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Annual Report 2011Annual Endesa Chile Was Incorporated in 1943 with the Name Empresa Nacional De Electricidad S.A

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Annual Report 2011Annual Endesa Chile Was Incorporated in 1943 with the Name Empresa Nacional De Electricidad S.A 2011 Annual Report Memoria Anual 2011 11 Gerencia de Comunicación Santa Rosa 76 Santiago, Chile Tel (56 2) 630 9000 www.endesa.cl endesachile Endesa Chile was incorporated in 1943 with the name Empresa Nacional de Electricidad S.A. In 1994, the company’s bylaws were amended, to incorporate the trading name “Endesa”, and in 2005 the trading name “Endesa Chile” was added. Endesa Chile was registered in the Santiago Trade Register (folio 61 No.62 and folio 65 reverse of No.63) on January 17, 1944. Its legal domicile and head offices are at Santa Rosa 76, Santiago, Chile. Its paidin capital as of December 31, 2011 was ThCh $1,331,714,085, divided into 8,201,754,580 shares. Its shares are quoted on the Chilean stock exchanges, the New York Stock Exchange (NYSE) in the form of American Depositary Receipts (ADRs) and on the Madrid Stock Exchange (LATIBEX).The objects of the company are the production, transport and distribution of electricity. The company also has the objects of providing consulting services, making investments in financial assets, developing projects and carrying out activities in the energy field and in others in which electricity is an essential element, and participating in public works infrastructure concessions in the civil or hydraulic areas. Its total assets amounted to Ch$6,565,013 million as of December 31, 2011. In 2011, the operating revenues amounted to Ch$2,404,490 million, the operating income Design & Production LEADERS Endesa Chile 2011 Annual Report 4 Chairman´s Letter Contents 8 2011 Landmarks 14 Principal financial and operating indicators 18 Company identification and legal incorporation documents 22 Property ownership and control 26 Management 36 Human Resources 42 Stock exchange trading 48 Dividends 52 2011 investment and financing policy 56 Company business operations 60 Investments and financial operations 68 Risk factors 74 The regulatory framework of the electric industry 96 Description of the electric energy business by country 122 Environment and sustainable development 126 Technology and Innovation 130 Share in affiliates and related companies and Outline 136 Relevant company highlights 140 Identification of Affiliate and Related Companies 158 Liability Statement 4 Endesa Chile 2011 Annual Report Chairman´s Letter To shareholders: I am pleased to submit to you Endesa’s 2011 Annual Report and Financial Statements for the year 2011. In the year 2011, the company was confronted with a number of situations and events that brought out the best in each of us enabling us to sort out the challenges of a more competitive electric market within a more restricted environment. Nevertheless, the geographical diversity of our investments in the region, the appropriate commercial Financial results, on the other hand, represented expenses policy and the adequate generation mix, permitted –despite totaling $121,296 million, $1,579 million over those of 2010, Chile’s adverse hydrological conditions and the impact of the explained primarily by the foreign exchange difference item, non-recurring effect of Colombia’s Equity Tax - our EBITDA which went from a profit of $15,619 million to a loss of to total $973,891 million. $6,467 million. Still to be added to these results is the contribution of our Beyond last year’s figures, our shareholders must know that investment in Endesa Brasil, which we do not consolidate but all of us at Endesa Chile have a clearly established road instead account for under the equity method; as of December ahead: we will continue to consolidate our current leadership 2011, such results amounted to $115,355 million. position in Chile while strengthening our presence in the region with an emphasis on Pacific Coast countries. Endesa Chile experienced a 16.2% decrease in profits compared to those of the previous year; going from $533,556 We are clearly an international company. We are backed by million in 2010 to $446,874 million in 2011. Its operating one of the world’s most important energy groups; namely, the result, on the other hand, amounted to $787,971 million; ENEL ENDESA Group. This group operates in 40 countries, namely, 11.5% less than the $890,724 million recorded in has over 96,800 MW of installed capacity, and nearly 61 2010. The main causes of this decline were higher fuel million clients in the electric and gas markets. In Latin consumption costs in Argentina, Chile and Peru and an America, along with Enersis, our parent company, we own an increase in Other Fixed Operating Costs as a consequence ample portfolio of projects aimed at confronting the needs of of Colombia’s Equity Tax. the markets in which we operate and, in that manner, provide electric supply services that are safe, reliable, and friendly Thus, net income was $2,404,490 million, a 1.3% decline, toward the environment and the communities at competitive because of lower energy sale prices. On the other hand, the prices. Along the Pacific Axis, as I just pointed out, Endesa cost of procurement and services increased by 2.2%, and Chile owns a broad portfolio of projects in order to face the reached $1,217,260 million. needs of the markets in which it operates, particularly in Chile, Colombia and Peru. Energy sales have continued to grow, increasing by 2.4% with respect to the previous year, totaling 58,012 GWh. The This vocation is reflected in the investments that we are countries along the Pacific axis; that is, Colombia, Peru and carrying out. Allow me, therefore, to highlight a few of Chile, were those that led this growth by a rate of 3%. them such as the construction of the Bocamina II thermal 5 2011 Annual Report Chairman´s Letter power plant and the El Quimbo Hydroelectric power plant In December, Aysén Transmission carried out a voluntary and in Colombia. anticipated disclosure and dialogue process making available to the community the information of the project which will I am proud to inform you that last February 24 our Colombian transport the produced energy from the power plants in affiliate, Emgesa, organized a special event in order to place the Baker and Pascua Rivers. In this first stage, the project the founding stone of the El Quimbo Hydroelectric project, an extends for 660 kilometers above ground and 160 kilometers event that was presided by Colombia’s President, Juan Manuel of submarine cables. The path comes within 15 kilometers Santos, Endesa Spain’s President, Borja Prado, as well as of the town of Cochrane and, subject to the announcement Endesa’s Latin American General Director, Ignacio Antoñanzas. of the characteristics of the Public Electric Highway, the line advances until connecting with the SIC. We intend to submit El Quimbo Hydroelectric power plant will have an installed the study to the authorities during 2012. capacity of 400 MW, it will generate 2,216 GWh/year and, along with Betania, it is expected to supply nearly 8% of In brief, dear shareholders, we count with a diversified Colombia’s entire market demand. El Quimbo will be the portfolio of projects to meet the needs of the countries in first project of its kind built by Colombia’s private business which we operate, particularly those in Chile, a country in sector and one of the most important ones, since it is which a long history of joint growth and development ties meant to elevate the safety and stability of that country’s us as a company. electric system, significantly contributing toward its energy independence. Challenge to achieve development In the case of Bocamina II, a power plant with a 370 MW capacity, and as a result of the earthquake that severely As you all well know, Endesa Chile has been, is and will affected the Biobío Region in 2010, some project fronts remain one of the key architects guiding the steps that Chile were impacted, thereby forcing a diligent review of its entire has set to join the select club of developed countries in the construction works. Additionally, toward mid-September very near future. Our goal, as that of all Chileans, is to have 2011, certain social manifestations took place that prevented a country capable of offering more and better welfare levels access to the worksite. This situation was solved in early and quality of life for all its inhabitants. Toward that end, December 2012 thanks to the intervention of the regional it is necessary to count on the energy which will enable to authority. In light of the foregoing, it is estimated that the start the engines that drive this process, fully complying with power plant’s commercial start up may take place by the end existing law. of the first half of 2012. Along its more than 68 years of life, Endesa Chile has Chile faces important challenges: a paramount one consists fulfilled this purpose. We have generated and provided in recovering the use of water resources of which we were energy for companies and homes which have been used to endowed as a source of energy, strictly abiding by the current grow and advance. Today’s challenge goes beyond what legislation and the mitigations that stem from it. Thus, one we have already done well. We must be able to take an of our greatest challenges is the HydroAysén Project. I unprecedented leap. say that it is a major challenge because this hydroelectric complex, with its 2,750 MW capacity and its estimated mean Chile has the opportunity of reaching the full development capacity of 18,430 GWh/year, implies the full use of human threshold, and that demands that we persevere in the resources, talents and engineering skills never before seen achievements obtained, but above all to be able as a society in our country.
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