Enersis
Annual Report 2015
(The Extraordinary Shareholders’ Meeting held on December 18, 2015 approved the change of its corporate name to
Enersis Américas S.A., effective from March 1st, 2016).
Index
> Letter from the Chairman
> Highlights 2015
> Main Financial and Operating Indicators
> Company Identification and Governing Documents
> Ownership and Control
> Administration
> Human Resources
> Stock Exchange Transactions
> Dividends
> Investment and Financing Policies
> Company’s Business
> Investments and Financial Activities
> Risk Factors
> Company Restructuring
> Electricity Industry Regulatory Framework
> Description of Electricity Business by Country
> Participation in subsidiaries & associates and schematic table
> Significant Event of the Entity
> Identification of the Subsidiaries and Associates Companies
> Declaration of Responsibility
> Consolidated Financial Statements
> Management’s Analysis of Consolidated Financial Statements
> Summarized Financial Statements of the Subsidiaries
Letter
from the Chairman
Dear shareholders,
You are holding the Annual Report and Financial Statements
renew our perceptions and adapt our organization to the
of Enersis Américas S.A. (“Enersis”), formerly Enersis S.A.,
demands of a world that doesn’t stop evolving.
which corresponds to the period ended on December 31,
2015. In these chapters and pages, you will be able to review
Today, our task ahead is to build a company that engages
in detail the main results, improvements and milestones of
more in dialogue, more open, closer, and more receptive
the Company and its subsidiaries in Argentina, Brazil, Chile,
to the needs of the country, to the surroundings where
Colombia and Peru.
we operate and to our customers. To that end we need to
assure more profitability and efficiency, and to build a new
First of all, I would like to thank deeply to the Members of
Enersis, one Enersis with a clear path of development for
the Board for the trust that they placed in me when being
the decades to come.
appointed Chairman of the Board on June 30, 2015. During
these months I have been able to acknowledge the human
and professional quality of the executives, professionals
and employees of this Group. This cooperation has been
fundamental to develop a successful project such as
Enersis, of which we all feel very proud. My gratitude goes
also to them.
Corporate
Reorganization
In this context and with this purpose in mind, the Board
of Directors proposed to all our shareholders a corporate
Today Chile and the Region are going through a deep
reorganization project that will enable the Company to
transformation. As we have already done in the past,
address successfully the challenges ahead, whose main
our duty is to know to be able to anticipate the changes
objective is to adapt our strategies to the requirements’
to come in the future, and continue to be an important
development of each market where we operate, simplify
source of value for the country, for the communities
our corporate structure and improve the decision making
that receive our operations, for our employees and our
process within the Company. This restructuring proposal
shareholders. This is why we will continue to fulfill our
leaded our mode of action during most part of 2015 and of
vocation to be a development driver for the Region.
the current year.
I am confident that we can successfully accomplish this
I hereby provide a detailed description of the main aspects of
task, to which end we need to foster the best of our history
Enersis’ Board of Directors’ proposal, which was approved at
and prompt the changes required by this new stage of
the Extraordinary Shareholders Meeting held on December
our development. Today the latter means to know how
18, 2015, and which I am sure that will prompt a new and
to consolidate our accomplishments and to have a clear
successful stage of development for the Company.
vision of the future for our business; to learn from the
things that we have might have done better: to improve
In essence, this corporate reorganization process means to
our practices and procedures, and to know how to get
divide the generation and distribution of electricity power
the maximum of the experience and abilities deployed
performed in Chile from the rest of Latin American markets
by our controlling company worldwide; and ultimately, to
where the Enersis Group operates. To this end, the proposal
4
2015 Annual Report Enersis
was to carry out this restructuring process in two successive
Américas S.A. will absorb Chilectra Américas S.A. and Endesa
stages, in accordance with Chilean regulations.
Américas S.A. through a merger by incorporation process, in
Similarly, the first phase would consist on the division of
and Endesa Américas S.A. will become shareholders of
which the minority shareholders of Chilectra Américas S.A.
Enersis S.A., Empresa Nacional de Electricidad S.A. (“Endesa
Enersis Américas S.A.
Chile”) and Chilectra S.A.
In the case of Chilectra, the result of the division is the creation
Chilean Corporations Law, among which those that prescribe
of a new company, “Chilectra Américas S.A.”, to which the
that each of the merged company will repurchase shares
equity participations, assets and liabilities of Chilectra abroad,
to its shareholders that have exercised their Withdrawal
are assigned.
Rights at the prices defined by law.
To this end, we will comply with the relevant provisions of the
In the case of Endesa Chile, the procedure is similar, and a
new company is born after the division, “Endesa Américas
S.A.”, to which the equity participations, assets and liabilities
of Endesa Chile abroad, are assigned.
In this way, each of the original entities, namely, Chilectra and
Endesa Chile, keep the entire business that they currently
develop in Chile.
In the case of Enersis, the proposal also includes the division
of the company, resulting a new company from this process,
“Enersis Chile S.A.”, to which the equity participations, assets
and liabilities existing in Chile, are assigned. This includes
the aforementioned participations in Chilectra and Endesa
Chile. Hence, the divided company of Enersis, who logically
changes its name to “Enersis Américas S.A.”, now comprises
the equity participations of the Company abroad.
The abovementioned corporate divisions were effective
from March 2016, and out of this process three new
companies were created.
In the second stage, the corporate realignment will
take place if it’s approved by the shareholders of the
companies involved, the outcome will be that Enersis
Letter from the Chairman
5
Other relevant matter is the already announced intention
Energy generation during the period was 60,403 GWh;
of Enersis Américas S.A. to present a Public Share Offering
figure slightly higher than the 60,299 GWh generated the
(Oferta Pública de Acciones, “OPA”) issued on the total
previous year. On the other hand, physical sales increased
share capital of the Company, pending the approval of the
4.1% with respect to 2014, reaching 72,039 GWh, mainly
aforementioned merger by the Shareholders Meetings of
due to the sales increase in Chile, Colombia y Argentina.
Enersis Américas, Endesa Américas and Chilectra Américas.
This Public Share Offering will include every shares and
Similarly, in distribution, energy demand in the Group’s
American Depositary Receipts (“ADRs”) issued by Endesa
concession areas increased 2.3% and physical sales were
Américas not owned by Enersis Américas. Thus, the
78.732 GWh, 1.6% higher than 2014. On the other hand,
Public Share Offering will include up to 40.02% of Endesa
our clients’ base exceeded 15.2 million, representing an
Américas’ share capital at the price already informed to the
increase of over 448,000 customers with respect to 2014.
market of 285 Chilean pesos (or its equivalent in US dollars
as of the payment date in the case of the ADRs), subject
Total revenues were 7,698,847 million Chilean pesos in
to the further terms and conditions to be detailed in due
2015, being 6.1% higher than the previous year. This figure
time on schedule with formulating such offer. In this way,
is explained by the combination of growth of energy sales
we will provide certainty to the transaction and confidence
(which grew 4%) and higher prices (raising 7% in the year).
on the fair price for those shareholders who don’t share
Enersis’ vision regarding the future of the Group.
As of December 2015, Enersis’ accrued EBITDA was
2,289,133 million Chilean pesos, similar to the 2,300,020
The Board of Directors I chair is convinced that the work
million Chilean pesos of 2014. This outcome is explained by
done represents the best suitable way for Enersis to
higher revenues, which almost completely offset the 8,1%
perform the changes needed to continue developing
increase of procurement and services costs recorded by
strongly and successfully to confront the challenges of the
the company.
Chilean and Regional markets. The Enersis’ Extraordinary
Shareholders Meeting held on December 18, 2015
The breakdown by business shows that EBITDA of the
confirmed this conviction.
generation business increased 80,674 million Chilean
2015 Results
pesos. This is mainly explained by the better results
obtained in Chile, due to better sales prices, higher energy
sales and the effect of consolidating 100% of GasAtacama
during the whole year 2015. This result was partially offset
Despite the difficult environment experienced by most of
by lower EBITDA in Colombia and Brazil, mainly due to the
the countries in the region, which has shown in the slower
exchange rate effect.
growth rates of their economies, the company obtained
positive returns, thus showing its sound management. Allow
In distribution, however, EBITDA was 5.9% lower than
me to comment some of the most important ones.
the previous year, reaching 966,679 million Chilean pesos.
6
2015 Annual Report Enersis
This is mainly explained by the 46.3% drop of EBITDA in
They are key factors for our current accomplishments and the
Brazil, triggered by higher losses and lower energy demand,
ones we will continue to achieve in the years ahead.
resulting from the challenging macroeconomic situation of
that country. This was partially offset by the recognition of
In addition to what I already mentioned regarding the corporate
317,492 million Chilean pesos in Argentina due to Resolution
reorganization process, certainly there have been many other
N° 32/2015, through which the Argentinean Government
milestones that highlighted in 2015. I would like to remark
approved the transitory increase of the revenues of Edesur
some of the most important ones.
for energy payment, wages and goods and services
provisions, and also due to the better results accounted in
In generation, in Chile the big news for the Group was the
Peru and Chile.
decision of the Environmental Assessment Commission
of the Biobío Region, in March last year, to approve the
In this way, net income attributable to Enersis’ shareholders
optimization project of Bocamina II of Endesa Chile.
reached 661,587 million Chilean pesos during the current
Consequently, it begins an ambitious process, which
period. This figure is 8.4% higher than the previous year.
comprises
innovative
technical
and environmental
This growth was mainly explained by the aforementioned
improvements in its operation. Moreover the Company has
good operational performance of the generation business,
begun a new stage with regards to its relationship with
together with the improvement of net financial result.
the community, which is shown in direct and transparent
During 2015, Enersis carried out investment of 1,362,562
development for the citizens living in the district of Coronel,
benefits, and a constant work to build a common vision of
million Chilean pesos, higher investments than the 1,086,410
in the Biobío Region.
million Chilean pesos accounted in 2014. Investments
in growth were mainly focused in the Colombian hydro
An example of the environmental improvements introduced
power plant El Quimbo (already finished), environmental
was the commissioning of the Johnson filters, which have
improvements of
the Chilean coal-fired power plant
advanced technology, and reduces almost completely the
Bocamina II, works start-up of the Chilean hydro power plant
intake of hydro biological organisms to the cooling system of
Los Cóndores, and higher investments in the distribution
the power plant. This initiative is added to the other technical
business in Brazil.
and environmental improvements such as the coverage of the
2015 Milestones
coal collection courts and online air quality monitoring.
In this way, Bocamina II became available for the economic
dispatch of the CDEC-SIC Operations Center on July 2 last
Dear shareholders, I would like to thank once again for the
year.
effort, hard work and determination showed by each one of our
employees, professionals and technicians, who have been the
Always in Chile, I would like to highlight the progress of Los
foundation of the success and development of the Company.
Cóndores project, located in El Maule region, a 150 MW of
Letter from the Chairman
7
installed capacity hydroelectric power plant with and an
considers a capacity expansion of up to eight times the initial
investment of over 660 million dollars. This initiative is
capacity, which can reach 200 MVA, equivalent to the supply
progressing according to plans, and in January 2016 the
of 500 thousand homes.
TBM (Tunnel Boring Machine) double shield, entered the
Construction Window of the Adduction Tunnel of the future
In Colombia, our subsidiary Codensa duplicated the
plant.
transformation capacity of
the Bacatá substation,
transforming its 500kV in the largest in Colombia, which will
In Colombia, I am glad to inform that the construction of our
enable the Company to face the growing energy demand
400 MW hydroelectric El Quimbo project was completed;
of the country. Always y Colombia, an important milestone
whose average annual energy generation to the Colombian
was the full compliance with the goal of the Telecontrol
system will be 2,216 GWh, equivalent to the 4% of the
project, with which Codensa will modernize its distribution
country’s total energy consumption. A total of 6,500 people
network in Bogota and Cundinamarca. So, during 2015, 1,674
worked in the construction of this project that started in 2008.
equipments were installed, which enabled a more efficient
Additionally, our SALACO Project was completed, which
During 2015 an investment of approximately 69,500 million
comprised the rehabilitation of six generating units in Salto
Colombian pesos was carried out, on top of the 238,000
II, Laguneta and Colegio power plants, currently known as
million Comobian pesos total investment forecasted for a
operation of the network and reduce service failures.
Dario Valencia Samper. This project adds 144,8 MW to the
three-year period.
Interconnected System in Colombia, through the generation
water edge technology, one of the existing energy generation
systems more sustainable and clean, and taking into account
Finally, I would like to highlight our bet for the natural gas
that it’s a run-of-the-river power plant.
commercialization,
through
the
inauguration of
the
regasification plant by Endesa Chile in Talca. This new plant
In Argentina, on the other hand, we completed the
enables that natural gas and its many benefits to be a reality
commissioning of the four moto-generators with gasoil
today for homes and companies in the area. This bet was
installed by El Chocón hydroelectric power plant in the site of
possible thanks to an alliance signed with GasValpo, through
Costanera power plant, process whose costs was within the
Energas and Productos Fernández. In this way, we contributed
originally defined budget and without any accidents recorded.
with a highly efficient energetic alternative, respectfull with
In distribution, I would like to highlight the connection of
the new Chicureo substation to the electricity system in the
Metropolitan Region, in Chile. I a first stage, its capacity is
25 MVA, serving approximately 30 thousand homes. The
the environment and with competitive prices.
New Projects
second stage, whose objective is to supply the forecasted
Dear Shareholders, this Group’s constant vocation
electricity demand growth in the north area of Santiago,
has been to accompany, through innovative energetic
8
2015 Annual Report Enersis
solutions, the development of each market where we
is that we are starting a new road full of challenges,
operate. This commitment has become true year after
which will lead Enersis to become a closer company to
year, through our different generation and distribution
whom live nearby our facilities, with more dialogue and
projects, so therefore the companies and people may
in harmony with the needs of the society, and who will
continue growing and having access to higher welfare
join the development of the countries where we operate
levels.
in a relevant manner. I am certain that Enersis counts on
the professional talent and commitment to successfully
To this end, in July 2015, the Board of Directors of Endesa
embrace this challenge, and therefore continues to be a
Chile defined a portfolio of investment initiatives for the
source of value for the communities, its employees and
next years, which is comprised by 36 projects, to be
shareholders.
developed in four countries, with total installed capacity
of 6,300 MW.
Francisco de Borja Acha Besga
To develop this portfolio, Endesa Chile has formulated a
new approach that incorporated the history of success
of the Group, it adapts to the new social reality of
Chairman
the country, and undertakes the learnings we have
accomplished considering the things that we would have
made better in the past. In particular, our current focus is
to develop projects that:
> Have the most expedite approval processes;
> Allow a faster execution;
> Count on assured supply contracts, thus guaranteeing
fast return of investments;
> Are consistent with
the development of
the
communities involved and the society in general.
We will not develop projects that are not required by
the country. In this sense, we are building a new way to
interact with all of our stakeholders, incorporating more
professionals, more resources and prioritizing the early
insertion of our projects in the communities.
Dear Shareholders, I will like to conclude this message
mentioning that the Company’s conviction and my own
Letter from the Chairman
9
Milestones 2015
SALACO Project finishes
The rehabilitation of six
generating units (from Salto
II, Laguneta and Colegio
power plants, currently
known as Dario Valencia
Samper) which added 144.8
MW to the Interconnected
System in Colombia,
through the run-of-the-river
generation, one of the
generation systems more
sustainable and clean that
exists, taking into account
that its operation needs the
river current only.
Historical Record of
Generation in the Pagua
Chain
The energy generation
accumulated annually
in the Paraíso y Guaca
Power Plants, in Colombia
reached a historical record
of 4345.61 GWh, exceeding
in 2.8% the generation
of 2013. This good result
was obtained due to the
reliable operations and
maintenance management,
which enabled the high
availability of the six units
of generation of the Pagua
chain.
FEBRUARY
Endesa Chile announced the
new corporate structure
The Board of Directors of
the company approved the
new corporate structure
and the appointment of the
new executives, in line with
the challenges and goals
defined by the Group. As
such, Ramiro Alfonsín, Deputy
Executive Officer of the
company, was appointed also
Finance and Administration
Officer, thus assuming both
responsibilities. Among
the appointments, Claudio
Helfmann was appointed
Business Development
Officer; Bernardo Canales
was appointed Engineering
and Construction Officer,
and Humberto Espejo
assumed as Trading and
Commercialization Officer.
The organizational structure of
Endesa Chile is comprised by
the Executive Officer, deputy
Executive Officer, finance
and administration Officer,
General Counse, planning and
control Officer, trading and
commercialization Officer,
business development Officer,
engineering and construction
Officer and communications
Officer.
ENERO
Luca D´Agnese assumes
the position of Executive
Officer of Enersis
The Board of Directors of
Enersis in session held on
January 29, 2015 approved
the appointment of Luca
D´Agnese as Executive
Officer of the Company.
Since July 2014, Luca
D’Agnese held the position
of Business Director of the
Eastearn Europe business
of the Enel group, being
also Chairman of Slovenské
Elektrárne, position he
assumed in May 2014,
after three years as country
manager of the group in
Romania.
Endesa Chile closed the
sale of El Melón Tunnel
Endesa Chile, together with
its subsidiary Compañía
Eléctrica Tarapacá, accepted
the binding offer presented
by a private fund managed
by Independencia SA, for
the 100% of its subsidiary
El Melón Tunnel, for
$25,000 million. The sale of
El Melón Tunnel is part of
the assets’ sale process of
non-strategic assets of the
Group.
Endesa Chile provisions
US$121 million for
the impairment of the
HidroAysén investment
The Board of Directors of
Endesa Chile, in session
held on January 29, decided
to account an impairment
provision for its participation
in HidroAysén for $69,066
million, equivalent to
US$121 million, which
affected the net result of
the company in 2014.
The memorandum of
agreement that closes the
Indigenous Consultation
process for the Neltume-
Pullinque transmission line
is signed
With the signature of
the Final Memurandum
of Agreement between
the Community Juan
Quintuman and the
Environmental Evaluation
Service (SEA) of Los Ríos
region, and the ratification
from Endesa Chile of the
subjects included in the
document, the Indigenous
Consultation process that
begun on May 2013, was
completed. The agreements
and compensations include
infrastructure projects,
housing improvements,
and other initiatives for the
benefit of minors and senior
citizens.
The natural gas-fired power
plant San Isidro obtains the
certification of the Energy
Management Systems
The natural gas-fired
power plant that Endesa
Chile operates in the
Valparaíso Region obtain
the certification for the
implementation of the
Energy Management
Systems (Sistema de
Gestión de Energía,
SGE), on the basis of the
international norm ISO
50001, Energy Management
Systems, and whose
purpose is to improve
the performance, increae
efficiencies and reduce
environmental impact,
and also to broaden its
competitive advantages,
without impairing
productivity. On December
2013, San Isidro became
the first generation power
plat in the country to obtain
the Energy Efficiency Seal,
acknowlegdement granted
by the Energy Ministry.
Endesa Chile stopped the
development of Punta
Alcalde power plant
The board of Directors
Endesa Chile decided to
stop the development of
Punta Alcalde projets and
its transmission line, while
awaiting to remove the
uncertainty with regards to
its profitability, provisioning
non-recoverable assets
value of $12,582 million
Chilean pesos (equivalent to
US$22 million), amount that
affected the net result of
the Company for the period
2014 in $9,184 million.
10
2015 Annual Report Enersis
MARCH
Enersis appointed Pedro Urzúa
as new Institutional Relations
Officer in Chile
Pedro Urzúa took the position
on March 2, 2015. He is
journalist from the Universidad
de Artes y Ciencias de la
Comunicación (UNIACC) and
has served as Institutional
Relations Officer of Enel Green
Power of Chile and the Andean
Countries, Corporate Affairs
Director of Enap, Director of
Fundación Acción RSE and
Communications Director of
ENAP Sipetrol, among other
positions.
The Environmental
Evaluation Commission of
the Biobío Region approved
the optimization project of
Bocamina II
The entity approved the
optimization project of
Bocamina II power plant, thus
complying with an important
stage in the plant evaluation
process, which will drive
important improvements
such as the coverage of the
coalfields and the installation
of filters for the cooling system
with seawater.
First public charging facility in
Colombia
With an investment of nearly
US$ 92,000, and real capacity
of up to 96 recharges per
day, which allows serving
280 vehicles per month. Its
service delivery is 24/7 for all
of the private electric vehicles
in Bogotá. This project was
developed together with
BMW, Nissan, Renault and
ByD, and it’s equipped with
connectors compatible with
every brand of vehicles.
Emgesa was awarded with the
Best Corporate Governance
Award
The English magazine World
Finance acknowledged
Emgesa as the Colombian
company with the best
Corporate Governance in 2015.
This award is granted after a
voting process made by the
readers of the magazine and
financial institutions, in which
they chose the company that
fulfills with the best Corporate
Governance standards in the
country.
MAY
Endesa Chile’s Cipreses
power plant reached sixty
years generating hydroelectric
energy from El Maule Region
Cipreses was the first
hydroelectric power plant
built in the basin of El Maule
River in May 1955. Cipreses’
installed capacity is 106
MW and load factor higher
than 75% in years of normal
rainfall.
Endesa Chile begun the
commissioning process of
Bocamina II
After obtaining the
Environmental Qualification
Resolution (RCA) Bocamina
II, Endesa Chile took a
step further for the restart
of operations of the
thermoelectric facilities
in Coronel. On May 20,
the Superintendency of
the Environment (SMA)
responded favorably regarding
the Endesa Chile’s request to
provide a temporary technical
solution for the suction of
cooling waters.
APRIL
The Board of Directors of
Enersis has decided to
start with the corporate
reorganization analysis of its
generation and distribution
activities in Chile and in South
America
On April 28, and by unanimity
of its members, the Board of
Directors of Enersis decided
to start with the corporate
reorganization analysis aiming
to divide the generation
and distribution activities
developed in Chile, from
those carried out in the rest
of the region. The objective
of this reorganization is to
solve certain duplicities
and redundancies resulting
from the complex corporate
structure of the Enersis Group
and the generation of value for
all of its shareholders.
is appointed
Enrico Viale
Chairman of Endesa Chile
On the date on which the
Ordinary Shareholders’
Meeting was held, on April 27,
the renovation of the members
of the board took place. The
Directors appointed were
Enrico Viale, Ignacio Mateo,
Francesco Buresti, Vittorio
Vagliasindi, Francesca
Gostinelli, Felipe Lamarca,
Isabel Marshall, Enrique Cibié
and Jorge Atton. In the Board
of Directors of Endesa Chile’s
session, Enrico Viale was
appointed Chairman of the
Board, while Ignacio Mateo
was appointed Vice Chairman.
Enrique Cibié, Jorge Atton and
Felipe Lamarca comprised the
Directors’ Committee.
Beginning of tests in
Bocamina I including
environmental improvements
Endesa Chile started the
testing process in Bocamina
I with the objective of
restarting the operation
of this unit, which was
interrupted on September
2014 for the implementation
of environmental and
technical improvements,
in the context of a major
maintenance program. With
this, the company take a
step further in the operations
normalization process of the
facilities located in Coronel,
thus carrying out all the
tests needed to ensure the
good performance of the
improvements made.
Endesa Chile received the
Environmental Qualification
Resolution for Bocamina II
The Environmental Evaluation
Commission (CEA) of the
Biobío Region notified Endesa
Chile of the Environmental
Qualification Resolution (RCA)
of the optimization project of
Bocamina II, thus ratifying the
positive vote obtained by the
initiative on March 16, 2015.
With this, the company begun
the works to provide new
standards for the Bocamina
facilities, and place it as the
best power plants of its kind
in Chile, thus containing every
technical and environmental
improvements requested.
Chilectra’s installation of ten
charging facilities in Santiago
was completed
With the purpose of Con
el objeto de facilitate
and promote the electric
portability in Chile, Chilectra
completed the installation
of 10 charging facilities in
Santiago, thus establishing
the first interconnected points
of charge network for four
districts in the Metropolitan
Region.
Highlights 2015
11
Chilectra connects the new
subestation Chicureo to
the electric system of the
Metropolitan Region
In the first stage its capacity
is 25 MVA, equivalent to
the supply of approximately
30,000 homes. For the
second stage, and according
to the electricity growth
demand proyections for the
north area of Santiago, the
substation considers the
future expansion of up to
eight times its initial capacity,
reaching 200 MVA, equivalent
to the supply of 500 thousand
homes.
Codensa doubles the
transformation capacity of
Bacatá substation
As part of its infrastructure
continuous improvement,
Codensa expanded the Bacatá
electric substation, making it
the largest in Colombia with
500kV. With this works, the
Company has strengthen to
cope with the energy demand
growth in Bogotá and also to
improve the service quality
levels, thus contributing to
the competitiveness of the
city and of the Cundinamarca
department.
JUNE
The Board of Directors
of Enersis informs the
resignation of Jorge Rosenblut
and the appointment of Borja
Acha
On June 30, the Board
of Directors of Enersis
announced the resignment
effective immediately of Mr.
Jorge Rosenblut as Director
and Chairman of the Board of
Enersis in his replacement.
It was also informed the
appointment of Mr. Borja
Acha Besga as Chairman and
Director of Enersis. Since
2012, Mr. Borja Acha has
served as Chiel of Legal and
Corporate Affairs of the Enel
Group, parent company of
Enersis. On Friday June 26,
Carolina Schmidt presented
her resignment due to
personal reasons to the
Board of the Company. The
Board appointed Mr. Herman
Chadwick Piñera in her
replacement. Mr. Chadwick
is lawyer from the Pontificia
Universidad Católica de Chile.
Start of the filling up of El
Quimbo
The maneuver that begun the
filling up the dam was carried
out after the hydrological
conditions of the Magdalena
River became suitable to
guarantee the security of the
activity. The closing of the
two gates –being structures
of 65.6 tons each- was
developed with an average
flow of 500 cubic meters per
second and counted with the
support of more than 300
people.
Bocamina II became available
for the electric system
The second unit of Bocamina
became available for dispatch
of the Operations Center
of the CDEC-SIC. This took
place after receiving the
Environmental Qualification
Resolution (RCA) of the
optimization project Bocamina
II, and after introducing
a series of technical and
environmental improvements
such as the coverage of
the coverage of coalfields,
the installation of advanced
technology filters for water
suction and online air quality
monitoring, among others.
JULY
Bocamina I power plant
restarted commercial
operations
Endesa Chile informed that
its thermoelectric power
plant Bocamina I, which
has 128 MW of installed
capacity, restarted commercial
operations, and became
available for immediate
dispatch as required. In April
2015 the unit started the
testing process with the
objective of recommencing
operations. Meanwhile, the
second unit of Bocamina,
wich has 350 MW of installed
capacity, became available
for the Load Economic
Dispatch Center of the Central
Interconnected System
(CDEC-SIC), after the start-up
process and the operational
tests that begun in May.
The Board of Directors of
Endesa Chile defines its
portfolio of projects
The Board of the company
reviewed and defined the
portfolio of projects, according
to the new vision of the
company, which focuses on
sustainability and the creation
of value for the communities
and its shareholders. As
being announced in the
Shareholders Meeting in
April, the Board started a
review of the portfolio of
projects, thus giving priority
to a series of initiatives of fast
development, in cooperation
with the communities and to
be implemented guaranteeing
the highest environmental and
technological standards. In
the four countries where the
company operates, Argentina,
Colombia, Peru and Chile, the
portfolio consists on 6,300
MW of possible projects,
which depend on energy
demand and the market
context of each country.
Abradee Award 2015
Coelce was chosen as the
best energy distribution
company in Brazil, and for the
ninth consecutive year, the
Best distribution company in
the North East of the country.
Also, Coelce highlights among
the four better companies in
terms of Management Quality.
12
2015 Annual Report Enersis
AUGUST
Generation equipments for Los
Cóndores power plant pass
their first exam in Germany
One of the main milestones of
the hydroelectric project Los
Cóndores was accomplished
in Germany, where the essays
in reduced model of the two
generating units turbines were
carried out successfully. The
project is under construction
in El Maule Region and will
have an installed capacity of
approximately 150 MW. In
order to supervise this process,
specialists of the company
travelled to the hydraulic
laboratory of the company Voith
Hydro, located in the city of
Heidenheim, who validated the
tests and the results obtained,
thus releasing the hydraulic
design and initiating the detail
designs of the equipments for
main generation.
Codensa launches a Mobile
Application for Customers
The mobile application Móvil
Codensa is a solution that
allows customers to know
information of the values and
billing dates through their
accounts register. Likewise,
through GPS the application
enables users to generate and
look up the failure reports that
migh impact their sector, on
topics related to public lighting,
energy supply, meters and
infrastructure. Additionally, if the
user wants to know the location
of Codensa Service Centers
and Payment Points, which
may find their search with the
nearest location or through a
pull-down list.
Enel Brazil ranked 68 among
135 companies of the Great
Place to Work ranking
This award is granted jointly
by the Great Place to Work
Institute (GPTW) and Época
magazine. In addition, Enel
Brasil ranked sixth in the Best
Company to Work in Rio de
Janeiro.
Chilectra introduced Chispers,
the first plataform that enables
the sharing of energy to charge
mobile phones wirelessly,
without any cost and through a
community
On September 22, the
Innovation team of Chilectra
launched Chispers, a social
network that enables the
sharing of energy to charge
mobile phones wirelessly,
without any cost and through a
community. The system works
through a network of wireless
charges located in coffee shops,
universities and other public
spaces.
Codensa and Emgesa ranks
among the ten companies that
promote the gender equity in
Colombia
The companies were selected
for theis strategies and
promotion of employment
equity to be part of the first
ranking of corporate gender
equity in Colombia, carried out
by Aequales and the Colegio
de Estudios Superiores de
Administración (CESA). These
are the only companies of
the energy sector and public
services to rank top ten.
SEPTEMBER
The tunneling machine that
will be part of Los Cóndores
project’s construction
completed its evaluation
process in United States
In Ohio, United States, in the
Robbins Company factory,
the tests of the TBM machine
-Tunnel Boring Machine- was
made. This equipment ‘s duty
is to dig the nearly twelve
meters of the adduction
tunnel of Los Cóndores power
plant, therefore allowing the
transportation of the waters
of El Maule lagoon dam to
the turbine hall of the power
plant. Specialists from Endesa
Chile, who verified that its
development agrees with
the requirements defined by
the company, supervised the
process.
Chilectra became the first
utilities company worldwide
that allows customers to pay
the bill through Twitter
Since September 29, 2015, as
part of the digitalization process
that Chilectra in pushing
forward, the electricity bill now
can be paid through Twitter,
the second most popular
social network in the country,
with almost two million active
accounts. This a step forward
in terms of innovation, and the
service is provided by #pagotuit,
a plataform developed jointly
with Uanbai, thus helping
Chilectra to become the first
utilities company worldwide
to have a payment system
through this network.
Chilectra’s installation of ten
charging facilities in Santiago
was completed
With the purpose of Con
el objeto de facilitate and
promote the electric portability
in Chile, Chilectra completed
the installation of 10 charging
facilities in Santiago, thus
establishing the first
interconnected points of charge
network for four districts in the
Metropolitan Region.
Codensa Launches the Mobile
Application for the recharge of
electric vehicles, EVA
This system enables people
to manage the reservation of
points of charge compatible
with their electric vehicles and
also to obtain information of
the charging stations. It may be
automatically managed, thus
granting the same information
features and charge to the final
customer. This is a new concept
in Colombia and worldwide,
being the only existing APP able
to operate different brands of
charging units.
Enel Braz and the “House of
the Future” in Expo Milan 2015
In Expo Milan 2015, Enel
Brazil presented the project
consisting of the first house
made with the crowdsourcing
method, where Internet
users made their
contributions in the website
www.nosvivemosoamanha.com.br
with ideas for the construction
of the “House of the Future”.
The house will be completed
at the end of the first half of
2016 in the city of Niterói, Río
de Janeiro, Brazil. The project
is being executed thanks to
the energy efficiency program
of the distribution company
Ampla.
Highlights 2015
13
NOVEMBER
Endesa Chile informed
the Superintendent of
the Environment the
commissioning advance of the
Johnson filters for Bocamina II
Endesa Chile confirmed to
the Superintendent of the
Environment, Cristián Franz,
the commissioning advance
of the filters for Bocamina
II, being operational since
October 27, two months
earlier than the date
committed with the authority.
Municipality of Coronel,
Fundación Integra and Endesa
Chile inaugurated the nursery
school Rayún
With the attendance of the
Major of Coronel, Leonidas
Romero, the new nursery
school and care room Rayún
was inaugurated, being a
modern facility that includes
optimal installations to cater
boys and girls from the area.
Endesa Chile contributed with
$250 million to the design and
construction of the facilities,
located in La Peña area, and
caters more than 100 children
with four education levels,
from 84 days of age to 4 and
11 months old.
Chilectra was awarded the
electricity supply for Nuevo
Pudahuel Airport Consortium
After a bidding process,
Chilectra was awarded the
requirements of electricity
supply for the period 2016
through 2018 of the new
concessionaire of the
International Santiago Airport,
“Nuevo Pudahuel”, with which
the electricity company stays
as the main energy supplier
of the main airport of the
country.
The project of the new
concession will require
additional energy, because
the new building will be larger
than the previous one, with
over 175,000M2, together
with the renovation of the
existing airport in the area for
domestic flights, with which
the capacity of the airport
will reach up to 30 million
passengers per year.
As such, forecasts indicate
that the requirements of
energy will double in three
years period.
OCTOBER
Endesa Chile, Energas and
PF inaugurated the arrival of
natural gas to El Maule Region
With the attendance of
the Minister of Energy,
Máximo Pacheco, the first
Regasification Satellite Plant
(PSR) of LNG in Chile was
inaugurated in Talca, which
enables Natural Gas and its
numerous benefits to become
a reality in the region, both for
commercial and for household
distribution. The plant, owned
by Endesa Chile, is the result
of an alliance between the
generation company, GasValpo
-through Energas- and
Productos Fernández, thus
incorporating a highly efficient
energy alternative, friendly
with the environment and who
offers competitive prices.
The connection of new
Johnson filters in Bocamina
II begun
Endesa Chile begun the
connection of advanced
technology new filters to
the water-harvesting siphon
of the generating unit that
operates in Coronel. The filters
are denominated “Johnson”
and will help to minimize
the impact in the ocean
environment.
Enel Brazil ranks among the
150 best companies to work
in the “Guia Você S/A Exame
2015”
The company stands out in
the electricity sector, obtaining
the seventh place. This was
the first time that all of the
companies of the sector
participated together in the
award.
Telecontrol Proyect of
Codensa reaches its goal
With 100% compliance as
scheduled for 2015, Telecontrol
project moved forward, with
which Codensa in modernizing
its distribution networks in
Bogota and Cundinamarca.
During 2015, 1,674
equipments were installed,
thus allowing a more efficient
operation of the network
to face failures of service,
also to know more precisely
the location of the failure
in a circuit, and to reduce
the number of customers
affected by the failure. Until
now, this technologic solution
has enabled the company
to decrease their times in
approximately 15 minutes.
During 2015, there was an
investment of approximately
$69,500 million Colombian
pesos, out of the total value
of the initiative of $238,000
million forecasted over three
years.
Commissioning of El Quimbo
After five years of
construction, on November 16
the new hydroelectric power
plant El Quimbo started-up
operations, with the energy
generation to the Colombian
energy system. The average
annual energy of El Quimbo is
2,216 GWh, equivalent to 4%
of the demand in Colombia.
El Quimbo, together with
Betania, will become a
generation chain in the
Magdalena River contributing
with 8% of the domestic
demand. Nearly 6,500 people
worked in the construction of
El Quimbo.
Codensa and Emgesa were
the first companies of the
electricity system to obtain
the Labor Equity Seal (Sello de
Equidad Laboral)– EQUIPARES
This is an initiative of the
Labor Ministry of Colombia,
endorsed by the Presidential
Council for the Women’s
Equity and the techinal
support of the United Nations
Procurement Division (UNPD).
This seal certifies the clear
focus of the companies in
the development of labor
equity practices and aim to
ensure that men and women
have access to the same
opportunities. Among the
good practices that were
highlighted, the ones that
stand out are the programs
that positively impact the
employees’ quality of life and
the commitment at every level
of the companies to support
every program and initiative,
and to transform the concept
of equity into an important
driver of the overall strategy of
he companies.
14
2015 Annual Report Enersis
Project for the Modernization
of Public Lighting with LED
Technology
Codensa made progresses
with the project for the
modernization of Bogotá’s
public lighting using LED
technology, with the
installation of nearly 10,500
lights, being the first stage of
the plan, which consideres
an investment of $19,000
million in 2015. The objective
of the project is to improve
the lighting in the streets
and areas that show the
lower safety rates in the city.
Among others, important
areas and streets such as San
Victorino, highway 10, street
72, street 53, Jiménez Avenue
and Caracas Avenue were
modernized.
Endesa Chile will develop a
new design for its Neltume
hydroelectric project
As part of the new
sustainability and community
relations’ strategy,
Endesa Chile will develop
generation initiatives with
a collaborative approach
with the communities. After
listening and understanding
the cultures and traditions of
the communities where the
Neltume project is located,
the company has decided
to study new alternatives
of design, especially for
the water discharge into
the Neltume Lake, which
has been presented to the
communities in the different
dialogues held. With the
purpose of starting a new
study stage of an alternative
that considers the water
discharge into the Fuy River,
Endesa Chile withdrawed
the Environmental Impact
Study (Estudio de Impacto
Ambiental, EIA) of the power
plant, which was under
environmental evaluation in
the Environmental Evaluation
Service (Servicio de
Evaluación Ambiental, SEA) of
Los Ríos Region.
Costanera’s Moto Generators
Project
The commissioning of the four
moto generators with gasoil
installed by Hidroeléctrica
El Chocón in the facilities of
Costanera power plant was
accomplished. This work
was carried out within the
amounts budgeted originally
and without recording any
accidents. In the reception
trials, the contract values
guaranteed by Wärtsilä were
verified, and the electric
studies for the commercial
authorization from CAMMESA
were completed.
Codensa participates in the
Solar Decathlon Latin America
& Caribbean 2015 with the +
HUERTO + CASA project
Solar Decathlon is a race
promoted worldwide by the
Department of Energy of the
United States (DOE), and
focused on the social and
environmental sustainability
to raise awareness on the
importance of clean energies.
With an investment of over
$70,000 dollars, Codensa
and Emgesa sponsored the +
Huerto + Casa project, which
consists on an ecological
housing and self-sustainable
with renewable energy and
developed by forty students
from Universidad de Los
Andes. During the contest,
the project received five
important awards: sixth place
in the general ranking out
of the fifteen participating
projects; second place in the
energy balance category;
ranked second in the
marketing, communication
and social awareness
category; third place in urban
design and affordability, and
honorable mention in the
arquitecture category.
Codensa and Emgesa raised
in the Merco 2015 ranking
In the general ranking of
the 100 companies with the
best reputation in Colombia,
Codensa and Emgesa ranked
34, going up 31 positions with
respect to 2014. In the sector
ranking, the companies ranked
fourth, going up two positions
with respect to 2014.
DECEMBER
Enersis delisted its stocks
from Latibex
On December 4, 2015,
Enersis delisted its stocks
from Latibex, thus its stocks
will no longer trade in that
stock exchange. This request
was raised by the company
and approved by the Consejo
de Administración de Bolsas
y Mercados Españoles,
Sistemas de Negociación, S.A.
(Council for the Administration
of Spanish Stock Exchanges
and Markets, Trading Systems,
S.A.).
Shareholders approved the
corporate restructuring of
Enersis Group
On December 18,
shareholders of Enersis
Group, Endesa Chile and
Chilectra approved in their
Extraordinary Shareholders’
Meetings the aforementioned
restructuring of Enersis. In
March 2016, the divisions
were achieved, and three new
companies were created:
Enersis Chile, Endesa
Américas and Chilectra
Américas. As such, six
companies remained.
In the upcoming months, the
mergers will be approved
in three Extraordinary
Sharehoders’ Meetings
of the companies named
Americas to be convened.
As such, Enersis Américas
will operate the electricity
generation, distribution and
transmission businesses that
the group owns in Argentina,
Brazil, Colombia and Peru.
Meanwhile, Enersis Chile will
become the parent company
of Endesa Chile and Chilectra
Chile.
Highlights 2015
15
Main Financial
and Operating Indicators
Main Financial and Operating Indicators
17
Total Assets
As of December 31 of each year (million in nominal pesos)(1)
2010
13,005,845
2011
13,733,871
2012
13,317,834
2013
15,177,664
2014
15,921,322
2015
15,449,079
Total Current Liabilities
6,491,817
6,837,717
6,354,065
6,670,199
7,642,104
7,257,466
Operating Revenues
6,563,581
6,534,880
6,577,667
6,264,446
7,253,876
7,698,847
Ebitda
Net Income (2)
Liquidity Ratio
Debt ratio (3)
Generation Business
ARGENTINA
Number of employees
Number of generating units
Installed capacity (MW)
Electricity generated (GWh)
Energy sales (GWh)
BRAZIL
Number of employees
Number of generating units
Installed capacity (MW)
Electricity generated (GWh)
Energy sales (GWh)
CHILE
Number of employees
Number of generating units
Installed capacity (MW)
Electricity generated (GWh)
Energy sales (GWh)
COLOMBIA
Number of employees
Number of generating units
Installed capacity (MW)
Electricity generated (GWh)
Energy sales (GWh)
PERU
Number of employees
Number of generating units
Installed capacity (MW)
Electricity generated (GWh)
Energy sales (GWh)
TOTAL
Number of employees
Number of generating units
Installed capacity (MW)
Electricity generated (GWh)
Energy sales (GWh)
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
2,289,133
661,587
0.97
1.00
1.03
0.99
0.99
0.91
1.31
0.78
1.23
0.92
1.06
0.89
As of December 31 of each year (4)
2010
2011
2012
2013
2014
2015
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
63,430
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
63,086
501
20
3,652
11,207
11,852
197
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
65,913
628
25
4,522
14,422
16,549
200
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
69,368
645
25
4,522
14,390
15,276
208
13
987
5,225
7,108
1261
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
69,230
657
25
4,522
15,204
15,770
194
13
987
4,398
6,541
995
111
6,351
18,294
23,558
484
36
3,459
13,705
16,886
292
27
1,983
8,801
9,283
2,619
212
17,302
60,403
72,039
18
2015 Annual Report Enersis
Distribution Business
ARGENTINA
Energy sales (GWh)(5)
Number of customers
Energy losses
Number of employees
Customers / employees
BRAZIL
Energy sales (GWh)(5)
Number of customers
Energy losses
Number of employees
Customers / employees
CHILE
Energy sales (GWh)(5)
Number of customers
Energy losses
Number of employees
Customers / employees
COLOMBIA
Energy sales (GWh)(5)
Number of customers
Energy losses
Number of employees
Customers / employees
PERU
Energy sales (GWh)(5)
Number of customers
Energy losses
Number of employees
Customers / employees
Total
Energy sales (GWh)(5)
Number of customers
Energy losses
Number of employees
Customers / employees
As of December 31 of each year
2010
2011
2012
2013
2014
2015
16,759
2,352,720
6.10%
2,627
896
17,233
2,388,605
10.50%
2,849
838
17,338
2,388,675
10.6%
2,948
810
18,137
2,444,013
10.80%
3,320
736
17,972
2,464,117
10.75%
3,823
645
18,492
2,479,559
12.30%
4,142
596
18,777
5,665,195
16.80%
2,484
2,281
19,193
5,867,888
16.20%
2,496
2,351
20,694
6,050,522
16.30%
2,382
2,540
21,767
6,301,582
16.10%
2,370
2,659
22,842
6,500,500
16.42%
2,415
2,732
22,776
6,754,327
17.3%
2,348
2,877
13,098
1,609,652
5.80%
719
2,239
13,697
1,637,977
5.50%
712
2,301
14,445
1,658,637
5.40%
734
2,260
15,152
1,693,947
5.30%
745
2,274
15,690
1,737,322
5.32%
690
2,518
15,893
1,780,780
5.31%
688
2,596
12,515
2,546,559
8.50%
1,083
2,351
12,857
2,616,909
8.10%
1,101
2,377
13,364
2,712,987
7.50%
1,127
2,407
13,342
2,686,919
7.00%
1,036
2,594
13,660
2,772,376
7.19%
1,043
2,658
13,946
2,865,159
7.30%
947
2,771
6,126
1,097,533
8.30%
553
1,985
6,572
1,144,034
8.20%
550
2,080
6,863
1,203,061
8.20%
607
1,982
7,045
1,254,624
7.90%
616
2,037
7,338
1,293,503
7.95%
619
2,090
7,624
1,336,610
8.30%
570
2,191
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
77,502
14,767,818
9.53%
8,590
2,129
78,732
15,216,435
10.10%
8,695
2,206
(1) Accounting figures as requested by the instructions and regulations issued by the SVS.
(2) Net Results attributable to the dominant company.
(3) Total Liabilities/Equity plus Minority Interest.
(4) Until December 31, 2012, the jointly controlled companies were consolidated using the proportionate consolidation method. As of
January 1, 2013 the equity method began to be used to account for these joint control companies, as required by IFRS 11, “Joint
Arrangements”. This change impacts 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; they are attributable to shareholders of Enersis. The
consolidated financial statements as of December 31, 2010 and previous years enderd on that same date, are presented as they were
originally prepared, in accordance with IFRS, under IASB rules, and do not reflect the application of the IFRS 11 standards.
(5) Due to changes in the criteria, non-billable consumptions (CNF) are not included in 2014 y 2015.
Main Financial and Operating Indicators
19
Company Identification
and Governing Documents
20
2015 Annual Report Enersis
Company Identification and Governing Documents
21
22
2015 Annual Report Enersis
Identification of the Company
Name or company name
Domicile
Type of company
Rut
Address
Postal code
Phones
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
ADR’s Custodian Bank
ADR’s Depositary Bank
Latibex custodian bank (2)
Latibex link (2)
National credit rating agencies
International credit rating agencies
Enersis S.A. (1)
Santiago of Chile, being able to establish agencies or subsidiaries 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 and Standard & Poor´s
(1) The Extraordinary Shareholders Meeting held on December 18, 2015 agreed the change of the company name to Enersis Américas S.A.,
effective on March 1, 2016.
(2) On November 30, the Management Council of Spanish Stock Exchanges and Markets, Negociation Systems, S.A., in excercising its
powers granted by Latibex Regulations (Mercado de Valores Latinoamericanos), and attending the request performed by Enersis S.A.,
agreed the suspension of the contracting shares of Enersis S.A. after December 1 2015 and excluded from Latibex the trading of the
shares issued by such Company, effective from December 4, 2015. The latter means that from such date Enersis S.A. was deslisted from
Latibex and its shares won’t trade thereafter at the aforementioned stock exchange.
Company Identification and Governing Documents
23
Constituent
Documents
The company that gave rise to Enersis S.A. was formed
initially under 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 modified by public deed on July 13 the same
year and in 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 the year 1981, and were
published in the Official Gazette of July 23, 1981. The bylaws
of Enersis have undergone a number of modifications ever
since.
On August 1, 1988, the company’s name was changed to
Enersis S.A.
The Extraordinary Shareholders Meeting held on December
18, 2015 agreed to divide the Company into two entities,
thus a new open stock company “Enersis Chile S.A.”,
governed by Title XII of D.L. 3500. This Extraordinary
Shareholders Meeting approved, among other matters,
the capital decrease of Enersis S.A. as consequence of
the division, and the distribution of the social capital of
the divided company and the recently created; moreover,
among other statutory modifications, the company name
changed “Enersis Américas S.A.” and the company purpose.
This modification is recorded in public deed on January
8, 2016, granted by the Notary Iván Torrealba Acevedo, in
Santiago, whose excerpt was registered in the Commercial
Registry of the Property Register, pages 4013, N°2441 of
the Commerce Registry of 2016 and published in the Oficial
Journal on February 10, 2016.
24
2015 Annual Report Enersis
Corporate Purpose
According to the statutory modification approved by the
In complying with its main objects, the company will carry
Extraordinary Shareholders Meeting held on December
out the following functions: a) promote, organize, build,
18, 2015, formalized in a public deed of January 8, 2016,
modify, dissolve or liquidate companies of any nature
granted in the Notary Iván Torrealba Acevedo in Santiago,
which have similar corporate objects to its own; b) propose
whose excerpt was registered on pages 4013 N° 2441 of
investment, financing and business policies to subsidiary
the Commerce Registry in 2016 of the Property Register
companies, as well as accounting criteria and systems that
in Santiago and was published in the Official Journal on
these should follow; c) supervise subsidiary management:
January 22, 2016. A supplementary extract was registered
d) provide subsidiary or associate companies with the
on pages 10.743 N° 6.073 in the same Registry, year and the
necessary financing for their business development and
Property Register and was published in the Official Journal
provide management services; financial, technical, legal
on February 10, 2016.
and auditing advice; and in general any type of service that
The Company’s purpose is to perform in the country
or abroad
the exploration, development, operation,
In addition to its main objects and always acting within the
generation, distribution,
transmission,
transformation
limits established by the Investment and Financing Policy
and/ or sales of energy in any of its forms and nature, or
approved by the Shareholders Meeting, the Company may
appears necessary for their best performance.
directly or through intermediate companies, likewise, and
invest in:
also telecommunications activities and the provision of
engineering consultancy within the country and abroad. It
First. The acquisition, operation, construction, rental,
may also invest and manage its subsidiaries and associate
administration, intermediation, trading and disposal of all
companies, whether generators, transmitters, distributors
kinds of movable and immovable assets, either directly or
or traders of electricity or whose business is any of the
through subsidiaries or associate companies; ii) all kinds of
following: (i) energy, in any of its forms or nature, (ii) the
financial assets, including shares, bonds and debentures,
supply of public utilities or whose main raw material is
commercial paper and in general all kinds of titles or
energy, (iii) telecommunications and information technology,
securities and company contributions, either directly or
and (iv) trading over internet.
through subsidiaries or affiliate companies.
Company Identification and Governing Documents
25
Ownership and Control
Ownership and Control
27
28
2015 Annual Report Enersis
Ownership Structure
The company capital is divided into 49,092,772,762 shares, with no par value and holds the same single series.
As of December 31, 2015, all shares were subscribed and paid-in, and were distributed as follows:
Shareholder
Enel Latinoamérica S.A.
Enel Iberoamérica S.R.L.
Pension Funds
ADR´S (Citibank N.A. according to circular N°1.375 of the SVS)
Foreign Investment Funds
Banco de Chile on behalf of third parties
Stock brokers, insurance companies, mutual funds
Other shareholders
Total Shares
Identification
of Controllers
Number of shares
19,794,583,473
9,967,630,058
5,873,538,625
4,984,301,300
2,728,916,139
2,499,152,073
2,260,114,335
984,536,759
49,092,772,762
Participation
40.32%
20.30%
11.96%
10.15%
5.56%
5.09%
4.60%
2.01%
100.00%
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, 2015
Ministero dell’Economia e delle Finanze de Italia
Institutional Investors
Other Shareholders
Total
Source: https://www.enel.com/en-gb/investors/shareholders
The controller’s members do not have a joint action agreement.
25.5%
50.4%
24.1%
100.0%
Ownership and Control
29
List of the Twelve Main
Shareholders of the Company
As at December 31st, 2015, Enersis was owned by 6,851 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 on behalf of foreign investors
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
AFP Provida S.A. for B pension fund
AFP Habitat S A for B pension fund
Subtotal 12 shareholders
Other 6,839 shareholders
TOTAL 6,851 SHAREHOLDERS
Tax ID
Number of Shares
Shareholding
59,072,610-9
59,206,250-K
59,135,290-3
97,004,000-5
76,645,030-K
97,036,000-K
76,265,736-8
98,000,100-8
98,000,000-1
98,001,000-7
76,265,736-8
98,000,100-8
19,794,583,473
9,967,630,058
4,984,301,300
2,499,152,073
1,407,046,008
1,195,688,888
1,013,706,040
843,387,408
623,729,773
594,400,465
346,537,072
340,179,565
40.32%
20.30%
10.15%
5.09%
2.87%
2.44%
2.06%
1.72%
1.27%
1.21%
0.71%
0.69%
43,610,342,123
5,482,430,639
88.83%
11.17%
49,092,772,762
100.00%
Most Significant Ownership
Modifications
During 2015, the most significant modifications in Enersis’s ownership were:
Name or company name
Citibank N.A. As per S.V.S.
Circular 1,375
Banco de Chile on behalf
of non-resident third parties
AFP Provida S. A.
AFP Habitat S. A.
Banco Itaú on behalf of
investors
Banco Santander on behalf of
foreign investors
AFP Cuprum S. A.
AFP Capital S. A.
Banchile C de B S A
Santiago Stock Exchange
BCI C De B S A
BTG Pactual Chile S A C de B
Tax ID
Dv
N° Shares on
12/31/2014
N° Shares on
12/31/2015
Variation %
Variation in
number of
shares
59,135,290
97,004,000
98,000,400
98,000,100
76,645,030
97,036,000
98,001,000
98,000,000
96,571,220
90,249,000
96,519,800
84,177,300
3
5
7
8
K
K
7
1
8
0
8
4
5,132,288,300
4,984,301,300
-0.3014%
-147,987,000
2,137,510,595
2,499,152,073
1,749,539,615
1,740,805,548
1,566,165,413
1,541,930,759
0.7366%
-0.0178%
-0.0494%
361,641,478
-8,734,067
-24,234,654
1,425,764,571
1,407,046,008
-0.0381%
-18,718,563
1,062,573,078
1,195,688,888
1,248,155,085
1,166,861,779
1,364,179,175
1,119,381,465
288,568,335
314,569,242
365,148,945
279,310,448
62,530,379
177,106,470
204,370,075
134,297,632
0.2712%
-0.1656%
-0.4986%
0.0530%
-0.1748%
0.2334%
-0.1427%
133,115,810
-81,293,306
-244,797,710
26,000,907
-85,838,497
114,576,091
-70,072,443
30
2015 Annual Report Enersis
Exchange Transactions
Performed
by Related Individuals
during 2014 and 2015
Shareholder
RUT
Buyer/ Seller
Transaction
date
Number of
shares traded
Price per
share traded
(Pesos)
Total amount
traded (Pesos)
Marcos Cruz Sanhueza
10,702,983-4 Seller
01/03/2014
1,371,369
158.00
216,676,302
Marcos Cruz Sanhueza
10,702,983-4 Buyer
01/03/2014
1,371,369
162.08
222,266,002
Marcos Cruz Sanhueza
10,702,983-5 Seller
06/30/2014
1,197,000
186.50
223,240,800
Endesa S.A.
59,066,580-0 Seller
10/23/2014
9,967,630,058
208.66 2,079,906,470,758
Enel Energy Europe S.R.L.
59,206,250-K Buyer
10/23/2014
9,967,630,058
208.66 2,079,906,470,758
Marcos Cruz Sanhueza
10,702,983-7 Seller
28/11/2014
510,000
201.26
102,645,000
Francisco Fernández Morandé 7,006,374-3
Buyer
11/09/2015
2,796
178.78
499,869
Purpose
of the
transaction
Financial
Investment
Financial
Investment
Financial
Investment
Financial
Investment
Financial
Investment
Financial
Investment
Financial
Investment
Relation
with the
Company
Tax Advisor
Tax Advisor
Tax Advisor
Controller
Controller
Tax Advisor
Related to
Director
Summary
of Directors’ Committee
and Shareholders Comments
and Proposals
Enersis received neither comments nor proposals with regards to the progress of company business between
January 1st and December 31st, 2015 from the Directors’ Committee or Shareholders who own or represent
10% or more of the shares issued with voting rights as stated in Articles 74 of Law No. 18,046 and 136 of the
Regulation to Public Companies.
Ownership and Control
31
Administration
Administration
33
34
2015 Annual Report Enersis
Board of Directors
1
2
5
3
6
4
7
1. CHAIRMAN
Francisco de Borja Acha Besga
Attorney at Law
Universidad Complutense de Madrid
DNI: 05-263174-S
From 06.30.2015
2. VICE CHAIRMAN
Francesco Starace
Nuclear Engineer
Universidad Politécnica de Milán
Passport: YA5358349
From 04.28.2015
3. DIRECTOR
Francesca Di Carlo
Degree in Economics
University: La Sapienza, Roma
Passport: AA2224406
From 04.28.2015
4. DIRECTOR
Alberto De Paoli
Degree in Economics
Universidad de Roma La Sapienza
Passport: YA 4226864
Last appointment 04.28.2015
Ownership and Control
5. DIRECTOR
Hernán Somerville Senn
Lawyer
Universidad de Chile
Master of Comparative Jurisprudence
Universidad de NewYork
Rut: 4,132,185-7
Last appointment 04.28.2015
6. DIRECTOR
Rafael Fernández Morandé
Industrial Civil Engineer
Pontificia Universidad Católica de Chile
Rut: 6,429,250-1
Last appointment: 04.28.2015
7. DIRECTOR
Herman Chadwick Piñera
Lawyer
Universidad Católica
Rut: 4,975,992-4
From 06.30.2015
SECRETARY OF THE BOARD OF DIRECTORS
Domingo Valdés Prieto
Lawyer
Universidad de Chile
Master of Laws Universidad de Chicago
Rut: 6,973,465-0
From 04.30.1999
35
Enersis is managed by a Board of Directors comprised by seven members, who remain in office for a three-year period and
maybe re-elected. The Board was appointed at the Ordinary Shareholders’ Meeting held on April 28, 2015. According to the
Corporations Law, if a Director’s vacancy occurs, 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. The Company doesn’t consider any
substitute members.
In the last two years, the following were also Directors of Enersis:
Jorge Rosenblut
Chairman
Industrial Civil Engineer
Universidad de Chile
Carolina Schmidt Zaldívar
Business Engineer
Universidad Católica de Chile
Rut: 7,052,890-8
MPA at Kennedy School of Government at Harvard University
Last appointment 04.28.2015
Rut: 6,243,657-3
Last appointment: 04.28.2015
Resignation: 06.30.2015
Pablo Yrarrázaval Valdés
Chairman
Resignation 06.26.2015
Luigi Ferraris
Degree in Economics and Commerce
Universidad de Génova
Passport: YA2600789
Former Chairman of the Santiago Stock Exchange
From 04.16.2013
Resignation 11.04.2014
Leonidas Vial Echeverría
Businessman
Former Vice Chairman of Santiago Stock Exchange
Rut: 5,719,922-9
Last appointment: 04.16.2013
Resignation 10.30.2014
Rut: 5,710,967-K
Last appointment: 04.16.2013
Resignation 10.28.2014
Borja Prado Eulate
Vice Chairman
Former Chairman of (Spain)
Law studies
Universidad Autónoma de Madrid
DNI: 05-263174-S
From 04.16.2013
Last period as Director ended on 04.28.2015
Andrea Brentan
Mechanical Engineer
Politécnico di Milano
Master in Applied Sciences
New York University
Passport: YA0688158
Last Appointment 16.04.2013
Last period ended on 04.28.2015
36
2015 Annual Report Enersis
Board of Directors’ and Directors’
Committee Compensations
Pursuant to Article 33 of Law No. 18,046 Corporations Law, the Ordinary Shareholders’ Meeting held on
April 28, 2015 approved the compensations for the Board of Directors and Directors’ Committee for the 2015
accounting period.
The compensations for the Directors’ Committee consists on an annual variable remuneration equal to zero
point eleven thousand seven-hundred and sixty-five per thousand of the net profits of the period. It was
determined to pay in advance one-month fee, one part in all events and a variable part, attributable to the
referred variable annual remuneration.
Administration
37
Total compensation expenses in 2015 were o$564,993,635, which is detailed in the following table. The Board of Directors
did not incur in expenses for external consulting services.
2015
Figures in Ch$
Position
Name
Acha Besga Borja (1)
Chairman
Chairman
Rosenblut Jorge
Chairman
Yrarrazaval Pablo
Starace Francesco (1)
Vice Chairman
Director
Prado Eulate Borja
Director
Brentan Andrea
Director
Vial Echeverría Leonidas
De Paoli Alberto (1)
Director
Fernández Morandé Rafael Director
Director
Schmidt Zaldívar Carolina
Director
Somerville Senn Hernán
Di Carlo Francesca (1)
Director
Chadwick Piñera Herman
Director
Total general
Fixed
Remuneration
Ordinary and
Extraordinary
Sessions
Committee
Fixed
Compensation
Committee
Ordinary and
Extraordinary
Sessions
37,873,751
35,951,085
14,934,046
9,956,031
12,192,881
9,759,798
Variable
Compensation
TOTAL 2015
4,036,727
20,183,636
77,861,563
20,183,636
18,165,273
3,027,545
14,784,561
45,292,200
22,743,375
14,784,561
47,112,130
15,186,844
47,112,130
38,080,805
16,326,667
36,390,861
15,326,923
4,692,396
15,326,923
15,955,804
3,113,832
15,955,804
17,741,473
2,956,913
17,741,473
134,217,135
42,276,652
132,527,191
31,925,286
204,100,218
21,754,139
170,456,236
9,135,550
44,481,792
12,292,348
47,317,788
98,637,601
75,107,322
564,993,635
(1) Messrs. Borja Acha, Francesco Starace, Alberto de Paoli and Francesca di Carlo, renounced to any compensation payment due to their current positions in
the senior management of the Enel Group.
2014
Position
Chairman
Vice Chairman
Figures in Ch$
Name
Rosenblut Jorge (2)
Prado Eulate Borja
Schmidt Zaldívar Carolina (2) Director
Somerville Senn Hernán
Director
Fernández Morandé Rafael Director
De Paoli Alberto (2)(3)
Director
Brentan Andrea (3)(4)
Director
Yrarrázaval Valdés Pablo (1)
Chairman
Vial Echeverría Leonidas (1) 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
Committee
Fixed
Compensation
-
-
1,869,180
10,951,351
10,951,351
-
-
-
9,082,172
Committee
Ordinary and
Extraordinary
Sessions
-
-
1,323,082
7,779,963
7,779,963
-
-
-
5,154,136
Ferraris Luigi (1)(3)
Miranda Rafael (1)
Tironi Eugenio (1)
Total general
Director
Director
Director
-
-
-
-
-
-
195,409,233
-
-
218,827,325
-
-
32,854,054
-
-
22,037,145
Variable
Compensation
-
25,600,435
-
33,644,061
33,644,061
-
-
48,189,053
33,644,061
-
7,027,570
7,027,570
188,776,811
TOTAL 2014
25,414,319
112,024,991
16,230,188
114,762,358
113,153,889
-
19,737,713
146,887,167
95,638,805
-
7,027,570
7,027,570
657,904,568
(1) Messrs. Rafael Miranda and Eugenio Tironi, held their position in the Board of Directors until April 2013, nevertheless they received payments in 2014 for
the difference between the annual variable remuneration coming from net income of the period 2013 versus advanced monthly payments that same year.
Messrs. Pablo Yrarrázaval and Leonidas Vial held their positions in the Board of Directors until October 28 and 30, 2014 respectively and Mr. Luigi Ferraris
until November 4, 2014.
(2) Messrs. Jorge Rosenblut, Carolina Schmidt and Alberto de Paoli, assumed their positions in the Board of Directors of Enersis on November, 2014.
(3) Messrs. Luigi Ferraris, Andrea Brentan and Alberto de Paoli, renounced to any compensation payment due to their current positions in the senior
management of the Enel Group.
(4) Mr. Brentan resigned its position as Managing Director (Consejero Delegado) of Endesa, whereby he begins to accrue remuneration as director since
October
38
2015 Annual Report Enersis
Social Responsibility
and Sustainable Development
Board
Diversity
Number of people by gender:
Female
Male
General Total
Number of people by nationality:
Chilean
Spanish
Italian
General Total
Administration
1
6
7
3
1
3
7
Number of people by age range:
Between 41 and 50 years old
Between 51 and 60 years old
Between 61 and 70 years old
Over 70 years old
General Total
Number of people by seniority:
Less than 3 years
More than 12 years
General Total
2
3
1
1
7
6
1
7
39
Board of Directors
Consulting Expenses
During 2015, the Board of Directors did not make any expenses in consulting services.
Property over Enersis
As at December 31, 2015, according to the Shareholders’ Register, none of the current Directors had ownership
on the company.
Director’s Committee
Pursuant to Article 50 bis of law No. 18,046 Corporations Law, 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.
In session held on April 28, 2015, the Board of Directors appointed Messrs. Hernán Somerville Senn, Carolina
Schmidt Zaldívar and Rafael Fernández Morandé as independent members of the Directors Committee. Also in
this session, Mr. Hernán Somerville Senn was appointed Fiancial Expert. In the Directors’ Committee session
held on April 28, 2015 as members of the Directors Committee Mr. Hernán Somerville Senn was appointed
Chairman of the committee.
Likewise, as of June 26, 2015, Mrs. Schmidt Zaldívar presented her resignation to the position of Director and
member of the Directors’ Committee, as become known by the Directors’ Committee in session of June 30,
2015. In her replacement as Director and member of the Directors’ Committee, was appointed Mr. Herman
Chadwick Piñera, independient, following the decision taken on the Board of Directors Meeting held on June
30, 2015.
Worth is to highlight that in session held on April 16, 2013, the Company’s Board of Directors 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 were appointed at the Board meeting on April 23, 2010, and who were part of the Directors’ Committee
on January 1, 2013. Likewise, the Directors’ Committee in session held on April 29, 2013 appointed Mr. Hernán
Somerville Senn as Chairman and Mr. Domingo Valdés Prieto as Sectretary. Also in this session, the board of
Directors appointed Mr. Hernán Somerville Senn 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 the position as Independent Director and member of the Directors’ Committee as
of this date.
40
2015 Annual Report Enersis
Annual Management
Report
Background
The Directors’ Committee President, Mr. Hernán
The resignment of the Director Mrs. María Carolina
Somerville Senn stated that pursuant to the Article 50
Schmidt on June 26, 2015 was taken into account by
bis of Law No. 18.046, the Chilean Corporatins Law
the Directors’ Committee on session held on June 30,
(LSA), the Directors’ Committee of Enersis S.A. has to
2015, and in her replacement as Director and member
introduce in the annual report and give account of the
of the Directors’ Committee was appointed Mr. Herman
Company’s Ordinary Shareholders’ Meeting regarding
Chadwick Piñera, independient, as agreed by the Board
the annual management report, thus highlighting the
of Directors on June 30, junio de 2015.
activities developed by the Committee in 2015, as well
as expenses incurred, including those of its advisors,
during such period. For this purpose, it was proposed to
the Committee the approval of the Annual Management
Report, Activities and Expenses of the Directors’
Committee:
Annual Management
Report of the Directors’
Committee
The Directors’ Committee held thirty meetings in 2015,
Worth is to highlight that after this extraordinary session
incluiding the aforementioned session held on December
of the Directors’ Committee, a new extraordinary session
17, 2015.
was held as of December 17, 2015, included in this report,
pursuant to the agreements achieved by the Directors’
1.- ORDINARY SESSION HELD ON JANUARY 29,
Committee while approving the Annual Management
2015: Certain adjustments were discussed previously
Report, Activities and Expenses, with regards to the
to reviewing the financial statements, as follows (i)
additional sessions to be held in 2015.
Hidroaysén Project, unanimously agreed the review of
the adjustments regarding the impairment provisions
As of January 1, 2015, the Directors’ Committee of
of Endesa Chile on its participation in Hidroaysén,
Enersis was comprised by Mr. Hernán Somerville Senn
regading Endesa Chile’s investment value on the
(independient), Mrs. María Carolina Schmidt Zaldívar
stake in Hidroaysén, recorded in 2014 and their effects
(independient) and Mr. Rafael Fernández Morandé
on the Financial Statements’ draft. Likewise, the
(independient). In the positions of Chairman and Financial
Directors’ Committee agreed to highlight de defense
Expert was appointed Mr. Hernán Somerville Senn and
of water rights for the development of energy projects;
Mr. Domingo Valdés Prieto held the position of Secretary
(ii) Punta Alcalde Project, with respect of which
of the Directors’ Committee.
the Directors’ Committee, unanimously, requested
the presentation of an analysis of the technologic
In session of April 28, 2015 the Board of Directors
update of the investment projects, and declared as
appointed as members of the Directors’ Committee
reviewed the adjustments made by the suspension
to Messrs. Hernán Somerville Senn, Carolina Schmidt
of the development of Punta Alcalde project by
Zaldívar and Rafael Fernández Morandé, all of them
the subsidiary Endesa Chile and the associated
are independient. Also in this session, Mr. Hernán
transmission project Punta Alcalde-Maitencillo and for
Somerville Senn was appointed financial expert.
the provision of 100% of the investment value in Punta
In session of the Directors’ Committee held on April
Alcalde accounted in 2014, as well as their effects on
28, 2015 Mr. Hernán Somerville Senn was appointed
the Financial Statements’ draft previously distributed;
Chairman.
(iii) settlement agreement with Tecnimont, in respect
Administration
41
of which the Directors’ Committee, by unanimity of its
the evolution and the terms required to properly
members, agreed to empower the Executive Officer,
comply with the timely delivery of the Financial
Mr. Luca D’Agnese, the Deputy Executive Officer Mr.
Statements by the end of the year.
Daniel Fernández Kóprich, the Administration, Finance
and Control Officer, Mr. Francisco Javier Galán and the
By unanimity of
its members,
the Directors’
Planning and Control Officer Mr. Marcos Fadda, so that,
Committee agreed to take notes of Mr. Rahil’s
each of them individually, may propose the corporate
presentation, partner of Ernst & Young, and to declare
operations corresponding to the subsidiary Endesa
that the matters referred in the NCG 341 of the SVS
Chile, the approval of the Bases for Agreeement, as
were reviewed and will be analyzed biannually with
well as the celebration and subscription of the final
the External Auditors.
agreements between the parties to the arbitration
in order to terminate the arbitral lawsuit mentioned
The services to be provided by external auditors were
above.
analyzed, those services different from external audit and
non-recurring; and its was unanimously agreed that they
Then, the Directors’ Committee agreed unanimously
not compromise neither the technical suitability nor the
to leave a written record of the formal and explicit
independence of judgement of the respective external
acknowledgement of the Money Brokerage and Money
audit companies.
Order Report prepared by the External Auditors of Enersis
S.A., Ernst & Young as of January 29, 2015. Likewise,
The Directors’ Committee agreed, by unanimity of
agreed the formal and explicit acknowledgement of the
its memebers to declare as examined the operation
Internal Control Letter of Enersis S.A., dated January 29,
related to the contract subscription of the mandate for
2015, prepared by the aforementioned external auditors
reimbursement of expenses beteween Enersis S.A. and
of the Company.
the following companies: Enel S.p.A., Enel Servizi S.R.L.,
Enel Green Power, Enel Produzione S.p.A., Enel Italia
The Directors’ Committee examined the Consolidated
S.R.L., Enel Iberoamérica S.R.L., Endesa Latinoamérica,
Financial Statements of Enersis S.A. as of December
S.A., Endesa S.A., Codensa S.A. ESP, Emgesa S.A. ESP,
31, 2014 and the External Auditors’ and Accounts
Enel Brasil S.A., Ampla Energía and Servicios S.A., Edegel
Inspectors’ Reports, where the Director Rafael
S.A.A., Edelnor S.A.A., and those other people related
Fernández Morandé asked if Ernst & Young have
with the expatriate staff, all of the above in the terms
reviewed all the notes and contents of the Financial
exposed in session, and then issuing the corresponding
Statements, whereof Mr. Emir Rahil answered
report.
positively. The Chairman of the Directors’ Committee,
Mr. Hernán Somerville Senn, stated that he expected
2.- ORDINARY SESSION HELD ON FEBRUARY 26, 2015:
a complete audit for the next opportunity where the
The Chairman of the Directors’ Committee, Mr. Hernán
Internal Control Report revealed the weaknesses. The
Somerville Senn, welcome the new Executive Officer
Directors’ Committee, by unanimity of its members,
Mr. Luca D’Agnese.
agreed to declare the the Consolidated Financial
Statements of the Company as of December 31, 2014,
Afterwards, unanimously, the Committee issued its
its Notes, Income Statement and Relevant Events
opinion regarding each of the complaints received
have been reviewed, as well as the External Auditors
through the Ethic Channel.
opinions was issued “without any observation” as of
January 29, 2015, signed by Mr. Emir Rahil, partner
Then, the Directors’ Committee agreed, unanimously,
of Ernst & Young and the opinion of the Accounts
to qualify as reasonable the work pursued by the
Inspectors, signed by Messrs. Luis Bone Solano and
external auditors of the Company, EY (Ernst & Young),
Waldo Gómez Santiago, as of January 29, 2015. The
performed during the period 2014.
Directors’ Committee also agreed to request a specific
audit for the weaknesses mentioned in the Internal
It was agreed, unanimously, to approve the payments
Control Letter and to request the Administration,
to external auditors that provided services to the
Finance and Control, a presentation in July regarding
Enersis Group in the period 2014.
42
2015 Annual Report Enersis
Unanimously, it was agreed to porpose to the Board
exposed and inform the results of such investigation in
of Directors that itin turn suggests to the Ordinary
a forthcoming session of the Directors’ Committee.
Shareholders’ Meeting the appointment of Feller
Rate Clasificadora de Riesgo Limitada and Fitch Chile
4.- ORDINARY SESSION HELD ON APRIL 27, 2015: The
Clasificadora de Riesgo Limitada as the local private
Directors’ Committee, unanimously, took account of
credit rating agencies, and Fitch Ratings, Moody’s
the situation presented by its Chairman Mr. Hernán
Investors Services and Standard & Poor’s International
Somerville Senn, with regards to the audit verified by the
Ratings Services as
the
international private
PCAOB to the external audit of the subsidiary Endesa
credit rating agencies of Enersis S.A. for the period
Chile, KPMG. Likewise, the Directors’ Committee
2015.
decided to file a copy of Ernst & Young’s opinion, which
certified that the observations of PCAOB to KPMG
The services to be provided by external auditors were
didn’t impact the financial statements of Enersis S.A.
analyzed, those services different from external audit
and non-recurring; and its was unanimously declared
The Chairman of the Directors’ Committee, Mr.
that they not compromise neither the technical
Hernán Somerville Senn, informed the members of
suitability nor the independence of judgement of the
the Board that on April 8, 2015 a videoconference
respective external audit companies.
meeting was held with the Collegio Sindacale di
Enel S.p.A., with the participation of the Chairman
3.- ORDINARY SESSION HELD ON MARCH 31, 2015:
of the Directors’ Committee and the Administration,
The Directors’ Committee agreed, unanimously, to
Finance and Control Officer, Mr. Javier Galán Allué,
approve the Directors’ Committee Budget proposal
the Internal Audit Officer, Mr. Alain Rosolino and the
for the period 2015, consisting on 10,000 Unidades
Legal Councel of the Company, Mr. Domingo Valdés
de Fomento for expenses and the operation of the
Prieto. The Director Rafael Fernández Morandé asked
Directors’ Committee and its advisors, which will be
if the information delivered to the Collegio Sindacale
proposed at the Ordinary Shareholders’ Meeting of
assumed any formality, to which the Chairman of the
Enersis S.A. in 2015, which will make a final decision
Directors’ Committee answered that it corresponds
on this matter.
to the information included in the annual report of
the Company. The Director Carolina Schmidt Zaldívar
The Directors’ Committee, unanimously, took account
highlighted the importance that the subsidiary Endesa
of the situation presented by its Chairman, Mr. Hernán
Chile would have been able to clarify the situation
Somerville Senn, with regards to the audit verified by the
with KPMG and that the Chairman of the Directors’
PCAOB to the external audit of the subsidiary Endesa
Committee would have obtained a letter from Ernst
Chile, KPMG. Likewise, the Committee requested to
& Young with regards to this situation, and that the
its Chairman to inform on the next opportunity about
latter confirmed that there won’t be any impact on the
the outcome of the meeting held by Endesa Chile with
financial statements of Enersis S.A.
KPMG and the report issued by Ernst & Young and the
note sent to Enel S.p.A.
Unanimously, the Committee agreed to approve the
It was agreed, unanimously, to suggest the Board of
were reviewed under IFRS, thus incorporated in
Directrors to propose to the Ordinary Shareholders’
such document, and authorize its presentation to the
Meeting the following order of precedence for the
Securities and Exchange Commission of the United
Form 20-F, declared that the financial statements
appointment of the external audit company of Enersis
States of America (SEC).
S.A. for 2015: 1° E&Y; 2° RSM; 3° PKF y 4° KPMG.
Unanimously, informed that the Consolidated Financial
As requested by the Director Rafael Fernández
Statements as of March 31, 2015 of Enersis S.A. were
Morandé, the Directors’ Committee, unanimously,
reviewed, its Notes, Income Statement and Relevant
agreed to mandate the Internal Audit Officer, Mr. Alain
Events, as well as the special opinion issued by E&Y
Rosolino, to investigate if Enersis S.A. has received
with regards to the note related to balances and
invoices, bills or services from individuals politically
transactions with related parties.
Administration
43
The Directors’ Committee disposed, unanimously,
external auditors, providing detail on the ones related
that the recruitment of a former employee of KPMG
to the corporate restructuring operation under study,
is a subsidiary of the Company, which was already
denominated Carter II, and explaining that every
explained, doesn’t involve any violation neither to
participating companies have to be audited and to
Sarbanes Oxley Act nor to the local legislation,
elaborate the financial statements in a short period
therefore there is no legal obstacle to proceed with
of time. The Director Fernández Morandé exposed
the recruitment. Likewise, the Directors’ Committee
that this decision might be taken further on taking
decided that such recruitment doesn’t affect the
into consideration if the Board of Directors that this
independence of the external audit company.
restructuring operation has merits. The Chairman of
the Directors’ Committee proposed that this subject
The Directors’ Committee, by unanimity of its members,
has to be discussed in the next Board of Directors’
agreed on the review of the related parties operations
session, and suggested that at that moment it
consisting on the restructuring an intercompany loan
proceeds with 10% of the total amount and in a
granted by Enersis S.A. to its subsidiary Endesa Chile,
reasonable period to be determined by the Board of
in the terms exposed by the Administration, Finance and
Directors, the Administration, Finance and Control
Control Officer and the issuance of its respective report.
Officer will present again this subject to the Board of
Directors of the Company. The Directors’ Committee,
5.- EXTRAORDINARY SESSION HELD ON APRIL 28,
agreed, by the mayority of its members and with the
2015: The Directors’ Committee, by the mayority of
abstention of the Director Rafael Fernández Morandé,
its members and the dissenting vote of the Director
declare the contracting aforementioned external audit
Mr. Rafael Fernández Morandé, appointed Mr. Hernán
services don’t compromise neither the technical
Somerville Senn as Chairman of the Directors’
suitability nor the independence of judgement of
Committee and, by unanimity of
its members,
the respective external audit company. Likewise, the
appointed Mr. Domingo Valdés Prieto as Secretary of
Directors’ Committee agreed to submit to the Board of
such Committee.
Directors the degree of progress of these services so
this corporate body will solve its procurement.
6.- ORDINARY SESSION HELD ON MAY 25, 2015: The
Directors’ Committee, agreed, by the mayority of
The Directors’ Committee, agreed, unanimously, to
its members and the dissenting vote of the Director
recommend the Board of Directors of Enersis to grant
Mr. Fernández Morandé, who declared its rejection
its consent, in the terms requested by Ernst & Young
regarding the sale of any of these projects, and also
and subject to compliance with the requirements
stated that this seems of special concern because
indicated pursuant to the Resolution N° 3048 of the
there wasn’t any initiative for the use of funds in
Superintendency of Securities and Insurance on April
the last months, and previous inquiries made by the
13, 2004, and conditioned to the previous written
Directors Hernán Somerville and Carolina Schmidt,
consent of the subsidiary Empresa de Distribución
the appointment of the investment bank BBVA to
Eléctrica de Lima Norte S.A.A., so Ernst & Young will
be contracted by the subsidiary Generalima for the
be enabled to fulfill therequirements of the Public
valorization of the Yacila Project Assets, in Peru, being
Company Accounting Oversight Board (PCAOB).
the purpose of one of the offers received from EGP.
The Director Hernán Somerville Senn expressed that,
Unanimously, it was agreed to declare that the contract
due the reasons indicated in the last Board of Directors’
or commitment letter to be subscribed between
session held on May 19, 2015, he agreed to appoint an
Enersis S.A. and the External Auditors Ernst & Young
investment bank, but its favorable vote was conditioned
was reviewed and approved.
to the discussion the strategic issue regarding non-
conventional renewable assets in a forthcoming Board
The Chairman of the Directors’ Committee, Mr. Hernán
of Directors’ session.
Somerville Senn, explained that it was requested
that the Directors’ Committee should discuss the
The Administration, Finance and Control Officer
restructuring of the Group, and observed that they
explained the need to contract the services of
will count with more information for next week, so an
44
2015 Annual Report Enersis
extraordinary session will be convened, and will invite
a debt and cash allocation, and that the conversations
to present for these effects the financial and legal
regarding the merger were considered as something
advisors that are performing this operation. The Director
disconnected from an operation between related
Fernández Morandé mentioned that he considers that
parties.
the operation under study is an indivisible operation
between related companies, so it involves conflict of
7.- EXTRAORDINARY SESSION ON MAY 29, 2015: The
interes, therefore it’s obvious that the decisions to be
legal firm Philippi, Prietocarrizosa & Uría, preformed
adopted in the board of directors, in the board of the
a presentation regarding the state of progress of the
parent company and in the ones of the other related
legal “due diligence” related to this operation. The firm
companies, should reconcile the social interest of
exposed the structure of the operation, to which the
them all, without damaging the legitimate interest of
Director Fernández Morandé asked what would happen
the various minority shareholders concurrents to the
if the division of the three Chilean companies takes place
parent company and to its related subsidiaries and their
and afterwards there would not be possible to proceed
owns. The importance of this conflict of interest, in his
with the merger of the three original companies. The
opinion, requires enforcing the applicable law for these
Director Rafael Fernández commented that without
types of operations, reason why the organizational
the merger this operation doen’t have any sense. The
restructuring of the Enersis Group should be treated in
legal firm Philippi Prietocarrizosa & Uría confirmed that
the Directors’ Committee.
there wouldn’t be any impediment in the contract to
carry out the division. The Chairman of the Directors’
The Chairman of the Directors’ Committee mentioned
Committee, Mr. Hernán Somerville Senn, said that
that he didn’t have sufficient background to speak out
the banks should analize which would be ratings
and that this is a matter that was inquired promptly to
of the Companies after the merger. The Director
the Superintendency of Securitues and Insurances,
Carolina Schmidt commented that the objective of
and whose opinion will be consulted to the legal study
the corporate reorganization is the simplification of
Philippi, which has been engaged by the Board of
the structure of the Group, and therefore the merger
Directors of Enersis S.A. to provide advisory on this
stage has to be reached, otherwise there will be more
restructuring operation.
companies than the present ones, which won’t make
any sense. The Chairman of the Directors’ Committee
The Director Fernández Morandé expressed that the
asked the legal firm Philippi Prietocarrizosa & Uría if
definition that this Directors’ Committee definition
the restructuring operation under analysis means an
on whether they are facing an operation with related
operation between related parties, and the answer
parties is a relevant input for the Superintendency of
was that a final opinion has to be issued by the
Securities and Insurances, then its urgent to issue an
Superintendency of Securities and Insurances only.
opinion. This has been the case of the capital increase,
The Director Schmidt Zaldívar asked if it was different
operation that the Superintendency of Securities and
for these effects a division and a merger, or a division
Insurance considered such arguments to reaffirm its
whose ultimate purpose were a merger. The legal firm
position.
Philippi Prietocarrizosa & Uría answered that they see
no difference because the steps taken are exactely
The Director Carolina Schmidt asked the Legal Councel
the same. The Director Fernández Morandé asked if
if the Superintendency of Securities and Insurances
only because the companies are Enersis, Endesa Chile
have had a casuistry approximation in its latest rulings
and Chilectra related companies, the operation under
regarding operations with related parties, to which the
study shouldn’t be treated as related, whereof the legal
Legal Councel answered affirmatively.
firm Philippi Prietocarrizosa & Uría answered that the
Superintendency of Securities and Insurances applied
The Director Fernández Morandé mentioned that he
the legal principle of specificity of regulations over
didn’t agree with the enquiry to the Superintendency of
general regulations and have said that the merger is
Securities and Insurances because the operation was
regulated by a special title, and therefore prevails over
divided in two parts, it wasn’t mentioned that there
the regulation that regulates the operations between
was a valuation of assets and a debt assignment and
related parties. The Director Fernández Morandé pointed
Administration
45
out that the Directors’ Committee has the obligation to
N°25/2015, where the investment bank BBVA was
speak out with regards to if this operation is or not
appointed to perform the assets valuation of the Yacila
related, to which the legal firm Philippi Prietocarrizosa
Project in Peru, estimated that it wasn’t valid. He
& Uría answered that that was not the case. The
explained that because it was an operation between
Director Fernández Morandé said that it’s an important
related parties, the vote of the independent and not
element for the Superintency to know the opinion of
involved director was required, who was himself, and
the Directors’ Committee of Enersis, to which the
because he voted against the proposal, he considered
legal firm Prietocarrizosa pointed out that when they
that the appointment of the aforementioned banks
previously visited the Superintendency of Securities
was invalid. The Legal Councel of the Company
and Insurances, they were’nt advised that the opinion
explained that the qualification of non-valid of the
neither the Directors’ Committee nor the Directors
agreement was
inappropriate and explained the
were required. Nevertheless, the Company made the
reasons. The Legal Councel concluded saying that
decision to ask the Superintendency of Securities and
this is evidenced because the Board of Directors,
Insurances. Several questions regarding the operation
acting with transparency and voluntarily, delegated
performed followed by the Directors Rafael Fernández
in the Directors’ Committee the appointment of
Morandé and Carolina Schmidt, and also the Chairman
the aforementioned investment bank with the only
of the Directors’ Committee, regarding the different
purpose of perfoming a valuation of the constituent
stages of the operation, possible conflicts of interest,
assets of the Yacila Project, which would be previous
allocation of debt and cash, whether if its an operation
history and a reference to determine whether to move
between related parties, withdrawal rights and other
forward with the operation.
relevant matters regarding the operation. Aferwards,
the financial advisors made their presentations,
The Director Fernández Morandé commented the
explaining the problems that the current structure
review of the invoices and bills that the Directors’
of the Enersis Group presents, and highlighted the
Committee requested to Internal Audit Management,
benefits of the new structure under study. Then
under act N°7 of May 29, 2015. Regarding this subject,
followed the precisions requests and questions to the
he suggested to add to the review all the Chilean
members of the Committee. Then, the tax advisor, Mr.
subsidiaries and fundations, affiliates of the Enersis
Marcos Cruz, was invited to make his presentation;
Group domicilied in the Republic of Chile, in a six-
providing account of a preliminary analysis of the tax
year horizon. The Directors’ Committee, unanimously,
effects that the corporate reorganization may have as
agreed to request to the Internal Audit Management
proposed.
to perform a review of all the Chilean affiliates and for
a minimum period of six years in relation to irregular
The Directors’ Committee adopted, unanimously,
invoices and bills that might have been issued in the
the resolution of requiring to the Internal Audit
context of the Soquimich, Penta and Caval cases.
Management to perform a review of every Chilean
subsidiaries and fundations and for a period of non
An analysis of the services delivered by external
less than six years with regards to possible irregular
auditors, different from external audit and non-recurring,
invoices and bills that may have been issued in the
was carried out. It was also agreed, unanimously, to
context of the Soquimich, Penta and Caval cases.
declare that it doesn’t compromise neither the technical
suitability nor the independence of judgement of the
8.- ORDINARY SESSION HELD ON JUNE 30, 2015: The
respective external audit companies.
Chairman of the Directors’ Committee, Mr. Hernán
Somerville Senn, informed the resignation of the
As requested by the Chairman of the Directors’
Director Carolina Schmidt Zaldívar, also member of the
Committee, to inform of the status of the criminal
Board, presented on June 26, 2015.
lawsuit against Directors and Executives of Enersis,
The Director Rafael Fernández Morandé informed that
pursuant to Law 19,884 regarding Transparency, Limit
with regards to the Directors’ Committee Act N°6
and Control of Electoral Spending, the Legal Councel
dated May 25, 2015, item II with respect to agreement
of the Company informed regarding this matter.
with regards to political donations approved in 2013
46
2015 Annual Report Enersis
9.- ORDINARY SESSION HELD ON JULY 27, 2015: Worth
forward in the execution and expenses of an operation
is to highlight that in the Board of Directors’ session
that has not been approved.
held on June 30, 2015, took note of the resignation
of the Director Mrs. Carolina Schmidt Zaldívar. In her
10.- EXTRAORDINARY SESSION HELD ON AUGUST 5, 2015:
replacement as Director and member of the Directors’
The Chairman Mr. Hernán Somerville Senn suggested
Committee, was appointed Mr. Herman Chadwick
that for the appointment of the advisory company for
Piñera, independient, when the Bord extended a warm
the corporate reorganization, has to be one of the three
welcome and highlighted the valuable contribution that
companies he mentioned. The Director Fernández
its incorporation represents to the Board.
Morandé expressed that he had two candidates. The
Director Fernández Morandé asked the scope of the
The Directors’ Committee, unanimously, and pursuant
assignment, whereof the Chairman answered that he
to article 50 bis N°1 of Lawy N°18.046 Corporations
proposed to give the scope of independent evaluator.
Law, stated to have reviewed the Consolidated
The Directors Fernández Morandé and Chadwick
Financial Statements of the Company as of June
Piñera agreed with this proposal. The Director Rafael
30, 2015, its Notes, Income Statement and Relevant
Fernández proposed an additional candidate for this
Events, as well as the opinions of its External Auditors
advisory. The Directors’ Committee agreed, by the
issued “with no exceptions” as of July 27, 2015, signed
unanimity of its members, to convene an extraordinart
by Mr. Emir Rahil, partner of Ernst & Young.
session of this entity, with the attendance of IM Trust,
Claro y Asociados and Econsult, whose purpose is that
By the unanimity of its members, the Board approved
they provide services to the Directors’ Committee to
the external audit plan and informed to have analized
determine the advisor for the transaction and define
the rest of the matters included in the presentation of
the scope of the task.
Mr. Rahil, partner of Ernst & Young, pursuant to NCG
341 of the SVS to be theated semi-annually with the
Representantives from Bank of America Merrill Lynch
External Auditors.
made a presentation of the value analysis of the
corporate restructuring under study. The Bank informed,
The Directors’ Committee agreed, by the unanimity
among other matters, that the transaction of simplifying
of its members, to have examined the structure and
the structure of Enersis S.A. has benefits, but no costs.
proceedings of Self-assessment and Internal Audit
Also they indicated that they don’t see that if the
Review with regards to the Internal Control of Enersis.
division and if the merger is performed correctly, it may
Mr. Galán Allué, Administration, Finance and Control
destroy share value.
Officer, explained that in last May the Directors’
The members of the Committee communicated their
Committee has preapproved the hiring of an audit
observations, questions and concerns regarding costs,
to the financial statements as of June 30, which
benefits, cash and debt allocation and other relevant
will contribute for the fist stage of the corporate
matters of the operation.
reorganization process and acknowlegdged that this
operation has suffered some adjustments, so thos
11.- EXTRAORDINARY SESSION HELD ON AUGUST
financial statements will not be needed, but the ones
11, 2015: Mr. Hernán Somerville Senn, said that it
as of September 30, 2015. The Directors’ Committee
may be required to invite, sequentially, each of the
agreed, by the unanimity of its members, and the
pre-selected advisors to decide which is the more
abstention of the Director Rafael Fernández Morandé,
competent to aid this Committee in the analysis
that the hiring of the aforementioned external audit
process and the issuance of a report related to the
services, does not compromise neither the technical
corporate reorganization operation and, as agreed
suitability nor the independence of judgement of the
upon the Board’s decision, its under study. Before
respective external audit company auditoría externa.
each presentation, the Directors members of the
The Director Rafael Fernández Morandé said that
Committee made the desirable precautions to the
he rejected this hiring because it was a premature
candidate with regards to the scope of the task and
decision, and therefore its not recommended to move
what is expected of them. The fees presented were:
Administration
47
IM Trust: 25,000 UF; Ameris: 9,458 UF (equivalent to
Morandé said he received two complaints, which he
350,000 dollars); and Econsult: 5,500 UF.
brought to notice of the Directors’ Committee and the
The Chairman of the Directors’ Committee requested
Fernández Morandé observed that both complaints
the Administration, Finance and Control Officer to
were related with mistreatment of Executives of the
perform a summary of the quotations received by each
Company from an Executive of Enel, before which
of these advisors invited to this extraordinary session.
the other memebers of the Committee asked who he
Internal Audit Officer, Mr. Alain Rosolino. The Director
was and what position he held in the Company. The
12. - EXTRAORDINARY SESSION HELD ON AUGUST 13,
Executive Officer, Mr. Luca D’Agnese, explained that his
2015: The Directors’ Committee appointed by the
person is not an employee of the Company, but he had
majority of its members and the dissenting vote of the
interaction with the employees of the Company while
Director Rafael Fernández Morandé, IM Trust as advisor
working in the corporate restructuring project. The
of the Directors’ Committee with regards to the specific
Executive Officer added that these situations have been
operation of reorganization of the Enersis Group, which
reported opportunetely by the Administration, Finance
is under study and its scope of work is equivalent to
and Control Officer, whereby he have spoken with the
an independient evaluator ruled by the Title XVI of the
mentioned person. The Directors’ Committee, by the
Corporations Law. Likewise, it was decided to request
unanimity of its members, issued its opinion of each of
the Executive Officer to issue a Relevant Event to
the complaints filed.
report the aforementioned appointment and the scope
of the task. Worth is to note that, in the course of the
Mrs. Paola Visintini Vacarezza, Human Resources and
debate, Mr. Hernán Somerville Senn mentioned that he
Organization Officer of Enersis S.A., presented the
submitted for consideration and approval of the Directors’
remuneration systems and incentive plans of managers,
Committee the appointment of IM Trust, knowing that
senior executives and employees of the Company. The
it means an important operation for the Company and
Director Rafael Fernández Morandé asked Mrs. Visintini
IM Trust is a very prestigious institution. On the other
if the annual objectives are discussed and agreed with
hand, he observed that a very valuable interaction
the executives, to which the Human Resources and
might take place with Bank of America Merrill Lynch,
Organization Officer answered affirmatively. The Director
so it’s required that the Committee dispose of advisors
Rafael Fernández Morandé asked about the conventional
of the same reputation and importance. Likewise, the
compensation and its adjustment according to inflation.
Director Herman Chadwick said he agreed with the
He also insisted in the importance of recognizing the
Chairman of the Directors’ Committee, and he added
adjustment al least by inflation in the annual review of
that this advisor has deep knowledge of Enersis Group.
remunerations. The Directors’ Committee, unanimously,
For its part, the Director Rafael Fernández pointed out
declarared examined the remuneration systems and
that he didn’t agree with the proposal and in his opinion
compensations plans of managers, senior executives
Econsult has similar track record than IM Trust, for this
and employees of the Company.
reason he didn’t see any point of assigning this contract
to a firm four times more expensive as IM Trust. Due to
The Directors’ Committee, agreed, unanimously, to
the above, he proposed to hire Econsult.
declare that the hiring of external audit services regarding
the Revision and Certification of the information issued
13.- ORDINARY SESSION HELD ON AUGUST 28, 2015:
to the Financial Superintendency of Colombia for 2014,
The Directors’ Committee, by the unanimity of its
as explained, doesn’t compromise neither the technical
members, agreed to appoint as Secretary Ad-Hoc for
suitability nor the independence of judgement of the
the effects of this session, to Mrs. Mónica Fernández
respective external audit company (Ernst & Young).
Correa.
The Directors’ Committee examined the complaints
8, 2015: It was agreed, unanimously, to authorize the
received in the Ethic Channel, in accordance with the
electronic dispatch to the Directos members of this
presentation of the Internal Audit Officer of Enersis,
Board and to take every measure needed for its proper
Mr. Alain Rosolino. The Director Rafael Fernández
implementation.
14.- EXTRAORDINARY SESSION HELD ON SEPTEMBER
48
2015 Annual Report Enersis
The Directors’ Committee, agreed, unanimously, to
15.- EXTRAORDINARY SESSION HELD ON SEPTEMBER
have formally received in this session an Independence
15, 2015: The Directors’ Committee, agreed, by the
Declaration of IM Trust Asesorías Financieras S.A.,
mayority of its members and with the dissentive vote
made by its representantives before Notary Public, thus
of Mr. Rafael Fernández Morandé, to declare the hiring
certifying its independence.
of the expert from Chilectra Mr. Mario Torres, as a
legal person, who doesn’t compromise the technical
Unanimously, the Committee agreed to take note of
suitability nor independence of judgement of KPMG,
the presentation related to the preliminary analyses
company where Mr. Torres is partner.
of the corporate reorganization operation anfd the
methodology to be applied made by IM Trust, providing
16.- ORDINARY SESSION HELD ON SEPTEMBER 28,
them with guidelines to continue with their services in
2015: The Directors’ Committee, agreed, unanimously,
the future. Likewise, it agreed unanimously to bring
to recommend the Doard of Directors of Enersis to
the information presented and analized during the
approve, in the terms requested by Ernst & Young
session, kept as confidential, pursuant to articule 54,
and pursuant to the compliance of the requirements
third section, of Law N°18,046, which contains strategic
indicated in the Ordinary Resolution N° 3048 of the
information of the Company which, being known in
Superintendency of Securities and Insurances dated
advance, would seriously affect the social interest.
April 13, 2004, and completed by the Ordinary Rule
There were many questions and observations from the
N°12,826 of December 7, 2005, of the SVS. With
members of the Directors’ Committee.
regards to the documentation and information to be
provided and corresponding specifically to a subsidiary
The Director Rafael Fernández Morandé, asked the
of Enersis, this authorization should be granted under
Executive Officer whether the executive of Enel in
the condition precedent and determining to obtain the
respect of which there was a complaint for mistreatment
previous written consent of the pertaining subsidiary
of two Executives, and specifically asked why we was
or subsidiaries. All of which is to aid Ernst & Young to
present at Enersis’ offices. The Director Fernández
comply with the requirements of the Public Company
Morandé said that this Executive of Enel might have
Accounting Oversight Board (PCAOB).
access to priviledged information, whereby he shouldn’t
have an office in the building and no access to the
Mr. Luca D’Agnese, Executive Officer of the Company,
restructuring operation, so that the Executive Officer
who made a presentation related to the services
expressed that this person is performing a support
to be contracted to the external auditors, about the
activity of which he is responsible. The Director Rafael
revision of the new companies “Endesa Américas” and
Fernández expressed to be against the presence of
“Enersis Chile”, as of 09/30/15, under PCAOB, to be
such person in the Company, and declared to be against
included in the Stock Exchange in United States. The
the fact that he has access to the information regarding
Directors’ Committee, by mayority of its members and
the advances of the corporate restructuring.
with the abstention of the Director Rafael Fernández
Morandé, agreed to declare that the aforementioned
Next, the Director Rafael Fernández Morandé referred
contract of services of external audit compromises
to the change of policy performed by the General
neither the technical suitability nor the independence of
Management with regards to inflation and salary
judgement of the external audit company. The Director
adjustments, taking into account that inflation and the
Rafael Fernández Morandé expressed that the reason
eventual adjustments that historically were granted in
for his abstention is because the corporate restructuring
July each year and were paid retroactively from January
operation has not been approved and thus he doesn’t
of the same year and that, nevertheless, such practice
agree to perform expenses related to something that
was suppressed from the Enersis Group. The Director
might eventually don’t obtain the approval.
Fernández Morandé objected the latter, indicating that
that wasn’t the Company’s practice and he wanted
17.- EXTRAORDINARY SESSION HELD ON OCTOBER 13,
to put on record that this Committee wasn’t timely
2015: Representatives of IM Trust presented the degree
informed and that the Board of Directors didn’t approve
of progress of the study requested by the Directors’
such change.
Committee. The Director Rafael Fernández Morandé
Administration
49
pointed out that they expect expected a complete
Gaisbauer, explained the development of his work.
analysis of what the Enersis Group is, because Enersis
The Director Fernández Morandé asked if the report
is a holding mainly comprised by its direct participations
would be signed by Mr. Malla or by Deloitte, to which
in addition to those it owns through Endesa Chile and
Mr. Malla said that the valuation report will be signed
Chilectra, to which IM Trust answered that the study
by Deloitte Adviser, while the report related to the
relates to the Enersis Group consolidated. The Director
exchange relation or expert report will be signed by
Fernández Morandé emphasized that the interest of the
Mr. Malla. He added that he takes the independent
controlling shareholder is not being analized, but the
report prepared by Deloitte as a reference, with all the
best social interest of Enersis, to which the Director
safeguards and clauses that correspond to a valuation
Herman Chadwick mentioned that one aspect of Enersis’
report for this purpose and the accounting information
interest is to determine how the controller operates in
provided by the Management. Mr. Malla pointed out
order to make Enersis and its subsidiaries’ businesses
that these safeguards were related to the information
profitable in the best way, and emphasized that if Enersis
provided by the Management of the Company, the
is profitable, every shareholder of the company is
auditor and balance sheets he received as input, but no
benefited, not only the controller. The Director Fernández
with respect to Deloitte.
Morandé pointed out that there are companies that are
organized by country, others by lines of business and
After the presentation of the expert, followed a long
others choose a matrix structure, then he is asking if
series of questions and an extended interchange
the scheme that Enel is proposing corresponds to an
of opinions with the participation of the Directors
example of the global companies mentioned in the
members of the Committee.
presentation, to which IM Trust answered that there is
no one, and that there’s neither a company trading in a
The Chairman of the Directors’ Committee refered to
country with aseets in other country.
the Communications Plan developed by the Company,
Then followed an intense series of questions from
out that that subject will be treated in the extraordinary
the Director Mr. Rafael Fernández Morandé regarding
session of the Board of Directors scheduled for
to which the Legal Councel of the Company pointed
different relevant matters of the presentation performed
November 5.
by IM Trust, as well as the comments of the Chairman
of the Directors’ Committee regarding these matters.
20.- EXTRAORDINARIA SESSION HELD ON OCTOBER
27, 2015: The expert Mr. Rafael Malla made his
18.- EXTRAORDINARY SESSION HELD ON OCTOBER
presentation, helped by Mr. Christoph Gaisbauer. The
22, 2015: IM Trust presented the degree of progess
Director Fernández Morandé said that he would like
of the restructuring operation analysis of Enersis S.A.
to have a comparative chart of the figures used to
The Director Fernández Morandé asked how that value
estimate the “holding” discount, to be figures that one
was formed, which was explained by IM Trust. IM Trust
can compare with the ones being estimated for the
pointed out that Endesa Chile is a holding company that
exchange terms. After the representatives of IM Trust
owns some liquid participations which corresponds
made a presentation of the degree of progress of their
to companies that trade for themselves and also has
study, and mentioned that the idea of that section was
assets that are traded, but don’t have market value.
to show the results for the exchange ratio, to which the
Then followed a long series of questions and exchange
like to see the figures for each company according to
of opinions from the members of the Committee
the estimation they made for ratios for the calculation
regarding
the
relevant matters exposed
in
the
of the “holding” discount. The representatives of IM
presentation.
Trust said that they already have these valuations and
Director Fernández Morandé indicated that he would
19.- ACT OF THE EXTRAORDINARY SESSION HELD
discounts.
ON OCTOBER 23, 2015: Mr. Rafael Malla, expert
Both presentations were followed by a long series of
professional appointed by the Board of Directors, who
questions and exchange of opinions from the Directors
attended the meeting with his assistant Mr. Christoph
members of the Committee.
50
2015 Annual Report Enersis
The Director Rafael Fernández Morandé asked if Mr.
30, which were also audited and corresponds to the
Marco Palermo was still in the building and what he
statement of changes in equity and the respective cash
was doing there, while not being and employee of
flow. The Directors’ Committee, unanimously, declared
Enersis.
examined the Consolidated Financial Statements of
Enersis S.A. as of September 30, 2015, its Notes,
The Chairman of the Directors’ Committee, Mr. Hernán
Reasoned Analysis, Relevant Events and the letter
Somerville, mentioned that according to his experience,
related to the operations between related parties, and
its normal that there is interaction between subsidiaries
agreed to recommend their approval to the Board of
and parent companies, particularly to enable the
Directors of the Company.
consolidation processes and he understood that such
was the case. The Director Herman Chadwick said
The Directors’ Committee, by a majority of
its
that the subsidiaries, either Chilean or foreing, keep
members and with the dissenting vote of the Director
permanent contact with employees of their parent
Rafael Fernández Morandé, agreed to take note of
companies to address different maters and added that
the consolidated proforma statements of the financial
he wasn’t aware that this person handles priviledged
position of Enersis Américas and Enersis Chile as of
information and added that he has no doubt that the
October 1, 2015, and also its respective explanatory
Administration, Finance and Control Management is
notes, agreement that is subject to the following
careful with these matters.
concurrent conditions. This proposal, specifically those
called economic and financial assumptions, which
21.- ORDINARY SESSION HELD ON OCTOBER 30,
serve to support those proforma financial statements,
2015: The Chairman of the Directors’ Committee, Mr.
which will be subject to the approval of the Board
Hernán Somerville Senn, briefly analyzed the results
of Directors of Enersis, Endesa Chile and Chilectra,
of the Company as stated in the financial statements
meetings that will take place the very same day,
received on Tuesday October 2. Messrs. Emir Rahil
together with the proforma financial statements, so
and Emiliano Ramos, from the external audit company
the acknowledgement of the Committee is subject to
of Enersis S.A., presented
the aforementioned
a double condition: first, the Board of Directors that
documents and asked the questions. The Director
sessions that same day approve such assumptions,
Rafael Fernández commented that the Directors’
same as the Boards of Endesa Chile and Chilectra and,
Committee has periodically requested the confirmation
second, the Board should respond positively about the
of Ernst & Young that what’s being reflected in the
corporate restructuring under study. The Director Rafael
notes is reasonable in terms of provisions, and
Fernández Morandé substantiated its vote against
added that that wasn’t exactely what Ernst & Young
the acknowledgement of these proforma financial
was referring to, before which the partners of the
statements due to the following reasons: first, because
external audit company indicated that thay mentioned
the information delivered is incomplete and includes
it in the negative assuring sense, meaning that they
an investment plan not yet approved by the Company;
didn’t find anything that made them have doubts that
second, it considers a cash allocation that he doesn’t
what was indicated there wasn’t right, and added
agree with; third, he was’t aware of the remaining
that a “full” audit was performed to the quarterly
assumptions because he needed to have a deeper
financial statements, so the they have provided more
understanding of the background information; fourth,
confidence. The Chairman of the Committee asked the
decisions are being assumed by the Committee and
representatives of Ernst & Young whether something
Board of Directors of Endesa Chile that this Directors’
extraordinary was made exclusively for the corporate
Committee should be aware of before taking any
reorganization operation, to which they answered that
decision, and fifth, considers that this matter should
they issued an opinion regarding an interim financial
have been examined by the Directors’ Committee after
statement under official nomenclature and also that
the approval from the Board of Directors of Enersis of
they included a consolidated statement of financial
the respective economic and financial assumptions.
position as of September 30, 2015, integral results
for the two periods because includes the nine-period
The Directors’ Committee, unanimously, took note oaf
and also the three month period ended on September
the presentation of Mr. Rahil (Ernst & Young) and declared
Administration
51
as examined the topics of the presentation, from which
Administration, Finance and Control Management
no issues related to 1 d) of NCG 385 came up.
department, displayed on the screen the current the
current status of the Directors’ Committee report
22.- EXTRAORDINARY SESSION HELD ON NOVEMBER
draft, read it and included several comments and
2, 2015: The Chirman of the Directors’ Committee, Mr.
observations made by the members of the Board.
Hernán Somerville Senn, informed that it proceed to
receive the final report prepared by the advisor of that
25.- EXTRAORDINARY SESSION HELD ON NOVEMBER
entity. An intense discussion followed, at the end of
11, 2015: The Directors’ Committee, by unanimity
which, the Directors’ Committee, unanimously, agreed
of its members, agreed to approve the minutes
to receive the final report issued by IM Trust regarding
corresponding to the extraordinary session held on
the corporate reorganization. Likewise, the Directors’
October 27, 2015, the ordinary session held on October
Committee, unanimously, agreed to receive the final
30, 2015 and the extraordinary sessions held on
report issued by the expert Mr. Rafael Malla regarding
November 2, 2015 and November 3, 2015, and each
the corporate reorganization. In both cases, in the
member of the Committee signed them.
terms prescribed by the Corporates Law and pursuant
to Regulation N°15.443 of July 20, 2015, issued by the
26.- EXTRAORDINARY SESSION HELD ON NOVEMBER
Superintendency of Segurities and Insurances, the
16, 2015: The Directors’ Committee, by unanimity
Directors’ Committee authorized, unanimously, the
of its members, agreed to approve the minutes
Chairman of that entity, Mr. Hernán Somerville Senn, to
corresponding to the extraordinary session held on
deliver a copy of the final report issued by the advisor
November 4, 2015, and the extraordinary session
IM Trust in relation to the evaluation of the corporate
held on November 11, 2015, and each member of the
restructuring operation to the Board of Directors of the
Committee signed them.
Company.
27.- ORDINARY SESSION HELD ON NOVEMBER 24,
23.- EXTRAORDINARY SESSION HELD ON NOVEMBER
2015: The Directors’ Committee, unanimously, agreed
3, 2015: Mr. Juan Francisco Gutiérrez, senior partner
to put on record to have examined and had formally and
in Chile of the legal firm Philippi Prietocarrizosa & Uría,
expressly took note of the Preparatory Letter of Internal
provided a summary of the main milestones of the
Control addressed to Enersis S.A., dated November 20,
aforementioned legal opinions, copy of which were
2015, which was prepared by the external auditors of
distributed to the members of the Directors’ Committee
the Company, Ernst & Young.
the day before. The members of the Committee asked
different questions and comments, and the Director Mr.
The Directors’ Committee agreed, by unanimity of
Rafael Fernández Morandé remarked its opposition to
its members, to declare the contracting of external
some of the conclusions of the aforementioned legal
audit services of Codensa to Ernst & Young, don’t
firm.
compromise neither the technical suitability nor the
judgement idependance of the external audit company.
The Directors’ Committee by the majority of its members,
and with the dissenting vote of the Director Mr. Rafael
The Directors’ Committee, by unanimity of
its
Fernández Morandé, who also pointed out that this
members, agreed to declare as examined the operation
topic should be considered after the Board of Directors
between related parties related to the structuring of
decide whether to go forward with the reorganization,
an intercompany loan granted by Enersis S.A. to its
and agreed to propose Ernst & Young as external
subsidiary Endesa Chile, in the terms exposed by the
auditors of the new company resulting from the division,
Administration, Finance and Control Officer and issued
agreement conditioned to the approval of the Board of
the corresponding report.
Directors of the corporate reorganization and to convene
a shareholders meeting to discuss such issue.
The Directors’ Committee, by the majority of its
members and with the dissenting vote of the Director
24.- EXTRAORDINARY SESSION HELD ON NOVEMBER
Rafael Fernández Morandé, declared to have examined,
4, 2015: Mr. Nicolás Donoso, who works at the
from the social interes of the corporate reorganization
52
2015 Annual Report Enersis
point of view, over which the Committee and the Board
Endesa Chile S.A., KPMG, explained by the Chairman
of Directors of the Company have already pronounced,
of the Committee, Mr. Hernán Somerville Senn, which
an indemnity commitment of Enersis in favor of Endesa
was solved and clarified, and that the approval of the
Chile whose terms should be negotiated in good faith
consolidated financial statements of Endesa Chile as of
by representatives appointed for the purpose by each
September 2015, under IFRS standards, will be issued
of the companies Enersis and Endesa Chile, thus
without objections.
recommending its negociation from the Company
in the terms exposed by the Executive Officer. They
The Directors’ Committee, unanimously, agreed to
highlighted that the result of such negociation should
have examined the financial statements under IFRS
be promptly presented to the respectives Committees
incorporated in the Registration Statement to be
and Boards of each companies, to meet thoroughly
registered in the Securities and Exchange Commission
with Title XVI regarding operations between related
of the United States of America (SEC) under the
parties of the Corporates Law.
modality “confidential filing”, with the purpose of
The Director Fernández Morandé communicated
by such public authority related with the securities
complying with the norms and requeriments issued
its vote against the indemnity supported in the fact
issuance in that country.
that it’s against the social interest of Enersis. These
benefits will be perceived in the long term and are
The Directors’ Committee, unanimously, agreed to
subject to the fact that no regulatory changes would
approve a new schedule for the ordinary sessions of
come up in the different countries, particularly in Brazil,
the Directors’ Committee, without prejudice of the
Colombia, Peru, Argentina and Chile. He highlighted
notices to extraordinary sessions.
that in Chile each government approves tax reforms,
so it might be expected that in an horizon of more than
29.- EXTRAORDINARY SESSION HELD ON DECEMBER
five years, period required to equalize tax costs and
4, 2015: The Directors’ Committee, unanimously,
benefits its highly likely that there will be tax reforms
agreed to have examined the operation between
that impact such potential benefits, so these benefits
related parties regarding the provision of guarantees
might not be produced. Additionally, he pointed out
from Enersis S.A. in favor of its subsidiary Ampla
that he doesn’ see any reason why Enersis should
Energia, in the terms exposed by the Executive Officer
compensate Endesa, and if any company should do
and the Administration, Finance and Control Officer,
it, that would be Enel S.p.A., so he proposes that
and issued the respective report.
Endesa Chile negotiates with Enel S.p.A. and not with
Enersis, because Enel S.p.A. is the promoter of this
The Directors’ Committee, unanimously, agreed to
geographic reorganization whose purpose is, according
have examined the operation between related parties
to statements made by Enel, to be consistent with the
regarding the postponement made by Enel Brazil
way to manage its businesses. Enersis isn’t creating any
and Ampla Energia e Servicios of the total accrued
damage to Endesa. He emphazised that the scenario
dividends payments of the period 2014, scheduled to
where the companies remain divided and not merged is
be paid in December 2015, for up to 24 months in the
intolerable for the shareholders of Enersis and Endesa
case of Enel Brazil, meaning, until December 2017, and
Chile, scenario that has potential very negative effects
in the case of Ampla until 2020 (to be likely paid during
in the value of the stock, addressing that six companies
December, which has been the standard practice in the
will remain; due to the above is therefore less reason
last years), in the terms exposed by the Administration,
why Enersis compensates Endesa Chile.
Finance and Control Officer, and issued the respective
28.- ORDINARY SESSION HELD ON DECEMBER 2,
report.
2015: The Directors’ Committee, unanimously, agreed
The Directors’ Committee of Enersis S.A., unanimously,
to approve the consolidated financial statements of
agreed to approve the proposed Annual Management
Enersis as of September 30, 2015 issued under IFRS
Activities and Expenses Report of the Directors’
standards, subject to the condition of the potential
Committee, with the purpose of being informed in the
loss of independence of the independent auditor of
next Ordinary Shareholders’ Meeting and to be included
Administration
53
in the Annual Report of the Company. Likewise, it
was agreed that, if another session of the Directors’
Committee would take place in 2015, this has to be
included in this report.
30.- EXTRAORDINARY SESSION HELD ON DECEMBER
17, 2015: The Directors’ Committee, by the majority
of its members and with the dissenting vote of the
Director Rafael Fernández Morandé, agreed to declare
Expenses
of Enersis S.A.
Directors’
Committee
examined the letters issued recently by Enel S.p.A. and
The Board of Directors prepared the expenses budget
AFPs Provida, Cuprum and Capital with the occasion
approved by the Ordinary Shareholders’ Meeting held on April
of the corporate restructuring, and declared to have
28, 2015, to contract a financial advisor, within the context of
reviewed favourably the new wording of the indemnity
the ongoing corporate reorganization.
letter that Enersis S.A. would issue in favor of Endesa
Chile in the scenario that the merger related to the
second stage of the aforementioned reorganization.
The Directors’ Committee, by the majority of its
members and with the dissenting vote of the Director
Herman Chadwick Piñera approved to recommend to
the Chairman of the Board of Directors to brief on the
The Directors Committe,
diring the Exercise 2015,
reviewed the following
Operations Between
Related Parties (OPR)
situation in Brazil at the extraordinary shareholders’
1. At the ordinary session held on January 29, 2015, the
meeting to be held on December 18, 2016.
Directors Committee, agreed, by the unanimity of its
members, to declare as examined, thus contributing to
In this way, and as informed in this report, the
the social interest of Enersis S.A. and being adjusted in
Directors’ Committee has fulfilled thoroughly the
price, terms and conditions to those that currently prevail
obligations contained in Article 50 bis of Corporations
in the market, the operation related to the subscription
Law N°18,046.
of mandate contract for the expenses reimbursement
between Enersis S.A. and: Enel S.p.A., Enel Servizi S.R.L.,
Enel Green Power, Enel Produzione S.p.A., Enel Italia
S.R.L., Enel Iberoamérica S.R.L., Endesa Latinoamérica,
S.A., Endesa S.A., Codensa S.A. ESP, Emgesa S.A. ESP,
Enel Brasil S.A., Ampla Energía y Servicios S.A., Edegel
S.A.A., Edelnor S.A.A., and other individuals related with
expatriates employees, in the terms presented at the
session, then to issue the corresponding report. Also in
the session, it was declared likewise that the operation
formerly described involves an amount not relevant for
the purpose of the Article 147 of Corporations Law 18,046
and, therefore, its included in the exceptions established
in item a) of article 147.
2. At the ordinary session held on April 27, 2015, the
Directors Committee, by the unanimity of its members,
agreed to declare as examined, thus contributing to the
social interest of Enersis S.A. and being adjusted in price,
terms and conditions to those that currently prevail in the
market, the operation between related parties consists
54
2015 Annual Report Enersis
of the restructuring of an intercompany loan granted by
Likewise, unanimously, in the same session, the
Enersis S.A. in favor of its subsidiary Endesa Chile, in
Directors’ Committee agreed to declare as examined
the terms presented by the Administration, Finance and
the operation between related parties consisting on
Control Officer and to issue the respective report. This
loans granted by Enersis S.A. in favor of Enel Brasil and
intercompany loan will be in US dollars, of up to USD 377
Ampla Energia e Servicos for up to 24 months in the
million, maturing in December 2015. Likewise, the session
case of Enel Brazil, meaning until December 2017, and
agreed to declare this operation to be part of the regularity
in the case of Ampla until 2020, in the terms exposed
policy of the Company, and the above notwithstanding,
by the Administration, Finance and Control Officer, thus
this Committee addresses its analysis.
contributing to the social interest of Enersis S.A. and
being adjusted in price, terms and conditions to those
3. At the ordinary session held on November 24, 2015, the
that currently prevail in the market, and to issue the
Directors Committee, by the unanimity of its members,
corresponding report. The total amounts of the loans for
agreed to declare as examined, thus contributing to the
Enel Brasil are BRL 175,757,451 (approximately USD
social interest of Enersis S.A. and being adjusted in price,
45.5 million) and BRL 46,237,166 (approximately USD
terms and conditions to those that currently prevail in
12.0 million) for Ampla.
the market, the operation between related parties that
consists of the restructuring of an intercompany loan
granted by Enersis S.A. in favor of its subsidiary Endesa
Chile, in the terms presented by the Administration,
Finance and Control Officer and to issue the respective
report. This intercompany loan will be in US dollars, of
up to USD 250 million, for a term of up to 12 months,
prepayable by neither Enersis nor Endesa Chile. Likewise,
the session agreed to declare this operation to be part
of the regularity policy of the Company, and the above
notwithstanding, this Committee addresses its analysis.
4. At the ordinary session held on December 2, 2015, the
Directors Committee, when analyzing the operation
between related parties, related to the approval of loans
from Enersis S.A. to Enel Brazil and Ampla Energia e
Servicos S.A., agreed to issue a report notwithstanding
to review this loans and the alternative of a guarantee in a
forthcoming session of the Committee, with the additional
information to be presentd by the Administration, Finance
and Control Management.
5. At the ordinary session held on December 4, 2015, the
Directors’ Committee, by the unanimity of its members,
agreed to declare as examined the operation between
related parties consisting on the granting of guarantees
from Enersis S.A. in favor of its subsidiary Ampla Energia,
in the terms exposed by the Executive Officer and the
Administration, Finance and Control Officer, which
contributes to the social interest of Enersis S.A., and
being adjusted in price, terms and conditions to those
that currently prevail in the market, and to issue the
corresponding report.
Administration
55
Organizational Structure
BOARD OF DIRECTORS
CHAIRMAN
Borja Acha
CHIEF EXECUTIVE
OFFICER
Luca D’Agnese (1)
DEPUTY CHIEF EXECUTIVE
OFFICER
Daniel Fernández
INTERNAL AUDIT
OFFICER
Alain Rosolino
COMMUNICATIONS
OFFICER
INSTITUTIONAL
RELATIONS OFFICER
HUMAN RESOURCES
AND ORGANISATION
OFFICER
CHIEF
FINANCIAL
OFFICER
GENERAL
COUNSEL
PROCUREMENT
OFFICER
José Miranda
Francesco Giorgianni
Paola Visintini
Javier Galán
Domingo Valdés Prieto
Antonio Barreda (2)
PLANNING
AND
CONTROL OFFICER
Marco Fadda
56
2015 Annual Report Enersis
Main Executives
1
3
7
2
4
8
1. CHIEF EXCECUTIVE OFFICER
Luca D’Agnese
Phisics Degree
Scuola Normale Superiore de Pisa
Master in Business Administration
Escuela de Negocios de INSEAD
Rut: 24,910,349-7
From 01.29.2015
(1) Luca D’Agnese took office on 01.29.15
substituting Luigi Ferraris. In turn, Luigi Ferraris has
held the position to to substitute Ignacio Antoñanzas
on 11.12.2014.
2. DEPUTY CHIEF EXECUTIVE OFFICER
Daniel Mauricio Fernández Koprich
Civil Engineer
Universidad de Chile
Rut: 7,750,368-4
From 11.12.2014
3. INTERNAL AUDIT OFFICER
Alain Rosolino
Business Administration Degree
Universidad LUISS
Rut: 24,166,243-8
From 12.12.2012
4. COMMUNICATIONS OFFICER
José Miranda Montecinos
Audiovisual Communicator
Instituto Profesional DUOC UC
Executive Competencies Diploma,
Universidad de Chile
Corporate Undertaking and Open Innovation
Studies, Berkeley University
Rut: 15,307,846-7
From 12.01.2014
Administration
5
9
6
10
5. INSTITUTIONAL RELATIONS OFFICER
Francesco Giorgianni
Lawyer
Universidad de Roma La Sapienza
Rut: 24,852,388-3
From 12.15.2014
6. HUMAN RESOURCES AND
ORGANISATION OFFICER
Paola Visintini Vaccarezza
Psychologist
Universidad de Chile
Leadership and Coaching Diploma
Universidad Adolfo Ibáñez
Rut: 10,664,744-5
From 12.12.2014
7. ADMINISTRATION, FINANCE AND
CONTROL OFFICER
Francisco Javier Galán Allué
Economist
Universidad Complutense de Madrid
Master in Business Administration
Instituto de Empresas de Madrid
Rut: 24,852,381-6
From 12.15.2014
8. PLANNING AND CONTROL OFFICER
Marco Fadda
Economic Sciences Graduate
Universidad de Génova
Master in Network Companies’
Administration
Universidad Politécnica de Milan
Rut: 24,271,056-8
From 04.01.2013
9. GENERAL COUNSEL
Domingo Valdés Prieto
Lawyer
Universidad de Chile
Master of Laws Universidad de Chicago
Rut: 6,973,465-0
A partir de 04.30.1999
10. PROCUREMENT OFFICER
Antonio Barreda Toledo
Electrical Execution Engineer
Universidad Santiago de Chile
Diploma IN Administración de Empresas
(ESAE)
P. Universidad Católica de Chile
Master in Business Administration
P. Universidad Católica de Chile
Rut: 7,625,745-0
From 01.29.2015
(2) Antonio Barreda held the position on 01.29.2015
to substitute Eduardo López.
57
Compensations of managers
and senior executives
During 2015, the remunerations and benefits received by the Chief Executive Officer and the senior executives
of the Company amounted to $3,308 million in fixed remunerations and $802 million in variable remuneration.
During 2014, the remunerations and benefits received by the Chief Executive Officer, and the senior executives
of the Company amounted to $3,028 million in fixed remunerations and $1,392 million in variable remunerations
and benefits.
This amount included compensations for senior managers and executives in exercise as of December 31, each
year, as well as those that left the company all along the respective period.
Benefits for managers
and senior executives
The Company provides the benefits of 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 employee at each time. In 2015, the amount was $15 million, which was included in the
remunerations received by the senior management.
58
2015 Annual Report Enersis
Incentive plans
for managers
and senior 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.
Severance paid
to managers
and senior executives
In reference to compensation for years of service (severance) received by managers and senior executives that
left the company, $368 million were paid during 2015.
Property over Enersis
As of December 31, 2015, the register of shareholders reflected that no main executive had ownership on the
Company.
Administration
59
Administration
of main subsidiaries
BRAZIL
Cachoeira
Michele Siciliano
Mechanic Engineer
Università degli Studi della Calabria
Fortaleza
Michele Siciliano
Mechanic Engineer
Università degli Studi della Calabria
CIEN
Abel Alves Rochinha
Mechanic Engineer
Pontifícia Universidad Católica Río de Janeiro
Ampla
Abel Alves Rochinha
Mechanic Engineer
Pontifícia Universidad Católica Río de Janeiro
Coelce
Abel Alves Rochinha
Mechanic Engineer
Pontifícia Universidad Católica Río de Janeiro
Prátil
Marcus Oliver Rissel
Industrial Engineer
Universidad de Buenos Aires (UBA)
CHILE
Endesa Chile
Valter Moro
Mechanic Engineer
Universidad Politécnica de Marche Italia
Chilectra
Andreas Gebhardt Strobel
Civil Hydraulic Engineer
Pontificia Universidad Católica de Chile
COLOMBIA
Emgesa
Lucio Rubio Díaz
Degree in Economic and Business Sciences
Universidad Santiago de Compostela
Codensa
David Felipe Acosta Correa
Electronic Engineer
Universidad Pontificia Bolivariana
PERÚ
Edegel
Francisco Javier Pérez Thoden Van Velzen
Industrial Engineer
Escuela Técnica Superior del ICAI,
Universidad Pontificia Comillas en España
Edelnor
Walter Sciutto Brattoli
Electronic Engineer
Universidad Tecnológica Nacional en Argentina
Country Manager
Carlos Temboury Molina
Industrial Engineer
Universidad Politécnica de Madrid
ARGENTINA
Costanera
Roberto José Fagan
Electronic Engineer
Universidad Nacional de la Plata
Maestría en Administración Mercado Eléctrico
Instituto Tecnológico de Buenos Aires
Hidroeléctrica El Chocón
Néstor Carlos Srebernic
Industrial Engineer specialized in Electronics
Universidad Nacional de Comahue
Edesur
Blanco Juan Carlos
Electronic Engineer
Universidad Tecnológica Nacional
Central Dock Sud
Manifesto Gustavo Diego
Electromechanic Engineer
Universidad de Buenos Aires
60
2015 Annual Report Enersis
Administration
61
Human Resources
Human Resources
63
64
2015 Annual Report Enersis
Human Resources
Distribution
The Company’s employees’ distribution as of December 31, 2015, including information related to the
subsidiaries in the five countries wehere Enersis Group operates in Latin America and the joint control entities,
is the following
Company
Enersis
Enel Brasil (1)
Endesa Chile (2)
Chilectra (3)
Edesur (4)
Endesa Costanera
Mercosur
Chocón
Transportadora de Energía
Gas Atacama Argentina
Edelnor (5)
Edegel
Emgesa
Codensa
Servicios Informáticos e Inmobiliarios Ltda (6)
Managers
and Senior
Executives
9
26
9
8
39
4
Professionals
and
Technicians
365
2,174
940
564
3,138
422
Employees
and Others
98
459
48
114
1,080
59
1
2
27
15
12
24
3
34
1
11
644
245
484
996
104
11
18
14
14
6
Total
472
2,659
997
686
4,257
485
4
47
1
29
671
260
510
1,034
110
Total general
176
10,125
1,921
12,222
(1)
(2)
(3)
(4)
(5)
(6)
Includes Ampla, Coelce, CIEN, CTM, TESA, Cachoeira Dourada, Fortaleza, and En-Brasil Comercio y Servicios.
Includes Pehuenche, Gas Atacama Chile
Includes Empresa Eléctrica de Colina y Luz Andes.
Includes: Cemsa y Dock Sud.
Includes: Piura y Generalima.
Includes: Ex-ICT y Ex-Manso de Velasco. Aguas Santiago Poniente y Const, and Los Maitenes Project are not included and were sold.
Human Resources
65
Social Responsibility
and sustainable development
Diversity in general management and the
other management departments reporting
to the latter or to the Board of Directors
Number of people by gender:
Number of people by range age:
Female
Male
General Total
Number of people by nationality:
Chilean
Spanish
Italian
General Total
1
8
9
5
1
3
9
Between 30 and 40 years old
Between 41 and 50 years old
Between 51 and 60 years old
General Total
Number of people by seniority:
Less than 3 years
Between 9 and 12 years
More than 12 years
General Total
1
2
6
9
6
1
2
9
66
2015 Annual Report Enersis
Diversity in the organization
Number of people
by gender:
Female
Male
General Total
Number of people by
nationality:
American
Argentinean
Brazilean
Chilean
Colombian
Spanish
Italian
Panamanian
Romanian
Venezuelan
Enersis
194
269
463
Enersis
1
3
9
431
6
5
4
1
2
1
ICT
28
82
110
ICT
-
4
2
97
3
3
1
Number of people
by range age:
Less than 30 years old
Between 30 and 40 years old
Between 41 and 50 years old
Between 51 and 60 years old
Between 61 and 70 years old
General Total
Number of people
by seniority:
Less than 3 years
Between 3 and 6 years
More than 6 and less than 9 years
Between 9 and 12 years
More than 12 years
General Total
Enersis
ICT
22
193
144
82
22
463
4
40
30
29
7
110
Enersis
ICT
66
67
61
54
215
463
13
21
21
7
48
110
General Total
463
110
Average Fixed Salary of women
with respect to men according to their
professional level
Contents
Senior Management
Middle management
Administrative and
office staff
Average
%
%
%
%
78
103
96
98
Human Resources
67
Human
Resources Activities
Labor Relations
During 2015 the collective bargaining process with Enersis’
Worth is to mention the continuity of the regular meetings
Administrative and Professional Unions took place, within
program with the trade unions, which has enabled it to
a rule-based framework and in the legal dates established.
consolidate, over time, an open dialogue, sincere and without
This process concluded with two Collective Agreements with
any restrictions with the employees’ representatives, for the
duration of four years.
benefit of improving the work conditions and the employees’
atmosphere.
68
2015 Annual Report Enersis
Labor Security and Health
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 is a value that highlights
especially with regards to the real integration of occupational health and safety at all levels and in every activity that the
company developes, thus strengthening its priority in corporate management due to its strategic importance. 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 electricity arch, 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 behavior and eliminate
hazardous behaviours at the works.
In Labor Security and Health, the following programmes stand out:
Health Dissemination and Promotion
The objective of this programme is to provide health, educate and train the employees of the company through activities
related to the promotion of health in quality of life who includes widespread dissemination through posters, graphic
material and information sent through mail, denominated “Advices that give life”. Among the topics that feature every
month, there are:
> March:
anti-stress
campaign: Disclose
practical
> August: Heart
care
campaign: Provide practical
recommendations to suppress stress causes.
recommendations for the heart care.
> April: Immunization campaign: Invitation to vaccination to
> September: Colon and gastric cancer campaign: Provide
prevent influenza.
practical recommendations for the timely of these deseases
> May: Anti-smoking campaign: Provide advices to prevent
smoking habits.
through the preventive examination.
> October: Breast cancer prevention: Invitation to participate
in the prevention of this desease through the early
> June: Prostate and cervical cancer: Disclose advices for
detection.
the detection of these deseases through an invitation to an
annual preventive examination.
> November: Power your energy campaign: Deliver practical
recommendations for nutrition to improve the quality of life.
> July: Viral contagion prevention and respiratory diseases:
Disclose practical recommendations to prevent contagion
> December: Skin care all year long campaign: Promote
of these deseases.
advices for skin care against ultraviolet radiation and other
agents.
Human Resources
69
Immunization Campaign
The immunization for the employees of the Enersis Group
is a preventive measure available for every employee of the
company, whose main objective is to prevent the appearance
of diseases of the recurring massive contagion, who might
cause abseinteeism and damages to the employees’ quality
of life.
Influenza Seasonal Vaccine, Trivalent: Will be delivered
annually during the first quarter of the year, preventing the
disease outbreak that starts in the beginning of June. In the
period 2015, adherence was 84% of the staff.
Preventive Examinations
Program
The objective of this program is to perform regular medical
evaluations to the employees with the objective to allow
the early detection of any possible disorder or pathology in
people’s health. This program is oriented to every employee
of the company and is carried out through a defined protocol
according to gender and age, and convenes 57% of the staff.
Safety Campaigns
Consists of the development of activities within the scope
of the International Safety Day and Enel’s Safety Week
developed in April and June, respectively. This initiative
pursues the promotion and reinforcement of preventive
measures aimed to avoid the occurrence of work accidents.
70
2015 Annual Report Enersis
Implementation
of New Safety Standards
Definition and implementation of new signals elements,
safety barriers and personal proteccion equipment for high
altitude work in the different activities o the company aiming
to control risks at work.
Safety Training
Within the scope of training related to Health and Labor Safety
of employees at the work place, and seeking to reinforce our
skills in this area, 119 employees of the company and 700
contractors were trained.
Development
of Training Programs
Execution of training programs for emergencies and first aid
in work centers.
Human Resources
71
People Management
Climate Management
Climate management and commitment are fundamental
Looking forward to maintain permanent contact with
pillars of the company’s strategy. During 2015 several activities
employees, Enersis has
implemented communication
continued that pursue to keep motivation, satisfaction and
initiatives through which on a daily bassis the company
the empoloyees’ commitment.
communicates and explains different topics of interest
These initiatives aim to improve the following categories,
weekly radio show, a website, good practices manuals and a
which are part of the instruments used to evaluate the climate
monthly newsletter for managers, among other actions.
within the company: leadership, communication, meritocracy
and development, reconciliation measures and good work
Additionally, the company has developed initiatives of
focusing on people management. For this purpose, there’s a
practices.
interaction with Human Resources. These are meetings that
set a permanent presence with the management and whose
Regarding leadership, Enersis has a strenghthening of leaders
objective is to obtain a better knowledge from the employees
program, whose objective is to promote and strengthen the
regarding the policies and good practices of the company,
important role of managers in the generation of organizational
together with knowing the needs thay have for theis daily
climates that enables the satisfaction and development of
jobs.
employees. “Leaving Footprints” has been designed as a
complete program to train skills, training and accompaniment,
Other important initiative is the “Close Manager and Head
and comprises the construction of an individual schedule for
Plan”, which consists on the promotion of good practices from
each manager, and among the activities included, it considers
managers and leaders, thus prompting a closer approximation
skills
training workshops,
individual coaching, guided
to the daily problems of employees. Some of the alternatives
accompaniment at meetings and the creation of a good
that the program offers are the following: field visits of
practices network of people management.
executives, breakfasts and coffees, among others.
72
2015 Annual Report Enersis
In the case of the programmes aimed at meritocracy and
The program “Acknowledge Ourselves” has continued,
development we are managing professional development
which seeks to promote the acknowledgement culture within
by means of promotion actions on merit and through local
the company and to generate formal acknowledgement
and offshore job opportunities, where the Group operates.
opportunities through perfoming ceremonies
in each
In 2015 the IDP “Itinerary of Personal Development” was
management area, and also general ceremonies in each
carried on, a system that identifies the development needs
company where outstanding employees are acknowledged,
through which employees of the company define, together
and job career, among others.
with their leader, their current and future development
needs, which are acknowledged by the training unit and for
the development of the annual training plan.
Other interesting initiative is the “One by One” interview;
consisting on personalised conversations that enables to
deepen motivation and the different people’s work styles,
strenghening its degree of commitment and productivity
level. In these interviews, also different values are identified
as well as the specific needs that each person has with the
purpose of satisfying the different professional development
models existing in the company.
Human Resources
73
Diversity
Reconciliation measures
Enersis, being part of the group of companies belonging to
the Enel Group in Chile, has developed a new Diversity Policy
and labor flexibility
as part of its strategy, addressing methods related to gender,
As part of the reconciliation measures and flexibility,
age, nationality and disabilities. This policy promotes the
the Telework program, which started in 2012, has been
principles of no discrimination, equal opportunities, inclusion
consolidated as one of the most valued measures within
and balance between personal and work life, as fundamental
the company. At present we have 85 teleworkers of the
values in the activities performed by the companies of the
group in the program, 36 of which are from Enersis, under
Group.
the modality of one day per week working from home, thus
improving the work and personal reconciliation together with
One of the new programs in the diversity area was launched
their quality of life.
in 2015, and was named “Tutorship Program”. This integration
initiative, which enables the preparation and orientation of
employees in the important transition moments of their
professional and personal lives, such as: new recruitments,
maternity leaves and employees from different nationalities.
74
2015 Annual Report Enersis
Recruitment and Selection
Vacancies Coverage
Internships and Young
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.
Talent Attraction
Program
During 2015, 122 vacancies were generated in Enersis
In this line, a remarkable project in terms of generating new
SA, 65% of which correspond to internal mode coverage,
sources of recruitment is the incorporation as practitioners
considering as such the implementation of local and
and thesis students of young future professionals from the
international processes of horizontal and upward mobility,
best universities in the country, who are given the opportunity
or promotion.
to consolidate a gradual learning of Enersis’ complexity and
style, thus achieving two objectives which are: availability of
Likewise, of the external workforce that joined in 2015
nearby sources of recruitment with relatively fast access,
(35% of all vacancies), 13% were internships, which were
both by the possibility of having references and direct
considered as candidates and were finally hired at the end
assessments of students who stand out and can meet not
of their term.
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. For the 2015 period, there were
a total of 69 students, as trainees or thesis students.
In order to build links with the universities and to attract
the best students, in 2015 Endesa Chile, subsidiary of
the group, participated in the Labor Fair of the Faculty
of Business Administration and Economics, University of
Chile, and in the Labor Fair of the Faculty of Engineering,
Universidad Católica de Chile. Our stand received students
from Industrial Civil Enginnering, Electrical Civil Engineering
and Commercial Engineering.
Human Resources
75
Diversity
and Inclusion
For Enersis, having different work teams and cultivating
Finally, within the perspective of continuous improvement,
an inclusive work environment is essential. This translates
this year’s new entrants were followed up through a personal
into a permanent search for new ways to enable awareness
interview after serving six months in the company. 100% of
and to facilitate building a diverse workforce and a work
respondents reported feeling completely adapted to their
environment where individual differences are respected and
position and the company; in the case of Enersis, 100% felt
valued. As such, one action is the Entrance Programme’s
very satisfied with the selection process and initial support
management, which seeks to incorporate trainee students
experienced.
from technical and professional carreers 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, reaching 40% of total vacancies were filled by
women, thereby gradually promoting their empowerment
and leadership. It is worth mentioning that of the total
externally recruited persons, 69% were women.
76
2015 Annual Report Enersis
Educational Action
Enersis’ Training
Enersis’ training program for 2015 was built and executed
our commitment with development, acknowledge and
on the basis of two main management principles: first,
dissemination of knowledge within the Company.
to reach the right balance between educational activities
focused on skills development and essencial technical
In relation to the development of new behavioral and
knowledge for the best performance of our employees
management skills, several programs were carried out
in their positions, and also the training of behavioral
during 2015. Among them, worth is to highlight the
competencies which will enable our employees to
internal diplomas of Electric Markets and Management
increase their possibilities of development within the
Control, both of which were provided by Universidad de
Group.
Chile with a design specially developed for our company’s
needs. In the first one, 10 employees participated,
The second principle is the training program financing,
while the Management Control Diploma assembled 22
regarding the needs detection mechanism that enables
employees. In the same context, the activities related
the identification, together with the collaborator and the
to the development of leadership skills are also worth
manager, of technical and behavioral gaps that needs to
mentioning, being the managers’ program especially
be covered, with regards to the individual productivity in
important, which seeks to identify the leadership gaps
the workplace in order to access to possible development
of each of our managers and to raise a specific training
opportunities in the future. The needs detection system
plan for their individual needs. During 2015, 24 managers
is denomintated IDP (Profesional Development Itinerary),
participated in this program.
whose implementation takes two years. During 2015,
the percentage of employees that had access to at least
Finally, and as it has been declared on every level and
one of the three activities declared in their IDP, reached
segment of employees within the company, the risk
51.2%.
prevention, health and in general safety of individuals is a
very important focus and means a permanent concern. In
In general terms, the performance of training activities in
this context, training activities related to safety and Labor
Enersis during 2015, had 76,8% coverage, which means
Health involved a total of 68 employees.
that 367 employees experienced at least one training
activity during the year. Total of training hours were
22,841, resulting in a training rate (training hours for each
100 hours worked) was 2%.
With regards to technical training, which is the main focus
of attention in relation to training, because of the need to
update technical knowledge and ensure the acquisition
of new management tools, the percentage of training
hours focused on this item reached 52.5%, covering a
population of 403 employees. Among these technical
training activities, worth is to highlight those related
to the knowledge management; i.e. activities for the
transfer of knowledge and experiences from employees
that own a stronger expertise in specific topics to others
that are under development process. A total of 16 transfer
of knowledge activities were performed, which bolster
Human Resources
77
Stock Exchange Transactions
Stock Exchange Transactions
79
80
2015 Annual Report Enersis
Exchange
Transactions
Quarterly transactions in the last three years made in the stock exchanges where the Enersis shares are traded,
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 in 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 2015, in the Santiago Stock Exchange, 5,720 million shares were traded, equivalent to $1,114,825
million. The closing price of the stock in December was $171,07.
Period
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
2014 Total
1st Quarter 2015
2nd Quarter 2015
3rd Quarter 2015
4th Quarter 2015
2015 Total
Shares
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
1,389,153,497
1,579,468,813
1,314,355,177
1,436,751,752
5,719,729,239
Amount (Pesos)
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
275,998,191,628
334,826,261,051
250,659,886,643
253,340,302,162
1,114,824,641,484
Average Price
179.94
170.77
159.45
163.07
157.34
179.19
196.47
190.63
198.83
211.43
191.24
176.50
Electronic Stock Exchange of Chile
In the Bolsa Electronic Stock Exchange of Chile a total of 569 million shares were traded in the year, equivalent
to $110,216 million. The closing price of the stock in December was $173.00.
Periodos
1st Quarter 2013
2nd Quarter 2013
3rd Quarter 2013
4th Quarter 2013
2013 Total
1st Quarter 2014
2nd Quarter 2014
3rd Quarter 2014
4th Quarter 2014
2014 Total
1er trimestre 2015
2do trimestre 2015
3er trimestre 2015
4to trimestre 2015
Total 2015
Unidades
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
75,325,511
153,979,478
172,604,478
167,393,236
569,302,703
Montos (Pesos)
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
14,893,594,307
33,094,253,771
32,789,265,995
29,438,618,540
110,215,732,613
Precio Promedio
180.89
170.49
160.7
164.99
156.69
178.67
195.60
189.78
197.37
213.08
193.19
176.32
Stock Exchange Transactions
81
Valparaíso Stock Exchange
In the Valparaíso Stock Exchange a total of 13.5 thousand shares were traded in the year, equivalent to $2.6
million. The closing price of the stock in December was $200.0.
Period
1st Quarter 2013
2nd Quarter 2013
3rd Quarter 2013
4th Quarter 2013
2013 Total
1st Quarter 2014
2nd Quarter 2014
3rd Quarter 2014
4th Quarter 2014
2014 Total
1st Quarter 2015
2nd Quarter 2015
3rd Quarter 2015
4th Quarter 2015
2015 Total
Units
7,662,176
5,159,336
33,748,331
0
46,569,843
0
90,400
0
0
90,400
13,500
0
0
0
13,500
Amount (Pesos)
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
2,660,000
0
0
0
2,660,000
Averge Price
183.99
161.78
157.17
178.60
197.5
New York Stock Exchange (NYSE)
The stocks of Enersis began to trade in the New York Stock Exchange (NYSE) on October 20, 1993. One ADS
of Enersis (American Depositary Share) represents 50 shares and its account name is ENI. Citibank N.A.
acts as a depositary bank and Banco Santander Chile as custodian in Chile. During 2015, 191 million ADS
were traded, equivalent to US$2,817 million in the United States. The ADS closing price in December was
US$12,15.
Period
1st Quarter 2013
2nd Quarter 2013
3rd Quarter 2013
4th Quarter 2013
2013 Total
1st Quarter 2014
2nd Quarter 2014
3rd Quarter 2014
4th Quarter 2014
2014 Total
1st Quarter 2015
2nd Quarter 2015
3rd Quarter 2015
4th Quarter 2015
2015 Total
Units
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
31,386,671
52,955,231
46,264,472
60,162,543
190,768,917
Amount (Dollars)
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
499,346,581
915,144,721
646,446,669
755,874,266
2,816,812,237
Average Price
19.03
17.81
15.80
15.85
14.24
16.10
16.99
15.91
15.91
17.19
14.09
12.58
82
2015 Annual Report Enersis
Latin American Securities Stock Exchange
of the Madrid Stock Exchange (Latibex,
Bolsa de Valores Latinoamericanos de la
Bolsa de Madrid)
Enersis’ shares started to trade in the Latin American Securities Stock Exchange of the Madrid Stock Exchange (Latibex) on
December 17, 2001. Until April 2011, the conversion unit for the company was of 50 shares and its account name was XENI.
Starting from May 2, 2011, the conversion unit was unitary. Santander, S.A. acts as the linking entity and Banco Santander is
the custodian in Chile. During 2015, 4.3 million shares were traded, equivalent to 1.0 million Euros. The contracting unit price
in December closed at 0.22 Euros.
Period
1st Quarter 2013
2nd Quarter 2013
3rd Quarter 2013
4th Quarter 2013
2013 Total
1st Quarter 2014
2nd Quarter 2014
3rd Quarter 2014
4th Quarter 2014
2014 Total
1st Quarter 2015
2nd Quarter 2015
3rd Quarter 2015
4th Quarter 2015
2015 Total
Units
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
786,073
499,252
217,988
2,817,470
4,320,783
Amount (Euros)
383,687
364,307
554,612
418,887
1,721,493
733,639
729,760
751,724
373,001
2,588,124
201,968
143,775
58,438
627,832
1,032,013
Average Price
0.29
0.26
0.23
0.23
0.21
0.23
0.24
0.23
0.25
0.28
0.25
0.23
Enersis has decided to suspend its trading shares from Latibex, effective on December 4, 2015.
Stock Exchange Transactions
83
Market Information
During 2015, stock prices of the Chilean stock market recorded drops in their performances, thus the IPSA index fell 4.4%
compared to 2014. This drop was consistent with the poor performance of the economies in the region, where the main
Stock Exchanges showed even greater losses, such as Brazil (-13.5%), Colombia (-26.7%) and Peru (-33.3%).
This year also stands out as being one of the worst years in the history for commodities’ prices, thus recording important
drops in oil prices, copper, gold and natural gas, among others, thus directly impacting the economies in the region, which
are mainly exporters of commodities. Together with this, there was an importante depreciation of the main currencies in
Latin America in relation to the dollar of the United States. The latter, together with the low growth of emerging economies,
such as China and Brazil, marked the global economic scenario.
Santiago Stock Exchange
Performance of Enersis’ stock during the last two years compared to the Selective Stock Prices Index (Índice Selectivo de
Precios de Acciones, IPSA) in the local market:
Variation
Enersis
IPSA
2014
26.1%
4.1%
2015
-24.9%
-4.4%
Accumulated 2014-2015
8.5%
-0.5%
New York Stock Exchange (NYSE)
Performance of Enersis’ ADRs listed in the NYSE (ENI) in the last two years compared to the Dow Jones Industrial Index and
the Dow Jones Utilities Index during the last two years:
Variation
ENI
Dow Jones Industrial
Dow Jones Utilities
2014
6.9%
7.5%
26.0%
2015
-24.2%
-2.2%
-6.5%
Accumulated 2014-2015
-18.9%
5.01%
17.8%
Latin American Securities Stock Exchange
of the Madrid Stock Exchange (Latibex)
Performance of Enersis’ stock (XENI) listed in the Madrid Stock Exchange (Latibex) in the last two years compared to
LATIBEX Index.
Variation
XENI
LATIBEX
2014
4.9%
-16.1%
2015
-5.5%
-39.2%
Accumulated 2014-2015
-0.9%
-49.0%
84
2015 Annual Report Enersis
Stock Exchange Transactions
85
Dividends
86
2015 Annual Report Enersis
Dividends
87
88
2015 Annual Report Enersis
Pursuant to General Norm N°283, number 5), we transcribe the dividends policies of the company for the periods 2016 and
2015.
Dividends Policy
for 2016
General Aspects
Dividends Policy
The Board of Directors of the Company, in session held on
The Board of Directors’ intention is to distribute an interim
February 26, 2016, approved the following Dividends Policy
dividend against 2016 profits, of up to 15% of profits
and the corresponding procedure for the dividends payment
accounted as of September 30, 2016, as shown in the
of Enersis Américas S.A., for the period 2016.
financial statements of Enersis Américas S.A. at that date,
and payment will be carry out in January 2017.
The Board of Directors will propose to the Ordinary
Shareholders’ Meeting, to be held during the first quarter
of 2017, to distribute a final dividend, an amount equivalent
to 50% of the profits of the 2016 accounting period. The
definite dividend will correspond to be defined by the
Regular Shareholders’ Meeting, to be held during the first
quarter of 2017.
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 the Company performs or the existence of
certain circumstances, as appropriate.
Dividends
89
Procedure for Dividends Payment
For the payment of dividends, whether provisory or final,
each shareholder will be used by DCV Registers S.A. for all
and in order to avoid their unproper collection, Enersis
dividends payments, while the shareholder doesn’t express
Américas S.A. considers the modalities indicated as follows:
in writing his intention to modify it and thus records a new
1. Deposit in banking checking account, whose account
option.
holder is the shareholder.
Shareholders that don’t have a payment modality registered
will be paid according to modality No. 4 mentioned above.
2. Deposit in banking savings account, whose account
holder is the shareholder.
In those cases which checks or bank checks are returned by
mail to DCV Registers S.A., they will remain under custody
3. Send a nominative check or bank check by certified mail
until the shareholders withdraw or request them.
to the shareholder’s residence recorded in the Enersis
Américas S.A.’s shareholders’ register; and
In the case of deposits in banking checking accounts,
Enersis S.A. and/or DCV Registers S.A. may request, for
4. Withdrawal of the check or bank check at the offices of
security reasons, verification by the corresponding banks.
DCV Registros S.A., in its capacity as Enersis Américas
If the accounts indicated by the shareholders are objected,
S.A’s administrator of the shareholders’ register, or in the
whether in a prior verification process or for any other cause,
bank or branch offices are determined for such purpose
the dividend will be paid according to the modality indicated
and that will be informed in the notice published
in Point No. 4 mentioned above.
regarding the dividends’ payment.
For these purposes, checking or savings banking accounts
continue to adopt in the future all necessary security
can be located anywhere in the country.
measures required that is required by the dividends payment
On the other hand, the Company has adopted and will
process, in order to safeguard both the shareholders as well
It’s worth to highlight that payment modality chosen by
as Enersis Américas S.A.
Dividends Policy 2015
General Aspects
The Board of Directors of the Company, in session held on February 26, 2015, approved the following Dividends Policy and the
procedures for payment of Enersis S.A. dividends, for the 2015 accounting period.
90
2015 Annual Report Enersis
Dividends Policy
The Board of Directors’ intention is to distribute an
Compliance of the aforementioned program will be
interim dividend against 2015 profits, of up to 15% of
conditioned, in matter pertaining to dividends, to the profits
profits accounted as of September 30, 2015, as shown in
effectively obtained, as well as on the results that forecasts
the financial statements of Enersis S.A. at that date, and
that periodically the Company performs or the existence of
payment will be carry out in January 2016.
certain circumstances, as appropriate.
The Board of Directors will propose to the Ordinary
Shareholders’ Meeting, to be held during the first quarter
of 2016, to distribute a final dividend, an amount equivalent
to 50% of the profits of the 2015 accounting period. The
definite dividend will correspond to be defined by the
aforementioned Regular Shareholders’ Meeting.
Distributable Income of 2015
The distributable income of 2015 is detailed below:
Net Income *
Distributable Income
* Attributable to the controlling shareholder
Millones de $
661,587
661,587
Distributed Dividends
The following char shows the dividends per share paid in the last years:
N° Dividend
81
82
83
84
85
86
87
88
89
90
91
92
Type of
dividend
Final
Interim
Final
Interim
Final
Interim
Final
Interim
Final
Interim
Final
Interim
Closing
Date Payment Date
06-05-2010
27-01-2011
12-05-2011
27-01-2012
24-05-2012
25-01-2013
10-05-2013
31-01-2014
16-05-2014
30-01-2015
25-05-2015
29-01-2016
29-04-2010
21-01-2011
06-05-2011
21-01-2012
17-05-2012
19-01-2013
04-05-2013
25-01-2014
10-05-2014
24-01-2015
18-05-2015
23-01-2016
Pesos per
share
4.64323
1.57180
5.87398
1.46560
4.28410
1.21538
3.03489
1.42964
5.27719
0.83148
5.38285
1.23875
Exercise
2009
2010
2010
2011
2011
2012
2012
2013
2013
2014
2014
2015
Dividends
91
Investment
and
Financing Policies
Investment and Financing Policies
93
The Ordinary Shareholders’ Meeting held on April 28, 2015 approved the Investment and Financind Policy described below.
Investments
Areas of Investment
Enersis S.A. will perform investments, according to its
bylaws, in the following areas:
Contributions to invest in or create subsidiaries and affiliate
Participation
in the Control
of Investment Areas
companies whose activity is aligned, related or linked by
In order to control the investment areas and pursuant to
any form or type of energy, the supply of public utilities, or
Enersis S.A. corporate purpose, the following procedure will
whose main input is energy.
be pursued whenever possible:
Investments
related
to
the acquisition, exploitation,
> It will be proposed at the Ordinary Shareholders’
construction, leases, administration, trading and disposal
Meetings of our subsidiaries and affiliate companies the
of any class of fixed assets, whether directly or through
appointment of directors related to the Enersis S.A.’s
subsidiaries.
stake in that company, candidates that preferably need
to be directors or executives of the Company or its
Other investments of all kinds are financial assets, titles or
subsidiaries.
securities.
Maximum
Investment Limits
> The investment, financial and commercial policies will
be proposed to the subsidiaries and affiliate companies,
as well as the accounting criteria and systems to be
followed.
> The management of the subsidiaries and related
companies will be supervised.
> There will be a permanent control of debt limits, to the
extent that investments or contributions implemented
The maximum investment limits for each investment area
or being planned will not represent an unusual variation
are the following:
from
the parameters defined by
the maximum
investment limits.
i)
Investments in their subsidiaries of the electric system,
those required for the fulfillment of the respective
corporate purposes of these subsidiaries.
ii)
Investments in other subsidiaries, in the sum of
proportions of fixed assets corresponding to the
participation of Enersis S.A. on each of those subsidiaries,
which may not exceed the proportion of fixed assets
corresponding to the the participation of Enersis S.A.’
subsidiaries in the electricity sector subsidiaries and
Enersis S.A.
94
2015 Annual Report Enersis
Investments
Maximum Debt Level
The maximum debt level of Enersis S.A. is 2.20 times of the total debt to equity plus minority interest ratio,
based on the consolidated balance sheet.
Management Atributions to Agree
with Lenders Restrictions related to
Dividends’ Distribution
Dividends restrictions may only be agreed with creditors if those restrictions were previously approved at the
shareholders’ meeting (ordinary or extraordinary).
Management Atributions to Agree with
Lenders on Granting of Guarantees
The Company’s management may agree with creditors on granting tangible security or guarantees in accordance
with the law and the corporate by-laws.
Essential Assets for the Normal
Operations of the Company
The essencial assets for the operation of Enersis S.A. are the shares representing its contribution to its subsidiary
Chilectra S.A.
Investment and Financing Policies
95
Company’s Business
Company’s Business
97
98
2015 Annual Report Enersis
Business Structure
DISTRIBUTION
Chilectra
Edesur
Ampla
Coelce
Codensa
Edelnor
GENERATION
Endesa Chile
Endesa Costanera
Hidroeléctrica El Chocón
Central Dock Sud
Fortaleza
Cachoeira
CIEN*
Emgesa
Edegel
EEPSA
OTHERS BUSINESS
SIEI
*Transmisión
Company’s Business
99
Historical Background
On June 19, 1981, Compañía Chilena de Electricidad S.A.
businesses are in telecommunications and information
formed a new corporate structure, which gave birth to a
technology, and Internet trading businesses.
parent company and three subsidiaries. One of these was
Compañía Chilena Metropolitana de Distribucion Electrica
In 1988, and in order to successfully face the development
S.A. In 1985, under the Chilean government’s privatization
and growth challenges, the company was split into five
policy, the process of transferring the share capital of
business units, which in turn gave birth to five subsidiaries.
Compañía Chilena Metropolitana de Distribucion Electrica
Out of these, Chilectra and Río Maipo were responsible
S.A. to the private sector begun, and ended on August
for electricity; Manso de Velasco was focused on
10, 1987. In this process, the pension fund management
electrical engineering and construction services, plus real-
companies
(AFPs), company employees,
institutional
estate management, Synapsis in the area of information
investors and thousands of small shareholders joined
technology and data processing, while Diprel focused on
the Company. Its organizational structure was based on
providing procurement and trading of electrical product.
activities or operative functions whose results were
evaluated functionally and its profitability was limited by
Today Enersis is one of the largest private electricity
a tariff structure as a result of the Company’s exclusive
companies in Latin America, in terms of consolidated assets
dedication to the electricity distribution business.
and operating revenues, which has been accomplished
through steady and balanced growth in its electricity
In 1987, the company’s board proposed forming a division
businesses: generation, transmission and distribution. The
for each of the parent company’s activities. Then four
development of the electricity distribution business abroad
subsidiaries were created to operate as business units
has been implemented jointly with its subsidiary Chilectra,
with its own objectives, thus expanding the company’s
a company that distributes electricity in the Metropolitan
activities towards other non-regulated activities but linked
Region, Chile. Its investments in electricity generation in
to the main business. This division was approved at the
Chile and abroad have been developed mainly through its
Extraordinary Shareholders’ Meeting of November 25,
subsidiary Empresa Nacional de Electricidad S.A. (Endesa
1987 thus defining its new corporate purpose. With this,
Chile).
Compañía Chilena Metropolitana de Distribucion Electrica
S.A. became an investment holding company.
In addition, the Company is present in businesses
that complement its core activities through majority
On August 1, 1988, as agreed at the Extraordinary
shareholding in Servicios Informáticos e Inmobiliarios
Shareholders’ Meeting held on April 12, 1988, one of the
Limitada. This company is a consulting company in
companies born from the division changed its name to
matters related to information technology, computing and
Enersis S.A. At the Extraordinary Shareholders’ Meeting
telecommunications, together with the management,
held on April 11, 2002, the company’s corporate purpose
administration and full development of real estate projects.
was modified, introducing telecommunications activities
and the investment and management of companies whose
100
2015 Annual Report Enersis
Expansion and Development
Enersis began its international expansion in 1992 when participating in different privatization processes in Latin America,
thus developing a significant presence in the electricity sectors of Argentina, Brazil, Colombia and Peru.
1992
1994
> On May 15, the Company acquired a 60% shareholding
> In July, Enersis paid US$176 million for the 60%
and control of Central Costanera generation company,
share capital of Empresa de Distribución Eléctrica de
currently Endesa Costanera, in Buenos Aires, Argentina.
Lima Norte S.A., Edelnor, in Peru, and also acquired
> On July 30, Enersis was awarded 51% of Empresa
Edechancay, another electricity distributor
in that
Distribuidora Sur S.A., Edesur, a company that distributes
country, which was later absorbed by the former.
electricity in the city of Buenos Aires, Argentina.
> At the end of the year, Enersis acquired an additional
1993
1.9% of the share capital of Endesa Chile, increasing its
shareholding to 17.2%.
> In July, it bought the Hidroeléctrica El Chocón generation
company, located in the province of Neuquén and Río
1995
Negro, Argentina.
> On December 12, Enersis acquired an additional 39% in
Edesur, obtaining the control of the company.
> The Company also acquired the generation company
Edegel in Peru.
Company’s Business
101
1996
1998
> On February 15, Enersis reached a 25.28% shareholding
> On April 3, Enersis again invested the Brazilian market,
in Endesa Chile and, on April 15, Endesa Chile became a
this time being awarded 89% and control of Companhia
subsidiary of Enersis.
Energética de Ceará S.A., Coelce, company distributes
> Enersis also invests in the water sanitation market with
electricity in the northeast region of the country, in the
the acquisition of Agua Potable Lo Castillo S.A.
state of Ceará for US$868 million.
> On December 20, Enersis entered in the Brazilian market
> On April 22, Enersis reached 100% shareholding in
with the acquisition of a large portion of shares in the
Aguas Cordillera, Santiago, Chile.
previously called Companhia de Eletricidade do Río de
> On December 28, Enersis gained control of Esval,
Janeiro S.A., Cerj, a company that distributes electricity
located in the Valparaiso region, through being awarded
in the city of Río de Janeiro and Niteroi, Brazil. Its current
40% of the share capital of the company.
name is Ampla Energía e Serviços S.A.
> On December 20, the Company acquired a 99.9%
shareholding in Central Hidroeléctrica de Betania S.A.
1999
E.S.P, in Colombia.
1997
> 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
> On September 5, Enersis acquired for US$715 million
in August 1997, resulted in a total holding of 64%. This
a 78.9% shareholding in Centrais Elétricas Cachoeira
transaction, completed on April 7,1999, involved an
Dourada, Brazil.
investment of US$1,450 million. As a result of the capital
> On September 15, Enersis successfully participated
increase made by Enersis in 2003, this shareholding
in the capitalization of Codensa S.A. E.S.P., acquiring a
reduced to the current 60.62%
shareholding of 48.5% for US$1.226 million, company
> On May 11, Enersis acquired 35% of Endesa Chile, which,
that distributes electricity in the city of Bogotá and the
in addition to the 25% already held, thus reaching 60%
department of Cundinamarca, Colombia. It was also
shareholding in the generation company. It therefore
awarded 5.5% of Empresa Eléctrica de Bogotá.
consolidated its position as one of the principal private
> On September 15, it acquired a 75% shareholding, for
sector electricity companies in Latin America.
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.
102
2015 Annual Report Enersis
2000
2003
> As part of the Genesis Plan strategy, the subsidiaries
> Enersis sold assets for US$757 million, including the
Transelec, Esval, Aguas Cordillera and real estate assets
Canutillar power plant and the distributor Río Maipo,
were sold for US$1,400 million.
both in Chile.
2001
2004
> The Company performed large investments US$364
> The Central Hidroelectrica Ralco hydroelectric power
million for increasing the shareholding in Chilectra, in
plant located in the BioBio Region with 690 MW capacity
Chile; US$150 million in the acquisition of 10% of the
began operations.
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,
2005
in Chile, and US$1.6 million to increase its shareholding
> On April 18, the subsidiary Endesa Eco was created with
by 1.7% in Distrilima, in Peru.
the purpose to promote and develop renewable energy
2002
projects like mini-hydro plants, wind farms, geothermal,
solar and biomass power plants, and also to act as
the depositary and trader of the emission reduction
certificates produced by these projects.
> In Brazil, Central Termoeléctrica Fortaleza in the state of
> The subsidiary Endesa Brasil S.A. was formed with
Ceará was awarded to the Company. The commercial
all the assets held in Brazil by the Enersis Group and
operation of the second phase of the electricity
Endesa
Internacional
(now Endesa Latinoamérica):
interconnection between Argentina and Brazil, CIEN,
CIEN, Fortaleza, Cachoeira Dourada, Ampla, Investluz
completing a transmission capacity of 2,100 MW
and Coelce.
between both countries, also began.
Company’s Business
103
2007
> In March, the company Centrales Hidroeléctricas de
Aysén S.A. (HidroAysén) was formed, with the purpose
to develop and exploit the hydroelectric project in the
region of Aysén, called the “Aysén Project”, which will
provide 2,750 MW of new installed capacity in Chile.
> In April, the first phase of the San Isidro combined-cycle
thermal power 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.
2006
> In February, Enersis acquired for approximately US$17
million the Termocartagena (142 MW) combined cycle
power plant in Colombia, which operates with fuel oil or
2008
gas.
> In March, Enersis informed the SVS about the merger of
> In January, the second phase of the San Isidro
Elesur and Chilectra by the absorption of the latter by the
II combined-cycle thermal power plant began
its
former. The legal effects of this merger became effective
commercial operations, with an installed capacity of 353
since April 1, 2006.
MW.
> In June, Edegel and Etevensa were merged, the latter
> On March 24, the dual operation of Unit Nº1 of the Tal-
a subsidiary of Endesa Internacional (now Endesa
Tal thermal plant began operations, with an installed
Latinoamérica S.A.) in Peru.
capacity of 245 MW.
> On September 29, Endesa Chile, ENAP, Metrogas and
> In June 27, the Ojos de Agua mini-hydro plant began
GNL Chile signed an agreement defining the structure of
operations, contributing 9 MW of installed capacity to
the liquefied natural gas (LNG) project in which Endesa
the SIC.
Chile participates with a 20% holding stake.
104
2015 Annual Report Enersis
2009
2010
> The companies ACCIONA, S.A. and ENEL S.p.A.
> In February, the San Isidro plant increased its capacity to
announced an agreement whereby ACCIONA, S.A.
399 MW; the combined cycle unit increased 22 MW of
will directly and indirectly transfer to ENEL ENERGY
capacity after implementing technological changes that
EUROPE S.L. a 25.01% shareholding in ENDESA, S.A.
allowed him to operate in a dual manner (LNG and oil).
ENEL ENERGY EUROPE S.L., controlled 100% by ENEL
> On May 31 in the context of the ongoing effort to provide
S.p.A., will thus hold 92.06% of the share capital of
its customers with excellent service, Chilectra began
ENDESA, S.A.
the project distribution network remote management
> On June 25, the agreement between ENEL S.p.A. and
(DT) implemented by CAM, a technological change that
ACCIONA, S.A. came into effect whereby the ENEL
will allow a qualitative leap in the registration of power
Group became the controller of 92.06% of the share
consumption and reducing energy losses.
capital of ENDESA, S.A.
> In early June Chilectra and Clínica Dávila opened the
> On October 9, Endesa Chile acquired 29.3974% of
largest solar Project in Chile. With a total of 264 solar
its Peruvian generation subsidiary Edegel. The shares
thermal collectors, installed in 740 square meters, the
were acquired at market price from Generalima S.A.C.,
solar electric technology will allow heating more than
a company which in turn is a subsidiary of Endesa
70,000 liters of sanitary water a day, using two types of
Latinoamérica S.A. Endesa Chile thus now holds directly
totally clean energy, uncontaminated and with savings
and indirectly 62.46% of the shares of Edegel.
of up to 85%.
> On October 15, Enersis S.A. acquired 153,255,366
> In December 2010, Endesa Chile submitted again the
shares, representing 24% of the share capital, of its
environmental impact assessment (EIA) of Central
Peruvian subsidiary, Edelnor, at a price of 2.72 soles
Hidroeléctrica Neltume. The Company submitted the
per share. This was purchased from Generalima S.A.C.,
environmental
impact study to the Environmental
a Peruvian subsidiary of Endesa Latinoamérica S.A.,
Assessment Service (SEA), incorporating the additional
the parent company of Enersis. With this transaction,
information requested by the different organisms that
the direct and indirect shareholding of Enersis S.A. in
participated in the evaluation process. The 490 MW
Edelnor rose from 33.53% to 57.53%.
installed capacity hydro power plant intends to make
use of the existing hydroelectric potential in the area,
specifically in the River Fuy, the natural drainage of the
lake Pirihueico.
> Enersis accepted the offer of the company Graña y
Montero S.A.A., to acquire its entire direct and indirect
shareholding in its subsidiary Compañía Americana de
Multiservicios Limitada, CAM; and likewise, accepted
the offer by Riverwood Capital L.P to acquire the
entire direct and indirect shareholding 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.
Company’s Business
105
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.
106
2015 Annual Report Enersis
2012
> On February 29, 2012, the power plant Bocamina II began
and continued with the capital increase operation. The
commercial operations, which allows the compensation
Board of Directors resolve postponing the Extraordinary
of the hydroelectricity generation deficit present for
Shareholders Meeting to take place September 13 to a
the last three years and contributes with an important
later date to be determined opportunely. After strictly
increase in efficient low cost thermal electricity as back
complying with the conditions established by Articles 15,
up capacity of the Central Interconnected.
67 and Title XVI of Law 18,046 (the Board of Directors
> The power plant project Punta Alcalde, has 740 MW of
requested the independent valuation by IM Trust and
installed capacity and will be located 13 kilometers near
the Directors Committee requested the independent
the city Huasco, received environmental approval from
valuation of Claro y Asociados Ltda., the Directors
the Ministers Committee after being rejected by the
Committee issued its report and each Director gave his
Environmental Assessment Commission of the Atacama
opinion with respect to the proposed operation), the
Region in June 2012.
Extraordinary Shareholders Meeting held on December
> In July, through a Significant Event submitted to the
20 ruled on the capital increase. A very large majority,
Superintendence of Securities and Insurance (SVS), the
almost 86% of all shareholders present with voting rights,
Board of Directors of Enersis informed its decision to
equivalent to 81.94% of the total shares with voting
convene an Extraordinary Shareholders Meeting which
rights of the Company, approved the capital increase
will take place on September 13, with the purpose of
of the following characteristics: 1) Maximum amount of
resolving, among other matters, the capital increase of
the capital increase: Ch$ 2,844,397,889,381, divided into
the Company according to Endesa’s (Spain) proposal,
16,441,606,297 ordinary nominative payment shares of
amounting to up to the equivalent of US$8,020 million
the same series, with no preferences and no par value,
in Chilean pesos, or the amount that the Extraordinary
2) Value of non-in-kind contributions to be capitalized:
Shareholders Meeting determines. In early August,
The total issued capital of Cono Sur, Company that will
the SVS stated that the Board of Enersis must adopt
concentrate the activities that are identified in the reports
the actions necessary to strictly comply with the
that have been made available to the shareholders and
conditions established by Articles 15, 67 and Title XVI
that would be contributed by Endesa to Enersis S.A.,
of Law 18,046 (Corporations Law), considering that
will amount to Ch$ 1,724,400,000,034 corresponding to
they are complementary and when applicable should
9,967,630,058 shares of Enersis S.A. at a price of Ch$
be considered simultaneously. These conditions are
173 per share, 3) Placement share price: A fixed price of
related to capital increase transactions and related
Ch$173 for every payment share to be issued as a result
party transactions respectively. Once the indications
of the capital increase.
of the SVS were acknowledged, Enersis adopted them
Company’s Business
107
2013
2014
> Capital Increase. With an historic result for this type
> Public Tender Offer for the shares acquisition (OPA)
of operation in the local market, Enersis shareholders
of Coelce. On January 14th, Enersis, which until then
subscribed a total of approximately $ 6,022,000, a
controlled 58.87% of its subsidiary Coelce, launched a
placement of 100% of the shares available for Capital
voluntary OPA of all series of shares issued by Coelce
Increase.
at a price of R$49 per share. With this, Enersis acquired
> In July, the new Malacas 185 MW power plant was
3,002,812 common shares, 8,818,006 preferred shares
commissioned in Peru. The new unit of the Malacas
type A and 424 preferred shares type B, equivalent to
thermal power plant began operations in Piura, this pant
an investment of approximately US$243million. After the
is owned by the Piura Electricity Company (EEPSA) part of
operation, the company obtained a 74.05% direct and
the Enersis Group. This new plant required an investment
indirect interest in Coelce.
of US$ 105 million, and supplies additional energy to the
> On March 31st, Endesa Chile, subsidiary of Enersis,
System.
acquired the social rights that Southern Cross held in
> On November 6th the first modernised unit of Salaco
Atacama Investment Holding. Thus, the group reached
project in Colombia was put into operation, corresponding
the total ownership of Gas Atacama, a 781MW installed
to unit 2 of the run-of-the-river Darío Valencia Samper
capacity natural gas power plant that operates in the
plant, with an installed capacity of 50MW. This unit
SING.
generated 46.3GWh since it was commissioned until
> Los Cóndores Project. In April, Endesa Chile subscribed
midnight, December 31st.
contracts for the construction of Los Cóndores 150MW
> In December 2013, an Environmental Impact Statement
hydroelectric power plant project, located in the Maule
(EIS) was formalized, and whose purpose is to optimize
region. The estimated investment reaches US$661.5
environmentally the project, replacing the originally
million; it’s expected to begin commercial operations in
considered seawater cooling system with a dry cooling
late 2018.
system with air coolers. The proposed closing of the
> In April, Enersis closed a purchase agreement to acquire
combined cycle will use the two existing gas turbines
all the shares that Inkia Americas Holdings Limited
of 123 MW each, and add a steam turbine of nearly 130
indirectly had of Generandes Perú S.A., equivalent
MW. Thereby, the Taltal plant will be able to generate 370
to a 39.01% stake, whose investment amounted to
MW and display efficiency gains from the current 35% to
US$413million. The transaction ended in September,
nearly 50%.
and as a result Enersis reached 58.60% shareholding of
Edegel.
> SmartCity Santiago. In July, Enersis, through its subsidiary
Chilectra, inaugurated the first intelligent city of Chile in
Ciudad Empresarial. Energy Minister Máximo Pacheco
and the CEO of Enel, Francesco Starace attended the
event.
> On July 31th, 2014, Enel Energy Europe S.R.L., currently
Enel Latinoamérica S.R.L., controller of Endesa S.A.
(92.06% share) 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 of Enersis with
60.62%.
108
2015 Annual Report Enersis
2015
> In March 2014 Enersis received the ICSARA No.1
> On April 2, 2015, the Bocamina II power plant of Endesa
(Consolidated Report of Request for Clarifications,
Chile received the Environmental Qualification Resolution
Corrections and/or Extensions No.1) of the EIA for the
(Resolución de Calificación Ambiental, RCA), approving
optimisation of Bocamina II, containing the observations
the “Optimization of the Thermoelectric Power Plant
about relevant environmental services. In late September
Bocamina, Second Unit” proyect.
2014, EIA’s Addendum No.1 including the answers to
> On April 28, 2015, the Board of Directors of Enersis
ICSARA No.1 entered the Environmental Assessment
agreed to initiate the studies for a possible corporate
Service (SEA). Regarding the injunction issued by the
reorganization to divide the generation and distribution
Court of Appeals of Concepción that kept the operation
activities in Chile from the rest of the activities developed
of the second unit paralysed since December 2013, in
abroad by Enersis and its subsidiaries Endesa Chile and
November 2014 the Third Chamber of the Supreme Court
Chilectra.
lifted the injunction, indicating that the second unit can
> In July 2015, the Bocamina II power plant of Endesa
operate again if two conditions are met: i) having refined
Chile was ready for economic dispatch of the Operations
the installation of the Bocamina I desulfuriser promised
Center of the CDEC-SIC, after the operational trials
in the RCA No.206/07, in the shortest possible time
carried out the fist week and after obtaining the required
frame; and ii) providing sufficient guarantee that it will
authorizations. At the end of July, Bocamina I power plant
promptly implement further specific measures for a real
became available, after a major overhaul that impacted its
and effective solution to the problem related to seawater
operations since September 30, 2014.
suction and biota entry due to this process, according to
> On November 16, 2015, the initial commissioning of El
the best available technologies for this effect.
Quimbo power plant, a 400 MW hydro facility in Colombia
took place, after five years of contruction.
> On December 18, 2015 the Extraordinary Shareholders
Meeting took place, where the corporate restructuring of
Enersis was approved.
Company’s Business
109
Investments
and Financial Activities
Investments and Financial Activities
111
112
2015 Annual Report Enersis
Material Investments
Related to the Compay’s
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 the changing circumstances by giving different priorities to each project
according to its profitability and strategic consistency. Investment priorities are currently focused on developing the works plan
in Chile, Peru and Colombia.
For the period between 2016 and 2019, we expect to spend $4,188 billion consolidated, in investments in the subsidiaries we
control, associated with investments currently under development, the maintenance of our distribution networks, maintenance
of existing generation plants, and the studies required to develop other potential generation projects.
The table below shows the capital expenditures expected to carry out from 2016 to 2019 and the capital expenditures incurred
by our subsidiaries in 2015, 2014 and 2013.
Chile
Abroad
Total
Investment (1) (million Ch$)
2016-2019
1,132,223
3,056,249
4,188,472
2015 (1)
309,503
1,053,058
1,362,561
2014 (1)
197,653
891,709
1,089,362
2013 (1)
128,240
646,580
774,820
(1) Capex figures represent the effective payments for each year, with the exception of future forecasts (gross figures).
Investments and Financial Activities
113
Investments
in 2015, 2014 and 2013
Our capital expenditures in the last three years are mainly related to the 350 MW Bocamina II and Los Cóndores
(150 MW) project in Chile, the 400 MW El Quimbo project in Colombia and the maintenance of the existing installed
capacity. Bocamina II began commercial operations in October 2012, suspended operations on December 2013, due
to the prohibitory environmental injunction, and restarted operations in July 2015. Los Cóndores is a hydroelectric
project that begun its construction in 2014 and its expected to be completed in 2018. El Quimbo project started-up
on November 16, 2015.
Previously, in July 2013 the “Reserva Fría” plant, a gas turbine of 183 MW, is part of the back up system of the
Peruvian grid, started-up in the Talara Region. In December 2014, the optimization of Salaco proyect was completed,
adding a total of 145 MW to the Comobian grid. Additionally, we also make investments for: (i) expand our distribution
service to meet the growing energy demand, (ii) improve the quality of service, (iii) improve security, and (iv)
decrease energy losses, mainly in Brazil.
The aforementioned capital investments were financed as follows:
> El Quimbo: Local and international bond issuance.
> Bocamina II: Funds generated by the Company.
> Los Cóndores: Funds generated by the Company.
> Reserva Fría: Leasing.
> Salaco: Funds generated by the Company.
114
2015 Annual Report Enersis
Projects Currently Under
Development
Our most important projects under development are the following:
> Los Cóndores Project: 150 MW hydroelectric power plant, located in El Maule Region, whose construction
begun in 2014 and its expected to be completed in 2018.
Additionally, our plan is to continue expanding the distribution services, reduce energy losses and also to improve
the efficiency and profitability of our distribution operations in Chile and abroad.
In general terms, we expect that all the projects under development to be financed with external financing and
by resources generated by each of the projects described above.
Generation
Our capital expenditures in generation reached $653 billion (1) in 2015, $205 billion of which were invested in Chile
and $447 billion abroad. In 2014, these expenses amounted to $622 billion; $258 billion were incurred in Chile
and the rest abroad.
In Chile, our principal investments in 2015 were concentrated on the construction of the run-of-the-river
hydroelectric power plant Los Cóndores, whose capacity is 150 MW; and to complete the works of Bocamina II
(350 MW).
In Colombia, our main investment in expansion was concentrated in the construction of 400 MW El Quimbo
hydroelectric project.
In Peru, Chile and Brazil, we continue with investments for studies and development of the projects pipeline, both
hydro and thermoelectric projects.
In 2015, in Argentina the Company invested in the installation in Costanera power plant of a new thermo generation
unit based on four highly efficient fuel oil engines, using the credits that Endesa Costanera, Chocón and Dock Sud
had with Cammesa due to Resolution 95.
(1) For reclasification purposes, the invesments performed in 2015 by the transmission companies (Cemsa, CIEN, CTM and TESA) are included in
the distribution business, as opposed to 2014, when these investments were included in the generation business.
Investments and Financial Activities
115
Distribution
During 2015 the Company made investments of $689
In AT networks, during 2015 the completion of the works
billion (1), primarily to meet the consumption needs,
related with the construction projects New Line 220 kV
resulting from the growth of population and the entrance
to the Chicureo substation, and the works related with
of new customers, through investments not only related
Line 110 kV Chena-Cerro Navia, particularly inside the
with them, but also in capacity increases and strengthening
substation Cerro Navia -Transelec, with the purpose of
of the High (HT), Medium (MT) and Low Tension (MT)
helping the expansion of the subestation. Likewise, its
facilities of the companies. Out of this total, $90 billion
also worth to mention the works related with Line 110
were incurred in Chile and $600 billion abroad. On the other
Kv Florida – Ochagavía, reinforce of the section Tap Club
hand, in 2014, investments reached $593 billion, resulting
Hípico – San Joaquín, and also the reinforcement of Line
from the growth of population due to the demographic and
110 kV Chena – Espejo; and finally, the works related
clients’ growth, and also to improve the quality of service.
with Line 110 kV Florida – Los Almendros, where some
Out of this total, $67 billion were incurred in Chile.
towers in the sector Hondonada of Quebrada de Macul
In Chile, during 2015, Chilectra and subsidiaries (Colina
were transfered.
and Luz Andes) made investments totalling $90 billion,
In MT networks, five new feeders were built: Einstein
primarily related to meet the energy demand growth,
Feeder (12 kV), of the S/E Recoleta, Los Cerezos
quality of service, safety and information systems.
Feeder (12 kV) of the S/E Macul, Tegualda Feeder (12
kV), of the S/E Santa Elena, Necochea Feeder (12 kV),
In the period 2015, the growth of transforming capacity
of the S/E San José and Antuco Feeder, of the S/E
of the substations Bicentenario and Lo Boza stands
Santa Raquel. While for large customers’ supply, the
out. With these projects, the total transformation
cCompany commissioned Luna 2 and Luna 3 Feeders
capacity increased by 37.4 MVA. On the other hand, the
(23 kV) of the S/E Chacabuco for the customer Google,
interconnection 220/110 kV capacity increases became
Visviri and Helsby Feeders (12 kV), of the S/E Andes
effective in the S/E Chena, in 400 MVA, doubling
for the customer Mall Plaza Los Domínicos, Santa Clara
its previous capacity. It’s also worth to highlight the
Feeder (12 kV), of the S/E Recoleta for the customers
construction of the new S/E Chicureo, whose purpose is
Claro and Citypark. Also there were progresses in the
to strengthen the capacity in the north area of Santiago.
construction of other three feeders to be commissioned
These works commissioned in the first half of 2015.
during 2016.
(1) For reclasification purposes, the invesments performed in 2015 by the transmission companies (Cemsa, CIEN, CTM and TESA) are
included in the distribution business, as opposed to 2014, when these investments were included in the generation business.
116
2015 Annual Report Enersis
Finally, investments continued to increase MT network
automation in Chilectra S.A., adding more than 150
new equipments to the telecontrol of the Medium
Tension Network during 2015, reaching a total of
700 operating units from the Operations Center of
the System. In parallel, the first phase of a SCADA
Financial
Activities
Platform was
implemented
and dedicated
for
Financial activities of the Enersis group have always been
Medium Tension, which was denominated by the
an important and a priority. The efforts have been carried
acronym STM, “Telecontrol of the MT System” and
out to improve the financial profile of both Enersis and its
it was also developed an engineering to perform a
subsidiaries, issuing equity and debt with the best existing
Telecommunications propietor DMR (Digital Mobile Radio)
market conditions.
focused on coverage and availability of communication
links between MT equipments and the Control Center
Among the most relevant financial activities in the history of
expansion.
Enersis, the following are worth to mention:
In Argentina, our subsidiary Edesur, performed
Between 1988 and 1992 Enersis stock began trading on the
investments of nearly ARS$145 billion, mainly related
local stock exchanges and on October 20, 1993, in the New
with service quality recovery and the guard of public
York Stock Exchange (NYSE), under ADSs, whose account
safety. During 2015, the start-up of electric infrastructure
name is ENI.
projects have grown, most of which were financed by
the National State through the “Works for Consolidation
In February 1996, Enersis made a second equity issuance
and Expansion of Electricity Distribution Fund (FOCEDE)”,
in the local and international markets. In addition, the
which resulted in the largest investments of the Company
Company performed a bond issuance in the United
in this area in the last years.
States for a total of US$800 million, with maturities in
2006, 2016 and 2026.
In Brasil, total investments reached $248 billion reais.
In particular, Ampla performed investments for a total
In February 1998, Enersis once again increased its capital and
of $158 billion reais, mainly focused on energy losses
performed a bond issuance of US$ 200 million.
reduction, quality of the distribution network and
connections for new customers. In the case of Coelce,
In 2000, Enersis conducted a new capital Increase of
investments totalled $89 billion reais, mainly in network
approximately US$525 million.
and connection projects for the incorporation of new
customers. Additionally, the investments needed to
On December 17, 2001 Enerssi stocks began trading in the
endure the sustained demand growth of the State of
Latin American Stock Exchange in the Madrid Stock Exchange
Ceará in the last months.
(LATIBEX) under the account name XENI.
In Colombia, total investments amounted to COP$108
Between June and December 2003, Enersis performed
billion in projects oriented to expansion to serve new
another Capital Increase, which allowed increasing the equity
customers and satisfy the entire demand growth in
base of the Company in more than US$ 2 billion.
the different tensions of the distribution network.
Investments made
through Codensa were mainly
In 2012 Enersis carried out financial transactions in the
focused on connections for new customers and network
foreign subsidiaries, for refinancing and new financing
to improve quality of service.
and hedging transactions, for a total amount of US$ 1,376
million, $117 million of which came from Argentina, US$
In Perú, Edelnor performed investments for a total of $98
533 million from Brazil, US$ 623 million from Colombia
billion soles mainly focused mainly in satisfying demand
and US$ 104 million from Peru.
growth, seeking to reinforce security of the Medium and
Low Tension feeders.
In March 2013 Enersis capital increase of over US$6 billion
Investments and Financial Activities
117
was successfully completed, the largest one carried out
(US$ 350 million) and it’s hedging (US$ 231 million).
by a Chilean company.
In Peru, Enersis acquired 39% of Generandes (controlling
In 2014 the main financial operations were carried out in
entity of Edegel) for US$413 million.
Argentina, Brasil, Chile and Peru. In Argentina, Costanera
managed to finance a loan with Mitsubishi Corporation,
During 2015, new financing and hedging transactions
which required torecognize the debt at market vakue
amounted to US$328 million, US$43 millones of which
and interests of US$ 66 million were waived, and capital
took place in Brazil, US$216 million in Colombia and
maturities of nearly US$ 120 million were rescheduled for
US$67 million in Perú.
18 years with a 12-month grace period.
In the Extraordinary Shareholders Meeting of Enersis in
On the other hand, Enersis was able to buy and then
December 2015, the shareholders approved the corporate
capitalize certain debt that Docksud had with Endesa Latino
restructuring of Enersis proposed by its controller. The
América. In Brazil, Enersis executed an OPA for the shares
plan considers a series of divisions and mergers of the
of Coelce. This transaction required the disbursement of
companies controlled by the Group in 2016 to finally create
US$ 243 million, thus obtaining 15.18% of capital, and
Enersis Chile and Enersis Américas. Thus, Enersis Américas
reaching 74.05% of consolidated participation.
will manage the electricity generation, distribution and
transmision that the Group has in Argentina, Brazil,
In Chile, Endesa Chile issued a US$ 400 million Yankee
Colombia and Peru. Meanwhile, Enersis Chile will control
Bond, renewed hedging contracts (Cross Currency Swaps)
the business generation company Endesa Chile and the
for US$ 429 million and acquired the remaining el 50%
electicity distribution company Chilectra in Chile. After the
of GasAtacama for US$ 309 million. With the acquisition,
amendments performed between 2006 and 2010 to the
Endesa Chile begun to consolidate 100% of the results of
local bonds, Yankee bonds and lines of credit contracts
GasAtacama results, whose results weren’t consolidated
under New York Law of Enersis and Endesa Chile, events
before because the company was considered affiliate
of default of any subsidiary don’t have effect on the parent
company. Furthermore, Enersis paid the Yankee Bond
companies’ debts.
118
2015 Annual Report Enersis
National
Finance
International
Finance
Consolidated Enersis accounts at the end of 2015 available
In 2015, Latin America was marked by a slowdown in the
committed credit lines of US$ 531 million.
demand for commodities, which is partially explained by
the slower dynamism of the Chinese economy. Likewise,
Likewise, Enersis and Endesa Chile and its subsidiaries
during the year there was an excess of oil supply in
in Chile and abroad, account at the end of 2015 available
the international markets. In this context, copper and
uncommitted credit lines of US$706 millones.
oil suffered important decreases in prices, accounting
During 2015, Enersis maintained available for withdrawal
prices directly impacted the devaluation of the Peruvian
the entire program of local bonds for UF 12.5 million,
Sol, Brazilian Reais, Chilean Peso and Colombian Peso in
declines of 26.1% and 35.0% respectively. This drops in
program registered in the Securities Register of the
relation to the US dollar.
Superintendence of Securities and Insurances in February
2008.
The political, economic and social situation in some
countries of the region became weaker, thus impacting
At the end of 2015 Commerce Effect Lines for a total
local financial conditions. Such is the case of Brazil, which
amount of up to US$200 million for both Enersis and
in 2015 showed an institutional and political crisis, and
Endesa Chile remained unused. These Commerce effect
also an economic recession, prompting downgrades of its
lines were registered in January 2009 in the Securities
sovereign credit risk by two of the most important credit
Register of the Superintendence of Securities and
rating agencies, being below investment grade.
Insurance.
In 2015, developed economies, mainly the United States,
Additionally to the already mentioned credit contracts
showed a growing recovery after the financial crisis that
and bonds programs, Enersis and Endesa Chile with
took place at the end of the last decade. As such, the
its Chilean subsidiaries ended with available cash of
FED announced by mid December 2015 the first raise
US$1,389 million, corresponding US$1,317 million for
in interest rates in a decade in 25 basis points, then the
Enersis and US$ 72 million for Endesa Chile.
range remained between 0.25% and 0.50%. The latter,
supported the strength of the dollar compared with other
Regarding the consolidated financial debt of Enersis as of
emerging currencies.
December 2015, it reached US$ 4,791 million. Out of this
amount, US$3,065 million corresponds to Endesa Chile
Financial markets became open in the countries where
consolidated debt. This debt is primarily comprised by
Enersis operates, which enables its foreing subsidiaries
international bonds, local bonds and bank debt.
to have access to the resources needed to finance
It should be noted that the consolidated cash of Enersis
refinanciancing its longer term debt, thus complying with
was US $ 1,875 million, therefore, the consolidated net
a policy that aims to control financial risks.
their projects and investments, and also to continue
debt amounts to US$ 2,916 million. However, US$ 51
million are deposits in intruments for over 90 days.
During 2015, a US$ 200 million Yankee bond of Endesa
Chile matured. In 2016, a US$ 250 million Yankee bond of
Enersis and its corresponding hedging will mature.
Investments and Financial Activities
119
Main Financial Operations
Argentina
Peru
During 2015 the liabilities of Chocón, Costanera and Edesur,
Empresa Eléctrica de Piura contracted leasing for US$54
amounting to US$5.6 million were refinanced.
million for the new dual turbine financing.
Brazil
Edegel prepayed US$32.5 million of a bank loan and refinance
the balance of US$21 million through a bank loan. In addition,
Ampla renegotiated local bond covenants of the 6ª, 7ª and 8ª
Edegel renewed committed credit facilities with local banks,
issuances and contracted BNDES financing to finance CAPEX
which amounted to US$29 million.
for 2014 and 2015 for US$ 120 million. Likewise, Coelce also
contracted BNDES financing for CAPEX for 2014 and 2015 for
Chinango refinanced a bank loan for US$28 million maturing
US$ 54 million.
in February 2018.
Colombia
Edelnor performed a corporate bond issuance corresponding
to the V Bond Program for US$20 million at 4 years term.
Emgesa performed different financing activities in 2015, to
Also, the company renewed committed credit facilities with
finance El Quimbo project and working capital needs. Among
local banks, which amounted to US$64 million.
them, there were a number of short-term bank loans, which
in some cases were refinanced in the medium term, and the
balance at the end of the year reached US$188 million. Also,
the company performed debt refinancing with local banks
that amounted to US$127 milion.
Coverage Policy
Exchange Rate
Interest Rate
The exchange rate hedging policy of the Group is based on
The Group’s policy is to maintain levels of fixed and protected
cash flows and seeks to maintain a balance between flows
debt over total net debt within a band of plus or minus 10%
indexed to foreign currency (US$) and the levels of assets
compared to the ratio established in the annual budget. In
and liabilities denominated in that currency. The goal is to
case of any deviation from the budget, hedging transactions
minimise flows’ exposure to risk from changes in exchange
are made, based on market conditions. At the closing date
rates. As part of this policy, the Enersis Group in en Chile
in December, consolidated fixed debt plus protected debt in
contracted forwards for US$455 million to cover the flows in
relation to net bebt was 77%.
different currencies coming from foreign subsidiaries.
120
2015 Annual Report Enersis
Credit Risk Rating
On November 9, 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.
Over time, most credit ratings have changed. Currently, they are all “investment grade”, which is based on the diversified
portfolio of assets, liquidity and adequate policies of debt service coverage.
In summary, we highlight the following main events that took place in 2015:
> On June 16, 2015, Fitch Rating confirmed the local and international currency ratings of Enersis at “BBB+”, as well as its
long-term national scale reating at “AA (cl)”. The outlook is “stable”.
> Likewise, on November 12, 2015, Standard & Poor’s confirmed the international rating for Enersis at “BBB+”. The credit
rating of the Company was classified as “creditwatch” with and its perspectives were modified to Negative pending the
execution of the corporate restructuring operation.
> Afterwards, on Decemeber 15, 2015, Feller Rate ratified the local rating for the bond, stocks and negotiable instruments
at “AA”, with negative outlook.
> Finally, on December 23, 2014, Moody’s downgraded the corporate rating of Enersis to “Baa3” from “Baa2” with stable
outlook.
Ratings are supported by the Company’s diversified portfolio of assets, strong credit parameters, adequate debt structure
and large liquidity. The geographic diversification of Enersis in Latin America provides natural hedging against the different
regulations and weather conditions.
International Ratings
Local Ratings
Enersis
Corporate
S&P
BBB+ /
Negative
Moody’s
Fitch
Baa3 / Stable
BBB+ / Stable
Enersis
Stocks
Bonds
Feller Rate
1° class, Level 2
AA / Negative
Humphreys
Fitch
1° class, Level 1 1° class, Level 1
AA / Stable
AA / Stable
Because of the situations that the Company is currently facing, for example the economic circumstances in Brazil and the corporate
restructuring consisting on the division of generation and distribution activities in Chile, from the remaining activities developed by
the Group abroad, the Credit Rating Agencies have issued reports during the first quarter 2016:
> On February 3, 2016, the Credit Rating Agency S&P downgraded the credit rating of Enersis by one notch, to “BBB” from
“BBB+”, and maintained the negative outlook. On February 23, S&P confirmed this rating.
> Also, on March 1, 2016, Fitch Ratings downgraded the local and international credit risk rating of Enersis to “BBB” from
“BBB+”, as well as the long-term national credit risk rating of the Company to “AA-(cl)” from “AA(cl)”. Perspectives are “stable”.
Investments and Financial Activities
121
Property
and Insurance
Brands
The company has registered “Enersis” brand for products,
services, industrial and commercial facilities.
Enersis owns some equipment and substations located in
the Metropolitan Region and, as every subsidiaries of Enel,
they are part of a global risk coverage programme, led by its
parent company Enel, in material damage, terrorism, business
interruption and legal liability. The renovation process of these
insurance contracts was carried out through an international
bidding, where the main leading insurance companies
worldwide were invited to participate. The contracts were
renovated on November 1, 2015 through October 31, 2016.
122
2015 Annual Report Enersis
Suppliers, Customers
and Main Competitors
> 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
Being Enersis a company that operates mainly in the field
Projetos e Construcoes Ltda., Endicon Eng. Instalacoes
of electricity generation and distribution, it has taken into
e Const. Ltd., B & Q Energia Ltda., Eficaz Engenharia
account, besides its own ones, the suppliers, customers
e Servicos Ltd., Citeluz Servicos de Iluminacao Urba.,
and most relevant competitors of its main subsidiaries in
Biotérmica Energia S.A., Andritz Hydro Inepar do Brasil
Chile and in the other countries in Latin America where the
S/A, Voith Hydro Ltda., Safira Admin. Comercializadora,
Company operates:
Energia Solucoes S.A., Alstom Power O & M Ltda.,
Alstom Brasil Energia e Transp. Ltda., Cegece, Hidroplas
Accordingly, the Company established that its main suppliers,
Industria e Comércio Ltd., PB Construcoes Ltda.
customers and competitors are the following:
> Colombia: EPM, Isagen, Gecelca, Chivor, EPSA, Caribe,
> Chile: Gerdau Chile, CMPC Group, Mall Plaza Group,
Emsa, CEO, Familia S.A., E.A.B. ESP, Ecopetrol S.A.,
CGED Group, SAESA Group, Chilquinta Group, Emel
Cencosud S.A., Triple A S.A. ESP, EEPPM, Electricaribe
Group, Colbún, Guacolda, AES Gener, Hidroléctrica La
S.A. ESP, Dicel, Deltec S.A., Cam Colombia Multiservicios
Higuera, Hidroeléctrica La Confluencia, Pacific Hydro,
SAS, Consorcio Mecam, Cenercol S.A., Villa Hernández
E-cl (Suez), Importadora y Exportadora Clever Ltda.,
y Compañía SAS, Transportes C&C, Transportes
Schaffner S.A., Cam Chile S.A., Ferrovial Agroman Chile
Especializados JR SAS., Alumbrado Público Bogotá,
S.A., Salfa Empresa de Montajes S.A., Inerco Ingeniería
San Miguel Industriales PET S.A., Telefónica Móvil de
y Tecnología, Akeron –CAF Servicios Industriales Ltda.,
Colombia.
MItsubischi Corporation, Voith Idro Ltda.
> Peru: Vorantim Metais Cajamarquilla, Luz del Sur,
> Argentina: Sadesa, AES, Pampa, Petrobras, YPF ENERG
Cía. Minera Antamina, Chinalco, Enersur S.A., Kallpa
(ex Pluspteg), Minera Lumbrera, Chevron Argentina,
Generación S.A:, Electroperú, Duke Energy, Celepsa,
Petroquímica Comodoro Rivadavia, Duke Energy,
Corporación Celima, Filamentos
Industriales S.A.,
Albanesi, GCBA, AYSA S.A., Coto C.I.C.S.A., , Telefónica,
Corporación Lindley S.A.,Peruana de Moldeados S.A.,
Metrovías, Soc.
Integrada de Buenos Aires UTE,
Lima Airport Partners S.R.L., Coelvisac, Termoselva
Prysmian Energía Cables y Sistemas, Leccentros S.A.,
S.R.L., Duke Energy Egenor S.E.P.A., Siemens Energy
Contrucsur S.R.L., Tecnodock S.R.L, Duro Felguera Arg.
Inc., Siemens S.A., Siemens S.A.C., Skanska del Perú
S.A. , DF Services Masa Oper. Int. S.L., Ansaldo Energia
S.A., Yikanomi Contratistas Generales SAC., Cobraperú
S.P.A, Masa Argentina S.A., Reivax S.A. Automacao e
S.A., Calatel
Infraestructuras y Servicio, Consorcio
Controle, Imc SRL - Mei SRL UTE, Enrique Félix Zippilli,
Nortelec, Compañía Americana de Multiservicios, Indeco
Turismo Patagonia S.A., Integratech, S.A.
S.A.
Investments and Financial Activities
123
Risk Factors
124
2015 Annual Report Enersis
Risk Factors
125
126
2015 Annual Report Enersis
The companies of the Enersis Group are exposed to certain risks that are managed through the application of
identification systems, measurement, limitation of concentration and supervision.
Among the main principles in the Group’s risk management policy, we highlight the following:
> Comply with corporate governance standards.
> Strict compliance with all the Group’s internal policies.
> Each business and corporate area determines:
I. The markets in which the Company may operate based on its own knowledge and sufficient capacities
to ensure effective risk management.
II. Counterparts’ criteria.
III. Authorized operators.
> Business and corporate areas establish their risk tolerance in a manner consistent with the defined strategy
for each market where they operate.
> All the businesses operations 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 needed
to assure that the transactions performed in the markets are conducted in accordance with Enersis’ 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 interest rate risk management is to reach a balance of debt structure, thus minimizing the cost of
debt and reduce income statement volatility.
In compliance with the current interest rate hedging policy, the portion of fixed and/or hedged debt to total net debt
was 58% as of December 31, 2015.
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 are in compliance with the policy are interest-
rate swaps that convert variable to fixed rates.
The structure of Enersis Group’s financial debt as per fixed and protected rate, and variable rate over total net debt,
after derivatives contracted, is the following:
Net Position
Fixed interest rate
Variable interest rate
Total
12-31-2015
%
58%
42%
100%
12-31-2014
%
72%
28%
100%
Risk Factors
127
Exchange
Rate
Risk
Exchange risks are mainly related to the following transactions:
Commodities
Risk
The Enersis Group is exposed to the price fluctuation risk of
some “commodities”, basically through:
> Fuel purchases for electricity generation
> Debt contracted by the companies of the Group
> Energy trading on the local markets.
denominated in currencies different than the ones their
cash flows are indexed to.
With the objective of reducing risks in extreme drought
> Payments for the acquisition of project-related materials
conditions, the Company has designed a commercial policy
and payments of insurance premiums in currencies
that defines sales commitment levels consistent with the
other the ones their cash flows are indexed to.
capacity of its generation power plants in a dry year, and the
> Revenues of the companies of the Group directly linked
policy includes risk-mitigation clauses in some non-regulated
to currencies other than the ones their cash flows are
customers’ contracts. In the case of regulated customers
indexed to.
subject to long-term bidding processes, certain indexation
> Cash flows from foreign subsidiaries to their parents
clauses are included to reduce exposure to commodities and
companies
in Chile exposed
to exchange
rate
other variables.
fluctuations.
Considering the operational conditions that the Chilean
In order to mitigate the exchange risk, the exchange rate
electricity generation market faces, such as drought and
hedging policy of Enersis Group is based on cash flows and
commodities’ prices volatility in the international markets,
seeks to maintain a balance between dollar-indexed flows
the Company is constantly ensuring the convenience to
and the levels of assets and liabilities denominated in that
contract hedging contracts to minimize the impact of these
currency. The objective is to minimize exposure of cash flows
variations in prices. As of December 31, 2015 outstanding
to variations in the exchange rate.
swap operations were 133 thousand barrels of Brent oil. As
Instruments used currently to comply with the policy are
133 thousand barrels of Brent oil for January 2015 and 350
currency swaps and exchange rate forwards. Likewise,
MMBTU of Henry Hub for February 2015.
of December 31, 2014 outstanding swap operations were
the policy also looks to refinance the debt in the functional
currency of each company.
According to the operational conditions, which are constantly
updated, these coverage operations may be modified, or they
may include other commodities.
128
2015 Annual Report Enersis
Liquidity
Risk
The Group maintains a
liquidity policy consisting of
outstanding
long term committed credit facilities and
Receivable
Trade
Accounts
temporary financial investments, for amounts sufficient to
Credit risk related to accounts receivable derived from
cover the forecasted needs for a period of time related to the
business activities has historically been very limited,
situation and expectations for the debt and capital markets.
because of the short-term nature of the receivables
does not allow the accumulation of significant individual
The aforementioned forecasted needs include net financial
amounts. This applies both to our electricity generation and
debt maturities profile, that is, after financial derivatives. For
distribution businesses.
further details regarding the caracteristics and conditions of
financial debt and financial derivatives, please see notes 19,
In some countries, in the electricity generation business
21 and appendix 5.
it’s possible to suspend the supplies in the event of non-
payment, and in almost all the contracts, there is a contract
As of December 31, 2015, the Group’s liquidity was $
termination clause for events of non-payment. Credit risk is
1,329,425 thousand Chilean pesos in cash and cash
therefore monitored constantly and the maximum amounts
equivalents and $ 176,364,376 thousand in commited long-
exposed to non-payment are measured, although these are
term credit facilities available. As of December 31, 2014, the
limited.
Enersis Group’s liquidity was $ 1,704,745,491 thousand in
cash and cash equivalents and $ 353,263,488 thousand in
In the case of the electricity distribution companies, it’s
commited long-term credit facilities available.
possible to suspend supplies by our companies in the
Credit
Risk
The Enersis Group performs a detailed follow up process of
its credit risk.
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.
Risk Factors
129
Financial Assets
Investments of cash surpluses are performed in domestic
Placements can be backed by treasury bonds of the countries
and foreign first-class financial institutions (with risk rating
where the operation is performed and/or by securities issued
equivalent to investment grade, when its possible) with limits
by first-class banks, preferring those who offer higher yields
established for each entity.
(always considering the outstanding investment policies).
In selecting banks for investment, those that have investment
Derivatives are contracted with highly solvent entities, thus
rating are considered, considering the three main international
all operations are contracted with investment grade entities.
credit risk rating agencies (Moody’s, S&P and Fitch).
130
2015 Annual Report Enersis
Risk
Measurement
The Enersis Group prepares a measurement of Value at
Risk of its debt positions and financial derivatives, with
A financial or other crisis in any region
worldwide can have a significant
impact on the countries in which
Enersis operates, and consequently,
may adversely affect the operations as
well as our liquidity.
the objective of monitoring the risks undertaken by
The five countries where Enersis operates are vulnerable
the company, thus limiting the volatility of the income
to external shocks, including financial and political events,
statement.
which could cause significant economic difficulties and
affect their growth. If any of these economies experience
The portfolio of positions included in the calculation of
lower than expected economic growth or a recession, it
Value at Risk comprises the dfollowing:
is likely that our customers will demand less electrici-
> Financial Debt
> Debt hedging derivatives
ty. Furthermore, some of our customers may experience
difficulties paying their electric bills, possibly increasing
our uncollectible accounts. Any of these situations could
The calculation of Value at Risk represents the possible
adversely affect our results of operations and financial
variation of the portfolio of positions value described
condition.
above in one-quarter term with 95% confidence. For this
purpose, there is a volatility study of the risk variables
Financial and political crises in other parts of the world
that impact the portfolio of positions value, with respect
could also adversely affect our business. For example,
to the Chilean Peso, including:
instability in the Middle East could result in higher fuel
> Libor Interesat Rate of the US Dollar.
prices worldwide, which in turn could increase the cost
> Different currencies in which our companies operate,
of fuel for our thermal generation plants and adversely
the regular local indexes of banking practice.
affect the results of operations and financial condition of
> Exchange rates of the different currencies considered
Enersis.
in the calculation.
The calculation of Value at Risk is based on an extrapolation
ruptive effects on the financial industry could adversely
of future scenarios (one quarter) of the market value
impact our ability to obtain new bank financings on the
of risk variables in relation to scenarios based on real
same historical terms and conditions. This could also de-
observations for the same period (quarter) during a five-
crease our ability to access the capital markets in the five
In addition, an international financial crisis and its dis-
year term.
countries in which we operate as well as the international
capital markets for other sources of liquidity, or increase
The calculation of Value at Risk for one quarter with 95%
the interest rates available to us. Reduced liquidity could,
confidence is one percentile of the 5% most adverse of
in turn, adversely affect our capital expenditures, our
the quartelty possible variations.
long-term investments and acquisitions, our growth pros-
Taking into account the hyphotesis described above,
Value at Risk for one quarter, of the positions commented
above is Th$ 153,738,595.
These values represent the potential growth of the debt
and derivatives portfolio, so these values at risk are
intrinsically related, among other factors, to the value of
pects and our dividend policy.
South American economic fluctuations
are likely to affect the results from
operations and financial condition of
Enersis, as well as the value of our
securities.
the portfolio at the end of each quarter.
All of Enersis’ operations are located in five South
American countries. Accordingly,
its consolidated
Likewise, risk factors, may be extended to the following
revenues may be affected by the performance of South
fields:
Risk Factors
American economies as a whole. If local, regional,
131
or worldwide economic trends adversely affect the
Governmental authorities have altered monetary, credit,
economy of any of the five countries in which Enersis
tariff, tax and other policies to influence the course of
has investments or operations, its financial condition and
the economies of Argentina, Brazil, Colombia and Peru.
results from operations could be adversely affected.
Despite that there won’t be any assets in Chile after the
Most of the operating income of the Company is
under Chilean law. Therefore, tax payment obligations
generated in Chile, Brazil and Colombia, and 78% of
will be in Chile and will be subject to the changes of
“Spin-Off”, the company continues to be established
our operating revenues in 2015 were derived from our
Chilean taxation laws.
operations in these countries. As a result, our financial
condition and results of operations are particularly
To a lesser extent, the Chilean government has also
dependent on Brazilian, Chilean and Colombian economic
exercised and continues to exercise a substantial influence
performance. Set forth below are the GDP growths
over many aspects of the private sector, which may result
in 2015 and forecasts for 2016 and 2017 for these two
in changes to economic or other policies. For example, in
countries according to the Latin American Consensus
September 2014, the Chilean government approved the
Forecast published by Concensus Economics Inc, on
progressive increase of the corporate income tax and a
February 15, 2016.
change in the tax system, which may have an additional
negative effect upon non-Chilean holders of shares or
> In 2015, Chilean GDP increased by 2.0% compared
ADSs. Later, on February 8, 2016 the Law 20.889 was
to the 1.9% growth in 2014. For 2016, Chilean GDP
enacted, which provide amendments to the tax reform.
growth forecast is 2.0% and 2.7% in 2017.
Governmental actions in these South American countries
> In 2015, Brazilian GDP decreased 3.7% compared
have also involved wage, price and tariff rate controls and
to the 0.1% growth in 2014. For 2016, Brazilian GDP
other interventionist measures, such as expropriation
forecast is a contraction of 3.1% and in 2017 a growth
or nationalization. For example, Argentina froze bank
of 0.6%.
accounts and imposed capital restrictions in 2001,
> In 2015, Colombian GDP increased by 2.9% compared
nationalized the private sector pension funds in 2008,
to the 4,6% growth in 2014. For 2016, Colombian GDP
used its Central Bank reserves to pay down indebtedness
growth forecast is 2.5% and 3.1% in 2017.
maturing in 2010, expropriated Repsol’s 51% stake in YPF
Future adverse developments in these economies may
limited Argentine access to foreign currencies. In 2010,
impair our ability to execute our strategic plans, which
Colombia imposed an equity tax to finance reconstruction
could adversely affect our results of operations and finan-
and repair efforts related to severe flooding, which
in 2012 and imposed exchange controls in 2014, which
cial condition.
resulted in an extraordinary tax expense accrual booked
in January 2011 for taxes payable in 2011 through 2014.
In addition, South American financial and securities mar-
kets are, to varying degrees, influenced by economic and
Changes in the policies of these governmental and
market conditions in other countries. Brazilian, Chilean
monetary authorities with respect to tariffs, exchange
and Colombian financial and securities markets may be
controls, regulations and taxation could reduce our
adversely affected by events in other countries, which
profitability. Inflation, devaluation, social instability and
could adversely affect the value of Enersis’ securities.
other political, economic or diplomatic developments,
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 business and financial results
of Enersis.
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.
132
2015 Annual Report Enersis
Our primary facilities include power plants, transmission
covered by the outstanding contracts with insurance
and distribution assets, pipelines, liquefied natural gas
companies.
(“LNG”) terminals and re-gasification plants, storage
and chartered LNG tankers. Earthquakes, flooding, fires,
and other catastrophic disasters arising from natural or
accidental human causes, as well as acts of terrorism
may damage our facilities. 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
We are subject to financing risks,
such as those related 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.
our insurance policies, which typically carry a deductible
As of December 31, 2015, the consolidated debt of
and are subject to per event policy maximums.
Enersis reached Ch$ 3,309 billion. As a consequence of
the corporate restructuring process, on December 18,
As an example, on May 6, 2013, a blade of gas turbine
2015 the division of Enersis in Enersis Chile (covering the
n°7 of Santa Rosa power plant of Edegel, in Peru, broke
Chilean activities and) and Enersis Américas (covering
up and triggered a catastrophic damage to the unit as
every activity and operations abroad) was approved.
a consequence of the combustion of the lubricant oil.
As a result of the latter, on the accounting period 2015,
The damaged turbine was classified as total loss and its
the continuing company was Enersis Américas and
replacement cost exceeded US$60 million in material
every Chilean operation and assets were discontinued
damage and loss of profits. Despite that costs were
accordingly.
covered by insurance contracted by Edegel, the unit
was out of service for 19 months, and operations were
As of December 31, 2015, the consolidated debt of
delayed until December 5, 2014. Accidents such as the
Enersis Américas amounted to Ch$ 2,464 billion and the
latter might affect the operations, profits and cash flows
debt maturity profile is the following:
of the company.
> Ch$ 617 billion in 2016;
> Ch$ 682 billion in the period 2017 – 2018;
In addition, on February 27, 2010, Chile experienced
> Ch$ 373 billion in the period 2019 – 2020; and
a major earthquake in the Bío-Bío region, with a
> Ch$ 792 billion thereafter.
magnitude of 8.8 on the Richter scale, followed by a
very destructive tsunami. Our Bocamina I and Bocamina
Set forth below is a breakdown by country for debt
II thermal generation units, which are located near the
maturing in 2016:
epicenter, sustained significant damage as a result of the
> Ch$ 183 billion for Chile;
earthquake.
> Ch$ 170 billion for Colombia;
> Ch$ 135 billion for Brazil;
Also, recently on September 16, 2015, Chile endured
> Ch$ 98 billion for Peru; and
an earthquake, with a magnitude of 8.3 on the Richter
> Ch$ 31 billion for Argentina.
scale, in the Coquimbo region, followed by a tsunami,
which didn’t generate important damanges to any of
Some of our debt agreements are subject to (1) financial
Enersis’ facilities. In the distribution business, on May
covenants,
(2) affirmative and negative covenants,
6, 2015 a fire damaged the halls, control room, batteries
(3) events of default, (4) mandatory prepayments for
room and ancilliary services in the substation Alonso de
contractual breaches, and (5) certain change of control
Córdoba in Santiago, leaving 50,000 customers without
clauses for material mergers and divestments, among
energy from the eastern area of Santiago, where an
other provisions. A significant portion of our financial
important part of the financial and commercial activities
indebtedness is subject to cross default provisions, which
of the city are located. The short circuit was caused by a
have varying definitions, criteria, materiality thresholds
cat, and produced a devastating loss of power. This fire
and applicability with respect to subsidiaries that could
generated losses of US$ 5.8 million, which were mostly
give rise to such a cross default.
Risk Factors
133
In the event that Enersis or its subsidiaries breach any of
sector remain unresolved, Enersis will roll over the
these material contractual provisions, our creditors and
outstanding Argentine debt to the extent we are able
bondholders may demand immediate repayment, and
to do so. If our creditors will not continue to roll over
a significant portion of our indebtedness could become
our debt when it becomes due and we are unable to
due and payable. For example, as of December 31, 2014,
refinance such obligations, the Company could default on
March 31, 2015 and September 30, 2015 our Argentine
such indebtedness.
subsidiary El Chocón did not meet an interest coverage
ratio test (EBITDA to interest expense) pursuant to a
On the other hand, depending on the evolution of the
covenant requirement under a loan agreement with
economic situation in Brazil, this may become the country
Standard Bank, Deutsche Bank and Itaú that matured in
with highest financial risk. As of December 31, 2015,
February 2016. El Chocón has experienced difficulties
financial debt with third parties of Brazilian subsidiaries
in meeting this covenant several times in the past and
amounted to Ch$ 560 billlon.
has obtained waivers from its lenders. As of the date of
this Report, we are in discussions with the lenders but
The Company’s inability to finance new projects or capital
El Chocón has not received any waivers or acceleration
expenditures or to refinance the existing debt of Enersis
notices for its most recent failure to comply with the
could adversely affect its results of operation and financial
ratio. If the lenders decide to declare an event of default
condition.
and accelerate the loan.
In the distribution business, Ampla has been facing
different types of financial problems due to the
political and economic situation
in Brazil, which
caused lower electricity demand, higher costs related
Enersis may be unable
to enter into suitable
investments, alliances
and acquisitions.
to inflation and in the particular case of Ampla, cash
On an ongoing basis, Enersis reviews the acquisition
and EBITDA impairments, similar to other distribution
prospects that may increase its market coverage or
companies in the Brazilian market. This made Ampla to
supplement our existing businesses, though there
renegotiate some of its financial agreements between
can be no assurance that it will be able to identify and
December 2015 and January 2016, with the purpose
consummate suitable acquisition transactions in the
of avoiding non-complying with its obligations, among
future. The acquisition and integration of independent
other measures. There is an additional risk of non-
companies that it does not control is generally a
compliance if the economic environment in Brazil
complex, costly and time-consuming process and
continues deteriorating.
requires significant efforts and expenditures. If the
Company completes an acquisition, it could result in
We may also be unable to raise the necessary funds
the incurrence of substantial debt and assumption of
required to finish our projects under development or
unknown liabilities, the potential loss of key employees,
under construction. Market conditions prevailing at the
amortization expenses related to tangible assets and
moment we require these funds or other unforeseen
the diversion of management’s attention from other
project costs can compromise our ability to finance these
business concerns. In addition, any delays or difficulties
projects and expenditures.
encountered in connection with acquisitions and the
integration of multiple operations could have a material
Enersis believes that Argentina continues to be the
adverse effect on our business, financial condition or
country with the highest refinancing risk (nevertheless,
results of operations.
the recent change of the Argentinean government might
prompt positive actions in the economic administration,
For example, on April 22, 2014, Endesa Chile acquired
thus promting better perception on country risk). As of
50% stake in Gas Atacama Holding, which meant to
December 31, 2015, the third-party debt of our Argentine
totally combine GasAtacama Holding and GasAtacama in
subsidiaries amounted to Ch$ 70 billion. As long as
the financial statements and to include these companies
fundamental
issues concerning the
local electricity
in the regular operations of the Company.
134
2015 Annual Report Enersis
Because our generation business
depends heavily on hydrological
conditions, droughts may adversely
affect our operations and profitability.
> During periods of droughts, thermal power plants
are used more frequently. Operational costs of
thermal power plants can be significantly higher
than hydroelectric power plants. Operational costs
increase during these periods. Besides, depending
Approximately 53% of our consolidated
installed
on commercial obligations, the Company may need
generation
capacity
in 2015 was hydroelectric.
to buy electricity at spot prices, with the purpose
Accordingly, extreme hydrological conditions and climate
of fulfilling the commitments of supply contracts,
change could adversely affect our business, results of
and the costs of these electricity acquisitions might
operations and financial condition. In the last few years,
exceed the sale price, so the Company may obtain
regional hydrological conditions have been affected
losses from these contracts.
by two climatic phenomena (El Niño and La Niña) that
> Thermal power plants require water for cooling and
influence rainfall regularity and resulted in droughts. For
the drought not only reduces the water capacity, but
example, in Brazil, where 67% of our installed capacity is
also increases the concentration of chemicals in the
hydroelectric, the low hydro generation in 2014 and 2015,
water used for cooling, increasing damage in the
which resulted in higher thermal dispatch and spot prices,
plants’ equipments, and also increses the default risk
thus motivating the authority to make regulatory changes
of environmental regulation. As a result, the Company
to modify ceiling prices. Besides, El Niño phenomenon
needs to buy water from farming areas, which also
has affected hydrology conditions in Colombia since May
present water scarcity. The acquisition of water might
2015, increasing the rainfall deficit and high temperatures,
increase operational costs and the negociation with
thus increasing prices. According to the National Oceanic
local communities is also needed.
and Atmospheric Administration of the Unitad States
> Gas-fired thermal power plants generate emissions
(NOAA), this even might last at least until the first quarter
such as sulphur dioxide (SO2) and nitrogen oxide (NO).
of 2016. Each El Niño event is different, and depending
As such, a greter use of thermal power plants, during
on the duration or intensity its different y depending on
drought periods, increases the risk of increasing
its duration or intensity, the social and economic effects
contaminant levels.
might be stronger. Peru has also experienced rain deficits,
especially by the end of 2015 and the forecast is that the
natural flow of the plants were Endesa Chile operates
will decrease. The hydrological situation will depend on
the level of the reservoirs observed by the end of April
2016. In Chile the hydrological contributions have been
below historic levels, therefore affecting results. This
situation not only reduces the capacity to operate the
hydroelectric power plants, but also results in higher
water transportation costs for the cooling of operations
in the thermal power plant San Isidro. While Endesa Chile
has signed agreements with the Chilean government
and local farmers with regards to the use of water for
hydro generation, especially during periods of low water
Besides, in terms of certain weather
prediction models, this drought is
affecting the region where most
of our hydroelectric power plants
may continue to be in the future. A
prolonged drought might aggravate
the risks described above and thus to
have an adverse effect on our business,
operational results and financial
condition. Governmental rules might
negatively affect the business of the
Company.
levels, if the drought conditions remain or worsen, the
Enersis is subject to extensive regulations of tariffs that
company might face a stronger presion from the Chilean
apply to the customers of he Company and to other
government or from other third party to restrain even
aspects of the business, and these regulations might
more the use of water.
have an adverse impact on profitability. For example, the
Chilean or Brazilian governments may enforce electricity
Drought also impacts the operation of thermal power
rationing during droughts or during prolonged failures
plants, including those that uses natural gas, oil or coal
of power plants. During rationing, if the Company can’t
as fuels, as follows:
generate sufficient energy to comply with its contractual
Risk Factors
135
obligations, it will likely may be forced to buy electricity
In addition, changes
in the regulatory framework
in the spot market, because even a severe drought don’t
are often submitted to legislators and administrative
release from the contractual obligations as a force mayeur
authorities in the countries in which we operate and,
event. The spot price might be significantly higher than
if approved, could have a material adverse impact on
the costs of energy generation and may reach de level
our business. For instance, in 2005 there was a change
of “failure cost” set by the National Energy Commission
in the water rights’ law in Chile that requires us to
(CNE). The CNE updates each six months the “failure cost”,
pay for unused water rights. In addition, the Chilean
and represents the value that final users would pay for an
government is beginning a review process of the current
additional MWh under rationing conditions. If the company
energy policies through an energy agenda presented
doesn’t have the capacity to by sufficient electricity in the
in May 2014 and updated in December 2015. The
spot market to satisfy all of its contractual obligations,
objective of this strategy is to improve the electricity
it would have to compensate its regulated customers
service for the poorer sectors, to have 70% of national
for the electricity it woudn’t delivered at rationing
electricity generation through NRCE and to have 100%
price. Rationing periods may present in the future and
of new facilities with an energy control system and
consistently, thr generation subsidiaries may be forced
clever administration of energy in 2050. Nevertheless,
to pay regulatory penalties if these subsidiaries fail to
external factors, mainly commodities prices, low energy
provide the adequate service according to its contractual
prices and restriction to the transmission system,
obligations. At present, the Colombian government is
have hindered the development of Non Conventional
analyzing the implementation of rationing policies due to
Renewable Energies projects and some non related
the energy crisis that currently is affecting the country.
companies have made available the contracts awarded
Electricity generation in Colombia has been affected by
in the last two offers for distribution companies. For
two generation power plants, not related to each other,
example, Endesa Chile
registered an
impairment
which have been out of service due to technical problems
provision of Ch$2.5 billion in December 2015, which was
and that represent around 10% of the installed capacity
related to the wind project Waiwen, whose capacity is
of the country, together with the water reserve levels
200 MW, because Endesa Chile decided that under the
being in average below 30% as a consequence of El Niño
current circumstances the profitability of the project is
phenomenon. Important rationing policies imposed by
uncertain.
the regulatory authorities in any of the countries where
Enersis operates, might adversely affect our business,
As an example of governmental regulations, on October
operational results and financial condition.
6, 2015, the Colombian government enacted the Decree
No. 1979/2015, which authorized the energy generation
Governmental authorities may also delay the distribution
of El Quimbostarting from October 7, 2015. On November
tariff review process, or tariff adjustments determined
16, 2015, El Quimbo started up its commercial operations
by governmental authorities may be insufficient to pass
after completing all the required tests. Nevertheless,
through our costs (as has been the case with Edesur,
on December 15, 2015, the Constitutional Court of
our Argentine distribution subsidiary and with Ampla
Colombia declared that the decree No. 1979/2015 was
and Coelce, our Brazilian distribution subsidiaries, for
inconstitutional because the preventive measure issued
part of 2014). Similarly, electricity regulations issued
by the Administrative Court of Huila was still in force and
by governmental authorities in the countries in which
the reasons provided for the commissioning of the power
we operate may affect the ability of our generation
plant were inaccurate. As such, Emgesa had to suspend
companies to collect revenues sufficient to offset their
the operations of El Quimbo from midnight of Decemeber
operating costs.
16, 2015. El Quimbo used all the legal resources available
with the purpose to reverse this preventive measure and
The inability of any company of our group to collect
on January 10, 2016, at midnight, El Quimbo started up
revenues sufficient to cover operating costs may affect
again its commercial operation.
the ability of that company to operate as a going concern
and may otherwise have an adverse effect on our
These changes might adversely affect the business,
business, assets, financial results and operations.
operational results and financial condition.
136
2015 Annual Report Enersis
Our business and profitability could
be adversely affected if water rights
are denied or if water concessions are
granted with limited duration.
expire if the holder does not exercise the rights within
eight years; (iii) existing non-consumptive water rights
and have not been used would expire within eight years
from the date of being granted; and (iv) at the end of
2015, a new requirement was added with regards to the
Approximately 54% of our installed capacity in Chile
existence of an ecologic flow for current and future water
is hydroelectric. The expansión of this technology
rights for consumptive and non-consumptive use, which
or eventually the modification of projects might be
might reduce the availability of water for generation
subordinated to the granting of the required water rights
purposes. Ultimately, limitations for current water rights,
from the State, which doesn’t ocurr in every case. Endesa
the need of additional water rights or the repeal of the
Chile owns water rights for the supply of water from
current legal regime of water rights may have an adverse
rivers and lakes near its generation facilities. In Chile,
material effect in the hydroelectric development projects
these rights are granted by the Chilean Water Authority
and in profitability.
(Dirección General de Aguas or “DGA”), in Argentina by
the Argentinean State, in Colombia by the Environment,
Housing and Land Development Ministry, in Peru by
the National Water Authority or ANA, and in Brazil by
the National Water Authority (ANA). In Colombia, water
rights or water concessions are granted for 50 years, and
Regulatory authorities may impose
fines on our subsidiaries, which
could adversely affect our results of
operations and financial condition.
renewables for the same period of time; nevertheless,
The electricity businesses may be subject to regulatory
these concessions may be revoked, for example by a
fines for any breach of current regulations, including
progressive decrease or water depletion. In Colombia,
energy supply failures, in the five countries in which
human consumption is the first priority before any other
Enersis operates. In Chile, such fines may be imposed
use. Something similar may ocurr in Peru, and water
for a maximum of 10,000 Annual Tax Units (Unidades
rights may be lost, even when concessions are agreed
Tributarias Anuales or “UTA”), or Ch$ 5.4 billion using
by indefinite periods of time, because of scarcity or
the UTA and foreign exchange rate as of December 31,
decrease in quality. Under current Chilean law, these
2015. In Peru, fines may be imposed for a maximum of
water rights are: (i) for unlimited duration, (ii) absolute
1,400 Treasury Tax Units (Unidad Impositiva Tributaria or
and unconditional property rights and (iii) not subject to
“UIT”), or Ch$ 1,103 million, using the UIT and foreign
further challenge. Chilean generation companies must
exchange rates as of December 31, 2015. In Colombia,
pay an annual license fee for unused water rights. New
fines may be imposed for a maximum of 2,000 Minimum
hydroelectric facilities are required to obtain water rights,
Monthly Salaries (Salarios Mínimos Mensuales), or Ch$
the conditions of which may impact design, timing or
286 million using the Minimum Monthly Salary and the
profitability of a project.
exchange rates as of December 31, 2015. In Argentina,
there is no maximum limit for relevant fines. In Brazil,
In addition, Chilean Congress is currently discussing
fines may be imposed for up to 2.0% of an electricity
amendments to the Water Code, with the purpose of
company’s revenues.
prioritizing the use of water defining access to it as a
human right that needs to be guaranteed by the state. This
Our electricity generation subsidiaries are supervised by
reform will determine that water is primarily for human
their local regulatory entities and may be subject to these
consumption, domestic subsistence and sanitation, both
fines in cases where, in the opinion of the regulatory
in the granting and the limitation of exploitation rights.
entity, operational failures affecting the regular energy
Under the proposal: (i) water use concessions would
supply to the system are fault of the company such
be limited to thirty years, which would be extendable
as when agents are not coordinated with the system
with respect to water rights actually used during the
operator. In addition, our subsidiaries may be required to
thirty-year period, unless the Chilean Water Authority
pay fines or compensate customers if those subsidiaries
demonstrates that water rights have not been used
are unable to deliver electricity, even if such failure is due
effectively; (ii) new non-consumptive water rights would
to forces outside of the subsidiaries’ control.
Risk Factors
137
For example, in August 2014, the Superintendency of
on cash flows from operations in those entities to repay our
the Environment imposed fines on Endesa Chile for a
debt.
total of 8,640 UTA (approximately Ch$4.5 billion) for
alleged environmental damages related to Bocamina II
Dividends limits and other legal restrictions: Some of
power plant. During 2015, the Chilean Superintendency
our non-Chilean subsidiaries are subject to legal reserve
of Electricity and Fuels imposed fines on Chilectra on
requirements and other restrictions on dividend payments.
five different occasions for a total of Ch$ 4,947 million,
Other legal restrictions, such as foreign currency controls,
mainly due to the regulatory infractions about quality and
may limit the ability of our non-Chilean subsidiaries and
continuity of service of the previous years and failures
equity affiliates to pay dividends and make loan payments
in two substations. These fines have not been paid yet,
or other distributions to us. In addition, the ability of any
because the Company appealed to the Electric Authority
of our subsidiaries that are not wholly owned to distribute
and the court of justice. Conversely, in April 2013, Edegel,
cash to us may be limited by the fiduciary duties of the
the generation company in Peru, was fined for $73.9
directors of such subsidiaries to their minority shareholders.
million soles by the Osinergim, electricity regulatory
Furthermore, some of Enersis’ subsidiaries may be
authority in Peru; the reason was the lack of availability
forced by local authorities, in accordance with applicable
on many occasions in some of its units in 2008. Edegel
regulation, to diminish or eliminate dividend payments. As
paid two out of the four fines and appealed to the others,
a consequence of such restrictions, our subsidiaries could,
which are still in dispute. In 2015, the National Electricity
under certain circumstances, be prevented from distributing
Regulator Entity (ENRE) imposed fines to Edesur, the
cash to Enersis.
distribution company of Enersis in Argentina, for a total of
Ch$ 6.7 billion due to operational technical and commercial
Contractual Constraints. Distribution restrictions included in
failures. To enforce the company’s payments, depends in
certain credit agreements of our subsidiaries Costanera and
part on the payments of the subsidiaries companies, joint
El Chocón may prevent dividends and other distributions
administration companies and affiliates.
to shareholders if they are not in compliance with certain
In order to pay its obligations, the company dependes
any type of distribution if there is an ongoing default.
in part on the cash it receives from its subsidiaries and
affiliates, regarding dividends, credit amortizations, interest
Operating Results of Our Subsidiaries. The ability of our
payments, capital reductions and other payments.
subsidiaries and equity affiliates to pay dividends or make
financial ratios. Generally, our credit agreements prohibit
loan payments or other distributions to us is limited by their
The ability of the subsidiaries and affilates to pay dividends
operating results. To the extent that the cash requirements
to Enersis, interest payments and credits and to provide
of any of our subsidiaries exceed their available cash, the
other distributions, is subject to legal limitations, such
subsidiary will not be able to make cash available to Enersis,
as dividends restrictions, fiduciary duties, contractual
such was the case of Ampla and Enel Brasil as consequence
restrictions and exchange controls that may impose in any
of the political and economic situation that Brazil is facing
of the countries where they operate.
and specially in the distribution sector.
Historically Enersis has been able to have access to the cash
Any of the situations described above could adversely affect
flows from the Chilean subsidiaries, but the Company has
our results of operations and financial condition.
not been similary able to access at all times to cash flows of
the non-Chilean operating subsidiaries due to governmental
regulations, strategic or economic considerations, and
credit restrictions.
Future operational results of the subsidiaries abroad may
Foreign exchange risks may adversely
affect our results and the U.S. dollar
value of dividends payable to ADS
holders
continue to be subject to greater economic and political
The currencies of South American countries in which
uncertainties than what we have experienced in Chile,
Enersis and its subsidiaries operat, have been subject
thereby reducing the likelihood that we will be able to rely
to large devaluations and appreciations against the U.S.
138
2015 Annual Report Enersis
dollar and may be subject to significant fluctuations in the
than U.S. dollars or Chilean pesos.
future. Historically, a significant portion of our consolidated
indebtedness has been denominated
in U.S. dollars.
For the twelve-month period ended December 31, 2015, the
Although a substantial portion of our operating cash flows
operating cash flows derived from all the operations (Chil
is linked to U.S. dollars, we generally have been and will
and Americas) were Ch$ 1,933 billion (before consolidation
continue to be materially exposed to currency fluctuations
adjustments) of which:
of our local currencies against the U.S. dollar because of
> Ch$ 490 billion, or 25%, was generated in Colombia;
time lags and other limitations to peg our tariffs to the U.S.
> Ch$ 266 billion, or 14%, was generated in Brazil;
dollar.
> Ch$ 350 billion, or 18%, was generated in Argentina;
> Ch$ 277 billion, or 14%, was generated in Peru; and
In countries where operating cash flows are denominated
> Ch$ 550 billion, or 29%, was generated in Chile.
in the local currency, the Company seeks to maintain debt
in the same currency, but due to market conditions it may
not be possible to do so. The most important is Argentina,
Enersis in involved in litigation
proceedings
where most of the debt is denomitated in U.S. dollars, while
revenues are mainly in Argentinenan pesos.
Enersis is currently involved in various litigation proceed-
ings, which could result in unfavorable decisions or financial
Because of this exposure, the cash generated by our
penalties against us. We will continue to be subject to fu-
subsidiaries can decrease substantially when
local
ture litigation proceedings, which could cause material ad-
currencies devalue against the U.S. dollar. Future volatility
verse consequences to our business.
in the exchange rate of the currencies in which we receive
revenues or incur expenditures may affect our business,
For example, in 2001, the inhabitants of Sibaté (part of
operational results and financial condition.
the Cundinamarca department in Colombia) sued Emgesa
and other two non-related companies for the possible
As of December 31, 2015, the amount of total consolidated
contamination of the Muña dam, asking the defendants
debt of Enersis was Ch$ 3,309 billion. Due to the corporate
to pay COP$ 3 billion (approximately Ch$ 675 billion)
restructuring process, on December 18, 2015, the division of
for damages. The plaintiffs claimed the pollution was
Enersis in Enersis Chile (container of the Chilean activities
consequence of the pumping of polluted water from the
and operations) and Enersis Américas (container of all the
Bogotá River. On the other hand, Emgesa claimed not being
activities and operations abroad) was approved. As a result,
responsible, because the company received polluted water
the closing accounting figures of 2015 considered Enersis
and requested the inclusion, as additional defendants in
Américas as the continuing company, and every Chilean
judicial proceedings, to numerous public and private entities
operations and assets were discontinued.
that discharege pollutants into the river or those responsible
for the environmental administration of the river basin. The
As of December 31, 2015, the amount of total consolidated
court originally accepted this request, but in June 2015, the
debt of Enersis Américas was Ch$2,464 billion (net of
decision was revoked and the new parties were excluded as
currency hedging instruments). Of this amount, Ch$ 379
defendants. Emgesa appealed to this determination and the
billons, or 15%, was denominated in U.S. dollars and Ch$
case is still pending. The financial situation and operational
25 billion, or 1% was denominated in Chilean pesos. As of
results might have an adverse effect if Enersis doesn’t
December 31, 2015, Enersis Américas’ consolidated foreign
succeed in the defense of the dispute or if other demands
currency-denominated indebtedness (other than U.S. dollars
are filed against the Company.
or Chilean pesos) included the equivalent of:
> Ch$ 1,182 billion in Colombian pesos;
> Ch$ 558 billion in Brazilian reais;
> Ch$ 290 billion in Peruvian soles, and
> Ch$ 30 billion in Argentinean pesos.
These amounts total Ch$ 2,060 billion in currencies other
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.
Risk Factors
139
Enersis has economic exposure to fluctuations in the
velopment. They may also seek injunctive or other relief,
market prices of certain commodities as a result of the
which could have a negative impact on Enersis if they are
long-term energy sales contracts into which we have
successful.
entered. Enersis and its subsidiaries have material
obligations as selling parties under long-term fixed-price
Environmental regulations for existing and future gener-
electricity sales contracts. Prices in these contracts are
ation capacity may become stricter, requiring increased
indexed according to different commodities, the exchange
capital investments. For example, Decree 13 of the Chil-
rate, inflation, and the market price of electricity. Adverse
ean Ministry of the Environment promulgated in January
changes to these indices would reduce the rates we
2011 and published in June 2011 defined stricter emission
charge under our long-term fixed-price electricity sales
standards for thermoelectric plants that must be met be-
contracts, which could adversely affect our business,
tween 2014 and 2016 and stricter standards for new fa-
results of operations and financial situation.
cilities or additional capacity. This regulation also requires
The controlling shareholder may
exercise substantial influence over
Enersis and may have a different
strategic view from the minoritaries
shareholders of the company
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 re-
sult in penalties and sanctions. In September 2014, the
Enel beneficially owns 60.6% of Enersis’ share capital.
Chilean government enacted Law 20,780 (a tax reform
Our controlling shareholder has the power to determine
law), which established an annual tax on stationary pow-
the outcome of most material matters that require
er generators, such as thermal generators, tied to their
shareholders’ votes, such as the election of the majority
emission of pollutants for the previous year. When this
of our board members and, subject to contractual and
provision of the law enters into force in 2018, it will only
legal restrictions, the distribution of dividends. Enel
apply to generators with a capacity of at least 50 MW.
also can exercise influence over our business strategy
and operations. Its interests may in some cases differ
In compliance with these Chilean environmental regula-
from those of the other shareholders. For example, Enel
tions, all Chilean thermal plants are expected to invest to
conducts its business operations in the field of renewable
comply with the new regulations by installing abatement
energies in South America through Enel Green Power
systems to control pollutant emissions. Any delay in the
S.p.A., in which we do not have an equity interest.
filing may constitute a violation of the regulations, which
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.
established emission limits effective on June 23, 2015 or
June 23, 2016 depending on the plant’s location.
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
The operating subsidiaries are subject to environmental
of equipment, materials or labor, strikes, adverse weather
regulations, which, among other things, require us to per-
conditions, natural disasters, civil unrest, accidents, or
form environmental impact studies for future projects and
other unforeseen events. Any such event could adversely
obtain permits from both local and national regulators.
impact our results of operations and financial condition.
The approval of these environmental impact studies may
take longer than planned and may be withheld by gov-
As an example, to answer the concerns of the inhabitants
ernmental authorities. Local communities and ethnic and
living near the Neltume Lake, the Company had to
environmental activists, among others, may intervene in
redesign the lake discharge. As a consequence, the
the approval process to delay or prevent a project’s de-
Company accounted an impairment loss of Ch$2,7
140
2015 Annual Report Enersis
billion in the financial statements of 2015. The original
sentiments toward us, our results of operations and
environmental impact study was withdrawed and there
financial condition could be adversely affected.
are studies to present it again. This is not related with
the project of the transmission line, which continues as
The development of new and existing power plants may
planned.
face opposition from several stakeholders, such as ethnic
groups, environmental groups, land owners, farmers, local
Delays or modifications of any of the proposed projects
communities and political parties, among others, all of
or in the laws and norms, might change or have an
which may impact the sponsoring company’s reputation.
interpretation in a way that may adversely affect the
For example, the El Quimbo hydroelectric project in
operations and plans to the companies where Enersis
Colombia faced constant demands from the public that
invests, which would adversely affect our business,
have delayed construction and increased costs. From
results of operations and financial situation.
April 27, 2014 to May 27, 2014, a national agricultural strike
Our business may be adversely affected
by judicial decisions on environmental
qualification resolutions for electricity
projects in Chile.
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. Furthermore,
since December 2013, the Bocamina II power plant has
encountered substantial opposition from local fishermen’s
The amount of time necessary to obtain an environmen-
unions that claim that our facility negatively affects marine
tal qualification resolution for electricity generation or
life and causes pollution, which resulted in the temporary
transmission projects in Chile has materially increased,
shutdown of the power plant. On July 1, 2015, Bocamina
primarily due to judicial decisions against such projects,
II restarted its operations, after the approval of the new
environmental opposition, social criticism and govern-
Environmental Qualification Resolution in April 2015. In
ment delays. This can cast doubt on the ability of a proj-
addition, between November 23, 2015 and January 7,
ect to obtain such approval and increase the uncertainty
2016, a new group of fishermen interfered in the normal
for investing in electricity generation and transmission
operation of the power plant, illegally occupying the
projects in Chile. The uncertainty is forcing companies
first high voltage tower that supports the 154kV and
to reassess their business strategies as the delay in the
220kV circuits that belong to Transelec S.A. and serve
construction of electricity generation and transmission
Bocamina II, which interrupted the energy transmission
projects may result in a supply constraints over the next
generated by the thermal power plant to the Chilean
five or six years. If any plant within the system ceases
central interconnected system (SIC). This group of people
operation unexpectedly, we could experience supply
demanded to get the same benefits received by the other
shortages in our system, which could lead to power cuts.
fishermen in the area. For Endesa Chile, the financial
Any such event could adversely affect our results of oper-
effects of this illegal occupation reached US$3.8 million,
ations and financial condition.
therefore decreasing the contribution margin between
The 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
November 23, 2015 and January 7, 2016. At the level of
the electricity system, this situation impacted the overall
increase of procurement costs, increasing spot prices and
generating an anticipated use of hydroelectric reserves,
which won’t be available in the following months. Groups
such as these receive international financing and may
receive worldwide attention.
The operation of our current thermal power plants
The
reputation of Enersis
is
the
foundation of
may also affect our goodwill with stakeholders, due to
its
relationship with key stakeholders and other
emissions such as particulate matter, sulfur dioxide
constituencies. If we are unable to effectively manage
and nitrogen oxides, which could adversely affect the
real or perceived issues that could negatively impact
environment.
Risk Factors
141
Damage to our reputation may exert considerable
which we operate provide legal mechanisms for judicial
pressure on regulators, creditors, and other stakeholders
authorities to impose a collective agreement if the parties
and ultimately lead to projects and operations that
are unable to come to an agreement, which may increase
may not be optimal, causing our share prices to drop
our costs beyond what we have budgeted.
and hindering our ability to attract or retain valuable
employees, all of which could result in an impairment of
In addition, we employ many highly specialized
goodwill with stakeholders of Enersis.
employees, and certain actions such as strikes, walkouts
Enersis may be exposed to asbestos
liability and additional expense related
to asbestos
Several of the facilities of Enersis have asbestos
present in them. There is 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
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.
of workers. Since 1998, Costanera has been removing
The Company depends on information technology, com-
asbestos detected in the plant. In total, Costanera has
munication and processing systems (“IT Systems”) to
removed approximately 500 tons of asbesto. On the
operate our businesses, the failure of which could ad-
other hand, Edegel has removed approximately 303 tons
versely affect our financial condition and results of oper-
of asbesto since 2013. These plans hould continue in the
ations.
future. In April 2015, the removal of asbestos detected
in Bocamina I power plant. The Enersis Group enforces
IT Systems are all vital to our generation subsidiaries’ abil-
the highest international standards, more than those
ity to monitor our power plants’ operations, maintain gen-
required through local laws.
eration and network performance, adequately generate
invoices to customers, achieve operating efficiencies and
The Company may incur additional costs to remediate and
meet our service targets and standards. Our distribution
implement our asbestos control and sanitation policy, or
subsidiaries could also be affected adversely because
be subject to legal actions against us, which in turn may
they rely heavily on IT Systems to monitor their grids,
have a material adverse effect on our business, results of
billing processes for millions of customers and customer
operation and financial condition.
service platforms. Temporary or long-lasting operational
Our business may experience adverse
consequences if we are unable to
reach satisfactory collective bargaining
agreements with our unionized
employees.
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 compa-
ny’s image and its relationship with the community.
In the last two years, global cyber attacks on security
systems, treasury operations, and IT Systems have in-
A large percentage of our employees are members of
tensified. The Company is exposed to cyber-terrorist at-
unions and have collective bargaining agreements that
tacks aimed at damaging our assets through computer
must be renewed on a regular basis. Our business,
networks, cyber spying involving strategic information
financial condition and results of operations could be
that may be beneficial for third parties and cyber-theft of
adversely affected by a failure to reach agreement with
proprietary and confidential information, including infor-
any labor union representing such employees or by an
mation of our customers. During 2014, the Company suf-
agreement with a labor union that contains terms we
fered two cyber attacks perpetrated by a cyber-terrorist
view as unfavorable. The laws of many of the countries in
group, which impacted websites in Chile, Argentina, Bra-
142
2015 Annual Report Enersis
zil, Colombia and Peru. In one case, the attack resulted
to increase the reliability of the transmission grid. Any
in a service interruption of 90 minutes. New attacks may
such disruption or failure of transmission facilities could
occur thus affecting the future.
interrupt our business, which could adversely affect our
Enersis relies on electricity
transmission facilities that the
Company does 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
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
Enersis depends on transmission facilities owned and
States. In addition, Chilean securities markets may be
operated by other unaffiliated power companies to deliver
affected materially by developments in other emerging
the electricity we sell. This dependence exposes us to
markets. The low liquidity of the Chilean market may
several risks. If transmission is disrupted, or transmission
impair the ability of holders of ADS to sell shares of our
capacity is inadequate, we may be unable to sell and
common stock withdrawn from the ADS program into the
deliver our electricity. If a region’s power transmission
Chilean market in the amount and at the price and time
infrastructure is inadequate, our recovery of sales costs
they wish to do so. Also, liquidity and the stock and ADS
and profits may be insufficient. If restrictive transmission
markets might be affected by numerous factors including
price regulation is imposed, transmission companies
exchange rate variations, depreciation or volatility of
upon whom we rely may not have sufficient incentives to
the securities markets and any other change that could
invest in expansion of their transmission infrastructure,
impact its liquidity, financial condition, solvency, results
which could adversely affect our operations and financial
or profitability.
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
Lawsuits against Enersis brought
outside of the South American
countries or complaints against us
based on foreign legal concepts may be
unsuccessful
projects can be built relatively quickly, while new
All of the Company’s assets are located outside of the
transmission projects can take as long as seven years to
United States. All of the directors and officers of the
be built.
Company reside outside of the United States and most
of their assets are located outside the United States as
On September 24, 2011, nearly 10 million people located in
well. If any investor were to bring a lawsuit against our
central Chile experienced a blackout (affecting more than
directors, officers or experts in the United States, it may
half of all Chileans), due to the failure of Transelec’s 220
be difficult for them to effect service of legal process
kV Ancoa substation. The failure led to the disruption
within the United States upon these persons, or to
of two 500 kV transmission lines in the Chilean Central
enforce against them, in United States or Chilean courts,
Interconnected System (“SIC” in its Spanish acronym)
judgments obtained in United States courts based upon
and the subsequent failure of the remote recovery
the civil liability provisions of the federal securities laws
computer software used by the independent entity that
of the United States. In addition, there is doubt as to
coordinates generators, transmission companies and
whether an action could be brought successfully in Chile
large customers (“CDEC” in its Spanish acronym) to
on the basis of liability based solely upon the civil liability
operate the grid. This blackout, which lasted two hours,
provisions of the United States federal securities laws.
exposed weaknesses in the transmission grid and its
need for expansion and technological improvements
Risk Factors
143
144
2015 Annual Report Enersis
Risk Factors
145
Company
Restructuring
Company Restructuring
147
148
2015 Annual Report Enersis
The reorganization of Enersis begun in April 2015, when the Board of Directors of Enersis S.A. (Enersis)
communicated its intention of analizing the arestructuring process, with the purpose of separating the
electricity generation and distribution activities developed in Chile from those carried out in the other
countries. The Board of Directors of Empresa Nacional de Electricidad S.A. (Endesa Chile) and Chilectra
S.A. (Chilectra) agreed, also in April 2015, to begin the studies to analize the possible reorganization, which
would determine the division of Endesa Chile and Chilectra respectively.
The Reorganization has basically two stages: first the division of the separation of Chilean activities
from the rest of the countries through the division of Endesa Chile and Chilectra, then creating two new
companies (Endesa Américas S.A. and Chilectra Américas S.A.). This first stage will likewise create by a
division of Enersis, a new company named Enersis Chile S.A. (Enersis Chile), changing the current name
of Enersis for Enersis Américas S.A. (Enersis Américas).
Subsequenty, in a second stage, these three companies with their assets located outside of Chile, will
merge incorporating the two new companies in Enersis Américas S.A.
The following chart shows abbreviatedly the corporate structure before and after the proposed
Reorganization
The purpose of the Reorganization is, from one side, to differentiate the geographic areas that currently
have different drivers of growth, thus enabling them to offer a more focused attention to the problems and
opportunities of each region; on the other hand, to continue simplifying the structure of Enersis in Latin
America, through a reduction of the consolidation of minority participations and improving the alignment
of strategic interests; and lastly, to enforce a strategy that would enable greater operational efficiencies,
a stronger business growth and a differenciated policy of remuneration for shareholders.
Company Restructuring
149
First Stage: The Divisions
After an analysis process and works that lasted more than
those of Chilectra Américas and Endesa Américas, and
nine months, on December 18, 2015, the Extraordinary
the liabilities related to them.
Shareholders Meetings de Enersis, Endesa Chile
and Chilectra agreed with the large mayority of its
shareholders, the separations of the Chilean activities
from those of the other countries, therefore completing
the fisrt stage of the reorganization process.
As such, being effective on March 1, 2016, the division of
Endesa Chile and Chilectra, resulting in:
(i) The creation of a new company from the division of
Endesa Chile (Endesa Américas), who was assigned
with the corporate participations and related other
assets that Endesa Chile owns outside Chile.
And (ii) a new company from the division of Chilectra
(Chilectra Américas), who was assigned with the
corporate holding and other related assets and
Other considerations related to the Extraordinary
liabilities that Chilectra owns outside Chile;
Shareholders’ Meeting with
regards
to
the
Reorganization process
On the other hand, each divided company keeps the
entire respective business that currently the divided
In compliance with Resolution nº 15443 of July 20, 2015
original company develops in Chile, including the equity
of the Superintendency of Securities and Insurance, in
stake comprising among others, assets, liabilities and
the aforementioned meeting, shareholders of Enersis
administrative authorizations that each divided company
acknowledged other background information that serves as
owns currently in the country.
the foundation to the Reorganization considered as a whole
and in the estimated terms of the future merger.
As such, among other aspects, it was informed that: (a) an
estimate intechange ratio of 2.8 and 5 shares of Enersis
Américas for each share of Endesa Américas and Chilectra
Américas respectively (which will be considered in the
Merger Meeeting), (b) the conditions for the withdrawal
rights with a limit of 10%, 7.72% and 0.91% of the equity of
Enersis Américas, Endesa Américas and Chilectra Américas
respectively, and (c) the public offer for the stock purchase
of Endesa Américas from Enersis Américas at a price of
Ch$ 285 pesos per share (conditioned by the success of
the Merger).
Likewise, as of the same effective, the division of
Enersis took place, and a new company was created
(Enersis Chile), which received the corporate holding,
assets and liabilities of Enersis in Chile, including the
participacions of the divided Chilectra and Endesa Chile.
In the divided company Enersis Américas remains the
corporate holdings of Enersis outside Chile, including
150
2015 Annual Report Enersis
Second Stage: The Merger
Segunda etapa: La Fusión
Segunda etapa:
La Fusión
to shareholders at the Shareholders’ Meeting held on
de los accionistas en las Juntas de 18 de diciembre, en
With regards to the backround information made available
De acuerdo con los antecedentes puestos a disposición
Según se ha anticipado, está previsto que para que la fusión
As already anticipated, it’s expected that for the effectiveness
produzca efectos, se sujetaría a la condición suspensiva
of the merger, the withdrawal rights that eventually may
December 18, in the second stage of the reorganization,
una segunda fase de la reorganización, Enersis Américas
de que el derecho a retiro que eventualmente ejerzan
exersice the shareholders of Enersis Américas, Endesa
De acuerdo con los antecedentes puestos a disposición
Enersis Américas will absorb by incorporation Endesa
absorbería por incorporación a Endesa Américas y
los accionistas de Enersis Américas, Endesa Américas y
Américas and Chilectra Américas as a result of the merger,
de los accionistas en las Juntas de 18 de diciembre. en
Américas and Chilectra Américas, which will dissolve
Chilectra Américas, las que se disolverían sin liquidación,
Chilectra Américas con motivo de la fusión, no exceda el
will be subject to condition precedent, and will not exceed
una segunda fase de la reorganización. Enersis Américas
in every rights and
without
sucediéndolas en todos sus derechos y obligaciones,
liquidation, succeeding
10,0%,7,72% y 0,91% del capital, respectivamente.
10.0%, 7.72% and 0.91% of equity, respectively.
absorbería por incorporación a Endesa Américas y
obligations, and incorporating the shareholders of Endesa
incorporándose los accionistas de Endesa Américas
Chilectra Américas. las que se disolverían sin liquidación.
Américas and Chilectra Américas, directly as shareholders
y Chilectra Américas, directamente como accionistas
Una vez las nuevas sociedades queden registradas y
Once the new companies are registered and begin
sucediéndolas en todos sus derechos y obligaciones.
of Enersis Américas according to the exchange relation
de Enersis Américas según la relación de canje que
cotizando en los mercados donde lo hacían las tres
trading in the stock markets where the three original
incorporándose los accionistas de Endesa Américas
to be agreed, except those of the disidents shareholders
se acuerde, salvo aquellos accionistas disidentes que
sociedades originarias, se iniciará el proceso para la fusión
companies did, the described merger process will begin,
y Chilectra Américas. directamente como accionistas
exercising their withdrawal rights in accordance with the
ejerzan su derecho a retiro en conformidad a la ley.
descrita, de forma que se estima que la Reordenación
so its estimated that the Reorganization will be completed
de Enersis Américas según la relación de canje que
Law.
quede completada en todas sus fases durante el segundo
during the second half of 2016.
se acuerde. salvo aquellos accionistas disidentes que
semestre de 2016.
ejerzan su derecho a retiro en conformidad a la ley,
Enel SpA
100%
Enel
Iberoamérica
>50,0%
Enersis
Américas
Chilectra
EOC
60,6%
Enersis
Enersis
Chile
Chile
99,1%
60,0%
Américas
Américas
Chilectra
Chilectra
Chile
Chile
EOC
EOC
Chile
Chile
ARG
BR
COL
PE
Pronouncement of the Court of Appeal
Pronunciamiento de la Corte de Apelaciones
On March 22, 2016, the Court of Appeal of Santiago partially received the claim for illegality made by AFP Habitat against the SVS.
El día 22 de marzo de 2016, la Corte de Apelaciones de Santiago acogió parcialmente el reclamo de ilegalidad interpuesto por
This claim argued that the operation should have been declared as Operation Between Related Parties (OPR) by the SVS, which
AFP Habitat en contra de la SVS. Dicho reclamo argumentaba que la operación debió haber sido declarada como Operación
didn’t occur. The Court of Appeal determined that the first stage of the operation, meaning, the division approved by the large
Entre Partes Relacionadas (OPR) por parte de la SVS, lo cual no ocurrió. La Corte de Apelaciones determinó que la primera
mayority of shareholders of the companies involved at the Shareholders’ Meeting held on December 18, didn’t correspond to a
parte de la operación, es decir, la división que fue aprobada por una amplia mayoría de los accionistas de las sociedades
OPR, therefore the claim recourse was rejected with regards to the illegality of the division of the companies, thus confirming
involucradas en la Junta de Accionistas del 18 de diciembre, no correspondía a una OPR, por lo que se rechaza el recurso de
every proceeding made as of that date. Despite of what is related to the announced merger of the companies, the sentence
reclamación en cuanto a declarar la ilegalidad de la división de las empresas, confirmando así todas las actuaciones realizadas
established that regulation of Title XVI of the Corporates Law, which regulates “the operations with related parties for publicly
hasta la fecha. Sin perjuicio de ello en lo que se refiere a la anunciada fusión de las sociedades, la sentencia establece que
traded companies and their subsidiaries” and the provisions of Title IX of the same law, in respect of mergers between common
en la misma deben aplicarse tanto la normativa del título XVI de la ley de sociedades anónimas, que regula “las operaciones
publicly traded companies, must be applied.
con partes relacionadas en las sociedades anónimas abiertas y sus filiales” como a los preceptos del título IX de la misma
norma, que se refiere a fusiones entre sociedad anónimas comunes.
Reorganización Societaria Grupo Enersis
Company Restructuring
151
151
Electricity Industry
Regulatory Framework
Electricity Industry Regulatory Framework
153
154
2015 Annual Report Enersis
Description of the Industrial Sector
Enersis, its subsidiaries and jointly controlled companies participate in the generation, transmission, distribution and
trading of electricity in five countries, and each one of them has its own regulatory, framework, energy matrices,
participating companies, and different patterns of growth and consumption. Please find below a brief summary of the
main legal bodies that regulate the activity, the market structure and the most relevant aspects of the agents in each
country where the company operates.
Argentina
Industry Structure
Laws No. 15,336 of 1960 and Law No. 24,065 of 1992 govern the Argentinean electricity sector, among others. In the Electrical
Wholesaler Market (MEM), there are four categories of local agents (generators, transmitters, distributors and large customers)
and foreign agents (traders of generation and demand), who are authorized to buy and sell electricity and 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, and was updated pursuant to
Resolutions SE N° 529 and N° 482 in 2014 and 2015 respectively.
Transmission operates under monopoly conditions and several companies to whom the Federal Government grants concessions
comprise it.
In turn, distribution operates under monopoly 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.
Electricity Industry Regulatory Framework
155
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
Regulation of
Generation
Companies
electrical industry. Additionally, the Government approved
Regulation of generation companies has changed
several regulatory measures that gradually intervened in the
significantly since it began by means of Law 24,065
development of the industry. The Emergency Law has been
until Ruling No. 95/2013. According to the Law, all
subject to successive extensions and depending on the last
generator agents of the MEM must be connected to the
one, approved by Law 26,896, will be valid until December
SIN (National Interconnected System) and are required
31, 2015. The conversion of the economy to pesos and the
to comply with the order of dispatch to generate and
devaluation of the economy forced the renegotiation of all
deliver power in order to be sold in the spot market
concession contracts. Specifically, in the distribution sector
and the forward market (MAT). Distribution companies,
and within the company we own “Empresa Distribuidora de
marketers, and large customers that have signed supply
Energía del Sur S.A.” (Edesur) a Memorandum of Contract
contracts with private generating companies, pay the
Renegotiation was signed with the Government in 2006,
contract price, directly to the generator and also pay a
which was subsequently ratified by Decree N°1959/2006,
toll to the transmission and distribution company for its
which would gradually adapt its tariff revenues in order to
use.
ensure business sustainability. The implementation of this
agreement was paralyzed since 2008 and until 2013, as we
In order to stabilize generation prices regarding the rate
will later detail.
paid by the customers, the market defined a seasonal
price, which is the price of energy paid by dealers for
No generator, distributor, large user, nor any company
their purchases of electricity traded in the spot market.
controlled by any of these or under its control, may be the
This price is determined every six months by the
owner or a majority shareholder of a transmission company
Secretary of Energy after Cammesa has made their spot
or its controlling companies. At the same time, transmission
price projections for the period considered. To adjust for
companies are forbidden to generate, distribute, buy and/or
differences between this price and the actual cost of the
sell electricity. Distribution companies cannot own generation
generation a stabilization fund was originally created. If
units.
the seasonal price was lower than the cost of generation,
money is withdrawn from the fund to compensate
Distributors at regulated tariffs supply regulated customers,
generation, if the situation is quite the opposite; money
unless they have a minimum capacity demand of 30 kW. In
is contributed to the fund. Since 2002 the Ministry of
this case, they are considered “large customers” and are
Energy in practice has kept the average seasonal price
free to negotiate their prices with the generation companies.
unchanged. This has created a significant shortfall in
the stabilization fund, which has been covered by the
On Decmeber 16, pursuant to Decree 134/2015, national
Argentinean government, by means of increasing larger
energy emergency was declared, to be in force until
subsidies.
December 31, 2017, thus instructing the Energy Ministry to
elaborate and enforce acciones en Generation, Distribution
Rulings passed due to the Emergency Law, had a
and Transmission activities looking forward to dequate the
significant impact on energy prices. Among the measures
quality of service and security of supply; and instructed the
implemented, Ruling SE 240/2003, which amended the
National Public Administration to perform a rationing program
way in which the spot price is established by decoupling
in the respective organisms.
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
156
2015 Annual Report Enersis
on the absolute availability of gas to meet the demand,
construction. Part of their credits for the energy they
even in circumstances where many generators did use
sold during the years 2008-2011 were also asigned to
alternative fuels, such as diesel, due to the difficulties
this new work.
in the supply of natural gas. The value of water is not
considered if its opportunity cost is higher than the cost
In 2012, as part of the agreements reached with the
of natural gas generation. The ruling also sets a limit to
government to allow the development of operations of our
the spot price of 120 Ar$/MWh, which is still valid. Actual
subsidiary signed an agreement for the implementation
variable costs of thermal units that burn liquid fuels are
of an investment plan in units of Central Costanera in
paid by CAMMESA through a mechanism called Transient
order to optimize the reliability and availability of such
overruns Dispatch (STD).
equipment, for a total of U.S. $ 304 million, within a
Moreover, based on the provisions of the Emergency
payment of obligations of the maintenance contract
Law, the capacity payment was reduced from 10 USD
(Long-Term Service Agreement-LTSA) of the combined
period of 7 years. The agreement also provides for the
to 10 pesos per MW-hrp (hrp: Remuneration hours of
cycles of the plant.
power). Subsequently, the power guarantee was slightly
increased to 12 pesos, about 1/3 of the amount paid
Subsequently, Ruling S. E. No. 95/2013 leaves the
before the 2002 crisis.
marginality price system, ushering in a mechanism for the
recognition of average costs. The ruling recognizes the
In December 2004, the Secretary of Energy approved
compensation of fixed, variable costs and an additional
the Act of Accession for the Rehabilitation of the
remuneration. Fixed costs are paid (in $ / MW- hrp) in
wholesale electricity market by Ruling 1427/2004.
terms of technology, scale and Available Power. It is also
The Act was signed by most of the generating units,
subject to the achievement of set availability goal. As
including generating companies owned by Enersis.
for the variable, operating and maintenance costs based
Under this ruling, the Secretariat established a trust
on the energy generated (in $ / MWh) are remunerated
fund called FONINVEMEM, where private generators
depending on the fuel used and the technology itself
contributed part of their credits for energy sold during
(the generators do not have fuel cost as it is provided
the years 2004 to 2007 for the construction of two new
CAMMESA). Finally, the additional compensation is
combined cycle plants. In addition to this new capability,
calculated based on the total power generated (in $/
in 2010 the generating companies, in which Enersis
MWh), considering the technology and scale of the
participates along with other companies, took part in
generator. Part of that income is accumulated in a fund to
the creation of another trust fund for the construction of
be used to finance investments in new infrastructure in
another combined cycle plant, which is currently under
the electricity sector.
Electricity Industry Regulatory Framework
157
The Resolution impacts generators, co-generators and
production incentives ad operational efficiency for thermal
self-generators, except plants which became operational
power plants was established. Additional remuneration
since 2005, nuclear power plants and Binational
increased 26% for thermal power plants and 10% for
hydroelectric generation; Centralized and reserves the
medium size hydroelectric power plants. Charges for
business management and delivery of fuels in CAMMESA
non-recurring maintenances of thermal power plants
and suspended bilateral energy contract signing between
increased 17% and the same concept was created for the
generators and MEM agents, the latter shall acquire
hydroelectric power plants and was defined in 8 $/MWh.
their power demands from CAMMESA. Resolution SE
Finally, a new charge was created, which consisted on
N° 529/2014 mainly updated the values established in
15.8 $/MWh for thermal power plants and 6.3 $/MWh for
Resolution SE N° 95 and incorporates the remuneration
hydroelectric power plants, for the purpose of financing
for non-recurring maintenance for thermal power plants.
investments, which will be enforced from February
2015 through December 2018 for those generators that
On May 20th, 2014, the Energy Secretariat published
participate in the projects only. The new generation will
Resolution No. 529, which updates the remuneration
have an additional remuneration of 50% of the direct
of generators that had been set in February 2013 by
additional remuneration according to the technology for
Resolution S.E. No.95. The decision is retroactive to
a period of ten years. The exception also applies to the
February 2014. The fixed costs remuneration increased
payment of variable collection made by hydroelectric
by 28% for combined cycles and large hydroelectric
power plants for energy transportation and determines
plants and 64% for medium size hydroelectric plants.
the remuneration for wind farms, solar, and biomass/
Variable costs were adjunted in 23%, with the exception
biogas and internal combustion engines. This resolution
of the variable charge for electric transportation to
is retroactive from February 2015.
the hydroelectric power plants and a new scheme of
158
2015 Annual Report Enersis
Regulation of Distribution Companies
Companies that obtain concessions carry out the
implemented by the ENRE. On a semi-annual adjustment
distribution activity. Distribution companies must supply
mechanism based on rates of evolution of an ad-hoc
all the demand for electricity in their area exclusive
inflation index called the Cost Monitoring Mechanism
at prices (rates) and conditions established in the
(MMC). The first update due to inflation occurred in 2008,
regulation. Concession agreements include penalties
but from that year is no longer officially recognized.
for non-delivery. The concessions were granted for
But the Argentinean Government has created various
distribution sales, and retail distribution. The concession
regulatory alternatives that have allowed distribution
periods are divided into “management periods” that
companies to continue providing electricity service.
allow the dealership to leave the concession from time
to time.
One such alternative has been called the Program for
the Rational Use of Electric Energy or PUREE. This
Since 2011, there are two electricity distribution areas
program was created in 2004 by the Secretary of Energy,
subject to federal concessions. The concessionaires are
establishing bonds and penalties to customers depending
Edesur and Edenor, located in the city of Buenos Aires
on the level of energy savings based on reference of
and Greater Buenos Aires. Until 2011 Edelap was also
consumption. The net difference between bonds and
under federal jurisdiction.
penalties were originally deposited in the Stabilization
Fund of the MEM, but this was later amended by request
The majority of the distribution companies renegotiated
from Edesur and Edenor, so that distribution companies
their contracts in 2005 and 2006, although the rates
could use these resources to compensate for cost
were increased partially and temporarily, the Full Tariff
variations in not recognized costs increases (MMC).
Review (RTI) of the distribution companies with national
Thus, on May 7, 2013, the Energy Secretariat passed
jurisdiction is still pending.
ruling 250/2013, which determines the MMC amounts
receivable until February 2013 to compensate with the
Thus,
regarding Edesur,
in 2006,
the distribution
debts corresponding to the PUREE program and other
company signed a “Memorandum of Agreement for
debts that Edesur accumulates in the system. In the
the renegotiation of the Concession Agreement.” This
development of this important ruling on November 6,
agreement established, among several other conditions,
the Ministry of Energy published Note 6852 authorizing
a transitional rate system which included an increase of
Edesur and Edenor to conduct the compensation of the
28 percent of VAD, with monthly updates; a system of
MMC with debts arising from the PUREE program for the
quality of service and Tariff Review Process (RTI) to be
period March to September 2013.
Electricity Industry Regulatory Framework
159
During 2014, through Energy Secretariat (S.E.) Note No.
Mercado Mayorista Eléctrico S.A. (CAMMESA) with funds
4012 and National Electricity Regulating Entity (ENRE)
from the National State; (ii) considers from February 1,
Note No.112606, MMC-PUREE compensation was
2015 the PUREE funds as part of revenues of Edesur, also
again authorised for the period October 2013 to March
in account of RTI; (iii) reiterates the acknowledgement
2014. Furthermore, by S.E. Notes No.486 and No.1136,
and compensation procedure of certain mayor costs
MMC-PUREE compensation was authorised for the
incurred when delivering the energy distribution service
period April to August 2014 and then for the period
of Resolution SE N° 250/2013 until January 31, 2015;
September to December 2014. The accounting effects
and (iv) instructs CAMMESA to issue sales liquidations
of said compensations positively affect the financial
with maturities to be defined (LVFVD) for the amounts
results of the Company. At the same time, additional
defined by E.N.R.E. in relation to higher salary costs
charges for the customers’ tariffs were approves with the
of the Company originated pursuant to Resolution N°
purpose of financing expansion investments and quality
836/2014 of the Labor Secretary. Additionally, considers
of the distribution companies. As such, in November
the payment of remaining balances in favor of Mercado
2012, Resolution ENRE 347 was approved, therefore
Eléctrico Mayorista (MEM) through a payment plan to be
authorizing the application of this charge diferenciated by
defined.
customer to the future RTI account. The application of
the charge means additional annual revenues for Edesur
Subsequently, through Note SE N° 1208, the Energy
of 437 million of Argentinean pesos, thus representing a
Secretary instructed CAMMESA the calculation method
40% growth of VAD and 20% in tariffs.
for the debt that EDESUR accounts with MEM, for the
On March 13, 2015 Resolution SE N° 32/2015 was
31, 2015, and its compensation with the credits that arises
published in the Official Gazzette, which enabled the
from the application of the Cost Monitoring Mechanism
accounting recognition of revenues for ARS$2,339 million.
(MMC). Due to the latter, during the first half of 2015, net
Among the most important items, this resolution: (i)
financial revenues for $628.6 million were recognized.
economic transactions of energy accrued as of January
approves a transitory increase of the revenues of Edesur
from February 1, 2015 for the exclusive purpose of energy
Although Resolution SE N° 32/2015 represents a first step
payment acquired in the energy market, salaries and goods
towards the economic improvement of the Company’s
and services provisions; this increase, in account of the
situation, it foresees that investments will continue being
Integral Tariff Review (RTI) whose performance date is
financed through indebtedness with CAMMESA, and its
not defined, results from the difference of a theoric tariff
still pending to solve the mechanisms that allow the
chart and the existing tariff chart for each user category,
payment of the remaining balances in favor of the MEM,
according to the calculations made by the E.N.R.E., and
as well as the revenues updates to include increases of
will not be transfered to tariffs if its not covered through
operating costs. Tariffs, for its part, remain frozen since
transfers made by the Compañía Administradora del
2008.
160
2015 Annual Report Enersis
Regulation of Transmission
Transmission’s design was based on the general concept
business is related to economies of scale that do not allow
and principles of Law 24,065, adapting the activity to general
competitiveness; it’s therefore a monopoly and is subject to
criteria contained in the concession granted to Transener S.A.,
considerable regulation.
by Decree 2,473/92. For technological reasons, transmission
Environmental Regulation
Electrical
installations are subject to environmental
Gazzette, pursuant to the amended current Law N°
laws and federal and local regulations, including Law
26,190. The new regulation postpones for 12/31/2017 the
No. 24,051, or Hazardous Waste Act and its related
goal to reach 8% of participation in national demand with
regulations.
generation with renewable sources and defines that the
second stage to reach 20% of participation in relation
Certain obligations
to
report and monitor certain
to 2025, setting intermediate objectives of 12%, 16%
emissions standards are imposed on the electricity sector
and 18% by the end of the years 2019, 2021 and 2023,
and, Failure to comply with these requirements entitles
respectively. This Law creates a Fiduciary Fund (FODER)
the government to impose penalties, such as suspension
to finance works, grants tax benefits to renewable
of operations that in the case of public services may
energy projects and establishes that there won’t apply
result in the cancellation of concessions.
any specific taxation, nor national, province or municipal
Law No. 26,190, enacted in 2007, describes the use of
Users (>300 Kw) should comply individually with the
renewable sources for electricity production as a national
objectives of participation of renewables, and established
interest and sets a goal of an 8% market share for
that the price of these contracts can’t be higher than
renewable energy within a period of 10 years.
113 US$/MWh, and establishes penalties to those who
royalties until 12/31/2025. Customers ranked as Mayor
doesn’t fulfill the objectives. The regulation of the law is
On October 21, 2015 the new Law 27,191 of Renewables
pending.
Energies in Argentina was published in the Official
Electricity Industry Regulatory Framework
161
Brazil
Structure of the Industry
The Brazilian electricity
industry
is organized
in a
The transmission works under monopoly conditions. The
large
interconnected power system,
the
(National
Brazilian government defines tariffs for the transmission
Interconnected System), comprising most of the regions
companies. The
transmission charge
is fixed and
of Brazil, and several other smaller isolated systems.
transmission revenues do not depend on the amount of
The generation, transmission, distribution and trading
electricity transmitted.
activities are legally separated in Brazil.
Distribution is a public utility that also works under
Regulators of the industry are the Federal Government
conditions of monopoly and is provided by companies that
through the Ministry of Mines and Energy (MME) and the
in turn have been awarded concessions. The distributors
National Electric Energy Agency (ANEEL).
in the Brazilian system are not entitled to: (i) develop
activities related to the generation or transmission of
According to Law No. 10,848 of 2004, wholesale electricity
electricity; (ii) sell electricity to unregulated customers,
market as a tool for spot price definition is residual.
except those within its concession area and under the
Instead, the wholesale price is based on average prices
same conditions and rates applicable to their captive
of bids, independent bidding processes exist for existing
customers of the Regulated Market;
(iii) maintain
energy and new energy. The latter provides for long term
direct or indirect equity interest in any other company,
contracts in the new generation projects, which should
corporation or partnership; or (iv) develop activities that
cover anticipated increases in demand by distributors.
are unrelated to their respective concessions, except
Tenders of old energy considered shorter-term contracts
those permitted by law or in the relevant concession
and seek to cover the needs of the distribution arising from
agreement. Generators are not allowed to have equity
the expiration of previous contracts. Each bidding process
interest in excess of 10 percent in distribution companies.
is coordinated centrally, the authority defines maximum
prices and as a result, distributors’ contracts are signed
The unregulated market does not include the sale
where all participants in the process purchase pro rata from
of electricity between generation concessionaires,
each one of the offering generators. The price at which the
independent producers, self-producers,
traders of
transactions are settled on the spot market is called the
electricity, electricity
importers,
consumers
and
Dispute Settlement price - PLD - which takes into account
unregulated special customers. It also includes existing
the curve of risk aversion of the agents.
contracts under the old regulatory framework between
162
2015 Annual Report Enersis
generators and distributors, until they expire, at which
The Brazilian system is coordinated by the Brazilian
time the new contracts must comply with the new
Electric System Operator (ONS) and is divided into four
regulatory framework. According to the specifications laid
sub-systems: Southeast/Central-West, South, North and
down in Law 9.427/96, unregulated consumers in Brazil
Northeast. In addition to the Brazilian system there are
are those that: (i) demand a capacity of at least 3,000 kW
also some isolated systems, namely those systems that
and choose to contract the power supply directly with
are not part of the Brazilian system and are usually located
generators or distributors; or (ii) require a capacity in the
in the northern and northeastern regions of Brazil, and
range of 500 to 3,000 kW and choose to contract the
whose only source of electricity are coal or oil thermal
power supply directly with generators or distributors.
power plants.
Regulation of generation companies
Generation Agents are public generation concessionaires,
contracts are signed, where all distributors taking part in
IPP or self-producers, as well as the trading Agents can
the process purchase pro rata from each of the offering
sell electricity within two contracting environments.
generators.
One is the Regulated Contracting Environment (ACR),
where those distribution companies operate, in which
Decree 5.163/2004 establishes that the selling agents
the purchase of energy should be conducted under a
should ensure 100% physical coverage for their energy
bidding process coordinated by ANEEL; and the other,
and power contracts. This coverage may be constituted
called Free Contracting Environment (ACL), in which the
through a physical collateral of its own generation plants
conditions for the purchase of energy are traded directly
or any other plant, in this case, through an electricity
between suppliers and their customers. Regardless of
or power purchase agreement. Among other things,
ACR or ACL, generator sales contracts are registered
Regulation ruling 109/2004 ANEEL specifies that when
in the Chamber of Electric Energy Commercialization
these limits are not met, agents are subject to financial
(CCEE) and are part of the basis for the recognition
penalties.
and determination of adjustments for differences in the
short-term market.
Finally, regarding generation activity, on September 11,
2012, the Government approved the Provisional Measure
According to the market regulation, 100% of the energy
579 (subsequently converted into Law No. 12,783, of
demand from distributors must be met by means of long-
January 11, 2013), which sets the conditions for the
term contracts in the current regulated environment.
renewal of the power sector concessions which will
Thus, the regulated price purchase for the tariffs definition
expire between 2015 and 2017 and the reduction of taxes
for final users is based on average bidding prices, thus
on electricity rates. Provisional Measure was adopted
independent bidding processes exist for “new energy”
to reduce the final price of the average electric rate by
and “existing energy”.
20% and boost economic activity in Brazil. The measure
does not directly affect any of the concessions of Enersis
The new biddings of energy contemplate long-term
subsidiaries in Brazil.
contracts (20 to 25 years for thermal plants and 30 for
hydroelectric power plants) in which new generation
Due to the fact that some generators did not renew the
projects should cover increases in demand anticipated by
concessions and also because of other factors (such
the distributors. Biddings of old energy are considered
as delays in construction of power plants, low hydrology,
shorter contracts and seek to cover the needs of the
etc.), during 2013 and 2014 distribution companies have
distributors arising from the expiration of previous
suffered an imbalance between regulated demand
contracts, so that energy can be sold at lower prices. Each
and energy supply, so they have been involuntarily
bidding process is coordinated centrally, the authority
exposed to spot market price to cover their energy
defines maximum prices and as a result, distribution,
needs.
Electricity Industry Regulatory Framework
163
In 2014, to cover energy overcost, the government has
generators that have liminar judicial decisions that limit
created the ACR account, through bank loans to be paid
its risk and transfer part of the cost to the consumers.
within two years through the fee. Until December 31th,
2014 distributors used approximately R$18 billion from
With regards to the energy biddings in the regulated
the ACR account; however, this was not enough to cover
scheme, with the objective of recompose the energy
the entire deficit, which will have to be recovered in the
offer, until now there have been six energy biddings
tariff through the mechanisms of the Emergency and
processes assigned in Brazil:
Support Programme to Concessionaires of Public Service
> 1 bidding A-1: 1.954 MW-medium, assigned to Hydro
Electricity Distribution (CVA).
(94%), Biomass (4%) and Gas (2%); from 1 to 3 years
of energy supply.
On November 25th, 2014 ANEEL approved the new limits
> 4 biddings A-3:
for the Differences Liquidation Prices (LDP) for 2015. The
> 97 MW-medium, assigned to Wind
(30%) and
limits will be changed as follows: decrease of R$823/
Biomass (70%), at an average price of 200 R$/MWh;
MWh to R$388/MWh for the maximum and increase of
> 233 MW- medium, assigned to Solar, at an average
R$16/MWh R$30/MWh for the minimum. The decision
price of 301.8 R$/MWh;
was the result of a broad debate, which began with
> 314.3 MW- medium, assigned to Wind (72%), Hydro
Public Consultation No.09/2014 and later Public Hearing
(15%), Gas (7%) and Biomass (6%), at an average
No.54/2014.
price of 189 R$/MWh.
> 508 MW- medium, assigned to Wind (52%) and Solar
The main effect of the new limit is to reduce the
(48%), at an average price of 249 R$/MWh.
financial impact to distributors of possible future risks of
> 1 bidding A-5, with 1.160 MW- medium, assigned
contractual exposure to the energy spot market, which
to Gas (73%), Hydro (20%) and Biomass (7%) at an
in 2014 was at its maximum value for most of the year.
average price of 259.2 R$/MWh.
From the point of view of generation the new maximum
price also results in risk mitigation for unrecoverable
Additionally, there was a Bidding for the Concessions
economic and financial exposure, when production is
Contracting of Hydroelectric Power Plants through the
below contractual values. On the other hand, with the
quota regime, in which the seller assigns its firm energy
lowering of the ceiling, the ability to sell free energy at
(3.223 MW-medium) and power (6.061 MW) for Annual
higher prices is reduced. Generators may now divide their
Revenue of the Generation Operation.
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.
Annually, Aneel ratifies, through a resolution, the
minimum and maximum of PLD, with which for 2016
these values are R$30.25/MWh and R$422.56/MWh,
respectively. These PLDs consider the cost estimation
of the mega-hydroelectric power plant Itaipú, which will
have in 2016 a tariff of 25.78 USD/kW.
Looking for a solution to the impacts caused by the
drought, in November 2015 the ANEEL approved the
conditions for the “renegociation” of hydrology risk with
the generation agents that participate in the Mechanism
of Energy Reasignation (MRE) which was pending until
then. Nonetheless, the approval of the Provisoty Measure
from the Senate is still pending. Currently, there are many
164
2015 Annual Report Enersis
Regulation of Distribution Companies
In the regulated market, distribution companies purchase
and the market conditions. By adjusting distribution
electricity through biddings regulated by ANEEL and
tariffs ANEEL divides the Annual Reference Value, that
organized by the CCEE. Distributors must purchase
is, the costs of distribution companies in: (i) costs not
electricity in public biddings. The government also has the
manageable by distributors, also called “Parcel A”, and (ii)
right to call for special biddings for renewable electricity
costs manageable by distributors or “Parcel B”, the latter
(biomass, mini hydro, solar and wind farms). ANEEL and
corresponding to what is known as Distribution Added
CCEE conduct annual biddings. The contracting system
Value (VAD).
is multilateral, with generating companies that sign
contracts with all distributors who call for the biddings.
The regular tariff revision takes into consideration the
whole rate setting structure of the company, including
The Concessions Law establishes
three
types
the costs of providing services, the costs of purchasing
or adjustment of final consumer rates: the Rate
power and the return for the investor. Under their
Repositioning
Index
(IRT),
representing an annual
concession contracts, Coelce and Ampla are subject to
adjustment for inflation; the Annual rate Review (RTO) to
rate reviews every four to five years respectively. The
be conducted every four or five years depending on each
basis of the assets to calculate the return allowed for the
concession contract and the Extraordinary rate Review
investor is the market replacement value, depreciated
(RTE), which are carried out when a relevant event that
over its useful life from an accounting point of view, and
significantly affects the rate value occurs. Thus, the
the rate of return on asset allocation is based on the
Law guarantees an economic and financial balance for
Average Cost of weighted Capital, or WACC (its acronym
a company in the event that a material change in their
in English) of a model company. The WACC is reviewed
operating costs occurs. In the event the components of
at each rate cycle. The value of the WACC for distribution
the cost of Parcel A, such as energy purchases or taxes
currently in force is 11.4% real before taxes.
increase significantly in the period between two annual
rate adjustments, the concessionaire may file a formal
The regulatory mechanisms ensure the creation of
request to ANEEL to have those costs passed on to final
regulatory assets, whose recomposition of tariffs for the
customers.
deficits of 2014, took place from the readjustments of
tariffs of 2015 (March for Ampla and April for Coelce).
All reviews and tariff repositioning are approved by the
This mechanism exists since 2001, and it’s named
ANEEL.
Values Compensation Account of Parcel A (CVA). Its
goal es to keep the operational margin constant for the
In the rate revisions (RTO and RTE), ANEEL reviews the
concessionaire allowing to obtain tariff profits due to the
tariffs in response to changes in the costs of buying power
Parcel A costs.
Electricity Industry Regulatory Framework
165
was also approved the extension of the payment period
for every loan, whose payment period is now 54 months
starting from November 2015.
In reation to the
imbalances between the costs
recognized in tariffs and the real ones excluded from the
management of the distribution company, which were
intensified by the costs implied in the drought, ANEEL in
January 2015, started to apply a system (known as tariffs
Flags) of additional monthly charge over the tariff paid
by customers, only if the marginal cost of the system
reaches levels above the standard ruled. The goal of the
regulator is to provide the consumer with an economic
signal of the generation cost. El objetivo del regulador es
darle al consumidor una señal económica del costo de
la generación already in the subsequent month, thereby
anticipating to the Distributos an amount (by its right)
that it will only obtaine in the next tariff event.
This mechanism, described below, is comprised by three
levels of flags: red, yellow and green.
Values Compensation Account (“CVA”, in its Portuguese
acronym) helps to maintain the market stability and allows
the creation of deferred costs, which is compensated
by tariffs adjustments based on the rated required to
compensate the deficits of the previous years.
Green
In December 2014 distribution companies in Brazil, Ampla
Yellow
and Coelce included, signed an addendum to the concession
contract that allows these regulatory assets (CVA´s and
Red
others) to be part of the compensable assets at the end of
the concession period, if its not possible in time to obtain
Applied when
CMO is…
(R$/MWh)
Additional in
Tariff
(R$/kWh)
< 200
No additional
> 200 <
388.48
+ 0.025
> 388.48
+ 0.045
Description
Favorable
conditions
of energy
generation
Less favorable
condicions of
generation
More expensive
generation
conditions
compensation through tariffs. As such, according to IFRS
In summary, with this mechanism of generation cost that
rules, its allowed the contabilization of those regulatory
currently is transfered to customers once a year only (when
assets/ liabilities.
the tariff adjustment is performed), will have a monthly
variation, and with this, the customer will be able to manage
In 2014, the drought in Brazil continued. In Novemberm the
its electricity consumption in a better way. So, customers
system reached the maximum risk of energy rationing. The
realize that this is a minor tariff adjustment, because they are
average levels of dams reached 1% below the last rationing.
already paying less for months.
To cover the cost overrun of energy, the Government
Nevertheless, continues the discusion between Aneel,
has created the ACR account through bank loans to pay
agents and the company regarding the perfectioning of the
the tariff in a two-year period. Until December 31, 2014,
flags mechanism improvement, through a public hearing
distribution companies used approximately 18 billion
that begun on December 15, 2015. The main change is that
of Reais from the ACR account; nevertheless, it wasn’t
ANEEL proposes the division of the red flag in to levels from
enough to cover the whole deficit. In March 2015 a new
February 2016.
loan for the account ACR was approved, for the purpose
of covering the November and December 2014 deficits. It
166
2015 Annual Report Enersis
Readjustments and
Revisions of 2015
(Ampla, Coelce and
CIEN)
Free access is guaranteed by law and supervised by
ANEEL.
The operation and management of the basic network
is responsibility of the ONS, which also has the
responsibility of managing the dispatch of energy from
plants under optimal conditions, thus involving the use
of the interconnected system, hydroelectric and thermal
power plants.
On March 1, 2015, pursuant to Resolution N° 1858/2015,
Coelce was subject of an extraordinary revision, where
On April 5, 2011 the Ministerial “portarias” 210/2011
its rate increased in 10.28%, in order to face the growth
and 211 /2011 were published in the Official Journal,
of charges (Energy Development Account (CDE)) and the
which equates both
interconnection
lines of
the
costs of energy acquisition.
Energy Interconnection Company S.A. to public service
concessions, with payment of a regulated toll. The Annual
The last regular tariff revision of Coelce took place in
Revenue Permitted (hereinafter “ RAP “) is adjusted
2015 for the period 2015-2019, which is valid from April
annually in June by the National Consumer Price Index
22, 2015 and is provisional because the tariff revision
(hereinafter “IPCA “), and tariffs reviews are preformed
methodologies weren’t approved in time. The additional
every four years. They were defined a Gross Income Base
average increase of tariffs was 11.69%, pursuant to
of 1.760 million reais ($ 885 million) and a Net Base 1,160
Resolution N° 1882/2015. In 2016, the final revision will
million reais ($ 585 million). In 2012, ANEEL approved
be calculated and the positive and negative differences
the deployment of reinforcements in the transmission
derived from the application of the new methodology will
facilities, recognizing an additional investment of 47
be included in the readjustment of 2016.
million reais ($ 23 million) in the Remuneration Base. The
With regards to its concesion contract, Ampla received
current regulations as 7.24% (real after taxes). The period
a rate increase on March 15, 2015. The average increase
of authorization is until June 2020 for Line 1, and until July
of tariffs was 42.19%, pursuant to the approval of
2022 for Line 2, with estimated damages compensations
Resolution N ° 1.861/2015 and reviewed on April 8 after
for unrecovered investments.
applicable rate of remuneration was defined according to
the extension of the payment period for payment of
funds from the ACR account. With this new approval,
Resolution N° 1.869/2015, new tariffs have an average
effect to regulated customers of 37.34%.
Aneel approved the result of the first regular revision
of CIEN. Since July 1, 2015, rates were adjusted by
Environmental
Regulation
-7.49%, according to the approval terms in Resolution nº
Although the Brazilian Constitution gives the Federal,
1.902/2015.
Regulation of
Transmission
state and local governments the right to enact laws to
protect the environment; most environmental regulations
in Brazil are at the state and local governments levels.
Hydroelectric power plants must obtain concessions
for water rights and environmental approvals. Thermal
generation, transmission and distribution companies must
Any agent in the energy market that produces or
obtain environmental approval from the environmental
consumes energy is authorized to use the Basic Network.
regulatory authorities.
The free market consumers also have this right, provided
that they meet certain technical and legal requirements.
Electricity Industry Regulatory Framework
167
Chile
Industry Structure
The electricity industry in Chile is divided into three
generating units; the Superintendence of Electricity and
segments or businesses: generation,
transmission
Fuels (SEC), which regulates and monitors compliance
and distribution. The generation sector comprises the
with laws, regulations and technical standards for the
electricity generators. They sell their production to
generation, transmission and distribution of electricity,
distribution companies, clients and other non-regulated
liquid and gaseous fuels ; and finally , the Ministry
generators through the spot market. The transmission
of Energy, which is responsible for proposing and
sector includes companies that transmit high voltage
conducting public policy on energy and has under its
electricity from generating companies. Finally, the
control the SEC, the CNE and the Chilean Nuclear Energy
distribution sector is defined as comprising any supply
Commission (CChEN), strengthening coordination and
to end customers at a voltage not exceeding 23 kV.
providing a comprehensive view of the sector. It also
These three major segments or businesses operate in
has an Agency for Energy Efficiency and a Renewable
an interconnected and coordinated manner, and its main
Energy Center, which in November 2014 was replaced
objective is to provide electrical energy to the market
by the National Center for Innovation and Promotion of
at minimal cost and preserving the quality and safety
Sustainable Energies (CIFES). The law also establishes a
standards of service required by the electrical codes.
Panel of Experts whose primary function is to resolve
Because of its essential characteristics, Transmission
discrepancies that occur between the various players
and Distribution activities are natural monopolies; this
in the electricity market: utilities, system operators,
is why these segments are regulated as such by the
regulator, etc.
electrical codes, requiring open access to networks and
the definition of regulated rates.
From a physical point of view, the Chilean electrical
sector is divided into four electrical systems: The
The electricity sector in Chile is regulated by the General
central interconnected system (SIC), the great north
Law of Electric Services, contained in Legislative Decree
interconnected system (SING), and two isolated mid
No. 1 of 1982 of the Ministry of Mining; the revised
size systems: Aysén, Magallanes, Isla de Pascua and
and coordinated text was established in the DFL No.
Los Lagos. The SIC, which is the main electrical system,
4 of 2006 of the Ministry of Economy (“ Electricity
where about 93% of the Chilean population lives,
Act “) and its Regulations, contained in DS. No. 327 of
extends longitudinally for 2.400 kilometers, joining TalTal
1998. Three government agencies are responsible for
in the North, with Quellón, in the island of Chiloe on the
the implementation and enforcement of the Electricity
South. The SING covers the northern area of the country,
Act: the National Energy Commission (CNE), which
from Arica to Coloso, covering a length of about 700
has the authority to propose the regulated rates, and
kilometers, where a large part of the mining industry is
to develop indicative plans for the construction of new
located.
168
2015 Annual Report Enersis
According
to
the Electricity Law, Generation and
energy biddings for the regulated market for a 20 years
Transmission
companies
that
operates
in
an
period. Biddings are conducted in accordance with the
interconnected electrical system should coordinate their
requirements of the demands of the distribution and
operations in an efficient and centralised way through
are supervised by the National Energy Commission.
an operating entity, the Economic Load Dispatch Centre
This allows generators to have stable and predictable
(Centro de Despacho Económico de Carga: CDEC) in
incomes, preventing variability of the marginal cost,
order to operate the system at minimum cost while
therefore promoting investments in the area.
preserving service assurance. To this effect, CDEC plans
and performs the operation of the system, including the
In Chile, there is payment for capacity, which depends
calculation of hourly marginal cost, the price at which
of an annual calculation currently conducted centrally by
energy transfers made in the CDEC between generators
CDEC each four years, whose objective is to remunerate
are valued. CDEC (CDEC-SIC and CDEC-SING), are
the development of a gas turbine as a marginal unit to
autonomous entities; their function is to coordinate
supply the demand of the system. On the other hand,
the operation of an electrical system. The subjects of
out form the power output of each generation plant that
this coordination are generation, transmission and sub-
is recognized for capacity payment, that each CDEC
transmission companies and free customers.
determines annually and its use for the balance between
Regulation
of Generation
Companies
generators by this concept. Capacity charge of each
power plant is independent from its dispatch and pays for
its availability and contribution of the respective system
that each CDED coordinates.
On December 30, 2015, the President of the Republic
Michelle Bachelet J., signed the Supreme Decree
approving the long-term strategy fir the energy sector,
The generation sector comprises companies that own
whose details are included in the document “Energy
power plants to generate electricity, which is transmitted
2050 Energy Policy in Chile” formulated by the Minister
and distributed to the final consumer. This segment
of Energy with the guidelines to accomplish in the next
is characterized by being a competitive market where
years.
electricity is sold to: i) distribution companies to supply
their regulated customers within their concession areas.
As part of this long-term agenda, a variety of modifications
ii) to free or unregulated customers, mainly industries
to the energy sector norm have been taken into account.
and mining companies, and
iii) other generation
Among them, there is a law that modified the biddings
companies, through the spot market, by energy and
scheme for regulated customers enacted in early 2015
power transactions conducted in the CDECs.
and the adaptation of the legal framework for the
As already mentioned, the operation of the generation
by year-end 2015, and was processed through National
companies in each electrical system is coordinated by its
Congress.
transmission segment and for the system operator, which
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 customers.
In January 2015 the Law 20,805 was enacted, which
established
that generators should participate
in
Electricity Industry Regulatory Framework
169
Regulation of
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 500 kW; and free or unregulated
customers, those with a connected capacity greater than
2,000 kW. Customers with connected capacity in the
range of 500-2000 kW 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.
profitability of the industry is within the determined
In January 2015, with the enactment of the Law 20,805,
distribution companies must have the supply available for
The Chilean distribution model is a consolidated model,
the total demand forecasted for a five year period, las
because to this date, has eight price-settings carried out
empresas distribuidoras deben disponer del suministro
since the privatization of the sector. The next process will
range of 10 per cent with a margin of ± 4%.
permanentemente para el
total de su demanda
be carried out in 2016.
proyectada a cinco años, for which public bidings has to
be performed for up to 20 years.
Also each four years the tariffs revision processes
for the subtransmission sector are carried out (which
The processes for setting distribution tariffs are carried
corresponds to the high voltage facilities connected to the
out every four years with the purpose to establish
large distribution networks). This process is performed
the Distribution Value Added (VAD). The CNE and the
in alternated manner to the tariff revision process for
representative company responsible for the studies
distribution, so both of them have distance of two years.
of a typical area where it operates commissioned to
independent consultants to determine the Distribution
Additionally, every four years the revision of associated
Value Added. Preliminary basic tariffs are obtained by
services is carried out, corresponding to a variety of
weighting the results of the studies commissioned by
services not included in the determination of the VAD, and
CNE and by the company in the ratio 2/3 – 1/3 respectively.
that have to be provided by the distribution companies in
With these basic tariffs it’s verified that the aggregate
their concession area.
170
2015 Annual Report Enersis
Regulation of
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 authority as trunk or open access
transmission classifies transmission facilities, which
not apply to the facilities defined as addicional ones.
Transmission companies receive a payment for the
transmission service they provide without discrimination
against any user that requests it, through regulated toll
payment pursuant to the current legislation.
Environmental
Regulation
On January 8th, 2014 the bill that empowers the government
The existing environmental regulation is the result of
to promote electrical interconnections between systems
a complete redesign done in 2010, which started by
was approved in the annual plannification process.
the creation of new environmental institutions: the
Pursuant to this new legal framework, on April 21, 2015
Ministry of Environment, which designs and implements
the Official Journal published the Decree Nº 158 of the
policies, plans and programs on environmental matters;
Ministry of Energy, establishing the expansion works of
the Environmental Assessment Service (Servicio de
the Interconnection of the SING and SIC systems, which
Evaluación Ambiental: SEA), in charge of the administration
should operate by the end of 2018.
of the System of Environmental Impact Assessment;
and the Superintendence of the Environment with
supervision functions. In addition, the institutionality is
complemented with three Environmental Courts.
In terms of regulatory law, the regulation consists of the 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 the law that encourages the use of NCRE
was enacted, 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.
Electricity Industry Regulatory Framework
171
, Colombia
Industry Structure
The Colombian electricity sector was structurally
The CREG is empowered to make regulations governing
amended by Law 142, of Home Public Utilities, and
the technical and commercial operations as well as
Electricity Law 143, both of 1994. According to Law 143
tariffs for regulated activities. The main duties of the
of 1994, the various economic, public, private or mixed
CREG are setting the conditions for the progressive
agents can participate in activities in the sector and are
liberalization of the electricity sector towards an open
free to perform their functions in a context of free market
and competitive market, approve charges for networks
competition. To operate or initiate projects, permits must
and the costs of transmission and distribution to supply
be obtained from the competent authorities regarding
regulated customers, establishing the methodology for
the environmental, health and water rights issues, and
calculating and establishing maximum tariffs for the
those of a municipal nature that might be required.
supply of the regulated market, establishing standards
The Ministry of Mines and Energy (Ministerio de Minas
the system, establishing the technical requirements
y Energía: MME) defines the government’s policy
for quality, reliability and security of supply and protect
for the planning and coordination of the operations of
for the energy sector. Other government agencies
clients’ rights.
that play an important role in the electricity industry
are: the Superintendence of Home Public Services
The Wholesale Electricity Market in Colombia (MEM)
(Superintendencia de Servicios Públicos Domicialiarios:
is based on a competitive market model and operates
SSPD), entity that monitors and audits all utilities; the
under the principles of open access. The operation
Energy and Gas Regulatory Commission (Comisión
and administration of the MEM is a centralized market
de Regulación de Energía y Gas: CREG), which is the
operator, consisting of a Commercial Exchange Manager
regulatory body in electricity, natural gas, liquefied
of the System (ASIC) and the National Dispatch Center
petroleum gas (LPG) and liquid fuels; the Mining and
(CND).
Energy Planning Unit (Unidad de Planificación Minero
energética: UPME), which is responsible for the planning
The generation sector is organised on a competitive
and expansion of the network; and the Superintendence
basis. Electricity transactions in MEM are carried out
of Industry and Commerce, the national authority for
under procedures of energy spot Market (short-term
issues of protection of competitiveness.
or daily market); Bilateral Contracts (long term market);
172
2015 Annual Report Enersis
and the Reliability Charge. Generation companies must
Transmission operates under conditions of monopoly and
mandatorily participate in central dispatch with all their
a guaranteed fixed annual income, which is determined by
generation plants or units connected to the Colombian
the new replacement value of networks and equipment
system, with capacities equal to or greater than 20 MW
and the value resulting from the bidding process that
(participation of plants with capacities between 10 and
awarded new projects for the expansion of the National
20 MW is optional). Generation companies participating
Transmission System (STN). All traders in the market in
in central dispatch must declare the commercial
proportion to their energy demands share this value. The
availability of their generation resources and the price
national interconnected system (SIN) serves 98% of the
they wish to sell at. This energy is centrally dispatched
country’s demand. Non-interconnected systems serve
by CND under economic optimisation criteria and
remote areas of the country.
respecting the power and operative restrictions of the
system.
Distribution is defined as the operation of networks
of Local and Regional Transmission Distribution. Any
Trading
is the
intermediation between the players
customer can have access to a distribution network for
providing electricity generation,
transmission and
which they pay a connection fee. Distributors or network
distribution as well as the users of the service. Trading
operators are responsible for the planning, investment,
can be carried out or not, together with other activities of
operation and maintenance of electrical networks with
the electricity sector.
voltages below 220 KV.
Regulation of Generation Companies
The Colombian State may participate in the implementation
demand for power generators and marketers. The energy
and operation of power generation projects just as the
market determines the spot price by the ASIC after the
private sector. Law 142 enacted in 1994 established
day of operations by means of an optimized procedure
the legal regime for residential public utilities, and Law
for a period of 24 hours referred to as ideal dispatch,
143 enacted in 1994, focusing particularly in electricity
with an infinite capacity for network transmission and
service, determined the types of entities that are licensed
considers initial operating conditions, thus establishing
to provide public services; the ‘public utility company’
what generators should be dispatched to meet the
was created as the primary vehicle for such service.
actual demand. The price paid to all generators that are
In the short-term energy market, operationally, CND
expensive generator dispatched in each hour under ideal
dispatched by merit of price is the price of the most
receives, every day, price bids and the declaration of
dispatch.
commercial availability for each hour in the next day, from
all participating generators in the Wholesale Market.
The cost differences between the ‘economic dispatch’
Based on this information, CND performs an economic
and ‘perfect dispatch’ are called “restriction costs.” The
dispatch using an optimised process for next day’s
cost of each constraint is assigned initially to the agent
24 hour period, taking into account the electrical and
responsible of the restriction, and when it is not possible
operative restrictions of the system and other conditions
to identify an agent it is distributed proportionally between
that are necessary to meet next day’s expected energy
all marketers in the Colombian system, according to their
demand in a safe, reliable and economical way, from the
energy demand, and these costs are passed on to end
viewpoint of cost. Unlike other countries where central
customers.
dispatch is based on variable production costs, dispatch
in Colombia is based on prices tendered by agents.
Generators connected to the Colombian system can also
The energy exchange is a balancing market where you
aims to promote investments in generating capacity to
sell or buy the excess or deficit of energy resulting
secure the service of the long term country’s energy
from the enforcement of contracts against the actual
demands. The fee consists of assigning Firm Energy
participate in the “Reliability Charge”, a mechanism that
Electricity Industry Regulatory Framework
173
Obligations (OEF) by a descending auction to existing
The price of OEF per KWh corresponds to the closing
or new generators, who must ensure that the amount
price at the auction for firm energy or Reliability Charge.
of energy available in the system for a given period.
When this firm energy is required, which happens when
The allocation for existing generators is made annually
the spot price exceeds the Scarcity Price, a balance
and for new projects for up to 20 years. The OEF is a
of the agent’s compliance is performed, where ideal
commitment by the generating company, backed by its
dispatch verifies if the agent covered his OEF with its
physical resources that enable them to produce firm
own resources, delivered surplus or other agent covered
energy. The generator that acquires an OEF receives
his OEF, in which case the differences, valued at spot
a fixed compensation for the commitment period,
price, are balanced.
regardless that compliance with its obligation is or isn’t
required.
Regulation of Distribution Companies
In Colombia, distribution companies are free to purchase
assets and 13% for regional transmission assets based
their supply, and are enabled to define the conditions of
on the WACC/CAPM methodology. The methodology for
the bidding process to acquire the energy required for
calculating the distribution charges includes an incentive
the regulated market and can also go and buy energy in
scheme for management, operation and maintenance
the spot market. The price paid by the end user reflects
costs, based on quality of service. For energy losses,
an average of the purchase price. Since 2004, the CREG
the regulation establishes a path of recognised indices
is working on a proposal to amend the contracting
of losses to be included in tariffs.
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 one 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 30 kV, 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 in progress. 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
174
2015 Annual Report Enersis
Regulation of Transmission
Transmission networks that operate at 220 kV or higher
and the resulting value of the bidding process that have
form the National Transmission System
(STN). The
awarded new projects for expansion of the STN. This
transmission rate includes a charge to cover the operating
value is allocated to the traders of the STN in proportion
costs of the facilities, and a charge for use that applies
with their energy demand.
only to traders who transfer it directly to final users.
The CREG guarantees a fixed annual
income for
new projects is awarded to the company that offers the
transmission companies. This income is determined by
lowest present value of cash flows required to perform
the replacement value of a new network and equipment,
the task.
The construction, operation and maintenance of the
Regulation of Trading
The trading market
is divided
into regulated and
customers is subject to the “regulated freedom regime”
unregulated customers. Customers
in the free or
in which the rates are set by each trader using a
unregulated market may freely contract their power
combination of general cost formulas determined by the
directly from a generator or a distributor, acting as traders,
CREG, and individual trading costs approved by the CREG
or as pure traders. The market of unregulated customers
for each marketer. Rates include, among others, costs of
consists of customers with more than 0.1 MW peak
energy supply, transmission charges, distribution charges
demand or a minimum monthly consumption of 55 MWh.
and a trading profit margin. Additionally, the final costs
Trading can be performed by generators, distributors
that are applied according to the socioeconomic status
of the service are affected by subsidies or contributions
and independent agents, who comply with certain
of each user.
requirements. The parties freely agree to the transaction
prices for unregulated customers.
Tariffs or trading charges for regulated customers must be
The energy trader is responsible for billing the costs of
by the Consumer Price Index; current trading charges are
electricity to final consumers and transfer payments to
under revision, thus new charges are expected to apply
the various players in the industry. Trading for regulated
in 2016.
reviewed every five years and must be updated monthly
Electricity Industry Regulatory Framework
175
Environmental Regulation
The legal framework for environmental regulation in
municipalities and environmental corporations in localities
Colombia was established in Law 99/1993, which also
where the plants are located. Hydroelectric plants must
created the Ministry of the Environment as the authority
pay 6% of their generation and thermo electrical power
for defining environmental policies. The Ministry defines
plants must pay 4% of their generation, with rates that
issues and executes policies and regulations aimed at
are determined annually.
the recovery, conservation, protection, organization,
management and use of renewable resources.
In 2011, the Decree 3,570 established the new structure
Any entity planning to develop projects or activities
Environment and Sustainable Development (previously,
related to the generation, interconnection, transmission
the functions of the Ministry of the Environment
or energy distribution of energy, which may result
were includeed with the functions of the Ministry of
in environmental degradation, must first obtain an
Housing). That same year, Decree 3,573 created the
of the environmental sector, creating the Ministry of the
environmental license.
National Environmental Licensing Authority (Autoridad
Nacional de Licencias Ambientales) as the responsible
According to law No. 99 power generation plants having
entity for granting and monitoring licenses, permits
a total installed capacity greater than 10 MW, should
and environmental procedures of the Ministry of the
contribute
to environmental conservation
through
Environment and Sustainable Development.
a payment for their activities at a regulated rate to
In recent years, environmental regulations for the
electricity sector have been focused on: i) regulating
emission of power plants; ii) 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); iii) issuing of the
compensations manual for loss of biodiversity for projects
subject to environmental licensing; and iv) 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.
In 2015 the Ministry of Mines and Energy enacted the
Decree 2143 defining the guidelines for the application
of tax and fiscal incentives established in Law 1715.
Accordingly, the procedures to have access to the
benefits proposed by the aforementioned law are being
designed.
176
2015 Annual Report Enersis
Peru
Industry Structure
The general legal framework applicable to the Peruvian
Por su parte, el Organismo de Evaluación y Fiscalización
electricity industry is mainly constituted by the Electricity
Ambiental (OEFA) adscrito al Ministerio del Ambiente,
Concessions Law (Law Decree No. 25,844 of 1992) and its
es responsable de la supervisión y fiscalización de las
regulatory provisions.
obligaciones ambientales contenidas en los instrumentos
ambientales aprobados.
The Ministry of Energy and Mines (MINEM) defines
energy policies applicable at a national level, regulates
The Committee on Economic Operation of the System
environmental matters applicable to the energy sector
(COES) is the body that coordinates the operation and
and oversees the allocation, monitoring, termination and
dispatch of electricity in the national interconnected
revoking of licenses, authorizations and concessions for
Electrical System (SEIN) and prepares the technical and
the generation, transmission and distribution activities.
financial study that forms the basis for annual estimates
The Supervisory Agency of Investment in Energy and
distribution companies are represented, and also include
Mining (Osinergmin) is the regulatory body that controls and
Large Customers (free customers whose consumption is
of bar prices. In the COES, generation, transmission and
monitors compliance with legal standards and techniques
higher than 10MW).
related to electricity and hydrocarbon activities. It enforces
the obligations under concession contracts. Osinergmin
In rural areas there are small isolated electric systems that
Deputy Management for Tariff Regulation (GART) has the
provides electricity to specific areas, and represents less
authority to publish the regulated tariffs. Osinergmin also
than 7% of the total domestic generation.
controls and supervises the tendering processes required
by distribution companies to buy power from generators.
The main characteristics of the electricity industry in Peru
The Agency for Assessment and Environmental Control
are: (i) separation of the three main activities: generation,
(OEFA) is responsible for environmental preservation
transmission and distribution; (ii) free market for energy
related to electricity activities.
supply in competitive market conditions; (iii) a system of
Electricity Industry Regulatory Framework
177
regulated prices based on the principle of efficiency and a
approach, Law 28,832 of 2006, named Law to Ensure
bidding regime; and (iv) privatization of the operation of the
the Efficient Development of Electricity Generation also
interconnected power systems subject to the principles of
established the possibility for dealers to meet the demand
efficiency and quality of service.
of its regulated and unregulated customers under contracts
In Peru there is the capacity charge, given by the amount of
approval of this mechanism is important for generators
payments for developing a gas turbine, as the marginal unit
because it allows them to have a stable price over the life
that supplies the demand of the system. Similar to Chile,
of the contract, which is not set by the regulator and may
entered after a power and energy bidding process. The
the capacity charge is independent from its dispatch and
last up to 20 years.
remunerates the availability and contribution to the reserve
margin objective mentioned by the competent authorities.
Following the introduction of competitive bidding, most of
Generation companies that own or operate a generation
for their regulated customers, result from the biddings.
power plant with installed capacity higher than 500 kW
Only a small part of the energy purchased by distribution
require a permanent concession granted by the MINEM.
companies is still maintained under the scheme of bilateral
the new contracts to sell energy to distribution companies
Coordination of dispatch of electric operations, the spot
contracts.
prices determination and the management of economic
Another regulation that impacted the electricity market was
transactions that occur in the SEIN, are controlled by the
the Emergency Decree N° 049-2008, which introduced the
COES.
concept of “Idealized Marginal Cost”, this supposes that
for economic dispatch effect, to determine the short term
Generators can sell their power directly to large consumers
marginal costs of the SEIN, has to consider that there
and buy the deficit or transfer surplus energy between the
are no restrictions neither of natural gas (production or
contracted and actual production, in the pool, at the spot
transport), nor of electricity transmission; and also that
price. Sales to unregulated customers are conducted at
marginal costs can’t exceed a limit value defined by the
mutually agreed prices and terms, which include tolls and
Minister of Mining and Energy. The Emergency Decree is
compensation for the use of transmission systems and,
in force until December 31, 2016.
where necessary, to the distribution companies for use of
their distribution networks.
In Peru exists the capacity charge, which is given by the
amount of payments for developing a gas turbine, as the
The Electricity Concessions Law allowed that the sales to
marginal unit that supplies the demand of the system.
distributors might be conducted under bilateral contracts
Similar to Chile, the capacity charge is independent
at a price not greater than the regulated price, in the case
from its dispatch and remunerates the availability and
of regulated customers, or at an agreed price in the case
contribution to the reserve margin objective mentioned by
of unregulated customers. In addition to this bilateral
the competent authorities.
Regulation of Distribution Companies
The electricity tariff for regulated customers include energy
Added of Distribution) will take place each four years and
and capacity charges for generation and transmission, and
will be calculated by each company (before VAD was
the Added Value for Distribution (VAD) which considers
calculated for one company representative of a group or
a regulated return on investments, fixed charges for
typical sector and this VAD was applied to every company
operation and maintenance, and a standard percentage for
that belong to that group). In addition, an additional charge
energy losses in distribution.
will be recognized in the tariff for the projects that include
In September 2015 the Legislative Decree N° 1221 was
approved by Osinergmin. Incentives will be granted for
published, which determines that the setting of VAD (Value
improvements of service quality and the possibility to
technology innovation and energy efficiency previously
178
2015 Annual Report Enersis
expand the concession areas of distribution companies
according to the observations of the study contracted by
considering rural areas near their concession areas.
Osinergmin. The preliminary tariffs are checked to ensure
that the average aggregated annual internal rate of return
The real return on investments of a distribution company
of the whole industry is 12% with a variation of ± 4%.
depends on its performance against the standards set by
Besides, tariffs are indexed to the exchange rate and
Osinergmin for a theoretical model company. The system
commodities prices such as copper and aluminium, thus
allows a higher return rate to the distribution companies that
the tariffs in Perú don’t incorporate exchange rate risk.
are more efficient than the model company. Preliminary
tariffs are determined based on the results of the study
During the last rate-setting process, OSINERGMIN defined
commissioned by the companies, which are corrected
Edelnor rates for the November 2013 to October 2017 period.
Regulation of Transmission
Transmission activities are defined in different regimes.
The Transmission Plan, developed by the COES and
Those facilities built before 2006 are divided in the Main
approved by the MINEM, determines the development of
System, which are for common use and allow the flow of
the lines of the Guaranteed System, whose biddings are
energy through the domestic network, and the Secondary
performed under a BOOT scheme for a 30-year period. The
System for facilities that connect a generation power
transmission concessionaires of the Guaranteed System
plant with the system or a substation with a distribution
receive an annual fixed payment derived form those
company or with the final customer. For its part, facilities
biddings.
built after 2006 are divided in: the Guaranteed System,
comprised by lines for common use, and part of the
Complementary system lines are developed through
Transmission Plan created by the COES and whose toll
investment plans submitted by agents and approved by
is paid by the whole demand of the system, and the
Osinergmin, which calculates the average annual cost to
Supplementary System, whose lines are connected to a
remunerate for each facility, considering standard costs
generation power plant or to a user with the system and
of investment, operation and maintenance, a rate of 12%
are paid by the beneficiary.
before taxes and a term of 30 years.
Environmental Regulation
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
farms, tidal, geothermal, solar and mini-hydro (less than 20
MW hydroelectric power plants).
Electricity Industry Regulatory Framework
179
Description of Electricity Business
by Country
Description of Electricity Business by Country
181
182
2015 Annual Report Enersis
Electricity
Generation
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 17,302 MW in December 2015 and the
consolidated electricity generation reached 60,403 GWh, while energy sales totaled 72,039 GWh.
In the electricity 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.
53% of our consolidated generating capacity comes from hydro, 46% from thermal sources and 1% from wind
farms.
Therefore, the commercial policy defined by the Company is relevant for the adequate management of the
business.
Electricity
Transmission
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.
Para el Grupo Enersis. el negocio de transmisión de energía eléctrica se realiza principalmente a través de
la línea de interconexión entre Argentina y Brasil. CIEN. filial de Enel Brasil. con una capacidad de transporte
2,100 MW,
Electricity
Distribution
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 2015, our main subsidiaries and
related distribution companies sold 78,731 GWh.
Currently, Edesur, Ampla, Coelce Chilectra Codensa and Edelnor serve the major cities in Latin America,
providing electric service to more than 15.2 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.
Description of Electricity Business by Country
183
184
2015 Annual Report Enersis
MEMORIA ANUAL ENERSIS 2013136Buenos AiresCórdobaMendozaNeuquénTransmissionDistributionGenerationCentral ArroyitoTypeHydroelectricInstalled Capacity128 MWEl Chocón HydroelectricTypeHydroelectricInstalled Capacity1,200 MWCentral CostaneraTypeThermoelectricInstalled Capacity2,324 MWEdesurEnergy Sales18,492 GWhEnergy Losses10.7%Clients2.5 millionsCentral Dock SudTypeThermoelectricInstalled Capacity870 MWDESCRIPCIÓN DEL NEGOCIO ELÉCTRICO POR PAÍS Argentina
Electricity Generation
In Argentina, Enersis participates
in the electricity
about 800 MW, Costanera and Hidroeléctrica El Chocón
generation through Endesa Chile’s subsidiaries, Endesa
continued during 2015,complying with the obligations
Costanera and Hidroeléctrica El Chocón, and since March
they have regarding VOSA generation project, fruit of
2013, through our subsidiary Dock Sud.
the Agreement signed between the Ministry of Energy
Costanera and Hidroeléctrica El Chocón have together
3,652 MW of installed capacity. This power represented
at the end of 2015, 10.9% of the installed capacity of
the Argentinean SIN. Electricity generation of these
companies reached as of December 31, 2015, 11,406
GWh, 8.3% of the country’s total generation.
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 october
2016 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 commissioned, will begin
Costanera and Hidroeléctrica El Chocón have a stake
to pay the debt that CAMMESA maintains with the
in societies involved in the operation of two combined
generating companies that contributed to the project
cycles, coordinated by the Fund for Investments Required
through a 10 year-supply contract, with 30-day LIBOR
to Increase the Supply of Electricity in the Wholesale
plus 5% under the 2008-2011 Generators’ Agreement.
Electricity Market
(FONINVEMEN) with 5.33% and
18.85% ownership, respectively.
Other generators connected to Argentine SIN are: AES
Alicura, Sadesa, Capex, Petrobras, Pampa Generación
Regarding the project Vuelta de Obligado S.A. (VOSA),
and Pluspetrol.
which includes the installation of a Combined Cycle of
Description of Electricity Business by Country
185
Motor-generators
Project
Costanera
Costanera is located in the city of Buenos Aires and has
In February 2014, the Argentine Government called
six steam turbine units totalling 1,138 MW, which can
main generators to submit new generation’s installation
generate with natural gas or fuel oil. It also operates two
projects, preferably fuel oil, which should be operational
859 MW and 327 MW combined cycles, respectively; and
by June 1st, 2015.
total installed capacity is 2,324 MW.
At the beginning of 2015, the works were delayed, buy
In 2015, net generation was 8,167 GWh and energy sales
its estimated that the commissioning date won’t be
reached 8,168 GWh.
compromised.
Energy demand increased 4.4% with respect to 2014.
In March 2015, due to the delays of the contractor of
mounting, Ingeniería Ronza, a contingency plan was
During 2015, CAMMESA dispatch the SADI, pursuant to
developed for the engines start-up in an effort to maintain
the resolution established by the Secretary of Energy,
the committed date. Despite the measures adopted,
in such context, which has prioritized the more efficient
Ingeniería Ronza wasn’t able to deliver the works for the
thermal units dispatch using Natural Gas and the turbo-
start-up of the commissioning from Wärtsilä, planned for
steam units burning Fuel Oil (FO).
April 30, 2015.
In consequence, a new commissioning date was needed;
MEM, this resulted from the consideration of availability of
July 31, 2015 and to extend the works of Wärtsilä at higher
National and imported Natural Gas according to a quota
costs amounting to € 364,000.
assigned to the power plants sector.
With regards to the Natural Gas used for the dispatch of the
The commissioning with gas oil of the four motogenerators
As in previous years, a maintenance program was carried
was in November, start-up essays and checking of the
out, which most important tasks focused on the contribution
guaranteed values, without any observations.
of own personnel to perform the supplementary works of
the Rehabilitation Project of the Steam Turbine units, on
At the beginning of December, the commercial authorization
the one hand, and on the other, maintaining the rest of the
was requested to Cammesa with the presentation of the
units in service.
Studies for Stage II, according to the procedures for the
connection of the new generation.
With regards to the rehabilitation of the conventional units,
it’s worth to mention that during 2015 the rehabilitation of
Considering the higher costs and additional works
units Nº 2 and Nº 4 concluded with very good results.
registered in the development of the project, the amounts
were lower than US$ 43.5 million (VAT included) authorized
The rehabilitation of the remaining units is expected to be
for the project.
completed next year.
With regards to combined cycles, its worth to highlight
the good behavior of the Mitsubishi combined cycle (CCII)
with a generation higher than 5,000 GWh net.
On another front, in relation to the methodology to be
applied for the remunerations conciliation of Resolution SE
Nº 95/2013 and the Contracts of Availability of Combined
Cycles and Turbosteam (TV’s) and in addition to what
was informed last year, its worth mentioning that after
negociations with the Secretary of Energy, the Agreement
186
2015 Annual Report Enersis
with the Government for the treatment of the revenues
Completion of the water injection works for the control of
overlapping for the contracts of availability of Endesa
Costanera through note SSEE Nº 476/15. On July 3, 2015
emissions NOx in CC Siemens of US$ 2.92 million, Spare
part for the generator of the TV CC MHI unit for 2, US$
the adenda I and III for the Combined Cycles and TV’s
25 million and Modernization of the Control System CC
contracts were signed.
MHI of US$ 3.00 million. The Company is waiting for the
For Costanera,
the
implementation of Resolution
with CAMMESA the advance of funds to comply with the
482/15 prompted an increase of the remuneration of
payment on account requested by the supplier Siemens
fixed charges of nearly 28% for combined cycles and
to be enabled to perform the scheduled maintenance of
corresponding response. The Company is also negotiating
for steam turbines. Remuneration of variable charges
the cycle.
grew 23%. The concept of Additional Remuneration
increased 25%, while the remuneration concept for non-
In the finance area, it is worth mentioning that in 2015 the
recurring maintenance increased in 17.5%. Additionally,
Company continued with the financial strategy already
the resources for Foninvemem 2015-2018 investments
adopted in previous years, to prioritise the conservative
were incorporated, and the energy production incentives
management of finances in order to secure the necessary
and operational efficiency that are applied only if the
financial resources for the adequate operation of the
Agreement for Management and Operation of the Projects
power plant.
of Thermal Generation Availability Growth and Adaptation
of Remuneration of Generation 2015-2018.
Note that in 2014 the restructuring of the most important
liabilities of the Company was signed with Mitsubishi
In July 2015, it was requested to the Deputy Secretary of
Corporation on advantageous terms for the Company,
Electrical Energy -through note GG1380/15- the inclusion
and additionally to what was informed the previous
of supplementary works within the Combined Cycles
year, in December 15, 2015 the installment of US$ 3,0
Availability Contracts. The works to be included are:
million was paid, according to the established payment
Extension of useful life of CC Siemens of US$ 7.94 million,
schedule.
Description of Electricity Business by Country
187
El Chocón Hydroelectric
Hidroeléctrica El Chocón SA is a hydroelectric generation
company, which operates El Chocón and Arroyito plants,
located on River Limay. It’s 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.
The hydroelectricgeneration of El Chocón is located in the
Comahue region, and is comprised by the Argentinenan
provinces Río Negro, Neuquén and the southern area
of Buenos Aires provinces. El Chocón is located in
the Limay River, 80 km upstream from the confluence
with Neuquén river. Arroyito is the compensator dam
of El Chocón and is located in the same riever, 25 km
downstream.
The hydrological year starting April 1st, 2015 has been
characterized as dry after five dry consecutive years, 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 2014.
As a result of the El Chocón dam dispatch at the end of
2015, net generation of the El Chocón/Arroyito facilities
Worth is to highlight that in 2015, Hidroeléctrica El
amounted to 3,235 GWh, reaching a reservoir height
Chocón, made progress in the replacement of mineral oil
of 379.78 m.s.n.m. on December 31, 2015. The power
by biodegradable oil project in two out of the six gates of
reserve of the Comague dams was 6,582 GWh, 2,512
El Chocón power plant, reaching important improvement
GWh of which came from El Chocón, both amounts were
from the environmental point of view. It’s expected to
measured with regards to the minimum height condition
complete the replacement in the four remaining gates
of the Extraordinary Operation Band (Franja de Operación
in 2016.
Extraordinaria or FOE).
By mid 2015, three hydrocarbon separators were installed
Regarding the operational aspect, in 2015 accumulated
in Arroyito power plant became available, in order to avoid
availability of El Chocón-Arroyito complex was 97.89%,
possible losses of oil in the exchangers of water/ oil of
having satisfactorily completed Scheduled Maintenance
the bearings of the turbine that might reach Limay River.
for both plants. Protections’ System Modernisation,
Excitation and Start/ Stop Sequence of units No. 3 and 4
In the regulatory area, on July 17, 2015 the Resolution SE
and T3CH main transformer of El Chocón Plant were also
N° 482/ 2015 of the Secretary of Energy Register was
supplemented.
enacted, replacing Resolution SE N°529/ 2014 published
188
2015 Annual Report Enersis
in May 2014, which in turn have replaced Resolution SE
N°95/13 introducing adjustments to the regulation that
rules the Wholesale Electricity Market (MEM), in the
Central Dock Sud
aspects related with remuneration of the generation
Central Dock Sud is located in Avellaneda district, Buenos
agents, cogenerators and selfgenerators of the MEM.
Aires. Dock Sud owns and operates a sigle generation
For Hidroeléctrica El Chocón S.A., the implementation
power plant with two units, with a total capacity of 870
of Resolution 482/15 produced an increase of variable
MW. Central Dock Sud has four gas turbines and one
remuneration of around 23% and a growth of fixed
steam turbine. Two of the gas turbines and the steam
costs higher than 27% for Hidros Grandes and 64%
turbine comprises once combined cycle power plant.
for Hidros Medianas. The additional remmuneration
didn’t experience any changes and includes the concept
The energy generadated by Dock Sud in 2015 amounted to
for “Remuneration of Non-Recurring Maintenance”.
3,799 GWh, and represented 2.8% of the System, while
Additionally, positive effects of
the Resource
for
sales of energy reached 3,802 GWh and represented 2.9%
Investments of the Foninvemem 2015 - 2018 and the
of the total sales of the country.
energy generation incentives and operational efficiency
operative were incorporated.
As of December 31, 2015, installed capacity of Dock Sud
represented 2.7% of the total installed capacity in the SIN.
With reference to the electric transportation cost,
Resolution 482/ 15 grants its acknowledgment to the
hydroelectric power plants.
In 2015, 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.
In the area of finance, the Company, despite the
challenging scenario of the energy sector, paid in full all
of its debt maturities corresponding to the syndicated
loan in pesos for $ 58,3 million and also the maturities of
the bilateral loan with Deutsche Bank AG, Standard Bank
Plc and Itaú BBA Securities for US$ 14.8 million.
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, 2015,
the total amount received under that item amounted to
US$35.1 million.
The main investment projects to be undertaken in 2016
are: i) Carrying out major Maintenance of the main
switches in five machines, and ii) Replace the regulators
of speed/ loads of the turbines in El Chocón.
Description of Electricity Business by Country
189
Generation Costs Remuneration Scheme –
Resolution S.E. N°482/15
On July 17, 2015 the Energy Secretariat published
participating in the investment projects approved
Resolution SE N° 482/2015, which replaces Resolution
or to be approved by the SE, are to be determined
SE N°529/2014 that modifies the remuneration of the
monthly and its calculation will be in function of the
different components of the cost structure of the MEM
total energy generated. CAMMESA is instructed to
agents for thermal conventional or national hydraulic
allocate retroactively the new charge once the supply
types for the blocks of energy not commercialized
contracts and the project construction are signed.
through energy contracts regulated by the Energy
The Secretariat will establish a methodology for that
Secretariat. This
resolution
incorporates differents
purpose.
mechanisms that ensure electric power supply at
In the event of non-compliance of the commitments
reasonable prices thus compatible with the support of
included in the referred contracts, the Secretariat
the local economic competitiveness when promoting
would modify the purpose of the resources without
sustainable development for the sector. With the purpose
involving the right of complaint from generators.
of increasing the power available and the operational
(iv) In a period of no less than 10 years from the
efficiency of generating units of electric power, the
commercial start up of each generation unit built
remuneration methodologies for thermal generation are
under FONINVEMEMM 2015-2018 scheme, a Direct
adjusted through the adjustment of mechanisms for
Remuneration FONINVEMEM 2015-2018 is equivalent
Variable Costs remuneration (non fuels) as a function of
to 50% of the Direct Additional Remuneration.
the dispatch factor of generating units and the efficiency
(v) Incorporation of new
Incentives to the Energy
of the real fuel consumption in relation to the reference
Production and Operational Efficiency scheme.
values to that end. The norm also includes additional
(vi) Definition of single values in the recognition of the
resources for the investments to be developed in the
schemes and concepts of remuneration established
FONINVEMEM 2015-2018.
in this resolution for generation agents and to those
who had terminated the duration of a Contract
As defined in this resolution, its application is from the
regulated by the SE (Res 220, etc.).
economic transactions corresponding to February 2015
(vii) The application of this resolution is established
for the generators that have subscribed Resolution N°
retroactively at February 2015.
95/13 of the SE.
On June 5, 2015, the Society and other generators of
With this new resolution, the SE solves the following:
the MEM signed the “Agreement for the Management
(i) Replacement of ANNEXES I, II, III, IV, and V of
and Operation of Projects for the Growth of the Thermal
Resolution N° 529/14 for ANNEXES I, II, III, IV and V of
Generation Availability and the Adjustment of the
Resolution 482/2015 which updates the remuneration
Remuneration of Generation 2015-2018, from now on,
values for fixed costs, variable costs, additional
FONINVEMEM 2015-2018 and endorses all the terms
remuneration and non-recurring maintenance.
established in such agreement on July 2, 2015. The
(ii) Excludes the payment of variable collection for energy
endorsement comprises the irrevocable commitment
transportation and power of the hydroelectric power
to participate in the constitution of the FONINVEMEM
plants and/ or renewables.
2015-2018, engaging, with regards to item 3.2.v of the
(iii)
Incorporation, from the economic transactions
Agreement, the LVFVD and/or the Claims accrued or to
of February 2015 through December 2018, both
be accrued during the period between February 2015
inclusive, of a new scheme of specific contributions
and December 2018, both inclusive, not committed
denominated “Resources
for
Investments of
previously in similar programs together with all those
FONINVEMEN 2015-2018”, from now on Resources
Claims, that are not used to allocate them to the project.
for
Investments, allocated
to
those generators
The Secretary and the generation agents that endorse
190
2015 Annual Report Enersis
the Agreement reserve the right to have solved this
Agreement if during the 90 days established in item
Edesur
9 of the Agreement, the respective supplementary
Edesur’s main purpose
is
the distribution and
agreements are not subscribed.
commercialization of electricity in the southern area of
Buenos Aires, comprising two thirds of the city of Buenos
With the subscription of the Agreement, the Society
Aires and twelve districts of Buenos Aires province,
would participate,
together with other Generation
covering 3,309 km2, for a period of 95 years starting from
Agents, in the construction of a new Combined Cycle
August 31, 1992.
of nearly 800 MW +/- 15% that will generate both with
natural gas and with gasoil and biodiesel. The timing of
This period includes an initial one of 15 years and eight
the bidding for the New combined cycle will be defined
additional periods of 10 years each. On February 5, 2007,
in order to start up in no more than 34 months from the
the National Electricity Regulatory Entity (ENRE) resolved
awarding of the work.
Land Reserved for
Future Projects
to extend the initial period for five additional years, from
the completion of the Integral Prices’ Revision (RTI)
process.
Afterwards, on March 13, 2015, the Energy Secretariat
instructed, through Resolution SE 32/2015, the National
Electricity Regulator Entity (Ente Nacional Regulador
In Argentina currently there is no land reserved for future
de Electricidad, ENRE) to perform previous actions to
projects.
Electricity
Distribution in
Argentina
carry out the Integral Fees Renegotiation (Renegociación
Tarifaria Integral, RTI) process, without establishing the
implementation date.
The concession contract establishes the obligation of
Edesur to provide electricity as requested by the owners
or residents of the property within the concession area,
to comply with certain rules related with the electricity
delivered, to comply with the operational demands
Enersis participates in electricity distribution through its
related to the maintenance of distribution assets and to
subsidiary Edesur in which it has, directly and indirectly,
bill clients according to actual measurements.
71.6% ownership.
In 2015, Edesur delivered electric power service to
The market share of our subsidiary in Argentina, in
2,479,559 customers, which represents 0.63% growth
terms of physical sales, was approximately 15%. Other
with regards to the previous year. Of the total, 87.6% are
distribution companies in the Argentine electricity system
residential customers, 11% commercial customers, 0.9%
are: Empresa de Distribución de Energía de Tucumán
industrials and 0.4% other users. Energy sales reached
(EDET), Empresa Distribuidora y Comercializadora Norte
18,492 GWh, and increased 2.9% from the previous
(EDENOR), Empresa de Distribución de la Plata (EDELAP)
year. The distribution was: 42.6% residential customers,
and Empresa Distribuidora de Energía Atlántica (EDEA).
31.2% commercial customers, 18.5 industrial sector and
7.7% others.
Energy losses index reached 12.28% during 2015.
Description of Electricity Business by Country
191
Distribution
Activities
and Projects
Telecontrol Project of Medium Power Network
With the purpose of reducing replacement times and
circuit (DICC’s) with meter reading capacity, were added.
consequently improve service quality indicators, the
Since the beginning of the project, there has been 316
Telecontrol Project of Medium Power Network has
Transformation Centers MT/BT subject to meter reading.
continued, which begun in 2011.
The selection criterion for the
installation points,
In addition to an important technology innovation, the
considered mainly those medium tension feeders with
implementation of this project will result in important
service quality indicators records more committed and
supply replacement times reductions for a large amount
also those defined jointly with the municipalities as
of users in the case of a failure of the medium power
“Sensitive Customers”, such is the case of the water
network, through the remote sensing of failures and the
pumping stations, day-care centers or hospitals.
remote operation of the network, which will perform the
first normalization from the Control Center without the
Thanks to the
implementation of this project,
it
intervention of operational staff on site.
was observed a reduction of operating times, thus
During 2015, four new transformation centers MT/BT
service quality penalties. This enables higher security of
with state-of-the-art equipment (SF6), together with its
operations, better benefits of operationsl guards, image
corresponding communication (GPRS) to the Control
improvements facing customers and authorities and
Center and the installation of power detectors of short
higher energy sales.
decreasing interrumption times, which in turn reduces
192
2015 Annual Report Enersis
Innovation and energy
efficiency
During 2015, Edesur introduced the ENEL technology in the
recharching stations for electric vehicles in the following
events with the purpose of promotiong the electric mobility
projects aligned with the clean environment concept:
> Mayors’ meeting C40.
> INNOVA –Education, Science and Technology Exhibition
organized by the government of Buenos Aires.
> Aula BID Event (Interamerican Development Bank).
> Green City Festival, organized by the Environment
Ministry, Governement of Buenos Aires.
> Buenos Aires celebrates Italy.
Likewise, Edesur chaired the Normalization Committee for
the Electric Installations for the Electric Vehicles Supply at
the AEA (Electric Argentine Association), which includes
vehicles and motorcycles and electric bicycles.
With regards to motorcycles, the technical specialists of
the Company designed and created exclusive recharge
equipment for electric motorcycles, which was totally
developed in our laboratories and will be subject of
patenting as a new utility model. With this, the first
recharge point for electric motorcycle was inaugurated in
Argentina. Thus, the Company became a reference at the
country level regarding every type of recharge stations
related to electric mobility.
Description of Electricity Business by Country
193
194
2015 Annual Report Enersis
MEMORIA ANUAL ENERSIS 2013144Río de JaneiroBelénManausSao PauloGoianaBrasiliaTransmissionDistributionGenerationC. Cachoeira DouradaTypeHydroelectricInstalled Capacity665 MWCIENInstalled Capacity2,100 MWEnergy Sales11,229 GWhClientsEnergy Losses3.8 millionCoelce13.7%TypeThermoelectricInstalled Capacity322 MWCentral FortalezaEnergy Sales11,547 GWhClientsEnergy Losses3.0 millionAmpla20.9%DESCRIPCIÓN DEL NEGOCIO ELÉCTRICO POR PAÍS Brazil
Electricity Generation
Enersis participates in electricity generation through Enel Brazil and its subsidiaries Cachoeira and Fortaleza.
These two power 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 4,399 GWh, reaching 0.8% of the total generation in the country,
hydroelectric production being 47% of the total generation of the Enersis Group in Brazil.
For its part, energy physical sales reached 6,541 GWh, about 1.4% of total sales in the Brazilian system.
Other generators connected to Brazilian SIN are: CHESF, Furnas, Cemig, Electronorte, Cesp, Copel, Eletrobras and Eletropaulo.
Cachoeira
Fortaleza
Cachoeira is located in the State of Goias, 240 km south
Fortaleza is located in Caucaia municipality, 50 km from the
of Goiania. It owns ten units with 665 MW total installed
capital of Ceará state. Fortaleza is a 322 MW combined cycle
capacity. It is a run-of-the-river power plant and uses the
thermal plant that uses natural gas; and has the capacity to
waters of River Paranaiba.
generate one third of the electricity needs of Ceará, which
Net generation in 2015 was 2,057 GWh, while sales reached
3,215 GWh.
has a population of about 8.2 million inhabitants.
Fortaleza was built on a 70 thousand square meters area,
it’s 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. Fortaleza has a strategic location to
boost regional growth and to facilitate the setup of other
industries. Its main customers are Coelce and Petrobras.
Electricity generation in 2015 was 2,342 GWh, while sales
totalled 3,326 GWh.
Description of Electricity Business by Country
195
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, holding
84,38% of ownership.
CIEN
Compañía de Interconexión Energética S.A. (CIEN) is
On April 5, 2011 decrees were published in the Official
an energy transmission company in Brazil. The complex
Gazette defining the annual value of the Allowed Annual
consists of two frequency conversion stations, Garabi I
Remuneration (RAP) for CIEN. With this, the regulator
and II Garabi II, converting both ways the frequencies of
equates CIEN (the assets of which consist of Garabi 1 and
Brazil (60 Hertz) and Argentina (50 Hertz) and transmission
2 lines) to concessionaires of public service transmission.
lines. On the Argentine side, they are managed by two
Total annual RAP is adjusted annually and tariff review
subsidiaries: Compañía de Transmisión del Mercosur S.A.
processes will be conducted every four years. Starting
(CTM) and Transportadora de Energía S.A. (TESA). CIEN
from April 2011, therefore, CIEN was officially authorised
has control of 100.0% of the capital in both companies.
to receive payments under this new business approach.
The interconnection system consists of two transmission
lines with a total length of 1,000 km, and Garabi Conversion
Station.
196
2015 Annual Report Enersis
Electricity Distribution in Brazil
Enersis participates in distribution through Enel Brasil and its subsidiaries Ampla and Coelce.
Enersis owns directly and indirectly an economic ownership of 92.03% and 64.86% of the property of these companies,
respectively.
In Brazil, main distribution companies within the electrical system are: CPFL, Brasiliana de Energía, AES Elpa, Cemig,
Light, Coelba and Copel.
Ampla
Coelce
Ampla is a power distribution company with operations in
Coelce is the electric distribution company in the State
73% of the territory of the State of Rio de Janeiro, which
of Ceará, in northeastern Brazil, which covers a 148,921
is a 32,188 km2 area. The population is approximately 8
km2 concession area. The company serves a population of
million inhabitants, distributed in 66 municipalities, among
over 9 million inhabitants.
which the following stand out: Niteroi, São Gonçalo,
Petrópolis, Campos y Cabo Frío.
Energy sales in 2015 were 11,229 GWh, showing a 0.6%
increase over 2014. Of these sales, residential customers
During 2015, Ampla provided electricity to 2,996,676
35%, commercial customers represented 19%, followed
customers, 4.2% more than in 2014. Of the total, 90%
by industrial customers and free customers with 11%
are residential, 6% commercial and 4% other users.
each. Other customers represented 24% of energy sales.
Energy sales in 2015 totalled 11,547 GWh, a 1.1%
The number of customers at the end of 2015 increased
decrease compared to 2014, with a significant participation
to 3,757,651, a 3.7% variation compared to 2014. The
of residential customers representing 41% of physical
classification by type of customers shows that 76.2% are
sales, followed by 19% commercial customers, 14% free
residential, 6.2% are commercial customers, and 0.2 are
customers, 8% industrial customers, other customers
industrial customers, while other customers represent
which represent 19% of sales. Since 2003, Ampla greatly
17.4%.
emphasises energy theft fight with a 3.5% reduction
(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.
However, at present energy losses is still one of Ampla’s
major challenges. 2014 ended with an increase of 0.75%
over the previous year, from 20.11% to 20.86%, due
to the increase of areas of risk within the company’s
concession area.
Description of Electricity Business by Country
197
Activities and Distribution Projects
Energy Efficiency
Smart City Búzios
Energy efficiency projects comprise actions to promote
Progresses continued
in 2015 for the Smart City
the conscious energy consumption and the changes
Buzios project, with regards to the monitoring of smart
of equipments (refrigerators, freezers, lamps) and the
measurement and automatization, expansion of the use
electrical wiring, with an important impact on energy
of electric vehicles, strong impact of Solar Challenge
consumption and home energy efficiency improvement.
(important event of boats powered by solar energy race),
In 2015, 13,997 people in Ampla and Coelce benefited
management of generation technologies distributed
from changes of equipments iniciatives. And 108,373
and intensified the results of investigations performed
consumers were benefited from the educational projects
by universities and
institutions of technology base
for conscious consumption (41,075 in conferences and
that participated in the project. Regarding the Micro
workshops, 30,997 by Community Agents and 36,301
Smart Grid project, being carried out in Ceará, in 2015
by the Coelce in the Neighborhoods program). Projects
progresses were made in the planning and negotiation
are supported by touring trucks (Ampla Sobre Ruedas
with the condominium residents when approved the pilot
and Nave Coelce Planeta Futuro), equipped with an
Micro Smart Grid project. Also, there was also an intense
explanatory model of energy generation, transmission
negotiation with subcontractors and suppliers, and the
and distribution processes, simulators of consumption
work done was related to materials and equipments
and interative totems with fun units for all ages. The
specifications to be installed in the execution phase.
aspect of displacement of the project guarantees the
access to information for residents and students in zones
far from metropolitan areas.
In 2015, the energy efficiency program Enel Brazil,
centered its initiatives in the region, which showed
higher
impact
from commercial
losses
(electricity
theft), thus promoting responsible energy consumption
initiatives in the population, especially among low-income
consumers. During the year, there was a 5.3% reduction
of investments for the program, due to the scenario faced
by the Brazilian energy sector. The resources invested by
distribution companies are regulated and are equivalent
to 0.5% of the companies’ net operational revenues.
198
2015 Annual Report Enersis
Description of Electricity Business by Country
199
200
2015 Annual Report Enersis
MEMORIA ANUAL ENERSIS 2013148AntofagastaTransmissionDistributionGenerationTypeThermoelectricInstalled Capacity182 MWCentral TarapacáTypeThermoelectricInstalled CapacityCentral AtacamaTypeThermoelectricInstalled Capacity64 MWCentral HuascoTypeHydroelectricInstalled Capacity18 MWCentral Los MollesTypeEolicInstalled Capacity78 MWParque Canela I y IITypeThermoelectricInstalled Capacity257 MWCentral QuinteroTypeHydroelectricInstalled Capacity377 MWCentral RapelTypeHydroelectricInstalled Capacity12 MWCentral SauzalitoTypeHydroelectricInstalled Capacity77 MWCentral SauzalTypeHydroelectricInstalled Capacity690 MWCentral RalcoTypeHydroelectricInstalled Capacity34 MWCentral PalmuchoTypeHydroelectricInstalled CapacityCentral PangueBiobío PlantsTypeThermoelectricInstalled Capacity245 MWCentral TaltalTypeThermoelectricInstalled Capacity24 MWC. Diego de AlmagroTypeThermoelectricInstalled Capacity778 MWCentral San Isidro TypeHydroelectricInstalled Capacity89 MWCentral CurillinqueTypeHydroelectricInstalled Capacity40 MWCentral Loma AltaTypeHydroelectricInstalled Capacity570 MWCentral PehuencheTypeMini hydroInstalled Capacity9 MWCentral Ojos de AguaTypeHydroelectricInstalled Capacity106 MWCentral CipresesTypeHydroelectricInstalled Capacity70 MWCentral IslaTypeHydroelectricInstalled Capacity320 MWCentral AntucoTypeHydroelectricInstalled Capacity136 MWCentral AbanicoTypeHydroelectricInstalled Capacity450 MWCentral El ToroLaja PlantsMaule PlantsEnergy Sales15,893 GWhClientsEnergy Losses1.8 millionChilectra5.3%478 MWTypeThermoelectricInstalled CapacityCentral Bocamina I y II478 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 holds directly 59.98% ownership.
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 the North Interconnected System (SING).
Enersis Group’s electricity generation in Chile reached 18,294 GWh in 2015, of which was 64.5% hydroelectric. For its
part, energy physical sales in Chile totaled 23,558 GWh, 33% of the total sales of the Group in Latin America.
Other generation companies in Chile are: AES Gener, Colbún and EC-L.
Endesa Chile
Energy sales of Endesa Chile and its subsidiaries in the
On the other hand, energy sales of the subsidiaries Celta
SIC, reached 21,127 GWh in 2015. This volume represents
and GasAtacama in the SING, reached 2,432 GWh in 2015,
43% of the SIC’s total sales, including customer sales and
representing a participation of 14% in total sales of such
net sales in the spot market. Sales to regulated customers
electricity system.
represented 83%, while 15% were to free customers and
4% represented net operations in the spot market.
Description of Electricity Business by Country
201
Operational and Commercial Scenario
General Scenario
of Operational and
Commercial Activity
Events that Influenced
the Operational and
Commercial Performance
The Central Interconnected System showed an average
An important event that took place in 2015 was the restart
hydrology condition similar to 2014, where differences
of operations of Bocamina II, which contributed to the SIC
were seen between the first and second half of the year,
since June, whose operation was interrupted form mid
presenting a very dry condition in the first period, with an
December 2013 for legal reasons. In fact, the resolution of
important improvement in the second semester. In relation
the Supreme Court released in November 2014, enabled
to the latter, production costs followed the same trend
Endesa Chile to develop the optimization project of the
between both periods; although in averge were lower than
power plant with the purpose of ensure compliance
the previous year.
with the environmental demands included in the court
decision. The project, that counts with the approval of the
In that context, higher procurement costs in the first
Environmental Authority, (1), considers among its main
semester were explained by the prolonged drought that
technical and environmental improvements: the coverage
impacted the country in the last five years and in particular
of coalfields, the installation of advanced technology filters
during the first months of 2015, being the driest ever
for water suction and online air quality monitoring. When
recorded, with the almost total absence of rains in the
committing these optimization activities, the Company
center-south zone of the country. Additionally, due to
received the authorization to restart operations of the
the lack of generation of Bocamina I power plant, whose
power plant, which coupled with the various activities
operation was interrupted to perform works required to
with the communities developed in the area (Social Plan
fulfill environmental requirements and Bocamina II power
with the community of Coronel), constituted an important
plant was paralyzed due to court order.
milestone for the consolidation of the sustainability of this
facility and to bolster the contribution of this power plant
During the second semester, supply costs and therefore
to the operational margin of the Company.
prices of electric power, decreased significantly due to the
large improvement of hydrology condition, moving towards
On the other hand, during 2015, Endesa Chile signed
a normal condition in this time of the year and due to the
agreemetns with trade associations of irrigation farmers
restart of Bocamina I and II power plants and the operation
for the operation of the dams located in the Laja and Maule
of the system.
River basins, with which they share the use of water. These
agreements were also approved by the Hydraulic Works
Lower average procurement costs of 2015 compared
Division (DOH), dependant from the Public Works Ministry,
to 2014, are mainly explained by a general decrease of
being the authority that guarantees the administration of
fuel costs, the entrance of new offer to the system and
dams. These agreements also relate specifically with the
the startup of Bocamina I and II units. Also the lower
shared use of dams in scarcity conditions (drought), which
dynamism of electricity consumption contributed to reduce
even though means to provide restrictions for both parts
energy prices, whose growth rate was nearly 1%, thus
with regards to the original agreements, enables to ease
representing a strong decrease with respect to the 2.5%
the extractions during the more critical periods (months)
accounted in 2014 and even more so when compared to
for both parts. The advantages of both agreements are,
the average annual growth of del 4.5% recorded in the
on one side, to regularize an important aspect of such
period 2010-2014.
operation, which helps to prevent or reduce situations
of conflict between users of these dams, such as those
that took place in the last years due to drought conditions
registered in the country, and on the other hand, the
202
2015 Annual Report Enersis
aforementioned more flexibility has a positive impact in
the generation of Endesa Chile in the area and therefore in
the operational margin of the Company.
The events that Endesa Chile has been facing this year
and the previous years, where dry years and other adverse
conditions prevailed, allowed to prove the strenghth of
Endesa Chile to carry out its operational and commercial
activities with high performance, which is explained by
the different attributes in these area which are worth
mentioning, such as: i).- the Company owns generation
facilities with
large
installed capacity, with diverse
technology, competitive un terms of production, and
with high operational availability, mainly comprised by
hydroelectric power plants and efficient termal facilities,
which enables the Company to achieve low average
operational costs level; ii).- its commercial policy has been
developed in accordance with the generation attributes
of its generation facilities and with the conditions that a
competitive market imposes, and consistent with the
requirements established in the electric legal framework.
In this area, the objective of this policy is to harmonize
attractive profitability with low exposure to hydrology risk
Hydrology
Condition
in the SIC
position, thus conditioning aspects such as: level of energy
The year 2015 begun with snow melting of very dry nature
contracted, diversification of the customers’ portfolio and
and without any rains until early June. Afterwards, rains
its pricing policy; and iii).- the generation policy has always
were a normal condition for the period, thus the year 2015
have the objective that the facilities have to operate under
showed a semi-dry condition. The first two quarters were
high quality standards and availability, for whose purpose
the driest ones, with accrued exceedance probability of
the operational procedures and the required modernization
tributaries of 95% and 85%, respectively. This condition
has been always consistent to totally fulfill technical and
improved during the third quarter, thus resulting in a
environmental demands applied established by the electric
recovery of seasonal dams levels, which meant to account
legal framework.
an exceedence probability of 52% for the quarter. In the
last quarter, corresponding to the snow melting period, a
semi-dry condition of nearly 70% was registered, whose
effect together with the previous quarters led at the end
to an accrued exceedence probability of tributaries of 75%
for 2015, similar to 2014.
Description of Electricity Business by Country
203
Generation and Supply Costs in the SIC
The hydrology condition that in average was similar to
With regards to the electricity generation by input, its worth
2014 is also showed in a generation matrix similar to
to highlight that Endesa Chile maintained its leadership
the previous year. In fact, the supply for the SIC in 2015,
with a 51% share of the total generation, and in the case
whose total reached 52,900 GWh, was 49% thermal,
of LNG, had a 59% share of the total generation with LNG.
slightly lower than the 52% in 2014. Hydrology generation
Wind generation reached 144 GWh, represented 8% of
was similar to the previous year (45%), and the higher
the total wind generation in the SIC.
contribution took place during the second semester (61%
of the hydroelectric total). With regards to the fuels used
During the current period, there was an important
for thermal generation, coal was predominant with 27%
decrease of fuel prices with respect to 2014. Coal was the
of the total generation of the SIC, slightly lower to the
main fuel used in 2014, and the average price fell 16%,
30% in 2014; followed by GNL, with a contribution of 16%
from US$ 111/ Ton per year in 2014 to US$ 93/ Ton per year
of the total and biomass with 4%, displacing diesel that
in 2015. LNG was the second main fuel used in the SIC
represented 2% of the total.
and the main fuel used by Endesa Chile, and its average
Regarding the generation of non hydroelectric NCRE, its
370/Dm3 in 2015.(REVISAR CIFRAS) Prices of the other
participation increased from 6% to 10%, being biomass
liquid fuels, less important in the SIC generation, such as
the stronger contributor with the aforementioned 4%,
diesel and IFO N° 6 also decreased sharply, around 40%,
followed by wind generation with 4% and finally solar with
being the international trend in the global markets. Thus,
price decreased nearly 33%, from US$ 365/ Dm3 to US$
2%.
the effect of lower prices of fuels, together with a more
humid hydrology seen in 2015, compared to the dry years
During 2015, the energy generation of Endesa Chile was
that prevailed until 2013, has prompted the generation cost
34% of the total generation of the SIC, similar to the
reduction of the Company, which had a positive impact on
33% accounted in the previous year. Its contribution to
its operational margin.
hydroelectric generation was kept at 23%, and physical
generation reached 12,000 GWh, in line with the 11,900
In the context of the aforementioned description of the
GWh accounted in 2014. For its part, thermal generation of
fuel prices sharp decrease, both the generation average
Endesa Chile was nearly 5,900 GWh with 11% of the total
cost and the average energy price in 2015 fell compared to
generation of the SIC, 10% higher than the 5,100 GWh,
the previous year. In the case of energy prices, if we use as
mainly due to the contribution of Bocamina power plant
reference the values of the spot market at a relevant node
that restarted operations during the second semester and
such as the Alto Jahuel 220 kV substation, an important
also due to the higher generation with LNG. In fact, the
drop of 32% is observed, compared to the previous year,
generation with LNG reached 4,930 GWh with a 9.3%
where the average annual price was US$ 135/ MWh in
share, 9% higher than the contribution of 4,550 GWh
2014, decreasing to US$ 92/ MWh in 2015, being consistent
accounted in 2014. Coal generation reached 956 GWh,
with the decrease of fuel prices. Nevertheless, its worth
that is, 2% of the total, however considering the lack of
to highlight that prices during the current period were very
the generation of Bocamina power plant during the first
different between the first half and the second half of the
half of the year. Generation of Endesa Chile with oil was
year, where the average prices were US$ 135/ MWh and
much lower, amounting barely to 35 GWh, less than 0.5%
US$ 48/ MWh, respectively. Worth is highlight that prices
of the total.
recorded in the second half of the year weren’t observed
since 2006, due to more humid hydrology conditions.
204
2015 Annual Report Enersis
Liquified Natural Gas (LNG)
In February 2015 the commercial operation of the first
On the other hand, and with regards to the LNG
expansion of the Quintero LNG Terminal started, with which
commercialization with trucks, during 2015 the construction
the regasification capacity of the power plant increased
of four satellite regasification plants (PSR) begun, under
by 4.8 MMm3/day, enabling to reach the Terminal’s total
long-term supply contracts that Endesa endorsed with
capacity to 14.4 MMm3/d.
the gas distribution companies GasValpo (to supply to
La Serena-Coquimbo, Los Andes and Talca) and Intergas
In connection with the above, Endesa Chile contracted
(to supply to Temuco). The first of these plants was
additional regasification capacity of 2.1 MMm3/d, reaching
inaugurated in October in Talca, becoming the first PSR of
a total of 5.4 MMm3/d (37% of the total capacity of the
the country dedicated to gasification in a city that wasn’t
Terminal), which will enable the Company to supply the
linked to the gas pipeline network.
regasification requirements for its power plants and to
develop new generation and commercialization projects
In addition, in the LNG trading field, Endesa Chile performed
based on natural gas in the central area of the country.
the second international operation, selling through Endesa
Energía one LNG shipping to a buyer in Argentina.
From the gas commercialization point of view, during 2015
significant milestones were achieved. From one side, in
During 2015, the Quintero Terminal downloaded 39
the North Interconnected System (SING) the Contract
shippments, containing 3,130 MMm3 of natural gas, 1.200
for the Use of the Terminal (TUA, for its English acronym)
MMm3 of which were for Endesa Chile. Worth is to highlight
was signed with GNL Mejillones, enabling the download
that nearly 660 MMm3 of gas from other Terminal’s partners
of the first LNG shippment of Endesa Chile in the north.
were also allocated to electricity generation, through the
This operation enabled the subscription of Purchase-sale
sale to other generators of the SIC.
Contracts of gas with industrial customers in the north of
the country and the use of that fuel in the units owned
by Endesa Chile connected to the gas pipelines network
in the north (Taltal and GasAtacama), thus leading Endesa
Chile to become the main industrial trader of gas in the
north area of the country.
Description of Electricity Business by Country
205
Governmental
Policies
that Impact
the Electric Sector
Regulatory Aspects
Related to the Electricity
Sector: Bills, Regulations
and Technical Standards
In accordance with the Energy Agenda, by mid April,
In the context of
Independent Electrical Systems’
the Energy Ministry published the results of the basins
Interconnection Law (Law No. 20,726) of 2014, the
of the country study together with Universidad Católica
construction of the project for the electric interconnection
of Chile and Teco Group Consortium. Being aware of the
of the SIC and SING systems begun, project being
importance to develop projects with its own resources such
developed by the company E-CL, and consists on the
as hydroelectric resources and the difficulty to carry them
construction of a double circuit line of 500 kV, with 1,500
out at present, the object of the study is to provide more
MW capacity, which will connect the SING from S/E Los
certainty to the developers of projects and the community,
Changos, located in Mejillones, with the SIC in S/E Nueva
with regards to the way to move forward in hydroelectric
Cardones, located near Copiapó. This project started up
development, to establish clearer processes, to enable to
pursuant to the Trunck Transmission Expansion System
achieve more symmetry of information among the actors
Plan, for the period 2014 - 2015, which was prepared by the
involved, with the purpose of reaching agreements for
Energy National Commission (CNE). Its commissioning is
its execution. Among this dynamic, the Energy Agenda
planned for the second semester of 2018.
proposes to carry out an energetic territorial planification
for the future hydroelectric development based on
Law 20,805 was enacted on January 29, 2015, which
technical, environmental, economic and sociocultural
modified the bidding process for distribution companies’
criteria, for whose purpose this Agenda also is commited
energy supply (EEDD), whose purpose was to improve
to perform a mapping and global analysis of the basins
the bidding system, unlock the investments in the sector,
in the country, being the objective of this study, in order
increase competitivity and decrease energy supply
to identify, through a participatory process, the priority
prices. The main amendment of this law was that the
basins.
State (CNE) assumes the responsibility of the biddings
and has to ensure the energy supply of distribution
As a result of the study, in the main twelve basins located
companies for regulated customers. Although biddings
between Maipo (Metropolitan Region) and Yelcho (X
are defined for long-term supply, the CNE may perform
Region) the hydroelectric potencial is of almost 11,000
short-term biddings to solve the problem of distribution
MW. In the three basins of the Aysén Region, the potencial
companies without contracts. The Law also considers
is nearly 4,500 MW. To continue a further detailed analysis
special treatments for biddings that are backed up by new
of the basins for the second stage, and considering the
generation projects and by type of generation technology
limited resources available for that purpose, priorities were
(NCRE). Within the framework of this law, in April the
defined in the basins chosen for the next step: BioBío
CNE published the final Biddings Technical Report,
River, Yelcho River, Maule River, Toltén River, Puelo River,
which contains an analysis of proyections of demand of
Valdivia River and Bueno River, which together represent
distribution concessionary companies for public services
a total of 8,200 MW. It’s expected that this second stage
subject to the obligation to perform bidding for the period
will be completed at the end of the first semester of 2016.
2015-2030. In addition, it includes the analysis of the
expected situation of potential offer of electric energy for
Because this study is concentrated on the basins where
that important period and a forecast of the energy supply
Endesa Chile owns operating facilities and water rights
bidding processes to be performed within the next
to develop future projects in some of these basins, its
four years. As a result of this study, the CNE prepared
important to keep an active participation in this process,
and published the bidding bases for two energy supply
to ensure that its projects reach the sustainability and
processes for distribution companies. The first one took
profitability needed to materialize.
place in May, for a total supply of 13,750 GWh/year for
regulated consumption starting in 2021 and in 2022. In
both cases, for a twenty-year period and the bidding will
206
2015 Annual Report Enersis
take place in April 2016. The bidding bases for the other
proposes a new remuneration of transmission scheme
processes were published in June for an energy supply of
based on fixed payments payed by the demand. In the
1,200 GWh/year, with an offer structure of hourly blocks
case of the Independent Coordinator, the project modifies
very adjusted to the NCRE generators’ needs, whose
its current structure, ordering the following: i) –Modifies
consumptions will begin in 2017 for a twenty-year period,
the Board structure to a governing Board, comprised by
which was awarded in October 2015, and the average
seven members and appointed by a special Committee
price was nearly US$ 79/ MWh.
of Nominations (six members, mainly coming from state
bodies) and ii).- Maintains its current responsibility to
In June entered to Congress the Tariff Equality for
coordinate the system operation and to determine the
its legislative process the draft bill that proposes a
transfers of the spot market and adds as new functions
mechanism to narrow the gap between residential
the monitoring of competition and guarantee the payment
customers that pay high tariffs and those who pay low
chain and iii).- Assumes the interconnection SIC-SING, so
tariffs. This project, proposes that the highest bill can’t
it proposes an organism for both systems. This Law also
be higher than 10% of the average bill at national level.
includes a regulation for the Supplementary Services
The objective is that the discounts will be financed by
and a Strategic Planning system to be performed each
all regulated customers except residential customers,
five years for a thirty year horizon, which will include the
who will only meet this financing for consumptions over
definition of long-term scenarios, identifying development
180 kWh/month for bills below that average. The project
poles, citizenship participation in this activity and others.
also proposes to establish a regulated tariff discount
An aspect of this project is that it greatly increases the
for districts that are energy-intensive
in electricity
technical functions of the CNE.
generation according to its installed capacity and number
of customers, discounts that will be absorbed by those
Worth is to highlight that draft bill has been submitted
districts that are not energy-intensive. With regards to
for a public discussion process by the CNE, in which
the definitions of this project, energy generation will not
Endesa Chile had an active participation either directly
participate in this compensations system. At the closing
participating in some committees organized by the CNE
of this period, the project is under the First Constitutional
or indirectly through the Trade Association of Chilean
Procedure (Senate) with the general approval of the
Generators, whereof Endesa Chile is member.
Senate in October.
In line with the commitment assumed in the Energy
Agenda, in August entered to Congress for its legislative
process the draft bill that establishes the Electricity
Transmission System and creates an entity for the
Independent Coordination of the National Electricity
System. For
the case of electricity
transmission,
the project considers a new
functional definition
of transmission systems that replaces the current
definitions of Trunck, Sub transmission and Additional by
National, Zonal and Development Poles and Dedicated,
whose declared objective is to promote the execution of
sufficient transmission capacity at the national and zonal
levels, thus enabling the development of generation
according to its location and technology. Besides, it
Description of Electricity Business by Country
207
Endesa Chile’s Actions during 2015
For Endesa Chile, to maintain the high availability,
standards and useful life assurance of generation
efficiency and safety standards of the operation of its
units, in July the generator’s stator winding of Isla
power plants has been an ongoing concern, in order to
power plant’s unit No.1 was changed.
maintain its leading position in the electrical industry. Its
> During 2015 the practice of annually certifying the
excellent operational level can be confirmed, among other
capacity for autonomous start continued, for the
things, by the following events occurred during 2015:
generating units that have this distinctive feature.
> All generation facilities are certified with ISO 14,001
capacity for autonomous start were certified.
and OHSAS 18,001 standards, except Bocamina II,
> In May concluded the overhaul of the generator of
which is planned to obtain the certification in 2016.
unit 1 of Bocamina power plant. This included the
> In the context of the units’ modernization, specifically
replacement of the stator winding of the rotor’s
During the year, 27 units out of the 33 units with the
regarding remote hydraulic units’ telecontrol, during
retention rings and the generator excitation system
2015 Cipreses, Isla and Ojos de Agua power plants
including the excitation transformer. Additionally the
became remotely controlled from Endesa Chile’s
turbine’s quick-closing valves and all the pipelines of
National Exploitation Center (CEN). This power plants
the turbine’s condenser were replaced.
added up to Pehuenche, Curillinque, Loma Alta,
> During the second semester the overhaul of the gas
Rapel, El Toro, Antuco, Abanico, Los Molles, Sauzal
and steam turbines of the two combined cycles of
and Sauzalito power plants, which were already being
San Isidro power plant were performed and the
telecontrolled from the CEN. This means that the
development of the inspection program through non-
Company remotely controlls, from its headquarters,
destructive essay techniques to the two recovery
2,280 MW of hydraulic generation, representing
boilers (HRSG) and the piping of steam turbines.
approximately 66% of Endesa’ hydraulic power
> In December, in the context of using the most
plants (representing 35% of the installed capacity of
advanced available resources for the maintenance and
hydraulic power plants in the country).
security of important works such as reservoir dams,
> In line with the policy of improvement of availability
an inspection to the Ralco dam was carried out with a
208
2015 Annual Report Enersis
ROV, a robot that operates under water and which is
remotely operated from the surface. This dam is the
In the Commercial Field
highest of Endesa is Chile, so the ROV sank to more
Commercial actions carried out by Endesa Chile during 2015
than 100 meters deep, therefore informed that Ralco
were in line with its commercial policy, whose the purpose
dam is in good preservation and safety conditions.
was to harmonize the joint achievement of the following
> In the context of removal of asbestos project in every
objectives: maintain the leadership within the industry,
generation power plant, in March 2015 the withdrawal
properly manage the company risk and its profitability within
of all asbestos present in Bocamina power plant
the challenging condition for the SIC in 2015, comply with the
was completed, thus the power plant was declared
actions of its permanent customer loyalty policy and achieve
asbestos free. Additionally, the Company started the
greater efficiency in internal commercial management. The
studies to withdraw the asbestos from the Tarapacá
main actions carried out are mentioned below.
and Huasco power plants and the facilities of Ralco
and Pangue power plants to be carried out in 2016.
With tegards to the contracts management, the Company
> In the context of the Social and Technical Plan for
reached an agreement and signed new energy supply
Bocamina power plant, high technology filters were
contracts with Inchalam, Masisa (Mapal plant), CGED for
installed in the ocean water inlets for the cooling
some of its free custoemrs and ACF Minera. On the other
of both units. This was done with the purpose
hand, and with regards to what was contractually planned
of minimizing the biota suction from the marine
during 2015, all of the following energy supply contracts
environment.
concluded on December 31, 2015: Compañía Minera del
> In the first semester the works related to the
Pacífico; Compañía Siderúrgica Huachipato, Compañía
modification and replacement of the equipments of
Exploradora de Minas; and Contrat with CGED for some free
Unit N°1 of Bocamina power plant, thus enabling
customers.
the compliance with the NOx emmissions standars,
as established in the new emmissions regulation.
In other area, the Company also reached agreements for
The project mainly consisted
in
replacing
the
natural gas supply with Codelco, Soquimich and Altonorte,
original burners by low NOx burners, modifying the
coal mills, the air preheaters, the air distribution
with which Endesa Chile became leader in the industrial
market in the north of the country (Norte Grande). Lkewise,
system and implementing a new control system and
during 2015 the supply of demineralized water to Molyb,
instrumentation of the boiler.
subsidiary of Codelco, in Mejillones, begun.
> In the first semester the works rekated to the
modification and replacement of the exhaust gases’
With regards to loyalty management, in September there
desulphurisation system of Bocamina plant’s unit
was a visit to Rapel power plant with customers. During
No.1 were completed. This desulphuriser includes
December, a customers’ satisfaction survey for 2015 was
the installation of equipment to absorb SO2 from the
carried out, whose result was a Customer’ Satisfaction Index
boiler’s gases using sprayed lime, to be extracted as a
of 16.8 points, which indicates that customers maintain a
solid stored in hoppers for later disposal.
positive perception of service, even better than 2014 where
> During the year the Company started the installation
the result was 16.6. The aspects with better evaluation, same
of equipments of the desulphuriser system for
as the previous years, were those related to the commercial
Tarapacá power plant. The commissioning of the
staff which indicates a good opinion in relation to the clients’
desulphuriser is planned for the stoppage of the
executives; and the billing process which is increasingly more
power plant previewed for April 2016.
complex.
Description of Electricity Business by Country
209
Endesa Chile’s Projects
under Construction and Optimization
Los Cóndores Proyect
Los Cóndores proyect is a run of the river central
> In January 2015 the first tem meters of the Ventana Lo
hydroelectric power plant, located in San Clemente
Aguirre Tunnel were completed.
district, Talca Province, in the Maule Region, consists of
> In April 2015 the digging of the Access Tunnel of the
the construction of a 150 MW nominal installed capacity,
Platform Cavern was completed (390 m long).
through two Pelton vertical shaft units, with 28 m3/s
> In July 2015 the tests for the reduced model of turbines
maximum flow, 48% capacity factor and 642 GWh expected
were carried out.
annual average power. The project includes a 12 km long
> In August 2015 the digging of the Auxiliary Galley for
headrace tunnel, a surge tank (127 m), a vertical pique (470
the Discharge Tunnel was completed (141 m long).
m), a lower pressure tunnel (1.7 km) and an underground
> In September 2015 the diggings of the discharge
powerhouse, where the generating units will be located.
tunnels of both generating units that connect the
The plant will be connected to SIC through an 87 km long
platform cavern with the main discharge tunnel of the
transmission line (2x220kV) at Ancoa Substation (S/S).
power plant were completed.
> In November 2015 the digging of the platform cavern
During July 2015, the tests for the reduced model of the
was completed.
turbines were carried out in the laboratory of the company
> In December 2015 the assembling outside of the
Voith Hydro in the city of Heidenheim in Germany. The
tunnel of the complete shield of the tunnel borer was
results were satisfactory thus releasing the hydraulic
completed, with which the preparations of logistics for
design, and then the detail designs of the equipments
the entrance of the equipment inside the tunnel were
for main generation, process that will take approximately
initiated.
eight months, started.
> In December 2015 70 fundations for transmission lines
structures were completed, then the construction
In August 2015 Endesa Chile participated in the assembling
advance progress is 13.55% and 55.8% of supplies.
tests in the Robbins Company factory (Tunnel Boring
Machine), located in Ohio, United States, used for the
construction of the adduction tunnel of the project, under
the supervision of the civil works contractor Ferrovial
Agroman. By the end of 2015 the total componenets of
the tunnel arrived to the site of the project.
With regards to the transmission line, currently the
Company has servitude agreements signed for the
equivalent of 218 structures or 73.6% of total structures.
Also, the notification and publication process of the
Definite Electricity Concesion (CED) begun, that after on
December 9, 2015 the Superintendency of Electricity and
Fuels (SEC) issued a resolution to grant admissibility to the
concesion presented by Endesa Chile.
The main projects’ progresses in 2015 were the following:
210
2015 Annual Report Enersis
Bocamina Plant Second Unit’s Optimization
The expansion project of the second unit of Bocamina power
During May and June, the finishing works of the power
plant, located in Coronel district, Concepción province, in
plant corresponding to the “Commissioning Completion
the Biobío Region, consists of the installation of a 350 MW
of Mechanical and Electric pendings” contracts were
thermal coal-fired unit, next to the existing Bocamina power
completed, and was awarded to the company Mavitec, and
plant, which runs on pulverised bituminous coal. The new
the “Painting and Isolation Completion of Bocamina II” was
unit is connected to the SIC’s Lagunillas S/S, developed by
awarded to the company Akeron Caf.
Transelec.
On January 30, 2015 the Environmental Evaluation Service
power plant was commissioned, and became available for
(SEA) received the Adenda N°2 of the “Optimization of the
dispatch from the Centro de Despacho Económico de Carga
Thermoelectric Bocamina Second Unit Power Plant” project
del Sistema Interconectado Central (CDEC-SIC), after the
and on April 2, 2015 the SEA released the Environmental
operational testing periods that started on the first week
On June 30, 2015 at 19:30 hrs, the second unit of Bocamina
Qualification Resolution (RCA), approved on March 16, 2015
of June.
by the Environmental Evaluation Commission of the Biobío
Region.
Regarding legal matters, on January 29, 2015 Endesa
Chile approved the agreement with the Tecnimont-
Afterwards, after the resolution issued on May 20, 2015 by
SES Consortium, through which arbitration suited
in
the Superintendency of the Environment (SMA), where it
the International Chamber of Commerce (CCI), for the
approved the request of qualifying the filters solution and
compliance with the obligations agreed in the “Expansion
suction meshes of the cooling waters, Endesa Chile started
of Bocamina Power Plant Project” contract.
the process of restarting operations of Bocamina facilities.
Description of Electricity Business by Country
211
Endesa Chile’s Projects under Study
Neltume Hydroelectric
Power Plant
Taltal, Combined Cycle
Implementation
The project consists on the installation of a steam turbine to
transform the existing gas open cycle plant into combined
cycle at the Taltal power plant, enabling the use of steam
generated by gas turbines emissions to produce energy,
The Neltume project is located in Los Ríos Region (XIV
thus greatly improving its efficiency. Taltal power plant is
Región), in the upper part of the basin of the Valdivia River.
located in the Antofagasta region (II Region). Currently
The Neltume project consists on a 490 MW run-of-the-river
the existing power plant has two gas turbines of 120 MW
hydroelectric powerplant. The plant will connect to the SIC
(net capacity) each. The additional power of the gas turbine
from Neltume to the Pullinque area by means of a 220 kV
would reach approximately 130 MW and, therefore the
double circuit transmission line.
Taltal power plant would add up a total capacity of 370 MW
On December 29, 2015, the Company withdrawed the
through the existing line of 220 kV, double circuit, Diego
(net). The energy generated will be delivered to the SIC
Environmental Impact Study (EIA) of the power plant, which
de Almagro – Paposo.
was under Environmental Evaluation at the Environmental
Evaluation Service (SEA) of Los Ríos Region. This decision
In December 2013 the Environmental Impact Statement
was taken for the Neltume power plant project only and
(Declaración de Impacto Ambiental: DIA) was submitted
does not include the transmission line project, which is
for processing, which environmentally optimises the
being analyzed at the SEA.
project. The main modification was the replacement of
the seawater cooling system originally considered with a
The new design for a future project will require a series of
dry cooling system with aerocoolers. During the second
additional technical and environmental studies, process that
semester, the Adenda No. 2 was submitted to the SEA,
will carry out generating collaborative spaces and common
which will provide answers to the round of questions
visions, in every possible way with the communities and
made by such entity after the submission of the first
local authorities. The purpose Endesa Chile is to develop
Adenda. In the third quarter, the SEA issued the third set
the project harmoniously with the geographical, social,
of observations (only three of them), and Endesa decided
and environmental context, in line with the energy
to postpone its answers (Adenda No. 3) until the end of
requirements of the region and the country.
2016, looking forward to create spaces for dialogue and
In the social area, Endesa Chile has established a model
collaborative and transparent relationship to move ahead
of permanent work with the communities and sites
in agreement with the communities.
where power plants and projects are located, supporting
tables and awarded funds, being the community and its
The project is financed with resources generated internally.
collaborative work with the community, thus building a
members who define which projects to develop based on
its interests and needs.
212
2015 Annual Report Enersis
Land Reserved
for Future Projects
As of December 2015, Endesa Chile owns approximately 250 hectares of real estate (land) assigned for thermoelectric
and hydroelectric projects. These assets are located in Atacama Region (208.9 hectares) and in Los Lagos Region (42
hectares).
Electricity Distribution in Chile
Enersis participates in electricity distribution through its subsidiary Chilectra, in which it has 99.1% direct interest.
The consolidated market share of our distribution subsidiaries in Chile, Chilectra, Luz Andes and Colina, was nearly
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 distribution companies that participate in the electrical system are: Chilquinta Energía, CGE
Distribución, Sociedad Austral de Electricidad and Empresa Eléctrica de la Frontera.
Chilectra
the total, 89.5% are residential customers, 7.8% are
commercial customers, 0.7% are industrial customers and
2.0% other customers. Likewise, during 2015, Chilectra
sold 15,893 GWh to its final customers, an increase of
1.3% compared with 2014.
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 2014, recoding as of
December a TAM indicator of 5.31%.
Distribution tariffs are set every four years, on the basis
of cost studies conducted by specialised consulting firms.
Chilectra is the largest electricity distribution company in
The National Energy Commission (CNE) establishes typical
Chile in terms of electric energy sold. It operates in 33
distribution areas, and selects a reference company from
communes in Metropolitan Region and its concession area
each area, from which the consultants must design an
covers more than 2,105km2, including the areas covered
efficient model company.
by its subsidiaries Empresa Eléctrica de Colina Ltda. and
Luz Andes Ltda.
The last distribution tariffs setting are in force since
November 2012 for the period 2012-2016.
In 2015, the Company delivered electricity service to
1,780,780 customers, 2.5% more than in 2014. Out of
Description of Electricity Business by Country
213
Activities and Distribution Projects
Intelligent Networks
Automation
of Distribution
Monitoring in Interconnection
Substations in Medium and Low Tension
> 155 new equipments telecontrolled to the Medium
New generation clean and renewables technologies,
Tension Network were incorporated, reaching a total of
distributed at the Medium and Low Tesion levels, such as
700 operating units from the Operations Center of the
photovoltaic generation systems and the protection systems,
System.
> The first phase of the Telecontrol of the Medium Tension
System (STM), corresponding to a SCADA dedicated for
represent an impotant contribution for the company in terms
of CO2 reduction and to open new opportunities of energy
sources. Its incorporation to the network, being possible
the control and remote supervision of the telecontrolled
thanks to the existing regulatory framework since 2014, has
equipments installed in the network.
leaded the implementation of adjustments to procedures
> It was also developed an engineering to perform a
and field works protocols to guarantee the security of the
Telecommunications propietor DMR (Digital Mobile
staff and the facilities.
Radio)
focused on coverage and availability of
communication links between MT equipments and the
In addition, thanks to the upgrade of the measure plataform
Control Center expansion, to be implemented in 2016.
ION Enterprise, has been possible to perform monitoring
in the interconnection substations, measuring daily the
All of the above, together other related activities, are
gases, temperature and humedity of the Transformers of
enabling our cutomers to enjoy high quality stardards of
the SS/EE Cerro Navia, Los Almendros, Buin, Brasil, Lord
service of international level for failure duration.
Cochrane, El Salto, Vitacura, Chena, Lampa, Santa Raquel,
Macul (unidad 6), Cisterna (Unidad 3), San Cristóbal and
El manzano, reaching 8,021 records made. In this field,
Chilectra developed and published during 2015 technical
regulations for signaling and security of the Medium and
Low Tension levels, considering these new work conditions.
Radiofrequency and Telemetry Customers Reading
The meters reading process through Radiofrequency
(RF) continued in 2015, thus completing the reading for
30,606 customers and a total of 1,320 closed users (not
read), increasing the numbers of readings through this tool
compared to the previous year, which provides a solution
for the problem of reading meters in residences without
inhabitants, and also decreases the accidents rate, because
this technology is able to perform remote readings, thus
avoiding the risk of performing high-rise readings.
With regards to the telemetry customers, in 2015 it was
able to read a total of 225,412 users and 890 closed. This
technology enables the remote reading of meters and the
possibility to identify irregularities, thus enabling a fast
solution to maintain excellence in service.
214
2015 Annual Report Enersis
Energy Efficiency Projects
“Full Electric”
and “Solar Electric”
Solar
Projects
During 2015 various “Full Electric” agreements were
In the context of the collaborative work of Chilectra and the
signed with the real estate companies Santolaya, Cidepa,
Ministry of Energy, there were various instances throughout
Euro, EBCO, Sinergia, among others. In 2015 sales of this
2015. There were worktables to evaluate the market, deliver
real estate product reached approximately $1,800 million
information for specific studies and for the development of
net.
information platforms for the community in general.
Also a “Full Electric 2.0” commercial agreement was
Other line of work was developed with the objective
signed with Inmobiliaria Cidep. This concept comprises
of developing new financing instruments including the
hot water for sanitary use solution through heating
segment MiPymes.
bombs, in addition to the delivery of electricity service
for each apartment, and a public lighting solution, all
From the publishing of the Net Billing Law, which regulates
included in only one building. This project will become
the customers’ self-generation and the energy injection to
one of the most important in relation to the hot water for
the distribution network, Chilectra maintains photovoltaic
sanitary residential use in Santiago.
solutions available for residential customers. Also the
Company developed a packed offer for non-residential
At the end of 2015 it were agreed various “Full Electric”
customers with power capacities ranging from 4,5 kWp, 13
with real estate companies, to be carried out in 2016.
kWp and 17 kWp.
Among the real estate and construction companies,
features Cidepa, Santolaya, Suksa, Fundamenta, among
Worth is to highlight the commercialization of photovoltaic
others.
solutions for industrial customers from services and
residentials sectors. The Company has already accrued
In 2015 Full Electric apartments represented 43.6% of
96,5 kWp of installed capacity during 2015 on photovoltaic
the new apartments market built in Santiago. As such, as
panels, generating electric power with renewable sources.
of December 2015 there were nearly 105,000 Full Electric
apartaments in the Metropolitan Region, mainly in the
In the context of the Net Billing Law, Chilectra has put into
Central (Downtown) and East Central districts.
service the connection of 23 customers to the network,
among which Colegio Suizo stands out as the first connected
customer, and the Teletón Institute.
Description of Electricity Business by Country
215
Chilectra Application
for Smartphones
In the context of mobile phones applications, which
> Payment of electricity bill.
provides a variety of functions for customers in their mobile
> Redisign of the application so any user may have accesss
phones, in addition to the fuctions that the application
to its functions.
already offers, such as: billing summary, contact with the
> Simplificación of Internet navigation.
Company, supply status, access to our social networks,
> Complete incorporation of energy supply information,
reading input, and has incorporated:
including monthly consumption data, payments and
downloading of the bill.
> Send the payment receipt via email.
216
2015 Annual Report Enersis
Description of Electricity Business by Country
217
218
2015 Annual Report Enersis
MEMORIA ANUAL ENERSIS 2013158BogotáBarranquillaMedellínNeivaCaliTransmissionDistributionGenerationTypeThermoelectricInstalled Capacity236 MWCentral TermozipaTypeThermoelectricInstalled Capacity208 MWCentral CartagenaTypeHydroelectricInstalled Capacity277 MWCentral ParaísoTypeHydroelectricInstalled Capacity150 MWCentral Darío ValenciaTypeHydroelectricInstalled Capacity18 MWCentral LimonarTypeHydroelectricInstalled Capacity20 MWCentral TequendamaTypeHydroelectricInstalled Capacity35 MWCentral Salto IITypeHydroelectricInstalled Capacity20 MWCentral CharquitoTypeInstalled Capacity325 MWCentral La GuacaTypeHydroelectricInstalled Capacity541 MWCentral BetaniaTypeHydroelectricInstalled Capacity400 MWCentral El QuimboTypeHydroelectricInstalled Capacity1,213 MWCentral El GuavioEnergy Sales13,946 GWhClientsEnergy Losses2.9 millionCodensa 7.3%DESCRIPCIÓN DEL NEGOCIO ELÉCTRICO POR PAÍSTypeHydroelectricInstalled Capacity18 MWCentral LagunetaHydroelectric 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 (economic participation).
In 2015, its installed capacity represented 21% of the electricity generation capacity of the country, with the incorporation
this year of the hydroelectric power plant El Quimbo.
The electricity generación of the Enersis Group 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
which is El Guavio, 1,213 MW, the largest hydroelectric
companies Emgesa S.A. E.S.P. and Central Hidroeléctrica
plant in the country. Out of the thirteen existing plants,
de Betania S.A. E.S.P. was carried out, leaving the latter as
eleven power plants are hydroelectric and two are thermal.
the absorbing company, which changed its name to Emgesa
S.A. E.S.P.
Net generation was 13,705 GWh, while total sales reached
Emgesa is the largest electricity generation company in
Colombia, located near the city of Bogotá. It comprises 13
power plants with total 3,059 MW installed capacity, among
16,886 GWh.
Description of Electricity Business by Country
219
Activities and Projects
Favourable Hydrologic Context for Emgesa in 2015
In 2015, electricity supply in Colombia, similar to 2014,
of 2,817 $/kWh (in October 5, 9th period). This behavior
presentedy relatively dry conditions, which was reflected
prompted that the CREG established a roof for exchange
in the 89.6% hydrologic inflows in the reservoirs of the
price (75% of the cost of the first stage of rationing - Res.
National Interconnected System (Sistema Interconectado
CREG 172 of 2015).
Nacional: SIN), compared with historical average
(in
2014, hydrologic inflows were 93.3% compared with
In this context, the variable margin of Emgesa for 2015 was
historical average). Hydrologic inflows were lower than
COP $1,918.3 million, 3,1% higher than the one recorded
historical average, together with the expectation of El
in the same period 2014. This result was benefited by an
Niño phenomena occurrence, which began spreading with
annual generation of 13,705 GWh, showing a 0.5% with
greater force from September, caused a significant increase
respect to the previous year.
in exchange prices. Due to the latter, in 2014 average price
was 378.2 $/kWh (increasing 68% compared to 2014) mainly
Despite the hydrology conditions of the System, the
influenced by the high prices present until October 17. Its
hydrology of Guavio was 116.9% with respect to historic
worth mentioning that exchange price reached a maximum
average.
Effective Maintenance Management of Generation
Power Plants and Production Management Milestones
in 2015
In 2015 net energy generation increased 0.8% with respect
plant generated 6,603 GWh (∆+5.8% of the record accounted
to 2014. This results from an effective technical management
in 2012 of 6,241 GWh) thanks to the development of special
of generation power plants including adequate planning and
projects for the optimization of hydric resources, Termozipa
the execution of preventive and corrective maintenances. The
power plant generated 1,150 GWh (∆+15.9% of the record
Total Availability Index of the generation matrix was 91.2% in
accounted in 1997 of 992 GWh) and Cartagena power plant
2015, increasing +0.3% over 2014.
generated 362 GWh (∆+50.8% of the record accounted in
Among the important milestones of production management
the effective maintenance management of the power plants
in 2015, its worth to mention that three of our generation power
with the adequate response to the National Interconnected
plants exceeded their historic annual generation: Guavio power
System due to El Niño phenomenon.
2010 of 240 GWh). The thermal generation growth reflected
220
2015 Annual Report Enersis
People’s Action Sentence for Bogotá River
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
Desarrollo Sostenible: MADS), in coordination with the
for environmental damage in River Bogota’s hydrologic
Institute of Hydrology, Meteorology and Environmental
resource.
Studies
(Instituto de Hidrología, Meteorología y
> The
alternative
selected
by
the
court
for
Estudios Ambientales: IDEAM), was ordered to develop
decontamination of River Bogota is compatible with
and adopt, within 24 months, a specific methodology
the electricity generation process.
for the estimation of environmental and ecological flow
> The ruling recognises and validates the agreements
of River Bogota.
and conventions signed and the already determined
> Emgesa and the Regional Autonomous Corporation of
resources for the construction of Canoas treatment
Cundinamarca (Corporación Autónima Regional: CAR)
plant and pumping station. Emgesa and Empresa de
were ordered to coordinate, with Empresa de Energía
Acueducto y Alcantarillado de Bogotá (EAAB) shall
de Bogotá (EEB), the performing of all necessary
comply with the Interagency Agreement 9-07-10200-
activities for the operation and maintenance of Muña
0688-2011
(Contributions for the construction of
reservoir (dredging, sludge disposal, operation and
Canoas Pumping Station).
maintenance of the aeration system, harvest and
> Emgesa was ordered, for the duration of the waters’
disposal of water hyacinth).
concession for power generation in Muña reservoir,
> Due to the above, in 2015 together with EEB and in
to finance the operation and maintenance of Canoas
coordination with CAR, operations and maintenance
Pumping Station.
activities at Muña dam were carried out (dredging and
> It was stated that the difference in the updating of the
sludge disposal, maintenance of borders, monitoring,
economic contributions made under the conventions
among others). In the same sense, CAR granted a
and agreements subscribed for the financing of
period of 18 months to develop an environmental
works, activities, plans, projects and programmes for
management plan for the dam.
the integral management of River Bogota ‘s drainage
> With regards to the lifting station Canoas, works were
basin, will be paid by each of the entities involved,
related to the final revision of sheets to start the bidding
in proportion to their participation and commitments
process to hire the engineering design required for the
made therein.
construction of the Lifting Station, equipment supply,
> The Ministry of Environment and Sustainable
tests and start-up, and the bidding to be carried out by
Development
(Ministerio de Medio Ambiente y
Empresa de Acueducto de Bogotá in 2016.
Description of Electricity Business by Country
221
Water Concessions’ Management
for Electricity Generation
During 2015, arrangements were made with the Regional
Power Plant Capacity MW
Autonomous Corporation of Cundinamarca (Corporación
Autónoma Regional de Cundinamarca, CAR) for the
modification and expansion of the Bogotá River concession.
As a result, it was delivered to CAR a clarification to the
concession modification request performed in 2011. The
argument for the modification is to count with the required
resources to leverage the maximum capacity of generation
Guavio
Guaca
Paraiso
Betania
Charquito
Limonar
Tequendama
1,213
325
277
541
20
18
20
power plants that Bogotá River uses.
Dario Valencia
150
Concessions’
Completion Date
May 27, 2028
July 30, 2018
July 30, 2018
October 13, 2038
July 30, 2018
July 30, 2018
July 30, 2018
July 30, 2018
Port Society in Cartagena- SPCC
After the 12 month deadline from the subscription of
the contract. On December 16, 2015, the Managing Board
Amendment Otrosí No. 1 of the Port Concession Contract
of SPCC authorized the investment to urgent purchase
No.006 between the National
Infrastructure Agency
the new barge, taking into account that currently its not
(ANI) and Sociedad Portuaria Central Cartagena (SPCC)
possible to receive fuels by sea due to the bad condition
on December 22, 2015, and considering that at that date
of the Jupiter barge.
there wasn’t any pronouncement made by the competent
environmental authority CARDIQUE with regards to
Finally, at the meeting held between SPCC and ANI on
the resolution for the authorization of the Environmenal
December 9, SPCC explained to this entity the energetic
Management Plan for the start-up of construction works
current situation that the thermal generation power plants
of the dock, notwithstanding the due diligence carried
that operate with liquid fuels are going through, such is the
out by SPCC for that environmental formality, the SPCC
case of Emgesa’s Cartagena power plant, and resolution
negotiated with ANI the relocation request for the
109 of the CREG that may compromise the income
contractual investment schedule for one more year.
for Reliabiliy Charge for these power plants since 2019.
This will result in a threat for SPCC, because its only (or
On the other hand, ANI has requested the SPCC the
main customer) won’t be able to operate in the future
urgent presentation of the floating dock maintenance
and therefore, a 2 million dollar investment will not be
plan (Jupiter barge) delivered in the zone of public use
justified for the construction of the dock as included in the
of the concession area, due to its deterioration and bad
concession contract when facing the current uncertainty.
condition, considering that this asset should be recovered
During 2016 there will be a review with the ANI of the
by the concessionaire and reversed (INVIAS) in good
alternatives of the SPCC to prevent form incompliance of
condition once the fixed dock is finished as stipulated in
the concession contract and the investment plan agreed.
Gas Commercialization
During 2015 the entrance of Emgesa to the Gas
wellheads (Secondary Market). Additionally the long-term
Commercialization market was consolidated, reaching total
gas supply (until 2020) of the Cusiana-Cupiagua fields was
sales of 55 Mm3 and a variable margin of USD 0.6 thousand,
assured and Clarinete 1, and also the Company obtained
serving nine
industrial customers
(Non Regulated)
the signature of sale contracts of final customers in a high
in Bogota and Manizales, and thirteen customers in
percentage for this same period.
222
2015 Annual Report Enersis
El Quimbo:
Project
and Commissioning
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 400 MW installed capacity, with an estimate
average generation of 2,216 GWh/year.
In the context of the emergency that the country is
facing due to El Niño phenomenon, on October 6, 2015
the Ministry of Mining and Energy enacted the Decree
in Force of Law N°1,979 of 2015, which authorizes
Emgesa to start generating energy from October 7, 2015.
On October 11, 2015 the first sincronization of Unit 1 to
the system of national transmission of Colombia was
performed.
The main developments of the project carried out in 2015,
were the following:
> In June 2015, the filling of the dam started.
> In July 2015, the minimum operational level was
reached (lifting 675 m.s.n.m).
> In August 2015, the first turn and velocity tests of Unit
1 were perfomed.
> In September 2015, the first turn of Unit 2 was carried
out.
> In October 2015, the velocity tests of Unit 2 were
Salaco Proyect
With the commissioning of the SCADA system in the three
preformed.
power plants on November 13, 2015, the total investments
> In October 2015, the synchronization tests of both
planned for the Salaco project were completed. Previously
units were caried out.
the following commissioning dates for the projects’ units
were provided: November 6, 2013 for Unit 2 (50 MW),
Later, after acknowledging the Official Statement of the
January 28, 2014 for Unit 1 (50 MW) and March 28, 2014
Constitutional Court, published on December 15, 2015,
for Unit 5 (50 MW) of the Darío Valencia Samper power
in which it declares the Decree N°1979 unconstitutional,
plant, and June 25, 2014 for Unit 2 of the Salto II power
Emgesa decided to suspend the energy generation of El
plant (35 MW). On December 13, 2014 for Unit 1 of
Quimbo from December 16, 2015, and requested to the
Laguneta (18 MW) and December 22, 2014 for Unit 3 of
Administrative Court of Huila to temporarily suspend the
Limonar (18 MW).
preventive measure. On January 8, 2016 the Third Criminal
Court of Neiva judged the protection interposed by the
The approved
investment
reached US$43.7 million
Ministery of Mining and Energy and the National Authority
contingencies included, the executed investment was
of Aquaculture, and ordered to restart provisionally and
US$40.6 million out of the total men/ hours dedicated to
immediately the generation of El Quimbo. Since January
the project were 835 thousand under the highest security
10, 2016, Emgesa restarted the energy generation of El
standards and protection of the environment.
Quimbo.
Description of Electricity Business by Country
223
Land Reserved for Future Projects
In Colombia there isn’t currently any reserved land for future projects.
Electricity Distribution in Colombia
Enersis participates in the energy distribution through its subsidiary Codensa, in which it has, directly and indirectly, a 48.4%
shareholding (economic participation).
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
Codensa 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
2,865,135 customers, 3.3% more than the previous year.
Of the total, 88.8% are residential customers, 9.5% are
commercial, 1.6% industrial and 0.2% other customers.
Energy sales reached 15,048 GWh, including tolls and
tranfers to other operators of the network, representing
a 2.2 % increase over 2014. They were distributed as
follows: 31.0% to the residential sector, 15.2% to the
commercial sector, 6.7% to the industrial sector and
47.1% to others.
Regarding the energy losses rate, in 2015 this indicator
recorded an increase from 7.19% to 7.26%. This index
was impacted by macroeconomic and market variables
that negatively affects the behavior of energy losses.
Energy losses control management has focused on the
incorporation of new technologies and techniques to
identify losses, as well as to strengthen the relationship
client /company based on technical knowledge and
transparency of our actions.
224
2015 Annual Report Enersis
Activities and Distribution Projects
Smart metering
Smart City Bogota
The project seeks to implement the intelligent measuring
The Company hopes to create a Smart City (intelligent
system to Codensa’s customers, through a technology
city) inside Bogota, enabling the city to be positioned at
infrastructure to contribute to the development of
the forefront of these types of initiatives and to implement
Colombia.
technologies in the following aspects:
The implementation of the system was defined in two
> Intelligent measuring
stages, the first is planned for 2016 and the second will
> Sustainable mobility
carry out massive deployments in the following years.
> ICT plataforms for energy management systems
> Smart info for consumption awareness
The start up of the first stage is forecasted for 2016, where
> Multi-measurement
the planning, installation, operation and evaluation of the
> Telecomand and network automatization
intelligent measuring system to 26,000 customers (1%
> Intelligent buildings and zero environmental impact
of the market) will be proposed, being the strategy for
> Intelligent lightning
introducing the benefits and features of the system to the
regulator, to the Company and the customers.
Thus, the intention is to support sustainable development
in the city, increase the citizens’ quality of life, and achieve
greater efficiency of the available resources and facilite
active participation of citizens.
Description of Electricity Business by Country
225
226
2015 Annual Report Enersis
MEMORIA ANUAL ENERSIS 2013162EdelnorTransmissionDistributionGenerationEnergy Sales:7,624 GWhClientsEnergy Losses:1.3 millionEdelnor8.3%LimaTrujilloChiclayoCuzcoArequipaTypeHydroelectricInstalled Capacity69 MWCentral MoyopampaHydroelectric84 MWCentral CallahuancaHydroelectric268 MWCentral HuincoHydroelectric137 MWCentral MatucanaThermoelectric298 MWCentral EepsaHydroelectric30 MWCentral HuampaniThermoelectric419 MWCentral Santa RosaThermoelectric484 MWCentral VentanillaHydroelectric43 MWCentral YanangoHydroelectric152 MWCentral ChimayDESCRIPCIÓN DEL NEGOCIO ELÉCTRICO POR PAÍSTypeInstalled CapacityTypeInstalled CapacityTypeInstalled CapacityTypeInstalled CapacityTypeInstalled CapacityTypeInstalled CapacityTypeInstalled CapacityTypeInstalled CapacityTypeInstalled Capacity Peru
Electricity 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 1,983 MW installed capacity in Peru, which accounted for 21% of Peru’s
installed capacity, 9,570 MW. In terms of power generation, Enersis Group reached 20.1% of the total generated in
that country.
In Peru, other generators connected to the electrical system are: Electroperú, Enersur and Kallpa Generación.
Edegel
Edegel is located in the surroundings of Lima. The effective
Investments
capacity of Edegel, including its subsidiary Chinango,
reaches 1,686 MW, 46.5% of which is hydraulic generation
Edegel’s investments, as the leader in the energy generation
and 53.5% is thermal generation. Edegel is comprised by
sub sector, are oriented to keep the reliability of the supply.
seven hydroelectric power plants, five in Lima and two in
Junín. Likewise, Edegel owns two thermal power plants,
The investments detailed below are in line with this
Santa Rosa and Ventanilla, with capacities of 419 MW and
premise and show the commitment with the sustainable
484 MW, respectively.
development of Peru.
Edegel’s net generation reached 8,218 GWh and physical
sales amounted to 8,633 GWh at the end of 2015.
Description of Electricity Business by Country
227
Hydroelectric Power Plants
Repairs of Hydraulic Civil Infrastructure
Rehabilitation of the Yanango Turbine
Works related to the repair of the channels to seal several
Yanango power plant has a Francis vertical axis turbine of
old cracks and fissures with water losses of the Antashupa,
42.6 MW from year 2000 with 53,713 hours of operation,
Marcapomacocha and Huampaní channels.
which has suffered the deteriorization of its elements
High technology materials were used for the repairs; such
sediments from Tarma River, therefore heavy maintenance
due to the erosive action of water that contains river
as hydraulic cement compound especially designed for
was scheduled at workshops.
fast forging, which doesn’t shrink, is highly resistant for
patching and repairing concrete. Thus, its possible to stop
Works consisted on the impeller rehabilitation, blades,
the water flow in seconds and to seal cracks, drillings and
turbine caps and impeller mazes and caps at workshops, a
other defects in the cristal based concrete.
coating of tungsten carbide was applied to the parts of the
A total investment of US$1.4 million has been allocated
increase its resistance to wasting. Investment amounted
turbine that were more exposed to deterioration in order to
and the benefits have been to improve the security of the
to US$0.4 million.
facilities and to suppress water losses, which translate
into electric energy not generated.
Pre assembly (Lights control)
Building walls and roofings in the
Huampaní Channel
In May 2015, conditioning works were carried out in the
Huampaní Channel for the construction of retaining walls,
sills and roofings of the channel. The purpose of the works
was to provide stability to the slopes, considering that roof
the channel that represents a risk for the population or for
the same operation and to ensure the water piping capacity
of the channel. The activities performed consisted on the
construction of walls 250 meters, roofs of 417 meters, sills
of 90 meters and plaster of 600 m2. The investment was
US$ 0.7 million.
Heavy Maintenance in Francis turbines
Pre assembly (Arrangements for turn test)
The performance of heavy maintenance consisted on
the changes of turbine for more efficient ones and the
rehabilitations of our Francis turbines, which showed
great deterioration caused by water that contains river
sediments. Investment amounted to US$1.9 million,
which will enable to recover efficiency, improve load factor
and reduce maintenance interventions while increasing
economic benefits.
228
2015 Annual Report Enersis
Change of Turbine of Group 1 of Chimay
Preventive Actions of El Niño Phenomenon
During November, after 350 continued hours of operation,
Facing the El Niño phenomenon alert present in our country,
the following works were carried out:
there were a series of preventive actions to decrease
> Dimensional controls and non-destructive essays on
and control the risks of our facilities and neighbors. The
impellers and mazes manufactured by ALSTOM,
investment amounted to US$ 840,000
> Planification of the security of the Group 1 of Chimay
> Change of turbine.
Main actions performed:
Investment amounted to US$1.4 million.
> Repair of Taza Moyopampa highway.
> Protection of the left side of CCHH Moyopampa.
> Protection of Huinco Callahuanca Channel.
> Maintenance of the discharge of CCHH Moyopampa,
Huampaní.
> Reinforcment of walls and roofings of Huampaní
Channel.
> Maintenance of the Vase of intake Huampaní
> Protection of sills of intake Huampaní.
> Protection of intake Huampaní (over the elevation of walls).
Thermal Power Plants
Heavy Maintenance and LTE TG-3 C.T.
Ventanilla
T. Ventanilla
The change of the control system of unit TG3 is the last
After 100,000 hours of operation, on April 7 to June 1 the
stage of the DCS project for Ventanilla combined cycle,
first heavy maintenance of the Siemens TG3 turbine, of
which included the change of hardware S7 and software
155 MW, which included the activities of LTE (Life Time
T3000, with the achievement that every generation unit
Extensión). This maintenance meant the total desmantling
of the Ventanilla combined cycle would operate with a
of the turbine and the compressor, changing parts and non
standardized control system and with open architecture.
regular elements to other interventions, with the objective
With this update, better reliability of the control system
of expanding the useful life of the turbine and to be albe
and improved availability of parts to deal with failures and
to work another one hundred thousand hours in the same
emergency situations are obtained.
conditions of availability, capacity and efficiency.
Also important maintenance activities were included in the
heater HRS11, chimney, expansion joint, main transformer
Inspection of free turbines TG-6 A and B
UTI of the C.T. Santa Rosa
and other electric equipments such as the inspection of the
In March the preventive inspection of the free turbines with
electric generator with removed rotor.
a specialist manufacturer was performed, which enabled to
know the internal situation and assess the extension of the
In total, it counted with the participation of 100 local and 60
next scheduled inspections, representing an increase of
foreign technitians-specialists.
reliability to operate in longer periods and a reduction of
Update of the control system of TG-3 C.
maintenance expenses.
Description of Electricity Business by Country
229
Repair of the TG-8 Thermal Power Plant Santa Rosa chimney
The maintenance in the TG-8 chimney was carried out form
May 27 to June 7 due to the deterioration of the silencers
that caused a non-scheduled outing. Specific damages were
repaired and also preventive repairs of critic zones were
performed, enabling the fast return to the reliable service
required in a continuous operation.
Empresa Eléctrica de Piura
Eepsa own two generation power plants, located in the province of Talara, departament of Piura, in the north of Peru, which
are the following:
> Malacas 2 power plant comprises an ABB open cycle
> Malacas 3 power plant, comprises a SIEMENS open
unit, which may operate with or without water injection,
cycle unit in condition of Cold Reserve (Reserva Fría),
with natural gas.
uses Diesel B5 fuel.
Central
Malacas 2
Malacas 3
Total
Unidad
TGN4
TG-5 RF
* Vigente a partir de 01 de julio de 2015,
** Vigente a partir del 14 de Mayo del 2014,
Centros de Producción
Fabricante
ABB
SIEMENS
Combustible declarado
Gas natural
Diesel B5
Potencia efectiva (MW)
104.37 *
193.42 **
297.79
During 2015, the production of Eepsa was 583.2 GWh, 29%
HEO), and also in the TG-5 RF unit (inspection lower than
higher than the previous year, mainly due to:
2,000 HEO).
> Higher requirement of operation using natural gas due to
the declaration of lower price of natural gas of unit TGN-4
The generation unit TGN4 recorded a load factor of 51.03%
to COES.
and its net average efficiency was 30.58% in the period.
> Operation of TG-5 RF unit with diesel due to failures of the
Likewise, the average capacity of Malacas thermal power
Camisea natural gas transportation system.
plant was 71.13 MW and accounted an annual peak demand
The operations of the Malacas thermal power plants units,
peak production has been 6,056 MWh, on September 11,
had three periods of generation distinguished by hydrologic
2015, and represents a new historic record in terms of daily
seasons:
generation, replacing the one registered on January 21, 2014,
of 273.1 MW (at 00:30 hours of June 6, 2015). The daily
> In the first period, between January and May, units mainly
that reached 3,634 MWh.
operated to relieve the hydric production deficits while
solid materials were detected in the basins waters.
On April 19, adaptation works in the new system of gas filter
> In the second period, between June and August,
in the battery of Malacas.
generation increased due to a lower hydrology in the
hydroelectric power planta of the SEIN.
On May 18, 2015, tests for the effective capacity and
> In the third period, between September and December,
performance (PR-17) of the TGN4 unit of the Malacas thermal
due to failures in the gas pipeline of Camisea, export of
power plant with the attendance of COES as observer
energy to Ecuador, among other factors.
were carried out. On June 30, 2015, the COES approved
On the other hand, the Malacas thermal power plant had a
the TGN4 unit with a final value of 104,369 MW with water
total availability of 96.53%. Minor maintenances were carried
injection, higher than the value obtained in the previous test,
out in the TGN-4 unit (inspections of 12,000 and 16,000
which reached 103,392 MW.
the effective capacity test report and the performance of
230
2015 Annual Report Enersis
Maintenance of the Units
The maintenance of the units has been performed
> Unit TG-5 RF: In February, 2015 works for improving the
complying with the accumulation of Operation Equivalent
fuel system linked too the start up with natural gas until
Hours (HEO) and within the scheduled times. Among the
a charge of 30 MW were performed, with the purpose
activities developed in 2015, we highlight the following:
of minimizing the negative effects of NOx emissions
that the start up of the diesel B-5 unit produces. From
> Unit TGN4: From February 25 to March 1st, 2015, the
July 6 to 10, 2015, corrective maintenance activities
inspection of 12,000 HEO, and from July 13 to 18,
in this unit were carried out: repair of oil leaks in the
2015 the inspection of 16,000 HEO were performed.
thrust bearing, water leaks in the injection bomb seal,
On January 9, 2015, the unit was disconnected
revision of the alarm of the temperature signal of the
unexpectedly with the action of the Protection 13
generator bearing, among others. On August 25, 2015,
speed, with the failure of the speed sensors 2 and
the unit was disconnected unexpectedly when reaching
3. On October 13, 2015, the unit was disconnected
100 MW, with the acting of the Protection 59 of over-
unexpectedly after the false action of the protection
voltage of the generator phase, in two occasions. From
system for high pulsations in the low frequency side,
September 22 to 25, 2015, a scheduled maintenance of
when going out of service of the electric feed of the
the turbine was performed, as part of the maintenance
control room.
plan of the auxiliary equipments and the power
transformer.
Description of Electricity Business by Country
231
Projects under Study
Curibamba Hydroelectric Power Plant
This plant will be located above the water intake of Chimay
the Energy Supply of New Power Plants process of
Hydroelectric Plant, Junin department, and will use the
Proinversion, arriving to the final stages in the Civil Works
flow of Rivers Comas and Uchubamba.
and Furnishing processes of the power plant. The bidding
was postponed in July until further notice. In parallel, the
The project includes the construction of a 192 MW run-
Company received the time extension, for two additional
of-the-river plant, with 86 m3/s design flow, a production
years, of the Environmental Impact Study for the power
of 1,013 GWh/year, and a transmission line to Pachachaca
plant and the works required to secure the permits for he
Substation, 135 km long in 22 0kV simple triad; this solution
connection of the power plant to the Yanango substation
is in review and evaluation as the Binding Transmission
through the Pre-Operativity approval.
Plan 2015 - 2024 has been approved, that would enable
an interconnection at New Yanango substation, 40km from
With regards to the permits, the power plant has the
Curibamba plant.
Generation Final Concession, the Environmental Impact
Study for generation and transmission, as well as the
During 2015, the bidding processes continued for the
approved Certificates of the Absence of Archeological
major contracts related to Civil Works, Equipment and
Remains (CIRA) of generation and transmission.
Transmission Line and Electric Interconnection to the
system with the purpose of presenting the project to
232
2015 Annual Report Enersis
Land
Reserved for
Future Projects
As of December 2015, Edegel has one immovable property
(land) of approximately 10 Ha, to be used in a thermal project
in the furture. This property is localted in the Ica region,
south of Lima.
Electricity Distribution in Peru
Enersis participates in electricity distribution through its
subsidiary Edelnor, which controls, directly and indirectly, a
75.54% stake (economic participation).
In Peru, other distributors involved in the electrical system
are: Luz del Sur, Electro Sur, Electrocentro, ENOSA,
Hidrandina and ENSA.
Edelnor
The concession area granted to Edelnor covers a total of
1,517 km2, which mostly are located 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.
Edelnor is the sole distribution company 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 1,336,610 customers, an increase of 3.3% over
2014, and benefits more than half of the inhabitants of Lima.
Out of these, 94.7% are residential customers, 3.2% are
commercial customers, 0.1% are industrial customers and
2,0% are other customers.
Energy physical sales amounted to 7,624 GWh, an increase
of 3.9% over 2014. The energy losses indicator was 3.8%
in 2015.
Description of Electricity Business by Country
233
Activities and Projects in Distribution
Electrification
in human settlements
One of our main important objectives is to improve the
quality of life of the most needed families in our concession
area. In the massive electrification program, works in 181
human settlements and human allotments have been
carried out, with a total of 20,805 lots of land electrified,
mainly in the districts of San Antonio, Carabayllo, San Juan
de Lurigancho and Ancón.
Telecontrol Project of the
MT Network
The Company performed the telecontrol implementation of
the first Medium Tension networks, which have the latest
technology in monitoring systems, and will enable the
restoration of service in a fastest way when facing possible
failures in our electricity networks. The project considers a
supervisor modern system in real time of the condition of
networks, failure indicators to locate damages and electric
network reforms that enable the reconfiguration or to carry
out load transportation as needed.
Low Tension Regulators
to improve
product quality
In order to offer a better product quality to our customers,
and additionally to comply with the limits required for the
outstanding legal devices in quality requirements, a pilot
project was developed that consists on the installation
of tension regulators along the Low Tension networks in
defined locations with the purpose of improving tension
profiles. In the pilot, excellent results were obtained, so in
2016 amore of them will be installed.
234
2015 Annual Report Enersis
Other Businesses
Servicios Informáticos e Inmobiliarios Limitada
In the information and information technologies services
In the field of the systems that support the cross-sectional
areas, telecommunications and control systems, SIEI carries
areas of the business, the Archibus project has applied,
out computing projects according to each business needs.
for the implementation of an application, in the cloud,
In the infrastructure and networks area, in 2015 there
of properties, in addition to support mobile assets control
oriented to improve the management and maintenance
were great progresses related to the convergence and
within the group at regional level.
transformation of plataforms, prioritizing four fundamentals
axes that includes the main systems: EORDER, unique
With regards to distributed services, the preparation for
system for field work management;; STM, telecontrol of
the deployment of the new office automation plataform
high tension networks; GDS, new distribution system for
and suite of collaborative work, which provides continuity
electric networks management, and the SCADA system
to the evolution towards the optimization of operations
for the management and telecontrol of High Tension
and increase of productivity with the use of the best and
networks, projects that have reached important progresses
most modern tools.
in the region during 2015.
In the telecommunications field for the distribution
In the Market area, the customer has been placed in the
business, the Telecommunications Director Plan was
center of the strategy, planning the implementation while
formalized, whose objective was to define the investment
using the latest technology tools to improve its experience
plan of the Company for a five-year term, to count with
when facing distribution companies. An important case
a multi-service network for the support of telecontrol
is the start up of the project for the new CRM plataform,
activities, technical and administrative management of the
whose main objectives are the improvement of the
electric energy distribution centers.
perception and experience of the final customer and
also to follow their 360º vision; in addition to boost the
With the purpose of promote the use among users, the
digitalization of the assistance channels. Related to the
Company has worked in the improvement of current
latter, a new NEOL web plataform was implemented,
applications, likewise, there has been improvements in the
which enables a better interaction and the generation of a
existing systems that enables the decrease of unavailability
significative presence of distribution companies in digital
periods at the infrastructure and the software base levels,
media. Innovation also looks for new ways of contacting
and finally the development of a Global Systems plan has
customers, with the incorporation of social networks
started, whose purpose is to focus technology efforts
through the integration with transactional systems and
towards the imlementation and use of unified tools.
twitter (#pagotuit).
With regards to the generation business, the Company
have initiated the migration of the systems platforms to
has worked in a rationalization and optimization vision of
strongly boost hybrid infrastructure, in the cloud as well as
applications for global solutions. As such, in 2015 the first
in the new data processing centers.
From the infrastructure transformation point of view, we
stage of the Web Generation Portal was implemented with
information online of relevant variables of every generation
company in LATAM. Additionally, the development and
implementation started, with a display that extends until
2016, the PWAY System for management of measures
taken during surveilliance rounds in plants, being an
application completely integrated with the rest of the
systems of the maintenance chain.
Description of Electricity Business by Country
235
Participation
in Subsidiaries & Associates
and Schematic Table
Participation in Subsidiaries & Associates and Schematic Table
237
238
2015 Annual Report Enersis
Direct and Indirect
Economic Participations
Argentina
Costanera
El Chocón
Dock Sud
Edesur
CTM
TESA
CEMSA
Gasoducto Atacama Argentina
Yacylec
Termoeléctrica José de San Martin
Termoeléctrica Manuel Belgrano
Central de Vuelta Obligado S,A,
Chile
Endesa Chile
Celta
Pehuenche
Eólica Canela
HidroAysén
Aysén Energía
Aysen Transmisión
Gas Atacama
Chilectra
Transquillota
Gas Atacama Chile
Gasoducto Tal Tal
Electrogas
GNL Chile
GNL Quintero
Brasil
Enel Brasil
Fortaleza
Cachoeira Dourada
Ampla
Coelce
CIEN
Enel Green Power Modelo 1 Eólica S,A,
Enel Green Power Modelo 2 Eólica S,A,
Colombia
Emgesa
Codensa
Empresa Eléctrica de Cundinamarca
Perú
Edegel
Edelnor
EEPSA
Chinango S,A,C
Gx: Generation
Dx: Distribution
Tx: Transmission / Comercialization
Ox: Gas Pipelines, others
(*) Are considered operational companies of the Enersis Group.
Business
Gx
Gx
Gx
Dx
Tx
Tx
Tx
Ox
Tx
Gx
Gx
Gx
Business
Gx
Gx
Gx
Gx
Gx
Gx
Tx
Gx
Dx
Tx
Ox
Ox
Ox
Ox
Ox
Negocio
Gx. Dx. Tx
Gx
Gx
Dx
Dx
Tx
Gx
Gx
Business
Gx
Dx
Dx
Business
Gx
Dx
Gx
Gx
Property
45.39%
39.21%
40.25%
71.62%
84.38%
84.38%
81.99%
60.74%
22.22%
10.38%
10.38%
16.18%
Property
59.98%
61.49%
55.57%
61.49%
30.59%
30.59%
30.59%
60.74%
99.09%
30.75%
60.74%
60.74%
25.49%
19.99%
12.00%
Propiedad
84.38%
84.38%
84.17%
92.03%
64.86%
84.38%
0.82%
0.82%
Property
37.72%
48.39%
19.52%
Property
58.60%
75.54%
96.50%
46.88%
Participation in Subsidiaries & Associates and Schematic Table
239
Perimeter of Enersis’ Corporate
Perímetro de participaciones societarias de Enersis
Shareholdings
99,99997%
99,8967%
99%
Inmobiliaria
Manso de Velasco Ltda.
Servicios Informáticos
e Inmobiliarios Ltda.
ICT Servicios
Informaticos Ltda.
0,1033%
1%
0,00003%
57,50%
57,50%
Soc. Agrícola
de Cameros Ltda.
Soc. Agrícola
de Cameros Ltda.
Deca S.A.
Deca S.A.
82,34%
82,34%
EEC S.A.
EEC S.A.
55 %
55 %
Endesa Cemsa S.A.
Endesa Cemsa S.A.
45%
45%
EASA
EASA
100%
100%
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%
(*) 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
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%
99,0778566%
99,09062105%
59,98%
59,98%
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 %
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.
Enel
(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%
21,383694%
10,344606%
21,022414%
21,022414%
46,886283%
46,886283%
Ampla
Ampla
Energia S.A.
Energia S.A.
0,975 %
0,975 %
0,975 %
0,975 %
EGP
EGP
Modelo I Eólica
Modelo I Eólica
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
2015 Annual Report Enersis
MEMORIA ANUAL ENERSIS 2013
CUADRO ESQUEMATICO DE PARTICIPACIONES
171
240
170
Perímetro de participaciones societarias de Enersis
99,99997%
99,8967%
99%
Inmobiliaria
Servicios Informáticos
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%
99,0778566%
99,09062105%
59,98%
59,98%
Deca S.A.
Deca S.A.
82,34%
82,34%
EEC S.A.
EEC S.A.
55 %
55 %
Endesa Cemsa S.A.
Endesa Cemsa S.A.
45%
45%
EASA
EASA
100%
100%
(*) 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.
100 %
Compañía Energética
Veracruz S.A.C
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 %
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.
Enel
(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 %
0,975 %
0,975 %
EGP
EGP
Modelo I Eólica
Modelo I Eólica
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
Participation in Subsidiaries & Associates and Schematic Table
241
171
Perimeter of Endesa Chile’s
Corporate 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%
99,657366%
99,657366%
0,342634%
0,342634%
98%
98%
2,0%
2,0%
Endesa
Endesa
Argentina S.A.
Argentina S.A.
Southern Cone Power
Southern Cone Power
Argentina S.A.
Argentina S.A.
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%
1,00%
1,00%
Ingendesa do
Ingendesa do
Brasil Ltda.
Brasil Ltda.
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
242
2015 Annual Report Enersis
96,214172%
96,214172%
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.
50,00%
0,1%
0,1%
Progas S.A.
Progas S.A.
0,05%
99,90%
Gas Atacama
Gas Atacama
Chile S.A.
Chile S.A.
0,05%
42,71%
42,71%
0,1226%
0,1226%
0,03%
0,03%
Gasoducto Atacama
Gasoducto Atacama
Argentina S.A.
Argentina S.A.
57,23%
0,03%
99,9%
99,9%
99,877%
99,877%
Gasoducto
Gasoducto
Taltal S.A.
Taltal S.A.
50%
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.
Transquillota Ltda.
Transquillota Ltda.
75%
75%
50,00%
99,997706%
99,997706%
0,002294%
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
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%
99,657366%
99,657366%
0,342634%
0,342634%
98%
98%
2,0%
2,0%
Endesa
Endesa
Argentina S.A.
Argentina S.A.
Southern Cone Power
Southern Cone Power
Argentina S.A.
Argentina S.A.
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%
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%
1,00%
1,00%
Ingendesa do
Ingendesa do
Brasil Ltda.
Brasil Ltda.
99,00%
99,00%
45%
55,00%
55,00%
Endesa Cemsa S.A.
Endesa Cemsa S.A.
Central Vuelta de
Central Vuelta de
Obligado S.A.
Obligado S.A.
1,3%
1,3%
Central Dock
Sud 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.
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)
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.
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
96,214172%
96,214172%
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.
50,00%
0,1%
0,1%
Progas S.A.
Progas S.A.
0,05%
99,90%
Gas Atacama
Gas Atacama
Chile S.A.
Chile S.A.
0,05%
42,71%
42,71%
0,1226%
0,1226%
0,03%
0,03%
Gasoducto Atacama
Gasoducto Atacama
Argentina S.A.
Argentina S.A.
57,23%
0,03%
99,9%
99,9%
99,877%
99,877%
Gasoducto
Gasoducto
Taltal S.A.
Taltal S.A.
50%
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.
Transquillota Ltda.
Transquillota Ltda.
75%
75%
50,00%
99,997706%
99,997706%
0,002294%
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
Participation in Subsidiaries & Associates and Schematic Table
243
Significant Event of the Entity
Significant Event of the Entity
245
246
2015 Annual Report Enersis
2015
Significant Events
In accordance with articles 9 and 10, paragraph 2, under
Endesa Chile participates. As publicly knowledged,
Securities Market Law N°18,045, and as established
appeals have been brought before the tribunals of
under General Norm No. 30 of the Superintendence, of
Valdivia and Santiago. Recently, on January 28,
this Superintendence, the following significants events
Endesa Chile was informed that the request of
are informed:
water rights made by Centrales Hidroeléctircas
de Aysén, fron now on “Hidroaysén” in 2008 was
> On January 20, 2015, the following significant event
partially denied.
was informed:
The subsidiary Endesa Chile has expressed
On January 20, 2015, the Executive Officer, Mr. Luigi
its intention to continue defending the water
Ferraris, submitted his resignation to the position
rights and the environmental qualification of
through a letter addressed to the Chairman of the
HidroAysén previously given
to
the project
Board of Directors of the Company. The resignation
through already initiated continuing legal actions
was due to family reasons and was effective from
or by implementing new administrative or judicial
January 29, 2015. In a forthcoming meeting, the
actions to this purpose. Endesa Chile maintains
Board will appoint his replacement.
the opinion that the hydraulic resources of the
Aysén region are important for the country energy
The reports mentioned were requested by the
development.
aforementioned corporate bodies of the Company,
on the occasion of the study of a possible operation
Nevertheless, in the current situation, there is
between related parties, from now on, the Operation.
uncertainty regarding the recoverability of the
investments perfomed
in Hidroaysén so far,
- On January 29, 2015, the Company informed the
because its depends on judicial decisions and
significant event regarding the Board of Directors
on definitions of the matters included in the
session held on January 29, 2015, by unanimity of its
energy agenda that we are not in the position to
members, appointed Mr. Luca D’Agnese as Executive
anticipate today, so the investment is not a part
Officer replacing Mr. Luigi Ferraris, who submitted his
of the immediate projects’ portfolio of Endesa.
resignation to the position on January 20, as informed
Accordingly, the subsidiary Endesa Chile decided
in the significant event of the Company of that same
to register an impairment of $ 69,066 million
date.
(approximately US$ 121 million) for its participation
in HydroAysén S.A., which affects the company’s
- On January 29, 2015, the Company informed the
2014 net income.
session held on January 29, 2015, the Board of
Directors of the Company, by unanimity of its
Enersis recorded a charge to net income of $
members, agreed to inform the following significant
41,426 million to Enersis (approximately US$
event:
73 million) due to Endesa Chile’s provision for
impairment of its participation of HidroAysén.
a.- Investment evaluation of the HidroAysén Project.
In May 2014, the Minister’s Committee revoked
b.- Punta Alcalde project evaluation
the Environmental Qualification Resolution (RCA)
The Punta Alcalde project of our subsidiary
of the HidroAysén project in which our subsidiary
Endesa Chile had its Environmental Qualification
Significant Event of the Entity
247
Resolution (RCA) approved for the generation
relation to compliance of the obligations agreed
project (reaffirmed with additional requirements
to by the Consortium under the Extension Project
by the Supreme Court in January 2014). In order to
of the Bocamina Thermal Power Plant Contract
attain environmental approval for the transmission
(Contrato Proyecto Ampliación Central Térmica
line an Environmental Impact Assessment (EIA)
Bocamina) and
termination
is granted
from
must be completed.
the obligations generated under such contract.
Endesa Chile’s Board of Directors’ acceptance
Endesa Chile’s engineering team, with the support
and approval of the Transaction depends upon
of ours experts in coal technology, have studied
the compliance with the conditions precedent
the possibilities to adapt Punta Alcalde in order
in a timely manner, including the acceptance
to make it a profitable and technologically more
and approval of the terms of the Transaction and
sustainable. It has been decided that major
all elements of their essence, by the Boards of
modifications to the already approved RCA would
Directors and/or administration entities of all the
be very difficult.
companies that are part of the Consortium.
Therefore, Endesa Chile has decided to stop the
Enersis’ financial effect for due to the recognization
development of Punta Alcalde project as well as the
of the Transaction is US$ 125 million of greater
Punta Alcalde - Maitencillo transmission project.
investments.
Endesa Chile is waiting to clarify the uncertainty
about its profitability, and has recorded the value
- On April 22, 2015, the following significant event was
of a non-recoverable.
informed:
The financial and accounting effects for Enersis
The Board of Directors of Enersis, in its session held
are a charge to non-recoverable value of assets of
on April 22, 2015, has been informed of a significant
$12,582 million before taxes (approximately US$
event released today by its parent company, the
22 million) with a net effect on the net income
Italian company Enel SpA, in which Enel refers to
for the year 2014 in the amount of $5.509 million
the convening of the Board of Directors of Enersis,
(about US$ 10 million), due to the Endesa Chile’s
Endesa Chile and Chilectra to begin the analysis of
impairment on the Punta Alcalde project.
an eventual corporate reorganization process, with
the intention of separating electricity generation and
c.- Transaction with SES Consortium – Tecnimont.
distribution activities in Chile from those in other
Latin American countries.
Today, January 29, 2015, Endesa Chile’s Board of
Directors accepted and approved the document
This Board of Directors has unanimously decided
called “Conditional Transaction, Termination and
to attach hereto copies of the significant event, in
Annulment”, from now on the Transaction, through
both Italian and English, in order to make it known
which Endesa Chile and the companies Ingeniería
to all the Enersis’ shareholders. In addition, it has
y Construcción Tecnimont Chile y Compañía
been decided that once the new Board of Directors
Limitada; Tecnimont SpA; Tecnimont do Brasil
is appointed, the Board of Director must evaluate
Construcao e Administracao de Projetos Ltda.;
the possible reorganization by initiating a study
Slovenske Energeticke Strojarne a.s. (hereinafter
of the aforementioned proposal at the upcoming
“SES”); and “Ingeniería y Construcción SES Chile
Board of Directors meeting to be held on April 28,
Limitada”, from now on all collectively called the
2015. Enersis will duly inform the Superintendence
“Consortium”
terminate
the arbitration
filed
of Securities and Insurance, all of its shareholders
by Endesa Chile before the International Court
and the market in general, regarding all the decisions
of Arbitration of the International Chamber of
adopted regarding this matter.
Commerce (CCI, Corte Internacional de Arbitraje
de la Cámara de Comercio Internacional,) in
- The Ordinary Shareholders’ Meeting of Enersis held
248
2015 Annual Report Enersis
on April 28, 2015, has agreed to distribute a definitive
5° Finally, It’s informed that the Enersis’ Board of
dividend (partly composed of Interim Dividend No.
Directors Committee has appointed Mr. Hernán
90 of Ch$ 0.831148 per share) and an additional
Somerville Senn as Chairman and Mr. Domingo
dividend totaling Ch$ 305,078,934,556, equivalent to
Valdés Prieto as Secretary.
Ch$ 6.21433 per share.
- On April 28, 2015, the following significant event was
Since Interim Dividend No.90 has already been paid,
informed:
the remaining Ch$ 264,259,128,599, or Ch$ 5,38285
per share dividend will be distributed and paid in Final
The Board of Directors of Enersis unanimously decided
Dividend No. 91.
to begin the analysis of a corporate reorganization
process, with the intention of separating electricity
- On April 28, 2015, the following significant event was
generation and distribution activities in Chile from
informed:
those outside of Chile held by Enersis and its
subsidiaries, Empresa Nacional de Electricidad S.A.
1° The Ordinary Shareholders’ Meeting of Enersis
(“Endesa Chile”) and Chilectra S.A. (“Chilectra”). The
held on April 28, 2015, has appointed a new Board
objective of this reorganization is to resolve certain
of Directors for a three-year period, comprised of
duplicities and redundancies that currently derive
the following persons:
Mr. Jorge Rosenblut
Mr. Francesco Starace
Mrs. Francesca Di Carlo
Mr. Alberto De Paoli
Mr. Hernán Somerville Senn
Mrs. Carolina Schmidt Zaldívar
Mr. Rafael Fernández Morandé
from the complex corporate structure of the Enersis
Group and to generate value for all its shareholders,
retaining the benefits derived from their belonging to
the Enel Group.
To that effect, the Company proposes to analyze
a possible corporate reorganization consisting in
separating Enersis, Endesa Chile and Chilectra for
segregation, maintaining the Chilean generation and
distribution business activities separately on one side
2° In the Board of Directors’ Session held on April
and, on the other side, the activities outside of Chile
28, 2015, Mr. Jorge Rosenblut was appointed as
and, eventually, merging the resulting companies
Chairman of the Board of Directors, Mr. Francesco
to become the property owners of those business
Starace as Vice-President and Mr. Domingo Valdés
stakes outside of Chile.
Prieto as Secretary of the Board of Directors.
3° Similarly, in the aforementioned Board of Directors’
contribution of additional financial resources by
None of
these operations would
require
the
Session, the Board of Directors Committee
shareholders.
governed by the Chilean Companies Act Law N°
18,046 and the Sarbanes Oxley Act was appointed,
Likewise, all shareholders would maintain in the
which is formed by the Directors, Messrs. Hernán
resulting companies
from
the abovementioned
Somerville Senn, Carolina Schmidt Zaldívar and
division a shareholding identical to that they held
Rafael Fernández Morandé. As required by the
prior to such reorganization.
Resolution N° 1,956 of the Superintendence, its
informed that the three aforementioned persons
The newly created companies, as a result of this
are independent Directors.
corporate reorganization process, would also be
based in Chile and their shares would be traded in
4° It’s informed that the Enersis’ Board of Directors
the same markets as the companies of the Enersis
has appointed Mr. Hernán Somerville Senn as
Group currently trade them.
the Financial Expert of the Board of Directors
Committee.
The Board of Directors of Enersis has instructed
Significant Event of the Entity
249
the Management in order to analyze this possible
Directors’ Committee
corporate
reorganization considering both
the
Hernán Somerville Senn Chairman of the Board
Company’s best interest and that of all its shareholders
and Financial Expert
and otherstakeholders, paying special attention to the
Rafael Fernández Morandé
interest of minority shareholders, as well as to convey
Herman Chadwick Piñera
this initiative to the Boards of Directors of Endesa
Chile and Chilectra.
The Board of Directors expressed its appreciation
to Mr. Rosenblut for his performance as Chairman
Should it be approved by the Boards of Directors of
of Enersis and previously in the subsidiaries Endesa
Enersis, Endesa Chile and Chilectra, the corporate
Chile and Chilectra. Additionally, the Board of Directors
reorganization proposal would be submitted for
thanked Ms. Carolina Schmidt Zaldívar for her valuable
the approval at
their
respective Shareholders’
contributions to the Company’s Board of Directors.
Meetings.
The Company will duly inform the market of the
described in the significant events dated April 22 and
- Regarding the corporate reorganization operation
progress of this initiative.
April 28, 2015 and in the response to the Official Letter
N° 8,438 filed on April 27, 2015, on July 20, 2015,
- On June 30, 2015, the following significant event was
Enersis S.A. has received from the Superintendence
informed:
of Securities and Insurance (SVS) an answer to the
reserved inquiry submitted on May 18, 2015. Hereto I
In its session held on June 30, 2015, the Company’s
enclosed the text of the inquiry, which the SVS is no
Board of Directors appointed Mr. Francisco de Borja
longer consider as reserved, as well as of the Official
Acha Besga as Chairman of the Board of Directors,
Letter N°15,443 that includes the answers to our
replacing Mr. Jorge Rosenblut, who submitted his
inquiry.
resignation effective as of the same date.
Additionally, the Board of Directors acknowledged that
Inquiry submitted on May 18, 2015:
on June 26th, Ms. María Carolina Schmidt Zaldívar
By virtue of the powers
incumbent upon the
submitted her resignation as Director and member of
Superintendence of Securities and Insurance through
the Board of Directors’ Committee. On June 30, 2015,
the application of article 4 letter a) of Decree Law
Enersis’ Board of Directors appointed Mr. Herman
N° 3,538, enacted on 1980, and in exercise of the
Chadwick Piñera as her replacement. He will assume
powers bestowed under letter b) of the referred legal
as an independent Director and a member of the
precept, we hereby submit this reserved presentation
Board of Directors’ Committee, effective from this
requesting your administrative interpretation with
date.
respect to the inquiries stated herein.
Consequently, the Company’s Board of Directors and
Inquiries are related to an eventual process of
the Board of Directors’ Committee are as follows:
corporate reorganization that is described below in
Board of Directors
its essential aspects and in a briefly manner, with
respect to the corporations Enersis S.A. (hereinafter
Francisco de Borja Acha Besga Chaiman of the Board
also “Enersis”), Empresa Nacional de Electricidad
Sr. Francesco Starace
Vice Chairman
S.A. (hereinafter also “Endesa”), and Chilectra S.A.
Alberto Di Paoli
Francesca Di Carlo
Hernán Somerville Senn
Herman Chadwick Piñera
Rafael Fernández Morandé
(hereinafter also “Chilectra”).
As informed to the market and to this Superintendence
through, among other information, a response from
Enersis on April 27, 2014 to your Official Letter N°8,438
dated April 24, 2015, the reorganization would imply
250
2015 Annual Report Enersis
separating the electricity generation and distribution
The new entities Endesa-2 and Chilectra-2 will be
activities developed in Chile from those developed in
listed in the stock markets where they currently
other countries in Latin America. This reorganization
are, respectively, Endesa and Chilectra, and in the
seeks to maximize the potential growth of Enersis
case of Endesa-2, it will also be submitted to those
and its subsidiaries Endesa and Chilectra; resolve
determined in Title XII of D.L 3.500 on November
certain duplicities and redundancies that currently
4, 1980
derive from the complex organizational structure
of the Enersis Group; and generate value for all its
(b) To agree the division of Enersis, which is the
shareholders. In summary, the reorganization would
controller of Endesa and Chilectra, through the
enable refocusing the industrial plans for Chile and for
creation of a new company to these effects
the rest of the countries in Latin American, in function
denominated “Enersis-2”. It will be allocated to
of the respective requirements of each geographic
Enersis-2 the shareholdings and investments that
ambit. In addition, it would increment the visibility
Enersis would have, as a result of the division of
of the assets; which, through the definition of new
Endesa and Chilectra, in Endesa-2 and Chilectra-2,
equity stories, would enable to obtain their highest
which could represent more than 50% of Enersis’
value. As reported to that Superintendence and to
asset, and the eventual liabilities that would be
the general public, through the significant events
allocated to the divided business. In this manner,
dated April 28, 2015 and issued by each of the three
the new company Enersis-2 would be the holding
companies, each one of the Board of Directors of the
company of the Chilean business established
three companies has agreed to analyze the corporate
in Endesa-2 and in Chilectra-2 and the company
reorganization taking into consideration the best
being divided, Enersis would maintain its status
interests of the company as well as of all shareholders
of holding company for the international business,
and other stakeholders, paying special attention to
including
the shareholding
in Endesa and
the best interests of the non-controlling shareholders.
Chilectra. The new company Enersis-2 would be
This process includes several operations and stages;
listed on the same stock exchange markets where
however, all of them aim at the same objective.
is currently listed Enersis, and it will be subject to
the provisions of Title XII under Decree Law 3,500
The description of the operations is as follow:
enacted on November 4, 1980.
(a) To agree to divide both Endesa and Chilectra,
(c) Each one of the division approval agreements
through the creation of two new companies,
of the companies Endesa and Chilectra would
to these effects denominated “Endesa-2” and
remain subject to the compliance of the following
“Chilectra-2”, respectively. Each of the new
precedent conditions: (i) that the appropriate
companies created from such division will be
competent authorities approve the allocation and
allocated the totality of the business that each of
modification of the permits, concessions and/or
the divided companies actually develops in Chile.
administrative authorizations of each of the divided
In other words, it would be allocated the part
companies of Endesa and Chilectra for their
of the equity comprised, among others, by the
transfer or assignment to each of the respective
assets, liabilities and corresponding administrative
new companies that will be created from such
authorizations that each of the divided companies
division, and (ii) that the respective Shareholders’
currently has
in Chile; which,
in each case
Meetings approve the division of Endesa and
represents more than 50% of the assets of each
Chilectra, as the case might be, pursuant to the
of the divided companies. On the other hand,
terms and conditions set forth under letter (a), and
each of the companies to be divided will maintain
in the case of Enersis, pursuant to the terms and
the equity that corresponds to the international
conditions set forth under the preceding letter (b).
business (mostly, shareholdings in companies
domiciled
in Argentina, Brazil, Colombia and
The division agreement of the company Enersis, in
Peru).
turn, would be subject to the precedent condition
Significant Event of the Entity
251
of the completion of the divisions of the companies
corporations Enersis, Endesa and Chilectra, does
Endesa and Chilectra in the manner indicated in
not constitute an operation between related
the preceding letter (b).
parties for the companies indicated, in accordance
with the norms set forth in Title XVI under the
It should be noted that, since these operative
Chilean Companies Act, Law 18.046. In the case
companies have a great number of contracts,
of a division, it does not exist an operation of
permits,
concessions
and
administrative
the company subject of the division with a third
authorizations, it is estimated that the approval
party and, consequently, there is a lack of the
process compared to the assignment of the latter
basic assumption for the application of the norms
to the new companies may take several months,
regarding operations between related parties set
and could be extended beyond December 31,
forth in Title XVI under Law 18,046. Additionally, for
2015.
the same reasons that are explained in the Official
Letter N° 106 issued by Superintendence on
(d) On the other hand, subsequent to the completion
February 2, 2012, it is appropriate to consider that
of the divisions above mentioned, a merger will
the division of a corporation are governed by rules
be completed by absorbing two of the already
that are specific to the Shareholder Agreements
divided companies into the third divided company
with respect to company division as established
(Enersis).
under Law N° 18,046 and its regulations and,
given their specialty, prevail over the norms that
The final result would be that the continuing
regulate operations between related parties.
company after the merger (post-merger) would
directly develop the international business, and
2. To confirm that the merger of the corporations
Enersis-2 (post-division, in a indirect way through
resulting from divisions described in the previous
the shareholding of its subsidiaries Endesa-2 and
question does not constitute an operation
Chilectra-2) would develop the Chilean business;
between related parties, in accordance with norms
which in this case, would represent a large
of Title XVI under Law 18,046. In this sense, in
simplification compared with the current structure.
accordance with what was pointed out by that
Superintendence through its Official Letter N° 106
(e) The resulting companies from the above-indicated
dated February 2, 2012, it is important to consider
divisions and, in its case, the described merger,
that “merger operations are specifically regulated
may alter their corporate purposes in favor of
by Title IX under Law N°18,046, which constitutes
those deemed more convenient considering the
special regulations for them”. The referred Official
development of their future activities.
Letter continues its argumentation by stating
that “As stated above, and with respect to your
To the presentation is enclosed a letter dated April
second inquiry, norms that regulate operations
27, 2015 issued by Enersis, which contains a table
between related parties set forth in Title XVI under
that describes the various steps into which the
Law N° 18,046 are not applicable to mergers; but
reorganization is divided. Also, Annex 1 is enclosed
instead applicable by the provisions that regulate
to the present document, which contains a table
specifically and particularly merger agreements, to
showing the respective shareholdings of certain
that effect determined by the law”.
directors of Enersis, Endesa and Chilectra in the
companies, Enersis and Endesa, as well as their
3. On the assumption that the Superintendence may
bondholding.
consider that, either divisions described in the
first inquiry or the merger described in the second
In the abovementioned context, we hereby submit to
inquiry, constitute an operation between related
you the following inquiries:
parties in accordance with norms set forth in
Title XVI under Law 18,046, we hereby request to
1. To confirm
that
the division of
the
three
confirm which companies or individuals involved in
252
2015 Annual Report Enersis
each of the abovementioned operations would be,
Institution has concluded that in the case of a
precisely and in each specific case, considered a
company division, the distribution of the equity of
related party and to whom.
the company that is being divided corresponds to
the allocation of quotas of a juridical universality
4. To confirm that the division of the companies
and, consequently, the transfer or transmission
Enersis, Endesa and Chilectra, respectively, where
of assets does not exists; but instead, there is
each newly-incorporated company is assigned
a specification of preexisting rights; which, by
assets which could represent more than 50% of
virtue of the decision adopted by the company,
the assets of the company that is being divided,
remain established in an independent legal entity.
the withdrawal right established in article 69,
Consequently, the transfer of the assets that takes
paragraph 4, numeral 3 under Law N° 18,046
place on the occasion of the company division
is not applicable, since there is no “disposal”
does not properly constitute a contribution since
as defined by article 67, paragraph 2, numeral 9
there is no disposal involved”.
under the same law; but rather an assignment.
To that effect, the law defines corporate division
We remain at your entire disposition in order to
as “the distribution of its equity between itself
provide any additional background information
and one or more corporations to be incorporated
that you may consider convenient to answer the
to that effect”. It has thus been understood by
inquiry hereby submitted.
this Superintendence upon stating in its Official
Letter N° 2,048 dated June 14, 1989 that “Upon
Annex 1
referring this institution (the division) as a process
of distribution of equity between legal entities
Shareholdings of certain board members of Enersis, Endesa
that shall develop independent activities, but
and Chilectra in the companies, Enersis and Endesa, as well
maintaining jointly the identities of an initial equity
as their bondholdings.
and the same shareholders with equal rights to
the referred equity, such distribution necessarily
corresponds to an allocation of quotas of the
juridical universality which represents the equity
Shareholdings of Board
members
Hernán Somerville (ENI)
of the company being divided, carried out by the
Carolina Schmidt (ENI)
shareholders of the legal person via a simple
statutory reform [reform of by-laws]. Consequently,
in the opinion of this Superintendence it is logical
Isabel Marschall (EOC)
Hernán Felipe Errázuriz C,
(Chilectra)
to conclude that the division of a corporation,
Marcelo Liévenes (Chilectra)
ENI
EOC Chilectra
3,760,000
shares
458,851
shares
0
Uf 1,000
bonds
0
11,000
shares
12,980
shares
26,633
shares
49,409
shares
6,862
shares
0
0
0
0
0
the transfer or transmission of assets does not
exist; but instead, there is aspecification of the
preexisting rights; which, by virtue of a company
decision adopted pursuant to the form and
NOTE: In all cases the shares/bonds are owned indirectly through
investment companies of the respective board members, except in the
case of Marcelo Llévenes who is a direct property owner.
majority established in the law, remain established
The response of the Superintendence of Securities and
in independent legal entities, conforming in that
Insurance through the official letter N°15443 received on
same agreement the incorporation act of the
July 20, 2015 and is described below:
new companies being created.” Additionally, it
has thus been stated by the Chilean Internal
Via reserved inquiry dated May 18th, the company
Revenue Service (SII, in its Spanish acronym) in its
submitted to this Superintendence several questions
Resolution N° 68 enacted on 1996, indicating as
related to the “corporate reorganization process”
follows: “With respect to this type of companies
whose fundamental aspects are described in the
reorganization (divisions) of any kind, it should be
aforementioned presentation as well as
in the
pointed out that a pronouncement issued by the
significant events dated April 22 and April 28, 2015,
Superintendence of Securities and Insurance, this
and in the response to the Official Letter N° 8,438
Significant Event of the Entity
253
of 2015, filed with this Superintendence on April 27,
described
in article 146 under
the Chilean
2015. In summary, the first stage implies the division
Companies Act does not meet such requirement.
of Enersis S.A., Empresa Nacional de Electricidad
S.A. and Chilectra S.A. and, subsequently, a merger
Also, the division of companies is expressly
by incorporation of some of the resulting companies
regulated in Title IX under the Chilean Companies
from such divisions.
Act, which constitutes a special norm with specific
requirements that must be comply in these cases
Before analyzing your presentation, it should be noted
and that are basically established in articles 94
that since the facts of the case have been to public
and 95 under the Chilean Companies Act, and
knowledge and given the public faith and the interest
in articles 147 and following under the Supreme
of the investors committed in this case, it is justified,
Decree N° 702 enacted on 2011 by the Ministry
in accordance with the provision paragraph two,
for Finance which approved the Companies
article 23 under Decree Law N° 3,538 enacted on
Regulations (“Chilean Companies Regulations”),
1980, the information is not longer consider reserved
as well as for securities issuers, in section II under
and it shall become available to the public as of the
General Norm N° 30 enacted on 1989 by this
date of the present Official Letter.
Superintendence.
In relation to your inquiries and in function of the
Consequently, norms of Title XVI under the
background submitted by that company, which does
Chilean Companies Act cannot be applicable to the
not include the detail of how each stage of the
division of a corporation, but only can be applied
process will be materialized, it is my duty to point out
the provisions that specifically regulate on division
the following:
agreements.
1.
It should be noted that, as pointed out by that
3.· Regarding your second inquiry, “confirm that
company, the process of “corporate reorganization”,
the merger of the resulting corporations from
which contains various stages, must be analyzed
the divisions described in the previous question
both individually and as one operation, as the
does not constitute an operation between related
intended purpose is understood to be achieved only
parties, in accordance with norms of Title XVI
when each and every one of the proposed stages
under Law N° 18,046”, it should be noted that,
are carried out, i.e. the divisions and mergers to
in accordance with article 99 under the Chilean
be carried out cannot be examined one by one as
Companies Act, a merger consists in the union of
independent and autonomous operations.
one or more companies into a one that succeeds
2. Considering the foregoing, with regard to your
this type of operation, as opposed to the division,
it in all its rights and obligations, reason why in
first inquiry, which is, to “confirm that the division
a third party is involved.
of the three corporations: Enersis, Endesa and
Chilectra does not constitute an operation between
Despite the foregoing, and in accordance with
related parties for the companies indicated, in
the criteria used by this Superintendence in its
accordance with the norms set forth in Title XVI
Reserved Official Letter N° 106 of February 2, 2012,
under the Chilean Companies Act Law N° 18,046”,
corporate mergers are expressly governed by Title
it should be noted that, in accordance with article
IX of the Chilean Companies Act, which constitute
94 under Law N° 18,046 (“the Chilean Companies
a special norm for these operations, with specific
Act “), the division of a corporation consists in the
requirements that must be comply by the merging
distribution of its equity between itself and one
companies, set forth in Title IX under Law N°18,046
or more corporations legally incorporated to that
and in articles 155 and following under the Chilean
effect, reason why this type of operation does not
Companies Regulations, and
for securities
involve a third party different from the company
issuers, in Section II under General Norm N° 30 of
that is being divided, therefore, the relationship
the Superintendence; namely: a special approval
254
2015 Annual Report Enersis
quorum, the dissident shareholders’ withdrawal
by this Superintendence in the Official Letter N°
right, and prior information that should be to
2,048 of June 14,1989, and confirmed through the
the shareholders disposal in the corresponding
Official Letter N° 1,929 of January 20, 2014, in the
deadlines.
sense that in the division of corporations, there is
no assets disposal from the continuing company
Consequently, in mergers involving one or more
to the new company resulting from the division,
corporations, norms set forth in Title XVI under
reason why the provisions of numeral 2 of the
the Chilean Companies Act are not applicable, but
fourth paragraph of article 69 under the Chilean
only those provisions that specifically regulate the
Companies Act would not be applicable to the
merger agreements.
division.
4. - Without prejudice to the foregoing, we believe
7.- Without prejudice to the aforementioned, it should
necessary to point out that norms on operations
bear present the following:
between related parties of Title XVI under the
Chilean Companies Act must not be used in
a. All the obligations that the current legislation
the stages before exposed of this “corporate
establishes for directors are based on the
reorganization”, considered as a single operation,
concept of “best interests”. In fact, we can
whereas,
in consideration of
the
reasons
mention various provisions of the Chilean
previously exposed to the stages of the “corporate
Companies Act that establish this principle,
reorganization”
it only corresponds to apply
such as third paragraph of article 39, related
those provisions that specifically regulate such
to the obligation of directors to ensure the
agreements.
“interests” of all shareholders and not just
those who elected them; numeral 1 of article
5.- Regarding your third inquiry, “on the assumption
42, under which specify that directors may
that the Superintendence may consider that,
not act if is not in the “best interests”; and,
either the divisions described in the first inquiry
numeral 7 of article 42 which sanctions “any
or the merger described in the second inquiry,
act” contrary to “best interests”.
constitute an operation between related parties in
accordance with norms set forth in Title XVI under
b. In that understanding, the law has established
Law N° 18,046, we hereby request to confirm
specific obligations for directors including: i) to
which companies or individuals involved in each
be informed “fully and in a documented way of
of the abovementioned operations would be,
all matters related to the company’s progress”
precisely and in each specific case, considered to
(right-duty of being informed contained in
be a related party and to whom”, no answer will
the second paragraph of article 39 under the
be given here considering what was previously
Chilean Companies Act); and, ii) to “employ
informed.
in the exercise of their functions the same
attention and diligence that men usually employ
6.-· Regarding your fourth inquiry, “to confirm that
in their own businesses” (due diligence stated
the division of the companies Enersis, Endesa
in article 41 under the Chilean Companies Act).
and Chilectra, respectively, where each newly
Both duties, to be informed and to act with
incorporated company is assigned assets which
attention and diligence, imply observance of
could represent more than 50% of the assets
the provisions of article 78 under the Chilean
of the company being divided, the withdrawal
Companies Regulations.
right set forth in article 69, paragraph 4, numeral
3 under Law N° 18,046 is not applicable, since
c. Regarding
the
legal
responsibilities and
there is no “disposal” as defined by article 67,
obligations aforementioned,
the Board of
paragraph 2, numeral 9 under the same law, but
Directors must have sufficient, ample and timely
rather an assignment”, the criterion established
information at the time of adopting decisions
Significant Event of the Entity
255
regarding the “corporate reorganization” as a
- Detailed information on the objective and
whole, with their various stages, as the divisions
benefits expected from the division, as well as
and mergers cannot be analyzed independently
their terms and conditions;
or autonomously. Such
information should
justify the proposal that is finally taken by the
- Report that includes the asset, liability and
Board of Directors to the Shareholders’ Meeting
equity accounts of the entity to be divided,
summoned to adopt the respective agreement,
a column of adjustments,
if appropriate,
considering that such proposal is the most
and finally,
the balances
that
represent
convenient for the best interests.
the continuing and the new entities, as
corresponds; and,
In
this
regard,
the
justifications
for
the
proposal which the Board of Directors will
- A description of the main assets allocated and
finally make should contemplate, among
the liabilities delegated to the new entities.
others, the objectives and benefits expected
of the corporate reorganization, as well as the
In addition and on the same time, in accordance
terms and conditions of this, and the various
with the provisions a) and g), article 4 under
consequences, implications or contingencies
Decree Law N°3,538 enacted on 1980, and
that the proposal might bring, e.g., operational
in the last paragraph of article 147 under
and taxation issues, if applicable, as well as
the Chilean Companies Regulations,
the
any implications regarding the use of proceeds
company´s management should provide the
agreed for the 2012 capital increase of the
public in general and this Superintendence, the
company.
following additional and preliminary background
information referring to the merger processes:
d. Such information must be submitted to the
shareholders disposal on a timely manner,
- Detailed information on the objective and the
given that the various stages of the corporate
benefits expected from the mergers; and,
reorganization will be approved by
the
respective Shareholder Meetings of each of
- Reports
issued by
independent expert
the companies involved, and therefore, whom
appraisals on the estimated value of the
should take the decision should have all the
entities that are merged and estimates of the
elements necessary for this, one of which is
exchange ratios of the corresponding shares.
the benefit that the operation as a whole brings
for the best interests.
e. Considering the complexity of the operation, the
management may consider other measures in
Under this context and in accordance with
order for shareholders to have more elements
the provisions a) and g) article 4 under Decree
for a suitable analysis of this operation, such as
Law N°3,538 enacted on 1980, and article 147
an express pronouncement by the Directors’
of the Chilean Companies Regulations, it is
Committee on the aforementioned corporate
necessary that the company’s management
reorganization the subject of your inquiry.
provides to the public in general and to this
Superintendence, as soon as
the Board
f. Finally, the expert appraisals that become
of Directors
resolves on
the corporate
involved in the process should bear in mind their
reorganization and at least 15 days prior to the
duties and responsibilities in accordance with
date of the Shareholders’ Meeting which should
current legislation, especially the responsibility
pronounce on the division, with the following
established
in article 134 of the Chilean
background information, both concerning the
Companies Act for the expert appraisals.
own company as the other companies involved
in such corporate reorganization:
8.- Consequently,
this Superintendence
instructs
256
2015 Annual Report Enersis
the company’s management in the corporate
2.- Enersis, in turn, would be divided, creating a
reorganization object of your inquiry –and especially
new company (“Enersis Chile”) in which the
its directors- in order to take into account that
shareholdings and assets of Enersis in Chile,
expressed above, which under no circumstance
including the shareholdings
in Chilectra and
is intended to establish exhaustively all the
Endesa Chile, (following the division of these
measures that should be implemented by the
companies as described previously) and liabilities
Board of Directors of your company and the other
linked thereto will be allocated. It will remain in
companies involved, in order to duly safeguard
the divided Enersis (which it will be denominated
the best interests. You are also instructed that the
“Enersis Américas” following the division), the
present Official Letter be read completely at the
international shareholdings of Enersis as well as
next Board of Directors meeting held, recording
its shareholdings in the new companies, Chilectra
such act in the minutes of the meeting.
Américas and Endesa Américas,
that were
created as a result of the aforementioned division
9.- At last, in accordance to the powers granted
of Chilectra and Endesa Chile and the liabilities
by Decree Law N°3,538 enacted on 1980, this
related to them.
Superintendence will continue to examine and
oversee both the corporate reorganization process
3.- Once
the
aforementioned
divisions
are
and the labor performed by directors, experts
materialized, Enersis Américas would absorb
appraisals and management of
the entities
through a merge Chilectra Américas and Endesa
involved subject to audit.
Américas, and therefore, the latter companies
would be dissolved without winding up, grouping
- On July 27, 2015, regarding to the initiative informed
all the non-Chilean participation of the Enersis
by the Company through the Significant Events dated
Group. This merger, which involves two newly
April 22, 2015 and April 28, 2015, and in compliance
incorporated companies (Endesa Américas and
with provisions of the Official Letter N° 15,443 issued
Chilectra Américas), shall be carried out as soon
on July 20, 2015 by the Superintendence of Securities
as legally possible pursuant to the provisions of
and Insurance, we hereby inform that the Board of
the applicable regulations.
Directors of Enersis, in its extraordinary session held
today, has unanimously resolved that in the case
The corporate scheme that the Board of Directors
that the transaction to separate the generation and
agreed
to continue analyzing
the corporate
distribution activities in Chile from those performed
reorganization would be as follows:
by the Enersis’ Group outside Chile, the corporate
reorganization would be carry out through the
following corporate transactions:
1.- Each subsidiaries, Chilectra S.A. (“Chilectra”) and
Empresa Nacional de Electricidad S.A. (“Endesa
Chile”) would be divided, and therefore, will
cause the emergence of: (i) a new company from
the division of Chilectra (“Chilectra Américas”)
in which the shareholdings and assets that
The companies denominated Enersis Chile and
Chilectra owns abroad, as well as the liabilities
Enersis Américas would be domiciled in Chile
linked thereto, will be allocated into it; and, (ii) a
and their shares would be listed on the same
new company from the division of Endesa Chile
stock exchanges as the existing companies of the
(“Endesa Américas”), in which the shareholdings
Enersis Group. None of these abovementioned
and assets that Endesa Chile owns abroad, as
transactions would require additional financial
well as liabilities linked thereto, will be allocated
contributions from shareholders.
into it.
Significant Event of the Entity
257
The Enersis’ Management has received a mandate
- On August 13, 2015, the following significant event
from the Board of Directors to continue to develop
was informed:
the above-described operation with strictly
compliance of the provisions of the Official Letter
With respect to the proposed corporate restructuring
N° 15,443, in order to propose, where appropriate,
reported by the Company through Significant Events
to its shareholders and its subsidiaries Endesa
dated April 22, April 28, and July 27 of this year, we now
Chile and Chilectra, the required steps to complete
inform you that the Directors’ Committee of Enersis
this corporate reorganization. It is estimated that
S.A., at its extraordinary meeting held today August
the first part of such transaction (referring to the
13, by the majority of its members, appointed IM Trust
aforementioned divisions of Enersis, Endesa Chile
as Financial Adviser of the Directors’ Committee.
and Chilectra) may be agreed by their respective
Board of Directors by defining a proposal that would
As financial advisor, IM Trust has been appointed to
be submitted to the approval of the respective
work within the scope and objective of The Chilean
Shareholders’ Meeting within the last quarter of
Companies Act Law, article 147, regarding independent
this year and that the corporate reorganization
appraisers, and also to comply with the general terms
could end during the third quarter of 2016.
and conditions set forth by the Superintendence for
Securities and Insurance Companies in its Official
Along these lines, it should be noted that the
Letter N°15443.
Superintendence of Securities and Insurance has
confirmed through the mentioned Official Letter N°
- On September 15, 2015, the following significant
15,443 that a corporate reorganization of this type
event was informed:
would not constitute an operation between related
parties pursuant to the provisions established in
In connection with the corporate reorganization
Title XVI under the Chilean Companies Act Law
initiative informed through significant events dated
N°18,046. However, among other aspects, the
April 22, April 28, and July 27, 2015, and which is
Superintendence pointed out that must be made
currently under review and analysis by the Board
available to all shareholders summoned to resolve
of Directors of the Company, it is reported that the
the referred divisions (first step of the corporate
Board of Enersis S.A., at an extraordinary session
reorganization), reports prepared by independent
held today September 14, has decided by a majority
expert appraisers
regarding
the estimated
of its members, to appoint Mr. Rafael Malla as
value of the merging entities and estimations
independent appraiser for the purpose of complying
corresponding to exchange ratios.
with the requirements of the Superintendence of
Securities and Insurance in Official Letter No. 15443
Also,
the Superintendence of Securities and
of July 20, 2015, to issue a report of the estimated
Insurance has suggested that, considering the
value of the companies that eventually will be merged
complexity of the transaction, the Company’s
and estimations of the corresponding exchange ratios
management may consider other measures to
if the corporate reorganization is carried out under the
enable shareholders to have additional elements
terms described in the significant event dated July 27,
in order to adequately analyze this transaction. To
2015.
that effect, and in order to give major guarantees of
transparency to the process, the Board of Directors
- On November 5, 2015 was informed as significant
of Enersis has resolved that, in case that it decides
event regarding that, the majority of the members of
to propose the above-described transaction, it will
the Board of Directors of Enersis S.A. (“Enersis” or
be agreed that the Directors’ Committee explicitly
the “Company”), in the extraordinary meeting held
pronounce on the corporate reorganization.
on November 5, 2015, agreed, with one dissenting
Enersis will continue to keep informed the market
information, reports and opinions, and given the
on the progress of this proposal.
expected benefits from the corporate reorganization,
vote, after completing a study of relevant background
258
2015 Annual Report Enersis
the terms and conditions of such reorganization
external auditors of Enersis and Enersis Chile, both
as well as
its consequences,
implications or
as of October 1, 2015, and which provide, among
contingencies, that the proposed reorganization of
other things, the allocation of assets, liabilities,
the Enersis Group (the “Reorganization”), contributes
and shareholders’ equity between the Company
to the corporate purpose. Therefore, the Board of
and Enersis Chile.
Directors has convened a new extraordinary meeting
(v) Report of the independent expert appointed by
of Enersis’ Directors in order to discuss the possibility
the Board of Directors of the Company, Mr. Rafael
of convening an Extraordinary Shareholders’ Meeting
Malla, including the estimated value of the entities
to inform the shareholders of the Reorganization and
to be merged and the estimated exchange ratio
request their approval, as applicable.
of the corresponding shares in the context of the
Reorganization
Furthermore,
It
is considered appropriate
to
(vi) Report of the financial advisor appointed by the
communicate that the Board of Directors has
Directors’ Committee of the Company, IM Trust,
agreed to share the “estimated exchange ratio” as
with its findings regarding the Reorganization.
background information for the possible merger of
(vii) Report of the Directors’ Committee of the Company
Endesa Américas and Chilectra Américas into Enersis
with its findings regarding the Reorganization.
Américas as part of the Reorganization, such range
(viii) Document describing the Reorganization and its
being: (a) for each share of Endesa Américas, its
terms and conditions.
shareholders would receive between 2.3 (min.) and
(ix) The objectives and expected benefits of the
2.8 (max.) shares of Enersis Américas and (b) for
Reorganization and its consequences, implications
each share of Chilectra Américas, its shareholders
or contingencies, such as those of an operational
would receive between 4.1 (min.) and 5.4 (max.)
or tax nature.
shares of Enersis Américas. All reports that refer to
(x) Determination of the number of Enersis Chile
these exchange ratios are being made available to the
shares to be received by Enersis shareholders.
Company’s shareholders and the general market, as
(xi) Agreement put forward by the majority of the
noted below.
Board of Directors and with one vote against,
with the proposal of the Board of Directors of the
The Board of Directors considers it appropriate to
Company with respect to the Reorganization.
make available to the shareholders all records that
(xii) Draft of the Bylaws of Enersis and Enersis Chile
are listed below which have served as the basis for
subsequent to the Spin-Off.
discussing the Reorganization as of today on the
company’s website: www.enersis.cl:
- On November 6, 2015 was informed as significant
event, as of this date, that Mr. Luca D’Agnese, the
(i) Consolidated Audited Financial Statements of
CEO of the Company, will expose today the attached
Enersis as of September 30, 2015, which will be
presentation to investors and analysts of the market,
used for the spin-off (the “Spin-Off”) from Enersis
in order to keep them promptly informed on the
of a new company to be called Enersis Chile S.A.
operation of Enersis Group’s corporate reorganization,
(“Enersis Chile”)
from which the Board of Directors of Enersis S.A.
(ii) Report of the Board of Directors of Enersis on
and its subsidiaries Endesa Chile and Chilectra S.A.
the absence of significant changes to the assets,
pronounced yesterday, as published yesterday in their
liabilities or equity accounts occurring after the
respective Significant Event.
reference date of the respective balance sheet of
the Spin-Off.
The
attached
presentation
includes
relevant
(iii) Description of key assets and liabilities allocated
information about future investments and financial
to the new company resulting from the Spin-Off,
targets of Enersis Group, subject to the success of
Enersis Chile.
the corporate reorganization process aforementioned.
(iv) Proforma Consolidated Statements of Financial
For the 2016-2019 period, we expect accumulated
Position, with attestation report by the respective
investments for US$ 1.7 billion in Chile and US$ 4.5
Significant Event of the Entity
259
billion in Peru, Colombia, Brazil and Argentina, totaling
1.
Information
on
the
proposed
corporate
US$ 6.2 billion. Additionally, the following financial
reorganization of Enersis (the “Reorganization”),
information is included and referred to the eventual
which consists of (i) the spin-off (the “Spin-Off”)
operation of corporate reorganization.
of Enersis and its subsidiaries, Empresa Nacional
de Chile S.A. (“Endesa Chile”) and Chilectra S.A.
Enersis Chile - Financial Targets
(“Chilectra”) in order to separate the generation
In bn USD
EBITDA
Ebitda Margin
NET INCOME
2016
1.2
33%
0.5
2017
1.4
38%
0.6
CAGR
(16-19’)
11%
2019
1.6
39%
0.7
11%
and distribution activities performed in Chile from
those performed outside of Chile and (ii) the
subsequent merger of the companies that own
participations in non-Chilean businesses.
Enersis Américas (post Merger) - Financial Targets
Reorganization that are relevant in accordance
2. Supporting information that underlies the proposed
In bn USD
EBITDA
Ebitda Margin
NET INCOME
2016
2.4
33%
0.6
2017
2.8
36%
0.9
CAGR
(16-19’)
11%
2018
3.3
37%
1.1
22%
with the provisions of Official Letter No. 15,443
issued on July 20, 2015 by the Superintendence
of Securities and Insurance, to the shareholders
disposal as of November 5 and 9, 2015, respectively
and consisting of:
(i) Audited Consolidated Financial Statements of
A copy of this presentation is also available on the
Enersis as of September 30, 2015, which will
Company website (www.enersis.cl) and the indicated
be used for the Spin-Off.
preventions
included
in
it must be taken
into
(ii) Report of Enersis’ Board of Directors on the
consideration.
absence of significant changes to the assets,
liabilities or equity accounts occurring after the
- On November 9, 2015, was informed as significant
reference date of the respective balance sheet
event that the report of Bank of America Merrill Lynch,
of the Spin-Off.
the financial advisor appointed by the Board of the
(iii) Description of principal assets and liabilities
Directors of the Company, has been made available to
allocated to the new company resulting from
the shareholders and the market with its conclusions
the Spin-Off, which will be named Enersis
regarding the Reorganization of the Enersis Group. On
Chile S.A. (“Enersis Chile”).
November 5, 2015, the Boards of Directors of Enersis
(iv) Pro
forma Consolidated Statements of
and its subsidiaries Endesa Chile and Chilectra S.A.
Financial Position, with attestation report by
pronounced about this Reorganization via their
the respective external auditors of Enersis
respective significant events filed on that date.
and Enersis Chile, both as of October 1,
2015, and which provide, among other
The presentation
is available at the Company’s
things, the allocation of assets, liabilities, and
website (www.enersis.cl).
shareholders’ equity of both companies.
(v) Report of the financial advisor appointed by the
- On November 10, 2015 was informed as significant
Board of Directors of the Company, Bank of
event that, in its session held today, the majority of the
America Merrill Lynch, with its conclusion on
members of the Board of Directors of Enersis with one
the Reorganization.
vote against has agreed to summon an Extraordinary
(vi) Report of the independent expert appraisal
Shareholders’ Meeting (“ESM”) for December 18, 2015
appointed by the Board of the Company, Mr.
at 10:00 a.m., to be held at Espacio Riesco, located at
Rafael Malla, including the estimated value of
Av. El Salto 5,000, Huechuraba, Santiago, Chile.
the entities to be merged and the estimated
The purpose of this meeting is for the shareholders to
the context of the Reorganization.
acknowledge and rule on the following issues:
(vii) Report of the financial advisor appointed by the
exchange ratio of the corresponding shares in
260
2015 Annual Report Enersis
Directors’ Committee of the Company, IM Trust,
associated to them, as well as all other assets and
with its conclusions on the Reorganization.
liabilities not expressly assigned to Enersis Chile
(viii) Report of the Directors Committee of
in the Spin-Off.
the Company with its conclusions on the
Reorganization.
4. Approve that the Spin-Off agreed to by the ESM
(ix) Document describing the Reorganization and
will be subject to conditions precedent including
its terms and conditions, in which the terms
that the ESM minutes in which the Spin-Offs
of the merger and the withdrawal rights are
of Endesa Chile and Chilectra are approved and
explained.
have been correctly recorded as a public deed,
(x) The objectives and expected benefits of the
and their respective excerpt have been registered
Reorganization, as well as its consequences,
and published duly and promptly in accordance
implications or contingencies, such as those of
with the law. Additionally, and in accordance with
an operational or tax nature.
Article 5 in relation with Article 148, both under
(xi) Determination of the number of Enersis Chile
the Chilean Companies Regulation, approve that
shares to be received by Enersis shareholders.
the Spin-Off shall take effect on the first calendar
(xii) Agreement put forward by the Board of
day of the following month after the “Public Deed
Directors, with the proposal of the Board of
on Fulfillment of the Conditions for the Spin-Off of
Directors of the Company with respect to the
Enersis,” as explained in the following numeral, is
Reorganization.
granted, notwithstanding the promptly fulfillment
(xiii) Draft of the Bylaws of Enersis and Enersis
of the formalities of registration in the Commercial
Chile following the Spin-Off.
Registry and publications in the Diario Oficial of
the excerpt and recording as a public deed of
3. Approve, pursuant to the terms of Title IX under
the ESM minutes that approves the Spin-Off of
the Chilean Companies Act Law N°18,046
Enersis and the creation of Enersis Chile.
and paragraph 1 of Title IX under the Chilean
Companies Regulations, and subject
to
the
5. Authorize the Board of Directors of Enersis to
conditions precedent
indicated
in numeral 4
grant the necessary powers to sign one or more
below, the proposal of demerger of the Company
documents that are necessary or appropriate to
into two companies, resulting from the Spin-Off.
comply with the conditions precedent to which
The new corporation, Enersis Chile, a new publicly
the Spin-Off is subject, certify the assets subject
held limited liability stock corporation, which will
to registration that are assigned to Enersis Chile,
be governed by Title XII under D.L. 3,500 and to
and any other representations that are considered
which it would be allocated the equity interests,
necessary for these purposes, and especially,
assets and the associated liabilities of Enersis in
grant a public deed within 10 calendar days of the
Chile, including shareholding in each of Chilectra
date on which the last of the Spin-Off conditions is
and Endesa Chile already spun-off. The totality of
met, representing that the conditions precedent to
Enersis shareholders will participate in Enersis
which the Spin-Off is subject have been satisfied.
Chile in the same proportion that they had in the
Such public deed shall be named the “Public Deed
Enersis’ capital, with a number of shares equal of
on Fulfillment of the Conditions for the Spin-Off of
what they had in the spin-off company (ratio 1:1).
Enersis,” which should be registered in the corporate
Following the Spin-Off, Enersis will be renamed
record books of Enersis and Enersis Chile in order
Enersis Americas S.A. (“Enersis Américas”) and
to facilitate verification of compliance with the
it will retain the equity interests of Enersis related
conditions to which the Spin-Off was subject.
to non-Chilean assets, including its shareholding
in the resulting companies from the Spin-Off of
6. Approve the capital reduction of Enersis as a result
Chilectra and Endesa Chile, Chilectra Américas
of the Spin-Off, and the distribution of corporate
S.A. (“Chilectra Américas”) and Endesa Américas
equity between the spin-off company and the
S.A
(“Endesa Américas”), and the
liabilities
created company.
Significant Event of the Entity
261
7. Approve changes in the Bylaws of Enersis, which
(ii) Article Nine Bis is not included because
reflect the Spin-Off as well as the consequent
applicable law repealed it;
reduction of capital, by modifying the following
(iii) In Article Twenty-Four Bis, reference to Articles
articles:
Nine Bis and Thirty-Seven Bis has been removed,
as there is no reference to them in the text;
(i) Amendment of Article One, in order to change
(iv) In Article Forty-Four, the Company is subject
the corporate name of the Company, to be
to Resolution No. 667 of the Honorable
renamed Enersis Américas S.A.;
Resolution Commission, dated October 30,
(ii) Amendment of Article Four, in order to expand
2002; understanding
that
the
restrictions
its business to
include
loans to related
regarding Enersis Américas shall not apply to
companies;
Enersis Chile;
(iii) Amendment of Article Five, reflecting the
(v) Incorporate into their Bylaws one transitory
reduction of Enersis capital as a consequence
article stating that since its entry into force,
of the Spin-Off, remaining the same number
Enersis Chile will submit in advance, and
and type of shares;
voluntarily to the rules established in Article 50
(iv) Creation of a new Article Forty-Four, to show
Bis of the Chilean Companies Act relating to
that the Company will continue to be subject to
the appointment of independent directors and
Resolution No. 667 of the Honorable Resolution
the creation of a Directors’ Committee;
Commission, dated October 30, 2002 with the
(vi) Replacement and inclusion of other Transitory
understanding that (a) the restrictions shall
Provisions that apply as a result of the Spin-Off.
not apply to Enersis Américas with respect to
Enersis Chile and (b) considering that Enersis
10. Approve the number of Enersis Chile’s shares to
Américas shall not participate in any way in
be received by Enersis’ shareholders.
the relevant markets within the Republic of
Chile, may merge with Endesa Américas and
11. Introduce shareholders to the estimated terms
Chilectra Américas; and
of the possible merger of Endesa Américas and
(v) Grant of a revised text of the Bylaws of Enersis.
Chilectra Américas into Enersis Américas.
8. Appoint the interim Board of Directors of Enersis
12. Appoint the external audit firm for Enersis Chile.
Chile in accordance with article 50 bis under the
Chilean Companies Act.
13. Appoint the Account Inspectors, and alternates,
9. Approve the bylaws of the new resulting company,
for Enersis Chile.
Enersis Chile, which in its permanent provisions
14. Inform shareholders of agreements regarding
differ from those of Enersis in the following
transactions with related parties under Title XVI
matters:
of the Chilean Companies Act, Law N°18,046,
executed in the period since the last shareholders’
(i) In Article Five on share capital, which indicates
meeting.
that Enersis Chile will have a capital of the
amount of two billion, two hundred and
15. Report on authorizations granted to Ernst &
twenty-nine thousand one hundred and eight
Young, External Auditors of Enersis S.A., to deliver
million nine hundred seventy-four thousand
documents and reports related to external audit
five hundred and thirty-eight Chilean pesos
services provided to Enersis S.A., to the Public
(Ch$2,229,108,974,538) divided into forty-nine
Company Accounting Oversight Board (“PCAOB”)
thousand ninety two million seven hundred
of the United States of America.
seventy-two thousand, seven hundred sixty-two
(49,092,772,762) registered ordinary shares, all
16. Instruct the Board of Directors of Enersis Chile
of the same series without par value;
that upon the effectiveness of the Spin-Off, and
262
2015 Annual Report Enersis
as soon as practicable thereafter it should apply
from the Superintendence of Securities and Insurance
for the registration of the new company and their
(the “Official Letter”), which required certain express
respective shares with the SVS and the Securities
statements by the Board of Directors, in an ordinary
and Exchange Commission of the United States
meeting session held today, the Board of Directors
of America, and on the stock exchanges where its
of Enersis S.A. (“Enersis”), adopted the resolutions
shares will be traded.
stated below.
17. Instruct the Board of Directors of Enersis Chile to
Similarly, Enersis
received
from
its controlling
approve the powers of attorney of the company.
shareholder (Enel S.p.A., “Enel”) a letter, which is
The Board should make a statement with regards
to the reorganization process of the Enersis group
attached as an annex, regarding several issues related
to all the agreements needed to carry out the
(the “Reorganization”).
Division, in the terms and conditions that the Board
approves, and also to grant the powers deemed
The resolutions referred to and adopted today by a
necessary, especially those required to legalize,
majority of the Board of Directors members and with
materialize and carry forward the agreements
one dissenting vote from director Rafael Fernández
for the division and the others undertaken by the
Morande exclusively with respect to resolutions
Board.
three, five and six, are the following:
Shareholders may obtain a full copy of the
One: Consider Enel’s proposal included in its letter
documents that explain and support the matters
dated November 23, 2015, which states that, in
that are subject to knowledge and resolution of
the event that all of the transactions contemplated
the Board at our registered office, located in Santa
in the Reorganization are consummated, Enel
Rosa 76, Floor 15 (Investor Relations Department),
will, or will direct one or more of its subsidiaries
Santiago de Chile, as of this date. Also, starting
to, negotiate an agreement with Endesa Chile
on November 5 and 9 respectively, they will be
regarding the joint development of renewable
available to the shareholders at the Company
energy projects in Chile.
website: www.enersis.cl.
Two: Consider Enel’s commitment included in its
Additionally, the Board of Directors by the majority
letter dated November 23, 2015, which states that
of its members and with one vote against, agreed
while Enel Iberoamérica, S.L. remains the majority
to empower the CEO of the Company, within a
shareholder of Enersis, Enersis and its successors
reasonable time, to make an assessment on the
resulting from the Reorganization will be the
feasibility of certain measures contained in the Board
Enel group’s sole investment vehicles in South
of Directors’ Committee reports of Enersis and its
America in the fields of generation, distribution
subsidiary Endesa Chile, as well as in the resolution
and sale of electric energy, except for renewable
of Enersis’ Board of Directors and the ones pointed
energy investments currently developed by the
out by the shareholder AFP Provida, to be presented
Enel or any other company within the Enel group.
to the Board, to determine the compatibility with
However, such exception shall not prejudice any
applicable law and the terms and conditions of the
agreement described in the preceding paragraph
corporate reorganization process that has been ruling
by the Board and which have been released to the
Three: Announce at
this
time and at
the
market and shareholders, through a significant event.
Shareholders’ Meeting to be held on December
- On November 24, was informed the significant event
propose at the Shareholders’ Meeting of Enersis
regarding that, in compliance with the Significant
Américas on the subject of its merger with Endesa
Event, dated November 10, 2015, and, as required by
Américas, the exchange ratios, consistent with
the Official Letter 25,412, dated November 18, 2015,
the range adopted by the Board of Directors of
18, 2015, that it is the intention of Enersis to
Significant Event of the Entity
263
the three companies, of 2.8 shares of Enersis
Five: Instruct the Chief Executive Officer to propose
Américas for each share of Endesa Américas and
to the Board of Directors and, if appropriate, to the
5 shares of Enersis Américas for each share of
Directors’ Committee, the terms of an agreement
Chilectra Américas, in accordance with the other
to be negotiated in good faith with Endesa Chile,
terms and conditions contained in the “Descriptive
under which Enersis will indemnify Endesa Chile
Document of the Reorganization and its Terms and
for certain duly verified tax costs incurred by
Conditions” (made public on November 5, 2015).
Endesa Chile, minus any tax benefits obtained
by Endesa Américas and Endesa Chile, as a
These exchange ratios would be equivalent to
result of its spin-off of Endesa Américas, only in
an interest of 84.16% in the resulting entity,
the case that the merger is not approved before
Enersis Américas, for the shareholders of Enersis
December 31, 2017 for reasons not attributable
Américas immediately prior to the merger; of
to Endesa Américas, Endesa Chile or an event of
15.75% in Enersis Américas for the minority
force majeure has occurred. The indemnification
shareholders of Endesa Américas; and of the
expense under such agreement is expected to be
0.09% in Enersis Américas for the minority
offset by certain tax benefits obtained by Enersis.
shareholders of Chilectra Américas. Consistent
with what was announced, this Board of Directors
Six: Agree in its entirety with the statements of
will take whatever actions are within its power to
the Chairman of the Board of Directors and the
make the merger succeed, including voting in favor
Chief Executive Officer made at the ordinary
in the corresponding Shareholders’ Meetings. In
meeting held today and expressly approve the
any case, this resolution is subject to the absence
Board Statement about the matters required
of any relevant supervening events prior to such
in the Official Letter, that is (i) “The risks,
Shareholders’ Meeting that may substantially
consequences, implications or contingencies that
affect the exchange ratios proposed above.
could result from the Reorganization process for
the shareholders of Enersis, including at least
Four: In order to propose a mechanism that secures
those provided for in the report from the Directors’
for the minority shareholders of Endesa Américas a
Committee”; (ii) “Feasibility of the measures
minimum price equal to current market values for its
stated in the Directors’ Committee of Enersis and
shares, and mitigate the risk of the merger not taking
its affiliate Endesa Chile and consequences that
place, the Board of Directors announces that, once
the non-compliance of such conditions would
the spin-offs of Enersis, Endesa Chile and Chilectra
have on the corporate interest of the Company”;
become effective according to the Reorganization,
and (iii) “Information related to the exchange ratio
and unless significant adverse supervening events
and the estimated percentage that the minority
advise against it from a corporate interest point
shareholders should reach in the future merger
of view, Enersis (which will be known as Enersis
process, so that the Reorganization is effectively
Américas following the spin-off of Enersis Chile)
realized in accordance with the corporate interest,
will conduct a public tender offer (oferta pública de
which entails benefits for all shareholders”.
adquisición de valores) (the “OPA”) for the shares
of Endesa Américas, when it exists, subject to the
Enersis shareholders may obtain a full copy of the
terms described below. The OPA shall be addressed
response to the Board of Directors to the Official
to all the shares and American Depositary Receipts
Letter No. 25,412 of November 18, 2015 from the
(“ADRs”) issued by Endesa Américas not owned
Superintendence of Securities and Insurance and
by Enersis Américas. As consequence of the
the other documents that explain and support the
reorganization, it is expected that Enersis Américas
matters related above at the registered office,
will own 59.98% of the shares of Endesa Américas,
located at Santa Rosa 76, Floor 15 (Investor
therefore the OPA will be for up to 40.02% of the
Relations Department), Santiago, Chile, as of this
shares of Endesa Américas and for a price of 236
date. Also, they are available to shareholders on
Chilean pesos per share.
the Company’s website: www.enersis.cl.
264
2015 Annual Report Enersis
- The session of the Board of Directors of Enersis S.A.
businesses outside of Chile (this process, comprising
held on November 24, 2015, unanimously agreed to
all its phases, shall be known from here on as the
distribute an interim dividend of Ch$ 1.23875 per
“Reorganization”).
share on January 29, 2016, attributable to the fiscal
year 2015, corresponding to 15% of liquid net income
(A) In reference to point 1 of the Letter, we respond
as of September 30, 2015, in accordance with the
below to the different requests for information
Company’s current dividend policy.
contained therein.
- On November 25, 2015 the significant event was
(i) “We are requesting information on whether
informed to give an account that as of this date
the commitments taken on by Enel, and which
Enersis received a letter from its controller, Enel
letter dated November 23 mentions, have a
S.p.A (“Enel”), which is attached and refers to certain
binding character for Enel, and hence Endesa
matters related to the corporate reorganization of the
may legally call for their compliance from
Enersis Group (“the Reorganization”).
Enel, explaining the reasons or bases of that
potential legal obligation.”
- On December 1, 2015 was informed the significant
event regarding that today Enersis S.A. has responded
According to what has been stated in the letter
to the Official Letter No. 26.429 sent by the
from Enel S.p.A (“Enel”) dated November 23
Superintendence and in compliance with the above-
of this year (“the Enel letter”), as well as the
mentioned letter, we hereby attach the response to
text of the statement of the Board Directors of
that letter as a complement to the significant event
Enersis of November 24 of this year that was
sent by the Company to that Superintendence on
the basis of the response of Enersis.
November 24 , 2015.
Response to the Official Letter SVS No. 26,429 dated
of Enel to “negotiate” or “promote that one or
According to this company, the commitments
November 27, 2015 (the “Letter”).
To whom it May Concern:
more of its subsidiaries should negotiate” with
Endesa Chile taken on by Enel have a binding
character and would be enforceable in case of
non-compliance, provided that the conditions
We hereby come to provide, within the stipulated
set forth there are met (mainly in relation to
time limit, our response to the referred Official
the fact that the reorganization in all its phases
Letter, related to the explanations and clarifications
or stages should be complete).
requested by the Superintendence (“SVS”) to the
significant event of November 24, 2015 and the
Effectively, in view of Enersis, the commitments
response of Enersis S.A. (“Enersis”) to the Ordinary
made in the Letter are legally valid insofar as
Official Letter No. 25412, registered on November 25,
they are an expression of an agreement of its
2015 (“the response of Enersis”).
Board of Directors (Consejo de Administracion),
a legal equivalent to the Board of Directors in
This letter refers to various aspects related to the
Chile and an entity competent to take on the
division of Enersis as part of the proposed corporate
commitments referred to in the letter.
reorganization of the Enersis group consisting of: (i)
the division of Enersis and its subsidiary Empresa
Such commitments, which would have been
Nacional de Chile S.A. (“Endesa Chile”) and Chilectra
taken on by the relevant corporate entity - the
S.A. (“Chilectra”) in a way that would separate, on one
Board of Directors (Consejo de Administracion),
side, the businesses of generation and distribution
have been expressed in a letter that is signed
in Chile and, on the other, the activities outside of
by the person with sufficient representation
Chile (the “divisions”) and (ii) the subsequent merger
powers, granted by the President of Enel
of companies owners of corporate
interests
in
S.p.A. Sra. Maria Patrizia Grieco and which
Significant Event of the Entity
265
accompanied the Enel letter. As soon as we have
companies in the renewable energy sector)
a Spanish version of the agreement of the Board
have already been identified.
of Directors of Enel S.p.A., with due validations,
it will be made available to the market.
Although it is now possible to observe the
existence of certain potential conflicts of
Accordingly, in the opinion of Enersis, the
interest, the participation of Endesa Chile in
commitments made in the Enel letter have
renewable energy projects under the terms
a binding character and could therefore be
described in the Enel letter would also open the
enforceable if conditions expressed therein are
possibility of sharing experiences and expertise
met, notwithstanding what is being indicated
between Endesa Chile and Enel Green Power,
in the following paragraph.
in a manner that would satisfy them both and
which would exactly eliminate those conflicts
(ii) “In addition to what is being reported in relation
of interest that have been observed by some
to whether the commitment of Enel is or is not
participants of the reorganization process.
legally enforceable, we are requesting detailed
information on how the commitment of Enel
Under the terms set forth in the Enel letter, an
to “negotiate” or “promote that one or more
agreement as described therein would, first of
of its subsidiaries should negotiate” with
all, give Endesa Chile the option to participate
Endesa Chile would mitigate the risk referred
in all the existing assets and projects owned
to the need to regulate - successfully and in
by Enel Green Power, which would permit this
the future – the conflicts of interest that the
company to access a significant portfolio of
activities of Enel Green Power in Chile with
projects of this nature that to date, it has not
respect to Endesa Chile represent and how this
had. This measure permits to avoid the potential
would continue to“ be the main growth vehicle
and hypothetical risk that Enel would try to
in generation. In attention to that – as can be
prioritize its renewable projects in detriment of
seen from the Letter - such a commitment
Endesa Chile, only that, from now on, Endesa
would imply a specific obligation for Enel with
Chile does not only have the possibility to
Endesa in relation to such conflicts of interest,
access the assets and projects which have
but only of negotiating some type of regulation
already been developed by Enel Green Power
of such conflicts with the Chilean society.
in the past, but may also decide (according to
their own unique business interests) whether
Under
the
terms
indicated above,
the
it wants or not to participate in all that the latter
commitment of Enel would represent a binding
might develop in the future, once it had the
commitment subject to certain conditions
opportunity to assess and estimate whether or
contained therein, whose aim is to negotiate an
not it is convenient.
agreement to jointly develop renewable energy
projects with Endesa Chile and Enel or any of
But furthermore, given that
it
is a
joint
its subsidiaries in Chile, in relation to a few
development of projects Endesa Chile will thus
general principles that have been described in
be able to access the know-how of one of the
the Enel letter and which are public.
main global operators in the renewable energy
sector and would also have the possibility
It should be noted that this commitment cannot
to access and create its own team and
be understood on its own, foregoing the work
participate in the latest developments in the
and analyses that have already been carried out,
global industry and its transfer to the Chilean
where opportunities for joint cooperation and
market. Thus, it also mitigates the risk that the
exchange of experience between Endesa Chile
Endesa Chile teams - historically more focused
(as the country´s first generating company) and
on the generation of conventional supplies –
Enel Green Power (as one of the first global
might move away from such an innovative and
266
2015 Annual Report Enersis
specialized sector as the renewable energy
agreement of the Board of Directors of Enersis,
sector and therefore, their skills might become
a competent corporate entity that can decide
obsolete and somehow deprive Endesa Chile
on this type of operations and (ii) precisely,
of those capabilities.
Enersis shall be the same company (although
under the name of Enersis Americas) that, if the
If we take the above into consideration, as an
abovementioned conditions are complied with,
option that permits to access new opportunities,
shall launch the tender offer (OPA) for the whole
without decreasing at all the ability to continue
of the share capital owned by the minority
with the conventional sources projects that
shareholders of Endesa Americas.
Endesa Chile wants to develop pursuant to its
own business interests, the collaboration in
Moreover,
the declaration can hardly be
projects with Enel is additional and in no way
formulated in any other way taking into account
exclusive.
that the abovementioned conditions (among
others, reaching a merger agreement by the
For that reason, in the opinion of Enersis,
companies involved) must be met and that
an agreement of this nature would be a
the company subject to the future tender offer
mechanism that might help to resolve the
(OPA) (Endesa Americas) does not exist at the
forewarned potential conflicts of interest and
time of the agreement and shall only be set
share experiences between both companies,
up (and may, therefore, be subject to an OPA)
since it would permit to implement common
if the divisions referred to in the reorganization
experiences and existing and future projects in
process are created.
the area of renewable energy in Chile.
This does not preclude, however, the fact that
(B) In reference to point 2 of the Letter, in the reference
the abovementioned
intention of
launching
that says “as stated in paragraph four of the
the tender offer (OPA) should have a binding
significant event, namely the” intention of Enersis
character for Enersis under the designated
(already known as Enersis Americas) (of) presenting
terms, as it is reiterated herein.
a tender offer (“OPA”) issued by the future company
Endesa Americas”, which would include all the”
(ii)”in relation to the basis permitting the
shares and American Depositary Receipts (“ADRs”)
Enersis Board of Directors to claim that to
issued by that company not owned by Enersis
launch that tender offer (OPA) at the price
Americas “ we would hereby ask you to explain the
indicated in the significant event (236 pesos/
different issues which we promptly reply to.
share) with regard to the shares of the future
(i) “If the above-mentioned intention to launch this
of Enersis Americas, given that the Board of
tender offer has a binding character for Enersis,
Directors, when proposing the measure, does
explain the reasons or bases of that potential
not provide explicit reasons for the benefit of the
Americas Endesa contributes to the interest
legal obligation”.
Enersis shareholders but, to the contrary, refers
rather to the possibility of mitigating risks for the
The intention of launching the tender offer (OPA)
Endesa shareholders “.
for Endesa Americas minority shareholders at
the minimum indicated price is a legally binding
As indicated in the response of Enersis, the OPA,
commitment for Enersis, under the terms and
apart from being a risk-mitigating factor for Endesa
conditions announced to SVS and the market
Chile shareholders also involves benefits for Enersis
and shareholders in the response of Enersis.
shareholders, which can be summarized as follows:
In relation to the above, we should remember
1. The announcement of the tender offer is, firstly,
that: (i) the announcement corresponds to an
an enhancing element of the Reorganization
Significant Event of the Entity
267
given that it substantially mitigates the risks that
Officer will be instructed to “ negotiate, in good faith,
could lead to the frustration of said operation
with Endesa Chile the terms of a compensation
and, therefore, not permit Enersis and its
commitment, whereby and only and exclusively on
shareholders to obtain the benefits inherent
the assumption that, for reasons not attributable
in the reorganization that have been widely
to Endesa Americas or Endesa Chile and different
declared by the company and that are explained
force majeure causes, the merger agreements
in the document entitled “Benefits from the
are not adopted before December 31, 2017, the
Operation” that was made available to the
tax costs borne by Endesa Chile as a result of the
shareholders and the market.
division and duly accredited, discounting those
benefits or tax credits that Endesa Americas and
2. The OPA itself represents an acceleration of
Endesa Chile obtained as a result of this division,
the commitment of the use of funds and
would be compensated with tax benefits that may
compliance with the commitment made in
be obtained by Enersis” we respond below to the
the capital increase approved in 2012; that is,
various requests for information contained therein.
the use of funds provided by members at the
time for, among other uses, the “purchase of
(i) What is the consideration which Endesa Chile
minority shareholders”, as in the case of Endesa
would have to observe in this agreement at the
Americas corporate shares is completed within
time of subscription or if said agreement should
a limited period and on terms that are beneficial
be legally considered as a free act or depending
to the company.
of the will of Enersis with Endesa Chile.
3. Furthermore, the tender offer presumes the
The
terms and precise elements of
the
use of funds, with a generation of value for
compensation agreement which the parties
Enersis shareholders, a case that Endesa Chile
might potentially negotiate, if the conditions
shareholders decided to make use of because
that have been pointed out in the response of
it shall lead to an immediate increase in the
Enersis are complied with, may only be detailed,
company’s profits per share;
precisely, at the time that such negotiation takes
4. The use of the funds will be efficient in that having
place.
set the price of the tender offer as a “market”
Notwithstanding the above, it is possible to
price does not logically include any “premium”,
anticipate that, as pointed out by SVS in its
since what it intends is for the OPA to be only
ordinary Official Letter no. 15.443 dated 20
a technical mechanism of protection of minority
July, 2015, the reorganization process should
shareholders that would permit ex ante to
be considered as a whole, and therefore it
define a market price without having to wait
cannot be valued - consequently neither can its
for the materialization of the divisions and to
objectives, or its benefits or risks - considering
provide certainty and liquidity for shareholders
operations that make it up in its own standing.
who want to abandon the Endesa Americas
project, as has been requested by Committees
In relation to the above, Endesa Chile, when
of Directors and shareholders. The above, in the
taking part
in the reorganization process,
opinion of Enersis, offers sufficient foundations
is taking on a risk that might mean that the
to state that it contributes to the corporate
reorganization shall not be fully completed,
interest of Enersis (Americas) to launch the
and, therefore, some of the expected benefits
tender offer at the price that is indicated in the
might not be achieved fully or some of the costs
significant event.
thereof cannot be immediately compensated.
Therefore, as noted in the response of Enersis,
(C) With regard to point 3 of the Letter in the reference
it is legitimate to consider that there is a
that says “Number five indicates that the Executive
consideration by Endesa Chile in assuming the
268
2015 Annual Report Enersis
risks of incurring certain tax costs that, in case of
when it is reached, either party may consider it in
the merger not being completed due to causes
good faith that it is no longer justified to expect
that are beyond its control, or that these might
said merger to take place, and therefore they
delay the compensation, it is all the same within
will be entitled to demand the compensation.
the realms of logic of any business operation
that part of these risks are taken on by who, to
Similarly - and again in relation to the quoted
a greater extent, benefits from this operation
letter - even though it is true that in “five years
(even if the merger is not completed).
time tax reforms might take place”, it is not less
true, that such situation could improve such
The reorganization brings clear and immediate
expected benefits, calculated wisely by the
benefits to Enersis (to which we will refer later
company, and also that the existence of said
on) from the very first moment (that is, since the
“risk of regulation change” (consubstantial to
merger is agreed upon) however, in the case of
any business activity) could be, on its own, a
Endesa Chile, those benefits are fully obtained
dissuading element sufficient to not aspiring to
if the merger materializes or is compensated,
an improvement that is certain today.
once the time elapses since there is a certainty
that it should fail. There is, therefore, a certain
Ultimately, the realignment will permit Enersis
acceptance of risk by Endesa Chile, that,
from the outset to reach a long-sought objective
although steps have been taken to mitigate it
and that is the elimination of a superimposition
by the various mechanisms described in the
on
received dividends, something which,
response of Enersis, it should be attempted
without such reorganization, has not been
to compensate them, using the mechanism
possible so far.
referred to in the question made by SVS.
(ii) Within what period such compensation could
contribute to the corporate interest of the
take place if – as can be seen from the minority
company or companies that are set up after the
(iii) How will this decision of the Enersis Board
vote of Director Mr. Fernández – the tax benefits
division.
would be received by Enersis in the long-term.
In relation to that it states: “the tax costs taken
As indicated in the response of Enersis, the
on by Endesa are related to the moment of the
need to establish a compensation as the one
division and the tax benefits that Enersis would
indicated above, has been one of the mitigating
receive are long-term, that, according to what
actions requested by the Committee of Directors
is said by IM Trust, more than five years are
of Endesa Chile.
required to equalize these things and that during
these five years it is perfectly feasible to expect
In relation to the above, it should be noted that
tax reforms in any of the countries in question
while this measure – namely establishing a
(sic.)”
compensation - supposes a favorable element
of the operation (under the terms explained
The compensation shall take place as of the
above), the last shall be the catalyst that will
moment in which the fact that the conditions
facilitate achieving the reorganization process in
established therein cannot be met is evident, in
its entirety and, therefore, will permit to obtain all
particular, the non-implementation of the merger
the benefits already communicated to SVS, the
of Endesa Americas and Chilectra Americas into
shareholders and the market in the document
Enersis Americas.
available on the company’s website and entitled
“Expected benefits of Reorganization”.
As this uncertainty - for the benefit of both
parties - cannot stay open indefinitely, a deadline-
In addition, as there has been pointed out
December 31, 2017 — has been established and
before, the reorganization starts to produce
Significant Event of the Entity
269
positive effects for Enersis as of the moment
the time comes, is deemed economically more
of the divisions, even if the merger does not
appropriate – having established for that purpose
happen. Thus the same division will produce for
a solid balance as the one that was presented in
Enersis Americas (as well as some of the above
the division process.
benefits), among others, tax benefits derived
from a more rapid use of tax credits.
(v) The legal figure that would be used to carry out
Under these considerations, and according to
this commitment.
Enersis, it has a lot of sense from the logical-
As was previously indicated in the response of
commercial point of view that: If there is a cost
Enersis, the tax compensation to be made in the
for Endesa Chile, if the process in all its phases
future if the circumstances mentioned above
is successful, it would be compensated with
take place, as would be the case, through the
the merger (taking into consideration the swap
subscription of a compensation agreement to
equation), and if the last - for reasons already
be agreed between Enersis and Endesa Chile,
known - does not take place, Enersis (a company
prior the acceptance, at the right time, of the
that since the first phase of the reorganization
procedures established in Title XVI of the LSA.
starts to profit) undertakes to mitigate the
adverse impact that the non-completion of the
We remain at your disposal and are happy to provide
reorganization might have on Endesa Chile if the
any other information deemed relevant to this case.
merger should fail.
- On December 1, 2015 was informed as significant
In short: in view of Enersis, establishing the
event that on November 30, 2015, the “Consejo de
compensation as (a) risk mitigating mechanism
Administración de Bolsas y Mercados Españoles,
and therefore, a catalyst of the reorganization
Sistemas de Negociación, S.A” (Board of Directors of
process and
(b) facilitator of the benefits
Spanish Stock Exchanges), in exercise of the powers
announced in the operation, mainly tax benefits,
conferred by “Reglamento del Mercado de Valores
reducing inefficiencies, optimization of means
Latinoamericanos, Latibex” (Regulation of Latibex),
and resources, a more efficient structure and with
and in response to the request made by Enersis S.A.,
an improved visibility and reduction of the holding
it has agreed to suspend the inscription of Enersis S.A.
company discount, decreases in costs and an
effective from December 1, 2015 and has decided to
increase of quantified efficiencies, contributes to
exclude the trading of shares issued by the Company in
the corporate interest of the company.
Latibex, effective on December 4, 2015.
(iv) Which company would ultimately have to be
The above implies that, from the aforementioned date,
liable for the compensation and where would
Enersis S.A. will be delisted from Latibex and its shares
the funds come from to pay such compensation
will not be traded in the future on that stock exchange.
to Endesa.
The company that undertakes to compensate
that, as of this date Enersis S.A. has responded to the
is Enersis (which, in its case, at the moment of
Official Letter No. 26,429 sent by the Superintendence,
the compensation will operate under the name
which is shown below.
- On December 2, 2015 was informed as significant event
“Enersis Américas”).
Response to the Ordinary Official Letter SVS No. 26,429
The company has an adequate financial structure
dated November 27, 2015 (the “Letter”).
to provide such compensation that would permit
it to reimburse the amounts that potentially
To whom it May Concern:
might be due either from its own funds or from
funding from third parties – whichever, when
We hereby come to provide, within the stipulated time
270
2015 Annual Report Enersis
limit, our response to the referred Official Letter, related
significant events, at the disposal of shareholders
to the explanations and clarifications requested by the
and the market in general. Both the Secretary of the
Superintendence (“SVS”) to the significant event of
Enel’s Board of Directors, Mr. Claudia Sartorelli, and
November 24, 2015 and the response of Enersis S.A.
one of the principal legal firms in the Republic of Italy,
(“Enersis”) to the Ordinary Official Letter No. 25,412,
Chiomenti Studio Legale, represented by its partner,
registered on November 25, 2015 (“the response of
the attorney Mr. Michele Carpinelli, have indicated the
Enersis”).
binding nature of the abovementioned commitments
of Enel under the terms that they are written, under
The Board of Directors, by the aforementioned majority,
Italian Law.
has decided to make the two legal opinions referring to
the binding nature of the commitments formulated by
A copy of the letter sent by the Secretary of Enel
Enel S.p.A. (“Enel”), which are mentioned in previous
S.p.A. is included below:
Significant Event of the Entity
271
In addition, the legal opinion issued by the attorney
Mr. Carpinelli, translated to Spanish is included below.
In addition, the Board of Directors, by the majority
“I. – The SVS is right to delve deeper into the issues
previously mentioned, has agreed to disclose that
from its Letter No. 26.429 given that the letters
the author of the aforementioned commitments is
of Enel contains vague topics and are full of
Enel S.p.A. and not Enersis S.A., and therefore it
exceptions. We cannot observe in them the
does not correspond to the Board of Directors of the
obligations described in detail and clearly taken on
Company to modify or extend the contents of said
by the controlling shareholder.
commitments.
The director Mr. Rafael Fernandez M., in the session
order to convert statements of Enel S.p.A into
II. – It is my opinion that the way to move forward in
above-mentioned of the Board of Directors held today,
binding commitments is:
expanded on his dissenting vote, stating the following
in relation to the Enersis Response to the referenced
a) For the commitments to be written minutely in a
Letter:
way to make them enforceable.
272
2015 Annual Report Enersis
b) That Enel S.p.A. appoints a legal representative in
dissenting vote related to the SVS Official Letter
Chile, domiciled in Chile and duly guaranteeing its
No. 25.412
presence in Chile.
I believe that it does contribute to the best interest
c) That Enel S.p.A guarantees its statements and
of Enersis, given that it assumes the generation
commitments through, for example, setting up a
of value for Enersis shareholders, it offers Endesa
guarantee of the shares of Enersis S.A. as “a pledge”.
Chile shareholders an option that they previously
In relation to the requirements of the SVS Letter No.
were provided by the minority shareholders during
26.429, within what has been expressed before in
the capital increase.
did not have and implies use of proceeds that
points I, II and III, I will detail my opinions on each
point
3. in relation to the compensation to Endesa Chile
for tax costs, I reiterate my position that it is Enel
1. i) in relation to Non-Conventional Renewable
S.p.A. that must compensate Endesa Chile.
Energies, it is a draft proposal between Endesa
Chile and Enel Green Power that must be
I maintain my opinions expressed on that matter
worked treated as a related-party transaction.
in my dissenting vote related to the SVS Official
In no way can it limit the autonomy of Endesa
Letter No. 25,412.
Chile to develop projects and businesses with
third parties, in Chile and in South America.
Enel S.p.A. must compensate Endesa Chile, in
It seems convenient to me that this agreement
Endesa Chile incurring the payments of the tax
a period that should not exceed sixty days as of
is being negotiated and signed before the
costs.
Extraordinary Shareholders’ Meeting related to
the Spin-Off of the companies took place.
The agreement of the majority of the Board of
Directors that Enersis should compensate Endesa
ii) In relation to the commitment of a unique
Chile is contrary to the best interest of Enersis.
investment vehicle, Enel says that
it
is
maintained, given that it will not use other
The compensation to Endesa Chile should be
investment vehicles in South America different
treated as an
related-party
transaction, and
from Enersis Chile and Américas. But from the
therefore,
I
recommend
that
the Directors’
wording of the letters, some might argue that
Committee of Endesa Chile should
issue a
it is a new and conditional commitment.
pronouncement related to the establishment of
conditions in which a detailed agreement must
This should be stated clearly that Enel, through
be signed between Endesa Chile and Enel S.p.A.,
Endesa España, assumed this commitment
enabling Endesa Chile to make enforceable and
with regards to related-party transactions
demandable with certainty
the commitment
during Enersis’ capital increase, without any
of compensation, before
the Extraordinary
conditions.
Shareholders’ Meeting of the Spin-Off took place.
It is my opinion, Enel S.p.A. must complement
- On December 17, 2015 Enersis informed as the
its letter in order to correct this issue, before
following significant event:
the Extraordinary Shareholders’ Meetings of
the Spin-Off took place.
1. Today, we
received correspondences signed
by the shareholders of Pension Fund Managers
2. in relation to the Public Offering of Shares of
(“AFP”, in its Spanish acronym) Provida, Cuprum
the eventual Endesa Américas, I maintain my
and Capital, expressing their intention to support
statements, which were expressed,
in my
the Corporate Reorganization process of Enersis
Significant Event of the Entity
273
and its subsidiaries and the subsequent demerger
(the “Reorganization”) which consists of (a) the spin-
of Enersis and Empresa Nacional de Electricidad
off of Enersis and its subsidiaries Empresa Nacional de
S.A. (“Endesa Chile”) subject to specific conditions,
Electricidad S.A. (“Endesa Chile”) and Chilectra S.A.
as described in the attached letters.
(“Chilectra”), and (b) the subsequent merger of the
companies that own shares in businesses outside of
2. Also, as of today, the Company has received a
Chile. Additionally, shareholders were provided with all
correspondence from its controlling shareholder,
information about use as a basis for the Reorganization
Enel S.p.A., also attached, in which it expresses
and estimated terms of this possible merger.
binding commitments related to the Corporate
Reorganization process.
Subsequently, the Shareholders’ Meeting, with the
respective legal quorum, approved the demerger of
3. In the extraordinary meeting held today, the Board of
Enersis into two companies (the “Division”). As a
Directors analyzed the correspondence received by
result of this Division, the new company, Enersis Chile
the Company as described above, and adopted the
S.A. (“Enersis Chile”), a new publicly held company,
following agreements:
which will be governed by Title XII under the D.L.
3500 and which was allocated the shareholdings, and
(i) By majority, the Board of Directors amended the tax
assets and liabilities associated to Enersis in Chile,
compensation agreement adopted at the meeting
including shareholdings in each Chilectra and Endesa
held on November 24, 2015. Enersis compromises
Chile, which would already be demerged. All of
to compensate tax costs paid by Endesa Chile,
Enersis’ shareholders will participate in Enersis Chile
deducting the benefits or tax credits that Endesa
in the same proportion that they had in the Enersis’
America S.A. or Endesa Chile should obtain as a result
capital, with a number of shares equal of what they
of the Corporate Reorganization, provided that the
had in the spun-off company (ratio 1:1); remaining in
merger does not occur before December 31, 2017.
the demerged Enersis the shareholdings that Enersis
owns outside Chile, including its shareholdings in the
(ii) Unanimously, modifying the proposed price of the
companies that are the result of the demergers of
future takeover bid (“OPA”, in its Spanish acronym)
Chilectra and Endesa Chile, and the liabilities related
of Enersis Americas S.A. in relation to Endesa
to them, as well as all other assets and liabilities not
Americas S.A., in order to increase its price from
specifically assigned to Enersis Chile in the Division.
Ch$ 236 per share agreed upon by the Board of
Directors on November 24, 2015, to Ch$ 285 per
The Division is subject to the conditions precedent,
share.
including
the minutes
of
the Extraordinary
Shareholders’ Meeting (“ESM”), in which the spin-
(iii) By majority, the Board of Directors raised the
offs of Endesa Chile and Chilectra are approved and
proposed limit to exercise the withdrawal right of
are duly recorded as a public deed and their respective
Enersis Americas S.A. that will be presented at
excerpts have been registered and published duly and
the shareholders’ meeting to be held with regards
promptly in accordance with the law. Additionally, it was
to the merger, increasing the current 6.73% up
approved that the Division will take effect on the first
to 10%, to the extent that such an increase in
calendar day of the following month after the public
the withdrawal right in Enersis America S.A. will
deed of fulfilment of the conditions for the Division
not lead any shareholder to exceed the maximum
is granted, notwithstanding the prompt fulfilment of
ownership of 65% of Enersis Americas S.A. after
the registration formalities in the Commercial Registry
the merger is formalize
and publications of the excerpt in the Diario Oficial
and recording of the ESM minutes that approved the
- On December 18 Enersis informed the significant event
Division as a public deed.
regarding that the Extraordinary Shareholders’ Meeting
held today, shareholders of Enersis were informed about
As part of the Division agreement, it was also agreed
the Enersis Group’s Corporate Reorganization proposal
(i) to decrease the capital of Enersis as a consequence
274
2015 Annual Report Enersis
of the Division from Ch$ 5,804,447,986,000, divided
into 49,092,772,762 registered shares, of the unique
and same series and without par value, to the new
amount of Ch$ 3,575,339,011,549 divided
into
49,092,772,762 registered shares, of the unique and
same series and without par value; (ii) to establish the
capital of Enersis Chile, corresponding to the amount
by which the capital of Enersis has been decreased,
2014
Significant or
Essential Events
divided
into 49,092,772,762 ordinary
registered
Pursuant to the provisions of Articles 9 and 10, second
shares, all of the same series and without par value;
paragraph, of Law No. 18,045 on Securities Market
and (iii) to distribute the company’s equity interest
and the provisions of General Rule No.30 of that
between Enersis and Enersis Chile, allocating assets
Superintendence, the following significant events are
and liabilities as indicated by the aforementioned
reported:
meeting, to Enersis Chile .
- On January 14th, the Board of Enersis S.A. unanimously
Additionally, other amendments to the Enersis by-
agreed to submit a voluntary public shares’ acquisition
laws were approved as a result of the Division, with
tender to shareholders of its subsidiary Companhia
regards to: (i) its corporate name, which will change to
Energética do Ceará – COELCE (‘Coelce’) – domiciled in
Enersis Américas S.A.; and (ii) its corporate objective,
the Federative Republic of Brazil.
expanding it to include loans to related companies.
The by-laws of Enersis Chile were approved, which,
consolidates Coelce, through Enel Brasil S.A. which has,
as of its effectiveness, shall be subject to, in an
as to this date, 58.87% interest in Coelce, corresponding
anticipated and voluntary manner, the rules set
to 91.66% of ordinary shares and 6.26% of class A
Enersis S.A. is already parent company, controls and
forth in article 50 Bis of the Chilean Companies Law
preferred shares.
related to the election of independent directors and
the creation of the Directors’ Committee. Pursuant
Enersis S.A. (‘Offeror’), assisted by Banco Itaú BBA S.A.
to the above, the meeting elected an interim Board
(‘Itau BBA’), acting as intermediary, will timely publish the
of Directors for Enersis Chile in accordance with
prospectus (‘Edital’) of the Voluntary Tender for Shares’
Article 50 bis, appointing Messrs. Pablo Cabrera
Acquisition (Oferta Pública de Acciones: ‘OPA’) to acquire
G. and Gerardo Jofré M. as independent directors,
all the shares of all the series issued by Coelce (ordinary,
and Francisco de Borja Acha B., Francesco Starace,
preferred Class A and Class B) currently outstanding on
Alberto De Paoli, Giulio Fazio and Fernán Gazmuri
the market, at a price per share of R$49. This price will be
Plaza as non-independent directors, recording the
payable at sight, on February 20th, 2014, in Brazil’s legal
vote of the controller of Enersis, its members and its
currency, according to the rules established in Brazilian
related persons.
legislation and regulations, this OPA pursuant to Brazil’s
Securities Commission (CVM) Instruction No.361/2002.
The shareholders appointed Ernst & Young as
This price represents a premium of 20.1% over the
the external audit company of Enersis Chile; and
average price, volume weighted; of class A preferred
appointed Mr. Luis Bono S. and Mr. Waldo Santiago
shares in the last 30 trading days (until January 13th,
G. as the Account Inspectors of Enersis Chile, and
2014, inclusive).
Mr. Franklin Ruiz Salinas and Mr. Roberto Lausen K.,
as Alternates Account Inspectors.
In the event that during the execution of this OPA
all Coelce’s shareholders were to sell their shares
Finally, the meeting agreed that Enersis Americas S.A.
to Enersis S.A., this company would have to pay the
will continue to be, and Enersis Chile will be subject,
approximate amount of $340,212 million, equivalent
to Resolution No. 667 of the Honorable Resolution
to US$645 million, at an exchange rate of $527.53/
Commission, dated October 30, 2002.
US$.
Significant Event of the Entity
275
This transaction, being the acquisition of an already
Energética do Ceará - COELCE (‘Coelce’), that an auction
controlled participation, does not generate effects on
had been carried out on said date to acquire the shares
Enersis’ Income Statement and will not modify the
of all series issued by Coelce, outstanding in the marked
values of Coelce’s assets and liabilities recorded in
as at that date.
Enersis’ consolidated balance sheet at the time of
the transaction. The difference between the values
During the auction, Enersis did not increase the
registered by Coelce and the values disbursed by
price offered, estimating that it was appropriate and
Enersis’ acquisition will be recorded as Equity (Other
convenient for the company’s corporate interests. The
Reserves) at the time the transaction is perfected. From
result of the auction for each series of Coelce’s shares
this moment on the effects of increased participation
was as follows:
will be shown in the Offeror’s Income Statements.
The deadline for acceptance of the OPA will be 33
ordinary shares representing more than two thirds
calendar days from the publication of the Edital in
of the total outstanding shares of this series, which
Brazilian media, to take place on January 16, 2014; the
corresponds to 6.17% of total shares of said series and
- Ordinary Shares: Enersis acquired 2.964.650 million
OPA auction should be at 16:00 hours (Brasilia time)
3.81% of Coelce’s share capital.
on February 17, 2014. All other terms and conditions of
the OPA will be disclosed in the OPA’s Edital, to be duly
- Class A Preferred Shares: since two thirds of the total
published.
outstanding shares of that series were not exceeded,
Enersis acquired one third of the shares of such series,
It
is also advised
that PricewaterhouseCoopers
for which the shareholders of this series who took
Corporate Finance & Recovery Ltda, Brasil, prepared
part in the tender sold their respective holdings to
Coelce’s evaluation report (‘Laudo de Avaliação’) that,
the Offeror on a pro-rata basis. Thus, Enersis acquired
in conjunction with the Edital of Voluntary Tender for
8,818,006 class A preferred shares, corresponding to
Acquisition of Outstanding Ordinary Shares, A Preferred
approximately 31.21% of the shares of that series and
Shares and B Preferred Shares Issued by the Company,
11.33% of Coelce’s share capital.
will be available to interested parties as of January
14th, 2014, at the headquarters of Enersis S.A., Coelce,
- Class B Preferred Shares: Enersis acquired 424 class
Itau BBA, BM&FBOVESPA S.A. – Stock Exchange,
B preferred shares representing less than one third
Commodities and Futures – and CVM, as well as on
of the total outstanding shares of this series, which
the following websites: www.enersis.cl; www.coelce.
corresponds to 0.03% of the shares of that series and
com.br/ri.htm
(access
‘OPA Enersis’); http://www.
0.00054% of Coelce’s share capital.
itaubba.com.br/portugues/atividades/prospectos-to-
iubb.sp, www.cvm.gov.br and www.bmfbovespa.com.
As a result of the auction, Enersis acquired, at a value
br. Additionally the list of Coelce’s shareholders will
of R$ 49, 2,964,650 ordinary shares, 8,818,006 class
be available at the head offices of the aforementioned
A preferred shares and 424 class B preferred shares,
entities.
representing a disbursement of $ 132,340 million,
equivalent to US$ 242 million, based on an exchange
This operation is part of the process of using funds raised
rate of $ 546.99/ US$. Payment will be materialised next
in the capital increase approved at the Extraordinary
February 20th (‘Settlement Date’), in currency of the
Shareholders’ Meeting held on December 20, 2012,
Federative State of Brazil and in the terms communicated
successfully concluded with the signing of 100% of
to the market in the essential fact of January 14.
the shares available in March 2013, grossing nearly US$
2,400million in cash.
In this way and in the context of the use of funds raised
in the capital increase approved during 2012, Enersis
- On February 17th, 2014, it was informed as a significant
has increased its shareholding in its subsidiary Coelce in
event in the framework of the OPA aimed at shareholders
15.13%, which means that currently it owns, directly and
of Enersis S.A. (‘Offeror’)’s subsidiary, Companhia
indirectly, 74% of the shares in the company, distributed
276
2015 Annual Report Enersis
as follows: 47,026,083 ordinary shares, 10,588,006 class
The effects of that investment on results are not
A preferred shares and 424 class B preferred shares.
quantifiable at this date.
Having exceeded two thirds of the total outstanding
- On April 1st, 2014, it was reported as an significant event
shares in the series of Coelce’s ordinary shares,
regarding that, on March 31, the Board of our subsidiary
Enersis will extend the validity of the offer for that
Empresa Nacional de Electricidad S.A.
(hereinafter
series for three additional months as of February 17,
‘Endesa Chile’) agreed to accept the offer from Southern
2014, according to applicable law, so that shareholders
Cross Latin American Private Equity Fund III, L.P.
who have not yet taken part in the offer, may sell
(hereinafter ‘Southern Cross’) concerning the direct
their shares within that period at a final acquisition
sale of all social rights Endesa Chile has in Inversiones
price of R$ 49, adjusted by Special Clearance and
GasAtacama Holding Limitada (equivalent to 50% of the
Escrow System (SELIC) rate calculated pro-rata from
company) and the assignment of the credit Sub Pacific
the Settlement Date until the date of cash payment,
Energy Co. currently owns against Atacama Finance Co.,
in terms of CVM Instruction 361/02. The term for the
documented in the promissory note dated January 16,
offeror to pay shareholders, who take part during this
2013, for a sum that currently amounts to US$ 28,330,155.
period to sell their shares, will be 15 calendar days
This, according to the Conciliation Settlement, signed
from the date in which that power is exercised by the
on June 18, 2013 by Southern Cross and Endesa Chile,
respective shareholders. Any shareholders who have
within the arbitration framework with Southern Cross.
ordinary shares of Coelce, wishing to sell their shares
in the referred terms, should send a communication
The total sale price for said assets, including the
to Regina Alcãntar, referring to the OPA by Enersis,
aforementioned assignment of credit, amounts to US$
addressed to: calle Padre Veldevino, n°150, 60,135-040,
309 million. The parties will have up to thirty calendar
Fortaleza, CE. In this communication, the shareholder
days, starting today (April 1st, 2014), for the subscription
should indicate the number of shares intended to be
of documents and contracts for the closure of the
sold. The procedure for sale of Coelce’s ordinary shares
operation.
in the referred terms will be detailed on Enersis’ website
www.enersis.cl and on Coelce’s website www.coelce.
As a consequence of this transaction, the shareholders’
com.br/ri.htm, in ‘OPA Enersis’ link.
agreement between Southern Cross and Endesa Chile,
dated August 1st, 2007, becomes extinct and the following
The acquisition of Coelce’s shares does not generate
companies join our group as subsidiaries: Inversiones Gas
effects on Enersis’ Comprehensive Income Statement
Atacama Holding Ltda; Gas Atacama S.A.; Gas Atacama
since it is the acquisition of already controlled shares
Chile S.A.; Gadosucto Tal Tal S.A.; Progas S.A. Gasoducto
and it does not modify the values of Coelce’s assets
Atacama Argentina S.A.; Gasoducto Atacama Argentina
and liabilities recorded in Enersis’ consolidated balance
S.A. (Argentina Branch); Atacama Finance Co.; GNL Norte
sheet. The effects of this increased shareholding by
S.A. and Energex Co.
Enersis will begin to be shown in the parent company’s
Income Statement as of this moment.
At year 2013 closing, GasAtacama obtained EBITDA
of US$ 114 million and net profits of US$ 69 million.
- On April 1st, 2014, it was reported as an essential fact
In addition, the company has a cash position, cash
that: our subsidiary Empresa Nacional de Electricidad
equivalents and realisable financial assets amounting
S.A. has signed contracts for the construction of 150
to US$ 222 million. The company maintains financial
MW Los Cóndores Hydroelectric Project, located in
debt with its partners amounting to US$ 56,6 million.
Region VII. This hydroelectric plant, in which US$ 661.5
Since the signing of the acquisition, Enersis, through its
million will be invested, will use the waters of Lake Del
subsidiary Endesa Chile, will gain control of Inversiones
Maule’s reservoir and is expected to enter commercial
GasAtacama Holding Limitada and its subsidiaries, so
operation in late 2018. Yesterday (March 30, 2014),
it will integrally consolidate 100% of its stake, ceasing
Consorcio Ferrovial Agroman was awarded the civil
to register it at 50% proportional equity value as a joint
works’ contract for said project.
venture investment.
Significant Event of the Entity
277
- On April 23, 2014, it was reported as an essential fact that,
the Shareholders’ Extraordinary Meeting held on
in the Ordinary Shareholders’ Meeting held on April 23,
December 20, 2012, and successfully concluded with
2014, it was agreed to distribute a mandatory minimum
the subscription of 100% of the shares available on
dividend (partially composed of Interim Dividend No. 88,
March 2013, grossing nearly US$ 2,400 million in
of $ 1.42964 per share), and an additional dividend, which
cash.
amounted to a total of $ 329,257,075,000, equivalent to
$ 6.70683 per share.
- On May 19, 2014, it was informed as an essential fact that:
Considering said Interim Dividend No. 88 has already
1.- At close of trading on Friday, May 16 ended the 90
been paid, the Company distributed and paid the
days period to buy remaining ordinary shares on
remainder of the Definitive Dividend No. 89 for $
the occasion of the Voluntary Tender for Shares’
259,071,983,050, equivalent to $ 5.27719 per share.
Acquisition (‘OPA’) made by Enersis S.A. (Enersis)
On April 30, 2014 it was informed as an essential fact that:
Companhia Energética do Ceará – COELCE (‘Coelce’)
1.- On April 30, 2014, as resolved by the Board of Enersis
having been achieved over two thirds acceptance of
S.A. in its meeting held on April 29, 2014, Enersis
the shares of the ordinary series at closure of the
– the auction of which took place on February 17, 2014,
for the shares issued by its Brazilian subsidiary
S.A. signed the agreement for the acquisition of all
regular subscription period.
the shares Inkia Americas Holdings Limited indirectly
owns of Generandes Perú S.A. (equivalent to 39.01%
2.- Once said 90 days period ended, Enersis acquired
of said company), parent company of Edegel S.A.A.
38,162 additional ordinary shares equivalent to
The referred agreement contemplates a price of
0.049% of Coelce’s capital, at a weighted average
US$ 413 million payable once shares are transferred,
value of R$ 49.20, for which an additional investment
which will occur once certain suspension conditions
of R$ 1,877,427 was made.
therein defined are verified.
3.- In this way and as a final result of the OPA, in its
2.- Whereas Enersis S.A. already controls and therefore
regular and additional acquisition periods above
consolidates Generandes Perú S.A and Edegel
indicated, Enersis acquired 3,002,812 ordinary shares
S.A.A., this operation does not generate effects
at a weighted average value of R$ 49.00, 8,818,006
in Enersis’ Comprehensive
Income Statements
Class A preferred shares, at a value of R$ 49.00, and
and does not modify the values of assets and
424 Class B preferred shares at a value of R$ 49.00,
liabilities of said subsidiaries, recorded in Enersis
representing a disbursement of $ 132,803 million,
S.A.’s Consolidated Balance Sheet. The effects of
equivalent to US$ 243 million. Consequently, the final
this increased shareholding by Enersis S.A. will be
direct and indirect shareholding of Enersis S.A. in its
shown in the Income Statements of parent company
subsidiary Coelce is 74.05%.
as of the time the referred suspension conditions are
verified.
The acquisition of shares issued by Coelce does
not generate effects in the Comprehensive Income
3.- As a consequence of said agreement and once the
Statements of Enersis S.A., since it is a purchase of
suspension conditions of the transaction are verified,
a stake in an already controlled subsidiary, nor does
Enersis S.A. will become parent company and will
it modify the values of Coelce’s assets and liabilities
consolidate the following companies: Inkia Holdings
already recorded in the consolidated balance sheet of
(Acter) Limited; Southern Cone Power Ltd; Latin
Enersis S.A. The effects of this increased shareholding
America Holding I Ltd; Latin America Holding II Ltd.
of Enersis have been shown in the Income Statements
and Southern Cone Power Perú S.A.A.
of the parent company as the corresponding shares’
4.- This operation is part of the process of using the
funds raised in the capital increase approved at
- On July 31, 2014, the following was reported as an
acquisitions have been performed.
278
2015 Annual Report Enersis
essential fact: copy of significant fact published on
funds raised in the capital increase approved at
that date by Endesa S.A., domiciled in Spain, parent
the Extraordinary Shareholders’ Meeting held on
of Enersis S.A., which informs about the proposed
December 20, 2012, and successfully concluded
corporate reorganization received from Enel S.P.A.-
with the subscription of 100% of the shares available
in March 2013, grossing nearly US$ 2,400 million in
- On September 3, 2014, the following was reported as a
cash.
significant event:
1.- That, as reported by this Company through Essential
an significant event: copy of significant fact published
Fact dated April 30, 2014, Enersis S.A. signed an
on that date by Endesa S.A., parent company of Enersis
- On September 11, 2014, the following was reported as
agreement to acquire all the shares Inkia Americas
S.A., domiciled in Spain.
Holdings Limited indirectly owns in Generandes
Perú S.A. (‘Generandes’) (equivalent to 39.01% of
- On September 17, 2014, the following was reported as
the company), which in turn controls the Peruvian
an essential fact: copy of significant fact published on
electricity generation company Edegel S.A.A.,
the same day by Endesa S.A., domiciled in Spain, parent
(‘Edegel’). The referred sale was agreed at a price of
company of Enersis S.A. Such significant fact has two
US$ 413 million, which would be payable once the
reports attached issued by Bank of America Merrill Lynch
shares were transferred, which would happen once
and Deutsche Bank, which are also included in Enersis’
certain suspension conditions provided for in the
essential fact.
contract were verified.
- On September 19, 2014, the following was reported as
2.- That, once the suspension conditions provided
an essential fact: copy of significant fact from Endesa
for in the referred agreement were fulfilled, on
S.A., domiciled in Spain, parent company of Enersis
September 3, Enersis S.A.’s acquisition at the agreed
S.A., which informs of the Call to Extraordinary General
price was made, with the corresponding transfer,
Shareholders’ Meeting already announced in significant
of all Generandes’ shares of which Inkia Americas
fact released on September 17 this year.
Holdings Limited was indirectly holder, equivalent
to 39.01% of the shares issued by that company.
- On October 2, 2014, the Directors’ Committee and
Generandes, in turn, owns 54.20% of the shares
the Board of Enersis have received two independent
issued by Edegel.
evaluators’ reports by IM Trust S.A. Asesorías Financieras
S.A. and Itaú BBA of Banco Itaú Chile, respectively,
3.- Whereas Enersis S.A. already controls and therefore
copies of which are attached to this communication and,
consolidates Generandes and Edegel, this operation
in accordance with Article 147 of Law 18,046, will be
does not change the values of the assets and liabilities
made available to shareholders at the corporate offices
of said subsidiaries recorded in the Consolidated
of Enersis S.A. located in Santa Rosa 76, Santiago and
Balance Sheet of Enersis S.A. The effects of this
on the company website www.enersis.cl, as of this
increased shareholding by Enersis S.A. will be
date.
shown in the Income Statements of parent company
as of this date.
The aforementioned reports were requested by said
corporate bodies of the Company, during the study
4.- As a result of this transaction, Enersis S.A. will
of a potential transaction between related parties,
become parent company and will consolidate the
hereinafter, the Operation.
following companies: Inkia Holdings (Acter) Limited;
Southern Cone Power Ltd.; Latin America Holding
The Operation aims to integrally refund the capital of
I Ltd.; Latin America Holding II Ltd. and Southern
Inversora Dock Sud S.A. (‘IDS’) and Central Dock Sud
Cone Power Peru S.A.A.
S.A. (‘CDS’), Argentinian subsidiaries of Enersis S.A.
which carry forward accumulated losses; so it has been
5.- This operation is part of the process of using the
considered as a viable and efficient solution, to increase
Significant Event of the Entity
279
the capital in said societies, in which various creditors
against Central Dock Sud S.A. (CDS) and the subsequent
waive interests and contribute the credits they have
waive of interests and contribution of these credits to
against CDS. Enersis has no credits receivable from
the equity of Inversora Dock Sud S.A. (IDS) and that
IDS or CDS, but Endesa Latinoamérica S.A. (ELA), its
of CDS, at face value and on equal terms by creditors
parent company domiciled in Spain, does have such
and shareholders of CDS, receiving in exchange shares
receivables. ELA, from which Enersis would buy the
issued by IDS and CDS, respectively, in proportion to
credits, is neither IDS’s nor CDS’s shareholder. The
the contribution of credits made, and in the case of
operation consists of the following acts and contracts: a)
Enersis, partially amortised in cash, as well as any capital
Purchase by Enersis S.A. of credits owned by its parent
reductions of such Argentine subsidiaries. Copy of said
ELA against CDS. The receivables to be sold are those
report was made available to shareholders at Enersis’
in the aforementioned reports, b) Acceptance of the
corporate offices located in Santa Rosa 76, floor 15,
Offer received on September 19th from Pan American
Santiago de Chile and on the company’s website www.
Energy LLC, Pan American Energy Holdings Ltd and
enersis.cl.
Pan American Sur S.A. in their capacity as shareholders
of Central Dock Sud S.A., in order to agree on the
- On October 8 the following significant event was
capitalisation of said company. Said offer states that part
reported:
of the credits acquired by Enersis will be partially repaid
in cash by CDS, c) Enersis’ waiver of interests associated
I. The seven directors of Enersis S.A., within the
with the acquired credits and capitalisation in IDS and
statutory period provided for in Article 147 paragraph
CDS of the remnant of them. The remaining shareholders
5) of the Corporations Law, gave their respective
will carry out similar waivers and capitalisations with the
individual opinions on the Dock Sud Operation,
credits they own, d) Eventual reduction of capital in IDS
which has been reported by essential facts dated
and CDS.
October 2 and 6, 2014. These individual statements
allow compliance with the provisions in Title XVI of
Besides restoring CDS’s equity, the Operation aims to
the Corporations Law (LSA).
maintain the current holdings of shareholders in that
company: Enersis (40%), YPF (40%) and Pan American
II. On the same date, the Board of Enersis agreed
Energy (20%).
to approve the purchase of credits to Endesa
Latinoamérica S.A. against Central Dock Sud S.A. and
In the coming days and within the time limits established
the waiver of interests and other related concepts,
in paragraph 5) of Article 147 on Corporations Law, the
the subsequent partial capitalisation of the principal
Directors’ Committee will issue the report required by
of the debts and any capital reductions, as described
Article 50 bis and directors shall individually decide on
in independent reports issued by evaluators Itaú BBA
the advisability of the Operation for corporate interest.
of Banco Itaú Chile and IM Trust, and note that the
If deemed convenient, the Board of the Company will
Directors’ individual opinions are that the maximum
convene an Extraordinary Shareholders’ Meeting to the
values under which this Purchase Operation complies
approval of which the Operation will be submitted.
with the corporate interest range between US$ 23.8
The effects of the Operation on Enersis S.A.’s results are
be determined by the Extraordinary Shareholders’
million and US$ 33.8 million, which will ultimately
not quantifiable at this date.
Meeting. The Board expressly stated that, with said
previous approval, the provisions in Article 14 bis of
- On October 6, 2014 it was reported as a significant
the by-laws of the Company are met and, in no case,
event that the Directors’ Committee of Enersis S.A.,
could this be estimated to be a decision under the
at its extraordinary meeting held on October 6, issued
terms of Title XVI of LSA.
its report, in accordance with Article 50a on the
Corporations Law. Said report refers to the analysis of
A copy of said individual statements and the
the operation consisting of the purchase by Enersis S.A.
collective statement of the Board have been made
to Endesa Latinoamérica S.A. of the credits the latter has
available to shareholders at the corporate offices of
280
2015 Annual Report Enersis
Enersis S.A. located in Santa Rosa 76, Santiago and
amortisations and extensions, with the
on the company’s website www.enersis.cl, as of this
result, as at December 31, 2013, of a
date.
consolidated debt including contractually
established accrued penalty
interests
III. The Board of the Company agreed to convene an
and commissions
that amounted
to
Extraordinary Shareholders’ Meeting of Enersis S.A.
US$ 147,877,451 (capital: US$ 90,704
to be held on Tuesday, November 25, 2014, at noon
696 and interest and commissions: US$
in the Auditorium of Enersis S.A.’s Corporate Building
57,172,755).
located in Santa Rosa 76, Santiago Commune, so
that shareholders acknowledge and decide on the
ii) Loan granted on November 8, 2007
following matters:
for a total of US$ 34 million, with 40%
share by Endesa Internacional S.A. (now
1.- Approve, under the terms of Title XVI of LSA, the
Endesa Latinoamérica S.A.), 40% by
operation with related parties consisting of the
YPF International S.A. and 20% by Pan
following acts and contracts:
American Energy LLC (later assigned
to Pan American Sur S.A), maturing in
a) Purchase by Enersis S.A. of credits owned
September 2013 (‘Shareholders’ Loan’).
by its parent company Endesa Latinoamérica
The Shareholders’ Loan was extended to
S.A. against Central Dock Sud S.A. (CDS).
September 2014. The outstanding balance
The credits to be purchased are as identified
on this loan amounted to US$ 45,520,806
below; the information related to them is
as at December 31st, 2013 (principal: US$
available to shareholders at the registered
34 million and interests: US$ 11,520,806).
Company domicile and on the Company’s
website www.enersis.cl:
b) That Enersis S.A., as creditor, agrees with its
subsidiary CDS the transformation to pesos
i) Credit granted on April 16, 1999 for a total
of loans identified in the previous letter.
of US$ 258 million with a 57% share of
Endesa Internacional S.A. (now Endesa
c) That Enersis S.A. contributes to its subsidiary
Latinoamérica S.A.) and 43% of Repsol
Inversora Dock Sud Argentina S.A. (IDS)
International Finance B.V., (assigned to
99.14% of the credit owed by CDS under
YPF International S.A.) to cover part of the
the Syndicated Loan, percentage amounting
costs of the project for the construction of
to US$ 51,384,667 equivalent
to AR$
the combined cycle plant, with a maximum
335,079,412 and contributes to CDS the
payment term of 13 years (‘Syndicated
remaining 0.86% of the credit owed by
Loan’). In order to ensure compliance
CDS under the Syndicated Loan, figure that
with the obligations of the funding, CDS
amounts to US$ 445,538, equivalent to AR$
set a series of guarantees in favour of
2,905,355. Previously, Enersis shall waive
creditors of the same, including mortgage
100% of CDS´s financial, compensatory
on the land on which the power plant is
and punitive accrued interests associated
built, registered pledge on the equipment
with this loan, as well as the Equalizing and
and property that make up the plant,
Counter Guarantees Commissions, together
amongst others. In addition, shareholders
with all financial, punitive and compensatory
Inversora Dock Sud S.A., YPF S.A. and
interests accrued and associated with
Pan American Energy Holdings Ltd,
these commissions, corresponding to the
pledged their shares of CDS, to guarantee
Syndicated Loan.
compliance with the obligations arising
from this funding. As to this date, the
d) That Enersis contributes to IDS 0.68% of the
Syndicated Loan has undergone several
credit owed by CDS under the Shareholders’
Significant Event of the Entity
281
Loan, amounting to US$ 92,234 equivalent
that extraordinary Board meetings shall
to AR$ 601,458 after waiver of 100% of
be held when called by the President or at
financial, compensatory and penalty interests
the request of one or more Directors, after
accrued for the Shareholders’ Loan.
qualification made by the President of the
need for the meeting, unless it is requested
e) Propose in relevant corporate bodies of its
by an absolute majority of the directors,
subsidiaries CDS and IDS the calling and
in which case it shall necessarily be held,
holding of the extraordinary shareholders’
without previous qualification.
meetings needed to approve the capital
increases that may be required to give
(3) Amendment to article 22, in order to add that
effect to the acts and contracts referred to in
the newspaper through which Meetings shall
subparagraphs b), c) and d) above.
be convened will be one located at the city of
the Company’s domicile.
f) Those other aspects of
the described
operation that the shareholders’ meeting
(4) Amendment to article 26 specifying that the
deems necessary to approve which are
preceding article referred to is article 25.
functional or accessory to the operation and
acts described in preceding subparagraphs.
(5) Amendment to article 37, in order to update it
under the terms of the Corporations Law, its
2.- Reform the Company by-laws, modifying the
Regulation and complementary regulations.
following articles:
(6) Amendment to article 42, adding that as a
(1) Amendment to articles Five permanent and
requirement to be met by the arbitrator who
Two transitory of the by-laws in order to
shall resolve disagreements arising amongst
comply with Article 26 of the Corporations
shareholders, between the latter and the
Law and Circular No.1370 dated January 30,
Company or its managers, said arbitrator shall
1998 issued by the Securities and Insurance
have taught for at least three consecutive
superintendence
(SVS), as amended by
years as professor of Economic or Business
Circular No.1736 dated January 15, 2005,
Law in the Law schools of University of
to recognise changes in equity as a result
Chile, Catholic University of Chile or Catholic
of recent capital increases in the Company.
University of Valparaíso.
Consequently, it is necessary to modify
capital, increasing it in the amount of $
(7) Issuance of a unified text of the by-laws.
135,167,261,000 corresponding to the balance
of the account (‘Emission Premium’, after
3.- Adopt all necessary, conducive and convenient
discounting the amount corresponding to the
agreements for the perfection and materialisation
account ‘Cost of Issuance and Placement of
of the respective decisions of the Shareholders’
Shares’, included in Other Reserves, without
Meeting, including but not limited to setting the
any distribution to shareholders as dividends.
terms of the sale of credits between Enersis
The capital of the Company, after the indicated
S.A. and Endesa Latinoamérica S.A., and the
increase, would be $ 5,804,447,986,000,
registration of the corresponding transfer; give
divided into the same number of shares into
the Board wide powers to adopt any agreement
which the share capital is currently divided,
required to complete or comply with resolutions
that is 49,092,772,762 ordinary, nominative
of the Shareholders’ Meeting or to satisfy any
shares, of one and the same series and with
legal, regulatory or administrative requirement or
no par value.
request of the SVS, the Securities and Exchange
Commission of the United States of America, the
(2) Amendment to article 15, in order to add
Internal Revenue Service or the Central Bank of
282
2015 Annual Report Enersis
the Republic of Chile or Argentina, or any public
fact reports on the approval of a new special dividend for
authority of those countries, or in general, any
shareholders of Endesa S.A. and a new dividend policy
other competent public authority, authorising
for the period 2014 - 2016.
to the effect the Chief Executive Officer, the
Attorney General, the Deputy Chief Executive
- On October 16, 2014, the following was attached as
Officer and the General Counsel of the Company,
an essential fact: copy of significant fact published by
acting any of them individually to make all efforts,
Endesa S.A., domiciled in Spain, parent of Enersis S.A.,
actions and legal acts that may be necessary
which relates to the essential facts previously published
or appropriate to carry out the above and to
on September 11, September 17 and October 8, 2014.
materialise the statutory amendments listed
The published essential fact reports on pro-forma
above.
consolidated financial information for the six months
period ended June 30, 2014, together with the Special
4.- Information about agreements
relating
to
Report produced by Ernst & Young, which was approved
operations with related parties governed by
by the Board of Directors of Endesa S.A. in meeting held
Title XVI of the Corporations Law, adopted after
on October 16, 2014
the last regular meeting of shareholders and
other Board agreements that require mandatory
- On October 21, 2014, attached as an essential fact,
information.
were copies of significant fact published by Endesa S.A.,
domiciled in Spain, parent of Enersis S.A., which relates
All above mentioned proposals do not deprive
to the essential facts published previously on September
the Shareholders’ Meeting of its full competence
11, September 17, October 8 and October 21, 2014.
to, where appropriate, accept, reject or modify
The published significant fact reports on agreements
them or to agree on something different.
of the Extraordinary General Shareholders’ Meeting of
Endesa S.A., held on October 21, 2014, which approved,
Shareholders will be able to obtain a full copy of
amongst others, the sale to Enel Energy Europe, S.R.L.,
the documents that explain and justify the matters
of 20.3% of the shares of Enersis S.A. which are directly
subject to acknowledgement and resolution of the
owned by Endesa S.A. and 100% of the shares of
Shareholders’ Meeting at the registered domicile
Endesa Latinoamérica S.A. (which owns a 40.32% stake
of the Company, located in Santa Rosa 76, Floor
in Enersis S.A.) totalling 8,252.9 million euros.
15 (Investment and Risk Management), Santiago,
Chile, with at least fifteen days prior to the holding
- On October 23, 2014, the following was reported as an
of this meeting. Likewise, those will be made
essential fact: in relation to the essential facts previously
available, in said opportunity, to shareholders
published on September 11, September 17, October 8 and
on the Company website. Documents already
October 21, 2014, that on October 23, 2014, Endesa S.A.
available to shareholders at the listed locations,
sold to Enel Energy Europe S.R.L. 9,967,630,058 shares,
in relation to Dock Sud Operation, are copies of
equivalent to 20.3% of the share capital of Enersis S.A.,
the reports issued by the independent evaluators
which were directly owned by Endesa S.A. and 100%
IM Trust S.A. Asesorías Financieras and Itaú BBA
of the shares of Endesa Latinoamérica S.A. (which in
of Banco Itaú Chile; the report of the Directors’
turn owns 19,794,583,473 shares representing 40.32%
Committee; the individual statements of each
of the share capital of Enersis S.A.). Said transfer was
of the Directors of Enersis S.A. and the Board’s
recorded on same date in the Shareholders’ Register of
collective statement.
Enersis S.A.
- On October 8, 2014, the following was informed as a
Endesa S.A. is 92.063% controlled by Enel Energy
significant event: copy of significant event published on
Europe S.RL. As a result of the reported operation,
that date by Endesa S.A., domiciled in Spain, parent of
Endesa Latinoamérica S.A. becomes 100% controlled
Enersis S.A., related to the essential facts previously
by Enel Energy Europe S.R.L. For its part, Enel Energy
published on September 11 and 17, 2014. The significant
Europe S.R.L. is 100% controlled by parent company
Significant Event of the Entity
283
Enel SpA, an Italian company listed on the Milan Stock
resign from his position and membership of the Board.
Exchange.
In an upcoming Board meeting, the Chairman will be
appointed; in the meantime, and in accordance with
Accordingly, and pursuant to the share transfers
the provisions of Enersis S.A.’s by-laws, the current
previously mentioned, Enel S.p.A. remains the ultimate
Vice Chairman, Mr. Borja Prado Eulate, shall act as
controller of Enersis S.A., and hereinafter, such control
President.
will be exercised through Enel Energy Europe S.R.L.,
replacing Endesa S.A., with 20.3% of the shares issued
The Board thanked the services provided by Mr. Pablo
by Enersis S.A. and through Endesa Latinoamérica
Yrarrázaval who, for more than twelve years, served
S.A., with 40.32% of the shares issued by Enersis
as Chairman of Enersis S.A. and during this time
S.A. An explanatory control structure on Enersis S.A.
expressed continued support to the Company team.
is attached.
- On October 28, 2014 the following was reported as
- On October 27, 2014, it was reported as an significant
significant event:
event that our Argentinian subsidiary Endesa Costanera
S.A. (in which Enersis has 45.39% indirect economic
On September 29, 2014, Law No. 20,780 was published
interest) agreed, on said date, with Mitsubishi
in the Official Gazette (Diario Oficial), which makes
Corporation, refinancing the debt it has with that
changes to the system of income tax and other taxes.
company, in conditions that are beneficial for said
The Law provides for the replacement of the current
subsidiary, which contributes to the restructuring of its
system, as of 2017, by two alternative tax systems: the
equity situation.
attributed income system and the partially integrated
system. Along with this it sets, beginning in 2014, a
Among the main restructuring conditions are: waiver
gradual rate rise for the First Category tax (Companies
of accumulated accrued interests as at September 30,
Income Tax), which will reach 27%, in the event the
2014 amounting to US$ 66,061,897.09; rescheduling
partially integrated system is opted for.
maturities of capital of US$ 120,605,058.33 for an 18
years term, with a 12 months grace period, with total
If the selected option is attributed rent, the maximum
due payment before December 12, 2032; minimum
income tax rate will reach 25%. The law states
annual payment of US$ 3 million of principal in quarterly
corporations will default to the partially integrated
installments; and an interest rate of 0.25% per year;
system, unless a future shareholders’ meeting agrees
keeping the pledge of assets and setting restrictions
to opt for the attributed rent system.
on the payment of dividends. Precedent condition for
the effectiveness of the agreement is that Endesa
On October 17, 2014, the SVS issued Circular No.856,
Costanera S.A. makes a payment of US$ 5 million of
whereby it was stated that notwithstanding the
debt due within the next 15 business days.
provisions of the International Accounting Standards,
differences in assets and liabilities for deferred taxes
The estimated financial effects, as a consequence of
that occur as a direct effect of the increase in the tax
the restructuring of this Endesa Costanera’s liability
rate introduced by Law 20,780 should be accounted for
on the results of Enersis S.A. as dominant company,
in the respective year, against equity.
correspond to a gain of approximately US$ 62 million
($ 36,000 million) and a reduction of financial debt in
Enersis S.A. has made an estimate of the impact on
the consolidated financial statements of approximately
its Financial Statements arising from the application of
US$ 138 million ($ 80,000 million).
this law, assuming the implementation of the partially
integrated system, which operates by default.
- On October 28, 2014 it was reported as an essential
fact that, at the Board meeting held on October 28,
For local effects, and considering the publication
2014, the Chairman of the Board and President of the
of Circular No. 856 cited above, the differences in
Company, Mr. Pablo Yrarrázaval Valdés, has decided to
estimated assets and liabilities for deferred taxes
284
2015 Annual Report Enersis
that occur as a direct effect of the increase in the first
Directors’ Committee:
category tax rate result in a net charge to equity of $
Hernán Somerville Senn
Chairman
62,000 million (US$ 103 million), decreasing the assets
and Financial Expert
of the parent company in $39,500million (approximately
Carolina Schmidt Zaldívar
US$ 66 million). These effects have been included in
Rafael Fernández Morandé
the Financial Statements as at September 30, current
year.
Also, on November 4, 2014 the Board received the
resignation of Chief Executive Officer Mr. Ignacio
For international purposes, Enersis S.A., listed on the
Antoñanzas Alvear and appointed Mr. Luigi Ferraris as
NYSE and the Latibex, will publish its annual Financial
Chief Executive Officer of Enersis S.A., all effective as of
Statements prepared in accordance with International
next November 12, 2014.
Financial Reporting Standards (IFRS) issued by the
International Accounting Standards Board (IASB). The
The Board expressed
its thanks to Mr.
Ignacio
impact of the new Law No. 20,780 in its Financial
Antoñanzas Alvear for the successful work done while
Statements as at December 2014 will result in a net
in charge of Enersis S.A., which allowed the Company
charge to income tax and, therefore, a decline in profits
to achieve the solid financial leadership position it now
of parent company.
holds, placing it as one of the leading corporations in
Chile and Latin America and making it the platform of
- On November 4, 2014 it was reported as significant
growth of Enel Group.
event that, at the Board meeting held on said date,
the Board of Directors has appointed Mr. Jorge
- On November 25, 2014, it was reported as significant
Rosenblut as Chairman of the Board and president
event, in relation to the essential facts dated October 2, 6
of the Company, replacing Mr. Pablo Yrarrázaval, who
and 8, 2014 that the Extraordinary Shareholders’ Meeting
resigned last October 28.
of Enersis S.A. approved the operation consisting of the
purchase by Enersis S.A. of credits owned by Endesa
Likewise, the Board of Directors acknowledged that
Latinoamérica S.A. against Central Dock Sud S.A. (CDS)
on October 30 Mr. Leonidas Vial Echeverría resigned to
for US$ 29 million and the subsequent transformation
the position of Director and member of the Directors’
to pesos, the waiver of interests and contribution of the
Committee. Today the Board of Directors of Enersis
remnant of those credits by Enersis S.A. to the capital
appointed Mrs. Carolina Schmidt Zalvívar in his
of Inversora Dock Sud (IDS) and subsequently, to the
replacement, who took the position of Independent
capital of CDS, at face value and on similar terms by the
Director and member of the Directors’ Committee.
remaining shareholders, receiving in exchange shares
In the same Board’s session held today, the Director
issued by IDS and CDS, respectively, in proportion to the
Mr. Luigi Ferraris resign with immediate effect to his
contribution of credits made, and in the case of Enersis,
position of Director of Enersis, and the Board appointed
partially amortised in cash, as well as any reduction of
Mr. Alberto de Paoli in his replacement.
capital in such Argentinean subsidiaries, all of which is
an operation with related parties (the ‘Operation’).
Consequently, the Board of the Company and the
Directors’ Committee are comprised as follows:
The Operation, besides
restoring
the equity of
Board of Directors:
subsidiary CDS, allows maintaining the approximate
current shareholdings in that company: Enersis (40%),
Jorge Rosenblut
Chairman
YPF (40%) and Pan American Energy (20%).
Borja Prado Eulate
Vice Chairman
Andrea Brentan
Alberto de Paoli
Hernán Somerville Senn
Carolina Schmidt Zaldívar
Rafael Fernández Morandé
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.
Significant Event of the Entity
285
- On November 25, 2014, it was reported as significant
million at the exchange rate on December 30), amount
event that, at its meeting on that day, the Board of
paid in cash on this same date.
Enersis S.A. unanimously agreed to distribute, on
January 30, 2015, an interim dividend of $ 0.83148 per
The estimated effects on Enersis, as parent company,
share, with a charge to net results for the year 2014,
correspond to a gain of approximately $ 18,666,045,000
corresponding to 15% of net income calculated as at
legal currency (equivalent to approximately US$ 31
September 9, 2014, in accordance with the current
million at the exchange rate on December 30).
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 25, 2014.
- On November 25, 2014, it was reported as significant
event 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 30, 2014, it was reported as an essential
fact that on that date IMV, a subsidiary of Enersis S.A.,
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$ 94
286
2015 Annual Report Enersis
Significant Event of the Entity
287
Identification of the Subsidiaries
and Associates Companies
Identification of the Subsidiaries and Associates Companies
289
290
2015 Annual Report Enersis
AGRÍCOLA DE CAMEROS
Company name
Sociedad Agrícola de Cameros Limitada
Type of society
Limited Liability Company
TAX ID
77,047,280-6
Address
Camino Polpaico a Til-Til, S/N
Til-Til, Chile
Phone
(56 2) 2378 4700
Subscribed and paid-in capital (Th$)
5,738,046
Company purpose
The purpose of the company is the explotation of
agricultural land.
Core businesses
Real estate and agriculture.
Administration
By-laws include a Board of Directors:
Regular Directors
Andrés Jaime Salas Estrades
Francisco Silva Bafalluy
Hugo Ayala Espinoza
María Cristina Auad Faccuse
Cristián Guadi Imbarack Dagach
Alternate Directors
Solange Zincke Cavalieri
Ingrid Morales Ávila
Hans Knoop Frick
Jorge Geldres Reyes
Andrés Garib Auad
Senior Executives
Hugo Ayala Espinoza
Executive Officer
Business relations
Services Contract by Enersis: Provision of
Internal Audit and Compliance Control Services,
Price: amounts expressed in per working hour
that Enersis’ staff assign to the contracted
services.
Enersis stake
(Direct and indirect)
57.50% - No variation
AMPLA ENERGÍA
Company name
Ampla Energia e Serviços S.A.
Type of Society
Publicly Traded Company
Address
Praça Leoni Ramos, N° 01, São Domingos,
Niteroi
Río de Janeiro, Brasil
Phone
(55 21) 2613 7000
Subscribed and paid-in capital (Th$)
232,659,757
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
Electricity distribution.
Board of Directors
Mario Fernando de Melo Santos (Presidente)
Antonio Basilio Pires e Albuquerque
(Vicepresidente)
Marcelo Llévenes
Luis F. Larumbe
José Távora Batista
José Alves de Mello Franco
Otacilo de Souza Junior
Senior Executives
Abel Alves Rochinha – Gerente General
Bruno Golebiovsky
Claudio Manuel Rivera Moya
Olga Jovanna Carranza Salazar
Teobaldo José Cavalcante Leal
Luis Fermin Larumbe Aragon
Carlos Ewandro Naegele Moreira
José Nunes de Almeida Neto
Janaina Savino Vilella Carro
José Alves de Mello Franco
Déborah Meirelles Rosa Brasil
Margot Frota Cohn Pires
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)
Regular Directors
Carlo Carvallo Artigas
Bernardo Larrain Matte
Luis Ignacio Quiñones Sotomayor
Juan Eduardo Vasquez
Ramiro Alfonsín Balza
Luis Felipe Gazitúa Achondo
Alternate Directors
Claudio Helfmann Soto
Eduardo Lauer Rodríguez
Bernardo Canales Fuenzalida
Sebastián Moraga Zúñiga
Rodrigo Pérez Stiepovic
Rodrigo Paredes Barría
Main Executives
Camilo Charme Ackerman
Executive Officer
Business Relations
The company has no commercial relations with
Enersis.
Business relations
The company has no commercial relations with
Enersis.
Enersis’ stake
(Direct and indirect)
30.59%
Enersis stake
(Direct and indirect)
92.03 %
Proportion on Enersis’ Assets
1.94%
AYSÉN ENERGÍA
Company Name
Aysén Energía S.A.
Type of society
Limited Liability Company
TAX ID
76,091,595-5
Address
Miraflores 383, Of, 1302
Santiago, Chile
Phone
(562) 2713 5000
Subscribed and paid-in capital (Th$)
4,900
Corporate purpose
To comply with ordinance from Free Competition’s
Defence Court as per Resolution No. 30 dated
May 26, 2009; to comply with the commitment
undertaken by HidroAysén S.A. with the
community of Aysén XI Region, in the framework
of development of Aysén Hydroelectric Project,
to provide this region with a lower cost electricity
AYSÉN TRANSMISIÓN
Company name
Aysén Transmisión S.A.
Type of society
Limited Liability Company registered in the
Securities’ Register of the SVS
TAX ID
76,041,891-9
Address
Miraflores 383, office 1302
Santiago, Chile
Phone
(562) 2713 5000
Subscribed and paid-in capital (Th$)
22,368
Company 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.
Identification of the Subsidiaries and Associates Companies
291
Core business
Electricity transmission
Regular Directors
Carlo Carvallo Artigas
Bernardo Larrain Matte
Ignacio Quiñones Sotomayor
Juan Eduardo Vasquez
Luis Felipe Gazitúa Achondo
Ramiro Alfonsín Balza
Alternate Directors
Claudio Helfmann Soto
Eduardo Lauer Rodríguez
Bernardo Canales Fuenzalida
Sebastián Moraga Zúñiga
Rodrigo Pérez Stiepovic
Rodrigo Paredes Barría
Main Executives
Camilo Charme Ackerman
Executive Officer
Business relations
The company has no commercial relations with
Enersis.
Enersis stake
(Direct and indirect)
30.59% - No variation
CELTA
Company name
Compañía Eléctrica Tarapacá S.A.
Type of society
Limited Liability Company
TAX ID
96,770,940-9
Address
Santa Rosa 76
Santiago, Chile
Phone
(562) 2630 9000
Subscribed and paid-in 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 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
Pedro de la Sotta Sánchez
Rodrigo Paredes Barría
Humberto Espejo Paluz
Senior Executives
Valter Moro (Interim)
Executive Officer
Business Relations
(i) Contract for Service 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 Service Provision by Enersis:
Communication, Global Services, Human
Resources Administration and Equity
Management. Price: monthly amount expressed
in U.F.
Enersis stake
(Direct and indirect)
61.49%
Proportion on Enersis Assets
0.17%
CENTRAIS ELÉTRICAS
CACHOEIRA DOURADA
S.A.
Company name
Centrais Elétricas Cachoeira Dourada S.A.
Type of society
Limited Liability Company
Address
Rodovia GO 206, Km 0, Cachoeira Dourada
Goiania
Goiás, Brasil
Phone
(55 62) 3434 9000
Subscribed and paid-in capital (Th$)
11,530,538
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
Julia Freitas de Alcantara Nunes
Paulo Valle Fróes da Cruz Junior
Senior Executives
Michele Siciliano – Executive Officer
Paulo Valle Fróes Da Cruz Junior
Matteo de Zan
Luis Fermin Larumbe Aragon
Nelson Ribas Visconti
Janaina Savino Vilella Carro
Carlos Ewandro Naegele Moreira
Ana Cláudia Goncalves Rebello
José Nunes de Almeida Neto
José Alves de Mello Franco
Margot Frota Cohn Pires
Business relations
The company has no commercial relations with
Enersis.
Enersis stake
(Direct and indirect)
84.17%
CENTRAL DOCK SUD S.A.
Company name
Central Dock Sud S.A.
Type of society
Limited Liability Company
Address
Avenida Debenedetti 1636
Dock Sud Avellaneda
Phone
4229-1000
Subscribed and paid-in capital (Th$)
60,331,799
Company purpose
The corporate purpose of the company is the
generation of electricity and its block sale. The
company may carry out any supplementary
and subsidiary activities linked to its corporate
purpose, having to that effect full legal capacity
to acquire rights and commit obligations and
execute all acts not forbidden by law, by these
By-laws, the Document of the International Public
Tender for the Sale of Central Dock Sud S.A’s
Shares, or by any applicable regulation.
Core business
Electricity generation
Regular Directors
Héctor Martín Mandarano
Alejandro Héctor Fernández
Gaetano Salierno
Roberto José Fagan
Mauricio Bezzeccheri
Pablo Vera Pinto
Gerardo Zmijak
Rodolfo Eduardo Berisso
Paula María García Kedinger
Alternate Directors
Fernando Claudio Antognazza
292
2015 Annual Report Enersis
María Inés Justo Borga
Nicolás Turtutiello
Jorge Peña
Alfredo Aguilar
Raúl Ángel Rodríguez
Julián Matías Ferreiro
Daniel Gustavo Ciaffone
Senior Executives
Daniel Garrido
Executive Officer
Miguel Fernández Moores
Finance Officer
Santiago Sajaroff
Commercial Officer
Oscar Rigueiro
Operations Officer
Graciela Babini
Planning and Control Officer
Business relations
The company has no commercial relations with
Enersis.
Enersis stake
(Direct and indirect)
40.25%
Central Geradora
Termeléctrica Fortaleza
S.A.
Company name
Central Geradora Termeléctrica Fortaleza S.A.
Type of society
Limited Liability Company
Address
Rodovia 422, Km 1 s/n,
Complexo Industrial e Portuário de Pecém
Caucaia
Ceará, Brasil
Phone
(55 85) 3464-4100
Subscribed and paid-in capital (Th$)
27,228,866
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
purposes are.
Core business
Electricity generation.
Board of Directors
Marcelo Andrés Llévenes Rebolledo
Marcelo Falcucci
Julia Freitas de Alcantara Nunes
Senior executives
Michele Siciliano – Executive Officer
Marcelo Falcucci
Cláudia Maria Suanno
Luis Fermin Larumbe Aragon
Claudio César Weyne da Cunha
Janaina Savino Vilella Carro
Raimundo Câmara Filho
Ana Cláudia Goncalves Rebello
José Nunes de Almeida Neto
José Alves de Mello Franco
Margot Frota Cohn Pires
Enersis stake
(Direct and indirect)
16.18%
CENTRALES
HIDROELÉCTRICAS DE
AYSÉN
Company name
Centrales Hidroeléctricas de Aysén S.A.
Commercial relations
The company has no commercial relations with
Enersis.
Type of society
Limited Liability Company constituted in Santiago,
Chile, included in the Securities Registry of the
SVS
Enersis stake
(Direct and indirect)
84.38%
CENTRAL VUELTA
OBLIGADO
Company name
Central Vuelta Obligado S.A.
Type of society
Sociedad Anónima Cerrada
Address
Av. Thomas Edison 2701
Buenos Aires, Argentina
Phone
(5411) 5533 0200
Subscribed and paid-in capital (Th$)
27,407
Corporate purpose
Generation of electricity and its commercialization
by blocks and particularly, equipment purchasing
management, construction, operation and
maintenance of a thermal power plant named
Vuelta Obligado complying with “ Management
and Operation of Projects, Increase of
Thermal Generation Availability and Generation
Compensation Adaptation 2008-2011 Agreement”
agreed upon November 25, 2010 by the National
State and the signing Generation
companies.
Core business
Construction of a thermal plant called Central
Vuelta de Obligado.
Regular Directors
José María Vázquez (Chairman)
Claudio Majul (Vice Chairman)
Roberto José Fagan
Fernando Claudio Antognazza
Alternate Directors
Leonardo Marinaro
Juan Carlos Blanco
Daniel Garrido
Adrian Salvatore
Senior Executives
Leonardo Katz
Executive Officer
TAX ID
76,652,400-1
Address
In Santiago, Chile, Miraflores Street 383, office
1302.
In Coyhaique, Chile, Baquedano Street 260.
In Cochrane, Chile, Teniente Merino Street 324.
Phone
(562) 2713 5000
Subscribed and paid-in capital (Th$)
180,445,662
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 generation
power plants.
Core business
Electricity generation (project).
Regular Directors
Carlo Carvallo Artigas
Bernardo Larraín Matte
Luis Ignacio Quiñones Sotomayor
Juan Eduardo Vasquez
Luis Felipe Gazitúa Achondo
Ramiro Alfonsín Balza
Alternate Directors
Bernardo Canales Fuenzalida
Eduardo Lauer Rodríguez
Claudio Helfmann Soto
Rodrigo Pérez Stiepovic
Sebastián Moraga Zúñiga
Rodrigo Paredes Barría
Senior executives
Camilo Charme Ackerman
Executive Officer
Business Relations
The company has no commercial relations with
Enersis
Business relations
The company has no commercial relations with
Enersis.
Enersis stake
(Direct and indirect)
30.59%
Identification of the Subsidiaries and Associates Companies
293
CIEN - Compañía de
Interconexión Energética
S.A.
Company name
CIEN - Compañía de Interconexión Energética
S.A.
TAX ID
96,800,570-7
Address
Santa Rosa 76, 8th floor.
Santiago, Chile
Phone
(56 2) 2675 2000
Type of society
Limited Liability Company
Address
Santa Rosa 76, piso 8
Santiago, Chile
Phone
(56 2) 2675 2000
Type of society
Limited Liabilty Company
Address
Praça Leoni Ramos, N° 1, piso 6, Bloco 2, São
Domingos, Niterói
Río de Janeiro, Brazil
Phone
(55 21) 3607 9500
Subscribed and paid-in capital (Th$)
51,083,711
Corporate purpose
The purpose of the company is the
production, industrialization, distribution and
commercialization of electricity, including
the import and export activities. In view of
achieving the purposes mentioned above, the
company will promote the study, planning
and construction of facilities for production
systems, transmission, conversion and
distribution of electricity by capturing the
necessary investment to develop the activities
and by providing services. Beyond the purposes
referred to, the company may promote the
implementation of associated products, as
well as inherent, ancillary or complementary
activities to services and jobs that cometh to
provide. To carry out the activities necessary to
achieve its goals, the company may participate
in other societies.
Core business
Electricity transmission.
Board of Directors
Marcelo Andrés Llévenes Rebolledo
Cristine de Magalhães Marcondes
Claudio Manuel Rivera Moya
Senior Executives
Abel Alves Rochinha – Executive Officer
Claudio Manuel Rivera Moya
Luis Fermin Larumbe Aragon
Andre Oswaldo dos Santos
José Alves de Mello Franco
Deborah Meirelles Rosa Brasil
Carlos Ewandro Naegele Moreira
José Nunes de Almeida Neto
Janaina Savino Vilella Carro
Margot Frota Cohn Pires
Business relations
The company has no commercial relations with
Enersis.
Enersis stake
(Direct and indirect)
84.38%
CHILECTRA
Company name
Chilectra S.A.
Type of society
Publicly Traded Company
294
Subscribed and paid-in capital (Th$)
367,928,682
Subscribed and paid-in capital (Th$)
265,306,227
Corporate purpose
Operate in Chile or abroad the distribution and
sale of hydraulic, thermal, heat energy or any kind
of electricity, as well as the distribution, transport
and sale of fuels of any kind, thus supplying
this energy or fuel directly or through other
companies to as many customers possible.
Core business
Electricity distribution.
Board of Directors
Livio Gallo (Chairman)
Marcelo Llévenes Rebolledo (Vice Chairman)
Iris Boeninger von Kretschmann
Gianluca Caccialupi
Vincenzo Ranieri
Hernán Felipe Errázuriz Correa
Senior Executives
Andreas Gebhardt Strobel
Executive Officer
Simone Tripepi
Ramón Castañeda Ponce
Gonzalo Vial Vial
Daniel Gómez Sagner
Andrea Pino Rodríguez
Francisco Miqueles Ruiz
Andrés González Cerruti
Business relations
(i) Contract for services provision by Enersis:
Comprehensive Supply Service, Materials
Procurement Management, Contracting of
Works, Services and Consultancy, 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 for administration services provision
by Enersis. Price: Monthly amount fixed in UF.
Enersis stake
(direct and indirect)
99.09% - No variation.
Proportion on Enersis Assets
6.82%
CHILECTRA INVERSUD
Company name
Chilectra Inversud S.A.
TAX ID
99,573,910-0
Corporate purpose
Operate 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
aforementioned businesses.
Core business
Investment Company.
Board of Directors
Ramón Castañeda Ponce
Francisco Miqueles Ruz
Gonzalo Vial Vial
Senior Executives
Francisco Miqueles Ruz
Executive Officer
Business 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 services
contracted.
Enersis stake (direct and indirect)
99.09% - No variation.
CHINANGO
Company name
Chinango S.A.C.
Type of society
Publicly Traded Company
Address
Avda, Víctor Andrés Belaúnde 147, Edificio Real 4,
7th floor, San Isidro
Lima, Peru
Subscribed and paid-in capital (Th$)
55,515,483
Corporate purpose
The main purpose of the company is electricity
generation, trading and transmission, being
able to perform all acts and enter into all
contracts that the Peruvian law allows for such
purposes.
Core business
Electricity generation.
Executive Officer
Edegel S.A.A., represented by Julián Cabello Yong
Francisco Pérez Thoden Van Velzen
2015 Annual Report Enersis
Business relations
The company has no commercial relation with
Enersis.
Enersis stake
(direct and indirect)
46.88% (no variation)
CHOCÓN
Company name
Hidroeléctrica El Chocón S.A.
Type of society
Publicly Traded Company
Address
Avda, España 3301
Buenos Aires, Argentina
Subscribed and paid-in capital (Th$)
16,366,313
Corporate purpose
Electricity Generation and its block
comercialization
Core business
Electricity generation.
Regular Directors
Mauricio Bezzeccheri (Chairman)
Gaetano Salierno (Vice Chairman)
Daniel Martini
Fernando Antognazza
Ramiro Alfonsín Balza
Alex Daniel Horacio Valdez
Juan Carlos Nayar
Alberto Eduardo Mousist
Alternate Directors
María Inés Justo
Rodolfo Bettinsoli
María Victoria Ramírez
Sebastian Eduardo Guasco
Fernando Carlos Luis Boggini
Gustavo Alejandro Nagel
Sergio Maschio
Senior Executives
Nestor Srebernic
Executive Officer
Business Relations
The company has no comeercial relations with
Enersis.
Enersis stake
(direct and indirect)
39.21% - No variation.
CODENSA
Company name
Codensa S.A. E.S.P.
NIT: 830.037.248-0
Type of society
Limited Liability Company– Public residential
utility company.
Address
Carrera 13 A #93-66
Bogotá, Colombia
Phone
(57 1) 601 6060
Subscribed and paid-in capital (Th$)
2,953,410
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
Electricity distribution.
Regular Directors
José Antonio Vargas Lleras
Lucio Rubio Díaz
David Felipe Acosta
Ricardo Roa Barragan
Ricardo Bonilla Gonzalez
Helga María Rivas
Orlando José Cabrales Martínez
Alternate Directors
Carlos Mario Restrepo
Leonardo López Vergara
Ernesto Moreno Restrepo
Álvaro Torres Macías
José Alejandro Herrera Lozano
Vicente Noero Arango
Senior executives
David Felipe Acosta Correa
Executive Officer
Andrés Caldas Rico
Legal and Corporte Affairs Officer
Carlos Mario Restrepo
Market Manager
David Felipe Acosta
Infrastructure & Networks Manager
Aurelio Ricardo Bustilho de Oliveira
Administration, Finance and Control Officer
María Celina Restrepo Santamaría
Communications Officer
Rafael Carbonell Blanco
Human Resources and Organization Officer
Diana Marcela Jiménez
Regulation, Environment and Institutional
Relations Officer
Raffaele Cutrignelli
Audit Officer
Giorgio De Champdore´
Procurement Officer
Ana Patricia Delgado Meza
Systems and Telecommunications ICT Officer
Ana Lucia Moreno Moreno
General Services and Property Officer
Robert Camilo Torres Vega
Health and Work Safety Officer
Juan Manuel Pardo Gómez
Planning and Control Officer
Leonardo López Vergara
Administration, Finance and Investor Relations
Officer
Carlos Eduardo Ruiz Diaz
Legal Councel
Business relations
The company has no commercial relations with
Enersis.
Enersis stake
(Direct and indirect)
48.39%
Proportion on Enersis assets
11.12%
COELCE
Company name
Companhia Energética do Ceará
Type of society
Publicly Traded Company
Address
Rua Padre Valdevino, 150 - Centro
Fortaleza, Ceará, Brasil
Phone
(55 85) 3453-4082
Subscribed and paid-in capital (Th$)
79,381,838
Corporate purpose
Generation, 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 and related
services in the State of Ceará, Brazil
Regular Directors
Mario Fernando de Melo Santos (Chairman)
Marcelo Llévenes Rebolledo (Vice Chairman)
Claudio Manuel Rivera Moya
Antonio Basilio Pires de Carvalho e Albuquerque
José Alves de Mello Franco
Gianluca Caccialupi
Jorge Parente Frota Júnior
Francisco Honório Pinheiro Alves
João Francisco Landim Tavares
Fernando Augusto Macedo de Melo
Luis Fermin Larumbe Aragon
Alternate Directors
Olga Jovanna Carranza Salazar
José Nunes de Almeida Neto
Maria Eduarda Fisher Alcure
Bruno Golebioviski
Teobaldo José Cavalcante Leal
José Távora Batista
Carlos Ewandro Naegele Moreira
Marcia Massotti de Carvalho
Robson Figueiredo de Oliveira
Identification of the Subsidiaries and Associates Companies
295
Nelson Ribas Visconti
Vládia Viana Regis
Senior Executives
Abel Alves Rochinha
Executive Officer
José Távora Batista
Claudio Manuel Riveral Moya
Olga Jovanna Carranza Salazar
Teobaldo José Cavalcante Leal
Luis Fermin Larumbe Aragón
Carlos Ewandro Naegele Moreira
José Nunes de Almeida Neto
Janaina Savino Vilella Carro
José Alves de Mello Franco
Deborah Meirelles Rosa Brasil
Margot Frota Cohn Pires
Address
Bartolomé Mitre 797, 11th floor, Buenos Aires,
Argentina
Subscribed and paid-in capital (Th$)
5,481
Hilde Marcela Cornejo Martinez
Alternate Directors
Heliodoro Mayorga Moncada
Leonardo López Vergara
Victoria Irene Sepúlveda
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.
Business Relations
The company has no commercial relations with
Enersis.
Core business
International interconnected electricity
transmission.
Enersis stake
(Direct and indirect)
64.86%
COMPAÑÍA ENERGÉTICA
VERACRUZ S.A.C
Company name
Compañía Energética Veracruz S.A.
Type of society
Limited Liability Company
Address
Jr, Teniente César López Rojas 201,
Maranga, San Miguel
Lima, Perú
Subscribed and paid-in capital (Th$)
601,363
Croporate purpose
Develop and operate hydroelectric
projects located in any river basin
in Peru.
Directors:
Does not apply.
Senior executives
Úrsula De La Mata Torres
Executive Officer
Business relations
The company has no commercial relations with
Enersis.
Enersis stake
(Direct and indirect)
100% - no variation
CTM – Compañía de
Transmisión del Mercosur
S.A.
Company name
Compañía de Transmisión del Mercosur S.A.
Type of society
Publicly traded company constituted
in Buenos Aires,
Argentina
Regular Directors
Juan Carlos Blanco
Fernando Boggini
Maurizio Bezzeccheri
Alternate Directors
Fernando Antognazza
Maria Inés Justo
Maria Victoria Ramírez
Senior executives
Sandro Ariel Rollan
Executive Officer
Business relations
The company has no commercial relations with
Enersis.
Enersis stake (direct and indirect)
84.38%
DISTRIBUIDORA
ELÉCTRICA DE
CUNDINAMARCA
Company name
Distribuidora Eléctrica de Cundinamarca S.A.
E.S.P.
Type of society
Limited Liability Company
TAX ID
900,265,917-0
Address
Carrera 9 N° 73-44. 5th floor
Colombia
Subscribed and paid-in capital (Th$)
47,567,754
Corporate purpose
The company’s main purpose is the distribution
and commercialization of electricity, and the
execution of all associates, complementary
and related activities to distribution and
commercialization of electricity, public works,
designs and electrical engineering consulting,
and the commercialization of products for its
customers’ benefit.
Core business
Electricity distribution and commercialization
Regular Directors
Mauricio Angarita
David Felipe Acosta
Senior Executives
Álvaro Torres Macías
Executive Officer
Commercial Relations
The company has no commercial relations with
Enersis.
Enersis’ stake
(direct and indirect)
23.71% - No variation
DISTRILEC INVERSORA
Company name
Distrilec Inversora S.A.
Type of society
Limited Liability Company
Address
San José 140
Buenos Aires, Argentina
Phone
(54 11) 4370 3700
Subscribed and paid-in-capital (Th$)
27,707,967
Corporate purpose
Exclusively to invest in companies constituted
or to be constituted whose main activity is the
distribution of electricity or that directly or indirectly
participate in companies with that principal business
through all kind of financial and investment activities,
except those in the laws of financial entities, the
purchase and sale of public and private debt paper,
bonds, shares, negotiable instruments and the
granting of loans, and the placement of its funds in
bank deposits of any kind.
Core business que desarrolla
Investment Company.
Regular Directors
Maurizio Bezzeccheri
Gaetano Salierno (Vice Chairman)
María Inés Justo Borga
Daniel Horacio Martini
Fernando Claudio Antognazza
Gonzalo Pérés Moore
Mariano Luis Luchetti
Guillermo Pablo Reca
Jorge Carlos Bledel
Juan Carlos Casas
Alternate Directors
Mónica Diskin
Paula Bossignon
Rodrigo Quesada
Vanesa Carrafiello
Mariana Mariné
Andrés Leonardo Vittone
Edgardo Licen
Elena Sozzani
Máximo Reca
Tomás Pérés
Business Relations
The company has no commercial relations with
Enersis.
296
2015 Annual Report Enersis
Enersis’ stake
(Direct and indirect)
50.93% - No variation.
Proportion on Enersis’ Assets
0.02%
EDEGEL
Company name
Edegel S.A.A.
Type of society
Publicly Traded Company
Address
Avda, Víctor Andrés Belaúnde 147, Edificio Real 4,
7th floor, San Isidro
Lima, Peru
Subscribed and paid-in capital (Th$)
529,213,705
Corporate purpose
In general, electricity generation activities,
also the civil, industrial, commercial
and any other act or operation
related or leading to its Main
Corporate Purpose.
Core business
Electricity generation.
Regular Directors
Carlos Temboury (Chairman)
Francisco José Pérez Thoden Van Velzen
Daniel Abramovich Ackerman
Ramiro Alfonsín Balza
Paolo Giovanni Pescarmona
Juan Francisco García Calderón
Claudio Herzca Buchdahl
Alternate Directors
Guillermo Lozada Pozo
Carlos Rosas Cedillo
Rocío Pachas Sotos
Carlos Sedano Tarancón
Úrsula De La Mata Torres
Juan Miguel Cayo Mata
Mariano Felipe Paz Soldán Franco
Senior executives
Francisco Pérez Thoden Van Velzen
Executive Officer
Julián Cabello Yong
Operations Officer
Carlos Rosas Cedillo
Energy Management and Trading Officer
Daniel Abramovich Ackerman
Legal Councel
Business relations
The company has no commercial relations with
Enersis.
Enersis stake
(Direct and indirect)
58.60%
EDELNOR
Company name
Empresa de Distribución Eléctrica de Lima Norte
S.A.A.
Type of society
Publicly Traded Company
Address
Jr, Teniente Cesar López Rojas 201 Urb, Maranga,
San Miguel
Lima, Peru
Phone
(51 1) 561 2001
Subscribed and paid-in capital (Th$)
110,831,242
Corporate purpose
Engage the activities of distribution, transmission
and generation of electricity in accordance with
the provisions of current legislation. Additionally,
the company may engage in the sale of goods
in any form, as well as providing consulting and
financial services, among others, except those
services, which require specific authorization in
accordance with current law.
Core business
Distribution of electricity
Board of Directors
Carlos Temboury Molina (Chairman)
Fernando Fort Marie (Vice Chairman)
Mario Ferrai Quiñe
Walter Nestor Sciutto
Paolo Giovanni Pescarmona
Gianluca Caccialupi
Carlos Alberto Solis Pino
José de Bernardis Guglievan
Senior Executives
Walter Nestor Sciutto
Executive Officer
Mariano Luis Luchetti
Edgardo Licen
Alternate Directors
Paula Andrea Aguiar
Rodolfo Silvio Bettinsoli
Ignacio Federico Guerrido
Osvaldo Arturo Reca
Class B
Regular Directors
Fernando Claudio Antognazza
Ernesto Pablo Badaraco
Gerardo Marcelo Rogelio Silva Iribarne
María Inés Justo Borga
Alternate Directors
Rodrigo Quesada
Roberto Fagan
Mariana Mariné
Mónica Diskin
Senior Executives
Juan Carlos Blanco
Executive Officer
Business relations
The company has no commercial relations with
Enersis.
Enersis’ stake
(Direct and indirect)
71.62%- No variation.
Proportion on Enersis’ Assets
0.05%
Business relations
The company has no commercial relations with
Enersis.
ELÉCTRICA CABO BLANCO
S.A.C.
Enersis stake
(Direct and indirect)
75.54% - No variation.
Proportion on Enersis’ Assets
1.53%
EDESUR
Company name
Empresa Distribuidora Sur S.A.
Type of society
Publicly Traded Company
Address
San José 140 (1076)
Capital Federal, Argentina
Phone
(54 11) 4370 3700
Subscribed and paid-in capital (Th$)
47,061,353
Corporate purpose
Distribution and commercialization of electricity
and related activities.
Core business
Electricity distribution.
Class A
Regular Directors
Mauricio Bezzeccheri (Chairman)
Gaetano Salierno (Vice Chairman)
Daniel Horacio Martini
Company name
Eléctrica Cabo Blanco S.A.C.
Type of society
Publicly Traded Company
Address
Jr, Teniente César López Rojas 201, Maranga, San
Miguel
Lima, Perú
Subscribed and paid-in capital (Th$)
9,677,424
Corporate purpose
In general, to invest in other companies,
preferably in those oriented to exploiting natural
resources, and very specially, in those linked
to distribution, transmission and generation
of electricity. Likewise, it may make capital
investments in any kind of movable property,
including shares, bonds and any other kind of
securities, as well as administration of said
investments within limits fixed by the Board and
the General Shareholders’ Meeting. The activities
that make up the corporate purpose may be
developed in Peru and abroad.
Core business
Investment company.
Senior executives
Manuel Cieza Paredes
Executive Officer
Business relations
The company has no commercial relations with
Enersis.
Identification of the Subsidiaries and Associates Companies
297
Enersis’ stake
(Direct and indirect)
100%- No variation
Proportion on Enersis’ Assets.
0.41%
ELECTROGAS
Company name
Electrogas S.A.
Type of society
Limited Liability Company
TAX ID
96,806,130-5
Address
Alonso de Córdova 5900, office 401, Las Condes
Santiago, Chile
Phone
(562) 2299 3400
Corporate purpose
The purpose of the company is the transportation
services for natural gas and other fuels, for its
own or third party’s account, for which it may
construct, operate and maintain gas, oil and multi-
use pipelines and complementary facilities.
Core business
Gas transportation.
Subscribed and paid-in capital (Th$)
15,093,866
Regular Directors
Ramiro Alfonsin Balza
Juan Eduardo Vásquez Moya
Ricardo Santibáñez Zamorano
Eduardo Lauer Rodríguez
Marco Arróspide Rivera
Pedro de la Sotta Sánchez
Alternate Directors
Andrés Opazo Irarrázaval
Patricio Pérez Cotapos
Luis Le fort Pizarro
Juan Oliva Vásquez
Rodrigo Bloomfield Sandoval
Alex Díaz Sanzana
Senior Executives
Alan Fischer Hill
Executive Officer
Commercial Relations
The company has no commercial relations with
Enersis.
Enersis’ stake
(Direct and indirect)
25.49% - No variation.
EMGESA
Company name
Emgesa S.A. E.S.P.
TAX ID
860,063,875-8
Type of society
Private Commercial Corporation
Public Utility Company
Address
Carrera 11 N°82-76, piso 4
Santa Fe de Bogotá, D.C. Colombia
298
Subscribed and paid-in capital (Th$)
146,498,021
EMGESA PANAMÁ, S.A.
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 and fuel gas generation and
commercialization.
Regular Directors
Lucio Rubio Díaz
José A, Vargas Lleras
Ricardo Roa Barragán
Ricardo Bonilla Gonzalez
Vacant position
Luisa Fernanda Lafaurie Rivera
Bruno Riga
Alternate Directors
Fernando Gutiérrez Medina
Diana Marcela Jiménez
Aurelio Bustilho de Oliveira
Vacant position
Álvaro Torres Macías
José Alejandro Herrera Lozano
Andrés López Valderrama
Senior Executives
Bruno Riga
Executive Officer
Bruno Riga
Generation Officer
Andrés Caldas Rico
Legal and Corporate Affairs Officer
Fernando Javier Gutiérrez Medina
Energy Management and Trading Officer
Aurelio Ricardo Bustilho de Oliveira
Administration, Finance and Control Officer
Robert Camilo Torres Vega
Health and Work Safety Officer
María Celina Restrepo Santamaría
Communication Officer
Rafael Carbonell Blanco
Human Resources and Organization Officer
Diana Marcela Jiménez Rodríguez
Regulation, Environment and Institutional
Relations Officer
Raffaele Cutrignelli
Audit Officer
Giorgio De Champdore´
Procurement Officer
Ana Patricia Delgado Meza
Systems and Telecommunications ICT Officer
Ana Lucia Moreno Moreno
General Services and Property Officer
Juan Manuel Pardo Gómez
Planning and Control Officer
Leonardo López Vergara
Administration, Finance and Investor Relations
Officer
Carlos Eduardo Ruiz Diaz
Legal Councel
Commercial Relations
The company has no commercial relations with
Enersis.
Enersis stake
(Direct and indirect)
37.72%
Proportion on Enersis’ Assets
2.92%
Company name
Emgesa Panamá, S.A.
Type of society
Limited Liability Company.
Address
Panama City
Panama
Corporate purpose
Purchase, sale, import and export of electricity.
Additionally, 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 and export of electricity.
Subscribed and paid-in capital (Th$)
17,034
Directors
Fernando Gutiérrez Medina
Leonardo López Vergara
Juan Manuel Pardo
Andrés Caldas Rico
Senior Executives
Fernando Gutiérrez Medina
Chairman and Legal Representative
Juan Manuel Pardo Gómez
Vice President (First)
Leonardo López Vergara (Second)
Vice President
Andrés Caldas Rico
Secretary
Elizabeth Laverde Enciso
Treasurer
Business Relations
The company has no commercial relations with
Enersis.
Enersis’ stake
(Direct and indirect)
37.72%
EMPRESA DE ENERGÍA
DE CUNDINAMARCA
Company name
Empresa de Energía de Cundinamarca S.A.
Type of society
Limited Liability Company
TAX ID
860,007,638-0
Address
Carrera 11 N° 93-52
Bogotá D.C.
Phone
(571) 7051800
Subscribed and paid-in capital (Th$)
8,876,251
Corporate purpose
Electricity generation, commercialization and
distribution utility in the Cundinamarca district and
its surroundings. It owns an electricity generation
power plant in Río Negro.
2015 Annual Report Enersis
Core business
Electricity generation, commercialization and
distribution.
Senior executives
Leonel Martínez Garrido
Executive Officer
Regular Directors
Fabiola Leal Castro
David Alfredo Riaño
Carlos Alberto Rodrigues Guzmán
Álvaro Cruz Vargas
Paulo Jairo Orozco Díaz
Aurelio Bustilho de Oliveira
Gabriel Ignacio Rojas Londoño
Alternate Directors
Nubia Prada Sanmiguel
José Arcos Rodríguez
Miguel Felipe Mejía Uribe
Cuarto renglo Vacante
David Feferbaum Gutfraind
Diana Marcela Jímenez Rodríguez
Hilde Marecla Cornejo Martínez
Senior Executives
Jaime Alberto Vargas Barrera
Executive Officer
Jualián Camilo Castañeda Savedra
Network Management Officer / First Deputy
Executive Officer
Maria Elizabeth Laverde Enciso
Finance and Adminstrative Officer / Second
Deputy Executive Officer
Diego Mauricio Muñoz Hoyos
Commercial Officer
Mauricio Enrique Perea Diaz
Law Office Head
Business relations
The company has no commercial relations with
Enersis.
Enersis stake
(Direct and indirect)
19.52% - No variation
EMPRESA ELÉCTRICA
DE COLINA
Company name
Empresa Eléctrica de Colina Ltda.
Type of society
Limited Liability Company
TAX ID
96,783,910-8
Address
Chacabuco 31, Colina
Santiago, Chile
Phone
(56 2) 2844 4280
Subscribed and paid-in capital (Th$)
82,222
Corporate purpose
Distribution and sale of electricity
and home, sports, entertainment
and computer electrical
appliances.
Core business
Electricity distribution.
Pooled administration
Leonel Martínez Garrido
Gonzalo Labbé Reyes
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.
Phone
(5411) 4307 3040
Corporate purpose
Perform investments in companies dedicated to
the production, transmission and distribution of
electricity and its commercialization, as well as
financial activities except those limited by the law
to banks.
Core business
Investment Company.
Subscribed and paid-in capital (Th$)
38,284,638
Regular Directors
Mauricio Bezzeccheri (Chairman)
Gaetano Salierno (Vice Chairman)
Maria Inés Justo Borga
Alternate Directors
Rodrigo Quesada
Mariana Cecilia Mariné
María Victoria Ramírez
EMPRESA ELÉCTRICA DE
PIURA S.A.
Business relations
The company has no commercial relations with
Enersis.
Company name
Empresa Eléctrica de Piura S.A.
Type of society
Publicly traded company
Enersis’ stake
(Direct and indirect)
59.98%
Address
Jr, Teniente César López Rojas 201, Maranga, San
Miguel
Lima, Peru
Subscribed and paid-in capital (Th$)
16,993,469
Corporate purpose
The main purpose of the company is the
generation, sale and transmission of
electricity, performing all acts and signing all
agreements allowed by Peruvian Legislation to
that effect.
EN - BRASIL COMÉRCIO E
SERVIÇOS S.A.
Company name
En- Brasil Comércio e Serviços S.A.
Type of society
Limited Liability Company constituted pursuant to
Brazilian Law.
Address
Praça Leoni Ramos nº 01
Parte, São Domingos, Niterói, Rio de Janeiro,
Brasil.
Core business
Electricity generation.
Phone
(55 21) 2613 7000
Directors
Francisco Pérez Thoden van Velzen (Chairman)
Carlos Temboury (Vice Chairman)
Paolo Giovanni Pescarmona
Senior executives
Francisco Pérez (Edegel’s representative)
Executive Officer
Business relations
The company has no commercial relations with
Enersis.
Subscribed and paid-in capital (Th$)
1,886,685
Corporate purpose
The company’ objective is to participate
in the capital of other companies in Brazil
or abroad, trade in general,
even imports and exports, through
retail or wholesale transactions
of various products, and to provide general
services for the energy electricity sector and
others.
Enersis stake
(Direct and indirect)
96.50% - No variation
ENDESA ARGENTINA
Company name
Endesa Argentina S.A.
Type of society
Publicly Traded Company
Core business
Delivery of services in general to the electricity
industry and others.
The company doesn’t have any administration
council (Board of Directors)
Senior Executives
Marcus Oliver Rissel (Administrator)
Executive Officer
Rafael de Bessa Sales (Administrator)
Address
Av. España 3301 Buenos Aires, Argentina
Business relations
The company has no commercial relations with
Enersis.
Identification of the Subsidiaries and Associates Companies
299
Enersis stake
(Direct and indirect)
84.38%
ENEL BRASIL
Company name
Enel Brasil S.A.
Type of entity
Limited Liability Company
Address
Praça Leoni Ramos, N°1, 7° andar, bloco 2
Parte, Niterói,
Río de Janeiro, Brazil
Phone
(5521) 3607 9500
Subscribed and paid-in capital (Th$)
216,672,829
Company 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 commercialization
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.
Core business
Investment Company.
Board of Directors
Mario Fernando de Melo Santos (Chairman)
Luca D’Agnese (Vice Chairman) (Executive Officer
of Enersis)
Antonio Basilio Pires de Carvalho e Albuquerque
Luis Fermín Larumbe Aragón
Gianluca Caccialupi
Senior Executives
Marcelo Llévenes Rebolledo
Luis Fermín Larumbe Aragón
Antonio Basilio Pires de Carvalho e Albuquerque
Carlos Ewandro Naegele Moreira
José Alves de Mello Franco
José Nunes de Almeida Neto
Janaina Savino Vilella Carro
Flavia da Silva Baraúna
Margot Frota Cohn Pires
Marcia Massotti de Carvalho
Gabriel Maluly Neto
Manuel Ricardo Soto Retamal
Guilherme Gomes Lencastre
Matteo de Zan
Michele Siciliano
Cristine de Magalhães Marcondes
Business relations
The company has no commercial relations with
Enersis.
Enersis stake
(Direct and indirect)
84.38%
Proportion on Enersis’ Assets
8.22%
CEMSA
Company name
Comercializadora de Energía S.R.L.
Type of society
Limited Liability Company
Address
San José 140, piso 6, CABA
Buenos Aires, Argentina
Phone
(5411) 4124-1600
Subscribed and paid-in capital (Th$)
768,042
Corporate purpose
The purpose of the company is the wholesale
purchase and sale of electricity capacity and
energy produced and/or consumed by third
parties, including the import and export of
electricity power and energy and the marketing
of royalties, and the supply and/or performing
of services related to the above activity, both
in the country as well as abroad of information
technology services and/or of control of the
operation and/or of telecommunications.
Likewise, the Company shall be entitled to
execute buy/sell operations or to purchase
and sell natural gas, and/or its transportation,
including the importation and/or exportation
of natural gas and/or the marketing of regalia/
privileges, as well as to provide and/or execute
services related to the abovementioned activity.
Also, the Company shall be entitled to execute
buy/sell operations or to purchase and sell crude
petroleum, and/or lubricants and/or to transport
such elements, including the importation and/
or exportation of liquid fuels and the marketing
of regalia/privileges, as well as to provide and/or
execute services related to the aforementioned
activity.
Core business
Trading of electricity, gas and derivatives.
IT services and/or operation control and/or
telecommunications.
Regular Managers
Maurizio Bezzeccheri
Gaetano Salierno
Alternate Managers
María Inés Justo Borga
Fernando Carlos Luis Boggini
Senior Executives
Fernando C, Antognazza
Executive Officer
Business relations
The company has no commercial relations with
Enersis.
Enersis stake
(Direct and indirect)
81.99%- No variation
Proportion on Enersis’ Assets
0.05%
ENDESA CHILE
Company name
Empresa Nacional de Electricidad S.A.
Type of society
Publicly Traded Company
TAX ID
91.081.000-6
Address
Santa Rosa 76
Santiago, Chile
Phone
(56 2) 2630 9000
Subscribed and paid-in capital (Th$)
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 (Vice Chairman)
Isabel Marshall Lagarrigue
Francesca Gostinelli
Francesco Buresti
Vittorio Vagliasindi
Felipe Lamarca Claro
Enrique Cibié Bluth
Francesco Buresti
Jorge Atton Palma
Senior Executives
Valter Moro
Executive Officer
Ramiro Alfonsin Balza
Deputy Executive Officer
Maria Teresa Gonzalez Ramirez
Luis Ignacio Quiñones Sotomayor
Federico Polemann
Fernando La Fuente Vila
Bernardo Canales Fuenzalida
Humberto Espejo Paluz
Claudio Helfmann Soto.
Business 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 the Stadium 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 $250 million dated
December 16, 2015, due on December 15, 2016. As
of December 31, 2015, the balance was $250 million.
300
2015 Annual Report Enersis
(viii) Administration services provision agreement
by Enersis.
Subscribed and paid-in capital (Th$)
31,362
Enersis’ stake (direct and indirect)
59.98% - No variation
Proportion on Enersis’ Assets
30.72%
ENDESA COSTANERA
Company name
Endesa Costanera S.A.
Type of society
Publicly Traded Company
Address
Avda, España 3301, Buenos Aires, Argentina
Phone
(5411) 4307 3040
Subscribed and paid-in capital (Th$)
39,811,128
Corporate purpose
Electricity generation
and trading in blocks
of energy.
Core business
Electricity generation
Regular Directors
Mauricio Bezzeccheri (Chairman)
Gaetano Salierno (Vice Chairman)
Daniel Martini
Ramiro Alfonsín Balza
María Inés Justo
César Fernando Amuchástegui
Matías Maria Brea
Alternate Directors
Fernando Carlos Luis Boggini
Rodolfo Silvio Bettinsoli
María Victoria Ramírez
Rodrigo Quesada
Fernando Claudio Antognazza
Mariana Mariné
Mónica Diskin
Juan Donini
Senior Executives
Roberto José Fagan
Executive Officer
Business relations
The company has no commercial relations with
Enersis.
Enersis stake
(Direct and indirect)
45.39% - No variation
ENEL GREEN POWER
MODELO I EÓLICA S.A.
Company name
Enel Green Power Modelo I Eólica S.A.
Type of society
Limited Liability Company.
Address
Praça Leoni Ramos, Nº 1, 5º andar, bloco 2
Niterói, RJ, Brazil
Corporate purpose
Wind Electricity generation
Core business
Electricity generation.
Administration
Newton Souza de Moraes
André Bruno Santos Gordon Afonso
Márcio Teixeira Trannin
Business relations
The company has no commercial relations with
Enersis.
Enersis’ stake
(Direct and indirect)
0.82% - No variation
ENEL GREEN POWER
MODELO II EÓLICA S.A.
Company name
Enel Green Power Modelo II Eólica S.A.
Type of society
Limited Liability Company
Address
Praça Leoni Ramos, Nº 1, 5º andar, bloco 2
Niterói, RJ, Brasil, CEP: 24.210-205
Corporate purpose
Wind electricity generation
Core business
Electricity generation.
Subscribed and paid-in capital (Th$)
26,882
Administration
Newton Souza de Moraes
André Bruno Santos Gordon Afonso
Márcio Teixeira Trannin
Business relations
The company has no commercial relations with
Enersis.
Enersis’ stake
(Direct and indirect)
0.82% - No variation
EÓLICA CANELA
Company name
Central Eólica Canela S.A.
Type of society
Limited Liability Company
TAX ID
76,003,204-2
Address
Santa Rosa 76
Santiago, Chile
Phone
(562) 2630 9000
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
whose purpose it may acquire and exploit the
respective concessions and grants.
Core business
Wind electricity generation.
Regular Directors
Bernardo Canales Fuenzalida (Chairman)
Carlo Carvallo Artigas
Ramiro Alfonsín Balza
Claudio Helfmann Soto
Juan Cristóbal Pavez Recart
Alternate Directors
Carlos Peña Garay
Ariel González Rogget
Claudio Betti Pruzzo
Senior Executives
Carlo Carvallo Artigas
Executive Officer
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
Company name
Eólica Fazenda Nova o Geraçãoa e
Comercialização de Energia S.A.
Type of society
Limited Liability Company
Address
Rua Felipe Camarão, nº 507, sala 104
Ciudad de Natal, Rio Grande do Norte, Brazil
Phone
(5521) 3607 9500
Subscribed and paid-in capital (Th$)
329,573
Corporate purpose
Generation, transmission, distribution and trading
of energy, participation in other companies as
a partner, shareholder, or quota holders and
import machinery and equipment related to the
generation, transmission, distribution and trading
of wind energy.
Core business
Electricity generation.
Administration
Marcelo Llévenes Rebolledo
Chairman
Guilherme Gomes Lencastre
Subscribed and paid-in capital (Th$)
12,284,743
Corporate purpose
Promote and develop renewable energy projects,
Business relations
The company has no commercial relations with
Enersis.
Identification of the Subsidiaries and Associates Companies
301
Enersis’ stake
(Direct and indirect)
84.34%
GASATACAMA
Company name
GasAtacama S.A.
Type of society
Limited Liability Company
TAX ID
96,830,980-3
Address
Miraflores N° 383, 12 floor
Santiago, Chile
Phone
(562) 2366 3800
Subscribed and paid-in capital (Th$)
176,857,970
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
Investment Company.
Regular Directors
Humberto Espejo Paluz
Claudio Helfmann Soto
Rodrigo Paredes Barría
Ramiro Alfonsín Balza
Alternate Directors
Bernardo Canales Fuenzalida
Carlo Carvallo Artigas
Senior executives
Valter Moro
Executive Officer
Business relations
The company has no commercial relations with
Enersis.
Enersis stake
(Direct and indirect)
60.74%
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, trading
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)
capture, 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.
Regular Directors
Ramiro Alfonsin Balza
Claudio Helfmann Soto
Pablo Arnés Poggi
Humberto Espejo Paluz
Alternate Directors
Rodrigo Paredes Barría
Bernardo Canales Fuenzalida
Carlo Carvallo Artigas
Senior Executives
Valter Moro
Executive Officer
Address
Miraflores N° 383, 12 floor
Santiago, Chile
Teléfono
(562) 2366 3800
Capital suscrito y pagado (M$)
126,309,044
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.
Regular Directors
Alex Díaz Sanzana
Claudio Helfmann Soto
Rodrigo Paredes Barría
Alternate Directors
Bernardo Canales
Ricardo Santibañez Zamorano
Senior executives
Valter Moro
Executive Officer
Business relations
The company has no commercial relations with
Enersis.
Enersis stake
(Direct and indirect)
60.74%
GASODUCTO TALTAL
Company name
Gasoducto Taltal S.A.
Type of society
Limited Liability Company
TAX ID
77,032,280-4
GASATACAMA CHILE
Business relations
The company has no commercial relations with
Enersis.
Address
Miraflores N° 383, 12 floor
Santiago, Chile.
Company name
GasAtacama Chile S.A.
Type of society
Limited Liability Company
TAX ID
78.932.860-9
Address
Miraflores N° 383, 12 floor
Santiago, Chile
Phone
(562) 2366 3800
Subscribed and paid-in capital (Th$)
106,817,990
302
Enersis’ stake
(Direct and indirect)
60.74%
GASODUCTO ATACAMA
ARGENTINA
Company name
Gasoducto Atacama Argentina S.A.
Type of society
Limited Liability Company
TAX ID
78,952,420-3
Teléfono
(562) 2366 3800
Subscribed and paid-in capital (Th$)
14,255,421
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.
2015 Annual Report Enersis
Core business
Gas transportation.
Regular Directors
Juan Oliva Vásquez
Alex Díaz Sanzana
Ricardo Santibañez Zamorano
Senior Executives
Valter Moro
Executive Officer
Business relations
The company has no commercial relations with
Enersis.
Enersis stake
(Direct and indirect)
60.74%
GENERALIMA S.A.C.
Company name
Generalima S.A.C.
Type of society
Limited Liability Company
Address
Jr, Teniente César López Rojas 201, Maranga, San
Miguel
Lima, Peru
Subscribed and paid-in capital (Th$)
30,533,666
Corporate purpose
To make investments, in general,
in other companies, preferably in those
dedicated to the exploitation of
natural resources, and very specially,
in those linked to distribution, transmission
and generation of electricity. Likewise,
it may make investments in capital
of any kind of movable property, including
shares, bonds and any other kind
of securities, as well as administration of said
investments within the limits set
by the Board and the General Shareholders’
Meeting. The activities included in this
corporate purpose may be developed in Peru
or abroad.
Core business
Investment Company.
Senior Executives
Úrsula de la Mata Torres
Executive Officer
Business relations
The company has no commercial relations with
Enersis.
Enersis’ stake
(Direct and indirect)
100%- No variation.
Proportion on Enersis’ Assets.
0,30%
GENERANDES PERÚ
Company name
Generandes Perú S.A.
Type of society
Publicly Traded Company
Address
Avda, Víctor Andrés Belaúnde 147, Edificio Real 4,
piso 7, San Isidro
Lima, Peru
Phone
(511) 215 6300
Subscribed and paid-in capital (Th$)
312,948,407
Corporate purpose
The company has the purpose to develop
activities related to electricity generation, directly,
or through companies created for that purpose
Core business
Investment Company.
Regular Directors
Carlos Temboury Molina (Chairman)
Francisco José Pérez Thoden Van Velzen
Paolo Giovanni Pescarmona
Daniel Abramovich Ackerman
Alternate Directors
Guillermo Lozada Pozo
Carlos Rosas Cedillo
Carlos Sedano Tarancón
Senior Executives
Francisco Pérez Thoden Van Velzen
Executive Officer
Business relations
The company has no commercial relations with
Enersis.
Enersis’ stake
(Direct and indirect)
75.59%
GNL CHILE
Company name
GNL Chile S.A.
Type of Society
Limited Liability Company
TAX ID
76,418,940-K
Address
Rosario Norte 530, office 1303, Las Condes
Santiago, Chile
Phone
(562) 2892 8000
Subscribed and paid-in capital (Th$)
2,147,839
Corporate purpose
The company purpose is to a) contract the
services of the liquefied natural gas (LNG)
regasification company GNL Quintero S.A.
and use all the natural gas and LNG storage,
processing, re-gasification and delivery capacity
of its re-gasification terminal, including its
expansions if any and any other matter stated in
the contract that the Company signs to use of
the re-gasification terminal; b) import LNG under
the delivered on ship (DES) mode from LNG
suppliers according to LNG purchase agreements;
c) the sale and delivery of natural gas according
to contracts signed by the company with its
customers; d) manage and coordinate the
programming and nominations of LNG loads,
as well as the delivery of natural gas among
the different customers; e) comply with all its
obligations and demand compliance with all its
rights according to the contracts mentioned
above and coordinate all activities included in
such contracts, and in general carry out any type
of act or contract that may be necessary, useful
or convenient for meeting its purposes.
Core business
Import and trading of natural gas.
Regular Directors
Andres Alonso Rivas
Alex Díaz Sanzana
Klaus Lürhmann Poblete
Alternate Directors
Luis Arancibia Yiacometti
Yasna Ross
Humberto Espejo Paluz
Senior Executives
Alejandro Palma Rioseco
Executive Officer
Business relations
The company has no commercial relations with
Enersis.
Enersis stake
(Direct and indirect)
19.99% - No variation
GNL QUINTERO
Company name
GNL Quintero S.A.
Type of society
Limited Liability Company
TAX ID
76,788,080-4
Address
Rosario Norte 532, office 1604, Las Condes
Santiago, Chile
Phone
(562) 2499 0900
Subscribed and paid-in capital (Th$)
80,953,329
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 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
Identification of the Subsidiaries and Associates Companies
303
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.
Core business
Production, transportation and storage of all kinds
of energy and fuels.
Regular Directors
Alex Díaz Sanzana
Juan Oliva Vásquez
Ricardo Santibañez Zamorano
Senior executives
Valter Moro
Executive Officer
Corporate purpose
Offer 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
Regular Directors
Marco Arróspide Rivera
Víctor Turpaud Fernández
Juan Oliva Vásquez
José Antonio de las Heras
Sultán Al Bartami
Alternate Directors
Ricardo Santibañez Zamorano
Jorge Beytía Moure
Rafael González Rodríguez
Hilal Al Kharusi
Senior Executives
Antonio Bacigalupo Gittins
Executive Officer
Business relations
The company has no commercial relations with
Enersis.
Enersis stake
(Direct and indirect)
12.00% - No variation
GNL NORTE
Company name
GNL Norte S.A.
Type of society
Limited Liability Company
TAX ID
76,676,750-8
Address
Miraflores N° 383, 12 floor
Santiago, Chile.
Subscribed and paid-in capital (Th$)
1,000
Corporate purpose
The corporate purpose of the company is the
production, transportation, distribution, storage
and supply of any kind of energy and fuel, to
the effect of which it may obtain, purchase and
benefit from the respective concessions and
grants. The purpose shall also be to acquire,
design, construct, maintain and exploit all
types of civil and infrastructure works related
to energy and fuel, especially those related to
its maritime reception, reception, processing
and transportation. For a better and proper
compliance with its corporate purpose, the
company may constitute, purchase, enter as
partner, shareholder or in any other
direct way or with third parties or
subsidiary companies, societies,
institutions of any kind or nature,
both in Chile and abroad, and in general,
celebrate any acts or agreements and develop
any activity related directly or indirectly with
said purposes.
Business relations
The company has no commercial relations with
Enersis.
specialties.
Core business
Engineering services.
Enersis’ stake
(Direct and indirect)
60.74%
HIDROINVEST
Company name
Hidroinvest S.A.
Type of society
Publicly Traded Company
Address
Avda, España 3301
Buenos Aires, Argentina
Phone
(5411) 4307 3040
Subscribed and paid-in capital (Th$)
3,031,821
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
manage such investments.
Core business
Investment Company
Regular Directors
Mauricio Bezzeccheri (Chairman)
Gaetano Salierno (Vice Chairman)
María Inés Justo
Alternate Directors
Fernando Claudio Antognazza
Rodrigo Quesada
Business Relations
The company has no commercial relations with
Enersis.
Enersis stake
(Direct and indirect)
57.64% - No variation
INGENDESA DO BRASIL
(company in liquidation)
Company name
Ingendesa do Brasil Ltda.
Type of society
Limited Liability Company
Address
Praça Leoni Ramos, Nº 1
Parte, São Domingos
Niterói - RJ, Brazil
Subscribed and paid-in capital (Th$)
89,606
Representative
Bruno César Vasconcelos
Business relations
The company has no commercial relations with
Enersis.
Enersis stake
(Direct and indirect)
61.48% - No variation
INVERSIONES DISTRILIMA
Company name
Inversiones Distrilima S.A.C.
Type of society
Limited Liability Company
Address
Jr, Teniente César López Rojas 201, Maranga, San
Miguel
Lima, Peru
Phone
(511) 561 1604
Subscribed and paid-in capital (Th$)
130,666,525
Corporate purpose
Perform 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.
Core business
Investment Company.
Directors
The Ordinary shareholders meeting that met
03/29/2011 agreed to change the entity Into a
Private Company without Board of Directors.
Senior Executives
Carlos Temboury Molina
Executive Officer
304
2015 Annual Report Enersis
Business relations
The company has no commercial relations with
Enersis.
Enersis’ stake
(Direct and indirect)
99.73%
Proportion on Enersis’ Assets
2.03%
INVERSIONES
GASATACAMA HOLDING
Company name
Inversiones Gasatacama Holding Limitada
Type of society
Limited Liability Company
TAX ID
76,014,570-K
Address
Miraflores N° 383, 12 floor
Santiago, Chile
Phone
(562) 2366 3800
Company purpose
The company purpose is the following:
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.
Core business
Investment Company
Subscribed and paid-in-capital (Th$)
202,362,770
Regular Directors
Vacant position
Ramiro Alfonsin Balza
José Venegas Maluenda
Sebastian Fernández Cox
Alternate Directors
Alejandro García Chacón
Fernando Prieto Plaza
Paulo Domingues dos Santos
Fernando Gardeweg Ried
Senior Executives
Eduardo Soto Trincado
Executive Officer
Commercial Relations
The company has no commercial relations with
Enersis.
Enersis’ stake
(Direct and indirect)
60.74%
INVERSORA
CODENSA S.A.S.
Company name
Inversora Codensa S.A.S.
Type of society
Simplified Joint Stock Company
Address
Carrera 11 N°82-76, Piso 4
Bogotá, Colombia
Phone
(571) 601 6060
Pablo Vera Pinto
Roberto José Fagan
Alternate Directors
Danierl Martini
María Inés Justo Borga
Fernando Claudio Antognazza
Raúl Angel Rodríguez
Gerardo Zmijak
Jorge Peña
Business relations
The company has no commercial relations with
Enersis.
Subscribed and paid-in capital (Th$)
1,118
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
Enersis’ stake
(Direct and indirect)
57.14%
LUZ ANDES
Company name
Luz Andes Limitada
Type of society
Limited Liability Company
services.
Core business
Investment Company.
Legal Representative
David Felipe Acosta Correa
Business relations
The company has no commercial relations with
Enersis.
Enersis’ stake
(Direct and indirect)
48.39% - No variation
INVERSORA DOCK SUD
S.A.
Company name
Inversora Dock Sud S.A.
Type of society
Limited Liability Company
Address
Avenida Debenedetti 1636 Dock Sud Avellaneda
Phone
4229-1000
Subscribed and paid-in capital (Th$)
43,801,868
Corporate purpose
The corporate purpose of the company is the
participation in companies of any nature, by
means of creating shareholding companies,
transitory company ventures, collaboration
groups, joint ventures, consortiums and any other
kind of association, and in general, the purchase,
sale and negotiation of titles, shares and all other
kind of securities and credit papers in any of the
systems or modes created or to be created.
Core business
Investment Company
Regular Directors
Mauricio Bezzeccheri
Gaetano Salierno
Héctor Martín Mandarano
Alejandro Héctor Fernández
TAX ID
96,800,460-3
Address
Santa Rosa 76
Santiago, Chile
Phone
(56 2) 2634 6310
Subscribed and paid-in capital (Th$)
1,224
Corporate purpose
Distribution and sale of electricity, and sale of
home, sports, entertainment and computers
appliances.
Core business
Electricity distribution.
Pooled administration
Claudio Inzunza Diaz
Jaime Manriquez Kemp
Senior Executives
Claudio Inzunza Díaz
Executive Officer
Business relations
(i) Contract for services provision by Enersis:
Procurement Integral Services: 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
Identification of the Subsidiaries and Associates Companies
305
PEHUENCHE
Company name
Empresa Eléctrica Pehuenche S.A.
Type of society
Publicly Traded Company
TAX ID
96,504,980-0
Address
Santa Rosa 76
Santiago, Chile
Phone
(562) 2630 9000
Subscribed and paid-in capital (Th$)
200,319,021
Corporate purpose
Generation, transmission, distribution and supply
of electricity, for which it may acquire and use the
respective concessions, permits and rights.
Core business
Electricity generation.
Board of Directors
Ramiro Alfonsín Balza (Chairman)
Luis Ignacio Qiñones Sotomayor (Vice Chairman)
Jorge Burlando Bonino
Claudio Helfmann Soto
Fernando Vallejos Reyes
Senior Executives
Carlo Carvallo Artigas
Executive Officer
Business relations
Services provision agreement by Enersis on
Communication, Global Services, Human
Resources’ Management and Equity
Management. Price: Monthly amount expressed
in UF.
Enersis’ stake
(Direct and indirect)
55.57% - No variation
PROGAS
Company name
Progas S.A.
Type of society
Limited Liability Company
TAX ID
77,625,850-4
Address
Avenida Isidora Goyenechea 3365, 8th floor
Santiago, Chile
Phone
(562) 2366 3800
Subscribed and paid-in capital (Th$)
1,154
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
aforementioned purposes.
Alberto Rica
José Luis Marinelli
Senior Executives
Francisco Cerar
Gerente General
Core business
Gas supply
Board of Directors
Alex Díaz Sanzana
Juan Oliva Vásquez
Ricardo Santibañez Zamorano
Senior Executives
Valter Moro
Executive Officer
Business relations
The company has no commercial relations with
Enersis.
Enersis’ stake
(Direct and indirect)
60.74%
SACME
Company name
Sacme S.A.
Type of society
Limited Liability Company
Address
Avda, España 3251
Buenos Aires, Argentina
Phone
(5411) 4361 5107
Subscribed and paid-in capital (Argentinean
Pesos)
1,569
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.
Regular Directors
Roberto De Antoni
Leandro Ostuni
Daniel Flaks
Eduardo Maggi
Directores suplentes
Fabio Canosa
Leonardo Lintura
Business relations
The company has no commercial relations with
Enersis.
Enersis’ stake
(Direct and indirect)
35.81%
SERVICIOS
INFORMÁTICOS E
INMOBILIARIOS LTDA.
Company name
Servicios Informáticos e Inmobiliarios Limitada
Type of society
Limited Liability Company
TAX ID
76,107,186-6
Address
Santa Rosa 76, piso 9
Santiago, Chile
Phone
(562) 2353 4606
Subscribed and paid-in capital (Th$)
61,948,674
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
306
2015 Annual Report Enersis
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
Executive Officer and Trustee Administrator
Francisco Javier Galán
Ángel Barrios Romo
Andrés Salas Estrades
Business 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 on Enersis’ Assets
0.13%
SOCIEDAD PORTUARIA
CENTRAL CARTAGENA
Company name
Sociedad Portuaria Central Cartagena S.A.
Type of society
Publicly Traded Compnay
Address
Carrera 13 A Nº 93-,66, 2nd floor
Bogotá, D.C. Colombia
Subscribed and paid-in capital (Th$)
1,297
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, is according to the law, among others.
Regular Directors
Bruno Riga
Juan Manuel Pardo
Leonardo López Vergara
Alternate Directors
Fernando Gutiérrez Medina
Alba Lucía Salcedo
Luís Fernando Salamanca
Senior Executives
Fernando Gutiérrez Medina
Executive Officer
Business relations
The company has no commercial relations with
Enersis.
Enersis’ stake
(Direct and indirect)
38.19%
SOUTHERN CONE POWER
ARGENTINA
Company name
Southern Cone Power Argentina S.A.
Type of society
Publicly Traded Company
Address
Avda, España 3301
Buenos Aires, Argentina
Phone
(54 11) 4307 3040
Subscribed and paid-in capital (Th$)
23,570
Corporate purpose
Wholesale trading of electricity generated
by third parties and to be consumed by third
parties. Likewise, the company may also
hold participations in companies dedicated to
electricity generation.
Core business
Investment Company
Regular Directors
Mauricio Bezzeccheri (Chairman)
Gaetano Salierno (Vice Chairman)
María Inés Justo
Alternate Directors
Fernando Claudio Antognazza
Business relations
The company has no commercial relations with
Enersis.
Enersis’ stake
(Direct and indirect)
60.01%
TERMOELÉCTRICA JOSÉ
DE SAN MARTÍN
Company name
Termoeléctrica José de San Martín S.A.
Type of society
Publicly Traded Company
Address
Elvia Rawson de Dellepiane 150, 9th floor
Buenos Aires, Argentina
Phone
(54 11) 4117-1011/1041
Subscribed and paid-in capital (Th$)
27,407
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).
Regular Directors
José María Vázquez
Claudio O, Majul
Roberto Fagan
Fernando Claudio Antognazza
Patricio Testorelli (resigned)
Martín Genesio
Gerardo Carlos Paz
José Manuel Tierno
Jorge Ravlich
Alternate Directors
Adrián Gustavo Salvatore
Leonardo Pablo Katz
María Inés Justo
Fernando Carlos Luis Boggini
Iván Durontó
Emiliano Chaparro
Luís Agustín León Longobardo
Sergio Raúl Sánchez
Rodrigo García
Senior Executives
Ricardo Arakaki
Executive Officer
Business relations
The company has no commercial relations with
Enersis.
Enersis’ stake
(Direct and indirect)
10.38% - no variation
TERMOELÉCTRICA
MANUEL BELGRANO
Company name
Termoeléctrica Manuel Belgrano S.A.
Type of society
Publicly Traded Company
Address
Suipacha 268, piso 12
Buenos Aires, Argentina
Phone
(5411) 3 221 7950
Subscribed and paid-in capital (Th$)
27,407
Corporate purpose
The company’s purpose is the generation of
electricity and its block trading, and particularly
the management of the equipment, construction,
operation and maintenance of a thermal plant in
accordance with the “Definitive agreement for
the management and operation of the projects
for the re-adaptation of the MEM in the terms
of Resolution SE N° 1427/2004”, approved by
Resolution SE N° 1193/2005.
Identification of the Subsidiaries and Associates Companies
307
Core business
Managment services (purchase of equipment,
construction, operation and maintenance of a
thermal power plant).
Electricity Generation.
Maria Inés Justo
Maria Victoria Ramírez
Senior Executives
Sandro Ariel Rollan
Executive Officer
Regular Directors
Martín Genesio
Emiliano Chaparro
Adrián Gustavo Salvatore
José María Vásquez
Fernando Claudio Antognazza
Roberto José Fagan
Gerardo Carlos Paz
José Manuel Tierno
Jorge Ravlich
Alternate Directors
Rodrigo Leonardo García
María Inés Justo
Fernando Carlos Luis Boggini
Leonardo Marinaro
Leonardo Pablo Katz
Guillermo Giraudo
Julián Mc Loughlin
Luis Agustín León Longobardo
Sergio Raúl Sánchez
Senior Executives
Gabriel Omar Ures
Executive Officer
Business relations
The company has no commercial relations with
Enersis.
Enersis’ stake
(Direct and indirect)
10.38% - no variation
TESA
Company name
Transportadora de Energía S.A.
Type of society
Publicly Traded Company
Address
Bartolomé Mitre 797, 11th floor
Buenos Aires, Argentina
Phone
(5411) 4394 1161
Subscribed and paid-in-capital (Th$)
5,481
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.
Directors
Juan Carlos Blanco (Vice Chairman)
Fernando Boggini
Maurizio Bezzeccheri (Chairman)
Alternate Directors
Fernando Antognazza
Business relations
The company has no commercial relations with
Enersis.
Enersis’ stake
(Direct and indirect)
84.38%
TRANSQUILLOTA
Company name
Transmisora Eléctrica de Quillota Ltda.
Type of society
Limited Liability Company
TAX ID
77,017,930-0
Address
Route 60, km 25, Lo Venecia, District Quillota.
Valparaíso Region, Chile
Phone
(562) 2630 9000
Subscribed and paid-in capital (Th$)
4,404,446
Corporate purpose
Transmission, distribution and supply of
electricity, on its own account or through third
parties.
Core business
Electricity transmission.
Regular Representatives
Vacant position
Ricardo Santibañez Zamorano
Juan Eduardo Vásquez Moya
Mauricio Cabello
Alternate Representatives
Ricardo Sáez Sánchez
Vacant position
Italo Cuneo
Business relations
The company has no commercial relations with
Enersis.
Enersis’ stake
(Direct and indirect)
30.75% - No variation
YACYLEC S.A.
Company name
Yacylec S.A.
Type of society
Limited Liability Company
Address
Bartolomé Mitre 797, 11º floor;
Buenos Aires, Argentina
Phone
(5411) 4587 4322/4585
Subscribed and paid-in capital (Th$)
1,096,262
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
Electricity transmission.
Regular Directors
Gaetano Salierno (Chairman)
Maurizio Bezzeccheri
Maria Inés Justo
Gerardo Ferreyra
Osvaldo Acosta
Guillermo Díaz
Eduardo Albarracín
Miguel Angel Sosa
Luis Juan B. Piatti
Juan Manuel Pereyra
Sandro Ariel Rollan
Marisa Varela
Jorge Neira Toba
Alternate Directors
Carlos Bergoglio
Maria Inés Justo
Fernando Antognazza
Gianfranco Catrini
Massimo Villa
Roberto Leonardo Maffioli
Darío Ballaré
Fernando Boggini
Robert Ortega
Alberto E. Verra
Ejecutivos principales
Sandro Ariel Rollan
Executive Officer
Business relations
The company has no commercial relations with
Enersis.
Enersis’ stake
(Direct and indirect)
22.22%
Proportion on Enersis’ Assets
0.02%
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 regards to the 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.
308
2015 Annual Report Enersis
Identification of the Subsidiaries and Associates Companies
309
Declaration of Responsibility Statement
of Responsibility
The Directors of Enersis Américas S.A. (formerly Enersis S.A.) and its Executive Officer, signatories
of this statement, are responsible under oath of the veracity of the information provided in this
Annual Report, in compliance with the General Norm N°30, issued by the Superintendency of
Securities and Insurances.
Francisco de Borja Acha Besga
CHAIRMAN
DNI: 05-263174-S
Francesco Starace ,
VICECHAIRMAN
Pasaporte: YA 5358349
Hernan Guillermo Somerville Senn
Director
Rut: 4,132,185-7
Alberto De Paoli
Director
Pasaporte: YA 4226864
Francesca Di Carlo
Director
Pasaporte: AA 2224406
Rafael Fernández Morandé
Director
Rut: 6,429,250-1
Herman Chadwick Piñera
Director
Rut: 4,975,992-4
Luca D’Agnese
Chief Executive Officer
Rut: 24,910,349-7
Consolidated Financial
Statements
316
2015 Annual Report Enersis
317
Consolidated Financial Statements 318
2015 Annual Report Enersis
Report of Independent Registered
Public Accounting Firm
319
Consolidated Financial Statements 320
2015 Annual Report Enersis
321
Consolidated Financial Statements Consolidated Statements of Financial Position
At December 31, 2015 and 2014
(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 disposal groups held for sale or for distribution to
owners
TOTAL CURRENT 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 NON-CURRENT ASSETS
Note
12-31-2015
ThCh$
12-31-2014
ThCh$
8
9
10
11
12
13
9
10
11
14
15
16
17
18
19
1,185,163,344
68,262,446
101,989,057
1,088,131,567
3,566,930
95,057,897
47,454,588
1,704,745,491
99,455,403
175,098,112
1,681,686,903
18,441,340
133,520,154
110,572,522
2,589,625,829
3,923,519,925
5,323,935,881
7,978,963
7,913,561,710
3,931,498,888
489,528,204
77,562,708
398,695,864
355,485
30,960,445
981,399,272
444,199,047
5,003,566,633
-
109,325,023
7,535,592,681
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
TOTAL ASSETS
15,449,154,391
15,921,322,316
The accompanying notes are an integral part of these consolidated financial statements
322
2015 Annual Report Enersis
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
Liabilities associated with disposal groups held for sale or for distribution to
owners
TOTAL CURRENT LIABILITIES
Nota
12-31-2015
ThCh$
12-31-2014
ThCh$
20
23
11
24
13
687,873,508
1,452,824,207
109,897,508
127,299,176
142,607,960
39,226,339
421,805,679
2,288,876,950
143,680,622
90,222,684
115,472,313
129,275,589
2,559,728,698
3,189,333,837
5
1,945,652,102
5,488,147
4,505,380,800
3,194,821,984
NON-CURRENT LIABILITIES
Other non-current financial liabilities
Trade and other non-current payables
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
Other reserves
Equity attributable to shareholders of Enersis Américas
Non-controlling interests
20
23
24
19
25
1,847,296,592
283,544,254
183,848,284
231,904,615
187,270,474
20,100,992
2,753,965,211
3,289,097,528
159,385,521
197,243,841
478,361,484
269,930,412
53,262,800
4,447,281,586
7,259,346,011
7,642,103,570
26.1
26.5
26.6
5,804,447,986
3,380,661,523
(3,158,960,224)
6,026,149,285
2,163,659,095
5,804,447,986
3,051,734,445
(2,654,206,384)
6,201,976,047
2,077,242,699
TOTAL EQUITY
8,189,808,380
8,279,218,746
TOTAL LIABILITIES AND EQUITY
15,449,154,391
15,921,322,316
The accompanying notes are an integral part of these consolidated financial statements
323
Consolidated Financial Statements
Consolidated Statements
of Comprehensive Income, by Nature
For the years ended December 31, 2015, 2014 and 2013
(In thousands of Chilean pesos)
STATEMENTS OF PROFIT (LOSS)
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 expenses
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) of associates and joint ventures
accounted for using the equity method
Foreign currency exchange differences
Profit (losses) from indexed assets and liabilities
Income from continuing operations, before taxes
Income tax expenses, continuing operations
INCOME AFTER TAX FROM CONTINUING OPERATIONS
Income after tax from discontinued operations
NET INCOME
Net income attributable to:
Shareholders of Enersis Américas
Non-controlling interests
NET INCOME
Basic earnings per share
Basic earnings per share from continuing operations
Basic earnings per share from discontinued 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 from discontinued operations
Diluted earnings per share
Weighted average number of shares of common stock
(*) See Note 5.1.II.iii
Note
27
27
28
3 a)
3 d.1
29
30
30
31
32
33
33
14
33
33
34
5.1 c)
26.6
2015
ThCh$
4,667,645,310
633,794,268
5,301,439,578
2014
(As adjusted)
(*)ThCh$
4,806,455,737
399,914,051
5,206,369,788
2013
(As adjusted)
(*)ThCh$
3,978,995,352
549,152,517
4,528,147,869
(2,777,201,512)
2,524,238,066
(2,631,669,436)
2,574,700,352
(2,090,267,302)
2,437,880,567
67,101,269
55,770,418
47,134,470
(487,698,147)
(320,542,197)
(39,811,756)
(488,528,749)
1,254,758,486
(389,668,473)
(350,742,750)
(38,329,942)
(463,729,264)
1,388,000,341
(345,568,196)
(315,966,141)
(66,664,976)
(405,747,911)
1,351,067,813
(6,566,225)
294,770,272
(385,455,340)
876,554
251,121,762
(432,314,329)
4,642,268
246,615,814
(325,972,302)
3,332,971
2,560,023
979,875
128,238,047
(9,266,040)
(18,493,594)
(13,630,068)
(28,534,786)
(11,007,801)
1,279,812,171
(523,663,212)
756,148,959
388,320,526
1,144,469,485
1,178,120,689
(430,592,032)
-747,528,657
281,941,071
1,029,469,728
1,237,790,881
(442,455,343)
795,335,538
318,065,208
1,113,400,746
661,586,917
482,882,568
1,144,469,485
610,157,869
419,311,859
1,029,469,728
658,514,150
454,886,596
1,113,400,746
Ch$/Share
Ch$/Share
Ch$/Share
Thousands
8.35
5.13
13.48
49,092,772.76
8.25
4.18
12.43
49,092,772.76
9.49
5.08
14.56
45,218,860.05
Ch$/Share
Ch$/Share
Ch$/Share
Thousands
8.35
5.13
13.48
49,092,772.76
8.25
4.18
12.43
49,092,772.76
9.49
5.08
14.56
45,218,860.05
324
2015 Annual Report Enersis
Consolidated Statements
of Comprehensive Income, by Nature (continued)
For the years ended December 31, 2015, 2014 and 2013
(In thousands of Chilean pesos)
STATEMENTS OF COMPREHENSIVE INCOME
Net Income
Components of other comprehensive income that will
not be reclassified subsequently to profit or loss, before
taxes
Gain (loss) from defined benefit plans
Other comprehensive income that will not be reclassified
subsequently to profit or loss
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 hedge
Adjustments from reclassification of cash flow hedges,
transferred to profit or loss
Other comprehensive income that will be reclassified
subsequently to profit or loss
Components of other comprehensive income, before
taxes
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
Income tax related to components of other
comprehensive income that will not be reclassified
subsequently to profit or loss
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
Income tax related to components of other
comprehensive income that will be reclassified
subsequently to profit or loss
Total Other Comprehensive Income
Note
2015
ThCh$
1,144,469,485
2014
(As adjusted)
ThCh$
1,029,469,728
2013
(As adjusted)
ThCh$
1,113,400,746
25.2.b
(19,027,368)
(36,681,734)
6,351,518
(19,027,368)
(36,681,734)
6,351,518
(644,537,672)
(442,864)
4,370,648
1,849
(76,723,893)
(2,273)
14.1
(552,420)
13,476,871
8,367,223
(155,456,845)
(138,993,868)
(76,144,260)
17,215,453
(6,898,502)
55,283
(783,774,348)
(128,043,002)
(144,447,920)
(802,801,716)
(164,724,736)
(138,096,402)
6,018,363
12,694,514
(2,603,231)
6,018,363
12,694,514
(2,603,231)
36,399,000
(291)
35,887,996
(1,462)
12,332,516
455
36,398,709
35,886,534
12,332,971
(760,384,644)
(116,143,688)
(128,366,662)
TOTAL COMPREHENSIVE INCOME
384,084,841
913,326,040
985,034,084
Comprehensive income attributable to:
Shareholders of Enersis Américas
Non-controlling interests
TOTAL COMPREHENSIVE INCOME
145,175,235
238,909,606
384,084,841
562,566,774
350,759,266
913,326,040
577,348,684
407,685,400
985,034,084
The accompanying notes are an integral part of these consolidated financial statements
325
Consolidated Financial Statements Consolidated Statements of Changes in Equity
For the years ended December 31, 2015, 2014 and 2013
(In thousands of Chilean pesos)
Statements of Changes in Equity
Issued Capital
Share
Premium
Reserve for
Exchange
Differences in
Translation
Reserve for
Cash Flow
Hedges
Reserve for
Gains and
Losses for
Defined
Benefit Plans
Reserve for
Gains and
Losses on
Available- for-
Sale Financial
Assets
Remeasuring
Miscellaneous
Other
Reserves
Changes in Other Reserves
Amounts recognized in other
comprehensive income and
accumulated in equity related
to non-current assets or
groups of assets for disposal
classified as held for sale
Other
Reserves
Retained
Earnings
Equity
Attributable to
Shareholders
of Enersis
Américas
Non-controlling
Interests
Total Equity
Equity at beginning of period 1/1/2015
Changes in equity
Comprehensive income:
Profit (loss)
Other comprehensive income
Comprehensive income
Dividends
Increase (decrease) from other changes
Total changes in equity
Equity at end of period 12/31/2015
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
(442,819,275)
(60,939,077)
(12,152,091)
(166,950)
(334,289)
-
(516,411,682)
(516,411,682)
(243,972,962)
(760,384,644)
661,586,917
661,586,917
482,882,568 1,144,469,485
145,175,235
238,909,606
384,084,841
(320,507,748)
(320,507,748)
(151,308,255)
(471,816,003)
-
-
5,804,447,986
-
-
-
(12,423,692)
(455,242,967)
(420,088,093)
121,503,052
60,563,975
(8,840,702)
12,152,091
-
-
(14,835)
(8,231,102)
(181,785)
(8,565,391)
(167,739) (2,628,536,018)
(101,327,672)
11,657,842
(12,152,091)
(494,249)
(1,184,955)
(1,679,204)
(101,327,672)
(504,753,840)
328,927,078
(175,826,762)
86,416,396
(89,410,366)
(101,327,672)(3,158,960,224) 3,380,661,523 6,026,149,285
2,163,659,095 8,189,808,380
Statements of Changes in Equity
Issued Capital
Share
Premium
Reserve for
Exchange
Differences in
Translation
Reserve for
Cash Flow
Hedges
Reserve for
Gains and
Losses for
Defined
Benefit Plans
Reserve for
Gains and
Losses on
Available- for-
Sale Financial
Assets
Remeasuring
Miscellaneous
Other
Reserves
Changes in Other Reserves
Amounts recognized in other
comprehensive income and
accumulated in equity related
to non-current assets or
groups of assets for disposal
classified as held for sale
Other
Reserves
Retained
Earnings
Equity
Attributable to
Shareholders
of Enersis
Américas
Non-controlling
Interests
Total 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 ownership
interests in subsidiaries that do not result in loss
of control
Total changes in equity
Equity at end of period 12/31/2014
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
29,929,142
(66,317,951)
(19,023,003)
2,235
7,818,482
-
(47,591,095)
(47,591,095)
(68,552,593)
(116,143,688)
135,167,261
(158,759,648)
-
-
19,023,003
61,247,748
(177,630,735)
-
(36,764,054)
(129,008,863)
(306,639,598)
135,167,261
5,804,447,986
(158,759,648)
-
91,176,890
35,154,874
(66,317,951)
(69,404,677)
-
-
2,235
(205,947,141)
14,046 (2,619,970,627)
-
(181,085,967)
238,100,148
33,421,794
(261,667,909)
(228,246,115)
- (2,654,206,384) 3,051,734,445 6,201,976,047
2,077,242,699 8,279,218,746
610,157,869
610,157,869
419,311,859 1,029,469,728
562,566,774
350,759,266
913,326,040
(314,750,191)
(314,750,191)
(459,728,319)
(774,478,510)
44,135,863
(57,307,530)
(36,764,054)
(23,689,993)
(60,454,047)
Statements of Changes in Equity
Issued Capital
Share
Premium
Reserve for
Exchange
Differences in
Translation
Reserve for
Cash Flow
Hedges
Reserve for
Gains and
Losses for
Defined
Benefit Plans
Reserve for
Gains and
Losses on
Available- for-
Sale Financial
Assets
Remeasuring
Miscellaneous
Other
Reserves
Changes in Other Reserves
Amounts recognized in other
comprehensive income and
accumulated in equity related
to non-current assets or
groups of assets for disposal
classified as held for sale
Other
Reserves
Retained
Earnings
Equity
Attributable to
Shareholders
of Enersis
Américas
Non-controlling
Interests
Total Equity
Equity at beginning of period 1/1/2014
Changes in equity
Comprehensive income:
Profit (loss)
Other comprehensive income
Comprehensive income
Issue of equity
Dividends
Increase (decrease) from other changes
Increase (decrease) from changes in ownership
interests in subsidiaries that do not result in loss
of control
Total changes in equity
Equity at end of period 12/31/2014
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
(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)
658,514,150
658,514,150
454,886,596 1,113,400,746
(81,165,466)
577,348,684
(47,201,196)
(128,366,662)
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)
67,150,086
6,865,655
72,555,238
(910,579)
71,644,659
41,885,724
(947,982,284)
-
(947,982,284)
(744,631,576) (1,692,613,860)
2,844,397,890
5,669,280,725
-
158,759,648
(15,301,957)
(56,022,016)
(30,680,754)
(3,086,726)
-
-
(1,836)
(916,013,117)
11,811 (2,414,023,486)
(961,997,664)
392,355,456 2,274,755,682
(725,497,866)
1,549,257,816
- (2,473,120,417) 2,813,634,297 6,168,554,253
2,338,910,608 8,507,464,861
-
25,112,860
(238,878,483)
-
74,015,741
(989,868,008)
-
-
-
-
-
326
2015 Annual Report Enersis
Statements of Changes in Equity
Issued Capital
Share
Premium
Reserve for
Exchange
Differences in
Translation
Reserve for
Cash Flow
Hedges
Reserve for
Gains and
Losses for
Defined
Benefit Plans
Equity at beginning of period 1/1/2015
5,804,447,986
-
35,154,874
(69,404,677)
Reserve for
Gains and
Losses on
Remeasuring
Available- for-
Sale Financial
Assets
14,046 (2,619,970,627)
Other
Miscellaneous
Reserves
Changes in Other Reserves
Amounts recognized in other
comprehensive income and
accumulated in equity related
to non-current assets or
groups of assets for disposal
classified as held for sale
Other
Reserves
Retained
Earnings
Equity
Attributable to
Shareholders
of Enersis
Américas
Non-controlling
Interests
Total Equity
- (2,654,206,384) 3,051,734,445 6,201,976,047
2,077,242,699 8,279,218,746
Changes in equity
Comprehensive income:
Profit (loss)
Other comprehensive income
Comprehensive income
Dividends
Increase (decrease) from other changes
Total changes in equity
Equity at end of period 12/31/2015
5,804,447,986
-
-
-
-
-
(12,423,692)
121,503,052
12,152,091
(455,242,967)
60,563,975
(420,088,093)
(8,840,702)
(8,231,102)
(14,835)
(181,785)
(8,565,391)
(167,739) (2,628,536,018)
(442,819,275)
(60,939,077)
(12,152,091)
(166,950)
(334,289)
-
661,586,917
(516,411,682)
661,586,917
(516,411,682)
145,175,235
(320,507,748)
(101,327,672)
(494,249)
(101,327,672)
(175,826,762)
(101,327,672)(3,158,960,224) 3,380,661,523 6,026,149,285
(320,507,748)
(12,152,091)
328,927,078
11,657,842
(504,753,840)
482,882,568 1,144,469,485
(760,384,644)
384,084,841
(471,816,003)
(1,679,204)
(89,410,366)
2,163,659,095 8,189,808,380
(243,972,962)
238,909,606
(151,308,255)
(1,184,955)
86,416,396
Reserve for
Gains and
Losses on
Remeasuring
Available- for-
Sale Financial
Assets
11,811 (2,414,023,486)
Other
Miscellaneous
Reserves
Changes in Other Reserves
Amounts recognized in other
comprehensive income and
accumulated in equity related
to non-current assets or
groups of assets for disposal
classified as held for sale
Other
Reserves
Retained
Earnings
Equity
Attributable to
Shareholders
of Enersis
Américas
Non-controlling
Interests
Total Equity
- (2,473,120,417) 2,813,634,297 6,168,554,253
2,338,910,608 8,507,464,861
29,929,142
(66,317,951)
(19,023,003)
2,235
7,818,482
-
(47,591,095)
610,157,869
Statements of Changes in Equity
Issued Capital
Share
Premium
Reserve for
Exchange
Differences in
Translation
Reserve for
Cash Flow
Hedges
Reserve for
Gains and
Losses for
Defined
Benefit Plans
Equity at beginning of period 1/1/2014
5,669,280,725
158,759,648
(56,022,016)
(3,086,726)
-
Changes in equity
Comprehensive income:
Profit (loss)
Other comprehensive income
Comprehensive income
Dividends
Increase (decrease) from changes in ownership
interests in subsidiaries that do not result in loss
of control
Total changes in equity
Increase (decrease) from other changes
135,167,261
(158,759,648)
-
-
19,023,003
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)
61,247,748
Statements of Changes in Equity
Issued Capital
Share
Premium
Reserve for
Exchange
Differences in
Translation
Reserve for
Cash Flow
Hedges
Reserve for
Gains and
Losses for
Defined
Benefit Plans
Equity at beginning of period 1/1/2014
2,824,882,835
158,759,648
(40,720,059)
27,594,028
-
Changes in equity
Comprehensive income:
Profit (loss)
Other comprehensive income
Comprehensive income
Issue of equity
Dividends
Increase (decrease) from changes in ownership
interests in subsidiaries that do not result in loss
of control
Total changes in equity
Increase (decrease) from other changes
-
(1,460,503)
-
-
(6,865,655)
2,844,397,890
1,460,503
41,885,724
Equity at end of period 12/31/2014
5,669,280,725
158,759,648
(56,022,016)
(3,086,726)
2,844,397,890
-
(15,301,957)
(30,680,754)
-
-
-
-
-
-
-
-
25,112,860
(238,878,483)
2,235
(205,947,141)
14,046 (2,619,970,627)
Reserve for
Gains and
Losses on
Remeasuring
Available- for-
Sale Financial
Assets
13,647 (1,498,010,369)
Other
Miscellaneous
Reserves
-
74,015,741
(989,868,008)
(1,836)
(916,013,117)
11,811 (2,414,023,486)
-
-
-
-
44,135,863
(314,750,191)
(57,307,530)
610,157,869
(47,591,095)
562,566,774
(314,750,191)
(36,764,054)
419,311,859 1,029,469,728
(116,143,688)
(68,552,593)
913,326,040
350,759,266
(774,478,510)
(459,728,319)
(60,454,047)
(23,689,993)
(177,630,735)
-
(36,764,054)
(129,008,863)
(306,639,598)
(181,085,967)
33,421,794
-
- (2,654,206,384) 3,051,734,445 6,201,976,047
238,100,148
(261,667,909)
(228,246,115)
2,077,242,699 8,279,218,746
Changes in Other Reserves
Amounts recognized in other
comprehensive income and
accumulated in equity related
to non-current assets or
groups of assets for disposal
classified as held for sale
Other
Reserves
Retained
Earnings
Equity
Attributable to
Shareholders
of Enersis
Américas
Non-controlling
Interests
Total Equity
- (1,511,122,753) 2,421,278,841 3,893,798,571
3,064,408,474 6,958,207,045
658,514,150
658,514,150
(81,165,466)
577,348,684
- 2,845,858,393
(273,024,349)
72,555,238
454,886,596 1,113,400,746
(128,366,662)
(47,201,196)
985,034,084
407,685,400
2,845,858,393
(660,665,460)
71,644,659
(387,641,111)
(910,579)
67,150,086
(273,024,349)
6,865,655
(947,982,284)
-
(947,982,284)
(744,631,576) (1,692,613,860)
(961,997,664)
392,355,456 2,274,755,682
-
- (2,473,120,417) 2,813,634,297 6,168,554,253
(725,497,866)
1,549,257,816
2,338,910,608 8,507,464,861
327
(57,187,681)
(30,680,754)
6,865,655
(1,836)
(160,850)
-
(81,165,466)
Consolidated Financial Statements Consolidated Statements of Cash Flow, Direct
For the years ended December 31, 2015, 2014 and 2013
(In thousands of Chilean pesos)
Statements of Direct Cash Flow
Note
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
Net cash flows from operating activities
Cash flow from (used in) investing activities
January - December
2014
2013
2015
ThCh$
ThCh$
ThCh$
8,983,646,820 7,786,425,908 6,946,352,718
40,395,210
53,736,441
92,757,838
24,800,978
20,348,278
74,183,266
593,726,467
793,806,980
503,343,750
(4,875,217,622)
(554,559,784)
(4,395,777,186)
(482,784,407)
(3,690,576,400)
(448,354,032)
(14,484,698)
(15,147,534)
(5,782,311)
(1,572,807,177)
(1,418,097,022)
(1,176,355,154)
(381,648,502)
(428,343,722)
(451,694,741)
(250,354,851)
(212,945,529)
(216,129,742)
1,923,450,602 1,698,037,994 1,700,975,644
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 from 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
Net cash flows used in investing activities
8.e
8.c
6,639,653
40,861,571
-
(37,654,762)
-
-
395,810,811 1,126,402,278
871,863,989
(353,112,647)
(480,297,836)
(1,433,536,193)
(2,550,000)
-
49,916
(1,090,624,099)
(271,937,266)
1,729,727
-
(6,888,344)
17,266,466
-
11,313,451
58,724,646
(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
(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
18,278,638
44,220,761
(1,891,436)
(1,215,299,048)
(299,686,990)
(1,223,887,089)
328
2015 Annual Report Enersis
Statements of Direct Cash Flow
Note
Cash flows from (used in) financing activities
Proceeds from issuing shares
Payments from changes in ownership interests in subsidiaries that
do not result in loss of control
Total proceeds from loans
Proceeds from long-term loans
Proceeds from short-term loans
Loans to related companies
Payment on borrowings
Payments on financial lease liabilities
Payments on loans to related companies
Dividends paid
Interest paid
Other outflows of cash
January - December
2014
2013
2015
ThCh$
ThCh$
ThCh$
-
8,783,766
1,130,817,519
(2,374,346)
(385,132,160)
-
475,558,223
105,645,839
369,912,384
-
(614,937,402)
(19,737,180)
-
(612,045,894)
(266,756,065)
(19,921,715)
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)
Net cash flows from (used in) financing activities
(1,060,214,379) (1,283,459,663)
336,765,356
Net increase (decrease) in cash and cash equivalents before effect of
exchange rate changes
(352,062,825)
114,891,341
813,853,911
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)
(23,287,179)
(375,350,004)
98,387,624
1,704,775,193 1,606,387,569
1,329,425,189 1,704,775,193
(23,298,403)
790,555,508
815,832,061
1,606,387,569
8.d
8.d
329
Consolidated Financial Statements
Consolidated Financial
Statements
for the Year Ended December 31, 2015 and 2014
(In thousands of Chilean pesos)
1. The Group’s Activities and Financial
Statements
Enersis Américas S.A. (former Enersis S.A.) (hereinafter “the Parent Company” or “the Company”) and its
subsidiaries comprise the Enersis Américas Group (hereinafter “Enersis Américas Group” or “the Group”).
Enersis Américas 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). The Company’s shares have been listed on the New York Stock
Exchange since 1993.
Enersis Américas 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. On February 1, 2016, as part of the reorganization process carried out by the Group (See Notes
5.1 and 41), the Company by amending its by-laws, has changed its corporate name to Enersis Américas S.A.
For tax purposes, the Company operates under Chilean tax identification number 94,271,000-3.
As of December 31, 2015, the Group had 12,202 employees. During the 2015 fiscal year, the Group averaged a
total of 12,348 employees. See Note 37 for additional information regarding employee distribution by category
and geographic location.
Enersis Américas’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.
330
2015 Annual Report Enersis
Enersis Américas’s 2014 consolidated financial statements were approved by the Board of Directors at meeting
held on April 29, 2015. The consolidated financial statements were then submitted to the consideration of
a General Shareholders´ Meeting held on April 28, 2015, which finally approved the consolidated financial
statements.
These consolidated financial statements are presented in thousands of Chilean pesos (unless otherwise
stated), as the Chilean peso is the functional currency of the Company. Foreign operations are incorporated in
accordance with the accounting policies stated in Notes 2.6 and 3.n.
2. Basis of presentation of the
consolidated financial statements
2.1 Accounting principles
The December 31, 2015 consolidated financial statements of Enersis Américas, approved by the Company’s
Board of Directors at its meeting held on February 26, 2016, have been prepared in accordance with the
instructions and standards issued by SVS, wich comprise International Financial Reporting Standards (IFRS)
as issued by the International Accounting Standards Board (IASB) and specific instructions issued by the SVS.
On October 17, 2014, through issuance of Official Resolution No. 856, the SVS instructed its supervised
entities to recognize directly in equity the fluctuations in deferred tax assets and liabilities originated as a result
of the direct effect of increasing the income tax rate as stated in Law 20,780. Such instructions from the SVS
are the only exception from compliance with IFRS and the accounting effects deriving from this instruction
were recognized at September 30, 2014 (See Note 3.p and 19.c).
The application of Official Resolution No. 856 from the SVS has changed the financial statements preparation
and presentation framework as used by Enersis Américas from the financial year 2014, as the previous
framework (IFRS) is required to be adopted in an integral, explicit and unreserved manner.
Although it consolidated as of December 31, 2015 and 2014 financial statements were prepared on the
same basis of accounting (instructions and regulations issued by the SVS), the consolidated statements
of comprehensive income and consolidated statements of changes in equity for the years ended on those
dates, as regards the registration of differences of assets and liabilities for deferred taxes are not according to
comparative explained in the preceding paragraphs.
These consolidated financial statements present fairly the financial position of Enersis Américas and its
subsidiaries as of December 31, 2015 and 2014, as well as the results of operations, the changes in equity,
and the cash flows for the years ended December 31, 2015, 2014 and 2013.
These consolidated financial statements voluntarily present figures for 2013 in the consolidated statement of
comprehensive income, consolidated statement of cash flow, consolidated statement of changes in net equity
and the related notes.
331
Consolidated Financial Statements These consolidated financial statements have been prepared under going concern assumptions on a historical
cost basis except for, in accordance with IFRS, those assets and liabilities that are measured at fair value and
those non-current assets and disposal groups held for sale, which are recognized at their carrying amount or
fair value less cost of disposal, 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 SVS instructions.
2.2 New accounting pronouncements
a) Accounting pronouncements effective from January 1, 2015:
Standards, Interpretations and Amendments
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.
Mandatory Application
for:
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.
The amendments and improvements to standards, which came into effect on January 1, 2015, had no effect
on the consolidated financial statements of Enersis Américas and its subsidiaries.
b) Accounting pronouncements in effect from January 1, 2016 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
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.
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.
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.
332
2015 Annual Report Enersis
Standards, Interpretations and Amendments
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.
Amendment to IAS 27: Equity Method in Separate Financial Statements
This amendment 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 amendment 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.
Mandatory Application
for:
Annual periods beginning on or
after January 1, 2016.
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
improvements 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.
IFRS 9: Financial Instruments
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 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).
IFRS 16: Leases
This new standard provides a definition of a lease contract and specifies the accounting
treatment for the assets and liabilities originated under those contracts from both
lessor and lessee perspective. Lessor accounting remains largely unchanged from
its predecessor IAS 17, Leases. However, for lessee accounting, the new standard
requires recognition of a right of use assets and a corresponding liability, similar to
finance lease accounting under IAS 17, for most lease contracts.
Annual periods beginning on or
after January 1, 2018.
Annual periods beginning on or
after January 1, 2018.
Annual periods beginning on or
after January 1, 2019.
The Group is assessing the impact of applying IFRS 9, IFRS 15 and IFRS 16 upon effective application. In
Management’s opinion, the future application of the other standards and amendments is not expected to have
a significant effect on the consolidated financial statements of Enersis Américas and its subsidiaries.
333
Consolidated Financial Statements 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 all IFRS principles and standards, 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
recognized in these consolidated financial statements.
The most important areas were critical judgment was required are:
•
In a service concession agreement, the decision as to whether a grantor controls or regulates which
services the operator should provide, to whom and at what price. These are essential factors 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 inputs used to measure assets and liabilities 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 increases, 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).
• 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 recognized in the financial statements (see Appendix 7.2).
• 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).
334
2015 Annual Report Enersis
• 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 an entity
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 judgment or estimation change in the corresponding future consolidated financial statements.
2.4 Subsidiaries
Subsidiaries are defined as those entities controlled either, directly or indirectly, by Enersis Américas. Control
is exercised if, and only if, the following conditions are met: Enersis Américas has i) power over the subsidiary;
ii) exposure or rights to variable returns from these entities; and iii) the ability to use its power to influence the
amount of these returns.
Enersis Américas 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 the practical ability to direct the entities’ relevant
activities, that is, the activities that significantly affect the subsidiary’s results.
The Group will reassess whether or not it controls a subsidiary if the facts and circumstances indicate that
there are changes to one or more of the three elements of control listed above.
Appendix 1. “Enersis Américas Group Entities” to these consolidated financial statements describes the
relationship of Enersis Américas with each of its subsidiaries.
2.4.1 Changes in the scope of consolidation
On January 9, 2015, our subsidiary Empresa Nacional de Electricidad S.A. (Endesa Chile S.A.), sold all the
shares owned in Sociedad Concesionaria Túnel El Melón S.A. for ThCh$25,000,000.
The elimination of Sociedad Concesionaria Túnel El Melón S.A. from Enersis Américas Group’s scope of
consolidation caused a decrease in the consolidated statement of financial position of ThCh$871,022 in current
assets, ThCh$7,107,941 in non-current assets, ThCh$3,698,444 in current liabilities and ThCh$1,789,703 in
non-current liabilities.
On December 30, 2014, Inmobiliaria Manso de Velasco Ltda, a subsidiary of Enersis Américas, completed
the sale of all of its direct and indirect ownership interest 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.
335
Consolidated Financial Statements The elimination of Maitenes S.A. and Aguas Santiago Poniente S.A. from the Enersis Américas Group’s scope
of consolidation caused 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
Américas 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 6).
Pursuant to 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 incorporation of GasAtacama Holding Limitada into the Enersis Américas Group’s scope of consolidation
caused 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.
As of December 31, 2015, GasAtacama’s assets and liabilities have been reclassified as assets held for
distribution to owners. Likewise, its results of operations for the years 2015, 2014 and 2013 have been
classified as discontinued operations (See note 3.k and 5.1).
2.4.2 Consolidated companies with an ownership
interest of less than 50%
Although the Group holds, directly or indirectly, 48.48% equity interest in the companies Comercializadora de
Energía S.A. (Codensa) and Empresa Generadora de Energía Eléctrica S.A. (Emgesa), they are considered as
subsidiaries since Enersis Américas 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 Unconsolidated companies with an ownership
interest of more than 50%
Although the Enersis Américas Group holds more than a 50% equity 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.
As of December 31, 2015, Aysén’s assets and liabilities have been reclassified as assets held for distribution
to owners. Likewise, its results of operations for the years 2015, 2014 and 2013 have been reclassified as
discontinued operations (See note 3.k and 5.1).
336
2015 Annual Report Enersis
2.5 Investments in associates and joint
arrangements
Associates are those in which Enersis Américas, either directly or indirectly, exercises significant influence.
Significant influence is the power to participate in the financial and operational policy decisions of the associate
but is not control or joint control over those policies. In general, significant influence is presumed to be those
cases in which the Group has an ownership interest of more than 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 ventures: an agreement whereby the parties exercising joint control have rights to the entity’s net
assets.
• Joint operation: an agreement whereby the parties exercising joint control have rights to the assets and
obligations with respect to the liabilities relating to the arrangement. Currently, Enersis Américas does not
have any joint arrangements that qualify as joint operations.
Appendix 3. “Associated Companies and Joint Ventures” to these consolidated financial statements describes
the relationship of Enersis Américas 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 intragroup transactions
have been made.
The comprehensive income of subsidiaries is included in the consolidated comprehensive income statement
from the date when the parent company obtains control of the subsidiary and 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 obtains 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
interests 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 reassessing 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.
337
Consolidated Financial Statements For each business combination, the Group chooses whether to measure the non-controlling interests in an
acquired company at fair value or at the proportional share of the net identifiable assets acquired.
If the fair value of all assets acquired and liabilities assumed at the acquisition date has not been completed,
the Group reports the provisional values recorded. During the measurement period, which shall 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 achieved in stages, the fair value of the equity interest previously held in the
acquired company’s equity is measured on the date of acquisition and any gain 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 origination.
d. Exchange differences arising in translation 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 fully eliminated in the consolidation
process.
5. Changes in interests in subsidiaries that do not result in obtaining or losing control are recognized as equity
transactions, and the carrying amount 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 Américas.
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
carrying amount 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.
338
2015 Annual Report Enersis
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.
3. Accounting policies 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 measured 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 weighted average financing rate of the company carrying out the
investment. (See Note 17.b.1)
•
-Employee expenses directly related to construction in progress. (See Note 17.b.2)
• Future disbursements that the Group will have to incur to close its facilities are added to the value of
the asset at fair value, recognizing the corresponding provision for dismantling or restoration. The Group
reviews its estimate of these future disbursements on an annual 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 of the corresponding assets.
The replacement or overhaul of entire components that increase the asset’s useful life or economic capacity
are recognized as an increase in the carrying amount of the respective assets, derecognizing the replaced or
overhauled components.
Expenditures for periodic maintenance, conservation and repair are recognized directly as an expense for the
period in which they are incurred.
The Company, based on the outcome of impairment testing performed as explained in Note 3.e), considers
that the carrying amount of the assets does not exceed their recoverable value.
339
Consolidated Financial Statements 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 where the
companies expect to use the assets. Useful life estimates and residual values are reviewed on an annual basis
and if appropriate adjusted prospectively.
The following table sets forth the main categories of property, plant and equipment with their respective
estimated useful lives for entities within continuing operations:
Categories of Property, plant and equipment
Buildings
Plant and equipment
IT equipment
Fixtures and fittings
Motor vehicles
Other
Years of estimated useful life
10 – 80
3 – 75
3 – 25
5 – 15
5 – 20
1 – 20
Additionally, the following table sets for more details on the useful lives of plant and equipment items:
Categories of Property, plant and equipment
Generating facilities:
Hydroelectric plants
Civil engineering works
Electromechanical equipment
Thermal power plants
Renewable energy power plants
Transmission lines
Distribution facilities:
High-voltage network
Low- and medium-voltage network
Measuring and remote control equipment
Primary substations
Years of estimated useful life
20 – 75
24 – 33
11 – 40
10 – 25
21 – 39
35 – 40
30 – 50
10 – 35
15 – 40
Land is not depreciated since it has an indefinite useful life.
Regarding the administrative concessions held by the Group’s electric companies, the following table lists the
remaining periods until expiration of the concessions that do not have an indefinite term:
Concession holder and operator
Country
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)
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
Remaining
period to
expiration
72 years
8 years
72 years
72 years
12 years
16 years
5 years
7 years
To the extent that the Group recognizes the 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.
340
2015 Annual Report Enersis
The Group’s management analyzed the specific contract terms of each of the aforementioned concessions,
which vary by country, business activity and jurisdiction, 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 the services. These
requirements are essential for applying IFRIC 12, an interpretation that establishes how to recognize and
measure 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 its 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 IFRIC 12; however, 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 carrying amount of the asset and any sales costs from the consideration
received in the sale.
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 measured 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.
An investment property is derecognized upon disposal or when no future economic benefits are expected
from its use or disposal.
Gains or losses on derecognition of the investment property is calculated as the difference between the net
disposal proceeds and the carrying amount of the asset.
The breakdown of the fair value of investment property is detailed in Note 18.
c) Goodwill
Goodwill arising from business combinations, and reflected upon consolidation, represents the excess value
of the consideration paid plus the amount of any non-controlling interests 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 the
accounting for a business combination is completed, and so that goodwill determination, the following year
after the acquisition, the prior year’s balances, which are presented for comparison purposes, are adjusted to
include the value of the assets acquired and liabilities assumed and the value of the definitive goodwill as of
acquisition date.
341
Consolidated Financial Statements Goodwill arising from acquisition of companies with functional currencies other than the Chilean peso is
measured in the functional currency of the acquired company and translated to Chilean pesos using the
exchange rate effective as of the date of the statement of financial position.
Goodwill is not amortized; instead, at the end of each reporting period or when there are indicators, the
Company estimates whether any impairment has reduced its recoverable amount to an amount less than
carrying amount and, if so, it is immediately adjusted 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
measured at their cost, net of accumulated amortization and impairment losses they may have experienced.
Intangible assets are amortized on a straight line basis during their useful lives, starting from the date when
they are ready for use, except for those with an indefinite useful life, which are not amortized. As of December
31, 2015 and 2014, 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.
An intangible asset is derecognized on disposal, or when no future economic benefits are expected from use
or disposal.
Gains or losses arising from derecognition of an intangible asset, measured as the difference between the
net disposal proceeds and the carrying amount of the asset are recognized in profit or loss when the asset is
derecognized.
d.1) Concessions
Public-to-private service concession agreements are recognized 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 constructed
infrastructure 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).
342
2015 Annual Report Enersis
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, 2015, 2014 and 2013.
The Enersis Américas subsidiaries that have recognized an intangible asset from their service concession
agreements are the following:
Concession holder and operator
Country
Ampla Energía e Serviços S.A. (*) (Distribution)
Brazil
Companhia Energética do Ceará S.A. (*)
(Distribution)
Brazil
Year
concession
started
1996
1997
Concession
term
Period remaining
to expiration
30 years
11 years
30 years
12 years
(*) Considering that part of the rights acquired by our subsidiaries are unconditional, an available-for-sale financial asset has
been recognized (see Notes 3.g.1 and 9).
d.2) Research and development expenses
The Group recognizes in the statement of financial position the costs incurred in a project’s development phase
as intangible assets as long as the project’s technical feasibility and economic returns are reasonably assured.
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) Impairment of non-financial assets
During the year, and principally at the end of each reporting period, the Company evaluates whether there
is any indication that an asset has been impaired. If any such indication exist, the company estimates the
recoverable amount of that asset to determine the amount of the impairment loss. In the case of identifiable
assets that do not generate cash flows independently, the Company estimates the recoverable amount 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 year end.
Recoverable amount is the higher of fair value less the cost of disposal and value in use, which is defined as
the present value of the estimated future cash flows. In order to calculate the recoverable amount of Property,
plant, and equipment, as well as of goodwill, and intangible assets, the Group uses value in use criteria in
practically all cases.
343
Consolidated Financial Statements To estimate the value in use, the Group prepares future pre-tax cash flow projections 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.
In general, these projections cover the next five years, estimating cash flows for subsequent years by applying
reasonable growth rates which, in no case, are increasing rates nor exceed the average long-term growth rates
for the particular sector and country in which the Company operates. As of December 31, 2105 and 2014,
projections were extrapolated from the following rates:
Country
Currency
Chile
Argentina
Brazil
Peru
Chilean peso
Argentine peso
Real
Sol
Colombia
Colombian peso
Growth rates (g)
31-12-2015
31-12-2014
4.5% - 5.1%
2.2% - 5.0%
11.1%
6.9% - 7.7%
4.1% - 5.6%
5.0% - 5.9%
3.1% - 4.8%
3.4% - 4.4%
3.5% - 5.2%
4.3% - 5.3%
These flows are discounted to calculate their present value at a pre-tax rate that covers the cost of capital for
the business activity and the geographic area in which it is being carried out. The time value of money and the
risk premiums generally used among analysts for the business activity and the geographic zone are taken into
account to calculate the pre-tax rate.
The following are the pre-tax discount rates applied in 2015 and 2014 expressed in nominal terms:
Country
Currency
Chile
Chilean peso
Argentina
Argentine peso
Brazil
Peru
Real
Sol
Colombia
Colombian peso
December 2015
December 2014
Minimum Maximum Minimum Maximum
8.1%
32.7%
11.1%
7.3%
8.5%
12.7%
39.4%
21.1%
13.5%
15.1%
7.9%
23.3%
9.7%
7.3%
8.0%
13.0%
38.9%
22.7%
14.3%
13.3%
If the recoverable amount of the CGU is less than the net carrying amount of the asset, the corresponding
impairment loss is recognized 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 impairment
is first allocated to the CGU’s goodwill carrying amount, if any, and then to the other assets comprising it,
prorated on the basis of the carrying amount of each one, limited to its fair value less costs of disposal, or its
value in use; a negative amount may not be obtained.
Impairment losses recognized for an asset in prior periods are reversed when there are indications that the
impairment loss no longer exists or may have decreased, thus increasing the asset’s carrying amount with
a credit to earnings, limited to the asset’s carrying amount if no impairment had occurred. In the case of
goodwill, impairment losses are not reversed.
344
2015 Annual Report Enersis
f) Leases
In order to determine whether an arrangement is, or contains, a lease, Enersis Américas assesses the economic
substance of the agreement, to assess whether fulfillment of the arrangement depends on the use of a
specific asset and whether the agreement conveys the right to the use of the asset. If both conditions are met,
at the inception of the arrangement the Company separates the payments and other considerations relating to
the lease, at their fair values, from those corresponding to the other components of the arrangement.
Leases that substantially transfer all of the risks and rewards of ownership to the Company are classified as
finance leases. All other leases are classified as operating leases.
Finance leases in which the Group acts as a lessee are recognized at the inception of the arrangement. 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 apportioned between finance expenses and reduction of
the lease obligation. Finance expenses are recognized in the income statement and allocated over the lease
term, so as to obtain a constant interest rate for each period over the remaining balance of the liability. Leased
assets are depreciated 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 leased asset is depreciated over the shorter term of the useful lives of the asset and the lease term.
In the case of operating leases, payments are recognized as an expense 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.
345
Consolidated Financial Statements g) Financial instruments
Financial instruments are contracts that give rise to both a financial asset in one entity and a financial liability
or equity instrument in another entity.
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:
• Loans and account receivables: Trade and other receivables and accounts receivable from related parties
are recognized at amortized cost, which is the initial fair value less principal repayments made, plus accrued
and uncollected 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 of allocating finance income or cost over the relevant period. The
effective interest rate is the rate that exactly discounts estimated future cash flows to be received or paid
through 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 are accounted for at amortized cost as defined in the preceding paragraph.
• Financial assets at fair value through profit or loss: This includes the trading portfolio and those financial
assets that have been designated as such upon initial recognition and that are managed and evaluated on
a fair value basis. They are measured in the consolidated statement of financial position at fair value, with
changes in value recognized directly in profit or loss 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 mainly all financial investments in
equity instruments and financial assets in accordance with IFRIC 12 “Service Concession Arrangements”
(see Note 9).
These investments are recognized in the consolidated statement of financial position at fair value when it
can be reliably determined. For equity interests in unlisted companies or companies with lower levels of
liquidity, normally the fair value cannot be reliably determined. When this occurs, those equity interests are
measured at acquisition cost or a lesser amount if evidence of impairment exists.
Changes in fair value, net of taxes, are recognized in the consolidated statement of comprehensive income:
Other comprehensive income, until the investments are disposed of, at which date the amount accumulated
in this account for that investment is reclassified to profit or loss.
If the fair value is lower than the acquisition cost, and if there is objective evidence that the asset has been
more than temporarily impaired, the difference is recognized directly in profit or loss.
Purchases and sales of financial assets are accounted for using their trade date.
346
2015 Annual Report Enersis
g.2) Cash and cash equivalents
This item within the consolidated statement of financial position includes cash and bank balances, time
deposits, and other highly liquid investments (with a maturity of 90 days or less from its acquisition date) that
are readily convertible to cash and are subject to insignificant risk of changes in value.
g.3) Impairment of financial assets
The following criteria are used to determine if a financial asset has been impaired:
• For trade receivables in the electricity generation, transmission and distribution segments, the Company’s
policy is to recognized impairment losses when there is objective evidence that the balance will not be
recoverable. In general terms, the Group’s entities has a defined policy to recognize an allowance for
impairment losses based on aging of past-due balances, except in those cases where a specific collective
basis analysis is recommended, such as in the case of receivables from government-owned companies
(see Note 10).
•
In the case of receivables of a financial nature, that are included in the “Loan and receivables” and
“Investment held-to-maturity”, impairment is determined on case-by-case basis and is measured as
the difference between the carrying amount and the present value of the future estimated cash flows
discounted at the original effective interest rate (see Notes 9 and 22).
• For financial investments available-for-sale, the criteria for impairment applied are described in Note 3.g.1
g.4) Financial liabilities other than derivatives
Financial liabilities are recognized based on cash received, net of any costs incurred in the transaction. In
subsequent periods, these obligations are measured at their amortized cost, using the effective interest
method (see Note 3.g.1).
In the particular case that a liability is the hedged item in a fair value hedge, as an exception, such liability will
be measured at its fair value for the portion of the hedged risk.
In order to calculate the fair value of debt, both when it is recorded in the statement of financial position
and for fair value disclosure purposes as shown 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 measured
by discounting expected future cash flows with a market interest rate curve based on the payment currency.
g.5) Derivatives financial instruments and hedge
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.
347
Consolidated Financial Statements Derivatives are recognized at fair value as of the date of the statement of financial position as follows: if their
fair value is positive, they are recognized within “Other financial assets”; and if their fair value is negative, they
are recognized within “Other financial liabilities.” For derivatives on commodities, the positive value is recorded
in “Trade and other receivables,” and negative fair values are recognized in “Trade and other liabilities.”
Changes in fair value are recognized directly in profit or loss except when the derivative has been designated for
accounting purposes as a hedging 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 recognized as follows:
• Fair value hedges: The underlying portion for which the risk is being hedged is measured at its fair value and
the hedging instrument are measured at fair value, and any changes in the value of both items are recognized
in the comprehensive income statement by offsetting the effects within 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 reserve is reclassified
to the comprehensive income statement to the extent that the underlying item impacts the comprehensive
income statement offsetting the effect in the same comprehensive income statement account. Gains or
losses from the ineffective portion of the hedge relationship are recognized directly in the comprehensive
income statement.
A hedge relationship is considered highly effective when changes in fair value or in cash flows of the underlying
item directly attributable to the hedged risk are offset by changes in fair value or cash flows of the hedging
instrument, with an 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 recognized in the consolidated
statement of financial position at their fair value at the end of each reporting period, recognizing any differences
in value directly in profit or loss, except for, 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 its used to generate electricity; in the case of electrical energy purchased for sale, its
sale to the end-customer; and in the case of electricity sales its sales to the end-customer.
• The Group’s future projections evidence the existence of these agreements for its own use.
• Past experience with agreements evidence that they have been utilized for the Group’s own use, except in
certain isolated cases for exceptional reasons or reasons associated with logistical issues have been used
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.
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 sell to end-
customers, and the electricity sale contracts are used to sell the Company’s own products.
348
2015 Annual Report Enersis
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
as a whole 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.6) Derecognition of financial assets and liabilities
Financial assets are derecognized when:
•
-The contractual rights to receive cash flows from 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 recipients.
• The Group has substantially transferred all 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
of 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 when and only when:
• There is a legally enforceable right to set off the recognized amounts; and
• There is an intention to settle on a net basis, or to realize the asset and settle the liability simultaneously.
g.8) Financial guarantee contracts
Financial guarantee contracts, such as guarantees given by the Group to third parties, are initially recognized at
fair value, adjusting the transaction costs that are directly attributable to the issuance of the guarantee.
Subsequently to initial recognition, financial guarantee contracts are measured at the higher of:
•
the amount determined under accounting policy describe in Note 3.m; and
•
the amount initially recognized less, if appropriate, any accumulated amortization.
349
Consolidated Financial Statements 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 orderly transaction between market participants at the measurement date.
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 greatest volume and level of activity 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 to transfer the liability.
In estimating 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 assumptions 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”.
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 in its highest and best use or by selling it to another
market participant that would use the asset in its highest and best use;
• For liabilities and equity instruments, the fair value measurement assumes that the liability would not be
settled and an equity instrument would not be cancelled, or otherwise extinguished on the measurement
date. The fair value of the liability reflects the effect of non-performance 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;
• For derivatives non-quoted in an organized market, the Group uses 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.
350
2015 Annual Report Enersis
•
In the case of financial assets and financial liabilities with offsetting positions in market risks or
counterparty credit risks, it is permitted 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 at the
measurement date.
Assets and liabilities measured at fair value are shown in Note 22.3.
i) Investments accounted for using the equity
method
The Group’s interests in joint ventures and associates are recognized using the equity method.
Under the equity method, an investment in an associate or joint venture is initially recognized at cost. As of the
acquisition date, the investment is recognized 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 Group’s entities, plus any goodwill generated in acquiring the entity. 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 constructive) to support the investee’s negative equity situation, in which case a
provision is recognized.
Goodwill from associates or joint ventures is included in the carrying amount of the investment. It is not
amortized but is subject to impairment testing as part of the overall investment carrying amount when
impairment indicators exist.
Dividends received from these investments are deducted from the carrying amount of the investment, and any
profit or loss obtained from them to which the Group is entitled based on its ownership interest is recognized
under “Share of profit (loss) of associates accounted for using equity method.”
Appendix 3: “Associated Companies and Joint Ventures” to these consolidated financial statements, provides
information about the relationship of Enersis Américas with each of these entities.
j) Inventories
Inventories are measured at their weighted average acquisition price or the net realizable value, whichever is
lower.
351
Consolidated Financial Statements k) Non-current assets (or disposal groups)
classified as held for sale or as held for distribution
to owners and discontinued operations
The Group classifies as non-current assets (or disposal groups) held for sale or held for distribution to owners,
the 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, or their distribution to owners, and estimates that such a sale is highly probable.
Non-current assets held-for-sale or disposal groups are measured at the lower of their carrying amount and fair
value less costs to sell. 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 or disposal groups classified as held for distribution to owners are measured at the lower
of their carrying amount and their fair value less costs to distribute.
Assets that are no longer classified as held for sale, or are no longer part of a disposal group, are measured at
the lower of their carrying amounts before being classified as held for sale less any depreciations, amortizations
or revaluations that would have been recognized if they had not been classified as held for sale and their
recoverable amount at the date of subsequent decision where would be reclassified as non-current assets.
Non-current assets held for sale and the components of the disposal groups classified as held for sale or held
for distribution to owners are presented in the consolidated statement of financial position as a single line item
within assets called “Non-current assets or disposal groups held for sale or for distribution to owners,” and the
respective liabilities are presented as a single line item within liabilities called “Liabilities included in disposal
groups held for sale or for distribution to owners.”
The Group classifies as discontinued operations those components of the Group that either have been disposed
of, or are classified as held for sale, and (i) represents a separate major lines of business or geographical area of
operations; (ii) is a part of a single coordinated plan to dispose a separate major line of business or geographical
area of operations; or (iii) is a subsidiary acquired exclusively with a view to resale.
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 “Income after tax from discontinued operations”,
including incremental taxes related to the spin-off transaction, once it becomes effective.
352
2015 Annual Report Enersis
l) Treasury shares
Treasury shares are deducted from equity in the consolidated statement of financial position and measured at
acquisition cost.
Gains and losses from the disposal of treasury shares are recognized directly in “Equity – Retained earnings”,
without affecting profit or loss for the period. As of December 31, 2015 and 2014, there are no treasury shares,
and no transactions with treasury shares were carried out during the years 2015 and 2014.
m) Provisions
Provisions are recognized when the Group has a present obligation (legal or constructive) as a result of a past
event, it is probable that an outflow of economic benefits will be required to settle the obligation, and a reliable
estimate can be made of the amount of the obligation.
The amount recognized as a provision is the best estimate of the consideration required to settle the present
obligation at the end of the reporting period, taking into account the risks and uncertainties surrounding the
obligation. When a provision is measured using the cash flows estimated to settle the present obligation,
its carrying amount is the present value of those cash flows (when the effect of the time value of money is
material). The unwinding of the discount is recognized as finance cost. Incremental legal cost expected to be
incurred in resolving a legal claim is included in measuring of the provision.
Provisions are reviewed at the end of each reporting period and adjusted to reflect the current best estimate.
If it is no longer probable that an outflow of resources embodying economic benefits will be required to settle
the obligation, the provision is reversed.
A contingent liability does not result in the recognition of a provision. Legal costs expected to be incurred in
defending a legal claim are expensed as they are incurred. Significant contingent liabilities are disclosed unless
the likelihood of an outflow of resources embodying economic benefits is remote.
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.
353
Consolidated Financial Statements For each of the defined benefit plans, any deficit 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 surplus is recognized under line item
“Other financial assets” within non-current assets in the consolidated statement of financial position, provided
that any surplus 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 as a component of other comprehensive income.
Contributions to defined contribution benefit plans are recognized as an expense when the employees have
rendered their services.
n) Translation of balances in foreign currency
Transactions carried out by each company in a currency other than its functional currency are recognized
using the exchange rates prevailing as of the date of each transaction. During the year, any differences that
arise between the prevailing exchange at the date of the transaction and the exchange rate as of the date
of collection or payment are recognized as “Foreign currency exchange differences” in the comprehensive
income statement.
Likewise, at the end of each reporting period, receivable or payable balance denominated in a currency other
than each company’s functional currency are translated using the closing exchange rate. Any differences are
recognized as “Foreign currency exchange differences” in the comprehensive income statement.
The Group has established a policy to hedge the portion of revenue from its subsidiaries that is directly linked
to variations in the U.S. dollar, through obtaining financing in such currency. Exchange differences related to
this debt, as they are cash flow hedge transactions, are recognized, net of taxes, as a component of other
comprehensive income in item “Gains (losses) from cash flow hedge” and reclassified to profit or loss when
the hedged cash flows impact profit or loss. 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.
When 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 are classified as long-term liabilities.
354
2015 Annual Report Enersis
p) Income taxes
Income tax expense for the year is determined as the sum of current taxes from each of the Group’s subsidiaries
and results from applying the tax rate to the taxable income for the year, after permitted 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 carrying amount and tax basis of assets and liabilities originate deferred tax asset
and liability balances, which are calculated using the tax rates expected to apply when the assets and liabilities
are realized or settled, based on tax rates that have been enacted or substantively enacted by the end of the
reporting period.
As an exception to the criteria described above and in accordance with Official Resolution No. 856 by the SVS,
issued on October 17, 2014, the fluctuations in deferred tax assets and liabilities originated as a result of the
direct effect of progressively increasing the income tax rate as stated in Law 20,780 as issued on September
29, 2014, which affect the Chilean subsidiaries of the Group, have been recognized 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. Such deferred tax asset is not recognized if 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.
Deferred tax liabilities are recognized for all temporary differences, except those derived from the initial
recognition of goodwill and those that arose from measuring investments in subsidiaries, associates and joint
ventures in which the Group can control their reversal and where it is probable that they will not be reversed
in the foreseeable future.
Current tax and changes in deferred tax assets or liabilities are recorded in profit or loss or in equity within the
statement of financial position, depending on where the gains or losses that triggered these tax entries have
been recognized.
Any tax 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 government grants.
At the end of each reporting period, the Company reviews the deferred taxes assets and liabilities recognized,
and makes any necessary corrections based on the results of this analysis.
355
Consolidated Financial Statements Deferred tax assets and deferred tax liabilities are offset in the statement of financial position if it has a legally
enforceable right to set off current tax assets against current tax liabilities, and only when the deferred taxes
relate to income taxes levied by the same taxation authority.
q) Revenues and expense recognition
Revenue is recognized when the gross inflow of economic benefits arising in the course of the Group’s
ordinary activities in the year occurs, provided that this inflow of economic benefits results in an increase in
total equity other than increases relating to contributions from equity participants and such benefits can be
measured reliably.
Revenues and expenses are recognized on an accrual basis and depending on the type of transaction; the
following criteria for recognition are taken:
•
Generation and transmission of electricity: Revenue is recognized based on physical delivery of energy
and power, at prices established in the respective contracts, at prices stipulated in the electricity market
by applicable regulations or at marginal cost determined on the spot market, as the case. This revenue
includes an estimate of the service provided and not billed until the closing date (see Note 2.3).
•
Distribution of electricity: Revenue is recognized based on the amount of energy supplied to customers
during the year, at prices established in the respective contracts or at prices stipulated in the electricity
market by applicable regulations, as appropriate. This revenue includes an estimate of the energy supplied
but billed and for which customers’ meters have not been read (see Note 2.3).
Revenue from rendering of services is only recognized when it can be estimated reliably, by reference to
the stage of completion of the service rendered at the date of the statement of financial position. When
the outcome of a transaction involving the rendering of services cannot be estimated reliably, revenue is
recognized only to the extent of the expenses recognized that are recoverable.
Revenue from sales of goods is recognized based on the economic substance of the transaction and are
recognized when all and each of the following conditions are met:
•
the entity has transferred to the buyer the significant risks and rewards of ownership of the goods;
•
the entity retains neither continuing managerial involvement to the degree usually associated with
ownership nor effective control over the goods sold;
•
the amount of revenue can be measured reliably;
•
it is probable that the economic benefits associated with the transaction will flow to the entity; and
•
the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Revenue is measured at the fair value of the consideration received or receivable that gives rise to the revenue.
356
2015 Annual Report Enersis
In arrangements under which the Group will perform multiple revenue-generating activities (multiple-element
arrangement), the recognition criteria are applied to the separately identifiable components of the transaction in
order to reflect the substance of the transaction or to two or more transactions together when they are linked
in such a way that the commercial effect cannot be understood without reference to the series of transactions
as a whole. The Group excludes from revenue those 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 activity.
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 recognizes the net amount of non-financial asset purchase or sale contracts that are settled for a
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.
Financial income (expense) is recognized using the effective interest rate applicable to the outstanding principal
over the repayment period.
Expenses are recognized on an accruals basis, immediately in the event of expenditures that do not generate
future economic benefits or when not meet the requirements for recording them as assets.
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 year, excluding the average number of shares of the Parent Company held by other subsidiaries
within the Group, if any.
Basic earnings per share for continuing and discontinued operations are calculated by dividing net income from
continuing and discontinued operations attributable to shareholders of the Parent Company (the numerator) by
the weighted average number of ordinary shares outstanding (the denominator) during the year, excluding the
average number of shares of the Parent Company held by other subsidiaries within the Group, if any.
During the years 2015, 2014 and 2013, 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.
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 an
annual basis, pro rata to 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.
357
Consolidated Financial Statements As it is practically impossible to achieve a unanimous agreement given Enersis Américas’ highly fragmented
share capital, at the end of each reporting period 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
recognized in 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 costs
Share issuance costs, only when represents 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 year,
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.
358
2015 Annual Report Enersis
4. Sector Regulation and Electricity
System Operations
4.1 Continuing operations:
a) Regulatory framework
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.
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 (Central Costanera, Hidroeléctrica El Chocón y Dock Sud)
accepted the terms of Resolution SE 95/2013.
359
Consolidated Financial Statements 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 Central 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.
Through Resolution 482/2015, the Energy Secretariat updated generators’ remuneration, which had been
in effect since they were set in February 2014 under Resolution 529/2014. The new resolution increased
recognition of fixed costs for combined cycle and large hydroelectric plants by 28%, and 64% for mid-size
hydroelectric plants. The variable costs were adjusted by 23%, hydroelectric plants are exempted of variable
electric transmission payments and has been implemented a new incentive scheme for generation and
operative effectiveness for thermal plants. The additional remuneration increased by 26% for thermal plants
and 10% for mid-size hydroelectric plants. The cost for non-recurrent maintenance was increased by 17% and
the same concept is created for hydro electrical plants in Ar$ 8/MWh. Finally, a new charge of Ar$ 15.8/MWh
for thermal plants and Ar$ 6.3/MWh for hydro electrical plants was set for investments funding, which will be
effective from February 2015 to December 2018 only for those generators participating in the projects. The
new generation will have an additional remuneration equivalent to 50% of the direct additional remuneration
based on technology for a 10-year period. The resolution is retroactive to February 2015.
360
2015 Annual Report Enersis
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.
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.
Annually, the ANEEL confirms through Resolutions the minimum and maximum values for the PLD limits. In
2016, the maximum and minimum PLD limits are R$ 422.56/MWH and R$ 30/MWh, respectively. Such PLD
limits reflect the estimated costs of the Itaipú mega hydro power plant, which will have a tariff of 25.78 US$/
kW in 2016.
361
Consolidated Financial Statements 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”). They aimed to maintain consistent operating margins for the
dealer by allowing tariff revenue due to the costs of Parcel A.
Compensation Clearing Account (“CVA” for its acronym in Portuguese) helps maintain stability in the market
and enables the creation of deferred costs, which is compensated through tariff adjustments based on the
fees necessary to compensate for deficits the previous year.
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 indemnitee assets
at the end of the concession, and if this is not possible over time, it allows compensation through tariffs.
Therefore, the recognition for these regulatory assets/liabilities is allowed under IFRS.
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.
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. In March 2015, it was
approved a new loan against the ACR account to cover the shortfall of November and December 2014. In
addition, it was approved an extension in the payment period for all loans, which currently will have to be paid
in 54 months from November 2015.
In January 2015, based on the mismatches between the costs recognized in tariffs and actual costs other
than those related to operations of the distribution entities, and increased inherent drought conditions costs,
ANEEL began the application of a system (known as Tariffs Flags) of monthly charges over the tariff to the
customers, provided that the marginal cost of the system is higher than the regulatory standard. The purpose
of the regulator is to indicate the customers the generating cost of the following month, and paying in advance
to the distribution companies an amount that would only be available in the next tariff review process.
The system consists of three levels of colored flags: Green, Yellow and Red as follows:
Description
To be applied when
CMO (R$/MWh)
Additional Tariff (R$/MWh)
Green
Favorable generation of energy conditions
<200
Yellow
Red
Less favorable generation of energy
conditions
>200<388.48
Higher costs generation conditions
>388.48
None
+ 0.025
+ 0.045
362
2015 Annual Report Enersis
From January until reporting date, the values have been changing based on new expectations of future
generation costs.
In summary, with this mechanism the generation cost that is currently transferred to the customer only once
a year (when the annual tariff adjustment is performed) will generate a monthly variation and the customer
can improve control over his/her electricity consumption. That is, the consumers will notice a lower tariff
adjustment as they are paying a higher amount during the month.
Notwithstanding, the ANEEL, the agents and the community, discussed in a public hearing on December 15,
2015, improvements to the Tariff Flags system, where the main change proposed by ANEEL is to separate the
Red Flag into two levels from February 2016.
In line with above, and looking for a solution to the effects of the drought conditions, the ANEEL approved in
November 2015, the conditions to “renegotiate” the hydrological risk with the generation agents participating in
the Electricity Reallocation Mechanism (“MRE”) which were pending until that date. However, the “Transitional
Measure” is still pending of approval at the Senate. Currently, there is a major portion of generators with
preliminary judicial decisions allowing limiting their risk and passing part of the cost through the customers.
In addition, for purposes of reestablish the energy supply, six electric power auctions have been called:
• 1 auction A-1: 1,954 MWavg, allocated to Hydro (94%), Biomass (4%) and Gas (2%); from 1 to 3 years of
energy supply;
• 4 auctions A-3:
• 97MWavg, allocated to Wind (30%) and Biomass (70%), at an average price of R$ 200/MWh
• 233MWavg, allocated in 100% to Solar, at an average price of R$ 301.8/MWh
• 314.3MWavg, allocated to Wind (72%), Hydro (15%), Gas (7%), and Biomass (6%), at an average price
of R$ 189/MWh
• 508MWavg, allocated to Wind (52%) and Solar (48%), at an average price of R$ 249/MWh.
• 1 auction A-5: 1,160 MWavg, allocated to Gas (73%), Hydro (20%) and Biomass (7%), at an average price
of R$ 259.2MWh.
Also, it was carry out an Auction for Contracting Hydroelectrical Plants Concessions through the quota regime,
in which the seller is granted energy (3,223 MWavg) and capacity (6,061 MW) for an Annual Revenue from
Generation Operations.
Energy Development Account (CDE)
The CDE, created under Law 10,438/2002, is a state-owned fund that provides energy development from
alternative sources, promotes energy service globalization, and subsidizes the low income residential sub-
class. The fund is financed through a charge in the tariff of customers and generators.
363
Consolidated Financial Statements Pro rata allocation due to judicial matters
At the end of September 2015, ANEEL, based on certain judicial outcomes referring to suspend collection
of CDE charges to certain industrial participants (Abrace’s members), had to recalculate the CDE pro rata
allocation to the rest of the applicable participants, despite having transferred Parcel A costs, finally the deficit
originated for the revenue losses will be included in the tariff adjustments of the distribution companies.
CDE 2016
On December 15, 2015, ANEEL organized a public hearing to discuss with agents and the community the 2016
economic budget for the CDE.
The preliminary proposal of ANEEL is a 36% budget reduction for the charge “CCC” efficiency energy
interruptions leading to a lower charge to the final tariff for the consumers.
The deadline for the contibutions is January 15, 2016.
Extension of the concession contracts of distribution
From September 2012, distribution concessions under Article 22 of Law 9,074/1995 could be one-time
renewed for a maximum 30-year period upon decision of the Grantor Power, in order to ensure the continuity,
efficiency in rendering services, tariff model and acknowledging an operational and economic rationale.
The renewal of the concession for such distributions companies will be conditional to the render of quality
services based on criteria relating to operational efficiency and economic/financial management.
On October 20, 2015, ANEEL approved the “draft version” of the amendment to the Concession Contract
and recommended to the Ministry of Energy and Mining to extend the concessions. On December 28, 2015,
the government extended the period to sign the contract for extending concessions due to complexity in the
analysis of current grantors, and only approving the CELG’s concession.
Distributed Generation
On November 24, 2015, ANEEL approved the regulation on distributed micro- and mini-generation by using an
energy compensation mechanism.
In May 2015, the regulator in a public hearing began the process to modify the regulations related to the
distributed micro- and mini-generation aimed to making it more viable. The most important modification is to
allow the installation of generation systems (of any renewable source, up to 3MW for hydro and 5MW for other
sources) in locations other than where is located the load.
364
2015 Annual Report Enersis
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, who´s 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 and Decree Law 1221 which improves the regulation of distribution of
electricity to promote access to electricity in Peru 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.
365
Consolidated Financial Statements 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.
Decree Law 1221, published on September 24, 2015, amends certain aspects of the current framework,
among others:
•
In tariff distribution, VAD (Value Added Distribution) and Internal Rate of Return (IRR) calculation will be
made individually for each distribution company with more than 50,000 customers.
• The Energy and Mining Ministry will define a Technical Responsibility Zone (ZRT) for each distributor, taking
into consideration the environment of the Regions where they operate (near to concession zones). The
works conducted at the ZRT shall be approved by the Distributor, and it will have priority to conduct them
or might be subsequently transferred to them. A VAD will be recognized for investment and audited actual
costs (with an upper threshold).
• Add to the VAD a charge for Technological Innovation and/or Energy Efficiency in Distribution.
• Add an adjustment factor to the VAD that encourages service quality in Distribution.
• Establish an obligation to the Distributors to assure their regulated demand for 24 months.
• Establish an obligation to the Distributor of making urban electrification or return the contribution once 40%
of habitability is reached.
• Regarding the concessions, it limits to 30 years those granted through bidding processes, it establish a
requirement for a favorable report of basin management for hydro electrical generation, and the granting
and expiration of concessions shall be ruled through Ministry Resolution.
• Establish conditions for distributed generation of non-conventional renewable energy and co-generation that
allows them to inject the surpluses to the distribution system without affecting the operational assurance.
366
2015 Annual Report Enersis
The description of the regulatory framework in the document does not include the Law Decree, since most
of the amended aspects will be finally ruled by the end of 2015 or beginning of 2016, for its subsequent
implementation.
Non-Conventional Renewable Energy
•
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. As
part of the implementation, the Ministry of Mines and Energy enacted Decree 2469 in 2014 establishing
guidelines for energy policy on supply of self-generation surpluses. Likewise, the Energy and Gas Regulatory
Commission (“CREG”) issued resolution 24/2015 regulating high-scale self-generation activity, and the
Mining Energy Planning Unit (“UPME”) issued resolution 281/2015 establishing the limit for low-scale
(equal to 1MW) self-generation. Additionally, the CREG issued resolution 11/2015 encouraging demand
response mechanisms. In 2015, the CREG issued Resolution 138 that amends the remuneration scheme
for confidence charges for minor plants. This new regulation establishes that such plants will belong to
the centralized scheme of the charge and will declare ENFICC in order to obtain OEF assignments. If the
difference between actual and programmed generation in those plants is lower than +/-5%, they could
keep the current remuneration scheme. The Ministry of Mines and Energy issued in 2015 Law Decree 1623
that establishes guidelines on zone expansion policies, and Law Decree 2143 that outlines the application
of fiscal and tax incentives established in Law 1715.
•
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.
•
In Argentina, on October 21, 2015 it was published in the Official Bulleting the new Law 27, 191 for
Renewable Energy, replacing the current Law 26,190. The new regulation postpones to December 31, 2017
the goal to reach 8% share in the national demand of energy with renewable sources for generation and
establishes as a second stage goal to reach 20% share in 2025 establishing mid-objectives of 12%, 16%
and 18% for the end of years 2019, 2021, and 2013. The enacted Law creates a Fiduciary Fund (“FODER”)
to finance works, grants tax benefits to renewable energy projects and establishes exempts for specific
taxes, national, provincial and municipality royalties until December 31, 2025. The customers categorized
as Large Users (>300 Kw) shall comply on an individual basis with the renewable share goals, establishing
that the price of the contracts shall not exceed 113 US$/MWh, and setting sanctions to those not fulfilling
the goals. It is pending regulatory law.
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.
367
Consolidated Financial Statements 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 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 Peru, integration is subject to authorization. In Colombia, no 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 pivotally 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
Colombia
Peru
kW threshold
> 30 kW
> 3,000 kW or > 500 kW (1)
> 100 kW or 55 MWh-month
> 200 kW (2)
(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) 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.
b) Tariff Revisions:
General Aspects
In the 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.
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).
368
2015 Annual Report Enersis
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 was supplemented and extended to December 2014 under Secretary
of Energy Note SE 6852/2013, No. 4012, No.486 and No.1136. 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.
In March 2015, the Secretary of Energy issued Resolution SE No. 32/2015 establishing beginning on
February 1, 2015 a NEW THEORETICAL TARIFF TABLE without passing it to the tariffs to the customers.
The difference between the theoretical table and that applied to customers represent temporary additional
revenue to the distribution Company, being the difference determined by the ENRE and CAMMESA
responsible for transfer those funds. The resolution states that those additional revenues will be considered
in the future RTI. Also, ENRE was instructed to apply the initial actions to implement it.
Likewise, and as of the same date, the resolution states that the funds originated in the PUREE will become
actual revenue of the distribution company for recognizing higher costs. Additionally, it maintain the funding
of the investments through the ENRE 347/12 charge and loans scoped in Resolution SE 10/2014.
In regards with the situation before January 31, 2015, the resolution extended the compensation MMC
– PUREE to that date, allowing the payment between the loan to the distributor company and the Energy
Invoice with CAMMESA. The remaining balance will be paid using a payment plan to be defined. In terms of
the definition of the debt between EDESUR and CAMMESA, the Energy Secretary defined to be determined
using the active rate of Banco de la Nación Argentina as well for the loans as for the debt of Edesur, without
considering interest from CAMMESA as stated in the procedures.
The resolution requested to the Company to present an Investment Plan for its approval and execution
during the year 2015. Also, it requested to abandon the judicial actions that would have been initiated and
the Commitment of Use of the additional revenues received (among them, not paying dividends).
Subsequently, the Secretary of Energy through Resolution SE No. 1208, instructed CAMMESA on the
methodology to calculate the debt, as of January 31, 2015, that EDESUR owed to the MEM, and its
compensation with the credits from the application of the Cost Monitoring Mechanism (MMC). As a
result, during the first semester of 2015, EDESUR recognized net financial income for AR$ 628.6 million.
369
Consolidated Financial Statements Although Resolution SE No. 32/2015 represents the first step towards an improvement in the economic
situation of the Company, it expects that investments be still financed with mutual loans with CAMMESA.
It is still pending to establish mechanisms to allow payment of remaining balances in favor of MEM, as
well as, the revenue updates from the increases in operational costs. On the other side, tariffs remain
frozen since 2008.
Additionally, the ENRE informed to the Secretary of Energy the variations to the Cost Monitoring
Mechanism (MMC) for the November 2014 – April 2015 (6.85%) and May 2015 – October 2015 (8.92%)
periods as required by Article 2 of Resolution SE 32/15. Based on such variations, the Secretary of Energy
updated the Transitional Revenues established in Article 5 of Resolution SE 32/15. The updates were
informed through Notes SE 2097 and 2157. On the other hand, the issuance of Resolution SE 2158
resulted in the recognition of additional salary expense for the year 2014 that were applied to employees
in year 2015.
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.
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 April 2014, ANEEL finalized its periodic tariff review of Ampla for the 2014-2019 period with retrospective
effect at March 15, 2014.
On March 1, 2015, through Resolution No. 1858/2015, Coelce had an extraordinary review when its rate
increased by 10.28% for purposes of face the increases in charges (Energy Development Account - CDE) and
the costs of energy purchase.
The last periodic tariff review of Coelce was made in 2015 (the first of our distribution companies using the new
fourth tariff cycle technology) for the 2015 – 2019 period, effective beginning on April 22, 2015. Such review
was provisional as the methodologies of tariff review were not approved in time. The additional average increase
in tariffs was 11.69% as approved under Resolution No. 1882/2015. In 2016, the final review will be calculated
and the positive/negative differences from the application of the new methodology will be included in the 2016
adjustments.
Ampla will begin to use the fourth tariff cycle methodology in its tariff review in March 2019; however, in March
2015 it has a final average increase of 37.3% (Resolution 1869/2015) essentially due to increases in Section A.
370
2015 Annual Report Enersis
Finally, still in the scope of the fourth tariff cycle, on November 17, 2015, it was approved Chapter 2.3 of the
Tariff Review Procedures related to the determination of the Basis for Remuneration, under which it was created
a Database of Referential Prices to value certain variables of the basis for remuneration in the upcoming tariff
reviews.
ANEEL approved the results of the first periodic review of CIEN. Beginning on July 1, 2015, the rates were
adjusted in minus 7.49%, as approved in Resolution No. 1902/2015.
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.
In February 2015, the CREG issued a proposal of Resolution 179 of 2014, which propose the methodology
for remunerating the distribution activity. The methodology is based on a Regulated Revenue scheme. Annual
revenues will be determined using a Regulated of Assets Net Basis (BRA) and a rate of return (to be defined in
separate resolution) plus the Recovery of Invested Capital. Also, it is included an annual revenue for incentives to
investments and expenditures efficiency and quality improvements.
Additionally, the Regulatory Commission issued resolution CREG 095 dated 2015, where is defined the method
for calculating the regulated remuneration tariff (WACC) for Electricity Transmission and Distribution, as well as
for Natural Gas Transportation and Distribution.
In relation to the regulated selling charge, in January 2015, the CREG issued Resolution 180 of 2014, where
the methodology for calculating regulated selling charges was defined. The approval of a new basis selling cost
for Codensa was conducted in December 2015 by Resolution CREG 120 and 191 of 2015 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.
371
Consolidated Financial Statements 4.2 Discontinued operations
a) 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 1997). 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 (Superintendencia
de Electricidad y Combustible - SEC), 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 SEC, 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:
372
2015 Annual Report Enersis
(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. Until January 2015, customers consuming between 500kW and
2,000 kW may choose to be regulated or unregulated customers. On January 29, 2015, it was published in the
Official Gazette an amendment to the law increasing the upper threshold from 2,000kW to 5,000kW. A summarized
description of the scope of the amendments to the law are described below.
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 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.
(ii) Unregulated customers: Those customers, mainly industrial and mining companies, with a connected capacity of
over 5,000 kW. These consumers can freely negotiate prices for electrical supply with generators and/or distributors.
Customers with capacity between 500 and 5,000 kW 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. As previously discussed, the 5,000 kW threshold became effective beginning on January 30, 2015.
(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. This period of three years has been changed to five years, following the legislative
amendment published in January 2015.
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 published in the Official Gazette, 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.
On January 29, 2015, Law 20,805 was published in the Official Gazette, incorporating a legal amendment to the
energy bidding processes for consumption of regulated customers. Among the main changes incorporated through
this amendment are the increased participation of the CNE in the bidding processes; the increase from three to five
years for the anticipated bidding announcements; the incorporation of a reserved price as a limit price for each bid;
the chance for a bidder to delay the energy supply in case of force majeure; the increase of the duration of the supply
contract up to 20 years; the incorporation of short-term biddings; the treatment for energy without contract; and the
increase in the upper threshold to qualify as regulated customer from 2,000 to 5,000 kW.
373
Consolidated Financial Statements 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.
Limits on integration and concentration
Chile has 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 Chile there are specific restrictions if
generation or distribution companies want to become majority shareholders in transmission companies.
Regarding concentration in a specific sector, 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.
Unregulated Customers Market
In Chile, distribution companies provide supply to regulated and unregulated customers. Customers with capacity
between 500 and 5,000 kW have the option to contract energy at prices agreed upon with their suppliers or be
subject to regulated prices. Customers with capacity exceeding 5,000 kW by default unregulated customers. The
5,000 kW threshold became effective beginning on January 30, 2015.
b) Tariff Revisions:
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.
On January 27, 2015, the Ministry of Energy published in the Official Gazette, Decree No. 9T, which established
the node prices for energy supply that will be applied retrospectively, beginning on May 1, 2014.
374
2015 Annual Report Enersis
On May 12, 2015, the Ministry of Energy published in the Official Gazette, Decrees No.2T and 3T, which
established the node prices for energy supply that will be applied retrospectively, beginning on September 1 and
October 1, 2014, respectively.
On May 22, 2015, the Ministry of Energy published in the Official Gazette, Decree No. 9T, which established the
node prices for energy supply that will be applied retrospectively, beginning on October 1, 2014.
On June 23, 2015, the Ministry of Energy published in the Official Gazette, Decree No.12T, which established the
node prices for energy supply that will be applied retrospectively, beginning on January 1, 2015.
On August 4, 2015, the Ministry of Energy published in the Official Gazette, Decree No.15T, which established
the node prices for energy supply that will be applied retrospectively, beginning on February 1, 2015.
On November 4, 2015, the Ministry of Energy published in the Official Gazette, Decree No.16T, which established
the node prices for energy supply that will be applied retrospectively, beginning on April 1, 2015.
On December 26, 2015, the Ministry of Energy published in the Official Gazette, Decree No.21T, which established
the node prices for energy supply that will be applied retrospectively, beginning on May 1, 2015.
As a result of the above, our subsidiary Chilectra at December 31, 2015, recognized unbilled revenue and trade
and other accounts receivable for the difference between current and effective Average Node Prices for ThCh$
33,649,923 (ThCh$ 98,064,320 at December 31, 2014) to be billed and charge to regulated end-customers.
In addition, at December 31, 2015, Chilectra recognized costs and trade and other payables for the difference
between current and effective Short Term Node Prices for ThCh$31,959,398 (ThCh$22,750,995 at December 31,
2014) to be paid to generation companies.
5. Non-Current Assets or Disposal
Groups Held For Sale or Held
for Distribution to Owners and
Discontinued Operations
5.1 Corporate Reorganization
I. Background
On April 28, 2015, the Company informed the Superintendence of Securities and Insurance (hereinafter “SVS”)
through a significant event, that the Board of Directors of the Company decided by unanimous vote to initiate
an analysis of a corporate reorganization (the “reorganization”) aimed at the separation of the activities of
generation and distribution of electricity in Chile from activities outside of Chile. The objective of this would be
to resolve certain duplications and redundancies that arise from Enersis’ complex corporate structure today
and generate value for all its shareholders, maintaining its inclusion in the Enel S.p.A. group.
375
Consolidated Financial Statements Steps to carry out the reorganization:
• The spin-off of Enersis, and its subsidiaries Empresa Nacional de Electricidad S.A. (“Endesa Chile”) and
Chilectra S.A. (“Chilectra”) by separating, on one side their generation and distribution businesses in Chile
and for other side the businesses outside of Chile; and
• The subsequent merger of the entities having ownership interests in businesses outside of Chile namely
Enersis Américas S.A., Endesa Américas S.A. and Chilectra Américas S.A. Enersis Américas would absorb
by merger the other two entities.
On December 18, 2015, at Enersis S.A.’s Extraordinary Shareholders Meeting it was approved the spin-off of
the Company, which was conditioned on the approval of the spin-offs at each of the Extraordinary Shareholders
Meetings of Endesa Chile and Chilectra, and also on the necessary legal formalities and other related matters.
In addition, it was approved that the spin-off will be effective in the first business day of the following month
that the public deed of compliance with the spin-off conditions is granted.
As a result of Enersis’s spin-off a new public entity was created namely Enersis Chile S.A., to which was
assigned the equity interests, assets and associated liabilities of Enersis’s businesses in Chile, including the
equity interests in each of Endesa Chile and Chilectra Chile.
On March 1, 2016, upon meeting all conditions including the capital decrease and modifications to the by-laws,
the spin-off of Enersis became effective and Enersis S.A.’s corporate name was changed to Enersis Américas
S.A. The new entity Enersis Chile was also incorporated on that date (See Note 41).
II. Accounting Aspects
As of December 31, 2015, upon compliance with the criteria in IFRS 5 – Non-Current Assets Held for Sale and
Discontinued Operations, the following accounting treatment has been applied:
i. Assets and liabilities
As of December 31, 2015, all assets and liabilities related to the distribution and generation businesses in Chile
have been classified as Non-current assets or disposal groups held for distribution to owners and as Liabilities
associated with disposal groups held for distribution to owners, in accordance with the criteria described in
Note 3.k.
376
2015 Annual Report Enersis
As of December 31, 2015, the assets and liabilities related to the operations in Chile that have been classified
as held for distribution to owners are as follows:
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
NON-CURRENT ASSETS
Other non-current financial assets
Other non-current non-financial assets
Trade and other non-current receivables
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 (*)
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
NON-CURRENT LIABILITIES
Other non-current financial liabilities
Other non-current payables
Non-current accounts payable to related companies
Other non-current provisions
Deferred tax liabilities
Non-current provisions for employee benefits
Other non-current non-financial liabilities
TOTAL NON-CURRENT LIABILITIES
TOTAL LIABILITIES
12-31-2015
ThCh$
144,261,845
16,313,194
3,984,943
596,364,468
23,611,569
42,616,615
20,306,212
847,458,846
21,750,452
4,769,885
14,392,223
45,716,371
42,879,326
887,257,655
3,429,167,797
8,150,987
22,392,339
4,476,477,035
5,323,935,881
12-31-2014
ThCh$
27,921,725
554,915,972
55,238,930
16,329,195
15,119,789
6,120,658
675,646,269
917,197,790
6,034,216
97,186
56,116,140
235,101,356
55,023,456
435,689
1,270,005,833
1,945,652,102
377
Consolidated Financial Statements
ii. Accumulated Other Comprehensive Income in Net Equity
The accumulated other comprehensive income balance related to assets and liabilities held for distribution to
owners are the following:
Reserves originated from
Exchange differences on translation
Cash flow hedges
Gains and losses on remeasuring available-for-sale financial instruments
Other miscellaneous reserves
Total
iii. Revenue and expenses
12-31-2015
ThCh$
12,423,692
(121,503,052)
14,835
7,736,853
(101,327,672)
All revenues and expenses related to the distribution and generation businesses in Chile were classified as
discontinued operations and presented under the caption “Income after tax from discontinued operations” in
the consolidated statement of comprehensive income.
The consolidated statement of comprehensive income presented for comparison purposes in these
consolidated financial statements differ from those approved in years 2014 and 2013 due to the classification
of revenues and expenses on those years as discontinued operation.
The following table sets forth the breakdown by nature of the line item “Income after tax from discontinued
operations” for the years ended December 31, 2015, 2014 and 2013:
Statement of Income
Revenue
Other income
Total Revenue
12-31-2015
ThCh$
2,382,671,016
14,735,951
2,397,406,967
12-31-2014
ThCh$
2,013,305,145
34,201,387
2,047,506,532
12-31-2013
ThCh$
1,717,781,888
18,516,145
1,736,298,033
Raw materials and consumables used
Contribution Margin
(1,481,985,559)
915,421,408
(1,309,402,283)
738,104,249
(998,873,893)
737,424,140
Other work performed by the entity and capitalized
Employee benefits expense
Depreciation and amortization expense
Reversal of impairment loss (impairment losses)
recognized in profit or loss
Other expenses
Operating income
21,004,053
(136,554,721)
(153,201,662)
21,505,568
(126,341,363)
(128,437,154)
14,831,058
(120,113,902)
(119,507,118)
3,054,903
(13,185,420)
(8,212,948)
(125,849,781)
523,874,200
(110,321,349)
381,324,531
(114,350,778)
390,070,452
Other gains
Financial income
Financial costs
Share of profit (loss) of associates and joint ventures
accounted for using the equity method
Foreign currency exchange differences
Profit from indexed assets and liabilities
20,055,745
15,270,169
(61,616,349)
70,893,263
14,762,515
(59,543,956)
14,527,737
13,510,732
(62,395,332)
8,905,045
(54,413,310)
24,309,344
(13,394,762)
4,839,077
(20,328,278)
15,263,623
(1,838,329)
1,593,046
Income before taxes
Income tax expense, discontinued operations
NET INCOME FROM DISCONTINUED OPERATIONS
497,933,125
(109,612,599)
388,320,526
347,958,388
(66,017,317)
281,941,071
379,777,650
(61,712,442)
318,065,208
Due to classification of generation and distribution of energy activities in Chile as discontinued operations,
those lines of business are not included in Note 35. Information by segment.
378
2015 Annual Report Enersis
iv. Cash flows
The following table sets for the net cash flows from operating, investing and financing activities attributable to
discontinued operations for the years ended December 31, 2015, 2014 and 2013:
Statement of cash flows
Net cash flows from (used in) operating activities
Net cash flows from (used in) investing 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
12-31-2015
ThCh$
576,531,527
(296,741,342)
(273,442,450)
12-31-2014
ThCh$
264,946,881
(188,738,471)
(159,144,481)
12-31-2013
ThCh$
442,960,531
(106,125,058)
(216,411,065)
6,347,735
(82,936,071)
120,424,408
4,898,483
1,044,602
388,929
11,246,218
133,015,627
144,261,845
(81,891,469)
214,907,097
133,015,628
120,813,337
94,093,760
214,907,097
Appendix 4 to these consolidated financial statements shows supplementary information related to assets and
liabilities held for distribution to owners, as well as the results from discontinued operations.
379
Consolidated Financial Statements 5.2 Sale of Concesionaria Túnel El Melón S.A.
In December 2014, Empresa Nacional de Electricidad S.A. and its subsidiary Compañía Eléctrica de Tarapacá
S.A. signed a contract to sell all their shares in Sociedad Concesionaria Túnel El Melón S.A. to Temsa Private
Investment Fund. Such contract established a number of conditions, which were not fulfilled at the end of
2014, preventing the closure of the sale. The sale was finalized on January 9, 2015 (See Note 31).
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).
El Melón Tunnel is an alternative route 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 their carrying amount and fair value less costs of disposal.
380
2015 Annual Report Enersis
The main items of assets, liabilities and cash flow held for sale as of December 31, 2014 for the aforementioned
entity are as follows:
ASSETS
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 ASSETS
TOTAL ASSETS
LIABILITIES
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
Summary of net cash flows
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
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
Balance
12-31-2014
9,045,775
(5,604,740)
(3,450,774)
(9,739)
-
(9,739)
39,440
29,701
381
Consolidated Financial Statements
6. Business combination – Acquisition
of Gasatacama
on April 22, 2014, Endesa Chile acquired the remaining 50% ownership interest in Inversiones GasAtacama
Holding Limitada (hereinafter “GasAtacama”) that was owned by Southern Cross Latin America Private Equity
Fund III L.P. (hereinafter “Southern Cross”) at that time.
Consequently, the Group now holds 100% of control over GasAtacama, which at the same time is the owner
of (i) 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; (ii) the 940 km Atacama Pipeline that runs between Coronel Cornejo in
Argentina and Mejillones in Chile; and (iii) the 223 km Taltal Pipeline between Mejillones and Paposo.
Upon obtaining 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, and it is expected to enable us to
satisfy greater industrial, residential and mining demand through a competitively priced energy supply with a
low environmental impact.
GasAtacama acquisition was recognized using the accounting criteria for business combinations achieved in
stages as detailed in Note 2.6.1.
Since the date of acquisition, GasAtacama 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 taxes for the 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 acquired and liabilities assumed (i)
Total consideration paid in cash
ThCh$
174,028,622
(16,070,521)
157,958,101
The total consideration transferred 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-related costs
Endesa Chile incurred costs for ThCh$ 23,543 in financial advisory fees related to the acquisition of Inversiones
GasAtacama Holding Limitada. These costs were recognized in 2014 under Income after tax from discontinued
operations line in the consolidated statements of comprehensive income.
382
2015 Annual Report Enersis
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 approaches:
i. The market approach using the comparison method, based on quoted market prices for identical or
comparable items when available.
ii. The cost approach or depreciated replacement cost, which reflects adjustments for physical deterioration
and functional and economic obsolescence.
iii. The income approach, which uses valuation techniques that convert future amounts (such as cash flows or
income and expenses) into a single current amount (that is, discounted). The fair value measurement reflects
current market expectations for those future amounts.
Reconciliation of values
Finally, the fair values were determined from an assessment and reconciliation of the results obtained from the
methods selected, based on the nature of each asset acquired and liability assumed.
383
Consolidated Financial Statements d) Goodwill
Total consideration paid
Fair value of pre-existing interest in the acquiree
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.
e) Remeasurement of pre-existing interest and
currency translation differences
The remeasurement of the fair value of Endesa Chile’s pre-existing 50% equity interest in GasAtacama resulted
in a gain of ThCh$ 21,546,320. The gain recognized was the positive difference between the acquisition-date
fair value of the pre-existing equity interest of ThCh$ 157,147,000, and the carrying amount of the investment
accounted for using the equity method at the acquisition date of ThCh$ 135,600,682.
In addition, the exchange differences on translation of the pre-existing equity interest accumulated in the
equity of Endesa Chile/Enersis Américas at the acquisition date, were reclassified to profit or loss, resulting in
a gain of ThCh$ 21,006,456.
Both amounts were recognized in year 2014, under Income after tax from discontinued operations line in the
consolidated statement of comprehensive income.
As of December 31, 2015, the assets and liabilities of GasAtacama have been classified as held for distribution
to owners. Likewise, the results of its operations for the years 2015, 2014 and 2013 have been classified as
discontinued operations. (See Note 3.k and 5.1)
384
2015 Annual Report Enersis
7. Capital increase
the Enersis Américas 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. (Enersis’ parent located in Spain) 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 Américas via cash payments of ThCh$ 1,121,458,393, which included an Allocated capital 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 Américas.
The following table summarizes the ownership interests contributed by Endesa, S.A.:
i) Contributions in companies that Enersis Américas controlled before the transaction:
Company
Empresa Distribuidora Sur 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$947,982,284 to other miscellaneous reserves in Enersis Américas’ Net equity. This amount is
the difference between the economic and accounting values of the ownership interests transferred by Endesa,
S.A. on the date of the transaction.
Components of other comprehensive income have also been redistributed as needed, with an additional
ThCh$ 41,885,724 charged to other miscellaneous reserves and credited to Reserve for exchange differences
on translation. This redistribution, based on the prorated ownership interests contributed by Endesa, S.A., has
assigned to the Enersis Américas shareholders their share of Reserve for differences in translation that, prior
to the transaction, was assigned to non-controlling interests.
385
Consolidated Financial Statements
ii) Contributions in companies that Enersis Américas did not control or in which it did not hold an ownership
interest 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 Américas’ Net equity. The amount is the difference
between the economic and accounting values of the ownership interests transferred by Endesa, S.A. on the date
of the transaction.
The following table summarizes the effects of the capital increase on the Enersis Américas’ Consolidated
Statement of Financial Position on the date of the transaction:
Cash
Contribution
ThCh$
1,121,458,393
-
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 1,310,964,981
161,105,666
161,105,666
ASSETS
Current assets
Non-current assets
TOTAL ASSETS
1,121,458,393
-
350,612,254 1,472,070,647
LIABILITIES
Current liabilities
Non-current liabilities
TOTAL LIABILITIES
-
-
-
-
-
-
180,637,894
54,241,781
180,637,894
54,241,781
234,879,675
234,879,675
EQUITY
Capital increase
Share premium for capital increase (other
Reserves)
Other miscellaneous reserves
Foreign currency translation differences
1,119,997,890 1,692,613,860
31,786,140 2,844,397,890
1,460,503
-
-
1,460,503
-
-
(989,868,008)
41,885,724
92,011,899
-
(897,856,109)
41,885,724
Equity attributable to shareholders of
Enersis Américas
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
1,121,458,393
TOTAL LIABILITIES AND EQUITY
1,121,458,393
-
-
115,732,579 1,237,190,972
350,612,254 1,472,070,647
386
2015 Annual Report Enersis
Share issuance 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 Américas from
the ownership interest acquired was ThCh$ 126,280,714.
8. Cash and cash equivalents
a) The detail of cash and cash equivalents as of December 31, 2015 and 2014 is as follows:
Cash and Cash Equivalents
Cash balances
Bank balances
Time deposits
Other fixed-income instruments
Total
Balance at
12-31-2015
ThCh$
7,718,308
194,453,214
573,985,007
409,006,815
1,185,163,344
12-31-2014
ThCh$
1,264,361
283,305,826
922,909,741
497,265,563
1,704,745,491
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. There are no restrictions for significant
amounts of cash availability.
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
12-31-2015
ThCh$
835,468,993
44,883,600
156,731,922
91,204,686
34,749,661
22,124,482
1,185,163,344
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
c) The following table shows the amounts paid to obtain control of subsidiaries as of December 31, 2015 and
2014:
Acquisition of Subsidiaries
Acquisitions paid in cash and cash equivalents
Cash and cash equivalents in entities acquired
Total, net (*)
(*) See Note 6.
12-31-2015
ThCh$
-
-
-
12-31-2014
ThCh$
(157,958,101)
120,303,339
(37,654,762)
387
Consolidated Financial Statements
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 as of December 31, 2015 and
2014:
Cash and cash equivalents (statement of financial position)
Cash and cash equivalents attributable to assets held for sale
(*)
Cash and cash equivalents attributable to assets held for
distribution to owners (*)
Cash and cash equivalents (statement of cash flows)
(*) See Note 5.1.d) and 5.2.
Balance
at 12-31-2015
ThCh$
1,185,163,344
Balance
at 12-31-2014
ThCh$
1,704,745,491
-
29,702
144,261,845
-
1,329,425,189
1,704,775,193
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 in entities sold
Total net
(*) See Note 2.4.1 and 5.1 iv).
Balance
at 12-31-2015
ThCh$
25,000,000
(18,360,347)
6,639,653
Balance
at 12-31-2014
ThCh$
57,173,142
(16,311,571)
40,861,571
388
2015 Annual Report Enersis
9. Other financial assets
The detail of other financial assets as of December 31, 2015 and 2014 is as follows:
Other Financial Assets
Balance at
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 through profit
or loss (*)
Non-hedging derivatives (*)
Current
Non-current
12-31-2015
ThCh$
12-31-2014
ThCh$
12-31-2015
ThCh$
12-31-2014
ThCh$
-
-
-
-
-
-
616,296
4,275,183
-
31,044
487,893,679 492,923,605
27,195,496
1,172,125
38,301,763
1,414,588
39,673
978,556
26,340,396
7,229,290
35,467,539
52,677,337
4,427,286
7,061,715
-
-
-
22,002
Total
68,262,446
99,455,403 489,528,204 530,821,520
(*) See Note 22.1.a
The amounts included in “financial assets held to maturity” and “financial assets at fair value through 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 measure 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. Currently, they are measured on the basis of the VNR, and the compensation rights are classified as financial assets available for sale (see Note 3.g).
389
Consolidated Financial Statements 10. Trade and other receivables
a) The detail of trade and other receivables as of December 31, 2015 and 2014 is as follows:
Balance at
12-31-2015
12-31-2014
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)
Current
ThCh$
Non-current
ThCh$
1,389,215,812 398,695,864
1,054,529,912
334,685,900
Non-current
ThCh$
1,844,027,889 291,641,675
257,022,423 1,275,999,654 202,932,480
88,709,195
568,028,235
141,673,441
Current
ThCh$
Balance at
12-31-2015
12-31-2014
Current
ThCh$
Non-current
ThCh$
Non-current
ThCh$
1,088,131,567 398,695,864 1,681,686,903 291,641,675
1,120,897,826 202,932,480
88,709,195
754,571,268
333,560,299
257,022,423
141,673,441
Current
ThCh$
560,789,077
(1) Includes as of December 31, 2015, mainly accounts receivable related to loans and advances to employees for ThCh$ 14,081,204 (ThCh$ 31,042,105 as of
December 31, 2014); Resolution 250/13 (applicable in Argentina) on the Cost Monitoring Mechanism (MMC) adjustment for ThCh$ 0 (ThCh$ 253,484,218 as of
December 31, 2014); Resolution SE 32/2015 (applicable in Argentina) for ThCh$ 28,174,339 (ThCh$ 0 as of December 31, 2014)(See Note 4.2); Recoverable taxes (VAT)
of ThCh$ 80,412,497 (ThCh$ 157,439,993 as of December 31, 2014); 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 for ThCh$ 150,798,761
(ThCh$ 150,387,462 as of December 31, 2014), which are guaranteed by the Brazilian government.
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 customers to which it has sales representing 10% or more of its operating income
for the years ended December 31, 2015 and 2014.
Refer to Note 11.1 for detailed information on amounts, terms and conditions associated with accounts
receivable from related companies.
390
2015 Annual Report Enersis
b) As of December 31, 2015 and 2014, the balance of past due but not impaired 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 12-31-2015
ThCh$
117,895,535
25,783,187
28,220,570
7,034,592
178,933,884
Balance
at 12-31-2014
ThCh$
152,844,247
14,297,179
63,606,398
51,972,887
282,720,711
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, 2014
Increases (decreases) for the year (*)
Amounts written off
Foreign currency translation differences
Balance at December 31, 2014
Increases (decreases) for the year (*)
Amounts written off
Foreign currency translation differences
Other
Transfer to assets held for distribution to owners
Balance at December 31, 2015
(*) See Note 30 for impairment losses of financial assets.
Current
and Non-current
ThCh$
156,868,268
22,848,140
(19,013,041)
1,637,619
162,340,986
46,890,017
23,480,578
(43,623,000)
147,873,154
(35,877,490)
301,084,245
The increase in the allowance for impairment of trade receivables, related to continuing operations of Enersis
Américas, was ThCh$ 39,779,710 during the year 2015.
391
Consolidated Financial Statements
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.g.3 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 7.
• Supplementary information on Trade Receivables, see Appendix 7.1.
392
2015 Annual Report Enersis
11. Balances and transactions with
related companies
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 Américas is the Italian corporation Enel S.p.A.
11.1 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:
393
Consolidated Financial Statements a) Receivables from related companies
Taxpayer ID
No. (RUT)
Foreign
Foreign
Foreign
Foreign
Foreign
96.524.140-K
96.880.800-1
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
96.806.130-5
76.788.080-4
Country
Company
Spain
Enel Latinoamérica S.A
Spain
Enel Latinoamérica S.A
Spain
Endesa Spain
Spain
Endesa Spain
Spain
Endesa Spain
Chile
Empresa Eléctrica Panguipulli S.A.(*)
Chile
Empresa Eléctrica Puyehue S.A. (*)
Endesa Energía S.A.
Spain
Endesa Operaciones y Servicios Comerciales Spain
SACME
Enel Iberoamérica S.R.L
Enel Iberoamérica S.R.L.
Enel Iberoamérica S.R.L.
Electrogas S.A.(*)
GNL Quintero S.A. (*)
Argentina
Spain
Spain
Spain
Chile
Chile
Currency
Relationship
Common Immediate Parent CH$
Common Immediate Parent Ar$
Common Immediate Parent CH$
Common Immediate Parent CP
Common Immediate Parent Euros
Common Immediate Parent CH$
Common Immediate Parent CH$
Common Immediate Parent CP
Common Immediate Parent CP
Ar$
Associate
CH$
Parent
CP
Parent
Euros
Parent
CH$
Associate
CH$
Associate
76.418.940-k
GNL Chile S.A. (*)
Chile
Associate
US$
Advance natural gas
76.418.940-k
76.418.940-k
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
76.126.507-5
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Chile
Chile
Colombia
Colombia
Spain
Spain
Italy
Italy
Chile
Italy
Italy
Italy
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
GNL Chile S.A. (*)
GNL Chile S.A. (*)
Empresa de Energía de Cundinamarca S.A.
Empresa de Energía de Cundinamarca S.A.
Endesa Generación
Endesa Generación
Enel Ingegneria e Ricerca
Enel Trade S.p.A.
Parque Eolico Talinay Oriente SA(*)
Enel S.p.A.
Enel S.p.A.
Enel S.p.A.
Enel Green Power Cristal Eolica
Enel Green Power Emiliana Eolica Sa
Enel Green Power Joana Eolica Sa
Enel Green Power Modelo I Eolica SA
Enel Green Power Modelo II Eolica SA
Enel Green Power Primavera Eolica
Enel Green Power SAO Judas Eolica
Enel Green Power Tacaicó Eólica Sa
Enel Green Power Pedra Do Gerônimo Eólic
Enel Green Power Pau Ferro Eólica Sa
Energía Nueva Energía Limpia Mexico S.R.L Mexico
Enel Green Power Colombia
Enel Green Power Participaçôes Ltda.
Enel Soluçôes Energeticas
Enel Green Power Maniçoba
Enel Green Power Esperanca
Enel Green Power Damascena
Enel Italia Servizi SRL
Colombia
Brazil
Brazil
Brazil
Brazil
Brazil
Italy
US$
US$
CP
CP
Associate
Associate
Joint Venture
Joint Venture
Common Immediate Parent CH$
Common Immediate Parent CH$
Common Immediate Parent CH$
Common Immediate Parent CH$
Common Immediate Parent CH$
CH$
Parent
Euros
Parent
CP
Parent
Common Immediate Parent Real
Common Immediate Parent Real
Common Immediate Parent Real
Common Immediate Parent Real
Common Immediate Parent Real
Common Immediate Parent Real
Common Immediate Parent Real
Common Immediate Parent Real
Common Immediate Parent Real
Common Immediate Parent Real
Common Immediate Parent CH$
Common Immediate Parent CP
Common Immediate Parent US$
Common Immediate Parent Real
Common Immediate Parent Real
Common Immediate Parent Real
Common Immediate Parent Real
Common Immediate Parent CP
Current
12-31-2015
ThCh$
No Current
12-31-2015
ThCh$
12-31-2014
ThCh$
355,485
486,605
Commodity derivatives
Less than 90 days
Description of
Transaction
Other services
Dividends
Other services
Other services
Other services
Energy sales
Energy sales
Other services
Other services
Other services
Other services
Other services
Other services
Dividends
Energy sales
purchases
Other services
Loans
Energy sales
Other services
Other services
Other services
Other services
Energy sales
Other services
Other services
Other services
Tolls
Tolls
Tolls
Tolls
Tolls
Tolls
Tolls
Tolls
Tolls
Tolls
Other services
Other services
Other services
Other services
Other services
Other services
Other services
Other services
Term of
Transaction
Less than 90 days
Less than 90 days
More 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
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
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
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
13,077
28,628
5,833
30,373
114,758
42,003
3,276
931,267
553,472
216,682
36,067
99,972
145,858
116,940
343
460
460
538
469
344
341
263
429
429
54
626
585
624
15,306
978,185
21,454
207,814
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
(*) As of December 31, 2015, the receivable balances have been classified in the statement of financial position as non-current assets or disposal groups held for sale or held for distribution to owners.
Total
3,566,930
18,441,340
355,485
486,605
394
2015 Annual Report Enersis
a) Receivables from related companies
Taxpayer ID
No. (RUT)
Company
Country
Relationship
Currency
Empresa de Energía de Cundinamarca S.A.
Empresa de Energía de Cundinamarca S.A.
Colombia
Colombia
Joint Venture
Joint Venture
Endesa Operaciones y Servicios Comerciales Spain
Common Immediate Parent CP
Argentina
Associate
96.524.140-K
Empresa Eléctrica Panguipulli S.A.(*)
96.880.800-1
Empresa Eléctrica Puyehue S.A. (*)
Enel Latinoamérica S.A
Enel Latinoamérica S.A
Endesa Spain
Endesa Spain
Endesa Spain
Endesa Energía S.A.
SACME
Enel Iberoamérica S.R.L
Enel Iberoamérica S.R.L.
Enel Iberoamérica S.R.L.
96.806.130-5
Electrogas S.A.(*)
76.788.080-4
GNL Quintero S.A. (*)
76.418.940-k
GNL Chile S.A. (*)
76.418.940-k
76.418.940-k
GNL Chile S.A. (*)
GNL Chile S.A. (*)
76.126.507-5
Parque Eolico Talinay Oriente SA(*)
Endesa Generación
Endesa Generación
Enel Ingegneria e Ricerca
Enel Trade S.p.A.
Enel S.p.A.
Enel S.p.A.
Enel S.p.A.
Enel Green Power Cristal Eolica
Enel Green Power Emiliana Eolica Sa
Enel Green Power Joana Eolica Sa
Enel Green Power Modelo I Eolica SA
Enel Green Power Modelo II Eolica SA
Enel Green Power Primavera Eolica
Enel Green Power SAO Judas Eolica
Enel Green Power Tacaicó Eólica Sa
Enel Green Power Pedra Do Gerônimo Eólic
Enel Green Power Pau Ferro Eólica Sa
Enel Green Power Participaçôes Ltda.
Enel Soluçôes Energeticas
Enel Green Power Maniçoba
Enel Green Power Esperanca
Enel Green Power Damascena
Enel Italia Servizi SRL
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
Spain
Spain
Spain
Spain
Spain
Chile
Chile
Spain
Spain
Spain
Spain
Chile
Chile
Chile
Chile
Chile
Spain
Spain
Italy
Italy
Chile
Italy
Italy
Italy
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Italy
Total
Common Immediate Parent CH$
Common Immediate Parent Ar$
Common Immediate Parent CH$
Common Immediate Parent CP
Common Immediate Parent Euros
Common Immediate Parent CH$
Common Immediate Parent CH$
Common Immediate Parent CP
Ar$
CH$
CP
Euros
CH$
CH$
US$
US$
US$
CP
CP
CH$
Euros
CP
Parent
Parent
Parent
Associate
Associate
Associate
Associate
Associate
Parent
Parent
Parent
Common Immediate Parent CH$
Common Immediate Parent CH$
Common Immediate Parent CH$
Common Immediate Parent CH$
Common Immediate Parent CH$
Common Immediate Parent Real
Common Immediate Parent Real
Common Immediate Parent Real
Common Immediate Parent Real
Common Immediate Parent Real
Common Immediate Parent Real
Common Immediate Parent Real
Common Immediate Parent Real
Common Immediate Parent Real
Common Immediate Parent Real
Common Immediate Parent US$
Common Immediate Parent Real
Common Immediate Parent Real
Common Immediate Parent Real
Common Immediate Parent Real
Common Immediate Parent CP
Energía Nueva Energía Limpia Mexico S.R.L Mexico
Common Immediate Parent CH$
Enel Green Power Colombia
Colombia
Common Immediate Parent CP
Current
No Current
Description of
Transaction
Other services
Dividends
Other services
Other services
Other services
Energy sales
Energy sales
Other services
Other services
Other services
Other services
Other services
Other services
Dividends
Energy sales
Advance natural gas
purchases
Other services
Loans
Energy sales
Other services
Other services
Commodity derivatives
Other services
Other services
Energy sales
Other services
Other services
Other services
Tolls
Tolls
Tolls
Tolls
Tolls
Tolls
Tolls
Tolls
Tolls
Tolls
Other services
Other services
Other services
Other services
Other services
Other services
Other services
Other services
Term of
Transaction
Less than 90 days
Less than 90 days
More 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
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
12-31-2015
ThCh$
-
-
13,077
28,628
5,833
-
-
30,373
114,758
42,003
-
3,276
931,267
-
-
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
-
-
553,472
216,682
36,067
-
-
-
-
99,972
145,858
116,940
343
460
460
538
469
344
341
263
429
429
15,306
978,185
21,454
54
626
585
624
207,814
1,644,650
549,359
513,804
130,431
36,067
99,662
10,299
3,256
21,647
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
12-31-2015
ThCh$
-
-
-
-
-
-
-
-
-
355,485
-
12-31-2014
ThCh$
-
-
-
-
-
-
-
-
-
486,605
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
(*) As of December 31, 2015, the receivable balances have been classified in the statement of financial position as non-current assets or disposal groups held for sale or held for distribution to owners.
3,566,930
18,441,340
355,485
486,605
395
Consolidated Financial Statements b) Accounts payable to related companies
Taxpayer ID
No. (RUT)
Foreign
Foreign
Foreign
96.524.140-K
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
77.017.930-0
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Company
Enel Latinoamérica S.A
Enel Latinoamérica S.A
Enel Latinoamérica S.A.
Empresa Electrica Panguipulli S.A. (*)
SACME
Electrogas S.A.(*)
GNL Chile S.A. (*)
Endesa Generación
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 Produzione
Enel Ingegneria e Ricerca
Enel Ingegneria e Ricerca
Enel Ingegneria e Ricerca
Transmisora Eléctrica de Quillota Ltda. (*)
Empresa de Energía de Cundinamarca S.A.
Enel Green Power Spain SL
Endesa Spain
Endesa Spain
Parque Eolico Cristal
Enel S.p.A.
Enel S.p.A.
Enel S.p.A.
Enel S.p.A.
Enel Green Power Emiliana Eolica Sa
Enel Green Power Joana Eolica Sa
Enel Green Power Modelo I Eolica SA
Enel Green Power Modelo II Eolica SA
Enel Green Power Tacaicó
Enel Green Power Pedra Do Gerônimo Eólic
Enel Green Power Pau Ferro Eólica Sa
Enel Italia Servizi SRL
Enel Italia Servizi SRL
Enel Green Power Desenvolvimiento Ltda
Enel Green Power Brasil
Enel Green Power Italia
Country
Spain
Spain
Spain
Chile
Argentina
Chile
Chile
Spain
Spain
Spain
Spain
Spain
Spain
Spain
Spain
Spain
Spain
Spain
Italy
Italy
Italy
Italy
Italy
Italy
Italy
Chile
Colombia
Spain
Spain
Spain
Brazil
Italy
Italy
Italy
Italy
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Italy
Italy
Brazil
Brazil
Italy
Total
Currency
Relationship
Common Immediate Parent Ar$
Common Immediate Parent CH$
Common Immediate Parent CP
Common Immediate Parent CH$
Ar$
Associate
CH$
Associate
US$
Associate
Common Immediate Parent CH$
Common Immediate Parent CH$
Common Immediate Parent CH$
CH$
Parent
CP
Parent
CH$
Parent
Euros
Parent
Real
Parent
Sol
Parent
Ar$
Parent
Parent
US$
Common Immediate Parent CH$
Common Immediate Parent CP
Common Immediate Parent CH$
Common Immediate Parent CP
Common Immediate Parent CH$
Common Immediate Parent CP
Common Immediate Parent Real
CH$
Joint Venture
Joint Venture
CP
Common Immediate Parent CH$
Common Immediate Parent CH$
Common Immediate Parent Euros
Common Immediate Parent CH$
Real
Parent
Euros
Parent
Euros
Parent
Parent
CP
Common Immediate Parent Real
Common Immediate Parent Real
Common Immediate Parent Real
Common Immediate Parent Real
Common Immediate Parent Real
Common Immediate Parent Real
Common Immediate Parent Real
Common Immediate Parent CH$
Common Immediate Parent Euros
Common Immediate Parent Real
Common Immediate Parent Real
Common Immediate Parent CP
(*) As of December 31, 2015, the payable balances have been classified in the statement of financial position as non-current assets or disposal groups held for sale
or held for distribution to owners.
Current
No Current
12-31-2015
12-31-2014
12-31-2015
ThCh$
12-31-2014
ThCh$
58,897,984
73,806,006
Description of
Transaction
Dividends
Dividends
Other services
Energy purchases
Other services
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
Natural gas purchases
Less than 90 days
Fuel purchases
Other services
Less than 90 days
Less than 90 days
Commodity derivatives
Less than 90 days
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
Other services
Other services
Energy purchases
Other services
Other services
Other services
Energy purchases
Other services
Other services
Other services
Other services
Energy purchases
Energy purchases
Energy purchases
Energy purchases
Energy purchases
Energy purchases
Energy purchases
Other services
Other services
Other services
Other services
Other services
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
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$
59,416
40,920
161,015
28,617
29,658,243
302,025
414,397
384,082
173,687
194,151
184,373
1,513,001
192,920
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
74,089
12,027,207
2,841,305
9,039
59,242
152,859
110,781
234,876
157,329
72,411
183,859
195,699
-
82,220
286,224
19,140
64,546
ThCh$
77,779
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
23,982
129,492
365,620
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
1,121,851
1,029,940
109,897,508
143,680,622
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
396
2015 Annual Report Enersis
b) Accounts payable to related companies
Taxpayer ID
No. (RUT)
Company
Foreign
Foreign
Foreign
Enel Latinoamérica S.A
Enel Latinoamérica S.A
Enel Latinoamérica S.A.
Country
Relationship
Currency
Common Immediate Parent Ar$
Common Immediate Parent CH$
Common Immediate Parent CP
Common Immediate Parent CH$
96.524.140-K
Empresa Electrica Panguipulli S.A. (*)
Foreign
SACME
96.806.130-5
Electrogas S.A.(*)
76.418.940-k
GNL Chile S.A. (*)
Argentina
Associate
Associate
Associate
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
Endesa Generación
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 Produzione
Enel Ingegneria e Ricerca
Enel Ingegneria e Ricerca
Enel Ingegneria e Ricerca
Enel Green Power Spain SL
Endesa Spain
Endesa Spain
Parque Eolico Cristal
Enel S.p.A.
Enel S.p.A.
Enel S.p.A.
Enel S.p.A.
Enel Green Power Emiliana Eolica Sa
Enel Green Power Joana Eolica Sa
Enel Green Power Modelo I Eolica SA
Enel Green Power Modelo II Eolica SA
Enel Green Power Tacaicó
Enel Green Power Pedra Do Gerônimo Eólic
Enel Green Power Pau Ferro Eólica Sa
Enel Italia Servizi SRL
Enel Italia Servizi SRL
Enel Green Power Brasil
Enel Green Power Italia
Enel Green Power Desenvolvimiento Ltda
Spain
Spain
Spain
Chile
Chile
Chile
Spain
Spain
Spain
Spain
Spain
Spain
Spain
Spain
Spain
Spain
Spain
Italy
Italy
Italy
Italy
Italy
Italy
Italy
Spain
Spain
Spain
Brazil
Italy
Italy
Italy
Italy
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Italy
Italy
Brazil
Brazil
Italy
Total
Ar$
CH$
US$
CH$
CP
CH$
Euros
Real
Sol
Ar$
US$
CH$
CP
Real
Euros
Euros
CP
Common Immediate Parent CH$
Common Immediate Parent CH$
Common Immediate Parent CH$
Parent
Parent
Parent
Parent
Parent
Parent
Parent
Parent
Parent
Parent
Parent
Parent
Common Immediate Parent CH$
Common Immediate Parent CP
Common Immediate Parent CH$
Common Immediate Parent CP
Common Immediate Parent CH$
Common Immediate Parent CP
Common Immediate Parent Real
Common Immediate Parent CH$
Common Immediate Parent CH$
Common Immediate Parent Euros
Common Immediate Parent CH$
Common Immediate Parent Real
Common Immediate Parent Real
Common Immediate Parent Real
Common Immediate Parent Real
Common Immediate Parent Real
Common Immediate Parent Real
Common Immediate Parent Real
Common Immediate Parent CH$
Common Immediate Parent Euros
Common Immediate Parent Real
Common Immediate Parent Real
Common Immediate Parent CP
77.017.930-0
Transmisora Eléctrica de Quillota Ltda. (*)
Chile
Empresa de Energía de Cundinamarca S.A.
Colombia
Joint Venture
Joint Venture
(*) As of December 31, 2015, the payable balances have been classified in the statement of financial position as non-current assets or disposal groups held for sale
or held for distribution to owners.
Description of
Transaction
Dividends
Dividends
Other services
Energy purchases
Other services
Other services
Natural gas purchases
Fuel purchases
Other services
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
Other services
Other services
Energy purchases
Other services
Other services
Other services
Energy purchases
Other services
Other services
Other services
Other services
Energy purchases
Energy purchases
Energy purchases
Energy purchases
Energy purchases
Energy purchases
Energy purchases
Other services
Other services
Other services
Other services
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
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
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
Current
No Current
12-31-2015
ThCh$
59,416
58,897,984
40,920
-
161,015
-
-
-
28,617
-
29,658,243
302,025
-
414,397
384,082
-
173,687
-
-
194,151
-
184,373
1,513,001
192,920
-
-
1,121,851
-
-
74,089
-
12,027,207
2,841,305
9,039
59,242
152,859
110,781
234,876
157,329
72,411
183,859
195,699
-
82,220
286,224
19,140
64,546
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
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
12-31-2015
ThCh$
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
12-31-2014
ThCh$
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
109,897,508
143,680,622
-
-
397
Consolidated Financial Statements 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
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
Foreign
96.880.800-1
96.880.800-1
96.880.800-1
96.524.140-K
96.524.140-K
96.524.140-K
96.524.140-K
Foreign
Foreign
96.806.130-5
96.806.130-5
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
Foreign
Foreign
Foreign
76.321.458-3
76.321.458-3
76.321.458-3
76.321.458-3
Company
Endesa Energía S.A.
Endesa Energía S.A.
Enel Latinoamérica S.A
Enel Latinoamérica S.A
Endesa Generación
Endesa Generación
Endesa Generación
Endesa Generación
GNL Chile S.A. (*)
GNL Chile S.A. (*)
GNL Chile S.A. (*)
GNL Chile S.A. (*)
GNL Quintero S.A. (*)
GNL Quintero S.A. (*)
GNL Quintero 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 S.R.L.
Enel Iberoamérica S.R.L.
Electrogas S.A. (*)
Electrogas S.A. (*)
Endesa Operaciones y Servicios
PH Chucas Costa Rica
Enel Ingegneria Ricerca
Enel Ingegneria Ricerca
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 Aysen S.A. (*)
Centrales Hidroeléctricas de Aysen 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
Endesa Spain
Compañía Energética Veracruz S.A.C.
Enel Trade SpA
Enel Trade SpA
Enel Trade SpA
Sociedad Almeyda Solar SpA(*)
Sociedad Almeyda Solar SpA(*)
Sociedad Almeyda Solar SpA(*)
Sociedad Almeyda Solar SpA(*)
Country
Spain
Spain
Spain
Spain
Spain
Spain
Spain
Spain
Chile
Chile
Chile
Chile
Chile
Chile
Chile
Argentina
Chile
Chile
Chile
Chile
Chile
Chile
Chile
Spain
Spain
Chile
Chile
Spain
Costa Rica
Italy
Italy
Colombia
Colombia
Colombia
Colombia
Colombia
Chile
Chile
Chile
Chile
Chile
Chile
Chile
Chile
Spain
Spain
Peru
Italy
Italy
Italy
Chile
Chile
Chile
Chile
Relationship
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
Associate
Associate
Common Immediate Parent
Common Immediate Parent
Common Immediate Parent
Common Immediate Parent
Common Immediate Parent
Common Immediate Parent
Common Immediate Parent
Parent
Parent
Associate
Associate
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
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
398
2015 Annual Report Enersis
Description of Transaction
Other operating income
Natural gas sales
Interest on financial debt
Other fixed operating expenses
Fuel consumption
Other fixed operating expenses
Other operating income
Commodity derivatives
Natural gas consumption
Natural gas transportation
Other services rendered
Other financial income
Energy sales
Electricity tolls
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 operating income
Other fixed operating expenses
Gas tolls
Fuel consumption
Other operating income
Other services rendered
Other services rendered
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 fixed operating expenses
Other services rendered
Other operating income
Other fixed operating expense
Commodity derivatives
Energy purchases
Electricity tolls
Other services rendered
Energy sales
12-31-2015
12-31-2014
12-31-2013
Totals
ThCh$
275,290
14,604,841
(107,759)
(15,030,911)
(120,896)
(2,144,063)
(123,964,573)
(52,195,582)
54,377
81,749
3,260,734
151,088
650,390
(1,969,563)
(10,600,564)
(292,198)
392,312
286,833
(1,175,297)
3,491
(3,296,956)
(952,044)
172,728
1,188,564
35,773
(2,241,294)
4,263,174
(1,725,582)
(9,322)
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
(1,473,974)
36,266
(174,638)
(216,437)
(833,366)
(3,264,764)
(153,929)
109,891
87,062
Totals
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
(1,731,368)
23,891
(3,322,616)
(7,764,442)
1,858,318
229,609
(5,487)
(1,378,743)
57,623
3,022
3,222
-
-
-
-
-
-
-
-
-
-
-
-
2,951,317
3,142,758
Totals
ThCh$
99,654
21,397,171
(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)
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
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
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
Foreign
96.880.800-1
96.880.800-1
96.880.800-1
96.524.140-K
96.524.140-K
96.524.140-K
96.524.140-K
Foreign
Foreign
96.806.130-5
96.806.130-5
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
Foreign
Foreign
Foreign
76.321.458-3
76.321.458-3
76.321.458-3
76.321.458-3
Company
Endesa Energía S.A.
Endesa Energía S.A.
Enel Latinoamérica S.A
Enel Latinoamérica S.A
Endesa Generación
Endesa Generación
Endesa Generación
Endesa Generación
GNL Chile S.A. (*)
GNL Chile S.A. (*)
GNL Chile S.A. (*)
GNL Chile S.A. (*)
GNL Quintero S.A. (*)
GNL Quintero S.A. (*)
GNL Quintero 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 S.R.L.
Enel Iberoamérica S.R.L.
Electrogas S.A. (*)
Electrogas S.A. (*)
Endesa Operaciones y Servicios
PH Chucas Costa Rica
Enel Ingegneria Ricerca
Enel Ingegneria Ricerca
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 Aysen S.A. (*)
Centrales Hidroeléctricas de Aysen 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. (*)
Compañía Energética Veracruz S.A.C.
Endesa Spain
Endesa Spain
Enel Trade SpA
Enel Trade SpA
Enel Trade SpA
Sociedad Almeyda Solar SpA(*)
Sociedad Almeyda Solar SpA(*)
Sociedad Almeyda Solar SpA(*)
Sociedad Almeyda Solar SpA(*)
Country
Relationship
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
Common Immediate Parent
Common Immediate Parent
Common Immediate Parent
Common Immediate Parent
Costa Rica
Common Immediate Parent
Common Immediate Parent
Common Immediate Parent
Associate
Associate
Associate
Associate
Associate
Associate
Associate
Associate
Parent
Parent
Associate
Associate
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
Argentina
Colombia
Colombia
Colombia
Colombia
Colombia
Spain
Spain
Spain
Spain
Spain
Spain
Spain
Spain
Chile
Chile
Chile
Chile
Chile
Chile
Chile
Chile
Chile
Chile
Chile
Chile
Chile
Chile
Spain
Spain
Chile
Chile
Spain
Italy
Italy
Chile
Chile
Chile
Chile
Chile
Chile
Chile
Chile
Spain
Spain
Peru
Italy
Italy
Italy
Chile
Chile
Chile
Chile
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
Description of Transaction
Other operating income
Natural gas sales
Interest on financial debt
Other fixed operating expenses
Fuel consumption
Other fixed operating expenses
Other operating income
Commodity derivatives
Natural gas consumption
Natural gas transportation
Other services rendered
Other financial income
Energy sales
Electricity tolls
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 operating income
Gas tolls
Fuel consumption
Other operating income
Other services rendered
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 fixed operating expenses
Other services rendered
Other operating income
Other fixed operating expense
Commodity derivatives
Energy purchases
Electricity tolls
Other services rendered
Energy sales
12-31-2015
Totals
ThCh$
275,290
14,604,841
-
(107,759)
(15,030,911)
(120,896)
-
(2,144,063)
(123,964,573)
(52,195,582)
54,377
81,749
3,260,734
151,088
650,390
(1,969,563)
-
-
-
(10,600,564)
(292,198)
392,312
286,833
(1,175,297)
3,491
(3,296,956)
(952,044)
172,728
1,188,564
35,773
(2,241,294)
4,263,174
-
2,951,317
-
(1,725,582)
-
(9,322)
-
-
-
-
-
(1,473,974)
36,266
(174,638)
-
-
(216,437)
(833,366)
(3,264,764)
(153,929)
109,891
87,062
12-31-2014
Totals
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
-
3,022
3,222
-
-
-
-
-
-
12-31-2013
Totals
ThCh$
99,654
21,397,171
(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)
-
-
-
-
-
-
-
-
-
-
399
Consolidated Financial Statements Description of Transaction
Energy purchases
Energy sales
Other fixed operating expense
Other fixed operating expense
Other operating income
Other fixed operating expense
Energy purchases
Energy sales
Energy purchases
Other services rendered
Other services rendered
Other services rendered
Energy purchases
Other services rendered
Energy purchases
Other services rendered
Energy purchases
Other services rendered
Energy purchases
Other services rendered
Energy purchases
Other services rendered
Energy purchases
Other services rendered
Energy purchases
Other services rendered
Other fixed operating expense
Other services rendered
Other fixed operating expense
Other services rendered
Other services rendered
Other services rendered
Other services rendered
Other services rendered
Other services rendered
Energy sales
Energy purchases
12-31-2015
Totals
ThCh$
(14,929,463)
670,035
(13,567,378)
(72,057)
124,626
(168,463)
(26,456,188)
217,448
(65,275)
5,404
5,380
5,430
(1,982,654)
(1,463,855)
7,802
7,208
(2,397,927)
3,523
(2,313,314)
3,461
(910,249)
2,124
(2,978,980)
7,114
(1,997,894)
6,218
(403,404)
16,312
(68,787)
2,723
2,545
2,723
298
12,886
(122,237)
153,158
(505,404)
12-31-2014
Totals
ThCh$
12-31-2013
Totals
ThCh$
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Total
(262,484,943)
(211,381,462)
(152,123,118)
(5,141,912)
(1,148,277)
Taxpayer ID
No. (RUT)
76.052.206-6
76.052.206-6
Foreign
Foreign
Foreign
Foreign
76.179.024-2
76.179.024-2
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
76.126.507-5
76.126.507-5
Company
Parque Eolico Valle de los Vientos S.A. (*)
Parque Eolico Valle de los Vientos S.A. (*)
Enel SpA
Enel SpA
Enel SpA
Enel Italia
Parque Eolico Tal Tal S.A. (*)
Parque Eolico Tal Tal S.A. (*)
Quatiara Energía S.A.
Enel Green Power Cristal Eolica
Enel Green Power SAO Judas Eolica
Enel Green Power Primavera Eolica
Enel Green Power Emiliana Sa
Enel Green Power Emiliana Sa
Enel Green Power Joana Sa
Enel Green Power Joana Sa
Enel Green Power Pau Ferro Eólica Sa
Enel Green Power Pau Ferro Eólica Sa
Enel Green Power Pedra Do Gerônimo Eólic
Enel Green Power Pedra Do Gerônimo Eólic
Enel Green Power Tacaicó Eólica Sa
Enel Green Power Tacaicó Eólica Sa
Enel Green Power Modelo I Eolica SA
Enel Green Power Modelo I Eolica SA
Enel Green Power Modelo II Eolica SA
Enel Green Power Modelo II Eolica SA
Enel Produzione
Energía Nueva Energía Limpia Mexico S.R.L
Enel Green Power Italia
Enel Green Power Damascena S.A.
Enel Green Power Esperança S.A.
Enel Green Power Maniçoba S.A.
Enel Solucoes Energeticas Ltda
Yacylec
Yacylec
Parque Eolico Talinay Oriente SA (*)
Parque Eolico Talinay Oriente SA (*)
Country
Chile
Chile
Italy
Italy
Italy
Italy
Chile
Chile
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Italy
Mexico
Italy
Brazil
Brazil
Brazil
Brazil
Argentina
Argentina
Chile
Chile
Relationship
Common Immediate Parent
Common Immediate Parent
Parent
Parent
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
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
Common Immediate Parent
Common Immediate Parent
Common Immediate Parent
Common Immediate Parent
Associate
Associate
Common Immediate Parent
Common Immediate Parent
(1) See Notes 2.4.1, 6 and 14.
(*) For the year ended December 31, 2015, the effects on profit or loss of the transactions with related companies in Chile have been classified as discontinued
operations in the consolidated statement of comprehensive income.
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.
400
2015 Annual Report Enersis
Taxpayer ID
No. (RUT)
76.052.206-6
76.052.206-6
76.179.024-2
76.179.024-2
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
Parque Eolico Valle de los Vientos S.A. (*)
Parque Eolico Valle de los Vientos S.A. (*)
Common Immediate Parent
Common Immediate Parent
Country
Relationship
Company
Enel SpA
Enel SpA
Enel SpA
Enel Italia
Parque Eolico Tal Tal S.A. (*)
Parque Eolico Tal Tal S.A. (*)
Quatiara Energía S.A.
Enel Green Power Cristal Eolica
Enel Green Power SAO Judas Eolica
Enel Green Power Primavera Eolica
Enel Green Power Emiliana Sa
Enel Green Power Emiliana Sa
Enel Green Power Joana Sa
Enel Green Power Joana Sa
Enel Green Power Pau Ferro Eólica Sa
Enel Green Power Pau Ferro Eólica Sa
Enel Green Power Pedra Do Gerônimo Eólic
Enel Green Power Pedra Do Gerônimo Eólic
Enel Green Power Tacaicó Eólica Sa
Enel Green Power Tacaicó Eólica Sa
Enel Green Power Modelo I Eolica SA
Enel Green Power Modelo I Eolica SA
Enel Green Power Modelo II Eolica SA
Enel Green Power Modelo II Eolica SA
Enel Produzione
Enel Green Power Italia
Enel Green Power Damascena S.A.
Enel Green Power Esperança S.A.
Enel Green Power Maniçoba S.A.
Enel Solucoes Energeticas Ltda
Yacylec
Yacylec
Chile
Chile
Italy
Italy
Italy
Italy
Chile
Chile
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Italy
Italy
Brazil
Brazil
Brazil
Brazil
Argentina
Argentina
Chile
Chile
Parent
Parent
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
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
Common Immediate Parent
Common Immediate Parent
Common Immediate Parent
Associate
Associate
Common Immediate Parent
Common Immediate Parent
Energía Nueva Energía Limpia Mexico S.R.L
Mexico
Common Immediate Parent
76.126.507-5
76.126.507-5
Parque Eolico Talinay Oriente SA (*)
Parque Eolico Talinay Oriente SA (*)
(1) See Notes 2.4.1, 6 and 14.
(*) For the year ended December 31, 2015, the effects on profit or loss of the transactions with related companies in Chile have been classified as discontinued
operations in the consolidated statement of comprehensive income.
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.
Description of Transaction
Energy purchases
Energy sales
Other fixed operating expense
Other fixed operating expense
Other operating income
Other fixed operating expense
Energy purchases
Energy sales
Energy purchases
Other services rendered
Other services rendered
Other services rendered
Energy purchases
Other services rendered
Energy purchases
Other services rendered
Energy purchases
Other services rendered
Energy purchases
Other services rendered
Energy purchases
Other services rendered
Energy purchases
Other services rendered
Energy purchases
Other services rendered
Other fixed operating expense
Other services rendered
Other fixed operating expense
Other services rendered
Other services rendered
Other services rendered
Other services rendered
Other services rendered
Other services rendered
Energy sales
Energy purchases
12-31-2015
Totals
ThCh$
(14,929,463)
670,035
(13,567,378)
(72,057)
124,626
(168,463)
(26,456,188)
217,448
(65,275)
5,404
5,380
5,430
(1,982,654)
7,802
(1,463,855)
7,208
(2,397,927)
3,523
(2,313,314)
3,461
(910,249)
2,124
(2,978,980)
7,114
(1,997,894)
6,218
(403,404)
16,312
(68,787)
2,723
2,545
2,723
298
12,886
(122,237)
153,158
(505,404)
12-31-2014
Totals
ThCh$
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
(5,141,912)
12-31-2013
Totals
ThCh$
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
(1,148,277)
Total
(262,484,943)
(211,381,462)
(152,123,118)
401
Consolidated Financial Statements 11.2 Board of directors and key management
personnel
Enersis Américas 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, 2015 was elected at the Ordinary Shareholders Meeting held on
April 28, 2015. The current Chairman of the Board was designated at a Board meeting held on June 30, 2015,
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 28, 2015.
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 and other than transactions in the normal
course of business-electricity supply.
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 Américas 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 Américas). 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:
• 180 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.
402
2015 Annual Report Enersis
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 ended December 31, 2015.
If any Director of Enersis Américas 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 Américas 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 Américas 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 Américas 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 Américas). Also each member will be paid a
monthly compensation, one part in a fixed monthly fee and another part dependent on meetings attended.
This remuneration is broken down as follows:
• 60.00 UF as a fixed monthly fee, and
• 22.00 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 ended December 31, 2015.
403
Consolidated Financial Statements The following tables show details of the compensation paid to the members of the Board of Directors of
Enersis Américas for the years ended December 31, 2015, 2014 and 2013:
Taxpayer ID
Position
Name
No. (RUT)
Francisco de Borja Acha Besga (1) Chairman
Foreigner
Pablo Yrarrázaval Valdés (1)
Chairman
5.710.967-K
Jorge Rosenblut Ratinoff (1)
Chairman
6.243.657-3
Francesco Starace (2)
Vice Chairman
Foreigner
Vice Chairman
Borja Prado Eulate
Foreigner
Carolina Schmidt Zaldivar (3)
Director
7.052.890-8
4.975.992-4 Herman Chadwick Piñera (3)
Director
Director
6.429.250-1 Rafael Fernández Morandé
Director
4.132.185-7 Hernán Somerville Senn
Director
Foreigner
Director
5.719.922-9
Director
Foreigner
Director
Foreigner
Andrea Brentan
Leonidas Vial Echeverría (3)
Alberto de Paoli (4)
Francesca Di Carlo (5)
TOTAL
Period in position
June - December 2015
Year 2014
January - June 2015
June - December 2015
January - April 2015
January - June 2015
June - December 2015
January - December 2015
January - December 2015
January – April 2015
Year 2014
January – December 2015
April – December 2015
12-31-2015
Enersis
Américas
Board
ThCh$
-
20,184
77,861
-
45,292
33,532
53,679
97,303
95,613
22,743
14,785
-
-
460,992
12-31-2014
Board of
Subsidiaries
ThCh$
-
Directors’
Committee
ThCh$
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
8,745
21,428
36,914
36,914
-
-
-
-
104,001
Name
Pablo Yrarrázaval Valdés (1)
Jorge Rosenblut Ratinoff
Borja Prado Eulate
Carolina Schmidt Zaldivar
Leonidas Vial Echeverría
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 Rafael Fernández Morandé
4.132.185-7 Hernán Somerville Senn
Foreigner
Andrea Brentan
TOTAL
Name
Pablo Yrarrázaval Valdés
Borja Prado Eulate
Taxpayer ID
No. (RUT)
5.710.967-K
Foreigner
48.070.966-7 Rafael Miranda Robredo
5.719.922-9
Leonidas Vial Echeverría
6.429.250-1 Rafael Fernández Morandé
4.132.185-7 Hernán Somerville Senn
5.715.860-3
Eugenio Tironi Barrios
TOTAL
Position
Chairman
Chairman
Vice Chairman
Director
Director
Director
Director
Director
Period in position
January - October 2014
November – December 2014
January - December 2014
November – December 2014
January - October 2014
January - December 2014
January - December 2014
January – December 2014
Enersis
Américas
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
Position
Chairman
Vice Chairman
Director
Director
Director
Director
Director
Period in position
January – December 2013
April – September 2013
January – December 2013
January – December 2013
January – December 2013
January – December 2013
January – April 2013
12-31-2013
Enersis
Américas
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
(1) Mr. Jorge Rosenblut became Chairman on November 4, 2014, replacing Pablo Yrarrázaval, who served until October 28, 2014. On June 30, 2015, Mr. Jorge
Rosenblut resigned to his position and Mr. Francisco de Borja Acha Besga was appointed as Chairman.
(2) Mr. Francesco Starace became Vice Chairman on April 28, 2015. He is not remunerated
(3) Ms. Carolina Schmidt became a Director on November 4, 2014, replacing Leonidas Vial, who served until October 30, 2014. On June 26, 2015, Ms. Carolina Schmidt
resigned to her position and Mr. Herman Chadwick Piñera replaced her as Director on June 30, 2015.
(4) Mr. Alberto de Paoli was appointed to the Board of Directors member in November 2014. He is not remunerated
(5) Ms. Francesca Di Carlo was appointed to the Board of Directors member on April 28, 2015. He is not remunerated.
c) Guarantees established by the Company in favor of the
directors
No guarantees have been given to the directors.
404
2015 Annual Report Enersis
11.3 Compensation for key management personnel
a) Remunerations received by 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
7.625.745-0
6.973.465-0
Name
Luca D’Agnese (1)
Daniel Fernandez Koprich (2)
Francisco Galán Allue (5)
Marco Fadda
Alain Rosolino
Francesco Giogianni (6)
José Miranda Montecinos (3)
Paola Visintini Vaccarezza (4)
Antonio Barreda Toledo (7)
Domingo Valdés Prieto
Key Management Personnel
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 January 29, 2015, Mr. Luca D’Agnese became CEO replacing Mr. Luigi Ferraris who submitted his voluntarily resignation from Enersis Américas, and served until
that date. Mr. Luigi Ferraris had become CEO replacing Mr. Ignacio Antoñanzas on November 12, 2014.
(2) On November 12, 2014, Mr. Daniel Fernandez Koprich became Deputy CEO replacing Mr. Massimo Tambosco.
(3) On December 1, 2014, Mr. José Miranda Montecinos became Communications Manager replacing Mr. Daniel Horacio Martini, who submitted his voluntarily resignation
from Enersis Américas, and served until December 1, 2014.
(4) 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 Américas, and served until November 25, 2014.
(5) On December 15, 2014, Mr. Francisco Galán Allue became Administration, Finance and Control Manager replacing Mr. Eduardo Escaffi.
(6) On December 15, 2014, Mr. Francesco Giogianni became Institutional Relations Manager.
(7) On January 29, 2015, Mr. Antonio Barreda Toledo became Procurement Officer replacing Mr. Eduardo López Miller.
Incentive plans for key management personnel
Enersis Américas 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
12-31-2015
ThCh$
3,308,345
352,329
449,243
4,109,917
Balance at
12-31-2014
ThCh$
3,028,193
830,052
562,074
4,420,319
12-31-2013
ThCh$
2,522,068
514,139
612,627
3,648,834
b) Guarantees established by the Company in favor of key
management personnel
No guarantees have been given to key management personnel.
11.4 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 Américas stock.
405
Consolidated Financial Statements 12. Inventories
The detail of inventories as of December 31, 2015 and 2014 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
12-31-2015
ThCh$
872,084
16,060,887
-
13,602,708
2,458,179
78,124,926
95,057,897
78,124,926
22,871,137
55,253,789
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
88,701,848
71,641,346
17,060,502
There are no inventories pledged as security for liabilities.
For the year ended December 31, 2015, raw materials and consumables used recognized as fuel expenses
were ThCh$ 585,616,918, out of which ThCh$ 258,113,922 corresponds to continuing operations (ThCh$
511,014,654 and ThCh$ 386,116,195 for the years ended December 31, 2014 and 2013, respectively, out of
which ThCh$ 205,534,394 and ThCh$ 174,504,021 correspond to continuing operations, respectively). See
Note 28.
As of December 31, 2015 and 2014, no inventories have been written down.
406
2015 Annual Report Enersis
13. Current tax assets and liabilities
The detail of current tax receivables as of December 31, 2015 and 2014 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
Balance at
12-31-2015
ThCh$
45,274,710
47,244
80,000
-
2,052,634
12-31-2014
ThCh$
59,831,897
20,104,186
301,800
28,047,776
2,286,863
47,454,588
110,572,522
The detail of current tax payables as of December 31, 2015 and 2014 is as follows:
Tax Payables
Income tax
Total
Balance at
12-31-2015
ThCh$
142,607,960
12-31-2014
ThCh$
115,472,313
142,607,960
115,472,313
407
Consolidated Financial Statements 14. Investments accounted for using the
equity method.
14.1. Investments accounted for using the
equity method
a. The following tables present the changes in shareholders’ equity of the Group’s equity method investments
during the years 2015 and year 2014:
Taxpayer ID No.
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
96.806.130-5
76.788.080-4
76.418.940-K
76.652.400-1
77.017.930-0
Changes in Investments in Associates
Yacylec S.A.
Sacme S.A.
Distribuidora Eléctrica de Cundinamarca S.A.
Central Termica Manuel Belgrano
Central Termica San Martin
Central Vuelta Obligado S.A.
Electrogas S.A. (4)
GNL Quintero S.A. (4)
GNL Chile S.A. (4)
Centrales Hidroeléctricas De Aysén S.A. (4)
Transmisora Eléctrica de Quillota Ltda. (4)
Relationship
Associate
Associate
Joint Venture
Associate
Associate
Associate
Associate
Associate
Associate
Joint Venture
Joint Venture
Country
Argentina
Argentina
Colombia
Argentina
Argentina
Argentina
Chile
Chile
Chile
Chile
Chile
Currency
Argentine peso
Argentine peso
Colombian peso
Argentine peso
Argentine peso
Argentine peso
U.S. dollar
U.S. dollar
U.S. dollar
Chilean peso
Chilean peso
Ownership Interest
22.22%
50.00%
49.00%
25.60%
25.60%
40.90%
42.50%
20.00%
33.33%
51.00%
50.00%
TOTALES
73,633,610
2,582,763
12,238,016
(9,999,106)
(1,226,044)
(552,420)
76,676,819
(45,716,374)
30,960,445
Taxpayer ID No.
Foreign
Foreign
Foreign
96.806.130-5
76.788.080-4
76.418.940-K
76.652.400-1
77.017.930-0
76.014.570-K
Changes in Investments in Associates
Yacylec S.A.
Sacme S.A.
Distribuidora Eléctrica de Cundinamarca S.A.
Electrogas S.A.
GNL Quintero S.A.
GNL Chile S.A.
Centrales Hidroeléctricas De Aysén S.A. (2)
Transmisora Eléctrica de Quillota Ltda.
Inversiones GasAtacama Holding Ltda. (1)
Relationship
Associate
Associate
Joint Venture
Associate
Associate
Associate
Joint Venture
Joint Venture
Joint Venture
Country
Argentina
Argentina
Colombia
Chile
Chile
Chile
Chile
Chile
Chile
Currency
Argentine peso
Argentine peso
Colombian peso
U.S. dollar
U.S. dollar
U.S. dollar
Chilean peso
Chilean peso
U.S. dollar
Ownership Interest
22.22%
50.00%
49.00%
42.50%
20.00%
33.33%
51.00%
50.00%
50.00%
(1) In April 2014, the company Inversiones GasAtacama Holding Ltda. became a subsidiary and since then is included in the consolidation (see Notes 2.4.1 and 6).
(2) The loss recognized in 2014 includes an impairment of ThCh$ 69,066,857 as a result of the uncertainty about the recoverability of this investment (see Note 36.5).
(3) The share of profit (loss) from continuing operations is ThCh$ 3,332,971 and ThCh$ 2,560,023 for the years ended December 31, 2015 and 2014.
(4) As of December 31, 2015, these equity method investments have been classified as assets held for distribution to owners.
TOTALES
248,080,880
3,315,000
(51,853,287)
(11,136,879)
7,846,060
13,476,871
(136,095,035)
73,633,610
73,633,610
408
2015 Annual Report Enersis
Additions
Share of Profit
declared
Translation
(Decreases)
12/31/2015
to owners
12/31/2015
Dividends
Currency
Comprehensive
Increases
Balance at
distribution
Balance at
ThCh$
(Loss) ThCh$
ThCh$
Foreign
Other
Other
Income
ThCh$
ThCh$
Balance at
01/01/2015
ThCh$
453,015
19,657
32,795,615
10,777,659
15,198,935
1,818,168
6,144,557
6,426,004
Balance at
01/01/2015
ThCh$
550,047
21,641
33,083,016
9,682,324
4,797,508
559,615
69,684,864
6,073,897
123,627,968
-
-
-
9,127
9,127
14,509
2,550,000
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
(132,598)
34,434
752,621
1,415,471
1,263,043
-
5,121,427
4,534,344
495,389
(2,414,264)
1,168,149
(35,735)
34,719
2,561,039
4,566,154
5,808,748
1,099,143
585,051
3,053,468
3,315,000
(69,525,874)
(4,079,210)
25,442
(577,862)
(619,792)
(531,712)
(4,398,423)
(4,449,179)
ThCh$
(77,008)
(39,064)
(181,731)
(167,201)
(3,300)
1,120,075
1,852,923
348,472
-
-
-
-
(2,293,359)
ThCh$
(61,297)
(36,703)
847,016
311,747
159,410
8,919,246
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
(4,239,280)
(6,897,599)
31,475
(555,081)
(110,030)
13,445,396
(2,266,865)
ThCh$
453,015
19,657
32,795,615
10,777,659
15,198,935
1,818,168
6,144,557
6,426,004
-
2,670,567
(232,944)
(135,600,682)
Transfer
to assets
held for
ThCh$
29,494,468
ThCh$
243,409
15,027
623,075
573,257
11,209
12,042,876
(12,042,876)
17,137,023
2,662,029
6,280,293
7,594,153
(17,137,023)
(2,662,029)
(6,280,293)
(7,594,153)
Transfer
to assets
held for
ThCh$
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
29,494,468
ThCh$
243,409
15,027
623,075
573,257
11,209
-
-
-
-
-
-
ThCh$
453,015
19,657
32,795,615
10,777,659
15,198,935
1,818,168
6,144,557
6,426,004
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Additions
Share of Profit
declared
Translation
(Decreases)
12/31/2014
to owners
12/31/2014
Dividends
Currency
Comprehensive
Increases
Balance at
distribution
Balance at
ThCh$
(Loss) ThCh$
ThCh$
Foreign
Other
Other
Income
ThCh$
ThCh$
14. Investments accounted for using the
equity method.
14.1. Investments accounted for using the
equity method
during the years 2015 and year 2014:
a. The following tables present the changes in shareholders’ equity of the Group’s equity method investments
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
96.806.130-5
76.788.080-4
76.418.940-K
76.652.400-1
77.017.930-0
Foreign
Foreign
Foreign
96.806.130-5
76.788.080-4
76.418.940-K
76.652.400-1
77.017.930-0
76.014.570-K
Taxpayer ID No.
Changes in Investments in Associates
Relationship
Ownership Interest
Distribuidora Eléctrica de Cundinamarca S.A.
Joint Venture
Yacylec S.A.
Sacme S.A.
Central Termica Manuel Belgrano
Central Termica San Martin
Central Vuelta Obligado S.A.
Electrogas S.A. (4)
GNL Quintero S.A. (4)
GNL Chile S.A. (4)
Associate
Associate
Associate
Associate
Associate
Associate
Associate
Associate
Centrales Hidroeléctricas De Aysén S.A. (4)
Transmisora Eléctrica de Quillota Ltda. (4)
Joint Venture
Joint Venture
Country
Argentina
Argentina
Colombia
Argentina
Argentina
Argentina
Chile
Chile
Chile
Chile
Chile
Currency
Argentine peso
Argentine peso
Colombian peso
Argentine peso
Argentine peso
Argentine peso
U.S. dollar
U.S. dollar
U.S. dollar
Chilean peso
Chilean peso
Taxpayer ID No.
Changes in Investments in Associates
Relationship
Ownership Interest
Distribuidora Eléctrica de Cundinamarca S.A.
Joint Venture
Yacylec S.A.
Sacme S.A.
Electrogas S.A.
GNL Quintero S.A.
GNL Chile S.A.
Centrales Hidroeléctricas De Aysén S.A. (2)
Transmisora Eléctrica de Quillota Ltda.
Inversiones GasAtacama Holding Ltda. (1)
Associate
Associate
Associate
Associate
Associate
Joint Venture
Joint Venture
Joint Venture
Country
Argentina
Argentina
Colombia
Currency
Argentine peso
Argentine peso
Colombian peso
Chile
Chile
Chile
Chile
Chile
Chile
U.S. dollar
U.S. dollar
U.S. dollar
Chilean peso
Chilean peso
U.S. dollar
(1) In April 2014, the company Inversiones GasAtacama Holding Ltda. became a subsidiary and since then is included in the consolidation (see Notes 2.4.1 and 6).
(2) The loss recognized in 2014 includes an impairment of ThCh$ 69,066,857 as a result of the uncertainty about the recoverability of this investment (see Note 36.5).
(3) The share of profit (loss) from continuing operations is ThCh$ 3,332,971 and ThCh$ 2,560,023 for the years ended December 31, 2015 and 2014.
(4) As of December 31, 2015, these equity method investments have been classified as assets held for distribution to owners.
Balance at
01/01/2015
ThCh$
453,015
19,657
32,795,615
-
-
-
10,777,659
15,198,935
1,818,168
6,144,557
6,426,004
Additions
ThCh$
-
-
-
9,127
9,127
14,509
-
-
-
2,550,000
-
Share of Profit
(Loss) ThCh$
(132,598)
34,434
752,621
1,415,471
1,263,043
-
5,121,427
4,534,344
495,389
(2,414,264)
1,168,149
Dividends
declared
ThCh$
-
-
-
(619,792)
(531,712)
-
(4,398,423)
(4,449,179)
-
-
-
Foreign
Currency
Translation
ThCh$
(77,008)
(39,064)
(4,079,210)
(181,731)
(167,201)
(3,300)
1,120,075
1,852,923
348,472
-
-
Other
Comprehensive
Income
ThCh$
-
-
25,442
-
-
-
(577,862)
-
-
-
-
Other
Increases
(Decreases)
ThCh$
-
-
-
-
-
-
-
-
-
-
-
Balance at
12/31/2015
ThCh$
243,409
15,027
29,494,468
623,075
573,257
11,209
12,042,876
17,137,023
2,662,029
6,280,293
7,594,153
Transfer
to assets
held for
distribution
to owners
ThCh$
-
-
-
-
-
-
(12,042,876)
(17,137,023)
(2,662,029)
(6,280,293)
(7,594,153)
Balance at
12/31/2015
ThCh$
243,409
15,027
29,494,468
623,075
573,257
11,209
-
-
-
-
-
TOTALES
73,633,610
2,582,763
12,238,016
(9,999,106)
(1,226,044)
(552,420)
-
76,676,819
(45,716,374)
30,960,445
Balance at
01/01/2015
ThCh$
550,047
21,641
33,083,016
9,682,324
4,797,508
559,615
69,684,864
6,073,897
123,627,968
Additions
ThCh$
-
-
-
-
-
-
3,315,000
-
-
Share of Profit
(Loss) ThCh$
(35,735)
34,719
2,561,039
4,566,154
5,808,748
1,099,143
(69,525,874)
585,051
3,053,468
Dividends
declared
ThCh$
-
-
-
(4,239,280)
(6,897,599)
-
-
-
-
Foreign
Currency
Translation
ThCh$
(61,297)
(36,703)
(2,293,359)
847,016
311,747
159,410
-
-
8,919,246
Other
Comprehensive
Income
ThCh$
-
-
-
31,475
13,445,396
-
-
-
-
Other
Increases
(Decreases)
ThCh$
-
-
(555,081)
(110,030)
(2,266,865)
-
2,670,567
(232,944)
(135,600,682)
Balance at
12/31/2014
ThCh$
453,015
19,657
32,795,615
10,777,659
15,198,935
1,818,168
6,144,557
6,426,004
-
TOTALES
248,080,880
3,315,000
(51,853,287)
(11,136,879)
7,846,060
13,476,871
(136,095,035)
73,633,610
Transfer
to assets
held for
distribution
to owners
ThCh$
-
-
-
-
-
-
-
-
-
Balance at
12/31/2014
ThCh$
453,015
19,657
32,795,615
10,777,659
15,198,935
1,818,168
6,144,557
6,426,004
-
73,633,610
22.22%
50.00%
49.00%
25.60%
25.60%
40.90%
42.50%
20.00%
33.33%
51.00%
50.00%
22.22%
50.00%
49.00%
42.50%
20.00%
33.33%
51.00%
50.00%
50.00%
409
Consolidated Financial Statements
b. Additional financial information on investments in associated companies and joint ventures
- Investments with significant influence
The following tables set forth financial information as of December 31, 2015 and 2014 from the Financial
Statements of the investments in associates where the Group has significant influence:
Investments with Significant
Influence
% Ownership
Interest Direct /
Indirect
GNL Chile S.A.(*)
GNL Quintero S.A. (*)
Electrogas S.A. (*)
Yacylec S.A.
33.33%
20.00%
42.50%
22.22%
Investments with Significant
Influence
% Ownership
Interest Direct /
Indirect
GNL Chile S.A.
GNL Quintero S.A.
Electrogas S.A.
Yacylec S.A.
33.33%
20.00%
42.50%
22.22%
Current Assets
ThCh$
73,289,529
154,169,202
9,800,478
1,810,275
Current Assets
ThCh$
73,425,419
98,325,654
6,085,889
2,027,688
Non-current
Assets
ThCh$
19,843,392
679,246,875
46,815,192
193,569
Non-current
Assets
ThCh$
81,983
597,812,711
43,289,210
774,429
Current Liabilities
ThCh$
59,207,958
22,104,679
12,191,561
868,193
Current Liabilities
ThCh$
64,329,604
20,036,542
10,076,915
717,301
(*) As of December 31, 2015, these investments in associates have been classified as non-current assets held for distribution to owners.
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.
12-31-2015
12-31-2014
Non-current
Liabilities
ThCh$
Non-current
Liabilities
ThCh$
Revenues
ThCh$
25,938,077
655,759,390
725,626,283
130,540,774
16,087,931
23,546,048
40,198
1,377,810
Expenses
ThCh$
(654,273,074)
(107,869,054)
(10,624,229)
(1,974,559)
Profit (Loss)
ThCh$
1,486,316
22,671,720
12,921,819
(596,749)
Revenues
ThCh$
Expenses
ThCh$
3,723,224
732,138,386
(728,840,589)
600,107,009
117,435,890
(88,392,142)
13,938,983
46,046
19,635,597
1,348,659
(8,891,705)
(1,509,482)
Profit (Loss)
ThCh$
3,297,797
29,043,748
10,743,892
(160,823)
Comprehensive
Comprehensive
Other
Income
ThCh$
1,045,519
9,264,617
1,275,795
(346,568)
Other
Income
ThCh$
478,277
68,785,714
2,067,038
(275,865)
Income
ThCh$
2,531,835
31,936,337
14,197,614
(943,317)
Income
ThCh$
3,776,074
97,829,462
12,810,930
(436,688)
Comprehensive
Comprehensive
410
2015 Annual Report Enersis
b. Additional financial information on investments in associated companies and joint ventures
- Investments with significant influence
The following tables set forth financial information as of December 31, 2015 and 2014 from the Financial
Statements of the investments in associates where the Group has significant influence:
Investments with Significant
Influence
% Ownership
Interest Direct /
Indirect
Current Assets
Current Liabilities
Investments with Significant
Influence
% Ownership
Interest Direct /
Indirect
Current Assets
Current Liabilities
33.33%
20.00%
42.50%
22.22%
ThCh$
73,289,529
154,169,202
9,800,478
1,810,275
33.33%
20.00%
42.50%
22.22%
ThCh$
73,425,419
98,325,654
6,085,889
2,027,688
Non-current
Assets
ThCh$
19,843,392
679,246,875
46,815,192
193,569
Non-current
Assets
ThCh$
81,983
597,812,711
43,289,210
774,429
ThCh$
59,207,958
22,104,679
12,191,561
868,193
ThCh$
64,329,604
20,036,542
10,076,915
717,301
GNL Chile S.A.(*)
GNL Quintero S.A. (*)
Electrogas S.A. (*)
Yacylec S.A.
GNL Chile S.A.
GNL Quintero S.A.
Electrogas S.A.
Yacylec S.A.
(*) As of December 31, 2015, these investments in associates have been classified as non-current assets held for distribution to owners.
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.
12-31-2015
Non-current
Liabilities
ThCh$
25,938,077
725,626,283
16,087,931
40,198
12-31-2014
Non-current
Liabilities
ThCh$
3,723,224
600,107,009
13,938,983
46,046
Revenues
ThCh$
655,759,390
130,540,774
23,546,048
1,377,810
Expenses
ThCh$
(654,273,074)
(107,869,054)
(10,624,229)
(1,974,559)
Profit (Loss)
ThCh$
1,486,316
22,671,720
12,921,819
(596,749)
Revenues
ThCh$
732,138,386
117,435,890
19,635,597
1,348,659
Expenses
ThCh$
(728,840,589)
(88,392,142)
(8,891,705)
(1,509,482)
Profit (Loss)
ThCh$
3,297,797
29,043,748
10,743,892
(160,823)
Other
Comprehensive
Income
ThCh$
1,045,519
9,264,617
1,275,795
(346,568)
Comprehensive
Income
ThCh$
2,531,835
31,936,337
14,197,614
(943,317)
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)
411
Consolidated Financial Statements
- Joint ventures
The following tables present information from the financial statements as of December 31, 2015 and 2014 on
the main joint ventures:
% Ownership
51.0%
51.0%
50.0%
50.0%
48.997%
48.997%
Centrales Hidroeléctricas
de Aysén S.A. (*)
Transmisora Eléctrica de
Quillota Ltda, (*)
Distribuidora Eléctrica
de Cundinamarca S.A.
Total current assets
Total non-current assets
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)
31-12-2015
ThCh$
31-12-2014
ThCh$
31-12-2015
ThCh$
31-12-2014
ThCh$
31-12-2015
ThCh$
31-12-2014
ThCh$
502,938
485,966
5,336,516
4,426,445
14,988,328
13,918,600
15,159,321
15,026,706
12,148,544
11,420,593
127,123,136
140,233,080
3,290,947
3,419,214
466,485
1,159,095
16,616,178
16,252,424
56,685
428,440
45,348
1,830,272
1,835,937
55,374,521
60,107,487
319,670
4,884,645
3,930,814
2,789,518
3,750,964
-
-
-
-
-
-
-
-
-
-
-
-
1,081,545
116,008
23,230,972
22,738,158
2,852,803
2,672,950
86,666,633
89,367,706
(52,978)
(748,171)
(738,927)
(8,773,063)
(7,400,833)
(131,894,113)
-
-
-
-
20,009
479,518
1,678,801
88,597
633,204
642,775
-
(8,586)
-
-
-
-
(3,100,381)
(3,017,696)
(679,715)
(205,839)
(5,237,742)
(4,702,120)
(4,733,482)
(136,325,281)
2,336,297
1,170,102
1,926,420
6,820,089
Other comprehensive income
-
-
-
-
(8,273,502)
(4,680,612)
Comprehensive income
(4,733,482)
(136,325,281)
2,336,297
1,170,102
(6,347,082)
2,139,477
(*) As of December 31, 2015, these investments in joint ventures have been classified as non-current assets held for distribution to owners.
See Appendix 3
c. There are no significant commitments and contingencies, or restrictions on funds transfers to its owners in
associated companies and joint ventures.
412
2015 Annual Report Enersis
15. Intangible assets other than
goodwill
The following table presents intangible assets as of December 31, 2015 and 2014:
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:
12-31-2015
ThCh$
981,399,272
27,572,798
905,374,088
17,805,648
2,431,516
28,105,416
109,806
12-31-2015
ThCh$
1,943,902,048
36,770,284
1,788,421,395
26,126,552
11,285,432
79,169,384
2,129,001
12-31-2015
ThCh$
(962,502,776)
(962,502,776)
(9,197,486)
(883,047,307)
(8,320,904)
(8,853,916)
(51,063,968)
(2,019,195)
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)
Concession Holder
Ampla Energia e Servicios S.A. (Distribution)
Compañía Energetica do Ceara S.A. (Distribution)
TOTAL
(*) See Note 3d.1)
12-31-2015
ThCh$
543,414,668
361,959,420
12-31-2014
ThCh$
637,287,020
418,699,142
905,374,088
1,055,986,162
413
Consolidated Financial Statements
The reconciliations of the carrying amounts of intangible assets during the period 2015 and year 2014 are as
follows:
2015
Changes in Intangible Assets
Opening balance at 1/1/2015
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 through classified as held for distribution to owners(3)
Total changes in identifiable intangible assets
Closing balance of intangible assets at 12/31/2015
17,805,648
27,572,798
905,374,088
2,431,516
28,105,416
109,806
981,399,272
2014
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
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
Decreases classified as held for sale (3)
Total changes in identifiable intangible assets
Development
Costs
ThCh$
Easements
Concessions
ThCh$
ThCh$
Patents,
Registered
Trademarks
and Other
Rights
ThCh$
Computer
Software
ThCh$
Other
Identifiable
Intangible
Assets, Net
ThCh$
Intangible
Assets, Net
ThCh$
14,833,312
44,841,692
1,055,986,162
2,206,341
49,549,321
795,228
1,168,212,056
5,588,626
(540,471)
317,865
230,687,290
(2,335,864)
(236,814,024)
(1,152,144)
(74,777,866)
(1,090,419)
556,721
556,721
(80,001)
-
-
-
(62,920,004)
(62,920,004)
(6,787,470)
(80,001)
(6,787,470)
1,208,396
(303,835)
(780,678)
101,292
101,292
19,091,097
(3,107,703)
(9,285,111)
-
-
(264,122)
(139,831)
(124,291)
(53,972)
(53,972)
256,893,274
15,908
(243,085,989)
(20,145)
(86,052,295)
(201,424)
(556,720)
355,296
-
-
-
(63,817,956)
(63,817,956)
(7,870,492)
(7,870,492)
-
(14,575,471)
(27,824,094)
(479,761)
(42,879,326)
(17,268,894)
(150,612,074)
225,175
(21,443,905)
(685,422)
(186,812,784)
Development
Costs
ThCh$
Easements
Concessions
ThCh$
ThCh$
Patents,
Registered
Trademarks
and Other
Rights
ThCh$
Computer
Software
ThCh$
Other
Identifiable
Intangible
Assets, Net
ThCh$
Intangible
Assets, Net
ThCh$
26,530,426
42,779,382
1,060,466,808
2,205,245
38,718,081
2,860,419
1,173,560,361
3,546,359
980,172
1,901,989
(856,524)
(3,182,841)
(1,604,192)
184,993,319
32,102,724
(98,940,029)
(14,948,785)
(12,927,088)
2,621,037
(103,283,260)
7,870
(433,818)
(556,720)
(12,934,958)
3,054,855
(102,726,540)
1,053,177
(155,290)
(992,288)
95,497
(23,947)
119,444
-
-
-
(113,716)
(113,716)
-
-
-
-
-
17,060,992
(506,857)
(7,501,894)
2,152,373
449,895
1,702,478
(373,374)
(373,374)
-
-
-
124,597
208,555,836
31,688,822
(7,207)
(112,228,451)
(14,948,785)
(2,182,581)
(113,524,022)
556,720
(2,739,301)
(113,524,022)
-
-
(487,090)
(487,090)
(4,404,615)
(5,348,305)
(11,697,114)
2,062,310
1,096
10,831,240
(2,065,191)
(4,404,615)
(4,480,646)
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Closing balance in identifiable intangible assets at 12/31/2014
14,833,312
44,841,692
1,055,986,162
2,206,341
49,549,321
795,228
1,168,212,056
(1)(2) See Note 30.
(3) See Note 5.1 a) and 5.2
414
2015 Annual Report Enersis
The reconciliations of the carrying amounts of intangible assets during the period 2015 and year 2014 are as
follows:
2015
Changes in Intangible Assets
Opening balance at 1/1/2015
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 through classified as held for distribution to owners(3)
Total changes in identifiable intangible assets
2014
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
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
Decreases classified as held for sale (3)
Total changes in identifiable intangible assets
(1)(2) See Note 30.
(3) See Note 5.1 a) and 5.2
Development
Costs
ThCh$
Easements
ThCh$
Concessions
ThCh$
Patents,
Registered
Trademarks
and Other
Rights
ThCh$
Computer
Software
ThCh$
Other
Identifiable
Intangible
Assets, Net
ThCh$
Intangible
Assets, Net
ThCh$
14,833,312
44,841,692
1,055,986,162
2,206,341
49,549,321
795,228
1,168,212,056
5,588,626
(540,471)
(1,090,419)
317,865
(2,335,864)
(1,152,144)
-
556,721
556,721
-
(80,001)
-
(80,001)
230,687,290
(236,814,024)
(74,777,866)
-
(62,920,004)
-
(62,920,004)
(6,787,470)
-
(6,787,470)
1,208,396
(303,835)
(780,678)
-
101,292
101,292
-
-
-
-
19,091,097
(3,107,703)
(9,285,111)
-
(264,122)
(139,831)
(124,291)
(53,972)
-
(53,972)
-
15,908
(20,145)
-
(201,424)
(556,720)
355,296
-
-
-
256,893,274
(243,085,989)
(86,052,295)
-
(63,817,956)
-
(63,817,956)
(7,870,492)
-
(7,870,492)
-
(14,575,471)
-
-
(27,824,094)
(479,761)
(42,879,326)
(17,268,894)
(150,612,074)
225,175
(21,443,905)
(685,422)
(186,812,784)
Closing balance of intangible assets at 12/31/2015
17,805,648
27,572,798
905,374,088
2,431,516
28,105,416
109,806
981,399,272
Development
Costs
ThCh$
Easements
ThCh$
Concessions
ThCh$
Patents,
Registered
Trademarks
and Other
Rights
ThCh$
Computer
Software
ThCh$
Other
Identifiable
Intangible
Assets, Net
ThCh$
Intangible
Assets, Net
ThCh$
26,530,426
42,779,382
1,060,466,808
2,205,245
38,718,081
2,860,419
1,173,560,361
3,546,359
980,172
(3,182,841)
-
(12,927,088)
7,870
(12,934,958)
(113,716)
-
(113,716)
-
(11,697,114)
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)
1,053,177
(155,290)
(992,288)
-
95,497
(23,947)
119,444
-
-
-
-
1,096
17,060,992
(506,857)
(7,501,894)
-
2,152,373
449,895
1,702,478
(373,374)
-
(373,374)
-
10,831,240
-
124,597
(7,207)
-
(2,182,581)
556,720
(2,739,301)
-
-
-
-
(2,065,191)
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)
Closing balance in identifiable intangible assets at 12/31/2014
14,833,312
44,841,692
1,055,986,162
2,206,341
49,549,321
795,228
1,168,212,056
415
Consolidated Financial Statements
The main additions to intangible assets recognized within item Concessions in accordance with IFRIC 12 (See
Note 3.d.1) are from Ampla and Coelce and are related to investments in network and extensions to optimize
functionality and to improve efficiency and quality levels of service.
The additions in 2015 related to continuing operations were ThCh$ 246,286,301. The amortization expense
of intangible assets related to continuing operations were ThCh$ 74,944,152, ThCh$ 106,274,341 and ThCh$
90,481,347 for the years ended December 31, 2015, 2014 and 2013. (See Note 5.1)
The employee expenses capitalized as part of projects under development were ThCh$ 10,165,042, ThCh$
12,046,728 and ThCh$ 13,877,942 for the years ended December 31, 2015, 2014 and 2013, respectively. All
employee expenses capitalized are related to continuing operations.
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, 2015
(See Note 3.e).
As of December 31, 2015 and 2014, the Company does not have significant intangible assets with an indefinite
useful life.
16. Goodwill
the following table sets forth goodwill by the Cash-Generating Unit or group of Cash-Generating Units to which
it belongs and changes for the years ended December 31, 2015 and 2014:
Company
Cash Generating Unit
Ampla Energia e Serviços S.A.
Ampla Energia e Serviços S.A.
Empresa Eléctrica de Colina Ltda,
Empresa Eléctrica de Colina Ltda,
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.
Compañía Eléctrica Tarapacá S.A. (3)(*)
Generación Chile - Sing
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
Emgesa S.A. E.S.P.
Chilectra S.A. (*)
Edegel S.A.A
Emgesa S.A. E.S.P.
Chilectra S.A.
Empresa Nacional de Electricidad S.A. (*)
Generación Chile - Sic
Inversiones Distrilima S.A.
Enel Brasil S.A.
Empresa de Distribución Eléctrica de Lima Norte S.A.A
Enel Brasil S.A.
Compañía Energética Do Ceará S.A.
Compañía Energética Do Ceará S.A.
Inversiones GasAtacama Holding Ltda, (1) (*)
Inversiones Gasatacama Holding
Total
(*) Discontinued operations
(1) See Notes 2.4.1 and 6.
(2) See Note 5.1 a)
(3) See Note 17.f) iii)
416
2015 Annual Report Enersis
Opening
Balance
1/1/2014
189,172,295
2,240,478
11,786,531
8,565,202
4,656,105
43,385,791
69,364,835
81,661,135
5,213,757
128,374,362
731,782,459
12,904
880,679
95,223,795
Increase/
(Decrease)
Foreign
Currency
Closing
Balance
Foreign
Currency
Transfer to
assets held for
distribution to
Closing
Balance
Translation
12/31/2014
Translation
owners (2)
12/31/2015
5,474,748
194,647,043
(42,267,975)
152,379,068
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
(740,800)
(942,764)
11,045,731
(1,357,767)
(1,799,525)
2,240,478
7,622,438
4,656,105
(2,240,478)
(4,656,105)
3,495,841
46,881,632
1,249,194
2,007,456
71,372,291
(15,498,627)
6,579,904
88,241,039
(327,692)
4,886,065
2,351,245
(600,606)
128,374,362
731,782,459
13,944
906,166
372
(196,776)
97,979,623
(21,276,460)
(128,374,362)
(731,782,459)
1,040
25,487
2,755,828
1,466,514
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
9,687,964
5,822,913
48,130,826
55,873,664
90,592,284
4,285,459
14,316
709,390
76,703,163
-
-
-
-
-
-
18,737,737
20,204,251
(20,204,251)
1,372,320,328
18,737,737
19,795,562
1,410,853,627
(79,396,925)
(887,257,655)
444,199,047
The main additions to intangible assets recognized within item Concessions in accordance with IFRIC 12 (See
According to the Group management’s estimates and projections, the expected future cash flows
Note 3.d.1) are from Ampla and Coelce and are related to investments in network and extensions to optimize
projections attributable to the Cash-Generating Units or groups of Cash-Generating Units, to which the
functionality and to improve efficiency and quality levels of service.
acquired goodwill has been allocated, allow the recovery of its carrying amount as of December 31, 2015
The additions in 2015 related to continuing operations were ThCh$ 246,286,301. The amortization expense
of intangible assets related to continuing operations were ThCh$ 74,944,152, ThCh$ 106,274,341 and ThCh$
The origin of the goodwill is detailed below:
90,481,347 for the years ended December 31, 2015, 2014 and 2013. (See Note 5.1)
The employee expenses capitalized as part of projects under development were ThCh$ 10,165,042, ThCh$
12,046,728 and ThCh$ 13,877,942 for the years ended December 31, 2015, 2014 and 2013, respectively. All
1. Ampla Energia e Serviços S.A.
a) Continuing operations
(See Note 3.e).
employee expenses capitalized are related to continuing operations.
On November 20, 1996, Enersis Américas S.A. and Chilectra S.A., together with Endesa S.A. and Electricidad
de Portugal, acquired a controlling equity interest in Cerj S.A. (now Ampla de Energía) of Rio de Janeiro in
According to the Group management’s estimates and projections, the expected future cash flows attributable
Brazil. Enersis Américas S.A. and Chilectra S.A. together acquired 42% of the total shares in an international
to intangible assets allow recovery of the carrying amount of these assets recorded as of December 31, 2015
public bidding process held by the Brazilian government.
As of December 31, 2015 and 2014, the Company does not have significant intangible assets with an indefinite
holding a total 60.5% ownership interest, directly and indirectly.
Enersis Américas S.A. and Chilectra S.A. also acquired an additional 18.5% on December 31, 2000, as such,
2. Compañía Energética Do Ceará S.A. (Coelce)
Between 1998 and 1999, Enersis Américas S.A. and Chilectra S.A., together with Endesa S.A., acquired
Compañía de Distribución Eléctrica del Estado de Ceará (Coelce) in northeast Brazil in an international public
bidding process held by the Brazilian government.
Opening
Balance
1/1/2014
189,172,295
2,240,478
11,786,531
8,565,202
4,656,105
43,385,791
69,364,835
81,661,135
5,213,757
128,374,362
731,782,459
12,904
880,679
95,223,795
Increase/
(Decrease)
Foreign
Currency
Translation
Closing
Balance
12/31/2014
Foreign
Currency
Translation
Transfer to
assets held for
distribution to
owners (2)
Closing
Balance
12/31/2015
-
-
-
-
-
-
-
-
-
-
-
-
-
-
5,474,748
194,647,043
(42,267,975)
-
152,379,068
-
2,240,478
-
(2,240,478)
(740,800)
(942,764)
-
11,045,731
(1,357,767)
7,622,438
4,656,105
(1,799,525)
-
(4,656,105)
-
-
3,495,841
46,881,632
1,249,194
2,007,456
71,372,291
(15,498,627)
6,579,904
88,241,039
(327,692)
4,886,065
2,351,245
(600,606)
-
-
-
-
-
-
128,374,362
731,782,459
-
-
(128,374,362)
(731,782,459)
1,040
25,487
2,755,828
1,466,514
13,944
906,166
372
(196,776)
97,979,623
(21,276,460)
-
-
-
20,204,251
-
(20,204,251)
-
9,687,964
5,822,913
-
48,130,826
55,873,664
90,592,284
4,285,459
-
-
14,316
709,390
76,703,163
-
-
18,737,737
1,372,320,328
18,737,737
19,795,562
1,410,853,627
(79,396,925)
(887,257,655)
444,199,047
417
(See Note 3.e).
useful life.
16. Goodwill
the following table sets forth goodwill by the Cash-Generating Unit or group of Cash-Generating Units to which
it belongs and changes for the years ended December 31, 2015 and 2014:
Company
Cash Generating Unit
Ampla Energia e Serviços S.A.
Ampla Energia e Serviços S.A.
Empresa Eléctrica de Colina Ltda,
Empresa Eléctrica de Colina Ltda,
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.
Compañía Eléctrica Tarapacá S.A. (3)(*)
Generación Chile - Sing
Empresa de Distribución Eléctrica de Lima Norte
Empresa de Distribución Eléctrica de Lima Norte S.A.A
Cachoeira Dourada S.A.
Edegel S.A.A
Emgesa S.A. E.S.P.
Chilectra S.A.
Empresa Nacional de Electricidad S.A. (*)
Generación Chile - Sic
Empresa de Distribución Eléctrica de Lima Norte S.A.A
Enel Brasil S.A.
Compañía Energética Do Ceará S.A.
Compañía Energética Do Ceará S.A.
Inversiones GasAtacama Holding Ltda, (1) (*)
Inversiones Gasatacama Holding
S.A.A
Cachoeira Dourada S.A.
Edegel S.A.A
Emgesa S.A. E.S.P.
Chilectra S.A. (*)
Inversiones Distrilima S.A.
Enel Brasil S.A.
Total
(*) Discontinued operations
(1) See Notes 2.4.1 and 6.
(2) See Note 5.1 a)
(3) See Note 17.f) iii)
Consolidated Financial Statements
3. Compañía Distribuidora y Comercializadora de Energía S.A. (Codensa S.A.)
On October 23, 1997, Enersis Américas S.A. and Chilectra S.A., together with Endesa S.A., acquired 48.5% equity
interest of Colombiana Codensa S.A., a company that distributes electricity in Santa Fé de Bogotá in Colombia.
The acquisition took place through an international public bidding process held by the Colombian government.
4. Hidroeléctrica el Chocón S.A.
On August 31, 1993, Endesa Chile acquired 59% equity interest of Hidroeléctrica El Chocón in an international
public bidding process held by the Argentine government.
5. Empresa de Distribución Eléctrica de Lima Norte S.A.A.
On October 15, 2009 in a transaction on the Lima Stock Exchange, Enersis Américas S.A. acquired an additional
24% interest in Empresa de Distribución Eléctrica de Lima Norte S.A. (Edelnor).
6. 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.
7. 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% equity interest in Edegel S.A.
8. Emgesa S.A. E.S.P.
On October 23, 1997, our subsidiary Endesa Chile, together with Endesa S.A., acquired 48.5% equity interest of
Emgesa S.A.E.S.P. in Colombia. The acquisition was made in an international public bidding process held by the
Colombian government.
b) Discontinued operations
1. Empresa Eléctrica de Colina Ltda.
On September 30, 1996, Chilectra S.A. acquired 100% interest of Empresa Eléctrica de Colina Ltda. from the
investment company Saint Thomas S.A., which was neither directly nor indirectly related to Chilectra S.A.
2. 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. was merged with Compañía Eléctrica San Isidro S.A.; with the
latter being the surviving entity.
3. Compañía Eléctrica San Isidro S.A.
On August 11, 2005, Endesa Chile acquired the shares of the company Inversiones Lo Venecia Ltda., whose only
asset was a 25% interest in the company San Isidro S.A. (acquisition of non-controlling interests).
On September 1, 2013, Compañía Eléctrica San Isidro S.A. was merged with Endesa Eco S.A., being the latter
the surviving entity.
Subsequently, on November 1, 2013, Endesa Eco S.A. was merged with Compañía Eléctrica Tarapacá, being the
latter the surviving entity.
418
2015 Annual Report Enersis
4. Chilectra S.A.
In November 2000, Enersis Américas S.A. acquired an additional 25.4% equity interest in the subsidiary Chilectra
S.A. through a purchasing power of attorney in a public bidding process, obtaining a 99.99% equity interest in
the company.
5. Empresa Nacional de Electricidad S.A. (Endesa Chile S.A.)
On May 11, 1999, Enersis Américas S.A. acquired an additional 35% equity interest in Endesa Chile in a public
bidding process on the Santiago Stock Exchange and through the acquisition of shares in the United States of
America (30% and 5%, respectively), obtaining a 60% equity interest in the generation company.
6. Inversiones GasAtacama Holding Limitada.
On April 22, 2014, Endesa Chile acquired the remaining 50% equity interest in Inversiones GasAtacama Holding
Limitada from Southern Cross Latin America Private Equity Fund III L.P (see Notes 2.4.1 and 6).
17. Property, plant and equipment
The following table shows property, plant and equipment as of December 31, 2015 and 2014:
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
12-31-2015
ThCh$
5,003,566,633
607,250,238
100,503,005
71,001,964
4,055,483,055
75,919,162
93,409,209
12-31-2015
ThCh$
8,112,003,524
607,250,238
100,503,005
124,231,301
6,986,028,809
174,119,689
119,870,482
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
Classes of Accumulated Depreciation and Impairment in
Property, Plant and Equipment
12-31-2015
ThCh$
12-31-2014
ThCh$
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
(3,108,436,891)
(53,229,337)
(2,930,545,754)
(98,200,527)
(26,461,273)
(6,066,946,269)
(72,449,518)
(5,814,084,003)
(152,563,815)
(27,848,933)
419
Consolidated Financial Statements
The detail and changes in property, plant, and equipment during the years 2015 and 2014 are as follows:
Changes in 2015
Opening balance at January 1, 2015
s
e
g
n
a
h
C
Increases (decreases) other than from business combinations
Increase (decrease) from exchange differences, net
Depreciation (2)
Impairment (losses) reversals recognized in profit or loss
Increases (decreases) from transfers and other changes
Increases (decreases) from transfers from construction in
progress
Increases (decreases) from other changes
Disposals and removals from service
Disposals
Removals
Decreases to classify as held for distribution to owners (3)
Total changes
Closing balance at December 31, 2015
Movimientos año 2014
Opening balance at January 1, 2014
Increases (decreases) other than from business combinations
Acquisitions through business combinations (1)
Increase (decrease) from exchange differences, net
Depreciation (2)
Impairment (losses) reversals recognized in profit or loss
Increases (decreases) from transfers and other changes
Increases (decreases) from transfers from construction in
progress
Increases (decreases) from other changes
s
e
g
n
a
h
C
Disposals and removals from service
Disposals
Removals
Total changes
Closing balance at December 31, 2014
(1) See Note 2.4.1 and 6.
(2) See Note 30.
(3) See Note 5.1 a).
Construction in Progress
ThCh$
1,735,117,241
1,068,754,499
(156,856,597)
-
(2,522,445)
(1,412,625,340)
(1,412,281,354)
(343,986)
(3,410,468)
-
(3,410,468)
(621,206,652)
(1,127,867,003)
607,250,238
Construction in Progress
ThCh$
1,218,316,396
1,026,011,114
10,802,165
(63,451,758)
-
-
(452,716,350)
(474,284,985)
21,568,635
(3,844,326)
(1,566,349)
(2,277,977)
516,800,845
1,735,117,241
Plant and
Financial Lease,
Property, Plant and
Other Property,
Plant and
Equipment under
21,088,932
19,204,944
1,367,821,944
35,491,552
278,467
Land
ThCh$
106,233,186
48,234,359
(7,426,335)
-
-
-
11,060,086
10,028,846
(713,987)
(713,987)
(66,913,150)
(5,730,181)
100,503,005
Buildings, Net
Equipment, Net
ThCh$
81,981,704
(702,915)
(11,054,890)
(4,818,708)
-
14,938,905
4,266,039
(679)
-
(679)
(13,607,492)
(10,979,740)
ThCh$
6,097,991,766
3,400,169
(391,213,355)
(364,968,158)
12,655,608
1,377,186,537
(9,364,593)
(1,235,840)
-
(1,235,840)
(2,668,969,079)
(2,042,508,711)
71,001,964
4,055,483,055
Land
ThCh$
Buildings, Net
Equipment, Net
ThCh$
ThCh$
99,869,574
92,820,775
5,834,476,720
3,081,951
3,216,432
(844,515)
-
-
1,249,969
(38,952)
(301,273)
(238,120)
(63,153)
725,802
(1,120,737)
(4,983,828)
-
-
4,152,489
(8,447,198)
(1,165,599)
(1,165,495)
(104)
6,363,612
(10,839,071)
106,233,186
81,981,704
12,239,464
171,934,310
(39,565,485)
(341,810,698)
(13,770,564)
475,028,160
460,761,588
14,266,572
(540,141)
-
(540,141)
263,515,046
6,097,991,766
Fixtures and
Fittings, Net
ThCh$
96,320,714
11,053,860
(11,521,067)
(16,893,517)
-
-
12,022,038
23,469,514
(278,404)
(278,404)
(38,253,976)
(20,401,552)
75,919,162
Fixtures and
Fittings, Net
ThCh$
72,898,921
11,023,265
13,707,484
981,409
(13,886,933)
-
8,816,027
5,387,042
(2,606,501)
(2,511,470)
(95,031)
23,421,793
96,320,714
Net
ThCh$
116,571,108
1,108,095
2,429,439
(6,749,401)
-
-
(2,926,212)
3,204,679
(11,051)
(11,051)
(20,217,448)
(23,161,899)
93,409,209
Net
ThCh$
115,416,339
7,316,269
(6,269,994)
(695,088)
803,582
-
-
-
-
-
-
Equipment, Net
ThCh$
8,234,215,719
1,131,848,067
(575,642,805)
(393,429,784)
10,133,163
31,260,499
31,260,499
(5,650,429)
-
-
(5,650,429)
(3,429,167,797)
(3,230,649,086)
5,003,566,633
Equipment, Net
ThCh$
7,433,798,725
1,053,081,596
199,660,391
(96,684,817)
(366,951,453)
(13,770,564)
33,539,681
-
33,539,681
(8,457,840)
(5,481,434)
(2,976,406)
1,154,769
116,571,108
800,416,994
8,234,215,719
Plant and
Financial Lease,
Property, Plant and
Other Property,
Plant and
Equipment under
1,211,017
(4,294,709)
14,203,069
108,494
420
2015 Annual Report Enersis
The detail and changes in property, plant, and equipment during the years 2015 and 2014 are as follows:
Changes in 2015
Construction in Progress
Opening balance at January 1, 2015
Increases (decreases) other than from business combinations
Increase (decrease) from exchange differences, net
Depreciation (2)
Impairment (losses) reversals recognized in profit or loss
Increases (decreases) from transfers and other changes
Increases (decreases) from transfers from construction in
s
e
g
n
a
h
C
progress
Disposals
Removals
Increases (decreases) from other changes
Disposals and removals from service
Decreases to classify as held for distribution to owners (3)
Total changes
Closing balance at December 31, 2015
Opening balance at January 1, 2014
Increases (decreases) other than from business combinations
Acquisitions through business combinations (1)
Increase (decrease) from exchange differences, net
Impairment (losses) reversals recognized in profit or loss
Increases (decreases) from transfers and other changes
Increases (decreases) from transfers from construction in
Increases (decreases) from other changes
Disposals and removals from service
Depreciation (2)
s
e
g
n
a
h
C
progress
Disposals
Removals
Total changes
(1) See Note 2.4.1 and 6.
(2) See Note 30.
(3) See Note 5.1 a).
Closing balance at December 31, 2014
ThCh$
1,735,117,241
1,068,754,499
(156,856,597)
(2,522,445)
(1,412,625,340)
(1,412,281,354)
(343,986)
(3,410,468)
-
-
(3,410,468)
(621,206,652)
(1,127,867,003)
607,250,238
ThCh$
1,218,316,396
1,026,011,114
10,802,165
(63,451,758)
-
-
(452,716,350)
(474,284,985)
21,568,635
(3,844,326)
(1,566,349)
(2,277,977)
516,800,845
1,735,117,241
Movimientos año 2014
Construction in Progress
Land
ThCh$
106,233,186
48,234,359
(7,426,335)
-
-
21,088,932
11,060,086
10,028,846
(713,987)
-
(713,987)
(66,913,150)
(5,730,181)
100,503,005
Buildings, Net
ThCh$
81,981,704
(702,915)
(11,054,890)
(4,818,708)
-
19,204,944
14,938,905
4,266,039
(679)
-
(679)
(13,607,492)
(10,979,740)
71,001,964
Land
ThCh$
99,869,574
3,081,951
3,216,432
(844,515)
-
-
1,211,017
1,249,969
(38,952)
(301,273)
(238,120)
(63,153)
6,363,612
106,233,186
Buildings, Net
ThCh$
92,820,775
725,802
-
(1,120,737)
(4,983,828)
-
(4,294,709)
4,152,489
(8,447,198)
(1,165,599)
(1,165,495)
(104)
(10,839,071)
81,981,704
Plant and
Equipment, Net
ThCh$
6,097,991,766
3,400,169
(391,213,355)
(364,968,158)
12,655,608
1,367,821,944
1,377,186,537
(9,364,593)
(1,235,840)
-
(1,235,840)
(2,668,969,079)
(2,042,508,711)
4,055,483,055
Plant and
Equipment, Net
ThCh$
5,834,476,720
12,239,464
171,934,310
(39,565,485)
(341,810,698)
(13,770,564)
475,028,160
460,761,588
14,266,572
(540,141)
-
(540,141)
263,515,046
6,097,991,766
Other Property,
Plant and
Equipment under
Financial Lease,
Net
ThCh$
116,571,108
1,108,095
2,429,439
(6,749,401)
-
278,467
Property, Plant and
Equipment, Net
ThCh$
8,234,215,719
1,131,848,067
(575,642,805)
(393,429,784)
10,133,163
31,260,499
(2,926,212)
3,204,679
(11,051)
-
(11,051)
(20,217,448)
(23,161,899)
93,409,209
-
31,260,499
(5,650,429)
-
(5,650,429)
(3,429,167,797)
(3,230,649,086)
5,003,566,633
Other Property,
Plant and
Equipment under
Financial Lease,
Net
ThCh$
115,416,339
-
-
7,316,269
(6,269,994)
-
108,494
Property, Plant and
Equipment, Net
ThCh$
7,433,798,725
1,053,081,596
199,660,391
(96,684,817)
(366,951,453)
(13,770,564)
33,539,681
(695,088)
803,582
-
-
-
1,154,769
116,571,108
-
33,539,681
(8,457,840)
(5,481,434)
(2,976,406)
800,416,994
8,234,215,719
Fixtures and
Fittings, Net
ThCh$
96,320,714
11,053,860
(11,521,067)
(16,893,517)
-
35,491,552
12,022,038
23,469,514
(278,404)
-
(278,404)
(38,253,976)
(20,401,552)
75,919,162
Fixtures and
Fittings, Net
ThCh$
72,898,921
11,023,265
13,707,484
981,409
(13,886,933)
-
14,203,069
8,816,027
5,387,042
(2,606,501)
(2,511,470)
(95,031)
23,421,793
96,320,714
421
Consolidated Financial Statements 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$ 1,131,848,067 for the year ended December 31, 2015 (ThCh$ 1,053,081,596 for the
year ended December 31, 2014). In the generation business the main investments include the construction in
progress of El Quimbo hydraulic power plant in Colombia (400 MW), involving additions of ThCh$ 287,285,701
for the year ended December 31, 2015 (ThCh$ 175,419,903 as of December 31, 2014) and increased
maintenance to plants of ThCh$ 255,844,322 (ThCh$ 282,263,008 for the year ended December 31, 2014). In
the distribution business the major investments are in network and extensions to optimize their operation and
to improve efficiency and quality levels of service, amounting to ThCh$ 437,227,477 for the year December
31, 2015 (ThCh$ 393,818,587 for the year ended December 31, 2014).
During December 31, 2015, the additions to property, plant and equipment related to continuing operations
were ThCh$ 864,703,125. The depreciation expense of property, plant and equipment related to continuing
operations were ThCh$ 245,598,045, ThCh$ 244,468,409 and ThCh$ 225,484,794 for the years ended
December 31, 2015, 2014 and 2013, respectively. (See Note 5.1)
b) Capitalized expenses
b.1) Borrowing costs
Capitalized borrowing costs were ThCh$ 75,229,894, ThCh$ 56,918,667, and ThCh$ 30,325,539 for the years
ended December 31, 2015, 2014 and 2013, respectively. Of which, ThCh$ 73,008,564, ThCh$ 55,101,384, and
ThCh$ 29,326,555 corresponds to continuing operations, respectively (See Note 33). The weighted average
borrowing rate depends mainly on the geographical location and varies in a range of 9.0% to 10.8% as of
December 31, 2015 (7.5% and 10.8% as of December 31, 2014).
b.2) Employee expenses capitalized
Employee expenses capitalized that are directly attibutable to constructions in progress were ThCh$
77,940,280, ThCh$ 65,229,258 and ThCh$ 48,087,586 during the years ended December 31, 2015, 2014, and
2013, respectively. Of which, ThCh$ 56,936,227, ThCh$ 43,723,690 and ThCh$ 33,256,528 corresponds to
continuing operations, respectively.
422
2015 Annual Report Enersis
c) Finance leases
As of December 31, 2015 and 2014, property, plant and equipment includes ThCh$ 113,626,656, of ThCh$
93,409,209 corresponding to continuing operations, in leased assets classified as finance leases (ThCh$
116,571,108 as of December 31, 2014).
The present value of future lease payments derived from these finance leases is as follows:
12-31-2015
12-31-2014
Gross
ThCh$
Interest
ThCh$
Present
Value
ThCh$
Gross
ThCh$
Interest
ThCh$
Present
Value
ThCh$
Less than one year
23,011,723
3,343,287
19,668,436
19,830,764
1,707,340
18,123,424
From one to five years
44,954,548
5,582,380
39,372,168
78,271,598
11,421,552
66,850,046
More than five years
19,822,444
524,712
19,297,732
17,270,183
459,055
16,811,128
Total
87,788,715
9,450,379
78,338,336
115,372,545
13,587,947
101,784,598
Leased assets from continuing operations primarily relate to:
1. 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 financial institutions BBVA -
Banco Continental, Banco de Crédito del Peru, Citibank del Peru and Banco Internacional del Peru - 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, 2105. 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 9-year term and bears interest an annual
rate of Libor + 1.75%. The carrying amount of leased assets was ThCh$ 33,533,825 as of December 31, 2015
(ThCh$ 35,641,611 as of December 31, 2014).
Leased assets from discontinued operations primary relate to:
1. Endesa Chile S.A.: Lease agreement for Electric Transmission Lines and Installations (Ralco-Charrúa 2X220
KV) entered into with Abengoa Chile S.A. The lease agreement has a 20-year maturity and bears interest at an
annual rate of 6.5%. The carrying amount of leased assets was ThCh$ 20,217,448 as of December 31, 2015
(ThCh$ 21,071,706 as of December 31, 2014)
423
Consolidated Financial Statements d) Operating leases
The consolidated statements of income for the years ended December 31, 2015, 2014 and 2013 include
ThCh$ 15,872,516, ThCh$ 21,087,207 and ThCh$ 18,878,285, respectively; of which ThCh$ 12,449,187,
ThCh$ 14,352,431 and ThCh$ 10,835,191 correspond to continuing operations, respectively; related to the
accrual during these periods of operating lease contracts for material assets in operation.
As of December 31, 2015 and 2014, 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
12-31-2015
12-31-2014
ThCh$
15,050,043
21,988,822
8,565,963
45,604,828
ThCh$
13,540,619
34,389,527
46,504,376
94,434,522
e) Other information related to continuing operations
i i) As of December 31, 2015, the Group had contractual commitments for the acquisition of property, plant
and equipment amounting to ThCh$ 462,845,826, of which ThCh$ 164,998,373 corresponds to continued
operations (ThCh$ 468,173,548 as of December 31, 2014).
ii) As of December 31, 2015 and 2014, the Group had property, plant and equipment pledged as security for
liabilities in the amount of ThCh$ 13,903,028 and ThCh$ 21,952,283, respectively, of which the entire amount
corresponds to continuing operations (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 “Prepaid
expenses”.
iv) Our Argentine subsidiary, Empresa Distribuidora Sur S.A., has 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 end of 2011, Enersis Américas recognized an impairment loss in property, plant and equipment from
Empresa Distribuidora Sur S.A. As of December 31, 2015, the amount recognized is ThCh$ 49,848,116 (see
Note 3.e).
v) In November 2010, our subsidiary Emgesa signed the contract CEQ-21 with Consortium Impregilo-Obrascon
Huarte Lain (“OHL”) for construction of the principal public works of the hydroelectric project El Quimbo. As of
December 31, 2015, mostly of the relevant works of the contract are completed, and commenced the process
of analysis, review and verification of all the terms inherent in the contract, especially with regard to the final
acceptance of the works, required for the initiation of the final settlement process.
424
2015 Annual Report Enersis
As part of the referred review and analysis process, and under the general framework of the contract, the
Company is also verifying compliance with a series of contractual milestones (binding on the contractor of
the Consortium Impregilo - OHL), whose violation leads to the application of fines or constraints, besides the
additional future issues that may arise during the final settlement of the contract.
Within this milestones under analysis, paragraph 15 of the contract section “works completion” was identified.
This paragraph sets a deadline for the completion as October 15, 2015. Taking into account that as of December
31, 2015 this milestone has not been reached, this led to a delay of 77 days and to a possible discount to be
applied to the contractor amounting to ThCP$ 83,849,329 (ThCh$ 18,906,813).
On the other hand, the contract also establishes a variation margin to the agreed amounts, so that, if the
actual executed amounts are below the 85% of the estimated contract value, the Contractor will receive for
administration and incidentals, the missing amount to reach the floor of 85% of the contract value. Conversely,
if the actual executed amounts exceed 115% of the estimated contract value, it will be reduced by the
administration and contingency by the amount exceeding this ceiling of 115% of the contract value.
Consistent with the above, the Company is analyzing the activities related to the contract, identifying significant
variations in quantity of work performed (VICO in its Spanish acronym) that according to the agreement would
generate a discount to be applied to the contractor amounted to ThCP$ 8,455,079 (ThCh$ 1,906,498).
Meanwhile, the Consortium Impregilo OHL presented to the Company eight claims for ThCP$ 147,685,420
(ThCh$ 33,300,929). This amount includes financial costs and estimated overruns generated by issues such
as stripping, changes of materials used to fill dam and auxiliary dam, archaeological findings, achievement of
skilled personnel and differences for volatility of the exchange rate. The Company, based on the technical and
legal analysis performed on each of the claims considers, that they are not applicable because these conditions
are not specified in the scope of the contract.
Additionally, the contractor submitted notifications of the change of the orders (“NOC” in its Spanish acronym)
for ThCP$ 28,522,475 (ThCh$ 6,431,406). As a result of the preliminary analysis of these notifications, the
Company recognized ThCP$ 8,425,765 (ThCh$ 1,899,888) in the financial statements. The remained amounts
for ThCP$ 11,945,357 (ThCh$ 2,693,505) were rejected for the reason that they correspond to costs that are
not the responsibility of the Company.
f) Other information related to discontinued operations
i) The condition of certain assets of our subsidiary Endesa Chile 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 other projects. As such, a new supply configuration
for the upcoming years, in which it is expected that these facilities will not be used. Therefore, in 2009, the
Company recognized an impairment loss of ThCh$ 43,999,600 for these assets, which is still has not reversed.
ii) 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
425
Consolidated Financial Statements 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. Collection made on these bank
performance bonds reduced the capitalized cost overruns incurred by the company due to breach of contract.
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. On December 29, 2014, Endesa’s
Board of Directors accepted and approved an agreement with the Consortium that finalizes the arbitration
process and grants full reciprocal settlement of the obligations. Consequently, as a result of final agreement
reached at the end of 2014, Endesa Chile’s acquisition costs of the plant increased by US$ 125 million (ThCh$
75,843,750 approximately) which were recognized as part of the acquisition cost of property, plant and
equipment. The payment of these costs was made on April 6, 2015.
iii) At the end of 2012, our subsidiary Compañía Eléctrica Tarapacá S.A., whose assets and liabilities as of
December 31, 2015 have been classified as disposal group held for distribution to owners, recognized an
impairment loss of ThCh$ 12,578,098, to adjust the carrying amount of certain specific assets operating in the
SING grid to its recoverable amount.
At the closing of 2015, were approved certain regulatory developments to the Chilean energy industry, which
after being evaluated by the Company, resulted in the identification of a new single CGU for all generation
assets in Chile. The analysis takes into account the fact that Endesa Chile, a discontinued operation as of
December 31, 2015, performs an optimization and management of all its assets related to its generation
business, it has a centralized trade policy, with sales contracts agreed at company level and not assigned to
power plants. Therefore, generation of cash flows depends on all the assets as a whole.
Previously, the company identified a CGU for the assets operating in the SIC grid and another one for the
assets operating in the SING, under the consideration that there were two separate markets. The new
scheme, approved in 2015, posed by the interconnection of SIC and SING, unifies markets and considers a
single determination of prices, which was illustrated by latest bids for energy supply to regulated customers.
Therefore, these new conditions indicated that the recognized impairment loss mentioned above has been
reversed. This was based, inter alia, on the generation of additional value by the interconnection project
between the SIC and SING which is expected to be operational in 2019, by improved utilization of reserves,
by expanding the potential market for specific impaired assets and decreasing overall risk of the portfolio. The
effects of the interconnection are considered in the five-year projections used by the company to perform
impairment tests (see Note 3.e).
iv) At the end of 2014, our subsidiary Endesa Chile S.A. recognized an impairment loss of ThCh$ 12,581,947
related to the Punta Alcalde project. This impairment loss was triggered 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).
v) In line with its sustainability strategy and in order to develop community relationships, Endesa Chile has
decided to research new design alternatives for the Neltume project, in particular regarding the issue of the
426
2015 Annual Report Enersis
discharge of Lake Neltume, which has been raised by the communities in the various instances of dialogue.To
start a new phase of research of an alternative project, which includes the discharge of water on the Fuy River
in late December 2015, the Company withdrew the Environmental Impact Study. This decision applies only
to the portion of the Neltume project related to the power plant and not to portion related to the transmission
project, which continues its course on handling in the Environmental Assessment Service.
As a result of the above, as of December 31, 2015 Endesa Chile recognized a loss of ThCh$ 2,706,830,
associated with the write down of certain assets related to Environmental Impact Study, which has been
withdrawn and to other studies directly linked to the old design of assets.
vi) As of December 31, 2015, Endesa Chile recognized an impairment loss of ThCh$ 2,522,445 related to the
wind project Waiwen. This loss was a result of the new assessment of the feasibility of the project performed
by the Company and a conclusion that, under existing conditions to date, its profitability is uncertain.
427
Consolidated Financial Statements 18. Investment Property
The detail and changes in investment property during the years 2015 and 2014 are as follows:
Investment
Properties,
Gross
Accumulated
Depreciation,
Amortization
and Impairment
Investment
Properties, Net
Investment Properties
ThCh$
ThCh$
ThCh$
Balance at January 1, 2014
Additions
Disposals of land
Disposals related to the sale of subsidiaries (1)
Depreciation expense
Impairment losses recognized in income
statement
Balance at December 31, 2014
Disposals
Depreciation expense
47,047,605
1,463,242
(1,806,675)
(36,040,698)
-
-
10,663,474
(1,724,811)
-
Transfer to assets held for distribution to owners (2)
(8,938,663)
Balance at December 31, 2015
-
(2,170,556)
44,877,049
-
-
1,463,242
(1,806,675)
(36,040,698)
(30,483)
(30,483)
52,127
52,127
(2,148,912)
8,514,562
1,387,042
(25,806)
787,676
-
(337,769)
(25,806)
(8,150,987)
-
(1) See Note 2.4.1.
(2) See Note 5.1. a)
The selling prices of investment properties disposed of during the years ended December 31, 2015 and 2014
were ThCh$ 1,800,933 and ThCh$ 9,363,249, respectively.
428
2015 Annual Report Enersis
Fair value measurement and hierarchy
The fair value of the Group’s investment properties as of December 31, 2015 was ThCh$ 11,113,107, which
was determined using independent appraisals.
As of December 31, 2015, the fair value of these properties has not changed significantly.
The hierarchy of these investment properties’ fair value 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$
Level 3
ThCh$
-
11,113,107
-
For the years ended December 31, 2015, 2014 and 2013, the detail of income and expenses from investment
properties classified as discontinued operations is as follows:
Income and expense from investment
properties
Balance at
12-31-2015
12-31-2014
12-31-2013
ThCh$
ThCh$
ThCh$
Rental income from investment properties
163,660
263,643
341,494
Revenue from the sale of investment properties
1,800,933
9,363,249
16,510,931
Direct operating expense from investment
properties generating rental income
Direct operating expense from investment
properties not generating rental income
Total (*)
(*) See Note 5.1. c)
(163,767)
(328,590)
(192,963)
(337,770)
1,463,056
(1,806,675)
(4,315,400)
7,491,627
12,344,062
The Company has not entered into any repair, maintenance, acquisition, construction or development
agreements that might represent future obligations as of December 31, 2015 and 2014.
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.
429
Consolidated Financial Statements
19. Deferred Taxes
a. The origin and changes in deferred tax assets and liabilities as of December 31, 2015 and 2014 are as follows:
Balance at January 1, 2015
Deferred Tax Assets
s
e
g
n
a
h
C
Increase (decrease) in profit or loss
Increase (decrease) in other comprehensive income
Foreign currency translation
Transfers to (from) non-current assets and disposal groups held for distribution to
owners (2)
Other increases (decreases)
Balance at December 31, 2015
Balance at January 1, 2014
Increase (decrease) in profit or loss
Deferred Tax Assets
s
e
g
n
a
h
C
Increase (decrease) in other comprehensive income
Acquisitions through business combinations under common control (1)
Disinvestment through selling businesses
Foreign currency translation
Transfers to (from) non-current assets and disposal groups held for sale
Other increases (decreases)
Balance at December 31, 2014
Accumulated
Depreciation
63,763,279
(1,969,882)
-
(7,116,721)
(4,982,473)
(24,516,409)
25,177,794
Accumulated
Depreciation
69,331,028
(1,990,390)
-
-
(107,241)
(1,847,234)
-
(1,622,884)
63,763,279
Deferred Tax Assets Relating to
Post-
Employment
Benefit
Amortization
Accumulated
Provisions
Obligations
1,506,979
(620,212)
86,266,322
25,701,841
3,103,317
33,790,833
6,338,161
-
(1,860,738)
(5,404,662)
(9,206,928)
Revaluation
of Financial
Instruments
21,132,561
(4,316,990)
806,915
(339,940)
(2,687,490)
(422,929)
-
(12,720,468)
(1,503,949)
(22,317,309)
6,607,405
(76,462,306)
401,995
(1,547,792)
5,633,434
27,413,705
34,004,449
15,734,754
32,815,086
1,360,887
(62,702,021)
109,325,023
Others
13,013,577
(42,100,049)
-
Deferred
Tax Assets
193,637,874
18,354,170
7,145,076
(863,778)
(24,792,767)
Tax Loss
Carry
forwards
4,851,839
7,868,629
-
-
-
-
Deferred Tax Assets Relating to
Amortization
Accumulated
Provisions
Obligations
Post-
Employment
Benefit
Revaluation
of Financial
Instruments
Tax Loss
Carry
forwards
Others
Deferred
Tax Assets
72,196,398
721,942
43,659,516
1,710,288
22,518,595
210,137,767
(367,726)
5,086,210
(10,571,495)
(28,275,716)
4,860,441
9,600,350
(21,658,326)
-
10,357,383
1,074,342
(1,084)
11,430,641
879,716
(34,403)
-
-
537,932
974,883
2,392,531
(329,845)
(5,816,292)
(6,287,781)
(551,562)
1,904,394
(1,086,184)
(110,140)
(2,055,603)
(3,746,329)
(29,583)
(1,761)
(1,448,281)
(1,142,270)
(2,621,895)
2,426,267
1,506,979
6,263,590
3,683,432
4,784,559
(478,696)
(11,065,002)
3,991,266
86,266,322
3,103,317
21,132,561
4,851,839
13,013,577
193,637,874
-
-
-
-
-
-
-
-
-
-
-
-
430
2015 Annual Report Enersis
19. Deferred Taxes
a. The origin and changes in deferred tax assets and liabilities as of December 31, 2015 and 2014 are as follows:
Deferred Tax Assets
Balance at January 1, 2015
Increase (decrease) in profit or loss
Increase (decrease) in other comprehensive income
Foreign currency translation
owners (2)
Other increases (decreases)
Balance at December 31, 2015
Transfers to (from) non-current assets and disposal groups held for distribution to
s
e
g
n
a
h
C
s
e
g
n
a
h
C
Balance at January 1, 2014
Increase (decrease) in profit or loss
Deferred Tax Assets
Increase (decrease) in other comprehensive income
Acquisitions through business combinations under common control (1)
Disinvestment through selling businesses
Foreign currency translation
Other increases (decreases)
Balance at December 31, 2014
Accumulated
Depreciation
63,763,279
(1,969,882)
-
(7,116,721)
(4,982,473)
(24,516,409)
25,177,794
Accumulated
Depreciation
69,331,028
(1,990,390)
-
-
-
(107,241)
(1,847,234)
(1,622,884)
63,763,279
Deferred Tax Assets Relating to
Amortization
Accumulated
1,506,979
(620,212)
-
(1,860,738)
Provisions
86,266,322
25,701,841
-
(5,404,662)
Post-
Employment
Benefit
Obligations
3,103,317
33,790,833
6,338,161
(9,206,928)
Revaluation
of Financial
Instruments
21,132,561
(4,316,990)
806,915
(339,940)
Tax Loss
Carry
forwards
4,851,839
7,868,629
-
-
Others
13,013,577
(42,100,049)
-
(863,778)
Deferred
Tax Assets
193,637,874
18,354,170
7,145,076
(24,792,767)
-
(2,687,490)
(422,929)
-
(12,720,468)
(1,503,949)
(22,317,309)
6,607,405
5,633,434
(76,462,306)
27,413,705
401,995
34,004,449
(1,547,792)
15,734,754
-
-
32,815,086
1,360,887
(62,702,021)
109,325,023
Deferred Tax Assets Relating to
Amortization
Accumulated
-
Provisions
72,196,398
Post-
Employment
Benefit
Obligations
721,942
Revaluation
of Financial
Instruments
43,659,516
Tax Loss
Carry
forwards
1,710,288
Others
22,518,595
Deferred
Tax Assets
210,137,767
(367,726)
5,086,210
(10,571,495)
(28,275,716)
4,860,441
9,600,350
(21,658,326)
-
-
-
-
10,357,383
1,074,342
-
(1,084)
11,430,641
879,716
(34,403)
-
-
-
-
537,932
974,883
2,392,531
(329,845)
(5,816,292)
(6,287,781)
(551,562)
1,904,394
(1,086,184)
(110,140)
-
(2,055,603)
(3,746,329)
Transfers to (from) non-current assets and disposal groups held for sale
-
(29,583)
(1,761)
-
(1,448,281)
(1,142,270)
(2,621,895)
2,426,267
1,506,979
6,263,590
3,683,432
4,784,559
(478,696)
(11,065,002)
3,991,266
86,266,322
3,103,317
21,132,561
4,851,839
13,013,577
193,637,874
431
Consolidated Financial Statements Deferred Tax Liabilities
Balance at January 1, 2015
Increase (decrease) in profit or loss
Increase (decrease) in other comprehensive income
Foreign currency translation
Transfers to (from) non-current assets and disposal groups held for distribution
to owners (2)
s
e
g
n
a
h
C
Other increases (decreases)
Balance at December 31, 2015
Deferred Tax Liabilities
Balance at January 1, 2015
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 disposal groups held for sale
Other increases (decreases)
Balance at December 31, 2014
(1) See Note 2.4.1 and 6.
(2) See Note 5.1. a).
Accumulated
Depreciation
427,881,352
26,238,797
-
4,395,448
(233,948,342)
(53,222,278)
171,344,977
Accumulated
Depreciation
357,404,910
(37,480,718)
-
27,088,856
-
18,935,850
-
61,932,454
427,881,352
Deferred Tax Liabilities Relating to
Foreign
Currency
Contracts
Post-
Employment
Benefit
Obligations
Revaluation
of Financial
Instruments
Deferred
Tax
Liabilities
Others
16,499
488,257
(64,398)
65,061
(679)
(504,503)
237
-
-
163,063
50,259,017
478,361,484
37,625,257
76,762,399
147,605
(200,133)
(116,926)
5,424
(18,128,150)
(13,662,218)
(792,049)
(235,026,325)
(66,322)
249,770
(8,471,075)
(74,413,799)
60,292,867
231,904,615
Amortization
Accumulated
(712,025)
13,122,113
Provisiones
41,553
-
(1)
(285,255)
16,764
712,025
(12,861,646)
Deferred Tax Liabilities Relating to
Amortization
Accumulated
Provisiones
Foreign
Currency
Contracts
Post-
Employment
Benefit
Obligations
Revaluation
of Financial
Instruments
Deferred
Tax
Others
Liabilities
21,169,697
20,220
20,818
5,792,725
11,078,520 395,486,890
(1,281,408)
(24,553,240)
(470,394)
(4,687,449)
39,058,137
(29,415,072)
1,906,194
(307,279)
141,446
(2,472,330)
18,203,881
-
-
-
-
(20,511)
401,237
378
381,104
-
-
-
-
-
-
-
1,834,311
28,923,167
-
-
-
-
(21,794,483)
24,881,852
41,553
486,586
16,499
(1,484,896)
760,001
64,781,514
163,063
50,259,017 478,361,484
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
432
2015 Annual Report Enersis
Transfers to (from) non-current assets and disposal groups held for distribution
Deferred Tax Liabilities
Balance at January 1, 2015
Increase (decrease) in profit or loss
Increase (decrease) in other comprehensive income
Foreign currency translation
s
e
g
n
a
h
C
to owners (2)
Other increases (decreases)
Balance at December 31, 2015
Deferred Tax Liabilities
Balance at January 1, 2015
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 disposal groups held for sale
Other increases (decreases)
Balance at December 31, 2014
(1) See Note 2.4.1 and 6.
(2) See Note 5.1. a).
Accumulated
Depreciation
427,881,352
26,238,797
-
4,395,448
(233,948,342)
(53,222,278)
171,344,977
Accumulated
Depreciation
357,404,910
(37,480,718)
27,088,856
18,935,850
-
-
-
61,932,454
427,881,352
Deferred Tax Liabilities Relating to
Amortization
Accumulated
Provisiones
-
41,553
(712,025)
13,122,113
-
-
-
-
(1)
(285,255)
712,025
(12,861,646)
-
16,764
Foreign
Currency
Contracts
-
-
-
Post-
Employment
Benefit
Obligations
16,499
Revaluation
of Financial
Instruments
163,063
Deferred
Tax
Liabilities
Others
50,259,017
478,361,484
488,257
(64,398)
65,061
(679)
(504,503)
237
-
37,625,257
76,762,399
147,605
(200,133)
(116,926)
5,424
(18,128,150)
(13,662,218)
-
(792,049)
(235,026,325)
(66,322)
249,770
(8,471,075)
(74,413,799)
60,292,867
231,904,615
Deferred Tax Liabilities Relating to
Amortization
Accumulated
Provisiones
21,169,697
20,220
(1,281,408)
(24,553,240)
-
-
-
-
-
-
1,906,194
(307,279)
-
-
(21,794,483)
24,881,852
-
41,553
Foreign
Currency
Contracts
-
-
-
-
-
-
-
Post-
Employment
Benefit
Obligations
20,818
Revaluation
of Financial
Instruments
5,792,725
Deferred
Tax
Liabilities
Others
11,078,520 395,486,890
(470,394)
(4,687,449)
39,058,137
(29,415,072)
(20,511)
401,237
378
381,104
-
-
-
-
-
-
1,834,311
28,923,167
-
-
141,446
(2,472,330)
18,203,881
-
-
-
486,586
16,499
(1,484,896)
760,001
64,781,514
163,063
50,259,017 478,361,484
433
Consolidated Financial Statements
Recovery of deferred tax assets will depend on whether sufficient tax profits are obtained in the future. The
Company’s management believes that the future profit projections for its subsidiaries will allow these assets
to be recovered.
b. As of December 31, 2015, the Group has not recognized deferred tax assets related to tax losses carry
forward for ThCh$ 20,342,024 (ThCh$ 42,776,327 as of December 31, 2014). See Note 3.p.
The Group has not recognized deferred tax liabilities for taxable temporary differences relating to 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.
As of December 31, 2015, the aggregate amount of taxable temporary differences relating to investments
in subsidiaries and joint ventures for which deferred tax liabilities have not been recognized were ThCh$
1,840,354,456, of which ThCh$ 982,946,588 corresponds to continuing operations (ThCh$ 1,922,581,276 as
of December 31, 2014). On the other hand, the total amount of deductible temporary differences relating to
investments in subsidiaries and joint ventures for which as of December 31, 2015 it is probable that will not
reverse in the foreseeable future or there will be not sufficient taxable profits in the future to recover such
temporary differences were ThCh$ 3,138,611,507, of which ThCh$ 2,698,896,553 corresponds to continuing
operations (ThCh$ 3,451,816,581 as of December 31, 2014).
Additionally, the Group has not recognized deferred tax assets for deductible temporary differences which as
of December 31, 2015 totaled ThCh$ 57,311,886 (ThCh$ 79,702,961 as of December 31, 2014), as 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 Américas Management estimates that the liabilities, if any, that may arise
from such audits, would not significantly impact the Group companies’ future results.
434
2015 Annual Report Enersis
The effects of deferred taxes on the components of other comprehensive income attributable to both
controlling and non-controlling interests for the years ended December 31, 2015 and 2014, are as follows:
Effects of Deferred Tax
on the Components of
Other Comprehensive
Income
Available-for-sale financial
assets
Amount
Before Tax
12-31-2015
Income Tax
Expense
(Benefit)
ThCh$
ThCh$
Amount
After
Tax
ThCh$
Amount
Before Tax
ThCh$
(442,864)
(291)
(443,155)
1,849
12-31-2014
Income Tax
Expense
(Benefit)
ThCh$
(1,462)
Amount
After
Tax
ThCh$
387
Cash flow hedge
(138,241,392)
36,399,000
(101,842,392)
(145,892,370)
35,887,996
(110,004,374)
Share of other
comprehensive income
in associates and joint
ventures accounted for
using the equity method
Foreign currency
translation
Gains (losses) from
defined benefit pension
plans
Components of other
comprehensive income
(552,420)
-
(552,420)
13,476,871
(644,537,672)
-
(644,537,672)
4,370,648
-
-
13,476,871
4,370,648
(19,027,368)
6,018,363
(13,009,005)
(36,681,734)
12,694,514
(23,987,220)
(802,801,716)
42,417,072
(760,384,644)
(164,724,736)
48,581,048
(116,143,688)
c. In Chile, Law No. 20,780 was published in the Official Gazette on September 29, 2014. It changes the
income tax system and other taxes, by replacing the current tax system in 2017 with two alternative tax
systems: the attributed income system and partially integrated system.
This Law gradually increases the rate of income tax on corporate income. Thus, it will increase to 21% in 2014,
to 22.5% in 2015 and to 24% in 2016. As from 2017 taxpayers choosing the attributed income system will be
subject to a rate of 25%, while companies choosing the partially integrated system will be subject to a rate of
25.5% in 2017 and 27% in 2018.
Furthermore, this Law establishes that the partially integrated system will apply by default to open stock
companies, unless a future Extraordinary Shareholders’ Meeting agrees to adopt the attributed income system.
As discussed in Note 3.p), and as Enersis Américas assumed that, since an Extraordinary Shareholders’
Meeting had not agreed to adopt the alternative system, the partially integrated system applies by default.
The changes in deferred tax assets and liabilities as a direct effect of the increase in the corporate income tax
rate were recognized directly in equity. Particularly, for the year ended December 31, 2014, the net charge
against equity was ThCh$ 62,035,245, decreasing net income attributable to shareholders of Enersis Américas
in ThCh$ 38,284,524.
435
Consolidated Financial Statements
d. In Colombia, Law 1,739 enacted in 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 recognized as a deferred tax credit or debit, as appropriate, at the applicable 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.
As part of this increase in tax rates, the Colombian subsidiaries have recognized changes in deferred tax assets
and liabilities as of December 31, 2014. The net effect was the recognition of a gain for ThCh$ 3,943,235.
e. In Peru, the corporate income tax rate 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 established that the applicable corporate income tax rate on taxable income, after deducting the
employees profit share will be: 28% in 2015 and 2016, 27% in 2017 and 2018, and 26% from 2019 onwards.
As part of this increase in tax rates, the Peruvian subsidiaries have recognized changes in deferred tax assets
and liabilities as of December 31, 2014. The net effect was the recognition of a gain for ThCh$ 24,818,773.
436
2015 Annual Report Enersis
20. Other Financial Liabilities
The balance of other financial liabilities as of December 31, 2015 and 2014 is as follows:
Other Financial Liabilities
12-31-2015
12-31-2014
Current Non-current
ThCh$
ThCh$
Current Non-current
ThCh$
ThCh$
Interest-bearing borrowings
Hedging derivatives (*)
Non-hedging derivatives (**)
617,276,453 1,846,995,721
300,871
69,545,029
-
1,052,026
418,266,381 3,167,948,954
114,861,592
6,286,982
995,059
2,544,239
Total
((*) See Note 22.2.a
(**) See Note 22.2.b
687,873,508 1,847,296,592
421,805,679 3,289,097,528
20.1 Interest-bearing borrowings
The detail of current and non-current interest-bearing borrowings as of December 31, 2015 and 2014 is as
follows:
Classes of Interest-bearing borrowings
12-31-2015
12-31-2014
Current
Non-current
Current
Non-current
ThCh$
ThCh$
ThCh$
ThCh$
Bank loans
Unsecured obligations
Financial leases
Other obligations
188,121,545
232,626,020
42,325,846
247,216,989
356,221,587 1,391,715,407
308,925,119
2,565,417,993
19,668,436
58,669,900
18,123,424
83,661,174
53,264,885
163,984,394
48,891,992
271,652,798
Total
617,276,453 1,846,995,721
418,266,381 3,167,948,954
437
Consolidated Financial Statements
Bank loans by currency and contractual maturity as of December 31, 2015 and 2014 are as follows:
Summary of bank loans by currency and maturity
Current
Country
Currency
Nominal
Interest
Rate
Secured/
Unsecured
Maturity
One to three
months
Three to twelve
months
Total Current
at 12-31-2015
ThCh$
ThCh$
ThCh$
Maturity
Non-current
Two to three
Three to four
Four to five
Over five
One to two years
ThCh$
years
ThCh$
years
ThCh$
years
ThCh$
years
ThCh$
Peru
Peru
Argentina
Argentina
Colombia
Brasil
US$
Soles
US$
Ar$
CP
Real
2.40% Unsecured
26,650,675
2,833,429
29,484,104
5.20% Unsecured
12,712,792
13.13% Unsecured
37.06% Unsecured
3,899,595
2,693,226
-
-
12,712,792
3,899,595
4,809,318
7,502,544
6.46% Unsecured
32,928,994
76,448,340
109,377,334
3,777,906
19,247,361
299,442
2,083,721
22,920,929
-
1,080,762
29,066,078
63,647,258
92,713,336
14.53% Unsecured
9,045,598
16,099,578
25,145,176
30,167,521
30,167,521
30,167,521
Total
87,930,880
100,190,665
188,121,545
66,175,988
72,335,811
30,466,963
63,647,258
232,626,020
Country
Currency
Nominal
Interest
Rate
Secured/
Unsecured
Current
Maturity
One to three
months
Three to twelve
months
Total Current
at 12-31-2014
ThCh$
ThCh$
ThCh$
Maturity
Non-current
Two to three
Three to four
Four to five
Over five
One to two years
ThCh$
years
ThCh$
years
ThCh$
years
ThCh$
years
ThCh$
Chile
Chile
Peru
Peru
Argentina
Argentina
Colombia
Brazil
US$
Ch$
US$
Sol
US$
Ar$
CP
Real
5.98% Unsecured
5.47% Unsecured
-
1,594
1,007,362
1,007,362
-
1,594
2.93% Unsecured
2,472,247
8,382,913
10,855,160
38,628,554
17,850,471
16,254,959
255,432
5.41% Unsecured
175,487
-
175,487
13.03% Unsecured
11,451,387
2,126,669
13,578,056
33.25% Unsecured
4,304,802
11,794,567
16,099,369
8.13% Unsecured
10.30% Unsecured
-
9,358
209,395
390,065
209,395
399,423
-
-
-
-
-
1,022,595
6,999,683
2,029,640
22,326,036
21,366,273
21,366,273
21,366,273
64,098,819
77,750,800
77,750,800
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Total Non-
current at
12-31-2015
ThCh$
23,324,709
25,004,650
-
1,080,762
90,502,563
Total Non-
current at
12-31-2014
ThCh$
-
-
72,989,416
24,355,676
1,022,595
6,999,683
-
-
-
-
-
-
-
-
-
-
-
-
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
Fair value measurement and hierarchy
The fair value of current and non-current bank borrowings as of December 31, 2015 was ThCh$ 423,123,934
(ThCh$ 378,488,796 as of December 31, 2014). The borrowings have been classified as Level 2 fair value
measurement based on the entry data used in the valuation techniques used (see Note 3.h).
438
2015 Annual Report Enersis
Bank loans by currency and contractual maturity as of December 31, 2015 and 2014 are as follows:
Summary of bank loans by currency and maturity
Country
Currency
One to three
Three to twelve
Nominal
Interest
Rate
Secured/
Unsecured
Current
Maturity
months
ThCh$
Total Current
at 12-31-2015
months
ThCh$
ThCh$
Peru
Peru
Argentina
Argentina
Colombia
Brasil
Chile
Chile
Peru
Peru
Argentina
Argentina
Colombia
Brazil
US$
Soles
US$
Ar$
CP
Real
US$
Ch$
US$
Sol
US$
Ar$
CP
Real
Country
Currency
One to three
Three to twelve
Nominal
Interest
Rate
Secured/
Unsecured
Current
Maturity
months
ThCh$
-
1,594
5.98% Unsecured
5.47% Unsecured
Total Current
at 12-31-2014
months
ThCh$
ThCh$
1,007,362
1,007,362
-
-
1,594
175,487
5.41% Unsecured
175,487
13.03% Unsecured
11,451,387
2,126,669
13,578,056
33.25% Unsecured
4,304,802
11,794,567
16,099,369
8.13% Unsecured
10.30% Unsecured
-
9,358
209,395
390,065
209,395
399,423
Fair value measurement and hierarchy
The fair value of current and non-current bank borrowings as of December 31, 2015 was ThCh$ 423,123,934
(ThCh$ 378,488,796 as of December 31, 2014). The borrowings have been classified as Level 2 fair value
measurement based on the entry data used in the valuation techniques used (see Note 3.h).
Maturity
Non-current
One to two years
Two to three
years
Three to four
years
Four to five
years
Over five
years
Total Non-
current at
12-31-2015
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
2.40% Unsecured
26,650,675
2,833,429
29,484,104
3,777,906
19,247,361
299,442
5.20% Unsecured
12,712,792
13.13% Unsecured
37.06% Unsecured
3,899,595
2,693,226
-
-
12,712,792
3,899,595
4,809,318
7,502,544
6.46% Unsecured
32,928,994
76,448,340
109,377,334
2,083,721
22,920,929
-
1,080,762
29,066,078
-
-
-
-
-
-
-
14.53% Unsecured
9,045,598
16,099,578
25,145,176
30,167,521
30,167,521
30,167,521
Total
87,930,880
100,190,665
188,121,545
66,175,988
72,335,811
30,466,963
-
-
-
-
-
-
-
-
-
-
-
23,324,709
25,004,650
-
1,080,762
63,647,258
92,713,336
-
90,502,563
63,647,258
232,626,020
Maturity
Non-current
One to two years
Two to three
years
Three to four
years
Four to five
years
Over five
years
Total Non-
current at
12-31-2014
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
2.93% Unsecured
2,472,247
8,382,913
10,855,160
38,628,554
17,850,471
16,254,959
255,432
-
-
-
-
-
-
-
-
-
2,029,640
22,326,036
-
-
-
-
-
-
1,022,595
6,999,683
-
-
21,366,273
21,366,273
21,366,273
-
64,098,819
-
-
-
-
-
-
-
-
72,989,416
24,355,676
1,022,595
6,999,683
77,750,800
77,750,800
-
-
-
-
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
439
Consolidated Financial Statements
Chinango S.A.C.
Chinango S.A.C.
Chinango S.A.C.
Chinango S.A.C.
Cien S.A.
Coelce S.A.
Coelce S.A.
Coelce S.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.
Edesur S.A.
Edesur S.A.
Edesur S.A.
Edesur S.A.
Edesur S.A.
Edesur S.A.
Identification of bank borrowings by company
In Appendix 5, letter a), are shown the 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
Currency
Foreign
Ampla Energía S.A.
96.800.570-7 Chilectra S.A.
Brasil
Chile
Peru
Peru
Peru
Peru
Brasil
Brasil
Brasil
Brasil
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Foreign
Banco do Brasil
97.004.000-5
Líneas de crédito
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Banco Scotiabank
Banco de Credito del Peru
Bank Of Nova Scotia
Bank Of Nova Scotia
Bndes
Banco Itaú Brasil
Banco do Brasil
Banco Santander
Banco Continental
Bank Nova Scotia
Banco de Interbank
Banco de Interbank
Banco Continental
Banco Continental
Banco Continental
Banco Continental
Banco de Interbank
Brazil
Chile
Peru
Peru
Peru
Peru
Brasil
Brasil
Brasil
Brasil
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Real
Ch$
US$
US$
US$
US$
Real
Real
Real
Real
US$
US$
Soles
Soles
Soles
Soles
Soles
Soles
Soles
3.49%
3.51% Monthly
14.39% 14.68% Semi-annually
13.72% 13.97% Yearly
13.80% 15.76% Other
3.44%
3.36% Quarterly
9,045,598
-
1.08%
1.06% At maturity
25,619,644
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
28,776
95,383
14,718
23,807
15,918
14,416
4.67%
4.59% Quarterly
12,519,774
Argentina
Foreign
Banco Ciudad de Buenos Aires
Argentina
$ Arg
34.64% 30.07% Monthly
Argentina
Foreign
Banco Itaú Argentina
Argentina
$ Arg
38.20% 32.79% Monthly
Argentina
Foreign
Banco Provincia de Buenos Aires Argentina
$ Arg
35.36% 30.67% Monthly
Argentina
Foreign
Banco Santander Río
Argentina
$ Arg
29.74% 26.91% Quarterly
-
-
83,049
-
Argentina
Foreign
Banco Santander Río
Argentina
$ Arg
45.20% 37.88% Quarterly
169,444
274,065
443,509
Argentina
Foreign
ICB Argentina
Argentina
$ Arg
34.06% 29.50% Quarterly
Emgesa S.A. E.S.P.
Colombia
Foreign
Banco Corpbanca
Emgesa S.A. E.S.P.
Colombia
Foreign
BBVA Colombia
Emgesa S.A. E.S.P.
Colombia
Foreign
Banco de Bogota
Emgesa S.A. E.S.P.
Colombia
Foreign
AV VILLAS
Emgesa S.A. E.S.P.
Colombia
Foreign
Citibank Colombia
Emgesa S.A. E.S.P.
Colombia
Foreign
BBVA Colombia
Emgesa S.A. E.S.P.
Colombia
Foreign
Banco de Bogota
Emgesa S.A. E.S.P.
Colombia
Foreign
Banco de Crédito del Peru
Emgesa S.A. E.S.P.
Colombia
Foreign
Banco de Crédito del Peru
Emgesa S.A. E.S.P.
Colombia
Foreign
Banco de Crédito del Peru
Emgesa S.A. E.S.P.
Colombia
Foreign
The Bank Of Tokyo
Emgesa S.A. E.S.P.
Colombia
Foreign
Banco Davivienda
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
$ Col
$ Col
$ Col
$ Col
$ Col
$ Col
$ Col
$ Col
$ Col
$ Col
$ Col
$ Col
5.87%
5.70% At maturity
5.93%
5.76% At maturity
5.65%
5.50% At maturity
7.02%
6.90% At maturity
6.30%
6.15% At maturity
8.39%
8.22% At maturity
-
-
-
-
-
-
8.27%
8.11% At maturity
135,920
3,353,778
3,489,698
8.30%
8.14% At maturity
48,510
1,192,454
1,240,964
6.06%
5.93% At maturity
5.57%
6.01% At maturity
11,038,653
5,169,932
-
-
11,038,653
5,169,932
6.30%
6.16% At maturity
361,969
27,472,753
27,834,722
6.84%
6.66% At maturity
13,251,721
-
13,251,721
Endesa Argentina S.A. Argentina
Foreign
Citibank
Argentina
$ Arg
34.23% 32.75% At maturity
91.081.000-6 Endesa Chile S.A.
91.081.000-6 Endesa Chile S.A.
Chile
Chile
Foreign
B.N.P. Paribas
97.004.000-5
Banco Santander
U.S.A
Chile
US$
Ch$
6.32%
5.98% Semi-annually
6.00%
6.00% Monthly
Central Costanera S.A. Argentina
Foreign
Banco Galicia
Argentina
$ Arg
51.46% 42.24% At maturity
Central Costanera S.A. Argentina
Foreign
Banco Itaú Argentina
Argentina
$ Arg
55.07% 44.68% At maturity
Central Costanera S.A. Argentina
Foreign
Banco Santander Río
Argentina
$ Arg
44.16% 37.14% At maturity
Central Costanera S.A. Argentina
Foreign
Banco Supervielle
Argentina
$ Arg
49.96% 41.21% At maturity
Central Costanera S.A. Argentina
Foreign
Citibank
Argentina
$ Arg
45.10% 37.81% At maturity
Central Costanera S.A. Argentina
Foreign
Credit Suisse International
Argentina
US$
14.84% 13.92% Quarterly
1,216,306
-
1,216,306
Central Costanera S.A. Argentina
Foreign
ICBC Argentina
Argentina
$ Arg
51.97% 42.59% At maturity
291,321
291,321
94.271.00-3
Enersis S.A.
Chile
97.004.000-5
Banco Santander Chile
Chile
Ch$
4.50%
4.50% At maturity
H. El Chocón S.A.
Argentina
Foreign
Banco Macro
Argentina
$ Arg
34.46% 31.10% At maturity
H. El Chocón S.A.
Argentina
Foreign
Deutsche Bank
H. El Chocón S.A.
Argentina
Foreign
Standard Bank
H. El Chocón S.A.
Argentina
Foreign
Banco Itau
Argentina
Argentina
Argentina
US$
US$
US$
13.50% 12.86% Quarterly
13.50% 12.86% Quarterly
13.50% 12.86% Quarterly
H. El Chocón S.A.
Argentina
Foreign
Banco Santander - Sindicado IV
Argentina
$ Arg
40.59% 35.54% Quarterly
H. El Chocón S.A.
Argentina
Foreign
Banco Itau- Sindicado IV
Argentina
$ Arg
40.59% 35.54% Quarterly
H. El Chocón S.A.
Argentina
Foreign
Banco Galicia - Sindicado IV
Argentina
$ Arg
40.59% 35.54% Quarterly
H. El Chocón S.A.
Argentina
Foreign
Banco Hipotecario - Sindicado IV Argentina
$ Arg
40.59% 35.54% Quarterly
H. El Chocón S.A.
Argentina
Foreign
Banco Ciudad -Sindicado IV
Argentina
$ Arg
40.59% 35.54% Quarterly
H. El Chocón S.A.
Argentina
Foreign
ICBC Argentina
Argentina
$ Arg
40.59% 35.54% Quarterly
229,399
510,935
-
-
-
-
20,318,330
20,318,330
13,509,598
13,509,598
10,462,152
10,462,152
139,275
139,275
2,922,289
438,505
-
-
-
-
-
-
-
-
-
-
-
714,607
271,439
181,232
259,139
852,379
2,922,289
438,505
-
-
714,607
271,439
181,232
259,139
852,379
-
-
1,119,924
1,341,641
670,824
670,824
202,930
185,284
176,461
61,761
26,469
-
-
-
-
-
451,981
412,679
393,027
137,560
58,954
-
1,119,924
1,341,641
670,824
670,824
654,911
597,963
569,488
199,321
85,423
740,334
Effective
Interest
Rate
Nominal
Interest
Rate
Amortization
13.58% 13.71% At maturity
6.00%
6.00% Other
3.98%
3.96% Quarterly
Current ThCh$
Non-current ThCh$
Current ThCh$
Non-current ThCh$
Less than 90
days
More than 90
days
Total Current
One to two years
Two to three
Three to four
Four to five
years
years
years
Over five years
Total Non-
Less than 90
More than 90
current
days
days
Total Current
One to two
Two to three
Three to four
Four to five
years
years
years
years
Over five years
12-31-2015
12-31-2014
-
-
-
400,960
400,960
7,765,896
7,765,896
7,765,896
23,297,688
390,065
390,065
9,920,055
9,920,055
9,920,055
-
-
-
-
133
133
260,672
564,193
824,865
752,258
752,258
15,233,217
2.17%
2.06% Quarterly
244,599
601,653
846,252
802,204
18,049,594
3.25%
3.07% Quarterly
458,314
1,333,451
1,791,765
1,777,935
395,746
1,137,486
1,533,232
1,516,648
1,516,648
3.48%
3.40% Quarterly
328,118
898,325
1,226,443
1,197,767
1,197,767
299,442
287,425
766,306
1,053,731
1,021,742
1,021,742
1,021,742
255,432
-
-
-
-
-
1,128,884
1,128,884
14,569,734
14,569,734
8,960,650
8,960,650
8,960,650
13,440,975
13,440,975
13,440,975
9,358
9,358
11,446,218
11,446,218
11,446,218
34,338,654
-
-
-
-
-
-
-
-
-
-
-
-
-
-
9,045,598
-
25,619,644
28,776
95,383
14,718
23,807
15,918
14,416
12,519,774
-
-
83,049
-
2,083,721
4,375,814
3,125,581
5,209,302
5,000,930
5,209,302
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
259,978
120,187
73,961
115,564
381,640
129,432
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
46,952,895
46,952,895
16,694,363
16,694,363
55,892
153,503
153,503
20,393,652
20,393,652
57,357,148
57,357,148
1,516,649
5,914,928
7,431,577
13,498,170
14,559,823
11,755
21,839,736
2,029,640
4,262,243
3,044,460
5,074,099
4,871,135
5,074,099
3,157,116
3,243,411
807,217
47,485
1,435,053
1,482,538
11,755
28,029
92,908
12,224
19,669
12,130
10,527
-
86,295
20,520
434,480
566,446
287,700
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
18,851,798
1,777,935
2,694,976
26,881,950
40,322,925
2,083,721
4,375,814
3,125,581
5,209,302
5,000,930
5,209,302
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
28,029
92,908
12,224
19,669
12,130
10,527
827,737
434,480
566,446
287,700
55,892
710,351
1,338
800,033
302,809
185,138
289,401
123
1,461,573
5,725,691
2,862,848
2,862,848
972,270
887,725
845,452
295,909
126,818
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
853,856
350,571
215,736
337,088
862,890
787,856
750,339
262,618
112,552
975,440
955,718
1,113,199
2,126,669
2,126,669
1,022,595
324,772
324,772
377,538
710,351
1,338
1,007,362
1,007,362
259,978
120,187
73,961
115,564
381,640
129,432
800,033
302,809
185,138
289,401
955,718
813,581
742,835
707,462
247,612
106,119
123
1,461,573
5,725,691
2,862,848
2,862,848
158,689
144,890
137,990
48,297
20,699
179,387
919,701
1,099,088
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Total Non-
current
29,760,165
16,737,733
3,033,296
3,320,658
28,057,993
21,839,736
2,029,640
4,262,243
3,044,460
5,074,099
4,871,135
5,074,099
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
853,856
350,571
215,736
337,088
1,113,199
1,022,595
377,538
862,890
787,856
750,339
262,618
112,552
975,440
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
29,066,078
29,066,078
Totals
87,930,880
100,190,665
188,121,545
66,175,988
72,335,811
30,466,963
63,647,258
232,626,020
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
2015 Annual Report Enersis
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
440
Company
Country
Financial Institution
Country
Currency
Interest
Interest
Amortization
Current ThCh$
Non-current ThCh$
Current ThCh$
Non-current ThCh$
Less than 90
More than 90
days
days
Total Current
One to two years
Two to three
years
Three to four
years
Four to five
years
Over five years
Total Non-
current
Less than 90
days
More than 90
days
Total Current
One to two
years
Two to three
years
Three to four
years
Four to five
years
Over five years
Total Non-
current
12-31-2015
12-31-2014
Identification of bank borrowings by company
In Appendix 5, letter a), are shown the estimated future cash flows (undiscounted) that the Group will have to
disburse to settle the bank loans detailed above.
Brazil
Chile
Peru
Peru
Peru
Peru
Brasil
Brasil
Brasil
Brasil
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
U.S.A
Chile
Real
Ch$
US$
US$
US$
US$
Real
Real
Real
Real
US$
US$
Soles
Soles
Soles
Soles
Soles
Soles
Soles
$ Col
$ Col
$ Col
$ Col
$ Col
$ Col
$ Col
$ Col
$ Col
$ Col
$ Col
$ Col
US$
Ch$
96.800.570-7 Chilectra S.A.
97.004.000-5
Líneas de crédito
Taxpayer
ID No.
(RUT)
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Brasil
Chile
Peru
Peru
Peru
Peru
Brasil
Brasil
Brasil
Brasil
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Banco Scotiabank
Banco de Credito del Peru
Bank Of Nova Scotia
Bank Of Nova Scotia
Bndes
Banco Itaú Brasil
Banco do Brasil
Banco Santander
Banco Continental
Bank Nova Scotia
Banco de Interbank
Banco de Interbank
Banco Continental
Banco Continental
Banco Continental
Banco Continental
Banco de Interbank
Chinango S.A.C.
Chinango S.A.C.
Chinango S.A.C.
Chinango S.A.C.
Cien S.A.
Coelce S.A.
Coelce S.A.
Coelce S.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.
Edesur S.A.
Edesur S.A.
Edesur S.A.
Edesur S.A.
Edesur S.A.
Edesur S.A.
Effective
Nominal
Rate
Rate
6.00%
6.00% Other
3.98%
3.96% Quarterly
3.49%
3.51% Monthly
14.39% 14.68% Semi-annually
13.72% 13.97% Yearly
3.44%
3.36% Quarterly
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
13.80% 15.76% Other
9,045,598
9,045,598
1.08%
1.06% At maturity
25,619,644
25,619,644
28,776
95,383
14,718
23,807
15,918
14,416
28,776
95,383
14,718
23,807
15,918
14,416
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
20,318,330
20,318,330
13,509,598
13,509,598
10,462,152
10,462,152
139,275
139,275
2,922,289
438,505
714,607
271,439
181,232
259,139
852,379
1,119,924
1,341,641
670,824
670,824
654,911
597,963
569,488
199,321
85,423
740,334
714,607
271,439
181,232
259,139
852,379
451,981
412,679
393,027
137,560
58,954
2,922,289
438,505
1,119,924
1,341,641
670,824
670,824
202,930
185,284
176,461
61,761
26,469
Argentina
Foreign
Banco Ciudad de Buenos Aires
Argentina
$ Arg
34.64% 30.07% Monthly
Argentina
Foreign
Banco Itaú Argentina
Argentina
$ Arg
38.20% 32.79% Monthly
Argentina
Foreign
Banco Provincia de Buenos Aires Argentina
$ Arg
35.36% 30.67% Monthly
83,049
83,049
Argentina
Foreign
Banco Santander Río
Argentina
$ Arg
29.74% 26.91% Quarterly
Argentina
Foreign
Banco Santander Río
Argentina
$ Arg
45.20% 37.88% Quarterly
169,444
274,065
443,509
4.67%
4.59% Quarterly
12,519,774
12,519,774
Argentina
Foreign
ICB Argentina
Argentina
$ Arg
34.06% 29.50% Quarterly
Emgesa S.A. E.S.P.
Colombia
Foreign
Banco Corpbanca
8.39%
8.22% At maturity
Emgesa S.A. E.S.P.
Colombia
Foreign
BBVA Colombia
8.27%
8.11% At maturity
135,920
3,353,778
3,489,698
Emgesa S.A. E.S.P.
Colombia
Foreign
Banco de Bogota
8.30%
8.14% At maturity
48,510
1,192,454
1,240,964
Emgesa S.A. E.S.P.
Colombia
Foreign
AV VILLAS
Emgesa S.A. E.S.P.
Colombia
Foreign
Citibank Colombia
6.06%
5.93% At maturity
5.57%
6.01% At maturity
11,038,653
5,169,932
11,038,653
5,169,932
Emgesa S.A. E.S.P.
Colombia
Foreign
BBVA Colombia
6.30%
6.16% At maturity
361,969
27,472,753
27,834,722
Emgesa S.A. E.S.P.
Colombia
Foreign
Banco de Bogota
6.84%
6.66% At maturity
13,251,721
13,251,721
Emgesa S.A. E.S.P.
Colombia
Foreign
Banco de Crédito del Peru
Emgesa S.A. E.S.P.
Colombia
Foreign
Banco de Crédito del Peru
Emgesa S.A. E.S.P.
Colombia
Foreign
Banco de Crédito del Peru
Emgesa S.A. E.S.P.
Colombia
Foreign
The Bank Of Tokyo
Emgesa S.A. E.S.P.
Colombia
Foreign
Banco Davivienda
Endesa Argentina S.A. Argentina
Foreign
Citibank
Argentina
$ Arg
34.23% 32.75% At maturity
91.081.000-6 Endesa Chile S.A.
Foreign
B.N.P. Paribas
91.081.000-6 Endesa Chile S.A.
97.004.000-5
Banco Santander
Chile
Chile
Central Costanera S.A. Argentina
Foreign
Banco Galicia
Argentina
$ Arg
51.46% 42.24% At maturity
Central Costanera S.A. Argentina
Foreign
Banco Itaú Argentina
Argentina
$ Arg
55.07% 44.68% At maturity
Central Costanera S.A. Argentina
Foreign
Banco Santander Río
Argentina
$ Arg
44.16% 37.14% At maturity
Central Costanera S.A. Argentina
Foreign
Banco Supervielle
Argentina
$ Arg
49.96% 41.21% At maturity
Central Costanera S.A. Argentina
Foreign
Citibank
Argentina
$ Arg
45.10% 37.81% At maturity
5.87%
5.70% At maturity
5.93%
5.76% At maturity
5.65%
5.50% At maturity
7.02%
6.90% At maturity
6.30%
6.15% At maturity
6.32%
5.98% Semi-annually
6.00%
6.00% Monthly
Central Costanera S.A. Argentina
Foreign
Credit Suisse International
Argentina
US$
14.84% 13.92% Quarterly
1,216,306
1,216,306
Central Costanera S.A. Argentina
Foreign
ICBC Argentina
Argentina
$ Arg
51.97% 42.59% At maturity
291,321
291,321
94.271.00-3
Enersis S.A.
Chile
97.004.000-5
Banco Santander Chile
Chile
Ch$
4.50%
4.50% At maturity
H. El Chocón S.A.
Argentina
Foreign
Banco Macro
Argentina
$ Arg
34.46% 31.10% At maturity
H. El Chocón S.A.
Argentina
Foreign
Deutsche Bank
H. El Chocón S.A.
Argentina
Foreign
Standard Bank
H. El Chocón S.A.
Argentina
Foreign
Banco Itau
Argentina
Argentina
Argentina
US$
US$
US$
13.50% 12.86% Quarterly
13.50% 12.86% Quarterly
13.50% 12.86% Quarterly
H. El Chocón S.A.
Argentina
Foreign
Banco Santander - Sindicado IV
Argentina
$ Arg
40.59% 35.54% Quarterly
H. El Chocón S.A.
Argentina
Foreign
Banco Itau- Sindicado IV
Argentina
$ Arg
40.59% 35.54% Quarterly
H. El Chocón S.A.
Argentina
Foreign
Banco Galicia - Sindicado IV
Argentina
$ Arg
40.59% 35.54% Quarterly
H. El Chocón S.A.
Argentina
Foreign
Banco Hipotecario - Sindicado IV Argentina
$ Arg
40.59% 35.54% Quarterly
H. El Chocón S.A.
Argentina
Foreign
Banco Ciudad -Sindicado IV
Argentina
$ Arg
40.59% 35.54% Quarterly
H. El Chocón S.A.
Argentina
Foreign
ICBC Argentina
Argentina
$ Arg
40.59% 35.54% Quarterly
229,399
510,935
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
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Ampla Energía S.A.
Foreign
Banco do Brasil
13.58% 13.71% At maturity
400,960
400,960
7,765,896
7,765,896
7,765,896
2.17%
2.06% Quarterly
244,599
601,653
846,252
3.25%
3.07% Quarterly
458,314
1,333,451
1,791,765
-
-
-
-
802,204
18,049,594
1,777,935
-
-
-
-
-
3.48%
3.40% Quarterly
328,118
898,325
1,226,443
1,197,767
1,197,767
299,442
1,128,884
1,128,884
14,569,734
14,569,734
-
-
-
8,960,650
8,960,650
8,960,650
13,440,975
13,440,975
13,440,975
-
-
-
2,083,721
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
29,066,078
-
-
-
-
259,978
120,187
73,961
115,564
381,640
-
129,432
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
4,375,814
3,125,581
5,209,302
5,000,930
5,209,302
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Totals
87,930,880
100,190,665
188,121,545
66,175,988
72,335,811
30,466,963
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
23,297,688
-
-
18,851,798
1,777,935
2,694,976
26,881,950
40,322,925
-
-
-
2,083,721
4,375,814
3,125,581
5,209,302
5,000,930
5,209,302
-
-
-
-
-
-
-
-
46,952,895
46,952,895
16,694,363
16,694,363
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
29,066,078
-
-
-
-
259,978
120,187
73,961
115,564
381,640
-
129,432
-
-
-
-
-
-
-
-
-
-
-
-
133
390,065
390,065
-
133
-
-
9,920,055
9,920,055
9,920,055
-
-
260,672
564,193
824,865
752,258
752,258
15,233,217
-
-
-
-
-
395,746
1,137,486
1,533,232
1,516,648
1,516,648
-
-
287,425
766,306
1,053,731
1,021,742
1,021,742
1,021,742
255,432
-
-
-
-
-
9,358
-
-
-
11,446,218
11,446,218
11,446,218
-
-
-
-
9,358
-
-
-
-
-
-
-
1,516,649
5,914,928
7,431,577
13,498,170
14,559,823
11,755
21,839,736
-
-
-
-
11,755
28,029
92,908
12,224
19,669
12,130
10,527
-
86,295
20,520
434,480
-
-
-
-
-
-
-
-
28,029
92,908
12,224
19,669
12,130
10,527
-
3,157,116
3,243,411
807,217
-
827,737
434,480
47,485
1,435,053
1,482,538
566,446
287,700
-
-
-
-
-
-
-
-
-
-
-
-
710,351
-
-
55,892
566,446
287,700
55,892
153,503
153,503
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
710,351
-
1,007,362
1,007,362
1,338
-
-
-
-
-
-
-
123
1,461,573
5,725,691
2,862,848
2,862,848
158,689
144,890
137,990
48,297
20,699
-
800,033
302,809
185,138
289,401
955,718
1,338
800,033
302,809
185,138
289,401
-
-
-
-
-
813,581
742,835
707,462
247,612
106,119
123
1,461,573
5,725,691
2,862,848
2,862,848
972,270
887,725
845,452
295,909
126,818
179,387
919,701
1,099,088
-
-
2,029,640
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
4,262,243
3,044,460
5,074,099
4,871,135
5,074,099
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
853,856
350,571
215,736
337,088
-
-
-
-
-
862,890
787,856
750,339
262,618
112,552
975,440
955,718
1,113,199
2,126,669
2,126,669
1,022,595
324,772
324,772
377,538
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
29,760,165
-
16,737,733
-
3,033,296
3,320,658
-
34,338,654
-
-
28,057,993
21,839,736
2,029,640
4,262,243
3,044,460
5,074,099
4,871,135
5,074,099
-
-
-
-
-
-
-
20,393,652
20,393,652
57,357,148
57,357,148
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
853,856
350,571
215,736
337,088
1,113,199
1,022,595
377,538
-
-
-
-
-
862,890
787,856
750,339
262,618
112,552
975,440
63,647,258
232,626,020
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
441
Consolidated Financial Statements 20.2 Unsecured liabilities
The detail of Unsecured Liabilities by currency and maturity as of December 31, 2015 and 2014 is as follows:
Summary of unsecured liabilities by currency and
maturity
Country
Currency
Annual
Nominal
Rate
Secured/
Unsecured
Current
Maturity
One to three
months
ThCh$
Three to
twelve
months
ThCh$
Chile
Chile
Peru
Peru
Colombia
Brasil
US$
U.F.
US$
Sol
CP
Real
7.00% Unsecured
5.75% Unsecured
6.50% Unsecured
6.44% Unsecured
10.81% Unsecured
15.64% Unsecured
-
-
1,025,402
11,874,390
60,132,757
-
179,552,878
3,417,313
14,223,478
9,345,624
-
76,649,745
Total Current
at 12-31-2015
ThCh$
179,552,878
3,417,313
15,248,880
21,220,014
60,132,757
76,649,745
Total
73,032,549
283,189,038
356,221,587
237,428,066
197,181,217
176,261,853
92,247,184
688,597,087
1,391,715,407
Country
Currency
Annual
Nominal
Rate
Secured/
Unsecured
Current
Maturity
One to three
months
ThCh$
Three to
twelve
months
ThCh$
Total Current
at 12-31-2014
ThCh$
Chile
Chile
Peru
Peru
Colombia
Brazil
US$
U.F.
US$
Sol
CP
Real
7.17%
5.57%
6.59%
6.57%
8.16%
Unsecured
10,600,825
124,464,832
135,065,657
Unsecured
1,523,693
8,154,883
Unsecured
4,852,113
-
9,678,576
4,852,113
Unsecured
7,369,056
23,437,141
30,806,197
Unsecured
92,570,006
-
92,570,006
12.55%
Unsecured
-
35,952,570
35,952,570
80,341,173
104,952,742
93,563,508
49,266,449
-
Total
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
Non-current
Maturity
Two to three
Three to four
Four to five
One to two years
ThCh$
years
ThCh$
years
ThCh$
years
Over five years
ThCh$
ThCh$
-
-
3,546,564
20,628,837
3,750,488
7,111,739
125,441,571
107,284,492
87,811,094
79,034,498
-
3,966,142
5,807,446
44,799,999
80,913,285
40,774,981
4,194,193
7,111,739
27,088,371
53,852,881
-
-
609,317
6,097,254
7,111,739
123,043,719
551,735,058
-
Non-current
Maturity
One to two years
Two to three
Three to four
Four to five
years
ThCh$
years
ThCh$
years
Over five years
ThCh$
ThCh$
153,936,502
-
420,471,172
8,345,041
8,530,345
8,726,297
31,321,793
272,880,640
12,133,186
6,066,593
4,953,980
12,133,186
17,292,530
20,093,432
29,429,775
146,235,538
36,963,495
142,924,458
122,313,646
92,241,270
690,301,242
-
-
-
-
-
-
Total Non-current at
12-31-2015
ThCh$
609,317
21,554,641
27,142,663
215,560,926
919,227,287
207,620,573
Total Non-current at
12-31-2014
ThCh$
574,407,674
329,804,116
35,286,945
213,051,275
1,084,744,111
328,123,872
442
2015 Annual Report Enersis
20.2 Unsecured liabilities
The detail of Unsecured Liabilities by currency and maturity as of December 31, 2015 and 2014 is as follows:
Summary of unsecured liabilities by currency and
maturity
Country
Currency
Annual
Nominal
Rate
Secured/
Unsecured
Current
Maturity
One to three
months
ThCh$
Three to
twelve
months
ThCh$
Total Current
at 12-31-2015
ThCh$
7.00% Unsecured
5.75% Unsecured
6.50% Unsecured
6.44% Unsecured
10.81% Unsecured
15.64% Unsecured
1,025,402
14,223,478
-
-
-
179,552,878
179,552,878
3,417,313
9,345,624
-
76,649,745
3,417,313
15,248,880
21,220,014
60,132,757
76,649,745
11,874,390
60,132,757
Chile
Chile
Peru
Peru
Colombia
Brasil
Chile
Chile
Peru
Peru
Colombia
Brazil
US$
U.F.
US$
Sol
CP
Real
US$
U.F.
US$
Sol
CP
Real
Country
Currency
Annual
Nominal
Rate
Secured/
Unsecured
Current
Maturity
One to three
months
ThCh$
Three to
twelve
months
Total Current
at 12-31-2014
ThCh$
ThCh$
7.17%
5.57%
6.59%
6.57%
8.16%
Unsecured
10,600,825
124,464,832
135,065,657
Unsecured
1,523,693
8,154,883
Unsecured
4,852,113
9,678,576
4,852,113
Unsecured
7,369,056
23,437,141
30,806,197
Unsecured
92,570,006
92,570,006
-
-
Non-current
Maturity
One to two years
ThCh$
Two to three
years
ThCh$
Three to four
years
ThCh$
Four to five
years
ThCh$
Over five years
ThCh$
-
3,546,564
-
20,628,837
125,441,571
87,811,094
-
3,750,488
7,111,739
-
107,284,492
79,034,498
-
3,966,142
5,807,446
44,799,999
80,913,285
40,774,981
-
4,194,193
7,111,739
27,088,371
53,852,881
-
609,317
6,097,254
7,111,739
123,043,719
551,735,058
-
Total Non-current at
12-31-2015
ThCh$
609,317
21,554,641
27,142,663
215,560,926
919,227,287
207,620,573
Total
73,032,549
283,189,038
356,221,587
237,428,066
197,181,217
176,261,853
92,247,184
688,597,087
1,391,715,407
Non-current
Maturity
One to two years
Two to three
years
ThCh$
Three to four
years
ThCh$
Four to five
years
ThCh$
Over five years
ThCh$
153,936,502
-
-
-
420,471,172
8,345,041
8,530,345
8,726,297
31,321,793
272,880,640
12,133,186
-
6,066,593
4,953,980
12,133,186
17,292,530
20,093,432
-
29,429,775
146,235,538
36,963,495
142,924,458
122,313,646
92,241,270
690,301,242
12.55%
Unsecured
-
35,952,570
35,952,570
80,341,173
104,952,742
93,563,508
49,266,449
-
Total Non-current at
12-31-2014
ThCh$
574,407,674
329,804,116
35,286,945
213,051,275
1,084,744,111
328,123,872
Total
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
443
Consolidated Financial Statements
20.3 Secured liabilities
As of December 31, 2015 and 2014 there are no secured liabilities.
Fair value measurement and hierarchy
The fair value of current and non-current secured and unsecured liabilities as of December 31, 2015 totaled
ThCh$ 1,768,663,119 (ThCh$ 3,207,640,549 as of December 31, 2014). These liabilities have been classified
as Level 2 fair value measurement based on the entry data used in the valuation techniques used (see Note
3.h). It is important to note that these financial liabilities are measured at amortized cost (see Note 3 g.4).
Secured and unsecured liabilities by company
In Appendix 5, letter b), are shown the estimated future cash flows (undiscounted) that the Group will have to
disburse to settle the secured and unsecured liabilities detailed above.
Taxpayer
ID No.
(RUT)
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Bonos 1ª Serie 16
Bonos 1ª Serie 17
Bonos 1ª Serie 18
Bonos 2ª Serie 26
Bonos 2ª Serie 27
Bonos 2ª Serie 28
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
Ampla Energía S.A. Brazil
Taxpayer
ID No.
(RUT)
Company
Country
Financial Institution
Country
Currency
Effective
Interest
Rate
Nominal
Interest
Rate
Secured
Current ThCh$
Non-current ThCh$
Current ThCh$
Non-current ThCh$
Less than 90
days
More than 90
days
Total Current
One to two years
Two to three
Three to four
Four to five
More than 5
Total Non-
Less than 90
More than 90
One to two
Two to three
Three to four
Four to five
More than 5
Total Non-
years
years
years
years
current
days
days
years
years
years
years
years
current
Total Current
12-31-2015
12-31-2014
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
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
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
Edelnor S.A.A.
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
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.
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
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
Real
Real
Real
Real
Real
Real
CP
CP
CP
CP
CP
CP
Real
Real
Sol
Sol
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
13.66%
13.71%
14.69%
13.55%
15.35%
14.69%
12.03%
12.29%
10.56%
11.50%
10.56%
10.15%
13.77%
17.07%
6.41%
6.38%
6.44%
7.93%
7.25%
6.73%
6.09%
5.86%
6.57%
7.22%
8.16%
8.00%
5.91%
6.63%
6.94%
7.12%
7.44%
8.06%
5.56%
7.03%
8.75%
6.28%
6.06%
6.50%
7.06%
5.00%
5.13%
6.75%
7.28%
6.50%
7.38%
6.78%
13.75%
13.89%
14.91%
18.97%
16.89%
14.91%
11.52%
11.76%
10.17%
11.03%
10.17%
9.78%
13.99%
17.79%
6.31%
6.28%
6.34%
7.78%
7.12%
6.63%
6.00%
5.78%
6.47%
7.09%
8.00%
7.85%
5.82%
6.52%
6.82%
7.00%
7.30%
7.91%
5.49%
6.91%
8.57%
6.19%
5.97%
6.40%
6.94%
4.94%
5.06%
6.64%
7.15%
6.40%
7.24%
6.67%
No
No
No
No
No
No
No
No
No
No
No
No
No
No
No
No
No
No
No
No
No
No
No
No
No
No
No
No
No
No
No
No
No
No
No
No
No
No
No
No
No
No
No
No
No
No
-
-
-
-
-
-
10,550,152
10,550,152
9,072,396
9,072,396
1,980,285
1,980,285
16,645,720
16,645,720
2,256,837
2,256,837
1,980,285
1,980,285
480,031
121,021
32,826,348
613,975
531,899
77,582
-
-
-
-
194,246
200,841
-
-
-
-
-
-
-
480,031
121,021
32,826,348
613,975
531,899
77,582
9,601,388
9,601,388
24,562,682
24,562,682
8,221
-
-
-
-
8,221
-
194,246
200,841
-
215,945
7,111,739
7,327,684
117,344
7,111,739
7,229,083
102,787
194,239
-
-
102,787
194,239
75,209
3,125,581
3,200,790
3,899,407
5,855,385
-
-
-
-
185,972
-
204,447
135,116
-
-
-
-
-
-
229,897
248,093
190,009
-
-
-
-
-
-
-
-
3,899,407
5,855,385
-
-
-
5,226,830
5,226,830
-
-
-
-
-
185,972
-
204,447
135,116
-
111,978
111,978
87,726
43,642
91,977
61,354
-
-
-
75,245
102,450
310,080
87,726
43,642
91,977
61,354
229,897
248,093
190,009
75,245
102,450
310,080
7,111,739
7,111,739
7,111,739
7,111,739
6,066,593
6,066,593
6,066,593
8,960,650
8,960,650
8,960,650
8,960,650
14,750,376
14,750,376
22,653,731
22,888,844
22,853,681
8,960,650
8,960,650
8,960,650
87,436,064
17,886,817
40,616,490
8,960,650
26,881,950
29,500,752
68,396,256
26,881,950
87,436,064
17,886,817
43,227,965
43,227,965
40,616,490
41,363,265
41,363,265
13,508,284
13,508,284
13,392,075
97,895
97,895
11,183,110
11,446,218
3,842,192
3,842,192
22,666,150
22,706,738
22,651,006
2,206,338
2,206,338
16,792,364
17,045,383
17,045,383
2,627,046
2,627,046
26,615,437
26,615,443
26,615,443
341,784
36,963,495
99,597,748
20,393,652
46,308,886
23,525,037
23,473,978
46,999,015
1,168,497
1,168,497
27,069,558
27,179,554
27,195,944
12,502,318
12,502,318
11,904,066
5,209,304
5,209,304
8,008
5,209,302
5,807,446
7,111,739
7,111,739
5,209,302
5,807,446
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
419,979
106,657
341,784
530,570
447,227
64,396
156,702
165,699
171,325
3,977,405
184,210
100,099
87,681
165,694
73,257
5,176,988
199,141
131,609
223,930
241,654
185,078
6,251,163
6,251,163
181,145
4,167,442
4,167,442
10,418,604
10,418,604
8,334,884
8,334,884
109,072
109,072
6,118,518
6,118,518
10,418,604
10,418,604
4,167,442
6,251,163
8,334,884
8,334,884
10,418,604
10,418,604
10,418,604
10,418,604
7,397,209
7,397,209
10,418,604
10,418,604
12,502,325
12,502,325
20,837,209
20,837,209
85,449
42,509
89,590
59,762
73,293
99,791
306,923
306,923
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
419,979
106,657
530,570
447,227
64,396
8,008
156,702
165,699
171,325
3,977,405
87,681
165,694
181,145
5,176,988
199,141
131,609
85,449
42,509
89,590
59,762
223,930
241,654
185,078
73,293
99,791
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
13,392,075
22,629,328
68,023,894
50,883,130
79,846,323
99,597,748
20,393,652
36,963,495
46,308,886
11,904,066
81,445,056
6,066,593
6,066,593
6,066,593
3,044,460
3,653,351
5,520,620
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
49,286,360
49,286,360
47,160,321
47,160,321
5,074,099
5,074,099
5,074,099
5,074,099
6,066,593
6,066,593
4,953,980
4,953,980
5,074,099
6,088,919
6,088,919
10,148,198
10,148,198
4,059,279
4,059,279
8,118,559
8,118,559
10,148,198
10,148,198
4,059,279
6,088,919
8,118,559
8,118,559
10,148,198
10,148,198
10,148,198
10,148,198
7,205,221
7,205,221
10,148,198
10,148,198
12,177,838
12,177,838
20,296,397
20,296,397
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
184,210
6,066,593
100,099
6,066,593
73,257
3,044,460
-
3,653,351
182,794
182,794
5,520,620
4,106,563
4,106,563
4,104,101
4,104,101
189,306
8,118,559
8,307,865
17,072
17,072
5,074,099
4,167,442
6,251,163
4,059,279
6,088,919
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Colombia
Foreign
Colombia
Foreign
Colombia
Foreign
B102
B103
B604
Colombia
Foreign
Bonos B12-13
Colombia
Foreign
Bonos B5-13
Colombia
Foreign
Bonos B7-14
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
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 Scotiabank
Banco Scotiabank
Banco Scotiabank
Banco Scotiabank
AFP Horizonte
AFP Integra
AFP Integra
AFP Integra
AFP Prima
AFP Prima
AFP Prima
AFP Prima
AFP Profuturo
FCR - Macrofondo
FCR - Macrofondo
Fondo -Fosersoe
Interseguro Cia de
Seguros
Rimac Internacional
Rimac Internacional
Rimac Internacional
Rimac Internacional
Rimac Internacional
Rimac Internacional
Rimac Internacional
Rimac Internacional
Rimac Internacional
Rimac Internacional
444
2015 Annual Report Enersis
20.3 Secured liabilities
As of December 31, 2015 and 2014 there are no secured liabilities.
Fair value measurement and hierarchy
The fair value of current and non-current secured and unsecured liabilities as of December 31, 2015 totaled
ThCh$ 1,768,663,119 (ThCh$ 3,207,640,549 as of December 31, 2014). These liabilities have been classified
as Level 2 fair value measurement based on the entry data used in the valuation techniques used (see Note
3.h). It is important to note that these financial liabilities are measured at amortized cost (see Note 3 g.4).
Secured and unsecured liabilities by company
In Appendix 5, letter b), are shown the estimated future cash flows (undiscounted) that the Group will have to
disburse to settle the secured and unsecured liabilities detailed above.
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
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
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.
Taxpayer
ID No.
(RUT)
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Bonos 1ª Serie 16
Bonos 1ª Serie 17
Bonos 1ª Serie 18
Bonos 2ª Serie 26
Bonos 2ª Serie 27
Bonos 2ª Serie 28
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
Ampla Energía S.A. Brazil
Colombia
Foreign
Colombia
Foreign
Colombia
Foreign
B102
B103
B604
Colombia
Foreign
Bonos B12-13
Colombia
Foreign
Bonos B5-13
Colombia
Foreign
Bonos B7-14
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
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 Scotiabank
Banco Scotiabank
Banco Scotiabank
Banco Scotiabank
AFP Horizonte
AFP Integra
AFP Integra
AFP Integra
AFP Prima
AFP Prima
AFP Prima
AFP Prima
AFP Profuturo
FCR - Macrofondo
FCR - Macrofondo
Fondo -Fosersoe
Interseguro Cia de
Seguros
Rimac Internacional
Rimac Internacional
Rimac Internacional
Rimac Internacional
Rimac Internacional
Rimac Internacional
Rimac Internacional
Rimac Internacional
Rimac Internacional
Rimac Internacional
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
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
Real
Real
Real
Real
Real
Real
CP
CP
CP
CP
CP
CP
Real
Real
Sol
Sol
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
13.66%
13.71%
14.69%
13.55%
15.35%
14.69%
12.03%
12.29%
10.56%
11.50%
10.56%
10.15%
13.77%
17.07%
6.41%
6.38%
6.44%
7.93%
7.25%
6.73%
6.09%
5.86%
6.57%
7.22%
8.16%
8.00%
5.91%
6.63%
6.94%
7.12%
7.44%
8.06%
5.56%
7.03%
8.75%
6.28%
6.06%
6.50%
7.06%
5.00%
5.13%
6.75%
7.28%
6.50%
7.38%
6.78%
13.75%
13.89%
14.91%
18.97%
16.89%
14.91%
11.52%
11.76%
10.17%
11.03%
10.17%
9.78%
13.99%
17.79%
6.31%
6.28%
6.34%
7.78%
7.12%
6.63%
6.00%
5.78%
6.47%
7.09%
8.00%
7.85%
5.82%
6.52%
6.82%
7.00%
7.30%
7.91%
5.49%
6.91%
8.57%
6.19%
5.97%
6.40%
6.94%
4.94%
5.06%
6.64%
7.15%
6.40%
7.24%
6.67%
No
No
No
No
No
No
No
No
No
No
No
No
No
No
No
No
No
No
No
No
No
No
No
No
No
No
No
No
No
No
No
No
No
No
No
No
No
No
No
No
No
No
No
No
No
No
215,945
7,111,739
7,327,684
117,344
7,111,739
7,229,083
75,209
3,125,581
3,200,790
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
480,031
121,021
32,826,348
613,975
531,899
77,582
194,246
200,841
102,787
194,239
3,899,407
5,855,385
185,972
204,447
135,116
229,897
248,093
190,009
10,550,152
10,550,152
9,072,396
9,072,396
1,980,285
1,980,285
16,645,720
16,645,720
2,256,837
2,256,837
1,980,285
1,980,285
9,601,388
9,601,388
24,562,682
24,562,682
8,221
8,221
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
480,031
121,021
32,826,348
613,975
531,899
77,582
194,246
200,841
102,787
194,239
3,899,407
5,855,385
-
-
-
-
-
-
-
185,972
204,447
135,116
87,726
43,642
91,977
61,354
229,897
248,093
190,009
75,245
102,450
310,080
87,726
43,642
91,977
61,354
75,245
102,450
310,080
5,226,830
5,226,830
Foreign
Edelnor S.A.A.
111,978
111,978
Company
Country
Financial Institution
Country
Currency
Effective
Interest
Rate
Nominal
Interest
Rate
Secured
Current ThCh$
Non-current ThCh$
Current ThCh$
Non-current ThCh$
Less than 90
More than 90
days
days
Total Current
One to two years
Two to three
years
Three to four
years
Four to five
years
More than 5
years
Total Non-
current
Less than 90
days
More than 90
days
Total Current
One to two
years
Two to three
years
Three to four
years
Four to five
years
More than 5
years
Total Non-
current
12-31-2015
12-31-2014
13,508,284
13,508,284
13,392,075
-
97,895
97,895
11,183,110
11,446,218
-
-
-
-
3,842,192
3,842,192
-
22,666,150
22,706,738
22,651,006
2,206,338
2,206,338
16,792,364
17,045,383
17,045,383
-
2,627,046
2,627,046
26,615,437
26,615,443
26,615,443
-
8,960,650
-
-
-
-
8,960,650
8,960,650
8,960,650
14,750,376
14,750,376
-
22,653,731
22,888,844
22,853,681
8,960,650
8,960,650
8,960,650
87,436,064
-
-
-
-
-
-
-
17,886,817
-
-
40,616,490
-
-
23,525,037
23,473,978
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
4,167,442
6,251,163
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
7,111,739
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
5,209,302
-
5,807,446
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
4,167,442
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
7,111,739
-
-
-
-
-
-
-
-
6,251,163
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
8,960,650
26,881,950
29,500,752
68,396,256
26,881,950
87,436,064
17,886,817
-
43,227,965
43,227,965
-
40,616,490
41,363,265
41,363,265
-
-
-
46,999,015
5,209,304
5,209,304
-
5,209,302
7,111,739
7,111,739
5,807,446
-
-
-
7,111,739
7,111,739
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
10,418,604
10,418,604
-
-
4,167,442
-
8,334,884
8,334,884
10,418,604
10,418,604
-
-
4,167,442
6,251,163
8,334,884
8,334,884
10,418,604
10,418,604
10,418,604
-
10,418,604
-
7,397,209
7,397,209
10,418,604
-
10,418,604
-
-
12,502,325
12,502,325
20,837,209
20,837,209
-
-
-
-
-
-
419,979
106,657
341,784
530,570
447,227
64,396
-
-
-
156,702
165,699
171,325
3,977,405
184,210
100,099
87,681
165,694
73,257
-
182,794
199,141
131,609
-
-
-
-
-
-
223,930
241,654
185,078
-
-
-
12,502,318
12,502,318
11,904,066
1,168,497
1,168,497
27,069,558
27,179,554
27,195,944
-
-
-
-
-
419,979
106,657
341,784
36,963,495
530,570
447,227
64,396
-
-
-
-
-
-
-
-
-
-
8,008
-
-
-
-
-
-
-
-
-
-
-
8,008
156,702
165,699
171,325
3,977,405
-
-
-
-
-
184,210
6,066,593
100,099
6,066,593
87,681
165,694
-
-
73,257
3,044,460
-
3,653,351
182,794
5,520,620
-
-
-
-
181,145
5,176,988
199,141
131,609
6,118,518
6,118,518
109,072
109,072
85,449
42,509
89,590
59,762
-
-
-
73,293
99,791
85,449
42,509
89,590
59,762
223,930
241,654
185,078
73,293
99,791
306,923
306,923
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
99,597,748
-
-
-
-
-
-
-
-
20,393,652
-
-
46,308,886
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
4,059,279
6,088,919
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
6,066,593
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
4,106,563
4,106,563
4,104,101
4,104,101
189,306
8,118,559
8,307,865
-
-
-
-
17,072
17,072
5,074,099
6,251,163
181,145
-
5,176,988
-
-
-
-
-
-
-
-
-
13,392,075
22,629,328
68,023,894
50,883,130
79,846,323
-
99,597,748
20,393,652
36,963,495
49,286,360
49,286,360
-
46,308,886
47,160,321
47,160,321
-
-
11,904,066
81,445,056
5,074,099
5,074,099
-
-
-
-
-
-
-
-
-
-
5,074,099
-
5,074,099
-
6,066,593
6,066,593
4,953,980
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
4,059,279
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
4,953,980
-
6,066,593
6,066,593
6,066,593
6,066,593
-
-
-
-
-
-
-
-
6,066,593
3,044,460
3,653,351
5,520,620
-
-
-
5,074,099
6,088,919
6,088,919
-
-
10,148,198
10,148,198
-
-
4,059,279
-
8,118,559
8,118,559
10,148,198
10,148,198
-
-
4,059,279
6,088,919
8,118,559
8,118,559
10,148,198
10,148,198
10,148,198
10,148,198
7,205,221
7,205,221
10,148,198
10,148,198
12,177,838
12,177,838
20,296,397
20,296,397
445
Consolidated Financial Statements Taxpayer
ID No.
(RUT)
Company
Country
Financial Institution
Country
Currency
Effective
Interest
Rate
Nominal
Interest
Rate
Secured
Current ThCh$
Non-current ThCh$
Current ThCh$
Non-current ThCh$
Less than 90
days
More than 90
days
Total Current
One to two years
Two to three
Three to four
Four to five
More than 5
Total Non-
Less than 90
More than 90
One to two
Two to three
Three to four
Four to five
More than 5
Total Non-
years
years
years
years
current
days
days
years
years
years
years
years
current
Total Current
12-31-2015
12-31-2014
Taxpayer
ID No.
(RUT)
Foreign
Foreign
Foreign
Foreign
Foreign
Rimac Internacional
Rimac Internacional
Rimac Internacional
Rimac Internacional
Rimac Internacional
Edelnor S.A.A.
Edelnor S.A.A.
Edelnor S.A.A.
Edelnor S.A.A.
Edelnor S.A.A.
Peru
Peru
Peru
Peru
Peru
Emgesa S.A. E.S.P. Colombia
Foreign
Bonos A-10
Emgesa S.A. E.S.P. Colombia
Foreign
Bonos A102
Emgesa S.A. E.S.P. Colombia
Foreign
Bonos B09-09
Emgesa S.A. E.S.P. Colombia
Foreign
Bonos B10
Emgesa S.A. E.S.P. Colombia
Foreign
Bonos B-103
Emgesa S.A. E.S.P. Colombia
Foreign
Bonos B12
Emgesa S.A. E.S.P. Colombia
Foreign
Bonos B15
Emgesa S.A. E.S.P. Colombia
Foreign
Bonos B6-13
Emgesa S.A. E.S.P. Colombia
Foreign
Bonos B6-14
Emgesa S.A. E.S.P. Colombia
Foreign
Bonos exterior
Emgesa S.A. E.S.P. Colombia
Foreign
Bonos quimbo
Peru
Peru
Peru
Peru
Peru
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Emgesa S.A. E.S.P. Colombia
Foreign
Bonos Quimbo B10
Colombia
Emgesa S.A. E.S.P. Colombia
Foreign
Bonos Quimbo B10-14
Colombia
Emgesa S.A. E.S.P. Colombia
Foreign
Bonos Quimbo B12-13
Colombia
Emgesa S.A. E.S.P. Colombia
Foreign
Bonos Quimbo B15
Colombia
Emgesa S.A. E.S.P. Colombia
Foreign
Bonos Quimbo B16-14
Colombia
Emgesa S.A. E.S.P. Colombia
Foreign
Bonos Quimbo B6-13
Colombia
Emgesa S.A. E.S.P. Colombia
Foreign
Bonos Quimbo B6-14
Colombia
Sol
Sol
Sol
Sol
Sol
CP
CP
CP
CP
CP
CP
CP
CP
CP
CP
CP
CP
CP
CP
CP
CP
CP
CP
6.34%
5.84%
6.34%
4.81%
6.13%
8.87%
8.87%
12.67%
12.54%
11.87%
12.88%
12.87%
10.91%
10.03%
10.17%
10.17%
10.13%
10.46%
11.71%
10.26%
10.81%
10.91%
10.03%
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 Endesa Chile S.A.
Chile
97.004.000-5
91.081.000-6 Endesa Chile S.A.
Chile
97.004.000-5
Banco Santander 522
Serie-M
Banco Santander -317
Serie-H
Chile
Chile
91.081.000-6 Endesa Chile S.A.
Chile
Foreign
BNY Mellon - 144 - A
U.S.A.
91.081.000-6 Endesa Chile S.A.
Chile
Foreign
BNY Mellon - Primera
Emisión S-2
U.S.A.
U.F.
4.82%
U.F.
US$
US$
7.17%
8.83%
7.40%
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
BNY Mellon - Primera
Emisión S-3
BNY Mellon - Unica
24296
BNY Mellon - Primera
Emisión S-1
U.S.A.
US$
8.26%
U.S.A.
US$
4.32%
U.S.A.
US$
7.96%
94.271.00-3
94.271.00-3
94.271.00-3
Enersis Américas
S.A.
Enersis Américas
S.A.
Enersis Américas
S.A.
Chile
97.004.000-5 Bonos UF 269
Chile
U.F.
7.02%
Chile
Foreign
Yankee bonos 2016
U.S.A.
US$
7.76%
Chile
Foreign
Yankee bonos 2026
U.S.A.
US$
7.76%
Taxpayer
ID No.
(RUT)
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Total Leasing
Codensa
Colombia
Foreign
Codensa
Codensa
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.
EE Piura
EE Piura
Edegel S.A.A.
Colombia
Colombia
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Chile
Peru
Emgesa S.A. E.S.P.
Colombia
Emgesa S.A. E.S.P.
Colombia
Emgesa S.A. E.S.P.
Colombia
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Union Temporal
Rentacol
Colombia
Mareauto Colombia
SAS
Colombia
Banco Corpbanca
Colombia
Banco de Interbank
Peru
Banco Santander Peru Peru
Banco de Crédito
Peru
Banco de Interbank
Peru
Banco Continental
Banco Continental
Banco Continental
Banco Continental
Peru
Peru
Peru
Peru
Banco Santander Peru Peru
Banco de Crédito
Banco de Crédito
Peru
Peru
Chile
Peru
Banco Scotiabank
Banco Corpbanca
Colombia
Equirent S.A.
Colombia
Mareauto Colombia
SAS
Colombia
91.081.000-6
Endesa Chile S.A.
87.509.100-K
Abengoa Chile
6.25%
5.76%
6.25%
4.76%
6.03%
8.59%
8.59%
12.11%
11.99%
11.87%
12.30%
12.29%
10.49%
9.67%
10.17%
10.17%
9.77%
10.08%
11.23%
9.89%
10.39%
10.49%
9.67%
4.75%
6.20%
8.63%
7.33%
8.13%
4.25%
7.88%
5.75%
7.40%
6.60%
No
No
No
No
No
No
No
No
No
No
No
No
No
No
No
No
No
No
No
No
No
No
No
No
No
No
No
No
No
No
No
No
No
-
-
39,656
60,884
39,656
60,884
304,643
139,221
406,991
-
-
1,472,677
599,598
3,893,386
614,301
213,136
66,722
299,818
13,745,374
1,912,740
341,157
529,437
524,321
230,201
475,939
205,848
357,246
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
304,643
139,221
406,991
-
-
1,472,677
599,598
3,893,386
614,301
213,136
66,722
299,818
13,745,374
1,912,740
341,157
529,437
524,321
230,201
475,939
205,848
357,246
-
-
-
-
-
-
-
-
-
-
3,417,313
3,417,313
3,546,564
3,750,488
3,966,142
4,194,193
6,097,254
21,554,641
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
179,549,527
179,549,527
3,351
3,351
609,317
609,317
2,863
2,863
934,411
934,411
153,936,502
34,082,658
29,279,709
34,082,658
29,279,709
38,854,059
38,854,059
33,378,162
33,378,162
508,451
508,451
22,388,273
220,251,255
242,639,528
6,054,055
6,054,055
5,122,437
5,122,437
5,122,437
5,122,437
42,939,415
63,429,163
9,945,234
43,326,710
55,611,108
40,793,373
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
12,177,838
12,177,838
20,296,397
20,296,397
16,237,118
16,237,118
9,945,234
12,593,838
12,593,838
55,611,108
40,793,373
43,326,710
22,830,628
22,830,628
14,144,897
14,144,897
28,012,654
28,012,654
22,942,859
22,942,859
163,885,784
163,885,784
76,406,981
76,406,981
47,472,761
47,472,761
92,464,960
92,464,960
50,934,262
50,934,262
41,380,613
41,380,613
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
42,390,409
42,390,409
18,905,448
18,905,448
234,941,377
234,941,377
123,713,346
123,713,346
-
153,936,502
520,592
520,592
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
4,361,016
121,350,000
125,711,016
1,310,741
830,186
1,310,741
830,186
2,177,558
2,177,558
4,098,882
4,098,882
10,210,232
38,005,507
48,781,185
35,783,303
20,837,209
14,586,046
12,502,325
12,502,325
16,669,767
16,669,767
291,845
135,607
20,837,209
10,210,232
14,586,046
38,627
59,304
20,026,666
20,026,666
12,407,680
12,407,680
11,047,324
24,573,172
11,047,324
24,573,172
-
-
54,029,298
10,288,151
48,781,185
1,307,418
35,783,303
530,887
38,005,507
3,361,512
19,368,586
19,368,586
2,180,810
144,605,973
144,605,973
15,671,786
67,020,604
67,020,604
41,638,617
41,638,617
81,102,939
81,102,939
44,675,420
44,675,420
36,297,343
36,297,343
547,749
190,004
56,716
247,702
282,892
443,930
455,387
191,716
403,310
174,976
295,149
38,627
59,304
291,845
135,607
-
54,029,298
10,288,151
1,307,418
530,887
3,361,512
547,749
190,004
56,716
247,702
2,180,810
15,671,786
282,892
443,930
455,387
191,716
403,310
174,976
295,149
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
11,936
6,433
22,853
13,512
-
-
-
-
-
-
-
12,084
89,743
659,036
-
-
-
-
-
-
-
-
-
-
-
-
15,599,736
20,200
23,718
19,819
19,648
3,650
3,217
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
266,565
18,369
36,365
12,084
89,743
659,036
40,019
43,366
6,867
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
CP
CP
CP
Sol
Sol
Sol
Sol
Sol
Sol
Sol
Sol
Sol
US$
Sol
US$
US$
CP
CP
CP
10.80%
10.08%
7.27%
6.13%
5.79%
5.65%
5.29%
5.95%
6.00%
5.99%
5.98%
5.13%
5.80%
5.70%
6.50%
2.10%
10.80%
6.55%
10.08%
62,967
199,380
262,347
266,565
2,598
8,198
10,796
19,831
31,119
50,950
-
-
-
110,707
85,240
77,976
73,719
65,285
153,549
-
-
-
-
178,308
239,624
225,872
199,365
472,612
-
-
-
110,707
263,548
317,600
299,591
264,650
626,161
1,408,471
4,225,412
5,633,883
474,864
1,424,592
1,899,456
-
-
-
2,484,674
7,399,875
9,884,549
4,579
5,424
795
14,234
16,795
18,813
22,219
2,372
3,167
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
107,597
256,430
308,894
291,802
258,191
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
107,597
256,430
308,894
291,802
258,191
-
-
-
-
-
-
-
-
-
-
-
5,633,883
5,633,883
5,633,883
14,432,002
31,333,651
1,640,658
4,921,975
6,562,633
6,562,631
6,562,633
6,562,633
6,562,633
16,811,128
43,061,658
1,899,456
1,899,456
1,899,456
4,865,731
10,564,099
15,599,736
2,122,504
6,312,384
8,434,888
8,416,512
13,307,187
21,723,699
1,470,563
1,470,563
2,427,000
1,566,150
1,667,950
1,776,367
10,215,436
17,652,903
5,030,679
14,637,758
19,668,437
24,242,860
7,595,968
7,533,339
19,297,733
-
58,669,900
4,239,710
13,883,714
18,123,424
18,629,057
21,435,970
8,230,583
8,339,000
27,026,564
83,661,174
Totales Bonos No Garantizados
73,032,549
283,189,038
356,221,587
237,428,066
197,181,217
176,261,853
92,247,184
688,597,087 1,391,715,407
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
Detail of finance lease obligations
Company
Country
Tax ID Number
Financial Institution
Financial Institution Country
Currency
Nominal
Interest
Rate
Less than 90
days
Current ThCh$
More than 90
days
Total Current
One to two years
Two to three
Three to four
Four to five
More than 5
Total Non-
Less than 90
More than 90
One to two
Two to three
Three to four
Four to five
More than 5
Total Non-
years
years
years
years
current
days
days
years
years
years
years
years
current
Total Current
12-31-2015
Non-current ThCh$
Current ThCh$
Non-current ThCh$
12-31-2014
In Appendix 5.c), are shown the estimated future cash flows (undiscounted) that the Group will have to disburse
to settle the finance lease obligations detailed above.
446
2015 Annual Report Enersis
Company
Country
Financial Institution
Country
Currency
Effective
Interest
Rate
Nominal
Interest
Rate
Secured
Current ThCh$
Non-current ThCh$
Current ThCh$
Non-current ThCh$
Less than 90
More than 90
Total Current
days
One to two years
Two to three
years
Three to four
years
Four to five
years
More than 5
years
Total Non-
current
Less than 90
days
More than 90
days
Total Current
One to two
years
Two to three
years
Three to four
years
Four to five
years
More than 5
years
Total Non-
current
12-31-2015
12-31-2014
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
9,945,234
-
-
-
-
-
43,326,710
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
55,611,108
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
12,177,838
12,177,838
20,296,397
-
20,296,397
-
-
-
-
-
-
40,793,373
-
-
-
16,237,118
16,237,118
-
-
-
-
-
-
-
9,945,234
-
-
-
55,611,108
40,793,373
43,326,710
22,830,628
22,830,628
14,144,897
14,144,897
12,593,838
-
12,593,838
-
-
-
-
-
-
-
-
28,012,654
28,012,654
22,942,859
22,942,859
163,885,784
163,885,784
76,406,981
76,406,981
47,472,761
47,472,761
92,464,960
92,464,960
50,934,262
50,934,262
41,380,613
41,380,613
38,854,059
-
38,854,059
-
33,378,162
33,378,162
22,388,273
220,251,255
242,639,528
-
-
-
10,210,232
-
-
-
-
-
38,005,507
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
48,781,185
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
20,837,209
-
-
14,586,046
-
-
-
35,783,303
-
-
-
11,047,324
-
-
-
-
-
-
-
-
34,082,658
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
24,573,172
-
-
-
-
-
-
-
-
29,279,709
-
-
-
-
-
-
-
12,502,325
12,502,325
-
20,837,209
16,669,767
16,669,767
-
-
38,627
59,304
10,210,232
14,586,046
291,845
135,607
-
-
-
54,029,298
10,288,151
48,781,185
1,307,418
35,783,303
530,887
38,005,507
3,361,512
-
-
-
-
-
-
-
20,026,666
20,026,666
12,407,680
12,407,680
-
-
11,047,324
24,573,172
547,749
190,004
56,716
247,702
19,368,586
19,368,586
2,180,810
144,605,973
144,605,973
15,671,786
38,627
59,304
291,845
135,607
-
54,029,298
10,288,151
1,307,418
530,887
3,361,512
547,749
190,004
56,716
247,702
2,180,810
15,671,786
282,892
443,930
455,387
191,716
403,310
174,976
295,149
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
508,451
508,451
282,892
443,930
455,387
191,716
403,310
174,976
295,149
-
-
67,020,604
67,020,604
41,638,617
41,638,617
81,102,939
81,102,939
44,675,420
44,675,420
36,297,343
36,297,343
-
-
-
-
-
-
-
-
-
34,082,658
29,279,709
-
-
-
-
-
-
-
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
Taxpayer
ID No.
(RUT)
Foreign
Foreign
Foreign
Foreign
Foreign
Rimac Internacional
Rimac Internacional
Rimac Internacional
Rimac Internacional
Rimac Internacional
Edelnor S.A.A.
Edelnor S.A.A.
Edelnor S.A.A.
Edelnor S.A.A.
Edelnor S.A.A.
Peru
Peru
Peru
Peru
Peru
Emgesa S.A. E.S.P. Colombia
Foreign
Bonos A-10
Emgesa S.A. E.S.P. Colombia
Foreign
Bonos A102
Emgesa S.A. E.S.P. Colombia
Foreign
Bonos B09-09
Emgesa S.A. E.S.P. Colombia
Foreign
Bonos B10
Emgesa S.A. E.S.P. Colombia
Foreign
Bonos B-103
Emgesa S.A. E.S.P. Colombia
Foreign
Bonos B12
Emgesa S.A. E.S.P. Colombia
Foreign
Bonos B15
Emgesa S.A. E.S.P. Colombia
Foreign
Bonos B6-13
Emgesa S.A. E.S.P. Colombia
Foreign
Bonos B6-14
Emgesa S.A. E.S.P. Colombia
Foreign
Bonos exterior
Emgesa S.A. E.S.P. Colombia
Foreign
Bonos quimbo
Peru
Peru
Peru
Peru
Peru
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Emgesa S.A. E.S.P. Colombia
Foreign
Bonos Quimbo B10
Colombia
Emgesa S.A. E.S.P. Colombia
Foreign
Bonos Quimbo B10-14
Colombia
Emgesa S.A. E.S.P. Colombia
Foreign
Bonos Quimbo B12-13
Colombia
Emgesa S.A. E.S.P. Colombia
Foreign
Bonos Quimbo B15
Colombia
Emgesa S.A. E.S.P. Colombia
Foreign
Bonos Quimbo B16-14
Colombia
Emgesa S.A. E.S.P. Colombia
Foreign
Bonos Quimbo B6-13
Colombia
Emgesa S.A. E.S.P. Colombia
Foreign
Bonos Quimbo B6-14
Colombia
91.081.000-6 Endesa Chile S.A.
Chile
97.004.000-5
U.F.
4.82%
91.081.000-6 Endesa Chile S.A.
Chile
97.004.000-5
91.081.000-6 Endesa Chile S.A.
Chile
Foreign
BNY Mellon - 144 - A
U.S.A.
91.081.000-6 Endesa Chile S.A.
Chile
Foreign
BNY Mellon - Primera
Emisión S-2
U.S.A.
Banco Santander 522
Serie-M
Banco Santander -317
Serie-H
Chile
Chile
91.081.000-6 Endesa Chile S.A.
Chile
Foreign
U.S.A.
US$
8.26%
91.081.000-6 Endesa Chile S.A.
Chile
Foreign
U.S.A.
US$
4.32%
91.081.000-6 Endesa Chile S.A.
Chile
Foreign
U.S.A.
US$
7.96%
BNY Mellon - Primera
Emisión S-3
BNY Mellon - Unica
24296
BNY Mellon - Primera
Emisión S-1
94.271.00-3
Enersis Américas
94.271.00-3
Enersis Américas
94.271.00-3
Enersis Américas
S.A.
S.A.
S.A.
Sol
Sol
Sol
Sol
Sol
CP
CP
CP
CP
CP
CP
CP
CP
CP
CP
CP
CP
CP
CP
CP
CP
CP
CP
U.F.
US$
US$
6.34%
5.84%
6.34%
4.81%
6.13%
8.87%
8.87%
12.67%
12.54%
11.87%
12.88%
12.87%
10.91%
10.03%
10.17%
10.17%
10.13%
10.46%
11.71%
10.26%
10.81%
10.91%
10.03%
7.17%
8.83%
7.40%
6.25%
5.76%
6.25%
4.76%
6.03%
8.59%
8.59%
12.11%
11.99%
11.87%
12.30%
12.29%
10.49%
9.67%
10.17%
10.17%
9.77%
10.08%
11.23%
9.89%
10.39%
10.49%
9.67%
4.75%
6.20%
8.63%
7.33%
8.13%
4.25%
7.88%
5.75%
7.40%
6.60%
No
No
No
No
No
No
No
No
No
No
No
No
No
No
No
No
No
No
No
No
No
No
No
No
No
No
No
No
No
No
No
No
No
39,656
60,884
304,643
139,221
406,991
1,472,677
599,598
3,893,386
614,301
213,136
66,722
299,818
13,745,374
1,912,740
341,157
529,437
524,321
230,201
475,939
205,848
357,246
days
39,656
60,884
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
304,643
139,221
406,991
1,472,677
599,598
3,893,386
614,301
213,136
66,722
299,818
13,745,374
1,912,740
341,157
529,437
524,321
230,201
475,939
205,848
357,246
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Detail of finance lease obligations
Taxpayer
ID No.
(RUT)
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Codensa
Codensa
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.
EE Piura
EE Piura
Edegel S.A.A.
Colombia
Colombia
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Chile
Peru
Emgesa S.A. E.S.P.
Colombia
Emgesa S.A. E.S.P.
Colombia
Emgesa S.A. E.S.P.
Colombia
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Union Temporal
Rentacol
Colombia
Mareauto Colombia
SAS
Colombia
Banco Corpbanca
Colombia
Banco de Interbank
Peru
Banco Santander Peru Peru
Banco de Crédito
Peru
Banco de Interbank
Peru
Banco Continental
Banco Continental
Banco Continental
Banco Continental
Banco de Crédito
Banco de Crédito
Banco Santander Peru Peru
Peru
Peru
Peru
Peru
Peru
Peru
Chile
Peru
Banco Scotiabank
Banco Corpbanca
Colombia
Equirent S.A.
Colombia
Mareauto Colombia
SAS
Colombia
CP
CP
CP
Sol
Sol
Sol
Sol
Sol
Sol
Sol
Sol
Sol
US$
Sol
US$
US$
CP
CP
CP
10.80%
10.08%
7.27%
6.13%
5.79%
5.65%
5.29%
5.95%
6.00%
5.99%
5.98%
5.13%
5.80%
5.70%
6.50%
2.10%
10.80%
6.55%
10.08%
91.081.000-6
Endesa Chile S.A.
87.509.100-K
Abengoa Chile
110,707
85,240
77,976
73,719
65,285
153,549
-
-
-
-
178,308
239,624
225,872
199,365
472,612
110,707
263,548
317,600
299,591
264,650
626,161
-
-
-
-
1,408,471
4,225,412
5,633,883
474,864
1,424,592
1,899,456
2,484,674
7,399,875
9,884,549
4,579
5,424
795
14,234
16,795
18,813
22,219
2,372
3,167
In Appendix 5.c), are shown the estimated future cash flows (undiscounted) that the Group will have to disburse
to settle the finance lease obligations detailed above.
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Chile
97.004.000-5 Bonos UF 269
Chile
U.F.
7.02%
3,417,313
3,417,313
3,546,564
3,750,488
3,966,142
4,194,193
6,097,254
21,554,641
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
Chile
Foreign
Yankee bonos 2016
U.S.A.
US$
7.76%
Chile
Foreign
Yankee bonos 2026
U.S.A.
US$
7.76%
179,549,527
179,549,527
3,351
3,351
-
-
-
-
-
-
-
-
-
-
609,317
609,317
-
-
934,411
934,411
153,936,502
2,863
2,863
-
-
-
-
-
-
-
-
153,936,502
520,592
520,592
Totales Bonos No Garantizados
73,032,549
283,189,038
356,221,587
237,428,066
197,181,217
176,261,853
92,247,184
688,597,087 1,391,715,407
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
Company
Country
Financial Institution Country
Currency
Tax ID Number
Financial Institution
Nominal
Interest
Rate
Current ThCh$
Less than 90
More than 90
days
days
Total Current
12-31-2015
One to two years
Non-current ThCh$
Two to three
years
Three to four
years
Four to five
years
More than 5
years
Total Non-
current
Less than 90
days
Current ThCh$
More than 90
days
12-31-2014
Non-current ThCh$
Total Current
One to two
years
Two to three
years
Three to four
years
Four to five
years
More than 5
years
Total Non-
current
Codensa
Colombia
Foreign
62,967
199,380
262,347
266,565
-
2,598
8,198
10,796
19,831
31,119
50,950
11,936
6,433
22,853
13,512
-
-
-
-
-
-
12,084
89,743
659,036
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
5,633,883
5,633,883
5,633,883
14,432,002
1,899,456
1,899,456
1,899,456
4,865,731
-
15,599,736
20,200
23,718
-
-
19,819
19,648
3,650
3,217
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
266,565
18,369
36,365
-
-
-
-
-
-
12,084
89,743
659,036
-
-
-
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
-
-
-
-
-
-
-
107,597
256,430
308,894
291,802
258,191
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
107,597
256,430
308,894
291,802
258,191
-
31,333,651
1,640,658
4,921,975
6,562,633
6,562,631
6,562,633
6,562,633
6,562,633
16,811,128
43,061,658
10,564,099
-
-
-
-
-
-
-
-
-
-
-
1,470,563
1,470,563
2,427,000
1,566,150
1,667,950
1,776,367
10,215,436
17,652,903
15,599,736
2,122,504
6,312,384
8,434,888
8,416,512
13,307,187
40,019
43,366
6,867
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
21,723,699
-
-
-
Total Leasing
5,030,679
14,637,758
19,668,437
24,242,860
7,595,968
7,533,339
19,297,733
-
58,669,900
4,239,710
13,883,714
18,123,424
18,629,057
21,435,970
8,230,583
8,339,000
27,026,564
83,661,174
447
6,054,055
6,054,055
5,122,437
5,122,437
5,122,437
5,122,437
42,939,415
63,429,163
4,361,016
121,350,000
125,711,016
1,310,741
830,186
-
-
1,310,741
830,186
-
2,177,558
2,177,558
4,098,882
-
4,098,882
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
42,390,409
42,390,409
18,905,448
18,905,448
234,941,377
234,941,377
123,713,346
123,713,346
Consolidated Financial Statements
Detail of other obligations
Taxpayer
ID No.
(RUT)
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Totales Otros
Company
Country
Tax ID Number
Financial Institution
Financial Institution Country
Currency
Nominal
Interest
Rate
Less than 90
days
Current ThCh$
More than 90
days
Total Current
One to two years
Two to three
Three to four
Four to five
More than 5
Total Non-
Less than 90
More than 90
One to two
Two to three
Three to four
Four to five
More than 5
Total Non-
years
years
years
years
current
days
days
years
years
years
years
years
current
Total Current
12-31-2015
Non-current ThCh$
Current ThCh$
Non-current ThCh$
12-31-2014
Ampla Energía S.A.
Brazil
Ampla Energía S.A.
Brazil
Cien S.A.
Coelce S.A.
Coelce S.A.
Coelce S.A.
Coelce S.A.
Coelce S.A.
Coelce S.A.
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Central Costanera S.A. Argentina
Central Costanera S.A. Argentina
Hidroinvest S.A.
Argentina
Endesa Argentina S.A. Argentina
H. El Chocón S.A.
Argentina
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Eletrobras
Bndes
Bndes
Brazil
Brazil
Brazil
Banco do Nordeste
Brazil
Eletrobras
Banco do Brasil
BNDES
Banco Itau
Banco do Brasil
Mitsubishi (deuda
garantizada)
Otros
Otros
Otros
Otros
Brazil
Brazil
Brazil
Brazil
Brazil
Argentina
Argentina
Argentina
Argentina
Argentina
Real
Real
Real
Real
Real
US$
Real
Real
Real
US$
Ar$
US$
Ar$
Ar$
6.57%
9.17%
8.33%
7.85%
6.10%
52.56%
10.43%
13.27%
12.63%
0.25%
17.29%
2.53%
32.75%
23.59%
-
-
-
-
320,904
960,799
1,281,703
1,250,075
1,161,274
845,534
363,042
544,563
4,164,488
4,668,542
16,155,634
20,824,176
22,376,436
18,904,213
15,431,989
11,215,453
8,186,564
76,114,655
6,342,861
17,834,053
24,176,914
23,778,737
23,778,737
19,359,315
14,939,893
15,331,146
97,187,828
215,214
659,135
874,349
951,507
2,896,151
3,847,658
559,718
1,259,783
1,819,501
-
17,520
17,520
1,350,117
5,050,186
6,400,303
-
-
-
-
-
-
-
-
-
2,153,867
2,153,867
-
-
391,530
391,530
23,515
16,912,466
-
-
23,515
16,912,466
24,681,079
28,583,806
53,264,885
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
860,857
951,507
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
860,857
860,857
430,428
3,012,999
538,196
538,196
538,196
538,196
538,196
538,196
269,098
2,421,882
3,806,030
3,806,030
8,563,567
1,284,981
3,646,330
4,931,311
4,861,773
4,861,773
4,861,773
1,215,443
15,800,762
1,489,541
1,383,305
1,269,785
1,081,597
1,488,913
6,713,141
588,874
1,752,419
2,341,293
2,278,359
2,091,086
1,955,381
1,810,372
3,770,223
11,905,421
7,193,099
7,193,099
7,193,099
4,862,156
3,639,085
30,080,538
1,845,632
5,157,750
7,003,382
6,877,000
6,877,000
6,877,000
6,877,000
6,268,860
33,776,860
1,942,995
1,942,995
14,875
14,875
1,688,327
1,688,327
-
-
-
-
-
-
-
-
-
-
-
-
-
-
3,099,889
3,099,889
331,928
331,928
32,719
32,719
1,160,712
1,160,712
1,074,175
1,074,175
17,169,326
17,169,326
17,169,326
17,169,326
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
68,677,304
26,620,802
-
-
-
-
2,144,288
2,144,288
2,144,288
2,144,288
24,342,682
32,919,834
2,391,399
2,391,399
7,362,677
7,362,678
7,362,678
4,532,769
4,636,665
4,636,665
513,496
513,496
9,409,124
9,409,124
42,506,916
34,291,792
27,851,525
19,733,922
39,600,239
163,984,394
10,944,342
37,947,650
48,891,992
73,525,267
63,840,070
58,969,203
47,446,041
27,872,217
271,652,798
In Appendix 5.d), are shown the estimated future cash flows (undiscounted) that the Group will have to disburse to settle these Other Obligations.
20.4 Hedged debt
The debt denominated in U.S. dollar for ThCh$ 933,447,012 held by Enersis Américas as of December 31,
2015, is related to future cash flow hedges for the Group’s U.S. dollar-linked operating income, of which ThCh$
119,366,828 corresponds to continuing operations (ThCh$ 761,130,114 as of December 31, 2014) (See Note
3.n).
The following table details changes in “Reserve for cash flow hedges” for the years ended December 31,
2015, 2014 and 2013 due to exchange differences from this debt:
12-31-2015
12-31-2014
12-31-2013
Balance in hedging reserves (hedging income) at the
beginning of the year, net
(38,783,599)
2,415,439
37,372,801
Foreign currency exchange differences recorded in equity, net
(44,992,798)
(31,401,584)
(24,792,601)
Recognition of foreign currency exchange differences revenue, net
3,172,291
(10,086,797)
(10,087,806)
Foreign currency translation differences
(81,479)
289,343
(76,955)
Transfer to assets held for distribution to owners
74,953,393
-
-
Balance in hedging reserves (hedging income) at the end of
the year, net
(5,732,192)
(38,783,599)
2,415,439
20.5 Other information
As of December 31, 2015, the Enersis Américas Group has long-term lines of credit available for use amounting
to ThCh$ 34,332,376 (ThCh$ 173,337,192 as of December 31, 2014)
448
2015 Annual Report Enersis
Detail of other obligations
Taxpayer
ID No.
(RUT)
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Company
Country
Financial Institution Country
Currency
Tax ID Number
Financial Institution
Ampla Energía S.A.
Brazil
Ampla Energía S.A.
Brazil
Cien S.A.
Coelce S.A.
Coelce S.A.
Coelce S.A.
Coelce S.A.
Coelce S.A.
Coelce S.A.
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Central Costanera S.A. Argentina
Central Costanera S.A. Argentina
Hidroinvest S.A.
Argentina
Endesa Argentina S.A. Argentina
H. El Chocón S.A.
Argentina
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Banco do Nordeste
Brazil
Eletrobras
Bndes
Bndes
Eletrobras
Banco do Brasil
BNDES
Banco Itau
Banco do Brasil
Mitsubishi (deuda
garantizada)
Otros
Otros
Otros
Otros
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Argentina
Argentina
Argentina
Argentina
Argentina
Real
Real
Real
Real
Real
US$
Real
Real
Real
US$
Ar$
US$
Ar$
Ar$
6.57%
9.17%
8.33%
7.85%
6.10%
52.56%
10.43%
13.27%
12.63%
0.25%
17.29%
2.53%
32.75%
23.59%
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
20.4 Hedged debt
Nominal
Interest
Rate
Current ThCh$
Less than 90
More than 90
days
days
Total Current
12-31-2015
One to two years
Non-current ThCh$
Two to three
years
Three to four
years
Four to five
years
More than 5
years
Total Non-
current
Less than 90
days
Current ThCh$
More than 90
days
12-31-2014
Non-current ThCh$
Total Current
One to two
years
Two to three
years
Three to four
years
Four to five
years
More than 5
years
Total Non-
current
4,668,542
16,155,634
20,824,176
22,376,436
18,904,213
15,431,989
11,215,453
8,186,564
76,114,655
6,342,861
17,834,053
24,176,914
23,778,737
23,778,737
19,359,315
14,939,893
15,331,146
97,187,828
215,214
659,135
874,349
951,507
2,896,151
3,847,658
559,718
1,259,783
1,819,501
17,520
17,520
860,857
860,857
3,806,030
3,806,030
860,857
951,507
430,428
-
-
-
3,012,999
-
538,196
538,196
538,196
538,196
538,196
538,196
269,098
2,421,882
8,563,567
1,284,981
3,646,330
4,931,311
4,861,773
4,861,773
4,861,773
1,215,443
-
15,800,762
1,489,541
1,383,305
1,269,785
1,081,597
1,488,913
6,713,141
588,874
1,752,419
2,341,293
2,278,359
2,091,086
1,955,381
1,810,372
3,770,223
11,905,421
-
-
-
-
1,942,995
1,942,995
14,875
-
14,875
-
-
-
-
1,688,327
1,688,327
1,350,117
5,050,186
6,400,303
7,193,099
7,193,099
7,193,099
4,862,156
3,639,085
30,080,538
1,845,632
5,157,750
7,003,382
6,877,000
6,877,000
6,877,000
6,877,000
6,268,860
33,776,860
-
-
-
-
-
-
320,904
960,799
1,281,703
1,250,075
1,161,274
845,534
363,042
544,563
4,164,488
2,153,867
2,153,867
2,144,288
2,144,288
2,144,288
2,144,288
24,342,682
32,919,834
-
-
-
-
-
-
-
-
-
-
-
-
1,160,712
1,160,712
-
-
-
-
1,074,175
1,074,175
17,169,326
17,169,326
17,169,326
17,169,326
2,391,399
2,391,399
7,362,677
7,362,678
7,362,678
4,532,769
23,515
16,912,466
391,530
391,530
23,515
16,912,466
-
-
-
4,636,665
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
3,099,889
3,099,889
331,928
331,928
32,719
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
4,636,665
513,496
513,496
9,409,124
-
-
-
-
-
32,719
-
-
-
-
-
-
-
-
68,677,304
26,620,802
-
-
-
9,409,124
Totales Otros
24,681,079
28,583,806
53,264,885
42,506,916
34,291,792
27,851,525
19,733,922
39,600,239
163,984,394
10,944,342
37,947,650
48,891,992
73,525,267
63,840,070
58,969,203
47,446,041
27,872,217
271,652,798
In Appendix 5.d), are shown the estimated future cash flows (undiscounted) that the Group will have to disburse to settle these Other Obligations.
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 proper corporate governance standards.
- Strict compliance with all of 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 Américas policies,
standards, and procedures.
449
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 58% as of December 31, 2015.
Depending on the Group’s estimates and 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 to a 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
12-31-2015
12-31-2014
%
58%
42%
100%
%
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 the currency 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 the currency 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 pursue to refinance debt in the functional currency of each of the
Group’s companies.
450
2015 Annual Report Enersis
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 evaluating the use of hedging
to minimize the impacts that these price fluctuations have on its results. As of December 31, 2015 and 2014,
there are no commodity derivatives transactions.
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
19, 21, and Appendix 5).
As of December 31, 2015, the Enersis Américas’ Group has cash and cash equivalents for ThCh$ 1,185,163,344
and unconditionally available lines of long-term credit for ThCh$ 34,332,376. As of December 31, 2014, the
Group had cash and cash equivalents for ThCh$ 1,571,759,564 and unconditionally available lines of long-term
credit for ThCh$173,337,192.
451
Consolidated Financial Statements 21.5 Credit risk
The Enersis Américas 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 the electricity generating and distribution lines of business.
In our electricity generating business, some countries’ regulations allow to suspend the 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 to 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.
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 preferable 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.
452
2015 Annual Report Enersis
21.6 Risk measurement
The Enersis Américas 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
The VaR determined represents the potential variation in value of the portfolio of positions described above
in a quarter 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, with respect to the U.S. dollar, 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 quarter) of market values (both
spot and term) for the risk variables, using Bootstrapping simulations.
The quarter 95%-confidence VaR number is calculated as the 5% percentile most adverse of the quarterly
possible fluctuations.
Taking into consideration the assumptions previously described, the quarter VaR of the previously discussed
positions was ThCh$ 84,347,418.
This value represents 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 quarter end.
453
Consolidated Financial Statements 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, 2015 and 2014 is as
follows:
12-31-2015
Financial
assets at
fair value
through
profit or loss
ThCh$
Held-to-
maturity
investments
ThCh$
Loans and
receivables
ThCh$
Available-for-
sale
financial
assets
ThCh$
-
35,467,539
35,467,539
-
27,195,496
27,195,496
-
1,045,820,479
1,045,820,479
-
-
-
Financial
assets held
for trading
ThCh$
4,427,286
-
4,427,286
Financial
derivatives
forhedging
ThCh$
1,172,125
-
1,172,125
-
-
-
-
-
-
-
-
-
-
39,673
39,673
-
-
364,516,870
364,516,870
616,296
-
487,893,679
488,509,975
-
978,556
-
978,556
Derivative instruments
Other financial assets
Total Current
Equity instruments
Derivative instruments
Other financial assets
Total Non-current
Total
4,427,286
35,467,539
27,235,169
1,410,337,349
488,509,975
2,150,681
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
12-31-2014
Financial
assets at
fair value
through
profit or loss
ThCh$
Held-to-
maturity
investments
ThCh$
Loans and
receivables
ThCh$
Available-for-
sale
financial
assets
ThCh$
-
52,677,337
52,677,337
-
38,301,763
38,301,763
-
1,700,128,243
1,700,128,243
-
-
-
Financial
derivatives
forhedging
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
Total
7,083,717
52,677,337
64,642,159
1,992,256,523
497,229,832
8,643,878
454
2015 Annual Report Enersis
b) The detail of financial liabilities, classified by type and category, as of December 31, 2015 and 2014 is as
follows:
Interest-bearing loans
Derivative instruments
Other financial liabilities
Total Current
Interest-bearing loans
Derivative instruments
Other financial liabilities
Total Non-current
12-31-2015
Financial liabilities
held for trading
ThCh$
Loans and payables
ThCh$
Financial derivatives
for hedging
ThCh$
-
1,052,026
-
1,052,026
-
-
-
-
617,276,453
-
1,447,306,354
2,064,582,807
1,846,995,721
-
244,079,004
2,091,074,725
-
69,545,029
-
69,545,029
-
300,871
-
300,871
Total
1,052,026
4,155,657,532
69,845,900
12-31-2014
Financial liabilities
held for trading
ThCh$
Loans and payables
ThCh$
Financial derivatives
for hedging
ThCh$
-
2,544,239
-
2,544,239
-
6,286,982
-
6,286,982
418,266,381
-
2,432,557,572
2,850,823,953
3,167,948,954
-
159,385,521
3,327,334,475
-
995,059
-
995,059
-
114,861,592
-
114,861,592
Interest-bearing loans
Derivative instruments
Other financial liabilities
Total Current
Interest-bearing loans
Derivative instruments
Other financial liabilities
Total Non-current
Total
8,831,221
6,178,158,428
115,856,651
455
Consolidated Financial Statements
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 hedging instruments are recognized at fair value through profit or loss (financial assets held for
trading).
456
2015 Annual Report Enersis
a) Assets and liabilities for hedge derivative instruments
As of December 31, 2015 and 2014, financial derivative qualifying as hedging instruments resulted in recognition
of the following assets and liabilities in the statement of financial position:
12-31-2015
12-31-2014
Assets
Liabilities
Assets
Liabilities
Current
ThCh$
Non-
current
ThCh$
Current
ThCh$
Non-
current
ThCh$
Current
ThCh$
Non-
current
ThCh$
Current
ThCh$
Non-
current
ThCh$
Interest rate
hedge:
Cash flow hedge
Exchange rate
hedge:
Cash flow hedge
TOTAL
908,115
908,115
978,556
978,556
11,177
11,177
300,871
300,871
193,246
193,246
3,533,655
3,533,655
14,637
14,637
582,788
582,788
264,010
264,010
1,172,125
- 69,533,852
- 69,533,852
978,556 69,545,029
-
-
300,871
1,221,342
1,221,342
1,414,588
3,695,636
3,695,636
7,229,291
980,421 114,278,805
980,421 114,278,805
995,058 114,861,593
General information on hedge derivative instruments
Hedging derivative instruments and their corresponding hedged instruments are shown in the following table:
Detail of Hedge
Instruments
SWAP
SWAP
Description of Hedge
Instrument
Interest rate
Exchange rate
Description of Hedged
Instrument
Bank loans
Unsecured obligations
(bonds)
Fair Value of Hedged
Instruments
12/31/2015
1,574,623
Fair Value of Hedged
Instruments
12/31/2014
3,129,476
(69,269,842)
(110,342,248)
As of December 31, 2015 and 2013, the Group has not recognized significant gains or losses for ineffective
cash flow hedges.
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:
Hedging instrument
Hedged item
TOTAL
12-31-2015
12-31-2014
12-31-2013
Gains
ThCh$
Losses
ThCh$
-
-
-
-
-
-
Gains
ThCh$
610,861
-
610,861
Losses
ThCh$
-
1,090,341
1,090,341
Gains
ThCh$
697,443
-
697,443
Losses
ThCh$
-
1,556,853
1,556,853
b) Financial derivative instruments assets and liabilities at
fair value through profit or loss
As of December 31, 2015 and 2014, financial derivative transactions recognized at fair value through profit
or loss, resulted in the recognition of the following assets and liabilities in the statement of financial position:
12-31-2015
12-31-2014
Assets
Liabilites
Current
ThCh$
Current
ThCh$
Assets
Non-
current
ThCh$
Liabilites
Non-
current
ThCh$
Assets
Liabilites
Current
ThCh$
Current
ThCh$
Assets
Non-
current
ThCh$
Liabilites
Non-
current
ThCh$
Non-hedging
derivative
instrument
4,427,286 1,052,026
-
-
7,061,715 2,544,239
22,002 6,286,982
457
Consolidated Financial Statements
c) Other information on derivatives:
The following table sets forth 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, 2015 and 2014:
Financial
derivatives
Interest rate
hedge:
Cash flow
hedge
Exchange rate
hedge:
Cash flow
hedge
Derivatives not
designated
for hedge
accounting
TOTAL
Financial
Derivatives
Interest rate
hedge:
Cash flow
hedge
Exchange rate
hedge:
Cash flow
hedge
Derivatives not
designated
for hedge
accounting
TOTAL
12-31-2015
Notional Amount
Fair value
ThCh$
Less than 1
year
ThCh$
1-2 Years
2-3 Years
3-4 Years
4-5 Years
Total
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
1,574,623
38,204,658
22,314,853
1,574,623
38,204,658
22,314,853
(69,269,842)
308,412,252
(69,269,842)
308,412,252
3,375,260
44,663,462
-
-
-
(64,319,959)
391,280,372
22,314,853
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
60,519,511
60,519,511
308,412,252
308,412,252
44,663,462
413,595,225
12-31-2014
Notional Amount
Fair value
ThCh$
Less than 1
year
ThCh$
1-2 Years
2-3 Years
3-4 Years
4-5 Years
Total
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
3,129,476
19,580,330
46,306,386
34,138,973
3,129,476
19,580,330
46,306,386
34,138,973
(110,342,248)
7,029,775
233,262,249
(110,342,248)
7,029,775
233,262,249
-
-
-
-
-
-
-
-
100,025,689
100,025,689
260,451,370
500,743,394
260,451,370
500,743,394
(1,747,504)
133,409,820
46,908,791
45,078,924
19,426,499
-
244,824,034
(108,960,276)
160,019,925
326,477,426
79,217,897
19,426,499
260,451,370
845,593,117
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.
458
2015 Annual Report Enersis
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.h.
The following table presents financial assets and liabilities measured at fair value as of December 31, 2015
and 2014:
Financial Assets
Financial derivatives designated as
cash flow hedge
Financial derivatives not designated for
hedge accounting
Financial assets at fair value through
profit or loss
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 Assets
Financial derivatives designated as
cash flow hedge
Financial derivatives not designated for
hedge accounting
Financial assets at fair value through
profit or loss
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
12-31-2015
ThCh$
Fair Value Measured at End of Reporting
Period Using:
Level 1 ThCh$ Level 2 ThCh$ Level 3 ThCh$
2,150,681
4,427,286
-
-
2,150,681
4,427,286
35,467,539
35,467,539
-
487,893,679
529,939,185
69,845,900
1,052,026
70,897,926
-
487,893,679
35,467,539
494,471,646
-
-
-
69,845,900
1,052,026
70,897,926
-
-
-
-
-
-
-
-
Financial Instruments Measured
at Fair Value
12-31-2014
ThCh$
Fair Value Measured at End of Reporting
Period Using:
Level 1 ThCh$ Level 2 ThCh$ Level 3 ThCh$
8,643,878
7,083,717
-
-
8,643,878
7,083,717
52,677,337
52,677,337
-
492,954,649
561,359,581
115,856,651
8,831,221
124,687,872
31,044
492,923,605
52,708,381
508,651,200
-
-
-
115,856,651
8,831,221
124,687,872
-
-
-
-
-
-
-
-
459
Consolidated Financial Statements 22.3.1 Financial instruments whose fair value
measurement is classified as Level 3:
The Company entered into certain transaction that resulted in the recognition of a financial liability measured
at fair value. The Level 3 fair value is calculated by applying a traditional discounted cash flow method. These
projected cash flows include assumptions internally developed by 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 power 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. The fair
value of the financial liability mentioned above was nil as of December 31, 2015, 2014 and 2013.
460
2015 Annual Report Enersis
23. Trade and Other Current Payables
The breakdown of Trade and Other Payables as of December 31, 2015 and 2014 is as follows:
Trade and other payables
Trade payables
Other payables
Total
Current
No Current
12-31-2015
ThCh$
459,144,350
993,679,857
12-31-2014
ThCh$
822,851,379
1,466,025,571
12-31-2015
ThCh$
12-31-2014
ThCh$
2,247,156
281,297,098
7,147,088
152,238,433
1,452,824,207
2,288,876,950
283,544,254
159,385,521
The detail of Trade and Other Current Payables as of December 31, 2015 and 2014 is as follows:
Trade and other payables
Energy suppliers (1)
Fuel and gas suppliers
Current
No Current
One to five years
12-31-2015
12-31-2014
12-31-2015
12-31-2014
ThCh$
ThCh$
ThCh$
ThCh$
420,027,375
762,931,782
2,247,156
7,147,088
39,116,975
59,919,597
-
-
Payables for goods and services
570,627,472
792,235,405
208,653,963
111,531,445
Dividends payable to non-controlling interests
106,531,865
327,360,126
Taxes payables other than income tax
41,337,748
66,919,568
2,648,714
7,304,354
Fines and complaints (2)
Research and development
VAT debit
Mitsubishi contract (LTSA)
Obligations for social programs
94,165,502
98,470,156
12,867,918
18,071,828
17,940,704
24,157,710
-
-
-
-
43,676,292
30,612,286
39,465,249
15,390,966
34,214,611
18,768,357
12,869,529
-
-
-
-
-
-
-
Interest payments on trade payables
66,768,001
44,497,783
Other payables
Total
23,545,736
40,774,279
12,588,468
9,244,924
1,452,824,207
2,288,876,950
283,544,254
159,385,521
See Note 21.4 for the description of the liquidity risk management policy.
(1)
Includes M$ 114,103,977 in liabilities owed to CAMMESA by our subsidiary Argentine Edesur S.A. These liabilities are greater than the
account receivable recognized by Edesur as part 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 favor of Edesur for accounts
receivables, and accept these LVFVD as part payment of the debts of Edesur.
(2) Corresponds mainly to fines and complaints that our Argentine subsidiary Edesur S.A. has received during the current period and prior
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).
The detail of trade payables, both up to date and past due as of December 31, 2015 and 2014 are presented
in Appendix 8.
461
Consolidated Financial Statements
24. Provisions
a) The breakdown of provisions as of December 31, 2015 and 2014 is as follows:
Provisions
Provision for legal proceedings
Decommissioning or restoration (1)
Provision for environmental issues
Other provisions
Total
(1) See note 3a
12-31-2015
ThCh$
42,090,525
750,345
73,381,544
11,076,762
Current
12-31-2014
ThCh$
58,620,425
568,465
9,675,454
21,358,340
12-31-2015
ThCh$
144,855,586
6,328,957
31,880,082
783,659
Non-current
12-31-2014
ThCh$
165,347,715
31,647,729
248,397
-
127,299,176
90,222,684
183,848,284
197,243,841
The expected timing and amount of any cash outflows related to the above provisions is uncertain and depends
on the final resolution of the related matters.
b) Changes in provisions as of December 31, 2015 and 2014 are as follows:
Provisions
Changes in Provisions
Balance at January 1, 2015
Additional provisions
Increase (decrease) in existing provisions
Provisions used
Increase from adjustment to time value of money
Foreign currency translation
Transfer to non-current assets held for distribution to
owners (2)
Other increase (decrease)
Total changes in provisions
Balance at December 31, 2015
(2) See note 5,1,a)
Provisions
Changes in Provisions
Balance at January 1, 2014
Additional provisions
Increase (decrease) in existing provisions
Provisions used
Increase from adjustment to time value of money
Foreign currency translation
Other increase (decrease)
Total changes in provisions
Balance at December 31, 2014
Legal
Proceedings
Decommissioning
or Restoration
ThCh$
ThCh$
Environmental
and Other
Provisions (3)
ThCh$
Total
ThCh$
223,968,140
-
22,857,949
(25,239,603)
31,412,199
(32,537,015)
(14,829,363)
(18,686,196)
(37,022,029)
186,946,111
32,216,194
-
24,158,277
(7,275)
2,031,788
(234,141)
31,282,191
-
106,100,964
(12,262,416)
23,054,386
(24,082,348)
287,466,525
-
153,117,190
(37,509,294)
56,498,373
(56,853,504)
(51,085,541)
-
(25,136,892)
7,079,302
(6,530,431)
(440,299)
85,839,856
117,122,047
(72,445,335)
(19,126,495)
23,680,935
311,147,460
Legal
Proceedings
Decommissioning
or Restoration
ThCh$
ThCh$
221,031,705
-
46,561,327
(41,501,294)
13,396,466
2,742,310
(18,262,374)
2,936,435
223,968,140
24,109,594
6,857,384
15,850
-
1,135,525
97,841
-
8,106,600
32,216,194
Environmental
and Other
Provisions (3)
ThCh$
36,135,417
-
25,802,254
(9,941,920)
33,735,093
(8,494,789)
(45,953,864)
(4,853,226)
31,282,191
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
(3) Mainly corresponds to environmental provisions related to El Quimbo project in Colombia (400 MW) for ThCh$ 103,841,534.
462
2015 Annual Report Enersis
25. Employee Benefit Obligations
25.1 General information
Enersis Américas and certain of its subsidiaries in Chile, Brazil, Colombia, Peru and Argentina granted various
post-employment benefits for all or certain of their active or retired employees. These benefits are calculated
and recognized in the financial statements according to the policy 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 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.
463
Consolidated Financial Statements 25.2 Details, changes and presentation in
financial statements
a) The post-employment obligations associated with defined benefits plans and the related plan assets as of
December 31, 2015 and 2014 are detailed as follows:
General ledger accounts:
Post-employment obligations, non-current
Total Liabilities
Total post-employment obligations, net
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
12-31-2015
ThCh$
187,270,474
187,270,474
187,270,474
12-31-2014
ThCh$
269,930,412
269,930,412
269,930,412
Balance at
12-31-2015
ThCh$
12-31-2014
ThCh$
428,066,630
588,148,279
(284,231,299)
(368,008,708)
143,835,331
220,139,571
22,057,178
21,377,965
33,710,733
16,080,108
187,270,474
269,930,412
(*) Plan assets to fund defined benefit plans only in our Brazilian subsidiaries (Ampla and Coelce);
(**) In Coelce, certain pension plans currently have an actuarial surplus amounting to ThCh$ 22,057,178 as of December 31, 2015 (ThCh$
33,710,733 in 2014). 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, because the Complementary Social Security (SPC) regulations - CGPC Resolution
26/2008 states that the surplus 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% as of December 31, 2015.
(***) In Ampla has been recognized in accordance with the provisions of IFRIC 14 - The Limit on a Defined Benefit Asset, Minimum Funding
Requirements and their Interaction an asset as of December 31, 2015 for ThCh$ 21,377,965 (ThCh$16,080,108 as of December 31, 2014).
This corresponds to actuarial debt contracts that the company signed with Brasiletros (an institution providing pension funds exclusively
to employees and retired employees of Ampla). This was done to equalize deficits on certain pension plans, since the sponsor assumes
responsibility for these plans, in accordance with current legislation.
The following table presents the balance recorded in the consolidated statement of financial position as a
result of the difference between the actuarial liability from defined benefit plans and the fair value of the plan
assets affected as of December 31, 2015 and at the end of each of the four prior years:
Actuarial liability
Assets affected
Difference
Limitation not recognized due to limit on
Benefit Plan Assets
Minimum financing required (IFRIC 14)
Accounting balance of actuarial
liability deficit
12-31-2015
ThCh$
428,066,630
(284,231,299)
143,835,331
12-31-2014
ThCh$
588,148,279
(368,008,708)
220,139,571
12-31-2013
ThCh$
521,850,486
(322,830,274)
199,020,212
12-31-2012
ThCh$
628,823,491
(393,880,165)
234,943,326
12-31-2011
ThCh$
592,212,012
(366,137,888)
226,074,124
22,057,178
33,710,733
39,494,779
21,218,042
43,278,951
21,377,965
16,080,108
-
-
-
187,270,474
269,930,412
238,514,991
256,161,368
269,353,075
464
2015 Annual Report Enersis
b) The following amounts were recognized in the consolidated statement of comprehensive income for the
years ended December 31, 2015, 2014 and 2013:
Expense Recognized in Profit or Loss
Current service cost for defined benefits plan
Interest cost for defined benefits plan
Interest income from the plan assets
Past service cost
Interest cost on asset ceiling components
12-31-2015
ThCh$
12-31-2014
ThCh$
12-31-2013
ThCh$
7,092,780
4,513,850
4,462,712
56,568,888
59,981,707
54,773,138
(38,428,236)
(42,145,223)
(37,219,214)
(523)
667,153
-
3,619,155
5,348,952
2,422,955
Expenses recognized in Profit or Loss
28,852,064
28,366,439
24,439,591
(Gains) losses from new measurements of defined benefit plans
19,027,368
36,681,734
(6,351,518)
Total expense recognized in Comprehensive Income
47,879,432
65,048,173
18,088,073
c) The presentation of net actuarial liabilities as of December 31, 2015 and 2014 are as follows
Net Actuarial Liabilities
Balance at January 1, 2014
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 experience adjustments
Performance of plan assets, excluding interest
Changes in the asset limit
Minimum financing required (IFRIC 14)
Transfer to liabilities classified as held for sale
Defined benefit plan obligations from business combinations
Foreign currency translation differences
Balance at December 31, 2014
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 experience adjustments
Performance of plan assets, excluding interest
Changes in the asset limit
Minimum financing required (IFRIC 14)
Transfer to liabilities classified as held for distribution to owners (*)
Past service cost
Foreign currency translation differences
Net actuarial liabilities at December 31, 2015
(*) See Note 5.1.a)
ThCh$
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
21,759,807
7,092,780
(19,628,639)
(15,322,998)
(41,003,639)
33,191,124
25,577,816
(8,365,724)
9,627,791
(55,023,456)
(523)
(40,564,277)
187,270,474
465
Consolidated Financial Statements
d) The balance and changes in post-employment defined benefit obligations as of December 31, 2015 and
2014 are as follows:
Actuarial Value of Post-employment Obligations
Balance at January 1, 2014
Current service cost
Interest cost
Contributions from plan participants
Actuarial (gains) losses from changes in financial assumptions
Actuarial (gains) losses from changes in experience adjustments
Foreign currency translation
Benefits paid
Past service cost
Defined benefit plan obligations from business combinations
Transfer to assets classified as held for sale
Balance at December 31, 2014
Current service cost (*)
Interest cost (*)
Contributions from plan participants
Actuarial (gains) losses from changes in financial assumptions (*)
Actuarial (gains) losses from changes in experience adjustments (*)
Foreign currency translation differences
Benefits paid
Past service cost
Transfer to liabilities classified as held for distribution to owners
Balance at December 31, 2015
ThCh$
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
7,092,780
56,568,888
453,243
(41,003,639)
33,191,124
(108,872,703)
(52,487,363)
(523)
(55,023,456)
428,066,630
(*) Current service cost related continuing operations for the year ended December 31, 2015 was ThCh$ 9,609,364 (ThCh$ 7,571,331 for the
year ended December 31, 2014). Interest cost related to continuing operations for the year ended December 31, 2015 was ThCh$ 19,459,863
(ThCh$ 21,046,393 for the year ended December 31, 2014). Actuarial gains (losses) for defined benefit plans related to continuing operations
were ThCh$ 13,381,836 for the year ended December 31, 2015 (ThCh$ 23,988,874 for the year ended December 31, 2014).
As of December 31, 2015, out of the total amount of post-employment benefit obligations, 0.72% is from
defined benefit plans in Chilean companies (9.58% as of December 31, 2014); 80.5% is from defined benefit
plans in Brazilian companies (74.97% as of December 31, 2014); 15.01% is from defined benefit plans in
Colombian companies (12.81% as of December 31, 2014); 3.16% is from defined benefit plans in Argentine
subsidiaries (2.18% as of December 31, 2014); and the remaining 0.61% is from defined benefit plans in
Peruvian companies (0.46% as of December 31, 2014).
e) Changes in the fair value of the benefit plan assets are as follows:
Fair Value of Benefit Plan Assets
Balance at January 1, 2014
Interest income
Performance of plan assets, excluding interest
Foreign currency translation differences
Employer contributions
Contributions paid
Benefits paid
Balance at December 31, 2014
Interest income
Performance of plan assets, excluding interest
Foreign currency translation differences
Employer contributions
Contributions paid
Benefits paid
Balance at December 31, 2015
ThCh$
(322,830,274)
(42,145,223)
(13,293,908)
(7,214,811)
(17,998,323)
(513,813)
35,987,644
(368,008,708)
(38,428,236)
25,577,816
79,545,346
(15,322,998)
(453,243)
32,858,724
(284,231,299)
466
2015 Annual Report Enersis
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
12-31-2015
12-31-2014
ThCh$
35,173,904
210,347,356
33,391,752
5,318,287
%
ThCh$
12%
46,892,034
74% 270,067,933
12%
2%
41,758,489
9,290,252
%
13%
73%
11%
3%
284,231,299
100% 368,008,708
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).
Finally, with regards to real estate, both foundations have properties that are currently leased to Ampla and
Coelce.
The following table sets forth the assets affected by the plans and invested in shares, leases and real estate
owned by the Group:
Equity instruments
Real Estate
Total
g) Reconciliation of asset ceiling:
Reconciliation of Asset Ceiling
Balance at January 1, 2014
Interest on assets not recognized
Other changes in assets not recognized due to asset limit
Foreign currency exchange translation differences
Balance at December 31, 2014
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, 2015
12-31-2015
ThCh$
1
16,535,844
16,535,845
12-31-2014
ThCh$
2
24,699,453
24,699,455
ThCh$
39,494,779
5,348,952
(12,687,133)
1,554,135
33,710,733
3,619,155
(8,365,724)
(6,906,986)
22,057,178
467
Consolidated Financial Statements
Other disclosures:
- Actuarial assumptions:
As of December 31, 2015 and 2014, the following assumptions were used in the actuarial calculation of
defined benefit plans:
Chile
Brazil
Colombia
Argentina
Peru
31/12/2015
31/12/2014
Discount rates used
5,00%
4,60%
31/12/2015
14,02% -
14,21%
31/12/2014
31/12/2015
31/12/2014
31/12/2015
31/12/2014
31/12/2015
31/12/2014
12,52%
7,25%
7,04%
5,50%
5,50%
7,60%
6,35%
Expected rate of salary
increases
Mortality tables
- Sensitivity:
4,00%
4,00%
9,69%
9,18%
4,20%
4,00%
0,00%
0,00%
3,00%
3,00%
RV -2009
RV -2009
AT 2000
AT 2000
RV 2008
RV 2008
RV 2004
RV 2004
RV 2009
RV 2009
As of December 31, 2015, 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$ 32,618,877 (ThCh$ 46,833,941
as of December 31, 2014) if the rate rises and an increase of ThCh$ 38,040,654 (ThCh$ 56,665,239 as of
December 31, 2014) if the rate falls in those 100 basis points.
- 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, 2015, the amounts recognized as expenses were ThCh$4,799,333 (ThCh$4,700,327
for the year ended December 31, 2014). These amounts corresponds in its entirety to continuing operations.
- Future disbursements:
The estimates available indicate that ThCh$ 29,571,693 will be disbursed for defined benefit plans next year.
- Length of commitments:
The Group’s obligations have a weighted average length of 8.98 years, and the outflows of benefits for the
next 5 years and more is expected to be as follows:
Years
1
2
3
4
5
Over 5
ThCh
40,598,743
35,861,547
36,618,624
36,802,319
36,713,859
187,371,678
468
2015 Annual Report Enersis
26. Equity
26.1 Equity attributable to the shareholders of
Enersis Américas
26.1.1 Subscribed and paid capital and number of shares
The Enersis Américas 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 Américas stock at a price of Ch$173 per share.
For more information on the shares contributed by Endesa S.A., see Note 7.
b) Cash contribution from non-controlling interests at a price of Ch$ 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, equivalent to 99.04% of the total authorized
shares, remaining a total of 157,043,316 unsubscribed shares. 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).
On March 28, 2013, the 157,043,316 unsubscribed shares were auctioned at Ch$ 182.3 per share. The total
amount collected through the auction was ThCh$ 28,628,996, which includes a share issuance premium of
ThCh$ 1,460,503.
The issued capital of Enersis Américas as of December 31, 2015 and 2014 was ThCh$ 5,804,447,986, divided
into 49,092,772,762 shares.
As of December 31, 2015 and 2014, all of the shares issued by Enersis Américas are subscribed and paid,
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, and the New York Stock Exchange (NYSE). The situation was similar at
December 31, 2014.
The share premium corresponds to the share issuance premium from the capital increases that took place in
2003 and 1995. In the former increase, the premium was ThCh$ 125,881,577, and in the latter it was ThCh$
32,878,071.
469
Consolidated Financial Statements The share issuance premium generated during the capital increase in 2013, amounting to ThCh$1,460,503
as indicated above, absorbed a portion of the share issuance costs incurred in the process (see Note 26.5.c).
At the Enersis Américas Extraordinary Shareholders Meeting held on November 25, 2014, an amendment to
the Company by-laws was approved, whereby the issued capital was increased by ThCh$ 135,167,261. This
amount corresponded to the “Share Premium” balance, after deducting the “Share issuance costs” that it
was included in Other Reserves, without any distribution to shareholders as a dividend.
The Company’s issued capital following the by-law amendment indicated above amounted to ThCh$
5,804,447,986, divided into the same number of shares as previously, that is, 49,092,772,762 shares of single
series nominative common stock, non-preference and with no par value.
This change in the Company’s by-laws complies with Article 26 of the Chilean Companies Act (Ley de
Sociedades Anónimas) and Circular No. 1,370 issued by the SVS, as amended by Circular No. 1,736, for the
recognition of changes in equity as a result of recent increases in the Company’s issued capital.
26.1.2 Dividends
At the Ordinary Shareholders Meeting held on April 16, 2013, it was agreed to distribute a minimum mandatory
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 N° 88 of Ch$1.42964 per share on January 31, 2014, against 2013 statutory net income. This
was 15% of the Company’s net income calculated on September 30, 2013, in accordance with the Company’s
current dividend policy.
At the Ordinary Shareholders’ Meeting held on April 23, 2014, it was agreed to distribute a minimum mandatory
dividend (partially consisting of interim dividend No. 88 of Ch$ 1.42964 per share) and an additional dividend,
which in aggregate amounted to 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 equivalent to Ch$ 5.27719 per share.
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 net income; this corresponded to 15% of net
income calculated at September 30, 2014, in accordance with the current Company’s dividend policy.
At the Ordinary Shareholders’ Meeting held on April 28, 2015, it was agreed to distribute a minimum mandatory
dividend (partially consisting of interim dividend No. 90 of Ch$ 0.83148 per share) and an additional dividend,
which in aggregate amounted to Ch$ 305,078,934,556 at Ch$ 6.21433 per share.
Since interim dividend No. 90 had already been paid, the remainder was distributed and paid in final dividend
No. 91, which totaled Ch$ 264,259,128,599 equivalent to Ch$ 5.38285 per share.
On November 24, 2015, the Board unanimously agreed to distribute interim dividend No. 92 of $1.23875 per
share on January 29, 2016 against fiscal year 2015 statutory net income, this corresponded to 15% of net
income calculated at September 30, 2015, in accordance with the current Company’s dividend policy.
470
2015 Annual Report Enersis
The following table sets forth the dividends paid in recent years:
Dividend No.
Type of Dividend
Payment Date
Pesos per Share
Charged to
82
83
84
85
86
87
88
89
90
91
92
Interim
Final
Interim
Final
Interim
Final
Interim
Final
Interim
Final
Interim
1-27-2011
5-12-2011
1-27-2012
5-09-2012
1-25-2013
5-10-2013
1-31-2014
5-16-2014
1-30-2015
5-25-2015
1-29-2016
1.57180
5.87398
1.46560
4.28410
1.21538
3.03489
1.42964
5.27719
0.83148
5.38285
1.23875
2010
2010
2011
2011
2012
2012
2013
2013
2014
2014
2015
26.2 Foreign currency translation reserves
The following table sets forth foreign currency translation differences attributable to the shareholders of
Enersis Américas for the years ended December 31, 2015, 2014 and 2013:
Reserves for Accumulated
Currency Translation Differences
12-31-2015
ThCh$
12-31-2014
ThCh$
12-31-2013
ThCh$
Empresa Distribuidora Sur S.A.
(81,730,224)
(76,439,681)
(72,729,629)
Compañía Distribuidora y Comercializadora de
energía S.A.
Edelnor
Dock Sud
Enel Brasil S.A.
Central Costanera S.A.
Inversiones GasAtacama Holding Ltda. (1)
Emgesa S.A. E.S.P.
97,135,435
44,016,474
(6,090,959)
130,582,841
154,005,545
36,743,627
3,671,460
16,231,253
1,498,217
(518,430,268)
(164,554,392)
(234,432,842)
139,888
-
9,032,752
2,335,611
11,500,876
46,718,154
578,662
5,020,651
76,006,120
Hidroelectrica El Chocon S.A.
(48,704,485)
(30,145,604)
(26,372,986)
Generandes Perú S.A.
Emp. Eléctrica de Piura
Otros
TOTAL
80,370,339
8,753,615
(4,580,660)
(420,088,093)
71,188,012
7,321,905
(3,767,935)
35,154,874
24,832,786
3,379,674
(4,039,467)
(56,022,016)
(1) Beginning on January 1, 2015, the company changed its functional currency from U.S. dollar to Chilean pesos.
26.3 Capital Management
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 robust financial position.
471
Consolidated Financial Statements
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 Américas.
The Group’s restricted net assets as of December 31, 2105 from its subsidiaries Enel Brazil, Ampla, Coelce,
Edelnor, and Piura were ThCh$ 1,855,727, ThCh$ 434,529,111, ThCh$ 52,144,627, ThCh$ 184,778,375, and
ThCh$ 34,378,002, respectively; which in their entirety corresponds to continuing operations.
The participation of the Company in the restricted net assets of its subsidiary Endesa Chile was ThCh$
1,117,699,084, all of which is related to assets and liabilities classified as held for distribution to owners.
472
2015 Annual Report Enersis
26.5 Other reserves
Other reserves within Equity attributable to shareholders of Enersis Américas for the years ended December
31, 2015, 2014 and 2013 are as follows:
Balance at
January 1,
2015
ThCh$
Changes
2015
ThCh$
Balance at
December
31, 2015
ThCh$
Exchange differences on translation
35,154,874
(455,242,967)
(420,088,093)
Cash flow hedges
Available-for-sale financial assets
(69,404,677)
60,563,975
(8,840,702)
14,046
(181,785)
(167,739)
Other comprehensive income from non-current assets held for
distribution to owners
-
(101,327,672)
(101,327,672)
Other miscellaneous reserves
(2,619,970,627)
(8,565,391)
(2,628,536,018)
TOTAL
(2,654,206,384)
(496,188,449)
(3,158,960,224)
Balance at
January 1,
2014
ThCh$
Changes
2014
ThCh$
Balance at
December
31, 2014
ThCh$
Exchange differences on translation
(56,022,016)
91,176,890
35,154,874
Cash flow hedges
Available-for-sale financial assets
Other miscellaneous reserves
TOTAL
(3,086,726)
(66,317,951)
(69,404,677)
11,811
2,235
14,046
(2,414,023,486)
(205,947,141)
(2,619,970,627)
(2,473,120,417)
(181,085,967)
(2,654,206,384)
Balance at
January 1,
2013
ThCh$
Changes
2015
ThCh$
Balance at
December
31, 2013
ThCh$
Exchange differences on translation
(40,720,059)
(15,301,957)
(56,022,016)
Cash flow hedges
Available-for-sale financial assets
Other miscellaneous reserves
TOTAL
27,594,028
(30,680,754)
(3,086,726)
13,647
(1,836)
11,811
(1,498,010,369)
(916,013,117)
(2,414,023,486)
(1,511,122,753)
(961,997,664)
(2,473,120,417)
a) Reserves for exchange differences on translation: These reserves arise primarily from exchange differences
relating to:
- Translation of the financial statements of our subsidiaries with functional currencies other than the Chilean
peso (see Note 2.6.3); and
- Translation of goodwill arising from the acquisition of companies with functional currencies other than the
Chilean peso (see Note 3.c).
b) Cash flow hedging reserves: These reserve represent the cumulative effective portion of gains and losses
on cash flow hedges (see Note 3.g.5. and 3.n).
473
Consolidated Financial Statements
c) Other miscellaneous reserves:
During the year ended December 31, 2015, there have been no changes in other reserves.
During the year ended December 31, 2014, the changes in other reserves were originated primarily from the
Public Stock Offering of our subsidiary Coelce (see Note 26.6.1).
During the year ended December 31, 2013, the changes in other reserves were originated primarily from the
capital increase carried out by Enersis Américas. (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 Américas capital increase that took place in the
first quarter of 2013 (see Note 7).
2) A charge of ThCh$ 18,581,809 corresponding to share issuance costs recognized as described in Note 3.t).
The detail of these expenses is as follows:
Description of Expense (*)
Gross Amount
Tax Effect
Net Amount
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).
ThCh$
1,154,819
22,436,327
1,113,980
347,764
25,052,890
1,460,503
23,592,387
ThCh$
(230,964)
(4,487,265)
(222,796)
(69,553)
(5,010,578)
(5,010,578)
ThCh$
923,855
17,949,062
891,184
278,211
20,042,312
1,460,503
18,581,809
The other items included in “Other miscellaneous reserves” balance as of December 31, 2015 and 2014 are
explained as follows:
i) In accordance with Official Bulletin No. 456 from the SVS, included in this line item is the price-level
restatement of paid-in capital from the date of transition to IFRS, January 1, 2004, to December 31, 2008.
It is important to note that, while the Company adopted IFRS as its statutory accounting standards beginning
on January 1, 2009, the date of transition to IFRS was the same as that used by its parent company, Endesa
S.A., January 1, 2004, as an exemption permitted in IFRS 1 - First Time Adoption of IFRS.
ii) Foreign currency translation differences existing at the time of transition to IFRS (IFRS 1 exemption).
iii) The effects of business combinations under common control, arising primarily from the incorporation of the
holding company Enel Brasil in 2005 and the merger of our Colombian subsidiaries, Emgesa and Betania, in
2007.
474
2015 Annual Report Enersis
26.6 Non-controlling Interests
26.6.1 COELCE Public Stock Offering
On January 14, 2014, the Enersis Américas 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 Américas 2013 capital increase (see Notes 7 and 26.1.1).
In the Public Stock Offering auction held on February 17, 2014, Enersis Américas 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$ 134,017,691.
Having exceeded two-thirds of the total number of Coelce common stock shares in circulation, Enersis
Américas 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 Américas acquired an additional 38,162
shares of common stock at a total price of ThCh$ 464,883.
In summary, Enersis Américas increased its equity interest in Coelce by 15.18% to control, directly and
indirectly, 74.05% of that company’s equity interest.
The purchase of this non-controlling interests was recorded using the accounting policy described in Note 2.6.5.
The difference between the carrying amount of the non-controlling interests acquired and the consideration
paid resulted in a charge of ThCh$ 75,700,937 recorded directly in “Other reserves” in “Equity attributable to
equity owners of Enersis Américas”.
In addition, the components of “Other comprehensive income” were allocated 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 Peru)
On April 29, 2014, the Board of Enersis Américas authorized the signing of a purchase agreement for the
acquisition of all the shares that Inkia Americas Holdings Limited held indirectly in Generandes Peru (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 Américas capital increase in 2013 (See Notes 7 and 26.1.1).
On September 3, 2014, Enersis Américas confirmed and paid ThCh$ 253,015,133 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 Américas’s indirect ownership interest in Edegel S.A.A by 21.14%, leaving
Enersis Américas with direct and indirect control of 58.60% of the shares in this company.
475
Consolidated Financial Statements The acquisition of non-controlling interests was recorded according to the accounting policy described in Note
2.6.6. The difference between the carrying amount of non-controlling interests acquired and the consideration
paid, resulted in a charge of ThCh$ 137,644,766 which was directly recognized in “Other reserves” within
equity attributable to the shareholders of Enersis Américas.
Additionally, the corresponding components of “Other comprehensive income” have been redistributed.
Accordingly, there has been an additional charge to “Other miscellaneous reserves” and a credit to “Reserve
for Exchange Differences on Translation” of ThCh$ 32,862,564.
26.6.3 Capitalization of Central Dock Sud
During 2014, Enersis Américas 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 Américas S.A. acquired from Endesa Latinoamérica S.A. certain loans granted
to Central Dock Sud S.A. (CDS), with a nominal amount of US$ 106 million. The amount paid was US$29
million. These loans were then re-denominated to Argentine pesos and interests were condoned. The
remaining portion of these loans was contributed by Enersis Américas S.A. to the share capital of Inversora
Dock Sud (IDS) and subsequently to CDS, at nominal amount. Similar contribution was made by each of the
other shareholders, capitalizing their credits granted to CDS. In exchange, shares were issued by IDS and CDS,
respectively, in proportion to the loans contributed or cash capitalized, and in the case of Enersis Américas,
these loans were partially repaid in cash. All of these movements constitute a related party transaction (the
“Transaction”), approved in the case of Enersis Américas, at an Extraordinary Shareholders Meeting.
The Transaction restored the equity of CDS, whilst maintaining substantially the same proportion of ownership
in this company as held prior to the Transaction: Enersis Américas (40%), YPF (40%) and Pan American Energy
(20%).
This Transaction was recognized under the accounting policy described in Note 2.6.6 and resulted in an
additional credit to “Other miscellaneous reserves” for ThCh$ 35,149,573.
476
2015 Annual Report Enersis
26.6.4 The detail of non-controlling interests is as follows:
Companies
Ampla Energía E Serviços S.A.
Compañía Energética Do Ceará S.A.
Enel Brasil
Compañía Distribuidora y
Comercializadora de energía S.A.
Emgesa S.A. E.S.P.
Empresa de Distribución Eléctrica de
Lima Norte S.A.A
Generandes Perú S.A.
Edegel S.A.A
Chinango S.A.C.
Empresa Distribuidora Sur S.A.
Central Costanera S.A.
Hidroelectrica El Chocón S.A.
Inversora Dock Sud S.A.
Central Dock Sud S.A.
Chilectra S.A. (*)
Empresa Nacional de Electricidad S.A.
(Endesa Chile S.A.) (*)
Empresa Eléctrica Pehuenche S.A. (*)
Empresa Electrica de Piura S.A.
Otras
TOTAL
(*) Disposal groups held for distribution to owners
Non-controlling interests
Equity
12-31-2015
%
0.36%
26.00%
0.00%
12-31-2015
ThCh$
1,670,381
102,309,115
-
12-31-2014
ThCh$
2,255,335
111,448,154
-
12-31-2015
ThCh$
(39,491)
18,722,431
-
Profit (Loss)
12-31-2014
ThCh$
183,454
14,883,752
-
12-31-2013
ThCh$
3,034,036
17,016,391
16,428,497
270,808,395
412,145,236
250,654,641
377,921,404
63,817,434
109,187,510
80,226,416
148,822,948
82,283,946
130,147,172
51.52%
51.53%
24.32%
0.00%
16.40%
20.00%
27.87%
24.32%
32.33%
42.86%
29.76%
0.91%
75,852,375
-
91,467,160
14,268,911
7,873,277
3,759,405
48,208,347
24,059,619
23,536,086
10,118,233
67,927,394
-
90,506,207
14,707,216
(17,558,352)
5,197,207
26,841,549
20,265,854
17,613,948
11,127,491
15,467,507
-
15,078,085
3,042,018
27,738,670
(242,897)
35,783,793
11,745,296
11,624,813
1,743,825
7.35%
5.00%
40.02% 1,059,805,601
10,900,863
-
6,876,091
2,163,659,095
1,080,652,251
12,597,077
2,118,220
2,967,103
2,077,242,699
157,225,820
8,674,207
-
3,313,547
482,882,568
14,524,832
12,672,210
17,790,998
3,002,284
(23,918,192)
11,072,950
3,538,006
(6,544,116)
(8,857,902)
1,370,642
133,622,088
10,522,428
3,192,773
3,206,288
419,311,859
12,282,813
17,074,639
13,299,054
2,033,307
25,129,551
(7,067,970)
3,811,615
(8,111,021)
(12,361,345)
2,056,796
142,871,823
8,415,147
3,543,412
2,998,733
454,886,596
477
Consolidated Financial Statements
27. Revenue and Other Income
The detail of revenue presented in the statement of comprehensive income for the years ended December 31,
2015, 2014 and 2013 is as follows:
Revenues
Balance at
12-31-2015
ThCh$
12-31-2014
(As adjusted)
ThCh$
12-31-2013
(As adjusted)
ThCh$
Energy sales (2)
4,224,381,699
4,349,833,962
3,651,343,245
Generation
Regulated customers
Non-regulated customers
Spot market sales
Other customers
Distribution
Residential
Business
Industrial
Other consumers
Other sales
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
1,202,615,603
141,728,020
664,527,858
338,995,080
57,364,645
3,021,766,096
1,485,240,702
722,634,924
299,722,654
514,167,816
40,648,051
16,779,246
23,868,805
402,615,560
248,565,422
70,485
23,162,879
4,580,679
1,404,449
124,831,646
1,192,444,520
137,536,698
676,023,056
338,908,636
39,976,130
3,157,389,442
1,583,857,094
737,471,663
309,822,204
526,238,481
34,220,939
8,154,469
26,066,470
422,400,836
251,366,453
82,069
28,050,833
4,200,004
12,826,190
125,875,287
941,860,009
84,590,770
575,318,424
249,598,348
32,352,467
2,709,483,236
1,298,051,111
666,523,624
324,807,780
420,100,721
19,035,917
8,817,669
10,218,248
308,616,190
212,027,293
399,082
24,865,721
15,560,660
8,791,981
46,971,453
Total operating revenue
4,667,645,310
4,806,455,737
3,978,995,352
Other Operating Income
Balance at
12-31-2015
ThCh$
12-31-2014
(As adjusted)
ThCh$
12-31-2013
(As adjusted)
ThCh$
Revenue from construction contracts
Other income (1)
230,687,290
403,106,978
186,078,925
213,835,126
159,283,676
389,868,841
Total other income
633,794,268
399,914,051
549,152,517
(1) It includes ThCh$ 52,400,888 for the year ended December 31, 2015 (ThCh$ 39,282,571 and ThCh$ 31,262,764 for the years ended
December 31, 2014 and 2013, respectively) from new availability contracts signed in December 2012 between our subsidiary Central Costanera
S.A. and CAMMESA.
As part of application of Resolution SE No. 32/2015 issued on March 11, 2015, which for purposes of funding the expenditures and investments
used for in the normal operations to render distribution of electricity public services approved a temporary increase for TCh$ 264,987,134
in our subsidiary Edesur beginning on February 1, 2015 without any increase in tariffs. In addition, ThCh$ 52,504,644 for the year ended
December 31, 2015 were recognized as revenue as part of the Cost Monitoring Mechanism (MMC) adjustment for recognizing costs that are
not passed on to electricity tariffs related to January 2015 period, and (2) additionally ThCh$ 33,972,330 for the year ended December 31, 2015
(ThCh$ 132,373,799 for the year ended December 31, 2014) were recognized as revenue from energy sales as the Resolution also states that
beginning on February 1, 2015, the funds from the program PUREE become revenue for the distribution company, due to increased costs
incurred.
478
2015 Annual Report Enersis
28. Raw Materials and Consumables Used
The detail of raw materials and consumables used presented in profit or loss for the years ended December
31, 2015, 2014 and 2013 is as follows:
Raw Materials and Consumables Used
Energy purchases
Fuel consumption
Transportation costs
Balance at
12-31-2014
(As adjusted)
ThCh$
12-31-2013
(As adjusted)
ThCh$
12-31-2015
ThCh$
(1,885,916,426)
(1,824,002,786)
(1,252,146,609)
(258,113,922)
(205,534,394)
(174,504,021)
(245,813,374)
(265,185,382)
(216,858,693)
Costs from construction contracts
(230,687,290)
(186,078,925)
(159,283,676)
Other raw materials and consumables
(156,670,500)
(150,867,949)
(287,474,303)
Total
(2,777,201,512)
(2,631,669,436)
(2,090,267,302)
29. Employee Benefits Expense
Employee expenses for the years ended December 31, 2015, 2014 and 2013 are as follows:
Employee Benefits Expense
Balance at
12-31-2014
(As adjusted)
ThCh$
12-31-2013
(As adjusted)
ThCh$
12-31-2015
ThCh$
Wages and salaries
(309,761,095)
(266,240,462)
(222,075,924)
Post-employment benefit obligations expense
(9,609,364)
(7,571,331)
(6,127,265)
Social security and other contributions
(159,641,192)
(110,493,404)
(111,537,633)
Other employee expenses
(8,686,496)
(5,363,276)
(5,827,374)
Total
(487,698,147)
(389,668,473)
(345,568,196)
30. Depreciation, Amortization
and Impairment Losses
The detail of depreciation, amortization and impairment losses for the years ended December 31, 2015, 2014
and 2013 are as follows:
Depreciation (*)
Amortization (*)
Subtotal
Impairment (losses) reversals (**)
12-31-2015
ThCh$
(245,598,045)
Balance at
12-31-2014
(As adjusted)
ThCh$
(244,376,550)
12-31-2013
(As adjusted)
ThCh$
(225,418,868)
(74,944,152)
(106,366,200)
(90,547,273)
(320,542,197)
(39,811,756)
(350,742,750)
(38,329,942)
(315,966,141)
(66,664,976)
Total
(360,353,953)
(389,072,692)
(382,631,117)
(*) Depreciation and amortization from the Brazilian subsidiaries are presented net of taxes PIS / COFINS. Depreciation and amortization
expense of these subsidiaries amounted to ThCh$ 5,764,027.
(**) Information on Impairment
479
Consolidated Financial Statements
Information on Impairment
Losses by Business Segment
Generation
12-31-2015
ThCh$
12-31-2014
(As adjusted)
12-31-2013
(As adjusted)
ThCh$
ThCh$
Distribution
Others
Balance at
12-31-2015
(As adjusted)
(As adjusted)
12-31-2015
(As adjusted)
(As adjusted)
12-31-2015
(As adjusted)
(As adjusted)
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$
ThCh$
Financial assets (see Note 10c)
(4,794,591)
(2,024,186)
(718,835)
(34,909,411)
(20,090,180)
(24,895,035)
(75,708)
(78,174)
(39,779,710)
(22,192,540)
(25,613,870)
Intangible assets other than goodwill (see Note 15)
-
-
-
Property, plant and equipment (see note 17)
(32,046)
(1,188,617)
(12,388,154)
-
-
(14,948,785)
(28,662,952)
-
-
-
-
-
-
-
(14,948,785)
(28,662,952)
(32,046)
(1,188,617)
(12,388,154)
Total
(4,826,637)
(3,212,803)
(13,106,989)
(34,909,411)
(35,038,965)
(53,557,987)
(75,708)
(78,174)
(39,811,756)
(38,329,942)
(66,664,976)
-
-
-
-
As of December 31, 2015, the assets related to Chilean operations that are subject to impairment test have
been classified as non-current assets held for distribution to owners. (See Notes 3.k and 5.1)
31. Other Expenses
Other miscellaneous operating expenses for the years ended December 31, 2015, 2014 and 2013 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 (1)
Total Otros gastos por naturaleza
12-31-2015
ThCh$
(58,304,067)
(162,323,852)
(107,991,590)
(12,912,842)
(32,252,186)
(28,245,178)
(12,449,187)
(5,270,796)
(53,888,664)
(13,769,681)
(1,120,706)
Balance at
12-31-2014
(As adjusted)
ThCh$
(53,366,436)
(168,177,580)
(112,073,249)
(16,742,020)
(13,489,033)
(23,656,637)
(14,352,431)
(4,700,359)
(41,535,780)
(13,814,472)
(1,821,267)
12-31-2013
(As adjusted)
ThCh$
(47,840,403)
(166,380,283)
(97,452,388)
(14,889,784)
(18,666,007)
(17,668,508)
(10,835,191)
(4,363,014)
(24,450,757)
(2,783,610)
(417,966)
(488,528,749)
(463,729,264)
(405,747,911)
(1) It includes research costs recognized as expenses during the years ended December 31, 2015, 2014 and 2013 for ThCh$ 237,085, ThCh$
403,574, and ThCh$ 1,996,818, respectively.
32. Other Gains (Losses)
Other gains (losses) for the years ended December 31, 2015, 2014 and 2013 are as follows:
Other Gains (Losses)
Gain on sale of land
Other
Total Otras ganancias (pérdidas)
Balance at
12-31-2014
(As adjusted)
12-31-2013
(As adjusted)
ThCh$
ThCh$
-
876,554
876,554
3,429,125
1,213,143
4,642,268
12-31-2015
ThCh$
(6,758,695)
192,470
(6,566,225)
480
2015 Annual Report Enersis
Information on Impairment
Losses by Business Segment
12-31-2015
(As adjusted)
(As adjusted)
12-31-2014
12-31-2013
12-31-2015
12-31-2014
(As adjusted)
12-31-2013
(As adjusted)
12-31-2015
12-31-2014
(As adjusted)
12-31-2013
(As adjusted)
12-31-2015
12-31-2014
(As adjusted)
12-31-2013
(As adjusted)
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
Generation
Distribution
Others
Balance at
Financial assets (see Note 10c)
(4,794,591)
(2,024,186)
(718,835)
(34,909,411)
(20,090,180)
(24,895,035)
(75,708)
(78,174)
Intangible assets other than goodwill (see Note 15)
-
-
-
Property, plant and equipment (see note 17)
(32,046)
(1,188,617)
(12,388,154)
-
-
(14,948,785)
(28,662,952)
-
-
-
-
-
-
Total
(4,826,637)
(3,212,803)
(13,106,989)
(34,909,411)
(35,038,965)
(53,557,987)
(75,708)
(78,174)
-
-
-
-
(39,779,710)
(22,192,540)
(25,613,870)
-
(14,948,785)
(28,662,952)
(32,046)
(1,188,617)
(12,388,154)
(39,811,756)
(38,329,942)
(66,664,976)
As of December 31, 2015, the assets related to Chilean operations that are subject to impairment test have
been classified as non-current assets held for distribution to owners. (See Notes 3.k and 5.1)
31. Other Expenses
33. Financial Results
Other miscellaneous operating expenses for the years ended December 31, 2015, 2014 and 2013 are
Financial income and costs for the years ended December 31, 2015, 2014 and 2013 are as follows:
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 (1)
Total Otros gastos por naturaleza
12-31-2015
ThCh$
(58,304,067)
(162,323,852)
(107,991,590)
(12,912,842)
(32,252,186)
(28,245,178)
(12,449,187)
(5,270,796)
(53,888,664)
(13,769,681)
(1,120,706)
Balance at
12-31-2014
(As adjusted)
ThCh$
(53,366,436)
(168,177,580)
(112,073,249)
(16,742,020)
(13,489,033)
(23,656,637)
(14,352,431)
(4,700,359)
(41,535,780)
(13,814,472)
(1,821,267)
12-31-2013
(As adjusted)
ThCh$
(47,840,403)
(166,380,283)
(97,452,388)
(14,889,784)
(18,666,007)
(17,668,508)
(10,835,191)
(4,363,014)
(24,450,757)
(2,783,610)
(417,966)
(488,528,749)
(463,729,264)
(405,747,911)
(1) It includes research costs recognized as expenses during the years ended December 31, 2015, 2014 and 2013 for ThCh$ 237,085, ThCh$
403,574, and ThCh$ 1,996,818, respectively.
32. Other Gains (Losses)
Other gains (losses) for the years ended December 31, 2015, 2014 and 2013 are as follows:
Other Gains (Losses)
Gain on sale of land
Other
Total Otras ganancias (pérdidas)
Balance at
12-31-2014
(As adjusted)
12-31-2013
(As adjusted)
ThCh$
ThCh$
-
876,554
876,554
3,429,125
1,213,143
4,642,268
12-31-2015
ThCh$
(6,758,695)
192,470
(6,566,225)
Financial Income
Balance at
12-31-2015
ThCh$
12-31-2014
(As adjusted)
12-31-2013
(As adjusted)
ThCh$
ThCh$
Income from deposits and other financial instruments
124,314,454
86,576,973
98,281,675
Financial income on plan assets (Brazil) (1)
135,153
224,310
200,526
Other financial income (2) (3) (4)
Total
170,320,665
164,320,479
148,133,613
294,770,272
251,121,762
246,615,814
Financial Costs
Financial costs
Bank loans
Balance at
12-31-2015
12-31-2014
(As adjusted)
12-31-2013
(As adjusted)
ThCh$
ThCh$
ThCh$
(385,455,340)
(432,314,329)
(325,972,302)
(38,921,033)
(33,061,726)
(30,027,336)
Secured and unsecured obligations
(179,258,559)
(172,288,757)
(149,082,277)
Financial leasing
Valuation of financial derivatives
Financial provisions
Post-employment benefit obligations
Capitalized borrowing costs
Other financial costs (3)
(1,414,900)
(656,450)
(54,616,547)
(19,595,016)
(817,985)
(124,470)
(46,354,184)
(21,270,704)
(1,892,614)
(14,246,840)
(37,415,815)
(17,979,936)
73,008,564
55,101,384
29,326,555
(164,001,399)
(213,497,887)
(104,654,039)
Gain (loss) from indexed assets and liabilities (*)
(9,266,040)
(13,630,068)
(11,007,801)
Foreign currency exchange differences (**) (4)
128,238,047
(18,493,594)
(28,534,786)
Total financial costs
Total financial results
(266,483,333)
(464,437,991)
(365,514,889)
28,286,939
(213,316,229)
(118,899,075)
(1) See Note 25.2.b).
(2) On December 31, 2014 our subsidiary Central Costanera was forgiven interest owed to Mitsubishi 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 annual interest rate of 0.25%; the maintenance of a pledge over assets and establishing
restrictions on the payment of dividends.
(3) For the year ended December 31, 2015, this item includes a net financial income of ThCh$ 37,618,478 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. For the year
ended December 31, 2014, this financial updating generated a net financial cost of ThCh$ 68,728,638 as part of the revised tariff in 2014 in our
Brazilian subsidiary Ampla and for the year ended December 31, 2013 a net financial income of ThCh$ 54,591,750 (See Note 9).
(4) For the year ended December 31, 2015, our Argentine subsidiaries, Central Costanera, Chocón and Dock Sud recognized a gain for foreign
currency exchange differences for ThCh$ 141,559,960 as a result of the dollarization of the receivables related to Central Vuelta de Obligado
project (“VOSA”) and financial income of ThCh$ 57,079,871 for the interest accrued between the maturity date of each sale settlement
contributed to the project and the receivables dollarized. See Note 36.5.
481
Consolidated Financial Statements
In addition, our Argentine subsidiary Edesur, recognized a financial income for ThCh$ 27,215,856 for
compensations arising from the application of the Cost Monitoring Mechanism (MMC). See Note 36.5.
The effects on financial results from exchange differences and the application of indexed assets and liabilities
are originated from the following:
Results from Indexed Assets and Liabilities (*)
Balance at
12-31-2015
ThCh$
12-31-2014
(As adjusted)
12-31-2013
(As adjusted)
ThCh$
ThCh$
Other non-financial assets
Current tax assets and liabilities
Other financial liabilities (financial debt and derivative
instruments)
-
1,240
-
21,157
57,533
-
(9,267,280)
(13,651,225)
(11,065,334)
Total
(9,266,040)
(13,630,068)
(11,007,801)
Exchange Differences (**)
Cash and cash equivalents
Other financial assets
Other non-financial assets
Trade and other receivables
Balance at
12-31-2014
(As adjusted)
12-31-2013
(As adjusted)
ThCh$
ThCh$
22,199,061
34,690,822
93,239
4,314,865
36,371,996
2,598,929
12-31-2015
ThCh$
7,304,624
170,679,018
4,995,376
51,506,895
12,791,191
21,298,397
Current tax assets and liabilities
-
24,876
(15,094)
Other financial liabilities (financial debt and derivative
instruments)
Trade and other payables
Other non-financial liabilities
(44,858,948)
(74,345,529)
(74,877,013)
(37,360,135)
(10,195,770)
(15,455,737)
(24,028,783)
(3,751,484)
(2,771,129)
Total
128,238,047
(18,493,594)
(28,534,786)
482
2015 Annual Report Enersis
34. Income Taxes
The following table presents the components of the income tax expense/(benefit) recorded in the consolidated
statement of comprehensive income for the years ended December 31, 2015, 2014 and 2013:
Current Income Tax and Adjustments
to Current Income Tax for Previous Periods
12-31-2015
12-31-2014
(As adjusted)
12-31-2013
(As adjusted)
ThCh$
ThCh$
ThCh$
Balance at
Current income tax
(469,517,752)
(450,655,418)
(457,664,808)
Tax benefit from tax losses, tax credits or temporary
differences not previously recognized for the current period
(current tax credits and/or benefits)
29,215,046
34,026,202
23,234,522
Adjustments to current tax from the previous period
(5,195,560)
2,871,018
(1,810,633)
Benefit / (expense) for current income tax due to changes
in tax rates or the introduction of new taxes
-
-
-
Other current tax benefit / (expense)
(3,063,579)
(97,812)
(4,099,916)
Current tax expense, net
(448,561,845)
(413,856,010)
(440,340,835)
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
Adjustments for prior periods deferred taxes
(2,635,730)
(72,465,637)
(45,506,055)
2,369,050
-
-
28,770,033
(1,238,888)
-
-
(3,244,670)
-
Total deferred tax benefit / (expense)
(16,736,022)
(2,114,508)
Income tax expense, continuing operations
(523,663,212)
(430,592,032)
(442,455,343)
483
Consolidated Financial Statements
Rate
12-31-2015
Rate
Rate
12-31-2014
(As adjusted)
ThCh$
12-31-2013
(As adjusted)
ThCh$
ThCh$
1,279,812,171
1,178,120,689
1,237,790,881
(22.50%)
(12.88%)
4.93%
(4.39%)
(0.41%)
(0.21%)
(287,957,738)
(164,815,692)
(21.00%)
(11.89%)
(247,405,345)
(140,032,350)
(20.00%)
(13.99%)
(247,558,175)
(173,156,559)
63,075,794
(56,128,320)
-
(5,195,560)
(2,635,730)
8.36%
98,468,095
(13.63%)
(160,565,951)
2.44%
0.24%
28,770,033
2,871,018
-
9.95%
(5.62%)
(0.10%)
(0.15%)
123,130,008
(69,552,897)
(1,238,888)
(1,810,633)
-
(5.47%)
(70,005,966)
(1.08%)
(12,697,532)
(5.84%)
(72,268,199)
(18.42%)
(235,705,474)
(15.55%)
(183,186,687)
(15.75%)
(194,897,168)
(40.92%)
(523,663,212)
(36.55%)
(430,592,032)
(35.75%)
(442,455,343)
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 recognized in the consolidated statement of comprehensive
income for the years ended December 31, 2015, 2014 and 2013:
Reconciliation of Tax Expense
ACCOUNTING INCOME BEFORE TAX
Total tax income (expense) using statutory rate
Tax effect of rates applied in other countries
Tax effect of non-taxable revenues and benefits from tax losses and tax credits
Tax effect of non-tax-deductible expenses
Tax effect of changes in income tax rates
Tax effect of adjustments to taxes in previous periods
Adjustments for prior periods deferred taxes
Price level restatement for tax purposes (investments in subsidiaries, associates and joint ventures and equity)
Total adjustments to tax expense using statutory rate
Income tax benefit (expense), continuing operations
The main temporary differences are detailed in note 19 a.
35. Information by Segment
35.1 Basis of segmentation
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 (Discontinued operations)
• 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.
484
2015 Annual Report Enersis
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 recognized in the consolidated statement of comprehensive
income for the years ended December 31, 2015, 2014 and 2013:
Reconciliation of Tax Expense
Tax effect of non-taxable revenues and benefits from tax losses and tax credits
ACCOUNTING INCOME BEFORE TAX
Total tax income (expense) using statutory rate
Tax effect of rates applied in other countries
Tax effect of non-tax-deductible expenses
Tax effect of changes in income tax rates
Tax effect of adjustments to taxes in previous periods
Adjustments for prior periods deferred taxes
Total adjustments to tax expense using statutory rate
Income tax benefit (expense), continuing operations
The main temporary differences are detailed in note 19 a.
35. Information by Segment
35.1 Basis of segmentation
Price level restatement for tax purposes (investments in subsidiaries, associates and joint ventures and equity)
• 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.
Rate
12-31-2015
Rate
ThCh$
12-31-2014
(As adjusted)
ThCh$
Rate
12-31-2013
(As adjusted)
ThCh$
1,279,812,171
1,178,120,689
1,237,790,881
(22.50%)
(12.88%)
4.93%
(4.39%)
(0.41%)
(0.21%)
(287,957,738)
(164,815,692)
(21.00%)
(11.89%)
(247,405,345)
(140,032,350)
(20.00%)
(13.99%)
(247,558,175)
(173,156,559)
63,075,794
(56,128,320)
-
(5,195,560)
(2,635,730)
8.36%
98,468,095
(13.63%)
(160,565,951)
2.44%
0.24%
28,770,033
2,871,018
-
9.95%
(5.62%)
(0.10%)
(0.15%)
123,130,008
(69,552,897)
(1,238,888)
(1,810,633)
-
(5.47%)
(70,005,966)
(1.08%)
(12,697,532)
(5.84%)
(72,268,199)
(18.42%)
(235,705,474)
(15.55%)
(183,186,687)
(15.75%)
(194,897,168)
(40.92%)
(523,663,212)
(36.55%)
(430,592,032)
(35.75%)
(442,455,343)
The Group’s activities are organized primarily around its core businesses: electric energy generation,
The accounting policies used to determine the segment information are the same as those used in the
transmission and distribution. On that basis, the Group has established two major business lines.
preparation of the Group’s consolidated financial statements. Based on this context and taking into consideration
Considering presents the differentiated information that is analyzed by the Company’s chief operating decision
operations is presented, in the case of assets and liabilities, as held for distribution to owners, and in the case
maker, segment information has been organized by the geographical areas in which the Group operates:
of income statement accounts, as discontinued operations.
the corporate reorganization as discussed in Notes 5.1 and 41, the financial information related to the Chilean
• Chile (Discontinued operations)
The following tables present details of this information by segment:
485
Consolidated Financial Statements
35.2 Generation and Transmission, Distribution
and by Country
ASSETS
CURRENT ASSETS
Cash and cash equivalents
Other current financial assets
Other current non-financial assets
Trade and other current receivables
Line of Business
Generation and Transmission
Distribution
Eliminations and others
Total
12-31-2015
12-31-2014
12-31-2015
12-31-2014
12-31-2015
12-31-2014
12-31-2015
12-31-2014
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
3,974,309,548
1,258,524,552
2,233,248,507
1,682,754,340
1,706,003,655
990,219,996
7,913,561,710
3,931,498,888
158,234,836
444,764,922
174,458,784
274,881,316
852,469,724
985,099,253
1,185,163,344
1,704,745,491
11,466,253
50,850,528
34,171,369
25,046,824
22,624,824
23,558,051
68,262,446
99,455,403
26,895,066
61,264,981
72,076,278
109,728,709
3,017,713
4,104,422
101,989,057
175,098,112
281,533,993
498,363,943
802,286,571
1,178,238,427
4,311,003
5,084,533
1,088,131,567
1,681,686,903
Current accounts receivable from related companies
69,698,172
77,105,049
27,676,364
29,295,267
(93,807,606)
(87,958,976)
3,566,930
18,441,340
Inventories
Current tax assets
33,665,661
73,796,781
61,185,174
56,267,388
207,062
3,455,985
95,057,897
133,520,154
3,751,263
52,378,348
11,961,862
9,296,409
31,741,463
48,897,765
47,454,588
110,572,522
Non-current assets or disposal groups held for sale or held for distribution to owners
3,389,064,304
-
1,049,432,105
-
885,439,472
7,978,963
5,323,935,881
7,978,963
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
4,070,922,143
6,814,137,154
4,091,696,107
5,034,348,611
(627,025,569)
141,337,663
7,535,592,681 11,989,823,428
625,982
7,937,828
488,884,301
496,520,403
17,921
26,363,289
489,528,204
530,821,520
9,847,779
12,590,288
54,741,348
61,369,954
12,973,581
3,845,938
77,562,708
77,806,180
310,451,501
185,266,255
88,178,936
106,105,806
65,427
269,614
398,695,864
291,641,675
355,485
486,605
-
-
355,485
486,605
478,361,882
609,409,322
491,519,716
574,400,438
(938,921,153)
(1,110,176,150)
30,960,445
73,633,610
33,665,518
55,498,838
933,484,014
1,097,100,837
14,249,740
15,612,381
981,399,272
1,168,212,056
100,700,655
125,609,898
76,703,162
100,220,100
266,795,230
1,185,023,629
444,199,047
1,410,853,627
3,097,266,606
5,723,349,345
1,905,927,300
2,522,222,675
372,727
(11,356,301)
5,003,566,633
8,234,215,719
40,002,220
94,475,380
51,901,845
75,921,793
17,420,958
23,240,701
109,325,023
193,637,874
-
-
-
8,514,562
-
8,514,562
-
-
-
-
TOTAL ASSETS
8,045,231,691
8,072,661,706
6,324,944,614
6,717,102,951
1,078,978,086
1,131,557,659 15,449,154,391 15,921,322,316
The eliminations column corresponds to transactions between companies in different lines of business and
country, primarily purchases and sales of energy and services.
486
2015 Annual Report Enersis
35.2 Generation and Transmission, Distribution
and by Country
ASSETS
CURRENT ASSETS
Cash and cash equivalents
Other current financial assets
Other current non-financial assets
Trade and other current receivables
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
Line of Business
Generation and Transmission
Distribution
Eliminations and others
Total
12-31-2015
12-31-2014
12-31-2015
12-31-2014
12-31-2015
12-31-2014
12-31-2015
12-31-2014
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
3,974,309,548
1,258,524,552
2,233,248,507
1,682,754,340
1,706,003,655
990,219,996
7,913,561,710
3,931,498,888
158,234,836
444,764,922
174,458,784
274,881,316
852,469,724
985,099,253
1,185,163,344
1,704,745,491
11,466,253
50,850,528
34,171,369
25,046,824
22,624,824
23,558,051
68,262,446
99,455,403
26,895,066
61,264,981
72,076,278
109,728,709
3,017,713
4,104,422
101,989,057
175,098,112
281,533,993
498,363,943
802,286,571
1,178,238,427
4,311,003
5,084,533
1,088,131,567
1,681,686,903
Current accounts receivable from related companies
69,698,172
77,105,049
27,676,364
29,295,267
(93,807,606)
(87,958,976)
3,566,930
18,441,340
33,665,661
73,796,781
61,185,174
56,267,388
207,062
3,455,985
95,057,897
133,520,154
3,751,263
52,378,348
11,961,862
9,296,409
31,741,463
48,897,765
47,454,588
110,572,522
Non-current assets or disposal groups held for sale or held for distribution to owners
3,389,064,304
-
1,049,432,105
-
885,439,472
7,978,963
5,323,935,881
7,978,963
4,070,922,143
6,814,137,154
4,091,696,107
5,034,348,611
(627,025,569)
141,337,663
7,535,592,681 11,989,823,428
625,982
7,937,828
488,884,301
496,520,403
17,921
26,363,289
489,528,204
530,821,520
9,847,779
12,590,288
54,741,348
61,369,954
12,973,581
3,845,938
77,562,708
77,806,180
310,451,501
185,266,255
88,178,936
106,105,806
65,427
269,614
398,695,864
291,641,675
-
-
355,485
486,605
-
-
355,485
486,605
478,361,882
609,409,322
491,519,716
574,400,438
(938,921,153)
(1,110,176,150)
30,960,445
73,633,610
33,665,518
55,498,838
933,484,014
1,097,100,837
14,249,740
15,612,381
981,399,272
1,168,212,056
100,700,655
125,609,898
76,703,162
100,220,100
266,795,230
1,185,023,629
444,199,047
1,410,853,627
3,097,266,606
5,723,349,345
1,905,927,300
2,522,222,675
372,727
(11,356,301)
5,003,566,633
8,234,215,719
-
-
-
-
-
8,514,562
-
8,514,562
40,002,220
94,475,380
51,901,845
75,921,793
17,420,958
23,240,701
109,325,023
193,637,874
TOTAL ASSETS
8,045,231,691
8,072,661,706
6,324,944,614
6,717,102,951
1,078,978,086
1,131,557,659 15,449,154,391 15,921,322,316
The eliminations column corresponds to transactions between companies in different lines of business and
country, primarily purchases and sales of energy and services.
487
Consolidated Financial Statements
Line of Business
Generation and Transmission
Distribution
Eliminations and others
Total
LIABILITIES AND EQUITY
CURRENT LIABILITIES
Other current financial liabilities
Trade and other current payables
12-31-2015
12-31-2014
ThCh$
ThCh$
2,735,116,868
1,622,353,344
230,270,298
297,869,150
342,712,347
777,931,218
Current accounts payable to related companies
104,568,189
371,111,287
72,131,804
189,021,282
(66,802,485)
(416,451,947)
109,897,508
143,680,622
Other current provisions
Current tax liabilities
Current provisions for employee benefits
Other current non-financial liabilities
81,419,354
38,351,988
91,117,121
96,623,249
-
-
1,951,295
40,466,452
Liabilities associated with groups of assets or disposal groups
held for sale or distribution to owners
1,883,078,264
-
417,021,351
(354,447,513)
5,488,147
1,945,652,102
5,488,147
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 Américas
Issued capital
Retained earnings
Share premium
Other reserves
Non-controlling
interests
1,313,277,539
2,398,122,150
941,834,867
1,871,186,406
97,364,873
10,685,702
3,858,836
4,908,454
41,883,233
34,859,087
181,262,110
397,978,536
21,548,342
43,461,827
18,698,412
41,869,004
3,996,837,284
4,052,186,212
3,996,837,284
4,052,186,212
1,476,722,861
1,512,762,830
2,358,601,470
2,172,639,133
206,058,198
206,599,062
(44,545,245)
160,185,187
-
-
-
-
-
-
2,163,659,095
2,077,242,699
12-31-2015
12-31-2014
12-31-2015
12-31-2014
12-31-2015
12-31-2014
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
1,838,355,464
1,856,594,893
(68,091,532)
(284,126,253)
4,505,380,800
3,194,821,984
206,125,030
119,552,373
251,478,180
4,384,156
687,873,508
421,805,679
1,037,064,551
1,403,375,115
73,047,309
107,570,617
1,452,824,207
2,288,876,950
45,879,822
24,166,415
-
51,247,787
16,472,461
-
-
27,324,424
2,376,603
142,607,960
115,472,313
622,909
127,299,176
90,222,684
-
35,966,491
76,925,875
1,308,553
11,883,262
39,226,339
129,275,589
-
-
1,559,780,584
1,770,828,652
(119,092,912)
278,330,784
2,753,965,211
4,447,281,586
883,297,767
1,153,615,811
22,163,958
264,295,311
1,847,296,592
3,289,097,528
178,027,558
155,526,685
8,151,823
-
283,544,254
159,385,521
157,179,286
-
(167,864,988)
(4,908,454)
141,808,620
162,308,328
34,940,876
61,859,841
163,123,897
213,666,598
156,431
15,701,629
2,598,235
76,426
183,848,284
197,243,841
18,523,107
231,904,615
478,361,484
12,801,987
187,270,474
269,930,412
1,402,580
23,851,389
-
(12,457,593)
20,100,992
53,262,800
2,926,808,566
3,089,679,406
1,266,162,530
1,137,353,128
8,189,808,380
8,279,218,746
2,926,808,566
3,089,679,406
1,266,162,530
1,137,353,128
6,026,149,285
6,201,976,047
860,651,565
872,231,352
3,467,073,560
3,419,453,804
5,804,447,986
5,804,447,986
1,414,711,314
1,384,094,891
(392,651,261)
(504,999,579)
3,380,661,523
3,051,734,445
3,547,484
3,965,297
(209,605,682)
(210,564,359)
-
-
647,898,203
829,387,866
(1,598,654,087)
(1,566,536,738)
(3,158,960,224)
(2,654,206,384)
-
-
-
-
Total Liabilities and Equity
8,045,231,691
8,072,661,706
6,324,944,614
6,717,102,951
1,078,978,086
1,131,557,659
15,449,154,391
15,921,322,316
The eliminations column corresponds to transactions between companies in different lines of business and
country, primarily purchases and sales of energy and services.
488
2015 Annual Report Enersis
LIABILITIES AND EQUITY
CURRENT LIABILITIES
Other current financial liabilities
Trade and other current payables
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
Equity attributable to shareholders of Enersis Américas
Issued capital
Retained earnings
Share premium
Other reserves
Non-controlling
interests
12-31-2015
12-31-2014
ThCh$
ThCh$
2,735,116,868
1,622,353,344
230,270,298
297,869,150
342,712,347
777,931,218
81,419,354
38,351,988
91,117,121
96,623,249
-
-
-
1,313,277,539
2,398,122,150
941,834,867
1,871,186,406
97,364,873
10,685,702
3,858,836
4,908,454
41,883,233
34,859,087
181,262,110
397,978,536
21,548,342
43,461,827
18,698,412
41,869,004
3,996,837,284
4,052,186,212
3,996,837,284
4,052,186,212
1,476,722,861
1,512,762,830
2,358,601,470
2,172,639,133
206,058,198
206,599,062
(44,545,245)
160,185,187
Line of Business
Generation and Transmission
Distribution
Eliminations and others
Total
Current accounts payable to related companies
104,568,189
371,111,287
72,131,804
189,021,282
(66,802,485)
(416,451,947)
109,897,508
143,680,622
Liabilities associated with groups of assets or disposal groups
held for sale or distribution to owners
1,883,078,264
417,021,351
-
(354,447,513)
5,488,147
1,945,652,102
5,488,147
1,951,295
40,466,452
35,966,491
76,925,875
1,308,553
11,883,262
39,226,339
129,275,589
45,879,822
24,166,415
-
51,247,787
16,472,461
-
-
622,909
127,299,176
90,222,684
27,324,424
2,376,603
142,607,960
115,472,313
-
-
-
-
12-31-2015
12-31-2014
12-31-2015
12-31-2014
12-31-2015
12-31-2014
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
1,838,355,464
1,856,594,893
(68,091,532)
(284,126,253)
4,505,380,800
3,194,821,984
206,125,030
119,552,373
251,478,180
4,384,156
687,873,508
421,805,679
1,037,064,551
1,403,375,115
73,047,309
107,570,617
1,452,824,207
2,288,876,950
1,559,780,584
1,770,828,652
(119,092,912)
278,330,784
2,753,965,211
4,447,281,586
883,297,767
1,153,615,811
22,163,958
264,295,311
1,847,296,592
3,289,097,528
178,027,558
155,526,685
8,151,823
-
283,544,254
159,385,521
157,179,286
-
(167,864,988)
(4,908,454)
-
-
141,808,620
162,308,328
34,940,876
61,859,841
163,123,897
213,666,598
156,431
15,701,629
2,598,235
76,426
183,848,284
197,243,841
18,523,107
231,904,615
478,361,484
12,801,987
187,270,474
269,930,412
1,402,580
23,851,389
-
(12,457,593)
20,100,992
53,262,800
2,926,808,566
3,089,679,406
1,266,162,530
1,137,353,128
8,189,808,380
8,279,218,746
2,926,808,566
3,089,679,406
1,266,162,530
1,137,353,128
6,026,149,285
6,201,976,047
860,651,565
872,231,352
3,467,073,560
3,419,453,804
5,804,447,986
5,804,447,986
1,414,711,314
1,384,094,891
(392,651,261)
(504,999,579)
3,380,661,523
3,051,734,445
3,547,484
3,965,297
(209,605,682)
(210,564,359)
-
-
647,898,203
829,387,866
(1,598,654,087)
(1,566,536,738)
(3,158,960,224)
(2,654,206,384)
Total Liabilities and Equity
8,045,231,691
8,072,661,706
6,324,944,614
6,717,102,951
1,078,978,086
1,131,557,659
15,449,154,391
15,921,322,316
-
-
-
-
-
-
2,163,659,095
2,077,242,699
The eliminations column corresponds to transactions between companies in different lines of business and
country, primarily purchases and sales of energy and services.
489
Consolidated Financial Statements
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
12-31-2015
ThCh$
1,734,761,772
1,668,272,704
1,486,031,970
21,124,909
161,115,825
66,489,068
(677,940,967)
(235,046,359)
(258,113,922)
(124,612,122)
(60,168,564)
Generation
12-31-2014
ThCh$
1,762,869,133
1,701,051,112
1,514,124,760
13,080,015
173,846,337
61,818,021
(653,688,007)
(258,676,854)
(205,534,394)
(124,900,859)
(64,575,900)
12-31-2013
ThCh$
1,481,343,900
1,419,296,486
1,305,087,063
8,817,669
105,391,754
62,047,414
(514,810,596)
(168,445,337)
(174,504,021)
(97,694,362)
(74,166,876)
12-31-2015
ThCh$
Distribution
12-31-2014
ThCh$
12-31-2013
ThCh$
3,890,722,930
3,802,108,560
3,429,456,365
3,321,156,669
3,463,626,805
2,941,988,973
3,022,021,032
3,157,667,595
2,709,628,604
19,523,142
279,612,495
569,566,261
21,140,924
284,818,286
338,481,755
3,648,462
228,711,907
487,467,392
Eliminations and others
12-31-2015
ThCh$
(324,045,124)
(321,784,063)
(283,671,303)
12-31-2014
ThCh$
(358,607,905)
(358,222,180)
(321,958,393)
(38,112,760)
(2,261,061)
(36,263,787)
(385,725)
12-31-2013
ThCh$
(382,652,396)
(382,290,107)
(363,372,422)
6,569,786
(25,487,471)
(362,289)
12-31-2015
ThCh$
Total
12-31-2014
ThCh$
12-31-2013
ThCh$
5,301,439,578
5,206,369,788
4,528,147,869
4,667,645,310
4,806,455,737
3,978,995,352
4,224,381,699
4,349,833,962
3,651,343,245
40,648,051
402,615,560
633,794,268
34,220,939
422,400,836
399,914,051
19,035,917
308,616,190
549,152,517
(2,423,363,923)
(2,338,428,095)
(1,960,921,763)
(1,951,642,845)
(1,900,048,593)
(1,446,778,480)
324,103,378
300,772,778
360,446,666
334,722,661
385,465,057
(2,777,201,512)
(2,631,669,436)
(2,090,267,302)
363,077,208
(1,885,916,426)
(1,824,002,786)
(1,252,146,609)
-
-
-
(147,073,303)
(324,647,775)
(168,191,394)
(270,188,108)
(144,200,252)
(369,943,031)
25,872,051
(2,541,451)
27,906,871
(2,182,866)
-
25,035,921
(2,648,072)
(258,113,922)
(245,813,374)
(387,357,790)
(205,534,394)
(265,185,382)
(336,946,874)
(174,504,021)
(216,858,693)
(446,757,979)
-
-
CONTRIBUTION MARGIN
1,056,820,805
1,109,181,126
966,533,304
1,467,359,007
1,463,680,465
1,468,534,602
58,254
1,838,761
2,812,661
2,524,238,066
2,574,700,352
2,437,880,567
Other work performed by the entity and capitalized
Employee benefits expense
Other expenses
14,387,605
(107,850,396)
(96,544,274)
13,548,280
(92,178,851)
(84,426,859)
9,255,740
(78,825,827)
(71,568,476)
52,567,319
42,103,255
37,795,406
(365,683,363)
(372,678,643)
(283,638,620)
(376,865,536)
(256,035,562)
(331,687,784)
146,345
(14,164,388)
(19,305,832)
118,883
(13,851,002)
(2,436,869)
83,324
67,101,269
55,770,418
47,134,470
(10,706,807)
(2,491,651)
(487,698,147)
(488,528,749)
(389,668,473)
(463,729,264)
(345,568,196)
(405,747,911)
GROSS OPERATING RESULT
866,813,740
946,123,696
825,394,741
781,564,320
845,279,564
918,606,662
(33,265,621)
(14,330,227)
(10,302,473)
1,615,112,439
1,777,073,033
1,733,698,930
Depreciation and amortization expense
Impairment losses (reversal of impairment losses) recognized in profit or loss
(147,291,267)
(4,826,638)
(142,609,270)
(3,212,803)
(130,646,915)
(13,106,989)
(173,636,385)
(34,909,411)
(208,532,299)
(35,038,965)
(185,622,948)
(53,557,987)
385,455
(75,707)
398,819
(78,174)
303,722
(320,542,197)
-
(39,811,756)
(350,742,750)
(38,329,942)
(315,966,141)
(66,664,976)
OPERATING INCOME
FINANCIAL RESULT
Financial income
Cash and cash equivalents
Financial income
Financial costs
Bank borrowings
Secured and unsecured obligations
Other
Profits (losses) 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
Income before tax
Income tax
Net income from continuing operations
Income from discontinued operations
NET INCOME
Net income attributable to:
Shareholders of Enersis Américas
Non-controlling interests
714,695,835
800,301,623
681,640,837
573,018,524
601,708,300
679,425,727
(32,955,873)
(14,009,582)
-9,998,751
1,254,758,486
1,388,000,341
1,351,067,813
99,864,652
88,032,028
86,308,158
1,723,870
(109,517,207)
(18,475,838)
(74,589,458)
(16,451,911)
-
121,349,831
219,603,572
(98,253,741)
2,678,513
(394,854)
-
(394,854)
(22,550,175)
111,084,259
26,728,453
84,355,806
(85,935,531)
(21,393,127)
(78,729,951)
14,187,547
-
(47,698,903)
39,651,691
(87,350,594)
-
798,130
707,468
90,662
(94,072,305)
34,749,918
24,151,441
10,598,477
(91,401,647)
(21,454,758)
(55,830,044)
(14,116,845)
-
(37,420,576)
46,792,154
(84,212,730)
-
904,474
768,433
136,041
(97,880,409)
177,432,364
8,809,058
168,623,306
(252,708,515)
84,910,412
14,617,999
70,292,413
(54,492,019)
152,859,615
15,448,973
137,410,642
(275,453,176)
(335,813,681)
(206,291,506)
(21,914,438)
(76,174,292)
(11,665,822)
(80,574,024)
(8,572,508)
(68,810,393)
(177,364,446)
(243,573,835)
(128,908,605)
1,240
139,163
9,537,474
(9,398,311)
787,056
(6,171,371)
-
(6,171,371)
1,579
(1,806,825)
4,303,366
(6,110,191)
2,595,760
78,424
-
78,424
(1,060,128)
3,380,853
(4,440,981)
975,149
3,737,794
-
-
3,737,794
26,302,696
29,305,880
29,197,237
108,643
(484,957)
1,469,244
26,540,609
(9,267,280)
6,749,053
45,868,225
(39,119,172)
(132,598)
-
-
-
61,942,461
55,127,091
(109,417,698)
123,198,337
(10,565,117)
388,687,486
(67,659,871)
(13,631,647)
31,012,134
57,413,955
(28,279,149)
(385,455,340)
(432,314,329)
(325,972,302)
29,665,249
59,006,281
58,681,261
325,020
(70)
(24,441,840)
(3,837,239)
(11,007,801)
9,945,918
36,265,682
-
-
-
28,286,939
(213,316,229)
(118,899,075)
294,770,272
124,314,453
170,455,819
251,121,762
(68,071,246)
277,846,556
246,615,814
98,281,675
148,334,139
(38,921,032)
(179,258,560)
(167,275,748)
(9,266,040)
128,238,047
275,009,271
3,332,971
(6,566,225)
-
(6,566,225)
355,628,537
(298,533,783)
(297,046,159)
(13,630,068)
(18,493,594)
101,369,012
2,560,023
876,554
707,468
169,086
(30,027,336)
(149,082,277)
(146,862,689)
(11,007,801)
(28,534,786)
86,438,689
979,875
4,642,268
768,433
3,873,835
(26,401,821)
(26,319,764)
(146,771,224)
(119,862,606)
(114,973,475)
(35,737)
4,726
(28,494,810)
(139,229,808)
816,844,146
778,549,578
588,473,006
469,753,800
351,673,969
629,646,651
(6,785,775)
47,897,142
19,671,224
1,279,812,171
1,178,120,689
1,237,790,881
(335,604,989)
(254,393,601)
(192,628,860)
(135,349,415)
(124,465,813)
(176,573,448)
(52,708,808)
(51,732,618)
(73,253,035)
(523,663,212)
(430,592,032)
(442,455,343)
481,239,157
223,831,259
705,070,416
524,155,977
123,226,510
647,382,487
395,844,146
179,048,751
574,892,897
334,404,385
139,672,809
474,077,194
227,208,156
134,065,799
361,273,955
453,073,203
114,054,872
567,128,075
(59,494,583)
24,816,458
(34,678,125)
(3,835,476)
24,648,762
20,813,286
(53,581,811)
24,961,585
756,148,959
388,320,526
747,528,657
281,941,071
795,335,538
318,065,208
(28,620,226)
1,144,469,485
1,029,469,728
1,113,400,746
705,070,416
647,382,487
574,892,897
474,077,194
361,273,955
567,128,075
(34,678,125)
20,813,286
(28,620,226)
1,144,469,485
1,029,469,728
1,113,400,746
661,586,917
482,882,568
610,157,869
419,311,859
658,514,150
454,886,596
-
-
-
-
-
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
12-31-2015
ThCh$
Generation
12-31-2014
ThCh$
12-31-2013
ThCh$
1,098,739,134
(545,677,324)
(797,630,653)
1,026,718,651
(357,107,188)
(575,096,742)
874,169,034
(194,635,422)
(628,577,198)
12-31-2015
ThCh$
Distribution
12-31-2014
ThCh$
Eliminations and others
12-31-2013
ThCh$
12-31-2015
ThCh$
12-31-2014
ThCh$
12-31-2013
ThCh$
12-31-2015
ThCh$
Total
12-31-2014
ThCh$
12-31-2013
ThCh$
945,599,327
769,341,885
855,536,268
(120,887,859)
(28,729,658)
1,923,450,602
1,698,037,994
1,700,975,644
(787,409,305)
(225,244,202)
(513,969,018)
(220,294,230)
(488,352,158)
(327,075,688)
117,787,581
(37,339,524)
(540,899,509)
(1,215,299,048)
(299,686,990)
(1,223,887,089)
(488,068,691)
1,292,418,242
(1,060,214,379)
(1,283,459,663)
336,765,356
(98,022,542)
571,389,216
The eliminations column corresponds to transactions between companies in different lines of business and
country, primarily purchases and sales of energy and services.
490
2015 Annual Report Enersis
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
12-31-2015
ThCh$
Generation
12-31-2014
ThCh$
12-31-2013
ThCh$
1,734,761,772
1,762,869,133
1,481,343,900
1,668,272,704
1,701,051,112
1,419,296,486
1,486,031,970
1,514,124,760
1,305,087,063
21,124,909
161,115,825
66,489,068
13,080,015
173,846,337
61,818,021
8,817,669
105,391,754
62,047,414
(677,940,967)
(235,046,359)
(258,113,922)
(124,612,122)
(60,168,564)
(653,688,007)
(258,676,854)
(205,534,394)
(124,900,859)
(64,575,900)
(514,810,596)
(168,445,337)
(174,504,021)
(97,694,362)
(74,166,876)
12-31-2015
ThCh$
3,890,722,930
3,321,156,669
3,022,021,032
19,523,142
279,612,495
569,566,261
Distribution
12-31-2014
ThCh$
3,802,108,560
3,463,626,805
3,157,667,595
21,140,924
284,818,286
338,481,755
12-31-2013
ThCh$
3,429,456,365
2,941,988,973
2,709,628,604
3,648,462
228,711,907
487,467,392
(2,423,363,923)
(1,951,642,845)
-
(147,073,303)
(324,647,775)
(2,338,428,095)
(1,900,048,593)
-
(168,191,394)
(270,188,108)
(1,960,921,763)
(1,446,778,480)
-
(144,200,252)
(369,943,031)
Eliminations and others
12-31-2015
ThCh$
(324,045,124)
(321,784,063)
(283,671,303)
-
(38,112,760)
(2,261,061)
324,103,378
300,772,778
-
25,872,051
(2,541,451)
12-31-2014
ThCh$
(358,607,905)
(358,222,180)
(321,958,393)
-
(36,263,787)
(385,725)
360,446,666
334,722,661
-
27,906,871
(2,182,866)
12-31-2013
ThCh$
(382,652,396)
(382,290,107)
(363,372,422)
6,569,786
(25,487,471)
(362,289)
12-31-2015
ThCh$
5,301,439,578
4,667,645,310
4,224,381,699
40,648,051
402,615,560
633,794,268
Total
12-31-2014
ThCh$
5,206,369,788
4,806,455,737
4,349,833,962
34,220,939
422,400,836
399,914,051
12-31-2013
ThCh$
4,528,147,869
3,978,995,352
3,651,343,245
19,035,917
308,616,190
549,152,517
385,465,057
363,077,208
-
25,035,921
(2,648,072)
(2,777,201,512)
(1,885,916,426)
(258,113,922)
(245,813,374)
(387,357,790)
(2,631,669,436)
(1,824,002,786)
(205,534,394)
(265,185,382)
(336,946,874)
(2,090,267,302)
(1,252,146,609)
(174,504,021)
(216,858,693)
(446,757,979)
CONTRIBUTION MARGIN
1,056,820,805
1,109,181,126
966,533,304
1,467,359,007
1,463,680,465
1,468,534,602
58,254
1,838,761
2,812,661
2,524,238,066
2,574,700,352
2,437,880,567
Other work performed by the entity and capitalized
Employee benefits expense
Other expenses
14,387,605
(107,850,396)
(96,544,274)
13,548,280
(92,178,851)
(84,426,859)
9,255,740
(78,825,827)
(71,568,476)
52,567,319
(365,683,363)
(372,678,643)
42,103,255
(283,638,620)
(376,865,536)
37,795,406
(256,035,562)
(331,687,784)
146,345
(14,164,388)
(19,305,832)
118,883
(13,851,002)
(2,436,869)
83,324
(10,706,807)
(2,491,651)
67,101,269
(487,698,147)
(488,528,749)
55,770,418
(389,668,473)
(463,729,264)
47,134,470
(345,568,196)
(405,747,911)
GROSS OPERATING RESULT
866,813,740
946,123,696
825,394,741
781,564,320
845,279,564
918,606,662
(33,265,621)
(14,330,227)
(10,302,473)
1,615,112,439
1,777,073,033
1,733,698,930
Depreciation and amortization expense
Impairment losses (reversal of impairment losses) recognized in profit or loss
(147,291,267)
(142,609,270)
(4,826,638)
(3,212,803)
(130,646,915)
(13,106,989)
(173,636,385)
(34,909,411)
(208,532,299)
(35,038,965)
(185,622,948)
(53,557,987)
385,455
(75,707)
398,819
(78,174)
303,722
-
(320,542,197)
(39,811,756)
(350,742,750)
(38,329,942)
(315,966,141)
(66,664,976)
OPERATING INCOME
FINANCIAL RESULT
Financial income
Cash and cash equivalents
Financial income
Financial costs
Bank borrowings
Secured and unsecured obligations
Other
Profits (losses) from indexed assets and liabilities
Foreign currency exchange differences
Positive
Negative
Other gains (losses)
Share of profit of associates accounted for using the equity method
Gain (loss) from other investments
Gain (loss) from the sale of property, plant and equipment
Income before tax
Income tax
Net income from continuing operations
Income from discontinued operations
NET INCOME
Net income attributable to:
Shareholders of Enersis Américas
Non-controlling interests
714,695,835
800,301,623
681,640,837
573,018,524
601,708,300
679,425,727
(32,955,873)
(14,009,582)
-9,998,751
1,254,758,486
1,388,000,341
1,351,067,813
99,864,652
88,032,028
86,308,158
1,723,870
(109,517,207)
(18,475,838)
(74,589,458)
(16,451,911)
121,349,831
219,603,572
(98,253,741)
2,678,513
(394,854)
-
-
(394,854)
(22,550,175)
111,084,259
26,728,453
84,355,806
(85,935,531)
(21,393,127)
(78,729,951)
14,187,547
(47,698,903)
39,651,691
(87,350,594)
-
-
798,130
707,468
90,662
(94,072,305)
34,749,918
24,151,441
10,598,477
(91,401,647)
(21,454,758)
(55,830,044)
(14,116,845)
(37,420,576)
46,792,154
(84,212,730)
-
-
904,474
768,433
136,041
(97,880,409)
177,432,364
8,809,058
168,623,306
(275,453,176)
(21,914,438)
(76,174,292)
(177,364,446)
1,240
139,163
9,537,474
(9,398,311)
787,056
(6,171,371)
-
(6,171,371)
(252,708,515)
84,910,412
14,617,999
70,292,413
(335,813,681)
(11,665,822)
(80,574,024)
(243,573,835)
1,579
(1,806,825)
4,303,366
(6,110,191)
2,595,760
78,424
-
78,424
(54,492,019)
152,859,615
15,448,973
137,410,642
(206,291,506)
(8,572,508)
(68,810,393)
(128,908,605)
-
(1,060,128)
3,380,853
(4,440,981)
975,149
3,737,794
-
3,737,794
26,302,696
29,305,880
29,197,237
108,643
(484,957)
1,469,244
(28,494,810)
26,540,609
(9,267,280)
6,749,053
45,868,225
(39,119,172)
(132,598)
-
-
-
61,942,461
55,127,091
(109,417,698)
123,198,337
(10,565,117)
388,687,486
(139,229,808)
(67,659,871)
(13,631,647)
31,012,134
57,413,955
(26,401,821)
(35,737)
-
-
-
29,665,249
59,006,281
58,681,261
325,020
(28,279,149)
(70)
(24,441,840)
(3,837,239)
(11,007,801)
9,945,918
36,265,682
(26,319,764)
4,726
-
-
-
28,286,939
294,770,272
124,314,453
170,455,819
(385,455,340)
(38,921,032)
(179,258,560)
(167,275,748)
(9,266,040)
128,238,047
275,009,271
(146,771,224)
3,332,971
(6,566,225)
-
(6,566,225)
(213,316,229)
251,121,762
(68,071,246)
277,846,556
(432,314,329)
355,628,537
(298,533,783)
(297,046,159)
(13,630,068)
(18,493,594)
101,369,012
(119,862,606)
2,560,023
876,554
707,468
169,086
(118,899,075)
246,615,814
98,281,675
148,334,139
(325,972,302)
(30,027,336)
(149,082,277)
(146,862,689)
(11,007,801)
(28,534,786)
86,438,689
(114,973,475)
979,875
4,642,268
768,433
3,873,835
816,844,146
778,549,578
588,473,006
469,753,800
351,673,969
629,646,651
(6,785,775)
47,897,142
19,671,224
1,279,812,171
1,178,120,689
1,237,790,881
(335,604,989)
(254,393,601)
(192,628,860)
(135,349,415)
(124,465,813)
(176,573,448)
(52,708,808)
(51,732,618)
(73,253,035)
(523,663,212)
(430,592,032)
(442,455,343)
481,239,157
223,831,259
705,070,416
524,155,977
123,226,510
647,382,487
395,844,146
179,048,751
574,892,897
334,404,385
139,672,809
474,077,194
227,208,156
134,065,799
361,273,955
453,073,203
114,054,872
567,128,075
(59,494,583)
24,816,458
(34,678,125)
(3,835,476)
24,648,762
20,813,286
(53,581,811)
24,961,585
(28,620,226)
756,148,959
388,320,526
1,144,469,485
747,528,657
281,941,071
1,029,469,728
795,335,538
318,065,208
1,113,400,746
705,070,416
647,382,487
574,892,897
474,077,194
361,273,955
567,128,075
(34,678,125)
20,813,286
(28,620,226)
1,144,469,485
661,586,917
482,882,568
1,029,469,728
610,157,869
419,311,859
1,113,400,746
658,514,150
454,886,596
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
12-31-2015
ThCh$
Generation
12-31-2014
ThCh$
12-31-2013
ThCh$
1,098,739,134
1,026,718,651
874,169,034
(545,677,324)
(797,630,653)
(357,107,188)
(575,096,742)
(194,635,422)
(628,577,198)
12-31-2015
ThCh$
Distribution
12-31-2014
ThCh$
Eliminations and others
12-31-2013
ThCh$
12-31-2015
ThCh$
12-31-2014
ThCh$
12-31-2013
ThCh$
12-31-2015
ThCh$
Total
12-31-2014
ThCh$
12-31-2013
ThCh$
945,599,327
(787,409,305)
(225,244,202)
769,341,885
(513,969,018)
(220,294,230)
855,536,268
(488,352,158)
(327,075,688)
(120,887,859)
117,787,581
(37,339,524)
(98,022,542)
571,389,216
(488,068,691)
(28,729,658)
(540,899,509)
1,292,418,242
1,923,450,602
(1,215,299,048)
(1,060,214,379)
1,698,037,994
(299,686,990)
(1,283,459,663)
1,700,975,644
(1,223,887,089)
336,765,356
The eliminations column corresponds to transactions between companies in different lines of business and
country, primarily purchases and sales of energy and services.
491
Consolidated Financial Statements
35.3 Countries
Country
ASSETS
Chile
Argentina
Brazil
Colombia
Peru
Eliminations
Total
12-31-2015
12-31-2014
12-31-2015
12-31-2014
12-31-2015
12-31-2014
12-31-2015
12-31-2014
12-31-2015
12-31-2014
12-31-2015
12-31-2014
12-31-2015
12-31-2014
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
CURRENT ASSETS
7,206,153,017
1,878,994,993
335,086,963
520,217,733
790,909,682
848,758,549
372,444,839
574,295,812
246,261,307
287,163,111
(1,037,294,098)
-177,931,310
7,913,561,710
3,931,498,888
Cash and cash equivalents
Other current financial assets
Other current non-financial assets
Trade and other current receivables
842,075,831
989,320,583
46,181,049
25,917,276
91,204,686
197,723,645
156,927,518
357,750,546
48,774,260
134,033,441
16,360,472
8,518,962
694,177
-
48,170,095
52,870,583
3,037,702
38,065,858
-
41,022
16,052,871
2,763,894
4,151,319
80,268,243
115,566,129
9,724,564
12,267,413
9,191,334
27,060,380
729,821
578,408,890
216,550,824
416,026,626
536,725,492
446,392,339
179,304,792
147,531,981
154,034,146
93,735,123
786,492
-408,056
1,088,131,567
1,681,686,903
Current accounts receivable from related companies
72,105,375
134,750,382
24,224,813
28,097,713
19,580,577
22,359,268
2,063,025
748,922
1,292,410
3,256
(115,699,270)
-167,518,201
3,566,930
18,441,340
Inventories
Current tax assets
-
43,677,878
40,147,347
41,937,394
900,446
934,466
21,381,902
16,506,890
32,628,202
30,463,526
28,523,295
90,281,411
4,524,859
4,087,405
14,060,143
12,912,119
5,336
1,424,202
340,955
1,867,385
1,185,163,344
1,704,745,491
68,262,446
99,455,403
101,989,057
175,098,112
95,057,897
133,520,154
47,454,588
110,572,522
Non-current assets or disposal groups held-for-sale or held for distribution
to owners
6,246,317,201
17,984,016
-
-
-
(922,381,320)
-10,005,053
5,323,935,881
7,978,963
NON-CURRENT ASSETS
4,419,757,344
9,730,558,674
989,117,985
822,281,224
2,026,630,282
2,333,408,466
2,655,603,106
2,716,160,481
1,626,705,797
1,550,114,522
(4,182,221,833)
-5,162,699,939
7,535,592,681
11,989,823,428
Other non-current financial assets
Other non-current non-financial assets
Trade and other non-current receivables
Non-current accounts receivable from related companies
-
33,090,868
21,751
72,882
488,876,852
496,463,986
616,296
1,177,618
13,305
16,166
489,528,204
530,821,520
9,809,121
236,772
3,927,495
4,232,688
60,707,204
69,746,584
3,380,076
3,644,175
(261,188)
-54,039
77,562,708
77,806,180
-
-
7,496,412
307,327,055
175,753,071
81,551,731
97,082,421
9,817,078
11,309,771
398,695,864
291,641,675
-
355,485
486,605
34,884,531
36,267,177
(34,884,531)
-36,267,177
355,485
486,605
Investments accounted for using the equity method
4,392,452,234
6,324,305,426
33,278,110
42,815,909
-
29,497,710
32,798,603
78,272,852
95,911,225
(4,502,540,461)
-6,422,197,553
30,960,445
73,633,610
Intangible assets other than goodwill
Goodwill
Property, plant and equipment
Investment property
Deferred tax assets
-
-
-
-
36,525,521
2,240,478
1,901,334
1,070,609
2,533,936
1,401,472
910,420,453
1,062,638,430
36,607,957
40,612,537
32,469,528
25,901,632
981,399,272
1,168,212,056
76,703,162
97,979,622
4,285,457
4,886,064
6,675,472
8,527,161
355,464,347
1,295,818,830
444,199,047
1,410,853,627
3,283,760,775
640,616,088
591,453,902
307,829,742
389,577,389
2,545,846,163
2,549,665,315
1,509,274,640
1,419,758,338
8,514,562
-
-
17,495,989
34,387,860
620,058
3,530,759
65,656,607
83,652,857
25,552,369
72,066,398
5,003,566,633
8,234,215,719
-
8,514,562
109,325,023
193,637,874
-
-
-
-
-
TOTAL ASSETS
11,625,910,361
11,609,553,667
1,324,204,948
1,342,498,957
2,817,539,964
3,182,167,015
3,028,047,945
3,290,456,293
1,872,967,104
1,837,277,633
(5,219,515,931)
(5,340,631,249)
15,449,154,391
15,921,322,316
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
The eliminations column corresponds to transactions between companies in different lines of business and
country, primarily purchases and sales of energy and services.
492
2015 Annual Report Enersis
35.3 Countries
Cash and cash equivalents
Other current financial assets
Other current non-financial assets
Trade and other current receivables
Inventories
Current tax assets
Other non-current financial assets
Other non-current non-financial assets
Trade and other non-current receivables
Intangible assets other than goodwill
Goodwill
Property, plant and equipment
Investment property
Deferred tax assets
Country
ASSETS
Chile
Argentina
Brazil
Colombia
Peru
Eliminations
Total
12-31-2015
12-31-2014
12-31-2015
12-31-2014
12-31-2015
12-31-2014
12-31-2015
12-31-2014
12-31-2015
12-31-2014
12-31-2015
12-31-2014
12-31-2015
12-31-2014
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
CURRENT ASSETS
7,206,153,017
1,878,994,993
335,086,963
520,217,733
790,909,682
848,758,549
372,444,839
574,295,812
246,261,307
287,163,111
(1,037,294,098)
-177,931,310
7,913,561,710
3,931,498,888
842,075,831
989,320,583
46,181,049
25,917,276
91,204,686
197,723,645
156,927,518
357,750,546
48,774,260
134,033,441
16,360,472
8,518,962
694,177
-
48,170,095
52,870,583
3,037,702
38,065,858
-
-
41,022
16,052,871
2,763,894
4,151,319
80,268,243
115,566,129
9,724,564
12,267,413
9,191,334
27,060,380
-
-
-
-
-
-
1,185,163,344
1,704,745,491
68,262,446
99,455,403
101,989,057
175,098,112
729,821
578,408,890
216,550,824
416,026,626
536,725,492
446,392,339
179,304,792
147,531,981
154,034,146
93,735,123
786,492
-408,056
1,088,131,567
1,681,686,903
Current accounts receivable from related companies
72,105,375
134,750,382
24,224,813
28,097,713
19,580,577
22,359,268
2,063,025
748,922
1,292,410
3,256
(115,699,270)
-167,518,201
3,566,930
18,441,340
-
43,677,878
40,147,347
41,937,394
900,446
934,466
21,381,902
16,506,890
32,628,202
30,463,526
28,523,295
90,281,411
4,524,859
4,087,405
14,060,143
12,912,119
5,336
1,424,202
340,955
1,867,385
-
-
-
-
95,057,897
133,520,154
47,454,588
110,572,522
Non-current assets or disposal groups held-for-sale or held for distribution
to owners
6,246,317,201
17,984,016
-
-
-
-
-
-
-
-
(922,381,320)
-10,005,053
5,323,935,881
7,978,963
NON-CURRENT ASSETS
4,419,757,344
9,730,558,674
989,117,985
822,281,224
2,026,630,282
2,333,408,466
2,655,603,106
2,716,160,481
1,626,705,797
1,550,114,522
(4,182,221,833)
-5,162,699,939
7,535,592,681
11,989,823,428
33,090,868
21,751
72,882
488,876,852
496,463,986
616,296
1,177,618
13,305
16,166
-
-
489,528,204
530,821,520
Non-current accounts receivable from related companies
-
355,485
486,605
34,884,531
36,267,177
-
-
9,809,121
236,772
3,927,495
4,232,688
60,707,204
69,746,584
3,380,076
3,644,175
7,496,412
307,327,055
175,753,071
81,551,731
97,082,421
9,817,078
11,309,771
-
-
-
-
-
-
(261,188)
-54,039
77,562,708
77,806,180
-
-
398,695,864
291,641,675
(34,884,531)
-36,267,177
355,485
486,605
Investments accounted for using the equity method
4,392,452,234
6,324,305,426
33,278,110
42,815,909
-
-
29,497,710
32,798,603
78,272,852
95,911,225
(4,502,540,461)
-6,422,197,553
30,960,445
73,633,610
36,525,521
2,240,478
1,901,334
1,070,609
2,533,936
1,401,472
910,420,453
1,062,638,430
36,607,957
40,612,537
32,469,528
25,901,632
-
-
981,399,272
1,168,212,056
76,703,162
97,979,622
4,285,457
4,886,064
6,675,472
8,527,161
355,464,347
1,295,818,830
444,199,047
1,410,853,627
3,283,760,775
640,616,088
591,453,902
307,829,742
389,577,389
2,545,846,163
2,549,665,315
1,509,274,640
1,419,758,338
8,514,562
-
-
-
-
-
-
17,495,989
34,387,860
620,058
3,530,759
65,656,607
83,652,857
25,552,369
72,066,398
-
-
-
-
-
-
-
-
-
-
5,003,566,633
8,234,215,719
-
8,514,562
109,325,023
193,637,874
-
-
-
-
-
-
-
TOTAL ASSETS
11,625,910,361
11,609,553,667
1,324,204,948
1,342,498,957
2,817,539,964
3,182,167,015
3,028,047,945
3,290,456,293
1,872,967,104
1,837,277,633
(5,219,515,931)
(5,340,631,249)
15,449,154,391
15,921,322,316
The eliminations column corresponds to transactions between companies in different lines of business and
country, primarily purchases and sales of energy and services.
493
Consolidated Financial Statements
1,308,554
24,208,389
1,288,348
12,688,191
36,629,437
15,580,824
39,226,339
129,275,589
127,299,176
90,222,684
142,607,960
115,472,313
-
-
78,629,281
-
1,945,652,102
5,488,147
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Country
Chile
Argentina
Brazil
Colombia
Perú
Eliminaciones
Totales
LIABILITIES AND EQUITY
CURRENT LIABILITIES
Other current financial liabilities
Trade and other current payables
12-31-2015
12-31-2014
12-31-2015
12-31-2014
12-31-2015
12-31-2014
12-31-2015
12-31-2014
12-31-2015
12-31-2014
12-31-2015
12-31-2014
12-31-2015
12-31-2014
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
2,214,708,056
744,843,606
650,930,971
919,270,662
649,275,989
479,284,646
589,400,597
828,561,609
313,823,925
269,583,701
87,241,262
-46,722,240
4,505,380,800
3,194,821,984
251,988,261
150,748,390
30,883,517
36,046,855
136,422,798
78,874,557
170,601,821
92,779,423
97,977,111
63,356,454
-
687,873,508
421,805,679
30,630,264
490,927,954
524,765,510
775,438,014
438,614,827
340,379,343
258,880,100
428,369,239
149,516,849
167,957,943
50,416,657
85,804,457
1,452,824,207
2,288,876,950
Current accounts payable to related companies
37,738,690
10,417,853
23,671,742
28,081,812
50,826,174
30,274,223
30,878,126
198,528,161
8,587,452
8,905,270
(41,804,676)
-132,526,697
109,897,508
143,680,622
Other current provisions
Current tax liabilities
Current provisions for employee benefits
Other non-current non-financial liabilities
Liabilities associated with groups of assets or disposal groups held for sale or
distribution to owners
1,867,022,821
5,488,147
-
-
-
37,276,286
-
-
-
-
39,521,899
-
-
-
3,595
11,627,110
30,169,043
33,345,118
2,144,014
3,335,096
77,759,932
31,449,522
17,222,592
10,465,838
27,324,425
38,357,866
41,441,159
6,836,964
19,959,622
2,213,038
49,992,270
64,747,073
3,890,484
3,317,372
NON-CURRENT LIABITIES
25,261,654
1,410,672,019
393,937,987
291,965,068
725,609,705
959,581,284
1,113,128,603
1,241,915,054
555,256,672
601,204,740
(59,229,410)
-58,056,579
2,753,965,211
4,447,281,586
Other non-current financial liabilities
22,163,958
1,042,430,478
38,637,260
44,052,205
424,551,031
627,845,559
1,012,352,174
1,162,494,911
349,592,169
412,274,375
1,847,296,592
3,289,097,528
Trade and other non-current payables
Non-current account payables to related companies
Other long-current provisions
Deferred tax liabilities
-
-
-
-
3,711,078
249,256,884
120,587,518
25,765,233
35,086,925
8,522,137
283,544,254
159,385,521
-
35,630,861
36,594,486
23,598,549
(59,229,410)
-36,594,486
-
-
27,969,934
10,544,604
8,468,074
132,216,036
152,802,156
36,538,802
4,100,860
4,548,842
3,902,817
255,156,048
46,358,947
31,236,466
15,701,628
18,454,634
-
169,844,040
173,514,336
Non-current provisions for employee benefits
3,097,696
56,333,817
13,509,431
12,825,808
103,777,228
122,729,879
64,237,627
75,319,283
2,648,492
2,721,625
Other non-current non-financial liabilities
-
25,070,664
-
38,200,511
-
2,662,131
-
20,100,992
8,791,587
-21,462,093
20,100,992
53,262,800
183,848,284
197,243,841
231,904,615
478,361,484
187,270,474
269,930,412
EQUITY
9,385,940,651
9,454,038,042
279,335,990
131,263,227
1,442,654,270
1,743,301,085
1,325,518,745
1,219,979,630
1,003,886,507
966,489,192
(5,247,527,783)
-5,235,852,430
8,189,808,380
8,279,218,746
Equity attributable to shareholders of Enersis Américas
9,385,940,651
9,454,038,042
279,335,990
131,263,227
1,442,654,270
1,743,301,085
1,325,518,745
1,219,979,630
1,003,886,507
966,489,192
(5,247,527,783)
-5,235,852,430
6,026,149,285
6,201,976,047
Issued capital
Retained earnings
Share premium
Other reserves
8,275,947,660
8,284,164,467
157,658,399
206,381,462
216,661,867
216,324,676
149,451,431
170,397,032
484,427,384
298,376,352
(3,479,698,755)
-3,371,196,003
5,804,447,986
5,804,447,986
3,903,767,587
3,545,928,591
24,530,244
(151,386,397)
144,278,288
206,870,339
322,708,452
145,279,263
66,656,282
278,207,618
(1,081,279,330)
-973,164,969
3,380,661,523
3,051,734,445
206,574,859
206,574,859
-
-
535,555,881
684,112,119
2,981,182
3,398,995
49,641
590,505
(745,161,563)
-894,676,478
-
-
(3,000,349,455)
(2,582,629,875)
97,147,347
76,268,162
546,158,234
635,993,951
850,377,680
900,904,340
452,753,200
389,314,717
58,611,865
3,185,020
(3,158,960,224)
(2,654,206,384)
Non-controlling interests
-
-
-
-
-
-
-
-
-
-
-
-
2,163,659,095
2,077,242,699
Total Liabilities and Equity
11,625,910,361
11,609,553,667
1,324,204,948
1,342,498,957
2,817,539,964
3,182,167,015
3,028,047,945
3,290,456,293
1,872,967,104
1,837,277,633
(5,219,515,931)
(5,340,631,249)
15,449,154,391
15,921,322,316
The eliminations column corresponds to transactions between companies in different lines of business and
country, primarily purchases and sales of energy and services.
494
2015 Annual Report Enersis
Country
Chile
Argentina
Brazil
Colombia
Perú
Eliminaciones
Totales
12-31-2015
12-31-2014
12-31-2015
12-31-2014
12-31-2015
12-31-2014
12-31-2015
12-31-2014
12-31-2015
12-31-2014
12-31-2015
12-31-2014
12-31-2015
12-31-2014
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
2,214,708,056
744,843,606
650,930,971
919,270,662
649,275,989
479,284,646
589,400,597
828,561,609
313,823,925
269,583,701
87,241,262
-46,722,240
4,505,380,800
3,194,821,984
251,988,261
150,748,390
30,883,517
36,046,855
136,422,798
78,874,557
170,601,821
92,779,423
97,977,111
63,356,454
-
-
687,873,508
421,805,679
30,630,264
490,927,954
524,765,510
775,438,014
438,614,827
340,379,343
258,880,100
428,369,239
149,516,849
167,957,943
50,416,657
85,804,457
1,452,824,207
2,288,876,950
Current accounts payable to related companies
37,738,690
10,417,853
23,671,742
28,081,812
50,826,174
30,274,223
30,878,126
198,528,161
8,587,452
8,905,270
(41,804,676)
-132,526,697
109,897,508
143,680,622
3,595
11,627,110
30,169,043
33,345,118
2,144,014
3,335,096
77,759,932
31,449,522
17,222,592
10,465,838
27,324,425
38,357,866
41,441,159
6,836,964
19,959,622
2,213,038
49,992,270
64,747,073
3,890,484
3,317,372
-
37,276,286
39,521,899
1,308,554
24,208,389
1,288,348
12,688,191
36,629,437
15,580,824
-
-
-
-
-
-
-
-
-
-
-
-
-
-
127,299,176
90,222,684
142,607,960
115,472,313
-
-
39,226,339
129,275,589
LIABILITIES AND EQUITY
CURRENT LIABILITIES
Other current financial liabilities
Trade and other current payables
Other current provisions
Current tax liabilities
Current provisions for employee benefits
Other non-current non-financial liabilities
Liabilities associated with groups of assets or disposal groups held for sale or
distribution to owners
1,867,022,821
5,488,147
-
-
-
-
-
78,629,281
-
1,945,652,102
5,488,147
NON-CURRENT LIABITIES
25,261,654
1,410,672,019
393,937,987
291,965,068
725,609,705
959,581,284
1,113,128,603
1,241,915,054
555,256,672
601,204,740
(59,229,410)
-58,056,579
2,753,965,211
4,447,281,586
Other non-current financial liabilities
22,163,958
1,042,430,478
38,637,260
44,052,205
424,551,031
627,845,559
1,012,352,174
1,162,494,911
349,592,169
412,274,375
Trade and other non-current payables
3,711,078
249,256,884
120,587,518
25,765,233
35,086,925
Non-current account payables to related companies
-
35,630,861
36,594,486
23,598,549
-
-
-
-
-
8,522,137
-
-
-
Other long-current provisions
Deferred tax liabilities
27,969,934
10,544,604
8,468,074
132,216,036
152,802,156
36,538,802
4,100,860
4,548,842
3,902,817
255,156,048
46,358,947
31,236,466
15,701,628
18,454,634
-
-
169,844,040
173,514,336
Non-current provisions for employee benefits
3,097,696
56,333,817
13,509,431
12,825,808
103,777,228
122,729,879
64,237,627
75,319,283
2,648,492
2,721,625
Other non-current non-financial liabilities
25,070,664
-
38,200,511
-
2,662,131
-
-
20,100,992
8,791,587
-
-
-
-
1,847,296,592
3,289,097,528
283,544,254
159,385,521
(59,229,410)
-36,594,486
-
-
-
-
-
-
-
-
-
183,848,284
197,243,841
231,904,615
478,361,484
187,270,474
269,930,412
-21,462,093
20,100,992
53,262,800
-
-
-
-
-
-
-
EQUITY
9,385,940,651
9,454,038,042
279,335,990
131,263,227
1,442,654,270
1,743,301,085
1,325,518,745
1,219,979,630
1,003,886,507
966,489,192
(5,247,527,783)
-5,235,852,430
8,189,808,380
8,279,218,746
Equity attributable to shareholders of Enersis Américas
9,385,940,651
9,454,038,042
279,335,990
131,263,227
1,442,654,270
1,743,301,085
1,325,518,745
1,219,979,630
1,003,886,507
966,489,192
(5,247,527,783)
-5,235,852,430
6,026,149,285
6,201,976,047
Issued capital
Retained earnings
Share premium
Other reserves
8,275,947,660
8,284,164,467
157,658,399
206,381,462
216,661,867
216,324,676
149,451,431
170,397,032
484,427,384
298,376,352
(3,479,698,755)
-3,371,196,003
5,804,447,986
5,804,447,986
3,903,767,587
3,545,928,591
24,530,244
(151,386,397)
144,278,288
206,870,339
322,708,452
145,279,263
66,656,282
278,207,618
(1,081,279,330)
-973,164,969
3,380,661,523
3,051,734,445
206,574,859
206,574,859
535,555,881
684,112,119
2,981,182
3,398,995
49,641
590,505
(745,161,563)
-894,676,478
-
-
(3,000,349,455)
(2,582,629,875)
97,147,347
76,268,162
546,158,234
635,993,951
850,377,680
900,904,340
452,753,200
389,314,717
58,611,865
3,185,020
(3,158,960,224)
(2,654,206,384)
Non-controlling interests
-
-
-
-
-
-
-
-
-
-
2,163,659,095
2,077,242,699
Total Liabilities and Equity
11,625,910,361
11,609,553,667
1,324,204,948
1,342,498,957
2,817,539,964
3,182,167,015
3,028,047,945
3,290,456,293
1,872,967,104
1,837,277,633
(5,219,515,931)
(5,340,631,249)
15,449,154,391
15,921,322,316
-
-
-
-
-
-
-
-
-
The eliminations column corresponds to transactions between companies in different lines of business and
country, primarily purchases and sales of energy and services.
495
Consolidated Financial Statements
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
28,286,939
(213,316,229)
(118,899,075)
294,770,272
124,314,454
170,455,818
251,121,762
86,576,973
164,544,789
246,615,814
98,281,675
148,334,139
(38,921,033)
(179,258,559)
(167,275,748)
(33,061,726)
(172,288,757)
(226,963,846)
(30,027,336)
(149,082,277)
(146,862,689)
(9,266,040)
(13,630,068)
(11,007,801)
3,332,971
2,560,023
(6,566,225)
-
(6,566,225)
876,554
707,468
169,086
979,875
4,642,268
768,433
3,873,835
18,603,031
13,228,981
5,374,050
(78,795,617)
(6,395,703)
(99,009,223)
-
(1,044,391)
1,520,289
(2,564,680)
120,697
-
120,697
18,522,711
11,698,193
6,824,518
(68,989,288)
(6,801,893)
(71,666,970)
-
375,014
843,353
(468,339)
932,917
381,011
-
381,011
4,305,859
1,976,131
2,329,728
(31,497,335)
(6,137,221)
(17,586,333)
(7,773,781)
3,921,832
2,132,408
1,789,424
(23,435,746)
(6,589,317)
(17,194,239)
347,810
3,522,291
1,670,958
1,851,333
(25,479,239)
(5,430,614)
(14,116,129)
(5,932,496)
-
-
-
-
-
-
746,944
93,547
723,159
746,944
93,547
723,159
752,621
2,561,038
10,037,527
6,394,711
3,642,816
(78,846,539)
(8,596,624)
(98,156,546)
1,460,312
3,433,799
(1,973,487)
(238,818)
(238,818)
-
-
-
-
-
-
-
Country
STATEMENT OF COMPREHENSIVE INCOME
REVENUE
Revenue
Energy sales
Other sales
Other services rendered
Other operating income
RAW MATERIALS AND CONSUMABLES USED
Energy purchases
Fuel consumption
Transportation expense
Other miscellaneous supplies and services
12-31-2015
ThCh$
4,346,811
4,342,565
-
-
4,342,565
4,246
-
-
-
-
-
Chile
12-31-2014
5,160,988
5,160,988
-
-
5,160,988
-
-
-
-
-
-
12-31-2013
ThCh$
2,900,505
2,900,505
-
-
2,900,505
-
12-31-2015
ThCh$
817,366,617
435,789,546
379,092,257
460,133
56,237,156
381,577,071
Argentina
12-31-2014
ThCh$
538,871,174
346,911,584
280,176,215
523,507
66,211,862
191,959,590
12-31-2013
ThCh$
702,356,329
406,515,531
361,705,469
361,681
44,448,381
295,840,798
12-31-2015
ThCh$
2,013,355,544
1,782,667,222
1,626,946,066
16,073,260
139,647,896
230,688,322
Brazil
12-31-2014
ThCh$
2,266,459,965
2,081,466,805
1,923,078,033
16,820,481
141,568,291
184,993,160
12-31-2013
ThCh$
1,867,480,092
1,695,610,134
1,553,473,683
6,569,786
135,566,665
171,869,958
12-31-2015
ThCh$
Colombia
12-31-2014
ThCh$
12-31-2013
ThCh$
1,568,088,010
1,601,692,843
1,312,563,123
1,551,589,289
1,590,209,560
1,270,600,838
1,415,825,122
1,445,643,276
1,176,055,779
7,508,473
128,255,694
16,498,721
492,002
144,074,282
11,483,283
3,280,645
91,264,414
41,962,285
12-31-2015
ThCh$
902,656,878
897,613,346
802,518,254
16,606,185
78,488,907
5,043,532
Peru
12-31-2014
ThCh$
796,341,810
784,863,792
701,058,885
16,384,949
67,419,958
11,478,018
12-31-2013
ThCh$
643,503,677
604,015,741
560,310,262
8,823,805
34,881,674
39,487,936
12-31-2015
ThCh$
(4,374,282)
(4,356,658)
(4,356,658)
(17,624)
Eliminations
12-31-2014
ThCh$
(2,156,992)
(2,156,992)
(122,447)
(2,034,545)
12-31-2013
ThCh$
(655,857)
(647,397)
(201,948)
(445,449)
(8,460)
12-31-2015
ThCh$
Total
12-31-2014
ThCh$
12-31-2013
ThCh$
5,301,439,578
5,206,369,788
4,528,147,869
4,667,645,310
4,806,455,737
3,978,995,352
4,224,381,699
4,349,833,962
3,651,343,245
40,648,051
402,615,560
633,794,268
34,220,939
422,400,836
399,914,051
19,035,917
308,616,190
549,152,517
-
-
-
-
-
(207,711,417)
(157,071,520)
(39,487,378)
(1,603,737)
(9,548,782)
(209,270,232)
(165,988,305)
(31,350,429)
(2,887,611)
(9,043,887)
(225,811,105)
(186,778,094)
(25,889,830)
(3,021,027)
(10,122,154)
(1,385,921,253)
(992,325,912)
(61,626,347)
(74,851,323)
(257,117,671)
(1,405,383,543)
(1,041,607,105)
(58,409,123)
(93,644,111)
(211,723,204)
(1,082,324,727)
(616,825,105)
(51,277,737)
(72,787,402)
(341,434,483)
(727,204,325)
(467,945,400)
(62,987,536)
(122,810,084)
(73,461,305)
(634,092,249)
(389,379,482)
(33,015,871)
(130,555,197)
(81,141,699)
(489,477,523)
(282,064,565)
(34,870,502)
(114,719,080)
(57,823,376)
(456,364,517)
(271,677,147)
(94,012,661)
(43,444,677)
(47,230,032)
(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)
3,103,553
3,056,025
3,962,147
(1,885,916,426)
(1,824,002,786)
(1,252,146,609)
(2,777,201,512)
(2,631,669,436)
(2,090,267,302)
(3,103,553)
(3,056,025)
(3,962,147)
(258,113,922)
(245,813,374)
(387,357,790)
(205,534,394)
(265,185,382)
(336,946,874)
(174,504,021)
(216,858,693)
(446,757,979)
CONTRIBUTION MARGIN
4,346,811
5,160,988
2,900,505
609,655,200
329,600,942
476,545,224
627,434,291
861,076,422
785,155,365
840,883,685
967,600,594
823,085,600
446,292,361
413,418,398
350,849,730
(4,374,282)
(2,156,992)
(655,857)
2,524,238,066
2,574,700,352
2,437,880,567
Other works performed by the entity and
capitalized
Employee benefits expense
Other expenses
-
-
-
38,651,134
27,871,088
21,102,202
10,165,042
12,046,728
13,877,942
9,792,909
10,209,703
8,810,875
4,859,848
3,969,512
3,343,451
3,632,336
1,673,387
67,101,269
55,770,418
47,134,470
(6,198,154)
(8,580,775)
(4,663,987)
(904,591)
(3,678,384)
(1,203,116)
(282,962,098)
(160,072,998)
(182,617,639)
(150,390,844)
(154,686,547)
(138,909,307)
(99,652,482)
(176,649,576)
(107,989,443)
(169,097,432)
(100,646,528)
(147,251,809)
(57,583,893)
(85,846,339)
(55,772,427)
(91,510,241)
(51,593,413)
(75,777,792)
(41,301,520)
(58,121,007)
(38,624,977)
(52,309,761)
(34,963,324)
(43,261,744)
741,946
483,605
655,857
(487,698,147)
(488,528,749)
(389,668,473)
(463,729,264)
(345,568,196)
(405,747,911)
GROSS OPERATING RESULTS
(10,432,118)
(407,590)
(1,980,995)
205,271,238
24,463,547
204,051,572
361,297,275
596,036,275
551,134,970
707,246,362
830,527,629
704,525,270
351,729,682
326,453,172
275,968,113
1,615,112,439
1,777,073,033
1,733,698,930
Depreciation and amortization expense
Impairment losses (reversal of impairment
losses) recognized in profit or loss
-
-
-
-
-
-
(48,164,380)
(34,457,311)
(39,649,323)
(93,577,654)
(126,219,710)
(111,980,732)
(98,604,705)
(115,830,740)
(99,481,692)
(80,195,458)
(74,234,989)
(64,854,394)
(2,289,187)
(2,641,255)
(7,740,546)
(31,029,774)
(29,563,651)
(51,248,898)
(189,779)
(3,189,097)
(160,633)
(6,303,016)
(2,935,939)
(7,514,899)
(320,542,197)
(350,742,750)
(315,966,141)
(39,811,756)
(38,329,942)
(66,664,976)
OPERATING INCOME
(10,432,118)
-407,590
-1,980,995
154,817,671
-12,635,019
156,661,703
236,689,847
440,252,914
387,905,340
608,451,878
711,507,792
604,882,945
265,231,208
249,282,244
203,598,820
-
-
1,254,758,486
1,388,000,341
1,351,067,813
FINANCIAL RESULTS
Financial income
Cash and cash equivalents
Other Financial income
Financial costs
Bank borrowings
Secured and unsecured obligations
Other
Profits (losses) 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
(1,613,675)
23,085,427
23,058,503
26,924
(23,676,545)
(974)
(14,045,548)
(9,630,023)
2,287,603
37,359,473
27,551,155
9,808,318
(22,139,600)
-
(12,984,782)
(9,154,818)
6,103,492
43,272,796
42,998,291
274,505
(39,818,432)
-
(24,441,840)
(15,376,592)
130,614,694
141,071,582
76,904,478
64,167,104
(111,418,295)
(6,430,781)
(104,987,514)
(39,636,349)
112,698,022
4,063,184
108,634,838
(90,124,247)
(11,090,608)
-
(79,033,639)
(94,354,565)
37,262,480
4,491,672
32,770,808
(73,869,756)
(13,824,240)
-
(60,045,516)
708,538
118,746,948
15,980,631
102,766,317
(142,493,697)
(17,755,433)
(49,470,132)
(75,268,132)
(127,456,000)
88,275,167
39,601,245
48,673,922
(227,554,883)
(8,986,098)
(43,100,513)
(175,468,272)
34,677,521
146,393,325
37,422,561
108,970,764
(120,173,373)
(3,970,589)
(38,857,338)
(77,345,446)
(9,266,040)
(13,630,068)
(11,007,801)
-
-
-
-
-
(67,348,700)
(61,236,977)
(50,091,563)
(34,073,918)
(23,920,963)
(26,555,488)
(2,477,071)
36,646,457
(9,735,763)
11,321,528
(2,357,789)
(2,477,071)
2,477,071
(9,735,763)
9,735,764
(2,357,789)
2,357,786
(385,455,340)
(432,314,329)
(325,972,302)
27,906,631
26,609,309
9,479,575
2,477,071
9,735,764
2,357,786
8,243,483
61,064,473
(52,820,990)
697,798
73,497,873
(72,800,075)
13,656,929
61,012,638
(47,355,709)
100,961,407
193,605,073
(92,643,666)
(62,210,124)
17,360,161
(79,570,285)
(57,747,289)
19,539,712
(77,287,001)
(132,598)
(35,735)
-
-
-
-
-
-
4,725
42,761
42,761
2,712,948
(315,656)
-
-
(315,656)
34,720
662,310
707,468
(45,158)
42,233
733,526
725,672
7,854
(6,758,695)
24,455,287
51,717,523
(27,262,236)
-
(6,758,695)
-
11,823,716
16,882,667
(5,058,951)
-
-
-
-
8,457,569
14,637,824
(6,180,255)
-
2,761,811
-
2,761,811
(6,882,442)
3,435,721
(10,318,163)
(4,407,049)
3,950,172
(8,357,221)
(4,598,540)
4,238,355
(8,836,895)
(38,247,318)
38,247,318
36,646,456
(11,842,150)
48,488,606
11,321,531
(13,833,193)
128,238,047
275,009,271
(18,493,594)
101,369,012
(28,534,786)
86,438,689
25,154,724
(146,771,224)
(119,862,606)
(114,973,475)
Income before tax
(12,178,391)
1,844,278
4,169,983
287,829,657
(51,574,338)
63,082,897
230,639,690
312,796,914
425,344,672
541,616,981
652,952,550
556,105,310
231,904,234
225,454,828
177,766,491
36,646,457
11,321,528
1,279,812,171
1,178,120,689
1,237,790,881
Income tax
(93,756,951)
(61,135,766)
(91,027,164)
(79,403,591)
(25,322,535)
(19,375,904)
(73,751,149)
(83,386,302)
(98,554,883)
(205,841,587)
(208,404,127)
(181,812,587)
(70,909,934)
(52,343,302)
(51,684,805)
(523,663,212)
(430,592,032)
(442,455,343)
Net income from continuing operations
Net income from discontinued operations
Net Income
(105,935,342)
388,320,526
282,385,184
(59,291,488)
281,941,071
222,649,583
(86,857,181)
318,065,208
231,208,027
208,426,066
-
208,426,066
(76,896,873)
-
(76,896,873)
43,706,993
43,706,993
156,888,541
-
156,888,541
229,410,612
326,789,789
335,775,394
444,548,423
374,292,723
160,994,300
173,111,526
126,081,686
36,646,457
11,321,528
756,148,959
388,320,526
747,528,657
281,941,071
795,335,538
318,065,208
229,410,612
326,789,789
335,775,394
444,548,423
374,292,723
160,994,300
173,111,526
126,081,686
36,646,457
11,321,528
1,144,469,485
1,029,469,728
1,113,400,746
STATEMENT OF CASH FLOWS
Country
12-31-2015
ThCh$
Chile
12-31-2014
12-31-2013
ThCh$
12-31-2015
ThCh$
Argentina
12-31-2014
ThCh$
12-31-2013
ThCh$
12-31-2015
ThCh$
Brazil
12-31-2014
ThCh$
12-31-2013
ThCh$
12-31-2015
ThCh$
Colombia
12-31-2014
ThCh$
12-31-2013
ThCh$
12-31-2015
ThCh$
Peru
12-31-2014
ThCh$
12-31-2013
ThCh$
12-31-2015
ThCh$
Eliminations
12-31-2014
ThCh$
12-31-2013
ThCh$
12-31-2015
ThCh$
Total
12-31-2014
12-31-2013
Net cash flows from (used in) operating
activities
Net cash flows from (used in) investing
activities
Net cash flows from (used in) financing
activities
549,960,852
203,323,918
430,172,279
349,787,261
267,157,901
171,169,106
266,234,483
412,841,873
448,374,315
489,849,453
582,492,679
478,582,963
276,916,200
239,070,342
175,327,834
(9,297,647)
(6,848,719)
(2,650,853)
1,923,450,602
1,698,037,994
1,700,975,644
40,279,970
956,586,408
(283,356,920)
(287,437,006)
(236,905,557)
(164,720,608)
(266,497,586)
(142,166,536)
(185,875,967)
(271,946,454)
(202,123,930)
(229,211,864)
(156,966,672)
(75,195,327)
(63,697,550)
(272,731,300)
(599,882,048)
(297,024,180)
(1,215,299,048)
(299,686,990)
(1,223,887,089)
(603,778,788)
(1,096,385,941)
565,999,553
(28,362,528)
(28,140,190)
(4,113,277)
(78,409,908)
(326,502,619)
(199,139,356)
(425,470,875)
(320,548,584)
(220,291,845)
(206,144,926)
(118,613,377)
(105,415,120)
281,952,646
606,731,048
299,725,401
(1,060,214,379)
(1,283,459,663)
336,765,356
The eliminations column corresponds to transactions between companies in different lines of business and
country, primarily purchases and sales of energy and services.
496
2015 Annual Report Enersis
Argentina
Brazil
Chile
5,160,988
5,160,988
12-31-2015
12-31-2014
12-31-2013
12-31-2015
12-31-2014
12-31-2013
12-31-2015
12-31-2014
12-31-2013
ThCh$
4,346,811
4,342,565
4,342,565
4,246
ThCh$
2,900,505
2,900,505
ThCh$
817,366,617
435,789,546
379,092,257
ThCh$
538,871,174
346,911,584
ThCh$
ThCh$
ThCh$
ThCh$
702,356,329
2,013,355,544
2,266,459,965
1,867,480,092
406,515,531
1,782,667,222
2,081,466,805
1,695,610,134
280,176,215
361,705,469
1,626,946,066
1,923,078,033
1,553,473,683
5,160,988
2,900,505
56,237,156
66,211,862
44,448,381
460,133
523,507
361,681
381,577,071
191,959,590
295,840,798
230,688,322
16,073,260
139,647,896
16,820,481
141,568,291
184,993,160
6,569,786
135,566,665
171,869,958
(207,711,417)
(209,270,232)
(225,811,105)
(1,385,921,253)
(1,405,383,543)
(1,082,324,727)
(157,071,520)
(165,988,305)
(186,778,094)
(992,325,912)
(1,041,607,105)
(616,825,105)
(39,487,378)
(31,350,429)
(25,889,830)
(1,603,737)
(9,548,782)
(2,887,611)
(9,043,887)
(3,021,027)
(10,122,154)
(61,626,347)
(74,851,323)
(58,409,123)
(93,644,111)
(51,277,737)
(72,787,402)
(257,117,671)
(211,723,204)
(341,434,483)
12-31-2015
ThCh$
1,568,088,010
1,551,589,289
1,415,825,122
7,508,473
128,255,694
16,498,721
(727,204,325)
(467,945,400)
(62,987,536)
(122,810,084)
(73,461,305)
Colombia
12-31-2014
ThCh$
1,601,692,843
1,590,209,560
1,445,643,276
492,002
144,074,282
11,483,283
(634,092,249)
(389,379,482)
(33,015,871)
(130,555,197)
(81,141,699)
12-31-2013
ThCh$
1,312,563,123
1,270,600,838
1,176,055,779
3,280,645
91,264,414
41,962,285
(489,477,523)
(282,064,565)
(34,870,502)
(114,719,080)
(57,823,376)
12-31-2015
ThCh$
902,656,878
897,613,346
802,518,254
16,606,185
78,488,907
5,043,532
Peru
12-31-2014
ThCh$
796,341,810
784,863,792
701,058,885
16,384,949
67,419,958
11,478,018
12-31-2013
ThCh$
643,503,677
604,015,741
560,310,262
8,823,805
34,881,674
39,487,936
(456,364,517)
(271,677,147)
(94,012,661)
(43,444,677)
(47,230,032)
(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)
12-31-2015
ThCh$
(4,374,282)
(4,356,658)
-
-
(4,356,658)
(17,624)
-
3,103,553
-
(3,103,553)
-
Eliminations
12-31-2014
ThCh$
(2,156,992)
(2,156,992)
(122,447)
-
(2,034,545)
-
-
3,056,025
-
(3,056,025)
-
12-31-2013
ThCh$
(655,857)
(647,397)
(201,948)
-
(445,449)
(8,460)
-
3,962,147
-
(3,962,147)
-
12-31-2015
ThCh$
5,301,439,578
4,667,645,310
4,224,381,699
40,648,051
402,615,560
633,794,268
Total
12-31-2014
ThCh$
5,206,369,788
4,806,455,737
4,349,833,962
34,220,939
422,400,836
399,914,051
12-31-2013
ThCh$
4,528,147,869
3,978,995,352
3,651,343,245
19,035,917
308,616,190
549,152,517
(2,777,201,512)
(1,885,916,426)
(258,113,922)
(245,813,374)
(387,357,790)
(2,631,669,436)
(1,824,002,786)
(205,534,394)
(265,185,382)
(336,946,874)
(2,090,267,302)
(1,252,146,609)
(174,504,021)
(216,858,693)
(446,757,979)
CONTRIBUTION MARGIN
4,346,811
5,160,988
2,900,505
609,655,200
329,600,942
476,545,224
627,434,291
861,076,422
785,155,365
840,883,685
967,600,594
823,085,600
446,292,361
413,418,398
350,849,730
(4,374,282)
(2,156,992)
(655,857)
2,524,238,066
2,574,700,352
2,437,880,567
(6,198,154)
(8,580,775)
(4,663,987)
(904,591)
(3,678,384)
(282,962,098)
(182,617,639)
(154,686,547)
(99,652,482)
(107,989,443)
(100,646,528)
(1,203,116)
(160,072,998)
(150,390,844)
(138,909,307)
(176,649,576)
(169,097,432)
(147,251,809)
(57,583,893)
(85,846,339)
(55,772,427)
(91,510,241)
(51,593,413)
(75,777,792)
(41,301,520)
(58,121,007)
(38,624,977)
(52,309,761)
(34,963,324)
(43,261,744)
-
741,946
-
483,605
-
655,857
(487,698,147)
(488,528,749)
(389,668,473)
(463,729,264)
(345,568,196)
(405,747,911)
-
38,651,134
27,871,088
21,102,202
10,165,042
12,046,728
13,877,942
9,792,909
10,209,703
8,810,875
4,859,848
3,969,512
3,343,451
3,632,336
1,673,387
-
67,101,269
55,770,418
47,134,470
GROSS OPERATING RESULTS
(10,432,118)
(407,590)
(1,980,995)
205,271,238
24,463,547
204,051,572
361,297,275
596,036,275
551,134,970
707,246,362
830,527,629
704,525,270
351,729,682
326,453,172
275,968,113
(48,164,380)
(34,457,311)
(39,649,323)
(93,577,654)
(126,219,710)
(111,980,732)
(98,604,705)
(115,830,740)
(99,481,692)
(80,195,458)
(74,234,989)
(64,854,394)
(2,289,187)
(2,641,255)
(7,740,546)
(31,029,774)
(29,563,651)
(51,248,898)
(189,779)
(3,189,097)
(160,633)
(6,303,016)
(2,935,939)
(7,514,899)
OPERATING INCOME
(10,432,118)
-407,590
-1,980,995
154,817,671
-12,635,019
156,661,703
236,689,847
440,252,914
387,905,340
608,451,878
711,507,792
604,882,945
265,231,208
249,282,244
203,598,820
-
-
-
-
-
-
-
-
-
-
1,615,112,439
1,777,073,033
1,733,698,930
(320,542,197)
(350,742,750)
(315,966,141)
(39,811,756)
(38,329,942)
(66,664,976)
-
1,254,758,486
1,388,000,341
1,351,067,813
Country
STATEMENT OF COMPREHENSIVE INCOME
REVENUE
Revenue
Energy sales
Other sales
Other services rendered
Other operating income
Energy purchases
Fuel consumption
Transportation expense
RAW MATERIALS AND CONSUMABLES USED
Other miscellaneous supplies and services
Other works performed by the entity and
capitalized
Employee benefits expense
Other expenses
Depreciation and amortization expense
Impairment losses (reversal of impairment
losses) recognized in profit or loss
FINANCIAL RESULTS
Financial income
Cash and cash equivalents
Other Financial income
Financial costs
Bank borrowings
Secured and unsecured obligations
Profits (losses) from indexed assets and
Foreign currency exchange differences
Other
liabilities
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
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
(1,613,675)
23,085,427
23,058,503
26,924
(974)
(14,045,548)
(9,630,023)
2,287,603
37,359,473
27,551,155
9,808,318
6,103,492
130,614,694
(39,636,349)
(94,354,565)
708,538
(127,456,000)
141,071,582
112,698,022
43,272,796
42,998,291
274,505
76,904,478
64,167,104
37,262,480
4,491,672
32,770,808
118,746,948
15,980,631
102,766,317
88,275,167
39,601,245
48,673,922
(23,676,545)
(22,139,600)
(39,818,432)
(111,418,295)
(73,869,756)
(142,493,697)
(227,554,883)
(120,173,373)
(12,984,782)
(9,154,818)
(24,441,840)
(15,376,592)
(9,266,040)
(13,630,068)
(11,007,801)
-
(6,430,781)
(13,824,240)
(17,755,433)
(49,470,132)
(8,986,098)
(43,100,513)
(104,987,514)
(79,033,639)
(60,045,516)
(75,268,132)
(175,468,272)
8,243,483
61,064,473
697,798
73,497,873
13,656,929
61,012,638
100,961,407
(62,210,124)
(57,747,289)
193,605,073
17,360,161
(52,820,990)
(72,800,075)
(47,355,709)
(92,643,666)
(79,570,285)
24,455,287
51,717,523
(27,262,236)
11,823,716
16,882,667
(5,058,951)
4,063,184
108,634,838
(90,124,247)
(11,090,608)
(132,598)
(35,735)
4,725
42,761
42,761
2,712,948
(315,656)
34,720
662,310
707,468
(45,158)
-
(315,656)
7,854
(6,758,695)
(6,758,695)
34,677,521
146,393,325
37,422,561
108,970,764
(3,970,589)
(38,857,338)
(77,345,446)
8,457,569
14,637,824
(6,180,255)
-
-
2,761,811
2,761,811
-
-
-
-
-
-
-
19,539,712
(77,287,001)
42,233
733,526
725,672
-
-
-
-
-
-
-
-
-
-
(34,073,918)
4,305,859
1,976,131
2,329,728
(31,497,335)
(6,137,221)
(17,586,333)
(7,773,781)
(23,920,963)
3,921,832
2,132,408
1,789,424
(23,435,746)
(6,589,317)
(17,194,239)
347,810
(26,555,488)
3,522,291
1,670,958
1,851,333
(25,479,239)
(5,430,614)
(14,116,129)
(5,932,496)
-
(2,477,071)
36,646,457
(9,735,763)
11,321,528
(2,357,789)
(2,477,071)
2,477,071
(9,735,763)
9,735,764
(2,357,789)
2,357,786
2,477,071
9,735,764
2,357,786
28,286,939
294,770,272
124,314,454
170,455,818
(385,455,340)
(38,921,033)
(179,258,559)
(167,275,748)
(213,316,229)
251,121,762
86,576,973
164,544,789
(432,314,329)
(33,061,726)
(172,288,757)
(226,963,846)
(118,899,075)
246,615,814
98,281,675
148,334,139
(325,972,302)
(30,027,336)
(149,082,277)
(146,862,689)
-
-
-
-
-
(9,266,040)
(13,630,068)
(11,007,801)
(6,882,442)
3,435,721
(10,318,163)
(4,407,049)
3,950,172
(8,357,221)
(4,598,540)
4,238,355
(8,836,895)
-
(38,247,318)
38,247,318
36,646,456
(11,842,150)
48,488,606
11,321,531
(13,833,193)
25,154,724
128,238,047
275,009,271
(146,771,224)
(18,493,594)
101,369,012
(119,862,606)
(28,534,786)
86,438,689
(114,973,475)
Income before tax
(12,178,391)
1,844,278
4,169,983
287,829,657
(51,574,338)
63,082,897
230,639,690
312,796,914
425,344,672
541,616,981
652,952,550
556,105,310
231,904,234
225,454,828
177,766,491
Income tax
(93,756,951)
(61,135,766)
(91,027,164)
(79,403,591)
(25,322,535)
(19,375,904)
(73,751,149)
(83,386,302)
(98,554,883)
(205,841,587)
(208,404,127)
(181,812,587)
(70,909,934)
(52,343,302)
(51,684,805)
Net income from continuing operations
(105,935,342)
(59,291,488)
(86,857,181)
208,426,066
(76,896,873)
43,706,993
156,888,541
229,410,612
326,789,789
Net income from discontinued operations
281,941,071
318,065,208
388,320,526
282,385,184
Net Income
222,649,583
231,208,027
208,426,066
(76,896,873)
43,706,993
156,888,541
229,410,612
326,789,789
335,775,394
-
335,775,394
444,548,423
374,292,723
444,548,423
374,292,723
160,994,300
-
160,994,300
173,111,526
126,081,686
173,111,526
126,081,686
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
3,332,971
2,560,023
(6,566,225)
-
(6,566,225)
876,554
707,468
169,086
979,875
4,642,268
768,433
3,873,835
36,646,457
11,321,528
1,279,812,171
1,178,120,689
1,237,790,881
-
(523,663,212)
(430,592,032)
(442,455,343)
36,646,457
-
36,646,457
11,321,528
11,321,528
756,148,959
388,320,526
1,144,469,485
747,528,657
281,941,071
1,029,469,728
795,335,538
318,065,208
1,113,400,746
(67,348,700)
10,037,527
6,394,711
3,642,816
(78,846,539)
(8,596,624)
(98,156,546)
27,906,631
(61,236,977)
18,603,031
13,228,981
5,374,050
(78,795,617)
(6,395,703)
(99,009,223)
26,609,309
-
-
1,460,312
3,433,799
(1,973,487)
(1,044,391)
1,520,289
(2,564,680)
752,621
2,561,038
(238,818)
-
(238,818)
120,697
-
120,697
(50,091,563)
18,522,711
11,698,193
6,824,518
(68,989,288)
(6,801,893)
(71,666,970)
9,479,575
-
375,014
843,353
(468,339)
932,917
381,011
-
381,011
-
746,944
-
746,944
-
93,547
-
93,547
-
723,159
-
723,159
STATEMENT OF CASH FLOWS
12-31-2015
12-31-2014
12-31-2013
12-31-2015
12-31-2014
12-31-2013
12-31-2015
12-31-2014
12-31-2013
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
Country
Chile
Argentina
Brazil
12-31-2015
ThCh$
Colombia
12-31-2014
ThCh$
12-31-2013
ThCh$
12-31-2015
ThCh$
Peru
12-31-2014
ThCh$
12-31-2013
ThCh$
12-31-2015
ThCh$
Eliminations
12-31-2014
ThCh$
12-31-2013
ThCh$
12-31-2015
ThCh$
Total
12-31-2014
12-31-2013
Net cash flows from (used in) operating
Net cash flows from (used in) investing
Net cash flows from (used in) financing
activities
activities
activities
549,960,852
203,323,918
430,172,279
349,787,261
267,157,901
171,169,106
266,234,483
412,841,873
448,374,315
489,849,453
582,492,679
478,582,963
276,916,200
239,070,342
175,327,834
(9,297,647)
(6,848,719)
(2,650,853)
1,923,450,602
1,698,037,994
1,700,975,644
40,279,970
956,586,408
(283,356,920)
(287,437,006)
(236,905,557)
(164,720,608)
(266,497,586)
(142,166,536)
(185,875,967)
(271,946,454)
(202,123,930)
(229,211,864)
(156,966,672)
(75,195,327)
(63,697,550)
(272,731,300)
(599,882,048)
(297,024,180)
(1,215,299,048)
(299,686,990)
(1,223,887,089)
(603,778,788)
(1,096,385,941)
565,999,553
(28,362,528)
(28,140,190)
(4,113,277)
(78,409,908)
(326,502,619)
(199,139,356)
(425,470,875)
(320,548,584)
(220,291,845)
(206,144,926)
(118,613,377)
(105,415,120)
281,952,646
606,731,048
299,725,401
(1,060,214,379)
(1,283,459,663)
336,765,356
The eliminations column corresponds to transactions between companies in different lines of business and
country, primarily purchases and sales of energy and services.
497
Consolidated Financial Statements
35.4 Generation and Transmission,
and Distribution by Country
a) Generation and Transmission
Line of business
Country
ASSETS
Chile
Argentina
Brazil
Colombia
Peru
Eliminations
Total
12-31-2015
12-31-2014
12-31-2015
12-31-2014
12-31-2015
12-31-2014
12-31-2015
12-31-2014
12-31-2015
12-31-2014
12-31-2015
12-31-2014
12-31-2015
12-31-2014
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
Generation and Transmission
CURRENT ASSETS
5,216,028,617
587,911,081
143,791,564
111,345,580
109,584,185
179,310,128
172,957,080
329,704,908
172,786,358
164,347,787
(1,840,838,256)
-114,094,932
3,974,309,548
1,258,524,552
Cash and cash equivalents
Other current financial assets
Other current non-financial assets
Trade and other current receivables
13,726,062
2,649,187
47
50,627,592
4,389,709
10,766,653
15,361
317,283,266
Current accounts receivable from related companies
28,482,912
113,265,863
Inventories
Current tax assets
-
-
36,871,184
44,701,761
21,513,878
20,268,881
-
1,458,900
91,879,708
24,188,529
2,707,246
2,043,303
-
2,909,678
55,648,584
28,040,438
2,268,098
2,209,901
Non-current assets or disposal groups held for sale or held for
distribution to owners
5,171,155,048
10,005,053
-
-
NON-CURRENT ASSETS
34,135
4,509,737,795
514,526,563
376,359,459
377,376,503
465,167,544
1,807,828,818
1,787,224,362
903,328,613
918,279,644
467,827,511
-1,242,631,650
4,070,922,143
6,814,137,154
22,236,032
5,824,350
11,386,388
27,816,899
40,682,826
19,388
76,039,740
26,000,508
15,508,149
35,732,810
23,607,823
24,762
1,618,302
2,396,336
66,939,946
224,564,345
33,818,918
73,264,364
2,992,716
7,812,064
80,179,914
7,299,356
7,727,748
5,336
20,460,311
9,272,519
53,822,823
7,818,044
12,342,664
1,424,202
6,237,667
81,432,845
28,001,327
23,211,279
84,322
-
22,807,982
35,628,118
22,290,073
1,646,148
209,266
248,342
281,533,993
498,363,943
8,711,102
(58,956,778)
(104,338,221)
158,234,836
444,764,922
11,466,253
26,895,066
50,850,528
61,264,981
69,698,172
33,665,661
3,751,263
77,105,049
73,796,781
52,378,348
-
(1,782,090,744)
(10,005,053)
3,389,064,304
-
1
-
-
5,159,456
7,390,854
24,422,654
32,530,127
2,367,312
7,666,802
8,630,215
31,402,626
19,298,297
-
1
-
-
-
-
-
-
612,676
1,087,677
1,942,063
1,170,931
1,075,811
2,177,709
13,305
16,166
625,982
9,847,779
7,937,828
12,590,288
310,451,501
185,266,255
(24,422,654)
(31,402,626)
2,847,709
20,180,823
22,960,562
4,285,458
4,886,064
40,166,814
11,072,435
6,675,472
10,768,352
8,527,161
57,999,593
403,581,048
(1,322,024,225)
478,361,882
609,409,322
88,669,117
110,795,201
100,700,655
125,609,898
33,665,518
55,498,838
284,339,062
362,640,263
1,761,539,131
1,707,545,357
845,400,587
840,968,372
3,097,266,606
5,723,349,345
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
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
34,135
10,855,062
620,058
3,530,759
21,167,037
32,681,631
18,180,990
47,407,928
40,002,220
94,475,380
1,852,154,229
2,083,893
18,851,913
44,948
-
1,070,608
2,621,113,891
205,987,826
191,081,462
-
-
-
6,719,853
-
30,877
42,847
3,600,646
3,804,828
-
1,981,428
70,302
1,401,472
301,118,584
174,458,331
-
-
-
-
-
-
-
-
-
-
-
-
TOTAL ASSETS
5,216,062,752
5,097,648,876
658,318,127
487,705,039
486,960,688
644,477,672
1,980,785,898
2,116,929,270
1,076,114,971
1,082,627,431
(1,373,010,745)
(1,356,726,582)
8,045,231,691
8,072,661,706
The eliminations column corresponds to transactions between companies in different lines of business and
country, primarily purchases and sales of energy and services.
498
2015 Annual Report Enersis
35.4 Generation and Transmission,
and Distribution by Country
a) Generation and Transmission
Line of business
Country
ASSETS
Cash and cash equivalents
Other current financial assets
Other current non-financial assets
Trade and other current receivables
Inventories
Current tax assets
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Investments accounted for using the equity method
1,852,154,229
2,083,893
Other non-current financial assets
Other non-current non-financial assets
Trade and other non-current receivables
Non-current accounts receivable from related companies
Intangible assets other than goodwill
Goodwill
Property, plant and equipment
Investment property
Deferred tax assets
6,719,853
30,877
42,847
3,600,646
3,804,828
301,118,584
174,458,331
18,851,913
44,948
1,070,608
1,981,428
70,302
1,401,472
-
-
-
-
34,135
10,855,062
620,058
3,530,759
The eliminations column corresponds to transactions between companies in different lines of business and
country, primarily purchases and sales of energy and services.
CURRENT ASSETS
5,216,028,617
587,911,081
143,791,564
111,345,580
109,584,185
179,310,128
172,957,080
329,704,908
172,786,358
164,347,787
(1,840,838,256)
-114,094,932
3,974,309,548
1,258,524,552
12-31-2015
12-31-2014
12-31-2015
12-31-2014
12-31-2015
12-31-2014
12-31-2015
12-31-2014
12-31-2015
12-31-2014
12-31-2015
12-31-2014
12-31-2015
12-31-2014
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
Chile
Argentina
Brazil
Colombia
Peru
Eliminations
Total
Generation and Transmission
Current accounts receivable from related companies
28,482,912
113,265,863
13,726,062
2,649,187
47
50,627,592
4,389,709
10,766,653
15,361
317,283,266
36,871,184
44,701,761
21,513,878
20,268,881
1,458,900
91,879,708
24,188,529
2,707,246
2,043,303
2,909,678
55,648,584
28,040,438
2,268,098
2,209,901
22,236,032
5,824,350
11,386,388
27,816,899
40,682,826
19,388
76,039,740
26,000,508
15,508,149
35,732,810
23,607,823
24,762
1,618,302
2,396,336
66,939,946
224,564,345
33,818,918
73,264,364
2,992,716
7,812,064
80,179,914
7,299,356
7,727,748
5,336
20,460,311
9,272,519
53,822,823
7,818,044
12,342,664
1,424,202
-
6,237,667
81,432,845
28,001,327
23,211,279
84,322
-
22,807,982
35,628,118
-
-
-
-
-
-
158,234,836
444,764,922
11,466,253
26,895,066
50,850,528
61,264,981
209,266
248,342
281,533,993
498,363,943
8,711,102
(58,956,778)
(104,338,221)
22,290,073
1,646,148
-
-
-
-
69,698,172
33,665,661
3,751,263
77,105,049
73,796,781
52,378,348
Non-current assets or disposal groups held for sale or held for
distribution to owners
5,171,155,048
10,005,053
-
-
-
-
-
-
(1,782,090,744)
(10,005,053)
3,389,064,304
-
NON-CURRENT ASSETS
34,135
4,509,737,795
514,526,563
376,359,459
377,376,503
465,167,544
1,807,828,818
1,787,224,362
903,328,613
918,279,644
467,827,511
-1,242,631,650
4,070,922,143
6,814,137,154
1
5,159,456
7,390,854
24,422,654
32,530,127
2,367,312
-
1
7,666,802
8,630,215
31,402,626
19,298,297
612,676
1,087,677
1,942,063
-
-
1,170,931
1,075,811
2,177,709
-
-
2,847,709
20,180,823
22,960,562
-
4,285,458
4,886,064
13,305
16,166
-
-
-
-
-
-
-
-
-
-
-
-
625,982
9,847,779
7,937,828
12,590,288
310,451,501
185,266,255
(24,422,654)
(31,402,626)
-
-
40,166,814
11,072,435
6,675,472
57,999,593
403,581,048
(1,322,024,225)
478,361,882
609,409,322
10,768,352
8,527,161
-
-
33,665,518
55,498,838
88,669,117
110,795,201
100,700,655
125,609,898
2,621,113,891
205,987,826
191,081,462
284,339,062
362,640,263
1,761,539,131
1,707,545,357
845,400,587
840,968,372
-
-
-
-
21,167,037
32,681,631
18,180,990
47,407,928
-
-
-
-
-
-
-
-
-
-
3,097,266,606
5,723,349,345
-
-
40,002,220
94,475,380
TOTAL ASSETS
5,216,062,752
5,097,648,876
658,318,127
487,705,039
486,960,688
644,477,672
1,980,785,898
2,116,929,270
1,076,114,971
1,082,627,431
(1,373,010,745)
(1,356,726,582)
8,045,231,691
8,072,661,706
499
Consolidated Financial Statements
3,470,102
855,152
4,438,000
1,096,143
4,714,473
1,951,295
40,466,452
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
81,419,354
38,351,988
91,117,121
96,623,249
-
-
-
941,834,867
1,871,186,406
97,364,873
3,858,836
41,883,233
34,859,087
181,262,110
397,978,536
21,548,342
43,461,827
55,123,818
1,883,078,264
(48,543,708)
(31,686,032)
10,685,702
4,908,454
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Country
Chile
Argentina
Brazil
Colombia
Peru
Eliminations
Total
LIABILITIES AND EQUITY
12-31-2015
12-31-2014
12-31-2015
12-31-2014
12-31-2015
12-31-2014
12-31-2015
12-31-2014
12-31-2015
12-31-2014
12-31-2015
12-31-2014
12-31-2015
12-31-2014
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
CURRENT LIABILITIES
1,828,533,074
674,505,169
219,381,678
180,031,592
126,744,267
209,741,472
349,716,663
500,427,459
149,548,832
111,916,694
61,192,354
-54,269,042
2,735,116,868
1,622,353,344
Other current financial liabilities
Trade and other current payables
417,400
146,364,103
30,356,957
29,204,543
1,718,719
547,554
135,606,953
90,868,809
62,170,269
30,884,141
230,270,298
297,869,150
158,892
330,234,621
121,997,587
104,631,867
47,259,646
55,829,739
89,385,378
194,459,885
67,063,567
63,043,076
16,847,277
29,732,030
342,712,347
777,931,218
Current accounts payable to related companies
2,336
139,180,109
22,841,700
27,161,544
57,806,281
147,681,040
22,926,498
131,257,351
11,770,115
9,832,315
(10,778,741)
(84,001,072)
104,568,189
371,111,287
Generation and Transmission
Other current provisions
Current tax liabilities
Current provisions for employee benefits
Other non-current non-financial liabilities
-
-
-
-
-
16,313,502
Liabilities associated with groups of assets or disposal groups
held for sale or distribution to owners
1,827,954,446
-
-
-
-
-
11,530,375
-
10,932,577
2,744,275
666,299
31,480,257
41,441,159
6,836,964
19,959,621
2,213,037
28,563,318
55,331,792
1,153,023
761,199
72,379,364
24,071,622
6,295,715
2,681,490
NON-CURRENT LIABILITIES
199,807
1,060,892,738
218,971,414
154,168,284
34,180,263
8,446,341
831,187,905
883,041,284
277,281,858
322,944,470
(48,543,708)
-31,370,967
1,313,277,539
2,398,122,150
Other non-current financial liabilities
Trade and other non-current payables
Non-current account payables to related companies
Other long-term provisions
Deferred tax liabilities
-
-
-
-
-
778,135,168
38,637,260
44,052,205
3,711,078
94,453,409
89,968
-
35,630,861
36,594,486
25,161,118
-
-
232,045,128
46,358,947
31,236,466
3,012,998
2,421,880
781,500,274
862,784,448
118,684,335
183,792,705
2,911,464
23,598,549
57,790
4,657,252
5,571,273
32,991,300
465,509
4,234,681
3,661,187
134,903,163
134,696,942
Non-current provisions for employee benefits
199,807
18,882,217
3,890,937
3,994,647
16,696,331
19,791,327
761,267
793,636
Otros pasivos no financieros no Current
-
2,958,029
-
38,200,512
395,398
18,698,412
315,065
18,698,412
41,869,004
EQUITY
3,387,329,871
3,362,250,969
219,965,035
153,505,163
326,036,158
426,289,859
799,881,330
733,460,527
649,284,281
647,766,267
(1,385,659,391)
-1,271,086,573
3,996,837,284
4,052,186,212
Equity attributable to shareholders of Enersis Américas
3,387,329,871
3,362,250,969
219,965,035
153,505,163
326,036,158
426,289,859
799,881,330
733,460,527
649,284,281
647,766,267
(1,385,659,391)
-1,271,086,573
3,996,837,284
4,052,186,212
Issued capital
Retained earnings
Share premium
Other reserves
2,041,622,319
2,066,342,520
82,865,510
108,474,430
90,172,688
115,185,419
146,498,021
167,029,702
323,227,193
227,902,984
(1,207,662,870)
(1,172,172,225)
1,476,722,861
1,512,762,830
1,726,639,410
1,401,123,725
49,183,508
(19,153,229)
134,179,155
159,510,944
217,958,120
110,289,985
48,944,655
170,891,294
181,696,622
349,976,414
2,358,601,470
2,172,639,133
206,008,557
206,008,557
-
-
-
49,641
590,505
-
206,058,198
206,599,062
(586,940,415)
(311,223,833)
87,916,017
64,183,962
101,684,315
151,593,496
435,425,189
456,140,840
277,062,792
248,381,484
(359,693,143)
(448,890,762)
(44,545,245)
160,185,187
Total Liabilities and Equity
5,216,062,752
5,097,648,876
658,318,127
487,705,039
486,960,688
644,477,672
1,980,785,898
2,116,929,270
1,076,114,971
1,082,627,431
(1,373,010,745)
(1,356,726,582)
8,045,231,691
8,072,661,706
The eliminations column corresponds to transactions between companies in different lines of business and
country, primarily purchases and sales of energy and services.
500
2015 Annual Report Enersis
-
-
-
-
-
-
-
-
-
-
-
-
55,123,818
-
-
-
-
-
3,470,102
855,152
4,438,000
1,096,143
4,714,473
-
-
-
-
-
81,419,354
38,351,988
91,117,121
96,623,249
-
-
1,951,295
40,466,452
1,883,078,264
-
10,932,577
2,744,275
666,299
31,480,257
41,441,159
6,836,964
-
-
72,379,364
24,071,622
6,295,715
2,681,490
19,959,621
2,213,037
28,563,318
55,331,792
1,153,023
761,199
Country
Chile
Argentina
Brazil
Colombia
Peru
Eliminations
Total
CURRENT LIABILITIES
1,828,533,074
674,505,169
219,381,678
180,031,592
126,744,267
209,741,472
349,716,663
500,427,459
149,548,832
111,916,694
61,192,354
-54,269,042
2,735,116,868
1,622,353,344
Current accounts payable to related companies
2,336
139,180,109
22,841,700
27,161,544
57,806,281
147,681,040
22,926,498
131,257,351
11,770,115
9,832,315
(10,778,741)
(84,001,072)
104,568,189
371,111,287
417,400
146,364,103
30,356,957
29,204,543
1,718,719
547,554
135,606,953
90,868,809
62,170,269
30,884,141
-
-
230,270,298
297,869,150
158,892
330,234,621
121,997,587
104,631,867
47,259,646
55,829,739
89,385,378
194,459,885
67,063,567
63,043,076
16,847,277
29,732,030
342,712,347
777,931,218
12-31-2015
12-31-2014
12-31-2015
12-31-2014
12-31-2015
12-31-2014
12-31-2015
12-31-2014
12-31-2015
12-31-2014
12-31-2015
12-31-2014
12-31-2015
12-31-2014
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
Generation and Transmission
LIABILITIES AND EQUITY
Other current financial liabilities
Trade and other current payables
Other current provisions
Current tax liabilities
Current provisions for employee benefits
Other non-current non-financial liabilities
Other non-current financial liabilities
Trade and other non-current payables
Other long-term provisions
Deferred tax liabilities
Liabilities associated with groups of assets or disposal groups
held for sale or distribution to owners
1,827,954,446
-
-
-
-
-
-
-
-
-
-
16,313,502
11,530,375
-
-
778,135,168
38,637,260
44,052,205
3,711,078
94,453,409
89,968
25,161,118
232,045,128
46,358,947
31,236,466
-
-
-
-
-
-
-
-
-
-
The eliminations column corresponds to transactions between companies in different lines of business and
country, primarily purchases and sales of energy and services.
NON-CURRENT LIABILITIES
199,807
1,060,892,738
218,971,414
154,168,284
34,180,263
8,446,341
831,187,905
883,041,284
277,281,858
322,944,470
(48,543,708)
-31,370,967
1,313,277,539
2,398,122,150
Non-current account payables to related companies
-
35,630,861
36,594,486
Non-current provisions for employee benefits
199,807
18,882,217
3,890,937
3,994,647
Otros pasivos no financieros no Current
2,958,029
38,200,512
3,012,998
2,421,880
781,500,274
862,784,448
118,684,335
183,792,705
2,911,464
23,598,549
57,790
-
-
-
-
-
-
-
-
-
-
-
-
-
941,834,867
1,871,186,406
97,364,873
3,858,836
(48,543,708)
(31,686,032)
10,685,702
4,908,454
4,657,252
5,571,273
32,991,300
465,509
4,234,681
3,661,187
-
-
-
-
-
-
-
134,903,163
134,696,942
16,696,331
19,791,327
761,267
793,636
395,398
-
-
18,698,412
-
-
-
-
-
-
-
-
41,883,233
34,859,087
181,262,110
397,978,536
21,548,342
43,461,827
315,065
18,698,412
41,869,004
EQUITY
3,387,329,871
3,362,250,969
219,965,035
153,505,163
326,036,158
426,289,859
799,881,330
733,460,527
649,284,281
647,766,267
(1,385,659,391)
-1,271,086,573
3,996,837,284
4,052,186,212
Equity attributable to shareholders of Enersis Américas
3,387,329,871
3,362,250,969
219,965,035
153,505,163
326,036,158
426,289,859
799,881,330
733,460,527
649,284,281
647,766,267
(1,385,659,391)
-1,271,086,573
3,996,837,284
4,052,186,212
Issued capital
Retained earnings
Share premium
Other reserves
2,041,622,319
2,066,342,520
82,865,510
108,474,430
90,172,688
115,185,419
146,498,021
167,029,702
323,227,193
227,902,984
(1,207,662,870)
(1,172,172,225)
1,476,722,861
1,512,762,830
1,726,639,410
1,401,123,725
49,183,508
(19,153,229)
134,179,155
159,510,944
217,958,120
110,289,985
48,944,655
170,891,294
181,696,622
349,976,414
2,358,601,470
2,172,639,133
206,008,557
206,008,557
-
-
-
-
49,641
590,505
-
-
206,058,198
206,599,062
(586,940,415)
(311,223,833)
87,916,017
64,183,962
101,684,315
151,593,496
435,425,189
456,140,840
277,062,792
248,381,484
(359,693,143)
(448,890,762)
(44,545,245)
160,185,187
Total Liabilities and Equity
5,216,062,752
5,097,648,876
658,318,127
487,705,039
486,960,688
644,477,672
1,980,785,898
2,116,929,270
1,076,114,971
1,082,627,431
(1,373,010,745)
(1,356,726,582)
8,045,231,691
8,072,661,706
501
Consolidated Financial Statements
Country
Chile
Argentina
Brazil
Eliminations
Total
STATEMENT OF COMPREHENSIVE INCOME
REVENUE
Revenue
Energy sales
Other sales
Other services rendered
Other operating income
RAW MATERIALS AND CONSUMABLES USED
Energy purchases
Fuel consumption
Transportation expense
Other miscellaneous supplies and services
CONTRIBUTION MARGIN
Other works performed by the entity and
capitalized
Employee benefits expense
Other expenses
GROSS OPERATING RESULTS
Depreciation and amortization expense
Impairment losses (reversal of impairment
losses) recognized in profit or loss
OPERATING INCOME
FINANCIAL RESULTS
Financial income
Cash and cash equivalents
Other Financial income
Financial costs
Bank borrowings
Secured and unsecured obligations
Other
Profits (losses) 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
12-31-2015
12-31-2014
12-31-2013
12-31-2015
12-31-2014
12-31-2013
12-31-2015
12-31-2014
12-31-2013
12-31-2015
12-31-2014
12-31-2013
12-31-2015
12-31-2014
12-31-2013
12-31-2015
12-31-2014
12-31-2013
12-31-2015
12-31-2014
12-31-2013
ThCh$
4,082,290
4,082,290
-
-
4,082,290
-
-
-
-
-
-
4,082,290
ThCh$
5,160,988
5,160,988
-
-
5,160,988
-
-
-
-
-
-
5,160,988
ThCh$
3,102,453
3,102,453
-
-
3,102,453
-
-
-
-
-
-
3,102,453
ThCh$
212,136,445
157,348,898
118,064,590
-
39,284,308
54,787,547
(50,332,370)
(1,479,711)
(39,487,378)
(883,161)
(8,482,120)
161,804,075
ThCh$
167,629,542
124,403,558
75,488,280
-
48,915,278
43,225,984
(47,296,150)
(5,069,376)
(31,350,429)
(1,832,459)
(9,043,886)
120,333,392
ThCh$
173,767,878
138,071,697
109,113,647
-
28,958,050
35,696,181
(56,031,616)
(18,314,110)
(25,889,830)
(1,826,163)
(10,001,513)
117,736,262
ThCh$
305,829,811
305,829,811
250,599,834
-
55,229,977
-
(131,431,046)
(57,315,995)
(61,626,347)
(12,466,467)
(22,237)
174,398,765
ThCh$
437,032,601
437,032,601
369,739,130
-
67,293,471
-
(234,224,494)
(155,266,089)
(58,409,123)
(16,037,191)
(4,512,091)
202,808,107
ThCh$
349,612,268
349,355,959
286,300,194
-
63,055,765
256,309
(141,838,915)
(51,759,989)
(51,277,737)
(9,695,879)
(29,105,310)
207,773,353
-
-
-
3,949,935
4,717,343
2,994,025
1,029,091
843,966
798,621
5,344,745
5,763,278
5,001,430
431,498
550,306
461,664
3,632,336
1,673,387
14,387,605
13,548,280
9,255,740
(407,906)
(1,898,316)
1,776,068
(398,886)
(349,920)
4,412,182
(395,543)
(303,250)
2,403,660
(56,220,837)
(23,389,085)
86,144,088
(40,274,266)
(22,301,843)
62,474,626
(33,097,900)
(19,974,007)
67,658,380
(11,749,621)
(10,599,409)
153,078,826
(14,797,349)
(12,075,955)
176,778,769
(12,441,385)
(9,947,279)
186,183,310
(20,843,530)
(29,558,639)
(20,155,909)
(24,447,808)
(18,284,458)
(20,175,229)
(18,628,502)
(31,408,734)
(16,552,441)
(25,612,491)
(14,606,541)
(21,653,706)
412,046,148
494,084,841
401,480,606
213,768,610
208,373,278
167,668,785
309,909
361,158
484,995
(96,544,274)
(107,850,396)
(92,178,851)
(84,426,859)
(78,825,827)
(71,568,476)
866,813,740
946,123,696
825,394,741
-
-
1,776,068
530,715
78,056
78,056
-
(3,126,870)
3,126,870
(6,253,740)
-
-
-
4,412,182
(4,284,233)
443,158
443,158
-
(2,261,919)
-
-
(2,261,919)
-
-
2,403,660
11,086,035
389,747
159,945
229,802
(1,551,540)
-
-
(1,551,540)
(34,934,726)
(23,684,899)
(26,740,217)
(21,509,767)
(26,790,105)
(24,882,875)
(39,108,707)
(43,806,832)
(37,628,154)
(51,738,067)
(48,327,434)
(41,395,669)
-
(81,595)
(5,788,836)
(13,312)
(1,154,946)
(695,613)
(109,012)
(787,645)
76,227
(4,704,314)
(1,188,617)
(6,698,767)
51,209,362
133,277,754
75,454,262
75,357,320
96,942
(40,380,160)
(5,338,424)
-
(35,041,736)
38,708,132
(1,703,723)
83,671,357
3,480,928
80,190,429
(23,365,735)
(8,088,985)
-
(15,276,750)
35,129,327
(85,446,575)
4,244,643
3,943,498
301,145
(31,560,337)
(8,966,137)
-
(22,594,200)
131,555,747
22,320,357
10,178,944
7,132,537
3,046,407
(11,661,217)
(288,377)
-
(11,372,840)
148,833,718
19,658,005
23,653,993
12,088,079
11,565,914
(14,528,800)
(1,846,966)
(12,681,834)
160,604,822
15,184,608
19,932,499
11,073,482
8,859,017
(12,677,600)
(1,838,781)
-
(10,838,819)
-
-
-
-
-
-
-
-
-
3,579,529
15,185,792
(11,606,263)
(2,465,472)
13,428,723
(15,894,195)
12,247,828
20,015,266
(7,767,438)
98,203,652
188,314,172
(90,110,520)
(62,009,345)
15,924,492
(77,933,837)
(58,130,881)
18,008,939
(76,139,820)
23,802,630
44,422,294
(20,619,664)
10,532,812
15,287,550
(4,754,738)
7,929,709
13,724,429
(5,794,720)
-
-
-
-
-
-
-
-
2,678,513
42,761
42,761
(428,872)
-
-
(428,872)
-
662,310
707,468
(45,158)
-
733,526
725,672
7,854
-
-
-
-
-
-
-
-
-
-
-
-
Income before tax
2,306,783
127,949
13,532,456
186,736,757
37,666,719
(49,583,722)
153,876,104
168,491,723
175,789,430
332,845,961
414,973,136
337,292,434
141,078,541
146,265,252
107,295,520
11,024,799
4,146,888
816,844,146
778,549,578
588,473,006
Income tax
(40,617,049)
(27,760,379)
(21,650,895)
(78,511,077)
(28,903,711)
(7,294,916)
(53,206,799)
(39,386,507)
(25,337,026)
(120,949,697)
(126,151,738)
(106,503,562)
(42,320,367)
(32,191,266)
(31,842,461)
-
(335,604,989)
(254,393,601)
(192,628,860)
Net income from continuing operations
(38,310,266)
(27,632,430)
(8,118,439)
108,225,680
8,763,008
(56,878,638)
100,669,305
129,105,216
150,452,404
211,896,264
288,821,398
230,788,872
98,758,174
114,073,986
75,453,059
11,024,799
4,146,888
481,239,157
524,155,977
395,844,146
Net income from discontinued operations
223,831,259
123,226,510
179,048,751
-
-
-
-
223,831,259
123,226,510
179,048,751
Net Income
185,520,993
95,594,080
170,930,312
108,225,680
8,763,008
(56,878,638)
100,669,305
129,105,216
150,452,404
211,896,264
288,821,398
230,788,872
98,758,174
114,073,986
75,453,059
11,024,799
4,146,888
705,070,416
647,382,487
574,892,897
Country
Chile
Argentina
Brazil
Colombia
Peru
Eliminations
Total
STATEMENT OF CASH FLOWS
Net cash flows from (used in) operating
activities
Net cash flows from (used in) investing
activities
Net cash flows from (used in) financing
activities
12-31-2015
12-31-2014
12-31-2013
12-31-2015
12-31-2014
12-31-2013
12-31-2015
12-31-2014
12-31-2013
12-31-2015
12-31-2014
12-31-2013
12-31-2015
12-31-2014
12-31-2013
12-31-2015
12-31-2014
12-31-2013
12-31-2015
12-31-2014
12-31-2013
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
451,437,274
239,014,894
304,511,164
106,129,177
79,108,857
23,434,990
118,976,796
187,589,266
172,240,644
254,539,609
364,425,930
273,903,244
170,273,397
156,986,993
100,608,823
(2,617,119)
(407,289)
(529,831)
1,098,739,134
1,026,718,651
874,169,034
(132,211,583)
34,558,119
65,544,539
(78,645,571)
(56,312,879)
(38,876,836)
(4,610,998)
(24,096,560)
(6,217,205)
(159,371,575)
(185,214,366)
(125,834,718)
(56,503,902)
(18,336,629)
(8,773,627)
(114,333,695)
(107,704,873)
(80,477,575)
(545,677,324)
(357,107,188)
(194,635,422)
(320,808,291)
(281,839,416)
(319,365,277)
(20,192,869)
(18,507,611)
14,391,257
(159,800,756)
(122,230,027)
(203,692,092)
(259,847,758)
(151,340,517)
(104,425,180)
(153,855,492)
(109,291,615)
(96,493,312)
116,874,513
108,112,444
81,007,406
(797,630,653)
(575,096,742)
(628,577,198)
The eliminations column corresponds to transactions between companies in different lines of business and
country, primarily purchases and sales of energy and services.
Generation and Transmission
Colombia
ThCh$
778,768,427
769,665,035
762,280,521
7,290,919
93,595
9,103,392
(162,261,692)
(62,987,536)
(64,562,969)
(31,852,658)
ThCh$
753,385,349
744,236,226
743,649,328
476,853
110,045
9,149,123
(80,294,031)
(33,015,871)
(68,739,282)
(38,410,885)
ThCh$
639,460,200
634,800,723
634,181,459
-
619,264
4,659,477
(87,695,910)
(34,870,502)
(59,719,073)
(22,235,852)
ThCh$
437,887,044
435,277,054
355,087,025
13,833,990
66,356,039
2,609,990
(17,092,514)
(94,012,661)
(43,595,972)
(19,811,549)
Peru
ThCh$
401,695,198
392,252,284
325,248,022
12,603,162
54,401,100
9,442,914
(21,103,383)
(82,758,971)
(35,235,902)
(12,609,038)
(321,664,855)
(220,460,069)
(204,521,337)
(174,512,696)
(151,707,294)
(112,418,728)
ThCh$
315,886,096
294,442,189
275,491,763
8,817,669
10,132,757
21,443,907
(14,637,475)
(62,465,952)
(22,491,100)
(12,824,201)
ThCh$
(3,942,245)
(3,930,384)
ThCh$
(2,034,545)
(2,034,545)
(3,930,384)
(2,034,545)
(11,861)
ThCh$
(484,995)
(476,535)
(476,535)
(8,460)
ThCh$
ThCh$
ThCh$
1,734,761,772
1,762,869,133
1,481,343,900
1,668,272,704
1,701,051,112
1,419,296,486
1,486,031,970
1,514,124,760
1,305,087,063
21,124,909
161,115,825
66,489,068
13,080,015
8,817,669
173,846,337
105,391,754
61,818,021
62,047,414
(677,940,967)
(653,688,007)
(514,810,596)
3,103,553
3,056,025
3,962,147
(235,046,359)
(258,676,854)
(168,445,337)
(3,103,553)
(3,056,025)
(3,962,147)
(124,612,122)
(124,900,859)
(258,113,922)
(205,534,394)
(174,504,021)
(60,168,564)
(64,575,900)
(97,694,362)
(74,166,876)
457,103,572
532,925,280
434,938,863
263,374,348
249,987,904
203,467,368
(3,942,245)
(2,034,545)
(484,995)
1,056,820,805
1,109,181,126
966,533,304
1,062,402
1,144,181
(1,971,425)
11,024,799
(9,126,267)
4,146,888
(2,226,200)
(1,971,425)
1,971,425
(9,126,267)
9,126,265
(2,226,200)
2,226,198
(109,517,207)
1,971,425
9,126,265
2,226,198
(147,291,267)
(142,609,270)
(130,646,915)
(4,826,638)
(3,212,803)
(13,106,989)
-
714,695,835
800,301,623
681,640,837
(22,550,175)
(94,072,305)
99,864,652
88,032,028
86,308,158
1,723,870
(15,348,968)
(80,843,198)
(13,325,041)
121,349,831
219,603,572
(98,253,741)
2,678,513
(394,854)
-
-
(394,854)
111,084,259
26,728,453
84,355,806
(85,935,531)
(21,393,127)
(78,729,951)
14,187,547
34,749,918
24,151,441
10,598,477
(91,401,647)
(21,454,758)
(55,830,044)
(14,116,845)
(47,698,903)
(37,420,576)
39,651,691
46,792,154
(87,350,594)
(84,212,730)
-
-
-
-
798,130
707,468
90,662
904,474
768,433
136,041
372,828,429
449,490,364
363,928,679
157,326,229
158,857,227
119,574,349
(39,872,136)
(34,591,411)
(26,946,483)
(16,392,038)
(12,653,612)
(12,096,778)
3,321,340
2,942,242
379,098
11,379,616
11,265,048
9,848,063
1,531,553
7,992,710
3,272,338
970,851
798,003
172,848
(44,085,917)
(44,880,587)
(38,653,714)
(12,234,468)
(10,024,755)
(8,596,486)
(71,452,386)
(6,301,664)
(74,994,653)
(6,801,800)
(51,294,445)
35,962,955
36,415,730
19,442,531
(4,252,551)
(3,137,072)
(4,844,845)
868,225
194,177
(5,155,512)
(3,735,298)
(1,133,945)
981,806
162,375
(9,184,654)
(3,848,040)
(4,535,599)
(801,015)
-
-
-
(110,332)
74,183
310,238
144,350
61,637
(182,051)
(110,332)
74,183
310,238
144,350
61,637
(182,051)
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
892,441
1,875,433
(982,992)
(1,090,440)
1,172,568
(2,263,008)
442,183
740,084
(297,901)
(5,128,421)
2,210,164
(7,338,585)
(3,691,259)
2,845,603
(6,536,862)
(4,056,305)
3,279,188
(32,404,283)
(7,335,493)
32,404,283
11,024,801
(9,007,245)
20,032,046
4,146,890
(8,975,752)
13,122,642
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
502
2015 Annual Report Enersis
Country
Chile
Argentina
Brazil
Generation and Transmission
Colombia
Peru
Eliminations
Total
12-31-2015
12-31-2014
12-31-2013
12-31-2015
12-31-2014
12-31-2013
12-31-2015
12-31-2014
12-31-2013
12-31-2015
12-31-2014
12-31-2013
12-31-2015
12-31-2014
12-31-2013
12-31-2015
12-31-2014
12-31-2013
12-31-2015
12-31-2014
RAW MATERIALS AND CONSUMABLES USED
(50,332,370)
(47,296,150)
(56,031,616)
(131,431,046)
(234,224,494)
(141,838,915)
4,082,290
5,160,988
3,102,453
55,229,977
67,293,471
63,055,765
ThCh$
212,136,445
157,348,898
118,064,590
-
39,284,308
54,787,547
(1,479,711)
(39,487,378)
(883,161)
(8,482,120)
ThCh$
167,629,542
124,403,558
ThCh$
173,767,878
138,071,697
ThCh$
305,829,811
305,829,811
ThCh$
437,032,601
437,032,601
75,488,280
109,113,647
250,599,834
369,739,130
-
48,915,278
43,225,984
-
28,958,050
35,696,181
(5,069,376)
(31,350,429)
(1,832,459)
(9,043,886)
(18,314,110)
(25,889,830)
(1,826,163)
(10,001,513)
(57,315,995)
(155,266,089)
(61,626,347)
(12,466,467)
(22,237)
(58,409,123)
(16,037,191)
(4,512,091)
ThCh$
349,612,268
349,355,959
286,300,194
-
256,309
(51,759,989)
(51,277,737)
(9,695,879)
(29,105,310)
ThCh$
778,768,427
769,665,035
762,280,521
7,290,919
93,595
9,103,392
(321,664,855)
(162,261,692)
(62,987,536)
(64,562,969)
(31,852,658)
457,103,572
ThCh$
753,385,349
744,236,226
743,649,328
476,853
110,045
9,149,123
(220,460,069)
(80,294,031)
(33,015,871)
(68,739,282)
(38,410,885)
532,925,280
ThCh$
639,460,200
634,800,723
634,181,459
-
619,264
4,659,477
(204,521,337)
(87,695,910)
(34,870,502)
(59,719,073)
(22,235,852)
434,938,863
ThCh$
437,887,044
435,277,054
355,087,025
13,833,990
66,356,039
2,609,990
(174,512,696)
(17,092,514)
(94,012,661)
(43,595,972)
(19,811,549)
263,374,348
ThCh$
401,695,198
392,252,284
325,248,022
12,603,162
54,401,100
9,442,914
(151,707,294)
(21,103,383)
(82,758,971)
(35,235,902)
(12,609,038)
249,987,904
ThCh$
315,886,096
294,442,189
275,491,763
8,817,669
10,132,757
21,443,907
(112,418,728)
(14,637,475)
(62,465,952)
(22,491,100)
(12,824,201)
203,467,368
ThCh$
(3,942,245)
(3,930,384)
-
-
(3,930,384)
(11,861)
-
3,103,553
-
(3,103,553)
-
(3,942,245)
ThCh$
(2,034,545)
(2,034,545)
-
-
(2,034,545)
-
-
3,056,025
-
(3,056,025)
-
(2,034,545)
ThCh$
(484,995)
(476,535)
-
-
(476,535)
(8,460)
-
3,962,147
-
(3,962,147)
-
(484,995)
ThCh$
1,734,761,772
1,668,272,704
1,486,031,970
21,124,909
161,115,825
66,489,068
(677,940,967)
(235,046,359)
(258,113,922)
(124,612,122)
(60,168,564)
1,056,820,805
ThCh$
1,762,869,133
1,701,051,112
1,514,124,760
13,080,015
173,846,337
61,818,021
(653,688,007)
(258,676,854)
(205,534,394)
(124,900,859)
(64,575,900)
1,109,181,126
CONTRIBUTION MARGIN
4,082,290
5,160,988
3,102,453
161,804,075
120,333,392
117,736,262
174,398,765
202,808,107
207,773,353
12-31-2013
ThCh$
1,481,343,900
1,419,296,486
1,305,087,063
8,817,669
105,391,754
62,047,414
(514,810,596)
(168,445,337)
(174,504,021)
(97,694,362)
(74,166,876)
966,533,304
3,949,935
4,717,343
2,994,025
1,029,091
843,966
798,621
5,344,745
5,763,278
5,001,430
431,498
550,306
461,664
3,632,336
1,673,387
-
14,387,605
13,548,280
9,255,740
STATEMENT OF COMPREHENSIVE INCOME
REVENUE
ThCh$
4,082,290
4,082,290
ThCh$
5,160,988
5,160,988
ThCh$
3,102,453
3,102,453
Revenue
Energy sales
Other sales
Other services rendered
Other operating income
Energy purchases
Fuel consumption
Transportation expense
Other miscellaneous supplies and services
Other works performed by the entity and
capitalized
Employee benefits expense
Other expenses
GROSS OPERATING RESULTS
OPERATING INCOME
FINANCIAL RESULTS
Depreciation and amortization expense
Impairment losses (reversal of impairment
losses) recognized in profit or loss
Financial income
Cash and cash equivalents
Other Financial income
Financial costs
Bank borrowings
Secured and unsecured obligations
Profits (losses) from indexed assets and
Foreign currency exchange differences
Other
liabilities
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
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
(407,906)
(1,898,316)
1,776,068
(398,886)
(349,920)
4,412,182
(395,543)
(303,250)
(56,220,837)
(23,389,085)
(40,274,266)
(22,301,843)
(33,097,900)
(19,974,007)
(11,749,621)
(10,599,409)
(14,797,349)
(12,075,955)
(12,441,385)
(9,947,279)
2,403,660
86,144,088
62,474,626
67,658,380
153,078,826
176,778,769
186,183,310
(20,843,530)
(29,558,639)
412,046,148
(20,155,909)
(24,447,808)
494,084,841
(18,284,458)
(20,175,229)
401,480,606
(18,628,502)
(31,408,734)
213,768,610
(16,552,441)
(25,612,491)
208,373,278
(14,606,541)
(21,653,706)
167,668,785
(34,934,726)
(23,684,899)
(26,740,217)
(21,509,767)
(26,790,105)
(24,882,875)
(39,108,707)
(43,806,832)
(37,628,154)
(51,738,067)
(48,327,434)
(41,395,669)
-
(81,595)
(5,788,836)
(13,312)
(1,154,946)
(695,613)
(109,012)
(787,645)
76,227
(4,704,314)
(1,188,617)
(6,698,767)
1,776,068
530,715
78,056
78,056
(3,126,870)
3,126,870
(6,253,740)
35,129,327
131,555,747
148,833,718
160,604,822
4,412,182
(4,284,233)
443,158
443,158
2,403,660
11,086,035
389,747
159,945
229,802
51,209,362
133,277,754
75,454,262
75,357,320
96,942
38,708,132
(1,703,723)
83,671,357
3,480,928
80,190,429
(85,446,575)
4,244,643
3,943,498
301,145
22,320,357
10,178,944
7,132,537
3,046,407
19,658,005
23,653,993
12,088,079
11,565,914
(2,261,919)
(1,551,540)
(40,380,160)
(23,365,735)
(31,560,337)
(11,661,217)
(14,528,800)
(5,338,424)
(8,088,985)
(8,966,137)
(288,377)
(1,846,966)
15,184,608
19,932,499
11,073,482
8,859,017
(12,677,600)
(1,838,781)
(2,261,919)
(1,551,540)
(35,041,736)
(15,276,750)
(22,594,200)
(11,372,840)
(12,681,834)
(10,838,819)
3,579,529
15,185,792
(2,465,472)
13,428,723
(11,606,263)
(15,894,195)
12,247,828
20,015,266
(7,767,438)
98,203,652
(62,009,345)
(58,130,881)
188,314,172
(90,110,520)
15,924,492
(77,933,837)
18,008,939
(76,139,820)
(20,619,664)
23,802,630
44,422,294
10,532,812
15,287,550
(4,754,738)
7,929,709
13,724,429
(5,794,720)
-
-
-
42,761
42,761
2,678,513
(428,872)
(428,872)
662,310
707,468
(45,158)
733,526
725,672
7,854
-
-
-
-
-
-
372,828,429
(39,872,136)
3,321,340
2,942,242
379,098
(44,085,917)
(8,596,486)
(71,452,386)
35,962,955
449,490,364
(34,591,411)
11,379,616
9,848,063
1,531,553
(44,880,587)
(6,301,664)
(74,994,653)
36,415,730
-
-
892,441
1,875,433
(982,992)
-
(110,332)
-
(110,332)
(1,090,440)
1,172,568
(2,263,008)
-
74,183
-
74,183
363,928,679
(26,946,483)
11,265,048
7,992,710
3,272,338
(38,653,714)
(6,801,800)
(51,294,445)
19,442,531
-
442,183
740,084
(297,901)
-
310,238
-
310,238
157,326,229
(16,392,038)
970,851
798,003
172,848
(12,234,468)
(4,252,551)
(3,137,072)
(4,844,845)
158,857,227
(12,653,612)
1,062,402
868,225
194,177
(10,024,755)
(5,155,512)
(3,735,298)
(1,133,945)
119,574,349
(12,096,778)
1,144,181
981,806
162,375
(9,184,654)
(3,848,040)
(4,535,599)
(801,015)
(5,128,421)
2,210,164
(7,338,585)
(3,691,259)
2,845,603
(6,536,862)
-
144,350
-
144,350
-
61,637
-
61,637
(4,056,305)
3,279,188
(7,335,493)
-
(182,051)
-
(182,051)
Income before tax
2,306,783
127,949
13,532,456
186,736,757
37,666,719
(49,583,722)
153,876,104
168,491,723
175,789,430
332,845,961
414,973,136
337,292,434
141,078,541
146,265,252
107,295,520
Income tax
(40,617,049)
(27,760,379)
(21,650,895)
(78,511,077)
(28,903,711)
(7,294,916)
(53,206,799)
(39,386,507)
(25,337,026)
(120,949,697)
(126,151,738)
(106,503,562)
(42,320,367)
(32,191,266)
(31,842,461)
Net income from continuing operations
(38,310,266)
(27,632,430)
(8,118,439)
108,225,680
8,763,008
(56,878,638)
100,669,305
129,105,216
150,452,404
211,896,264
288,821,398
230,788,872
98,758,174
114,073,986
75,453,059
Net income from discontinued operations
223,831,259
123,226,510
179,048,751
-
-
-
-
Net Income
185,520,993
95,594,080
170,930,312
108,225,680
8,763,008
(56,878,638)
100,669,305
129,105,216
150,452,404
211,896,264
288,821,398
230,788,872
98,758,174
114,073,986
75,453,059
-
309,909
-
-
-
-
-
(1,971,425)
(1,971,425)
1,971,425
-
-
1,971,425
-
361,158
-
-
-
-
484,995
-
(107,850,396)
(96,544,274)
866,813,740
(92,178,851)
(84,426,859)
946,123,696
(78,825,827)
(71,568,476)
825,394,741
-
-
(147,291,267)
(142,609,270)
(130,646,915)
(4,826,638)
(3,212,803)
(13,106,989)
-
11,024,799
(9,126,267)
-
4,146,888
(2,226,200)
(9,126,267)
9,126,265
(2,226,200)
2,226,198
9,126,265
2,226,198
714,695,835
99,864,652
88,032,028
86,308,158
1,723,870
(109,517,207)
(15,348,968)
(80,843,198)
(13,325,041)
800,301,623
(22,550,175)
111,084,259
26,728,453
84,355,806
(85,935,531)
(21,393,127)
(78,729,951)
14,187,547
681,640,837
(94,072,305)
34,749,918
24,151,441
10,598,477
(91,401,647)
(21,454,758)
(55,830,044)
(14,116,845)
-
(32,404,283)
32,404,283
11,024,801
(9,007,245)
20,032,046
4,146,890
(8,975,752)
13,122,642
121,349,831
219,603,572
(98,253,741)
(47,698,903)
39,651,691
(87,350,594)
(37,420,576)
46,792,154
(84,212,730)
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
2,678,513
(394,854)
-
(394,854)
-
798,130
707,468
90,662
-
904,474
768,433
136,041
11,024,799
4,146,888
816,844,146
778,549,578
588,473,006
-
-
(335,604,989)
(254,393,601)
(192,628,860)
11,024,799
4,146,888
481,239,157
524,155,977
395,844,146
-
223,831,259
123,226,510
179,048,751
11,024,799
4,146,888
705,070,416
647,382,487
574,892,897
-
-
-
-
-
-
-
-
-
STATEMENT OF CASH FLOWS
Net cash flows from (used in) operating
activities
activities
activities
Net cash flows from (used in) investing
Net cash flows from (used in) financing
Country
Chile
Argentina
Brazil
Colombia
Peru
Eliminations
Total
12-31-2015
12-31-2014
12-31-2013
12-31-2015
12-31-2014
12-31-2013
12-31-2015
12-31-2014
12-31-2013
12-31-2015
12-31-2014
12-31-2013
12-31-2015
12-31-2014
12-31-2013
12-31-2015
12-31-2014
12-31-2013
12-31-2015
12-31-2014
12-31-2013
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
451,437,274
239,014,894
304,511,164
106,129,177
79,108,857
23,434,990
118,976,796
187,589,266
172,240,644
254,539,609
364,425,930
273,903,244
170,273,397
156,986,993
100,608,823
(2,617,119)
(407,289)
(529,831)
1,098,739,134
1,026,718,651
874,169,034
(132,211,583)
34,558,119
65,544,539
(78,645,571)
(56,312,879)
(38,876,836)
(4,610,998)
(24,096,560)
(6,217,205)
(159,371,575)
(185,214,366)
(125,834,718)
(56,503,902)
(18,336,629)
(8,773,627)
(114,333,695)
(107,704,873)
(80,477,575)
(545,677,324)
(357,107,188)
(194,635,422)
(320,808,291)
(281,839,416)
(319,365,277)
(20,192,869)
(18,507,611)
14,391,257
(159,800,756)
(122,230,027)
(203,692,092)
(259,847,758)
(151,340,517)
(104,425,180)
(153,855,492)
(109,291,615)
(96,493,312)
116,874,513
108,112,444
81,007,406
(797,630,653)
(575,096,742)
(628,577,198)
The eliminations column corresponds to transactions between companies in different lines of business and
country, primarily purchases and sales of energy and services.
503
Consolidated Financial Statements
b) Distribution
Line of Business
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
Chile
12-31-2015
ThCh$
12-31-2014
ThCh$
1,068,956,933
300,765,617
10,694,452
188,143
-
105
8,208,642
-
431,522
7,716,593
470,266
4,837,555
257,568,198
26,178,562
3,542,452
451,991
Non-current assets or disposal groups held for sale or held for distribution to owners
1,049,434,069
-
-
-
(1,964)
-
1,049,432,105
-
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
462,047,875
1,240,468,968
443,412,233
405,106,897
1,662,603,605
1,871,949,977
847,774,289
928,936,117
675,858,105
587,886,652
-
-
-
-
30,619
188,157
7,364,933
-
462,006,979
541,582,223
-
-
-
-
40,896
14,613,951
2,240,478
674,156,509
-
292,098
TOTAL ASSETS
1,531,004,808
1,541,234,585
634,853,693
814,216,073
2,315,945,976
2,460,970,620
1,055,327,964
1,183,232,390
792,229,768
730,818,485
(4,417,595)
(13,369,202)
6,324,944,614
6,717,102,951
The eliminations column corresponds to transactions between companies in different lines of business and
country, primarily purchases and sales of energy and services.
Distribution
Argentina
Brazil
Colombia
Peru
Eliminations
Total
12-31-2015
12-31-2014
12-31-2015
12-31-2014
12-31-2015
12-31-2014
12-31-2015
12-31-2014
12-31-2015
12-31-2014
12-31-2015
12-31-2014
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
191,441,460
409,109,176
653,342,371
589,020,643
207,553,675
254,296,273
116,371,663
142,931,833
(4,417,595)
(13,369,202)
2,233,248,507
1,682,754,340
24,665,201
5,646,882
34,293,476
67,580,309
89,987,572
133,186,201
14,818,083
60,751,331
694,177
-
33,244,064
6,971,011
44,985
17,605,547
1,261,261
1,192,805
65,958,327
96,485,884
1,912,501
2,994,894
2,944,189
4,217,571
124,663,167
360,374,168
508,562,286
410,307,454
99,124,879
93,709,158
69,883,209
56,349,775
52,925
(70,326)
802,286,571
1,178,238,427
239,991
353,432
1,564,236
37,440,101
39,669,296
673,996
23,473
717,960
2,829,584
13,654,154
2,636,246
4,164,227
2,477,562
1,872,593
9,045,986
6,934,552
9,416,923
8,173,453
-
6,792
37,273
19,302,467
13,402,430
(4,468,556)
(13,298,876)
27,676,364
29,295,267
-
-
-
-
42,005
488,858,930
496,441,092
427,860
52,122,099
58,185,573
6,208,472
1,294,740
74,095,449
88,314,071
21,751
326,850
355,485
15,027
-
-
-
486,605
19,612
-
-
-
-
-
-
-
-
3,620
2,292,399
7,875,015
6,687
2,568,364
9,132,062
29,497,710
32,798,603
-
-
-
-
-
-
-
44,489,570
50,971,226
7,371,379
24,658,469
1,856,386
2,463,635
905,374,088
1,055,986,162
16,427,134
17,651,975
9,826,406
6,385,114
76,703,162
97,979,622
434,628,262
400,372,440
20,960,307
24,072,231
784,307,032
842,119,957
666,031,699
581,501,538
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
174,458,784
274,881,316
34,171,369
25,046,824
72,076,278
109,728,709
61,185,174
56,267,388
11,961,862
9,296,409
4,091,696,107
5,034,348,611
488,884,301
496,520,403
54,741,348
61,369,954
88,178,936
106,105,806
355,485
486,605
491,519,716
574,400,438
933,484,014
1,097,100,837
76,703,162
100,220,100
1,905,927,300
2,522,222,675
-
-
51,901,845
75,921,793
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
504
2015 Annual Report Enersis
b) Distribution
Line of Business
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
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
12-31-2015
ThCh$
10,694,452
188,143
105
8,208,642
431,522
-
-
-
-
-
-
-
-
-
-
12-31-2014
ThCh$
7,716,593
470,266
4,837,555
257,568,198
26,178,562
3,542,452
451,991
-
-
-
30,619
188,157
7,364,933
14,613,951
2,240,478
674,156,509
462,006,979
541,582,223
40,896
292,098
Chile
Argentina
Brazil
Colombia
Peru
Eliminations
Total
1,068,956,933
300,765,617
191,441,460
409,109,176
653,342,371
589,020,643
207,553,675
254,296,273
116,371,663
142,931,833
(4,417,595)
(13,369,202)
2,233,248,507
1,682,754,340
12-31-2015
12-31-2014
12-31-2015
12-31-2014
12-31-2015
12-31-2014
12-31-2015
12-31-2014
12-31-2015
12-31-2014
12-31-2015
12-31-2014
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
Distribution
24,665,201
5,646,882
34,293,476
67,580,309
89,987,572
133,186,201
14,818,083
60,751,331
694,177
-
33,244,064
6,971,011
44,985
17,605,547
-
-
1,261,261
1,192,805
65,958,327
96,485,884
1,912,501
2,994,894
2,944,189
4,217,571
-
-
-
-
-
-
174,458,784
274,881,316
34,171,369
25,046,824
72,076,278
109,728,709
124,663,167
360,374,168
508,562,286
410,307,454
99,124,879
93,709,158
69,883,209
56,349,775
52,925
(70,326)
802,286,571
1,178,238,427
239,991
353,432
1,564,236
37,440,101
39,669,296
673,996
23,473
717,960
2,829,584
13,654,154
2,636,246
4,164,227
19,302,467
13,402,430
(4,468,556)
(13,298,876)
27,676,364
29,295,267
9,416,923
8,173,453
-
6,792
37,273
-
-
-
-
61,185,174
56,267,388
11,961,862
9,296,409
Non-current assets or disposal groups held for sale or held for distribution to owners
1,049,434,069
-
-
-
-
2,477,562
1,872,593
9,045,986
6,934,552
-
-
-
-
(1,964)
-
1,049,432,105
-
462,047,875
1,240,468,968
443,412,233
405,106,897
1,662,603,605
1,871,949,977
847,774,289
928,936,117
675,858,105
587,886,652
21,751
326,850
42,005
488,858,930
496,441,092
427,860
52,122,099
58,185,573
6,208,472
1,294,740
74,095,449
88,314,071
355,485
15,027
486,605
19,612
-
-
-
-
3,620
2,292,399
7,875,015
-
6,687
2,568,364
9,132,062
-
29,497,710
32,798,603
-
-
-
-
-
-
-
-
-
-
1,856,386
2,463,635
905,374,088
1,055,986,162
16,427,134
17,651,975
9,826,406
6,385,114
-
-
76,703,162
97,979,622
-
-
-
-
434,628,262
400,372,440
20,960,307
24,072,231
784,307,032
842,119,957
666,031,699
581,501,538
-
-
-
-
-
-
-
-
44,489,570
50,971,226
7,371,379
24,658,469
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
4,091,696,107
5,034,348,611
488,884,301
496,520,403
54,741,348
61,369,954
88,178,936
106,105,806
355,485
486,605
491,519,716
574,400,438
933,484,014
1,097,100,837
76,703,162
100,220,100
1,905,927,300
2,522,222,675
-
-
51,901,845
75,921,793
TOTAL ASSETS
1,531,004,808
1,541,234,585
634,853,693
814,216,073
2,315,945,976
2,460,970,620
1,055,327,964
1,183,232,390
792,229,768
730,818,485
(4,417,595)
(13,369,202)
6,324,944,614
6,717,102,951
The eliminations column corresponds to transactions between companies in different lines of business and
country, primarily purchases and sales of energy and services.
505
Consolidated Financial Statements
Country
Chile
Argentina
Brazil
Colombia
Peru
Eliminations
Total
-
-
-
4,501,006
-
11,615,705
-
-
-
-
-
-
27,991,524
-
Liabilities associated with groups of assets or disposal
groups held for sale or distribution to owners
417,021,351
-
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
12-31-2015
12-31-2014
12-31-2015
12-31-2014
12-31-2015
12-31-2014
12-31-2015
12-31-2014
12-31-2015
12-31-2014
12-31-2015
12-31-2014
12-31-2015
12-31-2014
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
418,047,564
244,981,388
431,630,046
739,412,769
552,804,640
382,669,070
247,749,856
337,839,518
192,540,953
165,061,350
(4,417,595)
(13,369,202)
1,838,355,464 1,856,594,893
92,682
293,820
636,116
3,595
133
526,559
6,842,312
134,704,079
78,327,002
34,994,868
1,910,613
35,806,842
32,472,313
117,620,794
402,486,702
670,451,782
111,172,127
1,192,017
1,448,331
71,623
27,424,768
32,678,820
383,345,351
278,869,512
169,494,726
233,909,354
81,443,952
102,523,673
32,611,195
3,897,216
16,017,544
76,976,179
26,092,527
8,896,631
(4,417,595)
(13,369,202)
72,131,804
189,021,282
2,144,014
3,335,096
5,380,567
7,377,900
10,926,878
21,428,954
9,415,281
2,737,460
7,784,348
2,556,173
18,240,243
433,197
8,250,191
35,533,294
10,828,212
35,966,491
76,925,875
1
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
371,317
-
-
-
-
-
-
34,940,876
38,817,394
1,887,226
1,402,580
1,927,989
1,739,543
1
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
206,125,030
119,552,373
1,037,064,551
1,403,375,115
45,879,822
51,247,787
24,166,415
16,472,461
-
417,021,351
883,297,767
1,153,615,811
178,027,558
155,526,685
157,179,286
141,808,620
162,308,328
34,940,876
61,859,841
163,123,897
213,666,598
1,402,580
23,851,389
- 2,926,808,566 3,089,679,406
- 2,926,808,566 3,089,679,406
860,651,565
872,231,352
1,414,711,314 1,384,094,891
3,547,484
3,965,297
647,898,203
829,387,866
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
NON-CURRENT LIABILITIES
299,654
72,612,722
174,966,573
137,796,785
832,749,665
930,337,149
281,940,695
358,873,770
269,823,997
271,208,226
- 1,559,780,584 1,770,828,652
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
-
-
-
-
-
-
-
-
-
-
154,803,475
120,497,550
-
-
2,808,816
10,544,604
8,468,074
23,042,447
-
-
421,538,033
625,423,679
230,851,899
299,710,462
230,907,835
228,481,670
22,852,766
35,029,135
157,179,286
127,402,352
147,154,456
3,547,501
3,635,352
314,163
241,630
Non-current provisions for employee benefits
299,654
24,649,613
9,618,494
8,831,161
103,777,228
122,729,879
47,541,295
55,527,956
Other non-current non-financial liabilities
-
22,111,846
-
-
EQUITY
1,112,657,590
1,223,640,475
28,257,074
(62,993,481)
930,391,671
1,147,964,401
525,637,413
486,519,102
329,864,818
294,548,909
Equity attributable to shareholders of Enersis Américas
1,112,657,590
1,223,640,475
28,257,074
(62,993,481)
930,391,671
1,147,964,401
525,637,413
486,519,102
329,864,818
294,548,909
Issued capital
Retained earnings
Share premium
Other reserves
367,928,682
367,928,682
47,061,353
61,605,286
312,041,595
398,597,876
2,953,410
3,367,331
130,666,525
40,732,177
1,225,045,537
1,227,190,356
(20,697,376)
(127,076,910)
82,104,937
135,984,405
104,750,330
34,989,277
23,507,886
113,007,763
566,302
566,302
-
-
-
2,981,182
3,398,995
-
-
(480,882,931)
(372,044,865)
1,893,097
2,478,143
536,245,139
613,382,120
414,952,491
444,763,499
175,690,407
140,808,969
Total Liabilities and Equity
1,531,004,808
1,541,234,585
634,853,693
814,216,073
2,315,945,976 2,460,970,620
1,055,327,964 1,183,232,390
792,229,768
730,818,485
(4,417,595)
(13,369,202)
6,324,944,614
6,717,102,951
The eliminations column corresponds to transactions between companies in different lines of business and
country, primarily purchases and sales of energy and services.
506
2015 Annual Report Enersis
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 groups of assets or disposal
groups held for sale or distribution to owners
417,021,351
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
Other non-current non-financial liabilities
117,620,794
402,486,702
670,451,782
111,172,127
1,192,017
1,448,331
71,623
27,424,768
32,678,820
4,501,006
11,615,705
27,991,524
92,682
293,820
636,116
3,595
-
-
-
-
-
-
-
-
-
-
-
-
-
-
23,042,447
22,111,846
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
The eliminations column corresponds to transactions between companies in different lines of business and
country, primarily purchases and sales of energy and services.
Country
Chile
Argentina
Brazil
Colombia
Peru
Eliminations
Total
12-31-2015
12-31-2014
12-31-2015
12-31-2014
12-31-2015
12-31-2014
12-31-2015
12-31-2014
12-31-2015
12-31-2014
12-31-2015
12-31-2014
12-31-2015
12-31-2014
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
418,047,564
244,981,388
431,630,046
739,412,769
552,804,640
382,669,070
247,749,856
337,839,518
192,540,953
165,061,350
(4,417,595)
(13,369,202)
1,838,355,464 1,856,594,893
133
526,559
6,842,312
134,704,079
78,327,002
34,994,868
1,910,613
35,806,842
32,472,313
383,345,351
278,869,512
169,494,726
233,909,354
81,443,952
102,523,673
-
-
-
-
206,125,030
119,552,373
1,037,064,551
1,403,375,115
32,611,195
3,897,216
16,017,544
76,976,179
26,092,527
8,896,631
(4,417,595)
(13,369,202)
72,131,804
189,021,282
2,144,014
3,335,096
5,380,567
7,377,900
10,926,878
1
-
21,428,954
9,415,281
2,737,460
-
-
-
7,784,348
2,556,173
-
18,240,243
433,197
8,250,191
35,533,294
10,828,212
-
-
-
-
-
1
-
-
-
NON-CURRENT LIABILITIES
299,654
72,612,722
174,966,573
137,796,785
832,749,665
930,337,149
281,940,695
358,873,770
269,823,997
271,208,226
154,803,475
120,497,550
421,538,033
625,423,679
230,851,899
299,710,462
230,907,835
228,481,670
22,852,766
35,029,135
157,179,286
-
-
-
-
-
371,317
-
-
-
2,808,816
10,544,604
8,468,074
127,402,352
147,154,456
3,547,501
3,635,352
314,163
241,630
-
-
-
-
34,940,876
38,817,394
Non-current provisions for employee benefits
299,654
24,649,613
9,618,494
8,831,161
103,777,228
122,729,879
47,541,295
55,527,956
-
-
-
-
1,887,226
1,402,580
1,927,989
1,739,543
EQUITY
1,112,657,590
1,223,640,475
28,257,074
(62,993,481)
930,391,671
1,147,964,401
525,637,413
486,519,102
329,864,818
294,548,909
Equity attributable to shareholders of Enersis Américas
1,112,657,590
1,223,640,475
28,257,074
(62,993,481)
930,391,671
1,147,964,401
525,637,413
486,519,102
329,864,818
294,548,909
Issued capital
Retained earnings
Share premium
Other reserves
367,928,682
367,928,682
47,061,353
61,605,286
312,041,595
398,597,876
2,953,410
3,367,331
130,666,525
40,732,177
1,225,045,537
1,227,190,356
(20,697,376)
(127,076,910)
82,104,937
135,984,405
104,750,330
34,989,277
23,507,886
113,007,763
566,302
566,302
-
-
2,981,182
3,398,995
-
-
(480,882,931)
(372,044,865)
1,893,097
2,478,143
536,245,139
613,382,120
414,952,491
444,763,499
175,690,407
140,808,969
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
45,879,822
51,247,787
24,166,415
16,472,461
-
-
35,966,491
76,925,875
417,021,351
-
- 1,559,780,584 1,770,828,652
-
-
-
-
-
-
-
883,297,767
1,153,615,811
178,027,558
155,526,685
157,179,286
-
141,808,620
162,308,328
34,940,876
61,859,841
163,123,897
213,666,598
1,402,580
23,851,389
- 2,926,808,566 3,089,679,406
- 2,926,808,566 3,089,679,406
-
-
-
-
860,651,565
872,231,352
1,414,711,314 1,384,094,891
3,547,484
3,965,297
647,898,203
829,387,866
Total Liabilities and Equity
1,531,004,808
1,541,234,585
634,853,693
814,216,073
2,315,945,976 2,460,970,620
1,055,327,964 1,183,232,390
792,229,768
730,818,485
(4,417,595)
(13,369,202)
6,324,944,614
6,717,102,951
507
Consolidated Financial Statements
Country
Chile
Argentina
Brasil
Colombia
Peru
Eliminations
Total
Distribution
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
CONTRIBUTION MARGIN
Other work performed by the entity and
capitalized
Employee benefits expense
Other expenses
12-31-2015
12-31-2014
12-31-2013
12-31-2015
12-31-2014
12-31-2013
12-31-2015
12-31-2014
12-31-2013
12-31-2015
12-31-2014
12-31-2013
12-31-2015
12-31-2014
12-31-2013
12-31-2015
12-31-2014
12-31-2013
12-31-2015
12-31-2014
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
607,344,916
371,411,786
528,653,053
1,836,864,322
1,969,226,185
1,634,111,790
884,467,266
982,770,698
852,780,069
562,046,426
478,699,891
413,911,453
278,475,279
222,534,863
268,473,425
1,606,176,000
1,784,233,025
1,462,498,140
876,948,863
980,294,259
815,252,120
559,556,527
476,564,658
395,765,288
261,053,382
204,714,773
252,621,412
1,509,823,358
1,696,855,326
1,388,685,125
723,092,894
808,454,612
697,374,115
528,051,398
447,642,884
370,947,952
460,133
523,507
361,681
16,073,260
16,820,481
-
217,554
15,149
3,280,645
2,772,195
3,781,787
6,136
16,961,764
17,296,583
15,490,332
80,279,382
70,557,218
73,813,015
153,638,415
171,824,498
114,597,360
28,732,934
25,139,987
24,811,200
328,869,637
148,876,923
260,179,628
230,688,322
184,993,160
171,613,650
7,518,403
2,476,439
37,527,949
2,489,899
2,135,233
18,146,165
(157,387,237)
(161,995,240)
(169,802,328)
(1,386,390,872)
(1,313,723,580)
(1,060,194,360)
(500,570,712)
(547,593,754)
(464,474,672)
(379,015,102)
(315,115,521)
(266,450,403)
(155,612,243)
(160,940,088)
(168,486,826)
(1,068,487,043)
(1,029,857,439)
(686,576,752)
(375,946,940)
(416,564,592)
(349,818,265)
(351,596,619)
(292,686,474)
(241,896,637)
-
-
-
-
-
-
-
-
-
(720,575)
(1,055,152)
(1,194,862)
(63,516,659)
(78,999,828)
(64,041,259)
(82,836,069)
(88,136,414)
(78,964,131)
-
-
-
-
(1,054,419)
-
(120,640)
(254,387,170)
(204,866,313)
(309,576,349)
(41,787,703)
(42,892,748)
(35,692,276)
(27,418,483)
(22,429,047)
(24,553,766)
(324,647,775)
(270,188,108)
(369,943,031)
449,957,679
209,416,546
358,850,725
450,473,450
655,502,605
573,917,430
383,896,554
435,176,944
388,305,397
183,031,324
163,584,370
147,461,050
1,467,359,007
1,463,680,465
1,468,534,602
34,701,198
23,153,744
18,108,177
9,135,951
11,202,763
13,079,321
4,448,164
4,446,424
3,809,445
4,282,006
3,300,324
2,798,463
(371,072)
(1,012,453)
(254,169)
(995,041)
(233,845)
(226,741,261)
(142,343,373)
(121,588,649)
(79,431,903)
(83,882,323)
(80,791,303)
(36,740,363)
(35,616,518)
(33,308,955)
(22,398,764)
(21,542,237)
(20,112,810)
(947,801)
(138,623,389)
(128,124,044)
(118,511,278)
(150,045,257)
(154,016,112)
(135,153,017)
(56,460,916)
(67,631,351)
(55,855,565)
(26,536,628)
(26,098,988)
(21,220,123)
GROSS OPERATING RESULT
(1,383,525)
(1,249,210)
(1,181,646)
119,294,227
(37,897,127)
136,858,975
230,132,241
428,806,933
371,052,431
295,143,439
336,375,499
302,950,322
138,377,938
119,243,469
108,926,580
781,564,320
845,279,564
918,606,662
Depreciation and amortization expense
Impairment losses (reversal of impairment
losses) recognized in profit or loss
-
-
-
-
-
-
(13,229,654)
(10,772,411)
(12,909,107)
(71,857,411)
(99,250,848)
(86,883,098)
(59,475,177)
(71,998,972)
(61,825,005)
(29,074,143)
(26,510,068)
(24,005,738)
(173,636,385)
(208,532,299)
(185,622,948)
(2,289,187)
(2,559,659)
(1,951,710)
(30,940,802)
(28,330,530)
(50,553,285)
(80,720)
(2,401,454)
(236,860)
(1,598,702)
(1,747,322)
(816,132)
(34,909,411)
(35,038,965)
(53,557,987)
OPERATING INCOME
(1,383,525)
(1,249,210)
-1,181,646
103,775,386
(51,229,197)
121,998,158
127,334,028
301,225,555
233,616,048
235,587,542
261,975,073
240,888,457
107,705,093
90,986,079
84,104,710
-
573,018,524
601,708,300
679,425,727
FINANCIAL RESULT
(1,116,601)
(3,304,228)
(577,524)
(3,942,519)
(38,408,032)
(13,178,990)
(48,588,988)
(174,878,226)
(2,582,536)
(27,459,741)
(26,624,088)
(23,123,001)
(16,772,560)
(11,494,113)
(14,976,086)
2,000,172
(53,882)
(97,880,409)
(252,708,515)
(54,492,019)
Financial income
Cash and cash equivalents
Other Financial income
Financial costs
Bank borrowings
Secured and unsecured obligations
236,600
236,600
-
2,780
2,780
9,491
9,491
65,153,401
28,970,378
32,944,854
102,075,187
45,864,512
110,285,525
6,745,819
7,242,116
7,279,595
3,221,357
2,830,626
2,340,150
-
177,432,364
84,910,412
152,859,615
1,303,146
532,645
493,354
2,924,921
9,641,862
10,746,703
3,452,375
3,377,089
3,705,481
892,016
1,063,623
493,944
63,850,255
28,437,733
32,451,500
99,150,266
36,222,650
99,538,822
3,293,444
3,865,027
3,574,114
2,329,341
1,767,003
1,846,206
(475,563)
(16,277)
(17,365)
(70,851,224)
(66,547,390)
(45,795,956)
(150,058,877)
(221,272,601)
(113,177,408)
(34,773,430)
(33,912,253)
(30,335,481)
(19,294,082)
(14,065,160)
(16,965,296)
-
(275,453,176)
(335,813,681)
(206,291,506)
(974)
-
(5,338,424)
(3,001,623)
(4,858,103)
(17,467,056)
(7,139,131)
(2,131,807)
(91,262)
-
892,016
(1,433,806)
(1,582,598)
-
-
(49,470,132)
(43,100,513)
(38,857,338)
(26,704,160)
(24,014,571)
(20,372,526)
(13,458,940)
(9,580,529)
Other
(474,589)
(16,277)
(17,365)
(65,512,800)
(63,545,767)
(40,937,853)
(83,121,689)
(171,032,957)
(72,188,263)
(8,069,270)
(9,806,420)
(9,962,955)
(20,186,098)
827,586
(5,802,169)
12-31-2013
ThCh$
3,890,722,930
3,802,108,560
3,429,456,365
3,321,156,669
3,463,626,805
2,941,988,973
3,022,021,032
3,157,667,595
2,709,628,604
19,523,142
21,140,924
3,648,462
279,612,495
284,818,286
228,711,907
569,566,261
338,481,755
487,467,392
(2,423,363,923)
(2,338,428,095)
(1,960,921,763)
(1,951,642,845)
(1,900,048,593)
(1,446,778,480)
-
-
-
(147,073,303)
(168,191,394)
(144,200,252)
52,567,319
42,103,255
37,795,406
(365,683,363)
(283,638,620)
(256,035,562)
(372,678,643)
(376,865,536)
(331,687,784)
8,809,058
14,617,999
15,448,973
168,623,306
70,292,413
137,410,642
(21,914,438)
(11,665,822)
(8,572,508)
(76,174,292)
(80,574,024)
(68,810,393)
(177,364,446)
(243,573,835)
(128,908,605)
1,240
1,579
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
567,870
1,558,367
(990,497)
-
-
-
-
-
-
-
-
-
-
-
-
-
Income before tax
(2,500,126)
(4,553,438)
(1,759,170)
99,980,517
(89,602,508)
108,861,400
71,986,345
126,347,329
233,795,323
208,751,937
237,958,538
218,769,146
91,535,127
79,523,876
70,033,834
2,000,172
(53,882)
469,753,800
351,673,969
629,646,651
Income tax
(11,228,559)
(7,668,386)
(4,503,199)
(463,471)
3,792,056
(10,685,347)
(10,849,463)
(18,559,097)
(66,562,048)
(84,883,204)
(82,240,147)
(75,302,320)
(27,924,718)
(19,790,239)
(19,520,534)
-
(135,349,415)
(124,465,813)
(176,573,448)
Net income attributable to:
(13,728,685)
(12,221,824)
(6,262,369)
99,517,046
(85,810,452)
98,176,053
61,136,882
107,788,232
167,233,275
123,868,733
155,718,391
143,466,826
63,610,409
59,733,637
50,513,300
2,000,172
(53,882)
334,404,385
227,208,156
453,073,203
Shareholders of Enersis Américas
139,672,809
134,065,799
114,054,872
-
-
-
-
139,672,809
134,065,799
114,054,872
Non-controlling interests
125,944,124
121,843,975
107,792,503
99,517,046
(85,810,452)
98,176,053
61,136,882
107,788,232
167,233,275
123,868,733
155,718,391
143,466,826
63,610,409
59,733,637
50,513,300
2,000,172
(53,882)
474,077,194
361,273,955
567,128,075
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
País
Chile
Argentina
Brazil
Colombia
Peru
Eliminations
Total
12-31-2015
12-31-2014
12-31-2013
12-31-2015
12-31-2014
12-31-2013
12-31-2015
12-31-2014
12-31-2013
12-31-2015
12-31-2014
12-31-2013
12-31-2015
12-31-2014
12-31-2013
12-31-2015
12-31-2014
12-31-2013
12-31-2015
12-31-2014
12-31-2013
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
192,068,742
36,094,225
136,491,828
243,657,253
188,056,795
148,438,912
165,632,490
243,585,176
286,604,054
235,309,844
218,066,750
204,679,719
109,115,394
83,447,069
79,288,813
(184,396)
91,870
32,942
945,599,327
769,341,885
855,536,268
(64,199,658)
13,004,063
(25,261,494)
(208,791,432)
(180,592,386)
(126,534,530)
(269,722,111)
(239,357,913)
(152,257,499)
(112,561,292)
(16,909,564)
(103,377,146)
(114,212,151)
(57,451,165)
(60,260,217)
(17,922,661)
(32,662,053)
(20,661,272)
(787,409,305)
(513,969,018)
(488,352,158)
(106,554,830)
(64,578,477)
(95,280,198)
(8,169,660)
(9,632,579)
(18,504,534)
78,329,447
623,587
(112,549,985)
(165,636,704)
(169,208,067)
(115,866,665)
(41,319,512)
(10,068,877)
(5,502,637)
18,107,057
32,570,183
20,628,331
(225,244,202)
(220,294,230)
(327,075,688)
The eliminations column corresponds to transactions between companies in different lines of business and
country, primarily purchases and sales of energy and services.
508
2015 Annual Report Enersis
(2,354,458)
(5,545,283)
(2,477,656)
(2,359,532)
(1,559,984)
(1,070,016)
(2,399,813)
(304,091)
(113,526)
(301,672)
(170,438)
(1,676,449)
(1,034,773)
(1,155,463)
382,438
2,635,612
546,118
(9,398,311)
(6,110,191)
(4,440,981)
-
-
-
-
-
-
-
-
-
-
-
-
34,434
34,721
42,232
-
113,216
-
113,216
-
-
-
-
-
-
(6,758,695)
-
(6,758,695)
-
-
-
-
-
2,761,811
-
2,761,811
752,622
2,561,039
932,917
787,056
2,595,760
975,149
(128,486)
46,514
70,773
602,594
31,910
905,210
(6,171,371)
78,424
3,737,794
-
-
(128,486)
46,514
70,773
602,594
31,910
905,210
(6,171,371)
78,424
3,737,794
-
529,863
833,954
-
309,347
422,873
46,049
347,721
(67,115)
103,323
(699,835)
(259,579)
(350,940)
976,614
775,194
804,523
(382,438)
2,000,172
(635,440)
(53,882)
(600,000)
139,163
(1,806,825)
(1,060,128)
9,537,474
4,303,366
3,380,853
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
Results from indexed assets and
liabilities
1,240
1,579
-
-
-
-
-
1,755,304
4,114,836
(831,020)
728,964
(327,888)
(605,298)
742,128
1,794,515
Foreign currency exchange differences
(878,878)
(3,292,310)
(569,650)
1,475,580
2,252,973
1,908,006
Country
Chile
Argentina
Brasil
Colombia
Peru
Eliminations
Total
STATEMENT OF COMPREHENSIVE INCOME
12-31-2015
12-31-2014
12-31-2013
12-31-2015
12-31-2014
12-31-2013
12-31-2015
12-31-2014
12-31-2013
12-31-2015
12-31-2014
12-31-2013
12-31-2015
12-31-2014
12-31-2013
12-31-2015
12-31-2014
12-31-2013
12-31-2015
12-31-2014
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
12-31-2013
ThCh$
Distribution
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
3,890,722,930
3,802,108,560
3,429,456,365
3,321,156,669
3,463,626,805
2,941,988,973
3,022,021,032
3,157,667,595
2,709,628,604
19,523,142
21,140,924
3,648,462
279,612,495
284,818,286
228,711,907
569,566,261
338,481,755
487,467,392
(2,423,363,923)
(2,338,428,095)
(1,960,921,763)
(1,951,642,845)
(1,900,048,593)
(1,446,778,480)
-
-
-
(147,073,303)
(168,191,394)
(144,200,252)
(324,647,775)
(270,188,108)
(369,943,031)
1,467,359,007
1,463,680,465
1,468,534,602
52,567,319
42,103,255
37,795,406
(365,683,363)
(283,638,620)
(256,035,562)
(372,678,643)
(376,865,536)
(331,687,784)
781,564,320
845,279,564
918,606,662
(173,636,385)
(208,532,299)
(185,622,948)
(34,909,411)
(35,038,965)
(53,557,987)
-
573,018,524
601,708,300
679,425,727
2,000,172
(53,882)
(97,880,409)
(252,708,515)
(54,492,019)
-
-
-
-
177,432,364
84,910,412
152,859,615
8,809,058
14,617,999
15,448,973
168,623,306
70,292,413
137,410,642
-
(275,453,176)
(335,813,681)
(206,291,506)
(21,914,438)
(11,665,822)
(8,572,508)
(76,174,292)
(80,574,024)
(68,810,393)
(177,364,446)
(243,573,835)
(128,908,605)
-
1,240
1,579
-
2,000,172
(635,440)
(53,882)
(600,000)
139,163
(1,806,825)
(1,060,128)
9,537,474
4,303,366
3,380,853
REVENUES AND OTHER OPERATING INCOME
607,344,916
371,411,786
528,653,053
1,836,864,322
1,969,226,185
1,634,111,790
884,467,266
982,770,698
852,780,069
562,046,426
478,699,891
413,911,453
278,475,279
222,534,863
268,473,425
1,606,176,000
1,784,233,025
1,462,498,140
876,948,863
980,294,259
815,252,120
559,556,527
476,564,658
395,765,288
261,053,382
204,714,773
252,621,412
1,509,823,358
1,696,855,326
1,388,685,125
723,092,894
808,454,612
697,374,115
528,051,398
447,642,884
370,947,952
460,133
523,507
361,681
16,073,260
16,820,481
217,554
15,149
3,280,645
2,772,195
3,781,787
6,136
16,961,764
17,296,583
15,490,332
80,279,382
70,557,218
73,813,015
153,638,415
171,824,498
114,597,360
28,732,934
25,139,987
24,811,200
328,869,637
148,876,923
260,179,628
230,688,322
184,993,160
171,613,650
7,518,403
2,476,439
37,527,949
2,489,899
2,135,233
18,146,165
RAW MATERIALS AND CONSUMABLES USED
(157,387,237)
(161,995,240)
(169,802,328)
(1,386,390,872)
(1,313,723,580)
(1,060,194,360)
(500,570,712)
(547,593,754)
(464,474,672)
(379,015,102)
(315,115,521)
(266,450,403)
(155,612,243)
(160,940,088)
(168,486,826)
(1,068,487,043)
(1,029,857,439)
(686,576,752)
(375,946,940)
(416,564,592)
(349,818,265)
(351,596,619)
(292,686,474)
(241,896,637)
-
-
-
-
-
-
-
(720,575)
(1,055,152)
(1,194,862)
(63,516,659)
(78,999,828)
(64,041,259)
(82,836,069)
(88,136,414)
(78,964,131)
-
-
-
-
-
-
(1,054,419)
(120,640)
(254,387,170)
(204,866,313)
(309,576,349)
(41,787,703)
(42,892,748)
(35,692,276)
(27,418,483)
(22,429,047)
(24,553,766)
CONTRIBUTION MARGIN
449,957,679
209,416,546
358,850,725
450,473,450
655,502,605
573,917,430
383,896,554
435,176,944
388,305,397
183,031,324
163,584,370
147,461,050
Other work performed by the entity and
capitalized
Employee benefits expense
Other expenses
(371,072)
(1,012,453)
(254,169)
(995,041)
34,701,198
23,153,744
18,108,177
9,135,951
11,202,763
13,079,321
4,448,164
4,446,424
3,809,445
4,282,006
3,300,324
2,798,463
(233,845)
(226,741,261)
(142,343,373)
(121,588,649)
(79,431,903)
(83,882,323)
(80,791,303)
(36,740,363)
(35,616,518)
(33,308,955)
(22,398,764)
(21,542,237)
(20,112,810)
(947,801)
(138,623,389)
(128,124,044)
(118,511,278)
(150,045,257)
(154,016,112)
(135,153,017)
(56,460,916)
(67,631,351)
(55,855,565)
(26,536,628)
(26,098,988)
(21,220,123)
GROSS OPERATING RESULT
(1,383,525)
(1,249,210)
(1,181,646)
119,294,227
(37,897,127)
136,858,975
230,132,241
428,806,933
371,052,431
295,143,439
336,375,499
302,950,322
138,377,938
119,243,469
108,926,580
(13,229,654)
(10,772,411)
(12,909,107)
(71,857,411)
(99,250,848)
(86,883,098)
(59,475,177)
(71,998,972)
(61,825,005)
(29,074,143)
(26,510,068)
(24,005,738)
(2,289,187)
(2,559,659)
(1,951,710)
(30,940,802)
(28,330,530)
(50,553,285)
(80,720)
(2,401,454)
(236,860)
(1,598,702)
(1,747,322)
(816,132)
OPERATING INCOME
(1,383,525)
(1,249,210)
-1,181,646
103,775,386
(51,229,197)
121,998,158
127,334,028
301,225,555
233,616,048
235,587,542
261,975,073
240,888,457
107,705,093
90,986,079
84,104,710
FINANCIAL RESULT
(1,116,601)
(3,304,228)
(577,524)
(3,942,519)
(38,408,032)
(13,178,990)
(48,588,988)
(174,878,226)
(2,582,536)
(27,459,741)
(26,624,088)
(23,123,001)
(16,772,560)
(11,494,113)
(14,976,086)
236,600
236,600
2,780
2,780
9,491
9,491
65,153,401
28,970,378
32,944,854
102,075,187
45,864,512
110,285,525
6,745,819
7,242,116
7,279,595
3,221,357
2,830,626
2,340,150
1,303,146
532,645
493,354
2,924,921
9,641,862
10,746,703
3,452,375
3,377,089
3,705,481
892,016
1,063,623
493,944
(475,563)
(16,277)
(17,365)
(70,851,224)
(66,547,390)
(45,795,956)
(150,058,877)
(221,272,601)
(113,177,408)
(34,773,430)
(33,912,253)
(30,335,481)
(19,294,082)
(14,065,160)
(16,965,296)
(974)
(5,338,424)
(3,001,623)
(4,858,103)
(17,467,056)
(7,139,131)
(2,131,807)
-
(91,262)
-
892,016
(1,433,806)
(1,582,598)
63,850,255
28,437,733
32,451,500
99,150,266
36,222,650
99,538,822
3,293,444
3,865,027
3,574,114
2,329,341
1,767,003
1,846,206
(474,589)
(16,277)
(17,365)
(65,512,800)
(63,545,767)
(40,937,853)
(83,121,689)
(171,032,957)
(72,188,263)
(8,069,270)
(9,806,420)
(9,962,955)
(20,186,098)
827,586
(5,802,169)
(49,470,132)
(43,100,513)
(38,857,338)
(26,704,160)
(24,014,571)
(20,372,526)
-
(13,458,940)
(9,580,529)
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
113,216
-
113,216
-
-
-
-
-
-
-
-
Revenues
Energy sales
Other sales
Other services rendered
Other operating income
Energy purchases
Fuel consumption
Transportation expenses
Other miscellaneous supplies and
services
Depreciation and amortization expense
Impairment losses (reversal of impairment
losses) recognized in profit or loss
Financial income
Cash and cash equivalents
Other Financial income
Financial costs
Bank borrowings
Secured and unsecured obligations
Other
liabilities
Results from indexed assets and
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
STATEMENT OF CASH FLOW
Cash flow from (used in) operating
activities
activities
activities
Cash flow from (used in) investment
Cash flows from (used in) financing
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
34,434
34,721
42,232
752,622
2,561,039
932,917
-
-
-
(6,758,695)
2,761,811
(128,486)
46,514
70,773
602,594
31,910
905,210
-
-
-
-
-
(6,758,695)
2,761,811
(128,486)
46,514
70,773
602,594
31,910
905,210
Income before tax
(2,500,126)
(4,553,438)
(1,759,170)
99,980,517
(89,602,508)
108,861,400
71,986,345
126,347,329
233,795,323
208,751,937
237,958,538
218,769,146
91,535,127
79,523,876
70,033,834
Income tax
(11,228,559)
(7,668,386)
(4,503,199)
(463,471)
3,792,056
(10,685,347)
(10,849,463)
(18,559,097)
(66,562,048)
(84,883,204)
(82,240,147)
(75,302,320)
(27,924,718)
(19,790,239)
(19,520,534)
Net income attributable to:
(13,728,685)
(12,221,824)
(6,262,369)
99,517,046
(85,810,452)
98,176,053
61,136,882
107,788,232
167,233,275
123,868,733
155,718,391
143,466,826
63,610,409
59,733,637
50,513,300
Shareholders of Enersis Américas
139,672,809
134,065,799
114,054,872
-
-
-
-
Non-controlling interests
125,944,124
121,843,975
107,792,503
99,517,046
(85,810,452)
98,176,053
61,136,882
107,788,232
167,233,275
123,868,733
155,718,391
143,466,826
63,610,409
59,733,637
50,513,300
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
787,056
2,595,760
975,149
(6,171,371)
78,424
3,737,794
-
-
-
(6,171,371)
78,424
3,737,794
2,000,172
(53,882)
469,753,800
351,673,969
629,646,651
-
-
(135,349,415)
(124,465,813)
(176,573,448)
2,000,172
(53,882)
334,404,385
227,208,156
453,073,203
-
139,672,809
134,065,799
114,054,872
2,000,172
(53,882)
474,077,194
361,273,955
567,128,075
País
Chile
Argentina
Brazil
Colombia
Peru
Eliminations
Total
12-31-2015
12-31-2014
12-31-2013
12-31-2015
12-31-2014
12-31-2013
12-31-2015
12-31-2014
12-31-2013
12-31-2015
12-31-2014
12-31-2013
12-31-2015
12-31-2014
12-31-2013
12-31-2015
12-31-2014
12-31-2013
12-31-2015
12-31-2014
12-31-2013
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
192,068,742
36,094,225
136,491,828
243,657,253
188,056,795
148,438,912
165,632,490
243,585,176
286,604,054
235,309,844
218,066,750
204,679,719
109,115,394
83,447,069
79,288,813
(184,396)
91,870
32,942
945,599,327
769,341,885
855,536,268
(64,199,658)
13,004,063
(25,261,494)
(208,791,432)
(180,592,386)
(126,534,530)
(269,722,111)
(239,357,913)
(152,257,499)
(112,561,292)
(16,909,564)
(103,377,146)
(114,212,151)
(57,451,165)
(60,260,217)
(17,922,661)
(32,662,053)
(20,661,272)
(787,409,305)
(513,969,018)
(488,352,158)
(106,554,830)
(64,578,477)
(95,280,198)
(8,169,660)
(9,632,579)
(18,504,534)
78,329,447
623,587
(112,549,985)
(165,636,704)
(169,208,067)
(115,866,665)
(41,319,512)
(10,068,877)
(5,502,637)
18,107,057
32,570,183
20,628,331
(225,244,202)
(220,294,230)
(327,075,688)
The eliminations column corresponds to transactions between companies in different lines of business and
country, primarily purchases and sales of energy and services.
509
1,240
1,579
Foreign currency exchange differences
(878,878)
(3,292,310)
(569,650)
1,475,580
2,252,973
1,908,006
1,755,304
4,114,836
(831,020)
728,964
(327,888)
(605,298)
742,128
1,794,515
529,863
833,954
309,347
422,873
(2,354,458)
(5,545,283)
(2,477,656)
(2,359,532)
(1,559,984)
(1,070,016)
(2,399,813)
(304,091)
(113,526)
-
567,870
1,558,367
(990,497)
(301,672)
(170,438)
(1,676,449)
(1,034,773)
(1,155,463)
382,438
2,635,612
546,118
(9,398,311)
(6,110,191)
(4,440,981)
-
-
-
(699,835)
(259,579)
(350,940)
-
46,049
347,721
(67,115)
103,323
976,614
775,194
804,523
(382,438)
Consolidated Financial Statements
36. Third Party Guarantees, Other
Contingent Assets and Liabilities,
and Other Commitments
36.1 Direct guarantees
Creditor
of
Guarantee
Mitsubishi
Credit Suisse First Boston
Citibank N.A.
Citibank N.A./Santander Rio Edesur
Deutsche Bank / Santander
Benelux
Debtor
Company
Central Costanera
Central Costanera
Endesa Argentina
Enersis Américas
S.A.
Various creditors
Ampla S.A.
Various creditors
Coelce S.A.
Banco Nacional de
Desarrollo Económico y
Social
Cien
Currency
12-31-2015
12-31-2014
2015
Assets
2016
Assets
2017
Assets
Guarantees Released
Type
of
Guarantee
Pledge
Pledge
Pledge
Pledge
Deposit
account
Pledge on
collection
and others
Pledge on
collection
and others
Mortgage,
pledge and
others
Relationship
Creditor
Creditor
Creditor
Creditor
Creditor
Creditor
Creditor
Creditor
Assets Committed
Balance Outstanding at
Combined cycle plant
Combined cycle plant
Cash deposit
Cash deposit
Type Currency
ThCh$
ThCh$
ThCh$
ThCh$
Carrying
amount
10,804,894
3,098,134
435,681
-
ThCh$
35,254,202
73,177,119
ThCh$
ThCh$
ThCh$
1,183,600
3,033,750
435,681
702,470
-
-
Deposit account
ThCh$
11,930,477
ThCh$
40,354,434
50,509,024
Collection accounts
ThCh$
13,927,500
ThCh$
158,335,127
161,031,458
Collection accounts
ThCh$
8,536,202
ThCh$
60,265,158
77,294,260
Collection accounts
ThCh$
130,927
ThCh$
3,944,953
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
As of December 31, 2015, Enersis Américas S.A. had future energy purchase commitments amounting to ThCh$
35,079,484,027, of which ThCh$ 24,532,787,202 corresponds to continuing operations (ThCh$ 33,344,231,316
as of December 31, 2014).
36.2 Indirect Guarantees
As of December 31, 2015 and 2014, there are no indirect guarantees.
510
2015 Annual Report Enersis
36. Third Party Guarantees, Other
Contingent Assets and Liabilities,
and Other Commitments
36.1 Direct guarantees
Creditor
of
Guarantee
Debtor
Mitsubishi
Central Costanera
Credit Suisse First Boston
Central Costanera
Citibank N.A.
Endesa Argentina
Citibank N.A./Santander Rio Edesur
Deutsche Bank / Santander
Enersis Américas
Benelux
S.A.
Company
Relationship
Guarantee
Type Currency
Assets Committed
Balance Outstanding at
Combined cycle plant
Combined cycle plant
Cash deposit
Cash deposit
ThCh$
ThCh$
ThCh$
ThCh$
Carrying
amount
10,804,894
3,098,134
435,681
-
Currency
ThCh$
ThCh$
ThCh$
ThCh$
12-31-2015
35,254,202
1,183,600
435,681
-
12-31-2014
73,177,119
3,033,750
702,470
-
Deposit account
ThCh$
11,930,477
ThCh$
40,354,434
50,509,024
Various creditors
Ampla S.A.
Collection accounts
ThCh$
13,927,500
ThCh$
158,335,127
161,031,458
Various creditors
Coelce S.A.
Collection accounts
ThCh$
8,536,202
ThCh$
60,265,158
77,294,260
Banco Nacional de
Desarrollo Económico y
Cien
Social
Creditor
others
Collection accounts
ThCh$
130,927
ThCh$
3,944,953
-
Creditor
Creditor
Creditor
Creditor
Creditor
Creditor
Creditor
Type
of
Pledge
Pledge
Pledge
Pledge
Deposit
account
Pledge on
collection
and others
Pledge on
collection
and others
Mortgage,
pledge and
Guarantees Released
2015
-
-
Assets
-
-
2016
-
-
Assets
-
-
2017
-
-
Assets
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
As of December 31, 2015, Enersis Américas S.A. had future energy purchase commitments amounting to ThCh$
35,079,484,027, of which ThCh$ 24,532,787,202 corresponds to continuing operations (ThCh$ 33,344,231,316
as of December 31, 2014).
36.2 Indirect Guarantees
36.3 Lawsuits and Arbitrations Proceedings
As of December 31, 2015 and 2014, there are no indirect guarantees.
As of the date of these Consolidated Financial Statements, the most relevant litigation involving Enersis
Américas and its subsidiaries are as follows:
a) Continuing Operations
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 Chile’s combined
entity 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 Américas S.A. (former Enersis S.A.), Chilectra S.A. (now Chilectra
Chile 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 expropriated for an amount of US$ 1,306,875,960
(approximately ThCh$ 928,091,032), 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 (approximately ThCh$ 226,385,231). The Claimants
511
Consolidated Financial Statements
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 (approximately ThCh$ 72,553,271) 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 an
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.
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,
arguing 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 Río 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. Seeking 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 for 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 Río 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
for 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, and the Appeal to Amendment of Judgment had been filed by Ampla and the State of Río de Janeiro
to remedy the existing error in its publication, in order to avoid future divergence. Basilus filed its arguments
and on May 27, 2013, the Appeal to Amendment of Judgment filed by Ampla and the State of Río de Janeiro
were accepted and the error corrected. On August 25, 2015, the appeal filed by the plaintiff was rejected. The
decision was published on December 10, 2015, and Basilus filed an appeal to Amendment of Judgment, which
is pending resolution. The amount involved in this proceeding is estimated to be approximately R$ 1,344 million
(approximately ThCh$ 244,430,592).
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% retroactive to 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,
512
2015 Annual Report Enersis
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.2,335/87. 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 the
applicant 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 Appeals (Agravo de Instrumento) presented by both
parties, who filed a Petition for Clarification of the Decision (Embargos de Aclaración) against this judgment.
In June 2015, Ampla presented its arguments to the Court regarding the Extraordinary Appeal filed by the
Union, which were rejected by the Court. On December 16, 2015, the Extraordinary Appeal was submitted to
the Federal Superior Court of Law for its judgment. The amount involved in this proceeding is estimated to be
approximately R$63,678,286 (approximately ThCh$11,581,042).
4. Companhia Brasileira de Antibióticos (Cibran) filed suit against Ampla in order to receive compensation
for the loss of products and raw materials, machinery breakdown, among other things that occurred as a
consequence of poor service provided by Ampla between 1987 and May 1994 and compensation for moral
damages. This litigation is related to other five actions filed by Cibran against Ampla based on power outages
allegedly caused by Ampla in the period from 1987 to 1994, 1994 to 1999 and part of 2002. The judge decided
to conduct a single expert assessment for these various claims, which was in part adverse to Ampla. Ampla
challenged such assessment and requested a new expert assessment. On September 5, 2013, the judge
rejected the prior petition, whereupon Ampla filed a Petition for Clarification of the Decision (Embargo de
Aclaración) and subsequently a Special Appeal (Agravo de Instrumento), both of which were rejected by the
court. Against the latter, Ampla filed a Special Appeal before the Superior Court of Justice, which is pending
review. In September 2014, a first instance judgment in one of these proceedings ordered Ampla to pay
compensation of R$ 200,000 (approximately ThCh$ 36,373) 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. On June 1, 2015, a judgement in other of
the proceeding ordered Ampla to pay moral damages of R$ 80,000 (approximately ThCh$14,534), in addition to
material damages for Ampla’s failures in supply of service of R$ 95,465,103 (approximately ThCh$ 17,362,047)
(plus price-level restatement and interest). Ampla filed a Petition for Clarification of the Decision (Embargo
de Aclaración) against this judgement, which was rejected by the court. Ampla has filed an appeal. In the
remaining proceedings, a first instance court ruling is pending. The amount involved for all these cases is
estimated to be approximately R$374,014,593 million (approximately ThCh$ 68,021,285).
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. Ampla started to
pay this COFINS tax in April 2002. However, the Brazilian Internal Revenue Service notified Ampla that the
90-day delay 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 before 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 based
on the Constitution providing that legislative changes are effective 90 days after their publication. Ampla filed
513
Consolidated Financial Statements 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 20% rather than the previous 30%, 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. Pending of resolution. The amount involved in this case is estimated to be approximately R$149
million (approximately ThCh$ 27,098,332).
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 Treasury attempted to overturn the 1996 decision favorable to Ampla through a recession 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 above. 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 COFINS tax payments for the periods requested.
The Brazilian 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 Treasury did not have the opportunity to manifest in the prior
decision judgment. In May 2015, the Brazilian Treasury presented its final plea and in July 2015 a new favorable
first instance ruling entitling Ampla to a refund of its COFINS made from 1992 to 1996 was issued. In August
2015, the tax authorities filed an appeal at the Court of the State of Río de Janeiro. The sum Ampla has
requested as a tax refund amounts to R$167 million (approximately ThCh$30,371,956).
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 IRS notified Ampla the special tax regime did not apply
based on its understanding that prepayments were made before the stated maturity, due to the fact that
Ampla had received financing in Brazil which was allocated to the FRN holders. Ampla argues 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. The petition was denied.
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 be 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
514
2015 Annual Report Enersis
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$ 1,128 million (approximately ThCh$ 205,147,104).
8. Coelce bills the “low income” consumer with a social discount that determines a final rate called “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. Also, 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 IRS 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 argues 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 and 2006 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 to obtain the Regular Tax Certification.
In reference to the 2007, 2008 and 2009 litigation, Coelce filed the administration defense, and the decision
is pending. In reference to 2010, the proceeding was received in January 2015 and Coelce filed first instance
administrative defense. The next step is to continue with the defense of judicial and administrative processes.
The amount of these claims is R$ 123 million (approximately ThCh$ 22,369,764).
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 (filing 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, 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
before the Brazilian Supreme Federal Tribune. Since March 2005, Ampla has been paying the ICMS according
to the new system. In September 2005, the IRF imposed on Ampla a penalty fee and interests 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 (forgiving 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
515
Consolidated Financial Statements 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, on November 12, 2012, Ampla was obliged to post
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. In June 2015,
the Supreme Court of Brasilia issued a favorable ruling for Ampla for a lawsuit filed in 2002 to dispute the
constitutionality of the new filing requirements. This resolution will lead to the suspension of the collection
procedures of penalties and interests, since the tax is already paid. The State of Río de Janeiro might eventually
appeal; but its likelihood of winning are very limited as the outcome of the procedure was issued by the
plenary. Also, the sentence will mean the release of the guarantee. The decision was published on October 2,
2015 and the Brazilian Treasury has 10 days to appeal. Once elapsed the period the resolution becomes final,
and at that time the resolution will be presented to the administrative collection body (process). The State
Public Treasury did not file an appeal and on October 25, 2015, Ampla presented to the special collection body
the favorable resolution to it issued by the Brasilia Supreme Court. The amount involved in this proceeding is
R$ 285 million (approximately ThCh$ 51,832,380).
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) signed 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 price-level restated 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 repaired, creating 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 much extended
useful lives, taking into consideration their depreciation; or, alternatively, if the assets were deemed to have
any value, it would be very low since Coelce performed their replacement, extension and maintenance. The
amount involved in this litigation is approximately R$ 179,581,359 (approximately ThCh$ 32,660,102).
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 denied the claim and 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 7, 2014 a court of first instance denied Coperva’s claims. Coperva has appealed and
the decision is pending. 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 Coperva to be at R$ 15.6 million (approximately
516
2015 Annual Report Enersis
ThCh$ 2,837,140). This proceeding is in a first instance and has not yet started the evidence presenting stage.
The amount involved in this proceeding is estimated to be R$ 94,359,638 (approximately ThCh$ 17,160,998).
In Coelce’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$ 108,628,889 (approximately ThCh$ 19,756,118). This
proceeding, as well as the one for Coperva, has not been advanced by the plaintiff and both are in their first
instance.
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$ 21,399,857) 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. The court issued a resolution
extending this suspension until July 9, 2015. This proceeding has not had any changes as of to date.
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$ 94,716,974)
corresponding to a rescission penalty included in the contract, plus adjustments and default 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. The claimant filed an appeal against this sentence. In July 10, Cien presented its arguments to
the Court regarding the appeal filed by Furnas. On the other hand, 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.- In February 2004, two Brazilian taxes, COFINS and PIS were amended from an accrued regime (rate of
3.65% without credit deduction) to a non-accrued regime (9.25% with credit). According to legislation, long-
term assets and service supply agreements performed before October 31, 2003 under “predetermined price”
could remain in the accrued regime. Endesa Fortaleza had entered into energy purchase agreements that
complied with the requirements, and as a result, the revenues for such agreements were initially taxed under
the accrued regime, which is more advantageous. In November 2004, an administrative order was released
which defines the concept of “predetermined price”. According to it, CGTF agreements (Endesa Fortaleza)
must be subject to the non-accrued regime. In November 2005, a new Law clarified the “predetermined
517
Consolidated Financial Statements price” concept. On the basis of the 2005 legislation, the regime that should be applied to the agreements
was the accrued regimen (more advantageous). Besides, the ANEEL issued a (Administrative Law) Technical
Note indicating that the agreements entered into by virtue of its standards and with its approval comply with
the legislative requirement. PIS and COFINS paid in excess under the non-accrued regime by CGTF and CIEN
between November 2004 and November 2005, originate tax credits which were used to pay other taxes due.
Nevertheless, in 2009 the tax authorities rejected the compensation procedures. In February 2007, the Brazilian
tax authorities audited Endesa 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$ 75 million (approximately ThCh$ 13,640,100).
14.- The Brazilian Internal Revenue Service (IRS) 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 that all the procedures adopted by Enel Brasil
were based on the company’s interpretation and in accordance with Brazilian accounting standards (Brazilian
GAAP), and confirmed by the external auditor and by a legal opinion from Souza Leão Advogados. Enel Brasil
has filed its defence in the administrative first instance and is waiting for an administrative first instance ruling.
The amount involved in this proceeding is R$233 million (approximately ThCh$42,375,244).
15.- In 2001, a lawsuit was filed against Emgesa, as well as the non-related companies, Empresa de Energía
de Bogotá S.A. E.S.P. (EEB) and Corporación Autónoma Regional de Cundinamarca (CAR), by the residents of
Sibaté, in the Colombian Department of Cundinamarca. This lawsuit seeks to hold the defendants jointly liable
for the damages and prejudices derived from the pollution to the El Muñá dam reservoir, resulting from the
pumping of polluted waters from the Bogotá River by Emgesa. Emgesa has denied these allegations arguing,
among others, that it does not have any responsibility since it receives the waters already contaminated.
The plaintiffs’ initial demand was for approximately CPs 3,000 billion (approximately ThCh$ 675,000,000).
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 annul the
proceedings was denied. The resolving preliminary objections and the summons to a conciliation hearing are
currently pending. In June 2015 a resolution was enacted instructing the dismissal of EEB by reason of a nullity
defect, as well as the exclusion of those entities that had been identified by the Cundinamarca Administrative
Court as defendants for having polluted the waters of Bogotá River, which had been confirmed by the State
Council. A motion for reversal was filed against this decision, or an appeal. The resolution of such actions is
pending.
16.- Corporación Autónoma Regional de Cudinamarca (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 on the El Muña dam reservoir,
518
2015 Annual Report Enersis
whose effectiveness, among others things, depends on maintaining Emgesa’s water concession. Emgesa
filed an action for annulment and reestablishment of Law against these resolutions before the Administrative
Court of Law of Cundinamarca, Section One. The first instance court denied the nullity of the above-mentioned
resolutions. Appeals were filed by Emgesa, EEB and EAAB, which are pending a decision.
Also, there is another action for annulment and reestablishment filed by Emgesa against the CAR for annulment
of Article 2 of Resolution 1318 of 2017 and Article 2 of Resolution 2000 of 2009, both of which imposed to
Emgesa the implementation of a Contingency Plan and to carry out an study on “Air Quality” for the potential
suspension of water pumping in the dam reservoir. This action pretends to annul the administrative acts imposed
due to impracticability to anticipate the “Air Quality” and the implementation of the “Contingency Plan”. In
this action it was presented a favorable accountant expert report, for which it was requested clarification to
Emgesa. It is pending clarification of previous expert report and a second expert report to value the Works
anticipated by the company. The amount at issue is undetermined.
17.- 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 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 93 billion (approximately
ThCh$20,925,000).
18.-
In February 2015, EMGESA was notified of a Popular Action filed by Comepez S.A. and other fish
farming companies located near the Betania dam, on the grounds of protection of the right to a healthy
environment, public health and food safety in order to prevent, in the opinion of the plaintiffs, the danger of a
massive fish mortality among other damages from the filling of the reservoir for the El Quimbo Hydroelectric
Project dam, also located at the basin of the Magdalena river. Regarding the status of the proceeding, the
Huila administrative court issued in February 2015 a preliminary injunction that prevents the filling of the El
Quimbo dam reservoir until the river has reached the optimal flow, among other requirements. Emgesa filed
a motion for reversal against this decision requesting a probation order and the release of such measure,
which motion was dismissed by the court. The appeal filed by Emgesa was granted only in the remand effect.
The preliminary injunction was amended, allowing Emgesa to start filling the dam reservoir. Nevertheless
the Regional Environmental Authority (CAM) in Resolution 1503 issued on July 3, 2015 directed Emgesa to
temporarily stop filling the El Quimbo dam reservoir. The legal actions to be adopted are under analysis by
Emgesa, notwithstanding the filling procedure continues normally. The appeal is pending. The Colombian
government, through Decree 1979 has requested the lifting of the generation suspension and reported that
Emgesa must abide by such Decree. On December 15, 2015, the Constitutional Court decided that the referred
Decree 1979 was unenforceable, consequently, EMGESA suspended at midnight of that day the generation of
energy at El Quimbo. EMGESA presented the corresponding arguments.
519
Consolidated Financial Statements On December 24, 2015, the Ministry of Energy and Mining and the National Authority of Aquaculture and
Fishing (“AUNAP”) filed a writ of protection of constitutional rights to Civil Courts of Circuito de Neiva as a
transitional mechanism to avoid damage, and meanwhile the Huila administrative court decides on releasing
the precautionary measure, they requested the generation of energy of El Quimbo. Moreover, they requested
to authorize such generation as an interim measure until a ruling on the writ of protection is made. On January
8, 2016, Emgesa was notified of the decision of the Civil Court of Circuito de Neiva which authorized Emgesa
to immediately restore the generation of energy as a transitional measure until the Huila administrative court
decides on releasing or not the precautionary measure. The amount of this proceeding is undetermined.
19.- 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$ 21,407,126, 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 of CPs 14,432,754,679 (approximately ThCh$ 3,247,369). The
Comptroller recommended in its report that UAESP send the agreement for judicial review in order to resolve
the lawsuit with Codensa, which occurred on December 13, 2013. Subsequently, the Comptroller, this time
from Bogota, issued a report questioning the agreement with the UAESP; such report was presented at Court.
On September 17, 2014, it was requested to the Court to notify about the report, it is pending resolution from
the Tenth Administrative Court of Bogota, either for notifying the report or final decision on the agreement
subscribed between Codensa and the UAESP.
20.- A Group Action was filed in Colombia against Codensa by which plaintiffs intend that this company
reimburses them the allegedly excess charge for not applying the tariff benefit that according to them would
have corresponded as users of the Voltage One Level and owners of the infrastructure, as established by
Resolution 082 of 2002, amended by resolution 097 of 2008. Regarding the proceeding status, Codensa filed
a plea against the lawsuit rejecting it entirely. A conciliation hearing was effected between the parties, without
success. The writ of proof is pending. The estimated amount is approximately $337,626,840,000 Colombian
pesos (approximately ThCh$75,966,039).
520
2015 Annual Report Enersis
21.- To counter the impact in prices as a result of the climate phenomena “El Niño”, the Energy and Gas
Regulatory Commission (“CREG”), through Resolution CREG 168 of 2008 establishes the Optional Tariff,
which allows to defer the increase in the electrical energy tariff for up to two years, mitigating the impact
of the increase to end users. Codensa voluntarily ended the Optional Tariff it was applying, as such, it must
determine the difference between the actual values of the tariff and the invoiced valued from the Optional
Tariff, based on the balances and the historical values transferred to the tariff for end uses, in compliance
with Resolution CREG 168 of 2008. The resulting difference of comparing tariffs must be returned to the end
uses as the Optional Tariff values, as accumulated balances, are always higher than the values that would
have been invoiced had no opted for that alternative. In terms of process status, it was notified the demand
on October 1, 2015 which was answered on November 23, 2015. The conciliation hearing date has not yet
been fixed. National regulations does not establish the mechanism to return the money from the optional
tariff to end users; however, the company has previously decided to return it. There is a difference between
the amounts that the company expects to return and the amount that the regulator expects. The demand was
answered on November 23, 2015. The conciliation hearing date has not yet been fixed. The estimated amount
is approximately $163,000,000,000 Colombian pesos (ThCh$36,675,000).
22.- 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 and (ii) that such financing was actually incurred.
Edegel has responded that SUNAT cannot request such evidence 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 two of Edegel’s
power plants, and against 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 ThCh$8,474,708 (€11 million) that 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 System 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 according to 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).
In August 2013, Edegel received notice of an unfavorable ruling with respect to claim i). Edegel filed an
annulment appeal against the ruling, since the resolution violates its motivation right and it is untimely. In May
2015, Edegel received notice of the resolution of the Court of Appeal which: (i) annulled the resolution from
the Justice Department (“JD”) which rejected the petitions of the demand of the company; (ii) the claims
rejected were declared admitted; and (iii) it was ordered to the JD to return to the stage of determination of
the controversy points. In June 2015, Edegel received notice from the JD that it declared admitted the claims
rejected and it was submitted to the attorney general’s office for issuance of a new pronouncement (in Peru
when the Government is engaged as a party in a judicial process a general attorney designated by the Public
Ministry must be involved, in order for him to be informed and to opine regarding the controversy. Such opinion
is not binding for the judge or the Court that must resolve the litigation).
521
Consolidated Financial Statements For the 2000 to 2001 fiscal years, Edegel paid the equivalent of ThCh$3,852,140 and made a provision of
ThCh$770,428.
In November 2015, Edegel was notified of Resolution No. 15281-8-2014, stating that the TF ruled with respect
to the indicated appeal by which it was declared annulled the Resolution where the SUNAT objected the loss
deductions related to the financial derivative instruments. Then, confirmed the objections related to the non-
deductibility of depreciation of the non-accredited technical assistance services rendered to Generandes and
the financial interests accrued on the loans for the acquisition of treasury shares; and, finally, it revoked both
matters. It is important to note that, although the TF’s resolution revoked the objections related to the excess
in depreciation of the revalued assets; however, stated that the SUNAT shall apply what is resolved in the
company’s appeal of Income Taxes filed for the fiscal year 1999 (EXp. No. 10099 to 2012), which is still pending
resolution.
In December 2015, it still pending that the TF submit the case to the SUNAT in order for it to recalculate the
debt based on the established criteria.
For the 1999 fiscal year it is expected that the Judicial System will enact a new resolution on the Edegel lawsuit
and that the TF will decide on the partial appeal filed by Edegel. For the 2000 and 2001 fiscal years, filed new
evidence in order to reduce amount of that could be paid from ThCh$4,622,568 to ThCh$1,001,556; however,
the TF could determine that the evidence is inadmissible as untimely. In December 2014, the TF enacted a
resolution on the appeal filed by Edegel, but it has not yet been notified. Notification is expected.
The amount involved in these proceedings is S/.63,944,287 (approximately ThCh$ 13,305,207), which is divided
between the assets amount of S/.59,819,819 (approximately ThCh$ 12,447,008) and the liabilities amount of S/.
4,124,468 (approximately ThCh$ 858,198).
23.- Enersis Américas, Additional Tax for non-Chilean residents or domiciles shareholders. In September
2012, Enersis Américas S.A. received notice from the Chilean Internal Revenue Service (“SII” in its Spanish
acronym) on a settlement and resolution related to withholding taxes on dividends paid in fiscal years 2008
and 2009 (tax years 2009 and 2010) to non-Chilean residents or domiciles shareholders of Enersis Américas.
Despite that there is no differences in owed taxes, therefore no fines have been applied, the SII is requesting
Enersis Américas to correct the calculation methodology used for its tax return. In addition, the SII notified on
settlements and resolutions for the same concept for fiscal years 2010 and 2011 (tax years 2011 and 2012). The
position of the tax authority is that the methodology used by the company to determine the difference between
the final tax credit and the provisional tax credit was incorrect, because Enersis Américas shall pay the total
amount of the tax credit used in the calculation of the provisional withholding and only the shareholders shall
request refund from the amount paid in excess by the Chilean company. The position of Enersis Américas is
that the interpretation of the tax authority is based on the wording of an article in the tax law that it seems to
require the “payment of credits in excess”, but it did not consider the existence of a Resolution issued by itself
indicating the description of this process to which Enersis Américas have complied with. Moreover, if used the
methodology of the tax authority, the amount to be paid on behalf of the shareholders would be the same as
the amount that the shareholders would request to the SII for refund. The difference is that the amounts paid
to the SII are price-level restated by CPI and interests (1.5%), while the amounts that the SII will reimburse are
only price-level restated by CPI. On March 13, 2014, the Company filed a tax claim with the Tax and Customs
Court (“TTA” in its Spanish acronym) in first instance for fiscal years 2008 and 2009. On August 18, 2014, a
tax claim was filed for fiscal year 2010 (tax year 2011), and lastly, on August 29, 2014, a tax claim was filed for
fiscal year 2011 (tax year 2012). The three tax claims are pending of response from the SII, and on October 10,
2014, Enersis Américas requested their aggregation, which was granted by the Court on October 16, 2014. On
522
2015 Annual Report Enersis
September 21, 2015, the TTA open the evidential period. On October 15, 2015, Enersis Américas presented its
evidence. On December 31, 2015, the TTA unfavorable ruled against Enersis Américas. On January 4, 2016, the
Company received notice of the resolution. Enersis Américas filed an appeal to the Appeal Court of Santiago.
The amount involved in this proceeding is ThCh$45,566,682.
b) Discontinued Operations
1.- 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 Pirihueico 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 Santiago Court of Appeals, which are still pending.
2.- 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. The discussion period has ended and the
evidence action has been determined, which after notification was subject to a motion of reversal filed by
the plaintiff, and to a nullity incidental plea filed by Endesa Chile, which were rejected. The proceeding was
suspended by mutual agreement until March 9, 2013, after which it was immediately restarted. On August 20,
2013 the pending conciliation hearing took place without success. After the end of the ordinary, extraordinary
and special periods of evidence on January 22, 2015, the parties were summoned to acknowledge the ruling,
and on April 23, 2015, the Court issued a ruling accepting the complaint, declaring DGA Resolution N° 732 null
of public legislation. Endesa Chile, in turn, filed a writ of appeal and reversal in the form before the Santiago
Court of Appeals, which are still pending of resolution.
3.- In August 2013, the Chilean Superintendence of the Environment (SMA) 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.
523
Consolidated Financial Statements 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 remainder. On August 11, 2014,
SMA passed Resolution No. 421 that fined Endesa Chile 8,640.4 UTA for environmental non-compliances
that are the subject matter of the sanctioning proceeding. Endesa Chile filed an illegality claim against the
SMA before the Third Environmental Court of Valdivia, which on March 27, 2015 issued a ruling that partially
annulled the sanctions imposed of by the SMA, instructing it to consider aggravating circumstances evidenced
in connection with the calculation of the fine imposed. The company filed a writ of reversal in substance before
the Chilean Supreme Court, which was rejected, the sanction imposed was confirmed. As of December 31,
2015 the amount has been paid.
4.- 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$ 51,326,814) for the proportional part of the
investments that the defendant must pay due to the Supreme Decree mentioned above.
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 damages. 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 of January 16, 2015 to contest or
observe the answers provided and the documents attached specifying the contrary. The arbitrator gave the
parties for their study a base for an agreement.
The management of Enersis Américas S.A. 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.
524
2015 Annual Report Enersis
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 Américas 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
Américas 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 Américas 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 used.
Regarding the bond issues of Enersis Américas 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 Américas or
Endesa Chile. The Enersis Américas Yankee bonds mature in 2016 and 2026, and those of Endesa Chile do so
in 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 Américas 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 Américas, 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.
525
Consolidated Financial Statements The Series B2 domestic bonds of Enersis Américas 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$ 628,570 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 Américas and minority interests. As of December 31, 2015, Enersis Américas equity was Ch$
8,189,808 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 Américas and non-controlling interests. As of December 31, 2015, the Debt
Ratio was 0.89.
- 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, Total unsecured liabilities consist of the sum of Total current liabilities and Total non-current
liabilities, less liabilities secured by collateral. As of December 31, 2015, this ratio was 1.88.
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, 2015, the most restrictive financial covenant for Enersis Américas was the Debt/EBITDA
ratio with respect to local credit lines early closed on January 18, 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 Américas and Non-controlling interests. As of December 31,
2015, the ratio was 0.19.
- 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 Américas. As of December 31, 2015, the equity of Endesa Chile was Ch$ 2,648,190
million.
- 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 year ended December 31, 2015, this ratio was 8.21.
526
2015 Annual Report Enersis
- 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 Américas has no participation, and long-term
transactions of associates of Endesa Chile in which Enersis Américas 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 Américas has no participation; and long-term transactions of associates of Endesa Chile
in which Enersis Américas has no participation. As of December 31, 2015, using the exchange rate prevailing
on that date, the Net asset position with related companies was a negative US$ 341.86 million, indicating that
Enersis Américas 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 Américas and Non-controlling interests.
As of December 31, 2015, the debt ratio was 0.19.
- 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, 2015 was the Debt
Ratio requirement for the credit line under Chilean law, which was early closed on January 18, 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, 2015, 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, 2015, the most restrictive covenant on Piura debt was the indebtedness covenant from the
Reserva Fría plant construction leasing agreement with Banco de Crédito del Peru which expires in June 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, 2015,
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, 2015, the most restrictive financial covenant for Ampla was the Debt/EBITDA ratio on the
loan with the Banco Nacional do Desenvolvimiento Economico e Social (“BNDES”), whose final maturity is
June 2021. Cien’s debt includes covenants on Debt Coverage (Debt/EBITDA) and the Debt Ratio on a loan with
BNDES maturing in June 2020. As of December 31, 2015, its most restrictive covenant was the Debt ratio.
527
Consolidated Financial Statements In Argentina, 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. As of December 31, 2015, the most restrictive covenant was the leverage ratio for the syndicated loan
maturing in September 2016.
In Colombia, the debt of Emgesa has only one convenant, Net Debt/EBITDA, for the loan with the Bank of
Tokyo with a final maturity in June 2017. However, the obligation to comply with this covenant is subject to a
downgrade in the credit rating of Emgesa that could result in losing is Investment Grade quality, as stated in
the debt agreement. As of December 31, 2015, the covenant was not triggered. On the other hand, the debt of
Codensa is 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.
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, 2015 and 2014, neither Enersis Américas 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 December 2014.
This situation does not represent a risk of cross default or a breach for Enersis Américas.
As of December 31, 2015, all assets and liabilities related to the distribution and generation businesses in Chile
has been classified as non-current assets held for distribution to owners (See Note 5.1).
36.5 Other Information
Central Costanera S.A.
- On July 17, 2015, and in force as of the economic transactions corresponding to February 2015, Resolution S.E.
Nº 482/2015 was enacted which, among other aspects updated the remuneration of the MEM’s generating
agents of thermal conventional type or hydraulic national (with the exception of the hydraulic bi-national),
replacing to this end Schedules I, II, III, IV and V of Resolution S.E. Nº 529/14, and including a new remuneration
concept that is the Investment Writ FONINVEMEM 2015-2018, which application is from February 2015 until
December 2018, for those generating companies participating in investment projects approved or to be
approved by the Secretary of Energy. In this sense, each generation unit built within the framework of the
FONINVEMEM 2015-2018 investments is granted a Direct FONINVEMEM 2015-2018 Remuneration equal to
50% the Direct Additional Remuneration for a period of up to 10 years from its commercial implementation.
On June 5, 2015, our generating subsidiaries in Argentina entered into the “Agreement of Management and
Operation of Projects to Increase the Availability of Thermal Generation and Adjustment of the Generation
Remuneration 2015-2018”, hereinafter FONINVEMEM 2015-2018, and adhered to all the terms established in
such agreement on July 2, 2015. Adhering includes the irrevocable commitment to participate in the formation
of FONINVEMEM 2015-2018, undertaking according to point 3.2.v of the Agreement to contribute with the
Sales Statements with a Maturity to be defined (LVFVD) and/or Collectibles accrued or to be accrued during
528
2015 Annual Report Enersis
the entire period between February 2015 and December 2018 not previously committed to similar programs,
together with all unused Collectibles. Both the Secretary of Energy and the generating agents that adhered
to the Agreement maintain the right to consider this Agreement lawfully terminated if during the 90 days
indicated in point 9 of the Agreement the corresponding supplementary agreements are not entered into.
By adhering to such Agreement generating companies will participate, together with other Generating Agents,
in the construction of a Combined Cycle of about 800 MW +/- 15%, which shall generate both with natural gas
and with gasoil and biodiesel. The new combined cycle will be subject to a bidding in order to be implemented
no longer than 34 months after the work is granted.
Notwithstanding the above, our subsidiary in Argentina Central Costanera still shows a deficit in its working
capital, causing difficulties to its financial balance in the short term which compromise its future capability
to continue operating as a company and to recover assets. Central Costanera expects to revert the current
situation provided that there is a favorable resolution on the requests made to the National Government of
Argentina.
- On March 18, 2015, the Undersecretary of Electric Energy issued its Note SS.EE. 476/2015, which establishes
the procedure to coordinate the remuneration according to Resolution SE Nº 95/2013 and the Availability
Agreements for Combined Cycles and Turbosteam entered into between Central Costanera and CAMMESA,
as from February 2014. As established in the above, Central Costanera shall temporarily relinquish to receive
the Additional Remuneration Trust established Res. SE. Nº 95/2013, its amendments and supplements which
were already undertaken, as well as the Remuneration for Non Recurrent Maintenance as established in Res.
SE Nº 529/2014, its amendments and supplements.
The procedure implies the reversal of the deductions made and applied to the Company as established in notes
S.E. Nº 7594/2013 and Nº 8376/2013, as from the validity of this standard. Since the economic transaction in
the month of January, 2015, the concepts relinquished by the Company shall be applied to the compensation
funds transferred by CAMMESA to the Company as of that date to perform the tasks provided for in the
agreements. In case the amount accrued for this concept it not enough to offset the total funds transferred
by CAMMESA to the Company, they shall be accrued in a special account “Available Agreements Account”.
In order to materialize the conditions established above, the Company and CAMMESA should enter into the
corresponding addendum to the agreements.
On July 3, 2015, the Company entered into the addendum with CAMMESA to the Availability Agreements for
Combined Cycles and Turbosteam. These Agreements regulations plus the amendments introduced by the
addendum regulate the agreement between the parties and they shall be understood as entirely valid until the
validity term established in such agreements expires.
As a consequence of the above, during the fiscal year 2015 a decrease of Ch$ 1,021 million was recognized in
the revenues for sales and other operational income / expense of Ch$4,193 million.
- In December 2014, the Vuelta de Obligado (“VOSA”) thermal plant started to operate it open cycle with two
gas turbines of 270 MW each, it is expected the closing as combined cycle of high efficiency in October 2016.
In accordance with a technical report issued by VOSA’s authorities, the gas turbines have passed all operational
tests and have functioned properly. There is still pending to nationalize very few components to complete stage
two, and there is certainty that the works will be completed and implemented in 2016.
529
Consolidated Financial Statements Based on above, in December 2015, were accounted for the effects of the dollarization of the receivables,
resulting in the recognition of the following income:
- Exchange difference for dollarization of the receivables at an exchange rate lower than the closing exchange
rate of 2015 for $ 1,323,430,283 Argentine pesos (ThCh$ 93,699,288) in Chocón; $ 129,092,580 Argentine
pesos (ThCh$ 9,139,796) in Costanera; and $ 546,902,547 Argentine pesos (ThCh$ 38,720,876) in Dock Sud.
- Interest accrued between the maturity date of each sale settlement contributed to the VOSA project and the
sign-off date of the Agreement, at the interest rate that CAMMESSA obtain for its financial deposits, capitalized
and dollarized in accordance with above, for a total of $ 49,797,906 Argentine pesos (ThCh$ 3,525,708) in
Chocón.
- Interest accrued on dollarized receivables, once included the interests mentioned in previous paragraph, at an
interest rate LIBOR 30 days + 5%, for a total of $ 493,816,698 Argentine pesos (ThCh$ 34,962,380) in Chocón;
$ 43,989,703 (ThCh$ 3,114,485) in Costanera; and $ 218,604,914 (ThCh$ 15,477,298) in Dock Sud.
- On July 25, 1990, the Italian Government authorized MedioCredito Centrale to grant a financial loan to the
Government of the Republic of Argentina of up to US$ 93,995,562 aimed to finance the acquisition of assets
and the delivery of services of Italian origin, used in the restoration of four groups at the thermal station owned
by Servicios Eléctricos del Gran Buenos Aires (“SEGBA”) [Electric Services for Great Buenos Aires]. This credit
financed the acquisition of assets and services included in the Work Order Nº 4322 (the “Order”) issued by
SEGBA in favor of a consortium headed by Ansaldo S.p.A. from Italy.
According to the terms of the “Contract related to the Work Order Nº 4322”: (i) SEGBA granted to Central
Costanera S.A. a power to manage the execution of the services contained in the Order, and it performed
the works and services that according to the Order corresponded to SEGBA; and (ii) Central Costanera S.A.
undertook to pay to the Secretary of Energy of the Nation (the “Secretary of Energy”) the capital instalments
plus interests originated by the loan granted by MedioCredito Centrale, at an annual rate of 1.75% (the
“Contract”).
As a collateral for the compliance with the economic obligations undertaken by Central Costanera S.A., the
buyers set up a pledge over the total shares owned by them. In the event of non-compliance which provokes
the execution of the collateral, the Secretary of Energy will be entitled to immediately proceed with the sale of
the pledged shares through a public bid, and it could exercise the political rights corresponding to the pledged
shares.
By reason of application of Law Nº 25.561, Decree Nº 214/02 and its regulatory stipulations, the payment
obligation by Central Costanera S.A. resulting from the Contract and subject to the Argentinian legislation was
mandatorily converted into pesos, at a ratio of one peso equivalent to one dollar of the United States, plus
the application of the stabilization reference coefficient (“CER”), maintaining the original interest rate of the
obligation.
On January 10, 2003, the National Executive Power enacted Decree Nº 53/03 which amended Decree Nº
410/02 by incorporating a paragraph j) in its first article. By means of this standard, the obligation to deliver
funds in foreign currency to the province states, municipalities, companies of the public and private sector and
the National Government originated by subsidiary or other nature loans and guarantors originally financed by
multilateral credit organizations, or originated by liabilities assumed by the National Treasury and refinanced
with external creditors is exempt from the mandatory conversion into pesos.
530
2015 Annual Report Enersis
Central Costanera S.A. considers that the loan resulting from the Contract does not match with any of the
assumptions provided for in Decree Nº 53/03, and even if it did, there are solid grounds to consider Decree Nº
53/03 unconstitutional since it evidently violates the principle of equality and the right of property as established
in the National Constitution.
On May 30, 2011, the Company repaid the last instalment of the loan’s capital and notified this fact to the
Secretary of Energy and to the Secretary of Finance and, even if as of the date of these financial statements the
Secretary of Energy has not made any claim for the payments effected by Central Costanera S.A., on October
22, 2015 we received a letter from the Secretary of Finance – Directorate for the Administration of the Public
Debt, which indicates that the Ministry of Economy and Public Finance included the balance of the debt for
the financial credit with MedioCredito Centrale in the agreement entered into with the Club of Paris creditors
on April 30, 2014. According to the letter, the Secretary also claims from Costanera the reimbursement of US$
5,472,703.76 without providing grounds for such request.
As a result, Costanera rejected the indicated requirement indicating, among other, that (i) it does not have a debt
related to the Contract since on May 30, 2011, the Company repaid the last instalment of it and notified such
circumstance to the Secretary of Energy and to the Secretary of Finance, (ii) the creditor has not expressed
any caution to the Contract payments derived from the mandatory conversion into pesos imposed by the
Argentinian legislation, and (iii) notwithstanding the fact that the Company does not acknowledge the terms
of the agreement entered into with the Club of Paris creditors, the decisions of the Argentinian Government
regarding the debt with such organization are unrelated to the Company.
The Secretary of Finance, due to the rejection from Costanera, submitted the DADP Note No. 2127/2015
attaching Resolution DGAJ No. 257501 from the Ministry of Economy and Public Finance, insisting in the
existence of the debt and requesting the Company to pay the claimed amounts. The Company filed a hierarchy
appeal so as to the Minister of Economy and Public Finance revoke the petition of the note due to lack of
legitimacy.
Edesur S.A.
- On March 11, 2015, the Secretary of Energy issued Resolution No. 32/2015, which establishes the following
among the most important points: (i) it approves a transitory increase for Edesur with validity as from February
1st, 2015 aimed exclusively to pay the energy acquired from the electric market, salaries and assets and
services supply; such increase, on account of the Integral Tariff Review (RTI) which date has not been defined,
arises from the difference between a theoretical tariff framework and the tariff framework in force for each
category of user, according to the calculations of the Ente Nacional Regulador de la Electricidad (E.N.R.E.)
[National Regulatory Entity of Electricity], which shall not be converted into tariff but it will be covered by means
of transfers from CAMMESA with funds of the National Government; (ii) as from February 1st , 2015 the funds
of the Program for Rational Use of Electric Energy (PUREE) shall be considered as a part of Edesur revenues,
also on account of the RTI; (iii) it confirms the procedure of the Cost Monitoring Mechanism (MMC) until
January 31, 2015; and (iv) it instructs CAMMESA to issue LVFVD in the amounts determined by the E.N.R.E. by
virtue of the higher salary costs of the Company originated by the application of Resolution N° 836/2014 of the
Secretary of Labor. In addition, it allows for payment of remaining balances in favor of the Electric Wholesales
Market (MEM) by means of a payment plan to be defined. Also, it instructs E.N.R.E. to initiate actions prior
to the RTI processing. As a consequence of the above, during the year ended December 31, 2015 were
recognized revenues for Ch$ 352,108 million, which are presented in the statement of comprehensive income
as follows: for point (i), Ch$ 264,987 million in the line item “Other income Res. SE N° 32/2015” and Ch$ 644
531
Consolidated Financial Statements million in the line “Financial income”; for point (ii), Ch$ 33,972 million within “Revenues from Services” (sales
of energy); and for points (iii) and (iv), Ch$ 52,505 million in “Other net operating income”.
Although Resolution SE N° 32/2015 represents a first step towards the improvement of the Company’s
economic situation, investments will continue being financed through mutual agreements with CAMMESA, as
it remains pending to find mechanisms allowing for repayment of the remaining balances in favor of the MEM,
as well as the updating of revenues that contemplate future increases in the operational costs.
On the other hand and regarding the above, on June 29, 2015 the SE released its Note N° 1,208 by which
it instructs CAMMESA on the method to calculate the debts maintained by Edesur with the MEM for the
economic transaction of energy accrued as of January 31, 2015 and their offsetting with the credits arising
from the application of the MMC. As a result, during the year ended December 31, 2015 net financial income
was recognized amounting to Ch$ 27,216 million. As of the date of these financial statements the indicated
instructions is being implemented.
In accordance with Article 5 of Resolution No. 32/2015, the transitory increase approved was subsequently
updated through Notes SE No. 2097 and 2157, on November 12 and 16 of 2015, respectively, as a result of the
periodic monitoring performed by the ENRE over the operational cost trends of the Company.
Likewise, Edesur requested to the ENRE, the modification of the tariff table in the terms established in Articles
No. 46 and 47 of Law 24,065 in order to reflect the amounts imposed of by Resolution of the Secretary of Labor
(ST) No. 1906/2012 and the minute of meeting subscribed on February 26, 2013 with the national authorities
and the Ministry of Labor, which defined the increases in the remuneration requested by the “Luz y Fuerza”
Union for its own employees and those of the subcontractors. The ENRE rejected both requests; however,
stated to intervene with the SE in the terms established in Resolution MPFIPyS No. 2000/2006, which is still
pending of notice.
Lastly, on December 16, 2015, the new national authorities declared through Decree 134/2015, the emergency
at the National Electrical Sector effective until December 31, 2017. The Decree instructed to the Ministry of
Energy and Mining to elaborate and implement an action plan with the necessary activities for the generation,
transmission and distribution segments within national jurisdiction, aimed to adapt the quality and safety of
the energy supply and to ensure the rendering of electrical public services under appropriate technical and
economic conditions.
The delay in compliance with certain milestones established in the Agreement Act had an impact in the liquidity
ratio. The Company believes that the adverse effects as a result of the lack in timely application of the rights for
adjustment in its revenues will be reversed with the tariffs resetting.
- On July 12, 2012, the E.N.R.E. through Resolution N° 183/2012 appointed Luis Miguel Barletta as observer in
Edesur, in charge of overseeing and controlling the current administrative actions and delivery related to the
normal service rendering by the Company. The appointed observer would be in office for a 45-day renewable
term. On July 20, 2012 the Company filed a writ of reconsideration with appeal against Resolution E.N.R.E.
Nº 183/2012. The same has rejected the grounds of the Resolution, stating and showing the financial and
economic constraints to which Edesur has been subject for years by the E.N.R.E. and other authorities due to
their denial to reflect in tariffs the greater costs or the values that must derive from an integral tariff review, or
to offer other revenues for the service. The observer function was extended by means of Resolutions E.N.R.E.
Nº 246/2012, N° 337/2012 and N° 34/2013, the Decision E.N.R.E. N° 25/2013, Resolution E.N.R.E. N° 243/13
and the Decision E.N.R.E. N° 2/2014 dated January 9, 2014, that extends such appointment for another 90
532
2015 Annual Report Enersis
administrative working days, extendable. On January 30, 2014 the E.N.R.E. issues Resolution N° 31/2014
which given the new Board of Directors at the entity that appointed the engineer Ricardo Alejandro Martínez
Leone as Chairman, also appoints the latter as observer at Edesur, in replacement of engineer Luis Miguel
Barletta, for a 90 administrative working day term, extendable. The Decision E.N.R.E. N° 36/2014, dated June
17, 2014, extends for another 90 administrative working day term, extendable the appointment of engineer
Martínez Leone as observer at Edesur. Decision E.N.R.E. N° 244/2014, dated September 3, 2014 appoints
the accountant Rubén Emilio Segura to replace the engineer Martínez Leone as observer at Edesur, for a 90
administrative working day term, extendable. On April 22, 2015 the E.N.R.E. released Resolution N° 128/2015
extending such appointment for 90 administrative working day term. The writ of reconsideration and appeal
filed against the mentioned resolution is maintained and extends to the resolutions by which the effects of the
observer were extended.
On January 25, 2016, the Ministry of Energy and Mining (“MEyM” in its Spanish acronym) issued Resolution
No. 6/2016 which approved the Summer Quarterly Re-scheduling (“Reprogramación Trimestral de Verano”)
applicable to the Wholesale Electricity Market (“MEM” in its Spanish acronym) and established the seasonal
reference prices for energy and capacity for the February-April 2016 period.
Additionally, in order to move towards proper management of demand through incentives for saving and
rational use of electricity of residential end users (“Plan Estímulo”), implemented through the MEM, an
incentive system that will result in a mechanism of decreasing energy prices as counterpart of the effort of
each residential user to reduce unnecessary consumption, which will be determined by comparing the monthly
energy consumption with the one recorded in the same month of 2015.
Moreover, given the social significance of the electricity service, the previously mentioned Resolution defines
an energy volume at a price named Social Tariff (“Tarifa Social”), to be transferred at a minimum price to those
included in the population of end users who, based on the criteria of classification communicated by the
Ministry of Social Development of the Nation (“Ministerio de Desarrollo Social de la Nación”), lacks sufficient
payment capacity to afford the general established prices.
Access to reduced wholesale prices for Social Tariff and incentive for saving are subject to the compliance with,
in the case of distribution companies, the payment obligations in the MEM due from the effective date of this
Resolution. Likewise, those distribution companies with outstanding debts with CAMMESA as of issuance
date of the Resolution, as in the case of Edesur, shall agree to, in no less than 30 business days, a payment
plan for the past due debt and, also, to ensure payment of its purchases in the MEM through transferring its
accounts receivables or other equivalent alternative mechanism at CAMMESA’s satisfaction, so as to ensure
both the collection on current billing and the payment of the installments in the agreement to sign related to
the past due debt.
As of the date of issuance of these financial statements, the Company is assessing the effects of Resolution
MEyM No. 6/2016.
Subsequently, on January 27, 2016, it was issued Resolution MEyM No. 7/2016 instruction E.N.R.E. to:
i. Adjust the VAD in the tariff tables of the Company, on account of the RTI within the framework of the
Transitional Tariff Regime established in the Agreement Act (“Acta Acuerdo”).
ii. Apply a Social Tariff to the population of end users resulting from the application of certain eligibility criteria,
namely: be a retiree or pensioner for an amount equivalent to twice minimum salary; employed persons in a
533
Consolidated Financial Statements dependency relationship earning a gross remuneration lower or equal to two minimum salaries; be beneficiary
in social programs; be enrolled in the Social Monotributo Regime; be incorporated in the Social Security Special
Regime for domestic service workers; receiving unemployment insurance; or have a disability certificate, being
excluded from the benefit those owners of more than real estate, motor vehicles whose models are up to 15
years old, or luxury aircrafts and boats.
iii. Include in the tariff tables the saving of electrical energy plan as stated in Resolution MEyM No. 6/2016.
iv. Carry out all necessary activities to proceed to the RTI, which must be effective before December 31, 2016.
In order for users to improve their household finances, the ENRE shall have the necessary means in terms of
implementing the monthly payments for the distribution public service rendered by the Company.
Furthermore, Resolution MEyM N° 7/2016 annulled the Energy Efficiency Program (“PUREE” in its Spanish
acronym) from the effective date of the new tariff values and will cease the application of the planned projects
financing mechanism by mutual loans with CAMMESSA.
Finally, the Resolution established that the dividend distribution must agree the Agreement Act, which
subordinate to verification from the ENRE of compliance with the investment plan.
Centrales Hidroeléctricas de Aysén, S.A.
In May, 2014, the Committee of Ministers revoked the Environmental Qualification Resolution (RCA) of
Hidroaysén project in which our subsidiary, Endesa Chile, participates by accepting some of the claims filed
against this project. It is of public knowledge that this decision was resorted before the environmental courts of
Valdivia and Santiago. On January 28, 2015, it was made public that the water rights request made by Centrales
Hidroeléctricas de Aysén S.A. (hereinafter “Hidroaysén”) had been partially denied in 2008.
Endesa Chile has expressed its intention to thrive at Hidroaysén the defense for water rights and the
environmental qualification granted to the project in the corresponding instances, continuing with the judicial
actions already started or implementing new administrative or judicial actions that are necessary to this end,
and it maintains the belief that hydric resources of Aysén region are important for the energy development of
the country.
Nevertheless, given the current situation, there is uncertainty on the recovery of the investment made so
far at Hidroaysén, since it depends both from judicial decisions and from definitions in the energy agenda
which cannot be foreseen at present, consequently the investment is not included in the portfolio of Endesa
Chile’s immediate projects. Consequently, at closing of Fiscal Year 2014, Endesa Chile recorded a provision for
impairment of its participation in Hidroaysén S.A. amounting to Ch$ 69,066 million (approximately US$ 121
million). See note 14.1.a).
The financial and accounting effects for Enersis Américas of the impairment provision at Endesa Chile for its
ownership interest in Hidroaysén resulted into a charge against net income from discontinued operations of
Ch$ 41,426 million (approximately US$ 73 million).
534
2015 Annual Report Enersis
37. Personnel Figures
Enersis Américas 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, 2015 and 2014:
Country
Chile
Argentina
Brazil
Peru
Colombia
Total
Country
Chile
Argentina
Brazil
Peru
Colombia
Total
12-31-2015
Managers
and Main
Executives
68
46
26
42
36
218
Professionals
and Technicians
1,911
3,609
2,174
889
1,480
10,063
Workers
and Others
Total
Average for
the Period
266
1,168
459
-
28
1,921
2,245
4,823
2,659
931
1,544
12,202
2,364
4,724
2,686
941
1,633
12,348
12-31-2014
Managers
and Main
Executives
101
29
28
18
34
210
Professionals
and Technicians
2,113
3,335
2,395
792
1,568
10,203
Workers
and Others
Total
Average for
the Period
310
1,109
272
141
30
1,862
2,524
4,473
2,695
951
1,632
12,275
2,503
4,223
2,648
944
1,613
11,931
It is important to note that Enersis Américas’ operations in Chile, beginning on February 1, 2016, are part of the
new company named Enersis Chile (See Note 3.k, 5.1 and 41), which is being held for distribution to owners.
535
Consolidated Financial Statements
38. Sanctions
The following companies belonging to the Group have received sanctions from the administrative
authorities:
a) Continuing Operations
1. 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$1,287,437) for failure to comply with regulations on technical and commercial quality and on road and
highway safety. Appeals against the fines have been filed.
- 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$1,539,588) for failure to
comply with technical and commercial quality regulations, and $1,536,000 Argentine pesos (approximately
ThCh$83,651) 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 8 fines from the Electricity Regulatory
Body (ENRE) amounting to $ 2,766,029 Argentine pesos (approximately ThCh$ 150,638) for failure to comply
with technical and commercial quality regulations, and $ 4,973,300 Argentine pesos (approximately ThCh$
270,846) 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$ 581,906) for failure to comply
with technical and commercial quality regulations, and 20 fines totaling $ 26,975,000 Argentine pesos
(approximately ThCh$ 1,469,062) 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$ 21,184,988) in
compensation to users.
- From July 1, 2014 to September 30, 2014, Edesur SA received 3 fines from the Electricity Regulatory
Body (ENRE) amounting to $ 114,627 Argentine pesos (approximately ThCh$ 6,243) for failure to comply
with technical and commercial quality regulations, and 12 fines totaling $ 13,112,132 Argentine pesos
(approximately ThCh$ 714,088) for failure to comply with road and highway safety regulations.
- From October 1, 2014 to December 31, 2014, Edesur SA received 4 fines from the Electricity Regulatory
Body (ENRE) amounting to $ 35,914,427 Argentine pesos (approximately ThCh$ 1,955,904) for failure to
comply with technical and commercial quality regulations, and 11 fines totaling $ 19,853,878 Argentine
pesos (approximately ThCh$ 1,081,245) for failure to comply with road and highway safety regulations.
- From January 1, 2015 to March 31, 2015, Edesur S.A. received 3 fines from the Electricity Regulator
Body (ENRE) amounting to $ 10,532,955.18 Argentine pesos (approximately ThCh$ 573,626) for failure to
536
2015 Annual Report Enersis
comply with technical and commercial quality regulations, and 7 fines totaling $ 3,524,428 Argentine pesos
(approximately ThCh$ 191,941) for failure to comply with road and highway safety regulations.
- From April 1, 2015 to June 30, 2015, Edesur S.A. received 8 fines from the Electricity Regulatory Body
(ENRE) amounting to $ 36,646,432.59 Argentine pesos (approximately ThCh$ 1,955,769) for failure to comply
with technical and commercial quality regulations.
- From July 1, 2015 to September 30, 2015, Edesur S.A. received 2 sanctions from the Electricity Regulatory
Body (ENRE) amounting to $ 11,989,572.66 Argentine pesos (approximately ThCh$ 652,954) for failure to
comply with technical and commercial quality regulations, and 5 fines totaling $ 7,093,752 Argentine pesos
(approximately ThCh$ 386,327) for failure to comply with road and highway safety regulations.
- From October 1, 2015 to December 31, 2015, Edesur S.A. received 6 sanctions from the Electricity Regulatory
Body (ENRE) amounting to $ 31,081,214 Argentine pesos (approximately ThCh$ 1,692,687) for failure to
comply with technical and commercial quality regulations, and 1 fine totaling $ 21,840,000 Argentine pesos
(approximately ThCh$ 1,189,409) for failure to comply with road and highway safety regulations.
2. Hidroeléctrica El Chocón S.A.
- During 2013, the Electricity Regulatory Body (ENRE) imposed a fine of Th$ 20 Argentine pesos (approximately
ThCh$ 1,089) 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$ 599). 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$ 163).
- During the year ended December 31, 2015, no fines have been imposed from the regulator.
3. Central 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 Argentine pesos (approximately ThCh$ 2,560) 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$ 2,777). 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$ 2,178), 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$ 5,555), which was paid on November 20, 2014.
- During the year ended December 31, 2015, the Federal Administration of Public Revenue imposed of a fine
of Th$ 59 Argentine pesos (approximately ThCh$ 3,185) and the payment of difference in taxes of Th$ 10
537
Consolidated Financial Statements Argentine pesos (ThCh$ 531) for violation of Article 970 of Customs Code (i.e., for not having re-imported
to the Country within the time period granted, goods temporarily exported). The Company appealed to the
sanction because it duly complied with in time and substance with re-entering the goods exported, which was
evidenced with the corresponding supporting documentation.
4. Central Dock Sud S.A.
- During 2013, Central Dock Sud S.A. (CDS) was fined $ 794.11 Argentine pesos (approximately ThCh$ 43)
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$
174) 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$ 300) 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.
- During the year ended December 31, 2015, no fines have been imposed from the regulator.
5. 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 $ 53,585 Argentine pesos (approximately ThCh$ 2,918). Yacylec S.A. made a
partial payment of $ 1,668 Argentine pesos (approximately ThCh$ 91).
- During 2014, the Electricity Regulatory Body (ENRE) issued a penalty for transmission line down-time for
Th$ 231,925 Argentine pesos (approximately ThCh$ 12,631). To date fines plus interests amounting to $
321,254 Argentine pesos (approximately ThCh$ 17,496) were transferred by Transener S.A. to Yacylec S.A.
for collection, which are pending of payment due to the Argentine regulatory bodies have not adjusted the
remuneration applicable to Yacylec S.A.
- During the year 2015, the Electricity Regulatory Body (ENRE) issued a penalty for transmission line down-
time for $ 26,130 Argentine pesos (approximately ThCh$ 1,423). To date fines plus interests amounting to
$ 17,313 Argentine pesos (approximately ThCh$ 943) were transferred by Transener S.A. to Yacylec S.A. for
collection, out of which $ 5,078 Argentine pesos (approximately ThCh$ 277) and $ 12,235 Argentine pesos
(approximately ThCh$ 666) were deducted from CAMMESA from the payments of the monthly remuneration
during the year 2015. The remaining balance is pending of payment to the Argentine regulatory bodies as
they have not adjusted the remuneration applicable to Yacylec S.A.
538
2015 Annual Report Enersis
6. Transportadora de Energía S.A.
- During 2013, the Electricity Regulatory Body issued penalties for programmed maintenance related matters in
the Rincón Santa Maria transformer station and transmission line down-time for $ 38,487.65 Argentine pesos
(approximately ThCh$ 2,096). Transportadora de Energía S.A. made in 2014 a partial payment of $ 46,072.38
Argentine pesos (approximately ThCh$ 2,509).
- During 2014, the Electricity Regulatory Body issued penalties for programmed maintenance related matters
at the Rincón Santa Maria transformer station and transmission line down-time for $ 15,820 Argentine pesos
(approximately ThCh$ 862). To date, Transportadora de Energía S.A. made a partial payment including interests
of $ 17,951 Argentine pesos (approximately ThCh$ 978).
- During 2015, the Electricity Regulatory Body issued penalties for programmed maintenance related matters
in the Rincón Santa Maria transformer station and transmission line down-time for $ 17,104 Argentine pesos
(approximately ThCh$ 931). To date, Trasportadora de Energía S.A. made a partial payment including interest of
$ 21,087 Argentine pesos (approximately ThCh$ 1,148).
7. Compañía de Transmisión del Mercosur S.A.
- During 2013, the Electricity Regulatory Body issued five penalties for programmed maintenance related
matters in the Rincón Santa Maria transformer station and transmission line down-time for $ 7,896.95 Argentine
pesos (approximately ThCh$ 430) which Compañía de Transmisión del Mercosur S.A. in 2013 and 2014 made a
payment of $ 11,337.32 Argentine pesos (approximately ThCh$ 617) including interests.
- During 2014, the Electricity Regulatory Body issued 3 penalties for programmed maintenance related matters
at the Rincón Santa Maria transformer station for $ 5,728 Argentine pesos (approximately ThCh$ 312) which
Compañía de Transmisión del Mercosur S.A. in 2014 made a payment of $ 8,181 Argentine pesos (approximately
ThCh$ 446) including interests.
- During 2015, the Electricity Regulatory Body issued two penalties for programmed maintenance related
matters in the Rincón Santa Maria transformer station and transmission line down-time for $ 34,618 Argentine
pesos (approximately ThCh$ 1,885) which Compañía de Transmisión del Mercosur S.A. made a partial payment
including interest of $ 44,749 Argentine pesos (approximately ThCh$ 2,437).
8. Ampla Energía S.A.
- The company received seven fines in 2013 totaling $ 29,810,687 Brazilian reals (approximately ThCh$
5,421,624) 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$ 26,116). Only two fines were received in 2012 totaling
$ 3,557,786 Brazilian reals (approximately ThCh$ 647,049), of which $ 2,112,600 Brazilian reals (approximately
ThCh$ 384,215) have been paid.
- In 2013, the company received 19 fines totaling $ 120,204 Brazilian reals* (approximately ThCh$ 21,861)
from the environmental agencies (IBAMA, Instituto Brasileiro do Meio Ambiente e dos Recursos Naturais
539
Consolidated Financial Statements 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$ 12,060). The company had received 14 fines in 2012 for a total of $ 76,426
Brazilian reals (approximately ThCh$ 13,899). (*) Clarification: The amount of some of the fines has not yet been
determined; the amounts will be set after Ampla submits certain data.
- In 2013, the company received four fines totaling $ 24,234 Brazilian reals (approximately ThCh$ 4,407) 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$ 3,790); 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$ 5,223,165). The company has appealed, and one was
rejected, while the other is still pending resolution. Ampla has paid €1,202,986 (approximately ThCh$ 929,563).
In 2013, Ampla was fined 7 times for service quality totaling €9,368,747 (approximately ThCh$ 7,239,350), and
has paid €843,869 (approximately ThCh$ 652,068). 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$ 62,020) 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 (approximately ThCh$ 355) in fines. The
company received 19 fines in 2013 totaling €35,940* (approximately ThCh$ 27,771) 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$
15,320) 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$ 514,291) 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$ 1,513). It received four fines totaling €7,616
(approximately ThCh$ 5,885) 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$ 48); the others have not yet received rulings. In 2013, Ampla received one fine for €641 (approximately
ThCh$ 495) which has already been paid.
540
2015 Annual Report Enersis
- In 2015, the company received 2 fines totaling €126,434 (approximately ThCh$ 97,689) the National
Electrical Energy Agency (ANEEL) for “lower income” tariff matters. The appeals presented from Ampla
were partially accepted and the amount of the fines was reduced to €101,173 (approximately ThCh$
78,178). Ampla paid the fines. In 2014, Ampla received 2 fines totaling €6,743,609 (approximately ThCh$
5,210,872) for quality of service, of which Ampla has paid €974,291 (approximately ThCh$ 752,847). There
is pending of analysis one appeal filed by Ampla against a fine from 2014.
- The company received 36 fines in 2015 totaling €197,563 (approximately ThCh$ 152,659) from the
environmental agencies (ICMBio, Instituto Chico Mendes de Conservação da Biodiversidade and the
INEA, Instituto Estadual de Medioambiente y órgano municipal del medioambiente) being 8 warnings
and 28 fines for power network construction in prohibited or unauthorized areas, the death of animals
at a substation and authorized suppression of vegetation and others (notification non-compliance). The
company has appealed almost all of the fines assessed, but no rulings have been handed down as
yet. Ampla has paid €540 in fines in 2015. In 2014, the company received 17 fines totaling €80,263*
(approximately ThCh$ 62,020) 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 received, but no rulings have been
handed down as yet. Ampla has paid €460 (approximately ThCh$ 355) in fines. (*) Clarification: The amount
of some of the fines has not yet been determined; the amounts will be set after Ampla submits certain
data.
- In 2015, Ampla has received 11 fines totaling €1,768,001 (approximately ThCh$ 1,366,157) 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. Ampla has filed 5 appeals against
the fines and there are 6 administrative appeals pending of judgment from the agency. In 2014,
Ampla received 14 fines totaling €663,530 (approximately ThCh$ 512,718). Ampla appealed against all of
the fines, which remain pending. Ampla has filed 4 appeals against the fines and there are 8 administrative
appeals pending of judgment form the agency. Ampla has paid 2 fines for €2,343 (approximately ThCh$
1,810).
- In 2015, Ampla has not receive any fines from the employee defense agencies (SRTE). 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 €62 (approximately
ThCh$ 48); the others have not yet received rulings.
9. Companhia Energética do Ceará (Coelce)
- In 2013, the company received 32 fines totaling $ 34,877,282 Brazilian reals (approximately ThCh$
6,343,078) 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$ 71,861). Coelce had received 24 fines totaling
$ 53,810,352 Brazilian reals in 2012 (approximately ThCh$ 9,786,403), of which $ 707,423 Brazilian reals
(approximately ThCh$ 128,658) have been paid; the final decision on 16 of the fines is pending.
541
Consolidated Financial Statements - 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$ 3,971) 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$ 2,892) in fines. Two fines for a total of $ 12,953 Brazilian reals
(approximately ThCh$ 2,356) were received in 2012, which have been paid.
- 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$ 1,763) 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$ 6,724,745) 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 (approximately
ThCh$ 12,610) 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$ 8,452,124) 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$
1,096,140).
- 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).
- 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$ 19,119), for alleged missed deadlines and damage
to equipment. Coelce has filed three administrative appeals and paid one fine for €933 (approximately ThCh$
721). The company received four fines in 2013 from PROCON/CE totaling €7,220 (approximately ThCh$ 5,579) for
allegedly violating consumers’ rights. The company filed appeals against the fines without success and Coelce
has paid the fines.
- In 2014, the company received six violation notifications from the employee defense agencies (SRTE), 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$ 2,477) for the 2013 fines.
- In 2015, the company has received 4 fines totaling €2,517,677 (approximately ThCh$ 1,945,441) from the
National Electrical Energy Agency (ANEEL) or its local representative (ARCE) for technical quality problems, the
company filed appeals against these fines. Coelce has paid €85,593 (approximately ThCh$ 66,139) for two of the
fines. The two remaining two appeals are pending. In 2014, the company received 8 fines totaling €8,676,161
(approximately ThCh$ 6,704,180) for accidents with third parties among the population, technical quality and
errors in the asset base. Coelce has paid €16,270 (approximately ThCh$ 12,572) for two of the fines, and has
appealed against the rest.
- In 2015, the company has received 1 fine totaling €5,406 (approximately ThCh$ 4,177) for unauthorized
542
2015 Annual Report Enersis
suppression of vegetation and other (notification noncompliance). The company has filed appeals against the fine
received, but has yet to be resolved. In 2014, the company was not fined by the environmental agencies (IBAMA,
Instituto Brasileiro do Meio Ambiente e dos Recursos Naturals Renováveis, and ICMBio, Instituto Chico Mendes
de Conservação da Biodiversidade).
- In 2015, the company has received 3 fines from the Brazilian Consumer Defense and Protection Agency (PROCON/
CE) amounting to €1,649,834 (approximately ThCh$ 1,274,848) for alleged missed deadlines in rendering services.
Coelce has paid €7,407 (approximately ThCh$ 5,723) for one of the fines and filed appeals against two fines, but
has yet to be resolved. In 2014, the company received 4 fines totaling €26,492 (approximately ThCh$ 20,471) for
alleged missed deadlines and damage to equipment. Coelce has filed 3 administrative appeals, of which one
remain pending. Coelce has paid €6,874 (approximately ThCh$ 5,312) for these fines.
- In 2015, the company has received 14 violation notifications from the employee defense agencies (SRTE) for
failure to comply with formalities and social contributions. In 2014, the company received six violation notifications
from the employee defense agencies (SRTE), also for failure to comply with formalities and social contributions.
10. CIEN (Companhia de Interconexión Energética S.A.)
- The company received one fine in 2013 for $ 32,136 Brazilian reals (approximately ThCh$ 5,845) 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$ 7,804) 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 ThCh$ 48) and the appeal against the
other fine has not yet been tried. In 2013, the company was not fined.
- In 2014 and 2015, CIEN has not been fined by the National Electrical Energy Agency (ANEEL) or any other
regulatory body.
- In 2015, the company was not fined. 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
ThCh$ 48) and the appeal against the other fine has not yet been tried.
- The company has not been fined for other matters in 2014 and 2015 (environmental).
11. Edelnor S.A.A.
- In February 2013, Edelnor S.A.A. paid a fine of S/1,861.63 (approximately ThCh$ 387) to SUNAT for failure
to pay IGV (Peru’s value added tax) on time.
543
Consolidated Financial Statements - During the 2013 fiscal year, the Supervisory Agency for Investments in Energy and Mines (OSINERGMIN)
imposed 23 fines totaling S/2,544,177.91 (approximately ThCh$ 529,380) 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$ 863,611), which was paid by Edelnor SAA on September 8, 2014, after applying a rebate. Nonetheless,
Edelnor SAA filed an appeal, which as of December 31, 2015, is pending of resolution.
- During 2014, OSINERGMIN imposed 22 fines on Edelnor S.A.A. totaling S/2,015,383 (approximately ThCh$
419,351) 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 (impuesto predial) for the years 2010 to 2014. The amount of the fine, restated at March 31,
2015, was S/61,123 (approximately ThCh$ 12,718). Edelnor S.A.A. appealed against the fine, and it was
notified of a resolution annulling the fine. The proceeding was favorable resolved to Edelnor.
- During 2015, OSINERGMIN imposed 10 fines totaling S/1,481,359.57 (approximately ThCh$ 308,234) on
Edelnor S.A.A. for failure to comply with technical and commercial standards.
- In June 2015, Edelnor S.A.A. was fined by the SUNAT for 2010 income tax assessments. In July 2015,
Edelnor paid the fine for S/1,612,507 (approximately ThCh$ 335,522) adopting a current gradually regime.
Nonetheless, Edelnor has filed an appeal which as of December 31, 2015, is pending resolution from the
SUNAT.
- In June 2015, OSINERGMIN imposed fines totaling S/23,642 (approximately ThCh$ 4,919) on Edelnor S.A.A.
for alleged omission to declare the Regulation Contribution (Aporte por Regulación) for several months during
the year 2014. The fines were not challenged and have already been paid.
12. Edegel S.A.A.
- In April 2013, Edegel S.A.A. received the following fines by the OSINERGMIN: (i) S/.7,604.57
(approximately ThCh$ 1,582) 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$ 41,811) 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$ 8,469) (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$ 22,071) 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 S.A.A. 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 S.A.A. was notified by Resolution No. 1380-2014 of the Electrical
Oversight Division at OSINERGMIN, of the same fines contained in the General Management Resolution.
544
2015 Annual Report Enersis
In response, Edegel S.A.A. has resubmitted the appeal, noting that sanctions (i) and (iv) were already paid.
On September 17, 2014, Edegel S.A.A. filed an appeal with the OSINERGMING requesting to the Electrical
Oversight Division to file the appeal with the second instance body, requesting to declare valid the petition
and to proceed with the determination of the applicable fines.
- 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, 2015, was S/.9,755,900 (approximately ThCh$ 2,029,959). An appeal
filed with the Tax Court is pending.
- In June 2013, Edegel S.A.A. was notified by ElectroPeru 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$ 100,106), was applied for breach of
the conditions for executing the service offered under that contract.
- In July 2013, Edegel S.A.A. was fined by the OSINERGMIN for S/. 453.86 (approximately ThCh$ 94) for
exceeding the deadline to perform maintenance activities to the hydro generation units in accordance with
number 6 of the Procedure for the Supevision of the Availability and Operative State of the Generation Units
of the SEIN. The fine was paid before the 15 days mandatory requirement for S/. 340.40 (approximately
ThCh$ 71).
- In July 2013, Edegel S.A.A. was fined by the OSINERGMIN for S/. 4,070 (approximately ThCh$ 847) for
failure to provide technical justification within the deadline established in number 6 of the Procedure for the
Supevision of the Availability and Operative State of the Generation Units of the SEIN. The fine was paid
before the 15 days mandatory requirement for S/. 3,052.50 (approximately ThCh$ 635).
- In November 2013, Edegel S.A.A. was fined S/37,000 (approximately ThCh$ 7,699 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, 2015, was S/1,759,227 (approximately ThCh$ 366,051). The
appeal filed is pending resolution by the SUNAT.
- In December 2013, Scotiabank Peru 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, 2015, was S/15,721.523 (approximately ThCh$ 3,271). Scotiabank Peru
S.A.A. filed the respective appeal in January 2014 and is yet pending of resolution.
- On December 23, 2013, the OSINERGMIN filed an administrative proceeding against Edegel S.A.A. for
outdated payment of the regulation contribution. Finally, on June 5, 2015, the OSINERGMIN archived the
mentioned proceeding.
- On January 28, 2014, the National Authority of Water (ANA) filed an administrative proceeding against
Edegel S.A.A. for reuse of industrial sewage water treated for garden irrigation. Subsequent to Edegel S.A.A
presenting its case, on June 5, 2015, ANA archive the proceeding.
- On March 20, 2014, the OSINERGMIN filed an administrative proceeding against Edegel S.A.A. for non-
545
Consolidated Financial Statements compliance of current regulations on implementation and execution of the Fondo de Inclusión Social
Energético (FISE). On June 12, 2015, the proceeding was archived.
- 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. The fine for S/.
1,425. (approximately ThCh$ 297) has been paid.
- In June 2014, Edegel S.A.A corrected an omission in its 2009 Income Tax following an assessment and
paid the associated fine of S/.2,070 (approximately ThCh$ 431).
- In September 2014, Edegel S.A.A 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$ 65,591). The fine has been
accepted and paid by Edegel.
- On December 4, 2014, the OSINERGMIN notified Edegel S.A.A. to the filing of an administrative proceeding
for non-compliance of the procedures to verify availability and the operative status of the generation units
of SEIN. On April 24, 2015, Edegel S.A.A. paid the fine for S/2,928.42 (approximately ThCh$ 609) imposed
by Directorial Resolution 691-2015.
- On March 11, 2015, the Environmental Assessment and Supervisory Agency (OEFA) filed an administrative
proceeding against Edegel S.A.A. for noise contamination caused for failing to install noise mitigation
panels at the Santa Rosa de Ventanilla Thermal Plan. Through Resolution No. 388-2015-OEFA-DSAI issued
on April 30, 2015, Edegel S.A.A. received a fined for 1 to 100 UIT. On June 16, 2015, Edegel S.A.A filed an
appeal against such Resolution, which was accepted on June 19, 2015. On September 18, 2015, Edegel
S.A.A. received notice of Resolution No. 039-2015-OEFA/TFA-SEE which annulled Directorial Resolution
No. 388-2015-OEFA/DFSAI and consequently to apply retrospectively the administrative process to the
date when the violation occurred; and re-submit the case to the Directorate of Oversight, Sanction and
Application of Incentives in order to it to resolve again.
- On May 13, 2015, the OSINERGMIN started an administrative proceeding against Edegel S.A.A. for non-
compliance with the Electric Concessions Law and the Transmission of Electricity Final Concession Contract
related to transmission line 220kV Callahuanca-Chavarria, since it does not comply with formalities of the
goods affected to such concession as stated in term No.9 of such contract. Edegel S.A.A. has presented its
corresponding case. On December 15, 2015, it was received notice of Resolution No. 2916 – 2015, which
fined Edegel S.A.A in S/. 986,710 (approximately ThCh$ 205,310) for non-compliance with number 9.4 of
the Transmission of Electricity Final Concession Contract related to transmission line 220kV Callahuanca-
Chavarria. On January 6, 2016, Edegel S.A.A filed an appeal against such Resolution.
- In June 2015, Edegel S.A.A. received a fine by the OSINERGMIN for an alleged omission in the declaration
of the Regulation Contribution declaration for several months during the years 2011 to 2014. The contingency
updated to December 31, 2015 amounts to S/85,695 (approximately ThCh$ 17,831). Edegel S.A.A. accepted
the fines and paid them without filing any appeal.
- On October 13, 2015, Edegel S.A.A. received notice of Resolution No. 2391-2015 issued on September 29,
2015, by which the OSINERGMIN resolved to: 1. Fine Edegel S.A.A. in S/.237.96 (approximately ThCh$ 50)
546
2015 Annual Report Enersis
for exceeding the deadline to perform maintenance activities to generation unit G1 at Matucana power plant
during the first quarter of 2014; 2. Fine Edegel S.A.A. in S/. 8,927.03 (approximately ThCh$ 1,857) for exceeding
the deadline to perform maintenance activities to the generation unit TG8 at Santa Rosa power plant during the
first quarter of 2014 and to the generation unit TV at Ventanilla power plant during the second quarter of 2014;
3. Fine Edegel S.A.A. in 1.99 UIT for failure to submit within the mandatory deadline the technical justification
for the first quarter of 2014 for generation unit G1 at Matucana power plant; generation unit G8 at Santa Rosa
power plant; and generation unit TV at Ventanilla power plant. On November 3, 2015, Edegel S.A.A. filed an
appeal against 2nd and 3rd articles of Resolution No. 2391-2015, on the same date, Edegel S.A.A. paid the fine
related to Article 1 of Resolution No. 2391-2015.
- In December 2015, Edegel S.A.A. was fined by the SUNAT for the determination of the payments on
account of March, April and June of 2010 for an updated amount as of November 30, 2015 of S/ 14,211
(approximately ThCh$ 2,957); and for the lower determination of balance in favor of the Income Tax for
the year 2010 for an updated amount as of December 31, 2015 of S/ 17,103,702 (approximately ThCh$
3,558,853). The claim was already filed and is pending resolution from the SUNAT.
13. Empresa Eléctrica de Piura S.A.
- In February 2013, Empresa Eléctrica de Piura S.A. was fined for an amount of S/7,005 (approximately ThCh$
1,458) for the payment of regulation contributions for the years 2004 and 2005. The fine was already paid.
- In August 2013, Empresa Eléctrica de Piura S.A. was fined S/15,873 (approximately ThCh$ 3,303 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$ 143,884) imposed of 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$ 32,466) 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.
- On September 24, 2013, Empresa Eléctrica de Piura S.A. was fined S/3,700 (approximately ThCh$ 770 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$ 577).
- On April 10, 2014, through Resolution No. 233-2013-OEFA/DFSAI/SDI, the Environmental Assessment
and Supervisory Agency (OEFA) started an administrative proceeding against Empresa Eléctrica
de Piura S.A. for omission of information in its reports presented related to gas emissions in its 2011
547
Consolidated Financial Statements Annual Report. On May 8, 2015, through Directorial Resolution No. 438-2015-OEFA/DFSAI, it was declared the
factual administrative responsibility of Empresa Eléctrica de Piura S.A. in the violation mentioned.
Neither fine nor corrective measures were imposed as the violation was remediated. On June 22, 2015,
Empresa Eléctrica de Piura S.A. was notified that Directorial Resolution No. 438-2015-OEFA/DFSAI was consented.
- In November 2014, 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, 2015 of S/.9,988,586
(approximately ThCh$ 2,078,375). Banco de Credito del Peru SA filed the respective appeal in December 2014,
which is still pending of resolution.
- On March 5, 2015, Empresa Eléctrica de Piura S.A. was notified through Resolution No. 3 of the Proceeding
No. 0395-2011-OS-EC-Cob. Mul. issued on February 25, 2015, which ruled: (i) to release the suspension of the
coactive execution procedure and to continue with it; (ii) to continue with the collection of the obligation until its
extinguishment; and (iii) to request to Empresa Eléctrica de Piura S.A., in a period of seven (7) business days, to
comply with the payment of the debt amounting to S/599,062 (approximately ThCh$ 124,650) under penalty of
issuing precautionary actions in accordance with the law.
- In July 2015, Empresa Eléctrica de Piura S.A. was notified through Resolutions of a fine for omissions in the
payments of Income Taxes of year 2010. Such fine was paid for a total amount of S/30,383 (approximately ThCh$
6) in August 2015.
14. Chinango S.A.C.
- In January 2013, Chinango S.A.C. received a fine totaling S/367,915 (approximately ThCh$ 76,554) 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$ 791) 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$ 385 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 $ 2,518) 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$ 10,154).
548
2015 Annual Report Enersis
- 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$ 127,631), 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, which as of December 31, 2015 is still pending resolution.
- On May 19, 2015, the Environmental Assessment and Supervisory Agency (OEFA) filed an administrative
proceeding against Chinango S.A.C for allegedly presenting an incomplete third quarterly report of
environmental monitoring for the year 2013. On June 16, 2015, Chinango S.A.C. presented its corresponding
case. On October 27, 2015, it was received notice of Resolution No. 616-2015-OEFA/DFSAI issued on
June 30, 2015, by which it was resolved to declare the administrative responsibility of Chinango S.A.C
and stated that it is not relevant to dictate corrective measures, and informed Chinango S.A.C. that
against the resolution it is possible to file a reconsideration claim and an appeal within 15 business days and
to register this Resolution to the Register of Administrative Acts. On December 3, 2015, through Resolution
1078-2015 DFSAI-OEFA it was declared accepted the resolution giving administrative responsibility to
Chinango S.A.C.
- In June 2015, Chinango S.A.C. was fined by the OSINERGMIN for an alleged omission in presenting the
Regulation Contribution declaration in several months during the year 2014. The contingency updated to
September 30, 2015 is for S/79,857 (approximately ThCh$ 16,616). Chinango S.A.C. accepted the fines
imposed and paid them without filing any appeal.
- In September 2015, Chinango S.A.C. was notified through several Resolutions of Fines for S/1,424.122
(approximately ThCh$ 296) related to the determination of the Income Tax for year 2012 and the corresponding
payment in such year. In October 2015, Chinango paid the aforementioned debt using the current gradually
regime, irrespective of filing the corresponding appeal.
15. Generalima S.A.C.
- In December 2015, before receiving notice from the SUNAT on the corresponding resolutions, Generalima
S.A.C. paid voluntarily certain fines for an updated amount as of December 22, 2015 of S/ 15,179
(approximately ThCh$ 3,158) for keeping delayed accounting records which was identified with occasion of
the procedures for and linked to the lower determination of the balance in favor for Income Taxes in year
2009, which updated as of December 31, 2015 amounts to S/66,911 (approximately ThCh$ 13,923).
16. Emgesa
- On July 30, 2013, through Resolution 20138100353652, the Superintendency of Public Household Services
(SPPD) imposed of a fine of warning (without value) to Emgesa S.A. ESP, for failure to attend a non-regulated
user (SUNCHINE BOUQUET LTDA). Through resolution 20148150176905 issued on October 28, 2014, the
SPPD confirmed the fine. Closed.
17. Codensa
- In 2013, as a result of a claim filed by the company Tubotec S.A.S., the Superintendency of Public Household
549
Consolidated Financial Statements Services applied a penalty of CP167,743,200 Colombian pesos (approximately ThCh$ 40,801) on Codensa for
failure to comply with capacity quality indicators. Closed and paid.
- In November 2013, Codensa paid a fine of CP22,668,000 Colombian pesos (approximately ThCh$ 5,514)
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. Closed and paid.
- In March 2014, the Superintendency of Public Household Services (SSPD) fined Codensa CP77,814,500
Colombian pesos (approximately ThCh$ 30,539) 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. Closed and
paid.
- In March 2014, the Superintendency of Public Household Services (SSPD) fined Codensa CP127,332,000
Colombian pesos (approximately US$ 49,973) 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. Closed
and paid.
- On July 16, 2014, through Resolution No. 20142400025295, the Superintendency of Public Household Services
(SPPD) confirmed the fine for CP13,558,500 (approximately U.S.$ 5,321) to Codensa for non-compliance with
Resolution Creg.097 of 2008, since it failed to confirm within the deadline (April 6, 2010) the compliance with
the requirements to initiate the application of the quality of service scheme. Closed and paid.
- On November 17, 2015 through Resolution No. 20152400051515, the Superintendency of Public Household
Services (SPPD) apply a penalty to Codensa of CP20,619,200 for a matter of recognition of asset ownership of
the gym named “Hard Body”. Codensa filed a claim which is pending of resolution.
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$ 521) 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. Closed and paid.
550
2015 Annual Report Enersis
b) Discontinued Operations
1. Endesa Chile
- 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 256/2011, 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 Isla de Maule 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 Isla de Maule facility. This resolution is currently being challenged. Total: 60 UTM, equivalent to
ThCh$ 2,626.
- 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 Superintendence’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$ 4,537,247). Endesa filed a counter-claim of
illegality before the Third Environmental Court of Valdivia, which on March 27, 2015, resolved to partially annul
the sanction imposed by the SMA and order it to consider the aggravated circumstances in relation to the
551
Consolidated Financial Statements calculation of the fine. The parties, against such resolution, filed an appeal with the Supreme Court, which
finally rejected Endesa’s appeal, and confirming the fine imposed of by the SMA. Closed and paid.
- 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. 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.
- 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.
- The Labor Directorate, through resolution No.1209/15/16, fined Endesa Ch$ 2,594,400 for failure to fulfill labor
resolutions authorizing an exceptional distribution of the working day. The fine was paid.
- On September 25, 2015, the Health SEREMI of the Biobío Region, through resolution No. 158s3890 fined
Endesa 500 UTM (approximately ThCh$ 22,122) for failure in supervising the personal delivery of safety materials
for asbestos management to each worker and instead doing it through group discussion. The claim it is not
supported by any legal regulation, as such Endesa filed an administrative proceeding, which is currently pending.
2. Empresa Eléctrica Pehuenche S.A.
- 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.
552
2015 Annual Report Enersis
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.
- During the fiscal year 2013, Chilectra S.A. was sanctioned by the Superintendency of Electricity and Fuels with
7 fines amounting to ThCh$ 227,507.
- During the fiscal year 2014, Chilectra S.A. was sanctioned by the Superintendency of Electricity and Fuels with
8 fines amounting to ThCh$ 459,453.
- As of the fourth quarter of 2015, Chilectra S.A. was sanctioned by the Superintendency of Electricity and Fuels
with 5 fines amounting to (i) ThCh$ 778,320; (ii) ThCh$ 1,327; (iii) ThCh$ 1,769,720; (iv) ThCh$ 797,007; and (v)
ThCh$ 1,600,893. All sanctions have been appeal to the authorities and the courts of justice.
The Company and its Board of Directors have not received other fines from the SVS nor from other administrative
authorities.
553
Consolidated Financial Statements 39. Environment
Environmental expenses for the years ended December 31, 2015, 2014 and 2013, are as follows:
Company
Incurring the Cost Project Status
EMGESA
El Quimbo hydro electrical plant
project
Environmental resource management
HIDRA
Preventing activities
EDEGEL
Environmental monitoring
Waste management
Environmental studies
Mitigation and restoration
CHINANGO
Impact compensations
Preventing activities
Landscaping and gardens
EDESUR
CODENSA
Environmental monitoring
Waste management
Environmental studies
Contaminating material
Transformers recovery
PCBS dismantling
Nueva Esperanza archaeological
rescue
Nueva esperanza environmental
compensation
Description
Environmental management - El Quimbo plant
construction
Plants environmental resource management
Biodiversity protection, sewage water treatment
Air and climate protection, noise
protection from radiation
reduction,
Hazardous waste management
Enviromental studies
Soil and water protection and recovery
Compensations, increasing gardens
Biodiversity protection, sewage water treatment
Gardens, landscaping and fauna maintenance
Air and climate protection, noise
protection from radiation
reduction,
Hazardous waste management
Enviromental studies
Contaminating material management
Project to invest in environment
Dismantling transformers with PCb residues
Environmental compensation for construction of
Nueva Esperanza substation
Rescue of archaeological B.C. remains of culture
Herrera at substation Nueva Esperanza construction
site.
Finalized
189,528
12-31-2015
189,528
206,909
12-31-2015
ThCh$
12-31-2014
ThCh$
12-31-2014
(As adjusted)
ThCh$
Costs
incurred
Project
Status
Costs incurred
Capitalized
Cost
Expense
amount
In progress
135,659
135,659
Costs to be
incurred in
the future
Estimate
date of
incurring
cost
Expenditures
prior period
Total
-
135,659
-
In progress
45,987,062
45,987,062
72,259,750
31/12/20
118,246,812
45,490,454
Finalized
100,570
Finalized
205,882
Finalized
Finalized
Finalized
Finalized
21,373
2,549
144,590
71,560
Finalized
Finalized
In progress
In progress
In progress
34,960
19,703
44,281
30,005
489,659
30,005
489,659
-
-
-
-
-
-
-
-
-
-
-
-
-
-
100,570
205,882
189,528
21,373
2,549
144,590
71,560
277,223
34,960
19,703
44,281
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
12-31-2015
100,570
76,405
12-31-2015
205,882
156,570
12-31-2015
21,373
16,722
12-31-2015
2,549
12-31-2015
144,590
12-31-2015
71,560
8,045
6,823
5,974
12-31-2015
34,960
31,460
12-31-2015
19,703
5,229
-
-
-
44,281
18,018
30,005
489,659
811,655
-
-
Finalized
8,487
8,487
-
12-31-2015
8,487
5,935
Finalized
277,223
12-31-2015
277,223
239,904
Finalized
458,328
458,328
12-31-2015
458,328
1,933,259
In progress
432,514
432,514
-
432,514
Total
48,653,933
47,533,227
1,120,706
72,259,750
120,913,683
49,013,362
554
2015 Annual Report Enersis
39. Environment
Environmental expenses for the years ended December 31, 2015, 2014 and 2013, are as follows:
EMGESA
El Quimbo hydro electrical plant
Environmental management - El Quimbo plant
Company
Incurring the Cost Project Status
project
HIDRA
Environmental resource management
EDEGEL
Preventing activities
Description
construction
Plants environmental resource management
Environmental monitoring
Air and climate protection, noise
reduction,
Biodiversity protection, sewage water treatment
protection from radiation
Waste management
Environmental studies
Mitigation and restoration
Hazardous waste management
Enviromental studies
Impact compensations
Compensations, increasing gardens
Soil and water protection and recovery
CHINANGO
Preventing activities
Landscaping and gardens
Biodiversity protection, sewage water treatment
Environmental monitoring
Air and climate protection, noise
reduction,
Gardens, landscaping and fauna maintenance
Waste management
EDESUR
Environmental studies
Contaminating material
protection from radiation
Hazardous waste management
Enviromental studies
Transformers recovery
Project to invest in environment
Contaminating material management
CODENSA
PCBS dismantling
Dismantling transformers with PCb residues
Nueva Esperanza archaeological
Environmental compensation for construction of
rescue
Nueva Esperanza substation
Nueva esperanza environmental
Rescue of archaeological B.C. remains of culture
compensation
Herrera at substation Nueva Esperanza construction
site.
12-31-2015
ThCh$
Project
Status
Costs incurred
Capitalized
Cost
Expense
amount
Costs to be
incurred in
the future
Estimate
date of
incurring
cost
Total
Expenditures
12-31-2014
ThCh$
12-31-2014
(As adjusted)
ThCh$
Costs
incurred
prior period
In progress
135,659
135,659
In progress
45,987,062
45,987,062
Finalized
100,570
Finalized
205,882
Finalized
189,528
Finalized
Finalized
Finalized
Finalized
21,373
2,549
144,590
71,560
Finalized
8,487
Finalized
277,223
34,960
19,703
44,281
Finalized
Finalized
In progress
In progress
In progress
30,005
489,659
30,005
489,659
Finalized
458,328
458,328
In progress
432,514
432,514
-
-
-
-
-
-
-
-
-
-
-
-
-
-
100,570
205,882
189,528
21,373
2,549
144,590
71,560
-
-
135,659
-
72,259,750
31/12/20
118,246,812
45,490,454
-
-
-
-
-
-
-
12-31-2015
100,570
76,405
12-31-2015
205,882
156,570
12-31-2015
189,528
206,909
12-31-2015
21,373
16,722
12-31-2015
2,549
12-31-2015
144,590
12-31-2015
71,560
8,045
6,823
5,974
8,487
-
12-31-2015
8,487
5,935
277,223
34,960
19,703
44,281
-
-
-
-
-
-
-
-
-
-
-
-
12-31-2015
277,223
239,904
12-31-2015
34,960
31,460
12-31-2015
19,703
5,229
-
-
-
44,281
18,018
30,005
489,659
-
811,655
12-31-2015
458,328
1,933,259
-
432,514
-
Total
48,653,933
47,533,227
1,120,706
72,259,750
120,913,683
49,013,362
555
Consolidated Financial Statements
Company
Incurring the Cost
Project Status
EMGESA
El Quimbo hydro electrical plant project
Description
Environmental management - El Quimbo plant
construction
Environmental resource management
HIDRA
Plants environmental resource management
EDEGEL
Environmental monitoring
Waste management
Biodiversity protection, sewage water treatment
Hazardous waste management
Environmental studies
Environmental studies
Mitigation and restoration
Soil and water protection and restoration
Impact compensations
Compensations, increasing gardens
Landscaping and gardens
Gardens, landscaping and fauna maintenance
Preventing activities
CHINANGO
Preventing activities
Biodiversity protection, sewage water treatment
Biodiversity protection, sewage water treatment
Landscaping and gardens
Gardens, landscaping and fauna maintenance
Environmental monitoring
Air and climate protection, noise reduction,
protection from radiation
Waste management
Environmental studies
Hazardous waste management
Enviromental studies
Mitigation and restoration
Soil and water protection and recovery
Impact compensations
Compensations, increasing gardens
Contaminating material management
Contaminating material management
PCBS dismantling
Dismantling transformers with PCb residues
Nueva Esperanza archaeological rescue
Rescue of archaeological B.C.
remains of
culture Herrera at substation Nueva Esperanza
construction site.
EDESUR
CODENSA
12-31-2014 (As adjusted)
ThCh$
12-31-2013
(As adjusted)
ThCh$
Project
Status
Costs incurred
Capitalized
Cost
Expense
amount
Costs to be
incurred in
the future
Estimate
date of
incurring
Total
incurred prior
Costs
period
cost
Expenditures
In progress
38,445,602
38,445,602
7,044,852
12-31-2015
45,490,454
12,470,683
In progress
389,008
389,008
-
389,008
-
Finalized
156,570
12-31-2014
156,570
74,967
-
-
156,570
206,909
16,722
8,045
6,823
177,830
76,405
5,974
5,935
239,904
31,460
5,229
4,398
49,390
18,018
811,655
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Finalized
Finalized
Finalized
Finalized
Finalized
Finalized
Finalized
Finalized
Finalized
Finalized
Finalized
Finalized
Finalized
In progress
In progress
206,909
16,722
8,045
6,823
177,830
76,405
5,974
5,935
239,904
31,460
5,229
4,398
49,390
18,018
811,655
12-31-2014
206,909
160,183
16,722
56,975
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
12-31-2014
12-31-2014
12-31-2014
12-31-2014
12-31-2014
12-31-2014
12-31-2014
12-31-2014
12-31-2014
12-31-2014
-
-
-
12-31-2014
76,405
125,841
12-31-2014
239,904
54,855
8,045
6,823
177,830
5,974
5,935
31,460
5,229
4,398
49,390
18,018
91,879
117,212
41,691
-
-
-
-
-
-
-
-
811,655
701,236
In progress
1,933,259
1,933,259
-
1,933,259
Total
42,589,136
40,767,869
1,821,267
7,044,852
49,633,988
13,895,522
556
2015 Annual Report Enersis
12-31-2014 (As adjusted)
ThCh$
12-31-2013
(As adjusted)
ThCh$
Company
Incurring the Cost
Project Status
EMGESA
El Quimbo hydro electrical plant project
Environmental management - El Quimbo plant
Description
construction
Environmental resource management
HIDRA
Plants environmental resource management
EDEGEL
Environmental monitoring
Waste management
Hazardous waste management
Environmental studies
Environmental studies
Mitigation and restoration
Soil and water protection and restoration
Impact compensations
Compensations, increasing gardens
Landscaping and gardens
Gardens, landscaping and fauna maintenance
Preventing activities
CHINANGO
Preventing activities
Biodiversity protection, sewage water treatment
Biodiversity protection, sewage water treatment
Landscaping and gardens
Gardens, landscaping and fauna maintenance
Environmental monitoring
Air and climate protection, noise reduction,
Waste management
Environmental studies
protection from radiation
Hazardous waste management
Enviromental studies
Mitigation and restoration
Soil and water protection and recovery
Impact compensations
Compensations, increasing gardens
Contaminating material management
Contaminating material management
PCBS dismantling
Dismantling transformers with PCb residues
Nueva Esperanza archaeological rescue
Rescue of archaeological B.C.
remains of
EDESUR
CODENSA
Project
Status
Costs incurred
Capitalized
Cost
Expense
amount
In progress
38,445,602
38,445,602
In progress
389,008
389,008
Biodiversity protection, sewage water treatment
Finalized
156,570
Finalized
Finalized
Finalized
Finalized
Finalized
Finalized
Finalized
Finalized
Finalized
Finalized
Finalized
Finalized
Finalized
In progress
In progress
206,909
16,722
8,045
6,823
177,830
76,405
5,974
5,935
239,904
31,460
5,229
4,398
49,390
18,018
811,655
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
156,570
206,909
16,722
8,045
6,823
177,830
76,405
5,974
5,935
239,904
31,460
5,229
4,398
49,390
18,018
811,655
culture Herrera at substation Nueva Esperanza
In progress
1,933,259
1,933,259
-
construction site.
Costs to be
incurred in
the future
Estimate
date of
incurring
cost
Total
Expenditures
Costs
incurred prior
period
7,044,852
12-31-2015
45,490,454
12,470,683
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
389,008
-
12-31-2014
156,570
74,967
12-31-2014
206,909
160,183
12-31-2014
12-31-2014
12-31-2014
12-31-2014
16,722
56,975
8,045
6,823
177,830
-
-
-
12-31-2014
76,405
125,841
12-31-2014
12-31-2014
5,974
5,935
91,879
-
12-31-2014
239,904
54,855
12-31-2014
12-31-2014
12-31-2014
12-31-2014
-
-
-
31,460
5,229
4,398
49,390
18,018
117,212
41,691
-
-
-
811,655
701,236
1,933,259
-
Total
42,589,136
40,767,869
1,821,267
7,044,852
49,633,988
13,895,522
557
Consolidated Financial Statements
40. Financial Information on
Subsidiaries, Summarized
As of December 31, 2015 and 2014, summarized financial information of our principal subsidiaries prepared
under IFRS is as follows:
12-31-2015
Continuing Operations:
Inversiones Distrilima S.A.
Empresa de Distribución Eléctrica de
Lima Norte S.A.A.
Endesa Argentina S.A.
Central Costanera S.A.
Hidroeléctrica El Chocón S.A.
Emgesa S.A. E.S.P.
Generandes Perú 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.
Type of
Financial
Statements
Current
Assets
ThCh$
Non-current
assets
ThCh$
Total
AssetsThCh$
Current
liabilities
ThCh$
Non-current
liabilities
ThCh$
Equity
ThCh$
Total
Liabilities and
Equity ThCh$
Raw
materials and
consumables
used
ThCh$
Revenue
ThCh$
Contribution
Margin
ThCh$
Gross
operating
income
ThCh$
Operating
Financial
Income before
Income taxes
income ThCh$
results ThCh$
taxes ThCh$
ThCh$
Gain (loss)
ThCh$
comprehensive
Comprehensive
Other
income
ThCh$
Total
Income
ThCh$
Separate
Separate
Separate
Separate
Separate
Separate
Separate
Separate
Separate
Separate
Separate
18,246,316
50,156,404
68,402,720
325,792
-
68,076,928
68,402,720
(5,028)
(5,028)
959,095
21,003,199
(266,930)
20,736,269
1,311,144
22,047,413
98,125,347
675,858,105
773,983,452
192,215,161
269,823,997
311,944,294
773,983,452
562,046,426
(379,015,102)
183,031,324
138,377,938
107,705,092
(16,772,560)
91,535,126
(27,924,718)
63,610,408
6,877,338
70,487,746
1,814,204
32,328,045
34,142,249
616,318
-
33,525,931
34,142,249
27,559,412
142,918,106
170,477,518
102,001,988
53,611,202
14,864,328
170,477,518
44,240,854
240,460,115
284,700,969
71,433,902
63,908,193
149,358,874
284,700,969
100,856,664
40,004,655
(4,598,130)
(4,574,336)
96,258,534
35,430,318
(64,074)
1,023,419
959,344
(24,944,190)
(4,012,455)
(336,372)
3,013,645
622,972
(998,809)
(10,352,540)
(4,729,767)
141,308,348
169,850,815
(59,047,935)
110,802,880
(44,667,506)
172,918,511
1,803,546,987
1,976,465,498
349,736,334
831,187,906
795,541,258
1,976,465,498
778,768,426
(321,664,855)
457,103,571
412,046,148
372,828,429
(39,872,136)
332,845,961
(120,949,697)
211,896,264
(91,252,276)
120,643,988
1,945,582
225,170,087
227,115,669
1,364,513
-
225,751,156
227,115,669
111,421,412
723,995,979
835,417,391
117,775,269
188,814,672
528,827,450
835,417,391
343,761,564
(143,234,611)
200,526,954
164,344,988
7,647,526
112,688,111
120,335,637
8,369,365
40,621,719
71,344,553
120,335,637
39,114,967
(8,235,270)
30,879,697
26,280,972
110,127,302
736,398,772
846,526,074
51,310,987
15,859,063
779,356,024
846,526,074
172,406
42,094,142
(50,002)
(9,260,148)
(1,057,861)
26,840,323
122,550,483
(31,389,446)
22,037,351
122,982,000
(6,827,262)
(8,959,080)
42,044,140
91,161,037
15,210,089
4,890,902
4,059,334
(708,295)
114,022,920
(194,845,796)
(80,822,876)
(64,074)
41,604,328
28,820,101
(32,396)
(21,299,668)
20,372,179
27,009,175
(32,396)
116,593,374
23,095,212
(21,417,232)
(9,729,568)
(5,728,576)
66,135,374
46,935,042
95,220,371
14,501,794
36,820,903
114,401,115
151,222,018
35,746,585
638,562
114,836,871
151,222,018
159,051,928
(111,228,593)
47,823,335
40,544,633
34,866,986
3,245,644
38,112,630
(13,299,903)
24,812,727
(26,130,490)
(1,317,763)
Separate
43,483,356
77,906,552
121,389,908
33,306,336
3,370,881
84,712,691
121,389,908
91,563,206
(17,395,858)
74,167,348
66,975,312
61,972,753
3,514,857
65,487,610
(22,519,731)
42,967,879
(13,348,590)
29,619,289
Separate
29,310,056
185,030,817
214,340,873
57,239,098
30,170,820
126,930,955
214,340,873
55,533,872
(3,125,790)
52,408,082
45,152,292
34,319,511
15,559,865
49,879,376
(17,387,165)
32,492,212
(27,600,284)
4,891,928
Separate
13,944,906
934,689
14,879,595
10,880,864
17,896,009
(13,897,278)
14,879,595
1,644,146
1,644,146
922,095
770,315
(17,579,292)
(16,801,955)
(998,283)
(17,800,238)
4,199,017
(13,601,221)
Compañía Energética Do Ceará S.A.
Separate
267,538,669
569,364,164
836,902,833
219,528,371
223,842,286
393,532,176
836,902,833
810,184,252
(581,689,470)
228,494,783
136,443,771
100,911,453
(12,650,857)
85,012,938
(12,997,078)
EN-Brasil Comercio e Servicios S.A.
Separate
2,673,792
1,448,487
4,122,279
3,234,058
-
888,221
4,122,279
5,603,633
(3,041,559)
2,562,075
(614,126)
(782,696)
136,846
(645,850)
72,015,860
(1,381,657)
(97,029,555)
(25,013,695)
(163,062)
(1,544,719)
Ampla Energía E Servicios S.A.
Separate
385,803,702
1,016,536,280
1,402,339,982
333,276,269
608,907,379
460,156,334
1,402,339,982
1,026,680,070
(804,701,402)
221,978,668
93,688,470
26,422,575
(35,938,130)
(13,026,593)
(10,878,978)
(139,016,506)
(149,895,484)
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.
Grupo Dock Sud. S.A.
Eléctrica Cabo Blanco. S.A.C.
Grupo Distrilima
Grupo Enel Brasil
Grupo Generandes Perú
Grupo Endesa Argentina
Operaciones Discontinuadas:
Separate
Separate
Separate
Separate
Separate
Consolidated
Consolidated
Consolidated
Consolidated
Consolidated
Consolidated
207,553,184
841,585,897
1,049,139,081
247,749,853
281,940,697
519,448,531
1,049,139,081
884,467,266
(500,570,712)
383,896,554
295,143,439
235,587,544
(27,459,741)
207,999,316
(84,883,205)
123,116,111
(61,679,252)
61,436,859
491
63
554
3
-
551
554
191,441,460
443,412,232
634,853,692
431,630,045
174,966,573
28,257,074
634,853,692
607,344,916
(157,387,237)
449,957,679
119,294,227
103,775,386
5,697,317
50,472,490
22,954,619
91,195
56,169,807
23,045,814
46,722,732
126,188,103
172,910,835
54,357,844
81,815,037
136,172,881
20,328,170
21,098,368
25,736,485
19,831,659
8,150,819
-
67,304,445
47,845,465
27,690,818
1,947,446
56,169,807
23,045,814
79,869,905
172,910,835
68,495,757
136,172,881
2,269,586
69,962,810
58,092,640
(1,017,940)
(43,265,695)
(26,124,119)
1,251,646
26,697,115
31,968,521
(189)
(189)
(375,459)
(1,206,493)
14,806,741
23,168,206
(376,682)
(1,255,814)
3,309,477
17,663,200
-
(3,942,519)
(2,233,357)
897,816
53,770,197
(5,755,667)
(189)
99,980,518
(412,473)
(357,998)
57,229,446
12,013,784
116,371,663
675,858,105
792,229,768
192,540,953
269,823,997
329,864,818
792,229,768
562,046,426
(379,015,102)
183,031,324
138,372,910
107,700,064
(15,813,466)
92,489,193
(28,191,648)
796,102,019
1,994,170,372
2,790,272,391
653,756,270
725,006,817
1,411,509,304
2,790,272,391
2,016,488,833
(1,385,921,254)
630,567,580
363,360,618
238,408,123
(36,592,248)
195,064,201
(76,715,148)
118,349,053
(370,529,946)
(252,180,893)
120,047,319
808,405,916
928,453,235
126,541,945
229,436,392
572,474,898
928,453,235
382,452,709
(151,046,058)
231,406,651
190,593,564
139,656,190
(10,145,603)
133,321,519
(38,266,710)
95,054,809
(9,131,696)
73,348,681
385,562,798
458,911,479
173,663,474
115,955,351
169,292,654
458,911,479
140,398,933
(9,172,466)
131,226,467
70,334,513
47,291,438
117,190,764
165,754,140
(56,407,124)
109,347,016
(50,970,094)
(735,808)
2,147,615
(8)
(463,471)
(285,187)
(1,466,245)
(18,102,752)
(4,166,389)
(91)
(289)
(8,266,492)
91,250,555
(198)
99,517,047
(697,659)
(1,824,243)
39,126,694
7,847,394
64,297,545
727,779
(626,380)
(24,156,874)
720,031
7,349,620
30,120
(2,450,623)
14,969,820
8,567,425
71,647,165
85,923,113
58,376,922
Chilectra S.A.
Consolidated
764,264,413
766,740,395
1,531,004,808
363,516,173
54,831,044
1,112,657,591
1,531,004,808
1,257,732,164
(983,732,902)
273,999,262
185,114,892
149,293,693
12,669,568
176,628,861
(36,956,051)
188,750,734
(111,222,756)
77,527,978
Grupo Servicios Informaticos e
Inmobiliarios Ltda,
Empresa Nacional de Electricidad
S.A.
Empresa Eléctrica Pehuenche S.A.
Compañía Eléctrica Tarapacá S.A.
Consolidated
54,816,036
11,561,339
66,377,375
5,586,878
1,305,133
59,485,364
66,377,375
8,660,778
-
8,660,778
(397,888)
(511,775)
2,260,216
6,041,979
(765,180)
5,276,799
(76,578)
5,200,221
Separate
Separate
Separate
563,422,232
3,601,559,005
4,164,981,237
807,918,132
1,027,287,096
2,329,776,009
4,164,981,237
1,407,824,978
(1,061,507,980)
346,316,998
225,230,207
143,639,730
(126,334,330)
246,255,963
(32,834,204)
213,421,760
(92,076,119)
121,345,641
63,745,589
201,366,300
265,111,889
64,820,897
51,972,920
148,318,072
265,111,889
193,189,705
(28,569,912)
164,619,793
159,244,283
150,615,199
2,049,116
152,664,315
(34,647,895)
82,875,363
509,275,829
592,151,192
115,138,485
44,379,433
432,633,274
592,151,192
230,852,534
(139,555,849)
91,296,685
73,665,446
64,306,244
24,323,943
88,341,669
(18,079,279)
118,016,421
70,262,390
33,526
(624)
118,049,947
70,261,766
Grupo Endesa Chile
Consolidated
4,412,561,440
2,866,208,895
7,278,770,335
2,527,875,495
1,207,004,760
3,543,890,080
7,278,770,335
1,543,810,316
(880,891,223)
662,919,093
516,860,724
401,818,817
(114,252,182)
300,487,081
(76,655,819)
635,020,813
(347,578,686)
287,442,127
Grupo Inversiones GasAtacama
Holding Ltda,
Consolidated
245,456,212
207,236,190
452,692,402
24,048,629
49,959,438
378,684,335
452,692,402
183,015,183
(110,330,364)
72,684,819
57,943,644
46,360,426
10,304,578
56,660,371
(10,444,811)
46,215,560
(3,059,806)
43,155,754
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
558
2015 Annual Report Enersis
20,372,179
27,009,175
(24,944,190)
(4,012,455)
(64,074)
1,023,419
959,344
141,308,348
169,850,815
(59,047,935)
110,802,880
(44,667,506)
(336,372)
3,013,645
622,972
(998,809)
(10,352,540)
(4,729,767)
Hidroeléctrica El Chocón S.A.
44,240,854
240,460,115
284,700,969
71,433,902
63,908,193
149,358,874
284,700,969
1,814,204
32,328,045
34,142,249
616,318
33,525,931
34,142,249
27,559,412
142,918,106
170,477,518
102,001,988
53,611,202
14,864,328
170,477,518
-
100,856,664
40,004,655
-
(4,598,130)
(4,574,336)
-
96,258,534
35,430,318
(64,074)
41,604,328
28,820,101
40. Financial Information on
Subsidiaries, Summarized
As of December 31, 2015 and 2014, summarized financial information of our principal subsidiaries prepared
Type of
Financial
Statements
Current
Assets
ThCh$
Non-current
assets
ThCh$
Total
AssetsThCh$
Current
liabilities
ThCh$
Non-current
liabilities
ThCh$
Total
Equity
ThCh$
Liabilities and
Equity ThCh$
Raw
materials and
consumables
used
ThCh$
Revenue
ThCh$
Contribution
Margin
ThCh$
Gross
operating
income
ThCh$
Operating
income ThCh$
Financial
results ThCh$
Income before
taxes ThCh$
Income taxes
ThCh$
Gain (loss)
ThCh$
Other
comprehensive
income
ThCh$
Total
Comprehensive
Income
ThCh$
18,246,316
50,156,404
68,402,720
325,792
68,076,928
68,402,720
-
-
-
(5,028)
(5,028)
959,095
21,003,199
(266,930)
20,736,269
1,311,144
22,047,413
98,125,347
675,858,105
773,983,452
192,215,161
269,823,997
311,944,294
773,983,452
562,046,426
(379,015,102)
183,031,324
138,377,938
107,705,092
(16,772,560)
91,535,126
(27,924,718)
63,610,408
6,877,338
70,487,746
under IFRS is as follows:
12-31-2015
Separate
Separate
Separate
Separate
Separate
Separate
Separate
Separate
Separate
Separate
Separate
Continuing Operations:
Inversiones Distrilima S.A.
Empresa de Distribución Eléctrica de
Lima Norte S.A.A.
Endesa Argentina S.A.
Central Costanera S.A.
Emgesa S.A. E.S.P.
Generandes Perú 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 Distribuidora y
Comercializadora de Energía S.A.
Inversora Codensa S.A.
Empresa Distribuidora Sur S.A.
Generalima. S.A.C.
Endesa Cemsa. S.A.
Grupo Dock Sud. S.A.
Eléctrica Cabo Blanco. S.A.C.
Grupo Distrilima
Grupo Enel Brasil
Grupo Generandes Perú
Grupo Endesa Argentina
Operaciones Discontinuadas:
Separate
Separate
Separate
Separate
Separate
Consolidated
Consolidated
Consolidated
Consolidated
Consolidated
Consolidated
Grupo Servicios Informaticos e
Inmobiliarios Ltda,
Empresa Nacional de Electricidad
S.A.
Empresa Eléctrica Pehuenche S.A.
Compañía Eléctrica Tarapacá S.A.
Separate
Separate
Separate
Grupo Inversiones GasAtacama
Holding Ltda,
-
-
-
-
-
-
172,918,511
1,803,546,987
1,976,465,498
349,736,334
831,187,906
795,541,258
1,976,465,498
778,768,426
(321,664,855)
457,103,571
412,046,148
372,828,429
(39,872,136)
332,845,961
(120,949,697)
211,896,264
(91,252,276)
120,643,988
1,945,582
225,170,087
227,115,669
1,364,513
225,751,156
227,115,669
-
-
-
(32,396)
111,421,412
723,995,979
835,417,391
117,775,269
188,814,672
528,827,450
835,417,391
343,761,564
(143,234,611)
200,526,954
164,344,988
7,647,526
112,688,111
120,335,637
8,369,365
40,621,719
71,344,553
120,335,637
39,114,967
(8,235,270)
30,879,697
26,280,972
110,127,302
736,398,772
846,526,074
51,310,987
15,859,063
779,356,024
846,526,074
-
-
-
(21,299,668)
(32,396)
116,593,374
23,095,212
(21,417,232)
172,406
42,094,142
(50,002)
(9,260,148)
(1,057,861)
26,840,323
122,550,483
(31,389,446)
22,037,351
122,982,000
(6,827,262)
(8,959,080)
42,044,140
91,161,037
15,210,089
4,890,902
4,059,334
(708,295)
46,935,042
95,220,371
14,501,794
114,022,920
(194,845,796)
(80,822,876)
36,820,903
114,401,115
151,222,018
35,746,585
638,562
114,836,871
151,222,018
159,051,928
(111,228,593)
47,823,335
40,544,633
34,866,986
3,245,644
38,112,630
(13,299,903)
24,812,727
(26,130,490)
(1,317,763)
Separate
43,483,356
77,906,552
121,389,908
33,306,336
3,370,881
84,712,691
121,389,908
91,563,206
(17,395,858)
74,167,348
66,975,312
61,972,753
3,514,857
65,487,610
(22,519,731)
42,967,879
(13,348,590)
29,619,289
Separate
29,310,056
185,030,817
214,340,873
57,239,098
30,170,820
126,930,955
214,340,873
55,533,872
(3,125,790)
52,408,082
45,152,292
34,319,511
15,559,865
49,879,376
(17,387,165)
32,492,212
(27,600,284)
4,891,928
Separate
13,944,906
934,689
14,879,595
10,880,864
17,896,009
(13,897,278)
14,879,595
1,644,146
-
1,644,146
922,095
770,315
(17,579,292)
(16,801,955)
(998,283)
(17,800,238)
4,199,017
(13,601,221)
Compañía Energética Do Ceará S.A.
Separate
267,538,669
569,364,164
836,902,833
219,528,371
223,842,286
393,532,176
836,902,833
810,184,252
(581,689,470)
228,494,783
136,443,771
100,911,453
(12,650,857)
85,012,938
(12,997,078)
EN-Brasil Comercio e Servicios S.A.
Separate
2,673,792
1,448,487
4,122,279
3,234,058
888,221
4,122,279
5,603,633
(3,041,559)
2,562,075
(614,126)
(782,696)
136,846
(645,850)
Ampla Energía E Servicios S.A.
Separate
385,803,702
1,016,536,280
1,402,339,982
333,276,269
608,907,379
460,156,334
1,402,339,982
1,026,680,070
(804,701,402)
221,978,668
93,688,470
26,422,575
(35,938,130)
(13,026,593)
(735,808)
2,147,615
72,015,860
(1,381,657)
(97,029,555)
(25,013,695)
(163,062)
(1,544,719)
(10,878,978)
(139,016,506)
(149,895,484)
207,553,184
841,585,897
1,049,139,081
247,749,853
281,940,697
519,448,531
1,049,139,081
884,467,266
(500,570,712)
383,896,554
295,143,439
235,587,544
(27,459,741)
207,999,316
(84,883,205)
123,116,111
(61,679,252)
61,436,859
491
63
554
3
551
554
-
-
-
(189)
(189)
191,441,460
443,412,232
634,853,692
431,630,045
174,966,573
28,257,074
634,853,692
607,344,916
(157,387,237)
449,957,679
119,294,227
103,775,386
5,697,317
50,472,490
22,954,619
91,195
56,169,807
23,045,814
46,722,732
126,188,103
172,910,835
54,357,844
81,815,037
136,172,881
20,328,170
21,098,368
25,736,485
19,831,659
8,150,819
27,690,818
1,947,446
56,169,807
23,045,814
67,304,445
47,845,465
79,869,905
172,910,835
68,495,757
136,172,881
-
2,269,586
69,962,810
58,092,640
-
(1,017,940)
(43,265,695)
(26,124,119)
-
1,251,646
26,697,115
31,968,521
(375,459)
(1,206,493)
14,806,741
23,168,206
(376,682)
(1,255,814)
3,309,477
17,663,200
-
(3,942,519)
(2,233,357)
897,816
53,770,197
(5,755,667)
(189)
99,980,518
(412,473)
(357,998)
57,229,446
12,013,784
(8)
(463,471)
(285,187)
(1,466,245)
(18,102,752)
(4,166,389)
116,371,663
675,858,105
792,229,768
192,540,953
269,823,997
329,864,818
792,229,768
562,046,426
(379,015,102)
183,031,324
138,372,910
107,700,064
(15,813,466)
92,489,193
(28,191,648)
(198)
99,517,047
(697,659)
(1,824,243)
39,126,694
7,847,394
64,297,545
(91)
(289)
(8,266,492)
91,250,555
727,779
(626,380)
(24,156,874)
720,031
7,349,620
30,120
(2,450,623)
14,969,820
8,567,425
71,647,165
796,102,019
1,994,170,372
2,790,272,391
653,756,270
725,006,817
1,411,509,304
2,790,272,391
2,016,488,833
(1,385,921,254)
630,567,580
363,360,618
238,408,123
(36,592,248)
195,064,201
(76,715,148)
118,349,053
(370,529,946)
(252,180,893)
120,047,319
808,405,916
928,453,235
126,541,945
229,436,392
572,474,898
928,453,235
382,452,709
(151,046,058)
231,406,651
190,593,564
139,656,190
(10,145,603)
133,321,519
(38,266,710)
95,054,809
(9,131,696)
73,348,681
385,562,798
458,911,479
173,663,474
115,955,351
169,292,654
458,911,479
140,398,933
(9,172,466)
131,226,467
70,334,513
47,291,438
117,190,764
165,754,140
(56,407,124)
109,347,016
(50,970,094)
85,923,113
58,376,922
Chilectra S.A.
Consolidated
764,264,413
766,740,395
1,531,004,808
363,516,173
54,831,044
1,112,657,591
1,531,004,808
1,257,732,164
(983,732,902)
273,999,262
185,114,892
149,293,693
12,669,568
176,628,861
(36,956,051)
188,750,734
(111,222,756)
77,527,978
Consolidated
54,816,036
11,561,339
66,377,375
5,586,878
1,305,133
59,485,364
66,377,375
8,660,778
-
8,660,778
(397,888)
(511,775)
2,260,216
6,041,979
(765,180)
5,276,799
(76,578)
5,200,221
563,422,232
3,601,559,005
4,164,981,237
807,918,132
1,027,287,096
2,329,776,009
4,164,981,237
1,407,824,978
(1,061,507,980)
346,316,998
225,230,207
143,639,730
(126,334,330)
246,255,963
(32,834,204)
213,421,760
(92,076,119)
121,345,641
63,745,589
201,366,300
265,111,889
64,820,897
51,972,920
148,318,072
265,111,889
193,189,705
(28,569,912)
164,619,793
159,244,283
150,615,199
2,049,116
152,664,315
(34,647,895)
82,875,363
509,275,829
592,151,192
115,138,485
44,379,433
432,633,274
592,151,192
230,852,534
(139,555,849)
91,296,685
73,665,446
64,306,244
24,323,943
88,341,669
(18,079,279)
118,016,421
70,262,390
33,526
(624)
118,049,947
70,261,766
Grupo Endesa Chile
Consolidated
4,412,561,440
2,866,208,895
7,278,770,335
2,527,875,495
1,207,004,760
3,543,890,080
7,278,770,335
1,543,810,316
(880,891,223)
662,919,093
516,860,724
401,818,817
(114,252,182)
300,487,081
(76,655,819)
635,020,813
(347,578,686)
287,442,127
Consolidated
245,456,212
207,236,190
452,692,402
24,048,629
49,959,438
378,684,335
452,692,402
183,015,183
(110,330,364)
72,684,819
57,943,644
46,360,426
10,304,578
56,660,371
(10,444,811)
46,215,560
(3,059,806)
43,155,754
559
(9,729,568)
(5,728,576)
66,135,374
Consolidated Financial Statements
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
(49)
(37,897,127)
(1,029,910)
(803,614)
15,187,192
23,494,631
(1,031,105)
(1,029,672)
(834,067)
9,464,772
17,583,296
90,973,374
456,221
(27,337,694)
(5,339,890)
(10,281,167)
(1,157,449)
(377,846)
(17,833,553)
12,252,291
80,724,117
(1,157,449)
(341,232)
(24,126,488)
9,086,201
60,572,081
2,137,860
(594,259)
6,343,207
4,030,841
14,254,102
980,411
(935,491)
(17,783,281)
13,117,042
74,826,183
8,091,449
(754,491)
(8)
-
36,614
(6,292,935)
(3,166,090)
(20,152,036)
12-31-2014
Type of
Financial
Statements
Current
Assets
ThCh$
Non-current
assets
ThCh$
Total
AssetsThCh$
Current
liabilities
ThCh$
Non-current
liabilities
ThCh$
Equity
ThCh$
Total
Liabilities and
Equity ThCh$
Raw
materials and
consumables
used
ThCh$
Revenue
ThCh$
Contribution
Margin
ThCh$
Gross
operating
income
ThCh$
Operating
Financial
Income before
Income taxes
income ThCh$
results ThCh$
taxes ThCh$
ThCh$
Gain (loss)
ThCh$
comprehensive
Comprehensive
Other
income
ThCh$
Total
Income
ThCh$
Continuing Operations:
Inversiones Distrilima S.A.
Empresa de Distribución Eléctrica de
Lima Norte S.A.A.
Endesa Argentina S.A.
Central Costanera S.A.
Hidroeléctrica El Chocón S.A.
Emgesa S.A. E.S.P.
Generandes Perú S.A.
Edegel S.A.A.
Chinango S.A.C.
Enel Brasil S.A.
Central Generadora Termoeléctrica
Fortaleza S.A.
Separate
Separate
Separate
Separate
Separate
Separate
Separate
Separate
Separate
Separate
Separate
15,272,519
48,854,638
64,127,157
76,273
-
64,050,884
64,127,157
(12,705)
(12,705)
1,212,945
18,308,552
(361,797)
17,946,755
2,959,092
20,905,847
127,665,327
587,886,652
715,551,979
164,991,090
271,208,225
279,352,664
715,551,979
478,699,891
(315,115,521)
163,584,370
119,243,469
90,986,079
(11,494,112)
79,523,877
(19,790,239)
59,733,639
13,438,385
73,172,024
1,924,047
42,081,267
44,005,314
749,815
-
43,255,499
44,005,314
31,868,372
154,649,134
186,517,506
108,956,607
22,930,536
137,891,546
160,822,082
31,540,350
56,967,994
46,058,232
20,592,905
186,517,506
83,223,500
160,822,082
75,193,639
30,173,576
(6,777,139)
(8,427,057)
68,416,500
21,746,518
(57,903)
29,619,143
16,090,917
(57,903)
13,701,504
14,338,493
588,091
46,699,311
2,101,221
530,188
60,497,602
16,965,869
(189,589)
(14,964,948)
(5,929,047)
340,599
45,532,654
11,036,822
329,672,209
1,782,307,979
2,111,980,188
500,414,812
883,041,284
728,524,092
2,111,980,188
753,385,348
(220,460,069)
532,925,279
494,084,840
449,490,365
(34,591,411)
414,973,137
(126,151,739)
288,821,398
(73,145,883)
215,675,515
3,473,185
219,325,990
222,799,175
3,148,425
-
219,650,750
222,799,175
(116,329)
(116,329)
2,240
46,503,610
-
46,503,610
110,164,628
720,449,664
830,614,292
85,724,692
235,667,176
509,222,424
830,614,292
319,346,826
(127,881,082)
191,465,744
161,105,457
121,654,584
(6,281,794)
131,544,215
(25,404,816)
106,139,399
8,439,096
111,912,667
120,351,763
198,803,856
728,752,116
927,555,972
7,433,439
6,224,235
39,382,244
73,536,080
120,351,763
18,531,060
902,800,677
927,555,972
34,656,130
(6,061,046)
28,595,084
23,773,307
19,619,464
(987,683)
18,631,781
(3,620,360)
15,011,421
(10,160,775)
(10,314,474)
27,502,175
188,852,384
(24,686,207)
164,166,176
(5,299,756)
3,989,198
(8,763,212)
12,303,680
23,688,400
3,041,428
17,806,175
(4,959,157)
49,521,852
2,273,610
58,807,290
129,827,799
18,052,849
181,972,351
87,327,393
134,284,880
221,612,273
63,772,100
746,476
157,093,697
221,612,273
210,793,165
(158,318,428)
52,474,737
43,685,496
36,994,098
(427,163)
36,566,936
(12,676,193)
23,890,743
3,336,545
27,227,288
Centrais Elétricas Cachoeira Dourada S.A.
Separate
47,664,376
100,003,024
147,667,400
37,718,853
1,171,987
108,776,560
147,667,400
158,965,069
(72,988,916)
85,976,152
78,633,209
71,852,510
6,953,799
78,806,309
(7,617,686)
71,188,623
(212,540)
70,976,083
Compañía de Interconexión
Energética S.A.
Compañía de Transmisión del
Mercosur S.A.
Separate
44,361,955
230,817,235
275,179,190
107,201,716
6,527,878
161,449,596
275,179,190
67,700,328
(3,343,111)
64,357,217
54,518,387
40,083,633
13,131,369
53,215,002
(19,092,627)
34,122,374
2,426,463
36,548,837
Separate
15,584,323
2,421,427
18,005,750
10,519,818
18,458,001
(10,972,069)
18,005,750
1,622,003
1,622,003
1,169,376
1,017,867
(10,464,633)
(9,446,765)
(718,950)
(10,165,715)
238,183
(9,927,532)
Compañía Energética Do Ceará S.A.
Separate
268,129,640
669,313,258
937,442,898
167,577,487
341,179,908
428,685,503
937,442,898
876,944,301
(606,422,198)
270,522,103
171,230,201
117,379,884
(68,220,958)
49,158,926
57,250,375
6,084,384
63,334,759
EN-Brasil Comercio e Servicios S.A.
Separate
6,136,466
1,893,079
8,029,545
5,162,409
2,266,733
600,403
8,029,545
5,537,295
(2,649,496)
2,887,799
611,350
508,118
262,046
770,164
15,673
56,856
72,529
Ampla Energía E Servicios S.A.
Separate
320,891,004
1,104,657,097
1,425,548,101
215,091,583
589,157,241
621,299,277
1,425,548,101
1,092,281,884
(707,301,383)
384,980,502
257,576,731
183,845,670
(106,657,268)
77,188,402
(26,650,546)
50,537,856
6,281,883
56,819,739
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.
Grupo Distrilima
Grupo Enel Brasil
Separate
Separate
Separate
Separate
Separate
Separate
Consolidated
Consolidated
254,295,501
922,713,629
1,177,009,130
337,839,513
358,873,769
480,295,848
1,177,009,130
982,770,698
(547,593,754)
435,176,944
336,375,500
261,975,074
(26,624,088)
235,397,500
(82,240,147)
153,157,353
(49,593,528)
103,563,825
853
72
925
86
-
839
925
(49)
-
(49)
(57)
(54)
(111)
409,109,176
405,106,897
814,216,073
739,412,769
137,796,785
(62,993,481)
814,216,073
371,411,786
(161,995,239)
209,416,546
(51,229,198)
(38,408,033)
(89,602,510)
3,792,056
(85,810,453)
(5,608,787)
(91,419,240)
5,388,518
47,434,910
28,225,495
27,292,922
43,338,830
873,712
72,509,102
52,823,428
29,099,207
99,802,024
80,059,964
123,398,794
18,110,685
24,701,137
19,318,481
13,222,522
7,052,044
-
15,583,458
47,895,051
27,660,699
4,398,070
64,900,085
52,823,428
29,099,207
99,802,024
62,281,221
123,398,794
1,280,939
61,606,091
50,848,925
(203,349)
(34,976,794)
(20,916,046)
1,077,590
26,629,297
29,932,879
142,931,833
587,886,652
730,818,485
165,061,351
271,208,225
294,548,909
730,818,485
478,694,847
(315,115,521)
163,579,326
119,230,764
Consolidated
854,733,662
2,303,015,000
3,157,748,662
481,334,130
959,822,163
1,716,592,369
3,157,748,662
2,269,559,959
(1,405,383,543)
864,176,416
598,417,264
442,290,345
(145,647,045)
296,643,299
(85,139,697)
211,503,603
23,085,739
234,589,342
Grupo Generandes Perú
Consolidated
121,446,538
816,077,565
937,524,103
95,676,185
275,049,420
566,798,498
937,524,103
353,794,700
(133,734,610)
220,060,090
184,762,435
141,157,719
(7,267,237)
140,375,290
(29,025,176)
111,350,114
23,873,097
135,223,211
Grupo Endesa Argentina
Consolidated
56,074,841
297,050,238
353,125,079
140,459,888
101,749,459
110,915,732
353,125,079
105,265,323
(15,204,196)
90,061,127
45,630,444
27,960,381
49,186,700
77,616,469
(21,104,876)
56,511,593
(5,660,609)
50,850,984
Discontinued Operations:
Consolidated
Chilectra S.A.
Consolidated
300,765,618
1,240,468,967
1,541,234,585
244,981,389
72,612,724
1,223,640,472
1,541,234,585
1,127,892,544
(855,757,751)
272,134,792
181,011,575
152,857,560
5,623,543
186,967,506
(36,244,349)
150,723,157
(3,602,592)
147,120,565
Inmobiliaria Manso de Velasco Ltda,
Separate
ICT Servicios Informáticos Ltda,
Separate
47,631,734
2,214,084
12,103,210
59,734,944
555,542
2,769,626
3,605,662
3,005,476
526,608
1,069,158
55,602,674
(1,305,008)
59,734,944
2,769,626
12,596,339
4,978,226
(2,146,800)
10,449,539
4,978,226
5,567,964
(1,498,309)
5,359,685
(1,541,569)
587,792
68,519
27,044,615
(1,473,050)
(3,029,840)
105,583
24,014,775
(1,367,466)
Empresa Nacional de Electricidad S.A.
Separate
560,876,230
3,507,579,867
4,068,456,097
773,846,300
917,950,372
2,376,659,425
4,068,456,097
1,180,478,031
(1,062,428,719)
118,049,313
17,064,677
(135,048,532)
(83,048,732)
164,538,279
5,198,626
169,736,906
(101,261,071)
Empresa Eléctrica Pehuenche S.A.
Compañía Eléctrica Tarapacá S.A.
Separate
Separate
75,414,557
209,069,274
284,483,831
59,142,217
53,952,811
171,388,803
284,483,831
227,886,302
(34,362,209)
193,524,093
188,824,599
180,521,784
955,150
181,476,935
(38,314,654)
143,162,280
77,067,775
450,573,978
527,641,753
110,849,007
30,918,614
385,874,132
527,641,753
318,959,142
(196,105,061)
122,854,082
107,687,954
91,702,959
18,891,133
110,594,093
(20,693,726)
Soc, Concesionaria Túnel El Melón S.A.
Consolidated
19,183,735
7,107,942
26,291,677
3,709,123
1,789,703
20,792,851
26,291,677
10,484,435
(3,751)
10,480,684
9,152,206
6,547,832
82,925
6,630,757
(800,038)
(39,600)
(162,551)
(51,043)
(604)
(12,156)
23,975,175
(1,530,017)
68,475,835
143,111,237
89,899,762
5,818,563
89,900,366
5,830,719
Grupo Endesa Chile
Consolidated
1,038,057,559
6,199,614,342
7,237,671,901
1,392,737,593
2,321,047,965
3,523,886,343
7,237,671,901
2,446,534,314
(1,119,458,198)
1,327,076,115
1,094,981,140
875,320,583
(68,781,874)
857,125,255
(238,152,509)
618,972,747
(103,941,898)
515,030,849
Grupo Inversiones GasAtacama
Holding Ltda,
Consolidado
197,276,197
216,893,717
414,169,914
29,892,670
48,748,663
335,528,581
414,169,914
179,474,707
(99,313,387)
80,161,320
59,020,205
46,178,851
(4,406,559)
41,772,291
(12,407,764)
29,364,528
51,288,697
80,653,225
560
2015 Annual Report Enersis
12-31-2014
Separate
Separate
Separate
Separate
Separate
Separate
Separate
Separate
Separate
Separate
Separate
Continuing Operations:
Inversiones Distrilima S.A.
Empresa de Distribución Eléctrica de
Lima Norte S.A.A.
Endesa Argentina S.A.
Central Costanera S.A.
Emgesa S.A. E.S.P.
Generandes Perú S.A.
Edegel S.A.A.
Chinango S.A.C.
Enel Brasil S.A.
Central Generadora Termoeléctrica
Fortaleza S.A.
Compañía de Interconexión
Energética S.A.
Compañía de Transmisión del
Mercosur 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.
Grupo Distrilima
Grupo Enel Brasil
Separate
Separate
Separate
Separate
Separate
Separate
Consolidated
Consolidated
Discontinued Operations:
Consolidated
Empresa Eléctrica Pehuenche S.A.
Compañía Eléctrica Tarapacá S.A.
Separate
Separate
Grupo Inversiones GasAtacama
Holding Ltda,
Type of
Financial
Statements
Current
Assets
ThCh$
Non-current
assets
ThCh$
Total
AssetsThCh$
Current
liabilities
ThCh$
Non-current
liabilities
ThCh$
Total
Equity
ThCh$
Liabilities and
Equity ThCh$
Raw
materials and
consumables
used
ThCh$
Revenue
ThCh$
Contribution
Margin
ThCh$
Gross
operating
income
ThCh$
Operating
income ThCh$
Financial
results ThCh$
Income before
taxes ThCh$
Income taxes
ThCh$
Gain (loss)
ThCh$
Other
comprehensive
income
ThCh$
Total
Comprehensive
Income
ThCh$
15,272,519
48,854,638
64,127,157
76,273
64,050,884
64,127,157
-
-
-
(12,705)
(12,705)
1,212,945
18,308,552
(361,797)
17,946,755
2,959,092
20,905,847
127,665,327
587,886,652
715,551,979
164,991,090
271,208,225
279,352,664
715,551,979
478,699,891
(315,115,521)
163,584,370
119,243,469
90,986,079
(11,494,112)
79,523,877
(19,790,239)
59,733,639
13,438,385
73,172,024
Hidroeléctrica El Chocón S.A.
22,930,536
137,891,546
160,822,082
31,540,350
1,924,047
42,081,267
44,005,314
749,815
31,868,372
154,649,134
186,517,506
108,956,607
56,967,994
46,058,232
43,255,499
44,005,314
20,592,905
186,517,506
83,223,500
160,822,082
-
75,193,639
30,173,576
-
(6,777,139)
(8,427,057)
-
68,416,500
21,746,518
(57,903)
29,619,143
16,090,917
(57,903)
13,701,504
14,338,493
588,091
46,699,311
2,101,221
530,188
60,497,602
16,965,869
(189,589)
(14,964,948)
(5,929,047)
340,599
45,532,654
11,036,822
(5,299,756)
3,989,198
(8,763,212)
(4,959,157)
49,521,852
2,273,610
329,672,209
1,782,307,979
2,111,980,188
500,414,812
883,041,284
728,524,092
2,111,980,188
753,385,348
(220,460,069)
532,925,279
494,084,840
449,490,365
(34,591,411)
414,973,137
(126,151,739)
288,821,398
(73,145,883)
215,675,515
3,473,185
219,325,990
222,799,175
3,148,425
219,650,750
222,799,175
-
-
-
(116,329)
(116,329)
2,240
46,503,610
-
46,503,610
110,164,628
720,449,664
830,614,292
85,724,692
235,667,176
509,222,424
830,614,292
319,346,826
(127,881,082)
191,465,744
161,105,457
121,654,584
(6,281,794)
131,544,215
(25,404,816)
106,139,399
8,439,096
111,912,667
120,351,763
39,382,244
73,536,080
120,351,763
34,656,130
(6,061,046)
28,595,084
23,773,307
19,619,464
(987,683)
18,631,781
(3,620,360)
15,011,421
198,803,856
728,752,116
927,555,972
18,531,060
902,800,677
927,555,972
-
-
-
(10,160,775)
(10,314,474)
27,502,175
188,852,384
(24,686,207)
164,166,176
7,433,439
6,224,235
12,303,680
23,688,400
3,041,428
17,806,175
58,807,290
129,827,799
18,052,849
181,972,351
87,327,393
134,284,880
221,612,273
63,772,100
746,476
157,093,697
221,612,273
210,793,165
(158,318,428)
52,474,737
43,685,496
36,994,098
(427,163)
36,566,936
(12,676,193)
23,890,743
3,336,545
27,227,288
Centrais Elétricas Cachoeira Dourada S.A.
Separate
47,664,376
100,003,024
147,667,400
37,718,853
1,171,987
108,776,560
147,667,400
158,965,069
(72,988,916)
85,976,152
78,633,209
71,852,510
6,953,799
78,806,309
(7,617,686)
71,188,623
(212,540)
70,976,083
Separate
44,361,955
230,817,235
275,179,190
107,201,716
6,527,878
161,449,596
275,179,190
67,700,328
(3,343,111)
64,357,217
54,518,387
40,083,633
13,131,369
53,215,002
(19,092,627)
34,122,374
2,426,463
36,548,837
Separate
15,584,323
2,421,427
18,005,750
10,519,818
18,458,001
(10,972,069)
18,005,750
1,622,003
-
1,622,003
1,169,376
1,017,867
(10,464,633)
(9,446,765)
(718,950)
(10,165,715)
238,183
(9,927,532)
Compañía Energética Do Ceará S.A.
Separate
268,129,640
669,313,258
937,442,898
167,577,487
341,179,908
428,685,503
937,442,898
876,944,301
(606,422,198)
270,522,103
171,230,201
117,379,884
(68,220,958)
49,158,926
EN-Brasil Comercio e Servicios S.A.
Separate
6,136,466
1,893,079
8,029,545
5,162,409
2,266,733
600,403
8,029,545
5,537,295
(2,649,496)
2,887,799
611,350
508,118
262,046
770,164
8,091,449
(754,491)
57,250,375
6,084,384
63,334,759
15,673
56,856
72,529
Ampla Energía E Servicios S.A.
Separate
320,891,004
1,104,657,097
1,425,548,101
215,091,583
589,157,241
621,299,277
1,425,548,101
1,092,281,884
(707,301,383)
384,980,502
257,576,731
183,845,670
(106,657,268)
77,188,402
(26,650,546)
50,537,856
6,281,883
56,819,739
254,295,501
922,713,629
1,177,009,130
337,839,513
358,873,769
480,295,848
1,177,009,130
982,770,698
(547,593,754)
435,176,944
336,375,500
261,975,074
(26,624,088)
235,397,500
(82,240,147)
153,157,353
(49,593,528)
103,563,825
853
72
925
86
839
925
-
-
-
409,109,176
405,106,897
814,216,073
739,412,769
137,796,785
(62,993,481)
814,216,073
371,411,786
(161,995,239)
209,416,546
5,388,518
47,434,910
28,225,495
27,292,922
43,338,830
873,712
72,509,102
52,823,428
29,099,207
99,802,024
80,059,964
123,398,794
18,110,685
24,701,137
19,318,481
13,222,522
7,052,044
15,583,458
47,895,051
27,660,699
4,398,070
64,900,085
52,823,428
29,099,207
99,802,024
62,281,221
123,398,794
-
1,280,939
61,606,091
50,848,925
-
(203,349)
(34,976,794)
(20,916,046)
-
1,077,590
26,629,297
29,932,879
(49)
(37,897,127)
(1,029,910)
(803,614)
15,187,192
23,494,631
142,931,833
587,886,652
730,818,485
165,061,351
271,208,225
294,548,909
730,818,485
478,694,847
(315,115,521)
163,579,326
119,230,764
(49)
-
(49)
(8)
(57)
(54)
(111)
(51,229,198)
(38,408,033)
(89,602,510)
3,792,056
(85,810,453)
(5,608,787)
(91,419,240)
(1,031,105)
(1,029,672)
(834,067)
9,464,772
17,583,296
90,973,374
456,221
(27,337,694)
(5,339,890)
(10,281,167)
(1,157,449)
(377,846)
(17,833,553)
12,252,291
80,724,117
-
36,614
(6,292,935)
(3,166,090)
(20,152,036)
(1,157,449)
(341,232)
(24,126,488)
9,086,201
60,572,081
2,137,860
(594,259)
6,343,207
4,030,841
14,254,102
980,411
(935,491)
(17,783,281)
13,117,042
74,826,183
Grupo Generandes Perú
Consolidated
121,446,538
816,077,565
937,524,103
95,676,185
275,049,420
566,798,498
937,524,103
353,794,700
(133,734,610)
220,060,090
184,762,435
141,157,719
(7,267,237)
140,375,290
(29,025,176)
111,350,114
23,873,097
135,223,211
Consolidated
854,733,662
2,303,015,000
3,157,748,662
481,334,130
959,822,163
1,716,592,369
3,157,748,662
2,269,559,959
(1,405,383,543)
864,176,416
598,417,264
442,290,345
(145,647,045)
296,643,299
(85,139,697)
211,503,603
23,085,739
234,589,342
Grupo Endesa Argentina
Consolidated
56,074,841
297,050,238
353,125,079
140,459,888
101,749,459
110,915,732
353,125,079
105,265,323
(15,204,196)
90,061,127
45,630,444
27,960,381
49,186,700
77,616,469
(21,104,876)
56,511,593
(5,660,609)
50,850,984
-
-
-
-
-
Chilectra S.A.
Consolidated
300,765,618
1,240,468,967
1,541,234,585
244,981,389
72,612,724
1,223,640,472
1,541,234,585
1,127,892,544
(855,757,751)
272,134,792
181,011,575
152,857,560
5,623,543
186,967,506
(36,244,349)
150,723,157
(3,602,592)
147,120,565
Inmobiliaria Manso de Velasco Ltda,
Separate
ICT Servicios Informáticos Ltda,
Separate
47,631,734
2,214,084
12,103,210
59,734,944
555,542
2,769,626
3,605,662
3,005,476
526,608
1,069,158
55,602,674
(1,305,008)
59,734,944
2,769,626
12,596,339
4,978,226
(2,146,800)
-
10,449,539
4,978,226
5,567,964
(1,498,309)
5,359,685
(1,541,569)
587,792
68,519
27,044,615
(1,473,050)
(3,029,840)
105,583
24,014,775
(1,367,466)
(39,600)
(162,551)
Empresa Nacional de Electricidad S.A.
Separate
560,876,230
3,507,579,867
4,068,456,097
773,846,300
917,950,372
2,376,659,425
4,068,456,097
1,180,478,031
(1,062,428,719)
118,049,313
17,064,677
(135,048,532)
(83,048,732)
164,538,279
5,198,626
169,736,906
(101,261,071)
Soc, Concesionaria Túnel El Melón S.A.
Consolidated
19,183,735
7,107,942
26,291,677
3,709,123
1,789,703
20,792,851
26,291,677
10,484,435
(3,751)
10,480,684
9,152,206
6,547,832
82,925
6,630,757
(800,038)
77,067,775
450,573,978
527,641,753
110,849,007
30,918,614
385,874,132
527,641,753
318,959,142
(196,105,061)
122,854,082
107,687,954
91,702,959
18,891,133
110,594,093
(20,693,726)
89,900,366
5,830,719
75,414,557
209,069,274
284,483,831
59,142,217
53,952,811
171,388,803
284,483,831
227,886,302
(34,362,209)
193,524,093
188,824,599
180,521,784
955,150
181,476,935
(38,314,654)
143,162,280
(51,043)
(604)
(12,156)
23,975,175
(1,530,017)
68,475,835
143,111,237
89,899,762
5,818,563
Grupo Endesa Chile
Consolidated
1,038,057,559
6,199,614,342
7,237,671,901
1,392,737,593
2,321,047,965
3,523,886,343
7,237,671,901
2,446,534,314
(1,119,458,198)
1,327,076,115
1,094,981,140
875,320,583
(68,781,874)
857,125,255
(238,152,509)
618,972,747
(103,941,898)
515,030,849
Consolidado
197,276,197
216,893,717
414,169,914
29,892,670
48,748,663
335,528,581
414,169,914
179,474,707
(99,313,387)
80,161,320
59,020,205
46,178,851
(4,406,559)
41,772,291
(12,407,764)
29,364,528
51,288,697
80,653,225
561
Consolidated Financial Statements
41. Subsequent Events
Enersis Américas
On January 29, 2016, pursuant to the agreements approved at the Extraordinary Shareholders’ Meeting
(“ESM”) of Enersis S.A. (“the Company” or “Enersis”) held on December 18, 2015, the Board of Directors of
Enersis S.A. was informed that the condition precedent for the spin-off of Enersis to be effective was met and,
consequently, it was issued the public deed entitled “Public Deed of Compliance of the Condition of the Spin-
Off of Enersis” which established that the condition precedent has been met on January 29, 2016.
Accordingly, and pursuant to what was approved at the ESM, the spin-off of Enersis S.A. became effective on
Tuesday, March 1, 2016, a date as of which the new company Enersis Chile S.A. (“Enersis Chile”) began to
exist and the reduction of capital and other statutory reforms of the current Company was verified, and the
continuing company changed its name to “Enersis Américas S.A.”
Also, as agreed by the aforementioned ESM, the Board of Directors of Enersis Chile requested the registration
of Enersis Chile and its respective shares in the Securities Registry of the Superintendence of Securities and
Insurance and the Stock Exchanges where the shares of Enersis are currently traded. The physical distribution
and delivery of shares issued by Enersis Chile shall be carried out on the date established by Enersis Chile’s
Board of Directors, once the registration thereof is completed and its shares registered in the Securities
Registry of the Superintendence of Securities and Insurance and Chilean Stock Markets and when legal and
regulatory requirements are met.
Endesa
On January 8, 2016, Endesa Chile informed as a Significant Event that it has resolved the illegal occupation
perpetrated by three people on the first high-tension pylon which supports the 154 kV and 220 kV circuits
owned by Transelec S.A. and serve the Company’s Bocamina power plant. Consequently, the Bocamina power
plant resumed its operations. The financial effects due to the illegal occupation that Endesa Chile assumed
during the interruption of the transmission of electrical energy were ThCh$ 2,698,608 (U.S. $ 3.8 million)
decrease in the contribution margin between November 23, 2015 and January 7, 2016.
At the electrical system level, this situation increased the global costs of supplying demand, increasing spot
prices and the anticipated use of hydroelectric reserves, which in the coming months will not be available.
On January 29, 2016, Endesa Chile informed as a Significant Event that on January 28, 2016, pursuant to the
agreements approved at the Extraordinary Shareholders’ Meeting (“ESM”) of Endesa Chile held on December
18, 2015, the Board of Directors of Endesa Chile was informed that the condition precedent for the spin-off
Enersis to be effective was met and, consequently, it was issued the public deed entitled “Public Deed of
Compliance of the Condition of the Spin-Off of Empresa Nacional de Electricidad S.A.” which established that
the condition precedent has been met on January 29, 2016.
Accordingly, and pursuant to what was approved at the ESM, the spin-off of Endesa Chile became effective
on Tuesday, March 1, 2016, a date as of which the new company Endesa Américas S.A. began to exist and the
reduction of capital and other statutory reforms of Endesa Chile.
562
2015 Annual Report Enersis
Additionally, as a result of formalization of Endesa Chile’s spin-off, it was triggered on that date the obligation
for Endesa Chile to pay taxes in Peru for a total amount of $ 577 million of nuevos soles (ThCh$ 120,299,000
approximately). This tax, that will be paid during March 2016, is applicable under the Peruvian Income Tax Law
to the transfer of the ownership interests that Endesa Chile held in that country that were transfered to Endesa
Américas S.A. The tax is calculated as the difference between the disposal value and the acquisition cost of the
ownership interests previously mentioned.
Also, as agreed by the aforementioned ESM, the Board of Directors of Endesa Américas requested the
registration of Endesa Américas and its respective shares in the Securities Registry of the Superintendence of
Securities and Insurance and the Stock Exchanges where the shares of Endesa Chile are currently traded. The
physical distribution and delivery of shares issued by Endesa Américas S.A. shall be carried out on the date
established by Endesa Américas S.A.’s Board of Directors, once the registration thereof is completed and its
shares registered in the Securities Registry of the Superintendence of Securities and Insurance and Chilean
Stock Markets and when legal and regulatory requirements are met. The amount of issued capital allocated to
Endesa Américas was ThCh$ 778,936,764.
Chilectra
On January 29, 2016, it was issued the public deed entitled “Public Deed of Compliance of the Condition of the
Spin-Off of Chilectra”, pursuant to which it was declared the complete fulfillment of the condition precedent for the
spin-off of Chilectra S.A. as agreed to at the Extraordinary Shareholders’ Meeting (“ESM”) of Chilectra S.A. held on
December 18, 2015, which required to the minutes of each the shareholders’ meetings where it was approved the
spin-offs of Empresa Nacional de Electricidad S.A and Enersis S.A. were duly registered as public deeds, and their
corresponding extracts were, duly and timely, registered and published in accordance with the law.
In accordance with the ESM, the spin-off of Chilectra, and as a result of the incorporation of a new entity
named Chilectra Américas S.A. (“Chilectra Américas”), will be effective for all legal, operational, accounting
and tax purposes beginning on February 1, 2016. Consequently, from that date on, the allocated assets and
liabilities pursuant to the spin-off, were transferred to Chilectra Américas without any necessary declaration
or additional formality, notwithstanding the necessary or convenient activities needed to register before the
corresponding legal bodies about the allocation of all assets that are being transferred and the final novation of
the liabilities transferred pursuant to the Company’s spin-off.
Additionally, as a result of formalization of Chilectra’s spin-off, it was triggered on that date the obligation for
Chilectra to pay taxes in Peru for a total amount of $ 73.8 million of soles (ThCh$ 15,400,000 approximately).
This tax, that will be paid during March 2016, is applicable under the Peruvian Income Tax Law to the transfer
of the ownership interests that Chilectra held in that country that were transfered to Chilectra Américas S.A..
The tax is calculated as the difference between the disposal value and the acquisition cost of the ownership
interests previously mentioned.
Also, as agreed by the aforementioned ESM, the Board of Directors of Chilectra Américas requested the
registration of Chilectra Américas and its respective shares in the Securities Registry of the Superintendence
of Securities and Insurance and the Stock Exchanges. The physical distribution and delivery of shares issued
by Chilectra Américas S.A. shall be carried out on the date established by Chilectra Américas S.A.’s Board of
Directors, once the registration thereof is completed and its shares registered in the Securities Registry of
the Superintendence of Securities and Insurance and Chilean Stock Markets and when legal and regulatory
requirements are met.
563
Consolidated Financial Statements Chilectra Américas
On February 15, 2016, at the Extraordinary Board of Directors’ Session No. 1, Mr. Livio Gallo was appointed as
Chairman of the Board, and Mr. Gianluca Caccialupi as Vice-Chairman. Also, at the same session, Mr. Andreas
Gebhardt Strobel was appointed as Chief Executive Officer of Chilectra Américas.
At the same Board of Directors’ Session, it was agreed to stablish the customary transactions general policy
in accordance with Article 147 paragraph b) of Law 18,046.
The Board of Directors unanimously agreed to establish the customary transactions general policy, as it
relates to those ordinary transactions in terms of the business purpose and that entails to the principal
activity of the company. For that purpose, it must be taken in to consideration that Chilectra Américas
S.A. is a holding company with few employees, and as such, in order to operate it has to sign a number
of service contracts that would allow it to perform its corporate purpose activities. Consequently, the
following transactions are related to the ordinary and customary corporate purpose activities of Chilectra
Américas S.A.:
1. Commercial current account between Chilectra Américas S.A. and its related parties, by which one of the
parties shall remit to the other or receive from it amounts of money or other securities, without application
to a particular use or obligation to have an amount of equivalent value, but to accredit to the remitter for its
remittances, to settle them within the conveyed dates, to compensate them at once until concurrence of debit
and credit and to pay the balance.
2. Contract to render Legal Services and Board of Directors (“the Board”) Secretariat, which includes, inter alia,
to legally assist the Board of Chilectra Américas S.A., its Chief Executive Officer and the other key executives,
to prepare and manage in legal related-matters the Board meetings, to assits the Company for compliance with
regulations related to corporations, stock markets, free competition, environmental, commercial, labor and
other applicable regulations and to manage litigations affecting the Company.
3. Contract to render the following services: i) Network commercial operations; ii) Network developments; iii)
Network Technology; iv) Health, Safety, Quality and Environment; and v) Operation and Maintenance.
4. Contract to render the following services: i) Human Resources and Organization; ii) Communications; iii)
Taxes; iv) Finance and Accounting; v) Internal Audit; vi) Insurance, y vii) Treasury.
5. Contracts related to services of agency communications, infrastructure, innovation, administration and
finance, legal and other related services aimed to fulfill the corporate purpose of the Company.
Finally, it is important to note that the entire text of the customary general policy will be available to the
shareholders at the corporate offices and in the website of the Company.
Edesur
On January 25, 2016, the Ministry of Energy and Mining (“MEyM” in its Spanish acronym) issued Resolution
No. 6/2016 which approved the Summer Quarterly Re-scheduling (“Reprogramación Trimestral de Verano”)
applicable to the Wholesale Electricity Market (“MEM” in its Spanish acronym) and established the seasonal
reference prices for energy and capacity for the February-April 2016 period.
564
2015 Annual Report Enersis
Additionally, in order to move towards proper management of demand through incentives for saving and
rational use of electricity of residential end users (“Plan Estímulo”), implemented through the MEM, an
incentive system that will result in a mechanism of decreasing energy prices as counterpart of the effort
of each residential user to reduce unnecessary consumption, which will be determined by comparing the
monthly energy consumption with the one recorded in the same month of 2015.
Moreover, given the social significance of the electricity service, the previously mentioned Resolution
defines an energy volume at a price named Social Tariff (“Tarifa Social”), to be transferred at a minimum price
to those included in the population of end users who, based on the criteria of classification communicated
by the Ministry of Social Development of the Nation (“Ministerio de Desarrollo Social de la Nación”), lacks
sufficient payment capacity to afford the general established prices.
Access to reduced wholesale prices for Social Tariff and incentive for saving are subject to the compliance
with, in the case of distribution companies, the payment obligations in the MEM due from the effective date
of this Resolution. Likewise, those distribution companies with outstanding debts with CAMMESA as of
issuance date of the Resolution, as in the case of Edesur, shall agree to, in no less than 30 business days,
a payment plan for the past due debt and, also, to ensure payment of its purchases in the MEM through
transferring its accounts receivables or other equivalent alternative mechanism at CAMMESA’s satisfaction,
so as to ensure both the collection on current billing and the payment of the installments in the agreement
to sign related to the past due debt.
Subsequently, on January 27, 2016, it was issued Resolution MEyM No. 7/2016 instruction E.N.R.E. to:
i. Adjust the VAD in the tariff tables of the Company, on account of the RTI within the framework of the
Transitional Tariff Regime established in the Agreement Act (“Acta Acuerdo”).
ii. Apply a Social Tariff to the population of end users resulting from the application of certain eligibility
criteria, namely: be a retiree or pensioner for an amount equivalent to twice minimum salary; employed
persons in a dependency relationship earning a gross remuneration lower or equal to two minimum salaries;
be beneficiary in social programs; be enrolled in the Social Monotributo Regime; be incorporated in the
Social Security Special Regime for domestic service workers; receiving unemployment insurance; or have a
disability certificate, being excluded from the benefit those owners of more than real estate, motor vehicles
whose models are up to 15 years old, or luxury aircrafts and boats.
iii. Include in the tariff tables the saving of electrical energy plan as stated in Resolution MEyM No. 6/2016.
iv. Carry out all necessary activities to proceed to the RTI, which must be effective before December 31,
2016.
In order for users to improve their household finances, the ENRE shall have the necessary means in terms
of implementing the monthly payments for the distribution public service rendered by the Company.
Furthermore, Resolution MEyM N° 7/2016 annulled the Energy Efficiency Program (“PUREE” in its Spanish
acronym) from the effective date of the new tariff values and will cease the application of the planned
projects financing mechanism by mutual loans with CAMMESSA.
Finally, the Resolution established that the dividend distribution must agree the Agreement Act, which
subordinate to verification from the ENRE of compliance with the investment plan.
565
Consolidated Financial Statements In line with above, on January 29, 2016, the ENRE issued Resolutions No. 1/2016 y No. 2/2016. The former
approves the values of the tariff table of the Company to be effective upon invoicing the corresponding meter
readings after midnight of February 1, 2016, while the latter terminates, effective on January 31, 2016, the actual
trust scheme (“FOCEDE” in its Spanish acronym) for managing the funds from the application of Resolution
ENRE N° 347/2012.
The resolutions indicated above assumed significant effects throughout the businesses activities of the
Company. In addition to a potential increase in invoicing amounts and potential increase in past due receivables
ratios, etc., it also leads to a significant effect in the value updates of the fines, which the Company is currently
quantifying and in discussions with the ENRE to agree the next steps.
There are no other subsequent events that have ocurred between january 1,2016 and the issuance date of
these financial statements.
Appendix 1 Enersis Américas Group Entities
This appendix is part of Note 2.4, “Subsidiaries.”
It presents the Group’s percentage of control in each company.
Foreign
Foreign
Atacama Finance Co (2)
U.S. dollar
0.00%
0.00%
0.00%
Taxpayer ID
No. (RUT)
Company
( in alphabetical order)
96.773.290-7 Aguas Santiago Poniente S.A. (1)
Ampla Energía E Serviços S.A.
Currency
Chilean peso
Brazilian real
Percentage of control at 12/31/2015
Percentage of control at 12/31/2014
Direct
0.00%
13.68%
Indirect
0.00%
85.95%
Total
0.00%
99.63%
Foreign
Foreign
76.003.204-2
Foreign
99.573.910-0
96.800.570-7 Chilectra S.A.
Brazilian real
Centrais Elétricas Cachoeira Dourada S.A.
Argentine peso
Central Dock Sud. S.A.
Central Eólica Canela S.A.
Chilean peso
Central Generadora Termoeléctrica Fortaleza S.A. Brazilian real
Chilean peso
Chilectra Inversud S.A.
Chilean peso
Peruvian nuevo
sol
Brazilian real
Argentine peso
Compañía de Interconexión Energética S.A.
Compañía de Transmisión del Mercosur S.A.
Compañía Distribuidora y Comercializadora de
energía S.A. (3)
Chinango S.A.C.
Foreign
Foreign
Foreign
Foreign
0.00%
0.00%
0.00%
0.00%
0.00%
99.08%
99.61%
69.99%
75.00%
100.00%
100.00%
0.01%
99.61%
69.99%
75.00%
100.00%
100.00%
99.09%
0.00%
80.00%
80.00%
0.00%
0.00%
100.00%
99.99%
100.00%
99.99%
Colombian peso
21.14%
36.01%
57.15%
57.15% Subsidiary Colombia Electric energy distribution and sales
96.770.940-9 Compañía Eléctrica Tarapacá S.A.
Foreign
96.764.840-K
Foreign
Compañía Energética Do Ceará S.A.
Constructora y Proyectos Los Maitenes S.A. (1)
Distrilec Inversora S.A.
Foreign
Edegel S.A.A
Foreign
Foreign
Foreign
Foreign
Foreign
96.783.910-8
Electrica Cabo Blanco. S.A.C.
Emgesa S.A. E.S.P. (3)
Emgesa Panama S.A. (3)
Empresa de Distribución Eléctrica de Lima Norte
S.A.A
Empresa Distribuidora Sur S.A.
Empresa Eléctrica de Colina Ltda,
Foreign
Empresa Eléctrica de Piura. S.A.
96.504.980-0
91.081.000-6
Empresa Eléctrica Pehuenche S.A.
Empresa Nacional de Electricidad S,A
Chilean peso
Brazilian real
Chilean peso
Argentine peso
Peruvian nuevo
sol
Peruvian nuevo
sol
Colombian peso
U.S. dollar
Peruvian nuevo
sol
Argentine peso
Chilean peso
Peruvian nuevo
sol
Chilean peso
Chilean peso
3.78%
15.18%
0.00%
27.19%
96.21%
58.87%
0.00%
24.31%
99.99%
74.05%
0.00%
51.50%
0.00%
83.60%
83.60%
80.00%
20.00%
100.00%
21.60%
0.00%
34.83%
56.43%
56.43%
56.43%
24.00%
51.68%
75.68%
16.02%
0.00%
83.43%
100.00%
99.45%
100.00%
0.00%
96.50%
96.50%
0.00%
59.98%
92.65%
0.00%
92.65%
59.98%
566
2015 Annual Report Enersis
Direct
0.00%
13.68%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
99.08%
0.00%
0.00%
0.00%
21.14%
3.78%
15.18%
0.00%
27.19%
0.00%
80.00%
21.60%
0.00%
24.00%
16.02%
0.00%
0.00%
0.00%
59.98%
Indirect
0.00%
85.95%
0.00%
99.61%
69.99%
75.00%
100.00%
100.00%
0.01%
80.00%
100.00%
99.99%
36.01%
96.21%
58.87%
0.00%
24.31%
83.60%
20.00%
34.83%
56.43%
51.68%
83.43%
100.00%
96.50%
92.65%
0.00%
Type of
Total
Relationship
Country Activity
0.00% Subsidiary Chile
Sanitation services
0.00% Subsidiary
Finance company
Cayman
Islands
99.63% Subsidiary Brazil
Electric energy production, transportation and distribution
99.61% Subsidiary Brazil
Generation and sale of electricity
69.99% Subsidiary Argentina Electric energy generation, transmission and distribution
75.00% Subsidiary Chile
Promotion and development of renewable energy projects
100.00% Subsidiary Brazil
Development of a thermoelectric project
100.00% Subsidiary Chile
Portfolio company
99.09% Subsidiary Chile
Ownership interest in companies of any nature
80.00% Subsidiary Peru
Electric energy generation, sales and distribution
100.00% Subsidiary Brazil
Electric energy production, transportation and distribution
99.99% Subsidiary Argentina Electric energy production, transportation and distribution
99.99% Subsidiary Chile
Complete electric energy cycle
74.05% Subsidiary Brazil
Complete electric energy cycle
0.00% Subsidiary Chile
Construction and facilities
51.50% Subsidiary Argentina Portfolio company
83.60% Subsidiary Peru
Electric energy generation, sales and distribution
100.00% Subsidiary Peru
Portfolio company
56.43% Subsidiary Colombia Electric energy generation
56.43% Subsidiary Panama
Purchase/sale of electric energy
75.68% Subsidiary Peru
Electric energy distribution and sales
99.45% Subsidiary Argentina Electric energy distribution and sales
100.00% Subsidiary Chile
Complete energy cycle and related supplies
96.50% Subsidiary Peru
92.65% Subsidiary Chile
Complete electric energy cycle
59.98% Subsidiary Chile
Complete electric energy cycle
In line with above, on January 29, 2016, the ENRE issued Resolutions No. 1/2016 y No. 2/2016. The former
approves the values of the tariff table of the Company to be effective upon invoicing the corresponding meter
readings after midnight of February 1, 2016, while the latter terminates, effective on January 31, 2016, the actual
trust scheme (“FOCEDE” in its Spanish acronym) for managing the funds from the application of Resolution
ENRE N° 347/2012.
The resolutions indicated above assumed significant effects throughout the businesses activities of the
Company. In addition to a potential increase in invoicing amounts and potential increase in past due receivables
ratios, etc., it also leads to a significant effect in the value updates of the fines, which the Company is currently
quantifying and in discussions with the ENRE to agree the next steps.
There are no other subsequent events that have ocurred between january 1,2016 and the issuance date of
these financial statements.
Appendix 1 Enersis Américas Group Entities
This appendix is part of Note 2.4, “Subsidiaries.”
It presents the Group’s percentage of control in each company.
Taxpayer ID
No. (RUT)
Company
( in alphabetical order)
96.773.290-7 Aguas Santiago Poniente S.A. (1)
Ampla Energía E Serviços S.A.
Atacama Finance Co (2)
Centrais Elétricas Cachoeira Dourada S.A.
Brazilian real
Central Dock Sud. S.A.
76.003.204-2
Central Eólica Canela S.A.
99.573.910-0
Chilectra Inversud S.A.
96.800.570-7 Chilectra S.A.
Foreign
Central Generadora Termoeléctrica Fortaleza S.A. Brazilian real
Direct
0.00%
13.68%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
99.08%
Indirect
0.00%
85.95%
Total
0.00%
99.63%
0.00%
0.00%
99.61%
69.99%
75.00%
100.00%
100.00%
0.01%
99.61%
69.99%
75.00%
100.00%
100.00%
99.09%
Chinango S.A.C.
0.00%
80.00%
80.00%
Compañía de Interconexión Energética S.A.
Brazilian real
Compañía de Transmisión del Mercosur S.A.
Argentine peso
0.00%
0.00%
100.00%
99.99%
100.00%
99.99%
Compañía Distribuidora y Comercializadora de
energía S.A. (3)
Colombian peso
21.14%
36.01%
57.15%
96.770.940-9 Compañía Eléctrica Tarapacá S.A.
Foreign
Compañía Energética Do Ceará S.A.
Chilean peso
Brazilian real
96.764.840-K
Constructora y Proyectos Los Maitenes S.A. (1)
Chilean peso
Distrilec Inversora S.A.
Edegel S.A.A
Electrica Cabo Blanco. S.A.C.
Emgesa S.A. E.S.P. (3)
Emgesa Panama S.A. (3)
S.A.A
Empresa Distribuidora Sur S.A.
96.783.910-8
Empresa Eléctrica de Colina Ltda,
Foreign
Empresa Eléctrica de Piura. S.A.
Empresa de Distribución Eléctrica de Lima Norte
Peruvian nuevo
3.78%
15.18%
0.00%
27.19%
96.21%
58.87%
0.00%
24.31%
99.99%
74.05%
0.00%
51.50%
0.00%
83.60%
83.60%
80.00%
20.00%
100.00%
Colombian peso
U.S. dollar
21.60%
0.00%
34.83%
56.43%
56.43%
56.43%
Argentine peso
Chilean peso
Peruvian nuevo
24.00%
51.68%
75.68%
16.02%
0.00%
83.43%
100.00%
99.45%
100.00%
0.00%
96.50%
96.50%
96.504.980-0
Empresa Eléctrica Pehuenche S.A.
91.081.000-6
Empresa Nacional de Electricidad S,A
Chilean peso
Chilean peso
0.00%
59.98%
92.65%
0.00%
92.65%
59.98%
Currency
Chilean peso
Brazilian real
U.S. dollar
Argentine peso
Chilean peso
Chilean peso
Chilean peso
Peruvian nuevo
sol
Argentine peso
Peruvian nuevo
Peruvian nuevo
sol
sol
sol
sol
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Percentage of control at 12/31/2015
Percentage of control at 12/31/2014
Direct
0.00%
13.68%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
99.08%
0.00%
0.00%
0.00%
21.14%
3.78%
15.18%
0.00%
27.19%
0.00%
80.00%
21.60%
0.00%
24.00%
16.02%
0.00%
0.00%
0.00%
59.98%
Indirect
0.00%
85.95%
0.00%
99.61%
69.99%
75.00%
100.00%
100.00%
0.01%
80.00%
100.00%
99.99%
36.01%
96.21%
58.87%
0.00%
24.31%
83.60%
20.00%
34.83%
56.43%
51.68%
83.43%
100.00%
96.50%
92.65%
0.00%
Type of
Relationship
Country Activity
Total
0.00% Subsidiary Chile
99.63% Subsidiary Brazil
Sanitation services
Electric energy production, transportation and distribution
0.00% Subsidiary
Cayman
Islands
Finance company
Generation and sale of electricity
99.61% Subsidiary Brazil
69.99% Subsidiary Argentina Electric energy generation, transmission and distribution
75.00% Subsidiary Chile
100.00% Subsidiary Brazil
100.00% Subsidiary Chile
99.09% Subsidiary Chile
Promotion and development of renewable energy projects
Development of a thermoelectric project
Portfolio company
Ownership interest in companies of any nature
80.00% Subsidiary Peru
Electric energy generation, sales and distribution
100.00% Subsidiary Brazil
Electric energy production, transportation and distribution
99.99% Subsidiary Argentina Electric energy production, transportation and distribution
57.15% Subsidiary Colombia Electric energy distribution and sales
99.99% Subsidiary Chile
74.05% Subsidiary Brazil
0.00% Subsidiary Chile
51.50% Subsidiary Argentina Portfolio company
Complete electric energy cycle
Complete electric energy cycle
Construction and facilities
83.60% Subsidiary Peru
Electric energy generation, sales and distribution
100.00% Subsidiary Peru
Portfolio company
56.43% Subsidiary Colombia Electric energy generation
56.43% Subsidiary Panama
Purchase/sale of electric energy
75.68% Subsidiary Peru
Electric energy distribution and sales
99.45% Subsidiary Argentina Electric energy distribution and sales
100.00% Subsidiary Chile
Complete energy cycle and related supplies
96.50% Subsidiary Peru
92.65% Subsidiary Chile
59.98% Subsidiary Chile
Complete electric energy cycle
Complete electric energy cycle
567
Consolidated Financial Statements Taxpayer ID
No. (RUT)
Company
( in alphabetical order)
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Endesa Argentina S.A.
Enel Brasil S.A.
Endesa Cemsa S.A.
Central Costanera S.A.
En-Brazil Comercio e Servicios S.A.
Eólica Fazenda Nova-Geracao e Comercializacao
de Energia S.A.
Currency
Argentine peso
Brazilian real
Argentine peso
Argentine peso
Brazilian real
Percentage of control at 12/31/2015
Percentage of control at 12/31/2014
Direct
0.00%
50.09%
55.00%
0.00%
0.00%
Indirect
100.00%
49.91%
45.00%
75.68%
100.00%
Total
100.00%
100.00%
100.00%
75.68%
100.00%
Brazilian real
0.00%
99.95%
99.95%
99.95%Subsidiary
Brazil
Energy generation, transmission, distribution and sales
Foreign
Energex Co (2)
U.S. dollar
0.00%
0.00%
0.00%
76.014.570-K
Inversiones GasAtacama Holding Ltda. (4)
U.S. dollar
0.00%
100.00%
100.00%
9.830.980-3
GasAtacama S.A.
U.S. dollar
0.00%
100.00%
100.00%
78.932.860-9 GasAtacama Chile S.A.
77.032.280-4
Gasoducto TalTal S.A.
78.952.420-3 Gasoducto Atacama Argentina S.A.
Foreign
Generalima, S.A.C.
Foreign
Generandes Peru S.A. (5)
76.676.750-8
Foreign
Foreign
76.107.186-6
Foreign
79.913.810-7
GNL Norte S.A.
Hidroeléctrica El Chocón S.A.
Hidroinvest S.A.
Servicios Informáticos e Inmobiliarios Ltda. (6)
Ingendesa do Brazil Ltda.
Inmobiliaria Manso de Velasco Ltda. (6)
Foreign
Inversiones Distrilima S.A.
Foreign
Foreign
96.800.460-3
Inversora Dock Sud, S.A.
Inversora Codensa S.A.S.
Luz Andes Ltda.
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
Colombian peso
Chilean peso
0.00%
0.00%
0.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
0.00%
100.00%
100.00%
100.00%Subsidiary
Peru
Portfolio company
39.00%
61.00%
100.00%
0.00%
0.00%
0.00%
99.00%
0.00%
99.99%
100.00%
67.67%
96.09%
1.00%
100.00%
0.00%
100.00%
67.67%
96.09%
100.00%
100.00%
99.99%
34.99%
50.21%
85.20%
57.14%
0.00%
0.00%
0.00%
100.00%
100.00%
57.14%
100.00%
100.00%
96.905.700-K
Progas S.A.
Chilean peso
0.00%
100.00%
100.00%
77.047.280-6
96.671.,360-7 Sociedad Concesionaria Túnel El Melón S.A. (7)
Sociedad Agrícola de Cameros Ltda.
Chilean peso
Chilean peso
0.00%
0.00%
57.50%
0.00%
57.50%
0.00%
Foreign
Foreign
Foreign
Sociedad Portuaria Central Cartagena S.A.
Colombian peso
0.00%
100.00%
100.00%
Southern Cone Power Argentina S.A.
Transportadora de Energía S.A.
Argentine peso
Argentine peso
0.00%
0.00%
100.00%
100.00%
100.00%
100.00%
(1) On 30 December 2014, the companies Aguas Santiago Poniente SA and Constructora y Proyectos los Maitenes SA were sold.
(2) On September 17, 2014, Atacama Finance Co and Energex Co were dissolved.
(3) See Note 2.4.2
(4) On April 22, 2014, Endesa Chile acquired the remaining 50% equity interest in Inversiones GasAtacama Holding Limitada, (See Note 6).
(5) On September 3, 2014, Enersis Américas acquired 100% ownership interest of 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.. On December 31, 2014, Inkia Holdings
was merged with Generandes Peru S.A., with the latter absorbing entities of Inkia Group.
(6) 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.
(7) On January 9, 2015, Sociedad Concesionaria Túnel el Melón S.A. was sold (See Note 2.4.1)
Direct
0.00%
50.09%
55.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
39.00%
0.00%
0.00%
0.00%
99.00%
0.00%
99.99%
34.99%
57.14%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
Indirect
100.00%
49.91%
45.00%
75.68%
100.00%
99.95%
0.00%
100.00%
100.00%
100.00%
100.00%
100.00%
0.00%
61.00%
100.00%
67.67%
96.09%
1.00%
100.00%
0.00%
50.21%
0.00%
100.00%
100.00%
100.00%
57.50%
100.00%
100.00%
100.00%
100.00%
Type of
Total
Relationship
Country Activity
100.00% Subsidiary Argentina Portfolio company
100.00% Subsidiary Brazil
Portfolio company
100.00% Subsidiary Argentina Wholesale purchase and sale of electric energy
75.68%Subsidiary
Argentina Electric energy generation and sales
100.00%Subsidiary
Brazil
Services in general for the electricity and other sectors
0.00%Subsidiary
Portfolio company
Cayman
Islands
100.00%Subsidiary
Chile
Natural gas transportation
Exploitation, generation, transmission and distribution of electric
100.00%Subsidiary
Chile
100.00%Subsidiary
100.00%Subsidiary
100.00%Subsidiary
Chile
Chile
Chile
energy and natural gas
Company management
Natural gas transportation, sale and distribution
Natural gas exploitation and transportation
100.00%Subsidiary
Peru
Portfolio company
100.00%Subsidiary
Chile
Energy and fuel production, transportation and distribution
67.67%Subsidiary
Argentina Electric energy production and sales
96.09%Subsidiary
Argentina Portfolio company
100.00%Subsidiary
100.00%Subsidiary
99.99%Subsidiary
Chile
Brazil
Chile
Information Technology services
Project engineering consulting
Construction and works
85.20%Subsidiary
Peru
Portfolio company
57.14%Subsidiary
Argentina Portfolio company
100.00%Subsidiary
Colombia Investment in domestic public energy services
100.00%Subsidiary
Chile
Energy and fuel transportation, distribution and sales
Purchase, production, transportation and commercial distribution of
100.00%Subsidiary
Chile
57.50%Subsidiary
100.00%Subsidiary
Chile
Chile
natural gas
Financial investments
100.00%Subsidiary
Colombia
wharves and ports
100.00%Subsidiary
Argentina Portfolio company
Execution, construction and operation of the El Melón tunnel
Investment, construction and maintenance of public or private
100.00%Subsidiary
Argentina Electric energy production, transportation and distribution
568
2015 Annual Report Enersis
Percentage of control at 12/31/2015
Percentage of control at 12/31/2014
Direct
0.00%
50.09%
55.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
Foreign
Generalima, S.A.C.
100.00%
0.00%
100.00%
100.00%
39.00%
0.00%
0.00%
0.00%
99.00%
0.00%
99.99%
34.99%
57.14%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
Indirect
100.00%
49.91%
45.00%
75.68%
100.00%
99.95%
0.00%
100.00%
100.00%
100.00%
100.00%
100.00%
0.00%
61.00%
100.00%
67.67%
96.09%
1.00%
100.00%
0.00%
50.21%
0.00%
100.00%
100.00%
100.00%
57.50%
100.00%
100.00%
100.00%
100.00%
Taxpayer ID
No. (RUT)
Company
( in alphabetical order)
Endesa Argentina S.A.
Enel Brasil S.A.
Endesa Cemsa S.A.
Central Costanera S.A.
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
En-Brazil Comercio e Servicios S.A.
Eólica Fazenda Nova-Geracao e Comercializacao
de Energia S.A.
Currency
Argentine peso
Brazilian real
Argentine peso
Argentine peso
Brazilian real
Direct
0.00%
50.09%
55.00%
0.00%
0.00%
Indirect
100.00%
49.91%
45.00%
75.68%
100.00%
Total
100.00%
100.00%
100.00%
75.68%
100.00%
Brazilian real
0.00%
99.95%
99.95%
Foreign
Energex Co (2)
U.S. dollar
0.00%
0.00%
0.00%
76.014.570-K
Inversiones GasAtacama Holding Ltda. (4)
U.S. dollar
0.00%
100.00%
100.00%
9.830.980-3
GasAtacama S.A.
U.S. dollar
0.00%
100.00%
100.00%
78.932.860-9 GasAtacama Chile S.A.
77.032.280-4
Gasoducto TalTal S.A.
78.952.420-3 Gasoducto Atacama Argentina S.A.
Foreign
Generandes Peru S.A. (5)
76.676.750-8
GNL Norte S.A.
Foreign
Foreign
Hidroeléctrica El Chocón S.A.
Hidroinvest S.A.
Foreign
Foreign
Foreign
Inversiones Distrilima S.A.
Inversora Dock Sud, S.A.
Inversora Codensa S.A.S.
96.800.460-3
Luz Andes Ltda.
96.905.700-K
Progas S.A.
76.107.186-6
Servicios Informáticos e Inmobiliarios Ltda. (6)
Chilean peso
Foreign
Ingendesa do Brazil Ltda.
79.913.810-7
Inmobiliaria Manso de Velasco Ltda. (6)
U.S. dollar
Chilean peso
U.S. dollar
Peruvian nuevo
Peruvian nuevo
sol
sol
Chilean peso
Argentine peso
Argentine peso
Brazilian real
Chilean peso
Peruvian nuevo
sol
Argentine peso
Colombian peso
Chilean peso
0.00%
0.00%
0.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
39.00%
61.00%
100.00%
0.00%
0.00%
0.00%
99.00%
0.00%
99.99%
100.00%
100.00%
67.67%
96.09%
1.00%
100.00%
0.00%
67.67%
96.09%
100.00%
100.00%
99.99%
34.99%
50.21%
85.20%
57.14%
0.00%
0.00%
0.00%
100.00%
100.00%
57.14%
100.00%
100.00%
Chilean peso
0.00%
100.00%
100.00%
77.047.280-6
Sociedad Agrícola de Cameros Ltda.
Chilean peso
96.671.,360-7 Sociedad Concesionaria Túnel El Melón S.A. (7)
Chilean peso
0.00%
0.00%
57.50%
0.00%
57.50%
0.00%
Foreign
Foreign
Foreign
Sociedad Portuaria Central Cartagena S.A.
Colombian peso
0.00%
100.00%
100.00%
Southern Cone Power Argentina S.A.
Transportadora de Energía S.A.
Argentine peso
Argentine peso
0.00%
0.00%
100.00%
100.00%
100.00%
100.00%
(1) On 30 December 2014, the companies Aguas Santiago Poniente SA and Constructora y Proyectos los Maitenes SA were sold.
(2) On September 17, 2014, Atacama Finance Co and Energex Co were dissolved.
(3) See Note 2.4.2
(4) On April 22, 2014, Endesa Chile acquired the remaining 50% equity interest in Inversiones GasAtacama Holding Limitada, (See Note 6).
(5) On September 3, 2014, Enersis Américas acquired 100% ownership interest of 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.. On December 31, 2014, Inkia Holdings
was merged with Generandes Peru S.A., with the latter absorbing entities of Inkia Group.
(6) 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.
(7) On January 9, 2015, Sociedad Concesionaria Túnel el Melón S.A. was sold (See Note 2.4.1)
Type of
Relationship
Country Activity
Total
100.00% Subsidiary Argentina Portfolio company
Portfolio company
100.00% Subsidiary Brazil
100.00% Subsidiary Argentina Wholesale purchase and sale of electric energy
75.68%Subsidiary
100.00%Subsidiary
Argentina Electric energy generation and sales
Brazil
Services in general for the electricity and other sectors
99.95%Subsidiary
Brazil
Energy generation, transmission, distribution and sales
0.00%Subsidiary
100.00%Subsidiary
Cayman
Islands
Chile
100.00%Subsidiary
Chile
100.00%Subsidiary
100.00%Subsidiary
100.00%Subsidiary
Chile
Chile
Chile
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
100.00%Subsidiary
Peru
Portfolio company
100.00%Subsidiary
Peru
Portfolio company
100.00%Subsidiary
67.67%Subsidiary
96.09%Subsidiary
100.00%Subsidiary
100.00%Subsidiary
99.99%Subsidiary
Energy and fuel production, transportation and distribution
Chile
Argentina Electric energy production and sales
Argentina Portfolio company
Chile
Brazil
Chile
Information Technology services
Project engineering consulting
Construction and works
85.20%Subsidiary
Peru
Portfolio company
57.14%Subsidiary
100.00%Subsidiary
100.00%Subsidiary
100.00%Subsidiary
57.50%Subsidiary
100.00%Subsidiary
100.00%Subsidiary
100.00%Subsidiary
100.00%Subsidiary
Argentina Portfolio company
Colombia Investment in domestic public energy services
Chile
Chile
Chile
Chile
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
Argentina Portfolio company
Argentina Electric energy production, transportation and distribution
Colombia
569
Consolidated Financial Statements 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
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.
Direct
Indirect
Total
Consolidation Method
Direct
Indirect
Total
Consolidation Method
Ownership Interest
at 12-31-2015
Ownership Interest
at 12-31-2014
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
100.00%
0.00%
0.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
0.00%
0.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
Full integration
Full integration
Full integration
Full integration
Full integration
Full integration
Full integration
Full integration
Full integration
(1) On 17 September 2014, 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.
Sociedad Concesionaria
Túnel El Melón S.A.
Direct
Indirect
Total
Consolidation Method
Direct
Indirect
Total
Consolidation Method
Ownership Interest
at 12-31-2015
Ownership Interest
at 12-31-2014
-
-
-
-
-
-
-
-
-
100.00%
100.00%
Full integration
78.88%
55.00%
-
78.88%
55.00%
-
Full integration
Full integration
-
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
-
570
2015 Annual Report Enersis
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
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.
Company
Aguas Santiago Poniente
S.A.
Constructora y Proyectos
Los Maitenes S.A.
Sociedad Concesionaria
Túnel El Melón S.A.
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
(1) On 17 September 2014, Atacama Finance Co and Energex Co were dissolved.
Companies eliminated from the scope of consolidation:
-
-
-
-
-
-
-
-
-
-
-
Direct
Indirect
Total
Consolidation Method
Direct
Indirect
Total
Consolidation Method
Ownership Interest
at 12-31-2015
Ownership Interest
at 12-31-2014
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%
0.00%
0.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
Full integration
Full integration
Full integration
Full integration
Full integration
Full integration
Full integration
Full integration
Full integration
Direct
Indirect
Total
Consolidation Method
Direct
Indirect
Total
Consolidation Method
Ownership Interest
at 12-31-2015
Ownership Interest
at 12-31-2014
100.00%
100.00%
Full integration
-
-
0.00%
0.00%
-
78.88%
55.00%
-
78.88%
55.00%
-
Full integration
Full integration
-
571
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)
Currency
Percentage of control at 12/31/2015
Percentage of control at 12/31/2014
Type of
Direct
Indirect
Total
Direct
Indirect
Total
Relationship
Country
Activity
96.806.130-5
76.418.940-K
Electrogas S.A.
GNL Chile S.A.
76.788.080-4
GNL Quintero S.A.
Foreign
Foreign
76.652.400-1
Sacme S.A.
Yacylec S.A.
Centrales Hidroeléctricas De Aysén S.A.
76.041.891-9
Aysén Transmisión S.A.
76.091.595-5
Aysén Energía S.A.
Foreign
Foreign
77.017.930-0
Foreign
Foreign
Foreign
Distribuidora Eléctrica de Cundinamarca
S.A.
Empresa de Energía de Cundinamarca
S.A.
Transmisora Eléctrica de Quillota Ltda,
Central Termica Manuel Belgrano
Central Térmica San Martin
Central Vuelta Obligada S.A.
U.S. dollar
Chilean peso
U.S. dollar
U.S. dollar
Argentine peso
Chilean peso
Chilean peso
Chilean peso
0.00%
42.50%
42.50%
0.00%
42.50%
42.50%
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%
22.22%
50.00%
0.00%
50.00%
22.22%
0.00%
50.00%
22.22%
0.00%
50.00%
22.22%
Associate
Associate
Argentina
Argentina
0.00%
51.00%
51.00%
0.00%
51.00%
51.00%
Joint venture
Chile
Development and operation of a hydroelectric
0.00%
51.00%
51.00%
0.00%
51.00%
51.00%
Joint venture
Chile
Development and operation of a hydroelectric
0.00%
51.00%
51.00%
0.00%
51.00%
51.00%
Joint venture
Chile
Development and operation of a hydroelectric
plant
plant
plant
Associate
Associate
Chile
Chile
Promotion of liquefied natural gas supply
Portfolio company
project
Associate
Chile
Development, design and supply of liquid
natural gas regasifying terminal
Monitoring and Control of an Electric System
Electric energy transportation
Colombian peso
0.00%
49.00%
49.00%
0.00%
49.00%
49.00%
Joint venture
Colombia
Electric energy distribution and sales
Colombian peso
Chilean peso
Argentine peso
Argentine peso
Argentine peso
0.00%
49.00%
49.00%
0.00%
49.00%
49.00%
0.00%
0.00%
0.00%
0.00%
50.00%
25.60%
25.60%
40.90%
50.00%
25.60%
25.60%
40.90%
0.00%
0.00%
0.00%
0.00%
50.00%
25.60%
25.60%
40.90%
50.00%
25.60%
25.60%
40.90%
Joint venture
Colombia
Electric energy distribution and sales
Joint venture
Chile
Electric energy transportation and distribution
Associate
Associate
Associate
Argentina
Argentina
Argentina
Electric energy generation and sales
Electric energy generation and sales
Electric energy generation and sales
572
2015 Annual Report Enersis
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)
Currency
Percentage of control at 12/31/2015
Percentage of control at 12/31/2014
Direct
Indirect
Total
Direct
Indirect
Total
Type of
Relationship
Country
Activity
0.00%
42.50%
42.50%
0.00%
42.50%
42.50%
0.00%
33.33%
33.33%
0.00%
33.33%
33.33%
0.00%
20.00%
20.00%
0.00%
20.00%
20.00%
Associate
Associate
Chile
Chile
Portfolio company
Promotion of liquefied natural gas supply
Associate
Chile
Development, design and supply of liquid
project
0.00%
22.22%
50.00%
0.00%
50.00%
22.22%
0.00%
50.00%
22.22%
0.00%
50.00%
22.22%
Associate
Associate
Argentina
Argentina
natural gas regasifying terminal
Monitoring and Control of an Electric System
Electric energy transportation
Centrales Hidroeléctricas De Aysén S.A.
0.00%
51.00%
51.00%
0.00%
51.00%
51.00%
Joint venture
Chile
Development and operation of a hydroelectric
plant
0.00%
51.00%
51.00%
0.00%
51.00%
51.00%
Joint venture
Chile
Development and operation of a hydroelectric
plant
0.00%
51.00%
51.00%
0.00%
51.00%
51.00%
Joint venture
Chile
Development and operation of a hydroelectric
plant
Foreign
Distribuidora Eléctrica de Cundinamarca
Colombian peso
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%
0.00%
0.00%
0.00%
0.00%
50.00%
25.60%
25.60%
40.90%
50.00%
25.60%
25.60%
40.90%
0.00%
0.00%
0.00%
0.00%
50.00%
25.60%
25.60%
40.90%
50.00%
25.60%
25.60%
40.90%
Joint venture
Colombia
Electric energy distribution and sales
Joint venture
Chile
Electric energy transportation and distribution
Associate
Associate
Associate
Argentina
Argentina
Argentina
Electric energy generation and sales
Electric energy generation and sales
Electric energy generation and sales
96.806.130-5
76.418.940-K
Electrogas S.A.
GNL Chile S.A.
76.788.080-4
GNL Quintero S.A.
Foreign
Foreign
76.652.400-1
Sacme S.A.
Yacylec S.A.
76.041.891-9
Aysén Transmisión S.A.
76.091.595-5
Aysén Energía S.A.
U.S. dollar
Chilean peso
U.S. dollar
U.S. dollar
Argentine peso
Chilean peso
Chilean peso
Chilean peso
S.A.
S.A.
Empresa de Energía de Cundinamarca
Transmisora Eléctrica de Quillota Ltda,
Central Termica Manuel Belgrano
Central Térmica San Martin
Central Vuelta Obligada S.A.
Colombian peso
Chilean peso
Argentine peso
Argentine peso
Argentine peso
Foreign
77.017.930-0
Foreign
Foreign
Foreign
573
Consolidated Financial Statements
Appendix 4 Supplementary information
related to assets and liabilities held for
distribution to owners and results from
discontinued operations
Consolidated Statement of Financial Position
as of December 31, 2015
(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
TOTAL CURRENT ASSETS
3,437,084,674
(848,991,835)
179,448,975
3,616,533,649
2,767,541,814
848,991,835
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 NON-CURRENT ASSETS
TOTAL ASSETS
Enersis
Discontinued
Historical
Operations (IFRS 5)
Intercompany
eliminations and
other adjustmentss
Enersis Historical
(Combined)
Enersis América
Enersis Chile
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
1,329,425,189
(144,261,845)
1,329,425,189
1,185,163,344
1,684,496,034
(596,364,467)
84,575,640
105,974,000
27,178,499
137,674,512
67,760,800
(16,313,194)
(3,984,943)
(25,144,559)
(42,616,615)
(20,306,212)
179,448,975
84,575,640
105,974,000
1,684,496,034
206,627,474
137,674,512
67,760,800
68,262,446
101,989,057
1,088,131,567
181,482,915
95,057,897
47,454,588
3,437,084,674
(848,991,835)
179,448,975
3,616,533,649
2,767,541,814
848,991,835
511,278,656
82,332,593
413,088,087
355,485
76,676,816
1,024,278,598
1,331,456,702
8,432,734,430
8,150,987
131,642,331
(21,750,452)
(4,769,885)
(14,392,223)
-
(45,716,371)
(42,879,326)
(887,257,655)
(3,429,167,797)
(8,150,987)
(22,392,339)
511,278,656
82,332,593
413,088,087
355,485
76,676,816
1,024,278,598
1,331,456,702
8,432,734,430
8,150,987
131,717,362
489,528,204
77,562,708
398,695,864
355,485
30,960,445
981,399,272
444,199,047
-
109,325,023
5,003,566,633
3,429,167,797
12,011,994,685
(4,476,477,035)
75,031
12,012,069,716
7,535,592,681
4,476,477,035
15,449,079,359
(5,325,468,870)
179,524,006
15,628,603,365
10,303,134,495
5,325,468,870
144,261,845
16,313,194
3,984,943
596,364,467
25,144,559
42,616,615
20,306,212
21,750,452
4,769,885
14,392,223
-
45,716,371
42,879,326
887,257,655
8,150,987
22,392,339
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
75,031
574
2015 Annual Report Enersis
Appendix 4 Supplementary information
related to assets and liabilities held for
distribution to owners and results from
discontinued operations
Total current assets other than assets or groups of assets for disposal classified
as held for sale or as held for distribution to owners
Consolidated Statement of Financial Position
as of December 31, 2015
(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
Non-current accounts receivable from related companies
Investments accounted for using the equity method
TOTAL CURRENT ASSETS
NON-CURRENT ASSETS
Other non-current financial assets
Other non-current non-financial assets
Trade and other non-current receivables
Intangible assets other than goodwill
Goodwill
Property, plant and equipment
Investment property
Deferred tax assets
TOTAL NON-CURRENT ASSETS
TOTAL ASSETS
Enersis
Historical
Discontinued
Operations (IFRS 5)
Intercompany
eliminations and
other adjustmentss
Enersis Historical
(Combined)
Enersis América
Enersis Chile
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
1,329,425,189
84,575,640
105,974,000
1,684,496,034
27,178,499
137,674,512
67,760,800
(144,261,845)
(16,313,194)
(3,984,943)
(596,364,467)
(25,144,559)
(42,616,615)
(20,306,212)
-
-
-
-
179,448,975
-
-
1,329,425,189
84,575,640
105,974,000
1,684,496,034
206,627,474
137,674,512
67,760,800
1,185,163,344
68,262,446
101,989,057
1,088,131,567
181,482,915
95,057,897
47,454,588
144,261,845
16,313,194
3,984,943
596,364,467
25,144,559
42,616,615
20,306,212
3,437,084,674
(848,991,835)
179,448,975
3,616,533,649
2,767,541,814
848,991,835
3,437,084,674
(848,991,835)
179,448,975
3,616,533,649
2,767,541,814
848,991,835
511,278,656
82,332,593
413,088,087
355,485
76,676,816
1,024,278,598
1,331,456,702
8,432,734,430
8,150,987
131,642,331
(21,750,452)
(4,769,885)
(14,392,223)
-
(45,716,371)
(42,879,326)
(887,257,655)
(3,429,167,797)
(8,150,987)
(22,392,339)
-
-
-
-
-
-
-
-
-
75,031
511,278,656
82,332,593
413,088,087
355,485
76,676,816
1,024,278,598
1,331,456,702
8,432,734,430
8,150,987
131,717,362
489,528,204
77,562,708
398,695,864
355,485
30,960,445
981,399,272
444,199,047
5,003,566,633
-
109,325,023
21,750,452
4,769,885
14,392,223
-
45,716,371
42,879,326
887,257,655
3,429,167,797
8,150,987
22,392,339
12,011,994,685
(4,476,477,035)
75,031
12,012,069,716
7,535,592,681
4,476,477,035
15,449,079,359
(5,325,468,870)
179,524,006
15,628,603,365
10,303,134,495
5,325,468,870
575
Consolidated Financial Statements
Enersis
Discontinued
Historical
Operations (IFRS 5)
Intercompany
eliminations and
other adjustmentss
Enersis Historical
(Combined)
Enersis América
Enersis Chile
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
715,795,233
2,007,740,178
165,136,438
143,628,371
157,727,749
45,346,997
(27,921,725)
(554,915,971)
(233,154,916)
(16,329,195)
(15,119,789)
(6,120,658)
179,448,975
715,795,233
2,007,740,178
344,585,413
143,628,371
157,727,749
45,346,997
687,873,508
1,452,824,207
111,430,497
127,299,176
142,607,960
39,226,339
27,921,725
554,915,971
233,154,916
16,329,195
15,119,789
6,120,658
3,235,374,966
(853,562,254)
179,448,975
3,414,823,941
2,561,261,687
853,562,254
3,235,374,966
(853,562,254)
179,448,975
3,414,823,941
2,561,261,687
853,562,254
2,764,494,382
289,578,470
97,186
239,964,424
466,930,940
242,293,930
20,536,681
(917,197,790)
(6,034,216)
(97,186)
(56,116,140)
(235,101,356)
(55,023,456)
(435,689)
2,764,494,382
289,578,470
97,186
239,964,424
467,005,971
242,293,930
20,536,681
1,847,296,592
283,544,254
-
183,848,284
231,904,615
187,270,474
20,100,992
917,197,790
6,034,216
97,186
56,116,140
235,101,356
55,023,456
435,689
75,031
4,023,896,013
(1,270,005,833)
75,031
4,023,971,044
2,753,965,211
1,270,005,833
7,259,270,979
(2,123,568,087)
179,524,006
7,438,794,985
5,315,226,898
2,123,568,087
5,804,447,986
3,380,661,523
(3,158,960,224)
(2,229,108,975)
(1,322,162,479)
958,589,952
5,804,447,986
3,380,661,523
3,575,339,011
2,058,499,044
(3,158,960,224)
(2,200,370,272)
2,229,108,975
1,322,162,479
(958,589,952)
2,163,659,095
(609,219,281)
2,163,659,095
1,554,439,814
609,219,281
8,189,808,380
(3,201,900,783)
8,189,808,380
4,987,907,597
3,201,900,783
15,449,079,359
(5,325,468,870)
179,524,006
15,628,603,365
10,303,134,495
5,325,468,870
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Consolidated Statement of Financial Position
as of December 31, 2015
(In thousands of Chilean pesos)
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
Liabilities associated with groups of assets for
disposal classified as held for sale
TOTAL CURRENT 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
TOTAL NON-CURRENT LIABILITIES
TOTAL LIABILITIES
EQUITY
Issued capital
Retained earnings
Other reserves
Equity attributable to owners of parent
6,026,149,285
(2,592,681,502)
6,026,149,285
3,433,467,783
2,592,681,502
Non-controlling interests
TOTAL EQUITY
TOTAL LIABILITIES AND EQUITY
576
2015 Annual Report Enersis
Consolidated Statement of Financial Position
as of December 31, 2015
(In thousands of Chilean pesos)
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
Liabilities associated with groups of assets for
disposal classified as held for sale
TOTAL CURRENT 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
TOTAL NON-CURRENT LIABILITIES
TOTAL LIABILITIES
EQUITY
Issued capital
Retained earnings
Other reserves
Equity attributable to owners of parent
Non-controlling interests
TOTAL EQUITY
TOTAL LIABILITIES AND EQUITY
Enersis
Historical
Discontinued
Operations (IFRS 5)
Intercompany
eliminations and
other adjustmentss
Enersis Historical
(Combined)
Enersis América
Enersis Chile
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
715,795,233
2,007,740,178
165,136,438
143,628,371
157,727,749
45,346,997
(27,921,725)
(554,915,971)
(233,154,916)
(16,329,195)
(15,119,789)
(6,120,658)
-
-
179,448,975
-
-
-
715,795,233
2,007,740,178
344,585,413
143,628,371
157,727,749
45,346,997
687,873,508
1,452,824,207
111,430,497
127,299,176
142,607,960
39,226,339
27,921,725
554,915,971
233,154,916
16,329,195
15,119,789
6,120,658
3,235,374,966
(853,562,254)
179,448,975
3,414,823,941
2,561,261,687
853,562,254
3,235,374,966
(853,562,254)
179,448,975
3,414,823,941
2,561,261,687
853,562,254
2,764,494,382
289,578,470
97,186
239,964,424
466,930,940
242,293,930
20,536,681
(917,197,790)
(6,034,216)
(97,186)
(56,116,140)
(235,101,356)
(55,023,456)
(435,689)
-
-
-
-
75,031
-
-
2,764,494,382
289,578,470
97,186
239,964,424
467,005,971
242,293,930
20,536,681
1,847,296,592
283,544,254
-
183,848,284
231,904,615
187,270,474
20,100,992
917,197,790
6,034,216
97,186
56,116,140
235,101,356
55,023,456
435,689
4,023,896,013
(1,270,005,833)
75,031
4,023,971,044
2,753,965,211
1,270,005,833
7,259,270,979
(2,123,568,087)
179,524,006
7,438,794,985
5,315,226,898
2,123,568,087
5,804,447,986
3,380,661,523
(3,158,960,224)
(2,229,108,975)
(1,322,162,479)
958,589,952
6,026,149,285
(2,592,681,502)
2,163,659,095
(609,219,281)
8,189,808,380
(3,201,900,783)
-
-
-
-
-
-
5,804,447,986
3,380,661,523
(3,158,960,224)
3,575,339,011
2,058,499,044
(2,200,370,272)
2,229,108,975
1,322,162,479
(958,589,952)
6,026,149,285
3,433,467,783
2,592,681,502
2,163,659,095
1,554,439,814
609,219,281
8,189,808,380
4,987,907,597
3,201,900,783
15,449,079,359
(5,325,468,870)
179,524,006
15,628,603,365
10,303,134,495
5,325,468,870
577
Consolidated Financial Statements
Consolidated Statement of Income, by Nature
For the year ended December 31, 2015
(In thousands of Chilean pesos)
CONSOLIDATED STATEMENT OF INCOME
Profit (loss)
Revenues
Other 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) of associates and joint ventures accounted for using the equity method
Foreign currency exchange differences
Profit (loss) from indexed assets and liabilities
Income before taxes
Income tax expense
Net income from continuing operations
Profit (loss) from discontinued operations
NET INCOME
Net income attributable to:
Equity owners of parent
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
Enersis
Discontinued
Historical
Operations (IFRS 5)
Intercompany
eliminations and
other adjustmentss
Enersis Historical
(Combined)
Enersis América
Enersis Chile
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
7,050,316,326
(2,382,671,016)
648,530,219
(14,735,951)
7,698,846,545
(2,397,406,967)
1,622,173
7,616
1,629,789
7,051,938,499
648,537,835
7,700,476,334
4,667,645,310
633,801,884
5,301,447,194
2,384,293,189
14,735,951
2,399,029,140
(4,259,187,071)
3,439,659,474
1,481,985,559
(915,421,408)
1,629,789
(4,259,187,071)
3,441,289,263
(2,777,201,512)
2,524,245,682
(1,481,985,559)
917,043,581
1,778,632,686
(523,874,200)
1,778,632,686
1,253,143,929
88,105,322
(624,252,868)
(473,743,859)
(36,756,853)
(614,378,530)
13,489,520
310,040,441
(447,071,689)
12,238,016
114,843,285
(4,426,963)
1,777,745,296
(633,275,811)
1,144,469,485
-
(21,004,053)
136,554,721
153,201,662
(3,054,903)
125,849,781
(20,055,745)
(15,270,169)
61,616,349
(8,905,045)
13,394,762
(4,839,077)
(497,933,125)
109,612,599
(388,320,526)
-
(1,629,789)
5,084,349
(5,084,349)
88,105,322
(624,252,868)
(473,743,859)
(36,756,853)
(616,008,319)
13,489,520
315,124,790
12,238,016
114,843,285
(4,426,963)
1,777,745,296
(633,275,811)
1,144,469,485
-
67,101,269
(487,698,147)
(320,542,197)
(39,811,756)
(490,150,922)
(6,566,225)
299,854,621
3,332,971
166,120,617
(9,266,040)
1,321,164,533
(523,663,212)
797,501,321
-
(452,156,038)
(385,455,340)
21,004,053
(136,554,721)
(153,201,662)
3,054,903
(125,857,397)
525,488,757
20,055,745
15,270,169
(66,700,698)
8,905,045
(51,277,332)
4,839,077
456,580,763
(109,612,599)
346,968,164
-
1,144,469,485
(388,320,526)
1,144,469,485
797,501,321
346,968,164
661,586,917
482,882,568
1,144,469,485
(293,190,772)
(95,129,754)
(388,320,526)
661,586,917
482,882,568
1,144,469,485
409,748,507
387,752,814
797,501,321
251,838,410
95,129,754
346,968,164
49,092,772.76
49,092,772.76
49,092,772.76
49,092,772.76
13.48
13.48
13.48
13.48
(5.97)
(5.97)
(5.97)
(5.97)
13.48
13.48
-
13.48
13.48
-
8.35
8.35
8.35
8.35
5.13
5.13
5.13
5.13
49,092,772.76
49,092,772.76
49,092,772.76
49,092,772.76
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
578
2015 Annual Report Enersis
Consolidated Statement of Income, by Nature
For the year ended December 31, 2015
(In thousands of Chilean pesos)
CONSOLIDATED STATEMENT OF INCOME
Profit (loss)
Revenues
Other 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
Foreign currency exchange differences
Profit (loss) from indexed assets and liabilities
Income before taxes
Income tax expense
Net income from continuing operations
Profit (loss) from discontinued operations
NET INCOME
Net income attributable to:
Equity owners of parent
Non-controlling interests
NET INCOME
Basic earnings per share
Basic earnings per share
Basic earnings per share from continuing operations
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
Share of profit (loss) of associates and joint ventures accounted for using the equity method
Enersis
Historical
Discontinued
Operations (IFRS 5)
Intercompany
eliminations and
other adjustmentss
Enersis Historical
(Combined)
Enersis América
Enersis Chile
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
7,050,316,326
648,530,219
7,698,846,545
(2,382,671,016)
(14,735,951)
(2,397,406,967)
1,622,173
7,616
1,629,789
7,051,938,499
648,537,835
7,700,476,334
4,667,645,310
633,801,884
5,301,447,194
2,384,293,189
14,735,951
2,399,029,140
(4,259,187,071)
3,439,659,474
1,481,985,559
(915,421,408)
-
1,629,789
(4,259,187,071)
3,441,289,263
(2,777,201,512)
2,524,245,682
(1,481,985,559)
917,043,581
88,105,322
(624,252,868)
(473,743,859)
(36,756,853)
(614,378,530)
1,778,632,686
13,489,520
310,040,441
(447,071,689)
12,238,016
114,843,285
(4,426,963)
1,777,745,296
(633,275,811)
1,144,469,485
-
1,144,469,485
(21,004,053)
136,554,721
153,201,662
(3,054,903)
125,849,781
(523,874,200)
(20,055,745)
(15,270,169)
61,616,349
(8,905,045)
13,394,762
(4,839,077)
(497,933,125)
109,612,599
(388,320,526)
-
(388,320,526)
661,586,917
482,882,568
1,144,469,485
(293,190,772)
(95,129,754)
(388,320,526)
13.48
13.48
49,092,772.76
(5.97)
(5.97)
49,092,772.76
13.48
13.48
49,092,772.76
(5.97)
(5.97)
49,092,772.76
-
-
-
-
(1,629,789)
-
-
5,084,349
(5,084,349)
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
88,105,322
(624,252,868)
(473,743,859)
(36,756,853)
(616,008,319)
1,778,632,686
13,489,520
315,124,790
(452,156,038)
12,238,016
114,843,285
(4,426,963)
1,777,745,296
(633,275,811)
1,144,469,485
-
1,144,469,485
67,101,269
(487,698,147)
(320,542,197)
(39,811,756)
(490,150,922)
1,253,143,929
(6,566,225)
299,854,621
(385,455,340)
3,332,971
166,120,617
(9,266,040)
1,321,164,533
(523,663,212)
797,501,321
-
797,501,321
21,004,053
(136,554,721)
(153,201,662)
3,054,903
(125,857,397)
525,488,757
20,055,745
15,270,169
(66,700,698)
8,905,045
(51,277,332)
4,839,077
456,580,763
(109,612,599)
346,968,164
-
346,968,164
661,586,917
482,882,568
1,144,469,485
409,748,507
387,752,814
797,501,321
251,838,410
95,129,754
346,968,164
13.48
13.48
-
13.48
13.48
-
8.35
8.35
49,092,772.76
5.13
5.13
49,092,772.76
8.35
8.35
49,092,772.76
5.13
5.13
49,092,772.76
579
Consolidated Financial Statements
Consolidated Statement of Financial Position
as of December 31, 2014
(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 current assets or groups of assets for disposal classified as held for sale or as held for distribution to owners
Non-current current assets or groups of assets for disposal classified as held for sale or as held for distribution to owners
TOTAL CURRENT 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 NON-CURRENT ASSETS
TOTAL ASSETS
Enersis
Discontinued
Historical
Operations (IFRS 5)
Intercompany
eliminations and
other adjustmentss
Enersis Historical
(Combined)
Enersis América
Enersis Chile
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
3,931,498,888
121,396,548
4,052,895,436
3,210,031,938
842,863,498
1,704,745,491
99,455,403
175,098,112
1,681,686,903
18,441,340
133,520,154
110,572,522
3,923,519,925
7,978,963
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
11,989,823,428
15,921,322,316
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
121,396,548
1,704,745,491
1,571,759,564
99,455,403
175,098,112
1,681,686,903
139,837,888
133,520,154
110,572,522
97,964,274
159,050,505
1,103,605,698
122,885,238
89,842,276
64,924,383
132,985,927
1,491,129
16,047,607
578,081,205
16,952,650
43,677,878
45,648,139
121,396,548
4,044,916,473
3,210,031,938
834,884,535
7,978,963
7,978,963
-
-
7,978,963
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
193,704,492
524,071,048
77,570,750
284,145,263
486,605
33,268,287
1,131,686,534
523,595,972
4,950,454,943
-
180,739,397
6,750,472
235,430
7,496,412
-
40,365,323
36,525,522
887,257,655
3,283,760,776
8,514,562
12,965,095
66,618
66,618
11,989,890,046
7,706,018,799
4,283,871,247
121,463,166
16,042,785,482
10,916,050,737
5,126,734,745
580
2015 Annual Report Enersis
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 current assets or groups of assets for disposal classified as held for sale or as held for distribution to owners
Non-current current assets or groups of assets for disposal classified as held for sale or as held for distribution to owners
Consolidated Statement of Financial Position
as of December 31, 2014
(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
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 NON-CURRENT ASSETS
TOTAL ASSETS
Enersis
Historical
Discontinued
Operations (IFRS 5)
Intercompany
eliminations and
other adjustmentss
Enersis Historical
(Combined)
Enersis América
Enersis Chile
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
1,704,745,491
99,455,403
175,098,112
1,681,686,903
18,441,340
133,520,154
110,572,522
3,923,519,925
7,978,963
7,978,963
-
-
-
-
121,396,548
-
-
121,396,548
1,704,745,491
99,455,403
175,098,112
1,681,686,903
139,837,888
133,520,154
110,572,522
4,044,916,473
1,571,759,564
97,964,274
159,050,505
1,103,605,698
122,885,238
89,842,276
64,924,383
3,210,031,938
-
-
7,978,963
7,978,963
-
-
132,985,927
1,491,129
16,047,607
578,081,205
16,952,650
43,677,878
45,648,139
834,884,535
7,978,963
7,978,963
3,931,498,888
121,396,548
4,052,895,436
3,210,031,938
842,863,498
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
15,921,322,316
-
-
-
-
-
-
-
-
-
66,618
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
193,704,492
524,071,048
77,570,750
284,145,263
486,605
33,268,287
1,131,686,534
523,595,972
4,950,454,943
-
180,739,397
6,750,472
235,430
7,496,412
-
40,365,323
36,525,522
887,257,655
3,283,760,776
8,514,562
12,965,095
66,618
11,989,890,046
7,706,018,799
4,283,871,247
121,463,166
16,042,785,482
10,916,050,737
5,126,734,745
581
Consolidated Financial Statements
Enersis
Discontinued
Historical
Operations (IFRS 5)
Intercompany
eliminations and
other adjustmentss
Enersis Historical
(Combined)
Enersis América
Enersis Chile
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
421,805,679
2,288,876,950
143,680,622
90,222,684
115,472,313
129,275,589
3,189,333,837
5,488,147
3,194,821,984
3,289,097,528
159,385,521
-
197,243,841
478,361,484
269,930,412
53,262,800
4,447,281,586
7,642,103,570
5,804,447,986
3,051,734,445
(2,654,206,384)
6,201,976,047
2,077,242,699
8,279,218,746
121,396,548
421,805,679
2,288,876,950
265,077,170
90,222,684
115,472,313
129,275,589
275,441,320
1,793,515,595
77,891,977
78,599,170
77,114,447
93,572,328
146,364,359
495,361,355
187,185,193
11,623,514
38,357,866
35,703,261
121,396,548
3,310,730,385
2,396,134,837
914,595,548
121,396,548
3,316,218,532
2,396,134,837
920,083,695
3,289,097,528
159,385,521
-
197,243,841
478,428,102
269,930,412
53,262,800
2,510,962,361
155,674,443
-
169,273,906
223,205,436
215,992,570
49,654,229
778,135,167
3,711,078
-
27,969,935
255,222,666
53,937,842
3,608,571
66,618
66,618
4,447,348,204
3,324,762,945
1,122,585,259
121,463,166
7,763,566,736
5,720,897,782
2,042,668,954
5,804,447,986
3,051,734,445
(2,654,206,384)
6,201,976,047
3,575,339,011
1,879,762,768
(1,725,327,166)
3,729,774,613
2,229,108,975
1,171,971,677
(928,879,218)
2,472,201,434
2,077,242,699
1,465,378,342
611,864,357
8,279,218,746
5,195,152,955
3,084,065,791
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
15,921,322,316
121,463,166
16,042,785,482
10,916,050,737
5,126,734,745
Consolidated Statement of Financial Position
as of December 31, 2014
(In thousands of Chilean pesos)
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
Liabilities associated with groups of assets for disposal classified as held for sale
5,488,147
-
5,488,147
TOTAL CURRENT 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
TOTAL NON-CURRENT LIABILITIES
TOTAL LIABILITIES
EQUITY
Issued capital
Retained earnings
Other reserves
Equity attributable to owners of parent
Non-controlling interests
TOTAL EQUITY
TOTAL LIABILITIES AND EQUITY
582
2015 Annual Report Enersis
Total current liabilities other than those associated with groups of assets for disposal classified as held for sale
Liabilities associated with groups of assets for disposal classified as held for sale
Consolidated Statement of Financial Position
as of December 31, 2014
(In thousands of Chilean pesos)
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
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
Other reserves
Equity attributable to owners of parent
Non-controlling interests
TOTAL EQUITY
TOTAL LIABILITIES AND EQUITY
Enersis
Historical
Discontinued
Operations (IFRS 5)
Intercompany
eliminations and
other adjustmentss
Enersis Historical
(Combined)
Enersis América
Enersis Chile
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
421,805,679
2,288,876,950
143,680,622
90,222,684
115,472,313
129,275,589
3,189,333,837
5,488,147
3,194,821,984
3,289,097,528
159,385,521
-
197,243,841
478,361,484
269,930,412
53,262,800
4,447,281,586
7,642,103,570
5,804,447,986
3,051,734,445
(2,654,206,384)
6,201,976,047
2,077,242,699
8,279,218,746
-
-
121,396,548
-
-
-
121,396,548
421,805,679
2,288,876,950
265,077,170
90,222,684
115,472,313
129,275,589
3,310,730,385
275,441,320
1,793,515,595
77,891,977
78,599,170
77,114,447
93,572,328
2,396,134,837
146,364,359
495,361,355
187,185,193
11,623,514
38,357,866
35,703,261
914,595,548
-
5,488,147
-
5,488,147
121,396,548
3,316,218,532
2,396,134,837
920,083,695
-
-
-
-
66,618
-
-
3,289,097,528
159,385,521
-
197,243,841
478,428,102
269,930,412
53,262,800
2,510,962,361
155,674,443
-
169,273,906
223,205,436
215,992,570
49,654,229
778,135,167
3,711,078
-
27,969,935
255,222,666
53,937,842
3,608,571
66,618
4,447,348,204
3,324,762,945
1,122,585,259
121,463,166
7,763,566,736
5,720,897,782
2,042,668,954
-
-
-
-
-
-
5,804,447,986
3,051,734,445
(2,654,206,384)
6,201,976,047
3,575,339,011
1,879,762,768
(1,725,327,166)
3,729,774,613
2,229,108,975
1,171,971,677
(928,879,218)
2,472,201,434
2,077,242,699
1,465,378,342
611,864,357
8,279,218,746
5,195,152,955
3,084,065,791
15,921,322,316
121,463,166
16,042,785,482
10,916,050,737
5,126,734,745
583
Consolidated Financial Statements
Consolidated Statement of Income, by Nature
For the year ended December 31, 2014
(In thousands of Chilean pesos)
CONSOLIDATED STATEMENT OF INCOME
Profit (loss)
Revenues
Other 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) of associates and joint ventures accounted for using the equity method
Foreign currency exchange differences
Profit (loss) from indexed assets and liabilities
Income before taxes
Income tax expense
Net income from continuing operations
Profit (loss) from discontinued operations
NET INCOME
Net income attributable to:
Equity owners of parent
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
Enersis
Discontinued
Historical
Operations (IFRS 5)
Intercompany
eliminations and
other adjustmentss
Enersis Historical
(Combined)
Enersis América
Enersis Chile
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
6,819,760,882
(2,013,305,145)
434,115,438
(34,201,387)
7,253,876,320
(2,047,506,532)
1,681,200
10,419
1,691,619
6,821,442,082
434,125,857
7,255,567,939
4,806,578,184
399,924,470
5,206,502,654
2,014,863,898
34,201,387
2,049,065,285
(3,941,071,719)
3,312,804,601
1,309,402,283
(738,104,249)
(3,941,071,719)
(2,631,669,436)
(1,309,402,283)
1,691,619
3,314,496,220
2,574,833,218
739,663,002
1,633,555
(15,263,623)
77,275,986
(516,009,836)
(479,179,904)
(51,515,362)
(574,050,613)
71,769,817
265,884,277
(491,858,285)
(51,853,287)
(38,821,872)
1,526,079,077
(496,609,349)
1,029,469,728
-
-
12.43
12.43
12.43
12.43
(21,505,568)
126,341,363
128,437,154
13,185,420
110,321,349
(70,893,263)
(14,762,515)
59,543,956
54,413,310
20,328,278
(347,958,388)
66,017,317
(281,941,071)
-
(4.50)
(4.50)
(4.50)
(4.50)
1,769,324,872
(381,324,531)
1,769,324,872
1,386,574,454
382,750,418
77,275,986
55,770,418
21,505,568
(516,009,836)
(479,179,904)
(51,515,362)
(575,742,232)
(389,668,473)
(350,742,750)
(38,329,942)
(465,288,017)
(126,341,363)
(128,437,154)
(13,185,420)
(110,454,215)
(1,691,619)
16,082,533
(16,082,533)
71,769,817
281,966,810
(507,940,818)
(51,853,287)
(38,821,872)
1,633,555
1,526,079,077
(496,609,349)
1,029,469,728
-
876,554
267,204,295
(432,314,329)
2,560,023
(17,377,674)
(13,630,068)
1,193,893,255
(430,592,032)
763,301,223
-
1,029,469,728
(281,941,071)
1,029,469,728
763,301,223
266,168,505
610,157,869
419,311,859
1,029,469,728
(221,149,361)
(60,791,710)
(281,941,071)
610,157,869
419,311,859
1,029,469,728
404,781,074
358,520,149
763,301,223
49,092,772.76
49,092,772.76
49,092,772.76
49,092,772.76
49,092,772.76
49,092,772.76
49,092,772.76
49,092,772.76
13.49
13.49
-
13.49
13.49
-
8.25
8.25
8.25
8.25
70,893,263
14,762,515
(75,626,489)
(54,413,310)
(21,444,198)
15,263,623
332,185,822
(66,017,317)
266,168,505
-
205,376,795
60,791,710
266,168,505
0.00
4.18
4.18
4.18
4.18
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
584
2015 Annual Report Enersis
Consolidated Statement of Income, by Nature
For the year ended December 31, 2014
(In thousands of Chilean pesos)
CONSOLIDATED STATEMENT OF INCOME
Profit (loss)
Revenues
Other 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
Foreign currency exchange differences
Profit (loss) from indexed assets and liabilities
Income before taxes
Income tax expense
Net income from continuing operations
Profit (loss) from discontinued operations
NET INCOME
Net income attributable to:
Equity owners of parent
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
Share of profit (loss) of associates and joint ventures accounted for using the equity method
Enersis
Historical
Discontinued
Operations (IFRS 5)
Intercompany
eliminations and
other adjustmentss
Enersis Historical
(Combined)
Enersis América
Enersis Chile
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
6,819,760,882
434,115,438
7,253,876,320
(2,013,305,145)
(34,201,387)
(2,047,506,532)
1,681,200
10,419
1,691,619
6,821,442,082
434,125,857
7,255,567,939
4,806,578,184
399,924,470
5,206,502,654
2,014,863,898
34,201,387
2,049,065,285
(3,941,071,719)
3,312,804,601
1,309,402,283
(738,104,249)
-
1,691,619
(3,941,071,719)
3,314,496,220
(2,631,669,436)
2,574,833,218
(1,309,402,283)
739,663,002
77,275,986
(516,009,836)
(479,179,904)
(51,515,362)
(574,050,613)
1,769,324,872
71,769,817
265,884,277
(491,858,285)
(51,853,287)
(38,821,872)
1,633,555
1,526,079,077
(496,609,349)
1,029,469,728
-
1,029,469,728
610,157,869
419,311,859
1,029,469,728
-
(21,505,568)
126,341,363
128,437,154
13,185,420
110,321,349
(381,324,531)
(70,893,263)
(14,762,515)
59,543,956
54,413,310
20,328,278
(15,263,623)
(347,958,388)
66,017,317
(281,941,071)
-
(281,941,071)
(221,149,361)
(60,791,710)
(281,941,071)
12.43
12.43
49,092,772.76
(4.50)
(4.50)
49,092,772.76
12.43
12.43
49,092,772.76
(4.50)
(4.50)
49,092,772.76
-
-
-
-
(1,691,619)
-
-
16,082,533
(16,082,533)
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
77,275,986
(516,009,836)
(479,179,904)
(51,515,362)
(575,742,232)
1,769,324,872
71,769,817
281,966,810
(507,940,818)
(51,853,287)
(38,821,872)
1,633,555
1,526,079,077
(496,609,349)
1,029,469,728
-
1,029,469,728
610,157,869
419,311,859
1,029,469,728
55,770,418
(389,668,473)
(350,742,750)
(38,329,942)
(465,288,017)
1,386,574,454
876,554
267,204,295
(432,314,329)
2,560,023
(17,377,674)
(13,630,068)
1,193,893,255
(430,592,032)
763,301,223
-
763,301,223
404,781,074
358,520,149
763,301,223
21,505,568
(126,341,363)
(128,437,154)
(13,185,420)
(110,454,215)
382,750,418
70,893,263
14,762,515
(75,626,489)
(54,413,310)
(21,444,198)
15,263,623
332,185,822
(66,017,317)
266,168,505
-
266,168,505
205,376,795
60,791,710
266,168,505
0.00
13.49
13.49
-
13.49
13.49
-
8.25
8.25
49,092,772.76
4.18
4.18
49,092,772.76
8.25
8.25
49,092,772.76
4.18
4.18
49,092,772.76
585
Consolidated Financial Statements
Appendix 5 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
Summary of bank borrowings by currency and maturity
Current
Maturity
Non-current
Maturity
Current
Maturity
Non-current
Maturity
Country
Currency
Nominal
Interest
One to
three
months
Three to
twelve
months
Total
Current at
12-31-2015
One to two
years
Two to
three years
Three to
four years
Four to
five years
Over five
years
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
Chile
Chile
Peru
Peru
US$
Ch$
US$
5.98%
0.00%
-
-
-
-
-
-
-
-
-
-
-
-
2.40% 26,707,131
3,241,137
29,948,268
4,229,306
19,295,795
299,648
Sol
5.20% 12,864,568
1,001,767
13,866,335
3,285,202
23,309,058
Argentina
US$
13.13%
3,901,216
-
3,901,216
-
Argentina
Ar$
37.06%
2,290,653
6,194,569
8,485,222
1,162,844
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Colombia
CP
14.53% 35,832,030
84,128,905 119,960,935
43,831,876
12,832,869
12,194,900 11,556,930
30,842,974
111,259,549
1,401,291
4,203,875
5,605,166
10,766,379
15,367,075
14,619,719
13,872,363
48,015,897
102,641,433
Brazil
Real
6.46% 12,842,515
24,480,763
37,323,278
42,171,314
37,904,161
33,637,009
-
-
113,712,484
1,856,705
5,570,115
7,426,820
7,426,820
27,647,361
25,171,755
22,696,148
82,942,084
94,438,113
119,047,141 213,485,254
94,680,542
93,341,883
46,131,557 11,556,930
30,842,974
276,553,886
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
586
2015 Annual Report Enersis
at 12-31-
One to two
Two to three
Three to
Four to five
Over five
years
four years
ThCh$
ThCh$
years
ThCh$
years
ThCh$
Total No
Three to
Total Current
Current at
One to three
12-31-2015
months
ThCh$
-
-
ThCh$
20,269
714
twelve
months
ThCh$
2014
ThCh$
1,020,576
1,040,845
-
714
years
ThCh$
-
-
23,824,749
2,914,574
9,996,364
12,910,938
40,274,383
18,781,256
16,391,794
256,394
26,594,260
326,274
978,819
1,305,093
1,305,094
3,209,741
22,772,683
-
2,808,939
12,054,341
14,863,280
1,039,398
1,162,844
8,287,625
12,035,817
20,323,442
7,968,912
188,784
-
-
-
-
-
-
-
-
-
-
-
-
Total Non-
current at
12-31-2014
ThCh$
-
-
75,703,827
27,287,518
1,039,398
8,157,696
-
-
-
-
-
-
-
Appendix 5 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
Summary of bank borrowings by currency and maturity
Country
Currency
Nominal
Interest
One to
three
months
Three to
twelve
months
Total
Current at
One to two
Two to
Three to
Four to
Over five
12-31-2015
years
three years
four years
five years
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
Chile
Chile
Peru
Peru
US$
Ch$
US$
5.98%
0.00%
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
years
ThCh$
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Current
Maturity
Non-current
Maturity
Current
Maturity
Non-current
Maturity
Total No
Current at
12-31-2015
ThCh$
-
-
ThCh$
20,269
714
One to three
months
Three to
twelve
months
Total Current
at 12-31-
2014
One to two
years
Two to three
years
Three to
four years
Four to five
years
Over five
years
Total Non-
current at
12-31-2014
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
1,020,576
1,040,845
-
714
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
75,703,827
27,287,518
1,039,398
8,157,696
2.40% 26,707,131
3,241,137
29,948,268
4,229,306
19,295,795
299,648
23,824,749
2,914,574
9,996,364
12,910,938
40,274,383
18,781,256
16,391,794
256,394
Sol
5.20% 12,864,568
1,001,767
13,866,335
3,285,202
23,309,058
26,594,260
326,274
978,819
1,305,093
1,305,094
3,209,741
22,772,683
Argentina
US$
13.13%
3,901,216
-
3,901,216
-
2,808,939
12,054,341
14,863,280
1,039,398
-
Argentina
Ar$
37.06%
2,290,653
6,194,569
8,485,222
1,162,844
1,162,844
8,287,625
12,035,817
20,323,442
7,968,912
188,784
-
-
-
-
-
Colombia
CP
14.53% 35,832,030
84,128,905 119,960,935
43,831,876
12,832,869
12,194,900 11,556,930
30,842,974
111,259,549
1,401,291
4,203,875
5,605,166
10,766,379
15,367,075
14,619,719
13,872,363
48,015,897
102,641,433
Brazil
Real
6.46% 12,842,515
24,480,763
37,323,278
42,171,314
37,904,161
33,637,009
113,712,484
1,856,705
5,570,115
7,426,820
7,426,820
27,647,361
25,171,755
22,696,148
-
82,942,084
94,438,113
119,047,141 213,485,254
94,680,542
93,341,883
46,131,557 11,556,930
30,842,974
276,553,886
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
587
Consolidated Financial Statements
Identification of bank borrowings by company
12-31-2015
Tax ID Number
Company
Country
Financial Institution
Currency
Effective
interest rate
Nominal
interest rate
Current
Non-current
Non-current
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
Ampla Energía S.A.
CGTF S.A.
Chinango S.A.C.
Chinango S.A.C.
Chinango S.A.C.
Chinango S.A.C.
Codensa
Coelce S.A.
Coelce S.A.
Coelce S.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.
Edesur S.A.
Edesur S.A.
Edesur S.A.
Edesur S.A.
Edesur S.A.
Edesur S.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.
Brasil
Brasil
Peru
Peru
Peru
Peru
Banco do Brasil
IFC - C
Banco Scotiabank
Banco de Credito del Peru
Bank Of Nova Scotia
Bank Of Nova Scotia
Colombia
Citibank Colombia
Brasil
Brasil
Brasil
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Banco Itaú Brasil
Banco do Brasil
Banco Santander
Banco Continental
Bank Nova Scotia
Banco de Interbank
Banco de Interbank
Banco Continental
Banco Continental
Banco Continental
Banco Continental
Banco de Interbank
Argentina
Banco Ciudad de Buenos Aires
Argentina
Banco Provincia de Buenos Aires
Argentina
Banco Itaú Argentina
Argentina
Banco Santander Río
Argentina
Banco Santander Río
Argentina
ICBC Argentina
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Banco Corpbanca
BBVA Colombia
Banco de Bogota
AV VILLAS
Citibank Colombia
BBVA Colombia
Banco de Bogota
Banco de Crédito del Peru
Banco de Crédito del Peru
Banco de Crédito del Peru
The Bank Of Tokyo
Banco Davivienda
Endesa Argentina S.A.
Argentina
Citibank
91.081.000-6
91.081.000-6
Endesa Chile S.A.
Endesa Chile S.A.
Chile
Chile
B.N.P. Paribas
Banco Santander
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Central Costanera S.A.
Argentina
Banco Galicia
Central Costanera S.A.
Argentina
Banco Itaú Argentina
Central Costanera S.A.
Argentina
Banco Santander Río
Central Costanera S.A.
Argentina
Banco Supervielle
Central Costanera S.A.
Argentina
Citibank
Central Costanera S.A.
Argentina
Credit Suisse International
Central Costanera S.A.
Argentina
ICBC Argentina
H. El Chocón S.A.
Argentina
Deutsche Bank
Real
US$
US$
US$
US$
US$
$ Col
Real
Real
Real
US$
US$
Soles
Soles
Soles
Soles
Soles
Soles
Soles
$ Arg
$ Arg
$ Arg
$ Arg
$ Arg
$ Arg
$ Col
$ Col
$ Col
$ Col
$ Col
$ Col
$ Col
$ Col
$ Col
$ Col
$ Col
$ Col
$ Arg
US$
Ch$
$ Arg
$ Arg
$ Arg
$ Arg
$ Arg
US$
$ Arg
US$
13.58%
12.18%
3.98%
2.17%
3.25%
3.48%
4.40%
14.39%
13.72%
13.80%
3.44%
1.08%
6.90%
5.83%
5.10%
5.10%
5.10%
5.10%
4.67%
34.64%
35.36%
38.20%
29.74%
45.20%
34.06%
8.39%
8.27%
8.30%
6.06%
5.57%
6.30%
6.84%
5.87%
5.93%
5.65%
7.02%
6.30%
13.71%
12.32%
3.96%
2.06%
3.07%
3.40%
4.32%
14.68%
13.97%
15.76%
3.36%
1.06%
6.73%
5.71%
5.01%
5.01%
5.01%
5.01%
30.07%
30.67%
32.79%
26.91%
37.88%
29.50%
8.22%
8.11%
8.14%
5.93%
6.01%
6.16%
6.66%
5.70%
5.76%
5.50%
6.90%
6.15%
4.59%
12,530,646
9,174,424
-
25,613,578
35,470
63,633
39,574
65,973
63,317
65,955
-
85,423
-
-
-
-
894,845
301,348
11,145,579
5,233,163
-
-
-
9,174,424
-
25,613,578
106,410
190,899
118,722
197,919
189,952
197,865
-
-
-
-
-
141,880
254,532
158,296
263,892
253,269
263,820
12,530,646
-
85,423
-
-
-
-
-
-
-
-
11,145,579
5,233,163
184,364
277,164
461,528
438,046
28,712,649
29,150,695
13,683,505
-
13,683,505
295,055
20,873,617
21,168,672
198,385
13,892,621
14,091,006
149,881
10,882,356
11,032,237
2,959,952
-
2,959,952
34.23%
32.75%
29,771
445,358
475,129
6.32%
6.00%
51.46%
55.07%
44.16%
49.96%
45.10%
14.84%
51.97%
13.50%
5.98%
6.00%
42.24%
44.68%
37.14%
41.21%
37.81%
13.92%
42.59%
12.86%
-
-
214,270
80,256
50,253
81,254
263,796
1,214,284
-
-
583,114
225,731
140,581
224,941
734,081
-
-
797,384
305,987
190,834
306,195
997,877
-
1,214,284
89,832
249,669
339,501
140,047
1,339,210
-
1,339,210
-
-
-
-
2,091,393
254,532
158,296
263,892
253,269
263,820
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
276,664
128,627
79,542
125,511
412,453
-
588
2015 Annual Report Enersis
Less than 90
days
More than
90 days
Total Current
One to two
years
Two to
Three to four
Four to five
Over five
Total Non-
Less than 90
three years
years
years
years
current
days
More than
90 days
Total Current
One to two
Two to three
Three to four
Four to five
years
years
years
years
Over five
years
816,511
2,449,533
3,266,044
11,051,818
9,963,136
8,874,455
29,889,409
831,094
2,493,282
3,324,376
3,324,376
13,139,191
12,031,066
10,922,940
-
-
296,974
468,030
328,549
-
-
-
-
-
-
-
884,973
1,181,947
1,166,085
18,073,119
1,384,969
1,852,999
1,802,011
132
132
353,913
1,051,014
1,404,927
1,376,324
1,347,722
15,345,293
1,217,828
1,629,232
1,585,546
1,541,859
971,195
1,299,744
1,261,210
1,222,676
299,648
857,071
1,146,947
1,113,465
1,079,983
1,046,501
256,394
-
-
-
1,025,611
3,076,833
4,102,444
4,102,444
14,508,170
13,140,689
11,773,208
980,672
2,942,017
3,922,689
12,030,283
1,870,908
19,089,213
20,960,121
19,089,213
10,722,720
9,415,157
17,218,305
15,347,397
1,807,054
6,713,471
8,520,525
14,284,700
14,811,692
209,307
21,914,348
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
156,980
103,961
186,505
116,018
193,361
185,579
193,395
658,584
750,273
138,615
248,673
154,691
257,815
247,439
257,860
457,020
907,795
1,560,680
576,612
310,712
1,216,089
2,519,698
3,735,787
1,120,552
1,494,069
2,847,830
4,052,184
3,852,974
3,653,765
12,622,968
27,029,721
12-31-2014
Current
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
4,409,519
3,185,312
5,308,880
5,096,497
5,308,850
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
19,239,204
1,802,011
2,783,534
32,168,160
51,654,915
2,091,393
4,664,051
3,343,608
5,572,772
5,349,766
5,572,670
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
411,404
289,876
52,327
34,654
62,168
38,673
64,454
61,860
64,465
457,020
249,211
810,407
576,612
310,712
373,517
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
749,636
20,269
582
308,554
119,500
70,593
112,554
347,807
122,704
132,215
1,020,576
1,040,845
749,636
582
1,145,186
456,942
271,467
431,607
836,632
337,442
200,874
319,053
998,639
990,314
390,884
236,632
372,729
27,716
17,012
26,615
87,541
1,346,446
1,199,174
2,324,204
2,446,908
1,039,398
371,509
503,724
425,630
29,900
1,331,375
4,844,938
6,176,313
276,664
128,627
79,542
125,511
412,453
140,047
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Total Non-
current
39,417,573
18,069,339
3,127,405
3,496,343
43,524,511
29,096,392
21,914,348
2,181,877
4,805,386
3,421,403
5,702,330
5,474,081
5,702,441
990,314
418,600
253,644
399,344
1,286,715
1,039,398
455,530
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
6,064,899
6,959,744
9,982,170
9,504,920
9,027,670
8,550,419
22,787,755
59,852,934
1,027,774
3,083,323
4,111,097
7,918,549
11,314,891
10,766,745
10,218,598
35,392,929
75,611,712
2,105,951
2,407,299
3,488,668
3,327,949
3,167,230
3,006,511
8,055,219
21,045,577
532,271
1,596,812
2,129,083
30,361,038
30,361,038
Identification of bank borrowings by company
12-31-2015
Tax ID Number
Company
Country
Financial Institution
Currency
Effective
Nominal
interest rate
interest rate
Current
Non-current
12-31-2014
Current
Non-current
Less than 90
days
More than
90 days
Total Current
One to two
years
Two to
three years
Three to four
years
Four to five
years
Over five
years
Total Non-
current
Less than 90
days
More than
90 days
Total Current
One to two
years
Two to three
years
Three to four
years
Four to five
years
Over five
years
29,889,409
831,094
2,493,282
3,324,376
3,324,376
13,139,191
12,031,066
10,922,940
132
-
132
-
-
-
353,913
1,051,014
1,404,927
1,376,324
1,347,722
15,345,293
-
-
-
-
1,217,828
1,629,232
1,585,546
1,541,859
-
-
-
-
-
-
857,071
1,146,947
1,113,465
1,079,983
1,046,501
256,394
-
411,404
289,876
-
1,025,611
3,076,833
4,102,444
4,102,444
14,508,170
13,140,689
11,773,208
816,511
2,449,533
3,266,044
11,051,818
9,963,136
8,874,455
-
-
18,073,119
-
-
-
-
-
971,195
1,299,744
1,261,210
1,222,676
299,648
-
-
10,722,720
9,415,157
17,218,305
15,347,397
-
-
-
-
4,409,519
3,185,312
5,308,880
5,096,497
5,308,850
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Ampla Energía S.A.
CGTF S.A.
Chinango S.A.C.
Chinango S.A.C.
Chinango S.A.C.
Chinango S.A.C.
Codensa
Coelce S.A.
Coelce S.A.
Coelce S.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.
Edesur S.A.
Edesur S.A.
Edesur S.A.
Edesur S.A.
Edesur S.A.
Edesur S.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.
Colombia
Citibank Colombia
Brasil
Brasil
Peru
Peru
Peru
Peru
Brasil
Brasil
Brasil
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Banco do Brasil
IFC - C
Banco Scotiabank
Banco de Credito del Peru
Bank Of Nova Scotia
Bank Of Nova Scotia
Banco Itaú Brasil
Banco do Brasil
Banco Santander
Banco Continental
Bank Nova Scotia
Banco de Interbank
Banco de Interbank
Banco Continental
Banco Continental
Banco Continental
Banco Continental
Banco de Interbank
Argentina
Banco Ciudad de Buenos Aires
Argentina
Banco Provincia de Buenos Aires
Argentina
Banco Itaú Argentina
Argentina
Banco Santander Río
Argentina
Banco Santander Río
Argentina
ICBC Argentina
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Banco Corpbanca
BBVA Colombia
Banco de Bogota
AV VILLAS
Citibank Colombia
BBVA Colombia
Banco de Bogota
Banco de Crédito del Peru
Banco de Crédito del Peru
Banco de Crédito del Peru
The Bank Of Tokyo
Banco Davivienda
91.081.000-6
91.081.000-6
Endesa Chile S.A.
Endesa Chile S.A.
Chile
Chile
B.N.P. Paribas
Banco Santander
Central Costanera S.A.
Argentina
Banco Galicia
Central Costanera S.A.
Argentina
Banco Itaú Argentina
Central Costanera S.A.
Argentina
Banco Santander Río
Central Costanera S.A.
Argentina
Banco Supervielle
Central Costanera S.A.
Argentina
Citibank
Central Costanera S.A.
Argentina
Credit Suisse International
Central Costanera S.A.
Argentina
ICBC Argentina
H. El Chocón S.A.
Argentina
Deutsche Bank
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
Real
US$
US$
US$
US$
US$
$ Col
Real
Real
Real
US$
US$
Soles
Soles
Soles
Soles
Soles
Soles
Soles
$ Arg
$ Arg
$ Arg
$ Arg
$ Arg
$ Arg
$ Col
$ Col
$ Col
$ Col
$ Col
$ Col
$ Col
$ Col
$ Col
$ Col
$ Col
$ Col
$ Arg
US$
Ch$
$ Arg
$ Arg
$ Arg
$ Arg
$ Arg
US$
$ Arg
US$
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
13.58%
12.18%
3.98%
2.17%
3.25%
3.48%
4.40%
14.39%
13.72%
13.80%
3.44%
1.08%
6.90%
5.83%
5.10%
5.10%
5.10%
5.10%
4.67%
34.64%
35.36%
38.20%
29.74%
45.20%
34.06%
8.39%
8.27%
8.30%
6.06%
5.57%
6.30%
6.84%
5.87%
5.93%
5.65%
7.02%
6.30%
6.32%
6.00%
51.46%
55.07%
44.16%
49.96%
45.10%
14.84%
51.97%
13.50%
13.71%
12.32%
3.96%
2.06%
3.07%
3.40%
4.32%
14.68%
13.97%
15.76%
3.36%
1.06%
6.73%
5.71%
5.01%
5.01%
5.01%
5.01%
30.07%
30.67%
32.79%
26.91%
37.88%
29.50%
8.22%
8.11%
8.14%
5.93%
6.01%
6.16%
6.66%
5.70%
5.76%
5.50%
6.90%
6.15%
5.98%
6.00%
42.24%
44.68%
37.14%
41.21%
37.81%
13.92%
42.59%
12.86%
884,973
1,181,947
1,166,085
1,384,969
1,852,999
1,802,011
296,974
468,030
328,549
980,672
2,942,017
3,922,689
12,030,283
1,870,908
19,089,213
20,960,121
19,089,213
9,174,424
9,174,424
25,613,578
25,613,578
35,470
63,633
39,574
65,973
63,317
65,955
106,410
190,899
118,722
197,919
189,952
197,865
141,880
254,532
158,296
263,892
253,269
263,820
2,091,393
254,532
158,296
263,892
253,269
263,820
4.59%
12,530,646
12,530,646
85,423
85,423
184,364
277,164
461,528
894,845
301,348
11,145,579
5,233,163
11,145,579
5,233,163
438,046
28,712,649
29,150,695
13,683,505
13,683,505
295,055
20,873,617
21,168,672
198,385
13,892,621
14,091,006
149,881
10,882,356
11,032,237
532,271
1,596,812
2,129,083
30,361,038
2,959,952
2,959,952
214,270
80,256
50,253
81,254
263,796
1,214,284
583,114
225,731
140,581
224,941
734,081
797,384
305,987
190,834
306,195
997,877
1,214,284
276,664
128,627
79,542
125,511
412,453
89,832
249,669
339,501
140,047
1,339,210
1,339,210
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Endesa Argentina S.A.
Argentina
Citibank
34.23%
32.75%
29,771
445,358
475,129
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
19,239,204
1,802,011
2,783,534
32,168,160
51,654,915
-
-
-
2,091,393
4,664,051
3,343,608
5,572,772
5,349,766
5,572,670
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
30,361,038
-
-
-
-
276,664
128,627
79,542
125,511
412,453
-
140,047
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
1,807,054
6,713,471
8,520,525
14,284,700
14,811,692
209,307
21,914,348
-
52,327
34,654
62,168
38,673
64,454
61,860
64,465
-
156,980
103,961
186,505
116,018
193,361
185,579
193,395
-
138,615
248,673
154,691
257,815
247,439
257,860
-
1,216,089
2,519,698
3,735,787
-
658,584
750,273
-
-
457,020
907,795
1,560,680
576,612
310,712
457,020
249,211
810,407
576,612
310,712
373,517
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
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
749,636
20,269
582
308,554
119,500
70,593
112,554
347,807
122,704
132,215
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
749,636
1,020,576
1,040,845
-
582
-
-
-
-
-
-
-
-
-
-
-
-
-
836,632
337,442
200,874
319,053
998,639
1,145,186
456,942
271,467
431,607
990,314
390,884
236,632
372,729
1,346,446
1,199,174
2,324,204
2,446,908
1,039,398
-
-
-
-
-
-
-
-
-
-
-
-
-
-
27,716
17,012
26,615
87,541
-
371,509
503,724
425,630
29,900
-
1,331,375
4,844,938
6,176,313
-
-
6,064,899
6,959,744
9,982,170
9,504,920
9,027,670
8,550,419
22,787,755
59,852,934
1,027,774
3,083,323
4,111,097
7,918,549
11,314,891
10,766,745
10,218,598
35,392,929
75,611,712
2,105,951
2,407,299
3,488,668
3,327,949
3,167,230
3,006,511
8,055,219
21,045,577
1,120,552
1,494,069
2,847,830
4,052,184
3,852,974
3,653,765
12,622,968
27,029,721
Total Non-
current
39,417,573
-
18,069,339
-
3,127,405
3,496,343
43,524,511
-
-
-
29,096,392
21,914,348
2,181,877
4,805,386
3,421,403
5,702,330
5,474,081
5,702,441
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
4,308,038
3,112,021
5,186,700
4,979,205
5,186,719
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
990,314
418,600
253,644
399,344
1,286,715
1,039,398
455,530
-
589
Consolidated Financial Statements Tax ID Number
Company
Country
Financial Institution
Currency
Effective
interest rate
Nominal
interest rate
Current
Non-current
Non-current
Less than 90
days
More than
90 days
Total Current
One to two
years
Two to
Three to four
Four to five
Over five
Total Non-
Less than 90
three years
years
years
years
current
More than
90 days
Total Current
One to two
Two to three
Three to four
Four to five
years
years
years
years
Over five
years
Total Non-
current
12-31-2015
12-31-2014
Current
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
H. El Chocón S.A.
Argentina
Standard Bank
H. El Chocón S.A.
Argentina
Banco Itau
H. El Chocón S.A.
Argentina
Banco Macro
H. El Chocón S.A.
Argentina
Banco Santander - Sindicado IV
H. El Chocón S.A.
Argentina
Banco Itau- Sindicado IV
H. El Chocón S.A.
Argentina
Banco Galicia - Sindicado IV
H. El Chocón S.A.
Argentina
Banco Hipotecario - Sindicado IV
H. El Chocón S.A.
Argentina
Banco Ciudad -Sindicado IV
US$
US$
$ Arg
$ Arg
$ Arg
$ Arg
$ Arg
$ Arg
H. El Chocón S.A.
Argentina
ICBC Argentina
$ Arg
13.50%
13.50%
34.46%
40.59%
40.59%
40.59%
40.59%
40.59%
40.59%
12.86%
12.86%
31.10%
35.54%
35.54%
35.54%
35.54%
35.54%
35.54%
673,817
673,905
-
-
673,817
673,905
75,083
1,113,612
1,188,695
266,203
241,619
228,411
73,221
30,708
296,189
516,165
464,727
442,424
144,361
59,481
573,160
782,368
706,346
670,835
217,582
90,189
869,349
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
days
667,376
687,484
306,765
273,493
262,403
86,271
34,894
-
-
-
-
-
-
-
-
-
2,425,364
3,092,740
2,459,835
3,147,319
1,522,852
-
1,522,852
1,185,867
1,492,632
1,023,289
1,057,510
1,331,003
1,014,727
1,277,130
335,251
135,536
421,522
170,430
340,037
1,314,222
1,654,259
1,133,871
-
-
-
912,706
875,846
290,454
117,383
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
1,023,289
912,706
875,846
290,454
117,383
1,133,871
Totals
94,438,113
119,047,141
213,485,254
94,680,542
93,341,883
46,131,557
11,556,930
30,842,974
276,553,886
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
b) Secured and unsecured liabilities
d.Summary of secured and unsecured liabilities by
currency and maturity
Current
Non-current
Current
Country
Currency
Nominal
Interest
Rate
Maturity
One to
three
months
Three to
twelve
months
Total
Current at
12-31-2015
Maturity
One to two
years
Two to
three years
Three to
four years
Four to five
years
Over five
years
Total Non-current
at 12-31-2015
One to three
months
Three to
twelve
months
Total Current
at 12-31-2014
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
Non-current
Maturity
One to two
Two to three
Three to four
Four to five
Over five
years
ThCh$
years
ThCh$
years
ThCh$
years
ThCh$
years
ThCh$
Total Non-
current at
12-31-2014
ThCh$
Chile
Chile
Peru
Peru
Colombia
Brasil
US$
U.F.
US$
Soles
$ Col
Real
7.00%
3,015,734
186,297,709
189,313,443
39,170
39,170
39,170
39,170
843,993
1,000,673
11,857,865
152,626,256
164,484,121
188,522,289
25,581,811
25,581,811
25,581,811
734,182,951
999,450,673
5.75%
6.50%
654,291
5,230,040
5,884,331
5,728,780
5,564,286
5,390,333
5,206,378
7,441,327
29,331,104
9,168,367
35,341,359
44,509,726
43,719,963
42,919,926
42,109,023
52,020,539
441,830,545
622,599,996
624,775
15,786,095
16,410,870
1,659,369
8,362,538
6,637,571
7,807,914
10,086,341
34,553,733
4,424,492
1,630,232
6,054,724
14,072,738
1,443,269
7,173,013
5,691,115
15,362,941
43,743,076
6.44% 13,029,793
18,645,206
31,674,999
33,667,892
12,316,415
55,639,169
36,169,256
166,145,520
303,938,252
8,992,510
33,040,637
42,033,147
30,115,012
32,058,804
11,190,625
39,655,619
189,474,327
302,494,387
15.64% 55,700,572
67,624,004
123,324,576 206,126,573
182,198,785 143,062,230 109,340,794
709,356,051
1,350,084,433
86,056,574
65,385,741
151,442,315
121,885,126
217,675,920
191,934,482
150,687,586
877,507,340 1,559,690,454
10.81% 10,784,409
97,033,475
107,817,884
116,967,735
94,643,824
44,934,561
-
-
256,546,120
11,340,152
58,273,250
69,613,402
119,821,286
131,772,248
107,403,868
52,740,514
-
411,737,916
83,809,574 390,616,529
474,426,103 364,189,519
303,125,018 255,703,034 158,563,512
893,873,232
1,975,454,315
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
590
2015 Annual Report Enersis
Tax ID Number
Company
Country
Financial Institution
Currency
Effective
Nominal
interest rate
interest rate
Current
Non-current
12-31-2015
12-31-2014
Current
Non-current
Less than 90
More than
90 days
Total Current
One to two
years
Two to
three years
Three to four
years
Four to five
years
Over five
years
Total Non-
current
Less than 90
days
More than
90 days
Total Current
One to two
years
Two to three
years
Three to four
years
Four to five
years
Over five
years
Total Non-
current
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
667,376
687,484
1,522,852
306,765
273,493
262,403
86,271
34,894
2,425,364
3,092,740
2,459,835
3,147,319
-
1,522,852
-
-
-
1,185,867
1,492,632
1,023,289
1,057,510
1,331,003
1,014,727
1,277,130
335,251
135,536
421,522
170,430
912,706
875,846
290,454
117,383
340,037
1,314,222
1,654,259
1,133,871
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
1,023,289
912,706
875,846
290,454
117,383
1,133,871
Totals
94,438,113
119,047,141
213,485,254
94,680,542
93,341,883
46,131,557
11,556,930
30,842,974
276,553,886
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
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
H. El Chocón S.A.
Argentina
Standard Bank
H. El Chocón S.A.
Argentina
Banco Itau
H. El Chocón S.A.
Argentina
Banco Macro
H. El Chocón S.A.
Argentina
Banco Santander - Sindicado IV
H. El Chocón S.A.
Argentina
Banco Itau- Sindicado IV
H. El Chocón S.A.
Argentina
Banco Galicia - Sindicado IV
H. El Chocón S.A.
Argentina
Banco Hipotecario - Sindicado IV
H. El Chocón S.A.
Argentina
Banco Ciudad -Sindicado IV
US$
US$
$ Arg
$ Arg
$ Arg
$ Arg
$ Arg
$ Arg
H. El Chocón S.A.
Argentina
ICBC Argentina
$ Arg
13.50%
13.50%
34.46%
40.59%
40.59%
40.59%
40.59%
40.59%
40.59%
12.86%
12.86%
31.10%
35.54%
35.54%
35.54%
35.54%
35.54%
35.54%
days
673,817
673,905
266,203
241,619
228,411
73,221
30,708
296,189
75,083
1,113,612
1,188,695
-
-
516,165
464,727
442,424
144,361
59,481
573,160
673,817
673,905
782,368
706,346
670,835
217,582
90,189
869,349
-
-
-
-
-
-
-
-
-
b) Secured and unsecured liabilities
d.Summary of secured and unsecured liabilities by
currency and maturity
Country
Currency
Nominal
Interest
Rate
Maturity
One to
three
months
Three to
twelve
months
Total
Current at
12-31-2015
Maturity
One to two
Two to
years
three years
Three to
four years
Four to five
Over five
years
ThCh$
years
ThCh$
Current
Non-current
Current
Non-current
Maturity
Total Non-current
at 12-31-2015
One to three
months
Three to
twelve
months
Total Current
at 12-31-2014
One to two
years
Two to three
years
Three to four
years
Four to five
years
Over five
years
Total Non-
current at
12-31-2014
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
Chile
Chile
Peru
Peru
Colombia
Brasil
US$
U.F.
US$
Soles
$ Col
Real
5.75%
6.50%
7.00%
3,015,734
186,297,709
189,313,443
39,170
39,170
39,170
39,170
843,993
1,000,673
11,857,865
152,626,256
164,484,121
188,522,289
25,581,811
25,581,811
25,581,811
734,182,951
999,450,673
654,291
5,230,040
5,884,331
5,728,780
5,564,286
5,390,333
5,206,378
7,441,327
29,331,104
9,168,367
35,341,359
44,509,726
43,719,963
42,919,926
42,109,023
52,020,539
441,830,545
622,599,996
624,775
15,786,095
16,410,870
1,659,369
8,362,538
6,637,571
7,807,914
10,086,341
34,553,733
4,424,492
1,630,232
6,054,724
14,072,738
1,443,269
7,173,013
5,691,115
15,362,941
43,743,076
6.44% 13,029,793
18,645,206
31,674,999
33,667,892
12,316,415
55,639,169
36,169,256
166,145,520
303,938,252
8,992,510
33,040,637
42,033,147
30,115,012
32,058,804
11,190,625
39,655,619
189,474,327
302,494,387
15.64% 55,700,572
67,624,004
123,324,576 206,126,573
182,198,785 143,062,230 109,340,794
709,356,051
1,350,084,433
86,056,574
65,385,741
151,442,315
121,885,126
217,675,920
191,934,482
150,687,586
877,507,340 1,559,690,454
10.81% 10,784,409
97,033,475
107,817,884
116,967,735
94,643,824
44,934,561
-
-
256,546,120
11,340,152
58,273,250
69,613,402
119,821,286
131,772,248
107,403,868
52,740,514
-
411,737,916
83,809,574 390,616,529
474,426,103 364,189,519
303,125,018 255,703,034 158,563,512
893,873,232
1,975,454,315
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
591
Consolidated Financial Statements
e. Secured and unsecured liabilities by company
12-31-2015
Tax ID Number
Company
Country
Financial Institucion
Country
Currency
Effective
interest rate
Nominal
interest rate
Current
Non-current
Non-current
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
Ampla Energía S.A.
Ampla Energía S.A.
Ampla Energía S.A.
Ampla Energía S.A.
Ampla Energía S.A.
Ampla Energía S.A.
Brasil
Brasil
Brasil
Brasil
Brasil
Brasil
Bonos 1ª Serie 16
Bonos 1ª Serie 17
Bonos 1ª Serie 18
Bonos 2ª Serie 26
Bonos 2ª Serie 27
Bonos 2ª Serie 28
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
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
Colombia
Colombia
B102
B103
B604
Colombia
Bonos B12-13
Colombia
Bonos B5-13
Colombia
Bonos B7-14
Brasil
Brasil
Itaú 1
Itaú 2
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
Banco Continental
Banco Continental
Banco Continental
Banco Continental
Banco Continental
Banco Scotiabank
Banco Scotiabank
Banco Scotiabank
Banco Scotiabank
AFP Horizonte
AFP Integra
AFP Integra
AFP Integra
AFP Prima
AFP Prima
AFP Prima
AFP Prima
AFP Profuturo
FCR - Macrofondo
FCR - Macrofondo
Fondo -Fosersoe
Interseguro Cia de Seguros
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
Brasil
Brasil
Brasil
Brasil
Brasil
Brasil
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Brasil
Brasil
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
Real
Real
Real
Real
Real
Real
$ Col
$ Col
$ Col
$ Col
$ Col
$ Col
Real
Real
Soles
Soles
US$
US$
US$
US$
US$
US$
US$
Soles
Soles
Soles
Soles
Soles
Soles
Soles
Soles
Soles
Soles
Soles
Soles
Soles
Soles
Soles
Soles
Soles
Soles
Soles
Soles
Soles
Soles
Soles
Soles
Soles
Soles
Soles
Soles
13.66%
13.71%
14.69%
13.55%
15.35%
14.69%
12.03%
12.29%
10.56%
11.50%
10.56%
10.15%
13.77%
17.07%
6.41%
6.38%
6.44%
7.93%
7.25%
6.73%
6.09%
5.86%
6.57%
7.22%
8.16%
8.00%
5.91%
6.63%
6.94%
7.13%
7.44%
8.06%
5.56%
7.03%
8.75%
6.28%
6.06%
6.50%
7.06%
5.00%
5.13%
6.75%
7.28%
6.50%
7.38%
6.78%
6.34%
5.84%
6.34%
4.81%
6.13%
7,297,112
7,396,882
99,770
96,133
107,564
82,046
82,320
105,486
105,659
-
246,137
246,959
316,458
316,978
-
328,183
329,279
421,944
422,637
-
110,163
7,244,456
7,354,619
288,398
322,693
384,531
430,257
384,530
430,258
384,530
384,530
7,385,970
7,133,427
374,225
6,103,969
334,453
334,453
334,453
6,323,623
7,661,435
328,182
328,182
328,182
5,691,198
7,003,926
329,279
5,391,004
422,637
5,831,097
421,944
421,944
421,944
10,086,341
11,774,117
320,629
319,043
366,995
367,597
320,629
319,042
366,994
367,597
320,629
319,042
366,994
367,597
320,629
320,629
5,880,850
7,163,366
319,042
5,265,385
6,222,511
366,994
366,994
9,039,318
10,507,294
367,597
4,989,668
6,092,459
328,182
329,279
421,944
422,637
-
-
-
Less than 90
days
More than 90
days
Total Current
One to two
years
Two to three years
Three to four
Four to five
Over five
Total Non-
Less than 90
More than 90
years
years
years
current
days
days
Total Current
One to two
Two to three
Three to four
Four to five
years
years
years
years
Over five
years
Total Non-
current
13.75%
13.89%
14.91%
369,157
11,002,428
11,371,585
-
635,501
10,359,267
10,994,768
9,723,766
781,789
14,938,243
15,720,032
14,156,454
9,723,766
657,480
1,972,439
2,629,919
13,403,776
12,088,817
1,011,209
3,033,627
4,044,836
12,571,319
11,223,040
9,874,762
33,669,121
2,077,536
6,232,607
8,310,143
8,310,143
30,018,631
27,248,583
24,478,536
18.97%
1,632,773
18,770,248
20,403,021
18,225,996
16,048,964
34,274,960
1,867,488
5,602,465
7,469,953
23,248,180
20,758,200
18,268,216
16.89%
14.91%
11.52%
11.76%
2,737,659
8,212,977
10,950,636
32,485,454
28,835,249
25,185,037
86,505,740
2,521,703
7,565,110
10,086,813
10,086,813
34,986,514
31,624,249
28,261,978
1,011,209
3,033,627
4,044,836
12,571,319
11,223,040
9,874,762
33,669,121
-
-
-
2,285,586
6,856,759
9,142,345
90,513,112
90,513,112
2,078,386
6,235,159
8,313,545
8,313,545
101,452,870
475,081
1,425,243
1,900,324
1,900,324
19,928,937
21,829,261
433,414
1,300,241
1,733,655
1,733,654
1,733,654
22,040,062
10.17%
33,159,237
-
33,159,237
-
630,368
1,891,104
2,521,472
37,225,610
11.03%
1,060,598
3,181,795
4,242,393
4,242,394
4,242,394
4,242,394
4,242,394
64,429,087
81,398,663
946,989
2,840,966
3,787,955
3,787,954
3,787,954
3,787,954
3,787,954
71,487,573
86,639,389
10.17%
9.78%
13.99%
907,996
2,723,989
3,631,985
3,631,986
44,267,794
47,899,780
790,923
2,372,770
3,163,693
3,163,694
3,163,694
49,010,829
881,572
2,644,715
3,526,287
3,526,287
3,526,287
3,526,287
3,526,287
44,335,883
58,441,031
834,666
2,503,998
3,338,664
3,338,664
3,338,664
3,338,664
3,338,664
52,801,231
66,155,887
325,485
10,211,261
10,536,746
-
686,017
13,717,969
14,403,986
13,031,952
17.79%
3,061,416
32,410,040
35,471,456
31,389,881
27,313,531
58,703,412
2,748,139
8,244,417
10,992,556
37,583,968
33,920,086
30,262,820
12-31-2014
Current
-
-
-
-
-
-
-
3,881,082
-
3,881,082
383,265
6,296,355
347,108
6,333,114
374,225
334,452
374,225
334,453
220,851
3,194,800
303,277
3,682,353
442,955
5,600,079
4,083,492
4,143,705
141,246
8,362,253
8,503,499
272,312
363,083
5,260,818
4,085,912
4,153,382
-
5,163,298
133,501
6,228,634
6,362,135
240,472
239,282
275,246
275,698
287,449
260,331
280,669
250,839
165,638
227,458
332,216
425,707
214,790
384,374
463,801
392,374
306,280
323,360
198,600
514,819
394,416
495,772
674,816
80,157
79,761
91,749
91,899
95,816
86,777
93,556
83,613
55,213
60,213
75,819
110,739
90,771
67,470
5,163,298
141,902
71,597
128,125
154,600
130,791
102,093
107,787
66,200
171,606
131,472
165,257
224,939
194,336
299,678
262,032
122,598
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
6,049,562
6,676,371
8,539,560
7,563,685
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
14,156,454
25,492,593
90,055,893
62,274,596
104,959,554
109,766,415
25,507,370
37,225,610
55,338,217
13,031,952
101,766,874
6,296,355
6,333,114
6,852,419
3,194,800
3,682,353
5,600,079
5,260,818
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
56,529
3,213,571
3,270,100
3,768,393
5,732,006
-
-
-
-
-
-
-
-
3,768,393
5,732,006
-
-
-
92,940
5,291,865
5,384,805
-
-
-
-
-
-
-
116,196
348,588
464,784
464,783
464,783
464,783
6,548,565
7,942,914
113,501
340,502
454,003
454,003
454,003
454,003
454,003
6,397,801
8,213,813
-
145,245
73,305
-
131,143
158,242
133,872
104,498
110,347
67,781
175,558
134,479
169,060
230,147
-
435,735
219,914
-
393,429
474,727
401,617
313,495
331,041
203,343
526,675
403,436
507,179
690,441
-
580,980
293,219
-
524,572
632,969
535,489
417,993
-
580,980
293,219
-
524,572
632,969
535,489
417,994
441,388
6,385,839
271,124
4,407,670
702,233
537,915
676,239
920,588
702,233
537,915
676,238
920,588
580,980
580,980
580,980
11,366,149
13,690,069
293,219
4,183,575
4,770,013
524,572
632,969
535,489
417,994
702,233
537,915
676,238
920,588
524,572
632,969
535,489
417,994
524,572
9,017,708
11,115,996
632,969
17,624,247
20,156,123
535,489
16,868,345
19,010,301
417,994
10,373,415
12,045,391
6,385,839
4,407,670
12,972,704
702,233
10,866,005
537,915
537,915
14,287,204
16,438,864
676,238
11,017,735
13,046,449
920,588
920,588
24,598,494
28,280,846
567,609
286,387
512,499
618,401
523,165
408,373
431,147
264,800
686,425
525,888
661,029
899,755
567,609
286,387
512,499
618,402
523,166
408,374
686,425
525,889
661,029
899,755
567,609
286,387
512,499
618,402
523,166
408,374
686,425
525,889
661,029
899,755
567,609
567,609
11,672,179
13,942,615
286,387
4,087,287
4,946,448
512,499
618,402
523,166
408,374
686,425
525,889
661,029
899,755
512,499
9,322,674
11,372,670
618,402
14,100,867
16,574,475
523,166
13,871,576
15,964,240
408,374
10,543,055
12,176,551
6,669,994
4,570,955
686,425
10,616,171
13,361,871
525,889
13,962,937
16,066,493
661,029
10,764,497
13,408,613
899,755
24,037,040
27,636,060
431,146
6,238,848
264,800
4,306,155
352,647
1,057,940
1,410,587
1,410,587
1,410,587
1,410,587
1,410,587
21,265,895
26,908,243
345,808
1,037,423
1,383,231
1,383,230
1,383,230
1,383,230
1,383,230
22,161,415
27,694,335
197,979
303,907
263,940
122,692
224,521
593,936
791,915
791,915
791,915
791,915
791,915
14,457,206
17,624,866
583,009
777,345
777,345
777,345
777,345
777,345
14,910,973
18,020,353
911,720
1,215,627
1,215,627
1,215,627
21,403,513
23,834,767
899,035
1,198,713
1,198,713
1,198,713
1,198,713
20,916,464
24,512,603
791,820
1,055,760
1,055,760
1,055,760
1,055,760
1,055,760
20,595,659
24,818,699
786,096
1,048,128
1,048,128
1,048,128
1,048,128
1,048,128
21,232,292
25,424,804
368,075
673,563
490,767
10,557,968
898,084
898,085
898,085
15,080,872
10,557,968
16,877,042
367,794
490,392
490,391
10,323,176
-
-
-
-
10,813,567
-
6.31%
6.28%
6.34%
7.78%
7.13%
6.63%
6.00%
5.78%
6.47%
7.09%
8.00%
7.85%
5.82%
6.52%
6.82%
7.00%
7.30%
7.91%
5.49%
6.91%
8.57%
6.19%
5.97%
6.40%
6.94%
4.94%
5.06%
6.64%
7.15%
6.40%
7.24%
6.67%
6.25%
5.76%
6.25%
4.76%
6.03%
592
2015 Annual Report Enersis
e. Secured and unsecured liabilities by company
12-31-2015
Tax ID Number
Company
Country
Financial Institucion
Country
Currency
Effective
Nominal
interest rate
interest rate
Current
Non-current
12-31-2014
Current
Non-current
Less than 90
More than 90
days
days
Total Current
One to two
years
Two to three years
Three to four
years
Four to five
years
Over five
years
Total Non-
current
Less than 90
days
More than 90
days
Total Current
One to two
years
Two to three
years
Three to four
years
Four to five
years
Over five
years
Total Non-
current
369,157
11,002,428
11,371,585
635,501
10,359,267
10,994,768
9,723,766
-
-
-
-
1,011,209
3,033,627
4,044,836
12,571,319
11,223,040
9,874,762
18.97%
1,632,773
18,770,248
20,403,021
18,225,996
16,048,964
-
2,737,659
8,212,977
10,950,636
32,485,454
28,835,249
25,185,037
1,011,209
3,033,627
4,044,836
12,571,319
11,223,040
9,874,762
2,285,586
6,856,759
9,142,345
90,513,112
475,081
1,425,243
1,900,324
1,900,324
10.17%
33,159,237
-
33,159,237
-
19,928,937
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
781,789
14,938,243
15,720,032
14,156,454
-
9,723,766
657,480
1,972,439
2,629,919
13,403,776
12,088,817
-
-
-
-
33,669,121
2,077,536
6,232,607
8,310,143
8,310,143
30,018,631
27,248,583
24,478,536
34,274,960
1,867,488
5,602,465
7,469,953
23,248,180
20,758,200
18,268,216
-
86,505,740
2,521,703
7,565,110
10,086,813
10,086,813
34,986,514
31,624,249
28,261,978
33,669,121
-
-
-
-
-
90,513,112
2,078,386
6,235,159
8,313,545
8,313,545
101,452,870
-
-
21,829,261
433,414
1,300,241
1,733,655
1,733,654
1,733,654
22,040,062
-
630,368
1,891,104
2,521,472
37,225,610
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
14,156,454
25,492,593
90,055,893
62,274,596
104,959,554
-
109,766,415
25,507,370
37,225,610
11.03%
1,060,598
3,181,795
4,242,393
4,242,394
4,242,394
4,242,394
4,242,394
64,429,087
81,398,663
946,989
2,840,966
3,787,955
3,787,954
3,787,954
3,787,954
3,787,954
71,487,573
86,639,389
907,996
2,723,989
3,631,985
3,631,986
44,267,794
-
-
-
47,899,780
790,923
2,372,770
3,163,693
3,163,694
3,163,694
49,010,829
-
-
55,338,217
881,572
2,644,715
3,526,287
3,526,287
3,526,287
3,526,287
3,526,287
44,335,883
58,441,031
834,666
2,503,998
3,338,664
3,338,664
3,338,664
3,338,664
3,338,664
52,801,231
66,155,887
325,485
10,211,261
10,536,746
17.79%
3,061,416
32,410,040
35,471,456
31,389,881
-
27,313,531
-
-
-
-
-
-
-
686,017
13,717,969
14,403,986
13,031,952
-
-
58,703,412
2,748,139
8,244,417
10,992,556
37,583,968
33,920,086
30,262,820
-
-
-
-
13,031,952
101,766,874
328,182
328,182
328,182
5,691,198
7,003,926
329,279
5,391,004
-
-
6,049,562
421,944
421,944
421,944
10,086,341
11,774,117
422,637
5,831,097
-
-
-
-
-
-
-
-
-
-
384,530
384,530
7,385,970
7,133,427
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
116,196
348,588
464,784
464,783
464,783
464,783
6,548,565
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
6,676,371
-
-
-
8,539,560
7,563,685
-
-
-
-
-
-
-
80,157
79,761
91,749
91,899
240,472
239,282
275,246
275,698
320,629
319,043
366,995
367,597
3,881,082
-
3,881,082
320,629
319,042
366,994
367,597
-
95,816
86,777
93,556
83,613
55,213
60,213
75,819
110,739
287,449
260,331
280,669
250,839
165,638
383,265
6,296,355
347,108
6,333,114
374,225
334,452
374,225
334,453
220,851
3,194,800
4,083,492
4,143,705
-
227,458
332,216
303,277
3,682,353
442,955
5,600,079
141,246
8,362,253
8,503,499
-
90,771
67,470
272,312
363,083
5,260,818
4,085,912
4,153,382
-
320,629
320,629
5,880,850
7,163,366
319,042
5,265,385
-
6,222,511
366,994
366,994
9,039,318
10,507,294
367,597
4,989,668
320,629
319,042
366,994
367,597
-
-
-
-
-
-
-
-
-
-
-
6,092,459
-
6,296,355
6,333,114
6,852,419
374,225
6,103,969
334,453
334,453
334,453
6,323,623
7,661,435
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
3,194,800
-
3,682,353
5,600,079
-
5,260,818
-
7,942,914
113,501
340,502
454,003
454,003
454,003
454,003
454,003
6,397,801
8,213,813
580,980
580,980
580,980
11,366,149
13,690,069
293,219
4,183,575
4,770,013
141,902
71,597
425,707
214,790
567,609
286,387
-
5,163,298
-
5,163,298
-
133,501
6,228,634
6,362,135
441,388
6,385,839
271,124
4,407,670
-
524,572
632,969
535,489
417,994
-
-
702,233
537,915
676,238
920,588
-
524,572
632,969
535,489
417,994
-
-
-
-
-
-
524,572
9,017,708
11,115,996
632,969
17,624,247
20,156,123
535,489
16,868,345
19,010,301
417,994
10,373,415
12,045,391
-
-
-
-
-
6,385,839
4,407,670
12,972,704
702,233
10,866,005
537,915
537,915
14,287,204
16,438,864
676,238
11,017,735
-
13,046,449
920,588
920,588
24,598,494
28,280,846
128,125
154,600
130,791
102,093
107,787
66,200
171,606
131,472
165,257
224,939
384,374
463,801
392,374
306,280
323,360
198,600
514,819
394,416
495,772
674,816
512,499
618,401
523,165
408,373
431,147
264,800
686,425
525,888
661,029
899,755
-
567,609
286,387
-
512,499
618,402
523,166
408,374
-
567,609
286,387
-
512,499
618,402
523,166
408,374
431,146
6,238,848
264,800
4,306,155
686,425
525,889
661,029
899,755
686,425
525,889
661,029
899,755
-
-
-
-
567,609
567,609
11,672,179
13,942,615
286,387
4,087,287
-
-
4,946,448
-
-
512,499
618,402
523,166
408,374
-
-
686,425
525,889
661,029
899,755
512,499
9,322,674
11,372,670
618,402
14,100,867
16,574,475
523,166
13,871,576
15,964,240
408,374
10,543,055
12,176,551
-
-
-
-
6,669,994
4,570,955
686,425
10,616,171
13,361,871
525,889
13,962,937
16,066,493
661,029
10,764,497
13,408,613
899,755
24,037,040
27,636,060
-
-
-
-
-
352,647
1,057,940
1,410,587
1,410,587
1,410,587
1,410,587
1,410,587
21,265,895
26,908,243
345,808
1,037,423
1,383,231
1,383,230
1,383,230
1,383,230
1,383,230
22,161,415
27,694,335
593,936
791,915
791,915
791,915
791,915
791,915
14,457,206
17,624,866
911,720
1,215,627
1,215,627
1,215,627
21,403,513
-
-
23,834,767
791,820
1,055,760
1,055,760
1,055,760
1,055,760
1,055,760
20,595,659
24,818,699
368,075
673,563
490,767
10,557,968
898,084
898,085
-
-
898,085
15,080,872
-
-
-
-
10,557,968
16,877,042
194,336
299,678
262,032
122,598
-
583,009
777,345
777,345
777,345
777,345
777,345
14,910,973
18,020,353
899,035
1,198,713
1,198,713
1,198,713
1,198,713
20,916,464
-
24,512,603
786,096
1,048,128
1,048,128
1,048,128
1,048,128
1,048,128
21,232,292
25,424,804
367,794
490,392
490,391
10,323,176
-
-
-
-
-
-
-
-
-
-
10,813,567
-
593
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
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
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.
Ampla Energía S.A.
Ampla Energía S.A.
Ampla Energía S.A.
Ampla Energía S.A.
Ampla Energía S.A.
Ampla Energía S.A.
Brasil
Brasil
Brasil
Brasil
Brasil
Brasil
Bonos 1ª Serie 16
Bonos 1ª Serie 17
Bonos 1ª Serie 18
Bonos 2ª Serie 26
Bonos 2ª Serie 27
Bonos 2ª Serie 28
Colombia
Colombia
Colombia
B102
B103
B604
Colombia
Bonos B12-13
Colombia
Bonos B5-13
Colombia
Bonos B7-14
Brasil
Brasil
Itaú 1
Itaú 2
Brasil
Brasil
Brasil
Brasil
Brasil
Brasil
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Brasil
Brasil
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
Real
Real
Real
Real
Real
Real
$ Col
$ Col
$ Col
$ Col
$ Col
$ Col
Real
Real
Soles
Soles
US$
US$
US$
US$
US$
US$
US$
Soles
Soles
Soles
Soles
Soles
Soles
Soles
Soles
Soles
Soles
Soles
Soles
Soles
Soles
Soles
Soles
Soles
Soles
Soles
Soles
Soles
Soles
Soles
Soles
Soles
Soles
Soles
Soles
13.66%
13.71%
14.69%
13.55%
15.35%
14.69%
12.03%
12.29%
10.56%
11.50%
10.56%
10.15%
13.77%
17.07%
6.41%
6.38%
6.44%
7.93%
7.25%
6.73%
6.09%
5.86%
6.57%
7.22%
8.16%
8.00%
5.91%
6.63%
6.94%
7.13%
7.44%
8.06%
5.56%
7.03%
8.75%
6.28%
6.06%
6.50%
7.06%
5.00%
5.13%
6.75%
7.28%
6.50%
7.38%
6.78%
6.34%
5.84%
6.34%
4.81%
6.13%
13.75%
13.89%
14.91%
16.89%
14.91%
11.52%
11.76%
10.17%
9.78%
13.99%
6.31%
6.28%
6.34%
7.78%
7.13%
6.63%
6.00%
5.78%
6.47%
7.09%
8.00%
7.85%
5.82%
6.52%
6.82%
7.00%
7.30%
7.91%
5.49%
6.91%
8.57%
6.19%
5.97%
6.40%
6.94%
4.94%
5.06%
6.64%
7.15%
6.40%
7.24%
6.67%
6.25%
5.76%
6.25%
4.76%
6.03%
246,137
246,959
316,458
316,978
328,183
329,279
421,944
422,637
110,163
7,244,456
7,354,619
7,297,112
7,396,882
288,398
322,693
384,531
430,257
56,529
3,213,571
3,270,100
3,768,393
5,732,006
92,940
5,291,865
5,384,805
-
-
-
-
-
-
-
-
435,735
219,914
393,429
474,727
401,617
313,495
331,041
203,343
526,675
403,436
507,179
690,441
-
-
-
-
-
-
580,980
293,219
524,572
632,969
535,489
417,993
702,233
537,915
676,239
920,588
82,046
82,320
105,486
105,659
99,770
96,133
107,564
3,768,393
5,732,006
-
-
-
-
-
-
145,245
73,305
131,143
158,242
133,872
104,498
110,347
67,781
175,558
134,479
169,060
230,147
197,979
303,907
263,940
122,692
224,521
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
328,182
329,279
421,944
422,637
384,530
430,258
580,980
293,219
524,572
632,969
535,489
417,994
702,233
537,915
676,238
920,588
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
Banco Continental
Banco Continental
Banco Continental
Banco Continental
Banco Continental
Banco Scotiabank
Banco Scotiabank
Banco Scotiabank
Banco Scotiabank
AFP Horizonte
AFP Integra
AFP Integra
AFP Integra
AFP Prima
AFP Prima
AFP Prima
AFP Prima
AFP Profuturo
FCR - Macrofondo
FCR - Macrofondo
Fondo -Fosersoe
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
Interseguro Cia de Seguros
Consolidated Financial Statements Tax ID Number
Company
Country
Financial Institucion
Country
Currency
Effective
interest rate
Nominal
interest rate
Current
Non-current
Non-current
12-31-2015
12-31-2014
Current
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
Bonos A-10
Emgesa S.A. E.S.P.
Colombia
Bonos A102
Emgesa S.A. E.S.P.
Colombia
Bonos B09-09
Emgesa S.A. E.S.P.
Colombia
Bonos B10
Emgesa S.A. E.S.P.
Colombia
Bonos B-103
Emgesa S.A. E.S.P.
Colombia
Bonos B12
Emgesa S.A. E.S.P.
Colombia
Bonos B15
Emgesa S.A. E.S.P.
Colombia
Bonos B6-13
Emgesa S.A. E.S.P.
Colombia
Bonos B6-14
Emgesa S.A. E.S.P.
Colombia
Bonos exterior
Emgesa S.A. E.S.P.
Colombia
Bonos quimbo
Emgesa S.A. E.S.P.
Colombia
Bonos Quimbo B10
Emgesa S.A. E.S.P.
Colombia
Bonos Quimbo B10-14
Emgesa S.A. E.S.P.
Colombia
Bonos Quimbo B12-13
Emgesa S.A. E.S.P.
Colombia
Bonos Quimbo B15
Emgesa S.A. E.S.P.
Colombia
Bonos Quimbo B16-14
Emgesa S.A. E.S.P.
Colombia
Bonos Quimbo B6-13
Emgesa S.A. E.S.P.
Colombia
Bonos Quimbo B6-14
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.
91.081.000-6
Endesa Chile S.A.
91.081.000-6
Endesa Chile S.A.
94.271.000-3
Enersis S.A.
94.271.000-3
Enersis S.A.
94.271.000-3
Enersis S.A.
Chile
Chile
Chile
Chile
Chile
Chile
Chile
Chile
Chile
Chile
Banco Santander 522
Serie-M
Banco Santander -317
Serie-H
BNY Mellon - 144 - A
BNY Mellon - Primera
Emisión S-2
BNY Mellon - Primera
Emisión S-3
BNY Mellon - Unica 24296
BNY Mellon - Primera
Emisión S-1
Bonos UF 269
Yankee bonos 2016
Yankee bonos 2026
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Chile
Chile
E.E.U.U.
E.E.U.U.
E.E.U.U.
E.E.U.U.
E.E.U.U.
Chile
E.E.U.U.
E.E.U.U.
$ Col
$ Col
$ Col
$ Col
$ Col
$ Col
$ Col
$ Col
$ Col
$ Col
$ Col
$ Col
$ Col
$ Col
$ Col
$ Col
$ Col
$ Col
U.F.
U.F.
US$
US$
US$
US$
US$
U.F.
US$
US$
8.87%
8.87%
12.67%
12.54%
11.87%
12.88%
12.87%
10.91%
10.03%
10.17%
10.17%
10.13%
10.46%
11.71%
10.26%
10.81%
10.91%
10.03%
4.82%
7.17%
8.83%
7.40%
8.26%
4.32%
7.96%
7.02%
7.76%
7.76%
Less than 90
days
More than 90
days
Total Current
One to two
years
Two to three years
Three to four
Four to five
Over five
Total Non-
Less than 90
More than 90
years
years
years
current
days
days
Total Current
One to two
Two to three
Three to four
Four to five
years
years
years
years
Over five
years
Total Non-
current
8.59%
8.59%
-
-
-
-
-
-
-
-
-
-
53,979,516
10,281,812
-
-
53,979,516
10,281,812
-
-
12.11%
1,318,361
3,955,083
5,273,444
5,273,444
52,249,218
57,522,662
1,213,148
3,639,445
4,852,593
4,852,593
4,852,593
58,216,407
-
-
11.99%
11.87%
12.30%
12.29%
10.49%
9.67%
10.17%
10.17%
966,592
2,899,777
3,866,369
3,866,370
3,866,370
36,715,143
44,447,883
882,562
2,647,687
3,530,249
3,530,250
3,530,250
3,530,250
41,216,421
1,116,102
3,348,305
4,464,407
39,054,871
39,054,871
982,211
2,946,634
3,928,845
3,928,846
43,805,925
551,017
1,653,050
2,204,067
2,204,066
2,204,066
2,204,066
2,204,066
21,473,245
30,289,509
509,006
1,527,019
2,036,025
2,036,026
2,036,026
2,036,026
2,036,026
25,961,808
34,105,912
344,557
1,033,670
1,378,227
1,378,226
1,378,226
1,378,226
1,378,226
16,871,733
22,384,637
949,671
1,266,228
1,266,228
1,266,228
1,266,228
1,266,228
19,363,519
24,428,431
258,219
774,658
1,032,877
1,032,878
1,032,878
11,916,341
13,982,097
684,309
912,412
912,412
912,412
912,412
13,233,669
15,970,905
518,847
1,556,541
2,075,388
2,075,389
2,075,389
2,075,389
25,654,089
31,880,256
453,662
1,360,986
1,814,648
1,814,647
1,814,647
1,814,647
1,814,647
28,677,414
35,936,002
515,898
1,547,693
2,063,591
2,063,591
2,063,591
2,063,591
2,063,591
20,454,156
28,708,520
581,078
1,743,234
2,324,312
2,324,312
2,324,312
2,324,312
2,324,312
25,362,714
34,659,962
316,557
228,103
3,707,356
11,122,068
14,829,424
14,829,424
14,829,424
14,829,424
14,829,424
146,988,109
206,305,805
4,175,756
12,527,267
16,703,023
16,703,023
16,703,023
16,703,023
16,703,023
182,262,097
249,074,189
9.77%
1,443,011
4,329,034
5,772,045
5,772,045
5,772,045
5,772,045
5,772,045
79,151,390
102,239,570
1,246,095
3,738,285
4,984,380
4,984,380
4,984,380
4,984,380
4,984,380
91,102,169
111,039,689
10.08%
921,801
2,765,403
3,687,204
3,687,204
3,687,204
3,687,204
3,687,204
54,611,375
69,360,191
816,008
2,448,025
3,264,033
3,264,033
3,264,033
3,264,033
3,264,033
61,737,690
74,793,822
11.23%
2,046,250
6,138,749
8,184,999
8,184,998
8,184,998
8,184,998
8,184,998
120,690,336
153,430,328
1,843,223
5,529,669
7,372,892
7,372,892
7,372,892
7,372,892
7,372,892
134,542,069
164,033,637
9.89%
10.39%
10.49%
9.67%
4.75%
6.20%
8.63%
7.33%
8.13%
4.25%
7.88%
5.75%
7.40%
6.60%
975,333
2,925,998
3,901,331
3,901,331
3,901,331
3,901,331
3,901,331
72,380,849
87,986,173
845,671
2,537,012
3,382,683
3,382,682
3,382,682
3,382,682
3,382,682
77,827,476
91,358,204
832,281
2,496,844
3,329,125
3,329,126
3,329,126
3,329,126
3,329,126
67,969,888
81,286,392
743,130
2,229,390
2,972,520
2,972,520
2,972,520
2,972,520
2,972,520
72,211,138
84,101,218
796,647
2,389,940
3,186,587
3,186,587
3,186,587
36,763,745
43,136,919
703,731
2,111,194
2,814,925
2,814,926
2,814,926
2,814,926
40,827,900
49,272,678
618,230
1,854,690
2,472,920
2,472,920
2,472,920
2,472,920
30,568,013
37,986,773
540,559
1,621,676
2,162,235
2,162,235
2,162,235
2,162,235
2,162,235
34,170,442
42,819,382
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
654,291
5,230,040
5,884,331
5,728,780
5,564,286
5,390,333
5,206,378
7,441,327
29,331,104
790,690
5,336,045
6,126,735
5,948,045
5,759,080
5,559,249
5,347,928
12,363,802
34,978,104
3,005,941
186,268,331
189,274,272
-
2,820,606
8,461,818
11,282,424
162,940,478
-
162,940,478
9,793
29,378
39,171
39,170
39,170
39,170
39,170
843,993
1,000,673
8,643
25,929
34,572
34,572
34,572
34,572
34,572
763,049
901,337
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
67,921,593
51,807,171
47,734,771
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
6,203,670
18,611,010
24,814,680
24,814,680
24,814,680
24,814,680
35,548,589
355,689,165
465,681,794
2,174,007
11,394,304
13,568,311
12,957,238
12,346,166
11,735,094
11,124,022
73,777,578
121,940,098
2,641,806
124,978,079
127,619,885
-
789,495
2,368,484
3,157,979
3,157,979
3,157,979
3,157,979
3,157,979
77,747,246
90,379,162
502,137
1,506,412
2,008,549
2,008,549
2,008,549
2,008,549
2,008,549
168,757,572
176,791,768
2,621,139
7,863,416
10,484,555
10,484,554
10,484,554
10,484,554
10,484,554
290,965,550
332,903,766
2,474,039
7,422,118
9,896,157
9,896,157
9,896,157
9,896,157
9,896,157
195,949,534
235,534,162
-
-
-
-
-
-
-
-
Totales
83,809,574
390,616,529
474,426,103
364,189,519
303,125,018
255,703,034
158,563,512
893,873,232
1,975,454,315
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
594
2015 Annual Report Enersis
13,982,097
31,880,256
453,662
1,360,986
1,814,648
1,814,647
1,814,647
1,814,647
1,814,647
28,677,414
35,936,002
344,557
1,033,670
1,378,227
1,378,226
1,378,226
1,378,226
1,378,226
16,871,733
22,384,637
316,557
228,103
949,671
1,266,228
1,266,228
1,266,228
1,266,228
1,266,228
19,363,519
24,428,431
684,309
912,412
912,412
912,412
912,412
13,233,669
-
15,970,905
258,219
774,658
1,032,877
1,032,878
1,032,878
11,916,341
-
518,847
1,556,541
2,075,388
2,075,389
2,075,389
2,075,389
25,654,089
-
-
Tax ID Number
Company
Country
Financial Institucion
Country
Currency
Effective
Nominal
interest rate
interest rate
Current
Non-current
12-31-2014
Current
Non-current
Less than 90
More than 90
days
days
Total Current
One to two
years
Two to three years
Three to four
years
Four to five
years
Over five
years
Total Non-
current
Less than 90
days
More than 90
days
Total Current
One to two
years
Two to three
years
Three to four
years
Four to five
years
Over five
years
Total Non-
current
12.11%
1,318,361
3,955,083
5,273,444
5,273,444
52,249,218
-
-
-
-
-
966,592
2,899,777
3,866,369
3,866,370
3,866,370
36,715,143
1,116,102
3,348,305
4,464,407
39,054,871
-
-
-
-
-
-
-
-
-
-
-
-
-
-
53,979,516
10,281,812
-
-
53,979,516
10,281,812
-
-
-
-
-
-
-
-
57,522,662
1,213,148
3,639,445
4,852,593
4,852,593
4,852,593
58,216,407
-
-
44,447,883
882,562
2,647,687
3,530,249
3,530,250
3,530,250
3,530,250
41,216,421
39,054,871
982,211
2,946,634
3,928,845
3,928,846
43,805,925
-
-
-
-
-
-
-
-
67,921,593
51,807,171
47,734,771
551,017
1,653,050
2,204,067
2,204,066
2,204,066
2,204,066
2,204,066
21,473,245
30,289,509
509,006
1,527,019
2,036,025
2,036,026
2,036,026
2,036,026
2,036,026
25,961,808
34,105,912
Emgesa S.A. E.S.P.
Colombia
Bonos A-10
Emgesa S.A. E.S.P.
Colombia
Bonos A102
Emgesa S.A. E.S.P.
Colombia
Bonos B09-09
Emgesa S.A. E.S.P.
Colombia
Bonos B10
Emgesa S.A. E.S.P.
Colombia
Bonos B-103
Emgesa S.A. E.S.P.
Colombia
Bonos B12
Emgesa S.A. E.S.P.
Colombia
Bonos B15
Emgesa S.A. E.S.P.
Colombia
Bonos B6-13
Emgesa S.A. E.S.P.
Colombia
Bonos B6-14
Emgesa S.A. E.S.P.
Colombia
Bonos exterior
Emgesa S.A. E.S.P.
Colombia
Bonos quimbo
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
Bonos Quimbo B15
Emgesa S.A. E.S.P.
Colombia
Bonos Quimbo B16-14
Emgesa S.A. E.S.P.
Colombia
Bonos Quimbo B6-13
Emgesa S.A. E.S.P.
Colombia
Bonos Quimbo B6-14
91.081.000-6
Endesa Chile S.A.
Emisión S-3
91.081.000-6
Endesa Chile S.A.
BNY Mellon - Unica 24296
BNY Mellon - Primera
E.E.U.U.
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.
94.271.000-3
Enersis S.A.
94.271.000-3
Enersis S.A.
94.271.000-3
Enersis S.A.
Chile
Chile
Chile
Chile
Chile
Chile
Chile
Chile
Chile
Chile
Banco Santander 522
Serie-M
Serie-H
Banco Santander -317
BNY Mellon - 144 - A
BNY Mellon - Primera
Emisión S-2
BNY Mellon - Primera
Emisión S-1
Bonos UF 269
Yankee bonos 2016
Yankee bonos 2026
Totales
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Chile
Chile
E.E.U.U.
E.E.U.U.
E.E.U.U.
E.E.U.U.
Chile
E.E.U.U.
E.E.U.U.
$ Col
$ Col
$ Col
$ Col
$ Col
$ Col
$ Col
$ Col
$ Col
$ Col
$ Col
$ Col
$ Col
$ Col
$ Col
$ Col
$ Col
$ Col
U.F.
U.F.
US$
US$
US$
US$
US$
U.F.
US$
US$
8.87%
8.87%
12.67%
12.54%
11.87%
12.88%
12.87%
10.91%
10.03%
10.17%
10.17%
10.13%
10.46%
11.71%
10.26%
10.81%
10.91%
10.03%
4.82%
7.17%
8.83%
7.40%
8.26%
4.32%
7.96%
7.02%
7.76%
7.76%
8.59%
8.59%
11.99%
11.87%
12.30%
12.29%
10.49%
9.67%
10.17%
10.17%
9.89%
10.39%
10.49%
9.67%
4.75%
6.20%
8.63%
7.33%
8.13%
4.25%
7.88%
5.75%
7.40%
6.60%
12-31-2015
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Emgesa S.A. E.S.P.
Colombia
Bonos Quimbo B10
9.77%
1,443,011
4,329,034
5,772,045
5,772,045
5,772,045
5,772,045
5,772,045
79,151,390
102,239,570
1,246,095
3,738,285
4,984,380
4,984,380
4,984,380
4,984,380
4,984,380
91,102,169
111,039,689
Emgesa S.A. E.S.P.
Colombia
Bonos Quimbo B10-14
10.08%
921,801
2,765,403
3,687,204
3,687,204
3,687,204
3,687,204
3,687,204
54,611,375
69,360,191
816,008
2,448,025
3,264,033
3,264,033
3,264,033
3,264,033
3,264,033
61,737,690
74,793,822
Emgesa S.A. E.S.P.
Colombia
Bonos Quimbo B12-13
11.23%
2,046,250
6,138,749
8,184,999
8,184,998
8,184,998
8,184,998
8,184,998
120,690,336
153,430,328
1,843,223
5,529,669
7,372,892
7,372,892
7,372,892
7,372,892
7,372,892
134,542,069
164,033,637
515,898
1,547,693
2,063,591
2,063,591
2,063,591
2,063,591
2,063,591
20,454,156
28,708,520
581,078
1,743,234
2,324,312
2,324,312
2,324,312
2,324,312
2,324,312
25,362,714
34,659,962
3,707,356
11,122,068
14,829,424
14,829,424
14,829,424
14,829,424
14,829,424
146,988,109
206,305,805
4,175,756
12,527,267
16,703,023
16,703,023
16,703,023
16,703,023
16,703,023
182,262,097
249,074,189
975,333
2,925,998
3,901,331
3,901,331
3,901,331
3,901,331
3,901,331
72,380,849
87,986,173
845,671
2,537,012
3,382,683
3,382,682
3,382,682
3,382,682
3,382,682
77,827,476
91,358,204
832,281
2,496,844
3,329,125
3,329,126
3,329,126
3,329,126
3,329,126
67,969,888
81,286,392
743,130
2,229,390
2,972,520
2,972,520
2,972,520
2,972,520
2,972,520
72,211,138
84,101,218
796,647
2,389,940
3,186,587
3,186,587
3,186,587
36,763,745
-
618,230
1,854,690
2,472,920
2,472,920
2,472,920
2,472,920
30,568,013
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
43,136,919
703,731
2,111,194
2,814,925
2,814,926
2,814,926
2,814,926
40,827,900
-
49,272,678
37,986,773
540,559
1,621,676
2,162,235
2,162,235
2,162,235
2,162,235
2,162,235
34,170,442
42,819,382
-
-
-
-
-
-
-
6,203,670
18,611,010
24,814,680
24,814,680
24,814,680
24,814,680
35,548,589
355,689,165
465,681,794
2,174,007
11,394,304
13,568,311
12,957,238
12,346,166
11,735,094
11,124,022
73,777,578
121,940,098
2,641,806
124,978,079
127,619,885
-
-
-
-
-
-
789,495
2,368,484
3,157,979
3,157,979
3,157,979
3,157,979
3,157,979
77,747,246
90,379,162
502,137
1,506,412
2,008,549
2,008,549
2,008,549
2,008,549
2,008,549
168,757,572
176,791,768
2,621,139
7,863,416
10,484,555
10,484,554
10,484,554
10,484,554
10,484,554
290,965,550
332,903,766
2,474,039
7,422,118
9,896,157
9,896,157
9,896,157
9,896,157
9,896,157
195,949,534
235,534,162
654,291
5,230,040
5,884,331
5,728,780
5,564,286
5,390,333
5,206,378
7,441,327
29,331,104
790,690
5,336,045
6,126,735
5,948,045
5,759,080
5,559,249
5,347,928
12,363,802
34,978,104
3,005,941
186,268,331
189,274,272
-
-
-
-
-
2,820,606
8,461,818
11,282,424
162,940,478
-
-
-
-
162,940,478
9,793
29,378
39,171
39,170
39,170
39,170
39,170
843,993
1,000,673
8,643
25,929
34,572
34,572
34,572
34,572
34,572
763,049
901,337
83,809,574
390,616,529
474,426,103
364,189,519
303,125,018
255,703,034
158,563,512
893,873,232
1,975,454,315
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
595
Consolidated Financial Statements c ) Financial lease obligations
Financial lease obligations by company
Tax ID Number
Company
Country
Tax ID
Number
Creditor
Company
Country
Currency
Nominal
interest rate
Current
12-31-2015
Foreign
Codensa
Colombia
Foreign
Foreign
Codensa
Colombia
Foreign
Union Temporal
Rentacol
Mareauto
Colombia SAS
Codensa
Colombia
Colombia
Less than 90
days
More than 90
days
Total Current
One to two
years
Dos a
Three to four
Four to five
Over five
Total Non-
Less than 90
More than 90
Tres Years
years
years
years
current
days
days
Total Current
One to two
Two to three
Three to four
Four to five
years
years
years
years
Over five
years
Total Non-
current
Colombia
$ Col
10.80%
104,950
284,704
389,654
309,519
$ Col
$ Col
US$
Soles
Soles
Soles
Soles
Soles
Soles
Soles
Soles
Soles
Soles
US$
Soles
US$
$ Col
$ Col
US$
10.08%
3,894
11,011
14,905
14,462
7.27%
2.02%
6.13%
5.79%
5.65%
5.29%
5.95%
6.00%
5.99%
5.98%
5.67%
24,433
35,543
59,976
25,939
-
-
-
-
111,240
88,396
81,772
77,478
68,777
948
-
-
-
-
-
181,920
245,252
232,058
205,694
2,845
-
-
-
-
111,240
270,316
327,024
309,536
274,471
3,793
-
-
-
-
-
-
-
12,127
22,795
70,687
5.13%
174,389
519,118
693,507
682,380
5.80%
5.70%
2.10%
10.80%
6.55%
6.50%
1,905,026
5,600,924
7,505,950
7,201,538
6,897,126
6,592,714
14,774,124
35,465,502
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
649,814
1,909,231
2,559,045
2,451,818
2,344,592
2,237,365
4,986,674
2,584,782
7,682,823
10,267,605
15,644,049
7,331
6,977
-
21,099
20,183
-
28,430
27,160
-
27,912
27,731
-
Non-current
6,468
13,636
-
-
-
-
-
-
-
-
-
-
-
-
-
-
23,306
20,095
12-31-2014
Current
Non-current
2,250,920
6,692,173
8,943,093
8,781,527
13,384,629
22,166,156
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
309,519
20,930
39,575
-
-
-
-
-
-
-
12,127
22,795
70,687
682,380
12,020,449
15,644,049
51,218
47,826
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
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
350,146
324,756
304,515
267,061
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
108,717
265,456
321,384
302,736
266,963
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
108,717
265,456
321,384
302,736
266,963
-
652,199
1,957,446
2,609,645
2,611,991
2,614,490
2,617,151
2,619,984
12,287,815
22,751,431
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Banco Corpbanca
Colombia
Banco Scotiabank
Banco de Interbank
Banco Santander
Peru
Banco de Crédito
Banco de Interbank
Banco Continental
Banco Continental
Banco Continental
Banco Continental
Banco Continental
Banco Santander
Peru
Banco de Crédito
Banco de Crédito
Banco Scotiabank
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Banco Corpbanca
Colombia
Equirent S.A.
Colombia
Foreign
Foreign
Foreign
Edegel S.A.A.
Edelnor S.A.A.
Foreign
Edelnor S.A.A.
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
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.
Foreign
Edelnor S.A.A.
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Foreign
Foreign
Foreign
Foreign
Foreign
EE Piura
EE Piura
Edegel S.A.A.
Emgesa S.A. E.S.P.
Colombia
Emgesa S.A. E.S.P.
Colombia
91.081.000-6
Endesa Chile S.A.
Chile
87.509.100-K
Abengoa Chile
Chile
Totales
5,890,207
16,952,405
22,842,612
26,490,957
9,305,223
8,830,079
19,760,798
-
64,387,057
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
596
2015 Annual Report Enersis
c ) Financial lease obligations
Financial lease obligations by company
Foreign
Codensa
Colombia
Foreign
Colombia
$ Col
10.80%
104,950
284,704
389,654
309,519
Foreign
Codensa
Colombia
Foreign
Colombia
10.08%
3,894
11,011
14,905
14,462
Codensa
Colombia
Banco Corpbanca
Colombia
24,433
35,543
59,976
25,939
Foreign
Edelnor 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.
EE Piura
EE Piura
Edegel S.A.A.
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
Union Temporal
Rentacol
Mareauto
Colombia SAS
Banco Scotiabank
Banco de Interbank
Banco Santander
Peru
Banco de Crédito
Banco de Interbank
Banco Continental
Banco Continental
Banco Continental
Banco Continental
Banco Continental
Banco Santander
Peru
Banco de Crédito
Banco de Crédito
Banco Scotiabank
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
Totales
$ Col
$ Col
US$
Soles
Soles
Soles
Soles
Soles
Soles
Soles
Soles
Soles
Soles
US$
Soles
US$
$ Col
$ Col
US$
7.27%
2.02%
6.13%
5.79%
5.65%
5.29%
5.95%
6.00%
5.99%
5.98%
5.67%
5.80%
5.70%
2.10%
10.80%
6.55%
6.50%
-
-
-
-
111,240
88,396
81,772
77,478
68,777
948
-
-
-
-
-
181,920
245,252
232,058
205,694
2,845
-
-
-
-
111,240
270,316
327,024
309,536
274,471
3,793
-
-
-
-
-
-
-
12,127
22,795
70,687
Foreign
Edelnor S.A.A.
5.13%
174,389
519,118
693,507
682,380
Tax ID Number
Company
Country
Company
Country
Currency
Nominal
interest rate
Current
Tax ID
Number
Creditor
Non-current
12-31-2015
12-31-2014
Current
Non-current
Less than 90
More than 90
days
days
Total Current
One to two
years
Dos a
Tres Years
Three to four
years
Four to five
years
Over five
years
Total Non-
current
Less than 90
days
More than 90
days
Total Current
One to two
years
Two to three
years
Three to four
years
Four to five
years
Over five
years
Total Non-
current
-
6,468
13,636
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Emgesa S.A. E.S.P.
Colombia
Banco Corpbanca
Colombia
Emgesa S.A. E.S.P.
Colombia
Equirent S.A.
Colombia
91.081.000-6
Endesa Chile S.A.
Chile
87.509.100-K
Abengoa Chile
Chile
1,905,026
5,600,924
7,505,950
7,201,538
6,897,126
6,592,714
14,774,124
649,814
1,909,231
2,559,045
2,451,818
2,344,592
2,237,365
4,986,674
2,584,782
7,682,823
10,267,605
15,644,049
7,331
6,977
-
21,099
20,183
-
28,430
27,160
-
27,912
27,731
-
-
23,306
20,095
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
309,519
20,930
39,575
-
-
-
-
-
-
-
12,127
22,795
70,687
682,380
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
2,250,920
6,692,173
8,943,093
8,781,527
13,384,629
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
350,146
324,756
304,515
267,061
-
-
-
-
-
108,717
265,456
321,384
302,736
266,963
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
22,166,156
-
-
-
108,717
265,456
321,384
302,736
266,963
-
-
35,465,502
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
12,020,449
15,644,049
51,218
47,826
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
652,199
1,957,446
2,609,645
2,611,991
2,614,490
2,617,151
2,619,984
12,287,815
22,751,431
5,890,207
16,952,405
22,842,612
26,490,957
9,305,223
8,830,079
19,760,798
-
64,387,057
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
597
Consolidated Financial Statements d ) Other liabilities
f. Other liabilities by company
Tax ID Number
Company
Country
Tax ID
Number
Creditor
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Ampla Energía S.A.
Brazil
Ampla Energía S.A.
Brazil
Cien S.A.
Coelce S.A.
Coelce S.A.
Coelce S.A.
Coelce S.A.
Coelce S.A.
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Central Costanera
S.A.
Central Costanera
S.A.
Argentina
Foreign
Argentina
Foreign
H. El Chocón S.A.
Argentina
Hidroinvest S.A.
Argentina
Foreign
Foreign
Totals
Company
Country
Currency
Nominal
interest rate
Current
12-31-2015
Non-current
Non-current
12-31-2014
Current
Eletrobrás
BNDES
Bndes
Banco do Nordeste
Eletrobras
BNDES
Banco do Brasil
Banco do Brasil
Mitsubishi (deuda
garantizada)
Otros
Otros
Otros
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Argentina
Argentina
Argentina
Argentina
Real
Real
Real
Real
Real
Real
US$
Real
US$
Ar$
Ar$
US$
Less than 90
days
More than 90
days
Total Current
One to two
years
-
-
-
-
Dos a
Three to four
Four to five
Over five
Total Non-
Less than 90
More than 90
Tres Years
years
years
years
current
days
days
Total Current
One to two
Two to three
Three to four
Four to five
years
years
years
years
Over five
years
Total Non-
current
405,054
1,185,145
1,590,199
1,476,915
1,310,337
923,887
406,995
569,694
4,687,828
7,170,765
22,702,647
29,873,412
29,555,949
23,816,520
18,573,479
12,754,861
8,800,388
93,501,197
8,176,081
23,832,151
32,008,232
30,151,983
28,295,732
22,101,795
16,454,992
16,008,608
113,013,110
298,586
868,484
1,167,070
1,094,340
1,200,204
3,489,229
4,689,433
4,392,407
1,021,609
4,095,381
948,878
977,435
447,165
3,511,992
187,708
548,354
736,062
696,676
657,291
617,907
578,521
274,492
2,824,887
9,465,223
1,603,830
4,671,101
6,274,931
5,900,564
5,526,195
5,151,828
1,229,462
17,808,049
693,523
1,569,329
2,262,852
1,878,520
1,681,608
1,485,719
1,223,656
1,609,492
7,878,995
795,871
2,331,766
3,127,637
2,928,324
2,610,994
2,351,880
2,094,052
4,093,070
14,078,320
6.57%
9.17%
8.33%
7.85%
6.10%
10.43%
2,314,061
7,646,652
9,960,713
10,148,604
9,382,994
8,617,385
5,533,315
3,928,496
37,610,794
2,429,804
7,097,903
9,527,707
9,017,025
8,506,344
7,995,663
7,484,981
6,508,647
39,512,660
52.56%
12.63%
20,770
62,310
83,080
83,080
83,079
83,080
83,080
2,247,602
2,579,921
17,726
53,177
70,903
70,902
70,902
70,902
70,902
1,993,373
2,276,981
-
-
-
-
1,963,184
5,889,552
7,852,736
24,836,144
22,872,959
20,909,775
18,946,591
87,565,469
0.25%
590,129
1,768,176
2,358,305
5,810,613
1,792,235
1,883,493
1,937,302
23,273,695
34,697,338
9,523
1,850,404
1,859,927
671,565
670,617
669,670
808,784
23,886,776
26,707,412
17.29%
-
-
-
-
23.59%
2,347,678
14,015,924
16,363,602
4,358,417
681,224
5,039,641
127,042
7,769,157
1,945,985
2.53%
898
196,109
197,007
-
1,097,278
1,294,252
2,391,530
381,125
168,039
508,167
168,991
952
-
-
-
-
-
-
-
-
-
-
9,715,142
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
14,636,614
52,318,860
66,955,474
57,321,930
42,554,650
32,569,469
21,979,379
39,859,673
194,285,101
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
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
598
2015 Annual Report Enersis
d ) Other liabilities
f. Other liabilities by company
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Ampla Energía S.A.
Brazil
Ampla Energía S.A.
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Cien S.A.
Coelce S.A.
Coelce S.A.
Coelce S.A.
Coelce S.A.
Coelce S.A.
S.A.
S.A.
Central Costanera
Argentina
Foreign
Central Costanera
Argentina
Foreign
H. El Chocón S.A.
Argentina
Hidroinvest S.A.
Argentina
Eletrobrás
BNDES
Bndes
Eletrobras
BNDES
Banco do Brasil
Banco do Brasil
Mitsubishi (deuda
garantizada)
Otros
Otros
Otros
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Argentina
Argentina
Argentina
Argentina
6.57%
9.17%
8.33%
7.85%
6.10%
52.56%
12.63%
17.29%
Real
Real
Real
Real
Real
Real
US$
Real
US$
Ar$
Ar$
US$
Tax ID
Number
Creditor
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Totals
12-31-2015
-
-
-
-
-
-
-
-
-
-
-
-
-
Tax ID Number
Company
Country
Company
Country
Currency
Nominal
interest rate
Current
Non-current
12-31-2014
Current
Non-current
Less than 90
More than 90
days
days
Total Current
One to two
years
Dos a
Tres Years
Three to four
years
Four to five
years
Over five
years
Total Non-
current
Less than 90
days
More than 90
days
Total Current
One to two
years
Two to three
years
Three to four
years
Four to five
years
Over five
years
Total Non-
current
7,170,765
22,702,647
29,873,412
29,555,949
23,816,520
18,573,479
12,754,861
8,800,388
93,501,197
8,176,081
23,832,151
32,008,232
30,151,983
28,295,732
22,101,795
16,454,992
16,008,608
113,013,110
-
-
-
-
-
405,054
1,185,145
1,590,199
1,476,915
1,310,337
923,887
406,995
569,694
4,687,828
Banco do Nordeste
1,200,204
3,489,229
4,689,433
4,392,407
298,586
868,484
1,167,070
1,094,340
1,021,609
4,095,381
948,878
977,435
447,165
-
-
-
3,511,992
187,708
548,354
736,062
696,676
657,291
617,907
578,521
274,492
2,824,887
9,465,223
1,603,830
4,671,101
6,274,931
5,900,564
5,526,195
5,151,828
1,229,462
-
17,808,049
693,523
1,569,329
2,262,852
1,878,520
1,681,608
1,485,719
1,223,656
1,609,492
7,878,995
795,871
2,331,766
3,127,637
2,928,324
2,610,994
2,351,880
2,094,052
4,093,070
14,078,320
10.43%
2,314,061
7,646,652
9,960,713
10,148,604
9,382,994
8,617,385
5,533,315
3,928,496
37,610,794
2,429,804
7,097,903
9,527,707
9,017,025
8,506,344
7,995,663
7,484,981
6,508,647
39,512,660
20,770
62,310
83,080
83,080
83,079
83,080
83,080
2,247,602
2,579,921
17,726
53,177
70,903
70,902
70,902
70,902
70,902
1,993,373
2,276,981
-
-
-
-
-
1,963,184
5,889,552
7,852,736
24,836,144
22,872,959
20,909,775
18,946,591
-
87,565,469
0.25%
590,129
1,768,176
2,358,305
5,810,613
1,792,235
1,883,493
1,937,302
23,273,695
34,697,338
9,523
1,850,404
1,859,927
671,565
670,617
669,670
808,784
23,886,776
26,707,412
23.59%
2,347,678
14,015,924
16,363,602
4,358,417
2.53%
898
196,109
197,007
-
681,224
-
-
-
-
-
-
-
-
-
-
-
1,097,278
1,294,252
2,391,530
-
-
5,039,641
127,042
-
952
381,125
168,039
508,167
168,991
7,769,157
1,945,985
-
-
-
-
-
-
-
-
-
-
-
-
9,715,142
-
14,636,614
52,318,860
66,955,474
57,321,930
42,554,650
32,569,469
21,979,379
39,859,673
194,285,101
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
599
Consolidated Financial Statements Appendix 6 Details of Assets and
Liabilities in Foreign Currency
This appendix forms an integral part of the Enersis Américas financial statements.
The detail of assets and liabilities denominated in foreign currencies is the following:
ASSETS
Foreign Currency
Functional Currency
12-31-2015
ThCh$
12-31-2014
ThCh$
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
NON CURRENT ASSETS
Investments accounted for using the equity method
Goodwill
TOTAL NON-CURRENT ASSETS
TOTAL ASSETS
U.S. dollar
U.S. dollar
U.S. dollar
U.S. dollar
Argentine peso
Chilean peso
Argentine peso
U.S. dollar
U.S. dollar
Colombian peso
Argentine peso
Brazilian real
Brazilian real
Colombian peso
Peruvian Nuevo sol
Argentine peso
U.S. dollar
Dólar
Chilean peso
Colombian peso
Peruvian nuevo sol
Argentine peso
U.S. dollar
U.S. dollar
Chilean peso
Chilean peso
Peruvian nuevo sol
Chilean peso
Chilean peso
Chilean peso
Chilean peso
Chilean peso
Chilean peso
Chilean peso
Chilean peso
Peso chileno
22,124,481
6,606,837
195,597
14,024,599
1,297,448
-
-
-
-
-
-
22,124,481
22,124,481
29,737,877
29,494,468
243,409
362,139,818
6,675,472
202,286,652
9,687,963
138,737,427
4,752,304
-
391,877,695
414,002,176
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
348,588,680
348,588,680
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
849,151,857
Current Liabilities
Non-current Liabilities
Current Liabilities
Non-current Liabilities
12-31-2015
12-31-2014
Foreign
Currency
Functional
Currency
90 days
or less
91 days
to 1 year
ThCh$
ThCh$
Total
Current
One to two
years
Two to
three years
Three to
four years
Four to five
years
Over five
years
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
90 days
or less
91 days
to 1 year
ThCh$
ThCh$
Total
Current
One to two
Two to
years
three years
Three to
four years
ThCh$
ThCh$
ThCh$
Four to five
Over five
years
ThCh$
years
ThCh$
Total
no
Current
Total
Non-current
LIABILITES
Other
current
financial
liabilities
TOTAL
LIABILITIES
U.S. dollar
39,350,461 220,635,283 259,985,744
34,667,125
36,469,943
15,535,676
24,641,590
36,451,631
147,765,965
27,290,627
194,911,470 222,202,097 264,874,981
71,011,720
60,603,646
42,762,853
804,987,364
1,244,240,564
U.S. dollar
Chilean peso
3,015,734
186,297,709
189,313,443
U.S. dollar
Brazilian real
20,770
62,310
83,080
39,170
83,080
39,170
83,079
39,170
83,080
39,170
843,993
83,080
2,247,602
1,000,673
12,530,333 155,604,278
168,134,611
191,134,280
28,196,301
28,198,962
28,201,795
746,470,766
1,022,202,104
2,579,921
17,726
53,177
70,903
70,902
70,902
70,902
70,902
1,993,373
2,276,981
U.S. dollar
Peruvian nuevo
sol
31,821,714
32,310,979
64,132,693
28,734,262
34,555,459
13,529,933
22,582,038
10,086,341
109,488,033
11,923,154
25,181,231
37,104,385
71,958,836
42,073,900
31,664,112
13,681,372
32,636,449
192,014,669
U.S. dollar
Argentine peso
4,492,243
1,964,285
6,456,528
5,810,613
1,792,235
1,883,493
1,937,302
23,273,695
34,697,338
2,819,414
14,072,784
16,892,198
1,710,963
670,617
669,670
808,784
23,886,776
27,746,810
39,350,461 220,635,283 259,985,744
34,667,125
36,469,943
15,535,676
24,641,590
36,451,631
147,765,965
27,290,627
194,911,470 222,202,097 264,874,981
71,011,720
60,603,646
42,762,853
804,987,364
1,244,240,564
600
2015 Annual Report Enersis
Appendix 6 Details of Assets and
Liabilities in Foreign Currency
This appendix forms an integral part of the Enersis Américas financial statements.
The detail of assets and liabilities denominated in foreign currencies is the following:
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
NON CURRENT ASSETS
Investments accounted for using the equity method
Goodwill
TOTAL NON-CURRENT ASSETS
TOTAL ASSETS
LIABILITES
Other
current
financial
liabilities
TOTAL
LIABILITIES
ASSETS
Foreign Currency
Functional Currency
12-31-2015
ThCh$
12-31-2014
ThCh$
U.S. dollar
U.S. dollar
U.S. dollar
U.S. dollar
Argentine peso
Chilean peso
Argentine peso
U.S. dollar
U.S. dollar
Colombian peso
Argentine peso
Brazilian real
Brazilian real
Colombian peso
Peruvian Nuevo sol
Argentine peso
U.S. dollar
Dólar
Chilean peso
Colombian peso
Peruvian nuevo sol
Argentine peso
U.S. dollar
U.S. dollar
Chilean peso
Chilean peso
Chilean peso
Chilean peso
Chilean peso
Peruvian nuevo sol
Chilean peso
Chilean peso
Chilean peso
Chilean peso
Chilean peso
Peso chileno
22,124,481
6,606,837
195,597
14,024,599
1,297,448
-
-
-
-
-
22,124,481
22,124,481
29,737,877
-
29,494,468
243,409
362,139,818
6,675,472
202,286,652
9,687,963
138,737,427
4,752,304
-
391,877,695
414,002,176
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
348,588,680
348,588,680
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
849,151,857
Current Liabilities
Non-current Liabilities
Current Liabilities
Non-current Liabilities
12-31-2015
12-31-2014
90 days
or less
91 days
to 1 year
One to two
Two to
years
three years
Three to
four years
Four to five
Over five
years
years
Foreign
Currency
Functional
Currency
Total
Current
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
90 days
or less
91 days
to 1 year
ThCh$
ThCh$
Total
Current
Total
no
Current
One to two
years
Two to
three years
Three to
four years
Four to five
years
Over five
years
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
Total
Non-current
U.S. dollar
39,350,461 220,635,283 259,985,744
34,667,125
36,469,943
15,535,676
24,641,590
36,451,631
147,765,965
27,290,627
194,911,470 222,202,097 264,874,981
71,011,720
60,603,646
42,762,853
804,987,364
1,244,240,564
U.S. dollar
Chilean peso
3,015,734
186,297,709
189,313,443
U.S. dollar
Brazilian real
20,770
62,310
83,080
39,170
83,080
39,170
83,079
39,170
83,080
39,170
843,993
83,080
2,247,602
1,000,673
12,530,333 155,604,278
168,134,611
191,134,280
28,196,301
28,198,962
28,201,795
746,470,766
1,022,202,104
2,579,921
17,726
53,177
70,903
70,902
70,902
70,902
70,902
1,993,373
2,276,981
U.S. dollar
Peruvian nuevo
sol
31,821,714
32,310,979
64,132,693
28,734,262
34,555,459
13,529,933
22,582,038
10,086,341
109,488,033
11,923,154
25,181,231
37,104,385
71,958,836
42,073,900
31,664,112
13,681,372
32,636,449
192,014,669
U.S. dollar
Argentine peso
4,492,243
1,964,285
6,456,528
5,810,613
1,792,235
1,883,493
1,937,302
23,273,695
34,697,338
2,819,414
14,072,784
16,892,198
1,710,963
670,617
669,670
808,784
23,886,776
27,746,810
39,350,461 220,635,283 259,985,744
34,667,125
36,469,943
15,535,676
24,641,590
36,451,631
147,765,965
27,290,627
194,911,470 222,202,097 264,874,981
71,011,720
60,603,646
42,762,853
804,987,364
1,244,240,564
601
Consolidated Financial Statements
Appendix 7 Additional Information
Oficio Circular (Official Bulletin) No.
715 of February 3, 2012
This appendix forms an integral part of the Enersis Américas financial statements.
a) Portfolio stratification
- Trade and other receivables by time in arrears:
Balance at
12-31-2015
Trade and Other Current Receivables
Up-to-date
Portfolio
ThCh$
1-30
days in
arrears
ThCh$
31-60
days in
arrears
ThCh$
61-90
days in
arrears
ThCh$
91-120
days in
arrears
ThCh$
121-150
days in
arrears
ThCh$
151-180
days in
arrears
ThCh$
181-210
days in
arrears
ThCh$
211-250
days in
arrears
ThCh$
More than 251
days in arrears
Total Current
Total Non-current
ThCh$
ThCh$
ThCh$
Trade receivables, gross
Impairment provision
577,040,344
89,749,887
36,722,157
15,687,116
42,749,032
32,624,597
25,381,047
20,410,324
9,076,689
205,088,719
1,054,529,912
257,022,423
(1,402,962)
(20,682,398)
(1,571,631)
(2,009,596)
(27,939,987)
(27,094,068)
(19,937,434)
(16,841,473)
(7,231,279)
(175,247,816)
(299,958,644)
Other accounts receivable, gross
Impairment provision
334,685,900
(1,125,601)
-
-
-
-
-
-
-
-
334,685,900
141,673,441
(1,125,601)
Total
909,197,681
69,067,489
35,150,526
13,677,520
14,809,045
5,530,529
5,443,613
3,568,851
1,845,410
29,840,903
1,088,131,567
398,695,864
Trade and Other Current Receivables
Balance at
12-31-2014
Up-to-date
Portfolio
ThCh$
1-30
days in
arrears
ThCh$
31-60
days in
arrears
ThCh$
61-90
days in
arrears
ThCh$
91-120
days in
arrears
ThCh$
121-150
days in
arrears
ThCh$
151-180
days in
arrears
ThCh$
181-210
days in
arrears
ThCh$
211-250
days in
arrears
ThCh$
More than 251
days in arrears
Total Current
Total Non-current
ThCh$
ThCh$
ThCh$
Trade receivables, gross
Impairment provision
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
202,932,480
(1,280,373)
(8,159,865)
(2,408,150)
(4,038,649)
(2,288,401)
(2,122,945)
(2,003,467)
(1,534,602)
(1,360,517)
(129,904,859)
(155,101,828)
Other accounts receivable, gross
568,028,235
Impairment provision
(7,239,158)
-
-
-
-
-
-
-
-
568,028,235
88,709,195
(7,239,158)
Total
1,462,572,590
98,734,769
37,406,353
16,703,125
4,861,610
5,051,153
4,384,416
3,003,510
2,056,057
46,913,320
1,681,686,903
291,641,675
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
602
2015 Annual Report Enersis
Appendix 7 Additional Information
Oficio Circular (Official Bulletin) No.
715 of February 3, 2012
This appendix forms an integral part of the Enersis Américas financial statements.
a) Portfolio stratification
- Trade and other receivables by time in arrears:
Balance at
12-31-2015
Trade and Other Current Receivables
Up-to-date
Portfolio
ThCh$
1-30
days in
arrears
ThCh$
31-60
days in
arrears
ThCh$
61-90
days in
arrears
ThCh$
91-120
days in
arrears
ThCh$
121-150
days in
arrears
ThCh$
151-180
days in
arrears
ThCh$
181-210
days in
arrears
ThCh$
211-250
days in
arrears
ThCh$
More than 251
days in arrears
Total Current
Total Non-current
ThCh$
ThCh$
ThCh$
Trade receivables, gross
Impairment provision
Other accounts receivable, gross
Impairment provision
334,685,900
(1,125,601)
577,040,344
89,749,887
36,722,157
15,687,116
42,749,032
32,624,597
25,381,047
20,410,324
9,076,689
205,088,719
1,054,529,912
257,022,423
(1,402,962)
(20,682,398)
(1,571,631)
(2,009,596)
(27,939,987)
(27,094,068)
(19,937,434)
(16,841,473)
(7,231,279)
(175,247,816)
(299,958,644)
-
-
-
-
-
-
-
-
-
-
-
334,685,900
141,673,441
(1,125,601)
-
Total
909,197,681
69,067,489
35,150,526
13,677,520
14,809,045
5,530,529
5,443,613
3,568,851
1,845,410
29,840,903
1,088,131,567
398,695,864
Trade and Other Current Receivables
1-30
days in
arrears
ThCh$
31-60
days in
arrears
ThCh$
61-90
days in
arrears
ThCh$
91-120
days in
arrears
ThCh$
121-150
days in
arrears
ThCh$
151-180
days in
arrears
ThCh$
181-210
days in
arrears
ThCh$
211-250
days in
arrears
ThCh$
More than 251
days in arrears
Total Current
Total Non-current
ThCh$
ThCh$
ThCh$
Trade receivables, gross
Impairment provision
Other accounts receivable, gross
568,028,235
Impairment provision
(7,239,158)
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
202,932,480
(1,280,373)
(8,159,865)
(2,408,150)
(4,038,649)
(2,288,401)
(2,122,945)
(2,003,467)
(1,534,602)
(1,360,517)
(129,904,859)
(155,101,828)
-
-
-
-
-
-
-
-
-
-
-
568,028,235
88,709,195
(7,239,158)
-
Total
1,462,572,590
98,734,769
37,406,353
16,703,125
4,861,610
5,051,153
4,384,416
3,003,510
2,056,057
46,913,320
1,681,686,903
291,641,675
Balance at
12-31-2014
Up-to-date
Portfolio
ThCh$
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
603
Consolidated Financial Statements
- By type of portfolio:
Time in Arrears
Non-renegotiated Portfolio
Renegotiated Portfolio
Total Gross Portfolio
Non-renegotiated Portfolio
Renegotiated Portfolio
Total Gross Portfolio
Number of Clients
Gross
Amount
ThCh$
Number of
Clients
Gross
Amount
ThCh$
Number of
Clients
Gross
Amount
ThCh$
Number of Clients
Amount Number of Clients
Amount Number of Clients
Balance at
12-31-2015
Balance at
12-31-2014
9,496,241
804,676,526
195,019
29,386,241
9,691,260
834,062,767
10,244,620
1,091,588,812
14,407,554
10,337,947
1,105,996,366
2,104,270
85,980,622
80,275
3,769,265
2,184,545
89,749,887
2,187,327
106,894,634
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
285,256
34,798,871
77,855
14,036,045
177,160
41,282,854
172,778
31,272,010
111,678
24,222,662
94,221
19,312,808
55,382
8,049,056
6,727
7,552
5,840
6,289
6,415
4,390
4,688
8,092
1,923,286
291,983
36,722,157
1,651,071
85,407
15,687,116
1,466,178
183,000
42,749,032
1,352,587
179,067
32,624,597
1,158,385
118,093
25,381,047
1,097,516
1,027,633
98,611
60,070
20,410,324
9,076,689
3,472,728
626,792
205,088,719
More than 251 days
618,700
201,615,991
Gross
ThCh$
101,089,273
36,225,884
18,833,430
5,580,951
5,776,635
5,103,607
3,462,029
2,455,802
2,101,665
408,941
87,712
58,397
52,163
39,113
24,086
20,666
Gross
ThCh$
5,805,361
3,588,619
1,908,344
1,569,060
1,397,463
1,284,276
1,076,083
960,772
Gross
Amount
ThCh$
39,814,503
20,741,774
7,150,011
7,174,098
6,387,883
4,538,112
3,416,574
438,222
111,278
72,724
66,295
48,729
39,593
31,399
93,327
85,662
29,281
23,566
14,327
14,132
9,616
15,507
10,733
18,770
408,132
148,793,724
28,024,455
426,902
176,818,179
Total
13,193,541 1,265,247,445
325,287
46,304,890
13,518,828
1,311,552,335
13,445,495
1,418,910,147
314,921
60,021,987
13,760,416
1,478,932,134
b) Portfolio in default and in legal collection
process
CPortfolio in Default and in Legal Collection
Process
Balance at
12-31-2015
Balance at
12-31-2014
Number of
Clients
Amount
ThCh$
Number of
Clients
Amount
ThCh$
Notes receivable in default
1,872,073
23,354,556
164,145
15,922,688
Notes receivable in legal collection process (*)
4,219
16,044,580
9,983
13,828,106
Total
1,876,292
39,399,136
174,128
29,750,794
(*) Legal collections are included in the portfolio in arrears.
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
12-31-2015
ThCh$
25,846,624
(1,029,013)
23,480,578
14,962,099
63,260,288
12-31-2014
ThCh$
22,178,152
669,988
19,013,041
-
41,861,181
604
2015 Annual Report Enersis
- By type of portfolio:
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
process
Time in Arrears
Non-renegotiated Portfolio
Renegotiated Portfolio
Total Gross Portfolio
Non-renegotiated Portfolio
Renegotiated Portfolio
Total Gross Portfolio
Number of Clients
Gross
Amount
ThCh$
Number of
Clients
Gross
Amount
ThCh$
Number of
Clients
Gross
Amount
ThCh$
Number of Clients
Amount Number of Clients
Amount Number of Clients
Gross
Gross
ThCh$
ThCh$
Gross
Amount
ThCh$
Balance at
12-31-2015
Balance at
12-31-2014
9,496,241
804,676,526
195,019
29,386,241
9,691,260
834,062,767
10,244,620
1,091,588,812
2,101,665
408,941
87,712
58,397
52,163
39,113
24,086
20,666
101,089,273
36,225,884
18,833,430
5,580,951
5,776,635
5,103,607
3,462,029
2,455,802
More than 251 days
618,700
201,615,991
3,472,728
626,792
205,088,719
408,132
148,793,724
2,104,270
85,980,622
80,275
3,769,265
2,184,545
89,749,887
285,256
34,798,871
77,855
14,036,045
177,160
41,282,854
172,778
31,272,010
111,678
24,222,662
94,221
19,312,808
55,382
8,049,056
1,923,286
291,983
36,722,157
1,651,071
85,407
15,687,116
1,466,178
183,000
42,749,032
1,352,587
179,067
32,624,597
1,158,385
118,093
25,381,047
1,097,516
1,027,633
98,611
60,070
20,410,324
9,076,689
6,727
7,552
5,840
6,289
6,415
4,390
4,688
8,092
93,327
85,662
29,281
23,566
14,327
14,132
9,616
15,507
10,733
18,770
14,407,554
10,337,947
1,105,996,366
5,805,361
3,588,619
1,908,344
1,569,060
1,397,463
1,284,276
1,076,083
960,772
2,187,327
106,894,634
438,222
111,278
72,724
66,295
48,729
39,593
31,399
39,814,503
20,741,774
7,150,011
7,174,098
6,387,883
4,538,112
3,416,574
28,024,455
426,902
176,818,179
Total
13,193,541 1,265,247,445
325,287
46,304,890
13,518,828
1,311,552,335
13,445,495
1,418,910,147
314,921
60,021,987
13,760,416
1,478,932,134
b) Portfolio in default and in legal collection
d) Number and amount of operations
Balance at
12-31-2015
12-31-2014
Number and Amount of
Operations
Total detail by
type of operation
Last Quarter
Total detail by
type of operation
Annual
Accumulation
Total detail by
type of
operation
Last Quarter
Total detail by
type of operation
Annual
Accumulation
ThCh$
ThCh$
ThCh$
ThCh$
Impairment provision and
recoveries
Number of operations
Value of operations, in ThCh$
199,988
11,043,157
557,363
1,889,698
39,779,710
22,848,140
1,889,698
22,848,140
CPortfolio in Default and in Legal Collection
Process
Balance at
12-31-2015
Balance at
12-31-2014
Number of
Clients
Amount
ThCh$
Number of
Clients
Amount
ThCh$
Notes receivable in default
1,872,073
23,354,556
164,145
15,922,688
Notes receivable in legal collection process (*)
4,219
16,044,580
9,983
13,828,106
Total
1,876,292
39,399,136
174,128
29,750,794
(*) Legal collections are included in the portfolio in arrears.
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
12-31-2015
ThCh$
25,846,624
(1,029,013)
23,480,578
14,962,099
63,260,288
12-31-2014
ThCh$
22,178,152
669,988
19,013,041
-
41,861,181
605
Consolidated Financial Statements
Appendix 7.1 Supplementary
Information on Trade Receivables
This appendix forms an integral part of the Enersis Américas financial statements.
a) Portfolio stratification
- Trade receivables by time in arrears:
Balance at
12-31-2015
Trade Receivables
Trade receivables, generation
and transmission
-Large clients
-Institutional clients
-Others
Impairment provision
Up-to-date
Portfolio
ThCh$
1-30
days in
arrears
ThCh$
214,520,868
10,315,795
105,350,555
9,422,903
76,797,290
32,373,023
(212,623)
31-60
days in
arrears
ThCh$
3,889,661
3,835,624
-
-
892,892
54,037
-
-
-
-
Non-invoiced services
89,723,981
61-90
days in
arrears
ThCh$
3,959,399
3,804,996
-
154,403
(363,070)
-
91-120
days in
arrears
ThCh$
3,758,589
3,734,126
-
24,463
-
-
121-150
days in
arrears
ThCh$
151-180
days in
arrears
ThCh$
181-210
days in
arrears
ThCh$
211-250
days in
arrears
ThCh$
More than 251
days in arrears
Total Current
ThCh$
ThCh$
Total Non-
current
ThCh$
3,671,364
3,641,098
3,869,173
3,550,857
5,219,854
5,192,924
118,598
75,322
47,438,345
296,761,646
230,330,033
4,367,646
142,976,051
30,266
318,316
26,930
43,276
43,070,699
76,988,305
3,211,126
(415,609)
(2,735,412)
(45,093,112)
(48,819,826)
-
-
-
-
-
-
-
-
-
-
-
89,723,981
32,993,708
-
76,797,290
227,118,907
Invoiced services
124,796,887
10,315,795
3,889,661
3,959,399
3,758,589
3,671,364
3,869,173
5,219,854
118,598
47,438,345
207,037,665
197,336,325
Trade receivables,
distribution
362,519,476
79,434,092
32,832,496
11,727,717
38,990,443
28,953,233
21,511,874
15,190,470
8,958,091
157,650,374
757,768,266
26,692,390
-Mass-market clients
217,119,041
56,222,800
21,046,214
7,845,767
27,350,487
25,742,028
18,419,905
12,598,396
6,157,123
116,019,609
508,521,370
13,043,874
-Large clients
-Institutional clients
Impairment provision
99,833,365
12,867,396
45,567,070
10,343,896
6,598,117
5,188,165
1,338,886
1,095,541
2,543,064
10,544,415
996,107
2,215,098
1,253,697
1,838,272
767,947
850,748
21,559,120
147,160,924
3,424,933
1,824,127
1,950,220
20,071,645
102,085,972
10,223,583
(1,190,339)
(20,682,398)
(1,571,631)
(1,646,526)
(27,939,987)
(27,094,068)
(19,521,825)
(14,106,061)
(7,231,279)
(130,154,704)
(251,138,818)
Non-invoiced services
173,794,483
-
-
-
-
-
-
-
-
-
173,794,483
Invoiced services
188,724,993
79,434,092
32,832,496
11,727,717
38,990,443
28,953,233
21,511,874
15,190,470
8,958,091
157,650,374
583,973,783
26,692,390
Total Trade Receivables, Gross
577,040,344
89,749,887
36,722,157
15,687,116
42,749,032
32,624,597
25,381,047
20,410,324
9,076,689
205,088,719
1,054,529,912
257,022,423
Total Impairment Provision
(1,402,962)
(20,682,398)
(1,571,631)
(2,009,596)
(27,939,987)
(27,094,068)
(19,937,434)
(16,841,473)
(7,231,279)
(175,247,816)
(299,958,644)
Total Trade Receivables, Net
575,637,382
69,067,489
35,150,526
13,677,520
14,809,045
5,530,529
5,443,613
3,568,851
1,845,410
29,840,903
754,571,268
257,022,423
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
606
2015 Annual Report Enersis
-
-
-
-
-
Appendix 7.1 Supplementary
Information on Trade Receivables
This appendix forms an integral part of the Enersis Américas financial statements.
a) Portfolio stratification
- Trade receivables by time in arrears:
Balance at
12-31-2015
Trade Receivables
Trade receivables, generation
and transmission
-Large clients
-Institutional clients
-Others
Impairment provision
76,797,290
32,373,023
(212,623)
Non-invoiced services
89,723,981
Trade receivables,
distribution
-Large clients
-Institutional clients
Impairment provision
Up-to-date
Portfolio
ThCh$
1-30
days in
arrears
ThCh$
31-60
days in
arrears
ThCh$
61-90
days in
arrears
ThCh$
91-120
days in
arrears
ThCh$
121-150
days in
arrears
ThCh$
151-180
days in
arrears
ThCh$
181-210
days in
arrears
ThCh$
214,520,868
10,315,795
105,350,555
9,422,903
3,889,661
3,835,624
3,959,399
3,804,996
3,758,589
3,734,126
3,671,364
3,641,098
-
3,869,173
3,550,857
-
5,219,854
5,192,924
-
211-250
days in
arrears
ThCh$
118,598
75,322
-
More than 251
days in arrears
Total Current
ThCh$
ThCh$
Total Non-
current
ThCh$
47,438,345
296,761,646
230,330,033
4,367,646
142,976,051
-
-
76,797,290
227,118,907
892,892
54,037
24,463
30,266
318,316
26,930
43,276
43,070,699
76,988,305
3,211,126
-
-
(415,609)
(2,735,412)
-
-
-
-
(45,093,112)
(48,819,826)
-
-
89,723,981
32,993,708
-
-
-
-
-
-
154,403
(363,070)
-
-
-
-
-
Invoiced services
124,796,887
10,315,795
3,889,661
3,959,399
3,758,589
3,671,364
3,869,173
5,219,854
118,598
47,438,345
207,037,665
197,336,325
-Mass-market clients
217,119,041
56,222,800
21,046,214
7,845,767
27,350,487
25,742,028
18,419,905
12,598,396
6,157,123
116,019,609
508,521,370
13,043,874
362,519,476
79,434,092
32,832,496
11,727,717
38,990,443
28,953,233
21,511,874
15,190,470
8,958,091
157,650,374
757,768,266
26,692,390
99,833,365
12,867,396
45,567,070
10,343,896
6,598,117
5,188,165
1,338,886
1,095,541
2,543,064
10,544,415
996,107
2,215,098
1,253,697
1,838,272
767,947
850,748
21,559,120
147,160,924
3,424,933
1,824,127
1,950,220
20,071,645
102,085,972
10,223,583
(1,190,339)
(20,682,398)
(1,571,631)
(1,646,526)
(27,939,987)
(27,094,068)
(19,521,825)
(14,106,061)
(7,231,279)
(130,154,704)
(251,138,818)
Non-invoiced services
173,794,483
-
-
-
-
-
-
-
-
-
173,794,483
-
-
Invoiced services
188,724,993
79,434,092
32,832,496
11,727,717
38,990,443
28,953,233
21,511,874
15,190,470
8,958,091
157,650,374
583,973,783
26,692,390
Total Trade Receivables, Gross
577,040,344
89,749,887
36,722,157
15,687,116
42,749,032
32,624,597
25,381,047
20,410,324
9,076,689
205,088,719
1,054,529,912
257,022,423
Total Impairment Provision
(1,402,962)
(20,682,398)
(1,571,631)
(2,009,596)
(27,939,987)
(27,094,068)
(19,937,434)
(16,841,473)
(7,231,279)
(175,247,816)
(299,958,644)
-
Total Trade Receivables, Net
575,637,382
69,067,489
35,150,526
13,677,520
14,809,045
5,530,529
5,443,613
3,568,851
1,845,410
29,840,903
754,571,268
257,022,423
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
607
Consolidated Financial Statements
Trade Receivables
Trade receivables, generation and
transmission
-Large clients
-Institutional clients
-Others
Impairment provision
Non-invoiced services
Invoiced services
Balance at
12-31-2014
Up-to-date
Portfolio
ThCh$
1-30
days in
arrears
ThCh$
372,017,282
14,185,584
293,311,567
6,649,258
31-60
days in
arrears
ThCh$
2,368,035
2,333,183
-
48,353,634
30,352,081
(388,459)
211,809,086
-
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$
121-150
days in
arrears
ThCh$
151-180
days in
arrears
ThCh$
181-210
days in
arrears
ThCh$
211-250
days in
arrears
ThCh$
More than 251
days in arrears
Total Current
ThCh$
ThCh$
Total Non-
current
ThCh$
259,556
228,410
101,591
77,466
386,044
265,238
69,185
65,525
140,611
136,823
58,775,408
449,130,091
180,858,354
3,653,609
307,284,087
31,146
24,125
120,806
3,660
3,788
55,121,799
93,492,370
8,768,351
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
48,353,634
172,090,003
(56,435,060)
(56,992,575)
-
211,809,086
1,045,832
160,208,196
14,185,584
2,368,035
826,795
259,556
101,591
386,044
69,185
140,611
58,775,408
237,321,005
179,812,522
Trade receivables, distribution
531,046,604
92,709,050
37,446,468
19,914,979
-Mass-market clients
-Large clients
-Institutional clients
Impairment provision
Non-invoiced services
Invoiced services
363,514,047
66,110,431
24,474,607
122,493,330
18,645,276
6,038,961
6,539,339
2,946,789
45,039,227
7,953,343
6,932,900
10,428,851
(891,914)
(8,159,865)
(2,408,150)
(3,869,593)
(2,288,401)
(2,122,945)
(2,003,467)
(1,534,602)
(1,360,517)
(73,469,799)
(98,109,253)
317,688,170
-
-
-
-
-
-
-
-
-
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
513,617,754
22,074,126
6,890,455
4,783,444
713,261
1,393,750
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
118,042,771
826,869,563
22,074,126
1,846,646
49,452,156
526,554,351
11,102,240
664,518
764,799
33,142,022
188,463,274
35,448,593
111,851,938
3,153,611
7,818,275
Total Trade Receivables, Gross
Total Impairment Provision
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
202,932,480
(1,280,373)
(8,159,865)
(2,408,150)
(4,038,649)
(2,288,401)
(2,122,945)
(2,003,467)
(1,534,602)
(1,360,517)
(129,904,859)
(155,101,828)
Total Trade Receivables, Net
901,783,513
98,734,769
37,406,353
16,703,125
4,861,610
5,051,153
4,384,416
3,003,510
2,056,057
46,913,320
1,120,897,826
202,932,480
608
2015 Annual Report Enersis
-
-
-
-
-
Balance at
12-31-2014
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
Up-to-date
Portfolio
ThCh$
1-30
days in
arrears
ThCh$
31-60
days in
arrears
ThCh$
372,017,282
14,185,584
293,311,567
6,649,258
2,368,035
2,333,183
48,353,634
30,352,081
(388,459)
211,809,086
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
-
-
121-150
days in
arrears
ThCh$
101,591
77,466
-
151-180
days in
arrears
ThCh$
386,044
265,238
-
24,125
120,806
-
-
-
-
181-210
days in
arrears
ThCh$
69,185
65,525
-
3,660
-
-
211-250
days in
arrears
ThCh$
140,611
136,823
-
More than 251
days in arrears
Total Current
ThCh$
ThCh$
Total Non-
current
ThCh$
58,775,408
449,130,091
180,858,354
3,653,609
307,284,087
-
-
48,353,634
172,090,003
3,788
55,121,799
93,492,370
8,768,351
-
-
(56,435,060)
(56,992,575)
-
-
211,809,086
1,045,832
160,208,196
14,185,584
2,368,035
826,795
259,556
101,591
386,044
69,185
140,611
58,775,408
237,321,005
179,812,522
Trade receivables, distribution
531,046,604
92,709,050
37,446,468
19,914,979
363,514,047
66,110,431
24,474,607
122,493,330
18,645,276
6,038,961
6,539,339
2,946,789
45,039,227
7,953,343
6,932,900
10,428,851
6,890,455
4,783,444
713,261
1,393,750
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
118,042,771
826,869,563
22,074,126
1,846,646
49,452,156
526,554,351
11,102,240
664,518
764,799
33,142,022
188,463,274
35,448,593
111,851,938
3,153,611
7,818,275
(891,914)
(8,159,865)
(2,408,150)
(3,869,593)
(2,288,401)
(2,122,945)
(2,003,467)
(1,534,602)
(1,360,517)
(73,469,799)
(98,109,253)
317,688,170
-
-
-
-
-
-
-
-
-
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
513,617,754
22,074,126
Total Trade Receivables, Gross
Total Impairment Provision
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
202,932,480
(1,280,373)
(8,159,865)
(2,408,150)
(4,038,649)
(2,288,401)
(2,122,945)
(2,003,467)
(1,534,602)
(1,360,517)
(129,904,859)
(155,101,828)
-
Total Trade Receivables, Net
901,783,513
98,734,769
37,406,353
16,703,125
4,861,610
5,051,153
4,384,416
3,003,510
2,056,057
46,913,320
1,120,897,826
202,932,480
609
Consolidated Financial Statements
- 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
Balance at
12-31-2015
Up-to-date
Portfolio
ThCh$
1-30
days in
arrears
ThCh$
31-60
days in
arrears
ThCh$
209,710,717
10,292,925
105,350,555
9,422,903
3,835,624
3,835,624
76,797,290
27,562,872
4,810,151
-
-
-
870,022
22,870
-
-
-
-
54,037
-
-
61-90
days in
arrears
ThCh$
3,934,142
3,804,997
-
129,145
25,257
-
-
4,810,151
22,870
54,037
25,257
24,463
30,266
29,548
26,930
43,276
390,045
5,456,843
Non-renegotiated portfolio
360,318,915
75,687,697
30,963,247
10,101,903
37,548,728
27,630,912
20,383,037
14,119,884
7,973,734
154,567,692
739,295,749
-Mass-market clients
-Large clients
-Institutional clients
Renegotiated portfolio
-Mass-market clients
-Large clients
-Institutional clients
215,638,939
54,316,549
19,859,514
99,340,127
11,546,722
45,339,849
2,200,561
1,480,102
493,237
227,222
9,824,426
3,746,395
1,906,252
1,320,673
519,470
6,337,137
4,766,596
1,869,249
1,186,699
260,980
421,570
6,818,125
1,122,596
2,161,182
1,625,814
1,027,641
216,290
381,883
26,452,336
24,953,953
17,774,987
12,008,723
5,629,594
114,472,369
497,925,089
936,511
10,159,881
1,441,715
898,152
159,030
384,533
831,176
1,845,783
1,322,321
788,075
164,931
369,315
1,130,633
1,477,417
1,128,837
644,917
123,064
360,856
643,942
1,467,219
1,070,586
589,672
124,005
356,909
736,404
21,130,377
143,755,625
1,607,736
18,964,946
97,615,035
984,357
527,529
114,344
342,484
3,082,683
18,472,518
1,547,241
10,596,280
428,743
1,106,699
3,405,297
4,470,941
Total Portfolio, Gross
577,040,344
89,749,887
36,722,157
15,687,116
42,749,032
32,624,597
25,381,047
20,410,324
9,076,689
205,088,719
1,054,529,912
Type of Portfolio
GENERATION AND TRANSMISSION
Non-renegotiated portfolio
-Large clients
-Institutional clients
-Others
Renegotiated portfolio
-Large clients
-Institutional clients
-Others
DISTRIBUTION
Balance at
12-31-2014
Up-to-date
Portfolio
ThCh$
1-30
days in
arrears
ThCh$
363,410,191
14,146,157
293,422,775
6,649,258
48,353,634
21,633,782
8,718,298
-
-
-
7,496,899
39,427
-
-
31-60
days in
arrears
ThCh$
2,333,183
2,333,183
-
-
34,852
-
-
61-90
days in
arrears
ThCh$
782,547
563,008
-
219,539
44,248
-
-
8,718,298
39,427
34,852
44,248
31,146
24,125
120,806
3,660
3,788
432,319
9,452,669
Non-renegotiated portfolio
525,246,141
86,943,116
33,892,701
18,050,883
-
-
-
-
-
-
-
-
91-120
days in
arrears
ThCh$
121-150
days in
arrears
ThCh$
151-180
days in
arrears
ThCh$
181-210
days in
arrears
ThCh$
211-250
days in
arrears
ThCh$
More than 251
days in arrears
ThCh$
Total
Current
ThCh$
3,734,126
3,734,126
3,641,098
3,641,098
3,839,625
3,550,857
5,192,924
5,192,924
75,322
75,322
47,048,299
291,304,802
4,367,645
142,976,051
24,463
30,266
26,930
43,276
390,045
5,456,843
76,797,290
42,680,654
71,531,461
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
91-120
days in
arrears
ThCh$
228,410
228,410
121-150
days in
arrears
ThCh$
77,466
77,466
181-210
days in
arrears
ThCh$
65,525
65,525
211-250
days in
arrears
ThCh$
More than 251
days in arrears
ThCh$
Total
Current
ThCh$
136,823
136,823
58,343,089
439,788,629
3,653,609
307,395,295
48,353,634
54,689,480
84,039,700
31,146
24,125
120,806
3,660
3,788
432,319
9,452,669
5,352,541
3,690,220
627,109
1,035,212
1,537,914
1,093,224
86,152
358,538
5,699,169
3,176,315
977,296
1,545,558
1,373,338
931,394
91,274
350,670
1,163,470
1,072,423
3,396,504
1,727,709
1,219,723
449,072
660,954
70,088
341,381
2,318,979
90,450,635
776,189,038
1,291,303
37,131,908
498,627,432
595,298
432,378
956,984
555,345
69,219
32,199,320
184,456,270
21,119,407
93,105,336
27,592,136
50,569,318
12,320,248
27,815,713
942,702
4,007,003
332,420
14,329,186
18,746,602
-
-
-
-
-
-
-
-
288,768
29,548
-
-
-
151-180
days in
arrears
ThCh$
265,238
265,238
-
-
-
-
4,838,369
2,587,866
1,390,709
859,794
749,443
70,027
344,000
-Mass-market clients
-Large clients
-Institutional clients
Renegotiated portfolio
-Mass-market clients
-Large clients
-Institutional clients
5,224,924
2,818,594
10,007,365
1,864,096
1,314,417
128,194
421,485
44,393,095
5,689,256
3,845,451
1,197,671
646,134
5,739,993
5,789,036
3,553,767
2,110,934
298,969
7,474,419
5,765,934
4,234,303
1,052,707
359,557,387
61,876,128
22,363,672
121,295,659
17,592,569
478,924
1,143,864
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
610
2015 Annual Report Enersis
- By type of portfolio:
Balance at
12-31-2015
Type of Portfolio
GENERATION AND TRANSMISSION
Non-renegotiated portfolio
Up-to-date
Portfolio
ThCh$
1-30
days in
arrears
ThCh$
31-60
days in
arrears
ThCh$
209,710,717
10,292,925
105,350,555
9,422,903
3,835,624
3,835,624
3,934,142
3,804,997
76,797,290
27,562,872
4,810,151
-
-
870,022
22,870
-
-
-
54,037
-
-
-
-
91-120
days in
arrears
ThCh$
121-150
days in
arrears
ThCh$
3,734,126
3,734,126
3,641,098
3,641,098
-
-
-
-
24,463
30,266
-
-
-
-
151-180
days in
arrears
ThCh$
3,839,625
3,550,857
-
288,768
29,548
-
-
181-210
days in
arrears
ThCh$
5,192,924
5,192,924
-
-
211-250
days in
arrears
ThCh$
75,322
75,322
-
-
More than 251
days in arrears
ThCh$
Total
Current
ThCh$
47,048,299
291,304,802
4,367,645
142,976,051
-
76,797,290
42,680,654
71,531,461
26,930
43,276
390,045
5,456,843
-
-
-
-
-
-
-
-
4,810,151
22,870
54,037
25,257
24,463
30,266
29,548
26,930
43,276
390,045
5,456,843
Non-renegotiated portfolio
360,318,915
75,687,697
30,963,247
10,101,903
37,548,728
27,630,912
20,383,037
14,119,884
7,973,734
154,567,692
739,295,749
215,638,939
54,316,549
19,859,514
26,452,336
24,953,953
17,774,987
12,008,723
5,629,594
114,472,369
497,925,089
Total Portfolio, Gross
577,040,344
89,749,887
36,722,157
15,687,116
42,749,032
32,624,597
25,381,047
20,410,324
9,076,689
205,088,719
1,054,529,912
936,511
10,159,881
1,441,715
898,152
159,030
384,533
831,176
1,845,783
1,322,321
788,075
164,931
369,315
1,130,633
1,477,417
1,128,837
644,917
123,064
360,856
643,942
1,467,219
1,070,586
589,672
124,005
356,909
736,404
21,130,377
143,755,625
1,607,736
18,964,946
97,615,035
984,357
527,529
114,344
342,484
3,082,683
18,472,518
1,547,241
10,596,280
428,743
1,106,699
3,405,297
4,470,941
91-120
days in
arrears
ThCh$
228,410
228,410
-
-
121-150
days in
arrears
ThCh$
77,466
77,466
-
-
151-180
days in
arrears
ThCh$
265,238
265,238
-
-
181-210
days in
arrears
ThCh$
65,525
65,525
-
-
211-250
days in
arrears
ThCh$
More than 251
days in arrears
ThCh$
Total
Current
ThCh$
136,823
136,823
58,343,089
439,788,629
3,653,609
307,395,295
-
-
-
48,353,634
54,689,480
84,039,700
31,146
24,125
120,806
3,660
3,788
432,319
9,452,669
-
-
-
-
-
-
-
-
-
-
-
-
-
-
8,718,298
39,427
34,852
44,248
31,146
24,125
120,806
3,660
3,788
432,319
9,452,669
Non-renegotiated portfolio
525,246,141
86,943,116
33,892,701
18,050,883
5,352,541
3,690,220
627,109
1,035,212
1,537,914
1,093,224
86,152
358,538
5,699,169
3,176,315
977,296
1,545,558
1,373,338
931,394
91,274
350,670
4,838,369
2,587,866
1,390,709
859,794
3,396,504
1,727,709
1,219,723
449,072
1,163,470
1,072,423
749,443
70,027
344,000
660,954
70,088
341,381
2,318,979
90,450,635
776,189,038
1,291,303
37,131,908
498,627,432
595,298
432,378
956,984
555,345
69,219
32,199,320
184,456,270
21,119,407
93,105,336
27,592,136
50,569,318
12,320,248
27,815,713
942,702
4,007,003
332,420
14,329,186
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
611
-Large clients
-Institutional clients
-Others
Renegotiated portfolio
-Large clients
-Institutional clients
-Others
DISTRIBUTION
-Mass-market clients
-Large clients
-Institutional clients
Renegotiated portfolio
-Mass-market clients
-Large clients
-Institutional clients
-Large clients
-Institutional clients
-Others
Renegotiated portfolio
-Large clients
-Institutional clients
-Others
DISTRIBUTION
-Mass-market clients
-Large clients
-Institutional clients
Renegotiated portfolio
-Mass-market clients
-Large clients
-Institutional clients
Balance at
12-31-2014
Type of Portfolio
GENERATION AND TRANSMISSION
Non-renegotiated portfolio
99,340,127
11,546,722
45,339,849
2,200,561
1,480,102
493,237
227,222
9,824,426
3,746,395
1,906,252
1,320,673
519,470
6,337,137
4,766,596
1,869,249
1,186,699
260,980
421,570
Up-to-date
Portfolio
ThCh$
1-30
days in
arrears
ThCh$
31-60
days in
arrears
ThCh$
363,410,191
14,146,157
293,422,775
6,649,258
2,333,183
2,333,183
48,353,634
21,633,782
8,718,298
-
-
7,496,899
39,427
-
-
-
34,852
-
-
-
-
359,557,387
61,876,128
22,363,672
121,295,659
17,592,569
44,393,095
5,689,256
3,845,451
1,197,671
646,134
7,474,419
5,765,934
4,234,303
1,052,707
478,924
1,143,864
5,739,993
5,789,036
3,553,767
2,110,934
298,969
61-90
days in
arrears
ThCh$
129,145
25,257
-
-
-
6,818,125
1,122,596
2,161,182
1,625,814
1,027,641
216,290
381,883
61-90
days in
arrears
ThCh$
782,547
563,008
219,539
44,248
-
-
-
5,224,924
2,818,594
10,007,365
1,864,096
1,314,417
128,194
421,485
Consolidated Financial Statements
Appendix 7.2 Estimated Sales
and Purchases of Energy and Capacity
This appendix forms an integral part of the Enersis Américas financial statements.
Country
COLOMBIA
PERU
ARGENTINA
BRAZIL
CHILE
TOTAL
12-31-2015
12-31-2014
12-31-2015
12-31-2014
12-31-2015
12-31-2014
12-31-2015
12-31-2014
12-31-2015
12-31-2014
12-31-2015
12-31-2014
Energy
and
capacity
Energy
and
capacity
Tolls
Energy
and
capacity
Tolls
Energy
and
capacity
Tolls
Energy
and
capacity
Tolls
Tolls
Energy
and capacity
Energy
and
capacity
Energy
and
capacity
Energy
and
capacity
Energy
and
capacity
Energy
and
capacity
Energy
and
capacity
Tolls
Tolls
Tolls
Tolls
Tolls
Tolls
Tolls
312,398
231,744
256,708
85,174
-
-
-
-
-
-
-
5,967
-
-
287,822
33,766
312,398
237,711
544,530
118,940
91,292,198
3,767,410
84,133,181
3,619,524
39,545,565
5,091,255
33,292,452
4,920,460
26,291,133
114,662
35,563,152
2,247,911
95,783,612
4,867,959
84,383,373
5,916,811
-
250,102,288
10,403,137
248,609,678
13,841,286
487,474,445
27,107,843
-
-
-
-
-
-
-
-
-
-
-
-
216,908,877
28,418,337
-
-
216,908,877
28,418,337
-
-
91,604,596
3,999,154
84,389,889
3,704,698
39,545,565
5,091,255
33,292,452
4,920,460
21,988,302
114,662
35,563,152
2,247,911
95,783,612
4,873,926
84,383,373
5,916,811
216,908,877
28,418,337
250,390,110
10,436,903
465,830,953
42,497,334
488,018,976
27,226,783
43,386
85,780
-
52,558
-
-
-
-
-
21,741,708
5,032,612
28,040,330
6,514,495
25,029,210
4,373,789
20,163,194
3,511,272
8,559,240
-
-
-
-
-
-
-
-
-
21,785,094
5,118,392
28,040,330
6,567,053
25,029,210
4,373,789
20,163,194
3,511,272
8,159,989
-
-
-
-
-
1,107,814
1,618,986
-
1,151,200
85,780
1,618,986
52,558
14,539,649
6,529
167,569,844
3,833,787
169,491,822
6,101,636
92,863,118
9,251,403
222,500,751
13,240,188
325,098,113
25,385,335
-
-
-
101,922,626
125,308,109
-
-
101,922,626
125,308,109
-
-
14,539,649
6,529
168,677,658
3,833,787
169,491,822
6,101,636
101,922,626
125,308,109
94,482,104
9,251,403
325,574,577
138,634,077
326,717,099
25,437,893
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
BALANCE
Current accounts
receivable from
related companies
Trade and other
current receivables
Discontinued
operations
Total Estimated
Assets
Current accounts
payable to related
companies
Trade and other
current payables
Discontinued
operations
Total Estimated
Liabilities
COLOMBIA
PERU
ARGENTINA
BRASIL
TOTAL
12-31-2015
12-31-2014
12-31-2013
12-31-2015
12-31-2014
12-31-2013
12-31-2015
12-31-2014
12-31-2013
12-31-2015
12-31-2014
12-31-2013
12-31-2015
12-31-2014
12-31-2013
Energy
and
capacity
Energy
and
capacity
Tolls
Energy
and
capacity
Tolls
Energy
and
capacity
Tolls
Energy
and
capacity
Tolls
Energy
and
capacity
Tolls
Energy
and
capacity
Tolls
RESULTS
Tolls
and capacity
Tolls
capacity
Tolls
capacity
Tolls
capacity
Tolls
capacity
Tolls
capacity
Tolls
capacity
Tolls
capacity
Tolls
Energy
Energy
and
Energy
and
Energy
and
Energy
and
Energy
and
Energy
and
Energy
and
Energy sales
91,614,430
3,782,034
94,439,616
4,137,051
79,365,812
3,844,886
39,027,533
5,024,561
34,481,991
3,341,292
31,384,194
610,848
24,469,681
148,113
37,120,676
310,919
58,105,467
872,208
104,917,610
5,394,125
89,394,426
6,268,177
74,614,703
5,342,261
260,029,254
14,348,833
255,436,708
14,057,439
243,470,176
10,670,204
Purchase
sales
20,447,041
5,223,843
25,631,699
9,889,413
19,174,609
7,671,493
24,701,337
4,316,494
19,958,532
3,478,388
13,624,354
3,051,373
10,541,703
-
13,839,215
441,931
18,095,954
921,658
184,762,886
4,199,379
179,556,986
6,463,979
61,567,284
2,966,183
240,452,967
13,739,716
238,986,433
20,273,711
112,462,200
14,610,707
612
2015 Annual Report Enersis
Appendix 7.2 Estimated Sales
and Purchases of Energy and Capacity
This appendix forms an integral part of the Enersis Américas financial statements.
Country
COLOMBIA
PERU
ARGENTINA
BRAZIL
CHILE
TOTAL
12-31-2015
12-31-2014
12-31-2015
12-31-2014
12-31-2015
12-31-2014
12-31-2015
12-31-2014
12-31-2015
12-31-2014
12-31-2015
12-31-2014
BALANCE
Tolls
Tolls
Tolls
Tolls
Tolls
Energy
and
capacity
Energy
and
capacity
Energy
and
capacity
Energy
and
capacity
Energy
and
capacity
Energy
and capacity
Tolls
Energy
and
capacity
Energy
and
capacity
Tolls
Energy
and
capacity
Tolls
Energy
and
capacity
Tolls
Energy
and
capacity
Tolls
Energy
and
capacity
Tolls
Tolls
Current accounts
receivable from
related companies
Trade and other
current receivables
Discontinued
operations
Total Estimated
Assets
Current accounts
payable to related
companies
Trade and other
current payables
Discontinued
operations
Total Estimated
Liabilities
Purchase
sales
312,398
231,744
256,708
85,174
-
-
-
5,967
-
-
91,292,198
3,767,410
84,133,181
3,619,524
39,545,565
5,091,255
33,292,452
4,920,460
26,291,133
114,662
35,563,152
2,247,911
95,783,612
4,867,959
84,383,373
5,916,811
-
-
-
287,822
33,766
312,398
237,711
544,530
118,940
-
250,102,288
10,403,137
248,609,678
13,841,286
487,474,445
27,107,843
-
-
-
-
-
-
-
-
-
-
216,908,877
28,418,337
-
-
216,908,877
28,418,337
-
-
91,604,596
3,999,154
84,389,889
3,704,698
39,545,565
5,091,255
33,292,452
4,920,460
21,988,302
114,662
35,563,152
2,247,911
95,783,612
4,873,926
84,383,373
5,916,811
216,908,877
28,418,337
250,390,110
10,436,903
465,830,953
42,497,334
488,018,976
27,226,783
43,386
85,780
-
52,558
-
-
1,107,814
-
-
21,741,708
5,032,612
28,040,330
6,514,495
25,029,210
4,373,789
20,163,194
3,511,272
8,559,240
14,539,649
6,529
167,569,844
3,833,787
169,491,822
6,101,636
-
-
-
-
1,618,986
-
1,151,200
85,780
1,618,986
52,558
92,863,118
9,251,403
222,500,751
13,240,188
325,098,113
25,385,335
-
-
-
-
-
-
-
-
-
-
101,922,626
125,308,109
-
-
101,922,626
125,308,109
-
-
21,785,094
5,118,392
28,040,330
6,567,053
25,029,210
4,373,789
20,163,194
3,511,272
8,159,989
14,539,649
6,529
168,677,658
3,833,787
169,491,822
6,101,636
101,922,626
125,308,109
94,482,104
9,251,403
325,574,577
138,634,077
326,717,099
25,437,893
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
COLOMBIA
PERU
ARGENTINA
BRASIL
TOTAL
12-31-2015
12-31-2014
12-31-2013
12-31-2015
12-31-2014
12-31-2013
12-31-2015
12-31-2014
12-31-2013
12-31-2015
12-31-2014
12-31-2013
12-31-2015
12-31-2014
12-31-2013
RESULTS
Tolls
capacity
Tolls
capacity
Tolls
capacity
Tolls
capacity
Tolls
capacity
Tolls
capacity
Tolls
Energy
and
Energy
and
Energy
and
Energy
and
Energy
and
Energy
and
Energy
and
capacity
Energy
and capacity
Tolls
Energy
and
capacity
Energy
and
capacity
Tolls
Energy
and
capacity
Tolls
Energy
and
capacity
Tolls
Energy
and
capacity
Tolls
Energy
and
capacity
Tolls
Energy
and
capacity
Tolls
Tolls
Energy sales
91,614,430
3,782,034
94,439,616
4,137,051
79,365,812
3,844,886
39,027,533
5,024,561
34,481,991
3,341,292
31,384,194
610,848
24,469,681
148,113
37,120,676
310,919
58,105,467
872,208
104,917,610
5,394,125
89,394,426
6,268,177
74,614,703
5,342,261
260,029,254
14,348,833
255,436,708
14,057,439
243,470,176
10,670,204
20,447,041
5,223,843
25,631,699
9,889,413
19,174,609
7,671,493
24,701,337
4,316,494
19,958,532
3,478,388
13,624,354
3,051,373
10,541,703
-
13,839,215
441,931
18,095,954
921,658
184,762,886
4,199,379
179,556,986
6,463,979
61,567,284
2,966,183
240,452,967
13,739,716
238,986,433
20,273,711
112,462,200
14,610,707
613
Consolidated Financial Statements
Appendix 8 Details of Due Dates of
Payments to Suppliers
This appendix forms an integral part of the Enersis Américas financial statements
Suppliers with Payments Up-
to-Date
Balance at
12-31-2015
Goods
ThCh$
Services
ThCh$
Others
ThCh$
Total
ThCh$
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
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 180 days
More than 180 days
Total
-
-
-
-
-
-
-
107,441,015
224,427,906
331,868,921
13,041,611
16,446,525
29,488,136
-
-
-
-
-
-
-
-
-
-
2,278,233
2,278,233
120,482,626
243,152,664
363,635,290
17,186,972
167,424,566
644,249,911
828,861,449
Balance at
12-31-2015
Balance at
12-31-2014
Goods
ThCh$
Services
ThCh$
Others
ThCh$
Total
ThCh$
Goods
ThCh$
Services
ThCh$
Others
ThCh$
Total
ThCh$
-
-
-
-
-
-
-
-
-
-
-
-
-
-
10,249,865
10,249,865
-
-
-
-
-
-
-
-
87,506,351
87,506,351
97,756,216
97,756,216
-
-
-
-
-
-
-
-
-
-
-
-
1,137,018
1,137,018
Balance at
12-31-2014
Goods
ThCh$
17,186,972
Services
ThCh$
157,069,570
10,354,996
Others
ThCh$
635,121,059
2,848,853
376,364
376,364
3,010,909
2,516,362
Total
ThCh$
809,377,601
13,203,849
376,364
376,364
3,010,909
2,516,362
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
1,137,018
1,137,018
614
2015 Annual Report Enersis
Appendix 8 Details of Due Dates of
Payments to Suppliers
This appendix forms an integral part of the Enersis Américas 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
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 180 days
More than 180 days
Balance at
12-31-2015
Goods
ThCh$
Services
ThCh$
Others
ThCh$
Total
ThCh$
107,441,015
224,427,906
331,868,921
13,041,611
16,446,525
29,488,136
2,278,233
2,278,233
-
-
-
-
-
-
-
-
-
-
-
-
-
-
10,249,865
10,249,865
87,506,351
87,506,351
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Total
97,756,216
97,756,216
Balance at
12-31-2014
Goods
ThCh$
17,186,972
-
-
-
-
-
Services
ThCh$
157,069,570
10,354,996
-
-
-
-
Others
ThCh$
635,121,059
2,848,853
376,364
376,364
3,010,909
2,516,362
Total
ThCh$
809,377,601
13,203,849
376,364
376,364
3,010,909
2,516,362
Total
120,482,626
243,152,664
363,635,290
17,186,972
167,424,566
644,249,911
828,861,449
Balance at
12-31-2015
Balance at
12-31-2014
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
615
Consolidated Financial Statements
Management’s Analysis
of Consolidated Financial
Statements
Enersis Américas
Announces
Consolidated
Results
for the period ended on december 31, 2015
• Enersis Américas’ EBITDA as of December 31, 2015, including discontinued operations, amounted to Ch$
2,289,133 million, in line with the Ch$ 2,300,020 obtained in 2014.
• The generation business showed an EBITDA growth of Ch$ 80,674 million, 6.2% higher compared to 2014.
This is mainly explained by the better results obtained in Chile of Ch$ 159,984 million, 45% higher than
the previous year, due to better sales prices and higher physical energy sales, together with the effect of
consolidating 100% of GasAtacama for the entire year, while in 2014 it was consolidated since May. This
was partially offset by a lower EBITDA in Colombia, mostly attributable to exchange rate effect, and in Brazil.
• In distribution business, EBITDA was 5.9% lower than the previous year, amounting to Ch$ 966,679 million,
which is mostly explained by a 39% decrease in Brazil’s EBITDA mainly attributable to a lower electricity
demand and higher energy losses, resulting from Brazil’s macroeconomic situation. This was partially offset
by the acknowledgement of Ch$ 317,492 million in Argentina coming from Resolution N° 32/2015 and
better results in Peru and Chile.
• The positive operating performance in generation business, along with a better financial result due to higher
financial income and lower financial costs, resulted in an 8.4% increase in net profits attributable to Enersis’
controlling shareholders compared to the last year, amounting to Ch$ 661,587 million.
• The Company’s distribution customer base grew by more than 448,000 clients during the last 12 months,
reaching more than 15.2 million clients. Energy demand in the Group’s concession areas increased by
2.3%, reaching Physical sales of 78,731 GWh.
• In the generation business, the accumulated net energy production reached 60,403 GWh, in line with the
60,299 GWh generated in 2014. On the other hand, Physical sales increased by 4.1% compared to the
previous year, reaching 72,039 GWh, mostly attributable to higher sales in Chile and Colombia.
• El Quimbo began operating on November 16, 2015, contributing 400 MW of installed capacity and 159
GWh of production during the year 2015. On the other hand, we have continued the construction of Los
Condores (150 MW, hydro), estimated to begin operating toward the end of 2018.
618
2015 Annual Report Enersis
Economic - financial summary
• Consolidated net debt including discontinued operations decreased by US$ 173 million compared to 2014,
a 5.5% decrease, reaching US$ 2,940 million as of December 2015.
• The Company’s operating result (EBIT) increased by 0.5% compared to 2014, reaching
• Ch$ 1,778,633 million, primarily explained by the positive performance of Chile’s generation business. This was
partially offset by a lower result in distribution business mainly attributable to the situation of Ampla in Brazil.
• Net financial result shows a smaller loss of Ch$ 236,547 million, improving by 89.9%. This is mainly
explained by higher financial revenues and positive exchange rate differences due to dollarization of account
receivables in Argentina related to investments in previous years, and higher financial revenues in Brazil
from improved regulated distribution assets at the end of concession (IFRIC 12) compared to 2014. This
was partially offset by the negative impact of exchange rate in foreign currency denominated debt.
• Income before taxes amounted to Ch$ 1,777,745 million, equivalent to a 16.5% increase as compared with
2014.
• Corporate taxes paid out by the Company were 27.5% higher than in the previous year, reaching Ch$
633,276 million, mostly explained by Chile and Argentina.
• As a result of these variations, Net Income attributable to Enersis Américas shareholders, including
discontinued operations, increase by 8.4% in 2015 compared to 2014, amounting to Ch$ 661,587 million.
Financial summary
The Company’s available liquidity has remained solid. Including discontinued operations, the liquidity position
was the following:
Cash and cash equivalent
US$ 1,872 million
Cash and cash equiv. + 90-day cash investments
US$ 1,923 million
Available committed lines of credit
Available uncommitted lines of credit
US$ 531 million
US$ 706 million
• The average nominal interest rate in December 2015 increased up to 8.7% from 8.3% during the same
period of the previous year, primarily influenced by worse interest rate conditions in Colombian peso and
Brazilian real debts, respectively. All of the above was partly offset by better interest rates in dollars and
better inflation conditions in Chile.
For the continuing company, Enersis Américas, the liquidity situation was as follows:
Cash and cash equivalent
US$ 1,669 million
Cash and cash equiv. + 90-day cash investments
US$ 1,720 million
Available committed lines of credit
Available uncommitted lines of credit
US$ 245 million
US$ 411 million
619
Management’s Analysis of Consolidated Financial Statements • The average nominal interest rate as of December 2015 increased up to 9.6% from 8.8% during the
previous year, mainly influenced by worse interest rate conditions in Colombian peso and Brazilian real
debts, respectively. All of the above was partly offset by better interest rates in dollars and better inflation
conditions in Chile.
Hedging and protection:
In order to mitigate the financial risks associated to foreign exchange and interest rate fluctuations, Enersis
Américas S.A. (continuing company of Enersis S.A.) has enacted policies and procedures aimed at hedging its
financial statements against volatility.
Enersis Américas S.A. (consolidated) foreign exchange hedging policy establishes that there must be
equilibrium between the index currency of the flows generated by each company and the currency in which
they assume debt. Consequently, Enersis Américas, including discontinued operations, has contracted cross-
currency swaps valued at US$ 406 million and forwards of US$ 91 million.
In order to reduce financial statement volatility caused by interest rate changes, Enersis Américas S.A.
(consolidated) keeps an adequate balance in the structure of the debt. To that effect, we have contracted
interest rate swaps for US$ 85 million.
In the case of Enersis Chile S.A. (consolidated) and maintaining Enersis S.A. policy before the spin-off of the
company between Chile and Américas, has contracted cross-currency swaps valued at US$ 762 million and
forwards for US$ 184 million.
Relevant information for the analysis
of this Financial Statements
as stated under Note 5 of the current financial statements as of December 2015, on December 18, 2015 the
Shareholders’ Meeting of Enersis S.A. decided to approve the spin-off of the Company subject to compliance
with certain precedent conditions. The referred corporate split consists in dividing Enersis and its subsidiary,
Endesa Chile and Chilectra, in a manner such as to keep apart on one side the generation and distribution
businesses in Chile and, on the other, the activities out of Chile.
On February 1, 2016, and having met the precedent conditions, the spin-off of Enersis Chile and its subsidiaries,
Endesa Chile and Chilectra, was indeed materialized and as of such same date the subsidiaries Enersis
Américas (continuing company of the former Enersis S.A.), Enersis Chile, Endesa Américas and Chilectra
Américas began to legally exist.
Considering the above mentioned and pursuant to the provisions of the International Financial Reporting
Standards (IFRS), as of December 31, 2015 all assets and liabilities related to the generation and distribution
businesses in Chile have been considered as “held for distribution to owners”, having reclassified their balance
sheet balances. On the other hand, all revenues and expenses corresponding to generation and distribution
businesses in Chile, as they are considered discontinued operations, are shown under the item “Profit (loss)
from discontinued operations” of the consolidated income statement.
620
2015 Annual Report Enersis
For comparative purposes this presentation scheme has also been applied to results corresponding to the
years 2014 and 2013, thereby restating the previously-approved consolidated income statements.
In line with what has been described above and in order to enable a better interpretation of the businesses and
results of the years ending as of December 31 of 2015 versus 2014, we prepared tables to clearly visualize
and distinguish discontinued from continuing operations, thereby enabling explaining the businesses and their
results in an overall manner as if the operation had not been done.
Markets in which the company
operates
Enersis Américas’ business activities are carried out through subsidiary companies that operate the different
businesses in the five countries in which the Company operates. The most important businesses for Enersis
are electricity generation and distribution.
At the end of April 2014, our subsidiary Endesa Chile acquired an additional 50% of the partnership rights in
Inversiones GasAtacama Holding Limitada, thus attaining control and 100% ownership of the property.
The following tables show some key indicators, as of December 31, 2015 and 2014, of the companies in the
different countries in which they operate.
Generation business
Company
Endesa Chile (1)
Endesa Costanera
El Chocón
Dock Sud
Edegel consolidado
EE, Piura
Emgesa
Cachoeira Dourada
Endesa Fortaleza
Total
Discontinued operations (1)
Total
Markets in which
operates
SIC & SING Chile
SIN Argentina
SIN Argentina
SIN Argentina
SICN Peru
SICN Peru
SIN Colombia
SICN Brasil
SICN Brasil
Energy Sales
(GWh)
Dec-15
Dec-14
Market Share
Dec-14
Dec-15
35.4%
6.2%
2.9%
2.9%
21.6%
1.6%
19.0%
0.7%
0.7%
32.6%
5.6%
2.7%
3.8%
24.9%
1.6%
19.4%
0.8%
0.7%
23,558
8,168
3,801
3,802
8,633
650
16,886
3,215
3,326
21,157
7,051
3,391
4,834
9,320
596
15,773
3,903
3,205
72,039
(23,558)
48,481
69,230
(21,157)
48,073
(1)Includes Endesa Chile and its generation subsidiaries in Chile. As of December 31, 2015 and 2014 corresponds to
discontinued operations
621
Management’s Analysis of Consolidated Financial Statements Distribution business
Energy Sales
(GWh)
Energy Losses
%
Clients
(thousand)
Clients /
Employees
Company
Chilectra (**)
Edesur
Edelnor
Ampla
Coelce
Codensa
Dec-15
Dec-14
15,893
18,492
7,624
11,547
11,229
13,946
15,690
17,972
7,338
11,678
11,165
13,660
Dec-15
5.3%
Dec-14
Dec-15
5.3% 1,781
12.3% 10.8% 2,480
8.0% 1,337
20.9% 20.1% 2,997
13.7% 12.7% 3,758
7.2% 2,865
8.3%
7.3%
Dec-14
1,737
2,464
1,294
2,875
3,625
2,772
Dec-15
2,596
596
2,191
2,579
3,168
2,771
Dec-14
2,518
645
2,090
2,466
2,989
2,658
Total
Discontinued operations (**)
Total Continuing Operations
78,732
(15,893)
62,838
77,503
(15,690)
61,813
11.3%
11.3%
10.7% 15,216
(1,781)
10.7% 13,436
14,768
(1,737)
13,030
1,722
1,726
1,722
1,726
(*) Includes final customer sales and tolls.
(**) Consolidated data. As of December 31, 2015 and 2014, corresponds to discontinued operations.
The following table shows energy sale revenues breakdown by business line and by type of client as of
December 31, 2015 and 2014 in the different countries in which we operate. The information includes
discontinued operations as if the operation would not have been done .
Energy Sales Revenues
Generation and Distribution
(Figures in million Ch$)
País
Energy Sales Revenues
Generation
Regulated customers
Non regulated customers
Spot Market
Other Clients
Distribution
Residential
Commercial
Industrial
Other
Less: Consolidation adjustments
Dec-15
Chile (*)
Dec-14
Argentina (**)
Dec-14
Dec-15
Dec-15
Brasil (**)
Dec-14
Colombia (**)
Total Segments
Dec-15
Dec-14
Dec-15
Dec-15
Dec-14
Dec-15
Dec-14
Dec-15
Total
Dec-14
Structure and
adjustments
1,474,818
1,067,435
264,112
140,340
2,931
1,112,914
407,437
350,157
230,416
124,904
(340,368)
1,155,806
760,297
274,938
98,451
22,120
997,836
335,917
281,979
196,219
183,721
(267,341)
118,065
-
6,003
74,988
37,074
261,053
87,213
108,920
29,920
35,000
(26)
75,489
-
9,785
38,289
27,415
204,714
70,375
82,844
20,785
30,710
(27)
250,600
148,844
66,291
35,465
-
369,739
157,329
131,767
80,643
-
1,509,823
761,401
324,695
121,499
302,228
(133,477)
1,696,855
863,888
360,707
144,536
327,724
(143,516)
762,280
743,649
545,157
217,123
532,364
211,285
-
-
-
-
723,093
382,378
180,465
76,231
84,019
808,455
433,772
202,635
81,752
90,296
355,087
206,903
116,587
11,416
20,181
528,051
254,248
108,633
72,072
93,098
Peru (**)
Dec-14
325,249
184,724
119,299
8,692
12,534
2,960,850
2,669,932
1,423,182
1,102,350
(552,090)
(551,888)
998,150
479,332
60,186
1,068,153
437,360
62,069
447,642
4,134,934
4,155,502
215,821
1,892,677
1,919,773
91,376
62,749
77,696
1,072,870
1,019,541
530,138
639,249
506,041
710,147
(176)
-
(26)
(71,949)
(2,498)
(79)
-
(69,372)
624,039
-
-
-
-
-
-
-
-
-
-
2,408,760
2,669,932
871,294
1,102,350
997,974
1,068,153
479,332
60,160
437,360
62,069
4,062,985
4,155,502
1,890,179
1,919,773
1,072,791
1,019,541
530,138
569,877
506,041
710,147
(69,548)
(106,461)
(80,620)
(71,832)
(624,039)
(589,177)
(122)
-
(589,299)
Energy Sales Revenues
2,247,364
1,886,301
379,092
280,176
1,626,946
1,923,078
1,415,825
1,445,643
802,518
701,059
6,471,745
6,236,257
-
-122
6,471,745
6,236,135
Change in million Ch$ and %
361,063
19.1%
98,916
(35.3%)
(296,132)
(15.4%)
(29,818)
(2.1%)
101,459
14.5%
235,488
3.8%
122
235,610
3.8%
(*) Discontinued Operations
(**) Continuing Operations
622
2015 Annual Report Enersis
Distribution business
Energy Sales
Energy Losses
(GWh)
%
Clients
(thousand)
Clients /
Employees
Dec-15
Dec-14
Dec-15
Dec-14
Dec-15
Dec-14
Dec-15
Dec-14
15,893
18,492
7,624
11,547
11,229
15,690
17,972
7,338
11,678
11,165
5.3%
5.3% 1,781
12.3% 10.8% 2,480
8.3%
8.0% 1,337
20.9% 20.1% 2,997
13.7% 12.7% 3,758
13,946
13,660
7.3%
7.2% 2,865
1,737
2,464
1,294
2,875
3,625
2,772
2,596
596
2,191
2,579
3,168
2,771
2,518
645
2,090
2,466
2,989
2,658
Company
Chilectra (**)
Edesur
Edelnor
Ampla
Coelce
Codensa
Total
Discontinued operations (**)
(15,893)
(15,690)
(1,781)
(1,737)
Total Continuing Operations
62,838
61,813
11.3%
10.7% 13,436
13,030
1,722
1,726
78,732
77,503
11.3%
10.7% 15,216
14,768
1,722
1,726
(*) Includes final customer sales and tolls.
(**) Consolidated data. As of December 31, 2015 and 2014, corresponds to discontinued operations.
The following table shows energy sale revenues breakdown by business line and by type of client as of
December 31, 2015 and 2014 in the different countries in which we operate. The information includes
discontinued operations as if the operation would not have been done .
Energy Sales Revenues
Generation and Distribution
(Figures in million Ch$)
Chile (*)
Dec-14
760,297
274,938
98,451
22,120
997,836
335,917
281,979
196,219
183,721
1,067,435
264,112
140,340
2,931
1,112,914
407,437
350,157
230,416
124,904
País
Energy Sales Revenues
Generation
Regulated customers
Non regulated customers
Spot Market
Other Clients
Distribution
Residential
Commercial
Industrial
Other
(*) Discontinued Operations
(**) Continuing Operations
Dec-15
Dec-15
Dec-14
Dec-15
Dec-14
Argentina (**)
Brasil (**)
Colombia (**)
Dec-14
Dec-15
Dec-15
Peru (**)
Dec-14
Total Segments
Dec-14
Dec-15
Structure and
adjustments
Dec-14
Dec-15
Dec-15
Total
Dec-14
1,474,818
1,155,806
118,065
75,489
-
9,785
38,289
27,415
70,375
82,844
20,785
30,710
250,600
148,844
66,291
35,465
-
761,401
324,695
121,499
302,228
369,739
157,329
131,767
80,643
-
863,888
360,707
144,536
327,724
204,714
1,509,823
1,696,855
-
6,003
74,988
37,074
261,053
87,213
108,920
29,920
35,000
(26)
762,280
-
545,157
217,123
-
723,093
382,378
180,465
76,231
84,019
(69,548)
743,649
-
532,364
211,285
-
808,455
433,772
202,635
81,752
90,296
(106,461)
355,087
206,903
116,587
11,416
20,181
528,051
254,248
108,633
72,072
93,098
(80,620)
325,249
184,724
119,299
8,692
12,534
447,642
215,821
91,376
62,749
77,696
(71,832)
2,960,850
1,423,182
998,150
479,332
60,186
4,134,934
1,892,677
1,072,870
530,138
639,249
(624,039)
2,669,932
1,102,350
1,068,153
437,360
62,069
4,155,502
1,919,773
1,019,541
506,041
710,147
(589,177)
(552,090)
(551,888)
(176)
-
(26)
(71,949)
(2,498)
(79)
-
(69,372)
624,039
-
-
-
-
-
-
-
-
-
-
(122)
2,408,760
871,294
997,974
479,332
60,160
4,062,985
1,890,179
1,072,791
530,138
569,877
-
2,669,932
1,102,350
1,068,153
437,360
62,069
4,155,502
1,919,773
1,019,541
506,041
710,147
(589,299)
Less: Consolidation adjustments
(340,368)
(267,341)
(27)
(133,477)
(143,516)
Energy Sales Revenues
2,247,364
1,886,301
379,092
280,176
1,626,946
1,923,078
1,415,825
1,445,643
802,518
701,059
6,471,745
6,236,257
-
-122
6,471,745
6,236,135
Change in million Ch$ and %
361,063
19.1%
98,916
(35.3%)
(296,132)
(15.4%)
(29,818)
(2.1%)
101,459
14.5%
235,488
3.8%
122
235,610
3.8%
623
Management’s Analysis of Consolidated Financial Statements I. - Analysis of the Financial Statements
1. Analysis of the Income Statement
Net income attributable to the controlling shareholders of Enersis Américas as of December 31, 2015 amounted
to Ch$ 661,587 million; which represents an 8.4% increase compared to the same period of the previous year,
which amounted to Ch$ 610,158 million.
Following is an item-by-item comparison of the Income Statement of the continuing operations as of December
31, 2015 and 2014:
CONSOLIDATED INCOME STATEMENT
(Continuing Operations) (million Ch$)
Revenues
Sales
Other operating income
Procurements and Services
Energy purchases
Fuel consumption
Transportation expenses
Other variable costs
Contribution Margin
Personnel costs
Other fixed operating expenses
Gross Operating Income (EBITDA)
Depreciation and amortization
Reversal of impairment profit (impairment loss)
recognized in profit or loss
Operating Income
Net Financial Income
Financial income
Financial costs
Gain (Loss) for indexed assets and liabilities
Foreign currency exchange differences, net
Other Non Operating Income
Net Income From Sale of Assets
Share of profit (loss) of associates accounted for using
the equity method
Dec-15
5,301,440
4,667,645
633,794
(2,777,202)
(1,885,916)
(258,114)
(245,813)
(387,358)
2,524,238
(420,597)
(488,529)
1,615,112
(320,542)
Dec-14
5,206,370
4,806,456
399,914
(2,631,669)
(1,824,003)
(205,534)
(265,185)
(336,947)
2,574,700
(333,898)
(463,729)
1,777,073
(350,743)
Change
95,070
(138,810)
233,880
(145,532)
(61,914)
(52,580)
19,372
(50,411)
(50,462)
(86,699)
(24,799)
(161,961)
30,201
% Change
1.8%
(2.9%)
58.5%
(5.5%)
(3.4%)
(25.6%)
7.3%
(15.0%)
(2.0%)
(26.0%)
(5.4%)
(9.1%)
8.6%
(39,812)
(38,330)
(1,482)
(3.9%)
1,254,758
28,287
294,770
(385,455)
(9,266)
128,238
(3,233)
(6,566)
1,388,000
(213,316)
251,122
(432,314)
(13,630)
(18,494)
3,437
877
(133,242)
241,603
43,649
46,859
4,364
146,732
(6,670)
(7,443)
(9.6%)
113.3%
17.4%
10.8%
32.0%
793.4%
(194.1%)
(849.1%)
3,333
2,560
773
30.2%
Net Income Before Taxes
Income Tax
1,279,812
(523,663)
1,178,121
(430,592)
101,691
(93,071)
8.6%
(21.6%)
Net Income from Continuing Operations
756,149
747,529
8,620
1.2%
Net income (Loss) from discontinued operations after
taxes
388,321
281,941
106,379
(37.7%)
NET INCOME
1,144,469
1,029,470
115,000
11.2%
NET INCOME
Net Income attributable to owners of parent
Net income attributable to non-controlling interest
1,144,469
661,587
482,883
1,029,470
610,158
419,312
115,000
51,429
63,571
11.2%
8.4%
15.2%
Earning per share from continuing operations (Ch$ /share)
Earning per share from discontinued operations (Ch$ /
share)
Earning per share (Ch$ /share)
5.57
7.91
6.89
5.74
13.48
12.43
(1.32)
(19.2%)
2.17
1.05
37.8%
8.5%
(*) As of December 31, 2015 and 2014 the average number of paid and subscribed shares were 49,092,772,762
624
2015 Annual Report Enersis
Following is an item-by-item comparison of the Income Statement including discontinued operations as of
December 31, 2015 and 2014:
CONSOLIDATED INCOME STATEMENT
(Including Discontinued Operations)(million Ch$)
Revenues
Sales
Other operating income
Procurements and Services
Energy purchases
Fuel consumption
Transportation expenses
Other variable costs
Contribution Margin
Personnel costs
Other fixed operating expenses
Gross Operating Income (EBITDA)
Depreciation and amortization
Reversal of impairment profit (impairment loss)
recognized in profit or loss
Operating Income
Net Financial Income
Financial income
Financial costs
Gain (Loss) for indexed assets and liabilities
Foreign currency exchange differences, net
Other Non Operating Income
Net Income From Sale of Assets
Share of profit (loss) of associates accounted for using
the equity method
Dec-15
7,698,847
7,050,316
648,530
(4,259,187)
(2,746,120)
(585,617)
(428,267)
(499,184)
3,439,659
(536,148)
(614,379)
2,289,133
(473,744)
Dec-14
7,253,876
6,819,761
434,115
(3,941,071)
(2,612,423)
(511,015)
(417,134)
(400,499)
3,312,805
(438,734)
(574,051)
2,300,020
(479,180)
Change
444,971
230,555
214,415
(318,116)
(133,697)
(74,602)
(11,133)
(98,685)
126,854
(97,414)
(40,328)
(10,887)
5,436
% Change
6.1%
3.4%
49.4%
(8.1%)
(5.1%)
(14.6%)
(2.7%)
(24.6%)
3.8%
(22.2%)
(7.0%)
(0.5%)
1.1%
(36,757)
(51,515)
14,758
28.7%
1,778,633
(26,615)
310,040
(447,072)
(4,427)
114,843
25,728
13,490
1,769,325
(263,162)
265,884
(491,858)
1,634
(38,822)
19,916
71,769
9,308
236,547
44,156
44,786
(6,061)
153,665
5,812
(58,279)
0.5%
89.9%
16.6%
9.1%
370.9%
395.8%
29.2%
(81.2%)
12,238
(51,853)
64,091
(123.6%)
Net Income Before Taxes
Income Tax
NET INCOME
Net Income attributable to owners of parent
Net income attributable to non-controlling interest
1,777,745
(633,276)
1,144,469
661,587
482,883
1,526,079
(496,609)
1,029,470
610,158
419,312
251,666
(136,667)
114,999
51,429
63,571
16.5%
(27.5%)
11.2%
8.4%
15.2%
Earning per share (Ch$ /share)
13.48
12.43
1.05
8.5%
(*) As of December 31, 2015 and 2014 the average number of paid and subscribed shares were 49,092,772,762
Operating income:
Operating income obtained as of December 31, 2015, which includes the discontinued activities as if the
operation would not have been done, shows an increase of Ch$ 9,308 million, equivalent to 0.5%, going from
Ch$1,769,325 million as of December 2014 to Ch$ 1,778,633 million in 2015.
625
Management’s Analysis of Consolidated Financial Statements The breakdown of operating revenue and expenses for the continuing operations by business line for the years
2015 and 2014, is as follows:
OPERATING INCOME
BY BUSINESS LINES (Continuing Operations)
(Figures in million Ch$)
Generation &
Transmission
Dec-15
Dec-14
Distribution
Dec-15
Dec-14
Adjustments
Dec-15
Dec-14
Total
Dec-15
Dec-14
1,734,762
1,762,869
3,890,723
3,802,109
(324,045)
(358,608)
5,301,440
5,206,370
(1,020,066)
(962,567)
(3,317,705)
(3,200,400)
291,090
344,597
(4,046,681)
(3,818,369)
714,696
800,302
573,018
601,708
(32,955)
(14,011)
1,254,758
1,388,000
(85,606)
(10.7%)
(28,691)
(4.8%)
(18,944)
(135.2%)
(133,242)
(9.6%)
Operating
Revenues
Operating Costs
Operating
Income
Change in million
Ch$ and %
The breakdown of operating income and costs by line of business for the years 2015 and 2014 includes the
discontinued operations considering as if the operation would not have been performed:
OPERATING INCOME
BY BUSINESS LINES (Including Discontinued Operations)
(Figures in million Ch$)
Generation &
Transmission
Dic-15
Dic-14
Distribution
Dic-15
Dic-14
Adjustments
Dic-15
Dic-14
Total
Dic-15
Dic-14
3,279,630
2,983,424
5,148,455
4,930,001
(729,239)
(659,549)
7,698,847
7,253,876
(2,163,115)
(1,937,408)
(4,426,143)
(4,174,186)
669,045
627,042
(5,920,213)
(5,484,552)
1,116,515
1,046,016
722,312
755,815
(60,194)
(32,506)
1,778,633
1,769,325
70,499
6.7%
(33,503)
(4.4%)
(27,688)
(85.2%)
9,308
0.5%
Operating
Revenues
Operating Costs
Operating
Income
Change in million
Ch$ and %
The generation and transmission businesses of the Group, which includes discontinued activities as if the
operation would not have been performed, shows an increment of Ch$ 70,499 million equivalent to 6.7%,
reaching Ch$ 1,116,515 million. The Physical sales that include the discontinued activities increased by 4.1%
amounting to 72,039 GWh (69,230 GWh in 2014).
A comparative table including discontinued operations of the generation and transmission business operating
income between both periods on a country-by-country basis is shown below
OPERATING INCOME BY COUNTRY
Generation & Transmission
(Figures in million Ch$)
Discontinued Operations
País
Operating Revenues
Operating Costs
Chile
Dec-15
Dec-14
Argentina
Dec-15
Dec-14
Brazil
Dec-15
1,543,810
(1,141,991)
1,220,555
(974,841)
212,136
(160,927)
167,630
(128,921)
Operating Income
Change in million Ch$ and %
401,819
156,104
245,715
63.5%
51,209
12,501
38,708
32.3%
626
2015 Annual Report Enersis
Continuing Operations
Colombia
Dec-14
Dec-15
Dec-14
Dec-14
Dec-15
Dec-14
Dec-14
437,033
778,768
753,385
437,887
401,695
1,735,820
1,762,869
3,279,630
2,983,424
(288,199)
(405,940)
(303,895)
(280,561)
(242,838)
(1,021,124)
(962,567)
(2,163,115)
(1,937,408)
Peru
Dec-15
Total Continuing
Operations
Total
Dec-15
148,834
(11.6%)
372,828
(76,662)
449,490
(17.1%)
157,326
(1,531)
158,857
(1.0%)
714,696
(85,607)
800,302
1,116,515
1,046,016
(10.7%)
70,499
6.7%
305,830
(174,274)
131,556
(17,278)
Operating
Revenues
Operating
Income
Change in million
Ch$ and %
Operating
Revenues
Operating
Income
Change in million
Ch$ and %
The breakdown of operating revenue and expenses for the continuing operations by business line for the years
2015 and 2014, is as follows:
OPERATING INCOME
BY BUSINESS LINES (Continuing Operations)
(Figures in million Ch$)
Generation &
Transmission
Distribution
Adjustments
Dec-15
Dec-14
Dec-15
Dec-14
Dec-15
Dec-14
Dec-14
Total
Dec-15
1,734,762
1,762,869
3,890,723
3,802,109
(324,045)
(358,608)
5,301,440
5,206,370
Operating Costs
(1,020,066)
(962,567)
(3,317,705)
(3,200,400)
291,090
344,597
(4,046,681)
(3,818,369)
a) Continuing operations:
Argentina
The operating income of our generation subsidiaries in Argentina reached Ch$ 51,209 million, Ch$ 12,501
million higher than last year, when operating income amounted to Ch$ 38,708 million.
Endesa Costanera’s operating income amounted to Ch$ 20,372 million, Ch$ 6,671 million higher than the
previous year as a consequence of higher operating revenues of Ch$ 25,663 million mostly attributable to
higher generation; which implied higher energy sales of 1,117 GWh than those of the previous year and
714,696
800,302
573,018
601,708
(32,955)
(14,011)
1,254,758
1,388,000
to higher average sale prices associated to Resolution N°482. The foregoing was partially offset by higher
(85,606)
(10.7%)
(28,691)
(4.8%)
(18,944)
(135.2%)
(133,242)
(9.6%)
operating expenses of Ch$ 18,992 million mostly due to higher Personnel expenses of Ch$ 12,728 million as
a consequence of increased staffing and salaries resulting from a collective bargaining agreement as well as
from higher depreciation and impairment amounting to Ch$ 5,315 million due to higher Expense capitalizations
The breakdown of operating income and costs by line of business for the years 2015 and 2014 includes the
in the Combined Cycle Central.
discontinued operations considering as if the operation would not have been performed:
OPERATING INCOME
(Figures in million Ch$)
BY BUSINESS LINES (Including Discontinued Operations)
Generation &
Transmission
Distribution
Adjustments
Dic-15
Dic-14
Dic-15
Dic-14
Dic-15
Dic-14
Dic-14
Total
Dic-15
3,279,630
2,983,424
5,148,455
4,930,001
(729,239)
(659,549)
7,698,847
7,253,876
Operating Costs
(2,163,115)
(1,937,408)
(4,426,143)
(4,174,186)
669,045
627,042
(5,920,213)
(5,484,552)
1,116,515
1,046,016
722,312
755,815
(60,194)
(32,506)
1,778,633
1,769,325
70,499
6.7%
(33,503)
(4.4%)
(27,688)
(85.2%)
9,308
0.5%
El Chocon’s operating income amounted to Ch$ 27,009 million, Ch$ 12,671 million higher than the previous
year, due to higher operating revenues of Ch$ 9,831 million due to higher Physical sales of 410 GWh compared
to 2014, as a result of better hydrological conditions and better average sale prices in connection with
Resolution N°482. Operating costs decreased by Ch$ 2,840 million mainly due to lower other variable costs
of Ch$ 2,840 million as a result of lower tax credits from the regulator, lower transportation costs of Ch$1,236
million due to lower variable payment of the delivered energy in connection with Resolution N°482 and lower
energy purchases of Ch$ 943 million, offset by higher Personnel expenses of Ch$ 1,160 million resulting from
salary increases.
The operating income of our subsidiary Dock Sud reached Ch$ 3,309 million, Ch$ 6,155 million lower than the
previous year due to higher operating costs of Ch$ 14,512 million, mainly due to higher fuel consumption of
Ch$ 7,839, higher Depreciation and impairment expenses of Ch$ 5,775 million due to higher capitalizations
The generation and transmission businesses of the Group, which includes discontinued activities as if the
in the company compared to 2014 and higher Personnel expenses of Ch$ 2,051 million resulting from salary
operation would not have been performed, shows an increment of Ch$ 70,499 million equivalent to 6.7%,
increases, the foregoing offset by lower other expenses by nature amounting to Ch$ 1,603 million resulting
reaching Ch$ 1,116,515 million. The Physical sales that include the discontinued activities increased by 4.1%
from lower repair work in the plant. On the other hand, operating revenues increased by Ch$ 8,357 million as
amounting to 72,039 GWh (69,230 GWh in 2014).
a result of better average sale price in connection to Resolution N°482 totaling Ch$ 7,320 million and higher
revenues from non-recurrent maintenance payments of Ch$ 1,037 million. Physical sales reached 3.802 GWh
A comparative table including discontinued operations of the generation and transmission business operating
in 2015; namely, 1,032 GWh lower than the previous year when they reached 4,834 GWh.
income between both periods on a country-by-country basis is shown below
The effect of converting the financial statements from Argentinean pesos to Chilean pesos in both periods was
a 0.8% increase in Chilean peso terms in December 2015, compared to December 2014.
OPERATING INCOME BY COUNTRY
Generation & Transmission
(Figures in million Ch$)
Discontinued Operations
Continuing Operations
País
Operating Revenues
Operating Costs
Chile
Dec-15
Dec-14
Argentina
Dec-15
Dec-14
Brazil
Dec-15
1,543,810
(1,141,991)
1,220,555
(974,841)
212,136
(160,927)
167,630
(128,921)
Dec-14
Colombia
Dec-15
Dec-14
Peru
Dec-15
Dec-14
Total Continuing
Operations
Dec-15
Dec-14
Total
Dec-15
Dec-14
437,033
(288,199)
778,768
(405,940)
753,385
(303,895)
437,887
(280,561)
401,695
(242,838)
1,735,820
(1,021,124)
1,762,869
(962,567)
3,279,630
(2,163,115)
2,983,424
(1,937,408)
Operating Income
Change in million Ch$ and %
401,819
156,104
245,715
63.5%
51,209
12,501
38,708
32.3%
148,834
(11.6%)
372,828
(76,662)
449,490
(17.1%)
157,326
(1,531)
158,857
(1.0%)
714,696
(85,607)
800,302
(10.7%)
1,116,515
70,499
1,046,016
6.7%
305,830
(174,274)
131,556
(17,278)
627
Management’s Analysis of Consolidated Financial Statements
Brazil
The operating income of our subsidiaries in Brazil amounted to Ch$ 131,556 million, Ch$ 17,278 million lower
than the previous year when the operating income amounted to Ch$ 148,834 million.
The operating income of our subsidiary Cachoeira Dourada decreased by Ch$ 9,880 million, given a lower
operating revenue of Ch$ 67,402 million, mainly due to lower energy sales of 688 GWh as compared to the
previous year and due to the conversion effect from Brazilian reals to Chilean pesos. On the other hand
operating costs decreased by Ch$ 57,522 million, mainly due to lower energy purchases to free clients and
spot market in order to cover the demand for Ch$ 49,032 million, due to lower Other variable procurements
and services costs of Ch$ 4,080 million due to lower taxes and financial compensations for hydro resources
and lower Transportation costs of Ch$ 2,481 million as a result of lower sales and lower Depreciation and
impairment expenses of Ch$ 1,778 million. Physical sales amounted to 3,215 GWh this year, 688 GWH less
than the previous year when they reached 3,903 GWh.
The operating income of Central Fortaleza (CGTF) amounted to Ch$ 34,867 million; which is Ch$ 2,127 million
lower than the previous year, due to lower energy sales of Ch$ 51,741 million as a result of lower sale prices,
offset by lower operating costs of Ch$ 49,614 million, mainly due to lower energy sales of Ch$ 48,966 million
due to lower market purchase prices. Physical sales reached 3,326 GWh in the present year, 121 GWh higher
as compared to the previous year when they reached 3,205 GWh.
Our subsidiary Cien shows a decrease of Ch$ 6,083 million in its operating income, as a result of lower operating
revenues of Ch$ 12,133 million, due to the conversion effect from Brazilian reals to Chilean pesos, of Ch$
12,901 million, offset by an increase in the Permitted Annual Income (RAP) due to higher energy dispatches
in line with the instructions issued by the regulating agency amounting to Ch$ 768 million. Operating costs, on
the other hand, decreased by Ch$ 6,050 million, mainly due to lower Depreciation and impairment expenses of
Ch$ 3,600 million, mostly due to the conversion of Brazilian reals to Chilean pesos, lower Personnel expenses
of Ch$ 1,370 million and lower other expenses by nature of Ch$ 862 million.
The effect of converting the financial statements from Brazilian reals to Chilean pesos in both periods was a
19.1% decrease in Chilean peso terms in December 2015, compared to December 2014.
628
2015 Annual Report Enersis
Colombia
The operating income in Colombia decreased by 17.1%, amounting to Ch$ 372,828 million in 2015 as compared
to the previous year whose operating income reached Ch$ 449,490 million.
Emgesa’s operating income was impacted by higher operating costs of Ch$ 102,045 million, given higher
energy purchases of Ch$ 81,968 million resulting from higher average purchase prices and Physical sales,
higher fuel consumption of Ch$ 29,972 million as a result of higher thermal generation due to scarce rainfall,
higher other expenses due to nature of Ch$ 5,111 million mainly due to the wealth acknowledgment tax
decreed by the Colombian government of Ch$ 8,464 million and higher Personnel expenses of Ch$ 1,106
million. All of the above was partially offset by lower Other variable procurements and services of Ch$ 6,558
million, lower Depreciation and impairment expenses of Ch$ 5,377 million and lower transportation expenses
of Ch$ 4,177 million; the three preceding concepts were mainly affected by the effects of the conversion of
Colombian pesos to Chilean pesos.
On the other hand, operating revenues were incremented by Ch$ 25,383 million, mainly attributable to higher
Physical sales during the period of 1,113 GWh and to better average sale prices as compared to the previous
year of Ch$ 141,431 million; the foregoing was partially offset by the effect of the conversion of Colombian
pesos to Chilean pesos of Ch$ 122,712 million. Additionally, there were higher other sales totaling Ch$ 6,664
million corresponding to gas sales.
The effect of converting the financial statements from Colombian pesos to Chilean pesos in both periods was
a 16.5% decrease in Chilean peso term in December 2015 compared to December 2014.
629
Management’s Analysis of Consolidated Financial Statements Peru
The operating income of our subsidiaries in Peru amounted to Ch$ 157,326 million in 2015, showing a decrease
of Ch$ 1,531 million compared to the previous year which amounted to Ch$ 158,857 million.
Edegel’s operating revenues amounted to Ch$ 139,656 million, a decrease of Ch$ 1,502 million compared to
the previous year. Its operating costs increased by Ch$ 30,160 million, mainly due to higher fuel consumption
of Ch$ 9,521 million due to higher thermal generation, higher Depreciation and impairment expenses of Ch$
7,333 million, higher capitalizations expenses, higher Other variable procurements and services costs of Ch$
7,174 million, higher offsets on account of renewable energies, higher Transportation costs of Ch$ 5,815 million
due to price hikes, higher other expenses by nature of Ch$ 3,667 million and higher Personnel expenses of
Ch$ 1,848 million, offset by lower Spot market energy purchases of Ch$ 5,198 million.
Operating revenues increased by Ch$ 28,658 million, mainly due to better average sale prices and in spite
of lower Physical sales of 687 GWh amounting to Ch$ 23,614 million, higher Other tolling revenues of Ch$
11,927 million, offset by lower Other operating revenues of Ch$ 6,883 million, mainly due to a higher 2014
comparative base on account of a casualty and insurance indemnification for the T-G7 turbine of Central Santa
Rosa.
Additionally, the subsidiary, Empresa Electrica de Piura, slightly increased its operating income by Ch$ 75
million compared to the previous year.
The effect of converting the financial statements from new Peruvian soles into Chilean pesos in both periods
was a 2.4% increase in Chilean peso terms in December 2015 compared to December 2014.
630
2015 Annual Report Enersis
b) Discontinued operations:
Chile
The operating income in Chile increased from Ch$ 245,715 million as of December 2014 to Ch$ 401,819
million in 2015, mainly due to higher operating revenues of Ch$ 323,255 million, mostly due to higher Physical
sales of 2,401 GWh compared to the previous year and to better average energy sale prices, as well as higher
operating revenues contributed by the subsidiary GasAtacama of Ch$ 69,941 million, a company whose results
has been consolidated since May 2014.
On the other hand, operating costs increased by Ch$ 167,150 million when compared to the previous year, due
to higher energy purchase costs of Ch$ 32,289 million due to higher physical purchases in the spot market,
higher fuel consumption expenses of Ch$ 22,028 million, mainly explained by the incorporation of GasAtacama,
higher transportation expenses of Ch$ 36,860 million, the regasification of GNL Chile and gas tolls, higher
Other variable procurements and services of Ch$ 39,501 million mainly due to costs related to the agreement
executed with AES Gener that permits the use of Endesa’s available GNL in Nueva Renca’s combined cycle
for Ch$ 23,739 million, higher costs attributable to the purchase and transportation of water for the operation
of Central San Isidro of Ch$ 9,441 million and other higher costs of Ch$ 6,321 million, higher Depreciation and
impairment expenses of Ch$ 3,880 million, mainly as a result of the incorporation of GasAtacama for Ch$ 2,811
million, higher Expense capitalizations carried out during the second half of 2014 in San Isidro II, Bocamina II
,Tal Tal and Rapel for Ch$ 22,155 million, higher depreciation expenses in Celta of Ch$ 3,342 million due to
the capitalization of the Ojos de Agua project and capitalizations of the central, a depreciation of Ch$ 2,522
million of Proyecto Eolico Waiwén wind project, offset by the reversed depreciation of Celta amounting to
Ch$ 12,578 million, the depreciation of the Punta Alcalde project by Ch$ 12,581 million recorded in 2014 and
the depreciation of El Melón tunnel in 2014 by Ch$ 2,604 million, higher other expenses due to nature of Ch$
24.875 million, mainly due to higher organizational restructuring expenses, fines on account of penalties and
litigation and higher Personnel expenses of Ch$ 7,718 million on account of Retirement plans and quitclaims.
On April 22, 2014, our subsidiary Endesa Chile acquired 50% of the equity holdings of Inversiones GasAtacama
Holding Limitada completing 100% of its property ownership. The acquired subsidiary, whose operating
income has been acknowledged since May 2014, shows a better operating income of Ch$ 9,596 million
compared to the previous year.
The Enersis Américas Group distribution business, including the discontinued operations as if the operation
would not have been done, shows an operating income decrease of Ch$ 33,503 million during the year,
equivalent to 4.4% of the previous year and amounting to Ch$ 722,312 million. Physical sales increased by
1,229 GWh, equivalent to a 1.6% variation compared to that of the previous year totaling 78,732 GWh. The
company’s client base grew by 448,000 to 15.2 million, 3% higher than the previous year.
631
Management’s Analysis of Consolidated Financial Statements The operating income of the distribution business, broken down by country including discontinued operations
as if the operation would not have been done, is shown in the following table.
OPERATING INCOME BY COUNTRY
Distribution
(Figures in million Ch$)
Discontinued Operations
Country
Operating Revenues
Operating Costs
Chile
Dec-15
Dec-14
Argentina
Dec-15
Dec-14
Brazil
Dec-15
1,257,732
(1,108,438)
1,127,893
(973,786)
607,345
(503,570)
371,412
(422,641)
1,836,864
(1,709,530)
1,969,226
884,467
982,771
562,046
478,700
3,890,723
3,802,109
5,148,455
4,930,001
(1,668,001)
(648,880)
(720,796)
(454,341)
(387,714)
(3,317,705)
(3,200,400)
(4,426,143)
(4,174,186)
Operating Income
Change in million Ch$ and %
149,294
(4,813)
154,107
(3.1%)
103,775
155,005
(51,229)
302.6%
127,334
(173,892)
301,226
(57.7%)
235,588
(26,388)
261,975
(10.1%)
107,705
16,719
90,986
18.4%
573,018
(28,690)
601,709
(4.8%)
722,312
(33,504)
755,815
(4.4%)
Continuing Operations
Colombia
Dec-14
Dec-15
Dec-14
Dec-14
Dec-15
Dec-14
Dec-14
Perú
Dec-15
Total Continuing
Operations
Total
Dec-15
a) Continuing activities:
Argentina
In Argentina, our subsidiary Edesur shows a better operating income of Ch$ 155,005 million, going from a loss
of Ch$ 51,229 million in the year 2014 to a profit of Ch$ 103,775 million in 2015, mostly attributable to:
Operating revenues increased by Ch$ 235,933 million due to that the current period recorded revenues of
Ch$ 351,464 million as a result of the application of the new Resolution N°32/2015 dated March 11; which, in
order to pay for the expenses and investments associated to the normal supply of the public electric energy
distribution service, approved a temporary increase of Edesur’s revenues, without it implying a tariff increase,
as of February 1, 2015 amounting to Ch$ 305,941 million, the acknowledgment of costs not transferred onto
the MMC tariff corresponding to January 2015 of Ch$ 11,551 million; additionally, it acknowledged an energy
sales income of Ch 33,972 million since it also establishes that as of February 1, 2015 the funds coming from
PUREE must be considered as part of the income of the distributor companies. All of the foregoing was
offset by acknowledging income of Ch$ 132,374 million as of December 2014 as a result of the application of
Resolution 250/13 that acknowledges costs not passed onto the MMC tariff and other services totaling Ch$
5,524 million. Additionally, energy sales increased by Ch$ 22,367 million on account of higher Physical sales
of 520 GWh during the period.
Operating costs increased by Ch$ 80,929 million, mainly due to higher Personnel expenses of Ch$ 72,850
million, mainly attributable to Salary increases and quitclaims, Ch$ 10,499 million from other expenses by
nature mostly due to higher contractor company costs, higher Depreciation and impairment expenses of Ch$
2,187 million and Other variable procurements and services of Ch$ 1,055 million. All of the foregoing was
offset by lower energy purchases to the local regulator of Ch$ 5,328 million.
Energy losses increased to 1.5 p.p. reaching 12.3% as of December 2015 and the number of Edesur clients
expanded by 15,400, exceeding 2.48 million clients.
The effect of converting the financial statements from Argentinean pesos to Chilean pesos in both periods was
a 0.8% increase in Chilean peso terms in December 2015, compared to December 2014.
632
2015 Annual Report Enersis
The operating income of the distribution business, broken down by country including discontinued operations
as if the operation would not have been done, is shown in the following table.
OPERATING INCOME BY COUNTRY
Distribution
(Figures in million Ch$)
Country
Operating Revenues
Operating Costs
a) Continuing activities:
Argentina
Discontinued Operations
Continuing Operations
Chile
Dec-15
Dec-14
Argentina
Dec-15
Dec-14
Brazil
Dec-15
Dec-14
Colombia
Dec-15
Dec-14
Perú
Dec-15
Dec-14
Total Continuing
Operations
Dec-15
Dec-14
Total
Dec-15
Dec-14
1,257,732
(1,108,438)
1,127,893
(973,786)
607,345
(503,570)
371,412
1,836,864
(422,641)
(1,709,530)
1,969,226
(1,668,001)
884,467
(648,880)
982,771
(720,796)
562,046
(454,341)
478,700
(387,714)
3,890,723
(3,317,705)
3,802,109
(3,200,400)
5,148,455
(4,426,143)
4,930,001
(4,174,186)
Operating Income
Change in million Ch$ and %
149,294
(4,813)
154,107
(3.1%)
103,775
155,005
(51,229)
302.6%
127,334
(173,892)
301,226
(57.7%)
235,588
(26,388)
261,975
(10.1%)
107,705
16,719
90,986
18.4%
573,018
(28,690)
601,709
(4.8%)
722,312
(33,504)
755,815
(4.4%)
Brazil
In Argentina, our subsidiary Edesur shows a better operating income of Ch$ 155,005 million, going from a loss
In Brazil, the operating income of our distribution subsidiaries amounted to Ch$ 127.334 million, 57.7% less
of Ch$ 51,229 million in the year 2014 to a profit of Ch$ 103,775 million in 2015, mostly attributable to:
than the same period of 2014.
Operating revenues increased by Ch$ 235,933 million due to that the current period recorded revenues of
Ampla’s operating income amounted to Ch$ 26,423 million; which, when compared to the previous year’s
Ch$ 351,464 million as a result of the application of the new Resolution N°32/2015 dated March 11; which, in
Ch$ 183,846 million it represents a Ch$ 157,423 million decrease. This is mainly explained by higher energy
order to pay for the expenses and investments associated to the normal supply of the public electric energy
purchase costs of Ch$ 75,051 million, affected by higher prices due to the drought, partially offset by lower
distribution service, approved a temporary increase of Edesur’s revenues, without it implying a tariff increase,
Depreciation and impairment expenses of Ch$ 6,465 million, lower Asset write-offs and lower Transportation
as of February 1, 2015 amounting to Ch$ 305,941 million, the acknowledgment of costs not transferred onto
costs of Ch$ 10,170 million, mainly due to the effects of the conversion of Brazilian reals to Chilean pesos.
the MMC tariff corresponding to January 2015 of Ch$ 11,551 million; additionally, it acknowledged an energy
On the other hand, operating incomes decreased by Ch$ 98,895 million on account of lower energy sales
sales income of Ch 33,972 million since it also establishes that as of February 1, 2015 the funds coming from
incomes, mostly attributable to the effects of converting Brazilian reals to Chilean pesos despite better average
PUREE must be considered as part of the income of the distributor companies. All of the foregoing was
sale prices.
offset by acknowledging income of Ch$ 132,374 million as of December 2014 as a result of the application of
Resolution 250/13 that acknowledges costs not passed onto the MMC tariff and other services totaling Ch$
Physical sales decreased by 131 GWh reaching 11,547 GWh as of December 2015. Energy losses increased by
5,524 million. Additionally, energy sales increased by Ch$ 22,367 million on account of higher Physical sales
0.8 p.p. from 20.1% to 20.9% as of December 2015. Ampla’s client base grew by 121,400 clients, exceeding
of 520 GWh during the period.
2.99 million clients.
Operating costs increased by Ch$ 80,929 million, mainly due to higher Personnel expenses of Ch$ 72,850
Our subsidiary Coelce decreased its operating income by Ch$ 16,469 million, reaching Ch$ 100,911 million.
million, mainly attributable to Salary increases and quitclaims, Ch$ 10,499 million from other expenses by
The Ch$ 66,760 million lower operating income corresponds mainly to lower energy sales income due to the
nature mostly due to higher contractor company costs, higher Depreciation and impairment expenses of Ch$
conversion effects of Brazilian reals to Chilean pesos, despite higher physical energy sales of 64 GWh and
2,187 million and Other variable procurements and services of Ch$ 1,055 million. All of the foregoing was
lower energy sale prices. On the other hand, its operating costs decreased by Ch$ 50,291 million, due to lower
offset by lower energy purchases to the local regulator of Ch$ 5,328 million.
energy purchases of Ch$ 36,421 million, mainly due to the effects of converting Brazilian reals to Chilean
pesos, offset by higher purchase prices due to the drought and by lower other Depreciation and impairment
Energy losses increased to 1.5 p.p. reaching 12.3% as of December 2015 and the number of Edesur clients
expenses amounting to Ch$ 18,318 million on account of the effects of converting Brazilian reals to Chilean
expanded by 15,400, exceeding 2.48 million clients.
pesos and of the 2014 tariff review effects.
The effect of converting the financial statements from Argentinean pesos to Chilean pesos in both periods was
Physical sales increased by 64 GWh reaching 11,229 GWh in 2015. Energy losses increased by 1 p.p. reaching
a 0.8% increase in Chilean peso terms in December 2015, compared to December 2014.
13.7% as of December 2015 and the number of Coelce clients expanded by 132,400, exceeding 3.76 million
clients.
The effect of converting the financial statements from Brazilian reals to Chilean pesos in both periods was a
19.1% decrease in Chilean peso terms in December 2015, compared to 2014.
633
Management’s Analysis of Consolidated Financial Statements Colombia
In Colombia, the operating income of Codensa reached Ch$ 235,588 million, reflecting a decrease of Ch$
26,388 million compared to the previous year. This is explained because operating revenues decreased by
Ch$ 98,304 million, mainly due to lower energy sales of Ch$ 85,362 million due to the conversion effect of
Colombian pesos to Chilean pesos of Ch$ 133,406 million, offset by higher physical energy sales of 286 GWh
and lower average sale prices of Ch$ 48,044 million, lower other services provided of Ch$ 18,186 million due
to the conversion effect to Chilean pesos of Ch$ 28,353 million net of higher income on account of the leasing
of grids and posts and public lighting infrastructure maintenance of Ch$ 10,167 million, offset by higher Other
operating income of Ch$ 5,042 million, mainly on account of casualty indemnities. On the other hand, operating
costs also decreased by Ch$ 71,916 million, mainly due to lower energy purchases of Ch$ 40,618 million due
to the conversion effect of Ch$ 68,739 million, offset by higher energy purchases of Ch$ 28,121 million, lower
Depreciation and impairment expenses of Ch$ 14,845 million, mainly due to conversion effects of conversion
effects of Ch$ 12,277 million, lower transportation expenses of Ch$ 5,300 million for conversion effects of
Ch$ 14,544 million, offset by higher expenses on account of the use of grids of Ch$ 9,243 million, lower other
expenses due to nature of Ch$ 11,170 million, mainly due to conversion effects of Ch$ 11,160 million, lower
expenses in grids maintenance and others totaling Ch$ 5,256 million, offset by the acknowledgment of the
wealth tax of Ch$ 5,266 million decreed by the Colombian Government.
Energy losses increased by 0.1 p.p. up to 7.3% as of December 2015 and the number of clients grew by
92,800, reaching more than 2.87 million clients.
The effect of converting the financial statements from Colombian pesos to Chilean pesos in both periods was
a 16.5% decrease in Chilean peso term in December 2015 compared to December 2014.
Peru
In Peru, our subsidiary Edelnor, shows an operating income of Ch$ 107,705 million, Ch$ 16,719 million higher
than the last year, mainly explained by an increase in operating revenues of Ch$ 83,346 million, mainly due
to higher Physical sales during the period. The foregoing was partially offset by higher operating costs of
Ch$ 66,627 million, mostly attributable to higher energy purchases of Ch$ 58,910 million in order to cover
a higher demand from clients, higher expenses in Other variable procurements and services of Ch$ 4,989
million, and higher Depreciation and impairment expenses of Ch$ 2,416 million on account of higher Expense
capitalizations in medium and low-tension distribution lines.
Physical sales increased by 286 GWh, reaching 7,624 GWh as of December 2015. Energy losses increased by
0,3 p.p. reaching 8.3% as of December 2015. The number of clients expanded by 43,100, reaching more than
1.34 million clients.
The effect of converting the financial statements from new Peruvian soles into Chilean pesos in both periods
was a 2.4 % increase in Chilean peso terms in December 2015 compared to December 2014.
634
2015 Annual Report Enersis
b) Discontinued activities:
Chile
In Chile, our subsidiary Chilectra obtained an operating income of Ch$ 149,294 million, a decrease of Ch$ 4,813
million compared to the previous year, or the equivalent to 3.1%.
This variation is mainly explained by higher operating revenues of Ch$ 129,839 million, as a consequence of
higher energy sales of Ch$ 115,077 million, both due to higher Physical sales as well as increased tariffs to
regulated clients and the higher acknowledgment for the re-liquidation of non-applied average Node Price
Decrees and increased income from other services provided totaling Ch$ 16,359 million, mainly income on
account of transmission tolls with generator companies totaling Ch$ 9,869 million and leases and maintenance
of public lighting and layout of grids and other services for Ch$ 6,490 million.
The higher operating costs of Ch$ 134,652 million, are the result of increased energy purchases of Ch$ 115,265
million due to higher Physical sales and higher purchase prices compared to the previous year, higher Variable
procurement expenses and services of Ch$ 8,169 million, mainly resulting from compensations to clients on
account of system failures and other costs, higher other Depreciation and impairment expenses of Ch$ 7,667
million on account of higher fixed asset capitalizations and higher non-collectability provisions, due to higher
Transportation costs of Ch$ 4,541 million due to higher tolling costs and higher Personnel expenses of Ch$ 355
million. All of the above offset by lower other expenses by nature of Ch$ 1,345 million.
Energy losses were capped at 5.3% for both years. Physical energy sales grew by 1.3% reaching 15,893 GWh
during the present year and the client base expanded by 43,500 reaching 1.78 million clients.
Following is a summary of the income, operating costs and operating income of Enersis Américas’ Group
subsidiaries for the years ended December 2015 and 2014, including discontinued operations considering as if
the operation would not have been done.
Operating Income Detail (Including Discontinued Operations)
(Figures in million Ch$)
Company
Endesa Chile consolidated
Cachoeira Dourada
CGTF
Cien
Chilectra S.A.
Edesur S.A.
Edelnor S.A.
Ampla
Coelce
Codensa S.A.
Inmob, Manso de Velasco
Ltda,(1)
Servicios Informaticos e
Inmobiliarios Ltda(ex ICT)
Cemsa
Dock Sud
EE Piura
Holding Enersis y soc,
inversión
Consolidation Adjustments
Ingresos de
Explotación
Dec-15
Costos de
Explotación Explotación
Ingresos de
Explotación
Dec-14
Costos de
Explotación Explotación
2,442,790
91,563
159,052
58,667
1,257,732
607,345
562,046
1,026,680
810,184
884,467
(1,508,012)
(29,590)
(124,185)
(22,629)
(1,108,438)
(503,570)
(454,346)
(1,000,257)
(709,273)
(648,880)
934,778
61,973
34,867
36,038
149,294
103,775
107,700
26,423
100,911
235,587
2,135,173
158,965
210,793
70,800
1,127,893
371,412
478,695
1,092,282
876,944
982,771
(1,286,157)
(87,112)
(173,799)
(28,679)
(973,786)
(422,641)
(387,722)
(908,436)
(759,564)
(720,796)
849,016
71,853
36,994
42,121
154,107
(51,229)
90,973
183,846
117,380
261,975
-
-
-
12,596
(7,236)
5,360
8,661
(9,173)
(512)
4,978
(6,520)
(1,542)
2,270
69,963
58,093
(3,525)
(66,653)
(40,429)
(1,256)
3,309
17,663
1,281
61,606
50,849
(2,115)
(52,141)
(33,261)
(834)
9,465
17,588
52,678
(108,814)
(56,136)
5,537
(21,491)
(15,953)
(393,345)
417,562
24,217
(388,699)
386,905
(1,794)
Total
7,698,847
(1) Company merged in 2015 by Servicios Informaticos e Inmobiliarios Ltda.(ex ICT)
(5,920,214)
1,778,633
7,253,876
(5,484,551)
1,769,325
635
Management’s Analysis of Consolidated Financial Statements
Following are non-operating results including discontinued operations considering as if the operation would not
have been done for the years ended in December 2015 and 2014:
Consolidated Income Statement
(including Discontinued Operations)
(million Ch$)
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
Financial income
Dic-15
(26,615)
310,040)
(447,072)
(4,427)
114,843
25,728
13,490
Dic-14
(263,1629
265,884
(491,858)
1,634
(38,822)
19,916
71,769
Variación % Variación
89,9%
16,6%
9.1%
370.9%
395.8%
29.2%
(81.2%)
236,547
44,156
44,786
(6,061)
153,665
5,812
(58,279)
12,238
(51,853)
64,091
(123.6%)
1,777,745
(633,276)
1,144,469
1,526,079
(496,609)
1,029,470
251,666
(136,667)
114,999
16.5%
(27.5%)
11.2%
The financial result amounted to an expense of Ch$ 26,615 million, representing Ch$ 236,547 million less than
in the year 2014. The foregoing is mostly explained by:
Higher financial income of Ch$ 44,156 million mainly attributable to higher revenues of Ch$ 37,618 million as
a consequence of the restatement of non-amortized assets at the end of the concession period in Ampla and
Coelce at their New Replacement Value, higher revenues of Ch$ 19,906 million of the financial restatement of
the regulated assets and liabilities of the Brazilian distributor companies Ampla and Coelce, higher revenues of
Ch$ 38,641 million of the cancelation of financial expenses in Edesur and Costanera of debt with CAMMESA
pursuant to Note SE1208/2015, higher income from accounts payable to VOSA of Ch$ 57,080 million, offset
by lower income resulting from the placement of investments and other financial securities in Enersis of Ch$
23,092 million and lower income of Ch$ 84,535 million resulting from the restructuring of Mitsubishi’s debt in
our subsidiary Endesa Costanera in 2014.
Lower financial expenses of Ch$ 44,786 million, mainly due to lower financial expenses in Brazilian subsidiaries
of Ch$ 68,729 million as a result of the restatement of non-amortized assets at the end of the concession
period in Ampla and Coelce at the New Replacement Value, offset by higher expenses in the Argentinean
subsidiaries, Edesur and Endesa Costanera, totaling Ch$ 39,970 million, mainly due to higher debt with
CAMMESA. The difference corresponds to lower financial expenses mostly caused by the conversion effects
of the various functional currencies of our foreign subsidiaries of Ch$ 16,027 million, especially in the Brazilian
subsidiaries.
Higher indexation adjustment expenses of Ch$ 6,061 million, mainly due to the lower impact of UF-denominated
financial debt of certain Chilean subsidiaries.
Lower expenses from exchange rate differences of Ch$ 153,665 million, mainly due to positive exchange rate
differences on account of the dollarization of VOSA’s accounts payable of Ch$ 141,560 million, a lower impact
on DockSud of Ch$ 26,644 million as a result of the capitalization of all its debt toward the end of 2014 and
due to a lower impact on Endesa Costanera of Ch$ 5,260 million due to lower dollar-denominated debt, as
compared to the 2014 period. All of the foregoing was partially offset by higher foreign exchange currency
differences.
636
2015 Annual Report Enersis
Result from asset sales and other investments
The lower result of Ch$ 58,279 million corresponds mainly to lower income resulting from the recalculation of
the initial pre-existing shareholding of 50% of GasAtacama and the settlement of its foreign exchange currency
differences of Ch$ 42,553 million recorded in 2014, lower income from the sale of Los Maitenes and Aguas
Santiago Poniente (Enea project) shareholdings totaling Ch$ 21,078 as recorded in 2014, offset by income of
Ch$ 4,207 million corresponding to income from the sale of El Melón tunnel in January 2015.
Result from companies applying the participation accounting method
The higher income of Ch$ 64.091 million corresponds mainly to the depreciation of Hidroaysen Project by Ch$
69,066 million carried out in 2014 as a result from the uncertainty of the recovery of this investment.
Corporate taxes
Corporate Income Tax shows higher expenses of Ch$ 136,667 million, mostly explained by higher expenses in
Endesa Chile of Ch$ 64,609 million, mainly due to better financial revenues as compared to the previous year,
the impact of foreign exchange rate differences in foreign investments and the rate hike ordered by a new tax
reform applied as of September 2014 in Chile, in Empresa Hidroelectrica Chocon amounting to Ch$ 53,119
million as a result of better financial revenues compared to the previous year due to dollarization in VOSA and
Enersis totaling Ch$ 16,948 million, mostly attributable to the impact of foreign exchange rate differences.
Analysis of the financial situation
Assets (milions Ch$)
Current Assets
Non Current Assets
Discontinued Operations
Dec-15
SVS
2,589,626
7,535,593
5,323,936
Dec-15
Including
Disc.
Operations
3,437,084
12,012,070
-
Dec-14
Change % Change
3,931,499
11,989,823
-
(494,415)
22,247
-
(12.6%)
0.2%
-
Total Assets
15,449,154
15,449,154
15,921,322
(472,168)
(3.0%)
The Company’s total assets, including those to be distributed to owners, decreased by Ch$ 472,168 million
as of December 2015 when compared to December 2014; a circumstance that is mainly the consequence of:
• Lower Current Assets of Ch$ 494,415 million equivalent to 12,6%, mostly explained by:
- A decrease in Cash and Cash equivalent of Ch$ 375,320 million, mainly due to a decrease in Emgesa of
Ch$ 157,624 million on account of payments to suppliers, dividends, wealth taxes and net-of-collection
allowance payments, in Enel Brasil Group of Ch$ 106,538 million, payments to energy suppliers, net-
of-collection loan payments and contributions from the CDE Fund, in Edelnor of Ch$ 44,807 million
on energy supplier payments, dividends and net-of-collection financial debt, in Codensa of Ch$ 43,198
million on energy supplier payments, dividends and net-of-collection wealth taxes and in Edegel of Ch$
26,938 million on energy supplier payments, taxes, dividends and financial debt.
- A decrease in Other non-financial current assets of Ch$ 69,124 million, mainly explained by the effects of
converting the various functional currencies of the companies and the settlements to supplier advances.
637
Management’s Analysis of Consolidated Financial Statements - A decrease in current tax assets of $ 42,812 million, mainly in Enersis of Ch$ 16,148 million and in
Endesa Chile of Ch$ 25,593 million on account of lower Provisional Monthly Payments (PPM, in its
Spanish acronym) and Credits on account of Dividends receivable.
- A decrease in non-current assets or asset groups for their disposal classified as “kept for sale” of Ch$
7,979 million corresponding to El Melón tunnel assets, a company that was sold in January 2015.
• Higher non-current Assets of Ch$ 22,247 million equivalent to 0.2%, mostly due to:
- An increase in the value of property, plant and equipment of Ch$ 198,519 million mainly corresponding
to the new investments of the period of Ch$ 1,131,848 million and other transactions amounting to
Ch$ 31,261 million mainly from dismantling provisions partially offset by the period’s Depreciation and
impairment of Ch$ 383,297 million, the impact of converting the various functional currencies of the
companies of Ch$ 575,643 million and other reductions totaling Ch$ 5,650 million.
- An increase in Commercial Accounts Receivable and other Non-current receivables of Ch$ 121,446
million corresponding mostly to the dollarization of accounts receivable from Argentina’s regulatory
authorities for the construction of Central de Vuelta Obligado (VOSA) in Endesa Costanera, Central Dock
Sud and Hidroelectrica El Chocon, net of their conversion effect.
- A Ch$ 143,933 million decrease in Intangible assets other than Goodwill, mainly in the new investments
of the period of Ch$ 256,893 million, partially offset by the period’s depreciation and impairment of
Ch$ 86,052 million, the effects of converting the various functional currencies of the companies of Ch$
243,086 million and other transactions totaling Ch$ 71,688 million.
- A Ch$ 79,397 million decrease in Goodwill, mostly explained by the effects of converting various foreign
investment currencies.
- Decreased assets on account of deferred taxes of Ch$ 61,921 million, mainly explained by the effects
of converting the various functional currencies of the companies and the lower impact of assets in our
Colombian subsidiaries, Emgesa and Codensa.
- A decrease in Other non-current financial assets of Ch$ 19,543 million, mainly due to the effects of
converting Brazilian reals into Chilean pesos in the Brazilian distributor companies, Ampla and Coelce,
and the account receivable of IFRIC 12.
638
2015 Annual Report Enersis
The Company’s Total Liabilities, including those to be distributed to the property owners, in addition to the
company’s Total Equity Capital, show a decrease of Ch$ 472,168 million compared to December 2014. This is
mostly due to a decrease in Non-current assets of Ch$ 423,310 million, the company’s Equity capital decrease
of Ch$ 89,411 million and an increase in current liabilities of Ch$ 40,533 million.
Liabilities (million Ch$)
Current Liabilities
Non Current Liabilities
Discontinued Operations
Total Shareholders' Equity
Attributable to shareholders of the company
Attributable to minority interest
Dec-15
SVS
2,559,729
2,753,965
1,945,652
8,189,808
6,026,149
2,163,659
Dec-15
Including
Disc.
Operations
3,235,375
4,023,971
8,189,808
6,026,149
2,163,659
Dic-14
Change % Change
3,194,822
4,447,281
-
8,279,219
6,201,976
2,077,243
40,553
(423,310)
-
(89,411)
(175,827)
86,416
1.3%
(9.5%)
-
(1.1%)
(2.8%)
4.2%
Total Liabilities and Shareholders' equity
15,449,154 15,449,154 15,921,322
(472,168)
(3.0%)
• Non-current liabilities decreased by Ch$ 423,310 million, equivalent to a 9.5% variation, mostly explained
by:
- A decrease of Other non-current financial liabilities (financial debt and derivatives) of Ch$ 524,603 million,
mainly due to a decrease in Enersis Américas of Ch$ 242,131 million on account of transferring the
Bond and its derivative to short term, in Ampla Energia of Ch$ 105,853 million on account of transferring
bonds and bank debt to short term plus the effects of converting Brazilian reals into Chilean pesos, in
Coelce of Ch$ 98,032 million, mainly due to transferring bank debt to short term plus the effects of
converting Brazilian reals to Chilean pesos, in Emgesa of Ch$ 81,284 million, mainly due to converting
Colombian pesos to net Chilean pesos of the new Bank of Tokyo credit, in Codensa of Ch$ 68,859 million
for transferring bond debt to short term and the effects of the conversion and in Edegel of Ch$ 64,178
million, mainly due to transferring loans and bonds to short term. All of the above was partially offset by
Endesa Chile’s Ch$ 139,063 million increase mostly attributable to the effects of exchange rates in its
foreign currency debt.
-
Increased commercial accounts payable and other non-current accounts payable of Ch$ 130,193 million,
mainly explained by Edesur and Dock Sud due to their debt to CAMMESA on account of their extraordinary
investment plans.
-
Increased other non-current provisions of Ch$ 42,721 million, mainly due to increased dismantling
provisions of Ch$ 32,365 million in Bocamina II, San Isidro and Central Quinteros, in Emgesa of Ch$
33,658 million for environmental liability provisions and future obligations to rural communities, offset by
the conversion effects of the various functional currencies of the companies.
- A decrease in provisions on account of non-current benefits to employees of Ch$ 27,636 million, mainly
explained by the effects of converting the various functional currencies of the companies, net of 2015
actuarial restatements.
- A decrease of Other non-financial, non-current liabilities of Ch$ 32,726 million, mainly due to the effects
of converting the various functional currencies of the companies.
639
Management’s Analysis of Consolidated Financial Statements • Current liabilities increased very slightly by Ch$ 40,553 million, equivalent to a 1.2% variation, mainly
explained by:
- A decrease in commercial accounts and other current payable accounts of Ch$ 293,990 million, whose
variation is due to decreases in Edesur of Ch$ 246,463 million, mostly from offsetting energy debt to
CAMMESA with credits receivable of the Cost Monitoring Mechanism (MMC) totaling Ch$ 218,361 million
and conversion effects, in Emgesa of Ch$ 105,078 million, mainly due to dividend payments to third parties,
in Codensa of Ch$ 63,834 million, mainly due to dividend payments and payments to energy suppliers, and
in Edelnor of Ch$ 20,043 million in payments to energy suppliers and others. The foregoing was offset by
increases in Ampla of Ch$ 102,881 million on account of higher accounts payable to energy suppliers, in
Chilectra of Ch$ 32,368 million due to higher accounts payable due to energy purchases, in Celta of Ch$
11,986 million in accounts payable to suppliers, in Endesa Chile of Ch$ 8,702 million in accounts payable to
suppliers and in Endesa Costanera of Ch$ 7,989 million due to increased sundry suppliers.
- Higher other current financial liabilities of Ch$ 293,990 million, mostly due to the increase in Enersis
Américas of Ch$ 246,463 million due to transferring from the long term the bond debt and its derivative,
the increase in Emgesa of Ch$ 44,738 million due to bank loans net of bond debt payments, the increase
in Coelce of Ch$ 40,795 million due to the transfer from long term and new loans net of bank payments,
in Codensa of Ch$ 33,084 million for transferring bond debt from long term, the increase in Edegel of Ch$
29,864 million for transferring from long term bank loans and bonds, and in Ampla Energia of Ch$ 15,580
million on account of new bank loans, transfers from long term net of payments. The foregoing was
offset with a Ch$ 118,025 million reduction in Endesa Chile, mainly due to the payment of Yankee Bonds.
- Lower Other current non-financial liabilities of Ch$ 83,928 million, mainly due to the effects of converting
foreign currencies into Chilean pesos and transfers to accounts payable.
-
Increased Other current provisions of Ch$ 53,406 million, mostly environmental liabilities related to El
Quimbo Project in our Colombian subsidiary, Emgesa, of Ch$ 70,756 million offset by the effect of
converting Colombian pesos to Chilean pesos.
- Higher Liabilities on account of current taxes of Ch$ 42,255 million, mostly higher income taxes and
Provisional Monthly Payments chargeable to fiscal year 2016 net of the 2015 Income Tax Return.
-
Increased Accounts payable to related entities of Ch$ 21,456 million, mainly due to higher dividends
payable to parent companies.
- Reduced Liabilities included in asset groups for divestment classified as “held for sale” totaling Ch$
5,488 million, corresponding to liabilities of El Melón tunnel, a company that was sold in January 2015.
• The Company’s total Shareholders’ Equity decreased by Ch$ 89,411 million compared to December 2014.
- The portion attributable to the controller’s property owners decreased by Ch$ 175,827 million, which
is mostly explained by the period’s income of Ch$ 661,587 million, by a decrease in other reserves of
Ch$ 504,754 million, mainly due to conversion differences of the period totaling Ch$ 442,819 million,
cash flow hedges of Ch$ 60,939 million and other reserves totaling Ch$ 996 million. Additionally, due
to the diminished impact of the accumulated profits obtained from the profits and losses allocated to
the established benefit plans totaling Ch$ 12,152 million and due to the decrease of the final dividend
amount for the year 2014 and the 30% legal dividend of 2015 amounting to Ch$ 320,508 million.
640
2015 Annual Report Enersis
- Non-controlling shareholdings increased by Ch$ 86,416 million, which are mostly explained by the
period’s income totaling Ch$ 482,883 million and by other increases totaling Ch$ 619 million, offset by
a decrease in Other Integral results totaling Ch$ 243,973 million and the Ch$ 151,308 million dividend
distribution to minority shareholders.
The evolution of the main financial indicators, including the discontinued
operations considered as if the operation would not have been done, is
the following:
Liquidity
Leverage
Profitability
Indicator
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-15
1.06
1.03
201,709
0.89
44.6%
55.4%
6.80
23.1%
10.8%
7.3%
dic-14 Dec-14
Change
% Change
1.23
1.18
736,677
0.92
41.8%
58.2%
-
-
-
-
-
-
-
-
-
-
(0.17)
(0.15)
(534,968)
(0.03)
2,8 p,p
(2,8 p,p)
(13.8%)
(12.7%)
(72.6%)
(3.3%)
6.6%
(4.8%)
3.83
2.97
77.7%
26.7%
(3,6 p,p)
(13.3%)
9.9%
6.6%
1 p,p
0,7 p,p
9.7%
10.3%
(1) Current assets net from inventories and advanced payments
(2) Considers EBITDA divided by financial expenses
The liquidity index as of December 2015 reached 1.06 times, showing a negative variation of 13.8% compared
to December 2014. The company has an excellent liquidity position, notwithstanding its lower cash as
compared to December 2014.
The leverage ratio was 0.89 times as of December 31, 2015, a 3.3% decrease compared to December 31,
2014, mainly due to lower non-current liabilities as compared to those of December 2014.
The hedging against financial costs increased 2.97 times or the equivalent to 77.7% upon going from 3.83
times in December 2014 to 6.80 times in the present year, mainly due to the increased EBITDA and the
decreased financial costs of the period compared to those of the previous year.
The profitability index, measured in terms of operating results over the operating incomes diminished by
13.3%, reaching 23.1% as of December 2015.
On the other hand, the controller’s property owners’ (dominant) return on equity reached 10.8%, with an
increase of 9.7%, compared to the previous year, as a result of a better income of the controller company.
The return on assets increased from 6.6% in December 2014 to 7.3% in the present year, mainly due to the
better income of the period.
641
Management’s Analysis of Consolidated Financial Statements The evolution of the main economic indicators of continuing operations
is the following:
Liquidity
Leverage
Profitability
Indicator
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-15
1.01
0.97
29,897
0.65
48.2%
51.8%
6.06
23.7%
10.8%
7.3%
(1) Current assets net from inventories and advanced payments
(2) Considers EBITDA divided by financial expenses
dic-14 Dec-14
Change
1.23
1.18
736,677
0.92
41.8%
58.2%
-
-
-
-
-
-
-
-
-
-
(0.22)
(0.21)
(706,780)
(0.27)
6,4 p,p,
(6,4p,p,)
% Change
(17.9%)
(17.8%)
(95.9%)
(29.3%)
15.2%
(10.9%)
3.83
2.24
58.4%
26.7%
(3 p,p,)
(11.2%)
9.9%
6.6%
1 p,p,
0,7 p,p
9.7%
10.3%
The liquidity index as of December 2015 reached 1.01 times, showing a variation of minus 17.9% compared
to December 2014. The company has an excellent liquidity position, notwithstanding lower cash as compared
to December 2014.
The leverage ratio was 0.65 times as of December 31, 2015, a 29.3% decrease compared to December 31,
2014, mainly due to lower non-current liabilities as compared to those of December 2014 as a result of the
application of IFRS 5 for discontinued operations.
The hedging against financial costs increased 2.24 times or the equivalent to 58.4% upon going from 3.83
times in December 2014 to 6.06 times in the present year, mainly due to the increased EBITDA and the
decreased financial costs of the period compared to those of the previous year.
The profitability index, measured in terms of the operating result over the operating income diminished
by 11.2%, reaching 23.7% as of December 2015, mainly due to the application of IFRS 5 for discontinued
operations.
On the other hand, the controller’s property owners’ (dominant) return on equity reached 10.8%, with an
increase of 9.7%, compared to the previous year, as a result of a better income of the controller company.
The return on assets increased from 6.6% in December 2014 to 7.3% in the present year, mainly due to the
better income of the period.
642
2015 Annual Report Enersis
Main cash flows
During this period the Company generated a negative cash flow of Ch$ 352,063 million, including the
discontinued operations considering as if the operation would not have been performed, comprised as follows:
Cash Flow (million Ch$)
From Operating Activities
From Investing Activities
From Financing Activities
Dec-15
1,923,451
(1,215,299)
(1,060,214)
Die-14
1,698,038
(299,687)
(1,283,460)
Change
225,413
(915,612)
223,246
% Change
13.3%
305.5%
(17.4%)
Net Cash Flow
(352,063)
114,891
(466,954)
(406.4%)
As of December 31, 2015 the activities of the operation generated a net cash flow of Ch$ 1,923,451 million,
showing a 13.3% increase compared to the previous year. This flow was mostly comprised of sale proceeds
and other income of Ch$ 9,048,843 million, collections of Other operating income of Ch$ 593,727 million,
offset by payments to suppliers of Ch$ 4,875,218 million, payroll payments to employees of Ch$ 554,560
million, payment of Ch$ 451,695 in profit taxes and other operating payments of Ch$ 1,837,646 million.
Investment activities generated a negative net cash flow of Ch$ 1,215,299 million, which is mostly explained
by disbursements on account of the incorporation of real estate property and plant and equipment of Ch$
1,090,624 million, the incorporation of intangible IFRIC 12 assets for Ch$ 271,937 million, capital contributions
to Hidroaysen of Ch$ 2,550 million, payment of derivatives of futures and financial swap contracts for Ch$
6,888 million. The foregoing offset by investments over 90 days of Ch$ 42,698 million, , received interests of
Ch$ 58,725 million, received dividends of Ch$ 11,313million, a net cash inflow for the sale of El Melon tunnel
investment of Ch$ 6,640 and other cash inflows totaling Ch$ 37,324 million.
The financing activities generated a negative cash flow of Ch$ 1,060,214 million, mainly due to loan payments
of Ch$ 634,675 million, dividend payments of Ch$ 612,046 million, interest payments of Ch$ 266,756 million
and other financing disbursements totaling Ch$ 22,295 million, offset by new loans obtained totaling Ch$
475,558 million.
643
Management’s Analysis of Consolidated Financial Statements The following table shows Disbursements on account of the incorporation of Property, Plant and Equipment
and their Depreciation, including discontinued operations considering as if the operation would not have been
performed, for the years 2015 and 2014:
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,(1)
Servicios Informaticos e Inmobiliarios Ltda(ex ICT)
Holding Enersis y sociedades de inversión
Cemsa
Dock Sud
EE Piura
Payments for additions
of Property, plant and
equipment
Dec-15
537,805
5,222
18,360
1,569
44,623
197,738
112,428
167,928
91,959
132,840
-
99
1,536
96
41,284
9,073
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
Depreciation
Dec-15
225,787
5,003
5,678
11,165
35,821
13,230
29,074
42,109
29,748
59,475
-
114
(510)
49
11,497
5,505
Dec-14
204,119
6,182
6,691
14,222
28,154
10,772
26,510
51,202
48,049
71,999
260
43
(687)
30
5,722
5,911
Total
1,362,562
1,086,410
473,744
479,180
(*) Includes intangible assets concessions
(1) Company merged in 2015 by Servicios Informaticos e Inmobiliarios Ltda.(ex ICT)
644
2015 Annual Report Enersis
Main risks related to the operations of Enersis
Américas Group
The Group’s operations are subject to a broad set of governmental
regulations, and any changes introduced in them could affect their
operations, economic situation and operating income.
The Group’s operative subsidiaries are subject to a wide range of tariff regulations and other aspects that
govern their operations, both in Chile as well as in the other countries in which they operate. Consequently,
the introduction of new laws or regulations, such as the modification of laws or regulations currently in effect,
could impact their operations, economic situation and operating results
Such new laws or regulations, on occasion, modify regulatory aspects that may affect existing entitlements;
which, as the case might be, may adversely affect the group’s future income.
The Group’s operations are subject to wide-ranging environmental
regulations that Enersis Américas continuously meets. Eventual
modifications introduced to such regulations could impact its operations,
economic situation and operating income.
Enersis Américas and its operative subsidiaries are subject to environmental regulations; which, among other
things, require preparing and submitting Environmental Impact Studies for projects under study, obtaining
licenses, permits and other mandatory authorizations and complying with all the requirements imposed by
such licenses, permits and regulations. Just as with any regulated company, Enersis cannot guarantee that:
• Public authorities will approve such environmental impact studies;
• Public opposition will not derive in delays or modifications to any proposed project;
• Laws or regulations will not be modified or interpreted in a manner such as to increase expenses or affect
the Group’s operations, plants or plans.
The Group’s commercial operations have been planned in a manner such as
to mitigate eventual impacts derived from altered hydrological conditions.
The operations of the Enersis Américas Group include hydroelectric generation and, therefore, they depend
from the hydrological conditions that exist at each moment in the broad geographical areas where the Group’s
hydroelectric generation facilities are located. If the hydrological conditions generate droughts or other
conditions that may negatively impact hydroelectric generation, then, the outcome will be adversely affected,
reason why Enersis has established -as an essential part of its commercial policy - to refrain from contractually
committing 100% of its generation capacity. The electric business, in turn, is also affected by atmospheric
conditions such as mean temperatures that condition consumption. Depending on weather conditions,
differences may be generated on the margins obtained by the business.
The financial situation and result of the operations may be adversely affected
if the exposure to interest rate fluctuations, commodity prices and foreign
exchange rates are not effectively managed.
645
Management’s Analysis of Consolidated Financial Statements Rate of interest risk
Interest rate variations modify the fair value of those assets and liabilities that accrue a fixed rate of interest, as
well as the future flows of assets and liabilities indexed at a variable rate of interest.
The objective of managing the interest rate risk is to reach a debt structure equilibrium that would enable
minimizing debt costs while reducing Income Statement volatility.
In compliance with the Company’s hedging policy, the percentage of fixed and/or hedged debt over the total
net debt was 58/% as of December 31, 2015.
Depending on the Group’s estimates and on the objectives of its debt structure, various hedging operations
are performed by contracting derivatives to mitigate such risks. The instruments currently used in order to
comply with this policy are rate swaps of variable rates to fixed rates.
The structure of the financial debt of the Enersis Américas Group, according to fixed plus hedged and variable
rates of interest over total net debt, after the derivative contracts, is the following:
Net position:
Fixed Interest Rate
Variable Interest Rate
Total
31-12-2015
%
58%
42%
100%
31-12-2014
%
72%
28%
100%
21.1 Foreign exchange rate risk.
Foreign exchange rate risks are primarily inherent to the following transactions:
• Debt contracted by Group companies denominated in currencies other than those in which their cash flows
are indexed.
• Payments to be made for material purchases associated to projects and payment of corporate insurance
policy premiums in currencies other than those in which their cash flows are indexed.
• Income of Group companies directly linked to the fluctuation of currencies other than those of its own cash
flows.
• Cash flows from foreign subsidiaries to parent companies in Chile exposed to foreign exchange rate
variations.
In order to mitigate the foreign exchange rate risk, the hedging policy of the Enersis Américas Group regarding
foreign exchange rates is based on cash flows and aims at maintaining a balance between USD-indexed flows
and the level of assets and liabilities in such currency. The objective is to minimize the exposure of cash flows
to foreign exchange rate variations.
The instruments currently used in compliance with the policy are: cross-currency swaps and foreign exchange
rate forwards. Similarly, the policy seeks to refinance debt in each company’s operating currency.
646
2015 Annual Report Enersis
21.2 Commodities risk.
The Enersis Américas Group is exposed to the risk of price variations of certain commodities, primarily through:
Fuel purchases in the process of electric energy generation.
Spot energy purchases in local markets.
In order to reduce the risk under extreme drought conditions, the Group has designed a commercial policy that
defines sale commitment levels in line with the capacity of its generating centrals during a dry year, by including
risk mitigation clauses in some contracts with free clients and, in the case of regulated clients subject to long-
term tender processes, by determining indexing polynomials to reduce commodity exposure.
In consideration of the operative conditions confronted by Chile’s electric generation market, plus the drought
and commodity price volatility in international markets, the Company is continuously checking the convenience
of hedging the impact of these price variations in its income. As of December 31, 2015 there were no such
operations in effect. As of December 31, 2014, there were no hedging operations in effect.
21.3 Liquidity risk.
The Group maintains a liquidity policy that consists in contracting long-term credit commitment facilities and
temporary financial investments for amounts sufficient to support the projected needs of a given period; which,
in turn, is a function of the overall situation and expectations of the debt and capital markets.
The above-mentioned projected needs include maturities of net financial debt; namely, after financial derivatives.
For additional information regarding the characteristics and the terms and conditions of such financial debt and
financial derivatives (see notes 19, 21 and Annex 5 hereunder).
As of December 31, 2015 the Enersis Américas Group had a liquidity position of M$ 1,185,163,344 in cash and
cash equivalents and of M$ 34,332,376 in unconditionally-available long-term lines of credit. As of December 31,
2014, the Enersis Américas Group’s liquidity position amounted to M$ 1,571,759,564 in cash and cash equivalent
and M$ 114,760,896 in unconditionally-available long-term lines of credit.
21.4 Credit risk.
The Enersis Américas Group monitors its credit risks continuously and in detail.
Commercial accounts receivable:
Compared to the credit risks of accounts receivable from commercial activities, this is a risk that has been
historically quite limited since the short collection term afforded our clients prevents significant individual
accumulation. The foregoing is applied to both our electricity generation and distribution lines of business.
In our electricity generation line of business, in certain countries, when confronted to payment defaults it is
possible to cut off supply, and almost every contract establishes non-payment as a cause for contract termination.
To that effect, we continuously monitor the credit risk and measure the maximum amounts exposed to payment
risk; which, as said earlier, are quite limited.
647
Management’s Analysis of Consolidated Financial Statements Our electricity distribution companies are authorized, in all cases, to cut off supply to non-performing customers,
which is applied in line with the current regulations of each country; all of which facilitates the credit risk evaluation
and control process; which, to be sure, is just as limited.
Assets of a financial nature:
Cash surpluses are invested in top domestic and foreign financial institutions (inasmuch as possible with a risk
classification of investment grade or equivalent) with pre-established limits per institution.
In our selection of banks for investments, we consider those ranked with investment grade according to the three
top international risk classification agencies (Moody’s, S&P and Fitch).
Our placements may be backed up with treasury bonds of those countries in which we operate and/or bank notes
issued by top banks, preferring the latter since they offer better returns (always framed within current placement
policies).
Derivatives are contracted with highly solvent entities, so that all operations are contracted with investment grade
institutions.
Measuring the risks.
The Enersis Américas Group prepares a Value at Risk (VaR) measurement for its own debt positions and financial
derivatives, with the purpose of monitoring the risk assumed by the company, thus circumscribing Income
Statement volatility.
The portfolio of the positions included for the purposes of calculating the present Value at Risk, is comprised of:
- Financial debt.
- Derivatives for hedging Debt, Dividends and Projects.
The calculated Value at Risk represents the possible value variation of the above-described positions portfolio
within one day and with 95% certainty. To that effect we have studied the volatility of the risk variables that affect
the value of the positions portfolio; which includes:
- The USD Libor rate of interest.
- The various currencies in which our companies operate, the habitual local indices of bank practices.
- The exchange rates of the different currencies implied in the calculation.
The Value at Risk calculation is based on the extrapolation of future market value scenarios (one quarter out) of
the risk variables based on real observations for the same period (quarter) through a 5-year period.
The Value at Risk for the next quarter, with 95% confidence level, is calculated as the percentile of the most
adverse 5% of the possible quarterly changes.
Taking into account the aforementioned hypotheses, the Value at Risk of the above-discussed positions one
quarter out is: Ch$ 84,347,418 million.
These values represent the potential increment of the debt and derivatives portfolio; therefore, these values at
risk are intrinsically linked, among other factors, to the value of the portfolio at the end of each quarter.
648
2015 Annual Report Enersis
Other risks.
As is the habitual practice in bank credits and capital market operations, a portion of the financial indebtedness
of Enersis and its subsidiary Endesa Chile is subject to cross-default provisions. If certain defaults (non-
complying) are not indeed remedied, they may result in a cross default situation and certain liabilities of these
companies may eventually become callable.
Non-payment of debt of these companies –after any applicable grace period- or in the case of Endesa Chile,
whose individual not-fully-paid capital may exceed the equivalent of US$ 50 million and whose arrears amount
also exceeds the equivalent of US$ 50 million, could lead to the acceleration of the international line of credit.
Moreover, this loan includes provisions according to which certain events other than non-payment, in Endesa
Chile, such as bankruptcy, insolvency, final and adverse court rulings for an amount over US$ 100 million and
the expropriation of assets, among others, may cause the acceleration of these credits.
On the other hand, non-payment of any debt of Enersis and Endesa Chile or of any of their Chilean subsidiaries
-after any applicable grace period- for a capital amount in excess of US$ 30 million, may lead to the mandatory
acceleration of the Yankee Bonds. Albeit, in the specific case of Endesa Chile’s Yankee Bond, issued in April
2014 with expiration in 2024, that threshold is of US$ 50 million.
Finally, in the case of the local bonds and the lines of credit of Enersis Américas and Endesa Chile, the
accelerated payment of such debt is only triggered by Debtor non-performance. These lines were closed early
on January 18, 2016 and no withdrawals (disbursements) were made from them since their subscription. New
lines of credit are currently being negotiated and are expected to be subscribed during February of 2016 under
similar contractual conditions than the previous ones, albeit considering the new corporate structure.
There are no provisions in the credit agreements by means of which changes in the corporate classification
of the debt of these companies by risk classification agencies may generate an obligation to make debt
prepayments.
649
Management’s Analysis of Consolidated Financial Statements Book value and economic value of assets
Compared to the assets of higher importance, we should mention the following:
Real estate properties, plant and equipment are valued at their purchasing cost, net of their corresponding
accumulated depreciation and losses experienced on account of depreciation. Real estate properties, plant
and equipment, net of their residual value, as the case might be, are depreciated lineally by distributing the
cost of their different integral elements over their estimated useful life, which is the period during which the
companies expect to use them. Such useful life estimate is reviewed periodically.
The Goodwill (lower value of investments or commercial funds) generated in the consolidation exercise
represents the excess acquisition cost over the Group’s participation in the fair value of assets and liabilities,
including contingent liabilities and any non-controlling shareholdings identifiable in a Subsidiary Company as of
the date of acquisition. Goodwill is not amortized, but rather, at the closing of each fiscal year it is estimated
whether it has been the subject of any depreciation that might reduce its recoverable value for an amount
below its registered net cost, in which case its value is restated accordingly. (See Note 3.e of the Financial
Statements).
Throughout the year and, primarily at its closing date, an evaluation is performed to determine whether there
is any indication that any given asset would have possibly suffered a loss due to impairment. Should there
be such an indication, we estimate the recoverable amount of such asset in order to determine, as the case
might be, the amount of such impairment. If these are identifiable assets that do not generate independent
cash flows, we then estimate the recoverability of the Cash Generating Unit to which such asset belongs,
understanding as such the smallest identifiable group of assets that generates independent cash inflows.
Foreign-currency-denominated assets are shown at their rate of exchange at the closing of the period.
Notes and accounts receivable from related companies are classified according to their short and long-term
maturities. Operations adhere to fair conditions similar to those that prevail in the market.
In sum, assets are valued pursuant to the International Financial Reporting Standards (IFRS), whose criteria are
set forth in Notes N°2 and 3 of these Financial Statements.
650
2015 Annual Report Enersis
651
Management’s Analysis of Consolidated Financial Statements Summarized
Financial Statements
of the Subsidiaries
SUMMARIZED FINANCIAL
STATEMENTS OF SUBSIDIARIES
Chilectra
2015
2014
Servicios Informaticos e
Inmobiliarios Ltda,
2015
2014
Distrilima
2015
2014
Edesur
2015
2014
Endesa Chile
2015
2014
Codensa
2015
2014
Enel Brasil
2015
2014
Generalima
2015
2014
Cemsa
2015
2014
Dock Sud
2015
2014
Caboblanco
2015
2014
5,248
(36,956,051)
176,628,860
(983,732,902)
(184,760)
973,087
764,264,413
766,740,394
1,531,004,807
1,247,900,614
9,831,551
1,257,732,165
363,516,173
54,831,044
1,112,657,590
1,112,653,169
4,421
1,531,004,807
273,999,263
5,753,242
(32,454,962)
(29,082,449)
(6,738,750)
(63,795,453)
147,680,891
16,273,154
13,308,032
(1,426,792)
Assets
Current Assets
Non-current Assets
Total Assets
Equity and Liabilities
Current Liabilities
Non-current Liabilities
Equity
Equity attributable to Shareholders of
the Parent
Non-controlling interests
Total Equity and Liabilities
Statement of Comprehensive Income, by Nature
Revenues
Other operating income
Revenues and Other Operating
Income
Raw materials and consumables
used
Contibution 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, net
Financial income
Financial costs
Share of profit (loss) of associates
and joint ventures accounted for
using the equity method
Foreign currency exchange
differences
Gains from indexed assets and
liabilities, net
Income from continuing
operations before income taxes
Income tax expense, continuing
operations
Net Income from Continuing
Operations
Net Income from Discontinued
Operations
Net Income
Net Income attributable to
Shareholders of the Parent
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
the Parent
Comprehensive Income
Attributable to Non-controlling
Interests
Total Comprehensive Income
Statements of Changes in Equity
Issued Capital
Retained Earnings
Share Premium
Other reserves
Equity attributable to
Shareholders of the Parent
Non-controlling interests
Total Equity
Statements of Cash Flow
Cash flow from (used in) operating
activities
Cash flow from (used in) investing
activities
Cash flow from (used in) financing
activities
Net cash flow for the period
Effect of exchange rate changes on
cash and cash equivalents
Effect of changes in scope of
consolidation cash and cash
equivalents
Cash and cash equivalents at
beginning of the year
Cash and cash equivalents at
end of the year
367,928,682
1,225,045,537
566,302
(480,887,352)
1,112,653,169
4,421
1,112,657,590
49,077,924
188,750,733
188,750,403
330
188,750,733
7,716,593
29,124,071
21,314,254
93,224
(106,554,830)
(111,222,754)
139,672,809
192,068,742
(64,199,658)
77,527,979
77,527,979
77,527,648
331
300,765,617
1,240,468,967
1,541,234,584
244,981,389
72,612,724
1,223,640,471
54,816,036
11,561,340
66,377,376
5,586,877
1,305,133
59,485,366
49,661,060
12,658,737
62,319,797
116,371,663
675,858,105
792,229,768
142,931,833
587,886,652
730,818,485
191,441,460
443,412,233
634,853,693
409,109,177
405,106,897
814,216,074
4,412,561,440
2,866,208,893
7,278,770,333
1,038,057,558
6,199,614,341
7,237,671,899
207,553,675
847,774,289
254,296,273
796,102,019
854,733,661
928,936,117
1,994,170,371
2,303,014,999
1,055,327,964
1,183,232,390
2,790,272,390
3,157,748,660
22,954,619
91,195
23,045,814
28,225,496
873,712
29,099,208
46,722,731
126,188,102
172,910,833
27,295,230
72,509,102
99,804,332
54,357,844
81,815,036
43,338,831
80,059,963
136,172,880
123,398,794
6,426,379
1,595,766
54,297,652
192,540,953
269,823,997
329,864,818
165,061,350
271,208,226
294,548,909
431,630,046
174,966,573
28,257,074
739,412,769
137,796,785
(62,993,480)
2,527,875,495
1,207,004,759
3,543,890,079
1,392,737,593
2,321,047,965
3,523,886,341
247,749,856
281,940,697
525,637,411
337,839,517
358,873,772
653,756,271
725,006,818
481,334,130
959,822,164
486,519,101
1,411,509,301
1,716,592,366
21,098,368
24,701,137
1,947,446
4,398,071
25,736,485
67,304,446
79,869,902
19,320,789
15,583,458
64,900,085
19,831,659
47,845,465
68,495,756
13,222,522
47,895,051
62,281,221
5,697,317
50,472,490
56,169,807
20,328,170
8,150,819
27,690,818
5,388,518
47,434,910
52,823,428
18,110,685
7,052,044
27,660,699
1,223,636,381
56,810,189
51,814,313
179,145,813
159,576,876
28,257,074
(62,993,480)
2,648,189,907 2,700,280,484
525,637,411
486,519,101 1,005,026,634
1,210,004,048
27,690,818
27,660,699
1,947,446
4,398,071
56,135,366
47,286,137
43,335,752
38,072,987
4,090
1,541,234,584
2,675,177
66,377,376
2,483,339
62,319,797
150,719,005
792,229,768
134,972,033
730,818,485
-
634,853,693
-
814,216,074
895,700,172
7,278,770,333
823,605,857
7,237,671,899
-
-
406,482,667
506,588,318
1,055,327,964
1,183,232,390
2,790,272,390
3,157,748,660
56,169,807
52,823,428
23,045,814
29,099,208
23,734,536
172,910,833
17,613,948
99,804,332
25,160,004
136,172,880
24,208,234
123,398,794
1,116,092,610
11,799,933
7,788,512
872,266
4,978,227
-
559,556,527
2,489,899
476,564,658
2,130,188
278,475,279
328,869,637
222,534,863
148,876,923
1,539,977,511
3,832,806
1,209,796,735
21,178,089
876,948,862
980,294,259
1,785,800,511
2,084,566,799
7,518,404
2,476,439
230,688,324
184,993,162
9,813
2,259,773
591,275
689,663
69,961,987
61,605,798
58,012,806
50,819,190
822
292
79,833
29,735
1,127,892,543
8,660,778
4,978,227
562,046,426
478,694,846
607,344,916
371,411,786
1,543,810,317
1,230,974,824
884,467,266
982,770,698
2,016,488,835
2,269,559,961
2,269,586
1,280,938
69,962,809
61,606,090
58,092,639
50,848,925
(855,757,752)
-
-
(379,015,102)
(315,115,521)
(157,387,237)
(161,995,240)
(880,891,223)
(750,216,671)
(500,570,711)
(547,593,754)
(1,385,921,253)
(1,405,383,543)
(1,017,940)
(203,349)
(43,265,694)
(34,976,794)
(26,124,118)
(20,916,046)
272,134,791
8,660,778
4,978,227
183,031,324
163,579,325
449,957,679
209,416,546
662,919,094
480,758,153
383,896,555
435,176,944
630,567,582
864,176,418
1,251,646
1,077,589
26,697,115
26,629,296
31,968,521
29,932,879
5,039,396
-
-
4,282,006
3,300,324
34,701,198
23,153,744
15,250,810
16,466,173
4,448,164
4,446,424
10,165,042
12,046,728
146,345
118,880
362,810
(31,386,273)
(6,926,535)
(5,243,441)
(22,398,764)
(21,542,237)
(226,741,261)
(142,343,373)
(70,969,357)
(64,859,965)
(36,740,363)
(35,616,518)
(100,162,085)
(108,323,685)
(274,254)
(530,299)
(1,975,607)
(1,375,955)
(5,817,647)
(3,403,632)
(2,569,372)
(2,222,804)
(27,377,925)
(113,887)
(43,259)
(29,074,143)
(26,510,068)
(13,229,654)
(10,772,411)
(124,835,559)
(101,304,909)
(59,475,176)
(71,998,972)
(93,922,721)
(126,563,269)
(1,223)
(1,194)
(49,321)
(30,453)
(11,497,264)
(5,722,420)
(5,505,006)
(5,911,335)
(776,091)
(63,919,908)
153,713,990
-
11,638,248
(3,464,300)
-
-
(1,598,702)
(1,747,322)
(2,289,187)
(2,559,659)
9,793,652
(12,461,456)
(80,720)
(2,401,454)
(31,029,774)
(29,563,651)
(2,132,131)
(511,775)
4,289,351
2,307,519
(67,657)
(1,233,094)
(1,541,567)
-
-
(160,066)
(26,541,656)
107,700,065
602,594
4,136,908
(19,250,476)
(26,106,649)
90,973,373
31,910
3,387,823
(13,418,398)
(138,623,389)
103,775,386
113,216
65,153,401
(70,851,224)
(128,124,044)
(51,229,197)
-
28,970,377
(66,547,390)
(90,339,822)
401,818,818
4,015,401
234,821
(64,206,719)
(66,335,541)
252,262,455
42,651,567
1,586,033
(71,617,257)
(56,461,106)
235,587,354
(128,486)
6,745,818
(67,631,399)
261,975,025
46,514
7,242,116
(177,209,919)
238,408,125
(6,751,675)
116,303,199
(169,482,196)
442,290,345
78,539,402
(247,549)
(376,681)
2,197,565
7,791
(34,773,430)
(33,912,253)
(142,623,456)
(227,164,548)
(1,184,219)
(618,492)
(1,031,105)
903,328
2,611
(565,981)
(482,533)
(1,255,815)
238,710
319,094
(505,249)
(834,068)
338,697
(142,264)
(6,435,537)
3,309,477
149,772
20,326,664
(5,837,628)
(8,038,472)
9,464,772
39,368
1,760,803
(3,014,903)
(6,230,943)
17,663,200
106,250
744,100
(4,215,444)
17,583,296
8,885
577,939
(4,062,360)
(3,035,761)
(13,675)
4,187
-
-
-
34,434
34,721
8,905,045
(54,413,311)
753,329
2,561,678
120,851
(1,006)
227,828
(699,898)
(250,591)
1,755,304
(831,020)
(53,880,472)
(21,240,269)
567,871
46,049
(10,271,991)
2,978,101
(1,056,929)
(466,302)
340,012
259,788
39,281,160
(26,083,593)
(2,437,407)
(2,882,068)
632,973
21,360
756
-
-
-
-
3,600,187
13,926,117
162,628,087
6,041,979
(1,473,049)
92,489,193
80,724,117
99,980,517
(89,602,509)
300,487,081
163,155,335
208,752,456
237,959,129
195,064,202
296,643,300
(412,473)
(1,157,449)
(357,999)
(377,847)
57,229,445
(17,833,553)
12,013,783
12,252,291
(28,575,963)
(765,180)
105,583
(28,191,648)
(20,152,036)
(463,471)
3,792,056
(76,655,819)
(34,098,106)
(84,883,213)
(82,240,155)
(76,715,148)
(85,139,697)
(285,187)
(1,466,245)
36,614
(18,102,752)
(6,292,935)
(4,166,389)
(3,166,090)
134,052,124
5,276,799
(1,367,466)
64,297,545
60,572,081
99,517,046
(85,810,453)
223,831,262
129,057,229
123,869,243
155,718,974
118,349,054
211,503,603
(697,660)
(1,157,449)
(1,824,244)
(341,233)
39,126,693
(24,126,488)
7,847,394
9,086,201
16,671,032
-
-
-
-
-
-
411,189,551
489,915,518
150,723,156
5,276,799
(1,367,466)
64,297,545
60,572,081
99,517,046
(85,810,453)
635,020,813
618,972,747
123,869,243
155,718,974
118,349,054
211,503,603
(697,660)
(1,157,449)
(1,824,244)
(341,233)
39,126,693
(24,126,488)
7,847,394
9,086,201
150,722,842
314
150,723,156
5,084,961
191,838
5,276,799
(1,367,466)
-
(1,367,466)
33,563,540
30,734,005
64,297,545
31,711,176
28,860,905
60,572,081
99,517,046
-
99,517,046
(85,810,453)
-
(85,810,453)
392,868,115
242,152,698
635,020,813
334,556,376
284,416,371
618,972,747
94,401,235
23,947,819
160,938,515
50,565,088
211,503,603
123,869,243
155,718,974
118,349,054
(697,660)
(1,157,449)
(1,824,244)
(341,233)
123,869,243
155,718,974
(697,660)
(1,157,449)
(1,824,244)
(341,233)
27,403,863
11,722,830
39,126,693
(15,268,586)
(8,857,902)
(24,126,488)
4,758,765
3,088,629
7,847,394
5,466,367
3,619,834
9,086,201
(3,602,592)
(64,325)
(162,550)
7,349,619
14,254,103
(8,266,492)
(5,608,787)
(347,578,685)
(103,941,294)
(62,466,819)
(50,659,795)
(370,529,946)
23,085,738
727,779
2,137,862
(626,381)
(594,258)
(24,156,876)
6,343,207
893,502
4,030,838
147,120,564
5,212,474
(1,530,016)
71,647,164
74,826,184
91,250,554
(91,419,240)
287,442,128
515,031,453
61,402,424
105,059,179
(252,180,892)
234,589,341
30,119
980,413
(2,450,625)
(935,491)
14,969,817
(17,783,281)
8,740,896
13,117,039
147,120,248
5,020,636
(1,530,016)
37,590,305
39,472,388
91,250,554
(91,419,240)
132,746,446
276,001,825
61,402,424
105,059,179
(162,353,636)
178,066,243
30,119
980,413
(2,450,625)
(935,491)
10,424,275
(11,465,654)
5,258,627
7,949,867
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
316
191,838
-
34,056,859
35,353,796
-
-
154,695,682
239,029,628
-
(89,827,256)
56,523,098
-
4,545,542
(6,317,627)
3,482,269
5,167,172
147,120,564
5,212,474
(1,530,016)
71,647,164
74,826,184
91,250,554
(91,419,240)
287,442,128
515,031,453
61,402,424
105,059,179
(252,180,892)
234,589,341
30,119
980,413
(2,450,625)
(935,491)
14,969,817
(17,783,281)
8,740,896
13,117,039
367,928,682
1,227,190,357
566,302
(372,048,960)
61,948,674
36,499,929
-
(41,638,414)
61,948,674
31,491,546
-
(41,625,907)
120,526,744
23,507,886
-
35,111,183
32,841,625
91,411,927
-
35,323,324
135,477,599
(17,446,199)
-
(89,774,326)
135,477,599
(126,742,945)
-
(71,728,134)
1,331,714,085
2,218,373,368
206,008,557
(1,107,906,103)
1,331,714,085
2,010,744,273
206,008,557
(848,186,431)
3,934,010
104,750,330
3,970,226
412,982,845
3,934,010
1,148,364,426
1,096,540,465
33,297,825
3,970,226
113,122,355
(147,247,407)
-
-
27,523,467
(2,842,848)
27,523,467
(2,016,532)
2,210,996
(1,608,282)
2,210,996
(247,974)
61,893,931
29,107,486
61,893,931
(9,749,359)
-
-
7,633,530
10,113,413
-
7,633,530
29,293,457
-
445,317,040
(256,460,147)
260,710,990
3,010,199
2,153,764
1,344,732
2,435,049
(33,291,005)
(4,858,436)
25,588,809
1,146,000
1,223,636,381
56,810,189
51,814,313
179,145,813
159,576,876
28,257,074
(62,993,480)
2,648,189,907 2,700,280,484
525,637,411
486,519,101 1,005,026,634
1,210,004,048
27,690,818
27,660,699
1,947,446
4,398,071
57,710,412
47,286,136
43,335,752
38,072,987
4,090
1,223,640,471
2,675,177
59,485,366
2,483,339
54,297,652
150,719,005
329,864,818
134,972,033
294,548,909
-
28,257,074
-
(62,993,480)
895,700,172
3,543,890,079
823,605,857
3,523,886,341
525,637,411
486,519,101
1,411,509,301
1,716,592,366
27,690,818
27,660,699
1,947,446
4,398,071
-
406,482,667
506,588,318
22,159,490
79,869,902
17,613,949
64,900,085
25,160,004
68,495,756
24,208,234
62,281,221
36,094,225
(7,619,798)
922,502
109,115,394
83,447,069
243,657,254
188,056,795
901,214,236
816,799,505
235,309,844
218,066,750
267,421,398
431,141,108
(354,919)
(474,053)
(105,002)
(771,865)
39,117,103
7,389,246
26,593,425
25,702,141
13,004,063
7,626,633
(76,414)
(114,212,151)
(57,451,165)
(208,791,432)
(180,592,386)
(488,595,470)
(327,447,136)
(112,561,292)
(16,909,564)
(267,731,554)
(160,819,140)
(4,499,516)
(3,573,908)
(95,520)
112,190
(28,343,674)
(9,512,713)
(25,068,063)
3,413,314
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
(64,578,477)
(15,480,189)
422,292
-
-
22,774,490
7,716,593
(7,830)
(995)
-
-
4,569
3,574
(841,519)
(41,319,512)
(10,068,877)
(8,169,660)
(9,632,579)
(605,785,054)
(452,258,979)
(165,636,704)
(169,208,067)
(78,409,908)
(326,502,620)
5,161,304
4,023,822
-
(6,215,402)
1,627,361
(12,296,103)
(11,480,210)
4,569
(46,416,269)
15,927,027
26,696,162
(2,168,170)
(193,166,288)
37,093,390
(42,888,152)
31,949,119
(78,720,064)
(56,180,652)
306,869
(24,139)
(200,522)
(659,675)
4,558,027
(496,106)
(10,770,741)
17,635,245
-
-
-
483,021
3,021,911
(7,677,842)
(881,277)
6,246,146
(24,242,264)
(310,477)
(15,243,874)
(27,818,640)
3,847,445
(187,356)
20,588
(197,399)
20,011
(2,357,006)
(780,520)
553,233
493,679
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
60,751,331
41,802,393
5,646,882
8,696,329
336,658,505
323,807,379
133,186,201
116,480,956
197,852,364
250,185,571
17,746
21,297
1,959,195
2,598,859
5,136,475
6,413,101
24,861,602
6,732,678
4,569
14,818,083
60,751,331
24,665,202
5,646,882
149,738,363
336,658,505
89,987,572
133,186,201
91,313,660
197,852,364
137,259
17,746
1,561,274
1,959,195
7,337,496
5,136,475
14,644,094
24,861,602
-
-
-
-
-
-
-
-
-
-
-
-
-
-
654
2015 Annual Report Enersis
SUMMARIZED FINANCIAL
STATEMENTS OF SUBSIDIARIES
Chilectra
Servicios Informaticos e
Inmobiliarios Ltda,
2015
2014
2015
2014
Distrilima
2015
2014
Edesur
2015
2014
Endesa Chile
2015
2014
Codensa
2015
2014
Enel Brasil
2015
2014
Generalima
2015
2014
Cemsa
2015
2014
Dock Sud
2015
2014
Caboblanco
2015
2014
764,264,413
300,765,617
766,740,394
1,240,468,967
1,531,004,807
1,541,234,584
363,516,173
54,831,044
244,981,389
72,612,724
1,112,657,590
1,223,640,471
54,816,036
11,561,340
66,377,376
5,586,877
1,305,133
59,485,366
49,661,060
12,658,737
62,319,797
116,371,663
675,858,105
792,229,768
142,931,833
587,886,652
730,818,485
191,441,460
443,412,233
634,853,693
409,109,177
4,412,561,440
1,038,057,558
405,106,897
2,866,208,893
6,199,614,341
814,216,074
7,278,770,333
7,237,671,899
207,553,675
847,774,289
1,055,327,964
254,296,273
928,936,117
1,183,232,390
796,102,019
1,994,170,371
2,790,272,390
854,733,661
2,303,014,999
3,157,748,660
6,426,379
1,595,766
54,297,652
192,540,953
269,823,997
329,864,818
165,061,350
271,208,226
294,548,909
431,630,046
174,966,573
739,412,769
137,796,785
2,527,875,495
1,207,004,759
1,392,737,593
2,321,047,965
28,257,074
(62,993,480)
3,543,890,079
3,523,886,341
247,749,856
281,940,697
525,637,411
337,839,517
358,873,772
486,519,101
653,756,271
725,006,818
1,411,509,301
481,334,130
959,822,164
1,716,592,366
5,697,317
50,472,490
56,169,807
20,328,170
8,150,819
27,690,818
5,388,518
47,434,910
52,823,428
18,110,685
7,052,044
27,660,699
22,954,619
91,195
23,045,814
21,098,368
-
1,947,446
28,225,496
873,712
29,099,208
46,722,731
126,188,102
172,910,833
27,295,230
72,509,102
99,804,332
54,357,844
81,815,036
136,172,880
43,338,831
80,059,963
123,398,794
24,701,137
-
4,398,071
25,736,485
67,304,446
79,869,902
19,320,789
15,583,458
64,900,085
19,831,659
47,845,465
68,495,756
13,222,522
47,895,051
62,281,221
1,112,653,169
1,223,636,381
56,810,189
51,814,313
179,145,813
159,576,876
28,257,074
(62,993,480)
2,648,189,907 2,700,280,484
525,637,411
486,519,101 1,005,026,634
1,210,004,048
27,690,818
27,660,699
1,947,446
4,398,071
56,135,366
47,286,137
43,335,752
38,072,987
Non-controlling interests
Total Equity and Liabilities
4,421
4,090
1,531,004,807
1,541,234,584
2,675,177
66,377,376
2,483,339
62,319,797
150,719,005
792,229,768
134,972,033
730,818,485
-
-
895,700,172
823,605,857
634,853,693
814,216,074
7,278,770,333
7,237,671,899
-
1,055,327,964
-
1,183,232,390
406,482,667
2,790,272,390
506,588,318
3,157,748,660
-
56,169,807
-
52,823,428
-
23,045,814
-
29,099,208
23,734,536
172,910,833
17,613,948
99,804,332
25,160,004
136,172,880
24,208,234
123,398,794
Statement of Comprehensive Income, by Nature
1,247,900,614
1,116,092,610
9,831,551
11,799,933
7,788,512
872,266
4,978,227
559,556,527
476,564,658
2,489,899
2,130,188
278,475,279
328,869,637
222,534,863
148,876,923
1,539,977,511
1,209,796,735
3,832,806
21,178,089
876,948,862
7,518,404
980,294,259
2,476,439
1,785,800,511
230,688,324
2,084,566,799
184,993,162
1,257,732,165
1,127,892,543
8,660,778
4,978,227
562,046,426
478,694,846
607,344,916
371,411,786
1,543,810,317
1,230,974,824
884,467,266
982,770,698
2,016,488,835
2,269,559,961
(983,732,902)
(855,757,752)
(379,015,102)
(315,115,521)
(157,387,237)
(161,995,240)
(880,891,223)
(750,216,671)
(500,570,711)
(547,593,754)
(1,385,921,253)
(1,405,383,543)
273,999,263
272,134,791
8,660,778
4,978,227
183,031,324
163,579,325
449,957,679
209,416,546
662,919,094
480,758,153
383,896,555
435,176,944
630,567,582
864,176,418
-
-
-
-
-
-
-
-
-
-
9,813
2,259,773
591,275
689,663
69,961,987
822
61,605,798
292
58,012,806
79,833
50,819,190
29,735
2,269,586
1,280,938
69,962,809
61,606,090
58,092,639
50,848,925
(1,017,940)
(203,349)
(43,265,694)
(34,976,794)
(26,124,118)
(20,916,046)
1,251,646
1,077,589
26,697,115
26,629,296
31,968,521
29,932,879
5,753,242
5,039,396
4,282,006
3,300,324
34,701,198
23,153,744
15,250,810
16,466,173
4,448,164
4,446,424
10,165,042
12,046,728
146,345
118,880
-
-
362,810
-
-
-
(32,454,962)
(31,386,273)
(6,926,535)
(5,243,441)
(22,398,764)
(21,542,237)
(226,741,261)
(142,343,373)
(70,969,357)
(64,859,965)
(36,740,363)
(35,616,518)
(100,162,085)
(108,323,685)
(274,254)
(530,299)
(1,975,607)
(1,375,955)
(5,817,647)
(3,403,632)
(2,569,372)
(2,222,804)
(29,082,449)
(27,377,925)
(113,887)
(43,259)
(29,074,143)
(26,510,068)
(13,229,654)
(10,772,411)
(124,835,559)
(101,304,909)
(59,475,176)
(71,998,972)
(93,922,721)
(126,563,269)
(1,223)
(1,194)
(49,321)
(30,453)
(11,497,264)
(5,722,420)
(5,505,006)
(5,911,335)
(6,738,750)
(776,091)
(63,795,453)
147,680,891
16,273,154
13,308,032
(1,426,792)
(63,919,908)
153,713,990
-
11,638,248
(3,464,300)
(1,598,702)
(1,747,322)
(2,289,187)
(2,559,659)
9,793,652
(12,461,456)
(80,720)
(2,401,454)
(31,029,774)
(29,563,651)
-
-
-
-
-
-
-
-
(2,132,131)
(511,775)
4,289,351
2,307,519
(67,657)
(1,233,094)
(1,541,567)
(26,541,656)
107,700,065
602,594
4,136,908
(26,106,649)
(138,623,389)
90,973,373
103,775,386
(128,124,044)
(51,229,197)
31,910
3,387,823
113,216
65,153,401
(70,851,224)
-
28,970,377
(66,547,390)
(90,339,822)
401,818,818
4,015,401
234,821
(64,206,719)
(66,335,541)
252,262,455
42,651,567
1,586,033
(71,617,257)
(160,066)
(19,250,476)
(13,418,398)
(56,461,106)
235,587,354
(128,486)
6,745,818
(34,773,430)
(67,631,399)
261,975,025
46,514
7,242,116
(33,912,253)
(177,209,919)
238,408,125
(6,751,675)
116,303,199
(142,623,456)
(169,482,196)
442,290,345
-
78,539,402
(227,164,548)
(247,549)
(376,681)
2,197,565
7,791
(1,184,219)
(618,492)
(1,031,105)
903,328
2,611
(565,981)
(482,533)
(1,255,815)
-
238,710
319,094
(505,249)
(834,068)
-
338,697
(142,264)
(6,435,537)
3,309,477
149,772
20,326,664
(5,837,628)
(8,038,472)
9,464,772
39,368
1,760,803
(3,014,903)
(6,230,943)
17,663,200
106,250
744,100
(4,062,360)
(4,215,444)
17,583,296
8,885
577,939
(3,035,761)
5,248
(13,675)
4,187
34,434
34,721
8,905,045
(54,413,311)
753,329
2,561,678
-
-
-
-
-
-
-
-
-
-
(184,760)
120,851
(1,006)
227,828
(699,898)
(250,591)
1,755,304
(831,020)
(53,880,472)
(21,240,269)
567,871
46,049
(10,271,991)
2,978,101
(1,056,929)
(466,302)
340,012
259,788
39,281,160
(26,083,593)
(2,437,407)
(2,882,068)
973,087
632,973
21,360
756
-
3,600,187
13,926,117
-
-
-
-
-
-
-
-
-
-
-
-
176,628,860
162,628,087
6,041,979
(1,473,049)
92,489,193
80,724,117
99,980,517
(89,602,509)
300,487,081
163,155,335
208,752,456
237,959,129
195,064,202
296,643,300
(412,473)
(1,157,449)
(357,999)
(377,847)
57,229,445
(17,833,553)
12,013,783
12,252,291
(36,956,051)
(28,575,963)
(765,180)
105,583
(28,191,648)
(20,152,036)
(463,471)
3,792,056
(76,655,819)
(34,098,106)
(84,883,213)
(82,240,155)
(76,715,148)
(85,139,697)
(285,187)
-
(1,466,245)
36,614
(18,102,752)
(6,292,935)
(4,166,389)
(3,166,090)
139,672,809
134,052,124
5,276,799
(1,367,466)
64,297,545
60,572,081
99,517,046
(85,810,453)
223,831,262
129,057,229
123,869,243
155,718,974
118,349,054
211,503,603
(697,660)
(1,157,449)
(1,824,244)
(341,233)
39,126,693
(24,126,488)
7,847,394
9,086,201
49,077,924
16,671,032
-
-
411,189,551
489,915,518
-
-
-
-
-
-
-
-
-
-
-
-
188,750,733
150,723,156
5,276,799
(1,367,466)
64,297,545
60,572,081
99,517,046
(85,810,453)
635,020,813
618,972,747
123,869,243
155,718,974
118,349,054
211,503,603
(697,660)
(1,157,449)
(1,824,244)
(341,233)
39,126,693
(24,126,488)
7,847,394
9,086,201
188,750,403
150,722,842
330
314
188,750,733
150,723,156
5,084,961
191,838
5,276,799
(1,367,466)
(1,367,466)
33,563,540
30,734,005
64,297,545
31,711,176
28,860,905
60,572,081
99,517,046
(85,810,453)
99,517,046
(85,810,453)
-
392,868,115
242,152,698
635,020,813
334,556,376
284,416,371
618,972,747
123,869,243
-
123,869,243
155,718,974
-
155,718,974
94,401,235
23,947,819
118,349,054
160,938,515
50,565,088
211,503,603
(697,660)
-
(697,660)
(1,157,449)
-
(1,157,449)
(1,824,244)
-
(1,824,244)
(341,233)
-
(341,233)
27,403,863
11,722,830
39,126,693
(15,268,586)
(8,857,902)
(24,126,488)
4,758,765
3,088,629
7,847,394
5,466,367
3,619,834
9,086,201
(111,222,754)
(3,602,592)
(64,325)
(162,550)
7,349,619
14,254,103
(8,266,492)
(5,608,787)
(347,578,685)
(103,941,294)
(62,466,819)
(50,659,795)
(370,529,946)
23,085,738
727,779
2,137,862
(626,381)
(594,258)
(24,156,876)
6,343,207
893,502
4,030,838
77,527,979
147,120,564
5,212,474
(1,530,016)
71,647,164
74,826,184
91,250,554
(91,419,240)
287,442,128
515,031,453
61,402,424
105,059,179
(252,180,892)
234,589,341
30,119
980,413
(2,450,625)
(935,491)
14,969,817
(17,783,281)
8,740,896
13,117,039
-
-
-
-
-
-
Attributable to Shareholders of
77,527,648
147,120,248
5,020,636
(1,530,016)
37,590,305
39,472,388
91,250,554
(91,419,240)
132,746,446
276,001,825
61,402,424
105,059,179
(162,353,636)
178,066,243
30,119
980,413
(2,450,625)
(935,491)
10,424,275
(11,465,654)
5,258,627
7,949,867
331
316
191,838
-
34,056,859
35,353,796
-
154,695,682
239,029,628
-
-
(89,827,256)
56,523,098
-
-
-
-
4,545,542
(6,317,627)
3,482,269
5,167,172
77,527,979
147,120,564
5,212,474
(1,530,016)
71,647,164
74,826,184
91,250,554
(91,419,240)
287,442,128
515,031,453
61,402,424
105,059,179
(252,180,892)
234,589,341
30,119
980,413
(2,450,625)
(935,491)
14,969,817
(17,783,281)
8,740,896
13,117,039
367,928,682
367,928,682
1,225,045,537
1,227,190,357
61,948,674
36,499,929
61,948,674
31,491,546
120,526,744
23,507,886
32,841,625
91,411,927
135,477,599
(17,446,199)
135,477,599
1,331,714,085
1,331,714,085
(126,742,945)
2,218,373,368
2,010,744,273
566,302
566,302
-
-
-
-
-
206,008,557
206,008,557
(480,887,352)
(372,048,960)
(41,638,414)
(41,625,907)
35,111,183
35,323,324
(89,774,326)
(71,728,134)
(1,107,906,103)
(848,186,431)
3,934,010
104,750,330
3,970,226
412,982,845
3,934,010
33,297,825
3,970,226
445,317,040
1,148,364,426
113,122,355
-
(256,460,147)
1,096,540,465
(147,247,407)
-
260,710,990
27,523,467
(2,842,848)
-
3,010,199
27,523,467
(2,016,532)
-
2,153,764
2,210,996
(1,608,282)
-
1,344,732
2,210,996
(247,974)
-
2,435,049
61,893,931
29,107,486
-
(33,291,005)
61,893,931
(9,749,359)
-
(4,858,436)
7,633,530
10,113,413
-
25,588,809
7,633,530
29,293,457
-
1,146,000
1,112,653,169
1,223,636,381
56,810,189
51,814,313
179,145,813
159,576,876
28,257,074
(62,993,480)
2,648,189,907 2,700,280,484
525,637,411
486,519,101 1,005,026,634
1,210,004,048
27,690,818
27,660,699
1,947,446
4,398,071
57,710,412
47,286,136
43,335,752
38,072,987
4,421
4,090
1,112,657,590
1,223,640,471
2,675,177
59,485,366
2,483,339
54,297,652
150,719,005
329,864,818
134,972,033
294,548,909
28,257,074
(62,993,480)
3,543,890,079
3,523,886,341
-
895,700,172
823,605,857
-
525,637,411
-
486,519,101
406,482,667
1,411,509,301
506,588,318
1,716,592,366
-
27,690,818
-
27,660,699
-
1,947,446
-
4,398,071
22,159,490
79,869,902
17,613,949
64,900,085
25,160,004
68,495,756
24,208,234
62,281,221
192,068,742
36,094,225
(7,619,798)
922,502
109,115,394
83,447,069
243,657,254
188,056,795
901,214,236
816,799,505
235,309,844
218,066,750
267,421,398
431,141,108
(354,919)
(474,053)
(105,002)
(771,865)
39,117,103
7,389,246
26,593,425
25,702,141
(64,199,658)
13,004,063
7,626,633
(76,414)
(114,212,151)
(57,451,165)
(208,791,432)
(180,592,386)
(488,595,470)
(327,447,136)
(112,561,292)
(16,909,564)
(267,731,554)
(160,819,140)
(4,499,516)
(3,573,908)
(95,520)
112,190
(28,343,674)
(9,512,713)
(25,068,063)
3,413,314
Net cash flow for the period
21,314,254
(15,480,189)
4,569
(46,416,269)
15,927,027
26,696,162
(2,168,170)
(193,166,288)
37,093,390
(42,888,152)
31,949,119
(78,720,064)
(56,180,652)
306,869
(24,139)
(200,522)
(659,675)
4,558,027
(496,106)
(10,770,741)
17,635,245
(106,554,830)
(64,578,477)
(841,519)
(41,319,512)
(10,068,877)
(8,169,660)
(9,632,579)
(605,785,054)
(452,258,979)
(165,636,704)
(169,208,067)
(78,409,908)
(326,502,620)
5,161,304
4,023,822
-
-
(6,215,402)
1,627,361
(12,296,103)
(11,480,210)
93,224
422,292
483,021
3,021,911
(7,677,842)
(881,277)
6,246,146
(24,242,264)
(310,477)
(15,243,874)
(27,818,640)
3,847,445
(187,356)
20,588
(197,399)
20,011
(2,357,006)
(780,520)
553,233
493,679
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
7,716,593
22,774,490
60,751,331
41,802,393
5,646,882
8,696,329
336,658,505
323,807,379
133,186,201
116,480,956
197,852,364
250,185,571
17,746
21,297
1,959,195
2,598,859
5,136,475
6,413,101
24,861,602
6,732,678
29,124,071
7,716,593
4,569
14,818,083
60,751,331
24,665,202
5,646,882
149,738,363
336,658,505
89,987,572
133,186,201
91,313,660
197,852,364
137,259
17,746
1,561,274
1,959,195
7,337,496
5,136,475
14,644,094
24,861,602
Assets
Current Assets
Non-current Assets
Total Assets
Equity and Liabilities
Current Liabilities
Non-current Liabilities
Equity
the Parent
Equity attributable to Shareholders of
Revenues
Other operating income
Revenues and Other Operating
Raw materials and consumables
Income
used
Contibution 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, net
Financial income
Financial costs
Share of profit (loss) of associates
and joint ventures accounted for
using the equity method
Foreign currency exchange
Gains from indexed assets and
differences
liabilities, net
Income from continuing
operations before income taxes
Income tax expense, continuing
Net Income from Continuing
Net Income from Discontinued
operations
Operations
Operations
Net Income
Net Income attributable to
Shareholders of the Parent
Non-controlling Interests
Net Income
Other Comprehensive Income:
Other Income and Expenses
charged or credited in equity
Total Comprehensive Income
and Expenses
Comprehensive Income
the Parent
Comprehensive Income
Attributable to Non-controlling
Interests
Total Comprehensive Income
Statements of Changes in Equity
Issued Capital
Retained Earnings
Share Premium
Other reserves
Equity attributable to
Shareholders of the Parent
Non-controlling interests
Total Equity
Statements of Cash Flow
Cash flow from (used in) operating
Cash flow from (used in) investing
Cash flow from (used in) financing
activities
activities
activities
Effect of exchange rate changes on
cash and cash equivalents
Effect of changes in scope of
consolidation cash and cash
equivalents
Cash and cash equivalents at
beginning of the year
Cash and cash equivalents at
end of the year
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
(7,830)
(995)
-
-
4,569
3,574
-
-
-
-
-
-
655
Summarized Financial Statements of the Subsidiaries