ENEL GENERACIÓN CHILE S.A. (Amounts expressed in millions of Chilean Pesos)
Net earnings attributable to the shareholders of Enel Generación Chile increased from Ch$ 392,868 million as of December 2015 to Ch$ 472,558 million as of December 2016, which equals a 20% increase.
Net electricity generation amounted to 17,564 GWh, 4% less than the figure as of December 2015. This level of generation was primarily due to lower hydro generation (- 2,764 GWh) as a consequence of the drought that has affected the southern region of the country, which was offset by higher thermal generation (+2,065 GWh) explained by greater availability of the Bocamina and San Isidro power plants during 2016.
Physical sales increased 1% (+ 131 GWh) reaching 23,689 GWh, due to greater sales to regulated customers related to higher demand during the last year.
Operating revenues improved 8% totaling Ch$ 1,659,727 million, due to greater physical sales to regulated customers and a higher average energy sales price.
Procurement and services costs increased 2% reaching a total Ch$ 895,060 million as of December 2016.
On August 31, 2016, the Company decided to relinquish the water rights related to the Bardón, Chillán 1 and 2, Futaleufú, Huechún and Puelo hydroelectric projects leading to a Ch$ 35,384 million asset write-off loss related to such projects. Also, at the end of 2016, the Company decided to write off the investment on two thermal projects, Tames 2 and Totoralillo, resulting in a Ch$ 1,096 million loss.
As a result of the factors previously mentioned, EBITDA of Chilean operations increased 15% in 2016, reaching a total Ch$ 594,772 million.
Net financial result amounted to a Ch$ 35,678 million loss, which compares favorably to the Ch$ 114,252 million loss booked for 2015, mostly explained by positive exchange rate differences.
On September 14, 2016, Enel Generación Chile S.A. sold its shares in GNL Quintero S.A. for Ch$ 132,821 million. This divesture is part of the Group's process of selling non-core business assets.
On October 4, 2016, the Extraordinary Shareholders Meeting of Empresa Nacional de Electricidad S.A. approved changing the Company's name to "Enel Generación Chile S.A." This new name became effective legally on October 18, 2016.
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ENEL GENERACION CHILE PRESS RELEASE FINANCIAL STATEMENT AS OF DECEMBER 31,2016 FINANCIAL SUMMARYIndebtedness of the company decreased by US$ 2 million when compared to December 2015, amounting to US$ 1,273 million as of December 2016.
The average interest rate -a significant cost factor- was 5.8%, very similar to the figure for 2015.
Liquidity, a critical factor of our financial management, remains solid:
Undrawn committed credit line: US$ 512 million.
Cash and cash equivalents: US$ 171 million.
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ENEL GENERACION CHILE PRESS RELEASE FINANCIAL STATEMENT AS OF DECEMBER 31,2016I.- CONSOLIDATED INCOME STATEMENT ANALYSIS RELEVANT INFORMATION:
On December 18, 2015, the Extraordinary Shareholders Meeting of Empresa Nacional de Electricidad S.A. (currently Enel Generación Chile S.A.) agreed to approve the division of the Company, subject to complying with certain conditions precedent. A new publicly held company would arise from the division of Empresa Nacional de Electricidad S.A. to be named Endesa Américas S.A. and would be assigned the equity interests, assets and liabilities owned by Empresa Nacional de Electricidad S.A. outside Chile.
On March 1, 2016, having met the conditions precedent, the division of Empresa Nacional de Electricidad S.A. was materialized and on that same day Endesa Américas S.A. was incorporated. As of December 1, 2016, Endesa Américas merged with Enel Américas.
Based on the abovementioned, and the Financial Information Reporting Standards, the revenues and expenses of the generation business outside Chile for the two month period ended February 29, 2016, are presented as "Profit (losses) from discontinued operations" of the comprehensive consolidated income statement.
For comparative purposes, this method of presentation has also been applied to the 2015 year end results, therefore restating the comprehensive consolidated income statement approved previously.
For further information, see note 4.2 of Enel Generación Chile S.A. consolidated financial statements as of December 31, 2016.
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ENEL GENERACION CHILE PRESS RELEASE FINANCIAL STATEMENT AS OF DECEMBER 31,20161. - Net Income Analysis
Net income attributable to the controlling shareholders of Enel Generación Chile S.A., as of December 31, 2016 amounted to Ch$ 472,558 million, compared to Ch$ 392,868 million for the previous year.
CONSOLIDATED INCOME STATEMENT (Continuing Operations) (Million Ch$) 2016 2015 Chg Chg % |
REVENUES 1,659,727 1,543,810 115,917 8% |
The following table shows comparative figures of continued operations for each item of the income statement as of December 31, 2016 and 2015:
Sales | 1,639,960 | 1,539,977 | 99,983 | 6% |
Other operating revenues | 19,767 | 3,833 | 15,934 | 416% |
PROCUREMENT AND SERVICES | (895,060) | (880,891) | (14,169) | 2% |
Energy purchases | (335,732) | (320,732) | (15,000) | 5% |
Fuel consumption | (295,149) | (327,503) | 32,354 | (10%) |
Transportation expenses | (192,503) | (179,691) | (12,812) | 7% |
Other variable procurement and services costs | (71,676) | (52,965) | (18,711) | 35% |
CONTRIBUTION MARGIN | 764,667 | 662,919 | 101,748 | 15% |
Other work performed by entity and capitalized | 9,758 | 15,251 | (5,493) | (36%) |
Employee benefits expense | (60,350) | (70,969) | 10,619 | (15%) |
Other fixed operating expenses | (119,303) | (90,340) | (28,963) | 32% |
GROSS OPERATING INCOME (EBITDA) | 594,772 | 516,861 | 77,911 | 15% |
Depreciation, Amortization | (132,600) | (124,836) | (7,764) | 6% |
Reversal of impairment profit | (30,786) | 9,794 | (40,580) | (414%) |
OPERATING INCOME | 431,386 | 401,819 | 29,567 | 7% |
NET FINANCIAL EXPENSE | (35,678) | (114,252) | 78,574 | (69%) |
Financial income | 6,151 | 235 | 5,916 | 2517% |
Financial costs | (55,702) | (64,207) | 8,505 | (13%) |
Gain (Loss) for indexed assets and liabilities | 607 | 3,600 | (2,993) | (83%) |
Foreign currency exchange differences, net | 13,266 | (53,880) | 67,146 | (125%) |
OTHER NON-OPERATING RESULTS | 129,369 | 12,920 | 116,449 | 901% |
Share of profit (loss) of associates accounted for using the equity method | 7,878 | 8,905 | (1,027) | (12%) |
Net Income From Other Investments | 121,457 | 4,309 | 117,148 | 2719% |
Net Income From Sale of Assets | 34 | (294) | 328 | (112%) |
NET INCOME BEFORE TAXES | 525,077 | 300,487 | 224,590 | 75% |
Income Tax | (83,217) | (76,656) | (6,561) | 9% |
NET INCOME FROM CONTINUING OPERATIONS | 441,860 | 223,831 | 218,029 | 97% |
Net income (Loss) from discontinued operations after taxes | 79,572 | 411,190 | (331,618) | (81%) |
NET INCOME | 521,432 | 635,021 | (113,589) | (18%) |
NET INCOME | 521,432 | 635,021 | (113,589) | (18%) |
Owners of parent | 472,558 | 392,868 | 79,690 | 20% |
Non-controlling interest | 48,874 | 242,153 | (193,279) | (80%) |
Earning per share (Ch$ /share) | 57.62 | 47.90 | 9.72 | 20% |
Earning per share from continuing operations (Ch$ /share) | 52.77 25.89 |
Earning per share from discontinued operations (Ch$ /share) | 4.85 22.01 |
Earning per share (Ch$ /share) | 57.62 47.90 |
Weighted average of ordinary shares outstanding | 8,201,754,580 8,201,754,580 |
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Endesa Chile - Empresa Nacional de Electricidad SA published this content on 28 February 2017 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 01 March 2017 01:47:08 UTC.
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