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Corporates Chilean Comparative Statistics Book: 2019

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Corporates Chilean Comparative Statistics Book: 2019 Corporates Special Report Chile Chilean Comparative Statistics Book: 2019 Detailed Financial Information on 70 Corporates The Chilean Comparative Statistics Book contains detailed financial information about 70 corporates rated in Chile (A/Stable). This special report includes a list of key financial indicators and median ratios by rating category. The sustainability of these credit-protection measures is evaluated over a period of time to determine an issuer’s ability to meet financial obligations in a timely manner. In addition to quantitative analysis, Fitch Ratings uses qualitative analysis to assess the business and financial risks of fixed-income issuers. The qualitative aspect of Fitch’s corporate ratings focuses on issuers’ policies in relation to operating strategies, acquisitions and divestitures, financial leverage targets, dividend policies and financial goals. Chilean Comparative Statistics Book: 2019 June 14, 2019 1 Corporates Special Report Chile Overall Financial Metrics Interest Coverage FFO Fixed-Charge Coverage EBITDAa/Interest Paid (x) 2018 2017 2016 2015 2018 2017 2016 2015 AA(cl) Rating Category Median 7.3 7.1 6.8 7.8 9.0 8.7 7.4 6.7 A(cl) Rating Category Median 5.1 5.5 5.0 4.0 6.3 6.6 6.8 8.0 BBB(cl) Rating Category Median 2.7 2.3 1.8 0.3 3.7 3.8 3.8 3.0 Leverage Total Debt/EBITDAa Net Debt/EBITDAa (x) 2018 2017 2016 2015 2018 2017 2016 2015 AA(cl) Rating Category Median 2.5 2.7 2.5 2.2 2.0 2.4 2.4 2.1 A(cl) Rating Category Median 3.7 3.3 3.3 3.3 2.8 2.9 2.9 2.6 BBB(cl) Rating Category Median 6.0 5.2 6.0 5.4 5.2 4.5 5.2 4.7 FFO-Adjusted Leverage FFO-Adjusted Net Leverage (x) 2018 2017 2016 2015 2018 2017 2016 2015 AA(cl) Rating Category Median 2.8 3.4 2.6 2.7 2.3 2.7 2.6 2.4 A(cl) Rating Category Median 3.5 3.4 4.3 3.8 3.3 2.9 3.6 2.9 BBB(cl) Rating Category Median 4.6 5.4 9.7 6.3 4.0 4.7 8.9 5.4 Cash Flow FFO Margin FCF Margin (%) 2018 2017 2016 2015 2018 2017 2016 2015 AA(cl) Rating Category Median 20.2 15.3 25.1 24.1 (0.8) (1.1) 2.2 2.9 A(cl) Rating Category Median 15.0 11.8 10.6 13.1 (4.0) (3.3) 1.1 2.0 BBB(cl) Rating Category Median 8.2 7.7 3.8 (3.4) (4.6) 7.2 (1.5) (3.2) Operating EBIT Margin Operating EBITDAa Margin (%) 2018 2017 2016 2015 2018 2017 2016 2015 AA(cl) Rating Category Median 15.9 12.2 14.5 15.1 22.6 22.4 23.5 22.4 A(cl) Rating Category Median 8.7 9.5 11.3 8.9 17.7 18.0 19.6 17.6 BBB(cl) Rating Category Median 6.5 5.3 6.0 5.9 13.4 12.7 12.9 13.6 Investments Capex/DD&A (x) Capex/Revenue (%) 2018 2017 2016 2015 2018 2017 2016 2015 AA(cl) Rating Category Median 1.5 1.6 1.3 1.4 12.8 8.8 12.9 13.7 A(cl) Rating Category Median 1.5 1.8 1.4 1.6 7.9 8.0 5.4 5.8 BBB(cl) Rating Category Median 0.7 0.4 1.2 1.5 3.6 1.8 2.2 7.4 aEBITDA measures for airlines, retail and other companies with material rents and lease expenses were adjusted to EBITDAR. DD&A – Depreciation, depletion and amortization. Source: Fitch Ratings, Fitch Solutions. Chilean Comparat ive Statistics Book: 2019 June 14, 2019 2 Corporates Special Report Chile Issuer Interest Coverage Interest Coverage a (x) FFO Fixed-Charge Coverage Operating EBITDA /Interest Paid National Scale Company Name Rating 2018 2017 2016 2015 2014 2018 2017 2016 2015 2014 America Movil S.A.B. de C.V. AA+(cl) 6.6 5.7 6.0 5.5 6.9 8.0 7.4 6.9 8.0 8.2 Compañia Cervecerias Unidas S.A. AA+(cl) 22.8 11.2 13.0 11.4 8.4 18.8 17.0 16.3 13.9 9.7 Empresa de Servicios Sanitarios de los Lagos S.A. AA+(cl) 7.4 6.2 8.2 8.2 8.8 7.2 7.4 8.3 8.8 9.1 Inversiones Aguas Metropolitanas S.A. AA+(cl) 7.2 8.1 9.5 8.3 8.4 9.9 11.0 11.9 11.1 10.1 AA+(cl) Rating Category Median — 7.3 7.1 8.9 8.3 8.4 9.0 9.2 10.1 10.0 9.4 Banmedica S.A. AA(cl) 7.0 6.6 7.5 9.3 7.6 7.8 8.8 14.1 9.8 8.3 Bupa Chile S.A.ᵃ AA(cl) 0.8 1.5 2.6 1.0 2.2 1.9 1.9 2.0 1.7 2.5 Chilquinta Energia S.A. AA(cl) 9.9 8.3 8.9 67.4 66.0 8.8 8.7 8.7 74.3 76.7 Embotelladora Andina S.A. AA(cl) 7.0 5.0 5.0 5.1 4.5 7.9 6.4 6.2 5.5 4.7 Empresa Electrica de Magallanes S.A. AA(cl) 28.2 33.2 28.1 34.5 18.8 35.3 31.5 29.1 38.7 21.6 Enel Americas S.A. AA(cl) 4.6 5.1 5.2 8.0 6.2 7.2 8.0 6.1 5.9 9.2 Enel Chile S.A. AA(cl) 5.9 9.2 14.5 — — 7.4 15.9 15.2 — — Enel Generacion Chile S.A. AA(cl) 11.1 8.0 7.8 7.5 5.9 11.3 12.2 7.4 4.2 8.4 Plaza S.A. AA(cl) 6.2 6.3 6.3 6.0 5.2 7.2 6.6 6.5 6.4 5.9 Quiñenco S.A. AA(cl) 2.1 2.2 3.2 1.0 (0.4) 2.8 2.9 3.7 1.3 5.4 S.A.C.I. Falabella.ᵃ AA(cl) 3.7 3.4 2.5 3.6 4.4 3.5 3.8 3.6 3.9 4.7 Sociedad Quimica y Minera de Chile S.A. AA(cl) 10.8 35.6 11.4 10.4 7.8 15.0 47.4 14.1 16.6 9.0 Sodimac S.A.ᵃ AA(cl) 2.5 2.5 3.1 2.8 2.9 2.7 2.8 2.9 3.2 3.3 Telefonica Chile S.A.ᵃ AA(cl) 9.6 10.7 10.5 11.4 10.3 10.7 10.9 12.6 13.1 10.4 Telefonica Moviles Chile S.A.ᵃ AA(cl) 9.2 10.9 6.8 9.7 — 10.3 11.0 7.8 8.4 — AA(cl) Rating Category Medianb — 7.0 8.0 6.9 7.8 5.9 7.9 8.7 7.4 6.2 8.4 Agrosuper S.A. AA–(cl) 25.2 30.9 52.7 21.3 20.0 31.1 44.9 69.2 25.9 20.7 Aguas de Antofagasta S.A. AA–(cl) 9.0 6.5 5.4 — — 7.3 6.2 5.4 — — Antarchile S.A. AA–(cl) 6.5 5.5 4.7 4.8 6.2 7.5 5.7 5.2 6.7 7.6 Celulosa Arauco y Constitucion S.A. AA–(cl) 9.9 4.9 4.7 4.9 5.7 10.7 5.0 5.4 5.6 6.2 Colbun S.A. AA–(cl) 7.1 7.8 4.4 5.3 (0.7) 9.3 7.9 6.6 5.1 7.1 Compañia Electro Metalurgica S.A. AA–(cl) 7.6 3.9 5.3 6.8 8.1 7.2 6.5 7.6 6.8 9.8 Empresas CMPC S.A. AA–(cl) 7.4 4.6 3.8 5.1 4.7 9.8 5.2 5.1 6.1 5.8 Empresas Copec S.A. AA–(cl) 7.1 5.3 5.6 4.8 7.6 8.0 6.0 5.5 6.6 9.7 Empresa de Correos de Chile AA–(cl) 1.9 2.4 1.1 3.9 1.9 1.0 2.0 1.9 3.0 1.6 Enaex S.A. AA–(cl) 13.9 10.3 9.9 31.7 32.3 18.2 16.3 12.6 33.8 37.7 Engie Energia Chile S.A. AA–(cl) 111.8 17.1 7.3 8.3 9.5 128.0 14.9 10.7 8.6 9.5 Fondo de Inversion Rentas Inmobiliarias AA–(cl) 5.7 2.2 3.9 (1.7) (0.1) 8.8 8.3 6.8 12.9 10.2 Inversiones CMPC S.A. AA–(cl) 3.3 4.2 4.2 4.3 3.9 4.3 5.1 4.0 6.4 5.6 Molibdenos y Metales S.A. AA–(cl) 9.2 10.1 5.5 4.7 6.9 10.8 8.0 7.3 6.7 8.7 Parque Arauco S.A.
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