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THE DYNAMISM OF THE ANDEAN ECONOMIES Enersis: Value Growth

11 | 15 | 12. fa. THE DYNAMISM OF THE ANDEAN ECONOMIES Enersis: Value Growth. 1. … where GDP growth will continue to drive electricity demand in Latin America’s towards OECD Countries. Finland. Sweden. United States. Spain. Russia. Germany. France. Denmark. Slovakia. Italy.

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THE DYNAMISM OF THE ANDEAN ECONOMIES Enersis: Value Growth

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  1. 11 | 15 | 12 fa THE DYNAMISM OF THE ANDEAN ECONOMIES Enersis: ValueGrowth 1

  2. … where GDP growth will continue to drive electricitydemand in Latin America’s towards OECD Countries Finland Sweden United States Spain Russia Germany France Denmark Slovakia Italy United Kingdom Greece Portugal Latam Chile Argentina Brazil Mexico Peru Colombia 2 Source: IMF and World Energy Outlook

  3. As a result of the European crisis, the demand growth gap between Latin America and Europe increases Demandincrease -yearlymovingaverage- Spain mainland1 vs Latam2 and Italy3 (%) 0 Spain Latam Italy • Labour and temperatureeffectcorrected • No labour and temperatureeffectcorrections. Demandgrowth in the 5 countrieswere Endesa operates, 2011 EBITDA weighted • Figures: Enel. 3

  4. With a significantly larger share of installed capacity and clients than any of its peers Distribution Generation Installed capacity (GW) Electricity clients (millions) (1) • Market leaders and efficient generation mix • Every year we gain about 400 thousand new clients within our concession areas 4 Note: Installed capacity and electricity clients correspond to consolidated figures from 9M2012 Company reports (1) Figures does not include Bocamina II 350MW Coal plant, on stream after 3Q closing

  5. … coupled with a sound commercial policy that allows reducing profit volatility and a stable regulatory framework Commercial policy A diversified portfolio allowsreducingrisk • Our risk policy considers • Hydrological conditions • Growth in demand • Price of fuel • Foreign exchange • Inflation • Diversification of the portfolio has allowed reducing the margin in risk by 61% US$ Argentina Brazil Chile Margin in risk by country Margin in risk for the combined portfolio 61% LatAm Colombia The regulatory framework for distribution assets is stable and encourages investment… Peru Characteristics • Concession for 30 • years Long-term concessions • Authorization • Lack of exclusivity • Indefinite • concession • Indefinite • concession Stable regulatory frameworks 1st set: 1984 # of revisions: 7 1st set: 1997 # of revisions: 3 1st set: 1997 # of revisions: 4 1st set: 2003 # of revisions: 2 • The objective is to secure (with a 95% probability) that the margin for the period is at least 90% of the expected margin during normal conditions Next tariff revision 2012 2014 2013 Ampla 2014 Attractive profitability metrics (pre-tax, real terms) 10.0% Defined by law 13.9% Calculated during each revision 12.0% Defined by law 11.4% Calculated during each revision • New replacement • value based on • optimized network • New replacement • value based on real • network • New replacement • value based on • optimized network • New replacement • value based on real • network Tariffs are set using technical and objective criteria 5

  6. Enersis owns a highly diversified portfolio of assets, by country and type of activity Installed Capacity 14,825 MW Generation sales LTM 67,022 GWh Distribution sales LTM 71,925 GWh Number of Clients 13.9 million EBITDA LTM 4,238 (US$ million) 6 Note: Data LTM as of 9M2012

  7. Despite a complex global macro environment, Latin America offers strong fundamentals and high growth prospects… Real expected GDP growth1 (%) S&P Rating 99% of TTM EBITDA comes from investment grade countries Chile Brazil Argentina Peru Colombia A+ BBB BBB- BBB B- CDS 2,242.8 82.2 105.7 103.1 103.8 Growth in demand for electricity11’-16E’ 7.4% 5.8% 4.5% 4.1% 3.5% Note: 1 Consensus Forecasts as of September 2012 ; 2 As of November 8, 2012 7

  8. 1 4 Enersis has a well diversified pipeline of projects amounting 11,400 MW, and a steady growth of client base 3 2 Portfolio of projects at 1H12 About 400.000 new clients each year just because natural growth 8

  9. “Este documento es propiedad de ENDESA , en consecuencia no podrá ser divulgado ni hecho público sin el consentimiento previo y por escrito de ENDESA. Su contenido es meramente informativo por lo que no tiene naturaleza contractual ni puede hacerse uso del mismo como parte de o para interpretar contrato alguno. ENDESA no asume ninguna responsabilidad por la información contenida en este documento, ni constituye garantía alguna implícita o explícita sobre la imparcialidad, precisión , plenitud o corrección de la información o de las opiniones y afirmaciones que se recogen. Tampoco asume responsabilidad alguna por los daños y/o pérdidas que pudieran causarse sobre el uso de esta información. ENDESA no garantiza que las perspectivas contenidas en este documento se cumplirán en sus términos. Tampoco ENDESA ni ninguna de sus filiales tienen la intención de actualizar tales estimaciones, previsiones y objetivos que pudieran derivarse de este  documento excepto que otra cosa sea requerida por ley”.

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