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Annual Report 2001

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Annual Report 2001 Contents Chairman’s letter 3 Administration 6 Consolidated highlights 11 Company’s identification 13 Incorporation documents 13 Historical review 14 Corporative structure 15 Endesa-Chile’s holding in subsidiaries and associated companies 16 Human resources 18 Company’s ownership 20 Stock market transactions 23 Operational summary 24 Risk factors 32 Operations in Argentina 35 Operations in Brazil 39 Operations in Chile 41 Operations in Colombia 47 Operations in Peru 51 Other businesses 53 Investments 57 Financial activities 58 Dividends 62 Principal subsidiaries 63 Associated companies 71 Addresses 74 Consolidated financial statements 75 Summarized financial statements of subsidiaries 129 Laja Lake - Chile Chairman’s letter To our Shareholders, International results 2001 ANNUAL2001 REPORT It is a great pleasure for me to present you with the Operating income in Argentina declined by 11.1% Annual Report and Financial Statements of Endesa- to ThCh$ 41,787,300. This was mainly the result of Chile for the year 2001. the lower energy sales of Central Costanera and to weaker spot prices. This was partially offset by Despite the economic diffi culties experienced by the a 173.4 % increase in the operating income of countries in which we carry on our business, Endesa- Hidroeléctrica El Chocón. Chile in 2001 continued to consolidate its position as the leader in generation in Latin America thanks I should here refer to the diffi cult situation faced to the valuable efforts and commitment by Argentina, especially regarding the “pesofi cation” of our shareholders, executives and and devaluation of the currency which will affect EN employees. the results of the companies in which Endesa-Chile DESA has holdings. However, the energy export contracts Our company produced a net with Brazil provide some degree of protection in this income of ThCh$ 70,058,270 context. for the year, lower than in the year before but Under Chilean accounting principles, the impact of refl ecting an important the devaluation at December 31, 2001 is already PAGES improvement in refl ected in the fi nancial statements. operating performance. In Brazil, the operating income of Cachoeira Dourada fell by 10.6 % to ThCh$ 27,105,983. This was the 2 Operating income result of reduced generation and greater purchases 2 in 2001 was of energy following the rationing imposed in that /3 ThCh$ 337,839,964, country. However, under an agreement signed on 30.4 % more than in December 19, 2001 between the authorities and the year 2000, basically players in the Brazilian electricity sector, the effects explained by a better of the drought on the results of Cachoeira Dourada performance in Chile, have been reduced to an estimated US$ 5.4 million. Peru and Colombia. In Colombia, the operating income improved 14.0 % ThCh$ 18,040,575 of profi t on the repurchase of to ThCh$ 72,211,580, mainly due to a 16.4 % rise company bonds. in average sale prices and a 9.2 % increase in energy sales volumes. The price increase was largely Investments the result of restrictions on transmission on the Colombian system during the early months of 2001. Endesa-Chile has continued with its investment program in 2001. In this context, the Ralco project In Peru, Edegel increased its operating income by achieved 52.7% progress in its construction by the 21.2 % to ThCh$ 64,108,110 as a result of a 17.6 % end of the year. increase in energy sales volumes. It will be recalled that because of a sudden increase In Chile, Endesa-Chile increased its operating income in the water fl ows of the River Biobío following heavy by 102.3 % to ThCh$ 132,626,992, mainly as a result rains in late May 2001, the plant’s provisional dam of a 34.9 % increase in average sales prices, and (cofferdam) suffered damages that meant a delay greater hydroelectric generation of 13.2 % which in the project’s works timetable. In order to reduce led to a reduction of ThCh$ 11,404,541 in energy this delay, the company prepared a new plan which purchases. will enable the start-up of the fi rst generating unit in December 2003 and the second in the early months The non-operating result, on the other hand, whose of 2004. principal component is fi nancial expenses, produced a loss of ThCh$ 233,701,890 for 2001, compared to a Regarding the construction of the second loss of ThCh$ 35,025,195 in 2000. This difference is interconnection line between Argentina and Brazil by basically explained by the gain of ThCh$ 178,305,479 the CIEN consortium, in which the Company has a in the sale of shares in and the transmission lines 45% holding, this is now 85 % progressed. of Transelec the previous year; ThCh$ 18,558,533 of higher Other non-operating expenses largely Sale of Infraestructura Dos Mil explained by the effect on the Argentine companies of the devaluation there; ThCh$ 10,316,170 less With respect to the infrastructure business, the board income on investments in related companies of Endesa-Chile agreed to sell its 60% shareholding basically due to the effect of price-level restatement in Infraestructura Dos Mil S.A. to the Spanish on the results of the associate companies CIEN and construction company Obrascon Huarte Lain S.A. Gasatacama; and a ThCh$ 9,571,545 greater loss for The sale price is UF 2,253,000, payable in US dollars exchange differences. The above was partially offset at the time of signing the document. The sale by ThCh$ 37,942,722 of lower fi nancial expenses and commitment was signed in April 2001 and the sale contracts will be signed once the pre-conditions are system’s future demand, the low November tariff met. The time limit for signing the contract was again brought uncertainty to a business whose originally December 31, 2001, but this has been investments are practically all in dollar terms. extended to March 31, 2002. Endesa-Chile has therefore managed in 2001 to Bond placement continue along the growth path in its activities ANNUAL2001 REPORT and thus strengthen its leadership in the region, The Company made a successful bond placement clearly a meritorious fact considering the diffi cult during 2001. Three series of Unidad de Fomento situations faced during the year and demonstrating (UF) indexed bonds were placed in the domestic the Company’s capacity and potential. market on October 31, 2001 for UF 7,500,000 (US$ 170 million approximately). The term of these The above achievements would not have been bonds fl uctuates between 5 and 21 years and the possible without its valuable human team. Thanks nominal annual interest rate is 6.2% on the Unidad to the efforts of its executives and employees, and de Fomento. Endesa Chile Internacional used these the support of yourselves, the shareholders, we funds to partially repurchase, on very advantageous have been able to position Endesa-Chile as a solid, EN conditions, two bond issues of Endesa-Chile and its modern company and a leader in generation in Latin Cayman Island Agency (Yankee bonds) for a nominal America. DESA value of US$ 183.7 million which were placed at rates of 8.125 % and 7.875% per annum with maturities in 2097 and 2027 respectively. These transactions generated a profi t of US$ 27.6 million which is included in Non-operating income. PAGES Tariffs Pablo Yrarrázaval Valdés CHAIRMAN OF THE BOARD Finally, regarding the tariff setting of node prices for regulated customers on the Alto Jahuel node on 4 4 the Chilean SIC that is in force from November 1, /5 2001, despite the 12.3% increase in peso terms over the tariff set in April 2001, this represented a 3% reduction in dollar terms. Although the authorities have taken important steps toward setting tariffs that would encourage investment for meeting the Administration Pablo Yrarrázaval Valdés Antonio Pareja Molina Jaime Bauzá Bauzá Jesús Burillo Andreu Board of directors CHAIRMAN Jesús Burillo Andreu Commercial Engineer Universidad de Barcelona Pablo Yrarrázaval Valdés President of the Santiago Stock Exchange José María Hidalgo Martín-Mateos Commercial Engineer Universidad Santiago de Compostela VICE CHAIRMAN Pedro Larrea Paguaga Antonio Pareja Molina Mining Engineer Universidad Politécnica de Madrid Commercial Engineer Universidad de Granada Andrés Regué Godall DIRECTORS Industrial Engineer Escuela Técnica Superior de Ingenieros Industriales de Barcelona Jaime Bauzá Bauzá Civil Engineer Pontifi cia Universidad Católica de Chile Antonio Tuset Jorratt Commercial Engineer Universidad de Chile Leonidas Vial Echeverría Vice-president of the Santiago Stock Exchange 2001 ANNUAL REPORT ENDESA PAGES 6 /7 The company is managed by a Board of Directors of nine members elected at the Shareholders Meeting. The Directors are ce for a three-year term and they can be re-elected. in offi The present Board of Directors was elected by the Ordinary Shareholders Meeting held on April 2, 2001. José María Hidalgo Martín-Mateos Larrea Paguaga Pedro Andrés Regué Godall Jorrat Antonio Tuset Vial Echeverría Leonidas Principal executive offi cers ENERGY PLANNING CHIEF EXECUTIVE OFFICER Rafael Errázuriz Ruiz-Tagle Civil Engineer Universidad de Santiago Héctor López Vilaseco Attorney-at-Law and Economist ICADE, Madrid PRODUCTION AND TRANSPORT EXTERNAL AFFAIRS MANAGER Rafael Mateo Alcalá Industrial Engineer Escuela Técnica Superior de Rodolfo Nieto Maturana Ingenieros Industriales de Zaragoza Journalist Universidad de Chile GENERATION - CHILE GENERAL COUNSEL Claudio Iglesis Guillard Carlos Martín Vergara Electrical Civil Engineer Universidad de Chile Attorney-at-Law Universidad Católica de Valparaíso Management remuneration ADMINISTRATION AND FINANCE Remuneration received by the company’s management Mario Valcarce Durán during the year 2001 amounts to Ch$1,038,132,679 Commercial Engineer Universidad Católica de Valparaíso Includes the remuneration of those managers working as at December 31, 2001 and those who left the company HUMAN RESOURCES during the year.
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