Annual Report 2014
2
2014 ANNUAL REPORT ENERSIS
Index
Letter from the Chairman | 4
Highlights 2014 | 10
Main Financial and Operating Indicators | 14
Company Identification and Governing Documents | 18
Ownership and Control | 22
Administration | 26
Human Resources | 44
Stock Exchange Transactions | 56
Dividends | 62
Investment and Financing Policies | 66
Company’s Business | 70
Investments and Financial Activities | 80
Risk Factors | 90
Electricity Industry Regulatory Framework | 106
Description of Electricity Business by Country | 126
Participation in subsidiaries & associates and schematic table | 174
Significant Event of the Entity | 180
Identification of the Subsidiaries and Associates Companies | 198
Declaration of Responsibility | 218
Consolidated Financial Statements | 220
Management’s Analysis of Consolidated Financial Statements | 418
Summarized Financial Statements of the Subsidiaries | 440
3
Letter from the Chairman
Dear Shareholders,
2014 Results
It is my honour to address you as the new Chairman of the
Board of Enersis, to outline in these pages the milestones and
trends that marked year 2014 for the company and its various
subsidiaries in Chile and Latin America, details of which may
be consulted in the various chapters of this Annual Report
and Financial Statements.
Last year was marked by the slowdown in the pace of
growth in Latin America. This situation was expressed in
Chile and in most economies in the region, many of them
heavily dependent on commodities exports, which have
begun to experiment what experts called “the commodity
super cycle” because of the high prices attained by such
goods in international markets.
It is an honour, because it has been my task to assume the
presidency of this extraordinary group of companies at a time
full of challenges that will shape the framework of what will
be our performance in the coming years. Each and every one
in Enersis is working with focus, seriousness and also with
passion to meet these challenges successfully.
Despite the slowdown and persistent drought in some of
the countries in which we operate, energy production by
the Enersis Group increased 0.4%, reaching 60,299 GWh,
while physical sales of distribution companies increased
2.9%, to 77,631 GWh.
In this vibrant Latin America that shows the current dynamics
of growth and regulatory changes that define a set of
different opportunities for each country, Enersis holds an
undisputed leadership position to take advantage of these
new and evolutionary dynamics, facing an accelerated growth
of our business and of profitability to our shareholders.
Meanwhile, during 2014, Enersis’ installed capacity
increased 6.4% compared to 2013, totalling 16,868 MW
in Latin America, while the number of customers rose
2.7% from the previous year, thus exceeding 14.7 million
throughout the Region.
This privileged position has been the result of effort,
perseverance and commitment of more than 12,000 people
who work daily to strengthen the company and to make it
grow in all the markets in which we operate. I want to take
advantage of these pages to express our sincere appreciation
to all of them.
The confidence of Enersis in the future derives also from
being part of Enel Group, one of the largest energy entities
in the world. Enersis has the support, expertise, technologies
and the vision of a holding company that operates in four
continents with an installed capacity exceeding 95,000 MW
and distributing electricity and gas to 61 million customers.
Enersis Company is firmly anchored to the growth and
development of Chile, Colombia, Peru, Brazil and Argentina
and fully knows the economic and human potential of each
one of these nations, and has an inalienable vocation to be a
leading player in those economies where we can grow.
We are clearly committed to improving people’s quality of
life and to be a strong support for the sustainability of the
countries in which we operate through more efficient and
modern processes and by using the technologies that are
most friendly to the environment.
Thus the effectiveness of the management, of the company
and its subsidiaries, allowed Enersis revenues to total
$7,253,876 million, representing an increase of 15.8% over
fiscal 2013.
Similarly, Enersis’ EBITDA came to $2,300,020 million, which
corresponds to approximately US$4,032 million, at the
average exchange rate we had during 2014. This represents
2.2% growth as compared to 2013. Note that for the sixth
consecutive year this figure is higher than US$4,000 million,
which is a sustained sign of the strong position of the
company.
By business line, in the generation segment EBITDA grew
by 10.6%, closing the year at $ 1,303,000 million, mainly
due to the good results obtained in Colombia and Peru.
This offset the 6.1% decline experienced by the distribution
segment, whose EBITDA totalled $ 1,027,540 million, mainly
due to lower recognition of costs not transferred to the
rate in Argentina for more than $100,000 million over the
previous year.
Net profit attributable to Enersis’ shareholders fell by 7.3%,
totalling $610,158 million due to the impact on Endesa
Chile of recording impairment losses of its participation in
the HidroAysen and Punta Alcalde projects, which had after
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2014 ANNUAL REPORT ENERSIS
LETTER FROM THE CHAIRMANG
tax effects on Enersis of $41,425 million and $5,509 million
respectively.
The acquisitions of minority interests in Coelce and Edegel
were financed with funds raised in the capital increase of
Enersis that took place in March 2013.
The provision for HidroAysen is due to the fact that the
recovery of the investment depends on court decisions
and definitions that are specific to the Energy Agenda,
released last year by the government, which Endesa Chile
is currently unable to predict, so the investment is not in
the portfolio of immediate projects of the Group. However,
Enersis, through its subsidiary Endesa Chile, has the will
to defend water rights and environmental qualifications
awarded in appropriate instances, for which it will continue
to pursue legal actions already initiated or to implement
administrative actions and/or judicial measures as may be
necessary for the fulfilment of this objective.
The provision for Punta Alcalde, meanwhile, originates in
Endesa Chile’s decision to stop the project, after having
studied the possibilities of adapting it to be economically
viable and technologically more sustainable. The conclusion
reached was that such adaptations involve major changes
to the approved Environmental Qualification Resolution,
which would involve a difficult process.
You may review details of these results in the following
pages of this report.
2014 Milestones
Enersis continued its growth plan in the region, successfully
closing a series of operations, among which the following
can be pointed out:
•
•
•
Purchase of 15.18% of participations to minority
shareholders in Coelce, for US$ 243 million,
which allowed raising the direct and indirect
interest in Enersis´ ownership of the Brazilian
distributor to 74.05%.
Purchase by Endesa Chile of 50% of Gas
Atacama, for US$309 million, by which the
Group controls now 100% of this company.
Purchase of the indirect 21.1% of Peruvian
generator Edegel for US$413 million through the
acquisition of the 39.01% stake of Inkia Americas
Holdings Limited in Generandes Peru SA, which
in turn controls 54.20% of Edegel.
At the same time, the Group continued selling non-
strategic assets which started in 2010 with the disposal
of Synapsis and CAM. Standing out in this sense are sales
of 100% of Tunel El Melón to a private fund managed by
Independencia SA, for US$41 million, and 55% held by
the Group in the Enea real estate project, for about US$94
million to Rentas Inmobiliarias GN S.A.
Jorge Rosenblut
Chairman
5
To conclude with the most important operations carried
out by Enersis during the year 2014, it is worth noting the
refinancing of debt that Argentinian Costanera generator
maintains with Mitsubishi Corporation, under very
beneficial conditions for the company, which contributed
to the restructuring of its equity position and had positive
impact on the results of Costanera, Endesa Chile and
Enersis.
It is also necessary to highlight the capital increase carried
out in Central Dock Sud, in Argentina, in order to restore its
financial position.
Finally, the merger of Chilean subsidiaries Manso de
Velasco Limited and ICT Computer Services Limited was
performed, in line with the corporate simplification of the
Group.
Enersis’s vocation is to accompany the development of the
countries in which we operate through its projects. So, last
year, important milestones were met:
•
•
•
The start of construction of Los Cóndores, run-of-
the-river hydroelectric plant with 150 MW installed
capacity, located in the Maule Region, Chile, and
whose investment will amount to US$661.5 million and
will have an average annual generation of 642 GWh.
Completion of the for optimization projects of the
Salaco chain in Colombia, involving rehabilitation of
six generating units in Salto II, Laguneta and Colegio
plants. This initiative allowed a 145 MW increase of
Emgesa´s installed capacity.
Continuation of work on the El Quimbo Project in
Colombia, a 400 MW installed capacity hydroelectric
reservoir whose commissioning is scheduled for 2015.
An important milestone for Enersis, and for the future
of the Chilean electricity sector, was the inauguration
of SmartCity Santiago. This initiative has the potential
to become an example for future urban development
pursuing sustainable growth of cities and with the aim of
improving the quality of life of its citizens. This laboratory-
city will test state of the art technologies that enable
customers to be actively involved in energy management,
integrate renewable energies and reduce CO2 emissions, so
that this experience can be replicated in larger scale. Thus,
the consumer would take an active role in managing his/
her energy, becoming a “prosumer” (producer-consumer),
thereby reducing both their energy costs and the system´s.
The initiative, an example that energy efficiency is a
central player in our work, includes electric mobility
projects, consumption telemetry, automation operation,
photovoltaic generation, grid automation, intelligent public
lighting (LED), remote monitoring and free access wifi, all of
which may be monitored and recorded from the Santiago
SmartCity Interactive Technology Centre, an instance that is
at the service of the community, universities and authorities
in general, for academic and research purposes.
In the same vein, with the aim of providing quality and
safe electrical service for our customers, our distribution
companies operating in Santiago, Buenos Aires, Rio de
Janeiro, Fortaleza, Bogota and Lima, continued their
investment plans in order to meet the growing demand for
electricity, while promoting quality, continuity and security
of supply. During 2014 investments were made for $ 593
billion, mainly to reliably meet the growing consumtion,
adding new customers and increasing the capacity of the
facilities in High, Medium and Low Voltage. The aim is to
ensure excellence of the service we provide to clients.
In the matter of distribution, Enersis has important
challenges and the company is working to meet them
successfully. A network automatisation project has been
launched this year in all Enersis controlled distributors
in Latin America. The goal is to have, within three years,
more than 15,000 new network control units, which
represent an investment of approximately MMUS$385
in smart grids, and will allow to significantly increasing
its remote management capability, improving downtime
and therefore supply quality. In the case of Chile, this
means that Chilectra will add over 500 new units to its
MV network, in addition to commissioning, as mentioned
above, SmartCity Santiago in 2014, which comes to join
SmartCity Buzios, in Brazil.
XXI Century Enersis
Dear shareholders, I pointed before that Enersis lives
a new phase. And much of this new phase reflects the
importance that Latin America has for Enel Group, our
ultimate controller. The region is the main center of
growth for Enel Group in the coming years. And proof of
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2014 ANNUAL REPORT ENERSIS
LETTER FROM THE CHAIRMAN
this importance was the process of corporate
restructuring completed last October, by which Enel
acquired the 60.62% stake that Endesa Spain had
in Enersis, thus coming to be direct controller of the
company.
The vision of Enel, which has been led and driven by
CEO Francesco Starace, is that Enersis should continue
to grow, and this growth should be in a more friendly
and conversational manner with the environments and
communities that host its operations, in a way closer to the
needs of customers and the societies in which Enersis is
inserted, and all this while improving the profitability of its
assets, through more efficient processes, displaying greater
capacity for innovation and adoption of new technologies.
In short, the challenge ahead is to build a company which
is more modern, more agile and more committed to
its business environment. An Enersis of and for the 21st
Century.
Each of the persons who now face new responsibilities
in the Enersis Group, are working with enthusiasm to
contribute our part to the success of this task.
This vision has resulted in organizational changes in
Enersis and its subsidiaries, lived in the last months of
2014. As in all processes of transformation, this one has a
guiding sense, a purpose to follow and challenges to face.
To start with, change requires understanding
Enersis as a company with truly Latin American scope, in
which all the countries where we operate have similar
relevance for business. This change aims to improve the
vision of company´s management at regional and country
levels, thus contributing to the success of the whole.
The work to ensure an overall view and global
effectiveness of our operations and businesses is led
by the new Chief Executive Officer of the company, Mr.
Luca D’Agnese.
It is really a privilege to have the professional skills of
engineer D’Agnese, who before joining the Enel Group as
main responsible for Eastern Europe and Country Manager
in Romania, developed a vast management experience in
important companies such as Hewlett Packard or McKinsey
& company in Italy and was CEO of Gestore della Rete
Nazionale di Trasmissione (GRTN), the operator of the
Italian transmission system, and Ergycapital, a company
focused on renewable energy.
I’m sure his view, talent and professionalism will be a great
contribution to the growth of our Group in the Region,
leading the construction of the Enersis of the 21st Century.
In the new structure, the generation and distribution
lines of business have the role of planning and executing
investments, optimizing the return on invested capital and
managing the assets. They have, therefore, the duty to
improve the efficiency of facilities and business processes
and to share the best global management and technical
practices.
In turn, each of the Country Managers of our five countries
has the task of dealing with their markets and customer
relations. The duty of each is to carry out the new vision
in relating to local stakeholders, including of course
authorities, regulators and communities who live in the
vicinity of our operations. They also have the responsibility
of ensuring the economic and financial balance of their
territory, and ensuring that they are consistent with
the objectives set for revenue, net income and debt.
Today Chile has this dedicated, focused and attentive
look through engineer Daniel Fernandez, Chile Country
Manager and Deputy Chief Executive Officer of Enersis. His
extensive experience in public and private companies, such
as TVN, ENAP, or the Metro of Santiago, will certainly be a
bulwark in implementing this new vision in our country.
This is a major challenge in South America, because many
of the companies and subsidiaries of Enersis are listed
companies. The challenge is therefore double, since
countries must submit an “integrated” result of the business
lines while responding to shareholders and to the financial
community. I am sure that the new structure will mean a
substantial advance in the goals we have set.
This view, promoted by Enel CEO, Francesco Starace: this
new phase for Enersis, has hence a north that will allow us
to remain leaders in Latin America and Chile. In the first
place, we are interested in developing projects of faster
execution, with more expeditious approval processes,
and with secured supply contracts, because this way we
strengthen business sustainability.
We shall also develop projects that have the approval of
communities and society. We shall not develop projects
that are not required by the country. In this sense, as
a Group, we are building a new way of relating to all
7
stakeholders, incorporating more professionals and more
resources; and prioritizing early entry of our projects into
communities.
In Enersis we have learned from the difficulties we have
faced, some of them caused by things we could have done
better or by some mistake; and now our priority is that our
initiatives are not only known and understood, but they are
also a real source of value creation and mutual benefits for
the communities, towns and regions that host us.
These demands we have set ourselves involve much more
rigor in the design of the projects we will carry on, both
in the ability to choose the best of technologies, without
a priori ruling out any, as well as the most suitable size,
so that they are accepted by communities and society in
general.
Secondly, we want to put the customer at the center of
our operations. And this involves being able to constantly
improve the quality of supply. In this matter we have
carried out numerous initiatives. Examples are:
•
•
The Edesur works plan, which has added to their
network an additional 21.5% capacity and the plan for
improving the availability and reliability of our steam
units in Costanera . Both in Argentina.
Investments for over MMUS$185 made by our
distributor Codensa in Colombia, focused primarily on
improving the quality of service and the attention to
new demand. This includes the purchase of equipment
to control losses, expanding medium voltage
substations, the Telecontrol Project development and
improvement of infrastructure for service delivery in
rural zones of its concession area.
The record investment in Edelnor, which for 2014 was $85
billion, implying a growth of 33% compared to 2013.
But the quality of supply is just the baseline. Enersis and
Enel Group aspire to lead change in the energy model.
The coming future is one in which the customer takes a
more active role. A customer who goes from being a mere
consumer to a manager and, why not, an energy producer,
through the implementation of new network technologies
and initiatives such as distributed generation.
This is the philosophy that lies behind the SmartCity
Santiago project discussed above. I would point out in this
connection that the prototypes of smart cities correspond
only to an exclusive group worldwide, which is deployed
as a comprehensive proposal to ensure sustainable energy
development in the cities of the future. These scale
metropolises of the future are already evident in other
projects implemented by the Enel Group, in cities like
Genoa and Bari in Italy; Barcelona and Malaga in Spain; and
Búzios in Brazil.
Contributing to Development in a Crucial
Moment
The country is today more aware of the obstacles to the full
development of the sector and has set a clear direction on
the matter. It could not be otherwise, since no additional
energy means no economic growth, no more jobs and
no improvement in citizens´ welfare. The government of
President Michelle Bachelet unveiled its energy agenda,
with various short and medium term measures for the
sector, and is pursuing a process which calls for broad
participation of civil society and all related stakeholders
and also collaboration between the authority and business
to define initiatives that the country must carry out during
the coming decades, so as to have safe, adequate and
competitive supply. Enersis, in collaboration with our
parent Enel has been and is part of these processes. As a
company, we have been present in the various workshops
and have contributed our opinions, our knowledge and
our experience. We have been and still are players in the
country’s energy development, occupying a seat built with
vision, dedication and rigor, over several generations.
This collaborative and participative approach to energy
development is also expressed locally. An example of this is
our subsidiary Endesa Chile agreement with authorities and
other entities of the city of Coronel, including fishermen
and algae pickers trade unions, the Municipality and the
Regional Government of Biobio. Its purpose has been to
agree on a common vision of development for the city
and to improve people’s welfare. I firmly believe that
this unprecedented agreement, which will be projected
over the next 30 years, will contribute to a substantial
improvement in the quality of life for Coronel´s inhabitants
and is a reflection of the new vision of dialogue, goodwill
and shared values with neighboring communities that we
are promoting as a Group in all our projects and operations.
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2014 ANNUAL REPORT ENERSIS
LETTER FROM THE CHAIRMAN
Added to this, as of March 16th, 2015, the Commission
for Environmental Assessment of Biobio adopted the
optimization project for Bocamina II, fulfilling a further
stage in the process of evaluation of the initiative.
This important milestone will allow the new Bocamina
standards to install it as one of the best centrals of its kind
in Chile, with all the required technical and environmental
improvements and with direct and clear benefits for the
community.
Ratifying the above, last April 6th, 2015 was published in
the electronic file of the environmental assessment process
of the Bocamina II optimization project, its Environmental
Qualification Resolution (RCA), effective since that
date. This confirms all the work done by our generation
subsidiary to raise the technical, environmental and new
relationships standards that are being implemented
in each one of the projects. Therefore, this important
milestone for the company tangibly illustrates the new way
of doing things the Group wants to carry forward in the
development of all its initiatives.
Dear shareholders, this vocation to accompany the
growth and development of host countries, societies
and communities requires to be materialized every day.
And it forces us to grow in a responsible way with our
environment, in tune with the needs of each of the nations
in which we operate and in so doing, to be a source of
value for our shareholders and employees. This is the way
we have set for us in the company, a path we are now
strengthening to build a new Enersis: the XXI Century
Enersis.
Jorge Rosenblut
Chairman
9
Highlights 2014
JANUARY
FEBRUARY
MARCH
Enersis amongst “The Best
Companies for Working
Parents”
The ranking made annually
by “Fundación Chile Unido”
and “Ya” magazine of “El
Mercurio”, recognized to the
Enersis Group for its policies
of work-life balance and, in
turn, promote the adoption of
these practices among their
employees.
Enersis launches Public
Stock Offering for Brazilian
distributor Coelce
The takeover bid, voluntary
in nature, sought to acquire
all the series of shares issued
by Coelce, at a price of R$49
per share, representing 20.1%
premium over the price of
type A shares. This operation
was framed within the process
of using the funds raised in
the capital increase.
Codensa and Emgesa receive
recognition for innovation
The companies received
the Accenture award in the
Energetic Resources category,
in recognition of their
leadership in innovation. The
prize was awarded for the
creation and development
of a grounding system to
protect power transformers
from lightning and to reduce
service failures caused by this
phenomenon.
Enersis is awarded the “Deal
of the Year” for the capital
increase operation
The company won the “Deal
of the Year” award in the
“Equity Follow-on” category
after the successful capital
increase completed in March
2013, award given by the
prestigious Latin Finance
financial magazine. Thus,
Enersis was part of a select
group of only three Chilean
institutions to be recognised
in a total of 24 categories.
Endesa Chile acquired control
of Gas Atacama
The company took control of
Gas Atacama, after increasing
its participation by acquiring
50% of Inversiones Gas
Atacama Holding Limitada
(IGHL) from Southern Cross
(SC), reaching a total of
about 1,000 megawatt (MW)
installed capacity in SING. The
total transaction price was
US$309million and included
the assignment of the credit
owned by Sub Pacific Energy
Co., SC subsidiary, receivable
from Atacama Finance Co.,
IGHL subsidiary, amounting to
US$28.5 million.
Enersis increases its direct
and indirect shareholding in
Coelce to 74%
The voluntary public shares’
acquisition tender (OPA),
which lasted for 33 days
since January 16th, sought to
acquire all the series of shares
issued by Coelce, at a price of
R$49 per share, representing
20.1% premium. The
acquisition of the additional
15.13% of Coelce equity
required the disbursement of
US$242 million.
Edesur’s Transformation Plan
As of 2014, an ambitious
Transformation Plan was
launched in Argentina with
the purpose of improving
quality of service, customer
service and achieving a
change in organisational
culture, communication and
relations with stakeholders.
Codensa Cup
Endesa Colombia and Real
Madrid foundations, the latter
through their representative
in Colombia (Revel
Foundation), launched the
first version of the Codensa
Cup soccer championship for
children between 13 and 15
years old.
Coelce is the best distributor
in quality of service in Brazil
The National Electric Energy
Agency (ANEEL) published
the ranking of the electricity
concessionaires in the
country based on quality
of service during 2013.
This ranking evaluated all
concessionaires between
January and December 2013
in two categories according to
company size.
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2014 ANNUAL REPORT ENERSIS
HIGHLIGHTS 2014
APRIL
MAY
JULY
Coelce reaches first place in
Social Responsibility in the
Abradee Award
Coelce is the best energy
distributor in Social
Responsibility and the third
best distributor in Brazil. The
company also placed fifth in
clients’ evaluation.
Enersis inaugurated
“SmartCity Santiago”, the first
intelligent city of Chile
With the presence of Máximo
Pacheco, Minister of Energy,
and Francesco Starace, CEO of
Enel, Enersis Group, through
its subsidiary Chilectra,
opened “SmartCity Santiago”,
the first intelligent city of
Chile, in Ciudad Empresarial.
Latin Lawyer distinguishes
Enersis for capital increase
The prestigious Latin Lawyer
London publication, in its
traditional “Deal of the Year
Awards”, awarded Enersis for
having executed the most
important financial operation
in Corporate Finance in Latin
America during 2013.
Endesa Chile places
international bond for
US$400 million
Endesa Chile set the price for
the public tender of a bond
in the international market,
placing a total of US$400
million, with a nominal rate of
4.25%, with bullet repayment
date in 2024.
Enersis purchase agreement
with Inkia for US$413 million
to increase its stake in Edegel
Dated April 30th, and as
decided by the Board of
Enersis, the company signed
an agreement to acquire all
the shares that Inkia Americas
Holdings Limited had,
indirectly, of Generandes Perú
S.A., equivalent to 39.01% of
the ownership, for US$413
million.
Endesa Chile announces
investment of over US$660
million for Los Cóndores’
construction
The firm initiated the first
actions to begin construction
of Los Cóndores run-of-the-
river hydroelectric plant
(150MW) in Maule Region,
triggering a series of works
on environmental and land
suitability matters in the
mountain range area of San
Clemente commune, required
for the installation of camps
and construction equipment
for the works.
Enersis concludes additional
period of the Coelce voluntary
public offering
On May 16th concluded the
additional period of 90 days
to purchase Common Shares
remnant of the voluntary
Public Shares’ Acquisition
Tender launched by Enersis on
shares issued by its Brazilian
subsidiary Companhia
Energética do Ceará (Coelce).
Successful issue of Emgesa
bonds
Emgesa placed bonds in
the Colombian capital
market in the amount
of Col$590,000 million,
equivalent to US$310 million,
with maturities of 6, 10 and
16 years, framed within
its issuing and placement
programme approved by the
Superintendence of Finance
of Colombia, rated AAA by
Fitch Ratings Colombia.
11
AUGUST
SEPTEMBER
OCTOBER
For the fifth consecutive year,
Chilectra amongst the most
sustainable companies
This tenth edition of the
ranking prepared by
PROhumana Foundation in
conjunction with Qué Pasa
Magazine distinguished the
most sustainable companies
in the country.
Fitch Ratings ratified AAA
national rating for Codensa’s
corporate debt
The credit rating agency
confirmed the national long-
term rating of Codensa´s
corporate debt as AAA,
maintaining the stable
outlook.
Enersis successfully finalises
the purchase of 21.1% of
Peruvian generator Edegel
Regarding the purchase
agreement signed on April
30th, for the acquisition of all
the shares indirectly owned
by Inkia Americas Holdings
Limited of Generandes
Perú S.A., equivalent to
39.01% of the ownership,
as at September 3rd, once
suspension conditions were
fulfilled, all such shares were
transferred to Enersis.
Edesur´s Agreement with
Renault Argentina for electric
mobility
Edesur signed a Letter of
Intent with Renault Argentina
for mutual cooperation in
the development of Electric
Mobility, the first agreement
of its kind to be signed in the
country, and through it, the
first load to VE in Argentina
was carried out.
Enersis and Endesa Chile
amongst the six best
companies in transparency
ranking
Confirming the good and
sustained work done in
transparency, Enersis and
Endesa Chile ranked amongst
the six best companies in
the Corporate Transparency
Ranking of open companies.
The companies that make
up this select group were
recognised for their good
practices in the fifth
version of the Corporate
Transparency Report,
prepared by Inteligencia de
Negocios (IdN) consultants in
conjunction with Universidad
del Desarrollo, KPMG and
ChileTransparente.
Enersis launches operation
to capitalise Argentinian
generator Central Dock Sud
On October 2nd, Enersis
officially launched an
operation aimed to restore
the financial situation of
the Argentinian generator
Central Dock Sud by means
of the debt buy-back and
subsequent capitalisation of
same.
Valter Moro assumes as Chief
Executive Officer of Endesa
Chile
At the Board meeting of
Endesa Chile held on October
27th, Joaquín Galindo’s
resignation to the position
of Chief Executive Officer of
the company was accepted; it
was agreed to appoint as his
replacement Mr. Valter Moro,
effective November 1st.
Capital magazine Top Ten of
sustainability
Confirming Enersis Group´s
progress in this area, two
of its companies, Chilectra
(3rd) and Endesa Chile (8th),
were recognised amongst
the Top Ten in the 2014
Corporate Sustainability
Index (ISC), published by
Capital magazine, which
refers to companies that have
significantly advanced in
sustainability management in
recent years.
Chilectra recognised with 38th
place in the 2014 Great Place
to Work Chile ranking
For the second consecutive
year, Great Place to Work and
El Mercurio awarded the 2014
50 Best Companies in Chile,
instance in which Chilectra
was recognised amongst
the best in the ranking.
In this version, more than
200 companies underwent
evaluation of their work
environment.
Pablo Yrarrázaval leaves
Enersis´ Chair after 15 years in
the Group
Pablo Yrarrázaval served as
Chairman of the board of
Endesa Chile from 1999 to
2002 and as Chairman of the
board of Enersis from 2002
to 2014, completing 15 years
in the Group. Upon taking
office as Chairman of the
board of Enersis the company
had a market value close
to US$600million; at trade
closing on October 28th, the
company reached a value of
US$15,149million.
12
2014 ANNUAL REPORT ENERSIS
HIGHLIGHTS 2014
New Mirador and Huandoy
Substations
During 2014 Edelnor put into
operation 220/60 kilovolt (kV)
Mirador Substation, located
in San Antonio de Chaclla
district, and 60/20/10 kV
Huandoy Substation, located
in San Martín de Porres
district, which allows timely
addressing demand growth
and lowering load levels of
other nearby substations.
Costanera’s debt refinancing
with Mitsubishi Corporation
Costanera reached an
agreement with Mitsubishi
Corporation, successfully
negotiating debt the
company kept with its main
supplier for the construction
of the combined cycle.
Andreas Gebhardt assumes
as Chief Executive Officer of
Chilectra
At Chilectra Board meeting
held on October 27th, Cristian
Fierro’s resignation to the
position of Chief Executive
Officer of the company was
accepted; it was agreed to
appoint Andreas Gebhardt as
his replacement.
Endesa Chile promotes social
development of Coronel with
the signing of an important
Shared Value agreement
Endesa Chile and
representatives of various
entities associated with the
area in which Bocamina II is
installed, including unions of
fishermen and algae pickers,
Coronel Municipality and the
Regional Government signed
an unprecedented agreement
for local development,
an initiative that marks
the beginning of the
implementation of a Shared
Value programme in the
commune, which is projected
for the next 30 years.
NOVEMBER
Jorge Rosenblut assumes as
new Chairman of the Board of
Enersis
On November 4th the
Board of Enersis approved
the designation of Jorge
Rosenblut as new Chairman
of Enersis. Jorge Rosenblut
becomes president of the
company after a long career
in the group, which began
in 2000, when he was
appointed Chairman of the
board of Chilectra, a position
he held for 10 years before
becoming Chairman of the
board of Endesa Chile, where
he remained for five years.
With this appointment, the
Board aims to promote the
new phase for Enersis and its
subsidiaries.
Enersis board approves merger
of subsidiaries Inmobiliaria
Manso de Velasco and ICT
The Board of Enersis, in its
meeting held on November
25th, approved the merger of
its subsidiaries Inmobiliaria
Manso de Velasco Limitada
and ICT Servicios Informáticos
Limitada. Whereas parent
company Enersis controls
and consolidates both
companies, the operation
does not change the values
of the assets and liabilities of
the acquiring company (ICT)
in the Consolidated Financial
Statements of Enersis.
Daniel Fernández assumes as
Chile country manager and
deputy Chief Executive Officer
of Enersis
In the extraordinary Board
meeting held on November
12th, Enersis appointed Daniel
Fernández Koprich as the new
deputy Chief Executive Officer
of the company. At the same
extraordinary meeting Carolina
Schmidt Zaldívar, replacing
Leonidas Vial Echeverría, and
Alberto de Paoli, replacing
Luigi Ferraris, were appointed
as directors, by cooptation.
Mr. Vial had presented his
resignation on October
30th, 2014, and Mr. Ferraris
presented it in the same
extraordinary session.
Enersis’s shareholders approve
operation to capitalise
Argentinian generator Central
Dock Sud
With an ample majority of
86.15% of issued shares with
voting rights, the Extraordinary
Shareholders’ Meeting of
Enersis approved the operation
aiming to restore the financial
situation of the Argentinian
generator Central Dock Sud
(CDS) by purchase by Enersis of
debt that CDS has with Endesa
Latinoamérica (currently Enel
Latinoamérica), operation that
amounted to US$29million.
DECEMBER
Enersis completes sale of 55%
of ENEA real estate project
Enersis’s subsidiary
Inmobiliaria Manso de Velasco
Limitada signed an agreement
with Rentas Inmobiliaria
GN S.A., to sell all of the
shares the subsidiary owned,
directly and indirectly, in
Construcciones y Proyectos
Los Maitenes S.A. and Aguas
Santiago Poniente S.A., which
make up ENEA real estate
project.
Luca D’Agnese assumes as
new Chief Executive Officer
of Enersis
The Board appointed Luca
D’Agnese as the new Chief
Executive Officer as of January
29th, 2015, replacing Luigi
Ferraris, who presented
his resignation on January
20th, 2015. Luca D’Agnese
has worked since July 2014
as director for Eastern
Europe Enel Group, being
also president of Slovenské
Elektrárne, a role he assumed
in May 2014. Before this,
he served for three years
as country manager of the
Group in Romania. Luca
D’Agnese served since July
2014 as director for Eastern
Europe Enel Group, and is
also president of Slovenské
Elektrárne, a role he assumed
in May 2014. Before that,
he served for three years
as country manager of the
13
Main
Financial And
Operating
Indicators
14
2014 ANNUAL REPORT ENERSIS
MAIN FINANCIAL AND OPERATING INDICATORS
Group in Romania.
Total Assets
As at December 31st, each year (numbers in million $, nominal)(1)
2009
13,210,140
2010
13,005,845
2011
13,733,871
2012
13,317,834
2013
15,177,664
2014
15,921,322
Total Liabilities
6,833,137
6,491,817
6,837,717
6,354,065
6,670,199
7,642,104
Operating Revenue
6,472,056
6,563,581
6,534,880
6,577,667
6,264,446
7,253,876
Ebitda
Net Income (2)
Liquidity Ratio
Debt coefficient (3)
Generation Business
ARGENTINA
Number of employees
Number of generation units
Installed capacity (MW)
Electricity generated(GWh)
Sales of electricity (GWh)
BRAZIL
Number of employees
Number of generation units
Installed capacity (MW)
Electricity generated(GWh)
Sales of electricity (GWh)
CHILE
Number of employees
Number of generation units
Installed capacity (MW)
Electricity generated(GWh)
Sales of electricity (GWh)
COLOMBIA
Number of employees
Number of generation units
Installed capacity (MW)
Electricity generated(GWh)
Sales of electricity (GWh)
PERU
Number of employees
Number of generation units
Installed capacity (MW)
Electricity generated(GWh)
Sales of electricity (GWh)
TOTAL
Number of employees
Number of generation units
Installed capacity (MW)
Electricity generated(GWh)
2,467,101
660,231
2,261,691
486,227
2,127,368
375,471
1,982,924
377,351
2,251,489
658,514
2,300,020
610,158
1.17
1.07
0.97
1
1.03
0.99
0.99
0.91
1.31
0.78
1.23
0.92
2009
2010
As at December 31st, each year
2012 (4)
2011 (4)
2013
2014
332
20
3,652
11,955
12,405
200
13
987
3,319
6,869
1,172
110
5,650
22,239
22,327
415
29
2,895
12,674
16,806
224
25
1,667
8,163
8,321
2,343
197
14,851
58,350
426
20
3,652
10,940
11,378
193
13
987
5,095
6,790
607
107
5,611
20,914
21,847
444
30
2,914
11,283
14,817
244
25
1,668
8,466
8,598
1,914
195
14,832
56,698
473
20
3,652
10,713
11,381
202
13
987
4,129
6,828
1,081
104
5,221
19,296
20,315
498
30
2,914
12,051
15,112
247
25
1,668
8,980
9,450
2,501
192
14,442
55,169
501
20
3,652
11,207
11,852
202
13
987
5,183
7,291
1,141
105
5,571
19,194
20,878
517
30
2,914
13,251
16,304
263
25
1,657
8,570
9,587
2,624
193
14,781
57,405
628
25
4,522
14,422
16,549
205
13
987
4,992
6,826
1141
105
5,571
19,432
20,406
563
29
2,925
12,748
16,090
316
27
1,842
8,489
9,497
2,853
199
15,847
60,083
645
25
4,522
14,390
15,276
213
13
987
5,225
7,108
1,261
111
6,351
18,063
21,157
589
32
3,059
13,559
15,773
324
27
1,949
9,062
9,916
3,032
208
16,868
60,299
15
Sales of electricity (GWh)
66,728
63,430
Distribution Business
ARGENTINA
Sales of electricity (GWh)
Number of Customers
Energy losses
Number of employees
Customers / employees
BRAZIL
Sales of electricity (GWh)
Number of Customers
Energy losses
Number of employees
Customers / employees
CHILE
Sales of electricity (GWh)
Number of Customers
Energy losses
Number of employees
Customers / employees
COLOMBIA
Sales of electricity (GWh)
Number of Customers
Energy losses
Number of employees
Customers / employees
PERU
Sales of electricity (GWh)
Number of Customers
Energy losses
Number of employees
Customers / employees
Total
Sales of electricity (GWh)
Number of Customers
Energy losses
Number of employees
Customers / employees
2009
2010
16,026
2,305,060
5.90%
2,628
877
17,253
5,487,066
16.80%
2,533
2,166
12,585
1,579,069
6.10%
731
2,160
12,114
2,473,747
8,40%
1,017
2,432
5,716
1,060,508
8.10%
595
1,782
16,759
2,352,720
6.10%
2,627
896
18,777
5,665,195
16.80%
2,484
2,281
13,098
1,609,652
5.80%
719
2,239
12,515
2,546,559
8,50%
1,083
2,351
6,126
1,097,533
8.30%
553
1,985
63,086
65,913
As at December 31st, each year
2012
2011
69,368
69,230
2013
2014
17,233
2,388,605
10.50%
2,849
838
19,193
5,867,888
16.20%
2,496
2,351
13,697
1,637,977
5.50%
712
2,301
12,857
2,616,909
8,10%
1,101
2,377
6,572
1,144,034
8.20%
550
2,080
17,338
2,388,675
10.6%
2,948
810
20,694
6,050,522
16.30%
2,382
2,540
14,445
1,658,637
5.40%
734
2,260
13,364
2,712,987
7,50%
1,127
2,407
6,863
1,203,061
8.20%
607
1,982
18,137
2,444,013
10.80%
3,320
736
21,767
6,301,582
16.10%
2,370
2,659
15,152
1,693,947
5.30%
745
2,274
13,342
2,686,919
7,00%
1,036
2,594
7,045
1,254,624
7.90%
616
2,037
18,025
2,464,117
10.75%
3,823
645
22,878
6,500,500
16.42%
2,415
2,732
15,702
1,737,322
5.32%
690
2,518
13,667
2,772,376
7,19%
1,043
2,658
7,359
1,293,503
7.95%
619
2,090
63,694
12,905,450
9.06%
7,504
1,883
67,275
13,271,659
9.10%
7,466
1,950
69,552
13,655,413
9.70%
7,708
1,989
72,704
14,013,882
9.35%
7,798
2,000
75,443
14,381,085
9.42%
8,087
2,060
77,631
14,767,818
9.53%
8,590
2,129
(1) Accounting figures according to instructions and regulations issued by the SVS.
(2) Corresponds to Net Results attributable to dominant society.
(3) Total Liabilities/Equity plus Minority Interest.
(4) Up to December 31 st, 2012, jointly controlled companies were consolidated using the proportionate consolidation method. As of January
1st, 2013 the equity method began to be used to account for these joint control companies, as required by IFRS 11, ‘Joint Arrangements’.
This change affects the accounting of Centrales Hidroeléctricas de Aysén S.A., Inversiones GasAtacama Holding Ltda., and its subsidiaries,
Distribuidora Eléctrica de Cundinamarca S.A. and its subsidiaries, and Transmisora Eléctrica de Quillota Ltda. The consolidated financial
statements as at December 31st, 2012 and 2011 were restated retrospectively to show the effect of the application of IFRS 11. These
changes have no effect on equity or net income, in both cases attributable to shareholders of Enersis. The consolidated financial
statements as at December 31st, 2010 and for previous years ended on that date are presented in the way they were originally prepared,
in accordance with IFRS, under IASB rules, and do not reflect the application of standard IFRS 11.
16
2014 ANNUAL REPORT ENERSIS
MAIN FINANCIAL AND OPERATING INDICATORS
17
Identification of the
Company and
Constitution
Documents
18
2014 ANNUAL REPORT ENERSIS
IDENTIFICATION OF THE COMPANY AND CONSTITUTION DOCUMENTS
Identification of the Company
Name
Domicile
Type of Company
Tax ID
Address
Postal code
Telephone
P.O. Box
Securities Registration number
External Auditors
Subscribed and paid-in capital (M$)
Web site
Email
Investor Relations telephone
Ticker in Chilean stock exchanges
Ticker in New York stock exchange
Ticker in Madrid stock exchange
Custodial Bank ADR’s
Depositary Bank ADR’s
Latibex custodial bank
Latibex link
National credit rating agencies
International credit rating agencies
Enersis S.A.
Santiago of Chile, although able to establish branches or agencies in
other parts of the country or abroad
Publicly traded company
94,271,000-3
Santa Rosa Nº 76, Santiago, Chile
833-009 SANTIAGO
(56-2) 2353 4400 - (56-2)2 378 4400
1557, Santiago
Nº 175
Ernst & Young
5,669,280,725
www.enersis.cl
informaciones@enersis.cl
(56-2) 2353 4682
ENERSIS
ENI
XENI
Banco Santander Chile
Citibank N.A.
Banco Santander, S.A.
Banco Santander, S.A.
Feller Rate, Fitch Chile Clasificadora de Riesgo Limitada
Fitch Ratings, Moody´s y Standard & Poor´s
19
Documents of
Incorporation
The company that gave rise to Enersis
S.A. was formed initially with the name
Compañía Chilena Metropolitana de
Distribucion Electrica S.A. by public
deed dated June 19, 1981 granted by
the notary Patricio Zaldívar Mackenna
in Santiago, and was modified by public
deed dated July 13 the same year
before the same notary. The company’s
incorporation was authorized and
its bylaws approved by Resolution
409-S of July 17, 1981 of the Securities
and Insurance Commission (SVS).
The extract of the incorporation
authorization and approval of the
bylaws was registered in the Santiago
Trade Registry on page 13,099 Nº7,269
for year 1981, and were published in
the Official Gazette of July 23, 1981.
The bylaws of Enersis have since
undergone a number of modifications
On August 1, 1988, the company’s
name was changed to Enersis S.A. The
latest modification is that set out in
public deed dated January 6, 2015,
certified by the Santiago notary Iván
Torrealba Acevedo, whose extract
was registered in the Santiago Trade
Register, page 3,443, Nº2,173 and
published in the Official Gazette on
January 15, 2014.
Corporate Purpose
The company’s objectives are to explore, develop, operate, generate, distribute,
transmit, transform and/or sell energy in any of its forms or nature, in the country
or abroad, directly or through other companies, and also telecommunications
activities and the provision of engineering consultancy within the country and
abroad. It may also invest and manage its subsidiaries and associate companies,
whether generators, transmitters, distributors or traders of electricity or
whose business is any of the following: (i) energy, in any of its forms or nature,
(ii) the supply of public utilities or whose main raw material is energy, (iii)
telecommunications and information technology, and (iv) trading over internet.
20
2014 ANNUAL REPORT ENERSIS
IDENTIFICATION OF THE COMPANY AND CONSTITUTION DOCUMENTS
In complying with its main objects,
the company will carry out the
following functions: a) promote,
organize, build, modify, dissolve or
liquidate companies of any nature
which have similar corporate objects
to its own; b) propose investment,
financing and business policies to
subsidiary companies, as well as
accounting criteria and systems that
these should follow; c) supervise
subsidiary management: d) provide
subsidiary or associate companies
with the necessary financing for their
business development and provide
management services; financial,
technical, legal and auditing advice;
and in general any type of service
that appears necessary for their best
performance.
In addition to its main objects and always acting within the limits established
by the Investment and Financing Policy approved by the shareholders meeting,
the Company may invest in: i) the acquisition, operation, construction, rental,
administration, intermediation, trading and disposal of all kinds of movable and
immovable assets, either directly or through subsidiaries or associate companies;
ii) all kinds of financial assets, including shares, bonds and debentures, commercial
paper and in general all kinds of titles or securities and company contributions,
either directly or through subsidiaries or associate companies.
21
Ownership and
Control
22
2014 ANNUAL REPORT ENERSIS
OWNERSHIP AND CONTROL
Ownership Structure
The company capital is divided into en 49,092,772,762 shares of no par value and of the same sole
series.
As of December 31, 2014, all shares were subscribed and paid, and distributed in the following
manner:
Shareholder
Enel Latinoamérica S.A.(1)
Enel Iberoamérica S.R.L.(2)
Pension funds
ADR´s (Citibank N,A, according to circular N°1,375 of the SVS)
Foreign Investment Funds
Stock brokers, insurance companies, mutual funds
Banco de Chile on behalf of third parties
Other shareholders
Total Shares
Number of shares
19,794,583,473
9,967,630,058
6,229,352,631
5,132,288,300
2,639,426,537
2,244,896,116
2,137,510,595
947,085,052
49,092,772,762
Participation
40.32%
20.30%
12.69%
10.45%
5.38%
4.57%
4.35%
1.94%
100.00%
(1) Change of name of Endesa Latinoamérica S.A. to Enel Latinoamérica S.A., deed’s register dated January 13th,
2015, signed before Madrid’s Notary Mr. Andres Domínguez Nafría, which was legalized in Chile on February 5th,
2015 and notarised on February 5th, 2015 at the Notary of Santiago Mr. Iván Torrealba Acevedo, with repertoire
No.1954-2015.
(2) Change of name of Enel Energy Europe S.R.L. to Enel Iberoamérica S.R.L., deed’s register dated December 18th,
2014, signed before Madrid’s Notary Mr. Francisco Javier Gardeazábal, which was legalized in Chile on January 1st,
2015 and notarised on February 2nd, 2015 at the Notary of Santiago Mr. Iván Torrealba Acevedo, with repertoire
No.1.771-2015.
23
Controllers’ Identification
As defined in Title XV of Law No.18,045, Enersis S.A. is controlled by Enel S.p.A., Italian company, through the Spanish company
Enel Iberoamérica S.R.L, formerly named Enel Energy Europe S.R.L., with 20.3% of shares issued by Enersis, and through Endesa
Latinoamérica S.A., currently named Enel Latinoamérica S.A., also Spanish, with 40.32% of shares issued by Enersis S.A.
Enel S.p.A controls 100% of Enel Iberoamérica S.R.L. and the latter, 100% of Enel Latinoamérica S.A.
Enel S.p.A’s Shareholders as of December 31st, 2014
Ministero dell’Economia e delle Finanze de Italia
Inversionistas institucionales
Inversionistas Retail
Total
The controller’s members do not have a joint action agreement.
31.2%
41.9%
26.9%
100.0%
List of the Company’s Twelve Main Shareholders
As at December 31st, 2014, Enersis was owned by 6,998 shareholders. The twelve main shareholders were:
Name or Company Name
Enel Latinoamérica S.A.
Enel Iberoamérica S.R.L.
Citibank N.A. As per S.V.S. Circular 1,375
Banco de Chile on behalf of non-resident third parties
Banco Itaú por cuenta de inversionistas
Banco Santander on behalf of foreign investors
AFP Provida S.A. for C pension fund
AFP Habitat S.A. for C pension fund
AFP Capital S.A. for C pension fund
AFP Cuprum S.A. for C pension fund
Bolsa de Comercio de Santiago Bolsa de Valores
AFP Cuprum S.A. for A pension fund
Subtotal 12 shareholders
Other 6,986 shareholders
TOTAL 6,998 SHAREHOLDERS
Tax ID
59,072,610-9
59,206,250-K
59,135,290-3
97,004,000-5
76,645,030-K
97,036,000-K
98,000,400-7
98,000,100-8
98,000,000-1
98,001,000-7
90,249,000-0
98,001,000-7
Number of Shares
19,794,583,473
9,967,630,058
5,132,288,300
2,137,510,595
1,425,764,571
1,062,573,078
1,019,706,040
812,019,661
683,695,348
584,505,902
365,148,945
364,649,515
43,350,075,486
5,742,697,276
49,092,772,762
Shareholding
40.32%
20.30%
10.45%
4.35%
2.90%
2.16%
2.08%
1.65%
1.39%
1.19%
0.74%
0.74%
88.30%
11.70%
100.00%
24
2014 ANNUAL REPORT ENERSIS
OWNERSHIP AND CONTROL
Most Significant Ownership Modifications
During 2014, the most significant modifications in Enersis’s ownership were:
Name or company name
Enel Iberoamérica S.R.L.
Banco de Chile on behalf of non-resident third parties
Bolsa de Comercio de Santiago Bolsa de Valores
Bolsa Electrónica de Chile Bolsa de Valores
Banco Santander on behalf of foreign investors
Banco Itaú on behalf of investors
Citibank N.A. As per S.V.S. Circular 1,375
BTG Pactual Chile S.A. C. de B
Cía. de Seguros de Vida Consorcio Nacional De Seguros S.A.
JP Morgan Securities Inc.
Penta C de B S.A.
Euroamérica Seguros de Vida S.A.
Bice Inversiones Corredores de Bolsa S.A.
Tax ID
59,206,250
97,004,000
90,249,000
96,551,730
97,036,000
76,645,030
59,135,290
84,177,300
99,012,000
47,009,201
99,555,580
99,279,000
79,532,990
Dv
K
5
0
8
K
K
3
4
5
7
8
8
0
No. of shares as
at 12/31/2014
9,967,630,058
2,137,510,595
365,148,945
87,225,059
1,062,573,078
1,425,764,571
5,132,288,300
204,370,075
37,008,694
81,051,713
77,199,096
2,528,986
67,438,516
No. of shares as
at 12/31/2013
0
1,654,861,817
84,130,412
317,045,355
840,379,612
1,241,226,075
5,260,330,500
288,008,500
106,412,042
15,325,010
142,428,937
62,773,896
114,753,457
Variation in
number of shares
9,967,630,058
482,648,778
281,018,533
-229,820,296
222,193,466
184,538,496
-128,042,200
-83,638,425
-69,403,348
65,726,703
-65,229,841
-60,244,910
-47,314,941
Stock Exchange transactions by related parties
Shareholder
TAX ID
Seller /
Buyer
Transaction
Date
Number
of Shares
Transacted
Transaction
Unit Price
(Pesos)
Transaction Total
Amount (Pesos) Transaction Object
Beatriz García Huidobro
6,981,877-3
Seller
01/15/2013
2,425
176.00
426,800 Financial Investment
59,066,580-0 SVPE (*)
Endesa S.A.
SVPE
5,710,967-k
Pablo Yrarrázaval Valdés
5,710,932-7
SVPE
María Elena Yrarrázaval Valdés
Santana S.A.
90,856,000-0 SVPE
Agrícola e Inversiones La Viña S.A. 88,462,100-3 SVPE
78,171,230-2 SVPE
Inversiones Marpel Ltda
76,256,627-3 SVPE
Rentas ST Ltda
5,719,922-9
Leonidas Vial Echeverría
SVPE
10,702,983-4 Buyer
Marcos Cruz Sanhueza
10,702,983-4 Buyer
Marcos Cruz Sanhueza
10,702,983-4 Buyer
Marcos Cruz Sanhueza
10,702,983-4 Buyer
Marcos Cruz Sanhueza
10,702,983-4 Seller
Marcos Cruz Sanhueza
10,702,983-4 Buyer
Marcos Cruz Sanhueza
10,702,983-4 Seller
Marcos Cruz Sanhueza
10,702,983-4 Buyer
Marcos Cruz Sanhueza
10,702,983-5 Seller
Marcos Cruz Sanhueza
59,066,580-0 Seller
Endesa S.A.
59,206,250-K Buyer
Enel Energy Europe S.R.L.
10,702,983-7 Seller
Marcos Cruz Sanhueza
(*) First Issue Value Subscription (SVPE)
03/21/2013 9,967,630,058
274,075
03/25/2013
274,075
03/25/2013
2,407,457
03/26/2013
1,249
03/26/2013
505,490
03/26/2013
10,000,000
03/26/2013
1,187
03/26/2013
480,000
05/30/2013
890,000
06/05/2013
310,000
06/17/2013
27,000
06/24/2013
1,312,179
07/08/2013
1,312,179
07/08/2013
1,371,369
01/03/2014
1,371,369
01/03/2014
06/30/2014
1,197,000
10/23/2014 9,967,630,058
10/23/2014 9,967,630,058
510,000
11/28/2014
173.00 1,724,400,000,034 Contribution in Kind
47,414,975 Financial Investment
173.00
47,414,975 Financial Investment
173.00
416,490,061 Financial Investment
173.00
216,077 Financial Investment
173.00
8,744,770 Financial Investment
173.00
1,730,000,000 Financial Investment
173.00
205,351 Financial Investment
173.00
80,283,200 Financial Investment
167.26
149,441,400 Financial Investment
167.91
49,824,900 Financial Investment
160.73
3,996,000 Financial Investment
148.00
206,012,103 Financial Investment
157.00
212,035,005 Financial Investment
161.59
216,676,302 Financial Investment
158.00
222,266,002 Financial Investment
162.08
186.50
223,240,800 Financial Investment
208.66 2,079,906,470,758 Financial Investment
208.66 2,079,906,470,758 Financial Investment
102,645,000 Financial Investment
201.26
Relation to the Company
Related to Francisco Silva Bafalluy
Enersis Manager
Controller
Chairman of the Board
Related to the Chairman of the Board
Related to Enersis Director L.Vial
Related to Enersis Director L.Vial
Related to the Chairman of the Board
Related to Enersis Director L.Vial
Enersis Director
Tax advisor
Tax advisor
Tax advisor
Tax advisor
Tax advisor
Tax advisor
Tax advisor
Tax advisor
Tax advisor
Controller
Controller
Tax advisor
Summary of Directors’ Committee and Shareholders
Comments and Proposals
Enersis received neither comments nor proposals with respect to the progress of company business between January 1st and
December 31st, 2014 from the Directors’ Committee or Shareholders who own or represent 10% or more of the shares issued
with right to vote as stated in Art. 74 of Law No.18,046 and 136 of the Corporations’ Regulation.
25
Administration
26
2014 ANNUAL REPORT ENERSIS
ADMINISTRATION
Board of Directors
1. CHAIRMAN
Jorge Rosenblut
Industrial Civil Engineer
Universidad de Chile
MPA at Kennedy School
of Government at Harvard
University
Tax ID: 6,243,657-3
As of 11.04.2014
2. VICECHAIRMAN
Borja Prado Eulate
Endesa (Spain) President
Law Studies
Universidad Autónoma de Madrid
Passport: AAK091972
As of 04.16.2013
3. DIRECTOR
Hernán Somerville Senn
Lawyer
Universidad de Chile
Master of Comparative Jurisprudence
New York University
Tax ID: 4,132,185-7
As of 04.16.2013
4. DIRECTOR
Alberto De Paoli
Economics Graduate
Universidad de Roma La Sapienza
Passport: AU7618178
As of 11.04.2014
5. DIRECTOR
Andrea Brentan
Mechanical Engineer
Politécnico Di Milano
Master in Applied Sciences
New York University
Passport: YA0688158
As of 04.16.2013
6. DIRECTOR
Carolina Schmidt Zaldívar
Business Engineer
Universidad Católica de Chile
Tax ID: 7,052,890-8
As of 11. 04.2014
7. DIRECTOR
Rafael Fernández Morandé
Industrial Civil Engineer
Pontificia Universidad Católica de Chile
Tax ID: 6,429,250-1
As of 04.16.2013
SECRETARY TO BOARD OF DIRECTORS
Domingo Valdés Prieto
Lawyer
Universidad de Chile
Master of Laws University of Chicago
Tax ID: 6,973,465-0
As of 04.30.1999
1
3
6
2
5
4
7
Enersis is managed by a Board composed of seven members, who last in office
for three years and may be re-elected. The Board was elected at the Ordinary
Shareholders’ Meeting held on April 16th, 2013. According to the Corporations
Law, if there were a director’s vacancy, the whole board shall be renewed at
the next ordinary shareholders’ meeting the corporation shall hold, and, in the
meanwhile, the board may name a substitute. During 2014, Directors Messrs.
Pablo Yrarrázaval Valdés, Leonidas Vial Echeverría and Luigi Ferraris resigned to
their positions, being substituted by Messrs. Jorge Rosenblut, Carolina Schmidt
Zaldívar and Alberto Di Paoli, respectively. The whole Board shall be renewed at
the next Ordinary Shareholders’ Meeting.
27
Board of Directors’ and Directors’ Committee Fees
As per what is established in Article 33 of Law No. 18,046 on Closely-Held Stock Companies, the Regular Shareholders
Meeting held on April 16, 2013 agreed on the fee to be paid to the Board of Directors and Directors’ Committee for the 2014
accounting period.
The Board of Directors’ fee consists on the payment of an annual variable wage equal to one per thousand of the net profits
obtained in the accounting period. It was determined to pay as an advance one monthly fee, part at all events and a variable
part, attributable to the referred to annual variable wage.
The Directors’ Committee fee consists on an annual variable fee equal to zero point eleven thousand seven-hundred and
sixty-five per thousand of the net profits achieved during the accounting period. It was determined to pay as an advance one
monthly fee, part at all events and a variable part, attributable to the referred to annual variable wage.
Total expenses due to fees during 2014 were of $657,904,568 and are detailed in the following table. The Board of Directors
did not incur in expenses for external consulting services.
2014
Ammounts in Ch$
Name
Rosenblut Jorge (2)
Prado Eulate Borja
Schmidt Zaldívar Carolina (2)
Somerville Senn Hernán
Fernández Morandé Rafael
De Paoli Alberto (2)(3)
Brentan Andrea (3)(4)
Yrarrázaval Valdés Pablo (1)
Vial Echeverría Leonidas (1)
Ferraris Luigi (1)(3)
Miranda Rafael (1)
Tironi Eugenio (1)
Total general
Position
Chairman
ViceChairman
Director
Director
Director
Director
Director
Chairman
Director
Director
Director
Director
Fixed
remuneration
9,274,634
43,661,309
4,968,083
29,107,539
29,107,539
-
6,871,759
48,278,913
24,139,457
-
-
-
Ordinary and
extraordinary
sessions
16,139,685
42,763,247
8,069,842
33,279,443
31,670,974
-
12,865,954
50,419,200
23,618,980
-
-
-
195,409,233 218,827,325
Comitee fixed
remuneration
-
-
1,869,180
10,951,351
10,951,351
-
-
-
9,082,172
-
-
-
32,854,054
Comitee
Ordinary and
extraordinary
sessions
-
-
1,323,082
7,779,963
7,779,963
-
-
-
5,154,136
-
-
-
Variable
TOTAL 2014
remuneration
25,414,319
-
112,024,991
25,600,435
16,230,188
-
114,762,358
33,644,061
113,153,889
33,644,061
-
-
19,737,713
-
146,887,167
48,189,053
95,638,805
33,644,061
-
-
7,027,570
7,027,570
7,027,570
7,027,570
22,037,145 188,776,811 657,904,568
(1) Messrs. Rafael Miranda and Eugenio Tironi performed their duties in the Board until April, 2013; nevertheless, they received payments in
2014 for the difference between the annual variable remuneration due to them originated by the net profit obtained during 2013 and
the amount paid as monthly advance for the same year. Messrs. Pablo Yrarrázaval and Leonidas Vial performed their duties in the Board
until October 28th and October 30th, respectively, and Mr.Luigi Ferraris until November 4th, 2014.
(2) Messrs. Jorge Rosenblut, Carolina Schmidt and Alberto de Paoli, took office in Enersis’ Board in November, 2014.
(3) Messrs. Luigi Ferraris, Andrea Brentan and Alberto de Paoli renounced payment of any remuneration due to their current positions as
executives of Enel Group.
(4) Mr. Brentan resigned from his position as Delegate Counsellor in Endesa, whereby he begins to accrue remuneration as director since
October, 2014.
2013
Ammounts in Ch$
Name
Pablo Yrarrázaval
Borja Prado Eulate
Hernán Somerville
Leonidas Vial
Rafael Fernández
Andrea Brentan(2)
Luigi Ferraris(2)
Rafael Miranda(1)
Eugenio Tironi(1)
Total general
Position
Chairman
ViceChairman
Director
Director
Director
Director
Director
Director
Director
Fixed
remuneration
55,759,468
29,700,991
27,879,734
27,879,734
27,879,734
-
Ordinary and
extraordinary
sessions
54,563,615
22,822,191
25,758,205
22,718,701
27,281,808
-
-
10,559,674
12,067,014
185,257,807 175,771,207
8,079,073
8,079,073
Comitee fixed
remuneration
10,489,405
10,489,405
10,489,405
31,468,215
Comitee
Ordinary and
extraordinary
sessions
-
-
5,786,397
5,369,050
6,201,925
-
-
-
-
17,357,372
Variable
TOTAL 2013
remuneration
- 110,323,083
52,523,182
-
69,913,741
-
66,456,890
-
71,852,871
-
-
-
-
18,638,747
-
20,146,087
-
- 409,854,602
(1) Messrs. Rafael Miranda and Eugenio Tironi, performed their duties as Directors in Enersis until April 16th, 2013.
(2) Messrs. Andrea Brentan and Luigi Ferraris renounced payment of any remuneration due to their current positions as company Directors.
28
2014 ANNUAL REPORT ENERSIS
ADMINISTRATION
Board of Directors Consulting Expenses
During 2014, the Board of Directors did not make any expenses in consulting
services.
Property over Enersis
As at December 31st, 2014, according to the Shareholders’ Register, none of the
current Directors had ownership on the company.
Director’s Committee
As established in Article 50 bis of law No.18,046 on Corporations, Enersis has
a Directors’ Committee composed of three members, with faculties and duties
enumerated in said article and those delegated by the Board as established in the
Regulation of the Director’s Committee.
During the meeting held on April 16th, 2013, the Company Board appointed
Messrs. Hernán Somerville Senn (independent), Rafael Fernández Morandé
(independent) and Leonidas Vial Echeverría (independent) as members of the
Directors’ Committee of Enersis. They are the same Directors who had been elected
in the Board meeting on April 23rd, 2010, and who were part of the Directors’
Committee on January 1st, 2013.
Likewise, during the meeting held on April 29th, 2013, the Directors’ Committee
named Mr. Hernán Somerville Senn President and Mr. Domingo Valdes Prieto
Secretary. During the aforementioned meeting, the Board named Mr. Hernán
Somerville as Financial Expert
On October 30th, 2014 Leonidas Vial Echeverría resigned to his position as Director
and member of the Directors’ Committee. On November 4th, 2014 the Board
appointed Mrs. Carolina Schmidt Zaldívar as his substitute, who assumed, as of this
date, as Independent Director and member of the Directors’ Committee.
29
Annual management report
The Directors’ Committee President, Mr. Hernán Somerville
Senn stated that according to what is established in Article 50,
bis of Law No. 18,046 on Closely-Held Stock Companies (LSA), it
corresponds that the Enersis S.A.‘s Directors’ Committee present
the Annual Report and gives account to the company’s Regular
Shareholders’ Meeting regarding its annual management
report, underscoring the activities developed by the Committee
during the 2014 accounting period, as well as expenses that it
has incurred upon, including those of its advisors, during such
period. The approval of the following text was proposed to the
Committee for its approval:
Annual Management Report of the Directors’
Committee
As at January 1st, 2014, the Directors’ Committee of Enersis
was composed of Mr. Hernán Somerville Senn (independent),
Mr. Leonidas Vial Echeverría (independent) and Mr. Rafael
Fernández Morandé (independent), being Mr. Hernán
Somerville Senn its Chairman and Financial Expert, and Mr.
Domingo Valdés Prieto its Secretary.
The Directors’ Committee unanimously agreed to record
they had formally and expressly acknowledged a draft of
Enersis’ Letter, prepared by Ernst & Young, the company’s
external auditors, and that the definitive internal control
letter would be examined in a forthcoming extraordinary
meeting.
The Chairman of the Directors’ Committee, explained that,
as resolved by the Board of Enersis S.A., in compliance with
General Standard No.341 from the Securities and Insurance
Superintendence (SVS), the External Auditors should
expose on the following subjects, stating that these would
also be known by the Board in the meeting to be held on
this same date and following the current meeting. These
subjects are:
i. Potential differences found during the external audit with
respect to accounting practices, administrative systems
and internal audit.
ii. Potential severe deficiencies found and those irregular
situations that, because of its nature, should be
communicated to the respective regulatory bodies.
The Directors’ Committee has held meetings 18 times during
2014.
iii. Results of the external audit annual programme.
In its first meeting, ordinary, held on January 28th, 2014,
the Directors’ Committee examined Enersis ‘s Consolidated
Financial Statements as at December 31st, 2013 and the
reports from External Auditors and Account Inspectors.
The Chairman of the Directors’ Committee stated that the
Company results were practically ready, except for three
aspects related to subsidiaries in Brazil, which would be
promptly resolved.
Chief Executive Officer, Mr. Ignacio Antoñanzas Alvear,
Administration Manager, Mr. Ángel Chocarro García and
Ernst & Young’s Partner, Mr. Marek Borowski, together
with Mr. Rubén López, also Ernst & Young’s Partner, were
speakers on the occasion. Director Mr. Rafael Fernández
Morandé stated that in three occasions the Committee had
asked the external auditors for a note on derivatives’ and
litigations’ provisions. The aforementioned Ernst & Young’s
partners answered the Directors’ Committee, with respect
to a note on derivatives’ and litigations’ provisions, stating
they had not identified special situations and that this was
part of normal revisions when performing external audits.
The Directors’ Committee unanimously declared the drafts
of the Company’s Consolidated Financial Statement s as
at December 31st, 2013, their Notes, Income Statements
and Relevant Facts, available as at this date. Likewise,
the Committee decided to meet extraordinarily once the
outstanding information were available and the definitive
documents could be examined.
iv. Potential conflicts of interest that may exist in the
relationship with the external audit company or its
personnel, either because of other services rendered to
the company or companies within the holding or because
of other circumstances.
The Directors’ Committee unanimously agreed to
acknowledge the presentation by Ernst & Young’s Partner,
Mr. Marek Borowski and to declare the indicated matters
examined, resolving to examine these matters again during
a forthcoming extraordinary meeting, when the definitive
Financial Statements are available.
Once the explanation of Ernst & Young’s Partners was
heard, the Directors’ Committee unanimously agreed to
register that a forthcoming extraordinary meeting would be
convened to formally and expressly acknowledge the report
on Money Brokerage and Banking Business to be prepared
by the External Auditors once the Financial Statements are
closed.
After the presentation from Mr. Héctor Escobar Vargas,
External Audit Coordinator, on the services contracted
with Ernst & Young, not related to the external audits, and
after a questions and answers exchange, as established in
Section 202 of the Sarbanes Oxley Act, in Article 242, final
paragraph, of Law 18,045 on the Securities Market and in
the Regulation of the Directors’ Committee, the Directors’
Committee unanimously agreed to declare that contracting
30
2014 ANNUAL REPORT ENERSIS
ADMINISTRATION
the services to be rendered by the external auditors does
not jeopardize neither the technical suitability nor the
independence of judgement of said external audit company.
The Directors’ Committee unanimously declared the
objectives of managers and main company executives in
relation to year 2013, examined.
In its second meeting, extraordinary, held on February
7th, 2014, the Directors’ Committee examined Enersis’
Consolidated Financial Statements as at December 31st,
2013 and the reports from External Auditors and Account
Inspectors. Participants were the Chairman of the Directors’
Committee, the Chief Executive Officer, the Administration
Manager, Mr. Ángel Chocarro García, who supplemented the
aforementioned presentation and Ernst & Young’s Partner,
Mr. Marek Borowski, who together with Mr.Rubén López,
also Ernst & Young’s Partner, made a presentation of the
Company’s Financial Statements as at December 31st, 2013
and the corresponding report from the External Auditors.
Additionally, the aforementioned Ernst & Young’s partners
indicated to the Directors’ Committee that with respect
to derivatives’ and litigations’ provisions, they had not
identified special situations and that this is part of normal
revisions performed during an external audit. The Directors’
Committee unanimously declared examined the Company’s
Consolidated Financial Statements as at December 31st,
2013, their Notes, Income Statements and Relevant Facts,
as well as the reports from External Auditors and Account
Inspectors on the matter.
After the explanation from Ernst & Young’s Partner Mr.
Marek Borowski, the Directors’ Committee unanimously
agreed to register they had formally and expressly
acknowledged Enersis S.A.’s Internal Control Letter, dated
January 24th, 2014, prepared by Ernst & Young.
After the resolution from the Board of Enersis S.A., in
compliance with General Standard No.341 from SVS, it was
pertinent for the External Auditors to expose on the subjects
already indicated during the first meeting, ordinary, dated
January 28th, 2014. Mr. Marek Borowski, exposed on the
referred subjects, certifying that none of the aforementioned
subjects - numbers i) to iv) showed any special situation
worthy of being noted and communicated to this Directors’
Committee. The Directors’ Committee unanimously agreed
to acknowledge Mr. Borowski’s presentation and to declare
the indicated subjects examined.
After the presentation from the Chairman of the Directors’
Committee, this body unanimously agreed to register it had
formally and expressly acknowledged the report on Money
Brokerage and Banking Business prepared by Ernst & Young,
dated February 7th, 2014.
In its third meeting, ordinary, held on February 28th,
2014, the Directors’ Committee analysed the complaints
from the Ethical Channel, through the report from Mr.
Alain Rosolino, Internal Audit Manager, on this matter.
The Directors’ Committee unanimously presented its views
on the matter, giving guidelines to follow and confirming
what the Internal Audit Department had resolved, that is,
that the Chairman of the Directors’ Committee shall call
an extraordinary meeting of this body in case the entity
making a complaint well justifies it, in the opinion of the
Chairman of the Committee.
The Directors’ Committee unanimously agreed to qualify as
reasonable the work of the Company’s external auditors, EY
(Ernst & Young), performed during year 2013.
The Directors’ Committee unanimously approved fees paid
by Enersis Group companies to all external audit companies
during 2013.
The Directors’ Committee unanimously agreed to propose
the Board, so that the latter, in turn, proposes the Ordinary
Shareholders’ Meeting to approve Feller Rate Clasificadora
de Riesgo Limitada and Fitch Chile Clasificadora de Riesgo
Limitada as private national credit rating agencies,
and Fitch Ratings, Moody’s Investors Services and
Standard & Poor’s International Ratings Services as private
international credit rating agencies for Enersis S.A.,
during 2014.
The Directors’ Committee examined an operation
between related parties consisting of the structuring of
an intercompany loan to be given by Enersis S.A. to its
subsidiary Endesa Chile, issuing the appropriate report and
unanimously agreeing the following:
a) To declare the operation between related parties,
consisting of the structuring of an intercompany loan
to be given by Enersis S.A. to its subsidiary Endesa,
examined. Said intercompany loan should be in
Chilean pesos, for an amount up to the equivalent of
MMUS$350 and with a term of up to twelve months.
‘All in’ rate would be approximately 4.9% minus ‘spread’
payment of 0.2% p.a.
b) To declare that this operation constitutes an operation
between related parties, governed by Title XVI of
Corporations Law, that it contributes to Enersis S.A.’s
social interest and that it meets current market price,
terms and conditions.
c) To declare that, notwithstanding this operation
falls within habitual Company operations, for more
transparency, this Committee resolves analysing it.
31
d) To file a copy of the Chief Executive Officer’s presentation
under No.8, as an official document.
proposed exposed services, to be rendered by the external
auditors, does not c the external audit companies’ technical
suitability nor judgement independence.
In its fourth meeting, ordinary, held on March 25th,
2014, the Directors’ Committee unanimously agreed to
approve the proposal for the Budget of the Directors’
Committee, which will consist of the amount of 10,000
Unidades de Fomento (UF) to cover expenses and
functioning of the Directors’ Committee and its advisors.
Likewise, the Directors’ Committee unanimously resolved to
submit said proposal to the Ordinary Shareholders’ Meeting
of Enersis. Finally, the Directors’ Committee agreed to make
an inspection visit to El Quimbo Project.
The Chairman of the Directors’ Committee informed
that Enersis S.A., as ADS and Bonds issuer in the US
Market, should present the 20-F Form in the near future,
corresponding to the Company’s IFRS financial statement,
as well as related information required by the US Securities
and Exchange Commission (SEC). Director Rafael Fernández
Morandé made several observations related to 20-F
wording. Mr. Marek Borowski and Manager Mr. Emiliano
Ramos exposed on behalf of Ernst & Young. The Directors’
Committee unanimously agreed to approve 20-F Form,
as well as the observations proposed by Director Rafael
Fernández Morandé, and to authorise the presentation of
the Form to SEC.
Regarding the external auditors’ proposal for 2014, the
Directors’ Committee qualitatively and quantitatively studied
the proposals and agreed to propose the Board the following
preference order for the appointment of Enersis’ external
auditors firm for 2014: 1.- E&Y. 2.- KPMG y 3.- JM+A and 4.-
PKF, to be proposed to the Ordinary Shareholders’ Meeting.
The Directors’ Committee unanimously agreed to authorize
the fee estimates for 2014.
The Chairman of the Directors’ Committee stated
Colombia’s tax counselling had proposed to hire an
employee from E&Y’s external audit, for the position of
‘tax professional’, reporting to Codensa Fiscal Counselling
Officer. The Directors’ Committee concluded that the
proposal transgressed neither the Sarbanes Oxley Act nor
local laws and that, therefore, there would be no legal
impediment in carrying it out. Likewise, the Directors’
Committee concluded that such hiring did not undermine
the external audit company’s independence.
With respect to services to contract with Ernst & Young,
not related to external audit, and in compliance with
Section 202 of the Sarbanes Oxley Act, in Article 242,
final paragraph, of Law 18,045 on the Securities Market
and Directors’ Committee Regulations, the Directors’
Committee unanimously agreed to declare that hiring the
In its fifth meeting, ordinary, held on April 29th, 2014,
the Directors’ Committee unanimously agreed, with respect
to contracting services with Ernst & Young, not related to
external audits, and in compliance with Section 202 of the
Sarbanes Oxley Act, with Article 242, final paragraph, of
Law 18,045 on the Securities Market and the Regulation
of the Directors’ Committee, to declare that contracting
the proposed services, to be performed by external
auditors, compromises neither the respective external
audit companies’ technical suitability nor their judgement
independence.
In its sixth meeting, extraordinary, held on May
2nd, 2014, the Directors’ Committee examined Enersis’
Consolidated Financial Statements as at March 31st, 2014
and the External Auditors’ letter on operations with related
parties. Speakers were the Chairman of the Directors’
Committee, Enersis’ Chief Financial Officer, Mr. Eduardo
Escaffi Johnson and the Administration Manager Mr. Ángel
Chocarro. These highlighted that such Financial Statements
were not revised by the Company’s external auditors, in
compliance with current regulations, except for the note
on balances and transactions with related parties, which
has been revised by Ernst & Young and over which said
company has issued a special opinion certifying that such
note presents, in all significant aspects, balances and
transaction with related companies for the period ended
on March 31st, 2014. The Directors’ Committee unanimously
declared examined Enersis’ Consolidated Financial
Statements as at March 31st, 2014, their Notes, Income
Statements and Relevant Facts, as well as the opinion issued
by Ernst & Young with respect to the note on balances and
transactions with related parties.
In its seventh meeting, ordinary, held on May 29th,
2014, with respect to services to be contracted with
Ernst & Young, not related to external audits, and in
compliance with Section 202 of the Sarbanes Oxley Act,
with Article 242, final paragraph, of Law 18,045 on the
Securities Market and with the Regulation of the Directors’
Committee, the Directors’ Committee unanimously agreed
to declare that contracting the exposed proposed services,
to be performed by external auditors, compromises neither
the respective external audit companies’ technical suitability
nor their judgement independence.
In its eighth meeting, ordinary, held on June 24th, 2014,
with respect to services to be contracted with Ernst &
Young, not related to external audits, and in compliance
with Section 202 of the Sarbanes Oxley Act, with Article
242, final paragraph, of Law 18,045 on the Securities
32
2014 ANNUAL REPORT ENERSIS
ADMINISTRATION
Market and the Regulation of the Directors’ Committee,
the Directors’ Committee unanimously agreed to declare
that contracting the proposed services, to be performed
by external auditors, compromises neither the respective
external audit companies’ technical suitability nor their
judgement independence.
The Directors’ Committee unanimously agreed to declare
the external audit plan approved and the other matters
included in Mr. Rahil’s presentation examined. The Director’s
Committee reminded E&Y that deliverables should include
an analysis of litigations’ and derivatives’ provisions, as
requested in previous meetings.
In its ninth meeting, ordinary, held on July 24th, 2014,
the Directors’ Committee examined Enersis’ Consolidated
Financial Statements as at June 30st, 2014 and the External
Auditors’ Report. Speakers were the Chairman of the
Directors’ Committee and the Administration Manager, Mr.
Ángel Chocarro García. Ernst & Young’s Partner, Mr. Rubén
López, explained that there was a rotation of the Ernst &
Young’s partner in charge of Enersis S.A. and consequently,
Mr. Emir Rahil substituted for Mr. Marek Borowski. Ernst &
Young’s Partners, Messrs. Emir Rahil and Emiliano Ramos,
referred to the External Auditors’ Report in relation to the
limited revision of the Financial Statements as at June 30th,
2014, making a presentation on the same. Likewise, they
declared that they were given all the facilities to examine
the Financial Statements as at June 30th, 2014, and that they
have had no problem in obtaining information related to
litigations and their provisions. The Directors’ Committee
unanimously declared examined Enersis’ Consolidated
Financial Statements as at June 30th, 2014, with the
aforementioned provisions, their Notes, Reasoned Analysis,
Income Statements and Relevant Facts, and the External
Auditors’ opinion issued ‘without exceptions’, dated July
24th, 2014, signed by Mr. Emir Rahil, Ernst & Young’ Partner,
expressing their conformity with the same.
The Chairman of the Directors’ Committee explained that,
as resolved by Enersis’ Board of Directors, in compliance
with SVS General Standard No.341, external auditors should
expose on the following subjects, stating that the same will
also be known by the Board during the meeting to be held
on this same date following the current meeting. External
Audit Plan and the Means to Carry It Out are also included
in this point:
i. External Audit Plan and the Means to Carry It Out.
ii. Potential differences found during the audit with respect
to accounting practices, administrative systems and
internal audits.
iii. Potential serious deficiencies detected and irregular
situations that, due to their nature, should be
communicated to the corresponding regulating bodies.
iv. Potential conflicts of interest that may exist related with
the external audit company or its staff, both for other
services rendered to the company or other companies of
the holding as well as for other circumstances.
After the presentation of the Administration Manager,
with respect to Self Evaluation and Internal Audit Revision
on Enersis’ Internal Control, the Directors’ Committee
unanimously agreed to declare the aforementioned
structures and proceedings examined.
The Directors’ Committee unanimously agreed to the
following:
a) To declare operations consisting of service contracts
between Enel Distribuzione S.p.A. and distributors
Ampla Energía y Servicios S.A., Chilectra S.A., Codensa
S.A., Coelce S.A. and Edelnor S.A. examined in the terms
exposed by the Chief Executive Officer.
b) To declare that these operations meet price, terms and
conditions currently prevailing in the market.
c) To request the Chief Executive Officer to have these
agreements addressed by the Boards of aforementioned
subsidiaries.
In its tenth meeting, extraordinary, held on July 30th,
2014, the Directors’ Committee unanimously declared
that the purchase Operation, by Enersis S.A. to Enel
Latinoamérica S.A., of the credits the latter has against
Central Dock Sud (CDS) and the subsequent cancellation of
interests and the contribution of said credits by Enersis S.A.
to the capital of Dock Sud (IDS) and subsequently, to CDS’s,
at its face value and in the same conditions by all creditors
and shareholders of Argentinian companies, receiving
in return shares issued by IDS and CDS, respectively,
proportional to the credit contribution made and to
eventual capital reductions in those Argentinian subsidiaries
(Dock Sud Operation), is an Operation with Related Parties.
Consequently, such Operation shall comply with the terms
in Title XVI of the Corporations Law and, therefore, shall
comply with all formalities and requirements established in
current regulations for such kind of operations.
To this effect, the Operation requires to be approved by Enersis’
Extraordinary Meeting, having in consideration that six of the
seven directors who make up its administration body have
declared being involved. Such meeting will be called once the
report from the independent evaluators is available.
Specifically, the Directors’ Committee declared it had
acknowledged that, in the Board’s last meeting, the
33
Chairman of the Board, Mr. Pablo Yrarrázaval Valdés, the
Vicepresident of the Board, Mr. Borja Prado Eulate and
directors Messrs. Andrea Brentan, Luigi Ferraris, Hernán
Somerville Senn and Leonidas Vial Echeverría had declared
being involved with respect to the proposed Operation,
as they would not have been elected without the votes of
the Controller shareholder; as well as the Chief Executive
Officer, Mr. Ignacio Antoñanzas Alvear, who holds the
position of Chairman of the Council and General Director
of Enel Latinoamérica, S.A. It had also been acknowledged
that Messrs. Massimo Tambosco, Company’s Assistant Chief
Executive Officer, Marcos Fadda, Planning and Control
Officer, and Mr. Alain Rosolino, Internal Audit Manager, are
subjected to situations that might be considered conflicts
of interest, as those main executives receive a percentage
of their income from Enel Latinoamérica, S.A. or from Enel
S.p.A. In reference to this condition and by requirement
of Director Mr. Rafael Fernández Morandé, the Directors’
Committee unanimously decided to analyse the status of
senior aforementioned executives during their forthcoming
meeting.
the remuneration status of certain Company senior
executives in their countries of origin.
The Directors’ Committee, in compliance with Section
202 of the Sarbanes Oxley Act, in Article 242, final
paragraph, of Law 18,045 on Securities Market and the
Directors’ Committee Regulation, unanimously agreed
to declare that contracting the proposed services not
related to external audits, to be rendered by the external
auditors, compromises neither the respective external
audit companies’ technical suitability nor their judgement
independence. Likewise, the Directors’ Committee agreed
that the revision of provision for litigations and derivatives
should take place twice a year, at the time of the limited
revision in June and December every year.
The Directors’ Committee examined the operation
between related parties consisting of the structuring of
an intercompany loan to be given by Enersis S.A. to its
subsidiary Endesa Chile, issuing the corresponding report
and unanimously agreeing the following:
Finally, the Directors’ Committee unanimously thanked the
Administration’s disposition to provide the information
required to issue the report demanded by Article 50 bis
in the Law on Corporations, and agreed to appoint Mrs.
Victoria Salinas González as coordinator for the tasks
that might arise related to the work plan the Directors’
Committee determines, notwithstanding the contracting
the Directors’ Committee may resolve to make on the same
matter.
a) To declare the operation between related parties
consisting of the structuring of an intercompany loan
to be given by Enersis S.A. to its subsidiary Endesa Chile,
for the amount of up to MMCh$75,000 (approximately
MMUS$131), six months term, pre-payable, either
at Enersis’ or Endesa Chile’s request, at the lowest
equivalent rate Endesa Chile could opt in the banking
financial market (currently approximately 4.3% per
annum), six months term in Chilean pesos.
Following, the Directors’ Committee unanimously
assigned IM Trust bank as Independent Evaluator for the
aforementioned matters; likewise, it agreed to file the
proposal of said entity as a Committee’s official document,
under No.21. Finally, the Directors’ Committee resolved to
file a copy of the presentation given by the Chief Financial
Officer, as well as the legal opinion issued by Carey y Cía, as
Official Documents No.22.
In its eleventh meeting, ordinary, held on August 29th,
2014, the Directors’ Committee analysed the claims from
the Ethical Channel, reported by Mr. Alain Rosolino, Internal
Audit Manager. The Directors’ Committee unanimously
issued an opinion on the claims presented, giving guidelines
to be followed and confirming its previous resolution, which
is that the Chairman of the Directors’ Committee will call a
Committee’s extraordinary meeting in case it is justified by a
claim’s entity, under his judgement.
The Directors’ Committee unanimously declared the
remunerations systems and compensation plans for
managers, senior executives and Company employees,
examined. Likewise, the Committee also declared examined
b) To declare this operation is an operation between
related parties, ruled by Title XVI of the Law on
Corporations, contributing to Enersis’ social interest and
that it meets the price, terms and conditions currently
prevailing in the market.
c) To declare this operation falls within the Company’s
normal operations, notwithstanding which this
Committee resolves to analyse it.
d) To file a copy of the Chief Executive Officer’s
presentation as official document, under No.26.
The Directors’ Committee unanimously acknowledged the
news on Dock Sud Operation and requested several reports
to solve concerns rising within the Committee.
The Committee approved, likewise, a new estimate
operation schedule and examined the presentation from
IMTrust as Independent Evaluators appointed by the
Directors’ Committee of Enersis S.A., with respect to the
methodology being used to prepare the corresponding
report, as well as to the progress of said evaluation
report.
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2014 ANNUAL REPORT ENERSIS
ADMINISTRATION
In its twelfth meeting, ordinary, held on September
30th, 2014, the Directors’ Committee, unanimously agreed
to declare that, with respect to services to be contracted
with Ernst & Young, not related to external audits, and in
compliance with Section 202 of Sarbanes Oxley Act, of
Article 242, final paragraph, of Law 18,045 on the Securities
Market and the Regulation of the Directors’ Committee,
contracting the proposed services, to be performed by
external auditors, compromises neither the external audit
companies’ technical suitability nor their judgement
independence.
With respect to Dock Sud Operation, the Directors’
Committee unanimously agreed to declare having formally
received during this meeting the definitive report made
by IM Trust, independent evaluator, who, by means of its
representatives, has declared with respect to the required
independence and has confirmed compliance with
formalities and contents prescribed in current legislation
.for said report.
Likewise, the Directors’ Committee unanimously agreed
to make the Independent Evaluation Report issued by IM
Trust available for all the Company’s shareholders at social
facilities as well as in the Company’ internet website, for at
least 15 working days, and to deliver a copy of the same to
Enersis’ Board of Directors, empowering, to that effect, the
Chairman of the Directors’ Committee.
The Directors’ Committee unanimously concluded, after
the presentation from Carey y Cía.’s representatives, that
credits object of Dock Sud Operation were not included in
the capital increase approved by the extraordinary meeting
in December, 2012; therefore, a price has to be paid for such
purchase and there is no grounds for any claim to Endesa
España for an alleged breach of clause 6.4 of the Shares’
Subscription contract signed between Endesa España and
Enersis S.A. at the moment of the aforementioned capital
increase, which indicates that the contributed shares are
free of pledges and other burdens.
Finally, the Directors’ Committee approved the provisional
schedule and the new milestone sequence proposed by
Dock Sud Operation and ordered that a copy of PAE offer,
dated September 19th, 2014 be filed as official document
under No.30.
In its thirteenth meeting, extraordinary, held on
October 6th, 2014, the Directors’ Committee unanimously
agreed the following:
1. The definitive text of the report from the Directors’
Committee related to Dock Sud Operation. This consists
of the purchase, by Enersis S.A. to Enel Latinoamérica
S.A., of the credits the latter has against Central
Dock Sud S.A. (‘CDS’) by Enersis S.A. and the further
transformation to pesos and contribution of said credits
by Enersis S.A. to the capital of Inversora Dock Sud
(‘IDS’) and of CDS, at face value and in equal conditions
by all creditors and shareholders, receiving in exchange
shares issued by IDS and CDS, respectively, proportional
to the credits’ contribution made by the aforementioned
Argentinian companies, with some of the credits
purchased by Enersis, partially amortised in cash by CDS
and the potential capital reductions in such subsidiaries.
Said Report, in compliance with Article 50 bis of the
Law on Corporations, was signed by all of the members
of the Directors’ Committee and was filed as Official
Document of the Directors’ Committee under No.31,
together with copies of legal opinions issued by Mrs.
María Inés Justo on October 3th, 2014 and by Pérez Alati,
Grondona, Benites, Arntsen & Martinez de Hoz on the
same date.
2 That the Chairman of the Directors’ Committee shall
submit the Directors’ Committee report to the Company,
for the Chief Executive Officer to issue an essential fact
accounting for said report and for a copy of the report
to be made available in the Company web site and
available to shareholders at Enersis’ Investments and
Risks Management offices.
3. That Administration, Finance and Control Management
shall appoint a person to perform all necessary
formalities at the Central Banks of Argentina and Chile,
so that all currency exchange aspects of the Operation
be duly materialised and then to report such formalities
to this Committee.
4. That Administration, Finance and Control Management
shall obtain the consent from the assigned debtor elated
to both credits to be purchased by Enersis, even though,
in compliance to pertinent documentation of one of
them, this may not be deemed necessary, and also
obtain that, in the text of the credit assignment contract
to be signed by Enersis S.A., Enel Latinoamérica S.A.
declares having obtained all corporative and regulatory
authorizations and approvals deemed necessary or
convenient for the fluid transfers of Central Dock Sud’s
credits of which it is the owner.
In its fourteenth session, ordinary, held on October
28th, 2014, the Directors’ Committee, regarding services
to contract with Ernst & Young, not related to the external
audit, and as established in Section 202 of Sarbanes Oxley
Act, in Article 242, final paragraph, of Law 18,045 on the
Securities Market and in the Regulation of the Directors’
Committee, unanimously agreed to declare that contracting
the proposed services not related to the external audit, to
be rendered by the external auditors, compromises neither
35
the technical suitability nor the independence of judgement
of the respective external audit companies.
as information to all Enersis’ shareholders in relation to
the Shareholders’ Meeting scheduled for November 25th,
2014.
The Directors’ Committee analysed Enersis’ Consolidated
Financial Statements as at September 30th, 2014 and the
External Auditors’ letter on operations with related parties.
The Chairman of the Directors’ Committee and Enersis’
Administration Manager took part; the latter answered
queries from the members of the Directors’ Committee
and noted that interim Financial Statements had not been
reviewed by the external auditors, except for the note on
balances and transactions with related companies, which
has been reviewed by Ernst & Young. In relation to said
note, he indicated that Ernst & Young had issued a special
opinion certifying that it presents, in all material aspects,
balances and transactions with related companies for
the period ended September 30th, 2014. The Directors’
Committee unanimously declared examined Enersis’
Consolidated Financial Statements as at September 30th,
2014, their Notes, Reasoned Analysis and Relevant Facts,
as well as the special opinion issued by Ernst & Young
concerning the note on balances and transactions with
related parties.
On Dock Sud operation, the Directors’ Committee
unanimously agreed to urge the Chief Financial Officer to
close the negotiations related to the Cession Contract so
that it may be re–examined by the Directors’ Committee
and subsequently submitted to the consideration of
the Board of the Company, so that the latter agrees to
submit it for approval of the Shareholders’ Extraordinary
Meeting.
In its fifteenth session, extraordinary, held on
November 6th, 2014, the Directors’ Committee
unanimously acknowledged the resignation of Director Mr.
Leonidas Vial Echeverría to his position as member of the
Directors’ Committee of Enersis .
With regard to Dock Sud Operation, the Directors’
Committee unanimously agreed that the observations
made to the credits purchase contract be resolved,
communicating them to the Chairman of Endesa España,
Mr. Borja Prado Eulate, in order to place copy of said
contract on the Company’s website for information to
shareholders and that to that effect a new extraordinary
Committee meeting shall be convened.
In its seventeenth meeting, ordinary, held on November
25th, 2014, the Chairman of the Directors’ Committee
welcomed the new director, Mrs. Carolina Schmidt Zaldívar,
who was incorporated as a member of the Committee and
Mr. Luigi Ferraris, as the new Chief Executive Officer of the
Company, whom he invited to participate in the meetings
of this corporate body.
The Directors’ Committee, regarding services to contract
with Ernst & Young, not related to the external audit, and
as established in Section 202 of Sarbanes Oxley Act, in
Article 242, final paragraph, of Law 18,045 on the Securities
Market and in the Regulation of the Directors’ Committee,
unanimously agreed to declare that contracting the
exposed services not related to the external audit, to be
rendered by the external auditors, compromises neither the
technical suitability nor the independence of judgement of
the respective external audit companies.
The Directors’ Committee unanimously agreed to record it
had examined and formally and explicitly acknowledged
the Internal Control Letter referred to Enersis S.A.,
dated November 25th, 2014, prepared by Ernst & Young.
Likewise, the Directors’ Committee recorded its request
to immediately start executing the mitigation plans
exposed by the Company’s Administration Manager
and, particularly, with regard to payment to suppliers in
Argentina and Brazil. Regarding the latter the Committee
requested this to be resolved before issuing the next
Internal Control report established under Circular No.422 of
the SVS.
The Chairman of the Directors’ Committee explained to
the members of said corporate body that a communication
had been received from Ernst & Young, requesting the
Company’s authorization to put the documents and reports
related to external audit services rendered by Ernst & Young
to Enersis S.A., specifically relating to subsidiary Endesa
Costanera S.A., based in Argentina, at the disposal of Public
Company Accounting Oversight Board of the United States
of America (PCAOB). He explained the aim of PCAOB was
to oversee Ernst & Young procedures and their compliance
with regulations established by PCAOB and the Securities
and Exchange Commission (SEC).
In its sixteenth meeting, extraordinary, held on
November 6th, 2014, the Directors’ Committee
unanimously agreed to recommend the Board to order
placing the text of the credits purchase contract to be
signed between Enersis S.A. and Enel Latinoamérica S.A. on
Enersis’ website; said contract shall contain the terms set by
the Company’s Chief Financial Officer, so that it may serve
The Directors’ Committee, after an exchange of views on
the matter, unanimously agreed to recommend the Board
of Enersis to consent, in the terms requested by Ernst &
Young, provided there is compliance with the requirements
prescribed to that effect by Official Notice No.3048 of
the SVS dated April 13th, 2004, subject to subsequently
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2014 ANNUAL REPORT ENERSIS
ADMINISTRATION
obtaining the written consent of subsidiary Endesa
Costanera S.A., in order for Ernst & Young to be able to
comply with PCAOB’s requirements.
d) File copy of the presentation and the expert’s report as an
official document under No.37.
Regarding Dock Sud Operation, the Directors’ Committee
unanimously agreed to declare it had acknowledged the
resolutions adopted by the Extraordinary Shareholders’
Meeting for Dock Sud Operation and the tentative schedule
and sequence of remaining milestones to complete said
Operation in the above described terms, requesting the
Chief Financial Officer to complete said Operation before
December 31st of the current year. The Committee also
requested to pay special attention to communications to
the Central Bank of Argentina and the Central Bank of
Chile.
The Chief Financial Officer informed the members of the
Directors’ Committee that, in the frame of the corporate
structure’s simplification policy of the Group, it was
recommendable to merge subsidiaries Inmobiliaria
Manso de Velasco Ltda. (IMV) with ICT Servicios
Informáticos Ltda. (ICT), by means of IMV’s absorption
and ICT’s survival.
The Chief Financial Officer explained that the governing
bodies of each of these subsidiaries participating in
the merger shall approve the aforementioned
operation, subjecting the merger, the audited balance
sheets, the respective expert report and the society’s
new statutes to approval. Due to this, auditing firm
Ernst & Young was contracted to audit said balance
sheets and expert Gonzalo Sanhueza, to perform the
companies’ economic valuation and determine the
exchange ratio.
The Directors’ Committee, with the favourable vote of all of
its members, concluded that the merger by absorption of
IMV, in the aforementioned terms, contributed to Enersis’
social interest and met the terms and conditions prevailing
in the market at the time of approval.
The Directors’ Committee issued the corresponding report
and unanimously agreed to the following:
a) Declare examined the operation consisting of the
merger of IMV and ICT, the latter absorbing the former,
under the terms exposed in the meeting.
b) Declare the examined operation meets, regarding price,
terms and conditions, those prevailing in the market at
the time of approval, and that it contributes to Enersis’
social interest.
The Chairman of the Directors’ Committee explained
that, taking into account the eventual need to convene
extraordinary meetings of the Directors’ Committee, a
procedure should be implemented to do so with reasonable
agility and certainty of receipt of the notice by the Directors.
The Directors’ Committee unanimously approved to convene
the extraordinary meetings of the Directors’ Committee
through the issue, by the Chairman of the Directors’
Committee, the Secretary of the Directors’ Committee or
their delegates, of an email and telephone message to
the email address and phone each director has provided
for such purposes. This call shall be made with a minimum
anticipation of twelve hours.
In its eighteenth meeting, ordinary, held on December
12th, 2014, the Directors’ committee, regarding services
to contract with Ernst & Young, not related to the external
audit, and as established in Section 202 of Sarbanes Oxley
Act, in Article 242, final paragraph, of Law 18,045 on the
Securities Market and in the Regulation of the Directors’
Committee, unanimously agreed to declare that contracting
the exposed services not related to the external audit, to be
rendered by the external auditors, compromises neither the
technical suitability nor the independence of judgement of
the respective external audit companies.
The Directors’ Committee unanimously acknowledged the
actions verified to execute and materialize Dock Sud Operation
in the terms approved by the Extraordinary Shareholders’
Meeting of Enersis held on November 25th, 2014.
The Directors’ Committee examined the operation between
related parties consisting of materialising a services’ provision
contract to be subscribed between Enersis S.A. (Enersis) and
subsidiary GasAtacama Chile S.A. (GasAtacama), issuing the
report and unanimously agreeing the following:
a) Declare examined the operation between related
parties consisting of the subscription of a contract for
services’ provision between Enersis and its subsidiary
GasAtacama, in the terms presented by the Chief
Financial Officer.
b) Declare this contract constitutes an operation between
related parties governed by Title XVI of the Corporations
Law, which contributes to Enersis’ social interest and
meets the price, terms and conditions currently prevailing
in the market.
c)
Issue the corresponding report, in order for it to be
made immediately available to the Board.
c) Declare this operation falls within the Company’s normal
operations and, notwithstanding that, the Committee
resolves analysing it.
37
d) File copy of Price Waterhouse Coopers Chile’s report
and the Chief Financial Officer’s presentation, as official
documents, under No.39.
The Directors’ Committee of Enersis unanimously approved
the Annual Management, Activities and Expenses Report to
be included in Enersis’ Annual Report, in order for the latter
to be informed at the next Ordinary Shareholders’ Meeting
and included in the Company’s Annual Report.
The Directors’ Committee unanimously agreed to approve
the proposed schedule of the Committee’s ordinary
meetings, notwithstanding the calls to extraordinary
meetings. Copy of said schedule was filed as official
document under No.40.
Thus, the Directors’ Committee has fully complied with
the obligations under Article 50 bis of Law No.18,046 on
Corporations.
The Directors’ Committee, During Year
2014, Examined the Following Operations
Between Related Parties (ORP):
1. In its third meeting, ordinary, held on February 28th,
2014, the Directors’ Committee unanimously agreed
to declare the following operation between related
parties examined: structuring an intercompany loan
to be granted by Enersis on behalf of its subsidiary
Endesa Chile, to be carried out in Chilean pesos, for
an amount equivalent to MMUS$350 and a term
of up to twelve months; declare this operation is an
operation between related parties, governed by Title
XVI of the Corporations Law, which contributes to
Enersis’ social interest and meets the price, terms and
conditions currently prevailing in the market; that it
falls within the Company’s normal operations and
that, notwithstanding that, the Committee voluntarily
resolved analysing it, for greater transparency. Likewise,
the Directors’ Committee issued the corresponding
report, to be made available to the Board.
2. In its nineth meeting, ordinary, held on July 24th,
2014, the Directors’ Committee unanimously agreed to
declare examined operations consisting of contracts for
services’ provision between Enel Distribuzione S.p.A. and
distributors Ampla Energy and Services S.A., Chilectra
S.A., Codensa S.A., Coelce S.A. and Edelnor S. A .; declare
these operations meet price, terms and conditions
currently prevailing in the market; and request the Chief
Executive Officer that these contracts be addressed on
the boards of said subsidiaries.
3. In its eleventh meeting, ordinary, held on august
29th, 2014, the Directors’ Committee, with the
favourable vote of all of the members attending
the meeting, Mr. Hernán Somerville Senn and Mr.
Rafael Fernández Morandé, agreed to declare the
following operation between related parties examined:
structuring of an intercompany loan to be granted
by Enersis on behalf of its subsidiary Endesa Chile,
for up to MMCh$75,000 (about US$131million), six
months term, pre–payable, at the request of both
Enersis and Endesa Chile; declare this operation is
an operation between related parties, governed by
Title XVI of the Corporations Law, which contributes
to Enersis’ social interest and meets price, terms and
conditions currently prevailing in the market; that it
falls within the Company’s normal operations and that,
notwithstanding that, the Directors’ Committee resolved
analysing it. Likewise, the Directors’ Committee issued
the corresponding report, to be made available to the
Board.
4. In its seventeenth meeting, ordinary, held on
November 25th, 2014, the Directors’ Committee
unanimously decided to declare the operation consisting
of the merger of IMV by ICT, the latter absorbing the
former, in the terms exposed in the meeting; declare the
examined operation meets price, terms and conditions
prevailing in the market at the time of approval, and
that it contributes to Enersis’ social interest. Likewise,
the Directors’ Committee issued the corresponding
report, to be made available to the Board.
5. In its eighteenth meeting, ordinary, held on
December 12th, 2014, the Directors’ Committee
unanimously agreed to declare examined the operation
between related parties consisting of subscribing a
contract for the services’ provision between Enersis
and its subsidiary GasAtacama; declare this contract
constitutes an operation between related parties
governed by Title XVI of the Corporations Law, which
contributes to Enersis’ social interest and meets
price, terms and conditions currently prevailing in the
market; that the operation falls within the Company’s
normal operations and that, notwithstanding that, the
Committee resolved analysing it. Likewise, the Directors
Committee issued the corresponding report, to be made
available to the Board.
6. Dock Sud operation was examined by the Directors’
Committee, at its various stages, in nine meetings:
extraordinary on July 30th, 2014; ordinary on August
29th, 2014; ordinary on September 30th, 2014;
extraordinary on October 6th, 2014; ordinary on October
28th, 2014; extraordinary on November 4th, 2014;
extraordinary on November 6th, 2014; and ordinaries on
November 25th and December 12th, 2014.
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2014 ANNUAL REPORT ENERSIS
ADMINISTRATION
It is worth noting that at its tenth meeting, extraordinary,
held on July 30th, 2014, the Directors’ Committee
unanimously appointed IM Trust bank as Independent
Evaluator; and that in its thirteenth session, extraordinary,
held on October 6th, 2014, the Director’s Committee
unanimously agreed the final text of the report of the
Directors’ Committee in connection with Dock Sud
Operation, consisting of the purchase, by Enersis S.A.
to Enel Latinoamérica S.A., of the credits the latter has
against Central Dock Sud S.A. (‘CDS’) and the subsequent
transformation to pesos and contribution of said credits
by Enersis S.A. to the capital of Inversora Dock Sud (‘IDS’)
and of CDS, at face value and in equal conditions by all
creditors and shareholders, receiving in exchange shares
issued by IDS and CDS, respectively, proportional to
the credits’ contribution made by the aforementioned
Argentinian companies, with part of the credits purchased
by Enersis, partially amortised in cash by CDS and by the
potential capital reductions in such subsidiaries. Said
Report, issued in compliance with Article 50 bis of the Law
on Corporations, was signed by all of the members of the
Directors’ Committee and was filed as Official Document of
the Directors’ Committee of Enersis S.A. This operation was
approved by the Extraordinary Shareholders’ Meeting held
on November 25th, 2014.
Counselling Expenditure of
the Directors’ Committee
The Directors’ Committee used the functioning expenditure
budget approved by the Ordinary Shareholders’ meeting
held on April 23rd, 2014, in contracting its independent
evaluator, in the context of Dock Sud Operation.
39
Organisational Structure
BOARD OF DIRECTORS
CHAIRMAN
Jorge Rosenblut
CHIEF EXECUTIVE
OFFICER
Luca D’Agnese (1)
DEPUTY CHIEF EXECUTIVE
OFFICER
Daniel Fernández
INTERNAL AUDIT
OFFICER
Alain Rosolino
COMMUNICATIONS
OFFICER
INSTITUTIONAL
RELATIONS OFFICER
José Miranda
Francesco Giorgianni
HUMAN RESOURCES
AND ORGANISATION
OFFICER
Paola Visintini
CHIEF FINANCIAL
OFFICER
GENERAL
COUNSEL
PROCUREMENT
OFFICER
Javier Galán
Domingo Valdés Prieto
Antonio Barreda (2)
PLANNING AND
CONTROL OFFICER
Marco Fadda
(1) Appointed by the Board in meeting held on
January 29th, 2015, substituting Mr. Luigi
Ferraris.
(2) Appointed by the Board in meeting held
on January 29th, 2015, substituting Mr.
Eduardo López Miller.
40
2014 ANNUAL REPORT ENERSIS
ADMINISTRATION
Main Executives
1. CHIEF EXECUTIVE OFFICER
Luca D’Agnese
Physics Degree
Scuola Normale Superiore de Pisa
Master in Business Administration
Business School of INSEAD
Passport: YA1349186
As of 01.29.2015
Note: Luca D’Agnese took office on 01.29.15 substituting
Luigi Ferraris. In turn, Luigi Ferraris had taken office
on 11.12.2014 substituting Ignacio Antoñanzas.
2. DEPUTY CHIEF EXECUTIVE OFFICER
Daniel Mauricio Fernández Koprich
Civil Engineer
Universidad de Chile
Tax ID: 7,750,368-4
As of 11.12.2014
Note: Daniel Fernández took office on 11.12.2014
substituting Massimo Tambosco.
3. INTERNAL AUDIT OFFICER
Alain Rosolino
Business Administration Degree
Universidad LUISS
Tax ID: 24,166,243-8
As of 12.12.2012
4. COMMUNICATIONS OFFICER
José Miranda Montecinos
Audio-visual Communicator
Instituto Profesional DUOC UC
Executive Competencies Diploma, Universidad de Chile
Corporate Undertaking and Open Innovation Studies,
Berkeley University
Tax ID: 15,307,846-7
As of 12.01.2014
Note: José Miranda took office on 12.01.2014
substituting Daniel Martini.
5. INSTITUTIONAL RELATIONS OFFICER
Francesco Giorgianni
Lawyer
Universidad de Roma La Sapienza
Tax ID: 24,852,388-3
As of 12.15.2014
6. HUMAN RESOURCES AND ORGANISATION OFFICER
Paola Visintini Vaccarezza
Psychologst
Universidad de Chile
Leadership and Coaching Diploma
Universidad Adolfo Ibáñez
Tax ID: 10,664,744-5
As of 12.12.2014
3
6
9
4
7
10
8. PLANNING AND CONTROL OFFICER
Note: Paola Visintini took office on 12.12.2014
Marco Fadda
Economic Sciences Graduate
Universidad de Génova
substituting Carlos Niño
7. CHIEF FINANCIAL OFFICER
Francisco Javier Galán Allué
Economist
Universidad Complutense de Madrid
Master in Business Administration
Instituto de Empresas de Madrid
Tax ID: 24,852,381-6
As of 12.15.2014
Note: Javier Galán took office on 12.15.2014
substituting Eduardo Escaffi.
1
2
5
8
10. PROCUREMENT OFFICER
Antonio Emilio Barreda Toledo
Electrical Execution Engineer
Universidad Santiago de Chile
Master in Network Companies’ Administration
Universidad Politécnica de Milan
Tax ID: 7,625,745-0
As of 01.29.2015
Tax ID: 24,271,056-8
As of 04.01.2013
9. GENERAL COUNSEL
Domingo Valdés Prieto
Lawyer
Universidad de Chile
Master of Laws University of Chicago
Tax ID: 6,973,465-0
As of 04.30.1999
Note: Antonio Barreda took office on 01.29.2015
substituting Eduardo López.
41
Compensation of officers and
main executives
During 2014, the remunerations and benefits received by
the Chief Executive Officer and main company executives
amounted to $3,028 million in fixed wages and $1,392
million in variable wages.
During 2013, the remunerations and benefits received by
the Chief Executive Officer, other officers and main company
executives amounted to $2,522 million in fixed wages and
$1,127 million in variable wages.
This amount included both officers and main executives
present as of December 31, each year, as well as those that
left the company all along the respective accounting period.
Benefits for officers and main
executives
As benefit, the company has a supplementary health
insurance and a catastrophic insurance for its main
executives and their family group that is credited as a
dependent charge. In addition, the company has life
insurance for each main executive. These benefits will be
granted in conformance to the management level that
corresponds to the worker at each time.
In 2014, the amount was of $15.7 million, value that is
included in the wages received by the main executives.
Incentive plans for officers
and main executives
Enersis has an annual bonus plan for complying with
objectives and the level of individual contribution to the
company results for its executives. This plan includes
a definition of the ranges of bonus according to the
hierarchical level of the executives.
Bonuses are given to the executives consisting in a
determined number of gross monthly wages.
Compensations paid to
officers and main executives
In reference to compensation for years of service
(severance) received by officers and main executives that
left the company, $69.5 million were paid during the 2014
enforcement period.
42
2014 ANNUAL REPORT ENERSIS
ADMINISTRATION
Property over Enersis
As of December 31, 2014, the shareholders’ register reflected that no main executive had company ownership.
Administration of main subsidiaries
ARGENTINA
Costanera
Roberto José Fagan
Electrical Engineer
Universidad Nacional de la Plata
Master on Electrical Market Administration
Instituto Tecnológico de Buenos Aires
Hidroeléctrica El Chocón
Néstor Carlos Srebernic
Industrial Engineer with Electrotechnical orientation
Universidad Nacional de Comahue
Edesur
Antonio Jerez Agudo
Industrial Engineer
Universidad Politécnica de Barcelona
Central Dock Sud
Daniel Garrido
Electrical Engineer
Universidad Tecnológica Nacional
BRAZIL
Cachoeira
Guilherme Gomes Lencastre
Civil Engineer
Pontifícia Universidad Católica Río de Janeiro
Fortaleza
Manuel Rigoberto Herrera Vargas
Electrical Industrial Engineer
Pontificia Universidad Católica de Santiago
CIEN
Guilherme Gomes Lencastre
Civil Engineer
Pontifícia Universidad Católica Río de Janeiro
Ampla
Marcelo Llévenes Rebolledo
Commercial Engineer
Universidad de Chile
Coelce
Abel Alves Rochinha
Mechanical Engineer
Pontifícia Universidad Católica Río de Janeiro
CHILE
Endesa Chile
Valter Moro
Mechanical Engineer
Universidad Politécnica de Marche Italia
Chilectra
Andreas Gebhardt Strobel
Hydraulic Civil Engineer
Pontificia Universidad Católica de Chile
COLOMBIA
Emgesa
Lucio Rubio Díaz
Graduate on Economical and Business Sciences
Universidad Santiago de Compostela
Codensa
David Felipe Acosta Correa
Electrical Engineer
Universidad Pontificia Bolivariana
PERÚ
Edegel
Francisco Javier Pérez Thoden
Industrial Engineer
ICAI Technical High School ICAI,
Universidad Pontificia Comillas en España
Edelnor
Ignacio Blanco Fernández
Industrial Engineer
Graduate on Economical and Business Sciences
Universidad de Zaragoza
43
Human
Resources
44
2014 ANNUAL REPORT ENERSIS
HUMAN RESOURCES
Human Resources Distribution
The Company’s personnel distribution as at December 31st, 2014, including information related to
subsidiaries in five countries in which Enersis Group is present in Latin America and joint control entities,
was the following:
Company
Enersis
Enel Brasil (1)
Endesa Chile (2)
Chilectra (3)
Edesur (4)
Edelnor (5)
Codensa
Servicios Informáticos e Inmobiliarios Ltda (6)
General Total
Managers
and Senior
Executives
10
16
33
11
13
9
11
2
105
Professionals
and
Technicians
343
2,409
2,491
566
2,818
549
1,017
115
10,308
Employees
and Others
92
275
157
113
1,074
125
15
11
1,862
Total
445
2,700
2,681
690
3,905
683
1,043
128
12,275
(1) Includes Ampla, Coelce, CIEN, CTM, TESA, Cachoeira Dourada, Fortaleza, and En-Brasil Comercios y Servicios
(2) Includes Costanera, El Chocón, Pehuenche, Celta, Gas Atacama, Túnel el Melón, Emgesa and Edegel.
(3) Includes Empresa Eléctrica de Colina and Luz Andes.
(4) Includes: Cemsa and Dock Sud.
(5) Includes: Piura and Generalima.
(6) Includes: Ex-ICT and Ex-Manso de Velasco. It does not consider Aguas Santiago Poniente and Const. y Proyecto Los
Maitenes, which have been sold.
45
Human Resources Activities
Employee Relations
During 2014 the periodic meeting program with Trade Union Organizations has
continued, which has allowed consolidating in time an open, frank dialogue
without restrictions with the workers’ representatives, in benefit of improving labor
conditions and the work climate of our employees.
Safety and Health at Work
At Enersis occupational safety and health are objectives tightly linked to the
business which, due to its nature, is subject to critical risks. In the continuous
improvement process, where everybody contributes, leadership, as a value,
especially stands out with respect to real integration of occupational health and
safety at all levels and in every activity developed by the company, strengthening
its priority in company management due to its strategic significance. In the field
of leadership, active participation of all areas in the company is encouraged, in
risks control for all employees in their different activities; through the review of
preventive management in Safety Committees; revision of safety conditions on
site through the Safety Walks, Ipal and One Safety programmes; risk prevention
training plans and safety campaigns. Innovations have also been implemented
that have enabled providing employees exposed to risks with equipment such as
fireproof clothing, face shields for protection against electric arc, work at a height
systems, and other elements with high safety standards that guarantee maximum
protection for the employees. It is worth noting that, with the purpose of reaching
the zero accident goal, Enersis has established safety alliances with contracting
companies, in order to standardise best practices in this field, highlighting One
Safety, so as to improve field work behaviour and eliminate hazardous behaviours
at the works.
As for Occupational Health, the following programmes stand out:
46
2014 ANNUAL REPORT ENERSIS
HUMAN RESOURCES
Health Dissemination
and Promotion
The objective of this programme is to
provide health, educate and train company
employees through activities related to
promoting health within quality of life and
bio-psychological welfare.
Amongst mass dissemination activities,
the following stand out: posters, graphic
material and talks from specialists with
respect to interesting thematic cycles such
as:
Breast Cancer Prevention: To educate
women on the importance of breast
self-examining and, in specific cases, of
echography and mammography.
Prostate Cancer Prevention: To carry out
promotion and prevention activities
amongst men for early detection and
treatment.
Colorectal Cancer Prevention: To carry
out promotion and prevention activities
amongst employees for early detection and
treatment of pathologies associated with
Colorectal Cancer.
Skin Cancer Prevention: to inform and raise
awareness amongst people on prevention,
early detection and treatment of this
pathology.
Bone and muscle injury prevention
Smoking Control
Cardiovascular Risk Prevention “Month of
the Heart”
Psychosocial Risk Assessment Program
This program’s objective is to identify psychosocial risk factors present in work
conditions and work organization and their occurrence in the workers’ health. In
order to do so, the program has been extended to all the Enersis Managements,
through the following sequence:
Quantitative and qualitative identification of the psychosocial factors with greater
presence, divided in stages:
1. Coordinate meetings with Managers and Assistant Managers.
2. Present Psychosocial Risk Assessment Program.
3. Program and coordinate dates and places where the assessment will be applied
with appointed personnel.
4. Apply assessment instrument to the universe of workers considered.
5. Analyze and manage quantitative and qualitative data on the assessment.
6. Draft a report per company, management and area/unit.
Spring Allergies Prevention
7. Present results to direct lines and collect proposals.
8. Present and deliver results to middle management and collect proposals.
9. Present results to evaluated personnel and collect proposals.
10. Draft a final written report.
11. Process closing meeting with technical counterpart.
47
Immunization
Program
The Enersis’ workers immunization
program is a preventive measure
that seeks through a medical process
generating in people an immune
memory base that allows forming
protecting antibodies against the
antigen to which the person can be
exposed to.
In order to do so, the objective
of implementing the program in
Enersis’ workers, calls on preventing
the appearance of illnesses that are
recurrently massively spread and that on
affecting people cause high absenteeism
and detriment to people’s quality of life.
This program is addressed to all Enersis’
workers, implementing the following
vaccines:
- Seasonal Trivalent Influenza Vaccine: it
is implemented during the first quarter
of the year annually, preventing the
outbreak that starts at the beginning
of June.
- Hepatitis A and B Vaccine: it is
implemented in two dosages per
person every 5 years and is addressed
to employees working in confined
spaces with sewage water vaults.
Healthy Woman Program
The objective of this programme is to decrease deaths caused by breast and uterine
cervical cancer in women, with preventive actions through dissemination, education
and regular control. Examination, control and follow up periods are carried out for
early detection of a potential pathology in women. In 2014, this programme was
administered to a total of 744 Enersis’ female employees.
Preventive Exams Programme
The objective of this programme is to carry out regular medical evaluations to
employees for early detection of harmful abnormalities or pathologies. This
programme is oriented to all company employees and is carried out through
a protocol defined by gender, age and occupation, reaching a total of 2,283
employees.
Safety campaigns
Development of activities under the framework of safety week held in April and
November 2014, in order to become familiar and reinforce preventive actions
tending towards avoiding the occurrence of labor accidents.
Safety Walks
With the purpose of involving Senior Management in field verification of safety
standards, during 2014 management carried out 110 walks, to verify compliance
with procedures, and proper use of equipment, tools and machinery.
48
2014 ANNUAL REPORT ENERSIS
HUMAN RESOURCES
Implementation
of New Safety
Standards
Definition and implementation of
new signals and safety barriers in
working facilities aimed at warning and
controlling risks at work.
Dissemination of
Learned Lessons
Dissemination amongst Enersis’ own
employees and those of contractors of
lethal and severe accidents and high
potential incidents, describing and
analysing causes of mishaps and their
preventive measures, as learned lessons.
Therefore, this document contributes
to eliminating sub-standard conditions
and actions present daily with the risk
of accidents.
Safety Training
1,657 Enersis’ employees and 3,015 contractors’ employees were trained in matters
of Occupational Health and Safety at work, seeking to reinforce competencies in
this area.
Safety and Occupational Health Training
for Inspectors
Development of a programme to strengthen leadership in risk prevention for 352
inspectors, with the purpose of increasing safety management skills in preventive
actions amongst contracting companies.
Development of Training Programmes
Implementation of training programmes for emergency actions in working places.
49
People Management
Climate Management
One of the pillars for climate
management is the studies conducted
annually with two instruments: the
Climate Survey and the Great Place
to Work (GPTW) Study. For this year
2014 a Thermometer Climate Survey
was conducted, aimed at following up
on the evolution of the implemented
action plans, as well as to determine
the level of commitment, satisfaction
and motivation of employees, along
with their perception of health
and safety culture. In addition, we
participate annually in the Great Place
to Work survey, to contrast results
and to review the evolution of action
plans defined in previous years. These
diagnostic instruments have served for
the development of various programs
with the purpose of improving
indicators in both studies.
The aforementioned programmes
are classified according to their focus
and we distinguish the following as a
priority: Communication, Meritocracy
and Development, Leadership,
Conciliating Measures and Good
Labour Practices
Regarding leadership, Enersis has the
Close Manager and Supervisor plan,
which consists of promoting good
practices on the part of executives
and advisors, fostering closeness to
employees’ everyday problems. The
program includes, amongst other
methods, field visits of executives,
breakfasts, coffees and special
greetings. Another very important
program with emphasis on leadership
is JOURNEY, aimed at all company
advisers, that aims to develop a
directing style based on trust, which
promotes cultural skills that generate
results and environments of excellence,
where organisational results are
exceeded, the best is obtained of each
person and work is done in teams
with a sense of family. This year it was
attended by 177 advisers and in 2015
work will continue with the other
advisers.
In the case of programmes aimed at
Meritocracy and Development we are
managing professional development
by means of promotion actions on
merit and through local and overseas
job opportunities, where the Group
operates. Amongst the most prominent
projects we find the JET corporate
programme, where every young
professional who meets the required
qualifications is incorporated.
As part of the work done in terms of
Meritocracy and Development we have
the Talent Management Programme, in
which different groups are determined,
such as talent pools, programmes for
young professionals and others. These
programmes also help us in retaining
valuable talent in the company.
50
2014 ANNUAL REPORT ENERSIS
HUMAN RESOURCES
The Recognise Ourselves Program
has continued. It seeks to promote
a culture of recognition within the
company and to generate instances
of formal recognition, by conducting
ceremonies in which the line manager
and HR management participate, as
well as mass ceremonies, by company,
where outstanding workers and career
development, amongst others, are
recognised.
Through a Corporate Social
Responsibility plan in Human Resources
called Plan Senda (Path Plan), Enersis
has conducted various programmes
aiming to inclusion, diversity and Equal
Opportunities. The Grow+ Programme
(Programa Crecer +) trained 52
students from industrial and technical
schools at risk of social exclusion,
providing them employability skills for
their working future.
In terms of Diversity, an e-learning
course was conducted for all workers
with the aim of raising awareness on
disability and cultural diversity issues.
Fifty per cent of labour force has been
trained in this area.
Recruiting and Selection
Vacancies Coverage
For Enersis, the main objective is to bring in the best people for vacant positions,
our guiding principle being to favour internal candidates in the first instance.
During 2014, 40 jobs were generated in Enersis SA, 60% of which correspond
to internal mode coverage, considering as such the implementation of local and
international processes of horizontal and upward mobility, or promotion,.
Likewise, of the external workforce that joined in 2014 (40% of all vacancies), 31%
were students in practice (interns), who were considered as candidates and were
finally hired at the end of their term.
51
Internships and
Young Talent
Attraction
Programme
In this line, a remarkable project in
terms of generating new sources of
recruitment is the incorporation as
practitioners and thesis students of
young future professionals from the
best universities in the country, who are
given the opportunity to consolidate a
gradual learning of Enersis’ complexity
and style, thus achieving two objectives
which are: availability of nearby sources
of recruitment with relatively fast
access, both by the possibility of having
references and direct assessments of
students who stand out and can meet
not only technical skills but also the
values associated with our company;
and additionally, being constantly
present in the main universities of our
country. This Internship Program runs
permanently throughout the year, with
the peak of entries during the summer
period. For the 2014 period a total of
83 students, as practitioners or thesis
students, can be counted.
In order to build links with universities
and to attract the best students, this
year we participated in two Work Fairs,
both associated with engineering
schools of major universities: Catholic
University of Chile and University of
Chile. This was done in addition to
organising activities such as focus
groups and surveys to find and identify
relevant factors in young professionals
and to start generating branding
actions to reinforce the company image
in the market.
Diversity and Inclusion
For Enersis, having different work teams and cultivating an inclusive work
environment is essential. This translates into a permanent search for new ways
to enable awareness and to facilitate building a diverse workforce and a work
environment where individual differences are respected and valued. One action
is Entrance Programme’s management which seeks to incorporate practitioner
students of technical and professional programmes in situations of physical
disability; for such programmes, work alliances are made with various foundations
and the Ministry of Education.
Likewise, in the line of promoting diversity in all areas and contributing to the
generation of development alternatives, the growing participation of women
in internal competitions stands out. Thus, 50% of total vacancies were filled by
women, thereby gradually promoting their empowerment and leadership. It
is worth noting that of the total externally recruited persons, 44% are women.
Cultural exchange was also important, as 33% of internal processes were awarded
through international competitions.
Quality, Efficiency and Customer
Orientation
Finally, within the perspective of continuous improvement, this year’s new entrants
were followed up through a personal interview after serving six months in the
company. One hundred per cent of respondents reported feeling completely
adapted to their position and the company; in the case of Enersis, 90% felt very
satisfied with the selection process and initial support experienced.
* It should be noted that for purposes of Enersis’ Annual Report, IMV, ASP, Los
Maitenes and ICT are excluded from the analysis.
52
2014 ANNUAL REPORT ENERSIS
HUMAN RESOURCES
Educational action
Enersis training
Beginning with the 2014 training program, composed of various sources of
detection of training needs aligned to the strategic plan of the Company, Enersis
established a training route oriented to the business’s needs, which was expressed
through a training offering articulated in two main lines of action: a Cross-cutting
Plan with training matters on development and Functional Technical Training.
For fifth consecutive year, Enersis Group’s professionals participated in a training
activity on ‘Category Management’. The Purchasing Category Management
model is a systematic approach used by world-class organizations to maximise the
contribution of Procurement to business. The course carried out this time, Sourcing
Process, allows trainees to perform an orderly purchasing process, following the
group’s policy. The rigorous work of information collection and analysis facilitates
decision making on the final strategy to be followed.
In the context of closed Diploma programmes specially designed for the company,
the fourth version of ‘Diploma in Electrical Markets’ began at Universidad del
Desarrollo, attended by 43 Enersis Group’s employees. The programme’s general
aim is to study the characteristics and challenges of the electrical business and
to contribute to negotiation processes, contracting aspects of power supply,
supplementary services’ offerings and distribution tolls, strengthening their
performance and positioning within the company.
53
Likewise, the second version of ‘Diploma in Management Control’ begun at the
Faculty of Economics and Business of Universidad de Chile. It aims to provide
participants the basic tools of business management from a perspective of
management control, allowing students, allowing students to develop necessary
competencies to understand business resources management, by designing
and maintaining controls over the various processes that define the actions of
the organisation. This year, two modules were added: ‘Capital Allocation’, for
investments prioritisation and resource allocation and ‘Investments Valuation’.
Forty five Enersis Group’s workers attended.
Implementation of Post-Performance Review, PPR, continued. It is a catalogue of
management tools designed to help to collectively identify, between adviser and
workers, training opportunities during the feedback interview, thereby increasing,
consolidating and/or developing competencies associated with the conducts of
the company driven Leadership Model. It addresses cross-cutting themes: Self
Development; Intellectual, organisational, relational and managerial Effectiveness,
as well as basic tools to improve performance in relation to soft skills’ development.
Fifty courses were conducted with a total of 1,131 registered company workers.
Another important training activity was the course for company employees on
Income Tax and deferred tax calculation, in order to calculate the income tax for
the year affecting companies with full accounting; and to determine deferred taxes
resulting from the application of accounting and tax rules that produce differences
in valuation of assets and liabilities.
Likewise, various training activities on Electronic Invoicing were carried out, in
order to learn everything about the new rules on electronic documents and
the new requirement for using the VAT, the regulatory framework, obligations,
advantages, disadvantages and the control that Internal Revenue Service will apply
to taxpayers using Electronic Tax Documents. Forty one company employees were
involved in the activities.
54
2014 ANNUAL REPORT ENERSIS
HUMAN RESOURCES
In addition, the Journey Programme was carried out, in order to develop new
cultural competencies that promote optimum results in people management, to
get the best of teams and to generate working groups with a sense of family. The
activity was carried out with Great Place to Work consultant and was attended by
177 company workers.
Moreover, an Induction Pilot called Welcome to Enel, with the participation of 72
newly incorporated workers, was performed in order to know and experience the
Organisation’s culture and identity through information delivery and participation
in integration dynamics. It included discussions regarding the vision of the
Generation and Distribution Business, Labour Health and Safety (SSL), Human
Resource Management. The program ended with a technical visit to SmartCity
facilities.
As in previous years, in order to provide development opportunities within the
company, in 2014 ‘scholarships’ were granted to 62 employees, which accessed
this benefit for technical college, diploma and magister programmes. This effort
aims to support workers pursuing improvement studies or undergraduate and
graduate studies.
Likewise, through the Latam Campus virtual space, training in e-learning courses
continued, allowing massive and simultaneous reach on topics such as Business
Knowledge, Re-induction in S&SL and Plan Senda.
Also, through the ELS platform, the e-learning course of Code of Ethics was carried
out, to give a correct and proper understanding of the Code of Ethics and the
Enersis Group’s Penal Risk Prevention Model. In addition, in the same platform,
Level 1 and 2 online English courses were performed.
There was particular concern about labour health and safety issues (SSL). Courses
were carried out, amongst others, on the following topics: SSL Awareness;
Preventive Conduct and Behaviour; Risk Control; SSL Management; Induction; SSL
Leadership; and Health at Work.
55
Stock
Exchange
Transactions
56
2014 ANNUAL REPORT ENERSIS
STOCK EXCHANGE TRANSACTIONS
Stock trading in the stock markets
Quarterly transactions of the last three years made in the stock exchanges where the Enersis shares are
traded both in Chile, through the Santiago Stock Exchange, the Electronic Stock Exchange of Chile and
the Valparaíso Stock Exchange, as well as in the United States of America and Spain, through the New
York Stock Exchange (NYSE) and the Latin American Stock Exchange of the Madrid Stock Exchange
(LATIBEX), respectively, are detailed below.
Santiago Stock Exchange
During 2014, in the Santiago Stock Exchange, 6,155 million shares were traded, which is equal to
$1,107,027 million. The closing price per share as of December was of $198.76.
Periods
1st quarter 2012
2nd quarter 2012
3rd quarter 2012
4th quarter 2012
Total 2012
1st quarter 2013
2nd quarter 2013
3rd quarter 2013
4th quarter 2013
Total 2013
1st quarter 2014
2nd quarter 2014
3rd quarter 2014
4th quarter 2014
Total 2014
Shares
1,288,014,289
1,139,562,913
1,744,269,270
1,392,408,280
5,564,254,752
2,438,386,788
2,192,921,524
1,972,388,086
1,470,668,035
8,074,364,433
1,623,445,553
1,714,822,877
1,442,088,639
1,374,689,553
6,155,046,622
Ammounts (Pesos)
240,222,466,312
212,301,014,944
285,537,513,398
231,119,124,139
969,180,118,793
438,757,705,262
374,486,929,466
314,491,374,642
239,826,138,771
1,367,562,148,141
255,577,682,762
307,339,629,430
282,911,479,797
261,198,495,746
1,107,027,287,735
Average Price
186.51
186.3
163.7
165.99
179.94
170.77
159.45
163.07
157.34
179.19
196.47
190.63
57
Chile Electronic Exchange
In the Chile Electronic Stock Exchange during the year the amount of 606 million shares were traded,
which is equal to $107,655 million. The closing price of the share as of December was of $199.00.
Periods
1st quarter 2012
2nd quarter 2012
3rd quarter 2012
4th quarter 2012
Total 2012
1st quarter 2013
2nd quarter 2013
3rd quarter 2013
4th quarter 2013
Total 2013
1st quarter 2014
2nd quarter 2014
3rd quarter 2014
4th quarter 2014
Total 2014
Shares
142,929,291
141,381,535
166,172,134
155,911,737
606,394,697
457,040,369
307,352,957
187,542,120
190,280,215
1,142,215,661
172,383,389
211,681,096
125,894,077
96,224,747
606,183,309
Ammounts (Pesos)
26,878,396,526
26,913,331,231
26,990,815,636
25,901,302,515
106,683,845,908
82,674,197,920
52,399,743,916
30,138,018,160
31,394,375,774
196,606,335,770
27,137,183,296
37,686,041,573
24,592,588,070
18,239,568,492
107,655,381,431
Average Price
188.05
190.36
162.43
166.13
180.89
170.49
160.7
164.99
156.69
178.67
195.60
189.78
Valparaíso Stock Exchange
In the Valparaíso Stock Exchange a total of 90 million shares were traded, which is equal to $16 million.
The closing price of the share as of December was of $178.6.
Periods
1st quarter 2012
2nd quarter 2012
3rd quarter 2012
4th quarter 2012
Total 2012
1st quarter 2013
2nd quarter 2013
3rd quarter 2013
4th quarter 2013
Total 2013
1st quarter 2014
2nd quarter 2014
3rd quarter 2014
4th quarter 2014
Total 2014
Shares
15,555,048
7,532,539
19,911,829
29,102,662
72,102,078
7,662,176
5,159,336
33,748,331
0
46,569,843
0
90,400
0
0
90,400
Ammounts (Pesos)
2,852,153,260
1,446,019,519
3,293,321,040
4,910,148,630
12,501,642,449
1,409,775,514
834,654,380
5,304,258,272
0
7,548,688,166
0
16,145,440
0
0
16,145,440
Average Price
183.36
191.97
165.40
168.72
183.99
161.78
157.17
178.60
58
2014 ANNUAL REPORT ENERSIS
STOCK EXCHANGE TRANSACTIONS
New York Stock Exchange (NYSE)
The Enersis shares began to be traded in the New York Stock Exchange (NYSE) on October 20, 1993. An
Enersis ADS (American Depositary Share) represented 50 shares and its account code is ENI. Citibank
N.A. acts as a depositary bank and Banco Santander Chile as custody in our country. During 2014, in the
United States of America 149 million ADS were traded that is equal to US$2,338 million. The ADS price
closed as of December in US$16.03.
Periods
1st quarter 2012
2nd quarter 2012
3rd quarter 2012
4th quarter 2012
Total 2012
1st quarter 2013
2nd quarter 2013
3rd quarter 2013
4th quarter 2013
Total 2013
1st quarter 2014
2nd quarter 2014
3rd quarter 2014
4th quarter 2014
Total 2014
Shares
38,448,445
31,111,964
34,003,544
32,168,392
135,732,345
45,963,195
50,929,574
36,942,777
33,394,036
167,229,582
44,259,588
38,783,995
34,353,893
31,540,880
148,938,356
Ammounts (Pesos)
732,794,989
587,263,102
582,431,845
554,979,796
2,457,469,732
874,885,600
907,083,863
583,580,477
529,200,532
2,894,750,472
629,442,974
624,044,468
583,933,245
500,827,454
2,338,248,140
Average Price
19.06
18.88
17.13
17.25
19.03
17.81
15.80
15.85
14.24
16.10
16.99
15.91
Latin American Securities Stock Exchange of the
Madrid Stock Exchange (Latibex, Bolsa de Valores
Latinoamericanos de la Bolsa de Madrid)
The Enersis shares started to be traded in the Latin American Securities Stock Exchange of the Madrid
Stock Exchange (Latibex) on December 17, 2001. Until April 2011, the contracting unit for the company
was of 50 shares and its account code is XENI. Starting from May 2, 2011 the contracting unit is unitary.
Santander, S.A. acts as the liaison entity and Banco Santander is the custody in Chile. During 2014, 11.2
million shares were traded, which is equal to 2.6 million Euros. The contracting unit price in December
closed at 0.23 Euros.
Periods
1st quarter 2012
2nd quarter 2012
3rd quarter 2012
4th quarter 2012
Total 2012
1st quarter 2013
2nd quarter 2013
3rd quarter 2013
4th quarter 2013
Total 2013
1st quarter 2014
2nd quarter 2014
3rd quarter 2014
4th quarter 2014
Total 2014
Shares
1,652,978
1,867,239
1,656,889
1,225,821
6,402,927
1,329,415
1,396,386
2,376,982
1,819,724
6,922,507
3,347,370
3,157,002
3,117,908
1,547,215
11,169,495
Ammounts (Pesos)
476,501
561,570
459,797
327,777
1,825,645
383,687
364,307
554,612
418,887
1,721,493
733,639
729,760
751,724
373,001
2,588,124
Average Price
0.29
0.3
0.28
0.27
0.29
0.26
0.23
0.23
0.21
0.23
0.24
0.23
59
Market Information
During 2014, Chilean stock market prices recorded improvements in performance, as reflected in the
IPSA increase of 4.1% as compared to 2013. This increase was generated in a year when fewer foreign
investors came to the region. Another factor that has affected the market is the currency depreciation in
the region.
On the other hand, the slow growth in developed economies and in emerging economies such as China
and Brazil, due to crisis in some European countries, marked the global economic outlook. This is further
compounded by the globally strengthened dollar, especially against emerging currencies, mainly due to
the recovery of the US economy. Finally, the fall in commodity prices resulted in an uncertain economic
outlook for South America.
Santiago Stock Exchange
Enersis’ performance during the last two years in comparison to the Shares Selective Price Index (Índice
Selectivo de Precios de Acciones, IPSA) in the local market:
Variation
Enersis
IPSA
2013
-7.9%
-14.0%
2014
26.1%
4.1%
Cumulative 2013-2014
16.2%
-10.5%
New York Stock Exchange (NYSE)
Behavior of Enersis’ ADR’s listed in the NYSE (ENI) in comparison to the Dow Jones Industrial and Dow
Jones Utilities Indexes during the last two years:
Variation
ENI
Dow Jones Industrial
Dow Jones Utilities
2013
-17.5%
26.5%
8.3%
2014
6.9%
7.5%
26.0%
Cumulative 2013-2014
-11.74%
36.01%
36.41%
Latin American Securities Exchange of the Madrid
Stock Exchange (Latibex in its Spanish acronym)
Enersis’ (XENI) performance per share listed in the Madrid Stock Exchange (Latibex) all along the last two
years in comparison to the LATIBEX Index.
Variation
XENI
LATIBEX
2013
-17.2%
-20.0%
2014
4.9%
-16.1%
Cumulative 2013-2014
-13.12%
-32.87%
60
2014 ANNUAL REPORT ENERSIS
STOCK EXCHANGE TRANSACTIONS
61
Dividends
62
2014 ANNUAL REPORT ENERSIS
DIVIDENDS
In accordance with the General Rule No. 283, Number 5), the dividends policies of the company
corresponding to the 2015 and 2014 accounting periods are described below.
Dividends Policy 2015
General Aspects
The Company Board of Directors, in session dated February 26, 2015 approved the following Dividends
Policy and the corresponding procedure on the dividends payment of Enersis S.A., for the 2015
accounting period.
Dividends Policy
The Board of Directors has the intention of distributing a provisory dividend, charged on the 2015
accounting period profits, of up to 15% of the profits as of September 30, 2015, according to what is
shown in the Enersis S.A.A’s financial statements up to such date, to be paid in January 2016.
The Board of Directors has the intention of proposing to the Regular Shareholders’ Meeting, to be held
on the first quarter 2016, to distribute as a definite dividend, an amount equal to 50% of the profits
for the 2015 accounting period. The definite dividend will correspond to be defined by the Regular
Shareholders’ Meeting.
Compliance of the aforementioned program will be conditioned, in matter pertaining to dividends, to
the profits effectively obtained, as well as on the results that forecasts that periodically made by the
Company or the existence of determined conditions, according to what corresponds.
63
Procedure to pay dividends
For the payment of dividends, whether provisory or definite, and in order to
avoid their undue collection, Enersis S.A. considers the modalities that are
indicated as follows
1. Deposit in banking checking account, whose title holder is the shareholder.
2. Deposit in banking savings account, whose title holder is the shareholder.
3. Forwarding a nominative check or on-sight draft by registered mail to the
residence of the shareholder that is listed in the Enersis S.A.’s shareholders’
register
4. Withdrawal of the check or on-site draft at the offices of DCV Registros S.A.,
in its capacity as the Enersis S.A’s administrator of the shareholders’ register
or in the bank or branch offices that are determined for such purpose and
that will be informed in the notice that is published regarding the payment of
dividends.
For these purposes, checking or savings banking accounts can be in any area of
the country.
It is necessary to underscore that the payment modality chosen by each
shareholder will be used by DCV Registros S.A. for all dividends payment, while
the shareholder does not express in writing his intention of modifying it and
registers a new option.
The shareholders that do not have a payment modality registered, they will be
paid according to modality No. 4 stated herein above.
In cases where the checks or on-site drafts are returned by mail to DCV Registros
S.A., they will remain under their custody until the shareholders withdraw or
request them.
In case of deposits in banking checking accounts, Enersis S.A. and/or DCV
Registros S.A. can request, for security reasons, their verification by the
corresponding banks. If the accounts indicated by the shareholders are objected,
whether in a prior verification process or for any other cause, the dividend will be
paid according to the modality indicated in Point No. 4 herein above.
On the other hand, the Company has adopted and will continue to adopt in the
future all necessary security measures required that is required by the dividends
payment process, in order to safeguard both the shareholders as well as Enersis
S.A.
64
2014 ANNUAL REPORT ENERSIS
DIVIDENDS
Dividend policy
2014
General Aspects
The Board of Directors of the Company,
in its session taken place February 28,
2014, approved the following dividend
policy and the procedures for payment
of Enersis S.A. dividends, for the 2014
accounting period.
Dividend Policy (1)
The Board of Directors has the intention of distributing a provisory dividend,
charged on the 2014 accounting period profits, of up to 15% of the profits as of
September 30, 2014, according to what is shown in the Enersis S.A.A’s financial
statements up to such date, to be paid in January 2015.
The Board of Directors has the intention of proposing to the Regular Shareholders’
Meeting, to be held on the first quarter 2015, to distribute as a definite dividend,
an amount equal to 50% of the profits for the 2014 accounting period. The
definite dividend will correspond to be defined by the Regular Shareholders’
Meeting.
Compliance with the above program will be subject, in terms of dividends, to the
actual net income booked and also the results of the projections made periodically
by the company or the existence of certain conditions, as the case may be.
(1) Through Essential Fact entered in SVS on November 25th, 2014, Enersis informed what
follows:
In accordance with the provisions of Articles 9 and 10, subsection 2, of Law 18,045 and
the provisions of General Rule No.30 of said Superintendence and using the powers that
I have been conferred, I inform you, as an essential fact that, at its meeting of today, the
Board of Enersis S.A. agreed, by unanimous vote, to distribute an interim dividend of
$0.83148 per share, dated January 30th, 2015, charged to 2014 results, corresponding
to 15% of net income calculated as at 09.30.2013, in accordance with the Company´s
dividend policy in force.
Distributable Net Income Year 2014
The distributable net income for year 2014 is indicated below:
Net Income *
Distribuible Net Income
* Attributable to the parent company
Distributed Dividends
Million $
610,158
610,158
The following chart shows the dividends per share paid during the last few years:
Dividend No.
80
81
82
83
84
85
86
87
88
89
90
Dividend
Type
Interim
Final
Interim
Final
Interim
Final
Interim
Final
Interim
Final
Interim
Closing Date
12/11/2009
04/29/2010
01/21/2011
05/06/2011
01/21/2012
05/17/2012
01/19/2013
05/04/2013
01/25/2014
05/10/2014
01/24/2015
Payment date
12/17/2009
05/06/2010
05/27/2011
01/12/2011
05/27/2012
01/24/2012
05/25/2013
10/10/2013
01/31/2014
05/16/2014
01/30/2015
Pesos per
share
2.45677
4.64323
1.57180
5.87398
1.46560
4.28410
1.21538
3.03489
1.42964
5.27719
0.83148
Charged to
accounting
period
2009
2009
2010
2010
2011
2011
2012
2012
2013
2013
2014
65
Investment and
Financing
Policies
66
2014 ANNUAL REPORT ENERSIS
INVESTMENT AND FINANCING POLICIES
The Ordinary Shareholders’ Meeting held on April 23, 2014 , approved the Investment and Financing
Policy that outlined below.
Investment and Financing Policy 2014
Investments
Areas of Investment
Enersis S.A. will invest, as authorized by its bylaws, in the following areas:
i) Contributions for investment in, or for the creation of subsidiaries and related companies whose
activity is aligned, related or linked to any form or type of energy, the supply of public utilities, or
whose main raw material is energy.
i)
Investments consistent in the acquisition, exploitation, construction, rental, administration, trading
and disposal of any class of fixed assets, whether directly or through subsidiaries.
iii) Other investments in all kinds of financial assets, titles or securities.
Maximum Investment Limits
The maximum investment limits for each investment area shall be the following:
i)
Investments in its subsidiaries in the electricity sector, amounts needed by the subsidiaries to meet
their respective corporate purposes.
ii)
Investments in other subsidiaries, given amount such that the addition of the proportional fixed
assets corresponding to Enersis S.A.’s stake on these other subsidiaries does not exceed the
proportional fixed assets corresponding to the Enersis S.A.’s stake in the electricity sector subsidiaries
and Enersis S.A.
67
Monitoring Of The Areas Of
Investment
Financing
(a) Maximum Debt Level
The maximum leverage of Enersis S.A. is a debt to shareholders’ equity ratio of 2.20
times, based on the consolidated statements of financial position.
(b) Management Powers for Agreeing Dividend Restrictions
with Lenders
Dividend restrictions may only be agreed with creditors if previously approved by a
shareholders’ meeting (ordinary or extraordinary).
(c) Management Powers for Granting Security to Creditors
The Company’s management may agree with creditors the granting of tangible
security or guarantees in accordance with the law and the corporate bylaws
(d) Essential Assets for the Normal Operations of the
Company
The shares representing Enersis S.A.’s stake in its subsidiary Chilectra S.A. are
considered essential assets for the normal operations of Enersis S.A.
In order to monitor the investment
areas and in accordance with Enersis
S.A. corporate purpose, the following
procedure will be pursued whenever
possible:
- At the Ordinary Shareholders’
Meetings of our subsidiaries
or related companies it will be
proposed the appointment of
directors corresponding to the
Enersis S.A.’s stake in that company,
who must be preferably chosen
from among directors or executives
of the Company or its subsidiaries.
-
Investment, financial and
commercial policies will be
proposed to the subsidiaries and
related companies, as well as the
accounting criteria and systems they
should follow.
- The management of the subsidiaries
and related companies will be
supervised.
- Permanent control of debt
limits will be maintained, to the
extent that the investments or
contributions implemented or that
are planned to be carried out do
not represent an unusual variation
from the parameters defined by the
maximum investment limits.
68
2014 ANNUAL REPORT ENERSIS
INVESTMENT AND FINANCING POLICIES
69
Company’s
Business
70
2014 ANNUAL REPORT ENERSIS
COMPANY’S BUSINESS
Business structure
GENERATION
Endesa Chile
Costanera
Hidroeléctrica El Chocón
Central Dock Sud
Fortaleza
Cachoeira
CIEN*
Emgesa
Edegel
EEPSA
*Transmission
DISTRIBUTION
Chilectra
Edesur
Ampla
Coelce
Codensa
Edelnor
OTHER BUSINESS
SIEI
71
Historical Background
On June 19, 1981, Compañía Chilena de Electricidad S.A.
formed a new corporate structure which gave birth to
a parent company and three subsidiaries. One of these
was Compañía Chilena Metropolitana de Distribucion
Electrica S.A. In 1985, under the Chilean government’s
privatization policy, the process of transferring the share
capital of Compañía Chilena Metropolitana de Distribucion
Electrica S.A. to the private sector was begun, ending
finally on August 10, 1987. In this process, the pension
fund management companies (AFPs), company employees,
institutional investors and thousands of small shareholders
joined the Company. Its organizational structure was
based on activities or operative functions whose results
were evaluated functionally and its profitability was
limited by a tariff structure as a result of the Company’s
exclusive dedication to the electricity distribution
business.
In 1987, the company’s board proposed forming a division
for each of the parent company’s activities. Four subsidiaries
were therefore created to be managed as business units
each with its own objectives, thus expanding the company’s
activities toward other non-regulated activities but linked
to the main business. This division was approved by the
extraordinary shareholders meeting of November 25, 1987
which defined its new corporate objects. Compañía Chilena
Metropolitana de Distribucion Electrica S.A. thus became an
investment holding company.
On August 1, 1988, as resolved at the extraordinary
shareholders meeting of April 12, 1988, one of the
companies born from the division changed its name to
Enersis S.A. At the extraordinary shareholders meeting
of April 11, 2002, the company’s objects were modified,
introducing telecommunications activities and the
investment and management of companies whose
businesses are in telecommunications and information
technology, and internet trading businesses.
In 1988, and in order to successfully meet its development
and growth, the company was split into 5 business units
which in turn gave birth to five subsidiaries. Of these,
Chilectra and Río Maipo were responsible for electricity;
Manso de Velasco concentrated on electrical engineering
and construction services, plus real-estate management,
Synapsis in the area of information technology and data
processing, while Diprel focused on providing procurement
and commercialization of electrical product.
Today, Enersis is one of the largest private electricity groups in
Latin America in terms of consolidated assets and operating
revenue, achieved through steady and balanced growth
in its electricity businesses: generation, transmission and
distribution. The development of the electricity distribution
business abroad has been implemented jointly with its
subsidiary Chilectra, a company that distributes electricity in
the Metropolitan Region, Chile. Its investments in electricity
generation in Chile and abroad have been developed mainly
through its subsidiary Empresa Nacional de Electricidad S.A.
(Endesa Chile).
In addition, it is present in businesses that complement its
core activities through majority shareholding in the following
companies: Inmobiliaria Manso de Velasco Ltda., dedicated to
real estate, through comprehensive real estate development,
leasing, purchase and sale of Enersis´ real estate assets and
those of subsidiaries in Chile; ICT Servicios Informáticos
Limitada, a consulting services company in the areas of
information technology and telecommunications. The Board
of Enersis, in its meeting held on November 25th, approved a
merger by absorption of its subsidiaries Inmobiliaria Manso de
Velasco Limitada and ICT Servicios Informáticos Limitada. This
company shall be called Servicios Informáticos e Inmobiliarios
Limitada. The operation, whereas parent company Enersis
controls and consolidates both companies, does not change
the values of the assets and liabilities of the acquiring company
(ICT) in the Consolidated Financial Statements of Enersis.
72
2014 ANNUAL REPORT ENERSIS
COMPANY’S BUSINESS
Expansion and development
1992
Enersis began its international expansion in 1992 through
participating in different privatization processes in Latin
America, thus developing a significant presence in the
electricity sectors of Argentina, Brazil, Colombia and Peru.
- On May 15, it acquired a 60% shareholding and control
of the generator Central Costanera, currently Endesa
Costanera, in Buenos Aires, Argentina.
- On July 30, it was awarded 51% of Empresa Distribuidora
Sur S.A., Edesur, a company that distributes electricity in
the city of Buenos Aires, Argentina.
1993
-
In July, it bought the generator Hidroeléctrica El Chocón,
located in the province of Neuquén and Río Negro,
Argentina.
1994
-
In July, Enersis acquired for US$176 million 60% of the share
capital of Empresa de Distribución Eléctrica de Lima Norte
S.A., Edelnor, in Peru. It also acquired Edechancay, another
electricity distributor in that country, which was later
absorbed by the former.
- At the end of the year, Enersis acquired an additional
1.9% of the share capital of Endesa Chile, increasing its
shareholding to 17.2%.
73
1995
- On December 12, Enersis acquired an additional 39% in
Edesur gaining control of the company.
-
It also acquired the generator Edegel in Peru.
1996
- On February 15, Enersis reached a 25.28% shareholding
in Endesa Chile and, on April 15, Endesa Chile became a
subsidiary of Enersis
-
It invests in the sanitation market with the acquisition of
Agua Potable Lo Castillo S.A.
- On December 20, Enersis entered the Brazilian market with
the acquisition of a large block of shares in the previously-
called Companhia de Eletricidade do Río de Janeiro S.A.,
Cerj, a company that distributes electricity in the city of Río
de Janeiro and Niteroi, Brazil. Its present name is Ampla
Energía e Serviços S.A.
- On December 20, it acquired a 99.9% shareholding in
Central Hidroeléctrica de Betania S.A. E.S.P, in Colombia.
1997
- On September 5, it acquired for US$715 million a 78.9%
shareholding in Centrais Elétricas Cachoeira Dourada,
Brazil.
- On September 15, Enersis successfully took part in
the capitalization of Codensa S.A. E.S.P., acquiring a
shareholding of 48.5% for US$1.226 million, company
that distributes electricity in the city of Bogotá and the
department of Cundinamarca, Colombia. It was also
awarded 5.5% of Empresa Eléctrica de Bogotá.
- On September 15, it acquired a 75% shareholding, for
an amount of US$951 million, in Emgesa, a Colombian
generator, and an additional 5.5% of Empresa Eléctrica de
Bogotá S.A.
- ENDESA S.A., (Spain), acquired 32% of Enersis.
1998
- On April 3, Enersis again entered the Brazilian market,
this time being awarded 89% and control of Companhia
Energética de Ceará S.A., Coelce, company distributes
electricity in the north-east of the country, in the state of
Ceará for US$868 million.
- On April 22, Enersis reached 100% shareholding in Aguas
Cordillera, Santiago, Chile.
- On December 28, Enersis gained control of Esval, located in
the Valparaiso region, through being awarded 40% of the
share capital of the company.
1999
- ENDESA S.A., (Spain), took control of Enersis. Through a
public share offering (OPA), the multinational company
ENDESA S.A., acquired an additional holding of 32% in
Enersis which, together with the 32% already acquired
in August 1997, gave it a total holding of 64%. This
transaction, completed on April 7,1999, involved an
investment of US$1,450 million. As a result of the capital
increase made by Enersis in 2003, this shareholding
reduced to the present 60.62%
- On May 11, Enersis acquired 35% of Endesa Chile which,
added to the 25%already held, enabled it to obtain a 60%
shareholding in the generator. It therefore consolidated its
position as one of the main sector electricity companies in
Latin America.
74
2014 ANNUAL REPORT ENERSIS
COMPANY’S BUSINESS
2000
- As part of its Genesis Plan strategy, the subsidiaries
Transelec, Esval, Aguas Cordillera and real-estate assets
were sold for US$1,400 million.
2001
- Large investments were made: US$364 million for
increasing its shareholding in Chilectra, in Chile; US$150
million in the acquisition of 10% of the share capital
of Edesur, in Argentina, a percentage that was held by
the company’s employees; US$132 million to increase
its shareholding in Ampla, in Brazil; US$23 million to
increase its shareholding by 15% in Río Maipo, in Chile,
and US$1.6 million to increase its shareholding by 1.7% in
Distrilima, in Peru.
2002
2005
-
In Brazil, Central Termoeléctrica Fortaleza in the state of
Ceará was awarded to the Company. The commercial
operation of the second phase of the electricity
interconnection between Argentina and Brazil, CIEN,
completing a transmission capacity of 2,100 MW
between both countries, also began.
2003
- On April 18, the subsidiary Endesa Eco was formed to
promote and develop renewable energy projects like mini-
hydro plants, wind farms, geothermal, solar and biomass
plants, and to act as the depositary and trader of the
emission reduction certificates produced by these projects.
- The subsidiary Endesa Brasil S.A. was formed with all the
assets held in Brazil by the Enersis Group and Endesa
Internacional (now Endesa Latinoamérica): CIEN, Fortaleza,
Cachoeira Dourada, Ampla, Investluz and Coelce.
- Assets amounting to US$757 million were sold, including
the Canutillar generating plant and the distributor Río
Maipo, both in Chile.
2006
2004
- The Central Hidroelectrica Ralco hydroelectric plant
located in the Bio Region and contributes 690 MW of
capacity, began operations.
- During February, the Termocartagena (142 MW) plant in
Colombia, which operates with fuel oil or gas, was bought
for approximately US$17 million.
-
-
In March, Enersis informed the SVS about the merger of
Elesur and Chilectra by the absorption of the latter by
the former. The legal effects of this merger were effective
from April 1, 2006.
In June, Edegel and Etevensa were merged, the latter
a subsidiary of Endesa Internacional (now Endesa
Latinoamérica S.A.) in Peru.
- On September 29, Endesa Chile, ENAP, Metrogas and GNL
Chile signed an agreement defining the structure of the
liquefied natural gas (LNG) project in which Endesa Chile
participates with a 20% holding.
75
2007
-
-
In March, the company Centrales Hidroeléctricas de Aysén
S.A. (HidroAysén) was formed, to develop and exploit
the hydroelectric project in the region of Aysén, called
the “Aysén Project”, which will imply 2,750 MW of new
installed capacity for Chile.
In April, the first phase of the San Isidro combined-cycle
thermal plant, second unit, with a capacity of 248 MW,
was made available to Economic Load Dispatch Center
(CDEC-SIC).
-
In September, the merger of the Colombian generating
companies, Emgesa and Betania was completed.
- On October 11, ENEL S.p.A. and ACCIONA, S.A. took
control of Enersis through ENDESA S.A. and Endesa
Internacional, S.A. (now Endesa Latinoamérica S.A.).
- During November, the Palmucho hydroelectric plant
started up its commercial operations, located below the
Ralco plant dam in the Upper Biobío area, supplying 32
MW of capacity to the Central Interconnected system
SIC).
- Canela was inaugurated on December 6, the first wind
farm on the SIC. Canela is located in the village of that
name in the Region of Coquimbo and contributes 18 MW
to the SIC.
2008
-
In January, the second phase of the San Isidro II
combined-cycle thermal plant began its commercial
operations, with an installed capacity of 353 MW.
- On March 24, the dual operation of Unit Nº1 of the
Tal-Tal thermal plant began operations, with an installed
capacity of 245 MW.
-
In June 27, the Ojos de Agua mini-hydro plant began
operations, contributing 9 MW of installed capacity to the
SIC.
2009
- The companies ACCIONA, S.A. and ENEL S.p.A. announced
an agreement whereby ACCIONA, S.A. will directly and
indirectly transfer to ENEL ENERGY EUROPE S.L. a 25.01%
shareholding in ENDESA, S.A. ENEL ENERGY EUROPE S.L.,
controlled 100% by ENEL S.p.A., will thus hold 92.06% of
the share capital of ENDESA, S.A.
- On June 25, the agreement between ENEL S.p.A. and
ACCIONA, S.A. came into effect whereby the ENEL Group
became the controller of 92.06% of the share capital of
ENDESA, S.A.
- On October 9, Endesa Chile acquired 29.3974% of
its Peruvian generation subsidiary Edegel. The shares
were acquired at market price from Generalima S.A.C.,
a company which in turn is a subsidiary of Endesa
Latinoamérica S.A. Endesa Chile thus now holds directly
and indirectly 62.46% of the shares of Edegel.
- On October 15, Enersis S.A. acquired 153,255,366 shares,
representing 24% of the share capital, of its Peruvian
subsidiary, Edelnor, at a price of 2.72 soles per share.
This was purchased from Generalima S.A.C., a Peruvian
subsidiary of Endesa Latinoamérica S.A., the parent
company of Enersis. With this transaction, the direct and
indirect shareholding of Enersis S.A. in Edelnor rose from
33.53% to 57.53%.
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2014 ANNUAL REPORT ENERSIS
COMPANY’S BUSINESS
2010
-
In February, the San Isidro plant increased its capacity to
399 MW; the combined cycle unit increased 22 MW of
capacity after implementing technological changes that
allowed him to operate in a dual manner (LNG and oil).
- On May 31 in the context of the ongoing effort to provide
its customers with excellent service, Chilectra began
the project distribution network remote management
(DT) implemented by CAM, a technological change that
will allow a qualitative leap in the registration of power
consumption and reducing energy losses.
-
-
In early June Chilectra and Clínica Dávila opened the
largest solar Project in Chile. With a total of 264 solar
thermal collectors, installed in 740 square meters, the
solar electric technology will allow heating more than
70,000 liters of sanitary water a day, using two types of
totally clean energy, uncontaminated and with savings of
up to 85%.
In December 2010, Endesa Chile submitted the
environmental impact assessment (EIA) of Central
Hidroeléctrica Neltume again. The company submitted
the environmental impact study to the Environmental
Assessment Service (SEA), incorporating the additional
information requested by the different organisms that
participated in the evaluation process of the initiative.
The 490 MW installed capacity intends to make use of the
existing hydroelectric potential in the area, specifically in
the River Fuy, natural drainage of the lake Pirihueico.
- Enersis accepted the offer presented by the company
Grana y Montero S.A.A., to acquire the entire stake it
holds, directly and indirectly, in its subsidiary Compañía
Americana de Multiservicios Limitada, CAM; and likewise,
accepted the offer by Riverwood Capital L.P to acquire
the entire shareholding, both directly and indirectly, in
its subsidiary Synapsis Soluciones y Servicios IT Ltda. The
price offered for CAM and its subsidiaries in Argentina,
Brazil, Colombia and Peru amounted to US$20 million. In
the case of Synapsis, the price offered for the company
and its subsidiaries in Argentina, Brazil, Colombia and
Peru amounted to US$52 million
-
-
2011
- Four projects were submitted for environmental approval:
“Optimization of Los Cóndores Hydroelectric Power
Plant”, “Renaico Wind Farm”, “LAT S/E PE Renaico - S/E
Bureo” and “Optimization Second Unit of Thermal
Power Plant Bocamina”. The project “Optimization of Los
Cóndores Hydroelectric Power Plant” has been qualified
as environmentally favorable. The projects: “LTE CH
Los Cóndores - S/E Ancoa”, “Hydroelectric Power Plant
Neltume”, “High Tension line S/E Neltume - Pullinque”,
“Renaico Wind Farm”, “LAT S/E PE Renaico - S/E Bureo”
and “Optimization Second Unit of Thermal Power Plant
Bocamina” are in the process of environmental approval.
In May, the Environmental Assessment Commission of the
Aysen region approved the Environmental Impact Study
of the HydroAysen project power plants presented on
August 14, 2008.
In August, Endesa, S.A. informed, as a significant event,
entering into an agreement for Endesa Latinoamérica
to acquire EDP’s 7.70% stakes in Endesa’s Brazilian
subsidiaries Ampla Energia e Serviços S.A. and Ampla
Investimentos e Serviços S.A. for Euro 76 million and Euro
9 million, respectively. After these acquisitions, the Endesa
Group will control 99.64% of the share capital of both
companies.
77
2012
- On February 29, 2012, the power plant Bocamina II began
commercial operations. This allows compensating the
hydroelectricity generation deficit present for the last
3 years and contributes with an important increase in
efficient low cost thermal electricity as back up capacity of
the Central Interconnected.
- The power plant project Punta Alcalde, to have 740 MW
of installed capacity and that will be locate 13 kilometers
from the city Huasco, received environmental approval
from the Ministers Committee In early December,
after being rejected by the Environmental Assessment
Commission of the Atacama Region In June 2012.
-
In July, through a Significant Fact submitted to the
Superintendence of Securities and Insurance (SVS),the
Board of Directors of Enersis informed its decision to call
an Extraordinary Shareholders Meeting to take place
September 13, with the purpose of resolving, among
other matters, the capital increase of the Company
according to Endesa’s (Spain) proposal, amounting to up
to the equivalent of US$8,020 million in Chilean pesos,
or the amount that the Extraordinary Shareholders
Meeting determines. In early August, the SVS stated that
the Board of Enersis must adopt the actions necessary
to strictly comply with the conditions established by
Articles 15, 67 and Title XVI of Law 18,046 (Corporations
Law),considering that they are complementary and when
applicable should be considered simultaneously. These
conditions are related to capital increase transactions
and related party transactions respectively. Once the
indications of the SVS were acknowledged, Enersis
adopted them and continued with the capital increase
operation. The Board of Directors resolve postponing
the Extraordinary Shareholders Meeting to take
place September 13 to a later date to be determined
opportunely. After strictly complying with the conditions
established by Articles 15, 67 and Title XVI of Law 18,046
(the Board of Directors requested the independent
valuation of IM Trust and the Directors Committee
requested the independent valuation of Claro y Asociados
Ltda., the Directors Committee issued its report and each
Director gave his opinion with respect to the proposed
operation), the Extraordinary Shareholders Meeting held
on December 20 ruled on the capital increase. A very
large majority, almost 86% of all shareholders present
with voting rights, equivalent to 81.94% of the total
shares with voting rights of the Company, approved
the capital increase of the following characteristics:
1) Maximum amount of the capital increase: Ch$
2,844,397,889,381, divided into 16,441,606,297 ordinary
nominative payment shares of the same series, with
no preferences and no par value, 2) Value of non-in-
kind contributions to be capitalized: The total issued
capital of Cono Sur, Company that will concentrate the
activities that are identified in the reports that have been
made available to the shareholders and that would be
contributed by Endesa to Enersis S.A., will amount to
Ch$ 1,724,400,000,034 corresponding to 9,967,630,058
shares of Enersis S.A. at a price of Ch$ 173 per share, 3)
Placement share price: A fixed price of Ch$173 for every
payment share to be issued as a result of the capital
increase.
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2014 ANNUAL REPORT ENERSIS
COMPANY’S BUSINESS
2013
- Capital Increase. With a historic result for this type of
operation in the local market, Enersis shareholders
subscribed a total of approximately $ 6,022,000, a
placement of 100% of the shares available for Capital
Increase.
-
In July, the new Malacas power plant was commissioned
in Peru. With a power output of 185 MW, the new unit
of the Malacas thermal power plant began operations in
Piura, this pant is owned by the Piura Electricity Company
(EEPSA) part of the Enersis Group. This new plant required
an investment of US$ 105 million, and supplies additional
energy to the System.
- On November 6th the first modernised unit of
Salaco project in Colombia was put into operation,
corresponding to unit 2 of the run-of-the-river Darío
Valencia Samper plant, with an installed capacity of
50MW. This unit generated 46.3GWh since it was put into
operation until midnight, December 31st.
-
In December 2013, an Environmental Impact Statement
(EIS) was entered to process. which environmentally
optimizes the project, replacing the originally considered
seawater cooling system with a dry cooling system with
air coolers. The proposed closure of the combined cycle
will use the two existing gas turbines of 123 MW each,
and add a steam turbine of about 130 MW. Thereby,
the Taltal plant will be able to generate a net power of
around 370 MW and display an efficiency gain from the
current 35% to about 50%.
2014
- Public Tender for Shares’ Acquisition (OPA) of Coelce.
On January 14th, Enersis, which until then controlled
58.87% of its subsidiary Coelce, launched a voluntary
OPA of all series of shares issued by Coelce at a price of
R$49 per share. With this, Enersis acquired 3,002,812
common shares, 8,818,006 type A preferred shares and
424 type B preferred shares, equivalent to an investment
of approximately US$243million. After the operation, the
company obtained a direct and indirect interest in Coelce
of 74.05%
- On March 31st, Endesa Chile, Enersis’ subsidiary, acquired
the social rights that Southern Cross had in Atacama
Investment Holding. Thus, the group reached 100% of
Gas Atacama, a 781MW installed capacity natural gas
power plant in SING.
- Los Cóndores Project. In April, Endesa Chile subscribed
contracts for the construction of Los Cóndores
150MW hydroelectric project, located in Maule region.
The estimated investment for the plant reaches
US$661.5million; it is expected to begin commercial
operations in late 2018.
-
In April, Enersis closed a purchase agreement to acquire
all the shares that Inkia Americas Holdings Limited
indirectly had of Generandes Perú S.A., equivalent to
a 39.01% stake, worth US$413million. The transaction
ended in September, and as a result Enersis achieved
58.60% shareholding of Edegel.
- SmartCity Santiago. In July, Enersis, through its Chilectra
subsidiary, inaugurated the first intelligent city of Chile in
Ciudad Empresarial. The event was attended by the CEO
of Enel, Francesco Starace and by Energy Minister Máximo
Pacheco.
- On July 31th, 2014, Enel Energy Europe S.R.L., today Enel
Latinoamérica S.R.L., majority shareholder of Endesa
S.A. (with 92.06% of its share capital) proposed the
acquisition of 100% of the share capital of Endesa
Latinoamérica S.A. The transaction was completed in
October 2014 and, as a result, Enel S.A. achieved direct
control over 60.62% of Enersis.
-
In March 2014 ICSARA No.1 was received (Consolidated
Report of Request for Clarifications, Corrections and/
or Extensions No.1) of the EIA for the optimisation
of Bocamina II, with the observations about relevant
environmental services. In late September 2014, EIA’s
Addendum No.1 with answers to ICSARA No.1 entered
the Environmental Assessment Service (SEA). Regarding
the injunction issued by the Court of Appeals of
Concepción that kept the operation of the second unit
paralysed since December 2013, in November 2014 the
Third Chamber of the Supreme Court lifted the injunction,
indicating the second unit can operate again if two
conditions are met: i) having refined the installation of
the Bocamina I desulfuriser promised in RCA No.206/07,
in the shortest possible time; and ii) providing sufficient
guarantee that it will promptly implement further specific
measures for a real and effective solution to the problem
related to seawater suction and biota entry due to this
process, according to the best available technologies to
this effect.
79
Investments and
Financial
Activities
80
2014 ANNUAL REPORT ENERSIS
INVESTMENTS AND FINANCIAL ACTIVITIES
Investment Plan
We coordinate the overall financing strategy of our subsidiaries and intercompany loans, in order to
optimise debt management, in addition to the terms and conditions of our funding. Our subsidiaries
develop independent capital investment plans that are funded by internally generated funds or by direct
funding. One of our goals is to focus on those investments that will yield long-term benefits, such as
projects to reduce energy losses. Additionally, focusing on Enersis group and seeking to provide services
to all companies in the group, our goal is to reduce investment at the individual subsidiary companies in
elements such as procurement systems, telecommunications and information systems. While we have
studied how to finance these investments as part of the budget process of the Company, no particular
financing structure has been committed and our investments will depend on market conditions at the
time they need to get the cash flow.
Our investment plan is flexible enough to adapt to changing circumstances by giving different priorities
to each project according to profitability and strategic fit. Investment priorities are currently focused on
developing the works plan in Chile, Peru and Colombia.
For the period between 2015 and 2019, we expect to spend $5,854 billion, in consolidated base, in
investments in controlled subsidiaries associated with investments currently under development,
maintenance of our distribution networks, maintenance of existing generation plants, and the studies
required to develop other potential generation projects.
The table below shows capital expenditures expected to be realised from 2015 to 2019 and capital
expenditures incurred by our subsidiaries in 2014, 2013 and 2012.
Chile
Abroad
Total
Investment(1) ($ millions)
2015-2019
1,480,142
4,373,971
5,854,113
2014 (1)
197,653
891,709
1,089,362
2013 (1)
128,240
646,580
774,820
2012 (1)
125,601
581,690
707,291
(1) Capex figures represent actual expenditures for each year, net of contributions, with the exception of future
projections.
81
Investments in
Years 2014, 2013 y
2012
Our capital expenditures in the last
three years are mainly related to the
350 MW Bocamina II project in Chile,
the 400 MW El Quimbo project in
Colombia and the maintenance of
existing installed capacity. Bocamina
II began commercial operations in
October 2012 and El Quimbo project
is still in development. In July 2013
‘Reserva Fría’ plant, 183 MW gas
turbine which serves as support for
the Peruvian system, began operations
in the region of Talara. In December
2014, Salaco optimisation project was
completed, adding 145 MW to the
Colombian system. Additionally we also
invest for: (i) expanding our distribution
service in response to the growing
demand for energy; (ii) improving
the quality of service; (iii) improving
safety; and (iv) reducing energy losses,
especially in Brazil.
Projects Currently in Development
Our largest projects in development are:
El Quimbo project: 400 MW hydroelectric plant, which is expected to start
operating in 2015 in Colombia.
Los Cóndores project: 150 MW hydroelectric plant, located in Maule region.
Construction began in 2014 and is expected to be finished in 2018.
The equity investments mentioned here
were financed as follows:
In addition we plan to continue expanding distribution services, reducing energy
losses and, in turn, improving efficiency and profitability of our distribution
operations in Chile and abroad.
All described projects in development are expected to be financed with resources
to be provided by external financing as well as by internally generated resources.
- El Quimbo: issuing of local and
international bonds.
- Bocamina II: company generated
funds.
- Reserva Fría: leasing.
- Salaco: company generated funds.
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2014 ANNUAL REPORT ENERSIS
INVESTMENTS AND FINANCIAL ACTIVITIES
Generation
Our capital expenditures in generation totalled $622 billion in 2014, of which $258
billion were incurred in Chile and $3,640 billion outside the country. In 2013, these
expenditures totalled $425 billion, of which $135 billion were incurred in Chile and
the rest abroad.
In Chile, our main investments in 2014 were concentrated on finishing the
remaining work of 350 MW Bocamina II, and the beginning of Los Cóndores150
MW run-of-the-river hydroelectric plant. In Colombia, our main expansion
investment was concentrated in the construction of 400 MW El Quimbo
hydroelectric project and the entry into operation of units of Darío Valencia
Samper, Salto II, Laguneta and Limomar plants, all of Salaco Chain Project that
will extend in 145 MW the installed capacity of the complex in Colombia. In Peru,
Chile and Brazil, we continue with investments for studies and development of the
projects pipeline, both hydraulic and thermoelectric.
In Argentina, during 2014, Costanera plant had contributions from the
Government for the ENCOS Plan project for $48 billion, while in 2013 it received
$36 billion. These contributions, however, are not considered in the total capital
expenditures reported here.
83
Distribution
During 2014 investments for $593
billion were made, primarily to
meet consumption needs, resulting
from population growth and new
customers, via investment not only
in connecting with them but also in
capacity increases and strengthening
in High (HT), Medium (MT) and
Low Tension (MT) facilities of the
companies. Of this total, $67 billion
were incurred in Chile and $527
billion abroad. Additionally, in
2013, investments of $455 billion
(homogenisation for the change of
Consolidation Standard) were made
to meet the consumption needs
resulting from population growth and
new customers, as well as to improve
quality of service. Of this total, $56
billion were incurred in Chile.
In Chile, during 2014, Chilectra and
subsidiaries (Colina and Luz Andes)
made investments totalling $67 billion,
primarily related to meeting growing
energy demand, quality of service,
safety and information systems.
In the year 2014, it must be stressed
the commissioning of additional
75 megavolt ampere (MVA)
transformer capacity, particularly
at Lo Valledor (110/12kV), Santa
Elena (110/12kV) and Altamirano
(110/12kV) substations (S/S), each
with an extension of 25MVA. Work
was also done to increase reactive
power injection in S/S Ochagavía, in 80
MVAR.
Finally, progress has been made
in increasing the 220/110kV
interconnection capacity in Chena
S/S, in 400MVA, and the construction
of the new Chicureo S/S (200 MVA
capacity), the beginning of entry into
operation with 25MVA transformer,
which aims to strengthen the capacity
in the northern suburbs of Santiago.
These works are scheduled to enter
into service in early 2015.
In HT networks, during 2014 we
continued with the construction of
Tap Chicureo 220kV Line, which is
expected to enter into service in the
first half of 2015.
From the preventive point of view, the
adequacy of 21 MT Capacitor Banks
in power substations is completed,
an action aimed at enhancement of
the safety of facilities and extension
of the useful life of the equipment.
Meanwhile, from the point of view of
systems, during May 2014 the new
Scada comes into operation with main
system failure backup.
In MT networks, 2 new feeders were
built: Maulen Feeder Project (12kV)
in Chacabuco S/S and Haydn Feeder
(12kV) in San Joaquin S/S. And for
large customers supply, the Titanium
Feeder (12 kV) in Vitacura S/S and
Vista Alegre Feeder (12 kV) in the
Bicentenario S/E. Progress was also
made in the construction of six other
feeders to be brought into service
during 2015.
Finally, investment continued to
increase MT network automation in
Chilectra S.A., adding more than 80
new units, remote-controlled from the
System Operation Centre, reaching
a total of 600 units in this condition.
This will be strengthened with the
Accelerated Medium Voltage Network
Remote Command Plan aimed at
incorporating new remotely controlled
equipment over a period of five years.
Within this process, Santiago Smart
City Automation project was put into
service in Ciudad Empresarial in the
first quarter, as well as MT Network
Auto Reconfiguration projects in the
areas of Lampa and Colina; they are
allowing and will allow our customers
to enjoy a quality of service of high
level and international standard. In
Argentina, our Edesur subsidiary made
investments for about $131billion
primarily related to the investment
plan presented to the Argentinian
government in accordance with the
obligations of resolution 10/2014.
This plan involved making significant
electrical infrastructure works allowing
expansion and renovation of HT, MT
and LT networks.
In the case of Brazil, total investment
reached $205 billion. In particular,
Ampla made investments totalling
$137 billion, concentrated mainly on
projects to reduce losses, quality of
distribution networks and connecting
new customers.
Coelce´s investments totalled $67
billion, mainly for network and
connection projects to incorporate
new customers. Necessary investments
were also made to support the
sustained growth in demand that the
state of Ceará has presented in recent
years.
In Colombia, investments totalled
$106 billion in expansion projects to
serve new customers and to meet
demand growth in a comprehensive
manner, in the different tensions of the
distribution network.
The investments made by Codensa
focused mainly on connections to new
clients and in networks to improve
quality of service.
In Peru, Edelnor carried out
investments for a total of $85 billion,
aimed mainly to meeting demand
growth, always seeking to strengthen
safety in MT and LT feeders.
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2014 ANNUAL REPORT ENERSIS
INVESTMENTS AND FINANCIAL ACTIVITIES
Financial Activities
The financial activities of the Enersis group have always been an important and
a priority issue. Work has been conducted to improve the financial profile of
both Enersis and its subsidiaries, issuing equity and debt with the best market
conditions.
The most significant financial events in the history of Enersis include, among
others, the following events:
Between 1988 and 1992 Enersis shares began trading on the local stock
exchanges and on October 20, 1993, in the New York Stock Exchange (NYSE), by
means of the ADSs, under the NEMO ENI.
In February 1996, Enersis made a second issue of shares in both the local and
international markets. In addition, it issued bonds in the United States for a total
of U.S. $800 million, due in 2006, 2016 and 2026.
In February 1998, Enersis again increased its capital and issued bonds in the
amount of $ 200 million.
In 2000, Enersis conducted a new Capital Increase by approximately $525 million.
On December 17, 2001 it began trading in the Latin American Stock Exchange in
the Madrid Stock Exchange (LATIBEX) Enersis shares traded under the NEMO XENI.
Between June and December 2003, Enersis conducted another Capital Increase,
which allowed increasing the equity base of the company to more than US$2
billion.
In 2012 financial transactions, both refinancing and new financing and hedging
in the foreign subsidiaries for a total amount equivalent to U.S. $1,376 million, of
which $117 million came from Argentina, U.S. $533 million from Brazil, U.S. $623
million from Colombia and U.S. $104 million from Peru .
In March 2013 The Capital Increase by over US$6 billion was successfully
completed, the largest by a Chilean company.
Due to amendments made between 2006 and 2010 to local bonds contracts,
Yankee bonds, and credit lines under the New York Law of Enersis and Endesa
Chile to date, default events of any foreign subsidiary have no effect on the
Chilean debt matrix.
85
International
Finance
The year 2014 was marked by
incipient recovery in developed
economies, mainly the United States,
which recorded the highest growth.
Macro data, however, were not
strong enough for the Fed who has
delayed the withdrawal of monetary
stimulus keeping rates at record lows;
however, financial market agents
have discounted that rates should rise
in the near term, which has caused
the devaluation of emerging market
currencies, including the countries
where Enersis’ assets are located.
Geopolitical conflicts, coupled with
cuts in projected growth of China,
have impacted heavily on the prices of
raw materials, which are an important
source of income for countries in Latin
America.
Financial markets remained open in
countries where Enersis is present,
allowing its foreign subsidiaries to raise
the necessary resources to finance
their projects and investments and
to continue refinancing their debt to
longer term, complying with a policy
that allows controlled financial risks.
In Argentina, the complex operational
and regulatory situation has generated
instability in the cash flows of the
companies; however, through various
operational and financial actions,
economic balance was achieved by the
end of 2014.
In 2014 new financing and hedging
transactions totalling approximately
US$3,700million were performed,
mainly due to emissions in Brazil, Chile
and Colombia, and coverage operations
of Endesa Chile.
National Finance
Enersis consolidated accounts at the end of 2014 with committed credit lines
available for the equivalent of US$ 808 million.
Enersis and Endesa Chile and its respective subsidiaries in Chile and abroad,
also feature at the end of 2014 with uncommitted credit lines available for the
equivalent of US$788 million.
During 2014, Enersis maintained available for withdrawal the entire program of
local bonds for UF 12.5 million, program registered in the Securities Register of the
Superintendence of Securities and Insurances in February 2008.
At the end of 2014 Commerce Effect Lines for a total amount of up to US$200
million for both Enersis and Endesa Chile remained unused. These Commerce
effect lines were registered in January 2009 in the Securities Register of the
Superintendence of Securities and Insurance.
Additional to the already mentioned credit contracts and bonds programs,
Enersis and Endesa Chile with its Chilean subsidiaries ended with available cash
of US$1,630 million, corresponding to Enersis the sum of US$1,547 million and to
Endesa Chile US$ 83 million.
Regarding the consolidated financial debt of Enersis until December 2014, it
reached US$ 5,986 million. Of this amount, US$3,505 million related to Endesa
Chile consolidated debt. This debt is primarily composed of international bonds,
local bonds and bank debt.
It should be noted that the consolidated cash of Enersis ended at U.S. $ 2,805
million, therefore, the consolidated net debt amounts to US$3,182 million.
However US$148 million in instruments placed over 90 days remain.
As for financing with international bonds, Endesa Chile issued during 2014 a
Yankee bond for US$400million; as at this date, outstanding debt amounts to
US$200million, contracted in July 2003 and with final maturity in July 2015.
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2014 ANNUAL REPORT ENERSIS
INVESTMENTS AND FINANCIAL ACTIVITIES
Coverage Policy
Exchange Rate
The exchange rate hedging policy of
the Group is based on cash flows and
seeks to maintain a balance between
flows indexed to foreign currency (US$)
and the levels of assets and liabilities in
that currency. The goal is to minimise
flows’ exposure to risk from changes in
exchange rates.
As part of this policy, in Chile, forwards
were contracted for US$523 million to
cover flows from foreign subsidiaries in
different currencies.
Interest Rate
The Group’s policy is to maintain
levels of fixed and protected debt over
total net debt within a band of plus
or minus 10% compared to the ratio
established in the annual budget. In
case of any deviation from the budget,
hedging transactions are made, based
on market conditions.
Main Financial Operations
Argentina
Endesa Costanera refinanced commercial debt with Mitsubishi Corporation,
initially for US$192 million, at a rate of 0.25% in dollars and 18 years term.
Hidroeléctrica El Chocón refinanced an external loan of US$19 million for two
years.
Central Dock Sud formalised a capitalisation operation for US$ 134million in debt
and cash, allowing repairing its equity situation with no remaining debt.
Brazil
Ampla issued a local bond for an amount of US$113 million for a term of five years
and contracted committed lines of credit for $64 million. Coelce, meanwhile, was
financed by bank loans totalling US$ 169 million and contracted committed lines
of credit for US$72 million.
By the end of December, the level of
consolidated plus protected fixed debt
over total net debt was 86%.
Colombia
Emgesa issued local bonds for an amount of approximately US$247 million in
instalments of 6, 12 and 16 years to finance Quimbo hydroelectric project and
to refinance maturing debt. Codensa, meanwhile, issued domestic bonds for
US$77million with a term of seven years.
Peru
Edegel formalised its first committed lines of credit amounting to US$34million
with a term of two years, with the aim of strengthening liquidity. In addition, it
formalised a bank loan for US$36million to refinance maturities.
Edelnor issued local bonds totalling US$130million and has entered into
committed credit lines for US$38million.
87
Credit Rating
On November 9th, 1994, Standard and Poor’s and Duff & Phelps rated Enersis
for the first time as BBB +, that is, an investment grade company. Later, in 1996,
Moody’s rated the company´s foreign currency long-term debt at Baa1.
During the course of time, most credit ratings have varied. Currently, they are all
‘investment grade’ with stable outlook, which is based on the diversified portfolio
of assets, liquidity and adequate policies of debt service coverage.
Enersis subsidiaries have financially strong and leading position in the markets
where they operate (except for subsidiaries located in Argentina).
Summarising the main events that have taken place over the past months, we
highlight the following:
- On July 9th, 2014, Feller Rate confirmed the ‘AA’ current local rating for bonds,
shares and commercial paper programmes, also confirming the stable outlook.
- Likewise, on August 6th, 2014, Fitch Ratings confirmed Enersis local and foreign
currency ratings as ‘BBB +’, as well as its long-term rating in the national scale
rating at ‘AA(cl)’. The outlook is ‘stable’.
- On November 28th, 2014, Standard & Poor’s confirmed the international rating
for Enersis as “BBB +” with stable outlook.
Properties and
Insurance
Enersis owns some equipment and
substations located in the Metropolitan
Region and, like all Enel subsidiaries,
it is part of a global risk coverage
programme, led by its parent company
Enel, in material damage, terrorism,
business interruption and legal liability.
- Finally, Moody’s credit rating agency ratified corporate rating for Enersis as
Baa2 with a stable outlook as at December 27th, 2014.
Brands
Ratings are supported by the diversified portfolio of assets held by the company,
strong credit parameters, adequate debt composition and ample liquidity. The
geographic diversification of Enersis in Latin America provides a natural hedge
against different regulations and weather conditions.
The company has registered ENERSIS
brand for products, services, industrial
facility and commercial establishment.
.
International Rating
Enersis
Corporative
S&P
BBB+ / Stable
Moody’s
Baa2 / Stable
Fitch
BBB+ / Stable
Local Rating
Enersis
Shares
Bonds
Feller Rate
1st class, Level 1
AA / Stable
Fitch
1st class, Level 1
AA / Stable
Humphreys
1st class, Level 1
AA / Stable
88
2014 ANNUAL REPORT ENERSIS
INVESTMENTS AND FINANCIAL ACTIVITIES
Suppliers, customers and relevant competitors
Being Enersis a company that operates mainly in the field of generation and distribution of electricity has been taken to
consider, besides its own appropriate suppliers, customers and most relevant competitors of its main subsidiaries in Chile
and other countries in Latin America where it operates:
Consistent with the aforementioned, it was established that suppliers, customers and most relevant competitors to the
company are:
Chile: Gerdau Chile, Grupo CMPC, Grupo Mall Plaza,
Grupo CGED, Grupo SAESA, Grupo Chilquinta, Grupo Emel,
Colbún, Guacolda, AES Gener, Hidroléctrica La Higuera,
Hidroeléctrica La Confluencia, Pacific Hydro, E-CL (Suez),
Importadora y Exportadora Clever Ltda., Schaffner S.A., Cam
Chile S.A., Ferrovial Agroman Chile S.A., Salfa Empresa de
Montajes S.A., Inerco Ingeniería y Tecnología, Akeron –CAF
Servicios Industriales Ltda., MItsubischi Corporation, Voith
Idro Ltda.
Argentina: Sadesa, AES, Pampa, Petrobras, YPF ENERG
(ex Pluspteg), Minera Lumbrera, Chevron Argentina,
Petroquímica Comodoro Rivadavia, Duke Energy, Albanesi,
GCBA, AYSA S.A., Coto C.I.C.S.A., Telefónica, Metrovías, Soc.
Integrada de Buenos Aires UTE, Prysmian Energía Cables
y Sistemas, Leccentros S.A., Contrucsur S.R.L., Tecnodock
S.R.L, Duro Felguera Arg. S.A., DF Services Masa Oper. Int.
S.L., Ansaldo Energia S.P.A, Masa Argentina S.A., Reivax S.A.
Automacao e Controle, Imc SRL - Mei SRL UTE, Enrique Félix
Zippilli, Turismo Patagonia S.A., Integratech, S.A.
Brazil: Energisa, Cedae, Holcim, Ingredion, Cibrapel, AES
Distribución, CPFL Distribución, Neoenergía Distribución,
Copel Distribución, Light, Cagece, MDias Branco, Fapija,
Ambev, Cearaportos, Rhodia, Peugeot, Vicunha, Romi, CSN,
Electrobras Generación, Cemig Generación, AES Tiete, CPFL
Generación, Duke Brasil Generación, Compel Const, Mont.
Proj. Elet. Ltda., Personal Service Rec, Hum. Asses. Emp,
Landis+GYR Equip. Medicao Ltda., Cam Brasil Multiservicos
Ltda., Genom Geral de Engenharia e Mont, S.A., Cosampa
Projetos e Construcoes Ltda., Endicon Eng. Instalacoes e
Const. Ltd., B & Q Energia Ltda., Eficaz Engenharia e Servicos
Ltd., Citeluz Servicos de Iluminacao Urba., Biotérmica Energia
S.A., Andritz Hydro Inepar do Brasil S/A, Voith Hydro Ltda.,
Safira Admin, Comercializadora, Energia Solucoes S.A.,
Alstom Power O & M Ltda., Alstom Brasil Energia e Transp.
Ltda., Cegece, Hidroplas Industria e Comércio Ltd., PB
Construcoes Ltda.
Colombia: EPM, Isagen, Gecelca, Chivor, EPSA, Caribe, Emsa,
CEO, Familia S.A., E.A.B. ESP, Ecopetrol S.A., Cencosud S.A.,
Triple A S.A. ESP, EEPPM, Electricaribe S.A. ESP, Dicel, Deltec
S.A., Cam Colombia Multiservicios SAS, Consorcio Mecam,
Cenercol S.A., Villa Hernández y Compañía SAS, Transportes
C&C, Transportes Especializados JR SAS., Alumbrado Público
Bogotá, San Miguel Industriales PET S.A., Telefónica Móvil
de Colombia, Fiscalía General de la Nación, Ministerio de
Hacienda, Corporación de Taxis de Colombia S.A.
Peru: Vorantim Metais Cajamarquilla, Luz del Sur, Cía. Minera
Antamina, Chinalco, Enersur S.A., Kallpa Generación S.A:,
Electroperú, Duke Energy, Celepsa, Corporación Celima,
Filamentos Industriales S.A., Corporación Lindley S.A., Peruana
de Moldeados S.A., Lima Airport Partners S.R.L., Coelvisac,
Termoselva S.R.L., Duke Energy Egenor S.E.P.A., Siemens
Energy Inc., Siemens S.A., Siemens S.A.C., Skanska del Perú
S.A., Yikanomi Contratistas Generales SAC., Cobraperú
S.A., Calatel Infraestructuras y Servicio, Consorcio Nortelec,
Compañía Americana de Multiservicios, Indeco S.A.
89
Risk
Factors
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2014 ANNUAL REPORT ENERSIS
RISK FACTORS
The Group’s companies are exposed to certain risks that are managed by systems that identify measure,
limit concentration of, and monitor these risks.
The main principles in the Group’s risk management policy include the following:
- Compliance with corporate governance standards.
- Strict compliance with all the Group’s internal policies.
- Each business and corporate area determines:
I. The markets and product areas in which it will operate based on its knowledge and ability to
ensure effective risk management.
II. Criteria regarding counterparts.
III. Authorized operators.
- Business and corporate areas establish their risk tolerance in a manner consistent with the defined
strategy for each market in which they operate.
- Business limits are ratified by the Group’s Risk Committee.
- All of the operations of the businesses and corporate areas are conducted within the limits approved
for each case.
- Businesses, corporate areas, lines of business and companies design the risk management controls
necessary to ensure that transactions in the markets are conducted in accordance with Enersis’
91
policies, standards, and procedures.
Interest Rate Risk
Interest rate variations modify the fair value of those assets and liabilities that
accrue a fixed interest rate, as well as the future flows of assets and liabilities based
on a variable interest rate.
The objective of the management of interest rate risk is to obtain a balance in the
debt structure that permits minimizing the debt cost with reduced volatility in the
income statements.
In compliance with the current interest rate hedging policy, the portion of fixed
and/or hedged debt to total net debt was 86% as of December 31, 2014.
Depending on the Group’s estimates and debt structure objectives, hedge
transactions are carried out by contracting derivatives that mitigate these risks. The
instruments currently used in compliance with the policy are interest-rate swaps
that convert variable to fixed rates.
The structure of Enersis Group’s financial debt by fixed and/or hedged and variable
interest rates, and after the derivatives contracted, is as follows:
Net Position
Fixed interest rate
Variable interest rate
Total
12/31/2014
%
86%
14%
100%
12/31/2013
%
72%
28%
100%
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2014 ANNUAL REPORT ENERSIS
RISK FACTORS
Exchange rate risk
Commodities Risk
Exchange risks are mainly related to the
following transactions:
The Enersis Group is exposed to the price fluctuation risk of some commodities,
basically through:
- Debt contracted by Group
-
Fuel purchases for electricity generation
companies in currencies other than
those to which their cash flows are
indexed.
- Payments for the acquisition of
project-related materials and
payments of insurance premiums
in currencies other than those to
which their cash flows are indexed.
- Revenues of Group companies
that are directly linked to dollar
fluctuations.
- Cash flows from foreign subsidiaries
to their parents exposed to
exchange rate fluctuations.
In order to mitigate exchange risk,
the exchange rate hedging policy of
the Enersis Group is based on cash
flows and seeks to maintain a balance
between dollar-indexed flows and the
levels of assets and liabilities in that
currency. The objective is to minimize
exposure of cash flows to variations in
the exchange rate.
Cross-currency swaps and forward
exchange contracts are the instruments
currently used to comply with this
policy. The policy also seeks to refinance
debt in each company’s functional
currency.
- Energy trading on the local markets.
In order to reduce risks in extreme drought conditions, the Company has designed
a commercial policy that defines sales commitment levels that are consistent with
the capacity of its generating plants in a dry year, and includes risk-mitigation
clauses in some non-regulated customers’ contracts. In the case of regulated
customers subject to long-term tender processes, certain indexation clauses are
included to reduce exposure to commodities and other variables.
Bearing in mind the operating conditions the Chilean electricity generation market
faces, drought and commodities’ price volatility in international markets, the
company is constantly checking the advisability of taking coverage to mitigate the
impacts of these price variations on results. As at December 31st, 2014 there were
outstanding swap operations for 266 thousand barrels of Brent oil for January
2015 and 350 thousand MMBTU of Henry Hub gas for February 2015. As at
December 31st, 2013, there were no outstanding commodity derivative operations.
According to the operating conditions, that are constantly updated, these
coverage operations may be modified, or they may include other commodities.
Liquidity Risk
The Group maintains a liquidity policy consisting of long term committed credit
facilities contracted and temporary financial investments, for sufficient amounts
to cover projected needs for a period that is a function of the situation and
expectations for debt and capital markets.
The aforementioned projected needs include net financial debt due, i.e. after
financial derivatives.
As at December 31st, 2014, Enersis Group has a liquidity of M$1,704,745,491 in
cash and other equivalent means and M$353,263,488 in long term unconditionally
available credit lines, which covers 66 months of the Group’s maturity schedule. As
at December 31st, 2013, Enersis Group had a liquidity of M$1,606,387,569 in cash
and other equivalent means and M$208,900,680 in long term unconditionally
available credit lines, which covered 41 months of the Group’s maturity schedule at
that time.
93
Credit Risk
The Enersis Group thoroughly follows
up the credit risk.
Trade accounts
receivable
The credit risk corresponding to
accounts receivable derived from
business activities has historically been
very limited as the short-term nature
of the receivables does not allow
the accumulation of very significant
individual amounts. This applies to
both our electricity generation and
distribution businesses.
In the electricity generation business, in
some countries, it is possible to cut off
supplies in the event of non-payment,
and in almost all the contracts, there
is a contract termination clause for
events of non-payment. Credit risk is
therefore monitored constantly and the
maximum amounts exposed to non-
payment are measured, although these
are limited, as already explained.
In the case of the electricity distribution
companies, supplies may be cut off by
our companies in the event of non-
payment by customers. This is applied in
accordance with the current regulations
in each country, which facilitates the
evaluation and control of credit risk,
which is also limited.
Financial Assets
Investments of cash surpluses are made in domestic and foreign first-class financial
institutions (with risk rating equivalent to investment grade, as far as possible) with
established limits for each entity.
In selecting banks for investment, those that have investment rating are
considered, considering the three main international rating agencies (Moody’s,
S&P and Fitch).
Placements can be backed by treasury bonds of the countries where the operation
is done and/or by securities issued by first-class banks, preference given to the
latter due to their higher yields (always framed by outstanding investment
policies).
Subscription of derivatives is done in high solvency institutions, so all operations
are subscribed with investment grade entities.
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2014 ANNUAL REPORT ENERSIS
RISK FACTORS
Risk Measurement
The Enersis Group measures the Value at Risk (VaR) of its
debt and financial-derivatives positions in order to monitor
the risk assumed by the Company, thus restricting volatility
in its statement of income.
The positions portfolio used in the calculations of the
current Value at Risk is comprised of:
-
Financial debt.
- Derivatives for hedging debt, dividends and projects.
The calculated Value at Risk represents the possible loss of
value of the above-mentioned positions portfolio over a
one-day time horizon with 95% of confidence. The volatility
of the risk variables that affect the value of the positions
portfolio has therefore been studied, including:
values (both spot and term) for the risk variables, using
Bootstrapping methodology. The number of scenarios
generated ensures compliance with the simulation
convergence criteria. A matrix of volatilities and correlations
between the various risk variables calculated from historical
price-return values, has been applied to simulate the future
price scenario.
Once the price scenarios are obtained, the fair value of the
portfolio is calculated using each of the scenarios, obtaining
a distribution of possible values at one day. The one-day
95% confidence VaR number is calculated as the 5%
percentile of the potential increases in the fair value of the
portfolio in one day.
Considering the previously described methodology, the
Value at Risk of the above discussed positions broken down
by type of position is shown in the following table:
- The US dollar Libor interest rate.
- The usual local banking-practice indices for the different
currencies in which our companies operate.
- The exchange rates of the different currencies involved
in the calculation.
Financial positions
Interest rate
Exchange rate
Correlation
Total
12/31/2014
M$
33,135,363
1,065,881
(1,187,257)
33,013,987
12/31/2013
M$
17,236,855
3,074,168
(390,965)
19,920,058
The calculation of Value at Risk (VaR) is based on
generating possible future scenarios (at one day) of market
The Value at Risk positions have evolved during the 2014
period and year 2013 as a function of the start/maturity of
the transactions.
95
Risk factor also may extend to the following areas:
A financial or other crisis in any region
worldwide can have a significant impact
on the countries in which we operate, and
consequently, may adversely affect our
operations as well as our liquidity.
The five countries in which we operate are vulnerable to
external shocks, including financial and political events,
which could cause significant economic difficulties and
affect their growth. If any of these economies experience
lower than expected economic growth or a recession, it
is likely that our customers will demand less electricity.
Furthermore, some of our customers may experience
difficulties paying their electric bills, possibly increasing
our uncollectible accounts. Any of these situations could
adversely affect our results of operations and financial
condition.
Financial and political crises in other parts of the world
could also adversely affect our business. For example,
instability in the Middle East could result in higher fuel
prices worldwide, which in turn could increase the
cost of fuel for our thermal generation plants and
adversely affect our results of operations and financial
condition.
In addition, an international financial crisis and its disruptive
effects on the financial industry could adversely impact
our ability to obtain new bank financings on the same
historical terms and conditions. A financial crisis could also
diminish our ability to access the capital markets in the five
countries in which we operate as well as the international
capital markets for other sources of liquidity, or increase
the interest rates available to us. Reduced liquidity could, in
turn, adversely affect our capital expenditures, our long-
term investments and acquisitions, our growth prospects
and our dividend payout policy.
South American economic fluctuations are
likely to affect our results from operations
and financial condition as well as the value
of our securities.
All of our operations are located in five South American
countries. Accordingly, our consolidated revenues may be
affected by the performance of South American economies
as a whole. If local, regional, or worldwide economic trends
adversely affect the economy of any of the five countries
in which we have investments or operations, our financial
condition and results from operations could be adversely
affected. Moreover, we have investments in volatile
countries, such as Argentina. Insufficient cash flows for
our subsidiaries located in Argentina have, in some cases,
resulted in their inability to meet debt obligations and
the need to seek waivers to comply with restrictive debt
covenants.
The majority of our operating income is generated in Brazil,
Chile and Colombia, and 89% of our operating revenues in
2014 were derived from our operations in these countries.
As a result, our financial condition and results of operations
are particularly dependent on Brazilian, Chilean and
Colombian economic performance.
Future adverse developments in these economies may
impair our ability to execute our strategic plans, which
could adversely affect our results of operations and financial
condition.
In addition, South American financial and securities
markets are, to varying degrees, influenced by economic
and market conditions in other countries. Brazilian, Chilean
and Colombian financial and securities markets may be
adversely affected by events in other countries, which could
adversely affect the value of our securities.
A deterioration of the economic situation
in Argentina or a deeper devaluation of
the Argentine peso could have an adverse
effect on our debt.
The Argentine peso suffered a steep devaluation against
the U.S. dollar during 2014. Due to the decline in value
of the Argentine peso relative to foreign currencies, the
Argentine government has implemented policies to limit
purchases of U.S. dollars. The Argentine Central Bank raised
the reference interest rate, which increased financing costs
for banks and for private sector companies. Although the
pace of the devaluation of the Argentine peso against the
U.S. dollar has slowed recently, the increase in interest paid
on deposits has been insufficient to offset the inflation rate.
The devaluation of the Argentine peso may continue in
2015 and future years.
If Argentina’s economy were deemed hyperinflationary, a
general price index would be used to present the amounts
related to our Argentine subsidiaries in our consolidated
financial statements under the provisions outlined in IAS
29, “Financial Reporting in Hyperinflationary Economies.”
Amounts for the previous reporting periods would be
restated by applying the general price index so that the
financial statements between the periods presented would
be comparative.
In 2014, the Argentine banking industry increased interest
rates on loans and shortened maturities. Liquidity in the
Argentine derivatives market also deteriorated, which
limited access to swaps of Argentine peso-denominated
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2014 ANNUAL REPORT ENERSIS
RISK FACTORS
debt into other currencies. As a result, our Argentine peso-
denominated debt is exposed to further devaluation of the
Argentine peso.
Argentina’s sovereign creditworthiness also deteriorated
in 2014, based on market data and reports from credit
ratings agencies. The insurance cost of sovereign bonds, as
measured by credit default swaps, increased to 29.9% from
16.5% during 2014, which indicates increased probability of
a distressed credit event. Argentina’s sovereign debt rating
was downgraded from “CCC-” to “selective default” by
Standard & Poor’s and from “CC” to “restricted default” by
Fitch, after a default on Argentina’s sovereign bonds in July
2014. Moody’s maintained the long term foreign currency
debt rating at “Ca,” but with negative outlook. Further
deterioration of Argentina’s economy could adversely affect
our results of operations and financial condition.
For further information on our consolidated financial
statements by country, please see Note 35.3 of the Notes to
our consolidated financial statements.
Colombia imposed an equity tax to finance
reconstruction and repair efforts related to severe flooding,
which resulted in an extraordinary tax expense accrual
booked in January 2011 for taxes payable in 2011 through
2014.
Changes in the policies of these governmental and
monetary authorities with respect to tariffs, exchange
controls, regulations and taxation could reduce our
profitability. Inflation, devaluation, social instability and
other political, economic or diplomatic developments,
including the response by governments in the region to
these circumstances, could also reduce our profitability.
Any of these scenarios could adversely affect our results of
operations and financial condition.
Our electricity business is subject to risks
arising from natural disasters, catastrophic
accidents and acts of terrorism, which could
adversely affect our operations, earnings
and cash flow.
Certain South American countries have
been historically characterized by
frequent and occasionally drastic
economic interventionist measures
by governmental authorities, including
expropriations, which may adversely
affect our business and financial
results.
Governmental authorities have altered monetary, credit,
tariff, tax and other policies to influence the course of the
economies of Argentina, Brazil, Colombia and Peru. To a
lesser extent, the Chilean government has also exercised
and continues to exercise a substantial influence over many
aspects of the private sector, which may result in changes
to economic or other policies. For example, in September
2014, the Chilean government approved the progressive
increase of the corporate income tax and a change in
the tax system, which may have an additional negative
effect upon non-Chilean holders of shares or ADSs. In
addition, taxes may be due on accrued dividends prior to
their payments depending on the tax mechanism elected.
Governmental actions in these South American countries
have also involved wage, price and tariff rate controls
and other interventionist measures, such as expropriation
or nationalization. For example, Argentina froze bank
accounts and imposed capital restrictions in 2001,
nationalized the private sector pension funds in 2008,
used its Central Bank reserves to pay down indebtedness
maturing in 2010, expropriated Repsol’s 51% stake in YPF
in 2012 and imposed exchange controls in 2014, which
limited Argentine access to foreign currencies. In 2010,
Our primary facilities include power plants, transmission
and distribution assets, pipelines, liquefied natural gas
(“LNG”) terminals and re-gasification plants, storage and
chartered LNG tankers. Our facilities may be damaged
by earthquakes, flooding, fires, and other catastrophic
disasters arising from natural or accidental human causes,
as well as acts of terrorism. A catastrophic event could
cause disruptions in our business, significant decreases in
revenues due to lower demand or significant additional
costs to us not covered by our business interruption
insurance. There may be lags between a major accident or
catastrophic event and the final reimbursement from our
insurance policies, which typically carry a deductible and
are subject to per event policy maximums.
As an example, on February 27, 2010, Chile experienced
a major earthquake in the Bío-Bío region, with a
magnitude of 8.8 on the Richter scale, followed by a
very destructive tsunami. Our Bocamina I and Bocamina
II thermal generation units, which are located near the
epicenter, sustained significant damage as a result of the
earthquake.
We are subject to financing risks, such as
those associated with funding our new
projects and capital expenditures, and
risks related to refinancing our maturing
debt; we are also subject to debt covenant
compliance, all of which could adversely
affect our liquidity.
As of December 31, 2014, our debt totaled Ch$ 3,711
billion.
97
Our debt had the following maturity profile:
- Ch$ 422 billion in 2015;
- Ch$ 972 billion from 2016 to 2017;
- Ch$ 643 billion from 2018 to 2019; and
- Ch$ 1,674 billion thereafter.
Set forth below is a breakdown by country for debt
maturing in 2015:
- Ch$ 151 billion for Chile;
- Ch$ 93 billion for Colombia
- Ch$ 79 billion for Brazil;
- Ch$ 63 billion for Peru; and
- Ch$ 36 billion for Argentina.
Some of our debt agreements are subject to (1) financial
covenants, (2) affirmative and negative covenants,
(3) events of default, (4) mandatory prepayments for
contractual breaches, and (5) certain change of control
clauses for material mergers and divestments, among
other provisions. A significant portion of our financial
indebtedness is subject to cross default provisions, which
have varying definitions, criteria, materiality thresholds and
applicability with respect to subsidiaries that could give rise
to such a cross default.
In the event that we or our subsidiaries breach any of
these material contractual provisions, our creditors and
bond holders may demand immediate repayment, and a
significant portion of our indebtedness could become due
and payable. For example, as of December 31, 2014 and
March 31, 2015, our Argentine subsidiary El Chocón did
not meet an interest coverage ratio test (EBITDA to interest
expense) pursuant to a covenant requirement under a loan
agreement with Standard Bank, Deutsche Bank and Itaú
that matures in February 2016. El Chocón has experienced
difficulties in meeting this covenant several times in the past
and has obtained waivers from its lenders. As of the date
of this Report, we are in discussions with the lenders but El
Chocón has not received any waivers or acceleration notices
for its most recent failure to comply with the ratio. If the
lenders decide to declare an event of default and accelerate
the loan, US$ 15 million of principal and interest would
become immediately due and payable under this facility.
Because of cross-acceleration provisions of El Chocón’s
other loans, an additional Ch$ 21 billion would also be
accelerated and El Chocón would be required to enter into
bankruptcy.
We may be unable to refinance our indebtedness or obtain
such refinancing on terms acceptable to us. In the absence
of such refinancing, we could be forced to dispose of assets
in order to make the payments due on our indebtedness
under circumstances that might not be favorable to
obtaining the best price for such assets. Furthermore, we
may be unable to sell our assets quickly enough, or at
sufficiently high prices, to enable us to make such payments.
We may also be unable to raise the necessary funds
required to finish our projects under development or under
construction. Market conditions prevailing at the moment
we require these funds or other unforeseen project costs
can compromise our ability to finance these projects and
expenditures.
As of the date of this Report, we believe that Argentina
continues to be the country in which we operate with the
highest refinancing risk. As of December 31, 2014, the third-
party debt of our Argentine subsidiaries amounted to Ch$
80 billion. As long as fundamental issues concerning the
local electricity sector remain unresolved, we will roll over
our outstanding Argentine debt to the extent we are able
to do so. If our creditors will not continue to roll over our
debt when it becomes due and we are unable to refinance
such obligations, we could default on such indebtedness.
Our inability to finance new projects or capital expenditures
or to refinance our existing debt could adversely affect our
results of operation and financial condition.
We may be unable to enter into suitable
investments, alliances and acquisitions.
On an ongoing basis, we review acquisition prospects
that may increase our market coverage or supplement
our existing businesses, though there can be no assurance
that we will be able to identify and consummate suitable
acquisition transactions in the future. The acquisition and
integration of independent companies that we do not
control is generally a complex, costly and time-consuming
process and requires significant efforts and expenditures.
If we consummate an acquisition, it could result in the
incurrence of substantial debt and assumption of unknown
liabilities, the potential loss of key employees, amortization
expenses related to tangible assets and the diversion of
management’s attention from other business concerns.
In addition, any delays or difficulties encountered in
connection with acquisitions and the integration of multiple
operations could have a material adverse effect on our
business, financial condition or results of operations.
Because our generation business depends
heavily on hydrological conditions,
droughts and climate change may adversely
affect our operations and profitability.
Approximately 52% of our consolidated installed
generation capacity in 2014 was hydroelectric. Accordingly,
extreme hydrological conditions and climate change
could adversely affect our business, results of operations
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2014 ANNUAL REPORT ENERSIS
RISK FACTORS
and financial condition. In the last few years, regional
hydrological conditions have been affected by two climatic
phenomena — El Niño and La Niña — that influence rainfall
regularity and resulted in droughts.
During periods of droughts, the thermal plants, including
installations that use natural gas, oil or coal, are dispatched
with greater frequency. The operating expenses of
thermal plants can be considerably higher than those of
hydroelectric plants. Operating expenses increase during
these periods and, depending on commercial commitments,
it is possible to have to make purchases of electricity on the
spot market in order to meet the company’s contractual
obligations. The cost of these electricity purchases may
exceed the sale price of the electricity contracted, causing
losses under those contracts.
Governmental regulations may adversely
affect our business.
We are subject to extensive regulation of the tariffs we
charge our customers and other aspects of our business
and these regulations may adversely affect our profitability.
For example, the Chilean government can impose
electricity rationing during droughts or prolonged failures
of power facilities. During rationing, if we are unable to
generate enough electricity to comply with our contractual
obligations, we may be forced to buy electricity at the spot
price, as even a severe drought does not release us from
our contractual obligations as a force majeure event. The
spot price may be significantly higher than our costs to
generate the electricity and can be as high as the “cost of
failure” set by the Chilean National Energy Commission
(Comisión Nacional de Energía or “CNE”). This “cost of
failure,” which is updated semiannually by the CNE, is a
measurement of how much final users would pay for one
extra MWh under rationing conditions. If we are unable
to buy enough electricity at the spot price to comply with
our contractual obligations, we would have to compensate
our regulated customers for the electricity we failed to
provide at the rationed price. Rationing periods have
occurred in the past and may occur in the future. Our
generation subsidiaries may be required to pay regulatory
penalties if they fail to provide adequate service under their
contractual obligations. Material rationing policies imposed
by regulatory authorities in any of the countries in which
we operate could adversely affect our business, results of
operations and financial condition.
Governmental authorities may also delay the distribution
tariff review process, or tariff adjustments determined
by governmental authorities may be insufficient to pass
through our costs (as has been the case with Edesur,
our Argentine distribution subsidiary and with Ampla
and Coelce, our Brazilian distribution subsidiaries, for
part of 2014). Similarly, electricity regulations issued by
governmental authorities in the countries in which we
operate may affect the ability of our generation companies
to collect revenues sufficient to offset their operating costs,
which has been the case with Costanera and Dock Sud in
Argentina.
The inability of any company in our consolidated group
to collect revenues sufficient to cover operating costs may
affect the ability of that company to operate as a going
concern and may otherwise have an adverse effect on our
business, assets, financial results and operations.
In addition, changes in the regulatory framework are often
submitted to the legislators and administrative authorities
in the countries in which we operate and, if approved,
could have a material adverse impact on our business. For
instance, in 2005 there was a change in the water rights’
law in Chile that requires us to pay for unused water rights.
In addition, the Chilean government is initiating a review
of the current energy policies through an energy agenda
presented in May 2014. These changes could adversely
affect our results.
Our business and profitability could be
adversely affected if water rights are denied
or if water concessions are granted with
limited duration.
Approximately 55% of our installed capacity in Chile
is hydroelectric. We own water rights granted by the
Chilean Water Authority ( Dirección General de Aguas
or “DGA”) for the supply of water from rivers and lakes
near our production facilities. Under current law, these
water rights are (i) for unlimited duration, (ii) absolute
and unconditional property rights and (iii) not subject to
further challenge. Chilean generation companies must
pay an annual license fee for unused water rights. New
hydroelectric facilities are required to obtain water rights,
the conditions of which may impact design, timing or
profitability of a project.
For example, the HidroAysén hydroelectric project’s
environmental impact assessment study was approved
by the environmental authority in May 2011, and was
subsequently rejected. The study demonstrated that the
design of the project and the use of the waters flows from
both the Baker and Pascua Rivers could be optimized. To
achieve this optimization, greater volumes of water from
both rivers were necessary and we requested additional
water rights. In January 2015, the Chilean Water Authority
denied approximately 92% of the additional volumes of
water requested in the Baker River basin and approximately
70% of those requested in the Pascua River basin. The
project now requires a new design, which may result in
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significant delays and increased costs. As a result of this and
other complications, Endesa Chile recorded an impairment
loss of Ch$ 69,067 million in connection with HidroAysén in
the fourth quarter of 2014.
compensate customers if those subsidiaries are unable
to deliver electricity, even if such failure is due to forces
outside of the subsidiaries’ control.
In addition, Chilean Congress is currently discussing
amendments to the Water Code. Under the proposal:
(i) water use concessions would be limited to 30 years,
which would be extendable with respect to water rights
actually used during the 30-year period, unless the Chilean
Water Authority demonstrates the water rights have not
been used effectively; (ii) new non-consumptive water
rights would expire if the holder does not exercise the rights
within eight years; and (iii) existing non-consumptive water
rights and have not been used would expire within 14 years
from the date of being granted. For the rights granted
before 2006, January 1, 2006 will be deemed the grant
date.
Any limitations on our current water rights, our need for
additional water rights, or our current unlimited duration
of water concessions could have a material adverse
effect on our hydroelectric development projects and our
profitability.
Regulatory authorities may impose fines
on our subsidiaries, which could adversely
affect our results of operations and financial
condition.
Our electricity businesses may be subject to regulatory fines
for any breach of current regulations, including energy
supply failures, in the five countries in which we operate. In
Chile, such fines may be imposed for a maximum of 10,000
Annual Tax Units ( Unidades Tributarias Anuales or “UTA”),
or Ch$ 5.2 billion using the UTA and foreign exchange rate
as of December 31, 2014. In Peru, fines may be imposed for
a maximum of 1,400 Treasury Tax Units ( Unidad Impositiva
Tributaria or “UIT”), or Ch$ 1,080 million, using the UIT
and foreign exchange rates as of December 31, 2014. In
Colombia, fines may be imposed for a maximum of 2,000
Minimum Monthly Salaries ( Salarios Mínimos Mensuales ),
or Ch$ 312 million using the Minimum Monthly Salary and
the exchange rates as of December 31, 2014. In Argentina,
there is no maximum limit for relevant fines. In Brazil, fines
may be imposed for up to 2.0% of an electricity company’s
revenues.
Our electricity generation subsidiaries are supervised by
their local regulatory entities and may be subject to these
fines in cases where, in the opinion of the regulatory entity,
operational failures affecting the regular energy supply
to the system are the fault of the company such as when
agents are not coordinated with the system operator. In
addition, our subsidiaries may be required to pay fines or
For example, in 2014, ANEEL imposed fines of Ch$ 5 billion
on Ampla and Ch$ 6.4 billion on Coelce due to technical
and commercial operation failures. In 2014, the Electricity
National Regulatory Agency (“ENRE” in its Spanish acronym)
imposed fines on Edesur for a total of Ch$ 7.6 billion
and additional compensation to customers of Ch$
27.6 billion. In 2011, the Chilean Superintendency of
Electricity and Fuels ( Superintendencia de Electricidad y
Combustibles or “SEF”) imposed 1,947 UTA (approximately
Ch$ 1,023 million) in fines on Endesa Chile, Pehuenche and
Chilectra due to a blackout that occurred in the Santiago
metropolitan region in March 2010. For further information
on fines, please refer to Note 38 of the Notes to our
consolidated financial statements.
We depend in part on payments from our
subsidiaries, jointly-controlled entities and
associates to meet our payment obligations.
In order to pay our obligations, we rely partly on cash from
dividends, loans, interest payments, capital reductions
and other distributions from our subsidiaries and equity
affiliates. The ability of our subsidiaries and equity affiliates
to pay dividends, interest payments, loans and other
distributions to us is subject to legal constraints such as
dividend restrictions, fiduciary duties, contractual limitations
and foreign exchange controls that may be imposed in any
of the five countries where they operate.
Historically, we have been able to access the cash flows of
our Chilean subsidiaries, but we have not been similarly
able to access at all times the cash flows of our non-Chilean
operating subsidiaries due to government regulations,
strategic considerations, economic conditions and credit
restrictions.
Our future results from operations outside Chile may
continue to be subject to greater economic and political
uncertainties than what we have experienced in Chile,
thereby reducing the likelihood that we will be able to rely
on cash flows from operations in those entities to repay our
debt.
Dividend Limits and Other Legal Restrictions. Some of
our non-Chilean subsidiaries are subject to legal reserve
requirements and other restrictions on dividend payments.
Other legal restrictions, such as foreign currency controls,
may limit the ability of our non-Chilean subsidiaries and
equity affiliates to pay dividends and make loan payments
or other distributions to us. In addition, the ability of
any of our subsidiaries that are not wholly-owned to
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2014 ANNUAL REPORT ENERSIS
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distribute cash to us may be limited by the fiduciary duties
of the directors of such subsidiaries to their minority
shareholders. Furthermore, some of our subsidiaries may be
forced by local authorities, in accordance with applicable
regulation, to diminish or eliminate dividend payments. As
a consequence of such restrictions, our subsidiaries could,
under certain circumstances, be prevented from distributing
cash to us.
As of December 31, 2014, the amount of our total
consolidated debt was Ch$ 3,711 billion (net of currency
hedging instruments). Of this amount, Ch$ 1,104 billion,
or 30%, was denominated in U.S. dollars and Ch$ 340
billion, or 9% was denominated in Chilean pesos. As of
December 31, 2014, our consolidated foreign currency-
denominated indebtedness (other than U.S. dollars or
Chilean pesos) included the equivalent of:
Contractual Constraints. Distribution restrictions
included in certain credit agreements of our subsidiaries
Costanera and El Chocón may prevent dividends and
other distributions to shareholders if they are not in
compliance with certain financial ratios. Generally, our
credit agreements prohibit any type of distribution if there
is an ongoing default.
Operating Results of Our Subsidiaries. The ability of our
subsidiaries and equity affiliates to pay dividends or make
loan payments or other distributions to us is limited by their
operating results. To the extent that the cash requirements
of any of our subsidiaries exceed their available cash, the
subsidiary will not be able to make cash available to us.
Any of the situations described above could adversely affect
our results of operations and financial condition.
Foreign exchange risks may adversely affect
our results and the U.S. dollar value of
dividends payable to ADS holders.
The currencies of South American countries in which we
and our subsidiaries operate have been subject to large
devaluations and appreciations against the U.S. dollar and
may be subject to significant fluctuations in the future.
Historically, a significant portion of our consolidated
indebtedness has been denominated in U.S. dollars.
Although a substantial portion of our operating cash flows
is linked to U.S. dollars, we generally have been and will
continue to be materially exposed to currency fluctuations
of our local currencies against the U.S. dollar because of
time lags and other limitations to peg our tariffs to the U.S.
dollar.
In countries where operating cash flows are denominated
in the local currency, we seek to maintain debt in the
same currency, but due to market conditions it may not be
possible to do so.
Because of this exposure, the cash generated by our
subsidiaries can decrease substantially when local
currencies devalue against the U.S. dollar. Future volatility
in the exchange rate of the currencies in which we receive
revenues or incur expenditures may affect our financial
condition and results from operations.
- Ch$ 1,255 billion in Colombian pesos;
- Ch$ 705 billion in Brazilian reais;
- Ch$ 271 billion in Peruvian soles; and
- Ch$ 36 billion in Argentine pesos.
These amounts total Ch$ 2,267 billion in currencies other
than U.S. dollars or Chilean pesos.
For the twelve-month period ended December 31, 2014,
our operating cash flows were Ch$ 1,705 billion (before
consolidation adjustments) of which:
- Ch$ 583 billion, or 34%, came from Colombia;
- Ch$ 413 billion, or 24%, came from Brazil;
- Ch$ 267 billion, or 16%, came from Argentina;
- Ch$ 239 billion, or 14%, came from Peru; and
- Ch$ 203 billion, or 12%, came from Chile.
We are involved in litigation proceedings.
We are currently involved in various litigation proceedings,
which could result in unfavorable decisions or financial
penalties against us. We will continue to be subject to
future litigation proceedings, which could cause material
adverse consequences to our business.
For example, in August 2014, the Chilean Superintendency
of Environment fined Endesa Chile 8,640 UTAs
(approximately Ch$ 4.5 billion) for alleged environmental
violations related to the Bocamina II power plant. Endesa
Chile appealed the fine, though a provision for this fine
was included in our consolidated financial statements.
Our financial condition or results from operations could
be adversely affected if we are unsuccessful in defending
this litigation or other lawsuits and proceedings against us.
For further information on litigation proceedings, please
see Note 36.3 of the Notes to our consolidated financial
statements.
The values of our generation subsidiaries’
long-term energy supply contracts are
subject to fluctuations in the market prices
of certain commodities and other factors.
We have economic exposure to fluctuations in the market
prices of certain commodities as a result of the long-term
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energy sales contracts into which we have entered. We and
our subsidiaries have material obligations as selling parties
under long-term fixed-price electricity sales contracts.
Prices in these contracts are indexed according to different
commodities, the exchange rate, inflation, and the market
price of electricity. Adverse changes to these indices would
reduce the rates we charge under our long-term fixed-price
electricity sales contracts, which could adversely affect our
results of operations and financial condition.
Our controlling shareholders may have
conflicts of interest relating to our business.
Enel beneficially owns 60.6% of our share capital. Our
controlling shareholder has the power to determine
the outcome of most material matters that require
shareholders’ votes, such as the election of the majority
of our board members and, subject to contractual and
legal restrictions, the distribution of dividends. Enel also
can exercise influence over our business strategy and
operations. Its interests may in some cases differ from
those of the other shareholders. Enel conducts its business
operations in the field of renewable energies in South
America through Enel Green Power S.p.A., in which we do
not have an equity interest.
Environmental regulations in the countries
in which we operate and other factors may
cause delays, impede the development
of new projects or increase the costs of
operations and capital expenditures.
Our operating subsidiaries are subject to environmental
regulations which, among other things, require us to
perform environmental impact studies for future projects
and obtain permits from both local and national regulators.
The approval of these environmental impact studies
may take longer than planned and may be withheld by
governmental authorities. Local communities and ethnic
and environmental activists, among others, may intervene
in the approval process to delay or prevent a project’s
development. They may also seek injunctive or other relief,
which could negatively impact us if they are successful.
Environmental regulations for existing and future
generation capacity may become stricter, requiring
increased capital investments. For example, Decree 13 of
the Chilean Ministry of the Environment promulgated in
January 2011 and published in June 2011 defined stricter
emission standards for thermoelectric plants that must
be met between 2014 and 2016 and stricter standards
for new facilities or additional capacity. This regulation
also requires the establishment of a system of continuous
emission monitoring, pursuant to which thermoelectric
plants must implement a monitoring system in accordance
with the guidelines and protocols issued by the Chilean
Superintendency of the Environment. Failure to certify the
implementation of such monitoring system may result in
penalties and sanctions. In September 2014, the Chilean
government enacted Law 20,780 (a tax reform law), which
established an annual tax on stationary power generators,
such as thermal generators, tied to their emission of
pollutants for the previous year. When this provision of the
law enters into force in 2018, it will only apply to generators
with a capacity of at least 50 MW.
In compliance with these Chilean environmental
regulations, all Chilean thermal plants are expected to
invest to comply with the new regulations by installing
abatement systems to control pollutant emissions.
Any delay in the filing may constitute a violation of the
regulations which established emission limits effective on
June 23, 2015 or June 23, 2016 depending on the plant’s
location.
In 2009, we presented our 740 MW coal-fueled Punta
Alcalde project for environmental approval in Chile. In
2012, the regional environmental authority rejected the
project and we appealed to the Council of Ministers.
The Council unanimously reversed the decision of the
environmental authority, and issued an environmental
qualification resolution (“RCA” in its Spanish acronym) in
December 2012. However, the Court of Appeals accepted
four injunctions against us in early 2013. In January 2014,
the Chilean Supreme Court ruled that the project could
proceed but imposed several conditions in the RCA,
including steps to improve air quality in the nearby town of
Huasco. In addition, the Chilean Supreme Court requested
certain environmental evaluations (including an evaluation
for the transmission line). In light of the changes requested
by the Chilean Supreme Court, we concluded that major
modifications to the approved RCA were needed in order to
make the Punta Alcalde project economically sustainable.
On January 29, 2015, we halted development of the project
and the related transmission project. We recorded a Ch$
12,582 million impairment loss in connection with the
Punta Alcalde project in the fourth quarter of 2014.
In addition to environmental matters, there are other
factors that may adversely affect our ability to build
new facilities or to complete projects currently under
development on time, including delays in obtaining
regulatory approvals, shortages or increases in the price
of equipment, materials or labor, strikes, adverse weather
conditions, natural disasters, civil unrest, accidents, or other
unforeseen events. Any such event could adversely impact
our results of operations and financial condition.
Delays or modifications to any proposed project and laws
or regulations may change or be interpreted in a manner
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that could adversely affect our operations or our plans for
companies in which we hold investments, which could
adversely affect our results of operations and financial
condition.
Our business may be adversely affected
by judicial decisions on environmental
qualification resolutions for electricity
projects in Chile.
The amount of time necessary to obtain an environmental
qualification resolution for electricity generation or
transmission projects in Chile has materially increased,
primarily due to judicial decisions against such projects,
environmental opposition, social criticism and government
delays. This can cast doubt on the ability of a project to
obtain such approval and increase the uncertainty for
investing in electricity generation and transmission projects
in Chile. The uncertainty is forcing companies to reassess
their business strategies as the delay in the construction of
electricity generation and transmission projects may result
in a supply constraints over the next five or six years. If any
plant within the system ceases operation unexpectedly, we
could experience supply shortages in our system, which
could lead to power cuts. Any such event could adversely
affect our results of operations and financial condition.
may receive global attention. Similarly, the El Quimbo
hydroelectric project in Colombia faced constant demands
from the public that have delayed construction and
increased costs. From April 27, 2014 to May 12, 2014, a
national agricultural strike involving communities near
the project blocked roads and occupied neighboring land.
Additional protests during 2014 blocked the entrance to
the Balseadero viaduct construction site and the reservoir
basin.
The operation of our current thermal power plants may also
affect our goodwill with stakeholders, due to emissions such
as particulate matter, sulfur dioxide and nitrogen oxides,
which could adversely affect the environment.
Damage to our reputation may exert considerable pressure
on regulators, creditors, and other stakeholders and
ultimately lead to projects and operations that may not be
optimal, causing our share prices to drop and hindering
our ability to attract or retain valuable employees, all of
which could result in an impairment of our goodwill with
stakeholders.
We may be exposed to asbestos liability and
additional expense related to asbestos.
Our power plant projects may encounter
significant opposition from different
groups that may delay their development,
increase costs, damage our reputation and
potentially result in impairment of our
goodwill with stakeholders.
Several of our facilities have asbestos present in them. We
have a policy regarding asbestos control and sanitation,
which includes a detailed action plan regarding the
detecting the presence of asbestos, measuring air quality,
ensuring the compliance with safety requirements, as well
as a plan to monitor the health of workers.
Our reputation is the foundation of our relationship with
key stakeholders and other constituencies. If we are unable
to effectively manage real or perceived issues that could
negatively impact sentiments toward us, our results of
operations and financial condition could be adversely
affected.
The development of new and existing power plants may
face opposition from several stakeholders, such as ethnic
groups, environmental groups, land owners, farmers, local
communities and political parties, among others, all of
which may impact the sponsoring company’s reputation
and goodwill. For example, since December 2013, our
Bocamina II power plant has encountered substantial
opposition from local fishermen’s unions that who claim
that our facility negatively affects marine life and causes
pollution, which resulted in the temporary shutdown of
the power plant. Even though the Chilean Supreme Court
lifted the injunction, the power plant has remained offline
pending a new environmental qualification resolution,
which we now have, as a direct consequence of the claim.
Such groups are sometimes financed internationally and
In April 2015, Endesa Chile completed the removal of the
identifiable asbestos from the Bocamina I power plant.
We may incur additional costs to remediate and implement
our asbestos control and sanitation policy, or be subject to
legal actions against us, which in turn may have a material
adverse effect on our business, results of operation and
financial condition.
Our business may experience adverse
consequences if we are unable to
reach satisfactory collective bargaining
agreements with our unionized employees.
A large percentage of our employees are members of
unions and have collective bargaining agreements that
must be renewed on a regular basis. Our business, financial
condition and results of operations could be adversely
affected by a failure to reach agreement with any labor
union representing such employees or by an agreement
with a labor union that contains terms we view as
unfavorable. The laws of many of the countries in which we
103
operate provide legal mechanisms for judicial authorities
to impose a collective agreement if the parties are unable
to come to an agreement, which may increase our costs
beyond what we have budgeted.
In addition, we employ many highly-specialized employees,
and certain actions such as strikes, walk-outs or work
stoppages by these employees, could negatively impact
our operating and financial performance as well as our
reputation.
Interruption or failure of our information
technology and communications systems
or external attacks to or breaches of these
systems could have an adverse effect on our
operations and results.
We depend on information technology, communication
and processing systems (“IT Systems”) to operate our
businesses, the failure of which could adversely affect our
financial condition and results of operations.
IT Systems are all vital to our generation subsidiaries’
ability to monitor our power plants’ operations, maintain
generation and network performance, adequately generate
invoices to customers, achieve operating efficiencies and
meet our service targets and standards. Our distribution
subsidiaries could also be affected adversely because they
rely heavily on IT Systems to monitor their grids, billing
processes for millions of customers and customer service
platforms. Temporary or long-lasting operational failures of
any of these IT Systems could have a material adverse effect
on our results of operations. Additionally, cyber attacks
can have an adverse effect on the company’s image and its
relationship with the community.
In the last few years, global cyber attacks on security
systems, treasury operations, and IT Systems have
intensified. We are exposed to cyber-terrorist attacks aimed
at damaging our assets through computer networks,
cyber spying involving strategic information that may be
beneficial for third parties and cyber-theft of proprietary
and confidential information, including information of our
customers. During 2014, we suffered two cyber attacks
perpetrated by a cyber-terrorist group, which impacted
websites in Chile, Argentina, Brazil, Colombia and Peru. In
one case, the attack resulted in a service interruption of 90
minutes.
We rely on electricity transmission
facilities that we do not own or control. If
these facilities do not provide us with an
adequate transmission service, we may not
be able to deliver the power we sell to our
final customers.
We depend on transmission facilities owned and operated
by other unaffiliated power companies to deliver the
electricity we sell. This dependence exposes us to several
risks. If transmission is disrupted, or transmission capacity
is inadequate, we may be unable to sell and deliver our
electricity. If a region’s power transmission infrastructure
is inadequate, our recovery of sales costs and profits may
be insufficient. If restrictive transmission price regulation is
imposed, transmission companies upon whom we rely may
not have sufficient incentives to invest in expansion of their
transmission infrastructure, which could adversely affect our
operations and financial results. Currently, the construction
of new transmission lines is taking longer than in the
past, mainly because of new social and environmental
requirements that are creating uncertainty about the
probability of completing the projects. In addition, the
increase of new non-conventional renewable energy
(“NCRE”) projects is congesting the current transmission
system as these projects can be built relatively quickly, while
new transmission projects can take as long as seven years to
be built.
On September 24, 2011, nearly 10 million people located in
central Chile experienced a blackout (affecting more than
half of all Chileans), due to the failure of Transelec’s 220
kV Ancoa substation. The failure led to the disruption
of two 500 kV transmission lines in the Chilean Central
Interconnected System (“SIC” in its Spanish acronym) and
the subsequent failure of the remote recovery computer
software used by the independent entity that coordinates
generators, transmission companies and large customers
(“CDEC” in its Spanish acronym) to operate the grid. This
blackout, which lasted two hours, exposed weaknesses
in the transmission grid and its need for expansion and
technological improvements to increase the reliability of the
transmission grid.
Any such disruption or failure of transmission facilities could
interrupt our business, which could adversely affect our
results of operations and financial condition.
The relative illiquidity and volatility of
Chilean securities markets could adversely
affect the price of our common stock and
ADS.
Chilean securities markets are substantially smaller and
less liquid than the major securities markets in the United
States. In addition, Chilean securities markets may be
affected materially by developments in other emerging
markets. The low liquidity of the Chilean market may impair
the ability of holders of ADS to sell shares of our common
stock withdrawn from the ADS program into the Chilean
market in the amount and at the price and time they wish
to do so.
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Lawsuits against us brought outside of
the South American countries in which we
operate or complaints against us based on
foreign legal concepts may be unsuccessful.
All of our assets are located outside of the United States.
All of our directors except one and all of our officers reside
outside of the United States and most of their assets are
located outside the United States as well. If any investor
were to bring a lawsuit against our directors, officers or
experts in the United States, it may be difficult for them
to effect service of legal process within the United States
upon these persons, or to enforce against them, in United
States or Chilean courts, judgments obtained in United
States courts based upon the civil liability provisions of the
federal securities laws of the United States. In addition,
there is doubt as to whether an action could be brought
successfully in Chile on the basis of liability based solely
upon the civil liability provisions of the United States federal
securities laws.
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Electricity
Industry
Regulatory
Framework
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ELECTRICITY INDUSTRY REGULATORY FRAMEWORK
Description of the industrial sector
Enersis, its subsidiaries and jointly controlled companies as well as being engaged in the generation,
transmission, distribution and trading of power in five countries, each of which has a regulatory,
framework, energy matrices participating companies, and different patterns of growth and
consumption. Here is a brief summary of the main laws that regulate the activity, the market structure
and the most relevant aspects of the agents of each of the countries in which the company operates.
107
Argentina
Structure of the industry
The Argentinean electricity sector is governed, among
others, by Law No. 15,336 of 1960 and Law No. 24,065
of 1992. In the Bulk Electricity Market (MEM) there are
four categories of local agents (generators, transmitters,
distributors and large customers) and foreign agents
(distributors in generation and distributors in demand) that
are authorized to buy and sell electricity as well as related
products.
Originally, the generation sector was organized on a
competitive basis (marginalism), with independent
generators selling energy on the spot market or MEM, or
through private contracts to customers in the MEM contract
market or “Wholesale Electricity Market Administrator
company” (CAMMESA), through special transactions as
contracts under Ruling SE No. 220/2007 and Ruling S. E.
N 724/2008. However, this regime changed substantially
in March 2013, when the Energy Department approved
Ruling No. 95/2013, which establishes a payment scheme
for generation based on average costs, forcing to deliver all
energy produced to Cammesa. This new payment scheme
came into force during February 2013.
Transmission operates under monopolistic conditions and
is composed by several companies to which the Federal
Government grants concessions.
The distribution, in turn, operates under monopolistic
conditions and is serviced by companies that have also
been granted concessions. Distribution companies are
the sole responsibility that electricity is available to end
customers within their specific concession area, regardless
if the customer has a contract with the distributor or with a
generator.
In 2002, due to the economic downturn that hit the
country, Emergency Law No. 25,561 was passed. The Law
broke the parity with the U.S. dollar and imposed the
conversion into Argentine pesos of obligations and rights
assumed before in U.S. currency. This forced nominal
conversion from dollars to pesos had a strong impact on
the entire Argentinean electrical industry. Additionally,
the Government approved several regulatory measures
that gradually intervened in the development of the
industry. The Emergency Law has been subject to successive
extensions and depending on the last one, approved by
Law 26,896, will be valid until December 31, 2015. The
conversion of the economy to pesos and the devaluation
of the economy forced the renegotiation of all concession
contracts. Specifically, in the distribution sector and
within the company we own “Empresa Distribuidora de
Energía del Sur S.A.” (Edesur) a Memorandum of Contract
Renegotiation was signed with the Government in 2006,
which was subsequently ratified by Decree N°1959/2006,
which would gradually adapt its tariff revenues in order to
ensure business sustainability. The implementation of this
agreement was paralyzed since 2008 and until 2013, as we
will later detail.
No generator, distributor, large user, nor any company
controlled by any of these or under its control, may be the
owner or a majority shareholder of a transmission company
or its controlling companies. At the same time, transmission
companies are forbidden to generate, distribute, buy and/
or sell electricity. Distribution companies cannot own
generation units.
Regulated customers are supplied by distributors at
regulated tariffs, unless they have a minimum capacity
demand of 30 kW. In this case, they are considered as “large
customers” and are free to negotiate their prices with the
generation companies.
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Regulation of generation
companies
The regulation of the generation companies has changed
significantly since it began by means of Law 24,065 until
Ruling No. 95/2013. According to the Law, all generator
agents of the MEM must be connected to the SIN (National
Interconnected System) and are required to comply with the
order of dispatch to generate and deliver power in order to
be sold in the spot market and the forward market (MAT).
Distribution companies, marketers, and large customers
that have signed supply contracts with private generating
companies, pay the contract price, directly to the generator
and also pay a toll to the transmission and distribution
company for the use of its.
In order to stabilize generation prices regarding the rate
paid by the customers, the market defined a seasonal
price which is the price of energy paid by dealers for their
purchases of electricity traded in the spot market. This price
is determined every six months by the Secretary of Energy
after Cammesa has made their spot price projections for the
period considered. To adjust for differences between this
price and the actual cost of the generation a stabilization
fund was originally created. If the seasonal price was lower
than the cost of generation, money is withdrawn from
the fund to compensate generation, if the situation is the
opposite, money is contributed to the fund. Since 2002 the
Ministry of Energy in practice has kept the average seasonal
price unchanged. This has created a significant shortfall
in the stabilization fund, which has been covered by the
Argentinean government, by means of increasing larger
subsidies.
Rulings passed due to the Emergency Law, had a
significant impact on energy prices. Among the measures
implemented, Ruling SE 240/2003, which amended the
way in which the spot price is established by decoupling
the calculation of marginal operating costs, is worth noting.
Ruling SE No. 240/2003 has the purpose of preventing
price indexation linked to the dollar, despite the fact that
the dispatch of generation is still based on the actual fuel
used, the calculation of the spot price is based on the
absolute availability of gas to meet the demand, even in
circumstances where many generators did use alternative
fuels, such as diesel, due to the difficulties in the supply
of natural gas. The value of water is not considered if its
opportunity cost is higher than the cost of natural gas
generation. The ruling also sets a limit to the spot price of
120 Ar$/MWh, which is still valid. Actual variable costs of
thermal units that burn liquid fuels are paid by CAMMESA
through a mechanism called Transient overruns Dispatch
(STD).
Moreover, based on the provisions of the Emergency Law,
the per capacity payment was reduced from 10 USD to 10
pesos per MW-hrp (hrp: Remuneration hours of power).
Subsequently, the power guarantee was slightly increased
to 12 pesos, about 1/3 of the amount paid before the 2002
crisis.
In December 2004, the Secretary of Energy approved the
Act of Accession for the Rehabilitation of the bulk electricity
market by Ruling 1427/2004. The Act was signed by most
of the generating units, including generating companies
owned by Enersis. Under this ruling, the Secretariat
established a trust fund called FONINVEMEM, where private
generators contributed part of their credits for energy
sold during the years 2004 to 2007 for the construction
of two new combined cycle plants. In addition to this new
capability, in 2010 the generating companies, in which
Enersis participates along with other companies, took part
in the creation of another trust fund for the construction
of another combined cycle plant which is currently under
construction. Part of their credits for the energy they sold
during the years 2008-2011 was also destined to this new
work.
In 2012, as part of the agreements reached with the
government to allow the development of operations of our
subsidiary signed an agreement for the implementation
of an investment plan in units of Central Costanera in
order to optimize the reliability and availability of such
equipment, for a total of U.S. $ 304 million, within a period
of 7 years. The agreement also provides for the payment of
obligations of the maintenance contract (Long-Term Service
Agreement-LTSA) of the combined cycles of the plant.
Subsequently, Ruling S. E. No. 95/2013 leaves the
marginality price system, ushering in a mechanism for the
recognition of average costs. The ruling recognizes the
compensation of fixed, variable costs and an additional
remuneration. Fixed costs are paid (in $ / MW- hrp) in
terms of technology, scale and Available Power. It is also
subject to the achievement of set availability goal. As for
the variable, operating and maintenance costs based on the
energy generated (in $ / MWh) are remunerated depending
on the fuel used and the technology itself (the generators
do not have fuel cost as it is provided CAMMESA). Finally,
the additional compensation is calculated based on the
total power generated (in $ / MWh), considering the
technology and scale of the generator. Part of that income
is accumulated in a fund to be used to finance investments
in new infrastructure in the electricity sector.
The Ruling impacts generators, co-generators and self-
generators, except plants which became operational since
2005, nuclear power plants and Binational hydroelectric
109
generation; Centralized and reserves the business
management and delivery of fuels in CAMMESA and
suspended bilateral energy contract signing between
generators and MEM agents, the latter shall acquire their
power demands from CAMMESA.
On May 20th, 2014, the Energy Secretariat published
Resolution No.529 which updates the remuneration
of generators that had been set in February 2013 by
Resolution S.E. No.95. The decision is retroactive to February
2014.The fixed costs remuneration increased by 25% for
combined cycle and large hydroelectric plants. The new
charges are $38.8/MWhrp for combined cycles over150MW
and $21.3/MWhrp for hydroelectric power plants above
300MW. Non-fuel variable costs were adjusted in 41% for
thermal generators and 25% for hydraulic generators (new
charges are $26.8/MWh for natural gas combined cycle,
$46.9/MWh in diesel thermal plants and $89.2/MWh in
thermal plants that use biofuel). Additional remuneration
was increased by 25% for thermal generators, while
hydraulic generators had no increase for this concept.
Additionally, a new concept was created, aimed to address
non-recurring maintenance, of $21/MWh for combined
cycles and $24/MWh for the rest of thermal generation;
these are remunerated through sale liquidations with due
dates to be defined (LVFVD).
Regulation in distribution
companies
The distribution activity is carried out by companies which
obtain concessions. Distribution companies must supply
all the demand for electricity in their area exclusive at
prices (rates) and conditions established in the regulation.
Concession agreements include penalties for non delivery.
The concessions were granted for distribution sales, and
retail distribution. The concession periods are divided into
“management periods” that allow the dealership to, from
time to time abandon the concession.
Since 2011, there are two electricity distribution areas
subject to federal concessions. The concessionaires are
Edesur and Edenor, located in the city of Buenos Aires and
Greater Buenos Aires. Until 2011 Edelap was also under
federal jurisdiction.
The majority of the distribution companies renegotiated
their contracts in 2005 and 2006, although the rates were
increased partially and temporarily, the Full Tariff Review
(RTI) of the distribution companies with national jurisdiction
has yet to be made.
Thus, regarding Edesur, in 2006, the distribution
company signed a “Memorandum of Agreement for
the renegotiation of the Concession Agreement.” This
agreement established, among several other conditions, a
transitional rate system which included an increase of 28
percent of VAD, with monthly updates; a system of quality
of service and Tariff Review Process (RTI) to be implemented
by the ENRE. On a semi-annual adjustment mechanism
based on rates of evolution of an ad-hoc inflation index
called the Cost Monitoring Mechanism (MMC). The first
update due to inflation occurred in 2008, but from that
year is no longer officially recognized. But the Argentinean
Government has created various regulatory alternatives that
have allowed distribution companies to continue providing
electrical service.
One such alternative has been called the Program for the
Rational Use of Electric Energy or PUREE. This program was
created in 2004 by the Secretary of Energy, establishing
bonds and penalties to customers depending on the level
of energy savings based on a reference consumption.
The net difference between bonds and penalties were
originally deposited in the Stabilization Fund of the
MEM, but this was later amended by request from Edesur
and Edenor, so that distribution companies could use
these resources to compensate for cost variations in not
recognized costs increases (MMC). Thus, on May 7, 2013,
the Energy Secretariat passed ruling 250/2013, which
determines the MMC amounts receivable until February
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2013 to compensate with the debts corresponding to the
PUREE program and other debts that Edesur accumulates
in the system. In the development of this important ruling
on November 6, the Ministry of Energy published Note
6852 authorizing Edesur and Edenor to conduct the
compensation of the MMC with debts arising from the
PUREE program for the March- September 2013 period.
During 2014, through Energy Secretariat (S.E.) Note
No.4012 and National Electricity Regulating Entity (ENRE)
Note No.112606, MMC-PUREE compensation was again
authorised for the period October 2013 to March 2014.
Furthermore, by S.E. Notes No.486 and No.1136, MMC-
PUREE compensation was authorised for the period
April to August 2014 and then for the period September
to December, 2014. The accounting effects of said
compensations positively affect the financial results of
the company. However, up to this date, the Integral Tariff
Review (ITR) referred to in the Renegotiation Protocol in
order to adjust revenues to Edesur’s costs and obligations
remains pending.
At the same time, additional charges in customer rates
have been approved, to finance new expansion and quality
investments of distributors. Thus, in November 2012,
ENRE Resolution 347 was approved, which authorises the
application of this charge, differentiated by customer,
on account of the future RTI. The application of the
charge means additional annual revenue for Edesur of
Ar$437million, representing an increase of 40% in VAD and
20% in tariffs.
Regulation of transmission
Transmission’s design was based on the general concept and
principles of Law 24,065, adapting the activity to general
criteria contained in the concession granted to Transener S.A.,
by Decree 2,473/92. For technological reasons, transmission
business is related to economies of scale that do not allow
competitiveness; it is therefore a monopoly and is subject to
considerable regulation.
Environmental regulation
Electrical installations are subject to environmental laws
and federal and local regulations, including Law No. 24,051,
or Hazardous Waste Act and its related regulations.
Certain obligations to report and monitor certain emissions
standards are imposed on the electricity sector and, Failure
to comply with these requirements entitles the government
to impose penalties, such as suspension of operations that
in the case of public services may result in the cancellation
of concessions.
Law No. 26,190, enacted in 2007, describes the use of
renewable sources for electricity production as a national
interest and sets a goal of an 8% market share for
renewable energy within a period of 10 years.
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Brazil
Structure of the industry
The Brazilian electricity industry is organized on a large
interconnected power system, the (National Interconnected
System), comprising most of the regions of Brazil, and
several other smaller isolated systems. The generation,
transmission, distribution and trading activities are legally
separated in Brazil.
The industry is regulated by the Federal Government,
through the Ministry of Mines and Energy (MME) and the
National Electric Energy Agency (ANEEL).
According to Law No. 10,848 of 2004, bulk electricity
market as a tool for spot price definition is residual.
Instead, the bulk price is based on average prices of
bids, independent bidding processes exist for existing
energy and new energy. The latter provides for long term
contracts in the new generation projects which should
cover anticipated increases in demand by distributors.
Tenders of old energy considered shorter term contracts
and seek to cover the needs of the distribution arising from
the expiration of previous contracts. Each bidding process
is coordinated centrally, the authority defines maximum
prices and as a result, distributors’ contracts are signed
where all participants in the process purchase pro rata from
each one of the offering generators. The price at which the
transactions are settled on the spot market is called the
Dispute Settlement price - PLD - which takes into account
the curve of risk aversion of the agents.
The transmission works under monopoly conditions.
Rates for transmission companies are set by the Brazilian
government. The transmission charge is fixed and
transmission revenues do not depend on the amount of
electricity transmitted.
Distribution is a utility that also works under conditions of
monopoly and is provided by companies that in turn have
been awarded concessions. The distributors in the Brazilian
system are not entitled to: (i) develop activities related
to the generation or transmission of electricity; (ii) sell
electricity to unregulated customers, except those within
its concession area and under the same conditions and
rates applicable to their captive customers of the Regulated
Market; (iii) maintain direct or indirect equity interest in any
other company, corporation or partnership; or (iv) develop
activities that are unrelated to their respective concessions,
except those permitted by law or in the relevant concession
agreement. Generators are not allowed to have equity
interest in excess of 10 percent in distribution companies.
The regulated market does not include the sale of electricity
between generation concessionaires, independent
producers, self-producers, marketers of electricity, electricity
importers, consumers and unregulated special customers.
It also includes existing contracts under the old regulatory
framework between generators and distributors, until
they expire, at which time the new contracts must comply
with the new regulatory framework. According to the
specifications laid down in Law 9,427/96, unregulated
consumers in Brazil are those that: (i) demand a capacity
of at least 3,000 kW and choose to contract the power
supply directly with generators or distributors; or (ii) require
a capacity in the range of 500 to 3,000 kW and choose
to contract the power supply directly with generators or
distributors.
The Brazilian system is coordinated by the Brazilian Electric
System Operator (ONS) and is divided into four sub-systems:
Southeast/Central-West, South, North and Northeast.
In addition to the Brazilian system there are also some
isolated systems, i.e., systems that are not part of the
Brazilian system and are usually located in the northern and
northeastern regions of Brazil, and whose only source of
electricity are coal or oil thermal power plants.
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electricity rates. Provisional Measure was adopted to
reduce the final price of the average electric rate by 20%
and boost economic activity in Brazil. The measure does not
directly affect any of the concessions of Enersis subsidiaries
in Brazil.
Due to the fact that some generators did not renew the
concessions and also due to other factors (such as delays in
construction of power plants, low hydrology, etc.) during
2013 and 2014 distribution companies have suffered an
imbalance between regulated demand and energy supply,
so they have been involuntarily exposed to spot market
price to cover their energy needs.
In 2014, to cover energy overcost, the government has
created the ACR account, through bank loans to be paid
within two years through the fee. Until December 31th,
2014 distributors used approximately R$18billion from the
ACR account; however, this was not enough to cover the
entire deficit, which will have to be recovered in the tariff
through the mechanisms of the Emergency and Support
Programme to Concessionaires of Public Service Electricity
Distribution (CVA).
On November 25th, ANEEL approved new Differences
Liquidation Prices (LDP) limits for 2015. The limits will be
changed as follows: decrease of R$823/MWh to R$388/
MWh for the maximum and increase of R$16/MWh R$30/
MWh for the minimum. The decision was the result of
a broad debate, which began with Public Consultation
No.09/2014 and later Public Hearing No.54/2014.
The main effect of the new limit is to reduce the financial
impact to distributors of possible future risks of contractual
exposure to the energy spot market which, in 2014, was
at maximum value for most of the year. From the point of
view of generation the new maximum price also results in
risk mitigation for unrecoverable economic and financial
exposure, when production is below contractual values. On
the other hand, with the lowering of the ceiling, the ability
to sell free energy at higher prices is reduced. Generators
may now divide their free energy amongst the months of
the year (seasonal adjustment) so as to be able to boost
their revenues by putting more power in the months where
higher prices are expected.
Regulation in generation
companies
Generator Agents are public generation concessionaires,
IPP or self-producers, as well as the trading Agents can
sell electricity within two contracting environments. One
is the Regulated Contracting Environment (ACR), where
those distribution companies operate, in which the
purchase of energy should be conducted under a bidding
process coordinated by ANEEL; and the other, called Free
Contracting Environment (ACL), in which the conditions
for the purchase of energy are traded directly between
suppliers and their customers. Regardless of ACR or ACL,
generator sales contracts are registered in the Chamber
of Electric Energy Commercialization (CCEE) and are part
of the basis for the recognition and determination of
adjustments for differences in the short-term market.
According to market regulation, 100% of the energy
demand from distributors must be met by means of long-
term contracts in the current regulated environment.
Thus, the regulated price purchase rates for the definition
of rates to end users is based on an average bid prices,
independent bidding processes exist for “new energy” and
“existing energy”.
The new energy tenders contemplate long-term contracts
(15 years for thermal plants and 30 for hydro) in which
new generation projects should cover increases in demand
anticipated by the distributors. Tenders of old energy
considered shorter contracts and seek to cover the needs
of the distributors arising from the expiration of previous
contracts, so that energy can be sold at lower prices. Each
bidding process is coordinated centrally, the authority defines
maximum prices and as a result, distribution, contracts are
signed, where all distributors taking part in the process
purchase pro rata from each of the offering generators.
Decree 5,163/2004 established that the selling agents
should ensure 100% physical coverage for their energy
and power contracts. This coverage may be constituted by
a physical collateral of their own generation plants or any
other plant, in this case, through an electricity or power
purchase agreement. Among other things, Regulation
ruling 109/2004 ANEEL specifies that when these limits are
not met, agents are subject to financial penalties.
Finally, regarding generation activity, on September 11,
2012, the Government approved the Provisional Measure
579 (subsequently converted into Law No. 12,783, of
January 11, 2013), which sets the conditions for the
renewal of the power sector concessions which will expire
between 2015 and 2017 and the reduction of taxes on
113
Regulation in distribution
companies
In the regulated market, distribution companies purchase
electricity through tenders that are regulated by ANEEL
and organized by the CCEE. Distributors must purchase
electricity in public tenders. The government also has the
right to call for special tenders for renewable electricity
(biomass, small hydro, solar and wind farms). ANEEL and
CCEE conduct annual tenders. The contracting system is
multilateral, with generating companies that sign contracts
with all distributors who call for the tenders.
The Concessions Law establishes three types or adjustment
of final consumer rates: the Rate Repositioning Index
(IRT), representing an annual adjustment for inflation; the
Annual rate Review (RTO) to be conducted every four or
five years depending on each concession contract and the
Extraordinary rate Review (RTE), which are carried out when
a relevant event that significantly affects the rate value
occurs. Thus, the Law guarantees an economic and financial
balance for a company in the event that a material change
in their operating costs occurs. In the event the components
of the cost of Parcel A, such as energy purchases or taxes
increase significantly in the period between two annual rate
adjustments, the concessionaire may file a formal request to
ANEEL to have those costs passed on to end customers.
All reviews and tariff repositioning are approved by ANEEL.
In the rate revisions (RTO and RTE), ANEEL revises the
rates in response to changes in the costs of buying power
and the market conditions. By adjusting distribution rates
ANEEL divides the Annual Reference Value, i.e. the costs
of distribution companies in: (i) costs not manageable by
distributors, also called “Parcel A”, and (ii) costs manageable
by distributors or “Parcel B”, the latter corresponding to
what is known as Distribution Added Value (VAD).
The regular rate revision takes into consideration the
whole rate setting structure of the company, including the
costs of providing services, the costs of purchasing power
and the return for the investor. Under their concession
contracts, Coelce and Ampla are subject to rate reviews
every four to five years respectively. The basis of the assets
to calculate the return allowed for the investor is the market
replacement value, depreciated over its useful life from an
accounting point of view, and the rate of return on asset
allocation is based on the Average Cost of weighted Capital,
or WACC (its acronym in English) of a model company. The
WACC is reviewed at each rate cycle. The value of the WACC
for distribution currently in force is 11.4% real before taxes.
In June 2014, ANEEL presented its first proposal for the
methodologies it will use in the fourth cycle of distributors’
tariff reviews. A second version of the methodologies
proposals were presented in December/14 ANEEL and were
available to agents for comments until February 9th, 2015.
The most important issues to be discussed are: (i) proposal
to decrease the actual pre-tax WACC remuneration rate,
from 11.36% to 10.85%; (ii) modification of the regulatory
remuneration base using benchmarking in part of the
assets base (additional costs and minor components). The
new methodologies would be applied to Coelce in their
multiannual revision in April 2015 if published on time.
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Regulation in transmission
Environmental regulation
Any agent in the power market that produces or consumes
energy is authorized to use the Basic Network. The free
market consumers also have this right, provided that they
meet certain technical and legal requirements. Free access is
guaranteed by law and supervised by ANEEL.
Although the Brazilian Constitution gives both the Federal,
state, and local governments the right to enact laws to
protect the environment. Most environmental regulations in
Brazil are at the State and local government level.
Hydroelectric power plants must obtain concessions
for water rights and environmental approvals. Thermal
generation, transmission and distribution companies must
obtain environmental approval from the environmental
regulatory authorities.
The operation and management of the basic network
is the responsibility of the ONS, which also has the
responsibility of managing the dispatch of energy from
plants under optimized conditions, involving the use of the
interconnected system, hydroelectric and thermal power
plants.
On April 5, 2011 the Ministerial “portarias” 210/2011
and 211 /2011 were published in the Official Journal,
which equates both interconnection lines of the Energy
Interconnection Company S.A. to public service concessions,
with payment of a regulated toll. The allowed Annual
Revenue (hereinafter “ RAP “) is adjusted annually, during
the month of June by the National Consumer Price Index
(hereinafter “IPCA “) with rate reviews every four years. a
Gross Income Base of 1,760 million reais ($ 885 million) and
a Net Base 1,160 million reais ($ 585 million) were defined.
In 2012, ANEEL approved the deployment of reinforcements
in transmission facilities, recognizing an additional
investment of 47 million reais ($ 23 million) in the revenue
Base. The applicable rate of remuneration was defined
according to current regulations as 7.24% (real after taxes).
The period of authorization is until June 2020 for Line 1,
and until July 2022 for Line 2, with estimated damages
compensations for unrecovered investments.
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Chile
Structure of the industry
The electricity industry in Chile is divided into three
segments or businesses: generation, transmission and
distribution. The generation sector is composed of
electricity generators. They sell their production to
distribution companies, clients and other non-regulated
generators through the spot market. The transmission
sector includes companies that transmit high voltage
electricity from generating companies. Finally, the
distribution sector is defined as comprising any supply
to end customers at a voltage not exceeding 23 kV.
These three major segments or businesses operate in an
interconnected and coordinated manner, and its main
objective is to provide electrical energy to the market
at minimal cost and preserving the quality and safety
standards of service required by the electrical codes.
Because of its essential characteristics, Transmission and
Distribution activities are natural monopolies, this is why
these segments are regulated as such by the electrical
codes, requiring open access to networks and the definition
of regulated rates.
The electricity sector in Chile is regulated by the General
Law of Electric Services, contained in Legislative Decree
No. 1 of 1982 of the Ministry of Mining, the revised
and coordinated text was established by the DFL No. 4
of 2006 of the Ministry of Economy (“ Electricity Act “)
and its Regulations, contained in DS . No. 327 of 1998.
Three government agencies are responsible for the
implementation and enforcement of the Electricity Act: the
National Energy Commission (CNE), which has the authority
to propose the regulated rates, and to develop indicative
plans for the construction of new generating units; the
Superintendence of Electricity and Fuels ( SEC) , which
regulates and monitors compliance with laws, regulations
and technical standards for the generation , transmission
and distribution of electricity, liquid and gaseous fuels ;
and finally , the Ministry of Energy, which is responsible for
proposing and conducting public policy on energy and has
under its control the SEC, the CNE and the Chilean Nuclear
Energy Commission ( CChEN ) , strengthening coordination
and providing a comprehensive view of the sector. It also
has an Agency for Energy Efficiency and a Renewable
Energy Center. The law also establishes a Panel of Experts
whose primary function is to resolve discrepancies that
occur between the various players in the electricity market:
utilities, system operators, regulator, etc.
From a physical standpoint, the Chilean electrical
sector is divided into four electrical systems: The central
interconnected system (SIC), the great north interconnected
system (SING), and two isolated mid size systems: Aysén and
Magallanes. The SIC, which is the main electrical system,
where about 93% of the Chilean population lives, extends
longitudinally for 2,400 kilometers, joining TalTal in the
North, with Quellon, in the island of Chiloe on the South.
The SING covers the northern area of the country, from
Arica to Coloso, covering a length of about 700 kilometers,
where a large part of the mining industry is located.
According to the Electricity Law, companies involved
in Generation and Transmission in an interconnected
electrical system should coordinate their operations in an
efficient and centralised way through an operating entity,
the Economic Load Dispatch Centre (Centro de Despacho
Económico de Carga: CDEC) in order to operate the system
at minimum cost while preserving service assurance. To
this effect, CDEC plans and performs the operation of the
system, including the calculation of hourly marginal cost,
the price at which energy transfers made in the CDEC
between generators are valued. CDEC (CDEC-SIC and
CDEC-SING), are autonomous entities; their function is
to coordinate the operation of an electrical system. The
subjects of this coordination are generation, transmission
and sub-transmission companies and free customers.
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Regulation of generation
companies
The generation sector encompasses the companies which
have plants to produce electricity, which is transmitted
and distributed, to the final consumer. This segment
is characterized by being a competitive market where
electricity is sold to: i) distribution companies to supply
their regulated customers within their concession areas.
ii) to free or unregulated customers, mainly industries and
mining companies, and iii) other generation companies,
through the spot market, by energy and power transactions
conducted in the CDECs.
As already mentioned, the operation of the generation
companies in each electrical system is coordinated by its
respective CDEC. As a consequence of this efficient and
coordinated operation of the electrical systems, at any
level of demand, the proper supply is delivered, at the
lowest possible production cost alternative available in
the market. The marginal cost is used as the Price that the
other generators are selling at, at an hourly rate, including
the injections to the system, as well as the withdrawal or
purchases to provide the service to its clients.
The generators take part in energy tenders of up to 15
years. The tenders are conducted in accordance with the
requirements of the demands of the distribution and are
supervised by the National Energy Commission This allows
the generators to have stable and predictable incomes,
preventing variability of the marginal const, therefore
driving investment in the area.
In Chile, there is payment by capacity, which depends of
an annual centralized calculation currently conducted
centrally by each CDEC, beginning from an amount which
remunerates the development of a gas turbine. As a
marginal unit to supply the demands of the system. The
capacity charge of each plant is independent of its dispatch
and prizes the availability and contribution to the reserve
margin of the country.
On May 15th, 2014 the Minister of Energy presented
the ‘Energy Agenda’, document containing general
guidelines of energy policy to be conducted by the new
government. As part of that agenda, several modifications
to the regulations applicable to the sector are considered.
Amongst them, a law amending the current scheme
of tenders which, at year 2014, closing was pending in
Congress.
On September 10th, 2014 the tax reform was approved, in
which the creation of so-called green tax stands out, taxing
air emissions of particulate matter (PM), nitrogen oxides
(NOx), sulfur dioxide (SO2) and carbon dioxide (CO2). For CO2
emissions, the tax will be equivalent to US$5/ton.
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Regulation in Distribution
Companies
For regulatory purposes, the distribution segment is defined
as all electricity supplies to end customers, at a voltage not
exceeding 23kV. Distribution companies operate under
a concession of public service, with service obligation at
regulated tariffs for supplying the regulated customers.
Consumers are classified according to the size of their
demand. Regulated customers are those the connected
capacity of which exceeds 500kW; and free or unregulated
customers, those with a connected capacity greater than
2,000kW. Customers with connected capacity in the range
of 500-2000kW may opt to have regulated prices or an
unregulated system for a minimum of four years in each
regime.
Distribution companies supply both regulated customers, a
segment for which the price and supply conditions are the
result of tender processes regulated by the National Energy
Commission, and unregulated customers, with bilateral
contracts with generators, in which conditions are freely
negotiated and agreed.
It must be noted that in the tenders’ bill pending in
Congress, it is contemplated to raise the limit from 2,000 to
5,000kW.
Since 2010, with the enactment of Law 20,018, distributor
companies must have permanently available supply for the
total demand projected for three years, for which long-term
public tenders for up to 15 years must be made.
The process of setting distribution rates is carried out every
four years. Both CNE and the representative company
responsible of a typical area commission studies, from
independent consultants, to set the Distribution Value
Added for their typical area. Preliminary basic rates
are obtained by weighting the results of the studies
commissioned by CNE and by the company in the ratio
2/3 – 1/3, respectively. With these basic rates it is verified
that the aggregate profitability of the industry is within the
stated range of 10 per cent with a margin of ± 4 per cent.
Also every four years tariff revisions are performed in the
sub transmission sector (which corresponds to high voltage
installations that connect distribution networks with the
large transmission networks). This process is alternated with
the process of tariff revision in distribution, so there is a
distance of two years between them.
Additionally every four years the revision of associated
services Is carried out, corresponding to various services not
included in the revisions of distribution.
The Chilean distribution model is an established model,
because to this date, since the privatisation of the sector, it
has eight price-settings carried out.
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Environmental
Regulation
Existing environmental regulation corresponds to a
complete redesign, done in 2010, which starts by creating
new environmental institutions: the Ministry of the
Environment, which designs and implements policies,
plans and programs on environmental matters; the
Environmental Assessment Service (Servicio de Evaluación
Ambiental: SEA), in charge of the administration of the
System of Environmental Impact Assessment; and the
Superintendence of the Environment with supervision
functions. In addition, institutions are complemented by
three Environmental Courts.
In terms of regulatory law, it is possible to distinguish Law
No.19,300 (1994) on General Bases of the Environment,
updated in 2010; Law No.20,417, which creates the
Ministry, the Assessment Service and the Superintendence
of the Environment (2010) and the Regulations of the
Environmental Impact Assessment System (2012).
Non-Conventional
Renewable Energies
Regarding Non-Conventional Renewable Energies (NCRE),
in October 2013 a law was enacted that encourages the use
of NCRE, establishing for 2025 a mandatory quota of NCRE
equivalent to 20% of conventional generation. This law
replaced an earlier one that established a target of 10% by
2024.
119
Regulation in
Transmission
The transmission segment comprises a combination of lines,
substations and equipment for electricity transmission from
the production centers (generators) to the consumption
or distribution centres. Transmission is defined in Chile as
lines or substations with a voltage greater than 23kV. The
transmission system is of open access and transmission
companies establish rights of way on the available
transmission capacity through tolls.
On January 8th, 2014 the bill that empowers the
government to promote electrical interconnections
between systems was approved.
On October 14th, 2013 Law 20,701 was published in
Diario Oficial, named Procedure for Granting Electricity
Concessions, which aims to streamline processing of
electrical concessions. The new law simplifies the process
of provisional concessions, shortens processing times,
clarifies possible comments and objections to the project,
modifies the notification process, provides summary legal
proceedings, introduces the possibility of dividing the
application for concessions, modifies the procedure for
real estate valuation and solves conflicts between different
types of concession.
Colombia
Structure of the Industry
The Colombian electricity sector was structurally amended
by Law 142, of Home Public Utilities, and Electricity Law 143,
both of 1994. According to Law 143 of 1994, the various
economic, public, private or mixed agents can participate
in activities in the sector and are free to perform their
functions in a context of free market competition. To operate
or initiate projects, permits must be obtained from the
competent authorities regarding the environmental, health
and water rights issues, and those of a municipal nature that
might be required.
The Ministry of Mines and Energy (Ministerio de Minas y
Energía: MME) defines government policy for the energy
sector. Other government agencies that play an important
role in the electricity industry are: the Superintendence of
Home Public Services (Superintendencia de Servicios Públicos
Domicialiarios: SSPD), entity that monitors and audits
all utilities; the Energy and Gas Regulatory Commission
(Comisión de Regulación de Energía y Gas: CREG), which
is the regulatory body in electricity, natural gas, liquefied
petroleum gas (LPG) and liquid fuels; the Mining and Energy
Planning Unit (Unidad de Planificación Minero energética:
UPME), which is responsible for the planning and expansion
of the network; and the Superintendence of Industry and
Commerce, the national authority for issues of protection of
competitiveness.
The CREG is empowered to make regulations governing
the technical and commercial operations as well as rates
for regulated activities. The main functions of the CREG
are setting the conditions for the progressive liberalization
of the electricity sector towards an open and competitive
market, approve charges for networks and the costs
of transmission and distribution to supply regulated
customers, establishing the methodology for calculating and
establishing maximum rates for the supply of the regulated
market, establishing standards for the planning and
coordination of the operations of the system, establishing
the technical requirements for quality, reliability and security
of supply and protect the rights of clients.
The Bulk Electricity Market in Colombia (MEM) is based
on a competitive market model and operates under the
principles of open access. The operation and administration
of the MEM is a centralized market operator, consisting of a
Commercial Exchange Manager of the System (ASIC) and the
National Dispatch Center (CND).
The generation sector is organised on a competitive basis.
Electricity transactions in MEM are carried out under
procedures of energy spot Market (short-term or daily
market); Bilateral Contracts (long term market); and the
Reliability Charge. Generation companies must mandatorily
participate in central dispatch with all their generation
plants or units connected to the Colombian system, with
capacities equal to or greater than 20MW (participation of
plants with capacities between 10 and 20MW is optional).
Generation companies participating in central dispatch
must declare the commercial availability of their generation
resources and the price they wish to sell at. This energy is
centrally dispatched by CND under economic optimisation
criteria and respecting the power and operative restrictions
of the system.
Trading is the intermediation between the players providing
electricity generation, transmission and distribution as well
as the users of the service. Trading can be carried out or
not, in conjunction with other activities of the electricity
sector.
Transmission operates under conditions of monopoly and
a guaranteed fixed annual income, which is determined by
the new replacement value of networks and equipment and
the value resulting from the bidding process that awarded
new projects for the expansion of the National Transmission
System (STN). This value is shared by all traders in the
market in proportion to their energy demands. The national
interconnected system (SIN) serves 98% of the country’s
demand. Non-interconnected systems serve remote areas of
the country.
Distribution is defined as the operation of networks of Local
and Regional Transmission Distribution. Any customer can
have access to a distribution network for which they pay
a connection fee. Distributors or network operators are
responsible for the planning, investment, operation and
maintenance of electrical networks with voltages below 220
KV.
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Regulation of Generation
Companies
are dispatched by merit of price is the price of the most
expensive generator dispatched in each hour under ideal
dispatch.
The Colombian State may participate in the
implementation and operation of power generation
projects just as the private sector. Law 142 of 1994, which
established the legal regime for residential public utilities,
and Law 143 of 1994, focusing particularly in electricity
service, determined the types of entities that are licensed
to provide public services; the ‘public utility company’ was
created as the primary vehicle for said service.
The cost differences between the ‘economic dispatch’
and ‘perfect dispatch’ are called “restriction costs.” The
cost of each constraint is assigned initially to the agent
responsible of the restriction, and when it is not possible to
identify an agent it is distributed proportionally between
all marketers in the Colombian system, according to their
energy demand, and these costs are passed on to end
customers.
In the short-term energy market, operationally, CND
receives, every day, price bids and the declaration of
commercial availability for each hour in the next day, from
all participating generators in the Wholesale Market. Based
on this information, CND performs an economic dispatch
using an optimised process for next day’s 24 hour period,
taking into account the electrical and operative restrictions
of the system and other conditions that are necessary to
meet next day’s expected energy demand in a safe, reliable
and economical way, from the viewpoint of cost. Unlike
other countries where central dispatch is based on variable
production costs, dispatch in Colombia is based on prices
tendered by agents.
The energy exchange is a balancing market where
you sell or buy the excess or deficit of energy resulting
from the enforcement of contracts against the actual
demand for power generators and marketers. The energy
market determines the spot price by the ASIC after the
day of operations by means of an optimized procedure
for a period of 24 hours referred to as ideal dispatch,
with an infinite capacity for network transmission and
considers initial operating conditions, thus establishing
what generators should be dispatched to meet the
actual demand. The price paid to all generators that
Generators connected to the Colombian system can also
participate in the “Reliability charge” which is a mechanism
that aims to encourage investment in generating capacity
to secure the service of the long term country’s energy
demands. The fee consists of assigning Firm Energy
Obligations (OEF) by a descending auction to existing
or new generators, who must ensure that the amount
of energy available in the system for a given period.
The allocation for existing generators is made annually
and for new projects for up to 20 years. The OEF is a
commitment by the generating company, backed by
its physical resources that enable them to produce firm
energy. The generator that acquires an OEF receives a fixed
compensation for the commitment period, regardless that
compliance with its obligation is required or not.
The price of OEF per KWh corresponds to the closing price
at the auction for firm energy or Reliability Charge. When
this firm energy is required, which happens when the spot
price exceeds the Scarcity Price, a balance of the agent’s
compliance is performed, where ideal dispatch verifies if
the agent covered his OEF with its own resources, delivered
surplus or other agent covered his OEF, in which case the
differences, valued at spot price, are balanced.
121
Regulation in Distribution
Companies
In Colombia, the distributors are free to purchase their
supply, and can define the conditions of the bidding process
to acquire the energy required for the regulated market and
can also go and buy energy in the spot market. The price
paid by the end user reflects an average of the purchase
price. Since 2004, the CREG is working on a proposal to
amend the contracting procedures in the Colombian
market, called Organized Regulated Market -MOR-, which
would be an electronic contract system. This mechanism
would replace the current bids for energy auctions under
standardized commercial conditions, where the demand to
contract would be treated as a single aggregate demand.
The distribution charges are set by the CREG based on the
new replacement value of the existing distribution assets,
the capital cost as well as operational and maintenance
cost for each company in four different voltage levels, is as
follows: Level 1 to 1 kV, Level 2, up to 30kV, Level 3 up to
57.5 kV and level IV up to 115 kV. Voltage levels 1, 2 and
3 are called Local Distribution Systems (SDL) and Level 4 is
called Regional Transmission System (STR).
During 2009, after auditing the information reported by the
companies, CREG determined the distribution charges to be
applied, which are set for a period of five years and updated
monthly in accordance to the index of producer prices.
Currently, the review process of the distribution charges for
the five years 2015 to 2019 is ongoing. One of the issues
under discussion is the recognised rate of return which
is currently fixed by CREG at 13.9% before taxes for local
distribution assets and 13% for regional transmission assets
based on the WACC/CAPM methodology. The methodology
for calculating the distribution charges includes an incentive
scheme for management, operation and maintenance costs,
based on quality of service. For energy losses, the regulation
establishes a path of recognised indices of losses to be
included in tariffs.
Regulation in Transmission
Transmission networks operating at 220 kV or higher form
the National Transmission System (STN). The transmission
rate includes a charge to cover the operating costs of the
facilities, and a charge for use that applies only to marketers
who transfer it directly to the end users.
The CREG guarantees transmission companies a fixed
annual income. This income is determined by the
replacement value of a new network and equipment,
and the resulting value of the bidding process that have
awarded new projects for expansion of the STN. This value
is allocated to the traders of the STN in proportion with
their energy demand.
The construction, operation and maintenance of the new
projects is awarded to the company that offers the lowest
present value of cash flows required to perform it.
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Regulation in Trading
The trading market is divided into regulated and
unregulated customers. Customers in the free or
unregulated market may freely contract their power directly
from a generator or a distributor, acting as traders, or
as pure traders. The market for unregulated customers,
consists of customers with more than 0.1 MW peak demand
or a minimum monthly consumption of 55 MWh.
According to law No. 99 power generation plants having
a total installed capacity greater than 10 MW, should
contribute to environmental conservation through
a payment for their activities at a regulated rate to
municipalities and environmental corporations in localities
where the plants are located. Hydroelectric plants must
pay 6% of their generation and thermo electrical power
plants must pay 4% of their generation, with rates that are
determined annually.
Trading can be conducted by generators, distributors and
independent agents, who meet certain requirements. The
parties freely agree to the transaction prices for unregulated
customers.
Act 1450, 2011, issued the 2010-2014 National
Development Plan. The plan stated that between 2010
and 2014, the Government should develop environmental
sustainability issues and risk management.
The energy trader is responsible for billing the costs of
electricity to final consumers and transfer payments to
the various players in the industry. Trading for regulated
customers is subject to the “regulated freedom regime” in
which the rates are set by each trader using a combination
of general cost formulas determined by the CREG, and
individual trading costs approved by the CREG for each
trader. Rates include, among others, costs of energy supply,
transmission charges, distribution charges and a trading
profit margin. Additionally, the final costs of the service
are affected by subsidies or contributions that are applied
according to the socioeconomic status of each user.
Tariffs or trading charge for regulated customers must be
reviewed every five years and must be updated monthly
by the Consumer Price Index. Current charges have not
been reviewed since 1998 and new charges are expected
to come into force during 2015, once the remuneration
methodology of the activity is reviewed.
Environmental Regulation
The legal framework for environmental regulation in
Colombia was established in Law 99/1993, which also
created the Ministry of the Environment as the authority for
defining environmental policies. The Ministry defines issues
and executes policies and regulations aimed at the recovery,
conservation, protection, organization, management and
use of renewable resources.
Any entity planning to develop projects or activities
relating to the generation, interconnection, transmission or
distribution of electricity, which may result in environmental
degradation, must first obtain an environmental license.
In 2011, Decree 3,570 established the new structure of
the environmental sector, creating the Ministry of the
Environment and Sustainable Development (previously,
the functions of the Ministry of the Environment were
includeed with the functions of the Ministry of Housing).
That same year, Decree 3,573 created the National
Environmental Licensing Authority (Autoridad Nacional de
Licencias Ambientales) as the responsible entity for granting
and monitoring licenses, permits and environmental
procedures of the Ministry of the Environment and
Sustainable Development.
In recent years, environmental regulations for the
electricity sector have been focused on regulating
emission related aspects of the plants; the formulation,
issuance and implementation of the National Policy for
Integrated Water Resources Management (which includes
regulations and/or updating of regulations associated with
discharges, environmental flows and the organisation and
management of watersheds); issuing of the compensations
manual for loss of biodiversity for projects subject to
environmental licensing; updating the regulatory and
environmental licensing framework; and regulation of the
environmental sanctions regime.
In Colombia, there is now an indicative path for NCRE’s
participation in the National Energy System of 3.5% in
2015 and 6.5% in 2020. In 2014, Law 1,715 was issued,
through which the integration of NCRE into the National
Energy System is regulated, with the aim of promoting the
development and use of non-conventional energy sources
and promoting efficient energy management.
123
Peru
Structure of the Industry
The general legal framework applicable to the Peruvian
electricity industry is mainly constituted by the Electricity
Concessions Law (Law Decree No. 25,844 of 1992) and its
accompanying regulations.
The Ministry of Energy and Mines (MINEM) defines
energy policies applicable at a national level, regulates
environmental matters applicable to the energy sector
and oversees the allocation, monitoring, termination and
revoking of licenses, authorizations and concessions for the
generation, transmission and distribution activities.
The Supervisory Agency of Investment in Energy and Mining
(Osinergmin) is the regulatory body that controls and
monitors compliance with legal standards and techniques
related to electricity and hydrocarbon activities. It enforces
the obligations under concession contracts. Osinergmin
Deputy Management for Tariff Regulation (GART) has the
authority to publish the regulated tariffs. Osinergmin also
controls and supervises the tendering processes required by
distribution companies to buy power from generators. The
Agency for Assessment and Environmental Control (OEFA)
is responsible for environmental preservation related to
electricity activities.
The Committee on Economic Operation of the System
(COES) is the body that coordinates the operation and
dispatch of electricity in the national interconnected
Electrical System (SEIN) and prepares the technical and
financial study that forms the basis for annual estimates
of bar prices. In the COES, generation, transmission
and distribution companies, are represented as well
as unregulated customers: consumers with demands
exceeding 200 kW power.
In addition to the SEIN, several regional smaller isolated
systems that provide electricity in specific areas exist.
The main characteristics of the electricity industry in Peru
are: (i) separation of the three main activities: generation,
transmission and distribution; (ii) free market for energy
supply in competitive market conditions; (iii) a system of
regulated prices based on the principle of efficiency and a
bidding regime; and (iv) privatization of the operation of
the interconnected power systems subject to the principles
of efficiency and quality of service.
Regulation in Generation
Companies
Generation companies that own or operate a power plant
with an installed capacity greater than 500 kW require an
indefinite concession granted by the MINEM.
Coordination of power dispatching operations,
determination of spot prices and the control and
management of economic transactions that occur in the
SEIN, are controlled by the COES.
The generators can sell their power directly to large
consumers and buy the deficit or transfer surplus energy
between the contracted and actual production, in the
pool, at the spot price. Sales to unregulated customers
are conducted at mutually agreed prices and terms, which
include tolls and compensation for the use of transmission
systems and, where necessary, to the distribution
companies for use of their networks.
Originally the Electricity Concessions Law allowed that
the sales to distributors may be conducted under bilateral
contracts at a price not greater than the regulated price, in
the case of regulated customers, or at an agreed price in the
case of unregulated customers. In addition to this bilateral
approach, Law 28,832 of 2006, named Law to Ensure
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During the last rate-setting process concluded on October
16, 2013, OSINERGMIN defined Edelnor rates for the
November 2013 to October 2017 period. The new rate was
1.2% higher than that in October 2013.
Regulation in Transmission
Transmission activities are divided into two categories:
primary (facilities built before 2006) or guaranteed (facilities
built after 2006), which are for common use and allow
the flow of energy through the national network; and
secondary (facilities built before 2006) or complementary
(facilities built after 2006), which are those lines that
connect a power plant with the system or a substation with
a distribution company or with the consumer. The main
and guaranteed system lines are available to all generators
and allow electricity to be supplied to all customers. The
transmission concessionaire receives a fixed annual income.
The Transmission Plan produced by COES and approved by
the MINEM determines the development of guaranteed
system lines, which are tendered by a Build, Own, Operate,
Transfer (BOOT) scheme with a term of 30 years.
Complementary system lines are developed through
investment plans submitted by agents and approved by
Osinergmin, which calculates the average annual cost to
remunerate for each facility, considering standard costs
of investment, operation and maintenance, a rate of 12%
before taxes and a term of 30 years.
Environmental regulations
The environmental legal framework applied to energy
related activities in Peru is stipulated in the Environmental
Law (Law No. 28,611) and the Environmental Protection
Regulations for Electrical Activities (Supreme Decree 029-
94-EM).
In 2008, the MINEM enacted Supreme Decree 050-2008 to
incentivize the generation of electricity by means of NCRE.
The decree stipulates that 5% of demand of the SEIN must
be provided with the use of NCRE. This goal could increase
5% every 5 years. The technologies considered renewable
resources include: biomass, wind, tidal, geothermal, solar
and mini-hydro (less than 20 MW hydroelectric power
plants).
the Efficient Development of Electricity Generation also
established the possibility for dealers to meet the demand
of its regulated and unregulated customers under contracts
entered after a power and energy bidding process. The
approval of this mechanism is important for generators
because it allows them to have a stable price over the life of
the contract, which is not set by the regulator and can last
up to 20 years.
Following the introduction of competitive bidding, the new
contracts to sell power to distribution companies for resale
to regulated customers must be at fixed prices determined
by these tenders. Only a small part of the power purchased
by distribution companies, including in the old contracts is
still maintained at bar prices (price equivalent to knot price
in Chile), which are established by the Osinergmin.
In Peru there is payment per capacity, given by the amount
that pays for developing a gas turbine, as the marginal
unit to supply the system demand. As in Chile, the load
capacity of each plant is independent of its dispatch and
remunerates availability and margin contribution to the
reserve of the country.
Regulation in Distribution
Companies
The electricity rate for regulated customers include energy
and capacity charges for generation and transmission, and
the Added Value for Distribution (VAD) which considers
a regulated return on investments, fixed charges for
operation and maintenance, and a standard percentage for
energy losses in distribution.
The VAD is established every four years. Osinergmin
classifies companies in groups according to the “typical
distribution areas” based on economic factors that bring
together companies with similar distribution costs by
population density, which determines the amount of
equipment on the network.
The actual return on investment of a distribution company
depends on its performance against the standards set by
Osinergmin for a theoretical model company. The system
allows a higher return rate to the distribution companies
that are more efficient than the model company. Preliminary
tariffs are determined based on the results of the study
commissioned by the companies, which are corrected
according to the observations of the study contracted by
Osinergmin. The preliminary tariffs are checked to ensure
that the average aggregated annual internal rate of return
of the whole industry is 12 percent with a variation of ± 4
percent.
125
Description of the
Electricity
Business by
Country
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2014 ANNUAL REPORT ENERSIS
DESCRIPTION OF THE ELECTRICITY BUSINESS BY COUNTRY
Generation of Electricity
The generation businesses are mainly conducted through our subsidiary Endesa Chile. In this segment,
the Enersis Group has operating subsidiaries in Argentina, Brazil, Chile, Colombia and Peru.
In its entirety, the installed capacity of the Enersis Group amounted to 16,868 MW in December 2014
and the consolidated electricity production reached 60,299 GWh, while sales totaled 69,230 GWh of
energy.
In the electrical industry, business segmentation between hydro and thermal generation is natural, since
the variable costs of generation are different for each type of production. Thermal generation requires
the purchase of fossil fuels and hydroelectric power requires building water reservoirs and water from
rivers.
52% of our consolidated generating capacity comes from hydro, 47% from thermal sources and 1%
from wind.
Therefore, the established commercial policy is relevant for the proper management of the business.
Transmission of Electricity
For the Enersis Group, the business of power transmission is carried out mainly through the
interconnection line between Argentina and Brazil, CIEN, a subsidiary of Enel Brazil, with a transport
capacity of 2,100 MW.
Distribution of Electricity
Our distribution business is conducted through Edesur in Argentina, Ampla and Coelce (owned by Enel
Brazil) in Brazil, Chilectra in Chile, Codensa in Colombia and in Edelnor in Peru. During 2014, our main
subsidiaries and related distribution companies sold 77,631 GWh.
Currently, Edesur, Ampla, Coelce Chilectra Codensa and Edelnor serve major cities in Latin America,
providing electric service to more than 14.7 million customers.
These companies faced increasing electricity demand, which forced them to constantly invest, both due
to natural growth as well as for the maintenance of their facilities.
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DESCRIPTION OF THE ELECTRICITY BUSINESS BY COUNTRY
MEMORIA ANUAL ENERSIS 2013136Buenos AiresCórdobaMendozaNeuquénTransmissionDistributionGenerationArroyito Power PlantTypeHydroelectricInstalled Capacity128 MWEl Chocón Power PlantTypeHydroelectricInstalled Capacity1.200 MWCostanera Power PlantTypeThermoelectricInstalled Capacity2.324 MWEdesurEnergy sales18,025 GWhEnergy losses10.7%Clients2.5 milionsDock Sud Power PlantTypeThermoelectricInstalled Capacity870 MWDESCRIPCIÓN DEL NEGOCIO ELÉCTRICO POR PAÍS Argentina
Electricity Generation
In Argentina, we participate in the generation of electricity through Endesa Chile’s subsidiaries, Endesa Costanera and
Hidroeléctrica El Chocón, and as of March 2013, through our Dock Sud subsidiary.
Hidroeléctrica El Chocón owns nine hydroelectric units with 1,328 MW total installed capacity, while Endesa Costanera has
eleven thermal units with 2,324 MW total installed capacity and Dock Sud thermal plant has five units with 870 MW total
installed capacity. All together, these companies have 4,522 MW of installed capacity. At the end of 2014, said capacity
represented 14.4% of the installed capacity of the Argentine National Interconnected System (SIN).
Electricity generation in these companies totalled 14,390 GWh, 11.0% of total generation in that country. For its part, the
energy physical sales reached 15,276 GWh, 12.1% of total sales.
Endesa Costanera and Hidroeléctrica El Chocón have a stake in societies involved in the operation of two combined cycles,
coordinated by the Fund for Investments Required to Increase the Supply of Electricity in the Wholesale Electricity Market
(FONINVEMEN) with 5.326% and 18.85% ownership, respectively
Regarding the project Vuelta de Obligado S.A. (VOSA), which includes the installation of a Combined Cycle of about 800 MW,
Endesa Costanera and Hidroeléctrica El Chocón continued, during 2014, complying with the obligations they have regarding
VOSA generation project, fruit of the Agreement signed between the Ministry of Energy and major electricity generating
companies, which was signed by both Societies. The plant began operating two gas turbines, 270 MW each, in Simple Cycle.
For the second half of 2015 entry into service is scheduled of all the facilities of the new plant made up of a Combined Cycle of
two Gas Turbines and one steam turbine.
Once the combined cycle is put into operation –which is planned for 2015 – repayment will begin of the debt that CAMMESA
has with the generating companies that contributed to the project through a 10 year-supply contract, with 30-day LIBOR plus
5% under the 2008-2011 Generators Agreement.
Other generators connected to Argentine SIN are: AES Alicura, Sadesa, Capex, Petrobras, Pluspetrol and Pampa Generación.
129
MEMORIA ANUAL ENERSIS 2013136Buenos AiresCórdobaMendozaNeuquénTransmissionDistributionGenerationArroyito Power PlantTypeHydroelectricInstalled Capacity128 MWEl Chocón Power PlantTypeHydroelectricInstalled Capacity1.200 MWCostanera Power PlantTypeThermoelectricInstalled Capacity2.324 MWEdesurEnergy sales18,025 GWhEnergy losses10.7%Clients2.5 milionsDock Sud Power PlantTypeThermoelectricInstalled Capacity870 MWDESCRIPCIÓN DEL NEGOCIO ELÉCTRICO POR PAÍS Costanera
It is located in the city of Buenos
Aires and has six steam turbine units
totalling 1,138 MW, which can be
generated with natural gas or fuel oil.
It also operates two 859 MW and 327
MW combined cycles, respectively,
with total 2,324 MW installed capacity.
In 2014, net generation was 6,972
GWh and energy sales reached 7,051
GWh. During 2014, demand in the
Argentine electricity system registered
an increase of 1% compared to 2013.
In terms of electricity production, the
maximum generated gross power
in the Argentine Interconnection
System (Sistema Argentino de
Interconnection: SADI) reached a new
24,034 MW record, exceeding in 1%
the 23,794 MW 2013 record.
As in previous years, a maintenance
program was carried out, which
most important tasks focused on the
contribution of own personnel to
perform the supplementary works of
the Rehabilitation Project of the Steam
Turbine units, on the one hand, and on
the other, maintenaing the rest of the
Units in service.
Also during the year, maintenance was
performed, as considered in the long
term maintenance contracts – Long
Term Service Agreement (LTSA) – in
force for both Combined Cycles.
During 2014 execution continued
of Commitment to Availability of
Turbo-Steam Equipment contract,
between Compañía Administradora
del Mercado Mayorista Eléctrico
S.A. (Wholesale Electricity Market’s
Administration Company: CAMMESA)
and Endesa Costanera S.A., complying
with the rehabilitation works for
Conventional Units.
In the finance area, it is worth
mentioning the continuity of the
financial strategy already adopted
in previous years, to prioritise the
conservative management of finances
in order to secure the necessary
financial resources for the proper
operation of the plant.
Note that on October 27th, 2014, the
restructuring of the most important
liabilities of the Company was signed
with Mitsubishi Corporation on
advantageous terms for the Company.
Amongst the main restructuring’s
conditions are: Cancellation of accrued
and accumulated interest at the time
of the signing for US$66.1 million;
rescheduling of capital maturities
for US$120.6 million for a period of
18 years, with a grace period of 12
months, which must be completely
paid before December 15th, 2032; a
minimum annual payment of US$3
million in principal, in quarterly
instalments; and an interest rate of
0.25% per annum; keeping the pledge
of assets and setting restrictions on the
payment of dividends. The precedent
condition to the effectiveness of the
agreement was for the company to
make a payment of US$5 million of
debt due within 15 working days
following signature day, which was
done on November 14th, 2014.
This restructuring contributes to
recomposing the equity situation, its
effects being shown in the annual
financial statements.
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2014 ANNUAL REPORT ENERSIS
DESCRIPTION OF THE ELECTRICITY BUSINESS BY COUNTRY
Hidroeléctrica El Chocón
Hidroeléctrica El Chocón SA is a
hydroelectricity generation company,
which operates El Chocón and Arroyito
plants, located on River Limay. It is
located in the provinces of Neuquén
and Río Negro. The hydroelectric
complex has 1,328 MW total installed
capacity and includes El Chocón plant,
with 1,200MW installed capacity
(artificial reservoir’s hydroelectric
plant) and Arroyito plant, with 128
MW installed capacity, both using the
waters of Rivers Limay and Collón Curá
for generation.
With reference to the US$6.89 million
loan for the execution of works
in the six units of El Chocón plant
(Modernisation, Automation and
equipment renewal works) – awarded
by Cammesa, on favourable terms for
the Company – in addition to what
was reported last year, it is worth
mentioning that as at December 31st,
2014, the total amount received under
that item amounted to US$29.1 million.
The main investment projects to be
undertaken in 2015 are: i) Completing
Motor-generators Project to provide
35 MW in Costanera plant as of June
1st, 2015; ii) Completing additional
improvements of Hydrocarbons’
Separators in the cooling water system
of the three Arroyito plant’s units and
changing mineral oil to biodegradable
in intake gates of El Chocón plant; iii)
Carrying out major Maintenance of
switches in No.1 and 6 machines.
El Chocón hydroelectric plant is located
in the region called Comahue, formed
by Río Negro and Neuquén provines
and the southern part of Buenos Aires
province. El Chocón is on River Limay,
about 80 km upstream of its confluence
with River Neuquén. Arroyito is the
compensator dam for El Chocón,
located on the same river, 25 km
downstream.
Regarding the operational aspect,
in 2014 accumulated availability of
El Chocón-Arroyito complex was
94.57%, having satisfactorily completed
scheduled maintenance for both plants.
Protections’ System Modernisation,
Excitation and Start/Stop Sequence
of units No.3 and 4 and T3CH main
transformer of El Chocón Plant were
also supplemented.
The hydrological year starting April 1st,
2014 has been characterized as dry
(fifth dry consecutive year), therefore
the contributions of the hydrological
basins of Rivers Limay and Collón Curá
were scarce, which is why the operating
criteria applied by the Agency In Charge
Of Dispatch was to restrict the use of
accumulated strategic reserves. This
method resulted in the maintenance
and slight recovery of Comahue’s
energy reserves respect to 2013.
As a result of El Chocón reservoir’s
dispatch at 2014 year end, net
generation of El Chocón/Arroyito
complex was 2,632 GWh, the reservoir
reaching the level of 380.3 m.a.s.l.
(meters above sea level). The energy
reserve in Comahue’s reservoirs was
6,540 GWh, of which 1,420 GWh
correspond to El Chocón reserves, both
measured with respect to the condition
of minimum level of the Extraordinary
Operation Strip (Franja de Operación
Extraordinaria: FOE).
In 2014, regarding development
of own personnel and contractor’s
activities, there have been no
accidents. IFG and IGG=0 indicators
confirm a very good year in terms of
safety of own and contractor workers.
It should be noted that in the second
half of the year, contractor personnel
for the implementation of El Chocón’s
Modernisation works increased
significantly compared to normal staff.
In the area of finance, attentive to the
complex prevailing scenario in the
electricity sector, the Company paid
part of its debt by US$8.6 million.
During 2014, Chocón formalized debt
refinancing with banks Deutsche
Bank AG, Standard Bank Plc and Itaú
BBA Securities, for US$18.46 million,
for a period of two years (with 1
year of grace) repayable in five equal
consecutive quarterly instalments,
from February 2015, accruing 90-day
LIBOR rate plus 12.5%.
131
Motor-generators Project
In February 2014, the Argentine Government called main generators to submit
new generation’s installation projects, preferably fuel oil, which should be
operational by June 1st, 2015 and would be funded with the claims of Resolution
No.95/13 and paid for by it.
In collaboration with Enel and Endesa Chile different equipment options were
discussed, including the possibility of transferring gas turbines available in the
Group and opting, because of availability of debts term and amounts, for the
installation of fuel oil-fed engines in Costanera.
In order to reinvest credits, accrued and accruing, retained by the government,
resulting from the Additional Remuneration of Resolution No.95/13 and its
successor Resolution No.529/14, for the period February 2013 - December 2015,
Hidroeléctrica El Chocón (HECSA) undertook the installation of 35 MW, in four
new high efficiency oil-fired motor-generators, on medium voltage (11 kV) bars
of Costanera, company which is to act as HECSA’s financier with its credits if the
latter´s credits are insufficient to cover the investment.
Total investment is estimated at US$43 million and the committed date for this
new generation is June 1st, 2015.
In late May, through Global Procurement and under the responsibility of
Endesa Chile Engineering, the request for proposals was issued to the two
manufacturers who had expressed to have this type of motors in stock (MAN and
Wärtsilä). The provision of the motors was awarded to Wärtsilä, with a 10-year
LTSA being also negotiated.
On October 6th, MGC-02 “Motor-generators’ Installation, BOP Supply, Civil Works
and other Services” Tender was awarded to Ronza Ingeniería S.A.
From the first days of December 2014, the four motor-generators sets are
available for installation in Costanera. (Hidroeléctrica El Chocón is the owner
of these motors and Costanera S.A. will be responsible for carrying out the
assembly’s civil and electromechanical works as well as the future operation).
Land Reserved for Future Projects
In Argentina there is no land currently reserved for future projects.
Central Dock Sud
Located in the district of Avellaneda, in
the city of Buenos Aires, Dock Sud owns
and operates a generating plant with
two 870 MW total capacity units. Dock
Sud plant has four gas turbines and one
steam turbine. Two of the gas turbines
and the steam turbine comprise a
combined cycle plant.
Dock Sud’s generated energy was
4,786 GWh in 2013, while energy sales
totalled 4,834 GWh, representing 3.8%
of total sales in the country.
As at December 31st, 2014, Dock Sud´s
installed capacity represented 2.8% of
total installed capacity in SIN.
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DESCRIPTION OF THE ELECTRICITY BUSINESS BY COUNTRY
New Remuneration Scheme for
Generation Costs - Resolution S.E.
No.529/14
By S.E. Resolution No.529 dated May 20th, 2014 (retroactive to February 2014)
the Energy Secretariat (S.E.) updated the generators’ remuneration current since
February 2013 according to Resolution No. 95/2013. Overall, the new resolution
increased 25% the recognition of fixed costs of combined cycles and large
hydroelectric plants; and 35% for steam turbine units. Variable costs (non-fuel) were
adjusted 41% for thermal plants and 25% for hydraulic plants and a new variable
remuneration was set for biodiesel operation. Additional compensation rose 25%
for thermal plants and a new charge for non-recurring maintenance was created,
of AR$21/MWh for combined cycles and AR$24/MWh for the rest of thermal
generation.
Conceptually, the new resolution resolves as follows:
(i) Replacement of ANNEXES I, II, III, increasing Fixed Costs’ Remuneration,
Variable Costs’ Remuneration (Non Fuel), and Additional Remuneration.
(ii) Incorporation of a new Remuneration scheme for Nonrecurring Maintenance
for Comprised Thermal Generation Agents with the values given in Annex IV
of this Resolution. Such amounts will finance major maintenance subject to
approval of the S.E.
(iii) Modification of the Fixed Costs’ Remuneration Scheme for Comprised
Generating Agents, as per Article 3 of Resolution No.95/13, referred to
calculation of the Fixed Costs’ Remuneration of thermal Generating Agents
based on their Registered Availability, Targeted Availabilities according to
technology, their Historical Availability and time of year, according to the
methodology described in ANNEX V of this Resolution.
Electricity
Distribution in
Argentina
Enersis participates in electricity
distribution through its subsidiary
Edesur in which it has, directly and
indirectly, 71.6% ownership.
The market share of our subsidiary in
Argentina, in terms of physical sales,
was approximately 20%.
Other distributors in the Argentine
electricity system are: Empresa Jujeña
de Energía (EJESA), Empresa de
Distribución de Energía de Tucumán
(EDET), Empresa Distribuidora de
Energía de Santiago del Estero
(EDESE), Empresa Distribuidora y
Comercializadora Norte (EDENOR) y
Empresa de Distribución de la Plata
(EDELAP).
133
Edesur
Edesur’s main object is the distribution and sale of electricity in the southern area
of Greater Buenos Aires, comprising two thirds of the city of Buenos Aires and
twelve districts of Buenos Aires province, covering 3,309 km2, for a period of 95
years from August 31st, 1992.
This period includes an initial one of 15 years and eight additional periods of 10
years each. On February 5th, 2007, the National Electricity Regulatory Entity (ENRE)
resolved to extend the initial period for five additional years, from the completion
of the Integral Prices’ Revision (RTI) process.
The concession contract establishes Edesur’s obligation to supply electricity at
the request of property owners or inhabitants within its concession area, to meet
certain quality standards relating to electricity supplied, to meet operational
requirements for maintenance of distribution assets and to bill customers based on
actual measurements.
In 2014, Edesur provided electricity service to 2,464,117 customers, representing
about 1% growth over the previous year. Of the total, 88% are residential
customers, 11% commercial, 1% industrial and 0.4% others users.
Electricity sales amounted to 18,025 GWh, representing a decrease of 0.6% over
the previous year. Distribution was 43.3% to the residential sector, 24.4% to the
commercial sector, 7.8% to the industrial sector and 24.5% to others.
Energy losses’ index reached 10.7% during 2014.
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135
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DESCRIPTION OF THE ELECTRICITY BUSINESS BY COUNTRY
MEMORIA ANUAL ENERSIS 2013144Río de JaneiroBelénManausSao PauloGoianaBrasiliaTransmissionDistributionGenerationCachoeira Dourada Power PlantTypeHydroelectricInstalled Capacity665 MWCIENInstalled Capacity2,100 MWEnergy sales11,177 GWhClientsEnergy losses3.6 milionsCoelce12.7%TypeThermoelectricInstalled Capacity322 MWFortaleza Power PlantEnergy sales11,701 GWhClientsEnergy losses2.9 milionsAmpla20.1%DESCRIPCIÓN DEL NEGOCIO ELÉCTRICO POR PAÍS Brazil
Electricity Generation
Enersis participates in electricity generation through Enel Brasil and its Cachoeira
and Fortaleza subsidiaries.
These two plants, one hydroelectric and the other thermal, add up 987 MW total
capacity, representing 0.7% of the capacity of Brazilian SIN.
In Brazil, electricity generation of the Group reached 5,225 GWh, achieving about
1% of the total generated in that country, hydroelectric production being 52% of
the total generated by Enersis Group in Brazil.
For its part, energy physical sales reached 7,108 GWh, about 1.5% of total sales in
the Brazilian system.
Other generators connected to Brazilian SIN are: CHESF, Furnas, Cemig,
Electronorte, Cesp, Copel, Eletrobras and Eletropaulo.
137
MEMORIA ANUAL ENERSIS 2013144Río de JaneiroBelénManausSao PauloGoianaBrasiliaTransmissionDistributionGenerationCachoeira Dourada Power PlantTypeHydroelectricInstalled Capacity665 MWCIENInstalled Capacity2,100 MWEnergy sales11,177 GWhClientsEnergy losses3.6 milionsCoelce12.7%TypeThermoelectricInstalled Capacity322 MWFortaleza Power PlantEnergy sales11,701 GWhClientsEnergy losses2.9 milionsAmpla20.1%DESCRIPCIÓN DEL NEGOCIO ELÉCTRICO POR PAÍS Cachoeira
Fortaleza
It is located in the State of Goias, 240
km south of Goiania. It has ten units
with 665 MW total installed capacity. It
is a run-of-the-river plant and uses the
waters of River Paranaiba.
Net generation in 2014 was 2,741
GWh, while sales reached 3,903 GWh.
It is located in Caucaia municipality, 50 km from the capital of Ceará state. It is a
322 MW combined cycle thermal plant using natural gas; it has the capacity to
generate a third of the electricity needs of Ceará, which has a population of about
8.2 million.
Built on a 70 thousand square meters area, it is part of the infrastructure of the
Industrial and Port Complex of Pecém, in Caucaia municipality, and it is part of the
Thermoelectricity Priority Program (PPT) of the federal government. It is a strategic
location to boost regional growth and to facilitate the installation of other
industries. Its main customers are Coelce and Petrobras.
Electricity generation in 2014 was 2,484 GWh, while sales totalled 3,205 GWh.
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Land Reserved for
Future Projects
Enel Brazil has an area of 75 ha, in the
city of Macae, Rio de Janeiro, for a new
thermoelectric project.
Electricity Transmission
In Brazil, Enersis Group also participates in transmission and sale of electricity
through the interconnection line between Argentina and Brazil, through CIEN
Company, where it has 84.38% ownership.
CIEN
Compañía de Interconexión Energética S.A. (CIEN) is an energy transmission
company in Brazil. Its complex consists of two frequency conversion stations,
Garabi I and II Garabi II, converting both ways the frequencies of Brazil (60 Hertz)
and Argentina (50 Hertz) and transmission lines. On the Argentine side, they are
managed by two subsidiaries: Compañía de Transmisión del Mercosur S.A. (CTM)
and Transportadora de Energía S.A. (TESA). CIEN has control of 100.0% of the
capital in both of them.
The interconnection system consists of two transmission lines with a total length of
1,000km, and Garabi Conversion Station.
On April 5th, 2011 decrees were published in the Official Gazette defining the
annual value of the Allowed Annual Remuneration (RAP) for CIEN. With this,
the regulator equates CIEN (the assets of which consist of Garabi 1 and 2 lines)
to concessionaires of public service transmission. Total annual RAP is adjusted
annually and tariff review processes will be conducted every four years. As of April
2011, therefore, CIEN was officially authorised to receive payments under this new
business approach.
139
Electrical
Distribution in
Brazil
Enersis participates in distribution
through Enel Brasil and its subsidiaries
Ampla and Coelce.
Enersis has interests of 92.0% and
64.8% of such companies, respectively.
In Brazil, the main distributors within
the electrical system are: CPFL,
Brasiliana de Energía, AES Elpa, Cemig,
Light, Coelba and Copel.
Ampla
However, at present energy loss is
still one of Ampla’s major challenges.
The year 2014 closed with an increase
of 0.3% over the previous year,
from 19.76% to 20.11%, partially
containing the strong market
aggressiveness, which has increased
the risk areas within the company’s
concession area.
Ampla is a power distribution
company with operations in 73.3%
of the territory of the State of Rio de
Janeiro, which is a 32,615 km2 area.
The population is approximately 8
million spread over 66 municipalities,
of which the following stand out:
Niteroi, São Gonçalo, Petrópolis,
Campos and Cabo Frío.
During 2014, Ampla provided
electricity to 2,875,292 customers,
2.6% more than in 2013. Of the total,
91% are residential, 6% commercial
and 3% other users.
Energy sales in 2014 totalled 11,701
GWh, an increase of 5.9% compared
to 2013, with a significant share of
residential customers representing
41% of physical sales, followed by
19% commercial customers, 14% free
customers, 8% industrial customers,
13% public lighting and government
customers and 5% other customers .
Since 2003, Ampla greatly emphasises
energy theft combat with a reduction
of 3.5 percentage points (from 23.64%
to 20.11%). The sustainable reduction
is only possible due to the set of
positive results obtained with the
projects developed by Ampla (use of
technology and social performance).
For several years, the company has
won a number of awards that show
our projects’ excellence.
Coelce
It is the electric distribution company
in the State of Ceará, in northeastern
Brazil, and covers a 148,921 km2
concession area. The company serves a
population of over 8 million.
Energy sales in 2014 were 11,177
GWh, a 4.3% increase, compared with
2013. The consumption classes that
influenced this growth were: 11%
increase in residential customers, 16%
in free customers, 6.3% and 7.7%,
respectively, in business and other
customers.
The number of customers at the end
of 2014 increased to 3,625,208, a
3.6% variation compared with year
2013 closing. The classification by
type of customers shows that 77%
are residential, 15% rural and 6%
commercial customers; the rest consists
of other customers.
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141
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DESCRIPTION OF THE ELECTRICITY BUSINESS BY COUNTRY
MEMORIA ANUAL ENERSIS 2013148AntofagastaTransmissionDistributionGenerationTypeThermoelectricInstalled Capacity182 MWTarapacá Power PlantTypeThermoelectricInstalled CapacityAtacama Power PlantTypeThermoelectricInstalled Capacity64 MWHuasco Power PlantTypeHydroelectricInstalled Capacity18 MWLos Molles Power PlantTypeEolicInstalled Capacity78 MWCanela I & II Power PlantTypeThermoelectricInstalled Capacity257 MWQuintero Power PlantTypeHydroelectricInstalled Capacity377 MWRapel Power PlantTypeHydroelectricInstalled Capacity12 MWSauzalito Power PlantTypeHydroelectricInstalled Capacity77 MWSauzal Power PlantTypeHydroelectricInstalled Capacity690 MWRalco Power PlantTypeHydroelectricInstalled Capacity34 MWPalmucho Power PlantTypeHydroelectricInstalled CapacityPangue Power PlantBiobío Power PlantsTypeThermoelectricInstalled Capacity245 MWTaltal Power PlantTypeThermoelectricInstalled Capacity24 MWDiego de Almagro Power PlantTypeThermoelectricInstalled Capacity778 MWSan Isidro Power Plant TypeHydroelectricInstalled Capacity89 MWCurillinque Power PlantTypeHydroelectricInstalled Capacity40 MWLoma Alta Power PlantTypeHydroelectricInstalled Capacity570 MWPehuenche Power PlantTypeMini hydroInstalled Capacity9 MWOjos de Agua Power PlantTypeHydroelectricInstalled Capacity106 MWCipreses Power PlantTypeHydroelectricInstalled Capacity70 MWIsla Power PlantTypeHydroelectricInstalled Capacity320 MWAntuco Power PlantTypeHydroelectricInstalled Capacity136 MWAbanico Power PlantTypeHydroelectricInstalled Capacity450 MWEl Toro Power PlantLaja Power PlantsMaule Poewer PlantsEnergy sales15,702 GWhClientsEnergy losses1.7 milionsChilectra5.3%478 MWTypeThermoelectricInstalled CapacityBocamina I & II Power Plant478 MWDESCRIPCIÓN DEL NEGOCIO ELÉCTRICO POR PAÍS467 MW781 MW Chile
Electricity Generation
Enersis participates in the power generation sector through Endesa Chile and its
subsidiaries, becoming the country’s most important company in terms of installed
capacity, in which Enersis has 60% direct interest.
Endesa Chile and its subsidiaries and jointly controlled companies, in Chile,
have a generating capability consisting of 103 units distributed along Central
Interconnected System (SIC) and eight units in Far North Interconnected System
(SING).
Enersis Group’s electricity generation in Chile reached 18,063GWh in 2014, of
which 55% was hydroelectric. Energy physical sales in Chile totaled 21,157 GWh,
31% of the total sold by the Group in Latin America.
Other generators in Chile are: AES Gener, Colbún, EC-L and Norgener.
Endesa Chile
Electricity sales of Endesa Chile and its subsidiaries, in SIC, reached 19,577 GWh in
2014. This volume represents 40% of SIC’s total sales, including customer sales and
net sales in the spot market. Sales to regulated customers represented 81%, 15%
were to free customers and 4% were net transactions in the spot market.
Electricity sales from Celta and Gas Atacama subsidiaries, in SING, totaled 1,580
GWh in 2014, 10% of said electrical system’s total sales.
143
MEMORIA ANUAL ENERSIS 2013148AntofagastaTransmissionDistributionGenerationTypeThermoelectricInstalled Capacity182 MWTarapacá Power PlantTypeThermoelectricInstalled CapacityAtacama Power PlantTypeThermoelectricInstalled Capacity64 MWHuasco Power PlantTypeHydroelectricInstalled Capacity18 MWLos Molles Power PlantTypeEolicInstalled Capacity78 MWCanela I & II Power PlantTypeThermoelectricInstalled Capacity257 MWQuintero Power PlantTypeHydroelectricInstalled Capacity377 MWRapel Power PlantTypeHydroelectricInstalled Capacity12 MWSauzalito Power PlantTypeHydroelectricInstalled Capacity77 MWSauzal Power PlantTypeHydroelectricInstalled Capacity690 MWRalco Power PlantTypeHydroelectricInstalled Capacity34 MWPalmucho Power PlantTypeHydroelectricInstalled CapacityPangue Power PlantBiobío Power PlantsTypeThermoelectricInstalled Capacity245 MWTaltal Power PlantTypeThermoelectricInstalled Capacity24 MWDiego de Almagro Power PlantTypeThermoelectricInstalled Capacity778 MWSan Isidro Power Plant TypeHydroelectricInstalled Capacity89 MWCurillinque Power PlantTypeHydroelectricInstalled Capacity40 MWLoma Alta Power PlantTypeHydroelectricInstalled Capacity570 MWPehuenche Power PlantTypeMini hydroInstalled Capacity9 MWOjos de Agua Power PlantTypeHydroelectricInstalled Capacity106 MWCipreses Power PlantTypeHydroelectricInstalled Capacity70 MWIsla Power PlantTypeHydroelectricInstalled Capacity320 MWAntuco Power PlantTypeHydroelectricInstalled Capacity136 MWAbanico Power PlantTypeHydroelectricInstalled Capacity450 MWEl Toro Power PlantLaja Power PlantsMaule Poewer PlantsEnergy sales15,702 GWhClientsEnergy losses1.7 milionsChilectra5.3%478 MWTypeThermoelectricInstalled CapacityBocamina I & II Power Plant478 MWDESCRIPCIÓN DEL NEGOCIO ELÉCTRICO POR PAÍS467 MW781 MW Hydrologic Condition in SIC
Year 2014 began with very dry
characteristics melting without
rainfall until early May, when a very
short period of moderate intensity
rains began, which lasted only until
the beginning of June. Later, there
were occasional more intense rains,
thus configuring a year with semi-dry
characteristics. The first two quarters
were the driest, with cumulative
exceedance probabilities of tributaries
of 90% and 69%, respectively. This
condition improved during the third
quarter due to rainfall occurred as of
July, the intensity of which peaked
from late July until mid-August,
resulting in the reservoirs’ seasonal
levels recovery, which, for that quarter,
meant registering an exceedance
probability of 45%. In the last quarter,
corresponding to the melting period,
a semi-dry hydrologic condition of
around 70% was recorded, the effect
of which, added to that of the previous
quarters, finally resulted in a tributaries
average cumulative exceedance
probability of 75% for the year.
Operational and Commercial Scenario
Events that Influenced the Operational and Commercial
Performance
SIC’s supply costs continued to be high, although on average they were lower
than in 2013. This was due to several variables, among which it is worth
mentioning the four dry years sequence until 2013. The year 2014, while
it presented a slightly more favourable hydrologic condition, of semi-dry
characteristics, with average cumulative exceedance probability of around 75%,
could not significantly reverse the availability of tributaries’ flow and water
accumulated in reservoirs. The supply condition was also influenced by the fact
that fuel prices, as in previous years, remained relatively high. The energy prices’
level also affected, together with the unavailability, throughout the year, of coal-
fired Bocamina II station (due to a widely publicised court decision) and since
late August, Bocamina I shutdown due to scheduled major works.
Besides the slightly more humid hydrologic condition registered in 2014, the
moderate increase in SIC’s consumption that year, with a growth of only 2.5%
compared with 2013, also contributed to reduce energy prices.
Notwithstanding the impact of the abovementioned events in the company’s
profit, we note that Endesa Chile has operational and commercial attributes that
enable it to adequately face such adverse conditions, namely: i) .- it has a large,
diverse and competitive generating capability, with high operational availability,
mainly composed of efficient hydroelectric and thermal power plants, which
allow maintaining low average operational costs; ii) .- its commercial policy has
always been designed and applied related to its generating capability and in
accordance with the flexibility and competitiveness requirements imposed by
regulations and the national electricity market. In this context, Endesa Chile has
sought to establish a balanced commercial policy, which aims to harmonise a
position of low exposure to hydrological risks with adequate profitability, which
has resulted in committing contracts at an energy level consistent with the size
and composition of its generating capability, maintaining a diversified customer
portfolio and applying a pricing policy that allows sustaining margins even in
adverse hydrologic conditions; and iii) .- the company’s exploitation policy aims
to consistently maintain high quality standards and operational availability of its
facilities, which also includes designing and implementing modernisation plans
necessary to maintaining operating conditions updated, in order to fully comply
with the regulations’ technical and environmental requirements.
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Generation and Supplies Costs in SIC
Although hydrologic conditions slightly improved in 2014, SIC’s supply was
again mainly thermal (52.2%), although its share decreased, compared with
2013’s 59.6%. The prevailing fuel in thermal generation was again coal, which
represented 30% of the total, which also decreased compared with 37.3% last
year; LNG followed, contributing with 15% of the total and finally, with a minor
contribution, was oil, with 3%.
For its part, more favourable hydrologic conditions in 2014 allowed hydroelectric
generation to count with an increase of tributaries’ flow and a slight recovery
of reservoirs’ levels with respect to 2013’s diminished condition, year in which,
some of these reservoirs, such as Laja and Lake Maule, remained operating
during much of the period within the level of greatest extraction restrictions. This
less dry condition resulted in 45% share of hydroelectric generation in SIC, higher
than 2013’s 39.4%.
Regarding non-hydroelectric NCRE generation, biomass and wind had a similar
share in SIC’s generation, around 3% each, and solar’s was somewhat less, close
to 1%.
With regard to SIC’s energy production, Endesa Chile had a 33% share, lower
than the previous year’s 39%, mainly due to the unavailability of Bocamina I
and II plants. Its contribution to hydroelectric generation was 51%, thermal
generation significantly decreased from 30% in 2013 to 19% in 2014. However,
Endesa Chile maintained its majority stake in LNG’s thermal generation in SIC,
which represented 57% of the total. Coal-fired generation was significantly
reduced from 16% in 2013 to 3% in 2014 and oil’s share was 4%. Regarding
wind generation, Endesa Chile’s contribution was 11% with respect to total wind
generation.
Fuel prices during 2014 experienced no significant changes compared with
2013. In the case of coal, 2014’s main fuel, the average price had a slight 2.1%
increase, from US$108.4/ton in 2013 to US$110.7/ton in 2014. In the case of
LNG, the next in SIC’s participation and the main one used by Endesa Chile, the
average price had a significant increase of close to 50% compared with 2013
(US$252/Dm3 to US$370/Dm3 In 2014), resulting in an increase of Endesa Chile’s
generation costs with this consumable, notwithstanding the favourable impact
of higher hydroelectric generation in the company’s total costs. The other fuels,
less important during 2014, showed moderate annual average price reductions:
Fuel oil No.6, -6% (US$611/ton to US$575/ton) and diesel, -7% (US$825/ton to
US$766/ton).
The slightly more favourable hydrologic conditions and fuel prices without
significant changes, except LNG, resulted in maintaining high level energy
prices in the spot market, although lower, on average, than in 2013. Indeed, the
annual average hourly marginal cost at Alto Jahuel - 220 kV node registered a
decrease of about 14% (from an average of US$154/MWh in 2013 it went down
to US$132/MWh in 2014), with a greater decrease in the second half of 2014,
during which most of SIC’s rainfall was registered.
145
Importance of Liquid Natural Gas (LNG)
Two expansion projects in Quintero LNG Terminal, in which Endesa Chile
participates, continued its execution during 2014. On the one hand, the project
that increases the plant’s regasification capacity in 4.8 million m3/day (MMm3/d), a
50% increase, which increases the terminal’s total capacity to 14.4MMm3/d during
the first quarter of 2015. On the other hand, the expansion project of LNG truck-
loading yard of the terminal has doubled the loading capacity in 2014, reaching a
total of 1.5MMm3/d (in gas volume equivalent).
In connection with the above, Endesa Chile has contracted additional capacity in
both projects. Of the increase in the plant’s regasification capacity, it contracted
2.1 MMm3/d, which will enable to supply gas turbines’ needs in Quintero and
the development of new projects in the central zone, while of the LNG loading
yard’s expansion, Endesa Chile contracted 0.25 MMm3 (gas equivalent), which has
allowed to start gas sales to industrial customers. Regarding the latter, on August
18th, 2014, the first LNG cargo to Satellite Regasification Plant was performed;
the plant was built by Endesa Chile in MAERSK’s facilities, first industrial customer
supplied via trucks from Quintero Terminal. In addition, a 20 year-LNG supply
contract was signed with GasValpo to distribute Natural Gas in the cities of
Coquimbo/La Serena, Los Andes and Talca.
From the point of view of electric operation, although 2014 broke the extreme
drought trend of the past four years, LNG supply to Endesa Chile’s plants in SIC
remained a critical factor for containing thermal generation costs. Indeed, Endesa
Chile LNG’s generation was 4.5TWh during the year, 9% of SIC’s nnual generation
and 20% less than in 2013, where it was 11% of SIC’s annual generation.
Quintero Terminal unloaded 37 ships, containing 2,977 million m3 of natural gas,
of which 885million m3 corresponded to Endesa Chile. Note that 642 million m3
of gas from other Terminal’s partners were also allocated to electricity generation,
through the sale to other SIC’s generators.
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2014 ANNUAL REPORT ENERSIS
DESCRIPTION OF THE ELECTRICITY BUSINESS BY COUNTRY
Governmental Policies which Have an Impact in the Electric
Sector
In May 2014, the Ministry of Energy presented the Energy Agenda with the
Government’s programmatic proposal, which configures a comprehensive energy
policy for the country that includes a diagnosis of the sector and short and long
term measures. This agenda considers harmonizing economic, environmental and
social objectives in order to have reliable, inclusive, sustainable energy, produced
at reasonable prices and coming from a diversified matrix. For this, the agenda
is divided into seven thematic pivots covering the main aspects that affect the
electric work and development.
Amongst the main challenges and goals posed by this agenda are: i) - to
reduce energy prices by promoting greater competition, efficiency and market
diversification, with the most important short-term path being the state
involvement and participation in supply tenders to distribution companies
(EEDD), ii) - foster a more independent foreign consumables matrix, with strong
projects’ promotion using renewable resources such as hydropower and NCRE, iii)
- strengthen electrical systems’ connectivity through a new regulatory framework
(2015) aimed to promote the expansion of transmission systems and SIC and SING
systems’ interconnection, iv) - to encourage investment in energy infrastructure
through the Project Management Unit of the Ministry of Energy which, amongst
its activities, is to monitor the progress of projects declared as “under construction”
and sectoral permits of investment projects, which in the case of Endesa Chile
directly affects Los Cóndores hydroelectric project, which the company is
building in Maule basin and which was declared under construction in the knot
price fixing in October 2014, v).- to promote and direct citizen participation in
electric development, increasing the participation of local communities in the
development and benefits of projects, vi) - increase the efficient use of energy and
vii).- to strengthen and modernise the state’s role in energy activities.
For the development of this programmatic proposal the Ministry of Energy has also
defined a legislative agenda that includes a significant number of bills and pending
regulations to be revised pending for enactment.
147
Regulatory Aspects Related to the Electric Sector: Bills and Regulations
Finally, note that in July the CNE
promulgated a newTechnical Standard
with the service quality and assurance
requirements for SIC and SING systems.
Mainly this standard sets out new and
greater requirements for installation,
connection and operation of
electrical equipment and, in addition,
includes the necessary standards and
requirements to begin operating
complementary services in both
systems, according to the provisions
of the Complementary Services’
Regulation published in 2012.
.
Two laws relevant to the electric sector
were treated in 2014, namely:
Independent Electrical Systems’
Interconnection (Law No. 20,726)
which was promulgated on February
7th, the application of which aims
to promote, as its name shows,
connectivity of markets within separate
electrical systems, as SIC and SING
essentially are. This regulation provides
that interconnection projects should
be incorporated in trunk transmission
studies (ETT) and remunerated as such
should they be recommended; also
the Ministry, through the Commission,
may include interconnection to trunk
works where this may allow better
functioning of the electrical system,
accompanying, in the latter case,
the due technical and economic
justification.
Consistent with the aforementioned
Energy Agenda, in August the
government sent the bill amending
the tendering process for the
supply from distribution companies
(EEDD), with the stated objective
of improving the tendering system,
untangling investments in the sector,
increasing competitiveness and
reducing supply prices. An important
change in this project is that the
state (Comisión Nacional de Energía
(CNE), (National Energy Commission))
takes responsibility for tendering and
ensures the supply to EEDD’s regulated
customers. Tenders are designed for
long term supply, but CNE may call for
short-term tenders to solve problems
of EEDD’ supply without contracts. The
bill also provides for special treatment
in the case of tenders supported by
new generation projects, by type of
generation technologies (NCRE). Until
year closing, the bill was in process
at the Senate, with a high probability
of being approved and dispatched to
the executive during January 2015.
The Electric Highway bill, which was in
process in Congress the previous year,
will be replaced by a new bill on electric
transport to be presented, according
to the Energy Agenda, during 2015, as
a result of a study and proposal to be
jointly carried out by CNE and Pontificia
Universidad Católica de Chile .
Amongst the main standards of
regulatory status, during 2014 the
following were published: i) - In the
field of Electric Concessions Law
(Law 20,701; 2013), two regulations
were published: one on August 4th,
amending the Electric Services Law
Regulation (DS N°327), the purpose
of which is to regulate matters
contained in said Law; and the
other, on September 4th, amending
the regulation on integration and
operation of the Committee of Wise
Men, in order to regulate procedures to
participate in the appraisal committees
and to assess the effects of the
concessions, in order to make more
transparent and facilitate the granting
process thereof, ii) - In terms of supply
tenders to EEDD, on August 21st an
amendment to the Tenders Regulation
(DS No.4) was enacted, aiming to
increase competitiveness in tenders,
improve scheduling of tendering
processes, avoid supply without
contracts and standardise supply
contracts; and iii) - On December 6th the
regulation of tenders for the provision
of annual energy blocks from NCRE was
published, with the aim of establishing
the procedural conditions to carry out
tenders aimed at complying with the
supply obligations with NCRE indicated
in the Electric Law (Article 150 of
DFL No.4). For their part, the two
regulations related to the transmission
system are in process at the Republic’s
General Comptroller’s Office for legal
control: the Subtransmission Systems’
Regulation, which was re-entered
unchanged in September 2014; and
the Additional Transmission Systems’
Regulation, entered and modified after
a public consultation performed by
the Ministry of Energy, in which our
company participated.
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2014 ANNUAL REPORT ENERSIS
DESCRIPTION OF THE ELECTRICITY BUSINESS BY COUNTRY
Endesa Chile’s Actions during 2014
For Endesa Chile, maintaining the high availability, efficiency and safety standards
of its plants’ operation has been an ongoing concern, in order to maintain its
leading position in the electrical industry. Their excellent operational level can be
confirmed, amongst other things, by the following events occurred during 2014:
- Except Bocamina II plant, all generating facilities are certified in ISO 14001
and OHSAS 18001 standards. In addition, six of the generating plants are also
certified in ISO 9001 standard.
- By means of a process which included performing four external audits initiated
in 2012 and ended in January 2014, the compliance with 100% of the actions
committed in the Clean Production agreement (APL) of the Puchuncaví-
Quintero industrial zone was verified, which relates to electricity production in
Quintero plant. With this, the Clean Production Council gave Endesa Chile, in
December 2014, the certificate of compliance with the agreement.
-
-
In December the San Isidro complex received certification of compliance with
ISO 50001, Energy Management System standard. Added to this, San Isidro
thermoelectric complex was awarded the Seal of Energy Efficiency (EE Seal),
annually awarded by the Ministry of Energy, Government of Chile, through
its Chilean Energy Efficiency Agency (AChEE). Through this recognition the
generating plant became the first one to obtain this distinction nationwide.
In the context of units’ modernisation, specifically regarding remote hydraulic
units’ telecontrol, during 2014 Rapel, El Toro, Antuco, Abanico, Los Molles,
Sauzal and Sauzalito plants became remotely controlled from Endesa Chile’s
National Exploitation Center (CEN). These plants added up to Pehuenche,
Curillinque and Loma Alta plants, which were already being remotely
controlled from CEN.
- Continuing the modernisation of generating units, during April the original
speed and voltage regulators of Pehuenche plant’s No.2 unit were replaced
with ABB and Woodward regulators, respectively.
-
-
In the framework of actions to improve the facilities’ efficiency, in June
the impeller and active parts of the turbine of No.2 unit in Isla plant were
replaced. This resulted in a 3% increase in the unit’s performance.
In line with the policy of improvement of availability standards and useful life
assurance of generating units, in July the generator’s stator winding of Sauzal
plant’s unit No.1 was changed.
- During 2014 the practice of annually certifying the capacity for autonomous
start continued, for the generating units that have this distinctive feature.
During the year, 29 of the 33 units with the capacity for autonomous start
were certified.
- Canela wind farm’s generation was the highest in its history, reaching a
production of 163.3 GWh which represented a capacity factor of 24%. Canela
I generated 28GWh and Canela II 135.3GWh.
149
- Under the ‘Communications Protocol in Events That Affect Energy Supply’
prepared by the Ministry of Energy, the company participated in an energy
emergency drill, where the Ministry tested and evaluated the Protocol
simulating the communications process that would occur in the event of an
earthquake and tsunami in Valparaíso region. Besides the Ministry of Energy,
relevant companies of the energy sector in the region took part in the drill. The
drill confirmed theadequate response of Endesa Chile and its communications
systems to address the type of contingency simulated.
-
-
-
-
-
In the context of removal of asbestos in power plants, the company continued
its withdrawal during 2014, thus complying with its intention of withdrawing
all asbestos present in Bocamina plant. Works began in September and will
finalise during the first quarter of 2015.
In April 2014 the tender for the supply and installation of a desulphuriser for
Tarapacá plant was performed, In order to meet the requirements of the new
emissions regulation, which will apply for Tarapacá plant as of June 2016.
In September the works associated with the modification and replacement of
equipment of the Bocamina plant’s No.1 unit commenced, which will allow
meeting the NOx emissions’ limits established by the new emissions’ regulation,
which will apply for Bocamina as of June 2015. The project consists mainly
of replacing the original burners with low NOx burners, modifying the coal
mills, the air preheaters, the air distribution system and implementing a new
control and instrumentation system for the boiler. As at December, the physical
progress of the works is 49%.
In October the assembly of the exhaust gases’ desulphurisation system of
Bocamina plant’s unit No.1 began. This desulphuriser includes the installation
of equipment to absorb SO2 from the boiler’s gases using sprayed lime, to be
extracted as a solid stored in hoppers for later disposal. As at December, the
physical progress of the works is 92%.
In late October the overhaul of the generator of Bocamina plant’s unit No.1
began. The relevant part of it includes replacement of the stator winding, of
the retaining rings of the rotor and generator’s excitation system including the
excitation transformer. Additionally, the quick-closing turbine’s valves and all
turbine condenser piping were replaced. As at December, the overall progress
of the works is around 80%.
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DESCRIPTION OF THE ELECTRICITY BUSINESS BY COUNTRY
In the Commercial Field
Commercial actions by Endesa Chile
during 2014 were in accordance with
its commercial policy, the purpose
of which was to harmonise the joint
achievement of all of the following
objectives: maintain industry leadership,
properly manage company risk and
profitability within the unfavorable
condition for SIC in 2014, comply with
the actions of its permanent customer
loyalty policy and achieve greater
efficiency in internal commercial
management. The main actions carried
out are listed below.
With Respect to Customer Contracts Management:
- Under the Tender Process for SIC Supply 2013/03 carried out in August 2014,
Endesa was awarded 750 GWh/year, which aim to ensure the energy supply to
regulated customers of SIC’s distribution companies, for the period September
2014 to December 2025. The referred award resulted in a series of supply
contracts with bidders with a duration of 11 years and four months at an
indexed price of US$112/MWh.
- Agreement achieved with customer Minera Lumina Copper, owner of
Caserones Project, which included an improvement in energy price and a two
year contract extension option, as well as joint management of NCRE support
for said supply.
- Agreement achieved with Compañía Minera del Pacífico, which included the
incorporation of supply of part of the desalination plant to the contract with
Endesa Chile.
- As contractually agreed, during 2014 the following supplies were finalised, all
of them on December 31st, 2014: i) - ESO La Silla; ii) - With CGED for some of
their free customers; iii) - With Chilquinta for some of their free customers; iv) -
Indura.
With Respect to Customers’ Area 2014 Milestones:
-
In November the ‘X Seminar with Customers of Endesa and Subsidiaries’
was carried out, with high attendance of different customers of the Group’s
Companies. Talks concerning i) Punta Alcalde Project; ii) Medium and Long
Term Market Vision and iii) Economic Load Dispatch Center (CDEC)-SIC
Telemeasurement Project were performed.
- During August and September, Seminars with Customers were carried out in
Concepción and Valdivia, which were very welcome.
-
In September a visit with customers to San Isidro plant was carried out.
- The implementation of the new SAP-ISU customer billing system was
completed, the start-up of which took place in September 2014. This new
system incorporated electronic invoicing.
- During November 2014, the 2014 customer satisfaction survey was conducted.
The outcome of the Customer Satisfaction Index (ISC) was 16.6, indicating they
maintain a favourable perception of the service when compared with the result
of the past year (ISC 16.8). Aspects best evaluated, as in previous years, were
commercial staff and billing process. Good opinion of customer executives and
commercial staff in general and equal appreciation of commercial operations
related to the billing issue which becomes increasingly more complex.
151
Endesa Chile’s
Projects in
Construction and
Optimisation
Los Cóndores Project
Los Cóndores project, run-of-the-river hydroelectric plant, located in San
Clemente commune, Talca Province, Maule Region, consists of the construction
of a 150MWnominal installed capacity, through two Pelton vertical shaft units,
with 28m3/s maximum flow, 48% capacity factor and 642GWh expected annual
average power. The project includes a 12km long headrace tunnel, a surge
tank (127 m), a vertical pique (470 m), a lower pressure tunnel (1.7km) and an
underground powerhouse, where the generating units will be located. The plant
will be connected to SIC through an 87km long transmission line (2x220kV) at
Ancoa Substation (S/S).
On March 27th, 2014 the Board of Endesa Chile agreed to the construction of
Los Cóndores hydroelectric project. On March 31st, 2014 Ferrovial Agroman
Consortium was awarded the ‘Plant’s Civil Works Construction’ contract, on June
16th, 2014 ‘Plant’s Electromechanical Equipment’ contract was approved, which
was awarded to Voith company on July 1st, 2014, and on November 5th, 2014
‘Plant’s Transmission Line’ contract was awarded, which are the main project’s
contracts.
Regarding the transmission line’s land easements, 50.2km (58.13%) of the
line layout is available with easement, of which 40.8 km (47.24%) have signed
easements contracts, 7.3km (8.5%) of the line lie on Enersis Group’s land and
2.1km (2.4%) that do not need an easement negotiation since they correspond
to river and roads crossings. Additionally, 19.3km (22.41%) have an agreement
the deed of which is in preparation. The remaining 19.46% is under negotiation.
In terms of community relations, Endesa Chile implemented in early 2014
an office called ‘Open House’in the city of San Clemente, with the aim of
establishing a daily and permanent contact with locals. Endesa Chile has
maintained an ongoing commitment to schools in the area, through the Energy
for Education program, which has enabled the training of teachers and students
in innovative methodologies to strengthen skills in the context of the curricular
bases of the Ministry of Education. Additionally, the Collaboration Agreement
with San Clemente Municipality will allow materialising projects to improve the
quality of life for residents of the commune.
Moreover, in February 2014 an agreement between the Supervisory Board of
River Maule and Endesa Chile was signed, confirming there is no impact from Los
Cóndores project, but on the contrary, making clear there is a commitment to
optimise the use of Lake del Maule’s Reservoir, vital for irrigators.
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2014 ANNUAL REPORT ENERSIS
DESCRIPTION OF THE ELECTRICITY BUSINESS BY COUNTRY
Bocamina Plant Second Unit’s Optimisation
Bocamina plant, second unit, expansion project, located in Coronel commune,
Concepción province, Biobío Region, consists of the installation of a 350MW
thermal coal-fired unit, adjacent to current Bocamina plant, which runs on
pulverised bituminous coal. The new unit is connected to the SIC’s Lagunillas S/S,
developed by Transelec.
Since October 28th, 2012, the Exploitation Department is responsible for the
plant’s operation, after successfully synchronising the Unit with SIC.
There are still finishings’ works remaining at the plant. ‘Bocamina II Insulation
and Painting’ contract’s works awarded to Akeron Craf are in development.
In relation to ‘Project Completion Works and Outstanding Issues Resolution’,
awarded to Salfa Montajes, work is in progress on reviewing documentation to
close the contract and issuing the certificate of Works’ provisional acceptance.
On December 15th, 2014, order to proceed was given to ‘Completion of Pending
Issues of Mechanical & Electrical Commissioning’, awarded to Mavitec Ltda.
Regarding social issues, in November Endesa Chile, representatives of trade
unions of fishermen and algae pickers, Coronel Municipality and the Regional
Government signed an agreement for local development, initiative that marks
the beginning of the implementation of a shared value programme in the
commune, which is projected for the next 30 years.
On environmental issues, in March, the Consolidated Report on Request for
Clarifications, Corrections and/or Extensions No.1 (ICSARA No.1) was received,
relating to the Environmental Impact Study (EIA) for Unit II of Bocamina
plant’s optimisation, with the observations from services with environmental
competence. On September 30th, 2014, Addendum No.1 of the EIA, with
responses to ICSARA No.1, was submitted to the Environmental Evaluation
Service (Servicio de Evaluación Ambiental: SEA).
153
Projects of Endesa
Chile in Study
Neltume Hydroelectric Plant
The project will be located in Los Ríos Region, Valdivia Province, Panguipulli
Commune and consists of the construction of a 490 MW run-of-the-river
hydroelectric plant that uses the energy potential between Lakes Pirehueico and
Neltume. The plant would be connected to SIC in Pullinque area by means of a 220
kV double circuit transmission line.
The project has completed basic engineering studies and is in the process of
environmental evaluation since December 2010, currently developing the fourth
round of questions and answers.
During the second half of 2013, within the frame of ILO Convention No.169, SEA
began the Indigenous Consultation process for the plant and transmission line,
in order to know the position of the communities that would be affected by the
project. It is worth noting there is no legal deadline to complete the Indigenous
Consultation and, until this is finalised, the environmental evaluation process is
suspended. However, it is expected that both the Indigenous Consultation and the
environmental evaluation will be completed this year.
The project is part of the Group’s portfolio which is under study and evaluation, so
it has no defined dates for investment decision and commercial operation start.
154
2014 ANNUAL REPORT ENERSIS
DESCRIPTION OF THE ELECTRICITY BUSINESS BY COUNTRY
Punta Alcalde Hydroelectric Plant
The project was planned in Atacama Region, Province and Municipality of
Huasco, 13km south of this town, and consisted of the construction of a coal-
fired plant, with two blocks, each of 370MW installed capacity. The initiative also
included a 220kV double circuit transmission line (40km) to connect the project
to the SIC’s Maitencillo S/S.
On January 29th, 2015, Endesa Chile communicated to the SVS, by means of
an Essential Fact, that Endesa Chile, with the support of its experts in coal
technology, has studied the possibilities to adapt Punta Alcalde in order to
make a more profitable and technologically sustainable project. The conclusion
is that such adjustments would mean substantial changes to the approved
Environmental Qualification Resolution (Resolución de Calificación Ambiental:
RCA), which involves a difficult process. Therefore, the company decided to
stop development of Punta Alcalde project and the associated Punta Alcalde-
Maitencillo transmission project, waiting to be able to clear the uncertainty
regarding its profitability, provisioning the value of unrecoverable assets.
Consequently, the company has decided to record a provision for impairment
of the project in the amount of $12,582million affecting net income of the
company for the year 2014 in $9,181million.
155
Taltal, Combined Cycle Implementation
Project located in Paposo locality, Taltal Commune, Antofagasta Region. It consists
of the installation of a steam turbine to complete a combined cycle in Taltal plant,
currently in service.
The proposed combined cycle implementation will use two existing gas turbines
of 123 MW each, and add a steam turbine of approximately 120 MW. Thus, Taltal
plant will be enabled with a net capacity of about 370 MW and an efficiency
increase, from current 35% to about 50%.
In December 2013 the Environmental Impact Statement (Declaración de Impacto
Ambiental: DIA) was submitted for processing, which environmentally optimises
the project, replacing the seawater cooling system originally considered with
a dry cooling system with aerocoolers. During 2014, progress was made in
developing the Addendum No.1 of the DIA, which will answer to the first round of
observations made by the environmental authority and which will be submitted to
the SEA during the first quarter of 2015.
The project is part of the Group’s portfolio which is under study and evaluation,
so the project has no defined dates for investment decision and commercial
operation start.
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2014 ANNUAL REPORT ENERSIS
DESCRIPTION OF THE ELECTRICITY BUSINESS BY COUNTRY
State Owned Land
Tenders
In December 2013 the State Owned
Land Ministry (Ministerio de Bienes
Nacionales: MBN) sent an invitation
to tender for the concession of seven
pieces of public land in Regions I, II and
III for the development of conventional
generation projects of at least 350MW
installed capacity each. In February
2014 Endesa was awarded the Tames
II sectors, located in Antofagasta
Region, and South Totoralillo, located in
Atacama Region.
During 2014, studies were initiated
to determine the feasibility of both
projects. In particular, there has
been progress in defining the plants’
location within the concessioned land,
in accordance with the deadlines
stipulated in the tender.
Land Reserved for Future Projects
As at December 2014, Endesa Chile maintains approximately 250 hectares of real
estate (land) set aside for thermoelectric and hydroelectric projects. These assets
are located in Atacama Region (208.9 hectares) and in De Los Lagos Region (42
hectares).
157
Projects
of Related
Companies
HidroAysén
HidroAysén, in which Endesa Chile has 51% interest and Colbún the remaining
49%, was developing a project for the construction of five run-of-the-river
hydroelectric plants on Rivers Baker and Pascua in Aysén Region.
The plants would have total 2,750 MW installed capacity and 18,430 GWh
average annual generation capacity, equivalent to 36% of SIC’s consumption
for 2013, thereby transforming HidroAysén in the most important hydroelectric
initiative ever developed in Chile. The total reservoir area –for the five plants– is
5,910 hectares, with which the hydroelectric complex qualifies as one of the most
efficient in the world in terms of power generated per flooded unit area.
Notwithstanding the foregoing, on January 29th, 2015, Endesa Chile
communicated the SVS by means of an Essential Fact that, given the uncertainty
of recovering the investment made in HidroAysén project, which depends both
on unpredictable judicial decisions and definitions of matters in the Energy
Agenda, and that the project is not in the immediate portfolio of Endesa Chile,
the company has decided to record a provision for impairment of its participation
in HidroAysén for an amount of $69,066million which will affect net income for
the year 2014.
158
2014 ANNUAL REPORT ENERSIS
DESCRIPTION OF THE ELECTRICITY BUSINESS BY COUNTRY
Electricity
Distribution in
Chile
Enersis participates in electricity
distribution through its subsidiary
Chilectra, in which it has 99.1% direct
interest. The market consolidated
share of our distribution subsidiaries in
Chile, Chilectra, Luz Andes and Colina,
was around 40%.
Chilectra’s concession is a high-
density consumption area, since
it concentrates a large proportion
of the country’s population and
entrepreneurial, industrial parks, small
industry and commercial activities.
Other groups of electricity distributors
participating in the electrical
system are: Chilquinta Energía, CGE
Distribución, Sociedad Austral de
Electricidad and Empresa Eléctrica de
la Frontera.
Chilectra
Chilectra is the largest electricity distribution company in Chile in terms of
electric energy sold. It operates in 33 communes in Metropolitan Region and its
concession area covers more than 2,105 km2, including the areas covered by its
subsidiaries Empresa Eléctrica de Colina Ltda. and Luz Andes Ltda.
In 2014, the company delivered electricity service to 1,737,322 customers,
2.6% more than in 2013. Of the total, 89.5% are residential customers, 7.8%
commercial, 0.7% industrial and 2.0% other customers. Likewise, during 2014,
Chilectra sold 15,702GWh to its end customers, an increase of 3.6% compared
with 2013.
During the year, Chilectra successfully fulfilled the Losses Plan developed and
implemented to keep losses at economically acceptable levels. These losses
remained almost unchanged with respect to 2013 registering, as at December, a
Total 12 Months Moving Average (TAM) indicator of 5.32%.
Distribution tariffs are set every four years, on the basis of cost studies conducted
by specialised consulting firms. The National Energy Commission (CNE)
establishes typical distribution areas, and selects a reference company from each
area, from which the consultants must design an efficient model company.
The last distribution setting is in force since November 2012 for the period 2012-
2016.
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2014 ANNUAL REPORT ENERSIS
DESCRIPTION OF THE ELECTRICITY BUSINESS BY COUNTRY
MEMORIA ANUAL ENERSIS 2013158BogotáBarranquillaMedellínNeivaCaliTransmissionDistributionGenerationTypeThermoelectricInstalled Capacity236 MWCentral TermozipaTypeThermoelectricInstalled Capacity208 MWCentral CartagenaTypeHydroelectricInstalled Capacity277 MWParaíso Power PlantTypeHydroelectricInstalled Capacity150 MWDarío Valencia Power PlantTypeHydroelectricInstalled Capacity18 MWLimonar Power PlantTypeHydroelectricInstalled Capacity20 MWTequendama Power PlantTypeHydroelectricInstalled Capacity35 MWSalto II Power PlantTypeHydroelectricInstalled Capacity20 MWCharquito Power PlantTypeHidroeléctricaInstalled Capacity325 MWLa Guaca Power PlantTypeHydroelectricInstalled Capacity541 MWBetania Power PlantTypeHydroelectricInstalled Capacity1.213 MWEl Guavio Power PlantEnergy sales13,667 GWhClientsEnergy losses2.7 milionsCodensa 7.2%DESCRIPCIÓN DEL NEGOCIO ELÉCTRICO POR PAÍSTypeHydroelectricInstalled Capacity18 MWLagunita Power Plant Colombia
Electricity Generation
Enersis participates in electricity generation through Endesa Chile and its
subsidiary Emgesa, in which it has, directly and indirectly, a 37.7% shareholding.
In 2014, this company has an installed capacity that represented 20% of the
electricity generation capacity of the country.
Enersis Group’s electricity generation in Colombia reached 21% of the total
generated in that market. For its part, energy physical sales represented 19% of
total sales.
Other generators connected to the Colombian electrical system are: Empresa
Pública de Medellín, Isagen, Corelca, EPSA and Chivor.
Emgesa
On September 1st, 2007 the merger of Colombian companies Emgesa S.A. E.S.P.
and Central Hidroeléctrica de Betania S.A. E.S.P. was carried out, leaving the
latter as the absorbing company, which changed its name to Emgesa S.A. E.S.P.
It is the largest electricity generation company in Colombia, located in the vicinity
of the city of Bogotá. It consists of 12 plants with total 3,059 MW installed
capacity, amongst which is El Guavio, 1,213 MW, the largest hydroelectric plant
in the country. Of the twelve existing plants, ten are hydroelectric and two are
thermal.
Net generation was 13,559GWh, while total sales reached 15,773 GWh.
161
MEMORIA ANUAL ENERSIS 2013158BogotáBarranquillaMedellínNeivaCaliTransmissionDistributionGenerationTypeThermoelectricInstalled Capacity236 MWCentral TermozipaTypeThermoelectricInstalled Capacity208 MWCentral CartagenaTypeHydroelectricInstalled Capacity277 MWParaíso Power PlantTypeHydroelectricInstalled Capacity150 MWDarío Valencia Power PlantTypeHydroelectricInstalled Capacity18 MWLimonar Power PlantTypeHydroelectricInstalled Capacity20 MWTequendama Power PlantTypeHydroelectricInstalled Capacity35 MWSalto II Power PlantTypeHydroelectricInstalled Capacity20 MWCharquito Power PlantTypeHidroeléctricaInstalled Capacity325 MWLa Guaca Power PlantTypeHydroelectricInstalled Capacity541 MWBetania Power PlantTypeHydroelectricInstalled Capacity1.213 MWEl Guavio Power PlantEnergy sales13,667 GWhClientsEnergy losses2.7 milionsCodensa 7.2%DESCRIPCIÓN DEL NEGOCIO ELÉCTRICO POR PAÍSTypeHydroelectricInstalled Capacity18 MWLagunita Power Plant Activities and Projects
Favourable Hydrologic Context for Emgesa in 2014
In 2014, electricity supply in Colombia, similar to 2013, was characterised by
relatively dry conditions, shown by 90.2% hydrologic inflows in the reservoirs
of the National Interconnected System (Sistema Interconectado Nacional: SIN),
compared with historical average (in 2013, hydrologic inflows were 90.8%
compared with historical average). Hydrologic inflows lower than historical
average, together with the expectation of El Niño phenomena occurrence, which
began spreading with greater force from April on, caused a significant increase
in prices in the energy exchange, mainly in April, May and June, which led 2014
average exchange price to reach COP$224.9/Kwh, well above 2013 average
price, COP$176.4/Kwh.
In the above described environment, Emgesa’s commercial management
produced fairly good results, having been able to take advantage of the
commercial opportunity that arose from the fact that the company reservoirs,
contrary to SIN’s aggregate level, registered hydrologic inflows above historical
average. As mentioned above, in 2014 hydrologic inflows in SIN were 90.2%
compared with historical average, while in El Guavio, Betania and in the
aggregate River Bogota system, they were 108.1%, 103.3% and 109.7%
compared with their respective historical average, allowing to generate 13,631
Gwh between January and December 2014, an increase of 6.4% over previous
year’s generation. This higher generation during the above described high
prices situation in the energy exchange allowed obtaining a variable margin of
COP$1,859,869 million, up 15.5% over the same period in 2013.
2014 Effective Maintenance
Management in Generation
Plants and Production
Management Milestones
The higher generation in 2014
compared with 2013 (6.4% higher) is
not only the result of good hydrology
registered in the company reservoirs,
but also the result of effective
technical management in generation
plants, confirmed by the successful
execution of preventive and corrective
maintenance in accordance with
established plans and routines. Despite
the increased demand over plants
due to higher generation, in 2014 a
90.8% availability rate over our total
generating capability was achieved,
slightly lower than year 2013’s
92.1%. It is also important to note the
20.9% reduction in plants’ internally
originated out-of-step-tripping,
compared with previous year.
Additionally, relevant milestones in
production management in 2014
were: In August, El Guavio plant
reached the highest monthly historical
generation since the start of its
commercial operation, 805.9 Gwh/
month; likewise, the chain formed by
Paraíso and Guaca plants reached an
annual generation record of 4,345.61
Gwh/year, up 2.8% from 2013.
162
2014 ANNUAL REPORT ENERSIS
DESCRIPTION OF THE ELECTRICITY BUSINESS BY COUNTRY
River Bogota River People’s Action Sentence
Port Society in Cartagena
In April 2014 the second instance ruling was known, in which the State Council
resolved the people’s action aimed at sanitation of River Bogota River and Muña
reservoir. The most important aspects of the sentence in the interests of Emgesa are
the following:
-
It was determined that Emgesa has no responsibility for environmental damage
in River Bogota’s hydrologic resource.
- The alternative selected by the court for decontamination of River Bogota is
compatible with the electricity generation process.
- The ruling recognises and validates the agreements and conventions signed
and the already determined resources for the construction of Canoas treatment
plant and pumping station. Emgesa and Empresa de Acueducto y Alcantarillado
de Bogotá (EAAB) shall comply with the Interagency Agreement 9-07-10200-
0688-2011 (Contributions for the construction of Canoas Pumping Station).
- Emgesa was ordered, for the duration of the waters’ concession for power
generation in Muña reservoir, to finance the operation and maintenance of
Canoas Pumping Station.
-
It was stated that the difference in the updating of the economic contributions
made under the conventions and agreements subscribed for the financing of
works, activities, plans, projects and programmes for the integral management
of River Bogota ‘s drainage basin, will be paid by each of the entities involved, in
proportion to their participation and commitments made therein.
- The Ministry of Environment and Sustainable Development (Ministerio de Medio
Ambiente y Desarrollo Sostenible: MADS), in coordination with the Institute of
Hydrology, Meteorology and Environmental Studies (Instituto de Hidrología,
Meteorología y Estudios Ambientales: IDEAM), was ordered to develop
and adopt, within 24 months, a specific methodology for the estimation of
environmental and ecological flow of River Bogota.
- Emgesa and the Regional Autonomous Corporation of Cundinamarca
(Corporación Autónima Regional: CAR) were ordered to coordinate, with
Empresa de Energía de Bogotá (EEB), the performing of all necessary activities
for the operation and maintenance of Muña reservoir (dredging, sludge
disposal, operation and maintenance of the aeration system, harvest and
disposal of water hyacinth).
Water Concessions’ Management for Electricity Generation
As a result of the active regulatory and legal management to ensure the water
concessions that allow electricity generation at our hydroelectric plants, the
following table summarises the validity of current Emgesa’s concessions:
Plant
Guavio
Guaca
Paraiso
Betania
Charquito
Limonar
Tequendama
Darío Valencia
Capacity MW
1,213
325
277
541
20
18
20
150
Concessions' end date
May 27th, 2028
July 30 th, 2018
July 30th, 2018
October 13th, 2038
July 30th, 2018
July 30th, 2018
July 30th, 2018
July 30th, 2018
On December 22th, 2014 Addendum
No.1 to the Port Concession Contract
No.006 was signed, between the
National Infrastructure Agency (Agencia
Nacional de Infraestructura: ANI) and
Sociedad Portuaria Central Cartagena,
which extended, until July 2016, the
term for execution of the fixed pier’s
construction works, with a new ‘i’
shaped design. The modification of
the fixed pier’s design allows improved
safety and efficiency in the operations
of Sociedad Portuaria Central Cartagena
(owned by Emgesa), with which, in turn,
logistical capacity will be ensured for
reception and storage of liquid fuel, that
supports Cartagena plant’s income from
Reliability Charges.
163
Colombia-Panamá Interconnection Progress
The interconnection is an opportunity for significant and sustainable growth for
Emgesa. The total potential energy sales from Colombia to Panama could reach
2,365 GWh/year.
The connection is an opportunity to enter the Central American market, which
shows potentially high margins, due to high variable costs of the technologies
that make up its generation matrix (liquids), to the accelerated and sustained
growth of demand and the markets’ integration through the Electrical
Interconection System of Central American Countries (Sistema de Interconexión
Eléctrica de los Países de América Central: SIEPAC) line.
The Inter-American Development Bank (Banco Interamericano de Desarrollo:
BID) approved a new non-reimbursable technical cooperation to support the
Colombia- Panama electrical interconnection project, for an amount of US$1.5
million. These resources will fund studies seeking to ensure the project’s
technical, social, environmental and financial feasibility. Emgesa will continue
(as it has being doing) monitoring business opportunities that would arise if this
interconnection were to materialise.
Salaco Project
With the entry into commercial
operation of Laguneta’s Unit 1 (18MW),
last December 13th, and of Limonar’s
unit 3 (18 MW), last December 22nd, the
entry into operation of all generating
units planned for Salaco project was
completed. Previously, the following
were the dates of entry into operation
of project’s units: November 6th, 2013,
Unit 2 (50MW), January 28th, 2014, Unit
1 (50MW) and March 28th, 2014, Unit
5 (50MW) of Darío Valencia Samper
plant, and June 25th, 2014, Unit 2
(35MW) of Salto II plant.
164
2014 ANNUAL REPORT ENERSIS
DESCRIPTION OF THE ELECTRICITY BUSINESS BY COUNTRY
Project in
Construction
El Quimbo Project
El Quimbo project is located south of Huila department, southeast of Bogotá,
and feeds from the flow of Rivers Magdalena and Suaza. The project will be a
run-of-the-river plant with 400MW installed capacity, with an estimate average
generation of 2,216 GWh/year, with a reservoir flooded area of 8,250ha.
During the year, two significant landslides occurred in the area of the auxiliary
dam, in the downstream face of the structure, occurred on March 12th and
June 14th. As a result, activities on this front had to be reprogrammed, with the
critical path being the completion of the formation of additional volumes in the
auxiliary dam, estimating the initial filling of the reservoir in 2015. Based on the
above, entry into operation of units 1 and 2 is estimated for 2015.
Construction of housing and community facilities finalises in December, which
will begin the resettlement process of Santiago and Palacios. Twelve families
have moved and three are pending for early next year.
165
Land Reserved for
Future Projects
In Colombia there is currently no
reserved land for future projects.
Electricity Distribution in Colombia
Enersis participates in electricity distribution through its subsidiary Codensa, in
which it has, directly and indirectly, a 48.4% shareholding.
In Colombia, there are 31 other distributors involved in the electrical system,
amongst which are: EEPP Medellín, Empresa Distribuidora del Pacifico and
Electrificadora del Caribe.
Codensa
It distributes and sells electricity in Bogotá and 103 municipalities in the
departments of Cundinamarca, Boyacá and Tolima, in a 14,456 km2 area.
Since 2001, Codensa focuses primarily on providing services to regulated
customers although it also serves some industrial and commercial customers
and public lighting in municipalities. It delivered electricity service to 2,772,376
customers, 3.2% more than the previous year. Of the total, 88.7% are residential
customers, 9.5% are commercial, 1.6% industrial and 0.2% other customers.
Energy sales reached 13,667 GWh, an increase of 2.4% over 2013. They were
distributed in 33.5% to the residential sector, 16.2% to the commercial sector,
6.8% to the industrial sector and 43.5% to other sectors.
Regarding the energy loss rate, in 2014 this indicator recorded an increase from
7.0% to 7.2%. Loss control management has focused on the incorporation of
new technologies and techniques to identify losses, as well as in strengthening
client/company relations based on technical knowledge and transparency of our
actions.
166
2014 ANNUAL REPORT ENERSIS
DESCRIPTION OF THE ELECTRICITY BUSINESS BY COUNTRY
167
168
2014 ANNUAL REPORT ENERSIS
DESCRIPTION OF THE ELECTRICITY BUSINESS BY COUNTRY
MEMORIA ANUAL ENERSIS 2013162EdelnorTransmissionDistributionGenerationEnergy Sales7,359 GWhClientsEnergy losses1.3 milionsEdelnor8.0%LimaTrujilloChiclayoCuzcoArequipaTypeHydroelectricInstalled Capacity66 MWMoyopampa Power PlantTypeHydroelectricInstalled Capacity80 MWCallahuanca Power PlantTypeHydroelectricInstalled Capacity247 MWHuinco Power PlantTypeHydroelectricInstalled Capacity137 MWMatucana Power PlantTypeTermoeléctricaInstalled Capacity297 MWEepsa Power PlantTypeHydroelectricInstalled Capacity30 MWHuampani Power PlantTypeTermoeléctricaInstalled Capacity413 MWSanta Rosa Power PlantTypeTermoeléctricaInstalled Capacity485 MWVentanilla Power PlantTypeHydroelectricInstalled Capacity43 MWYanango Power PlantTypeHydroelectricInstalled Capacity151 MWChimay Power PlantDESCRIPCIÓN DEL NEGOCIO ELÉCTRICO POR PAÍS Peru
Electric Generation
Enersis participates in electricity generation through Endesa Chile and its
subsidiary Edegel, which controls, directly and indirectly, a 58.6% stake.
Additionally, Enersis directly controls 96.5% of Empresa Eléctrica de Piura
(EEPSA).
Through its two subsidiaries, Enersis has 1,949 MW installed capacity in Peru,
which accounted for 22% of Peru’s installed capacity, 8,718 MW. In terms of
power generation, Enersis Group reached 21.7% of the total generated in that
country.
In Peru, other generators connected to the electrical system are: Electroperú,
Enersur and Kallpa Generación.
Edegel
It is located in the vicinity of the city of Lima. It consists of seven hydroelectric
plants and two thermal plants with a total capacity of 1,652 MW. Thermal plants
use natural gas as main fuel and diesel as an alternative fuel.
At the end of 2014, Edegel’s net generation totaled 8,609 GWh and physical
sales reached 9,320 GWh.
Empresa Eléctrica de Piura
Eepsa has two power plants, located in Talara province, Department of Piura, in
northern Peru. These are:
- Central Malacas 2 with an ABB open cycle unit which can operate with
natural gas, with or without water injection.
- Central Malacas 3, with a SIEMENS open cycle unit in cold reserve status, with
B5 Diesel.
Unit
Plant
Malacas 2 TGN4
Malacas 3 TG-5 RF
Total
Production Centres
Declated Fuel
Natural gas
Diesel B5
Manufacturer
ABB
SIEMENS
Effective power (MW)
103.39 *
193.42 **
296.81
Effective as of August 9th, 2013.
*
** Effective as of May 13th, 2014.
During 2014, Eepsa’s electricity production was 452.5GWh, 363% over the
previous year’s production.
On the other hand, on August 21st, 2014, by notice COES/D/DP-1235-2014, the
Committeee for the System’s Economic Operation (COES) officially concluded the
commercial operation of Malacas’ plant TG1 unit as of August 23rd, 2014.
169
MEMORIA ANUAL ENERSIS 2013162EdelnorTransmissionDistributionGenerationEnergy Sales7,359 GWhClientsEnergy losses1.3 milionsEdelnor8.0%LimaTrujilloChiclayoCuzcoArequipaTypeHydroelectricInstalled Capacity66 MWMoyopampa Power PlantTypeHydroelectricInstalled Capacity80 MWCallahuanca Power PlantTypeHydroelectricInstalled Capacity247 MWHuinco Power PlantTypeHydroelectricInstalled Capacity137 MWMatucana Power PlantTypeTermoeléctricaInstalled Capacity297 MWEepsa Power PlantTypeHydroelectricInstalled Capacity30 MWHuampani Power PlantTypeTermoeléctricaInstalled Capacity413 MWSanta Rosa Power PlantTypeTermoeléctricaInstalled Capacity485 MWVentanilla Power PlantTypeHydroelectricInstalled Capacity43 MWYanango Power PlantTypeHydroelectricInstalled Capacity151 MWChimay Power PlantDESCRIPCIÓN DEL NEGOCIO ELÉCTRICO POR PAÍS
Land Reserved for
Future Projects
During 2014, two pieces of land were
acquired to be assigned to thermal
generation projects, the first on the
south coast of Peru with a total area
of 203 hectares and the second in the
central coast with a total area of 10
hectares.
Projects in Study
Curibamba
Hydroelectric Plant
This plant will be located above the water intake of Chimay Hydroelectric Plant,
Junin department, and will use the flow of Rivers Comas and Uchubamba.
The project includes the construction of a 192 MW run-of-the-river plant, with
86 m3/s design flow, a production of 1,013 GWh/year, and a transmission line
to Pachachaca Substation, 135 km long in 22 0kV simple triad; this solution is in
review and evaluation as the Binding Transmission Plan 2015 - 2024 has been
approved, that would enable an interconnection at New Yanango substation,
40km from Curibamba plant.
During 2014, tendering processes continued for the major contracts related to
Civil Works, Equipment and Transmission Line and Electric Interconnection to the
system; processes for the plant’s civil works and equipment are in final stages.
Studies necessary for obtaining pre-construction permits were initiated.
Regarding permits, the plant’s Definitive Generation Concession was obtained; the
generation and transmission’s Environmental Impact Study was approved, as well
as the Certificates of Absence of Archaeological Remains (CIRA).
The obtention of the Transmission Concession is in process, awaiting the
definitions to be given in the first weeks of 2015 to opt for the interconnection
at a new substation (Nueva Yanango), in accordance with the new approved
Transmission Plan.
170
2014 ANNUAL REPORT ENERSIS
DESCRIPTION OF THE ELECTRICITY BUSINESS BY COUNTRY
Electricity
Distribution in Peru
Enersis participates in electricity
distribution through its subsidiary
Edelnor, which controls, directly and
indirectly, a 75.5% stake.
In Peru, other distributors involved in
the electrical system are: Luz del Sur,
Electro Sur, Electrocentro, ENOSA,
Hidrandina and ENSA.
Edelnor
The concession zone granted to Edelnor covers a total of 1,517 km2 which
correspond mostly to the north of Lima and Callao. Edelnor is the electric utility
concessionaire for the north of Metropolitan Lima and Callao Constitutional
Province, as well as Huaura, Huaral, Barranca and Oyón provinces. It is the sole
distributor in 52 districts and shares five additional districts with the southern
distributor. In the metropolitan area, Edelnor’s concession consists mainly of Lima’s
industrial area of Lima and some highly populated districts of the city.
Edelnor delivered electricity service to 1,293,503 customers, an increase of 3.1%
over 2013. Of these, 94.6% are residential, 3.2% commercial, 0.1% industrial and
2.1% other customers.
Energy physical sales amounted to 7,359 GWh, an increase of 4.5% over 2013. As
for the power loss indicator, it was 7.95%, similar to 2013.
171
Other Businesses
Servicios Informáticos e Inmobiliarios Limitada
Servicios Informáticos e Inmobiliarios Limitada is the new name of the surviving
company after the merger of Inmobiliaria Manso de Velasco Limitada and ICT
Servicios Informáticos Ltda., the latter absorbing the former, in accordance to the
fusion deed dated December 31st, 2014, signed in the presence of notary public
Iván Torrealba Acevedo, maintaining both companies’ joint activities as corporate
object.
In this field, the new Servicios Informáticos e Inmobiliarios Limitada company
is a consulting, contracts’ management, administration and operation services
company in matters related to information systems, information technologies,
telecommunications and control systems for Chile and Latin America, together
with projects’ management, administration and development, real estate’s
acquisition, sale, marketing and operation and investments, in which Enersis
directly and indirectly holds 100% interest.
172
2014 ANNUAL REPORT ENERSIS
DESCRIPTION OF THE ELECTRICITY BUSINESS BY COUNTRY
173
Participation in
Subsidiaries &
Associates and
Schematic Table
174
2014 ANNUAL REPORT ENERSIS
PARTICIPATION IN SUBSIDIARIES & ASSOCIATES AND SCHEMATIC TABLE
Direct and Indirect economic shareholdings
Argentina
Costanera
El Chocón
Dock Sud
Edesur
CTM
TESA
CEMSA
Gasoducto Atacama Argentina
Yacylec
Chile
Endesa Chile
Celta
Pehuenche
Canela
HidroAysén
Gas Atacama
Chilectra
Transquillota
Gas Atacama Chile
Gasoducto Tal Tal
Electrogas
GNL Chile
GNL Quintero
Brazil
Enel Brazil
Fortaleza
Cachoeira Dourada
Ampla
Coelce
CIEN
Colombia
Emgesa
Codensa
Empresa Eléctrica de Cundinamarca
Peru
Edegel
Edelnor
EEPSA
Gx: Generation
Dx: Distribution
Tx: Transmission / Trading
Ox: Gas pipelines, others
(*)Considers Enersis Group operational companies
Business
Gx
Gx
Gx
Dx
Tx
Tx
Tx
Ox
Tx
Business
Gx
Gx
Gx
Gx
Gx
Gx
Dx
Tx
Ox
Ox
Ox
Ox
Ox
Business
Gx, Dx, Tx
Gx
Gx
Dx
Dx
Tx
Business
Gx
Dx
Dx
Business
Gx
Dx
Gx
Ownership
45.40%
39.21%
40.25%
71.61%
84.34%
84.38%
81.99%
60.70%
22.22%
Ownership
59.98%
61.49%
55.57%
61.48%
30.59%
60.73%
99.09%
30.75%
60.70%
60.70%
25.49%
19.99%
12.00%
Ownership
84.38%
84.38%
84.17%
92.03%
64.86%
84.38%
Ownership
37.73%
48.39%
19.52%
Ownership
58.60%
75.54%
96.50%
175
Perímetro de participaciones societarias de Enersis
Perimetre of Enersis’ Shareholdings
99.99997%
99.8967%
99%
ICT Servicios
Informaticos Ltda.
Servicios Informàticos
e Inmobiliarios Ltda.
Inmobiliaria
Manso de Velasco Ltda.
0.1033%
1%
0.0127644%
0.01276445%
99.0778566%
99.0778566%
59.98%
59.98%
3.781705%
3.781705%
Compañía Eléctrica
Compañía Eléctrica
Tarapaca S.A.
Tarapaca S.A.
96.214172%
96.214172%
21.60%
21.607631%
Emgesa S.A.
Emgesa S.A.
26.873987 %
26.873987 %
(*) 94.95 % sobre Sociedad
(*) 94.95 % sobre Sociedad
Portuaria Central Cartagena S.A.
Portuaria Central Cartagena S.A.
EEC S.A.
EEC S.A.
Codensa S.A.
Codensa S.A.
Yacilec S.A.
Yacilec S.A.
9.35%
9.35%
39.13%
39.13%
22.22%
22.22%
Inversora
Inversora
Dock Sud S.A.
Dock Sud S.A.
57.1417 %
57.1417 %
55 %
55 %
Endesa Cemsa S.A.
Endesa Cemsa S.A.
45%
45%
EASA
EASA
100%
100%
27.1941%
27.1941%
23.4184%
23.4184%
22.2548 %
22.2494 %
20.8477%
20.8477%
Distrilec
Distrilec
Inversora S.A.
Inversora S.A.
0.8875 %
0.8875 %
56.3577%
56.3577%
39.00155%
Edesur S.A.
Edesur S.A.
Generandes
Generandes
Perú S.A.
Perú S.A.
60.99845%
60.99845%
50.00%
50.00%
54.19961%
54.19961%
Sacme S.A.
Sacme S.A.
Edegel S.A.
Edegel S.A.
29.3974%
29.3974%
Edelnor S.A.
Edelnor S.A.
24.00%
24.00%
51.684%
51.684%
Inversiones
Inversiones
Distrilima S.A.
Distrilima S.A.
69.846%
69.846%
30.154%
30.154%
5.328342 %
50.093666 %
50.093666 %
5.328342 %
Endesa Brasil S.A.
Endesa
(Holdco)
Brasil S.A.
3.996592%
3.996592%
34.640090%
34.640090%
5.941306%
5.941306%
0.0001%
0.0001%
Comercio e Serviços S.A.
Comercio e Serviços S.A.
Endesa Brasil
En -Brasil
99.9999%
99.9999%
99.95%
99.95%
Eólica Fazenda Nova
Eólica Fazenda Nova
Geraçao e Comercializaçao
Geraçao e Comercializaçao
de Energia S.A.
de Energia S.A.
10.344606%
21.383694%
21.383694%
10.344606%
21.022414%
21.022414%
46.886283%
46.886283%
Ampla
Ampla
Energia S.A.
Energia S.A.
0.975 %
0.975 %
EGP
EGP
Modelo I Eólica
Modelo I Eólica
0.975 %
0.975 %
EGP
EGP
Modelo II Eólica
Modelo II Eólica
58.867455 %
15.1836062 %
58.867455 %
100%
100%
100%
100%
99.754055 %
99.754055 %
Coelce S.A.
Coelce S.A.
CIEN S.A.
CIEN S.A.
C.G.T
C.G.T
Fortaleza S.A.
Fortaleza S.A.
Cachoeira
Cachoeira
Dourada S.A.
Dourada S.A.
0.00003%
57.50%
57.50%
Soc. Agrícola
de Cameros Ltda.
Soc. Agrícola
de Cameros Ltda.
25.82%
Aguas Santiago
Poniente S.A.
53.06%
99.998243%
99.998243%
55.00%
Const. y Proyectos
Los Maitenes S.A.
Chilectra
Chilectra
Inversud S.A.
Inversud S.A.
0.001757%
0.001757%
Deca S.A.
Deca S.A.
82.34%
82.34%
(*) 94.95 % Emgesa
(*) 94.95 % Emgesa
48.997%
48.997%
Sociedad Portuaria
Sociedad Portuaria
Central Cartagena S.A.
Central Cartagena S.A.
4.90%
4.90%
Inversora
Inversora
Codensa S.A.S.
Codensa S.A.S.
100%
100%
99.90%
99.90%
Luz Andes Ltda.
Luz Andes S.A.
0.10%
0.10%
0.0002%
0.0002%
99.9998%
99.9998%
Empresa Eléctrica
Empresa Eléctrica
de Colina Ltda.
de Colina S.A.
69.992 %
69.992 %
Central
Central
Dock Sud S.A.
Dock Sud S.A.
0.2509 %
Termoeléctrica Manuel
Termoeléctrica Manuel
Belgrano S.A.
Belgrano S.A.
1.42%
1.42%
Termoeléctrica José
Termoeléctrica José
de San Martín S.A.
de San Martín S.A.
1.42%
1.42%
Central Vuelta
Central Vuelta
de Obligado S.A.
de Obligado S.A.
6.40%
6.40%
Generalima S.A.
Generalima S.A.
100 %
100 %
20 %
20 %
Empresa Electrica
Empresa Electrica
Caboblanco S.A.
Caboblanco S.A.
80 %
80 %
60%
60%
36.50 %
36.50 %
Empresa Electrica
Empresa Electrica
De Piura S.A.
De Piura S.A.
100 %
Compañía Energética
Veracruz S.A.C
Argentina
Argentina
Brazil
Brasil
Chile
Chile
Colombia
Colombia
Peru
Perú
176
170
2014 ANNUAL REPORT ENERSIS
MEMORIA ANUAL ENERSIS 2013
PARTICIPATION IN SUBSIDIARIES & ASSOCIATES AND SCHEMATIC TABLE
CUADRO ESQUEMATICO DE PARTICIPACIONES
171
Perímetro de participaciones societarias de Enersis
Perimetre of Enersis’ Shareholdings
99.99997%
99.8967%
99%
Inmobiliaria
Servicios Informàticos
ICT Servicios
0.1033%
1%
Manso de Velasco Ltda.
e Inmobiliarios Ltda.
Informaticos Ltda.
0.00003%
57.50%
57.50%
Soc. Agrícola
Soc. Agrícola
de Cameros Ltda.
de Cameros Ltda.
25.82%
Aguas Santiago
Poniente S.A.
55.00%
Const. y Proyectos
Los Maitenes S.A.
53.06%
99.998243%
99.998243%
3.781705%
3.781705%
Compañía Eléctrica
Compañía Eléctrica
Tarapaca S.A.
Tarapaca S.A.
96.214172%
96.214172%
21.60%
21.607631%
Emgesa S.A.
Emgesa S.A.
26.873987 %
26.873987 %
(*) 94.95 % sobre Sociedad
(*) 94.95 % sobre Sociedad
Portuaria Central Cartagena S.A.
Portuaria Central Cartagena S.A.
0.0127644%
0.01276445%
99.0778566%
99.0778566%
59.98%
59.98%
Deca S.A.
Deca S.A.
82.34%
82.34%
(*) 94.95 % Emgesa
(*) 94.95 % Emgesa
48.997%
48.997%
Sociedad Portuaria
Sociedad Portuaria
Central Cartagena S.A.
Central Cartagena S.A.
4.90%
4.90%
Inversora
Inversora
Codensa S.A.S.
Codensa S.A.S.
100%
100%
69.992 %
69.992 %
Central
Central
Dock Sud S.A.
Dock Sud S.A.
0.2509 %
Chilectra
Chilectra
Inversud S.A.
Inversud S.A.
0.001757%
0.001757%
99.90%
99.90%
Luz Andes Ltda.
Luz Andes S.A.
0.10%
0.10%
0.0002%
0.0002%
99.9998%
99.9998%
Empresa Eléctrica
Empresa Eléctrica
de Colina Ltda.
de Colina S.A.
Termoeléctrica Manuel
Termoeléctrica Manuel
1.42%
1.42%
Belgrano S.A.
Belgrano S.A.
Termoeléctrica José
Termoeléctrica José
de San Martín S.A.
de San Martín S.A.
1.42%
1.42%
Central Vuelta
Central Vuelta
de Obligado S.A.
de Obligado S.A.
6.40%
6.40%
Generalima S.A.
Generalima S.A.
100 %
100 %
20 %
20 %
Empresa Electrica
Empresa Electrica
Caboblanco S.A.
Caboblanco S.A.
80 %
80 %
60%
60%
36.50 %
36.50 %
Empresa Electrica
Empresa Electrica
De Piura S.A.
De Piura S.A.
Compañía Energética
100 %
Veracruz S.A.C
EEC S.A.
EEC S.A.
Codensa S.A.
Codensa S.A.
Yacilec S.A.
Yacilec S.A.
9.35%
9.35%
39.13%
39.13%
22.22%
22.22%
Inversora
Inversora
Dock Sud S.A.
Dock Sud S.A.
57.1417 %
57.1417 %
55 %
55 %
Endesa Cemsa S.A.
Endesa Cemsa S.A.
45%
45%
EASA
EASA
100%
100%
27.1941%
27.1941%
23.4184%
23.4184%
22.2548 %
22.2494 %
20.8477%
20.8477%
Distrilec
Distrilec
Inversora S.A.
Inversora S.A.
0.8875 %
0.8875 %
56.3577%
56.3577%
39.00155%
Edesur S.A.
Edesur S.A.
Generandes
Generandes
Perú S.A.
Perú S.A.
60.99845%
60.99845%
50.00%
50.00%
54.19961%
54.19961%
Sacme S.A.
Sacme S.A.
Edegel S.A.
Edegel S.A.
29.3974%
29.3974%
Edelnor S.A.
Edelnor S.A.
24.00%
24.00%
51.684%
51.684%
Inversiones
Inversiones
Distrilima S.A.
Distrilima S.A.
69.846%
69.846%
30.154%
30.154%
5.328342 %
50.093666 %
50.093666 %
5.328342 %
Endesa Brasil S.A.
Endesa
(Holdco)
Brasil S.A.
3.996592%
3.996592%
34.640090%
34.640090%
5.941306%
5.941306%
0.0001%
0.0001%
Endesa Brasil
En -Brasil
Comercio e Serviços S.A.
Comercio e Serviços S.A.
99.9999%
99.9999%
99.95%
99.95%
Eólica Fazenda Nova
Eólica Fazenda Nova
Geraçao e Comercializaçao
Geraçao e Comercializaçao
de Energia S.A.
de Energia S.A.
10.344606%
21.383694%
10.344606%
21.383694%
21.022414%
21.022414%
Ampla
Ampla
Energia S.A.
Energia S.A.
46.886283%
46.886283%
0.975 %
0.975 %
EGP
EGP
Modelo I Eólica
Modelo I Eólica
0.975 %
0.975 %
EGP
EGP
Modelo II Eólica
Modelo II Eólica
58.867455 %
15.1836062 %
58.867455 %
100%
100%
100%
100%
99.754055 %
99.754055 %
Coelce S.A.
Coelce S.A.
CIEN S.A.
CIEN S.A.
C.G.T
C.G.T
Fortaleza S.A.
Fortaleza S.A.
Cachoeira
Cachoeira
Dourada S.A.
Dourada S.A.
Argentina
Argentina
Brazil
Brasil
Chile
Chile
Colombia
Colombia
Peru
Perú
170
MEMORIA ANUAL ENERSIS 2013
CUADRO ESQUEMATICO DE PARTICIPACIONES
177
171
Perimetre of Endesa Chile’s Shareholdings
41.9411%
41.9411%
Hidroinvest S.A.
Hidroinvest S.A.
54.1535%
54.1535%
59.00%
59.00%
Hidroeléctrica
Hidroeléctrica
El Chocón S.A.
El Chocón S.A.
6.1938%
6.1938%
Endesa
Endesa
Argentina S.A.
Argentina S.A.
99.657366%
99.657366%
0.342634%
0.342634%
Southern Cone Power
Southern Cone Power
Argentina S.A.
Argentina S.A.
98%
98%
2.0%
2.0%
1.1512%
Termoeléctrica
Termoeléctrica
Manuel Belgrano S.A.
Manuel Belgrano S.A.
5.326%
5.326%
49.6843%
49.6843%
Endesa
Endesa
Costanera S.A.
Costanera S.A.
24.8458%
24.8458%
Termoeléctrica
Termoeléctrica
José de San Martín S.A.
José de San Martín S.A.
5.326%
5.326%
Distrilec S.A.
Distrilec S.A.
0.887466%
0.887466%
Central Vuelta de
Central Vuelta de
Obligado S.A.
Obligado S.A.
1.3%
1.3%
Ingendesa do
Ingendesa do
Brasil Ltda.
Brasil Ltda.
1.00%
1.00%
99.00%
99.00%
2.4803%
2.4803%
18.85%
18.85%
1.42%
1.42%
18.85%
18.85%
1.42%
1.42%
33.2%
33.2%
6.40%
6.40%
Central Dock
Sud S.A.
Chinango S.A.C.
Chinango S.A.C.
45%
Endesa Cemsa S.A.
Endesa Cemsa S.A.
55.00%
55.00%
60.99845%
39.00155% 80.00%
80.00%
34.640090%
34.640090%
26.873987%
26.873987%
Generandes
Generandes
Perú S.A.
Perú S.A.
29.3974%
29.3974%
54.19961%
54.19961%
Edegel S.A.
Edegel S.A.
3.996592%
3.996592%
Enel Brasil S.A.
Enel Brasil S.A.
Emgesa S.A.
Emgesa S.A.
26.873987%
26.873987%
21.60%
21.60%
100%
100%
Emgesa Panamá S.A.
Emgesa Panamá S.A.
58.867455%
Coelce S.A.
Coelce S.A.
15.1836062%
Ampla S.A.
Ampla S.A.
46.886283%
46.886283%
CIEN S.A.
CIEN S.A.
100%
100%
99.95%
99.95%
Eólica Fazenda Nova
Eólica Fazenda Nova
Geraçao e Comercializaçao
Geraçao e Comercializaçao
de Energia S.A.
de Energia S.A.
94.95%
94.95%
Sociedad Portuaria
Sociedad Portuaria
Central Cartagena S.A.
Central Cartagena S.A.
4.90%
4.90%
Inversora
Inversora
Codensa S.A.S.
Codensa S.A.S.
Gasoducto Atacama
Argentina S.A.
ENERSIS, S.A.
Sucursal Argentina
0.001%
0.001%
99.999%
99.999%
Transportadora
Transportadora
de Energía
de Energía
del Mercosur S.A.
del Mercosur S.A.
(Tesa)
(Tesa)
99.999993%
99.999993%
Cía. de Transmisión
Cía. de Transmisión
del Mercosur S.A.
del Mercosur S.A.
(CTM)
(CTM)
100%
100%
C.G.T
C.G.T
Fortaleza S.A.
Fortaleza S.A.
0.01%
0.01%
99.9999%
EN - Brasil Comercio
EN - Brasil Comercio
e Servicios S.A.
e Servicios S.A.
99.754055%
99.754055%
Cachoeira
Cachoeira
Dourada S.A.
Dourada S.A.
0.975610%
0.975610%
EGP Modelo I Eólica
EGP Modelo I Eólica
0.975610%
0.975610%
EGP Modelo II Eólica
EGP Modelo II Eólica
178
2014 ANNUAL REPORT ENERSIS
PARTICIPATION IN SUBSIDIARIES & ASSOCIATES AND SCHEMATIC TABLE
99.9911%
Túnel el Melón S.A.
Túnel el Melón S.A.
96.214172%
96.214172%
0.00886%
0.00886%
Compañía Eléctrica
Compañía Eléctrica
3.781705%
3.781705%
Tarapaca S.A.
Tarapaca S.A.
50.00%
50.00%
Inversiones
Inversiones
Gas Atacama
Gas Atacama
Holding Ltda.
Holding Ltda.
0.1%
0.1%
Progas S.A.
Progas S.A.
0.05%
0.05%
0.03%
0.03%
Gas Atacama
Gas Atacama
Chile S.A.
Chile S.A.
99.90%
99.90%
99.9%
99.9%
50%
42.71%
42.71%
0.1226%
0.1226%
99.877%
99.877%
Gasoducto
Gasoducto
Taltal S.A.
Taltal S.A.
Gasoducto Atacama
Gasoducto Atacama
Argentina S.A.
Argentina S.A.
57.23%
57.23%
Gasoducto Atacama
GNL
Argentina S.A.
NORTE S.A
Sucursal Argentina
50%
100%
100%
Gasoducto Atacama
Gasoducto Atacama
Argentina S.A.
Argentina S.A.
Sucursal Argentina
Sucursal Argentina
Central Eólica
Central Eólica
Canela S.A.
Canela S.A.
75%
75%
Transquillota Ltda.
Transquillota Ltda.
50.00%
99.997706%
99.997706%
0.001147%
0.001147%
Gas Atacama S.A.
Gas Atacama S.A.
50.99995%
50.99995%
Centrales
Centrales
Hidroeléctricas
Hidroeléctricas
de Aysén S.A.
de Aysén S.A.
0.00005%
0.51%
0.51%
Aysén
Transmisión S.A.
Aysén
Energia S.A.
99%
99%
92.65%
92.65%
Pehuenche S.A.
33.33%
33.33%
GNL Chile S.A.
20%
20%
GNL Quintero S.A.
42.50%
42.50%
Electrogas S.A.
Argentina
Argentina
Brasil
Brazil
Chile
Chile
Colombia
Colombia
Perú
Peru
Islas Caymán
Cayman Islands
Perimetre of Endesa Chile’s Shareholdings
41.9411%
41.9411%
54.1535%
54.1535%
Hidroinvest S.A.
Hidroinvest S.A.
59.00%
59.00%
Hidroeléctrica
Hidroeléctrica
El Chocón S.A.
El Chocón S.A.
6.1938%
6.1938%
Endesa
Endesa
Argentina S.A.
Argentina S.A.
99.657366%
99.657366%
0.342634%
0.342634%
Southern Cone Power
Southern Cone Power
Argentina S.A.
Argentina S.A.
98%
98%
2.0%
2.0%
1.1512%
Termoeléctrica
Termoeléctrica
Manuel Belgrano S.A.
Manuel Belgrano S.A.
5.326%
5.326%
49.6843%
49.6843%
Endesa
Endesa
Costanera S.A.
Costanera S.A.
24.8458%
24.8458%
Termoeléctrica
Termoeléctrica
5.326%
5.326%
José de San Martín S.A.
José de San Martín S.A.
Distrilec S.A.
Distrilec S.A.
0.887466%
0.887466%
Central Vuelta de
Central Vuelta de
1.3%
1.3%
Obligado S.A.
Obligado S.A.
Ingendesa do
Ingendesa do
Brasil Ltda.
Brasil Ltda.
1.00%
1.00%
99.00%
99.00%
2.4803%
2.4803%
18.85%
18.85%
1.42%
1.42%
18.85%
18.85%
1.42%
1.42%
33.2%
33.2%
6.40%
6.40%
Central Dock
Sud S.A.
45%
55.00%
55.00%
Endesa Cemsa S.A.
Endesa Cemsa S.A.
Chinango S.A.C.
Chinango S.A.C.
60.99845%
39.00155% 80.00%
80.00%
34.640090%
34.640090%
26.873987%
26.873987%
3.996592%
3.996592%
Enel Brasil S.A.
Enel Brasil S.A.
Emgesa S.A.
Emgesa S.A.
58.867455%
Coelce S.A.
Coelce S.A.
15.1836062%
Ampla S.A.
Ampla S.A.
46.886283%
46.886283%
CIEN S.A.
CIEN S.A.
100%
100%
99.95%
99.95%
Eólica Fazenda Nova
Eólica Fazenda Nova
Geraçao e Comercializaçao
Geraçao e Comercializaçao
de Energia S.A.
de Energia S.A.
94.95%
94.95%
Sociedad Portuaria
Sociedad Portuaria
Central Cartagena S.A.
Central Cartagena S.A.
4.90%
4.90%
Inversora
Inversora
Codensa S.A.S.
Codensa S.A.S.
100%
100%
C.G.T
C.G.T
Fortaleza S.A.
Fortaleza S.A.
0.01%
0.01%
99.9999%
EN - Brasil Comercio
EN - Brasil Comercio
e Servicios S.A.
e Servicios S.A.
29.3974%
29.3974%
54.19961%
54.19961%
Generandes
Generandes
Perú S.A.
Perú S.A.
Edegel S.A.
Edegel S.A.
0.001%
0.001%
99.999%
99.999%
Transportadora
Transportadora
de Energía
de Energía
del Mercosur S.A.
del Mercosur S.A.
(Tesa)
(Tesa)
99.999993%
99.999993%
Cía. de Transmisión
Cía. de Transmisión
del Mercosur S.A.
del Mercosur S.A.
(CTM)
(CTM)
99.754055%
99.754055%
Cachoeira
Cachoeira
Dourada S.A.
Dourada S.A.
0.975610%
0.975610%
EGP Modelo I Eólica
EGP Modelo I Eólica
0.975610%
0.975610%
EGP Modelo II Eólica
EGP Modelo II Eólica
26.873987%
26.873987%
21.60%
21.60%
100%
100%
Emgesa Panamá S.A.
Emgesa Panamá S.A.
Gasoducto Atacama
Argentina S.A.
ENERSIS, S.A.
Sucursal Argentina
99.9911%
Túnel el Melón S.A.
Túnel el Melón S.A.
96.214172%
96.214172%
0.00886%
0.00886%
Compañía Eléctrica
Compañía Eléctrica
Tarapaca S.A.
Tarapaca S.A.
3.781705%
3.781705%
50.00%
50.00%
Inversiones
Inversiones
Gas Atacama
Gas Atacama
Holding Ltda.
Holding Ltda.
0.05%
0.05%
0.03%
0.03%
0.1%
0.1%
Progas S.A.
Progas S.A.
Gas Atacama
Gas Atacama
Chile S.A.
Chile S.A.
99.90%
99.90%
99.9%
99.9%
50%
42.71%
42.71%
0.1226%
0.1226%
Gasoducto Atacama
Gasoducto Atacama
Argentina S.A.
Argentina S.A.
57.23%
57.23%
99.877%
99.877%
Gasoducto
Gasoducto
Taltal S.A.
Taltal S.A.
Gasoducto Atacama
GNL
Argentina S.A.
NORTE S.A
Sucursal Argentina
50%
100%
100%
Gasoducto Atacama
Gasoducto Atacama
Argentina S.A.
Argentina S.A.
Sucursal Argentina
Sucursal Argentina
Central Eólica
Central Eólica
Canela S.A.
Canela S.A.
75%
75%
Transquillota Ltda.
Transquillota Ltda.
50.00%
99.997706%
99.997706%
0.001147%
0.001147%
Gas Atacama S.A.
Gas Atacama S.A.
50.99995%
50.99995%
Centrales
Hidroeléctricas
de Aysén S.A.
Centrales
Hidroeléctricas
de Aysén S.A.
0.00005%
0.51%
0.51%
Aysén
Transmisión S.A.
Aysén
Energia S.A.
99%
99%
92.65%
92.65%
Pehuenche S.A.
33.33%
33.33%
GNL Chile S.A.
20%
20%
GNL Quintero S.A.
42.50%
42.50%
Electrogas S.A.
Argentina
Argentina
Brazil
Brasil
Chile
Chile
Colombia
Colombia
Peru
Perú
Cayman Islands
Islas Caymán
179
Significant
Event of the
Entity
180
2014 ANNUAL REPORT ENERSIS
SIGNIFICANT EVENT OF THE ENTITY
Enersis
2014
Significant or Essential Facts
According to the provisions of Articles 9 and 10, second paragraph, of Law No.18,045 on Securities
Market and the provisions of General Rule No.30 of that Superintendence, the following essential
facts are reported:
- On January 14th, the Board of Enersis S.A. unanimously agreed to submit a voluntary public shares’
acquisition tender to shareholders of its subsidiary Companhia Energética do Ceará – COELCE
(‘Coelce’) – domiciled in the Federative Republic of Brazil.
Enersis S.A. is already parent company, controls and consolidates Coelce, through Enel Brasil S.A.
which has, as to this date, 58.87% interest in Coelce, corresponding to 91.66% of ordinary shares
and 6.26% of class A preferred shares.
Enersis S.A. (‘Offeror’), assisted by Banco Itaú BBA S.A. (‘Itau BBA’), acting as intermediary, will
timely publish the prospectus (‘Edital’) of the Voluntary Tender for Shares’ Acquisition (Oferta
Pública de Acciones: ‘OPA’) to acquire all the shares of all the series issued by Coelce (ordinary,
preferred Class A and Class B) currently outstanding on the market, at a price per share of R$49.
This price will be payable at sight, on February 20th, 2014, in Brazil’s legal currency, according to
the rules established in Brazilian legislation and regulations, this OPA pursuant to Brazil’s Securities
Commission (CVM) Instruction No.361/2002. This price represents a premium of 20.1% over
the average price, volume weighted, of class A preferred shares in the last 30 trading days (until
January 13th, 2014, inclusive).
In the event that during the execution of this OPA all Coelce’s shareholders were to sell their shares
to Enersis S.A., this company would have to pay the approximate amount of $340,212million,
equivalent to US$645million, at an exchange rate of $527.53/US$.
This transaction, being the acquisition of an already controlled participation, does not generate
effects on Enersis’ Income Statement and will not modify the values of Coelce’s assets and liabilities
recorded in Enersis’ consolidated balance sheet at the time of the transaction. The difference
between the values registered by Coelce and the values disbursed by Enersis’ acquisition will be
recorded as Equity (Other Reserves) at the time the transaction is perfected. From this moment on
the effects of increased participation will be shown in the Offeror’s Income Statements.
The deadline for acceptance of the OPA will be 33 calendar days from the publication of the Edital
in Brazilian media, to take place on January 16th, 2014; the OPA auction should be at 16:00 hours (
Brasilia time) on February 17 th, 2014. All other terms and conditions of the OPA will be disclosed
in the OPA’s Edital, to be duly published.
181
It is also advised that PricewaterhouseCoopers
Corporate Finance & Recovery Ltda, Brasil, prepared
Coelce’s evaluation report (‘Laudo de Avaliação’) that,
in conjunction with the Edital of Voluntary Tender
for Acquisition of Outstanding Ordinary Shares , A
Preferred Shares and B Preferred Shares Issued by the
Company, will be available to interested parties as of
January 14th, 2014, at the headquarters of Enersis S.A.,
Coelce, Itau BBA, BM&FBOVESPA S.A. – Stock Exchange,
Commodities and Futures – and CVM, as well as on the
following websites: www.enersis.cl; www.coelce.com.
br/ri.htm (access ‘OPA Enersis’); http://www.itaubba.
com.br/portugues/atividades/prospectos-to-iubb.
sp, www.cvm.gov.br and www.bmfbovespa.com.br.
Additionally the list of Coelce’s shareholders will be
available at the head offices of the aforementioned
entities.
This operation is part of the process of using funds
raised in the capital increase approved at the
Extraordinary Shareholders’ Meeting held on December
20th, 2012, successfully concluded with the signing of
100% of the shares available in March 2013, grossing
nearly US$2,400million in cash.
- On February 17th, 2014, it was reported as an essential
fact in the framework of the OPA aimed at shareholders
of Enersis S.A. (‘Offeror’)’s subsidiary, Companhia
Energética do Ceará - COELCE (‘Coelce’), that an auction
had been carried out on said date to acquire the shares
of all series issued by Coelce, outstanding in the marked
as at that date.
During the auction, Enersis did not increase the
price offered, estimating that it was appropriate and
convenient for the company’s corporate interests. The
result of the auction for each series of Coelce’s shares
was as follows:
- Ordinary Shares: Enersis acquired 2,964,650 million
ordinary shares representing more than two thirds
of the total outstanding shares of this series, which
corresponds to 6.17% of total shares of said series
and 3.81% of Coelce’s share capital.
- Class A Preferred Shares: since two thirds of the
total outstanding shares of that series were not
exceeded, Enersis acquired one third of the shares of
such series, for which the shareholders of this series
who took part in the tender sold their respective
holdings to the Offeror on a pro-rata basis. Thus,
Enersis acquired 8,818,006 class A preferred shares,
corresponding to approximately 31.21% of the
shares of that series and 11.33% of Coelce’s share
capital.
- Class B Preferred Shares: Enersis acquired 424 class
B preferred shares representing less than one third
of the total outstanding shares of this series, which
corresponds to 0.03% of the shares of that series
and 0.00054% of Coelce’s share capital.
As a result of the auction, Enersis acquired, at a value
of R$49, 2,964,650 ordinary shares, 8,818,006 class
A preferred shares and 424 class B preferred shares,
representing a disbursement of $132,340million,
equivalent to US$242million, based on an exchange
rate of $546.99/US$. Payment will be materialised
next February 20th (‘Settlement Date’), in currency
of the Federative State of Brazil and in the terms
communicated to the market in the essential fact of
January 14th.
In this way and in the context of the use of funds raised
in the capital increase approved during 2012, Enersis
has increased its shareholding in its subsidiary Coelce
in 15.13%, which means that currently it owns, directly
and indirectly, 74% of the shares in the company,
distributed as follows: 47,026,083 ordinary shares,
10,588,006 class A preferred shares and 424 class B
preferred shares.
Having exceeded two thirds of the total outstanding
shares in the series of Coelce’s ordinary shares, Enersis
will extend the validity of the offer for that series for
three additional months as of February 17th, 2014,
according to applicable law, so that shareholders who
have not yet taken part in the offer, may sell their
shares within that period at a final acquisition price of
R$49, adjusted by Special Clearance and Escrow System
(SELIC) rate calculated pro-rata from the Settlement
Date until the date of cash payment, in terms of CVM
Instruction 361/02. The term for the offeror to pay
shareholders who take part during this period to sell
their shares, will be 15 calendar days from the date
in which that power is exercised by the respective
shareholders. Any shareholders who have ordinary
shares of Coelce, wishing to sell their shares in the
referred terms, should send a communication to Regina
Alcãntar, referring to the OPA by Enersis, addressed to:
calle Padre Veldevino, n°150, 60,135-040, Fortaleza,
CE. In this communication, the shareholder should
indicate the number of shares intended to be sold. The
procedure for sale of Coelce’s ordinary shares in the
referred terms will be detailed on Enersis’ website www.
enersis.cl and on Coelce’s website www.coelce.com.br/
ri.htm, in ‘OPA Enersis’ link.
The acquisition of Coelce’s shares does not generate
effects on Enersis’ Comprehensive Income Statement
since it is the acquisition of already controlled shares
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2014 ANNUAL REPORT ENERSIS
SIGNIFICANT EVENT OF THE ENTITY
and it does not modify the values of Coelce’s assets
and liabilities recorded in Enersis’ consolidated
balance sheet. The effects of this increased
shareholding by Enersis will begin to be shown
in the parent company’s Income Statement as of this
moment.
- On April 1st, 2014, it was reported as an essential fact
that: our subsidiary Empresa Nacional de Electricidad
S.A. has signed contracts for the construction of 150
MW Los Cóndores Hydroelectric Project, located in
Region VII. This hydroelectric plant, in which US$661.5
million will be invested, will use the waters of Lake Del
Maule’s reservoir and is expected to enter commercial
operation in late 2018. Yesterday (March 30th, 2014),
Consorcio Ferrovial Agroman was awarded the civil
works’ contract for said project.
The effects of that investment on results are not
quantifiable at this date.
- On April 1st, 2014, it was reported as an essential fact
that, on March 3rd, the Board of our subsidiary Empresa
Nacional de Electricidad S.A. (hereinafter ‘Endesa
Chile’) agreed to accept the offer from Southern
Cross Latin American Private Equity Fund III, L.P.
(hereinafter ‘Southern Cross’) concerning the direct
sale of all social rights Endesa Chile has in Inversiones
GasAtacama Holding Limitada (equivalent to 50% of
the company) and the assignment of the credit Sub
Pacific Energy Co. currently owns against Atacama
Finance Co., documented in the promissory note dated
January 16th, 2013, for a sum that currently amounts
to US$28,330,155. This, according to the Conciliation
Settlement, signed on June 18th, 2013 by Southern Cross
and Endesa Chile, within the arbitration framework
with Southern Cross.
The total sale price for said assets, including the
aforementioned assignment of credit, amounts to
US$309million. The parties will have up to 30 calendar
days, starting today (April 1st, 2014), for the subscription
of documents and contracts for the closure of the
operation.
As a consequence of this transaction, the shareholders’
agreement between Southern Cross and Endesa Chile,
dated August 1st, 2007, becomes extinct and the
following companies join our group as subsidiaries:
Inversiones Gas Atacama Holding Ltda; Gas Atacama
S.A.; Gas Atacama Chile S.A.; Gadosucto Tal Tal S.A.;
Progas S.A. Gasoducto Atacama Argentina S.A .;
Gasoducto Atacama Argentina S.A. (Argentina Branch);
Atacama Finance Co .; GNL Norte S.A.
and Energex Co.
At year 2013 closing, GasAtacama obtained EBITDA
of US$114 million and net profits of US$69 million.
In addition, the company has a cash position, cash
equivalents and realisable financial assets amounting
to US$222 million. The company maintains financial
debt with its partners amounting to US$56,6 million.
Since the signing of the acquisition, Enersis, through its
subsidiary Endesa Chile, will gain control of Inversiones
GasAtacama Holding Limitada and its subsidiaries, so
it will integrally consolidate 100% of its stake, ceasing
to register it at 50% proportional equity value as a joint
venture investment.
- On April 23rd, 2014, it was reported as an essential
fact that, in the Ordinary Shareholders’ Meeting
held on April 23rd, 2014, it was agreed to distribute a
mandatory minimum dividend (partially composed of
Interim Dividend No.88, of $1.42964 per share), and
an additional dividend, which amounted to a total of
$329,257,075,000, equivalent to $6.70683 per share.
Considering said Interim Dividend No.88 has already
been paid, the Company distributed and paid the
remainder of the Definitive Dividend No.89 for
$259,071,983,050, equivalent to $5.27719 per share.
- On April 30th, 2014 it was informed as an essential fact
that:
1.- On April 30th, 2014, as resolved by the Board of
Enersis S.A. in its meeting held on April 29th, 2014,
Enersis S.A. signed the agreement for the acquisition
of all the shares Inkia Americas Holdings Limited
indirectly owns of Generandes Perú S.A. (equivalent
to 39.01% of said company), parent company of
Edegel S.A.A. The referred agreement contemplates
a price of US$413million payable once shares are
transferred, which will occur once certain suspension
conditions therein defined are verified.
2.- Whereas Enersis S.A. already controls and therefore
consolidates Generandes Perú S.A and Edegel S.A.A.,
this operation does not generate effects in Enersis’
Comprehensive Income Statements and does not
modify the values of assets and liabilities of said
subsidiaries, recorded in Enersis S.A.’ Consolidated
Balance Sheet. The effects of this increased
shareholding by Enersis S.A. will be shown in the
Income Statements of parent company as of the
time the referred suspension conditions are verified.
3.- As a consequence of said agreement and once the
suspension conditions of the transaction are verified,
Enersis S.A. will become parent company and will
consolidate the following companies: Inkia Holdings
183
(Acter) Limited; Southern Cone Power Ltd .; Latin
America Holding I Ltd .; Latin America Holding II Ltd.
and Southern Cone Power Perú S.A.A.
4.- This operation is part of the process of using the
funds raised in the capital increase approved
at the Shareholders’ Extraordinary Meeting
held on December 20th, 2012, and successfully
concluded with the subscription of 100% of the
shares available on March 2013, grossing nearly
US$2,400million in cash.
- On May 19th, 2014, it was informed as an essential fact
that:
1.- At close of trading on Friday, May 16th ended the
90 days period to buy remaining ordinary shares
on the occasion of the Voluntary Tender for Shares’
Acquisition (‘OPA’) made by Enersis S.A. (Enersis)
for the shares issued by its Brazilian subsidiary
Companhia Energética do Ceará – COELCE
(‘Coelce’) – the auction of which took place on
February 17th, 2014, having been achieved over two
thirds acceptance of the shares of the ordinary series
at closure of the regular subscription
period.
2.- Once said 90 days period ended, Enersis acquired
38,162 additional ordinary shares equivalent to
0.049% of Coelce’s capital, at a weighted average
value of R$49.20, for which an additional investment
of R$1,877,427 was made.
3.- In this way and as a final result of the OPA, in its
regular and additional acquisition periods above
indicated, Enersis acquired 3,002,812 ordinary
shares at a weighted average value of R$49.00,
8,818,006 Class A preferred shares, at a value of
R$49.00, and 424 Class B preferred shares at a
value of R$49.00, representing a disbursement
of $132,803million, equivalent to US$243million.
Consequently, the final direct and indirect
shareholding of Enersis S.A. in its subsidiary Coelce
is 74.05%.
The acquisition of shares issued by Coelce does
not generate effects in the Comprehensive Income
Statements of Enersis S.A., since it is a purchase of
a stake in an already controlled subsidiary, nor does
it modify the values of Coelce’s assets and liabilities
already recorded in the consolidated balance sheet of
Enersis S.A. The effects of this increased shareholding
of Enersis have been shown in the Income Statements
of the parent company as the corresponding shares’
acquisitions have been performed.
- On July 31st, 2014, the following was reported as an
essential fact: copy of significant fact published on
that date by Endesa S.A., domiciled in Spain, parent
of Enersis S.A., which informs about the proposed
corporate reorganization received from Enel S.P.A.
- On September 3rd, 2014, the following was reported as
an essential fact:
1.- That, as reported by this Company through Essential
Fact dated April 30th, 2014, Enersis S.A. signed an
agreement to acquire all the shares Inkia Americas
Holdings Limited indirectly owns in Generandes
Perú S.A. (‘Generandes’) (equivalent to 39.01% of
the company), which in turn controls the Peruvian
electricity generation company Edegel S.A.A.,
(‘Edegel’). The referred sale was agreed at a price of
US$413million, which would be payable once the
shares were transferred, which would happen once
certain suspension conditions provided for in the
contract were verified.
2.- That, once the suspension conditions provided for in
the referred agreement were fulfilled, on September
3rd, Enersis S.A.’s acquisition at the agreed price
was made, with the corresponding transfer, of
all Generandes’ shares of which Inkia Americas
Holdings Limited was indirectly holder, equivalent
to 39.01% of the shares issued by that company.
Generandes, in turn, owns 54.20% of the shares
issued by Edegel.
3.- Whereas Enersis S.A. already controls and therefore
consolidates Generandes and Edegel, this operation
does not change the values of the assets and
liabilities of said subsidiaries recorded in the
Consolidated Balance Sheet of Enersis S.A. The
effects of this increased shareholding by Enersis S.A.
will be shown in the Income Statements of parent
company as of this date.
4.- As a result of this transaction, Enersis S.A. will
become parent company and will consolidate the
following companies: Inkia Holdings (Acter) Limited;
Southern Cone Power Ltd.; Latin America Holding
I Ltd.; Latin America Holding II Ltd. and Southern
Cone Power Peru S.A.A.
5.- This operation is part of the process of using the
funds raised in the capital increase approved
at the Extraordinary Shareholders’ Meeting
held on December 20th, 2012, and successfully
concluded with the subscription of 100% of the
shares available in March 2013, grossing nearly
US$2,400million in cash.
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2014 ANNUAL REPORT ENERSIS
SIGNIFICANT EVENT OF THE ENTITY
- On September 11th, 2014, the following was reported
as an essential fact: copy of significant fact published
on that date by Endesa S.A., parent company of Enersis
S.A., domiciled in Spain.
- On September 17th, 2014, the following was reported
as an essential fact: copy of significant fact published
on the same day by Endesa S.A., domiciled in Spain,
parent company of Enersis S.A. Such significant fact has
two reports attached issued by Bank of America Merrill
Lynch and Deutsche Bank, which are also included in
Enersis’ essential fact.
- On September 19th, 2014, the following was reported
as an essential fact: copy of significant fact from Endesa
S.A., domiciled in Spain, parent company of Enersis
S.A., which informs of the Call to Extraordinary General
Shareholders’ Meeting already announced in significant
fact released on September 17th this year.
- On October 2nd, 2014, the Directors’ Committee and
the Board of Enersis have received two independent
evaluators’ reports by IM Trust S.A. Asesorías Financieras
S.A. and Itaú BBA of Banco Itaú Chile, respectively,
copies of which are attached to this communication
and, in accordance with Article 147 of Law 18,046, will
be made available to shareholders at the corporate
offices of Enersis S.A. located in Santa Rosa 76, Santiago
and on the company website www.enersis.cl, as of this
date.
The aforementioned reports were requested by said
corporate bodies of the Company, during the study
of a potential transaction between related parties,
hereinafter, the Operation.
The Operation aims to integrally refund the capital
of Inversora Dock Sud S.A. (‘IDS’) and Central Dock
Sud S.A. (‘CDS’), Argentinian subsidiaries of Enersis
S.A. which carry forward accumulated losses; so it has
been considered as a viable and efficient solution, to
increase the capital in said societies, in which various
creditors waive interests and contribute the credits
they have against CDS. Enersis has no credits receivable
from IDS or CDS, but Endesa Latinoamérica S.A. (ELA),
its parent company domiciled in Spain, does have
such receivables. ELA, from which Enersis would buy
the credits, is neither IDS’s nor CDS’s shareholder. The
operation consists of the following acts and contracts:
a) Purchase by Enersis S.A. of credits owned by its
parent ELA against CDS. The receivables to be sold are
those in the aforementioned reports, b) Acceptance
of the Offer received on September 19th from Pan
American Energy LLC, Pan American Energy Holdings
Ltd and Pan American Sur S.A. in their capacity as
shareholders of Central Dock Sud S.A., in order to
agree on the capitalisation of said company. Said offer
states that part of the credits acquired by Enersis will
be partially repaid in cash by CDS, c) Enersis’ waiver
of interests associated with the acquired credits and
capitalisation in IDS and CDS of the remnant of them.
The remaining shareholders will carry out similar
waivers and capitalisations with the credits they own, d)
Eventual reduction of capital in IDS and CDS.
Besides restoring CDS’s equity, the Operation aims to
maintain the current holdings of shareholders in that
company: Enersis (40%), YPF (40%) and Pan American
Energy (20%).
In the coming days and within the time limits
established in paragraph 5) of Article 147 on
Corporations Law, the Directors’ Committee will issue
the report required by Article 50 bis and directors shall
individually decide on the advisability of the Operation
for corporate interest. If deemed convenient, the
Board of the Company will convene an Extraordinary
Shareholders’ Meeting to the approval of which the
Operation will be submitted.
The effects of the Operation on Enersis S.A.’s results are
not quantifiable at this date.
- On October 6th, 2014 it was reported as an essential
fact that the Directors’ Committee of Enersis S.A., at
its extraordinary meeting held on October 6th, issued
its report, in accordance with Article 50a on the
Corporations Law. Said report refers to the analysis of
the operation consisting of the purchase by Enersis
S.A. to Endesa Latinoamérica S.A. of the credits the
latter has against Central Dock Sud S.A. (CDS) and
the subsequent waive of interests and contribution
of these credits to the equity of Inversora Dock Sud
S.A. (IDS) and that of CDS, at face value and on equal
terms by creditors and shareholders of CDS, receiving in
exchange shares issued by IDS and CDS, respectively, in
proportion to the contribution of credits made, and in
the case of Enersis, partially amortised in cash, as well
as any capital reductions of such Argentine subsidiaries.
Copy of said report was made available to shareholders
at Enersis’ corporate offices located in Santa Rosa
76, floor 15, Santiago de Chile and on the company’s
website www.enersis.cl.
- On October 8th the following essential fact was
reported:
I. The seven directors of Enersis S.A., within the
statutory period provided for in Article 147
paragraph 5) of the Corporations Law, gave their
185
respective individual opinions on the Dock Sud
Operation, which has been reported by essential
facts dated October 2nd and 6th, 2014. These
individual statements allow compliance with the
provisions in Title XVI of the Corporations Law (LSA).
II. On the same date, the Board of Enersis agreed
to approve the purchase of credits to Endesa
Latinoamérica S.A. against Central Dock Sud S.A. and
the waiver of interests and other related concepts,
the subsequent partial capitalisation of the principal
of the debts and any capital reductions, as described
in independent reports issued by evaluators Itaú BBA
of Banco Itaú Chile and IM Trust, and note that the
Directors’ individual opinions are that the maximum
values under which this Purchase Operation
complies with the corporate interest range between
US$23.8million and US$33.8million, which will
ultimately be determined by the Extraordinary
Shareholders’ Meeting. The Board expressly stated
that, with said previous approval, the provisions in
Article 14 bis of the by-laws of the Company are
met and, in no case, could this be estimated to be a
decision under the terms of Title XVI of LSA.
A copy of said individual statements and the
collective statement of the Board have been made
available to shareholders at the corporate offices of
Enersis S.A. located in Santa Rosa 76, Santiago and
on the company’s website www.enersis.cl, as of this
date.
III. The Board of the Company agreed to convene an
Extraordinary Shareholders’ Meeting of Enersis S.A.
to be held on Tuesday, November 25th, 2014, at
noon in the Auditorium of Enersis S.A.’s Corporate
Building located in Santa Rosa 76, Santiago
Commune, so that shareholders acknowledge and
decide on the following matters:
1.- Approve, under the terms of Title XVI of LSA, the
operation with related parties consisting of the
following acts and contracts:
a) Purchase by Enersis S.A. of credits owned by
its parent company Endesa Latinoamérica
S.A. against Central Dock Sud S.A. (CDS).
The credits to be purchased are as identified
below; the information related to them is
available to shareholders at the registered
Company domicile and on the Company’s
website www.enersis.cl:
i) Credit granted on April 16th, 1999 for
a total of US$258million with a 57%
share of Endesa Internacional S.A. (now
Endesa Latinoamérica S.A.) and 43%
of Repsol International Finance B.V.,
(assigned to YPF International S.A.) to
cover part of the costs of the project
for the construction of the combined
cycle plant, with a maximum payment
term of 13 years (‘Syndicated Loan’).
In order to ensure compliance with the
obligations of the funding, CDS set a
series of guarantees in favour of creditors
of the same, including mortgage on the
land on which the power plant is built,
registered pledge on the equipment
and property that make up the plant,
amongst others. In addition, shareholders
Inversora Dock Sud S.A., YPF S.A. and
Pan American Energy Holdings Ltd,
pledged their shares of CDS, to guarantee
compliance with the obligations arising
from this funding. As to this date, the
Syndicated Loan has undergone several
amortisations and extensions, with the
result, as at December 31st, 2013, of a
consolidated debt including contractually
established accrued penalty interests
and commissions that amounted to
US$147,877,451 (capital: US$90,704
696 and interest and commissions:
US$57,172,755).
ii) Loan granted on November 8th, 2007
for a total of US$34million, with 40%
share by Endesa Internacional S.A. (now
Endesa Latinoamérica S.A.), 40% by
YPF International S.A. and 20% by Pan
American Energy LLC (later assigned
to Pan American Sur S.A), maturing in
September 2013 (‘Shareholders’ Loan’).
The Shareholders’ Loan was extended to
September 2014. The outstanding balance
on this loan amounted to US$45,520,806
as at December 31st, 2013 (principal:
US$4million and interest: US$11,520,806).
b) That Enersis S.A., as creditor, agrees with its
subsidiary CDS the transformation to pesos of
loans identified in the previous letter.
c) That Enersis S.A. contributes to its subsidiary
Inversora Dock Sud Argentina S.A. (IDS)
99.14% of the credit owed by CDS
under the Syndicated Loan, percentage
amounting to US$51,384,667 equivalent
to AR$335,079,412 and contributes to CDS
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2014 ANNUAL REPORT ENERSIS
SIGNIFICANT EVENT OF THE ENTITY
the remaining 0.86% of the credit owed
by CDS under the Syndicated Loan, figure
that amounts to US$445,538, equivalent to
AR$2,905,355. Previously, Enersis shall waive
100% of CDS´s financial, compensatory
and punitive accrued interests associated
with this loan, as well as the Equalizing and
Counter Guarantees Commissions, together
with all financial, punitive and compensatory
interests accrued and associated with
these commissions, corresponding to the
Syndicated Loan.
d) That Enersis contributes to IDS 0.68% of the
credit owed by CDS under the Shareholders’
Loan, amounting to US$92,234 equivalent
to AR$601,458 after waiver of 100% of
financial, compensatory and penalty interests
accrued for the Shareholders’ Loan.
e) Propose in relevant corporate bodies of its
subsidiaries CDS and IDS the calling and
holding of the extraordinary shareholders’
meetings needed to approve the capital
increases that may be required to give effect
to the acts and contracts referred to in
subparagraphs b), c) and d) above.
f) Those other aspects of the described
operation that the shareholders’ meeting
deems necessary to approve which are
functional or accessory to the operation and
acts described in preceding subparagraphs.
2.- Reform the Company by-laws, modifying the
following articles:
(1) amendment to articles Five permanent and
Two transitory of the by-laws in order to
comply with Article 26 of the Corporations
Law and Circular No.1370 dated January
30th, 1998 issued by the Securities and
Insurance superintendence (SVS), as
amended by Circular No.1736 dated January
15th, 2005, to recognise changes in equity
as a result of recent capital increases in the
Company. Consequently, it is necessary to
modify capital, increasing it in the amount
of $135,167,261,000 corresponding to
the balance of the account (‘Emission
Premium’, after discounting the amount
corresponding to the account ‘Cost of
Issuance and Placement of Shares’, included
in Other Reserves, without any distribution to
shareholders as dividends. The capital of the
Company, after the indicated increase, would
be $5,804,447,986,000, divided into the same
number of shares into which the share capital
is currently divided, that is 49,092,772,762
ordinary, nominative shares, of one and the
same series and with no par value.
(2) amendment to article 15, in order to add that
extraordinary Board meetings shall be held
when called by the President or at the request
of one or more Directors, after qualification
made by the President of the need for the
meeting, unless it is requested by an absolute
majority of the directors, in which case it
shall necessarily be held, without previous
qualification.
(3) amendment to article 22, in order to add that
the newspaper through which Meetings shall
be convened will be one located at the city of
the Company’s domicile.
(4) amendment to article 26 specifying that the
preceding article referred to is article 26.
(5) amendment to article 37, in order to update it
under the terms of the Corporations Law, its
Regulation and complementary regulations.
(6) amendment to article 42, adding that as a
requirement to be met by the arbitrator who
shall resolve disagreements arising amongst
shareholders, between the latter and the
Company or its managers, said arbitrator shall
have taught for at least three consecutive
years as professor of Economic or Business
Law in the Law schools of University of
Chile, Catholic University of Chile or Catholic
University of Valparaiso.
(7) issuance of a unified text of the by-laws.
3.- Adopt all necessary, conducive and
convenient agreements for the perfection and
materialisation of the respective decisions of
the Shareholders’ Meeting, including but not
limited to setting the terms of the sale of credits
between Enersis S.A. and Endesa Latinoamérica
S.A., and the registration of the corresponding
transfer; give the Board wide powers to adopt
any agreement required to complete or comply
with resolutions of the Shareholders’ Meeting or
to satisfy any legal, regulatory or administrative
requirement or request of the SVS, the Securities
and Exchange Commission of the United States
187
of America, the Internal Revenue Service or
the Central Bank of the Republic of Chile or
Argentina, or any public authority of those
countries, or in general, any other competent
public authority, authorising to the effect the
Chief Executive Officer, the Attorney General,
the Deputy Chief Executive Officer and the
General Counsel of the Company, acting any of
them individually to make all efforts, actions and
legal acts that may be necessary or appropriate
to carry out the above and to materialise the
statutory amendments listed above.
4.- Information about agreements relating to
operations with related parties governed by
Title XVI of the Corporations Law, adopted after
the last regular meeting of shareholders and
other Board agreements that require mandatory
information.
All above mentioned proposals do not deprive the
Shareholders’ Meeting of its full competence to, where
appropriate, accept, reject or modify them or to agree
on something different.
Shareholders will be able to obtain a full copy of
the documents that explain and justify the matters
subject to acknowledgement and resolution of the
Shareholders’ Meeting at the registered domicile
of the Company, located in Santa Rosa 76, Floor 15
(Investment and Risk Management), Santiago, Chile,
with at least fifteen days prior to the holding of this
meeting. Likewise, those will be made available, in said
opportunity, to shareholders on the Company website.
Documents already available to shareholders at the
listed locations, in relation to Dock Sud Operation,
are copies of the reports issued by the independent
evaluators IM Trust S.A. Asesorías Financieras and Itaú
BBA of Banco Itaú Chile; the report of the Directors’
Committee; the individual statements of each of the
Directors of Enersis S.A. and the Board’s collective
statement.
- On October 8th, 2014, the following was attached as
an essential fact: copy of significant fact published on
that date by Endesa S.A., domiciled in Spain, parent
of Enersis S.A., related to the essential facts previously
published on September 11th and 17th, 2014. The
significant fact reports on the approval of a new special
dividend for shareholders of Endesa S.A. and a new
dividend policy for the period 2014-2016.
- On October 16th, 2014, the following was attached as
an essential fact: copy of significant fact published by
Endesa S.A., domiciled in Spain, parent of Enersis S.A.,
which relates to the essential facts previously published
on September 11th, September 17th and October 8th,
2014. The published essential fact reports on pro-forma
consolidated financial information for the six months
period ended June 30th, 2014, together with the Special
Report produced by Ernst & Young, which was approved
by the Board of Directors of Endesa S.A. in meeting held
on October 16th, 2014
- On October 21st, 2014, attached as an essential fact,
were copies of significant fact published by Endesa
S.A., domiciled in Spain, parent of Enersis S.A., which
relates to the essential facts published previously
on September 11th, September 17th, October 8th and
October 21st, 2014. The published significant fact
reports on agreements of the Extraordinary General
Shareholders’ Meeting of Endesa S.A., held on October
21st, 2014, which approved, amongst others, the sale
to Enel Energy Europe, S.R.L., of 20.3% of the shares
of Enersis S.A. which are directly owned by Endesa S.A.
and 100% of the shares of Endesa Latinoamérica S.A.
(which owns a 40.32% stake in Enersis S.A.) totalling
8,252.9million euros.
- On October 23rd, 2014, the following was reported
as an essential fact: in relation to the essential facts
previously published on September 11th, September
17th, October 8th and October 21st, 2014, that on
October 23rd, 2014, Endesa S.A. sold to Enel Energy
Europe S.R.L. 9,967,630,058 shares, equivalent to
20.3% of the share capital of Enersis S.A., which were
directly owned by Endesa S.A. and 100% of the shares
of Endesa Latinoamérica S.A. (which in turn owns
19,794,583,473 shares representing 40.32% of the
share capital of Enersis S.A.). Said transfer was recorded
on same date in the Shareholders’ Register of Enersis
S.A.
Endesa S.A. is 92.063% controlled by Enel Energy
Europe S.RL. As a result of the reported operation,
Endesa Latinoamérica S.A. becomes 100% controlled
by Enel Energy Europe S.R.L. For its part, Enel Energy
Europe S.R.L. is 100% controlled by parent company
Enel SpA, an Italian company listed on the Milan Stock
Exchange.
Accordingly, and pursuant to the share transfers
previously mentioned, Enel S.p.A. remains the ultimate
controller of Enersis S.A., and hereinafter, such control
will be exercised through Enel Energy Europe S.R.L.,
replacing Endesa S.A., with 20.3% of the shares issued
by Enersis S.A. and through Endesa Latinoamérica
S.A., with 40.32% of the shares issued by Enersis S.A.
An explanatory control structure on Enersis S.A. is
attached.
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2014 ANNUAL REPORT ENERSIS
SIGNIFICANT EVENT OF THE ENTITY
- On October 27th, 2014, it was reported as an essential
fact that our Argentinian subsidiary Endesa Costanera
S.A. (in which Enersis has 45.39% indirect economic
interest) agreed, on said date, with Mitsubishi
Corporation, refinancing the debt it has with that
company, in conditions that are beneficial for said
subsidiary, which contributes to the restructuring of its
equity situation.
Among the main conditions of restructuring are: waiver
of accumulated accrued interests as at September 30th,
2014 amounting to US$66,061,897.09; rescheduling
maturities of capital of US$20,605,058.33 for an 18
years term, with a 12 months grace period, with total
due payment before December 12th, 2032; minimum
annual payment of US$3million of principal in quarterly
instalments; and an interest rate of 0.25% per annum;
keeping the pledge of assets and setting restrictions on
the payment of dividends. Precedent condition for the
effectiveness of the agreement is that Endesa Costanera
S.A. makes a payment of US$5million of debt due
within the next 15 business days.
The estimated financial effects, as a consequence of
the restructuring of this Endesa Costanera’s liability
on the results of Enersis S.A. as dominant company,
correspond to a gain of approximately US$62 million
($36,000 million) and a reduction of financial debt in
the consolidated financial statements of approximately
US$138 million ($80,000 million).
- On October 28th, 2014 it was reported as an essential
fact that, at the Board meeting held on October 28th,
2014, the Chairman of the Board and President of the
Company, Mr. Pablo Yrarrázaval Valdés, has decided to
resign from his position and membership of the Board.
In an upcoming Board meeting, the Chairman will be
appointed; in the meantime, and in accordance with
the provisions of Enersis S.A.’s by-laws, the current Vice
Chairman, Mr. Borja Prado Eulate, shall act as President.
The Board thanked the services provided by Mr. Pablo
Yrarrázaval who, for more than twelve years, served as
Chairman of Enersis S.A. and during this time expressed
continued support to the Company team.
system. Along with this it sets, beginning in 2014, a
gradual rate rise for the First Category tax (Companies
Income Tax), which will reach 27%, in the event the
partially integrated system is opted for.
If the selected option is attributed rent, the maximum
income tax rate will reach 25%. The law states
corporations will default to the partially integrated
system, unless a future shareholders’ meeting agrees to
opt for the attributed rent system.
On October 17th, 2014, the SVS issued Circular No.856,
whereby it was stated that notwithstanding the
provisions of the International Accounting Standards,
differences in assets and liabilities for deferred taxes
that occur as a direct effect of the increase in the tax
rate introduced by Law 20,780 shall be accounted for in
the respective year, against equity.
Enersis S.A. has made an estimate of the impact on its
Financial Statements arising from the application of
this law, assuming the implementation of the partially
integrated system, which operates by default.
For local effects, and considering the publication
of Circular No.856 cited above, the differences in
estimated assets and liabilities for deferred taxes
that occur as a direct effect of the increase in the
first category tax rate result in a net charge to equity
of $62,000million (US$103million), decreasing the
assets of the parent company in $39,500million
(approximately US$66million). These effects have been
included in the Financial Statements as at September
30th, current year.
For international purposes, Enersis S.A., listed on the
NYSE and the Latibex, will publish its annual Financial
Statements prepared in accordance with International
Financial Reporting Standards (IFRS) issued by the
International Accounting Standards Board (IASB).
The impact of the new Law No.20,780 in its Financial
Statements as at December 2014 will result in a net
charge to income tax and, therefore, a decline in profits
of parent company.
- On October 28th, 2014 the following was reported as an
essential fact:
On September 29th, 2014, Law No.20,780 was published
in the Official Gazette (Diario Oficial), which makes
changes to the system of income tax and other taxes.
The Law provides for the replacement of the current
system, as of 2017, by two alternative tax systems: the
attributed income system and the partially integrated
- On November 4th, 2014 it was reported as an essential
fact that, at the Board meeting held on said date, the
Board of Directors has appointed Mr. Jorge Rosenblut as
Chairman of the Board and president of the Company,
replacing Mr. Pablo Yrarrázaval, who resigned last
October 28th.
Likewise, the Board acknowledged that last October 30th,
Mr. Leonidas Vial Echeverría resigned from his position
as Director and member of the Directors’ Committee. On
189
this date, the Board of Enersis appointed in his place Mrs.
Carolina Schmidt Zaldívar, who assumed since this date
as an Independent Director and member of the Directors’
Committee. In the same Board meeting, Director Luigi
Ferraris resigned his position as Director of Enersis,
effective immediately, and the Board appointed as his
replacement Mr. Alberto de Paoli.
in such Argentinean subsidiaries, all of which is an
operation with related parties (the ‘Operation’).
The Operation, besides restoring the equity of
subsidiary CDS, allows maintaining the approximate
current shareholdings in that company: Enersis (40%),
YPF (40%) and Pan American Energy (20%).
Consequently, the Board of the Company and the
Directors’ Committee are now made up as follows:
Board of Directors:
Jorge Rosenblut
Borja Prado Eulate Vicepresident
Chairman
Andrea Brentan
Alberto de Paoli
Hernán Somerville Senn
Carolina Schmidt Zaldívar
Rafael Fernández Morandé
Directors’ Committee:
Hernán Somerville Senn Chairman and Financial Expert
Carolina Schmidt Zaldívar
Rafael Fernández Morandé
Also, on November 4th, 2014 the Board received the
resignation of Chief Executive Officer Mr. Ignacio
Antoñanzas Alvear and appointed Mr. Luigi Ferraris as
Chief Executive Officer of Enersis S.A., all effective as of
next November 12th, 2014.
The Board expressed its thanks to Mr. Ignacio
Antoñanzas Alvear for the successful work done while
in charge of Enersis S.A., which allowed the Company
to achieve the solid financial leadership position it now
holds, placing it as one of the leading corporations in
Chile and Latin America and making it the platform of
growth of Enel Group.
- On November 25th, 2014, it was reported as an
essential fact, in relation to the essential facts dated
October 2nd, 6th and 8th, 2014 that the Extraordinary
Shareholders’ Meeting of Enersis S.A. approved the
operation consisting of the purchase by Enersis S.A. of
credits owned by Endesa Latinoamérica S.A. against
Central Dock Sud S.A. (CDS) for US$29million and the
subsequent transformation to pesos, the waiver of
interests and contribution of the remnant of those
credits by Enersis S.A. to the capital of Inversora Dock
Sud (IDS) and subsequently, to the capital of CDS,
at face value and on similar terms by the remaining
shareholders, receiving in exchange shares issued by IDS
and CDS, respectively, in proportion to the contribution
of credits made, and in the case of Enersis, partially
amortised in cash, as well as any reduction of capital
Soon ahead and within the deadlines agreed with the
other CDS’s shareholders, the necessary steps will be
taken to materialise the Operation. During the first days
of December it will be possible to report the financial
effects of the Operation on the Company.
- On November 25th, 2014, it was reported as an essential
fact that, at its meeting on that day, the Board of Enersis
S.A. unanimously agreed to distribute, on January 30th,
2015, an interim dividend of $0.83148 per share, with a
charge to net results for the year 2014, corresponding
to 15% of net income calculated as at September 9th,
2014, in accordance with the current dividend policy of
the Company on the matter.
Also, according to the provisions of SVS Circular
No.660/86, Form No.1 was sent, which provides the
information about the agreed interim dividend, the
distribution and payment of which has been agreed
by the Board of Enersis S.A at its meeting held on
November 25th, 2014.
- On November 25th, 2014, it was reported as an essential
fact than in the meeting on this date the Board of
Directors of the Company approved a merger by
absorption of its subsidiary Inmobiliaria Manso de
Velasco Limitada (IMV) and its subsidiary ICT Servicios
Informáticos Limitada (ICT) so that the former is
extinguished, the latter surviving. ICT will be successor
to all rights and obligations of IMV, incorporating the
acquired company’s equity into its own.
IMV is a 99.99997% subsidiary of Enersis S.A., with the
remaining minority interest of 0.00003% owned by ICT
(absorbing company in the operation). For its part, ICT is
a 99% subsidiary of Enersis S.A., the remaining minority
interest of 1% owned by Chilectra S.A., also a subsidiary
of Enersis S.A.
Whereas Enersis S.A.is already parent company, controls
and consolidates both companies, this operation does
not change the values of the assets and liabilities of
the acquiring company in the Consolidated Financial
Statements of Enersis.
- On December 30th, 2014, it was reported as an essential
fact that on that date IMV, a subsidiary of Enersis S.A.,
190
2014 ANNUAL REPORT ENERSIS
SIGNIFICANT EVENT OF THE ENTITY
-
signed a sales agreement with Rentas Inmobiliaria GN
S.A. to sell all the shares the subsidiary owns, directly
and indirectly, of companies Construcciones y Proyectos
Los Maitenes S.A. and Aguas Santiago Poniente S.A.,
that make up ENEA real estate project. The sale price
of said shares was $57,173,143,000, legal currency
(equivalent to approximately US$94million at the
exchange rate on December 30th), amount paid in cash
on this same date.
The estimated effects on Enersis, as parent company,
correspond to a gain of approximately $18,666,045,000
legal currency (equivalent to approximately
US$31million at the exchange rate on December 30th).
2013
Hechos Esenciales o Relevantes
In accordance with Articles 9 and 10°, second
paragraph, of Law No. 18,045 on the Securities
Market, and the provisions of General Rule No. 30 of
the Superintendence, the following essential facts are
reported:
-
On January 8, 2013, it was reported that Empresa
Nacional de Electricidad SA (Endesa Chile), has
accepted the terms of the final and definitive amount
to compensate for the losses related to the effects of
the earthquake on February 27, 2010 reported by the
liquidator Becket SA Insurance Adjusters in a letter
dated on January 7, 2013. Such terms have also been
accepted by all the insurance companies.
Regarding the facilities of the Bocamina 1 power plant
owned by Endesa Chile, a compensation agreement has
been reached for U.S. $ 85,665,673 for loss of profits
and damages (U.S. $ 66,165,673 and U.S. $ 19,500,000
respectively) following the aforementioned earthquake.
Our subsidiary has received cash advances due to the
event in the amount of U.S. $ 42,665,673.
-
Regarding Bocamina 2, also owned by Endesa Chile,
the agreement involves compensations in the amount
of U.S. $ 112,999,528, of which U.S. $ 2,953,306
correspond to property damage and U.S. $ 110,046,222
correspond to lost profits as a result of the incident
(ALOP).
As of December 31, 2012, our subsidiary Endesa
Chile registered an amount of U.S. $ 114,711,895 in
operating income as compensation for lost profits. This
represents a profit for Enersis in the amount of U.S. $
55,043,356 after taxes and minorities.
On January 22, 2013, it was reported that in connection
with the communication of material fact dated
December 21, 2012, which accounts for the Capital
Increase approved at the Extraordinary Shareholder
Meeting held on December 20, 2012, Enersis SA
(“Enersis”) has taken steps in order to study the
placement of shares in Chile and in foreign markets
through an ADR program (as such term is defined in the
communication), with the following investment banks
/ underwriters: J.P. Morgan, BTG Pactual / Celfin, Bank
of America Merril Lynch, Banchile, BBVA, Crédit Suisse,
Deutsche Bank, Goldman Sachs, HSBC, Larraín Vial,
Morgan Stanley, Santander, Bank of Tokyo, Mitsubishi
UFJ Securities, BNP Paribas y Crédit Agricole.
It is stated that Enersis SA will provide the information
required under section II. 1b) of the communication, as
soon as it becomes aware of it.
Nothing of what was informed by means of this
essential fact constitutes an offer to sell securities in
the United States of America. The securities may not be
offered or sold in the United States without registration
or exemption from registration. Enersis intends to
register securities for public sale in the United States
of America in connection with its announced Capital
Increase.
Any public offering of securities to be made in the
United States will be made by means of a prospectus
that may be obtained from the issuer or the depositary
of securities for sale and will contain detailed
information about Enersis and its administration, as well
as its financial statements.
On January 29, 2013, our subsidiary Endesa Chile
reported that under the international arbitration
proceedings related to the differences between the
parties of the turnkey construction contract of the
Bocamina II Thermal Power Plant owned by Endesa
Chile and was initiated by a request for arbitration filed
by our Company in October 2012 at the International
Chamber of Commerce in Paris (CII), Endesa Chile
has been notified by the Technical Secretariat of the
International Chamber of Commerce in Paris that the
Consortium SES-TECNIMONT separately proceeded to
respond to the request for arbitration of Endesa Chile
containing their claims and along with that, have sued
Endesa Chile reconvenctionally in the amount of U.S. $
MM1.294, in the case of Tecnimont and U.S. $ MM15, in
the case of SES.
Our subsidiary, Endesa Chile believes that the
counterclaims are unsubstantiated, therefore our
Company will defend its position in this arbitration
191
proceeding, believing that it has the law and the facts in
this dispute and that this has justified the collection of
bank guarantee bonds due to serious breaches by the
Consortium.
In consideration of the foregoing, and bearing in mind
the lack of grounds for the claims of the plaintiffs
counterclaims, to date there is no recorded financial
impact on the assets, liabilities or results of Enersis SA or
its subsidiary Endesa Chile.
-
On January 29, 2013, our subsidiary Endesa Chile
reported that under the international arbitration
proceedings related to the differences between the
parties of the turnkey construction contract of the
Bocamina II Thermal Power Plant owned by Endesa Chile
and was initiated by a request for arbitration filed by our
Company in October 2012 at the International Chamber
of Commerce in Paris (CII), Endesa Chile has been
notified by the Technical Secretariat of the International
Chamber of Commerce in Paris that the Consortium
SES-TECNIMONT separately proceeded to respond to
the request for arbitration of Endesa Chile containing
their claims and along with that, have sued Endesa Chile
reconvenctionally in the amount of U.S. $ MM1.294, in
the case of Tecnimont and U.S. $ MM15, in the case of
SES.
Our subsidiary, Endesa Chile believes that the
counterclaims are unsubstantiated, therefore our
Company will defend its position in this arbitration
proceeding, believing that it has the law and the facts in
this dispute and that this has justified the collection of
bank guarantee bonds due to serious breaches by the
Consortium.
In consideration of the foregoing, and bearing in mind
the lack of grounds for the claims of the plaintiffs
counterclaims, to date there is no recorded financial
impact on the assets, liabilities or results of Enersis SA or
its subsidiary Endesa Chile.
-
On February 15, 2013, it is reported that in the Special
Board Meeting of Enersis held on this date, the following
agreements were reached:
1) To report the registration of shares for payment in the
register of securities of the superintendence of securities
and insurance under No. 971 dated February 13, 2013.
2) Initiate the preferential subscription period for
16,441,606,297 new payment shares issued by the
Company due to the Capital Increase approved at the
Extraordinary Shareholder Meeting of the Company held
on December 20, 2012 (the “Meeting”) beginning on
February 25, 2013 and ending on March 26, 2013. the
Board agreed to approve in due course how the shares
which are not subscribed during the period of preferent
option will be offered, as well as those corresponding to
fractioning of shares resulting from the apportionment
among shareholders in a bid period remaining under the
terms and conditions set forth by the Board. Relevant
publications were made in the El Mercurio newspaper.
3) The placement price at which such shares will be
preferentially offered to shareholders of the Company
during the preferent option period is the sum of $ 173
per share, which corresponds to the price set by the
Board.
4) Approval of documents called Form F-3, Prospectus
Supplement, F-6 and 8-A and its entry into the
Securities and Exchange Commission (SEC) in the United
States of America for the preferred offering on the New
York Stock Exchange. The Board has delegated to the
Chief Executive Officer of the Company to determine
the onset of the preferential offering period in the
United States once all the necessary arrangements for
this have been perfected.
- On February 25, 2013, the following is reported as an
essential matter of fact:
That the necessary documentation has been registered
before the Securities and Exchange Commission (SEC)
of the United States to begin the subscription period
of the Capital Increase approved by the Extraordinary
Shareholder Meeting of the Company on 20 December
2012 in the market
The documents entered before the SEC include
Form F-3, by which the issuance of these securities
is recorded, and the prospectus supplement to the
register as well as other related documents. Copies
of these documents were admitted today to the
Superintendence of Securities and Insurance pursuant
to the provisions of Circular No. 1375 of February 12,
1998.
Citibank, NA, as Depositary Bank for the American
Depositary Shares (ADSs) of Enersis. Distributed to
holders of ADSs (each such ADSs representing 50
ordinary shares) rights to subscribe ADSs at a rate of
0.504 per ADS owned by such holders at 17:00 hrs.
New York City Time on February 25, 2013. The options
about fractions of ADSs will not be distributed, and
any option on fractions will be assembled and sold by
Citibank, NA and the amount raised will be distributed
to holders of ADSs which would have been entitled to
such fractions.
192
2014 ANNUAL REPORT ENERSIS
SIGNIFICANT EVENT OF THE ENTITY
The subscription price for each ADS will be U.S. $ 19.19
per ADS, which equals $ 8,650 Chilean pesos plus an
additional 5% of that amount in order to cover potential
exchange rate fluctuations, the fee of the Trustee bank,
expenses and certain taxes. The subscription period for
shares in the United States of America will begin on
February 26, 2013 and will end on March 21, 2013 at
14:15 hrs. New York City time.
The total subscription value will be paid by Endesa
Spain by transferring all of its social rights in the
Southern Cone Holdings Ltd. partnership, which were
approved as a contribution of noncash property by
the Enersis Extraordinary Shareholder Meeting on
December 20, 2012. That contribution was valued by
that corporate body in the sum of $ 1,724,400,000,034
indicated above.
Preferred ADS options will trade on the New York Stock
Exchange under the symbol “ENI RT”. The beginning of
the transaction is expected on February 26, 2013 and
will continue until March 15, 2013.
Until the suspension condition which is affecting the
said Capital Increase is not verified, the conclusion of
that contract to subscribe for shares has no financial
impact on the assets, liabilities or results of Enersis SA.
J. P. Morgan, BTG Pactual and BofA Merrill Lynch
have been hired as Global Coordinators and Joint
Bookrunners for the offering. Banchile, BBVA, Credit
Suisse, Deutsche Bank Securities, Goldman, Sachs
& Co., HSBC, Larrain Vial, Morgan Stanley and
Santander have been contracted as underwriters
(“Bookrunners”) and BNP Paribas, Credit Agricole CIB
and Mitsubishi UFJ Securities have been contracted as
Co-Managers.
- On March 14, 2013, the following is reported as an
essential matter of fact:
On today, the transfer to Endesa Latinoamérica SA,
the controlling shareholder of Enersis SA and holder
of 60.62% of the share capital of the Company made
to Endesa, SA (Endesa Spain) of all of its options of
preferent subscription in the ongoing Capital Increase
of Enersis SA, equivalent to 9,967,630,058 options for
a total acquisition value of $ 32,783,535,261 has been
registered. The value paid by Endesa SA to Endesa
Latinoamérica SA is equivalent to $ 3.289 per option,
value at which the options were trading at the closing
on March 12, 2013.
This has no financial effect on the assets, liabilities or
results of Enersis SA.
-
On March 21, 2013, the following is reported as an
essential matter of fact:
On today, Endesa, SA (Endesa Spain), comptroller of
Enersis SA, exercised all of the preferential subscription
rights that were granted by its subsidiary Endesa
Latinoamérica, SA, through the holding of a share
subscription agreement with Enersis SA. The contract
accounts for the subscription of 9,967,630,058 ordinary
shares for the ongoing Capital Increase of Enersis SA at
a value of 173 pesos per share, corresponding to a total
subscription value of 1,724,400,000,034 Chilean pesos,
in legal tender.
-
On March 22, 2013, the following is reported as an
essential matter of fact:
On today, Citibank NA, in its capacity as Depositary
Bank for ADR holders of Enersis SA, has communicated
that at the end of the preferred offering in the market
of the United States of America, which ended on
Thursday March 21 2013 at 12:15 (Time of the City of
New York) preemptive rights for a total of 33,508,834
American Depositary Shares have been exercised,
equal to 1,675,441,700 ordinary shares for the ongoing
Capital Increase of Enersis SA, with a total subscription
value of $ 624,939,754.10 of the United States of
America Dollars.
Until the suspension condition which is affecting
the said Capital Increase is not verified, the above
subscriptions ADR lack financial impact on the assets,
liabilities or results of Enersis SA.
Also note that Enersis SA and its subsidiary Empresa
Eléctrica de Colina Limitada, dated yesterday formed a
company called “INVERSIONES SUDAMÉRICA LIMITADA”,
based in Santiago de Chile, which will aim to develop
and carry out, at home or abroad, all the investments
and / or businesses, especially investment in the power
sector and related industries, for itself or their parties,
either directly or through subsidiaries or affiliated
companies. The capital of this new subsidiary is the
amount of 10,000,000 Chilean pesos, which will be
contributed and paid in cash by the partners as follows:
Enersis SA, 99.99999%, i.e. 9,999,999 Chilean pesos;
and Empresa Eléctrica de Colina Limitada, 0.00001%,
this is 1 Chilean peso.
- On March 25, 2013, it is reported that on the Special
Board Meeting of the Company held on this date, the
following agreements were adopted:
1. Declare fulfilled the condition precedent to which is the
Capital Increase of the company is subject to, agreed by
193
Extraordinary Shareholder Meeting held on December
20, 2012, in connection with the public offering of
16,441,606,297 payment shares. The fulfillment of the
precedent condition is in line with the terms approved
by the aforementioned Shareholders.
Under this condition, all contracts for shares that were
subject to subscription and payment by shareholders
and / or third parties either in the preferent subscription
period or the remnant subscription period, at least
3,169,224,294 shares so as to allow the Company
controller to subscribe and pay 9,967,630,058 shares,
not exceeding the legal and statutory maximum
concentration limit of 65% of the voting capital of the
Company.
2. Approve the text of the notice to be published in
the El Mercurio newspaper on April 26, 2013, which
will inform the public on the compliance with this
precedent condition, as a result of which all share
subscription contracts will produce the integrity of its
legal effects and, therefore proceed to the registration
of the shares on behalf of the respective holder in the
register of shareholders of Enersis and will be regarded
as the date of subscription of the shares, the date on
which the shareholder or third party has subscribed the
contract to subscribe the shares.
3. Authorize the Chief Executive Officer, Don Ignacio
Antoñanzas Alvear, to report compliance with the
Condition and to publish the notice of the result to
the Central Securities Depository and to the Santander
Bank.
Given that the aforementioned Capital Increase operation
is ongoing, the financial impact on the assets, liabilities
or results of Enersis SA will be timely communicated on
completion of the said Capital Increase.
-
On March 27, 2013, it is reported that in the Special
Board Meeting of the Company held on this date, the
following agreements were adopted:
1. Make known the result of the placement of the shares
of the ongoing Capital Increase during the preferential
offer ended on March 26, 2013 at midnight, in which a
total of 16,284,562,981 shares were subscribed, a total
of 16,441,606,297 shares, which represents a placement
of 99.04% of the shares authorized for issuance.
Consequently, there is a balance of 157,043,316 shares
yet to be placed. The amounts shown above include the
shares subscribed in the local market and abroad.
2. Making the offer of the remnant 157,043,316 shares,
this will be conducted by an auction in the Santiago
Stock Exchange, to be held on Thursday, March 28,
2013
Given the aforementioned Capital Increase operation
is ongoing, the financial impact on the assets,
liabilities or results of Enersis SA will be timely
communicated on completion of the above
mentioned Capital Increase
-
On March 27, 2013, the following is reported as an
essential matter of fact:
That on Thursday March 28, 2013 at 12:30 pm, the
auction of 157,043,316 shares of Enersis SA will be held
on the Santiago Stock Exchange. Those shares were not
those which were placed in the preferent subscription
period of the ongoing Enersis Capital Increase
The auction will be divided into 15 lots of 10,000,000
shares each and a lot of 7,043,316 shares. Only ordinary
shares will be offered. No ADRs will be auctioned.
The minimum price of the auction will be 178 Chilean
pesos per share.
- On March 28, 2013, the following is reported as an
essential matter of fact:
On today, Thursday March 28, 2013 at 12:30 pm via
Celfin Capital SA Brokers and Merrill Lynch SpA Stock
Brokers we proceeded to sell at auction in the Santiago
Stock Exchange a total of 157,043,316 shares of first
issuance of Enersis SA at a price of 182.3 Chilean pesos
per share. The total amount raised by the auction
amounted to a total of 28,628,996,507 Chilean pesos.
The above mentioned auction ends the offer of the
remnant of the Enersis Capital Increase which was
approved by the extraordinary shareholder meeting on
December 20, 2012, with a subscription of 100% of the
total shares placing.
This is the largest Capital Increase conducted in Chile and
positions Enersis SA as the only vehicle for expansion in
South America for the Enel-Endesa Group in the field of
conventional energy, being given the necessary resources
to undertake its growth in the region.
The Capital Increase has allowed the incorporation
of all the assets that make up the equity of Cono Sur
Participaciones S.L, provided by Endesa Spain and
brings equity interests of the generation, transmission
and distribution sectors of Chile, Peru, Colombia, Brazil
and Argentina and in turn, allow to raise the sum of
1,121,458,392,186 Chilean pesos, which includes a
194
2014 ANNUAL REPORT ENERSIS
SIGNIFICANT EVENT OF THE ENTITY
premium of placement of shares of 1,460,502,839
Chilean pesos.
Finally, note that once the periods of Preferential
Offer and the Capital Increase Remnant ended, a
total of 16,441,606,297 shares, corresponding to
2,845,858,392,220 Chilean pesos, so which the total
capital Enersis will amount to 5,669,280,724,381
Chilean pesos has been fully subscribed and is in the
process of being fully paid.
- On April 16, 2013, Enersis SA reported that in the
Ordinary Shareholder Meeting held today, it has been
agreed to distribute a minimum mandatory dividend
(partly composed of Interim Dividend No. 86), and
an additional dividend, amounting to a total of $
188,675,260,500. Given that the said Interim Dividend
No. 86 has already been paid, it shall distribute and pay
the remainder of the Final Dividend No. 87, amounting to
$ 148,991,647,050, equivalent to $ 3,03489 per share.
- On April 16, 2013, Enersis SA reported that at the
Ordinary Shareholders Meeting held today, a new
Board of Directors was appointed for the company
for a period of three years, made up of the following
persons:
Mr. Pablo Yrarrázaval Valdés
Mr. Borja Prado Eulate
Mr. Andrea Brentan
Mr. Luigi Ferraris
Mr. Hernán Somerville Senn
Mr. Leonidas Vial Echeverría
Mr. Rafael Fernández Morandé
In a board meeting held following the above ordinary
shareholder meeting, Mr. Pablo Yrarrázaval Valdés was
elected as Chairman of the board and, Mr. Borja Prado
Eulate as Vice Chairman, and as secretary of the Board,
Mr. Domingo Valdés Prieto.
Also at the aforementioned board meeting the board
proceeded to the appointment of the Directors
Committee governed by Law 18,046 of stock trading
corporations and the Sarbanes Oxley Act, which
was composed of the Directors: Hernán Somerville
Senn, Leonidas Vial Echeverria and Rafael Fernández
Morandé. In accordance with the provisions of Bulletin
No. 1,956 of the Superintendence of Securities and
Insurance, reported that the three aforementioned
directors are independent directors.
Finally, it is communicated that the Board of Enersis has
appointed director Hernán Somerville Senn as Financial
Expert of the Directors Committee.
- On May 16, 2013 and in accordance with the provisions
of Articles 9 and 10 °, second paragraph, of Law 18,045,
on the Securities Market and the provisions of General
Rule No. 30 of the Superintendence it is reported as
an essential matter of fact that, on May 15, 2013 in
the Republica Argentina Ruling SE No. 250/13 of the
Ministry of Energy, Ministry of Federal Planning, Public
Investment and Services (the “Ruling” ) was published,
which authorizes compensation for the debt that our
subsidiary Empresa Distribuidora Sur SA (“EDESUR”)
recorded regarding income derived from the
implementation of the Program for the Rational Use of
Electric Energy until February 2013, with the credit for it
arising from the recognition that the same Ruling makes
of the Cost Monitoring Mechanism for the six-month
periods included between May 2007 and February
2013.
Additionally, the aforementioned Ruling instructed
the Compañía Administradora de Mercado Mayorista
Eléctrico Sociedad Anónima (“CAMMESA”) to issue
Liquidations of Sales with a due date to be defined
(the “liquidations”) for the excess compensation values
mentioned and authorized Cammesa to receive such
Liquidations as part-payment of debts by economic
transactions in the Wholesale Electricity Market
(“MEM”) and other debts EDESUR maintains with it.
Finally, it instructs EDESUR to give the surplus to the
Trust consisting of ENRE Ruling No. 347 of November
23, 2012 and its withdrawal of administrative claims
filed by requesting recognition of higher costs in excess
of the Cost Monitoring Mechanism stated in the Ruling
and the comprehensive rate review.
Flat rate, the financial effects of the Ruling on the
consolidated results of Enersis SA are estimated at the
equivalent of about USD $ 398 million in EBITDA and
in approximately the equivalent of $ 327 million in the
result line, Net of Minorities.
- On May 29, 2013 and in accordance with the provisions
of Articles 9 and 10 °, second paragraph, of Law 18,045,
on the Securities Market and the provisions of General
Rule No. 30 of the Superintendence it is reported as an
essential matter of fact in regular Session of the board
of directors of Enersis SA held as of May 29, 2013, has
agreed to propose the relevant corporate bodies to
their subsidiaries Inversiones Sudamérica Limitada
(99.99999% Officer) and Cono Sur Participaciones,
S.L.U. extinguishing the latter. Cono Sur Participaciones,
S.L.U. is the company through which Endesa Spain,
controller of Enersis SA, paid in kind corresponding
to its shareholding proportion in the Capital Increase
approved by the Extraordinary Enersis SA Shareholder
meeting on December 20, 2012.
195
Also it was authorized, that once the aforementioned
merger by absorption, Enersis SA advanced with the
acquisition of the minority shareholding of 0.00001%
its subsidiary Empresa Eléctrica de Colina limitada
owns in Inversiones Sudamérica Limitada. Due to this
acquisition all Property of Inversiones Sudamérica
in Enersis SA, will be gathered at that time, as the
direct owner of all the shares in South America that
were contributed by Endesa Spain during the Capital
Increase.
- On July 4, 2013 the merger by absorption has been
perfected between Inversiones Sudamérica Limitada
(subsidiary at 99,99999% of Enersis) and Cono Sur
Participaciones, S.L.U. (100% subsidiary of Enersis), the
latter becoming extinct. This merger has produced all its
effects retroactively as of July 1, 2013.
Cono Sur Participaciones, S.L.U. was the corporation
by which Endesa Spain, controller of Enersis, made the
payment corresponding to its shareholding proportion
in the Capital Increase approved by the Enersis
Extraordinary Shareholder Meeting dated in December
2012.
- On November 26th 2013, Enersis S.A. informed that in
meeting of the same date, the Board of Enersis S.A.
unanimously agreed to distribute, on January 31st,
2014, an interim dividend of $1.42964 per share, to be
charged to year 2013’s results, which correspond to
15% of net profit calculated as at September 30th, 2013,
in accordance with the current Company’s dividend
policy.
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2014 ANNUAL REPORT ENERSIS
SIGNIFICANT EVENT OF THE ENTITY
197
Identification of the
Subsidiaries and
Associates
Companies
198
2014 ANNUAL REPORT ENERSIS
IDENTIFICATION OF THE SUBSIDIARIES AND ASSOCIATES COMPANIES
AGRÍCOLA DE CAMEROS
Name
Sociedad Agrícola de Cameros Limitada
Type of entity
Limited parttnership
TAX ID
77,047,280-6
Address
Camino Polpaico a Til-Til, S/N
Til-Til, Chile
Phone number
(56 2) 2378 4700
Subscribed and paid capital (Th$)
5,738,046
Corporate purpose
The exploitation of agricultural land
Core business
Real estate and agriculture
Administration
By-laws include a Board of Directors:
Regular Directors
Andrés Jaime Salas Estrades
Fernando Gardeweg Ried
Hugo Ayala Espinoza
Alternate Directors
Jorge Carnevali Flores
Ingrid Morales Ávila
Fernando Krebs Labarca
Senior Executives
Hugo Ayala Espinoza
General Manager
Business Relations
Services’ Contract by Enersis: Provision of Internal
Audit and Compliance Control Services, Price:
UF amount per hour worked, that Enersis’ staff
dedicate to the contracted services.
Enersis stake
(direct and indirect)
57.50% - No variation.
AMPLA ENERGÍA
Name
Ampla Energia e Serviços S.A.
Type of entity
Publicly held Limited Liability Company
Address
Praça Leoni Ramos, N° 01, São Domingos, Niteroi,
Río de Janeiro, Brasil
Phone number
(55 21) 2613 7000
Subscribed and paid capital (Th$)
297,196,548
Corporate purpose
Study, plan, project, build and explore electricity
production, transmission, transformation,
distribution and sale systems, and provide related
services that have been or may be conceded; carry
out research in the energy sector, participate in
regional , national or international organizations
dedicated to the planning, operation, technical
Exchange and business development related to the
electricity industry and participate as a shareholder
in other companies in the energy sector, even
within the framework of Brazil´s privatization
program.
Core business
Distribution of electricity.
Board of Directors
Mario Fernando de Melo Santos (Chairman)
Antonio Basilio Pires e Albuquerque (Vicechairman)
Nelson Ribas Visconti
Luciano Galasso Samaria
Ramón Francisco Castañeda Ponce
José Távora Batista
José Alves de Mello Franco
Otacilo de Souza Junior
Main executives
Marcelo Llévenes Rebolledo
Chairman
José Alves de Mello Franco
Bruno Golebiovsky
Carlos Ewandro Naegele Moreira
Claudio Rivera Moya
Déborah Meirelles Rosa Brasil
Teobaldo José Cavalcante Leal
Janaina Savino Vilella Carro
Claudio César Weyne da Cunha
Commercial relations
The company has no commercial relations with
Enersis.
Enersis stake
(direct and indirect)
92.03 %
Proportion of Enersis assets
1.97%
AYSÉN ENERGÍA
Name
Aysén Energía S.A.
Type of entity
Private company.
TAX ID
76,091,595-5
Address
Miraflores 383, Of. 1302, Santiago, Chile
Phone number
(562) 2713 5000
Subscribed and paid capital (Th$)
4,900
Corporate purpose
To comply with ordinance from Free Competition’s
Defence Court as per Resolution No.30 dated
May 26th, 2009; to comply with the commitment
undertaken by HidroAysén S.A. with the
community of Aysén XI Region, in the framework
of development of Aysén Hydroelectric Project,
to provide this region with a lower cost electricity
offer, through the development, financing,
ownership and exploitation of electricity
generation and transmission projects in the
region. To comply with the former, the company
may develop, amongst others, the following
activities,: a) electricity production through any
generating means, its supply and sale, b) electricity
transmission, c) provision of services related to its
Corporate Purpose,, d) to request, obtain or acquire
and benefit from concessions, rights and permits
as required.
Core business
Electricity generation (project)
Board of Directors
Vacant (Chairman)
Paulo Domingues Dos Santos
Ramiro Alfonsín Balza
Bernardo Larraín Matte
Luis Felipe Gazitúa Achondo
Juan Eduardo Vásquez
Alternate Directors
Ignacio Quiñones Sotomayor
Sebastián Fernández Cox
Fernando Prieto Plaza
Eduardo Lauer Rodríguez
Sebastián Moraga Zuñiga
Ignacio Cruz Zabala
Main executives
Camilo Charme Ackerman
Commercial relations
The company has no commercial relations with
Enersis.
Enersis stake
(direct and indirect)
30.59%
AYSÉN TRANSMISIÓN
Name
Aysén Transmisión S.A.
Type of entity
Private company recorded at the Securities Registry
of the SVS
TAX ID
76,041,891-9
Address
Miraflores 383, Of. 1302, Santiago, Chile
Phone number
(562) 2713 5000
Subscribed and paid capital (Th$)
22,368
Corporate purpose
Develop, and alternatively or additionally
manage, the electricity transmission systems
required by the hydroelectric generation
project that Hidroaysén is planning to build
in the 11th Region of Aysén, del general Carlos
Ibáñez del Campo. In order to do so, the following
activities are Included in its corporate purpose: a)
the design, development, construction, operation,
ownership, maintenance and exploitation of
electricity transmission systems, b) electricity
transportation, and c) procurement of services
related to Its corporate purpose
Core business
Electricity transmission
Board of Directors
Vacant
Paulo Domingues Dos Santos
Ramiro Alfonsín Balza
199
José Ignácio Pires Medeiros
Carlos Ewandro Naegele Moreira
José Alves de Mello Franco
Ana Cláudia Goncalves Rebello
Teobaldo José Cavalcante Leal
Janaina Savino Vilella Carro
Claudio César Weyne da Cunha
Guilherme Gomes Lencastre
Commercial relations
The company has no commercial relations with
Enersis.
Enersis stake
(direct and indirect)
84.17%
CENTRAL DOCK SUD S.A.
Razón social
Central Dock Sud S.A.
Type of entity
Private company
Address
Avenida Debenedetti 1636
Dock Sud Avellaneda
Phone number
4229-1000
Subscribed and paid capital (Th$)
88,346,901
Corporate Purpose
The corporate purpose of the company is the
generation of electricity and its block sale. The
company may carry out any supplementary and
subsidiary activities linked to its corporate purpose,
having to that effect full legal capacity to acquire
rights and commit obligations and execute all
acts not forbidden by law, by these By-laws, the
Document of the International Public Tender for
the Sale of Central Dock Sud S.A’s Shares, or by any
applicable regulation.
Bernardo Larraín Matte
Luis Felipe Gazitúa Achondo
Juan Eduardo Vásquez
Alternate Directors
Ignacio Quiñones Sotomayor
Sebastián Fernández Cox
Fernando Prieto Plaza
Eduardo Lauer Rodríguez
Cristián Morales Jaureguiberry
Sebastián Moraga Zuñiga
Main executives
Camilo Charme Ackerman
CEO
environmental impact studies, consultancy services
in general in all specialities. Likewise, its purpose
shall also be the catchment, extraction, treatment,
desalination, transportation, distribution, trade,
delivery and supply of sea water in every state, be it
natural, potable, desalinated, or else treated, of its
own account or through third parties.
Core business
Electricity Generation.
Board of Directors
Alejandro García Chacón (Chairman)
Alan Fischer Hill
Humberto Espejo Paluz
Commercial relations
The company has no commercial relations with
Enersis.
Main executives
Eduardo Soto Trincado
CEO
Enersis stake
(direct and indirect)
30.59% - No variation.
CELTA
Name
Compañía Eléctrica Tarapacá S.A.
Type of entity
Private company
TAX ID
96,770,940-9
Address
Santa Rosa 76, Santiago, Chile
Phone number
(562) 2630 9000
Subscribed and paid capital (Th$)
331,770,543
Corporate purpose
Exploitation of electricity production, transmission,
distribution and supply, both locally and abroad,
for which it may obtain, acquire and benefit from
the respective concessions and grants. Additionally
its purpose shall also be the purchase and sale of
natural gas, liquefied natural gas and diesel oil; to
promote and develop renewable energy projects;
to identify and develop Clean Development
Mechanisms (Mecanismos de Desarrollo Limpio:
MDL) and to act as depositary and trader of
Emissions’ Reduction Certificates obtained from
said projects. Additionally, the company will make
or participate in all kinds of investments, especially
related to the electrical business; it may particularly
make, maintain and manage investments in energy
projects linked to societies Gasoducto Atacama
Compañía Limitada, Gasoducto Cuencanoroeste
Limitada and Nor Oeste Pacífico Generación de
Energía Limitada; as well as in Administradora
Proyecto Atacama S.A. or in its legal successors.
Likewise, the corporate purpose shall cover
the renting, purchase, sale, administration and
exploitation, of its own account or through third
parties, of all kind of movable property, real estate,
securities and other negotiable instruments,
carry out studies and consultancies, provide all
kind of services, including engineering services,
works inspections, inspection and reception of
materials and equipment, laboratory, experts’
opinion, business management in its several fields,
environmental consultancy, including carrying out
Commercial relations
(i) Contract for Service Provision Contract by Enersis:
Internal audit and compliance control. Price:
UF amount per worked hour that Enersis’ staff
dedicated for the provision of services.
(ii) Contract for Service Provision by Enersis:
Communication, Global Services, Human Resources
Administration and Equity Management. Price:
monthly amount expressed in UF.
Enersis stake
(direct and indirect)
61.49%
Proportion of Enersis assets
0.18%
CENTRAIS ELÉTRICAS
CACHOEIRA DOURADA S.A.
Name
Centrais Elétricas Cachoeira Dourada S.A.
Type of entity
Closely-held corporation.
Address
Rodovia GO 206, Km 0, Cachoeira Dourada Goiania
Goiás, Brasil
Core business
Electricity Generation
Phone number
(55 62) 3434 9000
Subscribed and paid capital (Th$)
14,728,959
Corporate purpose
The corporate purpose of the Company is the carrying
out of studies, planning, construction, installation,
operation and exploitation of electricity generation
plants, and the trade related to these activities.
Likewise, the company may foster or participate
in other societies formed for the production of
electricity, in or out of the Sate of Goiás.
Core business
Electricity Generation
Board of Directors
Marcelo Llévenes Rebolledo
Ana Cláudia Goncalves Rebello
Luis Larumbe Aragón
Main executives
Vacant
CEO
Manuel Herrera Vargas
Board of Directors
Héctor Martín Mandarano
Alejandro Héctor Fernández
Gaetano Salierno
Roberto José Fagan
Fabrizio Allegra
Pablo Vera Pinto
Gerardo Zmijak
Rodolfo Eduardo Berisso
Paula María García Kedinger
Alternate Directors
Fernando Claudio Antognazza
María Inés Justo Borga
Daniel Martini
Nicolás Turtutiello
Jorge Peña
Alfredo Aguilar
Raúl Ángel Rodríguez
Julián Matías Ferreiro
Daniel Gustavo Ciaffone
Main executives
Daniel Garrido
CEO
Miguel Fernández Moores
CFO
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2014 ANNUAL REPORT ENERSIS
IDENTIFICATION OF THE SUBSIDIARIES AND ASSOCIATES COMPANIES
Santiago Sajaroff
Oscar Rigueiro
Graciela Babini
Commercial relations
The company has no commercial relations with
Enersis.
Enersis stake
(direct and indirect)
40.25%
CENTRAL GERADORA
TERMELÉCTRICA FORTALEzA
S.A.
NAME
CENTRAL GERADORA TERMELÉCTRICA FORTALEZA
S.A.
Type of entity
Private company
Address
Rodovia 422, Km 1 s/n, Complexo Industrial e
Portuário de Pecém Caucaia
Ceará, Brasil
Phone number
(55 85) 3464-4100
Subscribed and paid capital (Th$)
34,781,800
Corporate purpose
To study, project, construct and explore electricity
production, transmission, distribution and trading
systems, awarded, permitted or authorised by any
rights title, as well as any other activity related
to the aforementioned activities; acquisition,
obtaining and exploration of any right, concession
or privilege related to the aforementioned
activities, as well as the practice of all other acts
and businesses necessary to reach its purpose;
and participation in other companies’ or societies’
corporate capital, as shareholder, partner or on
account of participation, whichever its purpose is.
Core business
Electricity Generation.
Board of Directors
Marcelo Andrés Llévenes Rebolledo
Ana Claudia Gonçalves Rebello
Luis Larumbe Aragón
Main executives
Manuel Herrera Vargas
CEO
Raimundo Câmara Filho
Teobaldo José Cavalcante Leal
José Ignácio Pires Medeiros
José Alves de Mello Franco
Ana Cláudia Goncalves Rebello
Janaina Savino Vilella Carro
Claudio César Weyne da Cunha
Commercial relations
The company has no commercial relations with
Enersis.
Enersis stake
(Direct and indirect)
84.38%
CENTRAL VUELTA OBLIGADO
TAX ID
76,652,400-1
Name
Central Vuelta Obligado S.A.
Type of entity
Private company
Address
Av. Thomas Edison 2701
Ciudad Autónoma de Buenos Aires, Argentina
Phone number
(5411) 5533 0200
Subscribed and paid capital (M$arg)
500
Corporate purpose
Generation of electricity and its trading by
blocks and particularly, equipment purchasing
management, construction, operation and
maintenance of a thermal power plant named
Vuelta Obligado complying with “ Management
and Operation of Projects, Increase of Thermal
Generation Availability and Generation
Compensation Adaptation 2008-2011 Agreement”
agreed upon November 25, 2010 by the National
State and the signing Generation companies.
Core business
Construction of a thermal plant called Central
Vuelta de Obligado.
Board of Directors
José María Vázquez (Chairman)
Eduardo Nitardi (ViceChairman)
Roberto José Fagan
Fernando Claudio Antognazza
Alternate Directors
Leonardo Marinaro
Juan Carlos Blanco
Daniel Garrido
Adrian Salvatore
Main executives
Eduardo Nitardi
CEO
Carlos Lujambio
Commercial Officer
Alberto Garmendia
Technical Officer
Lilian Naccarelli
CFO
Alejandro Louzau
Legal Councel
Commercial relations
The company has no commercial relations with
Enersis.
Enersis stake
(direct and indirect)
16.18%
Address
Santiago, Chile, Miraflores 383,
oficina 1302.
Coyhaique, Chile, Baquedano 260.
Cochrane, Chile, Teniente Merino 324.
Phone number
(562) 2713 5000
Subscribed and paid capital (Th$)
175,445,662
Corporate purpose
The development, financing, ownership and
exploitation of a hydroelectric project, the “Aysén
Project”, in the 11th Region of Aysén, which
contemplates an estimated capacity of 2,750
MW distributed between five hydroelectric
plants. In order to comply with its purpose, the
following activities form part of its purposes: a)
the production and transport of electricity; b) the
supply and sale of electricity to its shareholders; c)
the administration, operation and maintenance
of hydraulic works, electrical systems and
hydroelectric generating plants.
Core business
Electricity Generation (proyect).
Board of Directors
Vacant
Paulo Domingues Dos Santos
Ramiro Alfonsín Balza
Bernardo Larraín Matte
Luis Felipe Gazitúa Achondo
Juan Eduardo Vásquez
Alternate Directors
Ignacio Quiñones Sotomayor
Sebastián Fernández Cox
Fernando Prieto Plaza
Eduardo Lauer Rodríguez
Ignacio Cruz Zavala
Sebastián Moraga Zuñiga
Main executives
Camilo Charme Ackerman
CEO
Commercial relations
La empresa no tiene relaciones comerciales con
Enersis
Enersis stake
(direct and indirect)
30.59%
CIEN - Compañía de
Interconexión Energética S.A.
Name
CIEN - Compañía de Interconexión Energética S.A.
CENTRALES
HIDROELÉCTRICAS DE AYSÉN
Type of entity
Sociedad Anónima de capital cerrado
Name
Centrales Hidroeléctricas de Aysén S.A.
Type of entity
Private company constituida en la ciudad de
Santiago, Chile, inscrita en el Registro de Valores
de la SVS
Address
Praça Leoni Ramos, N° 1, piso 6, Bloco 2, São
Domingos, Niterói
Río de Janeiro, Brasil
Phone number
(55 21) 3607 9500
201
Subscribed and paid capital (Th$)
65,253,669
Corporate purpose
The purpose of the company is the production,
industrialization, distribution and trading of
electricity, including the import and export
activities. In view of achieving the purposes
mentioned above, the company will promote
the study, planning and construction of facilities
for production systems, transmission, conversion
and distribution of electricity by capturing the
necessary investment to develop the activities and
by providing services. Beyond the purposes referred
to, the company may promote the implementation
of associated products, as well as inherent, ancillary
or complementary activities to services and jobs
that cometh to provide. To carry out the activities
necessary to achieve its goals, the company may
participate in other societies.
Core business
Electricity transmission.
Board of Directors
Marcelo Andrés Llévenes Rebolledo
Ana Claudia Gonçalves Rebello
José Augustín Venegas Maluenda
Main executives
Guilherme Gomes Lencastre
CEO
Manuel Herrera Vargas
José Ignácio Pires Medeiros
Carlos Ewandro Naegele Moreira
Teobaldo José Cavalcante Leal
José Alves de Mello Franco
Ana Cláudia Goncalves Rebello
Janaina Sabino Vilella Carro
Claudio César Weyne da Cunha
Commercial relations
The company has no commercial relations with
Enersis.
Enersis stake
(direct and indirect)
84.38%
CHILECTRA
Name
Chilectra S.A.
Type of entity
Sociedad Anónima Abierta
TAX ID
96,800,570-7
Address
Santa Rosa 76, piso 8.
Santiago, Chile
Phone number
(56 2) 2675 2000
Subscribed and paid capital (Th$)
367,928,682
Corporate purpose
Exploit in Chile or abroad the distribution and sale
of hydraulic, thermal, heat or any kind of electricity,
as well as the distribution, transport and sale of
fuels of any kind, supplying this energy or fuel
directly or through other companies to as many
customers possible.
Core business
Distribution of electricity.
Board of Directors
Livio Gallo
Juan María Moreno Mellado
Marcelo Llévenes Rebolledo
Hernán Felipe Errázuriz Correa
Elena Salgado Méndez
Main executives
Andreas Gebhardt Strobel
CEO
Gianluca Caccialupi
Deputy CEO
Gonzalo Vial Vial
Daniel Gómez Sagner
Enrique Fernández Pérez
Ramón Castañeda Ponce
Jaime Muñoz Vargas
Gloria Salgado Rubilar
Héctor Villouta Sanhueza
Luciano Galasso Samaria
Jean Paul Zalaquett Falaha
Commercial relations
(i) Contract for services provision by Enersis:
Comprehensive Supply Service, Materials
Procurement Management, Contracting of Works,
Services and Consultancies, Reception, Storage and
Supply of Recurrent and Non recurrent Materials,
Sales Agent. Price: Mark-up over average price of
consumed materials.
(ii) Contract for services provision by Enersis:
Financial Management, management and
corporative services. Price: Monthly amount fixed
in UF.
(iii) Contract for utilisation of Estadio Lo Sáez,
located at Carlos Medina 858, Independencia,
Price: Monthly amount fixed in UF per Chilectra
worker.
(iv) Commercial current accounts
(v) Contract by means of which Enersis rents
Chilectra a set of equipment and electric facilities
related with 220kV transmission. Price is a monthly
amount in UF.
(vi) Contract for administration services provision
by Enersis. Price: Monthly amount fixed in UF.
Enersis stake
(direct and indirect)
99.09% - No variation.
Proportion of Enersis assets
6.94%
Corporate purpose
Exploit abroad, for its own or through third
parties, the distribution and sale of electricity. It
may make investments in foreign companies and
make all kind of investments in all kind of financial
instruments, such as; bonds, debentures, debt titles,
credits, negotiable securities or other financial or
commercial documents, all with to the objective
of obtaining their natural and civil returns. In
order to do so, it may constitute, amend, dissolve
and liquidate companies in foreign countries and
develop all other activities that are complementary
and/or related to the above mentioned businesses.
Core business
Investments
Board of Directors
Ramón Castañeda Ponce
Francisco Miqueles Ruz
Gonzalo Vial Vial
Main executives
Francisco Miqueles Ruz
CEO
Commercial relations
Contract for services provision by Enersis: Provision
of internal audit and compliance control services.
Price: UF amount per worked hour that Enersis’
staff dedicates to the contracted services.
Enersis stake
(direct and indirect)
99.09% - No variation.
CHINANGO
Name
Chinango S.A.C.
Type of entity
Private company
Address
Avda, Víctor Andrés Belaúnde 147, Edificio Real 4,
piso 7, San Isidro
Lima, Perú
Subscribed and paid capital (Th$)
54,074,627
Corporate purpose
The main purpose of the company is electricity
generation, trading and transmission, being able
to perform all acts and hold all contracts that the
Peruvian law allows for such purposes.
CHILECTRA INVERSUD
Core business
Electricity Generation.
CEO
Edegel S.A.A., represented by Julián Cabello Yong
Commercial relations
The company has no commercial relations with
Enersis.
Enersis stake
(direct and indirect)
46.88% (No variation)
Name
Chilectra Inversud S.A.
TAX ID
99,573,910-0
Type of entity
Private company
Address
Santa Rosa 76, piso 8
Santiago, Chile
Phone number
(56 2) 2675 2000
Subscribed and paid capital (Th$)
265,306,227
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IDENTIFICATION OF THE SUBSIDIARIES AND ASSOCIATES COMPANIES
CHOCÓN
Name
Hidroeléctrica El Chocón S.A.
Type of entity
Corporation
Address
Avda, España 3301
Buenos Aires, Argentina
Subscribed and paid capital (Th$)
21,424,191
Corporate purpose
Electricity Generation and its block comercialization
Core business
Electricity Generation.
Board of Directors
Joaquín Galindo Vélez (Chairman)
José María Hidalgo Martín Mateos (ViceChairman)
Eduardo Escaffi Johnson
Roberto Fagan
Alex Daniel Horacio Valdez
Juan Carlos Nayar
Sergio Maschio
Alternate Directors
Jorge Raúl Burlando Bonino
Juan Carlos Blanco
Ramiro Alfonsin
María Inés Justo
Sebastian Eduardo Guasco
Fernando Carlos Boggini
Gustavo Alejandro Nagel
José Luis Zuñiga
Main executives
Nestor Srebernic
CEO / Production Officer
Fernando Carlos Luis Boggini
CFO
Cristian Vargas
Commercial Officer
Rodolfo Silvio Bettinsoli
Human Resources Officer
Commercial relations
The company has no commercial relations with
Enersis.
Enersis stake
(direct and indirect)
39.21% - No variation.
CODENSA
Name
Codensa S.A. E.S.P.
NIT: 830,037,248-0
Type of entity
Sociedad anónima de carácter privado – Empresa
de servicios públicos domiciliarios
Address
Carrera 13 A #93-66
Bogotá, Colombia
Phone number
(57 1) 601 6060
Subscribed and paid capital (Th$)
3,367,330
Corporate purpose
The company’s main purpose is the distribution
and sale of electricity, as well as all similar,
connected, complementary and related activities
with respect to electricity distribution and sale;
the execution of electrical engineering works,
design and consultancy, and sale of products for
the benefit of its customers. The society may also
perform other activities related to the provision
of public services in general, manage and operate
other utility companies, sign and execute special
management agreements with other utility
companies and sell or loan goods or services
to other economic agents related with utilities,
in or out of the country. The society may also
participate as partner or shareholder in other utility
companies, directly, or joining into partnerships
with other persons, or in joint venture with them.
Core business
Distribution of electricity .
Board of Directors
José Antonio Vargas Lleras
Lucio Rubio Díaz
Ricardo Roa Barragan
Ricardo Bonilla Gonzalez
María Mercedes Maldonado
Orlando José Cabrales Martínez
Alternate Directors
Gustavo Gómez Cerón
Leonardo López Vergara
David Felipe Acosta Correa
Ernesto Moreno Restrepo
Álvaro Torres Macías
José Alejandro Herrera Lozano
Antonio Sedán Murra
Main executives
David Felipe Acosta Correa
CEO
Andrés Caldas Rico
Legal Councel
Jaime Alberto Vargas Barrera
Commercial Officer
Gustavo Adolfo Gómez Cerón
Technical Officer
Aurelio Ricardo Bustilho de Oliveira
Administration, Finance and Control Officer
María Celina Restrepo Santamaría
Communications Officer
Rafael Carbonell Blanco
Human Resources and Organization Officer
Omar Serrano Rueda
Regulation and the environment Officer
Mauricio Carvajal García
Audit Officer
Raúl Puentes Barrera
Procurements Officer
Ana Patricia Delgado Meza
ICT systems and telecommunications Officer
Ana Lucia Moreno Moreno
General services and Capital Officer
Robert Camilo Torres Vega
Occupational health and safety Officer
Diana Marcela Jiménez Rodríguez
Business development Officer
Juan Manuel Pardo Gómez
Administration and Finance and Investor Relations
Officer
Leonardo López Vergara
Planning and Control Officer
Carlos Eduardo Ruiz Diaz
Legal Councel
Commercial relations
The company has no commercial relations with
Enersis.
Enersis stake
(direct and indirect)
48.39%
Proportion of Enersis assets
11.33%
COELCE
Name
Companhia Energética do Ceará
Type of entity
Publicly held Limited Liability Company
Address
Rua Padre Valdevino, 150 - Centro
Fortaleza, Ceará, Brasil
Phone number
(55 85) 3453-4082
Subscribed and paid capital (Th$)
101,401,328
Corporate purpose
Production, transmission, distribution and sale
of electricity, performing awarded or authorised
correlated services, and the development of
activities associated with the services, as well as
celebrating trading acts related to those activities.
Likewise, the company may carry out studies,
planning, projects, construction and operation
of production, transformation, transportation
and storage, distribution and sale of energy
systems, of any origin, in the form of concessions,
authorisations or permits it may be awarded, with
jurisdiction in the territory of the State of Ceará,
and others defined in the Grantor. The Society
may also carry out studies, projects and planning
and research and development programmes of
new energy sources, especially renewable, and
the study, making and execution, in the energy
sector, of plans and programmes for economic and
social development, in places of interest for the
community and for the company.
Core business
Distribution and sale of electricity in the state of
Ceará, Brazil
Board of Directors
Mario Fernando de Melo Santos (Chairman)
Marcelo Llévenes Rebolledo (ViceChairman)
Gonzalo Vial Vial
José Alves de Mello Franco
Jorge Parente Frota Júnior
Claudio Manuel Rivera Moya
Francisco Honório Pinheiro Alves
José Távora Batista
Fernando Augusto Macedo de Melo
Luis Fermin Larumbe Aragon
Joao Francisco Landim Tavares
Alternate Directors
Antonio Basilio Pires de Carvalho e Albuquerque
Luciano Alberto Galasso Samaria
Teobaldo José Cavalcante Leal
José Caminha Alencar Aripe Júnior
Carlos Ewandro Naegele Moreira
Bruno Golebioviski
José Nunes de Almeida Neto
Vládia Viana Regis
203
Nelson Ribas Visconti
Robson Figueiredo de Oliveira
Main executives
Abel Alves Rochinha
Chairman
Teobaldo José Cavalcante Leal
José Nunes de Almeida Neto
Carlos Ewandro Naegele Moreira
José Távora Batista
Olga Jovanna Carranza Salazar
José Alves de Mello Franco
Cristine de Magalhães Marcondes
Nelson Ribas Visconti
Claudio César Weyne da Cunha
Commercial relations
The company has no commercial relations with
Enersis.
Enersis stake
(direct and indirect)
64.86%
CTM
Name
Compañía de Transmisión del Mercosur S.A.
Type of entity
Corporation
Address
Bartolomé Mitre 797, piso 11, Ciudad Autónoma
de Buenos Aires, Argentina
Subscribed and paid capital (Th$)
7,175
Corporate purpose
The provision of high tension electricity
transmission services, in the case of linking both
national and international electrical systems,
according to current laws, to the purpose of which
it may participate in national or international
tenders, become a high tension electricity
transmission concessionaire, locally or abroad, and
perform those activities deemed necessary to carry
out its purposes.
Core business
International electricity transmission .
Board of Directors
José María Hidalgo Martín-Mateos
Guilherme Gomes Lencastre
Arturo Miguel Pappalardo
Alternate Directors
José Venegas Maluenda
Juan Carlos Blanco
Roberto José Fagan
Main executives
Arturo Miguel Pappalardo
CEO
DISTRIBUIDORA ELÉCTRICA
DE CUNDINAMARCA
Name
Distribuidora Eléctrica de Cundinamarca S.A. E.S.P.
Type of entity
Private company
NIT
900,265,917-0
Address
Carrera 9 N° 73-44 Piso 5
Subscribed and paid capital (Th$)
54,234,370
Corporate purpose
The company’s main purpose is the distribution
and trading of electricity, and the execution of
all associates, complementary and related
activities to distribution and trading of
electricity, public works, designs and
electrical engineering consulting, and the
trading of products for the benefit of its
customers.
Core business
Distribution and trading of electricity
Board of Directors
Heliodoro Mayorga Moncada
David Felipe Acosta
Hilde Marcela Cornejo Martinez
Alternate Directors
Yolanda Ramírez Hernández
Leonardo López Vergara
Victoria Irene Sepúlveda
Main executives
Álvaro Torres Macías
CEO
Commercial relations
The company has no commercial relations with
Enersis.
Enersis stake
(direct and indirect)
23.71% - No variation
DISTRILEC INVERSORA
Name
Distrilec Inversora S.A.
Type of entity
Private company
Address
San José 140
Buenos Aires, Argentina
Phone number
(54 11) 4370 3700
Commercial relations
The company has no commercial relations with
Enersis.
Subscribed and paid capital (Th$)
36,270,892
Enersis stake
(direct and indirect)
84.38%
Corporate purpose
Exclusively to invest in companies constituted
or to be constituted whose main activity is the
distribution of electricity or that directly or
indirectly participate in companies with that
main business through all kind of financial and
investment activities, except those in the laws of
financial entities, the purchase and sale of public
and private debt paper, bonds, shares, negotiable
instruments and the granting of loans, and the
placement of its funds in bank deposits of any kind.
Core business
Investments.
Board of Directors
José María Hidalgo Martín Mateos (Chairman)
María Inés Justo
Juan Carlos Blanco
Rafael Fauquié Bernal
Gonzalo Alejandro Pérez Moore
Juan Carlos Bledel
José María Vásquez
Fernando Bonnet
Edgardo Licen
Alternate Directors
Fernando Antognazza
Rodrigo Quesada
Roberto Fagan
Mariana Marine
Gonzalo Vial Vial
Héctor Sergio Falzone
José María Saldungaray
Osvaldo Alejandro Pollice
Leonardo Marinaro
Justo Pedro Saenz
Main executives
Antonio Jerez
CEO
Commercial relations
The company has no commercial relations with
Enersis.
Enersis stake
(direct and indirect)
50.93% - No variation.
Proportion of Enersis assets
0.01%
EDEGEL
Name
Edegel S.A.A.
Type of entity
Publicly held Limited Liability Company
Address
Avda, Víctor Andrés Belaúnde 147, Edificio Real 4,
piso 7, San Isidro
Lima, Perú
Subscribed and paid capital (Th$)
457,894,464
Corporate purpose
Mainly, and in general, electricity generation
activities, also the civil, industrial, commercial and
any other act or operation relating or leading to
the main purposes.
Core business
Electricity Generation.
Board of Directors
Ignacio Blanco Fernández (Chairman)
Joaquín Galindo Vélez
Rafael Fauquié Bernal
Reynaldo Llosa Barber
Claudio Herzka Buchdahl
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Raffaele Enrico Grandi
Francisco José Pérez Thoden Van Velzen
Alternate Directors
Julián Cabello Yong
Raffaele Enrico Grandi
Mariano Paz Soldán Franco
Sebastián Fernández Cox
Cristián Del Sante Baraona
Main executives
Francisco Pérez Thoden Van Velzen
CEO
Julián Cabello Yong
Operations Officer
Carlos Rosas Cedillo
Energy management and trading Officer
Daniel Abramovich Ackerman
Legal adviser
Commercial relations
The company has no commercial relations with
Enersis.
Enersis stake
(direct and indirect)
58.60%
EDELNOR
Name
Empresa de Distribución Eléctrica de Lima Norte
S.A.A.
Type of entity
Publicly held Limited Liability Company
Address
Jr, Teniente Cesar López Rojas 201 Urb, Maranga,
San Miguel
Lima, Perú
Phone number
(51 1) 561 2001
Subscribed and paid capital (Th$)
107,954,712
Corporate purpose
Engage in the activities of distribution, transmission
and generation of electricity in accordance with the
provisions of current legislation. Additionally, the
company may engage in the sale of goods in any
form, as well as providing consulting and financial
services, among others, except those services which
require specific authorization in accordance with
current law.
Core business
Distribution of electricity
Board of Directors
Reynaldo Llosa Barber (Chairman)
Ignacio Blanco Fernández
Paolo Giovanni Pescarmona
María Cecilia Blume Cilloniz
Fernando Fort Marie
Claudio Eduardo Helfmann Soto
José María Hidalgo Martín Mateos
Main executives
Ignacio Blanco Fernández
CEO
Raffaele Enrico Grandi
Economic Finance Officer
Carlos Solis Pino
Commercial Officer
Walter Sciutto Brattoli
Technical Officer
Luis Salem Hone
Legal Councel
Alfonso Valle Cisneros
Regulation Officer
Rocío Pachas Soto
Human Resources and Organization Officer
Commercial relations
The company has no commercial relations with
Enersis.
Enersis stake
(direct and indirect)
75.54% - No variation.
Proportion of Enersis assets
1.56%
EDESUR
Name
Empresa Distribuidora Sur S.A.
Type of entity
Corporation
Address
San José 140 (1076)
Capital Federal, Argentina
Phone number
(54 11) 4370 3700
Subscribed and paid capital (Th$)
61,605,286
Corporate purpose
Distribution and trading of electricity and related
activities
Core business
Distribución de energía eléctrica.
Board of Directors
Fabrizio Allegra (Chairman)
José María Hidalgo Martin Mateos
M, Inés Justo
Marcelo Silva Iribarne
Marco Fadda (Planning and Control Officer of
Enersis S.A.)
Ernesto Pablo Badaraco
Leonardo Marinaro
Rubén López
Alternate Directors
Gonzalo Vial Vial
Roberto Fagan
Rafael Fauquie
Fernando Antognazza
Rodrigo Quesada
Mariana Marine
Mónica Diskin
Esteban Pérez Monti José María Vázquez
Main executives
Antonio Jerez Agudo
CEO
Commercial relations
The company has no commercial relations with
Enersis.
Enersis stake
(direct and indirect)
71.61%- No variation.
Proportion of Enersis assets
0.05%
ELÉCTRICA CABO BLANCO
S.A.C.
Name
Eléctrica Cabo Blanco S.A.C.
Type of entity
Private company
Address
Jr, Teniente César López Rojas 201, Maranga, San
Miguel
Lima, Perú
Subscribed and paid capital (Th$)
9,426,255
Corporate purpose
In general, to invest in other companies, preferably
in those oriented to exploiting natural resources,
and very specially, in those linked to distribution,
transmission and generation of electricity. Likewise,
it may make capital investments in any kind of
movable property, including shares, bonds and any
other kind of securities, as well as administration of
said investments within limits fixed by the Board and
the General Shareholders’ Meeting. The activities
that make up the corporate purpose may be
developed in Peru and abroad.
Core business
Investments.
Main executives
Manuel Cieza Paredes
CEO
Commercial relations
The company has no commercial relations with
Enersis.
Enersis stake
(direct and indirect)
100%- No variation
Proportion of Enersis assets
0.41%
ELECTROGAS
Name
Electrogas S.A.
Type of entity
Private company
TAX ID
96,806,130-5
Address
Alonso de Córdova 5900, Oficina 401, Comuna de
Las Condes
Santiago, Chile
Phone number
(562) 2299 3400
Corporate purpose
The purpose of the company is the transportation
services for natural gas and other fuels, for its own
or third party’s account, for which it may construct,
operate and maintain gas, oil and multi-use
pipelines and complementary facilities.
Core business
Gas transportation
Subscribed and paid capital (Th$)
12,914,476
205
Board of Directors
Juan Eduardo Vásquez Moya
Alan Fischer Hill
Eduardo Lauer Rodríguez
Pedro Gatica Kerr
Fernando Promis Baeza
Alternate Directors
Andrés Opazo Irarrázaval
Ricardo Santibáñez Zamorano
Luis Le Fort Pizarro
Juan Oliva Vásquez
Rodrigo Bloomfield Sandoval
Main executives
Carlos Andreani Luco
CEO
Commercial relations
The company has no commercial relations with
Enersis.
Enersis stake
(direct and indirect)
25.49% - No variation.
EMGESA
Name
Emgesa S.A. E.S.P.
NIT
860,063,875-8
Type of entity
Public utility Corporation
Address
Carrera 11 N°82-76, piso 4
Santa Fe de Bogotá, D.C. Colombia
Subscribed and paid capital (Th$)
167,029,702
Corporate purpose
The corporate purpose of the company is
generation and sale of electricity and sale of fuel
gas, as well as all activities similar, connected,
supplementary and related to its main purpose.
Core business
Electricity generation and trading
Board of Directors
Lucio Rubio Díaz
José A, Vargas Lleras
Ricardo Roa Barragán
Ricardo Bonilla Gonzalez
María Mercedes Maldonado
Luisa Fernanda Lafaurie Rivera
Alternate Directors
Fernando Gutiérrez Medina
Carlos Luna Cabrera
Juan Manuel Pardo
Ernesto Moreno Sánchez
Álvaro Torres Macías
José Alejandro Herrera Lozano
Andrés López Valderrama
Main executives
Lucio Rubio Diaz
CEO
Carlos Alberto Luna
Generation Officer
Andrés Caldas Rico
Legal Councel
Fernando Javier Gutiérrez Medina
Energy management and trading Officer
Carlos Alberto Mancilla Flores
Production Officer
Aurelio Ricardo Bustilho de Oliveira
Administration, Finance and Control Officer
Robert Camilo Torres Vega
Occupational health and safety Officer
María Celina Restrepo Santamaría
Communications Officer
Diana Marcela Jiménez Rodríguez
Business development Officer
Rafael Carbonell Blanco
Human Resources and Organization Officer
Omar Serrano Rueda
Regulation and the environment Officer
Mauricio Carvajal García
Audit Officer
Raúl Gonzalo Puentes Barrera
Procurements Officer
Ana Patricia Delgado Meza
ICT systems and telecommunications Officer
Ana Lucia Moreno Moreno
General services and Capital Officer
Juan Manuel Pardo Gómez
Administration and Finance and Investor Relations
Officer
Leonardo López Vergara
Planning and Control Officer
Carlos Eduardo Ruiz Diaz
Legal Councel
Commercial relations
The company has no commercial relations with
Enersis.
Enersis stake
(direct and indirect)
37.73%
Proportion of Enersis assets
2.98%
EMGESA PANAMÁ, S.A.
Name
Emgesa Panamá, S.A.
Type of entity
Corporation not quoted on an exchange nor an
issuer of securities.
Address
Ciudad de Panamá
Panamá
Corporate purpose
Purchase, sale, import, export of electricity. Also,
the company may perform other industrial and
commercial activities in general, it is able to
celebrate all transactions, operations, business,
events and activities that are permitted by the
Panamanian law to corporations even if they are
not expressly mentioned in this corporate purpose.
Core business
Purchase, sale, import, export of electricity
Subscribed and paid capital (Th$)
14,575
Board of Directors
Lucio Rubio Díaz
Andrés Caldas Rico
Omar Serrano Rueda
Main executives
Fernando Gutiérrez Medina
Andrés Caldas Rico
Elizabeth Laverde Enciso
Commercial relations
The company has no commercial relations with
Enersis.
Enersis stake
(direct and indirect)
37.73%
EMPRESA DE ENERGÍA DE
CUNDINAMARCA
Name
Empresa de Energía de Cundinamarca S.A.
Type of entity
Private company
NIT
860,007,638-0
Address
Carrera 11 N° 93-52
Bogotá D.C.
Phone number
(571) 7051800
Subscribed and paid capital (Th$)
10,120,256
Corporate purpose
Electricity generation, trading and distribution
utility in the Cundinamarca district and its
surroundings. It owns an electricity generation
power plant in Río Negro.
Core business
Electricity generation, trading
and distribution.
Board of Directors:
David Alfredo Riaño
Heliodoro Mayorga Moncada
Hugo Ernerto Zarrate Osorio
Alvaro Cruz Vargas
Paulo Jairo Orozco Díaz
Aurelio Bustilho de Oliveira
Gabriel Ignacio Rojas Londoño
Alternate Directors:
Manuel Guillermo Camargo Vega
Carlos Alberto Rodriguez Guzman
Sheila Namen
Luis Fernando Ayala Pabón
David Feferbaum Gutfraind
Omar Serrano Rueda
Javier Ortíz Muñoz
Main executives:
Carlos Mario Restrepo Molina
Alberto Duque Ramírez
John Albeyro Peña
Alba Marina Urrea Gómez
Diego Mauricio Muñoz Hoyos
Nidia Ximena León Corredor
Gustavo Páez Silva
Commercial relations
The company has no commercial relations with
Enersis.
Enersis stake
(direct and indirect)
19.52% - No variation
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IDENTIFICATION OF THE SUBSIDIARIES AND ASSOCIATES COMPANIES
all acts and signing all agreements allowed by
Peruvian Legislation to that effect.
Core business
Electricity Generation.
Board of Directors
Fernando Prieto Plaza (Chairman)
Claudio Helfmann Soto (ViceChairman)
Manuel Muñoz Laguna
Main executives
Manuel Cieza Paredes
CEO
Commercial relations
The company has no commercial relations with
Enersis.
Enersis stake
(direct and indirect)
96,50% - No variation
ENDESA ARGENTINA
Name
Endesa Argentina S.A.
Type of entity
Corporation
Address
Suipacha 268, piso 12
Buenos Aires, Argentina
Phone number
(5411) 4307 3040
Corporate purpose
Invest in companies dedicated to the production,
transmission and distribution of electricity and its
trading, as well as financial activities except those
limited by the law to banks.
Core business
Investments.
Subscribed and paid capital (Th$)
50,116,198
Board of Directors
José María Hidalgo Martín Mateos
Maria Inés Justo
Roberto José Fagan
Alternate Directors
Fabrizio Allegra
Rodrigo Quesada
Mariana Cecilia Mariné
Commercial relations
The company has no commercial relations with
Enersis.
Enersis stake
(direct and indirect)
59.99%
EMPRESA ELÉCTRICA DE
COLINA
Name
Empresa Eléctrica de Colina Ltda.
Type of entity
Limited parttnership
TAX ID
96,783,910-8
Address
Chacabuco 31, Colina
Santiago, Chile
Phone number
(56 2) 2844 4280
Subscribed and paid capital (Th$)
82,222
Corporate purpose
Distribution and sale of electricity and home,
sports, entertainment and computer electrical
appliances.
Core business
Distribution of electricity.
Joint administration
Leonel Martínez Garrido
Gonzalo Labbé Reyes
Main executives
Leonel Martínez Garrido
CEO
Commercial relations
(i) Contract for service provision by Enersis:
Comprehensive Supply Service, Materials
Procurement Management, Contracting of Works,
Services and Consultancies, Reception, Storage and
Supply of Recurrent and Non recurrent Materials,
Sales Agent. Price: Mark-up over average price of
consumed materials.
(ii) Contract for service provision by Enersis:
Provision of internal audit and compliance control
services. Price: Amount of UF per hour worked that
Enersis’ staff dedicates to the contracted services.
(iii) Contract for management services provision by
Enersis Price: monthly amount in UF.
Enersis stake
(direct and indirect)
99.09% - No variation.
EMPRESA ELÉCTRICA DE
PIURA S.A.
Name
Empresa Eléctrica de Piura S.A.
Type of entity
Corporation
Address
Jr, Teniente César López Rojas 201, Maranga,
San Miguel
Lima, Perú
Subscribed and paid capital (Th$)
16,552,418
Corporate purpose
The main purpose of the company is generation,
sale and transmission of electricity, performing
EN - BRASIL COMÉRCIO E
SERVIÇOS S.A.
Name
En- Brasil Comércio e Serviços S.A.
Type of entity
Private company constituida incorporated
according to Brazilian Federal Law.
Address
Praça Leoni Ramos nº 01
Parte, São Domingos, Niterói, Rio de Janeiro, Brasil.
Phone number
(55 21) 2613 7000
Subscribed and paid capital (Th$)
228,924
Corporate purpose
The company aims to participate in the capital
of other companies in Brazil or abroad, trade in
general, even imports and exports, through retail
or wholesale transactions of various products, and
to provide general services for the electric sector
and others.
Core business
Services in general to the electricity industry and
others.
Society without council of administration (Board
of Directors)
Main executives
Albino Motta da Cruz
CEO
Rafael de Bessa Sales
Commercial relations
The company has no commercial relations with
Enersis.
Enersis stake
(direct and indirect)
84,38%
ENEL BRASIL
Name
Enel Brasil S.A.
Type of entity
Sociedad Anónima de capital cerrado
Address
Praça Leoni Ramos, N°1, 7° andar, bloco 2
Parte, Niterói, Río de Janeiro, Brasil
Phone number
(5521) 3607 9500
Subscribed and paid capital (Th$)
216,339,026
Corporate purpose
Participate in the capital of other companies in
any segment of the electricity sector, including
companies that provide services to companies
in that sector, in Brazil or abroad; transmission,
distribution, generation or trading of electricity and
related activities and participation, individually or
through joint ventures, consortia or other similar
forms of association, in tenders, projects and
enterprises for the supply of services and activities
previously mentioned.
207
Core business
Trading of electricity, gas and derivatives.
IT services and/or operation control and/or
telecommunications.
Fernando La Fuente Vila
Bernardo Canales Fuenzalida
Humberto Espejo Paluz
Claudio Helfmann Soto.
Core business
Investments.
Board of Directors
Mario Fernando de Melo Santos (Chairman)
Vacante (ViceChairman)
Massimo Tambosco
Antonio Basilio Pires de Carvalho e Albuquerque
Ramiro Diego Alfonsín Balza
Main executives
Marcelo Llévenes Rebolledo
CEO
Vacant (Deputy CEO)
Luis Fermín Larumbe Aragón
Antonio Basilio Pires de Carvalho e Albuquerque
José Alves de Mello Franco
Carlos Ewandro Naegele Moreira
Teobaldo José Cavalcante Leal
Janaina Savino Vilella Carro
Manuel Ricardo Soto Retamal
Board of Directors
José María Hidalgo Martín-Mateos
José Venegas Maluenda
Fernando Claudio Antognazza
Alternate Directors
Arturo Pappalardo
Fabrizio Allegra
Pedro Cruz Viné
Main executives
Fernando C, Antognazza
CEO
Commercial relations
The company has no commercial relations with
Enersis.
Commercial relations
The company has no commercial relations with
Enersis.
Enersis stake
(direct and indirect)
81.99%- No variation
Enersis stake
(direct and indirect)
84.38%
Proportion of Enersis assets
8.38%
ENDESA CEMSA
Name
Endesa Cemsa S.A.
Type of entity
Corporation
Address
San José 140, piso 6, CABA
Buenos Aires, Argentina
Phone number
(5411) 4124-1600
Subscribed and paid capital (Th$)
1,005,398
Corporate purpose
The purpose of the company is the wholesale
purchase and sale of electricity capacity and energy
produced and/or consumed by third parties,
including the import and export of electricity
power and energy and the marketing of royalties,
and the supply and/or performing of services
related to the above activity, both in the country
as well as abroad of information technology
services and/or of control of the operation and/
or of telecommunications. Likewise, the Company
shall be entitled to execute buy/sell operations
or to purchase and sell natural gas, and/or its
transportation, including the importation and/or
exportation of natural gas and/or the marketing
of regalia/privileges, as well as to provide and/or
execute services related to the abovementioned
activity. Also, the Company shall be entitled to
execute buy/sell operations or to purchase and
sell crude petroleum, and/or lubricants and/
or to transport such elements, including the
importation and/or exportation of liquid fuels
and the marketing of regalia/privileges, as well as
to provide and/or execute services related to the
abovementioned activity.
Proportion of Enersis assets
0.05%
ENDESA CHILE
Name
Empresa Nacional de Electricidad S.A.
Type of entity
Publicly held Limited Liability Company
TAX ID
91,081,000-6
Address
Santa Rosa 76
Santiago, Chile
Phone number
(56 2) 2630 9000
Subscribed and paid capital (Th$)
1,331,714,085
Corporate purpose
Generation and supply of electricity, engineering
and consulting services in Chile and abroad and
the construction and exploitation of infrastructure
works.
Core business
Electricity Generation
Board of Directors
Enrico Viale (Chairman)
Ignacio Mateo Montoya (ViceChairman)
Isabel Marshall Lagarrigue
Susana Carey Claro
Vittorio Vagliasindi
Felipe Lamarca Claro
Enrique Andres Cibié Bluth
Francesco Buresti
Alfredo Arahuetes García
Main executives
Valter Moro
CEO
Ramiro Alfonsin Balza
Deputy CEO
Maria Teresa Gonzalez Ramirez
Luis Ignacio Quiñones Sotomayor
Federico Polemann
Commercial relations
(i) Contract for services provision by Enersis:
Supply Services, Materials Procurement
Management, Contracting of Works, Services
and Consultancies. Price: Directly proportional to
costs associated to staff list and to operational
and maintenance expenses. Every year, value for
next annual period is determined, introducing the
proper improvements and efficiencies.
(ii) Contract for services provision by Enersis:
Money desk and treasury service. Price: Monthly
amount expressed in UF.
(iii) Contract for services provision by Enersis:
Accounting Services. Price: Monthly amount
expressed in UF.
(iv) Contract for services provision by Enersis:
Service provision of internal audit and compliance
control. Price: UF amount per worked hour that
Enersis staff dedicates to contracted services.
(v) Agreement for the use of Estadio Lo Sáez
located at Carlos Medina 858, Independencia.
Price: Monthly amount expressed in UF per
Endesa Chile’s employee.
(vi) Commercial current accounts
(vii) Loan from Enersis for $196,945million
dated March 6th, 2014, due on March 6th,
2015. As at December 31st, 2014, balance was
$29,177.62million.
(viii) Loan from Enersis for US$52million
dated September 9th, 2014, due on March 9th,
2015. As at December 31st, 2014, balance was
US$52million.
(ix) Administration services provision agreement
by Enersis.
(x) Intercompany loan in Chilean Pesos between
Enersis S.A. and Endesa Chile, with the former
loaning the latter up to US$350million, with a 12
month term.
Enersis stake
(direct and indirect)
59.98% - No variation
Proportion of Enersis assets
30.30%
ENDESA COSTANERA
Name
Endesa Costanera S.A.
Type of entity
Corporation
Address
Avda, España 3301, Buenos Aires, Argentina
Phone number
(5411) 4307 3040
Subscribed and paid capital (Th$)
52,114,437
Corporate purpose
The production of electricity and its block
trading.
Core business
Electricity Generation.
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2014 ANNUAL REPORT ENERSIS
IDENTIFICATION OF THE SUBSIDIARIES AND ASSOCIATES COMPANIES
Board of Directors
Joaquín Galindo Vélez (Chairman)
José María Hidalgo Martín Mateos (ViceChairman)
Eduardo Escaffi Johnson
Fabrizio Allegra
María Inés Justo
César Fernando Amuchástegui
Matías Maria Brea
Damián Camacho
Alternate Directors
Juan Carlos Blanco
Antonio Jerez
Rafael Fauquié
Fernando Carlos Boggini
Jorge Raúl Burlando Bonino
Rodrigo Quesada
Fernando Claudio Antognazza
Juan Donini
Main executives
Roberto José Fagan
CEO
Fernando Carlos Luis Boggini
Rodolfo Silvio Bettinsoli
Francisco Domingo Monteleone
Rodrigo Quesada
Commercial relations
The company has no commercial relations with
Enersis.
Enersis stake
(direct and indirect)
45.40% - No variation
ENEL GREEN POWER
MODELO I EÓLICA S.A.
Name
Enel Green Power Modelo I Eólica S.A.
Type of entity
Private company.
Address
Praça Leoni Ramos, Nº 1, 5º andar, bloco 2
Niterói, RJ, Brasil
Subscribed and paid capital (R$)
171,045,000
Corporate purpose
Wind Electricity generation
Core business
Electricity Generation.
Main Executives
Newton Souza de Moraes
André Bruno Santos Gordon Afonso
Márcio Teixeira Trannin
Commercial relations
The company has no commercial relations with
Enersis.
Enersis stake
(direct and indirect)
0.82% - No variation
ENEL GREEN POWER
MODELO II EÓLICA S.A.
Name
Enel Green Power Modelo II Eólica S.A.
Type of entity
Private company
Address
Praça Leoni Ramos, Nº 1, 5º andar, bloco 2
Niterói, RJ, Brasil, CEP: 24,210-205
Corporate purpose
Wind Electricity generation
Core business
Electricity Generation.
Subscribed and paid capital (R$)
144,825,000
Main Executives
Newton Souza de Moraes
André Bruno Santos Gordon Afonso
Márcio Teixeira Trannin
Commercial relations
The company has no commercial relations with
Enersis.
Enersis stake
(direct and indirect)
0.82% - No variation
EÓLICA CANELA
Name
Central Eólica Canela S.A.
Type of entity
Private company
TAX ID
76,003,204-2
Address
Santa Rosa 76
Santiago, Chile
Phone number
(562) 2630 9000
Subscribed and paid capital (Th$)
12,284,743
Corporate purpose
Promote and develop renewable energy projects,
mainly wind energy, identify and develop clean
development mechanism (MDL in its Spanish
acronym) projects and act as depository and
trader in emission reduction certificates originated
from these projects. The generation, transport,
distribution, supply and sale of electricity, for
which it may acquire and exploit the respective
concessions and grants.
Core business
Wind farm electricity generation.
Board of Directors
Paulo Domingues Dos Santos
Sebastián Fernández Cox
Jesús Espadas Misioné
Cristóbal García-Huidobro Ramírez
Bernardo Canales Fuenzalida
Alternate Directors
Vacant
Claudio Betti Pruzzo
Juan Cristóbal Pavéz Recart
Carlos Peña Garay
Alejandro García Chacón
Main executives
Wilfredo Jara Tirapegui
CEO
Commercial relations
(i) Contract for services provision by Enersis Internal
audit and compliance control. Price: UF amount per
worked hour that Enersis’ staff dedicated for the
provision of services.
(ii) Contract for administration services provision by
Enersis. Price: Monthly amount fixed in UF.
Enersis stake
(direct and indirect)
61.48%
EÓLICA FAzENDA NOVA
Name
Eólica Fazenda Nova o Geraçãoa e Comercialização
de Energia S.A.
Type of entity
Private company
Address
Rua Felipe Camarão, nº 507, sala 104
Ciudad de Natal, Rio Grande do Norte, Brasil
Phone number
(5521) 3607 9500
Subscribed and paid capital (M$)
420,992
Corporate purpose
Generation, transmission, distribution and trading
of energy, participation in other companies as
a partner, shareholder, or quota holders and
import machinery and equipment related to the
generation, transmission, distribution and trading
of wind energy.
Core business
Electricity Generation.
Administración
Marcelo Llévenes Rebolledo
Chairman
Guilherme Gomes Lencastre
Commercial relations
The company has no commercial relations with
Enersis.
Enersis stake
(direct and indirect)
84.34%
GASATACAMA
Name
GasAtacama S.A.
Type of entity
Private company
TAX ID
96,830,980-3
209
Address
Avenida Isidora Goyenechea 3365, piso 8
Santiago, Chile
Phone number
(562) 2366 3800
Subscribed and paid capital (Th$)
291,484,088
Corporate purpose
The purpose of the company is: a) the
administration and management of the companies
Gasoducto Atacama Chile Limitada, Gasoducto
Atacama Argentina Limitada, GasAtacama
Generación Limitada and other companies agreed
to by the partners; b) investment of its own or third
party’s resources, in all kinds of assets, corporeal
or incorporeal, securities, shares and commercial
paper.
Core business
Investments.
Board of Directors
Vacant
José Venegas Maluenda
Sebastián Fernández Cox
Ramiro Alfonsin Balza
Alternate Directors
Fernando Prieto
Fernando Gardeweg Ried
Paulo Domingues Dos Santos
Alejandro García Chacón
Main executives
Eduardo Soto Trincado
CEO
Commercial relations
The company has no commercial relations with
Enersis.
Enersis stake
(direct and indirect)
60.73%
GASATACAMA CHILE
Name
GasAtacama Chile S.A.
Type of entity
Private company
TAX ID
78,932,860-9
Address
Avenida Isidora Goyenechea 3365, piso 8,
Las Condes
Santiago, Chile
Phone number
(562) 2366 3800
Subscribed and paid capital (Th$)
185,025,186
Corporate purpose
The corporate purpose of the company is: a)
to exploit generation, transmission, purchase,
distribution and sale of electric energy or of
any other nature; b) the purchase, extraction,
exploitation, processing, distribution, marketing
and sale of solid, liquid and gas fuels; c) Provision
and sale of engineering services; d) The obtaining,
purchase, transfer, lease, lien and exploitation,
in any form, of the concessions referred to in
the General Electrical Services Law; of maritime
concessions and of rights of any nature to
use water; e) natural gas’s freight, by its own
means or together with third parties, within the
Chilean territory or in other countries, including
construction, installation and exploitation of
pipelines and other activities related directly or
indirectly with the same; f) catchment, extraction,
treatment, desalination, transportation,
distribution, sale, delivery and supply of sea
water, in every form, either natural, potable,
desalinated or treated otherwise, on its own
account or through third parties; g) to invest in
all forms of corporeal or incorporeal property,
movable or immovable ;h) the organization and
constitution of all kinds of societies, the objectives
of which are related or linked to energy in any
form, or that have electricity as main consumable,
or related to any of the aforementioned activities.
In order to comply with its corporate purpose,
the company may carry out all acts and sign all
agreements conducive to the realisation of the
corporate purpose, including the purchase, sale
or acquisition, under any title, of all corporeal
or incorporeal property, movable or immovable,
the becoming part of existing corporations or
partnerships, or to form new ones, whatever their
type or nature.
Core business
Electricity Generation and gas transportation.
Board of Directors
Vacant
Ramiro Alfonsin Balza
José Venegas Maluenda
Paulo Domingues Dos Santos
Alternate Directors
Alan Fischer Hill
Sebastián Fernández Cox
Alejandro García Chacón
Humberto Espejo Paluz
Main executives
Eduardo Soto Trincado
CEO
Commercial relations
The company has no commercial relations with
Enersis.
Enersis stake
(direct and indirect)
60.70%
GASODUCTO ATACAMA
ARGENTINA
Name
Gasoducto Atacama Argentina S.A.
Type of entity
Private company
TAX ID
78,952,420-3
Address
Avenida Isidora Goyenechea 3365, piso 8, Las
Condes
Santiago, Chile
Phone number
(562) 2366 3800
Subscribed and paid capital (Th$)
208,173,125
Corporate purpose
The company´s purpose is the transportation
of natural gas, through its own means or
together with other parties within Chile or other
countries, including the construction, location and
exploitation of gas pipelines and other activities
related directly or indirectly to it. The company has
an Agency based in Argentina, “Gasoducto Cuenca
Noroeste Limitada Sucursal Argentina”, and its
purpose is the execution of a pipeline between the
town of Cornejo, Salta province and the Argentine-
Chilean border in the vicinity of the Jama border
crossing located in the second region of Chile.
Core business
Gas transportation.
Board of Directors
José Venegas Maluenda
Fernando Prieto Plaza
Alez Díaz Sanzana
Alternate Directors
Alejandro García Chacón
Humberto Bermúdez Ramirez
Ricardo Santibáñez Zamorano
Main executives
Eduardo Soto Trincado
CEO
Commercial relations
The company has no commercial relations with
Enersis.
Enersis stake
(direct and indirect)
60.70%
GASODUCTO TALTAL
Name
Gasoducto Taltal S.A.
Type of entity
Private company
TAX ID
77,032,280-4
Address
Avenida Isidora Goyenechea 3365, piso 8, Las
Condes
Santiago, Chile.
Phone number
(562) 2366 3800
Subscribed and paid capital (Th$)
23,494,719
Corporate purpose
Transportation, trading and distribution of natural
gas, through its own means or together with other
parties within Chile, especially in the towns of
Mejillones and Paposo in the 2nd Region, including
the construction, location and exploitation of gas
pipelines and other activities related directly or
indirectly to it.
Core business
Gas transportation.
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IDENTIFICATION OF THE SUBSIDIARIES AND ASSOCIATES COMPANIES
Board of Directors
Alan Fischer Hill
José Venegas Maluenda
Alejandro García Chacón
Alternate Directors
Alex Díaz Sanzana
Juan Oliva Vásquez
Ricardo Santibañez Zamorano
Main executives
Eduardo Soto Trincado
CEO
Commercial relations
The company has no commercial relations with
Enersis.
Enersis stake
(direct and indirect)
60.70%
GENERALIMA S.A.C.
Name
Generalima S.A.C.
Type of entity
Private company
Address
Jr, Teniente César López Rojas 201, Maranga, San
Miguel
Lima, Perú
Subscribed and paid capital (Th$)
29,741,190
Corporate purpose
To make investments, in general, in other companies,
preferably in those dedicated to the exploitation
of natural resources, and very specially, in those
linked to distribution, transmission and generation
of electricity. Likewise, it may make investments in
capital of any kind of movable property, including
shares, bonds and any other kind of securities, as
well as administration of said investments within the
limits set by the Board and the General Shareholders’
Meeting. Activities which make up its corporate
purpose may be developed in Peru or abroad.
Core business
Investments.
Main Executives
Claudio Helfmann Soto
CEO
Commercial relations
The company has no commercial relations with
Enersis.
Enersis stake
(direct and indirect)
100%- No variation
Proportion of Enersis assets
0.31%
GENERANDES PERÚ
Corporate purpose
Name
Generandes Perú S.A.
Type of entity
Corporation
Address
Avda, Víctor Andrés Belaúnde 147, Edificio Real 4,
piso 7, San Isidro
Lima, Perú
Phone number
(511) 215 6300
Subscribed and paid capital (Th$)
201,338,557
Corporate purpose
The company has the purpose to develop activities
related to electricity generation, directly, or
through companies created for that purpose
Core business
Investments.
Board of Directors
Ignacio Blanco Fernández (Chairman)
Joaquín Galindo Vélez
Raffaele Enrico Grandi
José Agustín Venegas Maluenda
Rafael Fauquie Bernal
Francisco José Pérez Thoden Van Velzen
Paolo Giovanni Pescarmona
Daniel Abramovich Ackerman
Alternate Directors
Guillermo Lozada Pozo
Julían Cabello Yong
Carlos Rosas Cedillo
José María Hidalgo Martín-Mateos
Sebastián Fernández Cox
Main executives
Francisco Pérez Thoden Van Velzen
CEO
Commercial relations
The company has no commercial relations with
Enersis.
Enersis stake
(direct and indirect)
75.59%
GNL CHILE
Name
GNL Chile S.A.
Type of entity
Private company
TAX ID
76,418,940-K
Address
Rosario Norte 530, oficina 1303, Las Condes
Santiago, Chile
Phone number
(562) 2892 8000
Subscribed and paid capital (Th$)
1,837,721
The company purpose is to a) contract the services
of the liquefied natural gas (LNG) regasification
company GNL Quintero S.A. and use all the natural
gas and LNG storage, processing, re-gasification
and delivery capacity of its re-gasification terminal,
including its expansions if any and any other
matter stated in the contract that the Company
signs to use of the re-gasification terminal; b)
import LNG under the delivered on ship (DES)
mode from LNG suppliers according to LNG
purchase agreements; c) the sale and delivery
of natural gas according to contracts signed by
the company with its customers; d) manage and
coordinate the programming and nominations of
LNG loads, as well as the delivery of natural gas
among the different customers; e) comply with all
its obligations and demand compliance with all
its rights according to the contracts mentioned
above and coordinate all activities included in
such contracts, and in general carry out any type
of act or contract that may be necessary, useful or
convenient for meeting its purposes.
Core business
Import and trading of natural gas.
Board of Directors
Klaus Lührrmann Poblete
José Venegas Maluenda
Marc Llambías Vernaus
Alternate Directors
Víctor Turpaud Fernández
Juan Oliva Vásquez
Mario Basualto Vergara
Main executives
Alejandro Palma Rioseco
CEO
Commercial relations
The company has no commercial relations with
Enersis.
Enersis stake
(direct and indirect)
19.99% - No variation
GNL QUINTERO
Name
GNL Quintero S.A.
Type of entity
Private company
TAX ID
76,788,080-4
Address
Rosario Norte 532, oficina 1604, Las Condes
Santiago, Chile
Phone number
(562) 2499 0900
Subscribed and paid capital (Th$)
69,264,820
Corporate purpose
The development, financing, design, engineering,
supply, construction, start up, operation and
maintenance of an liquefied natural gas
(“LNG”) storage and re-gasification plant and
its corresponding sea terminal for loading and
211
unloading LNG and its expansions, if any, including
the installations and connections necessary to
deliver the LNG through a truck-loading yard and/
or one or more LNG pipeline delivery points (the
“Re-gasification Terminal”); and any other activity
leading or related to such purpose, including,
but not limited to, the provision of management
and administrative services of all commercial
agreements needed to receive LNG or to deliver
it to customers, re-gasification of LNG, delivery
of natural gas and sale of services and storage,
processing, re-gasification-loading and unloading
at the LNG Regasification and delivery Terminal
(the “Project”) and its expansions, if any, and b)
offer general management and administrative
consulting in general necessary for the correct
operation of the company, the Trading Company
according to how it is defined in numeral thirteen
four of article thirteen of the social agreement
and that Is currently known as GNL Chile S.A. The
company may carry out all kinds of acts or contracts
that are necessary, useful or convenient for
meeting this purpose.
Core business
Unloading, storing and re-gasifying liquefied
natural gas and natural gas.
Board of Directors
Francisco Gazmuri Schleyer
José Venegas Maluenda
Marcelo Tokman Ramos
José Antonio de las Heras
Sultán Al Bartamani
Alternate Directors
Juan Oliva Vásquez
Fernando Promis Baeza
Víctor Turpaud Fernández
Rafael González Rodríguez
Hilal Al Kharus
Main executives
Antonio Bacigalupo Gittins
CEO
Commercial relations
The company has no commercial relations with
Enersis.
Enersis stake
(direct and indirect)
12.00% - No variation
GNL NORTE
Name
GNL Norte S.A.
Type of entity
Private company
TAX ID
76,676,750-8
Address
Isidora Goyenechea 3365, piso 8, Las Condes
Santiago, Chile.
Subscribed and paid capital (Th$)
1,927
Corporate purpose
The corporate purpose of the company is the
production, transportation, distribution, storage
and supply of any kind of energy and fuel, to the
effect of which it may obtain, purchase and benefit
from the respective concessions and grants. The
purpose shall also be to acquire, design, construct,
maintain and exploit all types of civil and
infrastructure works related to energy and fuel,
especially those related to its maritime reception,
reception, processing and transportation. For a
better and proper compliance with its corporate
purpose, the company may constitute, purchase,
enter as partner, shareholder or in any other direct
way or with third parties or subsidiary companies,
societies, institutions of any kind or nature, both
in Chile and abroad, and in general, celebrate
any acts or agreements and develop any activity
related directly or indirectly with said purposes.
Core business
Production, transportation and storage of all kinds
of energy and fuel.
Board of Directors
Alex Díaz Sanzana
Juan Oliva Vásquez
Ricardo Santibañez Zamorano
Main executives
Eduardo Soto Trincado
CEO
Commercial relations
The company has no commercial relations with
Enersis.
Alternate Directors
Francisco Monteleone
Jorge Raúl Burlando Bonino
Daniel Garrido
Rodolfo Bettinsoli
Fernando Carlos Luis Boggini
Rodrigo Quesada
Sergio Camps
Oscar Rigueiro
Commercial relations
The company has no commercial relations with
Enersis.
Enersis stake
(direct and indirect)
57.64% - No variation
INGENDESA DO BRASIL
(in liquidation)
Name
Ingendesa do Brasil Ltda.
Type of entity
Limited parttnership
Address
Praça Leoni Ramos, Nº 1
Parte, São Domingos
Niterói - RJ, Brasil
Enersis stake
(direct and indirect)
60.70%
HIDROINVEST
Name
Hidroinvest S.A.
Type of entity
Corporation
Address
Avda, España 3301
Buenos Aires, Argentina
Phone number
(5411) 4307 3040
Corporate purpose
The corporate purpose includes offering services in
engineering, studies, projects, technical consulting,
management, inspection and supervision of works
supply, inspection and reception of materials and
equipment for laboratories, appraisals, commercial
representation of local and foreign engineering
companies, as well as other services that the legal
powers permit in the practice of the professions of
engineering, architecture, agronomy, geology and
meteorology in all their specialties.
Core business
Engineering services.
Subscribed and paid capital (Th$)
114,462
Subscribed and paid capital (Th$)
3,968,781
Administrator
Bruno César Vasconcelos
Corporate purpose
Acquire and maintain a majority shareholding in
Hidroeléctrica Alicura S.A. and/or Hidroeléctrica El
Chocón S.A. and/or Hidroeléctrica Cerro Colorado
S.A. (“the concessionaire companies”) created
by National Executive Power decree 287/93 and
manages such investments.
Commercial relations
The company has no commercial relations with
Enersis.
Enersis stake
(direct and indirect)
61.48% - No variation
Core business
Investments.
Board of Directors
Joaquín Galindo Vélez (Chairman)
José María Hidalgo Martín Mateos
(ViceChairman)
Fabrizio Allegra
María Inés Justo
Ramiro Alfonsín
Fernando Claudio Antognazza
Juan Carlos Blanco
Roberto José Fagan
INVERSIONES DISTRILIMA
Name
Inversiones Distrilima S.A.C.
Type of entity
Private company
Address
Jr, Teniente César López Rojas 201, Maranga, San
Miguel
Lima, Perú
Phone number
(511) 561 1604
212
2014 ANNUAL REPORT ENERSIS
IDENTIFICATION OF THE SUBSIDIARIES AND ASSOCIATES COMPANIES
Subscribed and paid capital (Th$)
40,732,177
Core business
Investments.
INVERSORA DOCK SUD S.A.
Corporate purpose
Make investments in other companies, most
preferably in those Involved in the exploitation
of natural resources, and especially those related
to the distribution, transmission and generation
of electricity. In order to perform according to its
purpose and practice the activities related to it,
the company may perform all actions and enter
into all contracts that the Peruvian laws allow to
corporations. The company may also make equity
investments in any kind of property including
stocks, bonds and any other class of transferable
securities, as well as the administration of such
investments within the limits set by the board and
ordinary shareholders meeting. The activities that
are considered within the purpose of the company
may be carried out in Peru and abroad.
Subscribed and paid capital (Th$)
333,519,193
Board of Directors
Vacant
Ramiro Alfonsin Balza
José Venegas Maluenda
Sebastián Fernández Cox
Alternate Directors
Paulo Domingues Dos Santos
Fernando Prieto Plaza
Fernando Gardeweg Ried
Alejandro García Chacón
Main executives
Eduardo Soto Trincado
CEO
Core business
Investments.
Commercial relations
The company has no commercial relations with
Enersis.
Board of Directors
The Ordinary shareholders meeting that met
03/29/2011 agreed to change the entity Into a
Private Company without Board of Directors.
Enersis stake
(direct and indirect)
60.74%
Main executives
Ignacio Blanco Fernández
CEO
Commercial relations
The company has no commercial relations with
Enersis.
Enersis stake
(direct and indirect)
99.73%
Proportion of Enersis assets
2.07%
INVERSIONES GASATACAMA
HOLDING
Name
Inversiones Gasatacama Holding Limitada
Type of entity
Limited partnership.
TAX ID
76,014,570-K
INVERSORA CODENSA S.A.S.
Name
Inversora Codensa S.A.S.
Type of entity
Simplified joint stock company
Address
Carrera 11 N°82-76, Piso 4
Bogotá, Colombia
Phone number
(571) 601 6060
Subscribed and paid capital (Th$)
1,275
Corporate purpose
Investment in residential public electric utility
services, especially the acquisition of shares in
any public electric utility or in any other company
that also invests in utilities whose main purpose
is residential electricity service according to the
definition in Law 142 of 1994, or in any other
company that also invests in utilities whose main
purpose is residential public electric utility services.
Address
Avenida Isidora Goyenechea 3365, piso 8
Santiago, Chile
Phone number
(562) 2366 3800
Core business
Investments.
Legal Representative
David Felipe Acosta Correa
Commercial relations
The company has no commercial relations with
Enersis.
Enersis stake
(direct and indirect)
48.39% - No variation
Corporate purpose
The company purpose is a) the direct or indirect
participation through any kind of association in
companies whose purpose include one or more of
the following: i) the transportation of natural gas
in any of its forms; ii) the generation, transmission,
purchase, distribution and sale of electricity, and iii)
financing the activities stated in i) and ii) above that
are carried out by related third parties, and b) the
perception and investment of the assets invested,
including lucrative activities related to the ones
mentioned.
Name
Inversora Dock Sud S.A.
Type of entity
Private company
Address
Avenida Debenedetti 1636 Dock Sud Avellaneda
Phone number
4229-1000
Subscribed and paid capital (Th$)
59,478,744
Corporate purpose
The corporate purpose of the company is the
participation in companies of any nature, by means
of creating shareholding companies, transitory
company ventures, collaboration groups, joint
ventures, consortiums and any other kind of
association, and in general, the purchase, sale and
negotiation of titles, shares and all other kind of
securities and credit papers in any of the systems or
modes created or to be created.
Core business
Investments
Board of Directors
Fabrizio Allegra
Gaetano Salierno
Héctor Martín Mandarano
Alejandro Héctor Fernández
Pablo Vera Pinto
Roberto José Fagan
Alternate Directors
María Inés Justo Borga
Fernando Claudio Antognazza
Daniel Martini
Gerardo Zmijak
Nicolás Turturiello
Jorge Peña
Commercial relations
The company has no commercial relations with
Enersis.
Enersis stake
(direct and indirect)
57.14%
LUz ANDES
Name
Luz Andes Limitada
Type of entity
Limited parttnership
TAX ID
96,800,460-3
Address
Santa Rosa 76
Santiago, Chile
Phone number
(56 2) 2634 6310
Subscribed and paid capital (Th$)
1,224
213
Corporate purpose
Distribution and trading of electricity and the sale
of home, sports, entertainment and computers
electrical appliances.
Core business
Distribution of electricity.
Administración mancomunada
Claudio Inzunza Diaz
Jaime Manriquez Kemp
Main executives
Claudio Inzunza Díaz
CEO
Commercial relations
(i) Contract for services provision by Enersis: Integral
Provisioning Service: Comprehensive Supply
Service, Materials Procurement Management,
Contracting of Works, Services and Consultancies,
Reception, Storage and Supply of Recurrent and
Non recurrent Materials, Sales Agent. Price: Mark-
up over average price of consumed materials.
(ii) Contract for services provision by Enersis:
Provision of internal audit and compliance control
services. Price: UF amount per worked hour that
Enersis’ staff dedicates to contracted services.
(iii) Administration service provision agreement by
Enersis. Price: Monthly amount expressed in UF.
Enersis stake
(direct and indirect)
99.09% - No variation
PEHUENCHE
Name
Empresa Eléctrica Pehuenche S.A.
Type of entity
Publicly held Limited Liability Company
TAX ID
96,504,980-0
Address
Santa Rosa 76
Santiago, Chile
Phone number
(562) 2630 9000
Subscribed and paid capital (Th$)
200,319,021
Corporate purpose
The company purpose is the generation,
transmission, distribution and supply of electricity,
for which it may acquire and use the respective
concessions, permits and rights.
Core business
Electricity Generation.
Board of Directors
Alan Fischer Hill
Alejandro García Chacón
Humberto Espejo Paluz
Fernando Gardeweg Ried
Vacant
Main executives
Lucio Castro Márquez
CEO
Commercial relations
Services provision agreement by Enersis on
Communication, Global Services, Human
Resources’ Management and Equity Management.
Price: Monthly amount expressed in UF.
Enersis stake
(direct and indirect)
55.57% - No variation
PROGAS
Name
Progas S.A.
Type of entity
Private company
TAX ID
77,625,850-4
Address
Avenida Isidora Goyenechea 3365, piso 8
Santiago, Chile
Phone number
(562) 2366 3800
Subscribed and paid capital (Th$)
1,903
Corporate purpose
Develop the following businesses in the 1st, 2nd
and 3rd regions of the country, the acquisition,
production, storage, transportation, distribution,
transformation and trading of natural gas and
other oil derivatives and fuels in general,
the supply of services, manufacture, trading of
equipment and materials, and carrying out works
related to the above purposes or those necessary
for their execution and development, any other
activity necessary or leading to comply with the
above mentioned purposes.
Core business
Gas supply.
Board of Directors
Alex Díaz Sanzana
Juan Oliva Vásquez
Ricardo Santibañez Zamorano
Main executives
Eduardo Soto Trincado
CEO
Commercial relations
The company has no commercial relations with
Enersis.
Enersis stake
(direct and indirect)
60,70%
SACME
Name
Sacme S.A.
Type of entity
Private company
Address
Avda, España 3251
Ciudad Autónoma de Buenos Aires, Argentina
Phone number
(5411) 4361 5107
Subscribed and paid capital ($Argentinos)
12,000
Corporate purpose
Conduct, supervise and control the operation of
the electricity generation, transmission and sub
transmission system of Capital Federal and Gran
Buenos Aires, and the interconnections with
the Argentine Interconnection System (SADI in
its Spanish acronym). Represent the companies
Distribuidora Edenor S.A. and Edesur S.A. in
terms of operations, before the wholesale market
administrator, Compañía Administradora del
Mercado Mayorista Eléctrico (CAMMESA in its
Spanish acronym. In general, adopt all actions
necessary to allow it to carry out the administration
of the business correctly, as being constituted for
this purpose by the concessionaire companies of
the electricity distribution and trading in Capital
Federal and Gran Buenos Aires, all in accordance
with the international public tender for the sale of
Class A shares in Edenor S.A. and Edesur S.A. and
applicable regulations.
Core business
Conduction, supervision and control of operations
of part of the Argentine electricity system.
Board of Directors
Osvaldo Ernesto Rolando
Leandro Ostuni
Daniel Flaks
Eduardo Maggi
Alternate Directors
Abel Cresta
Leonardo Félix Druker
Alberto Rica
José Luis Marinelli
Main executives
Francisco Cerar
CEO
Commercial relations
The company has no commercial relations with
Enersis.
Enersis stake
(direct and indirect)
35.81%
SERVICIOS INFORMÁTICOS E
INMOBILIARIOS
Name
Servicios Informáticos e Inmobiliarios limitada
Type of entity
Limited parttnership
TAX ID
76,107,186-6
Address
Santa Rosa 76, piso 9
Santiago, Chile
Phone number
(562) 2353 4606
Subscribed and paid capital (Th$)
61,948,674
214
2014 ANNUAL REPORT ENERSIS
IDENTIFICATION OF THE SUBSIDIARIES AND ASSOCIATES COMPANIES
Corporate purpose
The purpose will be to carry out on its own or
through third parties, the following activities: 1)
Consultancy services provision in matters related
to information technology and computing,
telecommunications and data transmission;
management, consultancy, advisory and
administration of contracts, own or third parties’
ones, related to said matters; establishing,
managing and exploiting data base centres;
creation, development, design, management,
operation, marketing, purchase, sale, import,
and export of all kinds of software; contracts’
management and administration and projects’
development and execution, 2) To acquire and
sell all kinds of corporeal or incorporeal property
related to its object; to provide services and to
obtain representations for the best compliance of
its purpose; organise, constitute, participate and be
part of all kinds of companies, associations or joint
accounts; to make all kinds of money, service and
property contributions, whichever its sort and to
sign service and consultancy provision agreements,
either in Chile or abroad, 3) Administration and
exploitation of own or third parties’ businesses and,
in general, development of any activity connected
or supplementary to the aforementioned purposes,
and those the partners deem mutually convenient,
4) Purchase, alienation, parcelling, subdivision,
lot division, sale and exploitation at any title of
all kinds of real estate, on its own account or
through third parties, to invest the corporate funds
in all kinds of property, immovable or movable,
corporeal or incorporeal and rights in societies; to
manage them and to receive its fruits and rents.
Core Business
Consultancy services in information technology
and computing, telecommunications, data
transmission, purchase and alienation of all kinds
of property within the corporate purpose; real
estate services.
Senior Executives
Tomás Blásquez de la Cruz
General Manager and Mandatory Administrator
IT Services Manager
Andrés Salas Estrades
Real Estate Services Manager
Commercial relations
(i) Professional service agreement for ICT’s
Management. Price: Operation cost plus margin.
(ii) Agreement for the use of Estadio Lo Sáez
located at Carlos Medina 858, Independencia.
Price: Monthly amount expressed in UF, per ICT’s
worker.
(iii) Contract for services provision by Enersis: Supply
Services. Management of Materials’ Procurement
and Works Contracting, Services and Consultancy.
Price: Directly related to associated staff’s costs
and to operational and maintenance expenses.
Every year the annual value for the next period
is determined annually, introducing the proper
improvements and efficiencies.
(iv) Contract for services provision by Enersis:
Provision of internal audit and compliance control
services. Price: UF amount per worked hour that
Enersis’ staff dedicates to contracted services.
(v) Commercial current accounts.
(vi) Administration services’ provision by Enersis.
Price: Monthly amount expressed in UF.
Enersis stake
(direct and indirect)
100.00%
Proportion of Enersis assets
0.13%
SOCIEDAD PORTUARIA
CENTRAL CARTAGENA
Name
Sociedad Portuaria Central Cartagena S.A.
Type of entity
Corporation
Address
Carrera 13 A Nº 93-,66, piso 2
Bogotá, D.C. Colombia
Subscribed and paid capital (Th$)
1,479
Corporate purpose
The company’s main purpose is the following:
1. Investment, construction and maintenance
of docks and private and public ports, their
management and operations and the development
and operation of a multipurpose port, according to
the law, among others.
Board of Directors
Carlos Alberto Luna Cabrera
Juan Manuel Pardo
Leonardo López Vergara
Alternate Directors
Fernando Gutiérrez Medina
Alba Lucía Salcedo
Luís Fernando Salamanca
Main executives
Fernando Gutiérrez Medina
CEO
Commercial relations
The company has no commercial relations with
Enersis.
Enersis stake
(direct and indirect)
38.19%
SOUTHERN CONE POWER
ARGENTINA
Name
Southern Cone Power Argentina S.A.
Type of entity
Corporation
Address
Avda, España 3301
Buenos Aires, Argentina
Phone number
(54 11) 4307 3040
Subscribed and paid capital (Th$)
30,854
Corporate purpose
Wholesale electricity buying and produced by third
parties and to be consumed by third parties. It may
also hold participations in companies dedicated to
electricity generation.
Core business
Investments
Board of Directors
José María Hidalgo Martín Mateos
María Inés Justo
Roberto José Fagan
Alternate Directors
Fernando Claudio Antognazza
Commercial relations
The company has no commercial relations with
Enersis.
Enersis stake
(direct and indirect)
60.01%
TERMOELÉCTRICA JOSÉ DE
SAN MARTÍN
Name
Termoeléctrica José de San Martín S.A.
Type of entity
Corporation
Address
Elvia Rawson de Dellepiane 150, piso 9
Buenos Aires, República de Argentina
Phone number
(54 11) 4117-1011/1041
Subscribed and paid capital (Th$)
35,877
Corporate purpose
The generation of electricity and its block
trading, and particularly the management of
the equipment, construction, operation and
maintenance of a thermal plant in accordance with
the “Definitive agreement for the management
and operation of the projects for the re-adaptation
of the MEM in the terms of Resolution SE N°
1427/2004”, approved by Resolution SE N°
1193/2005.
Core business
Electricity Generation.
Managment services (purchase of equipment,
construction, operation and maintenance of a
thermal plant).
Board of Directors
José María Vázquez (Chairman)
Claudio O, Majul (ViceChairman)
Roberto Fagan
Fernando Claudio Antognazza
Patricio Testorelli
Martín Genesio
Gerardo Carlos Paz
José Manuel Tierno
Jorge Ravlich
Alternate Directors
Juan Carlos Blanco
Daniel Garrido
Adrián Gustavo Salvatore
Leonardo Pablo Katz
Iván Durontó
Emiliano Chaparro
Luís Agustín León Longobardo
Sergio Raúl Sánchez
Rodrigo García
215
Main executives
Claudio Omar Majul
CEO - Administration and Finance Officer
Fernando Rabita
Plant operation Officer
Guillermo Paillet
Commercial Officer
CEO
Gustavo Manifesto
Technical Officer
Óscar Damián Zapiola
Administration and Finance Officer
Sergio Benjamín Schmois
Commercial Officer
Commercial relations
The company has no commercial relations with
Enersis.
Commercial relations
The company has no commercial relations with
Enersis.
Enersis stake
(direct and indirect)
10.38% - No variation
TERMOELÉCTRICA MANUEL
BELGRANO
Name
Termoeléctrica Manuel Belgrano S.A.
Type of entity
Corporation
Address
Suipacha 268, piso 12
Buenos Aires, Argentina
Phone number
(5411) 3 221 7950
Subscribed and paid capital (Th$)
35,877
Corporate purpose
The purpose of the company is the generation of
electricity and its block trading, and particularly
the management of the equipment, construction,
operation and maintenance of a thermal plant
in accordance with the “Definitive agreement for
the management and operation of the projects
for the re-adaptation of the MEM in the terms
of Resolution SE N° 1427/2004”, approved by
Resolution SE N° 1193/2005.
Core business
Managment services (purchase of equipment,
construction, operation and maintenance of a
thermal plant)
Electricity Generation.
Board of Directors
Patricio Testorelli
Martín Genesio
Adrián Gustavo Salvatore
José María Vásquez
Fernando Claudio Antognazza
Roberto José Fagan
Gerardo Carlos Paz
José Manuel Tierno
Jorge Ravlich
Alternate Directors
Rodrigo Leonardo García
Juan Carlos Blanco
Daniel Garrido
Leonardo Marinaro
Leonardo Pablo Katz
Emiliano Chaparro
Luis Agustín León Longobardo
Sergio Raúl Sánchez
Iván Diego Durontó
Main executives
Gabriel Omar Ures
Enersis stake
(direct and indirect)
10.38% - No variation
TESA
Name
Transportadora de Energía S.A.
Type of entity
Corporation
Address
Bartolomé Mitre 797, piso 11
Buenos Aires, República de Argentina
Phone number
(5411) 4394 1161
Subscribed and paid capital (Th$)
7,175
Corporate purpose
High tension electricity transmission services’
provision, linked to both national and international
electrical systems, for which purpose it may
participate in national and international tenders,
become a high tension electricity transmission
utilities concessionaire, locally or abroad, and carry
out all activities deemed necessary to fulfill its
purpose.
Core business
Electricity transmission.
Board of Directors
José María Hidalgo Martín-Mateos
Guilherme Gomes Lencastre
Arturo Miguel Pappalardo
Alternate Directors
José Venegas Maluenda
Juan Carlos Blanco
Roberto José Fagan
Main executives
Arturo Pappalardo
CEO
Commercial relations
The company has no commercial relations with
Enersis.
Enersis stake
(direct and indirect)
84.38%
TRANSQUILLOTA
Name
Transmisora Eléctrica de Quillota Ltda.
Type of entity
Limited parttnership
TAX ID
77,017,930-0
Address
TAX IDa 60, km 25, Lo Venecia, Comuna de
Quillota.
V Región de Valparaíso, Chile
Phone number
(562) 2630 9000
Subscribed and paid capital (Th$)
4,404,446
Corporate purpose
Transmission, distribution and supply of electricity,
by itself or through third parties.
Core business
Electricity transmission.
Holder representative
Juan Eduardo Vásquez Moya
Vacant
Ricardo Santibañez Zamorano
Alternate representative
Mauricio Cabello
Italo Cúneo
Ricardo Sáez Sánchez
Commercial relations
The company has no commercial relations with
Enersis.
Enersis stake
(direct and indirect)
30,75% - No variation
TÚNEL EL MELÓN
Name
Sociedad Concesionaria Túnel El Melón S.A.
Type of entity
Private company.
TAX ID
96,671,360-7
Address
Santa Rosa 76, Santiago, Chile.
Corporate purpose
Execution, construction and exploitation of the
public highway tunnel called Tunnel El Melón and
the supply of complementary services, authorized
by the Ministry of Public Works.
Core business
Infrastructure concessionaire
Subscribed and paid capital (Th$)
19,028,480
Board of Directors
Eduardo Escaffi Johnson
Fernando La Fuente Vila
Sebastián Fernández Cox
Main executives
Maximiliano Ruiz Ortíz
CEO
Commercial relations con Enersis
Contract for services provision by Enersis: Provision
of internal audit and compliance control services.
Price: UF amount per worked hour that Enersis’
staff dedicates to the contracted services.
216
2014 ANNUAL REPORT ENERSIS
IDENTIFICATION OF THE SUBSIDIARIES AND ASSOCIATES COMPANIES
Notes:
1. There are no acts or agreements signed by
Enersis S.A. with its subsidiaries or associated
companies that could significantly influence
Enersis S.A.’s operations and results.
2. With regard to business relations, future
relations planned with subsidiaries or associated
companies fall within the company’s corporate
purpose, especially continuing to provide its
subsidiaries and associated companies with the
necessary financial resources for their businesses’
development and, additionally, to provide
its subsidiaries with management, financial
advisory, business, technical, legal, audit
services and, in general, services of any kind
deemed necessary for their best performance,
notwithstanding which, it is not foreseen that
any of these connections would significantly
influence Enersis S.A.’s operations and results.
Enersis stake
(direct and indirect)
59.98% - No variation
YACYLEC S.A.
Name
Yacylec S.A.
Type of entity
Private company
Address
Bartolomé Mitre 797, piso 11º;
Ciudad Autónoma de Buenos Aires, Argentina
Phone number
(5411) 4587 4322/4585
Subscribed and paid capital (Th$)
1,435,053
Corporate purpose
Construction, operation and maintenance of the
first electrical link between Yacyretá Hydroelectric
Plant and the Resistance’s Transformation Station,
and provision of electricity transmission services,
including the exploitation under concession as
independent transmitter.
Core business
Transporte de energía eléctrica.
Board of Directors
Gerardo Ferreyra
Osvaldo Acosta
Fabrizio Allegra
Juan Carlos Blanco
Guillermo Díaz
Eduardo Albarracín
Miguel Ángel Sosa
Luis Juan B, Piatti
Juan Manuel Pereyra
Arturo P,M Pappalardo
Patricia Liliana Díaz
Jorge Neira
Alternate Directors
Ricardo Repetti
Javier Elgueta
María Ines Justo
Gianfranco Catrini
Massimo Villa
Roberto Leonardo Maffioli
Darío Ballaré
Sergio Vestfrid
Daniel Garrido
Robert Ortega
Alberto E, Verra
Commercial relations
The company has no commercial relations with
Enersis.
Enersis stake
(direct and indirect)
22.22%
Proportion of Enersis assets
0.02%
217
Accountability
Declaration
218
2014 ANNUAL REPORT ENERSIS
ACCOUNTABILITY DECLARATION
Accountability Declaration
The Directors and Chief Executive Officer of Enersis S.A., who sign this Declaration, are
responsible under oath for the veracity of the information provided in the present Annual
Report, in compliance with General Standard No.30, issued by SVS (Superintendencia de
Valores y Seguros).
CHAIRMAN
Jorge Rosenblut
Tax ID: 6,243,657-3
DIRECTOR
Hernán Somerville Senn
Tax ID: 4,132,185-7
VICECHAIRMAN
Borja Prado Eulate
Passport: AAK091972
DIRECTOR
Alberto De Paoli
Passport: AU7618178
DIRECTOR
Andrea Brentan
DIRECTOR
Carolina Schmidt Zaldívar
Passport: YA0688158 Tax ID: 7,052,890-8
DIRECTOR
Rafael Fernández Morandé
Tax ID: 6,429,250-1
CHIEF EXECUTIVE OFFICER
Luca D’ Agnese
Passport: YA1349186
219
220
2014 ANNUAL REPORT ENERSIS THE COMPANY’S BUSINESSES
Consolidated
Financial
Statements
221
222
2014 ANNUAL REPORT ENERSIS
CONSOLIDATED FINANCIAL STATEMENTS
223
Report of Independent Registered
Public Accounting Firm
224
2014 ANNUAL REPORT ENERSIS
CONSOLIDATED FINANCIAL STATEMENTS
225
Consolidated Statements of Financial Position
At December 31, 2014 and 2013
(In thousands of Chilean pesos)
ASSETS
CURRENT ASSETS
Cash and cash equivalents
Other current financial assets
Other current non-financial assets
Trade and other current receivables
Current accounts receivable from related companies
Inventories
Current tax assets
Total current assets other than assets or groups of assets for disposal classified as held for
sale or as held for distribution to owners
Non-current assets or groups of assets for disposal classified as held for sale
Non-current assets or groups of assets for disposal classified as held for sale or as held for
distribution to owners
TOTAL CURRENT ASSETS
ON-CURRENT ASSETS
Other non-current financial assets
Other non-current non-financial assets
Trade and other non-current receivables
Non-current accounts receivable from related companies
Investments accounted for using the equity method
Intangible assets other than goodwill
Goodwill
Property, plant and equipment
Investment property
Deferred tax assets
TOTAL NON-CURRENT ASSETS
TOTAL ASSETS
Note
12-31-2014
ThCh$
12-31-2013
ThCh$
7
8
9
10
11
12
13
8
9
10
14
15
16
17
18
19
1,704,745,491
99,455,403
175,098,112
1,681,686,903
18,441,340
133,520,154
110,572,522
1,606,387,569
781,029,437
141,597,292
1,129,737,108
34,019,574
77,782,755
125,661,546
3,923,519,925
3,896,215,281
7,978,963
7,978,963
-
-
3,931,498,888
3,896,215,281
530,821,520
77,806,180
291,641,675
486,605
73,633,610
1,168,212,056
1,410,853,627
8,234,215,719
8,514,562
193,637,874
11,989,823,428
491,536,418
84,091,825
223,045,673
-
248,080,880
1,173,560,361
1,372,320,328
7,433,798,725
44,877,049
210,137,767
11,281,449,026
15,921,322,316
15,177,664,307
The attached notes are an integral part of these consolidated financial statements
226
2014 ANNUAL REPORT ENERSIS
CONSOLIDATED FINANCIAL STATEMENTS
LIABILITIES AND EQUITY
CURRENT LIABILITIES
Other current financial liabilities
Trade and other current payables
Current accounts payable to related companies
Other current provisions
Current tax liabilities
Other current non-financial liabilities
Total current liabilities other than those associated with groups of assets for
disposal classified as held for sale
Nota
12-31-2014
ThCh$
12-31-2013
ThCh$
20
23
10
24
12
421,805,679
2,288,876,950
143,680,622
90,222,684
115,472,313
129,275,589
906,675,205
1,515,003,654
204,412,270
87,309,363
159,737,063
108,122,144
3,189,333,837
2,981,259,699
Liabilities associated with groups of assets for disposal classified as held for sale
13
5,488,147
-
TOTAL CURRENT LIABILITIES
3,194,821,984
2,981,259,699
NON-CURRENT LIABILITIES
Other non-current financial liabilities
Trade and other non-current payables
Non-current accounts payable to related companies
Other long-term provisions
Deferred tax liabilities
Non-current provisions for employee benefits
Other non-current non-financial liabilities
TOTAL NON-CURRENT LIABILITIES
TOTAL LIABILITIES
EQUITY
Issued capital
Retained earnings
Share premium
Other reserves
Equity attributable to shareholders of Enersis
20
23
10
24
19
25
3,289,097,528
159,385,521
-
197,243,841
478,361,484
269,930,412
53,262,800
4,447,281,586
2,790,249,111
23,063,878
-
193,967,353
395,486,890
238,514,991
47,657,524
3,688,939,747
7,642,103,570
6,670,199,446
26.1
26.1
26.5
5,804,447,986
3,051,734,445
-
(2,654,206,384)
6,201,976,047
5,669,280,725
2,813,634,297
158,759,648
(2,473,120,417)
6,168,554,253
Non-controlling interests
26.6
2,077,242,699
2,338,910,608
TOTAL EQUITY
8,279,218,746
8,507,464,861
TOTAL LIABILITIES AND EQUITY
15,921,322,316 15,177,664,307
The attached notes are an integral part of these consolidated financial statements
227
Consolidated Statements of Comprehensive Income, by Type
For the years ended December 31, 2014, 2013 and 2012
(in thousands of Chilean pesos)
STATEMENTS OF COMPREHENSIVE INCOME
Profit (loss)
Revenues
Other operating income
Revenues and other operating income
Raw materials and consumables used
Contribution Margin
Note
27
27
28
2014
ThCh$
6,819,760,882
434,115,438
7,253,876,320
2013
ThCh$
5,696,777,240
567,668,662
6,264,445,902
2012
ThCh$
6,182,123,698
313,829,750
6,495,953,448
(3,941,071,719)
3,312,804,601
(3,089,141,195)
3,175,304,707
(3,695,022,919)
2,800,930,529
Other work performed by the entity and capitalized
Employee benefits expense
Depreciation and amortization expense
Impairment loss recognized in the period's profit or loss
Other expenses
3 a. – 3 d.1
29
30
30
31
77,275,986
(516,009,836)
(479,179,904)
(51,515,362)
(574,050,613)
61,965,528
(465,682,098)
(435,473,259)
(74,877,924)
(520,098,689)
48,667,382
(409,179,836)
(434,483,734)
(42,612,727)
(492,558,847)
Other gains (losses)
Financial income
Financial costs
Share of profit (loss) of associates and joint ventures accounted for
using the equity method
Foreign currency exchange differences
Profit (loss) from indexed assets and liabilities
32
33
33
14
33
33
71,769,817
265,884,277
(491,858,285)
19,170,005
260,126,546
(388,367,634)
15,186,412
232,129,980
(419,888,938)
(51,853,287)
25,289,219
30,381,936
(38,821,872)
1,633,555
(30,373,115)
(9,414,755)
(16,126,401)
(12,756,868)
Income from continuing operations, before taxes
Income tax expense, continuing operations
Net income from continuing operations
Net income from discontinued operations
NET INCOME
34
1,526,079,077
(496,609,349)
1,029,469,728
-
1,029,469,728
1,617,568,531
(504,167,785)
1,113,400,746
-
1,113,400,746
1,299,688,888
(406,675,920)
893,012,968
-
893,012,968
Net income attributable to
Shareholders of Enersis
Non-controlling interests
NET INCOME
Basic earnings per share
Basic earnings per share from continuing operations
Basic earnings per share
Weighted average number of shares of common stock
Diluted earnings per share
Diluted earnings per share from continuing operations
Diluted earnings per share
Weighted average number of shares of common stock
26.6
610,157,869
419,311,859
1,029,469,728
658,514,150
454,886,596
1,113,400,746
377,350,521
515,662,447
893,012,968
Ch$/share
Ch$/share
Thousands
12.43
12.43
49,092,772.76
14.56
14.56
45,218,860.05
11.56
11.56
32,651,166.47
Ch$/share
Ch$/share
Thousands
12.43
12.43
49,092,772.76
14.56
14.56
45,218,860.05
11.56
11.56
32,651,166.47
The attached notes are an integral part of these consolidated financial statements
228
2014 ANNUAL REPORT ENERSIS
CONSOLIDATED FINANCIAL STATEMENTS
Consolidated Statements of Comprehensive Income, by Type
For the years ended December 31, 2014, 2013 and 2012
(in thousands of Chilean pesos)
ESTADO DE RESULTADOS INTEGRALES
Net Income
Components of other comprehensive income that will not be
reclassified subsequently to profit or loss, before taxes
Gains (losses) from defined benefit plans
Note
2014
ThCh$
1,029,469,728
2013
ThCh$
1,113,400,746
2012
ThCh$
893,012,968
25.2.b
(36,681,734)
6,351,518
(14,044,750)
Other comprehensive income that will not be reclassified
subsequently to profit or loss
(36,681,734)
6,351,518
(14,044,750)
Components of other comprehensive income that will be reclassified
subsequently to profit or loss, before taxes
Foreign currency translation gains (losses)
Gains (losses) from available-for-sale financial assets
Share of other comprehensive income from associates and joint ventures
accounted for using the equity method
Gains (losses) from cash flow hedges
Adjustments from reclassification of cash flow hedges, transferred to
profit or loss
Other comprehensive income that will be reclassified subsequently to
profit or loss
4,370,649
1,849
(76,723,893)
(2,273)
(364,848,647)
515
13,476,871
8,367,223
737,736
(138,993,868)
(76,144,260)
72,360,295
(6,898,502)
55,283
(6,300,885)
(128,043,002)
(144,447,920)
(298,050,986)
Other components of other comprehensive income, before taxes
(164,724,736)
(138,096,402)
(312,095,736)
Income tax related to components of other comprehensive income
that will not be reclassified subsequently to profit or loss
Income tax related to defined benefit plans
12,694,514
(2,603,231)
4,662,040
Income tax related to components of other comprehensive income
that will be reclassified subsequently to profit or loss
Income tax related to cash flow hedge
Income tax related to available-for-sale financial assets
35,887,996
(1,462)
12,332,516
455
(25,726,629)
(569)
Income tax related to components of other comprehensive income
that will be reclassified subsequently to profit or loss
35,886,534
12,332,971
(25,727,198)
Total Other Comprehensive Income
(116,143,688)
(128,366,662)
(333,160,894)
TOTAL COMPREHENSIVE INCOME
913,326,040
985,034,084
559,852,074
Comprehensive income attributable to
Shareholders of Enersis
Non-controlling interests
TOTAL COMPREHENSIVE INCOME
562,566,774
350,759,266
913,326,040
577,348,684
407,685,400
985,034,084
187,169,558
372,682,516
559,852,074
The attached notes are an integral part of these consolidated financial statements
229
Statement of Changes in Equity
For the years ended December 31, 2014, 2013 and 2012
(in thousands of Chilean pesos)
Statements of Changes in Equity
Equity at beginning of period 1-1-2014
Changes in equity
Comprehensive income
Profit (loss)
Other comprehensive income
Comprehensive income
Dividends
Increase (decrease) from other changes
Increase (decrease) from changes in stakes of
subsidiaries that do not entail a loss of control
Total changes in equity
Share
Issued Capital
Premium
5,669,280,725 158,759,648
Changes in Other Reserves
Reserve for
Exchange
Differences in
Translation
(56,022,016)
Reserve for Cash
Flow Hedges
(3,086,726)
Reserve for Gains
and Losses for
Defined Benefit
Plans
-
Reserve for Gains
and Losses on
Remeasuring
Available-for-Sale
Financial Assets
Other
Miscellaneous
Reserves
Other Reserves
Enersis
Interests
Total Equity
11,811
(2,414,023,486)
(2,473,120,417)
2,813,634,297
6,168,554,253
2,338,910,608
8,507,464,861
Equity
Attributable to
Shareholders of
Non-controlling
Retained
Earnings
29,929,142
(66,317,951)
(19,023,003)
2,235
7,818,482
(47,591,095)
610,157,869
610,157,869
419,311,859
1,029,469,728
(47,591,095)
(68,552,593)
(116,143,688)
562,566,774
350,759,266
913,326,040
(314,750,191)
(314,750,191)
(459,728,319)
(774,478,510)
135,167,261
(158,759,648)
-
-
19,023,003
-
25,112,860
44,135,863
(57,307,530)
(36,764,054)
(23,689,993)
(60,454,047)
61,247,748
(238,878,483)
(177,630,735)
-
(177,630,735)
(129,008,863)
(306,639,598)
Equity at end of period 12-31-2014
5,804,447,986
-
35,154,874
(69,404,677)
135,167,261
(158,759,648)
91,176,890
(66,317,951)
-
-
2,235
(205,947,141)
(181,085,967)
238,100,148
33,421,794
(261,667,909)
(228,246,115)
14,046
(2,619,970,627)
(2,654,206,384)
3,051,734,445
6,201,976,047
2,077,242,699
8,279,218,746
Statements of Changes in Equity
Equity at beginning of period 1-1-2013
Changes in equity
Comprehensive income
Profit (loss)
Other comprehensive income
Comprehensive income
Equity issuance
Dividends
Increase (decrease) from other changes
Increase (decrease) from changes in stakes of
subsidiaries that do not entail a loss of control
Total changes in equity
Share
Issued Capital
Premium
2,824,882,835 158,759,648
Reserve for
Exchange
Differences in
Translation
(40,720,059)
Reserve for Cash
Flow Hedges
27,594,028
Reserve for Gains
and Losses for
Defined Benefit
Plans
-
Reserve for Gains
and Losses on
Remeasuring
Available-for-Sale
Financial Assets
Other
Miscellaneous
Reserves
Other Reserves
Enersis
Interests
Total Equity
13,647
(1,498,010,369)
(1,511,122,753)
2,421,278,841
3,893,798,571
3,064,408,474
6,958,207,045
Equity
Attributable to
Shareholders of
Non-controlling
Retained
Earnings
Changes in Other Reserves
(57,187,681)
(30,680,754)
6,865,655
(1,836)
(160,850)
(81,165,466)
2,844,397,890
1,460,503
658,514,150
658,514,150
454,886,596
1,113,400,746
(81,165,466)
(47,201,196)
(128,366,662)
577,348,684
407,685,400
985,034,084
2,845,858,393
2,845,858,393
(273,024,349)
(273,024,349)
(387,641,111)
(660,665,460)
-
(1,460,503)
-
-
(6,865,655)
74,015,741
67,150,086
6,865,655
72,555,238
(910,579)
71,644,659
41,885,724
(989,868,008)
(947,982,284)
-
(947,982,284)
(744,631,576)
(1,692,613,860)
2,844,397,890
(15,301,957)
(30,680,754)
(1,836)
(916,013,117)
(961,997,664)
392,355,456
2,274,755,682
(725,497,866)
1,549,257,816
Equity at end of period 12-31-2013
5,669,280,725 158,759,648
(56,022,016)
(3,086,726)
-
11,811
(2,414,023,486)
(2,473,120,417)
2,813,634,297
6,168,554,253
2,338,910,608
8,507,464,861
Statements of Changes in Equity
Equity at beginning of period 1-1-2012
Changes in equity
Comprehensive income
Profit (loss)
Other comprehensive income
Comprehensive income
Dividends
Increase (decrease) from other changes
Total changes in equity
Share
Issued Capital
Premium
2,824,882,835 158,759,648
Reserve for
Exchange
Differences in
Translation
176,622,668
Reserve for Cash
Flow Hedges
(310,265)
Reserve for Gains
and Losses for
Defined Benefit
Plans
-
Reserve for Gains
and Losses on
Remeasuring
Available-for-Sale
Financial Assets
Other
Miscellaneous
Reserves
Other Reserves
Enersis
Interests
Total Equity
13,836
(1,497,208,996)
(1,320,882,757)
2,232,968,880
3,895,728,606
2,995,312,585
6,891,041,191
Equity
Attributable to
Shareholders of
Non-controlling
Retained
Earnings
Changes in Other Reserves
(217,342,727)
27,904,293
(742,368)
(189)
28
(190,180,963)
(190,180,963)
(142,979,931)
(333,160,894)
377,350,521
377,350,521
515,662,447
893,012,968
(188,298,192)
(188,298,192)
(304,068,003)
(492,366,195)
187,169,558
372,682,516
559,852,074
-
-
-
-
-
(217,342,727)
-
27,904,293
742,368
-
-
(189)
(801,401)
(801,373)
(59,033)
(742,368)
(190,239,996)
188,309,961
(801,401)
(1,930,035)
481,376
(320,025)
69,095,889
67,165,854
Equity at end of period 12-31-2012
2,824,882,835 158,759,648
(40,720,059)
27,594,028
-
13,647
(1,498,010,369)
(1,511,122,753)
2,421,278,841
3,893,798,571
3,064,408,474
6,958,207,045
The attached notes are an integral part of these consolidated financial statements
230
2014 ANNUAL REPORT ENERSIS
CONSOLIDATED FINANCIAL STATEMENTS
Statement of Changes in Equity
For the years ended December 31, 2014, 2013 and 2012
(in thousands of Chilean pesos)
Statements of Changes in Equity
Issued Capital
Equity at beginning of period 1-1-2014
5,669,280,725 158,759,648
(56,022,016)
(3,086,726)
Reserve for
Exchange
Share
Premium
Differences in
Reserve for Cash
Translation
Flow Hedges
Reserve for Gains
and Losses for
Defined Benefit
Plans
-
Reserve for Gains
and Losses on
Remeasuring
Available-for-Sale
Financial Assets
11,811
Other
Miscellaneous
Reserves
(2,414,023,486)
Other Reserves
(2,473,120,417)
Retained
Earnings
2,813,634,297
Equity
Attributable to
Shareholders of
Enersis
6,168,554,253
Non-controlling
Interests
2,338,910,608
Total Equity
8,507,464,861
Changes in Other Reserves
Changes in equity
Comprehensive income
Profit (loss)
Other comprehensive income
Comprehensive income
Dividends
Increase (decrease) from changes in stakes of
subsidiaries that do not entail a loss of control
Changes in equity
Comprehensive income
Profit (loss)
Other comprehensive income
Comprehensive income
Equity issuance
Dividends
Increase (decrease) from other changes
Increase (decrease) from changes in stakes of
subsidiaries that do not entail a loss of control
Increase (decrease) from other changes
135,167,261
(158,759,648)
-
-
19,023,003
-
25,112,860
44,135,863
29,929,142
(66,317,951)
(19,023,003)
2,235
7,818,482
(47,591,095)
610,157,869
(314,750,191)
(57,307,530)
610,157,869
(47,591,095)
562,566,774
(314,750,191)
(36,764,054)
419,311,859
(68,552,593)
350,759,266
(459,728,319)
(23,689,993)
1,029,469,728
(116,143,688)
913,326,040
(774,478,510)
(60,454,047)
Total changes in equity
135,167,261
(158,759,648)
91,176,890
(66,317,951)
2,235
(205,947,141)
(181,085,967)
238,100,148
33,421,794
(261,667,909)
(228,246,115)
61,247,748
(238,878,483)
(177,630,735)
-
(177,630,735)
(129,008,863)
(306,639,598)
Equity at end of period 12-31-2014
5,804,447,986
-
35,154,874
(69,404,677)
14,046
(2,619,970,627)
(2,654,206,384)
3,051,734,445
6,201,976,047
2,077,242,699
8,279,218,746
Statements of Changes in Equity
Issued Capital
Equity at beginning of period 1-1-2013
2,824,882,835 158,759,648
(40,720,059)
27,594,028
Reserve for
Exchange
Share
Premium
Differences in
Reserve for Cash
Translation
Flow Hedges
Reserve for Gains
and Losses for
Defined Benefit
Plans
-
Reserve for Gains
and Losses on
Remeasuring
Available-for-Sale
Financial Assets
13,647
Other
Miscellaneous
Reserves
(1,498,010,369)
Other Reserves
(1,511,122,753)
Retained
Earnings
2,421,278,841
Equity
Attributable to
Shareholders of
Enersis
3,893,798,571
Non-controlling
Interests
3,064,408,474
Total Equity
6,958,207,045
Changes in Other Reserves
(57,187,681)
(30,680,754)
6,865,655
(1,836)
(160,850)
(81,165,466)
2,844,397,890
1,460,503
-
(1,460,503)
-
-
(6,865,655)
74,015,741
67,150,086
658,514,150
(273,024,349)
6,865,655
658,514,150
(81,165,466)
577,348,684
2,845,858,393
(273,024,349)
72,555,238
454,886,596
(47,201,196)
407,685,400
(387,641,111)
(910,579)
1,113,400,746
(128,366,662)
985,034,084
2,845,858,393
(660,665,460)
71,644,659
Total changes in equity
2,844,397,890
(15,301,957)
(30,680,754)
(1,836)
(916,013,117)
(961,997,664)
392,355,456
2,274,755,682
(725,497,866)
1,549,257,816
41,885,724
(989,868,008)
(947,982,284)
-
(947,982,284)
(744,631,576)
(1,692,613,860)
Equity at end of period 12-31-2013
5,669,280,725 158,759,648
(56,022,016)
(3,086,726)
-
11,811
(2,414,023,486)
(2,473,120,417)
2,813,634,297
6,168,554,253
2,338,910,608
8,507,464,861
Statements of Changes in Equity
Issued Capital
Equity at beginning of period 1-1-2012
2,824,882,835 158,759,648
176,622,668
(310,265)
Reserve for
Exchange
Share
Premium
Differences in
Reserve for Cash
Translation
Flow Hedges
Reserve for Gains
and Losses for
Defined Benefit
Plans
-
Reserve for Gains
and Losses on
Remeasuring
Available-for-Sale
Financial Assets
13,836
Other
Miscellaneous
Reserves
(1,497,208,996)
Other Reserves
(1,320,882,757)
Retained
Earnings
2,232,968,880
Equity
Attributable to
Shareholders of
Enersis
3,895,728,606
Non-controlling
Interests
2,995,312,585
Total Equity
6,891,041,191
Changes in Other Reserves
Changes in equity
Comprehensive income
Profit (loss)
Other comprehensive income
Comprehensive income
Dividends
Increase (decrease) from other changes
Total changes in equity
-
-
-
-
-
-
742,368
(217,342,727)
27,904,293
-
(189)
(801,401)
(801,373)
(59,033)
(190,239,996)
(217,342,727)
27,904,293
(742,368)
(189)
28
(190,180,963)
377,350,521
(188,298,192)
(742,368)
188,309,961
377,350,521
(190,180,963)
187,169,558
(188,298,192)
(801,401)
(1,930,035)
515,662,447
(142,979,931)
372,682,516
(304,068,003)
481,376
69,095,889
893,012,968
(333,160,894)
559,852,074
(492,366,195)
(320,025)
67,165,854
Equity at end of period 12-31-2012
2,824,882,835 158,759,648
(40,720,059)
27,594,028
13,647
(1,498,010,369)
(1,511,122,753)
2,421,278,841
3,893,798,571
3,064,408,474
6,958,207,045
-
-
-
-
The attached notes are an integral part of these consolidated financial statements
231
Consolidated Statement of Cash Flow, Direct
For the years ended December 31, 2014, 2013 and 2012
(in thousands of Chilean pesos)
Statements of Direct Cash Flow
Cash flow from (used in) operating activities
Types of collection from operating activities
Collections from the sale of goods and services
Collections from royalties, payments, commissions, and other income from ordinary
activities
Collections from premiums and services, annual payments, and other benefits from
policies held
Other collections from operating activities
Types of payment in cash from operating activities
Payments to suppliers for goods and services
Payments to and on behalf of employees
Payments on premiums and services, annual payments, and other obligations from
policies held
Other payments for operating activities
Cash flows from operating activities
Income taxes paid
Other outflows of cash
Note
2014
ThCh$
2013
ThCh$
2012
ThCh$
7,786,425,908
6,946,352,718
7,421,957,070
53,736,441
92,757,838
96,444,426
20,348,278
74,183,266
7,552,852
793,806,980
503,343,750
379,638,920
(4,395,777,186)
(482,784,407)
(3,690,576,400)
(448,354,032)
(3,899,057,207)
(400,061,812)
(15,147,534)
(5,782,311)
(8,066,513)
(1,418,097,022)
(1,176,355,154)
(1,351,575,914)
(428,343,722)
(216,129,742)
(381,648,502)
(212,945,529)
(452,305,887)
(251,163,500)
Net cash flows from operating activities
1,698,037,994
1,700,975,644
1,543,362,435
Cash flow from (used in) investing activities
Cash flows from the loss of control of subsidiaries or other businesses
Cash flows used to obtain control of subsidiaries or other businesses
Other collections from the sale of equity or debt instruments belonging to other entities
Other payments to acquire equity or debt instruments belonging to other entities
Other payments to acquire stakes in joint ventures
Loans to related companies
Proceeds from the sale of property, plant and equipment
Purchases of property, plant and equipment
Purchases of intangible assets
Proceeds from the sale of other long-term assets
Purchases of other long-term assets
Payments from future, forward, option and swap contracts
Collections from future, forward, option and swap contracts
Collections from related companies
Dividends received
Interest received
Other inflows (outflows) of cash
7.e
7.c
40,861,571
(37,654,762)
1,126,402,278
(480,297,836)
(3,315,000)
-
167,486
(825,909,425)
(260,500,759)
2,037,930
(2,952,035)
(26,683,724)
16,957,654
-
13,567,998
93,410,873
44,220,761
-
-
871,863,989
(1,433,536,193)
(5,084,700)
(4,844,706)
5,462,527
(603,413,832)
(169,371,666)
1,987,002
(2,034,104)
(3,485,915)
14,308,008
4,895,411
9,081,705
92,176,821
(1,891,436)
-
-
-
(194,093,275)
(7,140,000)
-
755,445
(517,233,484)
(187,197,935)
162,992
(2,859,668)
(2,691,688)
2,013,452
2,600,730
7,539,711
56,681,895
(674,255)
Net cash flows used in investment activities
(299,686,990)
(1,223,887,089)
(842,136,080)
Cash flows from (used in) financing activities
Proceeds from share issuance
Payments for changes in ownership interest in subsidiaries that do not entail loss of
control
Total proceeds from loans
Proceeds from long-term loans
Proceeds from short-term loans
Loans from related companies
Payment on borrowings
Payments on financial lease liabilities
Payment on loans to related companies
Dividends paid
Interest paid
Other outflows of cash
8,783,766
1,130,817,519
(385,132,160)
774,199,941
740,518,825
33,681,116
-
(622,496,486)
(16,559,995)
(17,236,440)
(632,808,121)
(246,769,836)
(145,440,332)
-
530,735,256
487,162,501
43,572,755
693,084
(563,049,681)
(9,388,183)
-
(482,046,152)
(230,584,133)
(40,412,354)
-
-
501,199,355
400,797,521
100,401,834
-
(645,675,778)
(25,491,730)
-
(547,081,888)
(253,478,855)
(41,745,935)
Net cash flows from (used in) finance activities
(1,283,459,663)
336,765,356
(1,012,274,831)
Net increase (decrease) in cash and cash equivalents before effect of exchange rate
changes
114,891,341
813,853,911
(311,048,476)
Effect of exchange rate changes on cash and cash equivalents
Effect of exchange rate changes on cash and cash equivalents
Net increase (decrease) in cash and cash equivalents
Cash and cash equivalents at beginning of period
Cash and cash equivalents at end of period
(16,503,717)
98,387,624
1,606,387,569
1,704,775,193
(23,298,403)
790,555,508
815,832,061
1,606,387,569
(60,803,672)
(371,852,148)
1,187,684,209
815,832,061
7
7. d
The attached notes are an integral part of these consolidated financial statements
232
2014 ANNUAL REPORT ENERSIS
CONSOLIDATED FINANCIAL STATEMENTS
Consolidated Financial Statements
correspondientes al ejercicio terminado al 12-31-2014 y 2013.
(En miles de pesos)
Note 1
The Group’s Activities and Financial Statements
Enersis S.A. (hereinafter the Parent Company or the Company) and its subsidiaries comprise the Enersis Group (hereinafter
Enersis or the Group).
Enersis S.A. is a publicly traded corporation with registered address and head office located at Avenida Santa Rosa, No. 76,
in Santiago, Chile. The Company is registered in the securities register of the Superintendency of Securities and Insurance
of Chile (Superintendencia de Valores y Seguros or SVS) under number 175. In addition, the Company is registered with
the Securities and Exchange Commission of the United States of America (hereinafter U.S. SEC) and with Spain’s Comisión
Nacional del Mercado de Valores. The Company’s shares have been listed on the New York Stock Exchange since 1993 and on
the Latibex since 2001.
Enersis S.A. is a subsidiary of Enel Iberoamérica S.R.L., a company controlled by Enel S.p.A. (hereinafter Enel).
The Company was initially created in 1981 under the corporate name of Compañía Chilena Metropolitana de Distribución
Eléctrica S.A. Later on, the Company changed its by-laws and its name to Enersis S.A. effective August 1, 1988. For tax
purposes, the Company operates under Chilean tax identification number 94,271,000-3.
As of December 31, 2014 the Group had 12,275 employees. During the 2014 fiscal year, the Group averaged a total of 11,931
employees. See Note 37 for additional information regarding employee distribution by category and geographic location.
Enersis’s corporate purpose consists of exploring for, developing, operating, generating, distributing, transmitting,
transforming, and/or selling energy of any kind or form, whether in Chile or abroad, either directly or through other
companies. It is also engaged in telecommunications activities, and it provides engineering consultation services in Chile
and abroad. The Company’s corporate purpose also includes investing in, and managing, its investments in subsidiaries and
associates which generate, transmit, distribute, or sell electricity, or whose corporate purpose includes any of the following:
(i) energy of any kind or form,
(ii) supplying public services, or services whose main component is energy,
(iii) telecommunications and information technology services, and
(iv) Internet-based intermediation business.
Enersis’s 2013 consolidated financial statements were approved by the Board of Directors at a meeting held on February 7,
2014. The consolidated financial statements were then submitted to the consideration of a General Shareholders´ Meeting
held on April 23, 2014, which gave its final approval to the consolidated financial statements.
These consolidated financial statements are presented in thousands of Chilean pesos (unless expressly stated otherwise),
as the Chilean peso is the functional currency of the Company. Foreign operations are reported in accordance with the
accounting policies stated in Notes 2.6 and 3.n.
233
Note 2
Basis of Presentation of the Consolidated Financial
Statements
2.1 Accounting Principles
The December 31, 2014 consolidated financial statements of Enersis have been prepared in accordance with the instructions
and standards issued by the Chilean Superintendency of Securities and Insurance (Superintendencia de Valores y Seguros,
SVS), which comprise International Financial Reporting Standards (IFRS), as issued by the International Accounting Standards
Board (IASB), and specific instructions issued by the SVS. They were approved by the Company’s Board of Directors at its
meeting held on January 29, 2015.
In the case of any discrepancies between IFRS and SVS instructions, it is the SVS instructions that prevail over IFRS. As of
December 31, 2014, the only SVS instruction that contravenes IFRS relates to the specific recording of effects on deferred taxes
within the Chilean companies of the Enersis Group (see Notes 3.p and 19.c).
These consolidated financial statements present fairly the financial position of Enersis and its subsidiaries at December 31,
2014 and 2013, as well as the results of operations, the changes in equity, and the cash flows for the years ended December
31, 2014, 2013 and 2012.
These consolidated financial statements voluntarily present figures for 2012 in the consolidated statement of comprehensive
income, consolidated statement of cash flow, consolidated statement of changes in net equity and the related notes.
These consolidated financial statements have been prepared using cost method accounting applied to the business in
operation principle except, in accordance with IFRS, those assets and liabilities that are reported at a fair value and those non-
current assets and groups that are available for sale, which are recorded at the book value or the fair value minus sales costs,
whichever is lower (see Note 3).
These consolidated financial statements have been prepared from accounting records maintained by the Company and its
subsidiaries. Each entity prepares its financial statements according to the accounting principles and standards in force in each
country, so the necessary adjustments and reclassifications have been made in the consolidation process in order to present
the consolidated financial statements in accordance with IFRS and the SVS instructions.
2.2 New accounting pronouncements
a) Accounting pronouncements effective from January 1, 2014:
Standards, Interpretations and Amendments
Amendment to IAS 32: Financial Instruments: Presentation
Clarifies the requirements for offsetting financial assets and financial liabilities in order to
eliminate inconsistencies from the application of the current IAS 32 offsetting criteria.
Mandatory Application for:
Annual periods beginning on or after January
1, 2014.
Amendments to IFRS 10 and 12, and IAS 27: Investment Entities
Under IFRS 10 requirements, the reporting entities must consolidate all of the companies
over which they have control. The amendment establishes an exception to these
requirements, allowing the Investment Entities to measure their investments at fair value
with changes in income as per IFRS 9 instead of consolidating them.
Annual periods beginning on or after
January 1, 2014.
IFRIC 21: Levies
This interpretation of IAS 37, “Provisions, Contingent Liabilities and Contingent Assets”
outlines when an entity must recognize a government-imposed levy other than income tax
as a liability in its financial statements.
Annual periods beginning on or after
January 1, 2014.
234
2014 ANNUAL REPORT ENERSIS
CONSOLIDATED FINANCIAL STATEMENTS
Standards, Interpretations and Amendments
Amendment to IAS 36: Impairment of Assets
This amendment remove the unintended consequences of IFRS 13 on the disclosures
required under IAS 36. In addition, the amendment require disclosure of the recoverable
amounts for the assets or CGUs for which impairment loss has been recognised or reversed
during the period.
Mandatory Application for:
Annual periods beginning on or after
January 1, 2014.
Amendment to IAS 39: Financial Instruments: Recognition and Measurement
(Novation of derivatives)
This amendment incorporates into the Standard the criteria that must be met in order not to
discontinue hedge accounting in circumstances when a hedging instrument is novated.
Annual periods beginning on or after January
1, 2014.
The new interpretation and amendments adopted, which went into effect on January 1, 2014, had no effect on the
consolidated financial statements of Enersis and its subsidiaries.
b) Accounting pronouncements in effect from January 1, 2015 and subsequent periods:
As of the date of issue of these consolidated financial statements, the following accounting pronouncements had been issued
by the IASB, but their application was not yet mandatory:
Standards, Interpretations and Amendments
IFRS 9: Financial Instruments
Mandatory Application for:
This is the final version of the standard issued in July 2014 and which completes the IASB
project to replace IAS 39 “Financial Instruments: Recognition and Measurement.” This
project was divided into 3 phases:
Phase 1 – Classification and measurement of financial assets and financial liabilities. This
introduces a logical focus for the classification of financial assets driven by cash flow
characteristics and the business model. This new model also results in a single impairment
model being applied to all financial instruments.
Phase 2 – Impairment methodology. The objective is a more timely recognition of expected
credit losses. The standard requires entities to account for expected credit losses from the
time when financial instruments are first recognized in the financial statements.
Phase 3 – Hedge accounting. This establishes a new model aimed at reflecting better
alignment between hedge accounting and risk management activity. Also included are
enhancements to required disclosures.
This final version of IFRS 9 replaces the previous versions of the Standard.
IFRS 14: Regulatory Deferral Accounts
The purpose of this interim standard is to reduce the barriers to adoption of the IFRS by
entities that carry out business activities that are subject to price or rate regulation. This
standard allows those who are first-time adopters of IFRS, and who meet the requirements,
to continue to account for regulatory deferral balances in their first IFRS financial statements
using their previous GAAP accounting practices regarding regulated rates. It also establishes
specific requirements for presenting balances and disclosing information.
IFRS 15: Revenue from Contracts with Customers
This new standard applies to all contracts with customers except leases, financial
instruments and insurance contracts. Its purpose is to make financial information more
comparable, and it provides a new model for revenue recognition and more detailed
requirements for contracts with multiple obligations. It also requires more itemized
information. This standard will replace IAS 11 and IAS 18 as well as their interpretations
(IFRIC 13, IFRIC 15, IFRIC 18 and SIC 31).
Annual periods beginning on or after January
1, 2018.
Annual periods beginning on or after January
1, 2016.
Annual periods beginning on or after January
1, 2017.
Amendment to IAS 19: Employee Benefits
The purpose of this amendment is to simplify the accounting for contributions from
employees or third parties that are not determined on the basis of an employee’s years of
service, such as employee contributions calculated according to a fixed percentage of salary.
Annual periods beginning on or after July 1,
2014.
Improvements to IFRS (Cycles 2010-2012 and 2011-2013)
These are a set of improvements that were necessary, but not urgent, and that amend the
following standards: IFRS 2, IFRS 3, IFRS 8, IFRS 13, IAS 16, IAS 24, IAS 38 and IAS 40.
Annual periods beginning on or after July 1,
2014.
Amendment to IFRS 11: Joint Arrangements
This amendment states that the accounting standards contained in IFRS 3 and other standards
that are pertinent to business combinations accounting must be applied to the accounting for
acquiring an interest in a joint operation in which the activities constitutes a business.
Annual periods beginning on or after January
1, 2016.
235
Standards, Interpretations and Amendments
Amendment to IAS 16 and IAS 38: Clarification of Acceptable Methods of Depreciation
and Amortization
The amendment to IAS 16 explicitly forbids the use of revenue-based depreciation for
property, plant and equipment. The amendment to IAS 38 introduces the rebuttable
presumption that, for intangible assets, the revenue-based amortization method is
inappropriate and establishes two limited exceptions.
Mandatory Application for:
Annual periods beginning on or after January
1, 2016.
Improvements to IFRS (Cycles 2012-2014)
These are a set of improvements that were necessary, but not urgent, and that amend the
following standards IFRS 5, IFRS7, IAS19 and IAS 34.
Annual periods beginning on or after
January 1, 2016.
Amendment to IFRS 10 and IAS 28: Sale or Contribution of Assets
The amendment corrects an inconsistency between IFRS 10 and IAS 28 relating to the
accounting treatment of the sale or contributions of assets between an Investor and its
Associate or Joint Venture.
Annual periods beginning on or after
January 1, 2016.
Amendment to IAS 27: Equity Method in Separate Financial Statements
This improvement allows entities to use the equity method to account for investments
in subsidiaries, joint ventures and associates in their separate financial statements. The
objective of the improvement is to minimize the costs associated with complying with the
IFRS, particularly for those entities applying IFRS for the first time, without reducing the
information available to investors.
Annual periods beginning on or after
January 1, 2016.
Amendment to IAS 1: Disclosure Initiative
The IASB has issued amendments to IAS 1 as part of its principal initiative to improve the
presentation and disclosure of information in financial statements. These amendments are
designed to assist companies in applying professional judgment to determine what type of
information to disclose in their financial statements.
Annual periods beginning on or after
January 1, 2016.
Amendment to IFRS 10, IFRS 12 and IAS 28: Investment Entities, Application of the
Consolidation Exception
The modifications, which have a restricted scope, introduce clarifications to the
requirements for the accounting of investment entities. The modifications also provide
relief in some circumstances, which will reduce the costs of applying the Standards.
Annual periods beginning on or after
January 1, 2016.
The Group is assessing the impact of applying IFRS 9 and IFRS 15 from the date it goes into effect. In Management’s opinion,
the application of the other standards and amendments pending application is not expected to have a significant effect on
the consolidated financial statements of Enersis and its subsidiaries.
2.3 Responsibility for the Information, Judgments and
Estimates Provided
The Company’s Board of Directors is responsible for the information contained in these consolidated financial statements and
expressly states that it has fully implemented the principles and criteria contained in IFRS and the instructions of the SVS.
In preparing the consolidated financial statements, certain judgments and estimates made by the Company’s Management
have been used to quantify some of the assets, liabilities, income, expenses and commitments recorded in the statements.
The most important areas that have required professional judgment are:
--
In a service concession agreement, the decision as to whether a principal controls or regulates which services the operator
should provide, to whom and at what price. These are essential details when applying IFRIC 12 (see Note 3.d.1).
- The identification of Cash Generating Units (CGU) for impairment testing (see Note 3.e).
- The hierarchy of information used to value assets and liabilities measured at fair value (see Note 3.h)
The estimates refer basically to:
- The valuations performed to determine the existence of impairment losses among assets and goodwill (see Note 3.e).
- The assumptions used to calculate the actuarial liabilities and obligations to employees, such as discount rates, mortality
tables, salary raises, etc. (see Notes 3.m.1 and 25).
- The useful life of property, plant and equipment, and intangible assets (see Notes 3.a and 3.d).
236
2014 ANNUAL REPORT ENERSIS
CONSOLIDATED FINANCIAL STATEMENTS
- The assumptions used to calculate the fair value of financial instruments (see Notes 3.g.5 and 22).
- Energy supplied to customers whose meter readings are pending.
- Certain assumptions inherent in the electricity system affecting transactions with other companies, such as production,
customer billings, energy consumption, etc. that allow for estimating electricity system settlements that must occur on
the corresponding final settlement dates, but that are pending as of the date of issuance of the consolidated financial
statements and could affect the balances of assets, liabilities, income and expenses recorded in the statements (see
appendix 6.2).
- The probability that uncertain or contingent liabilities will be incurred and their related amounts (see Note 3.m).
-
Future disbursements for the closure of facilities and restoration of land, as well as the discount rates to be used (see Note
3.a).
- The tax results of the various subsidiaries of the Group that will be reported to the respective tax authorities in the future,
and that have served as the basis for recording different balances related to income taxes in these consolidated financial
statements (see Note 3.p).
- The fair values of assets acquired and liabilities assumed, and any pre-existing interest in the company acquired in a
business combination.
Although these judgments and estimates have been based on the best information available on the issuance date of these
consolidated financial statements, future events may occur that would require a change (increase or decrease) to these
estimates in subsequent periods. This change would be made prospectively, recognizing the effects of such a judgment or
estimation change in the corresponding future consolidated financial statements.
2.4 Subsidiaries
Subsidiaries are defined as entities controlled either directly or indirectly by Enersis. Control is exercised if, and only if, the
following conditions are met: Enersis has i) power over the subsidiary; ii) exposure or rights to variable returns from these
companies; and iii) the capacity to use power to influence the amount of these returns.
Enersis has power over its subsidiaries when it holds the majority of the substantive voting rights or, should that not be the
case, when it has rights granting it the present capacity to direct the entities’ relevant activities, that is, the activities that
significantly affect the subsidiary’s results.
The Group will reassess whether it has control of a subsidiary if the facts and circumstances indicate that changes have taken
place in one or more of the aspects of control mentioned above.
Appendix 1 of these consolidated financial statements, entitled Enersis Group Companies, describes the relationship of Enersis
with each of its subsidiaries.
2.4.1 Changes in the Scope of Consolidation
On December 30, 2014, Inmobiliaria Manso de Velasco Ltda., a subsidiary of Enersis, completed the sale of all of its direct and
indirect shareholdings in the companies Construcciones y Proyectos Los Maitenes S.A. and Aguas Santiago Poniente S.A. The
selling price of these shares was ThCh$57,173,143, which was received in cash on the same date (see note 32).
The elimination of Maitenes S.A. and Aguas Santiago Poniente S.A. from the Enersis Group’s scope of consolidation brought
about a decrease in the consolidated statement of financial position of ThCh$54,845,853 in current assets, ThCh$12,822,077
in non-current assets, and ThCh$1,393,348 in current liabilities; there was no effect on non-current liabilities.
During the first half of 2014, the company Inversiones GasAtacama Holding Limitada entered the Enersis Group’s scope of
consolidation as a result of Endesa Chile S.A.’s acquisition of a 50% stake in that company on April 22, 2014 (see Note 5).
By virtue of this operation, the following companies became subsidiaries of the Group: Inversiones GasAtacama Holding
Limitada, GasAtacama S.A., GasAtacama Chile S.A., Gasoducto TalTal S.A., Progas S.A., Gasoducto Atacama Argentina S.A.,
Atacama Finance Co., GNL Norte S.A. and Energex Co.
The entry of GasAtacama Holding Limitada into the Enersis Group’s scope of consolidation brought about an increase in the
consolidated statement of financial position of ThCh$198,924,289 in current assets, ThCh$221,471,415 in non-current assets,
ThCh$69,989,919 in current liabilities, and ThCh$35,672,488 in non-current liabilities.
237
The following companies entered the Enersis Group’s scope of consolidation in 2013: Generalima S.A.C., Eléctrica Cabo Blanco
S.A.C., Empresa Eléctrica de Piura S.A., Endesa Cemsa S.A., Inversora Dock Sud S.A. and Central Dock Sud S.A. They were all
brought in by Endesa S.A. as part of the capital increase carried out by Enersis in March 2013 (see Notes 6 and 26.1.1).
The entry of these companies into the Enersis Group’s scope of consolidation brought about an increase in the consolidated
statement of financial position of ThCh$110,222,618 in current assets, ThCh$163,196,934 in non-current assets,
ThCh$180,637,895 in current liabilities, and ThCh$54,241,781 in non-current liabilities.
2.4.2 Consolidated Companies with an Ownership Interest of less than 50%
Although the Group holds, directly or indirectly, a 48.48% interest in the companies Comercializadora de Energía S.A.
(Codensa) and Empresa Generadora de Energía Eléctrica S.A. (Emgesa), they are considered subsidiaries since Enersis
exercises control over the entities through contracts or agreements with shareholders, or as a consequence of their structure,
composition and shareholder classes. The Group holds 57.15% and 56.43% of the voting shares of Codensa and Emgesa,
respectively.
2.4.3 Non-consolidated Companies with an Ownership Interest of Over 50%
Although the Enersis Group holds more than a 50% interest in Centrales Hidroeléctricas de Aysén S.A. (Aysén), it is considered
a “joint venture” since the Group, through contracts or agreements with shareholders, exercises joint control of the company.
2.5 Associated Companies and Joint Arrangements
SAssociated Companies are those in which Enersis, either directly or indirectly, exercises significant influence.
Significant influence is having the power to influence the financial and operational policy decisions of the associated company
without having either sole or joint control over these policies. In general, significant influence is assumed to be those cases in
which the Group has an ownership interest of over 20% (see Note 3.i).
Joint arrangements are defined as those entities in which the Group exercises control under an agreement with other
shareholders and jointly with them, in other words, when decisions on the entities’ relevant activities require the unanimous
consent of the parties sharing control. Joint arrangements are classified as:
-
-
Joint venture: an agreement under which the parties exercising joint control have rights to the entity’s net assets.
Joint operation: an agreement under which the parties exercising joint control have rights to the assets and obligations
with respect to the liabilities involved in the arrangement. At this time, Enersis does not have any joint arrangements that
qualify as joint operations.
Appendix 3 to these consolidated financial statements, entitled “Associated Companies and Joint Ventures,” describes the
relationship of Enersis with each of these companies.
2.6 Basis of Consolidation and Business Combinations
The subsidiaries are consolidated and all their assets, liabilities, income, expenses, and cash flows are included in the
consolidated financial statements once the adjustments and eliminations from intra-Group transactions have been made.
The comprehensive income of subsidiaries is included in the consolidated comprehensive income statement from the date
that the parent company obtains control of the subsidiary until the date on which it loses control of the subsidiary.
The operations of the parent company and its subsidiaries have been consolidated under the following basic principles:
1. At the date the parent takes control, the subsidiary’s assets acquired and its liabilities assumed are recorded at fair value,
except for certain assets and liabilities that are recorded using valuation principles established in other IFRS standards.
If the fair value of the consideration transferred plus the fair value of any non-controlling interest exceeds the fair value
of the net assets acquired, this difference is recorded as goodwill. In the case of a bargain purchase, the resulting gain is
recognized in profit or loss for the period after reevaluating whether all of the assets acquired and the liabilities assumed
have been properly identified and following a review of the procedures used to measure the fair value of these amounts.
For each business combination, the Group chooses whether to value the non-controlling interests in an acquired company
at fair value or at the proportional share of the net identifiable assets acquired.
238
2014 ANNUAL REPORT ENERSIS
CONSOLIDATED FINANCIAL STATEMENTS
If is impossible to determine the fair value of all assets acquired and liabilities assumed at the acquisition date, the
Group reports the provisional values recorded. During the measurement period, which sall not exceed one year from the
acquisition date, the provisional values recognized will be adjusted retrospectively and additional assets or liabilities will
be recognized to reflect new information obtained on events and circumstances that existed on the acquisition date, but
which were unknown to the management at that time.
For business combinations carried out in stages, the fair value of the stake previously held in the acquired company’s
equity is measured on the date of acquisition and any profit or loss is recognized in the results for that fiscal year.
2. Non-controlling interests in equity and in the comprehensive income of the consolidated subsidiaries are presented,
respectively, under the line items “Total Equity: Non-controlling interests” in the consolidated statement of financial
position and “Net Income attributable to non-controlling interests” and “Comprehensive income attributable to non-
controlling interests” in the consolidated statement of comprehensive income.
3. The financial statements of foreign companies with functional currencies other than the Chilean peso are translated as
follows:
a. For assets and liabilities, the prevailing exchange rate on the closing date of the financial statements is used.
b. For items in the comprehensive income statement, the average exchange rate for the period is used (unless this
average is not a reasonable approximation of the cumulative effect of the exchange rates in effect on the dates of the
transactions, in which case the exchange rate in effect on the date of each transaction is used).
c Equity remains at the historical exchange rate from the date of acquisition or contribution, and retained earnings at
the average exchange rate at the date of generation.
d Exchange differences arising in the conversion of financial statements are recognized in the item “Foreign currency
translation gains (losses)” within the consolidated statement of comprehensive income: Other comprehensive income
(see Note 26.2).
4. Balances and transactions between consolidated companies were completely eliminated in the consolidation process.
5. Changes in interests in subsidiaries that do not result in taking or losing control are recorded as equity transactions, and
the book value of the controlling and non-controlling interests is adjusted to reflect the change in relative interest in the
subsidiary. Any difference that may exist, between the value for which a non-controlling interest is adjusted and the fair
value of a compensation paid or received, is recognized directly in Equity attributable to the shareholders of Enersis.
6. Business combinations under common control are recorded using, as a reference, the ‘pooling of interest’ method. Under
this method, the assets and liabilities involved in the transaction remain reflected at the same book value at which they
were recorded in the ultimate controlling company, although subsequent accounting adjustments may need to be made
to align the accounting policies of the companies involved.
Any difference between the assets and liabilities contributed to the consolidation and the compensation given is recorded
directly in Net equity as a debit or credit to Other reserves. The Group does not apply retrospective accounting records of
business combinations under common control.
239
Note 3
Accounting Criteria Applied
The main accounting policies used in preparing the accompanying consolidated financial statements were the following:
a) Property, Plant and Equipment
Property, plant and equipment are valued at acquisition cost, net of accumulated depreciation and any impairment losses
they may have experienced. In addition to the price paid to acquire each item, the cost also includes, where applicable, the
following concepts:
-- Financing expenses accrued during the construction period that are directly attributable to the acquisition, construction,
or production of qualified assets, which require a substantial period of time before being ready for use such as, for
example, electricity generation or distribution facilities. The Group defines “substantial period” as one that exceeds twelve
months. The interest rate used is that of the specific financing or, if none exists, the mean financing rate of the company
carrying out the investment. The mean financing rate depends principally on the geographic area and ranged between
7.5% and 10.8% as of December 31, 2014 (7.25% and 9.31% as of December 31, 2013). The amount capitalized for this
concept amounted to ThCh$56,918,667, ThCh$30,325,539 and ThCh$26,477,369 during the fiscal years ended December
31, 2014, 2013 and 2012, respectively (see Note 33).
-
- Employee expenses directly related to construction in progress. The amounts capitalized under this concept for the periods
ended December 31, 2014, 2013 and 2012 were ThCh$65,229,258, ThCh$48,087,586 and ThCh$32,925,771, respectively.
Future disbursements that Endesa Chile will have to make to close their facilities are incorporated into the value of the
asset at fair value, recording in the accounting the corresponding provision for dismantling or restoration. Endesa Chile
reviews its estimate of these future disbursements on a yearly basis, increasing or decreasing the value of the asset based
on the results of this estimate (see Note 24).
Items for construction work in progress are transferred to operating assets once the testing period has been completed and
they are available for use, at which time depreciation begins.
Expansion, modernization or improvement costs that represent an increase in productivity, capacity or efficiency, or a longer
useful life are capitalized as increasing the cost basis for the corresponding assets.
The replacement or overhaul of entire components that increase the asset’s useful life or economic capacity are recorded as
an increase in value for the respective assets, derecognizing the replaced or overhauled components.
Expenses for periodic maintenance, conservation and repair are recorded directly in income as an expense for the year in
which they are incurred.
The Company, based on the outcome of impairment testing explained in Note 3.e), considers that the book value of assets
does not exceed their net recoverable value.
Property, plant and equipment, net of its residual value, is depreciated by distributing the cost of the different items that
comprise it on a straight-line basis over its estimated useful life, which is the period during which the companies expect
to use the assets. Useful life estimates and residual values are, at least once a year, reviewed and if appropriate adjusted
prospectively.
The following are the main categories of property, plant and equipment with their respective estimated useful lives:
Categories of Property, plant and equipment
Buildings
Plant and equipment
IT equipment
Fixtures and fittings
Motor vehicles
Other
Years of estimated useful life
22 - 100
3 - 85
3 - 15
5 - 21
5 - 10
2 - 33
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2014 ANNUAL REPORT ENERSIS
CONSOLIDATED FINANCIAL STATEMENTS
Additionally, the following provides greater detail on the useful lives of plant and equipment items:
Categories of Property, plant and equipment
Generating facilities:
Hydroelectric plants
Civil engineering works
Electromechanical equipment
Fuel oil/coal-fired power plants
Combined cycle plants
Renewable energy power plants
Transmission and distribution facilities:
High-voltage network
Low- and medium-voltage network
Measuring and remote control equipment
Other facilities
Natural gas transport facilities
Pipelines
Years of estimated useful life
35-65
10-85
25-40
10-35
35
10-80
7-62
3-76
4-25
35
Land is not depreciated since it has an indefinite useful life.
Regarding the administrative concessions held by the Group’s electric companies, the following lists the periods remaining
until expiration for the concessions that do not have an indefinite term:
Concession holder and operator
Empresa Distribuidora Sur S.A. - Edesur (Distribution)
Hidroeléctrica El Chocón S.A. (Generation)
Transportadora de Energía S.A. (Transmission)
Compañía de Transmisión del Mercosur S.A. (Transmission)
Central Eléctrica Cachoeira Dourada S.A. (Generation)
Central Generadora Termoeléctrica Fortaleza S.A (Generation)
Compañía de Interconexión Energética S.A. (CIEN - Line 1)
Compañía de Interconexión Energética S.A -(CIEN - Line 2)
Country
Argentina
Argentina
Argentina
Argentina
Brazil
Brazil
Brazil
Brazil
Year
concession
started
1992
1993
2002
2000
1997
2001
2000
2002
Concession
term
95 years
30 years
85 years
87 years
30 years
30 years
20 years
20 years
Period remaining
to expiration
73 years
9 years
73 years
73 years
13 years
17 years
6 years
8 years
To the extent that the Group recognizes assets as Property, plant and equipment, they are amortized over their economic life
or the concession term, whichever is shorter. Any required investment, improvement or replacement made by the Group is
considered in the impairment test to Property, plant, and equipment as a future contractual cash outflow that is necessary to
obtain future cash inflow.
The Group’s management evaluated the specific contract terms of each of the aforementioned concessions, which vary by
country, business activity and jurisprudence, and concluded that, with the exception of CIEN, there are no determining factors
indicating that the grantor, which in every case is a government entity, controls the infrastructure and, at the same time, can
continuously set the price to be charged for services. These requirements are essential for applying IFRIC 12, an interpretation
that establishes how to record and value certain types of concessions (see Note 3.d.1 for concession agreements within the
scope of IFRIC 12).
On April 19, 2011, the subsidiary CIEN successfully completed the change in business model. Under the new agreement, the
Government continues to control the infrastructure, but CIEN receives fixed payments, which puts it on an equal footing with
a public transmission concession (with regulated prices).
Under this business model, its concessions fall within the scope of Standard IFRIC 12, but the infrastructure has not been
derecognized due to the fact that CIEN has not substantially transferred the significant risks and benefits to the Brazilian
Government. Gains or losses that arise from the sale or disposal of items of Property, plant and equipment are recognized as
Other gains (losses) in the comprehensive income statement and are calculated by deducting the net book value of the asset
and any sales expenses from the amount received in the sale.
241
b) Investment property
“Investment property” includes primarily land and buildings held for the purpose of earning rental income and/or for capital
appreciation.
Investment property is valued at acquisition cost less any accumulated depreciation and impairment losses that have been
incurred. Investment property, excluding land, is depreciated on a straight-line basis over the useful lives of the related assets.
The breakdown of the fair value of investment property is detailed in Note 18.
c) Goodwill
Goodwill arising from business combinations and reflected in the consolidation represents the excess value of the
consideration paid plus the value of any non-controlling interest over the Group’s share of the net value of the assets
acquired and liabilities assumed, measured at fair value at the acquisition date. If goodwill is finally determined as existing
in the financial statements the year following the acquisition, the prior year’s accounts, which are presented for comparison
purposes, are modified to include the value of the assets acquired and liabilities assumed and the value of the definitive
goodwill from the acquisition date.
Goodwill generated from acquiring companies with functional currencies other than the Chilean peso is valued in the
functional currency of the acquired company and converted to Chilean pesos using the exchange rate in effect as of the date
of the statement of financial position.
Goodwill is not amortized; instead, at each period end or when indicators so suggest, the Company estimates whether any
impairment has reduced its recoverable value to an amount less than the net recorded cost and, if so, it immediately adjusts
for impairment (see Note 3.e).
d) Intangible Assets other than Goodwill
Intangible assets are initially recognized at their acquisition cost or production cost, and are subsequently valued at their cost,
net of their accumulated amortization and of the impairment losses they may have experienced.
Intangible assets are amortized on a straight line basis during their useful life, starting from the time that they are in usable
condition, except for those with an indefinite useful life, which are not amortized. As of December 31, 2014 and 2013, there
were no significant amounts in intangible assets with an indefinite useful life.
The criteria for recognizing these assets’ impairment losses and, if applicable, recovery of impairment losses recorded in
previous fiscal years are explained in letter e) of this Note.
d.1) Concessions
Public-to-private service concession agreements are recorded according to IFRIC 12, “Service Concession Agreements.” This
accounting interpretation applies if:
a) The grantor controls or regulates which services the operator should provide with the infrastructure, to whom it must
provide them, and at what price; and
b) The grantor controls – through ownership, beneficial entitlement, or otherwise – any significant residual interest in the
infrastructure at the end of the term of the agreement.
If both of the above conditions are met simultaneously, the consideration received by the Group for the infrastructure
construction is recognized at its fair value, as either an intangible asset when the Group receives the right to charge users of
the public service, as long as these charges are conditional on the degree to which the service is used; or as a financial asset
when the Group has an unconditional contractual right to receive cash or another financial asset directly from the grantor or
from a third party. The Group recognizes the contractual obligations assumed for maintenance of the infrastructure during its
use, or for its return to the grantor at the end of the concession agreement within the conditions specified in the agreement,
as long as it does not involve an activity that generates income, in accordance with the Group’s provision accounting policy
(see Note 3.m).
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2014 ANNUAL REPORT ENERSIS
CONSOLIDATED FINANCIAL STATEMENTS
Finance expenses attributable to the concession agreements are capitalized based on criteria established in Note 3 a) above,
provided that the Group has a contractual right to receive an intangible asset. No finance expenses were capitalized during
the years ended December 31, 2014, 2013 and 2012.
Additionally, during the fiscal years ended December 31, 2014, 2013 and 2012, employee expenses directly attributable
to construction in progress amounting to ThCh$12,046,728, ThCh$13,877,942 and ThCh$15,741,611 respectively, were
capitalized.
The Enersis subsidiaries that have recognized an intangible asset from their service concession agreements are the following:
Concession holder and operator
Ampla Energía e Serviços S.A. (*) (Distribution)
Companhia Energética do Ceará S.A. (*) (Distribution)
Country
Brazil
Brazil
Year
concession
started
1996
1997
Concession
term
Period remaining
to expiration
30 years
30 years
12 years
13 years
(*) Given that part of the rights acquired by our subsidiaries are unconditional, an available-for-sale financial asset has been recognized for
the sale (see Notes 3.g.1 and 8).
d.2) Research and Development Expenses
The Group recognizes the costs incurred in a project’s development phase as intangible assets in the statement of financial
position as long as the project’s technical viability and economic returns are reasonably assured.
Expenditures on research activities are recognized as an expense in the period in which they are incurred. These expenses
amounted to ThCh$1,894,105, ThCh$1,996,818 and ThCh$2,298,344, for the fiscal years ended December 31, 2014, 2013
and 2012 respectively.
d.3) Other Intangible Assets
These intangible assets correspond primarily to computer software, water rights, and easements. They are initially recognized
at acquisition or production cost and are subsequently measured at cost less accumulated amortization and impairment
losses, if any.
Computer software programs are amortized, on average, over five years. Certain easements and water rights have indefinite
useful lives and are therefore not amortized, while others have useful lives ranging from 40 to 60 years, depending on their
characteristics, and they are amortized over that term.
e) Asset Impairment
e.1) Non-financial Assets (except Inventory and Deferred Tax Assets)
During the year, and principally at year-end, the Company evaluates whether there is any indication that an asset has been
impaired. Should any such indication exist, the company estimates the recoverable amount of that asset to determine the
amount of impairment in each case. In the case of identifiable assets that do not generate cash flows independently, the
company estimates the recoverability of the Cash Generating Unit (CGU) to which the asset belongs, which is understood to
be the smallest identifiable group of assets that generates independent cash inflows.
Notwithstanding the preceding paragraph, in the case of CGUs to which goodwill or intangible assets with an indefinite
useful life have been allocated, a recoverability analysis is performed routinely at each period end.
The recoverable amount is the greater amount between the fair value less the cost needed to sell and the value in use, which
is defined as the present value of the estimated future cash flows. In order to calculate the recoverable value of Property,
plant, and equipment, as well as of goodwill, and intangible assets, the Group uses value in use criteria in practically all cases.
To estimate the value in use, the Group prepares future cash flow projections, before tax, based on the most recent budgets
available. These budgets incorporate management’s best estimates of CGUs’ revenue and costs using sector projections, past
experience and future expectations.
243
In general, these projections cover the next ten years, estimating cash flows for subsequent years by applying reasonable
growth rates which, in no case, are increasing nor exceed the average long-term growth rates for the particular sector and
country. At the end of 2014 and 2013, projections were extrapolated from the following rates:
Country
Chile
Argentina
Brazil
Peru
Colombia
Currency
Chilean peso
Argentine peso
Brazilian real
Peruvian nuevo sol
Colombian peso
Growth rates (g)
2014
2013
2.2% - 5.0%
6.9% - 7.7%
5.0% - 5.9%
3.4% - 4.4%
4.3% - 5.3%
2.2% - 5.3%
8.6% - 9.0%
5.1% - 6.1%
3.6% - 4.6%
4.3% - 5.3%
These flows are discounted to calculate their current value at a before-tax rate that covers the cost of capital for the business
activity and the geographic area in which it is being carried out. The current cost of money and the risk premiums generally
used among analysts for the business activity and the geographic zone are taken into account to calculate this value.
The following are the before-tax discount rates applied in 2014 and 2013 expressed in nominal terms:
2014
2013
Country
Chile
Argentina
Brazil
Peru
Colombia
Currency
Chilean peso
Argentine peso
Brazilian real
Peruvian nuevo sol
Colombian peso
Minimum
7.9%
23.3%
9.7%
7.3%
8.0%
Maximum
13.0%
38.9%
22.7%
14.3%
13.3%
Minimum
7.8%
39.2%
9.0%
7.3%
8.5%
Maximum
16.3%
44.4%
18.8%
13.9%
14.2%
If the recoverable amount of the CGU is less than the net carrying amount of the asset, the corresponding provision for
impairment loss is recorded for the difference, and charged to “Reversal of impairment loss (impairment loss) recognized in
profit or loss” in the consolidated statement of comprehensive income. The provision is first allocated to the CGU’s goodwill
value, if any, and then to the other assets comprising it, prorated according to the carrying value of each one, limited to its fair
value less sales costs, or its value in use; a negative value may not be obtained.
Impairment losses recognized for an asset in prior periods are reversed when there are indications that this loss no longer
exists or may have decreased, thus increasing the asset’s value with a credit to earnings, limited to the asset’s carrying amount
if no adjustment had occurred. In the case of goodwill, adjustments that would have been made are not reversible.
e.2) Financial Assets
The following procedure is used to determine the need to adjust financial assets for impairment:
-
-
In the case of commercial assets in the electricity generation and transmission segments, as well as in the distribution
segment, the Group’s policy is to record impairment provisions based on the age of past-due balances. This is the policy
generally applied except in cases where a specific collectability analysis is recommended, such as in the case of receivables
from publically-owned companies (see Note 9).
In the case of receivables of a financial nature, impairment is determined on case-by-case basis. As of the date of issuance
of these consolidated financial statements, the Company had no significant overdue non-commercial financial assets (see
Notes 8 and 22).
f) Leases
In order to determine whether a contract is, or contains, a lease, Enersis examines the economic basis of agreement, to assess
whether fulfillment of the contract depends on the use of a specific asset and whether the agreement transfers the right to
the use of the asset. If both conditions are met, at the beginning of the contract the Company separates the payments and
considerations relating to the lease, at their fair values, from those corresponding to the other components of the agreement.
Leases that substantially transfer all of the risks and benefits inherent to the property are classified as finance leases. All others
are classified as operating leases.
244
2014 ANNUAL REPORT ENERSIS
CONSOLIDATED FINANCIAL STATEMENTS
Finance leases in which the Group acts as a lessee are recognized when the agreement begins. At that time, the Group
records an asset based on the nature of the lease and a liability for the same amount, equal to the fair value of the leased
asset or the present value of the minimum lease payments, if the latter is lower. Subsequently, the minimum lease payments
are divided between finance expense and principal reduction. The finance expense is recorded in the income statement and
distributed over the lease term, so as to obtain a constant interest rate for each period over the balance of the debt pending
amortization. The asset depreciates on the same terms as other similar depreciable assets, as long as there is reasonable
certainty that the lessee will acquire ownership of the asset at the end of the lease. If no such certainty exists, the asset
depreciates over the shorter term between the useful life of the asset and the term of the lease.
In the case of operating leases, payments are recognized as expenses in the case of the lessee and as income in the case of
the lessor, both on a straight-line basis, over the term of the lease unless another type of systematic basis of distribution is
deemed more representative.
g) Financial Instruments
Financial instruments are contracts that give rise to both a financial asset in one company and a financial liability or equity
instrument in another company.
g.1) Financial Assets other than Derivatives
The Group classifies its financial assets other than derivatives, whether permanent or temporary, except for investments
accounted for using the equity method (see Note 14) and those held for sale, into four categories:
- Trade and other receivables and Accounts receivable from related companies: These are recorded at amortized cost,
which is the initial fair value less principal repayments made, plus accrued and uncharged interest, calculated using the
effective interest method.
The effective interest method is used to calculate the amortized cost of a financial asset or liability (or group of financial
assets or financial liabilities) and is charged to finance income or cost over the relevant period. The effective interest rate
is the discount rate that exactly matches the estimated cash flows to be received or paid over the expected life of the
financial instrument (or, when appropriate, over a shorter period) to the net carrying amount of the financial asset or
financial liability.
- Held-to-maturity investments: Investments that the Group intends to hold and is capable of holding until their maturity
is accounted for at amortized cost as defined in the preceding paragraph.
- Financial assets at fair value with changes in net income: This includes the trading portfolio and those financial assets
that have been designated as such upon initial recognition and that are managed and evaluated using fair value criteria.
They are valued in the consolidated statement of financial position at fair value, with changes in value recorded directly in
income when they occur.
- Available-for-sale financial assets: These are financial assets specifically designated as available for sale or that do not fit
within any of the three preceding categories. They are almost all financial investments in equity instruments and financial
assets in accordance with IFRIC 12 “Service Concession Arrangements” (see Note 8).
These investments are recorded in the consolidated statement of financial position at fair value when it can be reliably
determined. For interests in unlisted companies or companies with very little liquidity, normally the fair value cannot be
reliably determined. When this occurs, those interests are valued at acquisition cost or a lesser amount if evidence of
impairment exists.
Changes in fair value, net of tax, are recorded in the consolidated statement of comprehensive income: Other
comprehensive results, until the investments are disposed of, at which time the amount accumulated in this account for
that investment is fully charged to the period’s profit or loss.
Should the fair value be less than the acquisition cost, and if there is objective evidence that the asset has been more than
temporarily impaired, the difference is recorded directly in the period’s losses.
Purchases and sales of financial assets are accounted for using their trade date.
g.2) Cash and Cash Equivalents
This account within the statement of consolidated financial position includes cash and bank balances, time deposits, and
other highly liquid investments (with a maturity of 90 days or less from the time of investment) that are readily convertible to
cash and are subject to insignificant risk of changes in value.
245
g.3) Financial Liabilities other than Derivatives
Financial liabilities are generally recorded based on cash received, net of any costs incurred in the transaction. In subsequent
periods, these obligations are valued at their amortized cost, using the effective interest rate method (see Note 3.g.1).
In the particular case that a liability is the underlying item of a fair value hedge derivative, as an exception, such liability will be
valued at its fair value for the portion of the hedged risk.
In order to calculate the fair value of debt, both in the cases when it is recorded in the statement of financial position and
for fair value disclosure purposes as seen in Note 22, debt has been divided into fixed interest rate debt (hereinafter “fixed-
rate debt”) and variable interest rate debt (hereinafter “floating-rate debt”). Fixed-rate debt is that on which fixed-interest
coupons established at the beginning of the transaction are paid explicitly or implicitly over its term. Floating-rate debt is
that issued at a variable interest rate, i.e., each coupon is established at the beginning of each period based on the reference
interest rate. All debt has been valued by discounting expected future cash flows with a market interest rate curve based on
the payment currency.
g.4) Derivative Financial Instruments and Hedge Accounting
Derivatives held by the Group are primarily transactions entered into to hedge interest and/or exchange rate risk, intended to
eliminate or significantly reduce these risks in the underlying transactions being hedged.
Derivatives are recorded at fair value as of the date of the statement of financial position as follows: if their fair value is
positive, they are recorded within “Other financial assets”; and if their fair value is negative, they are recorded within “Other
financial liabilities.” For derivatives on commodities, the positive value is recorded in “Trade and other receivables,” and
negative values are recorded in “Trade and other liabilities.”
Changes in fair value are recorded directly in income except when the derivative has been designated for accounting purposes
as a hedge instrument and all of the conditions established under IFRS for applying hedge accounting are met, including that
the hedge be highly effective. In this case, changes are recorded as follows:
- Fair value hedges: The underlying portion for which the risk is being hedged is valued at its fair value, as is the hedge
instrument, and any changes in the value of both are recorded in the comprehensive income statement by netting the
effects in the same comprehensive income statement account.
- Cash flow hedges: Changes in the fair value of the effective portion of derivatives are recorded in an equity reserve known
as “Reserve for cash flow hedges.” The cumulative loss or gain in this account is transferred to the comprehensive income
statement to the extent that the underlying item impacts the comprehensive income statement because of the hedged
risk, netting the effect in the same comprehensive income statement account. Gains or losses from the ineffective portion
of the hedge are recorded directly in the comprehensive income statement.
A hedge is considered highly effective when changes in the fair value or in the cash flows of the underlying item directly
attributable to the hedged risk are offset by changes in the fair value or the cash flows of the hedging instrument, with
effectiveness ranging from 80% to 125%.
The Company does not apply hedge accounting to its investments abroad.
As a general rule, long-term commodity purchase or sale agreements are recorded in the consolidated statement of financial
position at their fair value as of period end, recording any differences in value directly in income, except when all of the
following conditions are met:
- The sole purpose of the agreement is for the Group’s own use, which is understood, in the case of fuel purchase
agreements, as fuel to be used to generate electricity; in the case of electrical energy purchased for sale, as electricity to be
sold to the end user; and in the case of electricity sales, it is understood as sales to the end user.
- The Group’s future projections justify the existence of these agreements for its own use.
- Past experience with agreements shows that they have been utilized for the Group’s own use, except in certain isolated
cases when they had to be used for exceptional reasons or reasons associated with logistical issues beyond the control and
projection of the Group.
- The agreement does not stipulate settlement by differences and the parties have not made it a practice to settle similar
contracts by differences in the past.
246
2014 ANNUAL REPORT ENERSIS
CONSOLIDATED FINANCIAL STATEMENTS
The long-term commodity purchase or sale agreements maintained by the Group, which are mainly for electricity, fuel,
and other supplies, meet the conditions described above. Thus, the purpose of fuel purchase agreements is to use them
to generate electricity, the electricity purchase contracts are used to make sales to end-customers, and the electricity sale
contracts are used to sell the company’s own product.
The Company also evaluates the existence of derivatives embedded in contracts or financial instruments to determine if their
characteristics and risk are closely related to the principal contract, provided that when taken together they are not being
accounted for at fair value. If they are not closely related, they are recorded separately and changes in value are accounted for
directly in the comprehensive income statement.
g.5) Fair Value of Derivative Instruments
The fair value of the various derivative financial instruments is calculated as follows:
For derivatives traded on an active market, by its quoted price as of year-end.
-
- The Group values derivatives not traded on active markets by using the discounted cash flow method and generally
accepted options valuation models, based on current and future market conditions as of year-end. It also adjusts the value
according to its own credit risk (Debt Valuation Adjustment, DVA), and the counterparty risk (Credit Valuation Adjustment,
CVA). These CVA and DVA adjustments are measured on the basis of the potential future exposure of the instrument
(creditor or borrower position) and the risk profile of both the counterparties and the Group itself.
g.6) Derecognition of Financial Assets and Liabilities
Financial assets are derecognized when:
- The contractual rights to receive cash flows related to the financial asset expire or have been transferred or, if the
contractual rights are retained, the Group has assumed a contractual obligation to pay these cash flows to one or more
receivers.
- The Group has substantially transferred the risks and rewards of ownership of the financial asset, or, if it has neither
transferred nor retained substantially all the risks and rewards, when it does not retain control over the asset.
Transactions in which the Group retains substantially all the inherent risks and rewards of ownership of the transferred asset,
it continues recognizing the transferred asset in its entirety and recognizes a financial liability for the consideration received.
Transactions costs are recognized in profit and loss by using the effective interest method (see Note 3.g.1).
Financial liabilities are derecognized when they are extinguished, that is, when the obligation arising from the liability has
been paid or cancelled, or has expired.
g.7) Offsetting Financial Assets and Liabilities.
The Group offsets financial assets and liabilities and the net amount is presented in the statement of financial position only
when:
- There is a legally enforceable right to offset the recognized amounts; and
- There is an intention to settle on a net basis, or to realize the asset and settle the liability simultaneously.
247
h) Measurement of Fair Value
The fair value of an asset or liability is defined as the price that would be received from the sale of an asset or paid to transfer a
liability in an organized transaction between participants on the market on the date of measurement.
Fair value measurement assumes that the transaction to sell an asset or transfer a liability occurs in the principal market,
namely, the market with the highest transaction volume for that asset or liability. In the absence of a principal market, it is
assumed that the transaction is carried out in the most advantageous market available to the entity, namely, the market
that maximizes the amount that would be received on selling the asset or minimizes the amount that would be paid on
transferring the liability.
To determine fair value, the Group uses valuation techniques that are appropriate for the circumstances and for which there
are sufficient data to conduct the measurement. The Group maximizes the use of relevant observable data and minimizes the
use of unobservable data.
Considering the hierarchy of the data used in these valuation techniques, the assets and liabilities measured at fair value can
be classified into the following levels:
Level 1: Quoted price (unadjusted) in active markets for identical assets or liabilities;
Level 2:
Inputs other than quoted prices included within Level 1 that are observable for the assets or liabilities, either
directly (i.e. as prices) or indirectly (i.e. derived from prices). The methods and hypotheses used to determine the fair
values at Level 2 by type of financial asset or financial liability take into consideration estimated future cash flows
discounted at zero coupon interest rate curves for each currency. All the valuations described are carried out using
external tools such as “Bloomberg”; and
Level 3: Inputs for assets or liabilities that are not based on observable market data (unobservable inputs).
The Group takes into account the characteristics of the asset or liability when measuring fair value, in particular:
- For non-financial assets, fair value measurement takes into account the ability of a market participant to generate
economic benefits by using the asset to the maximum of its potential or by selling it to another market participant which
would use the asset to the maximum of its potential;
- For liabilities and equity instruments, the fair value assumes that the liability is not settled and equity instrument is not
canceled, or otherwise extinguished at the measurement date. The fair value of the liability reflects the effect of default
risk, namely, the risk that an entity will not fulfill the obligation, which includes but is not limited to, the company’s own
credit risk;
In the case of financial assets and financial liabilities that have balanced positions with respect to market risk or credit
risk with a counterparty, it is possible to measure the fair value on a net basis. However, this must be consistent with the
manner in which market participants would price the net risk exposure on the measurement date.
-
248
2014 ANNUAL REPORT ENERSIS
CONSOLIDATED FINANCIAL STATEMENTS
i) Investments Accounted for Using the Equity Method
The Group’s interests in joint ventures and associates are recorded using the equity method.
Under the equity method, an investment in an associate or joint venture is initially recorded at cost. As of the acquisition date,
the investment is recorded in the statement of financial position based on the share of its equity that the Group’s interest
represents in its capital, adjusted for, if appropriate, the effect of transactions with subsidiaries plus any goodwill generated
in acquiring the company. If the resulting amount is negative, zero is recorded for that investment in the statement of
financial position, unless the Group has a present obligation (either legal or implicit) to support the company’s negative equity
situation, in which case a provision is recorded.
Goodwill from the associate or joint venture is included in the book value of the investment. It is not amortized but is subject
impairment testing as part of the overall investment carrying value when there are indicators of impairment.
Dividends received from these companies are deducted from the value of the investment, and any profit or loss obtained from
them to which the Group is entitled based on its interest is recorded under “Share of profit (loss) of associates accounted for
using equity method.”
Appendix No. 3, “Enersis Group Associated Companies and Joint Ventures,” included in these consolidated financial
statements, provides information about the relationship of Enersis with each of these entities.
j) Inventories
Inventories are valued at their weighted average acquisition price or the net realizable value, whichever is lower.
k) Non-current Assets Held for Sale and Discontinued
Operations
The Group classifies the following as “Non-current assets held for sale”: property, plant and equipment; intangible assets;
investments accounted for using the equity method, joint ventures, and disposal groups (a group of assets to be disposed of
and the liabilities directly associated with those assets), if, as of the date of the consolidated financial statements, the Group
has taken active measures for their sale and estimates that such a sale is highly probable.
These held-for-sale assets or disposal groups are valued at the lower of their book value or estimated sale value less selling
costs. Depreciation and amortization on these assets cease when they meet the criteria to be classified as non-current assets
held for sale.
Non-current assets held for sale and the components of the disposal groups classified as held for sale are presented in the
consolidated statement of financial position as a single line item within assets called “Non-current assets or disposal groups
classified as held for sale,” and the respective liabilities are presented as a single line item within liabilities called “Liabilities
included in disposal groups classified as held for sale.”
The Group classifies as “Discontinued operations” those separate major lines of business that have been sold or disposed of
in another way, or those that may be classified as held for sale, including other assets that are part of the same coordinated
sales or disposal plan. In the same way, entities that have been acquired solely in order to be resold are also considered
“Discontinued operations.”
The components of profit or loss after taxes from discontinued operations are presented as a single line item in the
consolidated comprehensive income statement as “Net income from discontinued operations.
249
l) Treasury Shares
Treasury shares are deducted from equity in the consolidated statement of financial position and valued at acquisition cost.
The gains and losses from the disposal of treasury shares are recorded directly in “Equity – Retained earnings”, without
affecting the profit or loss for the fiscal year. As of December 31, 2014, there are no treasury shares, and no transactions with
treasury shares were conducted during fiscal years 2014 and 2013.
m) Provisions
Obligations existing as of the date of the consolidated financial statements resulting from past events which may negatively
impact the Group’s equity, and whose amount and timing of payment are uncertain, are recorded as provisions in the
consolidated statement of financial position at the present value of the most likely amount that it is believed that the Group
will have to disburse to settle the obligation.
Provisions are quantified using the best information available as of the date of issuance of the consolidated financial
statements regarding the consequences of the event causing the provision and are re-estimated at each subsequent
accounting close.
m.1) Provisions for Post-employment Benefits and Similar Obligations
Some of the Group’s subsidiaries have pension and similar obligations to their employees. Such obligations, which combine
defined benefits and defined contributions, are basically formalized through pension plans, except for certain non-monetary
benefits, mainly electricity supply commitments, which, due to their nature, have not been externalized and are covered by
the related in-house provisions.
For defined benefit plans, the cost of providing benefits is determined using the Projected Unit Credit Method, with actuarial
valuations being carried out at the end of each reporting period. Past service costs relating to changes in benefits are
recognized immediately.
The defined benefit plan obligations in the statement of financial position represent the present value of the accrued
obligations, adjusted, once the fair value of the different plans’ assets has been deducted, if applicable.
For each of the plans, any positive difference between the actuarial liability for past services and the plan assets is recognized
under line item “Provisions for employee benefits” within current and non-current liabilities in the consolidated statement of
financial position, and any negative difference is recognized under line item “Other financial assets” within non-current assets
in the consolidated statement of financial position, provided that the negative difference is recoverable by the Group, usually
through a reduction in future contributions and taking into consideration the limit established in IFRIC 14, “IAS 19 The limit on
a defined benefit asset, minimum funding requirements, and their interaction.”
Actuarial gains and losses arising in the measurement of both the plan liabilities and the plan assets, including the limit in
IFRIC 14, are recognized directly within “Other comprehensive income”.
Contributions to defined contribution benefit plans are recognized as an expense in the consolidated statement of
comprehensive income when the employees have rendered their services.
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n) Conversion of Balances to Foreign Currency
Transactions carried out by each company in a currency other than its functional currency are recorded using the exchange
rates in effect as of the date of each transaction. During the year, any differences that arise between the exchange rate
recorded in accounting and the rate prevailing as of the date of collection or payment are recorded as “Foreign currency
exchange differences” in the comprehensive income statement.
Likewise, at the end of each period, balances receivable or payable in a currency other than each company’s functional
currency are converted using the period-end exchange rate. Any valuation differences are recorded as “Foreign currency
exchange differences” in the comprehensive income statement.
The Group has established a policy to hedge the portion of its subsidiaries’ revenue that is directly linked to variations in
the US dollar by obtaining financing in this currency. Exchange differences related to this debt, as they are cash flow hedge
transactions, are charged, net of taxes, to a reserve account in equity and recorded in income during the period in which the
hedged cash flows are realized. This term has been estimated at ten years.
o) Current/Non-current Classification
In these consolidated statements of financial position, assets and liabilities expected to be recovered or settled within twelve
months are presented as current items, except for post-employment and other similar obligations, and those assets and
liabilities expected to be recovered or settled in more than twelve months are presented as non-current items. Deferred
income tax assets and liabilities are classified as non-current.
Should the Company have any obligations that mature in less than twelve months but can be refinanced over the long term
at the Company’s discretion, through unconditionally available credit agreements with long-term maturities, such obligations
could be classified as long-term liabilities.
p) Income Taxes
Income tax expense for the period is determined as the sum of current taxes from the Group’s different subsidiaries and
results from applying the tax rate to the taxable base for the period, after allowable deductions have been made, plus any
changes in deferred tax assets and liabilities and tax credits, both for tax losses and deductions. Differences between the book
value and tax basis of assets and liabilities generate deferred tax asset and liability balances, which are calculated using tax
rates expected to be in effect when the assets and liabilities are realized or settled. Considered for this purpose are rates that
have been approved by the end of the period reported on, or whose approval process is practically complete.
Bulletin No. 856 issued by the Chilean Superintendency of Securities and Insurance on October 17, 2014, the changes in the
assets and liabilities from deferred taxes originating from the progressive increase in the income tax rate introduced in Law
20,780 on September 29, 2014, and which affect the Chilean companies in the Enersis Group, have been recorded directly in
Equity (Retained earnings). (See Note 19.c.)
Deferred tax assets are recognized for all deductible temporary differences, tax losses and unused tax credits to the extent
that it is probable that sufficient future taxable profits exist to recover the deductible temporary differences and make use of
tax credits. This is the case unless the deferred tax asset relating to the deductible temporary difference arises from the initial
recognition of an asset or liability that:
- Did not arise from a business combination, and
- At initial recognition affected neither accounting profit nor taxable profit (loss).
In respect of deductible temporary differences associated with investments in subsidiaries, associates and joint arrangements,
deferred tax assets are recognized only to the extent that it is probable that the temporary differences will reverse in the
foreseeable future and taxable profits will be available against which the temporary differences can be utilized.
251
Deferred tax liabilities are recognized for all temporary differences, except those derived from the initial recognition of
goodwill and those that arose from valuing investments in subsidiaries, associates and joint ventures in which the Group can
control their reversal and where it is likely that they will not be reversed in the foreseeable future.
Current tax and changes in deferred tax assets or liabilities are recorded in the statement of net income or in Total equity
within the statement of financial position, depending on where the gains or losses that triggered these tax entries have been
recognized.
Any deductions that can be applied to current tax liabilities are credited to earnings within the line item “Income tax
expenses”, except when doubts exist about their tax realization, in which case they are not recognized until they are effectively
realized, or when they correspond to specific tax incentives, in which case they are recorded as grants.
At each accounting period close, the Company reviews the deferred taxes it has recorded, both assets and liabilities, and
makes any necessary corrections based on the results of this analysis.
Deferred tax assets and deferred tax liabilities are offset in the statement of financial position if regulations allow current tax
assets to be offset with current tax liabilities, and only when the deferred taxes are related to income taxes payable to the
same tax authority.
q) Revenues and Expense Recognition
Revenues and expenses are recognized on an accrual basis.
Revenue is recognized when the gross inflow of economic benefits arising in the course of the Group’s ordinary activities in
the period occurs, provided that this inflow of economic benefits results in an increase in total equity that is not related to
contributions from equity participants and that these benefits can be measured reliably. Revenue is measured at the fair value
of the consideration received or receivable that gives rise to the revenue.
Revenue associated with the rendering of services is only recognized if it can be estimated reliably, based on the stage of
completion of the service rendered at the date of the statement of financial position.
The Group excludes from the revenue figure gross inflows of economic benefits it receives when it acts as an agent or
commission agent on behalf of third parties, and only recognizes as revenue economic benefits received for its own account.
When goods or services are exchanged or swapped for goods or services of a similar nature and value, the exchange is not
regarded as a revenue-generating transaction.
The Group records the net amount of non-financial asset purchase or sale contracts settled for the net amount of cash or
through some other financial instruments. Contracts entered into and maintained for the purpose of receiving or delivering
these non-financial assets are recognized on the basis of the contractual terms of the purchase, sale, or usage requirements
expected by the entity.
Interest income (expense) is recognized at the effective interest rate applicable to the outstanding principal over the
repayment period.
These criteria for recognizing revenues and expenses are applied throughout the Enersis Group’s lines of business.
r) Earnings per Share
Basic earnings per share are calculated by dividing net income attributable to shareholders of the Parent Company (the
numerator) by the weighted average number of ordinary shares outstanding (the denominator) during the period, excluding
the average number of shares of the Parent Company held by the Group, if any.
During the 2014, 2013 and 2012 fiscal years, the Group did not engage in any transaction of any kind with potential dilutive
effects leading to diluted earnings per share that could differ from basic earnings per share.
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s) Dividends
Article 79 of the Chilean Companies Act establishes that, unless unanimously agreed otherwise by the shareholders of all
issued shares, listed corporations must distribute a cash dividend to shareholders on a yearly basis, prorated by the shares
owned or the proportion established in the company’s by-laws if there are preferred shares, of at least 30% of net income for
each period, except when accumulated losses from prior years must be absorbed.
As it is practically impossible to achieve a unanimous agreement given Enersis’ highly fragmented share capital, as of the
end of each year the amount of the minimum statutory dividend obligation to its shareholders is determined, net of interim
dividends approved during the fiscal year, and then accounted for in “Trade and other current payables” and “Accounts
payable to related companies,” as appropriate, and charged to Equity.
Interim and final dividends are deducted from Equity as soon as they are approved by the competent body, which in the first
case is normally the Company’s Board of Directors and in the second case is the Ordinary Shareholders’ Meeting.
t) Share Issuance and Placement Expenses
Share issuance and placement expenses, when these are incremental expenses directly attributable to the transaction, are
recognized directly in net equity as a deduction from “Share premiums,” net of any applicable taxes. If the share premium
account has a zero balance or if the costs described exceed the balance, they are recognized in “Other reserves.”
u) Cash flow Statement
The cash flow statement reflects changes in cash and cash equivalents that took place during the period, determined with the
direct method. It uses the following expressions and corresponding meanings:
- Cash flows: inflows and outflows of cash or cash equivalents, which are defined as highly liquid investments maturing in
less than three months with a low risk of changes in value.
- Operating activities: the principal revenue-producing activities of the Group and other activities that cannot be
-
considered investing or financing activities.
Investing activities: the acquisition and disposal of long-term assets and other investments not included in cash and cash
equivalents.
- Financing activities: activities that result in changes in the size and composition of the total equity and borrowings of the
Group.
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Note 4
Sector Regulation And Electricity System Operations
4.1 Regulatory framework:
Chile
The electricity sector is regulated by the General Law of Electrical Services (Chilean Electricity Law), also known as DFL No.
1 of 1982, of the Ministry of Mining, whose compiled and coordinated text was established in DFL No. 4 issued in 2006 by
the Ministry of Economy (the Electricity Law), as well as by an associated Regulation (D.S. No. 327 issued in 1998). Three
government bodies are primarily responsible for enforcing this law: the National Energy Commission (CNE), which has the
authority to propose regulated tariffs (node prices) and to draw up indicative plans for the construction of new generating
units; the Superintendency of Electricity and Fuels (SEF), which supervises and oversees compliance with the laws, regulations,
and technical standards that govern the generation, transmission, and distribution of electricity, as well as liquid fuels, and
gas; and the Ministry of Energy, which is responsible for proposing and guiding public policies on energy matters. It also
oversees the SEF, the CNE, and the Chilean Commission for Nuclear Energy (ChCNE), thus strengthening coordination and
allowing for an integrated view of the energy sector. The Ministry of Energy also includes the Agency for Energy Efficiency
and the Center for Renewable Energy, (Centro de Energías Renovables - CER), which in November 2014 was replaced by the
National Center for Innovation and Development of Sustainable Energy (Centro Nacional para la Innovación y Fomento de
las Energías Sustentables - CIFES). The Chilean Electricity Law has also established a Panel of Experts whose main task is to
resolve potential discrepancies among the players in the electricity market, including electricity companies, system operators,
regulators, etc.
From a physical viewpoint, the Chilean electrical sector is divided into four electrical grids: the Sistema Interconectado Central
(SIC), the Sistema Interconectado del Norte Grande (SING), and two separate medium-size grids located in southern Chile, one
in Aysén and the other in Magallanes. The SIC, the main electrical grid, runs 2,400 km longitudinally and connects the country
from Taltal in the north to Quellon, on the island of Chiloe in the south. The SING covers the northern part of the country, from
Arica down to Coloso, covering a length of some 700 km. A law was passed on January 8, 2014, which will allow the SIC to be
connected to the SING.
The electricity industry is organized into three business segments: generation, transmission, and distribution, all operating in
an interconnected and coordinated manner, and whose main purpose is to supply electrical energy to the market at minimum
cost while maintaining the quality and safety service standards required by the electrical regulations. As essential services,
the power transmission and distribution businesses are natural monopolies; these segments are regulated as such by the
electricity law, which requires free access to networks and regulates rates.
Under the Chilean Electricity Law, companies engaged in generation and transmission on an interconnected electrical grid
must coordinate their operations through a centralizing operating agent, the Centro de Despacho Económico de Carga
(CDEC), in order to operate the system at minimum cost while maintaining a reliable service. For this reason, the CDEC plans
and operates the system, including the calculation of the so-called “marginal cost,” which is the price assigned to energy
transfers among power generating companies.
Therefore, a company’s decision to generate electricity is subject to the CDEC’s operation plan. On the other hand, each
company is free to decide whether to sell its energy to regulated or unregulated customers. Any surplus or deficit between a
company’s sales to its customers and its energy supply is sold to, or purchased from, other generators at the spot market price.
A power generating company may have the following types of customers:
(i) Distribution companies that supply power to regulated customers: This distribution is to residential and commercial
consumers and small and medium-size businesses with a connected capacity equal to or less than 500 kW located in
the concession area of a distribution company. Customers that consume from 500 kW to 2,000 kW (1) may choose to
be regulated or unregulated clients. Until 2009, the transfer prices between generators and distribution companies for
supplying power to regulated customers were capped at a maximum value called the node price, which is regulated by
the Ministry of Energy. Node prices are set every six months, in April and October, based on a report prepared by the CNE
that takes into account projections of expected marginal costs in the system over the next 48 months for the SIC and 24
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2014 ANNUAL REPORT ENERSIS
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months for the SING. Beginning in 2010, and as the node price contracts begin to expire, the transfer prices between
generators and distributors is being replaced by the results of regulated bidding processes, with a price cap set by the
authority every six months.
(1) At the end of 2014, a legal amendment to the articles of the electricity law is going through Congress. One of the modifications involves
raising the limit from 2,000 to 5,000 kW.
(ii) Unregulated customers: Those customers, mainly industrial and mining companies, with a connected capacity of over
2,000 kW (see footnote N° 1). These consumers can freely negotiate prices for electrical supply with generators and/or
distributors. Customers with capacity between 500 and 2,000 kW (see footnote N° 1 above), as indicated in the preceding
paragraph, have the option to contract energy at prices agreed upon with their suppliers or be subject to regulated prices,
with a minimum stay of at least four years under each pricing system.
(iii) Spot market: This represents energy and capacity transactions among generating companies that result from the CDEC’s
coordination to keep the system running as economically as possible, where the surpluses (deficits) between a generator’s
energy supply and the energy it needs to comply with business commitments are transferred through sales (purchases) to
(from) other generators in the CDEC. In the case of energy, transfers are valued at the marginal cost, while node prices for
capacity are set every semester by the regulators.
In Chile, the capacity that must be paid to each generator depends on an annual calculation performed by the CDEC to
determine the firm capacity of each power plant, which is not the same as the dispatched capacity.
Beginning in 2010 with the enactment of Law 20,018, distribution companies must have enough supply permanently
available to cover their entire demand projected for a period of three years; to do so, they must carry out long-term public
bidding processes.
On May 15, 2014, the Minister of Energy presented the “Energy Agenda,” a document outlining general guidelines for the
energy policy of the new government.
On September 29, 2014 a Tax Reform was approved which emphasizes the creation of so-called green tax to be levied on air
emissions of particulate matter (PM), nitrogen oxides (NOx), sulfur dioxide (SO2) and carbon dioxide (CO2). The tax will be
US$5/ton for CO2 emissions.
Argentina
Argentina has shown signs of intervention in the electricity market since the crisis of 2002. Under the previous regulations,
generators sold to distributors at prices obtained from centralized calculations of the average spot market price. The
distributers’ purchase price was the average price forecast for the next six months, called the Seasonal Price (Precio Estacional).
Any differences between the Seasonal Price (the purchase price) and the actual spot price (the selling price) was charged to
the Seasonal Fund (Fondo Estacional) managed by the Electricity Wholesale Market Administration Company (CAMMESA -
Compañía Administradora del Mercado Mayorista Eléctrico).
However, after the 2002 crisis, the authorities changed the price-setting criteria, bringing the marginal pricing system to
an end. First, marginal prices were calculated without taking into consideration the natural gas shortages. In effect, despite
the fact that generation is dispatched on the basis of the fuels actually used, Resolution SE 240/2003 establishes that the
marginal price is to be calculated taking into consideration all of the generation units as if there were no restrictions in effect
on natural gas supplies. In addition, the expense of water is not included in the calculations if its opportunity cost is higher
than the cost of generating power with natural gas. Second, it established a spot price ceiling of Ar$120/MWh. However,
CAMMESA pays the actual variable costs of the thermal plants that run on liquid fuels through the Temporary Dispatch Cost
Overruns program.
In addition, as the dollarized economy was devalued and went back to the Argentine peso, payment for capacity fell from
US$10 to Ar$10 per MWh. Capacity payments have subsequently risen slightly, to Ar$12 pesos.
Additionally the freezing of prices paid by distributors caused a gap in relation to actual generation costs, resulting in various
types of special agreements for recovering costs, in accordance with regulations in force.
It was in this context that the government announced in 2012 its plan to change the current regulatory framework for one
based on an average cost scheme.
255
Resolution 95/2013 was published in March of 2013, significantly changing the system for generators’ remunerations and
setting new prices for capacity depending on the type of technology used and availability. It also set new values for paying for
non-fuel variable costs, as well as additional remuneration for energy generated.
In May 2013, the Group’s generating companies (Endesa Costanera and Hidroeléctrica El Chocón) accepted the terms of
Resolution SE 95/2013.
This resolution marked the end of marginal pricing as a payment system in the Argentine power generation market and
established, instead, payment by type of technology and size of plant. For each case, it recognizes fixed costs (determined on
the basis of fulfillment of availability) and variable costs, plus an additional remuneration (the two parts are determined on
the basis of the energy generated). Part of the additional remuneration will be placed in a trust for future investments.
In principle, commercial management and fuel dispatch will be in the hands of CAMMESA; Terminal Market agreements
cannot be extended or renewed, and large users, once their respective contracts are up, must purchase their supply from
CAMMESA. However, the Energy Secretariat, in Note SE 1807/13, gave generators the opportunity to express their intention
to continue handling collections for their entire contract portfolio, thus ensuring a certain amount of cash flow and a
continuing relationship with the customer.
It is also important to mention that Endesa Costanera has availability contracts signed in 2012 that are still in effect, as well as
combined cycle contracts (until 2015) and steam generation contracts (until 2019) that will enable the company to implement
plan for investing in the Costanera plant generation units in order to optimize the reliability and availability of that plant. The
contracts also include payment of the commitments under the Long-Term Service Agreement (LTSA) for the plant’s combined
cycles.
Through Resolution 529/2014, the Energy Secretariat updated generators’ remuneration, which had been in effect since they
were set in February 2013 under Resolution 95/2013. The new resolution increased recognition of fixed costs for combined
cycle and large hydroelectric plants by 25%, and adjusted variable costs by 41% for thermal plants and 25% for hydroelectric
plants. A new variable remuneration was set for biodiesel-fired plants. The additional remuneration increased 25% for
thermal plants, and a new charge of Ar$21/MWh was set for one-time maintenance for combined cycle and Ar$24/MWh for
other thermal generation plants. The resolution is retroactive to February 2014.
Brazil
Legislation in Brazil allows the participation of private capital in the electricity sector, upholds free competition among
companies in electricity generation, and defines criteria to avoid certain levels of economic concentration and/or market
practices that may cause a decline in free competition.
Based on the contract requirements as stated by distribution companies, the Ministry of Energy has been involved in
planning the expansion of the electricity system, setting capacity quotas by technology on the one hand and, on the other,
promoting separate tender processes for thermal, hydraulic or renewable energies, or directly holding tender processes for
specific projects. The operation is being coordinated in a centralized fashion in which one independent operator coordinates
centralized load dispatch based on variable production costs and seeks to guarantee to meet demand at the minimum cost
for the system. The price at which transactions take place on the spot market is called the Difference Liquidation Price (Precio
de Liquidación de las Diferencias, PLD), which takes into account the players’ aversion to risk.Generation companies sell their
energy on the regulated or unregulated market through contracts, and they trade their surpluses or deficits on the spot
market. The free market is aimed at large users, with a limit of 3,000 kW or 500 kW if they purchase energy produced with
renewable resources.
In the unregulated market, suppliers and their clients directly negotiate energy purchase conditions. In the regulated market,
in contrast, where distribution companies operate, energy purchases must go through a tender process coordinated by the
National Electricity Agency (ANEEL). In this way, the regulated purchase price used in the determination of tariffs to end
users is based on average prices of open bids, and there are separate bidding processes for existing and new energy. Bidding
processes for new energy contemplate long-term generation contracts in which new generation projects must cover the
growth of demand foreseen by distributors. The open bids for existing energy consider shorter contractual terms and seek
to cover the distributors’ contractual needs arising from the expiry of prior contracts. Each bidding process is coordinated
centrally. Authorities set maximum prices and, as a result, contracts are signed where all distributors participating in the
process buy pro rata from each offering generator.
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CONSOLIDATED FINANCIAL STATEMENTS
On November 25, 2014, the ANEEL approved the new PLD limits for 2015. The maximum limits (decreased from R$823 to
R$388/MWh) and the minimum (increased from R$16 to R$30/MWh). The decision was the result of extensive debate, which
began with Public Consultation number 09/2014 and later with Public Hearing number 54/2014.
The main effect of the new limit is to reduce the financial impact for distributors of potential future risks when contracting
energy on the spot market, as in 2014 the spot price was at its maximum for much of the year. The new maximum price also
mitigates the risk of unrecoverable economic and financial losses for generators, when production is below contract values.
However, the possibility of selling excess energy at higher prices decreases. Currently generators can divide their excess
energy across the months of the year, to boost their revenues by allocating more energy to those months where higher prices
are expected, as the ceiling is lower.
These regulatory mechanisms ensure the creation of regulatory assets, whose rate adjustment for deficits in 2014 will take
place in the tariff adjustments starting in 2015 (March for Ampla and April for Coelce). This mechanism has existed since 2001,
and is called the Compensation Clearing Account - Part A (Cuenta de Compensación de Valores – Parte A, “CVA”).
On December 10, 2014 an addendum was signed to the concession contract for distributors in Brazil (Ampla and Coelce),
which allows these regulatory assets (CVA’s and others) to be included in indemnizable assets at the end of the concession,
and if this is not possible over time, it allows compensation through tariffs.
Colombia
The Public Utility Law (Ley de Servicios Públicos Domiciliarios, Law 142) and the Electricity Law (Ley Eléctrica, Law 143)
were passed in 1994 establishing the new framework ordered by the Constitution. These laws set out the general criteria
and policies that are to govern public utility service provision in the country, as well as the procedures and mechanisms for
regulating, monitoring and overseeing them.
The Electricity Law puts the constitutional focus into practice, regulating the generation, transmission, distribution and sale
of electricity, creating the market and competitive environment, strengthening the industry and setting the boundaries for
government intervention. Taking into account the nature of each activity or business, general guidelines were established
for developing the regulatory framework, creating and implementing the rules that would allow for free competition in
the power generation and sales industries, while the directives for the transmission and distribution industries were geared
toward treating these activities as monopolies while seeking out competitive conditions wherever possible.
The main institution in the electricity sector is the Mining and Energy Ministry, whose Mining Energy Planning Unit, (Unidad
de Planeación Minero Energética, UPME) draws up the national Energy Plan and the Generation and Transmission Expansion
Plan. The Energy and Gas Regulatory Commission (Comisión de Regulación de Energía y Gas, CREG) and the Public Service
Superintendency (Superintendencia de Servicios Públicos, SSPD) regulate and oversee, respectively, the companies in the
industry, and the Superintendency of Industry and Commerce is the national authority for free trade protection issues.
The electricity industry operates on the basis of electricity-selling companies and the large consumers being able to buy and
sell energy through bilateral contracts or on a short-term energy exchange market, called the energy exchange, that operates
freely according to supply and demand conditions. In addition, long-term auctions of Firm Energy within a Reliable Charge
scheme are carried out to promote the expansion of the system. The market is operated and administered by XM, which is
in charge of the National Dispatch Center (Centro Nacional de Despacho, CND), and the Commercial Interchange System
Manager (Administrador del Sistema de Intercambios Comerciales, ASIC).
Peru
The Electricity Concessions Law and its regulations, the Law to Ensure Efficient Development of Electricity Generation (Law
28,832), the Electricity Industry Antimonopoly and Oligopoly Law, the Technical Standard for Electricity Service Quality,
the Environmental Protection Regulations for Electricity Activities, the Law Creating the Energy and Mining Investment
Supervisory Agency (Osinergmin) and its regulations, and the Regulations for Unregulated Electricity Users all comprise the
main legislation in the regulatory framework for doing business in the power industry in Peru.
Law 28,832, whose purpose is to ensure enough efficient power generation to reduce the risk of price volatility and rationing,
promotes the establishment of market prices based on competition, planning and ensuring a mechanism that guarantees
expansion of the transmission grid, and also allows Large Unregulated Users and Distributors to participate in the short-
term market. Accordingly, the law promotes tender processes for long-term power supply contracts at firm prices in order to
encourage investment in efficient generation and contracts with distribution companies. Distribution companies must begin
the tender processes at least three years ahead of time in order to keep Regulated Users’ demand covered.
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Expansion in transmission must be planned through a binding Transmission Plan drawn up by the COES SINAC and approved
first by the Osinergmin and then by the Energy and Mining Ministry. There are two types of system: a) the Guaranteed
Transmission System, which is paid for by the demand; and b) the Complementary Transmission System, which is financed
jointly by the generation companies and by the demand.
The purpose of the COES SINAC is to coordinate operations at the lowest possible cost while ensuring a reliable system and
the best use of energy resources, to plan transmission and to manage the short-term market. It is made up of generation,
transmission and distribution companies and Large Unregulated Users (those with demand of 10 MW or higher) who belong
to the National Interconnected Grid (Sistema Eléctrico Interconectado Nacional).
Generation companies may sell their power to: (i) Distribution companies through tender contracts or regulated bilateral
contracts; (ii) Unregulated clients; and (iii) the spot market, where surplus energy is traded among generation companies.
Generation companies are also paid for the firm capacity they contribute to the system regardless of their dispatch.
Peru’s spot price, given the definition of its ideal marginal cost, does not necessarily reflect the costs in the system, as it does
not consider the current shortages in the natural gas and electricity transport system. Furthermore, it sets a ceiling price for
the market. This was established in an emergency regulation in 2008 (Emergency Decree 049 of 2008) that will remain in
effect at least until the end of 2016.
Non-Conventional Renewable Energy
-
-
-
In Chile, Law 20,257 was enacted in April of 2008 to encourage the use of Non-Conventional Renewable Energy (NCRE).
The principal aspect of this law is that at least 5% of the energy sold by generation companies to their customers must
come from renewable sources between years 2010 and 2014. This requirement progressively increases by 0.5% from year
2015 until 2024, when a 10% renewable energy requirement will be reached. This law was amended in 2013 by Law
20,698, dubbed the “20/25 law,” as it establishes that by 2025, 20% of power supplied will be generated by NCRE. It does
not change the previous law’s plan for supplying power under agreements in effect in July 2013.
In Brazil, the ANEEL holds auctions by technology considering the expansion plan set by the EPE, the planning agency, so
that the target amount set for non-conventional renewable energy capacity is met.
In Colombia, Law 697 was issued in 2001 by the Program for the Rational and Efficient Use of Energy and Other Forms
of Non-Conventional Energy (Programa de Uso Racional y Eficiente de la Energía y demás formas de Energías No
Convencionales - PROURE). Subsequently, indicative targets were defined for non-conventional renewable energy of
3.5% for 2015 and 6.5% for 2020. Law 1715 was enacted in 2014, which created a legal framework for the development
of non-conventional renewable energy, in which guidelines for declarations of public interest, as well as tax, tariff
and accounting incentives were established. The competent authorities are expected to develop detailed regulations
supporting this Act during 2015.
-
In Peru, a target of 5% has been set as the NCRE’share in the country’s energy system. It is a nonbinding target and the
regulatory agency, the Osinergmin, holds differential auctions by technology to help reach the goal.
Limits on Integration and Concentration
In general, all of the countries have legislation in effect that defends free competition and, together with specific regulations
that apply to the electricity market, defines criteria to avoid certain levels of economic concentration and/or abusive market
practices.
In principle, the regulators allow the participation of companies in different activities (e.g. generation, distribution, and
commercialization) as long as there is an adequate separation of each activity, for both accounting and company purposes.
Nevertheless, most of the restrictions imposed involve the transmission sector mainly due to its nature and to the need to
guarantee adequate access to all agents. In Argentina, Chile and Colombia there are specific restrictions if generation or
distribution companies want to become majority shareholders in transmission companies.
Regarding concentration in a specific sector, in Argentina, there are no specific limits that affect the vertical or horizontal
integration of a company. In Chile, while there are regulations on free competition, there are no specific quantitative limits on
vertical or horizontal integration. However, the General Law on Electrical Services provides that companies that operate on or
have ownership in the Trunk Transmission Systems cannot engage in, either directly or indirectly, activities that are in any way
involved in the business of power generation or distribution. In Peru, integration is subject to authorization. In Colombia, no
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2014 ANNUAL REPORT ENERSIS
CONSOLIDATED FINANCIAL STATEMENTS
company may have a direct or indirect market share of over 25% in electricity sale activities, although two criteria have been
established for generating activity. One of these relates to participation limits depending on market concentration (HHI) and
the size of the players according to their Firm Energy, and the other relates to pivotality conditions in the market depending
on the availability of resources to meet system demand. In addition, Colombian companies created after the Public Service
Law was enacted in 1994 can only engage in activities that complement generation/sales and distribution/sales. Finally,
in Brazil, with the changes taking place in the power industry under Law 10,848/2004 and Decree 5,163/2004, the ANEEL
gradually perfected regulations, eliminating concentration limits as no longer compatible with the prevailing regulatory
environment. However, regulatory approval is required for consolidations or mergers to take place between players operating
within the same business segment.
Market for Unregulated Customers
In all of the countries where the Group operates, distributing companies can supply their customers under regulated or freely-
agreed conditions. The supply limitations imposed on the unregulated market are as follows:
Country
Argentina
Brazil
Chile
Colombia
Peru
kW threshold
> 30 kW
> 3,000 kW or > 500 kW (1)
> 500 kW (2)
> 100 kW or 55 MWh-month
> 200 kW (3)
(1) The >500 kW limit applies if energy is purchased from renewable sources, for which the government provides incentives through a
discount on tolls.
(2) Clients purchasing 500 to 2,000 kW (see footnote N° 1) may choose between the regulated or unregulated markets. Clients using over
2,000 kW are required to be unregulated customers.
(3) In April 2009, it was established that clients between 200 kW and 2,500 kW could choose between the regulated and unregulated
markets. Those using over 2,500 kW are required to be unregulated customers.
4.2 Tariff Revisions:
General Aspects
In the five countries where the Group operates, selling prices charged to clients are based on the purchase price paid to
generators plus a component associated with the value added in distribution. Regulators set this value periodically through
reviews of distribution tariffs. As a result, distribution is essentially a regulated activity.
Chile
In Chile, the Distribution Value Added (VAD) is established every four years. For this, the local regulator, (the CNE) classifies
companies by typical areas that group together companies with similar distribution costs. A distribution company’s return
on investment depends on the company’s performance compared to model company standards defined by the regulator.
On April 2, 2013, the Energy Ministry published Tariff Decree No. 1T in the Official Gazette. This was made retroactive to
November 4, 2012 and will remain in effect until November 3, 2016. The next tariff-setting process will take place in 2016 and
will cover the period November 2016 to November 2020.
Decree No. 14, which established the subtransmission tolls for this segment for 2011-2014 was published in the Official
Gazette on April 9, 2013. The Average Node Price Decrees transfer these tolls to final customers, as they are part of
distribution company’s costs.
The Average Node Price Decrees, which include these new subtransmission tolls, were published between October and
December 2014. During the first months of 2015, distribution companies should invoice final customers for these new tolls,
as instructed by the Superintendency of Electricity and Fuels. Moreover, during 2014 there were delays in publishing the Short
Term Price Node Decrees (PNCP), which is why the supply contracts were not indexed on the date these decrees came into
operation, and provisions for these differences were recorded. Estimated amounts for these settlements were included under
“Trade debtors” with respect to collection rights, and under “Trade and other accounts payable” for obligations to generators.
259
Argentina
In Argentina, the first review of Edesur’s tariffs scheduled for 2001 was cancelled by the authorities due to the country’s
economic and financial crisis, and tariffs were frozen starting with that year. Edesur’s tariff restructuring started in 2007 with
the enforcement of the “Acta Acuerdo,” or Agreement Act. The last tariff adjustment made to date went into effect in 2008
(with a positive effect on the added value distribution, or VAD), when tariffs were adjusted for inflation (applying the cost
monitoring mechanism, or MMC, provided for in the Agreement Act).
In November 2012, the ENRE passed Resolution 347 authorizing a fixed charge to be added on invoices which differs for
various categories of customers. This charge will finance infrastructure works and corrective maintenance through a trust
(FOCEDE). Additionally, in July 2012, the ENRE appointed an observer in Edesur; the appointment is still in effect, although this
does not imply loss of control of the company.
Resolution SE No. 250/13 was published in May 2013 authorizing compensation for Edesur’s debt corresponding to revenues
originating from the application of the Program for the Rational Use of Electricity (PUREE) until February 2013, with a credit
in its favor from recognition of the MMC for the six-month periods between May 2007 and February 2013. In addition, the
Resolution instructed CAMMESA to issue in Edesur’s favor what are termed as Sales Settlements with Unspecified Due Dates
for values exceeding the compensation mentioned above, and authorized CAMMESA to receive these settlements as partial
payment of Edesur’s debt.
Subsequently, Resolution SE 250/13, complemented and extended to September 2013 under Note SE 6852/2013, had a
positive effect on that distributing company’s financial results. In 2014, Note S.E. 4012 and ENRE Note 112606 once again
authorized MCC-PUREE compensation for the period from October 2013 to March 2014. Additionally, through Notes SE
486 and 1136 the MMC-PUREE compensation for the period April to August 2014 was authorized, and subsequently for
the period September to December 2014. The financial effects of this compensation positively affected net income for the
company. However, the Comprehensive Tariff Review (RTI) to adjust Edesur’s revenues to its costs and obligations, as provided
for in the Renegotiation Agreement Act, is still pending at this time.
Brazil
In Brazil, there are three types of tariff adjustments: i) Ordinary Tariff Reviews (RTO) which are conducted periodically in
accordance with the provisions in the concession contracts (in Coelce every 4 years and in Ampla every 5 years); (ii) Annual
Adjustments (IRT) since Brazil, unlike other countries, does not automatically index its tariffs to inflation; and (iii) Extraordinary
Reviews (RTE) when important events have occurred that may affect the financial situation of the distributors.
Coelce’s most recent periodic review was conducted in 2012 for the years 2011 to 2015, and it went into effect on April
22, 2012, calculated retroactively to April 2011. Its next review will be conducted by ANEEL in April of 2015 and will cover
the years 2015 to 2019. In another review, ANEEL completed Ampla’s tariff review for the period 2014-2019 in April 2014,
retroactive to March 15, 2014. Coelce’s most recent annual adjustment was set by ANEEL in April of 2014.
In September 2012, the government approved Temporary Measure 579, one purpose of which was to reduce certain
electricity tariff taxes and special charges paid by the final user, which will be paid in the future with the state budget. In
January 2013, the Temporary Measure became Law 12,783, giving rise to Extraordinary Tariff Reviews that resulted in tariffs
dropping an average of 18% throughout the country. This reduction affected Ampla and Coelce from the end of January to
April 2013 (when the respective annual readjustments went into effect).
In June of 2014, ANEEL submitted its proposal for the methodologies it will use in the fourth distribution tariff review cycle,
which were available for comments from industry players until September 1, 2014. They will be available in a second round
that started in December 2014 and continues through to February 2015. The main issues for discussion are: (i) a reduction
in the rate of remunerations for actual WACC before tax, from 11.36% to 10.85%; and (ii) a modification of the basis for
regulatory remunerations, using benchmarking for part of the asset base (additional costs and minor components). The new
methodology would be applied to Coelce in its multi-year review in April 2015, if published in time.
Brazil continued to experience drought conditions throughout 2014. In November the system reached the maximum risk of
energy rationing. The average reservoir levels were 1% lower than at the last rationing. However, the Government has stated
that there is no risk to supply.
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2014 ANNUAL REPORT ENERSIS
CONSOLIDATED FINANCIAL STATEMENTS
The Government has created the ACR account to cover the additional energy costs through bank loans to be paid within
two years through the tariff. Distributors had used approximately 18 billion reals from the ACR account by December 31,
2014. However, this was not enough to cover the shortfall which will need to be recovered through the tariff using the CVA
mechanisms.
In November 2014, ANEEL approved regulation that allows distribution companies recognize regulatory assets and liabilities.
Previously, the energy purchase costs for a year are recognized a year later at the next tariff-setting process and accumulated
in a regulatory account (regulatory asset) but they could not be recorded in the accounting, due to the absence of a specific
regulation (see Note 9.a).
In September 2014, ANEEL approved the implementation of tariff system flags. From January 2015, the electricity bill will
include colored information, which will indicate to the customer the generating cost situation for the following month: i)
green: unchanged tariff, ii) yellow: increase of R$1.5 per 100 kWh, and iii) red: increase of R$3.0 per 100 kWh. The current
generating cost is transferred to the customer only once a year (when the annual tariff adjustment is performed). However,
this mechanism will generate a monthly variation and the customer can improve control over his electricity consumption. The
additional revenue obtained by the distributors by applying tariff flags will be considered when the annual rate is adjusted.
Colombia
The Energy and Gas Regulatory Commission (Comisión de Regulación de Energía y Gas - CREG) is the entity that defines the
method by which distribution networks are paid. Distribution charges are reviewed every five years and updated monthly
according to the Producer Price Index (PPI). Currently, these charges include the new replacement value of all operational
assets, the Administration, Operation and Maintenance (AOM) and non-electrical assets used in the distribution business.
In Colombia, the current distribution charges for Codensa were published by the CREG in October 2009. Meanwhile,
marketing charges were established in 1998.
The review of regulated distribution charges began in 2013 with the publication of the assumptions for the remuneration
methodology proposed by the CREG in Resolution 043 dated 2013. These assumptions were complemented by the
development of the Purposes and Guidelines for Compensation of the Distribution Activity for the period 2015-2019 in
resolution CREG 079 dated 2014. This resolution stems from the policies defined by the Ministry of Mines and Energy
that seek to ensure timely expansion and adequacy of assets, and to this end to incorporate replacement incentives and a
comprehensive Investment Plan that will incorporate technology, improve service quality and control energy losses.
Additionally, the Regulatory Commission has issued resolutions CREG 083 dated 2014, and 112 dated 2014, where the
method for calculating the regulated remuneration tariff (WACC) is defined for Electricity Transmission and Distribution, as
well as for Natural Gas Transportation and Distribution.
According to the regulatory agenda, it is expected that the final decision will be published in the second quarter of 2015.
During the first half of 2015 the regulator is expected to issue the final method for calculating regulated selling charges, as
this review has been taking place over the last few years. Codensa has contributed with comments on the draft methodology,
focused mainly on proper recognition of the costs of managing and maintaining energy losses and a proper assessment of the
portfolio risk faced by Codensa as a seller.
The Commission published resolution CREG 135 dated 2014 with regard to the pricing formula. This resolution establishes the
assumptions on which studies were carried out to determine the unit cost formula for providing the service during the next
tariff period.
Peru
As in Chile, a process takes place in Peru every four years to determine the VAD, also using a “model company” methodology
for a typical area. In October 2013, the OSINERGMIN published Resolution 203/2013 setting Edelnor’s distribution tariffs from
November 2013 to October 2017.
261
Note 5
Business Combination –
Acquisition of Gasatacama
On April 22, 2014, Endesa Chile acquired the 50% interest in Inversiones GasAtacama Holding Limitada (hereinafter
GasAtacama) that was held by Southern Cross Latin America Private Equity Fund III L.P. (hereinafter Southern Cross) at that
time.
Consequently, the Group now has 100% of control over GasAtacama, which is the company that controls the Atacama Plant,
a 780 MW capacity combined cycle thermal power plant fired by natural gas or diesel oil located in the north of Chile; the 940
km Atacama Pipeline that runs between Coronel Cornejo in Argentina and Mejillones in Chile; and the 223 km Taltal Pipeline
between Mejillones and Paposo.
With control of GasAtacama, the Group’s total generation capacity in Chile’s northern grid (the Sistema Interconectado del
Norte Grande, or SING) reached 1,000 MW. This is expected enable it to satisfy greater industrial, residential and mining
demand through a competitively priced energy supply with a low environmental impact.
The GasAtacama acquisition was recorded using the accounting criteria for business combinations carried out in phases, as
detailed in Note 2.6.1.
Since the date of acquisition, Inversiones GasAtacama Holding Limitada has contributed ThCh$113,074,006 in revenues
and ThCh$33,443,547 in income before tax to the Group’s results. Had the acquisition taken place on January 1, 2014, it
is estimated that these amounts would have been ThCh$179,474,707 in revenues and ThCh$41,772,291 in consolidated
income before tax for the fiscal year ended December 31, 2014.
a) Consideration Transferred
The following table summarizes the fair value of each type of consideration transferred in connection with the GasAtacama
acquisition:
Total price paid
Transaction recorded separately from the assets acquisition and liabilities assumed (i)
Total paid in cash
ThCh$
174,028,622
(16,070,521)
157,958,101
The total transaction payment was ThCh$174,028,622 and included the assignment of rights to collect on an outstanding
loan of ThCh$16,070,521 owed by Pacific Energy Sub Co. (a subsidiary of Southern Cross) to Atacama Finance Co. (a subsidiary
of GasAtacama).
b) Acquisition costs
Endesa Chile incurred costs of ThCh$23,543 in financial consulting fees related to the acquisition of Inversiones GasAtacama
Holding Limitada. These costs have been recognized under the line item “Other expenses” in the consolidated statements of
comprehensive income.
262
2014 ANNUAL REPORT ENERSIS
CONSOLIDATED FINANCIAL STATEMENTS
c) Identifiable Assets Acquired and Identifiable Liabilities Assumed
The following table summarizes the fair values recognized for assets acquired and liabilities assumed in connection with the
acquisition:
Identifiable assets acquired, net
Cash and cash equivalents
Trade and other current receivables
Current accounts receivable from related companies
Inventories
Property, plant and equipment
Deferred tax assets
Other assets
Trade and other current payables
Current accounts payable to related companies
Deferred tax liabilities
Other liabilities
Total
Fair Value
ThCh$
120,303,339
34,465,552
5,692,257
15,009,265
199,660,391
2,392,531
23,906,126
(30,818,836)
(34,445,277)
(28,923,167)
(10,874,817)
296,367,364
No risk of default is expected for the gross amount of trade and other receivables.
Given the nature of GasAtacama’s business and assets, the fair value of the assets acquired and the liabilities assumed was
measured using the following valuation focuses:
i. The market approach using the comparison method, based on the market prices quoted for identical or comparable
items when available.
ii. The cost approach or depreciated replacement cost, which reflects adjustments for physical wear as well as for
functional and economic obsolescence.
iii. The income approach, which uses valuation techniques that convert future amounts (such as cash flows or revenues
and expenses) into a single present amount (that is, discounted). The fair value measurement is determined based on
the value indicated for present market expectations for these future amounts.
Reconciliation of values
Finally, the fair values are reached from an assessment and reconciliation of the results obtained from the methods selected,
based on the nature of each asset acquired and liability assumed.
Should new information be obtained during a period of one year after the acquisition date of events and circumstances
that existed at the time of acquisition and result in the recognition of additional assets or liabilities, the accounting of the
acquisition will be reviewed and the pertinent corrections made, following the criteria described in Note 2.6.
d) Goodwill
Cash paid
Fair value of pre-existing interest
Fair value of identifiable net assets acquired
Goodwill (See Note 16)
ThCh$
157,958,101
157,147,000
(296,367,364)
18,737,737
The goodwill is attributable primarily to the value of the synergies expected to be obtained by integrating GasAtacama into
the Group. These synergies include reduced administrative, research and structure costs, which could be absorbed by Endesa
Chile.
263
e) Remeasurement of Pre-existing Stake and Currency Translation Differences
The remeasurement of the fair value of Endesa Chile’s pre-existing 50% stake in GasAtacama resulted in a gain of
ThCh$21,546,320. This amount is the positive difference arising from comparing the fair value of the pre-existing stake
of ThCh$157,147,000, and the investment value accounted for using the equity method at the acquisition date of
ThCh$135,600,680.
Moreover, the exchange differences on translation of the pre existing stake accumulated in the equity of Endesa Chile/Enersis
at the acquisition date, were reclassified to income for the period, generating a profit of ThCh$21,006,456.
Both amounts have been recorded under “Other gains (losses)” in the consolidated statement of comprehensive income (see
Note 32).
Note 6
Capital Increase
The Enersis capital increase approved by the Extraordinary Shareholders’ Meeting on December 20, 2012 was completed in
the first quarter of 2013; all of the allocated shares were subscribed (see Note 26.1.1).
This capital increase amounted to ThCh$2,845,858,393. Of this, 60.62% of the shares were subscribed by Endesa S.A. and
were paid for with its investments in Latin America valued at ThCh$1,724,400,000. The remaining shares were subscribed
and paid with non-controlling interests of Enersis via cash payments of ThCh$1,121,458,393, which included a share issuance
premium of ThCh$1,460,503.
Endesa’s contribution was made by transferring all of its shares in Cono Sur Participaciones, S.L., so that all of that
corporation’s assets and liabilities, representing holdings in Chile, Argentina, Brazil, Colombia and Peru, were incorporated
into Enersis.
The following table summarizes the interests contributed by Endesa S.A.:
i) Contributions in Companies that Enersis Controlled before the Transaction:
Company
Empresa Distribuidora S.A.
Enel Brasil S.A.
Ampla Energía y Servicos S.A:
Ampla Investimentos y Servicos S.A.
Compañía Eléctrica San Isidro S.A.
Emgesa S.A. E.S.P.
Codensa S.A. E.S.P.
Inversiones Distrilima S.A.
Percentage contributed
6.23%
28.48%
7.70%
7.70%
4.38%
21.60%
26.66%
34.83%
These contributions were recorded using the accounting criteria established in Note 2.6.6, and resulted in a charge of
ThCh$947,982,284 to Other miscellaneous reserves in Enersis’ Net equity. This amount is the difference between the
economic and accounting values of the stakes transferred by Endesa S.A. on the date of the transaction.
Components of other comprehensive income have also been redistributed as needed, with an additional ThCh$41,885,724
charged to Other miscellaneous reserves and credited to Reserve for exchange differences in translation. This redistribution,
based on the prorated stakes contributed by Endesa S.A., has assigned to the Enersis shareholders their share of Reserve for
differences in translation that, prior to the transaction, was assigned to non-controlling interests.
264
2014 ANNUAL REPORT ENERSIS
CONSOLIDATED FINANCIAL STATEMENTS
ii) Contributions in Companies that Enersis did Not Control or in which it did Not Hold a
Stake Prior to the Transaction:
Company
Eléctrica Cabo Blanco S.A.C.
Endesa Cemsa S.A.
Generalima S.A.C.
Empresa Eléctrica de Piura S.A.
Inversora Dock Sud S.A.
Central Dock Sud S.A.
Yacylec S.A.
Percentage contributed
(directly and indirectly)
100.00%
55.00%
100.00%
96.50%
57.14%
39.99%
22.22%
These contributions were recorded using the accounting criteria established in Note 2.6.6 and resulted in a ThCh$92,011,899
credit to Other miscellaneous reserves in Enersis’ Net equity. The amount is the difference between the economic and
accounting values of the stakes transferred by Endesa S.A. on the date of the transaction.
The following table summarizes the effects of the capital increase on the Enersis Consolidated Statement of Financial Position
on the date of the transaction:
ASSETS
Current assets
Non-current assets
TOTAL ASSETS
LIABILITIES
Current liabilities
Non-current liabilities
TOTAL LIABILITIES
Contribution
in companies
previously
controlled
ThCh$
Contribution
in companies
not previously
controlled or in
which a stake
was not held
ThCh$
Total as of
March 31, 2013
ThCh$
-
-
-
-
-
-
189,506,588
161,105,666
350,612,254
1,310,964,981
161,105,666
1,472,070,647
180,637,894
54,241,781
234,879,675
180,637,894
54,241,781
234,879,675
Cash
Contribution
1,121,458,393
-
1,121,458,393
-
-
-
EQUITY
Capital increase
Share premium for capital increase (other Reserves)
Other miscellaneous reserves
Foreign currency translation differences
1,119,997,890
1,460,503
-
-
1,692,613,860
-
(989,868,008)
41,885,724
31,786,140
-
92,011,899
-
2,844,397,890
1,460,503
(897,856,109)
41,885,724
Equity attributable to shareholders of Enersis
1,121,458,393
744,631,576
123,798,039
1,989,888,008
Non-controlling interests
-
(744,631,576)
(8,065,460)
(752,697,036)
TOTAL EQUITY
TOTAL LIABILITIES AND EQUITY
1,121,458,393
1,121,458,393
-
-
115,732,579
1,237,190,972
350,612,254
1,472,070,647
Share issuance and placement costs as of December 31, 2013 amounted to ThCh$23,592,387 and, as indicated in Note 3.t),
were recorded in “Other miscellaneous reserves” (see Note 26.5.c.2).
During the 2013 fiscal year the amount of net income attributable to shareholders of Enersis from the stake acquired was
ThCh$126,280,714.
265
Note 7
Cash And Cash Equivalents
a) The detail of cash and cash equivalents as of December 31, 2014 and 2013 is as follows:
Cash and Cash Equivalents
Cash balances
Bank balances
Time deposits
Other fixed-income instruments
Total
Balance at
12-31-2014
ThCh$
1,264,361
283,305,826
922,909,741
497,265,563
1,704,745,491
12-31-2013
ThCh$
634,742
237,282,963
1,057,505,464
310,964,400
1,606,387,569
Time deposits have a maturity of three months or less from their date of acquisition and accrue the market interest for this
type of short-term investment. Other fixed-income investments are mainly comprised of resale agreements maturing in 90
days or less from the date of investment.
b) The detail of cash and cash equivalents by currency is as follows:
Currency
Chilean peso
Argentine peso
Colombian peso
Brazilian real
Peruvian nuevo sol
U.S. dollar
Total
12-31-2014
ThCh$
687,912,363
29,065,256
357,337,537
197,723,752
105,282,911
327,423,672
1,704,745,491
12-31-2013
ThCh$
673,499,514
22,648,396
344,234,511
249,642,972
68,050,020
248,312,156
1,606,387,569
c) The following table shows the amounts paid to obtain control of subsidiaries as of December 31, 2014 and 2013:
Acquisition of Subsidiaries
Acquisitions paid in cash and cash equivalents
Cash and cash equivalents in entities acquired
Total, net (*)
(*) See Note 5.
12-31-2014
ThCh$
(157,958,101)
120,303,339
(37,654,762)
12-31-2013
ThCh$
-
-
-
d) The following table shows a reconciliation of cash and cash equivalents presented in the statement of financial position
with cash and cash equivalents in the cash flow statement at December 31, 2014 and 2013:
Cash and cash equivalents (statement of financial position)
Cash and cash equivalents attributable to assets held for sale (*)
Cash and cash equivalents (statement of cash flow)
(*) See Note 13.
e) The following amounts have been received from the sale of shares in subsidiaries:
Loss of control at Subsidiaries
Amounts received for the sale of Subsidiaries(*)
Amounts in cash and cash equivalents
Total net
(*) See Note 2.4.1. and Note 32.
Balance at
12-31-2014
ThCh$
1,704,745,491
29,702
1,704,775,193
12-31-2013
ThCh$
1,606,387,569
-
1,606,387,569
12-31-2014
ThCh$
57,173,142
(16,311,571)
40,861,571
12-31-2013
ThCh$
-
-
-
266
2014 ANNUAL REPORT ENERSIS
CONSOLIDATED FINANCIAL STATEMENTS
Note 8
Other Financial Assets
The detail of other financial assets as of December 31, 2014 and 2013 is as follows:
Other Financial Assets
Available-for-sale financial investments -
unquoted equity securities or with limited
liquidity
Available-for-sale financial investments -
quoted equity securities
Available-for-sale financial investments
IFRIC 12 (*)(**)
Financial assets held to maturity (*)
Hedging derivatives (*)
Financial assets at fair value with change in
profit or loss (*)
Non-hedging derivatives (*)
Total
(*) See Note 22.1.a
Balance at
Current
Non-current
12-31-2014
ThCh$
12-31-2013
ThCh$
12-31-2014
ThCh$
12-31-2013
ThCh$
-
-
-
-
-
-
3,944,058
4,129,036
362,169
29,195
492,923,605
448,107,319
38,301,763
1,414,588
588,490,652
25,142,725
26,340,396
7,229,290
34,867,362
4,403,506
52,677,337
163,288,698
-
-
7,061,715
99,455,403
4,107,362
781,029,437
22,002
530,821,520
-
491,536,418
The amounts included in “financial assets held to maturity” and “financial assets at fair value with change in profit or loss” correspond mainly
to time deposits and other highly liquid investments that are readily convertible to cash and subject to a low risk of changes in value, but that
do not fulfill the definition of cash equivalent as defined in Note 3.g.2 (e.g. with maturity over 90 days from time of investment).
(**) On September 11, 2012, the Brazilian government issued Temporary Law 579, which became permanent on January 13, 2013 and
directly affects companies holding electric power generation, transmission, and distribution concessions, including Ampla and Coelce. Among
its provisions, this legislation establishes that the government, as concession grantor, will use the Valor Nuevo de Reemplazo (VNR, New
Replacement Value) to make the corresponding indemnity payments to the concessionaires for those assets that have not been amortized at
the end of the concession period. Every month the distributors adjust the book value of the financial asset, by calculating the present value of
estimated cash flows, using the effective interest rate on the corresponding payment at the end of the concession.
As a result of this new development, the subsidiaries have changed how they value and classify the amounts they expect
to recover in compensation when the concession period ends. The previous approach was based on the historic cost of the
investments, and the rights to compensation were recorded as an account receivable. Now, however, they are valued on the
basis of the VNR, and the compensation rights are classified as financial assets available for sale (see Note 3.g).
267
Note 9
Trade and other Receivables
a) The detail of trade and other receivables as of December 31, 2014 and 2013 is as follows:
Trade and Other Receivables, Gross
Trade and other receivables, gross
Trade receivables, gross
Other receivables, gross (1)
Trade and Other Receivables, Net
Trade and other receivables, net
Trade and other receivables, net
Other receivables, net (1)
12-31-2014
12-31-2013
Balance at
Current
ThCh$
1,844,027,889
1,275,999,654
568,028,235
Non-current
ThCh$
291,641,675
202,932,480
88,709,195
Current
ThCh$
1,286,605,376
1,002,252,700
284,352,676
12-31-2014
12-31-2013
Balance at
Current
ThCh$
1,681,686,903
1,120,897,826
560,789,077
Non-current
ThCh$
291,641,675
202,932,480
88,709,195
Current
ThCh$
1,129,737,108
855,106,689
274,630,419
Non-current
ThCh$
223,045,673
181,381,483
41,664,190
Non-current
ThCh$
223,045,673
181,381,483
41,664,190
(1) Includes mainly accounts receivable from personnel for ThCh$31,042,105 (ThCh$34,740,084 as of December 31, 2013); Resolution
250/13 (applicable in Argentina) on the Cost Monitoring Mechanism (MMC) adjustment for ThCh$253,484,218 (ThCh$138,901,549
as of December 31, 2013); Recoverable taxes (VAT) of ThCh$157,439,993 (ThCh$84,473,227 at December 31, 2013) (See Note 23); and
Accounts receivable at our Brazilian subsidiaries Ampla and Coelce, following the signing of the addendum to the concession contracts
where the outstanding assets are recoverable and/or can be offset in subsequent tariff periods, of ThCh$150,387,462 (ThCh$0 at
December 31, 2013).
There are no significant trade and other receivables balances held by the Group that are not available for its use.
The Group does not have clients to which it has sales representing 10% or more of its operating income for the fiscal years
ended December 31, 2014 and 2013.
Refer to Note 10.1 for detailed information on amounts, terms and conditions associated with accounts receivable from
related companies.
b) As of December 31, 2014 and 2013, the balance of unimpaired overdue trade receivables is as follows
Trade Receivables Past Due But Not Impaired
Less than three months
Between three and six months
Between six and twelve months
More than twelve months
Total
Balance at
12-31-2014
ThCh$
152,844,247
14,297,179
63,606,398
51,972,887
282,720,711
12-31-2013
ThCh$
103,911,764
30,627,469
32,832,828
56,032,427
223,404,488
268
2014 ANNUAL REPORT ENERSIS
CONSOLIDATED FINANCIAL STATEMENTS
c) The reconciliation of changes in the allowance for impairment of trade receivables is as follows:
Trade Receivables Past Due and Impaired
Balance at January 1, 2013
Increases (decreases) for the year (*)
Amounts written off
Foreign currency translation differences
Balance at December 31, 2013
Increases (decreases) for the year (*)
Amounts written off
Foreign currency translation differences
Balance at December 31, 2014
(*) See Note 30 for impairment of financial assets.
Current
and Non-current
ThCh$
157,841,770
33,554,637
(18,827,998)
(15,700,141)
156,868,268
22,848,140
(19,013,041)
1,637,619
162,340,986
Write-offs for bad debt
Past-due debt is written off once all collection measures and legal proceedings have been exhausted and the debtors’
insolvency has been demonstrated. In our power generation business, this process normally takes at least one year of
procedures for the few cases that arise in each country. In our distribution business, considering the differences in each
country, the process takes at least six months in Argentina and Brazil, 12 months in Colombia and Peru, and 24 months in
Chile. Overall, the risk of bad debt, and therefore the risk of writing off our trade receivables, is limited (see Notes 3.e and
21.5).
d) Additional information:
- Additional statistical information required under Official Bulletin 715 of the Superintendencia de Valores y Seguros de
Chile (Chilean Superintendency of Securities and Insurance), of February 3, 2012, XBRL Taxonomy: see Appendix 6.
- Complementary information on Trade Receivables, see Appendix 6.1.
269
Nota 10
Balances and Transactions with Related Parties
Related party transactions are performed at current market conditions.
Transactions between the Company and its subsidiaries and joint ventures have been eliminated on consolidation and are not
itemized in this note.
As of the date of these financial statements, no guarantees have been given or received nor has any allowance for bad or
doubtful accounts been recorded with respect to receivable balances for related party transactions.
The controlling shareholder of Enersis is the Italian corporation Enel S.p.A.
10.1 Balances and Transactions with Related Companies
The balances of accounts receivable and payable between the Company and its non-consolidated related companies are as
follows:
a) Receivables from Related Companies
Taxpayer ID No. (RUT)
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
96,524,140-K
96,880,800-1
Foreign
Foreign
Foreign
Foreign
96,806,130-5
76,788,080-4
76,418,940-k
76,418,940-k
76,418,940-k
76,014,570-K
76,014,570-K
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
76,126,507-5
Foreign
Company
Endesa Energía S.A.
Endesa Energía S.A.
Endesa Latinoamérica S.A
Endesa Latinoamérica S.A
Endesa Latinoamérica S.A
Endesa Latinoamérica S.A
Endesa Spain
Endesa Spain
Empresa Electrica Panguipulli S.A.
Empresa Electrica Puyehue S.A.
Endesa Energía S.A.
Endesa Operaciones y Servicios Comerciales
SACME
Enel Iberoamérica srl
Electrogas S.A.
GNL Quintero S.A.
GNL Chile S.A.
GNL Chile S.A.
GNL Chile S.A.
Inversiones GasAtacama Holding Ltda. (1)
Inversiones GasAtacama Holding Ltda. (1)
Empresa de Energía de Cundinamarca S.A.
Empresa de Energía de Cundinamarca S.A.
Endesa Generación
Endesa Generación
Enel Ingegneria e Innovazione
Enel Trade S.p.A.
Parque Eolico Talinay Oriente SA
PH Chucas Costa Rica
(1) See Notes 2.4.1, 5 and 14.
Country
Spain
Spain
Spain
Spain
Spain
Spain
Spain
Spain
Chile
Chile
Chile
Spain
Argentina
Spain
Chile
Chile
Chile
Chile
Chile
Chile
Chile
Colombia
Colombia
Spain
Spain
Italy
Italy
Chile
Costa Rica
Total
Relationship
Common Immediate Parent
Common Immediate Parent
Related to Immediate Parent
Related to Immediate Parent
Related to Immediate Parent
Related to Immediate Parent
Related to Immediate Parent
Related to Immediate Parent
Common Immediate Parent
Common Immediate Parent
Common Immediate Parent
Common Immediate Parent
Associate
Common Immediate Parent
Associate
Associate
Associate
Associate
Associate
Joint Venture
Joint Venture
Joint Venture
Joint Venture
Common Immediate Parent
Common Immediate Parent
Common Immediate Parent
Common Immediate Parent
Common Immediate Parent
Common Immediate Parent
Currency
CH$
CP
US$
R$
CH$
Ar$
CH$
Ar$
CH$
CH$
CP
CP
Ar$
CH$
CH$
CH$
US$
US$
US$
US$
US$
CP
CP
CH$
CH$
CH$
CH$
CH$
CH$
270
2014 ANNUAL REPORT ENERSIS
CONSOLIDATED FINANCIAL STATEMENTS
Current
12-31-2014
ThCh$
Balance at
Non-current
12-31-2013
12-31-2014
ThCh$
12-31-2013
ThCh$
Description of Transaction
Term of Transaction
Reimbursement of expenses
Less than 90 days
Other services
Other services
Dividends
Other services
Dividends
Other services
Other services
Energy sales
Energy sales
Other services
Other services
Other services
Other services
Dividends
Energy sales
Other services
Other services
Loans
Loans
Energy sales
Other services
Other services
Commodity derivatives
Other services
Other services
Energy purchases
Other services
Less than 90 days
Less than 90 days
Less than 90 days
Less than 90 days
Less than 90 days
More than 90 days
More than 90 days
Less than 90 days
Less than 90 days
Less than 90 days
Less than 90 days
Less than 90 days
Less than 90 days
Less than 90 days
Less than 90 days
Less than 90 days
Less than 90 days
Less than 90 days
Less than 90 days
Less than 90 days
Less than 90 days
Less than 90 days
Less than 90 days
Less than 90 days
Less than 90 days
Less than 90 days
Less than 90 days
Advance natural gas purchases
Less than 90 days
-
-
-
-
-
-
-
108,438
15,713
61,852
273,705
64
26,514
78,172
47,811
846,807
1,477,177
649,986
11,845,926
1,644,650
549,359
513,804
130,431
36,067
99,662
10,299
3,256
21,647
-
ThCh$
51,722
16,773
26,165
82,273
-
-
-
4,229
9,056
66,697
11,949
104,391
600,854
799,470
1,375,492
366,882
11,382,879
1,717,013
445,022
544,015
14,839,233
1,184,715
87,817
-
-
-
129,780
25,908
147,239
486,605
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
18,441,340
34,019,574
486,605
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Taxpayer ID No. (RUT)
Company
Country
Relationship
Currency
a) Receivables from Related Companies
96,524,140-K
96,880,800-1
Empresa Electrica Panguipulli S.A.
Empresa Electrica Puyehue S.A.
Endesa Operaciones y Servicios Comerciales
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
96,806,130-5
76,788,080-4
76,418,940-k
76,418,940-k
76,418,940-k
76,014,570-K
76,014,570-K
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Endesa Energía S.A.
Endesa Energía S.A.
Endesa Latinoamérica S.A
Endesa Latinoamérica S.A
Endesa Latinoamérica S.A
Endesa Latinoamérica S.A
Endesa Spain
Endesa Spain
Endesa Energía S.A.
SACME
Enel Iberoamérica srl
Electrogas S.A.
GNL Quintero S.A.
GNL Chile S.A.
GNL Chile S.A.
GNL Chile S.A.
Inversiones GasAtacama Holding Ltda. (1)
Inversiones GasAtacama Holding Ltda. (1)
Empresa de Energía de Cundinamarca S.A.
Empresa de Energía de Cundinamarca S.A.
Endesa Generación
Endesa Generación
Enel Ingegneria e Innovazione
Enel Trade S.p.A.
Argentina
Associate
Common Immediate Parent
Spain
Spain
Spain
Spain
Spain
Spain
Spain
Spain
Chile
Chile
Chile
Spain
Spain
Chile
Chile
Chile
Chile
Chile
Chile
Chile
Spain
Spain
Italy
Italy
Chile
Total
Colombia
Colombia
Common Immediate Parent
Common Immediate Parent
Related to Immediate Parent
Related to Immediate Parent
Related to Immediate Parent
Related to Immediate Parent
Related to Immediate Parent
Related to Immediate Parent
Common Immediate Parent
Common Immediate Parent
Common Immediate Parent
Common Immediate Parent
Associate
Associate
Associate
Associate
Associate
Joint Venture
Joint Venture
Joint Venture
Joint Venture
Common Immediate Parent
Common Immediate Parent
Common Immediate Parent
Common Immediate Parent
Common Immediate Parent
CH$
CP
US$
R$
CH$
Ar$
CH$
Ar$
CH$
CH$
CP
CP
Ar$
CH$
CH$
CH$
US$
US$
US$
US$
US$
CP
CP
CH$
CH$
CH$
CH$
CH$
CH$
76,126,507-5
Parque Eolico Talinay Oriente SA
PH Chucas Costa Rica
Costa Rica
Common Immediate Parent
(1) See Notes 2.4.1, 5 and 14.
Description of Transaction
Other services
Other services
Reimbursement of expenses
Dividends
Other services
Dividends
Other services
Other services
Energy sales
Energy sales
Other services
Other services
Other services
Other services
Dividends
Energy sales
Advance natural gas purchases
Other services
Loans
Other services
Loans
Energy sales
Other services
Other services
Commodity derivatives
Other services
Other services
Energy purchases
Other services
Term of Transaction
Less than 90 days
Less than 90 days
Less than 90 days
Less than 90 days
Less than 90 days
Less than 90 days
More than 90 days
More than 90 days
Less than 90 days
Less than 90 days
Less than 90 days
Less than 90 days
Less than 90 days
Less than 90 days
Less than 90 days
Less than 90 days
Less than 90 days
Less than 90 days
Less than 90 days
Less than 90 days
Less than 90 days
Less than 90 days
Less than 90 days
Less than 90 days
Less than 90 days
Less than 90 days
Less than 90 days
Less than 90 days
Less than 90 days
Balance at
Current
Non-current
12-31-2014
ThCh$
-
-
-
-
108,438
15,713
61,852
-
273,705
64
26,514
78,172
47,811
846,807
1,477,177
649,986
11,845,926
1,644,650
549,359
-
-
513,804
130,431
36,067
99,662
10,299
3,256
21,647
-
18,441,340
12-31-2013
ThCh$
51,722
16,773
26,165
82,273
-
-
4,229
9,056
66,697
11,949
-
104,391
600,854
799,470
1,375,492
366,882
11,382,879
1,717,013
445,022
544,015
14,839,233
1,184,715
87,817
-
129,780
25,908
-
-
147,239
34,019,574
12-31-2014
ThCh$
-
-
-
-
-
-
-
-
-
-
-
-
486,605
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
486,605
12-31-2013
ThCh$
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
271
b) Accounts Payable to Related Companies
Taxpayer ID No. (RUT)
Foreign
Foreign
Foreign
96,524,140-K
96,880,800-1
Foreign
96,806,130-5
76,418,940-k
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
76,014,570-K
77,017,930-0
Foreign
Foreign
Foreign
Foreign
76,126,507-5
0-E
Company
Endesa Latinoamérica S.A
Endesa Latinoamérica S.A
Endesa Latinoamérica S.A. (1)
Empresa Electrica Panguipulli S.A.
Empresa Electrica Puyehue S.A.
SACME
Electrogas S.A.
GNL Chile S.A.
Endesa Generación
Endesa Generación
Enel Iberoamérica srl
Enel Iberoamérica srl
Enel Iberoamérica srl
Enel Iberoamérica srl
Enel Iberoamérica srl
Enel Iberoamérica srl
Enel Iberoamérica srl
Enel Iberoamérica srl
Enel Distribuzione
Enel Distribuzione
Enel Produzione
Enel Ingegneria e Innovazione
Enel Ingegneria e Innovazione
Enel Ingegneria e Innovazione
Inversiones GasAtacama Holding Ltda. (2)
Transmisora Eléctrica de Quillota Ltda.
Empresa de Energía de Cundinamarca S.A.
Enel Green Power Spain SL
Endesa Spain
Endesa Spain
Parque Eolico Talinay Oriente SA
Parque Eolico Cristal
Country
Spain
Spain
Spain
Chile
Chile
Argentina
Chile
Chile
Spain
Spain
Spain
Spain
Spain
Spain
Spain
Spain
Spain
Spain
Italy
Italy
Italy
Italy
Italy
Italy
Chile
Chile
Colombia
Spain
Spain
Spain
Chile
Brazil
Total
Relationship
Related to Immediate Parent
Related to Immediate Parent
Related to Immediate Parent
Common Immediate Parent
Common Immediate Parent
Associate
Associate
Associate
Common Immediate Parent
Common Immediate Parent
Common Immediate Parent
Common Immediate Parent
Common Immediate Parent
Common Immediate Parent
Common Immediate Parent
Common Immediate Parent
Common Immediate Parent
Common Immediate Parent
Ultimate Controlling Party
Ultimate Controlling Party
Common Immediate Parent
Common Immediate Parent
Common Immediate Parent
Common Immediate Parent
Joint Venture
Joint Venture
Joint Venture
Common Immediate Parent
Related to Immediate Parent
Related to Immediate Parent
Common Immediate Parent
Common Immediate Parent
Currency
Ar$
CH$
US$
CH$
CH$
Ar$
CH$
US$
CH$
CH$
CH$
CP
CH$
Euro
R$
Sol
Ar$
US$
CH$
CP
CH$
CH$
CP
R$l
US$
CH$
CP
CH$
CH$
CH$
CH$
CH$
(1) Relates to financing provided to Central Dock Sud S.A. for the construction of the plant and to refinance liabilities. The loan is denominated
in US dollars, bears an annual interest rate of Libor + 2.0% and matured in September 2014. See Note 26.6.3.
(2) See Notes 2.4.1, 5 and 14.
Description of Transaction
Term of Transaction
Balance at
Current
12-31-2014
12-31-2013
12-31-2014
Non-current
ThCh$
12-31-2013
ThCh$
Dividends
Dividends
Loans
Energy purchases
Energy purchases
Other services
Other services
Natural gas purchases
Fuel purchases
Commodity derivatives
Dividends
Other services
Other services
Other services
Other services
Other services
Other services
Other services
Other services
Other services
Other services
Other services
Other services
Other services
Natural gas purchases
Other services
Energy purchases
Other services
Other services
Dividends
Energy purchases
Energy purchases
Less than 90 days
Less than 90 days
More than 90 days
Less than 90 days
Less than 90 days
Less than 90 days
Less than 90 days
Less than 90 days
Less than 90 days
Less than 90 days
Less than 90 days
Less than 90 days
Less than 90 days
Less than 90 days
Less than 90 days
Less than 90 days
Less than 90 days
Less than 90 days
Less than 90 days
Less than 90 days
Less than 90 days
Less than 90 days
Less than 90 days
Less than 90 days
Less than 90 days
Less than 90 days
Less than 90 days
Less than 90 days
Less than 90 days
Less than 90 days
Less than 90 days
Less than 90 days
ThCh$
77,779
73,806,006
-
-
1,708,804
163,661
335,962
19,808,375
2,881,032
1,102,253
37,165,229
25,746
296,242
305,654
41,136
9,900
68,371
767,673
73,730
415,824
99,837
2,024,190
243,076
553,346
157,762
1,029,940
23,982
129,492
-
-
-
365,620
ThCh$
87,398
79,654,628
53,724,599
684,882
2,865
126,059
200,821
13,864,085
4,947,081
-
-
-
-
-
-
-
240,708
388,848
185,424
39,108
414,435
65,500
80,928
2,680,995
4,846,992
221,663
1,093,053
-
98
40,106,179
400,585
355,336
143,680,622
204,412,270
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
272
2014 ANNUAL REPORT ENERSIS
CONSOLIDATED FINANCIAL STATEMENTS
b) Accounts Payable to Related Companies
Taxpayer ID No. (RUT)
Company
Country
Relationship
Currency
Endesa Latinoamérica S.A
Endesa Latinoamérica S.A
Endesa Latinoamérica S.A. (1)
Empresa Electrica Panguipulli S.A.
Empresa Electrica Puyehue S.A.
SACME
Electrogas S.A.
GNL Chile S.A.
Endesa Generación
Endesa Generación
Enel Iberoamérica srl
Enel Iberoamérica srl
Enel Iberoamérica srl
Enel Iberoamérica srl
Enel Iberoamérica srl
Enel Iberoamérica srl
Enel Iberoamérica srl
Enel Iberoamérica srl
Enel Distribuzione
Enel Distribuzione
Enel Produzione
Foreign
Foreign
Foreign
96,524,140-K
96,880,800-1
Foreign
96,806,130-5
76,418,940-k
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
0-E
Argentina
Associate
Associate
Associate
Spain
Spain
Spain
Chile
Chile
Chile
Chile
Spain
Spain
Spain
Spain
Spain
Spain
Spain
Spain
Spain
Spain
Italy
Italy
Italy
Italy
Italy
Italy
Chile
Chile
Spain
Spain
Spain
Chile
Brazil
Total
Related to Immediate Parent
Related to Immediate Parent
Related to Immediate Parent
Common Immediate Parent
Common Immediate Parent
Common Immediate Parent
Common Immediate Parent
Common Immediate Parent
Common Immediate Parent
Common Immediate Parent
Common Immediate Parent
Common Immediate Parent
Common Immediate Parent
Common Immediate Parent
Common Immediate Parent
Ultimate Controlling Party
Ultimate Controlling Party
Common Immediate Parent
Common Immediate Parent
Common Immediate Parent
Common Immediate Parent
Joint Venture
Joint Venture
Common Immediate Parent
Related to Immediate Parent
Related to Immediate Parent
Common Immediate Parent
Common Immediate Parent
Ar$
CH$
US$
CH$
CH$
Ar$
CH$
US$
CH$
CH$
CH$
CP
CH$
Euro
R$
Sol
Ar$
US$
CH$
CP
CH$
CH$
CP
R$l
US$
CH$
CP
CH$
CH$
CH$
CH$
CH$
Enel Ingegneria e Innovazione
Enel Ingegneria e Innovazione
Enel Ingegneria e Innovazione
76,014,570-K
77,017,930-0
Inversiones GasAtacama Holding Ltda. (2)
Transmisora Eléctrica de Quillota Ltda.
76,126,507-5
Parque Eolico Talinay Oriente SA
Enel Green Power Spain SL
Endesa Spain
Endesa Spain
Parque Eolico Cristal
Empresa de Energía de Cundinamarca S.A.
Colombia
Joint Venture
(1) Relates to financing provided to Central Dock Sud S.A. for the construction of the plant and to refinance liabilities. The loan is denominated
in US dollars, bears an annual interest rate of Libor + 2.0% and matured in September 2014. See Note 26.6.3.
(2) See Notes 2.4.1, 5 and 14.
Description of Transaction
Dividends
Dividends
Loans
Energy purchases
Energy purchases
Other services
Other services
Natural gas purchases
Fuel purchases
Commodity derivatives
Dividends
Other services
Other services
Other services
Other services
Other services
Other services
Other services
Other services
Other services
Other services
Other services
Other services
Other services
Natural gas purchases
Other services
Energy purchases
Other services
Other services
Dividends
Energy purchases
Energy purchases
Term of Transaction
Less than 90 days
Less than 90 days
More than 90 days
Less than 90 days
Less than 90 days
Less than 90 days
Less than 90 days
Less than 90 days
Less than 90 days
Less than 90 days
Less than 90 days
Less than 90 days
Less than 90 days
Less than 90 days
Less than 90 days
Less than 90 days
Less than 90 days
Less than 90 days
Less than 90 days
Less than 90 days
Less than 90 days
Less than 90 days
Less than 90 days
Less than 90 days
Less than 90 days
Less than 90 days
Less than 90 days
Less than 90 days
Less than 90 days
Less than 90 days
Less than 90 days
Less than 90 days
Balance at
Current
Non-current
12-31-2014
ThCh$
77,779
73,806,006
-
1,708,804
-
163,661
335,962
19,808,375
2,881,032
1,102,253
37,165,229
25,746
296,242
305,654
41,136
9,900
68,371
767,673
73,730
415,824
99,837
2,024,190
243,076
553,346
-
157,762
1,029,940
23,982
129,492
-
-
365,620
143,680,622
12-31-2013
ThCh$
87,398
79,654,628
53,724,599
684,882
2,865
126,059
200,821
13,864,085
4,947,081
-
-
-
240,708
-
388,848
185,424
39,108
414,435
65,500
-
80,928
2,680,995
-
-
4,846,992
221,663
1,093,053
-
98
40,106,179
400,585
355,336
204,412,270
12-31-2014
ThCh$
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
12-31-2013
ThCh$
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
273
c) Significant Transactions and Effects on Income/Expenses:
Transactions with related companies that are not consolidated and their effects on profit or loss are as follows:
Taxpayer ID No. (RUT)
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
76,418,940-k
76,418,940-k
76,418,940-k
76,418,940-k
76,788,080-4
76,788,080-4
76,788,080-4
96,976,600-0
78,488,290-k
Foreign
96,880,800-1
96,880,800-1
96,880,800-2
96,524,140-K
96,524,140-K
96,524,140-K
96,524,140-K
Foreign
Foreign
Foreign
96,806,130-5
96,806,130-5
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
76,652,400-1
76,652,400-1
76,014,570-K
76,014,570-K
76,014,570-K
76,014,570-K
76,014,570-K
77,017,930-0
Foreign
Foreign
Foreign
76,126,507-5
Company
E E Piura (1)
E E Piura (1)
E E Piura (1)
E E Piura (1)
Endesa Energía S.A.
Endesa Energía S.A.
Endesa Latinoamérica S.A
Endesa Latinoamérica S.A
Endesa Generación
Endesa Generación
Endesa Generación
Endesa Trading
Generalima S.A. (1)
GNL Chile S.A.
GNL Chile S.A.
GNL Chile S.A.
GNL Chile S.A.
GNL Quintero S.A.
GNL Quinteros S.A.
GNL Quintero S.A.
Gestión Social S.A.
Tironi y Asociados S.A.
SACME
Empresa Eléctrica Puyehue S.A.
Empresa Eléctrica Puyehue S.A.
Empresa Eléctrica Puyehue S.A.
Empresa Eléctrica Panguipulli S.A.
Empresa Eléctrica Panguipulli S.A.
Empresa Eléctrica Panguipulli S.A.
Empresa Eléctrica Panguipulli S.A.
Enel Iberoamérica srl
Enel Iberoamérica srl
Enel Iberoamérica srl
Electrogas S.A.
Electrogas S.A.
Carboex S.A.
Endesa Cemsa S.A. (1)
Endesa Cemsa S.A. (1)
Endesa Cemsa S.A. (1)
Endesa Cemsa S.A. (1)
Endesa Operaciones y Servicios
PH Chucas Costa Rica
Endesa Distribución Eléctrica
Enel Ingegneria e Innovazione
Enel Ingegneria e Innovazione
Empresa de Energía de Cundinamarca S.A.
Empresa de Energía de Cundinamarca S.A.
Empresa de Energía de Cundinamarca S.A.
Empresa de Energía de Cundinamarca S.A.
Empresa de Energía de Cundinamarca S.A.
Centrales Hidroeléctricas De Aysén S.A.
Centrales Hidroeléctricas De Aysén S.A.
Inversiones GasAtacama Holding Ltda. (1)
Inversiones GasAtacama Holding Ltda. (1)
Inversiones GasAtacama Holding Ltda. (1)
Inversiones GasAtacama Holding Ltda. (1)
Inversiones GasAtacama Holding Ltda. (1)
Transmisora Eléctrica de Quillota Ltda.
Endesa Spain
Enel Trade S.p.A
Compañía Energetica Veracruz S.A.C.
Parque Eolico Talinay Oriente SA
Country
Peru
Peru
Peru
Peru
Spain
Spain
Spain
Spain
Spain
Spain
Spain
Spain
Peru
Chile
Chile
Chile
Chile
Chile
Chile
Chile
Chile
Chile
Argentina
Chile
Chile
Chile
Chile
Chile
Chile
Chile
Spain
Spain
Spain
Chile
Chile
Spain
Argentina
Argentina
Argentina
Argentina
Spain
Costa Rica
Spain
Italy
Italy
Colombia
Colombia
Colombia
Colombia
Colombia
Chile
Chile
Chile
Chile
Chile
Chile
Chile
Chile
Spain
Italy
Peru
Chile
Relationship
Common Immediate Parent
Common Immediate Parent
Common Immediate Parent
Common Immediate Parent
Common Immediate Parent
Common Immediate Parent
Parent
Parent
Common Immediate Parent
Common Immediate Parent
Common Immediate Parent
Common Immediate Parent
Common Immediate Parent
Associate
Associate
Associate
Associate
Associate
Associate
Associate
Related to Director
Related to Director
Associate
Common Immediate Parent
Common Immediate Parent
Common Immediate Parent
Common Immediate Parent
Common Immediate Parent
Common Immediate Parent
Common Immediate Parent
Common Immediate Parent
Common Immediate Parent
Common Immediate Parent
Associate
Associate
Common Immediate Parent
Associate
Associate
Associate
Associate
Common Immediate Parent
Common Immediate Parent
Common Immediate Parent
Common Immediate Parent
Common Immediate Parent
Joint Venture
Joint Venture
Joint Venture
Joint Venture
Joint Venture
Joint Venture
Joint Venture
Joint Venture
Joint Venture
Joint Venture
Joint Venture
Joint Venture
Joint Venture
Related to Immediate Parent
Common Immediate Parent
Common Immediate Parent
Common Immediate Parent
Transfers of short-term funds between related companies are treated as current accounts changes, with variable interest rates based on market
conditions used for the monthly balance. The resulting amounts receivable or payable are usually at 30 days term, with automatic rollover for the
same periods and amortization in line with cash flows.
(1) See Notes 2.4.1, 5, 6 and 14.
274
2014 ANNUAL REPORT ENERSIS
CONSOLIDATED FINANCIAL STATEMENTS
Description of Transaction
Other operating income
Energy purchases
Other services rendered
Energy sales
Natural gas sales
Other operating income
Interest on financial debt
Other fixed operating expenses
Fuel consumption
Other operating income
Commodity derivatives
Fuel consumption
Other services rendered
Natural gas consumption
Natural gas transportation
Other services rendered
Other financial income
Energy sales
Electricity tolls
Other services rendered
Other services rendered
Other services rendered
Outsourced services
Energy purchases
Electricity tolls
Energy sales
Energy purchases
Electricity tolls
Other services rendered
Energy sales
Other fixed operating expenses
Other fixed operating expenses
Other operating income
Gas tolls
Fuel consumption
Fuel consumption
Energy purchases
Electricity tolls
Other services rendered
Other fixed operating expenses
Other operating income
Other services rendered
Other fixed operating expenses
Other services rendered
Other fixed operating expenses
Energy sales
Other operating income
Other services rendered
Other financial income
Electricity tolls
Other financial income
Other services rendered
Energy purchases
Natural gas transportation
Energy sales
Other financial income
Other fixed operating expenses
Electricity tolls
Other operating income
Other operating income
Other services rendered
Energy purchases
Total
12-31-2014
Total
ThCh$”
30/12/13
Total
ThCh$”
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
55,980
(35,921)
(30,318,202)
17,157
(2,521,138)
(114,115,041)
(39,638,398)
56,042
58,169
2,671,120
47,263
956,854
(1,407,349)
(3,805)
(12,399)
34,253
(10,113,496)
(260,495)
197,812
942,615
163,226
33,970
(708,903)
3,250,149
3,142,758
(1,731,368)
23,891
(3,322,616)
(7,764,442)
1,858,318
229,609
(5,487)
(1,378,743)
57,623
3,222
3,022
21,397,171
99,654
(1,654,945)
(314,422)
(47,540,061)
(60,095,868)
(34,796,720)
769,402
40,124
2,808,698
835,543
(1,317,402)
(109,699)
227,765
(6,118,816)
356,056
134,775
236,173
32,569
(1,196,294)
9,146,049
186,496
2,624,191
868,710
(1,367,029)
46,444
10,281
(9,295,172)
(20,937,075)
95,845
489,864
(219,671)
(1,243,417)
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
(2,860,930)
(2,010,628)
(3,409,581)
(434,289)
(2,734,877)
(428,555)
12-31-2012
Total
ThCh$”
233,512
(5,725,765)
47,905
267,642
50,410
(15,119)
(41,522,504)
(705,859)
23,890
(168,238,842)
(34,209,731)
220,493
21,995
638,187
661,296
49,133
2,475
(1,166,157)
(789,477)
133,735
(1,988,042)
99,120
(97,053)
(649,266)
16,222
(2,175,039)
(697,653)
(5,042,960)
(3,474,994)
(6,577)
3,474,747
(801,990)
77,019
481,177
(6,133)
30,536
8,171,445
103,029
2,566,080
524,140
(842,947)
(6,589,964)
(20,131,152)
64,914
765,504
(417,892)
(1,219,958)
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
(5,141,912)
(211,381,462)
(1,148,277)
(152,123,118)
(277,790,468)
c) Significant Transactions and Effects on Income/Expenses:
Transactions with related companies that are not consolidated and their effects on profit or loss are as follows:
Taxpayer ID No. (RUT)
Company
Country
Relationship
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
76,418,940-k
76,418,940-k
76,418,940-k
76,418,940-k
76,788,080-4
76,788,080-4
76,788,080-4
96,976,600-0
78,488,290-k
Foreign
96,880,800-1
96,880,800-1
96,880,800-2
96,524,140-K
96,524,140-K
96,524,140-K
96,524,140-K
96,806,130-5
96,806,130-5
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
76,652,400-1
76,652,400-1
76,014,570-K
76,014,570-K
76,014,570-K
76,014,570-K
76,014,570-K
77,017,930-0
Foreign
Foreign
Foreign
E E Piura (1)
E E Piura (1)
E E Piura (1)
E E Piura (1)
Endesa Energía S.A.
Endesa Energía S.A.
Endesa Latinoamérica S.A
Endesa Latinoamérica S.A
Endesa Generación
Endesa Generación
Endesa Generación
Endesa Trading
Generalima S.A. (1)
GNL Chile S.A.
GNL Chile S.A.
GNL Chile S.A.
GNL Chile S.A.
GNL Quintero S.A.
GNL Quinteros S.A.
GNL Quintero S.A.
Gestión Social S.A.
Tironi y Asociados S.A.
SACME
Empresa Eléctrica Puyehue S.A.
Empresa Eléctrica Puyehue S.A.
Empresa Eléctrica Puyehue S.A.
Empresa Eléctrica Panguipulli S.A.
Empresa Eléctrica Panguipulli S.A.
Empresa Eléctrica Panguipulli S.A.
Empresa Eléctrica Panguipulli S.A.
Enel Iberoamérica srl
Enel Iberoamérica srl
Enel Iberoamérica srl
Electrogas S.A.
Electrogas S.A.
Carboex S.A.
Endesa Cemsa S.A. (1)
Endesa Cemsa S.A. (1)
Endesa Cemsa S.A. (1)
Endesa Cemsa S.A. (1)
Endesa Operaciones y Servicios
PH Chucas Costa Rica
Endesa Distribución Eléctrica
Enel Ingegneria e Innovazione
Enel Ingegneria e Innovazione
Empresa de Energía de Cundinamarca S.A.
Empresa de Energía de Cundinamarca S.A.
Empresa de Energía de Cundinamarca S.A.
Empresa de Energía de Cundinamarca S.A.
Empresa de Energía de Cundinamarca S.A.
Centrales Hidroeléctricas De Aysén S.A.
Centrales Hidroeléctricas De Aysén S.A.
Inversiones GasAtacama Holding Ltda. (1)
Inversiones GasAtacama Holding Ltda. (1)
Inversiones GasAtacama Holding Ltda. (1)
Inversiones GasAtacama Holding Ltda. (1)
Inversiones GasAtacama Holding Ltda. (1)
Transmisora Eléctrica de Quillota Ltda.
Endesa Spain
Enel Trade S.p.A
Peru
Peru
Peru
Peru
Spain
Spain
Spain
Spain
Spain
Spain
Spain
Spain
Peru
Chile
Chile
Chile
Chile
Chile
Chile
Chile
Chile
Chile
Chile
Chile
Chile
Chile
Chile
Chile
Chile
Spain
Spain
Spain
Chile
Chile
Spain
Argentina
Argentina
Argentina
Argentina
Argentina
Spain
Costa Rica
Spain
Italy
Italy
Colombia
Colombia
Colombia
Colombia
Colombia
Chile
Chile
Chile
Chile
Chile
Chile
Chile
Chile
Spain
Italy
Peru
Chile
Common Immediate Parent
Common Immediate Parent
Common Immediate Parent
Common Immediate Parent
Common Immediate Parent
Common Immediate Parent
Parent
Parent
Common Immediate Parent
Common Immediate Parent
Common Immediate Parent
Common Immediate Parent
Common Immediate Parent
Associate
Associate
Associate
Associate
Associate
Associate
Associate
Related to Director
Related to Director
Associate
Common Immediate Parent
Common Immediate Parent
Common Immediate Parent
Common Immediate Parent
Common Immediate Parent
Common Immediate Parent
Common Immediate Parent
Common Immediate Parent
Common Immediate Parent
Common Immediate Parent
Common Immediate Parent
Associate
Associate
Associate
Associate
Associate
Associate
Common Immediate Parent
Common Immediate Parent
Common Immediate Parent
Common Immediate Parent
Common Immediate Parent
Joint Venture
Joint Venture
Joint Venture
Joint Venture
Joint Venture
Joint Venture
Joint Venture
Joint Venture
Joint Venture
Joint Venture
Joint Venture
Joint Venture
Joint Venture
Related to Immediate Parent
Common Immediate Parent
Common Immediate Parent
Common Immediate Parent
76,126,507-5
Parque Eolico Talinay Oriente SA
Compañía Energetica Veracruz S.A.C.
same periods and amortization in line with cash flows.
(1) See Notes 2.4.1, 5, 6 and 14.
Transfers of short-term funds between related companies are treated as current accounts changes, with variable interest rates based on market
conditions used for the monthly balance. The resulting amounts receivable or payable are usually at 30 days term, with automatic rollover for the
Description of Transaction
Other operating income
Energy purchases
Other services rendered
Energy sales
Natural gas sales
Other operating income
Interest on financial debt
Other fixed operating expenses
Fuel consumption
Other operating income
Commodity derivatives
Fuel consumption
Other services rendered
Natural gas consumption
Natural gas transportation
Other services rendered
Other financial income
Energy sales
Electricity tolls
Other services rendered
Other services rendered
Other services rendered
Outsourced services
Energy purchases
Electricity tolls
Energy sales
Energy purchases
Electricity tolls
Other services rendered
Energy sales
Other fixed operating expenses
Other fixed operating expenses
Other operating income
Gas tolls
Fuel consumption
Fuel consumption
Energy purchases
Electricity tolls
Other services rendered
Other fixed operating expenses
Other operating income
Other services rendered
Other fixed operating expenses
Other services rendered
Other fixed operating expenses
Energy sales
Other operating income
Other services rendered
Other financial income
Electricity tolls
Other financial income
Other services rendered
Energy purchases
Natural gas transportation
Energy sales
Other financial income
Other fixed operating expenses
Electricity tolls
Other operating income
Other operating income
Other services rendered
Energy purchases
Total
12-31-2014
Total
ThCh$”
-
-
-
-
-
55,980
-
(35,921)
(30,318,202)
17,157
(2,521,138)
-
-
(114,115,041)
(39,638,398)
56,042
58,169
2,671,120
47,263
956,854
-
-
(1,407,349)
(3,805)
(12,399)
34,253
(10,113,496)
(260,495)
197,812
942,615
-
(2,860,930)
-
(3,409,581)
(434,289)
-
-
-
-
-
163,226
-
-
33,970
(708,903)
3,250,149
-
3,142,758
-
(1,731,368)
23,891
-
(3,322,616)
(7,764,442)
1,858,318
229,609
(5,487)
(1,378,743)
57,623
3,222
3,022
(5,141,912)
(211,381,462)
30/12/13
Total
ThCh$”
-
-
-
-
21,397,171
99,654
(1,654,945)
(314,422)
(47,540,061)
-
-
-
-
(60,095,868)
(34,796,720)
769,402
40,124
2,808,698
-
835,543
-
-
(1,317,402)
(109,699)
-
227,765
(6,118,816)
-
-
356,056
-
(2,010,628)
-
(2,734,877)
(428,555)
-
-
-
-
-
134,775
236,173
-
32,569
(1,196,294)
9,146,049
186,496
2,624,191
868,710
(1,367,029)
46,444
10,281
(9,295,172)
(20,937,075)
95,845
489,864
(219,671)
(1,243,417)
-
-
-
(1,148,277)
(152,123,118)
12-31-2012
Total
ThCh$”
233,512
(5,725,765)
47,905
267,642
-
50,410
(15,119)
-
(41,522,504)
-
-
(705,859)
23,890
(168,238,842)
(34,209,731)
220,493
21,995
638,187
-
661,296
49,133
2,475
(1,166,157)
(789,477)
-
133,735
(1,988,042)
-
-
99,120
(97,053)
(649,266)
16,222
(2,175,039)
(697,653)
(5,042,960)
(3,474,994)
(6,577)
3,474,747
(801,990)
77,019
481,177
(6,133)
30,536
-
8,171,445
103,029
2,566,080
524,140
(842,947)
-
-
(6,589,964)
(20,131,152)
64,914
765,504
(417,892)
(1,219,958)
-
-
-
-
(277,790,468)
275
10.2 Board Of Directors and Key Management Personnel
Enersis is managed by Board of Directors which consists of seven members. Each director serves for a three-year term after
which they can be reelected.
The Board of Directors as of December 31, 2014 was elected at the Ordinary Shareholders Meeting held on April 16, 2013.
The current Chairman of the Board was designated at a Board meeting held on November 4, 2014, and new directors were
appointed to replace those who resigned during the period. The Vice Chairman and Secretary were designated at the Board
meeting held on April 16, 2013.
a) Accounts Receivable and Payable and other Transactions
- Accounts receivable and payable
There are no outstanding amounts receivable or payable between the Company and the members of the Board of Directors
and key management personnel.
- Other transactions
No transactions other than the payment of remuneration have taken place between the Company and the members of the
Board of Directors and key management personnel.
b) Compensation for Directors
In accordance with Article 33 of Law No. 18,046 governing stock corporations, the compensation of Directors is established
each year at the Ordinary Shareholders Meeting of Enersis S.A.
The remuneration consists of paying a variable annual compensation equal to one one-thousandth of the profit for the year
(attributable to Shareholders of Enersis). Also, each member of the Board will be paid a monthly compensation, one part a
fixed monthly fee and another part dependent on meetings attended. The breakdown of this compensation is as follows:
- 101 UF as a fixed monthly fee, and
- 66 UF as per diem for each Board meeting attended.
The amounts paid for the monthly fee will be treated as payment in advance of the variable annual compensation described
above. As stated in the by-laws, the remuneration for the Chairman of the Board will be twice that of a Director, and the
compensation of the Vice Chairman will be 50% higher than that of a Director.
Any advance payments received will be deducted from the annual variable compensation, with no reimbursement if the
annual variable compensation is lower than the total amount paid in advances. The variable compensation will be paid, when
appropriate, after the Ordinary Shareholders’ Meeting approves the Annual Report, Balance Sheet and Financial Statements,
and the Independent Auditors’ Reports and Account Inspectors’ Reports for the year ending December 31, 2014.
If any Director of Enersis S.A. is a member of more than one Board in any Chilean or foreign subsidiaries and/or associates,
or holds the position of director or advisor in other Chilean or foreign companies or legal entities in which Enersis S.A. has a
direct or indirect ownership interest, that Director can be compensated for his/her participation in only one of those Boards or
Management Committees.
The Executive Officers of Enersis S.A. and/or any of its Chilean or foreign subsidiaries or associates will not receive any
compensation or per diem if they hold the position of director in any of the Chilean or foreign subsidiaries or associates
of Enersis S.A. Nevertheless, the executives may receive such compensation or per diem, provided there is prior express
authorization, as a payment in advance of the variable portion of their remuneration received from the respective companies
through which they are employed.
Directors’ Committee:
Each member of the Directors’ Committee will receive a variable remuneration equal to 0.11765 thousandth of the profit for
the year (attributable to shareholders of Enersis). Also each member will be paid a monthly compensation, one part in a fixed
monthly fee and another part dependent on meetings attended.
276
2014 ANNUAL REPORT ENERSIS
CONSOLIDATED FINANCIAL STATEMENTS
This remuneration is broken down as follows:
- 38.00 UF as a fixed monthly fee, and
- 18.00 UF as per diem for each Board meeting attended.
The amounts paid for the monthly fee will be treated as payment in advance of the variable annual compensation described
above.
Any advance payments received will be deducted from the annual variable compensation, with no reimbursement if the
annual variable compensation is lower than the total amount paid in advances. The variable compensation will be paid, when
appropriate, after the Ordinary Shareholders’ Meeting approves the Annual Report, Balance Sheet and Financial Statements,
and the Independent Auditors’ Reports and Account Inspectors’ Reports for the year ending December 31, 2014.
The following tables show details of the compensation paid to the members of the Board of Directors of Enersis for the fiscal
years 2014, 2013 and 2012:
Taxpayer ID
No. (RUT)
5,710,967-K
6,243,657-3
Foreigner
7,052,890-8
5,719,922-9
6,429,250-1
4,132,185-7
Foreign
Foreign
Taxpayer ID
No. (RUT)
5,710,967-K
Foreigner
48,070,966-7
5,719,922-9
6,429,250-1
4,132,185-7
5,715,860-3
Taxpayer ID
No. (RUT)
5,710,967-K
48,070,966-7
5,719,922-9
6,429,250-1
4,132,185-7
5,715,860-3
12-31-2014
Name
Pablo Yrarrázaval Valdés (2)
Jorge Rosenblut Ratinoff (2)
Borja Prado Eulate
Carolina Schmidt Zaldivar (3)
Leonidas Vial Echeverría (3)
Rafael Fernández Morandé
Hernán Somerville Senn
Andrea Brentan (1)
Alberto de Paoli (4)
TOTAL
Position
Chairman
Chairman
Vice Chairman
Director
Director
Director
Director
Director
Director
Period in position
ThCh$
January - October 2014
November - December 2014
January - December 2014
November - December 2014
January - October 2014
January - December 2014
January - December 2014
January - December 2014
November - December 2014
Enersis
Board
ThCh$
98,698
25,414
86,425
13,038
47,758
60,779
62,387
19,738
-
414,237
Board of
Subsidiaries
ThCh$
-
-
-
-
-
-
-
-
-
-
Directors’
Committee
ThCh$
-
-
-
3,192
14,236
18,731
18,731
-
-
54,890
12-31-2013
Name
Pablo Yrarrázaval Valdés
Borja Prado Eulate
Rafael Miranda Robredo
Leonidas Vial Echeverría
Rafael Fernández Morandé
Hernán Somerville Senn
Eugenio Tironi Barrios
TOTAL
Position
Chairman
Vice Chairman
Director
Director
Director
Director
Director
Period in position
ThCh$
January - December 2013
April - September 2013
January - December 2013
January - December 2013
January - December 2013
January - December 2013
January - April 2013
Enersis
Board
ThCh$
110,323
52,523
18,639
50,598
55,162
53,638
20,146
361,029
Board of
Subsidiaries
ThCh$
-
-
-
-
-
-
-
-
Directors’
Committee
ThCh$
-
-
-
15,859
16,691
16,276
-
48,826
12-31-2012
Name
Pablo Yrarrázaval Valdés
Rafael Miranda Robredo
Leonidas Vial Echeverría
Rafael Fernández Morandé
Hernán Somerville Senn
Eugenio Tironi Barrios
TOTAL
Position
Chairman
Vice Chairman
Director
Director
Director
Director
Period in position
ThCh$
January - December 2012
January - December 2012
January - December 2012
January - December 2012
January - December 2012
January - December 2012
Enersis
Board
ThCh$
120,654
60,327
60,734
61,141
61,141
60,327
424,324
Board of
Subsidiaries
ThCh$
-
-
-
-
-
-
-
Directors’
Committee
ThCh$
-
-
18,479
18,886
18,886
-
56,251
(1) Mr. Andrea Bentran waived his fees and allowances due as a Company Director until September 2014.
(2) Mr. Jorge Rosenblut became Chairman on November 4, 2014, replacing Pablo Yrarrázaval, who served until October 28, 2014.
(3) Ms. Carolina Schmidt became a Director on November 4, 2014, replacing Leonidas Vial, who served until October 30, 2014.
(4) Mr. Alberto de Paoli was appointed to the Board of Directors member in November 2014.
277
c) Guarantees Established by the Company in Favor of the Directors
No guarantees have been given to the directors.
10.3 Compensation for key management personnel
a) Remunerations Received by Key Management Personnel
Key Management Personnel
Taxpayer ID No. (RUT)
Foreigner
7,750,368-4
24,852,381-6
Foreigner
Foreigner
24,852,388-3
15,307,846-7
10,664,744-5
7,706,387-0
6,973,465-0
Name
Luigi Ferraris (2)
Daniel Fernandez Koprich (3)
Francisco Galán Allue (6)
Marco Fadda (1)
Alain Rosolino
Francesco Giogianni (7)
José Miranda Montecinos (4)
Paola Visintini Vaccarezza (5)
Eduardo López Miller
Domingo Valdés Prieto
Position
Chief Executive Officer
Deputy Chief Executive Officer
Administration, Finance and Control Officer
Planning and Control Officer
Internal Audit Officer
Institutional Relations Manager
Communications Officer
Human Resources and Organization Officer
Procurement Officer
General Counsel and Secretary to the Board
(1) On April 1, 2013, Mr. Marco Fadda became Planning and Control Officer, replacing Mr. Ramiro Alfonsin Balza, who was named Deputy
Chief Executive Officer of our subsidiary Empresa Nacional de Electricidad S.A. on the same date.
(2) On November 12, 2014 Mr. Luigi Ferraris became CEO replacing Mr. Ignacio Antoñanzas, who submitted his voluntarily resignation from
Enersis, and served until November 12, 2014 (See note 41).
(3) On November 12, 2014 Mr. Daniel Fernandez Koprich became Deputy CEO replacing Mr. Massimo Tambosco.
(4) On December 1, 2014 Mr. José Miranda Montecinos became Communications Manager replacing Mr. Daniel Horacio Martini, who
submitted his voluntarily resignation from Enersis, and served until December 1, 2014.
(5) On December 12, 2014 Ms. Paola Visintini Vaccarezza became of Human Resources and Organizational Manager replacing Mr. Carlos
Niño, who submitted his voluntarily resignation from Enersis, and served until November 25, 2014.
(6) On December 15, 2014 Mr. Francisco Galán Allue became Administration, Finance and Control Manager replacing Mr. Eduardo Escaffi.
(7) On December 15, 2014 Mr. Francesco Giogianni became Institutional Relations Manager.
Incentive plans for key management personnel
Enersis has implemented an annual bonus plan for its executives based on meeting company-wide objectives and on the level
of their individual contribution in achieving the overall goals of the Group. The plan provides for a range of bonus amounts
according to seniority level. The bonuses paid to the executives consist of a certain number of monthly gross remunerations.
Compensation received by key management personnel is the following:
Cash compensation
Short-term benefits for employees
Other long-term benefits
Total
12-31-2014
ThCh$
3,028,193
830,052
562,074
4,420,319
Balance at
12-31-2013
ThCh$
2,522,068
514,139
612,627
3,648,834
12-31-2012
ThCh$
2,615,660
996,474
724,297
4,336,431
b) Guarantees Established by the Company in Favor of Key Management Personnel
No guarantees have been given to key management personnel.
10.4 Compensation Plans Linked to Share Price
There are no payment plans granted to the Directors or key management personnel based on the price of Enersis stock.
278
2014 ANNUAL REPORT ENERSIS
CONSOLIDATED FINANCIAL STATEMENTS
Note 11
Inventories
The detail of inventories as of December 31, 2014 and 2013 is as follows:
Classes of Inventories
Goods
Supplies for Production
Gas
Oil
Coal
Other inventories (*)
Total
Detail of other inventories
(*) Other inventories
Supplies for projects and spare parts
Electrical materials
Balance at
12-31-2014
ThCh$
1,270,326
43,547,980
1,407,285
20,642,086
21,498,609
88,701,848
133,520,154
12-31-2013
ThCh$
621,173
34,121,697
-
20,624,675
13,497,022
43,039,885
77,782,755
88,701,848
71,641,346
17,060,502
43,039,885
24,653,921
18,385,964
There are no inventories pledged as security for liabilities.
For the period ended December 31, 2014, the figure for raw materials and consumables recognized as fuel expenses was
ThCh$511,014,654 (ThCh$386,116,195 and ThCh$763,791,553 as of December 31, 2013 and 2012 respectively). See Note 28.
As of December 31, 2014 and 2013, no inventories have been written down.
Note 12
Tax Receivables and Payables
The detail of current tax receivables as of December 31, 2014 and 2013 is as follows:
Tax Receivables
Monthly provisional tax payments
Tax credit for absorbed profits
Tax credit for training expenses
Tax credits from dividends received abroad
Other
Total
The detail of current tax payables as of December 31, 2014 and 2013 is as follows:
Tax Payables
Income tax
Total
Balance at
12-31-2014
ThCh$
59,831,897
20,104,186
301,800
28,047,776
2,286,863
110,572,522
12-31-2013
ThCh$
64,763,908
31,697,734
302,998
28,896,906
-
125,661,546
Balance at
12-31-2014
ThCh$
115,472,313
115,472,313
12-31-2013
ThCh$
159,737,063
159,737,063
279
Note 13
Non-current Assets or Groups of Assets for Disposal
Classified as Held for Sale
During the month of December 2014, Empresa Nacional de Electricidad SA and its subsidiary Compañía Eléctrica de Tarapacá
SA signed a contract to sell to Temsa Private Investment Fund all their shares in Sociedad Concesionaria Túnel El Melón S.A.
This agreement established a number of conditions, which had not been fulfilled at the end of 2014, preventing the closure of
the sale. Finally, the sale was perfectedduring January 2015 (See Note 41).
Túnel El Melón S.A is a private corporation whose purpose is the construction, maintenance and operation of the public work
called the El Melón Tunnel and the provision of ancillary services authorized by the Ministry of Public Works (MOP).
The El Melón Tunnel is an alternative to the road that climbs the El Melon pass, which is located between 126 and 132
kilometers north of Santiago on Route 5. This is the main highway linking the country from Arica to Puerto Montt.
As described in Note 3-k), non-current assets and groups of assets held for sale have been recorded at the lower of book value
and fair value less selling costs.
280
2014 ANNUAL REPORT ENERSIS
CONSOLIDATED FINANCIAL STATEMENTS
The main items of assets, liabilities and cash flow held for sale at December 31, 2014 are as follows:
Balance 12-/31-2014
CURRENT ASSETS
Cash and cash equivalents
Other current non-financial assets
Trade and other current receivables
Current tax assets
TOTAL CURRENT ASSETS
NON-CURRENT ASSETS
Intangible assets other than goodwill
Property, plant and equipment
Deferred tax assets
Total Non-current atSSETS
TOTAL ASSETS
CURRENT LIABILITIES
Other current financial liabilities
Trade and other current payables
Other current non-financial liabilities
TOTAL CURRENT LIABILITIES
NON-CURRENT LIABILITIES
Other non-current financial liabilities
Non-current provisions for employee benefits
Other non-current non-financial liabilities
TOTAL NON-CURRENT LIABILITIES
TOTAL LIABILITIES
29,702
81,275
758,645
1,400
871,022
4,404,615
81,432
2,621,894
7,107,941
7,978,963
3,072,179
495,235
131,030
3,698,444
1,660,254
102,423
27,026
1,789,703
5,488,147
Summary of net cash flow
Net cash flows from (used in) operating activities
Net cash flows from (used in) investment activities
Net cash flows from (used in) financing activities
Net increase (decrease) in cash and cash equivalents before effect of exchange rate changes
Effect of exchange rate changes on cash and cash equivalents
Net increase (decrease) in cash and cash equivalents
Cash and cash equivalents at beginning of period
Cash and cash equivalents at end of period
Balance 12-31-2014
9,045,775
(5,604,740)
(3,450,774)
(9,739)
-
(9,739)
39,440
29,702
281
Note14
Investments Accounted for Using the Equity Method
14.1 Investments Accounted for Using the Equity Method
The following tables present the changes in shareholders’ equity of the Group’s equity method investments during the fiscal
years 2014 and 2013:
Taxpayer ID No.
(RUT)
96,806,130-5
76,788,080-4
76,418,940-K
Foreign
Foreign
76,652,400-1
77,017,930-0
76,014,570-K
Foreign
Changes in Investments in Associates
Electrogas S.A.
GNL Quintero S.A.
GNL Chile S.A.
Yacylec S.A. (2)
Sacme S.A.
Centrales Hidroeléctricas De Aysén S.A. (3)
Transmisora Eléctrica de Quillota Ltda.
Inversiones GasAtacama Holding Ltda. (1)
Distribuidora Eléctrica de Cundinamarca S.A.
Relationship
Associate
Associate
Associate
Associate
Associate
Joint Venture
Joint Venture
Joint Venture
Joint Venture
Country
Chile
Chile
Chile
Argentina
Argentina
Chile
Chile
Chile
Colombia
Currency
U.S. dollar
U.S. dollar
U.S. dollar
Argentine peso
Argentine peso
Chilean peso
Chilean peso
U.S. dollar
Colombian peso
Taxpayer ID No.
(RUT)
96,806,130-5
76,788,080-4
76,418,940-K
Foreign
Foreign
Foreign
76,652,400-1
77,017,930-0
76,014,570-K
Foreign
Changes in Investments in Associates
Electrogas S.A.
GNL Quintero S.A.
GNL Chile S.A.
Endesa Cemsa S.A. (2)
Yacylec S.A. (2)
Sacme S.A.
Centrales Hidroeléctricas De Aysén S.A.
Transmisora Eléctrica de Quillota Ltda.
Inversiones GasAtacama Holding Ltda.
Distribuidora Eléctrica de Cundinamarca S.A.
Relationship
Associate
Associate
Associate
Associate
Associate
Associate
Joint Venture
Joint Venture
Joint Venture
Joint Venture
Country
Chile
Chile
Chile
Argentina
Argentina
Argentina
Chile
Chile
Chile
Colombia
Currency
U.S. dollar
U.S. dollar
U.S. dollar
Argentine peso
Argentine peso
Argentine peso
Chilean peso
Chilean peso
U.S. dollar
Colombian peso
Ownership
Interest
42.50%
20.00%
33.33%
22.22%
50.00%
51.00%
50.00%
50.00%
49.00%
TOTAL
Ownership
Interest
42.50%
20.00%
33.33%
45.00%
22.22%
50.00%
51.00%
50.00%
50.00%
49.00%
TOTAL
(1) In April 2014, the company Inversiones GasAtacama Holding Ltda. began to be included in the consolidation using the global integration
method (see Notes 2.4.1 and 5).
(2) On June 30, 2013, Yacylec S.A. became an associated company and Endesa Cemsa S.A. ceased to be treated as an associate. As of that date,
the latter began to be consolidated using the global integration method (see Note 2.4.1, Note 26.1.1, and Appendix 3).
(3 The loss recognized during 2014 includes a provision for impairment of ThCh$69,066,857 as a result of uncertainty about the recoverability
of this investment (see Note 36.5 and 41).
282
2014 ANNUAL REPORT ENERSIS
CONSOLIDATED FINANCIAL STATEMENTS
Acquisitions
through
Business
Combinations
under Common
Control
ThCh$
Acquisitions
through
Business
Combinations
under
Common
Control
ThCh$
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Balance at
Additions
Profit (Loss)
declared
Translation
Share of
Dividends
Currency
Comprehensive
Foreign
Other
ThCh$
(4,239,280)
(6,897,599)
ThCh$
4,566,154
5,808,748
1,099,143
(35,735)
34,719
(69,525,874)
585,051
3,053,468
2,561,039
ThCh$
847,016
311,747
159,410
(61,297)
(36,703)
8,919,246
(2,293,359)
Other
Increases
(Decreases)
ThCh$
(110,030)
Income
ThCh$
31,475
13,445,396
(2,266,865)
2,670,567
(232,944)
(135,600,682)
(555,081)
Balance at
12-31-2014
ThCh$
10,777,659
15,198,935
1,818,168
453,015
19,657
6,144,557
6,426,004
-
32,795,615
73,633,610
Balance at
Provision
12-31-2014
Negative
Equity
ThCh$
ThCh$
10,777,659
15,198,935
1,818,168
453,015
19,657
6,144,557
6,426,004
-
32,795,615
73,633,610
3,315,000
(51,853,287)
(11,136,879)
7,846,060
13,476,871
(136,095,035)
ThCh$
3,315,000
01/01/2014
9,682,324
4,797,508
559,615
550,047
21,641
69,684,864
6,073,897
123,627,968
33,083,016
248,080,880
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Balance at
Additions
Profit (Loss)
declared
Translation
Share of
Dividends
Currency
Comprehensive
ThCh$
5,084,698
01/01/2013
9,030,441
-
-
376,835
2,743,725
25,683
66,894,760
5,710,960
96,207,755
33,527,186
693,039
(91,560)
ThCh$
(5,080,897)
(3,088,495)
ThCh$
4,186,294
4,914,871
137,691
-
4,725
42,232
(2,294,594)
362,937
17,002,146
932,917
Other
Income
ThCh$
Other
Increases
(Decreases)
ThCh$
777,330
7,922,262
(2,743,725)
Foreign
ThCh$
769,156
36,052
45,089
(56,157)
(46,274)
Balance at
12-31-2013
ThCh$
9,682,324
9,784,690
559,615
-
550,047
21,641
69,684,864
6,073,897
Balance at
Provision
12-31-2013
Negative
Equity
ThCh$
(4,987,182)
ThCh$
9,682,324
4,797,508
559,615
-
550,047
21,641
69,684,864
6,073,897
214,517,345
5,084,698
693,039
25,289,219
11,300,124
8,699,592
(3,076,094) 253,068,062
(4,987,182) 248,080,880
10,418,067
134,191
(1,178,909)
(9,439,861)
- 123,627,968
(332,369)
33,083,016
- 123,627,968
33,083,016
Changes in Investments in Associates
Relationship
Country
Taxpayer ID No.
(RUT)
96,806,130-5
76,788,080-4
76,418,940-K
Foreign
Foreign
76,652,400-1
77,017,930-0
76,014,570-K
Foreign
Electrogas S.A.
GNL Quintero S.A.
GNL Chile S.A.
Yacylec S.A. (2)
Sacme S.A.
Associate
Associate
Associate
Associate
Associate
Centrales Hidroeléctricas De Aysén S.A. (3)
Transmisora Eléctrica de Quillota Ltda.
Inversiones GasAtacama Holding Ltda. (1)
Distribuidora Eléctrica de Cundinamarca S.A.
Joint Venture
Joint Venture
Joint Venture
Joint Venture
Chile
Chile
Chile
Chile
Chile
Chile
Currency
U.S. dollar
U.S. dollar
U.S. dollar
Chilean peso
Chilean peso
U.S. dollar
Argentina
Argentina
Argentine peso
Argentine peso
Colombia
Colombian peso
Changes in Investments in Associates
Relationship
Country
Taxpayer ID No.
(RUT)
96,806,130-5
76,788,080-4
76,418,940-K
Foreign
Foreign
Foreign
76,652,400-1
77,017,930-0
76,014,570-K
Foreign
Electrogas S.A.
GNL Quintero S.A.
GNL Chile S.A.
Endesa Cemsa S.A. (2)
Yacylec S.A. (2)
Sacme S.A.
Associate
Associate
Associate
Associate
Associate
Associate
Centrales Hidroeléctricas De Aysén S.A.
Transmisora Eléctrica de Quillota Ltda.
Inversiones GasAtacama Holding Ltda.
Distribuidora Eléctrica de Cundinamarca S.A.
Joint Venture
Joint Venture
Joint Venture
Joint Venture
Chile
Chile
Chile
Chile
Chile
Chile
Argentina
Argentina
Argentina
Currency
U.S. dollar
U.S. dollar
U.S. dollar
Argentine peso
Argentine peso
Argentine peso
Chilean peso
Chilean peso
U.S. dollar
Colombia
Colombian peso
Ownership
Interest
42.50%
20.00%
33.33%
22.22%
50.00%
51.00%
50.00%
50.00%
49.00%
TOTAL
Ownership
Interest
42.50%
20.00%
33.33%
45.00%
22.22%
50.00%
51.00%
50.00%
50.00%
49.00%
TOTAL
Acquisitions
through
Business
Combinations
under Common
Control
ThCh$
-
-
-
-
-
-
-
-
-
-
Acquisitions
through
Business
Combinations
under
Common
Control
ThCh$
-
-
-
-
693,039
-
-
-
-
-
693,039
Balance at
01/01/2014
9,682,324
4,797,508
559,615
550,047
21,641
69,684,864
6,073,897
123,627,968
33,083,016
248,080,880
Additions
ThCh$
-
-
-
-
-
3,315,000
-
-
-
3,315,000
Balance at
01/01/2013
9,030,441
-
376,835
2,743,725
-
25,683
66,894,760
5,710,960
96,207,755
33,527,186
214,517,345
Additions
ThCh$
-
-
-
-
-
-
5,084,698
-
-
-
5,084,698
Share of
Profit (Loss)
ThCh$
4,566,154
5,808,748
1,099,143
(35,735)
34,719
(69,525,874)
585,051
3,053,468
2,561,039
(51,853,287)
Dividends
declared
ThCh$
(4,239,280)
(6,897,599)
-
-
-
-
-
-
-
(11,136,879)
Foreign
Currency
Translation
ThCh$
847,016
311,747
159,410
(61,297)
(36,703)
-
-
8,919,246
(2,293,359)
7,846,060
Other
Comprehensive
Income
ThCh$
31,475
13,445,396
-
-
-
-
-
-
-
13,476,871
Other
Increases
(Decreases)
ThCh$
(110,030)
(2,266,865)
-
-
-
2,670,567
(232,944)
(135,600,682)
(555,081)
(136,095,035)
Balance at
12-31-2014
ThCh$
10,777,659
15,198,935
1,818,168
453,015
19,657
6,144,557
6,426,004
-
32,795,615
73,633,610
Negative
Equity
Provision
ThCh$
-
-
-
-
-
-
-
-
-
-
Balance at
12-31-2014
ThCh$
10,777,659
15,198,935
1,818,168
453,015
19,657
6,144,557
6,426,004
-
32,795,615
73,633,610
Share of
Profit (Loss)
ThCh$
4,186,294
4,914,871
137,691
-
4,725
42,232
(2,294,594)
362,937
17,002,146
932,917
25,289,219
Dividends
declared
ThCh$
(5,080,897)
(3,088,495)
-
-
(91,560)
-
-
-
-
(1,178,909)
(9,439,861)
Foreign
Currency
Translation
ThCh$
769,156
36,052
45,089
-
(56,157)
(46,274)
-
-
10,418,067
134,191
11,300,124
Other
Comprehensive
Income
ThCh$
777,330
7,922,262
-
-
-
-
-
-
-
-
8,699,592
Other
Increases
Balance at
(Decreases)
12-31-2013
ThCh$
ThCh$
9,682,324
-
9,784,690
-
559,615
-
-
(2,743,725)
550,047
-
21,641
-
69,684,864
-
-
6,073,897
- 123,627,968
33,083,016
(3,076,094) 253,068,062
(332,369)
Negative
Equity
Provision
ThCh$
-
(4,987,182)
-
-
Balance at
12-31-2013
ThCh$
9,682,324
4,797,508
559,615
-
550,047
21,641
-
69,684,864
-
-
6,073,897
- 123,627,968
33,083,016
-
(4,987,182) 248,080,880
283
b) Additional financial information on investments in associated companies and joint ventures
- Investments With Significant Influence
The following tables show financial information as of December 31, 2014 and 2013 from the Financial Statements of the
investments in associates where the Group has significant influence:
Investments
with Significant
Influence
GNL Chile S.A
GNL Quintero S.A
Electrogas S.A.
Yacylec S.A.
% Ownership
Interest
Current
Direct /
Assets
Indirect
ThCh$
33.33% 73,425,419
20.00% 98,325,654
6,085,889
42.50%
2,027,688
22.22%
Non-
current
Assets
ThCh$
81,983
597,812,711
43,289,210
774,429
Current
Liabilities
ThCh$
64,329,604
20,036,542
10,076,915
717,301
Investments
with Significant
Influence
GNL Chile S.A
GNL Quintero S.A
Electrogas S.A.
Yacylec S.A.
% Ownership
Interest
Current
Direct /
Assets
Indirect
ThCh$
33.33%
82,737,334
20.00% 88,131,062
4,624,089
42.50%
1,886,165
22.22%
Non-
current
Assets
ThCh$
79,263
566,951,431
39,891,362
942,725
Current
Liabilities
ThCh$
78,005,985
34,063,764
9,624,463
353,430
12-31-2014
Non-
current
Liabilities
ThCh$
3,723,224
600,107,009
13,938,983
46,046
Revenues
ThCh$
732,138,386
117,435,890
19,635,597
1,348,659
12-31-2013
Non-
current
Liabilities
ThCh$
3,131,599
597,031,096
12,109,047
-
Revenues
ThCh$
538,715,428
100,431,648
17,591,544
1,069,690
Profit
(Loss)
ThCh$
3,297,797
29,043,748
10,743,892
(160,823)
Other
Comprehensive
Income
ThCh$
478,277
68,785,714
2,067,038
(275,865)
Comprehensive
Income
ThCh$
3,776,074
97,829,462
12,810,930
(436,688)
Expenses
ThCh$
(728,840,589)
(88,392,142)
(8,891,705)
(1,509,482)
Profit
(Loss)
ThCh$
413,114
24,574,434
9,850,105
21,265
Other
Comprehensive
Income
ThCh$
135,281
39,791,400
3,638,791
(252,732)
Comprehensive
Income
ThCh$
548,395
64,365,834
13,488,896
(231,467)
Expenses
ThCh$
(538,302,314)
(75,857,214)
(7,741,439)
(1,048,425)
Appendix 3 to these consolidated financial statements provides information on the main activities of our associated
companies and the ownership interest the Group holds in them.
None of our associates have published price quotations.
- Joint Ventures
The following tables present information from the financial statements as of December 31, 2014 and 2013 on the main joint
ventures:
% Ownership
Total current assets
Total Non-current atssets
Total current liabilities
Total non-current liabilities
Cash and cash equivalents
Other current financial liabilities
Other non-current financial liabilities
Revenues
Depreciation and amortization
expense
Impairment losses
Interest income
Interest expense
Income tax expense
Profit (loss)
Other comprehensive income
Comprehensive income
See Appendix 3
(*) See Notes 2.4.1 and 5.
Centrales Hidroeléctricas de
Aysén S.A.
Transmisora Eléctrica de
Quillota Ltda.
Inversiones Gas Atacama
Holding Ltda. (*)
Distribuidora Eléctrica de
Cundinamarca S.A.
51.0%
31-12-2014
ThCh$
8,700,785
6,811,887
3,419,214
45,348
319,670
-
-
51.0%
31-12-2013
ThCh$
9,596,488
131,270,190
4,049,634
180,059
1,727,261
-
-
50.0%
31-12-2014
ThCh$
4,426,445
11,420,593
1,159,095
1,835,937
3,930,814
-
-
50.0%
31-12-2013
ThCh$
3,950,498
10,237,702
670,215
1,370,193
3,450,144
-
-
50.0%
31-12-2014
ThCh$
-
-
-
-
-
-
-
50.0%
31-12-2013
ThCh$
176,292,080
295,704,711
63,483,879
44,840,436
108,934,464
14,865,354
-
48.997%
31-12-2014
ThCh$
13,918,600
140,233,080
16,252,424
60,107,487
3,750,964
116,008
22,738,158
48.997%
31-12-2013
ThCh$
15,945,571
141,431,674
40,895,186
38,118,486
5,348,149
21,561,312
-
-
-
2,672,950
2,394,408
(52,978)
(69,316)
(738,927)
(680,519)
(131,894,113)
53,579
425,939
-
(136,325,282)
-
(136,325,282)
-
121,509
78,059
1,333,808
(4,499,239)
-
(4,499,239)
-
88,597
-
(205,839)
1,170,102
-
1,170,102
-
134,631
-
(124,757)
725,873
-
725,873
-
-
-
-
-
-
-
-
-
176,517,866
89,367,706
77,551,952
(11,145,909)
(7,400,833)
(6,096,939)
-
1,040,933
(1,575,774)
(9,908,686)
34,042,459
-
34,042,459
-
642,775
(3,017,696)
(4,702,120)
6,820,089
-
6,820,089
-
600,711
(2,501,621)
(2,696,251)
2,318,920
-
2,318,920
c) There are no significant commitments and contingencies, or restrictions on funds transfers to its owners in associated
companies and joint ventures.
284
2014 ANNUAL REPORT ENERSIS
CONSOLIDATED FINANCIAL STATEMENTS
Note 15
Intangible Assets Other than Goodwill
The following table presents intangible assets as of December 31, 2014 and 2013:
Intangible Assets, Net
Intangible Assets, Net
Easements and water rights
Concessions, Net (1) (*)
Development costs
Patents, registered trademarks and other rights
Computer software
Other identifiable intangible assets
Intangible Assets, Gross
Intangible Assets, Gross
Easements and water rights
Concessions
Development costs
Patents, registered trademarks and other rights
Computer software
Other identifiable intangible assets
Intangible Assets, Amortization and Impairment
Accumulated Amortization and Impairment, Total
Identifiable intangible assets
Easements and water rights
Concessions
Development costs
Patents, registered trademarks and other rights
Computer software
Other identifiable intangible assets
(1) The detail of concessions is the following:
Concession Holder
Concesionaria Túnel el Melon S.A. (Highway infrastructure) (**)
Ampla Energia e Servicios S.A. (Distribution)
Compañía Energetica do Ceara S.A. (Distribution)
Other concessions
TOTAL
(*) See Note 3d.1)
(**) See Note 13.
12-31-2014
ThCh$
1,168,212,056
44,841,692
1,055,986,162
14,833,312
2,206,341
49,549,321
795,228
12-31-2014
ThCh$
2,376,332,904
54,963,685
2,135,095,221
24,281,499
11,465,938
140,953,212
9,573,349
12-31-2014
ThCh$
(1,208,120,848)
(1,208,120,848)
(10,121,993)
(1,079,109,059)
(9,448,187)
(9,259,597)
(91,403,891)
(8,778,121)
12-31-2014
ThCh$
-
637,287,020
418,699,142
-
1,055,986,162
12-31-2013
ThCh$
1,173,560,361
42,779,382
1,060,466,808
26,530,426
2,205,245
38,718,081
2,860,419
12-31-2013
ThCh$
2,272,683,994
51,797,051
2,041,368,148
36,248,290
11,253,851
120,167,472
11,849,182
12-31-2013
ThCh$
(1,099,123,633)
(1,099,123,633)
(9,017,669)
(980,901,340)
(9,717,864)
(9,048,606)
(81,449,391)
(8,988,763)
12-31-2013
ThCh$
6,951,508
598,037,526
454,894,587
583,187
1,060,466,808
285
The reconciliations of the carrying amounts of intangible assets during the fiscal years 2014 and 2013 are as follows:
2014
Development
Costs
ThCh$
26,530,426
3,546,359
980,172
(3,182,841)
-
(12,927,088)
7,870
(12,934,958)
(113,716)
-
(113,716)
-
(11,697,114)
Easements
ThCh$
42,779,382
Concessions
ThCh$
1,060,466,808
1,901,989
(856,524)
(1,604,192)
-
2,621,037
(433,818)
3,054,855
-
-
-
-
2,062,310
184,993,319
32,102,724
(98,940,029)
(14,948,785)
(103,283,260)
(556,720)
(102,726,540)
-
-
-
(4,404,615)
(4,480,646)
PPatents,
Registered
Trademarks
and Other
Rights
ThCh$
2,205,245
1,053,177
(155,290)
(992,288)
-
95,497
(23,947)
119,444
-
-
-
-
1,096
Other
Identifiable
Intangible
Assets, Net
ThCh$
2,860,419
-
124,597
(7,207)
-
(2,182,581)
556,720
(2,739,301)
-
-
-
-
(2,065,191)
Intangible
Assets, Net
ThCh$
1,173,560,361
208,555,836
31,688,822
(112,228,451)
(14,948,785)
(113,524,022)
-
(113,524,022)
(487,090)
-
(487,090)
(4,404,615)
(5,348,305)
Computer
Software
ThCh$
38,718,081
17,060,992
(506,857)
(7,501,894)
-
2,152,373
449,895
1,702,478
(373,374)
-
(373,374)
-
10,831,240
14,833,312
44,841,692
1,055,986,162
2,206,341
49,549,321
795,228
1,168,212,056
Development
Costs
ThCh$
10,089,646
Easements
ThCh$
44,569,633
Concessions
ThCh$
1,093,803,169
PPatents,
Registered
Trademarks
and Other
Rights
ThCh$
2,329,715
Other
Identifiable
Intangible
Assets, Net
ThCh$
2,859,971
Intangible
Assets, Net
ThCh$
1,202,002,511
Computer
Software
ThCh$
48,350,377
13,964,468
211,269
159,283,676
623,956
12,025,939
2,810,507
450,410
(494,721)
-
(116,222)
(377,406)
261,184
(173,662)
-
(173,662)
16,440,780
-
-
-
64,688
43,038
(951,480)
-
(1,093,078)
(1,137,386)
44,308
-
-
-
(1,790,251)
(52,488,944)
(86,911,378)
(28,662,952)
(24,556,763)
15,002,649
(39,559,412)
-
-
-
(33,336,361)
5,318
(1,171,895)
-
418,151
418,165
(14)
-
-
-
(124,470)
(1,100,511)
(6,693,551)
-
(13,925,999)
(13,949,969)
23,970
(2,862)
-
(2,862)
(9,632,296)
-
-
10,119
(9,364)
-
(307)
43,947
(44,254)
-
-
-
448
186,109,308
2,875,195
(53,080,570)
(96,232,389)
(28,662,952)
(39,274,218)
-
(39,274,218)
(176,524)
-
(176,524)
(28,442,150)
26,530,426
42,779,382
1,060,466,808
2,205,245
38,718,081
2,860,419
1,173,560,361
Changes in Intangible Assets
Opening balance at 1/1/2014
Changes in identifiable intangible assets
Increases other than from business combinations
Increase (decrease) from exchange differences, net
Amortization (1)
Impairment losses recognized in profit or loss (2)
Increases (decreases) from transfers and other changes
Increases (decreases) from transfers
Increases (decreases) from other changes
Disposals and removals from service
Disposals
Removals from service
Decreases classified as held for sale (4)
Total changes in identifiable intangible assets
Closing balance in identifiable intangible assets at
12/31/2014
2013
Changes in Intangible Assets
Opening balance at 1/1/2013
Changes in identifiable intangible assets
Increases other than from business combinations
Acquisitions through business combinations under
common control (3)
Increase (decrease) from exchange differences, net
Amortization
Impairment losses recognized in profit or loss
Increases (decreases) from transfers and other changes
Increases (decreases) from transfers
Increases (decreases) from other changes
Disposals and removals from service
Disposals
Removals from service
Total changes in identifiable intangible assets
Closing balance in identifiable intangible assets at
12/31/2013
(1) (2) See Note 30.
(3) See Note 2.4.1 and 26.1.1.
(4) See Note 13.
According to the Group management’s estimates and projections, the expected future cash flows attributable to intangible
assets allow recovery of the carrying amount of these assets recorded as of December 31, 2014 (See Note 3.e).
As of December 31, 2014 and 2013 the Company does not have significant intangible assets with an indefinite useful life.
286
2014 ANNUAL REPORT ENERSIS
CONSOLIDATED FINANCIAL STATEMENTS
Foreign
Currency
Translation
ThCh$
Closing
Balance
12/31/2014
ThCh$
5,474,748
194,647,043
-
-
-
2,240,478
(740,800)
11,045,731
(942,764)
7,622,438
-
-
-
4,656,105
3,495,841
46,881,632
2,007,456
71,372,291
6,579,904
88,241,039
(327,692)
4,886,065
-
-
128,374,362
731,782,459
1,040
13,944
25,487
906,166
2,755,828
97,979,623
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Note 16
Goodwill
The following table shows goodwill by the Cash-Generating Unit or group of Cash-Generating Units to which it belongs and
changes as of December 31, 2014 and 2013:
Opening
Balance
1/1/2013
ThCh$
Transfers
from Mergers
Foreign
Currency
Translation
ThCh$
Closing
Balance
12/31/2013
ThCh$
Transfers
from Mergers
Increase/
(Decrease)
198,669,973
-
(9,497,678)
189,172,295
100,929,542
(96,104,474)
(4,825,068)
-
Cash Generating
Unit
Ampla Energia e
Serviços S.A.
Company
Ampla Energia e
Serviços S.A.
Investluz S.A. (4)
Empresa Eléctrica
de Colina Ltda.
Empresa Eléctrica
de Colina Ltda.
2,240,478
Compañía
Distribuidora y
Comercializadora
de energía S.A.
Compañía
Distribuidora y
Comercializadora
de energía S.A.
Hidroeléctrica el
Chocón S.A.
Hidroeléctrica el
Chocón S.A.
11,742,641
10,345,927
-
-
-
-
2,240,478
43,890
11,786,531
(1,780,725)
8,565,202
Compañía
Eléctrica San
Isidro S.A. (1)
Compañía
Eléctrica Tarapa
S.A. (2) (3)
4,656,105
(4,656,105)
Generación Chile
-
4,656,105
Empresa de
Distribución
Eléctrica de Lima
Norte S.A.A
Empresa de
Distribución
Eléctrica de Lima
Norte S.A.A
Cachoeira
Dourada S.A.
Cachoeira
Dourada S.A.
Edegel S.A.A
Edegel S.A.A
Emgesa S.A. E.S.P.
Emgesa S.A. E.S.P.
43,327,124
72,847,400
81,550,712
5,194,342
Chilectra S.A.
Chilectra S.A.
128,374,362
Empresa
Nacional de
Electricidad S.A
Inversiones
Distrilima S.A.
Enel Brasil S.A. (4)
Compañía
Energética Do
Ceará S.A. (4)
Inversiones
GasAtacama
Holding Ltda. (5)
Total
Generación Chile
731,782,459
Empresa de
Distribución
Eléctrica de Lima
Norte S.A.A
Enel Brasil S.A.
Compañía
Energética Do
Ceará S.A.
Inversiones
Gasatacama
Holding
12,887
-
-
-
1,391,673,952
-
-
-
-
-
-
-
880,679
95,223,795
-
-
-
-
-
4,656,105
58,667
43,385,791
(3,482,565)
69,364,835
110,423
81,661,135
19,415
5,213,757
-
-
128,374,362
731,782,459
17
12,904
-
-
-
880,679
95,223,795
-
(19,353,624)
1,372,320,328
18,737,737
1,466,514
20,204,251
18,737,737
19,795,562
1,410,853,627
(1) Empresa Eléctrica Pangue S.A. was merged with Compañía Eléctrica San Isidro S.A. on May 1, 2012; it is the latter company that legally
continues to exist.
(2) Compañía Eléctrica San Isidro S.A. was merged with Endesa Eco S.A. on September 1, 2013; it is the latter company that legally continues
to exist.
(3) Endesa Eco S.A. was merged with Compañía Eléctrica Tarapacá S.A. on November 1, 2013; it is the latter company that legally continues to
exist.
(4) Investuz S.A. and Ampla Investimentos E Serviços S.A. were merged with Enel Brasil S.A. on November 21, 2013; it is the latter company
that legally continues to exist.
(5) See Notes 2.4.1 and 5.
287
According to the Group management’s estimates and projections, the expected future cash flows projections attributable
to the Cash-Generating Units or groups of Cash-Generating Units, to which the acquired goodwill has been allocated, allow
recovery of its carrying value as of December 31, 2014 (See Note 3.e).
The origin of the goodwill is detailed below:
1.- Ampla Energia e Serviços S.A.
On November 20, 1996, Enersis S.A. and Chilectra S.A., together with Endesa S.A. and Electricidad de Portugal, acquired a
controlling stake in the company Cerj S.A. (now Ampla de Energía) of Rio de Janeiro in Brazil. Enersis S.A. and Chilectra S.A.
together bought 42% of the total shares in an international public bidding process held by the Brazilian government.
Enersis S.A. and Chilectra S.A. also bought an additional 18.5% on December 31, 2000, so that they then held a total 60.5%
stake, directly and indirectly.
2.- Compañía Energética Do Ceará S.A. (Coelce)
Between 1998 and 1999, Enersis S.A. and Chilectra S.A., together with Endesa S.A., acquired the company Compañía de
Distribución Eléctrica del Estado de Ceará (Coelce) in northeast Brazil in an international public bidding process held by the
Brazilian government.
3.- Empresa Eléctrica de Colina Ltda.
On September 30, 1996, Chilectra S.A. acquired 100% of the company Empresa Eléctrica de Colina Ltda. from the investment
company Saint Thomas S.A., which is neither directly nor indirectly related to Chilectra S.A.
4.- Compañía Distribuidora y Comercializadora de Energía S.A. (Codensa S.A.)
On October 23, 1997, Enersis S.A. and Chilectra S.A., together with Endesa S.A., acquired 48.5% of Colombiana Codensa S.A.,
a company that distributes electricity in Santa Fé de Bogotá in Colombia. The purchase took place through an international
public bidding process held by the Colombian government.
5.- Empresa Eléctrica Pangue S.A.
On July 12, 2002, Endesa Chile acquired 2.51% of the shares of Empresa Eléctrica Pangue S.A. through a put option held by
the minority shareholder Internacional Finance Corporation (IFC).
On May 2, 2012, Empresa Eléctrica Pangue S.A. merged with Compañía Eléctrica San Isidro S.A.; it is the latter company that
legally continues to exist.
6.- Hidroeléctrica el Chocón S.A.
On August 31, 1993, Endesa Chile acquired 59% of Hidroeléctrica El Chocón in an international public bidding process held by
the Argentine government.
7.- Compañía Eléctrica San Isidro S.A.
On August 11, 2005, Endesa Chile bought the shares of the company Inversiones Lo Venecia Ltda., whose only asset was a
25% interest in the company San Isidro S.A. (minority shareholder purchase).
8.- Empresa de Distribución Eléctrica de Lima Norte S.A.A.
On October 15, 2009 in a transaction on the Lima Stock Exchange, Enersis S.A. purchased an additional 24% interest in
Empresa de Distribución Eléctrica de Lima Norte S.A. (Edelnor).
9.- Cachoeira Dourada S.A.
On September 5, 1997, our subsidiary Endesa Chile acquired 79% of the company Cachoeira Dourada S.A. in the state of
Goias in a public bidding process held by the Brazilian government.
288
2014 ANNUAL REPORT ENERSIS
CONSOLIDATED FINANCIAL STATEMENTS
10.- Edegel S.A.A.
On October 9, 2009, in a transaction on the Lima Stock Exchange in Peru, our subsidiary Endesa Chile acquired an additional
29.3974% interest in Edegel S.A.
11.- Emgesa S.A. E.S.P.
On October 23, 1997, our subsidiary Endesa Chile, together with Endesa S.A., bought 48.5% of Emgesa S.A.E.S.P. in Colombia.
The purchase was made in an international public bidding process held by the Colombian government.
12.- Chilectra S.A.
In November 2000, Enersis S.A. purchased an additional 25.4% interest in the subsidiary Chilectra S.A. through a purchasing
power of attorney in a public bidding process, reaching a 99.99% stake in the company.
13.- Empresa Nacional de Electricidad S.A.
On May 11, 1999, Enersis S.A. acquired an additional 35% in Endesa Chile in a public bidding process on the Santiago Stock
Exchange and by buying shares in the U.S. (30% and 5%, respectively), reaching a 60% interest in the generation company.
14.- Inversiones GasAtacama Holding Limitada.
On April 22, 2014, Endesa Chile acquired the 50% stake in Inversiones GasAtacama Holding Limitada that was owned at that
time by Southern Cross Latin America Private Equity Fund III L.P (see Notes 2.4.1 and 5).
Note17
Property, Plant and Equipment
The following table shows property, plant and equipment as of December 31, 2014 and 2013:
Classes of Property, Plant and Equipment, Net
Property, Plant and Equipment, Net
Construction in progress
Land
Buildings
Plant and equipment
Fixtures and fittings
Other property, plant and equipment under financial lease
Classes of Property, Plant and Equipment, Gross
Property, Plant and Equipment, Gross
Construction in progress
Land
Buildings
Plant and equipment
Fixtures and fittings
Other property, plant and equipment under financial lease
Classes of Accumulated Depreciation and Impairment in Property, Plant and Equipment
Total Accumulated Depreciation and Impairment in Property, Plant and Equipment
Buildings
Plant and equipment
Fixtures and fittings
Other property, plant and equipment under financial lease
12-31-2014
ThCh$
8,234,215,719
1,735,117,241
106,233,186
81,981,704
6,097,991,766
96,320,714
116,571,108
12-31-2014
ThCh$
14,301,161,988
1,735,117,241
106,233,186
154,431,222
11,912,075,769
248,884,529
144,420,041
12-31-2014
ThCh$
(6,066,946,269)
(72,449,518)
(5,814,084,003)
(152,563,815)
(27,848,933)
12-31-2013
ThCh$
7,433,798,725
1,218,316,396
99,869,574
92,820,775
5,834,476,720
72,898,921
115,416,339
12-31-2013
ThCh$
13,082,066,080
1,218,316,396
99,869,574
170,612,273
11,245,196,646
211,988,702
136,082,489
12-31-2013
ThCh$
(5,648,267,355)
(77,791,498)
(5,410,719,926)
(139,089,781)
(20,666,150)
289
The detail and changes in property, plant, and equipment during the fiscal years 2014 and 2013 are as follows:
Construction
in Progress
ThCh$
1,218,316,396
Land
ThCh$
99,869,574
Plant and
Equipment,
Net
ThCh$
92,820,775 5,834,476,720
Buildings, Net
ThCh$
Fixtures and
Fittings, Net
ThCh$
72,898,921
Other Property,
Plant and
Equipment under
Financial Lease,
Net
ThCh$
Property,
Plant and
Equipment,
Net
ThCh$
115,416,339 7,433,798,725
1,026,011,114
3,081,951
725,802
12,239,464
11,023,265
- 1,053,081,596
10,802,165
3,216,432
-
171,934,310
13,707,484
-
199,660,391
(63,451,758)
(844,515)
(1,120,737)
(39,565,485)
981,409
7,316,269
(96,684,817)
-
-
-
-
(4,983,828)
(341,810,698)
(13,886,933)
(6,269,994)
(366,951,453)
-
(13,770,564)
-
-
(13,770,564)
(452,716,350)
1,211,017
(4,294,709)
475,028,160
14,203,069
108,494
33,539,681
(474,284,985)
1,249,969
4,152,489
460,761,588
8,816,027
(695,088)
(474,284,985)
1,249,969
4,152,489
460,761,588
8,816,027
(695,088)
-
-
21,568,635
(3,844,326)
(1,566,349)
(2,277,977)
516,800,845
1,735,117,241
(38,952)
(301,273)
(238,120)
(63,153)
6,363,612
106,233,186
(8,447,198)
(1,165,599)
(1,165,495)
(104)
(10,839,071)
14,266,572
(540,141)
-
(540,141)
263,515,046
81,981,704 6,097,991,766
5,387,042
(2,606,501)
(2,511,470)
(95,031)
23,421,793
96,320,714
803,582
-
-
-
1,154,769
33,539,681
(8,457,840)
(5,481,434)
(2,976,406)
800,416,994
116,571,108 8,234,215,719
Construction
in Progress
ThCh$
800,258,044
Land
ThCh$
100,075,276
Plant and
Equipment,
Net
ThCh$
94,150,678 5,855,072,717
Buildings, Net
ThCh$
Fixtures and
Fittings, Net
ThCh$
73,606,717
Other Property,
Plant and
Equipment under
Financial Lease,
Net
ThCh$
Property,
Plant and
Equipment,
Net
ThCh$
126,760,139 7,049,923,571
693,084,284
150,828
996,596
(50,364)
8,533,951
361,737
703,077,032
53,274,335
814,674
298,215
58,015,823
1,771,530
-
114,174,577
(19,482,775)
38,929
(2,619,529)
(57,126,925)
(1,960,839)
(238,600)
(81,389,739)
-
(272,181)
(307,408,909)
(315,082,373)
(315,082,373)
7,673,464
(1,136,402)
-
(1,136,402)
418,058,352
1,218,316,396
-
-
185,811
123,311
123,311
62,500
(1,395,944)
(1,395,944)
-
(205,702)
99,869,574
(4,706,723)
(316,428,394)
(13,464,577)
(4,641,176)
(339,240,870)
-
(12,388,154)
-
-
(12,660,335)
4,379,954
311,554,675
5,079,458
(6,825,761)
6,965,228
4,079,468
310,623,109
5,686,102
(5,429,617)
4,079,468
310,623,109
5,686,102
(5,429,617)
-
-
931,566
300,486
(4,172,658)
321,584
-
-
(4,172,658)
321,584
(1,329,903)
(20,595,997)
92,820,775 5,834,476,720
(606,644)
(667,319)
-
(667,319)
(707,796)
72,898,921
6,965,228
(1,396,144)
(7,050,739)
-
(1,395,944)
-
(5,654,795)
-
(11,343,800)
383,875,154
115,416,339 7,433,798,725
Changes in 2014
Opening balance at January 1, 2014
s
e
g
n
a
h
C
Increases other than from business
combinations
Acquisitions through business
combinations (1)
Increase (decrease) from exchange
differences, net
Depreciation (2)
Impairment losses recognized in profit or
loss
Increases (decreases) from transfers and
other changes
Increases (decreases) from transfers
Increases (decreases) from transfers
from construction in progress
Increases (decreases) from other changes
Disposals and removals from service
Disposals
Removals
Total changes
Closing balance at December 31, 2014
Changes in 2013
Opening balance at January 1, 2013
s
e
g
n
a
h
C
Increases other than from business
combinations
Acquisitions through business
combinations (3)
Increase (decrease) from exchange
differences, net
Depreciation
Impairment losses recognized in profit or
loss
Increases (decreases) from transfers and
other changes
Increases (decreases) from transfers
Increases (decreases) from transfers
from construction in progress
Increases (decreases) from other changes
Disposals and removals from service
Disposals
Removals
Total changes
Closing balance at December 31, 2013
(1) See Note 2.4.1 and 5.
(2) See Note 30.
(3) See Note 2.4.1 and 26.1.1.
Additional Information On Property, Plant and Equipment, Net
a) Main Investments
Major additions to property, plant and equipment are investments in operating plants and new projects amounting to
ThCh$1,053,081,596 at December 31, 2014 (ThCh$703,077,032 at December 31, 2013). In the generation business main
investments include the progress in the construction of the El Quimbo hydraulic power plant in Colombia (400 MW), involving
additions of ThCh$175,419,903 at December 31, 2014 (ThCh$150,262,546 at December 31, 2013). In the distribution
business major investments are network extensions and investments to optimize their operation, in order to improve the
efficiency and quality of service, amounting to ThCh$393,818,587 at December 31, 2014 (ThCh$274,964,283 at December 31,
2013).
290
2014 ANNUAL REPORT ENERSIS
CONSOLIDATED FINANCIAL STATEMENTS
b) Finance Leases
As of December 31, 2014 and 2013, property, plant and equipment includes ThCh$116,571,108 and ThCh$115,416,339,
respectively, in leased assets classified as finance leases.
The present value of future lease payments derived from these finance leases is as follows:
Gross
ThCh$
19,830,764
78,271,598
17,270,183
115,372,545
12-31-2014
Interest
ThCh$
1,707,340
11,421,552
459,055
13,587,947
Present Value
ThCh$
18,123,424
66,850,046
16,811,128
101,784,598
Gross
ThCh$
15,915,072
58,429,290
38,025,761
112,370,123
12-31-2013
Interest
ThCh$
1,868,169
5,874,399
3,295,944
11,038,512
Present Value
ThCh$
14,046,903
52,554,891
34,729,817
101,331,611
Less than one year
From one to five years
More than five years
Total
Leased assets primarily relate to:
1. Endesa Chile S.A.: a lease agreement for Electric Transmission Lines and Installations (Ralco-Charrúa 2X220 KV) entered
into between Endesa Chile and Abengoa Chile S.A. The lease agreement has a 20-year maturity and bears interest at an
annual rate of 6.5%.
2. Edegel S.A.: lease agreements to finance the project of converting the Ventanilla thermoelectric plant to a combined cycle
plant. The agreements were signed between Edegel S.A.A. and the financial institutions BBVA - Banco Continental, Banco
de Crédito del Perú, Citibank del Perú and Banco Internacional del Perú - Interbank. These agreements have an average
term of 8 years and bear interest at an annual rate of Libor + 1.75% as of December 31, 2014.
The company also has an agreement with Scotiabank, which financed the construction of a new open cycle plant at the
Santa Rosa Plant. This agreement has a term of 9 years and bears interest an annual rate of Libor + 1.75%.
c) Operating Leases
The consolidated statements of income at December 31, 2014, 2013 and 2012 include ThCh$21,087,207, ThCh$18,878,285
and ThCh$18,483,171, respectively, corresponding to accrual during these periods of operating lease contracts for material
assets in operation.
As of December 31, 2014 and 2013, the total future lease payments under those contracts are as follows:
Less than one year
From one to five years
More than five years
Total
d) Other Information
12-31-2014
ThCh$
13,540,619
34,389,527
46,504,376
94,434,522
12-31-2013
ThCh$
10,447,299
41,971,517
65,678,252
118,097,068
i) As of December 31, 2014 and 2013, the Group had contractual commitments for the acquisition of property, plant and
equipment amounting to ThCh$468,173,548 and ThCh$350,969,175, respectively.
ii) As of December 31, 2014 and 2013, the Group had property, plant and equipment pledged as security for liabilities in the
amount of ThCh$21,952,283 and ThCh$176,514,115, respectively (see Note 36).
iii) The Company and its foreign subsidiaries have insurance policies for all risks, earthquake and machinery breakdown and
damages for business interruption with a €1,000 million limit in the case of generating companies and a €50 million limit
for distribution companies, including business interruption coverage. Additionally, the Company has Civil Liability insurance
to meet claims from third parties with a €500 million limit. The premiums associated with these policies are presented
proportionally for each company under the line item “Expenses paid in advance”.
iv) The situation of certain assets of our subsidiary Endesa Chile has changed, primarily works and infrastructure for facilities
built to support power generation in the SIC grid in 1998, due primarily to the installation in the SIC of new thermoelectric
plants, the arrival of LNG, and new projects that will be starting up soon. This has resulted in a new supply configuration for
the coming years, in which it is expected that these facilities will not need to be used. Therefore, in the 2009 fiscal year, the
company recorded an impairment provision of ThCh$43,999,600 for these assets, which is still in effect.
291
v) On October 16, 2012, Endesa Chile began the collection process on all of the bank performance bonds guaranteeing
compliance with the works and correct, timely execution of these works as specified in the agreement “Bocamina Thermal
Plant Expansion Project”, contract ACP-003.06. This is a turnkey project for a 350 MW coal-fired thermal generation plant
(“the contract”) signed on July 25, 2007 between Empresa Nacional de Electricidad S.A. (“the owner”) and the consortium
consisting of (i) the Chilean company Ingeniería y Construcción Tecnimont Chile y Compañía Limitada; (ii) the Italian company
Tecnimont SpA; (iii) the Brazilian company Tecnimont do Brasil Construcao e Administracao de Projetos Ltda; (iv) the Slovakian
company Slovenske Energeticke Strojarne a.s. (“SES”); and (v) the Chilean company Ingeniería y Construcción SES Chile
Limitada; (all referred to collectively as “the Contractor” or “the Consortium”).
These performance bonds amounted to US$74,795,164.44 and UF 796,594.29 (approximately US$38,200,000). As of
December 31, 2012 it was collected US$93,992,554 of these bonds and currently it is still pending to collect US$18,940,295,
equivalent to ThCh$11,492,024 in local currency (see Note 36.3.26 and 41).
Collection made on these bank performance bonds reduced the cost overruns incurred by the company due to breach of
contract; they were capitalized into the Project.
Together collecting on the bonds, Endesa Chile has reserved all of the rights conferred upon it under the Contract and
applicable national legislation to demand complete, timely compliance with the obligations agreed to by the Contractor.
On October 17, 2012, Endesa Chile filed an arbitration request with the International Chamber of Arbitration of Paris in order
to enforce the rights conferred upon it under the Contract.
vi) Our Argentine subsidiary, Empresa Distribuidora Sur S.A., has seen its financial equilibrium seriously affected by the delay
in the compliance with certain points of the Acta de Acuerdo agreement signed with the Argentine Government, particularly
the twice-yearly rate adjustments recognized through the cost-monitoring mechanism (MMC) and the establishment of an
Integral Rate Review (IRT) as provided for in this agreement.
At the close of the 2011 fiscal year, Enersis recorded an impairment loss in Property, plant and equipment for the company
Empresa Distribuidora Sur S.A. As of December 31, 2014, the amount recorded is ThCh$65,252,942 (see Note 3.e).
vii) At the end of the 2012 fiscal year, our subsidiary Compañía Eléctrica Tarapacá S.A. recorded an impairment loss for
ThCh$12,578,098, an amount still in effect, to adjust the book value of its Property, plant and equipment to their recoverable
value (see Note 3.e).
viii) At the end of the 2014 fiscal year, our subsidiary Endesa Chile SA recorded an impairment loss provision for
ThCh$12,581,947 related to the Punta Alcalde project. This provision arises because the current definition of the project is not
fully aligned with the strategy that the Company is reformulating, particularly with regard to technological leadership, and
to community and environmental sustainability. Endesa Chile has decided to suspend the project pending clarification of its
profitability (see Note 3.e).
292
2014 ANNUAL REPORT ENERSIS
CONSOLIDATED FINANCIAL STATEMENTS
Nota 18
Investment Property
The detail and changes in investment property during the 2014 and 2013 fiscal years are as follows:
Investment Properties
Balance at January 1, 2013
Additions
Disposals
Depreciation expense
Impairment losses recognized in income statement
Balance at December 31, 2013
Additions
Land sales (1)
Disposals related to the sale of subsidiaries (2)
Depreciation expense
Impairment reversals recognized in income statement
Closing balance investment properties at December 31, 2014
Investment
Properties, Gross
ThCh$
51,003,011
2,487,919
(6,443,325)
-
-
47,047,605
1,463,242
(1,806,675)
(36,040,698)
-
-
10,663,474
Accumulated
Depreciation,
Amortization and
Impairment
ThCh$
(4,080,041)
-
2,127,925
(59,078)
(159,362)
(2,170,556)
-
-
-
(30,483)
52,127
(2,148,912)
Investment
Properties, Net
ThCh$
46,922,970
2,487,919
(4,315,400)
(59,078)
(159,362)
44,877,049
1,463,242
(1,806,675)
(36,040,698)
(30,483)
52,127
8,514,562
The selling prices of investment properties disposed of during the 2014 and 2013 fiscal years were ThCh$9,363,249 and
ThCh$16,510,931, respectively.
See Note 32.
- Fair value measurement and hierarchy
The fair value of the Group’s investment properties as of December 31, 2014 was ThCh$12,272,521. This value was based on
independent appraisals.
As of December 31, 2014, the market value of these properties has not changed significantly.
The hierarchy of these investment properties’ fair values is as follows:
Investment Properties
See Note 3.h.
Fair value measured at the end of the reporting period using:
Level 1
ThCh$
-
Level 2
ThCh$
12,272,521
Level 3
ThCh$
-
As of December 31, 2014 and 2013, the detail of income and expenses from investment properties is as follows:
Income and expense from investment properties
Rental income from investment properties
Income from the sale of investment properties (*)
Direct operating expense from investment properties generating rental income
Direct operating expense from investment properties not generating rental income (*)
Total
(*) See Note 32.
Balance at
12-31-2014
ThCh$
263,643
9,363,249
(328,590)
(1,806,675)
7,491,627
12-31-2013
ThCh$
341,494
16,510,931
(192,963)
(4,315,400)
12,344,062
The company has no repair, maintenance, acquisition, construction or development agreements that represent future
obligations for the Group as of December 31, 2014 (ThCh$971,776 as of December 31, 2013).
The Group has insurance policies to cover operational risks of its investment properties, as well as to cover legal claims against
the Group that could potentially arise from exercising its business activity. The Group’s management considers that the
insurance policy coverage is sufficient against the risks involved.
293
Note 19
Deferred Taxes
a) The origin and changes in deferred tax assets and liabilities at December 31, 2014 and 2013 are as follows:
Deferred Tax Assets
Balance at January 1, 2014
s
e
g
n
a
h
C
Increase (decrease) in profit or loss
Increase (decrease) in other comprehensive
income
Acquisitions through business combinations (1)
Disinvestment through selling businesses
Foreign currency translation
Transfers to (from) Non-current assets and
groups held for sale
Other increases (decreases)
Balance at December 31, 2014
Deferred Tax Assets
Balance at January 1, 2013
s
e
g
n
a
h
C
Increase (decrease) in profit or loss
Increase (decrease) in other comprehensive
income
Acquisitions through business combinations
under common control (2)
Foreign currency translation
Other increases (decreases)
Balance at December 31, 2013
Deferred Tax Assets Relating to
Accumulated
Depreciation
69,331,028
(1,990,390)
Amortization
-
(367,726)
Provisions
72,196,398
5,086,210
Post-
Employment
Benefit
Obligations
721,942
(10,571,495)
Revaluation
of Financial
Instruments
43,659,516
(28,275,716)
Tax Loss
Carry forwards
1,710,288
4,860,441
Other
22,518,595
9,600,350
Deferred Tax
Assets
210,137,767
(21,658,326)
-
-
-
10,357,383
1,074,342
-
(1,084)
11,430,641
-
(107,241)
(1,847,234)
-
-
(551,562)
879,716
(34,403)
1,904,394
-
-
(1,086,184)
-
-
(110,140)
537,932
(329,845)
-
974,883
(5,816,292)
(2,055,603)
2,392,531
(6,287,781)
(3,746,329)
-
-
(29,583)
(1,761)
-
(1,448,281)
(1,142,270)
(2,621,895)
(1,622,884)
63,763,279
2,426,267
1,506,979
6,263,590
86,266,322
3,683,432
3,103,317
4,784,559
21,132,561
(478,696)
4,851,839
(11,065,002)
3,991,266
13,013,577 193,637,874
Deferred Tax Assets Relating to
Accumulated
Depreciation
75,826,789
(4,189,296)
-
-
Amortization
10,700,455
(850,759)
Provisions
98,105,401
4,955,202
-
-
-
-
Post-
Employment
Benefit
Obligations
46,865,082
(1,494,579)
Revaluation
of Financial
Instruments
47,115,495
(3,355,784)
Tax Loss
Carry forwards
8,635,197
(16,669,753)
Other
34,307,797
6,745,508
Deferred Tax
Assets
321,556,216
(14,859,461)
(6,028,387)
511,656
-
-
(5,516,731)
-
-
11,634,643
381,719
12,016,362
(553,272)
(1,753,193)
69,331,028
(190,829)
(9,658,867)
-
(3,206,774)
(27,657,431)
72,196,398
(804,512)
(37,815,662)
721,942
(9,658)
(602,193)
43,659,516
630,288
(2,520,087)
1,710,288
(2,369,230)
(6,503,987)
(96,554,632)
(16,547,199)
22,518,595 210,137,767
Deferred Tax Liabilities Relating to
Deferred Tax Liabilities
Balance at January 1, 2014
s
e
g
n
a
h
C
Increase (decrease) in profit or loss
Increase (decrease) in other comprehensive
income
Acquisitions through business combinations (1)
Disinvestment through selling businesses
Foreign currency translation
Transfers to (from) Non-current ssets and
Groups available for sale
Other increases (decreases)
Balance at December 31, 2014
Accumulated
Depreciation
357,404,910
(37,480,718)
Amortization
21,169,697
(1,281,408)
Provisions
20,220
(24,553,240)
-
-
-
27,088,856
-
18,935,850
-
-
1,906,194
-
-
(307,279)
-
-
-
61,932,454
427,881,352
(21,794,483)
-
24,881,852
41,553
Foreign
Currency
Contracts
-
-
-
-
-
-
-
-
-
Post-
Employment
Benefit
Obligations
20,818
(470,394)
(20,511)
-
-
-
-
Revaluation
of Financial
Instruments
5,792,725
(4,687,449)
401,237
-
-
141,446
-
Other
11,078,520
39,058,137
Deferred Tax
Liabilities
395,486,890
(29,415,072)
378
381,104
1,834,311
-
(2,472,330)
28,923,167
-
18,203,881
-
-
486,586
16,499
(1,484,896)
163,063
706,001
64,781,514
50,259,017 478,361,484
Deferred Tax Liabilities Relating to
Accumulated
Depreciation
371,424,034
(19,041,347)
-
8,534,296
Amortization
41,745,931
(1,760,684)
Provisions
-
6,696,045
-
-
-
-
(43,599)
(3,468,474)
357,404,910
(1,410,853)
(17,404,697)
21,169,697
(1,219,749)
(5,456,076)
20,220
Foreign
Currency
Contracts
-
-
Post-
Employment
Benefit
Obligations
17,080
71,264
Revaluation
of Financial
Instruments
6,425,224
937,186
Other
81,515,428
4,084,369
Deferred Tax
Liabilities
501,127,697
(9,013,167)
-
-
-
-
-
(2,744,987)
553,068
(61,684)
(2,253,603)
-
-
-
8,534,296
-
2,677,461
20,818
(10,209)
(2,112,544)
5,792,725
(4,586,113)
(1,901,703)
(72,557,890)
(98,322,220)
11,078,520 395,486,890
Deferred Tax Liabilities
Balance at January 1, 2013
s
e
g
n
a
h
C
Increase (decrease) in profit or loss
Increase (decrease) in other comprehensive
income
Acquisitions through business combinations
under common control (2)
Foreign currency translation
Other increases (decreases)
Balance at December 31, 2013
(1) See Note 2.4.1 and 5.
(2) See Note 2.4.1 and 26.1.1
Recovery of deferred tax assets will depend on whether sufficient tax profits are obtained in the future. The Company believes
that the future profit projections for its numerous subsidiaries will allow these assets to be recovered.
294
2014 ANNUAL REPORT ENERSIS
CONSOLIDATED FINANCIAL STATEMENTS
b) As of December 31, 2014, the Group has not recognized deferred tax assets related to tax losses carry forward totaling
ThCh$44,329,969 (ThCh$25,233,492 at December 31, 2013). See Note 3.p.
The Group has not recognized deferred tax liabilities for taxable temporary differences associated with investment in
subsidiaries and joint ventures, as it is able to control the timing of the reversal of the temporary differences and considers
that it is probable that such temporary differences will not reverse in the foreseeable future. At December 31, 2014, the
aggregate amount of taxable temporary differences associated with investments in subsidiaries and joint ventures for which
deferred tax liabilities have not been recognized totaled ThCh$1,940,029,172 (ThCh$2,204,237,044 at December 31, 2013).
Additionally, the Group has not recognized deferred tax asset for deductible temporary differences which at December 31,
2014, totaled ThCh$79,702,961 (ThCh$ 109,648,898 at December 31, 2013), because that it is not probable that sufficient
future taxable profits exist to recover such temporary differences.
The Group companies are potentially subject to income tax audits by the tax authorities of each country in which the Group
operates. Such tax audits are limited to a number of annual tax periods and once these have expired audits of these periods
can no longer be performed. Tax audits by nature are often complex and can require several years to complete. The following
table presents a summary of tax years potentially subject to examination:
Country
Chile
Argentina
Brazil
Colombia
Peru
Period
2012-2014
2008-2014
2009-2014
2013-2014
2010-2014
Given the range of possible interpretations of tax standards, the results of any future inspections carried out by tax authorities
for the years subject to audit can give rise to tax liabilities that cannot currently be quantified objectively. Nevertheless, Enersis
Management estimates that the liabilities, if any, that may arise from such audits, would not significantly impact the Group
companies’ future results.
The effects of deferred tax on the components of other comprehensive income are as follows:
Effects of Deferred Tax on the Components
of Other Comprehensive Income
Available-for-sale financial assets
Cash flow hedge
Amount of other comprehensive income
from associates and joint ventures
accounted for using the equity method
Foreign currency translation
Gains (Losses) from defined-benefit pension
plans
Income tax related to components of
other income and expense debited or
credited to Equity
12-31-2014
Income Tax
Expense
(Benefit)
ThCh$
(1,462)
35,887,996
Amount
After Tax
ThCh$
387
(110,004,374)
Amount
Before Tax
ThCh$
(2,273)
(76,088,977)
12-31-2013
Income Tax
Expense
(Benefit)
ThCh$
455
12,332,516
-
-
13,476,871
8,367,223
4,370,649
(76,723,893)
-
-
Amount
After Tax
ThCh$
(1,818)
(63,756,461)
8,367,223
(76,723,893)
Amount
Before Tax
ThCh$
1,849
(145,892,370)
13,476,871
4,370,648
(36,681,734)
12,694,514
(23,987,220)
6,351,518
(2,603,231)
3,748,287
(164,724,736)
48,581,048
(116,143,687)
(138,096,402)
9,729,740
(128,366,662)
c) In Chile, Law No. 20,780 was published in the Diario Oficial (Official Gazette) on September 29, 2014, modifying the income
tax and other tax systems. The law stipulates that, starting in 2017, the current income tax system will be replaced with two
alternative tax systems: the attributed income system and the partially integrated system.
The new law gradually increases the corporate income tax rate. The 2014 rate will increase to 21%, then to 22.5% in 2015,
and up to 24% in 2016. Starting in 2017, taxpayers subject to the attributed income system will pay a tax rate of 25%, while
the tax rate for companies covered under the partially integrated system will increase to 25.5% in 2017 and 27% in 2018.
The law also states that corporations will automatically be subject to the partially integrated system unless a future Special
Shareholders’ Meeting agrees to select the attributed income system.
295
As indicated in Note 3.p) and assuming that the partially integrated system will be applied, since that is the system that will
be automatically be used by corporations, and that a Special Shareholders’ Meeting has not been held to agree to use the
alternate system, Enersis has recognized directly in Equity the variations in its deferred tax assets and liabilities resulting as a
direct effect of the increase in the corporate tax rate. Specifically, on December 31, 2014, a net charge of ThCh$61,974,517
was posted to Enersis’s Equity, decreasing the Equity attributable to the owners of Enersis by ThCh$38,284,524.
d) In Colombia, Law 1,739 dated 2014 increased from 8% to 9% indefinitely the rate for the specific income tax for financing
social programs known as CREE, levied on taxable profits earned each year for the tax year 2016 onwards. Additionally, this
Law established the CREE surcharge of 5%, 6%, 8% and 9% for 2015, 2016, 2017 and 2018, respectively.
The effect of temporary differences involving the payment of less or more income tax in the current year is recorded as a
deferred tax credit or debit respectively at the tax rates in effect when the differences are reversed (39% in 2015 40% in 2016,
42% in 2017, 43% in 2018 and 34% from 2019), provided there is a reasonable expectation that such differences will reverse
in the future and that the asset will generate sufficient taxable income.
Due to this rate increase, the Colombian subsidiaries have recognized changes in their deferred tax assets and liabilities as of
December 31, 2014. The net effect on income was a profit of ThCh$3,943,235.
e) In Peru, the rate of corporate income tax is 30% on taxable income, after deducting the employees profit share of 5% of
taxable income, as of December 31, 2014 and 2013.
Law No. 30296 establishes that the applicable rate of corporate income tax on taxable income, after deducting the employees
profit share will be as follows: 28% in 2015 and 2016, 27% in 2017 and 2018, and 26% from 2019 onwards.
Due to this rate increase, the Peruvian subsidiaries have recognized changes in their deferred tax assets and liabilities as of
December 31, 2014. The net effect on income was a profit of ThCh$24,818,773.
296
2014 ANNUAL REPORT ENERSIS
CONSOLIDATED FINANCIAL STATEMENTS
Nota 20
Other Financial Liabilities
The balance of other financial liabilities as of December 31, 2014 and 2013 is as follows:
Other Financial Liabilities
Interest-bearing borrowings
Hedging derivatives (*)
Non-hedging derivatives (**)
Obligation for Túnel el Melón concession
Total
(*) See Note 22.2.a
(**) See Note 22.2.b
12-31-2014
12-31-2013
Current
ThCh$
418,266,381
995,059
2,544,239
-
421,805,679
Non-current
ThCh$
3,167,948,954
114,861,592
6,286,982
-
3,289,097,528
Current
ThCh$
785,231,174
117,341,051
1,410,556
2,692,424
906,675,205
Non-current
ThCh$
2,688,538,096
97,231,764
-
4,479,251
2,790,249,111
20.1 Interest-Bearing Borrowings
The detail of current and non-current interest-bearing borrowings as of December 31, 2014 and 2013 is as follows:
Classes of Loans that Accrue Interest
Bank loans
Unsecured obligations
Secured obligations
Financial leases
Other obligations
Total
12-31-2014
12-31-2013
Current
ThCh$
42,325,846
308,925,119
-
18,123,424
48,891,992
418,266,381
Non-current
ThCh$
247,216,989
2,565,417,993
-
83,661,174
271,652,798
3,167,948,954
Current
ThCh$
154,917,772
407,412,807
4,828,233
14,046,903
204,025,459
785,231,174
Non-current
ThCh$
219,963,968
2,179,772,922
-
87,284,708
201,516,498
2,688,538,096
Bank loans by currency and contractual maturity as of December 31, 2014 and 2013 are as follows:
- Summary of Bank Loans by Currency and Maturity
Current
Maturity
Non-current
Maturity
Country
Chile
Chile
Peru
Peru
Argentina
Argentina
Colombia
Brazil
Currency
US$
Ch$
US$
Sol
US$
Ar$
CP
Real
Nominal
Secured/
Interest
Unsecured
Rate
Unsecured
5.98%
Unsecured
5.47%
Unsecured
2.93%
5.41%
Unsecured
13.03% Unsecured
33.25% Unsecured
8.13%
Unsecured
10.30% Unsecured
Total
One to three
months
ThCh$
-
1,594
2,472,247
175,487
11,451,387
4,304,802
-
9,358
18,414,875
Three to twelve
months
ThCh$
1,007,362
-
8,382,913
-
2,126,669
11,794,567
209,395
390,065
23,910,971
Total Current at
12-31-2014
ThCh$
1,007,362
1,594
10,855,160
175,487
13,578,056
16,099,369
209,395
399,423
42,325,846
One to two
years
ThCh$
-
-
38,628,554
-
1,022,595
6,999,683
-
-
46,650,832
Two to three
years
ThCh$
-
-
17,850,471
2,029,640
-
-
-
21,366,273
41,246,384
Three to four
years
ThCh$
-
-
16,254,959
22,326,036
-
-
-
21,366,273
59,947,268
Four to five
years
ThCh$
-
-
255,432
-
-
-
-
21,366,273
21,621,705
Over five years
ThCh$
-
-
-
-
-
-
77,750,800
-
77,750,800
Total Non-
current at
12-31-2014
ThCh$
-
-
72,989,416
24,355,676
1,022,595
6,999,683
77,750,800
64,098,819
247,216,989
Current
Maturity
Non-current
Maturity
Country
Chile
Chile
Peru
Peru
Argentina
Argentina
Colombia
Brazil
Brazil
Currency
US$
Ch$
US$
Sol
US$
Ar$
CP
US$
Real
Nominal
Secured/
Interest
Unsecured
Rate
Unsecured
2.29%
Unsecured
5.67%
Unsecured
2.78%
Unsecured
5.41%
9.31%
Unsecured
27.55% Unsecured
6.84%
Unsecured
Unsecured
7.70%
10.12% Unsecured
Total
One to three
months
ThCh$
Three to twelve
Total Current at
months
12-31-2013
ThCh$
ThCh$
404,070 106,087,194 106,491,264
1,699
5,461,499
150,822
11,279,166
23,792,767
188,239
7,242,587
309,729
24,049,924 130,867,848 154,917,772
1,523
2,676,462
150,822
6,425,910
14,322,039
-
69,098
-
176
2,785,037
-
4,853,256
9,470,728
188,239
7,173,489
309,729
One to two
years
ThCh$
858,299
-
8,394,485
-
1,617,752
8,913,225
-
7,711,388
-
27,495,149
Two to three
years
ThCh$
-
-
13,644,318
-
-
6,309,077
-
3,997,031
-
23,950,426
Three to four
years
ThCh$
-
-
14,563,037
1,878,295
-
-
-
4,324,406
9,641,039
30,406,777
Four to five
years
ThCh$
-
-
13,182,334
20,661,242
-
-
-
955,764
9,641,038
44,440,378
Total Non-
current at
12-31-2013
ThCh$
858,299
-
49,784,174
22,539,537
1,617,752
15,222,302
82,965,288
18,053,501
28,923,115
93,671,238 219,963,968
Over five years
ThCh$
-
-
-
-
-
-
82,965,288
1,064,912
9,641,038
297
- Fair Value Measurement and Hierarchy
The fair value of current and non-current bank borrowings as of December 31, 2014 totaled ThCh$378,488,796
(ThCh$371,446,585 at December 31, 2013). The borrowings have been classified as Level 2 fair values for both fiscal years,
based on the entry data from the valuation techniques used (see Note 3.h).
- Identification of Bank Borrowings by Company
Appendix No.4, letter a), presents details of estimated future cash flows (undiscounted) that the Group will have to disburse
to settle the bank loans detailed above.
Taxpayer ID
No. (RUT)
Company
Country
Taxpayer ID
No. (RUT)
Financial Institution
Country
Foreign
Ampla Energía S.A.
Foreign
Foreign
Foreign
CGTF S.A.
CGTF S.A.
CGTF S.A.
96,800,570-7 Chilectra S.A.
Foreign
Foreign
Foreign
Foreign
Chinango S.A.C.
Chinango S.A.C.
Chinango S.A.C.
Chinango S.A.C.
Brazil
Brazil
Brazil
Brazil
Chile
Peru
Peru
Peru
Peru
Foreign
Banco do Brazil
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
IFC - A
IFC - B
IFC - C
Credit lines
Banco Scotiabank
Bank Of Nova Scotia
Bank Of Nova Scotia
Banco Scotiabank
Foreign
Cien S.A.
Brazil
Foreign
Bndes
Brazil
Brazil
Brazil
Brazil
Chile
Peru
Peru
Peru
Peru
Brazil
Foreign
Coelce S.A.
Brazil
Foreign
Banco Itaú Brazil
Brazil
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Banco Continental
Bank Nova Scotia
Banco de Interbank
Banco de Interbank
Banco Continental
Banco Continental
Banco Continental
Banco Continental
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Edegel S.A.A
Edegel S.A.A
Edelnor S.A.A.
Edelnor S.A.A.
Edelnor S.A.A.
Edelnor S.A.A.
Edelnor S.A.A.
Edelnor S.A.A.
Edesur S.A.
Edesur S.A.
Edesur S.A.
Edesur S.A.
Edesur S.A.
Edesur S.A.
Edesur S.A.
Edesur S.A.
Edesur S.A.
Edesur S.A.
Edesur S.A.
Edesur S.A.
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Argentina
Foreign
Banco Ciudad
Argentina Ar$
32.46% 28.51% Monthly
86,295 3,157,116 3,243,411
Argentina
Foreign
Banco Galicia
Argentina Ar$
22.63% 21.00% Monthly
-
-
-
Argentina
Foreign
Banco Itaú Argentina Argentina Ar$
36.34% 31.39% Monthly
20,520
807,217
827,737
Argentina
Foreign
Banco Macro
Argentina Ar$
36.17% 31.27% Monthly
-
Argentina
Foreign
Banco Provincia
Argentina Ar$
29.14% 25.85% Monthly
434,480
-
-
-
434,480
Argentina
Foreign
Banco Santander Río Argentina Ar$
29.74% 26.91% Quarterly
47,485 1,435,053 1,482,538
Argentina
Foreign
Banco Santander Río Argentina Ar$
32.00% 30.00% Quarterly
566,446
Argentina
Foreign
Banco Supervielle
Argentina Ar$
25.60% 23.00% Monthly
Argentina
Foreign
Argentina
Foreign
Citibank
Comafi
Argentina Ar$
25.59% 23.00% Monthly
Argentina Ar$
39.80% 34.00% Monthly
-
-
-
Argentina
Foreign
ICB Argentina
Argentina Ar$
32.65% 29.22% Quarterly
287,700
Argentina
Foreign
Standard Bank
Argentina Ar$
22.63% 29.11% Quarterly
Emgesa S.A. E.S.P.
Colombia
Foreign
Banco Corpbanca
Colombia CP
8.39% 8.22% At maturity
Emgesa S.A. E.S.P.
Colombia
Foreign
BBVA Colombia
Colombia CP
8.19% 8.03% At maturity
Endesa Argentina S.A.
Argentina
Foreign
Citibank
Argentina Ar$
30.00% 30.00% At maturity
710,351
-
710,351
12-31-2014 12-31-2014
12-31-2013
Effective
Interest
Rate
Nominal
Interest
Rate Amortization
Current ThCh$
More than
90 days
Less than
90 days
Total
Current
Non-current ThCh$
Current ThCh$
Non-current ThCh$
One to two
Two to
Three to
Four to five
Over five
Total Non-
Less than
More than
Total
One to two
Two to
Three to
Four to five
Over five
Total Non-
years
three years
four years
years
years
current
90 days
90 days
Current
years
three years
four years
years
years
current
11.19% 11.34% At maturity
8.03% 8.05% Semi-annually
2.64% 2.61% Semi-annually
12.18% 12.32% Semi-annually
-
-
-
-
5.91% 5.91% Other
133
390,065
390,065
- 9,920,055 9,920,055 9,920,055
- 29,760,165
-
309,729
309,729
- 9,641,039 9,641,038 9,641,038 28,923,115
-
-
-
-
-
-
-
133
4.08% 3.93% Quarterly
260,672
564,193
824,865
3.07% 2.97% Quarterly
395,746 1,137,486 1,533,232
3.48% 3.40% Quarterly
287,425
766,306 1,053,731
0.76% 0.78% At maturity
7.46% 7.46% Monthly
11.96% 12.09% Yearly
-
9,358
-
-
-
-
-
9,358
-
3.44% 3.36% Quarterly
1,516,649 5,914,928 7,431,577
0.97% 0.97% At maturity
6.90% 6.73% Quarterly
5.83% 5.71% Quarterly
5.10% 5.01% Quarterly
5.10% 5.01% Quarterly
5.10% 5.01% Quarterly
5.10% 5.01% Quarterly
11,755
28,029
92,908
12,224
19,669
12,130
10,527
-
-
-
-
-
-
-
11,755
28,029
92,908
12,224
19,669
12,130
10,527
Currency
Brazilian
real
US$
US$
US$
Ch$
US$
US$
US$
US$
Brazilian
real
Brazilian
real
US$
US$
Sol
Sol
Sol
Sol
Sol
Sol
752,258
752,258 15,233,217
- 16,737,733
228,354
488,235
716,589
650,979
650,980
650,980 13,182,334
1,516,648 1,516,648
- 3,033,296
348,176
984,344 1,332,520
1,312,459 1,312,458 1,312,456
1,021,742 1,021,742 1,021,742
255,432
- 3,320,658
2,099,932
- 2,099,932
41,076 2,796,717 2,837,793
3,004,233 3,227,148 3,466,603
9,841 4,376,772 4,386,613
4,707,155
18,181
198
18,181
198
769,883
857,803
955,764 1,064,912
3,648,362
9,697,984
4,707,155
- 15,135,273
3,937,373
- 11,446,218 11,446,218 11,446,218
- 34,338,654
- 1,312,458 1,312,458
6,431,047 11,680,880 12,599,601
- 30,711,528
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
25,939
85,979
9,359
14,947
8,105
6,493
67,383
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
13,498,170 14,559,823
21,839,736
- 2,029,640
- 4,262,243
- 3,044,460
- 5,074,099
- 4,871,135
- 5,074,099
- 28,057,993
- 21,839,736
- 2,029,640
- 4,262,243
- 3,044,460
- 5,074,099
- 4,871,135
- 5,074,099
25,939
85,979
9,359
14,947
8,105
6,493
67,383
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
- 17,296,605 17,296,605
380,556
375,606
756,162
- 17,296,605 17,296,605
23,316 26,206,977 26,230,293
- 10,482,791 10,482,791
- 33,544,931 33,544,931
99,258
853,856
2,530,765
350,571
1,075,305
-
99,258
- 2,530,765
- 1,075,305
34,976 2,015,680 2,050,656
- 2,983,206
45,166
907,056
952,222
907,056
216,262
806,272 1,022,534
6,468
241,882
248,350
483,763
113,687 2,015,679 2,129,366
- 1,612,544
1,397
7,038
22,646
71,491
72,888
518,946
525,984
22,646
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
- 1,878,295
- 3,944,419
- 2,817,442
- 4,695,737
- 4,507,907
- 4,695,737
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
1,878,295
3,944,419
2,817,442
4,695,737
4,507,907
4,695,737
2,983,206
907,056
483,763
1,612,544
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
227,804
725,641
953,445
322,508
- 20,393,652 20,393,652
- 57,357,148 57,357,148
50,016
50,016
138,223
138,223
798,209
-
798,209
883,679
883,679
858,299
176
176
322,508
- 21,761,387 21,761,387
- 61,203,901 61,203,901
858,299
-
-
-
-
-
-
-
-
1,338
-
-
-
-
-
-
-
800,033
800,033
302,809
302,809
853,856
350,571
1.56% 0.99% At maturity
1.42% 1.34% Semi-annually
1.56% 0.99% At maturity
1.56% 0.99% At maturity
1.56% 0.99% At maturity
1.56% 0.99% At maturity
-
-
-
-
-
-
566,446
-
-
-
287,700
-
55,892
55,892
153,503
153,503
6.32% 5.98% Semi-annually
- 1,007,362 1,007,362
6.00% 6.00% Monthly
1,338
-
-
-
-
-
-
-
-
-
-
-
-
91,081,000-6 Endesa Chile S.A.
91,081,000-6 Endesa Chile S.A.
91,081,000-6 Endesa Chile S.A.
91,081,000-6 Endesa Chile S.A.
91,081,000-6 Endesa Chile S.A.
Chile
Chile
Chile
Chile
Chile
Foreign
B.N.P. Paribas
97,004,000-5 Banco Santander
Foreign
Banco Santander C.H.
SA Chile
Foreign
EDC
Foreign
The Bank of Tokyo-
Mitsubishi, Ltd.
USA
Chile
USA
USA
USA
91,081,000-6 Endesa Chile S.A.
Chile
Foreign
91,081,000-6 Endesa Chile S.A.
Chile
Foreign
91,081,000-6 Endesa Chile S.A.
Chile
97,030,000-7
Scotiabank & Trust
Cayman Ltd
Cayman
Islands
Mercantil
Commercebank
Banco del Estado de
Chile
USA
Chile
US$
Ch$
US$
US$
US$
US$
US$
US$
Foreign
Foreign
Foreign
298
Endesa Costanera S.A.
Argentina
Foreign
Banco Ciudad
Argentina Ar$
25.59% 23.00% At maturity
Endesa Costanera S.A.
Argentina
Foreign
Banco Galicia
Argentina Ar$
35.75% 42.24% At maturity
Endesa Costanera S.A.
Argentina
Foreign
Banco Itau
Argentina Ar$
37.50% 44.68% At maturity
2014 ANNUAL REPORT ENERSIS
CONSOLIDATED FINANCIAL STATEMENTS
Foreign
Ampla Energía S.A.
Foreign
Banco do Brazil
11.19% 11.34% At maturity
390,065
390,065
- 9,920,055 9,920,055 9,920,055
- 29,760,165
-
309,729
309,729
-
- 9,641,039 9,641,038 9,641,038 28,923,115
12-31-2014 12-31-2014
12-31-2013
One to two
years
Two to
three years
Non-current ThCh$
Three to
four years
Four to five
years
Over five
years
Total Non-
current
Current ThCh$
More than
90 days
Less than
90 days
Total
Current
One to two
years
Two to
three years
Non-current ThCh$
Three to
four years
Four to five
years
Over five
years
Total Non-
current
-
-
-
-
-
-
-
-
-
-
-
-
752,258
752,258 15,233,217
1,516,648 1,516,648
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
41,076 2,796,717 2,837,793
3,004,233 3,227,148 3,466,603
9,841 4,376,772 4,386,613
4,707,155
-
-
-
-
-
-
9,697,984
4,707,155
18,181
198
-
-
18,181
198
-
-
769,883
857,803
955,764 1,064,912
3,648,362
-
-
-
-
-
- 16,737,733
228,354
488,235
716,589
650,979
650,980
650,980 13,182,334
- 15,135,273
- 3,033,296
348,176
984,344 1,332,520
1,312,459 1,312,458 1,312,456
Foreign
Cien S.A.
Brazil
Foreign
Bndes
7.46% 7.46% Monthly
9,358
9,358
-
-
-
-
-
-
-
-
-
-
-
-
Foreign
Coelce S.A.
Brazil
Foreign
Banco Itaú Brazil
Brazil
11.96% 12.09% Yearly
- 11,446,218 11,446,218 11,446,218
- 34,338,654
2,099,932
- 2,099,932
-
-
-
-
-
-
1,021,742 1,021,742 1,021,742
255,432
- 3,320,658
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
- Fair Value Measurement and Hierarchy
The fair value of current and non-current bank borrowings as of December 31, 2014 totaled ThCh$378,488,796
(ThCh$371,446,585 at December 31, 2013). The borrowings have been classified as Level 2 fair values for both fiscal years,
based on the entry data from the valuation techniques used (see Note 3.h).
- Identification of Bank Borrowings by Company
Appendix No.4, letter a), presents details of estimated future cash flows (undiscounted) that the Group will have to disburse
to settle the bank loans detailed above.
Taxpayer ID
No. (RUT)
Taxpayer ID
No. (RUT)
Company
Country
Financial Institution
Country
Currency
Rate
Rate Amortization
Effective
Nominal
Interest
Interest
Brazilian
Current ThCh$
Less than
More than
90 days
90 days
Total
Current
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
IFC - A
IFC - B
IFC - C
Credit lines
Banco Scotiabank
Bank Of Nova Scotia
Bank Of Nova Scotia
Banco Scotiabank
Banco Continental
Bank Nova Scotia
Banco de Interbank
Banco de Interbank
Banco Continental
Banco Continental
Banco Continental
Banco Continental
8.03% 8.05% Semi-annually
2.64% 2.61% Semi-annually
12.18% 12.32% Semi-annually
5.91% 5.91% Other
133
133
4.08% 3.93% Quarterly
260,672
564,193
824,865
3.07% 2.97% Quarterly
395,746 1,137,486 1,533,232
3.48% 3.40% Quarterly
287,425
766,306 1,053,731
0.76% 0.78% At maturity
3.44% 3.36% Quarterly
1,516,649 5,914,928 7,431,577
0.97% 0.97% At maturity
6.90% 6.73% Quarterly
5.83% 5.71% Quarterly
5.10% 5.01% Quarterly
5.10% 5.01% Quarterly
5.10% 5.01% Quarterly
5.10% 5.01% Quarterly
11,755
28,029
92,908
12,224
19,669
12,130
10,527
11,755
28,029
92,908
12,224
19,669
12,130
10,527
Argentina
Foreign
Banco Ciudad
Argentina Ar$
32.46% 28.51% Monthly
86,295 3,157,116 3,243,411
Argentina
Foreign
Banco Galicia
Argentina Ar$
22.63% 21.00% Monthly
Argentina
Foreign
Banco Itaú Argentina Argentina Ar$
36.34% 31.39% Monthly
20,520
807,217
827,737
Argentina
Foreign
Banco Macro
Argentina Ar$
36.17% 31.27% Monthly
Argentina
Foreign
Banco Provincia
Argentina Ar$
29.14% 25.85% Monthly
434,480
434,480
Argentina
Foreign
Banco Santander Río Argentina Ar$
29.74% 26.91% Quarterly
47,485 1,435,053 1,482,538
Argentina
Foreign
Banco Santander Río Argentina Ar$
32.00% 30.00% Quarterly
566,446
566,446
Argentina
Foreign
Banco Supervielle
Argentina Ar$
25.60% 23.00% Monthly
Argentina
Foreign
Argentina
Foreign
Citibank
Comafi
Argentina Ar$
25.59% 23.00% Monthly
Argentina Ar$
39.80% 34.00% Monthly
Argentina
Foreign
ICB Argentina
Argentina Ar$
32.65% 29.22% Quarterly
287,700
287,700
Argentina
Foreign
Standard Bank
Argentina Ar$
22.63% 29.11% Quarterly
Emgesa S.A. E.S.P.
Colombia
Foreign
Banco Corpbanca
Colombia CP
8.39% 8.22% At maturity
Emgesa S.A. E.S.P.
Colombia
Foreign
BBVA Colombia
Colombia CP
8.19% 8.03% At maturity
55,892
55,892
153,503
153,503
Endesa Argentina S.A.
Argentina
Foreign
Citibank
Argentina Ar$
30.00% 30.00% At maturity
710,351
710,351
91,081,000-6 Endesa Chile S.A.
91,081,000-6 Endesa Chile S.A.
Foreign
B.N.P. Paribas
97,004,000-5 Banco Santander
6.32% 5.98% Semi-annually
- 1,007,362 1,007,362
6.00% 6.00% Monthly
1,338
1,338
91,081,000-6 Endesa Chile S.A.
Foreign
Banco Santander C.H.
SA Chile
91,081,000-6 Endesa Chile S.A.
Foreign
EDC
91,081,000-6 Endesa Chile S.A.
Foreign
91,081,000-6 Endesa Chile S.A.
Chile
Foreign
91,081,000-6 Endesa Chile S.A.
Chile
Foreign
The Bank of Tokyo-
Mitsubishi, Ltd.
Scotiabank & Trust
Cayman Ltd
Cayman
Islands
Mercantil
Commercebank
Banco del Estado de
Chile
USA
Chile
1.56% 0.99% At maturity
1.42% 1.34% Semi-annually
1.56% 0.99% At maturity
1.56% 0.99% At maturity
1.56% 0.99% At maturity
91,081,000-6 Endesa Chile S.A.
Chile
97,030,000-7
1.56% 0.99% At maturity
Endesa Costanera S.A.
Argentina
Foreign
Banco Ciudad
Argentina Ar$
25.59% 23.00% At maturity
Brazil
Brazil
Brazil
Brazil
Chile
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Chile
Chile
Chile
Chile
Chile
96,800,570-7 Chilectra S.A.
CGTF S.A.
CGTF S.A.
CGTF S.A.
Chinango S.A.C.
Chinango S.A.C.
Chinango S.A.C.
Chinango S.A.C.
Edegel S.A.A
Edegel S.A.A
Edelnor S.A.A.
Edelnor S.A.A.
Edelnor S.A.A.
Edelnor S.A.A.
Edelnor S.A.A.
Edelnor S.A.A.
Edesur S.A.
Edesur S.A.
Edesur S.A.
Edesur S.A.
Edesur S.A.
Edesur S.A.
Edesur S.A.
Edesur S.A.
Edesur S.A.
Edesur S.A.
Edesur S.A.
Edesur S.A.
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Brazil
Brazil
Brazil
Brazil
Chile
Peru
Peru
Peru
Peru
Brazil
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
USA
Chile
USA
USA
USA
Brazilian
real
Brazilian
real
US$
US$
US$
Ch$
US$
US$
US$
US$
real
US$
US$
Sol
Sol
Sol
Sol
Sol
Sol
US$
Ch$
US$
US$
US$
US$
US$
US$
13,498,170 14,559,823
21,839,736
-
- 2,029,640
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Endesa Costanera S.A.
Argentina
Foreign
Banco Galicia
Argentina Ar$
35.75% 42.24% At maturity
Endesa Costanera S.A.
Argentina
Foreign
Banco Itau
Argentina Ar$
37.50% 44.68% At maturity
800,033
800,033
302,809
302,809
853,856
350,571
- 4,262,243
- 3,044,460
- 5,074,099
- 4,871,135
- 5,074,099
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
- 28,057,993
- 21,839,736
- 2,029,640
- 4,262,243
- 3,044,460
- 5,074,099
- 4,871,135
- 5,074,099
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
- 1,312,458 1,312,458
6,431,047 11,680,880 12,599,601
-
25,939
85,979
9,359
14,947
8,105
6,493
-
-
-
-
-
-
-
-
25,939
85,979
9,359
14,947
8,105
6,493
-
-
-
-
-
-
-
-
-
- 1,878,295
-
-
-
-
-
- 3,944,419
- 2,817,442
- 4,695,737
- 4,507,907
- 4,695,737
34,976 2,015,680 2,050,656
- 2,983,206
67,383
-
67,383
45,166
907,056
952,222
216,262
806,272 1,022,534
6,468
241,882
248,350
-
-
-
-
-
907,056
-
483,763
113,687 2,015,679 2,129,366
- 1,612,544
-
1,397
7,038
22,646
-
-
-
71,491
72,888
518,946
525,984
-
-
22,646
-
227,804
725,641
953,445
- 20,393,652 20,393,652
- 57,357,148 57,357,148
-
-
50,016
50,016
138,223
138,223
798,209
-
798,209
-
-
883,679
883,679
858,299
176
176
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
- 17,296,605 17,296,605
380,556
375,606
756,162
- 17,296,605 17,296,605
23,316 26,206,977 26,230,293
- 10,482,791 10,482,791
- 33,544,931 33,544,931
99,258
853,856
2,530,765
350,571
1,075,305
-
99,258
- 2,530,765
- 1,075,305
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
322,508
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
3,937,373
-
-
-
-
- 30,711,528
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
1,878,295
3,944,419
2,817,442
4,695,737
4,507,907
4,695,737
2,983,206
-
907,056
-
483,763
1,612,544
-
-
-
-
-
322,508
- 21,761,387 21,761,387
- 61,203,901 61,203,901
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
858,299
-
-
-
-
-
-
-
-
-
-
299
-
-
-
-
-
-
-
185,138
185,138
-
-
289,401
289,401
955,718
955,718
Country
Currency
Effective
Interest
Rate
Nominal
Interest
Rate Amortization
Current ThCh$
More than
90 days
Less than
90 days
Total
Current
Non-current ThCh$
Current ThCh$
Non-current ThCh$
One to two
Two to
Three to
Four to five
Over five
Total Non-
Less than
More than
Total
One to two
Two to
Three to
Four to five
Over five
Total Non-
years
three years
four years
years
years
current
90 days
90 days
Current
years
three years
four years
years
years
current
12-31-2014 12-31-2014
12-31-2013
Taxpayer ID
No. (RUT)
Company
Country
Taxpayer ID
No. (RUT)
Foreign
Endesa Costanera S.A.
Argentina
Foreign
Financial Institution
Banco Nación
Argentina
Argentina Ar$
18.85% 18.85% At maturity
Foreign
Foreign
Foreign
Foreign
Endesa Costanera S.A.
Argentina
Foreign
Banco Santander Río Argentina Ar$
32.00% 37.14% At maturity
Endesa Costanera S.A.
Argentina
Foreign
Standard Bank
Argentina Ar$
36.00% 42.59% At maturity
Endesa Costanera S.A.
Argentina
Foreign
Banco Supervielle
Argentina Ar$
35.00% 41.21% At maturity
Endesa Costanera S.A.
Argentina
Foreign
Citibank
Argentina Ar$
32.50% 37.81% At maturity
215,736
337,088
1,113,199
1,022,595
377,538
-
-
-
-
-
-
-
-
862,890
787,856
750,339
262,618
112,552
975,440
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
531,359
215,736
658,713
1,154,665
337,088
1,031,807
- 1,113,199
3,450,479
- 1,022,595
3,155,920
- 3,155,920
377,538
-
1,519
-
1,519
531,359
658,713
- 1,154,665
- 1,031,807
- 3,450,479
-
-
-
-
1,651,420
- 1,651,420
1,634,992 2,426,628 4,061,620
808,876
817,499 1,213,314 2,030,813
404,438
817,499 1,213,314 2,030,813
404,438
161,254
-
161,254
862,890
100,275
498,659
598,934
2,050,042
787,856
91,555
455,297
546,852
1,871,777
750,339
87,195
433,616
520,811
1,782,645
262,618
30,519
151,766
182,285
623,926
112,552
13,080
65,042
78,122
267,397
975,440
113,354
563,701
677,055
2,317,438
-
4
-
4
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
808,876
404,438
404,438
2,050,042
1,871,777
1,782,645
623,926
267,397
2,317,438
Foreign
Endesa Costanera S.A.
Argentina
Foreign
Credit Suisse
International
Argentina US$
13.25% 13.92% Quarterly
- 2,126,669 2,126,669
Foreign
Endesa Costanera S.A.
Argentina
Foreign
ICB Argentina
Argentina Ar$
36.00% 42.59% Quarterly
-
324,772
324,772
94,271,00-3
Enersis S.A.
Chile
97,004,000-5
Banco Santander
Chile
Chile
Ch$
4.50% 4.50% At maturity
123
-
123
Foreign
Foreign
Foreign
Foreign
Foreign
H. El Chocón S.A.
Argentina
Foreign
Banco Macro
Argentina Ar$
30.72% 28.00% At maturity
H. El Chocón S.A.
Argentina
Foreign
Deutsche Bank
Argentina US$
13.35% 12.73% Quarterly
H. El Chocón S.A.
Argentina
Foreign
Standard Bank
Argentina US$
13.35% 12.73% Quarterly
1,461,573
5,725,691
2,862,848
2,862,848
- 1,461,573
- 5,725,691
- 2,862,848
- 2,862,848
H. El Chocón S.A.
Argentina
Foreign
H. El Chocón S.A.
Argentina
Foreign
Banco Itau
Banco Itau
Foreign
H. El Chocón S.A.
Argentina
Foreign
Foreign
H. El Chocón S.A.
Argentina
Foreign
Foreign
H. El Chocón S.A.
Argentina
Foreign
Foreign
H. El Chocón S.A.
Argentina
Foreign
Foreign
H. El Chocón S.A.
Argentina
Foreign
Banco Santander -
Sindicado IV
Banco Itau- Sindicado
IV
Banco Galicia -
Sindicado IV
Banco Hipotecario -
Sindicado IV
Banco Ciudad
-Sindicado IV
Argentina US$
13.35% 12.73% Quarterly
Argentina Ar$
33.70% 29.25% At maturity
-
-
-
Argentina Ar$
35.26% 31.36% Quarterly
158,689
813,581
972,270
Argentina Ar$
35.26% 31.36% Quarterly
144,890
742,835
887,725
Argentina Ar$
35.26% 31.36% Quarterly
137,990
707,462
845,452
Argentina Ar$
35.26% 31.36% Quarterly
48,297
247,612
295,909
Argentina Ar$
35.26% 31.36% Quarterly
20,699
106,119
126,818
Foreign
H. El Chocón S.A.
Argentina
Foreign
ICB Argentina
Argentina Ar$
35.26% 31.36% Quarterly
179,387
919,701 1,099,088
79,913,810-7 Manso de Velasco Ltda. Chile
97,004,000-5
Banco Santander
Chile
Argentina Ch$
6.00% 6.00% Monthly
-
-
-
Total
18,414,875 23,910,971 42,325,846
46,650,832 41,246,384 59,947,268 21,621,705 77,750,800 247,216,989
24,049,924 130,867,848 154,917,772
27,495,149
23,950,426
30,406,777
44,440,378
93,671,238 219,963,968
20.2 Unsecured Liabilities
The detail of Unsecured Liabilities by currency and maturity as of December 31, 2014 and 2013 is as follows:
- Summary of Unsecured Liabilities by Currency and Maturity
Current
Maturity
Non-current
Maturity
Country
Chile
Chile
Peru
Peru
Colombia
Brazil
Currency
US$
U.F.
US$
Sol
CP
Real
Annual
Secured/
Nominal
Unsecured
Rate
Unsecured
7.17%
Unsecured
5.57%
Unsecured
6.59%
Unsecured
6.57%
8.16%
Unsecured
12.55% Unsecured
Total
Three to
twelve
months
ThCh$
Total
Current at
12-31-2014
ThCh$
One to three
months
ThCh$
Three to
Two to three
One to two
four years
years
years
ThCh$
ThCh$
ThCh$
-
-
10,600,825 124,464,832 135,065,657 153,936,502
8,726,297
8,530,345
8,345,041
6,066,593
-
12,133,186
17,292,530
-
20,093,432
36,963,495 142,924,458 122,313,646
93,563,508
80,341,173 104,952,742
230,670,044
276,500,977
309,011,927
9,678,576
4,852,113
30,806,197
92,570,006
35,952,570
308,925,119
8,154,883
-
23,437,141
-
35,952,570
192,009,426
1,523,693
4,852,113
7,369,056
92,570,006
-
116,915,693
Over five
years
ThCh$
Four to five
years
ThCh$
Total Non-
current at
12-31-2014
ThCh$
- 420,471,172 574,407,674
31,321,793 272,880,640 329,804,116
35,286,945
12,133,186
29,429,775 146,235,538 213,051,275
92,241,270 690,301,242 1,084,744,111
- 328,123,872
49,266,449
207,213,267 1,542,021,778 2,565,417,993
4,953,980
Current
Maturity
Non-current
Maturity
Country
Chile
Chile
Peru
Peru
Colombia
Brazil
Currency
US$
U.F.
US$
Sol
CP
Real
Annual
Secured/
Nominal
Unsecured
Rate
Unsecured
7.62%
Unsecured
5.57%
Unsecured
6.89%
Unsecured
6.63%
7.54%
Unsecured
11.06% Unsecured
Total
One to three
months
ThCh$
208,555,534
-
862,593
7,549,494
108,852,499
-
325,820,120
One to two
years
ThCh$
Three to
twelve
months
ThCh$
Total
Current at
12-31-2013
ThCh$
Total Non-
Two to three
current at
years
12-31-2013
ThCh$
ThCh$
159,538,410 398,524,835
810,389 209,365,923 104,458,309 134,528,116
4,848,388 299,711,440 319,104,992
4,848,388
14,786,682
33,872,452
5,249,833
10,499,668
98,704,389 149,439,009
19,759,661
39,442,515 152,406,248 108,749,003 645,988,991 1,014,797,283
6,112,517
24,257,703 264,034,351
24,831,076
75,417,620 115,258,988
81,592,687 407,412,807 226,705,942 284,495,968 281,905,097 143,678,300 1,242,987,615 2,179,772,922
9,072,702
9,072,702
6,026,666
5,164,073
41,731,165
34,181,671
26,251,335 135,103,834
6,112,517
4,848,388
3,336,269
21,583,486
68,210,526
24,268,964
Four to five
years
ThCh$
Three to
four years
ThCh$
Over five
years
ThCh$
9,391,473
4,848,388
300
2014 ANNUAL REPORT ENERSIS
CONSOLIDATED FINANCIAL STATEMENTS
Taxpayer ID
No. (RUT)
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Company
Country
Financial Institution
Country
Currency
Rate
Rate Amortization
Foreign
Endesa Costanera S.A.
Argentina
Foreign
Argentina Ar$
18.85% 18.85% At maturity
Taxpayer ID
No. (RUT)
Banco Nación
Argentina
Endesa Costanera S.A.
Argentina
Foreign
Banco Santander Río Argentina Ar$
32.00% 37.14% At maturity
185,138
185,138
Endesa Costanera S.A.
Argentina
Foreign
Standard Bank
Argentina Ar$
36.00% 42.59% At maturity
Endesa Costanera S.A.
Argentina
Foreign
Banco Supervielle
Argentina Ar$
35.00% 41.21% At maturity
Endesa Costanera S.A.
Argentina
Foreign
Citibank
Argentina Ar$
32.50% 37.81% At maturity
-
-
-
-
-
-
-
-
-
289,401
289,401
955,718
955,718
Foreign
Endesa Costanera S.A.
Argentina
Foreign
Argentina US$
13.25% 13.92% Quarterly
- 2,126,669 2,126,669
Foreign
Endesa Costanera S.A.
Argentina
Foreign
ICB Argentina
Argentina Ar$
36.00% 42.59% Quarterly
-
324,772
324,772
94,271,00-3
Enersis S.A.
Chile
97,004,000-5
Chile
Ch$
4.50% 4.50% At maturity
123
-
123
Credit Suisse
International
Banco Santander
Chile
H. El Chocón S.A.
Argentina
Foreign
Banco Macro
Argentina Ar$
30.72% 28.00% At maturity
H. El Chocón S.A.
Argentina
Foreign
Deutsche Bank
Argentina US$
13.35% 12.73% Quarterly
H. El Chocón S.A.
Argentina
Foreign
Standard Bank
Argentina US$
13.35% 12.73% Quarterly
1,461,573
5,725,691
2,862,848
2,862,848
- 1,461,573
- 5,725,691
- 2,862,848
- 2,862,848
H. El Chocón S.A.
Argentina
Foreign
H. El Chocón S.A.
Argentina
Foreign
Banco Itau
Banco Itau
Argentina US$
13.35% 12.73% Quarterly
Argentina Ar$
33.70% 29.25% At maturity
-
-
-
Foreign
H. El Chocón S.A.
Argentina
Foreign
Argentina Ar$
35.26% 31.36% Quarterly
158,689
813,581
972,270
Foreign
H. El Chocón S.A.
Argentina
Foreign
Argentina Ar$
35.26% 31.36% Quarterly
144,890
742,835
887,725
Foreign
H. El Chocón S.A.
Argentina
Foreign
Argentina Ar$
35.26% 31.36% Quarterly
137,990
707,462
845,452
Foreign
H. El Chocón S.A.
Argentina
Foreign
Argentina Ar$
35.26% 31.36% Quarterly
48,297
247,612
295,909
Foreign
H. El Chocón S.A.
Argentina
Foreign
Argentina Ar$
35.26% 31.36% Quarterly
20,699
106,119
126,818
Foreign
H. El Chocón S.A.
Argentina
Foreign
ICB Argentina
Argentina Ar$
35.26% 31.36% Quarterly
179,387
919,701 1,099,088
79,913,810-7 Manso de Velasco Ltda. Chile
97,004,000-5
Argentina Ch$
6.00% 6.00% Monthly
-
-
-
Banco Santander -
Sindicado IV
Banco Itau- Sindicado
IV
Banco Galicia -
Sindicado IV
Banco Hipotecario -
Sindicado IV
Banco Ciudad
-Sindicado IV
Banco Santander
Chile
12-31-2014 12-31-2014
12-31-2013
Effective
Nominal
Interest
Interest
Current ThCh$
Less than
More than
90 days
90 days
Total
Current
One to two
years
Two to
three years
Non-current ThCh$
Three to
four years
Four to five
years
Over five
years
Total Non-
current
Current ThCh$
More than
90 days
Less than
90 days
Total
Current
One to two
years
Two to
three years
Non-current ThCh$
Three to
four years
Four to five
years
Over five
years
Total Non-
current
-
215,736
-
337,088
1,113,199
1,022,595
377,538
-
-
-
-
-
-
862,890
787,856
750,339
262,618
112,552
975,440
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
531,359
215,736
658,713
-
1,154,665
337,088
1,031,807
- 1,113,199
3,450,479
-
-
531,359
658,713
- 1,154,665
- 1,031,807
- 3,450,479
- 1,022,595
3,155,920
- 3,155,920
377,538
-
1,519
-
-
-
1,519
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
1,651,420
- 1,651,420
1,634,992 2,426,628 4,061,620
808,876
817,499 1,213,314 2,030,813
404,438
817,499 1,213,314 2,030,813
404,438
161,254
-
161,254
-
862,890
100,275
498,659
598,934
2,050,042
787,856
91,555
455,297
546,852
1,871,777
750,339
87,195
433,616
520,811
1,782,645
262,618
30,519
151,766
182,285
623,926
112,552
13,080
65,042
78,122
267,397
975,440
113,354
563,701
677,055
2,317,438
-
4
-
4
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
808,876
404,438
404,438
-
2,050,042
1,871,777
1,782,645
623,926
267,397
2,317,438
-
Total
18,414,875 23,910,971 42,325,846
46,650,832 41,246,384 59,947,268 21,621,705 77,750,800 247,216,989
24,049,924 130,867,848 154,917,772
27,495,149
23,950,426
30,406,777
44,440,378
93,671,238 219,963,968
20.3 Secured liabilities
The detail of Secured Liabilities by currency and maturity as December 31, 2014 and 2013 is as follows:
- Summary of Secured Liabilities by Currency and Maturity
As of December 31, 2014 there were no secured liabilities.
Current
Maturity
Non-current
Maturity
Annual
Nominal
Rate
Secured/
Unsecured
One to three
months
ThCh$
Three to
twelve
months
ThCh$
Total
Current at
12-31-2013
ThCh$
One to two
years
ThCh$
Two to three
years
ThCh$
Three to
four years
ThCh$
Four to five
years
ThCh$
Over five
years
ThCh$
Total Non-
current at
12-31-2013
ThCh$
Country
Peru
Currency
Sol
6.16%
Secured
4,828,233
-
4,828,233
-
-
-
-
-
-
- Fair Value Measurement and Hierarchy
The fair value of current and non-current secured and unsecured liabilities as of December 31, 2014 totaled
ThCh$3,207,640,549 (ThCh$3,006,275,851 at December 31, 2013). These liabilities have been classified as Level 2 fair values
for both fiscal years, based on the entry data from the valuation techniques used (see Note 3.h).
301
- Secured and Unsecured Liabilities by Company
Taxpayer ID
No. (RUT)
Foreign
Company
Chinango S.A.C.
Country
Peru
ID No.
Financial
Institution
Foreign
Financial Institution
Banco Continental
Country
Peru
Currency
Sol
Total Secured Bonds
Effective
Interest
Rate
Nominal
Interest
Rate Secured
6.25% 6.16% Yes
Current ThCh$
More than
90 days
Less than
90 days
Total
Current
-
-
-
-
-
-
Non-current ThCh$
Current ThCh$
Non-current ThCh$
One to two
Two to
Three to
Four to five
Over five
Total Non-
Less than
More than
Total
One to two
Two to
Three to
Four to five
Over five
Total Non-
years
three years
four years
years
years
current
90 days
90 days
Current
years
three years
four years
years
years
current
-
4,828,233
- 4,828,233
-
4,828,233
- 4,828,233
12-31-2014 12-31-2014
12-31-2013
Ampla Energía S.A. Brazil
Ampla Energía S.A. Brazil
Ampla Energía S.A. Brazil
Ampla Energía S.A. Brazil
Ampla Energía S.A. Brazil
Foreign
Foreign
Foreign
Foreign
Foreign
Bonds, 1st series
Bonds, 2nd series
Bonds, 1st series
Bonds, 2nd series
Bonds, 1st series
Brazilian real 11.69% 11.87% No
Brazilian real 14.63% 14.82% No
Brazilian real 11.50% 11.67% No
Brazilian real 12.65% 12.80% No
Brazilian real 11.60% 11.67% No
CP
CP
CP
CP
CP
CP
CP
8.31% 8.06% No
8.57% 8.31% No
6.89% 6.72% No
6.89% 6.72% No
7.80% 7.58% No
6.49% 6.34% No
8.75% 8.48% No
- 13,508,284 13,508,284
-
-
-
-
2,206,338
2,206,338
97,895
97,895
2,627,046
2,627,046
3,842,192
3,842,192
419,979
106,657
341,784
447,227
530,570
64,396
-
-
-
-
-
-
-
-
419,979
106,657
341,784
447,227
530,570
64,396
-
Brazilian real 11.54% 11.54% No
- 12,502,318 12,502,318
Brazilian real 13.47% 13.47% No
6.70% 6.59% No
6.41% 6.31% No
-
-
-
1,168,497
1,168,497
-
-
8,008
8,008
6.38% 6.28% No
156,702
6.86% 6.75% No
-
6.44% 6.34% No
165,699
9.20% 9.00% No
7.93% 7.78% No
7.25% 7.13% No
6.73% 6.63% No
6.09% 6.00% No
6.57% 6.47% No
5.86% 5.78% No
8.75% 8.57% No
8.16% 8.00% No
-
171,325
3,977,405
184,210
100,099
165,694
87,681
-
-
7.22% 7.09% No
73,257
-
-
-
-
-
-
-
-
-
-
156,702
-
165,699
-
171,325
3,977,405
184,210
100,099
165,694
87,681
6,118,518
6,118,518
27,392
27,392
5,634,886
13,392,075
16,792,364 17,045,383 17,045,383
11,183,110 11,446,218
- 26,615,437 26,615,443 26,615,443
- 22,666,150 22,706,738 22,651,006
- 99,597,748
36,963,495
- 20,393,652
- 46,308,886
- 13,392,075
- 50,883,130
- 22,629,328
- 79,846,323
- 68,023,894
- 99,597,748
353,344
- 20,393,652
90,271
- 36,963,495
273,780
- 46,308,886
358,244
- 49,286,360 49,286,360
439,500
- 47,160,321 47,160,321
108,915
108,915 12,783,581 12,588,324
1,996,222
1,996,222
- 15,535,408 31,070,822
91,511
91,511
- 11,124,275 11,124,275
- 25,371,905
- 46,606,230
- 22,248,550
2,376,949
2,376,949
- 48,281,610
- 24,257,703 72,539,313
- 39,442,515
- 106,178,766
- 106,178,766
- 49,414,670
- 21,761,387 21,761,387
- 39,442,515
- 49,414,670
- 52,591,832 52,591,832
11,904,066
27,069,558 27,179,554 27,195,944
- 11,904,066
- 81,445,056
493,794
493,794 11,485,383 11,345,123
1,045,126
1,045,126
- 24,824,490 24,782,281 24,831,076
- 22,830,506
- 74,437,847
- 68,315,341
- 68,315,341
-
5,425,591
5,425,591
5,074,099
5,074,099
7,410
7,410
5,074,099
5,074,099
145,018
145,018
6,066,593
6,066,593
143,391
143,391
84,523
3,756,589
3,841,112
-
5,164,073
5,164,073
4,953,980
4,953,980
148,259
148,259
105,649
105,649
3,336,269
6,066,593
6,066,593
159,409
6,066,593
86,622
6,066,593
143,386
6,066,593
6,066,593
75,877
3,653,351
134,049
3,044,460
67,795
- 10,148,198 10,148,198
79,078
- 10,148,198 10,148,198
184,291
8,118,559
8,118,559
100,939
100,939
5,249,834
5,249,834
3,380,931
2,817,442
6,066,593
6,066,593
3,653,351
3,044,460
5,520,620
5,520,620
169,163
5,583,707
5,583,707
9,773,549
9,773,549
169,163
43,758
5,108,962
3,756,589
41,479
3,756,589
43,758
41,479
4,710,843
4,710,843
175,190
175,190
7,513,179
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
353,344
90,271
273,780
358,244
439,500
-
-
159,409
86,622
143,386
75,877
134,049
67,795
79,078
184,291
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
4,695,737
4,695,737
4,695,737
4,695,737
5,249,834
5,249,834
4,287,014
4,287,014
5,249,833
5,249,834
5,249,834
9,391,474
9,391,474
9,391,474
9,391,474
7,513,179
7,513,179
3,336,269
5,249,834
5,249,834
5,249,833
5,634,886
3,380,931
2,817,442
5,108,962
3,756,589
3,756,589
7,513,179
4,695,737
4,678,832
3,756,589
5,634,884
7,513,179
7,513,179
9,391,474
9,391,474
9,391,474
9,391,474
6,667,946
6,667,946
9,391,474
9,391,474
- 11,269,768 11,269,768
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
6,088,919
6,088,919
167,638
167,638
112,121
112,121
4,678,832
4,059,279
4,059,279
121,796
121,796
5,634,884
5,634,884
3,756,589
3,756,589
4,059,279
6,088,919
3,756,589
5,634,884
4,059,279
6,088,919
8,118,559
8,118,559
- 10,148,198 10,148,198
207,232
- 10,148,198 10,148,198
223,634
-
7,205,221
7,205,221
171,277
- 10,148,198 10,148,198
- 12,177,838 12,177,838
- 20,296,397 20,296,397
- 12,177,838 12,177,838
67,827
92,349
4,950,531
4,950,531
4,908,517
4,908,517
39,340
82,909
59,831
39,340
82,909
59,831
207,232
223,634
171,277
67,827
92,349
-
-
-
-
-
- 20,296,397
- 20,296,397
- 16,237,118 16,237,118
-
9,945,234
9,945,234
5.56% 5.49% No
199,141
-
199,141
6.28% 6.19% No
6.56% 6.46% No
6.50% 6.40% No
-
-
-
8.00% 7.85% No
182,794
109,072
109,072
-
-
-
-
-
182,794
5.91% 5.82% No
6.63% 6.52% No
6.81% 6.70% No
-
-
-
4,106,563
4,106,563
4,104,101
4,104,101
-
-
6.94% 6.82% No
189,306
8,118,559
8,307,865
7.13% 7.00% No
7.44% 7.30% No
8.06% 7.91% No
7.03% 6.91% No
5.44% 5.37% No
6.50% 6.40% No
6.50% 6.40% No
7.06% 6.94% No
5.00% 4.94% No
5.13% 5.06% No
6.75% 6.64% No
7.28% 7.15% No
6.50% 6.40% No
7.38% 7.24% No
6.78% 6.67% No
6.34% 6.25% No
5.84% 5.76% No
6.34% 6.25% No
4.81% 4.76% No
-
17,072
17,072
5,074,099
5,074,099
15,799
15,799
4,695,737
181,145
5,176,988
131,609
-
-
-
-
-
223,930
241,654
185,078
-
-
-
-
-
291,845
135,607
-
-
-
-
-
42,509
89,590
59,762
-
-
-
73,293
99,791
181,145
5,176,988
131,609
-
-
42,509
89,590
59,762
223,930
241,654
185,078
73,293
99,791
306,923
306,923
38,627
59,304
-
-
38,627
59,304
291,845
135,607
6.06% 5.97% No
-
85,449
-
-
-
73,257
85,449
Sol
Sol
Sol
Sol
US$
US$
US$
US$
US$
US$
US$
US$
Sol
Sol
Sol
Sol
Sol
Sol
Sol
Sol
Sol
Sol
Sol
Sol
Sol
Sol
Sol
Sol
Sol
Sol
Sol
Sol
Sol
Sol
Sol
Sol
Sol
Sol
Sol
Sol
Sol
Sol
Sol
Sol
Brazil
Brazil
Brazil
Brazil
Brazil
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Brazil
Brazil
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Colombia
Foreign
Colombia
Foreign
Colombia
Foreign
B102
B103
B604
Colombia
Foreign
B5-13 Bonds
Colombia
Foreign
B12-13 Bonds
Colombia
Foreign
B7-14 Bonds
Colombia
Foreign
B8
Brazil
Brazil
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Itaú 1
Itaú 2
Banco Continental
Banco Continental
Banco Continental
Banco Continental
Banco Continental
Banco Continental
Banco Continental
Banco Continental
Banco Scotiabank
Banco Scotiabank
Banco Scotiabank
Banco Scotiabank
Fondo -Fosersoe
AFP Integra
AFP Horizonte
Rimac Internacional
FCR - Macrofondo
Interseguro Cia de
Seguros
AFP Horizonte
AFP Integra
AFP Integra
AFP Integra
AFP Prima
AFP Prima
AFP Prima
AFP Prima
AFP Prima
AFP Profuturo
FCR - Macrofondo
Rimac Internacional
Rimac Internacional
Rimac Internacional
Rimac Internacional
Rimac Internacional
Rimac Internacional
Rimac Internacional
Rimac Internacional
Rimac Internacional
Rimac Internacional
Rimac Internacional
Rimac Internacional
Rimac Internacional
Rimac Internacional
Rimac Internacional
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Codensa
Codensa
Codensa
Codensa
Codensa
Codensa
Codensa
Coelce S.A.
Coelce S.A.
Edegel S.A.A
Edegel S.A.A
Edegel S.A.A
Edegel S.A.A
Edegel S.A.A
Edegel S.A.A
Edegel S.A.A
Edegel S.A.A
Edegel S.A.A
Edegel S.A.A
Edegel S.A.A
Edegel S.A.A
Edelnor S.A.A.
Edelnor S.A.A.
Edelnor S.A.A.
Edelnor S.A.A.
Edelnor S.A.A.
Foreign
Edelnor S.A.A.
Edelnor S.A.A.
Edelnor S.A.A.
Edelnor S.A.A.
Edelnor S.A.A.
Edelnor S.A.A.
Edelnor S.A.A.
Edelnor S.A.A.
Edelnor S.A.A.
Edelnor S.A.A.
Edelnor S.A.A.
Edelnor S.A.A.
Edelnor S.A.A.
Edelnor S.A.A.
Edelnor S.A.A.
Edelnor S.A.A.
Edelnor S.A.A.
Edelnor S.A.A.
Edelnor S.A.A.
Edelnor S.A.A.
Edelnor S.A.A.
Edelnor S.A.A.
Edelnor S.A.A.
Edelnor S.A.A.
Edelnor S.A.A.
Edelnor S.A.A.
Edelnor S.A.A.
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
302
2014 ANNUAL REPORT ENERSIS
CONSOLIDATED FINANCIAL STATEMENTS
12-31-2014 12-31-2014
12-31-2013
One to two
years
-
Two to
three years
-
-
13,392,075
-
- Secured and Unsecured Liabilities by Company
Taxpayer ID
No. (RUT)
ID No.
Financial
Institution
Company
Country
Financial Institution
Country
Currency
Rate
Rate Secured
Foreign
Chinango S.A.C.
Peru
Foreign
Banco Continental
Peru
Sol
6.25% 6.16% Yes
Effective
Nominal
Interest
Interest
Total Secured Bonds
Current ThCh$
Less than
More than
90 days
90 days
Total
Current
-
-
-
-
-
-
Ampla Energía S.A. Brazil
Ampla Energía S.A. Brazil
Ampla Energía S.A. Brazil
Ampla Energía S.A. Brazil
Ampla Energía S.A. Brazil
Foreign
Foreign
Foreign
Foreign
Foreign
Bonds, 1st series
Bonds, 2nd series
Bonds, 1st series
Bonds, 2nd series
Bonds, 1st series
Brazilian real 11.69% 11.87% No
- 13,508,284 13,508,284
Brazilian real 14.63% 14.82% No
Brazilian real 11.50% 11.67% No
Brazilian real 12.65% 12.80% No
Brazilian real 11.60% 11.67% No
2,206,338
2,206,338
97,895
97,895
2,627,046
2,627,046
3,842,192
3,842,192
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Brazil
Brazil
Brazil
Brazil
Brazil
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Brazil
Brazil
Codensa
Codensa
Codensa
Codensa
Codensa
Codensa
Codensa
Coelce S.A.
Coelce S.A.
Edegel S.A.A
Edegel S.A.A
Edegel S.A.A
Edegel S.A.A
Edegel S.A.A
Edegel S.A.A
Edegel S.A.A
Edegel S.A.A
Edegel S.A.A
Edegel S.A.A
Edegel S.A.A
Edegel S.A.A
Edelnor S.A.A.
Edelnor S.A.A.
Edelnor S.A.A.
Edelnor S.A.A.
Edelnor S.A.A.
Edelnor S.A.A.
Edelnor S.A.A.
Edelnor S.A.A.
Edelnor S.A.A.
Edelnor S.A.A.
Edelnor S.A.A.
Edelnor S.A.A.
Edelnor S.A.A.
Edelnor S.A.A.
Edelnor S.A.A.
Edelnor S.A.A.
Edelnor S.A.A.
Edelnor S.A.A.
Edelnor S.A.A.
Edelnor S.A.A.
Edelnor S.A.A.
Edelnor S.A.A.
Edelnor S.A.A.
Edelnor S.A.A.
Edelnor S.A.A.
Edelnor S.A.A.
Edelnor S.A.A.
Edelnor S.A.A.
Edelnor S.A.A.
Edelnor S.A.A.
Edelnor S.A.A.
Colombia
Foreign
Colombia
Foreign
Colombia
Foreign
B102
B103
B604
Colombia
Foreign
B5-13 Bonds
Colombia
Foreign
B12-13 Bonds
Colombia
Foreign
B7-14 Bonds
Colombia
Foreign
B8
Brazil
Brazil
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Itaú 1
Itaú 2
Banco Continental
Banco Continental
Banco Continental
Banco Continental
Banco Continental
Banco Continental
Banco Continental
Banco Continental
Banco Scotiabank
Banco Scotiabank
Banco Scotiabank
Banco Scotiabank
Fondo -Fosersoe
AFP Integra
AFP Horizonte
Rimac Internacional
FCR - Macrofondo
Interseguro Cia de
Seguros
AFP Horizonte
AFP Integra
AFP Integra
AFP Integra
AFP Prima
AFP Prima
AFP Prima
AFP Prima
AFP Prima
AFP Profuturo
FCR - Macrofondo
Rimac Internacional
Rimac Internacional
Rimac Internacional
Rimac Internacional
Rimac Internacional
Rimac Internacional
Rimac Internacional
Rimac Internacional
Rimac Internacional
Rimac Internacional
Rimac Internacional
Rimac Internacional
Rimac Internacional
Rimac Internacional
Rimac Internacional
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
CP
CP
CP
CP
CP
CP
CP
Sol
Sol
Sol
Sol
US$
US$
US$
US$
US$
US$
US$
US$
Sol
Sol
Sol
Sol
Sol
Sol
Sol
Sol
Sol
Sol
Sol
Sol
Sol
Sol
Sol
Sol
Sol
Sol
Sol
Sol
Sol
Sol
Sol
Sol
Sol
Sol
Sol
Sol
Sol
Sol
Sol
Sol
Brazilian real 11.54% 11.54% No
Brazilian real 13.47% 13.47% No
- 12,502,318 12,502,318
1,168,497
1,168,497
6.38% 6.28% No
156,702
156,702
8,008
8,008
6.44% 6.34% No
165,699
165,699
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
419,979
106,657
341,784
447,227
530,570
64,396
419,979
106,657
341,784
447,227
530,570
64,396
-
-
-
-
-
-
-
-
-
-
171,325
3,977,405
184,210
100,099
165,694
87,681
171,325
3,977,405
184,210
100,099
165,694
87,681
73,257
85,449
199,141
6,118,518
6,118,518
4,106,563
4,106,563
4,104,101
4,104,101
181,145
5,176,988
131,609
17,072
17,072
181,145
5,176,988
131,609
42,509
89,590
59,762
73,293
99,791
38,627
59,304
42,509
89,590
59,762
223,930
241,654
185,078
73,293
99,791
38,627
59,304
291,845
135,607
306,923
306,923
223,930
241,654
185,078
291,845
135,607
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
8.31% 8.06% No
8.57% 8.31% No
6.89% 6.72% No
6.89% 6.72% No
7.80% 7.58% No
6.49% 6.34% No
8.75% 8.48% No
6.70% 6.59% No
6.41% 6.31% No
6.86% 6.75% No
9.20% 9.00% No
7.93% 7.78% No
7.25% 7.13% No
6.73% 6.63% No
6.09% 6.00% No
6.57% 6.47% No
5.86% 5.78% No
8.75% 8.57% No
8.16% 8.00% No
6.56% 6.46% No
6.50% 6.40% No
5.91% 5.82% No
6.63% 6.52% No
6.81% 6.70% No
7.13% 7.00% No
7.44% 7.30% No
8.06% 7.91% No
7.03% 6.91% No
5.44% 5.37% No
6.50% 6.40% No
6.50% 6.40% No
7.06% 6.94% No
5.00% 4.94% No
5.13% 5.06% No
6.75% 6.64% No
7.28% 7.15% No
6.50% 6.40% No
7.38% 7.24% No
6.78% 6.67% No
6.34% 6.25% No
5.84% 5.76% No
6.34% 6.25% No
4.81% 4.76% No
6.94% 6.82% No
189,306
8,118,559
8,307,865
Foreign
Edelnor S.A.A.
6.28% 6.19% No
109,072
109,072
7.22% 7.09% No
73,257
6.06% 5.97% No
85,449
5.56% 5.49% No
199,141
-
-
-
-
-
-
-
-
6,066,593
6,066,593
-
-
-
3,653,351
3,044,460
-
-
-
-
-
8.00% 7.85% No
182,794
182,794
5,520,620
-
-
-
-
5,074,099
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
4,059,279
6,088,919
-
-
-
-
-
-
-
-
-
-
9,945,234
Non-current ThCh$
Three to
four years
-
Four to five
years
-
Over five
years
-
Total Non-
current
-
Current ThCh$
More than
90 days
-
Less than
90 days
4,828,233
Total
Current
4,828,233
One to two
years
-
Two to
three years
-
Non-current ThCh$
Three to
four years
-
Four to five
years
-
-
- 4,828,233
- 4,828,233
-
-
-
-
-
-
-
16,792,364 17,045,383 17,045,383
11,183,110 11,446,218
-
- 26,615,437 26,615,443 26,615,443
- 22,666,150 22,706,738 22,651,006
- 99,597,748
-
-
- 20,393,652
36,963,495
-
-
-
-
11,904,066
-
-
- 46,308,886
-
-
-
-
-
-
-
-
27,069,558 27,179,554 27,195,944
108,915
108,915 12,783,581 12,588,324
1,996,222
1,996,222
- 15,535,408 31,070,822
91,511
91,511
- 11,124,275 11,124,275
- 13,392,075
- 50,883,130
- 22,629,328
- 79,846,323
- 68,023,894
-
-
-
-
-
-
-
-
-
- 99,597,748
353,344
- 20,393,652
90,271
- 36,963,495
273,780
- 46,308,886
358,244
- 49,286,360 49,286,360
439,500
- 47,160,321 47,160,321
-
2,376,949
2,376,949
-
-
-
-
-
-
-
-
353,344
90,271
273,780
358,244
439,500
-
-
- 68,315,341
- 68,315,341
- 11,904,066
- 81,445,056
-
-
493,794
493,794 11,485,383 11,345,123
1,045,126
1,045,126
- 24,824,490 24,782,281 24,831,076
-
-
-
-
-
-
-
-
- 48,281,610
-
-
- 106,178,766
- 49,414,670
-
- 39,442,515
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
5,249,833
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
5,249,834
5,249,834
-
-
-
3,380,931
2,817,442
-
-
-
-
-
5,108,962
3,756,589
-
-
-
4,695,737
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
3,756,589
5,634,884
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Over five
years
-
Total Non-
current
-
-
-
- 25,371,905
- 46,606,230
- 22,248,550
- 24,257,703 72,539,313
-
-
-
-
- 106,178,766
- 21,761,387 21,761,387
- 39,442,515
- 49,414,670
- 52,591,832 52,591,832
-
-
-
-
-
-
-
-
-
-
-
-
- 22,830,506
- 74,437,847
-
-
4,695,737
4,695,737
4,695,737
4,695,737
-
-
5,249,834
5,249,834
-
-
4,287,014
4,287,014
-
-
-
-
3,336,269
5,249,834
5,249,834
5,249,833
5,249,834
5,249,834
-
-
-
5,634,886
3,380,931
2,817,442
9,391,474
9,391,474
9,391,474
9,391,474
7,513,179
7,513,179
-
-
-
-
-
-
-
-
-
-
5,108,962
3,756,589
3,756,589
-
7,513,179
4,695,737
5,634,884
5,634,884
-
4,678,832
3,756,589
3,756,589
-
-
-
-
-
-
3,756,589
5,634,884
7,513,179
7,513,179
9,391,474
9,391,474
9,391,474
9,391,474
6,667,946
6,667,946
9,391,474
9,391,474
- 11,269,768 11,269,768
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
303
-
-
-
-
-
-
-
-
-
-
6,066,593
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
5,074,099
-
-
-
4,953,980
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
4,059,279
-
-
-
-
-
-
-
5,425,591
-
5,425,591
5,074,099
5,074,099
-
7,410
7,410
-
-
5,074,099
145,018
-
145,018
-
84,523
3,756,589
3,841,112
6,066,593
6,066,593
143,391
-
143,391
-
-
5,164,073
5,164,073
4,953,980
148,259
-
105,649
6,066,593
159,409
6,066,593
86,622
6,066,593
143,386
148,259
105,649
3,336,269
159,409
86,622
143,386
75,877
-
-
-
-
6,066,593
6,066,593
75,877
-
-
27,392
27,392
5,634,886
3,653,351
134,049
3,044,460
67,795
-
-
134,049
67,795
79,078
- 10,148,198 10,148,198
-
79,078
- 10,148,198 10,148,198
184,291
-
184,291
8,118,559
8,118,559
-
-
-
100,939
100,939
5,583,707
5,583,707
9,773,549
9,773,549
5,520,620
169,163
-
169,163
43,758
41,479
43,758
41,479
3,756,589
4,710,843
4,710,843
-
175,190
-
175,190
7,513,179
5,074,099
-
15,799
15,799
6,088,919
6,088,919
167,638
167,638
-
112,121
4,059,279
121,796
112,121
4,678,832
121,796
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
4,059,279
6,088,919
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
8,118,559
8,118,559
- 10,148,198 10,148,198
207,232
- 10,148,198 10,148,198
223,634
-
7,205,221
7,205,221
171,277
- 10,148,198 10,148,198
- 12,177,838 12,177,838
- 20,296,397 20,296,397
- 12,177,838 12,177,838
67,827
92,349
-
-
-
-
-
- 20,296,397
- 20,296,397
-
-
- 16,237,118 16,237,118
-
-
9,945,234
4,950,531
4,950,531
4,908,517
4,908,517
39,340
82,909
59,831
-
-
-
-
-
-
-
-
-
-
39,340
82,909
59,831
207,232
223,634
171,277
67,827
92,349
-
-
-
-
-
Taxpayer ID
No. (RUT)
Foreign
Company
Emgesa S.A. E.S.P.
Country
Colombia
ID No.
Financial
Institution
Foreign
Financial Institution
A5 Bonds
Country
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Emgesa S.A. E.S.P.
Colombia
Foreign
A-10 Bonds
Emgesa S.A. E.S.P.
Colombia
Foreign
A102 Bonds
Emgesa S.A. E.S.P.
Colombia
Foreign
B-103 Bonds
Emgesa S.A. E.S.P.
Colombia
Foreign
Emgesa S.A. E.S.P.
Colombia
Foreign
B10 Bonds
B15 Bonds
Emgesa S.A. E.S.P.
Colombia
Foreign
E5-09 Bonds
Emgesa S.A. E.S.P.
Colombia
Foreign
B09-09 Bonds
Emgesa S.A. E.S.P.
Colombia
Foreign
B12 Bonds
Emgesa S.A. E.S.P.
Colombia
Foreign
Foreign bonds
Emgesa S.A. E.S.P.
Colombia
Foreign
Quimbo Bonds
Emgesa S.A. E.S.P.
Colombia
Foreign
Quimbo bonds B10
Colombia
Emgesa S.A. E.S.P.
Colombia
Foreign
Quimbo bonds B15
Colombia
Emgesa S.A. E.S.P.
Colombia
Foreign
Quimbo bonds B12-13 Colombia
Emgesa S.A. E.S.P.
Colombia
Foreign
Quimbo bonds B6-13 Colombia
Emgesa S.A. E.S.P.
Colombia
Foreign
B6-13 bonds
Colombia
Emgesa S.A. E.S.P.
Colombia
Foreign
Quimbo bonds B16-14 Colombia
Emgesa S.A. E.S.P.
Colombia
Foreign
Quimbo bonds B10-14 Colombia
Emgesa S.A. E.S.P.
Colombia
Foreign
Quimbo bonds B6-14 Colombia
Emgesa S.A. E.S.P.
Colombia
Foreign
B6-14 bonds
Colombia
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
91,081,000-6 Endesa Chile S.A.
Chile
Foreign
91,081,000-6 Endesa Chile S.A.
Chile
Foreign
91,081,000-6 Endesa Chile S.A.
Chile
Foreign
91,081,000-6 Endesa Chile S.A.
Chile
Foreign
91,081,000-6 Endesa Chile S.A.
Chile
Foreign
91,081,000-6 Endesa Chile S.A.
Chile
97,004,000-5
91,081,000-6 Endesa Chile S.A.
Chile
97,004,000-5
94,271,00-3
Enersis S.A.
94,271,00-3
Enersis S.A.
94,271,00-3
Enersis S.A.
94,271,00-3
Enersis S.A.
Chile
Chile
Chile
Chile
Foreign
Foreign
Foreign
97,004,000-5 UF Bonds 269
The Bank of New York
Mellon - First issue S-1
The Bank of New York
Mellon - First issue S-2
The Bank of New York
Mellon - First issue S-3
The Bank of New York
Mellon - 144 - A
The Bank of New York
Mellon - Single Series
24296
USA
USA
USA
USA
USA
Banco Santander -317
Series-H
Chile
Banco Santander 522
Series-M
Yankee bonds 2014
Yankee bonds 2016
Yankee bonds 2026
Chile
USA
USA
USA
Chile
12-31-2014 12-31-2014
12-31-2013
Effective
Interest
Rate
Nominal
Interest
Rate Secured
5.54% 5.43% No
8.87% 8.59% No
8.87% 8.59% No
8.99% 8.99% No
9.64% 9.31% No
9.96% 9.61% No
9.10% 8.80% No
9.77% 9.43% No
9.97% 9.62% No
10.17% 10.17% No
Current ThCh$
More than
90 days
-
Less than
90 days
-
Total
Current
-
54,029,298
10,288,151
3,361,512
530,887
190,004
-
1,307,418
547,749
2,180,810
- 54,029,298
- 10,288,151
-
-
-
-
-
-
-
3,361,512
530,887
190,004
-
1,307,418
547,749
2,180,810
10.17% 10.17% No
15,671,786
- 15,671,786
7.30% 7.11% No
7.42% 7.22% No
8.83% 8.55% No
8.06% 7.82% No
8.06% 7.82% No
7.95% 7.73% No
7.62% 7.41% No
7.19% 7.01% No
7.19% 7.01% No
282,892
191,716
455,387
174,976
56,716
403,310
443,930
295,149
247,702
7.96% 7.88% No
4,098,882
7.40% 7.33% No
1,310,741
8.26% 8.13% No
830,186
-
-
-
-
-
-
-
-
-
-
-
-
282,892
191,716
455,387
174,976
56,716
403,310
443,930
295,149
247,702
4,098,882
1,310,741
830,186
8.83% 8.63% No
4,361,016 121,350,000 125,711,016
-
3,770,634
3,770,634 104,458,309
- 104,458,309
5.30% 4.25% No
7.17% 6.20% No
4.82% 4.75% No
7.69% 7.38% No
7.76% 7.40% No
7.76% 6.60% No
-
-
-
-
-
-
2,177,558
2,177,558
6,054,055
6,054,055
508,451
508,451
-
-
934,411
934,411
2,863
2,863
7.02% 5.75% No
1,523,693
1,592,377
3,116,070
3,222,604
3,407,908
3,603,860
3,811,083
9,689,970 23,735,425
2,799,311
2,799,311
Non-current ThCh$
Current ThCh$
Non-current ThCh$
One to two
Two to
Three to
Four to five
Over five
Total Non-
Less than
More than
Total
One to two
Two to
Three to
Four to five
Over five
Total Non-
years
three years
four years
years
years
current
90 days
90 days
Current
years
three years
four years
years
years
current
- 43,326,710
- 43,326,710
2,793,820
- 46,227,482
- 55,611,108
- 55,611,108
1,116,939
- 59,334,333
- 59,334,333
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
- 13,546,078
- 13,546,078
410,041
78,103
410,041 57,333,471
78,103 10,877,055
-
-
-
- 40,793,373
- 40,793,373
452,160
- 14,144,897 14,144,897
163,078
- 26,251,335 26,251,335
- 22,830,628 22,830,628
470,239
- 22,942,859 22,942,859
2,327,070
- 163,885,784 163,885,784 16,722,841
- 16,722,841
- 76,406,981 76,406,981
222,497
- 50,934,262 50,934,262
151,650
- 92,464,960 92,464,960
379,429
- 38,854,059
- 12,593,838
- 38,854,059
142,037
- 12,593,838
46,037
- 41,380,613 41,380,613
- 47,472,761 47,472,761
- 33,378,162 33,378,162
- 28,012,654 28,012,654
- 123,713,346 123,713,346
3,543,987
3,543,987
- 42,390,409 42,390,409
1,133,296
1,133,296
- 18,905,448 18,905,448
717,798
717,798
- 234,941,377 234,941,377
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
2,793,820
452,160
163,078
1,116,939
470,239
2,327,070
222,497
151,650
379,429
142,037
46,037
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
- 57,333,471
- 10,877,055
- 46,227,482
- 43,524,534 43,524,534
- 15,091,913 15,091,913
- 24,359,164 24,359,164
- 24,481,561 24,481,561
- 174,754,259 174,754,259
- 81,524,318 81,524,318
- 54,347,606 54,347,606
- 98,661,277 98,661,277
- 41,454,410 41,454,410
- 13,436,730 13,436,730
- 106,741,471 106,741,471
- 36,596,392 36,596,392
- 15,750,432 15,750,432
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
- 134,528,116
450,115
450,115
- 25,120,127 25,120,127
5,122,437
5,122,437
5,122,437
5,122,437 42,939,415 63,429,163
5,792,134
5,792,134
4,848,388
4,848,388
4,848,388
4,848,388 45,132,233 64,525,785
- 22,388,273 220,251,255 242,639,528
481,257
481,257
- 229,459,080 229,459,080
153,936,502
- 153,936,502
807,913
807,913
- 134,528,116
- 199,389,819
- 199,389,819
520,592
520,592
2,476
2,476
Currency
CP
CP
CP
CP
CP
CP
CP
CP
CP
CP
CP
CP
CP
CP
CP
CP
CP
CP
CP
CP
US$
US$
US$
US$
US$
U.F.
U.F.
US$
US$
US$
U.F.
Appendix No. 4, letter b) presents details of estimated future cash flows (undiscounted) that the Group will have to disburse
to settle the secured and unsecured liabilities detailed above.
Total Unsecured Bonds
116,915,693 192,009,426 308,925,119
309,011,927 276,500,977 230,670,044 207,213,267 1,542,021,778 2,565,417,993 325,820,120
81,592,687 407,412,807 226,705,942 284,495,968 281,905,097 143,678,300 1,242,987,615 2,179,772,922
304
2014 ANNUAL REPORT ENERSIS
CONSOLIDATED FINANCIAL STATEMENTS
Taxpayer ID
No. (RUT)
ID No.
Financial
Institution
Company
Country
Financial Institution
Country
Currency
Rate
Rate Secured
Current ThCh$
Less than
More than
90 days
90 days
Total
Current
12-31-2014 12-31-2014
One to two
years
-
Two to
three years
-
Non-current ThCh$
Three to
four years
-
Four to five
years
-
-
-
-
-
- 43,326,710
-
-
-
-
-
-
Over five
years
-
-
-
Total Non-
current
Less than
90 days
- 13,546,078
-
-
410,041
78,103
- 43,326,710
2,793,820
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Emgesa S.A. E.S.P.
Colombia
Foreign
A5 Bonds
Emgesa S.A. E.S.P.
Colombia
Foreign
A-10 Bonds
Emgesa S.A. E.S.P.
Colombia
Foreign
A102 Bonds
Emgesa S.A. E.S.P.
Colombia
Foreign
B-103 Bonds
Emgesa S.A. E.S.P.
Colombia
Foreign
Emgesa S.A. E.S.P.
Colombia
Foreign
B10 Bonds
B15 Bonds
Emgesa S.A. E.S.P.
Colombia
Foreign
E5-09 Bonds
Emgesa S.A. E.S.P.
Colombia
Foreign
B09-09 Bonds
Emgesa S.A. E.S.P.
Colombia
Foreign
B12 Bonds
Emgesa S.A. E.S.P.
Colombia
Foreign
Foreign bonds
Emgesa S.A. E.S.P.
Colombia
Foreign
Quimbo Bonds
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Emgesa S.A. E.S.P.
Colombia
Foreign
Quimbo bonds B10
Colombia
Emgesa S.A. E.S.P.
Colombia
Foreign
Quimbo bonds B15
Colombia
Emgesa S.A. E.S.P.
Colombia
Foreign
Quimbo bonds B12-13 Colombia
Emgesa S.A. E.S.P.
Colombia
Foreign
Quimbo bonds B6-13 Colombia
Emgesa S.A. E.S.P.
Colombia
Foreign
B6-13 bonds
Colombia
Emgesa S.A. E.S.P.
Colombia
Foreign
Quimbo bonds B16-14 Colombia
Emgesa S.A. E.S.P.
Colombia
Foreign
Quimbo bonds B10-14 Colombia
Emgesa S.A. E.S.P.
Colombia
Foreign
Quimbo bonds B6-14 Colombia
Emgesa S.A. E.S.P.
Colombia
Foreign
B6-14 bonds
Colombia
Effective
Nominal
Interest
Interest
5.54% 5.43% No
8.87% 8.59% No
8.87% 8.59% No
8.99% 8.99% No
9.64% 9.31% No
9.96% 9.61% No
9.10% 8.80% No
9.77% 9.43% No
9.97% 9.62% No
10.17% 10.17% No
7.30% 7.11% No
7.42% 7.22% No
8.83% 8.55% No
8.06% 7.82% No
8.06% 7.82% No
7.95% 7.73% No
7.62% 7.41% No
7.19% 7.01% No
7.19% 7.01% No
10.17% 10.17% No
15,671,786
- 15,671,786
91,081,000-6 Endesa Chile S.A.
Chile
Foreign
7.96% 7.88% No
4,098,882
4,098,882
91,081,000-6 Endesa Chile S.A.
Chile
Foreign
7.40% 7.33% No
1,310,741
1,310,741
91,081,000-6 Endesa Chile S.A.
Chile
Foreign
8.26% 8.13% No
830,186
830,186
91,081,000-6 Endesa Chile S.A.
Chile
Foreign
8.83% 8.63% No
4,361,016 121,350,000 125,711,016
91,081,000-6 Endesa Chile S.A.
Chile
Foreign
Mellon - Single Series
USA
5.30% 4.25% No
2,177,558
2,177,558
91,081,000-6 Endesa Chile S.A.
Chile
97,004,000-5
4.82% 4.75% No
508,451
508,451
94,271,00-3
Enersis S.A.
94,271,00-3
Enersis S.A.
94,271,00-3
Enersis S.A.
94,271,00-3
Enersis S.A.
Chile
Chile
Chile
Chile
Foreign
Foreign
Foreign
Yankee bonds 2014
Yankee bonds 2016
Yankee bonds 2026
97,004,000-5 UF Bonds 269
7.69% 7.38% No
7.76% 7.40% No
7.76% 6.60% No
934,411
934,411
2,863
2,863
Appendix No. 4, letter b) presents details of estimated future cash flows (undiscounted) that the Group will have to disburse
to settle the secured and unsecured liabilities detailed above.
The Bank of New York
Mellon - First issue S-1
The Bank of New York
Mellon - First issue S-2
The Bank of New York
Mellon - First issue S-3
The Bank of New York
Mellon - 144 - A
The Bank of New York
USA
USA
USA
USA
24296
Series-H
Series-M
Banco Santander -317
Banco Santander 522
Chile
Chile
USA
USA
USA
Chile
- 54,029,298
- 10,288,151
3,361,512
530,887
190,004
1,307,418
547,749
2,180,810
282,892
191,716
455,387
174,976
56,716
403,310
443,930
295,149
247,702
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
54,029,298
10,288,151
3,361,512
530,887
190,004
1,307,418
547,749
2,180,810
282,892
191,716
455,387
174,976
56,716
403,310
443,930
295,149
247,702
-
-
-
-
-
-
-
-
CP
CP
CP
CP
CP
CP
CP
CP
CP
CP
CP
CP
CP
CP
CP
CP
CP
CP
CP
CP
US$
US$
US$
US$
US$
U.F.
U.F.
US$
US$
US$
U.F.
Current ThCh$
More than
90 days
Total
Current
- 13,546,078
12-31-2013
One to two
years
-
Two to
three years
-
Non-current ThCh$
Three to
four years
-
Four to five
years
-
Over five
years
-
Total Non-
current
-
410,041 57,333,471
78,103 10,877,055
-
-
-
-
- 46,227,482
-
-
-
-
-
-
- 57,333,471
- 10,877,055
- 46,227,482
- 43,524,534 43,524,534
- 15,091,913 15,091,913
-
-
-
- 40,793,373
- 40,793,373
452,160
- 14,144,897 14,144,897
163,078
- 55,611,108
- 55,611,108
1,116,939
-
-
-
-
- 26,251,335 26,251,335
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
- 22,830,628 22,830,628
470,239
- 22,942,859 22,942,859
2,327,070
- 163,885,784 163,885,784 16,722,841
- 76,406,981 76,406,981
222,497
- 50,934,262 50,934,262
151,650
- 92,464,960 92,464,960
379,429
- 38,854,059
- 12,593,838
- 38,854,059
142,037
- 12,593,838
46,037
- 41,380,613 41,380,613
- 47,472,761 47,472,761
- 33,378,162 33,378,162
- 28,012,654 28,012,654
-
-
-
-
- 123,713,346 123,713,346
3,543,987
- 42,390,409 42,390,409
1,133,296
- 18,905,448 18,905,448
717,798
-
-
-
3,770,634
- 234,941,377 234,941,377
-
-
-
2,793,820
452,160
163,078
-
-
-
1,116,939
470,239
2,327,070
- 16,722,841
222,497
151,650
379,429
142,037
46,037
-
-
-
-
3,543,987
1,133,296
717,798
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
3,770,634 104,458,309
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
- 59,334,333
- 59,334,333
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
- 24,359,164 24,359,164
- 24,481,561 24,481,561
- 174,754,259 174,754,259
- 81,524,318 81,524,318
- 54,347,606 54,347,606
- 98,661,277 98,661,277
- 41,454,410 41,454,410
- 13,436,730 13,436,730
-
-
-
-
-
-
-
-
-
-
-
-
- 106,741,471 106,741,471
- 36,596,392 36,596,392
- 15,750,432 15,750,432
-
-
- 104,458,309
-
-
91,081,000-6 Endesa Chile S.A.
Chile
97,004,000-5
7.17% 6.20% No
6,054,055
6,054,055
5,122,437
5,122,437
5,122,437
5,122,437 42,939,415 63,429,163
5,792,134
5,792,134
4,848,388
4,848,388
4,848,388
4,848,388 45,132,233 64,525,785
-
-
153,936,502
-
-
-
-
-
- 22,388,273 220,251,255 242,639,528
481,257
481,257
-
-
-
-
-
-
- 153,936,502
520,592
520,592
-
- 199,389,819
- 199,389,819
-
-
-
807,913
807,913
- 134,528,116
2,476
2,476
2,799,311
2,799,311
-
-
-
-
-
-
-
-
-
-
-
-
-
- 229,459,080 229,459,080
-
-
-
-
-
- 134,528,116
450,115
450,115
- 25,120,127 25,120,127
7.02% 5.75% No
1,523,693
1,592,377
3,116,070
3,222,604
3,407,908
3,603,860
3,811,083
9,689,970 23,735,425
Total Unsecured Bonds
116,915,693 192,009,426 308,925,119
309,011,927 276,500,977 230,670,044 207,213,267 1,542,021,778 2,565,417,993 325,820,120
81,592,687 407,412,807 226,705,942 284,495,968 281,905,097 143,678,300 1,242,987,615 2,179,772,922
305
Taxpayer ID
No. (RUT)
ID No.
Financial
Institution
Company
Country
Financial Institution
Country
Currency
Rate Secured
Nominal
Interest
- Detail of Finance Lease Obligations
12-31-2014 12-31-2014
12-31-2013
Taxpayer ID No.
(RUT)
91,081,000-6
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Company
Endesa Chile S.A.
Edegel S.A.A.
Edelnor S.A.A.
Edelnor S.A.A.
Edelnor S.A.A.
Edelnor S.A.A.
Edelnor S.A.A.
Edelnor S.A.A.
Edelnor S.A.A.
Edelnor S.A.A.
Edelnor S.A.A.
Edelnor S.A.A.
Edelnor S.A.A.
Edelnor S.A.A.
Edelnor S.A.A.
Edelnor S.A.A.
Edesur S.A.
Edesur S.A.
EE Piura
Country
Chile
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Argentina
Argentina
Peru
Financial Institution
ID No. Financial
Institution
87,509,100-K Abengoa Chile
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Total
Banco Scotiabank
Banco Continental
Banco Continental
Banco Continental
Banco Continental
Banco de Interbank
Banco de Interbank
Banco Santander Peru
Banco de Crédito
Banco de Interbank
Banco Continental
Banco Continental
Banco Continental
Banco Continental
Banco Continental
Banco Comafi
Banco Comafi
Banco de Crédito
Country
Chile
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Argentina
Argentina
Peru
Currency
US$
US$
Sol
Sol
Sol
Sol
Sol
Sol
Sol
Sol
Sol
Sol
Sol
Sol
Sol
Sol
Ar$
Ar$
US$
Nominal
Interest Rate
6.50%
1.98%
6.55%
6.31%
6.64%
6.50%
6.58%
6.13%
5.79%
5.65%
5.29%
5.89%
5.95%
6.00%
5.99%
5.98%
40.02%
37.78%
5.80%
Less than 90
days
Current ThCh$
More than
90 days
Total
Current
-
2,122,504
-
-
-
-
-
43,995
16,223
29,007
102,834
-
83,365
73,417
68,973
58,734
-
-
1,640,658
4,239,710
1,470,563 1,470,563
6,312,384 8,434,888
-
-
-
-
-
-
-
-
-
-
43,995
-
16,223
-
48,424
19,417
417,236
314,402
-
-
319,384
236,019
291,633
218,216
275,213
206,240
243,232
184,498
-
-
-
-
4,921,975 6,562,633
13,883,714 18,123,424
Appendix No. 4 letter c) presents details of estimated future cash flows (undiscounted) that the Group will have to disburse to
settle the finance lease obligations detailed above.
- Detail of Other Obligations
12-31-2014 12-31-2014
12-31-2013
Taxpayer ID No.
(RUT)
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Country
Company
Brazil
Ampla Energía S.A.
Brazil
Ampla Energía S.A.
Peru
Chinango S.A.C.
Brazil
Cien S.A.
Brazil
Coelce S.A.
Brazil
Coelce S.A.
Brazil
Coelce S.A.
Brazil
Coelce S.A.
Brazil
Coelce S.A.
Brazil
Coelce S.A.
Brazil
Coelce S.A.
Argentina
Dock Sud
Argentina
Dock Sud
Argentina
Dock Sud
Dock Sud
Argentina
Endesa Argentina S.A. Argentina
Endesa Costanera S.A. Argentina
Endesa Costanera S.A. Argentina
Endesa Costanera S.A. Argentina
Argentina
H. El Chocón S.A.
Argentina
Hidroinvest S.A.
ID No. Financial
Institution
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Total
Currency
Brazilian real
Brazilian real
US$
Brazilian real
Brazilian real
Brazilian real
US$
Brazilian real
Brazilian real
Brazilian real
Brazilian real
Country
Financial Institution
Brazil
Eletrobrás
Brazil
Bndes
Peru
Banco Scotiabank
Brazil
Bndes
Brazil
Banco do Nordeste
Brazil
Eletrobras
Brazil
Banco do Brazil
Brazil
BNDES
Brazil
Banco do Brazil
Brazil
Banco do Brazil
Brazil
Faelce
Argentina US$
YPF Internacional
Argentina US$
YPF Argentina
PAN American Energy
Argentina US$
Repsol International Finance Argentina US$
Argentina Ar$
Other
Argentina US$
Mitsubishi (secured debt)
Argentina US$
Mitsubishi (unsecured debt)
Argentina Ar$
Other
Argentina Ar$
Other
Argentina US$
Other
Current ThCh$
More than
90 days
-
-
-
14,875
-
538,196
Less than 90
days
320,904
Nominal
Total
Interest Rate
Current
960,799 1,281,703
6.51%
8.54% 6,342,861 17,834,053 24,176,914
-
0.78%
7.46%
538,196
7.82% 1,284,981 3,646,330 4,931,311
588,874 1,752,419 2,341,293
6.19%
4.25%
14,875
7.28% 1,845,632 5,157,750 7,003,382
- 1,160,712 1,160,712
- 1,074,175 1,074,175
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
32,719
32,719
- 2,391,399 2,391,399
-
-
-
- 3,099,889 3,099,889
513,496
-
331,928
331,928
48,891,992
10,944,342 37,947,650
14.96%
11.96%
6.52%
5.27%
3.27%
3.27%
3.91%
30.00%
0.25%
0.25%
17.29%
23.54%
2.33%
513,496
-
Appendix No. 4 letter d) presents details of estimated future cash flows (undiscounted) that the Group will have to disburse to
settle these Other Obligations.
306
2014 ANNUAL REPORT ENERSIS
CONSOLIDATED FINANCIAL STATEMENTS
Non-current ThCh$
Current ThCh$
Non-current ThCh$
One to two
Two to
Three to
Four to five
Over five
Total Non-
Less than
More than
Total
One to two
Two to
Three to
Four to five
Over five
Total Non-
years
three years
four years
years
years
current
90 days
90 days
Current
years
three years
four years
years
years
current
2,427,000
1,566,150
1,667,950
1,776,367 10,215,436 17,652,903
- 21,723,699
1,347,864
-
1,193,881
3,986,173
1,193,881
5,334,037
1,271,483
7,283,379
1,354,129
1,442,148
1,535,887 10,930,941 16,534,588
7,283,379 11,515,608
- 26,082,366
8,416,512 13,307,187
6,562,631
6,562,633
6,562,633
6,562,633 16,811,128 43,061,658
4,681,911
4,681,911
4,703,101
8,149,971
4,776,938
5,082,278 21,464,788 44,177,076
18,629,057 21,435,970
8,230,583
8,339,000 27,026,564 83,661,174
2,408,209 11,638,694 14,046,903 13,748,641 16,787,479 17,734,694
6,618,165 32,395,729 87,284,708
107,597
256,430
308,894
291,802
258,191
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
130,881
72,347
17,730
460,878
50,071
116,807
21,463
25,830
93,488
72,864
17,889
686,085
119,557
355,674
65,638
77,681
280,431
130,881
145,211
35,619
1,146,963
169,628
472,481
87,101
103,511
373,919
40,535
14,984
44,603
390,532
24
54,422
16,428
73,450
27,460
127,872
43,888
107,597
256,430
308,894
291,802
258,191
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
919,318
919,318
1,431,918
1,421,258
2,853,176
- 39,208,345 39,208,345
2,381,532
4,786,694
1,551,476
2,381,532
4,786,694
1,551,476
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
40,535
14,984
44,603
390,532
24
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Non-current ThCh$
Current ThCh$
Non-current ThCh$
One to two
Two to
Three to
Four to five
Over five
Total Non-
Less than
More than
Total
One to two
Two to
Three to
Four to five
Over five
Total Non-
years
three years
four years
years
years
current
90 days
Current
years
three years
four years
years
years
current
1,250,075
1,161,274
845,534
363,042
544,563
4,164,488
932,977
1,245,077
1,243,685
1,214,916
1,128,612
821,752
882,077
5,291,042
23,778,737 23,778,737 19,359,315 14,939,893 15,331,146 97,187,828
3,253,636 14,562,362 17,815,998 23,109,924 23,109,923 23,109,924 18,814,804 29,419,619 117,564,194
538,196
4,861,773
2,278,359
538,196
4,861,773
2,091,086
538,196
4,861,773
1,955,381
538,196
1,215,443
1,810,372
269,098
2,421,882
- 15,800,762
3,443,419 10,247,190 13,690,609
3,770,223 11,905,421
624,659
1,864,973
2,489,632
1,688,327
1,688,327
13,448
36,224
49,672
635
-
4,725,027
2,487,059
4,725,030
2,426,391
4,725,028
2,244,385
4,725,028
2,112,498
1,181,259 20,081,372
5,928,801 15,199,134
1,447,118
1,447,118
6,877,000
6,877,000
6,877,000
6,877,000
6,268,860 33,776,860
2,894,668 11,535,775 14,430,443
6,683,573
6,683,574
6,683,574
6,683,573 12,776,112 39,510,406
90 days
312,100
635
-
17,169,326 17,169,326 17,169,326 17,169,326
- 68,677,304
7,362,677
7,362,678
7,362,678
4,532,769
- 26,620,802 73,993,677
- 22,907,475
- 73,993,677
- 22,907,475
3,249,165
2,171,469
5,420,634
1,447,643
9,409,124
975,589
281,066
281,066
9,409,124
1,447,643
975,589
73,525,267
63,840,070
58,969,203
47,446,041
27,872,217 271,652,798 113,044,118
90,981,341 204,025,459
40,672,500
38,159,834
37,891,523
33,157,655
51,634,986 201,516,498
- Detail of Finance Lease Obligations
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
(RUT)
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Taxpayer ID No.
(RUT)
Company
91,081,000-6
Endesa Chile S.A.
ID No. Financial
Country
Chile
Institution
Financial Institution
87,509,100-K Abengoa Chile
Country
Chile
Edegel S.A.A.
Edelnor S.A.A.
Edelnor S.A.A.
Edelnor S.A.A.
Edelnor S.A.A.
Edelnor S.A.A.
Edelnor S.A.A.
Edelnor S.A.A.
Edelnor S.A.A.
Edelnor S.A.A.
Edelnor S.A.A.
Edelnor S.A.A.
Edelnor S.A.A.
Edelnor S.A.A.
Edelnor S.A.A.
Edesur S.A.
Edesur S.A.
EE Piura
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Argentina
Argentina
Peru
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Total
Banco Scotiabank
Banco Continental
Banco Continental
Banco Continental
Banco Continental
Banco de Interbank
Banco de Interbank
Banco Santander Peru
Banco de Crédito
Banco de Interbank
Banco Continental
Banco Continental
Banco Continental
Banco Continental
Banco Continental
Banco Comafi
Banco Comafi
Banco de Crédito
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Nominal
Less than 90
More than
Currency
Interest Rate
days
90 days
Total
Current
Current ThCh$
1,470,563 1,470,563
2,122,504
6,312,384 8,434,888
US$
US$
Sol
Sol
Sol
Sol
Sol
Sol
Sol
Sol
Sol
Sol
Sol
Sol
Sol
Sol
6.50%
1.98%
6.55%
6.31%
6.64%
6.50%
6.58%
6.13%
5.79%
5.65%
5.29%
5.89%
5.95%
6.00%
5.99%
5.98%
40.02%
37.78%
5.80%
-
-
-
-
-
-
-
-
-
43,995
16,223
29,007
102,834
83,365
73,417
68,973
58,734
19,417
314,402
236,019
218,216
206,240
184,498
-
-
-
-
-
-
-
-
43,995
16,223
48,424
417,236
319,384
291,633
275,213
243,232
Argentina
Argentina
Peru
Ar$
Ar$
US$
1,640,658
4,921,975 6,562,633
4,239,710
13,883,714 18,123,424
Appendix No. 4 letter c) presents details of estimated future cash flows (undiscounted) that the Group will have to disburse to
settle the finance lease obligations detailed above.
- Detail of Other Obligations
Taxpayer ID No.
ID No. Financial
Company
Country
Institution
Financial Institution
Country
Currency
Eletrobrás
Bndes
Banco Scotiabank
Bndes
Banco do Nordeste
Eletrobras
Banco do Brazil
BNDES
Banco do Brazil
Banco do Brazil
Faelce
YPF Internacional
YPF Argentina
PAN American Energy
Ampla Energía S.A.
Ampla Energía S.A.
Chinango S.A.C.
Cien S.A.
Coelce S.A.
Coelce S.A.
Coelce S.A.
Coelce S.A.
Coelce S.A.
Coelce S.A.
Coelce S.A.
Dock Sud
Dock Sud
Dock Sud
Dock Sud
Brazil
Brazil
Peru
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Argentina
Argentina
Argentina
Argentina
Endesa Argentina S.A. Argentina
Endesa Costanera S.A. Argentina
Endesa Costanera S.A. Argentina
Endesa Costanera S.A. Argentina
H. El Chocón S.A.
Hidroinvest S.A.
Argentina
Argentina
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Total
Repsol International Finance Argentina US$
Mitsubishi (secured debt)
Mitsubishi (unsecured debt)
Argentina US$
Other
Other
Other
Other
Brazil
Brazil
Peru
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazilian real
Brazilian real
US$
Brazilian real
Brazilian real
Brazilian real
US$
Brazilian real
Brazilian real
Brazilian real
Brazilian real
Argentina US$
Argentina US$
Argentina US$
Argentina Ar$
Argentina US$
Argentina Ar$
Argentina Ar$
Argentina US$
0.78%
7.46%
6.19%
4.25%
14.96%
11.96%
6.52%
5.27%
3.27%
3.27%
3.91%
30.00%
0.25%
0.25%
17.29%
23.54%
2.33%
Current ThCh$
Nominal
Interest Rate
Less than 90
More than
days
90 days
Total
Current
6.51%
320,904
960,799 1,281,703
8.54% 6,342,861 17,834,053 24,176,914
7.82% 1,284,981 3,646,330 4,931,311
538,196
538,196
588,874 1,752,419 2,341,293
14,875
14,875
7.28% 1,845,632 5,157,750 7,003,382
- 1,160,712 1,160,712
- 1,074,175 1,074,175
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
32,719
32,719
- 2,391,399 2,391,399
513,496
- 3,099,889 3,099,889
331,928
513,496
331,928
10,944,342 37,947,650
48,891,992
Appendix No. 4 letter d) presents details of estimated future cash flows (undiscounted) that the Group will have to disburse to
settle these Other Obligations.
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
12-31-2014 12-31-2014
12-31-2013
Two to
One to two
three years
years
2,427,000
1,566,150
8,416,512 13,307,187
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
107,597
-
-
-
256,430
-
308,894
-
291,802
-
258,191
-
-
-
-
6,562,631
6,562,633
18,629,057 21,435,970
Over five
years
Four to five
years
Non-current ThCh$
Three to
four years
1,667,950
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
6,562,633
8,230,583
Total Non-
current
1,776,367 10,215,436 17,652,903
- 21,723,699
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
107,597
-
-
-
256,430
-
308,894
-
291,802
-
258,191
-
-
-
-
-
6,562,633 16,811,128 43,061,658
8,339,000 27,026,564 83,661,174
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Over five
years
Four to five
years
Less than
90 days
-
1,347,864
130,881
72,347
17,730
460,878
50,071
116,807
21,463
25,830
93,488
-
-
-
-
-
54,422
16,428
-
Current ThCh$
More than
90 days
1,193,881
3,986,173
-
72,864
17,889
686,085
119,557
355,674
65,638
77,681
280,431
-
-
-
-
-
73,450
27,460
4,681,911
Non-current ThCh$
Three to
Two to
four years
three years
1,354,129
1,442,148
7,283,379 11,515,608
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
4,776,938
2,408,209 11,638,694 14,046,903 13,748,641 16,787,479 17,734,694
One to two
years
1,271,483
7,283,379
-
-
-
-
-
40,535
14,984
44,603
390,532
24
-
-
-
-
-
-
4,703,101
Total
Current
1,193,881
5,334,037
130,881
145,211
35,619
1,146,963
169,628
472,481
87,101
103,511
373,919
-
-
-
-
-
127,872
43,888
4,681,911
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
8,149,971
Total Non-
current
1,535,887 10,930,941 16,534,588
- 26,082,366
-
-
-
-
-
-
-
-
-
-
40,535
-
14,984
-
44,603
-
390,532
-
24
-
-
-
-
-
-
-
-
-
-
-
-
-
5,082,278 21,464,788 44,177,076
6,618,165 32,395,729 87,284,708
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
12-31-2014 12-31-2014
12-31-2013
Current ThCh$
More than
90 days
932,977
Non-current ThCh$
Three to
four years
845,534
Non-current ThCh$
Three to
four years
1,128,612
-
-
635
-
624,659
13,448
-
269,098
Over five
years
882,077
Over five
years
544,563
Less than
90 days
312,100
Total
Current
1,245,077
Two to
three years
1,161,274
Four to five
years
821,752
Four to five
years
363,042
One to two
years
1,243,685
-
538,196
4,861,773
2,278,359
-
6,877,000
-
One to two
Total Non-
years
current
4,164,488
1,250,075
23,778,737 23,778,737 19,359,315 14,939,893 15,331,146 97,187,828
635
-
-
-
2,421,882
538,196
3,443,419 10,247,190 13,690,609
- 15,800,762
4,861,773
2,489,632
1,864,973
3,770,223 11,905,421
1,955,381
49,672
36,224
1,688,327
1,688,327
-
2,894,668 11,535,775 14,430,443
6,268,860 33,776,860
6,877,000
919,318
-
-
-
-
- 68,677,304
2,853,176
-
-
- 39,208,345 39,208,345
-
-
2,381,532
-
-
-
2,381,532
4,786,694
-
-
-
4,786,694
1,551,476
-
-
-
1,551,476
-
-
-
-
-
- 73,993,677
- 26,620,802 73,993,677
- 22,907,475
- 22,907,475
-
5,420,634
3,249,165
-
-
-
9,409,124
-
-
281,066
-
-
-
90,981,341 204,025,459
27,872,217 271,652,798 113,044,118
-
-
538,196
538,196
1,215,443
4,861,773
1,810,372
2,091,086
-
-
6,877,000
6,877,000
-
-
17,169,326 17,169,326 17,169,326 17,169,326
-
-
-
-
-
-
-
-
-
-
-
-
4,532,769
7,362,678
-
-
-
-
-
-
-
-
47,446,041
63,840,070
Two to
Total Non-
three years
current
5,291,042
1,214,916
3,253,636 14,562,362 17,815,998 23,109,924 23,109,923 23,109,924 18,814,804 29,419,619 117,564,194
-
-
1,181,259 20,081,372
5,928,801 15,199,134
1,447,118
1,447,118
6,683,573 12,776,112 39,510,406
-
-
-
-
-
-
-
-
-
-
1,447,643
975,589
-
51,634,986 201,516,498
-
-
4,725,028
2,244,385
-
6,683,574
-
-
-
-
-
-
-
-
-
-
-
-
-
37,891,523
-
-
4,725,030
2,426,391
-
6,683,574
-
-
-
-
-
-
-
-
-
-
-
-
-
38,159,834
-
-
4,725,027
2,487,059
-
6,683,573
-
-
-
-
-
-
-
-
-
-
1,447,643
975,589
-
40,672,500
-
-
-
-
-
-
-
-
-
-
-
-
-
33,157,655
-
-
-
-
-
-
7,362,677
-
-
9,409,124
-
73,525,267
-
-
-
-
-
-
7,362,678
-
-
-
-
58,969,203
-
-
4,725,028
2,112,498
-
919,318
-
1,431,918
-
-
1,421,258
2,171,469
-
281,066
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
307
20.4 Hedged Debt
Of the U.S. dollar denominated debt held by Enersis, as of December 31, 2014, ThCh$761,130,114 is related to future cash
flow hedges for the Group’s U.S. dollar-linked operating income (ThCh$754,177,869 as of December 31, 2013) (See Note 3.n).
The following table details changes in “Reserve for cash flow hedges” as of December 31, 2014, 2013 and 2012 due to
exchange differences of this debt:
Balance in hedging reserves (hedging income) at the beginning of
the period, net
Foreign currency exchange differences recorded in equity, net
Recognition of foreign currency exchange differences in profit and
loss, net
Foreign currency translation differences
Balance in hedging reserves (hedging income) at the end of the
period, net
20.5 Other Information
12-31-2014
12-31-2013
12-31-2012
2,415,439
37,372,801
30,554,503
(31,401,584)
(24,792,601)
17,591,453
(10,086,797)
(10,087,806)
(10,657,638)
289,343
(76,955)
(115,517)
(38,783,599)
2,415,439
37,372,801
As of December 31, 2014, the Enersis Group has long-term lines of credit available for use amounting to ThCh$353,263,488
(ThCh$208,900,680 at December 31, 2013)
Note 21
Risk Management Policy
The Group’s companies are exposed to certain risks that are managed by systems that identify, measure, limit concentration
of, and monitor these risks.
The main principles in the Group’s risk management policy include the following:
- Compliance with good corporate governance standards.
- Strict compliance with all the Group’s internal policies.
- Each business and corporate area determines:
I. The markets in which it can operate based on its knowledge and ability to ensure effective risk management;
II. Criteria regarding counterparts;
III. Authorized operators.
- Business and corporate areas establish their risk tolerance in a manner consistent with the defined strategy for each
market in which they operate.
- All of the operations of the businesses and corporate areas are conducted within the limits approved for each case.
- Businesses, corporate areas, lines of business and companies design the risk management controls necessary to ensure
that transactions in the markets are conducted in accordance with the Enersis policies, standards, and procedures.
308
2014 ANNUAL REPORT ENERSIS
CONSOLIDATED FINANCIAL STATEMENTS
21.1 Interest Rate Risk
Changes in interest rates affect the fair value of assets and liabilities bearing fixed interest rates, as well as the expected future
cash flows of assets and liabilities subject to floating interest rates.
The objective of managing interest rate risk exposure is to achieve a balance in the debt structure to minimize the cost of debt
with reduced volatility in profit or loss.
In compliance with the current interest rate hedging policy, the proportion of fixed debt and/or hedged debt over the net
total debt was 86% as of December 31, 2014.
Depending on the Group’s estimates and on the objectives of the debt structure, hedging transactions are performed by
entering into derivatives contracts that mitigate interest rate risk. Derivative instruments currently used to comply with the risk
management policy are interest rate swaps to set floating rate at fixed rate.
The financial debt structure of the Group detailed by the mostly strongly hedged fixed and floating interest rates on total net
debt, net of hedging derivative instruments, is as follows:
Net Position:
Fixed interest rate
Floating interest rate
Total
12-31-2014
%
86%
14%
100%
12-31-2013
%
72%
28%
100%
21.2 Exchange Rate Risk
Exchange rate risks involve basically the following transactions:
- Debt taken on by the Group’s companies that is denominated in a currency other than that in which its cash flows are
indexed.
- Payments to be made for the acquisition of project-related materials and for corporate insurance policies in a currency
other than that in which its cash flows are indexed.
Income in Group companies directly linked to changes in currencies other than that of its cash flows.
-
- Cash flows from foreign subsidiaries to the Chilean parent company which are exposed to exchange rate fluctuations.
In order to mitigate foreign currency risk, the Group’s foreign currency risk management policy is based on cash flows and
includes maintaining a balance between U.S. dollar flows and the levels of assets and liabilities denominated in this currency.
The objective is to minimize the exposure to variability in cash flows that are attributable to foreign exchange risk.
The hedging instruments currently being used to comply with the policy are currency swaps and forward exchange contracts.
In addition, the policy seeks to refinance debt in the functional currency of each of the Group’s companies.
309
21.3 Commodities Risk
The Group has a risk exposure to price fluctuations in certain commodities, basically due to:
- Purchases of fuel used to generate electricity.
- Energy purchase/sale transactions that take place in local markets.
In order to reduce the risk in situations of extreme drought, the Group has designed a commercial policy that defines the
levels of sales commitments in line with the capacity of its generating power plants in a dry year. It also includes risk mitigation
terms in certain contracts with unregulated customers and with regulated customers subject to long-term tender processes,
establishing indexation polynomials that allow for reducing commodities exposure risk.
Considering the operating conditions faced by the power generation market in Chile, with drought and highly volatile
commodity prices on international markets, the Company is constantly verifying the advisability of using hedging to lessen the
impacts that these price swings have on its results. At December 31, 2014 the Company had swap hedges for 266,000 barrels
of Brent oil for January 2015 and 350,000 MMBTU of Henry Hub gas for February 2015. At December 31, 2013, the Group
had no derivative operations in effect for commodities.
Depending on operating conditions, which are constantly being updated, these hedges may be modified or may cover other
commodities.
21.4 Liquidity Risk
The Group maintains a liquidity risk management policy that consists of entering into long-term committed banking facilities
and temporary financial investments for amounts that cover the projected needs over a period of time that is determined
based on the situation and expectations for debt and capital markets.
The projected needs mentioned above include maturities of financial debt, net of financial derivatives. For further details
regarding the features and conditions of financial obligations and financial derivatives, See Notes 20 and 22, and Appendix
No. 4.
As of December 31, 2014, the Group has cash and cash equivalent totaling ThCh$1,704,745,491 and unconditionally available
lines of long-term credit totaling ThCh$353,263,488. As of December 31, 2013, the Group had ThCh$1,606,387,569 in cash
and cash equivalents and ThCh$208,900,680 in unconditionally available lines of long-term credit.
21.5 Credit Risk
The Enersis Group closely monitors its credit risk.
Trade Receivables:
The credit risk for receivables from the Group’s commercial activity has historically been very low, due to the short term period
of collections from customers, resulting in non-significant cumulative receivables amounts. This situation applies to both the
electricity generating and distribution lines of business.
In our electricity generating business, some countries’ regulations allow the suspension of energy service to customers with
outstanding payments, and most contracts have termination clauses for payment default. The Company monitors its credit
risk on an ongoing basis and measures quantitatively its maximum exposure to payment default risk, which, as stated above,
is very low.
In our electricity distribution companies, the suspension of energy service for customers in payment default is permitted in all
cases, in accordance with current regulations in each country. This facilitates our credit risk management, which is also low in
this line of business.
310
2014 ANNUAL REPORT ENERSIS
CONSOLIDATED FINANCIAL STATEMENTS
Financial Assets:
Cash surpluses are invested in the highest-rated local and foreign financial entities (with risk rating equivalent to investment
grade where possible) with thresholds established for each entity.
Banks that have received investment grade ratings from the three major international rating agencies (Moody’s, S&P, and
Fitch) are selected for making investments.
Investments may be backed with treasury bonds from the countries in which the company operates and/or with commercial
papers issued by the highest rated banks; the latter are preferred, as they offer higher returns (always in line with current
investment policies).
Derivative instruments are entered into with entities with solid creditworthiness; all derivative transactions are performed with
entities with investment grade ratings.
Risk Measurement
The Enersis Group measures the Value at Risk (VaR) of its debt positions and financial derivatives in order to monitor the risk
assumed by the Company, thereby reducing volatility in the income statement.
The portfolio of positions included for purposes of calculating the present Value at Risk include:
Financial debt
-
- Hedge derivatives for debt, dividends, and projects.
The VaR determined represents the potential variation in value of the portfolio of positions described above in one day with a
95% confidence level. To determine the VaR, we take into account the volatility of the risk variables affecting the value of the
portfolio of positions including:
- U.S. dollar Libor interest rate.
- The different currencies with which our companies operate and the customary local indices used in the banking
industry.
- The exchange rates of the various currencies used in the calculation.
The calculation of VaR is based on generating possible future scenarios (at one day) of market values (both spot and term)
for the risk variables, using Bootstrapping simulations. The number of scenarios generated ensures compliance with the
simulation convergence criteria. The table of volatilities and correlations between the various risk variables calculated based
on the historical values of the logarithmic price returns has been applied to simulate the future price scenario.
Once the price scenarios have been obtained, the fair value of the portfolio is calculated using such scenarios, thereby
obtaining a distribution of possible values at one day. The one-day 95%-confidence VaR number is calculated as the 5%
percentile of the potential variations in the fair value of the portfolio in one day.
Taking into account the assumptions described above, the VaR of the previously discussed positions, broken down by type of
position, is shown in the following table:
Financial Positions
Interest rate
Exchange rate
Correlation
Total
Balance at
12-31-2014
ThCh$
33,135,363
1,065,881
(1,187,257)
33,013,987
12-31-2013
ThCh$
17,236,855
3,074,168
(390,965)
19,920,058
These values represent the potential increase of the Debt and Derivatives’ Portfolio, thus these Values At Risk are inherently
related, among other factors, to the Portfolio’s value at each years’ end.
The VaR positions have varied during the fiscal years 2014 and 2013 depending on the start/maturity of operations.
311
Note 22
Financial Instruments
22.1 Financial Instruments, Classified by Type and Category
a) The detail of financial assets, classified by type and category, as of December 31, 2014 and 2013 is as follows:
12-31-2014
Financial
assets at fair
value with
change in
profit or loss
ThCh$
-
52,677,337
52,677,337
Held-to-
maturity
investments
ThCh$
-
Loans and
receivables
ThCh$
-
38,301,763 1,700,128,243
38,301,763 1,700,128,243
Available-for-
sale financial
assets
ThCh$
-
-
-
Financial
derivatives
for hedging
ThCh$
1,414,588
-
1,414,588
-
-
-
-
-
-
26,340,396
26,340,396
-
-
292,128,280
292,128,280
4,306,227
-
492,923,605
497,229,832
-
7,229,290
-
7,229,290
Financial
assets held
for trading
ThCh$
7,061,715
-
7,061,715
-
22,002
-
22,002
Derivative instruments
Other financial assets
Total Current
Equity instruments
Derivative instruments
Other financial assets
Total Non-current
Total
7,083,717
52,677,337
64,642,159 1,992,256,523
497,229,832
8,643,878
12-31-2013
Derivative instruments
Other financial assets
Total Current
Equity instruments
Derivative instruments
Other financial assets
Total Non-current
Financial
assets at fair
value with
change in
profit or loss
ThCh$
-
Financial
assets held
for trading
ThCh$
4,107,362
-
Loans and
receivables
ThCh$
-
163,288,698 588,490,652 1,163,756,682
4,107,362 163,288,698 588,490,652 1,163,756,682
Held-to-
maturity
investments
ThCh$
-
Available-for-
sale financial
assets
ThCh$
-
-
-
-
-
-
-
-
-
-
-
-
-
4,158,231
-
34,867,362 223,045,673 448,107,319
34,867,362 223,045,673 452,265,550
-
-
Financial
derivatives
for hedging
ThCh$
25,142,725
-
25,142,725
-
4,403,506
-
4,403,506
Total
4,107,362 163,288,698 623,358,014 1,386,802,355 452,265,550
29,546,231
312
2014 ANNUAL REPORT ENERSIS
CONSOLIDATED FINANCIAL STATEMENTS
b) The detail of financial liabilities, classified by type and category, as of December 31, 2014 and 2013 is as follows:
Interest-bearing loans
Derivative instruments
Other financial liabilities
Total Current
Interest-bearing loans
Derivative instruments
Other financial liabilities
Total Non-current
Total
Interest-bearing loans
Derivative instruments
Other financial liabilities
Total Current
Interest-bearing loans
Derivative instruments
Other financial liabilities
Total Non-current
Total
12-31-2014
Financial liabilities
held for trading
ThCh$
-
2,544,239
-
2,544,239
Financial liabilities
at fair value
with change in profit
or loss
ThCh$
-
-
-
-
-
6,286,982
-
6,286,982
8,831,221
-
-
-
-
-
12-31-2013
Financial liabilities
held for trading
ThCh$
4,393,053
1,410,556
-
5,803,609
Financial liabilities
at fair value
with change in profit
or loss
ThCh$
-
-
-
-
4,707,155
-
-
4,707,155
10,510,764
-
-
-
-
-
Loans
and payables
ThCh$
418,266,381
-
2,432,557,572
2,850,823,953
Financial derivatives
for hedging
ThCh$
-
995,059
-
995,059
3,167,948,954
-
159,385,521
3,327,334,475
-
114,861,592
-
114,861,592
6,178,158,428
115,856,651
Loans
and payables
ThCh$
783,530,545
-
1,719,415,924
2,502,946,469
Financial derivatives
for hedging
ThCh$
-
117,341,051
-
117,341,051
2,688,310,192
-
23,063,878
2,711,374,070
-
97,231,764
-
97,231,764
5,214,320,539
214,572,815
22.2 Derivative Instruments
The risk management policy of the Group uses primarily interest rate and foreign exchange rate derivatives to hedge its
exposure to interest rate and foreign currency risks.
The Company classifies its hedges as follows:
- Cash flow hedges: Those that hedge the cash flows of the underlying hedged item.
- Fair value hedges: Those that hedge the fair value of the underlying hedged item.
- Non-hedge derivatives: Financial derivatives that do not meet the requirements established by IFRS to be designated
as hedge instruments are recorded at fair value with changes in net income (assets held for trading).
313
a) Assets and liabilities for hedge derivative instruments
As of December 31, 2014 and 2013, financial derivative transactions qualifying as hedge instruments resulted in recognition
of the following assets and liabilities in the statement of financial position:
12-31-2014
12-31-2013
Assets
Liabilities
Assets
Liabilities
Interest rate hedge:
Cash flow hedge
Exchange rate hedge:
Cash flow hedge
Fair value hedge
TOTAL
Current
ThCh$
193,246
193,246
1,221,342
1,221,342
-
Non-
current
ThCh$
3,533,655
3,533,655
3,695,636
3,695,636
-
1,414,588
7,229,291
Current
ThCh$
14,637
14,637
Non-
current
ThCh$
582,788
582,788
980,421 114,278,805
980,421 114,278,805
-
114,861,593 25,142,725
Current
ThCh$
4,013,126
4,013,126
21,129,599
21,129,599
-
-
995,058
Non-
current
ThCh$
4,393,690
4,393,690
Current
ThCh$
1,245,586
1,245,586
9,816 116,095,465
9,816 116,081,484
13,981
-
Non-
current
ThCh$
1,079,984
1,079,984
96,151,780
94,681,404
1,470,376
4,403,506
117,341,051 97,231,764
- General Information on Hedge Derivative Instruments
Hedge derivative instruments and their corresponding hedged instruments are shown in the following table:
As of December 31, 2014 and 2013, the Group has not recognized significant gains or losses for ineffective cash flow hedges.
Detail of Hedge
Instruments
SWAP
SWAP
SWAP
Description
of Hedge
Instrument
Interest rate
Exchange rate
Exchange rate
Description of Hedged Instrument
Bank loans
Bank loans
Unsecured obligations (bonds)
Fair Value
of Hedged
Instruments
12-31-2014
ThCh$
3,129,476
-
(110,342,248)
Fair Value
of Hedged
Instruments
12-31-2013
ThCh$
6,081,246
(1,484,357)
(189,623,473)
For fair value hedges the gain or losses recognized on the hedging instrument and on the underlying hedged item is detailed
in the following table:
Hedge instrument
Underlying item
TOTAL
12-31-2014
Gains
ThCh$
610,861
-
610,861
Losses
ThCh$
-
1,090,341
1,090,341
12-31-2013
Gains
ThCh$
697,443
-
697,443
Losses
ThCh$
-
1,556,853
1,556,853
12-31-2012
Gains
ThCh$
381,011
-
381,011
Losses
ThCh$
-
2,167,393
2,167,393
b) Financial Derivative Instruments Assets and Liabilities at Fair Value with Changes in
Net Income
As of December 31, 2014 and 2013, financial derivative transactions recorded at fair value with changes in net income,
resulted in the recognition of the following assets and liabilities in the statement of financial position:
12-31-2014
12-31-2013
Assets
Liabilities
Current
ThCh$
Current
ThCh$
Assets
Non-current
ThCh$
Liabilities
Non-current
ThCh$
Assets
Liabilities
Current
ThCh$
Current
ThCh$
Assets
Non-current
ThCh$
Liabilities
Non-current
ThCh$
7,061,715
2,544,239
22,002
6,286,982
4,107,362
1,410,556
-
-
Non-hedging derivative
instruments
314
2014 ANNUAL REPORT ENERSIS
CONSOLIDATED FINANCIAL STATEMENTS
c) Other Information on Derivatives:
The following tables present the fair value of hedging and non-hedging derivatives entered into by the Group as well as the
remaining contractual maturities as of December 31, 2014 and 2013:
12-31-2014
Notional Value
Financial Derivatives
Interest rate hedge:
Cash flow hedge
Exchange rate hedge:
Cash flow hedge
Fair value hedge
Derivatives not designated for
hedge accounting
TOTAL
Fair Value
ThCh$
3,129,476
3,129,476
(110,342,248)
(110,342,248)
-
Less than 1
year
ThCh$
19,580,330
19,580,330
7,029,775
7,029,775
-
1-2 Years
ThCh$
46,306,386
46,306,386
233,262,249
233,262,249
-
2-3 Years
ThCh$
34,138,973
34,138,973
-
-
-
3-4 Years
ThCh$
-
-
-
-
-
4-5 Years
ThCh$
-
-
260,451,370
260,451,370
-
(1,747,504)
133,409,820
46,908,791
45,078,924
19,426,499
-
(108,960,276)
160,019,925
326,477,426
79,217,897
19,426,499
260,451,370
More than
5 years
ThCh$
-
-
-
-
-
Total
ThCh$
100,025,689
100,025,689
500,743,394
500,743,394
-
-
-
244,824,034
845,593,117
12-31-2014
Notional Value
Financial Derivatives
Interest rate hedge:
Cash flow hedge
Exchange rate hedge:
Cash flow hedge
Fair value hedge
Derivatives not designated for
hedge accounting
TOTAL
Fair Value
ThCh$
6,081,246
6,081,246
(191,107,830)
(189,623,473)
(1,484,357)
Less than 1
year
ThCh$
127,289,996
127,289,996
528,667,695
527,137,107
1,530,588
1-2 Years
ThCh$
33,022,809
33,022,809
2,681,268
1,041,243
1,640,025
2-3 Years
ThCh$
42,602,326
42,602,326
220,782,813
220,782,813
-
3-4 Years
ThCh$
20,964,119
20,964,119
-
-
-
2,696,806
294,635,535
-
-
-
(182,329,778)
950,593,226
35,704,077
263,385,139
20,964,119
4-5 Years
ThCh$
-
-
-
-
-
-
-
More than
5 years
ThCh$
-
-
-
-
-
-
-
Total
ThCh$
223,879,250
223,879,250
752,131,776
748,961,163
3,170,613
294,635,535
1,270,646,561
The hedging and non-hedging derivatives contractual maturities do not represent the Group’s total risk exposure, as the
amounts presented in the above tables have been drawn up based on undiscounted contractual cash inflows and outflows
for their settlement.
22.3 Fair Value Hierarchies
Financial instruments recognized at fair value in the consolidated statement of financial position are classified based on the
hierarchies described in Note 3.g.5.
The following table presents financial assets and liabilities measured at fair value as of December 31, 2014 and 2013:
Financial Instruments Measured at Fair Value
Financial Assets
Financial derivatives designated as cash flow hedge
Financial derivatives not designated for hedge accounting
Financial assets at fair value with change in net income
Available-for-sale financial assets, non-current
Total
Financial Liabilities
Financial derivatives designated as cash flow hedge
Financial derivatives not designated for hedge accounting
Total
Financial Instruments Measured at Fair Value
Financial Assets
Financial derivatives designated as cash flow hedge
Financial derivatives not designated for hedge accounting
Financial assets at fair value with change in net income
Available-for-sale financial assets, non-current
Total
Financial Liabilities
Financial derivatives designated as cash flow hedge
Financial derivatives designated as fair value hedge
Financial derivatives not designated for hedge accounting
Interest-bearing borrowings, short term
Interest-bearing borrowings, long term
Total
12-31-2014
ThCh$
8,643,879
7,083,717
52,677,337
493,285,774
561,690,707
115,856,651
8,831,221
124,687,872
12-31-2013
ThCh$
Fair Value Measured at End of Reporting
Period Using:
Level 2
ThCh$
Level 1
ThCh$
Level 3
ThCh$
-
-
52,677,337
362,169
8,643,879
7,083,717
-
492,923,605
53,039,506 508,651,201
-
-
-
115,856,651
8,831,221
124,687,872
-
-
-
-
-
-
-
-
Fair Value Measured at End of Reporting
Period Using:
Level 2
ThCh$
Level 1
ThCh$
Level 3
ThCh$
29,546,231
29,546,231
4,107,362
4,107,362
-
163,288,698
448,136,514
448,107,319
645,078,805 163,317,893 481,760,912
-
-
163,288,698
29,195
213,088,458
1,484,357
1,410,556
4,393,053
4,707,155
225,083,579
-
-
-
-
-
-
213,088,458
1,484,357
1,410,556
4,393,053
4,707,155
225,083,579
-
-
-
-
-
-
-
-
-
-
-
315
22.3.1 The following is the Reconciliation between Opening and Closing Balances for
Financial Instruments whose Fair Value is classified at Level 3:
Non-current Interest-bearing Borrowings
Balance at January 1, 2013
Total profit recognized in financial profit or loss
Balance at December 31, 2013
Total profit recognized in financial profit or loss
Balance at December 31, 2014
ThCh$
2,022,260
(2,022,260)
-
-
-
The fair value of Level 3 has been calculated by applying a traditional discounted cash flow method. These projected cash
flows include assumptions from within the company that are primarily based on estimates for prices and levels of energy
production and firm capacity, as well as the costs of operating and maintaining some of our plants.
None of the possible reasonable scenarios foreseeable in the assumptions mentioned in the above paragraph would result in
a significant change in the fair value of the financial instruments included at this level.
Note 23
Trade and other Current Payables
The breakdown of Trade and Other Payables as of December 31, 2014 and 2013 is as follows:
Trade and other payables
Trade payables
Other payables
Total
Current
Non-current
12-31-2014
ThCh$
822,851,379
1,466,025,571
2,288,876,950
12-31-2013
ThCh$
503,498,609
1,011,505,045
1,515,003,654
12-31-2014
ThCh$
7,147,088
152,238,433
159,385,521
12-31-2013
ThCh$
-
23,063,878
23,063,878
The detail of Trade and Other Current Payables as of December 31, 2014 and 2013 is as follows:
Trade and other payables
Energy suppliers (1)
Fuel and gas suppliers
Payables for goods and services
Dividends payable to non-controlling interests
Fines and complaints (*)
Research and development
Payables to tax authorities
Mitsubishi contract (LTSA)
Obligations for social programs
Interest payments on trade payables
Other payables
Total
Current
Non-current
One to five years
12-31-2014
ThCh$
762,931,782
59,919,597
792,235,405
327,360,126
98,470,156
18,071,828
97,531,854
34,214,611
12,869,529
44,497,783
40,774,279
2,288,876,950
12-31-2013
ThCh$
473,475,615
30,022,994
577,763,247
171,536,664
84,104,347
21,530,534
98,245,616
24,837,227
9,647,096
7,753,216
16,087,098
1,515,003,654
12-31-2014
ThCh$
7,147,088
-
111,531,445
-
-
24,157,710
7,304,354
-
-
-
9,244,924
159,385,521
12-31-2013
ThCh$
-
-
-
-
-
16,772,447
126,137
-
-
-
6,165,294
23,063,878
See Note 21.4 for the description of the liquidity risk management policy.
(*) This corresponds mainly to fines and complaints our Argentine subsidiary Edesur S.A. has received during this and previous fiscal years
from the regulatory agency due to business service quality, technical product quality, and public safety. These fines have not been paid,
as some were suspended under the Agreement Act signed in 2007 with the Argentine government, and others are pending until the
Integral Tariff Review (ITR) takes place (see Note 4.2).
Includes ThCh$418,830,124 in liabilities owed to Cammesa by our subsidiary Argentine Edesur S.A. These liabilities are greater
than the account receivable by $235,484,218 recognized by Edesur product of the implementation of Resolution N°250/13 -
Cost Monitoring Mechanism (MMC). This resolution instructed CAMMESA to issue Sales Liquidation with Expiration Dates to
Define (LVFVD) in favour of Edesur for accounts receivables, and accept these LVFVD as part payment of the debts of Edesur.
As of today, CAMMESA has not issued any LVFVD to follow for cancellations.
The detail of trade payables, both up to date and past due as of December 31, 2014 and 2013, are presented in Appendix 7.
316
2014 ANNUAL REPORT ENERSIS
CONSOLIDATED FINANCIAL STATEMENTS
Note 24
Provisions
a) The breakdown of provisions as of December 31, 2014 and 2013 is as follows:
Provisions
Provision for legal proceedings
Decommissioning or restoration (1)
Provision for suppliers and services
Provision for environmental issues
Other provisions
Total
Current
Non-current
12-31-2014
ThCh$
58,620,425
568,465
6,245,568
9,675,454
15,112,772
90,222,684
12-31-2013
ThCh$
56,337,107
-
2,543,067
12,139,002
16,290,187
87,309,363
12-31-2014
ThCh$
165,347,715
31,647,729
-
248,397
-
197,243,841
12-31-2013
ThCh$
164,694,598
24,109,594
-
5,163,161
-
193,967,353
The expected timing and amount of any cash outflows related to the above provisions is uncertain and depends on the final
resolution of the provisioned matters (See note 3.m)
(1) See Note 3a
b) Changes in provisions as of December 31, 2014 and 2013 are as follows:
Changes in Provisions
Balance at January 1, 2014
Additional provisions
Increase (decrease) in existing provisions
Provisions used
Increase from adjustment to value of money over time
Foreign currency translation
Other increase (decrease)
Total changes in provisions
Balance at December 31, 2014
Saldo Final al 12-31-2014
Changes in Provisions
Balance at January 1, 2013
Additional provisions
Increase (decrease) in existing provisions
Acquisitions through business combinations
Provisions used
Increase from adjustment to value of money over time
Foreign currency translation
Other increase (decrease)
Total changes in provisions
Balance at December 31, 2013
Saldo Final al 12-31-2013
Legal
Proceedings
ThCh$
221,031,705
Decommissioning
or Restoration
ThCh$
24,109,594
Other
Provisions
ThCh$
36,135,417
-
46,561,327
(41,501,294)
13,396,466
2,742,310
(18,262,374)
2,936,435
223,968,140
Legal
Proceedings
ThCh$
187,378,105
-
30,020,151
9,403,960
(23,712,842)
18,085,233
(9,039,781)
8,896,879
33,653,600
221,031,705
221,031,705
6,857,384
15,850
-
1,135,525
97,841
-
8,106,600
32,216,194
Decommissioning
or Restoration
ThCh$
20,475,846
2,176,598
14,952
357,755
(207,158)
1,216,334
75,267
-
3,633,748
24,109,594
24,109,594
-
25,802,254
(9,941,920)
33,735,093
(8,494,789)
(45,953,864)
(4,853,226)
31,282,191
Other
Provisions
ThCh$
33,063,273
-
28,019,971
-
(21,999,415)
19,256,130
(8,375,698)
(13,828,844)
3,072,144
36,135,417
36,135,417
Total
ThCh$
281,276,716
6,857,384
72,379,431
(51,443,214)
48,267,084
(5,654,638)
(64,216,238)
6,189,809
287,466,525
Total
ThCh$
240,917,224
2,176,598
58,055,074
9,761,715
(45,919,415)
38,557,697
(17,340,212)
(4,931,965)
40,359,492
281,276,716
281,276,716
317
Nota 25
Employee Benefit Obligations
25.1 General Information
Enersis and certain of its subsidiaries in Chile, Brazil, Colombia, and Argentina provide various post-employment benefits
for all or some of their active or retired employees. These benefits are calculated and recorded in the financial statements
according to the criteria described in Note 3.m.1, and include primarily the following:
a) Defined benefit plans:
- Complementary pension: The beneficiary is entitled to receive a monthly amount that supplements the pension
obtained from the respective social security system.
- Employee severance indemnities: The beneficiary receives a certain number of contractual salaries upon retirement.
Such benefit is subject to a vesting minimum service requirement period, which depending on the company, varies within
a range from 5 to 15 years.
- Electricity: The beneficiary receives a monthly bonus to cover a portion of his/her billed residential electricity
consumption.
- Health benefit: The beneficiary receives health coverage in addition to that to which s/he is entitled under applicable
social security regime.
b) Other benefits
- Five-year benefit: A benefit certain employees receive after 5 years and which begin to accrue from the second year
onwards.
- Unemployment: A benefit paid regardless of whether the employee is fired or leaves voluntarily. This benefit accrues on a
daily basis and is paid at the time of contract termination (although the law allows for partial withdrawals for housing and
education).
- Seniority bonuses: There is an agreement to give workers (“subject to the collective agreement”) an extraordinary bonus
for years of service upon completion of the equivalent of five years of actual work.
c) Defined contribution benefits:
The Group makes contributions to a retirement benefit plan where the beneficiary receives additional pension supplements
upon his/her retirement, disability or death.
25.2 Details, Changes and Presentation in Financial
Statements
a) The post-employment obligations associated with defined benefits plans and the related assets plan as of December 31,
2014 and 2013 are detailed as follows:
General ledger accounts:
Post-employment obligations, non-current
Total Liabilities
Total post-employment obligations, net
Balance at
12-31-2014
ThCh$
269,930,412
269,930,412
269,930,412
12-31-2013
ThCh$
238,514,991
238,514,991
238,514,991
318
2014 ANNUAL REPORT ENERSIS
CONSOLIDATED FINANCIAL STATEMENTS
Reconciliation with general ledger accounts:
Post-employment obligations
(-) Fair value of asset plan (*)
Total
Amount not recognized due to limit on Benefit Plan Assets (**)
Minimum financing required (IFRIC 14) (***)
Total post-employment obligations, net
Balance at
12-31-2014
ThCh$
588,148,279
(368,008,708)
220,139,571
33,710,733
16,080,108
269,930,412
12-31-2013
ThCh$
521,850,486
(322,830,274)
199,020,212
39,494,779
-
238,514,991
(*)
(**)
Plan assets to fund defined benefit plans in our Brazilian subsidiaries (Ampla and Coelce) only; the remaining defined benefit plans in
our other subsidiaries are unfunded.
In Coelce, certain pension plans currently have an actuarial surplus amounting to ThCh$33,710,733 at December 31, 2014
(ThCh$39,494,779 in 2013). This actuarial surplus was not recognized as an asset in accordance with IFRIC 14 - The Limit on a Defined
Benefit Asset, Minimum Funding Requirements and their Interaction. This was due to the fact that the Complementary Social Security
(SPC) regulations - CGPC Resolution 26/2008 states that goodwill can only be used by the sponsor if the contingency reserve on the
balance sheet of the Foundation is at the maximum percentage (25% of reserves). This ensures the financial stability of the plan based
on the volatility of these obligations. If the surplus exceeds this limit, it may be used by the sponsor to reduce future contributions or be
reimbursed to the sponsor. At Coelce, this proportion is less than 5% at December 31, 2014.
(***) In Ampla, at the end of 2014, ThCh$16,080,108 has been recognized in accordance with the provisions of IFRIC 14 - The Limit on a
Defined Benefit Asset, Minimum Funding Requirements and their Interaction. This corresponds to actuarial debt contracts that the
company signed with Brasiletros (an institution providing pension funds exclusively to employees and retired employees of Ampla).
This was done to equalize deficits on certain pension plans, since the sponsor assumes responsibility for these plans, in accordance with
current legislation.
The following table presents the balance recorded in the consolidated statement of financial position as a result of the
difference between the actuarial liability from defined benefit commitments and the fair value of the assets affected as of
December 31, 2014 and the close of the four previous fiscal years:
Actuarial liability
Assets affected
Difference
Limitation not recognized due to limit on Benefit
Plan Assets
Minimum financing required (IFRIC 14)
Transfer to assets classified as held for sale
Accounting balance of actuarial liability deficit
12-31-2014
ThCh$
12-31-2013
ThCh$
12-31-2012
ThCh$
12-31-11
ThCh$
12-31-10
ThCh$
588,148,279
521,850,486
(368,008,708)
220,139,571
(322,830,274)
199,020,212
628,823,491
(393,880,165)
234,943,326
592,212,012
(366,137,888)
226,074,124
548,004,356
(377,239,859)
170,764,497
33,710,733
39,494,779
21,218,042
43,278,951
42,952,266
16,080,108
-
269,930,412
-
-
238,514,991
-
-
256,161,368
-
-
269,353,075
-
(2,786,493)
210,930,270
b) The following amounts were recognized in the consolidated statement of comprehensive income as of December 31,
2014, 2013 and 2012:
Expense Recognized in Profit or Loss
Current service cost for defined benefits plan
Interest cost for defined benefits plan
Interest income from the plan's assets
Past service costs
Interest cost on asset ceiling components
Expenses recognized in Profit or Loss
(Gains) losses from new measurements of defined benefit plans
Total expense recognized in Comprehensive Income
12-31-2014
ThCh$
4,513,850
59,981,707
(42,145,223)
667,153
5,348,952
28,366,439
36,681,734
65,048,173
12-31-2013
ThCh$
4,462,712
54,773,138
(37,219,214)
-
2,422,955
24,439,591
(6,351,518)
18,088,073
12-31-2012
ThCh$
3,689,477
53,828,477
(34,379,133)
-
-
23,138,821
14,044,750
37,183,571
319
c) The presentation of net actuarial liabilities as of December 31, 2014 and 2013 are as follows
Net Actuarial Liabilities
Balance at January 1, 2013
Net interest cost
Service cost during the period
Benefits paid during the period
Contributions during the period
Actuarial (gains) losses from changes in financial assumptions
Actuarial (gains) losses from changes in seniority adjustments
Performance of plan assets, excluding interest
Changes in the asset limit
Foreign currency translation differences
Balance at December 31, 2013
Net interest cost
Service cost during the period
Benefits paid during the period
Contributions during the period
Actuarial (gains) losses from changes in financial assumptions
Actuarial (gains) losses from changes in seniority adjustments
Performance of plan assets, excluding interest
Changes in the asset limit
Minimum financing required (IFRIC 14)
Transfer to assets classified as held for sale
Defined benefit plan obligations from business combinations
Foreign currency translation differences
Net actuarial liabilities at December 31, 2014
ThCh$
256,161,368
19,976,881
4,462,712
(15,517,133)
(14,383,865)
(100,972,717)
6,468,147
75,783,858
15,853,780
(9,318,040)
238,514,991
23,185,436
5,181,003
(15,957,887)
(17,998,323)
26,435,894
22,302,042
(13,293,908)
(12,687,133)
16,080,108
(102,423)
1,297,048
(3,026,436)
269,930,412
d) The balance and changes in post-employment defined benefit obligations as of December 31, 2014 and 2013 are as
follows:
Actuarial Value of Post-employment Obligations
Balance at January 1, 2013
Current service cost
Interest cost
Contributions from plan participants
Actuarial (gains) losses from changes in financial assumptions
Actuarial (gains) losses from changes in seniority adjustments
Foreign currency translation
Benefits paid
Balance at December 31, 2013
Current service cost
Interest cost
Contributions from plan participants
Actuarial (gains) losses from changes in financial assumptions
Actuarial (gains) losses from changes in seniority adjustments
Foreign currency translation
Benefits paid
Defined benefit plan obligations from the cost of past service
Defined benefit plan obligations from business combinations
Transfer to assets classified as held for sale
Balance at December 31, 2014
ThCh$
628,823,491
4,462,712
54,773,138
1,137,338
(100,972,717)
6,468,147
(24,305,459)
(48,536,164)
521,850,486
4,513,850
59,981,707
513,813
26,435,894
22,302,042
2,634,240
(51,945,531)
667,153
1,297,048
(102,423)
588,148,279
As of December 31, 2014, out of the total amount of post-employment benefit obligations, 9.58% is from defined benefit
plans in Chilean companies (8.25% at December 31, 2013). 74.97% is from defined benefit plans in Brazilian companies
(74.67% at December 31, 2013). 12.81% is from defined benefit plans in Colombian companies (14.82% at December 31,
2013). 2.18% is from defined benefit plans in Argentine subsidiaries (1.85% at December 31, 2013); and the remaining 0.46%
is from defined benefit plans in Peruvian companies (0.41% at December 31, 2013
320
2014 ANNUAL REPORT ENERSIS
CONSOLIDATED FINANCIAL STATEMENTS
e) Changes in the fair value of the benefit plan assets are as follows:
Fair Value of Benefit Plan Assets
Balance at January 1, 2013
Interest income
Performance of plan assets, excluding interest
Foreign currency translation
Employer contributions
Contributions paid
Benefits paid
Balance at December 31, 2013
Interest income
Performance of plan assets, excluding interest
Foreign currency translation
Employer contributions
Contributions paid
Benefits paid
Balance at December 31, 2014
ThCh$
(393,880,165)
(37,219,214)
75,783,858
14,987,419
(1,137,338)
(14,383,865)
33,019,031
(322,830,274)
(42,145,223)
(13,293,908)
(7,214,811)
(17,998,323)
(513,813)
35,987,644
(368,008,708)
f) The main categories of benefit plan assets are as follows:
Category of Benefit Plan Assets
Equity instruments (variable income)
Fixed-income assets
Real Estate investments
Other
Total
12-31-2014
12-31-2013
ThCh$
46,892,034
270,067,933
41,758,489
9,290,252
368,008,708
%
13%
73%
11%
3%
100%
ThCh$
52,901,001
232,840,825
24,609,293
12,479,155
322,830,274
%
16%
72%
8%
4%
100%
The plans for retirement benefits and pension funds held by our Brazilian subsidiaries, Ampla and Coelce, maintain
investments as determined by the resolutions of the National Monetary Council, ranked in fixed income, equities and real
estate. Fixed income investments are predominantly invested in federal securities. Regarding equities, Faelce (an institution
providing pension funds exclusively to employees and retired employees of Coelce) holds common shares of Coelce, while
Brasiletros (a similar institution for employees of Ampla) holds shares in investment funds with a portfolio traded on Bovespa
(the São Paulo Stock Exchange). With regards to real estate, both foundations have properties that are currently leased to
Ampla and Coelce.
g) Reconciliation of asset ceiling:
Reconciliation of Asset Ceiling
Balance at January 1, 2013
Interest on assets not recognized
Other changes in assets not recognized due to asset limit
Foreign currency exchange differences
Balance at December 31, 2013
Interest on assets not recognized
Other changes in assets not recognized due to asset limit
Foreign currency exchange differences
Total asset ceiling at December 31, 2014
ThCh$
21,218,042
2,422,955
17,475,375
(1,621,593)
39,494,779
5,348,952
(12,687,133)
1,554,135
33,710,733
The following table presents the assets affected by the plans and invested in shares, leases and real estate owned by the
Group:
Equity instruments
Real Estate
Total
12-31-2014
ThCh$
2
24,699,453
24,699,455
12-31-2013
ThCh$
3
21,899,207
21,899,210
321
Other Disclosures:
- Actuarial assumptions:
As of December 31, 2014 and 2013 the following assumptions were used in the actuarial calculation of defined benefits:
Chile
Brazil
Colombia
Argentina
Peru
Discount rates used
4.60%
5.40% 12.52%
12-31-2014
12-31-2013
12-31-2014
12-31-2013
11.82% -
12.44%
12-31-2014
12-31-2013
12-31-2014
12-31-2013
12-31-2014
12-31-2013
7.04%
7.25%
5.50%
5.50%
6.35%
6.82%
Expected rate of salary
increases
Mortality tables
4.00%
3.00%
9.18%
7.61%
4.00%
4.00%
0.00%
0.00%
3.00%
3.00%
RV -2009
RV -2004
AT 2000
AT 2000
RV 2008
RV 2008
RV 2004
RV 2004
RV 2009
RV 2004
- Sensitivity
As of December 31, 2014, the sensitivity of the value of the actuarial liability for post-employment benefits to variations of
100 basis points in the discount rate assumes a decrease of ThCh$46,833,941 (ThCh$41,964,612 at December 31, 2013) if the
rate rises and an increase of ThCh$56,665,239 (ThCh$49,310,554 at December 31, 2013) if the rate falls.
- Defined contributions
The total expense recognized in the consolidated statement of comprehensive income within line item “Employee expenses”
represents contributions payable to the defined contribution plans by the Group. For the year ended December 31, 2014, the
amounts recognized as expenses were ThCh$4,700,327 (ThCh$3,140,681 at December 31, 2013).
- Future disbursements
The estimates available indicate that ThCh$38,179,137 will be disbursed for defined benefit plans in the coming year.
- Length of commitments
The Group’s obligations have a weighted average length of 11.9 years, and the flow for benefits for the next 5 years and more
is expected to be as follows:
Years
1
2
3
4
5
Over 5
Equity
ThCh$
58,821,601
51,309,982
50,397,348
50,636,795
51,232,905
238,162,020
26.1 Equity Attributable to the Shareholders of Enersis
26.1.1 Subscribed and Paid Capital and Number of Shares
The Enersis Extraordinary Shareholders’ Meeting held on December 20, 2012 approved a capital increase of
ThCh$2,844,397,890 divided into 16,441,606,297 shares of single series nominative common stock, non-preference and with
no par value.
The shares were paid for as follows:
a) Endesa S.A. made a non-monetary payment for a total amount of ThCh$1,724,400,000 corresponding to 9,967,630,058
shares of Enersis stock at a price of Ch$173 per share.
For more information on the stakes contributed by Endesa S.A., see Note 6.
b) Cash contribution from non-controlling interests at a price of Ch$173 per share.
During the preemptive right period for the subscription of shares which was from February 25 to March 26, 2013, a total of
16,284,562,981 shares were subscribed and paid up, equivalent to 99.04% of the total authorized shares, leaving a total of
157,043,316 shares unsubscribed. Of the subscribed and paid-up shares, 9,967,630,058 shares corresponded to Endesa S.A.
and 6,316,932,923 shares to non-controlling interests, of which 1,675,441,700 were subscribed in the U.S. (33,508,834 in
ADRs).
322
2014 ANNUAL REPORT ENERSIS
CONSOLIDATED FINANCIAL STATEMENTS
The 157,043,316 shares still to be placed were auctioned on March 28, 2013 at Ch$182.3 per share. The total amount raised
in the auction was ThCh$28,628,996, which includes a share placement surcharge of ThCh$1,460,503.
Given the increase, the share capital of Enersis as of December 31, 2014 and 2013 was ThCh$5,804,447,986 and
ThCh$5,669,280,725 respectively, divided into 49,092,772,762 shares.
As of December 31, 2014, all of the shares issued by Enersis are subscribed and paid up, and they are listed for trade on the
Bolsa de Comercio de Santiago de Chile, the Bolsa Electrónica de Chile, the Bolsa de Valores de Valparaiso, the New York Stock
Exchange (NYSE), and the Bolsa de Valores Latinoamericanos of the Bolsa de Madrid (LATIBEX). The situation was similar at
December 31, 2013.
The share premium corresponds to the share placement surcharge from the capital increases that took place in 2003 and
1995. In the former increase, the surcharge was ThCh$125,881,577, and in the latter it was ThCh$32,878,071.
The share placement surcharge generated during the capital increase in 2013, amounting to ThCh$1,460,503 as indicated
above, absorbed a portion of the share issuance and placement expenses incurred in the process (see Note 26.5.c).
At the Enersis Extraordinary Shareholders’ Meeting held on November 25, 2014 a modification to the company by-laws was
approved, thereby increasing the share capital by ThCh$135,167,261. This amount corresponded to the balance on the “Share
Premium account”, after deducting the “Costs of Issuance and Placing Shares account” included in Other Reserves, without
any distribution to shareholders as a dividend.
The company’s share capital following the by-law amendment indicated above amounted to ThCh$5,804,447,986, divided
into the same number of shares as previously, ie 49,092,772,762 shares of single series nominative common stock, non-
preference and with no par value.
This change of by-laws complies with Article 26 of the Chilean Companies Act (Ley de Sociedades Anónimas) and Circular
No. 1370 issued by the SVS, as amended by Circular No. 1736, for the recognition of changes in equity as a result of recent
increases in company share capital.
26.1.2 Dividends
On February 29, 2012, the Enersis Board agreed, by a unanimous vote of the Directors present, to propose at the Enersis S.A.
Ordinary Shareholders’ Meeting that the same percentage of profits be distributed as in the previous year, that is, 50% of the
Company’s net profits equivalent to Ch$5.7497 per share, from which the interim dividend of Ch$1.46560 per share paid in
January 2012 was deducted. Therefore, the final dividend amount distributed to shareholders was Ch$4.2841 per Company
share. This was a change from the previous dividend policy, which contemplated distributing 55% of the Company’s net
profits in dividends.
At the Ordinary Shareholders Meeting held on April 26, 2012, it was agreed to distribute a minimum obligatory dividend
(partially covered by interim dividend No. 84) and an additional dividend totaling Ch$5.74970. Since interim dividend 84 had
already been paid, the remaining Ch$4.28410 per share was distributed and paid as final dividend No. 85.
On November 29, 2012, the Directors present at the meeting of the Board voted unanimously to distribute interim dividend
No. 86 of Ch$1.21538 per share on January 25, 2013, against fiscal year 2012 results. This corresponded to 15% of the
company’s net income calculated as of September 30, 2012, in accordance with the company’s dividend policy at the time.
At the Ordinary Shareholders’ Meeting held on April 16, 2013, it was agreed to distribute a minimum obligatory dividend
(partially consisting of interim dividend No. 86) and an additional dividend, which together amounted to a total of
Ch$4.25027 per share. Since interim dividend No. 86 had already been paid, the remainder was distributed and paid in final
dividend No. 87 at Ch$3.03489 per share.
On November 26, 2013, the Directors present at the meeting of the Board voted unanimously to distribute interim dividend
no. 88 of Ch$1.42964 per share on January 31, 2014, against fiscal year 2013 results. This was 15% of the company’s net
income calculated on September 30, 2013, in accordance with the company’s current dividend policy.
At the Ordinary Shareholders’ Meeting held on April 23, 2014, it was agreed to distribute a minimum obligatory dividend
(partially consisting of interim dividend no. 88 of Ch$1.42964 per share) and an additional dividend, which together
amounted to a total of Ch$329,257,075,000, at Ch$6.70683 per share. Since interim dividend No. 88 had already been paid,
the remainder was distributed and paid in final dividend No. 89, which totaled Ch$259,071,983,050, which is the equivalent
of Ch$5.27719 per share.
323
On November 25, 2014 the Board unanimously agreed to distribute interim dividend No. 90 of Ch$0.83148 per share on
January 30, 2015 against fiscal year 2014 statutory result; this corresponded to 15% of net income calculated at September
30, 2014, in accordance with the current Company dividend policy.
The following table details the dividends paid in recent years:
Dividend No.
82
83
84
85
86
87
88
89
90
Type of Dividend
Interim
Final
Interim
Final
Interim
Final
Interim
Final
Interim
Payment Date
01-27-2011
05-12-2011
01-27-2012
05-09-2012
01-25-2013
05-10-2013
01-31-2014
05-16-2014
01-30-2015
Pesos per Share
1.57180
5.87398
1.46560
4.28410
1.21538
3.03489
1.42964
5.27719
0.83148
Charged to
2010
2010
2011
2011
2012
2012
2013
2013
2014
26.2 Foreign Currency Translation Reserves
The following table details currency translation adjustments attributable to the shareholders of Enersis, in the consolidated
statement of financial position as of December 31, 2014, 2013 and 2012:
Reserves for Accumulated Currency Translation Differences
Empresa Distribuidora Sur S.A.
Compañía Distribuidora y Comercializadora de Energía S.A.
Edelnor
Enel Brasil S.A.
Central Costanera S.A.
Inversiones GasAtacama Holding Ltda.
Emgesa S.A. E.S.P.
Hidroelectrica El Chocón S.A.
Generandes Perú S.A.
Emp. Eléctrica de Piura
Others
TOTAL
26.3 Capital Management
12-31-2014
ThCh$
(76,439,681)
130,582,841
36,743,627
(164,554,392)
2,335,611
11,500,876
46,718,154
(30,145,604)
71,188,012
7,321,905
(96,475)
35,154,874
12-31-2013
ThCh$
(72,729,629)
154,005,545
16,231,253
(234,432,842)
578,662
5,020,651
76,006,120
(26,372,986)
24,832,786
3,379,674
(2,541,250)
(56,022,016)
12-31-2012
ThCh$
(68,251,285)
22,285,125
6,517,665
(53,694,114)
(2,677,497)
(646,559)
53,834,515
(19,040,997)
24,592,212
-
(3,639,124)
(40,720,059)
The Company’s objective is to maintain an adequate level of capitalization in order to be able to secure its access to the
financial markets, so as to fulfill its medium- and long-term goals while maximizing the return to its shareholders and
maintaining a solid financial position.
26.4 Restrictions on Subsidiaries Transferring Funds to the Parent
Certain of the Group’s subsidiaries must comply with financial ratio covenants which require them to have a minimum
level of equity or other requirements that restrict the transferring of assets to Enersis. The Group’s restricted net assets as of
December 31, 2014 from its subsidiaries Endesa Chile, Ampla Energía, Coelce, Edelnor, and Piura totaled ThCh$1,091,973,013,
ThCh$583,355,577, ThCh$103,197,317, ThCh$172,560,058 and ThCh$27,369,928 respectively.
324
2014 ANNUAL REPORT ENERSIS
CONSOLIDATED FINANCIAL STATEMENTS
26.5 Other Reserves
Other reserves within Equity attributable to shareholders of Enersis as of December 31, 2014 and 2013 are as follows:
Exchange differences on translation
Cash flow hedges
Available-for-sale financial assets
Other miscellaneous reserves
TOTAL
Exchange differences on translation
Cash flow hedges
Available-for-sale financial assets
Other miscellaneous reserves
TOTAL
Exchange differences on translation
Cash flow hedges
Available-for-sale financial assets
Other miscellaneous reserves
TOTAL
Balance at January 1, 2014
ThCh$
(56,022,016)
(3,086,726)
11,811
(2,414,023,486)
(2,473,120,417)
Balance at January 1, 2013
ThCh$
(40,720,059)
27,594,028
13,647
(1,498,010,369)
(1,511,122,753)
Balance at January 1, 2012
ThCh$
176,622,668
(310,265)
13,836
(1,497,208,996)
(1,320,882,757)
Changes 2014
ThCh$
91,176,890
(66,317,951)
2,235
(205,947,141)
(181,085,967)
Changes 2013
ThCh$
(15,301,957)
(30,680,754)
(1,836)
(916,013,117)
(961,997,664)
Changes 2012
ThCh$
(217,342,727)
27,904,293
(189)
(801,373)
(190,239,996)
Balance at 12-31-2014
ThCh$
35,154,874
(69,404,677)
14,046
(2,619,970,627)
(2,654,206,384)
Balance at 12-31-2013
ThCh$
(56,022,016)
(3,086,726)
11,811
(2,414,023,486)
(2,473,120,417)
Balance at 12-31-2012
ThCh$
(40,720,059)
27,594,028
13,647
(1,498,010,369)
(1,511,122,753)
a) Reserves for foreign currency translation differences: These arise primarily from exchange differences relating to:
- Translation of the financial statements of our foreign operations from their functional currencies to our presentation
currency (i.e. Chilean peso) (see Note 2.6.3); and
- Translation of goodwill arising from the acquisition of foreign operations with a functional currency other than the
Chilean peso (see Note 3.c).
b) Cash flow hedging reserves: These represent the cumulative portion of gains and losses on hedging instruments
deemed effective in cash flow hedges (see Note 3.g.4. and 3.m).
c) Other reserves
Changes during the fiscal year 2014 originated primarily from the Public Stock Offering of our subsidiary Coelce, the
acquisition of Inkia Holdings and the capitalization of Central Dock (see Note 26.6.1, 26.6.2 and 26.6.3).
Changes in the fiscal year 2013 originated primarily from the effects of the Enersis capital increase (see Note 26.1.1).
The main items and their effects are the following:
1) A charge of ThCh$897,856,109 resulting from the Enersis capital increase that took place in the first quarter of 2013 (see
Note 6).
2) A charge of ThCh$18,581,809 corresponding to share issuance and placement expenses calculated according to the
accounting criteria described in Note 3.t). The detail of these expenses is as follows:
Description of Expense
Legal advising services
Financial advising services and placement fees
Audits
Other expenses
Sub Total
Less
Share placement surcharge
Total
(*) See Note 26.1.1. (by-law amendments).
Gross Amount
ThCh$
1,154,819
22,436,327
1,113,980
347,764
25,052,890
1,460,503
23,592,387
Tax Effect
ThCh$
(230,964)
(4,487,265)
(222,796)
(69,553)
(5,010,578)
(5,010,578)
Net Amount
ThCh$
923,855
17,949,062
891,184
278,211
20,042,312
1,460,503
18,581,809
325
The other important items included in the balance in “Other miscellaneous reserves” as of December 31, 2014 and 2013 are
explained as follows:
i)
In accordance with Official Bulletin No. 456 from the SVS (Superintendencia de Valores y Seguros de Chile), included in this
line item is the monetary correction corresponding to the accumulated paid-up capital from the date of our transition to IFRS,
January 1, 2004, to December 31, 2008.
Please note that, while the Company adopted the IFRS as its statutory accounting standards on January 1, 2009, the date of
transition to that international standard used was the same as that used by its parent company, Endesa S.A., January 1, 2004.
This results from applying the exemption for that purpose in IFRS 1, “First Time Adoption”.
ii) Foreign currency translation differences existing at the time of transition to IFRS (IFRS 1 exemption, First Time Adoption).
iii) The effects of business combinations under common control, arising primarily from the creation of the holding company Enel
Brasil in 2005 and the merger of our Colombian subsidiaries Emgesa and Betania in 2007.
26.6 Non-Controlling Interests
26.6.1 COELCE Public Stock Offering
On January 14, 2014, the Enersis Board of Directors voted to hold a voluntary public offering of shares in its subsidiary
Companhia Energética do Ceará’s (Coelce) as part of the process to make use of the funds raised in the Enersis 2013 capital
increase (see Notes 5 and 26.1.1).
In the Public Stock Offering auction held on February 17, 2014, Enersis acquired 2,964,650 shares of Coelce common stock
at a price of R$49 per share, 8,818,006 shares of Class A preferred stock and 424 shares of Class B preferred stock, at a cost of
ThCh$134,248,158.
Having exceeded two-thirds of the total number of Coelce common stock shares in circulation, Enersis extended the effective
date of the offer for an additional three months from the date of the auction. The process concluded on May 16, 2014, during
which time Enersis acquired an additional 38,162 shares of common stock at a total price of ThCh$464,883.
In summary, Enersis increased its equity interest in Coelce by 15.18% to control, directly and indirectly, 74.05% of that
company’s stock.
This purchase of non-controlling stakes was recorded using the accounting criteria indicated in Note 2.6.5. The difference
between the accounting value of the non-controlling stakes acquired and the amount paid for them resulted in a charge of
ThCh$75,700,937 recorded directly in “Other reserves” in “Net equity attributable to the shareholders of Enersis”.
In addition, the components of “Other comprehensive income” have been redistributed accordingly, with an additional
charge to “Other miscellaneous reserves” and a credit to “Reserves for exchange differences on translation” amounting to
ThCh$28,385,172.
26.6.2 Acquisition of Inkia Holdings (Acter) Limited (Generandes Perú)
Con fecha 29 de abril de 2014, el Directorio de Enersis autorizó suscribir un contrato de compraventa para la adquisición de
On April 29, 2014, the Board of Enersis authorized the signing of a purchase agreement for the acquisition of all the shares
that Inkia Americas Holdings Limited held indirectly in Generandes Perú (39.01% of that company), which is the holding
company for Edegel S.A.A. This purchase formed part of the process to use funds that had been raised in the Enersis capital
increase in 2013 (See Notes 6 and 26.1.1).
On September 3, 2014, Enersis confirmed and paid ThCh$253,012,511 to Inkia, and consolidated the companies Inkia
Holdings (Acter) Limited, Southern Cone Power Ltd., Latin American Holding I Ltd., Latin American holding II Ltd. and
Southern Cone Power Peru S.A.A.
This transaction increased Enersis’s indirect stake in Edegel S.A.A by 21.14%, leaving Enersis with direct and indirect control of
58.60% of the shares in this company.
The acquisition of non-controlling interests was recorded according to the accounting policy described in Note 2.6.5. The
difference between the book value of non-controlling interests acquired and the amount paid for them, resulted in a charge
of ThCh$137,644,766 which is directly reflected in “Other reserves in equity attributable to the shareholders of Enersis”.
326
2014 ANNUAL REPORT ENERSIS
CONSOLIDATED FINANCIAL STATEMENTS
Additionally, the corresponding components of “Other comprehensive income” have been redistributed. Acocordingly,
there has been an additional charge to “Other miscellaneous reserves” and a credit to “Reserve for Exchange Differences in
Translation” of ThCh$32,862,564.
26.6.3 Capitalization of Central Dock Sud
During 2014, Enersis and the rest of Central Dock Sud’s (CDS) shareholders worked to find a solution to the statutory negative
equity situation that CDS was facing since December 2013. If the negative worth situation was not corrected, the company
would have to be dissolved according to Argentine regulation.
On December 1, 2014 Enersis S.A. bought to Endesa Latinoamérica S.A. a loan granted to Central Dock Sud S.A. (CDS), with
a face value of US$ 106 million. The amount paid was US$29 million. These loans were then converted to Argentine pesos
and interests were condoned. The remaining portion of these loans was contributed by Enersis S.A. to the share capital
of Inversora Dock Sud (IDS) and subsequently to CDS, at face value. Similar contribution was made by each of the other
shareholders, capitalizing their credits lent to CDS. In exchange, shares were issued by IDS and CDS, respectively, in proportion
to the loans contributed or cash capitalized, and in the case of Enersis, these loans were partially repaid in cash. All of these
movements constitute a related party transaction (the “Transaction”), approved in the case of Enersis, at an Extraordinary
Shareholders Meeting.
The Transaction restored the equity of CDS, whilst maintaining substantially the same proportion of shareholdings in this
company as held prior to the Transaction: Enersis (40%), YPF (40%) and Pan American Energy (20%).
This Transaction was recorded under the accounting policy described in Note 2.6.6 and resulted in an additional credit to
“Other miscellaneous reserves” of ThCh$35,149,573.
26.6.4 The Detail of Non-Controlling Interests
Companies
Ampla Energía E Serviços S.A.
Compañía Energética Do Ceará S.A.
Enel Brasil (2)
Compañía Distribuidora y Comercializadora
de energía S.A.
Emgesa S.A. E.S.P.
Empresa de Distribución Eléctrica de Lima
Norte S.A.A
Inversiones Distrilima S.A.
Generandes Perú S.A.
Edegel S.A.A
Chinango S.A.C.
Empresa Distribuidora Sur S.A.
Endesa Costanera S.A.
Hidroelectrica El Chocón S.A.
Inversora Dock Sud S.A.
Chilectra S.A.
Empresa Nacional de Electricidad S.A
Empresa Eléctrica Pehuenche S.A.
Empresa Eléctrica Pangue S.A. (1)
Compañía Eléctrica San Isidro S.A. (1)
Constructora y Proyectos Los Maitenes S.A.
Others
TOTAL
Non-controlling Financial Interests
Equity
12-31-2014
%
0.36%
26.00%
0.00%
12-31-2014
ThCh$
2,255,335
111,448,154
-
12-31-2013
ThCh$
2,183,126
157,475,275
-
12-31-2014
ThCh$
183,454
14,883,752
-
Profit (Loss)
12-31-2013
ThCh$
3,034,036
17,016,391
16,428,497
12-31-2012
ThCh$
9,465,947
41,417,826
75,730,078
51.52%
250,654,641
317,827,839
80,226,416
82,283,946
113,182,669
51.53%
377,921,404
484,065,147
148,822,948
130,147,172
147,151,839
24.32%
67,927,394
57,478,390
14,524,832
12,282,813
9,708,501
-
0.00%
-
0.00%
90,506,207
16.40%
20.00%
14,707,216
27.87% (17,558,352)
5,197,207
24.32%
26,841,549
32.33%
37,879,802
42.86%
11,127,491
0.91%
-
105,646,058
82,187,582
12,810,412
7,923,193
(6,822,454)
26,167,780
(26,372,413)
10,279,568
40.02% 1,080,652,251 1,061,317,532
12,756,939
-
-
25,446,652
8,539,982
2,338,910,608
12,597,077
-
-
-
5,085,323
2,077,242,699
7.35%
0.00%
0.00%
45.00%
-
12,672,210
17,790,998
3,002,284
(23,918,192)
11,072,950
3,538,006
(15,402,018)
1,370,642
133,622,088
10,522,428
-
-
3,192,773
3,206,288
419,311,859
-
17,074,639
13,299,054
2,033,307
25,129,551
(7,067,970)
3,811,615
(20,472,366)
2,056,796
142,871,823
8,415,147
-
-
3,543,412
2,998,733
454,886,596
7,275,377
13,075,545
10,191,998
2,421,392
(27,549,521)
(14,333,117)
4,654,590
-
1,599,284
93,549,165
18,934,978
583,424
1,676,986
4,613,400
2,312,086
515,662,447
(1) On May 1, 2012, Empresa Eléctrica Pangue S.A. was merged with Compañía Eléctrica San Isidro S.A. On September 1, 2013, Compañía
Eléctrica San Isidro S.A. was merged with Endesa Eco S.A., and on November 1, 2013, Endesa Eco was merged with Compañía Eléctrica
Tarapacá S.A. It is the latter company that legally continues to exist.
(2) On November 21, 2013, Investluz S.A. and Ampla Investimentos S.A. were merged with Enel Brasil S.A. It is the latter company that legally
continues to exist.
327
Note 27
Revenue and Other Income
The detail of revenues presented in the statement of comprehensive income as of December 31, 2014, 2013 and 2012 is as
follows:
Revenues
Energy sales
Generation
Regulated customers
Non-regulated customers
Spot market sales
Other customers
Distribution
Residential
Business
Industrial
Other consumers
Other sales
Metering equipment sales
Natural gas sales
Sales of products and services
Revenue from other services
Tolls and transmission
Metering equipment leases
Public lighting
Verifications and connections
Engineering and consulting services
Other services
12-31-2014
ThCh$
6,236,134,845
2,086,238,786
635,793,797
950,960,591
437,551,446
61,932,952
4,149,896,059
1,919,774,543
1,019,450,481
506,041,500
704,629,535
60,898,686
295,473
12,875,773
47,727,440
522,727,351
284,202,963
4,270,485
37,609,246
4,200,004
25,795,446
166,649,207
Balance at
12-31-2013
ThCh$
5,168,220,551
1,615,983,735
565,976,764
731,946,884
277,173,369
40,886,718
3,552,236,816
1,581,932,344
904,821,738
490,631,186
574,851,548
56,401,832
3,299,824
34,078,691
19,023,317
472,154,857
313,101,013
4,700,987
30,810,947
29,834,227
15,324,053
78,383,630
12-31-2012
ThCh$
5,725,898,591
1,906,699,801
332,223,746
1,075,577,399
472,368,572
26,530,084
3,819,198,790
1,712,160,992
978,570,398
494,404,380
634,063,020
20,021,897
2,588,881
-
17,433,016
436,203,210
319,135,832
4,653,801
32,613,523
13,653,352
17,620,795
48,525,907
Total operating revenue
6,819,760,882
5,696,777,240
6,182,123,698
Other Operating Income
Revenue from construction contracts
Mutual support
Services to third parties
Leases
Sale of new businesses
Other revenue (1)
Total other income
12-31-2014
ThCh$
186,078,925
33,111,763
1,256,606
787,297
96
212,880,751
434,115,438
Balance at
12-31-2013
ThCh$
159,283,676
29,071,409
10,099,168
1,057,795
14,504,231
353,652,383
567,668,662
12-31-2012
ThCh$
151,969,334
32,822,150
11,952,534
1,202,395
12,824,744
103,058,593
313,829,750
(1) For the year ended December 31, 2014, with the application of Resolution 250/13, the Cost Monitoring Mechanism (MMC) adjustment
for recognizing costs that are not passed on to electricity tariffs, our subsidiary Edesur has recorded income of ThCh$144,347,336 related
to the periods from October 2013 to December 2014. At December 31, 2013, ThCh$250,533,319 was recorded to reflect this adjustment
related to the periods from May 2007 to February 2013 and from March 2013 to September 2013.
Also included is ThCh$39,282,571 at December 31, 2014 (ThCh$31,262,764 at December 31, 2013) from new availability contracts as of
December 2012 between our subsidiary Central Costanera S.A. and CAMMESA.
328
2014 ANNUAL REPORT ENERSIS
CONSOLIDATED FINANCIAL STATEMENTS
Note 28
Raw Materials and Consumables Used
The detail of raw materials and consumables used presented in profit or loss for the periods ended December 31, 2014, 2013
and 2012 is as follows:
Raw Materials and Consumables Used
Energy purchases
Fuel consumption
Transportation costs
Costs from construction contracts
Other raw materials and consumables
Total
12-31-2014
ThCh$
(2,612,423,439)
(511,014,654)
(417,134,161)
(186,078,925)
(214,420,540)
(3,941,071,719)
Balance at
12-31-2013
ThCh$
(1,820,613,559)
(386,116,195)
(399,680,014)
(159,283,676)
(323,447,751)
(3,089,141,195)
12-31-2012
ThCh$
(1,848,670,310)
(763,791,553)
(474,178,392)
(151,969,334)
(456,413,330)
(3,695,022,919)
Note 29
Employee Benefits Expense
Employee expenses recognized in profit or loss as of December 31, 2014, 2013 and 2012 are as follows:
Employee Benefits Expense
Wages and salaries
Post-employment benefit obligations expense
Social security and other contributions
Other employee expenses
Total
12-31-2014
ThCh$
(380,106,448)
(9,881,330)
(120,658,782)
(5,363,276)
(516,009,836)
Balance at
12-31-2013
ThCh$
(330,394,741)
(7,603,393)
(121,856,590)
(5,827,374)
(465,682,098)
12-31-2012
ThCh$
(294,939,681)
(5,781,514)
(105,827,908)
(2,630,733)
(409,179,836)
Note 30
Depreciation, Amortization and Impairment Losses
The detail of depreciation, amortization and impairment losses recognized in profit or loss as of December 31, 2014, 2013 and
2012 are as follows:
Depreciation
Amortization
Subtotal
Reversal (losses) from impairment (*)
Total
12-31-2014
ThCh$
(366,951,453)
(112,228,451)
(479,179,904)
(51,515,362)
(530,695,266)
Balance at
12-31-2013
ThCh$
(339,240,870)
(96,232,389)
(435,473,259)
(74,877,924)
(510,351,183)
12-31-2012
ThCh$
(332,246,197)
(102,237,537)
(434,483,734)
(42,612,727)
(477,096,461)
(*) Information on Impairment
Losses by Business Segment
Financial assets (see Note 9c)
Intangible assets other than
goodwill (see Note 15)
Fixed assets (see note 17)
Reverse investment property
provision (see note 18)
Total
12-31-2014
ThCh$
(1,903,695)
Generation
12-31-2013
ThCh$
(654,698)
12-31-2012
ThCh$
12-31-2012
ThCh$
1,460,736 (20,866,271) (32,899,939) (34,141,630)
12-31-2014
ThCh$
Distribution
12-31-2013
ThCh$
12-31-2014
ThCh$
(78,174)
Others
12-31-2013
ThCh$
-
12-31-2012
ThCh$
-
-
-
- (14,948,785) (28,662,952)
(13,770,564) (12,388,153) (12,578,098)
-
-
-
-
-
(272,182)
-
-
-
-
-
-
52,127
(15,674,259)
(13,042,851)
(11,117,362)
(35,815,056)
(61,835,073)
(34,141,630)
(26,047)
-
-
-
-
-
-
2,646,265
2,646,265
329
Note 31
Other Expenses
Other miscellaneous operating expenses as of December 31, 2014, 2013 and 2012 are as follows:
Other Expenses
Other supplies and services
Professional, outsourced and other services
Repairs and maintenance
Indemnities and fines
Taxes and charges
Insurance premiums
Leases and rental costs
Marketing, public relations and advertising
Other supplies
Travel expenses
Environmental expenses
Total
Note 32
Other Gains (Losses)
12-31-2014
ThCh$
(68,996,816)
(212,595,924)
(123,940,629)
(17,523,089)
(19,728,489)
(35,869,125)
(21,087,207)
(8,465,814)
(42,404,914)
(17,967,705)
(5,470,901)
(574,050,613)
Balance at
12-31-2013
ThCh$
(62,324,990)
(211,242,280)
(107,688,505)
(20,798,430)
(29,108,704)
(27,520,496)
(18,878,285)
(8,232,239)
(24,251,604)
(6,101,368)
(3,951,788)
(520,098,689)
12-31-2012
ThCh$
(62,086,206)
(206,102,922)
(90,628,683)
(26,119,464)
(22,776,753)
(22,725,136)
(18,483,171)
(7,331,175)
(23,461,868)
(7,854,709)
(4,988,760)
(492,558,847)
Other gains (losses) as of December 31, 2014, 2013 and 2012 are as follows:
Other Gains (Losses)
Gain from rectifying the pre-existing interest held in Inversiones
GasAtacama Holding Ltda. (1)
Recording the of the translation difference on the pre-existing interest
held in Inversiones GasAtacama Holding Ltda. (1)
Gain from selling an interest in Maitenes y Aguas Santiago Poniente (2)
Sale of Charrua transmission lines
Sale of investment properties (3)
Other
Total
(1) See Note 5.e.
(2) See Note 2.4.1
(3) See Note 18
12-31-2014
ThCh$
21,546,320
21,006,456
21,077,900
-
7,556,574
582,567
71,769,817
Balance at
12-31-2013
ThCh$
-
-
-
2,532,438
12,195,531
4,442,036
19,170,005
12-31-2012
ThCh$
-
-
-
9,191,493
5,994,919
15,186,412
330
2014 ANNUAL REPORT ENERSIS
CONSOLIDATED FINANCIAL STATEMENTS
Note 33
Financial Results
Financial income and costs as of December 31, 2014, 2013 and 2012 are as follows:
Financial Income
Income from deposits and other financial instruments
Financial income on plan assets (Brazil)
Other financial income (1) (2)
Total
Financial Costs
Financial costs
Bank loans
Secured and unsecured obligations
Financial leasing
Valuation of financial derivatives
Financial provisions
Post-employment benefit obligations
Capitalized borrowing costs
Other financial costs (1)
12-31-2014
ThCh$
89,390,105
224,310
176,269,862
265,884,277
12-31-2014
ThCh$
(491,858,285)
(33,680,805)
(220,335,115)
(1,807,273)
(2,758,502)
(47,404,181)
(23,409,746)
56,918,667
(219,381,330)
Balance at
12-31-2013
ThCh$
101,020,849
200,526
158,905,171
260,126,546
Balance at
12-31-2013
ThCh$
(388,367,634)
(31,247,391)
(195,795,889)
(1,892,614)
(18,626,994)
(38,557,697)
(20,177,405)
30,325,539
(112,395,183)
12-31-2012
ThCh$
60,910,774
2,252,542
168,966,664
232,129,980
12-31-2012
ThCh$
(419,888,938)
(43,166,762)
(204,574,008)
(3,281,822)
(19,030,050)
(47,343,541)
(21,701,886)
26,477,369
(107,268,238)
Gain (loss) from indexed assets and liabilities (*)
1,633,555
(9,414,755)
(12,756,868)
Foreign currency exchange differences (**)
Total financial costs
(38,821,872)
(529,046,602)
(30,373,115)
(428,155,504)
(16,126,401)
(448,772,207)
Total financial results
(263,162,325)
(168,028,958)
(216,642,227)
(1) As of December 31, 2014, this item includes a net financial cost of ThCh$68,728,638 from the financial updating of non-amortized assets
at their new replacement value at the end of the concession in the distribution companies Ampla and Coelce. As of December 31, 2013,
this financial updating generated financial income of ThCh$54,591,750 and ThCh$112,274,835 as of December 31, 2012 (See Note 8).
(2) On December 31, 2014 our subsidiary Endesa Costanera was forgiven interest owed to Mitsubish and the present value of the Mitsubishi
debt amounting to ThCh$84,534,955, under a restructuring agreement for this debt. The main conditions of the restructuring agreement
include: the forgiveness of interest due and accrued as of September 30, 2014; the rescheduling of capital repayments over a period of 18
years, with a 12 month grace period so that obligations must be fully repaid before December 15, 2032; a minimum annual payment of
US$3,000,000 in principal in quarterly installments at an interest rate of 0.25% per annum; the maintenance of a pledge over assets and
the fixing of restrictions on the payment of dividends.
331
The effects on financial results from exchange differences and the application of indexed assets and liabilities originated from
the following:
Results from Indexed Assets and Liabilities (*)
Cash and cash equivalents
Other financial assets
Other non-financial assets
Trade and other receivables
Current tax assets and liabilities
Other financial liabilities (financial debt and derivative instruments)
Trade and other payables
Other provisions
Other non-financial liabilities
Total
Exchange Differences (**)
Cash and cash equivalents
Other financial assets
Other non-financial assets
Trade and other receivables
Current tax assets and liabilities
Other financial liabilities (financial debt and derivative instruments)
Trade and other payables
Other non-financial liabilities
Total
Nota 34
Income Taxes
12-31-2014
ThCh$
-
23,240,913
115,595
185,457
9,436,174
(31,274,827)
(3,757)
-
(66,000)
1,633,555
12-31-2014
ThCh$
22,584,942
10,915,550
117,145
15,371,591
(1,051,446)
(77,040,334)
(6,354,054)
(3,365,266)
(38,821,872)
Balance at
12-31-2013
ThCh$
-
4,789,683
13,669
273,757
2,950,060
(17,493,502)
8,563
(12,564)
55,579
(9,414,755)
Balance at
12-31-2013
ThCh$
6,102,820
36,522,047
2,636,563
17,727,884
(18,772)
(76,388,115)
(13,918,059)
(3,037,483)
(30,373,115)
12-31-2012
ThCh$
19,201
5,629,466
1,425
181,103
2,515,491
(21,849,406)
272,244
(163,246)
636,854
(12,756,868)
12-31-2012
ThCh$
(2,517,811)
6,021,281
113,953
(1,712,212)
(4,910)
(18,554,479)
1,353,385
(825,608)
(16,126,401)
The following table presents the components of the income tax expense/(benefit) recorded in the accompanying
Consolidated Statement of Comprehensive Income at December 31, 2014, 2013 and 2012:
Current Income Tax and Adjustments
to Current Income Tax for Previous Periods
Current income tax
Tax benefit from tax losses, tax credits or temporary differences not
previously recognized for the current period (current tax credits and/
or benefits)
Adjustments to current tax from the previous period
(Benefit) / expense for current income tax due to changes in tax rates
or the introduction of new taxes
Other current tax benefit / (expense)
Current tax expense, net
12-31-2014
ThCh$
(526,114,245)
Balance at
12-31-2013
ThCh$
(520,073,234)
12-31-2012
ThCh$
(367,633,053)
34,026,202
24,933,088
16,826,547
(4,201,999)
(2,035,554)
627,769
(4,747,995)
(3,328,058)
(504,366,095)
-
(1,145,793)
(498,321,493)
(822,301)
(351,001,038)
(Benefit) / expense from deferred taxes for origination and reversal of
temporary differences
(Benefit) / expense from deferred taxes due to changes in tax rates or
the introduction of new taxes (*)
Other components of deferred tax (benefit) /expense
Total deferred tax benefit / (expense)
(21,005,263)
7,803
(45,367,789)
28,762,009
(1,238,888)
(10,307,093)
-
7,756,746
(4,615,207)
(5,846,292)
-
(55,674,882)
Income tax expense, continuing operations
(496,609,349)
(504,167,785)
(406,675,920)
(*) See Note 19 c), d) and e).
332
2014 ANNUAL REPORT ENERSIS
CONSOLIDATED FINANCIAL STATEMENTS
The following table reconciles income taxes resulting from applying the local current tax rate to “Net income before taxes”
and the actual income tax expense recorded in the accompanying Consolidated Statement of Comprehensive Income at
December 31, 2014, 2013and 2012:
Conciliación del resultado contable multiplicada por
las tasas impositivas aplicables
ACCOUNTING INCOME BEFORE TAX
Tasa
12-31-2014
ThCh$
1,526,139,805
Tasa
12-31-2013
ThCh$
1,617,568,531
Tasa
12-31-2012
ThCh$
1,299,688,888
Total tax income (expense) using statutory rate
Tax effect of rates applied in other countries
Tax effect of non-taxable revenues
Tax effect of non-tax-deductible expenses
Tax effect of changes in income tax rates (*)
Tax effect of adjustments to taxes in previous
periods
Price level restatement for tax purposes
(investments and equity)
Total adjustments to tax expense using statutory
rate
Income tax benefit (expense), continuing
operations
(21.00%)
(9.18%)
14.36%
(18.29%)
1.88%
(320,476,606)
(140,032,350)
219,171,464
(279,066,084)
28,762,009
(20.00%)
(10.30%)
10.96%
(7.69%)
(0.08%)
(323,513,706)
(166,561,065)
177,335,237
(124,380,992)
(1,238,888)
(20.00%)
(8.81%)
4.21%
(8.07%)
0.01%
(259,937,778)
(136,712,575)
78,244,330
(116,144,791)
(10,307,093)
(0.28%)
(4,201,999)
(0.13%)
(2,035,554)
(0.07%)
627,769
(0.05%)
(765,783)
(3.94%)
(63,772,817)
(1.56%)
37,554,218
(11.54%)
(176,132,743)
(11.17%)
(180,654,079)
(14.30%)
(146,738,142)
(32.54%)
(496,609,349)
(31.17%)
(504,167,785)
(34.30%)
(406,675,920)
(*) The principal temporary differences are detailed in Note 19a.
Note 35
Information by Segment
35.1 Basis of Segmentation Criteria
The Group’s activities are organized primarily around its core businesses: electric energy generation, transmission and
distribution. On that basis, the Group has established two major business lines.
Considering presents the differentiated information that is analyzed by the Company’s chief operating decision maker,
segment information has been organized by the geographical areas in which the Group operates:
· Chile
· Argentina
· Brazil
·
Peru
· Colombia
Given that the Group’s corporate organization basically matches its business organization and, therefore, the segments, the
following information is based on the financial information of the companies forming each segment. The accounting policies
used to determine the segment information are the same as those used in the preparation of thhe Group’s consolidated
financial statements.
333
The following tables present details of this information by segment:
35.2 Generation and Transmission, Distribution and Others
Generation and Transmission
Distribution
Eliminations and others
Total
Line of Business
ASSETS
CURRENT ASSETS
Cash and cash equivalents
Other current financial assets
Other current non-financial assets
Trade and other current receivables
Current accounts receivable from related companies
Inventories
Current tax assets
12-31-2014
ThCh$
1,258,524,552
444,764,922
50,850,528
61,264,981
498,363,943
77,105,049
73,796,781
52,378,348
12-31-2013
ThCh$
1,156,438,452
374,220,089
50,768,162
58,112,923
375,169,450
146,150,489
53,275,768
98,741,571
Non-current assets classified as held for sale and discontinued operations
-
-
NON-CURRENT ASSETS
Other non-current financial assets
Other non-current non-financial assets
Trade and other non-current receivables
Non-current accounts receivable from related companies
Investments accounted for using the equity method
Intangible assets other than goodwill
Goodwill
Property, plant and equipment
Investment property
Deferred tax assets
6,814,137,154
7,937,828
12,590,288
185,266,255
-
609,409,322
55,498,838
125,609,898
5,723,349,345
-
94,475,380
6,398,817,292
4,061,439
24,308,809
167,646,689
-
779,072,009
51,842,981
100,096,198
5,155,570,775
-
116,218,392
TOTAL ASSETS
8,072,661,706
7,555,255,744
6,717,102,951
5,908,766,977
1,131,557,659
1,713,641,586
15,921,322,316
15,177,664,307
Generation and Transmission
Distribution
Eliminations and others
Total
Line of Business
LIABILITIES AND EQUITY
CURRENT LIABILITIES
Other current financial liabilities
Trade and other current payables
Current accounts payable to related companies
Other current provisions
Current tax liabilities
Current provisions for employee benefits
Other current non-financial liabilities
12-31-2014
ThCh$
1,622,353,344
297,869,150
777,931,218
371,111,287
38,351,988
96,623,249
-
40,466,452
12-31-2013
ThCh$
1,504,632,050
410,914,229
525,173,194
436,105,046
30,817,144
73,636,143
-
27,986,294
Liabilities associated with current assets classified as held for sale and discontinued
operations
-
-
NON-CURRENT LIABILITIES
Other non-current financial liabilities
Trade and other non-current payables
Non-current accounts payable to related companies
Other long-term provisions
Deferred tax liabilities
Non-current provisions for employee benefits
Other non-current non-financial liabilities
EQUITY
Equity attributable to shareholders of Enersis
Issued capital
Retained earnings
Share premium
Other reserves
Non-controlling interests
Total Liabilities and Equity
2,398,122,150
1,871,186,406
3,858,836
4,908,454
34,859,087
397,978,536
43,461,827
41,869,004
4,052,186,212
4,052,186,212
1,512,762,830
2,172,639,133
206,599,062
160,185,187
2,040,534,883
1,600,171,935
126,143
4,206,159
33,574,202
329,663,782
40,793,344
31,999,318
4,010,088,811
4,010,088,811
1,468,019,087
2,060,598,343
206,510,282
274,961,099
-
-
-
-
2,077,242,699
2,338,910,608
8,072,661,706
7,555,255,744
6,717,102,951
5,908,766,977
1,131,557,659
1,713,641,586
15,921,322,316
15,177,664,307
The eliminations column corresponds to transactions between companies in different lines of business and country, primarily
purchases and sales of energy and services.
334
2014 ANNUAL REPORT ENERSIS
CONSOLIDATED FINANCIAL STATEMENTS
585,268,211
(1,110,176,150)
(1,116,259,340)
12-31-2014
ThCh$
1,682,754,340
274,881,316
25,046,824
109,728,709
1,178,238,427
29,295,267
56,267,388
9,296,409
5,034,348,611
496,520,403
61,369,954
106,105,806
486,605
574,400,438
1,097,100,837
100,220,100
2,522,222,675
12-31-2013
ThCh$
1,211,608,943
255,290,795
94,069,869
79,785,042
743,195,165
18,210,862
19,671,824
1,385,386
4,697,158,034
452,585,368
59,599,963
54,579,139
1,091,372,309
97,464,272
2,285,222,824
75,921,793
71,065,948
12-31-2014
ThCh$
1,856,594,893
119,552,373
1,403,375,115
189,021,282
51,247,787
16,472,461
12-31-2013
ThCh$
1,391,925,362
173,246,439
886,825,146
167,324,745
55,152,733
40,149,920
1,770,828,652
1,153,615,811
155,526,685
1,401,109,244
930,826,729
22,937,735
162,308,328
61,859,841
213,666,598
23,851,389
3,089,679,406
3,089,679,406
872,231,352
1,384,094,891
3,965,297
829,387,866
154,230,523
95,496,877
189,410,354
8,207,026
3,115,732,371
3,115,732,371
865,828,224
1,495,097,851
4,193,997
750,612,299
-
-
-
-
-
-
-
-
-
-
-
-
-
12-31-2014
ThCh$
990,219,996
985,099,253
23,558,051
4,104,422
5,084,533
(87,958,976)
3,455,985
48,897,765
7,978,963
141,337,663
26,363,289
3,845,938
269,614
-
15,612,381
1,185,023,629
(11,356,301)
8,514,562
23,240,701
12-31-2014
ThCh$
(284,126,253)
4,384,156
107,570,617
(416,451,947)
622,909
2,376,603
-
-
5,488,147
278,330,784
264,295,311
(4,908,454)
76,426
18,523,107
12,801,987
(12,457,593)
1,137,353,128
1,137,353,128
3,419,453,804
(504,999,579)
(210,564,359)
12-31-2013
ThCh$
1,528,167,886
976,876,685
636,191,406
3,699,327
11,372,493
(130,341,777)
4,835,163
25,534,589
185,473,700
34,889,611
183,053
819,845
30,345,071
1,174,759,858
(6,994,874)
44,877,049
22,853,427
12-31-2013
ThCh$
84,702,287
322,514,537
103,005,314
(399,017,521)
1,339,486
45,951,000
-
-
-
-
-
247,295,620
259,250,447
(4,206,159)
6,162,628
(29,673,769)
8,311,293
7,451,180
1,381,643,679
1,381,643,679
3,335,433,414
(742,061,897)
(51,944,631)
11,989,823,428
11,281,449,026
12-31-2014
ThCh$
3,931,498,888
1,704,745,491
99,455,403
175,098,112
1,681,686,903
18,441,340
133,520,154
110,572,522
7,978,963
530,821,520
77,806,180
291,641,675
486,605
73,633,610
1,168,212,056
1,410,853,627
8,234,215,719
8,514,562
193,637,874
12-31-2014
ThCh$
3,194,821,984
421,805,679
2,288,876,950
143,680,622
90,222,684
115,472,313
5,488,147
197,243,841
478,361,484
269,930,412
53,262,800
8,279,218,746
6,201,976,047
5,804,447,986
3,051,734,445
-
-
-
12-31-2013
ThCh$
3,896,215,281
1,606,387,569
781,029,437
141,597,292
1,129,737,108
34,019,574
77,782,755
125,661,546
491,536,418
84,091,825
223,045,673
248,080,880
1,173,560,361
1,372,320,328
7,433,798,725
44,877,049
210,137,767
12-31-2013
ThCh$
2,981,259,699
906,675,205
1,515,003,654
204,412,270
87,309,363
159,737,063
-
-
-
-
-
193,967,353
395,486,890
238,514,991
47,657,524
8,507,464,861
6,168,554,253
5,669,280,725
2,813,634,297
158,759,648
4,447,281,586
3,289,097,528
159,385,521
3,688,939,747
2,790,249,111
23,063,878
(1,566,536,738)
(1,159,783,207)
(2,654,206,384)
(2,473,120,417)
76,925,875
69,226,379
11,883,262
10,909,471
129,275,589
108,122,144
Line of Business
ASSETS
CURRENT ASSETS
Cash and cash equivalents
Other current financial assets
Other current non-financial assets
Trade and other current receivables
Current accounts receivable from related companies
Inventories
Current tax assets
NON-CURRENT ASSETS
Other non-current financial assets
Other non-current non-financial assets
Trade and other non-current receivables
Non-current accounts receivable from related companies
Investments accounted for using the equity method
Intangible assets other than goodwill
Goodwill
Property, plant and equipment
Investment property
Deferred tax assets
TOTAL ASSETS
Line of Business
LIABILITIES AND EQUITY
CURRENT LIABILITIES
Other current financial liabilities
Trade and other current payables
Current accounts payable to related companies
Other current provisions
Current tax liabilities
Current provisions for employee benefits
Other current non-financial liabilities
NON-CURRENT LIABILITIES
Other non-current financial liabilities
Trade and other non-current payables
Non-current accounts payable to related companies
Other long-term provisions
Deferred tax liabilities
Non-current provisions for employee benefits
Other non-current non-financial liabilities
Equity attributable to shareholders of Enersis
EQUITY
Issued capital
Retained earnings
Share premium
Other reserves
Non-controlling interests
Total Liabilities and Equity
Liabilities associated with current assets classified as held for sale and discontinued
operations
-
-
-
-
-
-
-
-
-
-
12-31-2014
ThCh$
1,258,524,552
444,764,922
50,850,528
61,264,981
498,363,943
77,105,049
73,796,781
52,378,348
7,937,828
12,590,288
185,266,255
609,409,322
55,498,838
125,609,898
5,723,349,345
12-31-2013
ThCh$
1,156,438,452
374,220,089
50,768,162
58,112,923
375,169,450
146,150,489
53,275,768
98,741,571
4,061,439
24,308,809
167,646,689
779,072,009
51,842,981
100,096,198
5,155,570,775
6,814,137,154
6,398,817,292
94,475,380
116,218,392
1,622,353,344
1,504,632,050
12-31-2014
ThCh$
297,869,150
777,931,218
371,111,287
38,351,988
96,623,249
12-31-2013
ThCh$
410,914,229
525,173,194
436,105,046
30,817,144
73,636,143
40,466,452
27,986,294
2,398,122,150
1,871,186,406
2,040,534,883
1,600,171,935
3,858,836
4,908,454
34,859,087
397,978,536
43,461,827
41,869,004
4,052,186,212
4,052,186,212
1,512,762,830
2,172,639,133
206,599,062
160,185,187
126,143
4,206,159
33,574,202
329,663,782
40,793,344
31,999,318
4,010,088,811
4,010,088,811
1,468,019,087
2,060,598,343
206,510,282
274,961,099
The following tables present details of this information by segment:
35.2 Generation and Transmission, Distribution and Others
Generation and Transmission
Distribution
12-31-2014
ThCh$
1,682,754,340
274,881,316
25,046,824
109,728,709
1,178,238,427
29,295,267
56,267,388
9,296,409
12-31-2013
ThCh$
1,211,608,943
255,290,795
94,069,869
79,785,042
743,195,165
18,210,862
19,671,824
1,385,386
Eliminations and others
12-31-2014
ThCh$
990,219,996
985,099,253
23,558,051
4,104,422
5,084,533
(87,958,976)
3,455,985
48,897,765
12-31-2013
ThCh$
1,528,167,886
976,876,685
636,191,406
3,699,327
11,372,493
(130,341,777)
4,835,163
25,534,589
Total
12-31-2014
ThCh$
3,931,498,888
1,704,745,491
99,455,403
175,098,112
1,681,686,903
18,441,340
133,520,154
110,572,522
12-31-2013
ThCh$
3,896,215,281
1,606,387,569
781,029,437
141,597,292
1,129,737,108
34,019,574
77,782,755
125,661,546
Non-current assets classified as held for sale and discontinued operations
-
-
7,978,963
-
7,978,963
-
5,034,348,611
496,520,403
61,369,954
106,105,806
486,605
574,400,438
1,097,100,837
100,220,100
2,522,222,675
-
75,921,793
4,697,158,034
452,585,368
59,599,963
54,579,139
-
585,268,211
1,091,372,309
97,464,272
2,285,222,824
-
71,065,948
141,337,663
26,363,289
3,845,938
269,614
-
(1,110,176,150)
15,612,381
1,185,023,629
(11,356,301)
8,514,562
23,240,701
185,473,700
34,889,611
183,053
819,845
-
(1,116,259,340)
30,345,071
1,174,759,858
(6,994,874)
44,877,049
22,853,427
11,989,823,428
530,821,520
77,806,180
291,641,675
486,605
73,633,610
1,168,212,056
1,410,853,627
8,234,215,719
8,514,562
193,637,874
11,281,449,026
491,536,418
84,091,825
223,045,673
-
248,080,880
1,173,560,361
1,372,320,328
7,433,798,725
44,877,049
210,137,767
8,072,661,706
7,555,255,744
6,717,102,951
5,908,766,977
1,131,557,659
1,713,641,586
15,921,322,316
15,177,664,307
Generation and Transmission
Distribution
12-31-2014
ThCh$
1,856,594,893
119,552,373
1,403,375,115
189,021,282
51,247,787
16,472,461
-
76,925,875
12-31-2013
ThCh$
1,391,925,362
173,246,439
886,825,146
167,324,745
55,152,733
40,149,920
-
69,226,379
Eliminations and others
12-31-2014
ThCh$
(284,126,253)
4,384,156
107,570,617
(416,451,947)
622,909
2,376,603
-
11,883,262
12-31-2013
ThCh$
84,702,287
322,514,537
103,005,314
(399,017,521)
1,339,486
45,951,000
-
10,909,471
Total
12-31-2014
ThCh$
3,194,821,984
421,805,679
2,288,876,950
143,680,622
90,222,684
115,472,313
-
129,275,589
12-31-2013
ThCh$
2,981,259,699
906,675,205
1,515,003,654
204,412,270
87,309,363
159,737,063
-
108,122,144
-
-
5,488,147
-
5,488,147
-
1,770,828,652
1,153,615,811
155,526,685
-
162,308,328
61,859,841
213,666,598
23,851,389
3,089,679,406
3,089,679,406
872,231,352
1,384,094,891
3,965,297
829,387,866
1,401,109,244
930,826,729
22,937,735
-
154,230,523
95,496,877
189,410,354
8,207,026
3,115,732,371
3,115,732,371
865,828,224
1,495,097,851
4,193,997
750,612,299
278,330,784
264,295,311
-
(4,908,454)
76,426
18,523,107
12,801,987
(12,457,593)
247,295,620
259,250,447
-
(4,206,159)
6,162,628
(29,673,769)
8,311,293
7,451,180
1,137,353,128
1,137,353,128
3,419,453,804
(504,999,579)
(210,564,359)
(1,566,536,738)
1,381,643,679
1,381,643,679
3,335,433,414
(742,061,897)
(51,944,631)
(1,159,783,207)
4,447,281,586
3,289,097,528
159,385,521
-
197,243,841
478,361,484
269,930,412
53,262,800
8,279,218,746
6,201,976,047
5,804,447,986
3,051,734,445
-
(2,654,206,384)
3,688,939,747
2,790,249,111
23,063,878
-
193,967,353
395,486,890
238,514,991
47,657,524
8,507,464,861
6,168,554,253
5,669,280,725
2,813,634,297
158,759,648
(2,473,120,417)
The eliminations column corresponds to transactions between companies in different lines of business and country, primarily
purchases and sales of energy and services.
-
-
-
-
-
-
2,077,242,699
2,338,910,608
8,072,661,706
7,555,255,744
6,717,102,951
5,908,766,977
1,131,557,659
1,713,641,586
15,921,322,316
15,177,664,307
335
Generation and Transmission
Distribution Distribution
Eliminations and others
Line of Business
STATEMENT OF COMPREHENSIVE INCOME
REVENUES AND OTHER OPERATING INCOME
Revenues
Energy sales
Other sales
Other services rendered
Other operating income
RAW MATERIALS AND CONSUMABLES USED
Energy purchases
Fuel consumption
Transportation expenses
Other miscellaneous supplies and services
12-31-2014
ThCh$
2,983,409,113
2,900,381,192
2,669,930,138
24,142,712
206,308,342
83,027,921
12-31-2013
ThCh$
2,441,120,267
2,377,325,332
2,165,668,341
34,091,251
177,565,740
63,794,935
12-31-2012
ThCh$
2,678,261,961
2,612,956,454
2,482,754,540
30,347
130,171,567
65,305,507
12-31-2014
ThCh$
4,930,001,104
4,579,719,416
4,155,503,680
28,537,904
395,677,832
350,281,688
(1,403,902,013)
(547,119,540)
(511,010,903)
(267,732,002)
(78,039,568)
(1,009,702,135)
(292,864,432)
(386,111,799)
(247,142,292)
(83,583,612)
(1,449,084,420)
(361,610,578)
(763,783,683)
(251,768,651)
(71,921,508)
(3,194,185,846)
(2,666,373,539)
-
(224,551,869)
(303,260,438)
12-31-2013
ThCh$
4,404,479,994
3,901,681,181
3,552,382,184
11,612,335
337,686,662
502,798,813
12-31-2012
ThCh$
4,423,281,052
4,182,008,807
3,819,198,791
11,553,462
351,256,554
241,272,245
(2,673,379,981)
(2,867,319,759)
(2,075,154,855)
(2,063,213,138)
-
-
(202,158,980)
(270,471,867)
12-31-2014
ThCh$
(659,533,897)
(660,339,726)
(589,298,973)
8,218,070
(79,258,823)
805,829
657,016,140
601,069,640
(3,751)
75,149,710
12-31-2013
ThCh$
(581,154,359)
(582,229,273)
(549,829,974)
10,698,246
(43,097,545)
1,074,914
593,940,921
547,405,728
(4,396)
49,621,258
(3,081,669)
12-31-2012
ThCh$
(605,589,565)
(612,841,563)
(576,054,740)
8,438,088
(45,224,911)
7,251,998
12-31-2014
ThCh$
7,253,876,320
6,819,760,882
6,236,134,845
60,898,686
522,727,351
434,115,438
Total
12-31-2013
ThCh$
6,264,445,902
5,696,777,240
5,168,220,551
56,401,832
472,154,857
567,668,662
12-31-2012
ThCh$
6,495,953,448
6,182,123,698
5,725,898,591
20,021,897
436,203,210
313,829,750
621,381,260
(3,941,071,719)
(3,089,141,195)
(3,695,022,919)
576,153,406
(2,612,423,439)
(1,820,613,559)
(1,848,670,310)
(7,870)
48,062,126
(511,014,654)
(417,134,161)
(386,116,195)
(399,680,014)
(763,791,553)
(474,178,392)
(396,066,146)
(533,634,754)
(19,199,459)
(2,826,402)
(400,499,465)
(482,731,427)
(608,382,664)
CONTRIBUTION MARGIN
1,579,507,100
1,431,418,132
1,229,177,541
1,735,815,258
1,731,100,013
1,555,961,293
(2,517,757)
12,786,562
15,791,695
3,312,804,601
3,175,304,707
2,800,930,529
Other work performed by the entity and capitalized
Employee benefits expense
Other expenses
30,014,454
(156,645,727)
(149,875,517)
19,881,495
(141,748,617)
(131,303,219)
13,476,346
(113,966,867)
(117,716,347)
47,142,651
(315,024,893)
(440,392,666)
42,000,709
(286,189,660)
(392,931,388)
35,191,036
(263,105,705)
(377,970,540)
118,881
(44,339,216)
16,217,570
83,324
(37,743,821)
4,135,918
-
(32,107,264)
3,128,040
77,275,986
(516,009,836)
(574,050,613)
61,965,528
(465,682,098)
(520,098,689)
48,667,382
(409,179,836)
(492,558,847)
GROSS OPERATING RESULT
1,303,000,310
1,178,247,791
1,010,970,673
1,027,540,350
1,093,979,674
950,076,084
(30,520,522)
(20,738,017)
(13,187,529)
2,300,020,138
2,251,489,448
1,947,859,228
Depreciation and amortization expense
Impairment losses (reversal of impairment losses) recognized in profit or loss
(241,309,803)
(15,674,259)
(220,709,881)
(13,042,851)
(209,061,131)
(11,117,362)
(235,910,224)
(35,815,056)
(212,656,348)
(61,835,073)
(223,100,209)
(34,141,630)
(1,959,877)
(26,047)
(2,107,030)
-
(2,322,394)
2,646,265
(479,179,904)
(51,515,362)
(435,473,259)
(74,877,924)
(434,483,734)
(42,612,727)
OPERATING INCOME
1,046,016,248
944,495,059
790,792,180
755,815,070
819,488,253
692,834,245
(32,506,446)
(22,845,047)
(12,863,658)
1,769,324,872
1,741,138,265
1,470,762,767
FINANCIAL RESULT
Financial income
Financial costs
Profit (loss) from indexed assets and liabilities
Foreign currency exchange differences
Positive
Negative
Share of profit of associates accounted for using the equity method
Other gains (losses)
Gain (loss) from other investments
Gain (loss) from the sale of property, plant and equipment
(99,978,477)
112,661,181
(158,041,713)
14,341,214
(68,939,159)
57,125,008
(126,064,167)
(167,809,388)
37,896,449
(167,371,745)
1,220,365
(39,554,457)
52,992,156
(92,546,613)
(145,785,551)
38,373,092
(169,460,109)
(785,468)
(13,913,066)
20,072,837
(33,985,903)
(243,780,744)
96,548,660
(339,277,981)
634,552
(1,685,975)
4,497,592
(6,183,567)
(54,413,312)
43,449,696
43,359,034
90,662
24,355,515
3,418,397
835,817
2,582,580
27,913,996
1,422,271
657,026
765,245
2,595,760
(314,354)
-
(314,354)
(53,414,151)
161,068,601
(46,097,468)
183,505,989
(214,051,796)
(232,804,924)
558,758
(989,714)
3,454,032
(4,443,746)
933,704
3,561,369
-
3,561,369
1,204,984
1,996,483
3,762,002
(1,765,519)
2,468,250
1,392,547
80,274
1,312,273
80,596,896
56,674,436
5,461,409
(13,342,211)
31,803,262
59,380,504
(27,577,242)
(35,735)
28,634,475
21,077,900
7,556,575
(24,759,208)
(263,162,325)
(168,028,958)
(216,642,227)
53,194,581
61,161,496
(6,944,093)
(11,193,878)
10,171,056
37,379,556
(27,208,500)
10,250,899
(17,623,905)
(13,176,384)
(4,209,818)
24,339,662
265,884,277
(491,858,285)
1,633,555
(38,821,872)
121,003,104
260,126,546
(388,367,634)
(9,414,755)
(30,373,115)
93,825,744
(28,549,480)
(159,824,976)
(124,198,859)
12,190,239
12,371,594
12,190,239
12,371,594
(310)
(51,853,287)
-
71,769,817
64,436,934
7,332,883
25,289,219
19,170,005
835,817
18,334,188
232,129,980
(419,888,938)
(12,756,868)
(16,126,401)
48,174,501
(64,300,902)
30,381,936
15,186,412
737,300
14,449,112
Income before tax
Income tax
Net income from continuing operations
Net income from discontinued operations
NET INCOME
Net income attributable to
Shareholders of Enersis
Non-controlling interests
Line of Business
STATEMENT OF CASH FLOW
Cash flow from (used in) operating activities
Cash flow from (used in) investing activities
Cash flows from (used in) financing activities
935,074,155
804,459,583
674,342,896
514,315,732
770,569,175
650,597,574
76,689,190
42,539,773
(25,251,582)
1,526,079,077
1,617,568,531
1,299,688,888
(287,691,669)
(229,566,686)
(210,602,693)
(153,041,776)
(203,441,100)
(210,877,855)
(55,875,904)
(71,159,999)
14,804,628
(496,609,349)
(504,167,785)
(406,675,920)
647,382,486
-
647,382,486
574,892,897
463,740,203
574,892,897
463,740,203
361,273,956
-
361,273,956
647,382,486
-
-
574,892,897
-
-
463,740,203
-
-
361,273,956
-
-
Generation and Transmission
Distribution Distribution
Eliminations and others
12-31-2014
ThCh$
1,026,718,651
(357,107,188)
(575,096,742)
12-31-2013
ThCh$
874,169,034
(194,635,422)
(628,577,198)
12-31-2012
ThCh$
718,617,420
(265,633,358)
(639,711,643)
12-31-2014
ThCh$
769,341,885
(513,969,018)
(220,294,230)
567,128,075
439,719,719
20,813,286
(28,620,226)
(10,446,954)
1,029,469,728
1,113,400,746
893,012,968
567,128,075
439,719,719
20,813,286
(28,620,226)
(10,446,954)
1,029,469,728
1,113,400,746
893,012,968
-
-
-
567,128,075
439,719,719
20,813,286
(28,620,226)
(10,446,954)
1,029,469,728
1,113,400,746
-
-
610,157,869
419,311,859
658,514,150
454,886,596
893,012,968
377,350,521
515,662,447
-
-
-
-
-
-
-
12-31-2013
ThCh$
12-31-2012
ThCh$
12-31-2014
ThCh$
12-31-2013
ThCh$
12-31-2012
ThCh$
12-31-2014
ThCh$
855,536,268
844,926,087
(98,022,542)
(28,729,658)
(20,181,072)
1,698,037,994
1,700,975,644
1,543,362,435
(488,352,158)
(327,075,688)
(451,881,927)
(440,998,366)
571,389,216
(540,899,509)
(124,620,795)
(299,686,990)
(1,223,887,089)
(842,136,080)
(488,068,691)
1,292,418,242
68,435,178
(1,283,459,663)
336,765,356
(1,012,274,831)
Total
12-31-2013
ThCh$
12-31-2012
ThCh$
-
-
-
-
The eliminations column corresponds to transactions between companies in different lines of business and country, primarily
purchases and sales of energy and services.
336
2014 ANNUAL REPORT ENERSIS
CONSOLIDATED FINANCIAL STATEMENTS
Generation and Transmission
Distribution Distribution
Eliminations and others
12-31-2014
12-31-2013
12-31-2012
12-31-2014
ThCh$
ThCh$
ThCh$
ThCh$
2,983,409,113
2,441,120,267
2,678,261,961
4,930,001,104
2,900,381,192
2,377,325,332
2,612,956,454
4,579,719,416
2,669,930,138
2,165,668,341
2,482,754,540
4,155,503,680
24,142,712
34,091,251
30,347
206,308,342
177,565,740
130,171,567
83,027,921
63,794,935
65,305,507
28,537,904
395,677,832
350,281,688
(1,403,902,013)
(1,009,702,135)
(1,449,084,420)
(3,194,185,846)
(547,119,540)
(292,864,432)
(361,610,578)
(2,666,373,539)
(511,010,903)
(386,111,799)
(763,783,683)
-
(267,732,002)
(247,142,292)
(251,768,651)
(224,551,869)
(78,039,568)
(83,583,612)
(71,921,508)
(303,260,438)
12-31-2013
ThCh$
4,404,479,994
3,901,681,181
3,552,382,184
11,612,335
337,686,662
502,798,813
12-31-2012
ThCh$
4,423,281,052
4,182,008,807
3,819,198,791
11,553,462
351,256,554
241,272,245
(2,673,379,981)
(2,075,154,855)
-
(202,158,980)
(396,066,146)
(2,867,319,759)
(2,063,213,138)
-
(270,471,867)
(533,634,754)
12-31-2014
ThCh$
(659,533,897)
(660,339,726)
(589,298,973)
8,218,070
(79,258,823)
805,829
657,016,140
601,069,640
(3,751)
75,149,710
(19,199,459)
12-31-2013
ThCh$
(581,154,359)
(582,229,273)
(549,829,974)
10,698,246
(43,097,545)
1,074,914
593,940,921
547,405,728
(4,396)
49,621,258
(3,081,669)
12-31-2012
ThCh$
(605,589,565)
(612,841,563)
(576,054,740)
8,438,088
(45,224,911)
7,251,998
12-31-2014
ThCh$
7,253,876,320
6,819,760,882
6,236,134,845
60,898,686
522,727,351
434,115,438
Total
12-31-2013
ThCh$
6,264,445,902
5,696,777,240
5,168,220,551
56,401,832
472,154,857
567,668,662
12-31-2012
ThCh$
6,495,953,448
6,182,123,698
5,725,898,591
20,021,897
436,203,210
313,829,750
621,381,260
576,153,406
(7,870)
48,062,126
(2,826,402)
(3,941,071,719)
(2,612,423,439)
(511,014,654)
(417,134,161)
(400,499,465)
(3,089,141,195)
(1,820,613,559)
(386,116,195)
(399,680,014)
(482,731,427)
(3,695,022,919)
(1,848,670,310)
(763,791,553)
(474,178,392)
(608,382,664)
CONTRIBUTION MARGIN
1,579,507,100
1,431,418,132
1,229,177,541
1,735,815,258
1,731,100,013
1,555,961,293
(2,517,757)
12,786,562
15,791,695
3,312,804,601
3,175,304,707
2,800,930,529
30,014,454
19,881,495
13,476,346
47,142,651
(156,645,727)
(141,748,617)
(113,966,867)
(315,024,893)
(149,875,517)
(131,303,219)
(117,716,347)
(440,392,666)
42,000,709
(286,189,660)
(392,931,388)
35,191,036
(263,105,705)
(377,970,540)
118,881
(44,339,216)
16,217,570
83,324
(37,743,821)
4,135,918
-
(32,107,264)
3,128,040
77,275,986
(516,009,836)
(574,050,613)
61,965,528
(465,682,098)
(520,098,689)
48,667,382
(409,179,836)
(492,558,847)
1,303,000,310
1,178,247,791
1,010,970,673
1,027,540,350
1,093,979,674
950,076,084
(30,520,522)
(20,738,017)
(13,187,529)
2,300,020,138
2,251,489,448
1,947,859,228
Depreciation and amortization expense
(241,309,803)
(220,709,881)
(209,061,131)
(235,910,224)
Impairment losses (reversal of impairment losses) recognized in profit or loss
(15,674,259)
(13,042,851)
(11,117,362)
(35,815,056)
(212,656,348)
(61,835,073)
(223,100,209)
(34,141,630)
(1,959,877)
(26,047)
(2,107,030)
-
(2,322,394)
2,646,265
(479,179,904)
(51,515,362)
(435,473,259)
(74,877,924)
(434,483,734)
(42,612,727)
1,046,016,248
944,495,059
790,792,180
755,815,070
819,488,253
692,834,245
(32,506,446)
(22,845,047)
(12,863,658)
1,769,324,872
1,741,138,265
1,470,762,767
(99,978,477)
(167,809,388)
(145,785,551)
(243,780,744)
112,661,181
37,896,449
38,373,092
96,548,660
(158,041,713)
(167,371,745)
(169,460,109)
(339,277,981)
14,341,214
1,220,365
(785,468)
(68,939,159)
(39,554,457)
(13,913,066)
57,125,008
52,992,156
20,072,837
(126,064,167)
(92,546,613)
(33,985,903)
(54,413,312)
43,449,696
43,359,034
90,662
24,355,515
3,418,397
835,817
2,582,580
27,913,996
1,422,271
657,026
765,245
634,552
(1,685,975)
4,497,592
(6,183,567)
2,595,760
(314,354)
(314,354)
(53,414,151)
161,068,601
(214,051,796)
558,758
(989,714)
3,454,032
(4,443,746)
933,704
3,561,369
-
3,561,369
(46,097,468)
183,505,989
(232,804,924)
1,204,984
1,996,483
3,762,002
(1,765,519)
2,468,250
1,392,547
80,274
1,312,273
80,596,896
56,674,436
5,461,409
(13,342,211)
31,803,262
59,380,504
(27,577,242)
(35,735)
28,634,475
21,077,900
7,556,575
53,194,581
61,161,496
(6,944,093)
(11,193,878)
10,171,056
37,379,556
(27,208,500)
-
12,190,239
-
12,190,239
(24,759,208)
10,250,899
(17,623,905)
(13,176,384)
(4,209,818)
24,339,662
(28,549,480)
(310)
12,371,594
-
12,371,594
(263,162,325)
265,884,277
(491,858,285)
1,633,555
(38,821,872)
121,003,104
(159,824,976)
(51,853,287)
71,769,817
64,436,934
7,332,883
(168,028,958)
260,126,546
(388,367,634)
(9,414,755)
(30,373,115)
93,825,744
(124,198,859)
25,289,219
19,170,005
835,817
18,334,188
(216,642,227)
232,129,980
(419,888,938)
(12,756,868)
(16,126,401)
48,174,501
(64,300,902)
30,381,936
15,186,412
737,300
14,449,112
935,074,155
804,459,583
674,342,896
514,315,732
770,569,175
650,597,574
76,689,190
42,539,773
(25,251,582)
1,526,079,077
1,617,568,531
1,299,688,888
(287,691,669)
(229,566,686)
(210,602,693)
(153,041,776)
(203,441,100)
(210,877,855)
(55,875,904)
(71,159,999)
14,804,628
(496,609,349)
(504,167,785)
(406,675,920)
647,382,486
574,892,897
463,740,203
361,273,956
567,128,075
439,719,719
647,382,486
574,892,897
463,740,203
361,273,956
567,128,075
439,719,719
647,382,486
574,892,897
463,740,203
361,273,956
-
-
-
-
567,128,075
-
-
439,719,719
-
-
-
-
-
20,813,286
-
20,813,286
20,813,286
-
-
(28,620,226)
(10,446,954)
(28,620,226)
(10,446,954)
1,029,469,728
-
1,029,469,728
1,113,400,746
-
1,113,400,746
893,012,968
-
893,012,968
(28,620,226)
-
-
(10,446,954)
-
-
1,029,469,728
610,157,869
419,311,859
1,113,400,746
658,514,150
454,886,596
893,012,968
377,350,521
515,662,447
Generation and Transmission
Distribution Distribution
Eliminations and others
12-31-2014
12-31-2013
12-31-2012
12-31-2014
ThCh$
ThCh$
ThCh$
ThCh$
1,026,718,651
874,169,034
718,617,420
769,341,885
(357,107,188)
(194,635,422)
(265,633,358)
(513,969,018)
(575,096,742)
(628,577,198)
(639,711,643)
(220,294,230)
12-31-2013
ThCh$
855,536,268
(488,352,158)
(327,075,688)
12-31-2012
ThCh$
844,926,087
(451,881,927)
(440,998,366)
12-31-2014
ThCh$
(98,022,542)
571,389,216
(488,068,691)
12-31-2013
ThCh$
(28,729,658)
(540,899,509)
1,292,418,242
12-31-2012
ThCh$
(20,181,072)
(124,620,795)
68,435,178
12-31-2014
ThCh$
1,698,037,994
(299,686,990)
(1,283,459,663)
Total
12-31-2013
ThCh$
1,700,975,644
(1,223,887,089)
336,765,356
12-31-2012
ThCh$
1,543,362,435
(842,136,080)
(1,012,274,831)
-
-
-
-
Line of Business
STATEMENT OF COMPREHENSIVE INCOME
REVENUES AND OTHER OPERATING INCOME
Revenues
Energy sales
Other sales
Other services rendered
Other operating income
Energy purchases
Fuel consumption
Transportation expenses
RAW MATERIALS AND CONSUMABLES USED
Other miscellaneous supplies and services
Other work performed by the entity and capitalized
Employee benefits expense
Other expenses
GROSS OPERATING RESULT
OPERATING INCOME
FINANCIAL RESULT
Financial income
Financial costs
Positive
Negative
Profit (loss) from indexed assets and liabilities
Foreign currency exchange differences
Income before tax
Income tax
Net income from continuing operations
Net income from discontinued operations
NET INCOME
Net income attributable to
Shareholders of Enersis
Non-controlling interests
Line of Business
STATEMENT OF CASH FLOW
Cash flow from (used in) operating activities
Cash flow from (used in) investing activities
Cash flows from (used in) financing activities
Share of profit of associates accounted for using the equity method
Other gains (losses)
Gain (loss) from other investments
Gain (loss) from the sale of property, plant and equipment
The eliminations column corresponds to transactions between companies in different lines of business and country, primarily
purchases and sales of energy and services.
337
35.3 Countries
Country
ASSETS
CURRENT ASSETS
Cash and cash equivalents
Other current financial assets
Other current non-financial
assets
Trade and other current
receivables
Current accounts receivable from
related companies
Inventories
Current tax assets
Non-current assets classified as
held for sale and discontinued
operations
NON-CURRENT ASSETS
Other non-current financial
assets
Other non-current non-financial
assets
Trade and other non-current
receivables
Non-current accounts receivable
from related companies
Investments accounted for using
the equity method
Intangible assets other than
goodwill
Goodwill
Property, plant and equipment
Investment property
Deferred tax assets
12-31-2014
12-31-2013
12-31-2014
12-31-2013
12-31-2014
12-31-2013
12-31-2014
12-31-2013
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
574,295,812
592,888,884
287,163,111
230,431,271
(177,931,310)
(150,892,582)
3,931,498,888 3,896,215,281
357,750,546
344,261,959
134,033,441
81,033,299
38,065,858
72,983,696
-
4,062,461
1,704,745,491
1,606,387,569
99,455,403
781,029,437
175,098,112
141,597,292
Chile
Argentina
Brazil
Colombia
Peru
Eliminations
Total
12-31-2014
ThCh$
1,878,994,993
989,320,583
8,518,962
12-31-2013
ThCh$
2,084,089,603
906,467,031
540,622,559
12-31-2014
ThCh$
520,217,733
25,917,276
-
12-31-2013
ThCh$
324,887,994
24,982,401
-
12-31-2014
ThCh$
848,758,549
197,723,645
52,870,583
12-31-2013
ThCh$
814,810,111
249,642,879
163,360,721
16,052,871
4,826,805
4,151,319
5,359,794
115,566,129
86,826,237
12,267,413
11,417,533
27,060,380
33,166,923
578,408,890
363,300,892
416,026,626
255,990,455
446,392,339
287,515,769
147,531,981
142,962,648
93,735,123
78,923,672
(408,056)
1,043,672
1,681,686,903
1,129,737,108
134,750,382
135,381,849
28,097,713
28,866,234
22,359,268
15,395,164
748,922
1,393,681
3,256
4,918,900
(167,518,201)
(151,936,254)
18,441,340
34,019,574
43,677,878
90,281,411
22,015,023
111,475,444
41,937,394
4,087,405
8,201,936
1,487,174
934,466
12,912,119
2,519,460
9,549,881
16,506,890
19,869,367
30,463,526
25,176,969
1,424,202
1,867,385
3,149,047
133,520,154
77,782,755
110,572,522
125,661,546
17,984,016
-
-
-
-
-
-
(10,005,053)
7,978,963
9,750,318,070
8,908,947,599
822,281,224
659,059,378 2,333,408,466
2,217,714,263
2,716,160,481
2,677,766,989 1,553,601,206
1,389,084,031
(5,185,946,019)
(4,571,123,234) 11,989,823,428 11,281,449,026
33,090,868
37,649,971
72,882
95,878
496,463,986
452,516,565
1,177,618
1,267,312
16,166
6,692
-
530,821,520
491,536,418
236,772
366,777
4,232,688
976,223
69,746,584
83,157,858
3,644,175
(54,039)
(409,033)
77,806,180
84,091,825
7,496,412
6,875,034
175,753,071
157,987,010
97,082,421
42,678,160
11,309,771
15,505,469
-
291,641,675
223,045,673
-
-
486,605
-
36,267,177
36,001,623
(36,267,177)
(36,001,623)
486,605
6,324,305,426
5,823,859,485
42,815,909
48,287,286
-
-
32,798,603
33,085,546
95,911,225
84,687,466
(6,422,197,553)
(5,741,838,903)
73,633,610
248,080,880
36,525,521
37,570,805
2,533,936
2,736,208
1,062,638,430
1,060,733,391
40,612,537
43,583,416
25,901,632
28,936,541
-
1,168,212,056
1,173,560,361
2,240,478
3,303,520,171
8,514,562
34,387,860
2,298,609
2,899,506,899
44,877,049
55,942,970
1,401,472
591,453,902
-
3,530,759
1,574,810
431,863,368
-
15,538,595
97,979,622
389,577,389
-
83,652,857
95,223,794
374,933,897
-
72,468,975
4,886,064
5,213,756
8,527,161
8,287,322
1,295,818,830
1,259,722,037
1,410,853,627
1,372,320,328
2,549,665,315
2,483,155,951
1,423,245,022
1,267,166,010
(23,246,080)
(22,827,400)
8,234,215,719
7,433,798,725
72,066,398
95,955,539
-
8,514,562
44,877,049
(29,768,312)
193,637,874
210,137,767
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
TOTAL ASSETS
11,629,313,063 10,993,037,202
1,342,498,957
983,947,372
3,182,167,015
3,032,524,374
3,290,456,293
3,270,655,873
1,840,764,317
1,619,515,302
(5,363,877,329)
-4,722,015,816 15,921,322,316 15,177,664,307
The eliminations column corresponds to transactions between companies in different lines of business and country, primarily
purchases and sales of energy and services.
338
2014 ANNUAL REPORT ENERSIS
CONSOLIDATED FINANCIAL STATEMENTS
35.3 Countries
Other current non-financial
assets
Trade and other current
receivables
Current accounts receivable from
related companies
Inventories
Current tax assets
Non-current assets classified as
held for sale and discontinued
operations
Other non-current financial
assets
assets
Other non-current non-financial
Trade and other non-current
receivables
Non-current accounts receivable
from related companies
Investments accounted for using
the equity method
Intangible assets other than
goodwill
Goodwill
Chile
Argentina
Brazil
Colombia
Peru
Eliminations
Total
Country
ASSETS
12-31-2014
12-31-2013
12-31-2014
12-31-2013
12-31-2014
12-31-2013
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
CURRENT ASSETS
1,878,994,993
2,084,089,603
520,217,733
324,887,994
848,758,549
814,810,111
Cash and cash equivalents
989,320,583
906,467,031
25,917,276
24,982,401
197,723,645
249,642,879
Other current financial assets
8,518,962
540,622,559
-
-
52,870,583
163,360,721
12-31-2014
ThCh$
574,295,812
357,750,546
38,065,858
12-31-2013
ThCh$
592,888,884
344,261,959
72,983,696
12-31-2014
ThCh$
287,163,111
134,033,441
-
12-31-2013
ThCh$
230,431,271
81,033,299
4,062,461
12-31-2014
ThCh$
(177,931,310)
-
-
12-31-2013
ThCh$
(150,892,582)
-
-
12-31-2014
ThCh$
12-31-2013
ThCh$
3,931,498,888 3,896,215,281
1,606,387,569
1,704,745,491
781,029,437
99,455,403
16,052,871
4,826,805
4,151,319
5,359,794
115,566,129
86,826,237
12,267,413
11,417,533
27,060,380
33,166,923
-
-
175,098,112
141,597,292
578,408,890
363,300,892
416,026,626
255,990,455
446,392,339
287,515,769
147,531,981
142,962,648
93,735,123
78,923,672
(408,056)
1,043,672
1,681,686,903
1,129,737,108
134,750,382
135,381,849
28,097,713
28,866,234
22,359,268
15,395,164
748,922
1,393,681
3,256
4,918,900
(167,518,201)
(151,936,254)
18,441,340
34,019,574
43,677,878
22,015,023
41,937,394
90,281,411
111,475,444
4,087,405
8,201,936
1,487,174
934,466
12,912,119
2,519,460
9,549,881
16,506,890
1,424,202
19,869,367
-
30,463,526
1,867,385
25,176,969
3,149,047
-
-
17,984,016
-
-
-
-
-
-
-
-
-
(10,005,053)
-
-
-
133,520,154
110,572,522
77,782,755
125,661,546
7,978,963
-
NON-CURRENT ASSETS
9,750,318,070
8,908,947,599
822,281,224
659,059,378 2,333,408,466
2,217,714,263
2,716,160,481
2,677,766,989 1,553,601,206
1,389,084,031
(5,185,946,019)
(4,571,123,234) 11,989,823,428 11,281,449,026
33,090,868
37,649,971
72,882
95,878
496,463,986
452,516,565
1,177,618
1,267,312
16,166
6,692
-
-
530,821,520
491,536,418
236,772
366,777
4,232,688
976,223
69,746,584
83,157,858
3,644,175
-
7,496,412
6,875,034
175,753,071
157,987,010
97,082,421
42,678,160
11,309,771
15,505,469
-
-
486,605
-
36,267,177
36,001,623
-
-
-
-
-
-
-
-
(54,039)
(409,033)
77,806,180
84,091,825
-
-
291,641,675
223,045,673
(36,267,177)
(36,001,623)
486,605
-
6,324,305,426
5,823,859,485
42,815,909
48,287,286
32,798,603
33,085,546
95,911,225
84,687,466
(6,422,197,553)
(5,741,838,903)
73,633,610
248,080,880
36,525,521
37,570,805
2,533,936
2,736,208
1,062,638,430
1,060,733,391
40,612,537
43,583,416
25,901,632
28,936,541
-
-
1,168,212,056
1,173,560,361
Property, plant and equipment
3,303,520,171
2,899,506,899
591,453,902
431,863,368
389,577,389
374,933,897
Investment property
Deferred tax assets
8,514,562
44,877,049
-
-
34,387,860
55,942,970
3,530,759
15,538,595
83,652,857
72,468,975
2,240,478
2,298,609
1,401,472
1,574,810
97,979,622
95,223,794
4,886,064
2,549,665,315
-
72,066,398
5,213,756
2,483,155,951
-
95,955,539
8,527,161
1,423,245,022
-
-
8,287,322
1,267,166,010
-
-
1,295,818,830
(23,246,080)
-
-
1,259,722,037
(22,827,400)
-
(29,768,312)
1,410,853,627
8,234,215,719
8,514,562
193,637,874
1,372,320,328
7,433,798,725
44,877,049
210,137,767
TOTAL ASSETS
11,629,313,063 10,993,037,202
1,342,498,957
983,947,372
3,182,167,015
3,032,524,374
3,290,456,293
3,270,655,873
1,840,764,317
1,619,515,302
(5,363,877,329)
-4,722,015,816 15,921,322,316 15,177,664,307
-
-
-
-
The eliminations column corresponds to transactions between companies in different lines of business and country, primarily
purchases and sales of energy and services.
339
Country
LIABILITIES AND EQUITY
CURRENT LIABILITIES
Other current financial liabilities
Trade and other current payables
Current accounts payable to
related companies
Other current provisions
Current tax liabilities
Current provisions for employee
benefits
Other current non-financial
liabilities
Liabilities associated with current
assets classified as held for sale
and discontinued operations
NON-CURRENT LIABILITIES
Other non-current financial
liabilities
Trade and other non-current
payables
Non-current accounts payable to
related companies
Other long-term provisions
Deferred tax liabilities
Non-current provisions for
employee benefits
Other non-current non-financial
liabilities
EQUITY
Equity attributable to
shareholders of Enersis
Issued capital
Retained earnings
Share premium
Other reserves
Chile
Argentina
Brazil
Colombia
Peru
Eliminations
Total
12-31-2014
ThCh$
744,843,606
150,748,390
490,927,954
12-31-2013
ThCh$
976,567,203
447,215,392
373,615,062
12-31-2014
ThCh$
919,270,662
36,046,855
775,438,014
12-31-2013
ThCh$
765,661,046
185,774,593
418,484,935
12-31-2014
ThCh$
479,284,646
78,874,557
340,379,343
12-31-2013
ThCh$
507,823,387
67,179,349
253,932,994
12-31-2014
12-31-2013
12-31-2014
12-31-2013
12-31-2014
12-31-2013
12-31-2014
12-31-2013
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
828,561,609
504,585,033
269,583,701
236,388,951
(46,722,240)
(9,765,921)
3,194,821,984 2,981,259,699
92,779,423
135,583,922
63,356,454
70,921,949
-
421,805,679
906,675,205
428,369,239
254,481,844
167,957,943
134,483,501
85,804,457
80,005,318
2,288,876,950
1,515,003,654
10,417,853
25,743,837
28,081,812
74,601,162
30,274,223
148,963,775
198,528,161
43,984,648
8,905,270
890,087
(132,526,697)
(89,771,239)
143,680,622
204,412,270
11,627,110
38,357,866
14,899,483
82,475,261
33,345,118
6,836,964
49,361,942
8,146,432
3,335,096
2,213,038
1,162,162
14,569,709
31,449,522
12,139,002
10,465,838
64,747,073
48,102,434
3,317,372
9,746,774
6,443,227
-
-
-
-
-
-
90,222,684
87,309,363
115,472,313
159,737,063
-
37,276,286
32,618,168
39,521,899
29,291,982
24,208,389
22,015,398
12,688,191
10,293,183
15,580,824
13,903,413
129,275,589
108,122,144
5,488,147
-
-
-
-
-
-
5,488,147
1,410,672,019
1,082,782,610
291,965,068
131,441,625
959,581,284
805,923,465
1,241,915,054
1,209,708,575
601,204,740
525,169,451
(58,056,579)
(66,085,979)
4,447,281,586 3,688,939,747
1,042,430,478
834,174,804
44,052,205
19,263,284
627,845,559
511,762,232
1,162,494,911
1,097,771,137
412,274,375
327,277,654
-
3,289,097,528
2,790,249,111
3,711,078
-
-
-
120,587,518
126,137
35,086,925
22,937,741
36,594,486
36,317,667
-
-
-
159,385,521
23,063,878
(36,594,486)
(36,317,667)
-
27,969,934
255,156,048
23,983,651
176,873,577
8,468,074
31,236,466
13,647,279
18,926,410
152,802,156
18,454,634
142,210,556
21,675,958
4,100,860
10,688,183
3,902,817
3,437,684
197,243,841
193,967,353
23,901,959
173,514,336
183,877,298
(29,768,312)
478,361,484
395,486,890
56,333,817
43,056,906
12,825,808
9,640,282
122,729,879
106,313,626
75,319,283
77,347,296
2,721,625
2,156,881
269,930,412
238,514,991
25,070,664
4,693,672
38,200,511
33,520,566
2,662,131
1,023,352
-
8,791,587
8,419,934
(21,462,093)
53,262,800
47,657,524
9,473,797,438
8,933,687,389
131,263,227
86,844,701 1,743,301,085
1,718,777,522
1,219,979,630
1,556,362,265
969,975,876
857,956,900
(5,259,098,510)
(4,646,163,916)
8,279,218,746 8,507,464,861
9,473,797,438
8,933,687,389
131,263,227
86,844,701
1,743,301,085
1,718,777,522
1,219,979,630
1,556,362,265
969,975,876
857,956,900
(5,259,098,510)
(4,646,163,916)
6,201,976,047
6,168,554,253
8,284,164,467
3,565,687,987
206,574,859
(2,582,629,875)
7,946,458,335
3,330,989,884
365,334,508
(2,709,095,338)
206,381,462
(151,386,397)
-
76,268,162
185,677,463
-113,985,428
-
15,152,666
216,324,676
206,870,339
684,112,119
635,993,951
209,103,124
315,847,482
664,870,411
528,956,505
170,397,032
168,808,967
298,376,352
275,585,129
(3,371,196,003)
(3,116,352,293)
5,804,447,986
5,669,280,725
145,279,263
657,299,536
281,694,302
218,598,523
(996,411,049)
(1,595,115,700)
3,051,734,445
2,813,634,297
3,398,995
3,627,695
590,505
501,725
(894,676,478)
(875,574,691)
-
158,759,648
900,904,340
726,626,067
389,314,717
363,271,523
3,185,020
940,878,768
(2,654,206,384)
(2,473,120,417)
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Non-controlling interests
-
-
-
-
-
-
-
-
-
-
-
-
2,077,242,699
2,338,910,608
Total Liabilities and Equity
11,629,313,063 10,993,037,202
1,342,498,957
983,947,372
3,182,167,015
3,032,524,374
3,290,456,293
3,270,655,873
1,840,764,317
1,619,515,302
(5,363,877,329)
(4,722,015,816) 15,921,322,316 15,177,664,307
The eliminations column corresponds to transactions between companies in different lines of business and country, primarily
purchases and sales of energy and services.
340
2014 ANNUAL REPORT ENERSIS
CONSOLIDATED FINANCIAL STATEMENTS
-
-
-
-
-
-
-
-
Current accounts payable to
related companies
Other current provisions
Current tax liabilities
Current provisions for employee
benefits
liabilities
Other current non-financial
Liabilities associated with current
assets classified as held for sale
and discontinued operations
5,488,147
-
-
-
-
-
-
Other non-current financial
liabilities
payables
Trade and other non-current
Non-current accounts payable to
related companies
Non-current provisions for
employee benefits
Other non-current non-financial
liabilities
EQUITY
Equity attributable to
shareholders of Enersis
Issued capital
Retained earnings
Share premium
Other reserves
-
-
-
-
Chile
Argentina
Brazil
Colombia
Peru
Eliminations
Total
Country
LIABILITIES AND EQUITY
CURRENT LIABILITIES
12-31-2014
12-31-2013
12-31-2014
12-31-2013
12-31-2014
12-31-2013
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
744,843,606
976,567,203
919,270,662
765,661,046
479,284,646
507,823,387
Other current financial liabilities
150,748,390
447,215,392
36,046,855
185,774,593
78,874,557
67,179,349
Trade and other current payables
490,927,954
373,615,062
775,438,014
418,484,935
340,379,343
253,932,994
12-31-2014
ThCh$
828,561,609
92,779,423
428,369,239
12-31-2013
ThCh$
504,585,033
135,583,922
254,481,844
12-31-2014
ThCh$
269,583,701
63,356,454
167,957,943
12-31-2013
ThCh$
236,388,951
70,921,949
134,483,501
12-31-2014
ThCh$
(46,722,240)
-
85,804,457
12-31-2013
ThCh$
(9,765,921)
-
80,005,318
12-31-2014
ThCh$
12-31-2013
ThCh$
3,194,821,984 2,981,259,699
906,675,205
1,515,003,654
421,805,679
2,288,876,950
10,417,853
25,743,837
28,081,812
74,601,162
30,274,223
148,963,775
198,528,161
43,984,648
8,905,270
890,087
(132,526,697)
(89,771,239)
143,680,622
204,412,270
11,627,110
14,899,483
33,345,118
49,361,942
38,357,866
82,475,261
6,836,964
8,146,432
3,335,096
2,213,038
1,162,162
14,569,709
31,449,522
64,747,073
12,139,002
48,102,434
10,465,838
3,317,372
9,746,774
6,443,227
-
-
-
-
37,276,286
32,618,168
39,521,899
29,291,982
24,208,389
22,015,398
12,688,191
10,293,183
15,580,824
13,903,413
-
-
-
-
-
-
-
-
-
-
-
-
-
90,222,684
115,472,313
87,309,363
159,737,063
-
-
129,275,589
108,122,144
-
5,488,147
-
NON-CURRENT LIABILITIES
1,410,672,019
1,082,782,610
291,965,068
131,441,625
959,581,284
805,923,465
1,241,915,054
1,209,708,575
601,204,740
525,169,451
(58,056,579)
(66,085,979)
4,447,281,586 3,688,939,747
1,042,430,478
834,174,804
44,052,205
19,263,284
627,845,559
511,762,232
1,162,494,911
1,097,771,137
412,274,375
327,277,654
3,711,078
120,587,518
126,137
35,086,925
22,937,741
36,594,486
36,317,667
Other long-term provisions
27,969,934
23,983,651
8,468,074
13,647,279
152,802,156
142,210,556
Deferred tax liabilities
255,156,048
176,873,577
31,236,466
18,926,410
18,454,634
21,675,958
-
-
-
-
-
-
-
-
4,100,860
-
10,688,183
23,901,959
3,902,817
173,514,336
3,437,684
183,877,298
56,333,817
43,056,906
12,825,808
9,640,282
122,729,879
106,313,626
75,319,283
77,347,296
2,721,625
2,156,881
25,070,664
4,693,672
38,200,511
33,520,566
2,662,131
1,023,352
-
-
8,791,587
8,419,934
(21,462,093)
-
-
-
3,289,097,528
2,790,249,111
-
159,385,521
23,063,878
(36,594,486)
(36,317,667)
-
-
-
-
-
-
(29,768,312)
197,243,841
478,361,484
193,967,353
395,486,890
-
-
269,930,412
238,514,991
53,262,800
47,657,524
9,473,797,438
8,933,687,389
131,263,227
86,844,701 1,743,301,085
1,718,777,522
1,219,979,630
1,556,362,265
969,975,876
857,956,900
(5,259,098,510)
(4,646,163,916)
8,279,218,746 8,507,464,861
9,473,797,438
8,933,687,389
131,263,227
86,844,701
1,743,301,085
1,718,777,522
1,219,979,630
1,556,362,265
969,975,876
857,956,900
(5,259,098,510)
(4,646,163,916)
6,201,976,047
6,168,554,253
8,284,164,467
7,946,458,335
206,381,462
185,677,463
216,324,676
209,103,124
3,565,687,987
3,330,989,884
(151,386,397)
-113,985,428
206,870,339
315,847,482
206,574,859
365,334,508
-
684,112,119
664,870,411
(2,582,629,875)
(2,709,095,338)
76,268,162
15,152,666
635,993,951
528,956,505
170,397,032
145,279,263
3,398,995
900,904,340
168,808,967
657,299,536
3,627,695
726,626,067
298,376,352
281,694,302
590,505
389,314,717
275,585,129
218,598,523
501,725
363,271,523
(3,371,196,003)
(996,411,049)
(894,676,478)
3,185,020
(3,116,352,293)
(1,595,115,700)
(875,574,691)
940,878,768
5,804,447,986
3,051,734,445
-
(2,654,206,384)
5,669,280,725
2,813,634,297
158,759,648
(2,473,120,417)
Non-controlling interests
-
-
-
-
-
-
-
-
-
-
-
2,077,242,699
2,338,910,608
Total Liabilities and Equity
11,629,313,063 10,993,037,202
1,342,498,957
983,947,372
3,182,167,015
3,032,524,374
3,290,456,293
3,270,655,873
1,840,764,317
1,619,515,302
(5,363,877,329)
(4,722,015,816) 15,921,322,316 15,177,664,307
The eliminations column corresponds to transactions between companies in different lines of business and country, primarily
purchases and sales of energy and services.
341
12-31-2012
ThCh$
12-31-2014
ThCh$
12-31-2014
ThCh$
412,885
19,403,128
14,993,462
Brazil
12-31-2013
ThCh$
Chile
12-31-2013
ThCh$
26,677,747
105,697,118
34,201,387
37,365,915
167,204,627
18,515,736
16,820,481
141,568,291
184,993,160
6,569,786
135,566,665
171,869,958
12-31-2014
ThCh$
538,886,420
346,911,582
280,176,215
523,507
66,211,860
191,974,838
Argentina
12-31-2013
ThCh$
702,356,329
406,515,531
361,705,469
361,681
44,448,381
295,840,798
Country
STATEMENT OF COMPREHENSIVE INCOME
REVENUES AND OTHER OPERATING INCOME
Revenues
Energy sales
Other sales
Other services rendered
Other operating income
12-31-2012
ThCh$
2,052,877,135 1,739,963,584 1,902,672,810
2,018,675,748 1,721,447,848 1,824,499,050
1,886,300,883 1,516,877,306 1,674,030,771
11,203,229
139,265,050
78,173,760
12-31-2012
ThCh$
668,889,354 2,266,459,965 1,867,480,092 2,128,031,611
653,895,892 2,081,466,805 1,695,610,134 1,963,812,830
634,079,879 1,923,078,033 1,553,473,683 1,785,616,550
5,800,382
172,395,898
164,218,781
Colombia
Eliminations
Total
12-31-2014
12-31-2013
12-31-2012
12-31-2014
12-31-2013
12-31-2012
12-31-2014
12-31-2013
12-31-2012
12-31-2014
12-31-2013
12-31-2012
ThCh$
ThCh$
ThCh$
1,601,692,842 1,312,563,122 1,229,969,272
1,590,209,560 1,270,600,838 1,195,438,205
1,445,643,276 1,176,055,779 1,103,242,308
492,002
144,074,282
11,483,282
3,280,645
91,264,414
41,962,284
2,566,899
89,628,998
34,531,067
ThCh$
796,341,810
784,863,792
701,058,885
16,384,949
67,419,958
11,478,018
Peru
ThCh$
643,504,088
604,015,742
560,310,262
8,823,805
34,881,675
39,488,346
ThCh$
568,105,958
546,249,647
528,929,083
38,502
17,282,062
21,856,311
ThCh$
(2,381,852)
(2,366,605)
(122,447)
ThCh$
(1,421,313)
(1,412,853)
(201,948)
(2,244,158)
(1,210,905)
(1,771,926)
(15,247)
(8,460)
56,369
ThCh$
ThCh$
ThCh$
ThCh$
(1,715,557)
7,253,876,320 6,264,445,902 6,495,953,448
(1,771,926)
6,819,760,882 5,696,777,240 6,182,123,698
- 6,236,134,845 5,168,220,551 5,725,898,591
-
60,898,686
522,727,351
434,115,438
56,401,832
472,154,857
567,668,662
20,021,897
436,203,210
313,829,750
(634,092,249)
(489,478,900)
(433,850,406)
(382,923,412)
(292,653,947)
(264,153,581)
(389,379,482)
(282,064,565)
(219,666,504)
(230,083,919)
(170,440,992)
(158,288,518)
(33,015,871)
(34,870,502)
(36,215,949)
(130,555,197)
(114,719,080)
(115,622,940)
(81,141,699)
(57,824,753)
(62,345,013)
(82,758,971)
(35,042,438)
(35,038,084)
(62,465,952)
(22,369,037)
(37,377,966)
(55,518,422)
(19,580,741)
(30,765,900)
(1,088)
3,056,025
(1,088)
31,462
3,962,147
56,359 (3,941,071,719)
(3,089,141,195)
(3,695,022,919)
1,220,180 (2,612,423,439) (1,820,613,559) (1,848,670,310)
-
(511,014,654)
(386,116,195)
(763,791,553)
(3,056,025)
(3,962,147)
(1,225,320)
(417,134,161)
(399,680,014)
(474,178,392)
31,462
61,499
(400,499,465)
(482,731,427)
(608,382,664)
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
RAW MATERIALS AND CONSUMABLES USED
Energy purchases
Fuel consumption
Transportation expenses
Other miscellaneous supplies and services
(1,309,401,197)
(788,420,653)
(305,479,172)
(151,948,780)
(63,552,592)
(998,903,978)
(568,466,950)
(211,612,174)
(182,821,321)
(36,003,533)
(1,278,999,551)
(681,252,650)
(385,360,528)
(190,345,945)
(22,040,428)
(209,270,230)
(165,988,305)
(31,350,429)
(2,887,610)
(9,043,886)
(225,811,105)
(186,778,094)
(25,889,830)
(3,021,027)
(10,122,154)
(456,896,885)
(1,405,383,543)
(188,141,869) (1,041,607,105)
(58,409,123)
(255,215,278)
(93,644,111)
(4,645,155)
(211,723,204)
(8,894,583)
(1,082,324,727)
(616,825,105)
(51,277,737)
(72,787,402)
(341,434,483)
(1,261,178,855)
(602,540,949)
(31,481,376)
(142,758,291)
(484,398,239)
CONTRIBUTION MARGIN
743,475,938
741,059,606
623,673,259
329,616,190
476,545,224
211,992,469
861,076,422
785,155,365
866,852,756
967,600,593
823,084,222
796,118,866
413,418,398
350,850,141
303,952,377
(2,382,940)
(1,389,851)
(1,659,198)
3,312,804,601 3,175,304,707 2,800,930,529
Other work performed by the entity and
capitalized
Employee benefits expense
Other expenses
21,505,569
14,831,058
11,267,275
27,871,087
21,102,202
12,470,077
12,046,728
13,877,942
15,741,611
10,209,703
8,810,875
6,497,515
3,969,512
3,343,451
2,690,904
1,673,387
77,275,986
61,965,528
48,667,382
(131,005,350)
(111,451,891)
(123,792,285)
(116,287,888)
(104,960,338)
(109,459,496)
(182,617,639)
(150,390,841)
(154,686,549)
(138,909,308)
(119,207,683)
(114,875,019)
(107,989,443)
(169,097,432)
(100,646,527)
(147,251,808)
(106,756,270)
(154,523,039)
(55,772,427)
(91,510,241)
(51,593,413)
(75,777,792)
(47,181,965)
(74,513,810)
(38,624,977)
(52,309,761)
(34,963,324)
(43,261,744)
(31,073,580)
(40,846,681)
709,553
1,389,851
1,659,198
(574,050,613)
(520,098,689)
(492,558,847)
(516,009,836)
(465,682,098)
(409,179,836)
GROSS OPERATING RESULT
522,524,266
515,810,491
420,520,700
24,478,797
204,051,569
(9,620,156)
596,036,275
551,134,972
621,315,058
830,527,628
704,523,892
680,920,606
326,453,172
275,968,524
234,723,020
- 2,300,020,138 2,251,489,448 1,947,859,228
Depreciation and amortization expense
Impairment losses (reversal of impairment losses)
recognized in profit or loss
(129,989,657)
(121,138,443)
(113,054,058)
(34,457,311)
(39,649,324)
(37,553,574)
(126,219,710)
(111,980,732)
(118,997,483)
(115,830,740)
(99,481,692)
(104,303,331)
(74,234,989)
(64,854,394)
(62,377,398)
1,552,503
1,631,326
1,802,110
(479,179,904)
(435,473,259)
(434,483,734)
(13,185,420)
(8,212,948)
(15,012,980)
(2,641,255)
(7,740,545)
(1,373,527)
(29,563,651)
(51,248,898)
(24,644,075)
(3,189,097)
(160,634)
(194,686)
(2,935,939)
(7,514,899)
(1,387,459)
-
(51,515,362)
(74,877,924)
(42,612,727)
OPERATING INCOME
379,349,189
386,459,100
292,453,662
(12,619,769)
156,661,700
(48,547,257)
440,252,914
387,905,342
477,673,500
711,507,791
604,881,566
576,422,589
249,282,244
203,599,231
170,958,163
1,552,503
1,631,326
1,802,110 1,769,324,872
1,741,138,265
1,470,762,767
FINANCIAL RESULT
Financial income
Financial costs
Profit (loss) from indexed assets and liabilities
Foreign currency exchange differences
Positive
Negative
(47,542,058)
52,121,989
(81,683,556)
1,633,555
(19,614,046)
93,148,400
(112,762,446)
(43,026,391)
56,783,528
(102,213,764)
(9,414,755)
11,818,600
68,426,745
(56,608,145)
(91,641,919)
24,927,472
(97,012,353)
(12,756,868)
(6,800,170)
32,676,794
(39,476,964)
(39,636,349)
112,698,021
(90,124,247)
-
(62,210,123)
17,360,162
(79,570,285)
(94,354,564)
37,262,480
(73,869,756)
-
(57,747,288)
19,539,712
(77,287,000)
(64,962,488)
8,339,316
(57,873,835)
-
(15,427,969)
9,384,231
(24,812,200)
(127,456,000)
88,275,167
(227,554,883)
-
11,823,716
16,882,667
(5,058,951)
34,677,521
146,393,325
(120,173,373)
30,905,320
182,577,796
(155,317,783)
8,457,569
14,637,824
(6,180,255)
3,645,307
9,445,578
(5,800,271)
Share of profit of associates accounted for using
the equity method
Other gains (losses)
Gain (loss) from other investments
Gain (loss) from the sale of property, plant and
equipment
(54,449,047)
24,211,200
27,938,403
70,893,263
63,729,466
14,570,497
110,144
12,370,433
158,287
7,163,797
14,460,353
12,212,146
34,721
662,310
707,468
(45,158)
144,312
733,527
725,673
7,854
(24,407)
581,061
579,029
2,032
-
-
-
-
3
-
2,761,811
-
1,983,259
-
2,761,811
1,983,259
(61,236,977)
(50,091,563)
(65,263,038)
(23,920,963)
(26,555,488)
(28,142,657)
18,603,031
18,522,711
13,289,208
3,921,832
3,522,291
5,284,506
(78,795,617)
(68,989,288)
(78,359,842)
(23,435,746)
(25,479,239)
(33,613,441)
36,630,022
(9,735,763)
9,735,764
11,321,527
(2,357,789)
2,357,786
2,462,555
(263,162,325)
(168,028,958)
(216,642,227)
(2,288,318)
265,884,277
260,126,546
232,129,980
2,288,316
(491,858,285)
(388,367,634)
(419,888,938)
(1,044,391)
1,520,289
(2,564,680)
-
375,014
843,353
(468,339)
-
(192,404)
731,896
(924,300)
(4,407,049)
3,950,172
(8,357,221)
(4,598,540)
4,238,355
(8,836,895)
186,278
934,728
36,630,021
11,321,530
(11,858,586)
(13,860,245)
2,462,557
(4,998,726)
1,633,555
(38,821,872)
121,003,104
(9,414,755)
(30,373,115)
(12,756,868)
(16,126,401)
93,825,744
48,174,501
(748,450)
48,488,607
25,181,775
7,461,283
(159,824,976)
(124,198,859)
(64,300,902)
2,561,039
933,704
2,467,940
120,697
381,011
(212,797)
93,547
723,159
464,456
-
(16)
120,697
381,011
(212,781)
93,547
723,159
464,456
(51,853,287)
25,289,219
30,381,936
71,769,817
64,436,934
19,170,005
15,186,412
835,817
737,300
7,332,883
18,334,188
14,449,112
Income before tax
348,251,347
382,214,406
241,120,579
(51,559,087)
63,184,975
(112,953,091)
312,796,914
425,344,677
510,562,079
652,952,550
556,104,718
513,414,694
225,454,828
177,766,902
143,279,962
38,182,525
12,952,853
4,264,665 1,526,079,077 1,617,568,531 1,299,688,888
Income tax
(127,153,083)
(152,739,606)
(55,359,053)
(25,322,535)
(19,375,905)
(2,938,736)
(83,386,302)
(98,554,882)
(131,150,308)
(208,404,127)
(181,812,587)
(167,411,904)
(52,343,302)
(51,684,805)
(49,815,919)
-
(496,609,349)
(504,167,785)
(406,675,920)
Net income from continuing operations
Net income from discontinued operations
NET INCOME
221,098,264
-
221,098,264
229,474,800
185,761,526
229,474,800
185,761,526
(76,881,622)
-
(76,881,622)
43,809,070
(115,891,827)
43,809,070
(115,891,827)
229,410,612
-
229,410,612
326,789,795
379,411,771
326,789,795
379,411,771
444,548,423
374,292,131
346,002,790
173,111,526
126,082,097
93,464,043
38,182,525
12,952,853
4,264,665 1,029,469,728 1,113,400,746
893,012,968
444,548,423
374,292,131
346,002,790
173,111,526
126,082,097
93,464,043
38,182,525
12,952,853
4,264,665 1,029,469,728 1,113,400,746
893,012,968
Net income attributable to
Shareholders of Enersis
Non-controlling interests
221,098,264
-
-
229,474,800
-
-
185,761,526
-
-
(76,881,622)
-
-
43,809,070
-
-
(115,891,827)
-
-
229,410,612
-
-
326,789,795
-
-
379,411,771
-
-
-
-
-
-
444,548,423
374,292,131
346,002,790
173,111,526
126,082,097
93,464,043
38,182,525
12,952,853
4,264,665 1,029,469,728 1,113,400,746
-
-
-
-
-
610,157,869
419,311,859
658,514,150
454,886,596
893,012,968
377,350,521
515,662,447
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
STATEMENT OF CASH FLOW
Cash flow from (used in) operating activities
Cash flow from (used in) investing activities
Cash flows from (used in) financing activities
12-31-2014
ThCh$
203,323,918
956,586,408
(1,096,385,941)
Chile
12-31-2013
ThCh$
430,172,279
(283,356,920)
565,999,553
12-31-2012
ThCh$
203,506,391
(11,503,480)
(529,252,790)
12-31-2014
ThCh$
267,157,901
(236,905,557)
(28,140,190)
Argentina
12-31-2013
ThCh$
171,169,106
(164,720,608)
(4,113,277)
12-31-2012
ThCh$
118,179,810
(102,006,046)
(32,486,937)
12-31-2014
ThCh$
412,841,873
(142,166,536)
(326,502,619)
Brazil
12-31-2013
ThCh$
448,374,315
(185,875,967)
(199,139,356)
12-31-2012
ThCh$
549,710,656
(321,032,173)
(254,099,560)
The eliminations column corresponds to transactions between companies in different lines of business and country, primarily
purchases and sales of energy and services.
Colombia
Peru
Eliminations
Total
12-31-2014
12-31-2013
12-31-2012
12-31-2014
12-31-2013
12-31-2012
12-31-2014
12-31-2013
12-31-2012
12-31-2014
12-31-2013
12-31-2012
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
582,492,679
478,582,963
494,050,052
239,070,342
175,327,834
177,977,693
(6,848,719)
(2,650,853)
(62,167)
1,698,037,994 1,700,975,644 1,543,362,435
(202,123,930)
(229,211,864)
(254,598,240)
(75,195,327)
(63,697,550)
(60,075,017)
(599,882,048)
(297,024,180)
(92,921,124)
(299,686,990) (1,223,887,089)
(842,136,080)
(320,548,584)
(220,291,845)
(192,885,791)
(118,613,377)
(105,415,120)
(96,548,298)
606,731,048
299,725,401
92,998,545 (1,283,459,663)
336,765,356 (1,012,274,831)
342
2014 ANNUAL REPORT ENERSIS
CONSOLIDATED FINANCIAL STATEMENTS
Chile
Argentina
Brazil
12-31-2014
12-31-2013
12-31-2012
12-31-2014
12-31-2013
12-31-2012
12-31-2014
12-31-2013
12-31-2012
Country
Revenues
Energy sales
Other sales
STATEMENT OF COMPREHENSIVE INCOME
ThCh$
ThCh$
ThCh$
REVENUES AND OTHER OPERATING INCOME
2,052,877,135 1,739,963,584 1,902,672,810
2,018,675,748 1,721,447,848 1,824,499,050
1,886,300,883 1,516,877,306 1,674,030,771
26,677,747
37,365,915
11,203,229
Other services rendered
Other operating income
105,697,118
167,204,627
139,265,050
66,211,860
44,448,381
34,201,387
18,515,736
78,173,760
191,974,838
295,840,798
ThCh$
538,886,420
346,911,582
280,176,215
523,507
ThCh$
702,356,329
406,515,531
361,705,469
361,681
ThCh$
ThCh$
ThCh$
ThCh$
668,889,354 2,266,459,965 1,867,480,092 2,128,031,611
653,895,892 2,081,466,805 1,695,610,134 1,963,812,830
634,079,879 1,923,078,033 1,553,473,683 1,785,616,550
412,885
19,403,128
14,993,462
16,820,481
141,568,291
184,993,160
6,569,786
135,566,665
171,869,958
5,800,382
172,395,898
164,218,781
RAW MATERIALS AND CONSUMABLES USED
(1,309,401,197)
(998,903,978)
(1,278,999,551)
(209,270,230)
(225,811,105)
(456,896,885)
(1,405,383,543)
(1,082,324,727)
(1,261,178,855)
Energy purchases
Fuel consumption
Transportation expenses
Other miscellaneous supplies and services
(63,552,592)
(36,003,533)
(22,040,428)
(788,420,653)
(568,466,950)
(681,252,650)
(165,988,305)
(186,778,094)
(188,141,869) (1,041,607,105)
(616,825,105)
(602,540,949)
(305,479,172)
(211,612,174)
(385,360,528)
(31,350,429)
(25,889,830)
(255,215,278)
(151,948,780)
(182,821,321)
(190,345,945)
(2,887,610)
(9,043,886)
(3,021,027)
(10,122,154)
(4,645,155)
(8,894,583)
(58,409,123)
(93,644,111)
(51,277,737)
(72,787,402)
(31,481,376)
(142,758,291)
(211,723,204)
(341,434,483)
(484,398,239)
Colombia
12-31-2013
ThCh$
12-31-2014
ThCh$
12-31-2012
ThCh$
1,601,692,842 1,312,563,122 1,229,969,272
1,590,209,560 1,270,600,838 1,195,438,205
1,445,643,276 1,176,055,779 1,103,242,308
2,566,899
89,628,998
34,531,067
492,002
144,074,282
11,483,282
3,280,645
91,264,414
41,962,284
12-31-2014
ThCh$
796,341,810
784,863,792
701,058,885
16,384,949
67,419,958
11,478,018
Peru
12-31-2013
ThCh$
643,504,088
604,015,742
560,310,262
8,823,805
34,881,675
39,488,346
12-31-2012
ThCh$
568,105,958
546,249,647
528,929,083
38,502
17,282,062
21,856,311
(634,092,249)
(389,379,482)
(33,015,871)
(130,555,197)
(81,141,699)
(489,478,900)
(282,064,565)
(34,870,502)
(114,719,080)
(57,824,753)
(433,850,406)
(219,666,504)
(36,215,949)
(115,622,940)
(62,345,013)
(382,923,412)
(230,083,919)
(82,758,971)
(35,042,438)
(35,038,084)
(292,653,947)
(170,440,992)
(62,465,952)
(22,369,037)
(37,377,966)
(264,153,581)
(158,288,518)
(55,518,422)
(19,580,741)
(30,765,900)
12-31-2014
ThCh$
(2,381,852)
(2,366,605)
(122,447)
-
(2,244,158)
(15,247)
(1,088)
3,056,025
(1,088)
(3,056,025)
-
Eliminations
12-31-2013
ThCh$
(1,421,313)
(1,412,853)
(201,948)
-
(1,210,905)
(8,460)
31,462
3,962,147
-
(3,962,147)
31,462
Total
12-31-2013
ThCh$
12-31-2014
ThCh$
12-31-2012
ThCh$
(1,715,557)
(1,771,926)
12-31-2012
ThCh$
7,253,876,320 6,264,445,902 6,495,953,448
6,819,760,882 5,696,777,240 6,182,123,698
- 6,236,134,845 5,168,220,551 5,725,898,591
20,021,897
-
436,203,210
(1,771,926)
313,829,750
56,369
56,401,832
472,154,857
567,668,662
60,898,686
522,727,351
434,115,438
(3,089,141,195)
56,359 (3,941,071,719)
(3,695,022,919)
1,220,180 (2,612,423,439) (1,820,613,559) (1,848,670,310)
(763,791,553)
(474,178,392)
(608,382,664)
(511,014,654)
(417,134,161)
(400,499,465)
(386,116,195)
(399,680,014)
(482,731,427)
-
(1,225,320)
61,499
CONTRIBUTION MARGIN
743,475,938
741,059,606
623,673,259
329,616,190
476,545,224
211,992,469
861,076,422
785,155,365
866,852,756
967,600,593
823,084,222
796,118,866
413,418,398
350,850,141
303,952,377
(2,382,940)
(1,389,851)
(1,659,198)
3,312,804,601 3,175,304,707 2,800,930,529
21,505,569
14,831,058
11,267,275
27,871,087
21,102,202
12,470,077
12,046,728
13,877,942
15,741,611
10,209,703
8,810,875
6,497,515
3,969,512
3,343,451
2,690,904
1,673,387
-
-
77,275,986
61,965,528
48,667,382
(131,005,350)
(123,792,285)
(104,960,338)
(182,617,639)
(154,686,549)
(119,207,683)
(107,989,443)
(100,646,527)
(106,756,270)
(111,451,891)
(116,287,888)
(109,459,496)
(150,390,841)
(138,909,308)
(114,875,019)
(169,097,432)
(147,251,808)
(154,523,039)
(55,772,427)
(91,510,241)
(51,593,413)
(75,777,792)
(47,181,965)
(74,513,810)
(38,624,977)
(52,309,761)
(34,963,324)
(43,261,744)
(31,073,580)
(40,846,681)
-
709,553
-
1,389,851
-
1,659,198
(516,009,836)
(574,050,613)
(465,682,098)
(520,098,689)
(409,179,836)
(492,558,847)
GROSS OPERATING RESULT
522,524,266
515,810,491
420,520,700
24,478,797
204,051,569
(9,620,156)
596,036,275
551,134,972
621,315,058
830,527,628
704,523,892
680,920,606
326,453,172
275,968,524
234,723,020
-
-
- 2,300,020,138 2,251,489,448 1,947,859,228
Depreciation and amortization expense
(129,989,657)
(121,138,443)
(113,054,058)
(34,457,311)
(39,649,324)
(37,553,574)
(126,219,710)
(111,980,732)
(118,997,483)
(115,830,740)
(99,481,692)
(104,303,331)
(74,234,989)
(64,854,394)
(62,377,398)
1,552,503
1,631,326
1,802,110
(479,179,904)
(435,473,259)
(434,483,734)
(13,185,420)
(8,212,948)
(15,012,980)
(2,641,255)
(7,740,545)
(1,373,527)
(29,563,651)
(51,248,898)
(24,644,075)
(3,189,097)
(160,634)
(194,686)
(2,935,939)
(7,514,899)
(1,387,459)
-
-
-
(51,515,362)
(74,877,924)
(42,612,727)
OPERATING INCOME
379,349,189
386,459,100
292,453,662
(12,619,769)
156,661,700
(48,547,257)
440,252,914
387,905,342
477,673,500
711,507,791
604,881,566
576,422,589
249,282,244
203,599,231
170,958,163
1,552,503
1,631,326
1,802,110 1,769,324,872
1,741,138,265
1,470,762,767
(47,542,058)
(43,026,391)
(91,641,919)
(39,636,349)
(94,354,564)
(64,962,488)
(127,456,000)
34,677,521
30,905,320
52,121,989
56,783,528
24,927,472
(81,683,556)
(102,213,764)
1,633,555
(19,614,046)
93,148,400
(9,414,755)
11,818,600
68,426,745
(97,012,353)
(12,756,868)
(6,800,170)
32,676,794
112,698,021
(90,124,247)
-
-
-
(62,210,123)
(57,747,288)
(15,427,969)
17,360,162
19,539,712
9,384,231
(112,762,446)
(56,608,145)
(39,476,964)
(79,570,285)
(77,287,000)
(24,812,200)
37,262,480
8,339,316
88,275,167
146,393,325
182,577,796
(73,869,756)
(57,873,835)
(227,554,883)
(120,173,373)
(155,317,783)
11,823,716
16,882,667
(5,058,951)
8,457,569
14,637,824
(6,180,255)
3,645,307
9,445,578
(5,800,271)
(54,449,047)
24,211,200
27,938,403
70,893,263
63,729,466
14,570,497
12,370,433
110,144
158,287
7,163,797
14,460,353
12,212,146
34,721
662,310
707,468
(45,158)
144,312
733,527
725,673
7,854
(24,407)
581,061
579,029
2,032
2,761,811
1,983,259
2,761,811
1,983,259
(61,236,977)
18,603,031
(78,795,617)
-
(1,044,391)
1,520,289
(2,564,680)
(50,091,563)
18,522,711
(68,989,288)
-
375,014
843,353
(468,339)
(65,263,038)
13,289,208
(78,359,842)
-
(192,404)
731,896
(924,300)
(23,920,963)
3,921,832
(23,435,746)
-
(4,407,049)
3,950,172
(8,357,221)
(26,555,488)
3,522,291
(25,479,239)
-
(4,598,540)
4,238,355
(8,836,895)
(28,142,657)
5,284,506
(33,613,441)
-
186,278
934,728
(748,450)
36,630,022
(9,735,763)
9,735,764
-
36,630,021
(11,858,586)
48,488,607
11,321,527
(2,357,789)
2,357,786
-
11,321,530
(13,860,245)
25,181,775
2,462,555
(2,288,318)
2,288,316
2,462,557
(4,998,726)
7,461,283
(263,162,325)
265,884,277
(491,858,285)
1,633,555
(38,821,872)
121,003,104
(159,824,976)
(168,028,958)
260,126,546
(388,367,634)
(9,414,755)
(30,373,115)
93,825,744
(124,198,859)
(216,642,227)
232,129,980
(419,888,938)
(12,756,868)
(16,126,401)
48,174,501
(64,300,902)
2,561,039
933,704
2,467,940
120,697
-
120,697
381,011
-
(212,797)
(16)
381,011
(212,781)
-
93,547
-
93,547
-
723,159
-
723,159
-
464,456
-
464,456
-
-
-
-
-
-
-
-
-
-
(51,853,287)
25,289,219
30,381,936
71,769,817
64,436,934
19,170,005
835,817
15,186,412
737,300
7,332,883
18,334,188
14,449,112
Other work performed by the entity and
capitalized
Employee benefits expense
Other expenses
Impairment losses (reversal of impairment losses)
recognized in profit or loss
FINANCIAL RESULT
Financial income
Financial costs
Positive
Negative
Profit (loss) from indexed assets and liabilities
Foreign currency exchange differences
Share of profit of associates accounted for using
the equity method
Other gains (losses)
Gain (loss) from other investments
Gain (loss) from the sale of property, plant and
equipment
Income before tax
348,251,347
382,214,406
241,120,579
(51,559,087)
63,184,975
(112,953,091)
312,796,914
425,344,677
510,562,079
652,952,550
556,104,718
513,414,694
225,454,828
177,766,902
143,279,962
38,182,525
12,952,853
4,264,665 1,526,079,077 1,617,568,531 1,299,688,888
Income tax
(127,153,083)
(152,739,606)
(55,359,053)
(25,322,535)
(19,375,905)
(2,938,736)
(83,386,302)
(98,554,882)
(131,150,308)
(208,404,127)
(181,812,587)
(167,411,904)
(52,343,302)
(51,684,805)
(49,815,919)
-
-
-
(496,609,349)
(504,167,785)
(406,675,920)
Net income from continuing operations
Net income from discontinued operations
NET INCOME
Net income attributable to
Shareholders of Enersis
Non-controlling interests
-
-
-
-
-
-
221,098,264
229,474,800
185,761,526
(76,881,622)
43,809,070
(115,891,827)
229,410,612
326,789,795
379,411,771
221,098,264
229,474,800
185,761,526
(76,881,622)
43,809,070
(115,891,827)
229,410,612
326,789,795
379,411,771
444,548,423
-
444,548,423
374,292,131
346,002,790
374,292,131
346,002,790
173,111,526
-
173,111,526
126,082,097
93,464,043
126,082,097
93,464,043
38,182,525
-
38,182,525
12,952,853
12,952,853
4,264,665 1,029,469,728 1,113,400,746
-
4,264,665 1,029,469,728 1,113,400,746
-
893,012,968
-
893,012,968
221,098,264
229,474,800
185,761,526
(76,881,622)
43,809,070
(115,891,827)
229,410,612
326,789,795
379,411,771
-
-
-
-
-
-
-
-
444,548,423
-
-
374,292,131
-
-
346,002,790
-
-
173,111,526
-
-
126,082,097
-
-
93,464,043
-
-
38,182,525
-
-
12,952,853
-
-
4,264,665 1,029,469,728 1,113,400,746
658,514,150
610,157,869
454,886,596
419,311,859
-
-
893,012,968
377,350,521
515,662,447
-
-
-
-
-
-
-
-
3
-
-
-
-
-
-
-
STATEMENT OF CASH FLOW
Chile
Argentina
Brazil
12-31-2014
12-31-2013
12-31-2012
12-31-2014
12-31-2013
12-31-2012
12-31-2014
12-31-2013
12-31-2012
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
Cash flow from (used in) operating activities
203,323,918
430,172,279
203,506,391
267,157,901
171,169,106
118,179,810
412,841,873
448,374,315
549,710,656
Cash flow from (used in) investing activities
956,586,408
(283,356,920)
(11,503,480)
(236,905,557)
(164,720,608)
(102,006,046)
(142,166,536)
(185,875,967)
(321,032,173)
Cash flows from (used in) financing activities
(1,096,385,941)
565,999,553
(529,252,790)
(28,140,190)
(4,113,277)
(32,486,937)
(326,502,619)
(199,139,356)
(254,099,560)
The eliminations column corresponds to transactions between companies in different lines of business and country, primarily
purchases and sales of energy and services.
12-31-2014
ThCh$
582,492,679
(202,123,930)
(320,548,584)
Colombia
12-31-2013
ThCh$
478,582,963
(229,211,864)
(220,291,845)
12-31-2012
ThCh$
494,050,052
(254,598,240)
(192,885,791)
12-31-2014
ThCh$
239,070,342
(75,195,327)
(118,613,377)
Peru
12-31-2013
ThCh$
175,327,834
(63,697,550)
(105,415,120)
12-31-2012
ThCh$
177,977,693
(60,075,017)
(96,548,298)
12-31-2014
ThCh$
(6,848,719)
(599,882,048)
606,731,048
Eliminations
12-31-2013
ThCh$
(2,650,853)
(297,024,180)
299,725,401
Total
12-31-2013
ThCh$
12-31-2014
ThCh$
12-31-2012
ThCh$
(62,167)
(92,921,124)
92,998,545 (1,283,459,663)
12-31-2012
ThCh$
1,698,037,994 1,700,975,644 1,543,362,435
(842,136,080)
(299,686,990) (1,223,887,089)
336,765,356 (1,012,274,831)
343
35.4 Generation and Transmission, and Distribution by Country
a) Generation and Transmission
Country
ASSETS
CURRENT ASSETS
Cash and cash equivalents
Other current financial assets
Other current non-financial
assets
Trade and other current
receivables
Current accounts receivable from
related companies
Inventories
Current tax assets
Non-current assets classified as
held for sale and discontinued
operations
NON-CURRENT ASSETS
Other non-current financial
assets
Other non-current non-financial
assets
Trade and other non-current
receivables
Non-current accounts receivable
from related companies
Investments accounted for using
the equity method
Intangible assets other than
goodwill
Goodwill
Property, plant and equipment
Investment property
Deferred tax assets
12-31-2014
12-31-2013
12-31-2014
12-31-2013
12-31-2014
12-31-2013
12-31-2014
12-31-2013
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
329,704,908
321,118,495
164,347,787
137,890,412
(114,094,932)
(62,132,141)
1,258,524,552 1,156,438,452
224,564,345
227,781,003
73,264,364
39,209,609
20,460,311
59,041
-
121,357
444,764,922
374,220,089
50,850,528
50,768,162
61,264,981
58,112,923
Chile
Argentina
Brazil
Colombia
Peru
Eliminations
Total
12-31-2014
ThCh$
587,911,081
50,627,592
4,389,709
12-31-2013
ThCh$
511,796,884
56,780,323
23,956,079
12-31-2014
ThCh$
111,345,580
20,268,881
-
12-31-2013
ThCh$
107,811,492
16,276,593
-
12-31-2014
ThCh$
179,310,128
76,039,740
26,000,508
12-31-2013
ThCh$
139,953,310
34,172,561
26,631,685
10,766,653
2,104,085
2,909,678
4,163,710
15,508,149
12,892,720
9,272,519
7,825,842
22,807,982
31,126,566
317,283,266
204,574,890
55,648,584
54,585,788
35,732,810
30,862,099
53,822,823
56,083,837
35,628,118
28,784,409
248,342
278,427
498,363,943
375,169,450
113,265,863
116,673,985
28,040,438
28,288,101
23,607,823
33,710,120
7,818,044
13,527,398
8,711,102
16,361,453
(104,338,221)
(62,410,568)
77,105,049
146,150,489
36,871,184
44,701,761
14,662,964
93,044,558
2,268,098
2,209,901
3,015,290
1,482,010
24,762
2,396,336
24,335
1,659,790
12,342,664
15,841,374
22,290,073
19,731,805
1,424,202
1,646,148
2,555,213
73,796,781
52,378,348
53,275,768
98,741,571
10,005,053
-
-
-
-
-
-
(10,005,053)
4,509,737,795 4,010,150,837
376,359,459
328,620,769
465,167,544
466,450,794
1,787,224,362 1,712,544,281
918,279,644
858,879,591
(1,242,631,650)
(977,828,980)
6,814,137,154 6,398,817,292
6,719,853
2,759,880
30,877
34,697
1
1
1,170,931
1,260,169
16,166
6,692
7,937,828
4,061,439
42,847
41,506
3,804,828
495,445
7,666,802
24,179,550
1,075,811
(407,692)
12,590,288
24,308,809
-
-
-
-
174,458,331
156,318,116
8,630,215
7,818,925
2,177,709
3,509,648
-
185,266,255
167,646,689
-
-
31,402,626
31,832,066
(31,402,626)
(31,832,066)
1,852,154,229
1,739,823,985
1,981,428
2,402,684
19,298,297
9,466,233
57,999,593
57,988,639
(1,322,024,225)
(1,030,609,532)
609,409,322
779,072,009
18,851,913
14,551,065
70,302
91,877
2,847,709
2,556,250
22,960,562
24,751,366
10,768,352
9,892,423
55,498,838
51,842,981
-
2,621,113,891
-
10,855,062
-
2,249,838,283
-
3,136,118
1,401,472
191,081,462
-
3,530,759
1,574,810
152,164,545
-
15,538,595
-
362,640,263
-
32,681,631
-
352,672,949
-
37,924,820
4,886,064
5,213,756
8,527,161
8,287,322
110,795,201
85,020,310
125,609,898
100,096,198
1,707,545,357
1,618,190,483
840,968,372
782,704,515
5,723,349,345
5,155,570,775
47,407,928
59,618,859
94,475,380
116,218,392
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
TOTAL ASSETS
5,097,648,876 4,521,947,721
487,705,039
436,432,261
644,477,672
606,404,104
2,116,929,270 2,033,662,776 1,082,627,431
996,770,003
(1,356,726,582)
(1,039,961,121) 8,072,661,706 7,555,255,744
The eliminations column corresponds to transactions between companies in different lines of business and country, primarily
purchases and sales of energy and services.
344
2014 ANNUAL REPORT ENERSIS
CONSOLIDATED FINANCIAL STATEMENTS
42,847
41,506
3,804,828
495,445
7,666,802
24,179,550
1,075,811
-
174,458,331
156,318,116
8,630,215
7,818,925
2,177,709
3,509,648
1,852,154,229
1,739,823,985
1,981,428
2,402,684
19,298,297
9,466,233
-
31,402,626
31,832,066
-
-
-
-
35.4 Generation and Transmission, and Distribution by Country
a) Generation and Transmission
Chile
Argentina
Brazil
Colombia
Peru
Eliminations
Total
Country
ASSETS
12-31-2014
12-31-2013
12-31-2014
12-31-2013
12-31-2014
12-31-2013
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
CURRENT ASSETS
587,911,081
511,796,884
111,345,580
107,811,492
179,310,128
139,953,310
50,627,592
4,389,709
56,780,323
23,956,079
20,268,881
16,276,593
76,039,740
26,000,508
34,172,561
26,631,685
-
12-31-2014
ThCh$
329,704,908
224,564,345
20,460,311
12-31-2013
ThCh$
321,118,495
227,781,003
59,041
12-31-2014
ThCh$
164,347,787
73,264,364
-
12-31-2013
ThCh$
137,890,412
39,209,609
121,357
12-31-2014
ThCh$
(114,094,932)
-
-
12-31-2013
ThCh$
(62,132,141)
-
-
12-31-2014
ThCh$
12-31-2013
ThCh$
1,258,524,552 1,156,438,452
374,220,089
50,768,162
444,764,922
50,850,528
10,766,653
2,104,085
2,909,678
4,163,710
15,508,149
12,892,720
9,272,519
7,825,842
22,807,982
31,126,566
-
-
61,264,981
58,112,923
317,283,266
204,574,890
55,648,584
54,585,788
35,732,810
30,862,099
53,822,823
56,083,837
35,628,118
28,784,409
248,342
278,427
498,363,943
375,169,450
113,265,863
116,673,985
28,040,438
28,288,101
23,607,823
33,710,120
7,818,044
13,527,398
8,711,102
16,361,453
(104,338,221)
(62,410,568)
77,105,049
146,150,489
36,871,184
44,701,761
14,662,964
93,044,558
2,268,098
2,209,901
3,015,290
1,482,010
24,762
24,335
2,396,336
1,659,790
12,342,664
1,424,202
15,841,374
-
22,290,073
1,646,148
19,731,805
2,555,213
-
-
-
-
-
-
(10,005,053)
-
-
-
73,796,781
52,378,348
53,275,768
98,741,571
-
-
NON-CURRENT ASSETS
4,509,737,795 4,010,150,837
376,359,459
328,620,769
465,167,544
466,450,794
1,787,224,362 1,712,544,281
918,279,644
858,879,591
(1,242,631,650)
(977,828,980)
6,814,137,154 6,398,817,292
6,719,853
2,759,880
30,877
34,697
1,170,931
1,260,169
16,166
6,692
Non-current assets classified as
held for sale and discontinued
operations
10,005,053
Cash and cash equivalents
Other current financial assets
Other current non-financial
assets
Trade and other current
receivables
Current accounts receivable from
related companies
Inventories
Current tax assets
Other non-current financial
assets
assets
Other non-current non-financial
Trade and other non-current
receivables
Non-current accounts receivable
from related companies
Investments accounted for using
the equity method
Intangible assets other than
goodwill
Goodwill
Investment property
Deferred tax assets
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
1
-
-
-
1
-
-
18,851,913
14,551,065
70,302
91,877
2,847,709
2,556,250
22,960,562
24,751,366
10,768,352
9,892,423
-
-
55,498,838
51,842,981
Property, plant and equipment
2,621,113,891
2,249,838,283
191,081,462
152,164,545
362,640,263
352,672,949
1,401,472
1,574,810
10,855,062
3,136,118
3,530,759
15,538,595
32,681,631
37,924,820
4,886,064
1,707,545,357
-
47,407,928
5,213,756
1,618,190,483
-
59,618,859
8,527,161
840,968,372
-
-
8,287,322
782,704,515
-
-
110,795,201
-
-
-
85,020,310
-
-
-
125,609,898
5,723,349,345
-
94,475,380
100,096,198
5,155,570,775
-
116,218,392
TOTAL ASSETS
5,097,648,876 4,521,947,721
487,705,039
436,432,261
644,477,672
606,404,104
2,116,929,270 2,033,662,776 1,082,627,431
996,770,003
(1,356,726,582)
(1,039,961,121) 8,072,661,706 7,555,255,744
The eliminations column corresponds to transactions between companies in different lines of business and country, primarily
purchases and sales of energy and services.
345
-
-
-
-
-
-
-
-
-
-
7,937,828
4,061,439
(407,692)
12,590,288
24,308,809
-
185,266,255
167,646,689
(31,402,626)
(31,832,066)
-
-
57,999,593
57,988,639
(1,322,024,225)
(1,030,609,532)
609,409,322
779,072,009
Country
LIABILITIES AND EQUITY
CURRENT LIABILITIES
Other current financial liabilities
Trade and other current payables
Current accounts payable to
related companies
Other current provisions
Current tax liabilities
Current provisions for employee
benefits
Other current non-financial
liabilities
Liabilities associated with current
assets classified as held for sale
and discontinued operations
NON-CURRENT LIABILITIES
Other non-current financial
liabilities
Trade and other non-current
payables
Non-current acounts payable to
related companies
Other long-term provisions
Deferred tax liabilities
Non-current provisions for
employee benefits
Other non-current non-financial
liabilities
EQUITY
Equity attributable to
shareholders of Enersis
Issued capital
Retained earnings
Share premium
Other reserves
Chile
Argentina
Brazil
Colombia
Peru
Eliminations
Total
12-31-2014
ThCh$
674,505,169
146,364,103
330,234,621
12-31-2013
ThCh$
668,592,085
124,569,707
227,775,952
12-31-2014
ThCh$
180,031,592
29,204,543
104,631,867
12-31-2013
ThCh$
318,877,246
177,557,360
59,795,791
12-31-2014
ThCh$
209,741,472
547,554
55,829,739
12-31-2013
ThCh$
154,314,125
7,263,176
47,918,292
12-31-2014
12-31-2013
12-31-2014
12-31-2013
12-31-2014
12-31-2013
12-31-2014
12-31-2013
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
500,427,459
229,570,428
111,916,694
121,172,689
(54,269,042)
12,105,477 1,622,353,344 1,504,632,050
90,868,809
194,459,885
65,753,442
88,750,765
30,884,141
63,043,076
35,770,544
71,194,251
29,732,030
29,738,143
777,931,218
525,173,194
-
297,869,150
410,914,229
139,180,109
256,312,820
27,161,544
73,534,329
147,681,040
94,607,913
131,257,351
28,331,191
9,832,315
951,459
(84,001,072)
(17,632,666)
371,111,287
436,105,046
10,932,577
31,480,257
13,419,111
31,752,583
666,299
6,836,964
1,777,176
1,330,433
-
2,213,037
-
2,048,620
24,071,622
55,331,792
12,139,002
32,330,315
2,681,490
761,199
3,481,855
6,174,192
38,351,988
96,623,249
30,817,144
73,636,143
-
-
-
-
-
-
16,313,502
14,761,912
11,530,375
4,882,157
3,470,102
2,476,124
4,438,000
2,265,713
4,714,473
3,600,388
40,466,452
27,986,294
-
-
-
-
-
-
1,060,892,738
771,344,735
154,168,284
104,952,969
8,446,341
26,868,554
883,041,284
864,631,943
322,944,470
304,848,189
(31,370,967)
(32,111,507)
2,398,122,150 2,040,534,883
778,135,168
574,924,357
44,052,205
12,954,207
2,421,880
19,711,499
862,784,448
828,381,968
183,792,705
164,199,904
1,871,186,406
1,600,171,935
3,711,078
-
-
-
89,968
126,137
57,790
36,594,486
36,317,666
-
6
-
25,161,118
232,045,128
17,426,844
159,958,131
-
31,236,466
5,389,574
18,926,410
5,571,273
-
6,795,372
-
465,509
738,840
3,661,187
3,223,572
13,991,943
134,696,942
136,787,298
18,882,217
15,360,428
3,994,647
3,276,309
-
-
19,791,327
21,519,192
793,636
637,415
(31,686,032)
(32,111,507)
4,908,454
4,206,159
3,858,836
126,143
34,859,087
33,574,202
397,978,536
329,663,782
43,461,827
40,793,344
2,958,029
3,674,975
38,200,512
27,962,666
395,398
361,677
-
315,065
41,869,004
31,999,318
3,362,250,969 3,082,010,901
153,505,163
12,602,046
426,289,859
425,221,425
733,460,527
939,460,405
647,766,267
570,749,125
(1,271,086,573)
(1,019,955,091)
4,052,186,212 4,010,088,811
3,362,250,969
3,082,010,901
153,505,163
12,602,046
426,289,859
425,221,425
733,460,527
939,460,405
647,766,267
570,749,125
(1,271,086,573)
(1,019,955,091)
4,052,186,212
4,010,088,811
2,066,342,520
1,401,123,725
206,008,557
(311,223,833)
1,863,803,648
1,446,722,329
206,008,557
(434,523,633)
108,474,430
(19,153,229)
-
64,183,962
75,661,025
(64,632,839)
-
1,573,860
115,185,419
159,510,944
-
151,593,496
111,945,652
171,051,337
-
142,224,436
167,029,702
165,215,801
227,902,984
210,366,777
(1,172,172,225)
(958,973,816)
1,512,762,830
1,468,019,087
110,289,985
543,834,488
170,891,294
132,210,716
349,976,414
(168,587,688)
2,172,639,133
2,060,598,343
590,505
501,725
206,599,062
206,510,282
456,140,840
230,410,116
248,381,484
227,669,907
(448,890,762)
107,606,413
160,185,187
274,961,099
-
-
-
-
Non-controlling interests
-
-
-
-
-
-
-
-
-
-
Total Liabilities and Equity
5,097,648,876
4,521,947,721
487,705,039
436,432,261
644,477,672
606,404,104
2,116,929,270
2,033,662,776
1,082,627,431
996,770,003
(1,356,726,582)
(1,039,961,121)
8,072,661,706
7,555,255,744
The eliminations column corresponds to transactions between companies in different lines of business and country, primarily
purchases and sales of energy and services.
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
346
2014 ANNUAL REPORT ENERSIS
CONSOLIDATED FINANCIAL STATEMENTS
Chile
Argentina
Brazil
Colombia
Peru
Eliminations
Total
Country
LIABILITIES AND EQUITY
CURRENT LIABILITIES
12-31-2014
12-31-2013
12-31-2014
12-31-2013
12-31-2014
12-31-2013
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
674,505,169
668,592,085
180,031,592
318,877,246
209,741,472
154,314,125
Other current financial liabilities
146,364,103
124,569,707
29,204,543
177,557,360
547,554
7,263,176
Trade and other current payables
330,234,621
227,775,952
104,631,867
59,795,791
55,829,739
47,918,292
12-31-2014
ThCh$
500,427,459
90,868,809
194,459,885
12-31-2013
ThCh$
229,570,428
65,753,442
88,750,765
12-31-2014
ThCh$
111,916,694
30,884,141
63,043,076
12-31-2013
ThCh$
121,172,689
35,770,544
71,194,251
12-31-2014
ThCh$
(54,269,042)
-
29,732,030
12-31-2013
ThCh$
12-31-2014
ThCh$
12-31-2013
ThCh$
12,105,477 1,622,353,344 1,504,632,050
410,914,229
297,869,150
525,173,194
777,931,218
-
29,738,143
-
-
-
-
-
-
-
Current accounts payable to
related companies
Other current provisions
Current tax liabilities
Current provisions for employee
benefits
liabilities
Other current non-financial
Liabilities associated with current
assets classified as held for sale
and discontinued operations
Other non-current financial
liabilities
payables
Trade and other non-current
Non-current acounts payable to
related companies
Non-current provisions for
employee benefits
Other non-current non-financial
liabilities
EQUITY
Equity attributable to
shareholders of Enersis
Issued capital
Retained earnings
Share premium
Other reserves
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
6
-
-
-
-
-
139,180,109
256,312,820
27,161,544
73,534,329
147,681,040
94,607,913
131,257,351
28,331,191
9,832,315
951,459
(84,001,072)
(17,632,666)
371,111,287
436,105,046
10,932,577
31,480,257
13,419,111
31,752,583
666,299
6,836,964
1,777,176
1,330,433
2,213,037
2,048,620
24,071,622
55,331,792
12,139,002
32,330,315
2,681,490
761,199
3,481,855
6,174,192
-
-
-
-
16,313,502
14,761,912
11,530,375
4,882,157
3,470,102
2,476,124
4,438,000
2,265,713
4,714,473
3,600,388
-
-
-
-
-
-
-
-
-
-
-
-
-
-
38,351,988
96,623,249
30,817,144
73,636,143
-
-
40,466,452
27,986,294
-
-
NON-CURRENT LIABILITIES
1,060,892,738
771,344,735
154,168,284
104,952,969
8,446,341
26,868,554
883,041,284
864,631,943
322,944,470
304,848,189
(31,370,967)
(32,111,507)
2,398,122,150 2,040,534,883
778,135,168
574,924,357
44,052,205
12,954,207
2,421,880
19,711,499
862,784,448
828,381,968
183,792,705
164,199,904
3,711,078
89,968
126,137
57,790
36,594,486
36,317,666
-
-
-
-
-
-
-
-
-
-
-
-
1,871,186,406
1,600,171,935
3,858,836
126,143
(31,686,032)
(32,111,507)
4,908,454
4,206,159
Other long-term provisions
25,161,118
17,426,844
-
5,389,574
5,571,273
6,795,372
Deferred tax liabilities
232,045,128
159,958,131
31,236,466
18,926,410
18,882,217
15,360,428
3,994,647
3,276,309
465,509
-
738,840
13,991,943
3,661,187
134,696,942
3,223,572
136,787,298
19,791,327
21,519,192
793,636
637,415
-
-
-
2,958,029
3,674,975
38,200,512
27,962,666
395,398
361,677
-
-
-
-
315,065
-
-
-
-
34,859,087
397,978,536
33,574,202
329,663,782
43,461,827
40,793,344
41,869,004
31,999,318
3,362,250,969 3,082,010,901
153,505,163
12,602,046
426,289,859
425,221,425
733,460,527
939,460,405
647,766,267
570,749,125
(1,271,086,573)
(1,019,955,091)
4,052,186,212 4,010,088,811
3,362,250,969
3,082,010,901
153,505,163
12,602,046
426,289,859
425,221,425
733,460,527
939,460,405
647,766,267
570,749,125
(1,271,086,573)
(1,019,955,091)
4,052,186,212
4,010,088,811
2,066,342,520
1,863,803,648
108,474,430
75,661,025
115,185,419
111,945,652
1,401,123,725
1,446,722,329
(19,153,229)
(64,632,839)
159,510,944
171,051,337
206,008,557
206,008,557
(311,223,833)
(434,523,633)
64,183,962
1,573,860
151,593,496
142,224,436
167,029,702
110,289,985
-
456,140,840
165,215,801
543,834,488
-
230,410,116
227,902,984
170,891,294
590,505
248,381,484
210,366,777
132,210,716
501,725
227,669,907
(1,172,172,225)
349,976,414
-
(448,890,762)
(958,973,816)
(168,587,688)
-
107,606,413
1,512,762,830
2,172,639,133
206,599,062
160,185,187
1,468,019,087
2,060,598,343
206,510,282
274,961,099
Non-controlling interests
-
-
-
-
-
-
-
-
-
-
Total Liabilities and Equity
5,097,648,876
4,521,947,721
487,705,039
436,432,261
644,477,672
606,404,104
2,116,929,270
2,033,662,776
1,082,627,431
996,770,003
(1,356,726,582)
(1,039,961,121)
8,072,661,706
7,555,255,744
The eliminations column corresponds to transactions between companies in different lines of business and country, primarily
purchases and sales of energy and services.
347
Country
STATEMENT OF COMPREHENSIVE INCOME
REVENUES AND OTHER OPERATING INCOME
Revenues
Energy sales
Other sales
Other services rendered
12-31-2014
ThCh$
1,225,716,217
1,204,491,069
1,155,805,379
11,062,697
37,622,993
Chile
12-31-2013
ThCh$
12-31-2012
ThCh$
962,878,821 1,107,116,945
961,131,300 1,046,837,045
995,304,342
860,581,278
25,273,582
30,347
51,502,356
75,276,440
12-31-2014
ThCh$
167,629,542
124,403,558
75,488,280
-
48,915,278
Argentina
12-31-2013
ThCh$
173,767,877
138,071,696
109,113,647
-
28,958,049
12-31-2012
ThCh$
347,671,353
344,621,942
341,123,404
-
3,498,538
12-31-2014
ThCh$
437,032,601
437,032,601
369,739,130
-
67,293,471
Brazil
12-31-2013
ThCh$
349,612,268
349,355,959
286,300,194
-
63,055,765
12-31-2012
ThCh$
361,855,124
361,855,124
294,359,410
-
67,495,714
12-31-2014
12-31-2013
12-31-2012
12-31-2014
12-31-2013
12-31-2012
12-31-2014
12-31-2013
12-31-2012
12-31-2014
12-31-2013
12-31-2012
Colombia
ThCh$
639,460,200
634,800,723
634,181,459
-
ThCh$
753,385,347
744,236,225
743,649,327
476,853
110,045
ThCh$
580,151,107
579,490,649
578,673,437
-
ThCh$
401,695,198
392,252,284
325,248,022
12,603,162
54,401,100
Peru
ThCh$
315,886,096
294,442,189
275,491,763
8,817,669
10,132,757
ThCh$
282,124,274
280,813,676
273,293,947
-
Eliminations
Total
ThCh$
(2,049,792)
(2,034,545)
ThCh$
(484,995)
(476,535)
ThCh$
(656,842)
(661,982)
ThCh$
ThCh$
ThCh$
2,983,409,113 2,441,120,267 2,678,261,961
2,900,381,192 2,377,325,332 2,612,956,454
- 2,669,930,138 2,165,668,341 2,482,754,540
-
24,142,712
34,091,251
30,347
619,264
817,212
7,519,729
(2,034,545)
(476,535)
(661,982)
206,308,342
177,565,740
130,171,567
Other operating income
21,225,148
1,747,521
60,279,900
43,225,984
35,696,181
3,049,411
-
256,309
-
9,149,122
4,659,477
660,458
9,442,914
21,443,907
1,310,598
(15,247)
(8,460)
5,140
83,027,921
63,794,935
65,305,507
RAW MATERIALS AND CONSUMABLES USED
Energy purchases
Fuel consumption
Transportation expenses
Other miscellaneous supplies and services
(750,212,920)
(288,442,686)
(305,475,422)
(142,831,143)
(13,463,669)
(494,891,536)
(124,419,095)
(211,607,777)
(149,447,929)
(9,416,735)
(753,997,627)
(219,329,602)
(385,352,659)
(153,277,780)
3,962,414
(47,296,149)
(5,069,376)
(31,350,429)
(1,832,459)
(9,043,885)
(56,031,618)
(18,314,109)
(25,889,831)
(1,826,164)
(10,001,514)
(281,490,845)
(13,485,770)
(255,215,278)
(4,074,257)
(8,715,540)
(234,224,494)
(155,266,089)
(58,409,123)
(16,037,191)
(4,512,091)
(141,838,915)
(51,759,989)
(51,277,737)
(9,695,879)
(29,105,310)
(131,313,182)
(52,245,893)
(31,481,375)
(16,161,314)
(31,424,600)
(220,460,069)
(204,521,337)
(171,182,696)
(151,707,294)
(112,418,729)
(111,094,930)
(80,294,031)
(33,015,871)
(68,739,282)
(38,410,885)
(87,695,910)
(34,870,502)
(59,719,073)
(22,235,852)
(49,214,202)
(36,215,949)
(57,311,261)
(28,441,284)
(21,103,383)
(82,758,971)
(35,235,902)
(12,609,038)
(14,637,476)
(62,465,952)
(22,491,100)
(12,824,201)
(28,555,290)
(55,518,422)
(19,718,720)
(7,302,498)
(1,087)
3,056,025
(1,087)
(5,140)
(1,403,902,013)
(1,009,702,135)
(1,449,084,420)
3,962,147
1,220,179
(547,119,540)
(292,864,432)
(361,610,578)
(511,010,903)
(386,111,799)
(763,783,683)
(3,056,025)
(3,962,147)
(1,225,319)
(267,732,002)
(247,142,292)
(251,768,651)
(78,039,568)
(83,583,612)
(71,921,508)
CONTRIBUTION MARGIN
475,503,297
467,987,285
353,119,318
120,333,393
117,736,259
66,180,508
202,808,107
207,773,353
230,541,942
532,925,278
434,938,863
408,968,411
249,987,904
203,467,367
171,029,344
(2,050,879)
(484,995)
(661,982)
1,579,507,100 1,431,418,132 1,229,177,541
Other work performed by the entity and
capitalized
Employee benefits expense
Other expenses
16,466,173
10,625,755
8,472,679
4,717,343
2,994,025
-
843,966
798,621
713,161
5,763,279
5,001,430
4,133,486
550,306
461,664
157,020
1,673,387
30,014,454
19,881,495
13,476,346
(64,865,762)
(65,814,911)
(63,318,333)
(60,037,993)
(51,313,882)
(51,725,559)
(40,274,266)
(22,301,843)
(33,097,900)
(19,974,007)
(22,442,565)
(14,644,907)
(14,797,349)
(12,075,956)
(12,441,385)
(9,947,279)
(11,545,260)
(12,503,249)
(20,155,909)
(24,447,808)
(18,284,458)
(20,175,229)
(15,935,879)
(21,038,904)
(16,552,441)
(25,612,491)
(14,606,541)
(21,653,706)
(12,729,281)
(18,465,710)
377,492
484,995
661,982
(149,875,517)
(131,303,219)
(117,716,347)
(156,645,727)
(141,748,617)
(113,966,867)
GROSS OPERATING RESULT
361,288,797
355,256,714
258,552,556
62,474,627
67,658,377
29,093,036
176,778,768
186,183,310
207,206,594
494,084,840
401,480,606
376,127,114
208,373,278
167,668,784
139,991,373
- 1,303,000,310 1,178,247,791 1,010,970,673
Depreciation and amortization expense
Impairment losses (reversal of impairment losses)
recognized in profit or loss
(98,700,534)
(90,062,966)
(82,066,125)
(23,684,899)
(26,740,217)
(23,217,258)
(26,790,105)
(24,882,875)
(26,462,161)
(43,806,831)
(37,628,154)
(38,421,392)
(48,327,434)
(41,395,669)
(38,894,195)
(12,461,456)
64,137
(11,027,857)
(81,595)
(5,788,835)
-
(1,154,947)
(695,613)
-
(787,644)
76,227
(44,846)
(1,188,617)
(6,698,767)
(44,659)
(241,309,803)
(220,709,881)
(209,061,131)
(15,674,259)
(13,042,851)
(11,117,362)
OPERATING INCOME
250,126,807
265,257,885
165,458,574
38,708,133
35,129,325
5,875,778
148,833,716
160,604,822
180,744,433
449,490,365
363,928,679
337,660,876
158,857,227
119,574,348
101,052,519
- 1,046,016,248
944,495,059
790,792,180
FINANCIAL RESULT
Financial income
Financial costs
Profit (loss) from indexed assets and liabilities
Foreign currency exchange differences
Positive
Negative
(81,712,534)
2,020,079
(74,368,101)
14,341,214
(23,705,726)
30,902,041
(54,607,767)
(62,651,050)
3,536,277
(77,521,638)
1,220,365
10,113,946
26,215,267
(16,101,321)
(63,763,352)
5,972,775
(67,876,690)
(785,468)
(1,073,969)
7,585,199
(8,659,168)
(1,703,724)
83,671,357
(23,365,736)
-
(62,009,345)
15,924,492
(77,933,837)
(85,446,574)
4,244,643
(31,560,337)
-
(58,130,880)
18,008,940
(76,139,820)
(37,367,253)
2,841,601
(23,674,870)
-
(16,533,984)
7,926,758
(24,460,742)
19,658,005
23,653,993
(14,528,800)
-
10,532,812
15,287,550
(4,754,738)
15,184,609
19,932,500
(12,677,600)
-
7,929,709
13,724,429
(5,794,720)
9,501,946
24,959,636
(18,097,957)
-
2,640,267
8,385,976
(5,745,709)
Share of profit of associates accounted for using
the equity method
Other gains (losses)
Gain (loss) from other investments
Gain (loss) from the sale of property, plant and
equipment
(54,413,312)
24,211,203
27,938,714
42,651,566
42,651,566
2,556,683
110,144
-
2,446,539
172,116
158,288
13,828
-
662,310
707,468
(45,158)
144,312
733,527
725,673
7,854
(24,718)
500,770
498,738
2,032
-
-
-
-
-
-
-
-
-
-
-
-
Income before tax
156,652,527
229,374,721
129,806,052
37,666,719
(49,439,410)
(31,015,423)
168,491,721
175,789,431
190,246,379
414,973,137
337,292,434
298,873,331
146,265,253
107,295,519
84,711,428
11,024,798
4,146,888
1,721,129
935,074,155
804,459,583
674,342,896
Income tax
(61,058,446)
(58,588,721)
(48,515,925)
(28,903,711)
(7,294,916)
(5,394,465)
(39,386,507)
(25,337,026)
(27,804,757)
(126,151,739)
(106,503,562)
(97,612,299)
(32,191,266)
(31,842,461)
(31,275,247)
-
(287,691,669)
(229,566,686)
(210,602,693)
Net income from continuing operations
Net income from discontinued operations
NET INCOME
95,594,081
-
95,594,081
170,786,000
-
170,786,000
81,290,127
-
81,290,127
8,763,008
-
8,763,008
(56,734,326)
-
(56,734,326)
(36,409,888)
-
(36,409,888)
129,105,214
-
129,105,214
150,452,405
-
150,452,405
162,441,622
-
162,441,622
288,821,398
230,788,872
201,261,032
114,073,987
75,453,058
53,436,181
11,024,798
4,146,888
1,721,129
647,382,486
574,892,897
463,740,203
288,821,398
230,788,872
201,261,032
114,073,987
75,453,058
53,436,181
11,024,798
4,146,888
1,721,129
647,382,486
574,892,897
463,740,203
Net income attributable to
Shareholders of Enersis
Non-controlling interests
95,594,081
-
-
170,786,000
-
-
81,290,127
-
-
8,763,008
-
-
(56,734,326)
-
-
(36,409,888)
-
-
129,105,214
-
-
150,452,405
-
-
162,441,622
-
-
Country
STATEMENT OF CASH FLOW
Cash flow from (used in) operating activities
Cash flow from (used in) investing activities
Cash flows from (used in) financing activities
12-31-2014
ThCh$
239,014,894
34,558,119
(281,839,416)
Chile
12-31-2013
ThCh$
304,511,164
65,544,539
(319,365,277)
12-31-2012
ThCh$
125,150,824
34,358,657
(352,028,788)
12-31-2014
ThCh$
79,108,857
(56,312,879)
(18,507,611)
Argentina
12-31-2013
ThCh$
23,434,990
(38,876,836)
14,391,257
12-31-2012
ThCh$
28,675,022
(20,355,421)
(21,575,050)
12-31-2014
ThCh$
187,589,266
(24,096,560)
(122,230,027)
Brazil
12-31-2013
ThCh$
172,240,644
(6,217,205)
(203,692,092)
12-31-2012
ThCh$
192,967,520
(37,318,172)
(188,035,537)
The eliminations column corresponds to transactions between companies in different lines of business and country, primarily
purchases and sales of energy and services.
288,821,398
230,788,872
201,261,032
114,073,987
75,453,058
53,436,181
11,024,798
4,146,888
1,721,129
647,382,486
574,892,897
463,740,203
Colombia
Peru
Eliminations
Total
12-31-2014
12-31-2013
12-31-2012
12-31-2014
12-31-2013
12-31-2012
12-31-2014
12-31-2013
12-31-2012
12-31-2014
12-31-2013
12-31-2012
ThCh$
ThCh$
ThCh$
364,425,930
273,903,244
285,686,789
(185,214,366)
(125,834,718)
(172,564,767)
ThCh$
156,986,993
(18,336,629)
(151,340,517)
(104,425,180)
(64,595,057)
(109,291,615)
ThCh$
100,608,823
(8,773,627)
(96,493,312)
ThCh$
85,267,321
(11,625,051)
(70,735,871)
ThCh$
(407,289)
ThCh$
(529,831)
ThCh$
ThCh$
ThCh$
ThCh$
869,944 1,026,718,651
874,169,034
718,617,420
(107,704,873)
(80,477,575)
(58,128,604)
(357,107,188)
(194,635,422)
(265,633,358)
108,112,444
81,007,406
57,258,660
(575,096,742)
(628,577,198)
(639,711,643)
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
(34,591,411)
(26,946,483)
(38,974,600)
(12,653,611)
(12,096,778)
(16,903,421)
11,379,616
11,265,048
5,210,427
1,062,402
1,144,181
1,230,290
(44,880,587)
(38,653,714)
(43,917,815)
(10,024,754)
(9,184,654)
(18,088,798)
11,024,798
(9,126,266)
9,126,265
4,146,888
(2,226,200)
2,226,198
1,721,129
(99,978,477)
(167,809,388)
(145,785,551)
(1,841,637)
112,661,181
37,896,449
38,373,092
2,196,021
(158,041,713)
(167,371,745)
(169,460,109)
(1,090,440)
1,172,568
(2,263,008)
442,183
740,084
(297,901)
(267,212)
407,595
(674,807)
(3,691,259)
2,845,603
(6,536,862)
(4,056,305)
3,279,188
(7,335,493)
(44,913)
3,196
(48,109)
11,024,799
(9,007,246)
20,032,045
4,146,890
(8,975,752)
13,122,642
1,366,745
(68,939,159)
(39,554,457)
(13,913,066)
(4,235,887)
57,125,008
52,992,156
20,072,837
5,602,632
(126,064,167)
(92,546,613)
(33,985,903)
-
14,341,214
1,220,365
(785,468)
74,183
310,238
187,055
61,637
(182,051)
562,330
74,183
310,238
187,055
61,637
(182,051)
562,330
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
(54,413,312)
24,355,515
27,913,996
43,449,696
43,359,034
3,418,397
835,817
1,422,271
657,026
90,662
2,582,580
765,245
-
-
-
-
-
-
-
-
-
348
2014 ANNUAL REPORT ENERSIS
CONSOLIDATED FINANCIAL STATEMENTS
12-31-2014
ThCh$
24,142,712
206,308,342
34,091,251
177,565,740
Total
12-31-2013
ThCh$
12-31-2012
ThCh$
(656,842)
(661,982)
12-31-2012
ThCh$
2,983,409,113 2,441,120,267 2,678,261,961
2,900,381,192 2,377,325,332 2,612,956,454
- 2,669,930,138 2,165,668,341 2,482,754,540
30,347
-
130,171,567
(661,982)
STATEMENT OF COMPREHENSIVE INCOME
ThCh$
ThCh$
ThCh$
REVENUES AND OTHER OPERATING INCOME
1,225,716,217
962,878,821 1,107,116,945
Chile
Argentina
12-31-2014
12-31-2013
12-31-2012
12-31-2014
12-31-2013
12-31-2012
12-31-2014
12-31-2013
12-31-2012
ThCh$
167,629,542
124,403,558
75,488,280
-
ThCh$
173,767,877
138,071,696
109,113,647
-
ThCh$
347,671,353
344,621,942
341,123,404
-
ThCh$
437,032,601
437,032,601
369,739,130
Brazil
ThCh$
349,612,268
349,355,959
286,300,194
-
ThCh$
361,855,124
361,855,124
294,359,410
1,204,491,069
1,155,805,379
961,131,300 1,046,837,045
860,581,278
995,304,342
11,062,697
37,622,993
25,273,582
75,276,440
30,347
Other services rendered
51,502,356
48,915,278
28,958,049
3,498,538
67,293,471
63,055,765
67,495,714
Country
Revenues
Energy sales
Other sales
12-31-2014
ThCh$
753,385,347
744,236,225
743,649,327
476,853
110,045
Colombia
12-31-2013
ThCh$
639,460,200
634,800,723
634,181,459
-
619,264
12-31-2012
ThCh$
580,151,107
579,490,649
578,673,437
-
817,212
12-31-2014
ThCh$
401,695,198
392,252,284
325,248,022
12,603,162
54,401,100
Peru
12-31-2013
ThCh$
315,886,096
294,442,189
275,491,763
8,817,669
10,132,757
12-31-2012
ThCh$
282,124,274
280,813,676
273,293,947
-
7,519,729
12-31-2014
ThCh$
(2,049,792)
(2,034,545)
-
-
(2,034,545)
Eliminations
12-31-2013
ThCh$
(484,995)
(476,535)
-
-
(476,535)
Other operating income
21,225,148
1,747,521
60,279,900
43,225,984
35,696,181
3,049,411
256,309
9,149,122
4,659,477
660,458
9,442,914
21,443,907
1,310,598
(15,247)
(8,460)
5,140
83,027,921
63,794,935
65,305,507
RAW MATERIALS AND CONSUMABLES USED
(750,212,920)
(494,891,536)
(753,997,627)
(47,296,149)
(56,031,618)
(281,490,845)
(234,224,494)
(141,838,915)
(131,313,182)
Energy purchases
Fuel consumption
Transportation expenses
Other miscellaneous supplies and services
(13,463,669)
(9,416,735)
3,962,414
(288,442,686)
(124,419,095)
(219,329,602)
(305,475,422)
(211,607,777)
(385,352,659)
(142,831,143)
(149,447,929)
(153,277,780)
(5,069,376)
(31,350,429)
(1,832,459)
(9,043,885)
(18,314,109)
(25,889,831)
(1,826,164)
(10,001,514)
(13,485,770)
(155,266,089)
(255,215,278)
(4,074,257)
(8,715,540)
(58,409,123)
(16,037,191)
(4,512,091)
(51,759,989)
(51,277,737)
(9,695,879)
(29,105,310)
(52,245,893)
(31,481,375)
(16,161,314)
(31,424,600)
(220,460,069)
(80,294,031)
(33,015,871)
(68,739,282)
(38,410,885)
(204,521,337)
(87,695,910)
(34,870,502)
(59,719,073)
(22,235,852)
(171,182,696)
(49,214,202)
(36,215,949)
(57,311,261)
(28,441,284)
(151,707,294)
(21,103,383)
(82,758,971)
(35,235,902)
(12,609,038)
(112,418,729)
(14,637,476)
(62,465,952)
(22,491,100)
(12,824,201)
(111,094,930)
(28,555,290)
(55,518,422)
(19,718,720)
(7,302,498)
(1,087)
3,056,025
(1,087)
(3,056,025)
-
-
3,962,147
-
(3,962,147)
-
(5,140)
1,220,179
-
(1,225,319)
-
(1,403,902,013)
(547,119,540)
(511,010,903)
(267,732,002)
(78,039,568)
(1,009,702,135)
(292,864,432)
(386,111,799)
(247,142,292)
(83,583,612)
(1,449,084,420)
(361,610,578)
(763,783,683)
(251,768,651)
(71,921,508)
CONTRIBUTION MARGIN
475,503,297
467,987,285
353,119,318
120,333,393
117,736,259
66,180,508
202,808,107
207,773,353
230,541,942
532,925,278
434,938,863
408,968,411
249,987,904
203,467,367
171,029,344
(2,050,879)
(484,995)
(661,982)
1,579,507,100 1,431,418,132 1,229,177,541
Other work performed by the entity and
capitalized
Employee benefits expense
Other expenses
16,466,173
10,625,755
8,472,679
4,717,343
2,994,025
-
843,966
798,621
713,161
5,763,279
5,001,430
4,133,486
550,306
461,664
157,020
1,673,387
(64,865,762)
(65,814,911)
(63,318,333)
(60,037,993)
(51,313,882)
(51,725,559)
(40,274,266)
(22,301,843)
(33,097,900)
(19,974,007)
(22,442,565)
(14,644,907)
(14,797,349)
(12,075,956)
(12,441,385)
(9,947,279)
(11,545,260)
(12,503,249)
(20,155,909)
(24,447,808)
(18,284,458)
(20,175,229)
(15,935,879)
(21,038,904)
(16,552,441)
(25,612,491)
(14,606,541)
(21,653,706)
(12,729,281)
(18,465,710)
-
377,492
-
-
484,995
-
30,014,454
19,881,495
13,476,346
-
661,982
(156,645,727)
(149,875,517)
(141,748,617)
(131,303,219)
(113,966,867)
(117,716,347)
GROSS OPERATING RESULT
361,288,797
355,256,714
258,552,556
62,474,627
67,658,377
29,093,036
176,778,768
186,183,310
207,206,594
494,084,840
401,480,606
376,127,114
208,373,278
167,668,784
139,991,373
Depreciation and amortization expense
(98,700,534)
(90,062,966)
(82,066,125)
(23,684,899)
(26,740,217)
(23,217,258)
(26,790,105)
(24,882,875)
(26,462,161)
(43,806,831)
(37,628,154)
(38,421,392)
(48,327,434)
(41,395,669)
(38,894,195)
(12,461,456)
64,137
(11,027,857)
(81,595)
(5,788,835)
-
(1,154,947)
(695,613)
(787,644)
76,227
(44,846)
(1,188,617)
(6,698,767)
(44,659)
Impairment losses (reversal of impairment losses)
recognized in profit or loss
OPERATING INCOME
250,126,807
265,257,885
165,458,574
38,708,133
35,129,325
5,875,778
148,833,716
160,604,822
180,744,433
449,490,365
363,928,679
337,660,876
158,857,227
119,574,348
101,052,519
-
-
-
-
-
-
-
-
- 1,303,000,310 1,178,247,791 1,010,970,673
-
-
(241,309,803)
(220,709,881)
(209,061,131)
(15,674,259)
(13,042,851)
(11,117,362)
- 1,046,016,248
944,495,059
790,792,180
FINANCIAL RESULT
Financial income
Financial costs
(81,712,534)
(62,651,050)
(63,763,352)
2,020,079
3,536,277
5,972,775
(1,703,724)
83,671,357
(85,446,574)
(37,367,253)
4,244,643
2,841,601
19,658,005
23,653,993
15,184,609
19,932,500
9,501,946
24,959,636
(74,368,101)
(77,521,638)
(67,876,690)
(23,365,736)
(31,560,337)
(23,674,870)
(14,528,800)
(12,677,600)
(18,097,957)
Profit (loss) from indexed assets and liabilities
14,341,214
1,220,365
(785,468)
-
-
Foreign currency exchange differences
Positive
Negative
(23,705,726)
30,902,041
10,113,946
26,215,267
(1,073,969)
(62,009,345)
(58,130,880)
(16,533,984)
7,585,199
15,924,492
18,008,940
7,926,758
(54,607,767)
(16,101,321)
(8,659,168)
(77,933,837)
(76,139,820)
(24,460,742)
10,532,812
15,287,550
(4,754,738)
7,929,709
13,724,429
(5,794,720)
2,640,267
8,385,976
(5,745,709)
Share of profit of associates accounted for using
(54,413,312)
24,211,203
27,938,714
the equity method
Other gains (losses)
Gain (loss) from other investments
Gain (loss) from the sale of property, plant and
equipment
42,651,566
42,651,566
2,556,683
110,144
-
2,446,539
172,116
158,288
13,828
662,310
707,468
(45,158)
144,312
733,527
725,673
7,854
(24,718)
500,770
498,738
2,032
(34,591,411)
11,379,616
(44,880,587)
-
(1,090,440)
1,172,568
(2,263,008)
(26,946,483)
11,265,048
(38,653,714)
-
442,183
740,084
(297,901)
(38,974,600)
5,210,427
(43,917,815)
-
(267,212)
407,595
(674,807)
(12,653,611)
1,062,402
(10,024,754)
-
(3,691,259)
2,845,603
(6,536,862)
(12,096,778)
1,144,181
(9,184,654)
-
(4,056,305)
3,279,188
(7,335,493)
(16,903,421)
1,230,290
(18,088,798)
-
(44,913)
3,196
(48,109)
11,024,798
(9,126,266)
9,126,265
-
11,024,799
(9,007,246)
20,032,045
4,146,888
(2,226,200)
2,226,198
-
4,146,890
(8,975,752)
13,122,642
1,721,129
(1,841,637)
2,196,021
-
1,366,745
(4,235,887)
5,602,632
(99,978,477)
112,661,181
(158,041,713)
14,341,214
(68,939,159)
57,125,008
(126,064,167)
(167,809,388)
37,896,449
(167,371,745)
1,220,365
(39,554,457)
52,992,156
(92,546,613)
(145,785,551)
38,373,092
(169,460,109)
(785,468)
(13,913,066)
20,072,837
(33,985,903)
-
74,183
-
74,183
-
310,238
-
310,238
-
187,055
-
187,055
-
61,637
-
61,637
-
(182,051)
-
(182,051)
-
562,330
-
562,330
-
-
-
-
-
-
-
-
-
-
-
-
(54,413,312)
24,355,515
27,913,996
43,449,696
43,359,034
3,418,397
835,817
1,422,271
657,026
90,662
2,582,580
765,245
Income before tax
156,652,527
229,374,721
129,806,052
37,666,719
(49,439,410)
(31,015,423)
168,491,721
175,789,431
190,246,379
414,973,137
337,292,434
298,873,331
146,265,253
107,295,519
84,711,428
11,024,798
4,146,888
1,721,129
935,074,155
804,459,583
674,342,896
Income tax
(61,058,446)
(58,588,721)
(48,515,925)
(28,903,711)
(7,294,916)
(5,394,465)
(39,386,507)
(25,337,026)
(27,804,757)
(126,151,739)
(106,503,562)
(97,612,299)
(32,191,266)
(31,842,461)
(31,275,247)
-
-
-
(287,691,669)
(229,566,686)
(210,602,693)
288,821,398
-
288,821,398
230,788,872
-
230,788,872
201,261,032
-
201,261,032
114,073,987
-
114,073,987
75,453,058
-
75,453,058
53,436,181
-
53,436,181
11,024,798
-
11,024,798
288,821,398
-
-
230,788,872
-
-
201,261,032
-
-
114,073,987
-
-
75,453,058
-
-
53,436,181
-
-
11,024,798
-
-
4,146,888
-
4,146,888
4,146,888
-
-
1,721,129
-
1,721,129
647,382,486
-
647,382,486
574,892,897
-
574,892,897
463,740,203
-
463,740,203
1,721,129
-
-
647,382,486
-
-
574,892,897
-
-
463,740,203
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
95,594,081
170,786,000
81,290,127
8,763,008
(56,734,326)
(36,409,888)
129,105,214
150,452,405
162,441,622
NET INCOME
95,594,081
170,786,000
81,290,127
8,763,008
(56,734,326)
(36,409,888)
129,105,214
150,452,405
162,441,622
Net income from continuing operations
Net income from discontinued operations
Net income attributable to
Shareholders of Enersis
Non-controlling interests
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
95,594,081
170,786,000
81,290,127
8,763,008
(56,734,326)
(36,409,888)
129,105,214
150,452,405
162,441,622
Country
STATEMENT OF CASH FLOW
Cash flow from (used in) operating activities
239,014,894
304,511,164
125,150,824
79,108,857
Cash flow from (used in) investing activities
34,558,119
65,544,539
34,358,657
Cash flows from (used in) financing activities
(281,839,416)
(319,365,277)
(352,028,788)
(56,312,879)
(18,507,611)
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
23,434,990
(38,876,836)
14,391,257
ThCh$
28,675,022
(20,355,421)
(21,575,050)
ThCh$
ThCh$
ThCh$
187,589,266
(24,096,560)
172,240,644
(6,217,205)
192,967,520
(37,318,172)
(122,230,027)
(203,692,092)
(188,035,537)
12-31-2014
12-31-2013
12-31-2012
12-31-2014
12-31-2013
12-31-2012
12-31-2014
12-31-2013
12-31-2012
Chile
Argentina
Brazil
The eliminations column corresponds to transactions between companies in different lines of business and country, primarily
purchases and sales of energy and services.
12-31-2014
ThCh$
364,425,930
(185,214,366)
(151,340,517)
Colombia
12-31-2013
ThCh$
273,903,244
(125,834,718)
(104,425,180)
12-31-2012
ThCh$
285,686,789
(172,564,767)
(64,595,057)
12-31-2014
ThCh$
156,986,993
(18,336,629)
(109,291,615)
Peru
12-31-2013
ThCh$
100,608,823
(8,773,627)
(96,493,312)
12-31-2012
ThCh$
85,267,321
(11,625,051)
(70,735,871)
12-31-2014
ThCh$
(407,289)
(107,704,873)
108,112,444
Eliminations
12-31-2013
ThCh$
(529,831)
(80,477,575)
81,007,406
12-31-2014
ThCh$
869,944 1,026,718,651
(357,107,188)
(575,096,742)
(58,128,604)
57,258,660
12-31-2012
ThCh$
Total
12-31-2013
ThCh$
874,169,034
(194,635,422)
(628,577,198)
12-31-2012
ThCh$
718,617,420
(265,633,358)
(639,711,643)
349
b) Distribution
Country
ASSETS
CURRENT ASSETS
Cash and cash equivalents
Other current financial assets
Other current non-financial
assets
Trade and other current
receivables
Current accounts receivable from
related companies
Inventories
Current tax assets
Non-current assets classified as
held for sale and discontinued
operations
NON-CURRENT ASSETS
Other non-current financial
assets
Other non-current non-financial
assets
Trade and other non-current
receivables
Non-current accounts receivable
from related companies
Investments accounted for using
the equity method
Intangible assets other than
goodwill
Goodwill
Property, plant and equipment
Investment property
Deferred tax assets
Chile
Argentina
Brazil
Colombia
Peru
Eliminations
Total
12-31-2014
ThCh$
300,765,617
7,716,593
470,266
12-31-2013
ThCh$
192,097,248
22,774,490
309,009
12-31-2014
ThCh$
409,109,176
5,646,882
-
12-31-2013
ThCh$
217,226,660
8,696,329
-
12-31-2014
ThCh$
589,020,643
67,580,309
6,971,011
12-31-2013
ThCh$
413,137,593
65,536,627
16,895,101
4,837,555
1,793,463
1,192,805
1,181,675
96,485,884
71,204,617
2,994,894
3,591,691
4,217,571
2,013,596
257,568,198
149,400,234
360,374,168
201,404,669
410,307,454
256,308,402
93,709,158
86,878,811
56,349,775
49,200,081
(70,326)
2,968
1,178,238,427
743,195,165
26,178,562
15,082,952
353,432
757,342
23,473
22,750
2,636,246
2,735,244
13,402,430
3,156,941
(13,298,876)
(3,544,367)
29,295,267
18,210,862
3,542,452
451,991
2,516,897
220,203
39,669,296
1,872,593
5,186,645
-
717,960
6,934,552
2,495,125
674,971
4,164,227
4,027,993
8,173,453
37,273
5,445,164
490,212
56,267,388
19,671,824
9,296,409
1,385,386
-
-
-
-
-
-
1,240,468,968 1,210,687,967
405,106,897
284,575,650 1,871,949,977 1,748,919,068
928,936,117
965,222,710
587,886,652
487,752,639
- 5,034,348,611 4,697,158,034
12-31-2014
12-31-2013
12-31-2014
12-31-2013
12-31-2014
12-31-2013
12-31-2014
12-31-2013
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
254,296,273
286,639,350
142,931,833
106,049,491
(13,369,202)
(3,541,399)
1,682,754,340 1,211,608,943
133,186,201
116,480,956
60,751,331
41,802,393
17,605,547
72,924,655
-
3,941,104
274,881,316
255,290,795
25,046,824
94,069,869
109,728,709
79,785,042
30,619
22,728
42,005
61,181
496,441,092
452,494,316
6,687
7,143
188,157
319,503
427,860
480,779
58,185,573
58,799,681
2,568,364
7,364,933
6,055,189
1,294,740
1,668,894
88,314,071
34,859,235
9,132,062
11,995,821
-
-
486,605
-
541,582,223
552,161,023
19,612
21,641
-
-
-
-
32,798,603
33,085,547
14,613,951
13,175,169
2,463,635
2,644,331
1,055,986,162
1,052,932,113
17,651,975
18,832,051
6,385,114
3,788,645
2,240,478
674,156,509
-
292,098
2,240,478
636,528,765
-
185,112
-
400,372,440
-
-
-
279,698,824
-
-
97,979,622
24,072,231
-
50,971,226
95,223,794
20,065,773
-
34,544,156
842,119,957
864,965,468
581,501,538
483,963,994
24,658,469
36,336,680
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
496,520,403
452,585,368
61,369,954
59,599,963
106,105,806
54,579,139
486,605
574,400,438
585,268,211
1,097,100,837
1,091,372,309
100,220,100
97,464,272
2,522,222,675
2,285,222,824
75,921,793
71,065,948
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
TOTAL ASSETS
1,541,234,585 1,402,785,215
814,216,073
501,802,310 2,460,970,620 2,162,056,661
1,183,232,390 1,251,862,060
730,818,485
593,802,130
(13,369,202)
(3,541,399) 6,717,102,951 5,908,766,977
The eliminations column corresponds to transactions between companies in different lines of business and country, primarily
purchases and sales of energy and services.
350
2014 ANNUAL REPORT ENERSIS
CONSOLIDATED FINANCIAL STATEMENTS
b) Distribution
Other current non-financial
assets
Trade and other current
receivables
Current accounts receivable from
related companies
Inventories
Current tax assets
Non-current assets classified as
held for sale and discontinued
operations
Other non-current financial
assets
assets
Other non-current non-financial
Trade and other non-current
receivables
Non-current accounts receivable
from related companies
Investments accounted for using
the equity method
Intangible assets other than
goodwill
Goodwill
-
-
-
Chile
Argentina
Brazil
Colombia
Peru
Eliminations
Total
Country
ASSETS
12-31-2014
12-31-2013
12-31-2014
12-31-2013
12-31-2014
12-31-2013
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
CURRENT ASSETS
300,765,617
192,097,248
409,109,176
217,226,660
589,020,643
413,137,593
Cash and cash equivalents
7,716,593
22,774,490
5,646,882
8,696,329
67,580,309
Other current financial assets
470,266
309,009
-
-
6,971,011
65,536,627
16,895,101
12-31-2014
ThCh$
254,296,273
133,186,201
17,605,547
12-31-2013
ThCh$
286,639,350
116,480,956
72,924,655
12-31-2014
ThCh$
142,931,833
60,751,331
-
12-31-2013
ThCh$
106,049,491
41,802,393
3,941,104
12-31-2014
ThCh$
(13,369,202)
-
-
12-31-2013
ThCh$
(3,541,399)
-
-
12-31-2014
ThCh$
12-31-2013
ThCh$
1,682,754,340 1,211,608,943
255,290,795
94,069,869
274,881,316
25,046,824
4,837,555
1,793,463
1,192,805
1,181,675
96,485,884
71,204,617
2,994,894
3,591,691
4,217,571
2,013,596
-
-
109,728,709
79,785,042
257,568,198
149,400,234
360,374,168
201,404,669
410,307,454
256,308,402
93,709,158
86,878,811
56,349,775
49,200,081
(70,326)
2,968
1,178,238,427
743,195,165
26,178,562
15,082,952
353,432
757,342
23,473
22,750
2,636,246
2,735,244
13,402,430
3,156,941
(13,298,876)
(3,544,367)
29,295,267
18,210,862
3,542,452
451,991
2,516,897
39,669,296
5,186,645
220,203
1,872,593
717,960
6,934,552
2,495,125
674,971
4,164,227
-
4,027,993
-
8,173,453
37,273
5,445,164
490,212
-
-
-
-
-
-
NON-CURRENT ASSETS
1,240,468,968 1,210,687,967
405,106,897
284,575,650 1,871,949,977 1,748,919,068
928,936,117
965,222,710
587,886,652
487,752,639
30,619
22,728
42,005
61,181
496,441,092
452,494,316
6,687
7,143
188,157
319,503
427,860
480,779
58,185,573
58,799,681
2,568,364
-
7,364,933
6,055,189
1,294,740
1,668,894
88,314,071
34,859,235
9,132,062
11,995,821
-
486,605
541,582,223
552,161,023
19,612
21,641
-
-
32,798,603
33,085,547
-
-
-
-
-
-
-
-
-
-
14,613,951
13,175,169
2,463,635
2,644,331
1,055,986,162
1,052,932,113
17,651,975
18,832,051
6,385,114
3,788,645
Property, plant and equipment
674,156,509
636,528,765
400,372,440
279,698,824
2,240,478
2,240,478
Investment property
Deferred tax assets
292,098
185,112
-
-
-
-
97,979,622
24,072,231
95,223,794
20,065,773
50,971,226
34,544,156
-
842,119,957
-
24,658,469
-
864,965,468
-
36,336,680
-
581,501,538
-
-
-
483,963,994
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
56,267,388
9,296,409
19,671,824
1,385,386
-
-
- 5,034,348,611 4,697,158,034
-
-
-
-
-
-
-
-
-
-
496,520,403
452,585,368
61,369,954
59,599,963
106,105,806
54,579,139
486,605
-
574,400,438
585,268,211
1,097,100,837
1,091,372,309
100,220,100
2,522,222,675
-
75,921,793
97,464,272
2,285,222,824
-
71,065,948
TOTAL ASSETS
1,541,234,585 1,402,785,215
814,216,073
501,802,310 2,460,970,620 2,162,056,661
1,183,232,390 1,251,862,060
730,818,485
593,802,130
(13,369,202)
(3,541,399) 6,717,102,951 5,908,766,977
The eliminations column corresponds to transactions between companies in different lines of business and country, primarily
purchases and sales of energy and services.
351
Country
LIABILITIES AND EQUITY
CURRENT LIABILITIES
Other current financial liabilities
Trade and other current payables
Current accounts payable to
related companies
Other current provisions
Current tax liabilities
Current provisions for employee
benefits
Other current non-financial
liabilities
Liabilities associated with current
assets classified as held for sale
and discontinued operations
NON-CURRENT LIABILITIES
Other non-current financial
liabilities
Trade and other non-current
payables
Non-current acounts payable to
related companies
Other long-term provisions
Deferred tax liabilities
Non-current provisions for
employee benefits
Other non-current non-financial
liabilities
EQUITY
Equity attributable to
shareholders of Enersis
Issued capital
Retained earnings
Share premium
Other reserves
Chile
Argentina
Brazil
Colombia
Peru
Eliminations
Total
12-31-2014
ThCh$
244,981,388
133
117,620,794
12-31-2013
ThCh$
228,651,495
131,149
103,303,719
12-31-2014
ThCh$
739,412,769
6,842,312
670,451,782
12-31-2013
ThCh$
446,887,893
8,217,233
358,293,966
12-31-2014
ThCh$
382,669,070
78,327,002
278,869,512
12-31-2013
ThCh$
310,263,199
59,916,172
199,096,766
12-31-2014
12-31-2013
12-31-2014
12-31-2013
12-31-2014
12-31-2013
12-31-2014
12-31-2013
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
337,839,518
289,883,566
165,061,350
119,780,608
(13,369,202)
(3,541,399)
1,856,594,893 1,391,925,362
1,910,613
69,830,480
32,472,313
233,909,354
165,731,078
102,523,673
35,151,405
60,398,971
-
119,552,373
173,246,439
646
1,403,375,115
886,825,146
111,172,127
111,091,592
1,448,331
1,566,103
3,897,216
20,234,079
76,976,179
30,522,419
8,896,631
7,452,597
(13,369,202)
(3,542,045)
189,021,282
167,324,745
71,623
4,501,006
140,885
4,812,663
32,678,820
-
47,584,766
6,815,999
3,335,096
1
1,162,162
12,480,104
7,377,900
9,415,281
15,772,119
7,784,348
2,556,173
6,264,920
269,035
51,247,787
16,472,461
55,152,733
40,149,920
-
-
-
-
-
-
11,615,705
9,171,487
27,991,524
24,409,826
18,240,243
17,373,916
8,250,191
8,027,470
10,828,212
10,243,680
76,925,875
69,226,379
-
-
-
-
-
-
72,612,722
43,735,684
137,796,785
26,488,657
930,337,149
772,314,235
358,873,770
345,076,634
271,208,226
213,494,034
- 1,770,828,652 1,401,109,244
-
-
-
-
-
-
-
6,309,078
625,423,679
492,050,733
299,710,462
269,389,169
228,481,670
163,077,749
1,153,615,811
930,826,729
120,497,550
-
-
-
35,029,135
22,937,735
-
-
2,808,816
23,042,447
6,556,806
16,820,903
8,468,074
-
8,257,705
-
147,154,456
-
129,252,556
21,675,958
3,635,352
9,949,344
9,910,017
241,630
214,112
38,817,394
47,089,999
24,649,613
19,385,185
8,831,161
6,363,973
122,729,879
106,313,626
55,527,956
55,828,104
1,927,989
1,519,466
22,111,846
972,790
-
5,557,901
-
83,627
-
1,739,543
1,592,708
23,851,389
8,207,026
1,223,640,475 1,130,398,036
(62,993,481)
28,425,760 1,147,964,401 1,079,479,227
486,519,102
616,901,860
294,548,909
260,527,488
- 3,089,679,406 3,115,732,371
1,223,640,475
1,130,398,036
(62,993,481)
28,425,760
1,147,964,401
1,079,479,227
486,519,102
616,901,860
294,548,909
260,527,488
367,928,682
1,227,190,356
566,302
(372,044,865)
367,928,681
1,134,938,013
566,302
(373,034,960)
61,605,286
(127,076,910)
-
2,478,143
69,224,795
(43,583,682)
-
2,784,647
398,597,876
135,984,405
-
613,382,120
387,386,697
202,932,488
-
489,160,042
3,367,331
3,593,166
40,732,177
34,989,277
113,465,048
113,007,763
37,694,885
87,345,984
3,398,995
3,627,695
444,763,499
496,215,951
140,808,969
135,486,619
-
-
-
-
-
-
-
-
-
-
-
Non-controlling interests
-
-
-
-
-
-
-
-
Total Liabilities and Equity
1,541,234,585
1,402,785,215
814,216,073
501,802,310
2,460,970,620
2,162,056,661
1,183,232,390
1,251,862,060
730,818,485
593,802,130
(13,369,202)
(3,541,399)
6,717,102,951
5,908,766,977
The eliminations column corresponds to transactions between companies in different lines of business and country, primarily
purchases and sales of energy and services.
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
155,526,685
22,937,735
162,308,328
154,230,523
61,859,841
95,496,877
213,666,598
189,410,354
3,089,679,406
3,115,732,371
872,231,352
865,828,224
1,384,094,891
1,495,097,851
3,965,297
4,193,997
829,387,866
750,612,299
-
-
352
2014 ANNUAL REPORT ENERSIS
CONSOLIDATED FINANCIAL STATEMENTS
Chile
Argentina
Brazil
Colombia
Peru
Eliminations
Total
Country
LIABILITIES AND EQUITY
CURRENT LIABILITIES
12-31-2014
12-31-2013
12-31-2014
12-31-2013
12-31-2014
12-31-2013
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
244,981,388
228,651,495
739,412,769
446,887,893
382,669,070
310,263,199
Other current financial liabilities
133
131,149
6,842,312
8,217,233
78,327,002
59,916,172
Trade and other current payables
117,620,794
103,303,719
670,451,782
358,293,966
278,869,512
199,096,766
12-31-2014
ThCh$
337,839,518
1,910,613
233,909,354
12-31-2013
ThCh$
289,883,566
69,830,480
165,731,078
12-31-2014
ThCh$
165,061,350
32,472,313
102,523,673
12-31-2013
ThCh$
119,780,608
35,151,405
60,398,971
12-31-2014
ThCh$
(13,369,202)
-
-
12-31-2013
ThCh$
(3,541,399)
-
646
12-31-2014
ThCh$
12-31-2013
ThCh$
1,856,594,893 1,391,925,362
173,246,439
886,825,146
119,552,373
1,403,375,115
Current accounts payable to
related companies
Other current provisions
Current tax liabilities
Current provisions for employee
benefits
liabilities
Other current non-financial
Liabilities associated with current
assets classified as held for sale
and discontinued operations
Other non-current financial
liabilities
payables
Trade and other non-current
Non-current acounts payable to
related companies
Deferred tax liabilities
Non-current provisions for
employee benefits
Other non-current non-financial
liabilities
EQUITY
Equity attributable to
shareholders of Enersis
Issued capital
Retained earnings
Share premium
Other reserves
111,172,127
111,091,592
1,448,331
1,566,103
3,897,216
20,234,079
76,976,179
30,522,419
8,896,631
7,452,597
(13,369,202)
(3,542,045)
189,021,282
167,324,745
71,623
140,885
32,678,820
47,584,766
3,335,096
4,501,006
4,812,663
6,815,999
1,162,162
12,480,104
7,377,900
9,415,281
-
15,772,119
7,784,348
2,556,173
6,264,920
269,035
-
-
-
-
11,615,705
9,171,487
27,991,524
24,409,826
18,240,243
17,373,916
8,250,191
8,027,470
10,828,212
10,243,680
-
-
-
-
NON-CURRENT LIABILITIES
72,612,722
43,735,684
137,796,785
26,488,657
930,337,149
772,314,235
358,873,770
345,076,634
271,208,226
213,494,034
6,309,078
625,423,679
492,050,733
299,710,462
269,389,169
228,481,670
163,077,749
Other long-term provisions
2,808,816
6,556,806
8,468,074
8,257,705
147,154,456
129,252,556
23,042,447
16,820,903
21,675,958
120,497,550
35,029,135
22,937,735
-
-
-
-
-
-
-
-
3,635,352
-
9,949,344
9,910,017
241,630
38,817,394
214,112
47,089,999
24,649,613
19,385,185
8,831,161
6,363,973
122,729,879
106,313,626
55,527,956
55,828,104
1,927,989
1,519,466
22,111,846
972,790
5,557,901
83,627
-
-
1,739,543
1,592,708
1,223,640,475 1,130,398,036
(62,993,481)
28,425,760 1,147,964,401 1,079,479,227
486,519,102
616,901,860
294,548,909
260,527,488
1,223,640,475
1,130,398,036
(62,993,481)
28,425,760
1,147,964,401
1,079,479,227
486,519,102
616,901,860
294,548,909
260,527,488
367,928,682
367,928,681
61,605,286
69,224,795
398,597,876
387,386,697
1,227,190,356
1,134,938,013
(127,076,910)
(43,583,682)
135,984,405
202,932,488
566,302
566,302
(372,044,865)
(373,034,960)
2,478,143
2,784,647
613,382,120
489,160,042
3,367,331
34,989,277
3,398,995
444,763,499
3,593,166
113,465,048
3,627,695
496,215,951
40,732,177
113,007,763
-
140,808,969
37,694,885
87,345,984
-
135,486,619
Non-controlling interests
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
1
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
51,247,787
16,472,461
55,152,733
40,149,920
-
-
76,925,875
69,226,379
-
-
- 1,770,828,652 1,401,109,244
-
-
-
-
-
-
-
1,153,615,811
930,826,729
155,526,685
22,937,735
-
-
162,308,328
61,859,841
154,230,523
95,496,877
213,666,598
189,410,354
23,851,389
8,207,026
- 3,089,679,406 3,115,732,371
-
-
-
-
-
-
3,089,679,406
3,115,732,371
872,231,352
1,384,094,891
3,965,297
829,387,866
865,828,224
1,495,097,851
4,193,997
750,612,299
-
-
Total Liabilities and Equity
1,541,234,585
1,402,785,215
814,216,073
501,802,310
2,460,970,620
2,162,056,661
1,183,232,390
1,251,862,060
730,818,485
593,802,130
(13,369,202)
(3,541,399)
6,717,102,951
5,908,766,977
The eliminations column corresponds to transactions between companies in different lines of business and country, primarily
purchases and sales of energy and services.
353
12-31-2012
ThCh$
12-31-2014
ThCh$
412,885
15,904,590
16,820,481
70,557,217
-
73,813,015
Brazil
12-31-2013
ThCh$
12-31-2012
ThCh$
321,242,024 1,969,226,184 1,634,111,790 1,880,664,677
309,297,973 1,784,233,024 1,462,498,140 1,716,445,896
292,980,498 1,696,855,326 1,388,685,125 1,609,908,784
-
106,537,112
Country
STATEMENT OF COMPREHENSIVE INCOME
REVENUES AND OTHER OPERATING INCOME
Revenues
Energy sales
Other sales
Other services rendered
12-31-2014
ThCh$
1,127,892,544
1,116,092,611
997,836,085
7,396,980
110,859,546
Chile
12-31-2013
ThCh$
975,023,628
959,692,207
842,753,580
7,963,873
108,974,754
12-31-2012
ThCh$
984,738,417
974,543,003
859,734,418
8,535,176
106,273,409
12-31-2014
ThCh$
371,411,786
222,534,863
204,714,773
523,507
17,296,583
Argentina
12-31-2013
ThCh$
528,653,054
268,473,426
252,621,413
361,681
15,490,332
12-31-2014
12-31-2013
12-31-2012
12-31-2014
12-31-2013
12-31-2012
12-31-2014
12-31-2013
12-31-2012
12-31-2014
12-31-2013
12-31-2012
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
Eliminations
Total
Colombia
ThCh$
852,780,069
815,252,120
697,374,115
3,280,645
ThCh$
982,770,698
980,294,259
808,454,612
15,149
ThCh$
851,622,458
817,309,801
702,040,108
2,566,899
ThCh$
478,699,892
476,564,659
447,642,884
3,781,787
25,139,988
Peru
ThCh$
413,911,453
395,765,288
370,947,951
6,136
24,811,201
ThCh$
385,013,476
364,412,134
354,534,983
38,502
9,838,649
171,824,498
114,597,360
112,702,794
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
- 4,930,001,104 4,404,479,994 4,423,281,052
- 4,579,719,416 3,901,681,181 4,182,008,807
- 4,155,503,680 3,552,382,184 3,819,198,791
28,537,904
11,612,335
11,553,462
395,677,832
337,686,662
351,256,554
(3,194,185,846)
(2,673,379,981)
(2,867,319,759)
- (2,666,373,539) (2,075,154,855) (2,063,213,138)
-
-
-
(224,551,869)
(202,158,980)
(270,471,867)
(303,260,438)
(396,066,146)
(533,634,754)
47,142,651
42,000,709
35,191,036
(315,024,893)
(286,189,660)
(263,105,705)
(440,392,666)
(392,931,388)
(377,970,540)
(235,910,224)
(212,656,348)
(223,100,209)
(35,815,056)
(61,835,073)
(34,141,630)
96,548,660
161,068,601
183,505,989
(339,277,981)
(214,051,796)
(232,804,924)
634,552
(1,685,975)
4,497,592
(6,183,567)
558,758
(989,714)
3,454,032
1,204,984
1,996,483
3,762,002
(4,443,746)
(1,765,519)
2,595,760
933,704
2,468,250
(314,354)
3,561,369
1,392,547
80,274
(314,354)
3,561,369
1,312,273
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
155,718,392
143,467,614
144,772,322
59,733,639
50,513,297
39,926,391
2,000,172
(53,882)
97,941
361,273,956
567,128,075
439,719,719
Colombia
Peru
Eliminations
Total
12-31-2014
12-31-2013
12-31-2012
12-31-2014
12-31-2013
12-31-2012
12-31-2014
12-31-2013
12-31-2012
12-31-2014
12-31-2013
12-31-2012
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
218,066,750
204,679,719
(16,909,564)
(103,377,146)
208,363,262
(82,033,473)
(169,208,067)
(115,866,665)
(128,290,734)
83,447,069
79,288,813
92,710,372
(57,451,165)
(10,068,877)
(60,260,217)
(5,502,637)
(48,449,966)
(25,812,427)
ThCh$
91,870
ThCh$
32,942
ThCh$
(83,740)
ThCh$
ThCh$
ThCh$
769,341,885
855,536,268
844,926,087
(32,662,053)
(20,661,272)
(10,423,285)
(513,969,018)
(488,352,158)
(451,881,927)
32,570,183
20,628,331
10,507,025
(220,294,230)
(327,075,688)
(440,998,366)
Other operating income
11,799,933
15,331,421
10,195,414
148,876,923
260,179,628
11,944,051
184,993,160
171,613,650
164,218,781
2,476,439
37,527,949
34,312,657
2,135,233
18,146,165
20,601,342
350,281,688
502,798,813
241,272,245
RAW MATERIALS AND CONSUMABLES USED
Energy purchases
Fuel consumption
Transportation expenses
Other miscellaneous supplies and services
(855,757,752)
(766,324,946)
-
(56,360,475)
(33,072,331)
(712,458,218)
(628,376,374)
-
(57,958,728)
(26,123,116)
(728,000,745)
(642,760,395)
-
(59,678,207)
(25,562,143)
(161,995,240)
(160,940,088)
-
(1,055,152)
-
(169,802,328)
(168,486,826)
-
(1,194,862)
(120,640)
(175,422,082)
(1,313,723,580)
(174,672,141) (1,029,857,439)
-
(78,999,828)
(204,866,313)
-
(570,898)
(179,043)
(1,060,194,360)
(686,576,752)
-
(64,041,259)
(309,576,349)
(1,247,583,156)
(668,946,700)
-
(128,233,904)
(450,402,552)
(547,593,754)
(464,474,672)
(464,300,285)
(315,115,520)
(266,450,403)
(252,013,491)
(416,564,592)
(349,818,265)
(348,283,812)
(292,686,474)
(241,896,638)
(228,550,090)
-
-
-
(88,136,414)
(42,892,748)
(78,964,131)
(35,692,276)
(81,988,858)
(34,027,615)
(22,429,046)
(24,553,765)
(23,463,401)
CONTRIBUTION MARGIN
272,134,792
262,565,410
256,737,672
209,416,546
358,850,726
145,819,942
655,502,604
573,917,430
633,081,521
435,176,944
388,305,397
387,322,173
163,584,372
147,461,050
132,999,985
1,735,815,258 1,731,100,013 1,555,961,293
Other work performed by the entity and
capitalized
Employee benefits expense
Other expenses
5,039,396
4,205,303
2,794,597
23,153,744
18,108,177
12,470,077
11,202,763
13,079,321
15,028,450
4,446,424
3,809,445
2,364,028
3,300,324
2,798,463
2,533,884
(31,640,442)
(64,522,171)
(30,387,943)
(62,191,404)
(28,098,186)
(64,211,703)
(142,343,373)
(128,124,044)
(121,588,649)
(118,511,278)
(96,765,119)
(99,917,490)
(83,882,323)
(154,016,112)
(80,791,303)
(135,153,017)
(88,652,016)
(137,882,457)
(35,616,518)
(33,308,955)
(31,246,085)
(21,542,237)
(20,112,810)
(18,344,299)
(67,631,351)
(55,855,565)
(53,663,965)
(26,098,988)
(21,220,124)
(22,294,925)
GROSS OPERATING RESULT
181,011,575
174,191,366
167,222,380
(37,897,127)
136,858,976
(38,392,590)
428,806,932
371,052,431
421,575,498
336,375,499
302,950,322
304,776,151
119,243,471
108,926,579
94,894,645
- 1,027,540,350 1,093,979,674
950,076,084
Depreciation and amortization expense
Impairment losses (reversal of impairment losses)
recognized in profit or loss
(27,377,925)
(27,033,400)
(27,216,121)
(10,772,411)
(12,909,107)
(14,336,316)
(99,250,848)
(86,883,098)
(92,210,040)
(71,998,972)
(61,825,005)
(65,854,529)
(26,510,068)
(24,005,738)
(23,483,203)
(776,091)
(8,277,086)
(6,631,388)
(2,559,659)
(1,951,710)
(1,373,527)
(28,330,530)
(50,553,285)
(24,644,075)
(2,401,454)
(236,860)
(149,840)
(1,747,322)
(816,132)
(1,342,800)
OPERATING INCOME
152,857,559
138,880,880
133,374,871
(51,229,197)
121,998,159
(54,102,433)
301,225,554
233,616,048
304,721,383
261,975,073
240,888,457
238,771,782
90,986,081
84,104,709
70,068,642
755,815,070
819,488,253
692,834,245
FINANCIAL RESULT
Financial income
Financial costs
Profit (loss) from indexed assets and liabilities
Foreign currency exchange differences
Positive
Negative
5,623,543
11,641,028
(3,480,577)
634,552
(3,171,460)
2,447,199
(5,618,659)
500,342
8,218,478
(7,777,657)
558,758
(499,237)
1,981,184
(2,480,421)
9,223,777
10,291,435
(2,281,296)
1,204,984
8,654
745,506
(736,852)
(38,408,033)
28,970,377
(66,547,390)
-
(831,020)
728,964
(1,559,984)
(13,178,989)
32,944,854
(45,795,956)
-
(327,887)
742,128
(1,070,015)
(29,719,536)
5,357,720
(35,873,443)
-
796,187
1,113,208
(317,021)
(174,878,226)
45,864,512
(221,272,601)
-
529,863
833,954
(304,091)
(2,582,536)
110,285,525
(113,177,408)
-
309,347
422,873
(113,526)
12,072,874
155,301,692
(144,016,072)
-
787,254
841,360
(54,106)
Share of profit of associates accounted for using
the equity method
Other gains (losses)
Gain (loss) from other investments
Gain (loss) from the sale of property, plant and
equipment
-
-
-
34,721
(392,778)
-
(176,425)
-
(173,274)
-
(392,778)
(176,425)
(173,274)
-
-
-
-
-
-
-
310
80,290
80,290
-
-
-
-
-
-
-
2,761,811
-
1,983,259
-
2,761,811
1,983,259
(26,624,087)
(23,123,000)
(26,268,820)
(11,494,113)
(14,976,086)
(11,503,704)
2,000,172
(53,882)
97,941
(243,780,744)
(53,414,151)
(46,097,468)
7,242,117
7,279,595
8,755,185
2,830,626
2,340,149
3,799,957
(33,912,253)
(30,335,480)
(35,098,814)
(14,065,160)
(16,965,295)
(15,535,299)
-
46,049
347,721
(301,672)
-
(67,115)
103,323
(170,438)
-
74,809
324,301
(259,579)
775,194
(350,940)
804,523
(249,492)
(1,034,773)
(1,155,463)
231,638
930,908
(699,270)
2,000,172
(635,440)
2,635,612
(53,882)
(599,999)
546,117
97,941
(193,281)
291,222
2,561,039
933,704
2,467,940
46,514
-
46,514
70,773
(399,853)
31,910
905,210
(97,875)
-
(16)
70,773
(399,837)
31,910
905,210
(97,875)
Income before tax
158,088,324
139,204,797
142,425,374
(89,602,509)
108,819,170
(83,741,369)
126,347,328
233,795,323
318,777,516
237,958,539
218,769,934
214,571,049
79,523,878
70,033,833
58,467,063
2,000,172
(53,882)
97,941
514,315,732
770,569,175
650,597,574
Income tax
(36,244,349)
(31,370,850)
(24,732,757)
3,792,056
(10,685,347)
2,935,068
(18,559,097)
(66,562,047)
(100,740,767)
(82,240,147)
(75,302,320)
(69,798,727)
(19,790,239)
(19,520,536)
(18,540,672)
-
(153,041,776)
(203,441,100)
(210,877,855)
Net income from continuing operations
Net income from discontinued operations
NET INCOME
121,843,975
-
121,843,975
107,833,947
-
107,833,947
117,692,617
-
117,692,617
(85,810,453)
-
(85,810,453)
98,133,823
-
98,133,823
(80,806,301)
-
(80,806,301)
107,788,231
-
107,788,231
167,233,276
-
167,233,276
218,036,749
-
218,036,749
155,718,392
143,467,614
144,772,322
59,733,639
50,513,297
39,926,391
2,000,172
(53,882)
97,941
361,273,956
567,128,075
439,719,719
155,718,392
143,467,614
144,772,322
59,733,639
50,513,297
39,926,391
2,000,172
(53,882)
97,941
361,273,956
567,128,075
439,719,719
Net income attributable to
Shareholders of Enersis
Non-controlling interests
121,843,975
-
-
107,833,947
-
-
117,692,617
-
-
(85,810,453)
-
-
98,133,823
-
-
(80,806,301)
-
-
107,788,231
-
-
167,233,276
-
-
218,036,749
-
-
Country
STATEMENT OF CASH FLOW
Cash flow from (used in) operating activities
Cash flow from (used in) investment activities
Cash flows from (used in) financing activities
12-31-2014
ThCh$
36,094,225
13,004,063
(64,578,477)
Chile
12-31-2013
ThCh$
136,491,828
(25,261,494)
(95,280,198)
12-31-2012
ThCh$
86,539,177
(34,314,066)
(71,996,235)
12-31-2014
ThCh$
188,056,795
(180,592,386)
(9,632,579)
Argentina
12-31-2013
ThCh$
148,438,912
(126,534,530)
(18,504,534)
12-31-2012
ThCh$
89,516,537
(81,650,625)
(10,911,887)
12-31-2014
ThCh$
243,585,176
(239,357,913)
623,587
Brazil
12-31-2013
ThCh$
286,604,054
(152,257,499)
(112,549,985)
12-31-2012
ThCh$
367,880,479
(195,010,512)
(214,494,108)
The eliminations column corresponds to transactions between companies in different lines of business and country, primarily
purchases and sales of energy and services.
354
2014 ANNUAL REPORT ENERSIS
CONSOLIDATED FINANCIAL STATEMENTS
(3,194,185,846)
12-31-2012
ThCh$
12-31-2014
ThCh$
28,537,904
395,677,832
11,612,335
337,686,662
Total
12-31-2013
ThCh$
-
(224,551,869)
(303,260,438)
-
(202,158,980)
(396,066,146)
-
350,281,688
502,798,813
241,272,245
(2,867,319,759)
(2,673,379,981)
- (2,666,373,539) (2,075,154,855) (2,063,213,138)
-
-
(270,471,867)
-
(533,634,754)
-
12-31-2012
ThCh$
- 4,930,001,104 4,404,479,994 4,423,281,052
- 4,579,719,416 3,901,681,181 4,182,008,807
- 4,155,503,680 3,552,382,184 3,819,198,791
11,553,462
-
351,256,554
-
1,735,815,258 1,731,100,013 1,555,961,293
-
-
-
47,142,651
42,000,709
35,191,036
(315,024,893)
(440,392,666)
(286,189,660)
(392,931,388)
(263,105,705)
(377,970,540)
- 1,027,540,350 1,093,979,674
950,076,084
-
-
-
(235,910,224)
(212,656,348)
(223,100,209)
(35,815,056)
(61,835,073)
(34,141,630)
755,815,070
819,488,253
692,834,245
STATEMENT OF COMPREHENSIVE INCOME
REVENUES AND OTHER OPERATING INCOME
Country
Revenues
Energy sales
Other sales
Chile
Argentina
Brazil
12-31-2014
12-31-2013
12-31-2012
12-31-2014
12-31-2013
12-31-2012
12-31-2014
12-31-2013
12-31-2012
ThCh$
1,127,892,544
1,116,092,611
997,836,085
7,396,980
ThCh$
975,023,628
959,692,207
842,753,580
7,963,873
ThCh$
984,738,417
974,543,003
859,734,418
8,535,176
ThCh$
371,411,786
222,534,863
204,714,773
523,507
ThCh$
528,653,054
268,473,426
252,621,413
361,681
ThCh$
ThCh$
ThCh$
ThCh$
321,242,024 1,969,226,184 1,634,111,790 1,880,664,677
309,297,973 1,784,233,024 1,462,498,140 1,716,445,896
292,980,498 1,696,855,326 1,388,685,125 1,609,908,784
412,885
16,820,481
70,557,217
Other services rendered
110,859,546
108,974,754
106,273,409
17,296,583
15,490,332
15,904,590
73,813,015
106,537,112
12-31-2014
ThCh$
982,770,698
980,294,259
808,454,612
15,149
171,824,498
Colombia
12-31-2013
ThCh$
852,780,069
815,252,120
697,374,115
3,280,645
114,597,360
12-31-2012
ThCh$
851,622,458
817,309,801
702,040,108
2,566,899
112,702,794
12-31-2014
ThCh$
478,699,892
476,564,659
447,642,884
3,781,787
25,139,988
Peru
12-31-2013
ThCh$
413,911,453
395,765,288
370,947,951
6,136
24,811,201
12-31-2012
ThCh$
385,013,476
364,412,134
354,534,983
38,502
9,838,649
12-31-2014
ThCh$
-
-
-
-
-
Eliminations
12-31-2013
ThCh$
-
-
-
-
-
Other operating income
11,799,933
15,331,421
10,195,414
148,876,923
260,179,628
11,944,051
184,993,160
171,613,650
164,218,781
2,476,439
37,527,949
34,312,657
2,135,233
18,146,165
20,601,342
RAW MATERIALS AND CONSUMABLES USED
(855,757,752)
(712,458,218)
(728,000,745)
(161,995,240)
(169,802,328)
(175,422,082)
(1,313,723,580)
(1,060,194,360)
(1,247,583,156)
Energy purchases
Fuel consumption
Transportation expenses
Other miscellaneous supplies and services
(766,324,946)
(628,376,374)
(642,760,395)
(160,940,088)
(168,486,826)
(174,672,141) (1,029,857,439)
(686,576,752)
(668,946,700)
-
-
-
(56,360,475)
(33,072,331)
(57,958,728)
(26,123,116)
(59,678,207)
(25,562,143)
(1,055,152)
-
-
-
(1,194,862)
(120,640)
-
(570,898)
(179,043)
(78,999,828)
(64,041,259)
(128,233,904)
(204,866,313)
(309,576,349)
(450,402,552)
(547,593,754)
(416,564,592)
-
(88,136,414)
(42,892,748)
(464,474,672)
(349,818,265)
-
(78,964,131)
(35,692,276)
(464,300,285)
(348,283,812)
-
(81,988,858)
(34,027,615)
(315,115,520)
(292,686,474)
-
-
(22,429,046)
(266,450,403)
(241,896,638)
-
-
(24,553,765)
(252,013,491)
(228,550,090)
-
-
(23,463,401)
CONTRIBUTION MARGIN
272,134,792
262,565,410
256,737,672
209,416,546
358,850,726
145,819,942
655,502,604
573,917,430
633,081,521
435,176,944
388,305,397
387,322,173
163,584,372
147,461,050
132,999,985
Other work performed by the entity and
capitalized
Employee benefits expense
Other expenses
5,039,396
4,205,303
2,794,597
23,153,744
18,108,177
12,470,077
11,202,763
13,079,321
15,028,450
4,446,424
3,809,445
2,364,028
3,300,324
2,798,463
2,533,884
(31,640,442)
(30,387,943)
(28,098,186)
(142,343,373)
(121,588,649)
(96,765,119)
(83,882,323)
(80,791,303)
(88,652,016)
(64,522,171)
(62,191,404)
(64,211,703)
(128,124,044)
(118,511,278)
(99,917,490)
(154,016,112)
(135,153,017)
(137,882,457)
(35,616,518)
(67,631,351)
(33,308,955)
(55,855,565)
(31,246,085)
(53,663,965)
(21,542,237)
(26,098,988)
(20,112,810)
(21,220,124)
(18,344,299)
(22,294,925)
GROSS OPERATING RESULT
181,011,575
174,191,366
167,222,380
(37,897,127)
136,858,976
(38,392,590)
428,806,932
371,052,431
421,575,498
336,375,499
302,950,322
304,776,151
119,243,471
108,926,579
94,894,645
Depreciation and amortization expense
(27,377,925)
(27,033,400)
(27,216,121)
(10,772,411)
(12,909,107)
(14,336,316)
(99,250,848)
(86,883,098)
(92,210,040)
(71,998,972)
(61,825,005)
(65,854,529)
(26,510,068)
(24,005,738)
(23,483,203)
(776,091)
(8,277,086)
(6,631,388)
(2,559,659)
(1,951,710)
(1,373,527)
(28,330,530)
(50,553,285)
(24,644,075)
(2,401,454)
(236,860)
(149,840)
(1,747,322)
(816,132)
(1,342,800)
Impairment losses (reversal of impairment losses)
recognized in profit or loss
OPERATING INCOME
152,857,559
138,880,880
133,374,871
(51,229,197)
121,998,159
(54,102,433)
301,225,554
233,616,048
304,721,383
261,975,073
240,888,457
238,771,782
90,986,081
84,104,709
70,068,642
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
9,223,777
(38,408,033)
(13,178,989)
(29,719,536)
(174,878,226)
(2,582,536)
12,072,874
28,970,377
32,944,854
5,357,720
45,864,512
110,285,525
155,301,692
(66,547,390)
(45,795,956)
(35,873,443)
(221,272,601)
(113,177,408)
(144,016,072)
FINANCIAL RESULT
Financial income
Financial costs
Positive
Negative
Profit (loss) from indexed assets and liabilities
Foreign currency exchange differences
5,623,543
11,641,028
(3,480,577)
634,552
(3,171,460)
2,447,199
(5,618,659)
500,342
8,218,478
(7,777,657)
558,758
(499,237)
1,981,184
(2,480,421)
10,291,435
(2,281,296)
1,204,984
8,654
745,506
(736,852)
Share of profit of associates accounted for using
the equity method
Other gains (losses)
Gain (loss) from other investments
Gain (loss) from the sale of property, plant and
equipment
(392,778)
(176,425)
(173,274)
(392,778)
(176,425)
(173,274)
(831,020)
728,964
(327,887)
742,128
(1,559,984)
(1,070,015)
34,721
529,863
833,954
(304,091)
309,347
422,873
(113,526)
787,254
841,360
(54,106)
2,761,811
1,983,259
2,761,811
1,983,259
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
796,187
1,113,208
(317,021)
310
80,290
80,290
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Net income from continuing operations
Net income from discontinued operations
NET INCOME
Net income attributable to
Shareholders of Enersis
Non-controlling interests
121,843,975
107,833,947
117,692,617
(85,810,453)
98,133,823
(80,806,301)
107,788,231
167,233,276
218,036,749
121,843,975
107,833,947
117,692,617
(85,810,453)
98,133,823
(80,806,301)
107,788,231
167,233,276
218,036,749
121,843,975
107,833,947
117,692,617
(85,810,453)
98,133,823
(80,806,301)
107,788,231
167,233,276
218,036,749
Country
STATEMENT OF CASH FLOW
Cash flow from (used in) operating activities
Cash flow from (used in) investment activities
Cash flows from (used in) financing activities
12-31-2014
12-31-2013
12-31-2012
12-31-2014
12-31-2013
12-31-2012
12-31-2014
12-31-2013
12-31-2012
ThCh$
36,094,225
13,004,063
(64,578,477)
ThCh$
136,491,828
(25,261,494)
(95,280,198)
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
86,539,177
188,056,795
148,438,912
89,516,537
243,585,176
286,604,054
367,880,479
(34,314,066)
(71,996,235)
(180,592,386)
(126,534,530)
(9,632,579)
(18,504,534)
(81,650,625)
(10,911,887)
(239,357,913)
(152,257,499)
(195,010,512)
623,587
(112,549,985)
(214,494,108)
Chile
Argentina
Brazil
The eliminations column corresponds to transactions between companies in different lines of business and country, primarily
purchases and sales of energy and services.
Income before tax
158,088,324
139,204,797
142,425,374
(89,602,509)
108,819,170
(83,741,369)
126,347,328
233,795,323
318,777,516
237,958,539
218,769,934
214,571,049
79,523,878
70,033,833
58,467,063
2,000,172
(53,882)
97,941
514,315,732
770,569,175
650,597,574
Income tax
(36,244,349)
(31,370,850)
(24,732,757)
3,792,056
(10,685,347)
2,935,068
(18,559,097)
(66,562,047)
(100,740,767)
(82,240,147)
(75,302,320)
(69,798,727)
(19,790,239)
(19,520,536)
(18,540,672)
-
-
-
(153,041,776)
(203,441,100)
(210,877,855)
(26,624,087)
7,242,117
(33,912,253)
-
46,049
347,721
(301,672)
(23,123,000)
7,279,595
(30,335,480)
-
(67,115)
103,323
(170,438)
(26,268,820)
8,755,185
(35,098,814)
-
74,809
324,301
(249,492)
(11,494,113)
2,830,626
(14,065,160)
-
(259,579)
775,194
(1,034,773)
(14,976,086)
2,340,149
(16,965,295)
-
(350,940)
804,523
(1,155,463)
(11,503,704)
3,799,957
(15,535,299)
-
231,638
930,908
(699,270)
2,000,172
-
-
-
2,000,172
(635,440)
2,635,612
(53,882)
-
-
-
(53,882)
(599,999)
546,117
97,941
-
-
-
97,941
(193,281)
291,222
(243,780,744)
96,548,660
(339,277,981)
634,552
(1,685,975)
4,497,592
(6,183,567)
(53,414,151)
161,068,601
(214,051,796)
558,758
(989,714)
3,454,032
(4,443,746)
(46,097,468)
183,505,989
(232,804,924)
1,204,984
1,996,483
3,762,002
(1,765,519)
2,561,039
933,704
2,467,940
46,514
-
46,514
70,773
-
70,773
(399,853)
(16)
(399,837)
-
31,910
-
31,910
-
905,210
-
905,210
-
(97,875)
-
(97,875)
-
-
-
-
-
-
-
-
-
-
-
-
2,595,760
933,704
2,468,250
(314,354)
-
3,561,369
-
1,392,547
80,274
(314,354)
3,561,369
1,312,273
155,718,392
-
155,718,392
143,467,614
-
143,467,614
144,772,322
-
144,772,322
59,733,639
-
59,733,639
50,513,297
-
50,513,297
39,926,391
-
39,926,391
155,718,392
-
-
143,467,614
-
-
144,772,322
-
-
59,733,639
-
-
50,513,297
-
-
39,926,391
-
-
2,000,172
-
2,000,172
2,000,172
-
-
(53,882)
-
(53,882)
(53,882)
-
-
97,941
-
97,941
361,273,956
-
361,273,956
567,128,075
-
567,128,075
439,719,719
-
439,719,719
97,941
-
-
361,273,956
-
-
567,128,075
-
-
439,719,719
-
-
12-31-2014
ThCh$
218,066,750
(16,909,564)
(169,208,067)
Colombia
12-31-2013
ThCh$
204,679,719
(103,377,146)
(115,866,665)
12-31-2012
ThCh$
208,363,262
(82,033,473)
(128,290,734)
12-31-2014
ThCh$
83,447,069
(57,451,165)
(10,068,877)
Peru
12-31-2013
ThCh$
79,288,813
(60,260,217)
(5,502,637)
12-31-2012
ThCh$
92,710,372
(48,449,966)
(25,812,427)
12-31-2014
ThCh$
91,870
(32,662,053)
32,570,183
Eliminations
12-31-2013
ThCh$
32,942
(20,661,272)
20,628,331
12-31-2012
ThCh$
(83,740)
(10,423,285)
10,507,025
12-31-2014
ThCh$
769,341,885
(513,969,018)
(220,294,230)
Total
12-31-2013
ThCh$
855,536,268
(488,352,158)
(327,075,688)
12-31-2012
ThCh$
844,926,087
(451,881,927)
(440,998,366)
355
Note 36
Third Party Guarantees, other Contingent Assets and
36.1 Direct Guarantees
Liabilities, and other Commitments
Creditor of Guarantee
Mitsubishi
Credit Suisse First Boston
Banco de la Nación Argentina
Citibank N.A.
Citibank N.A. / Santander Río
Banco Santander (security agent)
Deutsche Bank / Santander Benelux
Various creditors
Various creditors
International Finance Corporation
Debtor of
Company
Endesa Costanera
Endesa Costanera
Endesa Costanera
Endesa Argentina
Edesur
G.N.L. Quintero
Enersis S.A.
Ampla S.A.
Coelce S.A.
CGT Fortaleza S.A.
Relationship
Creditor
Creditor
Creditor
Creditor
Creditor
Associate
Creditor
Creditor
Creditor
Creditor
Type Guarantee
Pledge
Pledge
Pledge on collection and others
Pledge
Pledge
Pledge
Deposit account
Pledge on collection and others
Pledge on collection and others
Mortgage and pledge
ThCh$
Currency
Assets Committed Assets Committed
Type
Combined cycle
Combined cycle
Collection CAMMESA accounts
Money deposit
Money deposit
Shares
Deposit account
Collection accounts
Collection accounts
Brazilian real estate and equipment
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
16,050,998
ThCh$
73,177,119
73,830,430
5,901,285
3,033,750
3,147,660
788,775
702,470
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
-
-
-
-
-
-
521,832
796,448
-
102,302,517
26,337,776
ThCh$
50,509,024
56,138,756
6,345,373
ThCh$
161,031,458
178,884,259
7,078,141
ThCh$
77,294,260
101,052,930
-
ThCh$
-
25,461,857
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Book Value Currency
dec-14
dec-13
2015
Assets
2016
Assets
2017
Assets
Balance Pending at
Guarantees Released
As of December 31, 2014, Enersis S.A. had future energy purchase commitments amounting to ThCh$33,344,231,316
(ThCh$20,390,857,446 at December 31, 2013).
36.2 Indirect Guarantees
Creditor of Guarantee
Bonds and bank borrowings
Company
Chinango
Relationship
Subsidiary Guarantor
Type Guarantee
Currency
ThCh$
Book Value
-
ThCh$
Currency
dec-14
dec-13
-
4,692,397
-
2015
-
Assets
-
2016
-
Assets
-
2017
-
2018
-
Debtor of
Assets Committed
Balance Pending at
Guarantees Released
36.3 Lawsuits and Arbitrations Proceedings
As of the date of these Consolidated Financial Statements, the most relevant litigation involving Enersis and its subsidiaries
are as follows:
1.- Law 25,561 on Public Emergency and Reform to the Currency System, enacted on January 6, 2002 by the Argentine
authorities, voided certain provisions of the concession agreement of Enersis’ subsidiary Edesur. Law 25,561 also required
that utility concession agreements be renegotiated within a reasonable timeframe to adjust them to the new conditions.
However, the failure to renegotiate Edesur’s concession agreement prompted Enersis S.A., Chilectra S.A., Endesa Chile
and Elesur S.A. (now Chilectra S.A.) (collectively, the “Claimants”) to file an arbitration petition in 2003 under the Treaty
for the Promotion and Protection of Chilean-Argentine Investments before the International Center for Settlement
of Investment Disputes (ICSID). The statement of claim principally requested that the ICSID declare the investment
expropiated for an amount of US$ 1,306,875,960 (approximately ThCh$ 792,946,989 ), and seeking for the damages
caused to the investment due to lack of fair and equitable treatment, in the amount of US$ 318,780,600. The Claimants
also seek, with respect to both claims, compounded annual interest of 6.9% per annum. The Claimants also claimed the
sums resulting from the damages caused as from July 1, 2004. Finally, the Claimants also demanded US$ 102,164,683 for
Elesur S.A. (now Chilectra S.A.) due to a lower price received on the sale of its shares. In 2005, the Argentine authorities
and Edesur signed a Letter of Understanding, in which the terms and conditions are established for amendments
and supplements to the Concession Agreement, forecasting tariff modifications, first during a transitional period
and then under a Integral Tariff Review, in which the conditions for an ordinary tariff period of 5 years will be set. The
arbitration has been suspended since March 2006 in accordance with the terms of the Letter of Understanding, and
the appointment of one of the arbitrators, to replace an arbitrator who resigned in 2010 has been suspended. As of
December 31, 2014, the parties informed ICSID of their agreement to extend the suspension of the arbitration procedure
for 12 months starting on the same date, informing also that any of the parties can request the renewal of the arbitration
procedure with 30 calendar days prior notice.
356
2014 ANNUAL REPORT ENERSIS
CONSOLIDATED FINANCIAL STATEMENTS
Third Party Guarantees, other Contingent Assets and
Liabilities, and other Commitments
Note 36
36.1 Direct Guarantees
Debtor of
Assets Committed Assets Committed
Creditor of Guarantee
Company
Relationship
Type Guarantee
Mitsubishi
Credit Suisse First Boston
Banco de la Nación Argentina
Citibank N.A.
Endesa Costanera
Endesa Costanera
Endesa Costanera
Endesa Argentina
Pledge on collection and others
Collection CAMMESA accounts
Citibank N.A. / Santander Río
Edesur
Banco Santander (security agent)
G.N.L. Quintero
Associate
Deutsche Bank / Santander Benelux
Deposit account
Various creditors
Various creditors
Enersis S.A.
Ampla S.A.
Coelce S.A.
Pledge on collection and others
Collection accounts
Pledge on collection and others
Collection accounts
International Finance Corporation
CGT Fortaleza S.A.
Mortgage and pledge
Brazilian real estate and equipment
As of December 31, 2014, Enersis S.A. had future energy purchase commitments amounting to ThCh$33,344,231,316
(ThCh$20,390,857,446 at December 31, 2013).
Pledge
Pledge
Pledge
Pledge
Pledge
Creditor
Creditor
Creditor
Creditor
Creditor
Creditor
Creditor
Creditor
Creditor
Type
Combined cycle
Combined cycle
Money deposit
Money deposit
Shares
Deposit account
36.2 Indirect Guarantees
Currency
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
Book Value Currency
ThCh$
16,050,998
ThCh$
5,901,285
ThCh$
-
ThCh$
788,775
ThCh$
-
ThCh$
-
ThCh$
26,337,776
ThCh$
6,345,373
ThCh$
7,078,141
ThCh$
-
Balance Pending at
dec-14
73,177,119
3,033,750
-
702,470
-
-
50,509,024
161,031,458
77,294,260
-
dec-13
73,830,430
3,147,660
521,832
796,448
-
102,302,517
56,138,756
178,884,259
101,052,930
25,461,857
2015
-
-
-
Guarantees Released
Assets
-
-
-
2016
-
-
-
Assets
-
-
-
2017
-
-
-
Assets
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Creditor of Guarantee
Bonds and bank borrowings
Company
Chinango
Relationship
Type Guarantee
Subsidiary Guarantor
Currency
ThCh$
Book Value
-
ThCh$
Currency
-
dec-14
4,692,397
dec-13
-
2015
-
Assets
-
2016
-
Assets
-
2017
-
2018
-
Debtor of
Assets Committed
Balance Pending at
Guarantees Released
2.-
In Brazil, Basilus S/A Serviços, Empreendimentos e Participações (successor to Meridional S/A Serviços, Empreendimentos
e Participações from 2008) is the holder of the litigation rights that it acquired from the construction companies Mistral
and CIVEL, which had a civil works contract with Centrais Elétricas Fluminense S.A. (CELF). This contract was terminated
before CELF’s privatization process. Since CELF’s assets were transferred to Ampla during the privatization process, Basilus
(previously Meridional) sued Ampla in 1998, contending that the transfer of the referred assets was done in detriment of its
rights. Ampla only acquired assets from CELF, but is not its legal successor since CELF, a state-owned company, still exits and
maintains its legal personality. Basilus demanded payment of pending invoices and contractual penalties for termination
of the civil works contract. In March 2009, the court decided in favor of Basilus, and Ampla and the State of Rio de Janeiro
filed the corresponding appeals. On December 15, 2009, the State Court accepted the appeal and overturned the lower
court’s decision obtained by Basilus, in Ampla’s favor. Basilus filed an appeal against the resolution, which was denied. In
July 2010, Basilus filed an Appeal under Specific Court Regulations (Agravo Regimental) before the Superior Court of Justice
of Brazil, which also rejected the appeal in August 2010. In order to overturn such decision, Basilus filed a Petition for Writ
of Mandamus (Mandado de Seguranca), which was also rejected. In June 2011, Basilus filed an Appeal to Amendment of
Judgment (Embargos de Declaração) in order to clarify a supposed omission by the Superior Court of Justice in the decision
on the Petition of Writ of Mandamus, which was not accepted by the court. Against this decision, Basilus filed an Ordinary
Appeal (Recurso Ordinario) before the Superior Court of Justice (in Brasilia). On March 28, 2012 the Reporting Justice
decided the Ordinary Appeal in favor of Basilus. Ampla and the State of Rio de Janeiro filed an Appeal under Specific Court
Regulations against the Reporting Justice’s decision, which was accepted by the First Court Room of the Superior Court of
Justice on August 28, 2012, determining that the Ordinary Appeal of the Petition of Writ of Mandamus must be submitted
to the decision by an en banc session and not by a single Reporting Justice. Basilus challenged the decision. The decision of
August 28, 2012 was published on December 10, 2012, once the Appeal to Admendment of Judgment had been filed by
Ampla and the State of Rio de Janeiro to remedy the existing error in its publication, in order to avoid future divergence.
Basilus filed its response and on May 27, 2013, the Appeal to Admendment of Judgment filed by Ampla and the State of
Rio de Janeiro were accepted and the error corrected. Consequently, the proceeding is in its second legal instance with a
decision favorable to Ampla and there are pending proceedings before the Superior Court of Law. The amount involved in
this proceeding is estimated to be approximately R$ 1,096 million (approximately ThCh$ 250,359,280).
357
3.- The Trade Union of Niterói, representing 2,841 employees, filed a labor claim against Ampla, requesting the payment
of salary differences of 26.05% starting from February 1989, pursuant to the Economic Plan instituted by Law Decree
No.2,335/87. In the court of first instance, the decision was partially unfavorable for Ampla. The court ordered payment
of the salary differences requested retroactive to February 1, 1989, and legal fees of 15% of such amount. Ampla
filed several appeals, among them an Extraordinary Appeal which is currently pending. A mandatory mediation was
unsuccessful. In parallel, Ampla has filed a motion for Advanced Dismissal of Enforcement (Exceção de Pré-Executividade)
based on the jurisprudence of the Federal Supreme Court, which has previously declared the non-existence of a right
acquired on the URP readjustment of Law Decree No.2,235/87. In addition, Ampla alleged the exception of the payment
for these readjustments and, alternatively, requested the limitation of this readjustment using October 1989 salaries as
a baseline. In the court of first instance, Ampla obtained the declaration of unenforceability of legal title, against which
it filed an appeal (Agravo de Petição). The decision was partly favorable regarding the exception of payment, but not
regarding the limitation of the salary differences, using October 1989 salaries as a baseline. On September 10, 2014, the
court rejected the Special Appeal (Agravo de Instrumento) presented by both parties, who filed a Petition for Clarification
of the Decision (Embargos de Aclaración) against this judgment. The amount involved in this proceeding is estimated to
be approximately R$ 57 million (approximately ThCh$ 13,020,510).
4.- Companhia Brasileira de Antibióticos (Cibran) filed suit against Ampla in order to receive compensation for the loss of
products and raw materials, machinery breakdown, among other things, that occurred as a consequence of poor service
provided by Ampla between 1987 and May 1994, and compensation for moral damages. This litigation is related to
other five actions filed by Cibran against Ampla based on power outages allegedly caused by Ampla in the period from
1987 to 1994, 1994 to 1999 and part of 2002. The judge decided to conduct a single expert assessment for these various
claims, which was in part adverse to Ampla. Ampla challenged such assessment and requested a new expert assessment.
On September 5, 2013, the judge rejected the prior petition, whereupon Ampla filed a Petition for Clarification of the
Decision (Embargo de Aclaración) and subsequently a Special Appeal (Agravo de Instrumento), both of which were
rejected by the court. Against the latter, Ampla filed a Special Appeal before the Superior Court of Justice, which is
pending review. In September 2014, a first instance judgment in one of these proceedings, ordered to Ampla to pay
compensation of R$ 200,000 (approximately ThCh$ 48,896) for moral damages, in addition to the payment of material
damages caused due to failures in supply of service, which have to be assessed by an expert in the sentence execution
stage. Ampla filed a Clarification Attachment against this ruling that was rejected. In December 2014, Ampla filed an
appeal, currently pending decision. In the remaining proceedings, a first instance ruling is pending. The amount involved
for all these cases is estimated to be approximately R$166 million (approximately ThCh$ 37,919,380).
5.-
In December 2001, the Brazilian Federal Constitution was amended to apply the CONFINS tax (Contribuicao para o
Financiamento da Seguridade Social), a tax levied on revenues, to electricity energy sales. The Constitution states that
the changes on social contributions are effective 90 days after their publication, which is the reason why Ampla started
to pay this COFINS tax in April 2002. However, the Brazilian Internal Revenue Service notified Ampla that the 90-day of
entry into force is applied to statutory amendments, but are not applicable to constitutional amendments, which are
effective immediately. In November 2007, the appeal filed with the Taxpayers Council (Consejo de Contribuyentes), the
administrative appeals level, ruled against Ampla. In October 2008, Ampla filed a special appeal that was denied. On
December 30, 2013, Ampla was notified of the decision to reject its position that the COFINS tax payments were not due
for the period from December 2001 to March 2002 since the Constitution states that legislative changes are effective 90
days after their publication. Ampla filed a judicial proceeding to obtain a certification of fiscal good standing in order
to continue receiving public funds and was required to post a bond for the tax debt . Under the new standard on surety
bonds published in March 2014, the bond amount must be 120% rather than the previous 130%, of the tax debt and the
bond was reduced to € 44 million. Ampla submitted the new surety bond, complying with the new requirements. The
Brazilian Treasury accepted the surety bond and granted the certification of fiscal good standing. The Brazilian Treasury
submitted the fiscal execution and Ampla opposed its defense in July 2014. It is not necessary to submit a new surety
bond since the bond posted to obtain the certification of fiscal good standing can be used for this proceeding. The
amount involved in this case is estimated to be approximately R$ 142 million (approximately ThCh$ 32,437,060).
6.-
In August 1996, Ampla obtained a favorable ruling granting it an exemption from paying the COFINS tax for the period
prior to the 2001 amendment of the Brazilian Federal Constitution which expressly made electric power operations
subject to the COFINS tax. Following the definite decision in favor of Ampla issued in 2010, the Brazilian Public Treasury
attempted to overturn the 1996 decision favorable to Ampla through a rescession action. Ampla refiled a suit originally
filed in 1996 seeking a refund of its COFINS tax payments from April 1992 to June 1996, based on the favorable ruling
in the first lawsuit described obove. The suit seeking a refund of the COFINS tax had been suspended pending the
resolution of the first lawsuit above. In June 2013, Ampla received a favorable decision entitling it to a refund of its
358
2014 ANNUAL REPORT ENERSIS
CONSOLIDATED FINANCIAL STATEMENTS
COFINS tax payments for the periods requested. The Brazilian Public Treasury appealed the decision. In October 2014, the
Court of the State of Río de Janeiro ordered a new trial since it considered that the Brazilian Public Treasury did not have
the opportunity to manifest in the prior decision judgment. A new first instance judgment is expected. The sum Ampla
has requested as a tax refund amounts to R$ 161 million (approximately ThCh$ 36,777,230).
7.-
In order to fund the purchase of Coelce in 1998, Ampla issued long-term debt abroad through securities called Fixed
Rate Notes (FRNs) which were governed by a special tax regime whereby interest payments received by non-resident
holders were exempt from taxation in Brazil, as long as the debt was issued with a minimum maturity of 8 years. In 2005,
the Brazilian Internal Revenue Service notified Ampla the special tax regime did not apply based on its understanding
that prepayments were made before the state maturity, due to the fact that Ampla had received financing in Brazil
which was allocated to the FRN holders. Ampla believes that these two transactions are independent and legally valid.
The non-application of the special tax regime means that Ampla would have failed to comply with its obligation to
retain the tax and to record it as interest payments made to non-resident holders. The tax resolution was appealed and
in 2007 the Taxpayers Council (Consejo de Contribuyentes), the administrative appeals level annulled it. However, the
Brazilian Internal Revenue Service (responsible for tax collection and compliance with tax laws) contested this decision
before the Superior Chamber of Fiscal Resources (Cámara Superior de Recursos Fiscales), the final administrative appeals
level, and on November 6, 2012, it ruled against Ampla. The decision was notified to Ampla on December 21, 2012. On
December 28, 2012, Ampla filed a Petition for Clarification of the Decision (Embargo de Aclaración) before the Superior
Chamber of Fiscal Resources in order to obtain a final resolution regarding contradictory points of the decision and to
incorporate in it the relevant defense arguments that were omitted. On October 15, 2013, Ampla was informed of the
decision to deny the Petition for Clarification of the Decision filed on December 28, 2012. As a consequence, Ampla
filed a judicial proceeding to obtain a certification of fiscal good standing in order to continue receiving public funds.
Ampla was required to post a bond for the tax debt. Under the new standard on surety bonds published in March 2014,
the bond amount must increased in 20%, rather than the previous 30%, of the tax debt and the bond was reduced
to € 331 million. Ampla submitted the new surety bond, complying with the new requirements. The Brazilian Treasury
accepted the surety bond and granted the certification of fiscal good standing. The Brazilian Treasury submitted the
fiscal execution and Ampla opposed its defense on June 27, 2014. It is not necessary to submit a new surety bond since
the bond posted to obtain the certification of fiscal good standing can be used for this proceeding. It is important to
mention that the final unfavorable decision of the Superior Chamber of Fiscal Resources could lead to a possible criminal
proceeding against some employees and managers of Ampla. The amount involved in this case is estimated to be
approximately R$ 1,068 million (approximately ThCh$ 243,963,240).
8.- Coelce bills the “low income” consumer with a social discount that determines a final rate called of “baja renta” (low
income). The State compensates Coelce for this discount as a state subsidy. The ICMS (a tax similar to the Chilean Value
Added Tax) is transferred (deducted) by Coelce over the amount of the normal rate (without the discount). On the other
hand, the State of Ceará establishes that the ICMS does not apply to billings that fluctuate between 0 and 140 kW/h.
On the other hand, Coelce, in order to calculate the ICMS deducible amount in reference to the total ICMS supported in
energy purchases must apply the “pro rata” rule. The rule states that the percentage that represents revenues subject to
ICMS over the total income (whether or not subject to ICMS). Coelce considers, for the purpose of its inclusion in the pro
rata denominator, that the revenue not subject to ICM is the result of applying the end sales price of energy (price after
the subsidy is discounted) and the Brazilian Internal Revenue Service holds that the income not subject to ICMS is the
price of the normal rate (without discounting the subsidy). The Brazilian IRS’s position implies a lower ICMS deduction
percentage. The Brazilian Treasury view is that the “ICMS pro rata” calculation should be based on the normal rate value
in “low income” energy sales cases, instead of the reduced rate that Coelce uses. The Brazilian Treasury criteria results
in a greater ICMS non-recoverable percentage, which results in a higher ICMS payable. Coelce holds that its calculation
is correct, since it must be used in the “ICMS Pro Rata” calculation, reducing the value of the ICMS rate since that is the
accurate value of the energy sales transaction (the ICMS’s base is the transaction value of the merchandise sold). In
reference to the 2005 litigation, after the unfavorable decision in the administrative process, Coelce is waiting for the
filing of the State’s judicial execution. However, Coelce has already presented the banking guarantee in order to assure
its right its fiscal regulation certification right. In reference to the 2006, 2007, 2008 and 2009 litigation, Coelce filed the
administration defense. The next process is to continue with the defense of judicial and administrative processes. The
amount of these claims is R$ 103 million (approximately ThCh$ 23,528,290).
9.-
In 2002, the State of Rio de Janeiro issued a decree stating that the ICMS (a tax similar to the Chilean Value Added
Tax) should be paid and filed on the 10th, 20th and 30th days of the same month of the tax accrual. Ampla continued
paying ICMS in accordance with the previous system (fiing within five days after the end of the month of its accrual)
and did not adopt the new system between September 2002 and February 2005 due to cash flow issues. Additionally,
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Ampla filed a lawsuit to dispute the constitutionality of the new filing requirement. These lawsuits were unsuccessful,
and Ampla has filed suit alleging constitutional violations with the Brazilian Supreme Federal Tribune. Since March
2005, Ampla has been paying the ICMS according to the new system. In September 2005, the IRF notified to Ampla
of fines and interest due to the delay in filling the ICMS as set forth in the aforementioned decree of 2002. Ampla
appealed the resolution before the Administrative Courts, based on the fiscal Amnesty Laws of the State of Río de
Janeiro published in 2004 and 2005 (foregiving interest and penalties if the taxpayer paid the taxes due). Ampla alleges
that if the aforementioned tax amnesties are found to be inapplicable to it, the law would punish taxpayers that are
delayed only a few days in their tax payments (as in the case of Ampla) more harshly than those who failed to pay their
taxes and later formally adopted the various tax amnesties and thus, regulate their tax situation through the filing of
overdue unpaid taxes.
On May 9, 2012, The “En Banc Council” (a special body within the Taxpayers Council, representing the last administrative
instance) issued a judgment against Ampla. The decision was notified on August 29, 2012. Ampla appealed to the State
Public Treasury (Hacienda Pública Estadual) using a special review procedure based on the equity principle, before the
Governor of the State of Río de Janeiro. The appeal has not been resolved and, therefore, the tax should be suspended.
However, the State of Río de Janeiro recorded the tax due in the Public Register as if demandable and, therefore, Ampla
was obliged to post, on November 12, 2012, a surety bond in the amount of € 101 million (R$ 293 million) in order to
receive a certification of fiscal good standing to continue receiving public funds. On June 4, 2013, in a decision of second
instance, the State Public Treasury obtained a ruling against Ampla’s surety bond. In September 2013, Ampla filed a
letter of guarantee to substitute for the surety bond rejected by the court. However, Ampla reiterated to the attorney
of the State, the petition of review, which is still pending decision. Despite this, the State Public Treasury submitted the
fiscal execution and Ampla opposed its defense. It is not necessary to submit a new surety bond since the bond posted to
obtain the certification of fiscal good standing can be used for this proceeding. The amount involved in this proceeding is
R$ 269 million (approximately ThCh$ 61,447,670).
10.- In 1982 and under the framework of an electricity supply network expansion in Brazilian rural areas, which was financed
principally by international development banks (IDBs), the then-state-owned Companhia Energética do Ceará S.A.
(Coelce) executed contracts with 13 cooperatives at the request of the Brazilian government and the IDBs to implement
this project. Under the contracts, Coelce operated and maintained the assets and paid a monthly fee, which was adjusted
for inflation. These contracts were of indefinite length and failed to clearly identify the networks that were under their
scope due the public nature of Coelce and the fact that they were often amended, creating a confusion between the
assets that were operated and maintained by Coelce, and the assets that were owned by it. After 13 years of regular
performance of the lease by making payments adjusted for inflation, in 1995 Coelce started making payments without
adjustment, and continued to do so after its privatization in 1998. In view of the foregoing, some of these cooperatives
have filed claims against Coelce for the payment of the adjustment for inflation. Coelce’s defense is basically grounded
on the argument that the adjustment is not applicable, since the assets lacked value due to their very extended useful
lives, taking into consideration their depreciation; or, alternatively, if the assets were deemed to have any value, that said
value would be very low since Coelce performed their replacement, extension and maintenance. The amount involved in
this litigation is approximately R$ 161,742,815 (approximately ThCh$ 36,946,911).
One of the plaintiffs in this litigation, Cooperativa de Eletrificação Rural do V do Acarau Ltda (Coperva), filed a review
action requesting expert evaluation of the issue. Once the expert report was delivered, Coelce claimed there were
technical inconsistencies therein and requested a new evaluation to be conducted, but the court ruled the “anticipated
execution of the decision”, which entails the preliminary determination of the adjusted monthly payments Coelce
should have made and ordering the immediate payment of the difference between such adjusted values and the values
Coelce actually paid. An appeal has been filed and a precautionary measure has been obtained in favor of Coelce,
staying the anticipated execution of the decision. On April 4, 2014 a court of first instance denied Coperva’s claims.
Coperva has appealed the decision. Coperva filed a appeal which is pending decision. Another plaintiff in the ligation,
filed a review action in 2007, through which Coperva is attempting to readjust the lease value of its distribution lines
(in the central region of the State of Ceará), to be calculated at 1% of the value of the asset leased, estimated by
Coperca to be at R$ 15.6 million (approximately ThCh$ 3,563,508). This proceeding is in a first instanceand has not
yet started the evidence presenting stage. The amount involved in this proceeding is estimated to be R$ 87,843,275
(approximately ThCh$ 20,066,039) . In Coerce’s case, the review action was filed in 2006 and Coelce is attempting
to readjust the lease value of its distribution lines (in the central region of the State of Ceará) , to be calculated
at 2% of the value of the asset leased. The amount involved in this proceeding is R$ 101,127,109 (approximately
ThCh$ 23,100,466). This proceeding, as well as the one for Coperva, has not been actively promoted by the plaintiff and
is in its first instance.
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11.- In October 2009, Tractebel Energía S.A. sued CIEN claiming an alleged breach of the contract “Purchase & Sale
Agreement for 300 MW of Firm Capacity with related energy originating from Argentina” signed in 1999 between CIEN
and Centrais Geradoras do Sul do Brasil S.A (which is now known as Tractebel Energía). Tractebel Energía asked the court
to order CIEN to pay a rescission penalty of R$ 117,666,976 (approximately ThCh$ 26,878,667) plus other fines due to the
unavailability of energy. The breach allegedly occurred due to a failure by CIEN to ensure sufficient capacity as contracted
with Tractebel Energía during the 20-year period, which allegedly took place beginning in March 2005. In May 2010,
Tractebel Energía notified CIEN via a written statement, but not judicially, its intention to exercise step-in rights of Line I
(30%). The proceeding is currently at the first instance. CIEN petitioned to join this proceeding with the lawsuit filed by
it against Tractebel Energía in 2001, which involves a dispute relative to exchange rates and taxing issues. The petition
to join both proceedings was rejected by the court. Subsequently, CIEN filed a request to suspend the proceeding for
180 days in order to avoid potentially divergent decisions. The court ordered the suspension of proceedings for one year
pending the outcome of the other lawsuit of CIEN against Tractebel Energía.
12.- In 2010, Furnas Centrais Eletricas S.A. filed a suit against CIEN, based on CIEN’s alleged breach of the contract “Firm
Capacity Purchase with Related Energy for the purchase of 700 MW of firm capacity with related energy originating from
Argentina”, which was signed in 1998 with a term of 20 years beginning in June 2000. In its lawsuit, Furnas requested a
compensation of R$ 520,800,659 (approximately ThCh$ 118,966,495) corresponding to a rescission penalty included in
the contract, plus adjustments and delinquent interests, from the date of filing of the claim until actual payment. Furnas
also requested for additional penalties based on the lack of availability of the “firm power and related energy” and for
other damages to be determined upon the final decision. The first trial judgment denied the claims of Furnas for CIEN’s
responsibility for breach of its contractual obligations. The Court recognized the existence of force majeure because of
the energy crisis in Argentina. Regarding the foreign language documents presented by CIEN, the judge of first instance
determined that those documents would be excluded from the lawsuit, which decision was confirmed by the 12th Civil
Section of the State Court. CIEN has filed a Special Appeal (Recurso Especial) against this decision, which will be decided
by the Superior Court of Justice. In addition to the foregoing, CIEN received a notice from Furnas, not at the judicial
headquarters, indicating that in case of rescission due to CIEN’s breach, Furnas would have the right to acquire 70% of
Line I.
13.- At the end of 2002, Fortaleza filed an action against the Brazilian federal government in order to obtain a ruling that
considered imported goods for the turbo-generating units to be qualified as “Other Power Generating Units” under the
applicable tax legislation, which would be entitled to a 0% rate of import tax (II) and industrialized products tax(IPI).
Fortaleza obtained a preliminary favorable ruling in the principal proceeding which allows it to import goods at a
0% rate, provided it deposited the applicable taxes as a bond in the event of a final adverse ruling. To date, Fortaleza
has obtained favorable rulings in an administrative proceeding and from the Superior Court of Justice (Brasilia), for
its principal proceeding. In 2002, Fortaleza filed an action due to the tax increase from 0% to 14% applicable to the
importation of generator. In this proceeding, Fortaleza obtained a favorable decision in the first and second instances.
The Brazilian Treasury re-filed a proceeding and Fortaleza obtained a favorable ruling, which will allow it to recover
the € 27 million (approximately ThCh$ 20,347,991) bond. In December 2014, Fortaleza recovered € 25.3 million
(approximately ThCh$ 18,274,400) of the bond and the remaining € 1.7 million (approximately ThCh$ 685,290) of the
bond is pending of recovery.
14.- In February 2007, the Brazilian tax authorities audited Fortaleza regarding the payment of PIS/COFINS tax during
December 2003 and from February 2004 to November 2004. The audit resulted in a claim alleging differences between
the amounts stated in Fortaleza’s annual tax return (where the PIS/COFINS tax amounts were reported under the new
non-accrued regime) and the amounts stated in monthly tax returns (where the amounts due were reported under an
older accrual system). On appeal, the Taxpayer’s Council confirmed the validity of the compensations of credits resulting
from the regime change of PIS/COFINS. The Brazilian Treasury can file a Special Appeal before the Superior Chamber
of Fiscal Resources (Cámara Superior de Recursos Fiscales). The amount involved in this proceeding is R$ 85 million
(approximately ThCh$ 19,416,550).
15.- The Brazilian Internal Revenue Service claims an alleged underreporting of dividends by Endesa Brasil, now called Enel
Brasil, than it reported. The Brazilian IRS claims that the total amortization of goodwill (greater value) recorded by Enel
Brasil in 2009 in the equity accounts, should have been recorded in the comprehensive income accounts. As a result,
the procedure performed was inadequate and a greater profit would have been generated and consequently, a higher
amount of dividends distributed. The alleged surplus in dividends was interpreted by the Brazilian IRS as payments to
non-residents, which would be subject to a 15% income tax retained at the source. Enel Brasil responded states that
all the procedures adopted by Enel Brasil were based on the company’s interpretation and in accordance with Brazilian
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accounting standards (Brazilian GAAP), and confirmed by the external auditors and by a legal opinion from Souza Leão
Advogados. Enel Brasil has filed its defense in the administrative first instance and is waiting for an administrative first
instance ruling. This contingency has not been provisioned. The amount involved in this proceeding is R$ 212 million
(approximately ThCh$ 48,427,160).
16.- In 2001, a lawsuit was filed against Endesa Chile’s Colombian generation subsidiary Emgesa S.A. E.S.P., as well as
the non-related companies, Empresa de Energía de Bogotá S.A. E.S.P. (EEB) and Corporación Autónoma Regional de
Cundinamarca (CAR), by the residents of Sibaté, in the Colombian Department of Cundinamarca. This lawsuit seeks to
hold the defendants jointly liable for the damages and prejudices derived from the pollution to the El Muñá reservoir,
resulting from the pumping of polluted waters from the Bogotá River by Emgesa. Emgesa has denied these allegations
arguing, among others, that it does not have any responsibility since it receives the waters already contaminated. The
plaintiffs’ initial demand was for approximately CPs 3,000 billion (approximately ThCh$ 750,000,000). Emgesa filed a
motion for the joinder of numerous public and private entities that dump into the waters of the Bogotá River or that in
any way are responsible for the environmental stewardship of the river basin. The Third Section of the State Council has
received the petition and ordered certain companies joined as defendants. In January 2013, several of the defendants
filed responses to the complaint. In June 2013, a motion to terminate the proceedings was denied. The resolving
preliminary objections and the summons to a conciliation hearing are currently pending.
17.- CAR in Colombia, through Resolution 506, enacted on March 28, 2005 and Resolution 1189, enacted on July 8, 2005,
imposed on Emgesa, EEB and Empresa de Acueducto y Alcantarillado de Bogotá (EAAB) the execution of construction
work in the El Muña reservoir, whose effectiveness, among others things, depends on maintaining Emgesa’s water
concession. Emgesa filed a proceeding of nullity and reestablishment of rights against these resolutions before the
Administrative Court of Law of Cundinamarca, Section One, in order to annul them. The first instance court denied the
nullity of the abovementioned resolutions. Appeals were filed by Emgesa, EEB and EAAB, which are pending ruling. The
amount at issue is undetermined.
18.- In Colombia, upon creating an electrical distribution subsidiary, Codensa, in 1997, EEB contributed all public lighting
infrastructures and other sale and distribution assets to Codensa in exchange for 51.5% of Codensa’s shares. However,
there was no absolute clarity regarding the inventory of lights in the city and this generated subsequently differences
regarding invoicing and settlement of the energy value that Codensa supplied to the municipality. In 2005, a geo-
reference inventory of the lights was performed, which resulted in 8,661 fewer lights than those that Codensa
considered in its billing and settlement to the Federal District of Bogotá (the District). In order to solve the conflict, the
Parties carried out round-table discussion to come to an agreement. However, in 2009 a private citizen filed a derivative
action in which he requests that the court of law: (i) declare the rights of the administrative morality and public property
violated; (ii) order Codensa to carry out the settlement that includes delinquent interest due to the higher values paid
between 1998 and 2004; and (iii) recognize the incentive due to administrative morality for the claimant (15% of the
amount the District recovered). The first instance judgment, confirmed by the second instance judgment, ordered the
Administrative Special Public Utilities Unit (the UAESP) and Codensa to, within a time period of two months starting from
the date of issuance of the judgment, carry out all necessary negotiations to establish in a definitive manner the balances
either in favor or against Codensa, duly adjusted, plus additional interest. If no agreement is reached, the UAESP itself
may perform within the unilateral judgment within two months and deliver it to Codensa for its consideration. Codensa
may also exercise remedies through the relevant government channels and, in the event of non-payment, must proceed
to execute the judgment. On September 6, 2013, the Comptroller sent a communication to Codensa announcing future
control actions against the company and the UAESP for an alleged detriment to the District of CPs 95,142,786,544
approximately ThCh$ 23,785,696, due to payments owed to the District for public lighting between 1998 and 2004. On
September 20, 2013, CODENSA responded, disagreeing with the amount and proposing a technical group to resolve
the issue. This resulted in several meetings being held. Based on Codensa’s documents and the declarations presented,
the Comptroller issued a new report that supports the figure obtained by common accord by UAESP and Codensa.
The Comptroller recommended in its report that UAESP send the agreement for judicial review in order to resolve the
lawsuit with Codensa. Currently, the decision on this agreement signed between Codensa and UAESP by the Tenth
Administrative Court of Law of the Circuit is pending.
19.- A class action lawsuit has been filed by residents of the Colombian Municipality of Garzón, alleging that the construction
of the El Quimbo hydroelectric project has caused the plaintiffs’ income from handicrafts or entrepreneurial activities to
decrease by an average of 30%. The lawsuit claims the decrease was not considered when the project’s social-economic
impact report was drafted. Emgesa has denied these allegations on the basis that (i) the social-economic impact report
complied with all methodological criteria, including giving all interested parties the opportunity to be registered in the
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report, (ii) the plaintiffs are not residents and therefore, compensation is allowed only for those whose revenues are, in
their majority, coming from of their activity in the direct area of influence of the El Quimbo hydroelectric project and (iii)
compensation must not go beyond the “first link” of the production chain and must be based on the status of the income
indicators of each affected person. A proceeding was filed in parallel by 38 inhabitants of the Municipality of Garzón,
who are claiming compensation for being affected by the El Quimbo hydroelectric project since they were not included
in the social-economic impact report. A mandatory settlement hearing was unsuccessful. The court ordered a test, which
is currently in the preliminary phase. In the parallel proceeding, an exception previous of pending lawsuit was filed, based
on the existence of the principal proceeding. The proposed exception is pending ruling. The amount involved in this
proceeding is estimated to be approximately CPs 94 billion (approximately ThCh$ 23,500,000).
20.- The Colombian Constitutional Court, under its authority to review records of actions for protection already ruled upon
in first and second instances, selected seven actions for protection related to the El Quimbo hydroelectric project, which
has been decided in favor of Emgesa. The plaintiffs of these actions for protection sought compensation saying that
they belonged to trade associations such as: small handicraft fishermen, transporters, “paleros”, foremen, constructors
and contractors. As a result of this review, consolidated into one proceeding, the Constitutional Court passed ruling
T-135, and notified Emgesa on February 11, 2014. The Constitutional Court considered that the manner of conducting
the census of the El Quimbo hydroelectric project was in violation of the principle of the citizen participation. Although
the decision does not impact the validity of the project’s environmental license, it expands its geographical coverage
and potentially adds additional affected parties. As a consequence of the above mentioned review, the Constitutional
Court overturned the rulings of the courts in the first and second instances and ruled in favor of the plaintiffs. The
Constitutional Court ordered the inclusion and grant of the benefits included in the environmental license to them,
and ordered, as protective measure for other similarly-situated people, that a new census be conducted in accordance
with its order, particularly with respect to the right to effective participation by the local residents. On February 14,
2014, Emgesa filed a petition for clarification before the Constitutional Court which, while not disputing the decision,
petitions the Court to clarify or limit its effects, particularly the economic effects. On March 6, 2014, Emgesa filed a writ
to inform the Court of the actions it has taken to comply with the decision, such as: (i) including the seven plaintiffs
identified by the Constitutional Court within the census of the El Quimbo hydroelectric project, (ii) holding informational
sessions and social-economic interviews with the plaintiffs, (iii) forming a multi-disciplinary team to develop a structured
methodological proposal to uphold the Court’s ruling and (iv) providing a timetable of activities to develop by the
company to comply with the objectives indicated. The Constitutional Court ruled on the petition for clarification that
Emgesa requested, considering it inadmissible because in its opinion, the scope of the protected fundamental rights
is well established in ruling T-135. Similarly, the Court considers that, since it is a proceeding in which seven protected
lawsuits were consolidated, the competent authority to verify compliance with the Court’s order is the court that ruled
in the first instance on the first of the accrued proceedings (i.e. the Civil Chamber, Family Division of the High Court of
the District of Neiva). This court of law will be the one in charge of carrying out public audiences requested by Emgesa to
verify compliance with the judgment. There are no pending appeals. The amount of this proceeding is an undetermined.
21.- The fiscal authority in Peru, SUNAT, questioned Edegel in 2001 regarding the manner in which it was accounting for the
valuation of its depreciating assets. Edegel had conducted a voluntary reevaluation for the 1996 fiscal year, and as a result
of such reevaluation it recorded a reduction of goodwill with respect to assets. This depreciation was recorded as an
expense. The amount rejected by SUNAT is related to financial interest paid during the construction phase of the power
plants. SUNAT claims (i) that Edegel has not demonstrated that it was necessary to obtain financing to build the power
plants or (ii) that such financing was actually incurred. Edegel has responded that SUNAT cannot request such evidence
in its review because the reevaluation assigns the assets a market value when the reevaluation was performed, instead of
the historical value of the assets. In this case, the methodology considered that the power plants of such scale were built
with financings. In addition, Edegel claimed that if SUNAT disagreed with the valuation, it should have conducted its own
appraisal, which it failed to do. On February 2, 2012, the Tax Court (TF) issued a ruling for the 1999 fiscal year in favor of
Edegel regarding two of its power plants, but against it regarding the remaining four power plants, based on the fact that
a verified financing was only evidenced for the first two power plants. Consequently, the TF ordered SUNAT to recalculate
the taxes payable by Edegel, which amounted to €11 million and were paid by Edegel in June 2012. This amount will be
recovered if Edegel obtains favorable rulings in the following claims it has subsequently filed:
(i) an administrative contentious claim before the Judicial Power against the TF’s ruling, filed in May 2012 (which would
result in a complete recovery of the taxes).
(ii) a partial appeal against the recalculation that SUNAT performed in order to comply with the TF’s ruling, on the basis
that the recalculation was incorrect, filed in July 2012 (which would result in a partial recovery of the taxes).
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In August 2013, Edegel received notice of an unfavorable ruling regarding certain of the claims it had brought. Edegel
filed an annulment appeal against ruling, since the resolution violates its motivation right and it is untimely. The
annulment appeal that Edegel filed is pending resolution by the TF which is expected to be resolved in 2015. The TF has
ruled on the appeal, but Edegel has not been notified yet of the decision.
For the 2000 to 2001 fiscal years, Edegel paid the equivalent of €5 million and made a provision of €1 million. Edegel
filed new evidence in order to reduce the amount of that could be paid from €6 million to €1.3 million, however the TF
could determine that the evidence is inadmissible as untimely.
The taxes involved in these proceedings is S/. 122,556,694 (approximately ThCh$ 24,877,783), which is divided between
the active amount of S/. 59,819,819 (approximately ThCh$ 12,142,825) and the passive amount of S/. 62,736,874
(approximately ThCh$ 12,734,958).
22.- In 2005, three lawsuits were filed against Endesa Chile, the Chilean Treasury and the Chilean Water Authority (DGA, in
its Spanish acronym), which are currently being treated as a single proceeding, requesting that DGA Resolution No. 134,
which established non-consumptive water rights in favor of Endesa Chile to build the Neltume hydroelectric power plant
project be declared null as a matter of public policy, with compensation for damages. Alternatively, the lawsuits request
the compensation for damages for the losses allegedly sustained by the plaintiffs due to the loss of their status as riparian
owners along Pirehueico Lake, as well as due to the devaluation of their properties. The defendants have rejected
these allegations, contending that the DGA Resolution complies with all legal requirements, and that the exercise of
this right does not cause any detriment to the plaintiffs, among other arguments. The sums involved in these suits are
undetermined. This case was joined with two other cases: the first one is captioned “Arrieta v. the State and Others” in
the 9th Civil Court, docket 15279-2005 and the second is captioned “Jordán v. the State and Others,” in the 10th Civil
Court, docket 1608-2005. With regard to these cases, an injunction has been ordered against entering into any acts and
contracts concerning Endesa Chile’s water rights related to the Neltume project. On September 25, 2014, the Court of
Law issued an unfavorable ruling against Endesa Chile that in essence declared the right to use water established by DGA
Resolution No. 134 illegal and orders its cancellation in the corresponding Water Rights Register of the correspondent
Real Estate Registrar. Endesa Chile filed an appeal and cassation resources with the Court of Appeals of Santiago, which
to date are still pending.
23.- During 2010, three lawsuits for damages were filed against Endesa Chile by plaintiffs who alleged they were affected by
the flooding of the Bio-Bio River in Region VIII of Chile. The plaintiffs sued Endesa Chile for losses caused by its deficient
operation of the Ralco hydroelectric power plant during the flood. These three cases were joined, and a first instance
ruling has been issued which denies the claim filed in all its parts. The ruling was appealed and such appeal has not
yet been reviewed by the court. The plaintiffs are required to produce legal evidence proving the causal link between
the operation of the Ralco hydroelectric power plant during the floods and the damages that the plaintiffs claim they
sustained as a result of deficient facility operation. On March 27, 2012, there was a first instance judgment filed, which
rejects the claim filed in all its parts. The plaintiff filed an appeal on March 12, 2013, where the Court of Appeals ordered
proceedings to supplement the judgment, since there were exceptions and defenses that were not resolved in the first
instance judgment. On May 2, 2013, the first instance Court of Law filed a supplementary judgment, referring to the
exceptions and defenses that were not resolved in the first initial judgment. On July 14, 2014, the Court of Appeals of
Concepción rejected the appeal filed by the plaintiffs and confirmed the first ruling denying relief in the lawsuit. The
plaintiffs filed an appeal with the Supreme Court, which is pending resolution. The amount involved in the three lawsuits
currently pending against Endesa Chile is ThCh$14,610,043, which is covered by an insurance policy.
24.- In July and September 2010, Ingeniería y Construcción Madrid S.A. and Transportes Silva y Silva Limitada, respectively,
filed separate lawsuits against Endesa Chile and the DGA seeking to declare the annulment of DGA Resolution No.
134 that granted Endesa Chile’s water rights for the Neltume hydroelectric station. Similarly, Ingeniería y Construcción
Madrid S.A. and Transportes Silva y Silva Limitada, respectively, each filed suits against DGA Resolution No. 732 that
authorized the relocation of the collection point of such water rights, arguing its invalidity as a violation of public policy.
Ultimately, the plaintiffs attempted to demand payment for their water rights located in the area of influence of the
hydraulic works for the future Neltume hydroelectric station. Endesa Chile has rejected these claims, contending that
the plaintiffs are engaging in wrongful prosecution to prevent the construction of the power plant in order to obtain
monetary compensation. The evidentiary period of the complaint filed by Ingeniería y Construcción Madrid S.A. (Case
No. 7036-2010) has expired, and the parties have been summoned to hear judgment. Regarding the other lawsuit (Case
No. 6705-2010), requesting the annulment of DGA Resolution No. 732, on March 12, 2012 a ruling was issued that
declared the proceeding as abandoned. On June 27, 2012, Ingeniería y Construcción Madrid, filed a similar claim before
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another Court of Law (Case C-15156-2012), in which the discussion period and the regular evidentiary period have
ended, and only some expert testimony is pending. On November 26, 2014, the court considering the lack of agreement
between the parties, designated an expert, who has not accepted the position to date.
With respect to the Transportes Silva y Silva Ltda lawsuit (Case No. 16025-2012), which contests DGA Resolution No.
134, the proceeding was declared abandoned. In another lawsuit (Case No. 17916-2010), a similar request was made for
the action to be declared abandoned, however, this request was denied. The plaintiff filed an appeal against the ruling,
which was decided on May 10, 2013, declaring the proceeding abandoned. The resolution is final and executed. The
amount of this proceeding is undetermined.
25.- On May 24, 2011, Endesa Chile was served with a lawsuit filed by 19 riparian owners along the Pirihueico Lake, seeking
to nullify DGA Resolution No. 732, which authorized the relocation of water rights collection for the Neltume power
plant, from the Pirihueico Lake drainage 900 meters downstream along Fui River. The plaintiffs seek to have this
annulment annotated at the margin of the notarized instrument that memorialized DGA Resolution No. 732, which
approved the transfer of the collection. The plaintiffs also seek to have the recording of the deed struck from the Water
Rights Registry, if entered, and to require the Chilean Treasury, the DGA and Endesa Chile to pay damages to the
plaintiffs as a result of the challenged DGA Resolution. The plaintiffs seek to reserve their right to indicate the type and
amount of damages in a subsequent legal proceeding. The claim is for an undetermined amount because the plaintiffs
have requested that damages be determined in another suit, once the DGA Resolution is nullified. To date, the discussion
period has ended and the evidence writ has been issued, which when received by the parties was the object of a
replacement appeal filed by the plaintiff and an annulment petition filed by Endesa Chile, both of which were denied. On
August 20, 2013 a conciliation hearing was initiated, and is still pending to date.
Afterwards, hydraulic and appraisal expert analysis were carried out. The Court of Appeals of Santiago’s resolution
was also notified incorporating evidence, and Endesa provided documentary evidence consisting of: (i) a law report
drafted by Mr. Cristián Maturana M., (ii) a law report drafted by Mr. Luis S. Figueroa, (iii) an engineering report drafted
by Mr. Guillermo Cabrera, and (iv) an update of a land appraisal report on the zone farms drafted by Mr. Armando
Illanes; Finally, other documents relative to the Environmental Impact Study (EIA, in its Spanish acronym) were provided,
and testimonial evidence was presented both by Endesa Chile and by the plaintiffs. To date the regular and special
evidentiary period has ended.
26.- The arbitration proceeding being heard by the International Chamber of Commerce (the Chamber), under the
framework of the Bocamina Thermal Power Plant Extension Project contract for the turnkey supply of a coal thermal
generation plant, located in Coronel, Region VIII of Chile, executed in July 2007 between Endesa Chile and a consortium
comprised of: Ingeniería y Construcción Tecnimont Chile Compañía Limitada, Tecnimont SpA, Tecnimont do Brasil
Construção e Administração de Projetos Ltda., Slovenské Energetické Strojárne a.s. (SES) and Ingeniería y Construcción
SES Chile Limitada, (the “Consortium”).
As a result of material breaches of the Consortium, for not finishing the works according to the terms and conditions
agreed and within the time period stipulated in the contract and its supplementary documents, on October 16, 2012,
Endesa Chile proceeded, strictly complying with the conditions authorized in the contract for such purpose, to collect
the performance bonds, and in particular, those issued by Banco Santander Chile for US$93,992,554 (approximately
ThCh$57,029,982) and the one from Credit Agricole for US$18,940,295 (approximately ThCh$11,492,024). To date,
Endesa Chile has only been able to collect the performance bonds issued by Banco Santander Chile. Upon collection
of the aforementioned performance bonds, Endesa Chile filed before the Chamber (Case 19015/CA) a request for
arbitration to compel compliance with the contract plus compensation for damages, and, as an alternate request,
termination of the contract with compensation for damages. In both cases, Endesa Chile reserved the right to file
litigation regarding the amount and sum of the damages at a later stage. Endesa Chile based its claim on the serious
non-compliance of the Consortium, including, amoung other material breaches: (i) material breach of the contractual
date of the end of the works, (ii) the lack of payment to subcontractors and suppliers, which has forced Endesa Chile
to take on part of their commitments to avoid a situation of total work stoppage, (iii) material breach of the schedule
of intermediate control stages agreed to, (iv) breach of the “Open Book” delivery time period of the works, and (v) lack
of compliance with safety and environmental standards agreed to and the administrative standards proscribed for
managing the contract.
In turn, SES filed legal actions before the Chamber (Case 1924/CA) requesting that the collection of the performance
bonds that Endesa Chile carried out be declared illegal.
365
On January 4, 2013, Endesa Chile notified the Consortium of the early termination of the contract due to material breach
of its obligations according to the terms of it.
In January 2013, SES and Tecnimont separately contested the request for arbitration filed by Endesa Chile and sued
Endesa Chile. Tecnimont sued for approximately US$1,294 million (approximately ThCh$785,134,500) and SES sued
for US$15 million (approximately ThCh$9,101,250). On March 26, 2013, Endesa Chile responded to the counterclaims
and petitioned for their dismissal. The proceeding filed by SES (Case 1924/CA) was consolidated with the arbitration
proceeding described above.
On June 21, 2013, upon request of the arbitration court, the bases of the procedural proposals or simultaneous
procedure were filed by each of the parties in a clear and precise manner as well as their respective proposed schedules.
On July 2, 2013, the procedural order that established the procedural rules whereby the proceeding will be conducted
was approved. On December 2, 2013 the parties exchanged legal briefs. Endesa Chile requested in its brief that the
arbitrational court find (i) the defendants in breach of the contract, (ii) the defendants’ breach was attributable to
serious fraud or negligence on their part and (iii) that the contract termination be recognized as occurring due to the
defendant’s breach. On the grounds stated above, Endesa Chile has asserted that the performance bonds are consistent
with the law and petitioned the court to order the defendants to pay fines and damages amounting to US$373,269,376
(approximately ThCh$226,481,193). Tecnimont requested an extension in order to object the documents, which was
accepted by the arbitrational court.
The parties submitted documents, against which objections were filed. For the arbitration court, the parties resolved the
objections raised by replacing the documents or performing complementation if necessary. On May 2, 2014, the parties
submitted briefs, and rebuttal is expected to occur by January 15, 2015. (see Note 41).
27.- On August 22, 2013, Endesa Chile, Pehuenche and San Isidro filed before the Court of Appeals of Santiago a claim against
the Chilean Superintendency of Electricity and Fuels (SEF). The claim asserts the illegality of Resolution ORD No. 7230, dated
August 7, 2013, in which the SEF, relying on its interpretative and supervisory authority, decreed that consumption by
distributing companies in excess of the contracted supply, with respect to electricity generators that are forced by means
of a bid to supply electricity, must be covered by electricity surpluses generated by other companies. The distributors with
surplus electricity can assign their surpluses to distributors with deficits, irrespective of the will of the respective generator.
The claim asserts this is contrary to the law and exceeds SEF’s faculties and authorities, resulting in an illegal resolution.
An injunction was requested, which was denied in the San Isidro and Pehuenche suits but was granted in the Endesa
Chile suit. As a result, the effects of the decree are suspended. The three claims were heard one after the other and
the result were communicated to all the companies. On April 10, 2014 the claims were dismissed as having been filed
outside of the period allowed by law. An appeal was filed against such resolution before the Chilean Supreme Court,
which accepted the appeal on July 8, 2014 and found the claim was filed in a timely manner. The cases were remanded
to the Court of Appeals of Santiago to determine the validity of the claim, which are still pending of resolution.
28.- In August 2013, the Chilean Superintendence of the Environment (SMA, in its Spanish acronym) filed charges against
Endesa Chile alleging several violations of Exempt Resolution No. 206, dated August 2, 2007 and its supplementary
and explanatory resolutions that environmentally certified the Bocamina Thermal Power Plant Extension Project. These
alleged violations are related to the cooling system discharge channel, an inoperative Bocamina I desulphurizer, non-
compliance with information delivery obligations, surpassing CO limits, failures in the acoustic perimeter fence of
Bocamina I, excessive noise levels and having no technological barriers that prevent the massive entry of biomass in the
intake of the central power plant. Endesa Chile submitted a compliance program that was not approved. On November
27, 2013, SMA added two additional violations to its charges. Endesa Chile presented its defense in December 2013,
partially recognizing some of these violations (which could reduce the fine by 25% in case of recognition) and contesting
the rest. On August 11, 2014, SMA passed Resolution No. 421 that fined Endesa Chile 8,640.4 UTA for environmental
non-compliances that are the matter of the sanctioning proceeding. Endesa Chile filed an illegality claim against the SMA
before the Third Environmental Court of Valdivia that to date is pending resolution.
In December 2013, the fishermen’s and algae collector trade unions of Coronel, among others, filed two constitutional
protection appeals against Endesa Chile before the Court of Appeals of Concepcion. The first appeal alleges Endesa Chile
would be operating Unit II of the Bocamina thermal power plant without the proper environmental authorizations. The
second appeal alleges that Endesa Chile would not have an operational desulphurizing plant for the operation of Unit
I of the Bocamina thermal power plant. The first plaintiff obtained a temporary injunction that halted operation of Unit
II of the Bocamina thermal power plant. Endesa Chile contested the injunction but was denied relief. Endesa Chile also
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2014 ANNUAL REPORT ENERSIS
CONSOLIDATED FINANCIAL STATEMENTS
presented its defense in both resources, providing the background for rejection. On May 29, 2014, the ruling was upheld
that accepted the appeal and imposed a series of requirements designed to prevent the Bocamina thermal power plant
from causing environmental damage. An appeal was filed against this judgment before the Chilean Supreme Court,
with which on November 6, 2014 ruling was sentenced that although it confirms the appealed decision (i.e. it confirms
the resolution that picked up the protection appeals it contains certain declarations that are favorable for the company).
Definitely, it recognizes that the Bocamina II thermal power plant has an Environmental Qualification Resolution (RCA, in
its Spanish acronym), and the changes introduced in it must be approved through an Environmental Impact Study (EIA, in
its Spanish acronym).
29.- On May 12, 2014, Compañía Eléctrica Tarapacá S.A., (Celta) formally filed an arbitration claim against Compañía Minera
Doña Inés de Collahuasi, requesting that the Arbitration Court of Law declare that through the contracts entered into
in 1995 and 2001, the parties have established a long-term contractual relation, characterized by the economic balance
that there must be in their reciprocal services supplied and that, due to the above, greater costs corresponding to the
investment that must be made to comply with the emission standard contained in DS (Supreme Decree) (MMA) No. 13,
2011 must be shared by the parties. Based on this, the defendant should start paying up to the maturity of the contract,
a fixed monthly charge that as of March 31, 2020 amounts to US$72,275,000 (approximately ThCh$43,852,856) for the
proportional part of the investments that the defendant must pay due to the Supreme Decree abovementioned.
The claim was notified on July 3, 2014. On August 8, 2014 Collahuasi contested Celta’s claim and filed a counterclaim
against Celta requesting that the Court declare that Celta has violated the prohibition to call on as precedent what was
agreed to in the modifications of the 2009 supply contracts, reserving the right to discuss and prove the amount of the
detriment. On August 26, 2014, Celta filed its response to the main claim and contested the counterclaim. On September
11, 2014 Collahuasi filed its rejoinder to the main claim and its response to the counterclaim. On October 1, 2014, Celta
filed its response to the counterclaim. Additionally, the Arbitration Judge formulated a questionnaire with questions
separately to each one of the parties and also with common questions for both.
Once these were responded, the arbitrator gave the parties a deadline until January 16, 2015 to contest or observe the
answers provided and the documents attached specifying the contrary.
The management of Enersis considers that the provisions recorded in the Consolidated Financial Statements are adequate to
cover the risks resulting from litigation described in this Note. It does not consider there to be any additional liabilities other
than those specified.
Given the characteristics of the risks covered by these provisions, it is not possible to determine a reasonable schedule of
payment dates if there are any.
36.4 Financial Restrictions
A number of the company’s loan agreements, and those of some of its subsidiaries, include the obligation to comply with
certain financial ratios, which is normal in contracts of this nature. There are also affirmative and negative covenants requiring
the monitoring of these commitments. In addition, there are restrictions in the events-of-default clauses of the agreements
which require compliance.
1. Cross Default
Some of the financial debt contracts of Enersis and of Endesa Chile contain cross default clauses. The credit line agreements
governed by Chilean law, which Endesa Chile signed in February 2013 and Enersis in April 2013, stipulate that cross default
arises only in the event of non-compliance by the borrower itself, with no reference made to its subsidiaries, i.e. Enersis or
Endesa Chile, respectively. In order to accelerate payment of the debt in these credit lines due to cross default originating
from other debt, the amount overdue of a debt must exceed US$50 million, or the equivalent in other currencies, and other
additional conditions must be met such as the expiry of grace periods. Since being signed, these credit lines have not been
disbursed. They mature in February 2016 and April 2016, respectively. Endesa Chile’s international credit line governed by
New York State law, which was signed in July 2014 and expires in July 2019, also makes no reference to its subsidiaries, so
cross default arises only in the event of non-compliance by the borrower itself. For the repayment of debt to be accelerated
under this facility due to cross default on another debt, the amount in default should exceed US$50 million or its equivalent
in other currencies. It must also meet other conditions, including the expiration of any grace periods, and a formal notice
of intent to accelerate the debt repayment must have been served by creditors representing more than 50% of the amount
owed or committed in the contract. This line of credit has not currently been utilized.
367
Regarding the bond issues of Enersis and Endesa Chile registered with the United States Securities and Exchange Commission
(the SEC), commonly called “Yankee bonds”, a cross default can be triggered by another debt of the same company or of
any of their Chilean subsidiaries, for any amount overdue provided that the principal of the debt giving rise to the cross
default exceeds US$30 million or its equivalent in other currencies. Debt acceleration due to cross default does not occur
automatically but has to be demanded by the holders of at least 25% of the bonds of a certain series of Yankee bonds. In
addition, events of bankruptcy or insolvency of foreign subsidiaries have no contractual effects on the Yankee bonds of Enersis
or Endesa Chile. The Enersis Yankee bonds mature in 2016 and 2026, and those of Endesa Chile do so in 2015, 2024, 2027,
2037 and 2097. For the specific Yankee Bond that was issued in April 2014 and matures in 2024, the threshold for triggering
cross default increased to US$50 million or its equivalent in other currencies.
The Enersis and Endesa Chile bonds issued in Chile state that cross default can be triggered only by the default of the issuer
when the amount in default exceeds 3% of total consolidated assets in the case of Enersis, and US$50 million or its equivalent
in other currencies in the case of Endesa Chile. Debt acceleration requires the agreement of at least 50% of the holders of the
bonds of a certain series.
2. Financial Covenants
Financial covenants are contractual commitments with respect to minimum or maximum financial ratios that the company
is obliged to meet at certain periods of time (quarterly, annually, etc.). Most of the financial covenants of the Group limit
the level of indebtedness and evaluate the ability to generate cash flows in order to service the companies’ debts. Various
companies are also required to certify these covenants periodically. The types of covenants and their respective limits vary
according to the type of debt.
The Series B2 domestic bonds of Enersis includes the following financial covenants, whose definitions and calculation
formulas are set out in the respective contract:
- Consolidated Equity: Minimum Equity must be maintained of Ch$616,047 million, a limit adjusted at the end of each
year as established in the indenture. Equity is the sum of Equity attributable to the shareholders of Enersis and minority
interests. As of December 31, 2014, Enersis equity was Ch$8,279,219 million.
- Debt Ratio: A debt ratio, defined as Total liabilities to Equity, should be no more than 2.24. Total liabilities are the sum of
Total current liabilities and Total non-current liabilities, while Equity is the sum of Equity attributable to the shareholders of
Enersis and non-controlling interests. As of December 31, 2014, the Debt Ratio was 0.92.
- Unsecured Assets: The ratio of Unsecured assets to Unsecured total liabilities must be at least 1. Total Unsecured or
free assets is the difference between Total assets and Total secured assets. Total unsecured or free assets consists of Total
assets less the sum of Cash, Bank balances, Accounts receivable from related entities, current, Payments made in advance,
current, Non-current accounts receivable from related entities, and Identifiable intangible assets, gross, while Total secured
assets relates to assets pledged in guarantee. On the other hand, Unsecured total liabilities consist of the sum of Total
current liabilities and Total non-current liabilities, less liabilities secured by collateral. As of December 31, 2014, this ratio
was 1.81.
It is important to note that the undisbursed credit line in Chile includes other covenants such as leverage and debt repayment
capacity ratios (Debt/EBITDA), while the Yankee bonds are not subject to financial covenants.
As of December 31, 2014, the most restrictive financial covenant for Enersis was the Debt/EBITDA ratio with respect to local
credit lines that expire in April 2016.
The Endesa Chile bonds issued in Chile include the following financial covenants whose definitions and calculation formulas
are established in the respective indentures:
Series H
- Consolidated Debt Ratio: The consolidated debt ratio, which is Financial debt to Capitalization, must be no more
than 0.64. Financial debt is the sum of interest-bearing loans, current; Interest-bearing loans, non-current; Other
financial liabilities, current; Other financial liabilities, non-current; and Other obligations guaranteed by the issuer or its
subsidiaries; while Capitalization is the sum of Financial liabilities, Equity attributable to the shareholders of Enersis and
Non-controlling interests. As of December 31, 2014, the ratio was 0.37.
- Consolidated Equity: A minimum Equity of Ch$761,661 million must be maintained; this limit is adjusted at the end of
each year as established in the indenture. Equity corresponds to Equity attributable to the shareholders of Enersis. As
of December 31, 2014, the equity of Endesa Chile was Ch$2,700,280 million.
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2014 ANNUAL REPORT ENERSIS
CONSOLIDATED FINANCIAL STATEMENTS
- Financial Expense Coverage: A financial expense coverage ratio of at least 1.85 must be maintained. Financial expense
coverage is the quotient between i) the gross margin plus Financial income and dividends received from associated
companies, and ii) Financial expenses; both items refer to the period of four consecutive quarters ending on the
quarter being reported. For the period ended December 31, 2014, this ratio was 9.72.
- Net Asset Position with Related Companies: A Net asset position must be maintained with related companies of
no more than a hundred million dollars. The Net asset position with related companies is the difference between i)
the sum of Accounts receivable from related entities, current, Accounts receivable from related entities, non-current,
less transactions in the ordinary course of business at less than 180 days term, short-term transactions of associates
of Endesa Chile in which Enersis has no participation, and long-term transactions of associates of Endesa Chile in
which Enersis has no participation; and ii) the sum of Accounts payable to related entities, current; Accounts payable
to related entities, non-current, less transactions in the ordinary course of business at less than 180 days term; short-
term transactions of associates of Endesa Chile in which Enersis has no participation; and long-term transactions of
associates of Endesa Chile in which Enersis has no participation. As of December 31, 2014, using the exchange rate
prevailing on that date, the Net asset position with related companies was a negative US$330.29 million, indicating
that Enersis is a net creditor of Endesa Chile rather than a net debtor.
Series M
- Consolidated Debt Ratio: The consolidated debt ratio, which is Financial debt to Capitalization, must be no more than
0.64. Financial debt is the sum of Interest-bearing loans, current; Interest-bearing loans, non-current; Other financial
liabilities, current; and Other financial liabilities, non-current; while Capitalization is the sum of Financial liabilities, Equity
attributable to the shareholders of Enersis and Non-controlling interests. As of As of December 31, 2014, the debt ratio
was 0.37.
- Consolidated Equity: Same as for Series H.
- Financial Expense Coverage Ratio: Same as for Series H.
The rest of Endesa Chile’s debt and the undisbursed credit lines include other covenants such as leverage and debt coverage
ratios (debt/EBITDA ratio), while the Yankee bonds are not subject to financial covenants.
In the case of Endesa Chile, the most restrictive financial covenant as of December 31, 2014 was the Debt Ratio requirement
for the credit line under Chilean law, which expires in February 2016.
In Peru, the debt of Edelnor only has one covenant, a Debt Ratio with respect to the local bonds whose final maturity is
in January 2033. On the other hand, the debt of Edegel includes the following covenants: Debt Ratio and Debt Coverage
(Debt/EBITDA). As of December 31, 2014, the most restrictive financial covenant for Edegel was the Debt/EBITDA ratio
corresponding to the financial leasing agreement with Banco Scotiabank that expires in March 2017. Piura’s debt includes the
following covenants: Debt Coverage and Level of Indebtedness. As of December 31, 2014, the most restrictive covenant on
Piura debt was the indebtedness covenant from the Reserva Fría plant construction leasing agreement with Banco de Crédito
del Perú which expires in July 2020.
In Brazil, the debt of Coelce includes compliance with the following covenants: Debt Coverage (Debt/EBITDA), Level
of Indebtedness, and the Interest Coverage ratio (EBITDA/financial expenses). As of December 31, 2014, Coelce’s most
restrictive financial covenant was the Debt/EBITDA ratio for the 3rd local bond issue with a final maturity in October
2018. The debt corresponding to Ampla includes the following covenants: Debt Coverage (the Debt/EBITDA ratio), the
Indebtedness ratio and the Interest Coverage Ratio (EBITDA/financial expenses). As of December 31, 2014, the most
restrictive financial covenant for Ampla was the Debt/EBITDA ratio for the 6th, 7th and 8th local bond issues, whose final
maturity is July 2019. Cien’s debt includes covenants on Debt Coverage (Debt/EBITDA) and the Debt Ratio on a loan with the
Banco Nacional do Desenvolvimiento maturing in June 2020. As of December 31, 2014, its most restrictive covenant was the
Debt/EBITDA ratio.
In Argentina, Endesa Costanera has just one covenant, the maximum debt, corresponding to a loan from Credit Suisse First
Boston International which matures in February 2016. The debt of El Chocón includes covenants related to Maximum Debt,
Net consolidated equity, Interest Coverage, Debt Coverage (debt/EBITDA) and the leverage ratio. In the case of El Chocón, as
of December 31, 2014, the Interest Coverage covenant (EBITDA / financial expenses) was in default on the loan with Standard
Bank, Deutsche Bank and Itau, which expires in February 2016. The company is negotiating the respective waiver with these
creditors. There is no risk of cross default or of a breach for Enersis.
In Colombia, the debts of Codensa and Emgesa are not subject to compliance with financial covenants, a situation that also
applies to the debt of the rest of the companies not mentioned in this note.
369
Lastly, in most of the contracts, debt acceleration for non-compliance with these covenants does not occur automatically but
is subject to certain conditions, such as a cure period.
As of December 31, 2014 and 2013, neither Enersis nor any of its subsidiaries were in default under their financial obligations
summarized here or other financial obligations whose defaults might trigger the acceleration of their financial commitments,
with the exception of our Argentine generation subsidiaries Hidroeléctrica El Chocón at the close of 2014 as mentioned
above, and Endesa Costanera at the close of 2013.
Since March 2012, Endesa Costanera had not paid the semiannual installments on a supplier loan with Mitsubishi
Corporation, for a total of US$107.1 million, including principal and interest. After a long period of negotiations, a
restructuring agreement was signed on October 27, 2014. The main conditions of this restructuring include: the elimination
of accrued interest at 09/30/14 of US$66 million; the rescheduling of the capital repayment of US$120.6 million over 18
years with a grace period of 12 months, to be fully repaid by December 15, 2032; a minimum annual capital repayment of
US$3,000,000 in quarterly installments; an interest rate of 0.25% per annum; the maintaining of the pledge over assets; and
the applying of restrictions on the payment of dividends. The preceding condition to making the agreement effective was that
Endesa Costanera SA should pay US$5,000,000 of the debt due within 15 business days of signing the agreement; this was
carried out on November 14, 2014.
This situation does not represent a risk of cross default or a breach for Enersis.
36.5 Other Information
Endesa Costanera S.A.
- Resolution 95/13 from the Argentine Energy Secretariat which was published on March 26, 2013 made significant changes
to the remunerations system for generating companies and other aspects of operations in the wholesale electricity market.
The Energy Secretariat’s Resolution 529/14, published on May 23, 2014, updated the remunerations system for generation
companies, replacing Schedules I, II and III of Res. 95/13 and adding a new system of Non-Recurring Maintenance Work
Remunerations. These are determined on a monthly basis and are calculated depending on the total amount of power
generated. The amounts paid are to be used to finance major maintenance work, subject to the approval of the Energy
Secretariat. Nevertheless, our Argentine subsidiary Endesa Costanera still shows a deficit in working capital, which has led
to problems in its short-term financial equilibrium, and jeopardized its ability to continue operating as a going concern and
recover its assets. Endesa Costanera expects to correct the present situation depending on a favorable resolution of requests
made to the Argentine government.
- On November 25, 2010, the Energy Secretariat and major electricity generating companies signed the “AGREEMENT FOR
PROJECT MANAGEMENT AND OPERATION, INCREASING THE AVAILABILITY OF THERMAL ELECTRICITY GENERATION AND
ADJUSTMENT TO ELECTICITY GENERATION REMUNERATION FOR 2008-2011” (hereinafter the “Agreement”). Subsequently, on
March 10, 2011, the Energy Secretariat announced in note SE N ° 1593/11, its approval of the generation project submitted
by SADESA, DUKE and generating companies which form part of the ENEL Group (Hidroeléctrica El Chocón, Endesa Costanera
S.A. and Central Dock Sud S.A) (together “the Generators”), under the aforementioned Agreement.
The Generators have committed to implement the Sales Settlements with Undefined Expiry Dates (Liquidaciones de Venta
con Fecha de Vencimiento a Definir – “LVFVD”) that arose during the period from January 1, 2008 to December 31, 2011
for the construction of a new 800 MW combined cycle “Forced Return Plant” to be installed in the Province of Santa Fe. This
contribution will be returned once the interest rate stipulated in Resolution SE N ° 406/03 is added and converted to US
currency at the date the Agreement was signed, in 120 equal and consecutive monthly installments from the start-up of the
commercial operation of the combined cycle, plus an annual performance equivalent to that obtained by applying a rate of
30 day LIBOR + 5%.
During December 2014, the open cycle plant began operating with two 270 MW turbine generators. It is expected that
these will become high efficiency combined cycle generators during 2015.
The LVFVD applied to the project by the Generators will be recorded in US currency when the facts and circumstances that
permit them to be recognized are secure. The effects of this dollarization, if carried out, would be reflected in the next
annual financial statements and would create a gain of approximately ThCh$109,507,000 between the electricity generating
companies forming part of the ENEL Group (Hidroeléctrica El Chocón, Endesa Costanera S.A. and Central Dock Sud S.A.).
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2014 ANNUAL REPORT ENERSIS
CONSOLIDATED FINANCIAL STATEMENTS
Edesur S.A.
- On July 12, 2012, the Argentine electricity regulatory authority (Ente Nacional Regulador de la Electricidad de la República
Argentina - ENRE), through its Resolution 183/2012, informed Edesur of the appointment of a “veedor,” or inspector,
(Engineer Luis Miguel Barletta) for an extendable term of 45 days in order to control and verify all normal administrative
actions linked to the normal provision of the public utility electricity distribution service by Edesur.
These administrative actions refer particularly to Edesur’s actions to comply with the legal and accounting requirements
governing sufficiency of funds to pay all of the obligations assumed, as well as the adjustments needed to ensure that its
actions comply with its obligations under its concession contract. The veedor’s oversight was extended by ENRE Resolutions
246/2012, 337/2012 and 34/2013; ENRE Provision 25/2013; Resolution 243/2013; ENRE Provision 2/2014 and 36/14,
Resolution N° 31/14.
ENRE Provision 244/14 dated September 3, 2014, designated Engineer Rubén E.Segura as substitute for Ricardo Alejandro
Martinez for an extendable term of 90 days, to enable him to continue monitoring and supervising all normal administrative
and disposal activities involved in Edesur S.A.’s normal business of providing public power distribution services.
The appointment of the veedor does not imply the loss of control of Edesur by Enersis. Edesur considers that this appointment
and its justification are inappropriate and therefore it has brought legal proceedings against the ENRE each time the period
has been extended.
Continuing with the procedure established under its Resolution 250/2013 dated June 24, 2014 the SE issued its Note N°
4012/2014, which approved the figures for the Cost Monitoring Mechanism (MMC, from its name in Spanish) to March 2014.
On October 9, 2014, the MMC values to August 2014 were approved in SE Note N° 486/2014, and on December 18, 2014 the
MMC values to December 2014 were approved in SE Note N° 1136/2014. These notes allowed Other operating income of
ThCh$144,485,000 to be recognized for the fiscal year ended December 31, 2014, which generated a credit that was partially
offset by the liability of ThCh$41,005,000 recorded for the PUREE surplus retained by Edesur. This implied the recognition of
interest on both items, which involved a net benefit of ThCh$23,849,000 for Edesur.
At the date these financial statements were issued, the credit balance generated by the aforementioned Resolution No.
250/2013 and Notes SE N° 6852/2013, N° 4012/2014, N° 486/2014 and N° 1136/2014 totaled ThCh$253,484,000 and is
presented in “Other assets” in current assets.
The outstanding LVFVDs are partially repaid by eliminating the debt owed by the Company to CAMMESA, as provided in
Resolution No. 250/2013, SE Notes N° 6852/2013, N° 4012/2014, N° 486/2014 and N° 1136/2014. Therefore, Edesur
rejected debit notes issued by CAMMESA for ThCh$28,403,000 in interest for payment delays, as Resolution No. 250/2013
imposed a special regime for payment of unpaid energy purchases at the date of this decision, having given therein the
relevant instructions and authorizations to CAMMESA, and extending this procedure through SE Notes N° 6852/2013,
N° 4012/2014, N° 486/2014 and N° 1136/2014. Therefore, Edesur presented the waiver indicated in Resolution No.
250/2013. The failure to issue the LVFVDs is outside the jurisdiction of the Company and therefore it is not their responsibility.
Consequently, Edesur considers such obligations paid in a timely manner and does not recognize interest on this debt.
Centrales Hidroeléctricas de Aysén, S.A.
- On July 9, 2014, the Ministers’ Committee issued (i) Exempt Resolution 569 resolving the invalidation process, and (ii) Exempt
Resolution 570 resolving the claims filed by individuals, citizens’ organizations and the proponent of the Aysén Hydroelectric
Project against Exempt Resolution 225/2011 issued by the Aysén del General Carlos Ibañez del Campo Region’s Assessment
Committee, the project’s Environmental Qualification Resolution, or RCA.
Centrales Hidroeléctricas de Aysén S.A. was notified of these agreements and resolutions on July 14, 2014. Since appeals
may be filed with the environmental court within 30 days of this notification, Centrales Hidroeléctricas Aysén S.A. is currently
evaluating and analyzing the different legal actions and options that may be taken.
At December 31, 2014, a decision regarding the water rights application requested by Hidroaysén to the Chilean Water
Directorate remains pending (See Note 41).
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Nota 37
Personnel Figures
Enersis personnel, including that of subsidiaries and jointly-controlled companies in the five Latin American countries where
the Group is present, is distributed as follows as of December 31, 2014 and 2013:
Managers
and Main
Executives
101
29
28
18
34
210
Managers
and Main
Executives
100
39
32
19
26
216
12-31-2014
Professionals
and Technicians
2,113
3,335
2,395
792
1,568
10,203
12-31-2013
Professionals
and Technicians
2,008
2,860
2,385
769
1,542
9,564
Workers
and Other
310
1,109
272
141
30
1,862
Workers
and Other
304
1,054
255
150
31
1,794
Total
2,524
4,473
2,695
951
1,632
12,275
Total
2,412
3,953
2,672
938
1,599
11,574
Average for the
Period
2,503
4,223
2,648
944
1,613
11,931
Average for the
Period
2,404
3,688
2,692
937
1,580
11,301
Country
Chile
Argentina
Brazil
Peru
Colombia
Total
Country
Chile
Argentina
Brazil
Peru
Colombia
Total
Nota 38
Sanctions
The following companies belonging to the Group have received sanctions from the administrative authorities:
a) Subsidiaries
1.- Endesa Chile
-
Income for fiscal year 2011: the Chilean Internal Revenue Service (SII) issued a fine after investigating the use of a credit
for taxes paid abroad on income earned in other countries. The investigation found discrepancies in the calculation of net
income from foreign sources, and a tax credit for a lower amount should have been used for that foreign income than
declared at the time on the FY 2011 Income Tax Return. A fine of Ch$82,923,124 was imposed. Closed and paid (May
2014).
- During the 2011 fiscal year, the Company was fined 1,380 UTA (Annual Tax Units), equivalent to ThCh$683,315 by the
Superintendency of Electricity and Fuels (SEF) for the blackout that occurred on March 14, 2010. Endesa Chile filed an
appeal against the measure with the Santiago Court of Appeals, which rejected the appeal on January 18, 2013 and
upheld the fine. Endesa Chile then filed an appeal against this ruling with the Supreme Court who, on November 20,
2013, rejected the second appeal and once again upheld the fine, but reduced its amount to 1,246 UTA, equivalent to
ThCh$616,964. Closed and paid.
-
In the 2012 fiscal year, the Company received a fine, plus interest, totaling ThCh$13,151 from the Chilean Tax Service (SII)
for the excessive use of tax credits for the 2010 tax year. The amount was paid on March 28, 2013. Closed and paid.
372
2014 ANNUAL REPORT ENERSIS
CONSOLIDATED FINANCIAL STATEMENTS
- During the 2012 fiscal year, the Company was fined 1,200 UTA (Annual Taxation Units) by the Electricity and Fuels
Superintendency (SEF) for the blackout that occurred on September 24, 2011. Endesa Chile filed a request for
reconsideration with the SEF; this was denied in Exempt Resolution 703 of March 25, 2013, which also upheld the fine. The
Company later filed appeal No. 2262-2013 challenging the ruling with the Santiago Court of Appeals. After studying the
appeal, the Court of Appeals confirmed the fine imposed by the SEC but reduced it from 1,200 to 400 UTA. Endesa filed
another appeal against this ruling with the Supreme Court, which upheld the ruling and kept the fine at 400 UTA (approx.
ThCh$203,059). Closed and paid.
-
-
In January 2013, Endesa Chile was notified of SEF Exempt Resolution 2496 fining the Company 10 UTA, equivalent to
ThCh$4,952 for violating Article 123 of Decree Law (DFL) 4/20,018 of 2006 due to its failure to report to the SEF the
commissioning of its electricity facilities by the deadline provided for in that law. To clear the charges, Endesa Chile paid
the fine in full. Closed and paid.
In the first quarter of 2013, Endesa Chile was notified of three resolutions issued by the Health SEREMI (Regional
Ministerial Office) of the Maule Region, Resolutions 1057, 085, and 970, which ruled on health summary proceedings
RIT Nos. 355/2011, 354/2011, and 356/2011, respectively, imposing a 20 UTM fine for each of the proceedings. The
fines were imposed for the following violations: Resolution 1057 penalizes a health violation of Decree 594 of 1999,
Regulations on Basic Health and Environmental Conditions in the Workplace, specifically, at the Cipreses Plant facilities;
this fine has been paid in full. Resolution 085 penalizes a violation of Executive Decree 90/2011, which requires a
statement of the emissions made in 2009 and 2010 by a 20.8-kW-capacity Siemens-Schukertwerke A6 power generator
located at the Bocatoma Maule Isla facility. This resolution is currently being challenged. Resolution 970 penalizes a
violation of Executive Decree 90/2011, which requires a statement of the emissions made in 2009 and 2010 by a 34 kW
Conex generator located at the Bocatoma Maule Isla facility. This resolution is currently being challenged. Total: 60 UTM,
equivalent to ThCh$2,592.
- Endesa received notification in September 2013 of ORD No. 603 issued by the Superintendency of the Environment (SMA)
initiating sanction proceedings and filing charges against Endesa as Holder of the Expansion Project for Unit Two of the
Bocamina Plant for a number of violations against environmental regulations and the RCA environmental regulation
instrument. The sanction proceedings are the result of inspections conducted by SMA personnel on February 13 and 14
and on March 19, 26, and 27, 2013, at the Bocamina thermoelectric facilities. The inspections found a number of violations
of Exempt Resolution 206 of August 2, 2007 (RCA 206/2007), which was clarified by Exempt Resolutions 229 of August
21, 2007 (RCA 229/2007) and 285 of October 8, 2007 (RCA 285/2007) giving environmental approval to this expansion
project. The infractions consist primarily of (i) not having a discharge channel for the cooling system that extends 30
meters into the ocean from the edge of the beach; (ii) not having the Bocamina I Desulfurization unit in operation; (iii)
not submitting the information requested by the Superintendency’s official on past records of on-line emissions reports
(CEM reports) from the startup of operations until the present time; (iv) exceeding the CO limit for Bocamina I set in the
RCA for Bocamina II in January 2013; (v) defects and gaps between panels in the Bocamina I perimeter acoustic enclosure;
(vi) noise emissions that exceed regulatory limits; and (vii) not having technological barriers that prevent biomass from
pouring into the plant’s intake.
Endesa submitted a compliance schedule within the time frame allotted, that was rejected. On November 27, 2013, the
SMA reformulated the charges filed, adding two new charges (failure to comply with RCA 206/2007, considered a grave
violation, and failure to comply with the information requirement issued in Ord UIPS 603, which is also considered a grave
violation).
On August 11, 2014, the SMA issued Resolution No. 421 which penalized Endesa for these environmental breaches
applying a fine of 8,640.4 UTA (approximately ThCh$4,478,976). Endesa filed a counter-claim of illegality before the Third
Environmental Court of Valdivia, which is currently pending.
- The Labor Directorate (Inspección del Trabajo) of the Bío Bío Region fined Endesa ThCh$2,523 for failure to fulfill its
duties as the operating company after confirming, on June 12, 2014, an accident suffered by a worker employed by the
contractor Metalcav at the Bocamina II worksite. Payment of the fine is in process at this time. Closed and paid.
- On May 20, 2014, the Valparaiso Court of Appeals confirmed the fine of ThCh$2,646 imposed by the Quintero Local Police
Court (Juzgado de Policía Local) upholding CONAF’s claim that Endesa cut trees without first having a forestry management
plan approved by CONAF. The trees were cut in the Valle Alegre area in lot 22, site 3 in the municipality of Quintero in order
to clear trees from the high voltage wires. The fine was paid through the appropriate court. Closed and paid.
373
- On June 23, 2014, the SISS (Sanitary Services Superintendency) fined Endesa 13 UTA (approximately ThCh$6,599) for
discharging liquid waste from the San Isidro II thermal plant during the cooling process in excess of the amount permitted
under D.S. 90 on sulfate concentration. Closed and paid.
-
In July 2014 the Coronel Labor Directorate fined Endesa for labor legislation violations relating to staff serving at the
Bocamina plant. The infringements are: i) exceeding the maximum of two hours overtime per day; ii) not allowing staff to
rest on Sundays; iii) incorrectly recording attendance; iv) exceeding the maximum 10-hour working day. The fine imposed
for these offenses totaled Ch$10,122,720, which the company has paid in full. Closed and paid.
2.- Pehuenche
- During the 2011 fiscal year, the Company was fined 602 UTA (Annual Tax Units), or approximately ThCh$298,084 by the
Electricity and Fuels Superintendency (EF) for the blackout that occurred on March 14, 2010. Pehuenche filed an appeal
against the measure with the Santiago Court of Appeals, which rejected the appeal on January 18, 2013 and upheld the
fine. Pehuenche filed an appeal against this ruling with the Supreme Court, which rejected the appeal on November 20,
2013, and upheld the fine but reduced the amount to 421 UTA, equivalent to ThCh$208,461. Closed and paid.
- On October 2, 2013, the Securities and Insurance Superintendency (SVS) fined Empresa Eléctrica Pehuenche S.A. and its
CEO for alleged violations of Article 54 of Law 18,046 “over the right of all shareholders to examine the annual report,
balance sheet, inventory, minutes, ledgers, and external auditors’ reports during the 15 days prior to a company’s ordinary
shareholders’ meeting.” It resolved the following:
“To impose on Empresa Eléctrica Pehuenche S.A. and its General Manager, Lucio Castro Márqez, a fine of 150 UF each for
violation of Article 54 of Law 18,046 and Article 61 of the Regulations on Corporations in effect at the time the events
penalized occurred.”
The fine was applied as a result of a claim made by Tricahue Inversiones S.A.’s against Empresa Eléctrica Pehuenche S.A.
based on the fact that, on April 24, 2012, the Tricahue S.A. General Manager went to Pehuenche’s offices to examine
the Minutes book of the company’s Board of Directors and stated that he was first required to sign a statement of
confidentiality and indemnity in Pehuenche’s favor, which he considered illegal and arbitrary.
On August 24, 2012, Tricahue Inversiones S.A. withdrew its complaint filed against Empresa Eléctrica Pehuenche S.A.
The Company and its General Manager, respectively, exercised the action provided for under Article 30 of Decree Law
3,538, within the conditions and time frame required, to file a claim against the SVS resolution with the ordinary courts of
law to have the resolution revoked.
Finally, on May 20, 2014, the Court recognized the claim filed and revoked the sanction applied as groundless. Closed.
3.- Chilectra S.A.
-
Income for fiscal year 2012 (2011 business year): the SII fined Chilectra after an audit of the 2012 tax return which
detected discrepancies in the determination of taxable net income, specifically in an amount deducted as a carryover loss.
That entry had been adjusted as a result of audits of the entry corresponding to previous years, and it was lowered with
respect to the amount declared at that time. Fine: Ch$114,291,807. Closed and paid (June 2014).
- During the fiscal year 2012, Chilectra SA was sanctioned by the Superintendency of Electricity and Fuels with 19 fines
amounting to ThCh$1,050,663.
- During the fiscal year 2013, Chilectra SA was sanctioned by the Superintendency of Electricity and Fuels with 7 fines
amounting to ThCh$227,507.
- During the fiscal year 2014, Chilectra SA was sanctioned by the Superintendency of Electricity and Fuels with 8 fines
amounting to ThCh$459,453.
4.- Edesur S.A.
-
From January 1, 2013 to June 30, 2013, Edesur S.A. received 150 fines from the Energy Regulatory Body (Ente Nacional
Regulador de la Electricidad - ENRE) totaling $23,640,000 Argentine pesos (approximately ThCh$1,677,414) for failure to
comply with regulations on technical and commercial quality and on road and highway safety. Appeals against the fines
have been filed.
374
2014 ANNUAL REPORT ENERSIS
CONSOLIDATED FINANCIAL STATEMENTS
-
-
-
-
-
From July 1, 2013 to September 30, 2013, Edesur S.A. received 111 fines from the Electricity Regulatory Body (ENRE)
amounting to $28,270,000 Argentine pesos (approximately ThCh$2,005,943) for failure to comply with technical and
commercial quality regulations, and Th$1,536 Argentine pesos (approximately ThCh$108,989) for failure to comply with
road and highway safety regulations. Appeals against the fines have been filed.
From October 1, 2013 to December 31, 2013, Edesur S.A. received eight fines from the Electricity Regulatory Body (ENRE)
amounting to $2,766,029 Argentine pesos (approximately ThCh$196,268) for failure to comply with technical and
commercial quality regulations, and Th$4,973,300 Argentine pesos (approximately ThCh$352,889) for failure to comply
with road and highway safety regulations. Appeals against the fines have been filed.
From January 1, 2014 to June 30, 2014, Edesur S.A. received 13 fines from the Electricity Regulatory Body (ENRE)
amounting to $10,685,000 Argentine pesos (approximately ThCh$758,171) for failure to comply with technical and
commercial quality regulations, and 20 fines totaling Th$26,975 Argentine pesos (approximately ThCh$1,914,055)
for failure to comply with road and highway safety regulations. In addition, the company has been ordered to pay
$389,000,000 Argentine pesos (approximately ThCh$27,602,123) in compensation to users.
From 1 July 2014 to September 30, 2014, Edesur SA received three fines from the Electricity Regulatory Body (ENRE)
amounting to $114,627 Argentine pesos (approximately ThCh$8,134) for failure to comply with technical and commercial
quality regulations, and 12 fines totaling $13,112,132 Argentine pesos (approximately ThCh$930,392) for failure to
comply with road and highway safety regulations.
From 1 October 2014 to December 31, 2014, Edesur SA received four fines from the Electricity Regulatory Body (ENRE)
amounting to $35,914,427 Argentine pesos (approximately ThCh$2,548,366) for failure to comply with technical and
commercial quality regulations, and 11 fines totaling $19,853,878 Argentine pesos (approximately ThCh$1,408,764) for
failure to comply with road and highway safety regulations.
5.- Hidroeléctrica El Chocón S.A.
- During 2012, Hidroeléctrica El Chocón (HECSA) was fined Th$3,069 Argentine pesos (approximately ThCh$217,766) by the
Jurisdictional Authority of the Limay, Neuquén, and Negro River Basins (Autoridad Jurisdiccional de las Cuencas de los Ríos
Limay, Neuquén y Negro, AIC) for failure to comply with certain obligations contained in the Concession Agreement. The
company has filed the respective appeal, so the ruling is not yet final. The AIC also fined HECSA Th$43 Argentine pesos
(approximately ThCh$3,051) for failure to submit required reports. On June 11, 2014, the company paid $58.91 Argentine
pesos (approximately ThCh$4) in penalty interest on this fine.
- During 2013, the Electricity Regulatory Body (ENRE) imposed a fine of Th$20 Argentine pesos (approximately ThCh$1,419)
on the company. HECSA has filed an appeal.
-
-
From January 1, 2014 to March 31, 2014 the Electricity Regulatory Body (ENRE) imposed a fine of Th$11 Argentine pesos
(approximately ThCh$781). The company has filed an appeal.
Finally, from April 1, 2014 to June 30, 2014 the Electricity Regulatory Body (ENRE) imposed two fines amounting to Th$3
Argentine pesos (approximately ThCh$213).
6.- Endesa Costanera S.A.
- During the 2012 fiscal year and through to June 30, 2013, the company received two fines for a total amount of
Th$47,949 Argentine pesos (approximately ThCh$3,402,299) from the General Customs Authority (Dirección General de
Aduanas). Possible liability on the part of Mitsubishi is being assessed, in which case that amount could be claimed from
this supplier. The ENRE also imposed two fines totaling Th$51 Argentine pesos (approximately ThCh$3,619). The company
has filed an appeal.
-
-
From April 1, 2014 to June 30, 2014 the Electricity Regulatory Body (ENRE) imposed a fine of Th$40 Argentine pesos
(approximately ThCh$2,843), which was paid on June 30, 2014.
Finally, from July 1, 2014 to December 31, 2014 the Electricity Regulatory Body (ENRE) imposed a fine of Th$102 Argentine
pesos (approximately ThCh$7,238), which was paid on November 20, 2014.
375
7.- Central Dock Sud S.A.
- During 2013, Central Dock Sud S.A. (CDS) was fined $794.11 Argentine pesos (approximately ThCh$56) by the
Electricity Regulatory Body (ENRE) as a generating company on the Argentine wholesale electricity market (Mercado
Eléctrico Mayorista - MEM), for failure to comply with Appendix 24 of The Procedures (Resolution ex-S.E. 61/92 and its
amendments and additions) due to unavailability of Data Links on the Real-time Operating System (SOTR, its acronym in
Spanish), during the period January to June 2012.
- On July 30, 2013 Central Dock Sud S.A. (CDS) was fined $3,202.66 Argentine pesos (approximately ThCh$227) by the
Electricity Regulatory Body (ENRE), for failure to comply with Appendix 24 of The Procedures (Resolution ex-S.E. 61/92
and its amendments and additions) due to unavailability of Data Links on the Real-time Operating System (SOTR, its
acronym in Spanish), during the period January to June 2013. The company paid the fine.
-
From January 1, 2014 to June 30, 2014 Central Dock Sud S.A. (CDS) was fined $5,516.57 Argentine pesos (approximately
ThCh$392) by the Electricity Regulatory Body (ENRE), for failure to comply with Appendix 24 of The Procedures
(Resolution ex-S.E. 61/92 and its amendments and additions) due to unavailability of Data Links on the Real-time
Operating System (SOTR, its acronym in Spanish), during the period July to December 2012. The company paid the fine.
8.- Yacylec S.A.
- During 2013 the Electricity Regulatory Body (ENRE) issued a penalty for transmission line down-time that was operated
by Yacylec SA for $584 Argentine pesos (approximately ThCh$41) which was transferred to the independent carrier
Yacylec SA by the high voltage transmission concessionaire, Transener SA and paid. During 2013 the Electricity
Regulatory Body (ENRE) issued other penalties for transmission line down-time of Th$7,843 Argentine pesos
(approximately ThCh$557) and reactor down-time of $225,297 Argentine pesos (approximately ThCh$15,986)
regarding Yacylec SA facilities, but were not transferred by Transener SA for collection.
- During 2014, the Electricity Regulatory Body (ENRE) issued a penalty for transmission line down-time that was operated
by Yacylec SA for Th$5,601 Argentine pesos (approximately ThCh$397) and reactor down-time operated by Yacylec SA
for Th$9,871 Argentine pesos (approximately ThCh$700), which were not transferred by Transener SA for collection.
9.- Ampla Energía S.A.
-
For the period ended December 31, 2012, the company received one fine for Th$2,863 Brazilian reals (approximately
ThCh$653,989) from the National Electrical Energy Agency (Agencia Nacional de Energía Eléctrica - ANEEL) for power
consumption metering. In 2011, it received three fines totaling Th$7,079 Brazilian reals (approximately ThCh$1,617,041)
for violation of telemarketing and energy sale tariff indicators. For the period ended December 31, 2012, Ampla was
also fined Th$7,478 Brazilian reals (approximately ThCh$1,708,183) by the Federal Revenue Office (Secretaria de Receita
Federal) for failure to meet tax obligations. The company has filed the respective appeals.
- The company received seven fines in 2013 totaling $29,810,687 Brazilian reals (approximately ThCh$6,809,591) from
the National Electrical Energy Agency (Agencia Nacional de Energía Eléctrica - ANEEL) due to problems with technical
quality, erroneous evidence presented in inspections and for other reasons. The company appealed, and four fines
are still awaiting final rulings. The other fines were either revoked or paid, for a total of $143,601 Brazilian reals
(approximately ThCh$36,037). Only two fines were received in 2012 totaling $3,557,786 Brazilian reals (approximately
ThCh$812,697), of which $2,112,600 Brazilian reals (approximately ThCh$530,159) have been paid.
-
In 2013, the company received 19 fines totaling $120,204 Brazilian reals* (approximately ThCh$27,457) from the
environmental agencies (IBAMA, Instituto Brasileiro do Meio Ambiente e dos Recursos Naturais Renováveis, ICMBio
- Instituto Chico Mendes de Conservação da Biodiversidade, INEA – Instituto Estadual de Ambiente and others) for
unauthorized removal of vegetation, the death of animals through contact with the energy network, and construction
in prohibited areas or without permission. The company filed appeals against almost all of the fines assessed, but no
ruling has yet been given. Ampla has paid $66,310 Brazilian reals in fines (approximately ThCh$16,641). The company
had received 14 fines in 2012 for a total of $76,426 Brazilian reals (approximately ThCh$17,457).
(*) Clarification: The amount of some of the fines has not yet been determined; the amounts will be set after Ampla submits certain
data.
376
2014 ANNUAL REPORT ENERSIS
CONSOLIDATED FINANCIAL STATEMENTS
-
In 2013, the company received four fines totaling $24,234 Brazilian reals (approximately ThCh$5,535) from the Consumer
Defense and Protection Agency (PROCON/RJ) due to problems in reimbursing improper charges and other irregularities.
The company has filed appeals against all of the fines, and rulings are pending. Ampla had received three fines in 2012 for
a total of $20,840 Brazilian reals (approximately ThCh$4,760); rulings on the appeals filed by the company against these
sanctions are also pending.
- The company received one fine in 2013 from the employee defense agencies (SRTE) due to problems with formalities. The
company filed an appeal, and the ruling is pending. The labor agencies have not specified the amount of the fine, which
it does only after analyzing the appeal. Ampla had received five fines in 2012, for which rulings are also pending after
appeals filed by the company.
-
In 2014, the company received two fines from the National Electrical Energy Agency (ANEEL) for technical quality,
totaling €6,759,518 (approximately ThCh$4,983,770). The company has appealed, and one was rejected, while the
other is still pending resolution. Ampla has paid €1,202,986 (approximately ThCh$886,957). In 2013, Ampla was fined
7 times for service quality totaling €9,368,747 (approximately ThCh$6,907,545), and has paid €843,869 (approximately
ThCh$622,181). There are two appeals pending, which were filed by Ampla against the 2013 fines.
- The company received 15 fines in 2014 totaling €80,263* (approximately ThCh$59,177) from the environmental agencies
(ICMBio, Instituto Chico Mendes de Conservação da Biodiversidade and the INEA, Instituto Estadual de Medioambiente
y órgano municipal del medioambiente) for unauthorized suppression of vegetation, the death of animals that have
come in contact with the power network, waste dumping and power network construction in prohibited or unauthorized
areas. The company has appealed almost all of the fines assessed, but no rulings have been handed down as yet. Ampla
has paid €460 in fines. The company received 19 fines in 2013 totaling €35,940* (approximately ThCh$26,498) from
the environmental agencies for the same violations as in 2014. The company filed appeals against almost all of the
fines received, but no rulings have been handed down as yet. Ampla paid three fines totaling €19,826 (approximately
ThCh$14,617) in 2013.
(*) Clarification: The amount of some of the fines has not yet been determined; the amounts will be set after Ampla submits certain data.
- Ampla has received 14 fines in 2014 totaling €665,565 (approximately ThCh$490,718) from the Brazilian Consumer
Defense and Protection Agency (Autarquía de Defensa a Protección del Consumidor, PROCON/RJ) for problems with the
quality of its power supply. It has appealed against the fines, Only one appeal has been resolved, and Ampla has paid
€1,958 (approximately ThCh$1,443). It received four fines totaling €7,616 (approximately ThCh$5,615) in 2013, for which
appeals filed by Ampla also remain pending.
-
In 2014, the company received four fines from the employee defense agencies (SRTE) against which it has filed
administrative appeals. An appeal was rejected and Ampla has paid the amount of €61.74 (approximately ThCh$46); the
others have not yet received rulings. In 2013, Ampla received one fine for €641 which has already been paid.
10.- Coelce
-
-
For the period ended December 31, 2012, the company received two fines totaling Th$689 Brazilian reals (approximately
ThCh$157,387) from the National Electrical Energy Agency (ANEEL) for failure to comply with technical regulations.
In 2013, the company received 32 fines totaling $34,877,282 Brazilian reals (approximately ThCh$7,966,942) from the
National Electrical Energy Agency (ANEEL) or its local representative (ARCE) for accidents with third parties (there were
seven), problems with technical quality, erroneous evidence submitted in inspections, irregularities with the Coelce Plus
project, and other reasons. The company has filed appeals, and final decisions are pending on 26 sanctions. The other fines
were either revoked or paid, for a total of $395,125 Brazilian reals (approximately ThCh$90,257). Coelce had received 24
fines totaling Th$53,810,352 Brazilian reals in 2012 (approximately ThCh$12,291,781), of which $707,423 Brazilian reals
(approximately ThCh$177,529) have been paid; the final decision on 16 of the fines is pending.
- The company was not fined by the environmental agencies in 2014 and 2013 (IBAMA, Instituto Brasileiro do Meio
Ambiente e dos Recursos Naturals Renováveis, and ICMBio, Instituto Chico Mendes de Conservação da Biodiversidade).
- Coelce received four fines in 2013 totaling $21,837 Brazilian reals (approximately ThCh$4,988) from the Consumer
Defense and Protection Agency (PROCON/CE) for alleged violations of consumer rights. The company filed appeals
against the fines, and one has yet to be resolved. The other appeals were rejected, and Coelce paid $15,901 Brazilian reals
(approximately ThCh$3,990) in fines. Two fines for a total of $12,953 Brazilian reals (approximately ThCh$3,251) were
received in 2012, which have been paid.
377
- The company received two fines in 2013 from the employee defense agencies (SRTE) due to problems with formalities. The
appeal filed by the company was unsuccessful, and the amount of $9,694 Brazilian reals (approximately ThCh$2,433) was
paid. The company was not fined by these agencies in 2012.
- The company has received eight fines in 2014 totaling €8,702,775 (approximately ThCh$6,416,527) from the National
Electrical Energy Agency (ANEEL) or its local representative (ARCE) for accidents with third parties among the population,
technical quality and errors in the asset base. Coelce has paid €16,319 for one of the fines, and has appealed against the
rest. The company received 32 fines from ANEEL or ARCE in 2013 totaling €10,938,249 (approximately ThCh$8,064,734)
for accidents with third parties among the population (there were seven), problems with technical quality, erroneous
evidence presented during inspections, irregularities with the Coelce Plus Project and other reasons. The company filed
appeals, of which 17 are still pending the final ruling. The other fines were either revoked or paid, for a total of €1,418,561
(approximately ThCh$1,045,900).
-
In 2014 the company received four fines in 2014 from the Brazilian Consumer Defense and Protection Agency (PROCON/
CE), amounting to €24,743 (approximately ThCh$18,242), for alleged missed deadlines and damage to equipment. Coelce
has filed three administrative appeals and paid one fine for €933. The company received four fines in 2013 from PROCON/
CE totaling €7,220 (approximately ThCh$5,323) for allegedly violating consumers’ rights. The company filed appeals
against the fines without success and Coelce has paid the fines.
- The company received six violation notifications from the employee defense agencies (SRTE) in 2014, for accidents
suffered by workers. It received two fines in 2013 from the SRTE for failure to comply with formalities. Coelce paid €3,206
(approximately ThCh$2,363) for the 2013 fines.
11.-Cien
- The company received one fine in 2013 for $32,136 Brazilian reals (approximately ThCh$7,340) from the National Electrical
Energy Agency (ANEEL) for a formality (a failure to submit documentation). The company appealed, and the decision is
pending. The company was not fined by this agency in 2012.
- The company has not been fined for other matters in 2012 and 2013 (environmental, consumer or labor).
- Cien has not been fined by the National Electrical Energy Agency (ANEEL) or by any other supervisory agency in 2014.
In 2013, the company received one fine from the National Electrical Energy Agency (ANEEL) for €10,100 (approximately
ThCh$7,446) for a formality (a failure to present documentation). Cien filed an appeal, which was accepted, and the fine
was cancelled by the judicial body.
-
In 2014, the company received two fines from the employee defense agencies (SRTE) and the company has filed appeals
against them. Cien has paid a fine of €61.74 (approximately Ch$45,521) and the appeal against the other fine has not yet
been tried. In 2013, the company was not fined.
- The company has not been fined for other matters in 2013 and 2014 (environmental or labor).
12.- Edelnor S.A.A.
-
In 2012, Edelnor S.A.A. was fined by the Peruvian Tax Administration (SUNAT) for 2007 and 2008 income tax assessments.
The restated value of the fines at December 31, 2014 was S/19,748,961 (approximately ThCh$4,008,927). The appeals
filed are pending resolution by the Tax Court.
- During the 2012 fiscal year, OSINERGMIN (Supervisory Agency for Investments in Energy and Mining) imposed 19 fines on
Edelnor S.A.A. for S/463,646.77 (approximately ThCh$94,117) for failure to comply with technical and commercial quality
standards. In 2011, it imposed 47 fines for a total of S/717,000 (approximately ThCh$145,546).
-
In February 2013, Edelnor S.A.A. paid a fine of S/1,861.63 (approximately ThCh$340) to SUNAT for failure to pay IGV
(Peru’s value added tax) on time.
- During the 2013 fiscal year, OSINERGMIN imposed 23 fines totaling S/2,544,177.91 (approximately ThCh$516,453) on
Edelnor S.A.A. for alleged failure to comply with technical and commercial standards.
-
In October 2013, Edelnor SAA was fined by the SUNAT for 2009 income tax assessments. On appeal, a partially favorable
result was obtained, so the updated value of the fine became S/4,150,479 (approximately ThCh$859,976), which was paid by
Edelnor SAA on September 8, 2014, after applying a rebate. Nonetheless, Edelnor SAA filed an appeal, which is pending.
378
2014 ANNUAL REPORT ENERSIS
CONSOLIDATED FINANCIAL STATEMENTS
- During 2014, OSINERGMIN imposed 22 fines on Edelnor S.A.A. totaling S/2,015,383 (approximately ThCh$409,111) for
failure to comply with technical and commercial regulations.
- Edelnor S.A.A. was fined in June 2014 by the Municipality of Huaral for an alleged omission in the calculation of property
tax (impusto predial) for the years 2010 to 2014. The amount of the fine, restated at December 31, 2014, was S/48,831
(approximately ThCh$9,912). Edelnor S.A.A. has appealed against the fine, and a resolution is pending.
13.- Edegel S.A.A.
-
-
-
-
-
-
-
-
In April 2011, Edegel S.A.A. was fined by SUNAT (the Peruvian Tax Administration) for issues with the calculation
of its 2006 income tax. The amount of the fines, restated at December 31, 2014, was S/10,162,561 (approximately
ThCh$2,062,942). The company has filed an appeal, which is pending resolution by the Tax Court.
In February 2012, the SUNAT ordered Edegel S.A.A. to pay S/.38,433,190.24 (ThCh$7,597,565) for omitted taxes plus
interest and penalties in connection with an audit of its 1999 income tax that began in January of 2006. Edegel S.A.A. paid
the penalty imposed by the SUNAT and filed an administrative claim disputing the assessment; a decision on the claim is
pending.
In August 2012, Edegel S.A.A. received a fine for a total of S/.18,250 (5 Tax Units, UIT, or approximately ThCh$3,704) from
the Agency for the Supervision of Investment in Energy and Mining (OSINERGMIN) for the following violations: (i) CCIT
violations: incorrectly calculating indicators and the compensation amount for voltage quality in the first half of 2011; (ii)
not having met the deadline for submitting information on product quality for the same period; and (iii) having submitted
empty RDI and RIN extension files.
In April 2013, Edegel S.A.A. received the following fines by the OSINERGMIN: (i) S/.7,604.57 (approximately ThCh$1,391)
for failure to perform maintenance in a timely fashion on its thermal generation units for the last quarter of 2008; (ii)
S/.200,941.48 (approximately ThCh$40,789) for failure to perform maintenance in a timely fashion on its hydraulic
generation units for the last quarter of 2008; (iii) S/40,700 (approximately ThCh$8,261) (11 Tax Units, UIT) for failure to
submit technical justification in a timely fashion for the second quarter of 2008; and (iv) S/.106,073.17 (approximately
ThCh$19,404) for failure to have its generation unit available after having been notified that it was required by the SEIN
for the fourth quarter of 2008.
Edegel SAA has not challenged the fines (i) and (iv), and on May 2, 2013, paid them to obtain prompt payment benefits.
However, by appeal, Edegel SAA has challenged the fines (ii) and (iii). The Court of Appeals for Energy and Mining
Sanctions for OSINERGMIN, through Resolution No. 107-2014-OS/TASTEM-S1 notified Edegel SAA on April 15, 2014, that
the General Management Resolution imposing the fine was invalid, because the appropriate body was Electrical Oversight
Division at OSINERGMIN.
Therefore, on September 1, 2014, Edegel SAA was notified by Resolution No. 1380-2014 of the Electrical Oversight
Division at OSINERGMIN, of the same fines contained in the General Management Resolution. In response, Edegel SAA has
resubmitted the appeal, noting that sanctions (i) and (iv) were already paid.
In May 2013, Edegel S.A.A. was fined by the SUNAT for issues with its 2007 tax assessment. The amount of the fine,
restated at December 31, 2014, was S/.9,384,971 (approximately ThCh$1,905,095). An appeal filed with the Tax Court is
pending.
In June 2013, Edegel S.A.A. was notified by Electroperú S.A. of a penalty applied under contract no. 132991, “Additional
Generation Capacity Service through Conversion of Equipment to the Dual Generation System.” The penalty, amounting
to S/.481,104.53 (approximately ThCh$97,661), was applied for breach of the conditions for executing the service offered
under that contract.
In July 2013, Edegel S.A.A. was fined S/.453.86 (approximately ThCh$90) by the OSINERGMIN) for failure to perform
maintenance on its hydraulic generation units in a timely fashion as required under number 6, “Procedure for Overseeing
Availability and the Operating Conditions of SEIN Generating Units.” As the company paid the fine prior to the 15-day
deadline, the fine was reduced to S/340.4 (approximately ThCh$67).
In July 2013, Edegel S.A.A. was fined S/4,070 (approximately ThCh$805) by the OSINERGMIN for failure to submit
the pertinent technical justification in a timely fashion as required under number 6 of the “Procedures for Overseeing
Availability and the Operating Conditions of SEIN Generating Units.” As the company paid the fine prior to the 15-day
deadline, the fine was reduced to S/3,052.50 (approximately ThCh$603).
379
-
-
-
-
-
-
In November 2013, Edegel S.A.A. was fined S/37,000 (approximately ThCh$7,510 or 10 Tax Units – UIT) by the Callahuanca
District Municipality (MDC) in Municipal Resolution 060-2013. The MDC imposed the fine for failure to submit the
technical inspection report on multidisciplinary civil defense safety as required under Law 29664 and its regulations.
In November 2013, Edegel S.A.A. was fined by the SUNAT for issues with its 2008 tax assessment. The amount of the fine,
restated at December 31, 2014, was S/1,695,331 (approximately ThCh$344,142). The appeal filed is pending resolution by
the SUNAT.
In December 2013, Scotiabank Perú S.A.A., with whom Edegel S.A.A. has signed a lease agreement for the Santa Rosa
Project, was fined by the SUNAT for duties allegedly unpaid in an import operation. The amount of the fine, restated at
December 31, 2014, was S/13,515.23 (approximately ThCh$2,743). Scotiabank Perú S.A.A. filed the respective appeal in
January 2014.
In May 2014, Electrical Oversight Division Resolution No. 743-2014 issued by the OSINERGMIN on May 27, 2014, notified
Edegel S.A. of a fine of 0.50 tax units (UIT) for having violated the CCIT indicator, regarding compliance with the correct
calculation of indicators and compensation amounts for voltage quality, in the second half of 2012. The fine was imposed
in accordance with number 5.1.2, section B) of the Procedures for Supervising the Technical Standards for Electricity Service
Quality and their Methodology Base.
In June 2014, Edegel SAA corrected an omission in its 2009 Income Tax following an assessment and paid the associated
fine of S/.2,070 (approximately ThCh$409).
In September 2014, Edegel SAA was fined by the SUNAT for issues with its 2009 tax assessment for an amount updated at
September 30, 2014 of S/.315,230 (approximately ThCh$65,315). The fine has been accepted and paid by Edegel.
14.- Empresa Eléctrica de Piura S.A.
-
-
-
-
-
-
-
In October 2011, Empresa Eléctrica de Piura S.A. was fined by the SUNAT for issues with its 2008 income tax assesssment.
The amount of the fine, restated at December 31, 2014, was S/32,786 (approximately ThCh$6,655). The appeal filed is
pending resolution by the Tax Court.
In September 2012, Empresa Eléctrica de Piura S.A. was fined by the SUNAT for issues with its 2008 income tax assessment
for parities not domiciled in Peru. The amount of the fine, restated at December 31, 2014, was S/264,732 (approximately
ThCh$53,739). The appeal filed is pending resolution by the Tax Court.
In November 2012, Empresa Eléctrica de Piura S.A. was fined S/13,140 (approximately ThCh$2,598) (3.60 Tax Units – UIT)
by the Supervisory Agency for Investments in Energy and Mines (OSINERGMIN) for the following infractions: (i) failure to
comply with the requirements of Article 49 of the Regulations for Sales of Liquid Fuels and other Hydrocarbon Products
(approved in Supreme Decree 045-2011-EM) and Article 59 of the Regulations for Safe Hydrocarbon Storage (approved in
Supreme Decree 052-93-EM), and (ii) presenting false information in Sworn Statement 967-19681-20111018-102524-74
regarding questions 2.1 and 2.10 of the questionnaire applicable to direct consumers of liquid fuels. The fine was paid.
In February 2013, Empresa Eléctrica de Piura S.A. was fined S/7,005 (approximately ThCh$1,385) relating to regulatory
payments for the years 2004 and 2005. The fine was paid.
In August 2013, Empresa Eléctrica de Piura S.A. was fined S/15,873 (approximately ThCh$2,877 or 5.72 Tax Units –
UIT) by the OSINERGMIN for the following violations of the Procedure for Overseeing Technical Quality Standards for
Electrical Services and its Base Methodology (“NTCSE”): (i) having violated the CMRT indicator regarding compliance with
measurements required under the NTCSE based on voltage measurements reported for the second half of 2011; and
(ii) having violated the CCII indicator regarding correctly calculating indicators and compensation amounts from service
interruptions in the second half of 2011. The fine was paid in September 2013.
In August 2013, Empresa Eléctrica de Piura S.A. was notified by the Ministry of Energy and Mines of a penalty of S/691,500
(approximately ThCh$140,370) imposed under the “Talara Plant Cold Reserve Contract (CT Malacas3)” due to delays in the
commercial startup of the Talara Cold Reserve Generation Plant.
In September 2013, Empresa Eléctrica de Piura S.A. learned of Resolution No. 1 issued by Coactive Executor OSINERGMIN
applying a penalty of 42.17 UIT, equivalent to S/156,029 (approximately ThCh$31,673) for failure to hold average stocks
of LPG during the months of January, February, March, April, May, and June 2004. On October 21, the Coactive Executor
suspended the Coactive Execution proceedings for collection on the fine.
380
2014 ANNUAL REPORT ENERSIS
CONSOLIDATED FINANCIAL STATEMENTS
- On September 24, 2013, Empresa Eléctrica de Piura S.A. was fined S/3,700 (approximately ThCh$731 or 1 Tax Unit – UIT)
by the OSINERGMIN because EDAGSF was not declared in the Extranet System in F08 format, violating the Procedure for
Overseeing Implementation and Operation of the Systems for Automatic Rejection of Generation Loads. As the fine was
paid within fifteen (15) days of notification, it was reduced by 25% to S/2,775 (approximately ThCh$549).
- Banco de Credito del Peru SA signed a lease with Empresa Electrica de Piura SA which referred to the Expansion Project at
Thermal Electric Plant Malacas - TG5. The Bank was fined in November 2014 by the SUNAT for allegedly unpaid taxes on
imports for an amount updated on December 31, 2014 of S/.13,849,761 (approximately ThCh$2,811). Banco de Credito
del Peru SA filed the respective appeal in December 2014.
15.- Chinango S.A.C.
-
-
-
-
-
-
-
-
-
In October 2010, Chinango was fined by the District Municipality of San Ramón regarding the Alcabala tax imposed on
the transfer of certain assets in the Simple Reorganization that took place between Edegel S.A.A. and Chinango S.A.C.
and which went into effect on May 31, 2009. The amount of the fine, restated at December 31, 2014, was S/1,786,533
(approximately ThCh$362,656). The appeal filed is pending resolution.
In May 2012, Chinango S.A.C. received a fine totaling S/40,150 (approximately ThCh$7,937 or 11 Taxation Units, UIT) from
the Supervisory Agency for Investments in Energy and Mining (OSINERGMIN) for the following violations: (i) failure to
meet the deadline for submitting information on product quality in NTCSE source files; and (ii) having submitted RIN and
CI1 files with errors (incorrect information) in accordance with the Electricity Concessions Law. The fine was paid.
In August 2012, Chinango S.A.C. received a fine totaling S/18,250 (approximately ThCh$3,608 or five Taxation Units, UIT)
from the Supervisory Agency for Investments in Energy and Mining (OSINERGMIN) for the following violations: (i) CCIT
indicator violations; (ii) failure to submit information in a timely fashion; and (iii) having submitted two empty RIN and RD
files. The fine was paid.
In August 2012, Chinango S.A.C. received a fine totaling S/29,200 (approximately ThCh$5,772 or eight Taxation Units,
UIT) from the Appeals and Sanctions Court of the Agency for the Supervision of Investment in Energy and Mining
(OSINERGMIN) when it ruled as groundless the appeal filed by Chinango S.A.C. against Executive Management Resolution
No. 014801 penalizing the failure to comply with the “Procedure for Overseeing the Technical Quality Standard for
Electricity Services and its Base Methodology” (NTCSE) in the first half of 2010 and confirmed the Resolution in all of its
details. The fine was paid.
In January 2013, Chinango S.A.C. received a fine totaling S/367,915 (approximately ThCh$76,232) from the SUNAT for
issues with the determination of its 2010 income tax. The company challenged the measure despite paying a reduced fine
in February 2013. The appeal filed is pending resolution by the Tax Court.
In June 2013, Chinango S.A.C. was notified through Coactive Execution Resolution 0398-2012 of a fine of S/3,800
(approximately ThCh$771) imposed by the Supervisory Agency for Investments in Energy and Mines (OSINERGMIN) for
the following infractions: (i) failure to comply with the CCII indicator in the first half of 2010 as required under paragraph
A of number 5.2.2 of the “Procedure for Overseeing the Technical Quality Standard for Electrical Services and its Base
Methodology”; (ii) failure to comply with the CPCI indicator in the first half of 2010 as required under paragraph C)
of number 5.2.2 of the “Procedure for Overseeing the Technical Quality Standard for Electrical Services and its Base
Methodology”; and (iii) submitting empty service interruption reports (RIN and RDI files) for the first half of 2010 despite
the interruptions affecting its customers, as required under Article 31 of the Electricity Concession Law.
In September 2013, Chinango S.A.C. was notified through Electrical Oversight Division Resolution No. 19693 issued by the
Supervisory Agency for Investments in Energy and Mining (OSINERGMIN) of a fine of S/1,850 (approximately ThCh$366 or
0.50 Tax Units – UIT) for: (i) failure to submit voltage quality information in a timely fashion in the first half of 2012. As the
fine was paid within fifteen (15) days of notification, it was reduced by 25%.
In March 2014, Chinango S.A.C. was notified through Coactive Execution Resolution No. 0350-2014 that it must pay a
balance of S/12,100 (approximately $2,456) on a fine imposed by the OSINERGMIN. The total amount of the fine, imposed
through sanction No. 014799-2012-OS/CG, was 11 tax units (UIT) or S/48,800 (approximately ThCh$9,906).
In January 2014, Chinango S.A.C. was fined by the SUNAT for issues with its 2011 income tax assessment in the amount of
S/.613,390 (approximately ThCh$122,542), that was paid in February 2014 using a rebate system and without prejudice to
the respective appeal. The filed appeal was resolved against Chinango SAC by the SUNAT resolution notified in December
2014, against which Chinango SAC lodged the respective appeal.
381
16.- Emgesa
-
In a Resolution dated August 10, 2012, the Colombian Institute of Anthropology and History—ICANH—imposed a fine of
200 minimum monthly legal salaries of CP 113,340,000 Colombian Pesos (approximately ThCh$28,744) on the company
for not complying with standards and established procedures in cases of archaeological findings. This occurred between
April 3 and April 6, 2011 in the area of the El Quimbo Hydroelectric Project. Emgesa filed an appeal against the resolution,
but ICANH confirmed the fine in Resolution 149 of October 22, 2012.
17.- Codensa
- The Superintendency of Public Household Services imposed the following fines on Codensa: 1) In Resolution
20112400025515 of September 5, 2011, it fined the company CP41,200,000 Colombian pesos (approximately
ThCh$10,449) for erroneously cutting off electricity for failure to make installment payments for use of financial
services, interest payment Codensa Hogar; 2) in Resolution 20112400029265 of October 18, 2011, it fined the company
CP26,780,000 Colombian pesos (approximately ThCh$6,971) for erroneously cutting off the client’s electricity after the
financial service had been paid in the financial company’s offices.
-
-
In 2012, the Superintendency of Public Household Services imposed the following fines on Codensa: 1) In Resolution
20122400001045 of January 30, 2012, a fine for CP21,424,000 Colombian pesos (approximately ThCh$5,433) for violating
the tariff system by erroneously calculating the unit cost for the periods November-December 2009 and January-February
2010 due to an error in the information on ownership of the asset; 2) in Resolution 20122400022555 of July 17, 2012, the
Superintendency imposed a fine of CP45,336,000 Colombian pesos (approximately ThCh$11,497) on Codensa for failure to
comply with number 6.2.3 of the Appendix to CREG General Resolution 070, amended by CREG Resolution 096 of 2000.
In April 2012, Codensa paid a penalty of CP32,207,414 Colombian pesos (approximately ThCh$8,168) applied by the
Industry and Commerce Superintendency in accordance with Resolution 1792 of January 26, 2011 for violation of the
personal data protection regulations contained in Law 1266 of 2008.
- On June 5, 2012 the SSPD imposed a fine on Codensa for CP13,558,500 Colombian pesos (approximately ThCh$3,438) by
means of Resolution No. 20142400025295 for breach of the provisions of Resolution 097 of 2008, since it had not obtained
the certificate issued by the respective auditor, to begin the incentives and compensation scheme before April 6, 2010. After
exhausting the appeals before the SSPD, further appeals will be filed before the Administrative Courts.
-
-
-
-
In 2013, as a result of a claim filed by the company Tubotec S.A.S., the Superintendency of Public Household Services
applied a penalty of CP167,743,200 Colombian pesos (approximately ThCh$42,541) on Codensa for failure to comply with
capacity quality indicators.
In November 2013, Codensa paid a fine of CP22,668,000 Colombian pesos (approximately ThCh$6,214) imposed by the
Consumer Protection Investigation Bureau of the Industry and Commerce Superintendency in accordance with Resolution
57393 of September 30, 2013. The penalty was due to an error made by the company’s invoicing service for having
erroneously collected on a loan from a claimant who reported the mistake on several occasions.
In March 2014, the Superintendency of Public Household Services (SSPD) fined Codensa CP77,814,500 Colombian pesos
(approximately ThCh$19,734) for failure to comply with operating regulations regarding TAPS maneuver time. The SSPD
confirmed the sanction in Resolution 2014240005655 of March 7, 2014, stating that Codensa S.A. E.S.P. violated the
operating regulation by exceeding the maximum time permitted. Having exhausted the appeals before the SSPD, a further
appeal has been filed before the Administrative Courts.
In March 2014, the Superintendency of Public Household Services (SSPD) fined Codensa CP127,332,000 Colombian pesos
(approximately US$32,292) for a failure in the DES service-non-compliance indicator. The fine was imposed through
Resolution 2014240005125 of March 5, 2014 after the company failed to provide continuous public electricity service when it
exceeded the maximum DES limits as established in Article 136 of Law 142 of 1994 and number 6.3.4 of CREG Resolution 070
of 1998. Having exhausted the appeals before the SSPD, a further appeal has been filed before the Administrative Courts.
18.- Sociedad Portuaria Central Cartagena (SPCC)
- The Port and Transportation Superintendency, through Resolution 1312 of January 30, 2014, fined SPCC CP2,142,400
Colombian pesos (approximately ThCh$583) for reporting accounting and financial information for the 2010 year at the
improper time. Resolutions 6051 of 2007 and 759 of 2010 required that this information be provided in February of 2011.
The fine was paid on February 14, 2014.
382
2014 ANNUAL REPORT ENERSIS
CONSOLIDATED FINANCIAL STATEMENTS
b) Joint Ventures
1.-Transquillota
- During the 2012 fiscal year, the company Transquillota, in which Endesa Chile and Colbún each hold a 50% stake, was
audited by the Chilean tax service (SII) under an expense verification program, as the SII considers that certain entries such
as depreciation of fixed assets were not properly handled. An administrative reconsideration for the Supervisory Review
(RAF) was submitted explaining the differences. The SII accepted the company’s explanations and reduced the interest
and fines payable to ThCh$19,208, which the company paid on March 27, 2013. Endesa paid only 50% of the amount, or
Thch$9,604. Closed and paid.
The Company and its Board of Directors have not received other fines from the SVS nor from other administrative
authorities.
Nota 39
Environment
Environmental expenses as of December 31, 2014, 2013 and 2012 are as follows:
Company Incurring the
Cost
Endesa Chile S.A.
Chinango
Edegel S.A.
Chilectra
Chilectra
Total
Project
Studies, monitoring, laboratory analysis, removal and final
disposal of solid waste at hydroelectric power stations (HPS) and
thermoelectric power stations.
Air and climate protection, waste water management, soil and
water recovery, noise and vibration reduction, biodiversity and
landscape protection.
Environmental monitoring, waste management, mitigation,
research and development, protection from radiation, vibration
reduction, and restoration.
Santa Elena Substation noise modeling, environmental consulting
on the new Lo Aguirre-Cerro Navia line project, Santa Elena
Substation noise mitigation project, ISO 14001 environmental
compliance at substations, SpaceCab and preliminary assembly.
Hazardous waste management, pruning of trees and vegetation
near high voltage, garden maintenance and weed removal at
substations.
31-12-2014
ThCh$
31-12-2013
ThCh$
31-12-2012
ThCh$
1,894,105
1,996,818
2,298,344
-
-
451,030
975,993
417,966
915,325
1,807,356
1,537,004
1,324,061
793,447
-
-
5,470,901
3,951,788
4,988,760
383
Note 40
Financial Information on Subsidiaries, Summarized
As of December 31, 2014 and 2013, summarized financial information of our principal subsidiaries prepared under IFRS and instructions
from the SVS is as follows:
Grupo Chilectra S.A.
Grupo Inmobiliaria Manso de Velasco Ltda.
ICT Servicios Informáticos Ltda.
Inversiones Distrilima S.A.
Empresa de Distribución Eléctrica de Lima Norte S.A.A.
Empresa Nacional de Electricidad S.A.
Empresa Eléctrica Pehuenche S.A.
Compañía Eléctrica Tarapacá S.A.
Soc. Concesionaria Túnel El Melón S.A.
Endesa Argentina S.A.
Endesa Costanera S.A.
Hidroeléctrica El Chocón S.A.
Emgesa S.A. E.S.P.
Generandes Peru S.A.
Edegel S.A.A.
Chinango S.A.C.
Enel Brasil S.A.
Central Generadora Termoeléctrica Fortaleza S.A.
Centrais Elétricas Cachoeira Dourada S.A.
Compañía de Interconexión Energética S.A.
Compañía de Transmisión del Mercosur S.A.
Compañía Energética Do Ceará S.A.
EN-Brazil Comercio e Servicios S.A.
Ampla Energía E Servicios S.A.
Compañía Distribuidora y Comercializadora de Energía S.A.
Inversora Codensa S.A.
Empresa Distribuidora Sur S.A.
Generalima, S.A.C.
Endesa Cemsa, S.A.
Inversora Dock Sud, S.A.
Eléctrica Cabo Blanco, S.A.C.
Inversiones Sudamerica Ltda.
Grupo Distrilima
Grupo Endesa Chile
Grupo Enel Brasil S.A.
Grupo Generandes Perú
Grupo Endesa Argentina
Grupo Inversiones GasAtacama Holding Ltda.
Type of Financial
Statements
consolidado
consolidado
separado
separado
separado
separado
separado
separado
separado
separado
separado
separado
separado
separado
separado
separado
separado
separado
separado
separado
separado
separado
separado
separado
separado
separado
separado
separado
separado
separado
Consolidado
Consolidado
Consolidado
Consolidado
Consolidado
Consolidado
Consolidado
Consolidado
Current Assets
ThCh$
300,765,618
47,631,734
2,214,084
15,272,519
127,665,327
560,876,230
75,414,557
77,067,775
19,183,735
1,924,047
31,868,372
22,930,536
329,672,209
3,473,185
110,164,628
8,439,096
198,803,856
87,327,393
47,664,376
44,361,955
15,584,323
268,129,640
6,136,466
320,891,004
254,295,501
853
409,109,176
5,388,518
28,225,495
27,292,922
43,338,830
-
142,931,833
1,038,057,560
854,733,662
121,446,538
56,074,841
197,276,197
Non-current
Assets
ThCh$
1,240,468,967
12,103,210
555,543
48,854,638
587,886,652
3,507,579,867
209,069,274
450,573,978
7,107,942
42,081,267
154,649,134
137,891,546
1,782,307,979
219,325,991
720,449,664
111,912,668
728,752,115
134,284,880
100,003,024
230,817,235
2,421,427
669,313,258
1,893,078
1,104,657,098
922,713,629
73
405,106,897
47,434,909
873,712
72,509,101
80,059,964
-
587,886,652
6,199,614,341
2,303,014,999
816,077,565
297,050,238
216,893,717
Total
Assets
ThCh$
1,541,234,585
59,734,944
2,769,627
64,127,157
715,551,979
4,068,456,097
284,483,831
527,641,753
26,291,677
44,005,314
186,517,506
160,822,082
2,111,980,188
222,799,176
830,614,292
120,351,764
927,555,971
221,612,273
147,667,400
275,179,190
18,005,750
937,442,898
8,029,544
1,425,548,102
1,177,009,130
926
814,216,073
52,823,427
29,099,207
99,802,023
123,398,794
-
730,818,485
7,237,671,901
3,157,748,661
937,524,103
353,125,079
414,169,914
384
2014 ANNUAL REPORT ENERSIS
CONSOLIDATED FINANCIAL STATEMENTS
12-31-2014
23,976,982
(1,530,017)
20,905,847
73,172,024
68,475,835
5,818,563
(4,959,157)
49,521,852
2,273,610
Current
Liabilities
ThCh$
Non-current
Liabilities
ThCh$
Total
Liabilities
ThCh$
Revenues
ThCh$
Costs
ThCh$
Profit (Loss)
ThCh$
Comprehensive
Comprehensive
Other
Income
ThCh$
Total
Income
ThCh$
(244,981,389)
(72,612,724)
(317,594,113)
1,127,892,544
(977,169,387)
150,723,157
1,094,439
151,817,596
(3,605,662)
(3,005,476)
(76,273)
(526,608)
(1,069,158)
(4,132,270)
(4,074,634)
(76,273)
33,674,239
4,978,226
(9,659,464)
(6,345,692)
17,946,755
(164,991,090)
(271,208,226)
(436,199,316)
478,731,801
(418,998,162)
24,014,775
(1,367,466)
17,946,755
59,733,639
(37,793)
(162,551)
2,959,092
13,438,385
(773,846,300)
(917,950,372)
(1,691,796,672)
1,180,478,031
(1,010,741,126)
169,736,906
(101,261,071)
(59,142,217)
(53,952,810)
(113,095,027)
227,886,302
(84,724,022)
143,162,280
(51,043)
143,111,237
(110,849,007)
(30,918,614)
(141,767,621)
318,959,142
(229,058,776)
89,900,366
(604)
89,899,762
(3,709,123)
(1,789,704)
(5,498,827)
10,484,435
(4,653,716)
5,830,719
(12,156)
(749,815)
(749,815)
340,599
340,599
(5,299,756)
(108,956,607)
(56,967,994)
(165,924,601)
75,204,382
(29,671,728)
(31,540,350)
(46,058,232)
(77,598,582)
30,178,802
(19,141,980)
45,532,654
11,036,822
3,989,198
(8,763,212)
(500,414,812)
(883,041,284)
(1,383,456,096)
753,455,621
(464,634,223)
288,821,398
(73,145,883)
215,675,515
(3,148,425)
(3,148,425)
46,503,610
46,503,610
12,303,680
58,807,290
(85,724,692)
(235,667,176)
(321,391,868)
319,399,578
(213,260,179)
106,139,399
23,688,400
129,827,799
(7,433,439)
(39,382,245)
(46,815,684)
34,656,130
(19,644,709)
15,011,421
3,041,428
18,052,849
(6,224,235)
(18,531,060)
(24,755,295)
164,166,176
164,166,176
17,806,175
181,972,351
(63,772,100)
(37,718,853)
(746,476)
(64,518,576)
210,793,165
(186,902,422)
(1,171,987)
(38,890,840)
158,965,069
(87,776,446)
(107,201,716)
(6,473,261)
(113,674,977)
67,700,328
(33,577,954)
23,890,743
71,188,623
34,122,374
(10,519,818)
(18,458,001)
(28,977,819)
1,622,003
(11,787,718)
(10,165,715)
(167,577,487)
(341,179,908)
(508,757,395)
876,944,301
(819,693,926)
57,250,375
(5,162,409)
(2,266,733)
(7,429,142)
5,537,295
(5,521,622)
15,673
3,336,545
(212,540)
2,426,463
238,183
6,084,384
56,856
27,227,288
70,976,083
36,548,837
(9,927,532)
63,334,759
72,529
(215,091,583)
(589,157,242)
(804,248,825)
1,092,281,884
(1,041,744,028)
50,537,856
6,281,883
56,819,739
(337,839,513)
(358,873,770)
(696,713,283)
982,817,219
(829,659,866)
153,157,353
(49,593,528)
103,563,825
(86)
(86)
(57)
(57)
(54)
(111)
(739,412,769)
(137,796,785)
(877,209,554)
371,411,786
(457,222,239)
(85,810,453)
(5,608,787)
(91,419,240)
(18,110,685)
(24,701,137)
(7,052,044)
(25,162,729)
(24,701,137)
1,280,939
(1,157,449)
(1,622,171)
(1,157,449)
(341,232)
(19,318,481)
(15,583,458)
(34,901,939)
61,606,091
(85,732,579)
(24,126,488)
(13,222,522)
(47,895,051)
(61,117,573)
50,857,810
(41,771,609)
9,086,201
-
-
-
-
2,137,860
(594,259)
6,343,207
4,030,841
-
980,411
(935,491)
(17,783,281)
13,117,042
-
(165,061,351)
(271,208,225)
(436,269,576)
478,726,757
(418,154,676)
60,572,081
14,254,102
74,826,183
(1,392,737,593)
(2,317,336,887)
(3,710,074,480)
2,489,226,087 (1,870,253,340)
618,972,747
(98,578,089)
520,394,658
(481,334,130)
(959,822,163)
(1,441,156,293)
2,269,559,959 (2,058,056,356)
211,503,603
23,085,739
234,589,342
(95,676,185)
(275,049,420)
(370,725,605)
353,847,452
(242,497,338)
111,350,114
23,990,135
135,340,249
(140,459,888)
(101,749,459)
(242,209,347)
105,281,293
(48,769,700)
56,511,593
(5,660,609)
50,850,984
(29,892,670)
(48,748,663)
(78,641,333)
179,474,707
(159,244,645)
(20,230,062)
51,288,697
(71,518,759)
-
-
-
-
-
-
-
-
-
-
-
-
-
Note 40
from the SVS is as follows:
Financial Information on Subsidiaries, Summarized
As of December 31, 2014 and 2013, summarized financial information of our principal subsidiaries prepared under IFRS and instructions
Grupo Chilectra S.A.
Grupo Inmobiliaria Manso de Velasco Ltda.
ICT Servicios Informáticos Ltda.
Inversiones Distrilima S.A.
Empresa de Distribución Eléctrica de Lima Norte S.A.A.
Empresa Nacional de Electricidad S.A.
Empresa Eléctrica Pehuenche S.A.
Compañía Eléctrica Tarapacá S.A.
Soc. Concesionaria Túnel El Melón S.A.
Endesa Argentina S.A.
Endesa Costanera S.A.
Hidroeléctrica El Chocón S.A.
Emgesa S.A. E.S.P.
Generandes Peru S.A.
Edegel S.A.A.
Chinango S.A.C.
Enel Brasil S.A.
Central Generadora Termoeléctrica Fortaleza S.A.
Centrais Elétricas Cachoeira Dourada S.A.
Compañía de Interconexión Energética S.A.
Compañía de Transmisión del Mercosur S.A.
Compañía Energética Do Ceará S.A.
EN-Brazil Comercio e Servicios S.A.
Ampla Energía E Servicios S.A.
Inversora Codensa S.A.
Empresa Distribuidora Sur S.A.
Generalima, S.A.C.
Endesa Cemsa, S.A.
Inversora Dock Sud, S.A.
Eléctrica Cabo Blanco, S.A.C.
Inversiones Sudamerica Ltda.
Grupo Distrilima
Grupo Endesa Chile
Grupo Enel Brasil S.A.
Grupo Generandes Perú
Grupo Endesa Argentina
Grupo Inversiones GasAtacama Holding Ltda.
Type of Financial
Statements
consolidado
consolidado
separado
separado
separado
separado
separado
separado
separado
separado
separado
separado
separado
separado
separado
separado
separado
separado
separado
separado
separado
separado
separado
separado
separado
separado
separado
separado
separado
Consolidado
Consolidado
Consolidado
Consolidado
Consolidado
Consolidado
Consolidado
Consolidado
Compañía Distribuidora y Comercializadora de Energía S.A.
separado
Current Assets
ThCh$
Non-current
Assets
ThCh$
Total
Assets
ThCh$
300,765,618
1,240,468,967
1,541,234,585
47,631,734
12,103,210
59,734,944
2,214,084
555,543
2,769,627
15,272,519
48,854,638
64,127,157
127,665,327
587,886,652
715,551,979
560,876,230
3,507,579,867
4,068,456,097
75,414,557
209,069,274
284,483,831
77,067,775
450,573,978
527,641,753
19,183,735
7,107,942
1,924,047
42,081,267
26,291,677
44,005,314
31,868,372
154,649,134
186,517,506
22,930,536
137,891,546
160,822,082
329,672,209
1,782,307,979
2,111,980,188
3,473,185
219,325,991
222,799,176
110,164,628
720,449,664
830,614,292
8,439,096
111,912,668
120,351,764
198,803,856
728,752,115
927,555,971
87,327,393
134,284,880
221,612,273
47,664,376
100,003,024
147,667,400
44,361,955
230,817,235
275,179,190
15,584,323
2,421,427
18,005,750
268,129,640
669,313,258
937,442,898
6,136,466
1,893,078
8,029,544
320,891,004
1,104,657,098
1,425,548,102
254,295,501
922,713,629
1,177,009,130
853
73
926
409,109,176
405,106,897
814,216,073
5,388,518
47,434,909
28,225,495
27,292,922
43,338,830
-
873,712
72,509,101
52,823,427
29,099,207
99,802,023
80,059,964
123,398,794
-
-
142,931,833
587,886,652
730,818,485
1,038,057,560
6,199,614,341
7,237,671,901
854,733,662
2,303,014,999
3,157,748,661
121,446,538
816,077,565
937,524,103
56,074,841
297,050,238
353,125,079
197,276,197
216,893,717
414,169,914
Current
Liabilities
ThCh$
(244,981,389)
(3,605,662)
(3,005,476)
(76,273)
(164,991,090)
(773,846,300)
(59,142,217)
(110,849,007)
(3,709,123)
(749,815)
(108,956,607)
(31,540,350)
(500,414,812)
(3,148,425)
(85,724,692)
(7,433,439)
(6,224,235)
(63,772,100)
(37,718,853)
(107,201,716)
(10,519,818)
(167,577,487)
(5,162,409)
(215,091,583)
(337,839,513)
(86)
(739,412,769)
(18,110,685)
(24,701,137)
(19,318,481)
(13,222,522)
-
(165,061,351)
(1,392,737,593)
(481,334,130)
(95,676,185)
(140,459,888)
(29,892,670)
12-31-2014
Non-current
Liabilities
ThCh$
(72,612,724)
(526,608)
(1,069,158)
-
(271,208,226)
(917,950,372)
(53,952,810)
(30,918,614)
(1,789,704)
-
(56,967,994)
(46,058,232)
(883,041,284)
-
(235,667,176)
(39,382,245)
(18,531,060)
(746,476)
(1,171,987)
(6,473,261)
(18,458,001)
(341,179,908)
(2,266,733)
(589,157,242)
(358,873,770)
-
(137,796,785)
(7,052,044)
-
(15,583,458)
(47,895,051)
-
(271,208,225)
(2,317,336,887)
(959,822,163)
(275,049,420)
(101,749,459)
(48,748,663)
Total
Liabilities
ThCh$
(317,594,113)
(4,132,270)
(4,074,634)
(76,273)
(436,199,316)
(1,691,796,672)
(113,095,027)
(141,767,621)
(5,498,827)
(749,815)
(165,924,601)
(77,598,582)
(1,383,456,096)
(3,148,425)
(321,391,868)
(46,815,684)
(24,755,295)
(64,518,576)
(38,890,840)
(113,674,977)
(28,977,819)
(508,757,395)
(7,429,142)
(804,248,825)
(696,713,283)
(86)
(877,209,554)
(25,162,729)
(24,701,137)
(34,901,939)
(61,117,573)
-
(436,269,576)
(3,710,074,480)
(1,441,156,293)
(370,725,605)
(242,209,347)
(78,641,333)
Revenues
ThCh$
1,127,892,544
33,674,239
4,978,226
-
478,731,801
1,180,478,031
227,886,302
318,959,142
10,484,435
-
75,204,382
30,178,802
753,455,621
-
319,399,578
34,656,130
-
210,793,165
158,965,069
67,700,328
1,622,003
876,944,301
5,537,295
1,092,281,884
982,817,219
-
371,411,786
-
1,280,939
61,606,091
50,857,810
-
478,726,757
Costs
ThCh$
(977,169,387)
(9,659,464)
(6,345,692)
17,946,755
(418,998,162)
(1,010,741,126)
(84,724,022)
(229,058,776)
(4,653,716)
340,599
(29,671,728)
(19,141,980)
(464,634,223)
46,503,610
(213,260,179)
(19,644,709)
164,166,176
(186,902,422)
(87,776,446)
(33,577,954)
(11,787,718)
(819,693,926)
(5,521,622)
(1,041,744,028)
(829,659,866)
(57)
(457,222,239)
(1,157,449)
(1,622,171)
(85,732,579)
(41,771,609)
-
(418,154,676)
2,489,226,087 (1,870,253,340)
2,269,559,959 (2,058,056,356)
(242,497,338)
(48,769,700)
(159,244,645)
353,847,452
105,281,293
179,474,707
Profit (Loss)
ThCh$
150,723,157
24,014,775
(1,367,466)
17,946,755
59,733,639
169,736,906
143,162,280
89,900,366
5,830,719
340,599
45,532,654
11,036,822
288,821,398
46,503,610
106,139,399
15,011,421
164,166,176
23,890,743
71,188,623
34,122,374
(10,165,715)
57,250,375
15,673
50,537,856
153,157,353
(57)
(85,810,453)
(1,157,449)
(341,232)
(24,126,488)
9,086,201
-
60,572,081
618,972,747
211,503,603
111,350,114
56,511,593
(20,230,062)
Other
Comprehensive
Income
ThCh$
1,094,439
(37,793)
(162,551)
2,959,092
13,438,385
(101,261,071)
(51,043)
(604)
(12,156)
(5,299,756)
3,989,198
(8,763,212)
(73,145,883)
12,303,680
23,688,400
3,041,428
17,806,175
3,336,545
(212,540)
2,426,463
238,183
6,084,384
56,856
6,281,883
(49,593,528)
(54)
(5,608,787)
2,137,860
(594,259)
6,343,207
4,030,841
-
14,254,102
(98,578,089)
23,085,739
23,990,135
(5,660,609)
51,288,697
Total
Comprehensive
Income
ThCh$
151,817,596
23,976,982
(1,530,017)
20,905,847
73,172,024
68,475,835
143,111,237
89,899,762
5,818,563
(4,959,157)
49,521,852
2,273,610
215,675,515
58,807,290
129,827,799
18,052,849
181,972,351
27,227,288
70,976,083
36,548,837
(9,927,532)
63,334,759
72,529
56,819,739
103,563,825
(111)
(91,419,240)
980,411
(935,491)
(17,783,281)
13,117,042
-
74,826,183
520,394,658
234,589,342
135,340,249
50,850,984
(71,518,759)
385
12-31-2013
Current
Liabilities
ThCh$
Non-current
Liabilities
ThCh$
Total
Liabilities
ThCh$
Revenues
ThCh$
Costs
ThCh$
Profit (Loss)
ThCh$
Comprehensive
Comprehensive
Other
Income
ThCh$
Total
Income
ThCh$
(228,651,498)
(43,735,685)
(272,387,183)
975,023,630
(748,871,802)
226,151,828
(25,343,002)
200,808,826
(3,943,277)
(3,866,062)
(365,284)
(460,705)
(598,655)
(4,403,982)
(4,464,717)
(365,284)
17,831,676
5,445,388
9,804,331
(8,884,221)
(6,687,243)
(135,168,908)
(213,494,034)
(348,662,942)
414,816,662
(364,303,365)
(658,181,692)
(697,429,550)
(1,355,611,242)
1,047,707,545
(785,327,837)
(35,867,416)
(41,936,800)
(77,804,216)
(173,508,052)
(25,716,898)
(199,224,950)
(3,182,462)
(811,271)
(4,599,826)
(7,782,288)
(811,271)
(162,244,700)
(9,452,339)
(171,697,039)
(21,069,801)
(45,717,551)
(66,787,352)
48,938,968
192,839,780
211,140,517
74,083,557
10,301,994
2,541,610
94,887,720
36,686,734
(24,522,864)
(78,347,987)
(157,918,033)
(66,581,674)
(4,155,242)
(118,255,734)
(25,681,727)
(229,533,581)
(864,631,943)
(1,094,165,524)
639,770,439
(408,981,567)
(10,853)
(98,497,242)
(11,790,622)
(10,853)
33,470,743
(220,222,435)
(318,719,677)
256,345,889
(175,933,003)
(36,119,840)
(47,910,462)
(17,541,290)
(126,688,865)
(6,740,678)
(133,429,543)
(38,792,313)
(10,185,205)
(104,368,046)
(20,323,740)
(1,740,968)
(4,803,839)
(59,116,053)
(11,926,173)
(109,171,885)
(5,912,346)
(17,396,804)
(23,309,150)
27,707,823
164,810,727
168,871,371
117,445,188
63,698,185
2,088,071
8,249,870
(128,522,514)
(31,295,855)
(39,697,135)
(6,955,882)
-
-
-
(42)
(1,100,914)
(1,841,541)
(96,085,921)
(38,031,891)
(7,218,564)
(289,883,521)
(345,076,633)
(634,960,154)
852,871,077
(709,181,303)
143,689,773
(44)
(44)
(446,887,893)
(26,488,657)
(473,376,550)
528,653,054
(430,477,002)
(10,035,149)
(26,525,440)
(123,350,919)
(11,319,405)
(6,827,226)
(14,217,920)
(48,505,916)
(16,862,375)
(26,525,440)
(137,568,839)
(59,825,321)
2,162,235
59,138,823
41,508,299
(119,780,608)
(213,494,034)
(333,274,642)
414,812,404
(363,745,500)
(1,238,391,437)
(1,935,919,411)
(3,174,310,848)
2,030,087,252 (1,466,581,016)
(507,172,891)
(783,155,303)
(1,290,328,194)
1,874,232,656 (1,551,684,154)
(110,158,341)
(256,342,274)
(366,500,615)
(183,232,544)
(54,121,669)
(237,354,213)
283,613,705
131,443,285
(200,901,785)
(141,303,392)
-
-
-
-
-
8,947,455
(1,241,856)
9,804,331
50,513,297
262,379,708
24,416,104
114,491,793
53,222,484
7,501,883
6,146,752
2,541,610
(23,368,015)
11,005,007
230,788,872
33,470,743
80,412,886
10,166,533
164,810,727
40,348,857
86,149,333
24,001,050
(4,867,810)
41,369,652
1,480,227
8,249,870
(42)
98,176,052
(1,100,914)
320,694
(36,947,097)
3,476,408
(7,218,564)
51,066,904
563,506,237
322,548,501
82,711,920
(9,860,108)
(13,924)
(39,029)
323,264
1,702,924
(60,871,034)
(15,989)
(13,866)
-
5,793
9,435
(8,696,980)
7,442,633
(16,110,208)
8,255,648
450,172
(6,517,312)
(1,599,071)
(30,300,516)
(5,549,822)
313,842
(6,393,291)
379,587
(18,395,749)
26,752
3
24,223
10,310
(1,084,299)
2,690,752
721,173
-
1,916,667
(76,757,984)
(53,797,667)
(9,871,336)
(10,906,856)
8,933,531
(1,280,885)
10,127,595
52,216,221
201,508,674
24,400,115
114,477,927
53,222,484
7,507,676
6,156,187
(6,155,370)
(15,925,382)
(5,105,201)
239,044,520
33,920,915
73,895,574
8,567,462
134,510,211
34,799,035
86,463,175
17,607,759
(4,488,223)
22,973,903
1,506,979
(39)
98,200,275
(1,090,604)
(763,605)
(34,256,345)
4,197,581
(7,218,564)
52,983,571
486,748,253
268,750,834
72,840,584
(20,766,964)
(451,416)
4,350,533
7,798,454
148,040,306
(141,369,115)
(250,012,379)
(391,381,494)
688,980,884
(647,611,232)
(3,967,856)
(3,967,856)
6,569,786
(5,089,559)
(168,894,084)
(499,364,121)
(668,258,205)
947,892,717
(822,029,094)
125,863,623
(9,250,845)
116,612,778
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Type of Financial
Statements
Consolidated
Grupo Chilectra S.A.
Consolidated
Grupo Inmobiliaria Manso de Velasco Ltda.
Separate
ICT Servicios Informáticos Ltda.
Separate
Inversiones Distrilima S.A.
Separate
Empresa de Distribución Eléctrica de Lima Norte S.A.A.
Separate
Empresa Nacional de Electricidad S.A.
Separate
Endesa Eco S.A.
Separate
Empresa Eléctrica Pehuenche S.A.
Separate
Compañía Eléctrica San Isidro S.A.
Separate
Compañía Eléctrica Tarapacá S.A.
Separate
Soc. Concesionaria Túnel El Melón S.A.
Separate
Endesa Argentina S.A.
Separate
Endesa Costanera S.A.
Separate
Hidroeléctrica El Chocón S.A.
Separate
Emgesa S.A. E.S.P.
Separate
Generandes Peru S.A.
Separate
Edegel S.A.A.
Separate
Chinango S.A.C.
Separate
Enel Brasil S.A.
Separate
Central Generadora Termoeléctrica Fortaleza S.A.
Separate
Centrais Elétricas Cachoeira Dourada S.A.
Separate
Compañía de Interconexión Energética S.A.
Separate
Compañía de Transmisión del Mercosur S.A.
Separate
Compañía Energética Do Ceará S.A.
Separate
EN-Brazil Comercio e Servicios S.A.
Separate
Ampla Energía E Servicios S.A.
Ampla Investimentos E Servicios S.A.
Separate
Compañía Distribuidora y Comercializadora de Energía S.A. Separate
Separate
Inversora Codensa S.A.
Separate
Empresa Distribuidora Sur S.A.
Separate
Generalima, S.A.C.
Separate
Endesa Cemsa, S.A.
Separate
Inversora Dock Sud, S.A.
Consolidated
Eléctrica Cabo Blanco, S.A.C.
Consolidated
Inversiones Sudamerica Ltda.
Consolidated
Grupo Distrilima
Consolidated
Grupo Endesa Chile
Consolidated
Grupo Enel Brasil S.A.
Consolidated
Grupo Generandes Perú
Consolidated
Grupo Endesa Argentina
Note 41
Subsequent Events
ENERSIS
Current Assets
ThCh$
192,097,250
28,152,699
4,335,716
24,511,831
97,291,243
599,190,333
-
33,988,505
-
74,282,837
12,248,481
1,796,454
30,153,983
14,903,801
321,051,970
214,375
97,736,569
7,048,693
344,196,221
75,478,418
37,111,472
27,403,174
16,026,611
158,243,822
4,933,651
254,893,771
-
286,638,433
917
217,226,659
1,090,863
31,020,655
31,153,011
33,336,208
-
106,049,490
965,431,655
828,001,927
104,859,262
46,120,168
Non-current
Assets
ThCh$
1,210,687,971
38,156,192
230,392
45,211,675
487,752,640
3,270,781,264
-
217,379,509
-
428,366,270
10,007,004
47,229,473
112,614,109
132,833,441
1,707,315,179
202,971,423
678,847,873
104,913,830
705,840,306
138,518,318
98,093,370
229,743,261
3,663,555
631,616,602
914,231
1,022,078,672
-
960,495,650
77
284,575,650
42,451,799
838,346
67,474,318
76,556,547
-
487,752,640
5,796,693,181
2,190,312,917
773,401,182
251,298,793
Total
Assets
ThCh$
1,402,785,221
66,308,891
4,566,108
69,723,506
585,043,883
3,869,971,597
-
251,368,014
-
502,649,107
22,255,485
49,025,927
142,768,092
147,737,242
2,028,367,149
203,185,798
776,584,442
111,962,523
1,050,036,527
213,996,736
135,204,842
257,146,435
19,690,166
789,860,424
5,847,882
1,276,972,443
-
1,247,134,083
994
501,802,309
43,542,662
31,859,001
98,627,329
109,892,755
-
593,802,130
6,762,124,836
3,018,314,844
878,260,444
297,418,961
- On January 20, 2015, the following subsequent event was reported:
On January 20, 2015, the General Manager, Mr Luigi Ferraris, submitted his resignation by letter to the Chairman of the
Board of Directors. His resignation was for family reasons and will take effect from January 29, 2015. A replacement will be
appointed at the next Board meeting.
These reports were requested by the above-mentioned Company bodies, due to a possible transaction between related
parties, hereinafter the Transaction.
- A subsequent event was recorded on January 29, 2015, reporting that at a meeting of the Board on January 29, 2015 the
Board unanimously agreed to appoint Mr. Luca D’Agnese as General Manager of the Company, to replace Mr Luigi Ferraris,
who resigned on January 20, 2015, as had been reported as a essential event on that date.
- At a meeting of the Board on January 29, 2015 the Board unanimously agreed to report subsequent events as follows:
386
2014 ANNUAL REPORT ENERSIS
CONSOLIDATED FINANCIAL STATEMENTS
Grupo Chilectra S.A.
Grupo Inmobiliaria Manso de Velasco Ltda.
ICT Servicios Informáticos Ltda.
Inversiones Distrilima S.A.
Empresa de Distribución Eléctrica de Lima Norte S.A.A.
Empresa Nacional de Electricidad S.A.
Endesa Eco S.A.
Empresa Eléctrica Pehuenche S.A.
Compañía Eléctrica San Isidro S.A.
Compañía Eléctrica Tarapacá S.A.
Soc. Concesionaria Túnel El Melón S.A.
Endesa Argentina S.A.
Endesa Costanera S.A.
Hidroeléctrica El Chocón S.A.
Emgesa S.A. E.S.P.
Generandes Peru S.A.
Edegel S.A.A.
Chinango S.A.C.
Enel Brasil S.A.
Central Generadora Termoeléctrica Fortaleza S.A.
Centrais Elétricas Cachoeira Dourada S.A.
Compañía de Interconexión Energética S.A.
Compañía de Transmisión del Mercosur S.A.
Compañía Energética Do Ceará S.A.
EN-Brazil Comercio e Servicios S.A.
Ampla Energía E Servicios S.A.
Ampla Investimentos E Servicios S.A.
Inversora Codensa S.A.
Empresa Distribuidora Sur S.A.
Generalima, S.A.C.
Endesa Cemsa, S.A.
Inversora Dock Sud, S.A.
Eléctrica Cabo Blanco, S.A.C.
Inversiones Sudamerica Ltda.
Grupo Distrilima
Grupo Endesa Chile
Grupo Enel Brasil S.A.
Grupo Generandes Perú
Grupo Endesa Argentina
Type of Financial
Statements
Consolidated
Consolidated
Separate
Separate
Separate
Separate
Separate
Separate
Separate
Separate
Separate
Separate
Separate
Separate
Separate
Separate
Separate
Separate
Separate
Separate
Separate
Separate
Separate
Separate
Separate
Separate
Separate
Separate
Separate
Separate
Separate
Separate
Consolidated
Consolidated
Consolidated
Consolidated
Consolidated
Consolidated
Consolidated
321,051,970
1,707,315,179
2,028,367,149
Current Assets
ThCh$
Non-current
Assets
ThCh$
Total
Assets
ThCh$
192,097,250
1,210,687,971
1,402,785,221
28,152,699
4,335,716
24,511,831
97,291,243
38,156,192
230,392
45,211,675
487,752,640
66,308,891
4,566,108
69,723,506
585,043,883
599,190,333
3,270,781,264
3,869,971,597
33,988,505
217,379,509
251,368,014
-
-
-
-
-
-
74,282,837
12,248,481
1,796,454
30,153,983
14,903,801
214,375
97,736,569
7,048,693
75,478,418
37,111,472
27,403,174
16,026,611
917
217,226,659
1,090,863
31,020,655
31,153,011
33,336,208
428,366,270
502,649,107
10,007,004
47,229,473
112,614,109
132,833,441
22,255,485
49,025,927
142,768,092
147,737,242
202,971,423
678,847,873
104,913,830
203,185,798
776,584,442
111,962,523
138,518,318
98,093,370
229,743,261
3,663,555
-
77
284,575,650
42,451,799
838,346
67,474,318
76,556,547
-
213,996,736
135,204,842
257,146,435
19,690,166
789,860,424
5,847,882
994
501,802,309
43,542,662
31,859,001
98,627,329
109,892,755
-
-
-
-
158,243,822
631,616,602
4,933,651
914,231
254,893,771
1,022,078,672
1,276,972,443
344,196,221
705,840,306
1,050,036,527
106,049,490
487,752,640
593,802,130
965,431,655
5,796,693,181
6,762,124,836
828,001,927
2,190,312,917
3,018,314,844
104,859,262
46,120,168
773,401,182
251,298,793
878,260,444
297,418,961
Compañía Distribuidora y Comercializadora de Energía S.A. Separate
286,638,433
960,495,650
1,247,134,083
Current
Liabilities
ThCh$
(228,651,498)
(3,943,277)
(3,866,062)
(365,284)
(135,168,908)
(658,181,692)
-
(35,867,416)
-
(173,508,052)
(3,182,462)
(811,271)
(162,244,700)
(21,069,801)
(229,533,581)
(10,853)
(98,497,242)
(11,790,622)
(126,688,865)
(38,792,313)
(10,185,205)
(104,368,046)
(5,912,346)
(141,369,115)
(3,967,856)
(168,894,084)
-
(289,883,521)
(44)
(446,887,893)
(10,035,149)
(26,525,440)
(123,350,919)
(11,319,405)
-
(119,780,608)
(1,238,391,437)
(507,172,891)
(110,158,341)
(183,232,544)
12-31-2013
Non-current
Liabilities
ThCh$
(43,735,685)
(460,705)
(598,655)
-
(213,494,034)
(697,429,550)
-
(41,936,800)
-
(25,716,898)
(4,599,826)
-
(9,452,339)
(45,717,551)
(864,631,943)
-
(220,222,435)
(36,119,840)
(6,740,678)
(20,323,740)
(1,740,968)
(4,803,839)
(17,396,804)
(250,012,379)
-
(499,364,121)
-
(345,076,633)
-
(26,488,657)
(6,827,226)
-
(14,217,920)
(48,505,916)
-
(213,494,034)
(1,935,919,411)
(783,155,303)
(256,342,274)
(54,121,669)
Total
Liabilities
ThCh$
(272,387,183)
(4,403,982)
(4,464,717)
(365,284)
(348,662,942)
(1,355,611,242)
-
(77,804,216)
-
(199,224,950)
(7,782,288)
(811,271)
(171,697,039)
(66,787,352)
(1,094,165,524)
(10,853)
(318,719,677)
(47,910,462)
(133,429,543)
(59,116,053)
(11,926,173)
(109,171,885)
(23,309,150)
(391,381,494)
(3,967,856)
(668,258,205)
-
(634,960,154)
(44)
(473,376,550)
(16,862,375)
(26,525,440)
(137,568,839)
(59,825,321)
-
(333,274,642)
(3,174,310,848)
(1,290,328,194)
(366,500,615)
(237,354,213)
Revenues
ThCh$
975,023,630
17,831,676
5,445,388
9,804,331
414,816,662
1,047,707,545
48,938,968
192,839,780
211,140,517
74,083,557
10,301,994
2,541,610
94,887,720
36,686,734
639,770,439
33,470,743
256,345,889
27,707,823
164,810,727
168,871,371
117,445,188
63,698,185
2,088,071
688,980,884
6,569,786
947,892,717
8,249,870
852,871,077
-
528,653,054
-
2,162,235
59,138,823
41,508,299
-
414,812,404
Costs
ThCh$
(748,871,802)
(8,884,221)
(6,687,243)
-
(364,303,365)
(785,327,837)
(24,522,864)
(78,347,987)
(157,918,033)
(66,581,674)
(4,155,242)
-
(118,255,734)
(25,681,727)
(408,981,567)
-
(175,933,003)
(17,541,290)
-
(128,522,514)
(31,295,855)
(39,697,135)
(6,955,882)
(647,611,232)
(5,089,559)
(822,029,094)
-
(709,181,303)
(42)
(430,477,002)
(1,100,914)
(1,841,541)
(96,085,921)
(38,031,891)
(7,218,564)
(363,745,500)
2,030,087,252 (1,466,581,016)
1,874,232,656 (1,551,684,154)
(200,901,785)
(141,303,392)
283,613,705
131,443,285
Profit (Loss)
ThCh$
226,151,828
8,947,455
(1,241,856)
9,804,331
50,513,297
262,379,708
24,416,104
114,491,793
53,222,484
7,501,883
6,146,752
2,541,610
(23,368,015)
11,005,007
230,788,872
33,470,743
80,412,886
10,166,533
164,810,727
40,348,857
86,149,333
24,001,050
(4,867,810)
41,369,652
1,480,227
125,863,623
8,249,870
143,689,773
(42)
98,176,052
(1,100,914)
320,694
(36,947,097)
3,476,408
(7,218,564)
51,066,904
563,506,237
322,548,501
82,711,920
(9,860,108)
Other
Comprehensive
Income
ThCh$
(25,343,002)
(13,924)
(39,029)
323,264
1,702,924
(60,871,034)
(15,989)
(13,866)
-
5,793
9,435
(8,696,980)
7,442,633
(16,110,208)
8,255,648
450,172
(6,517,312)
(1,599,071)
(30,300,516)
(5,549,822)
313,842
(6,393,291)
379,587
(18,395,749)
26,752
(9,250,845)
(451,416)
4,350,533
3
24,223
10,310
(1,084,299)
2,690,752
721,173
-
1,916,667
(76,757,984)
(53,797,667)
(9,871,336)
(10,906,856)
Total
Comprehensive
Income
ThCh$
200,808,826
8,933,531
(1,280,885)
10,127,595
52,216,221
201,508,674
24,400,115
114,477,927
53,222,484
7,507,676
6,156,187
(6,155,370)
(15,925,382)
(5,105,201)
239,044,520
33,920,915
73,895,574
8,567,462
134,510,211
34,799,035
86,463,175
17,607,759
(4,488,223)
22,973,903
1,506,979
116,612,778
7,798,454
148,040,306
(39)
98,200,275
(1,090,604)
(763,605)
(34,256,345)
4,197,581
(7,218,564)
52,983,571
486,748,253
268,750,834
72,840,584
(20,766,964)
a.- Evaluation of the Hydroaysen Project.
In May 2014, the Committee of Ministers reversed the Environmental Qualification Resolution (Resolución de
Calificación Ambiental - RCA) for the Hydroaysen project in which our subsidiary Endesa Chile is involved. As it is
publically known, this decision has been appealed against at courts in Valdivia and Santiago. Centrales Hidroeléctricas
de Aysén S.A. (hereinafter “Hydroaysen”) applied for water rights in 2008. On January 28, 2015 it became known that
these had been partially denied.
Our subsidiary Endesa Chile has expressed its desire to defend the water rights and the environmental approval
awarded to the Hydroaysen project in the appropriate manner, continuing the lawsuits already started or initiating
new administrative or judicial actions as may be necessary to achieve this purpose, and remains convinced that the
water resources of the Aysén region are important for the development of the country’s energy sector.
However, there is now a degree of uncertainty about the recoverability of the investment already made in Hydroaysen.
It heavily depends on judicial decisions and political opinions regarding energy issues that are difficult to anticipate, so
this investment is not in the immediate project portfolio of Endesa. As a result, our subsidiary Endesa Chile has decided
to record an impairment provision for its stake in Hidroaysen S. A. of ThCh$69,066,857 (approximately US$121 million),
which affects the net income of Endesa Chile for the fiscal year 2014.
The effect of the impairment provision at Endesa Chile for its stake in Hidroaysen will be to reduce the net income of
Enersis by ThCh$41,426,000 (approximately US$73 million).
387
b.- Evaluation of the Punta Alcalde Project.
The Punta Alcalde Project at our subsidiary Endesa Chile has RCA approval for this generation project (ratified subject
to conditions by the Supreme Court in January 2014). The approval of the Environmental Impact Study (Estudio de
Impacto Ambiental - EIA) associated with the transmission line is required, to complete the environmental processing.
This is currently in progress.
The engineering team at Endesa Chile, with the support of coal technology experts, have studied the possibilities of
adapting Punta Alcalde to make it a profitable project and technologically more sustainable. The conclusion reached is
that these adaptations would involve major amendments to the approved RCA that would be difficult to process.
Therefore, our subsidiary Endesa Chile has decided to halt the development of the Punta Alcalde Project and the
associated transmission project Punta Alcalde-Maitencillo. While it waits to dispel the uncertainty regarding the
profitability, provisions are being taken for the value of unrecoverable assets.
The financial and accounting effects of the impairment provision at Endesa Chile regarding the Punta Alcalde Project
will be to reduce its net income due to unrecoverable assets by ThCh$12,582,000 before tax (approximately US$22
million), with a reduction in the net income of Enersis for the fiscal year 2014 by ThCh$5,509,000 (approximately
US$10 million).
c.- Transaction with Consortium SES - Tecnimont.
The Board of Directors of our subsidiary, Endesa Chile has accepted and approved a document called the
“Conditional Transaction, Termination and Cancellation”, hereinafter referred to as the Transaction. In this
agreement Endesa Chile and the companies Ingeniería y Construcción Tecnimont Chile y Compañía Limitada;
Tecnimont SpA; Tecnimont do Brasil Construcao e Administracao de Projetos Ltda.; Slovenske Energeticke
Strojarne a.s.(“SES”); e “Ingeniería y Construcción SES Chile Limitada”, hereinafter collectively called the
“Consortium” terminated the arbitration initiated by Endesa Chile before the International Court of Arbitration
of the International Chamber of Commerce (ICC) in relation to the fulfilment of obligations agreed by the
Consortium under the Bocamina Thermoelectric Plant Extension Project Contract (Contrato Proyecto Ampliación
Central Térmica Bocamina) and a broad mutual settlement for liabilities under the contract were agreed. The
Endesa Chile Board approval of the Transaction is subject to the proper and timely fulfilment the preceding
conditions agreed in this instrument, which include that each and every Board and/or governing body of the
companies that make up the Consortium have accepted and expressly approved all the terms of the Transaction
and all its elements in their essence and nature, including those that are merely incidental.
The effect of the Transaction for Enersis is the recognition of an increase in capital expenditures of US$125
million.
ENDESA
a.- On January 9, 2015 Empresa Nacional de Electricidad S.A. and its subsidiary Compañía Eléctrica de Tarapacá S.A sold
all its shares in Sociedad Concesionaria Túnel El melón S.A. to Temsa Fondo de Inversión Privado. The price of the
transaction was ThCh$25,000,000 and as a result the Endesa Group Chile will recognize a net gain of approximately
ThCh$4,207,150 in 2015.
b.- In May 2014 the Committee of Ministers reversed the RCA approval for the Hydroaysen project. As is publically known,
this decision has been appealed against at courts in Valdivia and Santiago. Centrales Hidroeléctricas de Aysén S.A.
(hereinafter “Hydroaysen”) applied for water rights in 2008. On January 28, 2015 Endesa Chile discovered that these
had been partially denied.
Endesa Chile has expressed its desire to defend the water rights and the environmental approval awarded to the
project in the appropriate manner, continuing the lawsuits already started or initiating new administrative or judicial
actions as may be necessary to achieve this purpose. Endesa Chile remains convinced that the water resources of the
Aysén region are important for the country’s energy sector development.
However, there is now a degree of uncertainty about the recoverability of the investment already made in Hydroaysen.
It heavily depends on judicial decisions and political opinions regarding energy issues that are difficult to anticipate. The
project is not in the immediate project portfolio of Endesa.
As a result, the company has decided to record an impairment provision for its stake in Hidroaysen S. A. of
ThCh$69,066,857 (approximately US$121 million), which affects the net income of the company for the fiscal year
2014.
c.- The Punta Alcalde Project has RCA approval for this generation project (ratified subject to conditions by the Supreme
Court in January 2014). The approval of the Environmental Impact Study ((Estudio de Impacto Ambiental - EIA))
associated with the transmission line is required, to complete the environmental processing.
388
2014 ANNUAL REPORT ENERSIS
CONSOLIDATED FINANCIAL STATEMENTS
The engineering team at Endesa Chile, with the support of our coal technology experts, have studied the possibilities of
adapting Punta Alcalde to make it a profitable project and technologically more sustainable. The conclusion reached is
that these adaptations would involve major amendments to the approved RCA that would be difficult to process.
Therefore, the company has decided to halt the development of the Punta Alcalde Project and the associated
transmission project Punta Alcalde-Maitencillo. While it waits to dispel the uncertainty regarding the profitability,
provisions are being taken for the value of unrecoverable assets.
As a result, the company has decided to record an impairment provision for the project of ThCh$12,582,000
(approximately US$22 million), which reduces the net income of the company for the fiscal year 2014 by
ThCh$9,184,000.
d.- As described in Note 17. d) v), on October 17, 2012 Endesa Chile brought before the International Court of Arbitration
of the International Chamber of Commerce (ICC), hereinafter referred to as the Court, a request for arbitration
against the Chilean company “Ingeniería y Construcción Tecnimont Chile y Compañía Limitada”; the Italian company
“Tecnimont SpA”; the Brazilian company “Tecnimont do Brasil Construcao e Administracao de Projetos Ltda.”; the Slovak
company “Slovenske Energeticke Strojarne a.s.” (“SES”); and the Chilean company “Ingeniería y Construcción SES Chile
Limitada”, hereinafter collectively referred to as “the Consortium”, with the purpose of demanding the full and timely
implementation of the obligations agreed by the consortium under the Bocamina Thermoelectric Plant Extension Project
Contract (Contrato Proyecto Ampliación Central Térmica Bocamina), contract ACB-003.06, to supply a turnkey coal-fired
electricity generating plant, (hereinafter referred to as the Construction Contract). This information was communicated as
a essential event to the Superintendent on the same date.
On January 29, 2013 the Superintendent was informed as a essential event that Endesa Chile had been notified by the
Technical Secretariat of the above-mentioned Court that the members of the Consortium had separately responded to
Endesa Chile’s arbitration request with counterclaims against Endesa Chile. The Tecnimont companies’ claim was for
US$1,294 million, and the SES companies’ counterclaim was for US$15 million.
On January 29, 2015, the Board of Empresa Nacional de Electricidad S.A. approved the terms, and all its elements of
essence and nature as well as those merely incidental, of a document called the “Conditional Transaction, Termination
and Cancellation”, hereinafter the Transaction, where all the parties that signed this document (Empresa Nacional de
Electricidad S.A. and the Consortium) terminate the above arbitration and a broad mutual settlement for liabilities
under the Construction Contract were agreed. It leaves on record that the Endesa Chile Board approval of the
Transaction is subject to the proper and timely fulfilment the preceding conditions agreed in this instrument, which
include that each and every Board and/or governing body of the companies that make up the Consortium have
accepted and expressly approved all the terms of the Transaction and all its elements in essence and nature as well as
those that are merely incidental. If the preceding conditions cannot be verified in a timely and appropriate manner, this
Transaction will have no value and will be unenforceable, in accordance with the terms of the Transaction.
Finally, the financial effect of the Transaction on Endesa Chile and the Bocamina II Project in particular, is the
recognition of an increase in capital investment of US$125 million.
No other subsequent events have occurred between January 1, 2015 and the issuance date of these financial statements.
389
Appendix 1
Enersis Group Companies
This appendix is part of Note 2.4, “Subsidiaries.”
It presents the Group’s percentage of control in each company.
Taxpayer ID No.
(RUT)
96,773,290-7
Foreign
Foreign
Foreign
Foreign
76,003,204-2
Foreign
99,573,910-0
96,800,570-7
Foreign
Foreign
Foreign
Foreign
96,770,940-9
Foreign
96,764,840-K
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
96,783,910-8
Foreign
96,504,980-0
91,081,000-6
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
76,014,570-K
Company
Currency
( in alphabetical order)
Aguas Santiago Poniente S.A. (5)
Chilean peso
Brazilian real
Ampla Energía E Serviços S.A.
Atacama Finance Co (3)
U.S. dollar
Brazilian real
Centrais Elétricas Cachoeira Dourada S.A.
Argentine peso
Central Dock Sud, S.A.
Chilean peso
Central Eólica Canela S.A.
Brazilian real
Central Generadora Termoeléctrica Fortaleza S.A.
Chilean peso
Chilectra Inversud S.A.
Chilean peso
Chilectra S.A.
Peruvian nuevo sol
Chinango S.A.C.
Brazilian real
Compañía de Interconexión Energética S.A.
Compañía de Transmisión del Mercosur S.A.
Argentine peso
Compañía Distribuidora y Comercializadora de energía S.A. (6) Colombian peso
Chilean peso
Compañía Eléctrica Tarapacá S.A.
Brazilian real
Compañía Energética Do Ceará S.A.
Constructora y Proyectos Los Maitenes S.A. (5)
Chilean peso
Argentine peso
Distrilec Inversora S.A.
Peruvian nuevo sol
Edegel S.A.A
Peruvian nuevo sol
Electrica Cabo Blanco, S.A.C.
Emgesa S.A. E.S.P. (6)
Colombian peso
Emgesa Panama S.A. (6)
U.S. dollar
Peruvian nuevo sol
Empresa de Distribución Eléctrica de Lima Norte S.A.A
Argentine peso
Empresa Distribuidora Sur S.A.
Chilean peso
Empresa Eléctrica de Colina Ltda.
Peruvian nuevo sol
Empresa Eléctrica de Piura, S.A.
Chilean peso
Empresa Eléctrica Pehuenche S.A.
Chilean peso
Empresa Nacional de Electricidad S.A
Argentine peso
Endesa Argentina S.A.
Brazilian real
Enel Brasil S.A.
Argentine peso
Endesa Cemsa S.A.
Argentine peso
Endesa Costanera S.A.
En-Brazil Comercio e Servicios S.A.
Brazilian real
Eólica Fazenda Nova-Geracao e Comercializacao de Energia S.A. Brazilian real
Energex Co (3)
Inversiones GasAtacama Holding Ltda. (1)
U.S. dollar
U.S. dollar
Percentage of control at
12/31/2014
Direct
Indirect
Total
0.00%
0.00%
99.08%
0.00%
0.00%
13.68% 85.95% 99.63%
0.00%
0.00%
0.00%
0.00% 99.61% 99.61%
0.00% 69.99% 69.99%
0.00% 75.00% 75.00%
0.00% 100.00% 100.00%
0.00% 100.00% 100.00%
0.01% 99.09%
0.00% 80.00% 80.00%
0.00% 100.00% 100.00%
0.00% 99.99% 99.99%
21.14% 36.01% 57.15%
3.78% 96.21% 99.99%
15.18% 58.87% 74.05%
0.00%
0.00%
27.19% 24.31% 51.50%
0.00% 83.60% 83.60%
80.00% 20.00% 100.00%
21.60% 34.83% 56.43%
0.00% 56.43% 56.43%
24.00% 51.68% 75.68%
16.02% 83.43% 99.45%
0.00% 100.00% 100.00%
0.00% 96.50% 96.50%
0.00% 92.65% 92.65%
0.00% 59.98%
0.00% 100.00% 100.00%
50.09% 49.91% 100.00%
55.00% 45.00% 100.00%
0.00% 75.68% 75.68%
0.00% 100.00% 100.00%
0.00% 99.95% 99.95%
0.00%
0.00%
0.00%
0.00% 100.00% 100.00%
59.98%
96,830,980-3
GasAtacama S.A.
U.S. dollar
0.00% 100.00% 100.00%
0.00%
0.00%
0.00% Subsidiary
Chile
78,932,860-9
77,032,280-4
78,952,420-3
Foreign
Foreign
76,676,750-8
Foreign
Foreign
76,107,186-6
Foreign
79,913,810-7
Foreign
Foreign
GasAtacama Chile S.A.
Gasoducto TalTal S.A.
Gasoducto Atacama Argentina S.A.
Generalima, S.A.C.
Generandes Peru S.A. (2)
GNL Norte S.A.
Hidroeléctrica El Chocón S.A.
Hidroinvest S.A.
Servicios Informáticos e Inmobiliarios Ltda. (4)
Ingendesa do Brazil Ltda.
Inmobiliaria Manso de Velasco Ltda. (4)
Inversiones Distrilima S.A.
Inversora Dock Sud, S.A.
U.S. dollar
Chilean peso
U.S. dollar
Peruvian nuevo sol
Peruvian nuevo sol
Chilean peso
Argentine peso
Argentine peso
Chilean peso
Brazilian real
Chilean peso
Peruvian nuevo sol
Argentine peso
100.00%
0.00% 100.00% 100.00%
0.00% 100.00% 100.00%
0.00% 100.00% 100.00%
0.00% 100.00%
39.00% 61.00% 100.00%
0.00% 100.00% 100.00%
0.00% 67.67% 67.67%
0.00% 96.09% 96.09%
1.00% 100.00%
0.00% 100.00% 100.00%
99.99%
0.00% 99.99%
34.99% 50.21% 85.20%
0.00% 57.14%
57.14%
99.00%
390
2014 ANNUAL REPORT ENERSIS
CONSOLIDATED FINANCIAL STATEMENTS
Percentage of control at
12/31/2013
Type of
Direct
Indirect
Total
Relationship Country
Activity
0.00% 78.88% 78.88% Subsidiary
13.68% 85.95% 99.63% Subsidiary
Chile
Brazil
Sanitation services
Electric energy production, transportation and distribution
0.00%
0.00%
0.00% Subsidiary
Islands Cayman
Finance company
0.00% 99.61% 99.61% Subsidiary
Brazil
Generation and sale of electricity
0.00% 69.99% 69.99% Subsidiary
Argentina
Electric energy generation, transmission and distribution
0.00% 75.00% 75.00% Subsidiary
0.00% 100.00% 100.00% Subsidiary
0.00% 100.00% 100.00% Subsidiary
99.08%
0.01% 99.09% Subsidiary
0.00% 80.00% 80.00% Subsidiary
Chile
Brazil
Chile
Chile
Peru
Promotion and development of renewable energy projects
Development of a thermoelectric project
Portfolio company
Ownership interest in companies of any nature
Electric energy generation, sales and distribution
0.00% 100.00% 100.00% Subsidiary
Brazil
Electric energy production, transportation and distribution
0.00% 99.99% 99.99% Subsidiary
Argentina
Electric energy production, transportation and distribution
21.14% 36.01% 57.15% Subsidiary
Colombia
Electric energy distribution and sales
Chile
Brazil
Chile
Peru
Peru
3.78% 96.21% 99.99% Subsidiary
0.00% 58.87% 58.87% Subsidiary
0.00% 55.00% 55.00% Subsidiary
Complete electric energy cycle
Complete electric energy cycle
Construction and facilities
27.19% 24.31% 51.50% Subsidiary
Argentina
Portfolio company
0.00% 83.60% 83.60% Subsidiary
80.00% 20.00% 100.00% Subsidiary
Electric energy generation, sales and distribution
Portfolio company
21.60% 34.83% 48.47% Subsidiary
Colombia
Electric energy generation
0.00% 56.43% 56.43% Subsidiary
Panama
Purchase/sale of electric energy
35.02% 64.98% 100.00% Subsidiary
Peru
Electric energy distribution and sales
16.02% 83.43% 99.45% Subsidiary
Argentina
Electric energy distribution and sales
0.00% 100.00% 100.00% Subsidiary
0.00% 96.50% 96.50% Subsidiary
0.00% 92.65% 92.65% Subsidiary
59.98%
0.00% 59.98% Subsidiary
Chile
Peru
Chile
Chile
Complete energy cycle and related supplies
Complete electric energy cycle
Complete electric energy cycle
0.00% 100.00% 100.00% Subsidiary
Argentina
50.09% 49.91% 100.00% Subsidiary
Brazil
Portfolio company
Portfolio company
55.00% 45.00% 100.00% Subsidiary
Argentina
Wholesale purchase and sale of electric energy
0.00% 69.76% 69.76% Subsidiary
Argentina
Electric energy generation and sales
0.00% 100.00% 100.00% Subsidiary
0.00% 99.95% 99.95% Subsidiary
Brazil
Brazil
Services in general for the electricity and other sectors
Energy generation, transmission, distribution and sales
0.00%
0.00%
0.00% Subsidiary
Islands Cayman
Portfolio company
0.00% 50.00% 50.00% Subsidiary
Chile
Natural gas transportation
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00% Subsidiary
0.00% Subsidiary
0.00% Subsidiary
100.00%
0.00% 100.00% Subsidiary
0.00% 61.00% 61.00% Subsidiary
Chile
Chile
Chile
Peru
Peru
Exploitation, generation, transmission and distribution of electric
energy and natural gas
Company management
Natural gas transportation, sale and distribution
Natural gas exploitation and transportation
Portfolio company
Portfolio company
0.00%
0.00%
0.00% Subsidiary
Chile
Energy and fuel production, transportation and distribution
0.00% 67.67% 67.67% Subsidiary
Argentina
Electric energy production and sales
0.00% 96.09% 96.09% Subsidiary
Argentina
Portfolio company
99.00%
1.00% 100.00% Subsidiary
0.00% 100.00% 100.00% Subsidiary
99.99%
0.00% 99.99% Subsidiary
34.99% 50.21% 85.20% Subsidiary
Chile
Brazil
Chile
Peru
57.14%
0.00% 57.14% Subsidiary
Argentina
Information Technology services
Project engineering consulting
Construction and works
Portfolio company
Portfolio company
Appendix 1
Enersis Group Companies
This appendix is part of Note 2.4, “Subsidiaries.”
It presents the Group’s percentage of control in each company.
Taxpayer ID No.
Company
( in alphabetical order)
96,773,290-7
Aguas Santiago Poniente S.A. (5)
Ampla Energía E Serviços S.A.
Atacama Finance Co (3)
Centrais Elétricas Cachoeira Dourada S.A.
Central Dock Sud, S.A.
76,003,204-2
Central Eólica Canela S.A.
Central Generadora Termoeléctrica Fortaleza S.A.
Foreign
99,573,910-0
96,800,570-7
Chilectra Inversud S.A.
Chilectra S.A.
Chinango S.A.C.
96,770,940-9
Compañía Eléctrica Tarapacá S.A.
Compañía Energética Do Ceará S.A.
96,764,840-K
Constructora y Proyectos Los Maitenes S.A. (5)
Distrilec Inversora S.A.
Edegel S.A.A
Electrica Cabo Blanco, S.A.C.
Emgesa S.A. E.S.P. (6)
Emgesa Panama S.A. (6)
Empresa Distribuidora Sur S.A.
96,783,910-8
Empresa Eléctrica de Colina Ltda.
Foreign
96,504,980-0
91,081,000-6
Empresa Eléctrica de Piura, S.A.
Empresa Eléctrica Pehuenche S.A.
Empresa Nacional de Electricidad S.A
Endesa Argentina S.A.
Enel Brasil S.A.
Endesa Cemsa S.A.
Endesa Costanera S.A.
En-Brazil Comercio e Servicios S.A.
76,014,570-K
Inversiones GasAtacama Holding Ltda. (1)
Energex Co (3)
96,830,980-3
GasAtacama S.A.
78,932,860-9
77,032,280-4
78,952,420-3
GasAtacama Chile S.A.
Gasoducto TalTal S.A.
Gasoducto Atacama Argentina S.A.
Generalima, S.A.C.
Generandes Peru S.A. (2)
76,676,750-8
GNL Norte S.A.
76,107,186-6
Servicios Informáticos e Inmobiliarios Ltda. (4)
79,913,810-7
Inmobiliaria Manso de Velasco Ltda. (4)
Hidroeléctrica El Chocón S.A.
Hidroinvest S.A.
Ingendesa do Brazil Ltda.
Inversiones Distrilima S.A.
Inversora Dock Sud, S.A.
(RUT)
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Compañía de Interconexión Energética S.A.
Brazilian real
0.00% 100.00% 100.00%
Compañía de Transmisión del Mercosur S.A.
Argentine peso
0.00% 99.99% 99.99%
Compañía Distribuidora y Comercializadora de energía S.A. (6) Colombian peso
21.14% 36.01% 57.15%
Peruvian nuevo sol
0.00% 80.00% 80.00%
Empresa de Distribución Eléctrica de Lima Norte S.A.A
Peruvian nuevo sol
24.00% 51.68% 75.68%
Eólica Fazenda Nova-Geracao e Comercializacao de Energia S.A. Brazilian real
0.00% 99.95% 99.95%
Currency
Chilean peso
Brazilian real
U.S. dollar
Brazilian real
Chilean peso
Brazilian real
Chilean peso
Chilean peso
Percentage of control at
12/31/2014
Direct
Indirect
Total
0.00%
0.00%
0.00%
13.68% 85.95% 99.63%
0.00%
0.00%
0.00%
0.00% 99.61% 99.61%
0.00% 75.00% 75.00%
0.00% 100.00% 100.00%
0.00% 100.00% 100.00%
99.08%
0.01% 99.09%
Argentine peso
0.00% 69.99% 69.99%
Chilean peso
Brazilian real
Chilean peso
3.78% 96.21% 99.99%
15.18% 58.87% 74.05%
0.00%
0.00%
0.00%
Argentine peso
27.19% 24.31% 51.50%
Peruvian nuevo sol
0.00% 83.60% 83.60%
Peruvian nuevo sol
80.00% 20.00% 100.00%
Colombian peso
21.60% 34.83% 56.43%
U.S. dollar
0.00% 56.43% 56.43%
Argentine peso
16.02% 83.43% 99.45%
Chilean peso
0.00% 100.00% 100.00%
Peruvian nuevo sol
0.00% 96.50% 96.50%
Chilean peso
Chilean peso
0.00% 92.65% 92.65%
59.98%
0.00% 59.98%
Argentine peso
0.00% 100.00% 100.00%
Brazilian real
Argentine peso
Argentine peso
Brazilian real
50.09% 49.91% 100.00%
55.00% 45.00% 100.00%
0.00% 75.68% 75.68%
0.00% 100.00% 100.00%
U.S. dollar
U.S. dollar
U.S. dollar
U.S. dollar
Chilean peso
U.S. dollar
0.00%
0.00%
0.00%
0.00% 100.00% 100.00%
0.00% 100.00% 100.00%
0.00% 100.00% 100.00%
0.00% 100.00% 100.00%
0.00% 100.00% 100.00%
Peruvian nuevo sol
100.00%
0.00% 100.00%
Peruvian nuevo sol
39.00% 61.00% 100.00%
Chilean peso
Argentine peso
Argentine peso
Chilean peso
Brazilian real
Chilean peso
0.00% 100.00% 100.00%
0.00% 67.67% 67.67%
0.00% 96.09% 96.09%
99.00%
1.00% 100.00%
0.00% 100.00% 100.00%
99.99%
0.00% 99.99%
Peruvian nuevo sol
34.99% 50.21% 85.20%
Argentine peso
57.14%
0.00% 57.14%
Percentage of control at
12/31/2013
Direct
Indirect
Total
Type of
Relationship Country
0.00%
99.08%
0.00% 78.88% 78.88% Subsidiary
13.68% 85.95% 99.63% Subsidiary
0.00%
0.00% Subsidiary
0.00% 99.61% 99.61% Subsidiary
0.00% 69.99% 69.99% Subsidiary
0.00% 75.00% 75.00% Subsidiary
0.00% 100.00% 100.00% Subsidiary
0.00% 100.00% 100.00% Subsidiary
0.01% 99.09% Subsidiary
0.00% 80.00% 80.00% Subsidiary
0.00% 100.00% 100.00% Subsidiary
0.00% 99.99% 99.99% Subsidiary
21.14% 36.01% 57.15% Subsidiary
3.78% 96.21% 99.99% Subsidiary
0.00% 58.87% 58.87% Subsidiary
0.00% 55.00% 55.00% Subsidiary
27.19% 24.31% 51.50% Subsidiary
0.00% 83.60% 83.60% Subsidiary
80.00% 20.00% 100.00% Subsidiary
21.60% 34.83% 48.47% Subsidiary
0.00% 56.43% 56.43% Subsidiary
35.02% 64.98% 100.00% Subsidiary
16.02% 83.43% 99.45% Subsidiary
0.00% 100.00% 100.00% Subsidiary
0.00% 96.50% 96.50% Subsidiary
0.00% 92.65% 92.65% Subsidiary
0.00% 59.98% Subsidiary
0.00% 100.00% 100.00% Subsidiary
50.09% 49.91% 100.00% Subsidiary
55.00% 45.00% 100.00% Subsidiary
0.00% 69.76% 69.76% Subsidiary
0.00% 100.00% 100.00% Subsidiary
0.00% 99.95% 99.95% Subsidiary
0.00% Subsidiary
0.00%
0.00% 50.00% 50.00% Subsidiary
59.98%
0.00%
Chile
Brazil
Islands Cayman
Brazil
Argentina
Chile
Brazil
Chile
Chile
Peru
Brazil
Argentina
Colombia
Chile
Brazil
Chile
Argentina
Peru
Peru
Colombia
Panama
Peru
Argentina
Chile
Peru
Chile
Chile
Argentina
Brazil
Argentina
Argentina
Brazil
Brazil
Islands Cayman
Chile
0.00%
0.00%
0.00% Subsidiary
Chile
0.00%
0.00%
0.00%
0.00%
100.00%
0.00% Subsidiary
0.00%
0.00% Subsidiary
0.00%
0.00%
0.00% Subsidiary
0.00% 100.00% Subsidiary
0.00% 61.00% 61.00% Subsidiary
0.00% Subsidiary
0.00%
0.00% 67.67% 67.67% Subsidiary
0.00% 96.09% 96.09% Subsidiary
1.00% 100.00% Subsidiary
0.00% 100.00% 100.00% Subsidiary
99.99%
0.00% 99.99% Subsidiary
34.99% 50.21% 85.20% Subsidiary
0.00% 57.14% Subsidiary
57.14%
99.00%
Chile
Chile
Chile
Peru
Peru
Chile
Argentina
Argentina
Chile
Brazil
Chile
Peru
Argentina
Activity
Sanitation services
Electric energy production, transportation and distribution
Finance company
Generation and sale of electricity
Electric energy generation, transmission and distribution
Promotion and development of renewable energy projects
Development of a thermoelectric project
Portfolio company
Ownership interest in companies of any nature
Electric energy generation, sales and distribution
Electric energy production, transportation and distribution
Electric energy production, transportation and distribution
Electric energy distribution and sales
Complete electric energy cycle
Complete electric energy cycle
Construction and facilities
Portfolio company
Electric energy generation, sales and distribution
Portfolio company
Electric energy generation
Purchase/sale of electric energy
Electric energy distribution and sales
Electric energy distribution and sales
Complete energy cycle and related supplies
Complete electric energy cycle
Complete electric energy cycle
Portfolio company
Portfolio company
Wholesale purchase and sale of electric energy
Electric energy generation and sales
Services in general for the electricity and other sectors
Energy generation, transmission, distribution and sales
Portfolio company
Natural gas transportation
Exploitation, generation, transmission and distribution of electric
energy and natural gas
Company management
Natural gas transportation, sale and distribution
Natural gas exploitation and transportation
Portfolio company
Portfolio company
Energy and fuel production, transportation and distribution
Electric energy production and sales
Portfolio company
Information Technology services
Project engineering consulting
Construction and works
Portfolio company
Portfolio company
391
Total
Indirect
Percentage of control at
12/31/2014
Direct
0.00% 100.00% 100.00%
0.00% 100.00% 100.00%
0.00% 100.00% 100.00% Subsidiary
Colombia
Investment in domestic public energy services
0.00% 100.00% 100.00% Subsidiary
Chile
Energy and fuel transportation, distribution and sales
Taxpayer ID No.
(RUT)
Foreign
96,800,460-3
Company
( in alphabetical order)
Inversora Codensa S.A.S.
Luz Andes Ltda.
Currency
Colombian peso
Chilean peso
Percentage of control at
12/31/2013
Type of
Direct
Indirect
Total
Relationship Country
Activity
Percentage of control at 12/31/2013
Total Consolidation Method
Direct
0.00%
100.00%
80.00%
0.00%
100.00%
100.00%
57.14%
100.00%
Indirect
69.99%
0.00%
20.00%
96.50%
0.00%
0.00%
0.00%
0.00%
69.99% Full integration
100.00% Full integration
100.00% Full integration
96.50% Full integration
100.00% Full integration
100.00% Full integration
57.14% Full integration
100.00% Full integration
96,905,700-K
Progas S.A.
Chilean peso
0.00% 100.00% 100.00%
0.00%
0.00%
0.00% Subsidiary
Chile
77,047,280-6
96,671,360-7
Sociedad Agrícola de Cameros Ltda.
Sociedad Concesionaria Túnel El Melón S.A.
Chilean peso
Chilean peso
0.00% 57.50% 57.50%
0.00% 100.00% 100.00%
0.00% 57.50% 57.50% Subsidiary
0.00% 100.00% 100.00% Subsidiary
Chile
Chile
Foreign
Foreign
Foreign
Sociedad Portuaria Central Cartagena S.A.
Colombian peso
0.00% 100.00% 100.00%
0.00%
0.00%
0.00% Subsidiary
Colombia
Southern Cone Power Argentina S.A.
Transportadora de Energía S.A.
Argentine peso
Argentine peso
0.00% 100.00% 100.00%
0.00% 100.00% 100.00%
0.00% 100.00% 100.00% Subsidiary
Argentina
Portfolio company
0.00% 100.00% 100.00% Subsidiary
Argentina
Electric energy production, transportation and distribution
Purchase, production, transportation and commercial distribution of
natural gas
Financial investments
Execution, construction and operation of the El Melón tunnel
Investment, construction and maintenance of public or private wharves
and ports
(1) On April 22, 2014, Endesa Chile acquired the remaining 50% equity interest in Inversiones GasAtacama Holding Limitada, (See Note 5).
(2) On September 3, 2014 Enersis acquired 100% of the social rights of the companies Inkia Holdings (Acter) Limited, Southern Cone Power Ltd.,
Latin American Holding I Ltd., Latin American Holding II Ltd. and Southern Cone Power Peru SAA. On December 31, 2014 Inkia Holdings was
merged with Generandes Peru SA, the latter absorbing all the Inkia Group companies.
(3) On 17 September 2014 the companies Atacama Finance Co and Energex Co were dissolved.
(4) On December 31, 2014, Inmobiliaria Manso de Velasco was merged with ICT, the latter being the legal successor company under the name
of Servicios Informáticos e Inmobiliarios Ltda.
(5) On 30 December 2014 the companies Aguas Santiago Poniente SA and Constructora y Proyectos los Maitenes SA were sold.
(6) See Note 2.4.2
Appendix 2
Changes in the Scope of Consolidation
This appendix is part of Note 2.4.1 “Changes in the scope of consolidation”.
Incorporation into the scope of consolidation:
Company
Central Dock Sud, S.A.
Cono Sur Participaciones, S.L.U.
Eléctrica Cabo Blanco, S.A.C.
Empresa Eléctrica de Piura, S.A.
Endesa Cemsa S.A.
Generalima, S.A.C.
Inversora Dock Sud, S.A.
Inversiones Sudamerica Ltda.
Inversiones GasAtacama Holding Ltda.
Atacama Finance Co. (1)
Energex Co. (1)
GasAtacama S.A.
GasAtacama Chile S.A.
Gasoducto TalTal S.A.
Gasoducto Atacama Argentina S.A.
GNL Norte S.A.
Progas S.A.
See Note 2.4.1.
Percentage of control at 12/31/2014
Direct
Indirect
Total Consolidation Method
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
100.00%
0.00%
0.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00% Full integration
0.00% Full integration
0.00% Full integration
100.00% Full integration
100.00% Full integration
100.00% Full integration
100.00% Full integration
100.00% Full integration
100.00% Full integration
(1) On 17 September 2014 the companies Atacama Finance Co and Energex Co were dissolved.
Companies eliminated from the scope of consolidation:
Company
Aguas Santiago Poniente S.A.
Constructora y Proyectos Los Maitenes S.A.
Percentage of control at 12/31/2014
Direct
0.00%
0.00%
Indirect
78.88%
55.00%
Total Consolidation Method
78.88% Full integration
55.00% Full integration
Percentage of control at 12/31/2013
Direct
Indirect
Total Consolidation Method
-
-
-
-
-
-
-
-
392
2014 ANNUAL REPORT ENERSIS
CONSOLIDATED FINANCIAL STATEMENTS
Taxpayer ID No.
Company
(RUT)
Foreign
( in alphabetical order)
Inversora Codensa S.A.S.
96,800,460-3
Luz Andes Ltda.
Percentage of control at
12/31/2014
Currency
Direct
Indirect
Total
Colombian peso
0.00% 100.00% 100.00%
Chilean peso
0.00% 100.00% 100.00%
(1) On April 22, 2014, Endesa Chile acquired the remaining 50% equity interest in Inversiones GasAtacama Holding Limitada, (See Note 5).
(2) On September 3, 2014 Enersis acquired 100% of the social rights of the companies Inkia Holdings (Acter) Limited, Southern Cone Power Ltd.,
Latin American Holding I Ltd., Latin American Holding II Ltd. and Southern Cone Power Peru SAA. On December 31, 2014 Inkia Holdings was
merged with Generandes Peru SA, the latter absorbing all the Inkia Group companies.
(3) On 17 September 2014 the companies Atacama Finance Co and Energex Co were dissolved.
(4) On December 31, 2014, Inmobiliaria Manso de Velasco was merged with ICT, the latter being the legal successor company under the name
of Servicios Informáticos e Inmobiliarios Ltda.
(6) See Note 2.4.2
(5) On 30 December 2014 the companies Aguas Santiago Poniente SA and Constructora y Proyectos los Maitenes SA were sold.
Appendix 2
Changes in the Scope of Consolidation
This appendix is part of Note 2.4.1 “Changes in the scope of consolidation”.
Incorporation into the scope of consolidation:
Percentage of control at 12/31/2014
Direct
Indirect
Total Consolidation Method
Company
Central Dock Sud, S.A.
Cono Sur Participaciones, S.L.U.
Eléctrica Cabo Blanco, S.A.C.
Empresa Eléctrica de Piura, S.A.
Endesa Cemsa S.A.
Generalima, S.A.C.
Inversora Dock Sud, S.A.
Inversiones Sudamerica Ltda.
Atacama Finance Co. (1)
Energex Co. (1)
GasAtacama S.A.
GasAtacama Chile S.A.
Gasoducto TalTal S.A.
Gasoducto Atacama Argentina S.A.
GNL Norte S.A.
Progas S.A.
See Note 2.4.1.
Inversiones GasAtacama Holding Ltda.
100.00%
100.00% Full integration
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
0.00% Full integration
0.00% Full integration
100.00% Full integration
100.00% Full integration
100.00% Full integration
100.00% Full integration
100.00% Full integration
100.00% Full integration
(1) On 17 September 2014 the companies Atacama Finance Co and Energex Co were dissolved.
Companies eliminated from the scope of consolidation:
96,905,700-K
Progas S.A.
Chilean peso
0.00% 100.00% 100.00%
0.00%
0.00%
0.00% Subsidiary
Chile
77,047,280-6
96,671,360-7
Sociedad Agrícola de Cameros Ltda.
Sociedad Concesionaria Túnel El Melón S.A.
Chilean peso
Chilean peso
0.00% 57.50% 57.50%
0.00% 100.00% 100.00%
0.00% 57.50% 57.50% Subsidiary
0.00% 100.00% 100.00% Subsidiary
Chile
Chile
Foreign
Foreign
Foreign
Sociedad Portuaria Central Cartagena S.A.
Colombian peso
0.00% 100.00% 100.00%
0.00%
0.00%
0.00% Subsidiary
Colombia
Southern Cone Power Argentina S.A.
Transportadora de Energía S.A.
Argentine peso
Argentine peso
0.00% 100.00% 100.00%
0.00% 100.00% 100.00%
0.00% 100.00% 100.00% Subsidiary
0.00% 100.00% 100.00% Subsidiary
Argentina
Argentina
0.00% 100.00% 100.00% Subsidiary
0.00% 100.00% 100.00% Subsidiary
Colombia
Chile
Percentage of control at
12/31/2013
Direct
Indirect
Total
Type of
Relationship Country
Activity
Investment in domestic public energy services
Energy and fuel transportation, distribution and sales
Purchase, production, transportation and commercial distribution of
natural gas
Financial investments
Execution, construction and operation of the El Melón tunnel
Investment, construction and maintenance of public or private wharves
and ports
Portfolio company
Electric energy production, transportation and distribution
Percentage of control at 12/31/2013
Direct
0.00%
100.00%
80.00%
0.00%
100.00%
100.00%
57.14%
100.00%
Indirect
69.99%
0.00%
20.00%
96.50%
0.00%
0.00%
0.00%
0.00%
Total Consolidation Method
69.99% Full integration
100.00% Full integration
100.00% Full integration
96.50% Full integration
100.00% Full integration
100.00% Full integration
57.14% Full integration
100.00% Full integration
Company
Aguas Santiago Poniente S.A.
Constructora y Proyectos Los Maitenes S.A.
Percentage of control at 12/31/2014
Direct
0.00%
0.00%
Indirect
78.88%
55.00%
Total Consolidation Method
78.88% Full integration
55.00% Full integration
Percentage of control at 12/31/2013
Direct
-
-
Indirect
-
-
Total Consolidation Method
-
-
-
-
393
Appendix 3
Associated Companies and Joint Ventures
This appendix is part of Note 3.i, “Investments accounted for using the equity method”.
Taxpayer ID
No. (RUT)
96,806,130-5
76,418,940-K
76,788,080-4
Foreign
Foreign
76,652,400-1
76,041,891-9
76,091,595-5
Foreign
Foreign
76,014,570-K
77,017,930-0
Currency
U.S. dollar
Chilean peso
U.S. dollar
U.S. dollar
Argentine peso
Company
( in alphabetical order)
Electrogas S.A.
GNL Chile S.A.
GNL Quintero S.A.
Sacme S.A.
Yacylec S.A.
Centrales Hidroeléctricas De Aysén S.A. Chilean peso
Chilean peso
Aysén Transmisión S.A.
Aysén Energía S.A.
Chilean peso
Distribuidora Eléctrica de
Cundinamarca S.A.
Empresa de Energía de
Cundinamarca S.A.
Inversiones GasAtacama Holding
Ltda. (1)
Transmisora Eléctrica de Quillota
Ltda.
Chilean peso
U.S. dollar
Colombian peso
Colombian peso
Percentage of control at
12/31/2014
Direct
Indirect
Total
Percentage of control at
12/31/2013
Direct
Indirect
Total
0.00% 42.50% 42.50%
0.00% 33.33% 33.33%
0.00% 20.00% 20.00%
0.00% 50.00% 50.00%
0.00% 51.00% 51.00%
0.00% 51.00% 51.00%
0.00% 51.00% 51.00%
0.00% 42.50% 42.50%
0.00% 33.33% 33.33%
0.00% 20.00% 20.00%
0.00% 50.00% 50.00%
0.00% 22.22%
0.00% 51.00% 51.00%
0.00% 51.00% 51.00%
0.00% 51.00% 51.00%
22.22%
0.00% 22.22% 22.22%
0.00% 49.00% 49.00%
0.00% 49.00% 49.00%
Joint venture
Colombia
Electric energy distribution and sales
0.00% 49.00% 49.00%
0.00% 49.00% 49.00%
Joint venture
Colombia
Electric energy distribution and sales
0.00%
0.00%
0.00%
0.00% 50.00% 50.00%
Natural gas transportation
0.00% 50.00% 50.00%
0.00% 50.00% 50.00%
Electric energy transportation and distribution
Type of Relationship
Country
Activity
Portfolio company
Promotion of liquefied natural gas supply project
Development, design and supply of liquid natural gas regasifying terminal
Argentina
Argentina
Monitoring and Control of an Electric System
Electric energy transportation
Development and operation of a hydroelectric plant
Development and operation of a hydroelectric plant
Development and operation of a hydroelectric plant
Associate
Associate
Associate
Associate
Associate
Joint venture
Joint venture
Joint venture
Joint venture
Joint venture
Chile
Chile
Chile
Chile
Chile
Chile
Chile
Chile
(1) On April 22, 2014, Endesa Chile acquired the remaining 50% equity interest in Inversiones GasAtacama Holding Limitada, (See Note 5).
Appendix 4
Additional Information on Financial Debt
This appendix is part of Note 20, “Other financial liabilities.” The following tables present the contractual undiscounted cash flows by type of financial debt:
a) Bank Borrowings
a.- Summary of Bank Borrowings by Currency and Maturity
Current
Non-current Non-current
Maturity
Nominal
Interest
Rate
5.98%
5.60%
2.93%
5.41%
13.03%
34.35%
7.63%
7.68%
9.98%
One to three
months
ThCh$
20,269
714
2,914,574
326,274
2,808,939
8,287,625
1,401,291
-
1,856,705
Currency
US$
Ch$
US$
Sol
US$
Ar$
CP
US$
Real
Three to
twelve
months
ThCh$
1,020,576
9,996,364
978,819
12,054,341
12,035,817
4,203,875
-
5,570,115
Total Current
al 12-31-
2014
ThCh$
1,040,845
714
12,910,938
1,305,093
14,863,280
20,323,442
5,605,166
-
7,426,820
One to two
years
ThCh$
-
-
40,274,383
1,305,094
1,039,398
7,968,912
10,766,379
-
7,426,820
Two to three
years
ThCh$
-
-
18,781,256
3,209,741
-
188,784
15,367,075
-
27,647,361
Maturity
Three to four
years
ThCh$
-
-
16,391,794
22,772,683
-
-
14,619,719
-
25,171,755
Four to five
years
ThCh$
-
-
256,394
-
-
-
13,872,363
-
22,696,148
Over five
years
ThCh$
-
-
-
-
-
-
48,015,897
-
-
17,616,391 45,859,907 63,476,298 68,780,986 65,194,217 78,955,951 36,824,905 48,015,897
297,771,956
27,162,463 147,564,051 174,726,514
45,550,728
40,329,118
52,203,401
62,659,714
77,704,695 278,447,656
Country
Chile
Chile
Peru
Peru
Argentina
Argentina
Colombia
Brazil
Brazil
Total
Current
Maturity
Non-current
Maturity
Total Non-
current at
12-31-2014
ThCh$
One to three
months
ThCh$
Three to
twelve
Total Current
months
at 12-31-2013
ThCh$
ThCh$
One to two
Two to three
Three to four
Four to five
years
ThCh$
years
ThCh$
years
ThCh$
years
Over five years
12-31-2013
ThCh$
ThCh$
842,850 106,843,174 107,686,024
892,825
-
119
-
119
3,055,656
378,238
3,542,419
4,146,020
1,134,709
8,408,627
7,201,676
1,512,947
11,951,046
-
-
-
16,786,045
12,195,441
28,981,486
13,889,262
4,852,373
10,047,517
14,963,210
15,340,751
13,282,260
1,512,947
3,275,631
21,202,549
-
-
-
-
-
-
-
-
1,512,946
1,641,372
5,725,223
9,038,334
2,803,249
102,641,433
1,431,306
425,017
700,813
4,293,917
8,439,726
2,102,437
5,725,223
8,864,743
2,803,250
11,271,083
16,244,420
15,481,057
65,954,840 114,676,623
4,926,255
2,803,250
4,895,843
1,181,509
1,171,932
21,213,873
12,446,756
11,512,339
10,577,923
40,143,517
-
-
-
75,703,827
27,287,518
1,039,398
8,157,696
82,942,084
Total
Non-current
at
ThCh$
892,825
-
53,633,738
27,504,073
1,641,372
18,741,635
-
-
-
-
-
-
394
2014 ANNUAL REPORT ENERSIS
CONSOLIDATED FINANCIAL STATEMENTS
Appendix 3
Associated Companies and Joint Ventures
This appendix is part of Note 3.i, “Investments accounted for using the equity method”.
Taxpayer ID
No. (RUT)
Company
( in alphabetical order)
96,806,130-5
Electrogas S.A.
76,418,940-K
GNL Chile S.A.
76,788,080-4
GNL Quintero S.A.
Foreign
Foreign
Sacme S.A.
Yacylec S.A.
Percentage of control at
Percentage of control at
12/31/2014
12/31/2013
Direct
Indirect
Total
Direct
Indirect
Total
0.00% 42.50% 42.50%
0.00% 42.50% 42.50%
Chilean peso
0.00% 33.33% 33.33%
0.00% 33.33% 33.33%
0.00% 20.00% 20.00%
0.00% 20.00% 20.00%
0.00% 50.00% 50.00%
0.00% 50.00% 50.00%
Argentine peso
22.22%
0.00% 22.22% 22.22%
0.00% 22.22%
Currency
U.S. dollar
U.S. dollar
U.S. dollar
76,652,400-1
Centrales Hidroeléctricas De Aysén S.A. Chilean peso
0.00% 51.00% 51.00%
0.00% 51.00% 51.00%
76,041,891-9
Aysén Transmisión S.A.
76,091,595-5
Aysén Energía S.A.
Chilean peso
Chilean peso
0.00% 51.00% 51.00%
0.00% 51.00% 51.00%
0.00% 51.00% 51.00%
0.00% 51.00% 51.00%
Type of Relationship
Associate
Associate
Associate
Associate
Associate
Joint venture
Joint venture
Joint venture
Country
Chile
Chile
Chile
Argentina
Argentina
Chile
Chile
Chile
Activity
Portfolio company
Promotion of liquefied natural gas supply project
Development, design and supply of liquid natural gas regasifying terminal
Monitoring and Control of an Electric System
Electric energy transportation
Development and operation of a hydroelectric plant
Development and operation of a hydroelectric plant
Development and operation of a hydroelectric plant
Colombian peso
0.00% 49.00% 49.00%
0.00% 49.00% 49.00%
Joint venture
Colombia
Electric energy distribution and sales
Colombian peso
0.00% 49.00% 49.00%
0.00% 49.00% 49.00%
Joint venture
Colombia
Electric energy distribution and sales
U.S. dollar
0.00%
0.00%
0.00%
0.00% 50.00% 50.00%
Chilean peso
0.00% 50.00% 50.00%
0.00% 50.00% 50.00%
Joint venture
Joint venture
Chile
Chile
Natural gas transportation
Electric energy transportation and distribution
(1) On April 22, 2014, Endesa Chile acquired the remaining 50% equity interest in Inversiones GasAtacama Holding Limitada, (See Note 5).
Foreign
Foreign
Distribuidora Eléctrica de
Cundinamarca S.A.
Empresa de Energía de
Cundinamarca S.A.
76,014,570-K
77,017,930-0
Ltda. (1)
Ltda.
Inversiones GasAtacama Holding
Transmisora Eléctrica de Quillota
Appendix 4
Additional Information on Financial Debt
This appendix is part of Note 20, “Other financial liabilities.” The following tables present the contractual undiscounted cash flows by type of financial debt:
Current
Non-current Non-current
Maturity
Current
Maturity
Non-current
Maturity
Total Non-
current at
12-31-2014
ThCh$
-
-
75,703,827
27,287,518
1,039,398
8,157,696
102,641,433
-
82,942,084
One to three
months
ThCh$
Three to
twelve
Total Current
months
at 12-31-2013
ThCh$
ThCh$
842,850 106,843,174 107,686,024
119
7,201,676
1,512,947
11,951,046
28,981,486
5,725,223
8,864,743
2,803,250
-
4,146,020
1,134,709
8,408,627
12,195,441
4,293,917
8,439,726
2,102,437
119
3,055,656
378,238
3,542,419
16,786,045
1,431,306
425,017
700,813
One to two
years
ThCh$
892,825
-
10,047,517
1,512,946
1,641,372
13,889,262
5,725,223
9,038,334
2,803,249
Two to three
years
ThCh$
-
-
14,963,210
1,512,947
-
4,852,373
11,271,083
4,926,255
2,803,250
Three to four
years
ThCh$
-
-
15,340,751
3,275,631
-
-
16,244,420
4,895,843
12,446,756
Four to five
years
ThCh$
-
-
13,282,260
21,202,549
-
-
15,481,057
1,181,509
11,512,339
Over five years
ThCh$
-
-
-
-
-
-
Total
Non-current
at
12-31-2013
ThCh$
892,825
-
53,633,738
27,504,073
1,641,372
18,741,635
65,954,840 114,676,623
21,213,873
40,143,517
1,171,932
10,577,923
17,616,391 45,859,907 63,476,298 68,780,986 65,194,217 78,955,951 36,824,905 48,015,897
297,771,956
27,162,463 147,564,051 174,726,514
45,550,728
40,329,118
52,203,401
62,659,714
77,704,695 278,447,656
395
a) Bank Borrowings
a.- Summary of Bank Borrowings by Currency and Maturity
Country
Currency
Rate
One to three
al 12-31-
One to two
Two to three
Three to four
Four to five
Over five
years
ThCh$
years
ThCh$
years
ThCh$
years
ThCh$
years
ThCh$
Maturity
Three to
Total Current
months
ThCh$
20,269
714
twelve
months
ThCh$
1,020,576
1,040,845
2014
ThCh$
714
2,914,574
9,996,364
12,910,938
40,274,383
18,781,256
16,391,794
256,394
326,274
978,819
1,305,093
2,808,939
12,054,341
14,863,280
8,287,625
12,035,817
20,323,442
1,305,094
1,039,398
7,968,912
188,784
3,209,741
22,772,683
1,401,291
4,203,875
5,605,166
10,766,379
15,367,075
14,619,719
13,872,363
48,015,897
-
-
-
1,856,705
5,570,115
7,426,820
7,426,820
27,647,361
25,171,755
22,696,148
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Nominal
Interest
5.98%
5.60%
2.93%
5.41%
13.03%
34.35%
7.63%
7.68%
9.98%
US$
Ch$
US$
Sol
US$
Ar$
CP
US$
Real
Chile
Chile
Peru
Peru
Brazil
Brazil
Total
Argentina
Argentina
Colombia
b. Identification of Bank Borrowings by Company
Taxpayer ID No.
(RUT)
Foreign
Foreign
Foreign
Foreign
96,800,570-7
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
94,271,00-3
79,913,810-7
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
91,081,000-6
91,081,000-6
91,081,000-6
91,081,000-6
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Company
Ampla Energía S.A.
CGTF S.A.
CGTF S.A.
CGTF S.A.
Chilectra S.A.
Codensa S.A.
Coelce S.A.
Edelnor S.A.A.
Edelnor S.A.A.
Edelnor S.A.A.
Edelnor S.A.A.
Edelnor S.A.A.
Edelnor S.A.A.
Edesur S.A.
Edesur S.A.
Edesur S.A.
Edesur S.A.
Edesur S.A.
Edesur S.A.
Edesur S.A.
Edesur S.A.
Edesur S.A.
Edesur S.A.
Edesur S.A.
Enersis S.A.
Manso de Velasco Ltda.
Chinango S.A.C.
Chinango S.A.C.
Chinango S.A.C.
Chinango S.A.C.
Edegel S.A.A.
Edegel S.A.A.
Emgesa S.A. E.S.P.
Emgesa S.A. E.S.P.
Endesa Argentina S.A.
Endesa Costanera S.A.
Endesa Costanera S.A.
Endesa Costanera S.A.
Endesa Costanera S.A.
Endesa Costanera S.A.
Endesa Costanera S.A.
Endesa Costanera S.A.
Endesa Costanera S.A.
Endesa Costanera S.A.
Endesa Costanera S.A.
Endesa Chile S.A.
Endesa Chile S.A.
Endesa Chile S.A.
Endesa Chile S.A.
H. El Chocón S.A.
H. El Chocón S.A.
H. El Chocón S.A.
H. El Chocón S.A.
H. El Chocón S.A.
H. El Chocón S.A.
H. El Chocón S.A.
H. El Chocón S.A.
H. El Chocón S.A.
H. El Chocón S.A.
H. El Chocón S.A.
Country
Brazil
Brazil
Brazil
Brazil
Chile
Colombia
Brazil
Peru
Peru
Peru
Peru
Peru
Peru
Argentina
Argentina
Argentina
Argentina
Argentina
Argentina
Argentina
Argentina
Argentina
Argentina
Argentina
Chile
Chile
Peru
Peru
Peru
Peru
Peru
Peru
Colombia
Colombia
Argentina
Argentina
Argentina
Argentina
Argentina
Argentina
Argentina
Argentina
Argentina
Argentina
Argentina
Chile
Chile
Chile
Chile
Argentina
Argentina
Argentina
Argentina
Argentina
Argentina
Argentina
Argentina
Argentina
Argentina
Argentina
Financial Institution
Banco do Brazil
IFC - A
IFC - B
IFC - C
Credit lines
Citibank Colombia
Banco Itaú Brazil
Banco de Interbank
Banco de Interbank
Banco Continental
Banco Continental
Banco Continental
Banco Continental
Banco Ciudad
Banco Provincia
Standard Bank
Banco Itaú Argentina
Banco Galicia
Banco Macro
Banco Santander Río
Banco Santander Río
Comafi
Banco Supervielle
ICB Argentina
Banco Santander Chile
Banco Santander Chile
Banco Scotiabank
Bank Of Nova Scotia
Bank Of Nova Scotia
Banco Scotiabank
Banco Continental
Bank Nova Scotia
BBVA Colombia
Banco Corpbanca
Citibank
Banco Ciudad
Banco Galicia
Banco Itau
Banco Nación Argentina
Banco Santander Río
Standard Bank
Banco Supervielle
Citibank
Credit Suisse International
ICB Argentina
B.N.P. Paribas
Banco Santander
EDC
BBVA S.A.NY
Deutsche Bank
Standard Bank
Banco Itau
Banco Itau
Banco Macro
Banco Santander - Sindicado IV
Banco Itau- Sindicado IV
Banco Galicia - Sindicado IV
Banco Hipotecario - Sindicado IV
Banco Ciudad -Sindicado IV
ICB Argentina
Total
Currency
Real
US$
US$
US$
Ch$
CP
Real
Sol
Sol
Sol
Sol
Sol
Sol
Ar$
Ar$
Ar$
Ar$
Ar$
Ar$
Ar$
Ar$
Ar$
Ar$
Ar$
Ch$
Ch$
US$
US$
US$
US$
US$
US$
CP
CP
Ar$
Ar$
Ar$
Ar$
Ar$
Ar$
Ar$
Ar$
Ar$
US$
Ar$
US$
Ch$
US$
US$
US$
US$
US$
Ar$
Ar$
Ar$
Ar$
Ar$
Ar$
Ar$
Ar$
Effective
Interest Rate
11.19%
8.03%
2.64%
12.18%
5.91%
4.40%
11.96%
6.90%
5.83%
5.10%
5.10%
5.10%
5.10%
32.46%
29.14%
22.63%
36.34%
22.63%
36.17%
29.74%
32.00%
39.80%
25.60%
34.55%
4.50%
6.00%
4.08%
3.07%
3.48%
0.76%
3.44%
0.97%
8.39%
8.19%
30.00%
25.59%
35.75%
37.50%
18.85%
32.00%
36.00%
35.00%
32.50%
13.25%
36.00%
6.32%
6.00%
1.42%
1.56%
13.35%
13.35%
13.35%
33.70%
30.72%
35.26%
35.26%
35.26%
35.26%
35.26%
35.26%
Nominal Interest
Rate
11.34%
8.05%
2.61%
12.32%
5.91%
4.32%
12.09%
6.73%
5.71%
5.01%
5.01%
5.01%
5.01%
28.51%
25.85%
29.11%
31.39%
21.00%
31.27%
26.91%
30.00%
34.00%
23.00%
30.85%
4.50%
6.00%
3.93%
2.97%
3.40%
0.78%
3.36%
0.97%
8.22%
8.03%
30.00%
23.00%
42.24%
44.68%
18.85%
37.14%
42.59%
41.21%
37.81%
13.92%
42.59%
5.98%
6.00%
1.34%
0.99%
12.73%
12.73%
12.73%
29.25%
28.00%
31.36%
31.36%
31.36%
31.36%
31.36%
31.36%
Less than 90
days
ThCh$
831,094
-
-
132
-
1,025,611
-
34,654
62,168
38,673
64,454
61,860
64,465
1,216,089
457,020
-
249,211
-
-
810,407
576,612
-
-
310,712
-
-
353,913
411,404
289,876
-
1,807,054
52,327
1,027,774
373,517
749,636
-
308,554
119,500
-
70,593
-
112,554
347,807
122,704
132,215
20,269
582
-
-
1,331,375
667,376
687,484
-
1,522,852
306,765
273,493
262,403
86,271
34,894
340,037
12-31-2014
Current
More than
90 days
ThCh$
2,493,282
-
-
-
-
3,076,833
-
103,961
186,505
116,018
193,361
185,579
193,395
2,519,698
-
-
658,584
-
-
750,273
-
-
-
-
-
-
1,051,014
1,217,828
857,071
-
6,713,471
156,980
3,083,323
1,120,552
-
-
836,632
337,442
-
200,874
-
319,053
998,639
2,324,204
371,509
1,020,576
-
-
-
4,844,938
2,425,364
2,459,835
-
-
1,185,867
1,057,510
1,014,727
335,251
135,536
1,314,222
Total
Current
ThCh$
3,324,376
-
-
132
-
4,102,444
-
138,615
248,673
154,691
257,815
247,439
257,860
3,735,787
457,020
-
907,795
-
-
1,560,680
576,612
-
-
310,712
-
-
1,404,927
1,629,232
1,146,947
-
8,520,525
209,307
4,111,097
1,494,069
749,636
-
1,145,186
456,942
-
271,467
-
431,607
1,346,446
2,446,908
503,724
1,040,845
582
-
-
6,176,313
3,092,740
3,147,319
-
1,522,852
1,492,632
1,331,003
1,277,130
421,522
170,430
1,654,259
12-31-2014
Non-current
12-31-2013
Non-current
One to two
Two to
Three to
Four to five
Over five
Total Non-
Less than
More than
Total
One to two
Two to
Three to
Four to five
Over five
Total Non-
years
three years
four years
ThCh$
ThCh$
years
ThCh$
years
ThCh$
current
ThCh$
2,803,250
12,446,756
11,512,339
10,577,923
40,143,517
3,728,436
3,705,738
ThCh$
2,803,249
3,749,565
4,844,441
444,328
1,197,819
1,190,105
1,181,509
1,171,932
years
three years
four years
ThCh$
ThCh$
ThCh$
years
ThCh$
years
ThCh$
3,324,376
13,139,191
12,031,066
10,922,940
current
ThCh$
39,417,573
4,102,444
14,508,170
13,140,689
11,773,208
43,524,511
138,615
248,674
154,691
257,815
247,438
257,861
2,043,262
248,674
154,691
257,815
247,438
257,861
4,308,038
3,112,021
5,186,700
4,979,205
5,186,719
89,516
268,546
358,062
358,062
358,062
2,120,747
3,986,879
181,643
303,055
294,153
376,034
181,643
303,055
294,152
376,034
2,896,101
4,826,966
4,635,229
4,857,374
2,147,173
2,885,308
3,417,147
Current
ThCh$
2,803,250
3,769,235
4,651,180
444,328
104
181,643
303,055
294,152
376,035
359,005
1,176,555
1,204,640
68,637
1,144,947
3,278,229
24,455
76,246
2,103,523
2,387,802
4,204,011
1,521,212
809,763
98,467
2,514,705
1,071,559
533,563
656,552
1,150,992
1,028,903
3,391,799
3,342,678
-
-
-
-
-
4
4
-
-
-
7
Current
90 days
ThCh$
2,102,437
3,518,132
4,588,348
333,246
136,232
227,291
220,614
282,026
327,033
875,884
884,324
886,628
2,549,992
37,009
90 days
ThCh$
700,813
251,103
62,832
111,082
104
45,411
75,764
73,538
94,009
738,135
31,972
300,671
320,316
68,637
258,319
728,237
24,455
39,237
-
-
-
-
-
4
4
-
-
-
7
2,103,523
380,303
809,763
98,467
2,514,705
1,071,559
533,563
656,552
1,150,992
1,028,903
3,391,799
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
181,643
303,055
294,152
376,034
504,864
342,441
1,000,308
1,725,706
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
2,181,877
4,805,386
3,421,403
5,702,330
5,474,081
5,702,441
18,069,339
3,127,405
3,496,343
29,096,392
21,914,348
990,314
418,600
253,644
399,344
1,286,715
1,039,398
455,530
1,023,289
912,706
875,846
290,454
117,383
113,672
3,229,006
28,293
921,118
949,411
892,825
378,291
378,290
756,581
436,266 105,543,766 105,980,032
1,712,808
857,292
858,647
163,618
1,511,204
316,184
282,011
270,612
89,772
36,008
2,587,169
1,295,083
1,297,369
1,054,829
940,860
902,848
299,691
120,377
4,299,977
2,152,375
2,156,016
163,618
1,511,204
1,371,013
1,222,871
1,173,460
389,463
156,385
820,490
410,356
410,526
1,621,376
1,446,280
1,387,893
461,142
185,639
1,140,227
1,017,149
976,117
324,622
130,955
1,133,871
350,354
1,168,793
1,519,147
1,796,466
1,263,303
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
11,183,739
4,844,441
5,185,693
6,823,750
3,441,030
5,736,131
5,517,686
5,985,476
3,417,147
504,864
342,441
1,000,308
1,725,706
892,825
820,490
410,356
410,526
2,761,603
2,463,429
2,364,010
785,764
316,594
3,059,769
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
14,284,700
14,811,692
21,914,348
990,314
390,884
27,716
236,632
17,012
372,729
1,199,174
1,039,398
425,630
26,615
87,541
29,900
1,023,289
912,706
875,846
290,454
117,383
1,133,871
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
1,347,722
15,345,293
1,376,324
1,585,546
1,113,465
1,541,859
1,079,983
1,046,501
256,394
316,892
366,751
941,120
1,085,588
1,258,012
1,452,339
1,232,527
1,413,234
1,207,041
1,374,130
1,181,556
13,282,260
1,335,025
16,903,384
4,122,389
268,490
2,119,312
7,401,756
12,382,039
12,824,170
32,607,965
7,918,549
11,314,891
10,766,745
10,218,598
35,392,929
75,611,712
1,051,003
2,847,830
4,052,184
3,852,974
3,653,765
12,622,968
27,029,721
3,153,008
1,140,909
4,204,011
1,521,212
8,295,219
11,966,026
11,405,491
48,619,434
84,490,181
2,975,864
4,278,394
4,075,566
17,335,406
30,186,442
17,616,391
45,859,907
63,476,298
68,780,986
65,194,217
78,955,951
36,824,905
48,015,897
297,771,956
27,162,463
147,564,051
174,726,514
45,550,728
40,329,118
52,203,401
62,659,714
77,704,695
278,447,656
396
2014 ANNUAL REPORT ENERSIS
CONSOLIDATED FINANCIAL STATEMENTS
b. Identification of Bank Borrowings by Company
94,271,00-3
79,913,810-7
Manso de Velasco Ltda.
Taxpayer ID No.
Company
Ampla Energía S.A.
96,800,570-7
(RUT)
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
91,081,000-6
91,081,000-6
91,081,000-6
91,081,000-6
CGTF S.A.
CGTF S.A.
CGTF S.A.
Chilectra S.A.
Codensa S.A.
Coelce S.A.
Edelnor S.A.A.
Edelnor S.A.A.
Edelnor S.A.A.
Edelnor S.A.A.
Edelnor S.A.A.
Edelnor S.A.A.
Edesur S.A.
Edesur S.A.
Edesur S.A.
Edesur S.A.
Edesur S.A.
Edesur S.A.
Edesur S.A.
Edesur S.A.
Edesur S.A.
Edesur S.A.
Edesur S.A.
Enersis S.A.
Chinango S.A.C.
Chinango S.A.C.
Chinango S.A.C.
Chinango S.A.C.
Edegel S.A.A.
Edegel S.A.A.
Emgesa S.A. E.S.P.
Emgesa S.A. E.S.P.
Endesa Argentina S.A.
Endesa Costanera S.A.
Endesa Costanera S.A.
Endesa Costanera S.A.
Endesa Costanera S.A.
Endesa Costanera S.A.
Endesa Costanera S.A.
Endesa Costanera S.A.
Endesa Costanera S.A.
Endesa Costanera S.A.
Endesa Costanera S.A.
Endesa Chile S.A.
Endesa Chile S.A.
Endesa Chile S.A.
Endesa Chile S.A.
H. El Chocón S.A.
H. El Chocón S.A.
H. El Chocón S.A.
H. El Chocón S.A.
H. El Chocón S.A.
H. El Chocón S.A.
H. El Chocón S.A.
H. El Chocón S.A.
H. El Chocón S.A.
H. El Chocón S.A.
H. El Chocón S.A.
Country
Brazil
Brazil
Brazil
Brazil
Chile
Colombia
Brazil
Peru
Peru
Peru
Peru
Peru
Peru
Argentina
Argentina
Argentina
Argentina
Argentina
Argentina
Argentina
Argentina
Argentina
Argentina
Argentina
Chile
Chile
Peru
Peru
Peru
Peru
Peru
Peru
Colombia
Colombia
Argentina
Argentina
Argentina
Argentina
Argentina
Argentina
Argentina
Argentina
Argentina
Argentina
Argentina
Chile
Chile
Chile
Chile
Argentina
Argentina
Argentina
Argentina
Argentina
Argentina
Argentina
Argentina
Argentina
Argentina
Argentina
Financial Institution
Banco do Brazil
IFC - A
IFC - B
IFC - C
Credit lines
Citibank Colombia
Banco Itaú Brazil
Banco de Interbank
Banco de Interbank
Banco Continental
Banco Continental
Banco Continental
Banco Continental
Banco Ciudad
Banco Provincia
Standard Bank
Banco Itaú Argentina
Banco Galicia
Banco Macro
Banco Santander Río
Banco Santander Río
Comafi
Banco Supervielle
ICB Argentina
Banco Santander Chile
Banco Santander Chile
Banco Scotiabank
Bank Of Nova Scotia
Bank Of Nova Scotia
Banco Scotiabank
Banco Continental
Bank Nova Scotia
BBVA Colombia
Banco Corpbanca
Citibank
Banco Ciudad
Banco Galicia
Banco Itau
Banco Nación Argentina
Banco Santander Río
Standard Bank
Banco Supervielle
Citibank
Credit Suisse International
ICB Argentina
B.N.P. Paribas
Banco Santander
EDC
BBVA S.A.NY
Deutsche Bank
Standard Bank
Banco Itau
Banco Itau
Banco Macro
Banco Santander - Sindicado IV
Banco Itau- Sindicado IV
Banco Galicia - Sindicado IV
Banco Hipotecario - Sindicado IV
Banco Ciudad -Sindicado IV
ICB Argentina
Total
Real
US$
US$
US$
Ch$
CP
Real
Sol
Sol
Sol
Sol
Sol
Sol
Ar$
Ar$
Ar$
Ar$
Ar$
Ar$
Ar$
Ar$
Ar$
Ar$
Ar$
Ch$
Ch$
US$
US$
US$
US$
US$
US$
CP
CP
Ar$
Ar$
Ar$
Ar$
Ar$
Ar$
Ar$
Ar$
Ar$
US$
Ar$
US$
Ch$
US$
US$
US$
US$
US$
Ar$
Ar$
Ar$
Ar$
Ar$
Ar$
Ar$
Ar$
Currency
Interest Rate
Effective
Nominal Interest
12-31-2014
Current
Less than 90
More than
days
ThCh$
90 days
ThCh$
Total
Current
ThCh$
831,094
2,493,282
3,324,376
11.19%
8.03%
2.64%
12.18%
5.91%
4.40%
11.96%
6.90%
5.83%
5.10%
5.10%
5.10%
5.10%
32.46%
29.14%
22.63%
36.34%
22.63%
36.17%
29.74%
32.00%
39.80%
25.60%
34.55%
4.50%
6.00%
4.08%
3.07%
3.48%
0.76%
3.44%
0.97%
8.39%
8.19%
30.00%
25.59%
35.75%
37.50%
18.85%
32.00%
36.00%
35.00%
32.50%
13.25%
36.00%
6.32%
6.00%
1.42%
1.56%
13.35%
13.35%
13.35%
33.70%
30.72%
35.26%
35.26%
35.26%
35.26%
35.26%
35.26%
Rate
11.34%
8.05%
2.61%
12.32%
5.91%
4.32%
12.09%
6.73%
5.71%
5.01%
5.01%
5.01%
5.01%
28.51%
25.85%
29.11%
31.39%
21.00%
31.27%
26.91%
30.00%
34.00%
23.00%
30.85%
4.50%
6.00%
3.93%
2.97%
3.40%
0.78%
3.36%
0.97%
8.22%
8.03%
30.00%
23.00%
42.24%
44.68%
18.85%
37.14%
42.59%
41.21%
37.81%
13.92%
42.59%
5.98%
6.00%
1.34%
0.99%
12.73%
12.73%
12.73%
29.25%
28.00%
31.36%
31.36%
31.36%
31.36%
31.36%
31.36%
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
132
132
1,025,611
3,076,833
4,102,444
103,961
186,505
116,018
193,361
185,579
193,395
34,654
62,168
38,673
64,454
61,860
64,465
457,020
138,615
248,673
154,691
257,815
247,439
257,860
457,020
1,216,089
2,519,698
3,735,787
249,211
658,584
907,795
810,407
576,612
750,273
1,560,680
576,612
310,712
310,712
353,913
411,404
289,876
1,051,014
1,217,828
857,071
1,404,927
1,629,232
1,146,947
1,807,054
6,713,471
8,520,525
52,327
1,027,774
373,517
749,636
156,980
3,083,323
1,120,552
209,307
4,111,097
1,494,069
749,636
308,554
119,500
836,632
337,442
1,145,186
456,942
70,593
200,874
271,467
112,554
347,807
122,704
132,215
20,269
582
1,331,375
667,376
687,484
1,522,852
306,765
273,493
262,403
86,271
34,894
1,020,576
1,040,845
319,053
998,639
2,324,204
371,509
4,844,938
2,425,364
2,459,835
1,185,867
1,057,510
1,014,727
335,251
135,536
431,607
1,346,446
2,446,908
503,724
582
6,176,313
3,092,740
3,147,319
1,522,852
1,492,632
1,331,003
1,277,130
421,522
170,430
340,037
1,314,222
1,654,259
One to two
years
ThCh$
3,324,376
-
-
-
-
4,102,444
-
138,615
248,674
154,691
257,815
247,438
257,861
-
-
-
-
-
-
-
-
-
-
-
-
-
1,376,324
1,585,546
1,113,465
-
14,284,700
21,914,348
7,918,549
2,847,830
-
-
990,314
390,884
-
236,632
-
372,729
1,199,174
1,039,398
425,630
-
-
-
-
-
-
-
-
-
1,023,289
912,706
875,846
290,454
117,383
1,133,871
Two to
three years
ThCh$
13,139,191
-
-
-
-
14,508,170
-
2,043,262
248,674
154,691
257,815
247,438
257,861
-
-
-
-
-
-
-
-
-
-
-
-
-
1,347,722
1,541,859
1,079,983
-
14,811,692
-
11,314,891
4,052,184
-
-
-
27,716
-
17,012
-
26,615
87,541
-
29,900
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
12-31-2014
Non-current
Three to
four years
ThCh$
12,031,066
-
-
-
-
13,140,689
-
-
4,308,038
3,112,021
5,186,700
4,979,205
5,186,719
-
-
-
-
-
-
-
-
-
-
-
-
-
15,345,293
-
1,046,501
-
-
-
10,766,745
3,852,974
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Four to five
years
ThCh$
10,922,940
-
-
-
-
11,773,208
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
256,394
-
-
-
10,218,598
3,653,765
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Over five
years
ThCh$
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
35,392,929
12,622,968
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Total Non-
current
ThCh$
39,417,573
-
-
-
-
43,524,511
-
2,181,877
4,805,386
3,421,403
5,702,330
5,474,081
5,702,441
-
-
-
-
-
-
-
-
-
-
-
-
-
18,069,339
3,127,405
3,496,343
-
29,096,392
21,914,348
75,611,712
27,029,721
-
-
990,314
418,600
-
253,644
-
399,344
1,286,715
1,039,398
455,530
-
-
-
-
-
-
-
-
-
1,023,289
912,706
875,846
290,454
117,383
1,133,871
Current
Total
More than
Less than
Current
90 days
90 days
ThCh$
ThCh$
ThCh$
2,803,250
2,102,437
700,813
3,769,235
3,518,132
251,103
4,651,180
4,588,348
62,832
444,328
333,246
111,082
104
-
104
-
-
-
-
-
-
358,062
268,546
89,516
-
-
-
181,643
136,232
45,411
303,055
227,291
75,764
294,152
220,614
73,538
376,035
282,026
94,009
2,885,308
2,147,173
738,135
359,005
327,033
31,972
1,176,555
875,884
300,671
1,204,640
884,324
320,316
68,637
-
68,637
1,144,947
886,628
258,319
3,278,229
2,549,992
728,237
-
-
-
24,455
-
24,455
76,246
37,009
39,237
-
-
-
4
-
4
4
-
4
1,258,012
941,120
316,892
1,452,339
1,085,588
366,751
-
-
-
2,103,523
-
2,103,523
2,387,802
2,119,312
268,490
-
-
-
4,204,011
3,153,008
1,051,003
1,521,212
1,140,909
380,303
809,763
-
809,763
98,467
-
98,467
2,514,705
-
2,514,705
1,071,559
-
1,071,559
533,563
-
533,563
656,552
-
656,552
1,150,992
-
1,150,992
1,028,903
-
1,028,903
3,391,799
-
3,391,799
3,342,678
3,229,006
113,672
-
-
-
949,411
921,118
28,293
7
-
7
378,291
756,581
378,290
436,266 105,543,766 105,980,032
4,299,977
2,587,169
2,152,375
1,295,083
2,156,016
1,297,369
163,618
-
1,511,204
-
1,371,013
1,054,829
1,222,871
940,860
1,173,460
902,848
389,463
299,691
156,385
120,377
1,519,147
1,168,793
1,712,808
857,292
858,647
163,618
1,511,204
316,184
282,011
270,612
89,772
36,008
350,354
One to two
years
ThCh$
2,803,249
3,749,565
4,844,441
444,328
-
-
-
358,062
-
181,643
303,055
294,152
376,034
3,417,147
504,864
342,441
1,000,308
-
-
1,725,706
-
-
-
-
-
-
1,232,527
1,413,234
-
-
7,401,756
-
4,204,011
1,521,212
-
-
-
-
-
-
-
-
-
-
-
892,825
-
-
-
820,490
410,356
410,526
-
-
1,621,376
1,446,280
1,387,893
461,142
185,639
1,796,466
12-31-2013
Non-current
Two to
three years
ThCh$
2,803,250
3,728,436
-
1,197,819
-
-
-
358,062
-
181,643
303,055
294,153
376,034
-
-
-
-
-
-
-
-
-
-
-
-
-
1,207,041
1,374,130
-
-
12,382,039
-
8,295,219
2,975,864
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
1,140,227
1,017,149
976,117
324,622
130,955
1,263,303
Three to
four years
ThCh$
12,446,756
3,705,738
-
1,190,105
-
-
-
2,120,747
-
181,643
303,055
294,152
376,034
-
-
-
-
-
-
-
-
-
-
-
-
-
1,181,556
1,335,025
-
-
12,824,170
-
11,966,026
4,278,394
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Four to five
years
ThCh$
11,512,339
-
-
1,181,509
-
-
-
3,986,879
-
2,896,101
4,826,966
4,635,229
4,857,374
-
-
-
-
-
-
-
-
-
-
-
-
-
13,282,260
-
-
-
-
-
11,405,491
4,075,566
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Over five
years
ThCh$
10,577,923
-
-
1,171,932
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
48,619,434
17,335,406
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Total Non-
current
ThCh$
40,143,517
11,183,739
4,844,441
5,185,693
-
-
-
6,823,750
-
3,441,030
5,736,131
5,517,686
5,985,476
3,417,147
504,864
342,441
1,000,308
-
-
1,725,706
-
-
-
-
-
-
16,903,384
4,122,389
-
-
32,607,965
-
84,490,181
30,186,442
-
-
-
-
-
-
-
-
-
-
-
892,825
-
-
-
820,490
410,356
410,526
-
-
2,761,603
2,463,429
2,364,010
785,764
316,594
3,059,769
17,616,391
45,859,907
63,476,298
68,780,986
65,194,217
78,955,951
36,824,905
48,015,897
297,771,956
27,162,463
147,564,051
174,726,514
45,550,728
40,329,118
52,203,401
62,659,714
77,704,695
278,447,656
397
b) Secured and Unsecured Liabilities
c. Summary of Secured and Unsecured Liabilities by Currency and Maturity
Current
Non-current Non-current
Maturity
Maturity
Current
Maturity
Nominal
Interest
Rate
7.17%
5.57%
6.89%
6.57%
7.79%
11.69%
Currency
US$
U.F.
US$
Sol
CP
Real
Country
Chile
Chile
Peru
Peru
Colombia
Brazil
Total
Three to
twelve
months
ThCh$
Total Current
at
12-31-2014
ThCh$
One to three
months
ThCh$
One to two
years
ThCh$
11,857,865 152,626,256 164,484,121 188,522,289
43,719,963
14,072,738
30,115,012
Over five
Two to three
years
years
ThCh$
ThCh$
25,581,811 734,182,951
25,581,811
52,020,539 441,830,545
42,919,926
35,341,359
15,362,941
1,443,269
1,630,232
33,040,637
39,655,619 189,474,327
32,058,804
65,385,741 151,442,315 121,885,126 217,675,920 191,934,482 150,687,586 877,507,340
-
58,273,250
Three to four
years
ThCh$
25,581,811
42,109,023
7,173,013
11,190,625
9,168,367
4,424,492
8,992,510
86,056,574
11,340,152
69,613,402 119,821,286 131,772,248 107,403,868
44,509,726
6,054,724
42,033,147
Four to five
years
ThCh$
52,740,514
5,691,115
131,839,960 346,297,475 478,137,435 518,136,414 451,451,978 385,392,822 326,377,184 2,258,358,104
3,939,716,502 323,278,458 203,603,475 526,881,933 399,224,354 430,771,991 366,064,559 314,002,928 1,786,185,487 3,296,249,319
d. Secured and Unsecured Liabilities by Company
Taxpayer ID No.
(RUT
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Company
Ampla Energía S.A.
Ampla Energía S.A.
Ampla Energía S.A.
Ampla Energía S.A.
Ampla Energía S.A.
Chinango S.A.C.
Codensa S.A.
Codensa S.A.
Codensa S.A.
Codensa S.A.
Codensa S.A.
Codensa S.A.
Codensa S.A.
Coelce S.A.
Coelce S.A.
Edegel S.A.A.
Edegel S.A.A.
Edegel S.A.A.
Edegel S.A.A.
Edegel S.A.A.
Edegel S.A.A.
Edegel S.A.A.
Edegel S.A.A.
Edegel S.A.A.
Edegel S.A.A.
Edegel S.A.A.
Edegel S.A.A.
Edelnor S.A.A.
Edelnor S.A.A.
Edelnor S.A.A.
Edelnor S.A.A.
Edelnor S.A.A.
Edelnor S.A.A.
Edelnor S.A.A.
Edelnor S.A.A.
Edelnor S.A.A.
Edelnor S.A.A.
Edelnor S.A.A.
Edelnor S.A.A.
Edelnor S.A.A.
Edelnor S.A.A.
Edelnor S.A.A.
Edelnor S.A.A.
Edelnor S.A.A.
Edelnor S.A.A.
Edelnor S.A.A.
Country
Brazil
Brazil
Brazil
Brazil
Brazil
Peru
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Brazil
Brazil
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Financial Institution
Bonds 1ª
Bonds 2ª
Bonds 1ª
Bonds 2ª
Bonds 1ª
Banco Continental
B8
B102
B103
B604
Bonds B5-13
Bonds B12-13
Bonds B7-14
Itaú 1
Itaú 2
Banco Continental
Banco Continental
Banco Continental
Banco Continental
Banco Continental
Banco Continental
Banco Continental
Banco Continental
Banco Scotiabank
Banco Scotiabank
Banco Scotiabank
Banco Scotiabank
Rimac Internacional
AFP Integra
AFP Integra
AFP Horizonte
AFP Integra
AFP Prima
AFP Profuturo
AFP Horizonte
AFP Prima
AFP Prima
Rimac Internacional
Rimac Internacional
FCR - Macrofondo
Rimac Internacional
Rimac Internacional
Rimac Internacional
AFP Prima
FCR - Macrofondo
AFP Prima
Country
Brazil
Brazil
Brazil
Brazil
Brazil
Peru
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Brazil
Brazil
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Currency
Real
Real
Real
Real
Real
Sol
CP
CP
CP
CP
CP
CP
CP
Real
Real
Sol
Sol
Sol
Sol
US$
US$
US$
US$
US$
US$
US$
US$
Sol
Sol
Sol
Sol
Sol
Sol
Sol
Sol
Sol
Sol
Sol
Sol
Sol
Sol
Sol
Sol
Sol
Sol
Sol
Effective
Interest
Rate
Nominal
Interest
Rate
11.69% 11.87%
14.63% 14.82%
11.50% 11.67%
12.65% 12.80%
11.60% 11.67%
6.16%
6.25%
8.48%
8.75%
8.06%
8.31%
8.31%
8.57%
6.72%
6.89%
6.72%
6.89%
7.58%
7.80%
6.49%
6.34%
11.54% 11.54%
13.47% 13.47%
6.59%
6.70%
6.31%
6.41%
6.28%
6.38%
6.75%
6.86%
6.34%
6.44%
9.00%
9.20%
7.78%
7.93%
7.13%
7.25%
6.63%
6.73%
6.00%
6.09%
6.47%
6.57%
5.78%
5.86%
5.37%
5.44%
5.82%
5.91%
8.00%
8.16%
7.09%
7.22%
7.85%
8.00%
6.82%
6.94%
7.91%
8.06%
6.46%
6.56%
6.70%
6.81%
7.00%
7.13%
5.97%
6.06%
5.13%
5.56%
5.00%
6.50%
7.06%
6.63%
7.03%
7.44%
5.06%
5.49%
4.94%
6.40%
6.94%
6.52%
6.91%
7.30%
12-31-2014
Current
More than
90 days
ThCh$
14,938,243
5,602,465
1,972,439
7,565,110
6,232,607
-
-
6,235,159
1,300,241
1,891,104
2,372,770
2,840,966
2,503,998
13,717,969
8,244,417
-
240,472
239,282
-
275,246
-
275,698
-
287,449
260,331
280,669
250,839
-
4,083,492
227,458
165,638
332,216
8,362,253
-
-
-
272,312
463,801
392,374
425,707
306,280
323,360
198,600
4,085,912
214,790
340,502
Less than
90 days
ThCh$
781,789
1,867,488
657,480
2,521,703
2,077,536
-
-
2,078,386
433,414
630,368
790,923
946,989
834,666
686,017
2,748,139
-
80,157
79,761
-
91,749
-
91,899
3,881,082
95,816
86,777
93,556
83,613
-
60,213
75,819
55,213
110,739
141,246
5,163,298
-
-
90,771
154,600
130,791
141,902
102,093
107,787
66,200
67,470
71,597
113,501
Total
Current
ThCh$
15,720,032
7,469,953
2,629,919
10,086,813
8,310,143
-
-
8,313,545
1,733,655
2,521,472
3,163,693
3,787,955
3,338,664
14,403,986
10,992,556
-
320,629
319,043
-
366,995
-
367,597
3,881,082
383,265
347,108
374,225
334,452
-
4,143,705
303,277
220,851
442,955
8,503,499
5,163,298
-
-
363,083
618,401
523,165
567,609
408,373
431,147
264,800
4,153,382
286,387
454,003
398
2014 ANNUAL REPORT ENERSIS
CONSOLIDATED FINANCIAL STATEMENTS
Total Non-
current at
12-31-2014
ThCh$
One to three
months
ThCh$
Three to
twelve
Total Current
months
at 12-31-2013
ThCh$
ThCh$
One to two
Two to three
Three to four
Four to five
years
ThCh$
years
ThCh$
999,450,673
193,391,423
24,826,863
218,218,286
135,060,271
154,897,922
622,599,996
6,035,415
25,473,179
31,508,594
31,037,563
43,743,076
649,265
7,018,782
7,668,047
5,278,029
302,494,387
13,199,528
41,657,758
54,857,286
34,442,753
30,562,528
12,212,120
23,418,419
Non-current
Maturity
Total Non-
current at
years
ThCh$
13,536,570
30,083,259
1,274,166
16,098,049
years
Over five years
12-31-2013
ThCh$
ThCh$
ThCh$
13,536,570
400,223,952
717,255,285
29,599,516
410,441,438
531,724,304
6,226,693
18,288,999
43,280,007
6,359,444
135,395,067
215,713,732
1,559,690,454
102,194,394
81,201,594
183,395,988
138,155,396
106,871,012
211,858,543
185,028,967
795,923,731 1,437,837,649
411,737,916
7,808,433
23,425,299
31,233,732
55,250,342
102,809,990
93,213,972
73,251,738
25,912,300
350,438,342
12-31-2014
Non-current
12-31-2013
Non-current
One to two
Two to
Three to
Four to five
Over five
Total Non-
Less than
More than
Total
One to two
Two to
Three to
Four to five
Over five
Total Non-
years
three years
four years
ThCh$
ThCh$
ThCh$
years
ThCh$
years
ThCh$
current
ThCh$
Current
ThCh$
years
three years
four years
ThCh$
ThCh$
ThCh$
years
ThCh$
years
ThCh$
current
ThCh$
14,156,454
23,248,180
20,758,200
18,268,216
13,403,776
12,088,817
14,156,454
62,274,596
25,492,593
2,399,721
14,923,646
13,723,786
6,505,495
21,086,106
18,917,611
16,749,112
2,009,160
12,723,841
11,719,260
28,647,432
63,258,324
26,452,261
10,086,813
34,986,514
31,624,249
28,261,978
- 104,959,554
2,178,696
8,714,783
8,714,783
31,722,152
28,817,228
25,912,300 103,881,246
8,310,143
30,018,631
27,248,583
24,478,536
90,055,893
8,313,545 101,452,870
1,733,654
1,733,654
22,040,062
3,163,694
49,010,829
3,787,954
3,338,664
3,787,954
3,338,664
3,787,954
71,487,573
86,639,389
3,338,664
52,801,231
66,155,887
37,583,968
33,920,086
30,262,820
-
-
4,724,809
69,571,278
- 109,766,415
1,927,748
25,507,370
37,225,610
55,338,217
13,031,952
- 101,766,874
7,710,992
1,605,565
7,710,992 108,708,280
1,605,564
1,605,565
23,425,341
2,280,650
39,928,453
2,662,055
3,261,781
2,662,054
3,261,781
2,662,055
51,987,474
3,261,781
3,261,781
75,293,598
88,340,722
- 124,130,264
28,242,035
42,209,103
59,973,638
26,098,736
- 102,100,343
2,075,577
13,568,262
12,530,474
9,528,996
34,031,000
30,854,949
27,685,398
320,629
319,042
320,629
319,042
320,629
319,042
5,265,385
320,629
5,880,850
7,163,366
6,222,511
296,731
295,263
296,732
295,262
296,731
295,263
296,732
295,262
5,739,253
4,872,930
6,926,179
6,053,980
366,994
366,994
366,994
366,994
9,039,318
10,507,294
242,996
323,995
323,995
323,994
323,995
323,994
8,198,326
9,494,304
3,866,320
3,929,779
111,697
5,406,082
5,517,779
367,597
367,597
367,597
4,989,668
324,527
324,526
324,527
4,318,583
6,505,495
2,009,160
8,714,783
4,724,809
69,571,278
7,710,992
1,605,564
2,280,649
2,662,055
3,261,781
-
-
9,528,996
5,408,901
296,731
295,263
Current
90 days
ThCh$
1,799,791
4,879,121
1,506,870
6,536,087
-
-
-
-
-
5,783,244
1,204,173
1,710,487
1,996,541
2,446,336
1,556,683
7,146,747
222,548
221,447
243,395
173,478
253,769
229,829
247,784
221,449
166,892
207,348
153,011
307,173
391,592
283,481
251,452
429,232
365,917
393,977
283,452
299,257
183,796
187,322
198,780
315,122
90 days
ThCh$
599,930
1,626,374
502,290
-
-
401,391
570,162
665,514
815,445
518,894
2,382,249
5,408,901
74,183
73,816
63,459
80,999
81,132
57,826
84,590
76,610
82,595
73,816
67,338
55,631
69,116
51,004
102,391
130,531
94,494
91,012
80,145
83,817
143,077
121,972
131,326
94,484
99,752
61,265
62,441
66,260
105,041
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
6,092,459
6,296,355
6,333,114
6,852,419
7,661,435
3,682,353
3,194,800
5,600,079
5,260,818
6,669,994
4,570,955
4,946,448
8,213,813
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
4,927,820
4,995,158
5,602,792
4,780,838
5,693,804
4,860,983
324,527
231,304
338,359
306,439
330,379
295,265
222,523
276,464
204,015
409,564
522,123
377,975
335,269
572,309
487,889
525,303
377,936
399,009
245,061
249,763
265,040
420,163
324,526
3,359,066
338,359
306,438
330,379
295,266
3,834,729
276,464
204,014
409,564
7,869,191
4,778,264
335,270
572,309
487,889
525,302
377,935
399,009
245,061
3,843,809
265,040
420,162
5,452,751
5,485,204
330,378
295,266
3,407,537
2,956,425
5,182,614
4,868,328
572,310
487,889
525,303
377,936
399,009
245,062
265,039
420,163
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
5,616,689
3,359,066
5,791,110
5,791,642
6,274,042
6,953,154
3,834,729
3,684,001
3,160,439
5,592,178
7,869,191
4,778,264
5,203,598
6,571,853
4,454,895
3,843,809
4,842,799
8,021,752
572,310
487,889
525,303
377,936
13,049,859
15,339,097
12,864,045
14,815,601
11,852,798
13,954,008
10,513,101
12,024,843
572,309
487,889
525,302
377,935
5,773,835
3,964,772
265,040
420,162
265,039
420,163
3,782,641
6,341,102
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
618,402
523,166
567,609
408,374
618,402
523,166
567,609
408,374
14,100,867
16,574,475
13,871,576
15,964,240
11,672,179
13,942,615
10,543,055
12,176,551
618,402
523,166
567,609
408,374
6,238,848
4,306,155
286,387
454,003
286,387
454,003
4,087,287
454,003
6,397,801
-
-
-
-
-
-
-
-
-
-
-
-
-
37,225,610
3,163,694
3,787,954
3,338,664
13,031,952
6,296,355
6,333,114
374,225
334,453
3,682,353
3,194,800
5,600,079
5,260,818
618,402
523,166
567,609
408,374
431,146
264,800
286,387
454,003
374,225
334,453
6,103,969
334,453
334,453
6,323,623
330,379
295,266
5,282,906
295,266
5,772,090
b) Secured and Unsecured Liabilities
c. Summary of Secured and Unsecured Liabilities by Currency and Maturity
Maturity
Three to
Total Current
Maturity
Nominal
Interest
One to three
months
ThCh$
twelve
months
ThCh$
at
One to two
Two to three
Three to four
Four to five
Over five
12-31-2014
ThCh$
years
ThCh$
years
ThCh$
years
ThCh$
years
ThCh$
years
ThCh$
7.17%
5.57%
6.89%
6.57%
7.79%
11,857,865 152,626,256 164,484,121 188,522,289
25,581,811
25,581,811
25,581,811 734,182,951
9,168,367
35,341,359
44,509,726
43,719,963
42,919,926
42,109,023
52,020,539 441,830,545
4,424,492
1,630,232
6,054,724
14,072,738
1,443,269
7,173,013
5,691,115
15,362,941
8,992,510
33,040,637
42,033,147
30,115,012
32,058,804
11,190,625
39,655,619 189,474,327
86,056,574
65,385,741 151,442,315 121,885,126 217,675,920 191,934,482 150,687,586 877,507,340
11.69%
11,340,152
58,273,250
69,613,402 119,821,286 131,772,248 107,403,868
52,740,514
-
Country
Currency
Rate
US$
U.F.
US$
Sol
CP
Real
Chile
Chile
Peru
Peru
Colombia
Brazil
Total
d. Secured and Unsecured Liabilities by Company
Taxpayer ID No.
Country
Financial Institution
Country
Currency
(RUT
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Company
Ampla Energía S.A.
Ampla Energía S.A.
Ampla Energía S.A.
Ampla Energía S.A.
Ampla Energía S.A.
Chinango S.A.C.
Codensa S.A.
Codensa S.A.
Codensa S.A.
Codensa S.A.
Codensa S.A.
Codensa S.A.
Codensa S.A.
Coelce S.A.
Coelce S.A.
Edegel S.A.A.
Edegel S.A.A.
Edegel S.A.A.
Edegel S.A.A.
Edegel S.A.A.
Edegel S.A.A.
Edegel S.A.A.
Edegel S.A.A.
Edegel S.A.A.
Edegel S.A.A.
Edegel S.A.A.
Edegel S.A.A.
Edelnor S.A.A.
Edelnor S.A.A.
Edelnor S.A.A.
Edelnor S.A.A.
Edelnor S.A.A.
Edelnor S.A.A.
Edelnor S.A.A.
Edelnor S.A.A.
Edelnor S.A.A.
Edelnor S.A.A.
Edelnor S.A.A.
Edelnor S.A.A.
Edelnor S.A.A.
Edelnor S.A.A.
Edelnor S.A.A.
Edelnor S.A.A.
Edelnor S.A.A.
Edelnor S.A.A.
Edelnor S.A.A.
Brazil
Brazil
Brazil
Brazil
Brazil
Peru
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Brazil
Brazil
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Bonds 1ª
Bonds 2ª
Bonds 1ª
Bonds 2ª
Bonds 1ª
B8
B102
B103
B604
Banco Continental
Bonds B5-13
Bonds B12-13
Bonds B7-14
Itaú 1
Itaú 2
Banco Continental
Banco Continental
Banco Continental
Banco Continental
Banco Continental
Banco Continental
Banco Continental
Banco Continental
Banco Scotiabank
Banco Scotiabank
Banco Scotiabank
Banco Scotiabank
Rimac Internacional
AFP Integra
AFP Integra
AFP Horizonte
AFP Integra
AFP Prima
AFP Profuturo
AFP Horizonte
AFP Prima
AFP Prima
Rimac Internacional
Rimac Internacional
FCR - Macrofondo
Rimac Internacional
Rimac Internacional
Rimac Internacional
AFP Prima
FCR - Macrofondo
AFP Prima
Brazil
Brazil
Brazil
Brazil
Brazil
Peru
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Brazil
Brazil
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Real
Real
Real
Real
Real
Sol
CP
CP
CP
CP
CP
CP
CP
Real
Real
Sol
Sol
Sol
Sol
US$
US$
US$
US$
US$
US$
US$
US$
Sol
Sol
Sol
Sol
Sol
Sol
Sol
Sol
Sol
Sol
Sol
Sol
Sol
Sol
Sol
Sol
Sol
Sol
Sol
12-31-2014
Current
Effective
Nominal
Less than
More than
Interest
Interest
Rate
Rate
90 days
ThCh$
90 days
ThCh$
Total
Current
ThCh$
11.69% 11.87%
14.63% 14.82%
11.50% 11.67%
12.65% 12.80%
11.60% 11.67%
781,789
14,938,243
15,720,032
1,867,488
657,480
2,521,703
2,077,536
5,602,465
1,972,439
7,469,953
2,629,919
7,565,110
10,086,813
6,232,607
8,310,143
11.54% 11.54%
13.47% 13.47%
13,717,969
14,403,986
2,748,139
8,244,417
10,992,556
6.25%
8.75%
8.31%
8.57%
6.89%
6.89%
7.80%
6.49%
6.70%
6.41%
6.38%
6.86%
6.44%
9.20%
7.93%
7.25%
6.73%
6.09%
6.57%
5.86%
5.44%
5.91%
8.16%
7.22%
8.00%
6.94%
8.06%
6.56%
6.81%
7.13%
6.06%
6.16%
8.48%
8.06%
8.31%
6.72%
6.72%
7.58%
6.34%
6.59%
6.31%
6.28%
6.75%
6.34%
9.00%
7.78%
7.13%
6.63%
6.00%
6.47%
5.78%
5.37%
5.82%
8.00%
7.09%
7.85%
6.82%
7.91%
6.46%
6.70%
7.00%
5.97%
5.13%
5.56%
5.00%
6.50%
7.06%
6.63%
7.03%
7.44%
5.06%
5.49%
4.94%
6.40%
6.94%
6.52%
6.91%
7.30%
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
2,078,386
433,414
630,368
790,923
946,989
834,666
686,017
6,235,159
1,300,241
1,891,104
2,372,770
2,840,966
2,503,998
8,313,545
1,733,655
2,521,472
3,163,693
3,787,955
3,338,664
80,157
79,761
240,472
239,282
320,629
319,043
91,749
275,246
366,995
91,899
275,698
3,881,082
95,816
86,777
93,556
83,613
60,213
75,819
55,213
110,739
141,246
5,163,298
90,771
154,600
130,791
141,902
102,093
107,787
66,200
67,470
71,597
113,501
287,449
260,331
280,669
250,839
227,458
165,638
332,216
8,362,253
272,312
463,801
392,374
425,707
306,280
323,360
198,600
214,790
340,502
367,597
3,881,082
383,265
347,108
374,225
334,452
303,277
220,851
442,955
8,503,499
5,163,298
363,083
618,401
523,165
567,609
408,373
431,147
264,800
286,387
454,003
4,083,492
4,143,705
4,085,912
4,153,382
Current
Non-current Non-current
Current
Maturity
Non-current
Maturity
Total Non-
current at
12-31-2014
ThCh$
999,450,673
622,599,996
43,743,076
302,494,387
1,559,690,454
411,737,916
One to three
months
ThCh$
193,391,423
6,035,415
649,265
13,199,528
102,194,394
7,808,433
Three to
twelve
months
ThCh$
24,826,863
25,473,179
7,018,782
41,657,758
81,201,594
23,425,299
Total Current
at 12-31-2013
ThCh$
218,218,286
31,508,594
7,668,047
54,857,286
183,395,988
31,233,732
One to two
years
ThCh$
135,060,271
31,037,563
5,278,029
34,442,753
138,155,396
55,250,342
Two to three
years
ThCh$
154,897,922
30,562,528
12,212,120
23,418,419
106,871,012
102,809,990
Three to four
years
ThCh$
13,536,570
30,083,259
1,274,166
16,098,049
211,858,543
93,213,972
Four to five
years
ThCh$
13,536,570
29,599,516
6,226,693
6,359,444
185,028,967
73,251,738
Total Non-
current at
Over five years
12-31-2013
ThCh$
ThCh$
717,255,285
400,223,952
531,724,304
410,441,438
43,280,007
18,288,999
135,395,067
215,713,732
795,923,731 1,437,837,649
350,438,342
25,912,300
131,839,960 346,297,475 478,137,435 518,136,414 451,451,978 385,392,822 326,377,184 2,258,358,104
3,939,716,502 323,278,458 203,603,475 526,881,933 399,224,354 430,771,991 366,064,559 314,002,928 1,786,185,487 3,296,249,319
One to two
years
ThCh$
14,156,454
23,248,180
13,403,776
10,086,813
8,310,143
-
-
Two to
three years
ThCh$
-
20,758,200
12,088,817
34,986,514
30,018,631
-
-
8,313,545 101,452,870
1,733,654
1,733,654
-
37,225,610
3,163,694
3,163,694
3,787,954
3,787,954
3,338,664
3,338,664
-
13,031,952
33,920,086
37,583,968
-
-
320,629
320,629
319,042
319,042
-
-
366,994
366,994
-
-
367,597
367,597
-
-
-
6,296,355
-
6,333,114
374,225
374,225
334,453
334,453
-
-
-
-
-
3,682,353
-
3,194,800
-
5,600,079
-
-
-
-
-
-
-
-
-
5,260,818
618,402
618,402
523,166
523,166
567,609
567,609
408,374
408,374
6,238,848
431,146
4,306,155
264,800
-
-
286,387
286,387
454,003
454,003
12-31-2014
Non-current
Three to
four years
ThCh$
-
18,268,216
-
31,624,249
27,248,583
-
-
-
22,040,062
-
49,010,829
3,787,954
3,338,664
-
30,262,820
-
320,629
319,042
-
366,994
-
367,597
-
-
-
6,103,969
334,453
-
-
-
-
-
-
-
-
-
-
618,402
523,166
567,609
408,374
-
-
-
286,387
454,003
Four to five
years
ThCh$
-
-
-
28,261,978
24,478,536
-
-
-
-
-
-
3,787,954
3,338,664
-
-
-
320,629
5,265,385
-
366,994
-
4,989,668
-
-
-
-
334,453
-
-
-
-
-
-
-
-
-
-
618,402
523,166
567,609
408,374
-
-
-
4,087,287
454,003
Total Non-
Over five
current
years
ThCh$
ThCh$
14,156,454
-
62,274,596
-
-
25,492,593
- 104,959,554
90,055,893
-
-
-
-
-
- 109,766,415
25,507,370
-
37,225,610
-
55,338,217
-
86,639,389
71,487,573
66,155,887
52,801,231
-
13,031,952
- 101,766,874
-
-
7,163,366
5,880,850
6,222,511
-
-
-
10,507,294
9,039,318
-
-
6,092,459
-
-
-
6,296,355
-
6,333,114
-
6,852,419
-
7,661,435
6,323,623
-
-
-
-
3,682,353
-
3,194,800
-
5,600,079
-
-
-
-
-
-
-
-
-
5,260,818
-
16,574,475
14,100,867
15,964,240
13,871,576
13,942,615
11,672,179
12,176,551
10,543,055
6,669,994
-
4,570,955
-
-
-
4,946,448
-
8,213,813
6,397,801
Less than
90 days
ThCh$
599,930
1,626,374
502,290
2,178,696
-
4,724,809
69,571,278
1,927,748
401,391
570,162
665,514
815,445
-
518,894
2,382,249
5,408,901
74,183
73,816
63,459
80,999
111,697
81,132
57,826
84,590
76,610
82,595
73,816
67,338
55,631
69,116
51,004
102,391
130,531
94,494
91,012
80,145
83,817
143,077
121,972
131,326
94,484
99,752
61,265
62,441
66,260
105,041
Current
More than
90 days
ThCh$
1,799,791
4,879,121
1,506,870
6,536,087
-
-
-
5,783,244
1,204,173
1,710,487
1,996,541
2,446,336
-
1,556,683
7,146,747
-
222,548
221,447
3,866,320
242,996
5,406,082
243,395
173,478
253,769
229,829
247,784
221,449
4,927,820
166,892
207,348
153,011
307,173
391,592
283,481
5,602,792
4,780,838
251,452
429,232
365,917
393,977
283,452
299,257
183,796
187,322
198,780
315,122
Total
Current
ThCh$
2,399,721
6,505,495
2,009,160
8,714,783
-
4,724,809
69,571,278
7,710,992
1,605,564
2,280,649
2,662,055
3,261,781
-
2,075,577
9,528,996
5,408,901
296,731
295,263
3,929,779
323,995
5,517,779
324,527
231,304
338,359
306,439
330,379
295,265
4,995,158
222,523
276,464
204,015
409,564
522,123
377,975
5,693,804
4,860,983
335,269
572,309
487,889
525,303
377,936
399,009
245,061
249,763
265,040
420,163
One to two
years
ThCh$
14,923,646
6,505,495
2,009,160
8,714,783
-
-
-
7,710,992
1,605,565
2,280,650
2,662,055
3,261,781
-
13,568,262
9,528,996
-
296,731
295,263
-
323,995
-
324,526
3,359,066
338,359
306,438
330,379
295,266
-
3,834,729
276,464
204,014
409,564
7,869,191
4,778,264
-
-
335,270
572,309
487,889
525,302
377,935
399,009
245,061
3,843,809
265,040
420,162
12-31-2013
Non-current
Two to
three years
ThCh$
13,723,786
21,086,106
12,723,841
8,714,783
-
-
-
Three to
four years
ThCh$
-
18,917,611
11,719,260
31,722,152
-
-
-
7,710,992 108,708,280
1,605,565
1,605,564
39,928,453
-
2,662,055
2,662,054
3,261,781
3,261,781
-
-
12,530,474
-
30,854,949
34,031,000
-
-
296,731
296,732
295,263
295,262
-
-
323,995
323,994
-
-
324,526
324,527
-
-
-
5,452,751
5,485,204
-
330,379
330,378
295,266
295,266
-
-
-
-
-
3,407,537
-
2,956,425
-
5,182,614
-
-
-
-
-
-
-
-
4,868,328
-
572,309
572,310
487,889
487,889
525,302
525,303
377,935
377,936
5,773,835
399,009
3,964,772
245,062
-
-
265,040
265,039
420,162
420,163
Four to five
years
ThCh$
-
16,749,112
-
28,817,228
-
-
-
-
23,425,341
-
51,987,474
3,261,781
-
-
27,685,398
-
296,732
295,262
-
323,994
-
324,527
-
-
-
5,282,906
295,266
-
-
-
-
-
-
-
-
-
-
572,310
487,889
525,303
377,936
-
-
-
265,039
420,163
Over five
years
ThCh$
-
-
-
Total Non-
current
ThCh$
28,647,432
63,258,324
26,452,261
25,912,300 103,881,246
-
-
-
-
-
-
- 124,130,264
28,242,035
-
42,209,103
-
59,973,638
-
88,340,722
75,293,598
-
-
-
26,098,736
- 102,100,343
-
-
6,926,179
5,739,253
6,053,980
4,872,930
-
-
9,494,304
8,198,326
-
-
5,616,689
4,318,583
3,359,066
-
5,791,110
-
5,791,642
-
6,274,042
-
6,953,154
5,772,090
-
-
3,834,729
-
3,684,001
-
3,160,439
-
5,592,178
-
7,869,191
-
4,778,264
-
-
-
-
-
5,203,598
-
15,339,097
13,049,859
14,815,601
12,864,045
13,954,008
11,852,798
12,024,843
10,513,101
6,571,853
-
4,454,895
-
3,843,809
-
4,842,799
3,782,641
8,021,752
6,341,102
399
Taxpayer ID No.
(RUT
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
91,081,000-6
91,081,000-6
91,081,000-6
91,081,000-6
91,081,000-6
91,081,000-6
91,081,000-6
94,271,000-3
94,271,000-3
94,271,000-3
94,271,000-3
Company
Edelnor S.A.A.
Edelnor S.A.A.
Edelnor S.A.A.
Edelnor S.A.A.
Edelnor S.A.A.
Edelnor S.A.A.
Edelnor S.A.A.
Edelnor S.A.A.
Edelnor S.A.A.
Edelnor S.A.A.
Edelnor S.A.A.
Edelnor S.A.A.
Edelnor S.A.A.
Emgesa S.A. E.S.P.
Emgesa S.A. E.S.P.
Emgesa S.A. E.S.P.
Emgesa S.A. E.S.P.
Emgesa S.A. E.S.P.
Emgesa S.A. E.S.P.
Emgesa S.A. E.S.P.
Emgesa S.A. E.S.P.
Emgesa S.A. E.S.P.
Emgesa S.A. E.S.P.
Emgesa S.A. E.S.P.
Emgesa S.A. E.S.P.
Emgesa S.A. E.S.P.
Emgesa S.A. E.S.P.
Emgesa S.A. E.S.P.
Emgesa S.A. E.S.P.
Emgesa S.A. E.S.P.
Emgesa S.A. E.S.P.
Emgesa S.A. E.S.P.
Emgesa S.A. E.S.P.
Endesa Chile S.A.
Endesa Chile S.A.
Endesa Chile S.A.
Endesa Chile S.A.
Endesa Chile S.A.
Endesa Chile S.A.
Endesa Chile S.A.
Enersis S.A.
Enersis S.A.
Enersis S.A.
Enersis S.A.
Country
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Chile
Chile
Chile
Chile
Chile
Chile
Chile
Chile
Chile
Chile
Chile
Country
Financial Institution
Peru
Interseguro Cia de Seguros
Peru
Rimac Internacional
Peru
AFP Integra
Peru
Fondo -Fosersoe
Peru
Rimac Internacional
Peru
Rimac Internacional
Peru
Rimac Internacional
Peru
Rimac Internacional
Peru
Rimac Internacional
Peru
Rimac Internacional
Peru
Rimac Internacional
Peru
Rimac Internacional
Peru
Rimac Internacional
Colombia
Bonds A5
Colombia
Bonds A-10
Colombia
Bonds A102
Colombia
Bonds B-103
Colombia
Bonds B10
Colombia
Bonds B15
Colombia
Bonds E5-09
Colombia
Bonds B09-09
Colombia
Bonds B12
Colombia
Foreign Bonds
Colombia
Quimbo Bonds
Colombia
Quimbo Bonds B10
Colombia
Quimbo Bonds B15
Colombia
Quimbo Bonds B12-13
Colombia
Quimbo Bonds B6-13
Colombia
Bonds B6-13
Colombia
Quimbo Bonds B16-14
Colombia
Quimbo Bonds B10-14
Colombia
Quimbo Bonds B6-14
Colombia
Bonds B6-14
BNY Mellon - Primera Emisión S-1
USA
BNY Mellon - Primera Emisión S-2 USA
BNY Mellon - Primera Emisión S-3 USA
USA
BNY Mellon - 144 - A
USA
BNY Mellon - Unica 24296
Banco Santander -317 Serie-H
Chile
Banco Santander 522 Serie-M Chile
USA
Yankee Bonds 2014
USA
Yankee Bonds 2016
USA
Yankee Bonds 2026
Chile
Bonds UF 269
Currency
Sol
Sol
Sol
Sol
Sol
Sol
Sol
Sol
Sol
Sol
Sol
Sol
Sol
CP
CP
CP
CP
CP
CP
CP
CP
CP
CP
CP
CP
CP
CP
CP
CP
CP
CP
CP
CP
US$
US$
US$
US$
US$
U.F.
U.F.
US$
US$
US$
U.F.
Nominal
Effective
Less than
90 days
Interest
Interest
ThCh$
Rate
Rate
128,125
6.19%
6.28%
-
6.40%
6.50%
-
6.40%
6.50%
133,501
8.57%
8.75%
171,606
6.64%
6.75%
131,472
7.15%
7.28%
165,257
6.40%
6.50%
224,939
7.24%
7.38%
345,808
6.67%
6.78%
194,336
6.25%
6.34%
299,678
5.76%
5.84%
262,032
6.25%
6.34%
122,598
4.76%
4.81%
5.43%
-
5.54%
8.59% 53,979,516
8.87%
8.59% 10,281,812
8.87%
982,211
8.99%
8.99%
882,562
9.31%
9.64%
316,557
9.61%
9.96%
8.80%
-
9.10%
1,213,148
9.43%
9.77%
509,006
9.97%
9.62%
581,078
10.17% 10.17%
4,175,756
10.17% 10.17%
1,246,095
7.11%
7.30%
845,671
7.22%
7.42%
1,843,223
8.55%
8.83%
703,731
7.82%
8.06%
228,103
7.82%
8.06%
743,130
7.73%
7.95%
816,008
7.41%
7.62%
540,559
7.01%
7.19%
453,662
7.01%
7.19%
2,474,039
7.88%
7.96%
789,495
7.33%
7.40%
8.13%
8.26%
502,137
8.63%
8.83%
4.25%
5.30%
6.20%
7.17%
4.75%
4.82%
6.60%
7.76%
7.38%
7.69%
7.40%
7.76%
5.75%
7.02%
12-31-2014
Current
Total
More than
Current
90 days
ThCh$
ThCh$
512,499
384,374
-
-
-
-
6,362,135
6,228,634
686,425
514,819
525,888
394,416
661,029
495,772
899,755
674,816
1,383,231
1,037,423
777,345
583,009
1,198,713
899,035
1,048,128
786,096
490,392
367,794
-
-
53,979,516
-
10,281,812
-
3,928,845
2,946,634
3,530,249
2,647,687
1,266,228
949,671
-
-
4,852,593
3,639,445
2,036,025
1,527,019
2,324,312
1,743,234
16,703,023
12,527,267
4,984,380
3,738,285
3,382,683
2,537,012
7,372,892
5,529,669
2,814,925
2,111,194
912,412
684,309
2,972,520
2,229,390
3,264,033
2,448,025
2,162,235
1,621,676
1,814,648
1,360,986
9,896,157
7,422,118
3,157,979
2,368,484
2,008,549
1,506,412
2,641,806 124,978,079 127,619,885
10,484,555
7,863,416
2,621,139
13,568,311
11,394,304
2,174,007
24,814,680
18,611,010
6,203,670
-
-
-
11,282,424
8,461,818
2,820,606
34,572
25,929
8,643
6,126,735
5,336,045
790,690
12-31-2014
Non-current
Current
Non-current
12-31-2013
One to two
Two to
Three to
Four to five
Over five
Total Non-
Less than
More than
Total
One to two
Two to
Three to
Four to five
Over five
Total Non-
years
three years
four years
ThCh$
512,499
ThCh$
512,499
ThCh$
512,499
years
ThCh$
years
ThCh$
current
ThCh$
512,499
9,322,674
11,372,670
90 days
ThCh$
355,725
Current
ThCh$
474,300
years
three years
four years
ThCh$
474,300
ThCh$
474,300
ThCh$
474,300
years
ThCh$
years
ThCh$
current
ThCh$
474,300
9,576,409
11,473,609
90 days
ThCh$
118,575
80,216
159,793
123,552
160,240
122,685
160,947
217,255
4,975,353
5,055,569
9,933,071
10,092,864
370,657
480,721
368,055
482,841
651,766
494,209
640,961
490,740
643,788
869,021
5,887,936
640,961
490,741
643,788
869,021
5,887,936
640,961
490,740
643,788
869,021
640,961
490,741
643,788
869,021
640,961
490,740
643,788
869,021
10,469,655
13,033,499
12,974,185
14,937,147
10,635,313
13,210,465
22,723,776
26,199,860
13,616,326
13,616,326
939,183
178,890
734,499
824,131
297,055
582,915
2,817,550
3,756,733
57,903,035
536,671
2,203,498
2,472,393
891,166
715,561
11,029,149
2,937,997
3,296,524
1,188,221
2,937,997
3,296,525
1,188,222
25,929,967
26,512,882
3,461,835
1,456,499
4,615,780
1,941,999
2,937,997
46,856,691
3,296,524
1,188,222
3,296,524
1,188,222
3,296,525
44,205,339
57,391,437
1,188,222
21,276,616
26,029,504
57,903,035
11,029,149
52,732,685
4,852,593
2,036,026
2,324,312
4,852,593
58,216,407
2,036,026
2,324,312
2,036,026
2,324,312
2,036,026
25,961,808
34,105,912
485,500
67,921,593
1,153,945
2,324,312
25,362,714
34,659,962
4,486,961
13,460,883
17,947,844
4,615,780
1,941,999
2,497,535
4,615,779
1,941,999
2,497,536
4,615,780
62,205,978
76,053,317
1,941,999
2,497,535
1,941,999
29,449,526
37,217,522
2,497,536
29,750,447
39,740,589
16,703,023
16,703,023
16,703,023
16,703,023 182,262,097 249,074,189
624,384
2,497,535
17,947,843
17,947,844
17,947,843
17,947,844 213,793,324 285,584,698
4,984,380
3,382,682
7,372,892
4,984,380
91,102,169 111,039,689
1,100,769
3,382,682
77,827,476
91,358,204
753,246
7,372,892 134,542,069 164,033,637
1,648,116
2,814,926
40,827,900
912,412
13,233,669
49,272,678
15,970,905
616,960
199,976
4,403,077
3,012,983
6,592,465
2,467,839
799,903
4,403,078
3,012,983
6,592,465
2,467,839
799,903
4,403,077
3,012,983
6,592,466
2,467,838
799,903
4,403,078
3,012,983
6,592,465
2,467,839
799,903
4,403,077
99,436,473 117,048,783
3,012,983
81,666,289
93,718,221
6,592,466 143,514,560 169,884,422
2,467,838
43,453,010
53,324,364
799,903
14,084,549
17,284,161
1,873,151
3,302,308
2,259,737
4,944,349
1,850,879
599,927
686,425
525,889
661,029
899,755
686,425
525,889
661,029
899,755
686,425
525,889
661,029
899,755
686,425
525,889
661,029
899,755
10,616,171
13,361,871
13,962,937
16,066,493
10,764,497
13,408,613
24,037,040
27,636,060
1,383,230
1,383,230
1,383,230
1,383,230
22,161,415
27,694,335
777,345
1,198,713
1,048,128
777,345
1,198,713
1,048,128
490,391
10,323,176
777,345
777,345
14,910,973
18,020,353
1,198,713
20,916,464
24,512,603
1,048,128
1,048,128
21,232,292
25,424,804
10,813,567
3,928,846
43,805,925
3,530,250
1,266,228
3,530,250
1,266,228
3,530,250
41,216,421
1,266,228
1,266,228
19,363,519
24,428,431
47,734,771
51,807,171
-
-
-
-
-
-
-
4,984,380
3,382,682
7,372,892
2,814,926
912,412
2,972,520
3,264,033
2,162,235
1,814,647
9,896,157
3,157,979
2,008,549
4,984,380
3,382,682
7,372,892
2,814,926
912,412
2,972,520
3,264,033
2,162,235
1,814,647
9,896,157
3,157,979
2,008,549
2,972,520
3,264,033
2,162,235
1,814,647
9,896,157
3,157,979
2,008,549
2,972,520
72,211,138
84,101,218
3,264,033
61,737,690
74,793,822
2,162,235
34,170,442
42,819,382
1,814,647
28,677,414
35,936,002
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
9,896,157 195,949,534 235,534,162
2,217,451
3,157,979
77,747,246
90,379,162
2,008,549 168,757,572 176,791,768
708,960
449,981
-
2,362,286
6,652,353
2,126,881
1,349,943
7,086,859
8,869,804
2,835,841
1,799,924
8,869,804
2,835,842
1,799,924
9,449,145 111,406,931
8,869,805
2,835,841
1,799,924
8,869,804
2,835,842
1,799,924
8,869,805 180,634,922 216,114,140
2,835,841
68,415,434
79,758,800
1,799,924 150,474,683 157,674,379
- 111,406,931
10,484,554
10,484,554
10,484,554
10,484,554 290,965,550 332,903,766
12,957,238
12,346,166
11,735,094
11,124,022
73,777,578 121,940,098
1,528,468
9,275,107
10,803,575
10,402,159
10,000,743
9,599,327
9,197,912
71,006,646 110,206,787
24,814,680
24,814,680
24,814,680
35,548,589 355,689,165 465,681,794
3,915,630
11,746,890
15,662,520
15,662,520
15,662,521
15,662,520
15,662,521 323,567,202 386,217,284
- 185,115,803
- 185,115,803
162,940,478
- 162,940,478
2,529,192
7,587,577
10,116,769
10,116,770 141,361,352
- 151,478,122
34,572
34,572
34,572
34,572
763,049
901,337
7,750
23,250
31,000
31,000
31,000
31,000
31,000
698,913
822,913
5,948,045
5,759,080
5,559,249
5,347,928
12,363,802
34,978,104
591,317
4,451,182
5,042,499
4,972,884
4,899,264
4,821,412
4,739,083
15,867,590
35,300,233
Total
131,839,960 346,297,475 478,137,435
518,136,414 451,451,978 385,392,822 326,377,184 2,258,358,104 3,939,716,502 323,278,458 203,603,475 526,881,933 399,224,354 430,771,991 366,064,559 314,002,928 1,786,185,487 3,296,249,319
400
2014 ANNUAL REPORT ENERSIS
CONSOLIDATED FINANCIAL STATEMENTS
Taxpayer ID No.
(RUT
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
91,081,000-6
91,081,000-6
91,081,000-6
91,081,000-6
91,081,000-6
91,081,000-6
91,081,000-6
94,271,000-3
94,271,000-3
94,271,000-3
94,271,000-3
Company
Edelnor S.A.A.
Edelnor S.A.A.
Edelnor S.A.A.
Edelnor S.A.A.
Edelnor S.A.A.
Edelnor S.A.A.
Edelnor S.A.A.
Edelnor S.A.A.
Edelnor S.A.A.
Edelnor S.A.A.
Edelnor S.A.A.
Edelnor S.A.A.
Edelnor S.A.A.
Emgesa S.A. E.S.P.
Emgesa S.A. E.S.P.
Emgesa S.A. E.S.P.
Emgesa S.A. E.S.P.
Emgesa S.A. E.S.P.
Emgesa S.A. E.S.P.
Emgesa S.A. E.S.P.
Emgesa S.A. E.S.P.
Emgesa S.A. E.S.P.
Emgesa S.A. E.S.P.
Emgesa S.A. E.S.P.
Emgesa S.A. E.S.P.
Emgesa S.A. E.S.P.
Emgesa S.A. E.S.P.
Emgesa S.A. E.S.P.
Emgesa S.A. E.S.P.
Emgesa S.A. E.S.P.
Emgesa S.A. E.S.P.
Emgesa S.A. E.S.P.
Emgesa S.A. E.S.P.
Endesa Chile S.A.
Endesa Chile S.A.
Endesa Chile S.A.
Endesa Chile S.A.
Endesa Chile S.A.
Endesa Chile S.A.
Endesa Chile S.A.
Enersis S.A.
Enersis S.A.
Enersis S.A.
Enersis S.A.
Country
Financial Institution
Country
Currency
Interseguro Cia de Seguros
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Chile
Chile
Chile
Chile
Chile
Chile
Chile
Chile
Chile
Chile
Chile
Rimac Internacional
AFP Integra
Fondo -Fosersoe
Rimac Internacional
Rimac Internacional
Rimac Internacional
Rimac Internacional
Rimac Internacional
Rimac Internacional
Rimac Internacional
Rimac Internacional
Rimac Internacional
Bonds A5
Bonds A-10
Bonds A102
Bonds B-103
Bonds B10
Bonds B15
Bonds E5-09
Bonds B09-09
Bonds B12
Foreign Bonds
Quimbo Bonds
Quimbo Bonds B10
Quimbo Bonds B15
Quimbo Bonds B12-13
Quimbo Bonds B6-13
Bonds B6-13
Quimbo Bonds B16-14
Quimbo Bonds B10-14
Quimbo Bonds B6-14
Bonds B6-14
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
BNY Mellon - Primera Emisión S-1
USA
BNY Mellon - Primera Emisión S-2 USA
BNY Mellon - Primera Emisión S-3 USA
BNY Mellon - 144 - A
BNY Mellon - Unica 24296
USA
USA
Banco Santander -317 Serie-H
Chile
Banco Santander 522 Serie-M Chile
Yankee Bonds 2014
Yankee Bonds 2016
Yankee Bonds 2026
Bonds UF 269
Total
USA
USA
USA
Chile
Sol
Sol
Sol
Sol
Sol
Sol
Sol
Sol
Sol
Sol
Sol
Sol
Sol
CP
CP
CP
CP
CP
CP
CP
CP
CP
CP
CP
CP
CP
CP
CP
CP
CP
CP
CP
CP
US$
US$
US$
US$
US$
U.F.
U.F.
US$
US$
US$
U.F.
12-31-2014
Current
Effective
Nominal
Less than
More than
Interest
Interest
90 days
ThCh$
128,125
90 days
ThCh$
384,374
1,037,423
1,383,231
6,228,634
6,362,135
Total
Current
ThCh$
512,499
-
-
-
-
686,425
525,888
661,029
899,755
777,345
1,198,713
1,048,128
490,392
53,979,516
10,281,812
3,928,845
3,530,249
1,266,228
514,819
394,416
495,772
674,816
583,009
899,035
786,096
367,794
-
-
-
-
-
-
133,501
171,606
131,472
165,257
224,939
345,808
194,336
299,678
262,032
122,598
-
-
-
-
8.59% 53,979,516
8.59% 10,281,812
982,211
882,562
316,557
2,946,634
2,647,687
949,671
1,213,148
509,006
581,078
3,639,445
1,527,019
1,743,234
4,852,593
2,036,025
2,324,312
10.17% 10.17%
10.17% 10.17%
4,175,756
12,527,267
16,703,023
Rate
6.28%
6.50%
6.50%
8.75%
6.75%
7.28%
6.50%
7.38%
6.78%
6.34%
5.84%
6.34%
4.81%
5.54%
8.87%
8.87%
8.99%
9.64%
9.96%
9.10%
9.77%
9.97%
7.30%
7.42%
8.83%
8.06%
8.06%
7.95%
7.62%
7.19%
7.19%
7.96%
7.40%
8.26%
8.83%
5.30%
7.17%
4.82%
7.76%
7.69%
7.76%
7.02%
Rate
6.19%
6.40%
6.40%
8.57%
6.64%
7.15%
6.40%
7.24%
6.67%
6.25%
5.76%
6.25%
4.76%
5.43%
8.99%
9.31%
9.61%
8.80%
9.43%
9.62%
7.11%
7.22%
8.55%
7.82%
7.82%
7.73%
7.41%
7.01%
7.01%
7.88%
7.33%
8.13%
8.63%
4.25%
6.20%
4.75%
6.60%
7.38%
7.40%
5.75%
1,246,095
845,671
1,843,223
703,731
228,103
743,130
816,008
540,559
453,662
2,474,039
789,495
502,137
3,738,285
2,537,012
5,529,669
2,111,194
684,309
2,229,390
2,448,025
1,621,676
1,360,986
7,422,118
2,368,484
1,506,412
4,984,380
3,382,683
7,372,892
2,814,925
912,412
2,972,520
3,264,033
2,162,235
1,814,648
9,896,157
3,157,979
2,008,549
2,641,806 124,978,079 127,619,885
2,621,139
7,863,416
10,484,555
2,174,007
11,394,304
13,568,311
6,203,670
18,611,010
24,814,680
-
-
-
2,820,606
8,461,818
11,282,424
8,643
25,929
34,572
790,690
5,336,045
6,126,735
12-31-2014
Non-current
One to two
years
ThCh$
512,499
-
-
-
686,425
525,889
661,029
899,755
1,383,230
777,345
1,198,713
1,048,128
490,391
-
-
-
3,928,846
3,530,250
1,266,228
-
4,852,593
2,036,026
2,324,312
16,703,023
4,984,380
3,382,682
7,372,892
2,814,926
912,412
2,972,520
3,264,033
2,162,235
1,814,647
9,896,157
3,157,979
2,008,549
-
10,484,554
12,957,238
24,814,680
-
162,940,478
34,572
5,948,045
Two to
three years
ThCh$
512,499
-
-
-
686,425
525,889
661,029
899,755
1,383,230
777,345
1,198,713
1,048,128
10,323,176
-
-
-
43,805,925
3,530,250
1,266,228
-
4,852,593
2,036,026
2,324,312
16,703,023
4,984,380
3,382,682
7,372,892
2,814,926
912,412
2,972,520
3,264,033
2,162,235
1,814,647
9,896,157
3,157,979
2,008,549
-
10,484,554
12,346,166
24,814,680
-
-
34,572
5,759,080
Three to
four years
ThCh$
512,499
-
-
-
686,425
525,889
661,029
899,755
1,383,230
777,345
1,198,713
1,048,128
-
-
-
-
-
3,530,250
1,266,228
-
58,216,407
2,036,026
2,324,312
16,703,023
4,984,380
3,382,682
7,372,892
2,814,926
912,412
2,972,520
3,264,033
2,162,235
1,814,647
9,896,157
3,157,979
2,008,549
-
10,484,554
11,735,094
24,814,680
-
-
34,572
5,559,249
Total Non-
Over five
Four to five
current
years
years
ThCh$
ThCh$
ThCh$
11,372,670
9,322,674
512,499
-
-
-
-
-
-
-
-
-
13,361,871
10,616,171
686,425
16,066,493
13,962,937
525,889
13,408,613
10,764,497
661,029
27,636,060
24,037,040
899,755
27,694,335
22,161,415
1,383,230
18,020,353
14,910,973
777,345
24,512,603
-
20,916,464
25,424,804
21,232,292
1,048,128
10,813,567
-
-
-
-
-
-
-
-
-
-
-
47,734,771
-
-
51,807,171
-
41,216,421
24,428,431
19,363,519
1,266,228
-
-
-
67,921,593
-
-
34,105,912
25,961,808
2,036,026
2,324,312
34,659,962
25,362,714
16,703,023 182,262,097 249,074,189
91,102,169 111,039,689
4,984,380
91,358,204
77,827,476
3,382,682
7,372,892 134,542,069 164,033,637
-
49,272,678
40,827,900
-
15,970,905
13,233,669
72,211,138
84,101,218
2,972,520
61,737,690
74,793,822
3,264,033
42,819,382
34,170,442
2,162,235
1,814,647
35,936,002
28,677,414
9,896,157 195,949,534 235,534,162
3,157,979
90,379,162
77,747,246
2,008,549 168,757,572 176,791,768
-
10,484,554 290,965,550 332,903,766
11,124,022
73,777,578 121,940,098
35,548,589 355,689,165 465,681,794
-
-
-
-
34,572
5,347,928
-
- 162,940,478
901,337
34,978,104
763,049
12,363,802
Less than
90 days
ThCh$
118,575
80,216
159,793
123,552
160,240
122,685
160,947
217,255
-
-
-
-
-
13,616,326
939,183
178,890
734,499
824,131
297,055
582,915
1,153,945
485,500
4,486,961
624,384
1,100,769
753,246
1,648,116
616,960
199,976
-
-
-
-
2,217,451
708,960
449,981
2,362,286
-
1,528,468
3,915,630
- 185,115,803
2,529,192
7,750
591,317
12-31-2013
Non-current
Current
More than
90 days
ThCh$
355,725
4,975,353
9,933,071
370,657
480,721
368,055
482,841
651,766
-
-
-
-
-
-
2,817,550
536,671
2,203,498
2,472,393
891,166
25,929,967
3,461,835
1,456,499
13,460,883
1,873,151
3,302,308
2,259,737
4,944,349
1,850,879
599,927
-
-
-
-
6,652,353
2,126,881
1,349,943
7,086,859
-
9,275,107
11,746,890
7,587,577
23,250
4,451,182
One to two
Total
years
Current
ThCh$
ThCh$
474,300
474,300
-
5,055,569
-
10,092,864
5,887,936
494,209
640,961
640,961
490,741
490,740
643,788
643,788
869,021
869,021
-
-
-
-
-
-
-
-
-
-
-
13,616,326
57,903,035
3,756,733
11,029,149
715,561
2,937,997
2,937,997
3,296,525
3,296,524
1,188,222
1,188,221
-
26,512,882
4,615,780
4,615,780
1,941,999
1,941,999
2,497,535
17,947,844
17,947,843
2,497,535
4,403,078
4,403,077
3,012,983
3,012,983
6,592,465
6,592,465
2,467,839
2,467,839
799,903
799,903
-
-
-
-
-
-
-
-
8,869,804
8,869,804
2,835,842
2,835,841
1,799,924
1,799,924
9,449,145 111,406,931
-
10,402,159
15,662,520
-
Two to
three years
ThCh$
474,300
-
-
-
640,961
490,740
643,788
869,021
-
-
-
-
-
-
-
-
2,937,997
3,296,524
1,188,222
-
4,615,779
1,941,999
2,497,536
17,947,844
4,403,077
3,012,983
6,592,466
2,467,838
799,903
-
-
-
-
8,869,805
2,835,841
1,799,924
-
-
10,000,743
15,662,521
-
10,116,770 141,361,352
31,000
4,899,264
31,000
4,972,884
-
10,803,575
15,662,520
- 185,115,803
10,116,769
31,000
5,042,499
Three to
four years
ThCh$
474,300
-
-
-
640,961
490,741
643,788
869,021
-
-
-
-
-
-
-
-
46,856,691
3,296,524
1,188,222
-
4,615,780
1,941,999
2,497,535
17,947,843
4,403,078
3,012,983
6,592,465
2,467,839
799,903
-
-
-
-
8,869,804
2,835,842
1,799,924
-
-
9,599,327
15,662,520
-
-
31,000
4,821,412
Total Non-
Over five
Four to five
current
years
years
ThCh$
ThCh$
ThCh$
11,473,609
9,576,409
474,300
-
-
-
-
-
-
5,887,936
-
-
13,033,499
10,469,655
640,961
14,937,147
12,974,185
490,740
13,210,465
10,635,313
643,788
26,199,860
22,723,776
869,021
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
57,903,035
-
-
11,029,149
-
-
52,732,685
-
-
57,391,437
44,205,339
3,296,525
26,029,504
21,276,616
1,188,222
-
-
-
76,053,317
-
62,205,978
37,217,522
29,449,526
1,941,999
2,497,536
39,740,589
29,750,447
17,947,844 213,793,324 285,584,698
99,436,473 117,048,783
4,403,077
93,718,221
81,666,289
3,012,983
6,592,466 143,514,560 169,884,422
53,324,364
43,453,010
2,467,838
17,284,161
14,084,549
799,903
-
-
-
-
-
-
-
-
-
-
-
-
8,869,805 180,634,922 216,114,140
2,835,841
79,758,800
68,415,434
1,799,924 150,474,683 157,674,379
- 111,406,931
-
-
-
-
9,197,912
71,006,646 110,206,787
15,662,521 323,567,202 386,217,284
-
-
- 151,478,122
822,913
35,300,233
-
-
31,000
4,739,083
698,913
15,867,590
131,839,960 346,297,475 478,137,435
518,136,414 451,451,978 385,392,822 326,377,184 2,258,358,104 3,939,716,502 323,278,458 203,603,475 526,881,933 399,224,354 430,771,991 366,064,559 314,002,928 1,786,185,487 3,296,249,319
401
c ) Financial Lease Obligations
e. Financial Lease Obligations by Company
Taxpayer ID
No. (RUT
91,081,000-6
Company
Endesa Chile S.A.
Country
Chile
Taxpayer ID No.
(RUT)
87,509,100-K
Financial Institution
Abengoa Chile
Country
Chile
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Edegel S.A.A.
Edelnor S.A.A.
Edelnor S.A.A.
Edelnor S.A.A.
Edelnor S.A.A.
Edelnor S.A.A.
Edelnor S.A.A.
Edelnor S.A.A.
Edelnor S.A.A.
Edelnor S.A.A.
Edelnor S.A.A.
Edelnor S.A.A.
Edelnor S.A.A.
Edelnor S.A.A.
Edelnor S.A.A.
Edesur S.A.
Edesur S.A.
EE Piura
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Argentina
Argentina
Peru
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Total
Banco Scotiabank
Banco Continental
Banco Continental
Banco Continental
Banco Continental
Banco de Interbank
Banco de Interbank
Banco Santander Peru
Banco de Crédito
Banco de Interbank
Banco Continental
Banco Continental
Banco Continental
Banco Continental
Banco Continental
Banco Comafi
Banco Comafi
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Argentina
Argentina
Banco de Crédito
Peru
Currency
US$
US$
Sol
Sol
Sol
Sol
Sol
Sol
Sol
Sol
Sol
Sol
Sol
Sol
Sol
Sol
Ar$
Ar$
US$
d) Other Liabilities
f. Other Liabilities by Company
12-31-2014
Current
More than
90 days
ThCh$
Non-
current
Total
Current
ThCh$
One to two
years
ThCh$
Nominal
Interest Rate
Less than
90 days
ThCh$
6.50%
1.98%
6.55%
6.31%
6.64%
6.50%
6.58%
6.13%
5.79%
5.65%
5.29%
5.89%
5.95%
6.00%
5.99%
5.98%
40.02%
37.78%
652,199
1,957,446
2,609,645
2,611,991
2,250,920
6,692,173
8,943,093
8,781,527
-
-
-
-
-
44,072
16,329
29,359
109,063
-
87,951
81,506
76,296
66,774
-
-
-
-
-
-
-
-
-
19,575
326,675
-
262,195
243,250
228,219
200,287
-
-
-
-
-
-
-
44,072
16,329
48,934
-
-
-
-
-
-
-
-
435,738
108,717
-
350,146
324,756
304,515
267,061
-
-
-
265,456
321,384
302,736
266,963
-
-
5.80%
2,333,168
6,862,462
9,195,630
8,830,188
8,464,746
8,099,305
7,733,863
17,273,508
50,401,610
1,778,978
5,337,073
7,116,051
7,116,432
7,116,837
7,117,264
7,117,715
25,785,333
54,253,581
5,747,637
16,792,282
22,539,919
21,488,962
24,463,865
10,716,456
10,353,847
29,561,323
96,584,453
4,945,212
13,336,792
18,282,004
17,698,150
17,046,258
21,016,626
9,428,326
38,809,365
103,998,725
12-31-2014
Non-current
12-31-2013
Current
Non-current
Two to
Three to
Four to five
Over five
Total Non-
Less than
More than
Total
One to two
Two to
Three to
Four to five
Over five
Total Non-
three years
four years
ThCh$
ThCh$
years
ThCh$
years
ThCh$
current
ThCh$
90 days
ThCh$
90 days
ThCh$
Current
ThCh$
years
ThCh$
three years
four years
ThCh$
ThCh$
years
ThCh$
years
ThCh$
current
ThCh$
2,614,490
2,617,151
2,619,984
12,287,815
22,751,431
581,073
1,742,183
2,323,256
2,320,387
2,317,331
2,314,078
2,310,611
13,024,032
22,286,439
13,384,629
22,166,156
1,486,952
4,421,036
5,907,988
7,757,609
7,612,090
11,585,284
26,954,983
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
132,465
73,687
18,076
473,371
22,738
122,600
52,441
27,488
696,811
1,170,182
73,675
18,098
68,077
367,435
122,340
82,134
301,992
132,465
147,362
36,174
90,815
490,035
174,781
109,622
402,692
15,115
40,792
45,391
402,400
24
108,717
100,700
265,456
321,384
302,736
266,963
56,904
17,739
76,709
29,229
133,613
46,968
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
16,315
941,899
99,788
941,899
1,482,648
1,470,262
2,952,910
27,505,551
27,505,551
41,263
11,400
3,656,181
3,697,444
2,065,397
2,076,797
2,242,057
72,176,231
2,242,057
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
12-31-2014
Non-current
12-31-2013
Current
Non-current
Two to
Three to
Four to five
Over five
Total Non-
Less than
More than
Total
One to two
Two to
Three to
Four to five
Over five
Total Non-
years
ThCh$
years
ThCh$
current
ThCh$
90 days
ThCh$
90 days
ThCh$
Current
ThCh$
years
ThCh$
three years
four years
ThCh$
ThCh$
years
ThCh$
years
ThCh$
current
ThCh$
406,995
569,694
4,687,828
417,902
1,223,454
1,641,356
1,559,871
1,449,750
1,286,255
907,011
958,889
6,161,776
three years
four years
ThCh$
1,310,337
ThCh$
923,887
28,295,732
22,101,795
16,454,992
16,008,608
113,013,110
5,428,006
21,946,195
27,374,201
31,430,759
29,602,799
27,774,835
21,691,157
31,860,390
142,359,940
657,291
617,907
578,521
274,492
2,824,887
5,526,195
5,151,828
1,229,462
17,808,049
4,024,633
11,802,083
15,826,716
6,165,229
5,795,779
5,426,330
5,056,881
1,206,494
23,650,713
2,610,994
2,351,880
2,094,052
4,093,070
14,078,320
898,802
2,638,502
3,537,304
3,384,102
3,169,686
2,842,713
2,572,857
6,647,844
18,617,202
8,506,344
7,995,663
7,484,981
6,508,647
39,512,660
3,748,035
14,210,032
17,958,067
9,372,402
8,866,778
8,361,153
7,855,528
13,738,332
48,194,193
70,902
70,902
70,902
1,993,373
2,276,981
83,473
62,262
62,261
62,262
62,261
1,791,238
2,040,284
22,872,959
20,909,775
18,946,591
87,565,469
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
15,115
40,792
45,391
402,400
24
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
405,054
1,185,145
1,590,199
1,476,915
8,176,081
23,832,151
32,008,232
30,151,983
187,708
548,354
736,062
696,676
1,603,830
4,671,101
6,274,931
5,900,564
795,871
2,331,766
3,127,637
2,928,324
2,429,804
7,097,903
9,527,707
9,017,025
17,726
53,177
70,903
70,902
-
-
-
-
1,963,184
5,889,552
7,852,736
24,836,144
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
9,523
1,850,404
1,859,927
671,565
670,617
669,670
808,784
23,886,776
26,707,412
72,176,231
-
-
-
7,769,157
1,945,985
922,114
2,556,048
3,478,162
1,528,787
9,715,142
767
48,246
145,344
144,738
146,111
192,984
784,122
343,815
1,528,787
1,127,937
Nominal
Interest
Rate
Less than
90 days
ThCh$
Currency
12-31-2014
Current
More than
90 days
ThCh$
Non-
current
Total
Current
ThCh$
One to two
years
ThCh$
YPF Internacional
PAN American Energy
Repsol International Finance
Mitsubishi (deuda garantizada)
Argentina
Argentina
Argentina
Argentina
Mitsubishi (deuda no garantizada)
Argentina
Others
Others
Others
Argentina
Argentina
Argentina
Company
Ampla Energía S.A.
Ampla Energía S.A.
Cien S.A.
Coelce S.A.
Coelce S.A.
Coelce S.A.
Coelce S.A.
Coelce S.A.
Coelce S.A.
Coelce S.A.
Dock Sud S.A.
Dock Sud S.A.
Dock Sud S.A.
Taxpayer ID
No. (RUT
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Endesa Costanera S.A.
Argentina
Endesa Costanera S.A.
Argentina
Endesa Costanera S.A.
Argentina
Hidroinvest S.A.
H. El Chocón S.A.
Argentina
Argentina
BNDES
Bndes
Banco do Nordeste
Eletrobras
BNDES
Banco do Brazil
Banco do Brazil
Banco do Brazil
Faelce
17.29%
1,097,278
1,294,252
2,391,530
2.33%
23.54%
952
127,042
168,039
381,125
168,991
508,167
Country
Brazil
Taxpayer ID
No. (RUT)
Foreign
Financial Institution
Eletrobrás
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Argentina
Argentina
Argentina
6.51%
8.54%
7.46%
7.82%
6.19%
7.28%
4.25%
14.96%
11.96%
6.52%
5.27%
3.27%
3.91%
0.25%
0.25%
Country
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Real
Real
Real
Real
Real
Real
US$
Real
Real
Real
US$
US$
US$
US$
US$
Ar$
US$
Ar$
-
-
-
16,814,053
49,302,969
66,117,022
83,519,255
72,467,356
60,793,307
48,075,280
53,334,660
318,189,858
119,905,869
61,941,709
181,847,578
54,287,534
49,290,868
45,753,548
38,145,695
56,203,187
243,680,832
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Total
402
2014 ANNUAL REPORT ENERSIS
CONSOLIDATED FINANCIAL STATEMENTS
12-31-2014
Non-current
Two to
three years
ThCh$
Three to
four years
ThCh$
Four to five
years
ThCh$
Over five
years
ThCh$
Total Non-
current
ThCh$
Less than
90 days
ThCh$
12-31-2013
Non-current
Total
Current
ThCh$
One to two
years
ThCh$
Two to
three years
ThCh$
Three to
four years
ThCh$
Four to five
years
ThCh$
Over five
years
ThCh$
Total Non-
current
ThCh$
Current
More than
90 days
ThCh$
2,614,490
2,617,151
2,619,984
12,287,815
22,751,431
581,073
1,742,183
2,323,256
2,320,387
2,317,331
2,314,078
2,310,611
13,024,032
22,286,439
13,384,629
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
22,166,156
1,486,952
4,421,036
5,907,988
7,757,609
7,612,090
11,585,284
-
-
-
-
-
-
-
-
132,465
73,687
18,076
473,371
22,738
122,600
52,441
27,488
108,717
100,700
-
73,675
18,098
132,465
147,362
36,174
696,811
1,170,182
68,077
367,435
122,340
82,134
301,992
90,815
490,035
174,781
109,622
402,692
-
265,456
321,384
302,736
266,963
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
56,904
17,739
76,709
29,229
133,613
46,968
-
-
-
-
15,115
40,792
-
45,391
402,400
24
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
26,954,983
-
-
-
-
15,115
40,792
-
45,391
402,400
24
-
-
-
-
-
-
Banco de Crédito
Peru
5.80%
2,333,168
6,862,462
9,195,630
8,830,188
8,464,746
8,099,305
7,733,863
17,273,508
50,401,610
1,778,978
5,337,073
7,116,051
7,116,432
7,116,837
7,117,264
7,117,715
25,785,333
54,253,581
5,747,637
16,792,282
22,539,919
21,488,962
24,463,865
10,716,456
10,353,847
29,561,323
96,584,453
4,945,212
13,336,792
18,282,004
17,698,150
17,046,258
21,016,626
9,428,326
38,809,365
103,998,725
12-31-2014
Non-current
Two to
three years
ThCh$
Three to
four years
ThCh$
Four to five
years
ThCh$
Over five
years
ThCh$
Total Non-
current
ThCh$
Less than
90 days
ThCh$
12-31-2013
Non-current
Total
Current
ThCh$
One to two
years
ThCh$
Two to
three years
ThCh$
Three to
four years
ThCh$
Four to five
years
ThCh$
Over five
years
ThCh$
Total Non-
current
ThCh$
Current
More than
90 days
ThCh$
1,310,337
923,887
406,995
569,694
4,687,828
417,902
1,223,454
1,641,356
1,559,871
1,449,750
1,286,255
907,011
958,889
6,161,776
28,295,732
22,101,795
16,454,992
16,008,608
113,013,110
5,428,006
21,946,195
27,374,201
31,430,759
29,602,799
27,774,835
21,691,157
31,860,390
142,359,940
657,291
617,907
578,521
274,492
2,824,887
-
-
-
-
-
-
-
-
-
5,526,195
5,151,828
1,229,462
-
17,808,049
4,024,633
11,802,083
15,826,716
6,165,229
5,795,779
5,426,330
5,056,881
1,206,494
23,650,713
2,610,994
2,351,880
2,094,052
4,093,070
14,078,320
898,802
2,638,502
3,537,304
3,384,102
3,169,686
2,842,713
2,572,857
6,647,844
18,617,202
8,506,344
7,995,663
7,484,981
6,508,647
39,512,660
3,748,035
14,210,032
17,958,067
9,372,402
8,866,778
8,361,153
7,855,528
13,738,332
48,194,193
c ) Financial Lease Obligations
e. Financial Lease Obligations by Company
Taxpayer ID
No. (RUT
Taxpayer ID No.
Company
Country
(RUT)
Financial Institution
Country
Currency
Interest Rate
91,081,000-6
Endesa Chile S.A.
Chile
87,509,100-K
Abengoa Chile
Chile
Edegel S.A.A.
Edelnor S.A.A.
Edelnor S.A.A.
Edelnor S.A.A.
Edelnor S.A.A.
Edelnor S.A.A.
Edelnor S.A.A.
Edelnor S.A.A.
Edelnor S.A.A.
Edelnor S.A.A.
Edelnor S.A.A.
Edelnor S.A.A.
Edelnor S.A.A.
Edelnor S.A.A.
Edelnor S.A.A.
Edesur S.A.
Edesur S.A.
EE Piura
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Argentina
Argentina
Peru
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Total
Banco Scotiabank
Banco Continental
Banco Continental
Banco Continental
Banco Continental
Banco de Interbank
Banco de Interbank
Banco Santander Peru
Banco de Crédito
Banco de Interbank
Banco Continental
Banco Continental
Banco Continental
Banco Continental
Banco Continental
Banco Comafi
Banco Comafi
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Argentina
Argentina
US$
US$
Sol
Sol
Sol
Sol
Sol
Sol
Sol
Sol
Sol
Sol
Sol
Sol
Sol
Sol
Ar$
Ar$
US$
d) Other Liabilities
f. Other Liabilities by Company
Taxpayer ID
No. (RUT
Taxpayer ID
No. (RUT)
Company
Country
Financial Institution
Country
Currency
Ampla Energía S.A.
Ampla Energía S.A.
Cien S.A.
Coelce S.A.
Coelce S.A.
Coelce S.A.
Coelce S.A.
Coelce S.A.
Coelce S.A.
Coelce S.A.
Dock Sud S.A.
Dock Sud S.A.
Dock Sud S.A.
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Argentina
Argentina
Argentina
Endesa Costanera S.A.
Argentina
Endesa Costanera S.A.
Argentina
Endesa Costanera S.A.
Argentina
Hidroinvest S.A.
H. El Chocón S.A.
Argentina
Argentina
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Total
Eletrobrás
BNDES
Bndes
Banco do Nordeste
Eletrobras
BNDES
Banco do Brazil
Banco do Brazil
Banco do Brazil
Faelce
YPF Internacional
PAN American Energy
Repsol International Finance
Mitsubishi (deuda garantizada)
Mitsubishi (deuda no garantizada)
Argentina
Others
Others
Others
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Argentina
Argentina
Argentina
Argentina
Argentina
Argentina
Argentina
Real
Real
Real
Real
Real
Real
US$
Real
Real
Real
US$
US$
US$
US$
US$
Ar$
US$
Ar$
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
12-31-2014
Current
Non-
current
Less than
More than
Total
One to two
90 days
ThCh$
90 days
ThCh$
Current
ThCh$
years
ThCh$
652,199
1,957,446
2,609,645
2,611,991
2,250,920
6,692,173
8,943,093
8,781,527
44,072
16,329
29,359
109,063
87,951
81,506
76,296
66,774
19,575
326,675
262,195
243,250
228,219
200,287
44,072
16,329
48,934
350,146
324,756
304,515
267,061
435,738
108,717
265,456
321,384
302,736
266,963
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
12-31-2014
Current
Non-
current
Nominal
Interest
Less than
More than
Total
One to two
90 days
ThCh$
90 days
ThCh$
Current
ThCh$
years
ThCh$
405,054
1,185,145
1,590,199
1,476,915
8,176,081
23,832,151
32,008,232
30,151,983
187,708
548,354
736,062
696,676
1,603,830
4,671,101
6,274,931
5,900,564
795,871
2,331,766
3,127,637
2,928,324
2,429,804
7,097,903
9,527,707
9,017,025
17,726
53,177
70,903
70,902
1,963,184
5,889,552
7,852,736
24,836,144
Nominal
6.50%
1.98%
6.55%
6.31%
6.64%
6.50%
6.58%
6.13%
5.79%
5.65%
5.29%
5.89%
5.95%
6.00%
5.99%
5.98%
40.02%
37.78%
Rate
6.51%
8.54%
7.46%
7.82%
6.19%
7.28%
4.25%
14.96%
11.96%
6.52%
5.27%
3.27%
3.91%
0.25%
0.25%
2.33%
23.54%
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
17.29%
1,097,278
1,294,252
2,391,530
952
127,042
168,039
381,125
168,991
508,167
7,769,157
-
-
-
1,945,985
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
9,715,142
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
1,528,787
-
1,127,937
-
-
-
22,872,959
20,909,775
18,946,591
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
1,482,648
1,470,262
2,952,910
27,505,551
-
27,505,551
41,263
11,400
3,656,181
3,697,444
2,065,397
2,076,797
9,523
1,850,404
1,859,927
671,565
670,617
669,670
808,784
23,886,776
26,707,412
72,176,231
16,315
941,899
-
83,473
-
-
99,788
941,899
-
767
48,246
145,344
144,738
146,111
192,984
62,262
62,261
62,262
62,261
1,791,238
2,040,284
70,902
70,902
70,902
1,993,373
2,276,981
922,114
2,556,048
3,478,162
1,528,787
-
-
72,176,231
2,242,057
-
87,565,469
784,122
343,815
-
-
-
-
-
-
-
-
-
-
2,242,057
-
-
-
-
-
-
-
-
-
16,814,053
49,302,969
66,117,022
83,519,255
72,467,356
60,793,307
48,075,280
53,334,660
318,189,858
119,905,869
61,941,709
181,847,578
54,287,534
49,290,868
45,753,548
38,145,695
56,203,187
243,680,832
403
Appendix 5
Details of Assets and Liabilities in Foreign Currency
This appendix forms an integral part of the Enersis financial statements.
The detail of assets and liabilities denominated in foreign currencies is the following:
ASSETS
CURRENT ASSETS
Cash and cash equivalents
Current accounts receivable from related companies
Total current assets other than assets classified as
held for sale and discontinued operations
TOTAL CURRENT ASSETS
NON- CURRENT ASSETS
Investments accounted for using the equity method
Goodwill
TOTAL NON-CURRENT ASSETS
TOTAL ASSETS
Foreign Currency
Functional
Currency
12-31-2014
ThCh$
12-31-2013
ThCh$
U.S. dollar
U.S. dollar
U.S. dollar
U.S. dollar
Argentine peso
Chilean peso
Chilean peso
Colombian peso
Peruvian nuevo sol
Argentine peso
U.S. dollar
U.S. dollar
U.S. dollar
Chilean peso
U.S. dollar
Colombian peso
Argentine peso
Chilean peso
Chilean peso
Chilean peso
Brazilian real
Brazilian real
Colombian peso
Peruvian nuevo sol
Argentine peso
U.S. dollar
Peruvian nuevo sol
Chilean peso
Chilean peso
Chilean peso
Chilean peso
Chilean peso
334,548,745
294,009,266
413,009
28,750,530
1,058,646
4,206,734
6,110,560
14,039,935
14,039,935
248,312,155
232,967,516
27,448
12,983,279
2,333,912
-
-
28,384,147
28,384,147
348,588,680
276,696,302
348,588,680
276,696,302
61,063,049
27,794,762
32,795,615
472,672
439,500,128
8,527,161
258,398,340
11,045,730
135,136,616
6,220,966
20,171,315
500,563,177
172,322,119
138,667,415
33,083,016
571,688
395,020,857
8,287,322
242,896,782
11,786,530
125,059,831
6,990,392
-
567,342,976
849,151,857
844,039,278
12-31-2014
LIABILITIES
Other current financial liabilities
TOTAL LIABILITIES
Foreign
Currency
Functional
Currency
U.S. dollar
U.S. dollar
U.S. dollar
U.S. dollar
U.S. dollar
Chilean peso
Brazilian real
Peruvian nuevo sol
Argentine peso
Liabilities Current
90 days
or less
ThCh$
91 days
to 1 year
ThCh$
Total
Current
ThCh$
Liabilities Non-current
Two to three
years
ThCh$
One to two
years
ThCh$
Three to four
years
ThCh$
27,290,627 194,911,470 222,202,097 264,874,981
12,530,333 155,604,278 168,134,611 191,134,280
71,011,720
28,196,301
60,603,646
28,198,962
17,726
53,177
70,903
70,902
70,902
70,902
11,923,154
2,819,414
31,664,112
669,670
27,290,627 194,911,470 222,202,097 264,874,981 71,011,720 60,603,646
25,181,231
14,072,784
37,104,385
16,892,198
42,073,900
670,617
71,958,836
1,710,963
404
2014 ANNUAL REPORT ENERSIS
CONSOLIDATED FINANCIAL STATEMENTS
12-31-2014
Liabilities Non-current
Four to five
Over five
Total
years
ThCh$
years
Non-current
ThCh$
ThCh$
Liabilities Current
90 days
or less
ThCh$
91 days
to 1 year
ThCh$
12-31-2013
Liabilities Non-current
One to two
Two to three
Three to four
Four to five
Total
Current
years
ThCh$
years
ThCh$
years
ThCh$
years
ThCh$
Over five
years
Total
ThCh$
Non-current
42,762,853 804,987,364 1,244,240,564 307,747,217 255,065,083 562,812,300 179,215,039 204,108,025
56,126,213
43,717,624 460,285,486 943,452,387
28,201,795 746,470,766 1,022,202,104 194,815,346 234,307,578 429,122,924 138,273,483 157,215,253
15,850,647
15,847,182 413,247,984 740,434,549
70,902
1,993,373
2,276,981
441,332
7,606,194
8,047,526
9,100,596
4,988,516
4,958,105
1,243,770
2,963,170
23,254,157
13,681,372
32,636,449
192,014,669
6,970,851
7,926,216
14,897,067
30,199,588
41,904,256
35,317,461
26,626,672
44,074,332 178,122,309
808,784
23,886,776
27,746,810 105,519,688
5,225,095 110,744,783
1,641,372
-
-
-
-
1,641,372
42,762,853 804,987,364 1,244,240,564 307,747,217 255,065,083 562,812,300 179,215,039 204,108,025 56,126,213 43,717,624 460,285,486 943,452,387
Appendix 5
Details of Assets and Liabilities in Foreign Currency
This appendix forms an integral part of the Enersis financial statements.
The detail of assets and liabilities denominated in foreign currencies is the following:
Foreign Currency
Functional
Currency
12-31-2014
ThCh$
12-31-2013
ThCh$
ASSETS
CURRENT ASSETS
Cash and cash equivalents
Current accounts receivable from related companies
Total current assets other than assets classified as
held for sale and discontinued operations
TOTAL CURRENT ASSETS
NON- CURRENT ASSETS
Investments accounted for using the equity method
Goodwill
U.S. dollar
U.S. dollar
U.S. dollar
U.S. dollar
Chilean peso
Colombian peso
Peruvian nuevo sol
Argentine peso
Argentine peso
Chilean peso
U.S. dollar
U.S. dollar
U.S. dollar
Chilean peso
U.S. dollar
Colombian peso
Argentine peso
Chilean peso
Chilean peso
Chilean peso
Brazilian real
Brazilian real
Colombian peso
Peruvian nuevo sol
Chilean peso
Chilean peso
Peruvian nuevo sol
Chilean peso
Argentine peso
U.S. dollar
Chilean peso
Chilean peso
334,548,745
294,009,266
413,009
28,750,530
1,058,646
4,206,734
6,110,560
14,039,935
14,039,935
248,312,155
232,967,516
27,448
12,983,279
2,333,912
-
-
28,384,147
28,384,147
348,588,680
276,696,302
348,588,680
276,696,302
61,063,049
27,794,762
32,795,615
472,672
439,500,128
8,527,161
258,398,340
11,045,730
135,136,616
6,220,966
20,171,315
172,322,119
138,667,415
33,083,016
571,688
395,020,857
8,287,322
242,896,782
11,786,530
125,059,831
6,990,392
-
500,563,177
567,342,976
849,151,857
844,039,278
TOTAL NON-CURRENT ASSETS
TOTAL ASSETS
LIABILITIES
Other current financial liabilities
Foreign
Currency
Functional
Currency
12-31-2014
Liabilities Current
Liabilities Non-current
90 days
or less
ThCh$
91 days
to 1 year
ThCh$
Total
One to two
Two to three
Three to four
Current
ThCh$
years
ThCh$
years
ThCh$
years
ThCh$
U.S. dollar
U.S. dollar
U.S. dollar
U.S. dollar
U.S. dollar
Chilean peso
Brazilian real
27,290,627 194,911,470 222,202,097 264,874,981
71,011,720
60,603,646
12,530,333 155,604,278 168,134,611 191,134,280
28,196,301
28,198,962
17,726
53,177
70,903
70,902
70,902
70,902
Peruvian nuevo sol
11,923,154
25,181,231
37,104,385
71,958,836
42,073,900
31,664,112
Argentine peso
2,819,414
14,072,784
16,892,198
1,710,963
670,617
669,670
TOTAL LIABILITIES
27,290,627 194,911,470 222,202,097 264,874,981 71,011,720 60,603,646
12-31-2014
Liabilities Non-current
Four to five
years
ThCh$
Over five
years
ThCh$
Total
Non-current
ThCh$
Liabilities Current
90 days
or less
ThCh$
91 days
to 1 year
ThCh$
12-31-2013
Liabilities Non-current
Total
Current
One to two
years
ThCh$
Two to three
years
ThCh$
Three to four
years
ThCh$
Four to five
years
ThCh$
Over five
years
ThCh$
Total
Non-current
42,762,853 804,987,364 1,244,240,564 307,747,217 255,065,083 562,812,300 179,215,039 204,108,025
28,201,795 746,470,766 1,022,202,104 194,815,346 234,307,578 429,122,924 138,273,483 157,215,253
56,126,213
15,850,647
43,717,624 460,285,486 943,452,387
15,847,182 413,247,984 740,434,549
70,902
1,993,373
2,276,981
441,332
7,606,194
8,047,526
9,100,596
4,988,516
4,958,105
1,243,770
2,963,170
23,254,157
13,681,372
808,784
44,074,332 178,122,309
1,641,372
42,762,853 804,987,364 1,244,240,564 307,747,217 255,065,083 562,812,300 179,215,039 204,108,025 56,126,213 43,717,624 460,285,486 943,452,387
192,014,669
6,970,851
27,746,810 105,519,688
7,926,216
14,897,067
5,225,095 110,744,783
32,636,449
23,886,776
41,904,256
-
30,199,588
1,641,372
35,317,461
-
26,626,672
-
-
405
Appendix 6
Additional Information Oficio Circular (Official Bulletin) No. 715 Of February 3, 2012
This appendix forms an integral part of the Enersis financial statements.
a) Portfolio Stratification
- Trade and other Receivables by Time in Arrears:
Trade and Other Current Receivables
Trade receivables, gross
Impairment provision
Other accounts receivable, gross
Impairment provision
Total
Trade and Other Current Receivables
Trade receivables, gross
Impairment provision
Other accounts receivable, gross
Impairment provision
Total
- By type of Portfolio
Time in Arrears
Up-to-date
1 to 30 days
31 to 60 days
61 to 90 days
91 to 120 days
121 to 150 days
151 to 180 days
181 to 210 days
211 to 250 days
More than 251 days
Total
Up-to-date
Portfolio
ThCh$
903,063,886
(1,280,373)
568,028,235
(7,239,158)
1,462,572,590
Up-to-date
Portfolio
ThCh$
688,559,771
(825,148)
284,352,676
(9,722,257)
962,365,042
Balance at 12-31-2014
1-30
days in
arrears
ThCh$
106,894,634
(8,159,865)
-
-
98,734,769
31- 60
days in
arrears
ThCh$
39,814,503
(2,408,150)
-
-
37,406,353
Balance at 12-31-2013
1-30
days in
arrears
ThCh$
84,451,304
(14,350,566)
-
-
70,100,738
31- 60
days in
arrears
ThCh$
32,613,952
(3,978,738)
-
-
28,635,214
61-90
days in
arrears
ThCh$
20,741,774
(4,038,649)
-
-
16,703,125
61-90
days in
arrears
ThCh$
7,862,372
(2,686,557)
-
-
5,175,815
91-120
days in
arrears
ThCh$
7,150,011
(2,288,401)
-
-
4,861,610
91-120
days in
arrears
ThCh$
6,501,113
(2,841,657)
-
-
3,659,456
Balance at
12-31-2014
Non-renegotiated Portfolio
Renegotiated Portfolio
Total Gross
Portfolio
Number of Clients
10,244,620
2,101,665
408,941
87,712
58,397
52,163
39,113
24,086
20,666
408,132
13,445,495
Gross
Amount
ThCh$ Number of Clients
93,327
85,662
29,281
23,566
14,327
14,132
9,616
15,507
10,733
18,770
314,921
888,656,332
101,089,273
36,225,884
18,833,430
5,580,951
5,776,635
5,103,607
3,462,029
2,455,802
148,793,724
1,215,977,667
Gross
Amount
ThCh$ Number of Clients
10,337,947
2,187,327
438,222
111,278
72,724
66,295
48,729
39,593
31,399
426,902
13,760,416
14,407,554
5,805,361
3,588,619
1,908,344
1,569,060
1,397,463
1,284,276
1,076,083
960,772
28,024,455
60,021,987
b) Portfolio in Default and in Legal Collection Process
Portfolio in Default and in Legal Collection Process
Notes receivable in default
Notes receivable in legal collection process (*)
Total
(*) Legal collections are included in the portfolio in arrears.
Balance at 12-31-2014
Number of
Clients
164,145
9,983
174,128
Amount
ThCh$
15,922,688
13,828,106
29,750,794
Balance at 12-31-2013
Number of
Clients
158,928
9,149
168,077
Amount
ThCh$
15,316,981
10,640,373
25,957,354
406
2014 ANNUAL REPORT ENERSIS
CONSOLIDATED FINANCIAL STATEMENTS
121-150
days in
arrears
ThCh$
7,174,098
(2,122,945)
151-180
days in
arrears
ThCh$
6,387,883
(2,003,467)
181-210
days in
arrears
ThCh$
4,538,112
(1,534,602)
Balance at 12-31-2014
211-250
days in
arrears
ThCh$
More than 251
days in arrears
ThCh$
3,416,574
176,818,179
1,275,999,654
202,932,480
(1,360,517)
(129,904,859)
(155,101,828)
Total Current
Total Non-current
ThCh$
ThCh$
568,028,235
(7,239,158)
88,709,195
5,051,153
4,384,416
3,003,510
2,056,057
46,913,320
1,681,686,903
291,641,675
121-150
days in
arrears
ThCh$
25,830,569
(2,050,077)
151-180
days in
arrears
ThCh$
5,393,470
(2,205,947)
181-210
days in
arrears
ThCh$
3,855,957
(1,805,495)
Balance at 12-31-2013
211-250
days in
arrears
ThCh$
More than 251
days in arrears
ThCh$
2,669,480
144,514,712
1,002,252,700
181,381,483
(1,276,773)
(115,125,053)
(147,146,011)
Total Current
Total Non-current
ThCh$
ThCh$
284,352,676
(9,722,257)
41,664,190
23,780,492
3,187,523
2,050,462
1,392,707
29,389,659
1,129,737,108
223,045,673
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Non-renegotiated Portfolio
Renegotiated Portfolio
Total Gross Portfolio
ThCh$ Number of Clients
ThCh$ Number of Clients
ThCh$ Number of Clients
675,688,355
111,812
12,871,416
Balance at
12-31-2014
Total cartera
bruta
Gross
Amount
903,063,886
106,894,634
39,814,503
20,741,774
7,150,011
7,174,098
6,387,883
4,538,112
3,416,574
Gross
Amount
78,924,126
30,106,897
6,311,465
5,220,020
24,672,166
4,004,716
2,909,044
1,904,948
10,181,482
2,176,060
408,044
83,717
58,782
47,384
35,463
20,473
17,899
Balance at
12-31-2013
89,451
28,598
23,208
14,156
14,022
9,548
15,462
10,690
19,388
336,335
Gross
Amount
5,527,178
2,507,055
1,550,907
1,281,093
1,158,403
1,388,754
946,913
764,532
Gross
Amount
ThCh$
688,559,771
84,451,304
32,613,952
7,862,372
6,501,113
25,830,569
5,393,470
3,855,957
2,669,480
10,293,294
2,265,511
436,642
106,925
72,938
61,406
45,011
35,935
28,589
176,818,179
1,275,999,654
451,967
13,481,271
117,675,353
947,417,090
26,839,359
54,835,610
471,355
144,514,712
13,817,606
1,002,252,700
Appendix 6
This appendix forms an integral part of the Enersis financial statements.
a) Portfolio Stratification
- Trade and other Receivables by Time in Arrears:
Total
1,462,572,590
98,734,769
37,406,353
16,703,125
4,861,610
Trade and Other Current Receivables
Trade receivables, gross
Impairment provision
Other accounts receivable, gross
Impairment provision
Trade and Other Current Receivables
Trade receivables, gross
Impairment provision
Other accounts receivable, gross
Impairment provision
Total
- By type of Portfolio
Time in Arrears
Up-to-date
1 to 30 days
31 to 60 days
61 to 90 days
91 to 120 days
121 to 150 days
151 to 180 days
181 to 210 days
211 to 250 days
More than 251 days
Total
Balance at 12-31-2014
1-30
days in
arrears
ThCh$
31- 60
days in
arrears
ThCh$
61-90
days in
arrears
ThCh$
91-120
days in
arrears
ThCh$
903,063,886
106,894,634
(8,159,865)
39,814,503
(2,408,150)
20,741,774
(4,038,649)
7,150,011
(2,288,401)
Balance at 12-31-2013
1-30
days in
arrears
ThCh$
31- 60
days in
arrears
ThCh$
61-90
days in
arrears
ThCh$
91-120
days in
arrears
ThCh$
688,559,771
84,451,304
(825,148)
(14,350,566)
32,613,952
(3,978,738)
7,862,372
(2,686,557)
6,501,113
(2,841,657)
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Up-to-date
Portfolio
ThCh$
(1,280,373)
568,028,235
(7,239,158)
Up-to-date
Portfolio
ThCh$
284,352,676
(9,722,257)
962,365,042
70,100,738
28,635,214
5,175,815
3,659,456
Non-renegotiated Portfolio
Renegotiated Portfolio
Total Gross
Portfolio
Balance at
12-31-2014
Number of Clients
ThCh$ Number of Clients
ThCh$ Number of Clients
Gross
Amount
888,656,332
101,089,273
36,225,884
18,833,430
5,580,951
5,776,635
5,103,607
3,462,029
2,455,802
10,244,620
2,101,665
408,941
87,712
58,397
52,163
39,113
24,086
20,666
93,327
85,662
29,281
23,566
14,327
14,132
9,616
15,507
10,733
18,770
Gross
Amount
14,407,554
5,805,361
3,588,619
1,908,344
1,569,060
1,397,463
1,284,276
1,076,083
960,772
28,024,455
60,021,987
10,337,947
2,187,327
438,222
111,278
72,724
66,295
48,729
39,593
31,399
426,902
13,760,416
408,132
148,793,724
13,445,495
1,215,977,667
314,921
Additional Information Oficio Circular (Official Bulletin) No. 715 Of February 3, 2012
151-180
days in
arrears
ThCh$
6,387,883
(2,003,467)
-
-
4,384,416
151-180
days in
arrears
ThCh$
5,393,470
(2,205,947)
-
-
3,187,523
Balance at 12-31-2014
181-210
days in
arrears
ThCh$
4,538,112
(1,534,602)
-
-
3,003,510
211-250
days in
arrears
ThCh$
3,416,574
(1,360,517)
-
-
2,056,057
Balance at 12-31-2013
181-210
days in
arrears
ThCh$
3,855,957
(1,805,495)
-
-
2,050,462
211-250
days in
arrears
ThCh$
2,669,480
(1,276,773)
-
-
1,392,707
More than 251
days in arrears
ThCh$
176,818,179
(129,904,859)
-
-
46,913,320
More than 251
days in arrears
ThCh$
144,514,712
(115,125,053)
-
-
29,389,659
Total Current
ThCh$
1,275,999,654
(155,101,828)
568,028,235
(7,239,158)
1,681,686,903
Total Non-current
ThCh$
202,932,480
-
88,709,195
-
291,641,675
Total Current
ThCh$
1,002,252,700
(147,146,011)
284,352,676
(9,722,257)
1,129,737,108
Total Non-current
ThCh$
181,381,483
-
41,664,190
-
223,045,673
Non-renegotiated Portfolio
Renegotiated Portfolio
Total Gross Portfolio
Balance at
12-31-2013
121-150
days in
arrears
ThCh$
7,174,098
(2,122,945)
-
-
5,051,153
121-150
days in
arrears
ThCh$
25,830,569
(2,050,077)
-
-
23,780,492
Balance at
12-31-2014
Total cartera
bruta
Gross
Amount
ThCh$ Number of Clients
10,181,482
2,176,060
408,044
83,717
58,782
47,384
35,463
20,473
17,899
451,967
13,481,271
903,063,886
106,894,634
39,814,503
20,741,774
7,150,011
7,174,098
6,387,883
4,538,112
3,416,574
176,818,179
1,275,999,654
Gross
Amount
ThCh$ Number of Clients
111,812
89,451
28,598
23,208
14,156
14,022
9,548
15,462
10,690
19,388
336,335
675,688,355
78,924,126
30,106,897
6,311,465
5,220,020
24,672,166
4,004,716
2,909,044
1,904,948
117,675,353
947,417,090
Gross
Amount
ThCh$ Number of Clients
10,293,294
2,265,511
436,642
106,925
72,938
61,406
45,011
35,935
28,589
471,355
13,817,606
12,871,416
5,527,178
2,507,055
1,550,907
1,281,093
1,158,403
1,388,754
946,913
764,532
26,839,359
54,835,610
Gross
Amount
ThCh$
688,559,771
84,451,304
32,613,952
7,862,372
6,501,113
25,830,569
5,393,470
3,855,957
2,669,480
144,514,712
1,002,252,700
c ) Provisions and write-offs
Provisions and Write-offs
Provision for non-renegotiated portfolio
Provision for renegotiated portfolio
Write-offs during the period
Recoveries during the period
Total
Balance at
12-31-2014
ThCh$
22,178,152
669,988
19,013,041
-
41,861,181
12-31-2013
ThCh$
19,629,701
13,924,936
(18,827,998)
-
14,726,639
407
d) Number and Value of Operations
Number and Value of Operations
Impairment provision and recoveries
Number of operations
Value of operations, in ThCh$
Balance at 12-31-2014
Balance at 12-31-2013
Total detail by type
of operation
Last Quarter
ThCh$
Total detail
by type of
operation Annual
Accumulationl
ThCh$
Total detail by type
of operation
Last Quarter
ThCh$
Total detail
by type of
operation Annual
Accumulationl
ThCh$
1,889,698
22,848,140
1,889,698
22,848,140
1,850,913
5,492,566
2,005,485
33,554,637
Appendix 6.1
Complementary Information on Trade Receivables
This appendix forms an integral part of the Enersis financial statements.
a) Portfolio Stratification
- Trade Receivables by Time in Arrears:
Up-to-date
Portfolio
ThCh$
Balance at 12-31-2014
1-30
days in
arrears
ThCh$
31- 60
days in
arrears
ThCh$
61-90
days in
arrears
ThCh$
372,017,282
14,185,584
2,368,035
826,795
Trade Receivables
Trade receivables, generation and
transmission
-Large clients
-Institutional clients
-Others
Impairment provision
293,311,567
48,353,634
30,352,081
(388,459)
6,649,258
-
7,536,326
-
Non-invoiced services
Invoiced services
211,809,086
160,208,196
-
14,185,584
Trade receivables, distribution
-Mass-market clients
-Large clients
-Institutional clients
Impairment provision
531,046,604
363,514,047
122,493,330
45,039,227
(891,914)
92,709,050
66,110,431
18,645,276
7,953,343
(8,159,865)
2,333,183
-
34,852
-
-
2,368,035
37,446,468
24,474,607
6,038,961
6,932,900
(2,408,150)
563,008
-
263,787
(169,056)
-
826,795
19,914,979
6,539,339
2,946,789
10,428,851
(3,869,593)
91-120
days in
arrears
ThCh$
259,556
228,410
-
31,146
-
-
259,556
6,890,455
4,783,444
713,261
1,393,750
(2,288,401)
Non-invoiced services
Invoiced services
317,688,170
217,794,795
-
92,709,050
-
37,446,468
-
19,914,979
-
6,890,455
7,072,507
6,001,839
4,468,927
3,275,963
118,042,771
22,074,126
317,688,170
513,617,754
Total Trade Receivables, Gross
Total Impairment Provision
Total Trade Receivables, Net
903,063,886
(1,280,373)
901,783,513
106,894,634
(8,159,865)
98,734,769
39,814,503
(2,408,150)
37,406,353
20,741,774
(4,038,649)
16,703,125
7,150,011
(2,288,401)
4,861,610
7,174,098
(2,122,945)
5,051,153
6,387,883
(2,003,467)
4,384,416
4,538,112
(1,534,602)
3,003,510
3,416,574
176,818,179
1,275,999,654
202,932,480
(1,360,517)
(129,904,859)
(155,101,828)
2,056,057
46,913,320
1,120,897,826
202,932,480
Since not all of our commercial databases in our Group’s different subsidiaries distinguish whether the final electricity service consumer is a natural or legal person, the main management segmentation used by all the subsidiaries to monitor and follow up on trade receivables is the
following:
- Mass-market clients
-
-
Large clients
Institutional clients
408
2014 ANNUAL REPORT ENERSIS
CONSOLIDATED FINANCIAL STATEMENTS
121-150
days in
arrears
ThCh$
101,591
77,466
151-180
days in
arrears
ThCh$
386,044
265,238
181-210
days in
arrears
ThCh$
69,185
65,525
Balance at 12-31-2014
211-250
days in
arrears
ThCh$
More than 251
days in arrears
ThCh$
Total Current
Total Non-current
ThCh$
ThCh$
140,611
58,775,408
449,130,091
180,858,354
136,823
3,653,609
307,284,087
48,353,634
93,492,370
172,090,003
8,768,351
(56,435,060)
(56,992,575)
24,125
120,806
3,660
3,788
55,121,799
101,591
386,044
69,185
140,611
58,775,408
211,809,086
237,321,005
1,045,832
179,812,522
7,072,507
4,107,710
1,068,570
1,896,227
6,001,839
3,337,309
1,460,736
1,203,794
4,468,927
2,388,662
1,289,811
790,454
3,275,963
1,846,646
664,518
764,799
118,042,771
826,869,563
49,452,156
33,142,022
35,448,593
526,554,351
188,463,274
111,851,938
22,074,126
11,102,240
3,153,611
7,818,275
(2,122,945)
(2,003,467)
(1,534,602)
(1,360,517)
(73,469,799)
(98,109,253)
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
d) Number and Value of Operations
Balance at 12-31-2014
Balance at 12-31-2013
Total detail
Total detail by type
by type of
Total detail by type
of operation
Last Quarter
operation Annual
Accumulationl
of operation
Last Quarter
operation Annual
Accumulationl
ThCh$
ThCh$
ThCh$
ThCh$
Total detail
by type of
1,889,698
22,848,140
1,889,698
22,848,140
1,850,913
5,492,566
2,005,485
33,554,637
Complementary Information on Trade Receivables
This appendix forms an integral part of the Enersis financial statements.
a) Portfolio Stratification
- Trade Receivables by Time in Arrears:
Balance at 12-31-2014
1-30
days in
arrears
ThCh$
31- 60
days in
arrears
ThCh$
372,017,282
14,185,584
2,368,035
293,311,567
6,649,258
2,333,183
7,536,326
34,852
61-90
days in
arrears
ThCh$
826,795
563,008
263,787
(169,056)
-
-
-
-
-
-
-
91-120
days in
arrears
ThCh$
259,556
228,410
31,146
-
-
-
-
14,185,584
2,368,035
826,795
259,556
92,709,050
66,110,431
18,645,276
7,953,343
(8,159,865)
37,446,468
24,474,607
6,038,961
6,932,900
(2,408,150)
19,914,979
6,539,339
2,946,789
10,428,851
(3,869,593)
6,890,455
4,783,444
713,261
1,393,750
(2,288,401)
-
-
-
-
Up-to-date
Portfolio
ThCh$
48,353,634
30,352,081
(388,459)
211,809,086
160,208,196
531,046,604
363,514,047
122,493,330
45,039,227
(891,914)
317,688,170
217,794,795
Number and Value of Operations
Impairment provision and recoveries
Number of operations
Value of operations, in ThCh$
Appendix 6.1
Trade Receivables
Trade receivables, generation and
transmission
-Large clients
-Institutional clients
-Others
Impairment provision
Non-invoiced services
Invoiced services
-Mass-market clients
-Large clients
-Institutional clients
Impairment provision
Non-invoiced services
Invoiced services
Trade receivables, distribution
following:
- Mass-market clients
-
-
Large clients
Institutional clients
Balance at 12-31-2014
121-150
days in
arrears
ThCh$
101,591
77,466
-
24,125
-
-
101,591
151-180
days in
arrears
ThCh$
386,044
265,238
-
120,806
-
-
386,044
181-210
days in
arrears
ThCh$
69,185
65,525
-
3,660
-
-
69,185
211-250
days in
arrears
ThCh$
More than 251
days in arrears
ThCh$
Total Current
ThCh$
Total Non-current
ThCh$
140,611
58,775,408
449,130,091
180,858,354
136,823
-
3,788
-
-
140,611
3,653,609
-
55,121,799
(56,435,060)
307,284,087
48,353,634
93,492,370
(56,992,575)
-
172,090,003
8,768,351
-
-
58,775,408
211,809,086
237,321,005
1,045,832
179,812,522
7,072,507
4,107,710
1,068,570
1,896,227
(2,122,945)
6,001,839
3,337,309
1,460,736
1,203,794
(2,003,467)
4,468,927
2,388,662
1,289,811
790,454
(1,534,602)
3,275,963
1,846,646
664,518
764,799
(1,360,517)
118,042,771
49,452,156
33,142,022
35,448,593
(73,469,799)
826,869,563
526,554,351
188,463,274
111,851,938
(98,109,253)
22,074,126
11,102,240
3,153,611
7,818,275
-
92,709,050
37,446,468
19,914,979
6,890,455
-
7,072,507
-
6,001,839
-
4,468,927
-
3,275,963
-
118,042,771
317,688,170
513,617,754
-
22,074,126
Total Trade Receivables, Gross
903,063,886
106,894,634
Total Impairment Provision
Total Trade Receivables, Net
(1,280,373)
901,783,513
(8,159,865)
98,734,769
39,814,503
(2,408,150)
37,406,353
20,741,774
(4,038,649)
16,703,125
7,150,011
(2,288,401)
4,861,610
7,174,098
(2,122,945)
5,051,153
6,387,883
(2,003,467)
4,384,416
4,538,112
(1,534,602)
3,003,510
3,416,574
(1,360,517)
2,056,057
176,818,179
(129,904,859)
46,913,320
1,275,999,654
(155,101,828)
1,120,897,826
202,932,480
-
202,932,480
Since not all of our commercial databases in our Group’s different subsidiaries distinguish whether the final electricity service consumer is a natural or legal person, the main management segmentation used by all the subsidiaries to monitor and follow up on trade receivables is the
409
Trade Receivables
Trade receivables, generation and
transmission
-Large clients
-Institutional clients
-Others
Impairment provision
Non-invoiced services
Invoiced services
Trade receivables, distribution
-Mass-market clients
-Large clients
-Institutional clients
Impairment provision
Balance at 12-31-2014
Up-to-date
Portfolio
ThCh$
1-30
days in
arrears
ThCh$
256,065,253
5,292,261
184,562,721
43,079,880
28,422,652
(317,421)
161,283,323
94,781,930
432,494,518
285,898,592
104,697,460
41,898,466
(507,727)
751,245
-
4,541,016
-
-
5,292,261
79,159,043
57,949,731
16,582,507
4,626,805
(14,350,566)
31- 60
days in
arrears
ThCh$
195,439
157,913
-
37,526
-
-
195,439
32,418,513
21,036,349
5,598,217
5,783,947
(3,978,738)
61-90
days in
arrears
ThCh$
265,303
69,022
-
196,281
(189,965)
-
265,303
7,597,069
4,852,305
1,435,871
1,308,893
(2,496,592)
91-120
days in
arrears
ThCh$
76,876
70,393
-
6,483
-
-
76,876
6,424,237
4,482,227
701,981
1,240,029
(2,841,657)
Non-invoiced services
Invoiced services
205,202,092
227,292,426
-
79,159,043
-
32,418,513
-
7,597,069
-
6,424,237
4,594,801
5,381,812
3,838,382
2,664,497
87,755,136
205,202,092
457,125,916
699,393
19,841,605
Total Trade Receivables, Gross
Total Impairment Provision
Total Trade Receivables, Net
688,559,771
(825,148)
687,734,623
84,451,304
(14,350,566)
70,100,738
32,613,952
(3,978,738)
28,635,214
7,862,372
(2,686,557)
5,175,815
6,501,113
(2,841,657)
3,659,456
25,830,569
(2,050,077)
23,780,492
5,393,470
(2,205,947)
3,187,523
3,855,957
(1,805,495)
2,050,462
2,669,480
144,514,712
1,002,252,700
181,381,483
(1,276,773)
(115,125,053)
(147,146,011)
1,392,707
29,389,659
855,106,689
181,381,483
Balance at 12-31-2014
211-250
days in
arrears
ThCh$
More than 251
days in arrears
ThCh$
151-180
days in
arrears
ThCh$
11,658
1,050
181-210
days in
arrears
ThCh$
17,575
118
10,608
17,457
4,138
53,666,363
Total Current
Total Non-current
ThCh$
ThCh$
4,983
56,759,576
339,924,692
160,840,485
845
3,093,213
209,932,616
43,079,880
86,912,196
153,021,560
7,818,925
(54,451,658)
(55,014,538)
21,235,768
11,658
17,575
4,983
56,759,576
161,283,323
178,641,369
1,510,879
159,329,606
4,594,801
2,946,126
710,996
937,679
5,381,812
3,130,574
988,052
1,263,186
3,838,382
1,967,081
908,593
962,708
2,664,497
1,403,333
442,381
818,783
87,755,136
37,968,646
27,308,100
22,478,390
662,328,008
421,634,964
159,374,158
81,318,886
20,540,998
13,849,395
2,103,134
4,588,469
(1,994,583)
(2,205,947)
(1,805,495)
(1,276,773)
(60,673,395)
(92,131,473)
-
-
-
-
-
-
-
-
-
-
-
-
121-150
days in
arrears
ThCh$
21,235,768
21,226,096
9,672
(55,494)
-
-
-
-
-
-
-
-
-
-
410
2014 ANNUAL REPORT ENERSIS
CONSOLIDATED FINANCIAL STATEMENTS
Trade Receivables
Trade receivables, generation and
256,065,253
5,292,261
Balance at 12-31-2014
1-30
days in
arrears
ThCh$
751,245
31- 60
days in
arrears
ThCh$
195,439
157,913
4,541,016
37,526
61-90
days in
arrears
ThCh$
265,303
69,022
196,281
(189,965)
-
-
-
-
-
-
-
91-120
days in
arrears
ThCh$
76,876
70,393
6,483
-
-
-
-
5,292,261
195,439
265,303
76,876
79,159,043
57,949,731
16,582,507
4,626,805
32,418,513
21,036,349
5,598,217
5,783,947
7,597,069
4,852,305
1,435,871
1,308,893
6,424,237
4,482,227
701,981
1,240,029
(507,727)
(14,350,566)
(3,978,738)
(2,496,592)
(2,841,657)
Up-to-date
Portfolio
ThCh$
184,562,721
43,079,880
28,422,652
(317,421)
161,283,323
94,781,930
432,494,518
285,898,592
104,697,460
41,898,466
205,202,092
227,292,426
-
-
-
-
transmission
-Large clients
-Institutional clients
-Others
Impairment provision
Non-invoiced services
Invoiced services
-Mass-market clients
-Large clients
-Institutional clients
Impairment provision
Non-invoiced services
Invoiced services
Trade receivables, distribution
Total Trade Receivables, Gross
Total Impairment Provision
Total Trade Receivables, Net
121-150
days in
arrears
ThCh$
21,235,768
21,226,096
-
9,672
(55,494)
-
21,235,768
4,594,801
2,946,126
710,996
937,679
(1,994,583)
151-180
days in
arrears
ThCh$
11,658
1,050
-
10,608
-
-
11,658
Balance at 12-31-2014
181-210
days in
arrears
ThCh$
17,575
118
-
17,457
-
-
17,575
211-250
days in
arrears
ThCh$
More than 251
days in arrears
ThCh$
Total Current
ThCh$
Total Non-current
ThCh$
4,983
845
-
4,138
-
-
4,983
56,759,576
339,924,692
160,840,485
3,093,213
-
53,666,363
(54,451,658)
209,932,616
43,079,880
86,912,196
(55,014,538)
-
153,021,560
7,818,925
-
-
56,759,576
161,283,323
178,641,369
1,510,879
159,329,606
5,381,812
3,130,574
988,052
1,263,186
(2,205,947)
3,838,382
1,967,081
908,593
962,708
(1,805,495)
2,664,497
1,403,333
442,381
818,783
(1,276,773)
87,755,136
37,968,646
27,308,100
22,478,390
(60,673,395)
662,328,008
421,634,964
159,374,158
81,318,886
(92,131,473)
20,540,998
13,849,395
2,103,134
4,588,469
-
79,159,043
32,418,513
7,597,069
6,424,237
-
4,594,801
-
5,381,812
-
3,838,382
-
2,664,497
-
87,755,136
205,202,092
457,125,916
699,393
19,841,605
688,559,771
84,451,304
(825,148)
(14,350,566)
687,734,623
70,100,738
32,613,952
(3,978,738)
28,635,214
7,862,372
(2,686,557)
5,175,815
6,501,113
(2,841,657)
3,659,456
25,830,569
(2,050,077)
23,780,492
5,393,470
(2,205,947)
3,187,523
3,855,957
(1,805,495)
2,050,462
2,669,480
(1,276,773)
1,392,707
144,514,712
(115,125,053)
29,389,659
1,002,252,700
(147,146,011)
855,106,689
181,381,483
-
181,381,483
411
- By type of portfolio:
Type of Portfolio
GENERATION AND
TRANSMISSION
Non-renegotiated portfolio
-Large clients
-Institutional clients
-Others
Renegotiated portfolio
-Large clients
-Institutional clients
-Others
DISTRIBUTION
Non-renegotiated portfolio
-Mass-market clients
-Large clients
-Institutional clients
Renegotiated portfolio
-Mass-market clients
-Large clients
-Institutional clients
Up-to-date
Portfolio
ThCh$
363,410,191
293,422,775
48,353,634
21,633,782
8,718,298
-
-
8,718,298
525,246,141
359,557,387
121,295,659
44,393,095
5,689,256
3,845,451
1,197,671
646,134
Balance at 12-31-2014
31- 60
days in
arrears
ThCh$
1-30
days in
arrears
ThCh$
14,146,157
6,649,258
-
7,496,899
39,427
-
-
39,427
86,943,116
61,876,128
17,592,569
7,474,419
5,765,934
4,234,303
1,052,707
478,924
2,333,183
2,333,183
-
-
34,852
-
-
34,852
33,892,701
22,363,672
5,739,993
5,789,036
3,553,767
2,110,934
298,969
1,143,864
61-90
days in
arrears
ThCh$
782,547
563,008
-
219,539
44,248
-
-
44,248
18,050,883
5,224,924
2,818,594
10,007,365
1,864,096
1,314,417
128,194
421,485
91-120
days in
arrears
ThCh$
228,410
228,410
-
-
31,146
-
-
31,146
5,352,541
3,690,220
627,109
1,035,212
1,537,914
1,093,224
86,152
358,538
Total Portfolio, Gross
903,063,886
106,894,634
39,814,503
20,741,774
7,150,011
7,174,098
6,387,883
4,538,112
3,416,574
176,818,179
1,275,999,654
Type of Portfolio
GENERATION AND
TRANSMISSION
Non-renegotiated portfolio
-Large clients
-Institutional clients
-Others
Renegotiated portfolio
-Large clients
-Institutional clients
-Others
DISTRIBUTION
Non-renegotiated portfolio
-Mass-market clients
-Large clients
-Institutional clients
Renegotiated portfolio
-Mass-market clients
-Large clients
-Institutional clients
Up-to-date
Portfolio
ThCh$
249,737,185
184,562,721
43,079,880
22,094,584
6,328,067
-
-
6,328,067
425,951,170
311,636,104
72,852,582
41,462,484
6,543,349
5,776,933
330,434
435,982
Balance at 12-31-2014
31- 60
days in
arrears
ThCh$
1-30
days in
arrears
ThCh$
5,280,033
751,245
-
4,528,788
12,228
-
-
12,228
73,644,093
53,508,995
16,020,452
4,114,646
5,514,950
4,440,736
562,054
512,160
157,913
157,913
-
-
37,526
-
-
37,526
29,948,984
19,066,515
5,476,620
5,405,849
2,469,529
1,969,835
121,596
378,098
61-90
days in
arrears
ThCh$
258,987
69,022
-
189,965
6,315
-
-
6,315
6,052,478
3,774,662
1,282,142
995,674
1,544,592
1,077,643
153,729
313,220
91-120
days in
arrears
ThCh$
70,393
70,393
-
-
6,483
-
-
6,483
5,149,627
3,565,936
585,550
998,141
1,274,610
916,293
116,431
241,886
Total Portfolio, Gross
688,559,771
84,451,304
32,613,952
7,862,372
6,501,113
25,830,569
5,393,470
3,855,957
2,669,480
144,514,712
1,002,252,700
412
2014 ANNUAL REPORT ENERSIS
CONSOLIDATED FINANCIAL STATEMENTS
Balance at 12-31-2014
More than 251 days
in arrears
ThCh$
Total Current
ThCh$
24,125
120,806
3,660
3,788
24,125
120,806
3,660
3,788
432,319
9,452,669
121-150
days in
arrears
ThCh$
77,466
77,466
-
-
-
-
-
-
-
-
5,699,169
3,176,315
977,296
1,545,558
1,373,338
931,394
91,274
350,670
121-150
days in
arrears
ThCh$
21,226,096
21,226,096
3,446,070
2,138,523
596,036
711,511
1,148,731
807,604
114,959
226,168
151-180
days in
arrears
ThCh$
265,238
265,238
-
-
-
-
-
-
-
-
4,838,369
2,587,866
1,390,709
859,794
1,163,470
749,443
70,027
344,000
151-180
days in
arrears
ThCh$
1,050
1,050
4,003,666
2,465,002
916,028
622,636
1,378,146
665,572
72,024
640,550
181-210
days in
arrears
ThCh$
65,525
65,525
-
-
-
-
3,396,504
1,727,709
1,219,723
449,072
1,072,423
660,954
70,088
341,381
118
118
-
-
-
-
2,908,926
1,390,128
801,919
716,879
929,456
576,953
106,674
245,829
211-250
days in
arrears
ThCh$
136,823
136,823
-
-
-
-
2,318,979
1,291,303
595,298
432,378
956,984
555,345
69,219
332,420
845
845
-
-
-
-
1,904,103
893,718
393,396
616,989
760,394
509,615
48,985
201,794
58,343,089
3,653,609
54,689,480
432,319
-
-
-
90,450,635
37,131,908
32,199,320
21,119,407
27,592,136
12,320,248
942,702
14,329,186
56,319,709
3,093,213
53,226,496
439,867
-
-
-
61,355,644
25,718,451
26,640,353
8,996,840
26,399,492
12,250,195
667,747
13,481,550
439,788,629
307,395,295
48,353,634
84,039,700
9,452,669
-
-
776,189,038
498,627,432
184,456,270
93,105,336
50,569,318
27,815,713
4,007,003
18,746,602
333,052,329
209,932,616
43,079,880
80,039,833
6,872,361
-
-
614,364,761
424,158,034
125,565,078
64,641,649
47,963,249
28,991,379
2,294,633
16,677,237
9,672
10,608
17,457
4,138
9,672
10,608
17,457
4,138
439,867
6,872,361
Balance at 12-31-2014
181-210
days in
arrears
ThCh$
211-250
days in
arrears
ThCh$
More than 251 days
in arrears
ThCh$
Total Current
ThCh$
Type of Portfolio
GENERATION AND
TRANSMISSION
Non-renegotiated portfolio
-Large clients
-Institutional clients
-Others
Renegotiated portfolio
-Large clients
-Institutional clients
-Others
DISTRIBUTION
Non-renegotiated portfolio
-Mass-market clients
-Large clients
-Institutional clients
Renegotiated portfolio
-Mass-market clients
-Large clients
-Institutional clients
Type of Portfolio
GENERATION AND
TRANSMISSION
Non-renegotiated portfolio
-Large clients
-Institutional clients
-Others
Renegotiated portfolio
-Large clients
-Institutional clients
-Others
DISTRIBUTION
Non-renegotiated portfolio
-Mass-market clients
-Large clients
-Institutional clients
Renegotiated portfolio
-Mass-market clients
-Large clients
-Institutional clients
8,718,298
39,427
34,852
44,248
31,146
Up-to-date
Portfolio
ThCh$
363,410,191
293,422,775
48,353,634
21,633,782
8,718,298
-
-
525,246,141
359,557,387
121,295,659
44,393,095
5,689,256
3,845,451
1,197,671
646,134
Up-to-date
Portfolio
ThCh$
249,737,185
184,562,721
43,079,880
22,094,584
6,328,067
-
-
425,951,170
311,636,104
72,852,582
41,462,484
6,543,349
5,776,933
330,434
435,982
1-30
days in
arrears
ThCh$
14,146,157
6,649,258
7,496,899
39,427
-
-
-
86,943,116
61,876,128
17,592,569
7,474,419
5,765,934
4,234,303
1,052,707
478,924
1-30
days in
arrears
ThCh$
5,280,033
751,245
4,528,788
12,228
-
-
-
73,644,093
53,508,995
16,020,452
4,114,646
5,514,950
4,440,736
562,054
512,160
31- 60
days in
arrears
ThCh$
2,333,183
2,333,183
34,852
-
-
-
-
33,892,701
22,363,672
5,739,993
5,789,036
3,553,767
2,110,934
298,969
1,143,864
31- 60
days in
arrears
ThCh$
157,913
157,913
37,526
-
-
-
-
29,948,984
19,066,515
5,476,620
5,405,849
2,469,529
1,969,835
121,596
378,098
61-90
days in
arrears
ThCh$
782,547
563,008
219,539
44,248
-
-
-
18,050,883
5,224,924
2,818,594
10,007,365
1,864,096
1,314,417
128,194
421,485
61-90
days in
arrears
ThCh$
258,987
69,022
189,965
6,315
-
-
-
6,052,478
3,774,662
1,282,142
995,674
1,544,592
1,077,643
153,729
313,220
91-120
days in
arrears
ThCh$
228,410
228,410
31,146
-
-
-
-
5,352,541
3,690,220
627,109
1,035,212
1,537,914
1,093,224
86,152
358,538
91-120
days in
arrears
ThCh$
70,393
70,393
6,483
-
-
-
-
5,149,627
3,565,936
585,550
998,141
1,274,610
916,293
116,431
241,886
6,328,067
12,228
37,526
6,315
6,483
- By type of portfolio:
Balance at 12-31-2014
Balance at 12-31-2014
121-150
days in
arrears
ThCh$
77,466
77,466
-
-
24,125
-
-
24,125
5,699,169
3,176,315
977,296
1,545,558
1,373,338
931,394
91,274
350,670
151-180
days in
arrears
ThCh$
265,238
265,238
-
-
120,806
-
-
120,806
4,838,369
2,587,866
1,390,709
859,794
1,163,470
749,443
70,027
344,000
181-210
days in
arrears
ThCh$
65,525
65,525
-
-
3,660
-
-
3,660
3,396,504
1,727,709
1,219,723
449,072
1,072,423
660,954
70,088
341,381
211-250
days in
arrears
ThCh$
136,823
136,823
-
-
3,788
-
-
3,788
2,318,979
1,291,303
595,298
432,378
956,984
555,345
69,219
332,420
More than 251 days
in arrears
ThCh$
Total Current
ThCh$
58,343,089
3,653,609
-
54,689,480
432,319
-
-
432,319
90,450,635
37,131,908
32,199,320
21,119,407
27,592,136
12,320,248
942,702
14,329,186
439,788,629
307,395,295
48,353,634
84,039,700
9,452,669
-
-
9,452,669
776,189,038
498,627,432
184,456,270
93,105,336
50,569,318
27,815,713
4,007,003
18,746,602
Total Portfolio, Gross
903,063,886
106,894,634
39,814,503
20,741,774
7,150,011
7,174,098
6,387,883
4,538,112
3,416,574
176,818,179
1,275,999,654
Balance at 12-31-2014
Balance at 12-31-2014
121-150
days in
arrears
ThCh$
21,226,096
21,226,096
-
-
9,672
-
-
9,672
3,446,070
2,138,523
596,036
711,511
1,148,731
807,604
114,959
226,168
151-180
days in
arrears
ThCh$
1,050
1,050
-
-
10,608
-
-
10,608
4,003,666
2,465,002
916,028
622,636
1,378,146
665,572
72,024
640,550
181-210
days in
arrears
ThCh$
118
118
-
-
17,457
-
-
17,457
2,908,926
1,390,128
801,919
716,879
929,456
576,953
106,674
245,829
211-250
days in
arrears
ThCh$
More than 251 days
in arrears
ThCh$
845
845
-
-
4,138
-
-
4,138
1,904,103
893,718
393,396
616,989
760,394
509,615
48,985
201,794
56,319,709
3,093,213
-
53,226,496
439,867
-
-
439,867
61,355,644
25,718,451
26,640,353
8,996,840
26,399,492
12,250,195
667,747
13,481,550
Total Current
ThCh$
333,052,329
209,932,616
43,079,880
80,039,833
6,872,361
-
-
6,872,361
614,364,761
424,158,034
125,565,078
64,641,649
47,963,249
28,991,379
2,294,633
16,677,237
Total Portfolio, Gross
688,559,771
84,451,304
32,613,952
7,862,372
6,501,113
25,830,569
5,393,470
3,855,957
2,669,480
144,514,712
1,002,252,700
413
Appendix 6.2
Estimated Sales and Purchases of Energy and Capacity
This appendix forms an integral part of the Enersis financial statements.
Country
BALANCE
Current accounts
receivable from related
companies
Trade and other current
receivables
Total Estimated Assets
Current accounts payable
to related companies
Trade and other current
payables
Total Estimated Liabilities
Energy Sales
Energy Purchases
COLOMBIA
31.12.2014 31.12.2013
Energy and
Energy and
Tolls
Tolls
PERU
ARGENTINA
BRAZIL
CHILE
TOTAL
31.12.2014
31.12.2013
31.12.2014
31.12.2013
Energy and
Tolls
Capacity
Energy and
Tolls
Capacity
Energy and
Tolls
Capacity
Energy and
Tolls
Capacity
31.12.2014
31.12.13
31.12.2014
Energy and
Energy and
Energy and
31.12.2013
Energy and
31.12.2014
Energy and
31.12.2013
Energy and
Tolls
Tolls
Tolls
Capacity
Tolls
Capacity
Tolls
Capacity
Tolls
Capacity
341,882
954,995
-
-
-
-
-
-
-
-
-
287,822
33,766
-
629,704
33,766
954,995
87,752,705 84,404,133 33,292,452
4,920,460 26,629,808
5,339,016 35,563,152
2,247,911 48,755,112
3,817,585
90,300,184
77,516,936
250,102,288
10,403,137
136,281,723
7,535,000
497,010,780
17,571,508
373,587,711
16,691,601
88,094,587 85,359,128 33,292,452
4,920,460 26,629,808
5,339,016 35,563,152
2,247,911 48,755,112
3,817,585
90,300,184
77,516,936
250,390,110
10,436,903
136,281,723
7,535,000
497,640,484
17,605,274
374,542,706
16,691,601
52,558
30,540
-
-
-
-
-
-
-
-
-
1,618,986
-
-
1,671,544
-
30,540
34,554,825 26,984,192 17,797,573
5,876,893 12,632,714
4,456,427 14,539,649
6,529 16,840,117
110,013
94,328,804
62,564,114
92,863,118
9,251,403
102,236,168
7,243,576
254,083,969
15,134,825
221,257,304
11,810,017
34,607,384 27,014,731 17,797,573
98,576,666 83,210,699 32,952,994
35,521,113 26,846,102 17,619,843
5,876,893 12,632,714
4,870,288 26,785,207
5,817,077 12,433,292
4,456,427 14,539,649
5,209,834 35,026,530
4,242,434 14,273,820
6,529 16,840,117
2,405,065 54,694,446
7,326 18,894,180
110,013
4,283,230
123,432
94,328,804
95,662,603
99,930,460
62,564,114
94,482,104
9,251,403
102,236,168
7,243,576
255,755,513
15,134,825
221,287,844
79,956,964
241,947,482
10,436,903
136,281,723
7,535,000
504,166,276
17,712,256
380,929,039
64,533,467
84,266,057
9,251,403
102,236,168
7,243,576
251,611,293
15,075,805
224,943,209
11,810,017
17,028,064
11,609,443
-
-
-
-
-
-
Appendix 7
Details of Due Dates of Payments to Suppliers
This appendix forms an integral part of the Enersis financial statements.
Suppliers with Payments Up-to-
Date
Up to 30 days
From 31 to 60 days
From 61 to 90 days
From 91 to 120 days
From 121 to 365 days
More than 365 days
Total
Balance at 12-31-2014
Balance at 12-31-2013
Goods
ThCh$
Services
ThCh$
Others
ThCh$
Total
ThCh$
Goods
ThCh$
17,186,972
157,069,570
635,121,059
809,377,601
-
-
-
-
-
10,354,996
2,848,853
13,203,849
-
-
-
-
376,364
376,364
3,010,909
2,516,362
376,364
376,364
3,010,909
2,516,362
-
-
-
-
-
-
Services
ThCh$
486,237,522
17,113,218
147,869
-
-
-
Others
ThCh$
-
-
-
-
-
-
Total
ThCh$
486,237,522
17,113,218
147,869
-
-
-
17,186,972 167,424,566 644,249,911 828,861,449
- 503,498,609
- 503,498,609
Suppliers with Payments Overdue
Up to 30 days
From 31 to 60 days
From 61 to 90 days
From 91 to 120 days
From 121 to 365 days
More than 365 days
Total
Balance at 12-31-2014
Balance at 12-31-2013
Goods
ThCh$
Services
ThCh$
Others
ThCh$
Total
ThCh$
Goods
ThCh$
Services
ThCh$
Others
ThCh$
Total
ThCh$
-
-
-
-
-
-
-
-
-
-
-
-
1,137,018
1,137,018
-
-
-
-
-
-
-
-
-
-
-
-
1,137,018
1,137,018
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
414
2014 ANNUAL REPORT ENERSIS
CONSOLIDATED FINANCIAL STATEMENTS
Appendix 6.2
Estimated Sales and Purchases of Energy and Capacity
This appendix forms an integral part of the Enersis financial statements.
COLOMBIA
PERU
ARGENTINA
31.12.2014 31.12.2013
31.12.2014
31.12.2013
31.12.2014
31.12.2013
Energy and
Energy and
Energy and
Energy and
Energy and
Energy and
Tolls
Tolls
Tolls
Capacity
Tolls
Capacity
Tolls
Capacity
Tolls
Capacity
BRAZIL
31.12.2014
Energy and
Tolls
31.12.13
Energy and
Tolls
CHILE
TOTAL
31.12.2014
31.12.2013
31.12.2014
31.12.2013
Energy and
Tolls
Capacity
Energy and
Tolls
Capacity
Energy and
Tolls
Capacity
Energy and
Tolls
Capacity
receivable from related
341,882
954,995
-
-
287,822
33,766
-
-
629,704
33,766
954,995
-
Total Estimated Assets
88,094,587 85,359,128 33,292,452
4,920,460 26,629,808
5,339,016 35,563,152
2,247,911 48,755,112
3,817,585
90,300,184
77,516,936
250,390,110
10,436,903
136,281,723
7,535,000
497,640,484
17,605,274
374,542,706
16,691,601
87,752,705 84,404,133 33,292,452
4,920,460 26,629,808
5,339,016 35,563,152
2,247,911 48,755,112
3,817,585
90,300,184
77,516,936
250,102,288
10,403,137
136,281,723
7,535,000
497,010,780
17,571,508
373,587,711
16,691,601
52,558
30,540
-
-
1,618,986
-
-
-
1,671,544
-
30,540
-
34,554,825 26,984,192 17,797,573
5,876,893 12,632,714
4,456,427 14,539,649
6,529 16,840,117
110,013
94,328,804
62,564,114
92,863,118
9,251,403
102,236,168
7,243,576
254,083,969
15,134,825
221,257,304
11,810,017
Total Estimated Liabilities
34,607,384 27,014,731 17,797,573
5,876,893 12,632,714
4,456,427 14,539,649
6,529 16,840,117
110,013
Energy Sales
98,576,666 83,210,699 32,952,994
4,870,288 26,785,207
5,209,834 35,026,530
2,405,065 54,694,446
4,283,230
Energy Purchases
35,521,113 26,846,102 17,619,843
5,817,077 12,433,292
4,242,434 14,273,820
7,326 18,894,180
123,432
94,328,804
95,662,603
99,930,460
62,564,114
79,956,964
64,533,467
94,482,104
241,947,482
84,266,057
9,251,403
10,436,903
9,251,403
102,236,168
136,281,723
102,236,168
7,243,576
7,535,000
7,243,576
255,755,513
504,166,276
251,611,293
15,134,825
17,712,256
15,075,805
221,287,844
380,929,039
224,943,209
11,810,017
17,028,064
11,609,443
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Country
BALANCE
Current accounts
companies
Trade and other current
receivables
Current accounts payable
to related companies
Trade and other current
payables
Appendix 7
-
-
-
-
-
-
-
-
-
-
-
Details of Due Dates of Payments to Suppliers
This appendix forms an integral part of the Enersis financial statements.
Suppliers with Payments Up-to-
Date
Goods
ThCh$
Services
ThCh$
Others
ThCh$
Total
ThCh$
Goods
ThCh$
Others
ThCh$
Balance at 12-31-2014
Balance at 12-31-2013
17,186,972 167,424,566 644,249,911 828,861,449
- 503,498,609
- 503,498,609
Suppliers with Payments Overdue
Goods
ThCh$
Services
ThCh$
Others
ThCh$
Total
ThCh$
Goods
ThCh$
Services
ThCh$
Others
ThCh$
Total
ThCh$
Balance at 12-31-2014
Balance at 12-31-2013
Up to 30 days
From 31 to 60 days
From 61 to 90 days
From 91 to 120 days
From 121 to 365 days
More than 365 days
Total
Up to 30 days
From 31 to 60 days
From 61 to 90 days
From 91 to 120 days
From 121 to 365 days
More than 365 days
Total
17,186,972
157,069,570
635,121,059
809,377,601
10,354,996
2,848,853
13,203,849
376,364
376,364
3,010,909
2,516,362
376,364
376,364
3,010,909
2,516,362
-
-
-
-
-
-
-
-
-
-
-
-
1,137,018
1,137,018
1,137,018
1,137,018
-
-
-
-
-
-
-
-
-
-
-
-
Services
ThCh$
486,237,522
17,113,218
147,869
Total
ThCh$
486,237,522
17,113,218
147,869
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
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-
-
-
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-
415
Management’s
Analysis of
Consolidated
Financial
Statements
416
2014 ANNUAL REPORT ENERSIS
MANAGEMENT’S ANALYSIS OF CONSOLIDATED FINANCIAL STATEMENTS
Management’s Analysis
of Consolidated Financial Statements
for the period ended on december 31, 2014
Highlights for the Period
The company’s total EBITDA during 2014 amounted to Ch$2,300,020 million, a 2.2% increase compared to 2013 explained by
a better performance in the Generation business where EBITDA rose by 10.6% compared to the previous year, mainly due to
better results in Colombia and Peru and an important recovery in Chile and Brazil in the last quarter.
This positive performance was partly offset by a 6.1% reduction in the EBITDA of the Distribution business, affected mainly by
a lower recognition of costs not transferred to tariffs in Argentina (MMC-PUREE) with respect to the previous year.
Despite the good operating performance, the Net Income attributable to Enersis’ shareholders decreased 7.3%, to
Ch$610,158 million. This reduction is explained by the impact in Endesa Chile caused by the impairments of the investments
in HidroAysén and Punta Alcalde, which had an impact in Enersis of Ch$41,425 million and Ch$5,509 million respectively.
The customer base in 2014 of our distribution business grew by over 386 thousand totaling more than 14.7 million customers,
while energy demand in our concession zones increased by 3.1%.
The Enersis Group continued to make investments through the direct purchase agreement for 21.1% of Edegel with Grupo
Inkia, the completion of the voluntary tender offer for the free-float of Coelce, which increased its shareholding to 74%, and
the acquisition of 50% of GasAtacama through its subsidiary Endesa Chile, to reach a 100% ownership.
We continue to progress in the development of new hydroelectric capacity with the construction of Salaco (145 MW,
completed in December 2014), El Quimbo (400 MW), and the investment approval for the Los Cóndores (150 MW) project.
Economic- Financial Summary
In the generation business, the net accumulated production of energy reached 60,299 GWh, slightly above the 60,089 GWh
of 2013.
The Company’s EBITDA increased by Ch$48,531 million, a rise of 2.2%, mainly due to the improved result in the Generation
business, explained by higher sales prices in Colombia, greater sales in Peru and improved hydrology in Chile, coupled with
a regulatory improvement in Brazil. This was partially offset by a 6.1% reduction in the EBITDA of Distribution compared to
2013.
The Company’s operating result (EBIT) increased by 1.6% reaching Ch$1,769,325 million.
The net financial result shows an increase in the loss of Ch$95,133 million. This was mainly due to extraordinary effects in the
distribution business in Brazil and less financial revenues in Argentina as a consequence of a lower cost recognition (MMC)
compared with the previous period.
Provisions were made for HidroAysén and Punta Alcalde, which had an impact of Ch$ 41,425 million and Ch$ 5,509 million,
respectively.
As a result of these variations, net income before taxes was Ch$1,526,079 million, equivalent to an increase of 5.7%.
Earnings attributable to shareholders of Enersis decreased by 7.3% compared to 2013, reaching Ch$ 610,158 million.
417
Financial Summary
Available liquidity has continued to show a solid position, as follows:
- Cash and cash equivalents
- Cash & cash equiv. + >90 days cash investments
- Committed lines of credit available
- Uncommitted lines of credit available
US$ 2,810 million
US$ 2,960 million
US$ 808 million
US$ 788 million
The average nominal interest rate rose from 8.1% in December 2013 to 8.3% in December 2014, mainly influenced by
exchange rate conditions in Colombian pesos and Brazilian reals, and also by a higher inflation rate in Chile. The above was
partially compensated by improved dollar and UF interest rates.
Hedging and protection:
In order to mitigate the risks associated with exchange and interest rate variations, Enersis has established policies and
procedures for protecting its financial statements against volatility.
- The Enersis exchange rate hedging policy states that there should be a balance between flows indexed to foreign currency
of each company and the currency in which they borrow. We also have cross-currency swaps of US$ 814 million and
forward contracts of US$ 415 million.
In order to reduce volatility in the financial statements due to changes in the interest rate, we maintain a suitable balance
in the debt structure. We have also contracted interest-rate swaps of US$ 165 million.
-
Markets in Which the Company Operates
Enersis’ business activities are carried out though subsidiary companies that operate the different businesses in the five
countries in which the Company has a presence. The most important businesses for Enersis are electricity generation and
distribution.
The results and business figures of the companies Central Dock Sud and Empresa Eléctrica Piura, whose shareholdings were
acquired by Enersis in the recent capital increase completed in March 2013, began to be booked in Enersis from April 2013.
At the end of April 2014, our subsidiary Endesa Chile acquired an additional 50% of the partnership rights in Inversiones Gas
Atacama Holding Limitada, thus attaining 100% ownership.
The following tables provide some key performance indicators as of December 31, 2014 and 2013 of the companies in the
different countries in which they operate.
Generation
Company
Endesa Chile (1)
Endesa Costanera
El Chocón
Dock Sud
Edegel consolidated
EE. Piura
Emgesa
Cachoeira Dourada
Endesa Fortaleza
Total
Markets in witch operation
SIC & SING Chile
SIN Argentina
SIN Argentina
SIN Argentina
SICN Peru
SICN Peru
SIN Colombia
SICN Brazil
SICN Brazil
Energy Sales
(GWh)
Market Share
Dec 14
21,157
7,051
3,391
4,834
9320
596
15,773
3,903
3,205
69,230
Dec 13
20,406
8,962
3,392
4,195
8903
594
16,090
3,564
3,262
69,369
Dec 14
32.6%
5.6%
2.7%
3.8%
24.9%
1.6%
19.4%
0.8%
0.7%
Dec 13
32.3%
7.2%
2.7%
3.4%
25.0%
1.7%
18.4%
0.8%
0.7%
(1) Includes Endesa Chile and its generation subsidiaries in Chile.
418
2014 ANNUAL REPORT ENERSIS
MANAGEMENT’S ANALYSIS OF CONSOLIDATED FINANCIAL STATEMENTS
Distribution
Company
Chilectra (**)
Edesur
Edelnor
Ampla
Coelce
Codensa
Total
Energy Sales
(GWh) ( * )
Energy Losses
(%)
Clients
(thousand)
Clients / Employees
Dec-14
15,702
18,025
7,359
11,701
11,177
13,667
77,631
Dec-13
15,152
18,137
7,045
11,049
10,718
13,342
75,443
Dec-14
5.3%
10.7%
8.0%
20.1%
12.7%
7.2%
10.7%
Dec-13
5.3%
10.8%
8.0%
19.8%
12.5%
7.0%
10.6%
Dec-14
1,737
2,464
1,294
2,875
3,625
2,772
14,768
Dec-13
1,694
2,444
1,255
2,801
3,500
2,687
14,381
Dec-14
2,518
645
2,090
2,466
2,989
2,658
1,726
Dec-13
2,274
736
2,037
2,466
2,836
2,594
1,778
(*) Includes final customer sales and tolls.
(**) Consolidated data.
The following table shows the energy sales revenues breakdown by business line and by client, as of December 31, 2014 and
2013, in the five countries where we operate.
Energy Sales Revenues
Generation
(Figures in million Ch$)
Generation
Chile
Argentina
Brazil
Colombia
Peru
Total
Dec-14 Dec-13 Dec-14 Dec-13 Dec-14 Dec-13 Dec-14 Dec-13 Dec-14 Dec-13 Dec-14 Dec-13
893.795 674.843
75.339 115.978 226.222 164.788 637.375 478.749 253.508 181.626 2.086.239 1.615.984
Regulated customers
498.257 481.386
-
-
13.812
-
-
- 123.725
84.591 635.794 565.977
Non regulated customers
274.938 156.628
9.785
26.629 131.767 119.547 425.913 340.586 108.558
88.557 950.961 731.947
Spot Market
Other Clients
98.643
27.575
38.289
64.761
80.643
45.241 211.285 138.163
8.691
1.433 437.551 277.173
21.957
9.254
27.265
24.588
-
-
177
-
12.534
7.045
61.933
40.887
Energy Sales Revenues
893.795 674.843
75.339 115.978 226.222 164.788 637.375 478.749 253.508 181.626 2.086.239 1.615.984
Variación en millones
de pesos Ch$ y %
218.952
32,4% (40.639)
35,0%
61.434
37,3% 158.626
33,1%
71.882
39.6% 470.255
29,1%
419
I.- Financial Statements Analysis
1. - Analysis of the Income Statement
Net income attributable to the shareholders of Enersis as of December 31, 2014 was Ch$ 610,158 million, representing a 7.3%
decrease with respect to the previous year, which was Ch$ 658,514 million
The following compares each item of the income statement:
CONSOLIDATED INCOME STATEMENT
(million Ch$)
Revenues
Sales
Other operating income
Procurements and Services
Energy purchases
Fuel consumption
Transportation expenses
Other variable costs
Contribution Margin
Personnel costs
Other fixed operating expenses
Gross Operating Income (EBITDA)
Depreciation and amortization
Reversal of impairment profit (impairment loss) recognized in
profit or loss
Operating Income
Net Financial Income
Financial income
Financial costs
Gain (Loss) for indexed assets and liabilities
Foreign currency exchange differences, net
Other Non Operating Income
Net Income From Sale of Assets
Share of profit (loss) of associates accounted for using the
equity method
Net Income Before Taxes
Income Tax
NET INCOME
Net Income attributable to owners of parent
Net income attributable to non-controlling interest
Dec-14
7,253,876
6,819,761
434,115
(3,941,071)
(2,612,423)
(511,015)
(417,134)
(400,499)
3,312,805
(438,734)
(574,051)
2,300,020
(479,180)
Dec c-13
6,264,446
5,696,777
567,669
(3,089,141)
(1,820,614)
(386,116)
(399,680)
(482,731)
3,175,305
(403,717)
(520,099)
2,251,489
(435,473)
Change
989,430
1,122,984
(133,554)
(851,930)
(791,809)
(124,899)
(17,454)
82,232
137,500
(35,017)
(53,952)
48,531
(43,707)
%
Change
15.8%
19.7%
(23.5%)
(27.6%)
(43.5%)
(32.4%)
(4.4%)
17.0%
4.3%
(8.7%)
(10.4%)
2.2%
(10.0%)
(51,515)
(74,878)
23,363
31.2%
1,769,325
(263,162)
265,884
(491,858)
1,634
(38,822)
19,916
71,769
(51,853)
1,526,079
(496,609)
1,029,470
610,158
419,312
1,741,138
(168,029)
260,127
(388,368)
(9,415)
(30,373)
44,459
19,170
28,187
(95,133)
5,757
(103,490)
11,049
(8,449)
(24,543)
52,599
1.6%
(56.6%)
2.2%
(26.7%)
117.4%
(27.8%)
(55.2%)
274.4%
25,289
(77,142)
(305.0%)
1,617,568
(504,167)
1,113,401
658,514
454,887
(91,489)
7,558
(83,931)
(48,356)
(35,575)
(5.7%)
1.5%
(7.5%)
(7.3%)
(7.8%)
Earnings per share Ch$ *
12,43
14,56
(2,1)
(14.6%)
(*) As of December 2014 the average number of paid and subscribed shares were 49,092,772,762 (45,218,860,045 as of December 2013)
420
2014 ANNUAL REPORT ENERSIS
MANAGEMENT’S ANALySIS OF CONSOLIDATED FINANCIAL STATEMENTS
Operating income:
Operating income increased by Ch$ 28,187 million as of December 31, 2014, the equivalent of an increase of 1.6%, increasing
from Ch$ 1,741,138 million in 2013 to Ch$ 1,769,325 million in 2014.
The breakdown of operating revenue and expenses by business line for the periods ended December 31, 2014 and 2013 is as
follows:
BUSINESS LINES
(Figures in million Ch$)
Operating Revenues
Operating Costs
Operating Income
Change in million Ch$ and %
Generation &
Transmission
Distribution
Adjustments
Total
Dec-14
2,983,409
(1,937,393)
1,046,016
101,521
Dec-13
2,441,120
(1,496,625)
944,495
10.7%
Dec-14
4,930,001
(4,174,186)
755,815
(63,673)
Dec-13
4,404,480
(3,584,992)
819,488
(7.8%)
Dec-14
(659,534)
627,028
(32,506)
(9,661)
Dec-13
(581,154)
558,309
(22,845)
(42.3%)
Dec-14
7,253,876
(5,484,551)
1,769,325
28,187
Dec-13
6,264,446
(4,523,308)
1,741,138
1.6%
The generation and transmission businesses produced greater operating income of Ch$ 101,521 million, a 10.7%,%
increase, to reach Ch$ 1,046,016 million. Physical sales declined by 0.2% to 69,230 GWh (69,369 GWh to December 2013).
Operating income for the generation and open transmission business on a comparative basis and detailed by country is
shown in the following table:
Generation
and Transmission
(Figures in million
Ch$)
Operating Revenues
Operating Costs
Operating Income
Change in million Ch$
and %
Chile
Argentina
Brazil
Colombia
Peru
Total
Dec-14 Dec-13 Dec-14 Dec-13 Dec-14 Dec-13 Dec-14 Dec-13 Dec-14 Dec-13 Dec-14 Dec-13
1,225,716
(975,589)
250,127
962,879
(697,621)
265,258
167,630
(128,922)
38,708
173,768
(138,639)
35,129
437,033
(288,199)
148,834
349,612
(189,007)
160,605
753,385
(303,895)
449,490
639,460
(275,531)
363,929
401,695
(242,838)
158,857
(196,312)
315,886 2,983,409 2,441,120
(1,496,625)
944,495
(1,937,393)
119,574 1,046,016
(15,131)
(5.7%)
3,579
10.2%
(11,771)
(7.3%)
85,561
23.5%
39,283
32.9%
101,521
10.7%
Operating Income by Country
Chile
Operating income in Chile declined by 5.7%, from Ch$ 265,258 million in 2013 to Ch$ 250,127 million in 2014, mainly due to
higher operating costs of Ch$ 277,968 million from higher energy purchases costs of Ch$ 164,024 million as a consequence
of larger purchases on the spot market, an increase of fuel consumption costs of Ch$ 93,868 million, higher other expenses
of Ch$ 5,777 million, higher charges for depreciation and impairment of Ch$ 21,163 million including Ch$ 12,581 million of
the Punta Alcalde project, and greater expenses in other variable procurements and services of Ch$ 4,046 million. These were
compensated by lower transport expenses of Ch$ 6,617 million and reduced personnel expenses of Ch$ 4,293 million.
Operating revenue increased by Ch$ 262,837 million compared to the previous year , due to increased physical sales and
higher average energy sales prices, and operating revenue contributed by the subsidiary Gas Atacama of Ch$ 113,074 million.
On April 22, 2014, our subsidiary Endesa Chile acquired 50% of the partnership rights in Inversiones Gas Atacama Holding
Limitada to reach a 100% ownership. The acquired subsidiary, whose operating results are booked from May 2014, shows
operating income of Ch$ 36,764 million to December 31, 2014.
Argentina
In Argentina, operating income for the period increased by Ch$ 3,579 million, explained by increased revenue received under
the combined-cycle availability contract of Endesa Costanera, of Ch$ 16,311 million compensated by reduced income due to
the effect of conversion to the Chilean peso.
The operating income of Endesa Costanera amounted Ch$13,702 million, a decrease of Ch$ 7,442 million compared to
2013 as a consequence of reduced sales revenue of Ch$ 29,411 million originating from lower physical sales of 1,911 GWh,
increased personnel expenses of Ch$ 4,766 million and increased other expenses of Ch$ 3,267 million. These were partially
compensated by higher revenue due to the effect of the availability contract of Ch$ 16,311 million, reduced energy purchases
of Ch$ 7,110 million, reduced charges for depreciation and impairment of Ch$ 2,744 million, reduced other variable
procurements and services of Ch$ 1,450 million and reduced transportation expenses of Ch$ 1,340 million.
421
El Chocón’s operating income reached Ch$14,339 million, Ch$ 103 million compared to the previous year. Operating costs
declined by Ch$ 6,616 million mainly due to lower energy purchases costs of Ch$ 3,783 million and lower other expenses of
Ch$ 2,843 million. Operating revenue declined by Ch$ 6,513 million mainly due to the effects of conversion to the Chilean
peso. Physical sales amounted to 3,391 GWh, slightly lower than the 3,392 GWh in 2013.
In addition, as a result of the capital increase of Enersis at the end of the first quarter of 2013, the Argentine subsidiaries
Central Dock Sud and Cemsa S.A. became consolidated. The results of these companies are booked from April 2013. Dock
Sud produced an improved operating income of Ch$ 12,001 million and Cemsa S.A a reduced operating income of Ch$ 393
million compared to the previous year.
The effect of converting the financial statements from Argentine pesos to Chilean pesos in both periods led to a 22.3%
decrease in Chilean pesos in December 2014 as compared to December 2013.
Brazil:
The operating income of our Brazilian subsidiaries amounted to Ch$ 148,834 million, a decrease of Ch$ 11,771 million
compared to the result of the previous year, which amounted Ch$ 160,605 million.
The operating income of our subsidiary Cachoeira Dourada decrease by Ch$ 9,955 million, due to increased operating costs of
Ch$ 51,475 million mainly from energy purchases. On the other hand, operating revenue rose by Ch$ 41,520 million due to
higher energy sales by 339 GWh.
The operating income of Endesa Fortaleza (CGTF) amounted to Ch$ 36,994 million, which represents a Ch$ 12,045 million
decreased compared to the previous year, mainly due to greater energy purchases of Ch$ 52,257 million as a consequence of
the increased price per GWh from the shortage of rains, increased fuel consumption of Ch$ 7,144 million, increased transport
costs of Ch$ 2,101 million, increased other expenses of Ch$ 1,041 million, higher personnel expenses of Ch$ 717 million
and higher charged for depreciation and impairment of Ch$ 696 million. These are compensated by reduced other variable
procurement and services costs of Ch$ 9,989 million. On the other hand, sales revenues rose by Ch$ 41,922 million, mainly
due to improvement of sale prices, despite lower physical sales of 57 GWh.
Our subsidiary Cien showed an increase in operating income of Ch$ 9,591 million, mainly due to reduced other variable
procurement and services costs of Ch$ 8,423 million.
The effect of converting the financial statements from Brazilian reals to Chilean pesos in both periods was a 5.7% increase in
Chilean peso terms in December 2014 compared to December 2013.
Colombia
The operating income of the operations in Colombia grew by 23.5% to Ch$ 449,490 million in 2014. The larger operating
revenue of Ch$ 113,925 million was mainly due to higher average sales prices and the effect of conversion to Chilean pesos,
offset by lower physical sales of 317 GWh.
The increased costs of raw materials and inputs used of Ch$ 15,884 million are the result of increased other expenses
in variable procurement and services costs of Ch$ 16,120 million and higher transport costs of Ch$ 9,020 million,
compensated by lower energy purchases of Ch$ 7,402 million as a result of lower physical sales and lower fuel
consumption of Ch$ 1,854 million, partly due to reduced thermal generation. There was also a higher charge for
depreciation and impairment of Ch$ 7,039 million, higher expenses of Ch$ 4,298 million and increased personnel expenses
of Ch$ 1,110 million.
The effect of converting the financial statements from Colombian pesos to Chilean pesos in both periods resulted in a 7.6%
increase in Chilean peso terms at December 2014 when compared to December 2013.
Peru
Operating income totaled Ch$158,857 million in 2014, an increase of 32.9% compared to 2013, mainly due to the result of
increased operating revenue and the contribution of Empresa Eléctrica Piura, a subsidiary that was consolidated following its
capital increase in March 2013.
The operating income of Edegel was Ch$141,158 million, 25.8% more than the previous year. Revenue rose by Ch$69,989
million, mainly due to higher energy sales of 417 GWh compared to the previous year and increased revenue from tolls.
422
2014 ANNUAL REPORT ENERSIS
MANAGEMENT’S ANALySIS OF CONSOLIDATED FINANCIAL STATEMENTS
Operating expenses rose by Ch$41,023 million due to higher costs of raw materials and inputs of Ch$38,655 million
mainly due to higher fuel consumption of Ch$14,015 million, larger energy purchases of Ch$13,385 million and higher
transportation expenses of Ch$12,149 million, in addition to higher other expenses of Ch$2,965 million, increased personnel
expenses of Ch$925 million, offset by reduced charges for depreciation and impairment of Ch$1,520 million.
The subsidiary Empresa Eléctrica de Piura also contributed an improved operating income of Ch$10,339 million with respect
to the previous year.
The effect of converting the financial statements from Peruvian nuevos soles to Chilean pesos in both periods resulted in a
9.6% at December 2014, compared to December 2013.
Distribution business showed a Ch$ 63,673 million decrease in operating income in the year, a 7.8% decrease, to
Ch$ 755,815 million, compared to 2013. Physical sales rose by 2,188 GWh, or 2.9%, to a total of 77,631 GWh. The number of
clients increased by 387 thousand to 14.7 million, 2.7% more than at December 2013.
The following shows details of the operating income of the distribution business by country and by comparison between the
two periods:
Chile
Argentina
Brazil
Colombia
Peru
Total
Distribution
(Figures in million Ch$)
Operating Revenues
Operating Costs
Operating Income
Change in million Ch$
and %
Chile:
Dec-14
1,127,892
(975,035)
152,857
Dec-13
975,024
(836,143)
138,881
Dec-14
371,412
(422,641)
(51,229)
Dec-13
Dec-13
Dec-14
528,653 1,969,226 1,634,112
(1,400,496)
233,616
(1,668,000)
301,226
(406,655)
121,998
Dec-14
982,771
(720,796)
261,975
Dec-13
852,780
(611,892)
240,888
Dec-14
478,700
(387,714)
90,986
Dec-13
Dec-13
Dec-14
413,911 4,930,001 4,404,480
(3,584,992)
819,488
(4,174,186)
755,815
(329,806)
84,105
13,976
10.1%
(173,227)
(142.0%)
67,610
28.9%
21,087
8.8%
6,881
8.2%
(63,673)
(7.8%)
In Chile, our subsidiary Chilectra showed a operating income of Ch$ 152,857 million, which represents an increase of
Ch$ 13,976 million, or 10.1%, compared to 2013. This is mainly due to higher operating revenue of Ch$ 152,868 million,
the equivalent of 15.7%, as a result of higher energy sales of Ch$ 155,083 million due to the effect of lower temperatures
and increased rainfalls, increased revenue from the rental and maintenance of street lighting and network installation of
Ch$ 1,885 million, compensated by reduced other operating revenue of Ch$ 3,531 million
The higher operating costs of Ch$ 138,892 million mainly include an increase in energy purchase costs to cover the higher
physical sales in the period.
Energy losses remained at 5.3% between both periods. Physical energy sales increased by 3.6% to 15,702 GWh, and the
number of clients rose by 43 thousand, totaling more than 1.73 million.
Argentina:
In Argentina, our subsidiary Edesur produced an increased operating loss of Ch$173,227 million, passing from an income of
Ch$121,998 million in 2013 to a loss of Ch$51,229 million in 2014.
Operating revenues declined by Ch$157,241 million in the present year, since in this period revenues of only Ch$144,347
million were booked as a result of the application of Resolution 250/13 that recognized costs not transferred to tariffs for the
period of October 2013 to March 2014, while in 2013, amounts were booked totaling Ch$250,533 million corresponding to
the period from 2007 to September 2013. In addition, sales revenue decrease by Ch$47,907 million mainly due to the effect
of conversion to Chilean pesos and the recognition of service quality fines of Ch$11,974 million.
Operating costs have increased by Ch$15,986 million, mainly due to higher personnel expenses as a consequence of the wage
increase in the year.
The effect of converting the financial statements from Argentine pesos to Chilean pesos in both periods led to a 22.3%
decrease in Chilean pesos in 2014 as compared to December 2013.
Brazil:
In Brazil, the operating income of our distribution subsidiaries amounted to Ch$ 301,226 million, which is 28.9% higher than
that obtained in 2013.
423
Ampla’s operating income amounted to Ch$ 183,846 million, which compared to the previous year, represents an increase
of Ch$ 11,647 million. This is explained by an higher operating revenue of Ch$ 147,151 million mainly as the result of the
recognition of increased regulatory revenue approved by the Brazilian government in December 2014 of Ch$ 85,008 million
and a 5.9% increase in physical energy sales to 11,701 GWh. Operating costs increased by Ch$ 135,504 million due to greater
energy purchases of Ch$ 189,044 million, affected by higher prices due to the drought, higher other expenses of Ch$ 10,132
million, higher transportation costs of Ch$ 4,180 million and increased personnel expenses of Ch$ 2,874 million, compensated
by lower other variable procurement and services costs of Ch$ 60,385 million and reduced charges for depreciation and
impairment of Ch$ 10,341 million. Energy losses increased by a 0.3 percentage point, from 19.8% to 20.1%. Ampla’s number
of clients rose by 74 thousand to a total of more than 2.87 million.
In our subsidiary Coelce, operating income increased by 91.1%, or Ch$ 55,963 million, to Ch$ 117,380 million. The increased
operating revenue of Ch$ 187,963 million is mainly the result of the recognition of increased regulatory revenue approved
by the Brazilian government in December 2014 of Ch$ 74,310 million and higher physical energy sales which rose by 4.3% to
11,177 GWh. The higher operating costs of Ch$ 132,000 million were mainly due to greater energy purchases of Ch$ 154,237
million, affected by higher prices due to the drought, higher transportation expenses of Ch$ 10,779 million, higher other
expenses of Ch$ 8,731 million and higher personnel expenses of Ch$ 2,093 million, compensated by reduced other variable
procurement and services expenses of Ch$ 44,325 million.
Energy losses rose by 0.2 percentage points to 12.7%, and the number of clients rose by 125 thousand to reach a total of
more than 3.6 million.
The effect of converting the financial statements from Brazilian reals to Chilean pesos in both periods led to a 5.7% increase in
Chilean pesos in 2014 as compared to December 2013.
Colombia:
In Colombia, Codensa’s operating income was Ch$ 261,975 million, an increase of Ch$ 21,087 million compared to 2013.
This is explained by higher operating revenue of Ch$ 129,991 million, mainly due to higher physical sales and the effect
of conversion to Chilean pesos. Operating costs rose by Ch$ 108,904 million, mainly due to greater energy purchases of
Ch$ 66,746 million, related to larger physical energy purchases and a higher average purchase price, a greater charge for
depreciation and impairment of Ch$12,339 million, higher other expenses of Ch$11,776 million, higher transportation costs
of Ch$ 9,172 million, greater other variable procurement and services costs of Ch$ 7,200 million and increased personnel
expenses of Ch$ 1,671 million.
Physical sales rose by 2.4% to 13,667 GWh to December 2014. Energy losses rose by 0.2 p.p. to 7.2%, and the number of
clients rose by 85 thousand to reach a total of more than 2.77 million.
The effect of converting the financial statements from Colombian pesos to Chilean pesos in both periods was a 7.6% increase
in Chilean peso terms in 2014 as compared to December 2013.
Peru:
Our Peruvian subsidiary Edelnor reported operating income of Ch$ 90,986 million, an increase of Ch$ 6,881 million compared
to 2013, mainly explained by an increase in operating revenue of Ch$ 64,788 million, from higher physical sales. This was
partially compensated by higher energy purchases of Ch$ 50,790 million, higher other expenses of Ch$ 4,884 million, a
higher charge for depreciation and impairment of Ch$ 3,436 million, higher personnel expenses of Ch$ 928 million and
reduced variable procurement and services expenses of Ch$ 2,125 million.
Physical sales rose by 314 GWh to 7,359 GWh in 2014. Energy losses remained at 8%, and the number of clients rose by 38.5
thousand to reach a total of more than 1.29 million.
The effect of converting the financial statements from Peruvian nuevos soles to Chilean pesos in both periods was a 9.6%
increase in Chilean peso terms in 2014 as compared to December 2013.
424
2014 ANNUAL REPORT ENERSIS
MANAGEMENT’S ANALySIS OF CONSOLIDATED FINANCIAL STATEMENTS
In summary, the revenue, operating costs and operating results of the subsidiaries of the Enersis group for the periods ended
December 2014 and 2013 are as follows:
Operating Income Detail
(Figures in million Ch$)
Company
Endesa Chile consolidated
Cachoeira Dourada
CGTF
Cien
Chilectra S.A.
Edesur S.A.
Edelnor S.A.
Ampla
Coelce
Codensa S.A.
Inmob. Manso de Velasco Ltda.
ICT
Cemsa
Dock Sud
EE Piura
Holding Enersis y soc. inversión
Operating
Revenues
2,446,534
158,965
210,793
70,800
1,127,893
371,412
478,695
1,092,282
876,944
982,771
12,596
4,978
1,281
61,606
50,849
46,724
Dec-14
Operating
Costs
(1,571,213)
(87,112)
(173,799)
(28,679)
(975,035)
(422,641)
(387,722)
(908,436)
(759,564)
(720,796)
(7,236)
(6,520)
(2,115)
(52,141)
(33,261)
(76,521)
Operating
Income
875,321
71,853
36,994
42,121
152,858
(51,229)
90,973
183,846
117,380
261,975
5,360
(1,542)
(834)
9,465
17,588
(29,797)
Operating
Revenues
2,027,432
117,445
168,871
67,689
975,024
528,653
413,907
945,131
688,981
852,780
15,442
5,445
1,591
41,186
33,752
40,913
Dec-13
Operating
Costs
(1,244,593)
(35,637)
(119,832)
(35,159)
(836,143)
(406,655)
(329,810)
(772,932)
(627,564)
(611,892)
(7,368)
(6,668)
(2,032)
(43,722)
(26,503)
(65,461)
Consolidation Adjustments
(741,247)
728,240
(13,007)
(659,796)
648,663
Operating
Income
782,839
81,808
49,039
32,530
138,881
121,998
84,097
172,199
61,417
240,888
8,074
(1,223)
(441)
(2,536)
7,249
(24,548)
-
(11,133)
Total
7,253,876
(5,484,551)
1,769,325
6,264,446
(4,523,308)
1,741,138
Financial Result
The net financial result was Ch$ 263,162 million, representing a greater expense of Ch$ 95,133 million compared to 2013.
This is mainly explained as follows:
Higher financial income of Ch$ 5,757 million, mainly due to reduced income of Ch$ 54,592 million as a consequence of the
reduced updating of the non-amortized assets on the termination of the concessions in Ampla and Coelce at net replacement
value, reduced income from deposits and other financial instruments of Ch$ 11,631 million, reduced income of Ch$ 4,026
million in Edesur as a result of less compensation under the Costs Monitoring Mechanism (“MMC”, in its Spanish acronym),
Resolution 250/13, compared to 2013, and of reduced financial income of Ch$ 8,529 million mainly from agreements and
financing, compensated by increased incomes by Ch$ 84,535 million from the debt restructuration of Mitsubishi in our
Argentine subsidiary Endesa Costanera S.A.
Higher financial expenses of Ch$ 103,490 million, mainly due to higher expenses in the Brazilian subsidiaries of Ch$68,729
million as a consequence of the updating of the non-amortized assets on the termination of the concession in Ampla and
Coelce to their new replacement value, higher financial expenses on loans and bonds of Ch$26,972 million, and higher
financial expenses in updating financial provisions of Ch$ 8,847 million.
Reduced indexation adjustment expenses of Ch$ 11,049 million, principally due to the updating of recoverable taxes and
the positive change in the financial derivatives asset position.
Higher expenses for exchange rate differences of Ch$ 8,449 million, the result of an increase in local exchange rate against
the dollar, mainly in Chile and Argentina on the valuation of financial debt and derivative instruments.
Result of Assets Sales and other Investments
The gain on asset sales and other investments shows a positive variation of Ch$ 52,599 million mainly due to recognizing the
gain on re-measurement of the initial pre-existing investment of 50% in Gas Atacama and the realization of exchange rate
differences of Ch$ 42,553 million, and the gain on the sale of Los Maitenes and Aguas Santiago Poniente (Enea project) of
Ch$ 21,078 million, compensated by reduced other sales of Ch$ 11,032 million.
425
Share of profit (loss) of Associates Accounted for Using the
Equity Method
Income received from associates accounted for using the equity method is a loss of Ch$ 77,142 million, mainly because of
the impairment in the HidroA ysén project of Ch$ 69,066 million due to the uncertainty of its fulfillment, and of Ch$ 13,948
million of Inversiones Gas Atacama Holding that in 2014 became consolidated by global integration.
Corporate Taxes
Corporate income tax shows a lower expense of Ch$ 7,558 million, explained by a reduced expense in Enersis of Ch$28,400
million, mainly due to reduced taxable income for the deduction of higher monetary correction taxable equity and higher
dividends receivable compared to 2013. In Edesur, for Ch$ 14,477 million due to reduced taxable income compared to 2013
as a consequence of a reduced income by the applicability of the Costs Monitoring Mechanism (MMC) Resolution 250/13.
In Brazil, it is for Ch$11,352 million due to reduced taxable income, mainly in Ampla and Coelce as a consequence of weaker
results than the previous year, compensated by a higher tax charge. In Emgesa, it is for Ch$19,654 million due to the greater
earnings. In Gas Atacama, it is for Ch$10,228 million consolidated into the group during the year. In Pehuenche, it is for
Ch$9,479 million due to higher earnings. In Codensa, it is for Ch$6,938 million due to higher earnings.
Analysis of the Statement of Financial Position
The Company’s total assets as of December 2014 showed an increase of Ch$ 743,658 million compared to December 2013,
mainly due to:
Assets (million Ch$)
Current Assets
Non Current Assets
Total Assets
Dec-14
3,931,499
11,989,823
Dec-13
3,896,215
11,281,449
Change
35,284
708,374
% Change
0.9%
6.3%
15,921,322
15,177,664
743,658
4.9%
An increase in current assets of Ch$ 35,284 million, equivalent
to 0.9%, as a result of:
-
-
-
Increase in cash and cash equivalents of Ch$98,358 million, mainly due to the increase in Enersis of Ch$104,113 million
following increased interest received on financial investments compensated by a bond repayment, in Edelnor of
Ch$ 18,949 million for increases in sales collections compensated by payments to suppliers and debts, in Codensa of
Ch$16,705 million due to increases in sales collections compensated by payments of financial and commercial debts,
in E.E. Piura of Ch$16,576 million for greater sales collections, and in Inversiones Gas Atacama Holding of Ch$13,509
million following its consolidation from April 30, 2014. The above was partially compensated by the reduction in cash
of Enel Brazil group of Ch$52,333 million due to higher payments of commercial and financial debts compensated by
contributions from the CDE fund and Endesa Chile for Ch$ 19,971 million compared to debt repayments compensated by
a new bond issue.
Increase in trade debt and other accounts receivable, current, of Ch$ 551,950 million, principally due to the increase in
Edesur of Ch$ 158,970 million for recognition of effects of resolution 250/13, in Chilectra of Ch$108,168 million due
to increase in energy accounts receivable, in Coelce of Ch$78,882 million due to higher customer sales, balance of the
receivable from the CDE fund and recognition of regulatory asset, in Ampla Energía of Ch$ 75,117 million due to higher
customer sales, balance of the receivable from the CDE fund and recognition of regulatory asset, in Endesa Chile of
Ch$51,548 million for increase in energy receivables and YPF compensation, in Inversiones Gas Atacama Holding Limitada
of Ch$ 51,925 million following the company’s consolidation in the group from April 2014, in Costanera of Ch$ 7,209
million for booking of advabnce with Cammesa, in Codensa of Ch$ 6,830 million due to increase energy sale receivables, in
Edegel of Ch$ 6,735 million from energy sale receivables, and in CG Fortaleza of Ch$ 5,538 million due to increased energy
sales.
Increase in inventories, current, of Ch$ 55,738 million following the consolidation from April 2014 of the subsidiary
Inversiones Gas Atacama Holding of Ch$ 11,546 millions, in Edesur of Ch$ 34,483 million due to increased purchases of
materials and in Endesa Chile of Ch$ 8,142 million due to increased purchases.
426
2014 ANNUAL REPORT ENERSIS
MANAGEMENT’S ANALYSIS OF CONSOLIDATED FINANCIAL STATEMENTS
-
Increase in non-current assets or groups of assets for disposal classified as held for sale of Ch$ 7,979 million relating to the
assets of Túnel el Melón which are in the process of being sold at the close of 2014.
- Decrease in Other financial assets, current, of Ch$ 681,574 million due to the reduction in Enersis of Ch$ 512,699 million
caused mainly by disbursements for the puchase of minority holdings in Coelce and Generandes Perú, in Enel Brasil of Ch$
100,102 million due to the redemption of financial investments for debt repayments, in Codensa of Ch$ 55,319 million for
bond repayments and in Ampla Energía of Ch$ 9,954 million due to redemption of financial investments.
Increase in non-current assets of Ch$ 708,374 million,
equivalent to 6.3%, mainly due to:
-
-
Increase in Other financial assets, non-current, of Ch$ 39,285 million, principally increases in the Brazilian distributors
Ampla and Coelce for financial updating of the IFRIC 12.
Increase in trade debtors and other accounts receivable, non-current, of Ch$ 68,596 million mainly related to the increase
in Coelce of Ch$ 35,060 million and in Ampla Energía of Ch$ 18,394 million, both for recognition of regulatory asset and
in Endesa Costanera of Ch$ 13,552 million receivable from Cammesa.
- Decrease in investments booked using the equity method of Ch$ 174,447 million, mainly explained by the 50% decrease
in the initial investment in Inversiones Gas Atacama Holding Limitada which, following the purchase of the remaining
50% in April 2014, has been consolidated for Ch$ 123,628 million, in HidroAysén of Ch$ 65,751 million, mainly due to the
impairment registered due to the uncertainty of the project’s realization of Ch$ 69,066 million compensated by capital
increase of Ch$ 3,315 million. Additionally there was an increase in GNL Quintero of Ch$10,401 million, mainly due to the
settlement in advance of a swap.
Increase in property, plant and equipment of Ch$ 800,417 million mainly relating to new investments of Ch$ 1,053,082
million, the consolidation of the subsidiary Inversiones Gas Atacama Holding Limitada of Ch$ 199,661 million and other
movements of Ch$25,081 million, partially compensated by amortization and depreciation for the year of Ch$ 380,722
million and the effects of the conversion of the various functional currencies of the companies of 96,685 million.
- Decrease in investment properties of Ch$ 36,362 million, mainly explained by the sale of the Enea project, made in
-
December 2014, of Ch$ 36,041 million.
The Company’s total liabilities and equity increased by Ch$ 746,557 million compared to December 2013. This is mainly
explained by the increase of Ch$ 761,738 million in non-current liabilities, and an increase of Ch$ 163,302 million in current
liabilities, partially compensated by the decrease in equity of Ch$ 178,483 million.
Liabilities (million Ch$)
Current Liabilities
Non Current Liabilities
Total Shareholders' Equity
Attributable to shareholders of the company
Attributable to minority interest
Total Liabilities and Shareholders’ equity
Dec-14
3,194,822
4,447,281
8,279,219
6,201,976
2,077,243
15,921,322
Dec-13
2,981,259
3,688,940
8,507,465
6,168,554
2,338,911
15,177,664
Change
213,563
758,341
(228,246)
33,422
(261,668)
743,658
% Change
7.2%
20.6%
(2.7%)
0.5%
(11.2%)
4.9%
Current liabilities increased by Ch$ 213,563 million, equivalent
to 7.2%, mainly due to:
-
- Decrease in other financial liabilities, current, of Ch$ 484,870 million, mainly due to the decrease in Enersis of Ch$ 315,438
million, principally due to the repayment of dollar debt and financial instruments, in Dock Sur of Ch$ 41,771 million of
capitalization of financial debt, Codensa of Ch$67,920 million of debt repayments and in Endesa Costanera of Ch$ 59,635
million, mainly the refinancing of the Mitsubishi debt.
Increase in trade and other accounts payable, current, of Ch$ 773,873 million due to the increase in Edesur of Ch$312,158
million, mainly debt with CAMMESA on the realization of investments in the distribution system, in Endesa Chile of
Ch$177,574 million, basically dividends payable to third parties, in Enel Brasil Group of Ch$ 88,737 million, mainly larger
energy purchases, in Endesa Chile trade payable due to the agreement with Tecnimont of Ch$ 75,844 million, in Codensa
of Ch$ 68,178 million for dividends payable and energy purchases and in Edelnor of Ch$42,125 million, principally
advance invoicing of the electric train project for movement of networks. The difference corresponds to conversion effects
and exchange rate effects on foreign currency debt
- Reduction in accounts payable to related entities of Ch$ 60,732 million, mainly due to the Capitalization of the loan
payable to Endesa Latinoamérica in 2013 of our subsidiary Dock Sud of Ch$ 53,725 million.
427
Non-current liabilities increased by Ch$ 758,342 million,
equivalent to 20.6%, mainly explained by:
-
-
-
Increase in other financial liabilities, non-current, (financial debt and derivatives) of Ch$ 498,848 million, mainly a new
bond issue and transfer from short term in Endesa Chile of Ch$ 203,211 million, in Emgesa of Ch$ 86,690 million following
a new bond issue net of transfer to short term, in Coelce of Ch$85,819 million in new loans and transfers to short term,
in Codensa of Ch$ 52,897 million from a bond issue, in Edelnor of Ch$ 51,731 million following a new bond issue, and in
Ampla of Ch$ 40,388 million from new borrowings.
Increase in trade debtors and other accounts payable, non-current, of Ch$ 136,322 million, mainly explained by the debt
of Edesur with Cammesa.
Increase in deferred tax liabilities of Ch$ 82,875 million, mainly due to increased taxes for the year of Ch$50,686 million
of the Chilean and Colombian companies compensated by the effects in the Peruvian subsidiaries from new tax reforms,
increased tax of Ch$ 28,923 million of acquisitions through combination of businesses (Inversiones Gas Atacama Holding
Limitada), increased effects of the conversion of foreign currency of Ch$ 18,204 million, compensated by other decreases
of Ch$.11,922 million.
-
Increase in provisions for employee benefits, non-current, of Ch$ 31,415 million, mainly the effects of the actuarial
valuation for the year.
The equity fell by Ch$ 228,247 million from December 2013:
- The part attributable to owners of the controller increased by Ch$ 33,422 million, mainly explained by the increased result
for the period of Ch$ 610,158 million, compensated by the final dividend 2013 and the booking of the minimum dividend
of Ch$314,750 million, by recognition in accumulated earnings of the effects of deferred assets and liabilities following the
application of Official Notice No.856 of the S.V.S concerning the Chilean tax reform, of Ch$ 38,285 million, and a reduction
in other reserves of Ch$223,947 million. The latter included reduced reserves following the purchase of minority interests
under the Coelce tender offer of Ch$76,281 million, reduced reserves following the purchase of minorities of Generandes
Perú (Inkia Holding) of Ch$137,645 million, cash flow hedge of Ch$58,497 million and the actuarial calculation of
pensions of Ch$19,023 million, compensated by increased reserves on the capitalization of Central Dock Sud of Ch$35,149
million and conversion differences for the year of Ch$29,930 million.
- Non-controller participations decreased by Ch$ 261,669 million, mainly explained by the distribution of the dividend
corresponding to minority interests of Ch$496,344 million, the effects of Coelce’s tender offer to minorities of Ch$ 58,130
million, the minorities reduction following the purchase of Generandes Perú (Inkia Holding) for Ch$ 115,368 million,
a reducionin minorities of Ch$ 29,824 million on the sale of the companies Maitenes y Aguas Santiago Poniente, the
reuction in Other comprehensive results of Ch$68,553 million and recognition in accumulated earnings of the effects of
deferred assets and liabilities following the application of Official Notice No.856 of the S.V.S concerning the Chilean tax
reform, of Ch$ 23,681 million. The above was compensated by the net income for the year of Ch$ 454,887 million and the
effect on reserves of the capital increase of Central Dock Sud of Ch$ 75,484 million.
428
2014 ANNUAL REPORT ENERSIS
MANAGEMENT’S ANALYSIS OF CONSOLIDATED FINANCIAL STATEMENTS
Changes in the main financial indicators are as follows:
Indicator
Liquidity
Leverage
Profitability
Current liquidity
Acid ratio test (1)
Working Capítal
Leverage
Short Term Debt
Long Term Debt
Financial Expenses Coverage (2)
Operating Income/Operating Revenues
ROE (annualized)
ROA (annualized)
Unit
Times
Times
MMCh$
Times
%
%
Times
%
%
%
Dec-14
1.23
1.18
736,677
0.92
41.8%
58.2%
4.35
24.4%
9.9%
6.6%
Dec-13
1.31
1.27
914,956
0.78
44.7%
55.3%
5.26
27.8%
13.1%
7.8%
Change
(0.08)
(0.09)
(178,279)
0.14
(2.9%)
2.9%
(0.91)
(3.4%)
(3.2%)
(1.2%)
% Change
(6.1%)
(7.1%)
(19.5%)
17.9%
(6.5%)
5.2%
(17.4%)
(12.3%)
(24.7%)
(15.1%)
(1) Current assets net from inventories and advanced payments
(2) Considers EBITDA divided by financial expenses
The current liquidity ratio as of December 2014 was 1.23 times, showing a 6.1% decrease compared to December 2013.
Despite this, the company has an excellent liquidity position, as a result of more cash and short-term assets compared to last
year.
The debt ratio is 0.92 times as of December 30, 2014, increasing by 17.9% compared to December 2013.
The financial expense coverage ratio shows a decrease of 0.91 times, equivalent to 17.4%, moving from 5.26 times in
December 2013 to 4.35 times in December 2014. This is mainly the result of increased financial costs in 2014 despite the 2.2%
increase in EBITDA in this period.
The profitability indicator, being operating income divided by operating revenue, declined by 12.3% to 24.4% as of December
2014.
The return on the equity of the shareholders of the company is 9.9%, a decrease of 24.7% compared to 2013, as a
consequence of the reduced annualized results obtained in the period to December 2014.
The return on assets moved from 7.8% in December 2013 to 6.6% in December 2014, mainly due to the reduced total assets
at December 2014.
Main Cash Flows
The company generated a positive net cash flow during the year of Ch$114,891 million, comprising the following main items:
Cash Flow (million Ch$)
From Operating Activities
From Investing Activities
From Financing Activities
Net Cash Flow
Dec-14
1,698,038
(299,687)
(1,283,460)
114,891
Dec-13
1,700,976
(1,223,887)
336,765
813,854
Change
(2,938)
924,200
(1,620,225)
(698,963)
% Change
(0.2%)
(75.5%)
(481.1%)
(85.9%)
Operating activities generated a reduced net cash flow of Ch$2,938 million to December 2014, showing a decline of 0.2%
compared to the previous year. This is mainly composed of sales proceeds and other income of Ch$7,860,511 million and
other operating income of Ch$793,807 million, compensated by payments to suppliers of Ch$4,395,777 million, payments to
employees of Ch$482,784 million and other operating payments of Ch$2,077,719 million.
Investment activities generated a negative net cash flow of Ch$299,014 million, mainly explained by disbursements relating
to the acquisition of property, plant and equipment of Ch$825,909 million, the incorporation of intangible assets (IFRIC 12) of
Ch$260,501 million, the increase in the investment in Inversiones Gas Atacama Holding net of its cash of Ch$37,655 million
and a capital contribution in HidroAysén of Ch$3,315 million, compensated by interest received of Ch$93,410 million, other
cash inflows of Ch$88,179 million and investments in time deposits of over 90 days of Ch$646,104 million.
Financing activities generated a negative net cash flow of Ch$1,283,460 million, mainly loan repayments of Ch$639,056
million, dividend payments of Ch$632,808 million, interest payments of Ch$246,770 million, other financing disbursements of
Ch$145,440 million and other disbursements for the purchase of shares in Coelce of Ch$134,482 million, the purchase of Inkia
Holdings for Ch$250,650 and others of Ch$8,454 million, compensated by new loans of Ch$774,200 million.
429
PROPERTY, PLANTS AND EQUIPMENT INFORMATION BY COMPANY (million Ch$)
Company
Endesa Chile
Cachoeira Dourada
CGTF
CIEN
Chilectra S.A.
Edesur S.A.
Edelnor S.A.
Ampla (*)
Coelce (*)
Codensa S.A.
Inmobiliaria Manso de Velasco Ltda.
ICT Servicios Informáticos Ltda.
Holding Enersis y sociedades de inversión
Cemsa
Dock Sud
EE Piura
Total
(*) Incluye activos intangibles por concesiones
Payments for additions
of Fixed Assets
Dec-14
420,745
7,505
25,049
5,992
37,925
180,592
49,737
163,287
97,214
74,287
863
81
8,432
-
13,093
1,608
1,086,410
Dec-13
292,017
5,971
11,084
5,574
40,248
126,535
58,114
105,266
59,835
62,608
250
9
4,825
12
-
437
772,785
Depreciation
Dec-14
204,537
6,182
6,691
14,222
25,826
10,772
26,510
51,202
48,049
71,999
260
43
1,224
30
5,722
5,911
479,180
Dec-13
189,695
5,800
5,996
13,524
25,402
12,909
24,006
51,402
35,481
61,825
263
47
830
40
5,386
2,867
435,473
Main Risks related to the Activity of the Enersis Group
The Group’s activities are subject to a broad combination of governmental regulations. Any modification to these may
affect its activities, economic situation and operating results.
The Group’s operative subsidiaries are subject to a broad range of regulations relating to tariffs and other aspects that
regulate their activities, both in Chile and in the other countries where they operate. The introduction of new laws or
regulations, or their modification, could therefore affect their activities, economic situation and business results.
These new laws or regulations occasionally modify regulatory aspects that might affect existing rights, in which case they
could have adverse effects on the group’s future results.
The Group’s activities are subject to broad environmental regulations that Enersis constantly meets. Possible
modifications introduced in these matters could affect the activities, economic situation and operating results.
Enersis and its operative subsidiaries are subject to environmental regulations which, among other things, require the
company to conduct environmental impact studies for future projects, obtain permits, licenses and other authorizations
and comply with all the requirements of those licenses, permits and regulations. As in any other regulated company, Enersis
cannot guarantee that:
- The public authorities are going to approve such environmental impact studies.
- Public opposition will not cause delays or modifications to any proposed project
-
Laws or regulations will not change or be interpreted in a manner that could adversely affect the operations, plants or
plans for the Group companies.
The Group’s commercial activity has been planned to moderate possible impacts resulting from changes in
hydrological conditions.
The Enersis group’s operations include hydroelectric generation and therefore depend on the hydrological conditions in the
broad geographical zones where its hydroelectric generation installations are located. If hydrological conditions produce
droughts or other conditions that negatively affect hydroelectric generation, the results could be adversely affected. Enersis
has therefore defined as an essential part of its commercial policy not to contract 100% of its total capacity. The electricity
business is also affected by atmospheric conditions like average temperatures which govern consumption. The different
weather conditions can produce differences in the margin obtained by the business.
The financial position and results of operations could be adversely affected if exposure to interest rate, commodity
price and exchange rate risks is not effectively managed.
430
2014 ANNUAL REPORT ENERSIS
MANAGEMENT’S ANALYSIS OF CONSOLIDATED FINANCIAL STATEMENTS
Interest Rate Risk
Interest rate variations modify the fair value of those assets and liabilities that accrue a fixed interest rate, as well as the future
flows of assets and liabilities based on a variable interest rate.
The objective of the management of interest rate risk is to obtain a balance in the debt structure that permits minimizing the
debt cost with reduced volatility in the income statements.
In compliance with the current interest rate hedging policy, the portion of fixed and/or hedged debt to total net debt was
86% as of December 31, 2014.
Depending on the Group’s estimates and debt structure objectives, hedge transactions are carried out by contracting
derivatives that mitigate these risks. The instruments currently used in compliance with the policy are interest-rate swaps that
convert variable to fixed rates.
The structure of Enersis Group’s financial debt by fixed and/or hedged and variable interest rates, and after the derivatives
contracted, is as follows:
Net Position:
Fixed Interest Rate
Variable Interest Rate
Total
31-12-2014
%
86%
14%
100%
31-12-2013
%
72%
28%
100%
Exchange rate risk
Exchange risks are mainly related to the following transactions:
- Debt contracted by Group companies in currencies other than those to which their cash flows are indexed
- Payments for the acquisition of project-related materials and payments of insurance premiums in currencies other than
those to which their cash flows are indexed
- Revenues of Group companies that are directly linked to dollar fluctuations
- Cash flows from foreign subsidiaries to their parents exposed to exchange rate fluctuations.
In order to mitigate exchange risk, the exchange rate hedging policy of the Enersis Group is based on cash flows and seeks
to maintain a balance between dollar-indexed flows and the levels of assets and liabilities in that currency. The objective is to
minimize exposure of cash flows to variations in the exchange rate.
Cross-currency swaps and forward exchange contracts are the instruments currently used to comply with this policy. The
policy also seeks to refinance debt in each company’s functional currency.
Commodities Risk
The Enersis Group is exposed to the price fluctuation risk of some commodities, principally:
-
- Energy trading on the local markets.
Fuel purchases for electricity generation
In order to reduce risks in extreme drought conditions, the Group has designed a commercial policy that defines sales
commitment levels that are consistent with the capacity of its generating plants in a dry year, and includes risk-mitigation
clauses in some non-regulated customers’ contracts. In the case of regulated customers subject to long-term tender processes,
certain indexation clauses are included to reduce exposure to commodities.
In view of the operative conditions faced by the electricity generation market in Chile, like drought and volatile commodity
prices on the international market, the Company is constantly reviewing the benefits of contracting hedges to mitigate the
effects of these price variations on its results. As of December 31 2014, there were swap operations for 266 thousand Brent oil
barrels for January 2015, and 350 thousand MBTU of Henry Hub gas for February 2015. As of December 31 2013, there were
no commodity hedges outstanding.
These hedges may be modified, or include other commodities, depending on the operative conditions which are constantly
being reviewed.
431
Liquidity Risk
The Group maintains liquidity policy that consists on contracting committed long-term credit facilities and short-term financial
investments, for the amounts necessary to support projected needs for a period, according to the situation and expectations
in the debt and capital markets.
These projected needs include the maturities of net financial debt, i.e. after financial derivatives. For further details about the
characteristics and conditions of the financial debt and financial derivatives, see Notes 19 and 21 and Appendix 4.
As of December 31, 2014, the Enersis Group shows a liquidity of ThCh$ 1,704,745,491 in cash and cash equivalents and
ThCh$ 353,263,488 in available committed long-term credit lines. As of December 31, 2013, the Enersis Group had a liquidity
position of ThCh$ 1,606,387,569 in cash and cash equivalents and ThCh$ 208,900,680 in committed long-term credit lines.
Credit Risk.
The Enersis Group thoroughly follows up the credit risk
Trade Accounts Receivable:
The credit risk corresponding to accounts receivable derived from business activities has historically been very limited as the
short-term nature of the receivables does not allow the accumulation of very significant individual amounts. This applies to
both our electricity generation and distribution businesses.
In the electricity generation business, in some countries, it is possible to cut off supplies in the event of non-payment, and in
almost all the contracts, there is a contract termination clause for events of non-payment. Credit risk is therefore monitored
constantly and the maximum amounts exposed to non-payment are measured, although these are limited, as already
explained.
In the case of the electricity distribution companies, supplies may be cut off by our companies in the event of non-payment
by customers. This is applied in accordance with the current regulations in each country, which facilitates the evaluation and
control of credit risk, which is also limited.
Assets of a Financial Nature:
Investments of cash surpluses are made with first-class national and international financial entities (with a credit rating
equivalent to investment grade as far as possible) within limits established for each entity.
In selecting banks for investments, only those of investment grade are considered, according to the three principal credit-
rating agencies (Moody’s, S&P and Fitch).
Placements may be supported by treasury bonds of the countries where we operate and/or paper issued by first-class banks,
preferring the latter in offering the best returns (always in accordance with current investment policies).
The contracting of derivatives is carried out with highly-solvent entities so that all transactions are contracted with entities of
investment grade.
Risk Measurement
The Enersis Group measures the Value at Risk (VaR) of its debt and financial-derivatives positions in order to monitor the risk
assumed by the Company, thus restricting volatility in its statement of income.
The positions portfolio used in the calculations of the current Value at Risk is comprised of:
Financial debt.
-
- Derivatives for hedging debt, dividends and projects.
432
2014 ANNUAL REPORT ENERSIS
MANAGEMENT’S ANALYSIS OF CONSOLIDATED FINANCIAL STATEMENTS
The calculated Value at Risk represents the possible variation of value of the above-mentioned positions portfolio over a one-
day time horizon with 95% of confidence.
The volatility of the risk variables that affect the value of the positions portfolio has therefore been studied, including:
- The US dollar Libor interest rate.
- The usual local banking-practice indices for the different currencies in which our companies operate.
- The exchange rates of the different currencies involved in the calculation.
The calculation of Value at Risk (VaR) is based on generating possible future scenarios (for a one day period) of market
values (both spot and term) for the risk variables, using Bootstrapping methodology. The number of scenarios generated
ensures compliance with the simulation convergence criteria. A matrix of volatilities and correlations between the various risk
variables calculated from historical price-return values, has been applied to simulate the future price scenario.
Once the price scenarios are obtained, the fair value of the portfolio is calculated using each of the scenarios, obtaining a
distribution of possible values at one day. The one-day 95% confidence VaR number is calculated as the 5% percentile of the
potential variations in the fair value of the portfolio in one day.
Taking into consideration the above-mentioned hypotheses, the breakdown for VaR in every mentioned type of position is the
following:
Financial Positions
Interest Rate
Exchange Rate
Correlation
Total
31-12-2014
ThCh$
33,135,363
1,065,881
(1,187,257)
33,013,987
31-12-2013
ThCh$
17,236,855
3,074,168
(390,965)
19,920,058
The Value at Risk positions have evolved during the 2014 period and 2013 period as a function of the start/maturity of the
transactions.
Other risk
As is the usual practice with bank loans and capital market operations, a portion of the financial debt of its subsidiary Endesa
Chile is subject to cross-default provisions. Should certain defaults not be remedied, they could result in a cross-default and
eventually certain liabilities of these companies could become payable on demand.
Non-payment – after any applicable grace period – of Endesa Chile’s debts, with an outstanding balance exceeding the
equivalent of US$ 50 million, and whose amount past due also exceeds the equivalent of US$ 50 million, could lead to the
acceleration of the syndicated loan. Furthermore, this loan contains provisions under which certain events other than non-
payment, in the company, such as bankruptcy, insolvency proceedings, and adverse judicial sentence rulings for an amount
greater than US$ 100 million, and expropriation of assets, among others, could lead to the acceleration of this debt.
Additionally, non-payment, after any applicable grace period, of any debt of Enersis and Endesa Chile, or any of their Chilean
subsidiaries, with principal outstanding in excess of US$ 30 million could potentially give rise to the obligatory accelerated
payment of the Yankee bonds. In the specific case of the April 2014 Yankee bond, maturing in 2024, the threshold is $ 50
million.
Finally, in the case of local bonds and credit facilities of Enersis and Endesa Chile, prepayment is triggered only as a result of a
default of the issuer.
There are no clauses in the loan agreements by which changes in the corporate or debt ratings of these companies by credit-
rating agencies could trigger debt prepayments
433
Book Value and Economic Value of Assets
The following should be mentioned with respect to the more important assets:
Property, plant and equipment are valued at cost, net of their corresponding accumulated depreciation and impairment.
Property, plant and equipment, net of their residual value if applicable, are depreciated lineally by distributing the cost of their
different elements over the estimated years of useful life, which is the period during which the companies expect to use them.
Useful lives are reviewed periodically.
Goodwill generated in the consolidation represents the excess of the acquisition cost over the Group’s participation in the fair
value of the assets and liabilities, including contingent liabilities and non-controller participations in a subsidiary at the time
of acquisition. Goodwill is not amortized, but at the close of each accounting period an assessment is made as to whether
any impairment has occurred during the period that reduces its recoverable value to an amount below the booked net cost,
proceeding in this event to make a timely impairment adjustment (see Note 3.e to the financial statements).
Throughout the year and in particular at the date of its closing, an assessment is made as to any indication of possible loss
due to the impairment of any asset. In this event, an estimate of the recoverable amount of the asset is made to determine, if
applicable, the amount of the impairment. If this involves identifiable assets that do not generate independent cash flows, the
recoverability of the cash generating unit that the asset belongs to is estimated, this being the smallest identifiable group of
assets that generate independent cash inflows.
Assets expressed in foreign currency are shown at the exchange rate prevailing at the close of the period.
Notes and accounts receivable from related companies are classified as short and long term according to their maturities.
These operations meet equity conditions similar to those prevailing in the market.
In summary, assets are shown valued according to International Financial Reporting Standards, whose criteria are set out in
Notes 2 and 3 to the financial statements.
434
2014 ANNUAL REPORT ENERSIS
MANAGEMENT’S ANALYSIS OF CONSOLIDATED FINANCIAL STATEMENTS
435
Summarized
Financial
Statements of the
Subsidiaries
436
2014 ANNUAL REPORT ENERSIS
SUMMARIZED FINANCIAL STATEMENTS OF THE SUBSIDIARIES
437
Summarized Financial Statements
of the Subsidiaries
At december 31, 2014 and 2013
(In thousands of chilean pesos)
.
SUmmARIzEd FINANcIAL STATEmENTS OF SUbSIdIARIES
Assets
current assets
Non-current assets
Total Assets
Liabilities and Equity
current liabilities
Non-current liabilities
Equity
Equity attributable to shareholders of Enersis
Non-controlling interests
Total Liabilities and Equity
SUMMARIZED STATEMENTS OF COMPREHENSIVE
INCOME BY SUBSIDIARY
Revenues
Other operating income
Revenues and Other Operating Income
Raw materials and consumables used
Contribution Margin
Other work performed by the entity and capitalized
Employee benefits expense
Depreciation and amortization expense
Impairment loss recognized in the period's profit or loss
Other expenses
Operating Income
Other gains (losses)
Financial income
Financial costs
Share of profit (loss) os associates and joint ventures
accounted for using the equity method
Foreign currency exchange difference
Profit (loss) from indexed assets and liabilities
Income from continuing operations, before taxes
Income tax expense, continuing operations
Net income from continuing operations
Net income from discontinued operations
Net Income
Net income attributable to:
Shareholders of Enersis
Non.controlling interests
Net Income
Other Comprehensive Income:
Other income and expenses charged or credited in equity
Total comprehensive income and expenses
comprehensive income attributable to shareholders of
Enersis
comprehensive income attributable to non-controlling
interests
Total Comprehensive Income
STATEMENT OF CHANGES IN EQUITY
Issued capital
Retained Earnings
Share premium
Other reserves
Equity attributable to shareholders of Enersis
Non-controlling interests
Total Equity
SUMMARIZED STATEMENT OF CASH FLOW BY
SUBSIDIARY
Cash flow from (used in) operating activities
Cash flow from (used in) investing activities
Cash flow from (used in) financing activities
chilectra
2014
2013
Im Velasco
2014
Servicios Informaticos e
Inmobiliarios Ltda.
distrilima
Edesur
2013
2014
2013
2014
2013
2014
2013
Endesa chile
codensa
Enel brasil
Generalima
cemsa
dock Sud
caboblanco
2014
2013
2014
2013
2014
2013
2014
2013
2014
2013
2014
2013
2014
2013
300,765,618
1,240,468,967
1,541,234,585
192,097,250
1,210,687,971
1,402,785,221
244,981,389
72,612,724
1,223,640,472
1,223,636,382
4,090
1,541,234,585
228,651,498
43,735,684
1,130,398,039
1,130,394,257
3,782
1,402,785,221
-
-
-
-
-
-
-
-
-
28,153,031
38,156,933
66,309,964
49,845,820
12,658,737
62,504,557
4,335,716
230,392
4,566,108
142,931,833
587,886,652
730,818,485
106,049,490
487,752,640
593,802,130
409,109,176
405,106,898
814,216,074
217,226,659
284,575,650
501,802,309
1,038,057,557
965,431,656
6,199,614,342
5,796,693,180
254,296,272
928,936,116
286,639,350
854,733,657
828,001,928
965,222,710
2,303,015,001
2,190,312,916
7,237,671,899
6,762,124,836
1,183,232,388
1,251,862,060
3,157,748,658
3,018,314,844
5,388,518
47,434,910
52,823,428
1,090,863
42,451,799
43,542,662
28,225,496
873,712
31,020,654
838,347
29,099,208
31,859,001
27,292,922
72,509,102
99,802,024
31,153,011
67,474,319
98,627,330
43,338,831
80,059,964
33,336,208
76,556,547
123,398,795
109,892,755
3,943,279
460,705
61,905,980
31,478,390
30,427,590
66,309,964
6,611,139
1,595,766
54,297,652
51,814,313
2,483,339
62,504,557
3,866,062
598,655
101,391
101,391
4,566,108
165,061,351
271,208,225
294,548,909
159,576,876
134,972,033
730,818,485
119,780,608
213,494,034
260,527,488
146,317,673
114,209,815
593,802,130
739,412,769
137,796,785
(62,993,480)
(62,993,480)
-
814,216,074
446,887,892
26,488,657
28,425,760
28,425,760
-
501,802,309
1,392,737,591
1,238,391,435
2,321,047,965
1,935,919,411
3,523,886,343
3,587,813,990
2,700,280,486
2,651,967,847
823,605,857
935,846,143
337,839,518
358,873,769
486,519,101
486,519,101
-
289,883,566
345,076,634
481,334,130
959,822,163
507,172,893
806,219,181
616,901,860
1,716,592,365
1,704,922,770
616,901,860
1,210,004,048
1,227,716,464
-
506,588,317
477,206,306
18,110,685
7,052,044
27,660,699
27,660,699
10,035,150
6,827,226
26,680,286
26,680,286
24,701,137
26,525,439
4,398,071
4,398,071
5,333,562
5,333,562
19,318,481
15,583,458
64,900,085
47,286,137
17,613,948
123,350,918
14,217,920
(38,941,508)
(21,999,201)
(16,942,307)
13,222,523
47,895,051
62,281,221
38,072,987
24,208,234
11,319,405
48,505,916
50,067,434
30,123,118
19,944,316
7,237,671,899
6,762,124,836
1,183,232,388
1,251,862,060
3,157,748,658
3,018,314,844
52,823,428
43,542,662
29,099,208
31,859,001
99,802,024
98,627,330
123,398,795
109,892,755
2,364,210,976
1,965,903,869
980,294,259
815,252,120
2,084,566,798
1,699,600,885
82,323,339
61,528,111
2,476,439
37,527,949
184,993,160
171,869,960
2,446,534,315
2,027,431,980
982,770,698
852,780,069
2,269,559,958
1,871,470,845
(1,119,458,198)
(830,873,572)
(547,593,754)
(464,474,671)
(1,405,383,543)
(1,082,324,727)
1,327,076,117
1,196,558,408
435,176,944
388,305,398
864,176,415
789,146,118
29,170,488
18,981,922
(134,904,835)
(205,141,244)
(14,519,312)
(123,449,758)
(189,695,339)
(6,458,953)
(126,360,628)
(113,097,401)
875,320,586
782,838,879
43,401,445
95,553,630
3,357,139
18,292,343
4,446,424
(35,616,518)
(71,998,972)
(2,401,454)
(67,631,399)
261,975,025
46,514
7,242,116
3,809,445
(33,308,955)
(61,825,005)
(236,860)
(55,855,604)
240,888,419
70,773
7,279,595
12,046,728
13,877,942
(108,323,685)
(126,563,269)
(29,563,651)
(100,989,527)
(112,424,426)
(51,248,898)
(169,482,196)
(147,730,283)
442,290,342
390,630,926
2,761,811
78,539,402
144,271,487
(136,828,592)
(142,666,776)
(33,912,253)
(30,335,481)
(227,164,548)
(120,687,813)
-
-
933,704
(67,117)
591,276
689,663
1,280,939
(203,349)
1,077,590
620,620
970,867
1,591,487
1,591,487
61,605,796
292
61,606,088
(34,976,794)
26,629,294
(1,375,955)
(30,453)
(1,451,550)
(39,631)
(3,403,632)
(5,722,420)
(505,249)
(834,067)
338,697
(142,264)
(540,725)
(440,419)
298,995
37,891
(8,038,472)
9,464,770
39,368
1,760,803
(3,014,903)
-
-
-
40,248,435
938,059
41,186,494
(23,933,029)
17,253,465
(3,049,753)
(5,386,196)
(5,788,836)
(5,563,959)
(2,535,279)
50,614
1,187,960
(6,746,174)
-
-
50,819,190
29,735
50,848,925
(20,916,046)
29,932,879
(2,222,804)
(5,911,335)
(4,215,444)
17,583,296
8,885
577,939
-
-
-
33,568,037
183,734
33,751,771
(19,030,165)
14,721,606
100,952
(1,391,222)
(2,868,718)
(99,448)
(3,219,005)
7,244,165
10,644
245,688
-
(3,035,761)
(1,191,761)
118,881
(530,299)
(1,195)
(618,492)
(1,031,105)
903,328
2,610
(565,981)
83,324
(243,972)
(3,778)
(320,649)
(485,075)
691
(181,265)
(41,433,031)
13,926,117
857,125,256
(13,756,657)
1,001,573
768,413,684
(238,152,509)
(204,907,447)
618,972,747
563,506,237
46,049
2,978,104
2,063,075
(466,301)
(193,434)
259,788
532,544
(26,083,592)
(23,419,384)
(2,882,068)
(3,025,626)
237,959,129
(82,240,155)
155,718,974
218,769,893
(75,302,322)
143,467,571
296,643,300
(85,139,697)
211,503,603
419,039,489
(96,490,988)
322,548,501
(1,157,449)
(859,083)
(1,157,449)
(859,083)
(377,846)
36,614
(341,232)
429,011
(156,243)
272,768
(17,833,554)
(6,292,935)
(24,126,489)
(31,462,263)
(1,609,248)
(33,071,511)
12,252,291
(3,166,090)
9,086,201
3,283,110
(1,080,393)
2,202,717
1,116,092,611
11,799,935
1,127,892,546
(855,757,751)
272,134,795
5,039,396
(31,640,442)
(27,377,925)
(776,091)
(64,522,171)
152,857,562
(392,778)
11,641,028
(3,480,577)
959,692,208
15,331,423
975,023,631
(712,458,219)
262,565,412
4,205,303
(30,387,944)
(27,033,400)
(8,277,086)
(62,191,405)
138,880,880
(176,425)
8,218,476
(7,777,656)
11,886,950
709,389
12,596,339
(2,146,800)
10,449,539
(1,878,074)
(260,406)
52,127
(3,003,501)
5,359,685
21,077,900
477,231
(40,782)
14,947,934
494,416
15,442,350
(2,930,751)
12,511,599
(1,650,021)
(262,570)
-
(2,524,929)
8,074,079
2,389,327
466,951
(189,921)
4,978,226
-
4,978,226
-
4,978,226
(5,243,441)
(43,259)
-
(1,233,094)
(1,541,568)
-
-
(160,066)
5,445,388
-
5,445,388
(109,116)
5,336,272
(5,369,505)
(47,379)
-
(1,142,014)
(1,222,626)
-
-
(159,754)
476,564,658
2,130,189
478,694,847
(315,115,521)
163,579,326
3,300,324
(21,542,237)
(26,510,068)
(1,747,322)
(26,106,649)
90,973,374
31,910
3,387,823
(13,418,398)
395,765,287
18,141,906
413,907,193
(266,450,403)
147,456,790
2,798,463
(20,112,810)
(24,005,738)
(816,132)
(21,223,124)
84,097,449
905,210
2,556,959
(16,299,929)
222,534,863
148,876,923
371,411,786
(161,995,239)
209,416,547
23,153,744
(142,343,373)
(10,772,411)
(2,559,659)
(128,124,044)
(51,229,196)
-
28,970,377
(66,547,390)
268,473,425
260,179,628
528,653,053
(169,802,328)
358,850,725
18,108,177
(121,588,649)
(12,909,107)
(1,951,710)
(118,511,278)
121,998,158
-
32,944,854
(45,795,956)
28,879,181
118,317,880
19,239
29,749
-
-
-
-
34,721
42,229
7,185,101
119,347,183
2,561,678
3
(3,171,463)
634,552
186,967,505
(36,244,349)
150,723,156
(499,236)
558,758
257,522,677
(31,370,850)
226,151,827
(546)
151,888
27,044,615
(3,029,840)
24,014,775
962
58,746
10,829,893
(1,881,334)
8,948,559
227,829
756
(1,473,049)
105,583
(1,367,466)
210,914
679
(1,170,787)
(71,068)
(1,241,855)
(250,591)
(350,443)
(831,021)
(327,888)
80,724,118
(20,152,036)
60,572,082
70,909,246
(19,842,343)
51,066,903
(89,602,509)
3,792,056
(85,810,453)
108,861,397
(10,685,347)
98,176,050
150,723,156
226,151,827
24,014,775
8,948,559
(1,367,466)
(1,241,855)
60,572,082
51,066,903
(85,810,453)
98,176,050
618,972,747
563,506,237
155,718,974
143,467,571
211,503,603
322,548,501
(1,157,449)
(859,083)
(341,232)
272,768
(24,126,489)
(33,071,511)
9,086,201
2,202,717
150,722,842
314
150,723,156
226,151,494
333
226,151,827
20,694,192
3,320,583
24,014,775
5,365,624
3,582,935
8,948,559
(1,367,466)
-
(1,367,466)
(1,241,855)
-
(1,241,855)
31,711,176
28,860,906
60,572,082
26,660,899
24,406,004
51,066,903
(85,810,453)
-
(85,810,453)
98,176,050
-
98,176,050
334,556,376
284,416,371
353,926,779
209,579,458
155,718,974
143,467,571
160,938,515
50,565,088
235,577,056
86,971,445
-
(1,157,449)
(859,083)
(341,232)
272,768
-
(15,268,587)
(8,857,902)
(22,049,606)
(11,021,905)
618,972,747
563,506,237
155,718,974
143,467,571
211,503,603
322,548,501
(1,157,449)
(859,083)
(341,232)
272,768
(24,126,489)
(33,071,511)
5,466,367
3,619,834
9,086,201
1,322,234
880,483
2,202,717
(3,602,592)
147,120,564
(20,002,134)
206,149,693
147,120,248
206,149,360
316
333
147,120,564
206,149,693
367,928,682
1,227,190,357
566,302
(372,048,959)
1,223,636,382
4,090
1,223,640,472
367,928,682
1,134,938,014
566,302
(373,038,741)
1,130,394,257
3,782
1,130,398,039
-
-
-
-
-
-
-
-
-
-
-
(13,317)
8,935,242
(162,551)
(1,530,017)
(39,030)
(1,280,885)
14,254,103
74,826,185
1,916,668
52,983,571
(5,608,787)
(91,419,240)
24,252
98,200,302
(103,941,294)
515,031,453
(76,447,979)
487,058,258
(50,659,795)
105,059,179
4,252,616
147,720,187
23,085,738
234,589,341
(54,523,686)
268,024,815
2,137,862
980,413
10,309
(848,774)
(1,084,299)
(811,531)
6,343,207
5,266,388
(17,783,282)
(27,805,123)
4,030,838
13,117,039
1,212,989
3,415,706
5,352,307
(1,530,017)
(1,280,885)
39,472,388
27,754,782
(91,419,240)
98,200,302
276,001,825
279,020,022
105,059,179
147,720,187
178,066,243
194,504,357
980,413
(848,774)
(811,531)
(11,465,654)
(19,358,854)
7,949,867
2,043,407
3,582,935
-
-
35,353,797
25,228,789
-
-
239,029,628
208,038,236
-
56,523,098
73,520,458
-
(6,317,628)
(8,446,269)
5,167,172
1,372,299
8,935,242
(1,530,017)
(1,280,885)
74,826,185
52,983,571
(91,419,240)
98,200,302
515,031,453
487,058,258
105,059,179
147,720,187
234,589,341
268,024,815
980,413
(848,774)
(935,490)
(811,531)
(17,783,282)
(27,805,123)
13,117,039
3,415,706
25,916,801
15,224,380
(9,662,791)
31,478,390
30,427,590
61,905,980
61,948,674
28,725,089
-
(38,859,450)
51,814,313
2,483,339
54,297,652
500,000
(398,609)
-
101,391
-
101,391
32,841,625
91,411,927
-
35,323,324
159,576,876
134,972,033
294,548,909
32,841,625
86,894,368
-
26,581,680
146,317,673
114,209,815
260,527,488
135,477,599
(126,742,945)
-
(71,728,134)
(62,993,480)
-
(62,993,480)
135,477,599
(43,583,682)
-
(63,468,157)
28,425,760
-
28,425,760
1,331,714,085
1,331,714,085
2,010,744,273
1,908,211,855
206,008,557
206,008,557
(848,186,429)
(793,966,650)
2,700,280,486
2,651,967,847
823,605,857
935,846,143
3,934,010
33,297,825
3,970,226
445,317,040
486,519,101
3,934,010
1,096,540,465
1,096,540,465
113,020,789
(147,247,407)
(56,839,568)
27,523,467
(2,016,532)
27,523,467
(859,083)
2,210,996
272,768
61,893,931
(9,749,358)
20,613,502
(22,049,606)
3,970,226
-
-
495,976,835
260,710,990
188,015,567
616,901,860
1,210,004,048
1,227,716,464
2,153,764
27,660,699
15,902
26,680,286
2,849,798
5,333,562
-
506,588,317
477,206,306
-
(4,858,436)
47,286,137
17,613,948
64,900,085
-
(20,563,097)
(21,999,201)
(16,942,307)
(38,941,508)
7,633,530
29,293,457
-
1,146,000
38,072,987
24,208,234
62,281,221
7,633,530
21,768,415
-
721,173
30,123,118
19,944,316
50,067,434
3,523,886,343
3,587,813,990
486,519,101
616,901,860
1,716,592,365
1,704,922,770
27,660,699
26,680,286
4,398,071
5,333,562
-
-
-
36,094,225
13,004,063
(64,578,477)
136,491,828
(25,261,494)
(95,280,198)
3,732,052
(1,443,934)
(2,297,875)
14,482,029
(3,176,177)
(11,335,396)
922,502
(80,983)
(841,519)
(652,510)
(9,006)
661,516
83,447,069
(57,451,165)
(10,068,877)
79,288,813
(60,260,217)
(5,502,637)
188,056,796
(180,592,386)
(9,632,580)
148,438,912
(126,534,530)
(18,504,534)
816,799,505
707,769,050
(327,447,137)
(452,258,979)
(185,746,221)
(429,587,423)
218,066,750
(16,909,564)
(169,208,067)
204,679,719
431,141,108
462,876,861
(103,377,146)
(115,866,665)
(160,819,140)
(326,502,620)
(200,069,337)
(199,139,356)
(474,051)
(3,573,908)
4,023,822
(4,554,972)
(1,283,549)
3,185,843
(771,865)
112,190
(2,938,020)
601,286
7,389,246
(9,512,713)
1,627,361
3,035,781
979,433
25,702,141
3,413,314
(3,735,552)
(11,480,210)
4,198,274
(3,988,473)
(2,223,752)
Net cash flow for the period
Effect of exchange rate changes on cash and cash
equivalents
Effect of changes in the scope of consolidation cash and
cash equivalents
Cash and cash equivalents at beginning of period
Cash and cash equivalents at end of period
(15,480,189)
15,950,136
(9,757)
(29,544)
422,292
23,570
-
-
-
-
-
-
22,774,490
7,716,593
6,800,784
22,774,490
14,326
4,569
43,870
14,326
-
-
-
-
-
-
-
-
-
-
15,927,027
13,525,959
(2,168,170)
3,399,848
3,021,911
451,938
(881,277)
(8,682,746)
-
-
-
-
41,802,393
60,751,331
27,824,496
41,802,393
8,696,329
5,646,882
13,979,227
8,696,329
37,093,389
92,435,406
31,949,119
(14,564,092)
(56,180,652)
63,668,168
(24,137)
(2,652,678)
(659,675)
(2,336,734)
279,662
17,635,245
(2,013,951)
(24,242,264)
(4,305,760)
(15,243,874)
(1,093,537)
3,847,445
(9,496,729)
20,588
44,059
20,011
(342,437)
(786,672)
493,679
409,279
(496,106)
(780,520)
-
-
-
-
-
-
-
-
-
-
323,807,379
336,658,504
235,677,733
323,807,379
116,480,956
133,186,201
132,138,585
116,480,956
250,185,571
197,852,364
196,014,132
250,185,571
2,629,916
21,297
2,598,859
1,959,195
5,278,030
2,598,859
6,413,101
5,136,475
6,920,111
6,413,101
6,732,678
24,861,602
8,337,350
6,732,678
-
21,297
17,748
438
2014 ANNUAL REPORT ENERSIS
SUmmARIzEd FINANcIAL STATEmENTS OF ThE SUbSIdIARIES
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
(594,258)
(935,490)
(935,490)
2,210,996
(247,974)
2,435,049
4,398,071
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
.
Assets
Current assets
Non-current assets
Total Assets
Liabilities and Equity
Current liabilities
Non-current liabilities
Equity
Equity attributable to shareholders of Enersis
Non-controlling interests
Total Liabilities and Equity
SUMMARIZED STATEMENTS OF COMPREHENSIVE
INCOME BY SUBSIDIARY
Revenues
Other operating income
Revenues and Other Operating Income
Raw materials and consumables used
Contribution Margin
Other work performed by the entity and capitalized
Employee benefits expense
Depreciation and amortization expense
Impairment loss recognized in the period's profit or loss
Other expenses
Operating Income
Other gains (losses)
Financial income
Financial costs
Share of profit (loss) os associates and joint ventures
accounted for using the equity method
Foreign currency exchange difference
Profit (loss) from indexed assets and liabilities
Income from continuing operations, before taxes
Income tax expense, continuing operations
Net income from continuing operations
Net income from discontinued operations
Net Income
Net income attributable to:
Shareholders of Enersis
Non.controlling interests
Net Income
Other Comprehensive Income:
Other income and expenses charged or credited in equity
Total comprehensive income and expenses
Comprehensive income attributable to shareholders of
Comprehensive income attributable to non-controlling
Enersis
interests
STATEMENT OF CHANGES IN EQUITY
Issued capital
Retained Earnings
Share premium
Other reserves
Equity attributable to shareholders of Enersis
Non-controlling interests
Total Equity
SUMMARIZED STATEMENT OF CASH FLOW BY
SUBSIDIARY
Cash flow form (used in) operating activities
Cash flow form (used in) investing activities
Cash flow form (used in) financing activities
Net cash flow for the period
Effect of exchange rate changes on cash and cash
244,981,389
72,612,724
228,651,498
43,735,684
1,223,640,472
1,130,398,039
1,223,636,382
1,130,394,257
4,090
3,782
1,541,234,585
1,402,785,221
1,116,092,611
11,799,935
1,127,892,546
959,692,208
15,331,423
975,023,631
(855,757,751)
(712,458,219)
272,134,795
262,565,412
5,039,396
(31,640,442)
(27,377,925)
(776,091)
(64,522,171)
152,857,562
(392,778)
11,641,028
(3,480,577)
4,205,303
(30,387,944)
(27,033,400)
(8,277,086)
(62,191,405)
138,880,880
(176,425)
8,218,476
(7,777,656)
28,879,181
118,317,880
(3,171,463)
634,552
186,967,505
(36,244,349)
150,723,156
(499,236)
558,758
257,522,677
(31,370,850)
226,151,827
11,886,950
709,389
12,596,339
(2,146,800)
10,449,539
(1,878,074)
(260,406)
52,127
(3,003,501)
5,359,685
21,077,900
477,231
(40,782)
19,239
(546)
151,888
27,044,615
(3,029,840)
24,014,775
14,947,934
494,416
15,442,350
(2,930,751)
12,511,599
(1,650,021)
(262,570)
-
(2,524,929)
8,074,079
2,389,327
466,951
(189,921)
29,749
962
58,746
10,829,893
(1,881,334)
8,948,559
4,978,226
5,445,388
476,564,658
4,978,226
4,978,226
5,445,388
(109,116)
5,336,272
(5,243,441)
(43,259)
(5,369,505)
(47,379)
(1,233,094)
(1,541,568)
(1,142,014)
(1,222,626)
227,829
756
(1,473,049)
105,583
(1,367,466)
210,914
679
(1,170,787)
(71,068)
(1,241,855)
2,130,189
478,694,847
395,765,287
18,141,906
413,907,193
222,534,863
148,876,923
371,411,786
268,473,425
260,179,628
528,653,053
(315,115,521)
(266,450,403)
(161,995,239)
(169,802,328)
163,579,326
147,456,790
209,416,547
358,850,725
3,300,324
2,798,463
23,153,744
18,108,177
(21,542,237)
(26,510,068)
(1,747,322)
(26,106,649)
(20,112,810)
(24,005,738)
(816,132)
(142,343,373)
(121,588,649)
(10,772,411)
(2,559,659)
(12,909,107)
(1,951,710)
(21,223,124)
(128,124,044)
(118,511,278)
90,973,374
84,097,449
(51,229,196)
121,998,158
31,910
3,387,823
905,210
2,556,959
-
-
28,970,377
(66,547,390)
32,944,854
(45,795,956)
-
-
34,721
42,229
(250,591)
(350,443)
(831,021)
(327,888)
80,724,118
(20,152,036)
60,572,082
70,909,246
(89,602,509)
(19,842,343)
3,792,056
51,066,903
(85,810,453)
108,861,397
(10,685,347)
98,176,050
(160,066)
(159,754)
(13,418,398)
(16,299,929)
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
SUMMARIZED FINANCIAL STATEMENTS OF SUBSIDIARIES
2014
2013
2014
2013
2014
2013
2014
2013
2014
2013
Chilectra
IM Velasco
Distrilima
Edesur
Servicios Informaticos e
Inmobiliarios Ltda.
Endesa Chile
2014
Codensa
Enel Brasil
2013
2014
2013
2014
2013
Generalima
2014
Cemsa
Dock Sud
2013
2014
2013
2014
2013
Caboblanco
2014
2013
300,765,618
192,097,250
1,240,468,967
1,210,687,971
1,541,234,585
1,402,785,221
28,153,031
38,156,933
66,309,964
49,845,820
12,658,737
62,504,557
4,335,716
230,392
142,931,833
587,886,652
106,049,490
487,752,640
409,109,176
405,106,898
217,226,659
284,575,650
4,566,108
730,818,485
593,802,130
814,216,074
501,802,309
1,038,057,557
6,199,614,342
7,237,671,899
965,431,656
5,796,693,180
6,762,124,836
254,296,272
928,936,116
1,183,232,388
286,639,350
965,222,710
1,251,862,060
854,733,657
2,303,015,001
3,157,748,658
828,001,928
2,190,312,916
3,018,314,844
5,388,518
47,434,910
52,823,428
1,090,863
42,451,799
43,542,662
28,225,496
873,712
29,099,208
31,020,654
838,347
31,859,001
27,292,922
72,509,102
99,802,024
31,153,011
67,474,319
98,627,330
43,338,831
80,059,964
123,398,795
33,336,208
76,556,547
109,892,755
3,943,279
460,705
61,905,980
31,478,390
30,427,590
66,309,964
6,611,139
1,595,766
54,297,652
51,814,313
2,483,339
62,504,557
3,866,062
598,655
101,391
101,391
165,061,351
271,208,225
294,548,909
159,576,876
134,972,033
119,780,608
213,494,034
260,527,488
146,317,673
114,209,815
739,412,769
137,796,785
(62,993,480)
(62,993,480)
-
446,887,892
26,488,657
28,425,760
28,425,760
-
4,566,108
730,818,485
593,802,130
814,216,074
501,802,309
1,392,737,591
2,321,047,965
3,523,886,343
2,700,280,486
823,605,857
7,237,671,899
1,238,391,435
1,935,919,411
3,587,813,990
2,651,967,847
935,846,143
6,762,124,836
337,839,518
358,873,769
486,519,101
486,519,101
-
1,183,232,388
289,883,566
345,076,634
616,901,860
616,901,860
-
1,251,862,060
481,334,130
959,822,163
1,716,592,365
1,210,004,048
506,588,317
3,157,748,658
507,172,893
806,219,181
1,704,922,770
1,227,716,464
477,206,306
3,018,314,844
18,110,685
7,052,044
27,660,699
27,660,699
-
52,823,428
10,035,150
6,827,226
26,680,286
26,680,286
-
43,542,662
24,701,137
-
4,398,071
4,398,071
-
29,099,208
26,525,439
-
5,333,562
5,333,562
-
31,859,001
19,318,481
15,583,458
64,900,085
47,286,137
17,613,948
99,802,024
123,350,918
14,217,920
(38,941,508)
(21,999,201)
(16,942,307)
98,627,330
13,222,523
47,895,051
62,281,221
38,072,987
24,208,234
123,398,795
11,319,405
48,505,916
50,067,434
30,123,118
19,944,316
109,892,755
2,364,210,976
82,323,339
2,446,534,315
(1,119,458,198)
1,327,076,117
29,170,488
(134,904,835)
(205,141,244)
(14,519,312)
(126,360,628)
875,320,586
43,401,445
95,553,630
(136,828,592)
1,965,903,869
61,528,111
2,027,431,980
(830,873,572)
1,196,558,408
18,981,922
(123,449,758)
(189,695,339)
(6,458,953)
(113,097,401)
782,838,879
3,357,139
18,292,343
(142,666,776)
980,294,259
2,476,439
982,770,698
(547,593,754)
435,176,944
4,446,424
(35,616,518)
(71,998,972)
(2,401,454)
(67,631,399)
261,975,025
46,514
7,242,116
(33,912,253)
7,185,101
119,347,183
2,561,678
46,049
(41,433,031)
13,926,117
857,125,256
(238,152,509)
618,972,747
(13,756,657)
1,001,573
768,413,684
(204,907,447)
563,506,237
815,252,120
37,527,949
852,780,069
(464,474,671)
388,305,398
3,809,445
(33,308,955)
(61,825,005)
(236,860)
(55,855,604)
240,888,419
70,773
7,279,595
(30,335,481)
933,704
(67,117)
2,084,566,798
184,993,160
2,269,559,958
(1,405,383,543)
864,176,415
12,046,728
(108,323,685)
(126,563,269)
(29,563,651)
(169,482,196)
442,290,342
-
78,539,402
(227,164,548)
1,699,600,885
171,869,960
1,871,470,845
(1,082,324,727)
789,146,118
13,877,942
(100,989,527)
(112,424,426)
(51,248,898)
(147,730,283)
390,630,926
2,761,811
144,271,487
(120,687,813)
-
-
-
-
-
118,881
(530,299)
(1,195)
-
(618,492)
(1,031,105)
903,328
2,610
(565,981)
-
-
-
-
-
83,324
(243,972)
(3,778)
-
(320,649)
(485,075)
-
691
(181,265)
591,276
689,663
1,280,939
(203,349)
1,077,590
-
(1,375,955)
(30,453)
-
(505,249)
(834,067)
-
338,697
(142,264)
620,620
970,867
1,591,487
-
1,591,487
-
(1,451,550)
(39,631)
-
(540,725)
(440,419)
-
298,995
37,891
61,605,796
292
61,606,088
(34,976,794)
26,629,294
-
(3,403,632)
(5,722,420)
-
(8,038,472)
9,464,770
39,368
1,760,803
(3,014,903)
40,248,435
938,059
41,186,494
(23,933,029)
17,253,465
-
(3,049,753)
(5,386,196)
(5,788,836)
(5,563,959)
(2,535,279)
50,614
1,187,960
(6,746,174)
50,819,190
29,735
50,848,925
(20,916,046)
29,932,879
-
(2,222,804)
(5,911,335)
-
(4,215,444)
17,583,296
8,885
577,939
(3,035,761)
33,568,037
183,734
33,751,771
(19,030,165)
14,721,606
100,952
(1,391,222)
(2,868,718)
(99,448)
(3,219,005)
7,244,165
10,644
245,688
(1,191,761)
-
3
-
-
-
-
-
-
-
-
2,978,104
2,063,075
(466,301)
(193,434)
259,788
532,544
(26,083,592)
(23,419,384)
(2,882,068)
(3,025,626)
237,959,129
(82,240,155)
155,718,974
218,769,893
(75,302,322)
143,467,571
296,643,300
(85,139,697)
211,503,603
419,039,489
(96,490,988)
322,548,501
(1,157,449)
-
(1,157,449)
(859,083)
-
(859,083)
(377,846)
36,614
(341,232)
429,011
(156,243)
272,768
(17,833,554)
(6,292,935)
(24,126,489)
(31,462,263)
(1,609,248)
(33,071,511)
12,252,291
(3,166,090)
9,086,201
3,283,110
(1,080,393)
2,202,717
150,723,156
226,151,827
24,014,775
8,948,559
(1,367,466)
(1,241,855)
60,572,082
51,066,903
(85,810,453)
98,176,050
618,972,747
563,506,237
155,718,974
143,467,571
211,503,603
322,548,501
(1,157,449)
(859,083)
(341,232)
272,768
(24,126,489)
(33,071,511)
9,086,201
2,202,717
150,722,842
226,151,494
314
333
150,723,156
226,151,827
20,694,192
3,320,583
24,014,775
5,365,624
3,582,935
8,948,559
31,711,176
28,860,906
60,572,082
26,660,899
24,406,004
(1,367,466)
(1,241,855)
51,066,903
(85,810,453)
98,176,050
(1,367,466)
(1,241,855)
(85,810,453)
98,176,050
334,556,376
284,416,371
618,972,747
353,926,779
209,579,458
563,506,237
155,718,974
-
155,718,974
143,467,571
-
143,467,571
160,938,515
50,565,088
211,503,603
235,577,056
86,971,445
322,548,501
(1,157,449)
-
(1,157,449)
(859,083)
-
(859,083)
(341,232)
-
(341,232)
272,768
-
272,768
(15,268,587)
(8,857,902)
(24,126,489)
(22,049,606)
(11,021,905)
(33,071,511)
5,466,367
3,619,834
9,086,201
1,322,234
880,483
2,202,717
(3,602,592)
147,120,564
(20,002,134)
206,149,693
(13,317)
8,935,242
(162,551)
(1,530,017)
(39,030)
(1,280,885)
14,254,103
74,826,185
1,916,668
52,983,571
(5,608,787)
(91,419,240)
24,252
98,200,302
(103,941,294)
515,031,453
(76,447,979)
487,058,258
(50,659,795)
105,059,179
4,252,616
147,720,187
23,085,738
234,589,341
(54,523,686)
268,024,815
2,137,862
980,413
10,309
(848,774)
147,120,248
206,149,360
5,352,307
(1,530,017)
(1,280,885)
39,472,388
27,754,782
(91,419,240)
98,200,302
276,001,825
279,020,022
105,059,179
147,720,187
178,066,243
194,504,357
980,413
(848,774)
(594,258)
(935,490)
(935,490)
(1,084,299)
(811,531)
6,343,207
(17,783,282)
5,266,388
(27,805,123)
4,030,838
13,117,039
1,212,989
3,415,706
(811,531)
(11,465,654)
(19,358,854)
7,949,867
2,043,407
Total Comprehensive Income
147,120,564
206,149,693
8,935,242
(1,530,017)
(1,280,885)
74,826,185
52,983,571
(91,419,240)
98,200,302
515,031,453
487,058,258
105,059,179
147,720,187
234,589,341
268,024,815
980,413
(848,774)
(935,490)
(811,531)
(17,783,282)
(27,805,123)
13,117,039
3,415,706
316
333
3,582,935
-
35,353,797
25,228,789
239,029,628
208,038,236
-
-
56,523,098
73,520,458
-
-
-
-
(6,317,628)
(8,446,269)
5,167,172
1,372,299
367,928,682
367,928,682
1,227,190,357
1,134,938,014
566,302
566,302
(372,048,959)
(373,038,741)
1,223,636,382
1,130,394,257
4,090
3,782
1,223,640,472
1,130,398,039
25,916,801
15,224,380
61,948,674
28,725,089
500,000
(398,609)
32,841,625
86,894,368
135,477,599
(126,742,945)
135,477,599
(43,583,682)
32,841,625
91,411,927
-
35,323,324
159,576,876
134,972,033
294,548,909
-
26,581,680
146,317,673
114,209,815
260,527,488
(71,728,134)
(62,993,480)
(63,468,157)
28,425,760
(62,993,480)
28,425,760
(9,662,791)
31,478,390
30,427,590
61,905,980
(38,859,450)
51,814,313
2,483,339
54,297,652
-
-
101,391
101,391
1,331,714,085
2,010,744,273
206,008,557
(848,186,429)
2,700,280,486
823,605,857
3,523,886,343
1,331,714,085
1,908,211,855
206,008,557
(793,966,650)
2,651,967,847
935,846,143
3,587,813,990
3,934,010
33,297,825
3,970,226
445,317,040
486,519,101
-
486,519,101
3,934,010
113,020,789
3,970,226
495,976,835
616,901,860
-
616,901,860
1,096,540,465
(147,247,407)
-
260,710,990
1,210,004,048
506,588,317
1,716,592,365
1,096,540,465
(56,839,568)
-
188,015,567
1,227,716,464
477,206,306
1,704,922,770
27,523,467
(2,016,532)
-
2,153,764
27,660,699
-
27,660,699
27,523,467
(859,083)
-
15,902
26,680,286
-
26,680,286
2,210,996
(247,974)
-
2,435,049
4,398,071
-
4,398,071
2,210,996
272,768
-
2,849,798
5,333,562
-
5,333,562
61,893,931
(9,749,358)
-
(4,858,436)
47,286,137
17,613,948
64,900,085
20,613,502
(22,049,606)
-
(20,563,097)
(21,999,201)
(16,942,307)
(38,941,508)
7,633,530
29,293,457
-
1,146,000
38,072,987
24,208,234
62,281,221
7,633,530
21,768,415
-
721,173
30,123,118
19,944,316
50,067,434
-
-
-
-
-
-
-
-
equivalents
cash equivalents
Effect of changes in the scope of consolidation cash and
422,292
23,570
-
-
-
-
Cash and cash equivalents at beginning of period
Cash and cash equivalents at end of period
22,774,490
7,716,593
6,800,784
22,774,490
14,326
4,569
43,870
14,326
36,094,225
13,004,063
(64,578,477)
136,491,828
(25,261,494)
(95,280,198)
3,732,052
(1,443,934)
(2,297,875)
14,482,029
(3,176,177)
(11,335,396)
922,502
(80,983)
(841,519)
(652,510)
(9,006)
661,516
83,447,069
(57,451,165)
(10,068,877)
79,288,813
188,056,796
148,438,912
(60,260,217)
(180,592,386)
(126,534,530)
(5,502,637)
(9,632,580)
(18,504,534)
816,799,505
(327,447,137)
(452,258,979)
707,769,050
(185,746,221)
(429,587,423)
218,066,750
(16,909,564)
(169,208,067)
204,679,719
(103,377,146)
(115,866,665)
431,141,108
(160,819,140)
(326,502,620)
462,876,861
(200,069,337)
(199,139,356)
(474,051)
(3,573,908)
4,023,822
(4,554,972)
(1,283,549)
3,185,843
(771,865)
112,190
-
(2,938,020)
601,286
-
7,389,246
(9,512,713)
1,627,361
3,035,781
979,433
(3,735,552)
25,702,141
3,413,314
(11,480,210)
4,198,274
(3,988,473)
(2,223,752)
(15,480,189)
15,950,136
(9,757)
(29,544)
15,927,027
13,525,959
(2,168,170)
3,399,848
37,093,389
92,435,406
31,949,119
(14,564,092)
(56,180,652)
63,668,168
(24,137)
(2,652,678)
(659,675)
(2,336,734)
3,021,911
451,938
(881,277)
(8,682,746)
(24,242,264)
(4,305,760)
(15,243,874)
(1,093,537)
3,847,445
(9,496,729)
20,588
44,059
20,011
(342,437)
(496,106)
(780,520)
279,662
17,635,245
(2,013,951)
(786,672)
493,679
409,279
-
-
-
-
41,802,393
60,751,331
27,824,496
41,802,393
8,696,329
5,646,882
13,979,227
8,696,329
-
-
-
-
-
-
323,807,379
336,658,504
235,677,733
323,807,379
116,480,956
133,186,201
132,138,585
116,480,956
250,185,571
197,852,364
196,014,132
250,185,571
-
21,297
17,748
-
-
-
-
-
-
-
2,629,916
21,297
2,598,859
1,959,195
5,278,030
2,598,859
6,413,101
5,136,475
6,920,111
6,413,101
6,732,678
24,861,602
8,337,350
6,732,678
439