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Memoria

Anual

2015

creciendo juntos

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EnerSur | Memoria Anual 2015 | Contenido2

Contenido

Ca(*a de# P(e)!de%*e de# D!(ec*&(!& ..........................................................................................................4

Ca(*a de# Ge(e%*e Ge%e(a#.......................................................................................................................5

2015 e% c!f(a)...........................................................................................................................................6

1 Informacin general ......................................................7

1.1 Da*&) ge%e(a#e) de E%e(S+(..........................................................................................................8

1.2 Re)ea !)*(!ca - a)'ec*&) ge%e(a#e) .......................................................................................12

1.3 D!(ec*&(e) T!*+#a(e) - A#*e(%&) .....................................................................................................14

2 Manejo del negocio .....................................................19

2.1 Sec*&( e#/c*(!c&.............................................................................................................................20

2.2. Ge)*!% c&$e(c!a#.........................................................................................................................24

2.3 I%)*a#ac!&%e) de #a e$'(e)a ........................................................................................................31

2.4 P(!%c!'a#e) !%e()!&%e) de #a e$'(e)a ........................................................................................33

2.5 P(&ce)&) #ega#e), "+d!c!a#e), ad$!%!)*(a*!&) & a(b!*(a#e) ............................................................34

3 Informacin financiera................................................35

3.1 Ge)*!% f!%a%c!e(a ........................................................................................................................36

3.2 F!%a%c!a$!e%*& - e%de+da$!e%*& ................................................................................................36

3.3 D!!de%d&)....................................................................................................................................37

3.4 Acc!&%e) c&$+%e) de E%e(S+(....................................................................................................37

3.5 B&%&) c&('&(a*!&) de E%e(S+( ...................................................................................................38

Anexos..........................................................................39

A E)*ad&) f!%a%c!e(&) a+d!*ad&) .....................................................................................................40

B L!ce%c!a) - a+*&(!ac!&%e) ...........................................................................................................85

C B+e% g&b!e(%& c&('&(a*!& ...........................................................................................................88

D I%f&($ac!% c&('&(a*!a..............................................................................................................137

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EnerSur | Memoria Anal 2015 | Declaracin de responsabilidad 3

Dec$aac"& de e*'&*ab"$"dad

18 a!o @ @ T

6 centrale @S@

1,952 MW @

713 MW@ @GS@

490 @ T

usd 2,200 MM @HS@ @ 1997-2017

E @ G?@ @@ @?S@ HL K

G@ @

E@G .A. G@ R 2015. @ G

@ G ? ?,

?@ @ @ G @@

@? H .

?, 14 ?L 2016

M+- G

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EnerSur | Memoria Anual 2015 | Carta del Presidente del Directorio4

A =

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EnerSur | Memoria Anual 2015 | Carta del Gerente General 5

E

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EnerSur | Memoria Anal 2015 | Estadsticas6

e-"= -

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1 I&f'%ac"& e&ea$

e-"= ;- -+ ; +-; - --+,

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EnerSur | Memoria Anal 2015 | 1. Informacin general8

1.1.1 Ob#e+' *'c"a$

1.1.2 C'&*+"+,c"&

1.1 Da+'* e&ea$e*de E&eS,

E@G .A. (@ @ E@G)

H @S@, @?S@ K

?LS@ @Q P, G

@ S@ H.

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G@, Q ? L K

@ G K G@

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E @: C@ ?P "1 (C.. "1),

C@ ?P "21 (C.. "21), C@

?P H FQ "31 (C.. "31),

C@ !P G@M@ (C.!. G@M@),

C@ ?P C C?@

C@ (C.. C@), C@ !P

*G (C.!. *G) K GS@

GG.

20/09/1996

F @?@ E@G, @G

?@ G T K @

' T ? D. # G ".

? @?@S@ G I@ T

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@ #GQ @ ? K

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27/02/1997

A R G@, G T K ?

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, ? G . G

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G .A. K, ?@ H, E@G .A.

D @@, G E@G

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(K 26877), Q ?

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28/08/2007

@?@S@ E@Q G .A.

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G T @ ' T

? D. F@@@ B. E C"" G

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K F@, GK @ @G@@

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Q.

GG @ E'"E T@

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DG@ 2012, E'"E G?@S

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?@ H @ @Q

(G?@, @?@ "@@@ I .).

E@G @ G@ H E'"E

@?@ X@?PY.

1.1.3 G,' ec'&%"c'

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EnerSur | Memoria Anual 2015 | 1. Informacin general 9

E$ +"!-"e&e

d"a!*aa

-e+*a $a

c'&'*ac"5&

de$ !*-'

ec'&5"c' $a

'+"c"5& de

E&e*S-* de&*'

de e+e: GEnfina S.C.r.l.b,!gc

SoPranor S.a.fc

EnGiE S.a.fc

intErnationalPowEr ltd.re#$ u#$

intErnational PowEr(zEbra) limitEd

re#$ u#$

Gdf SuEz iPluxEmbourG S.a.r.l.

le"&g$

intErnationalPowEr S.a.

b,!gc

EnErSur S.a.Pe&

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G&+c$ 1 C$#$&"c-# e! g&%$ ec$#-"c$ * %$'c-# e E#e&S&

7 acc"'&e+

7 acc"'&e+

99.999%

0.87%

99.87%

99.13%

99.99%

100%

100%

100%

61.77%

I&e*&a"'&a$ P'e* S.A. (100% *'"edad de$ G*-'

ENGIE) e+ -&a +'c"edad c'&+"-"da e& B$!"ca e+

e$ *"&c"a$ acc"'&"+a de E&e*S-*, c'& e$ 61.77% de

$a+ acc"'&e+. E$ 38.23% *e+a&e e+ de "-$a*"dad de

'&d'+ de $a+ ad"&"+*ad'*a+ de '&d'+ de

e&+"'&e+ (AFP) e*-a&a+, a+ c'' de '*a+

e*+'&a+ &a-*a$e+ #-*d"ca+.

1.1.4 Capital social

E$ ca"a$ +'c"a$ ac-a$ de E&e*S-* a+c"e&de a

S/. 601370,011.00 de S'$e+ (e& ade$a&e +'$e+).

E+e '&' e+ *'d-c' de -& a-e&' de ca"a$

a*'bad' '* $a J-&a Ge&e*a$ de Acc"'&"+a+ de$ 18

de a*' de$ 2014 -e e$"ca'+ + ade$a&e e&

e+e &-e*a$.

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1.1.5 E*+,c+,a c'%'*"c"&

acc"'&a"a

c= 1 e;

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1.1.6 Pef"$ de$ "&c"a$ acc"'&"*+a

"@@@ I .A. @ @

E@G. G , DF E " GJ?G

.A... G 100% @

"@@@ I .A. A G HL, "@@@

I D "@@@ I () ?,

? @G @ @ @, @

@, H?@,

DF E " GJ?G .A...

, E .A. G@

@G @ BP, G 99.99%

"@@@ I D. A??,

E'"E .A., @, ?L G

E'"E, 99.13% @

E .A.

E G E'"E ?M @ @ (100%

?@ 1 S@) ? @G @

T: DF E E@K T .A. (E) K

CK T .A. (CK). , E'"E,

HP "@@@ I .A., G@

S@ 8.06% @ @

T .A. ().

"-- +-

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1.2 Re*ea !"*+"ca a*ec+'* e&ea$e*

E@G @GKS @ ? 1996

@?@S@ I@ T .A. WG

R G@ ?S E@Q G .A.

K G, ?@ H, HS @ E@G

.A.W @ ? G H

@S@ G @

G@ G C C@ (CC) K,

@?@, @G GS@ I

G A?@ (A). @@

H @S@ K @ G?@

A (@? G ?S@), Q ?

?M @ G G@ @ @

? ?, @@ @ H@ @

1997. E@ 2007 ?S G @?@S@

E@Q G .A. E@G .A.

D @ G @, E@G

G "@@@ I .A. (@

??@, GL- .A.) G G

@ @ @

H G @@ G .

"@@@ I .A. ?S @

S@ E@G 2004, G@

?@ AF

J@ @ @@, @ G??@

?? H?@ , G@ K

@ G@ G?@

@ E@G K @ G (

?@ @G@) 21.05% G .

E @@GS G@ 2005 K 24

@H? R "@@@ I .A.

GS G@ J T H@

17.2% G @ @ B

?.

D G @S G @, E@G

L @H@ @ @ @S@ ?

@ @?S@ . G @HS@

2,200 ?@ S (1997-2017)

? G@ ?K ?RQ

@S@ P T @ G@

@ 1,952 . D ?@,

G @ G K

G?@ G @, @ G

@G@@ @G K ? ?M

?@ Q.

A @@GS@, HGS@ @

E@G:

j= - 1997

E@ @ S@ 1 G CC.

"-

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A;-*- - 2012

E@ @ S@ ? G@ H

C C?@ C.. C@, @ G

@?@ @ @

J??@ 852 .

j= - 2013

E@ @ S@ ? C@

?P H FQ "31 @ G@

@S@ 600 .

n>-*- - 2013

E@G G G@

@GS@ K S@ G@

@ ?P 500 K

' E@P @ G T G @

"-GG.

o+

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1.3 D"ec+'e*T"+,$ae* A$+e&'*

C@ 12 ?L 2013, S

@S@ ?? D

?@ @ ?L 2013 K ?L

2016. G@ @ D

G:

d- c=-

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@ A?

2014. C?@LS G @

1985 @ @@ E@@@

H @ G@

(BP). E@ 1989 G @

@ @ @

@@ @ E @. E@ 1993 S

BP @ E ?

@ @ @ P @G-

G-? K @ 1994 GS @

K E @ BG. E@ 1998

G ?@ GQ @@,

@ E" (, DF

E E@K "@@@) @ 2001

@ @, @S@ K

@. E@ 2007 @HS @

H@ GH GHS@

@ E E@K

"@@@, G G? @ DF E

E@K EG & "@@@ @ 2008.

?M @ "@@Q EP

@H @ K G@ G @

S@ @.

M A-;; !--

! ?R @

G@@ @ M @@ @

EG, @ @ ? EBC,

BB, "', @ G @G

(@ G

@ EF" K E@) K @

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A?@S@ K F@@L E@G, G

?RS G 2001. ?@,

2001 ? 2008 S

@ @ GL E@K A@@

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D @ DF E (K E'"E)

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@ @ T @ G 2009. D

2003 C BG@ DH (#

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A @ G@ @G @ C@

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H@ (BP).

AD - A= F

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EnerSur | Memoria Anual 2015 | 1. Informacin general 15

Cuadro 3 Miembros del Directorio

Directores Titulares Directores Alternos

P/7 D C5

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EnerSur | Memoria Anual 2015 | 1. Informacin general16

P:+5 + D* + : 7:: + G

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A=; d- B-

G @

@ E@G

2012,

?R ?

G@@@ C@

E@G. ! @@

DC/ @ !@=@, @@ G

#G G@, @, K

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5,000 @. E "@@

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(EG@ C@ EJGH DH?@) K

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G--+ -o-+-;A@G @

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G--+ -++

- @-+

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DF E @ A? (K E'"E @ A?)

@ HS@ AG@, "@H?@ & F@@

AHK (A"FA). CG@ @ ?M 10 R

J@ @ @@ K G

@ @ @ @ H

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?.

A- -

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2 M$- #$* $&-"-

E/ * */> *& -& *&& /& &&* * **&,

& ; ' * **?&, && & /& L*; * C** E/>&

* **+ *& */ + * * /& **& ; &? &/&

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2.1 S$"-0 $*:"0"-

1. D** L*; N 25844

E D?< ! #P 25844, ! C

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4. L*; N 29970

! ! > A ? E?

?

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EnerSur | Memoria Anual 2015 | 2. Manejo del negocio22

@

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EnerSur | Memoria Anual 2015 | 2. Manejo del negocio 23

?L =<

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2.2.1 Nuevos contratos

2.2 Gestin comercial

L' /' //'+ + COE# +'' + + +

2015 ' / ' + ++' +/' + +

#EIN + + 44,540 G&, /' +' + 6.6% ' '

+ + ; + + ' +;/. L' @=/'

+'' + #EIN / + 25 + ;/++ +

2015 ' ' 19:45 ' > ''? 6,275 M&,

+ +++' /++ + 9.4% +'/

' ' @=/' +'' +/'' '+ + 2014.

#/+' M/+' C+ ++ 38 M& > O

E'.

D+ /' , + //+ '+' '' '

'/'/ + '? + ;/+/' + ' +

// /;+ /++ /+, ++

'+ + +'' ' C'' M/+' #''

L/' #.A. /++ + +=+/ + '

10 ', L/+ G' + #.A. +=+/+ +

' '' + 2019, !/' #.A. /++

+ /++ +'' ''' > M/+' L'

B'' + /'++ + / + 2015 ///

++/; + ++'.

O' '+' /'+ + ' + + /

'/ M+'/C'''/' #.A. '' '/'

+ '? + // '' + 2019 '' +/+'

+ ?/ /'' + L/' '' 125 M&.

E + 2015, E+# '// + /;+'

+/'/+ '' + > ' '?,

+ +' + //+ ' /++

/+, C+@/' L/' #.A., I/'

F/'+ #.A., A'/ #.A.C., E+'' C #.A.,

B' + C/ + +, O/' #.A., +''

' + G M/ 26.5 M&,

C!adro 4.1 Conraos de coro pla$o (ig!al o menores de 5 a'os) firmados o modificados el 2015

Clienes

Conraos 2015 Poencia conraada (MW)

Tipo de conrao M%"ima M&nima

A'> #.A.C. A+' /+ 1.3 1.5

C+@/' L/' #.A. L/+ 10.0 10.0

I/' '++' A' A+' /+ 1.2 2.0

I/' F/'+ #.A. L/+ 3.0 3.5

A'/ #.A.C. L/+ 1.6 1.6

E+ #.A.A. A+' /+ 40.0 0.0

E+ #.A.A. A+' /'+' 150.0 30.0

M/ #.A. $/' M/+' #' "''+ L/+ 19.5 19.5

M/ #.A. $/' M/+' ''' L/+ 4.0 4.0

''/ M+'/ C'''/' #.A. L/+ 60.0 125.0

C'/ E/' + E' CELEC E L/+ 40.0 40.0

Toal 330.6 237.1

*'' /++ /+ + H (' ') > HF (' +' + '), > '' /++ +' + +/' F/' > +/' '/'+.

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C!adro 4.2 Conraos de largo pla$o (ma#or de 5 a'os) firmados o modificados el 2015

Clienes

Conraos 2015 Poencia conraada (MW)

Tipo de conrao M%"ima M&nima

C'' M/+' A'''> #.A. A+' /+ 21.0 21.0

C'' M/+' #'' L/' #.A. A+' /+ 4.5 5.5

O C+;/' +

+/; + '+' + ' '

+//+ + +'' > +;' /''/+ +

/// +' + +'/.

L +'+ + + ' + +' +

' 4.1 > 4.2.

E+# +' ' '+' + /++ ' /;+

'/'. H'' //++ + 2015, ' '+' +

/++ /+ > +' '' ' +/'

''' + ' ' + 1,552.77 M&. D+

/' /', 701.55 M& ++ ' /++

/+ > 851.22 M& ' /++ +'. L'

+/' ''' + ' +' + ' + +

1,486.77 M& + '. E ' 8 > 9 +

+' ' +/' ''' '' /++ '

//++ + 2015.

2.2.2 Actuales clientes

*'' /++ /+ + H (' ') > HF (' +' + '), > '' /++ +' + +/' F/' > +/' '/'+.

25EnerSur | Memoria Anual 2015 | 2. Manejo del negocio

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C& 5 C/** /'* & *'* */ 2015

C/**P*& &&&

+*& * -& & (M$)P*& &&&* -& & (M$)

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Memoria Anual 2013 | 2 M$- #$* $&-"-

C& 6 C/** */&: & /& ; '/&*&/* & *'* */ 2015

C/**P*& &&&

+*& * -& & (M$)P*& &&&* -& & (M$)

E

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2.2.4 Produccin de energa

D' $ $ &/*>/ ' $ /&/>/

C/?S, '$$' / /$ 2.2.6, COES

'' ' ' 2015 '/> /$

$ $&>/ $ $ C/$ ' I1, I21

I31.

L$ '&&>/ ' C.. C+&$!/ / 2015

$ &/ $&>/ $ 2014. C/ & $ $ C.H.

#/&:/, $ '/'$' ' $*$ '$/ 2015

/$ / '&$*$ ' $ $&/$

*/$/ $ C/$ '/$ *$/

'&&>/ / 2015 &/ $&>/ $ 2014, /

$* *> $// $ '&&>/

/&$ ' 900 G"+.

F/$/, 9 29 ' & ' 2015

/$/ / $&>/ &&$ G1 G2,

&$/, ' $ C.H. Q$$&$ /'

'$&+$'$ COES.

C+ad& 8 Geeac" b+*a de eea

e#/c*"ca '& '#a*a (GW!)

P#a*a %2015

C. . I1 61.8 0.9

C. . I21 248.1 3.5

C. . I31 35.1 0.5

C. . C+&$!/ 5,837.7 81.4

C. H. #/&:/ 901.1 12.6

C. H. Q$$&$ 88.5 1.2

T&*a# 7,172.2 100.0

C+ad& 9 E+c" de #a '&d+cc" de eea (GW!)

P#a*a 2013 Va. % 2012Va. %Va. % 20142015

C. . I1 61.8 106.8 29.9 ?77.0 129.7 22.0 106.3

C. . I21 248.1 52.0 163.2 ?80.5 836.6 50.6 555.5

C. . I31 35.2 575.9 5.2 5.3

C. . C+&$!/ 5837.7 ?2.4 5,978.5 3.6 5,771.3 36.7 4,221.7

C. H. #/&:/ 901.1 ?2.2 921.4 ?2.8 948.0 5.5 898.3

C. H. Q$$&$ 88.5 @

T&*a# 7172.2 1.0 7,098.3 7.7 7,690.9 33.0 5,781.9

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2.2.5 Ventas por potencia y energa

C+ad& 10 Ve*a de eea, '&*ec"a - &*& ($"#e de d#ae)

C#"e*e 2013Va"ac" %Va"ac" % 20142015

C/ 280,919 24.5 225,570 ?2.7 231,732

C/ *$' 290,595 2.0 284,960 9.6 260,060

COES 127 ?97.3 4,739 ?64.0 13,175

TOTAL 571,642 10.9 515,269 2.0 504,967

L$ /$ /&$ /*

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2.2.6 V0!*$ $

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N! C.. I

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E?? @ @

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P/&& C''/*P*& &/

(M$)"&

C.. I

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2.4.1 P0-$"- N-#- E$0&:"- P* I*-

2.4.2 P0-$"- #$ +*"

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3 Infomaci'n financiea

A& "" !"& a 2015, &a "a "a !" ""$a "&a "$a!a *

E"S a"!" a USD 713.7 '&&", 15.3% 'a "*" a& 2014

(USD 618.9 '&&"). M"a +" &a $aaa "a !"& '' *"! #" !"

USD 181.5 '&&", 31.9% 'a a &a !"& 2014 (137.6 '&&").

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EnerSur | Memoria Anual 2015 | 3. Informacin financiera36

3.1 Ge!"i'n financiea

L' +=' '' ' '+ ++ ' 2014

(&$D 618.9 +). E+ ++ + *+

'++ ' ;+ +'+ *+

+= *+ +' ' *+ '.

4.1.2 Co!"o de $en"a!

E + 2015 + *+ + 17.9% ++ '

2014 (&$D 353.8 +). E+ ++ +

*++ '++ '>+ ' *+

++', +' > +'+ ;+

; '> ; *+ ;+ (*+ >

') *+* ' ;' '> ++' *+ '

C+'+ ' *+ I.

4.1.3 Ga!"o! de admini!"aci'n

L ' *+ '*' + + 2015

'+*+ ' &$D 23.1 +, 6.3% + '

+'* + + 2014 (&$D 24.6 +), +

*+* '++ ' ++ '

+ ' *+ +.

4.1.4 Inge!o! & ga!"o! financieo!

4.1.5 O"o! inge!o! & o"o!

ga!"o! (ne"o)E + 2015, ' (+) (&$D 4.4

+) ';+' ++ ' *+ 2014

(&$D 2.1 +), *+* '++, ' ;+,

*;'+ + 2014 + ++ + :

() ++ *+ +; + &$D 1.2

+, > () +'*'*+ ' '' +

*+ &$D 0.5 +.

4.1.6 Ganancia ne"a

L' ''' +' *+ ++ 2015 ;+ *+

&$D 181.5 +, 31.9% '> ' ' *+ 2014

(137.6 +). L' ;*'* @' '

+ + 2015 ;+ *+ &$D 0.302 ++ '

&$D 0.271 + + 2014.

3.2 Financiamien"o &ende#damien"o

D;'+ + ' 2015, E+$; ++; *

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EnerSur | Memoria Anual 2015 | 3. Informacin financiera 37

3.3 Di$idendo!

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Eecci#: De'de e! a$ 2009

C.7 P-"&+ -"+*+&&"*/+

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# Ene#SG> A?@?C>@?

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S%ma#S%&di ? ? ? ?? E>> E!GIE

M"+-&aA*a2015

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