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Annual Report Enel Generación Chile 2016 Santiago Stock Exchange ENELGXCH

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Annual Report Enel Generación Chile 2016 Santiago Stock Exchange ENELGXCH Annual Report Enel Generación Chile 2016 Santiago Stock Exchange ENELGXCH New York Stock Exchange EOCC Enel Generación Chile was incorporated in 1943 under the name of Empresa Nacional de Electricidad S.A. The company’s bylaws were amended in 1994 to incorporate the trading name “Endesa” and in 2005 the trading name “Endesa Chile” was added and in 2016 the legal name and trademark was changed to “Enel Generación Chile”. The company is registered in the Santiago Trade Register, folio 61 No 62 and folio 65 No63, respectively on January 19, 1944. Its corporate address and head offices are at Santa Rosa Street 76, Santiago, Chile. Its capital as of December 31st, 2016 was ThCh$552,777,321 , represented by 8,201,754,580 shares. Its shares are traded on the Chilean stock exchanges and on the New York Stock Exchange (NYSE) in the form of American Depositary Receipts (ADR). The corporate object of the company is to exploit the production, transportation and distribution of electricity, and also to provide consultation services, make investments in financial assets, develop projects and carry out activities in the energy field and in others in which electricity is essential, as well to participate in public-works infrastructure concessions in the areas of civil or hydraulic works. Enel Generación Chile is a leading company in the Chilean electricity sector and one of the main electricity companies in the markets in which it operates. Its total assets amount to Ch$3,399,682 million as of December 31st, 2016. Total revenue amounted to Ch$1,659,727 million, operating income of Ch$431,386 million and after tax net income of Ch$472,558 million. By year end 2016, the company had 883 employees. Annual Report Enel Generación Chile 2016 Index > Letter from the Chairman 4 > Open Power 10 > Highlights 2016 12 > Main Financial and Operating Data 16 > Identification of the Company 20 > Ownership and Control 26 > Management 32 > Human Resources 44 > Stock Markets Transactions 54 > Dividends 60 > Investment and Financing Policy 66 > Company Businesses 70 > Risk Factors 78 > Company Reorganization 96 > Industry Regulation and Operations of the Electricity Industry 100 > Electricity Generation 104 > The Environment 118 > Sustainability 122 > Innovation Culture 126 > Shareholdings Chart 132 > Significant Events 136 > Identification of Subsidiaries and Associates 146 > Declaration of Responsibility 154 > Consolidated Financial Statements 158 > Management Analysis of Consolidated Financial Statements 316 Annual Report Enel Generación Chile 2016 3 Carta del Presidente Letter from the Chairman I have the honor of presenting the first Annual Report and This company’s history fills us with pride, and today allows Financial Statements as Enel Generación Chile. The com- us to move forward into a future that offers tremendous op- pany that was created from the corporate reorganization, portunities, and also great challenges. This new vision is the which began in 2015, and now allows us to focus on the outcome of a strategic thinking process that leads us to fo- electricity generation business in Chile. cus on the communities that surround our operations. I would like to thank the company’s board members for the Our drive is to contribute to the country’s development and trust vested in me and for the incredibly high standards of to do so, we will search for new ways of providing energy, their work, leading Enel Generación Chile to achieve outs- expanding our horizons and possibilities, leading the deve- tanding objectives. We rely on the excellence of our team of lopment and application of new systems and processes executives, professionals, and technicians for the on-going that generate electricity with high environmental stan- task of maximizing efficiency and profitability. dards. The year 2016 was, without a doubt, a very relevant year for 2016 RESULTS our company. We experienced progress in achieving our goals within the context of the Open Power Strategy, the Dear shareholders, allow me to provide a brief summary of new vision that we have been developing as a group. the results of the Company’s operations. Additional, more detailed information regarding each subject is available in ENEL GENERATION CHILE KICK-OFF the corresponding chapters. In October 2016, our shareholders approved changing the The company’s total installed capacity reached 6,351 MW by company’s name during an extraordinary shareholders’ mee- December 31st, 2016. Net electricity generation reached ting. Today we are Enel Generación Chile, a new brand and 17,564 GWh, 4% lower than the previous year due to lower corporate image. In its early days, the mission of Empresa hydroelectric generation caused by the drought that has affec- Nacional de Electricidad was to provide electricity and ad- ted southern Chile. However, this scenario was compensated vance in the country’s electrification process- a huge task by greater thermoelectric generation thanks to the availability that the company began from scratch. After decades of of the Bocamina and San Isidro facilities in the south and cen- world-class Chilean engineering, visionary government poli- tral regions of Chile, respectively. cies, permanent private investment, the creativity of techni- cians and scientists, and the dedicated work of thousands of Physical sales of electricity increased 1% by the end of employees, those goals have been reached, and now we are 2016, reaching 23,689 GWh, due to greater regulated custo- ready for more. mer demand during the last part of the year. 4 Annual Report Enel Generación Chile 2016 As a result of this increase in sales and the higher selling price of energy, Enel Generación Chile’s operating revenue increa- sed 8%, reaching an annual $1,659,727 million by year end. The factors and variables that I just pointed out resulted in a 15% increase in EBITDA by the end of the year, totaling $594,772 million. Consequently, this positive performance of Enel Generación Chile allowed increasing profit attributable to the sharehol- ders by 20% to $472,558 million compared to the $392,868 million for 2015. 2016 MILESTONES During 2016, the electricity business in the country changed significantly, but it is not the only market experiencing chan- ge. It is following a global trend and at a very fast pace. The drop in production costs is one change and responds to new technologies and Non-Conventional Renewable Energy (NCRE) based generation. Consequently, the average price of the tender to supply regulated customers, held in August last year for five blocks of energy amounting to 12,430 GWh/ Giuseppe Conti. Chairman year, was US$47.59 per MWh. Our company participated in this bidding process along with 84 other companies. The outcome represented a success for Enel Generación Chile, obtaining nearly half of what was bid, 47.6% (5,918 GWh/year), to begin supplying in 2022. This represents a significant milestone as it allows us to maintain the leadership position in this market. It proves our ability to adapt to the needs of the industry that is becoming increasingly competitive, with new entrants, and more ag- gressive prices. Annual Report Enel Generación Chile 2016 5 Another important event to highlight is the construction of to roofing the coal fields as part of the Environmental Qua- our hydroelectric power plant Los Cóndores in the Maule lification Resolution of Bocamina 2. The north field has Region, with an installed capacity of approximately 150 MW. been completed, and, we have already begun the construc- Nearly 46% of the work has been completed. This initiative tion of the roof of the south field. is completely compatible with its environment and surroun- ding communities and will be able to inject nearly 600 GWh Regarding sustainability, our guideline has been responsible a year to Chile’s electricity network. growth based on relationships of trust with the communi- ties. We are consolidating our work in pursuit of a fair rela- Additionally, in 2016 we also consolidated the operation of tionship, fostering dialogue in both directions. We have been the Bocamina thermoelectric facility in Coronel. Environ- able, for instance, to establish the foundations to move mental improvements have allowed us to raise both servi- forward with the Pehuenche families from Alto Biobio to ce quality and environmental standards of the power plant. contribute with sustainable, long-term solutions. We have invested nearly US$200 million in improving Bocamina’s operations, and have aligned it with Enel’s vi- PROJECTS sion. As a result, we rely on an on-line system to monitor air quality particulate matter 2.5; advanced technology fil- The company’s commitment to responsibly and perma- ters for the water suction system of both units, and also nently support the nation’s development will continue. This emission minimization systems such as desulphurizers, commitment is why we constantly analyze the different bag filters, and low emission burners. We also committed growth opportunities in the electricity industry. Our empha- 6 Annual Report Enel Generación Chile 2016 sis is set on sustainable projects, from an environmental, Although the task is not simple, we rely on the energy of a technical, social and economic perspective. great team of people that expect to move forward in this direction. This definition of the company is what motivated the decision of the Board of Directors of Enel Generación Chile’s, in August 2016, to return the water rights of five hydroelectric projects. This decision was adopted after a careful analysis that consi- dered the social and environmental impact of these initiatives, aside from lacking technical and economic feasibility. Giuseppe Conti Chairman We want to develop initiatives that are viable and accepted by the communities. Dear shareholders, we have carefully read the trends of the Chilean electricity market and have been able to move forward in that direction in a positive manner.
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