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Key Takeaways
COMPANY
OVERVIEW
Operations in 4 markets: SIC and SING in Chile, SIN in Colombia and SADI in
Argentina
Chivor
1
Elctrica
Cochrane
Elctrica
Ventanas
7
under construction
15
Norgener
2
AES Gener: BBB- (Fitch; S&Ps), Baa3 (Moodys) A+ (local, Fitch; Feller)
AES Chivor: BBB- (S&Ps), Baa3 (Moodys)
Angamos: BBB- (S&Ps) and Baa3 (Moodys)
TermoAndes
4
2
3 15
8
5 67
9 10
Elctrica
Angamos
3
14
16
5
Guacolda
5
Elctrica
Campiche
6
Alto Maipo
under construction
16
70.7%
AFPs
16.4%
Other
12.9%
MARKET CAP1:
US$4,6 MILLION
1: As of December 04, 2014, Source: Bloomberg
Gener
5 12 13 14
Elctrica
Santiago
8 9 10 11
Electricity Revenues
LTM September 2014
US$2,196 million
Unregulated
Customers
37%
Regulated
Customers
Spot Sales
35%
28%
51%
20%
SIC:2,618 MW
16%
13%
46%
25%
COAL
HYDRO
20%
9%
0.3%
MARKET
UPDATE
GWh equivalent
4,000
3,200
Key Drivers
2,400
1,600
SIC
800
0
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
2013
2014
2014)
Marginal Cost
SING
300
180
120
60
SIC
Nov-14
Sep-14
Jul-14
May-14
Mar-14
Jan-14
Nov-13
Sep-13
Jul-13
May-13
Mar-13
0
Jan-13
US$/MWh
240
2014)
SING
GWh
17000
Key Drivers
14000
11000
8000
5000
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
2013
2014
Spot Price
US$/MWh
250
200
150
100
50
Sep-14
Jul-14
May-14
Mar-14
Jan-14
Nov-13
Sep-13
Jul-13
May-13
Mar-13
Jan-13
US$ / MWh
Key Drivers
30
Mercado
Lower spot prices in US dollar :
Spot price in Argentine pesos remained
at 120 Ar$/MWh
Depreciation of the Argentine peso
18
12
6
sep-14
jul-14
may-14
mar-14
ene-14
nov-13
sep-13
jul-13
may-13
mar-13
0
ene-13
US$/MWh
24
FINANCIAL
REVIEW
10
528
474
27%
3%
43%
38%
1%
4%
33%
18%
2010
2011
SIN
37%
34%
472
9%
10%
35%
42%
27%
24%
11%
25%
5%
22%
27%
32%
30%
32%
2012
2013
9m 2013
9m 2014
SADI
SING
600
52
360
514
SIC
22
480
US$ Milion
2009
623
32%
39%
32%
660
30%
472
27
SING
SADI
514
240
120
0
EBITDA
9M13
SIN
SIC
EBITDA
9M14
EBITDA by Market
11
Financial Indicators
DEBT * (US$ MILLION)
2,785
2,282
2,268
2,120
1,298
1,789
740
1,049
2009
2,750
1,010
1,154
1,126
1,110
1,114
1,156
2010
2011
Project Finance Debt
2012
1,478
2013 **
Corporate Debt
1,272
sep-14
3,3x
3,2x
2,8x
2,5x
3,4x
3,0x
2,3x
511
395
507
419
2009
2010
2011
2012
2013
sep-13 sep-14
294
2009
2010
2011
2012
2013
9M 2013
9M 2014
(**) Includes Junior Subordinated Bonds issued in December 2013 for MMUS$450
12
49.8%
52.0%
Project
Finance
15,9%
14,2%
15.7%
Junior
Subordinated
Notes
7,2% 12,9%
14.0% 10.9% 5.9%
1.5%
Senior
Notes
Gener
Project Finance
Senior Leasing
Notes Tunjita
Chivor
541
243
200
2014
Chilean
Bonds
66
64
2015
2016
Chilean Bonds
97
131
2017
2018
150
2019
2020
Leasing Tunjita
6,0%
2021
2022 a 2073
DEVELOPMENT
14
Equity Contribution
Partner Equity: Mitsubishi Corporation, Antofagasta
Minerals
Junior Subordinated Notes: US$ 300 million
Capital Increase of US$150 million
Total Investment
~ US$ 4 Billion
2015
First Half
Progress: 89%
Second Half
SOLAR ANDES 20 MW
CHILE SING
Progress: 81%
19
PLATFORM EXPANSION
2016
COCHRANE 532 MW COAL - FIRED
SING
Progress: 56%
2017 (Unit I)
Progress: 7%
20
21
18
KEY
TAKEAWAYS
19
KEY TAKEAWAYS
CONTINUING SOLID FUNDAMENTALS
23