FORM 6-K
Pursuant to Rule 13a-16 or 15d-16 of
the Securities Exchange Act of 1934
For the month of January, 2009
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 YEAR ENDED DECEMBER 31ST, 2008
HIGHLIGHTS FOR THEPERIOD
ECONOMIC-FINANCIALSUMMARY
The most relevant issues for the year 2008, compared with December 2007, may be summarized as follows:
1. RESULTS
- Net Income increased 178.3% or Ch$365,741 million amounting Ch$570,883 million.
- Operating Revenues increased 35.3% or Ch$1,734,666 million amounting Ch$6,650,287 million.
- Operating Income increased 44.6% or Ch$610,040 million amounting Ch$1,978,797 million, basically related to the good performance in both lines of business, as follows:
- Generation & Transmission 47.6%
- Distribution 42.8%
- A better Non Operating Income of Ch$ 343.915 mainly explained by the application of Technical Bulletin N°64 related to the variations of foreign exchange rates, specially in Brazil and Colombia
- Cash flows generated by our core activities increased 84.9% or Ch$882,749 million, reaching Ch$1,922,128 million.
- Consolidated leverage reached 0.95 times decreasing 7.8%.
- Interest coverage improved 28.1% up to 5.47 times in line with solid electric utilities.
- Profitability on equity, operations and assets improved during the period.
2. DISTRIBUTIONBUSINESS
- Operating Revenues confirmed its sustained stability growing 35.4%; equivalent to Ch$1,089,834 million.
- Higher revenues were also explained by 443,000 new clients over the last 12 months, broken down as follows:
- Brazil 4.7% or 240 thousand new clients
- Colombia 3.4% or 76 thousand new clients
- Chile 3.4% or 51 thousand new clients
- Peru 4.3% or 42 thousand new clients
- Argentina 1.5% or 34 thousand new clients
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This is equivalent to add a new mid size distribution company every year.
- Consolidated physical sales increased by 1.9%, where the largest growth corresponded to Peru, with a 7.7% increase.
- An important improvement in the distribution business was the reduction in energy losses, which dropped from 11.2% to 10.8%.
3. GENERATION ANDTRANSMISSIONBUSINESS
- Operating Revenues increased 32.8%, equivalent to Ch$ Ch$708,580 million.
- The higher operating income is mainly explained by the performance of the operations in Colombia, Peru and Chile.
- Consolidated physical sales increased by 0.4%, amounting 62,828 GWh.
4. FINANCIALS
- Liquidity, a key consideration in our financial management, continues to be in a very solid position, as follows:
- Cash and Cash Equivalents, amounts to US$ 2,045 million, an increase of 107.3%, equivalent to US$1,059 million.
- Open Credit Lines for US$ 372 million available between Enersis and its subsidiary Endesa Chile in the Chilean market and also other US$ 800 million in the international financial market.
Furthermore, on December 2008, Endesa Chile carried out a successful bond issuance in the local market equivalent to US$ 340 million. This operation reinforces the solid financial position of our subsidiary.
- Debt maturities can be seen in the following chart:
US$ | Less than | Between 1 | Between 2 | Between 3 | Between 5 | More than | |
million | 1 year * | & 2 years | & 3 years | & 5 years | & 10 years | 10 years | Total |
Bonds | 960 | 236 | 325 | 814 | 1,399 | 984 | 4,717 |
Banks | 881 | 527 | 536 | 494 | 261 | 3 | 2,702 |
Total | 1,842 | 762 | 861 | 1,307 | 1,660 | 987 | 7,419 |
* Includes accrued interest of financial debt only
- Coverage and protection
Enersis 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, cash flows and liquidity, we currently have:
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- Cross Currency Swaps for a total amount of US$ 649 million to match, as much as possible, the currency in which cash flows are originated and its associated debt.
- Interest Rate Swaps for US$ 190 million, in order to provide protection against huge variations in this variable.
- Collars, for a whole value of US$ 150 million, intended to provide additional protection.
- Forwards, for US$ 8 million, to protect against foreign exchange rates variations.
The prior financial tools are being permanently evaluated and adjusted to the changing 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: theverystable nature of our business,where electricity has no perfect substitutes.
5. MARKETSUMMARY
- Stock Markets experienced a negative performance during 2008. However, the local market showed a more stable behavior as compared with developed countries and other countries in the region and Enersis’ shares remained positive.
![](https://capedge.com/proxy/6-K/0001292814-09-000174/fp03a.gif)
- In addition, during 2008 both Enersis and Endesa Chile continued to be among the most traded companies at the Santiago Stock Exchange.
NEMO | MM Us$ Traded | |
1 SQM | 3,413 | |
2 ENERSIS | 2,563 | |
3 ENDESA | 1,958 | |
4 CENCOSUD | 1,682 | |
5 CAP | 1,481 | |
6 LAN | 1,463 | |
7 COPEC | 1,430 | |
8 D&S | 1,034 | |
9 LA POLAR | 961 | |
10 ENTEL | 862 | |
Source: Santiago Stock Exchange
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6. RISKRATINGCLASSIFICATIONINFORMATION
The year 2008 was especially demanding for the Risk Classification Agencies. They faced a very complex scenario in the global markets, characterized by increasing uncertainty resulting from meltdown of the international stock markets and tighter credit conditions that companies had to deal with.
The liquidity, maturities, renewal or refinancing strategy and availability of credit lines, were the most analyzed topics.
Under this more complex environment of clear economic slowdown and increasing number of companies with financial issues, credit classification agencies decreased “upgrades”.
• International classification:
Enersis | S&P | Moody’s | Fitch |
Corporate | BBB, Stable | Baa3, Stable | BBB, Stable |
• Local classification:
Enersis | Feller Rate | Fitch |
Shares | 1stClass Level 1 | 1stClass Level 1 |
Bonds | AA-, Stable | AA-, Stable |
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TABLE OFCONTENTS
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GENERALINFORMATION
(Santiago, Chile, January 28, 2009) Enersis S.A. (NYSE: ENI), announced today its consolidated financial results for the year ended on December 31, 2008. All figures are in both US$ and Ch$, under Chilean Generally Accepted Accounting Principles (Chilean GAAP), as seen in the standardized form (FECU) required by Chilean authorities. Variations refer to the period between December 31, 2007 and December 31, 2008. Figures for 2007 have been adjusted by the accounting convention for CPI variation between both periods, accounting to 8.9% .
Any figures in US$ are merely offered as a convenience translation, using the exchange rate of Ch$636.45 = US$1 for December 31, 2008. The Chilean Peso depreciated by 28.1% against the US$ between December 31, 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 December 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’ ADR (ENI) stock price listing in NYSE (“ENI”) compared to the Dow Jones Industrials and the Dow Jones Utilities Indexes over the last 12 months:
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 selective Stock Index (IPSA):
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Daily Average Transactions Volume
Bolsa de Comercio de Santiago
Madrid Stock Exchange (Latibex)
The chart below illustrates Enersis’ share price (XENI) at the Madrid Stock Exchange (Latibex) over the last 12 months compared to the Local Stock Index:
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DEBT MARKET
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:
![](https://capedge.com/proxy/6-K/0001292814-09-000174/fp11a.gif)
(*) IShares Iboxx Corporate Investment Grade Bonds Fund is an exchange traded fund incorporated in the U.S.A. The Index measures the performance of a fixed number of investment grade corporate bonds.
Source: Bloomberg
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RISK RATING CLASSIFICATION
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 (December 30, 2008); “The 'BBB' ratings on Chile-based electricity provider Enersis S.A. reflects its satisfactory business risk profile resulting from the strong creditworthiness of its Chilean investments, its solid competitive position in the countries where it operates (Argentina, Brazil, Chile, Colombia, and Perú), and the favorable economic conditions and growing demand for power in the region. These factors are partly offset by the higher risk of its non-Chilean investments and the exposure of its 60%-owned subsidiary, Empresa Nacional de Electricidad S.A. (Endesa Chile; BBB/Stable/--) to droughts. In addition, the ratings reflect Enersis' intermediate financial risk profile resulting from its moderate leverage, adequate debt service coverage, manageable interest rate and foreign exchange risks, and adequate liquidity and financial flexibility.”
Moody’s: Baa3 / Stable
Rationale (December 19, 2008); “Enersis' Baa3 senior unsecured rating reflects the benefits of the group's activities in both the generation and distribution businesses, which offsets to some degree overall business risk. The rating also considers Enersis' significant exposure to the Chilean electricity market, where it benefits from stable macroeconomic conditions (A2 Foreign Currency, A1 Local Currency rating) as well as a transparent and favorable regulatory framework for its distribution and generation activities. The rating also incorporates the geographic and operational diversification of its subsidiaries' operations in four other Latin American countries, where (as in Chile) growing demand is expected amid tighter supply and improving macroeconomic and regulatory conditions.”
Feller Rate:Bonds: AA- / Stable - Shares: 1st Class Level 1
Rationale (July 7, 2008); “Ratings assigned to solvency, bonds and shares of Enersis reflect the good business’ structure of the company, which combined participations in generation and distribution with an important presence in several countries in Latin America, maintaining a higher proportion of its cash flow generation capacity in Chile. Likewise, the rating considers its current financial profile with debt coverage indicators and leverage at a consolidated level which have been strengthened over time.”
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$84 million of local bond issuances (UF denominated). All ratings have a Stable Outlook. In addition, Fitch affirmed Enersis’ equity rating at ‘Level 1’. The ratings are tempered by the company’s dependence on dividend payments from its subsidiaries to repay its own debt, and its exposure to less creditworthy international markets, such as Argentina and Colombia, which adds some volatility to the earnings profile.”
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CONSOLIDATED INCOME STATEMENT
UNDER CHILEAN GAAP, MILLION CH$
Table 2 | ||||||||
CONS. INCOME STATEMENT - (million Ch$) | 12M 07 | 12M 08 | Var 07-08 | Chg % | ||||
Revenues from Generation & Transmission | 2,160,532 | 2,869,112 | 708,580 | 32.8% | ||||
Revenues from Distribution | 3,075,284 | 4,165,118 | 1,089,834 | 35.4% | ||||
Revenues from Engineering and Real Estate | 59,617 | 52,995 | (6,622) | (11.1%) | ||||
Revenues from Other Businesses | 220,863 | 277,500 | 56,637 | 25.6% | ||||
Consolidation Adjustments | (600,675) | (714,438) | (113,763) | (18.9%) | ||||
Operating Revenues | 4,915,621 | 6,650,287 | 1,734,666 | 35.3% | ||||
Costs from Generation | (1,365,806) | (1,709,035) | (343,229) | (25.1%) | ||||
Costs from Distribution | (2,234,457) | (3,013,311) | (778,854) | (34.9%) | ||||
Costs from Engineering and Real Estate | (45,479) | (40,662) | 4,817 | 10.6% | ||||
Costs from Other Businesses | (176,550) | (226,203) | (49,653) | (28.1%) | ||||
Consolidation Adjustments | 566,456 | 683,307 | 116,851 | 20.6% | ||||
Operating Costs | (3,255,836) | (4,305,904) | (1,050,068) | (32.3%) | ||||
Gross Profit | 1,659,785 | 2,344,383 | 684,598 | 41.3% | ||||
SG&A from Generation | (49,143) | (59,350) | (10,207) | (20.8%) | ||||
SG&A from Distribution | (226,617) | (274,690) | (48,073) | (21.2%) | ||||
SG&A from Engineering and Real Estate | (4,932) | (4,862) | 70 | 1.4% | ||||
SG&A from Other Businesses | (49,629) | (62,542) | (12,913) | (26.0%) | ||||
�� Consolidation Adjustments | 39,293 | 35,858 | (3,435) | (8.7%) | ||||
Selling and Administrative Expenses | (291,028) | (365,586) | (74,558) | (25.6%) | ||||
Operating Income | 1,368,757 | 1,978,797 | 610,040 | 44.6% | ||||
Interest Income | 125,323 | 176,357 | 51,034 | 40.7% | ||||
Interest Expense | (443,534) | (495,696) | (52,162) | (11.8%) | ||||
Net Interest (Expense) | (318,211) | (319,339) | 1,128 | (0.4%) | ||||
Equity Gains from Related Companies | 2,975 | 3,600 | 625 | 21.0% | ||||
Equity Losses from Related Companies | (62,610) | (5,971) | 56,639 | 90.5% | ||||
Net Income from Related Companies | (59,635) | (2,371) | 57,264 | 96.0% | ||||
Other Non Operating Income | 217,068 | 430,957 | 213,889 | 98.5% | ||||
Other Non Operating Expenses | (379,752) | (302,056) | 77,696 | 20.5% | ||||
Net other Non Operating Income (Expense) | (162,684) | 128,901 | 291,585 | n/a | ||||
Price Level Restatement | (11,765) | (24,103) | (12,338) | (104.9%) | ||||
Foreign Exchange Effect | 7,390 | 16,279 | 8,889 | 120.3% | ||||
Net of Monetary Exposure | (4,375) | (7,823) | (3,448) | (78.8%) | ||||
Positive Goodwill Amortization | (65,138) | (65,495) | (357) | (0.6%) | ||||
Non Operating Income | (610,043) | (266,128) | 343,915 | 56.4% | ||||
Net Inc b. Taxes, Min Int and Neg Goodwill Amort. | 758,714 | 1,712,669 | 953,955 | 125.7% | ||||
Extraordinary Items | - | - | - | - | ||||
Income Tax | (275,677) | (450,974) | (175,297) | (63.6%) | ||||
Minority Interest | (282,710) | (697,031) | (414,321) | (146.6%) | ||||
Negative Goodwill Amortization | 4,815 | 6,219 | 1,404 | 29.2% | ||||
NET INCOME | 205,142 | 570,883 | 365,741 | 178.3% | ||||
EBITDA (*) | 1,832,047 | 2,544,925 | 712,878 | 38.9% | ||||
(*) EBITDA: Operating Income+Depreciation+Amortization
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UNDER CHILEAN GAAP, THOUSAND US$
Table 2.1 | ||||||||
CONS. INCOME STATEMENT - (thousand US$) | 12M 07 | 12M 08 | Var 07-08 | Chg % | ||||
Revenues from Generation & Transmission | 3,394,661 | 4,507,993 | 1,113,332 | 32.8% | ||||
Revenues from Distribution | 4,831,933 | 6,544,297 | 1,712,364 | 35.4% | ||||
Revenues from Engineering and Real Estate | 93,671 | 83,266 | (10,405) | (11.1%) | ||||
Revenues from Other Businesses | 347,023 | 436,013 | 88,990 | 25.6% | ||||
Consolidation Adjustments | (943,790) | (1,122,537) | (178,747) | (18.9%) | ||||
Operating Revenues | 7,723,498 | 10,449,032 | 2,725,534 | 35.3% | ||||
Costs from Generation | (2,145,976) | (2,685,261) | (539,285) | (25.1%) | ||||
Costs from Distribution | (3,510,814) | (4,734,561) | (1,223,747) | (34.9%) | ||||
Costs from Engineering and Real Estate | (71,458) | (63,888) | 7,570 | 10.6% | ||||
Costs from Other Businesses | (277,398) | (355,413) | (78,015) | (28.1%) | ||||
Consolidation Adjustments | 890,025 | 1,073,622 | 183,597 | 20.6% | ||||
Operating Costs | (5,115,620) | (6,765,503) | (1,649,883) | (32.3%) | ||||
Gross Profit | 2,607,878 | 3,683,529 | 1,075,651 | 41.3% | ||||
SG&A from Generation | (77,214) | (93,251) | (16,037) | (20.8%) | ||||
SG&A from Distribution | (356,064) | (431,598) | (75,534) | (21.2%) | ||||
SG&A from Engineering and Real Estate | (7,749) | (7,640) | 109 | 1.4% | ||||
SG&A from Other Businesses | (77,978) | (98,267) | (20,289) | (26.0%) | ||||
Consolidation Adjustments | 61,738 | 56,341 | (5,397) | (8.7%) | ||||
Selling and Administrative Expenses | (457,268) | (574,415) | (117,147) | (25.6%) | ||||
Operating Income | 2,150,610 | 3,109,114 | 958,504 | 44.6% | ||||
Interest Income | 196,910 | 277,095 | 80,185 | 40.7% | ||||
Interest Expense | (696,888) | (778,845) | (81,957) | (11.8%) | ||||
Net Interest (Expense) | (499,978) | (501,750) | (1,772) | (0.4%) | ||||
Equity Gains from Related Companies | 4,675 | 5,657 | 982 | 21.0% | ||||
Equity Losses from Related Companies | (98,374) | (9,382) | 88,992 | 90.5% | ||||
Net Income from Related Companies | (93,699) | (3,725) | 89,974 | 96.0% | ||||
Other Non Operating Income | 341,060 | 677,126 | 336,066 | 98.5% | ||||
Other Non Operating Expenses | (596,672) | (474,595) | 122,077 | 20.5% | ||||
Net other Non Operating Income (Expense) | (255,612) | 202,530 | 458,142 | n/a | ||||
Price Level Restatement | (18,485) | (37,870) | (19,385) | (104.9%) | ||||
Foreign Exchange Effect | 11,612 | 25,578 | 13,966 | 120.3% | ||||
Net of Monetary Exposure | (6,873) | (12,292) | (5,419) | (78.8%) | ||||
Positive Goodwill Amortization | (102,345) | (102,906) | (561) | (0.6%) | ||||
Non Operating Income | (958,508) | (418,143) | 540,365 | 56.4% | ||||
Net Inc b. Taxes, Min Int and Neg Goodwill Amort. | 1,192,102 | 2,690,971 | 1,498,869 | 125.7% | ||||
Extraordinary Items | - | - | - | - | ||||
Income Tax | (433,147) | (708,577) | (275,430) | (63.6%) | ||||
Minority Interest | (444,199) | (1,095,186) | (650,987) | (146.6%) | ||||
Negative Goodwill Amortization | 7,566 | 9,772 | 2,206 | 29.2% | ||||
NET INCOME | 322,322 | 896,980 | 574,658 | 178.3% | ||||
EBITDA (*) | 2,878,540 | 3,998,625 | 1,120,085 | 38.9% | ||||
(*) EBITDA: Operating Income+Depreciation+Amortization
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CONSOLIDATED INCOME STATEMENT ANALYSIS
(Figures in Ch$, Source: FECU)
NET INCOME
As of December 2008, Enersis’ Net Income totaled Ch$570,883 million, representing a significant 178.3% increase over the previous year’s figure, which was Ch$205,142 million.
OPERATING INCOME
Operating Income ending December 2008 increased by Ch$610,040 million, up from Ch$1,368,757 million on December 2007 to Ch$1,978,797 million for this period, revealing a 44.6% increase. This is due to the good results recorded in the distribution and generation businesses.
Generation and Transmission Businesses showed a Ch$355,144 million increase in their operating income, equal to 47.6%, totaling Ch$1,100,727 million. Physical generation sales increased slightly by 0.4% amounting to 62,827.5 GWh in December 2008 (62,573.5 GWh in December 2007).
The Distribution businessrecorded a Ch$262,907-million increase in its operating income, which is equal to a 42.8% hike amounting to Ch$877,117 million. Physical sales in 2008 totaled 62,806 GWh, up 1,196 GWh or 1.9% from the last year. Furthermore, a total of 443,000 new customers signed on representing a 3.7% increase over last year for a total customer base greater than 12.4 million.
Table 4 | ||||||||||||||||
12M 07 | 12M 08 | |||||||||||||||
Million Ch$ | Operating Revenues | Operating Costs | SG & A | Operating Income | Operating Revenues | Operating Costs | SG& A | Operating Income | ||||||||
Endesa Chile | 1,880,663 | (1,218,649) | (40,381) | 621,633 | 2,491,589 | (1,549,013) | (49,215) | 893,361 | ||||||||
Cachoeira (*) | 125,589 | (67,474) | (2,777) | 55,338 | 181,685 | (65,202) | (3,094) | 113,389 | ||||||||
Fortaleza (**) | 112,618 | (62,491) | (1,749) | 48,378 | 138,504 | (96,219) | (2,591) | 39,694 | ||||||||
Cien (**) | 95,019 | (65,012) | (4,763) | 25,244 | 93,228 | (27,584) | (5,239) | 60,405 | ||||||||
Chilectra | 874,624 | (686,694) | (53,512) | 134,418 | 1,081,028 | (856,618) | (53,346) | 171,064 | ||||||||
Edesur | 319,484 | (242,900) | (44,808) | 31,776 | 416,413 | (311,126) | (68,055) | 37,232 | ||||||||
Distrilima (Edelnor) | 233,623 | (165,649) | (21,711) | 46,263 | 313,236 | (216,553) | (27,428) | 69,255 | ||||||||
Ampla | 600,468 | (414,480) | (38,389) | 147,599 | 863,638 | (606,270) | (46,816) | 210,552 | ||||||||
Investluz (Coelce) | 478,926 | (343,283) | (51,057) | 84,586 | 662,957 | (477,035) | (46,016) | 139,906 | ||||||||
Codensa | 568,160 | (381,452) | (17,020) | 169,688 | 827,845 | (545,709) | (32,857) | 249,279 | ||||||||
CAM Ltda. | 150,907 | (124,917) | (12,804) | 13,186 | 193,259 | (166,228) | (16,964) | 10,067 | ||||||||
Inmobiliaria Manso de Velasco Ltda. | 25,966 | (17,637) | (3,475) | 4,854 | 13,377 | (9,203) | (3,193) | 981 | ||||||||
Synapsis Soluciones y Servicios IT Ltda. | 64,499 | (49,998) | (9,464) | 5,037 | 78,794 | (58,261) | (9,718) | 10,815 | ||||||||
Enersis Holding and other investment vehicles | 5,457 | (1,636) | (27,158) | (23,337) | 5,447 | (1,714) | (35,664) | (31,931) | ||||||||
Consolidation Adjustments | (620,382) | 586,436 | 38,040 | 4,094 | (710,713) | 680,831 | 34,610 | 4,728 | ||||||||
Total Consolidation | 4,915,621 | (3,255,836) | (291,028) | 1,368,757 | 6,650,287 | (4,305,904) | (365,586) | 1,978,797 | ||||||||
Table 4.1 | ||||||||||||||||
12M 07 | 12M 08 | |||||||||||||||
Thousand US$ | Operating Revenues | Operating Costs | SG & A | Operating Income | Operating Revenues | Operating Costs | SG& A | Operating Income | ||||||||
Endesa Chile | 2,954,926 | (1,914,760) | (63,447) | 976,719 | 3,914,822 | (2,433,833) | (77,328) | 1,403,662 | ||||||||
Cachoeira (*) | 197,328 | (106,016) | (4,363) | 86,949 | 285,466 | (102,447) | (4,862) | 178,158 | ||||||||
Fortaleza (**) | 176,947 | (98,186) | (2,749) | 76,012 | 217,619 | (151,180) | (4,071) | 62,368 | ||||||||
Cien (**) | 149,296 | (102,149) | (7,484) | 39,663 | 146,481 | (43,340) | (8,232) | 94,909 | ||||||||
Chilectra | 1,374,222 | (1,078,944) | (84,080) | 211,199 | 1,698,528 | (1,345,931) | (83,819) | 268,778 | ||||||||
Edesur | 501,978 | (381,648) | (70,403) | 49,927 | 654,274 | (488,847) | (106,928) | 58,499 | ||||||||
Distrilima (Edelnor) | 367,072 | (260,270) | (34,113) | 72,689 | 492,161 | (340,252) | (43,095) | 108,815 | ||||||||
Ampla | 943,465 | (651,237) | (60,317) | 231,911 | 1,356,961 | (952,581) | (73,558) | 330,823 | ||||||||
Investluz (Coelce) | 752,496 | (539,372) | (80,222) | 132,902 | 1,041,648 | (749,525) | (72,301) | 219,823 | ||||||||
Codensa | 892,701 | (599,343) | (26,741) | 266,617 | 1,300,724 | (857,426) | (51,625) | 391,672 | ||||||||
CAM Ltda. | 237,107 | (196,271) | (20,117) | 20,719 | 303,651 | (261,180) | (26,654) | 15,816 | ||||||||
Inmobiliaria Manso de Velasco Ltda. | 40,798 | (27,713) | (5,460) | 7,626 | 21,019 | (14,459) | (5,018) | 1,542 | ||||||||
Synapsis Soluciones y Servicios IT Ltda. | 101,343 | (78,558) | (14,871) | 7,914 | 123,803 | (91,541) | (15,268) | 16,994 | ||||||||
Enersis Holding and other investment vehicles | 8,573 | (2,570) | (42,672) | (36,668) | 8,559 | (2,693) | (56,035) | (50,170) | ||||||||
Consolidation Adjustments | (974,754) | 921,418 | 59,770 | 6,433 | (1,116,683) | 1,069,732 | 54,380 | 7,430 | ||||||||
Total Consolidation | 7,723,499 | (5,115,619) | (457,268) | 2,150,613 | 10,449,035 | (6,765,502) | (574,412) | 3,109,120 | ||||||||
(*) Consolidated by Endesa Chile until September 30th, 2005. Since October 1th is consolidated by Enersis through Endesa Brasil. (**) Since October 1, 2005, these subsidiaries are consolidated by Enersis through Endesa Brasil.
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NON OPERATING INCOME
As of 31 December 2008, the company had recorded a loss in non-operating income amounting to Ch$266,128 million, which represents an improvement of Ch$343,915 million over losses recorded during the same period in 2007, which totaled Ch$610,043 million. The latter is primarily due to the following:
Other non-operating income and expenses, recorded an improvement of Ch$291,585 million, up from a loss of Ch$162,684 million in December 2007 to an income of Ch$128,901 million in the current period. The main reasons for this change are as follows:
- Greater net income of Ch$362,109 million resulting from an adjustment for converting to Chilean standards after having enforced Technical Bulletin No. 64 primarily in the Brazilian and Colombian subsidiaries (Ch$135,968 million, net of minority interest).
- A Ch$40,575 million reversal in sub-transmission provision.
- Fewer expenses related to a Heritage Tax in Colombia of Ch$9,974 million.
The above was partially offset by:
- Less net income due to reversals in provisions, recorded in 2007, contingencies, litigation, and other items for a total of Ch$43,562 million, primarily CIEN and Ampla.
- Ch$30,279 million less in net income due to tariff adjustments in previous fiscal years in Edesur, which was recognized during first quarter 2007.
- More expenses due to taxes in Chile and Peru resulting from the liquidation of holdings for Ch$23,131 million.
- Ch$8,869 million less in revenues at CIEN due to the liquidation of the Cemsa contract, recognized in 2007.
- Increase in liquidation expenses of energy and capacity for Ch$6.190 million.
Interest expense net of interest incomeunderwent a 0.4% increase equal to Ch$1,128 million, resulting from a net expense of Ch$318,211 million as of December 2007 to a net expense of Ch$319,339 million for the current period. This is primarily due to a greater interest expense in Codensa of Ch$19,009 million, due to more mean debt, and in Ampla of Ch$17,408 million, in Coelce of Ch$8,817 million, Cien of Ch$8,096 million due to the increase in the average Selic rate during the period. The latter is partially offset by a lower interest expense in Edesur of Ch$5,372 million as a result of lower fine updates, and in Enersis of Ch$ 3,505 million due to less debt; as well as being offset by greater interest income in Ampla for Ch$10,459 millions, in Coelce for Ch$9,357 million, in Endesa Brasil for Ch$5,655 million, in CGTF for Ch$4,271 million, in Enersis for Ch$4,506 million, triggered by an increase in financial investments during the period, and interest income in Edesur increased by Ch$7,848 million due to deferred collection of the price adjustment.
Equity in income of related companies, net, recorded a lower net expense of Ch$57,264 million after having gone from a net loss of Ch$59,635 million at December 2007 to a net loss of Ch$2,371 million in the current period. This increased benefit was partially the result of having recognized Ch$58,286 million less in losses from Inversiones Gas Atacama Holding during the period, which includes a negative provision over investment of Ch$53,241 million during 2007. The later was partially offset by a greater loss of Ch$835 million recorded by Centrales Hidroeléctricas de Aysén S.A. and Ch$505 million by GNL Chile.
Goodwill amortizationdid not undergo any significant changes and amounted to Ch$65,495 million as of 31 December 2008, with an increase of Ch$357 million.
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Price-level restatementunderwent a negative change of Ch$12,338 million, primarily due to the impact of higher inflation during the 2008 period which reached 8.9% versus 7.4% 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 31 December 2008 revealed a positive change of Ch$8,889 million, moving from a net income of Ch$7,390 million in 2007 to Ch$16,279 in 2008. This is primarily the result of an active position of mismatch in dollars held by the company during both periods, the derivatives-based hedge policy, and changes in the Chilean peso-dollar parity. Consequently, during the previous period the exchange rate fell $35.5 pesos from $532.39 to $496.89 while it actually increased $139.56 this period from $496.89 to $636.45.
Income Taxes and Deferred Taxesin 2008 recorded an expense of Ch$450,974 million, which represents an increase of Ch$175,297 million when compared to the Ch$275,677-million tax expense recorded as of 31 December 2007.
TheIncome Tax Expense increased Ch$128,047 million, which is primarily due the increases at our subsidiaries: Emgesa Ch$42,187 million, Codensa Ch$24,493 million, Ampla Ch$20,338 million, Endesa Chile Ch$15,264 million, Pehuenche Ch$13,955 million, Pangue Ch$6,498 million, Chilectra Ch$6,027 million, Edelnor Ch$3,936 million and Edesur Ch$3,729. This was partially offset by lower income tax provisions at our subsidiaries CIEN (Ch$6,718 million), El Chocón (Ch$6,140 million) and Enersis (Ch$2,984 million).
With respect toDeferred Taxes, which do not represent cash flows, they recorded greater expenses of Ch$47,250 million primarily due to the impact recorded in Enersis (Ch$27,797 million), Chilectra (Ch$24,857 million), Coelce (Ch$13,238 million), Cien (Ch$11,647 million), San Isidro (Ch$5,990 million) and Edelnor (Ch$3,722 million), which was partially offset by a decrease in Edegel (Ch$9,371 million), Ampla Investimento (Ch$9,236 million), Codensa (Ch$5,883 million) and Edesur (Ch$5,590 million).
Negative Goodwill Amortizationamounted to Ch$6,219 million as of 31 December 2008, which does not represent any significant change from the same period last year for which this figure totaled Ch$4,815 million.
Minority Interestincreased by Ch$414,321 million for a total of Ch$697,031 million. This was triggered by a significant increase in the results of some of our subsidiaries that now have a high percentage of minority interest, to wit: Endesa Chile underwent an increase of Ch$93,255 million, Emgesa of Ch$84,998 million, Codensa of Ch$75,331 million, Endesa Brasil of Ch$48,021 million, Coelce of Ch$49,593 million, Edegel of Ch$17,761 million and Ampla of Ch$13,502 million; this was partially offset by a decrease in Edesur of Ch$ 3,064 million and in El Chocón of Ch$3,806 million. (See Note 21.b of the FECU for more information).
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EVOLUTION OF KEY FINANCIAL RATIOS
Table 5 | ||||||||||
Indicator | Unit | 12M 07 | 12M 08 | Var 07-08 | Chg % | |||||
Liquidity | Times | 1.31 | 1.19 | (0.12) | (9.2%) | |||||
Acid ratio test * | Times | 1.22 | 1.12 | (0.10) | (8.2%) | |||||
Working capital | million Ch$ | 577,624 | 470,767 | (106,857) | (18.5%) | |||||
Working capital | th. US$ | 907,571 | 739,678 | (167,893) | (18.5%) | |||||
Leverage ** | Times | 1.03 | 0.95 | (0.08) | (7.8%) | |||||
Short-term debt | % | 0.30 | 0.36 | 0.06 | 20.0% | |||||
Long-term debt | % | 0.70 | 0.64 | (0.06) | (8.6%) | |||||
Interest Coverage*** | Times | 4.27 | 5.47 | 1.20 | 28.1% | |||||
EBITDA**** | th. US$ | 2,878,540 | 3,998,625 | 1,120,085 | 38.9% | |||||
O.I./O.R. | % | 27.85 | 29.76 | 1.91 | 6.9% | |||||
ROE | % | 6.49% | 15.44% | 8.95% | 137.9% | |||||
ROA | % | 1.65% | 3.96% | 2.31% | 140.0% | |||||
* Current assets net of inventories and pre-paid expenses
** Using the ratio = Total debt / (equity + minority interest)
***EBITDAEI/Interest expenses = (Earnings before taxes+Fin exp+Net non operating income+depreciation+Positive Goodwill) /Interest expenses
****EBITDA: Operating Income+Depreciation+Amortization
Theliquidity index as of December 2008 amounted to 1.19 times, revealing a 0.12 -fold decrease, and equal to 9.2%, compared to the same period in 2007. Despite this decrease in the index, the index reflects that the company enjoys a sound position in terms of liquidity, and that it continues to hold bank debt and finance its investments with cash surplus, while having an appropriate schedule of debt maturity.
TheLeverage ratio is 0.95 times as of December 2008, having decreased 7.8% over its 2007 level.
Interest expense coverage increased 1.2 times or the equivalent of 28.1%, having jumped from 4.27 times in December 2007 to 5.47 times in the current period. This is due to the significantly better results obtained by the Enersis Group during this period.
TheOperating Income over Operating Revenues profitability increased 6.9%, reaching 29.8% .
The annualROE is 15.44% with a 137.9% increase over 2007, when it totaled 6.49% . This is due to the improved results recorded for this year, partly offset by an increase in shareholders’ equity.
AnnualROAjumped from 1.65% in December 2007 to 3.96% in December 2008, which is also a reflection of the better results recorded for this year, partly offset by a 15.6% increase in assets, primarily dollar-denominated assets.
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CONSOLIDATED BALANCE SHEET
ASSETS UNDER CHILEAN GAAP, MILLION CH$
Table 6 | ||||||||
ASSETS - (million Ch$) | 12M 07 | 12M 08 | Var 07-08 | Chg % | ||||
CURRENT ASSETS | ||||||||
Cash | 89,276 | 133,550 | 44,274 | 49.6% | ||||
Time deposits | 440,592 | 624,749 | 184,158 | 41.8% | ||||
Marketable securities | 12,847 | 105,047 | 92,200 | - | ||||
Accounts receivable, net | 1,075,261 | 1,138,163 | 62,902 | 5.8% | ||||
Notes receivable, net | 12,893 | 7,749 | (5,144) | (39.9%) | ||||
Other accounts receivable, net | 108,650 | 95,068 | (13,582) | (12.5%) | ||||
Amounts due from related companies | 165,946 | 30,882 | (135,064) | (81.4%) | ||||
Inventories | 114,824 | 104,198 | (10,626) | (9.3%) | ||||
Income taxes recoverable | 157,591 | 134,057 | (23,534) | (14.9%) | ||||
Prepaid expenses | 54,838 | 58,745 | 3,906 | 7.1% | ||||
Deferred income taxes | 74,498 | 55,606 | (18,891) | (25.4%) | ||||
Other current assets | 154,673 | 506,737 | 352,064 | - | ||||
Total currrent assets | 2,461,889 | 2,994,552 | 532,663 | 21.6% | ||||
PROPERTY, PLANT AND EQUIPMENT | ||||||||
Land | 150,431 | 169,159 | 18,728 | 12.4% | ||||
Buildings and infraestructure and works in progress | 12,374,354 | 14,160,784 | 1,786,430 | 14.4% | ||||
Machinery and equipment | 2,161,441 | 2,692,490 | 531,049 | 24.6% | ||||
Other plant and equipment | 580,887 | 853,202 | 272,315 | 46.9% | ||||
Technical appraisal | 36,692 | 36,562 | (130) | (0.4%) | ||||
Sub - Total | 15,303,806 | 17,912,197 | 2,608,392 | 17.0% | ||||
Accumulated depreciation | (6,583,806) | (7,831,987) | (1,248,181) | (19.0%) | ||||
Total property, plant and equipment | 8,720,000 | 10,080,210 | 1,360,210 | 15.6% | ||||
OTHER ASSETS | �� | |||||||
Investments in related companies | 64,464 | 118,707 | 54,243 | 84.1% | ||||
Investments in other companies | 25,022 | 29,680 | 4,658 | 18.6% | ||||
Positive goodwill, net | 698,243 | 635,694 | (62,549) | (9.0%) | ||||
Negative goodwill, net | (40,722) | (41,530) | (808) | (2.0%) | ||||
Long-term receivables | 212,941 | 201,125 | (11,816) | (5.5%) | ||||
Amounts due from related companies | 682 | 112,822 | 112,140 | - | ||||
Deferred income taxes | - | - | - | - | ||||
Intangibles | 103,810 | 132,029 | 28,219 | 27.2% | ||||
Accumulated amortization | (65,244) | (87,690) | (22,446) | (34.4%) | ||||
Others assets | 274,643 | 224,031 | (50,612) | (18.4%) | ||||
Total other assets | 1,273,839 | 1,324,866 | 51,027 | 4.0% | ||||
TOTAL ASSETS | 12,455,728 | 14,399,628 | 1,943,900 | 15.6% | ||||
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ASSETS UNDER CHILEAN GAAP, THOUSAND US$
Table 6.1 | ||||||||
ASSETS - (thousand US$) | 12M 07 | 12M 08 | Var 07-08 | Chg % | ||||
CURRENT ASSETS | ||||||||
Cash | 140,272 | 209,836 | 69,564 | 49.6% | ||||
Time deposits | 692,265 | 981,616 | 289,351 | 41.8% | ||||
Marketable securities | 20,186 | 165,052 | 144,866 | - | ||||
Accounts receivable, net | 1,689,466 | 1,788,299 | 98,833 | 5.8% | ||||
Notes receivable, net | 20,257 | 12,175 | (8,082) | (39.9%) | ||||
Other accounts receivable, net | 170,712 | 149,372 | (21,340) | (12.5%) | ||||
Amounts due from related companies | 260,737 | 48,523 | (212,214) | (81.4%) | ||||
Inventories | 180,413 | 163,717 | (16,696) | (9.3%) | ||||
Income taxes recoverable | 247,610 | 210,633 | (36,977) | (14.9%) | ||||
Prepaid expenses | 86,163 | 92,301 | 6,138 | 7.1% | ||||
Deferred income taxes | 117,052 | 87,369 | (29,683) | (25.4%) | ||||
Other current assets | 243,025 | 796,193 | 553,168 | - | ||||
Total currrent assets | 3,868,157 | 4,705,085 | 836,928 | 21.6% | ||||
PROPERTY, PLANT AND EQUIPMENT | ||||||||
Land | 236,359 | 265,785 | 29,426 | 12.4% | ||||
Buildings and infraestructure and works in progress | 19,442,775 | 22,249,640 | 2,806,865 | 14.4% | ||||
Machinery and equipment | 3,396,090 | 4,230,482 | 834,392 | 24.6% | ||||
Other plant and equipment | 912,699 | 1,340,564 | 427,865 | 46.9% | ||||
Technical appraisal | 57,652 | 57,447 | (205) | (0.4%) | ||||
Sub - Total | 24,045,574 | 28,143,919 | 4,098,345 | 17.0% | ||||
Accumulated depreciation | (10,344,576) | (12,305,737) | (1,961,161) | (19.0%) | ||||
Total property, plant and equipment | 13,700,998 | 15,838,181 | 2,137,183 | 15.6% | ||||
OTHER ASSETS | ||||||||
Investments in related companies | 101,287 | 186,514 | 85,227 | 84.1% | ||||
Investments in other companies | 39,315 | 46,633 | 7,318 | 18.6% | ||||
Positive goodwill, net | 1,097,090 | 998,812 | (98,278) | (9.0%) | ||||
Negative goodwill, net | (63,983) | (65,253) | (1,270) | (2.0%) | ||||
Long-term receivables | 334,576 | 316,010 | (18,566) | (5.5%) | ||||
Amounts due from related companies | 1,072 | 177,268 | 176,196 | - | ||||
Deferred income taxes | - | - | - | - | ||||
Intangibles | 163,108 | 207,445 | 44,337 | 27.2% | ||||
Accumulated amortization | (102,512) | (137,780) | (35,268) | (34.4%) | ||||
Others assets | 431,523 | 352,000 | (79,523) | (18.4%) | ||||
Total other assets | 2,001,475 | 2,081,649 | 80,174 | 4.0% | ||||
TOTAL ASSETS | 19,570,630 | 22,624,916 | 3,054,286 | 15.6% | ||||
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LIABILITIES ANDSHAREHOLDERSEQUITYUNDERCHILEANGAAP,MILLIONCH$
Table 7 | ||||||||
LIABILITIES AND SHAREHOLDER´S EQUITY - (million Ch$) | 12M 07 | 12M 08 | Var 07-08 | Chg % | ||||
CURRENT LIABILITIES | ||||||||
Short-term debt due to banks and financial institutions | 184,798 | 279,226 | 94,428 | 51.1% | ||||
Current portion of long-term debt due to banks and financial institutions | 140,820 | 281,711 | 140,891 | 100.1% | ||||
Current portion of bonds payable | 398,612 | 611,262 | 212,650 | 53.3% | ||||
Current portion of long-term notes payable | 26,336 | 35,571 | 9,235 | 35.1% | ||||
Dividends payable | 35,813 | 5,832 | (29,981) | (83.7%) | ||||
Accounts payable | 560,569 | 625,017 | 64,448 | 11.5% | ||||
Short-term notes payable | 17,382 | 16,448 | (934) | (5.4%) | ||||
Miscellaneous payables | 115,544 | 144,862 | 29,318 | 25.4% | ||||
Accounts payable to related companies | 34,686 | 43,097 | 8,411 | 24.3% | ||||
Accrued expenses | 81,748 | 100,217 | 18,469 | 22.6% | ||||
Withholdings | 115,470 | 131,804 | 16,334 | 14.1% | ||||
Income taxes payable | 19,976 | 90,993 | 71,017 | - | ||||
Anticipated income | 8,526 | 10,274 | 1,748 | 20.5% | ||||
Reinbursable financial contribution | 1,459 | 1,367 | (92) | (6.3%) | ||||
Other current liabilities | 142,526 | 146,104 | 3,578 | 2.5% | ||||
Total current liabilities | 1,884,265 | 2,523,785 | 639,520 | 33.9% | ||||
LONG-TERM LIABILITIES | ||||||||
Due to banks and financial institutions | 1,115,924 | 1,158,699 | 42,775 | 3.8% | ||||
Bonds payable | 2,338,000 | 2,391,114 | 53,113 | 2.3% | ||||
Long -term notes payable | 133,912 | 132,784 | (1,127) | (0.8%) | ||||
Accounts payables | 156,760 | 153,875 | (2,886) | (1.8%) | ||||
Amounts payable to related companies | 8,888 | 8,978 | 90 | 1.0% | ||||
Accrued expenses | 368,396 | 361,454 | (6,943) | (1.9%) | ||||
Deferred income taxes | 24,438 | 125,201 | 100,763 | 100.0% | ||||
Reinbursable financial contribution | 4,164 | 4,186 | 22 | 0.5% | ||||
Other long-term liabilities | 273,601 | 165,195 | (108,406) | (39.6%) | ||||
Total long-term liabilities | 4,424,084 | 4,501,484 | 77,400 | 1.7% | ||||
Minority interest | 2,985,784 | 3,677,146 | 691,362 | 23.2% | ||||
SHAREHOLDERS´ EQUITY | ||||||||
Paid-in capital, no par value | 2,824,883 | 2,824,883 | - | 0.0% | ||||
Additional paid-in capital | - | - | - | - | ||||
Additional paid-in capital (share premium) | 201,314 | 201,314 | - | 0.0% | ||||
Other reserves | (474,250) | (339,568) | 134,682 | (28.4%) | ||||
Total capital and reserves | 2,551,947 | 2,686,628 | 134,682 | 5.3% | ||||
Retained earnings | 423,602 | 490,313 | 66,711 | 15.7% | ||||
Net income for the period | 205,142 | 570,883 | 365,741 | 178.3% | ||||
Interim dividends | (19,095) | (50,612) | (31,517) | - | ||||
Deficits of subsidaries in development stage | - | - | - | - | ||||
Total retained earnings | 609,649 | 1,010,584 | 400,936 | 65.8% | ||||
Total shareholder´s equity | 3,161,595 | 3,697,213 | 535,618 | 16.9% | ||||
TOTAL LIABILITIES AND SHAREHOLDER´S EQUITY | 12,455,728 | 14,399,628 | 1,943,900 | 15.6% | ||||
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LIABILITIES ANDSHAREHOLDERSEQUITYUNDERCHILEANGAAP,THOUSANDUS$
Table 7.1 | ||||||||
LIABILITIES - (thousand US$) | 12M 07 | 12M 08 | Var 07-08 | Chg % | ||||
CURRENT LIABILITIES | ||||||||
Short-term debt due to banks and financial institutions | 290,357 | 438,724 | 148,367 | 51.1% | ||||
Current portion of long-term debt due to banks and financial institutions | 221,258 | 442,628 | 221,370 | 100.1% | ||||
Current portion of bonds payable | 626,305 | 960,424 | 334,119 | 53.3% | ||||
Current portion of long-term notes payable | 41,380 | 55,889 | 14,509 | 35.1% | ||||
Dividends payable | 56,269 | 9,163 | (47,106) | (83.7%) | ||||
Accounts payable | 880,775 | 982,037 | 101,262 | 11.5% | ||||
Short-term notes payable | 27,311 | 25,844 | (1,467) | (5.4%) | ||||
Miscellaneous payables | 181,544 | 227,609 | 46,065 | 25.4% | ||||
Accounts payable to related companies | 54,499 | 67,715 | 13,216 | 24.3% | ||||
Accrued expenses | 128,444 | 157,463 | 29,019 | 22.6% | ||||
Withholdings | 181,428 | 207,092 | 25,664 | 14.1% | ||||
Income taxes payable | 31,386 | 142,969 | 111,583 | - | ||||
Anticipated income | 13,397 | 16,143 | 2,746 | 20.5% | ||||
Reinbursable financial contribution | 2,293 | 2,148 | (145) | (6.3%) | ||||
Other current liabilities | 223,939 | 229,561 | 5,622 | 2.5% | ||||
Total current liabilities | 2,960,585 | 3,965,409 | 1,004,824 | 33.9% | ||||
LONG-TERM LIABILITIES | ||||||||
Due to banks and financial institutions | 1,753,357 | 1,820,565 | 67,208 | 3.8% | ||||
Bonds payable | 3,673,502 | 3,756,954 | 83,452 | 2.3% | ||||
Long -term notes payable | 210,404 | 208,633 | (1,771) | (0.8%) | ||||
Accounts payables | 246,304 | 241,770 | (4,534) | (1.8%) | ||||
Amounts payable to related companies | 13,965 | 14,106 | 141 | 1.0% | ||||
Accrued expenses | 578,830 | 567,922 | (10,908) | (1.9%) | ||||
Deferred income taxes | 38,398 | 196,718 | 158,320 | 100.0% | ||||
Reinbursable financial contribution | 6,543 | 6,578 | 35 | 0.5% | ||||
Other long-term liabilities | 429,886 | 259,556 | (170,330) | (39.6%) | ||||
Total long-term liabilities | 6,951,188 | 7,072,802 | 121,614 | 1.7% | ||||
Minority interest | 4,691,310 | 5,777,588 | 1,086,278 | 23.2% | ||||
SHAREHOLDERS´ EQUITY | ||||||||
Paid-in capital, no par value | 4,438,499 | 4,438,499 | - | 0.0% | ||||
Additional paid-in capital | - | - | - | - | ||||
Additional paid-in capital (share premium) | 316,308 | 316,308 | - | 0.0% | ||||
Other reserves | (745,149) | (533,535) | 211,614 | (28.4%) | ||||
Total capital and reserves | 4,009,658 | 4,221,272 | 211,614 | 5.3% | ||||
Retained earnings | 665,570 | 770,388 | 104,818 | 15.7% | ||||
Net income for the period | 322,322 | 896,980 | 574,658 | 178.3% | ||||
Interim dividends | (30,003) | (79,522) | (49,519) | - | ||||
Deficits of subsidaries in development stage | - | - | - | - | ||||
Total retained earnings | 957,889 | 1,587,846 | 629,957 | 65.8% | ||||
Total shareholder´s equity | 4,967,547 | 5,809,117 | 841,570 | 16.9% | ||||
TOTAL LIABILITIES AND SHAREHOLDER´S EQUITY | 19,570,630 | 22,624,916 | 3,054,286 | 15.6% | ||||
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CONSOLIDATEDBALANCESHEETANALYSIS
The company’stotal assets as of December 2008 increased by Ch$1,943.900 million compared to thesame period last year, which is mainly due to:
A Ch$532,663 million increase in current assets, equal to 21.6%, as a result of: | ||
An increase of Ch$352,064 in other current assets primarily due to greater investments in Sales and Repurchase Agreements for Ch$353,016 million in Enersis, Endesa Chile, and Chilectra, and a Ch$25,701 increase in Coelce related to the Brazilian Government’s “Light for All” project. This is partially offset by a decrease of Ch$30,305 million in Enersis due to deposits for obligations and guarantees. | ||
A Ch$228,432-million increase in cash available and term deposits primarily due to the following amounts having been floated by the companies: Endesa Chile Ch$111,082 million, Enersis Ch$41,369 million, Codensa Ch$23,467 million, Emgesa Ch$21,698 million, Chilectra Ch$8,535 million, and Edegel Ch$5,826 million. | ||
A Ch$92,200-million increase in negotiable instruments that essentially corresponds to a Ch$90,008-million increase in Emgesa due to higher collections. | ||
An increase in debtors due sales of Ch$62,902 million given an increase in Chilectra for Ch$66,174 million, Edegel for Ch$23,870 million, Edesur for Ch$20,493 million, Endesa Costanera for Ch$14,440 million and CAM for Ch$12,489, which was partially offset by a decrease in Ampla for Ch$34,569 million, Cachoeira Dourada for Ch$20,545 million, Coelce for Ch$19,801 million, and Cien for Ch$18,816 million due to greater collection of customer payments. | ||
A Ch$135,064 million decrease in instruments receivable from related companies primarily due to the transfer to the long term of accounts receivable from Atacama Finance Co. in the amount of Ch$97,350 million and a decrease in accounts receivable from GNL Quintero in the amount of Ch$39,552 million and from GNL Chile in the amount of Ch$1,315 million. | ||
A Ch$34,295-million decrease in recoverable taxes resulting from a decrease in Endesa Chile for Ch$33,200 million, Emgesa for Ch$12,927 million, Chilectra for Ch$9.448 million, and Edegel for Ch$2,345 million, partially offset by an increase in Endesa Brasil of Ch$8,651 million, Cien of Ch$6,337 million, and CGTF of Ch$5,167 million. | ||
An increase of Ch$1,360,210 million in Fixed Assets, equal to 15.6%, primarily due to the addition of fixed assets last year for approximately Ch$862,000 million, partially offset by the depreciation of one-year fixed assets of approximately Ch$553,586 million and by the real exchange-rate effect on fixed assets of foreign companies as a result of the methodology of booking non-monetary assets in historical dollars in keeping with Technical Bulletin No.64 that is applied by subsidiaries located in unstable countries, which amounts to approximately Ch$1,061,000 million. | ||
An increase of Ch$51,027 million in Other Assets, which is primarily triggered by: | ||
An increase in accounts receivable from related companies in the amount of Ch$112,140 million, primarily due to the transfer from the short term to the long term of accounts receivable from Atacama Finance in the amount of Ch$109,602 million and in an increase in accounts receivable from Sistemas SEC in the amount of Ch$2,447 million. | ||
An increase in investments in related companies in the amount of Ch$54,243 million, primarily due to a greater investment in GNL Quintero S.A. in the amount of Ch$22,395 million and in Central Hidroeléctrica de Aysén in the amount of Ch$17,957 million, in addition to a greater investment in Gas Atacama Holding Ltda. in the amount of Ch$11,569 million, mostly due to variations in the dollar over the period. |
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A reduction in Goodwill in the amount of Ch$62,550 million, essentially due to the goodwill amortization recorded during the year in the amount of Ch$65,495 million. | ||
A Ch$50,613-million decrease in Other Long-term Assets, primarily due to fewer losses not realized as a result of derivative contracts in Enersis in the amount of Ch$50,955 million and lower deferred assets in the amount of Ch$2,269 million in Coelce, which was partially offset by an increase in bond placements of Ch$1,805 million and an increase of Ch$1,213 million in escrow accounts. | ||
The company’stotal liabilitiesincreased by Ch$1,943.900 million from the same period last year, which was largely due to the following: | ||
An increase incurrent liabilitiesof Ch$639,520 million, equal to 33,9%, resulting from changes in the following areas: | ||
An increase in short-term public debt of Ch$212,650 million mostly due to the net effect of transfers from the long term to the short term (Ch$394,599 million) and bond payments (Ch$224,134 million) in Endesa Chile of Ch$170,465 million, Emgesa of Ch$90,902 million, Codensa of Ch$14,206 million, Edegel of Ch$8,926 million, and Edelnor of Ch$9,514 million, which were partially offset by bond payments in Ampla for Ch$91,913 million. | ||
A Ch$140,891-million increase in the short-term portion of long-term bank debt primarily due to the transfer to the short term of Ch$94,779 million of Enersis’ revolving loan and of Ch$47,381 million of Ampla’s loan with Bradesco and Unibanco. | ||
A Ch$94,428-million increase in bank debt primarily due to a Ch$45,971 million in Coelce, Ch$34,137 in Enersis, Ch$15,435 million in Emgesa, Ch$12,432 million in Chilectra, Ch$11,756 million in Edegel, and Ch$6,740 million in El Chocón, which was compensated in part by a Ch$26,262-million decrease in Edelnor and a Ch$12,761-million decrease in Codensa. | ||
A Ch$71,017-million increase in income tax resulting from a Ch$36,061-million increase in Emgesa, Ch$10,892-million in Codensa, Ch$10,021-million in Endesa Chile, and Ch$7,346- million increase in Chilectra. | ||
An increase in accounts payable of Ch$64,448 million resulting from Ch$30,173 million in supplier debt in Endesa Chile, Ch$16,728 million in Edegel, Ch$15,087 million in Costanera, Ch$12,656 million in Endesa Eco, and Ch$10,239 million in Emgesa, partially offset by a decrease in San Isidro of Ch$37,822 million due to fewer fuel purchases. | ||
Long-term liabilitiesincreased by Ch$77,400 million, equal to a 1.7%, in large part due to the following: | ||
A Ch$100,763-million increase in long-term deferred taxes, which primarily corresponds to reductions in deferred assets due to tax losses in Enersis, Endesa Chile, and Chilectra in the amount of Ch$84,423 million and unrecoverable funds in the amount of Ch$11,924 million. | ||
An increase in public debt in the amount of Ch$53,113 million, primarily due to Ch$214,526 million in new debt issued by Endesa Chile, Ch$76,592 million issued by Codensa, Ch$40,227 issued by Edelnor, and Ch$18,283 issued be Edegel, and approximately Ch$175,000 million due to the effect of exchange-rate variations, which is partially offset by transfer to the short term of Ch$335,490 million in Endesa Chile, Ch$85,265 million in Emgesa, Ch$23,461 million in Edegel, and Ch$15,216 million in Edelnor. | ||
An increase in long-term bank debt in the amount of Ch$42,775 million due to an increase in debt in Endesa Chile of Ch$294,989 million partially offset by a Ch$189,390-million reduction in Enersis for payment and transfer to the short term of its revolving loan, and a Ch$64,401-million reduction in Ampla due to transfers to the short term. | ||
A Ch$108,384-million reduction in other long-term debt primarily due to a Ch$115,198-million decrease in Enersis of the fair value of derivatives, offset in part by an increase in Edegel and Edesur of Ch$3,181 million and Ch$2,253 million, respectively. |
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Minority interest totaled Ch$3,677,146 million, revealing an increase of Ch$691,361 million, equal to 23.2%, as a result of increases in the amount of shareholders’ equity the companies had because of the year’s income, and the effect of the dollar-peso exchange rate (See Note 21 of FECU for more information).
Shareholders’ equity increased by Ch$535,617 million compared to December 2007. This change is primarily due to a Ch$365,741-million increase in the period’s income, a Ch$35,195-million increase in cumulative results, and increase in reserves of Ch$134,682 million, largely due to the exchange-rate effect of the dollar on investment hedges abroad.
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DEBTMATURITY WITHTHIRDPARTIES,MILLIONCH$
Table 8 | |||||||
TOTAL | |||||||
Million Ch$ | 2009 | 2010 | 2011 | 2012 | 2013 | Balance | |
Chile | 552,413 | 171,562 | 137,670 | 13,237 | 265,694 | 1,335,102 | 2,475,678 |
Enersis | 130,975 | 2,007 | 2,123 | 2,245 | 2,374 | 502,972 | 642,694 |
Chilectra | 12,043 | - | - | - | - | - | 12,043 |
Other (*) | 6,709 | 1,796 | - | - | - | - | 8,505 |
Endesa Chile (**) | 402,687 | 167,759 | 135,547 | 10,992 | 263,320 | 832,131 | 1,812,436 |
Argentina | 85,625 | 63,774 | 67,766 | 21,558 | 15,745 | (0) | 254,468 |
Edesur | 15,690 | 16,323 | 16,375 | 6,241 | - | - | 54,629 |
Costanera | 48,455 | 32,600 | 24,872 | 15,317 | 15,745 | (0) | 136,990 |
Chocon | 21,480 | 14,851 | 26,519 | - | - | 0 | 62,849 |
Hidroinvest | - | - | - | - | - | - | - |
CTM | - | - | - | - | - | - | - |
Tesa | - | - | - | - | - | - | - |
Perú | 104,769 | 53,679 | 67,573 | 78,177 | 50,331 | 129,989 | 484,518 |
Edelnor | 30,638 | 20,256 | 20,367 | 20,864 | 23,092 | 59,151 | 174,368 |
Edegel | 74,132 | 33,423 | 47,206 | 57,313 | 27,238 | 70,838 | 310,150 |
Brazil | 181,405 | 168,001 | 207,865 | 202,488 | 63,339 | 52,352 | 875,451 |
Endesa Brasil | - | - | - | - | - | - | - |
Coelce | 93,889 | 32,620 | 33,267 | 32,140 | 22,417 | 21,237 | 235,570 |
Ampla | 78,286 | 71,608 | 110,357 | 107,097 | 32,951 | 944 | 401,243 |
Cachoeira | - | - | - | - | - | - | - |
Cien | 3,030 | 57,313 | 57,313 | 55,819 | - | - | 173,474 |
Fortaleza | 6,200 | 6,460 | 6,929 | 7,432 | 7,971 | 30,172 | 65,164 |
Colombia | 196,098 | 94,685 | 170,205 | 96,089 | 45,672 | 301,121 | 903,870 |
Codensa | 73,687 | 94,685 | 56,735 | 9,566 | 45,672 | 181,977 | 462,321 |
Emgesa | 122,411 | - | 113,470 | 86,523 | - | 119,143 | 441,548 |
TOTAL | 1,120,311 | 551,700 | 651,080 | 411,549 | 440,780 | 1,818,565 | 4,993,984 |
(*) Includes: CAM
(**) Includes: Endesa Chile Latinoamérica, Pangue, Pehuenche, San Isidro, Celta and Túnel El Melón.
DEBTMATURITY WITHTHIRDPARTIES,THOUSANDUS$
Table 8.1 | |||||||
TOTAL | |||||||
ThousandUS$ | 2009 | 2010 | 2011 | 2012 | 2013 | Balance | |
Chile | 867,960 | 269,560 | 216,309 | 20,798 | 417,462 | 2,097,733 | 3,889,823 |
Enersis | 205,789 | 3,154 | 3,335 | 3,527 | 3,730 | 790,277 | 1,009,811 |
Chilectra | 18,921 | - | - | - | - | - | 18,921 |
Other (*) | 10,541 | 2,822 | - | - | - | - | 13,363 |
Endesa Chile (**) | 632,708 | 263,585 | 212,974 | 17,271 | 413,732 | 1,307,457 | 2,847,727 |
Argentina | 134,536 | 100,202 | 106,475 | 33,872 | 24,738 | (0) | 399,824 |
Edesur | 24,653 | 25,646 | 25,729 | 9,806 | - | - | 85,834 |
Costanera | 76,133 | 51,222 | 39,080 | 24,066 | 24,738 | (0) | 215,240 |
Chocon | 33,749 | 23,333 | 41,667 | - | - | 0 | 98,749 |
Hidroinvest | - | - | - | - | - | - | - |
CTM | - | - | - | - | - | - | - |
Tesa | - | - | - | - | - | - | - |
Peru | 164,615 | 84,342 | 106,172 | 122,832 | 79,080 | 204,241 | 761,283 |
Edelnor | 48,138 | 31,827 | 32,001 | 32,782 | 36,283 | 92,939 | 273,970 |
Edegel | 116,477 | 52,515 | 74,171 | 90,050 | 42,798 | 111,302 | 487,313 |
Brazil | 285,027 | 263,965 | 326,601 | 318,152 | 99,520 | 82,257 | 1,375,522 |
Endesa Brasil | - | - | - | - | - | - | - |
Coelce | 147,520 | 51,253 | 52,269 | 50,499 | 35,222 | 33,368 | 370,131 |
Ampla | 123,005 | 112,512 | 173,395 | 168,272 | 51,774 | 1,482 | 630,440 |
Cachoeira | - | - | - | - | - | - | - |
Cien | 4,760 | 90,051 | 90,051 | 87,704 | - | - | 272,566 |
Fortaleza | 9,742 | 10,150 | 10,887 | 11,677 | 12,524 | 47,406 | 102,386 |
Colombia | 308,113 | 148,770 | 267,429 | 150,976 | 71,760 | 473,126 | 1,420,174 |
Codensa | 115,778 | 148,770 | 89,143 | 15,029 | 71,760 | 285,926 | 726,407 |
Emgesa | 192,335 | - | 178,286 | 135,947 | - | 187,200 | 693,767 |
TOTAL | 1,760,250 | 866,840 | 1,022,987 | 646,632 | 692,560 | 2,857,357 | 7,846,625 |
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CONSOLIDATEDCASHFLOW
UNDERCHILEANGAAP, MILLIONCH$
Table 9 | |||||||
Million Ch$ | 12M 07 | 12M 08 | Var 07-08 | Chg % | |||
CASH FLOWS PROVIDED BY OPERATING ACTIVITIES | |||||||
Net income (loss) for the year | 205,142 | 570,883 | 365,741 | 178.3% | |||
Gain (losses) from sales of assets: | |||||||
Losses (gain) on sale of property, plant and equipment | (4,584) | (5,439) | (855) | (18.6%) | |||
Charges (credits) to income which do not represent cash flows: | |||||||
Depreciation | 453,779 | 553,586 | 99,807 | 22.0% | |||
Amortization of intangibles | 9,511 | 12,541 | 3,030 | 31.9% | |||
Write-offs and accrued expenses | 57,098 | 48,862 | (8,236) | (14.4%) | |||
Equity in income of related companies | (2,975) | (3,600) | (625) | (21.0%) | |||
Equity in losses of related companies | 62,610 | 5,971 | (56,639) | (90.5%) | |||
Amortization of positive goodwill | 65,138 | 65,496 | 358 | 0.5% | |||
Amortization of negative goodwill | (4,815) | (6,219) | (1,404) | (29.2%) | |||
Price-level restatement, net | 11,765 | 24,103 | 12,338 | 104.9% | |||
Exchange difference, net | (7,390) | (16,279) | (8,889) | (120.3%) | |||
Other credits to income which do not represent cash flows | (58,513) | (337,564) | (279,051) | - | |||
Other charges to income which do not represent cash flows | 222,167 | 108,238 | (113,929) | (51.3%) | |||
Changes in assets which affect cash flows: | |||||||
Decrease (increase) in trade receivables | (235,279) | (18,622) | 216,657 | 92.1% | |||
Decrease (increase) in inventory | (33,307) | 7,535 | 40,842 | (122.6%) | |||
Decrease (increase) in other assets | (72,892) | 16,721 | 89,613 | N/A | |||
Changes in liabilities which affect cash flow: | |||||||
Decreased (increase) in payable accounts associated with operating results | 254,499 | (9,967) | (264,466) | (103.9%) | |||
Decreased (increase) of payable interest | 32,768 | (49,258) | (82,026) | N/A | |||
Decreased (increase) in income tax payable | (105,383) | 171,364 | 276,747 | N/A | |||
Decreased (increase) in other accounts payable associated with non-operating results | (17,123) | 44,261 | 61,384 | N/A | |||
Decreased (increase) in value added tax and other similar taxes payable, net | (75,545) | 42,485 | 118,030 | N/A | |||
Income (loss) attributable to minority interest | 282,710 | 697,031 | 414,321 | 146.6% | |||
NET CASH FLOW PROVIDED BY OPERATING ACTIVITIES | 1,039,379 | 1,922,128 | 882,749 | 84.9% | |||
CASH FLOWS FROM FINANCING ACTIVITIES | |||||||
Proceeds from issuance of shares issued to minorities | 3,071 | - | (3,071) | - | |||
Proceeds from debt issuance | 946,953 | 1,224,191 | 277,238 | 29.3% | |||
Proceeds from bond issuance | 395,432 | 338,111 | (57,321) | (14.5%) | |||
Proceeds from loans obtained from related companies | - | - | - | - | |||
Proceeds from other loans obtained from related companies | - | - | - | - | |||
Other sources of financing | - | 2,240 | 2,240 | - | |||
Capital paid | (15,616) | - | 15,616 | - | |||
Dividends paid | (602,344) | (524,771) | 77,573 | 12.9% | |||
Payment of debt | (776,643) | (1,024,994) | (248,351) | (32.0%) | |||
Payment of bonds | (141,131) | (342,536) | (201,405) | 142.7% | |||
Payments of loans obtained from related companies | (2,586) | (3,027) | (441) | - | |||
Payments of other loans obtained from related companies | - | - | - | - | |||
Payments of shares issuance costs | - | - | - | - | |||
Payments of bonds issuance costs | - | - | - | - | |||
Other disbursements for financing | (1,504) | (15,566) | (14,062) | - | |||
NET CASH FLOW FROM FINANCING ACTIVITIES | (194,367) | (346,353) | (151,986) | (78.2%) | |||
CASH FLOWS FROM INVESTING ACTIVITIES | |||||||
Proceeds from sale of property, plant and equipment | 4,090 | 9,557 | 5,467 | 133.7% | |||
Sale of investment | 9,119 | 7,731 | (1,388) | - | |||
Other loans received from related companies | - | 62,400 | 62,400 | - | |||
Other receipts from investments | 48,028 | 32,764 | (15,264) | (31.8%) | |||
Additions to property, plant and equipment | (646,926) | (826,765) | (179,839) | (27.8%) | |||
Long-term investments | (41,580) | (19,865) | 21,715 | 52.2% | |||
Investment in financing instruments | - | - | - | - | |||
Other loans granted to related companies | (47,014) | (29,258) | 17,756 | (37.8%) | |||
Other investment disbursements | (78,800) | (16,913) | 61,887 | (78.5%) | |||
NET CASH FLOW FROM INVESTMENT ACTIVITIES | (753,084) | (780,349) | (27,265) | (3.6%) | |||
NET CASH FLOW FOR THE PERIOD | 91,928 | 795,426 | 703,498 | 765.3% | |||
EFFECT OF PRICE-LEVEL RESTATEMENT ON CASH AND CASH EQUIVALENT | 21,181 | (121,532) | (142,713) | N/A | |||
NET VARIATION ON CASH AND CASH EQUIVALENT | 113,109 | 673,893 | 560,784 | - | |||
CASH AND CASH EQUIVALENT AT THE BEGINNING OF THE YEAR | 514,724 | 627,832 | 113,108 | 22.0% | |||
CASH AND CASH EQUIVALENT AT THE END OF THE PERIOD | 627,833 | 1,301,726 | 673,893 | 107.3% | |||
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UNDERCHILEANGAAP,THOUSANDUS$
Table 9.1 | |||||||
Thousand US$ | 12M 07 | 12M 08 | Var 07-08 | Chg % | |||
CASH FLOWS PROVIDED BY OPERATING ACTIVITIES | |||||||
Net income (loss) for the year | 322,320 | 896,980 | 574,660 | 178.3% | |||
Gain (losses) from sales of assets: | |||||||
Losses (gain) on sale of property, plant and equipment | (7,203) | (8,545) | (1,342) | (18.6%) | |||
Charges (credits) to income which do not represent cash flows: | |||||||
Depreciation | 712,985 | 869,803 | 156,818 | 22.0% | |||
Amortization of intangibles | 14,944 | 19,705 | 4,761 | 31.9% | |||
Write-offs and accrued expenses | 89,713 | 76,773 | (12,940) | (14.4%) | |||
Equity in income of related companies | (4,674) | (5,657) | (983) | (21.0%) | |||
Equity in losses of related companies | 98,374 | 9,382 | (88,992) | (90.5%) | |||
Amortization of positive goodwill | 102,346 | 102,908 | 562 | 0.5% | |||
Amortization of negative goodwill | (7,565) | (9,772) | (2,207) | (29.2%) | |||
Price-level restatement, net | 18,485 | 37,870 | 19,385 | 104.9% | |||
Exchange difference, net | (11,611) | (25,578) | (13,967) | (120.3%) | |||
Other credits to income which do not represent cash flows | (91,937) | (530,386) | (438,449) | - | |||
Other charges to income which do not represent cash flows | 349,072 | 170,065 | (179,007) | (51.3%) | |||
Changes in assets which affect cash flows: | |||||||
Decrease (increase) in trade receivables | (369,674) | (29,260) | 340,414 | 92.1% | |||
Decrease (increase) in inventory | (52,332) | 11,839 | 64,171 | (122.6%) | |||
Decrease (increase) in other assets | (114,529) | 26,272 | 140,801 | N/A | |||
Changes in liabilities which affect cash flow: | |||||||
Decreased (increase) in payable accounts associated with operating results | 399,873 | (15,660) | (415,533) | (103.9%) | |||
Decreased (increase) of payable interest | 51,486 | (77,394) | (128,880) | N/A | |||
Decreased (increase) in income tax payable | (165,579) | 269,250 | 434,829 | N/A | |||
Decreased (increase) in other accounts payable associated with non-operating results | (26,904) | 69,543 | 96,447 | N/A | |||
Decreased (increase) in value added tax and other similar taxes payable, net | (118,697) | 66,753 | 185,450 | N/A | |||
Income (loss) attributable to minority interest | 444,198 | 1,095,186 | 650,988 | 146.6% | |||
NET CASH FLOW PROVIDED BY OPERATING ACTIVITIES | 1,633,086 | 3,020,077 | 1,386,991 | 84.9% | |||
CASH FLOWS FROM FINANCING ACTIVITIES | |||||||
Proceeds from issuance of shares issued to minorities | 4,825 | - | (4,825) | - | |||
Proceeds from debt issuance | 1,487,867 | 1,923,467 | 435,600 | 29.3% | |||
Proceeds from bond issuance | 621,309 | 531,245 | (90,064) | (14.5%) | |||
Proceeds from loans obtained from related companies | - | - | - | - | |||
Proceeds from other loans obtained from related companies | - | - | - | - | |||
Other sources of financing | - | 3,520 | 3,520 | - | |||
Capital paid | (24,536) | - | 24,536 | - | |||
Dividends paid | (946,412) | (824,528) | 121,884 | 12.9% | |||
Payment of debt | (1,220,273) | (1,610,487) | (390,214) | (32.0%) | |||
Payment of bonds | (221,747) | (538,198) | (316,451) | 142.7% | |||
Payments of loans obtained from related companies | (4,063) | (4,757) | (694) | - | |||
Payments of other loans obtained from related companies | - | - | - | - | |||
Payments of shares issuance costs | - | - | - | - | |||
Payments of bonds issuance costs | - | - | - | - | |||
Other disbursements for financing | (2,363) | (24,458) | (22,095) | - | |||
NET CASH FLOW FROM FINANCING ACTIVITIES | (305,394) | (544,195) | (238,801) | (78.2%) | |||
CASH FLOWS FROM INVESTING ACTIVITIES | |||||||
Proceeds from sale of property, plant and equipment | 6,426 | 15,017 | 8,591 | 133.7% | |||
Sale of investment | 14,328 | 12,147 | (2,181) | - | |||
Other loans received from related companies | - | 98,044 | 98,044 | - | |||
Other receipts from investments | 75,462 | 51,479 | (23,983) | (31.8%) | |||
Additions to property, plant and equipment | (1,016,460) | (1,299,026) | (282,566) | (27.8%) | |||
Long-term investments | (65,331) | (31,212) | 34,119 | 52.2% | |||
Investment in financing instruments | - | - | - | - | |||
Other loans granted to related companies | (73,869) | (45,971) | 27,898 | (37.8%) | |||
Other investment disbursements | (123,812) | (26,574) | 97,238 | (78.5%) | |||
NET CASH FLOW FROM INVESTMENT ACTIVITIES | (1,183,258) | (1,226,098) | (42,840) | (3.6%) | |||
NET CASH FLOW FOR THE PERIOD | 144,438 | 1,249,786 | 1,105,348 | 765.3% | |||
EFFECT OF PRICE-LEVEL RESTATEMENT ON CASH AND CASH EQUIVALENT | 33,280 | (190,953) | (224,233) | N/A | |||
NET VARIATION ON CASH AND CASH EQUIVALENT | 177,718 | 1,058,833 | 881,115 | - | |||
CASH AND CASH EQUIVALENT AT THE BEGINNING OF THE YEAR | 808,742 | 986,459 | 177,717 | 22.0% | |||
CASH AND CASH EQUIVALENT AT THE END OF THE PERIOD | 986,461 | 2,045,291 | 1,058,830 | 107.3% | |||
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CONSOLIDATEDCASHFLOWANALYSIS
During the period the company generated a positive net cash flow totaling Ch$795,426 million, which can be broken down as follows:
Table 10 | ||||||||
Effective Cash Flow (million Ch$) | 12M 07 | 12M 08 | Var 07-08 | Chg % | ||||
Operating | 1,039,379 | 1,922,128 | 882,749 | 84.9% | ||||
Financing | (194,367) | (346,353) | (151,986) | (78.2%) | ||||
Investment | (753,084) | (780,349) | (27,265) | (3.6%) | ||||
Net cash flow of the period | 91,928 | 795,426 | 703,498 | (765.3%) | ||||
Table 10.1 | ||||||||
Effective Cash Flow (thousand US$) | 12M 07 | 12M 08 | Var 07-08 | Chg % | ||||
Operating | 1,633,086 | 3,020,077 | 1,386,991 | 84.9% | ||||
Financing | (305,394) | (544,195) | (238,801) | (78.2%) | ||||
Investment | (1,183,258) | (1,226,098) | (42,840) | (3.6%) | ||||
Net cash flow of the period | 144,438 | 1,249,786 | 1,105,348 | (765.3%) | ||||
As of December 31, 2008,operating activities generated a positive net cash flow of Ch$1,922,128 million, which represents an 84.9% increase over last year. This flow is primarily made up of the following:
Net income of Ch$570,883 million, plus
- Ch$794,694 million in charges that do not represent cash flow but that mostly correspond to Ch$553,586 million in depreciation for the period, Ch$48,862 million in write-downs and provisions, Ch$65,496 million in goodwill amortization, Ch$12,541 million in amortization of intangibles, Ch$5,971 million in loss on permanent investments, and Ch$108,238 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$94,613 million.
- Ch$204,519 million in variations in net assets and liabilities that affect operating cash flow.
The above was partly offset by:
- Ch$347,384 million in credits that do not represent cash flow, which correspond to an additional Ch$337,564 million in other credits that do not represent cash flow, of which Ch$290,531 million correspond to the positive conversion effect of subsidiaries abroad, Ch$3,600 million correspond to investment income in related companies, and Ch$6,220 million to negative goodwill amortization.
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Financing activities generated a negative net flow of Ch$346,353 million due to loan payments in the amount of Ch$1,024,994 million, dividends payments of Ch$524,771 million, public debt payments of Ch$342,536 million, documented loan payments from related companies of Ch$3,027 million, and other disbursements in the amount of Ch$15,566 million. The latter is partly offset by loans secured for Ch$1,224,190 million, bond floats for Ch$338,111 million, and $2,240 million in other sources of financing.
Investment activitiesgenerated a negative net flow of Ch$780,349 million, which, when compared to the same period last year, represents a greater cash contribution equal to 3.6% or Ch$27,265 million. These disbursements correspond primarily to the incorporation of Ch$826,765 million in fixed assets, Ch$19,865 million in permanent investments, Ch$29,258 million in other loans to related companies, and Ch$416,913 million in other disbursements, partly offset by Ch$62,400 million in sales collected on permanent investments, Ch$9,557 million in sales collected on fixed assets, and Ch$32,764 million in other investment income.
CASHFLOWRECEIVEDFROMFOREIGNSUBSIDIARIES BYENERSIS,CHILECTRA ANDENDESACHILE
Table 11 | ||||||||||
Millions Ch$ | Interest Received | Dividends Received | Management Fee | Prepayment intercompany | Capital Reductions | |||||
12M 07 | 12M 08 | 12M 07 | 12M 08 | 12M 07 | 12M 08 | 12M 07 | 12M 08 | 12M 07 | 12M 08 | |
Argentina | 2,199 | 1,220 | 7,421 | 213 | - | - | - | - | - | - |
Peru | - | - | 15,076 | 15,722 | - | - | - | - | 9,933 | - |
Brazil | - | 16,615 | 90,809 | 64,940 | - | - | - | - | - | - |
Colombia | - | - | 68,795 | 67,764 | - | - | - | - | 7,501 | - |
Total | 2,199 | 17,834 | 182,102 | 148,639 | - | - | - | - | 17,434 | - |
Millions Ch$ | Total Cash Received | |
12M 07 | 12M 08 | |
Argentina | 9,621 | 1,432 |
Peru | 25,009 | 15,722 |
Brazil | 90,809 | 81,555 |
Colombia | 76,296 | 67,764 |
Total | 201,735 | 166,473 |
Table 11.1 | ||||||||||
Thousand US$ | Interest Received | Dividends Received | Management Fee | Prepayment Intercompany | Capital Reductions | |||||
12M 07 | 12M 08 | 12M 07 | 12M 08 | 12M 07 | 12M 08 | 12M 07 | 12M 08 | 12M 07 | 12M 08 | |
Argentina | 3,456 | 1,916 | 11,660 | 334 | - | - | - | - | - | - |
Peru | - | - | 23,688 | 24,702 | - | - | - | - | 15,607 | - |
Brazil | - | 26,105 | 142,681 | 102,035 | - | - | - | - | - | - |
Colombia | - | - | 108,092 | 106,472 | - | - | - | - | 11,785 | - |
Total | 3,456 | 28,021 | 286,121 | 233,543 | - | - | - | - | 27,392 | - |
Thousand US$ | Total Cash Received | |
12M 07 | 12M 08 | |
Argentina | 15,116 | 2,250 |
Peru | 39,294 | 24,702 |
Brazil | 142,681 | 128,140 |
Colombia | 119,878 | 106,472 |
Total | 316,969 | 261,565 |
Source: Internal Financial Report
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CAPEX ANDDEPRECIATION
Table 12 | ||||
Payments for Additions of | Depreciation | |||
Fixed assets | ||||
Million Ch$ | 12M 07 | 12M 08 | 12M 07 | 12M 08 |
Endesa | 225,456 | 290,179 | 210,151 | 250,505 |
Cachoeira (*) | 1,997 | 1,938 | 13,708 | 16,026 |
Fortaleza (**) | 1,599 | 1,564 | 4,018 | 5,621 |
Cien (**) | 178 | 1,263 | 13,386 | 18,195 |
Chilectra S.A. | 75,035 | 64,245 | 22,945 | 25,838 |
Edesur S.A. | 45,385 | 89,098 | 41,295 | 49,094 |
Edelnor S.A. | 21,685 | 35,798 | 17,265 | 18,803 |
Ampla | 113,939 | 127,334 | 38,223 | 51,406 |
Coelce | 110,307 | 128,974 | 41,644 | 54,425 |
Codensa S.A. | 45,603 | 72,773 | 44,531 | 55,315 |
Cam Ltda. | 1,778 | 3,207 | 1,839 | 2,354 |
Inmobiliaria Manso de Velasco Ltda. | 1,220 | 2,287 | 346 | 284 |
Synapsis Soluciones y Servicios Ltda. | 1,654 | 6,199 | 2,805 | 3,911 |
Holding Enersis | 1,090 | 1,906 | 1,622 | 1,809 |
Total | 646,926 | 826,765 | 453,778 | 553,586 |
Table 12.1 | ||||
Payments for Additions of | Depreciation | |||
Fixed assets | ||||
Thousand US$ | 12M 07 | 12M 08 | 12M 07 | 12M 08 |
Endesa | 354,240 | 455,933 | 330,192 | 393,597 |
Cachoeira (*) | 3,137 | 3,046 | 21,538 | 25,180 |
Fortaleza (*) | 2,513 | 2,457 | 6,314 | 8,832 |
Cien (*) | 280 | 1,985 | 21,032 | 28,588 |
Chilectra S.A. | 117,896 | 100,943 | 36,051 | 40,596 |
Edesur S.A. | 71,310 | 139,992 | 64,883 | 77,137 |
Edelnor S.A. | 34,072 | 56,246 | 27,127 | 29,543 |
Ampla | 179,023 | 200,069 | 60,057 | 80,770 |
Coelce | 173,317 | 202,646 | 65,432 | 85,514 |
Codensa S.A. | 71,652 | 114,343 | 69,968 | 86,911 |
Cam Ltda. | 2,794 | 5,038 | 2,889 | 3,698 |
Inmobiliaria Manso de Velasco Ltda. | 1,917 | 3,593 | 543 | 446 |
Synapsis Soluciones y Servicios Ltda. | 2,599 | 9,740 | 4,407 | 6,146 |
Holding Enersis | 1,712 | 2,995 | 2,549 | 2,843 |
Total | 1,016,460 | 1,299,027 | 712,982 | 869,802 |
(*) Consolidated by Enersis through Endesa Brasil since October 1st, 2005.
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ANALYSISOFINTERESTRATE ANDEXCHANGERATERISKS
The Group’s exchange-rate hedge policy is cash-flow based and aims to strike a balance between the cash flow indexed to foreign currency (US$) and the level of assets and liabilities held in dollars.
The Company therefore holds a portion of its debt in dollar-denominated instruments, due to the fact that some of its sales in markets where it operates are indexed to this currency. However, there is less dollar indexation in the Brazilian, Colombian, and Argentinean markets, and accordingly the subsidiaries in these countries prefer to borrow in local currency. In the case of Argentina, dollar-based financing has gradually been replaced by financing in local currency to the extent that the conditions governing terms and market rates allow for it.
Notwithstanding this natural exchange rate hedge, when facing a scenario in which the dollar is extremely volatile, the company has continued to follow a strategy of partially hedging its dollar-denominated liabilities in order to mitigate the impact of exchange rate fluctuations on its bottom line.
As of 31 December 2008, the company’s consolidated hedged indebtedness in Chile amounted to US$ 600 million in dollar/UF swap contracts, thus enabling the company to comply with the aforementioned hedging policy. As in the same period in 2007, the company already had dollar/UF swap contracts for US$ 600 million.
Regarding interest rate risk, the company’s consolidated debt is broken down into fixed and variable rates at approximately 68.4% and 31.6%, respectively, as of 31 December 2008. These percentages have remained stable when compared to last year’s fixed and variable rates of 68.6% and 31.4%, respectively.
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 —after expiration of grace periods if applicable— on debt of these companies or by any of their relevant subsidiaries which outstanding amount exceeds an equivalent of US$50 million, and which amount past due exceeds US$ 50 million, could give rise to the prepayment of syndicated loans. 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 totaled Ch$18,009 million, compared to Ch$27,828 million recorded the previous year, represents a 35% decrease. Less hydraulic availability translated into greater use of thermal facilities which use costly liquid fuels.
COSTANERA
More efficient production and a sound commercial policy made it possible forEndesa Costanera to boost its operating income by Ch$5,861 million for a total of Ch$6,284 million due to a 31% increase in operating revenue resulting from greater physical sales and a hike in average tariffs. This was partially offset by a 28% increase in 2008 operating costs compared to last year.
Table 13 | |||||||
Million US$ | Million Ch$ | ||||||
12M 07 | 12M 08 | 12M 07 | 12M 08 | Chg % | |||
Operating Revenues | 358 | 470 | 227,845 | 298,913 | 31.2% | ||
Operating Costs | (353) | (453) | (224,694) | (288,472) | (28.4%) | ||
Gross Profit | 5 | 16 | 3,151 | 10,441 | - | ||
Selling and Administrative Expenses | (4) | (7) | (2,728) | (4,157) | (52.4%) | ||
Operating Income | 1 | 10 | 423 | 6,284 | - | ||
Figures may differ from those accounted under Argentine GAAP.
Additional Information
Table 14 | ||||
Costanera | 12M 07 | 12M 08 | Var 07-08 | Chg % |
GWh Produced | 8,421 | 8,540 | 119 | 1.4% |
GWh Sold | 8,450 | 8,543 | 93 | 1.1% |
Market Share | 8.2% | 8.1% | - | (1.7%) |
Costanera Financial Debt Maturity (with third party) US$ 215 million
![](https://capedge.com/proxy/6-K/0001292814-09-000174/fp33a.gif)
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CHOCÓN
El Chocón recorded a Ch$15,639 million decrease in its operating income for a total figure of Ch$11,918 million in 2008, as a result of a 35.4% drop in physical sales compared to the previous year resulting from less dispatch of the power plant due to poor hydraulic activity.
Table 15 | |||||||
Million US$ | Million Ch$ | ||||||
12M 07 | 12M 08 | 12M 07 | 12M 08 | Chg % | |||
Operating Revenues | 95 | 85 | 60,675 | 54,030 | (11.0%) | ||
Operating Costs | (50) | (64) | (31,788) | (40,445) | (27.2%) | ||
Gross Profit | 45 | 21 | 28,888 | 13,585 | (53.0%) | ||
Selling and Administrative Expenses | (2) | (3) | (1,332) | (1,667) | (25.2%) | ||
Operating Income | 43 | 19 | 27,557 | 11,918 | (56.8%) | ||
Figures may differ from those accounted under Argentine GAAP.
Additional Information
Table 16 | ||||
Chocón | 12M 07 | 12M 08 | Var 07-08 | Chg % |
GWh Produced | 3,696 | 1,940 | (1,756) | (47.5%) |
GWh Sold | 3,956 | 2,554 | (1,402) | (35.4%) |
Market Share | 3.8% | 2.4% | - | (37.3%) |
Chocon Financial Debt Maturity (with third party)
US$ 99 million
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DISTRIBUTION
EDESUR
In Argentina our subsidiary Edesur recorded a Ch$5,456 million increase in its operating income from Ch$31,776 million obtained the previous year to Ch$37,232 million for the current period. The latter is primarily due to an increase in demand and more customers, which was partially offset by greater fixed costs. The increase in demand was triggered by greater economic activity and higher temperatures, which boosted physical sales by 2.1% for a total of 16,160 GWh in 2008. Energy losses dropped to 10.6% while the number of customers increased by 34,000 for a total of 2.3 million.
Table 17 | |||||||
Million US$ | Million Ch$ | ||||||
12M 07 | 12M 08 | 12M 07 | 12M 08 | Chg % | |||
Revenues from Sales | 465 | 602 | 295,872 | 382,926 | 29.4% | ||
Other Operating Revenues | 37 | 53 | 23,612 | 33,486 | 41.8% | ||
Operating Revenues | 502 | 654 | 319,484 | 416,413 | 30.3% | ||
Energy Purchases | (252) | (302) | (160,224) | (192,225) | (20.0%) | ||
Other Operating Cost | (130) | (187) | (82,676) | (118,902) | (43.8%) | ||
Operating Costs | (382) | (489) | (242,900) | (311,126) | (28.1%) | ||
Gross Profit | 120 | 165 | 76,584 | 105,286 | 37.5% | ||
Selling and Administrative Expenses | (70) | (107) | (44,808) | (68,055) | (51.9%) | ||
Operating Income | 50 | 58 | 31,776 | 37,232 | 17.2% | ||
Figures may differ from those accounted under Argentine GAAP.
Additional Information
Table 18 | ||||
Edesur | 12M 07 | 12M 08 | Var 07-08 | Chg % |
Customers (Th) | 2,228 | 2,262 | 34 | 1.5% |
GWh Sold | 15,833 | 16,160 | 327 | 2.1% |
Clients/Employee | 879 | 873 | (6) | (0.6%) |
Energy Losses % | 10.7 | 10.6 | (0.1) | (1.0%) |
Edesur Financial Debt Maturity (with third party) US$ 87 million
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BRAZIL
ENDESABRASIL
Million US$ | Million Ch$ | ||||||
12M 07 | 12M 08 | 12M 07 | 12M 08 | Chg % | |||
Revenues from Sales | 1.799 | 2.590 | 1.144.662 | 1.648.327 | 44,0% | ||
Other Operating Revenues | 132 | 242 | 84.102 | 154.158 | 83,3% | ||
Operating Revenues | 1.931 | 2.832 | 1.228.764 | 1.802.485 | 46,7% | ||
Energy Purchases | (843) | (1.320) | (536.500) | (839.847) | (56,5%) | ||
Other Operating Cost | (365) | (463) | (232.385) | (294.935) | (26,9%) | ||
Operating Costs | (1.208) | (1.783) | (768.885) | (1.134.783) | (47,6%) | ||
Selling and Administrative Expenses | (163) | (182) | (104.022) | (115.943) | (11,5%) | ||
Operating Income | 559 | 867 | 355.857 | 551.759 | 55,1% | ||
Interest Income | 138 | 177 | 87.711 | 112.504 | 28,3% | ||
Interest Expense | (244) | (296) | (155.598) | (188.366) | (21,1%) | ||
Net Financial Income (Expenses) | (107) | (119) | (67.887) | (75.862) | (11,7%) | ||
Equity Gains from Related Companies | - | - | - | - | - | ||
Equity Losses from Related Companies | - | - | - | - | - | ||
Net Income from Related Companies | - | - | - | - | - | ||
Other Non Operating Income | 211 | 382 | 134.090 | 243.411 | 81,5% | ||
Other Non Operating Expenses | (341) | (259) | (217.313) | (164.756) | 24,2% | ||
Net other Non Operating Income (Expense) | (131) | 124 | (83.223) | 78.655 | 194,5% | ||
Price Level Restatement | - | - | - | - | - | ||
Foreign Exchange Effect | - | - | - | - | - | ||
Net of Monetary Exposure | - | - | - | - | - | ||
Positive Goodwill Amortization | - | - | - | - | - | ||
Non Operating Income | (237) | 4 | (151.110) | 2.793 | 101,8% | ||
Net Inc b. Taxes, Min Int and Neg Goodwill | 322 | 871 | 204.748 | 554.553 | 170,8% | ||
Extraordinary Items | - | - | - | - | - | ||
Income Tax | (96) | (142) | (61.289) | (90.239) | (47,2%) | ||
Minority Interest | (39) | (278) | (24.702) | (176.959) | (616,4%) | ||
Negative Goodwill Amortization | - | - | - | - | - | ||
NET INCOME | 187 | 451 | 118.756 | 287.355 | 142,0% | ||
EBITDA | 736 | 1.098 | 468.481 | 698.762 | 49,2% | ||
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GENERATION
CACHOEIRADOURADA
Operating Income from our subsidiary Cachoeira Dourada for the period ending 31 December 2008 amounted to Ch$113,389 million, which is much higher than the Ch$55,338 million recorded in 2007, representing a 104.9% increase. This increase is the result of a sound business policy of making adjustments to energy sales contracts and the high price on the energy market during the first few months of the 2008, all of which became a reality in spite of a 5.2% decrease in physical sales, which came in at 4,403 GWh (4,643 GWh in 2007).
Table 20 | |||||||
Million US$ | Million Ch$ | ||||||
12M 07 | 12M 08 | 12M 07 | 12M 08 | Chg % | |||
Operating Revenues | 197 | 285 | 125,589 | 181,685 | 44.7% | ||
Operating Costs | (106) | (102) | (67,474) | (65,202) | 3.4% | ||
Gross Profit | 91 | 183 | 58,115 | 116,483 | 100.4% | ||
Selling and Administrative Expenses | (4) | (5) | (2,777) | (3,094) | (11.4%) | ||
Operating Income | 87 | 178 | 55,338 | 113,389 | 104.9% | ||
Figures may differ from those accounted under Brazilian GAAP.
Additional Information
Table 21 | ||||
Cachoeira | 12M 07 | 12M 08 | Var 07-08 | Chg % |
GWh Produced | 3,888 | 3,308 | (580) | (14.9%) |
GWh Sold | 4,643 | 4,403 | (241) | (5.2%) |
Market Share | 1.3% | 1.1% | - | (16.6%) |
ENDESAFORTALEZA(CGTF)
Endesa Fortaleza’sOperating Income totaled Ch$39,694 million, revealing a 18.0% decrease compared to the same period in 2007 when the company’s operating income was Ch$48,378 million. This reduction is primarily due to the lower energy purchase/sales margin for the year given the high spot prices the company had to pay for purchases. Physical sales amounted to 2,690 GWh as of December 2008 (2,705 GWh in 2007).
Table 22 | |||||||
Million US$ | Million Ch$ | ||||||
12M 07 | 12M 08 | 12M 07 | 12M 08 | Chg % | |||
Operating Revenues | 177 | 218 | 112,618 | 138,504 | 23.0% | ||
Operating Costs | (98) | (151) | (62,491) | (96,219) | (54.0%) | ||
Gross Profit | 79 | 66 | 50,127 | 42,285 | (15.6%) | ||
Selling and Administrative Expenses | (3) | (4) | (1,749) | (2,591) | (48.1%) | ||
Operating Income | 76 | 62 | 48,378 | 39,694 | (18.0%) | ||
Figures may differ from those accounted under Brazilian GAAP.
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Additional Information
Table 23 | ||||
Fortaleza | 12M 07 | 12M 08 | Var 07-08 | Chg % |
GWh Produced | 66 | 71 | 5 | 8.0% |
GWh Sold | 2,705 | 2,690 | (15) | (0.6%) |
Market Share | 0.7% | 0.7% | - | - |
Fortaleza Financial Debt Maturity (with third party)
US$ 103 million
TRANSMISSION
CIEN
CIEN’sOperating Income totaled Ch$60,405 million for the year, which is Ch$35,161 million more than last year’s figure when the company recorded an operating income of Ch$25,244 million. In 2008 the company signed a contract with CAMMESA to export energy from Brazil to Argentina for seven months beginning in May thus providing the company a fixed income from tolls. The Brazilian government has still not provided ANEEL the guidelines for determining the retribution value for energy transportation services on the Brazilian electric power system, which has become the company’s new business focus.
Table 24 | |||||||
Million US$ | Million Ch$ | ||||||
12M 07 | 12M 08 | 12M 07 | 12M 08 | Chg % | |||
Operating Revenues | 149 | 146 | 95,019 | 93,228 | (1.9%) | ||
Operating Costs | (102) | (43) | (65,012) | (27,584) | (142.4%) | ||
Gross Profit | 47 | 103 | 30,007 | 65,644 | (118.8%) | ||
Selling and Administrative Expenses | (7) | (8) | (4,763) | (5,239) | (10.0%) | ||
Operating Income | 40 | 95 | 25,244 | 60,405 | (139.3%) | ||
Figures may differ from those accounted under Brazilian GAAP. |
Additional Information
Table 25 | ||||
CIEN | 12M 07 | 12M 08 | Var 07-08 | Chg % |
GWh Sold | 6,232 | 2,063 | -4,169 | (66.9%) |
Market Share | N.A. | N.A. | - | - |
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Cien Financial Debt Maturity (with third party)
US$ 273 million
DISTRIBUTION
AMPLA
Ampla’sOperating Income was Ch$210,552 million which represented a 42.7% increase or Ch$62,953 million more when compared to last year. These greater results are primarily due to a better energy purchase/sales margin resulting from greater sales prices, a 1.5% spike in physical sales amounting to 9,119 GWh for this period, and the conversion effect of Chilean GAAP due to dollar exchange-rate variations in Chile and Brazil. Energy losses dropped 1.2 percentage points coming in at 20.2% (compared to 21.4% in 2007). Ampla’s customer base increased by 87,000 up to 2.5 million clients.
Table 26 | |||||||
Million US$ | Million Ch$ | ||||||
12M 07 | 12M 08 | 12M 07 | 12M 08 | Chg % | |||
Revenues from Sales | 922 | 1,316 | 587,066 | 837,563 | 42.7% | ||
Other Operating Revenues | 21 | 41 | 13,402 | 26,075 | 94.6% | ||
Operating Revenues | 943 | 1,357 | 600,468 | 863,638 | 43.8% | ||
Energy Purchases | (446) | (683) | (283,798) | (434,482) | (53.1%) | ||
Other Operating Cost | (205) | (270) | (130,682) | (171,788) | (31.5%) | ||
Operating Costs | (651) | (953) | (414,480) | (606,270) | (46.3%) | ||
Gross Profit | 292 | 404 | 185,989 | 257,368 | 38.4% | ||
Selling and Administrative Expenses | (60) | (74) | (38,389) | (46,816) | (22.0%) | ||
Operating Income | 232 | 331 | 147,599 | 210,552 | 42.7% | ||
Figures may differ from those accounted under Brazilian GAAP. |
Additional Information
Table 27 | ||||
Ampla | 12M 07 | 12M 08 | Var 07-08 | Chg % |
Customers (Th) | 2,379 | 2,466 | 87 | 3.7% |
GWh Sold | 8,985 | 9,119 | 134 | 1.5% |
Clients/Employee | 1,718 | 1,900 | 182 | 10.6% |
Energy Losses % | 21.4 | 20.2 | (1.2) | (5.6%) |
Ampla Financial Debt Maturity (with third party)
US$ 630 million
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COELCE
Coelce’sOperating Income was up by Ch$55,320 million for a total of Ch$139,906 million for 2008. This increase in operating income is primarily due to a 344 GWh or 4.8% increase in physical sales, a reduction in energy losses which fell from 12.5% in December 2007 to 11.7% in December 2008, as well as lower expenses for the unrecoverable funds reserve for this period, and the Chilean GAAP conversion effect due to dollar exchange-rate variations in Chile and Brazil. Coelce’s customer base totaled 2.8 million in 2008, representing an increase of 153,000 customers or a 5.7% increase over 2007.
Table 28 | |||||||
Million US$ | Million Ch$ | ||||||
12M 07 | 12M 08 | 12M 07 | 12M 08 | Chg % | |||
Revenues from Sales | 715 | 985 | 455,031 | 626,771 | 37.7% | ||
Other Operating Revenues | 38 | 57 | 23,896 | 36,186 | 51.4% | ||
Operating Revenues | 752 | 1,042 | 478,926 | 662,957 | 38.4% | ||
Energy Purchases | (373) | (529) | (237,487) | (336,531) | (41.7%) | ||
Other Operating Cost | (166) | (221) | (105,797) | (140,504) | (32.8%) | ||
Operating Costs | (539) | (750) | (343,283) | (477,035) | (39.0%) | ||
Gross Profit | 213 | 292 | 135,643 | 185,922 | 37.1% | ||
Selling and Administrative Expenses | (80) | (72) | (51,057) | (46,016) | 9.9% | ||
Operating Income | 133 | 220 | 84,586 | 139,906 | 65.4% | ||
Figures may differ from those accounted under Brazilian GAAP. |
Additional Information
Table 29 | ||||
Coelce | 12M 07 | 12M 08 | Var 07-08 | Chg % |
Customers (Th) | 2,689 | 2,842 | 153 | 5.7% |
GWh Sold | 7,227 | 7,571 | 343 | 4.8% |
Clients/Employee | 2,073 | 2,224 | 151 | 7.3% |
Energy Losses % | 12.5 | 11.7 | (0.8) | (6.1%) |
Coelce Financial Debt Maturity (with third party) US$ 369 million
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CHILE
GENERATION
ENDESA CHILE
Consolidated Income Statement of Endesa Chile
Table 30 | ||||||||||
Million US$ | Million Ch$ | |||||||||
12M 07 | 12M 08 | 12M 07 | 12M 08 | Chg % | ||||||
Operating Revenues | 2,955 | 3,915 | 1,880,663 | 2,491,589 | 32.5% | |||||
Operating Costs | (1,915) | (2,434) | (1,218,649) | (1,549,013) | (27.1%) | |||||
Selling and Administrative Expenses | (63) | (77) | (40,381) | (49,215) | (21.9%) | |||||
Operating Income | 977 | 1,404 | 621,633 | 893,361 | 43.7% | |||||
Interest Income | 40 | 45 | 25,346 | 28,675 | 13.1% | |||||
Interest Expenses | (304) | (306) | (193,329) | (194,845) | (0.8%) | |||||
Net Financial Income (Expenses) | (264) | (261) | (167,983) | (166,170) | 1.1% | |||||
Equity Gains from Related Company | 80 | 188 | 51,125 | 119,628 | 134.0% | |||||
Equity Losses from Related Company | (98) | (9) | (62,508) | (5,971) | 90.4% | |||||
Net Income from Related Companies | (18) | 179 | (11,383) | 113,657 | (1098.5%) | |||||
Other Non Operating Income | 31 | 124 | 19,511 | 79,233 | - | |||||
Other Non Operating Expenses | (146) | (126) | (92,838) | (80,094) | 13.7% | |||||
Net other Non Operating Income (Expenses) | (115) | (1) | (73,327) | (861) | 98.8% | |||||
Price Level Restatement | 15 | 1 | 9,643 | 425 | (95.6%) | |||||
Foreign Exchange Effect | 28 | (48) | 18,090 | (30,563) | (268.9%) | |||||
Net of Monetary Exposure | 44 | (47) | 27,733 | (30,138) | (208.7%) | |||||
Positive Goodwill Amortization | (2) | (2) | (991) | (1,185) | (19.6%) | |||||
Non Operating Income | (355) | (133) | (225,951) | (84,697) | 62.5% | |||||
Net Income b. Taxes, Min Int and Neg Goodwill Amort. | 622 | 1,271 | 395,682 | 808,665 | 104.4% | |||||
Extraordinary Items | - | - | - | - | - | |||||
Income Tax | (194) | (301) | (123,507) | (191,557) | (55.1%) | |||||
Minority Interest | (106) | (284) | (67,381) | (180,686) | (168.2%) | |||||
Negative Goodwill Amortization | 7 | 10 | 4,772 | 6,172 | 29.3% | |||||
NET INCOME | 329 | 695 | 209,567 | 442,592 | 111.2% | |||||
*Includes generation subsidiaries in Chile, Argentina, Colombia and Peru. |
Chilean Operations
Operating Income amounted to Ch$550,712 million, totaling a 51% increase over the Ch$363,843 million recorded in 2007. This rise is mainly the result of an increase in revenues as the average price remained relatively high during 2008.Likewise, operating expenses underwent a 21% increase totaling Ch$786,692 million, of which Ch$144,387 million correspond to greater fuel costs given the increase use of thermal plants that run on diesel fuel, which was quite pricey during most of 2008. The production of 19,807 GWh in the year 2008 showed an increase of 5.5% over the year before.
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Additional Information
Table 31 | ||||||||
Chilean Companies | 12M 07 | 12M 08 | Var 07-08 | Chg % | ||||
GWh Produced | 18,773 | 19,807 | 1,034 | 5.5% | ||||
GWh Sold | 19,212 | 19,808 | 596 | 3.1% | ||||
Market Share | 36.2% | 37.0% | - | 2.3% | ||||
Endesa-Chile Parent Company Financial Debt Maturity (with third party)
US$ 2,848 million
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DISTRIBUTION
CHILECTRA
Chilectra’sOperating Income recorded Ch$171,064 million which represented a Ch$36,646 million or 27.3% increase over last period’s figures. The latter is due to a higher purchase/sales margin and greater toll income, which was partially offset by less energy demand for the period. Physical sales amounted to 12,535 GWh, down 3.0% when compared to the same period in 2007. This was due to the energy savings plan launched by the Chilean government. The number of customers grew by 51,000 for a total of 1.5 million as of December 2008.
On January 9th 2009, the Decree No 320 which fixed sub-transmission tariffs and its indexation formulas was published. This decree is effective since January 14th 2009. The latter implied reversals in provisions resulting in a positive effect on the Operating Income of Ch$25,080 million.
Table 32 | ||||||||||
Million US$ | Million Ch$ | |||||||||
12M 07 | 12M 08 | 12M 07 | 12M 08 | Chg % | ||||||
Revenues from Sales | 1,257 | 1,567 | 799,902 | 997,365 | 24.7% | |||||
Other Operating Revenues | 117 | 131 | 74,722 | 83,664 | 12.0% | |||||
Operating Revenues | 1,374 | 1,699 | 874,624 | 1,081,028 | 23.6% | |||||
Energy Purchases | (949) | (1,204) | (603,860) | (766,106) | (26.9%) | |||||
Other Operating Cost | (130) | (142) | (82,833) | (90,512) | (9.3%) | |||||
Operating Costs | (1,079) | (1,346) | (686,694) | (856,618) | (24.7%) | |||||
Gross Profit | 295 | 353 | 187,930 | 224,410 | 19.4% | |||||
Selling and Administrative Expenses | (84) | (84) | (53,512) | (53,346) | 0.3% | |||||
Operating Income | 211 | 269 | 134,418 | 171,064 | 27.3% | |||||
Interest Income | 10 | 18 | 6,291 | 11,568 | 83.9% | |||||
Interest Expenses | (41) | (34) | (26,387) | (21,328) | 19.2% | |||||
Net Financial Income (Expenses) | (32) | (15) | (20,096) | (9,760) | 51.4% | |||||
Equity Gains from Related Company | 51 | 196 | 32,657 | 124,985 | - | |||||
Equity Losses from Related Company | - | - | - | - | - | |||||
Net Income from Related Companies | 51 | 196 | 32,657 | 124,985 | - | |||||
Other Non Operating Income | 25 | 79 | 16,042 | 50,460 | - | |||||
Other Non Operating Expenses | (12) | (18) | (7,563) | (11,429) | 51.1% | |||||
Conversion Effect (BT 64) | - | - | - | - | ||||||
Net other Non Operating Income (Expenses) | 13 | 61 | 8,478 | 39,031 | - | |||||
Price Level Restatement | (19) | (15) | (12,356) | (9,439) | (23.6%) | |||||
Foreign Exchange Effect | 17 | (23) | 10,650 | (14,641) | (237.5%) | |||||
Net of Monetary Exposure | (3) | (38) | (1,707) | (24,080) | 1311.0% | |||||
Positive Goodwill Amortization | (1) | (1) | (635) | (705) | (11.0%) | |||||
Non Operating Income | 29 | 203 | 18,698 | 129,471 | - | |||||
Net Income b. Taxes, Min Int and Neg Goodwill Amort. | 241 | 472 | 153,117 | 300,535 | 96.3% | |||||
Extraordinary Items | - | - | - | - | ||||||
Income Tax | (21) | (70) | (13,606) | (44,491) | - | |||||
Minority Interest | (10) | 3 | (6,308) | 1,724 | (127.3%) | |||||
Negative Goodwill Amortization | - | - | - | - | ||||||
NET INCOME | 209 | 405 | 133,201 | 257,768 | 93.5% | |||||
Additional Information
Table 33 | ||||||||
Chilectra | 12M 07 | 12M 08 | Var 07-08 | Chg % | ||||
Customers (Th) | 1,483 | 1,534 | 51 | 3.4% | ||||
GWh Sold | 12,923 | 12,535 | (388) | (3.0%) | ||||
Clients/Employee | 2,037 | 2,139 | 102 | 5.0% | ||||
Energy Losses % | 5.9 | 6.0 | 0.2 | 3.0% | ||||
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COLOMBIA
GENERATION
EMGESA
Operating income in Colombia came in at Ch$262,971 million as of December, 2008, which represents a 51% increase when compared to 2007. This improved result is primarily due to greater average sales prices, a 4.8% increase in physical sales, and the effect of the Chilean GAAP conversion resulting from dollar exchange-rate variations in Chile and Colombia. The sales volume totaled 16,368 GWh with greater hydraulic dispatch given the improved hydrology. Likewise, operating costs underwent a 34% increase mostly due to greater tolls and increased energy and capacity purchases.
Table 34 | ||||||||||
Million US$ | Million Ch$ | |||||||||
12M 07 | 12M 08 | 12M 07 | 12M 08 | Chg % | ||||||
Operating Revenues | 544 | 775 | 346,395 | 493,221 | 42.4% | |||||
Operating Costs | (261) | (351) | (166,391) | (223,279) | (34.2%) | |||||
Gross Profit | 283 | 424 | 180,003 | 269,942 | 50.0% | |||||
Selling and Administrative Expenses | (9) | (11) | (5,468) | (6,971) | (27.5%) | |||||
Operating Income | 274 | 413 | 174,536 | 262,971 | 50.7% | |||||
* Please notice that these figures could differ from those accounted under Colombian GAAP. |
Additional Information
Table 35 | ||||||||
Emgesa | 12M 07 | 12M 08 | Var 07-08 | Chg % | ||||
GWh Produced | 11,942 | 12,905 | 963 | 8.1% | ||||
GWh Sold | 15,613 | 16,368 | 755 | 4.8% | ||||
Market Share | 21.5% | 21.9% | - | 2.1% | ||||
Emgesa Financial Debt Maturity (with third party)
US$ 693 million
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DISTRIBUTION
CODENSA
Codensa’s operating income totaled Ch$249,279 million as of December 2008, which represents a Ch$79,591 million or 46.9% increase over last year’s figures. This boost is primarily the result of a 3.3% increase in energy sales (totaling 11,822 GWh) and a 0.6 percentage point drop in energy losses—falling from 8.7% in December 2007 to 8.1% for the current period—in addition to the impact of a higher purchase/sales margin during the period. The number of customers also increased by 76,000 for a total of 2.3 million as of December 2008.
Table 36 | ||||||||||
Million US$ | Million Ch$ | |||||||||
12M 07 | 12M 08 | 12M 07 | 12M 08 | Chg % | ||||||
Revenues from Sales | 654 | 956 | 416,382 | 608,495 | 46.1% | |||||
Other Operating Revenues | 238 | 345 | 151,777 | 219,350 | 44.5% | |||||
Operating Revenues | 893 | 1,301 | 568,160 | 827,845 | 45.7% | |||||
Energy Purchases | (392) | (578) | (249,288) | (367,951) | (47.6%) | |||||
Other Operating Cost | (208) | (279) | (132,164) | (177,758) | (34.5%) | |||||
Operating Costs | (599) | (857) | (381,452) | (545,709) | (43.1%) | |||||
Gross Profit | 293 | 443 | 186,708 | 282,137 | 51.1% | |||||
Selling and Administrative Expenses | (27) | (52) | (17,020) | (32,857) | (93.1%) | |||||
Operating Income | 267 | 392 | 169,688 | 249,279 | 46.9% | |||||
* Please notice that these figures could differ from those accounted under Colombian GAAP. |
Additional Information
Table 37 | ||||||||
Codensa | 12M 07 | 12M 08 | Var 07-08 | Chg % | ||||
Customers (Th) | 2,209 | 2,285 | 76 | 3.5% | ||||
GWh Sold | 11,441 | 11,822 | 381 | 3.3% | ||||
Clients/Employee | 2,373 | 2,452 | 78 | 3.3% | ||||
Energy Losses % | 8.7 | 8.1 | (0.6) | (7.4%) | ||||
Codensa Financial Debt Maturity (with third party)
US$ 727 million
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PERU
GENERATION
EDEGEL
Edegel, recorded Ch$54,372 million in operating income, which represented an 8.5% increase vis-à-vis the Ch$50,105 million recorded in 2007. This increase is explained by a 5.8% hike in physical sales for a total of 8,461 GWh in 2008, at greater average prices during this period and because of the conversion effect into Chilean GAAP due to dollar exchange-rate variations in Chile and Peru. Likewise, operating expenses increased by 48% primarily due to more diesel fired thermal generation as a result of maintenance on Camisea’s natural gas pipeline and traffic on transmission lines and gas pipelines, along with greater energy purchases at higher prices than last year.
Table 38 | ||||||||||
Million US$ | Million Ch$ | |||||||||
12M 07 | 12M 08 | 12M 07 | 12M 08 | Chg % | ||||||
Operating Revenues | 286 | 388 | 182,276 | 247,075 | 35.6% | |||||
Operating Costs | (192) | (285) | (122,325) | (181,245) | (48.2%) | |||||
Gross Profit | 94 | 103 | 59,950 | 65,831 | 9.8% | |||||
Selling and Administrative Expenses | (15) | (18) | (9,846) | (11,459) | (16.4%) | |||||
Operating Income | 79 | 85 | 50,105 | 54,372 | 8.5% | |||||
* Please notice that these figures could differ from those accounted under Peruvian GAAP. |
Additional Information
Table 39 | ||||||||
Edegel | 12M 07 | 12M 08 | Var 07-08 | Chg % | ||||
GWh Produced | 7,654 | 8,102 | 447 | 5.8% | ||||
GWh Sold | 7,994 | 8,461 | 467 | 5.8% | ||||
Market Share | 32.5% | 31.6% | - | (2.6%) | ||||
Edegel Financial Debt Maturity (with third party)
US$ 487 million
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DISTRIBUTION
EDELNOR
Our subsidiary Edelnor recorded Ch$69,255 million in operating income, which is Ch$22,992 million more compared to 2007 when the company’s operating income amounted to Ch$46,263 million. This is primarily due to greater demand for energy and a higher sales margin. The increased demand, specially an increase in sales to medium tension regulated customers, contributed to the company’s greater sales margin. The significant increase in energy demand triggered a 7.7% increase in physical energy sales which topped off at 5,599 GWh for the period. The number of customers also increased by 42,000 for a December 2008 period-end total of 1.0 million customers. Energy losses went up by 0.1 percentage points, totaling 8.2% during the period, compared to 8.1% for the same period last year.
Table 40 | ||||||||||
Million US$ | Million Ch$ | |||||||||
12M 07 | 12M 08 | 12M 07 | 12M 08 | Chg % | ||||||
Revenues from Sales | 341 | 462 | 217,126 | 294,182 | 35.5% | |||||
Other Operating Revenues | 26 | 30 | 16,497 | 19,054 | 15.5% | |||||
Operating Revenues | 367 | 492 | 233,623 | 313,236 | 34.1% | |||||
Energy Purchases | (205) | (274) | (130,680) | (174,697) | (33.7%) | |||||
Other Operating Cost | (55) | (66) | (34,969) | (41,856) | (19.7%) | |||||
Operating Costs | (260) | (340) | (165,649) | (216,553) | (30.7%) | |||||
Gross Profit | 107 | 152 | 67,974 | 96,683 | 42.2% | |||||
Selling and Administrative Expenses | (34) | (43) | (21,711) | (27,428) | (26.3%) | |||||
Operating Income | 73 | 109 | 46,263 | 69,255 | 49.7% | |||||
* Please notice that these figures could differ from those accounted under Peruvian GAAP. |
Additional Information
Table 41 | ||||||||
Edelnor | 12M 07 | 12M 08 | Var 07-08 | Chg % | ||||
Customers (Th) | 986 | 1,028 | 42 | 4.2% | ||||
GWh Sold | 5,201 | 5,599 | 397 | 7.7% | ||||
Clients/Employee | 1,813 | 1,800 | (13) | (0.7%) | ||||
Energy Losses % | 8.1 | 8.2 | 0.2 | 1.9% | ||||
Edelnor Financial Debt Maturity (with third party)
US$ 274 million
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PARTIALLY CONSOLIDATED INCOME STATEMENT
(Parent Company Year Ended 2008 Earnings Report)
UNDER CHILEAN GAAP, MILLION CH$
Table 42 | ||||||||||||
4Q 07 | 4Q 08 | Var % | (in million Ch$) | 12M 07 | 12M 08 | Var % | ||||||
1,434 | 1,435 | 0.1% | Operating Revenues | 5,457 | 5,447 | (0.2%) | ||||||
(441) | (423) | (4.1%) | Operating Costs | (1,635) | (1,714) | 4.9% | ||||||
993 | 1,012 | 1.9% | Gross Profit | 3,822 | 3,733 | (2.3%) | ||||||
(7,016) | (8,465) | (20.7%) | S&A Expenses | (21,871) | (23,477) | (7.3%) | ||||||
(6,023) | (7,453) | (23.7%) | Operating Income | (18,049) | (19,743) | (9.4%) | ||||||
44,903 | 87,484 | 94.8% | Endesa Chile | 125,700 | 265,471 | 111.2% | ||||||
26,252 | 53,123 | 102.4% | Chilectra | 99,639 | 131,644 | 32.1% | ||||||
8,654 | 8,785 | 1.5% | Edesur | 14,527 | 8,674 | (40.3%) | ||||||
(272) | 9,547 | (3613.6%) | Edelnor | 4,717 | 18,916 | 301.0% | ||||||
3,391 | 43,706 | 1188.8% | Ampla | 4,294 | 90,689 | 2012.2% | ||||||
- | - | N/A | Coelce | - | - | N/A | ||||||
5,924 | 11,062 | 86.7% | Codensa | 16,041 | 36,970 | 130.5% | ||||||
1,974 | (4,226) | (314.0%) | CAM LTDA | 6,085 | (7,233) | (218.9%) | ||||||
579 | 1,699 | 193.4% | Inm Manso de Velasco | 7,645 | 4,672 | (38.9%) | ||||||
1,548 | 2,221 | 43.4% | Synapsis | 1,596 | 6,725 | N/A | ||||||
12,664 | 30,308 | 139.3% | Endesa Brasil | 36,768 | 88,966 | 142.0% | ||||||
- | - | N/A | CGTF | - | - | N/A | ||||||
- | - | N/A | Other | - | - | N/A | ||||||
105,619 | 243,709 | 130.7% | Net Income from Related Companies | 317,010 | 645,494 | 103.6% | ||||||
9,061 | 10,522 | 16.1% | Interest Income | 39,177 | 35,876 | (8.4%) | ||||||
(15,225) | (13,856) | 9.0% | Interest Expense | (59,451) | (55,175) | 7.2% | ||||||
(6,163) | (3,334) | 45.9% | Net Financial Income (Expenses) | (20,273) | (19,299) | 4.8% | ||||||
4,269 | 2,270 | (46.8%) | Other Non Operating Income | 13,592 | 8,140 | (40.1%) | ||||||
(440) | (10,923) | 2380.6% | Other Non Operating Expenses | (956) | (11,734) | (1127.2%) | ||||||
3,829 | (8,653) | (326.0%) | Net other Non Operating Income (Expenses) | 12,636 | (3,594) | (128.4%) | ||||||
(97) | (2,726) | (2708.6%) | Price Level Restatement | (6,895) | (10,946) | (58.7%) | ||||||
(10,083) | 44,254 | 538.9% | Foreign Exchange Effect | (21,291) | 61,869 | (390.6%) | ||||||
(10,180) | 41,529 | 507.9% | Net Monetary Exposure | (28,186) | 50,923 | (280.7%) | ||||||
(16,705) | (16,830) | (0.7%) | Positive Goodwill Amortization | (63,505) | (63,598) | (0.1%) | ||||||
76,399 | 256,421 | (235.6%) | Non Operating Income | 217,681 | 609,926 | 180.2% | ||||||
70,376 | 248,967 | (253.8%) | Net Income before (1), (2) & (3) | 199,633 | 590,183 | 195.6% | ||||||
4,671 | (17,345) | (471.3%) | Income Tax (1) | 5,466 | (19,347) | (454.0%) | ||||||
11 | 15 | 42.1% | Negative Goodwill Amortization (2) | 43 | 48 | 9.6% | ||||||
- | - | N/A | Minority Interest (3) | - | - | N/A | ||||||
75,057 | 231,638 | (208.6%) | NET INCOME | 205,142 | 570,883 | 178.3% | ||||||
2.30 | 7.09 | EPS (Ch$) | 6.28 | 4817. | ||||||||
0.18 | 0.56 | EPADS (US$) | 0.49 | 1.37 | ||||||||
32,651,166 | 32,651,166 | Common Shares Outstanding (Th) | 32,651,166 | 32,651,166 | ||||||||
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UNDER CHILEAN GAAP, THOUSAND US$
Table 42.1 | ||||||||||||
4Q 07 | 4Q 08 | Var % | (in thousand US$) | 12M 07 | 12M 08 | Var % | ||||||
2,254 | 2,255 | 0.1% | Operating Revenues | 8,573 | 8,559 | (0.2%) | ||||||
(693) | (665) | (4.1%) | Operating Costs | (2,568) | (2,693) | 4.9% | ||||||
1,560 | 1,590 | 1.9% | Gross Profit | 6,005 | 5,866 | (2.3%) | ||||||
(11,024) | (13,301) | (20.7%) | S&A Expenses | (34,364) | (36,887) | (7.3%) | ||||||
(9,464) | (11,711) | (23.7%) | Operating Income | (28,359) | (31,021) | (9.4%) | ||||||
70,553 | 137,457 | 94.8% | Endesa | 197,502 | 417,112 | 111.2% | ||||||
41,248 | 83,467 | 102.4% | Chilectra | 156,554 | 206,841 | 32.1% | ||||||
13,598 | 13,804 | 1.5% | Edesur | 22,824 | 13,629 | (40.3%) | ||||||
(427) | 15,000 | (3613.6%) | Edelnor | 7,412 | 29,722 | 301.0% | ||||||
5,329 | 68,672 | 1188.8% | Ampla | 6,746 | 142,493 | 2012.2% | ||||||
- | - | N/A | Coelce | - | - | N/A | ||||||
9,308 | 17,381 | 86.7% | Codensa | 25,204 | 58,088 | 130.5% | ||||||
3,102 | (6,640) | (314.0%) | CAM LTDA | 9,561 | (11,365) | (218.9%) | ||||||
910 | 2,669 | 193.4% | Inm Manso de Velasco | 12,011 | 7,340 | (38.9%) | ||||||
2,433 | 3,490 | 43.4% | Synapsis | 2,508 | 10,567 | N/A | ||||||
19,898 | 47,620 | 139.3% | Endesa Brasil | 57,770 | 139,784 | 142.0% | ||||||
- | - | N/A | CGTF | - | - | N/A | ||||||
- | - | N/A | Others | - | - | N/A | ||||||
165,951 | 382,919 | 130.7% | Net Income from Related Companies | 498,091 | 1,014,210 | 103.6% | ||||||
14,237 | 16,533 | 16.1% | Interest Income | 61,556 | 56,369 | (8.4%) | ||||||
(23,921) | (21,771) | 9.0% | Interest Expense | (93,410) | (86,691) | 7.2% | ||||||
(9,684) | (5,239) | 45.9% | Net Financial Income (Expenses) | (31,854) | (30,323) | 4.8% | ||||||
6,707 | 3,566 | (46.8%) | Other Non Operating Income | 21,356 | 12,790 | (40.1%) | ||||||
(692) | (17,162) | 2380.6% | Other Non Operating Expenses | (1,502) | (18,437) | (1127.2%) | ||||||
6,015 | (13,596) | (326.0%) | Net other Non Operating Income (Expenses) | 19,853 | (5,647) | (128.4%) | ||||||
(152) | (4,282) | (2708.6%) | Price Level Restatement | (10,834) | (17,198) | (58.7%) | ||||||
(15,843) | 69,533 | 538.9% | Foreign Exchange Effect | (33,453) | 97,209 | (390.6%) | ||||||
(15,996) | 65,251 | 507.9% | Net Monetary Exposure | (44,287) | 80,011 | (280.7%) | ||||||
(26,247) | (26,443) | (0.7%) | Positive Goodwill Amortization | (99,779) | (99,927) | (0.1%) | ||||||
120,040 | 402,892 | (235.6%) | Non Operating Income | 342,024 | 958,325 | 180.2% | ||||||
110,576 | 391,181 | (253.8%) | Net Income before (1), (2) & (3) | 313,666 | 927,304 | 195.6% | ||||||
7,339 | (27,252) | (471.3%) | Income Tax (1) | 8,588 | (30,398) | (454.0%) | ||||||
17 | 23 | 42.1% | Negative Goodwill Amortization (2) | 68 | 75 | 9.6% | ||||||
- | - | N/A | Minority Interest (3) | - | - | N/A | ||||||
117,931 | 363,953 | (208.6%) | NET INCOME | 322,322 | 896,980 | 178.3% | ||||||
2.30 | 7.09 | EPS (Ch$) | 6.28 | 17.48 | ||||||||
0.18 | 0.56 | EPADS (US$) | 0.49 | 1.37 | ||||||||
32,651,166 | 32,651,166 | Common Shares Outstanding (Th) | 32,651,166 | 32,651,166 | ||||||||
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OWNERSHIP OF THE COMPANY AS OF DECEMBER 31, 2008
TOTAL SHAREHOLDERS: 8,241
![](https://capedge.com/proxy/6-K/0001292814-09-000174/fp50a.gif)
CONFERENCE CALL INVITATION
Enersis is pleased to invite you to participate in a Conference Call with the management to review the results for the period, on Thursday, January 29, 2009, at 10:00 AM EST (Eastern Standard Time) (12:00 pm Chilean time). There will be a question and answer session following management's comments. Representing ENERSIS will be Mr. Alfredo Ergas, Chief Financial Officer, Mr. Ricardo Alvial, Investment & Risks Director and Ms. Susana Rey, Head of Investor Relations.
To participate, please dial +1 (617) 213-4845 or +1 (888) 679-8018 (toll free USA), approximately 10 minutes prior to the scheduled start time, Passcode ID: 10462931
To access the phone replay, please dial +1 (617) 801-6888 or +1 (888) 286-8010 (toll free USA) Passcode ID: 83093768.
For this Conference Call you can access before to the pre-registration site athttps://www.theconferencingservice.com/prereg/key.process?key=PBTEQQEB7 and make your registration quicker. If not, please connect approximately 15 minutes prior to the scheduled start time. You can also access to the live conference call and its replay through our website athttp://phx.corporate-ir.net/phoenix.zhtml?p=irol-eventDetails&c=83615&eventID=2077053.
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CONTACT INFORMATION
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.
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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: January 30, 2009