740) | 1,595 | (5.3%) |
Other investment disbursements | (59,523) | (9,445) | 50,078 | (84.1%) |
NET CASH FLOW FROM INVESTMENT ACTIVITIES | (515,882) | (533,565) | (17,683) | (3.4%) |
NET CASH FLOW FOR THE PERIOD | (86,818) | 217,155 | 303,973 | N/A |
EFFECT OF PRICE-LEVEL RESTATEMENT ON CASH AND CASH EQUIVALENT | 20,000 | (67,378) | (87,378) | N/A |
NET VARIATION ON CASH AND CASH EQUIVALENT | (66,819) | 149,777 | 216,596 | N/A |
CASH AND CASH EQUIVALENT AT THE BEGINNING OF THE YEAR | 505,551 | 616,301 | 110,750 | 21.9% |
CASH AND CASH EQUIVALENT AT THE END OF THE PERIOD | 438,732 | 766,079 | 327,347 | 74.6% |
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UNDERCHILEANGAAP,THOUSANDUS$
Table 9.1
Thousand US$ | 9M 07 | 9M 08 | Var 07-08 | Chg % |
CASH FLOWS PROVIDED BY OPERATING ACTIVITIES | ||||
Net income (loss) for the year | 235,954 | 615,344 | 379,390 | 160.8% |
Gain (losses) from sales of assets: | ||||
Losses (gain) on sale of property, plant and equipment | (1,251) | (8,975) | (7,724) | - |
Charges (credits) to income which do not represent cash flows: | ||||
Depreciation | 626,364 | 659,951 | 33,587 | 5.4% |
Amortization of intangibles | 14,972 | 12,699 | (2,273) | (15.2%) |
Write-offs and accrued expenses | 78,493 | 45,758 | (32,735) | (41.7%) |
Equity in income of related companies | (5,001) | (5,389) | (388) | (7.8%) |
Equity in losses of related companies | 11,288 | 8,287 | (3,001) | (26.6%) |
Amortization of positive goodwill | 87,054 | 87,171 | 117 | 0.1% |
Amortization of negative goodwill | (6,720) | (7,577) | (857) | (12.7%) |
Price-level restatement, net | 23,072 | 33,178 | 10,106 | 43.8% |
Exchange difference, net | (22,329) | (15,960) | 6,369 | 28.5% |
Other credits to income which do not represent cash flows | (91,148) | (207,603) | (116,455) | (127.8%) |
Other charges to income which do not represent cash flows | 335,813 | 65,172 | (270,641) | (80.6%) |
Changes in assets which affect cash flows: | ||||
Decrease (increase) in trade receivables | (322,898) | 119,114 | 442,012 | N/A |
Decrease (increase) in inventory | (74,187) | 12,492 | 86,679 | (116.8%) |
Decrease (increase) in other assets | (81,101) | (342,699) | (261,598) | - |
Changes in liabilities which affect cash flow: | ||||
Decreased (increase) in payable accounts associated with operating results | 260,090 | 113,998 | (146,092) | (56.2%) |
Decreased (increase) of payable interest | 388 | 34,685 | 34,297 | - |
Decreased (increase) in income tax payable | (215,273) | 177,756 | 393,029 | N/A |
Decreased (increase) in other accounts payable associated with non-operating results | 22,082 | 77,232 | 55,150 | 249.8% |
Decreased (increase) in value added tax and other similar taxes payable, net | (114,596) | 12,528 | 127,124 | N/A |
Income (loss) attributable to minority interest | 353,627 | 798,576 | 444,949 | 125.8% |
NET CASH FLOW PROVIDED BY OPERATING ACTIVITIES | 1,114,692 | 2,285,737 | 1,171,045 | 105.1% |
CASH FLOWS FROM FINANCING ACTIVITIES | ||||
Proceeds from issuance of shares issued to minorities | - | - | - | - |
Proceeds from debt issuance | 1,220,838 | 1,482,591 | 261,753 | 21.4% |
Proceeds from bond issuance | 655,114 | 81,095 | (574,019) | (87.6%) |
Proceeds from loans obtained from related companies | - | - | - | - |
Proceeds from other loans obtained from related companies | - | - | - | - |
Other sources of financing | - | 813 | 813 | - |
Capital paid | - | - | - | - |
Dividends paid | (815,688) | (598,878) | 216,810 | 26.6% |
Payment of debt | (1,143,830) | (1,283,169) | (139,339) | (12.2%) |
Payment of bonds | (246,634) | (579,968) | (333,334) | 135.2% |
Payments of loans obtained from related companies | (3,483) | (2,400) | 1,083 | - |
Payments of other loans obtained from related companies | - | - | - | - |
Payments of shares issuance costs | - | - | - | - |
Payments of bonds issuance costs | - | - | - | - |
Other disbursements for financing | (2,746) | (24,120) | (21,374) | - |
NET CASH FLOW FROM FINANCING ACTIVITIES | (336,433) | (924,035) | (587,602) | (174.7%) |
CASH FLOWS FROM INVESTING ACTIVITIES | ||||
Proceeds from sale of property, plant and equipment | 6,174 | 4,883 | (1,291) | (20.9%) |
Sale of investment | - | 14,023 | 14,023 | - |
Other loans received from related companies | - | 94,707 | 94,707 | - |
Other receipts from investments | 84,912 | 16,227 | (68,685) | (80.9%) |
Additions to property, plant and equipment | (797,228) | (993,008) | (195,780) | (24.6%) |
Long-term investments | (66,609) | (35,383) | 31,226 | 46.9% |
Investment in financing instruments | - | - | - | - |
Other loans granted to related companies | (55,023) | (52,130) | 2,893 | (5.3%) |
Other investment disbursements | (107,966) | (17,132) | 90,834 | (84.1%) |
NET CASH FLOW FROM INVESTMENT ACTIVITIES | (935,740) | (967,814) | (32,074) | (3.4%) |
NET CASH FLOW FOR THE PERIOD | (157,476) | 393,889 | 551,365 | N/A |
EFFECT OF PRICE-LEVEL RESTATEMENT ON CASH AND CASH EQUIVALENT | 36,277 | (122,214) | (158,491) | N/A |
NET VARIATION ON CASH AND CASH EQUIVALENT | (121,199) | 271,675 | 392,874 | N/A |
CASH AND CASH EQUIVALENT AT THE BEGINNING OF THE YEAR | 917,000 | 1,117,885 | 200,885 | 21.9% |
CASH AND CASH EQUIVALENT AT THE END OF THE PERIOD | 795,801 | 1,389,560 | 593,759 | 74.6% |
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CONSOLIDATEDCASHFLOWANALYSIS
During the period the company generated a positive net cash flow totaling Ch$217,155 million, which can be broken down as follows:
Table 10
Effective Cash Flow (million Ch$) | 9M 07 | 9M 08 | Var 07-08 | Chg % | ||||
Operating | 614,542 | 1,260,150 | 645,608 | 105.1% | ||||
Financing | (185,478) | (509,430) | (323,952) | (174.7%) | ||||
Investment | (515,882) | (533,565) | (17,683) | (3.4%) | ||||
Net cash flow of the period | (86,818) | 217,155 | 303,973 | N/A | ||||
Table 10.1 | ||||||||
Effective Cash Flow (thousand US$) | 9M 07 | 9M 08 | Var 07-08 | Chg % | ||||
Operating | 1,114,692 | 2,285,737 | 1,171,045 | 105.1% | ||||
Financing | (336,433) | (924,035) | (587,602) | (174.7%) | ||||
Investment | (935,740) | (967,814) | (32,074) | (3.4%) | ||||
Net cash flow of the period | (157,476) | 393,889 | 551,365 | N/A | ||||
As of September 30, 2008,operating activities generated a positive net cash flow of Ch$1,260,150 million, which represents a 105.1% increase over last year. This flow is primarily made up of the following:
Net income of Ch$339,245 million, plus
- Ch$502,913 million in charges that do not represent cash flow but that mostly correspond to Ch$363,837 million in depreciation for the period, Ch$25,227 million in write-downs and provisions, Ch$48,058 million in goodwill amortization, Ch$7,001 million in amortization of intangibles, Ch$4,569 million in loss on permanent investments, and Ch$35,930 million in other charges that do not represent cash flow, which includes the BT 64 negative conversion effect of foreign subsidiaries for a sum of Ch$24,659 million.
- Ch$229,454 million due to changes in net liabilities that affect operating cash flow.
The above was partly offset by:
- Ch$130,400 million in credits that do not represent cash flow, which correspond to Ch$114,453 million in other credits that do not represent cash flow, of which Ch$109,217 million correspond to the positive conversion effect of subsidiaries abroad, Ch$2,971 million correspond to investment income in related companies, and Ch$4,177 million to negative goodwill amortization.
- Changes in net assets affecting operating flow amount to Ch$116,378 million.
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Financing activities generated a negative net flow of Ch$509,430 million due to loan payments for Ch$707,424 million, dividends payments for Ch$330,167 million, public debt payments for Ch$319,742 million, documented loan payments from related companies for Ch$1.323 million, and other disbursements for Ch$13,298 million. The latter is partly offset by loans secured for Ch$817,367 million, bond floats for Ch$44,709 million and other sources of financing totaling $Ch448 million.
Investment activitiesgenerated a negative net flow of Ch$533,566 million, which, when compared to the same period last year, represent a greater cash contribution equal to 3.4% or Ch$17,683 million. These disbursements correspond in part to the incorporation of fixed assets for Ch$547,455 million, permanent investments for Ch$19,507 million, other loans to related companies for Ch$28,739 million, and other disbursements for Ch$9,445 million. The foregoing was partly offset by $52,213 million of related companies loan payments, Ch$7,731 million in sales collected on permanent investments, Ch$2,691 million in sales collected on fixed assets, and other investment income for Ch$8,945 million.
CASHFLOWRECEIVEDFROMFOREIGNSUBSIDIARIES BYENERSIS,CHILECTRA ANDENDESACHILE
Table 11
Millions Ch$ | Interest Received | Dividends Received | Management Fee | Prepayment intercompany | Capital Reductions | |||||||||||||||
9M 07 | 9M 08 | 9M 07 | 9M 08 | 9M 07 | 9M 08 | 9M 07 | 9M 08 | 9M 07 | 9M 08 | |||||||||||
Argentina | 206 | 256 | 6,276 | 184 | 1,513 | 407 | - | - | - | - | ||||||||||
Peru | - | - | 10,637 | 11,962 | - | - | - | - | - | - | ||||||||||
Brazil | - | - | 61,319 | 29,780 | - | - | - | - | - | - | ||||||||||
Colombia | - | - | 30,371 | 37,816 | - | - | - | - | - | - | ||||||||||
Total | 206 | 256 | 108,602 | 79,743 | 1,513 | 407 | - | - | - | - | ||||||||||
Millions Ch$ | Total Cash Received | |||||||||||||||||||
9M 07 | 9M 08 | |||||||||||||||||||
Argentina | 7,995 | 847 | ||||||||||||||||||
Peru | 10,637 | 11,962 | ||||||||||||||||||
Brazil | 61,319 | 29,780 | ||||||||||||||||||
Colombia | 30,371 | 37,816 | ||||||||||||||||||
Total | 110,321 | 80,406 | ||||||||||||||||||
Table 11.1 | ||||||||||||||||||||
Thousand US$ | Interest Received | Dividends Received | Management Fee | Prepayment Intercompany | Capital Reductions | |||||||||||||||
9M 07 | 9M 08 | 9M 07 | 9M 08 | 9M 07 | 9M 08 | 9M 07 | 9M 08 | 9M 07 | 9M 08 | |||||||||||
Argentina | 374 | 464 | 11,384 | 334 | 2,744 | 739 | - | - | - | - | ||||||||||
Peru | - | - | 19,294 | 21,698 | - | - | - | - | - | - | ||||||||||
Brazil | - | - | 111,224 | 54,017 | - | - | - | - | - | - | ||||||||||
Colombia | - | - | 55,088 | 68,594 | - | - | - | - | - | - | ||||||||||
Total | 374 | 464 | 196,989 | 144,643 | 2,744 | 739 | - | - | - | - | ||||||||||
Thousand US$ | Total Cash Received | |||||||||||||||||||
9M 07 | 9M 08 | |||||||||||||||||||
Argentina | 14,502 | 1,537 | ||||||||||||||||||
Peru | 19,294 | 21,698 | ||||||||||||||||||
Brazil | 111,224 | 54,017 | ||||||||||||||||||
Colombia | 55,088 | 68,594 | ||||||||||||||||||
Total | 200,108 | 145,846 | ||||||||||||||||||
Source: Internal Financial Report
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CAPEX ANDDEPRECIATION
Table 12
Payments for Additions of Fixed assets | Depreciation | |||||||
Million Ch$ | 9M 07 | 9M 08 | 9M 07 | 9M 08 | ||||
Endesa | 157,279 | 184,446 | 157,267 | 167,656 | ||||
Cachoeira (*) | 1,470 | 291 | 10,622 | 10,320 | ||||
Fortaleza (**) | 1,345 | 462 | 2,895 | 3,645 | ||||
Cien (**) | 183 | 453 | 10,368 | 10,213 | ||||
Chilectra S.A. | 50,990 | 45,616 | 16,710 | 18,604 | ||||
Edesur S.A. | 27,581 | 61,423 | 31,958 | 31,877 | ||||
Edelnor S.A. | 17,804 | 21,571 | 13,784 | 12,213 | ||||
Ampla | 72,265 | 85,680 | 29,148 | 33,465 | ||||
Coelce | 78,694 | 100,379 | 33,287 | 34,639 | ||||
Codensa S.A. | 28,037 | 40,122 | 34,362 | 35,768 | ||||
Cam Ltda. | 1,213 | 1,694 | 1,342 | 1,614 | ||||
Inmobiliaria Manso de Velasco Ltda. | 907 | 1,464 | 260 | 209 | ||||
Synapsis Soluciones y Servicios Ltda. | 1,471 | 2,663 | 2,135 | 2,266 | ||||
Holding Enersis | 281 | 1,191 | 1,183 | 1,348 | ||||
Total | 439,520 | 547,455 | 345,321 | 363,837 | ||||
Table 12.1
Payments for Additions of Fixed assets | Depreciation | |||||||
Thousand US$ | 9M 07 | 9M 08 | 9M 07 | 9M 08 | ||||
Endesa | 285,282 | 334,560 | 285,260 | 304,105 | ||||
Cachoeira (*) | 2,667 | 528 | 19,267 | 18,720 | ||||
Fortaleza (*) | 2,439 | 838 | 5,250 | 6,612 | ||||
Cien (*) | 332 | 821 | 18,806 | 18,525 | ||||
Chilectra S.A. | 92,489 | 82,742 | 30,310 | 33,745 | ||||
Edesur S.A. | 50,028 | 111,413 | 57,967 | 57,821 | ||||
Edelnor S.A. | 32,293 | 39,127 | 25,002 | 22,153 | ||||
Ampla | 131,079 | 155,411 | 52,870 | 60,701 | ||||
Coelce | 142,740 | 182,073 | 60,378 | 62,830 | ||||
Codensa S.A. | 50,855 | 72,775 | 62,327 | 64,879 | ||||
Cam Ltda. | 2,201 | 3,073 | 2,434 | 2,927 | ||||
Inmobiliaria Manso de Velasco Ltda. | 1,646 | 2,655 | 471 | 379 | ||||
Synapsis Soluciones y Servicios Ltda. | 2,668 | 4,831 | 3,873 | 4,110 | ||||
Holding Enersis | 510 | 2,161 | 2,145 | 2,445 | ||||
Total | 797,227 | 993,008 | 626,361 | 659,951 | ||||
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ANALYSISOFINTERESTRATE ANDEXCHANGERATERISKS
The Company holds a portion of its debt in dollar-denominated instruments, due to the fact that some of its sales in markets where it operates are indexed to this currency. However, dollar indexation is greater in the Brazilian, Colombian, and Argentinean markets, and accordingly subsidiaries in these countries prefer to borrow in local currency. In the case of Argentina, dollar-based financing has gradually been replaced by financing in local currency to the extent that conditions governing terms and market rates allow for it.
Notwithstanding this natural exchange rate hedge, when facing a scenario in which the dollar is extremely volatile, the company has continued to follow a strategy of partially hedging its dollar-denominated liabilities in order to mitigate the impact of exchange rate fluctuations on its bottom line. Bearing in mind the significant reduction of accounting mismatch in recent years, which has reached sensible levels, the company has made changes to its dollar- chilean peso hedging policy with a view to establishing a cash flow hedging policy, along with the greatest degree of accounting mismatch allowed, in order to guide its hedging operations.
As of September 30th, 2008, the company’s consolidated hedged indebtedness in Chile amounted to US$ 600 million, thus enabling the company to comply with the aforementioned hedging policy. As of the same period in 2007, the company already had dollar/UF swap contracts for US$ 600 million and dollar/peso swap contracts for US$ 125 million as part of the previously-mentioned new hedging policy it had begun to enforce.
Regarding interest rate risk, the company’s consolidated debt is broken down into fixed and variable rates at approximately 67.7% and 32.3%, respectively, as of September 30th, 2008. The fixed-rate percentage of its indebtedness has decreased slightly when compared to the last year’s ratio of 70.8%/29.2%, as a result of refinancing new debt at a variable rate.
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OTHERRISKS
As is customary for certain credit and capital market debt facilities, a portion of Enersis and Endesa Chile’s financial indebtedness is subject to cross default provisions. Any matured default by any of the relevant subsidiaries could result in a cross default to Enersis and Endesa Chile, in which case, certain indebtedness held by these companies could potentially become due and payable.
Any default on debt exceeding an equivalent of US$30 million on an individual basis—after expiration of grace periods if applicable—by these companies or by any of their relevant subsidiaries could give rise to the prepayment of syndicated loans subscribed in 2004. Loans subscribed by Endesa in January and December 2006 and by Enersis in December 2006 contain US$50 million thresholds. Similarly, any default on loans exceeding an equivalent of US$30 million on an individual basis—after expiration of grace periods if applicable—by these companies or any of their subsidiaries could give rise to the prepayment of Yankee bonds. Furthermore, some financial covenants contain provisions according to which certain default events, in these companies or any of their relevant subsidiaries, such as bankruptcy, insolvency, adverse legal rulings and rulings for amounts exceeding US$ 50 million, and asset expropriation, could trigger the acceleration rights of such indebtedness.
The financial covenants do not contain clauses requiring the mandatory prepayment of indebtedness due to changes in control or the debt rating of these companies by risk classification agencies. However, a change in foreign-currency debt rating by the risk classification agency Standard & Poor’s (S&P) may give rise to a change in the margin applied when determining the interest rates of the syndicated loans signed in 2004 and 2006.
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ARGENTINA
GENERATION
In Argentina, our Operating Income reached Ch$11,651 million, compared with Ch$23,134 million recorded during the same period of 2007, represents a 50% drop.
COSTANERA
Less hydraulic availability translated into greater use of thermal facilities which use costly fuels. TheOperating Income of Endesa Costanera improved by Ch$8,686 million, coming in at Ch$7,438 million, due to a 3.5% increase in physical sales and average tariffs, all of which expanded operating revenues by 14.3% . More efficient managerial practices and a sound commercial policy made it possible for Endesa Costanera to boost its operating income despite the increment in the operating costs which grew by 9.6% mainly because of higher fuel cost throughout the period.
Table 13
Million US$ | Million Ch$ | |||||||||
9M 07 | 9M 08 | 9M 07 | 9M 08 | Chg % | ||||||
Operating Revenues | 348 | 398 | 191,812 | 219,184 | 14.3% | |||||
Operating Costs | (346) | (379) | (190,813) | (209,163) | (9.6%) | |||||
Gross Profit | 2 | 18 | 999 | 10,021 | - | |||||
Selling and Administrative Expenses | (4) | (5) | (2,246) | (2,583) | (15.0%) | |||||
Operating Income | (2) | 13 | (1,248) | 7,438 | - | |||||
Figures may differ from those accounted under Argentine GAAP. |
Additional Information
Table 14
Costanera | 9M 07 | 9M 08 | Var 07-08 | Chg % | ||||
GWh Produced | 6,013 | 6,245 | 232 | 3.9% | ||||
GWh Sold | 6,034 | 6,246 | 211 | 3.5% | ||||
Market Share | 7.8% | 7.9% | - | 0.8% | ||||
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CHOCÓN
El Chocón recorded a Ch$20,192 million decrease in itsOperating Income for a total figure of Ch$4,261 million for the current period, as a result of a 48.9% drop in physical sales compared to the previous year resulting from lower water flow management on the Limay River in addition to a poor hydrology.
Table 15
Million US$ | Million Ch$ | |||||||||
9M 07 | 9M 08 | 9M 07 | 9M 08 | Chg % | ||||||
Operating Revenues | 91 | 58 | 49,990 | 32,230 | (35.5%) | |||||
Operating Costs | (45) | (49) | (24,543) | (26,920) | (9.7%) | |||||
Gross Profit | 46 | 10 | 25,448 | 5,310 | (79.1%) | |||||
Selling and Administrative Expenses | (2) | (2) | (995) | (1,050) | (5.1%) | |||||
Operating Income | 44 | 8 | 24,453 | 4,261 | (82.6%) | |||||
Figures may differ from those accounted under Argentine GAAP. |
Additional Information
Table 16
Chocón | 9M 07 | 9M 08 | Var 07-08 | Chg % | ||||
GWh Produced | 3,068 | 1,107 | (1,961) | (63.9%) | ||||
GWh Sold | 3,230 | 1,652 | (1,578) | (48.9%) | ||||
Market Share | 4.2% | 2.1% | - | (50.2%) | ||||
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DISTRIBUTION
EDESUR
In Argentina our subsidiary Edesur recorded a Ch$296 million increase in itsOperating Income from Ch$16,980 million for first nine months of 2007 to Ch$17,276 million for the current period. The latter is primarily explained by greater demand and more customers which were partially offset by an increase in fixed costs. The increase in demand was triggered by greater economic activity and higher temperatures, which boosted physical sales by 1.5% for a total of 12,148 GWh.
Energy losses dropped by 10.8% and the number of customers increased 35,000, totaling 2.3 million customers.
Table 17
Million US$ | Million Ch$ | |||||||||
9M 07 | 9M 08 | 9M 07 | 9M 08 | Chg % | ||||||
Operating Revenues | 435 | 468 | 239,838 | 258,065 | 7.6% | |||||
Operating Costs | (344) | (359) | (189,856) | (198,188) | (4.4%) | |||||
Gross Profit | 91 | 109 | 49,982 | 59,877 | 19.8% | |||||
Selling and Administrative Expenses | (60) | (77) | (33,002) | (42,601) | (29.1%) | |||||
Operating Income | 31 | 31 | 16,980 | 17,276 | 1.7% | |||||
Figures may differ from those accounted under Argentine GAAP. |
Additional Information
Table 18
Edesur | 9M 07 | 9M 08 | Var 07-08 | Chg % | ||||
Customers (Th) | 2,217 | 2,252 | 35 | 1.6% | ||||
GWh Sold | 11,973 | 12,148 | 176 | 1.5% | ||||
Clients/Employee | 880 | 861 | (19) | (2.2%) | ||||
Energy Losses % | 11.0 | 10.8 | (0.2) | (1.5%) | ||||
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BRAZIL
GENERATION
CACHOEIRADOURADA
Operating Income in Brazil from our subsidiary Cachoeira Dourada as of September 2008 amounted to Ch$90,811 million, which is much higher than the Ch$41,552 million recorded during the same period in 2007, representing a 118,5% increase. The latter is the consequence of a sound business policy of adjusting energy sales contracts to fit higher prices on the energy market during the first months of this year, despite a 2.4% drop in physical sales that reached 3,154 GWh.
Table 20
Million US$ | Million Ch$ | |||||||||
9M 07 | 9M 08 | 9M 07 | 9M 08 | Chg % | ||||||
Operating Revenues | 124 | 235 | 68,522 | 129,472 | 89.0% | |||||
Operating Costs | (45) | (66) | (24,989) | (36,629) | (46.6%) | |||||
Gross Profit | 79 | 168 | 43,533 | 92,844 | 113.3% | |||||
Selling and Administrative Expenses | (4) | (4) | (1,981) | (2,032) | (2.6%) | |||||
Operating Income | 75 | 165 | 41,552 | 90,811 | 118.6% | |||||
Figures may differ from those accounted under Brazilian GAAP. |
Additional Information
Table 21
Cachoeira | 9M 07 | 9M 08 | Var 07-08 | Chg % | ||||
GWh Produced | 2.856 | 2.616 | (240) | (8,4%) | ||||
GWh Sold | 3.230 | 3.154 | (76) | (2,4%) | ||||
Market Share | 1,2% | 1,0% | - | (11,9%) | ||||
FORTALEZA
Endesa Fortaleza’sOperating Income totaled Ch$26,811 million, a 31,4% decrease compared to the same period in 2007. This reduction is primarily due to lower energy purchase/sale margin for the period given high spot prices for energy and the lower production of energy. Physical sales reached 2,014 GWh as of September 2008.
Table 22
Million US$ | Million Ch$ | |||||||||
9M 07 | 9M 08 | 9M 07 | 9M 08 | Chg % | ||||||
Operating Revenues | 152 | 175 | 83,726 | 96,554 | 15.3% | |||||
Operating Costs | (79) | (123) | (43,404) | 68,077) | (56.8%) | |||||
Gross Profit | 73 | 52 | 40,322 | 28,477 | (29.4%) | |||||
Selling and Administrative Expenses | (2) | (3) | (1,223) | (1,666) | (36.3%) | |||||
Operating Income | 71 | 49 | 39,099 | 26,811 | (31.4%) | |||||
Figures may differ from those accounted under Brazilian GAAP. |
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Additional Information
Table 23
Fortaleza | 9M 07 | 9M 08 | Var 07-08 | Chg % | ||||
GWh Produced | 14 | 72 | 58 | - | ||||
GWh Sold | 2,011 | 2,014 | 3 | 0.1% | ||||
Market Share | 0.7% | 0.7% | - | - | ||||
TRANSMISSION
CIEN
CIEN’sOperating Income as of September 2088 reached Ch$40,595 million, which was Ch$32,960 million greater than the same period last year when the company recorded a profit of Ch$7,635 million. During this period, the company signed a contract with CAMMESA to export energy from Brazil to Argentina for seven months beginning in May thus providing the company a fixed income from tolls. Although the Brazilian government does not provide ANEEL the guidelines for determining the retribution value for energy transportation services, as of this year this has become the company’s focus.
Table 24
Million US$ | Million Ch$ | |||||||||
9M 07 | 9M 08 | 9M 07 | 9M 08 | Chg % | ||||||
Operating Revenues | 114 | 112 | 62,606 | 61,484 | (1.8%) | |||||
Operating Costs | (93) | (32) | (51,321) | (17,500) | (134.1%) | |||||
Gross Profit | 20 | 80 | 11,285 | 43,983 | (289.8%) | |||||
Selling and Administrative Expenses | (7) | (6) | (3,650) | (3,389) | 7.2% | |||||
Operating Income | 14 | 74 | 7,635 | 40,595 | (431.7%) | |||||
Figures may differ from those accounted under Brazilian GAAP. |
Additional Information
Table 25
CIEN | 9M 07 | 9M 08 | Var 07-08 | Chg % | ||||
GWh Sold | 5,218 | 1,862 | -3,356 | (64.3%) | ||||
Market Share | N.A. | N.A. | - | - | ||||
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DISTRIBUTION
AMPLA
In Brazil, Ampla’sOperating Income was Ch$143,839 million which represented a 35,3% increase or Ch$37,517 million more when compared to last period. These greater results are primarily due to a better energy purchase/sale margin resulting from higher sales prices and the increase of 2.3% in the physical sales which amounted to 6,816 GWh for this period. Energy losses dropped 1.4 percentage points reaching at 20.3% . Ampla’s customer base increased in 70,000 new clients, totaling 2.4 million customers.
Table 26
Million US$ | Million Ch$ | |||||||||
9M 07 | 9M 08 | 9M 07 | 9M 08 | Chg % | ||||||
Operating Revenues | 795 | 1,078 | 438,554 | 594,149 | 35.5% | |||||
Operating Costs | (555) | (758) | (306,179) | (417,862) | (36.5%) | |||||
Gross Profit | 240 | 320 | 132,375 | 176,287 | 33.2% | |||||
Selling and Administrative Expenses | (47) | (59) | (26,053) | (32,448) | (24.5%) | |||||
Operating Income | 193 | 261 | 106,322 | 143,839 | 35.3% | |||||
Figures may differ from those accounted under Brazilian GAAP. |
Additional Information
Table 27
Ampla | 9M 07 | 9M 08 | Var 07-08 | Chg % | ||||
Customers (Th) | 2,379 | 2,449 | 70 | 2.9% | ||||
GWh Sold | 6,661 | 6,816 | 154 | 2.3% | ||||
Clients/Employee | 1,699 | 1,839 | 140 | 8.2% | ||||
Energy Losses % | 21.7 | 20.3 | (1.4) | (6.6%) | ||||
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COELCE
Coelce’sOperating Income increase Ch$26,640 million amounting a total of Ch$90,186 million. This increase in operating income is primarily due to a 233 GWh or 4.4% increase in physical sales as well as a reduction in energy losses, which fell from 12.6 to 11.7% in September 2008 and lower expenses for the uncollectible accounts for this period. The latter is partially offset by lower purchase/sales margin during the period due to a tariff adjustment in April 2007 and higher energy purchase price. Coelce added 152,000 new customers, representing a 5.7% increase over 2007 for a total of 2.8 million customers.
Table 28
Million US$ | Million Ch$ | |||||||||
9M 07 | 9M 08 | 9M 07 | 9M 08 | Chg % | ||||||
Operating Revenues | 647 | 818 | 356,599 | 451,049 | 26.5% | |||||
Operating Costs | (456) | (598) | (251,557) | (329,642) | (31.0%) | |||||
Gross Profit | 191 | 220 | 105,042 | 121,407 | 15.6% | |||||
Selling and Administrative Expenses | (75) | (57) | (41,496) | (31,221) | 24.8% | |||||
Operating Income | 115 | 164 | 63,546 | 90,186 | 41.9% | |||||
Figures may differ from those accounted under Brazilian GAAP. |
Additional Information
Table 29
Coelce | 9M 07 | 9M 08 | Var 07-08 | Chg % | ||||
Customers (Th) | 2,651 | 2,803 | 152 | 5.7% | ||||
GWh Sold | 5,272 | 5,505 | 233 | 4.4% | ||||
Clients/Employee | 2,044 | 2,198 | 154 | 7.5% | ||||
Energy Losses % | 12.6 | 11.7 | (1.0) | (7.6%) | ||||
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CHILE
GENERATION
ENDESACHILE
Consolidated Income Statement of Endesa Chile
Table 30
Million US$ | Million Ch$ | ||||
9M 07 | 9M 08 | 9M 07 | 9M 08 | Chg % | |
Operating Revenues | 2,485 | 3,138 | 1,369,747 | 1,729,944 | 26.3% |
Operating Costs | (1,674) | (2,016) | (923,047) | (1,111,657) | (20.4%) |
Selling and Administrative Expenses | (56) | (56) | (30,994) | (30,806) | 0.6% |
Operating Income | 754 | 1,066 | 415,706 | 587,481 | 41.3% |
Interest Income | 29 | 29 | 15,732 | 16,061 | 2.1% |
Interest Expenses | (267) | (241) | (147,344) | (133,120) | 9.7% |
Net Financial Income (Expenses) | (239) | (212) | (131,612) | (117,058) | 11.1% |
Equity Gains from Related Company | 62 | 144 | 34,184 | 79,607 | 132.9% |
Equity Losses from Related Company | (11) | (8) | (6,090) | (4,228) | 30.6% |
Net Income from Related Companies | 51 | 137 | 28,095 | 75,379 | 168.3% |
Other Non Operating Income | 25 | 91 | 13,736 | 50,204 | - |
Other Non Operating Expenses | (153) | (108) | (84,148) | (59,356) | 29.5% |
Net other Non Operating Income (Expenses) | (128) | (17) | (70,412) | (9,153) | 87.0% |
Price Level Restatement | 7 | 2 | 3,647 | 1,103 | (69.8%) |
Foreign Exchange Effect | 27 | (13) | 14,920 | (6,990) | (146.8%) |
Net of Monetary Exposure | 34 | (11) | 18,566 | (5,887) | (131.7%) |
Positive Goodwill Amortization | (1) | (1) | (706) | (806) | (14.1%) |
Non Operating Income | (283) | (104) | (156,069) | (57,524) | 63.1% |
Net Income b. Taxes, Min Int and Neg Goodwill Amort. | 471 | 961 | 259,637 | 529,957 | 104.1% |
Extraordinary Items | - | - | - | - | - |
Income Tax | (142) | (237) | (78,106) | (130,510) | (67.1%) |
Minority Interest | (92) | (194) | (50,499) | (106,854) | (111.6%) |
Negative Goodwill Amortization | 7 | 8 | 3,672 | 4,145 | 12.9% |
NET INCOME | 244 | 538 | 134,703 | 296,738 | 120.3% |
*Includes generation subsidiaries in Chile, Argentina, Colombia and Peru. |
Chilean Operations
In Chile,Operating Income reached Ch$363,084 million, an increased of 66.4% . This increase is principally explained by 39% increase in operating revenues, amounting to $965,358 as a consequence of higher average regulated price (reaching above US$130 per MWh) and spot prices that remained relatively high during the period under analysis. The foregoing was partially offset by greater operating expenses that underwent an increase of Ch$587,988 million or 26.7%, Ch$144,319 million of which corresponded to greater fuel costs given the increased use of oil-fired thermal generation at higher production costs. It should be noted that commercial policy adopted by the company has enable Endesa Chile to sell energy at the spot market; which, when added to a better hydrology as of May of this year, permitted to increase production to 14,662 GWh during the January-September 2008 period, which represented an increase of almost 5% compared to the same period of 2007.
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Additional Information
Table 31
Chilean Companies | 9M 07 | 9M 08 | Var 07-08 | Chg % | ||||
GWh Produced | 13,992 | 14,662 | 670 | 4.8% | ||||
GWh Sold | 14,286 | 14,605 | 319 | 2.2% | ||||
Market Share | 36.2% | 37.0% | - | 2.2% | ||||
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DISTRIBUTION
CHILECTRA
In Chile, our subsidiary Chilectra recorded Ch$110,222 million inOperating Income which represented a Ch$8,227 million or 8.1% increase over last period’s figures. The latter is explained by an improvement in the purchase/sale energy margins and greater toll income, which were partially offset by lower demand of energy during the period as a consequence of the negative effect that the energy savings plan launched by the Chilean government had in demand. As a result of the latter, physical sales amounted to 9,418 GWh, representing a 2.9% drop when compared with the same period of the year 2007. Chilectra added 53,000 new customers for a total of 1.5 million as of September 2008.
Table 32
Million US$ | Million Ch$ | ||||
9M 07 | 9M 08 | 9M 07 | 9M 08 | Chg % | |
Revenues from Sales | 1,043 | 1,307 | 574,940 | 720,549 | 25.3% |
Other Operating Revenues | 89 | 105 | 49,172 | 57,751 | 17.4% |
Operating Revenues | 1,132 | 1,412 | 624,112 | 778,300 | 24.7% |
Energy Purchases | (775) | (1,033) | (427,440) | (569,707) | (33.3%) |
Other Operating Cost | (105) | (113) | (57,677) | (62,306) | (8.0%) |
Operating Costs | (880) | (1,146) | (485,117) | (632,013) | (30.3%) |
Selling and Administrative Expenses | (67) | (65) | (37,000) | (36,065) | 2.5% |
Operating Income | 185 | 200 | 101,995 | 110,222 | 8.1% |
Interest Income | 7 | 14 | 3,706 | 7,699 | 107.7% |
Interest Expenses | (38) | (26) | (20,993) | (14,464) | 31.1% |
Net Financial Income (Expenses) | (31) | (12) | (17,287) | (6,765) | 60.9% |
Equity Gains from Related Company | 35 | 126 | 19,256 | 69,285 | - |
Equity Losses from Related Company | (0) | (0) | (204) | (58) | - |
Net Income from Related Companies | 35 | 126 | 19,052 | 69,227 | - |
Other Non Operating Income | 25 | 13 | 13,943 | 7,383 | (47.0%) |
Other Non Operating Expenses | (12) | (7) | (6,797) | (3,936) | (42.1%) |
Conversion Effect (BT 64) | - | - | - | - | |
Net other Non Operating Income (Expenses) | 13 | 6 | 7,146 | 3,447 | (51.8%) |
Price Level Restatement | (15) | (14) | (8,376) | (7,737) | (7.6%) |
Foreign Exchange Effect | 16 | (3) | 8,621 | (1,440) | (116.7%) |
Net of Monetary Exposure | 0 | (17) | 245 | (9,177) | (3849.7%) |
Positive Goodwill Amortization | (1) | (1) | (483) | (479) | 0.9% |
Non Operating Income | 16 | 102 | 8,672 | 56,253 | - |
Net Income b. Taxes, Min Int and Neg Goodwill Amort. | 201 | 302 | 110,667 | 166,474 | 50.4% |
Extraordinary Items | - | - | - | - | |
Income Tax | (22) | (28) | (12,390) | (15,669) | (26.5%) |
Minority Interest | (9) | (4) | (4,784) | (2,374) | (50.4%) |
Negative Goodwill Amortization | - | - | - | - | |
NET INCOME | 170 | 269 | 93,493 | 148,432 | 58.8% |
Additional Information
Table 33
Chilectra | 9M 07 | 9M 08 | Var 07-08 | Chg % | ||||
Customers (Th) | 1,471 | 1,524 | 53 | 3.6% | ||||
GWh Sold | 9,695 | 9,418 | (277) | (2.9%) | ||||
Clients/Employee | 2,026 | 2,057 | 32 | 1.6% | ||||
Energy Losses % | 6.0 | 6.2 | 0.2 | 3.5% | ||||
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COLOMBIA
GENERATION
EMGESA
The operating income of our subsidiary in Colombia, Emgesa, came in at Ch$177,744 million at the close of third quarter 2008, which represents a 38.1% increase when compared to the same period in 2007. These improved results are primarily due to greater average sales prices and a 5.9% boost in physical sales volume which reached 12,362 GWh, with greater hydraulic dispatch given the improved hydrology. Likewise, operating costs underwent a 10.7% increase mostly due to greater tolls. Production increased by 9% reaching a total of 9,602 GWh, thus revealing the good performance of our operations in this country.
Table 34
Million US$ | Million Ch$ | |||||||||
9M 07 | 9M 08 | 9M 07 | 9M 08 | Chg % | ||||||
Operating Revenues | 486 | 602 | 267,823 | 331,819 | 23.9% | |||||
Operating Costs | (245) | (271) | (135,076) | (149,512) | (10.7%) | |||||
Gross Profit | 241 | 331 | 132,747 | 182,307 | 37.3% | |||||
Selling and Administrative Expenses | (7) | (8) | (4,015) | (4,563) | (13.7%) | |||||
Operating Income | 234 | 322 | 128,732 | 177,744 | 38.1% | |||||
* Please notice that these figures could differ from those accounted under Colombian GAAP. |
Additional Information
Table 35
Emgesa | 9M 07 | 9M 08 | Var 07-08 | Chg % | ||||
GWh Produced | 8,778 | 9,602 | 824 | 9.4% | ||||
GWh Sold | 11,676 | 12,362 | 686 | 5.9% | ||||
Market Share | 21.7% | 22.2% | - | 2.6% | ||||
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DISTRIBUTION
CODENSA
Cadensa’s operating income totaled Ch$178.527 million as of September 2008, which represents a Ch$51,159 million or 40.2% increase over last year’s comparable figures. This increase is primarily the result of a 4.0% increase in energy demand (totaling 8,813 GWh) and a 0.8 percentage point drop in energy losses (falling from 8.8% as of September 2007 to 8.0% for the current period) in addition to the impact of a higher purchase/sale margin during the period. The number of customers also increased in 73,000 for a total of 2.3 million as of September 2008.
Table 36
Million US$ | Million Ch$ | |||||||||
9M 07 | 9M 08 | 9M 07 | 9M 08 | Chg % | ||||||
Operating Revenues | 776 | 1,007 | 427,983 | 555,258 | 29.7% | |||||
Operating Costs | (521) | (655) | (287,207) | (361,071) | (25.7%) | |||||
Gross Profit | 255 | 352 | 140,775 | 194,186 | 37.9% | |||||
Selling and Administrative Expenses | (24) | (28) | (13,408) | (15,660) | (16.8%) | |||||
Operating Income | 231 | 324 | 127,368 | 178,527 | 40.2% | |||||
* Please notice that these figures could differ from those accounted under Colombian GAAP. |
Additional Information
Table 37
Codensa | 9M 07 | 9M 08 | Var 07-08 | Chg % | ||||
Customers (Th) | 2,193 | 2,266 | 73 | 3.3% | ||||
GWh Sold | 8,474 | 8,813 | 338 | 4.0% | ||||
Clients/Employee | 2,321 | 2,416 | 95 | 4.1% | ||||
Energy Losses % | 8.8 | 8.0 | (0.8) | (8.9%) | ||||
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PERU
GENERATION
EDEGEL
Edegel, recorded Ch$30,268 million inOperating Income, which represented a 26.9% decrease. Revenues from operations recorded a 9.9% increase as a result of the 6.1% increase in physical sales, moving from Ch$140,731 million to Ch$154,672 million, while costs of operations rose by 29.0% . The greater costs were primarily attributable to the higher variable cost of fuel for diesel-fired thermal generation given the costs to maintenance of Camisea’s natural gas pipelines and greater energy purchases as higher prices when compared to same period last year.
Table 38
Million US$ | Million Ch$ | |||||||||
9M 07 | 9M 08 | 9M 07 | 9M 08 | Chg % | ||||||
Operating Revenues | 255 | 281 | 140,731 | 154,672 | 9.9% | |||||
Operating Costs | (165) | (213) | (90,924) | (117,255) | (29.0%) | |||||
Gross Profit | 90 | 68 | 49,807 | 37,417 | (24.9%) | |||||
Selling and Administrative Expenses | (15) | (13) | (8,425) | (7,148) | 15.2% | |||||
Operating Income | 75 | 55 | 41,382 | 30,268 | (26.9%) | |||||
* Please notice that these figures could differ from those accounted under Peruvian GAAP. |
Additional Information
Table 39
Edegel | 9M 07 | 9M 08 | Var 07-08 | Chg % | ||||
GWh Produced | 5,749 | 6,070 | 320 | 5.6% | ||||
GWh Sold | 5,937 | 6,300 | 364 | 6.1% | ||||
Market Share | 32.7% | 31.3% | - | (4.3%) | ||||
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DISTRIBUTION
EDELNOR
Our subsidiary Edelnor recorded Ch$45,705 million inOperating Income, which is Ch$10,414 million more compared to 2007 when the company’s operating income amounted to Ch$35,291 million. This is primarily due to greater demand for energy and a higher sale margin. The demand increase, primarily due to greater sales to medium-voltage regulated customers. The significant increase in energy demand triggered a 7.8% increase in physical energy sales which topped off at 4,168 GWh for the period. Customers increased by 39,000, totaling 1.0 million customers. Energy losses increased, reaching 8.4% as compared with 8.2% during the same period of the previous year.
Table 40
Million US$ | Million Ch$ | |||||||||
9M 07 | 9M 08 | 9M 07 | 9M 08 | Chg % | ||||||
Operating Revenues | 321 | 365 | 176,789 | 201,463 | 14.0% | |||||
Operating Costs | (227) | (251) | (125,267) | (138,360) | (10.5%) | |||||
Gross Profit | 93 | 114 | 51,522 | 63,103 | 22.5% | |||||
Selling and Administrative Expenses | (29) | (32) | (16,231) | (17,398) | (7.2%) | |||||
Operating Income | 64 | 83 | 35,291 | 45,705 | 29.5% | |||||
* Please notice that these figures could differ from those accounted under Peruvian GAAP. |
Additional Information
Table 41
Edelnor | 9M 07 | 9M 08 | Var 07-08 | Chg % | ||||
Customers (Th) | 979 | 1,018 | 39 | 4.0% | ||||
GWh Sold | 3,868 | 4,168 | 300 | 7.8% | ||||
Clients/Employee | 1,798 | 1,799 | 1 | 0.0% | ||||
Energy Losses % | 8.2 | 8.4 | 0.2 | 2.6% | ||||
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PARTIALLYCONSOLIDATEDINCOMESTATEMENT
(Parent Company Nine months 2008 Earnings Report)
UNDERCHILEANGAAP,MILLIONCH$
Table 42
3Q 07 | 3Q 08 | Var % | (in million Ch$) | 9M 07 | 9M 08 | Var % | ||||||
1,331 | 1,330 | (0.1%) | Operating Revenues | 4,022 | 4,012 | (0.3%) | ||||||
(406) | (436) | 7.4% | Operating Costs | (1,193) | (1,291) | 8.2% | ||||||
925 | 895 | (3.3%) | Gross Profit | 2,829 | 2,721 | (3.8%) | ||||||
(4,477) | (5,804) | (29.6%) | S&A Expenses | (14,854) | (15,011) | (1.1%) | ||||||
(3,552) | (4,910) | (38.2%) | Operating Income | (12,026) | (12,290) | (2.2%) | ||||||
38,757 | 93,935 | 142.4% | Endesa Chile | 80,796 | 177,986 | 120.3% | ||||||
26,120 | 24,507 | (6.2%) | Chilectra | 73,387 | 78,521 | 7.0% | ||||||
(4,650) | (366) | (92.1%) | Edesur | 5,872 | (111) | (101.9%) | ||||||
(63) | 3,464 | (5578.7%) | Edelnor | 4,989 | 9,370 | 87.8% | ||||||
2,323 | 38,970 | 1577.6% | Ampla | 902 | 46,983 | 5106.9% | ||||||
- | - | N/A | Coelce | - | - | N/A | ||||||
8,401 | 13,973 | 66.3% | Codensa | 10,117 | 25,908 | 156.1% | ||||||
1,115 | (2,761) | (347.7%) | CAM LTDA | 4,110 | (3,007) | (173.2%) | ||||||
3,963 | 1,327 | (66.5%) | Inm Manso de Velasco | 7,066 | 2,973 | (57.9%) | ||||||
186 | 1,078 | 481.1% | Synapsis | 47 | 4,504 | N/A | ||||||
10,897 | 26,979 | 147.6% | Endesa Brasil | 24,103 | 58,658 | 143.4% | ||||||
- | - | N/A | CGTF | - | - | N/A | ||||||
- | - | N/A | Other | - | - | N/A | ||||||
87,048 | 201,107 | 131.0% | Net Income from Related Companies | 211,391 | 401,785 | 90.1% | ||||||
11,646 | 8,436 | (27.6%) | Interest Income | 30,116 | 25,354 | (15.8%) | ||||||
(14,456) | (13,364) | 7.6% | Interest Expense | (44,226) | (41,318) | 6.6% | ||||||
(2,810) | (4,928) | (75.4%) | Net Financial Income (Expenses) | (14,110) | (15,965) | (13.1%) | ||||||
4,891 | 266 | (94.6%) | Other Non Operating Income | 9,323 | 5,870 | (37.0%) | ||||||
(441) | (361) | (18.1%) | Other Non Operating Expenses | (516) | (811) | (57.3%) | ||||||
4,450 | (95) | (102.1%) | Net other Non Operating Income (Expenses) | 8,807 | 5,059 | (42.6%) | ||||||
(6,137) | (4,955) | 19.3% | Price Level Restatement | (6,798) | (8,220) | (20.9%) | ||||||
(8,288) | 7,780 | 193.9% | Foreign Exchange Effect | (11,208) | 17,615 | (257.2%) | ||||||
(14,425) | 2,825 | 119.6% | Net Monetary Exposure | (18,006) | 9,395 | (152.2%) | ||||||
(15,558) | (15,588) | (0.2%) | Positive Goodwill Amortization | (46,800) | (46,769) | 0.1% | ||||||
58,704 | 183,321 | (212.3%) | Non Operating Income | 141,282 | 353,505 | 150.2% | ||||||
55,153 | 178,411 | (223.5%) | Net Income before (1), (2) & (3) | 129,257 | 341,215 | 164.0% | ||||||
6,983 | (731) | (110.5%) | Income Tax (1) | 795 | (2,002) | (351.8%) | ||||||
10 | 11 | 8.3% | Negative Goodwill Amortization (2) | 33 | 33 | (0.8%) | ||||||
- | - | N/A | Minority Interest (3) | - | - | N/A | ||||||
62,146 | 177,691 | (185.9%) | NET INCOME | 130,085�� | 339,245 | 160.8% | ||||||
1.90 | 5.44 | EPS (Ch$) | 3.98 | 10.39 | ||||||||
0.17 | 0.49 | EPADS (US$) | 0.36 | 0.94 | ||||||||
32,651,166 | 32,651,166 | Common Shares Outstanding (Th) | 32,651,166 | 32,651,166 | ||||||||
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UNDERCHILEANGAAP,THOUSANDUS$
Table 42.1
3Q 07 | 3Q 08 | Var % | (in thousand US$) | 9M 07 | 9M 08 | Var % | ||||||
2,414 | 2,413 | (0.1%) | Operating Revenues | 7,296 | 7,277 | (0.3%) | ||||||
(736) | (790) | 7.4% | Operating Costs | (2,165) | (2,341) | 8.2% | ||||||
1,678 | 1,623 | (3.3%) | Gross Profit | 5,131 | 4,936 | (3.8%) | ||||||
(8,121) | (10,528) | (29.6%) | S&A Expenses | (26,944) | (27,229) | (1.1%) | ||||||
(6,442) | (8,906) | (38.2%) | Operating Income | (21,813) | (22,293) | (2.2%) | ||||||
70,300 | 170,385 | 142.4% | Endesa | 146,554 | 322,843 | 120.3% | ||||||
47,378 | 44,452 | (6.2%) | Chilectra | 133,113 | 142,427 | 7.0% | ||||||
(8,435) | (665) | (92.1%) | Edesur | 10,652 | (202) | (101.9%) | ||||||
(115) | 6,283 | (5578.7%) | Edelnor | 9,049 | 16,996 | 87.8% | ||||||
4,214 | 70,687 | 1577.6% | Ampla | 1,637 | 85,221 | 5106.9% | ||||||
- | - | N/A | Coelce | - | - | N/A | ||||||
15,238 | 25,345 | 66.3% | Codensa | 18,351 | 46,994 | 156.1% | ||||||
2,022 | (5,008) | (347.7%) | CAM LTDA | 7,456 | (5,454) | (173.2%) | ||||||
7,189 | 2,408 | (66.5%) | Inm Manso de Velasco | 12,816 | 5,392 | (57.9%) | ||||||
337 | 1,955 | 481.1% | Synapsis | 86 | 8,170 | N/A | ||||||
19,766 | 48,937 | 147.6% | Endesa Brasil | 43,720 | 106,397 | 143.4% | ||||||
- | - | N/A | CGTF | - | - | N/A | ||||||
- | - | N/A | Others | - | - | N/A | ||||||
157,894 | 364,779 | 131.0% | Net Income from Related Companies | 383,433 | 728,783 | 90.1% | ||||||
21,124 | 15,301 | (27.6%) | Interest Income | 54,626 | 45,988 | (15.8%) | ||||||
(26,221) | (24,240) | 7.6% | Interest Expense | (80,220) | (74,946) | 6.6% | ||||||
(5,097) | (8,939) | (75.4%) | Net Financial Income (Expenses) | (25,594) | (28,958) | (13.1%) | ||||||
8,871 | 483 | (94.6%) | Other Non Operating Income | 16,911 | 10,648 | (37.0%) | ||||||
(800) | (655) | (18.1%) | Other Non Operating Expenses | (936) | (1,472) | (57.3%) | ||||||
8,071 | (172) | (102.1%) | Net other Non Operating Income (Expenses) | 15,975 | 9,176 | (42.6%) | ||||||
(11,132) | (8,988) | 19.3% | Price Level Restatement | (12,331) | (14,910) | (20.9%) | ||||||
(15,033) | 14,112 | 193.9% | Foreign Exchange Effect | (20,329) | 31,950 | (257.2%) | ||||||
(26,165) | 5,124 | 119.6% | Net Monetary Exposure | (32,660) | 17,040 | (152.2%) | ||||||
(28,221) | (28,275) | (0.2%) | Positive Goodwill Amortization | (84,888) | (84,832) | 0.1% | ||||||
106,482 | 332,518 | (212.3%) | Non Operating Income | 256,266 | 641,210 | 150.2% | ||||||
100,039 | 323,613 | (223.5%) | Net Income before (1), (2) & (3) | 234,454 | 618,917 | 164.0% | ||||||
12,667 | (1,326) | (110.5%) | Income Tax (1) | 1,442 | (3,632) | (351.8%) | ||||||
18 | 20 | 8.3% | Negative Goodwill Amortization (2) | 60 | 59 | (0.8%) | ||||||
- | - | N/A | Minority Interest (3) | - | - | N/A | ||||||
112,724 | 322,307 | (185.9%) | NET INCOME | 235,956 | 615,344 | 160.8% | ||||||
1.90 | 5.44 | EPS (Ch$) | 3.98 | 10.39 | ||||||||
0.17 | 0.49 | EPADS (US$) | 0.36 | 0.94 | ||||||||
32,651,166 | 32,651,166 | Common Shares Outstanding (Th) | 32,651,166 | 32,651,166 | ||||||||
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OWNERSHIP OF THECOMPANY AS OFSEPTEMBER30,2008
![](https://capedge.com/proxy/6-K/0001292814-08-002930/fp50a.gif)
CONFERENCECALLINVITATION
Enersis is pleased to inform you that it will hold a conference call to review its results for the period, on Thursday, October 30, 2008, at 11:00 AM EST (Eastern Standard Time) (12:00 pm Chilean time). To participate, please dial +1 (617) 213-4849 or +1 (888) 679-8037 (toll free USA), approximately 10 minutes prior to the scheduled start time, Passcode ID: 19028473.
The phone replay will be available between October 30, 2008, and November 11, 2008, dialing +1 (617) 801-6888 or +1 (888) 286-8010 (toll free USA) Passcode ID: 82191749.
To access the call online, you can access before to the pre-registration site athttps://www.theconferencingservice.com/prereg/key.process?key=P33FPMBUT and make your registration quicker or you can also access to the live conference call and its replay through our website at:www.enersis.cl / Investor Relations.
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CONTACTINFORMATION
For further information, please contact us:
Susana Rey
Head of Investor Relations
srm@e.enersis.cl
56 (2) 353 4554
Cristián del Sante | Denisse Labarca | Bárbara López | Carmen Poblete | |||
Investor Relations | Investor Relations | Investor Relations | Investor Relations | |||
Representative | Representative | Representative | Representative | |||
cdb@e.enersis.cl | dla@e.enersis.cl | bllf@e.enersis.cl | cpt@e.enersis.cl | |||
56 (2) 353 4555 | 56 (2) 353 4492 | 56 (2) 353 4552 | 56 (2) 353 4447 |
María 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 subsidiaries. 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. 51
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: October 30, 2008