FORM 6-K
Pursuant to Rule 13a-16 or 15d-16 of
the Securities Exchange Act of 1934
For the month of April, 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 FIRST QUARTER ENDED MARCH 31st, 2009
These Financial Statements have been prepared, for the first time, under IFRS.
It implies several changes in the accounting principles used for financial statements,
which have been authorized by the Superintendency of Securities and Insurance
as part of the migration from Chilean Generally Accepted Accounting Principles to IFRS.
Figures as of March 2008 have been reconciled under IFRS for comparable purposes.
HIGHLIGHTS FOR THE PERIOD
SUMMARY
As of March 31st, Net Income of Enersis was Ch$152.049 million, which represents an increase of 50,5% respect to the same period last year.
This better outcome is in line with our corporate goals. These are,
1.- Profitable business:
• Operating Revenues were 17.2% higher than March 2008 or Ch$233,121 million amounting to Ch$1,586,827 million.
• EBITDA increased 30.3% or Ch$132,811 million amounting to Ch$571,765 million.
• Operating Income improved 36.7%, or Ch$124,882 million up to Ch$ 464,717 million, basically related to a better performance of our core business, as follows:
• Generation & Transmission 56.1%
• Distribution 14.9%
2.- Maintain a solid financial position:
• Financial Result improved 18.4% or Ch$19,071 million, which is explained mostly because of the decreasing inflation effect over debt denominated in UFs.
• Interest Coverage increased from 3.3 times up to 4.8 times.
3.- Provide the best service quality in Latin-America:
• Energy losses of the Enersis Group shown a new decrease to 10.8% .
• Number and length of interruptions have decreased.
4.- Add value to our shareholders:
• Enersis share price increased 7% from Ch$164,73 to Ch$175,69, which implies a better return than most of major Stock Exchange Markets.
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GENERATION ANDTRANSMISSIONBUSINESSES
• Operating Revenues increased 15.8%, equivalent to Ch$98,145 million.
• Operating Income increased 56.1% mainly explained by the performance of the operations in Colombia, Peru and Chile.
• Consolidated physical sales increased by 3.4%, amounting 16,438 GWh.
DISTRIBUTIONBUSINESS
• Operating Revenues grew 15.4%, equivalent to Ch$130,294 million.
• Higher revenues were also explained by the addition of 432 thousand new clients over the last twelve months, and this increase is broken down as follows:
• Brazil | 4.7% or 225 thousand new clients | |
• Colombia | 3.5% or 81 thousand new clients | |
• Chile | 3.4% or 50 thousand new clients | |
• Peru | 4.1% or 41 thousand new clients | |
• Argentina | 1.6% or 35 thousand new clients |
FINANCIALS
• Liquidity, key consideration in our financial management, continues to be in a very solid position, as follows:
• Cash and Cash Equivalents, amounts to US$2,195 million.
• Open Credit Lines for US$410 million available between Enersis and its subsidiary Endesa Chile in the Chilean capital market and also other US$800 million in the international capital market.
• Debt maturities can be seen in the following chart:
Million US$ | TOTAL | |||||||||||||||
2009 | 2010 | 2011 | 2012 | 2013 | 2014 | Balance | ||||||||||
Chile | 593 | 399 | 218 | 21 | 418 | 676 | 1,586 | 3,912 | ||||||||
Argentina | 117 | 110 | 105 | 33 | 25 | 0 | 0 | 390 | ||||||||
Peru | 109 | 84 | 121 | 141 | 89 | 87 | 144 | 775 | ||||||||
Brazil | 258 | 268 | 335 | 326 | 109 | 44 | 46 | 1,385 | ||||||||
Colombia | 125 | 203 | 234 | 132 | 63 | 117 | 432 | 1,307 | ||||||||
TOTAL | 1,202 | 1,065 | 1,013 | 653 | 704 | 924 | 2,208 | 7,769 | ||||||||
* Includes accrued interest of financial debt only. |
• Despite the difficult financial situation in the markets, the Enersis Group, have been able to refinance the maturities during the first quarter and do not foresee any difficulty in refinancing the next maturities coming due through banks and capital markets.
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• Coverage and Protection
Enersis continued applying a rigorous control over its liquidity along all its subsidiaries. In that respect, and in addition to strict internal rules to protect our cash flows, balance sheet, and liquidity, we currently have:
• Cross Currency Swaps for a total amount of US$ 856 million to match currency in which cash flows are originated and their associated debt.
• Interest Rate Swaps for US$ 216 million, in order to provide protection against variations in this variable.
• Collars, for a value of US$ 150 million, intended to provide additional protection.
• Forwards, for US$ 4 million, to protect us against foreign exchange rates variations.
The aforementioned 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,simply because electricity has no perfect substitutes.
![](https://capedge.com/proxy/6-K/0001292814-09-000994/fp03a.gif)
• During the first quarter 2009, Enersis ´share price continued showing a stable and positive trend despite of major Stock Exchange Markets experienced a negative performance.
• In addition, during the first quarter 2009 both, Enersis and its subsidiary Endesa Chile, continued to be among the most traded companies at the Santiago Stock Exchange.
Top Ten Traded Santiago Stock Exchange(Amounts in Ch$ million) | |||||||
Jan-09 | Feb-09 | Mar-09 | |||||
D&S | 1,786,309 | SQM-B | 174,929 | SQM-B | 201,167 | ||
ENDESA | 224,642 | CAP | 166,125 | ENERSIS | 79,529 | ||
SQM-B | 194,704 | ENERSIS | 57,646 | LAN | 57,253 | ||
ENERSIS | 130,455 | ENDESA | 53,382 | ENDESA | 51,763 | ||
CENCOSUD | 82,508 | BSANTANDER | 51,089 | BSANTANDER | 47,602 | ||
COLBUN | 76,613 | CENCOSUD | 43,533 | CAP | 44,712 | ||
SAN PEDRO | 70,958 | FALABELLA | 41,713 | COPEC | 36,497 | ||
CMPC | 62,531 | GENER | 35,241 | CENCOSUD | 33,127 | ||
ENTEL | 59,906 | COPEC | 34,252 | COLBUN | 33,063 | ||
COPEC | 56,113 | COLBUN | 25,127 | LA POLAR | 30,158 | ||
Source: Santiago Stock Exchange |
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RISKRATINGCLASSIFICATIONINFORMATION
The first months of 2009, are still under big uncertainty. At this point of time, nobody wants to anticipate until when markets will face the big volatility they are experiencing.
Considering the deterioration of systemic risk, there is a big pressure for downgrades upon rated companies.
Enersis, and its subsidiary Endesa Chile, are committed to maintain the Investment Grade category, keeping an important liquidity and having a well managed maturity schedule. A sound and safe financial management has given to both companies the financial capacity to pay down debt during the year 2008, as well as refinancing other debt maturing during 2009.
This solid position, tied to a stable cash generation capacity, has been clearly recognized by the Rating Agencies in their respective reports.
The current risk classification is:
• International Ratings:
Enersis | S&P | Moody’s | Fitch |
Corporate | BBB, Stable | Baa3, Stable | BBB, Stable |
Domestic Ratings (instruments issued in Chile):
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, Wednesday 29th., 2009) Enersis S.A. (NYSE: ENI), announced today its consolidated financial results for the first quarter ended on March 31st., 2009. All figures are in Ch$, under International Financial Reporting Standards (IFRS). Variations of Income Statements and cash flows refer to the quarters as of March 31st, 2008 and March 31st, 2009, while variations of balance sheet accounts refer to the period between December 31st., 2008 and March 31st., 2009.
Figures as of March 31st., 2009 are additionally presented in US$ and they are merely offered as a convenience translation, using the exchange rate of US$1 = Ch$583.26 (March 31, 2009).
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 important variations and comments on main items in the Balance Sheet, P&L, and Cash Flow Statements compared to the information as of March 2008.
* Includes Endesa Chile Chilean subsidiaries (Celta, Pangue, Pehuenche, San Isidro, Túnel El Melón), non Chilean subsidiaries (Costanera, El Chocón, Edegel and Emgesa) and jointly controlled companies or associates companies (Gas Atacama, Trasquillota and HidroAysén).
** Includes Endesa Fortaleza, CIEN, Cachoeira Dourada, Ampla and Coelce.
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MARKET INFORMATION
EQUITYMARKET
New York Stock Exchange (NYSE)
The chart below, shows the performance of Enersis’ ADR (“ENI”) price at the NYSE, compared to the Dow Jones Industrials and the Dow Jones Utilities indexes over the last 12 months:
![](https://capedge.com/proxy/6-K/0001292814-09-000994/fp08a.gif)
Santiago Stock Exchange (BCS)
The chart below, shows the performance of Enersis’ Chilean stock price over the last 12 months compared to the selective Chilean selective Stock Index (IPSA):
![](https://capedge.com/proxy/6-K/0001292814-09-000994/fp08b.gif)
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Madrid Stock Exchange (Latibex) - Spain
The chart below, shows Enersis’ share price (“XENI”) at the Latibex over the last 12 months compared to the Local Stock Index (IBEX):
![](https://capedge.com/proxy/6-K/0001292814-09-000994/fp09b.gif)
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DEBTMARKET
The following chart shows 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/0001292814-09-000994/fp10a.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.
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RISKRATINGCLASSIFICATION
Fitch: BBB / Stable
Rationale (April 15, 2009); “Relevant classification factors are: (i) Geographical diversification in Latin America, which provides natural protection against different regulatory frameworks and weather conditions. In summary, Enersis’ subsidiaries are financially strong and they count on leadership positions within their markets; (ii) Stable Cash Flows from Distribution segment: this business benefits from a healthy and organic growth in annual terms, being Chilectra the most predictable one; (iii) Volatility of business is offset: Contractual position of the Company reduces risk related to dryer hydrological conditions, meanwhile diversified generation matrix and geographical diversity provide natural protection.”
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 Peru), 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$84 million of local bond issuances (UF denominated). All ratings have a Stable Outlook. In addition, Fitch affirmed Enersis’ equity rating at ‘Level 1’. The ratings are tempered by the company’s dependence on dividend payments from its subsidiaries to repay its own debt, and its exposure to less creditworthy international markets, such as Argentina and Colombia, which adds some volatility to the earnings profile.”
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CONSOLIDATEDINCOMESTATEMENTANALYSIS
(Figures in Ch$, Source: FECU)
NETINCOME
Enersis’ Net Income for the first quarter 2009 was Ch$152,049 million, representing an important 50.5% increase over the previous year, which was Ch$101,027 million.
UNDERIFRS
Table 2
CONS. INCOME STATEMENT | Million Ch$ | Thousand US$ | ||||
3M 08 | 3M 09 | Var 08-09 | Chg % | 3M09 | ||
Sales | 1,302,060 | 1,548,929 | 246,869 | 19.0% | 2,655,640 | |
Sales of Energy | 1,211,393 | 1,420,703 | 209,310 | 17.3% | 2,435,796 | |
Other Sales | 9,923 | 9,385 | (538) | (5.4%) | 16,091 | |
Other services supply | 80,744 | 118,841 | 38,097 | 47.2% | 203,753 | |
Other Operating Revenues | 51,646 | 37,899 | (13,747) | (26.6%) | 64,977 | |
Operating Revenues | 1,353,706 | 1,586,827 | 233,121 | 17.2% | 2,720,618 | |
Energy purchases | (376,316) | (432,007) | (55,691) | (14.8%) | (740,676) | |
Fuel procurement costs | (206,709) | (181,533) | 25,176 | 12.2% | (311,239) | |
Transmission expenses | (72,530) | (77,528) | (4,998) | (6.9%) | (132,922) | |
Other purchases and services | (97,270) | (120,093) | (22,823) | (23.5%) | (205,900) | |
Purchases and Services | (752,825) | (811,161) | (58,336) | (7.7%) | (1,390,737) | |
Gross Income | 600,881 | 775,666 | 174,785 | 29.1% | 1,329,880 | |
Work Performed by the entity and capitalized | 5,502 | 7,713 | 2,211 | 40.2% | 13,224 | |
Personnel expenses | (71,246) | (88,846) | (17,600) | (24.7%) | (152,327) | |
Other fixed operating expenses | (96,183) | (122,768) | (26,585) | (27.6%) | (210,486) | |
Gross Operating Income (EBITDA) | 438,954 | 571,765 | 132,811 | 30.3% | 980,292 | |
Depreciations & Amortizations | (99,119) | (107,048) | (7,929) | (8.0%) | (183,534) | |
Operating Income | 339,835 | 464,717 | 124,882 | 36.7% | 796,758 | |
Financial Result | (103,858) | (84,787) | 19,071 | 18.4% | (145,368) | |
Interest Revenues | 28,321 | 34,976 | 6,655 | 23.5% | 59,967 | |
Interest Expenses | (96,617) | (106,730) | (10,113) | (10.5%) | (182,988) | |
Income for Readjustment items | (7,947) | 20,411 | 28,358 | - | 34,995 | |
Exchange Gains (Losses) | (27,615) | (33,445) | (5,830) | (21.1%) | (57,342) | |
Positive | 22,894 | 12,030 | (10,864) | (47.5%) | 20,626 | |
Negative | (50,509) | (45,475) | 5,034 | 10.0% | (77,967) | |
Share of profit of associates | 1,177 | 1,142 | (35) | (3.0%) | 1,957 | |
Income from Other Investments | (1,522) | (479) | 1,043 | 68.5% | (821) | |
Income from asset sales | 485 | 15 | (470) | (96.8%) | 26 | |
Net Income before Taxes | 236,116 | 380,608 | 144,492 | 61.2% | 652,552 | |
Income Tax | (41,092) | (71,787) | (30,695) | (74.7%) | (123,079) | |
NET INCOME | 195,024 | 308,820 | 113,796 | 58.3% | 529,473 | |
Parent Company | 101,027 | 152,050 | 51,023 | 50.5% | 260,689 | |
Minority Holders | 93,997 | 156,771 | 62,774 | 66.8% | 268,783 | |
Earning per Share (Ch$) | 3.1 | 4.7 | 2 | 50.5% | 0.008 | |
Earning per Share ADR (Ch$) | 154.7 | 232.8 | 78 | 50.5% | 0.399 | |
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OPERATINGINCOME
Operating Income ending March 31, 2009 increased by Ch$124,882 million, up from Ch$339,835 million on the first quarter of 2008 to Ch$464,717 million for this period, equivalent to a 36.8% increase. Additionally, the EBITDA increased Ch$132,811 million or 30.3%, amounting to Ch$571,765 million. This is due to the good results recorded in the generation and distribution businesses.
Details of Operating Revenues and Operating Costs, by line of business, as follows:
Table 3
Generation and Transmission | Distribution | Structure & Adjustments | ||||||||||||||||
Million Ch$ | Thousand US$ | Million Ch$ | Thousand US$ | Million Ch$ | Thousand US$ | |||||||||||||
3M 08 | 3M 09 | 3M 09 | 3M 08 | 3M 09 | 3M 09 | 3M 08 | 3M 09 | 3M 09 | ||||||||||
Operating Revenues | 621,987 | 720,132 | 1,234,667 | 848,343 | 978,637 | 1,677,874 | (116,624) | (111,942) | (191,925) | |||||||||
Operating Costs | (417,628) | (401,035) | (687,575) | (712,050) | (822,097) | (1,409,486) | 115,807 | 101,022 | 173,202 | |||||||||
Operating Income | 204,359 | 319,097 | 547,092 | 136,293 | 156,540 | 268,388 | (817) | (10,920) | (18,722) | |||||||||
Consolidated | ||||||||||||||||||
Million Ch$ | Thousand US$ | |||||||||||||||||
3M 08 | 3M 09 | 3M 09 | ||||||||||||||||
Operating Revenues | 1,353,706 | 1,586,827 | 2,720,617 | |||||||||||||||
Operating Costs | (1,013,871) | (1,122,110) | (1,923,859) | |||||||||||||||
Operating Income | 339,835 | 464,717 | 796,758 | |||||||||||||||
Generation and Transmission Businesses showed a Ch$114,738 million increase in their operating income, equal to 56.1%, totaling Ch$319,097 million. Physical generation sales increased 3.4% amounting to 16,438 GWh in March 2009 (15.893 GWh in March 2008).
Details of Operating Revenues and Operating Costs of the Generation and Transmission businesses by country, as follows:
Table 4
Chile | Argentina | Brazil | ||||||||||||||||
Million Ch$ | Thousand US$ | Million Ch$ | Thousand US$ | Million Ch$ | Thousand US$ | |||||||||||||
3M 08 | 3M 09 | 3M 09 | 3M 08 | 3M 09 | 3M 09 | 3M 08 | 3M 09 | 3M 09 | ||||||||||
Operating Revenues | 338,885 | 409,312 | 701,766 | 59,297 | 66,977 | 114,832 | 98,657 | 69,189 | 118,625 | |||||||||
% of consolidated | 54% | 57% | 57% | 10% | 8% | 8% | 16% | 10% | 10% | |||||||||
Operating Costs | (244,140) | (227,135) | (389,423) | (44,402) | (53,690) | (92,052) | (56,596) | (38,341) | (65,736) | |||||||||
% of consolidated | 58% | 57% | 57% | 11% | 12% | 12% | 14% | 10% | 10% | |||||||||
Operating Income | 94,745 | 182,177 | 312,343 | 14,895 | 13,287 | 22,781 | 42,061 | 30,848 | 52,889 | |||||||||
Peru | Colombia | Consolidated | ||||||||||||||||
Million Ch$ | Thousand US$ | Million Ch$ | Thousand US$ | Million Ch$ | Thousand US$ | |||||||||||||
3M 08 | 3M 09 | 3M 09 | 3M 08 | 3M 09 | 3M 09 | 3M 08 | 3M 09 | 3M 09 | ||||||||||
Operating Revenues | 40,045 | 56,063 | 96,120 | 85,103 | 118,591 | 203,324 | 621,987 | 720,132 | 1,234,667 | |||||||||
% of consolidated | 6% | 8% | 8% | 14% | 16% | 16% | ||||||||||||
Operating Costs | (27,927) | (28,311) | (48,539) | (44,563) | (53,558) | (91,825) | (417,628) | (401,035) | (687,575) | |||||||||
% of consolidated | 7% | 7% | 7% | 11% | 13% | 13% | ||||||||||||
Operating Income | 12,118 | 27,752 | 47,581 | 40,540 | 65,033 | 111,499 | 204,359 | 319,097 | 547,092 | |||||||||
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Distribution businessrecorded a 14.9% increase or Ch$20,247 million in its operating income, amounting to Ch$156,540 million. Physical sales totaled 15,826 GWh, or 1% increase respect to one year ago. Furthermore, the Group added 432,000 new customers, representing a 3.6% increase, for a total current customer base of over 12.5 million.
Details of Operating Revenues and Operating Costs of the Distribution business, by country, as follows:
Table 5
Chile | Argentina | Brazil | ||||||||||||||||
Million Ch$ | Thousand US$ | Million Ch$ | Thousand US$ | Million Ch$ | Thousand US$ | |||||||||||||
3M 08 | 3M 09 | 3M 09 | 3M 08 | 3M 09 | 3M 09 | 3M 08 | 3M 09 | 3M 09 | ||||||||||
Operating Revenues | 257,367 | 282,155 | 483,755 | 71,457 | 94,033 | 161,220 | 325,065 | 357,823 | 613,488 | |||||||||
% of consolidated | 30% | 29% | 29% | 8% | 9% | 9% | 38% | 37% | 37% | |||||||||
Operating Costs | (224,081) | (249,794) | (428,272) | (59,723) | (83,997) | (144,013) | (279,846) | (301,176) | (516,367) | |||||||||
% of consolidated | 31% | 30% | 30% | 8% | 9% | 9% | 39% | 37% | 37% | |||||||||
Operating Income | 33,286 | 32,361 | 55,483 | 11,734 | 10,036 | 17,207 | 45,219 | 56,647 | 97,121 | |||||||||
Peru | Colombia | Consolidated | ||||||||||||||||
Million Ch$ | Thousand US$ | Million Ch$ | Thousand US$ | Million Ch$ | Thousand US$ | |||||||||||||
3M 08 | 3M 09 | 3M 09 | 3M 08 | 3M 09 | 3M 09 | 3M 08 | 3M 09 | 3M 09 | ||||||||||
Operating Revenues | 55,168 | 76,238 | 130,710 | 139,286 | 168,388 | 288,701 | 848,343 | 978,637 | 1,677,874 | |||||||||
% of consolidated | 7% | 8% | 8% | 16% | 17% | 17% | ||||||||||||
Operating Costs | (42,621) | (60,067) | (102,985) | (105,779) | (127,063) | (217,850) | (712,050) | (822,097) | (1,409,486) | |||||||||
% of consolidated | 6% | 7% | 7% | 15% | 15% | 15% | ||||||||||||
Operating Income | 12,547 | 16,171 | 27,725 | 33,507 | 41,325 | 70,852 | 136,293 | 156,540 | 268,388 | |||||||||
Summary of Operating Revenues, Operating Costs and Operating income of all the Enersis’ subsidiaries, for the first quarter 2008 and 2009:
Table 6
3M 08 | 3M 09 | ||||||
Million Ch$ | Operating | Operating | Operating | Operating | Operating | Operating | |
Revenues | Costs | Income | Revenues | Costs | Income | ||
Endesa Chile (*) | 531,507 | (367,100) | 164,406 | 660,811 | (370,877) | 289,934 | |
Cachoeira (**) | 54,933 | (9,323) | 45,609 | 18,573 | (8,279) | 10,294 | |
Fortaleza (***) | 42,330 | (41,983) | 347 | 29,874 | (22,048) | 7,826 | |
Cien (**) | 1,394 | (5,289) | (3,895) | 20,742 | (8,025) | 12,718 | |
Chilectra | 257,367 | (224,081) | 33,286 | 282,155 | (249,794) | 32,361 | |
Edesur | 71,457 | (59,722) | 11,734 | 94,033 | (83,997) | 10,036 | |
Distrilima (Edelnor) | 55,168 | (42,621) | 12,547 | 76,238 | (60,067) | 16,171 | |
Ampla | 189,695 | (168,773) | 20,922 | 216,316 | (188,009) | 28,307 | |
Investluz (Coelce) | 135,370 | (111,073) | 24,297 | 141,507 | (113,166) | 28,341 | |
Codensa | 139,286 | (105,779) | 33,507 | 168,388 | (127,064) | 41,325 | |
CAM Ltda. | 29,680 | (29,416) | 264 | 30,867 | (34,424) | (3,557) | |
Inmobiliaria Manso de Velasco Ltda. | 2,145 | (1,993) | 152 | 786 | (762) | 24 | |
Synapsis Soluciones y Servicios IT Ltda. | 13,627 | (12,133) | 1,494 | 16,145 | (14,284) | 1,860 | |
Enersis Holding and other investment vehicles | 2,709 | (6,509) | (3,800) | 2,885 | (7,199) | (4,314) | |
Consolidation Adjustments | (172,962) | 171,927 | (1,035) | (172,492) | 165,886 | (6,607) | |
Total Consolidation | 1,353,706 | (1,013,871) | 339,835 | 1,586,827 | (1,122,110) | 464,719 | |
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3M 09 | |||
Thousand US$ | Operating | Operating | Operating |
Revenues | Costs | Income | |
Endesa Chile (*) | 1,132,961 | (635,870) | 497,092 |
Cachoeira (**) | 31,843 | (14,194) | 17,650 |
Fortaleza (***) | 51,219 | (37,802) | 13,418 |
Cien (**) | 35,563 | (13,760) | 21,805 |
Chilectra | 483,754 | (428,272) | 55,483 |
Edesur | 161,220 | (144,013) | 17,207 |
Distrilima (Edelnor) | 130,710 | (102,984) | 27,726 |
Ampla | 370,874 | (322,342) | 48,532 |
Investluz (Coelce) | 242,614 | (194,024) | 48,590 |
Codensa | 288,702 | (217,851) | 70,851 |
CAM Ltda. | 52,921 | (59,020) | (6,098) |
Inmobiliaria Manso de Velasco Ltda. | 1,348 | (1,307) | 41 |
Synapsis Soluciones y Servicios IT Ltda. | 27,680 | (24,490) | 3,190 |
Enersis Holding and other investment vehicles | 4,946 | (12,342) | (7,396) |
Consolidation Adjustments | (295,738) | 284,411 | (11,327) |
Total Consolidation | 2,720,618 | (1,923,858) | 796,761 |
(*) Since January 1st, 2009, includes Gas Atacama, Transqullota e HydroAysén | |||
(**) Consolidated by Endesa Chile until September 30th, 2005. Since October 1st, 2005 is consolidated by Enersis through Endesa Brasil. | |||
(***) Since October 1st, 2005, these subsidiaries are consolidated by Enersis through Endesa Brasil Brasil |
FINANCIALRESULT
As of March 31st., 2009, the company recorded a financial result equal to Ch$84,788 million, which represents an improvement of Ch$19,070 million or 18.4% . The former is a consequence of the inflation effect over debt denominated in the UF.
As of March 31st., 2009, the UF had decreased 2.3% its value compared with the same period last year, where the same index increased 0.8% . This effect implied Ch$28,358 million of less financial cost. Net Financial Cost increased Ch$3,458 million, due to bond´s issuance expenses, and the effect for Ch$ 5,830 million that correspond to higher negative exchange variations registered in the period.
TAXES
Show a higher amount of Ch$30,695 million. The latter is mostly explained by the increase in:
- Gas Atacama by Ch$14.072 million
- Cien by Ch$6,675 million
- Ampla by Ch$ 4,868 million
- Edegel by Ch$4,091 million
- Chilectra by Ch$3,373 million
- Enersis by Ch$2,549 million,
- and Edelnor by Ch$2,318 million
Which was partially offset by decreases in
- Coelce by Ch$7,007 million, and
- Edesur by Ch$2,011 million.
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CONSOLIDATEDBALANCESHEETANALYSIS
ASSETSUNDERIFRS
Table 7
ASSETS | Million Ch$ | Thousand US$ | |||||
1/1/2008 | 12/31/2008 | 3M 09 | Var 08-09 | Chg % | 3M09 | ||
CURRENT ASSETS | |||||||
Cash and Cash Equivalents | 588,877 | 1,318,062 | 1,280,368 | (37,694) | (2.9%) | 2,195,193 | |
Accounts receivable, net | 1,159,728 | 1,313,582 | 1,224,146 | (89,436) | (6.8%) | 2,098,800 | |
Amounts due from related companies | 52,579 | 24,747 | 18,666 | (6,081) | (24.6%) | 32,003 | |
Inventories | 108,547 | 99,400 | 119,147 | 19,747 | 19.9% | 204,278 | |
Assets for Hedging | - | - | 126 | 126 | - | 217 | |
Prepaid expenses | 10,916 | 8,973 | 8,580 | (394) | (4.4%) | 14,710 | |
Income taxes recoverable | 146,791 | 131,788 | 130,781 | (1,007) | (0.8%) | 224,224 | |
Other current assets | 15,847 | 30,200 | 31,609 | 1,408 | 4.7% | 54,193 | |
Total currrent assets | 2,083,285 | 2,926,752 | 2,813,423 | (113,329) | (3.9%) | 4,823,617 | |
FIXED ASSETS | |||||||
Financial Assets available for sale | 22,501 | 22,495 | 22,586 | 91 | 0.4% | 38,724 | |
Other Financial Assets | 156,668 | 150,946 | 142,989 | (7,957) | (5.3%) | 245,155 | |
Long-term receivables | 101,373 | 144,508 | 129,668 | (14,841) | (10.3%) | 222,316 | |
Amounts due from related companies | 505 | 641 | 569 | (72) | (11.2%) | 976 | |
Investments in associates | 11,885 | 37,334 | 36,075 | (1,259) | (3.4%) | 61,851 | |
Intangibles | 1,467,885 | 1,459,390 | 1,404,661 | (54,728) | (3.8%) | 2,408,294 | |
Land, plant and equipment, net | 7,577,872 | 8,577,260 | 7,838,587 | (738,673) | (8.6%) | 13,439,267 | |
Investment Property | 28,867 | 26,790 | 26,508 | (282) | (1.1%) | 45,447 | |
Deferred income taxes | 541,265 | 512,852 | 459,680 | (53,172) | (10.4%) | 788,122 | |
Assets for Hedging | 1,036 | 2,487 | 1,458 | (1,029) | (41.4%) | 2,499 | |
Prepaid expenses | 1,386 | 1,203 | 305 | (898) | (74.7%) | 522 | |
Others assets | 70,374 | 71,789 | 73,554 | 1,765 | 2.5% | 126,108 | |
Total other assets | 9,981,615 | 11,007,695 | 10,136,639 | (871,056) | (7.9%) | 17,379,280 | |
TOTAL ASSETS | 12,064,900 | 13,934,447 | 12,950,062 | (984,385) | (7.1%) | 22,202,897 | |
The company’sTotal Assets as of March 2009 decreased by Ch$984,385 million compared to thesame period last year, which is mainly due to:
• A Ch$113,329 million decrease in Current Assets, equal to 3.9%, as a result of:
• Decrease in trade and other receivables of Ch$89,436 million given a decrease in debtors of Codensa by Ch$ 29.661 million, Edegel by Ch$25.526 million, Edesur Ch$13.438 by million, Gas Atacama my Ch$12.636 million and Pehuenche by Ch$5.835 million.
• A Ch$37,693 million decrease in cash and cash equivalents primarily due to the following lower balance in: Endesa Chile by Ch$50,804 million, Enersis by Ch$44,894 million, Codensa by Ch$30,803 million, Coelce by Ch$16,545 million and Endesa Cachoeira Ch$15,188 million, partially offset by increase in Emgesa by Ch$42,885 million, Edegel by Ch$25,335 million, Chilectra by Ch$16,902 million and Endesa Brasil by Ch$15,613 million.
• Higher inventories by Ch$19,747 million primarily due to increase in Edesur by Ch$19,635 million.
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• A Decrease of Ch$871,056 million in Non Current Assets, equal to 7.9%, primarily triggered by:
• Diminish in properties, plants and equipments by Ch$738,673 million due to the effect coming from conversion to Chilean Peso of subsidiaries which functional currency is different to Ch$, and which effect produces decrease in assets by approximately Ch$805,000 million, in addition to the effect of depreciation of the period by Ch$103,705 million partially offset by additions of the period almost Ch$190,000 million.
• Lower intangible assets by Ch$54,728 million, due to a decrease in surplus value purchase and other intangibles resulting by Ch$42,000 million and Ch$12,700 million, respectively.
• A decrease in deferred tax assets by Ch$53,172 million mainly, as a consequence of the effect of conversion to Chilean Peso in foreign subsidiaries by Ch$51,500 million.
Pg. 17
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LIABILITIES ANDSHAREHOLDERSEQUITYUNDERIFRS
Table 8
LIABILITIES AND SHAREHOLDER´S EQUITY | Million Ch$ | Thousand US$ | |||||
1/1/2008 | 12/31/2008 | 3M 09 | Var 08-09 | Chg % | 3M09 | ||
CURRENT LIABILITIES | |||||||
Loans that acrue interests | 721,900 | 1,246,422 | 995,260 | (251,163) | (20.2%) | 1,706,374 | |
Other financial liabilities | 10 | 833 | 828 | (4) | (0.5%) | 1,420 | |
Sundry Creditors and other Accounts payable | 794,078 | 983,824 | 927,823 | (56,001) | (5.7%) | 1,590,754 | |
Accounts payable to related companies | 69,458 | 115,993 | 185,935 | 69,942 | 60.3% | 318,786 | |
Provisions | 78,638 | 107,398 | 87,476 | (19,922) | (18.5%) | 149,979 | |
Income taxes payable | 102,642 | 178,700 | 182,235 | 3,535 | 2.0% | 312,442 | |
Other current liabilities | 19,406 | 30,315 | 76,423 | 46,109 | 152.1% | 131,028 | |
Defererd liabilities | 14,223 | 12,180 | 10,902 | (1,278) | (10.5%) | 18,691 | |
Employee Benefits | 14,595 | 5,353 | 4,466 | (887) | (16.6%) | 7,656 | |
Liabilities from Hedge | 10,854 | 4,269 | 4,839 | 571 | 13.4% | 8,297 | |
Accumulated Liabilities (or acrued), total | 1,206 | - | - | - | - | - | |
Total current liabilities | 1,827,010 | 2,685,287 | 2,476,188 | (209,099) | (7.8%) | 4,245,427 | |
NON-CURRENT LIABILITIES | |||||||
Loans that acrue interests | 3,366,743 | 3,821,828 | 3,502,623 | (319,205) | (8.4%) | 6,005,252 | |
Sundry Creditors and other Accounts payable | 45,119 | 51,221 | 62,285 | 11,064 | 21.6% | 106,787 | |
Accounts payable to related companies | 8,162 | 8,978 | 8,120 | (858) | (9.6%) | 13,922 | |
Provisions | 200,023 | 212,383 | 204,132 | (8,251) | 0.0% | 349,985 | |
Deferred income taxes | 589,750 | 635,291 | 566,351 | (68,940) | (0) | 971,010 | |
Other long-term liabilities | 30,898 | 33,984 | 31,774 | (2,211) | (6.5%) | 54,476 | |
Defererd liabilities | 144,366 | 178,973 | 168,627 | (10,346) | (5.8%) | 289,111 | |
Employee Benefits | 133,845 | 173,319 | 164,084 | (9,235) | (5.3%) | 281,322 | |
Liabilities from Hedge | 213,419 | 104,053 | 174,888 | 70,835 | 68.1% | 299,846 | |
Total long-term liabilities | 4,732,326 | 5,220,029 | 4,882,884 | (337,145) | (6.5%) | 8,371,711 | |
SHAREHOLDERS´ EQUITY | |||||||
Paid-in capital | 2,594,015 | 2,824,883 | 2,824,883 | - | 0.0% | 4,843,265 | |
Shares owned by the parent's company | - | - | - | - | - | - | |
Other reserves | (564,985) | (1,244,278) | (1,475,440) | (231,163) | 18.6% | (2,529,644) | |
Retained earnings | 502,274 | 1,003,120 | 1,509,964 | 506,844 | 50.5% | 2,588,835 | |
Net income for the period | 369,827 | 507,590 | 152,050 | (355,540) | (70.0%) | 260,689 | |
Total shareholder's equity atributable to the Parent's comp. | 2,901,131 | 3,091,315 | 3,011,456 | (79,859) | (2.6%) | 5,163,145 | |
Minority Interest | 2,604,433 | 2,937,816 | 2,579,534 | (358,282) | (12.2%) | 4,422,614 | |
Total shareholder´s equity | 5,505,564 | 6,029,131 | 5,590,990 | 438,141 | (7.3%) | 9,585,760 | |
TOTAL LIABILITIES AND SHAREHOLDER´S EQUITY | 12,064,900 | 13,934,447 | 12,950,062 | (984,385) | (7.1%) | 22,202,897 | |
Pg. 18
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The company’s Total Liabilities decreased by Ch$984,385 million from the same period last year, whichwas largely due to the following:
• Decrease inCurrent Liabilities of Ch$209,099 million, equal to 7.8%, due to:
• Loans that accrue interests drop by $251,163 million primarily due to decrease in Endesa Chile by Ch$169,191 million, Bonds payment by Ch$94,250 million and diminish of exchange rate and U.F., Enersis by Ch$ 24,791 million, loan payment by Ch$15,626 million and exchange rate and U.F. effect, Codensa by Ch$24,907 million, loan payment Ch$14,003 million and conversion effect, Emgesa by Ch$21,122 million for conversion effect and Edegel by Ch$20,296 million coming from loans by Ch$14,011 and conversion effect. Partially Offset by increase in Ampla by Ch$33,919 million.
• Decrease in trade payables by Ch$56,001 million primarily in Codensa by Ch$23,135 million, San Isidro by Ch$15,610 million, Edesur by Ch$10,764 million, Celta by Ch$9,885 million and Endesa Costanera by Ch$9,850 million, partially offset by increase in accounts receivable in Edelnor by Ch$5,883 million and Synapsis by Ch$4,841 million.
• Increase in Other Current Liabilities by Ch$46,108 million due to the increase in Codensa by Ch$51,527 million.
• Non Current Liabilities decreased by Ch$337,145 million, equal to a 6.5%, in large part due to the following:
• Loans that accrue interests drop by Ch$319,205 million principally in Codensa by Ch$109,424 million, Bonds payment of Ch$32,947 million and conversion effect, in Endesa Chile by Ch$50,733 million, diminish in exchange rate and U.F. Enersis by Ch$32,537 million, exchange rate effect and U.F., Endesa Brasil by Ch$85,371 million, due to transfer to short term by Ch$34,317 million and conversion effect, Endesa Costanera by Ch$22,038 million due to transfer to short term of Ch$8,045 million, loan payment of Ch$3,577 million and conversion effect, and Chocón in Ch$6,860 million coming from conversion effect. The above mentioned was partially Offset by increase in Edelnor by Ch$4,940 million due to new loan by Ch$14,896 million and conversion effect.
• Diminish in deferred tax liabilities by Ch$68,940 million primarily due to the conversion effect on foreign subsidiaries by Ch$24,257 million, in addition to lower deferred taxes in Codensa by Ch$9,506 million, Endesa Chile by Ch$ 6,830 million, Pangue by Ch$6,029 million, San Isidro by Ch$3,272 million and Celta by Ch$2,786 million.
• Increase in coverage liabilities by Ch$70,835 million produced by rise of derivatives Mark to Market in Enersis by Ch$74,331 million.
Net Shareholders’ equity decreased by Ch$438,141 million compared to December 2008. Parent Company diminishes by Ch$79,859 million and it’s mainly explained by conversion differences on investments and surplus value purchased by Ch$202,368 million, diminish coming from minimum dividend recognition by Ch$45,615 million, decrease on coverage derivatives reserves by Ch$44,283 million, partially offset by income of the period by Ch$152,050 million and increase in revenues reserve coverage by Ch$61,100 million. The minorities participation decrease by Ch$358,282, as a consequence of the conversion effect, minimum dividend and coverage derivatives reserves, partially compensated by the minority result by Ch$156.771 million.
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DEBTMATURITY WITHTHIRDPARTIES,MILLIONCH$
Table 9
TOTAL | ||||||||||||||||
Million Ch$ | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | Balance | |||||||||
Chile | 345,776 | 232,664 | 127,211 | 12,423 | 243,962 | 394,099 | 925,336 | 2,281,471 | ||||||||
Enersis | 89,450 | 20,461 | 2,074 | 2,193 | 2,319 | 269,027 | 222,367 | 607,892 | ||||||||
Chilectra | 11,353 | - | - | - | - | - | - | 11,353 | ||||||||
Other (*) | 5,585 | 2,469 | 38 | - | - | - | 154 | 8,246 | ||||||||
Endesa Chile (**) | 239,388 | 209,734 | 125,099 | 10,230 | 241,642 | 125,071 | 702,815 | 1,653,980 | ||||||||
Argentina | 68,042 | 64,297 | 61,207 | 19,345 | 14,429 | - | - | 227,321 | ||||||||
Edesur | 9,818 | 18,366 | 14,180 | 5,308 | - | - | - | 47,672 | ||||||||
Costanera | 42,378 | 29,186 | 22,725 | 14,037 | 14,429 | - | - | 122,755 | ||||||||
Chocon | 15,846 | 16,745 | 24,303 | - | - | - | - | 56,894 | ||||||||
Hidroinvest | - | - | - | - | - | - | - | - | ||||||||
CTM | - | - | - | - | - | - | - | - | ||||||||
Tesa | - | - | - | - | - | - | - | - | ||||||||
Peru | 63,705 | 49,196 | 70,414 | 82,318 | 51,887 | 50,712 | 83,836 | 452,069 | ||||||||
Edelnor | 12,178 | 18,452 | 27,038 | 23,703 | 26,571 | 21,621 | 36,924 | 166,486 | ||||||||
Edegel | 51,527 | 30,744 | 43,375 | 58,615 | 25,317 | 29,091 | 46,913 | 285,582 | ||||||||
Brazil | 150,527 | 156,472 | 195,201 | 189,933 | 63,398 | 25,726 | 26,838 | 808,095 | ||||||||
Endesa Brasil | - | - | - | - | - | - | - | - | ||||||||
Coelce | 77,116 | 33,067 | 33,477 | 32,435 | 25,594 | 17,623 | 6,217 | 225,529 | ||||||||
Ampla | 65,104 | 64,350 | 102,238 | 98,919 | 30,484 | 253 | 626 | 361,974 | ||||||||
Cachoeira | - | - | - | - | - | - | - | - | ||||||||
Cien | 2,777 | 53,123 | 53,123 | 51,754 | - | - | - | 160,776 | ||||||||
Fortaleza | 5,531 | 5,932 | 6,363 | 6,825 | 7,320 | 7,851 | 19,995 | 59,817 | ||||||||
Colombia | 72,844 | 118,596 | 136,637 | 77,138 | 36,664 | 68,191 | 252,109 | 762,180 | ||||||||
Codensa | - | 76,011 | 45,546 | 7,679 | 36,664 | 56,932 | 107,374 | 330,206 | ||||||||
Emgesa | 72,844 | 42,585 | 91,091 | 69,459 | - | 11,259 | 144,735 | 431,974 | ||||||||
TOTAL | 700,895 | 621,226 | 590,669 | 381,158 | 410,340 | 538,728 | 1,288,119 | 4,531,135 | ||||||||
(*) Includes: CAM | ||||||||||||||||
(**) Includes: Endesa Chile Latinoamérica, Pangue, Pehuenche, San Isidro, Celta and Túnel El Melón. |
DEBTMATURITY WITHTHIRDPARTIES,THOUSANDUS$
Table 9.1
TOTAL | ||||||||||||||||
Thousand US$ | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | Balance | |||||||||
Chile | 592,833 | 398,903 | 218,103 | 21,300 | 418,273 | 675,683 | 1,586,490 | 3,911,586 | ||||||||
Enersis | 153,362 | 35,081 | 3,556 | 3,760 | 3,976 | 461,248 | 381,249 | 1,042,232 | ||||||||
Chilectra | 19,465 | - | - | - | - | - | - | 19,465 | ||||||||
Other (*) | 9,575 | 4,233 | 66 | - | - | - | 265 | 14,138 | ||||||||
Endesa Chile (**) | 410,432 | 359,589 | 214,482 | 17,539 | 414,296 | 214,435 | 1,204,977 | 2,835,751 | ||||||||
Argentina | 116,659 | 110,237 | 104,940 | 33,168 | 24,738 | - | - | 389,742 | ||||||||
Edesur | 16,833 | 31,488 | 24,311 | 9,101 | - | - | - | 81,733 | ||||||||
Costanera | 72,658 | 50,040 | 38,961 | 24,066 | 24,738 | - | - | 210,464 | ||||||||
Chocon | 27,168 | 28,710 | 41,667 | - | - | - | - | 97,545 | ||||||||
Hidroinvest | - | - | - | - | - | - | - | - | ||||||||
CTM | - | - | - | - | - | - | - | - | ||||||||
Tesa | - | - | - | - | - | - | - | - | ||||||||
Peru | 109,223 | 84,346 | 120,724 | 141,135 | 88,961 | 86,946 | 143,738 | 775,072 | ||||||||
Edelnor | 20,879 | 31,636 | 46,357 | 40,639 | 45,555 | 37,069 | 63,306 | 285,441 | ||||||||
Edegel | 88,343 | 52,711 | 74,367 | 100,496 | 43,405 | 49,877 | 80,432 | 489,631 | ||||||||
Brazil | 258,079 | 268,271 | 334,672 | 325,640 | 108,696 | 44,108 | 46,013 | 1,385,479 | ||||||||
Endesa Brasil | - | - | - | - | - | - | - | - | ||||||||
Coelce | 132,215 | 56,693 | 57,396 | 55,610 | 43,882 | 30,214 | 10,660 | 386,669 | ||||||||
Ampla | 111,621 | 110,329 | 175,288 | 169,597 | 52,265 | 433 | 1,073 | 620,604 | ||||||||
Cachoeira | - | - | - | - | - | - | - | - | ||||||||
Cien | 4,760 | 91,079 | 91,079 | 88,732 | - | - | - | 275,650 | ||||||||
Fortaleza | 9,483 | 10,171 | 10,909 | 11,701 | 12,550 | 13,461 | 34,281 | 102,556 | ||||||||
Colombia | 124,891 | 203,334 | 234,264 | 132,254 | 62,861 | 116,913 | 432,241 | 1,306,758 | ||||||||
Codensa | - | 130,321 | 78,088 | 13,166 | 62,861 | 97,610 | 184,093 | 566,139 | ||||||||
Emgesa | 124,891 | 73,012 | 156,176 | 119,088 | - | 19,303 | 248,148 | 740,619 | ||||||||
TOTAL | 1,201,686 | 1,065,092 | 1,012,703 | 653,495 | 703,529 | 923,650 | 2,208,482 | 7,768,637 | ||||||||
(*) Includes: CAM | ||||||||||||||||
(**) Includes: Endesa Chile Latinoamérica, Pangue, Pehuenche, San Isidro, Celta and Túnel El Melón. |
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EVOLUTIONOFKEYFINANCIALRATIOS
Table 10
Indicator | Unit | 3M 09 | 12M08 | Var 12M08 - 3M09 | Chg % |
Liquidity | Times | 1.14 | 1.09 | 0.05 | 4.6% |
Acid ratio test * | Times | 1.08 | 1.05 | 0.03 | 2.9% |
Working capital | million Ch$ | 337,235 | 241,465 | 95,770 | 39.7% |
Working capital | th. US$ | 578,192 | 413,995 | 164,197 | 39.7% |
Leverage ** | Times | 1.32 | 1.31 | 0.01 | 0.8% |
Short-term debt | % | 0.34 | 0.34 | (0.00) | (0.9%) |
Long-term debt | % | 0.66 | 0.66 | 0.00 | 0.5% |
* Current assets net of inventories and pre-paid expenses | |||||
** Using the ratio = Total debt / (equity + minority interest) |
Indicator | Unit | 3M08 | 3M 09 | Var 08-09 | Chg % |
Financial Costs Coverage*** | Times | 3.32 | 4.77 | 1.45 | 43.8% |
O.I./O.R. | % | 25.10 | 29.29 | 4.18 | 16.7% |
ROE | % | 13.92% | 20.20% | 0.06 | 45.1% |
ROA | % | 7.32% | 9.54% | 0.02 | 30.3% |
***EBITDA/Financial Costs |
Liquidity index as of March 2009 was 1.14 times, a 0.05 -fold increase compared to the same period in 2008. The index reflect that the company maintained a sound liquidity position, and continues to hold bank debt and finance its investments with cash surplus, while having an appropriate schedule of debt maturity.
Leverage ratio is 1.32 times as of March 2009, having increased 0.4% over its 2008 level.
Financial Costs Coverage increased 1.45 times or 43.7% from 3.32 times in March 2008 to 4.77 times in the current period. This is due to the significantly better EBITDA obtained by the Enersis Group during this period and by the decrease in interest expenses, primarily due to the UF.
Operating Income over Operating Revenues profitability increased 4.2%, reaching 29.3% .
The dominant annualROE is 20.2% with a 45.1% increase over March 2008, when it totaled 13.9% . This is due to the improved results recorded for this period, partly offset by the decrease in shareholders’ equity under IFRS.
AnnualROA jumped from 7.3% in March 2008 to 9.5% in March 2009, which is also a reflection of the better results recorded for this period, partly offset by a decrease in assets, primarily dollar-denominated assets.
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CONSOLIDATEDSTATEMENTS OFCASHFLOWSANALYSIS
UNDERIFRS
Table 11
CASH FLOW | Million Ch$ | Thousand US$ | ||||
3M 08 | 3M 09 | Var 08-09 | Chg % | 3M09 | ||
CASH FLOWS PROVIDED BY OPERATING ACTIVITIES | ||||||
Net income (loss) for the year | 195,024 | 308,820 | 113,796 | 58.3% | 334,369 | |
Adjustments to reconcile with the gain (loss) of the operations, total | 121,078 | 123,016 | 1,938 | 1.6% | 210,911 | |
Net cash from operating activities before non monetary adjustment | 316,102 | 431,836 | 115,734 | 36.6% | 740,383 | |
Non monetary adjustments: | - | - | ||||
Depreciation | 95,490 | 103,705 | 8,215 | 8.6% | 177,802 | |
Amortization of intangibles | 3,629 | 3,313 | (316) | (8.7%) | 5,680 | |
(Reversal of) Impairment losses | - | 30 | 30 | - | 51 | |
Foreign Exchange losses | 27,615 | 33,445 | 5,830 | 21.1% | 57,342 | |
Change in the value of Investment Property | - | - | - | - | - | |
Non realized Gain (loss) on the fair value of hedging instruments | - | 1,018 | 1,018 | - | 1,746 | |
Gain (loss) for decrease in the non current assets account not available for sale | (10) | (318) | (308) | - | (545) | |
Gain (loss) on the sale of other assets and financial liabilities | 7 | - | (7) | (100.0%) | - | |
Participation in Gain (loss) of Investments | 44 | - | (44) | (100.0%) | - | |
Provisions | 15,751 | 22,403 | 6,652 | 42.2% | 38,410 | |
Reversal of not used provision | 2,388 | 3,115 | 727 | 30.5% | 5,341 | |
Provisions used | 535 | 7,477 | 6,942 | - | 12,819 | |
Increase (decrease) on assets for deferred taxes | (2,211) | (4,910) | (2,699) | (122.0%) | (8,419) | |
Increase (decrease) on liabilities for deferred taxes | (22,233) | (9,736) | 12,497 | 56.2% | (16,693) | |
Other non monetary adjustments | 1,541 | (15,421) | (16,962) | - | (26,439) | |
Total Non monetary adjustments: | 121,040 | 131,356 | 10,316 | 8.5% | 225,210 | |
Increase (decrease) in inventory | (12,751) | 2,098 | 14,849 | 116.5% | 3,597 | |
Increase (decrease) in sundry debtors and other accounts receivable | 404 | 40,410 | 40,006 | - | 69,283 | |
Increase (decrease) in prepaid expenses | (397) | 3,561 | 3,958 | - | 6,105 | |
Decrease (increase) in other assets | - | - | - | - | - | |
Increase (decrease) in sundry creditors and other accounts payable | 121,980 | (31,890) | (153,870) | (126.1%) | (54,676) | |
Increase (decrease) on deferred income | 8,504 | 1,900 | (6,604) | (77.7%) | 3,257 | |
Increase (decrease) on acruances | (841) | (1,193) | (352) | (41.9%) | (2,046) | |
Decreased (increase) in income tax payable | (82,632) | (49,611) | 33,021 | 40.0% | (85,058) | |
Decreased (increase) in employee benefits | 1,546 | (22) | (1,568) | (101.4%) | (38) | |
Decreased (increase) in other disbursements | (39,827) | (28,342) | 11,485 | 28.8% | (48,593) | |
Changes in working capital | (71,607) | (187,378) | (115,771) | (161.7%) | (321,260) | |
Interest received | 9 | 84 | 75 | - | 143 | |
Interest paid | 8 | (19) | (27) | - | (33) | |
Income taxes received | - | 17 | 17 | - | 29 | |
Income taxes paid | (4,471) | 2,757 | 7,228 | 161.7% | 4,727 | |
Other gains (losses) from other operating activities | (390) | (392) | (2) | (0.5%) | (673) | |
Cash generated by the operating activities | 4,081 | (3,030) | (7,111) | (174.2%) | (5,194) | |
NET CASH FLOW FROM OPERATING ACTIVITIES | 369,616 | 372,784 | 3,168 | 0.9% | 639,139 | |
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UNDERIFRS
Cont. Table 11
NET CASH FLOW FROM OPERATING ACTIVITIES | 369,616 | 372,784 | 3,168 | 0.9% | 639,139 | |
CASH FLOWS PROVIDED BY INVESTING ACTIVITIES | - | |||||
Proceeds from the sale of plant and equipment | (203) | 4,601 | 4,804 | - | 7,888 | |
Proceeds from the sale of intangible assets | - | 756 | 756 | - | 1,296 | |
Proceeds from the sale of investment in associates | 7,381 | - | (7,381) | (100.0%) | - | |
Other cash flows from investment activities | - | 44,047 | 44,047 | - | 75,518 | |
Dividends received | - | 1 | 1 | - | 2 | |
Interest received | 200 | 1,603 | 1,403 | - | 2,748 | |
Acquisition of property, plant and equipment | 166,665 | 182,057 | 15,392 | 9.2% | 312,136 | |
Payments for the acquisition of property, plant and equipment | (28) | - | 28 | 100.0% | - | |
Acquisition of pintangible assets | 653 | 1,195 | 542 | 83.1% | 2,050 | |
Payments for the acquisition of associates | - | 24,975 | 24,975 | - | 42,820 | |
Payments for the acquisition of | 12,675 | - | (12,675) | (100.0%) | - | |
Provided loans to non related companies | - | 1,704 | 1,704 | - | 2,922 | |
Other cash flows from investing activities | 21,284 | 21,058 | (226) | (1.1%) | 36,103 | |
NET CASH FLOW FROM INVESTING ACTIVITIES | (193,870) | (179,982) | 13,890 | 7.2% | (308,579) | |
CASH FLOWS PROVIDED BY FINANCING ACTIVITIES | - | |||||
Proceeds from loans | 200,185 | 200,203 | 18 | 0.0% | 343,248 | |
Proceeds from the issue of other financial liabilities | - | 21,743 | 21,743 | - | 37,279 | |
Proceeds from other financial sources | 5 | 15,701 | 15,696 | - | 26,919 | |
Repayment/ drawing of borrowings | 255,287 | 184,870 | (70,417) | (27.6%) | 316,959 | |
Repayment of finance lease liabilities | 1,405 | 430 | (975) | (69.4%) | 738 | |
Interest paid classified as financial | 36,534 | 33,249 | (3,285) | (9.0%) | 57,005 | |
Dividends paid | 41,207 | 4,302 | (36,905) | (89.6%) | 7,375 | |
Other cash flows from financing activities | 953 | (107,729) | (108,682) | - | (184,701) | |
NET CASH FLOW FROM FINANCING ACTIVITIES | (133,290) | (92,932) | 40,357 | 30.3% | (159,332) | |
Net increase (decrease) in cash and cash equivalents | 42,456 | 99,871 | 57,415 | 135.2% | 171,228 | |
Effects of exchange rate fluctuations on cash held | (75,828) | (141,852) | (66,024) | (87.1%) | (243,205) | |
Effects of consolidation adjustments on cash held | - | 4,288 | 4,288 | - | 7,351 | |
Cash and cash equivalents at begining of period | 588,877 | 1,318,062 | 729,185 | 123.8% | 2,259,819 | |
Cash and cash equivalents at end of period | 555,505 | 1,280,368 | 724,863 | 130.5% | 2,195,193 | |
During the period the company generated a positive net cash flow totaling Ch$99,870 million, which can be broken down as follows:
Table 12
Effective Cash Flow | Million Ch$ | Thousand US$ | ||||
3M 08 | 3M 09 | Var 08-09 | Chg % | 3M09 | ||
Operating | 369,616 | 372,784 | 3,168 | 0.9% | 639,139 | |
Financing | (133,290) | (92,932) | 40,358 | 30.3% | (159,332) | |
Investment | (193,870) | (179,982) | 13,888 | 7.2% | (308,581) | |
Net cash flow of the period | 42,456 | 99,871 | 57,415 | 135.2% | 171,227 | |
As of March 31, 2009,operating activities generated a positive net cash flow of Ch$372,784 million, which represents a 0.9% increase over last year. This flow is primarily made up of the net income of the period equivalent to Ch$308,820 million.
Financing activities generated a negative net flow of Ch$92,932 million due to loan payments in the amount of Ch$184,870 million, interest payments of Ch$33,249 million and other disbursements in the amount of Ch$107,729 million. The latter is partly offset by loans secured for Ch$200,203 million, bond issuances for Ch$21,743 million, and Ch$15.701 million in other sources of financing.
Investment activitiesgenerated a negative net flow of Ch$179,982 million, which, when compared to the same period last year, represents a greater cash contribution equal to 7.2% or Ch$13,888 million. These disbursements correspond primarily to the incorporation of Ch$182,057 million in fixed assets, Ch$24,975 million in investments in associates and Ch$21,058 million in other disbursements, partly offset by Ch$44,047 million in other proceeds from investing activities.
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CASHFLOWRECEIVEDFROMFOREIGNSUBSIDIARIES BYENERSIS,CHILECTRA ANDENDESACHILE
Table 13
Interest Received | Dividends Received | Management Fee | ||||||||||||||||
Millions Ch$ | Thousand US$ | Millions Ch$ | Thousand US$ | Millions Ch$ | Thousand US$ | |||||||||||||
3M 08 | 3M 09 | 3M 09 | 3M 08 | 3M 09 | 3M 09 | 3M 08 | 3M 09 | 3M 09 | ||||||||||
Argentina | 378 | 305 | 523 | - | - | - | - | - | - | |||||||||
Peru | - | - | - | - | - | - | - | - | - | |||||||||
Brazil | - | 6,920 | 11,864 | 31,506 | - | - | - | - | - | |||||||||
Colombia | - | - | - | 12,556 | - | - | - | - | - | |||||||||
Total | 378 | 7,225 | 12,387 | 44,062 | - | - | - | - | - | |||||||||
Prepayment intercompany | Capital Reductions | Total Cash Received | ||||||||||||||||
Millions Ch$ | Thousand US$ | Millions Ch$ | Thousand US$ | Millions Ch$ | Thousand US$ | |||||||||||||
3M 08 | 3M 09 | 3M 09 | 3M 08 | 3M 09 | 3M 09 | 3M 08 | 3M 09 | 3M 09 | ||||||||||
Argentina | - | - | - | - | - | - | 378 | 305 | 523 | |||||||||
Peru | - | - | - | - | - | - | - | - | - | |||||||||
Brazil | - | - | - | - | - | - | 31,506 | 6,920 | 11,864 | |||||||||
Colombia | - | - | - | - | - | - | 12,556 | - | - | |||||||||
Total | - | - | - | - | - | - | 44,441 | 7,225 | 12,387 | |||||||||
Source: Internal Financial Report |
CAPEX ANDDEPRECIATION
Table 14
Payments for Additions of Fixed assets | Depreciation | ||||||||||
Million Ch$ | Thousand US$ | Million Ch$ | Thousand US$ | ||||||||
Million Ch$ | 3M 08 | 3M 09 | 3M 09 | 3M 08 | 3M 09 | 3M 09 | |||||
Endesa Chile | 68,710 | 98,846 | 169,471 | 43,977 | 46,762 | 80,173 | |||||
Cachoeira (*) | - | - | - | 1,512 | 1,626 | 2,788 | |||||
Endesa Fortaleza (**) | - | - | - | 1,870 | 1,796 | 3,079 | |||||
Cien (**) | - | - | - | 2,423 | 4,703 | 8,064 | |||||
Chilectra S.A. | 10,184 | 14,741 | 25,274 | 4,404 | 4,827 | 8,275 | |||||
Edesur S.A. | 10,025 | 10,130 | 17,368 | 4,362 | 4,596 | 7,880 | |||||
Edelnor S.A. | 7,072 | 8,622 | 14,782 | 4,253 | 5,009 | 8,589 | |||||
Ampla | 24,873 | 15,801 | 27,090 | 9,728 | 11,597 | 19,883 | |||||
Coelce | 27,074 | 24,819 | 42,552 | 9,719 | 8,665 | 14,856 | |||||
Codensa S.A. | 15,791 | 7,227 | 12,391 | 12,697 | 12,600 | 21,602 | |||||
Cam Ltda. | 636 | 835 | 1,431 | 427 | 518 | 888 | |||||
Inmobiliaria Manso de Velasco Ltda. | 732 | 395 | 678 | 60 | 59 | 101 | |||||
Synapsis Soluciones y Servicios Ltda. | 1,433 | 369 | 633 | 599 | 673 | 1,154 | |||||
Holding Enersis y sociedades de Inversión | 134 | 272 | 467 | 330 | 274 | 470 | |||||
Total | 166,665 | 182,057 | 312,136 | 96,361 | 103,705 | 177,802 | |||||
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THEPRINCIPALRISKS ASSOCIATED TO THE ACTIVITIES OF THEENERSISGROUP
The Group’s activities are subject to a broad set of governmental norms and any changes introduced to them may affect its activities, its economic situation and the result of its operations.
The Group’s operational affiliates are subject to comprehensive regulations regarding tariffs and other aspects of its activities in Chile and in each of the countries in which they operate. Introducing new laws or norms or amendments to laws or regulations currently in effect could possibly impact the activities, economic situation and results of the operations.
These new laws or norms sometimes modify aspects of regulations that might affect existing rights; which, in its case, may have a negative impact on the Group’s future accounts.
The Group’s activities are subject to comprehensive environmental regulations; consequently, any modification introduced to them may impact the Group’s activities, economic situation and the result of its operations.
Enersis and its operative affiliates are subject to environmental regulations; which, among other things, require submitting environmental impact statements for future projects, obtaining licenses, permits and other authorizations as well as full compliance with the requirements established in each of such licenses, permits and norms. Just like the case of any regulated company, Enersis cannot guarantee that:
- - Public authorities will approve such environmental impact studies;
- - Public opposition might not derive into delays or modifications of any project proposed;
- - The laws or norms will not be modified or interpreted in a manner such that compliance expenses might increase or that operations, plants or plans for the companies in which the Group has participated may not be affected.
The Group’s activities may be affected by hydrological conditions.
The Enersis Group operations include hydroelectric power generation and, therefore, it depends of the hydrological conditions that exist at each moment in which the broad geographic areas where the Group’s hydroelectric power facilities are located. If hydrological conditions generate droughts or other conditions that have a negative impact on hydroelectric power generating activities, the results might be adversely affected. In turn, the electric business is also affected by atmospheric conditions such as average temperatures that condition consumption. Depending on such climactic conditions, differences might be produced at the margin of the business.
The financial situation and the result of the operations may be adversely affected if the group’s hedging against its exposure to interest rates, commodity prices and foreign exchange rates is not properly managed.
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Interest Rate Risk
Interest rate variations modify the reasonable value of those assets and liabilities that accrue fixed rates of interest, such as the future flows of assets and liabilities pegged to a variable rate of interest.
The objective of managing interest rate risk is to reach a point of equilibrium in the debt structure that would permit minimizing the cost of the debt with a reduced level of volatility in the income and loss statement.
Complying with the current interest rate hedging policy, the percentage of fixed and/or protected debt above the total net debt, is 87% as of March 2009.
Depending on the Group’s estimates and the objectives of the debt structure, hedging operations are performed by means of derivatives that would mitigate these risks. The instruments that are currently used in order to comply with the policy correspond to collars that assure the Libor Rate with a given band/range, or, simply, rate swaps that fix from variable to fixed rates.
The debt structure of the Enersis Group’s financial debt according to fixed, protected and variable rates of interest, after the derivatives, is the following:
Net position:
31/12/2008 | 31/03/2009 | |||
Fixed interest rate | 66% | 65% | ||
Protected interest rate | 2% | 2% | ||
Variable interest rate | 32% | 33% | ||
Total | 100% | 100% |
Foreign Exchange Currency Risks
Foreign exchange currency risks correspond, primarily, to the following transactions:
- - Foreign currency denominated debt contracted by Group companies.
- - International market payments payable on project-related material procurement.
- - Group company income directly linked to the evolution of the value of the USD.
- - Flows from foreign affiliates to Chilean parent companies, exposed to foreign exchange currency variations.
In order to mitigate foreign exchange currency risks, the Enersis Group’s foreign exchange risk hedging policy is based on cash flows and considers maintaining equilibrium between USD indexed flows and the levels of assets and liabilities in such currency. The objective is to minimize cash flow exposure to foreign exchange variations.
The instruments that are currently used in order to comply with this policy correspond to currency swaps and foreign exchange rate forwards. Similarly, the policy also seeks to refinance debt in the operating currency of each company.
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Commodities Risks
The Enersis Group is exposed to the risk of variations of certain commodity prices; primarily through:
- - Fuel purchases in the electric power generation process.
- - Buy/Sell energy operations carried out in local markets.
The company does not trade commodity derivative instruments in order to handle fuel price fluctuations.
In order to reduce the risk in situations of extreme drought, the company has designed a commercial policy defining sale commitment levels consistent with the firm energy capacity of its generating power plants during a dry year, including risk mitigation clauses in some contracts executed with non regulated clients.
Liquidity Risk
The Group maintains a liquidity policy that is consistent with its committed long-term credit facilities and temporary financial investments, in amounts sufficient to support the needs projected for a period that is in function of the situation and expectations of the debt and capital markets.
The above-mentioned projections, include net foreign debt expirations; namely, after financial derivatives. For greater detail with respect to the characteristics, terms & conditions of financial derivatives please see Note 17.
As of March 31, 2009 the Enersis Group’s liquidity amounted to Ch$1,280,368 million in cash and cash equivalent, and of Ch$116,652 million in unconditionally available lines of credit. As of December 31, 2008 the Group’s liquidity stood at Ch$1,318,062 million in cash and cash equivalent, and of Ch$127,290 million in unconditionally available lines of credit.
Credit Risk
Given the current economic situation, the Group has been following very closely and in great detail its exposure to credit risks.
Receivables:
With respect to the risk associated to receivables generated from commercial activities, the risk is historically quite limited, since the short collection term given to clients prevents them from individually accumulating very significant amounts. The foregoing is applicable to both our electricity generation and distribution business.
In our line of electricity generation business, in some countries, when confronted with payment defaults it is possible to cut the supply of electricity and almost all contracts establish payment defaults as reason for contract termination. To that effect, we are continuously monitoring the credit risk and measuring the maximum amounts exposed to payment risks which, as stated above, are quite limited.
In the case of our electricity distribution companies, the cutting of electricity supply is in all cases a power vested in our companies when confronted by contractual breaches on the part of our clients, which is applied pursuant to each country’s regulations currently in effect, all of which facilitates our credit risk evaluation & control; which, to be sure, is also quite limited.
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Financial Assets:
Cash surplus investments are deposited in domestic and top-rated domestic & foreign financial institutions (with a risk classification of Investment Grade or equivalent) with limits established for each institution (no more than 30% per institution).
In our selection of banks for our investments, we only consider those that have received at least 2 Investment Grade classifications, as classified by the top 3 international risk classification agencies, Moodys, Standard & Poor’s and Fitch.
Our lending is hedged against Treasury Bonds of the countries in which we operate and debt notes issued by top-rated banks, prioritizing the former whenever possible.
Derivates are taken only with highly solvent entities, in a manner such that almost 90% of all such operations are conducted with entities whose credit rating is equal to or higher than “A”.
Measuring the Risk
The Enersis Group prepares a measurement of the Risk Value of its debt and financial derivative positions, with the objective of ensuring that the risk assumed by the company remains always consistent with the risk exposure defined by Management, thus limiting the volatility of the income and loss statement.
The position portfolio included for the purposes of the calculations of the present Value at Risk, is comprised of:
- - Debt
- - Financial derivatives
The Value at Risk thus calculated represents the possible loss of value of the above-described position portfolio within 1 day and a reliability of 95%. To that effect, we have studied the volatility of the risk variables that affect the value of the position portfolio, including:
• Libor Rate of interest of the US dollar (USD)
• For the case of debt, considering the different currencies in which our companies operate, the habitual local indices of banking practice
• The foreign exchange rate of the different currencies implied in the calculation.
The calculation of the Value at Risk is based in generating possible future scenarios (at 1 day) of the market values (both spot and term) of the risk variables by applying Montecarlo methodologies. The number of scenarios thus generated ensures compliance with the convergence criteria of the simulation. In order to simulate future price scenarios we applied the volatility & correlation matrixes between the different risk variables calculated on the basis of the historical value of the price logarithmic returns.
Once the price scenarios are generated, we calculate the reasonable value of the portfolio for each scenario, obtaining a distribution of possible values at 1 day. The Value at Risk at 1 day with a reliability of 95% is calculated as the percentile of the 5% of the possible reasonable value increments of the portfolio in 1 day.
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The valuation of the different debt positions and financial derivatives included in the calculation were performed in a manner consistent with the economic capital calculation method reported to Management.
Considering the previously depicted hypotheses, the Value at Risk of the above-analyzed positions, itemized according to type of position, is shown in the following table:
31/03/2009 | 31/12/2008 | |||
Million Ch$ | Million Ch$ | |||
Financial positions: | ||||
Interest rates | 29,069,588 | 24,800,929 | ||
Exchange rates | 9,406,669 | 1,771,495 | ||
Total | 33,728,021 | 23,915,182 |
Value at Risk positions have evolved during the 1st quarter of 2009, as a function of the expiration/initiation of operations throughout the period.
Other Risks
As is the normal practice in bank credits and capital market operations, a portion of Enersis’ and its Endesa Chile affiliate financial debt is subject to cross-default provisions. If certain defaults of relevant subsidiaries were not solved, they could result in cross defaults at the level of Enersis and Endesa Chile, in this case, eventually, come of these companies’ liabilities might be accelerated/called.
A payment default –after any applicable grace period- of debt of these companies of or any of its more relevant affiliates whose individual unpaid capital exceeds the equivalent of USD 50 million and whose default amount also exceeds that same amount, could trigger the acceleration of syndicated credits. Additionally, these loans include provisions according to which certain events -other than payment defaults- in these companies or in any of its most relevant affiliates, such as bankruptcy, insolvency, adverse final judicial sentences for amounts over USD 50 million, or asset expropriations could call for the acceleration of these credits.
On the other hand, a payment default -after any applicable grace period- of any debt of these companies with a principal amount in excess of USD 30 million, could trigger the accelerated payment of the Yankee Bonds.
These credit agreements contain no provisions by means of which changes in the corporate classification or these companies’ debt by risk classification agencies they would be forced to make debt prepayments. However, a variation in the risk classification of the foreign currency debt, according to the Standard & Poor’s (S&P) risk classification agency, may produce a change in the margin applicable in order to determine the rate of interest in the syndicated credits that were executed in 2004 and 2006.
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BOOKVALUE ANDECONOMICVALUE OFASSETS
With respect to the more important assets, the following should be mentioned:
Real Estate Properties, as well as Plant and Equipment are valued at their purchasing cost, net of their corresponding accumulated depreciation and losses on account of any deterioration experienced. Real Estate Properties, as well as Plant and Equipment, net as the case might be of their respective residual values, are depreciated by lineally distributing the cost of the different comprising elements among their estimated useful life years, which constitutes the period in which the companies expect to use them. The estimated useful life of these assets is reviewed periodically.
The goodwill (lesser value of investments or commercial funds) generated in the consolidation represents the excess of the acquisition cost over the Group’s stake in the reasonable value of assets & liabilities, including any identifiable contingent liabilities of an affiliate company on the date of acquisition. The acquired goodwill is not amortized; instead, at the closing of each fiscal year it is estimated whether or not a deterioration has occurred in it that might drop its recoverable value to an amount below its net cost of record; in which case, it is restated because of deterioration, as appropriate (please see Note 3.d).
Throughout the fiscal year –and fundamentally upon its closing date- we assess whether or not there is any indication that any asset could have suffered a loss because of deterioration. Should there be such an indication, we would then estimate the recoverable amount of such asset in order to determine, as the case might be, the amount of its deterioration. In the case of identifiable assets that do not generate independent cash flows, we estimate the recoverability of the Cash Generating Unit to which the asset belongs, understanding by such the smaller identifiable group of assets that generate independent cash revenue. As a result of such evaluation, we determined that there is no such deterioration associated to acquired businesses, except for the case of out our co-controlled company, Gas Atacama Holding Ltda., whose deterioration test determined in the year 2007 that the recoverable value of its assets was lower that its book value; thus making a provision to that effect on that date.
Foreign-currency-denominated assets are submitted at the rate of exchange in effect at year’s closing.
Accounts and documents receivable from related companies are classified according to their short and long term expiration. Operations are performed according to conditions of fairness similar to those that prevail in the market.
In sum assets are submitted valued pursuant to the International Financial Information Norms, whose criteria are described in Note N°3 of the Financial Statements.
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ARGENTINA
GENERATION
ENDESACOSTANERA
Operating Income decrease mainly due to higher cost of fuels partially compensated by higher energy sale prices.
Table 15
Costanera | Million Ch$ | Thousand US$ | |||||||
3M 08 | 3M 09 | Var 08-09 | Chg % | 3M 09 | |||||
Operating Revenues | 48,981 | 52,567 | 3,586 | 7.3% | 90,127 | ||||
Operating Expenses | (38,849) | (46,764) | (7,915) | (20.4%) | (80,176) | ||||
Operating Income | 10,132 | 5,804 | (4,328) | (42.7%) | 9,950 | ||||
Figures may differ from those accounted under Argentine GAAP. |
Additional Information
Table 16
Endesa Costanera | 3M 08 | 3M 09 | Var 08-09 | Chg % | ||||
GWh Produced | 2,575 | 2,543 | (32) | (1.2%) | ||||
GWh Sold | 2,575 | 2,547 | (29) | (1.1%) | ||||
Market Share | 9.7% | 9.7% | - | (0.3%) | ||||
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CHOCÓN
Chocón recorded an increase in its Operating Income, as a result of better hydrological conditions in its reservoir which allowed it to increase its energy sales in 11%.
Table 17
Chocón | Million Ch$ | Thousand US$ | |||||||
3M 08 | 3M 09 | Var 08-09 | Chg % | 3M 09 | |||||
Operating Revenues | 10,221 | 14,442 | 4,220 | 41.3% | 24,760 | ||||
Operating Expenses | (5,544) | (6,954) | (1,410) | (25.4%) | (11,923) | ||||
Operating Income | 4,677 | 7,488 | 2,811 | 60.1% | 12,838 | ||||
Figures may differ from those accounted under Argentine GAAP. |
Additional Information
Table 18
El Chocón | 3M 08 | 3M 09 | Var 08-09 | Chg % | ||||
GWh Produced | 466 | 563 | 97 | 20.9% | ||||
GWh Sold | 600 | 668 | 68 | 11.3% | ||||
Market Share | 2.3% | 2.5% | - | 12.2% | ||||
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DISTRIBUTION
EDESUR
Our subsidiary Edesur decreases its Operating Income primarily due to the higher operating and maintenance costs and also higher personnel expenses.
Table 19
Edesur | Million Ch$ | Thousand US$ | |||||||
3M08 | 3M09 | Var 08-09 | Chg % | 3M09 | |||||
Operating Revenues | 71,457 | 94,033 | 22,576 | 31.6% | 161,220 | ||||
Operating Expenses | (59,722) | (83,997) | (24,275) | (40.6%) | (144,013) | ||||
Operating Income | 11,734 | 10,036 | (1,698) | (14.5%) | 17,207 | ||||
Figures may differ from those accounted under Argentine GAAP. |
Additional Information
Table 20
Edesur | 3M 08 | 3M 09 | Var 08-09 | Chg % | ||||
Customers (Th) | 2,237 | 2,272 | 35 | 1.5% | ||||
GWh Sold | 4,083 | 4,106 | 24 | 0.6% | ||||
Clients/Employee | 870 | 867 | (3) | (0.4%) | ||||
Energy Losses % | 10.8 | 10.5 | (0.3) | (2.8%) | ||||
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BRAZIL
GENERATION
CACHOEIRA
Operating Income from our subsidiary Cachoeira decreased as a consequence of lower physical sales and average prices.
Table 21
Cachoeira | Million Ch$ | Thousand US$ | ||||||||
3M 08 | 3M 09 | Var 08-09 | Chg % | 3M 09 | ||||||
Operating Revenues | 54,933 | 18,573 | (36,360) | (66.2%) | 31,843 | |||||
Operating Expenses | (9,323) | (8,279) | 1,045 | 11.2% | (14,194) | |||||
Operating Income | 45,609 | 10,294 | (35,315) | (77.4%) | 17,650 | |||||
Figures may differ from those accounted under Brazilian GAAP. |
Additional Information
Table 22
Cachoeira | 3M 08 | 3M 09 | Var 08-09 | Chg % | ||||
GWh Produced | 705 | 581 | (124) | (17.6%) | ||||
GWh Sold | 1,063 | 709 | (354) | (33.3%) | ||||
Market Share | 0.9% | 0.7% | - | (22.4%) | ||||
ENDESAFORTALEZA(CGTF)
Operating Income increase primarily due to higher energy sales and lower cost of energy purchase.
Table 23
Endesa Fortaleza | Million Ch$ | Thousand US$ | ||||||||
3M 08 | 3M 09 | Var 08-09 | Chg % | 3M 09 | ||||||
Operating Revenues | 42,330 | 29,874 | (12,456) | (29.4%) | 51,219 | |||||
Operating Expenses | (41,983) | (22,048) | 19,935 | 47.5% | (37,802) | |||||
Operating Income | 347 | 7,826 | 7,479 | - | 13,418 | |||||
Figures may differ from those accounted under Brazilian GAAP. |
Additional Information
Table 24
Endesa Fortaleza | 3M 08 | 3M 09 | Var 08-09 | Chg % | ||||
GWh Produced | 81 | 25 | (55) | (68.5%) | ||||
GWh Sold | 669 | 777 | 108 | 16.2% | ||||
Market Share | 0.7% | 0.8% | - | - | ||||
Pg. 34
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TRANSMISSION
CIEN
Operating Income improves as a consequence of a contract signed to export energy from Brazil to Uruguay through Argentina.
Table 25
Cien | Million Ch$ | Thousand US$ | ||||||||
3M 08 | 3M 09 | Var 08-09 | Chg % | 3M 09 | ||||||
Operating Revenues | 1,394 | 20,742 | 19,348 | - | 35,563 | |||||
Operating Expenses | (5,289) | (8,024) | (2,735) | (51.7%) | (13,758) | |||||
Operating Income | (3,895) | 12,718 | 16,613 | - | 21,805 | |||||
Figures may differ from those accounted under Brazilian GAAP. |
Additional Information
Pg. 35
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DISTRIBUTION
AMPLA
Operating Income increases primarily due to better purchase/sale margin, higher energy sales, and a reduction in energy losses.
On March 2009, Resolution 782 was published. As a consequence, Ampla’s tariffs increase 1% in average.
Table 26
Ampla | Million Ch$ | Thousand US$ | ||||||||
3M08 | 3M09 | Var 08-09 | Chg % | 3M09 | ||||||
Operating Revenues | 189,695 | 216,316 | 26,621 | 14.0% | 370,874 | |||||
Operating Expenses | (168,773) | (188,009) | (19,236) | (11.4%) | (322,342) | |||||
Operating Income | 20,922 | 28,307 | 7,385 | 35.3% | 48,532 | |||||
Figures may differ from those accounted under Brazilian GAAP. |
Additional Information
Table 27
Ampla | 3M 08 | 3M 09 | Var 08-09 | Chg % | ||||
Customers (Th) | 2,405 | 2,477 | 71 | 3.0% | ||||
GWh Sold | 2,394 | 2,440 | 46 | 1.9% | ||||
Clients/Employee | 1,756 | 1,904 | 148 | 8.4% | ||||
Energy Losses % | 20.9 | 20.5 | (0.4) | (1.9%) | ||||
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COELCE
Operating Income increases primarily due to higher physical sales, drop in energy losses and higher average sales prices.
Table 28
Coelce | Million Ch$ | Thousand US$ | ||||||||
3M08 | 3M09 | Var 08-09 | Chg % | 3M09 | ||||||
Operating Revenues | 135,370 | 141,507 | 6,137 | 4.5% | 242,614 | |||||
Operating Expenses | (111,073) | (113,166) | (2,093) | (1.9%) | (194,024) | |||||
Operating Income | 24,297 | 28,341 | 4,044 | 16.6% | 48,590 | |||||
Figures may differ from those accounted under Brazilian GAAP. |
Additional Information
Table 29
Coelce | 3M 08 | 3M 09 | Var 08-09 | Chg % | ||||
Customers (Th) | 2,725 | 2,878 | 153 | 5.6% | ||||
GWh Sold | 1,803 | 1,877 | 74 | 4.1% | ||||
Clients/Employee | 2,159 | 2,280 | 121 | 5.6% | ||||
Energy Losses % | 12.2 | 11.6 | (0.6) | (4.9%) | ||||
Pg. 37
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CHILE
GENERATION
ENDESACHILE
Consolidated Income Statement of Endesa Chile
Table 30
Endesa Chile | Million Ch$ | Thousand US$ | |||||||
3M 08 | 3M 09 | Var 08-09 | Chg % | 3M 09 | |||||
Operating Revenues | 531,507 | 660,811 | 129,304 | 24.3% | 1,132,961 | ||||
Operating Costs | (286,652) | (277,990) | 8,663 | 3.0% | (476,614) | ||||
Other Costs | (34,855) | (45,091) | (10,236) | (29.4%) | (77,308) | ||||
Gross Operating Income (EBITDA) | 210,000 | 337,730 | 127,731 | 60.8% | 660,987 | ||||
Depreciations and Amortizations | (45,594) | (47,797) | (2,203) | (4.8%) | (81,948) | ||||
Operating Income | 164,406 | 289,934 | 125,527 | 76.4% | 579,039 | ||||
Financial Result | (62,503) | (56,487) | 6,016 | 9.6% | (96,847) | ||||
Interest Income | 3,459 | 10,900 | 7,441 | 215.1% | 18,689 | ||||
Interest Expenses | (38,975) | (49,803) | (10,829) | (27.8%) | (85,388) | ||||
Income for Readjustment Items | (1,681) | 9,352 | 11,034 | 656.2% | 16,035 | ||||
Exchange gains (losses) | (25,306) | (26,936) | (1,630) | (6.4%) | (46,182) | ||||
Positive | 328 | 6,345 | 6,017 | 1836.1% | 10,878 | ||||
Negative | (25,633) | (33,281) | (7,647) | (29.8%) | (57,060) | ||||
Share of profit of associates | 19,225 | 16,811 | (2,413) | (12.6%) | 28,823 | ||||
Income from Other Investments | (1,519) | (479) | 1,040 | 68.5% | (821) | ||||
Income from asset sales | 34 | (22) | (55) | (163.3%) | (37) | ||||
Net Income before Taxes | 119,643 | 249,758 | 130,114 | 108.8% | 428,210 | ||||
Income Tax | (25,285) | (43,476) | (18,191) | (71.9%) | (74,539) | ||||
Net Income before gains (losses) from discounted operations, net from taxes | 94,359 | 206,282 | 111,924 | 118.6% | 353,671 | ||||
Gain (losses) from Discontinued Operations, net from taxes | - | - | - | - | - | ||||
NET INCOME | 94,359 | 206,282 | 111,924 | 118.6% | 353,671 | ||||
Parent Company | 68,413 | 165,785 | 97,372 | 142.3% | 284,238 | ||||
Minority Holders | 25,946 | 40,498 | 14,552 | 56.1% | 69,433 | ||||
*Includes generation subsidiaries in Chile, Argentina, Colombia and Peru. |
Chilean Operations
Operating Income increases mainly explained by better hydrological conditions that boosted sales in the spot market. This effect was reinforced by lower fuel prices and lower thermo generation.
Table 31
Chilean Operations | Million Ch$ | Thousand US$ | ||||||||
3M 08 | 3M 09 | Var 08-09 | Chg % | 3M 09 | ||||||
Operating Revenues | 338,885 | 409,312 | 70,427 | 20.8% | 701,766 | |||||
Operating Expenses | (244,140) | (227,135) | 17,005 | 7.0% | (389,423) | |||||
Operating Income | 94,745 | 182,177 | 87,432 | 92.3% | 312,343 | |||||
Additional Information
Table 32
Chilean Companies | 3M 08 | 3M 09 | Var 08-09 | Chg % | ||||
GWh Produced | 5,143 | 5,436 | 293 | 5.7% | ||||
GWh Sold | 5,162 | 5,528 | 366 | 7.1% | ||||
Market Share | 39.1% | 41.5% | - | 6.1% | ||||
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DISTRIBUTION
CHILECTRA
Operating Income decreases mainly due lower physical sales.
On April 4th 2009, the Decree No 385 which fixed distribution tariffs was published. This decree is effective since November 4th 2008 until November 3th 2012. The negative effect over Chilectra’s future Income is estimated in about Ch$17,144 million annually.
Table 33
Chilectra | Million Ch$ | Thousand US$ | |||||||
3M08 | 3M09 | Var 08-09 | Chg % | 3M09 | |||||
Operating Revenues | 257,367 | 282,155 | 24,788 | 9.6% | 483,754 | ||||
Operating Costs | (201,831) | (224,187) | (22,356) | (11.1%) | (384,369) | ||||
Other Costs | (17,442) | (20,175) | (2,733) | (15.7%) | (34,590) | ||||
Gross Operating Income (EBITDA) | 38,094 | 37,792 | (302) | (0.8%) | 64,795 | ||||
Depreciation and Amortization | (4,808) | (5,431) | (623) | (13.0%) | (9,312) | ||||
Operating Income | 33,286 | 32,361 | (925) | (2.8%) | 55,483 | ||||
Financial Result | (4,008) | (3,271) | 738 | 18.4% | (5,608) | ||||
Interest Income | 2,990 | 2,453 | (537) | (18.0%) | 4,206 | ||||
Interest Expense | (4,936) | (4,752) | 184 | 3.7% | (8,148) | ||||
Income for Readjustment items | (2,279) | (586) | 1,694 | 74.3% | (1,004) | ||||
Exchange gains (losses) | 217 | (386) | (603) | (277.3%) | (661) | ||||
Positive | 1,334 | 204 | (1,131) | (84.7%) | 349 | ||||
Negative | (1,117) | (589) | 528 | 47.2% | (1,010) | ||||
Share of profit of associates | 12,837 | 14,077 | 1,241 | 9.7% | 24,136 | ||||
Income from Other Investments | - | - | - | - | - | ||||
Income from assets sales | - | 1 | 1 | - | 1 | ||||
Net Income before Taxes | 42,114 | 43,168 | 1,054 | 2.5% | 74,012 | ||||
Income Tax | 995 | (2,378) | (3,373) | (339.0%) | (4,077) | ||||
Net Income before gains (losses) from discounted | 43,109 | 40,790 | (2,319) | (5.4%) | 69,935 | ||||
Gain (losses) from Discontinued Operations, net from taxes | - | - | - | - | - | ||||
NET INCOME | 43,109 | 40,790 | (2,319) | (5.4%) | 69,935 | ||||
Parent Company | 41,795 | 40,791 | (1,004) | (2.4%) | 69,936 | ||||
Minority Holders | 1,314 | (1) | (1,315) | (100.1%) | (1) | ||||
Pg. 39
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Additional Information
Table 34
Chilectra | 3M 08 | 3M 09 | Var 08-09 | Chg % | ||||
Customers (Th) | 1,492 | 1,542 | 50 | 3.4% | ||||
GWh Sold | 3,171 | 3,078 | (93) | (2.9%) | ||||
Clients/Employee | 2,047 | 2,142 | 95 | 4.6% | ||||
Energy Losses % | 6.0% | 6.0% | 0.0 | 0.8% | ||||
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COLOMBIA
GENERATION
EMGESA
Operating Income increases primarily due to greater average sales prices and higher physical sales as a consequence of better hydrological conditions. This was partially offset by higher energy and power purchases.
Table 35
Emgesa | Million Ch$ | Thousand US$ | ||||||||
3M 08 | 3M 09 | Var 08-09 | Chg % | 3M 09 | ||||||
Operating Revenues | 85,103 | 118,315 | 33,212 | 39.0% | 203,325 | |||||
Operating Expenses | (44,563) | (53,559) | (8,996) | (20.2%) | (91,826) | |||||
Operating Income | 40,540 | 65,032 | 24,492 | 60.4% | 111,498 | |||||
* Please notice that these figures could differ from those accounted under Colombian GAAP. |
Additional Information
Table 36
Emgesa | 3M 08 | 3M 09 | Var 08-09 | Chg % | ||||
GWh Produced | 2,882 | 3,143 | 261 | 9.1% | ||||
GWh Sold | 3,760 | 3,955 | 195 | 5.2% | ||||
Market Share | 21.2% | 20.5% | - | (3.6%) | ||||
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DISTRIBUTION
CODENSA
Operating Income increases primarily due to higher energy sales, a better purchase/sales margin, and higher physical sales.
According the CREG resolution 168, Codensa is charging a gradual increase in customer tariffs of 2%, starting February, until July 2009.
Table 37
Codensa | Million Ch$ | Thousand US$ | ||||||||
3M08 | 3M09 | Var 08-09 | Chg % | 3M09 | ||||||
Operating Revenues | 139,286 | 168,388 | 29,102 | 20.9% | 288,702 | |||||
Operating Expenses | (105,779) | (127,064) | (21,285) | (20.1%) | (217,851) | |||||
Operating Income | 33,507 | 41,325 | 7,817 | 23.3% | 70,851 | |||||
* Please notice that these figures could differ from those accounted under Colombian GAAP. |
Additional Information
Table 38
Codensa | 3M 08 | 3M 09 | Var 08-09 | Chg % | ||||
Customers (Th) | 2,230 | 2,311 | 81 | 3.6% | ||||
GWh Sold | 2,884 | 2,897 | 13 | 0.4% | ||||
Clients/Employee | 2,370 | 2,430 | 60 | 2.5% | ||||
Energy Losses % | 8.3 | 8.1 | (0.2) | (2.4%) | ||||
Pg. 42
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PERU
GENERATIONEDEGEL
Operating Income increases primarily due greater physical sales, and also higher average sales prices.
Table 39
Edegel | Million Ch$ | Thousand US$ | ||||||||
3M 08 | 3M 09 | Var 08-09 | Chg % | 3M 09 | ||||||
Operating Revenues | 40,045 | 56,063 | 16,018 | 40.0% | 96,119 | |||||
Operating Expenses | (27,892) | (28,311) | (419) | (1.5%) | (48,539) | |||||
Operating Income | 12,152 | 27,752 | 15,599 | 128.4% | 47,581 | |||||
* Please notice that these figures could differ from those accounted under Peruvian GAAP. |
Additional Information
Table 40
Edegel | 3M 08 | 3M 09 | Var 08-09 | Chg % | ||||
GWh Produced | 2,074 | 2,299 | 225 | 10.9% | ||||
GWh Sold | 2,063 | 2,254 | 190 | 9.2% | ||||
Market Share | 31.7% | 33.9% | - | 7.0% | ||||
Pg. 43
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DISTRIBUTION
EDELNOR
Our subsidiary Edelnor recorded an increase in Operating Income primarily due to greater demand for energy and better purchase/sale margins.
Table 41
Edelnor | Million Ch$ | Thousand US$ | ||||||||
3M08 | 3M09 | Var 08-09 | Chg % | 3M09 | ||||||
Operating Revenues | 55,168 | 76,238 | 21,070 | 38.2% | 130,710 | |||||
Operating Expenses | (42,621) | (60,067) | (17,446) | (40.9%) | (102,984) | |||||
Operating Income | 12,547 | 16,171 | 3,624 | 28.9% | 27,726 | |||||
* Please notice that these figures could differ from those accounted under Peruvian GAAP. |
Additional Information
Table 42
Edelnor | 3M 08 | 3M 09 | Var 08-09 | Chg % | ||||
Customers (Th) | 995 | 1,036 | 42 | 4.1% | ||||
GWh Sold | 1,396 | 1,427 | 31 | 2.2% | ||||
Clients/Employee | 1,780 | 1,824 | 44 | 2.5% | ||||
Energy Losses % | 8.1 | 8.2 | 0.1 | 1.2% | ||||
Pg. 44
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OWNERSHIP OF THE COMPANY AS OF MARCH 31,2009
CONFERENCECALLINVITATION
Enersis is pleased to invite you to participate in a Conference Call with the management to review the results for the period, on Thursday, April 30th, 2009, 12:00 noon Eastern Time (12:00 noon 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 4853 or +1 (888) 680 0865 (toll free USA), approximately 10 minutes prior to the scheduled start time, Passcode ID: 95185438
To access the phone replay, please dial +1 (617) 801 6888 or +1 (888) 286 8010 (toll free USA) Passcode ID: 69589457.
For this Conference Call you can access before to the pre-registration site athttps://www.theconferencingservice.com/prereg/key.process?key=P76CEYBB7 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=2185002.
Pg. 45
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CONTACTINFORMATION
For further information, please contact us:
Susana Rey | ||||||
Head of Investor Relations | ||||||
srm@e.enersis.cl | ||||||
56 (2) 353 4554 | ||||||
Carmen Poblete | Denisse Labarca | Bárbara López | Cristián Del Sante | |||
Shares Department | Investor Relations | Investor Relations | Investor Relations | |||
Representative | Representative | Representative | Representative | |||
cpt@e.enersis.cl | dla@e.enersis.cl | bllf@e.enersis.cl | cdb@e.enersis.cl | |||
56 (2) 353 4447 | 56 (2) 353 4492 | 56 (2) 353 4552 | 56 (2) 353 4555 | |||
María Luz Muñoz | ||||||
Investor Relations | ||||||
Assistant | ||||||
mlmr@e.enersis.cl | ||||||
56 (2) 353 4682 |
DISCLAIMER
This Press Release contains statements that could constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements appear in a number of places in this announcement and include statements regarding the intent, belief or current expectations of Enersis and its management with respect to, among other things: (1) Enersis’ business plans; (2) Enersis’ cost-reduction plans; (3) trends affecting Enersis’ financial condition or results of operations, including market trends in the electricity sector in Chile or elsewhere; (4) supervision and regulation of the electricity sector in Chile or elsewhere; and (5) the future effect of any changes in the laws and regulations applicable to Enersis’ or its subsidiaries. Such forward-looking statements are not guarantees of future performance and involve risks and uncertainties. Actual results may differ materially from those in the forward-looking statements as a result of various factors. These factors include a decline in the equity capital markets of the United States or Chile, an increase in the market rates of interest in the United States or elsewhere, adverse decisions by government regulators in Chile or elsewhere and other factors described in Enersis’ Annual Report on Form 20-F. Readers are cautioned not to place undue reliance on those forward-looking statements, which state only as of their dates. Enersis undertakes no obligation to release publicly the result of any revisions to these forward-looking statements.
Pg. 46
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: April 30, 2009