SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 20-F/A

(Amendment No. 2)

o	REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR 12(g) OF THE SECURITIES EXCHANGE ACT OF 1934
OR
x	ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2011
OR
o	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
OR
o	SHELL COMPANY REPORT PURSUANT TO SECTION 23 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Date of event requiring this shell company report

For the transition period from                       to                      

Commission file number: 001-12440

ENERSIS S.A.

(Exact name of Registrant as specified in its charter)

ENERSIS S.A.

(Translation of Registrant’s name into English)

CHILE

(Jurisdiction of incorporation or organization)

SANTA ROSA 76, SANTIAGO, CHILE

(Address of principal executive offices)

Nicolás Billikopf, phone: (56-2) 2353-4639, fax: (56-2) 2378-4789, nbe@enersis.cl, Santa Rosa 76, Piso 15, Santiago, Chile

(Name, Telephone, E-mail and/or Facsimile number and Address of Company Contact Person)

Securities registered or to be registered pursuant to Section 12(b) of the Act:

Title of Each Class	Name of Each Exchange on Which Registered
American Depositary Shares representing Common Stock	New York Stock Exchange
Common Stock, no par value *	New York Stock Exchange
$ 249,734,000 7.40% Notes due December 1, 2016	New York Stock Exchange
$ 858,000 6.60% Notes due December 1, 2026	New York Stock Exchange

*Listed, not for trading, but only in connection with the registration of American Depositary Shares, pursuant to the requirements of the Securities and Exchange Commission.

Securities registered or to be registered pursuant to Section 12(g) of the Act: None

Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act:

$ 350,000,000 7.375% Notes due January 15, 2014

Indicate the number of outstanding shares of each of the issuer’s classes of capital or common stock as of the close of the period covered by the annual report:

Shares of Common Stock: 32,651,166,465

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act:

x Yes   o No

If this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934:

o Yes   x No

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days:

x Yes   o No

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).

o Yes   o No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, or a non-accelerated filer. See definition of “accelerated filer and large accelerated filer” in Rule 12b-2 of the Exchange Act:

Large accelerated filer x Accelerated filer o Non-accelerated filer o

Indicate by check mark which basis of accounting the registrant has used to prepare the financial statements included in this filing:

U.S. GAAP o International Financial Reporting Standards as issued
by the International Accounting Standards Board x Other o

Indicate by check mark which financial statement item the registrant has elected to follow:

o Item 17   x Item 18

If this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act):

o Yes   x No

EXPLANATORY NOTE

Enersis S.A. (“Enersis” or the “Company”) is filing this Amendment No.2 to its Annual Report on Form 20-F for the fiscal year ended December 31, 2011, as filed with the U.S. Securities and Exchange Commission (the “SEC”) on April 5, 2012 and amended by Amendment No. 1 thereto, as filed with the SEC on October 17, 2012 (as so amended, the “Original Form 20-F”) to amend the Original Form 20-F to: 1) retrospectively apply a change in accounting policy to the 2009, 2010 and 2011 financial statements of the Company with regards to the cash flow presentation from the indirect method to the direct method; 2) revise “Item 5.B. Operating and Financial Review and Prospects – Liquidity and Capital Resources” in the Original Form 20-F to restate certain cash flow information to reflect the restated cash flow presentation using the direct method; 3) correct certain percentages previously included in our principal independent registered public accounting firm’s attestation report regarding our internal control over financial reporting (“ICFR”) as of December 31, 2011. In its report dated October 17, 2012, our independent registered public accounting firm (Ernst & Young Ltda.), indicated that it did not audit the financial statements of Empresa Nacional de Electricidad S.A. (a subsidiary), certain of its consolidated subsidiaries, certain of its associates accounted for using the equity method and certain of its jointly controlled entities accounted for using proportionate consolidation (collectively, “Endesa-Chile”), which financial statements were audited by other independent auditors and comprised 16% of consolidated revenues for the year ended December 31, 2011 and 29% of consolidated assets as of December 31, 2011. Those percentages were incorrect and should have been 29% and 43%, respectively, as reflected in the revised attestation report included herein; and 4) eliminate the audit reports on financial statements prepared on a local statutory accounting basis of Emgesa S.A. E.S.P, Endesa Brasil S.A. and Endesa Argentina S.A. of the Company (which subsidiaries were subjected to audit procedures in the context of the financial statements of Enersis by Ernst & Young Servicios Profesionales de Auditoría y Asesoría Limitada and Deloitte Auditores y Consultores Ltda. as described in their reissued audit opinions included herein).

Specifically, the Original Form 20-F included the reports of Ernst & Young Audit Limitada with respect to the consolidated financial statements of Emgesa S.A. E.S.P. and its subsidiaries as of December 31, 2011 and for the year then ended; Deloitte & Touche Ltda. with respect to the financial statements of Emgesa S.A. E.S.P. and its subsidiaries as of December 31, 2010 and for the three-month period ended December 31, 2010, the nine-month period ended September 30, 2010; Pistrelli, Henry Martin y Asociados S.R.L., a member firm of Ernst & Young Global, with respect to the consolidated financial statements of Endesa Argentina S.A. and subsidiaries as of December 31, 2011 and for the year then ended; Ernst & Young Terco Auditores Independentes S.S. with respect to the consolidated financial statements of Endesa Brasil S.A. and subsidiaries as of December 31, 2011 and for the year then ended; and Deloitte Touche Tohmatsu Auditores Independentes with respect to the consolidated financial statements of Endesa Brasil S.A. and subsidiaries as of December 31, 2010 and for each of the two years in the period ended December 31, 2010 and 2009. Such Original Form 20-F also included the report of Deloitte & Touche Ltda. with respect to the statement of operations of Emgesa S.A. E.S.P. and its subsidiaries for the year ended December 31, 2009. As noted and explained in the first paragraph, these audit reports are being eliminated.

Ernst & Young Servicios Profesionales de Auditoría y Asesoría Limitada has herein included its reissued report with respect to the consolidated financial statements of Enersis and its subsidiaries (except with respect to Empresa Nacional de Electricidad S.A., certain of its consolidated subsidiaries, certain of its associates accounted for using the equity method and certain of its jointly controlled entities accounted for using proportionate consolidation (collectively, “Endesa-Chile”) as of December 31, 2011 and for the year then ended; Deloitte Auditores y Consultores Ltda. provided as included herein its reissued report with respect to the financial statements of Enersis and its consolidated subsidiaries (which report describes therein the audit procedures to which the consolidated subsidiaries of Enersis S.A., specifically, Emgesa S.A. E.S.P. and subsidiary and Endesa Brasil S.A. and subsidiaries, were subjected as of December 31, 2010, and for each of the two years then ended; and KPMG Auditores Consultores Ltda. provided its report with respect to the consolidated financial statements of Endesa-Chile and its subsidiaries as of December 31, 2011 and 2010 and for each of the years in the three-year period ended December 31, 2011.  These audit reports are not being removed.

Except for the amendments described above and the updated certifications of the Company’s Chief Executive Officer and Chief Financial Officer, this Amendment No. 2 does not modify or update other disclosures in or exhibits to the Original Form 20-F, which as amended by this Amendment No. 2, speaks as of April 5, 2012 and is not intended to reflect events that may have occurred subsequent to the initial filing date of the Original Form 20-F.

PART I

Item 5.	Operating and Financial Review and Prospects
A.	Operating Results.

General

The following discussion should be read in conjunction with our Consolidated Financial Statements and the notes thereto, included in Item 18 in this annual Report, and “Selected Financial Data,” included in Item 3 herein.  Our Consolidated Financial Statements as of December 31, 2009, 2010 and 2011 have been prepared in accordance with IFRS as issued by IASB.  Effective January 1, 2009, we adopted IFRS as issued by the IASB, in replacement of the previous accounting principles, which were under Chilean GAAP.

1.     Discussion of Main Factors Affecting Operating Results and Financial Condition of the Company

We are an electricity investment company that owns and operates electric power generation, transmission, and distribution companies in Chile, Argentina, Brazil, Colombia and Peru.  Most of our revenues, income and cash flows come from the operations of our subsidiaries, jointly-controlled companies and associates in these five countries.

Factors such as hydrological conditions, fuel prices, regulatory developments, extraordinary actions adopted by government authorities, and economic conditions in each country in which we operate, are important in determining our financial results.  In addition, the results from operations and financial condition are affected by variations in exchange rates between the peso and the currencies of the other four countries in which we operate.  These exchange variations may have an important impact in the consolidation of the results of our companies outside Chile.  Lastly, we have certain critical accounting policies that affect our consolidated operating results.

Our portfolio strategy allows the impact of significant changes in one country to be sometimes offset by opposing changes in other countries, or within our two segments, leading to no significant impacts on consolidated figures.  The impact of these factors on us, for the years covered by this Report, is discussed below.

a.     Hydrological Conditions: Generation Business

A substantial part of our generation business depends on hydrological conditions prevailing in the countries where we operate, although only extreme hydrological conditions materially affect the Company’s operating results and financial condition.  In terms of installed capacity for the three years ended December 31, 2011, our consolidated installed capacity has been 58% hydroelectric.  Consolidated hydroelectric capacity was 8,654 MW, 8,675 MW, and 8,675 MW as of December 31, 2009, 2010, and 2011, respectively.  (See “Item 4.  Information on the Company — D.  Property, Plants and Equipment”).

Hydrological conditions in 2009, 2010 and 2011 have led to significant changes in our financial condition and results from operations.  Hydroelectric generation was 37,730 GWh in 2009, 33,689 GWh in 2010, and 33,676 GWh in 2011.  The lower hydroelectric generation in 2010 and 2011 was associated with conditions in Chile and Argentina as compared to year 2009.  Consolidated operating income was Ch$ 1,927 billion in 2009, Ch$ 1,704 billion in 2010, and Ch$ 1,566 billion in 2011.

Our thermal generators burn natural gas, LNG, coal or diesel.  We can offset the effect of low hydrology (reservoir levels, rain and snow) in the geographical areas where we operate our plants by thermal generation and purchases.  The company’s thermal installed capacity and the ability to purchase electricity from other generators allow us to increase thermal generation and/or purchase electricity from competitors to meet our commitments.  In addition, given industry structure and the percentage of hydroelectric generation capacity in the countries where we operate, when hydrology is low, electricity prices generally increase.  Under certain circumstances, low hydrology could potentially lead to higher revenues and sometimes, higher operating income.

Operating costs associated with thermal generation and energy purchases are higher than the variable cost of hydroelectric generation in normal hydrological conditions.  The cost of thermal generation does not directly depend on hydrology but instead on global commodity prices.  However, the cost of electricity purchases in the spot market does depend on hydrology and commodity prices.

The impact of low hydrology on operating results depends on the resulting movement in electricity prices in the market, the severity of the impact of hydrological conditions on the Company’s hydroelectric generation, the Company’s cost of thermal generation and the need for energy purchases.  The effect of low hydrology on market prices may either partially or completely compensate (depending on the conditions of all relevant market factors) for the higher cost of sales, leading to an insignificant impact on operating results.  For further information on the effects of hydrological conditions on our operating results, please see “Item 3. 

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Key Information — D.  Risk Factors — “Since our generation business depends heavily on hydrological conditions, drought conditions may hurt our profitability.”

b.     Regulatory Developments

The regulatory frameworks governing our business in the five countries where we operate have a material effect on our results from operations.  In particular, regulators set (i) generation tariffs taking into consideration factors such as fuel costs, reservoir levels, exchange rates, future investments in installed capacity and demand growth, and (ii) distribution tariffs taking into account the costs of energy purchases paid by distribution companies (which distribution companies pass on to their customers) and the “Value Added from Distribution,” or VAD; all of which are intended to reflect investment and operating costs incurred by distribution and generation companies and is meant to allow such companies to obtain a return on their investments.  The earnings of our electricity subsidiaries are determined to a large degree by government regulators, mainly through the tariff setting process.  For additional information relating to the regulatory frameworks in the countries where we operate, see “Item 4.  Information on the Company — B.  Business Overview — Electricity Industry Regulatory Framework”.

c.     Economic Conditions

Macroeconomic conditions in the countries in which we operate may have a significant effect on our operating results.  For example, when a country experiences sustained economic growth, consumption of electricity by industrial and individual consumers increases.  Other macroeconomic factors such as the variation of the local currency against the dollar in the countries where we operate may impact our results from operations, as well as assets and liabilities, depending on the percentage denominated in dollars.  For example, a devaluation of local currencies against the dollar increases the cost of capital expenditure plans.  For additional information, see “Item 3.  Key Information — D.  Risk Factors — Foreign exchange risks may adversely affect our results and the dollar value of dividends payable to ADS holders” and “— South American economic fluctuations are likely to affect our results from operations and financial condition, as well as the value of our securities.”

Economic Growth and Electricity Demand

Economic growth in 2011 was strong in all of the countries in which we operate, largely based on domestic private consumptions and investment.  The worldwide financial and economic crisis adversely impacted developed economies, but Latin America showed resilience to global threats and the outlook remains better than for the developed world.  According to the IMF’s September 2011 World Economic Outlook, the estimated GDP growth for Latin America and the Caribbean (simple average) is 4.5% for 2011, and 4.0% for 2012.  Growth was, and will be, driven by many of South America’s commodity exporters— including Argentina, Chile and Peru—all of which are expected to have grown by at least 5.5% in 2011.  Growth in South America is projected to be moderate in 2012, within an estimated range of 3.5% to 5.5%.  This economic growth is projected to slow, as domestic demand growth moderates in response to less accommodative macroeconomic policies and a weakening projected external demand.  Overall, external conditions are projected to remain positive, although with somewhat greater risk aversion and a weaker effect resulting from commodity prices.

Overall electricity demand increased at strong rates during 2011, principally due to the favorable economic situation in most of these countries.  The GDP and electricity growth rate for the years covered by this Report are included in the following table:

	2009				2010		2011
	GDP Growth (%)		Electricity Demand Growth (%)		GDP Growth (%)	Electricity Demand Growth (%)	GDP Growth (%)	Electricity Demand Growth (%)
Chile (1)	(1.7	)	0.5		5.2	3.4	6.5	6.0
Argentina	0.9		(1.3	)	7.5	5.9	8.0	5.5
Colombia	0.8		1.5		4.7	2.6	4.9	1.7
Brazil	(0.2	)	(1.0	)	7.5	7.1	3.8	3.4
Peru	0.9		0.9		8.3	8.5	6.2	7.5

Source: GDP growth data was obtained from the World Economic Outlook (September 2011) of the International Monetary Fund (IMF).  Electricity demand growth data was obtained from internal Company physical energy data.

(1)   Electricity demand growth in the SIC and the SING.

3

Local Currency Exchange Rate

Variations in the parity of the dollar and the local currency in each of the countries in which we have operations may have an impact on our operating results and overall financial position.  The impact will depend on the level at which tariffs are pegged to the dollar, dollar-denominated assets and liabilities existing in the period and also the translation of financial statements of our foreign subsidiaries for consolidation purposes to the presentation currency, which is the Chilean peso.

As of December 31, 2011, Enersis had total consolidated indebtedness in financial terms of $ 7,330 million, of which 29.4% was denominated in dollars, 22.9% in Colombian pesos, 19.8% in reais, 19.4% in pesos, 5.8% in soles, and 2.7% in Argentine pesos.

The following table sets forth the closing and average local currencies per dollar exchange rates for the periods indicated.

	Local Currency Dollar Exchange Rates
	2009		2010		2011
	Average	Year End	Average	Year End	Average	Year End
Chile (peso per dollar)	559.15	507.10	510.22	468.01	483.57	519.20
Argentina (Argentine peso per dollar)	3.77	3.80	3.92	3.98	4.13	4.30
Colombia (Colombian peso per dollar)	2,155	2,044	1,895	1,914	1,847	1,943
Brazil (reais per dollar)	2.00	1.74	1.69	1.66	1.67	1.88
Peru (sol per dollar)	3.01	2.89	2.81	2.81	2.75	2.70

Sources: Central Bank of each country.

d.     Critical Accounting Policies

Financial Reporting Release Section 501.1 encourages all companies to include a discussion of critical accounting policies or methods used in the preparation of financial statements.  Critical accounting policies are defined as those that reflect significant judgments and uncertainties which would potentially result in materially different results under different assumptions and conditions.  We believe that our critical accounting policies are limited to those described below with reference to the preparation of our financial statements under IFRS.  For further detail of the accounting policies and the methods used in the preparation of the financial statements, see Notes 2 and 3 to our Consolidated Financial Statements.

Impairment of Long-Lived Assets

During the period, and principally at period end, the Company evaluates whether there is any indication that an asset has been impaired. Should any such indication exist, the company estimates the recoverable amount of that asset to determine the amount of impairment in each case. In the case of identifiable assets that do not generate cash flows independently, the company estimates the recoverability of the Cash Generating Unit to which the asset belongs, which is understood to be the smallest identifiable group of assets that generates independent cash inflows.

Notwithstanding the preceding paragraph, in the case of Cash Generating Units to which goodwill or intangible assets with an indefinite useful life have been allocated, a recoverability analysis is performed routinely at each period end.

The recoverable amount is the greater between the fair value less the cost needed to sell and the value in use, which is defined as the present value of the estimated future cash flows. In order to calculate the recoverable value of property, plant, and equipment, goodwill and intangible assets, the Group uses value in use criteria in practically all cases.

To estimate the value in use, the Group prepares future cash flow projections, before tax, based on the most recent budgets available. These budgets incorporate management’s best estimates of Cash Generating Units’ revenue and costs using sector projections, past experience, and future expectations.

In general, these projections cover the next ten years, estimating cash flows for subsequent years by applying reasonable growth rates, between 3.2% and 7.9%, which, in no case, are increasing nor exceed the average long-term growth rates for the particular sector and country.

These cash flows are discounted at a given pre-tax rate in order to calculate their present value. This rate reflects the cost of capital of the business and the geographical area in which the business is conducted. The discount rate is calculated taking into account the current time value of money and the risk premiums generally used by analysts for the specific business activity and the country involved.

4

The following discount rates, before tax and expressed in nominal terms, were applied in 2011 and 2010:

		2010				2011
Country	Currency	Minimum		Maximum		Minimum		Maximum
Chile	Pesos	7.5	%	8.8	%	8.0	%	10.1	%
Argentina	Argentine peso	15.0	%	16.9	%	15.0	%	17.1	%
Brazil	Brazilian reais	9.6	%	10.8	%	9.5	%	11.6	%
Peru	Nuevos soles	7.9	%	8.1	%	7.3	%	9.3	%
Colombia	Colombian peso	9.6	%	9.8	%	8.9	%	10.9	%

If the recoverable amount is less than the net carrying amount of the asset, the corresponding provision for impairment loss is recorded for the difference, and charged to “Reversal of impairment loss (impairment loss) recognized in profit or loss” in the consolidated statement of comprehensive income.

Impairment losses recognized for an asset in prior periods are reversed when its estimated recoverable amount changes, increasing the asset’s value with a credit to earnings, limited to the asset’s carrying amount if no adjustment had occurred. In the case of goodwill, adjustments that would have been made are not reversible.

Litigation and Contingencies

The Company is currently involved in certain legal and tax proceedings.  As discussed in Note 22.2 to our Consolidated Financial Statements as of December 31, 2011, we have estimated the probable outflows of resources for resolving these claims.  We have reached this estimate after consulting our legal and tax advisors who are carrying out our defense in these matters and an analysis of potential results, assuming a combination of litigation and settlement strategies.

Hedge Revenues Directly Linked to the Dollar

The Company has established a policy to hedge the portion of its revenues directly linked to the dollar by obtaining financing in this currency.  Exchange differences related to this debt, as they are cash flow hedge transactions, are charged net of taxes to an equity reserve account, and recorded as income during the period in which the hedged cash flows are realized.  This term has been estimated at ten years.

This policy reflects a detailed analysis of our future dollar revenue streams.  Such analysis may change in the future due to new electricity regulations limiting the amount of revenues tied to the dollar.

Pension and Post-Employment Benefits Liabilities

We have various defined benefits plans for our employees.  These plans pay benefits to employees at retirement and use formulas based on years of service and the compensation of the participants.  We also offer certain additional benefits for some retired employees in particular.

The liabilities shown for the pensions and post-employment benefits reflect our best estimate of the future cost of meeting our obligations under these plans.  The accounting applied to these defined benefit plans involves actuarial calculations which contain key assumptions that include: employee turnover, life expectancy and retirement ages, discount rates, expected returns on assets, the future level of compensation and benefits, the claims rate under medical plans and future medical costs.  These assumptions change as economic and market conditions vary and any change in any of these assumptions could have an important effect on the reported results from operations.

The effect of an increase of one percentage point in the discount rate used to determine the present value of the post-employment defined benefits would decrease the liability by Ch$ 54,572 million (Ch$ 48,203 million in 2010 and Ch$ 40,456 million in 2009) and the effect of a decrease of one percentage point in the rate used to determine the present value of the post-employment defined benefits would increase the liability by Ch$ 65,050 million (Ch$ 56,463 million in 2010 and Ch$ 47,467 million in 2009).

Recent Accounting Pronouncements

Please see “Item 18.  Financial Statements — Note 2.2” for additional information regarding recent accounting pronouncement.

5

2.             Enersis’ Results from Operations for the Years ended December 31, 2010 and December 31, 2011

Total income in 2011decreased 20.7%, from Ch$ 1,100.7 billion in 2010 to Ch$ 872.5 billion in 2011.  This decrease of Ch$ 228.1 billion is attributable primarily to the accounting impairment recorded in our books in connection with our Argentine subsidiaries, Edesur and Endesa Costanera, coupled with an increase in income tax.  The decrease in net income attributable only to Enersis (excluding the decrease in net income attributable to non-controlling interests) amounted to Ch$ 110.8 billion.

In 2011, we recorded an impairment loss in Property, Plant and Equipment of Ch$ 106.4 billion attributable to our operating costs in Edesur, an impairment in tax credits of Ch$ 44.8 billion for Edesur and Endesa Costanera, and a goodwill impairment of Ch$ 14.4 billion associated with our acquisitions of Edesur and Endesa Costanera.

We implemented the impairment loss in connection with Edesur due to the sustained period of uncertainty in the Argentine electricity sector as to whether distribution tariff adjustments would be carried out by Argentine regulatory authorities to reflect our increased costs in providing electricity service.  Since the enactment of Argentina’s Public Emergency Law in 2002, our costs of providing electricity service have been subject to significant increases, without adequate tariff increases.  Although Edesur did receive an increase in VAD in 2007, ENRE has not allowed much higher operating costs in 2010 and 2011 to be passed through to final tariffs.

Since 2007, increases in tariffs have not occurred due to delays in fulfillment of requirements of the Agreement Act signed between the Republic of Argentine and Edesur in August 2005, particularly with regards to the semi-annual recognition of tariff adjustments under the cost monitoring mechanism and the implementation of the integral tariff review, each as prescribed in the Agreement Act, the absence of which are severely affecting Edesur’s viability as a going concern.  Given the already long period during which tariff adjustments had not been made, and our assessment of the prospects of any future tariff adjustments, at the end of 2011 we recorded the impairment loss and reversal of goodwill related to Edesur.

In connection with Endesa Costanera, our impairment loss was attributable to the inability to obtain revenues which would allow a recovery of costs and to a sustained working capital deficit over a very long period.  In addition, our Argentine generator has encountered difficulties in obtaining the timely payment of receivables from CAMMESA, the operator of the Argentine electricity market. This situation affected Endesa Costanera’s viability as a going concern.

Additionally, we incurred Ch$ 70 billion in higher income taxes (excluding impairment on tax credits mentioned above).

The order in which the countries are ranked in these tables is according to their contribution to our 2011 operating income.

Revenues

Generation and Transmission Business

The following table sets forth the physical electricity sales of our subsidiaries and their corresponding changes for the twelve-month periods ended on December 31, 2010 and 2011.

	Physical sales during
	Year ended December 31,
	2010	2011	Change		% Change
		(GWh)
Endesa Chile (Chile) (1)	21,847	22,070	222		1.0	%
Emgesa (Colombia)	14,817	15,112	295		2.0	%
Edegel (Peru)	8,598	9,450	851		9.9	%
Cachoeira Dourada (Brazil)	3,833	3,986	153		4.0	%
Endesa Fortaleza (Brazil)	2,957	2,842	(115	)	(3.9	)%
El Chocón (Argentina)	3,361	2,888	(473	)	(14.1	)%
Endesa Costanera (Argentina)	8,018	8,493	476		5.9	%
Total	63,431	64,840	1,409		2.2	%

(1)           Includes Endesa Chile and its generation subsidiaries.

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Distribution Business

Distribution revenues are derived mainly from the resale of electricity purchased from generators.  Revenues associated with distribution include the recovery of the cost of electricity purchased and the resulting revenue from the VAD, which is associated with the recovery of costs and the return on the investment with respect to the distribution assets plus the losses permitted in the regulatory tariffs.  Other revenue deriving from our distribution services consists of charges related to new connections and the maintenance and rental of meters.

The following table sets forth the physical electricity sales of our subsidiaries, by country, and their corresponding variations for the years ended December 31, 2010 and 2011.

	Physical sales during
	Year ended December 31,
	2010	2011	Change	% Change
	(GWh)
Codensa (Colombia)(1)	12,515	12,857	342	2.7	%
Coelce (Brazil)	8,850	8,970	120	1.4	%
Ampla (Brazil)	9,927	10,223	296	3.0	%
Chilectra (Chile)	13,098	13,697	599	4.6	%
Edelnor (Peru)	6,126	6,572	446	7.3	%
Edesur (Argentina)	16,759	17,233	474	2.8	%
Total	67,274	69,552	2,278	3.4	%

(1) Values for Codensa include the proportioned consolidation of 49.0% of DECSA.  This consolidation also affects other figures in this section, such as operating income, revenues, operating costs and number of clients.

Revenues by Business Segment

The table below presents our revenues for 2010 and 2011:

	Year ended December 31,
	2010		2011		Change		% Change
	(in million of Ch$)
Generation and Transmission Business
Endesa Chile and subsidiaries (Chile)	1,345,371		1,257,995		(87,376	)	(6.5	)%
Emgesa (Colombia)	507,527		498,569		(8,958	)	(1.8	)%
Edegel (Peru)	211,263		239,842		28,579		13.5	%
Cachoeira Dourada (Brazil)	115,663		126,646		10,983		9.5	%
CIEN (Brazil)	98,909		59,918		(38,991	)	(39.4	)%
Endesa Fortaleza (Brazil)	150,371		129,485		(20,886	)	(13.9	)%
El Chocón (Argentina)	57,173		48,341		(8,832	)	(15.4	)%
Endesa Costanera (Argentina)	295,231		341,824		46,593		15.8	%
Less: Intercompany Transactions	(904	)	(2,594	)	(1,690	)	186.9	%
Total	2,780,604		2,700,026		(80,578	)	(2.9	)%
Distribution Business
Codensa (Colombia)	785,890		815,487		29,597		3.8	%
Coelce (Brazil)	940,654		859,446		(81,208	)	(8.6	)%
Ampla (Brazil)	1,046,387		1,117,269		70,882		6.8	%
Chilectra and subsidiaries (Chile)	1,016,997		1,046,191		29,194		2.9	%
Edelnor (Peru)	307,159		329,309		22,150		7.2	%
Edesur (Argentina)	295,539		279,725		(15,814	)	(5.4	)%
Total	4,392,626		4,447,427		54,801		1.2	%
Less: Consolidation Adjustments and Other Businesses	(609,649	)	(612,573	)	(2,924	)	0.5	%
Total	6,563,581		6,534,880		(28,701	)	(0.4	)%

7

Generation and Transmission Business: Revenues

Revenues in Chile in 2011 decreased by 6.5%, mainly due to lower energy sales, principally due to a lower average sale price, partially offset by larger physical sales which increased by 1.0%, reaching 22,070 GWh in 2011.

In Colombia, revenues of Emgesa decreased by Ch$ 9.0 billion, or 1.8%, principally due to a 4.0% reduction in the average energy sale price which was partially offset by an increase in physical sales of 2.0% as a consequence of higher hydroelectric generation, totaling 15,112 GWh.  The “currency translation effect” (from translating local Colombian pesos into Chilean pesos) on revenues was negative, causing a decline of 2.6% in peso terms.

Revenues of Edegel, our Peruvian generating company, increased by Ch$ 28.6 billion, or 13.5%, in 2011 This was principally the result of a 9.9% growth in physical sales, totaling 9,450 GWh in 2011, as well as an increase in the average energy sale price for 2011. The currency translation effect on revenues was negative, causing a decline of 2.7% in peso terms.

Revenues of Cachoeira Dourada rose by 9.5% in 2011, mainly as a result of an increase in average sales prices, expressed in local currency, and an increase in physical energy sales of 153 GWh, to 3,986 GWh, for the year.

Revenues of CIEN fell by 39.4% in 2011, mainly due to the fact that the Annual Permitted Revenue (APR) was booked since mid April.  The APR remunerates the company’s transmission assets, causing lower revenues than the energy-export revenues to Argentina generated during 2010.

Revenues of Endesa Fortaleza decreased by 13.9% in 2011, mainly due to lower sales prices and a reduction in physical sales of 115 GWh, to 2,842 GWh.  In our Brazilian companies, the currency translation effect on revenues was negative, causing a slight decline of 0.2% in peso terms, in comparison to 2010.

In Argentina, revenues of Endesa Costanera rose by 15.8% in 2011, principally as a result of an increase in physical sales and higher average prices.  Physical sales reached 8,493.3 GWh in 2011 compared to 8,017.7 GWh in 2010.

Revenues of El Chocón fell by 15.4% in 2011, explained by a decrease in generation of 19.2% compared to 2010, due to lower hydroelectric availability, which in turn was a result of reservoir controls at levels limited by each river basin.  For both Argentine companies, the net effect of translating results from the Argentine peso to the Chilean peso was negative, resulting in a 10.1% decline in revenues in peso terms.

Distribution Business: Revenues

In Colombia, revenues of our subsidiary Codensa increased by 3.8%, mainly as result of a 3.6% increase in the average sale price in local currency, a 2.7% increase in physical sales to 12,857 GWh, and increases in other operating revenues, which rose by Ch$ 3.9 billion.  This was partially offset by the currency translation effect, which resulted in a decline in revenues of 2.6% as expressed in peso terms.  The number of customers rose by 70,357, for an aggregate total of over 2.6 million.

In Brazil, revenues of Coelce decreased by 8.6% in 2011, mainly due to a 6.1% drop in the average sale price in local currency, a reduction of Ch$ 98.1 billion in revenues due to the construction of fixed assets in the concession area and the currency translation effect which resulted in a fall of revenues of 0.2% in peso terms.  This was partially offset by a 1.4% rise in physical sales to 8,970 GWh in 2011.  The number of customers rose by 129,778 in 2011, for an aggregate total of over 3.2 million.

Revenues of our subsidiary Ampla rose by 6.8% in 2011, mainly due to a 3.0% increase in physical sales (to 10,223 GWh), a 2.2% increase in the average sale price in local currency, and an increase in other operating revenues of Ch$ 21.0 billion.  This was partially offset by the currency translation effect, which resulted in a decline of revenues of 0.2% in peso terms.  The number of customers rose by 72,881, for an aggregate total exceeding 2.6 million.

In Chile, revenues of our subsidiary Chilectra increased by Ch$ 29.2 billion or 2.9% in 2011, principally due to greater electricity demand, which was reflected by a 4.6% increase in physical sales (reaching 13,697 GWh in 2011).  This was partially offset by a slight decrease of 0.6% in the average sale price and a Ch$ 3.2 billion decrease in other operating revenues.  The number of customers rose by 28,325, reaching an aggregate total of over 1.6 million.

In Peru, revenues of Edelnor increased by 7.2% in 2011, due to a 7.3% increase in physical sales to 6,572 GWh and an 8.6% increase in average sales prices in local currency.  This was partially offset by a decrease of Ch$ 3.2 billion in other operating revenues and the currency translation effect which resulted in a decline of revenues of 2.7% in 2011 in peso terms.  The number of customers rose by 46,501, to an aggregate total exceeding 1.1 million.

8

In Argentina, revenues of Edesur decreased by 5.4% in 2011 due mainly to the currency translation effect that resulted in a decrease in revenues of 10.1% in peso terms.  This was partially offset by a 2.8% increase in physical sales and a Ch$ 0.5 billion increase in other operating revenues.  Average sale prices in local currency remained the same as in 2010, as well as energy losses, at a level of 10.5%.  The number of customers rose by 35,885, to an aggregate total of almost 2.4 million.

Operating Costs

Operating costs primarily consist of electricity purchases from other parties, fuel purchases, depreciation, amortization and impairment losses, maintenance costs, tolls paid to transmission companies, and employee salaries.  Operating costs also include Administrative and Selling expenses.

The following table shows the breakdown of operating costs as a percentage of total operating costs, for the years ended December 2010 and 2011.  As can see it, the cost structure of the Company was virtually the same in 2010 and 2011.

	Year ended December 31
	2010		2011
	(percentage of total costs of operations)
Electricity purchases	32.0	%	35.5	%
Fuel purchases	13.8	%	14.9	%
Other variable cost	18.3	%	12.9	%
Depreciation, amortization and impairment losses	11.5	%	11.3	%
Other fixed costs	9.3	%	10.9	%
Transmission tolls	8.4	%	7.9	%
Staff benefit costs	6.8	%	6.6	%
	100	%	100	%

The table below sets forth the breakdown of operating costs for the years ending on December 31, 2010 and 2011:

	Year ended December 31,
	2010		2011		Change		% Change
	(in million of Ch$)
Generation and Transmission Business
Endesa Chile and subsidiaries (Chile)	832,601		859,191		26,590		3.2	%
Emgesa (Colombia)	246,044		245,061		(983	)	(0.4	)%
Edegel (Peru)	140,944		135,187		(5,757	)	(4.1	)%
Cachoeira Dourada (Brazil)	39,800		36,365		(3,435	)	(8.6	)%
CIEN (Brazil)	70,853		(8,863	)	(79,716	)	(112.5	)%
Endesa Fortaleza (Brazil)	91,257		80,299		(10,958	)	(12.0	)%
El Chocón (Argentina)	25,522		24,599		(923	)	(3.6	)%
Endesa Costanera (Argentina)	284,391		335,344		50,953		17.9	%
Less: Intercompany Transactions	(902	)	(1,531	)	(629	)	69.7	%
Total	1,730,510		1,705,652		(24,858	)	(1.4	)%
Distribution Business
Codensa (Colombia)	578,667		630,025		51,358		8.9	%
Coelce (Brazil)	757,490		678,458		(79,032	)	(10.4	)%
Ampla (Brazil)	925,698		943,612		17,914		1.9	%
Chilectra and Subsidiaries (Chile)	905,231		926,506		21,275		2.4	%
Edelnor (Peru)	242,210		259,409		17,199		7.1	%
Edesur (Argentina)	291,595		416,895		125,300		43.0	%
Total	3,700,891		3,854,905		154,014		4.2	%
Less: Consolidation Adjustments and Other Businesses	(572,121	)	(591,988	)	(19,867	)	3.5	%
Total	4,859,280		4,968,569		109,289		2.2	%

9

Generation and Transmission Business: Operating Costs

Operating costs in Chile increased by 3.2% in 2011 compared to 2010, totaling Ch$ 859.2 billion.  Lower hydroelectric generation forced the company to use thermal energy more intensively, and this caused the procurement and services costs to increase by 2%, or Ch$ 13.4 billion, with higher energy purchases costs of Ch$ 66.3 billion and fuel consumption costs of Ch$ 32.1 billion, partially offset by lower transport expenses of Ch$ 46.1 billion and other variable costs of Ch$ 38.9 billion.  In addition, personnel expenses rose by Ch$ 7.3 billion and depreciation, amortization and impairment losses by Ch$ 3.8 billion.  Production totaled 20,722 GWh, 0.9% lower than in 2010.

Operating costs of Emgesa decreased by Ch$ 1.0 billion, or 0.4%, mainly due to reduced energy purchases of Ch$ 43.3 billion and reduced fuel costs of Ch$ 3.8 billion.  This was partially offset by higher fixed costs, which resulted from the one-time effect of the equity tax reform of Ch$ 40.2 billion (which required the booking of the entire amount of this tax payable for the four year period 2011-2014 on January 1, 2011) added to increased transport costs of Ch$ 4.0 billion, other variable costs of Ch$ 1.3 billion and a higher charge for depreciation, amortization and impairment of Ch$ 0.7 billion associated with the increase in generation of 7.2% to 12,090 GWh in 2011.  The currency translation effect resulted in a 2.6% decrease in operating costs in peso terms.

Operating costs of Edegel declined by Ch$ 5.8 billion, or 4.1%, largely due to a reduced personnel expenses of Ch$ 8.8 billion, reduced energy purchase costs of Ch$ 1.7 billion and a reduced charge for depreciation, amortization and impairment of Ch$ 1.5 billion.  This was partially offset by an increase in fuel costs of Ch$ 3.9 billion, resulting from an increase of energy generation of 8.1% to 9,153 GWh.  The currency translation effect resulted in a reduction of 2.7% in the operating costs expressed in peso terms.

Operating costs of Cachoeira Dourada decreased by 8.6%, or Ch$ 3.4 billion, to Ch$ 36.4 billion in 2011, mainly due to reduced costs for impairment losses of Ch$ 3.9 billion following the reaching of an agreement with CELG Distribução S.A. to reverse an account payable provision,which was partially offset by increased transport costs of Ch$ 0.4 billion and a rise in personnel expenses of Ch$ 0.1 billion.  Generation reached 3,121 GWh in 2011, a fall of 9.0% compared to 2010.

Operating costs of CIEN fell by Ch$ 79.7 billion in 2011, a decrease greater than the total of costs for 2010.  This is due to lower procurement and services costs of Ch$ 41.5 billion (largely due to the reversal on the transport tolls taxes provision) and a lower charge for depreciation, amortization and impairment of Ch$ 36.7 billion (such decrease due to the fact that depreciation was adjusted to the useful lives of the assets of the concession period in 2010).  The currency translation effect resulted in a reduction of 0.2% in the operating costs expressed in peso terms.

Operating costs of Endesa Fortaleza fell by Ch$ 11.0 billion in 2011, or 12.0%, mainly due to lower energy purchase costs of Ch$ 4.7 billion, lower fuel purchase costs of Ch$ 1.8 billion and a decrease in other variable costs of Ch$ 4.8 billion.  Generation reached 1,033 GWh in 2011, a fall of 37.9% from the prior year, due to a lower dispatch.  The currency translation effect in both Brazilian companies resulted in a reduction of 0.2% in the cost of sales expressed in peso terms.

Operating costs of our subsidiary El Chocón declined by Ch$ 0.9 billion in 2011, or 3.6%.  This was mainly due to a decrease in other variable costs of Ch$ 1.6 billion, partially offset by an increase in the cost of energy purchases of Ch$ 0.8 billion.  Generation reached 2,404 GWh in 2011, a fall of 19.2% compared to the prior year.  The currency translation effect resulted in a reduction of 10.1% in the cost of sales expressed in peso terms.

Operating costs of Endesa Costanera rose by Ch$ 51.0 billion in 2011 or 17.9%.  This was mainly due to an increase in procurement and services costs of Ch$ 48.5 billion, or 19.4%, (such increase largely due to a higher cost of fuel consumption of Ch$ 40.2 billion) and higher transport expenses of Ch$ 4.4 billion resulting from a 5.4% increase in production to 8,397 GWh in 2011. Personnel expenses rose by Ch$ 4.4 billion, partially offset by a reduction in the charge for depreciation, amortization and impairment of Ch$ 1.1 billion and a reduction in other fixed costs of Ch$ 0.8 billion.  The currency translation effect resulted in a reduction of 10.1% in the cost of sales expressed in peso terms.

Distribution Business: Operating Costs

Operating costs of Codensa increased by Ch$ 51.4 billion, or 8.9%, in 2011, mainly due to higher energy purchase costs of Ch$ 20.6 billion, higher fixed costs due to the impact of an equity tax reform charge of Ch$ 19.7 billion, which required booking the entire amount of the tax payable for the four year period (2011-2014) on January 1, 2011, higher variable costs of Ch$ 3.4 billion and higher personnel expenses of Ch$ 2.5 billion.  Physical losses fell by 0.4 percentage points to 8.1% in 2011.  The currency translation effect resulted in an increase of 2.6% in the cost of sales expressed in peso terms.

Operating costs of Coelce decreased by Ch$ 79.0 billion, or 10.4%, in 2011.  This is mainly due to a decrease in other variable costs of Ch$ 96.8 billion (due to a reduction in fixed asset construction costs in the concession area) and a reduced charge for

10

depreciation, amortization and impairment of Ch$ 6.3 billion.  This is partially offset by an increase in energy purchase costs of Ch$ 26.0 billion and personnel expenses of Ch$ 4.0 billion.  Physical losses fell by 0.2 percentage points to 11.9% in 2011.  In each of Ampla and Coelce, the currency translation effect resulted in a reduction of 0.2% in the cost of sales expressed in peso terms.

Operating costs of our subsidiary Ampla grew by Ch$ 17.9 billion, or 1.9% in 2011.  This is mainly due to increases in the cost of energy purchases of Ch$ 34.8 billion, in other operating costs of Ch$ 18.3 billion (primarily due to the construction of fixed assets in the concession area, for Ch$ 18.0 billion), in transport costs of Ch$ 10.3 billion and in personnel expenses of Ch$ 2.0 billion.  This was partially offset by a decrease in the charge for depreciation, amortization and impairment of Ch$ 48.7 billion, primarily due to impairment losses booked in 2010.  Physical losses fell by 0.8 percentage points to 19.7% by December 2011.

Operating costs of Chilectra increased by Ch$ 21.3 billion, or 2.4%, in 2011, mainly due to increases in energy purchase costs of Ch$ 9.2 billion, transport costs of Ch$ 7.2 billion, and personnel expenses of Ch$ 4.7 billion, in addition to a charge for depreciation, amortization and an impairment of Ch$ 4.6 billion associated with Chilectra’s investment in Edesur.  This was partially offset by a reduction in other fixed operating costs of Ch$ 3.8 billion, which was associated with reduced repairs, conservation and other activities.  Physical sales declined by 0.3 percentage points to 5.5% in 2011.

Operating costs of Edelnor increased by Ch$ 17.2 billion, or 7.1% in 2011, mainly due to an increase in energy purchases of Ch$ 20.4 billion and a higher charge for depreciation, amortization and impairment of Ch$ 1.0 billion.  This was partially offset by a reduction in other variable costs of Ch$ 3.2 billion and a reduction in personnel costs of Ch$ 1.1 billion.  Physical losses declined by 0.1 percentage points to 8.2%.  The currency translation effect resulted in a decrease of 2.7% in the operating costs expressed in peso terms.

Operating costs of Edesur increased by Ch$ 125.3 billion, or 43.0% in 2011.  This is primarily due to an impairment loss of Ch$ 106.5 billion taken at the Enersis level at the end of 2011 in connection with Edesur’s property, plant and equipment.  This impairment loss is a result of the inadequate distribution tariff adjustments allowed for our Argentine subsidiary.  Since the Argentine Public Emergency Law of 2002, our operating costs have been subject to significant inflationary pressures, without any corresponding tariff increases.  Increases in tariffs have not occurred due to delays in the fulfillment of certain requirements of the Agreement Act executed by Edesur and the Republic of Argentina, particularly with regard to the semi-annual recognition of tariff adjustments under the cost monitoring mechanism and the implementation of an integral tariff review contemplated by the Agreement Act, the absence of which are severely affecting Edesur’s viability as a going concern.  Additionally, personnel expenses increased by Ch$ 20.0 billion and other fixed costs increased by Ch$ 1.1 billion.  In contrast, other variable costs declined by Ch$ 0.6 billion and the charge for depreciation fell by Ch$ 1.0 billion.  Energy losses remained at 10.5% for both 2010 and 2011.  The currency translation effect resulted in a reduction of 10.1% in the operating costs expressed in peso terms.

11

Operating Income

The following table summarizes operating income by company, for the years ended December 31, 2010 and 2011.

	Year ended December 31,
	2010		2011		Change		% Change
	(in million of Ch$)
Generation and Transmission Business
Endesa Chile and subsidiaries (Chile)	512,770		398,804		(113,966	)	(22.2	)%
Emgesa (Colombia)	261,483		253,508		(7,975	)	(3.0	)%
Edegel (Peru)	70,319		104,655		34,336		48.8	%
Cachoeira Dourada (Brazil)	75,863		90,281		14,418		19.0	%
CIEN (Brazil)	28,056		68,781		40,725		145.2	%
Endesa Fortaleza (Brazil)	59,114		49,186		(9,928	)	(16.8	)%
El Chocón (Argentina)	31,651		23,742		(7,909	)	(25	)%
Endesa Costanera (Argentina)	10,840		6,480		(4,360	)	(40.2	)%
Less: Intercompany Transactions	(2	)	(1,063	)	(1,061	)	n.a.
Total	1,050,094		994,374		(55,720	)	(5.3	)%
Distribution Business
Codensa (Colombia)	207,223		185,462		(21,761	)	10.5	%
Coelce (Brazil)	183,164		180,988		(2,176	)	(1.2	)%
Ampla (Brazil)	120,689		173,657		52,968		43.9	%
Chilectra and subsidiaries (Chile)	111,766		119,685		7,919		7.1	%
Edelnor (Peru)	64,949		69,900		4,951		7.6	%
Edesur (Argentina)	3,944		(137,170	)	(141,114	)	n.a.
Total	691,735		592,522		(99,213	)	(14.3	)%
Less: Consolidation Adjustments and Other Businesses	(37,528	)	(20,585	)	16,943		(45.1	)%
Total	1,704,301		1,566,311		(137,990	)	(8.1	)%

Non-Operating Result

The following table shows the non-operating results for the years ended December 31, 2010 and 2011:

	Year ended December 31,
	2010		2011		Change		% Change
	(in million of Ch$)
Financial result
Financial income	171,237		233,613		62,376		36.4	%
Financial costs	(438,358	)	(465,411	)	(27,053	)	(6.2	)%
Gain (loss) for indexed assets and liabilities	(15,056	)	(25,092	)	(10,036	)	(66.7	)%
Net Foreign currency exchange differences	11,572		20,305		8,733		75.5	%
Total	(270,605	)	(236,585	)	34,020		(12.6	)%
Other non-operating results
Total gain (loss) on sale of non-current assets not held for sale	11,711		(5,853	)	(17,564	)	n.a.
Other non-operating income	1,288		9,504		8,216		637,9	%
Total	12,999		3,651		(9,348	)	(71.9	)%
Non-operating results	(257,606	)	(232,934	)	24,672		(9.6	)%

12

Financial Result

Total financial result for the year 2011 was an expense of Ch$ 236.6 billion, a decrease of 12.6%, or Ch$ 34.0 billion, in comparison to 2010.  This is due to higher financial income of Ch$ 62.4 billion, primarily the result of the booking of Ch$ 35.2 billion related to the agreement reached with CELG Distribução S.A., the effect of an updating of the pension fund assets in Brazil and higher cash investments, primarily in Chilectra, Endesa Fortaleza and Enersis.  There was also a positive effect from net exchange differences of Ch$ 8.7 billion, primarily arising from Brazil.  This was partially offset by higher financial costs of Ch$ 27.1 billion, (which resulted primarily from updating our pension fund liabilities in Brazil and a higher average cost of debt), and greater indexation charges of Ch$ 10.0 billion, due to the effect of the Unidad de Fomento (UF) value variation on UF-denominated debt for some of our Chilean companies.  This value variation is due the value of the UF increasing 3.9% in 2011, compared to an increase of 2.5% in 2010.

Result of asset sales

The result of asset sales shows a decrease of Ch$ 17.6 billion, mainly due to the one-time booking of the loss on the sale of CAM during 2011.

As a result of the foregoing, total non-operating results increased by Ch$ 24.7 billion compared with the previous year.

Net Income for the Year

The following table shows our net income for the year for the periods indicated.

	Year ended December 31,
	2010		2011		Change		% Change
	(in million of Ch$)
Operating income	1,704,301		1,566,311		(137,990	)	(8.1	)%
Non-operating results	(257,606	)	(232,934	)	24,672		9.6	%
Net income before taxes	1,446,695		1,333,377		(113,318	)	(7.8	)%
Income tax	(346,007	)	(460,837	)	(114,830	)	(33.2	)%
Net Income from Continuing Operations After Tax	1,100,688		872,540		(228,148	)	(20.7	)%
Net income from discontinued operations	0		0		0		0.0	%
Net Income	1,100,688		872,540		(228,148	)	(20.7	)%
Net Income attributable to: Owners of Parent Company	486,227		375,471		(110,756	)	(22.8	)%
Net income attributable to: Non-controlling interests	614,461		497,069		(117,392	)	(19.1	)%

Income tax increased from Ch$ 346.0 billion in 2010 to Ch$ 460.8 billion in 2011, an increase of Ch$ 114.8 billion, or 33.2%. The impairment of prior tax credits in our Argentine subsidiaries, Edesur and Endesa Costanera, amounted to Ch$ 44.9 billion.  Our Brazilian subsidiaries’ taxes increased by Ch$ 62.0 billion and are attributable to higher taxable income.  Taxable income increased in precisely those countries where the corporate tax rate is higher, primarily in Brazil where the corporate tax rate virtually doubles the Chilean rate.  The corporate tax rates in Brazil, Colombia, and Peru are 34%, 33% and 30%, respectively.  In comparison, the Chilean corporate tax rate is much lower, although it increased temporarily, from 17% to 20%, as a measure to finance the reconstruction that followed the earthquake in February, 2010.  Such increase in income tax rate led to a higher income tax in Chile of Ch$ 8.5 billion.

The main changes in the corporate income tax expense of our subsidiaries were as follows: increases in Ampla of Ch$ 20.1 billion, CIEN of Ch$ 19.3 billion, Endesa Costanera of Ch$ 17.2 billion, Edesur of Ch$ 12.9 billion, Cachoeira Dourada of Ch$ 12.8 billion, Coelce of Ch$ 12.3 billion, Chilectra of Ch$ 10.2 billion, Endesa Chile of Ch$ 8.3 billion, San Isidro of Ch$ 7.3 billion, Edegel of Ch$ 6.8 billion, Codensa of Ch$ 5.8 billion, Enersis of Ch$ 5.6 billion and Emgesa of Ch$ 4.1 billion. These increases were partially offset by decreases in corporate income tax for Pehuenche of Ch$ 8.3 billion, Celta of Ch$ 4.0 billion and Gas Atacama of Ch$ 0.9 billion.

13

3.             Enersis’ Results from Operations for the Years ended December 31, 2009 and December 31, 2010

The order in which the countries are ranked in these tables is according to their contribution to our 2010 operating income.

Revenues

Generation and Transmission Business

The following table sets forth the physical electricity sales of our subsidiaries and their corresponding changes for the twelve-month periods ended on December 31, 2009 and 2010.

	Physical sales during
	Year ended December 31,
	2009	2010	Change		% Change
		(GWh)
Endesa Chile (Chile) (1)	22,327	21,847	(480	)	(2.1	)%
Emgesa (Colombia)	16,806	14,817	(1,989	)	(11.8	)%
Cachoeira Dourada (Brazil)	3,862	3,833	(29	)	(0.8	)%
Edegel (Peru)	8,321	8,598	277		3.3	%
Endesa Fortaleza (Brazil)	3,007	2,957	(50	)	(1.7	)%
El Chocón (Argentina)	4,122	3,361	(761	)	(18.5	)%
Endesa Costanera (Argentina)	8,284	8,018	(266	)	(3.2	)%
Total	66,728	63,431	(3,297	)	(4.9	)%

(1)           Includes Endesa Chile and its generation subsidiaries.

Distribution Business

Distribution revenues are derived mainly from the resale of electricity purchased from generators.  Revenues associated with distribution include the recovery of the cost of electricity purchased and the resulting revenue from the VAD, which is associated with the recovery of costs and the return on the investment with respect to the distribution assets plus the losses permitted in the regulatory tariffs.  Other revenue deriving from our distribution services consists of charges related to new connections and the maintenance and rental of meters.

The following table sets forth the physical electricity sales of our subsidiaries, by country, and their corresponding variations for the years ended December 31, 2009 and 2010.

	Physical sales during
	Year ended December 31,
	2009	2010	Change	% Change
	(GWh)
Codensa (Colombia)(1)	12,114	12,515	400	3.3	%
Coelce (Brazil)	7,860	8,850	990	12.6	%
Ampla (Brazil)	9,394	9,927	533	5.7	%
Chilectra (Chile)	12,585	13,098	513	4.1	%
Edelnor (Peru)	5,716	6,126	410	7.2	%
Edesur (Argentina)	16,026	16,759	733	4.6	%
Total	63,694	67,274	3,580	5.6	%

(1) Values for Codensa include the proportioned consolidation of 49.0% of DECSA.  This consolidation also affects other figures in this section, such as operating income, revenues, operating costs and number of clients.

14

Revenues by Business Segment

The table below presents our revenues for 2009 and 2010:

	Year ended December 31,
	2009		2010		Change		% Change
	(in million of Ch$)
Generation and Transmission Business
Endesa Chile and subsidiaries (Chile)	1,373,231		1,345,371		(27,860	)	(2.0	)%
Emgesa (Colombia)	500,964		507,527		6,563		1.3	%
Cachoeira Dourada (Brazil)	88,300		115,663		27,363		31.0	%
Edegel and subsidiaries (Peru)	213,625		211,263		(2,362	)	(1.1	)%
Endesa Fortaleza (Brazil)	138,595		150,371		11,776		8.5	%
El Chocón (Argentina)	65,298		57,173		(8,125	)	(12.4	)%
CIEN (Brazil)	97,961		98,909		948		1.0	%
Endesa Costanera (Argentina)	231,421		295,231		63,810		27.6	%
Less: Intercompany Transactions	(1,037	)	(904	)	133		(12.8	)%
Total	2,708,358		2,780,604		72,246		2.7	%
Distribution Business
Codensa (Colombia)	741,168		785,890		44,722		6.0	%
Coelce (Brazil)	767,993		940,654		172,661		22.5	%
Ampla (Brazil)	1,012,342		1,046,387		34,045		3.4	%
Chilectra and subsidiaries (Chile)	1,089,515		1,016,997		(72,518	)	(6.7	)%
Edelnor (Peru)	302,295		307,159		4,864		1.6	%
Edesur (Argentina)	327,088		295,539		(31,549	)	(9.6	)%
Total	4,240,401		4,392,626		152,225		3.6	%
Less: Consolidation Adjustments and Other Businesses	(476,703	)	(609,649	)	(132,946	)	27.9	%
Total	6,472,056		6,563,581		91,525		1.4	%

Generation and Transmission Business: Revenues

Revenues in Chile decreased 2.0% in 2010, mainly as a result of a decrease of 2.1% in physical sales, to 21,847 GWh, due to the lower electricity demand in Chile after the earthquake that took place on February 27, 2010 and a 2.6% decrease in average prices in 2010 expressed in peso terms.  In 2010, there were lower sales in the spot market due to reduced hydrology, partially offset by higher sales to contracted customers as a result of improved economic conditions and a recovery in energy demand by the end of 2010 compared to 2009.

In Colombia, revenues of Emgesa increased by Ch$ 6.6 billion, or 1.3%, mainly due to the 10% increase in the average energy sales price expressed in local currency.  This was offset by an 11.8% decrease in physical sales, and amounted to 14,817 GWh in 2010.  This is essentially due to lower sales in the spot market and to electricity companies as a result of lower hydroelectric production.  The currency translation effect on revenues was positive, causing an increase of 2.7% in peso terms.

In Brazil, revenues of Cachoeira Dourada increased 31.0% in 2010, mainly as a result of an increase of 27.7% in average sales prices, expressed in local currency.  Physical energy sales were virtually the same.  Revenues of Endesa Fortaleza increased 8.5% in 2010, as a result of an increase of 4.0% in average sales prices, expressed in local currency.  This was partly offset by a 1.7% decrease in physical sales to 2,957 GWh.  For both companies, the currency translation effect on revenues was positive, causing an increase of 7.5% in peso terms as compared to 2009.

Revenues of CIEN increased 1.0% in 2010, mainly due to the currency translation effect, which produced a 7.5% increase in revenues in peso terms.  This increase was partially offset by lower export revenues of 6.5%.  In 2009, CIEN exported energy to Uruguay and Argentina beginning in February of that year, whereas in 2010 exports to Argentina began later in the year.

Revenues of Edegel, our generating company in Peru, declined by Ch$ 2.4 billion, or 1.1%, in 2010, mainly as a result of a 5.6% decrease in the average sales price in local currency, and a decrease in sales to unregulated customers.  This was partially offset by higher sales to regulated customers and in the spot market.  It is also explained by the currency translation effect from soles to the peso

15

in both years, producing a decrease in peso terms of 2.2% in 2010 compared to 2009.  This was partially offset by the 3.3% increase in physical sales to 8,598 GWh in 2010.

In Argentina, revenues of Endesa Costanera increased 27.6% in 2010, as a result of a 30.7% increase in average energy sale prices, which was partially offset by a 3.2% decrease in physical sales to 8,018 GWh.  Revenues of El Chocón decreased 12.4%, mainly due to an 18.5% decrease in physical sales to 3,361 GWh.  In 2010, generation was 21.3% lower due to reduced hydroelectric availability.  For both companies the net effect of the currency translation effect was negative, resulting in a 13.6% decrease in revenues in peso terms.

Distribution Business: Revenues

In Colombia, revenues of Codensa in 2010 increased 6.0%, mainly due to a 5.5% increase in the average sales price in local currency, a 3.3% increase in physical sales to 12,515 GWh, and the currency translation effect, which resulted in a 2.2% increase in pesos revenues.  This increase was partially offset by a reduction in other operating revenues, including “Codensa Hogar” and public lighting.  The number of customers rose by 72,578 to a total exceeding 2.5 million in December 2010, and energy losses increased to 8.5%.

In Brazil, revenues of Coelce increased 22.5% in 2010, mainly due to a 12.6% increase in physical sales to 8,850 GWh, a 1.9% increase in the average sales price in local currency and the currency translation effect, which resulted in a 7.5% increase in peso terms.  In 2010, the number of customers increased 129,131 to a total exceeding 3.1 million, and energy losses increased from 11.6% to 12.1%.

Revenues of Ampla increased 3.4% in 2010, mainly due a 5.7% increase in physical sales to 9,927 GWh and the currency translation effect, which resulted in a 7.5% increase in peso terms.  This increase was partially offset by an 8.8% reduction in the average sales price.  In 2010, the number of customers increased 48,998, to a total exceeding 2.5 million, and energy losses declined from 21.2% to 20.5%.

In Chile, revenues of Chilectra decreased by 6.7% in 2010, mainly due to the decrease in sub-transmission tolls set by the authority and the amendment of the process used to determine electricity purchase prices, which resulted from the auction of long-term energy purchase contracts.  Revenues also decreased because of reduced margins on other businesses of Ch$ 5,303 million related to reduced activity with large customers and transfer business of networks as a result of reduced post-earthquake activity.  This was partially offset by the 4.1% increase in physical sales to 13,098 GWh.  In 2010, the number of customers increased 30,583 to a total exceeding 1.6 million, and energy losses were 5.8%, compared to 6.1% in 2009.

In Peru, revenues of Edelnor increased 1.6% in 2010, mainly due to a 7.2% increase in physical sales, to 6,126 GWh.  This was partially offset by a 3.2% reduction in the average sales price and the currency translation effect, which resulted in a 2.2% decrease in peso terms in 2010.  The number of customers increased 37,025 to 1.1 million, and energy losses increased to 8.3%.

In Argentina, revenues of Edesur decreased 9.6% in 2010, principally due to a reduced average sales price of 2.9% and the currency translation effect, which resulted in a decrease of 13.6% in peso terms.  This decrease was partially offset by the 4.6% increase in physical sales.  Energy losses remained unchanged at 10.5% and the number of customers increased 47,660, to a total exceeding 2.3 million.

Operating Costs

Operating costs mainly consist of electricity purchases from other parties, depreciation, amortization and impairment losses, fuel purchases, maintenance costs, tolls paid to transmission companies, and employee salaries.  Operating costs also include Administrative and Selling expenses.

16

The following table shows the breakdown of operating costs as a percentage of total operating costs, for the years ended December 2009 and 2010.

	Year ended December 31
	2009		2010
	(percentage of total costs of operations)
Electricity purchases	33.5	%	32.0	%
Other Variable cost	17.5	%	18.3	%
Fuel purchases	12.8	%	13.8	%
Depreciation, amortization and impairment losses	11.9	%	11.5	%
Other fixed costs	10.1	%	9.3	%
Transmission tolls	7.0	%	8.4	%
Staff benefit costs	7.4	%	6.8	%
	100	%	100	%

The cost structure of the Company was virtually the same in 2009 and 2010.  The table below sets forth the breakdown of operational costs for the years ending on December 31, 2009 and 2010:

	Year ended December 31,
	2009		2010		Change		% Change
	(in million of Ch$)
Generation and Transmission Business
Endesa Chile and subsidiaries (Chile)	733,191		832,601		99,410		13.6	%
Emgesa (Colombia)	250,153		246,044		(4,109	)	(1.6	)%
Cachoeira Dourada (Brazil)	37,671		39,800		2,129		5.7	%
Edegel and subsidiaries (Peru)	137,576		140,944		3,368		2.4	%
Endesa Fortaleza (Brazil)	54,669		91,257		36,588		66.9	%
El Chocón (Argentina)	26,598		25,522		(1,076	)	(4.0	)%
CIEN (Brazil)	49,969		70,853		20,884		41.8	%
Endesa Costanera (Argentina)	227,041		284,391		57,350		25.3	%
Less: Intercompany Transactions	(918	)	(902	)	16		(1.7	)%
Total	1,515,950		1,730,510		214,560		14.2	%
Distribution Business
Codensa (Colombia)	541,283		578,667		37,384		6.9	%
Coelce (Brazil)	616,720		757,490		140,770		22.8	%
Ampla (Brazil)	825,215		925,698		100,483		12.2	%
Chilectra and Subsidiaries (Chile)	960,483		905,231		(55,252	)	(5.8	)%
Edelnor (Peru)	239,870		242,210		2,340		1.0	%
Edesur (Argentina)	295,212		291,595		(3,617	)	(1.2	)%
Less: Intercompany Transactions	201		—		(201	)	n.a.
Total	3,478,984		3,700,891		221,907		6.4	%
Less: Consolidation Adjustments and Other Businesses	(450,323	)	(572,121	)	(121,798	)	27.0	%
Total	4,544,611		4,859,280		314,669		6.9	%

Generation and Transmission Business: Operating Costs

Operating costs in Chile increased by 13.6% in 2010 as compared to 2009, totaling Ch$ 832.6 billion, largely due to higher energy purchases of Ch$ 87.1 billion, transport costs of Ch$ 53.9 billion and other variable costs of Ch$ 41.1 billion.  Production was 20,914 GWh, 6.0% below 2009 levels.  Lower hydroelectric generation forced us to rely more intensively on more costly thermal energy, and thus, our energy purchase cost increased by 166%.  This was partially offset by a decrease in depreciation and impairment of fixed assets of Ch$ 55.8 billion and in fuel costs of Ch$ 27.2 billion.

The operating costs of Emgesa declined by Ch$ 4.1 billion in 2010, or 1.6%, mainly due to reduced energy purchases of Ch$ 19.2 billion, partly offset by higher fuel costs of Ch$ 7.2 billion, as a result of lower hydrology in the first half of 2010, as well as higher

17

transport expenses of Ch$ 3.8 billion, an increase in personnel expenses of Ch$ 1.3 billion and an increase in other fixed operating costs of Ch$ 2.1 billion.  The currency translation effect resulted in a 2.7% increase in operating costs in peso terms.

The operating costs of Cachoeira Dourada rose by 5.7%, or Ch$ 2.1 billion, to Ch$ 39.8 billion in 2010, mainly due to an increase in other variable costs of Ch$ 2.5 billion.  The operating costs of Endesa Fortaleza increased by Ch$ 36.6 billion, or 66.9%, mainly due to higher fuel purchase costs of Ch$44.1 billion and an increase in other variable costs of Ch$ 2.2 billion, partly offset by reduced energy purchase costs of Ch$ 9.0 billion.  For both companies, the currency translation effect resulted in a 7.5% increase in operating costs measured in peso terms.

The operating costs of CIEN were Ch$ 70.9 billion in 2010, 41.8% higher than the prior year.  This is largely due to an increase in the charge for depreciation and impairment losses of Ch$ 34.8 billion, partially offset by Ch$ 16.2 billion of lower variable costs.  The currency translation effect resulted in a 7.5% increase in operating costs measured in pesos.

The operating costs of Edegel grew by Ch$ 3.4 billion, or 2.4% in 2010, largely explained by higher energy purchase costs of Ch$ 4.8 billion and higher fuel costs of Ch$ 5.0 billion.  This principally reflects the absence of the non-recurring reversal of provisions for energy purchases for distribution customers without contracts, booked in 2009, and, to a lesser extent, by higher average energy purchase prices, which more than offset the 9.3% reduction in physical purchases.  The increase in operating costs was partially offset by reduced fixed costs of Ch$ 4.5 billion, lower transport costs of Ch$ 0.9 billion and reduced other variable costs of Ch$ 0.7 billion.  The currency translation effect resulted in a 2.2% decrease in operating costs in peso terms.

The operating costs of Endesa Costanera rose by Ch$ 57.4 billion, or 25.3% in 2010.  This is largely due to higher energy and fuel costs of Ch$ 62.7 billion and an increase in personnel expenses of Ch$3.3 billion, partially offset by a reduction in other costs such as depreciation, transport costs, other fixed costs and energy purchases.  The operating costs of El Chocón declined by Ch$1.1 billion, or 4.0%, mainly due to reduced other variable costs of Ch$0.7 billion, reduced transport costs of Ch$0.4 billion and reduced depreciation of Ch$0.7 billion, partly offset by an increase in energy purchases of Ch$0.8 billion.  In both companies, the currency translation effect resulted in a 13.6% reduction in operating costs in peso terms.

Distribution Business: Operating Costs

The operating costs of Codensa rose by Ch$ 37.4 billion, or 6.9%, in 2010, mainly due to larger energy purchases of Ch$ 42.4 billion as a result of the 6.6% increase in average purchase prices in local currency, an increase in physical purchases, higher transport costs of Ch$ 2.2 billion and an increase in depreciation and impairment of Ch$ 4.6 billion.  This was partly offset by a reduction in other variable costs of Ch$ 11.1 billion.  The currency translation effect resulted in a 2.7% increase in operating costs in peso terms.

The operating costs of Ampla grew by Ch$ 100.5 billion, or 12.2% in 2010.  This is mainly due to an increase in energy purchase costs of Ch$ 50.2 billion, in other operating costs of Ch$ 5.2 billion, in transport costs of Ch$ 5.9 billion and in depreciation and impairment of Ch$ 39.7 billion.  The operating costs of Coelce rose by Ch$ 140.8 billion, or 22.8% in 2010.  This is due to an increase in energy purchase costs of Ch$ 49.0 billion, an increase in other variable costs (basically the construction of fixed assets in the concession area of Ch$ 71.3 billion), higher transport costs of Ch$ 4.7 billion, increases in depreciation and impairment of Ch$ 8.0 billion and an increase in other fixed operating costs of Ch$ 7.8 billion.  In both companies, the currency translation effect resulted in a 7.5% increase in operating costs in peso terms.

The operating costs of Chilectra fell by Ch$ 55.3 billion, or 5.8%, in 2010, mainly due to reduced energy purchase costs of Ch$ 96.9 billion.  This decrease is explained by a lower average purchase price, partially offset by an increase in physical purchases. There was also a decrease of Ch$ 5.9 billion in other variable operating costs, offset by an increase in transport costs of Ch$ 45.5 billion and an increase in the charge for depreciation and impairment of Ch$ 1.9 billion.

The operating costs of Edelnor increased by Ch$ 2.3 billion, or 1.0% in 2010, mainly due to the increase in other variable costs of Ch$ 11.6 billion, partly offset by lower energy purchase costs of Ch$ 3.6 billion and other fixed costs of Ch$ 5.8 billion.  The currency translation effect resulted in a 2.2% decrease in operating costs in peso terms.

The operating costs of Edesur decrease by Ch$ 3.6 billion, or 1.2% in 2010.  This is mainly explained by reduced energy purchase costs of Ch$ 11.2 billion, reduced personnel costs of Ch$ 2.9 billion and a reduced charge for depreciation and impairment of Ch$ 2.5 billion, partly offset by higher fixed costs of Ch$ 13.4 billion, which were mainly fines and payments to end users resulting from interruptions to the electricity service during the year.  The currency translation effect resulted in a 13.6% decrease in operating costs in peso terms.

18

Operating Income

The following table shows the operating income by company, for the years ended December 31, 2009 and 2010.

	Year ended December 31,
	2009		2010		Change		% Change
	(in million of Ch$)
Generation and Transmission Business
Endesa Chile and subsidiaries (Chile)	640,040		512,770		(127,270	)	(19.9	)%
Emgesa (Colombia)	250,811		261,483		10,672		4.3	%
Cachoeira Dourada (Brazil)	50,629		75,863		25,234		49.8	%
Edegel and subsidiaries (Peru)	76,049		70,319		(5,730	)	(7.5	)%
Endesa Fortaleza (Brazil)	83,926		59,114		(24,812	)	(29.6	)%
El Chocón (Argentina)	38,700		31,651		(7,049	)	(18.2	)%
CIEN (Brazil)	47,992		28,056		(19,936	)	(41.5	)%
Endesa Costanera (Argentina)	4,380		10,840		6,460		147.5	%
Less: Intercompany Transactions	(119	)	(2	)	117		(98.3	)%
Total	1,192,408		1,050,094		(142,314	)	(11.9	)%
Distribution Business
Codensa (Colombia)	199,885		207,223		7,338		3.7	%
Coelce (Brazil)	151,273		183,164		31,891		21.1	%
Ampla (Brazil)	187,127		120,689		(66,438	)	(35.5	)%
Chilectra and subsidiaries (Chile)	129,032		111,766		(17,266	)	(13.4	)%
Edelnor (Peru)	62,425		64,949		2,524		4.0	%
Edesur (Argentina)	31,876		3,944		(27,932	)	(87.6	)%
Less: Intercompany Transactions	(201	)	—		201		—
Total	761,417		691,735		(69,682	)	(9.2	)%
Less: Consolidation Adjustments and Other Businesses	(26,380	)	(37,528	)	(11,148	)	42.3	%
Total	1,927,445		1,704,301		(223,144	)	(11.6	)%

19

Non-Operating Result

The following table shows the non-operating results for the years ended December 31, 2009 and 2010, and the percentage change between both years:

	Year ended December 31,
	2009		2010		Change		% Change
	(in million of Ch$)
Financial result
Financial income	159,670		171,237		11,567		7.2	%
Financial costs	(482,472	)	(438,358	)	44,114		(9.1	)%
Gain (loss) for indexed assets and liabilities	21,781		(15,056	)	(36,837	)	n.a.
Net Foreign currency exchange differences	(8,235	)	11,572		19,807		n.a.
Total	(309,256	)	(270,605	)	38,651		(12.5	)%
Other non-operating results
Total gain (loss) on sale of non-current assets not held for sale	50,502		11,711		(38,791	)	(76.8	)%
Other non-operating income	2,374		1,288		(1,086	)	(45.7	)%
Total	52,876		12,999		(39,877	)	(75.4	)%
Non-operating results	(256,380	)	(257,606	)	(1,226	)	0.5	%

Financial Result

Financial result in 2010 was a loss of Ch$ 270.6 billion, which was a decrease of 12.5% or Ch$ 38.6 billion, as compared to the prior year.  This is mainly due to reduced financial costs of Ch$ 44.1 billion, as a result of lower average debt and lower average interest rates during 2010, as compared to 2009.  It is also explained by a reduced charge for exchange differences that showed a positive variation of Ch$ 19.8 billion, mainly coming from Chile, Argentina and Brazil.  In Chile, this is due to the effect of the peso appreciation of 8.4% against the dollar in 2010 (compared to an appreciation of 25.5% in 2009), which impacts net assets and liabilities denominated in dollars.  In Argentina, the Argentine peso depreciated by approximately 4% against the dollar during 2010 (compared to a devaluation of approximately 9% in 2009).  The effect on assets and debt in dollars is a gain of Ch$ 8.2 billion in 2010 and loss of Ch$ 17.3 billion in 2009.  In Brazil, the real appreciated almost 5% (compared to an appreciation of over 30% in 2009), which translates into a reduced gain of Ch$ 17.7 billion (loss of Ch$ 3.7 billion in 2010 and gain of Ch$ 14.0 billion in 2009).  Finally, higher financial income of Ch$ 11.6 billion, as a result of an increase in income from larger cash placements during the year, contributed to the reduction in financial loss in 2010 compared to 2009.

The reduced losses described above were partially offset by higher indexation expenses of Ch$ 36.8 billion due to the negative effect produced by variations in the value of the Unidad de Fomento (UF) in debt denominated in UF of some of our Chilean subsidiaries.  This is because the UF in 2010 increased in value by 2.4%, compared to a decrease of 2.4% in 2009.

Result of asset sales

The result of asset sales shows a reduced gain of Ch$ 38.8 billion in 2010, mainly due to the booking in 2009 of gains on the sales of shares in Empresa de Energía de Bogotá for Ch$ 28.1 billion and the sale of the credit portfolio of Codensa Hogar for Ch$ 12.8 billion.

As a result of all of the foregoing, total non-operating results remain virtually unchanged when comparing 2009 and 2010.

20

Net Income for the Year

The following table shows our net income for the year for the periods indicated.

	Year ended December 31,
	2009		2010		Change		% Change
	(in million of Ch$)
Operating income	1,927,445		1,704,301		(223,144	)	(11.6	)%
Non-operating results	(256,380	)	(257,606	)	(1,226	)	(0.5	)%
Net income before taxes	1,671,065		1,446,695		(224,370	)	(13.4	)%
Income tax	(359,737	)	(346,007	)	13,730		(3.8	)%
Net Income from Continuing Operations After Tax	1,311,328		1,100,688		(210,640	)	(16.1	)%
Net income from discontinued operations	0		0		0		0.0	%
Net Income	1,311,328		1,100,688		(210,640	)	(16.1	)%
Net Income attributable to: Owners of Parent	660,231		486,227		(174,004	)	(26.4	)%
Net income attributable to: Non-controlling interests	651,097		614,461		(36,636	)	(5.6	)%

Corporate income tax expense was reduced by Ch$ 13.7 billion in 2010 compared to 2009, mainly due to a decrease in the corporate income tax for Ampla of Ch$ 23.7 billion, Gas Atacama of Ch$ 13.2 billion, CGTF of Ch$ 10.3 billion, Edesur of Ch$ 10.0 billion, CIEN of Ch$ 4.3 billion and Pangue of Ch$ 2.6 billion.  These decreases were partially offset by increases in Enersis of Ch$ 27.9 billion, Endesa Costanera of Ch$ 7.2 billion, Emgesa of Ch$ 6.9 billion, Pehuenche of Ch$ 5.5 billion and Chilectra of Ch$ 2.2 billion.

B.            Liquidity and Capital Resources.

We are a company with no significant assets other than the stock of our subsidiaries.  The following discussion of cash sources and uses reflects the key drivers of cash flow for Enersis.

Enersis receives cash inflows from its subsidiaries, as well as from related companies in Chile and abroad.  Foreign subsidiaries and associates’ cash flows may not be available to satisfy our own liquidity needs, mainly because they are not wholly-owned, and because there is a time lag before we have effective access to those funds, through dividends or capital reductions.

However, we believe that cash flow generated from our business operations, as well as cash balances, borrowings from commercial banks, and ample access to both Chilean and foreign capital markets will be sufficient to satisfy all our needs for working capital, debt service, dividends and routine capital expenditures.

Set forth below, is the consolidated cash flow from an accounting perspective:

	Year ended December 31,
	2009		2010		2011
	(in Ch$ billion)
Net Cash Flows from (used in) operating activities	2,038		1,943		1,698
Net Cash Flows from (used in) investing activities	(867	)	(776	)	(624	)
Net Cash Flows from (used in) financing activities	(1,308	)	(1,283	)	(891	)
Net increase (decrease) in cash and cash equivalents before effect of exchange rates changes	(137	)	(115	)	183
Effects of exchange rate changes on cash and cash equivalents	(46	)	(58	)	76
Cash and cash equivalents at beginning of period	1,318		1,135		961
Cash and cash equivalents at end of period	1,135		961		1,220

21

For the twelve-month period ended December 31, 2011, operating activities generated net cash flow of Ch$ 1,698 billion, a decrease of 12.6% when compared to 2010.  This flow is mainly composed of cash receipts from collections from the sale of goods and services of Ch$ 7,726 billion and other operating flows of Ch$ 343 billion, partially offset by payments to suppliers for goods and services of Ch$ 3,942 billion, payments to and on behalf of employees of Ch$ 358 billion.

For the twelve-month period ended December 31, 2010, operating activities generated net cash flow of Ch$ 1,943 billion, a decrease of 4.7% when compared to 2009.  This flow is mainly composed of cash receipts from collections from the sale of goods and services of Ch$ 7,344 billion and other operating flows of Ch$ 310 billion, partially offset by payments to suppliers for goods and services of Ch$ 3,688 billion, payments to and on behalf of employees of Ch$ 292 billion and other operating activity payments of Ch$ 1,731 billion.

For the twelve-month period ended on December 31, 2011, investment activities led to a cash outflow of Ch$ 624 billion, a 19.6% decrease compared to 2010.  These disbursements relate mainly to the purchase of properties, plant and equipment of Ch$ 496 billion, the incorporation of intangible assets (IFRIC 12 in Brazil) of Ch$ 188 billion, and other investment disbursements of Ch$ 2 billion, partially offset by interest received of Ch$ 20 billion, cash flows from losing control of subsidiaries or other business of Ch$ 13 billion and other investment amounts of Ch$ 29 billion.

For the twelve-month period ended on December 31, 2010, investment activities led to a cash outflow of Ch$ 776 billion, a 10.5% decrease compared to 2009.  These disbursements relate mainly to the purchase of properties, plant and equipment of Ch$ 474 billion, the incorporation of intangible assets (IFRIC 12 in Brazil) of Ch$ 227 billion, and other investment disbursements of Ch$ 95 billion, partially offset by proceeds from the sale of property, plant and equipment of Ch$ 9 million, interest received of Ch$ 7 billion and other investment amounts of Ch$ 5 billion.

For the twelve-month period ended on December 31, 2011, financing activities originated a cash outflow of Ch$ 891.4 billion.  The main drivers are described below.

The aggregated cash inflows were mainly explained by:

·Edegel obtained loans for Ch $ 15 billion.

·Emgesa issued bonds for Ch $ 183 billion.

·Endesa Brasil Consolidated obtained loans for Ch$ 300 billion and issued bonds for Ch$ 216 billion (Ch$ 101 billion in Ampla and Ch$ 115 in Coelce), among other financial operations, for a total of Ch$ 387.1 billion cash inflow.

The aggregated cash outflows were mainly explained by:

·Ch$ 648.1 billion in dividend payments (Ch$ 243 billion from Enersis on an individual basis and Ch$ 106 billion from Endesa Chile on an individual basis, among others).

·Ch$ 248.1 billion in payment of interest expense (Ch$ 109.7 billion in Endesa Chile consolidated and Ch$ 79.2 billion in Endesa Brasil, among others).

·Endesa Brasil consolidated payments of Ch$ 315 billion in loans (Ch $ 53 billion in Endesa Brasil, Ch $ 106 billion in CIEN and Ch$ 150 billion in Ampla, among others).

·Endesa Chile consolidated payment s of Ch$ 55 billion in loans and Ch$ 94 billion in other financial instruments (Ch$ 83 billion on Emgesa’ bonds).

For the twelve-month period ended on December 31, 2010, financing activities originated a cash outflow of Ch$ 1,283 billion.  The main drivers are described below.

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The aggregated cash inflows were mainly explained by:

·Endesa Chile obtained loans for Ch$ 153 billion.

·Emgesa carried out an equity decrease of Ch$ 107 billion, of which Ch$ 27 billion were received by Endesa Chile.

·Codensa issued bonds for Ch$ 54 billion and obtained loans for Ch$ 62 billion.

·Edegel issued bonds for Ch$ 29 billion.

The aggregated cash outflows were mainly explained by:

·Ch$ 556 billion in dividend payments (Ch$ 304 billion from Endesa Chile, Ch$ 183 from Codensa and Ch$ 49 billion from Chilectra, among others).

·Ch$ 245 billion in payment of interest expense (Ch$ 119 billion in Endesa Chile and Ch$ 28 billion in Codensa, among others).

·Endesa Chile payment of its Ch$ 211 billion revolving credit.

For a description of liquidity risks related to our company, please see “Item 3.  Key Information — D.  Risk Factors — We depend in part on payments from our subsidiaries and affiliates to meet our payment obligations” in this Report”.

We coordinate the overall financing strategy of our majority-owned subsidiaries.  Our operating subsidiaries independently develop their capital expenditure plans.  Generally, our policy is to have the operating subsidiaries independently finance their capital expansion programs through internally generated funds or direct financings.  For information regarding our commitments for capital expenditures, see “Item 4.  Information on the Company — A.  History and Development of the Company — Capital Investment Program” and our contractual obligations table set forth below.

We have accessed the international equity capital markets, with three SEC-registered ADS issuances in October 1993, February 1996 and September 2000, for Enersis, and once in 1994 for Endesa Chile.  We have also frequently issued bonds in the United States for each of Enersis and Endesa Chile.  Since 1996, Enersis, Endesa Chile and its subsidiary Pehuenche have issued a total of $ 3,520 million in Yankee Bonds.

The following table lists the Yankee Bonds issued by Enersis and Endesa Chile outstanding as of December 31, 2011. The weighted average annual interest rate for such bonds is 7.9%, without giving effect to each bond’s duration, or put options.

					Aggregate Principal Amount
Issuer	Term	Maturity	Coupon		Issued	Outstanding
			(as a percentage)		(in $ million)
Enersis	10 years	January 2014	7.375	%	350	350
Enersis (1)	10 years	December 2016	7.400	%	350	250
Enersis (2)	30 years	December 2026, Put 2003	6.600	%	150	1
Subtotal			7.384	%	850	601
Endesa Chile	10 years	August 2013	8.350	%	400	400
Endesa Chile	12 years	August 2015	8.625	%	200	200
Endesa Chile (1)	30 years	February 2027	7.875	%	230	206
Endesa Chile (3)	40 years	February 2037, Put 2009	7.325	%	220	71
Endesa Chile (1)	100 years	February 2097	8.125	%	200	40
Subtotal			8.214	%	1,250	917
Total			7.886	%	2,100	1,518

(1)Enersis and Endesa Chile repurchased bonds in 2001.

(2)Holders of the 6.6% Enersis Yankee bonds due 2026 exercised a put option on December 1, 2003 for an aggregate principal amount of $ 149 million, leaving $ 1 million outstanding.

(3)Holders of the 7.325% Endesa Chile Yankee bonds due 2037 exercised a put option on February 1, 2009, for a total amount of $ 149.2 million.  The remaining $ 70.8 million in bonds mature in February 2037.

In January 2011, our Colombian subsidiary, Emgesa, executed its first transaction in the international debt capital markets, with the issuance of Rule 144A/Reg S Notes in Colombian pesos for the equivalent of $ 400 million, due in January 2021.  As of

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December 31, 2011 the equivalent amount was $ 379 million.  This was the first offshore private sector issuance in Colombian pesos.  The net proceeds from the sale of the Notes will be used to finance new projects, such as El Quimbo, to repay existing debt and for other general corporate purposes.

The following table lists the Emgesa’s bond issued in the United States.  The bond is denominated in Colombian pesos.  The annual interest rate for such bond is 8.75%.

			Coupon (inflation-		Aggregate Principal Amount
Issuer	Term	Maturity	adjusted rate)		Issued	Outstanding
			(as a percentage)		(Colombian pesos million)	(Colombian pesos million)	(in $ million) (1)
Emgesa	10 years	January 2021	8.75	%	737	737	379

(1)      Calculated based on the observed Exchange Rate as of December 31, 2011, which was CPs$ 1,942.7  = $ 1.00

Enersis and Endesa Chile, as well as our subsidiaries in the five countries in which we operate, have access to their domestic capital markets, where we have issued debt instruments including commercial paper and medium and long term bonds that are primarily sold to pension funds, life insurance companies and other institutional investors.  In the last 16 years, Enersis and Endesa Chile have accessed the local market with total bond issuances for UF 43.0 million or $ 1,846 million (as of December 31, 2011).

The following table lists UF-denominated Chilean bonds issued by Enersis and Endesa Chile, outstanding as of December 31, 2011.

			Coupon (inflation-adjusted		Aggregate Principal Amount
Issuer	Term	Maturity	rate)		Issued	Outstanding
			(as a percentage)		(UF million)	(UF million)	(in $ million)
Enersis Serie B2	21 years	June 2022	5.75	%	2.5	1.5	62
Endesa Chile Serie F (1)	21 years	August 2022	6.20	%	1.5	1.4	59
Endesa Chile Serie K	20 years	April 2027	3.80	%	4.0	4.0	172
Endesa Chile Serie H	25 years	October 2028	6.20	%	4.0	3.6	154
Endesa Chile Serie M	21 years	December 2029	4.75	%	10.0	10.0	429
Total			4.99	%	22.0	20.4	877

(1)      This bond was pre-paid on February 1, 2012.

For a full description of the local bonds issued by Enersis and Endesa Chile, see “ —  Unsecured liabilities detailed by currency and maturity” and “ —  Secured liabilities breakdown by currency and maturity” in Note 18 to our Consolidated Financial Statements.

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The following table lists local bonds issued by our foreign subsidiaries, outstanding as of December 31, 2011.  We present aggregate information for each company.  The maturity column for each company reflects the issuance with the longest maturity, and the coupon rate corresponds to the weighted average coupon of all issuances for each company.

Issuer	Maturity	Coupon (1) (as a percentage)		Aggregate Principal Amount Outstanding
				(in $million)
Ampla	June 2018	13,10	%	404
Codensa	December 2018	8,91	%	587
Coelce	October 2018	13,31	%	309
Edegel	January 2028	6,58	%	177
Edelnor	August 2020	7,13	%	277
Emgesa	February 2024	9,29	%	559
Edesur	June 2012	11,75	%	8
Total				2,320

(1)Many of the coupon rates are variable rates based on local indexes, such as inflation.  The table reflects the coupon rate taking into account each local index as of December 31, 2011.

We frequently participate in the international commercial bank markets governed by the laws of the State of New York through both bilateral and syndicated senior unsecured loans.  As of the date of this Report, the amounts outstanding or available for these bank loans are listed below:

Borrower	Type	Maturity	Facility Amount	Amount Drawn
			($ million)	(in $ million)
Enersis	Syndicated revolving loan	December 2012	100	0
Endesa Chile	Syndicated revolving loan	June 2014	200	0
Endesa Chile	Syndicated term loan	June 2014	200	200
Total			500	200

The Enersis revolving credit facility due December 2012 and the Endesa Chile revolving credit facility due June 2014 do not contain a condition precedent requirement regarding the non-occurrence of a “Material Adverse Effect” (or MAE, as defined contractually) prior to a disbursement, allowing the companies full flexibility to draw on up to $ 300 million in the aggregate from such committed revolving facilities under any circumstances, including situations involving a MAE.

Enersis and Endesa Chile also borrow from banks in Chile under fully committed facilities in which a potential MAE would not be an impediment to this source of liquidity.  In December 2009, both companies signed 3-year bilateral revolving loans for an aggregate of UF 4.8 million (equivalent to $ 204 million as of December 31, 2011) as detailed below.

Borrower	Type	Maturity	Facility Amount	Amount Drawn
			(UF million)	(UF million)
Enersis	Bilateral revolving loans	December 2012	2.4	0
Endesa Chile	Bilateral revolving loans	December 2012	2.4	0
Total			4.8	0

Our subsidiaries also have access to fully committed credit lines in the local markets, as detailed above.

Borrower	Type	Maturity	Facility Amount	Amount Drawn
			($ million)	(in $ million)
Ampla	Bilateral revolving loans	April 2012	75	0
Coelce	Bilateral revolving loans	February 2012	53	0
Emgesa	Bilateral revolving loans	January 2015	185	0
Total			313	0

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As a result of the foregoing, we have access to fully committed undrawn revolving loans, both international and domestic, for up to approximately $ 817 million in the aggregate as of December 31, 2011.

Enersis and Endesa Chile also borrow routinely from uncommitted Chilean bank facilities with approved lines of credit for approximately $ 444 million in the aggregate.  Unlike the previous committed lines not subject to MAE conditions precedent prior to disbursements, this source of funding in the Chilean market is not guaranteed under all circumstances.  Our subsidiaries also have access to uncommitted local bank facilities, for a total amount of $ 1,526 million, of which $ 1,500 million are undrawn.

Both Enersis and Endesa Chile can also tap the Chilean commercial paper market under programs that have been registered with the Chilean SVS for a maximum of $ 200 million for each borrower.  In addition, Enersis has a local bond program registered with the SVS for UF 12.5 million (equivalent to $ 537 million as of December 31, 2011) that has not been drawn upon yet.

Finally, our foreign subsidiaries also have access to other types of financing, including governmental facilities, supplier credit and leasing, among others.

Except for the SEC-registered Yankee bonds, which are not subject to financial covenants, Enersis and Endesa Chile’s outstanding debt facilities include such covenants.  The types of financial covenants, and their respective limits, vary from one type of debt to another.  As of December 31, 2011, the most restrictive financial covenants affecting Enersis was the Indebtedness to EBITDA Ratio covenant, corresponding to the revolving loan facility that matures in December 2012.  In the case of Endesa Chile, it was the Capitalization Ratio covenant, corresponding to the UF-denominated Chilean bonds Serie K and Serie H that mature in April 2027 and October 2028, respectively.  Under such covenants, the maximum additional debt that could be incurred without a breach of covenant is $ 6.4 billion and $ 2.6 billion for Enersis and Endesa Chile, respectively.  As of the date of this Report, we are in compliance with the financial covenants contained in our debt instruments.

As is customary for certain credit and capital market debt facilities, a significant portion of Enersis and Endesa Chile’s financial indebtedness is subject to cross default provisions.  Each of the revolving credit facilities described above, as well as all of Enersis and Endesa Chile’s Yankee Bonds, have cross default provisions with different definitions, criteria, materiality thresholds, and applicability as to the subsidiaries that could give rise to a cross default.

The cross default provision for the Endesa Chile revolving credit facilities due in July 2014, governed by the laws of the State of New York, refers to defaults of the borrower, without reference to any subsidiary.  Under such credit facilities, only matured defaults exceeding $ 50 million qualify for a potential cross default when the principal exceeds $ 50 million, or its equivalent in other currencies.  In the case of a matured default above the materiality threshold, revolving credit facility’s lenders would have the option to accelerate if the lenders representing more than 50% of the aggregate debt of a particular facility then outstanding choose to do so.  None of the Enersis local facilities due in December 2012, or the Endesa Chile local facilities due on the same date, has cross default provisions to debt other than the respective borrower’s own indebtedness.

In the case of the Enersis bilateral loans maturing in December 2012, governed by the laws of the State of New York, the cross default provision refers to so-called “Relevant Subsidiaries,” a contractually defined term that makes reference only to Endesa Chile and Chilectra, and the latter does not have any debt with third parties.  Therefore, the risk of a cross default under these bank loans is very limited, since there is no reference to subsidiaries in countries other than Chile.  Furthermore, as of the date of this Report, there is no amount outstanding of this facility, and therefore, there is no current exposure to cross default under this credit agreement.

After amendments in July 2009, following a successful solicitation consent, Enersis and Endesa Chile Yankee Bonds’ cross default provisions may be triggered only by debt of the respective borrower or its Chilean subsidiaries.  A matured default of either Enersis, Endesa Chile or one of their respective Chilean subsidiaries could result in a cross default to Enersis and Endesa Chile’s Yankee Bonds if such matured default, on an individual basis, has a principal exceeding $ 30 million, or its equivalent in other currencies.  In the case of a matured default above the materiality threshold, Yankee bondholders would have the option to accelerate if either the Trustee or bondholders representing no less than 25% of the aggregate debt of a particular series then outstanding choose to do so.  Following the 2009 Yankee amendments which ring-fenced Chile, a payment default or a bankruptcy/insolvency default outside of Chile has no contractual effect on our Yankee Bond indentures, no matter how material.

The cross acceleration and bankruptcy/insolvency clauses of three of our four Endesa Chile UF-denominated Chilean bonds were amended in February 2010 after bondholders’ approvals in January 2010.  After the amendments, all series of Endesa Chile’s Chilean bonds ring-fenced Endesa Chile, and none of its subsidiaries, either in Chile or outside Chile, can trigger a cross default to Endesa Chile.

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Our Argentine subsidiary, Endesa Costanera, did not make an installment payment due on March 30, 2012 of $ 17.6 million (which includes $ 4.3 million in interest expense) under the terms of a supplier credit agreement with Mitsubishi Corporation (“MC”) originally entered into in 1996.  The aggregate amount accrued under the supplier credit agreement as of March 30, 2012, including capitalized interest, was $ 141 million.  Endesa Costanera has experienced difficulties in making timely payments under its agreement with MC on a recurring basis since the Argentine crisis of 2002, but has in the past received waivers expressing the willingness to renegotiate payments.  Such missed payments have been carried out on mutually agreed terms.  As of the date of this Report, Endesa Costanera has not received a waiver for the payment past due.  The relevant terms of the supplier credit provide for a 180-day grace period for payment.  There can be no assurance that Endesa Costanera will receive a waiver or payment extension prior to the expiration of the 180-day grace period for payment.  (See “Item 4.  Information on the Company.  B.  Business Overview. Electricity Industry Regulatory Framework.  Argentina.  Regulatory Developments: the industry after the Public Emergency Law” and “Item 5.  Operating and Financial Review and Prospects - B.  Liquidity and Capital Resources”).

Defaults and cross defaults at the Endesa Costanera level do not trigger cross default provisions under indebtedness of Enersis or any of our Chilean subsidiaries.  (See “Item 4.  Information on the Company. B.  Business Overview.  Electricity Industry Regulatory Framework.  Argentina.  Regulatory Developments: the industry after the Public Emergency Law”).

With the exception of our Argentine subsidiaries, our companies have access to existing credit lines sufficient to satisfy all of their present working capital needs.  Access to the capital markets on the part of our Argentine subsidiaries has been very limited due to the difficult financial situation still prevailing in Argentina (particularly in the utilities sector), the poor capital markets environment due to the shortage of off-shore financing, the nationalization of the pension fund system and, in general, higher risk associated with lending to Argentine utilities as a consequence of the regulatory framework.  Notwithstanding these unusual circumstances, these subsidiaries were able to refinance debt maturing in 2011.

Payment of dividends and distributions by our subsidiaries and affiliates represent an important source of funds for us.  The payment of dividends and distributions by certain subsidiaries and affiliates are subject to legal restrictions, such as legal reserve requirements, and capital and retained earnings criteria, and other contractual restrictions.  We have been advised by legal counsel in the various geographical locations where our subsidiaries and affiliates operate that there currently are no additional legal restrictions on the payment to Enersis of dividends or distributions to us in the jurisdictions where such subsidiaries or affiliates are incorporated.  Certain credit facilities and investment agreements of our subsidiaries restrict the payment of dividends or distributions in certain special circumstances.  For instance, two of Endesa Chile’s UF-denominated Chilean bonds restrict the amount of intercompany loans that Endesa Chile and its consolidated subsidiaries are allowed to lend to Enersis.  The threshold for the restriction of intercompany loans is now set at the equivalent of $ 100 million.  For a description of liquidity risks resulting from our company status, please see “Item 3.  Key Information — D.  Risk factors — We depend in part on payments from our subsidiaries and affiliates to meet our payment obligations.”

Our estimated capital expenditures for the 2012-2016 period, expressed in dollars at internally estimated exchange rates, amount to $ 6,779 million, of which $ 6,499 million are considered non-discretionary investments.  We include maintenance capital expenditures as non-discretionary.  It is important for us to maintain the quality and operation standards required for our facilities, but we do have some flexibility regarding the timing for these investments.  We consider the investment in non-conventional renewable energy (NCRE) projects in Chile to be non-discretionary.  These investments are being made to comply with regulations that call for 5% of the total contracted energy to be based on NCRE.  Finally, expansion projects under execution are also non-discretionary.  We consider the remaining $ 280 million of the $ 6,779 million of our estimated capital expenditure for 2012-2016 to be discretionary.  The latter includes expansion projects that are still under evaluation, in which case we would undertake them only if deemed profitable.

Other than in Argentina, we do not currently anticipate liquidity shortfalls affecting our ability to satisfy the material obligations described in this Report.  We expect to refinance our indebtedness as it becomes due, fund our purchase obligations outlined previously with internally generated cash, and fund capital expenditures with a mixture of internally generated cash and borrowings.

Transactions that most significantly affected Enersis foreign subsidiaries’ liquidity in 2011 included:

·Endesa Costanera: refinancing of 2011 indebtedness for approximately $ 80 million.  With regards to this refinancing, we highlight the $ 35 million refinancing of amounts due to Mitsubishi Corporation and of $ 10 million due to Credit Suisse.

·El Chocón: refinancing of syndicated loan for $ 40 million for four years.  The Company also obtained a syndicated loan for $ 24 million for 3.5 years, which enabled the company to increase the debt’s average life.

·Edesur:  refinancing of bank loans for a total of $ 10 million for 2.5 year maturity, which allowed for an increase in the debt’s average life. Signed credit lines for $ 6 million used to maintain an appropriate level of liquidity and received a total of $ 40 million on bank loans.

·Coelce: local bond issuance for $ 221 million for five and seven year maturities, which allow the company to increase the debt’s average life.  Also, the company received official loans for a total of $ 34 million for development related projects.

·Ampla: local bond issuance for $ 195 million for five and seven year maturities, which allow the company to increase the debt’s average life.  Also, the company received official loans for a total of $ 103 million for development related projects and signed three committed credit lines for a total of $ 75 million for liquidity purposes.

·Emgesa: International bond issuance for a total of $ 379 million for ten years, used to finance part of the El Quimbo project.  The company also signed exchange swap contracts for $ 116 million.

·Edelnor: refinancing of short-term debt for $ 54 million, postponing it to 2018, thus allowing the company to increase the debt’s average life.

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·Edegel: enter into bank loan for $ 31 million for seven years to refinancing in advance 2012’s maturities.  The company also signed interest swap contracts for $ 30 million, to hedge leasing operations.

Transactions that most significantly affected Enersis foreign subsidiaries’ liquidity in 2010 included:

·Endesa Costanera: refinancing of all 2010 indebtedness for approximately $ 72 million.  Within this refinancing, we highlight the $ 28 million refinancing of amounts due to Mitsubishi Corporation and of $ 8.6 million due to Credit Suisse.

·El Chocón: syndicated loan for $ 22 million for 3.5 years, which enabled the company to refinance its short-term debt and to increase the debt’s average life.  The company also signed forward contracts for $ 29 million.

·Edesur: refinancing of two loans in advance for approximately $ 8 million, which allowed increasing the debt’s average life.

·Coelce: refinancing of debt maturing in 2010 for approximately $ 46 million.

·Endesa Brasil: payment of IFC’s equity interest for $ 111 million.

·Codensa: Bond issuances for a total of $ 116 million for three and six year maturities.

·Emgesa: The first placement of commercial paper was carried out for $ 39 million to refinance short-term debt and local bond issuances for $ 309 million with terms between 5 and 15 years.

·Edelnor: Local bond issuance during 2010 for approximately $ 36 million, used to refinance indebtedness.

·Edegel: Bond issuance for $ 20 million and obtained a 7-year term loan for $ 61 million to refinance debt maturing in 2012.  The company also signed forward contracts for $ 39 million.

C.Research and Development, Patents and Licenses, etc.

None.

D.Trend Information.

Enersis is a company with subsidiaries engaged in the generation, transmission and distribution of electricity in Chile, Argentina, Brazil, Colombia and Peru.  Therefore, our businesses are subject to a wide range of conditions that may result in variability in our earnings and cash flows from year to year. In general, our net income is a result of our operating income from our generation and distribution businesses and other factors such as income from unconsolidated related companies, foreign currency exchange rate effects and tax expense.

In our generation business, our operating income for 2011 decreased by 5.3% as compared to 2010.  This percent change in the generation segment operating income in 2011 varies in each of the five countries where we operate and is due to numerous factors, including hydrological conditions, the price of fuel used to generate thermal electricity and the prevailing spot market and regulated prices for electricity.  We expect to continue evidencing a reasonably good operating performance over the coming years, given the favorable macroeconomic perspective for all of the countries in which we operate except for Argentina.  Despite current uncertainties concerning the global economy, there are good expectations for this region’s growth for the next five years, including a 4.8% growth in gross domestic product, on average, and a stable electricity demand growth.

On the other hand, development of new generation facilities in South America has always fallen behind demand growth.  We anticipate that this tendency will continue in the foreseeable future.  Also, due to growing environmental restrictions, transmission line saturation, obstacles for fuel transportation and scarcity of places where to locate plants, these new projects involve higher development costs than in the past.  We expect that average electricity prices will adjust to recognize these increased costs.  This could increase the value of our assets, especially in the case of hydroelectric power plants, which have lower production costs, and thus benefit from greater profitability in scenarios of increasing prices to end users.  Furthermore, an important part of the new installed capacity under development in the five countries in which we operate corresponds to thermal power plants, with coal and natural gas as their principal fuels, and only a few hydroelectric projects are being developed.  Thus, we expect this situation will also impact long term spot prices positively.  Long term contracts awarded to Enersis’ subsidiaries in different bids have already incorporated these expected price levels.  Currently, we have 23% of our expected annual generation sold under contracts of at least ten years, and 33% in contracts of at least five years.

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However, spot prices are subject to great volatility, affecting our forecasted income.  In order to address this risk in the generation business, the Company has implemented commercial policies in order to control relevant variables and provide stability to the profit margins.  Our commercial policy seeks to establish a global framework to conduct energy trading operations, setting responsibilities, guidelines and acceptable risk limits aligned with company objectives. Therefore, our company defines contractual volumes that minimize the risk of supply in adverse hydrological conditions and includes, where necessary with some unregulated clients, risk mitigation clauses.

In order to mitigate the risk of increasing fuel costs, Enersis has supply contracts to cover part of the fuel needed by its thermal generation units, which operate with coal, natural gas, diesel and fuel oil.  In Chile, through an equity interest in GNL Quintero, we are the only electricity company that participates in the LNG terminal at Quintero Bay (the only facility of its kind in the SIC market), enhancing our position to manage fuel supply risks, especially when facing increasing fuel costs scenarios.  This becomes particularly relevant given the increasing trend to penalize other technologies that are intensive in fuels, such as coal and diesel, which have a stronger environmental impact.  Because of the drought in Chile and the volatility of the price of Brent oil, we decided to hedge through a cap on the price of this commodity for the period between April and July 2011, and may do so again in the future.  For further information on this subject, please see “Item 11(a) and 11(b).  Quantitative and Qualitative Disclosures About Market Risk — Commodity Price Risk”.

With respect to our distribution business segment, our operating income in 2011 decreased by 14.3% as compared to 2010.  This decrease is a combination of numerous factors in each of the five countries where we operate.  These include, among others, effects of inflation and exceptional tax payments, which are partially offset by operational efficiency and the increase in electricity sales due to growth in population and gross domestic product in the countries in which we operate.  Technological advances, such as smart metering, have enabled us to limit the increase in electricity losses in a challenging economic environment.  We expect that the South American countries in which we operate will continue to experience high growth rates, positively impacting our distribution business performance.  In particular, we expect the growth rates in the electricity sector to continue, mainly due to the gap in the per capita electricity consumption that these countries have with respect to more developed countries.  We expect electricity demand to grow approximately 4% annually, on average, over the next ten years.

In connection with the distribution segment tariffs, and taking into account the future periodic review process in each country in which we operate, we expect that the regulators will continue to recognize investments, encourage efficiency and establish prices that will allow for an appropriate return on our investment.  We also anticipate that our distribution companies will probably increase their profitability during the period between periodic tariff setting processes.  After tariffs have been set, the companies have the opportunity to increase their efficiency, and obtain extra profits associated with such efficiencies, during the period subsequent to each new tariff setting.  For a better understanding of the cycles in the process, please refer to the figure below, where we conceptually describe the effect of the application of the price cap model used by regulators in most of the countries where we operate.

Although the price at which a distribution company purchases the electricity has a substantial impact on the price at which it is sold to end users, it does not have an impact on our profitability.  The cost of electricity purchased is passed through to end users.  However, it is important to note that distribution companies usually enter into long-term contracts in order to decrease exposure to electricity price volatility.  This is a common practice in most of the countries in which we operate.

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Though our operations in the five countries allow us to somewhat offset and counterbalance variations with respect to these main factors that affect our operating results, in light of the variability of these factors over time and across the countries in which we operate, we cannot claim that we are fully hedged in our portfolio of assets in these countries.  Furthermore, we cannot ascertain the likelihood or the extent to which past performance will be indicative of future performance with respect to our businesses.  Any significant change with respect to hydrological conditions, fuel price or the electricity price, among other factors, could affect our operating income in the generation business.  More broadly, any significant change with respect to economic and population growth, as well as changes in the regulatory regimes in the countries in which we operate, among other factors, could affect our operating income in the distribution business.  Variability in our earnings and cash flows can also arise from non-operating factors as well, such as foreign currency exchange rates.  For further information regarding 2011 results of the Company compared with those recorded in previous periods, please see “Item 5. Operating and Financial Review and Prospects — A. Operating Results - Enersis’ Results of Operations for the Years Ended December 31, 2010 and December 31, 2011” and “Item 5. Operating and Financial Review and Prospects — A. Operating Results - Enersis’ Results of Operations for the Years Ended December 31, 2009 and December 31, 2010”.  Investors should not look at our past performance as indicative of future performance.

We do not expect that our current debt agreements, which impose certain restrictions, could have a negative impact on our capital expenditure plan as described in “Item 5. Operating and Financial Review and Prospects — B. Liquidity and Capital Resources.” We have a large leverage capacity prior to a potential breach of a debt covenant.  As of December 31, 2011, Enersis is able to incur up to $ 6.4 billion in incremental debt, while Endesa Chile has an additional debt capacity of $ 2.6 billion, in each case beyond current levels of consolidated indebtedness.  We believe that Enersis will continue to have similar comfortable levels of further leverage capacity in the foreseeable future.

In connection with funding sources, as of December 31, 2011, the Company has approximately $ 817 million in committed revolving facilities which have not yet been drawn, and additional uncommitted Chilean lines of credit for another $ 444 million in the aggregate.  In addition, both Enersis and Endesa Chile have publicly registered certain commercial paper programs for up to $ 400 million in the aggregate and local bond programs for up to $ 537 million with the SVS.  These funding sources can be increased in case of need.

Finally, as explained above, we expect that the Company will continue generating substantial operating cash, which can be used to finance a significant part of our capital expenditure plan.  If needed, our shareholders can also decrease the dividend payout ratio, subject to certain minimum legal restrictions, in order to finance our investment plan and future growth.

E.Off—balance Sheet Arrangements.

Enersis is not a party to any off—balance sheet arrangements.

F.Tabular Disclosure of Contractual Obligations.

The table below sets forth the Company’s cash payment obligations as of December 31, 2011:

Ch$ billion (1)	Total	2012	2013-2014	2015-2016	After 2016
Bank debt	573	255	218	37	63
Local bonds (2)	1,642	185	322	297	838
Yankee bonds	1,168	0	491	315	362
Other debt (3)	350	116	126	63	44
Interest expense	1,890	341	506	322	721
Pension and post-retirement obligations(4)	315	47	82	108	78
Purchase obligations(5)	32,094	1,887	3,500	3,256	23,450
Financial leases	83	16	20	19	28
Total contractual obligations	38,115	2,847	5,265	4,417	25,584

(1)All figures are in Ch$ of each year.

(2)Hedging instruments included modify substantially the principal amount of debt.

(3)Other debt includes governmental loan facilities, supplier credits and short—term commercial paper among others.

(4)We have funded and unfunded pension and post-retirement benefit plans.  Our funded plans have contractual annual commitments for contributions which do not change based on funding status.  Cash flow estimates in the table are based on such annual contractual commitments including certain estimable variable factors such as interest.  Cash flow estimates in the table relating to our unfunded plans are based on future discounted payments necessary to meet all of our pension and post-retirement obligations.

(5)Includes generation and distribution business purchase obligations comprised mainly of energy purchases, operating and maintenance contracts and other services.  Of the total amount of Ch$ 32,094 billion, 91% corresponds to energy purchases, 5%

30

corresponds primarily to fuel supply, services in medium and low voltage lines, and supply of cables, and the remaining 4% to miscellaneous services, such as GNL regasification, fuel transport and coal handling.

G.Safe Harbor.

The information contained in the Items 5.E and 5.F contains statements that may constitute forward-looking statements.  See “Forward-Looking Statements” in the “Introduction” of this Report, for safe harbor provisions.

31

PART III

Item 18.Financial Statements

ENERSIS S.A. and Subsidiaries

Index to the Audited Consolidated Financial Statements

Reports of Independent Registered Public Accounting Firms:
Report of Ernst & Young Servicios Profesionales de Auditoría y Asesorías Limitada — Enersis S.A. 2011	F -1
Report of Ernst & Young Servicios Profesionales de Auditoría y Asesorías Limitada — Enersis S.A. — Internal Control over Financial Reporting 2011	F -3
Report of Deloitte Auditores y Consultores Ltda. — Enersis S.A. 2010 and 2009	F -5
Report of KPMG Auditores Consultores Ltda. — Empresa Nacional de Electricidad S.A. 2011	F -7
Report of KPMG Auditores Consultores Ltda. — Empresa Nacional de Electricidad S.A. — Internal Control over Financial Reporting 2011	F -9
Consolidated Financial Statements:
Consolidated Statements of Financial Position as of December 31, 2011 and 2010	F -11
Consolidated Statements of Comprehensive Income for the years ended December 31, 2011, 2010 and 2009	F -13
Consolidated Statements of Changes in Equity for the years ended December 31, 2011, 2010 and 2009	F -15
Consolidated Statements of Cash Flows for the years ended December 31, 2010, 2009 and 2008	F -16
Notes to the Consolidated Financial Statements	F -17
SCHEDULE I Enersis S.A.’s condensed unconsolidated financial information	F -135

Item 19.Exhibits

Exhibit	Description
1.1	By—laws (Estatutos) of ENERSIS S.A., as amended. (*)
8.1	List of Subsidiaries as of December 31, 2011 (**)
12.1	Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes—Oxley Act (**)
12.2	Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes—Oxley Act (**)
12.3	Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes—Oxley Act (**)
12.4	Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes—Oxley Act (**)
12.5	Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes—Oxley Act
12.6	Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes—Oxley Act
13.1	Certification of Chief Executive Officer and Chief Financial Officer pursuant to Section 906 of the Sarbanes—Oxley Act (**)
13.2	Certification of Chief Executive Officer and Chief Financial Officer pursuant to Section 906 of the Sarbanes—Oxley Act (**)
13.3	Certification of Chief Executive Officer and Chief Financial Officer pursuant to Section 906 of the Sarbanes—Oxley Act

(*)Incorporated by reference to Enersis’ Form 20-F for the year ended December 31, 2009.

(**)Previously filed.

We will furnish to the Securities and Exchange Commission, upon request, copies of any not filed instruments that define the rights of stakeholders of Enersis.

32

SIGNATURES

The registrant hereby certifies that it meets all of the requirements for filing on Form 20-F/A and that it has duly caused and authorized the undersigned to sign this amendment to the annual report on its behalf.

ENERSIS S.A.
By:	/s/ Ignacio Antoñanzas A.
	Name: Ignacio Antoñanzas A.
	Title:   Chief Executive Officer

Date: February 25, 2013.

Enersis and Subsidiaries

Audited Consolidated Financial Statements as of December 31, 2011 and 2010 and for each of the three years in the period ended December 31, 2011 together with the Reports of Independent Registered Public Accounting Firms

Enersis S.A.  and Subsidiaries

Index to the Audited Consolidated Financial Statements

Reports of Independent Registered Public Accounting Firms:
Report of Ernst & Young Servicios Profesionales de Auditoría y Asesorías Limitada — Enersis S.A. 2011	F-1
Report of Ernst & Young Servicios Profesionales de Auditoría y Asesorías Limitada — Enersis S.A. — Internal Control over Financial Reporting. 2011	F-3
Report of Deloitte Auditores y Consultores Ltda. — Enersis S.A. 2010 and 2009	F-5
Report of KPMG Auditores Consultores Ltda. — Empresa Nacional de Electricidad S.A. 2011	F-7
Report of KPMG Auditores Consultores Ltda. — Empresa Nacional de Electricidad S.A. — Internal Control over Financial Reporting. 2011	F-9
Consolidated Financial Statements:
Consolidated Statements of Financial Position at December 31,2011 and 2010	F-11
Consolidated Statements of Comprehensive Income for the years ended December 31, 2011, 2010 and 2009	F-13
Consolidated Statements of Changes in Equity for the years ended December 31,2011, 2010 and 2009	F-15
Consolidated Statements of Cash Flows for the years ended December 31,2011, 2010 and 2009	F-16
Notes to the Consolidated Financial Statements	F-17
SCHEDULE I Enersis S.A.’s condensed unconsolidated financial information	F-135

Ch$	Chilean pesos
US$	United States dollars
UF	The UF is a Chilean inflation-indexed, peso-denominated monetary unit that is set daily in advance based on the previous month’s inflation rate.
ThCh$	Thousand of Chilean pesos
ThUS$	Thousand of United States dollars

	Ernst & Young Chile
	Av. Presidente Riesco 5435, piso 4
	Santiago
	Tel: 56 2 676 1000
	Fax: 56 2 676 1010
	www.ey.com/cl

Report of Independent Registered Public Accounting Firm

The Board of Directors and Shareholders of Enersis S.A.

We have audited the accompanying consolidated statement of financial position of Enersis S.A. and subsidiaries (“the Company”) as of December 31, 2011, and the related consolidated statements of comprehensive income, changes in equity, and cash flows for the year then ended and the schedule of Enersis S.A.’s condensed unconsolidated financial information. These consolidated financial statements and the schedule are the responsibility of the Company’s management.  Our responsibility is to express an opinion on these financial statements and the schedule based on our audit.

The consolidated financial statements of the Company include the consolidated financial statements of its subsidiary, Empresa Nacional de Electridad S.A (“Endesa-Chile”).  The consolidated financial statements of Endesa-Chile include the financial statements of the following entities, each having been prepared in conformity with its respective local statutory accounting basis: Emgesa S.A. E.S.P (“Emgesa”) and Endesa Argentina S.A. (“Endesa-Argentina”) (both subsidiaries of Endesa-Chile), and of Endesa Brasil S.A. (“Endesa-Brasil”) (a consolidated subsidiary of the Company that is also a 40.45% percent owned investee of Endesa-Chile accounted for using the equity method).  Except for the amounts included in Endesa-Chile’s consolidated financial statements relating to Emgesa, Endesa-Argentina and Endesa-Brasil, which we subjected to our audit procedures in the context of the financial statements of Enersis, taken as a whole, we did not audit the consolidated financial statements of Endesa-Chile. The consolidated financial statements of Endesa-Chile, exclusive of the amounts relating to Emgesa, Endesa-Argentina and Endesa-Brasil, reflect total assets constituting 29% of the Company’s consolidated total assets as of December 31, 2011, and total revenues constituting 16% of the Company’s consolidated total revenues for the year ended December 31, 2011. Endesa-Chile’s consolidated financial statements were audited by other auditors whose report has been furnished to us, and our opinion on the Company’s consolidated financial statements, insofar as it relates to the amounts included for Endesa-Chile (but exclusive of the amounts for Emgesa, Endesa-Argentina and Endesa-Brasil), is based solely on the report of the other auditors.

We conducted our audit in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements.

F-1

An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit and the report of other auditors provide a reasonable basis for our opinion.

In our opinion, based on our audit and the report of other auditors (see second paragraph above), the financial statements referred  to above present fairly, in all material respects, the consolidated financial position of Enersis S.A. and subsidiaries at December 31, 2011, and the consolidated results of their operations and their cash flows for the year then ended, in conformity with International Financial Reporting Standards (IFRS), as issued by the International Accounting Standards Board (“IASB”). Also, in our opinion, the related schedule of condensed unconsolidated financial information, when considered in relation to the basic consolidated financial statements, taken as whole, presents fairly, in all material respects, the information set forth therein.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), Enersis S.A.’s internal control over financial reporting as of December 31, 2011, based on criteria established in Internal Control-Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission and our report dated February 24, 2013 expressed an unqualified opinion thereon based on our audit and the report on internal controls of other auditors

As discussed in Note 36 to the financial statements, the accompanying financial statements have been retrospectively adjusted for the accounting change, effective January 1, 2012, related to cash flow presentation from the indirect method to the direct method.

Ernst & Young

Santiago, Chile

February 24, 2013

F-2

	Ernst & Young Chile
	Av. Presidente Riesco 5435, piso 4
	Santiago
	Tel: 56 2 676 1000
	Fax: 56 2 676 1010
	www.ey.com/cl

Report of Independent Registered Public Accounting Firm

The Board of Directors and Shareholders of Enersis S.A.

We have audited the internal control over financial reporting of Enersis S.A. and subsidiaries (“the Company”) as of December 31, 2011, based on criteria established in Internal Control—Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (the COSO criteria). The Company’s management is responsible for maintaining effective internal control over financial reporting, and for its assessment of the effectiveness of internal control over financial reporting included in the accompanying Management’s Annual Report on Internal Control Over Financial Reporting. Our responsibility is to express an opinion on the company’s internal control over financial reporting based on our audit. We did not examine the effectiveness of internal control over financial reporting of Empresa Nacional De Electricidad S.A. (a subsidiary) and certain of its subsidiaries, associates and jointly controlled entities (hereinafter collectively referred to as “Endesa-Chile”) which statements reflect total assets constituting 43 % in 2011, and total revenues constituting 29 % in 2011 of the related consolidated totals. The effectiveness of Endesa-Chile’s internal control over financial reporting was audited by other auditors whose report has been furnished to us, and our opinion, insofar as it relates to the effectiveness of Endesa-Chile’s internal control over financial reporting, is based solely on the report of the other auditors.

We conducted our audit in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects. Our audit included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, testing and evaluating the design and operating effectiveness of internal control based on the assessed risk, and performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion.

A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in

F-3

accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements.  Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

In our opinion, based on our audit and the report of other auditors, Enersis S.A. and subsidiaries maintained, in all material respects, effective internal control over financial reporting as of December 31, 2011, based on the COSO criteria.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), the  consolidated balance sheets of Enersis S.A. and subsidiaries as of December 31, 2011, and the related consolidated statements of comprehensive income, changes in equity, and cash flows for the year ended December 31, 2011 of Enersis S.A. and subsidiaries and the schedule of Enersis S.A.’s condensed unconsolidated financial information and our report dated February 24, 2013 expressed an unqualified opinion thereon based on our audit and the report of other auditors.

Ernst & Young

Santiago, Chile

February 24, 2013

F-4

Deloitte Auditores y Consultores Ltda. RUT: 80.276.200-3 Rosario Norte 407 Las Condes, Santiago Chile Fono: (56-2) 2729 7000 Fax: (56-2) 2374 9177 e-mail: deloittechile@deloitte.com www.deloitte.cl

Report of Independent Registered Public Accounting Firm

The Board of Directors and Shareholders of Enersis S.A.

We have audited the accompanying consolidated statement of financial position of Enersis S.A. and subsidiaries (“the Company” or  “Enersis”) as of December 31, 2010, and the related consolidated statements of comprehensive income, changes in equity, and cash flows for each of the two years then ended, and the schedule of Enersis S.A.’s condensed unconsolidated financial information as of December 31, 2010 and for each of the two years ended December 31, 2010. These consolidated financial statements and schedules are the responsibility of the Company’s management.  Our responsibility is to express an opinion on these financial statements and the schedules based on our audits.

The consolidated financial statements of the Company include the financial statements of its consolidated subsidiary, Empresa Nacional de Electricidad S.A (“Endesa-Chile”).  The consolidated financial statements of Endesa-Chile include the financial statements of the following entities, each having been prepared in conformity with its respective local statutory accounting basis: Emgesa S.A. E.S.P. (“Emgesa-Colombia”) (a consolidated subsidiary), and Endesa Brasil S.A. (“Endesa-Brasil”) (a consolidated subsidiary of the Company that is also a 40.45 percent owned investee of Endesa-Chile accounted for using the equity method).  Except for the amounts included in Endesa-Chile’s consolidated financial statements relating to Emgesa-Colombia and Endesa-Brasil, which we subjected to our audit procedures in the context of the financial statements of Enersis. taken as a whole, we did not audit the consolidated financial statements of Endesa-Chile. The consolidated financial statements of Endesa-Chile, exclusive of the amounts relating to Emgesa-Colombia and Endesa-Brasil, which were subjected to our audit procedures in the context of the financial statements of Enersis, taken as a whole, reflect total assets constituting 35.01% of the Company’s consolidated total assets as of December 31, 2010, and total revenues constituting 27.31% and 24.03% of the Company’s consolidated total revenues for the years ended December 31, 2010 and 2009, respectively. Endesa-Chile’s consolidated financial statements were audited by other auditors whose report has been furnished to us, and our opinion on the Company’s consolidated financial statements, insofar as it relates to the amounts included for Endesa-Chile (but exclusive of the amounts for Emgesa-Colombia and Endesa-Brasil, which were prepared in conformity with International Financial Reporting Standards (“IFRS”), as issued by the International Accounting Standards Board (“IASB”) and were subjected to our audit procedures in the context of the financial statements of Enersis, taken as a whole), is based solely on the report of the other auditors.

F-5

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits and the report of other auditors (see second paragraph of this report) provide a reasonable basis for our opinion.

In our opinion, based on our audits and the report of other auditors (see second paragraph of this report), the Company´s  consolidated financial statements referred  to above present fairly, in all material respects, the consolidated financial position of Enersis S.A. and subsidiaries as of December 31, 2010, and the consolidated results of their operations and their cash flows for each of the two years then ended, in conformity with IFRS, as issued by the IASB. Also, in our opinion, the related schedules of condensed unconsolidated financial information as of December 31, 2010 and for each of the two years ended December 31, 2010, when considered in relation to the basic consolidated financial statements, taken as whole, presents fairly, in all material respects, the information set forth therein.

As discussed in Note 36 to the financial statements, the accompanying financial statements and  the schedule of condensed unconsolidated financial information  has been retrospectively adjusted for the accounting change related to cash flow presentation from the indirect method to the direct method.

Santiago, Chile

February 24, 2013

F-6

Report of Independent Registered Public Accounting Firm

The Board of Directors and Shareholders of

Empresa Nacional de Electricidad S.A. (Endesa-Chile):

We have audited the accompanying consolidated statements of financial position of Endesa-Chile and subsidiaries (the Company) as of December 31, 2011 and 2010, and the related consolidated statements of comprehensive income, changes in equity, and cash flows for each of the years in the three-year period ended December 31, 2011. These consolidated financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on these consolidated financial statements based on our audits. We did not audit the financial statements of certain subsidiaries which statements reflect total assets constituting 30.05 percent and 22.51 percent of the Company’s consolidated total asset position as of December 31, 2011 and 2010, respectively, and total revenues constituting 35.29 percent, 20.04 percent and 20.10 percent of the Company’s consolidated revenues for the years ended December 31, 2011, 2010 and 2009, respectively. In addition, we did not audit the financial statements of Endesa Brasil S.A. (a 40.45% percent owner investee Company). The Company’s investment in Brazil at December 31, 2011and 2010 was M$ 569,012,759 and M$566,846,731 as of December 31, 2011 and 2010, respectively, and its equity earning was M$115,355,267, M$90,667,296 and M$96,139,414 for the years ended December 31, 2011, 2010 and 2009, respectively. Those consolidated financial statements prepared in accordance with the local statutory accounting basis were audited by other auditors whose reports have been furnished to us and our opinion, insofar as it relates to the amounts included for those entities on such basis of accounting, is based solely on the reports of the other auditors. Accordingly, we have audited the conversion adjustments to the financial statements of these subsidiaries and nonsubsidiary investees prepared in accordance with the local statutory accounting basis to conform them to the Company’s accounting basis referred to below.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the consolidated financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits and the reports of the other auditors provide a reasonable basis for our opinion.

In our opinion, based on our audits and the reports of the other auditors, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of Endesa-Chile and subsidiaries as of December 31, 2011 and 2010, and the results of their operations and their cash flows for each of the years in the three-year period ended December 31, 2011, in conformity with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB).

© 2012 KPMG Auditores Consultores Ltda., a Chilean limited liability partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved.©

F-7

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), Endesa-Chile’s internal control over financial reporting as of December 31, 2011, based on the criteria established in Internal Control — Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO), and our report dated March 28, 2012, expressed an unqualified opinion on the effectiveness of the Company’s internal control over financial reporting.

KPMG Auditores Consultores Ltda.

Santiago, Chile

March 28, 2012

© 2012 KPMG Auditores Consultores Ltda., a Chilean limited liability partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved.©

F-8

Report of Independent Registered Public Accounting Firm

The Board of Directors and Shareholders of

Empresa Nacional de Electricidad S.A. (Endesa-Chile):

We have audited Endesa-Chile’s internal control over financial reporting as of December 31, 2011, based on criteria established in Internal Control - Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO). Endesa-Chile’s management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting, included in the accompanying Management’s Annual Report on Internal Control over Financial Reporting. Our responsibility is to express an opinion on Endesa-Chile’s internal control over financial reporting based on our audit.

We conducted our audit in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects. Our audit included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. Our audit also included performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion.

A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

In our opinion, Endesa-Chile maintained, in all material respects, effective internal control over financial reporting as of December 31, 2011, based on criteria established in Internal Control — Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission.

© 2012 KPMG Auditores Consultores Ltda., a Chilean limited liability partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved.© 2012 KPMG Auditores Consultores Ltda., a Chilean limited liability partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. All rights reserved. Report of Independent Registered Public Accounting Firm The Board of Directors and Shareholders of Empresa Nacional de Electricidad S.A. (Endesa-Chile): We have audited Endesa-Chile's internal control over financial reporting as of December 31, 2011, based on criteria established in Internal Control - Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO). Endesa-Chile's management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting, included in the accompanying Management's Annual Report on Internal Control over Financial Reporting. Our responsibility is to express an opinion on Endesa-Chile's internal control over financial reporting based on our audit. We conducted our audit in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects. Our audit included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. Our audit also included performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion. A company's internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company's internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company's assets that could have a material effect on the financial statements. Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate. In our opinion, Endesa-Chile maintained, in all material respects, effective internal control over financial reporting as of December 31, 2011, based on criteria established in Internal Control — Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission.

F-9

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), the consolidated statement of financial position of Endesa-Chile and subsidiaries as of December 31, 2011 and 2010, and the related consolidated statements of comprehensive income, changes in stockholder’s equity, and cash flows for each of years in the three-year period ended December 31, 2011, and our report dated March 28, 2012 expressed an unqualified opinion on those consolidated financial statements.

KPMG Auditores Consultores Ltda.

Santiago, Chile

March 28, 2012

© 2012 KPMG Auditores Consultores Ltda., a Chilean limited liability partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved.©

F-10

ENERSIS S.A. AND SUBSIDIARIES

Consolidated Statements of Financial Position

At December 31, 2011 and 2010

(In thousands of Chilean pesos — ThCh$)

		12-31-2011	12-31-2010
	Note	ThCh$	ThCh$
ASSETS
CURRENT ASSETS
Cash and cash equivalents	5	1,219,921,268	961,355,037
Other current financial assets	6	939,220	7,817,509
Other current non-financial assets		72,466,312	35,993,248
Trade and other current receivables	7	977,602,388	1,038,098,240
Accounts receivable from related companies	8	35,282,592	20,471,607
Inventories	9	77,925,544	62,651,704
Current tax assets	10	141,827,684	137,987,341
Total current assets other than assets classified as held for sale and discontinued operations		2,525,965,008	2,264,374,686
Non-current assets classified as held for sale and discontinued operations	11	—	73,893,290
Non-current assets classified as held for sale and discontinued operations		—	73,893,290
TOTAL CURRENT ASSETS		2,525,965,008	2,338,267,976
NON-CURRENT ASSETS
Other non-current financial assets	6	37,355,061	62,968,722
Other non-current non-financial assets		109,501,108	103,736,295
Non-current receivables	7	443,328,450	319,567,960
Investments accounted for using the equity method	12	13,193,262	14,101,652
Intangible assets other than goodwill	13	1,467,398,214	1,452,586,405
Goodwill	14	1,476,404,126	1,477,021,924
Property, plant, and equipment, net	15	7,242,731,006	6,751,940,655
Investment property	16	38,055,889	33,019,154
Deferred tax assets	17	379,938,628	452,634,364
TOTAL NON-CURRENT ASSETS		11,207,905,744	10,667,577,131
TOTAL ASSETS		13,733,870,752	13,005,845,107

The attached notes are an integral part of these consolidated financial statements

F-11

ENERSIS S.A. AND SUBSIDIARIES

Consolidated Statements of Financial Position

At December 31, 2011 and 2010

(In thousands of Chilean pesos — ThCh$)

		12-31-2011		12-31-2010
	Note	ThCh$		ThCh$
LIABILITIES AND EQUITY
CURRENT LIABILITIES
Other current financial liabilities	18	672,082,338		665,598,018
Trade and other current payables	21	1,235,064,459		1,224,489,998
Accounts payable to related companies	8	157,177,638		148,202,260
Other current provisions	22	99,702,654		115,449,236
Current tax liabilities	10	235,853,242		147,666,655
Current provisions for employee benefits	23	—		5,450,382
Other current non-financial liabilities		60,653,304		35,790,548
Total current liabilities other than those associated with current assets classified as held for sale and discontinued operations		2,460,533,635		2,342,647,097
Liabilities associated with current assets classified as held for sale and discontinued operations	11	—		64,630,389
TOTAL CURRENT LIABILITIES		2,460,533,635		2,407,277,486
NON-CURRENT LIABILITIES
Other non-current financial liabilities	18	3,271,355,293		3,014,956,447
Other non-current payables	21	14,304,607		37,236,712
Non-current accounts payable to related companies	8	—		1,084,290
Other long-term provisions	22	202,573,641		225,522,329
Deferred tax liabilities	17	508,438,255		555,923,578
Non-current provisions for employee benefits	23	277,526,013		215,818,975
Other non-current non-financial liabilities		102,985,451		33,997,334
TOTAL NON-CURRENT LIABILITIES		4,377,183,260		4,084,539,665
TOTAL LIABILITIES		6,837,716,895		6,491,817,151
EQUITY
Issued capital	24.1	2,824,882,835		2,824,882,835
Retained earnings		2,232,968,880		2,103,689,509
Share premium	24.1	158,759,648		158,759,648
Other reserves	24.5	(1,320,882,757	)	(1,351,787,356	)
Equity attributable to the owners of the parent company		3,895,728,606		3,735,544,636
Non-controlling interest	24.6	3,000,425,251		2,778,483,320
TOTAL EQUITY		6,896,153,857		6,514,027,956
TOTAL LIABILITIES AND EQUITY		13,733,870,752		13,005,845,107

The attached notes are an integral part of these consolidated financial statements

F-12

ENERSIS S.A. AND SUBSIDIARIES

Consolidated Statements of Comprehensive Income

For the years ended December 31, 2011, 2010 and 2009

(In thousands of Chilean pesos)

		Years ended December 31,
		2011		2010		2009
	Note	ThCh$		ThCh$		ThCh$
STATEMENT OF COMPREHENSIVE INCOME
Net income
Sales	25	6,254,252,089		6,179,229,824		6,113,283,615
Other operating income	25	280,628,255		384,351,289		358,772,038
Total Revenues		6,534,880,344		6,563,581,113		6,472,055,653
Raw materials and consumables used	26	(3,538,434,729	)	(3,521,646,254	)	(3,210,593,577	)
Contribution Margin		2.996.445.615		3,041,934,859		3,261,462,076
Other work performed by the entity and capitalized		50,173,112		44,869,365		33,730,519
Employee benefits expenses	27	(378,552,126	)	(374,678,013	)	(370,402,445	)
Depreciation and amortization expense	28	(424,900,036	)	(449,017,275	)	(454,369,959	)
Reversal of impairment loss (impairment loss) recognized in the year’s profit or loss	28	(136,157,459	)	(108,373,429	)	(85,285,525	)
Other expenses	29	(540,698,397	)	(450,434,769	)	(457,689,197	)
Operating Income		1,566,310,709		1,704,300,738		1,927,445,469
Other gains (losses)	30	(4,814,294	)	11,983,434		50,640,278
Financial income	31	233,612,869		171,236,948		159,670,405
Financial costs	31	(465,411,363	)	(438,358,251	)	(482,472,627	)
Share of profit (loss) of associates accounted for using the equity method	12	8,465,904		1,015,739		2,235,579
Foreign currency exchange differences	31	20,305,690		11,572,474		(8,235,253	)
Profit (loss) from indexed assets and liabilities	31	(25,092,203	)	(15,055,706	)	21,781,329
Net Income before tax		1,333,377,312		1,446,695,376		1,671,065,180
Income tax	32	(460,836,692	)	(346,006,968	)	(359,737,610	)
Net income from continuing operations		872,540,620		1,100,688,408		1,311,327,570
Net income from discontinued operations		—		—		—
NET INCOME		872,540,620		1,100,688,408		1,311,327,570
Net income attributable to
Owners of parent company		375,471,254		486,226,814		660,231,043
Non-controlling interests		497,069,366		614,461,594		651,096,527
NET INCOME		872,540,620		1,100,688,408		1,311,327,570
Basic earnings per share
Basic earnings per share from continuing operations	Ch$/ share	11.50		14.89		20.22
Basic earnings per share	Ch$/ share	11.50		14.89		20.22
Diluted earnings per share
Diluted earnings per share from continuing operations	Ch$/ share	11.50		14.89		20.22
Diluted earnings per share	Ch$/ share	11.50		14.89		20.22

The attached notes are an integral part of these consolidated financial statements

F-13

ENERSIS S.A. AND SUBSIDIARIES

Consolidated Statements of Comprehensive Income

For the years ended December 31, 2011, 2010 and 2009

(In thousands of Chilean pesos)

		Years ended December 31,
		2011		2010		2009
	Note	ThCh$		ThCh$		ThCh$
STATEMENT OF COMPREHENSIVE INCOME
Net Income		872,540,620		1,100,688,408		1,311,327,570
Components of other comprehensive income, before taxes
Exchange differences on translation
Foreign currency translation gains (losses), before taxes		211,929,739		(138,554,045	)	(246,854,956	)
Total exchange differences on translation		211,929,739		(138,554,045	)	(246,854,956	)
Available-for-sale financial assets
Gains (losses) from measuring of available-for-sale financial assets, before taxes		(55,959	)	(179	)	61,031
Total available-for-sale financial assets		(55,959	)	(179	)	61,031
Cash flow hedge
Gains (losses) from cash flow hedge, before taxes		(79,722,581	)	50,576,145		201,567,024
Reclassification adjustments on cash flow hedge, before taxes		(8,309,911	)	(19,664,842	)	(8,765,356	)
Total cash flow hedge		(88,032,492	)	30,911,303		192,801,668
Actuarial gains (losses) on defined benefit plans		(62,246,623	)	(48,495,375	)	(15,599,453	)
Total other components of other comprehensive income, before taxes		61,594,665		(156,138,296	)	(69,591,710	)
Income tax related to components of other comprehensive income
Income tax related to available-for-sale financial assets		9,513		31		(10,528	)
Income tax related to cash flow hedge		14,110,400		(5,301,050	)	(33,917,966	)
Income tax related to defined benefit plans		23,078,884		16,515,279		1,369,374
Total income tax		37,198,797		11,214,260		(32,559,120	)
Total Other Comprehensive Income		98,793,462		(144,924,036	)	(102,150,830	)
TOTAL COMPREHENSIVE INCOME		971,334,082		955,764,372		1,209,176,740
Comprehensive income attributable to
Owners of parent company		368,568,685		396,687,094		655,007,019
Non-controlling interests		602,765,397		559,077,278		554,169,721
TOTAL COMPREHENSIVE INCOME		971,334,082		955,764,372		1,209,176,740

The attached notes are an integral part of these consolidated financial statements

F-14

ENERSIS S.A. AND SUBSIDIARIES

Consolidated Statement of Changes in Equity

For the years ended December 31, 2011, 2010 and 2009

(In thousands of Chilean pesos)

			Changes in Other Reserves
Statement of Changes in Net Equity	Issued Capital	Share Premium	Reserve for exchange differences in translation	Reserve for cash flow hedge		Reserve for actuarial gains and losses on defined benefit plans		Reserve for gains and losses on remeasuring available-for-sale financial assets		Other miscellaneous reserves		Other reserves		Retained earnings		Equity attributable to owners of parent company		Non-controlling interests		Total Equity
Equity at beginning of year 01/01/2011	2,824,882,835	158,759,648	113,278,890	40,783,463		—		41,825		(1,505,891,534	)	(1,351,787,356	)	2,103,689,509		3,735,544,636		2,778,483,320		6,514,027,956
Changes in equity
Comprehensive income
Net income														375,471,254		375,471,254		497.069.366		872.540.620
Other comprehensive income			60,106,895	(41,093,728	)	(25,887,747	)	(27,989	)	—		(6,902,569	)			(6,902,569	)	105.696.031		98.793.462
Comprehensive income																368,568,685		602.765.397		971.334.082
Dividends														(209,886,734	)	(209,886,734	)			(209.886.734)
Increase (decrease) through transfers and other changes			3,236,883			25,887,747				8,682,538		37,807,168		(36,305,149	)	1,502,019		(380,823,466	)	(379.321.447)
Total changes in equity	—	—	63,343,778	(41,093,728	)	—		(27,989	)	8,682,538		30,904,599		129,279,371		160,183,970		221,941,931		382.125.901
Equity at end of year 12-31-2011	2,824,882,835	158,759,648	176,622,668	(310,265	)	—		13,836		(1,497,208,996	)	(1,320,882,757	)	2,232,968,880		3,895,728,606		3,000,425,251		6,896,153,857

			Changes in Other Reserves
Statement of Changes in Net Equity	Issued Capital	Share Premium	Reserve for exchange differences in translation		Reserve for cash flow hedge	Reserve for actuarial gains and losses on defined benefit plans		Reserve for gains and losses on remeasuring available-for-sale financial assets	Other miscellaneous reserves		Other reserves		Retained earnings		Equity attributable to owners of parent company		Non-controlling interests		Total Equity
Equity at beginning of year 01/01/2010	2,824,882,835	158,759,648	196,973,210		26,100,491	—		41,699	(1,505,891,534	)	(1,282,776,134	)	1,817,613,206		3,518,479,555		2,858,524,089		6,377,003,644
Changes in equity
Comprehensive income
Net income													486,226,814		486,226,814		614.461.594		1.100.688.408
Other comprehensive income			(83,694,320	)	14,682,972	(20,528,498	)	126			(89,539,720	)			(89,539,720	)	(55.384.316)		(144.924.036)
Comprehensive income															396,687,094		559.077.278		955.764.372
Dividends													(179,622,013	)	(179,622,013	)			(179.622.013)
Increase (decrease) through transfers and other changes						20,528,498					20,528,498		(20,528,498	)	—		(639,118,047	)	(639.118.047)
Total changes in equity	—	—	(83,694,320	)	14,682,972	—		126	—		(69,011,222	)	286,076,303		217,065,081		(80,040,769	)	137.024.312
Equity at end of year 12-31-2010	2,824,882,835	158,759,648	113,278,890		40,783,463	—		41,825	(1,505,891,534	)	(1,351,787,356	)	2,103,689,509		3,735,544,636		2,778,483,320		6,514,027,956

			Changes in Other Reserves
Statement of Changes in Net Equity	Issued Capital	Share Premium	Reserve for exchange differences in translation		Reserve for cash flow hedge		Reserve for actuarial gains and losses on defined benefit plans		Reserve for gains and losses on remeasuring available-for-sale financial assets	Other miscellaneous reserves		Other reserves		Retained earnings		Equity attributable to owners of parent company		Non-controlling interests		Total Equity
Equity at beginning of year 01/01/2009	2,824,882,835	158,759,648	283,959,611		(61,975,971	)	—		9,565	(1,505,891,534	)	(1,283,898,329	)	1,391,570,726		3,091,314,880		2,937,816,340		6,029,131,220
Changes in equity
Comprehensive income
Net income														660,231,043		660.231.043		651.096.527		1.311.327.570
Other comprehensive income			(86,986,401	)	88,076,462		(6,346,219	)	32,134	—		(5,224,024	)			(5,224,024	)	(96.926.806)		(102.150.830)
Comprehensive income																655,007,019		554.169.721		1.209.176.740
Dividends														(227,842,344	)	(227,842,344	)			(227.842.344)
Increase (decrease) through transfers and other changes							6,346,219					6,346,219		(6,346,219	)	—		(633,461,972	)	(633.461.972)
Total changes in equity	—	—	(86,986,401	)	88,076,462		—		32,134	—		1,122,195		426,042,480		427,164,675		(79,292,251	)	347.872.424
Equity at end of year 31/12/2009	2,824,882,835	158,759,648	196,973,210		26,100,491		—		41,699	(1,505,891,534	)	(1,282,776,134	)	1,817,613,206		3,518,479,555		2,858,524,089		6,377,003,644

The attached notes are an integral part of these consolidated financial statements

F-15

ENERSIS S.A. AND SUBSIDIARIES

Consolidated Statements of Cash Flows

For the years ended December 31, 2011, 2010 and 2009

(In thousands of Chilean pesos)

		As of year ended December 31,
		2011		2010		2009
	Note	ThCh$		ThCh$		ThCh$
Statement of Direct Cash Flow
Cash flows from (used in) operating activities
Types of collections from operating activities
Collections from the sale of goods and services		7,725,639,255		7,343,782,195		7,276,311,971
Collections from royalties, payments, commissions, and other income from ordinary activities		86,290,041		87,055,879		122,035,141
Other collections from operating activities		256,467,291		223,147,303		204,877,670
Types of payments
Payments to suppliers for goods and services		(3,942,239,405	)	(3,687,515,697	)	(3,530,712,463	)
Payments to and on behalf of employees		(358,459,354	)	(292,233,107	)	(332,466,749	)
Payments on premiums and services, annual payments, and other obligations from policies held		(5,742,211	)	(2,533,860	)	(3,818,872	)
Other payments for operating activities		(1,545,840,676	)	(1,142,818,147	)	(998,086,761	)
Income tax reimbursed (paid)		(361,092,038	)	(349,296,688	)	(367,786,449	)
Other inflows (outflows) of cash		(156,576,437	)	(236,172,731	)	(332,023,797	)
Net cash flows from (used in) operating activities		1,698,446,466		1,943,415,147		2,038,329,691
Cash flows from (used in) investment activities
Cash flows from losing control of subsidiaries or other business		12,662,234		—		—
Cash flows used to acquire non-controlling interests		—		—		(290,471,658	)
Others payments to acquire interests in join ventures		—		—		(19,912,162	)
Loans to related companies		(25,500	)	—		(8,615,091	)
Proceeds from the sale of property, plant and equipment		6,048,912		8,889,879		7,559,368
Purchase of property, plant and equipment		(495,958,729	)	(473,727,882	)	(526,521,933	)
Proceeds from the sales of intangible assets		8,965,592		1,424,691		5,292,416
Purchases of intangible assets		(187,864,119	)	(227,418,842	)	(209,939,738	)
Proceeds from other long-term assets		41,114		—		190,166,892
Purchases of other long-term assets		(2,183,333	)	(193,947	)	(12,461	)
Dividends received		4,025,233		3,278,931		2,675,741
Interest received		19,611,804		6,807,678		4,346,438
Other inflows (outflows) of cash		10,707,112		(94,841,624	)	(21,834,208	)
Net cash flows from (used in) investment activities		(623,969,680	)	(775,781,116	)	(867,266,576	)
Cash flows from (used in) financing activities
Total proceeds from loans		646,273,100		263,124,754		826,440,011
Loans from related companies		9,128,650		821,636		—
Repayments from borrowings		(629,404,409	)	(740,286,720	)	(1,283,351,536	)
Payments of finance lease liabilities		(11,478,851	)	(24,129,963	)	(3,171,884	)
Payments from loans to related companies		—		—		(16,986,597	)
Dividends paid		(648,107,205	)	(556,087,040	)	(578,607,484	)
Interest paid		(248,096,873	)	(244,595,847	)	(252,736,851	)
Other inflows (outflows) of cash		(9,743,963	)	18,132,411		8,350
Net cash flows from (used in) financing activities		(891,429,551	)	(1,283,020,769	)	(1,308,405,991	)
Net increase (decrease) in cash and cash equivalents before effect of exchange rate changes		183,047,235		(115,386,738	)	(137,342,876	)
Effect of exchange rate changes on cash and cash equivalents
Effect of exchange rate changes on cash and cash equivalents		75,518,996		(58,159,046	)	(45,818,266	)
Net increase (decrease) in cash and cash equivalents		258,566,231		(173,545,784	)	(183,161,142	)
Cash and cash equivalents at beginning of year	5	961,355,037		1,134,900,821		1,318,061,963
Cash and cash equivalents at end of year	5	1,219,921,268		961,355,037		1,134,900,821

The attached notes are an integral part of these consolidated financial statements

F-16

ENERSIS S.A. AND SUBSIDIARIES

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

Table of Contents

1.	THE GROUP’S ACTIVITIES AND FINANCIAL STATEMENTS					F-20
2.	BASIS OF THE PRESENTATION OF THE CONSOLIDATED FINANCIAL STATEMENTS					F-21
	2.1.		Accounting principles			F-21
	2.2.		New accounting pronouncements			F-21
	2.3.		Responsibility for the information given and the estimates made			F-24
	2.4.		Subsidiaries and jointly controlled entities			F-24
			2.4.1.		Changes in the scope of consolidation	F-25
			2.4.2.		Consolidated companies with an ownership interest of less than 50%	F-25
			2.4.3.		Companies not consolidated with an ownership interest of over 50%	F-25
	2.5.		Associated companies			F-25
	2.6.		Basis of consolidation and business combinations			F-25
3.	ACCOUNTING PRINCIPLES APPLIED					F-27
	a)		Property, plant, and equipment			F-27
	b)		Investment property			F-29
	c)		Goodwill			F-29
	d)		Intangible assets other than goodwill			F-30
	e)		Asset impairment			F-31
	f)		Leases			F-32
	g)		Financial instruments			F-33
	h)		Investments accounted for using the equity method			F-36
	i)		Inventories			F-36
	j)		Non-current assets held for sale and discontinued operations			F-36
	k)		Treasury shares			F-37
	l)		Provisions			F-37
	m)		Conversion of balances in foreign currency			F-38
	n)		Current / non-current classification			F-38
	o)		Income tax			F-38
	p)		Revenue and expense recognition			F-39
	q)		Earnings per share			F-39
	r)		Dividends			F-39
	s)		Systems of share-based remunerations			F-40
	t)		Cash flow statement			F-40
4.	SECTOR REGULATION AND ELECTRICITY SYSTEM OPERATIONS					F-41
	4.1.		Generation			F-41
			a)	Chile		F-41
			b)	The rest of Latin America		F-42
	4.2.		Distribution			F-44
			a)	Chile		F-44
			b)	The rest of Latin America		F-44
5.	CASH AND CASH EQUIVALENTS					F-46
6.	OTHER FINANCIAL ASSETS					F-47
7.	TRADE AND OTHER RECEIVABLES					F-48
8.	BALANCES AND TRANSACTIONS WITH RELATED COMPANIES					F-50
	8.1	Balances and transactions with related companies				F-50
	8.2	Board of Directors and key management personnel				F-51
	8.3	Compensation for ker management personnel				F-54
	8.4	Compensation plans linked to share price				F-54

F-17

9.	INVENTORIES		F-56
10.	CURRENT TAX RECEIVABLES AND PAYABLES		F-56
11.	NON-CURRENT ASSETS AND DISPOSAL GROUPS HELD FOR SALE		F-57
12.	INVESTMENTS ACCOUNTED FOR USING THE EQUITY METHOD, AND JOINTLY-CONTROLLED COMPANIES		F-58
	12.1.	Equity method accounted investments	F-58
	12.2.	Jointly controlled companies	F-59
13.	INTANGIBLE ASSETS OTHER THAN GOODWILL		F-60
14.	GOODWILL		F-62
15.	PROPERTY, PLANT AND EQUIPMENT		F-63
16.	INVESTMENT PROPERTY		F-67
17.	DEFERRED TAX		F-68
18.	OTHER FINANCIAL LIABILITIES		F-69
19.	RISK MANAGEMENT POLICY		F-78
	19.1.	Interest rate risk	F-78
	19.2.	Exchange rate risk	F-79
	19.3.	Commodities risk	F-79
	19.4.	Liquidity risk	F-80
	19.5.	Credit risk	F-80
	19.6.	Risk measurement	F-81
20.	FINANCIAL INSTRUMENTSs		F-82
	20.1.	Financial instruments, classified by type and category	F-82
	20.2.	Derivative Instruments	F-83
	20.3.	Fair value hierarchies	F-85
21.	TRADE AND OTHER PAYABLES		F-86
22.	PROVISIONS		F-87
	22.1.	Provisions	F-87
	22.2.	Lawsuits and Arbitration Proceedings	F-88
23.	EMPLOYMENT BENEFIT OBLIGATIONS		F-95
	23.1.	General information	F-95
	23.2.	Details, movements, and presentation in financial statements	F-95
	23.3.	Other disclosures	F-98
24.	EQUITY		F-99
	24.1.	Equity attributable to the parent company’s owners	F-99
	24.2.	Foreign currency translation	F-100
	24.3.	Capital management	F-100
	24.4.	Restrictions on subsidiaries’ transferring funds to the parent	F-100
	24.5.	Other reserves	F-101
	24.6.	Non-controlling interests	F-102
25.	REVENUES		F-103
26.	RAW MATERIALS AND CONSUMABLES USED		F-104
27.	EMPLOYEE BENEFITS EXPENSES		F-104
28.	DEPRECIATION, AMORTIZATION, AND IMPAIRMENT LOSSES		F-104
29.	OTHER EXPENSES		F-105
30.	OTHER GAINS (LOSSES)		F-105

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31.	FINANCIAL RESULTS			F-106
32.	INCOME TAX			F-107
33.	SEGMENT INFORMATION			F-108
	33.1.	Segmentation criteria		F-108
	33.2.	Generation, distribution, and others		F-109
	33.3.	Countries		F-112
	33.4.	Generation and distribution by country		F-115
34.	THIRD PARTY GUARANTEES, OTHER CONTINGENT ASSETS AND LIABILITIES, AND OTHER COMMITMENTS			F-121
	34.1.	Direct guarantees		F-121
	34.2.	Indirect guarantees		F-121
	34.3.	Other information		F-121
35.	PERSONNEL FIGURES			F-122
36.	SUBSEQUENT EVENTS			F-122
37.	ENVIRONMENT			F-123
38.	SUMMARIZED FINANCIAL INFORMATION OF PRINCIPAL SUBSIDIARIES AND JOINTLY CONTROLLED COMPANIES			F-124
APPENDIX No. 1			ENERSIS GROUP COMPANIES	F-125
APPENDIX No. 2			CHANGES IN THE SCOPE OF CONSOLIDATION	F-127
APPENDIX No. 3			ENERSIS GROUP ASSOCIATED COMPANIES	F-128
APPENDIX No. 4			ADDITIONAL INFORMATION ON FINANCIAL DEBT	F-129
APPENDIX No. 5			ASSETS AND LIABILITIES IN FOREIGN CURRENCIES	F-134

F-19

ENERSIS S.A. AND SUBSIDIARIES

CONSOLIDATED FINANCIAL STATEMENTS AT DECEMBER 31, 2011 AND 2010

(In thousands of Chilean pesos)

1.THE GROUP’S ACTIVITIES AND FINANCIAL STATEMENTS

Enersis S.A. (hereinafter the Parent Company or the Company) and its subsidiaries comprise the Enersis Group (hereinafter Enersis or the Group).

Enersis S.A. is a publicly traded corporation with registered address and head office located at Avenida Santa Rosa, No. 76, in Santiago, Chile. The Company is registered in the securities register of the Superintendency of Securities and Insurance of Chile (Superintendencia de Valores y Seguros or SVS) under number 175. In addition, the Company is registered with the Securities and Exchange Commission of the United States of America (hereinafter U.S. SEC), and with Spain’s Comisión Nacional del Mercado de Valores. The Company’s shares have been listed on the New York Stock Exchange since 1993 and on the Latibex since 2001.

Enersis S.A. is a subsidiary of Endesa, S.A., a Spanish company controlled by Enel S.p.A. (hereinafter Enel).

In 1981, the Company was initially created under the corporate name of Compañía Chilena Metropolitana de Distribución Eléctrica S.A. Later on, the Company changed its by-laws and its name to Enersis S.A. effective August 1, 1988. For tax purposes, the Company operates under Chilean tax identification number 94,271,000-3.

As of December 31, 2011, the Group had 10,844 employees. During 2011, the Group averaged a total of 11,039 employees. See Note 35 for additional information regarding employee distribution by category and geographic location.

The Company’s corporate purpose consists of engaging, whether in Chile or abroad, in exploring for, developing, operating, generating, distributing, transmitting, transforming, and/or selling energy in any of its forms, either directly or through another company. It is also engaged in telecommunications activities, and it provides engineering consultation services in Chile and abroad. The Company’s corporate purpose also includes investing in, and managing its investments in, subsidiaries and associates that generate, transmit, distribute, or trade electricity, or whose corporate purpose includes any of the following:

(i)energy in any kind or form;

(ii)supplying public services, or services whose main component is energy;

(iii)telecommunications and computer services; and

(iv)Internet-based intermediation businesses.

The Company’s 2010 consolidated financial statements were approved by the Board of Directors at a meeting held on January 26, 2011. The consolidated financial statements were then submitted to the consideration of a General Shareholders Meeting held on April 26, 2011, which gave its final approval on the consolidated financial statements. Related conforming changes effecting a retrospective application of accounting policy (see Subsequent Events in Note 36 to these financial statements) were approved by the Board of Directors on February 15, 2013.

These consolidated financial statements are presented in thousands of Chilean pesos (unless expressly stated otherwise), as the Chilean peso is the functional currency of the main economic environment in which Enersis operates. Foreign operations are reported in accordance with the accounting policies stated in Notes 2.6 and 3.m.

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2.BASIS OF PRESENTATION OF THE CONSOLIDATED FINANCIAL STATEMENTS

2.1Accounting principles

The December 31, 2011 consolidated financial statements of Enersis and its subsidiaries have been prepared in accordance with International Financial Reporting Standards (IFRS), issued by the International Accounting Standards Board (hereinafter “IASB”), and approved by its Board of Directors at its meeting held on February 15, 2013.

These consolidated financial statements present fairly the financial position of Enersis and its subsidiaries as of December 31, 2011 and 2010, as well as the results of operations, the changes in equity, and the cash flows for the years ending December 31, 2011, 2010 and 2009.

These consolidated financial statements voluntarily present the figures for the 2009 fiscal year consolidated statement of comprehensive income, consolidated statement of cash flow, and consolidated statement of changes in equity, along with their corresponding notes.

These consolidated financial statements have been prepared using cost method accounting applied to the business in operation principle except, in accordance with IFRS, those assets and liabilities that are reported at a fair value and those non-current assets and groups that are available for sale, which are recorded at the book value or the fair value minus sales costs, whichever is lower (see Note 3).

The consolidated financial statements have been prepared from accounting records maintained by the Company and its subsidiaries. Each entity prepares its financial statements according to the accounting principles and standards in force in each country, so the necessary adjustments and reclassifications have been made in the consolidation process in order to present the consolidated financial statements in accordance with IFRS and the criteria of the IFRS Interpretation Committee, (hereinafter IFRIC).

2.2New accounting pronouncements

a)Accounting pronouncements effective from January 1, 2011:

Standards, Interpretations, and Amendments	Mandatory application for:
Amendment to IAS 32: Classification of rights issuingStipulates that the purchase option rights, options, or certificates of a specific number of the company’s own equity instruments, for a set amount in any currency, shall constitute equity instruments if the company offers the rights to all shareholders in proportion to their stock ownership.	Annual periods beginning on or after February 1, 2010.
IFRIC 19: Extinguishing financial liabilities with equity instrumentsEstablishes that the equity instruments issued by a company to a creditor to pay a financial liability, either wholly or partially, shall constitute a “consideration paid.” These equity instruments will be recorded at their fair value at their initial acknowledgement unless this value cannot be reliably determined, in which case they will be valued in such a way as to reflect the best possible estimate of their fair value.	Annual periods beginning on or after July 1, 2010.
IAS 24 Revised: Related party disclosuresClarifies the definition of related parties and updates the requirements for disclosure. It includes an exemption for certain disclosures on transactions between entities that are controlled, jointly controlled, or significantly influenced by the State.	Annual periods beginning on or after January 2011.

F-21

Standards, Interpretations, and Amendments	Mandatory application for:
Amendment to IFRIC 14: Prepayments of a minimum funding requirementEliminates an unintended consequence of the treatment of prepayments of minimum funding requirements, in some circumstances where there is an obligation to maintain a minimum level of financing for defined contributions.	Annual periods beginning on or after January 1, 2011.
Improvements to the IFRS (issued in 2010).Affects standards: IFRS 1, IFRS 3, IFRS 7, IAS 1, IAS 27, IAS 34, and IFRIC 13.	Mostly to annual periods beginning on or after January 1, 2011.

The application of these accounting pronouncements has not had any significant effects for the Group. The remaining accounting criteria applied in 2011 are consistent with those applied in 2010.

b)Accounting pronouncements effective for periods beginning January 1, 2012 or later:

As of the issuance date of these consolidated financial statements, the following accounting pronouncements had been issued by the IASB, but they were not yet mandatory:

Standards, Interpretations, and Amendments	Mandatory application for:
Amendment to IFRS 7: Financial instruments: DisclosuresModifies the information required when financial assets are transferred in order to promote transparency and to facilitate an analysis of how the risks may affect the entity’s financial situation.	Annual periods beginning on or after July 1, 2011.
Amendment to IAS 12: Income taxes — Recovery of underlying assetsMakes an exception to the general principles of IAS 12 for investment properties that are measured using the fair value model contained in IAS 40, “Investment Properties.”	Annual periods beginning on or after January 1, 2012.
Amendment to IAS 1: Presentation of financial statementsModifies aspects of presenting the components of “Other comprehensive income,” requiring that these components be grouped into those that will and those that will not subsequently be reclassified as losses and gains.	Annual periods beginning on or after July 1, 2012.
IFRS 10: Consolidated financial statementsEstablishes clarifications and new parameters for defining control, as well as the principles for preparing consolidated financial statements that apply to all entities (including special purpose entities or structured entities).	Annual periods beginning on or after January 1, 2013.
IFRS 11: Joint arrangementsRedefines the concept of joint control, aligning with IFRS 10 and requiring that entities that are part of a joint agreement determine the type of agreement (joint operation or joint business) by evaluating their rights and obligations. The standard eliminates the possibility of proportional consolidation for joint businesses.	Annual periods beginning on or after January 1, 2013.

F-22

Standards, Interpretations, and Amendments	Mandatory application for:
IFRS 12: Disclosures of interests in other entitiesRequires certain disclosures that allow for assessing the nature of the stake held in other entities and the risks involved, as well as how these stakes affect the entity’s financial situation, financial performance, and cash flows.	Annual periods beginning on or after January 1, 2013.
IFRS 13: Fair value measurementEstablishes, in a single standard, a framework for assessing the fair value of assets and liabilities, and incorporates new concepts and clarifications for this assessment. It also requires that the entities disclose certain information on the assessment of the fair value of their assets and liabilities.	Annual periods beginning on or after January 1, 2013.
New IAS 27: Separate financial statementsWhen IFRS 10 was issued, it eliminated from IAS 27 everything connected with consolidated financial statements, restricting its scope only to separate financial statements.	Annual periods beginning on or after January 1, 2013.
New IAS 28: Investments in associates and joint venturesModified by the effect of the issuance of IFRS 10 and IFRS 11 in order to make the definitions and other clarifications contained in these new IFRS consistent.	Annual periods beginning on or after January 1, 2013.
Amendment to IFRS 7: Financial instruments: DisclosuresClarifies the disclosure requirements for the offsetting of financial assets and financial liabilities.	Annual periods beginning on or after January 1, 2013.
Amendment to IAS 19: Employee benefitsModifies recognition and disclosure of changes in the obligations from defined benefit plans and in the assets affected by the plan, eliminating the corridor method and accelerating recognition of costs from past services.	Annual periods beginning on or after January 1, 2013.
Amendment to IAS 32: Financial instruments: PresentationClarifies the requirements for the offsetting of financial assets and financial liabilities in order to eliminate the inconsistencies from applying the current IAS 32 criteria for offsetting.	Annual periods beginning on or after January 1, 2014.
IFRS 9: Financial Instruments: Classification and measurementThe first stage of the IASB project to replace IAS 39, “Financial Instruments: Recognition and Measurement.”   Modifies classification and measurement of financial assets and includes treatment and classification of financial liabilities.	Annual periods beginning on or after January 1, 2015.

The Group is still assessing the impact of applying IFRS 9, IFRS 10, IFRS 11, IFRS 12, and IFRS 13 from the date they go into effect. In Management’s opinion, the application of the other standards, interpretations, and amendments pending application will not have a significant effect on the consolidated financial statements of Enersis and its subsidiaries.

F-23

2.3Responsibility for the information given and the estimates made

The Company’s Board of Directors is responsible for the information contained in these consolidated financial statements and expressly states that all IFRS principles and standards that are applicable to the Group have been fully implemented.

In preparing the consolidated financial statements, certain estimates made by the Company’s Management have been used to quantify some of the assets, liabilities, income, expenses, and commitments recorded in the statements.

These estimates basically refer to:

·The valuation of assets and goodwill to determine the existence of impairment losses (see Note 3.e).

·The assumptions used to calculate the actuarial liabilities and obligations to employees, such as discount rates, mortality tables, salary increases, and others (see Note 23).

·The useful life of property, plant and equipment, and intangible assets (see Notes 3.a and 3.d).

·The assumptions used to calculate the fair value of financial instruments (see Notes 3.g.5 and 20).

·Energy supplied to customers whose meter readings are pending.

·Certain assumptions inherent in the electricity system affecting transactions with other companies, such as production, customer billings, energy consumption, etc. that allow for estimating electricity system settlements that must occur on the corresponding final settlement dates, but that are pending as of the date of issuance of the consolidated financial statements and could affect the balances of assets, liabilities, income and expenses recorded in the statements.

·The probability that uncertain or contingent liabilities will be incurred and their related amounts (see Note 3.l).

·Future disbursements for the closure of facilities and restoration of land (see Note 3.a).

·The tax results of the various subsidiaries of the Group that will be reported to the respective tax authorities in the future, and that have served as the basis for recording different balances related to income taxes in these consolidated financial statements (see Note 3.o).

Although these estimates have been based on the best information available on the issuance date of these consolidated financial statements, future events may occur that would require a change (increase or decrease) to these estimates in subsequent years. This change would be done prospectively, recognizing the effects of such an estimation change in the corresponding future consolidated financial statements.

2.4Subsidiaries and jointly controlled entities

Subsidiaries are defined as entities in which the Parent Company controls the majority of the voting rights or, should that not be the case, is authorized to direct the financial and operating policies of such entities.

Jointly controlled entities are those in which the situation described in the preceding paragraph exists as a result of an agreement with other shareholders and control is exercised jointly with them.

Appendix No.1 of these consolidated financial statements, entitled Enersis Group Companies, describes Enersis’ relationship with each of its subsidiaries and jointly controlled entities.

F-24

2.4.1Changes in the scope of consolidation

The process of selling the companies Compañía Americana de Multiservicios (CAM) and Synapsis Soluciones y Servicios IT (Synapsis) was completed during the first quarter of 2011. The sale of CAM was concluded on February 24, 2011 for the amount of ThCh$ 6,775,748 (US$ 14,2 million), while the sale of Synapsis was finalized on March 1, 2011 for ThCh$ 24,710,920 (US$ 52 million). For more information, see Note 11.

The elimination of CAM and Synapsis from the Enersis consolidated statements has resulted in reductions in the consolidated statement of financial position of ThCh$ 80,050,947 in current assets, ThCh$ 31,003,337 in non-current assets, ThCh $56,359,935 in current liabilities, and ThCh$ 14,558,579 in non-current liabilities.

During 2010 there were no significant changes in the Enersis Group’s scope of consolidation.

The section titled “Changes in the Enersis Group scope of consolidation,” included as Appendix No.2 to these consolidated financial statements, lists the companies included within the scope of the Group’s consolidation, together with information on the Group’s respective ownership interest percentages.

2.4.2Consolidated companies with an ownership interest of less than 50%

Although the Enersis Group holds less than a 50% interest in Codensa S.A E.S.P. and in Emgesa S.A. E.S.P., they are considered subsidiaries since the Group exercises control over the entities, either directly or indirectly, through contracts or agreements with shareholders, or as a consequence of their structure, composition, and shareholder classes.

2.4.3Companies not consolidated with an ownership interest of over 50%

Although the Enersis Group holds more than a 50% interest in Centrales Hidroeléctricas de Aysén, S.A. (Aysén), it is considered a jointly controlled entity since the Group, through contracts and agreements with shareholders, exercises joint control of the company.

2.5Associated companies

Associated Companies are those in which Enersis, either directly or indirectly, exercises significant influence. In general, significant influence is assumed to be those cases in which the Group has an ownership interest of over 20% (see Note 3.h).

Appendix No.3 to these consolidated financial statements, entitled “Associated Companies,” describes Enersis’ relationship with each associated company.

2.6Basis of consolidation and business combinations

The subsidiaries are consolidated and all their assets, liabilities, income, expenses, and cash flows are included in the consolidated financial statements once the adjustments and eliminations from intra-Group transactions have been made.

Jointly controlled entities are consolidated using the proportional consolidation method. The Group recognizes, line by line, its share of the assets, liabilities, income, and expenses of such entities, so the adding of balances and subsequent eliminations take place only in proportion to the Group’s ownership interest in them.

The comprehensive income of subsidiaries and jointly controlled entities is included in the consolidated comprehensive income statement from the effective date of acquisition until the effective date of disposal or termination of joint control, as applicable.

F-25

The parent company’s and its subsidiaries’ operations, as well as those of jointly controlled entities, have been consolidated under the following basic principles:

1.At the date of acquisition, the assets, liabilities, and contingent liabilities of the subsidiary or jointly controlled entity are recorded at market value. If, in the parent company’s stake, there is a positive difference between the acquisition cost and the fair value of the assets and liabilities of the company acquired, including contingent liabilities, this difference is recorded as goodwill. If the difference is negative, it is recorded as a credit to income.

2.Non-controlling interests in equity and in the comprehensive income of the consolidated subsidiaries are presented, respectively, under the line items “Total Equity: Non-controlling interests” in the consolidated statement of financial position and “Net Income attributable to non-controlling interests” and “Other comprehensive income attributable to non-controlling interests” in the consolidated statement of comprehensive income.

3.The financial statements of foreign companies with functional currencies other than the Chilean peso are translated as follows:

a.For assets and liabilities, the prevailing exchange rate on the closing date of the financial statements is used.

b.For items in the comprehensive income statement, the average exchange rate for the year is used (unless this average is not a reasonable approximation of the cumulative effect of the exchange rates in effect on the dates of the transactions, in which case the exchange rate in effect on the date of each transaction is used).

c.Equity remains at the historical exchange rate from the date of acquisition or contribution, and retained earnings at the average exchange rate at the date of generation.

Exchange differences arising in the conversion of the financial statements are recognized in the item “Exchange difference on translation” within the consolidated statement of comprehensive income: Other comprehensive income (see Note 24.2).

Translation adjustments that existed at Enersis’ transition date to IFRS, January 1, 2004, were deemed to be zero and transferred to reserves, using the exemption for that purpose in IFRS 1 “First time Adoption of IFRS” (see Note 24.5).

All balances and transactions between consolidated companies, as well as the share of the proportionally consolidated companies, were eliminated in the consolidation process.

F-26

3.ACCOUNTING PRINCIPLES APPLIED

The main accounting policies used in preparing the accompanying consolidated financial statements were the following:

a)Property, plant, and equipment

Property, plant and equipment are valued at acquisition cost, net of accumulated depreciation and any impairment losses they may have experienced. In addition to the price paid to acquire each item, the cost also includes, where applicable, the following concepts:

·Financing expenses accrued during the construction period that are directly attributable to the acquisition, construction, or production of qualified assets, which require a substantial period of time before being ready for use such as, for example, electricity generation or distribution facilities. The Group defines “substantial period” as one that exceeds 12 months. The interest rate used is that of the specific financing or, if none exists, the mean financing rate of the company carrying out the investment. The mean financing rate depends principally on the geographic area and ranges between 7.89% and 15.5%. The amount capitalized for this concept amounted to ThCh$ 35,945,738, ThCh$ 15,137,380, and ThCh$ 9,137,217 for the periods ended December 31, 2011, 2010, and 2009, respectively.

·Employee expenses directly related to construction in progress. The amounts capitalized under this concept for the periods ended December 31, 2011, 2010, and 2009 were ThCh$ 32,042,815, ThCh$ 26,741,111, and ThCh$ 16,723,291, respectively.

·Future disbursements that the Group must make to close their facilities are incorporated into the value of the asset at present value, recording the corresponding provision in accounting. The Group reviews their estimate of these future disbursements on a yearly basis, increasing or decreasing the value of the asset based on the results of this estimate (see Note 22).

·Items acquired before the Group’s date of transition to IFRS, on January 1, 2004, include in the purchasing cost, where appropriate, asset reappraisals permitted in the various countries to adjust the value of the property, plant and equipment for inflation as of that date (see Note 24.5).

Items for construction work in progress are transferred to operating assets once the testing period has been completed and they are available for use, at which time depreciation begins.

Expansion, modernization, or improvement costs that represent an increase in productivity, capacity or efficiency, or a longer useful life are capitalized as a greater cost for the corresponding assets.

The replacement or overhaul of entire components that increase the asset’s useful life, or its economic capacity, are recorded as an increase in value for the respective assets, derecognizing the replaced or overhauled components. Expenses for periodic maintenance, conservation, and repair are recorded directly in income as an expense for the year in which they are incurred.

The Company, based on the outcome of impairment testing explained in Note 3.e), considers that the book value of assets does not exceed their net recoverable value.

Property, plant, and equipment, net of its residual value, is depreciated by distributing the cost of the different items that comprise it on a straight-line basis over its estimated useful life, which is the period during which the companies expect to use the assets. Useful life estimates are periodically reviewed and, if appropriate, adjusted prospectively.

F-27

The following are the main categories of property, plant, and equipment with their respective estimated useful lives.

Categories of Property, plant, and equipment	Years of estimated useful life
Buildings	22 — 100
Plant and equipment	3 — 65
IT Equipment	3 — 15
Fixtures and Fittings	5 — 21
Motor Vehicles	5 — 10
Other	2 — 33

Additionally, the following provides greater detail on the useful lives of plant and equipment items:

	Years of estimated useful life
Generating Facilities:
Hydroelectric power plants
Civil engineering works	35 — 65
Electromechanical equipment	10 — 40
Coal-fired / fuel-oil power plants	25 — 40
Combined cycle plants	10 — 25
Renewable energy power plants	35
Transmission and distribution facilities:
High-voltage network	10 — 60
Low- and medium-voltage network	10 — 60
Measuring and remote control equipment	3 — 50
Other facilities	4 — 25

Regarding the administrative concessions held by the Group’s electric companies, the following lists the years remaining until expiration for the concessions that do not have an indefinite term:

Concession holder and operator	Country	Concession term	Period remaining until expiration
Empresa Distribuidora Sur S.A. - Edesur (Distribution)	Argentina	95 years	76 years
Hidroeléctrica El Chocón S.A. (Generation)	Argentina	30 years	12 years
Transportadora de Energía S.A. (Transmission)	Argentina	85 years	76 years
Compañía de Transmisión del Mercosur S.A. (Transmission)	Argentina	87 years	76 years
Central Eléctrica Cachoeira Dourada S.A. (Generation)	Brazil	30 years	16 years
Central Geradora Termeléctrica Fortaleza S.A (Generation)	Brazil	30 years	20 years
Compañía de Interconexión Energética S.A. (CIEN - Line 1)	Brazil	20 years	9 years
Compañía de Interconexión Energética S.A. (CIEN - Line 2	Brazil	20 years	11 years

The Group’s management evaluated the specific contract term of each of the aforementioned concessions, which vary by country, business activity, and jurisprudence, and concluded that, with the exception of CIEN, there are no determining factors indicating that the grantor, which in every case is a government entity, controls the infrastructure and, at the same time, can continuously set the price to be charged for services. These requirements are essential for applying IFRIC 12 “Service Concession Agreements,” which establishes how to record and value certain types of concessions (see Note 3.d.1 for concession agreements within the scope of IFRIC 12).

F-28

On April 19, 2011, our subsidiary CIEN successfully completed the change in business model that we had previously been reporting. Under the new agreement, the Government continues to control the infrastructure, but CIEN receives fixed payments, which puts it on an equal footing with a public transmission concession (with regulated prices).

Under this business model, its concessions fall within the scope of Standard IFRIC 12, but the infrastructure has not been derecognized due to the fact that CIEN has not substantially transferred the significant risks and benefits to the Brazilian Government.

Concession contracts not covered under IFRIC 12 are recognized according to general criteria. To the extent that the Group recognizes assets as property, plant, and equipment, they are amortized over their economic life or the concession term, whichever is shorter. Any obligation to invest, improve or replace is considered in the estimation of impairment to Property, Plant, and Equipment as future contractual cash outflow necessary to obtain future cash inflow.

Gains or losses that arise from the sale or disposal of items of property, plant and equipment are recognized in income for the period and calculated as the difference between the sale value and the net book value.

b)Investment property

Investment property includes primarily land and buildings held for the purpose of earning rental income and/or for capital appreciation.

Investment property is valued at acquisition cost less any accumulated depreciation and impairment losses that have been incurred. Investment property, excluding land, is depreciated on a straight-line basis over the useful lives of the related assets.

The breakdown of the fair value of investment property is detailed in Note 16.

c)Goodwill

Goodwill generated upon consolidation represents the difference between the acquisition cost and the Group’s share of the fair value of assets and liabilities, including identifiable contingent assets and liabilities of a subsidiary at the acquisition date.

Acquired assets and liabilities are temporarily valued as of the date the company takes control and reviewed within no more than a year after the acquisition date. Until the fair value of assets and liabilities is ultimately determined, the difference between the acquisition price and the book value of the acquired company is temporarily recorded as goodwill.

If goodwill is finally determined as existing in the financial statements the year following the acquisition, the prior year’s accounts, which are presented for comparison purposes, are modified to include the value of the acquired assets and liabilities and of the definitive goodwill from the acquisition date.

Goodwill generated from acquiring companies with functional currencies other than the Chilean peso is valued in the functional currency of the acquired company and converted to Chilean pesos using the exchange rate in effect as of the date of the statement of financial position.

Goodwill generated before the date of transition to IFRS, on January 1, 2004, is maintained at its net value recorded as of that date, while goodwill originated afterwards is valued at acquisition cost (see Notes 14 and 24.5).

F-29

Goodwill is not amortized; instead, at each period end the Company estimates whether any impairment has reduced its recoverable value to an amount less than the net recorded cost and, if so, it immediately adjusts for impairment (see Note 3.e).

d)Intangible assets other than goodwill

Intangible assets are initially recognized at their acquisition or production cost, and are subsequently valued at their cost, net of their accumulated amortization and of the impairment losses they may have experienced.

Intangible assets are amortized on a straight line basis during their useful life, starting from the time that they are in usable condition, except for those with an indefinite useful life, which are not amortized. As of December 31, 2011, there were no significant amounts in intangible assets with an indefinite useful life.

The criteria for recognizing these assets’ impairment losses and, if applicable, recovery of impairment losses recorded in previous fiscal years are explained in letter e) of this Note.

d.1)Concessions

IFRIC 12 “Service Concession Agreements” provides accounting guidelines for public-to-private service concession agreements. This accounting interpretation applies if:

a)The grantor controls or regulates which services the operator should provide with the infrastructure, to whom it must provide them, and at what price; and

b)The grantor controls - through ownership, beneficial entitlement, or otherwise - any significant residual interest in the infrastructure at the end of the term of the agreement.

If both of the above conditions are met simultaneously, the consideration received by the Group for the infrastructure construction is recognized at its fair value, as either an intangible asset when the Group receives the right to charge users of the public service, as long as these charges are conditional on the degree to which the service is used; or as a financial asset when the Group has an unconditional contractual right to receive cash or other financial asset from the grantor or a third party. The Group recognizes the contractual obligations assumed for maintenance of the infrastructure during its use, or for its return to the grantor at the end of the concession agreement within the conditions specified in the agreement, as long as it does not involve an activity that generates income, in accordance with the Group’s provision accounting policy (see Note 3.l).

Finance expenses attributable to the concession agreements are capitalized based on criteria established in Note 3.a above, provided that the Group has a contractual right to receive an intangible asset. No finance expenses were capitalized during the fiscal years 2011 and 2010 (ThCh$ 1,992,733 during the 2009 fiscal year).

Additionally, during the periods ended December 31, 2011, 2010, and 2009, employee expenses directly attributable to construction in progress, amounting to ThCh$ 18,130,297, ThCh$ 18,128,254, and ThCh$ 17,007,228, respectively, were capitalized.

F-30

The subsidiaries that have recognized an intangible asset from their service concession agreements are the following:

Concession holder and operator	Country	Term	Period remaining to expiration
Ampla Energia e Serviços S.A. (*)(Distribution)	Brazil	30 years	15 years
Companhia Energética do Ceará S.A. (*)(Distribution)	Brazil	30 years	17 years
Sociedad Concesionaria Túnel El Melón S.A.(Highway infrastructure)	Chile	23 years	5 years

(*)  Considering that part of the rights acquired by our subsidiaries are unconditional, a financial asset at amortized cost has also been recognized (see Notes 3.g.1 and 7).

d.2)Research and development expenses

The Group follows the policy of recording the costs incurred in a project’s development phase as intangible assets in the statement of financial position as long as the project’s technical viability and economic returns are reasonably assured.

Expenditures on research activities are recognized as an expense in the period in which they are incurred. These expenses amounted to ChTh$ 843,403 and ThCh$ 18,404 as of December 31, 2011 and 2010, respectively. No research and development expenses were recognized in the year ending December 31, 2009.

d.3)Other intangible assets

These intangible assets correspond primarily to computer software, water rights, and easements. They are initially recognized at acquisition or production cost and are subsequently measured at cost less accumulated amortization and impairment losses, if any.

Computer software programs are amortized, on average, over five years. Certain easements and water rights have indefinite useful lives and are therefore not amortized, while others have useful lives ranging from 40 to 60 years, depending on their characteristics, and they are amortized over that term.

e)Asset impairment

During the period, and principally at period end, the Company evaluates whether there is any indication that an asset has been impaired. Should any such indication exist, the company estimates the recoverable amount of that asset to determine the amount of impairment in each case. In the case of identifiable assets that do not generate cash flows independently, the company estimates the recoverability of the Cash Generating Unit to which the asset belongs, which is understood to be the smallest identifiable group of assets that generates independent cash inflows.

Notwithstanding the preceding paragraph, in the case of Cash Generating Units to which goodwill or intangible assets with an indefinite useful life have been allocated, a recoverability analysis is performed routinely at each period end.

The recoverable amount is the greater amount between the fair value less the cost needed to sell and the value in use, which is defined as the present value of the estimated future cash flows. In order to calculate the recoverable value of Property, plant, and equipment, goodwill and intangible assets, the Group uses value in use criteria in practically all cases.

To estimate the value in use, the Group prepares future cash flow projections, before tax, based on the most recent budgets available. These budgets incorporate management’s best estimates of Cash Generating Units’ revenue and costs using sector projections, past experience, and future expectations.

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In general, these projections cover the next ten years, estimating cash flows for subsequent years by applying reasonable growth rates, between 3.2% and 7.9%, which, in no case, are increasing nor exceed the average long-term growth rates for the particular sector and country.

These cash flows are discounted at a given pre-tax rate in order to calculate their present value. This rate reflects the cost of capital of the business and the geographical area in which the business is conducted. The discount rate is calculated taking into account the current value of money and the risk premiums generally used by analysts for the specific business activity and country involved.

The following discount rates, before tax and expressed in nominal terms, were applied in 2011 and 2010:

		2011				2010
Country	Currency	Minimum		Maximum		Minimum		Maximum
Chile	Chilean peso	8.0	%	10.1	%	7.5	%	8.8	%
Argentina	Argentine peso	15.0	%	17.1	%	15.0	%	16.9	%
Brazil	Brazilian real	9.5	%	11.6	%	9.6	%	10.8	%
Peru	Peruvian sol	7.3	%	9.3	%	7.9	%	8.1	%
Colombia	Colombian peso	8.9	%	10.9	%	9.6	%	9.8	%

If the recoverable amount is less than the net carrying amount of the asset, the corresponding provision for impairment loss is recorded for the difference, and charged to “Reversal of impairment loss (impairment loss) recognized in profit or loss” in the consolidated statement of comprehensive income.

Impairment losses recognized for an asset in prior periods are reversed when its estimated recoverable amount changes, increasing the asset’s value with a credit to earnings, limited to the asset’s carrying amount if no adjustment had occurred. In the case of goodwill, adjustments that would have been made are not reversible.

The following procedure is used to determine the need to adjust financial assets for impairment:

·In the case of commercial assets, the Group’s policy is to record impairment through an allowance account based on the age of past-due balances. This policy is generally applied except in those cases where a specific collectability analysis is recommended, such as in the case of receivables from publically owned companies.

·In the case of receivables of a financial nature, impairment is determined on case-by-case basis. As of the date of issuance of these consolidated financial statements, the Company had no significant past due non-commercial financial assets

f)Leases

The Group applies IFRIC 4 to assess whether an agreement is or contains a lease. Leases that transfer to the lessee substantially all of the risks and rewards inherent in ownership are classified as finance leases. All other leases are classified as operating leases.

Finance leases in which the Group acts as a lessee are recognized when the agreement begins. At that time, the Group records an asset based on the nature of the lease and a liability for the same amount, equal to the fair value of the leased asset or the present value of the minimum lease payments, if the latter is lower. Subsequently, the minimum lease payments are divided between finance expense and principal reduction. The finance expense is recorded in the income statement and distributed over the lease term, so as to obtain a constant interest rate for each period over the balance of the debt pending amortization. The asset depreciates on the same terms as other similar depreciable assets, as long as there is reasonable certainty that the lessee will acquire ownership of the asset at the end of the lease. If no such certainty exists, the asset depreciates over the shorter term between the useful life of the asset and the term of the lease.

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Operating lease payments are expensed on a straight-line basis over the term of the lease unless another type of systematic basis of distribution is deemed more representative.

g)Financial instruments

Financial instruments are contracts that give rise to both a financial asset in one company and a financial liability or equity instrument in another company.

g.1)Financial assets other than derivatives

The Group classifies its financial assets other than derivatives, whether permanent or temporary, except for investments accounted for using the equity method (see Note 12) and those held for sale (Note 11), into four categories:

·Trade and other current receivables and Accounts receivable from related companies: These are recorded at amortized cost, which is the initial fair value less principal repayments made, plus accrued and uncharged interest, calculated using the effective interest method.

The effective interest method is used to calculate the amortized cost of a financial asset or financial liability (or group of financial assets or financial liabilities) and is charged to finance income or cost over the relevant period. The effective interest rate is the discount rate that exactly matches the estimated cash flows to be received or paid over the expected life of the financial instrument (or, when appropriate, over a shorter period) to the net carrying amount of the financial asset or financial liability.

·Held-to-maturity investments: Investments that the Group intends to hold and is capable of holding until their maturity is accounted for at amortized cost as defined in the preceding paragraph.

·Financial assets at fair value with changes in net income: This includes the trading portfolio and those financial assets that have been designated as such upon initial recognition and that are managed and evaluated using fair value criteria. They are valued in the consolidated statement of financial position at fair value, with changes in value recorded directly in income when they occur.

·Available-for-sale financial assets: These are financial assets specifically designated as available for sale or that do not fit within any of the three preceding categories and consist almost entirely of financial investments in equity instruments (see Note 6).

These investments are recorded in the consolidated statement of financial position at fair value when it can be reliably determined. For interests in unlisted companies or companies with very little liquidity, normally the market value cannot be reliably determined. When this occurs, those interests are valued at acquisition cost or a lesser amount if evidence of impairment exists.

Changes in fair value, net of tax, are recorded in the consolidated statement of comprehensive income: Other comprehensive results, until the investments are disposed of, at which time the amount accumulated in this account for that investment is fully charged to the period’s profit or loss.

Should the fair value be less than the acquisition cost, and if there is objective evidence that the asset has been more than temporarily impaired, the difference is recorded directly in the period’s losses.

Purchases and sales of financial assets are accounted for using their trade date.

g.2)Cash and cash equivalents

This account within the statement of consolidated financial position includes cash and bank balances, time deposits, and other highly liquid short-term investments readily convertible to cash and which are subject to insignificant risk of changes in value.

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g.3)Financial liabilities other than derivatives

Financial liabilities are generally recorded based on cash received, net of any costs incurred in the transaction. In subsequent periods, these obligations are valued at their amortized cost, using the effective interest rate method (see Note 3.g.1).

In the particular case that a liability is the underlying item of a fair value hedge derivative, as an exception, such liability will be valued at its fair value for the portion of the hedged risk.

In order to calculate the fair value of debt, both in the cases when it is recorded in the statement of financial position and for fair value disclosure purposes as seen in Note 20, debt has been divided into fixed interest rate debt (hereinafter “fixed-rate debt”) and variable interest rate debt (hereinafter “floating-rate debt”). Fixed-rate debt is that on which fixed-interest coupons established at the beginning of the transaction are paid explicitly or implicitly over its term. Floating-rate debt is that issued at a variable interest rate, i.e., each coupon is established at the beginning of each period based on the reference interest rate. All debt has been valued by discounting expected future cash flows with a market-interest rate curve based on the payment’s currency.

g.4)Derivative financial instruments and hedge accounting

Derivatives held by the Group are primarily transactions entered into to hedge interest and/or exchange rate risk, intended to eliminate or significantly reduce these risks in the underlying transactions being hedged.

Derivatives are recorded at fair value as of the date of the statement of financial position as follows: if their fair value is positive, they are recorded within “Other financial assets”; and if their fair value is negative, they are recorded within “Other financial liabilities.” For derivatives on commodities, the positive value is recorded in “Trade and other current receivables,” and negative values are recorded in “Trade and other current liabilities.”

Changes in fair value are recorded directly in income except when the derivative has been designated for accounting purposes as a hedge instrument and all of the conditions established under IFRS for applying hedge accounting are met, including that the hedge be highly effective. In this case, changes are recorded as follows:

·Fair value hedges: The underlying portion for which the risk is being hedged is valued at its fair value, as is the hedge instrument, and any changes in the value of both are recorded in the comprehensive income statement by netting the effects in the same comprehensive income statement account.

·Cash flow hedges: Changes in the fair value of the effective portion of derivatives are recorded in an equity reserve known as “Reserve of cash flow hedges.” The cumulative loss or gain in this account is transferred to the comprehensive income statement to the extent that the underlying item impacts the comprehensive income statement because of the hedged risk, netting the effect in the same comprehensive income statement account. Gains or losses from the ineffective portion of the hedge are recorded directly in the comprehensive income statement.

A hedge is considered highly effective when changes in the fair value or the cash flows of the underlying item directly attributable to the hedged risk, are offset by changes in the fair value or the cash flows of the hedging instrument, with effectiveness ranging from 80% to 125%.

The Company does not apply hedge accounting to its investments abroad.

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As a general rule, long-term commodity purchase or sale agreements are recorded in the consolidated statement of financial position at their fair value as of period end, recording any differences in value directly in income, except when all of the following conditions are met:

·The sole purpose of the agreement is for the Group’s own use.

·The Group’s future projections justify the existence of these agreements for its own use.

·Past experience with agreements shows that they have been utilized for the Group’s own use, except in certain isolated cases when they had to be used for exceptional reasons or reasons associated with logistical issues beyond the control and projection of the Group.

·The agreement does not stipulate settlement by differences and the parties do not make it a practice to settle similar contracts by differences in the past.

The long-term commodity purchase or sale agreements maintained by the Group, which are mainly for electricity, fuel, and other supplies, meet the conditions described above. Thus, the purpose of fuel purchase agreements is to use them to generate electricity, the electricity purchase contracts are used to make sales to end-customers, and the electricity sale contracts are used to sell the company’s own product.

The Company also evaluates the existence of derivatives embedded in contracts or financial instruments to determine if their characteristics and risk are closely related to the principal contract, provided that the set is not being accounted for at fair value. If they are not closely related, they are recorded separately and changes in value are accounted for directly in the comprehensive income statement.

g.5)Fair value measurement and classification of financial instruments

The fair value of the various derivative financial instruments is calculated as follows:

·For derivatives traded on a formal market, by its quoted price as of year-end.

·The Group values derivatives not traded on formal markets by using discounted expected cash flows and generally accepted options valuation models, based on current and future market conditions as of year-end.

Using the procedures described, the Group classifies financial instruments at the following levels:

Level 1:Quoted price (unadjusted) in active markets for identical assets or liabilities;

Level 2:Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices); and

Level 3:Inputs for assets or liabilities that are not based on observable market data (unobservable inputs).

g.6)Derecognition of financial assets

Financial assets are derecognized when:

·The contractual rights to receive cash flows related to the financial asset expire or have been transferred or, if the contractual rights are retained, the Group has assumed a contractual obligation to pay these cash flows to one or more receivers.

·The Group has substantially transferred the risks and rewards of ownership of the financial asset, or, when it neither transfers nor retains substantially all the risks and rewards but does not retain control over the asset.

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Transactions in which the Group retains substantially all the inherent risks and rewards of ownership of the transferred asset, it continues recognizing the transferred asset in its entirety and recognizes a financial liability for the consideration received. Transactions costs are recognized in profit and loss by using the effective interest method (see Note 3.g.1).

h)Investments accounted for using the equity method

Investments in associates in which the Group has significant influence are recorded using the equity method.

The equity method consists of recording the investment in the statement of financial position based on the share of its equity that the Group’s interest represents in its capital, adjusted for, if appropriate, the effect of transactions with subsidiaries plus any goodwill generated in acquiring the company. If the resulting amount is negative, zero is recorded for that investment in the statement of financial position, unless there is a commitment from the Group to support the company’s negative equity situation, in which case a provision is recorded.

Dividends received from these companies are deducted from the value of the investment, and any profit or loss obtained from them to which the Group is entitled based on its interest is recorded under “Share of profit (loss) of associates accounted for using equity method.”

Appendix No. 3, “Enersis Group Associated Companies,” included in these consolidated financial statements, provides information about Enersis’ relationship with each of its associates.

i)Inventories

Inventories are valued at their weighted average acquisition price or the net realizable value, whichever is lower.

j)Non-current assets held for sale and discontinued operations

The Group classifies the following as “Non-current assets held for sale”: property, plant and equipment; intangible assets; investments accounted for using the equity method and disposals groups (a group of assets to be disposed of and the liabilities directly associated with those assets), if as of the date of the consolidated financial statements, the Group has taken active measures for their sale and estimates that such a sale is highly probable.

These held-for-sale assets or disposal groups are valued at the lower of their book value or fair value less selling costs. Depreciation and amortization on these assets cease when they meet the criteria to be classified as held for sale.

Non-current assets held for sale and the components of the disposal groups classified as held for sale are presented in these consolidated statement of financial position as a single line item within assets called “Non-current assets or disposal groups classified as held for sale,” and the respective liabilities are presented as a single line item within liabilities called “Liabilities included in disposal groups classified as held for sale.”

The Group classifies as “Discontinued operations” those which represent separate major lines of business or are part of a single coordinated plan to dispose of a separate major line of business that either has been disposed of, or are classified as held for sale.

The components of profit or loss after taxes from discontinued operations are presented as a single line item in the consolidated comprehensive income statement as “Net income from discontinued operations.”

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k)Treasury shares

Treasury shares are deducted from equity in the consolidated statement of financial position and valued at acquisition cost.

The gains and losses from the disposal of treasury shares are recorded directly under “Equity - Retained earnings”.  As of December 31, 2011, there are no treasury shares, and no transactions with treasure shares were made during the 2011, 2010, or 2009 fiscal years.

l)Provisions

Obligations existing as of the date of the consolidated financial statements resulting from past events which may negatively impact the Group’s equity, and whose amount and timing of payment are uncertain, are recorded as provisions in the consolidated statement of financial position at the present value of the most likely amount that it is believed that the Group will have to disburse to settle the obligation.

Provisions are quantified using the best information available as of the date of issuance of the consolidated financial statements regarding the consequences of the event causing the provision and are re-estimated at each subsequent accounting close.

l.1)Provisions for post-employment benefits and similar obligations

Some of the Group’s subsidiaries have pension and similar obligations to their employees. Such obligations, which combine defined benefits and defined contributions, are basically formalized through pension plans, except for certain non-monetary benefits, mainly electricity supply commitments, which, due to their nature, have not been externalized and are covered by the related in-house provisions.

For defined benefit plans, the cost of providing benefits is determined using the Projected Unit Credit Method, with actuarial valuations being carried out at the end of each reporting period. Past service costs relating to changes in benefits are recognized immediately to the extent that the benefits are already vested, and otherwise are amortized on a straight-line basis over the average period until the benefits become vested.

The defined benefit plan obligations in the statement of financial position represent the present value of the accrued obligations, adjusted, once the fair value of the different plans’ assets has been deducted, if applicable.

For each of the plans, any positive difference between the actuarial liability for past services and the plan assets is recognized under line item “Provisions for employee benefits” within current and non-current liabilities in the consolidated statement of financial position, and any negative difference is recognized under line item “Other financial assets” within non-current assets in the consolidated statement of financial position, provided that the negative difference is recoverable by the Group, usually through a reduction in future contributions and taking into consideration the limit established in IFRIC 14, “IAS 19 The limit on a defined benefit asset, minimum funding requirements, and their interaction.”

Contributions to defined contribution benefit plans are recognized as an expense in the consolidated statement of comprehensive income when the employees have rendered their services.

Actuarial gains and losses arising in the measurement of both the plan liabilities and the plan assets, including the limit in IFRIC 14, are recognized directly under “Equity - Retained earnings.”

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m)Conversion of balances in foreign currency

Transactions carried out by each company in a currency other than its functional currency are recorded using the exchange rates in effect as of the date of each transaction. During the year, any differences that arise between the exchange rate recorded in accounting and the rate prevailing as of the date of collection or payment are recorded as “Foreign currency exchange differences” in the comprehensive income statement.

Likewise, at the end of each period, balances receivable or payable in a currency other than each company’s functional currency are converted using the period-end exchange rate. Any valuation differences are recorded as “Foreign currency exchange differences” in the comprehensive income statement.

The Group has established a policy to hedge the portion of its subsidiaries’ revenue that is directly linked to variations in the US dollar by obtaining financing in this currency. Exchange differences related to this debt, as they are cash flow hedge transactions, are charged, net of taxes, to a reserve account in equity and recorded in income during the period in which the hedged cash flows are realized. This term has been estimated at ten years.

n)Current / Non-current classification

In these consolidated statements of financial position, assets and liabilities expected to be recovered or settled within twelve months are presented as current items and those assets and liabilities expected to be recovered or settled in more than twelve months are presented as non-current items.

Should the Company have any obligations that mature in less than twelve months but can be refinanced over the long term at the Company’s discretion, through unconditionally available credit agreements with long-term maturities, such obligations may be classified as long-term liabilities.

o)Income tax

Income taxes for the period are determined as the sum of current taxes from the Group’s different subsidiaries and result from applying the tax rate to the taxable base for the period, after allowable deductions have been made, plus any changes in deferred tax assets and liabilities and tax credits, both for tax losses and deductions. Differences between the book value and tax basis of assets and liabilities generate deferred tax asset and liability balances, which are calculated using tax rates expected to be in effect when the assets and liabilities are realized.

Current taxes and changes in deferred tax assets and liabilities not arising from business combinations are recorded in income or in equity in the statement of financial position, based on where the gains or losses originating them were recorded.

Deferred tax assets and tax credits are recognized only when it is likely that future tax gains will be sufficient to recover deductions for temporary differences and make use of tax credits.

Deferred tax liabilities are recognized for all temporary differences, except those derived from the initial recognition of goodwill and those that arose from valuing investments in subsidiaries, associates and jointly-controlled companies in which the Group can control their reversal and where it is likely that they will not be reversed in the foreseeable future.

Any deductions that can be applied to current tax liabilities are credited to earnings within the line item “Income tax expenses”, except when doubts exist about their tax realization, in which case they are not recognized until they are effectively realized, or when they correspond to specific tax incentives, in which case they are recorded as grants.

At each accounting period close, the Company reviews the deferred taxes it has recorded, both assets and liabilities, in order to ensure they remain current and otherwise make any necessary corrections based on the results of this analysis.

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p)Revenue and expense recognition

Revenues and expenses are recognized on an accrual basis.

Revenue is recognized when the gross inflow of economic benefits arising in the course of the Group’s ordinary activities in the period occurs, provided that this inflow of economic benefits results in an increase in total equity that is not related to contributions from equity participants and that these benefits can be measured reliably. Revenue is measured at the fair value of the consideration received or receivable that gives rise to the revenue.

Revenue associated with the rendering of services is only recognized if it can be estimated reliably, based on the stage of completion of the service rendered at the date of the statement of financial position.

The Group excludes from the revenue figure gross inflows of economic benefits it receives when it acts as an agent or commission agent on behalf of third parties, and only recognizes as revenue economic benefits received for its own account.

When goods or services are exchanged or swapped for goods or services of a similar nature, the exchange is not regarded as a revenue-generating transaction.

The Group records the net amount non-financial asset purchase or sale contracts settled for the net amount of cash or through some other financial instruments. Contracts entered into and maintained for the purpose of receiving or delivering these non-financial assets are recognized on the basis of the contractual terms of the purchase, sale, or usage requirements expected by the entity.

Interest income (expense) is recognized at the effective interest rate applicable to the outstanding principal over the repayment period.

q)Earnings per share

Basic earnings per share are calculated by dividing net income attributable to owners of the Parent (the numerator) by the weighted average number of ordinary shares outstanding (the denominator) during the period, excluding the average number of shares of the Parent held by the Group, if any.

During the 2011, 2010, and 2009 fiscal years, the Group did not engage in any transaction of any kind with potential dilutive effects leading to diluted earnings per share that could differ from basic earnings per share.

r)Dividends

Article 79 of the Chilean Companies Act establishes that, unless unanimously agreed otherwise by the shareholders of all issued shares, listed corporations must distribute a cash dividend to its shareholders on a yearly basis, prorated by the shares owned or the proportion established in the company’s by-laws if there are preferred shares, of at least 30% of net income for each period, except when accumulated losses from prior years must be absorbed.

As it is practically impossible to achieve a unanimous agreement given Enersis’ highly fragmented share capital, as of the end of each period the amount of the dividend obligation to its shareholders is determined, net of interim dividends approved during the year, and then accounted for in “Trade and other current payables” or “Accounts payable to related companies,” as appropriate, and charged to Equity.

Interim and final dividends are deducted from equity as soon as they are approved by the competent body, which in the first case is normally the Company’s Board of Directors and in the second case is the Ordinary Shareholders’ Meeting.

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s)Systems of share-based remunerations

When Group employees take part in remuneration plans tied to the price of Enel stock, and the cost of the plan is borne by this company, the Group records the fair value of the award as an expense for employee benefits. At the same time, an increase is recorded to equity under Other Reserves for the same amount, representing Enel’s contribution (see Note 8.3).

t)Cash flow statement

The cash flow statement reflects the changes in cash that took place during the period in relation to both continuing and discontinued operations, calculated using the direct method (see Note 3.b):

·Cash flows: inflows and outflows of cash or cash equivalents, which are defined as highly liquid investments maturing in less than three months with a low risk of changes in value.

·Operating activities: the principal revenue-producing activities of the Group and other activities that cannot be considered investing or financing activities.

·Investing activities: the acquisition and disposal of long-term assets and other investments not included in cash and cash equivalents

·Financing activities: activities that result in changes in the size and composition of the total equity and borrowings of the Group.

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4.SECTOR REGULATION AND ELECTRICITY SYSTEM OPERATIONS

There are different regulations in the Latin American countries in which the Group operates. The main characteristics of each business are discussed below.

4.1Generation:

a) Chile

In Chile, the electricity sector is regulated by the General Law of Electrical Services (Chilean Electricity Law), also known as DFL No. 1 of 1982, of the Ministry of Mining —whose compiled and coordinated text was established in DFL No. 4 issued in 2006 by the Ministry of Economy (the Electricity Law)— as well as by an associated Regulation (D.S. No. 327 issued in 1998). Three government bodies are primarily responsible for enforcing this law: the National Energy Commission (CNE), which has the authority to propose regulated tariffs (node prices) and to draw up indicative plans for the construction of new generating units; the Superintendency of Electricity and Fuels (SEF), which supervises and oversees compliance with the laws, regulations, and technical standards that govern the generation, transmission, and distribution of electricity, as well as liquid fuels, and gas; and, finally, the recently created Ministry of Energy, which will be responsible for proposing and guiding public policies on energy matters. It also oversees the SEF, the CNE, and the Chilean Commission for Nuclear Energy (“ChCNE”), thus strengthening coordination and allowing for an integrated view of the energy sector. The Ministry of Energy also includes the Agency for Energy Efficiency and the Center for Renewable Energy.  The Chilean Electricity Law has also established a Panel of Experts whose main task is to resolve potential discrepancies among the players in the electricity market, including electricity companies, system operators, regulators, etc.

The Chilean electrical sector is divided into four electrical grids: the Sistema Interconectado Central (SIC), the Sistema Interconectado del Norte Grande (SING), and two separate medium-size grids located in southern Chile, one in Aysén and the other in Magallanes. The SIC, the main electrical grid, runs 2,400 km longitudinally and connects the country from Taltal in the north to Quellon, on the island of Chiloe in the south. The SING covers the northern part of the country, from Arica down to Coloso, covering a length of some 700 km.

The electricity industry is divided into three business segments: generation, transmission, and distribution, all operating in an interconnected and coordinated manner, and whose main purpose is to supply electrical energy to the market at minimum cost while maintaining the quality and safety service standards required by the electrical regulations. Given their characteristics, the power transmission and distribution businesses are natural monopolies; these segments are regulated as such by the electricity law, which requires free access to networks and regulates rates.

Under the Chilean Electricity Law, companies engaged in generation and transmission on interconnected electrical grid must coordinate their operations through a centralizing operating agent, the Centro de Despacho Económico de Carga (CDEC), in order to operate the system at minimum cost while maintaining reliable service. For this reason, the CDEC plans and operates the system, including the calculation of the so-called “marginal cost,” which is the price assigned to CDEC-organized energy transfers occurring among power generating companies.

Therefore, a company’s decision to generate electricity is subject to the CDEC’s operation plan. On the other hand, each company is free to decide whether to sell its energy to regulated or unregulated customers. Any surplus or deficit between a company’s sales to its customers and its energy supply is sold to, or purchased from, other generators at the spot market price.

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A power generating company may have the following types of customers:

(i) Regulated customers: Those residential and commercial consumers and small and medium-size businesses with a connected capacity equal to or less than 500 kW located in the concession area of a distribution company. Customers that consume from 500 kW to 2000 kW may choose to be regulated or unregulated clients. Until 2009, the transfer prices between generators and distribution companies were capped at a maximum value called the node price, which is regulated by the Ministry of Energy. Node prices are set every six months, in April and October, based on a report prepared by the CNE that takes into account projections of expected marginal costs in the system over the next 48 months for the SIC and 24 months for the SING. Beginning in 2010, and as the node price contracts begin to expire, the transfer prices between generators and distributors will be replaced by the results of regulated bidding processes, with a price cap set by the authority every six months.

(ii) Unregulated customers: Those customers, mainly industrial and mining companies, with a connected capacity of over 2,000 kW. These consumers can freely negotiate prices for electrical supply with generators and/or distributors. Customers with capacity between 500 and 2,000 kW, as indicated in the preceding paragraph, have the option to contract energy at prices agreed upon with their suppliers or be subject to regulated prices, with a minimum stay of at least four years under each pricing system.

(iii) Spot market: This represents energy and capacity transactions among generating companies that result from the CDEC’s coordination to keep the system running as economically as possible, where the surpluses (deficits) between a generator’s energy supply and the energy it needs to comply with business commitments are transferred through sales (purchases) to (from) other generators in the CDEC.  In the case of energy, transfers are valued at the marginal cost, while node prices for capacity are set every semester by the regulators.

In Chile, the capacity that must be paid to each generator depends on an annual calculation performed by the CDEC to determine the firm capacity of each power plant, which is not the same as the dispatched capacity.

Beginning in 2010 with the enactment of Law 20,018, distribution companies must have enough supply permanently available to cover their entire demand projected for a period of three years; to do so, they must carry out long-term public bidding processes.

Regarding renewable energy, in April of 2008 Law 20,257 was enacted, which encourages the use of Non-Conventional Renewable Energies. The principal aspect of this law is that at least 5% of generators’ energy sold to its customers comes from renewable sources between years 2010 and 2014.  This requirement progressively increases by 0.5% from year 2015 until 2024, when a 10% renewable energy requirement will be reached.

b) The rest of Latin America

In the other Latin American countries where the Group operates, different regulations are enforced. In general, regulations in Brazil, Argentina, Peru, and Colombia allow participation of private capital in the electricity sector, uphold free competition in electricity generation, and define criteria to avoid certain levels of economic concentration and/or market practices that may cause a decline in this activity. Unlike Chile, state-owned companies participate in the electricity sector together with private companies in the electricity generation, transmission, and distribution activities.

The participation of companies in different activities (generation, distribution, and commercial), is allowed, as long as these activities are properly separated, both from an accounting and corporate point of view. Nevertheless, the transmission sector is where the strictest restrictions are usually imposed, mainly due to its nature and the need to assure adequate access to all players.

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In regards to the main characteristics of the electricity generation business, it can be said that in general, these are open markets in which private players are free to make their own investment decisions. The exceptions are: Brazil, a country which, based on the contractual needs of the distribution companies, the Ministry of Energy actively participates in the electricity system’s expansion by establishing capacity quotas by technology (separate bids for thermal, hydraulic, or renewable energies) or participates directly by organizing public bids for specific projects; and Argentina where, despite the government’s promotion of initiatives to encourage electricity investments, such as “Energia Plus,” installed capacity has not increased as much as expected. On November 25, 2010, the Ministry of Energy and the participants in the electricity generation market signed an agreement that, among other aspects, seeks to increase new generation project developments financed with funds that make up part of the outstanding debt that the Argentine government has with electricity companies.

The operation in these countries is coordinated in a centralized manner in which an independent operator coordinates the dispatch of electrical charges.  Except for Colombia, where charge dispatched is based on prices offered by the players, in the other countries charge dispatched is centralized, based on variable production costs in order to ensure the fulfillment of the demand at a minimum cost for the system. From that dispatch, the marginal cost, which defines the price for spot transactions, is determined.

Nevertheless, in Argentina and Peru to some extent there is currently intervention in setting prices in these marginal generation markets. This has occurred in Argentina since the 2002 crisis, and in Peru as a result of a recent Emergency Law enacted in 2008 that defines an idealized marginal cost, considering that no actual restrictions exist on the transportation system for gas and electricity.

In Colombia, Brazil, Peru, and Argentina, generation players are able to sell energy through contracts in the regulated or unregulated markets, and to trade their surplus/deficit on the spot market. The unregulated market is focused on the segment of large users, although the limits that define this status vary in each market. The principal differences among the markets involve how energy sales are regulated among generators and distributors and how regulated prices are established for the determination of the tariffs charged to end users.

Initially, Argentine law contemplated that the selling price charged by generators to distributors would have to be obtained from a centralized calculation of the average spot price expected for the next six months. However, after the 2002 crisis, Argentine authorities have established the price arbitrarily, forcing intervention in the marginal system and provoking a mismatch between actual generation costs and payment of the demand through distributors. Additionally, energy that can be sold by generators is limited to the demand that each generator had sold via energy contracts during the May — June 2005 period.

In Brazil, the regulated purchase price used in the determination of tariffs to end users is based on average prices of open bids, and there are separate bidding processes for existing and new energy. Bidding processes for new energy contemplate long-term generation contracts in which new generation projects must cover the growth of demand foreseen by distributors. The open bids for existing energy consider shorter contractual terms and seek to cover the distributors’ contractual needs arising from the expiry of prior contracts. Each bidding process is coordinated centrally. Authorities set maximum prices and, as a result, contracts are signed where all distributors participating in the process buy pro rata from each offering generator.

In Colombia, distributors are free to decide their supply, being able to define the conditions of public bidding processes where they acquire energy for the regulated market, and they are able to buy energy on the spot market. Prices paid by end users reflect an average of the purchase price. Since 2004, the CREG (the Colombian Energy and Gas Regulation Commission) is working on a proposal to modify the energy contracting system in the Colombian market.  Under the proposal, the existing contracting system will be modified into an electronic contract system.  This mechanism will replace the current bidding process for energy auctions with standardized commercial conditions, where contractual demand will be treated as a single aggregate demand.

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In Peru, as in Chile, distributors are obligated to enter into contracts, and the legislation was amended so that public bids for energy would be based on distributor requirements. Currently, there are only a few contracts between generators and distributors that are in force at “bar price” (the equivalent of the node price in Chile), which is set on the basis of centralized calculations. However, since 2007 contracts are based on public bids. Authorities approve the terms and conditions for the bidding and set the maximum price for each bid.

With the exception of Colombia, in all the other countries there is some statute in force that promotes the use of renewable energy. In practical terms, there are no incentives or obligations similar to those in Chile that would push these renewable energy technologies to be competitive on a larger scale. Authorities are responsible for promoting specific bidding processes under special conditions in order to make these projects viable.

4.2Distribution:

In the five countries where the Group operates, selling prices charged to clients are based on the purchase price paid to generators plus a component associated with the value added in distribution. Regulators set this value periodically through reviews of distribution tariffs. As a result, distribution is essentially a regulated activity.

a) Chile

In Chile, the distribution value added (VAD) is established every four years. For this, the local regulator, (i.e. the CNE) classifies companies in accordance with typical areas that group companies with similar distribution costs.  A distribution company’s return on investment depends on the company’s performance compared to model company standards defined by the regulator. In April 2009, the regulator published tariff formulas which are effective for the period November 2008 through November 2012.

b) The rest of Latin America

Similarly, in Peru, the VAD is calculated every 4 years, also using a model company method based on a typical area. The tariffs for the 2009-2013 period were published in October 2009.

In Brazil, there are three types of tariff adjustments: i) Ordinary Tariff Reviews (RTO) which are conducted periodically in accordance with the provisions in the concession contracts (in Coelce every 4 years and in Ampla every 5 years); (ii) Annual adjustment (IRT); and (iii) Extraordinary Reviews.

The latest RTO for Ampla is applicable for the 2009-2014 periods and for Coelce for the 2007-2011 period. At the end of 2011, the ANEEL regulating agency issued the modifications to the tariff calculation methods used for the third round of periodic reviews; one of the major changes is the decrease in the WACC. The most recent annual adjustments made by ANEEL were in April 2010 for Coelce and in March 2011 for Ampla. Coelce’s RTO for the 2011-2015 period and the annual readjustment are in process, using the new tariff methodology for the third round, and will go into effect in April 2012.

In Colombia, the CREG established in 2008 a new methodology for calculating the rate of return applicable to compensation for distribution, as well as a new methodology for establishing the charges for regional transmission and local distribution systems use. In October 2009, the CREG published the distribution charges for Codensa for the period 2009-2013. In 2011, the CREG carried out a study of the productivity index of the sales industry and issued the final resolutions of the Sales Regulations and loss management plans. The sales charge will be reviewed in 2012.

In Argentina, tariffs were frozen after the country’s debt default in 2001.  Edesur’s tariff restructuring started in 2007 with the enforcement of the “Acta Acuerdo.” Starting in that year, tariff adjustments (positive impact in the VAD) and inflation readjustments (via the cost monitoring mechanism, MMC) have been made. The last adjustment through the application of the MMC was for May-October 2007, and MMC adjustments not transferred to tariffs for subsequent periods remain pending to date. In July 2008, increases were authorized for clients with consumption in excess of 650kWh quarterly, and in October 2008, the government approved an increase for consumption in excess of 1,000 kWh per month; this last increase is a pass-through to the generators and was suspended between June and September 2010

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but restarted in October 2010. During the first few months of 2010, Edesur submitted the rate charts applying Resolution 467/08 and the complementary information requested by ENRE; the Comprehensive Tariff Review (RTI) of Edesur’s concession contract covered in the Renegotiation Agreement Accord is still pending. At the end of 2011, the Government announced a reduction in state subsidies, and a seasonal price increase was established for customers in certain businesses and industries and for some segments of residential customers in specific geographic areas.

·Market for unregulated customers

In the countries where the Group operates, distributors can supply their customers under a regulated or freely agreed conditions.  The supply limitations imposed on the unregulated market are as follows:

Country	kW threshold
Argentina	> 30 kW
Brazil	> 3,000 kW
Chile	> 500 kW
Colombia	> 100 kW or 55 MWh-month
Peru	> 200 kW (*)

(*)In April 2009, Peru established that clients between 200 and 2,500 kW could choose between the regulated and unregulated markets.

·Limits on integration and concentration

In general, current legislation defends free competition and defines criteria to avoid certain levels of economic concentration and/or market practices that would lead to a deterioration of the market.

In principle, the regulators allow the participation of companies in different activities (e.g. generation, distribution, and commercialization) as long as there is an adequate separation of each activity, for both accounting and company purposes.  Nevertheless, most of the restrictions imposed involve the transport sector mainly because of its nature and the need to guarantee adequate access to all agents.  In Argentina and Colombia there are specific restrictions if generation or distribution companies want to become majority shareholders in transportation companies.

Additionally, in Colombia, companies that were created after 1994 cannot be vertically integrated.  Furthermore, generation companies cannot participate in a distribution company if the participation rate is greater than 25% and vice versa.  Moreover, companies in Peru need a permit from the local authority if they have an ownership interest of more than 5% in one business and want to participate in another business.

Regarding concentration in a specific sector, in Argentina and Chile, there are no specific limits that affect the vertical or horizontal integration of a company. On the other hand, in Peru, integrations are subject to authorization if such integration is 5% vertical and 15% horizontal. In Colombia, for the generation and commercialization sectors, companies cannot have a market share that exceeds 25%.  Finally in Brazil, since 2007 there have been no restrictions to generation integration.  As for distribution, there are concentration limits, both on a national and electric subsystem level. On a national level, the authorities allow a 20% concentration in both segments.  As for the electric subsystem, the limit is 35% of the North and Northeast subsystems and 25% of the South, Southeast, and Midwest subsystems.

With regard to consolidations and mergers between agents of the same segment, current regulation requires authorization from the local regulator.

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·Access to the grid

In the countries where the Group operates, the right of access and toll or access price is regulated by the local authority.

In Peru, the toll-setting process that recognizes investments in Secondary and Complementary Transmission Systems for the period July 2006 through April 2013, and which are effective starting November 1, 2009, was concluded back in 2009.

In Chile, during 2010, local authorities developed part of the tariff process for determining the Subtransmission System’s Annual Value for the period 2011 through 2014. The CNE published the final technical report on May 13, 2011. Chilectra submitted its discrepancies to the Panel of Experts on June 3, 2011 and explained the grounds for these discrepancies in a public hearing on June 16. The Panel of Experts issued its ruling on August 8. The CNE incorporated this ruling and drew up a final technical report, which the Ministry of Energy is expected to use to publish its subtransmission tariff decree in the first quarter of 2012. The Decree will be retroactive to January 2011.

5.CASH AND CASH EQUIVALENTS

a)The detail of cash and cash equivalents as of December 31, 2011, 2010, and 2009 is as follows:

	Balance at
	12-31-2011	12-31-2010	12-31-2009
Cash and Cash Equivalents	ThCh$	ThCh$	ThCh$
Cash balances	1,287,851	279,960	2,033,228
Bank balances	269,065,858	186,975,512	280,296,850
Time deposits	398,152,529	518,742,837	631,827,134
Other fixed-income instruments	551,415,030	255,356,728	220,743,609
Total	1,219,921,268	961,355,037	1,134,900,821

Time deposits have a maturity of three months or less from their date of acquisition and accrue the market interest for this type of investments. Other fixed-income investments are mainly comprised of resale agreements maturing in 30 days or less. There are no amounts of cash and cash equivalents balances held by the Group that are not available for its use.

b)The detail of cash and cash equivalents by currency is as follows:

	12-31-2011	12-31-2010	12-31-2009
Currency	ThCh$	ThCh$	ThCh$
Chilean peso	535,594,942	322,190,328	171,799,777
Argentine peso	27,058,157	45,357,753	28,624,735
Colombian peso	268,199,899	150,964,209	395,598,094
Brazilian real	278,155,164	309,896,646	370,793,677
Peruvian sol	38,902,348	39,467,666	21,485,345
U.S. dollar	72,010,758	93,478,435	146,599,193
Total	1,219,921,268	961,355,037	1,134,900,821

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c)The following table shows the amounts received from the disposal of subsidiaries:

	12-31-2011		12-31-2010	12-31-2009
Disposal of subsidiaries	ThCh$		ThCh$	ThCh$
Inflow received for disposals in cash and cash equivalents	31,486,668		—	(23,744,357	)
Inflow of cash and cash equivalents in entities disposed of	(18,824,434	)	—	3,832,195
Assets and liabilities other than cash and cash equivalents in entities disposed of	(21,311,336	)	—	12,828,632
Total consideration received for disposals (*)	(8,649,102	)	—	(7,083,530	)

(*)See Note 2.4.1

6.OTHER FINANCIAL ASSETS

The detail of other financial assets as of December 31, 2011 and 2010 is the following:

	Balance at
	Current		Non-current
	12-31-2011	12-31-2010	12-31-2011	12-31-2010
Other financial assets	ThCh$	ThCh$	ThCh$	ThCh$
Available-for-sale financial investments — unquoted equity securities	—	—	2,805,803	2,422,288
Available-for-sale financial investments — quoted equity securities	—	—	86,852	88,909
Post-employment benefits (Surplus) (*)	—	—	—	3,352,698
Financial assets held to maturity	—	7,735,440	20,793,960	29,461,230
Hedging derivatives (**)	748,078	64,518	12,178,355	27,212,944
Non-hedging derivatives (***)	47,504	17,551	—	91,262
Other assets	143,638	—	1,490,091	339,391
Total	939,220	7,817,509	37,355,061	62,968,722

(*)See Note 23.2

(**)See Note 20.2.a

(***)See Note 20.2.b

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7.TRADE AND OTHER RECEIVABLES

(a)           The detail of trade and other receivables as of December 31, 2011 and 2010 is as follows:

	Balance at
	12-31-2011		12-31-2010
	Current	Non-current	Current	Non-current
Trade and other Receivables, Gross	ThCh$	ThCh$	ThCh$	ThCh$
Trade and other receivables, gross	1,166,221,729	444,327,960	1,216,533,291	335,892,068
Trade receivables, gross	1,064,550,354	182,387,693	1,124,250,876	206,462,719
Other receivables, gross	101,671,375	261,940,267	92,282,415	129,429,349

	Balance at
	12-31-2011		12-31-2010
	Current	Non-current	Current	Non-current
Trade and other Receivables, Net	ThCh$	ThCh$	ThCh$	ThCh$
Trade and other receivables, net	977,602,388	443,328,450	1,038,098,240	319,567,960
Trade receivables, net (1)	882,853,961	181,435,318	953,663,462	190,617,091
Other receivables, net (2)	94,748,427	261,893,132	84,434,778	128,950,869

(1)At December 31, 2010, this item included ThCh$ 40,398,048 corresponding to receivables due to our subsidiary Cachoeira Dourada S.A. from Compañía de Electricidade de Goiás (CELG), a state-owned entity of the State of Goiás, from previous years. CELG finally obtained the financing needed to meet its obligations, and the amounts owed were paid in December 2011.

(2)The non-current portion includes the financial asset classified as loans and receivables measured at amortized cost arising from application of IFRIC 12, Service Concession Arrangements, totaling ThCh$ 212,947,609 as of December 31, 2011 and ThCh$ 122,301,426 as of December 31, 2010.

(3)In general, balances in trade and other receivables do not accrue interest, except for receivables that arise through the application of IFRIC 12.

(4)There are no significant trade and other receivables balances held by the Group that are not available for its use.

(5)No single customer on an individual basis holds a balance that is significant in terms of the Group’s total sales or receivables.

(6)Refer to Note 8.1 for detailed information on amounts, terms, and conditions associated with accounts receivable from related companies.

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(b)           As of December 31, 2011 and 2010, the balance of unimpaired past due trade receivables is as follows:

	Balance at
Trade accounts receivable past due and unpaid but not impaired	12-31-2011 ThCh$	12-31-2010 ThCh$
Less than three months	81,387,613	124,589,681
Between three and six months	38,450,793	33,311,703
Between six and twelve months	30,144,689	29,193,251
More than twelve months	114,487,265	147,592,648
Total	264,470,360	334,687,283

(c)           The reconciliation of changes in the allowance for impairment of trade receivables is as follows:

	Current and
	Non-current
Trade receivables past due and impaired	ThCh$
Balance at January 1, 2010	165,332,661
Increases (decreases) for the year (*)	95,391,111
Amounts written off	(60,563,032	)
Foreign currency translation differences	(5,401,581	)
Balance at December 31, 2010	194,759,159
Increases (decreases) for the year (*)	18,649,480
Amounts written off	(7,046,353	)
Foreign currency translation differences	(16,743,435	)
Balance at December 31, 2011	189,618,851

(*)See Note 28: Depreciation, amortize ation, and impairment losses.

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8.BALANCES AND TRANSACTIONS WITH RELATED COMPANIES

Related party transactions are performed at current market conditions.

Balances and transactions between the Company and its subsidiaries and jointly controlled entities have been eliminated on consolidation and are not itemized in this note.

As of the date of these financial statements, no guarantees have been given or received nor has any allowance for bad or doubtful accounts been recorded with respect to receivable balances for related party transactions.

8.1Balances and transactions with related companies

The balances of accounts receivable and payable between the Company and its non-consolidatable related companies are as follows:

a)Accounts receivable from related companies

							Balance at
Taxpayer ID							Current		Non-Current
No.						Term of	12-31-2011	12-31-2010	12-31-2011	12-31-2010
(RUT)	Company	Country	Nature of Relationship	Currency	Description of Transaction	Transaction	ThCh$	ThCh$	ThCh$	ThCh$
Foreign	Empresa Eléctrica de Piura S.A.	Peru	Common Immediate Parent	Sol	Other services	Less than 90 days	208,118	144,144	—	—
Foreign	Endesa Energía S.A.U.	Spain	Common Immediate Parent	CPs	Other services	Less than 90 days	30,857	57,725	—	—
Foreign	Endesa Latinoamérica S.A.U.	Spain	Related to Immediate Parent	US$	Expenses	Less than 90 days	26,165	26,166	—	—
Foreign	Endesa Latinoamérica S.A.U.	Spain	Related to Immediate Parent	CPs	Other services	Less than 90 days	—	27,787	—	—
Foreign	Endesa Spain	Spain	Related to Immediate Parent	US$	Other services	Less than 90 days	4,230	4,230	—	—
Foreign	Endesa Spain	Spain	Related to Immediate Parent	CH$	Other services	Less than 90 days	—	47,229	—	—
96,524,140-K	Empresa Electrica Panguipulli S.A.	Chile	Common Immediate Parent	CH$	Other services	Less than 90 days	107	—	—	—
96,880,800-1	Empresa Electrica Puyehue S.A.	Chile	Common Immediate Parent	CH$	Other services	Less than 90 days	7	—	—	—
Foreign	Generalima S.A.C.	Peru	Common Immediate Parent	CH$	Other services	Less than 90 days	311,013	134,482	—	—
Foreign	Generalima S.A.C.	Peru	Common Immediate Parent	Sol	Other services	Less than 90 days	578	—	—	—
Foreign	SACME S.A.	Argentina	Associate	Ar$	Other services	Less than 90 days	630,091	312,951	—	—
Foreign	Endesa Cemsa S.A.	Argentina	Associate	Ar$	Commercial current account	Less than 90 days	23,839,664	18,413,497	—	—
Foreign	Endesa Cemsa S.A.	Argentina	Associate	Ar$	Other	Less than 90 days	16,724	—	—	—
76,788,080-4	GNL Quintero S.A.	Chile	Associate	CH$	Other services	Less than 90 days	8,926,072	458,094	—	—
76,418,940-k	GNL Chile S.A.	Chile	Associate	US$	Other services	Less than 90 days	591,541	533,218	—	—
76,418,940-k	GNL Chile S.A.	Chile	Associate	CH$	Loans	Less than 90 days	379,862	312,084	—	—
Foreign	PH Chucas Costa Rica	Costa Rica	Common Immediate Parent	CH$	Other services	Less than 90 days	317,563	—	—	—
		Total					35,282,592	20,471,607	—	—

b)Accounts payable to related companies

							Balance at
							Current		Non-Current
Taxpayer ID							12-31-2011	12-31-2010	12-31-2011	12-31-2010
No. (RUT)	Company	Country	Nature of Relationship	Currency	Description of Transaction	Term of Transaction	ThCh$	ThCh$	ThCh$	ThCh$
Foreign	Empresa Eléctrica de Piura S.A.	Peru	Common Immediate Parent	Sol	Other services	Less than 90 days	995,885	858,345	—	—
Foreign	Endesa Latinoamérica S.A	Spain	Related to Immediate Parent	Ar$	Dividends	Less than 90 days	130,841	127,669	—	—
Foreign	Endesa Latinoamérica S.A	Spain	Related to Immediate Parent	CH$	Dividends	Less than 90 days	69,240,261	89,382,016	—	—
Foreign	Endesa Latinoamérica S.A	Spain	Related to Immediate Parent	Real	Dividends	Less than 90 days	1,207,252	—	—	—
Foreign	Endesa Latinoamérica S.A.	Spain	Related to Immediate Parent	CPs	Dividends	Less than 90 days	27,306,717	—	—	—
Foreign	Endesa Latinoamérica S.A. (1)	Spain	Related to Immediate Parent	US$	Loans	Less than one year	—	2,428,068	—	1,084,290
96,524,140-K	Empresa Electrica Panguipulli S.A.	Chile	Common Immediate Parent	CH$	Other services	Less than 90 days	182,599	—	—	—
96,880,800-1	Empresa Electrica Puyehue S.A.	Chile	Common Immediate Parent	CH$	Other services	Less than 90 days	60,659	—	—	—
Foreign	SACME	Argentina	Associate	Ar$	Other services	Less than 90 days	152,402	139,826	—	—
96,806,130-5	Electrogas S.A.	Chile	Associate	CH$	Other services	Less than 90 days	538,373	217,889	—	—
Foreign	Endesa Cemsa S.A.	Argentina	Associate	Ar$	Commercial Current Account	Less than 90 days	19,615,744	15,953,845	—	—
Foreign	Endesa Cemsa S.A.	Argentina	Associate	Real	Services rendered	Less than 90 days	21,546,571	15,658,298	—	—
Foreign	Endesa Cemsa S.A.	Argentina	Associate	Ar$	Other services	Less than 90 days	3,081	3,006	—	—
Foreign	Endesa Cemsa S.A.	Argentina	Associate	CH$	Other services	Less than 90 days	68,039	—	—	—
76,418,940-k	GNL Chile S.A.	Chile	Associate	CH$	Other services	Less than 90 days	8,517,317	23,427,988	—	—
Foreign	Carboex S.A.	Spain	Common Immediate Parent	CH$	Other services	Less than 90 days	5,586,847	5,310	—	—
Foreign	Termoeléctrica Manuel Belgrano S.A.	Argentina	Associate	Ar$	Commercial Current Account	Less than 90 days	846	—	—	—
Foreign	Enel Energy Europe S.L.U.	Italy	Ultimate Controlling Party	CPs	Other services	Less than 90 days	124,977	—	—	—
Foreign	Enel Energy Europe S.L.U.	Italy	Ultimate Controlling Party	CH$	Other services	Less than 90 days	1,613,683	—	—	—
Foreign	Enel Energy Europe S.L.U.	Italy	Ultimate Controlling Party	Euros	Other services	Less than 90 days	13,589	—	—	—
Foreign	Enel Energy Europe S.L.U.	Italy	Ultimate Controlling Party	Real	Other services	Less than 90 days	44,705	—	—	—
Foreign	Enel Distribuzione S.p.A	Italy	Ultimate Controlling Party	CH$	Other services	Less than 90 days	4,782	—	—	—
Foreign	Enel Green Power Mexico	Mexico	Common Immediate Parent	CH$	Other services	Less than 90 days	222,468	—	—	—
		Total					157,177,638	148,202,260	—	1,084,290

(1)              The balance payable to Endesa Latinoamérica S.A.U. relates to a loan granted to Compañía de Interconexión Energética S.A. (CIEN) to purchase machinery and equipment necessary to complete the construction of its second transmission line. The loan is denominated in US dollars, bears an annual interest rate of LIBOR + 2.73% and matures in May 2012

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c)Significant transactions and income/expense effects:

Transactions with non-consolidatable related companies and their effects in profit or loss are as follows:

Taxpayer ID No. (RUT)	Company	Country	Nature of Relationship	Description of Transaction	12-31-2011 Total ThCh$		12-31-2010 Total ThCh$		12-31-2009 Total ThCh$
Foreign	Empresa Eléctrica de Piura S.A.	Peru	Common Immediate Parent	Other operating income	57,534		162,670		—
Foreign	Empresa Eléctrica de Piura S.A.	Peru	Common Immediate Parent	Other fixed operating expenses	—		(56,482	)	—
Foreign	Empresa Eléctrica de Piura S.A.	Peru	Common Immediate Parent	Energy purchases	(13,352,506	)	(14,267,877	)	(9,528,999	)
Foreign	Empresa Eléctrica de Piura S.A.	Peru	Common Immediate Parent	Other services rendered	210,546		191,034		243,809
Foreign	Empresa Eléctrica de Piura S.A.	Peru	Common Immediate Parent	Energy sales	97,878		3,512		968,848
Foreign	Endesa Energía S.A.U.	Spain	Common Immediate Parent	Other operating income	48,844		39,585		35,352
Foreign	Endesa Latinoamérica S.A	Spain	Immediate Parent	Financial interest	118,904		(178,114	)	1,533,007
Foreign	Endesa Latinoamérica S.A	Spain	Immediate Parent	Other fixed operating expenses	(4,490	)	—		—
Foreign	Endesa Servicios S.A.U.	Spain	Common Immediate Parent	Other services rendered	23,148		70,331		480,584
Foreign	Endesa Servicios S.A.U.	Spain	Common Immediate Parent	Other fixed operating expenses	(1,165	)	(7,380	)	—
Foreign	Endesa Servicios S.A.U.	Spain	Common Immediate Parent	Other sales	75,041		127,091		—
Foreign	Eléctrica Cabo Blanco S.A.C.	Peru	Common Immediate Parent	Other services rendered	—		2,705		—
Foreign	Generalima S.A.C.	Peru	Common Immediate Parent	Other services rendered	598,940		395,480		113,001
76,418,940-k	GNL Chile S.A.	Chile	Associate	Gas consumption	(161,567,799	)	(157,412,913	)	—
76,418,940-k	GNL Chile S.A.	Chile	Associate	Other services rendered	39,006		—		—
76,788,080-4	GNL Quinteros S.A.	Chile	Associate	Energy sales	6,824,604		418,290		398,267
76,788,080-4	GNL Quinteros S.A.	Chile	Associate	Loans	—		—		(247,192	)
76,788,080-4	GNL Quinteros S.A.	Chile	Associate	Other services rendered	—		86,563		37,651
96,976,600-0	Gestión Social S.A. (*)	Chile	Related to Director	Other services rendered	75,693		91,412		78,345
78,488,290-k	Tironi y Asociados S.A. (*)	Chile	Related to Director	Other services rendered	33,703		62,602		17,243
Foreign	SACME	Argentina	Associate	Outsourced services	(945,433	)	(759,389	)	(759,968	)
96,880,800-1	Empresa Eléctrica Puyehue S.A.	Chile	Common Immediate Parent	Energy purchases	(2,277,414	)	(1,919,788	)	—
96,880,800-2	Empresa Eléctrica Puyehue S.A.	Chile	Common Immediate Parent	Energy sales	43,114		48,042		—
96,524,140-K	Empresa Eléctrica Panguipulli S.A.	Chile	Common Immediate Parent	Energy purchases	(3,813,927	)	(3,554,055	)	—
96,524,140-K	Empresa Eléctrica Panguipulli S.A.	Chile	Common Immediate Parent	Energy sales	131,038		8,876		—
Foreign	Enel S.p.A.	Italy	Ultimate Controlling Party	Other services rendered	—		—		688,898
Foreign	Enel S.p.A.	Italy	Ultimate Controlling Party	Other sales	—		175,358		—
Foreign	Enel Energy Europe S.L.U.	Italy	Ultimate Controlling Party	Other services rendered	1,389,272		—		—
96,806,130-5	Electrogas S.A.	Chile	Associate	Gas transportation tolls	(2,914,936	)	(2,814,618	)	(1,239,471	)
Foreign	Carboex S.A.U.	Spain	Common Immediate Parent	Other services rendered	(39,042,866	)	—		—
Foreign	Termoeléctrica Manuel Belgrano S.A.	Argentina	Associate	Other financial income	286,516		—		—
Foreign	Termoeléctrica José de San Martín S.A.	Argentina	Associate	Other financial income	211,530		—		—
Foreign	ENEL Green Power Mexico	Mexico	Common Immediate Parent	Other services rendered	19,216		—		—
Foreign	PH Chucas Costa Rica	Costa Rica	Common Immediate Parent	Other services rendered	419,356		—		—
76,583,350-7	Konecta Chile S.A.	Chile	Associate	Loans	—		—		49,992
76,583,350-8	Konecta Chile S.A.	Chile	Associate	Other variable expenses	—		(22,179	)	—
76,583,350-7	Konecta Chile S.A.	Chile	Associate	Other services rendered	29,788		170,762		3,028
				Total	(213,186,865	)	(178,938,482	)	(7,127,605	)

Transfers of short-term funds between related companies are treated as current cash transactions, with associated variable interest rates based on market conditions. The resulting amounts receivable or payable are usually at 30 days term, with automatic rollover for the same term and amortization in line with cash flows.

(*)   Companies with a connection to Enersis Director Eugenio Tironi Barrios. As of December 31, 2011, balance pending payment to the company Sociedad Gestión Social S.A. is ThCh$ 4,119. At the end of the 2010 fiscal year, the balance payable was ThCh$ 17,097.

8.2Board of Directors and key management personnel

Enersis is managed by Board of Directors which consists of seven members. Each director serves for a three-year term after which they can be reelected.

The Board of Directors was elected at the Ordinary Shareholders Meeting held on April 26, 2011. The Chairman, Vice Chairman, and Secretary were designated at the Board meeting held on April 27, 2011.

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a)Accounts receivable and payable and other transactions

·Accounts receivable and payable

There are no outstanding amounts receivable or payable between the Company and the members of the Board of Directors and key management personnel.

·Other transactions

No other transactions have taken place between the Company and the members of the Board of Directors and key management personnel.

b)Compensation for Directors.

In accordance with Article 33 of Law No.18,046 governing stock corporations, the compensation of Directors is established each year at the Ordinary Shareholders Meeting of Enersis S.A.

The remuneration consists of paying a variable annual compensation equal to one one-thousandth of the profit for the year (attributable to Shareholders of the company). Also, each member of the Board will be paid a monthly compensation, one part a fixed monthly fee and another part dependent on meetings attended. The remuneration breaks down as follows:

·101 UF as a fixed monthly fee, and

·66 UF as per diem for each Board meeting attended.

The amounts paid for the monthly fee will be treated as payment in advance of the variable annual compensation described above. As stated in the by-laws, the remuneration for the Chairman of the Board will be twice that of a Director, and the compensation of the Vice Chairman will be 50% higher than that of a Director.

Any advance payments received will be deducted from the annual variable compensation, with no reimbursement if the annual variable compensation is lower than the total amount paid in advances. The variable compensation will be paid after the Ordinary Shareholders’ Meeting approves the Annual Report, Balance Sheet and Financial Statements, and the Independent Auditors’ Reports and Account Inspectors’ Reports for the year ending December 31, 2011.

If any Director of Enersis S.A. is a member of more than one Board in any Chilean or foreign subsidiaries and/or associates, or holds the position of director or advisor in other Chilean or foreign companies or legal entities in which Enersis S.A. has a direct or indirect ownership interest, that Director can be compensated for his/her participation in only one of those Boards.

The Executive Officers of Enersis S.A. and/or any of its Chilean or foreign subsidiaries or associates will not receive any compensation or per diem if they hold the position of director in any of the Chilean or foreign subsidiaries or associates of Enersis S.A. Nevertheless, the executives may receive such compensation or per diem provided it is authorized as payment in advance of the variable portion of their remuneration received from the respective companies by which the executives are employed.

Directors Committee:

Each member of the Directors Committee will receive a variable remuneration equal to 0.11765 thousandth of the profit for the year (attributable to owners of parent). Also each member will be paid a monthly compensation, one part in a fixed monthly fee and another part dependent on meetings attended.

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This remuneration is broken down as follows:

·38.00 UF as a fixed monthly fee, and

·18.00 UF as per diem for each Board meeting attended.

The amounts paid for the monthly fee will be treated as payment in advance of the variable annual compensation described above.

Any advance payments received will be deducted from the annual variable compensation, with no reimbursement if the annual variable compensation is lower than the total amount paid in advances. The variable compensation will be paid after the Ordinary Shareholders’ Meeting approves the Annual Report, Balance Sheet and Financial Statements, and the Independent Auditors’ Reports and Account Inspectors’ Reports for the year ending December 31, 2011.

The following tables show details of the compensation paid to the members of the Board of Directors as of December 31, 2011 and 2010:

			12-31-2011
Taxpayer ID No. (RUT)	Name	Position	Period in Position	Enersis Board ThCh$	Board of Subsidiaries or Associates ThCh$	Directors Committee ThCh$	Auditing Committee ThCh$
5,710,967-K	Pablo Yrarrázaval Valdés	Chairman	January - December 2011	80,062	—	—	—
Foreign	Andrea Brentan (1)	Vice Chairman	January - December 2011	—	—	—	—
48,070,966-7	Rafael Miranda Robredo	Director	January - December 2011	39,256	—	—	—
5,719,922-9	Leonidas Vial Echeverría (2)	Director	January - December 2011	40,031	—	13,018	—
6,429,250-1	Rafael Fernández Morandé (2)	Director	January - December 2011	40,031	—	13,410	—
4,132,185-7	Hernán Somerville Senn	Director	January - December 2011	40,031	—	13,410	—
5,715,860-3	Eugenio Tironi Barrios	Director	January - December 2011	40,031	—	—	—
	TOTAL			279,442	—	39,838	—

			12-31-2010
Taxpayer ID No. (RUT)	Name	Position	Period in Position	Enersis Board ThCh$	Board of Subsidiaries or Associates ThCh$	Directors Committee ThCh$	Auditing Committee ThCh$
5,710,967-K	Pablo Yrarrázaval Valdés	Chairman	January - December 2010	55,023	—	759	—
48,070,966-7	Rafael Miranda Robredo	Director	January - December 2010	27,511	—		—
5,719,922-9	Leonidas Vial Echeverría (2)	Director	April - December 2010	19,138	—	6,638	—
6,429,250-1	Rafael Fernández Morandé (2)	Director	April - December 2010	19,138	—	6,638	—
4,132,185-7	Hernán Somerville Senn	Director	January - December 2010	26,743	—	8,665	1,520
5,715,860-3	Eugenio Tironi Barrios	Director	January - December 2010	26,750	—	764	—
5,206,994-7	Patricio Claro Grez (3)	Director	January - April 2010	8,373	—	2,284	1,520
	TOTAL			182,676	—	25,748	3,040

			12-31-2009
Taxpayer ID No. (RUT)	Name	Position	Period in Position	Enersis BoardThCh$	Board of Subsidiaries or Associates ThCh$	Directors Committee ThCh$	Auditing Committee ThCh$
5,710,967-K	Pablo Yrarrázaval Valdés	Chairman	January - December 2009	55,012	—	8,388	—
48,070,966-7	Rafael Miranda Robredo	Vice Chairman	January - December 2009	35,855	—	—	—
48,077,275-K	Pedro Larrea Paguaga	Director	January - July 2009	16,856	—	—	—
4,132,185-7	Hernán Somerville Senn	Director	January - December 2009	28,280	—	9,163	3,824
5,715,860-3	Eugenio Tironi Barrios	Director	January - December 2009	28,279	—	—	—
5,206,994-7	Patricio Claro Grez	Director	January - December 2009	28,280	—	9,163	3,824
4,108,103-1	Juan Eduardo Errázuriz Ossa	Director	January - October 2009	23,698	—	—	3,061
	TOTAL			216,260	—	26,714	10,709

(1)               Mr. Andrea Brentan waived the fees and allowances due him as company Director.

(2)               Director since April 27, 2010.

(3)               Director until April 27, 2010.

c)Guarantees established by the Company in favor of the Directors

No guarantees have been given to the directors

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8.3Compensation for key management personnel

a)Compensation received by key management personnel

Key Management Personnel

Taxpayer ID No. (Rut)	Name	Position
22,298,662-1	Ignacio Antoñanzas Alvear	Chief Executive Officer
23,535,550-7	Massimo Tambosco (1)	Deputy Chief Executive Officer
9,574,296-3	Alfredo Ergas Segal	Chief Financial Officer
14,710,692-0	Angel Chocarro García	Accounting Officer
22,357,225-1	Ramiro Alfonsín Balza	Planning and Control Officer
23,363,734-3	Urrea Gómez Alba Marina (2)	Internal Audit Officer
7,006,337-9	Francisco Silva Bafalluy (3)	General Services Officer
11,470,853-4	Juan Pablo Larraín Medina	Communications Officer
23,014,537-7	Carlos Niño Forero (4)	Human Resources Officer
7,706,387-0	Eduardo Lopez Miller (2)	Procurement Officer
6,973,465-0	Domingo Valdés Prieto	General Counsel

(1)        Since October 1, 2010

(2)        Since April 1, 2010

(3)        Until November 2010 as Human Resources Officer and since December 1, 2010 as Regional General Services Officer

(4)        Since December 1, 2010

Compensation paid to key management personnel totaled ThCh$ 3,458,934 as of December 31, 2011 (ThCh$ 2,695,060 as of December 31, 2010). This compensation includes the salaries paid and an estimate of the accrued short-term (annual bonuses) and long-term (severance indemnities payment) benefits.

Incentive plans for key management personnel

Enersis has implemented an annual bonus plan for its executives based on meeting company-wide objectives and on the level of their individual contribution in achieving the overall goals of the Group. The plan provides for a range of bonus amounts according to seniority level. The bonuses paid to the executives consist of a certain number of monthly gross remunerations.

b)Guarantees established by the Company in favor of key management personnel

No guarantees have been given to key management personnel.

8.4Compensation plans linked to share price

There are no payment plans granted to the Directors or key management personnel based on the price of Enersis stock.

However, certain key Enersis personnel benefit from one of the Enel remuneration plans that is based on the price of its stock.  The cost of this plan is borne by Enel and does not give rise to any payment obligations for Enersis. The main features of this plan are the following:

Restricted share units plan from 2008:

This plan is aimed at Enel Group executives, and its beneficiaries are divided into brackets.  The basic number of units granted to each beneficiary was determined on the basis of the average gross annual compensation of the bracket, as well as the price of Enel shares at the start of the period covered by the plan (January 2, 2008). The right to exercise the units is subordinate to the condition that the executives concerned remain employed within the Group, with a few exceptions.

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The plan establishes a suspensory operational objective (a “hurdle target”) as follows:

i)For the first 50% of the basic number of units granted, Group EBITDA for 2008-2009, calculated on the basis of the amounts specified in the budgets for those years; and

ii)For the remaining 50% of the basic number of units granted, Group EBITDA for 2008-2010, calculated on the basis of the amounts specified in the budgets for those years

If the hurdle target, as described above, is achieved, the actual number of units that can be exercised by each beneficiary is determined on the basis of a performance objective represented by:

i)For the first 50% of the basic number of units granted, a comparison on a total shareholders’ return basis — for the period from January 1, 2008 to December 31, 2009 — between the performance of ordinary Enel shares on the Italian stock exchange and that of a specific reference index.

ii)For the remaining 50% of the basic number of units granted, a comparison on a total shareholders’ return basis — for the period from January 1, 2008 to December 31, 2010 — between the performance of ordinary Enel shares on the Italian stock exchange and that of a specific reference index.

The number of units that can be exercised may vary up or down with respect to the basic unit granted by a percentage amount of between 0% and 120% as determined on the basis of a specific performance scale.

If the hurdle target is not achieved in the first two-year period, the first tranche of 50% of the units granted may be recovered if the same hurdle target is achieved over the longer three-year period indicated above. It is also possible to extend the validity of the performance level registered in the 2008-2010 period to the 2008-2009 period.

Depending on the degree to which both objectives are met, of the total number of units granted, 50% may be exercised from the second year subsequent to the year in which they were granted, and the remaining 50% as from the third year subsequent to the year in which they were granted.  The deadline for exercising all the units is the sixth year subsequent to the year in which they were granted.

The following table summarizes the plan’s evolution.

	Number of Restricted Share Units
Restricted units granted December 31, 2008	2,700
Restricted units expired in 2009	—
Restricted units pending at December 31, 2009	2,700
Restricted units expired in 2010	—
Restricted units exercised in 2010	—
Restricted units pending at December 31, 2010	2,700
Restricted units pending at January 1, 2011 (with a revaluation of 120%)	3,240
Restricted units exercised in the first half of 2011	3,240	(*)
Restricted units pending at December 31, 2011	—

(*)   The fiscal year value of the restricted share units was €13,683.

Using the accounting criterion described in Note 3.s, Enersis simultaneously recognized a personnel expense and an equity increase for € 1,614 (ThCh$ 1,094). This amount corresponds to the accrued value during the period in which key personnel involved in this plan provided services to Enersis.

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9.INVENTORIES

The detail of inventories as of December 31, 2011 and 2010 is as follows:

	Balance at
	12-31-2011	12-31-2010
Classes of Inventory	ThCh$	ThCh$
Goods	2,575,623	691,241
Supplies for production	52,637,681	36,711,384
Other inventories (*)	22,712,240	25,249,079
Total	77,925,544	62,651,704
Detail of other inventories
(*) Other inventories	22,712,240	25,249,079
Supplies for projects and spare parts	9,817,787	7,332,861
Electric supplies	12,894,453	17,916,218

There are no inventories pledged as security for liabilities.

As of December 31, 2011, the figure for raw materials and supplies recognized as an expense was ThCh$ 742,639,363 (ThCh$ 672,038,103 and ThCh$ 580,237,613 as of December 31, 2010 and 2009, respectively). See Note 26.

As of December 31, 2011, 2010, and 2009, no inventories have been written down.

10.CURRENT TAX RECEIVABLES AND PAYABLES

The detail of current tax receivables as of December 31, 2011 and 2010 is as follows:

	Balance at
	12-31-2011	12-31-2010
Tax Receivables	ThCh$	ThCh$
Monthly provisional tax payments	84,429,230	72,580,350
VAT tax credit	39,192,265	29,618,364
Tax credit for absorbed profits	8,067,408	14,672,543
Tax credit for training expenses	7,040	242,796
Other	10,131,741	20,873,288
Total	141,827,684	137,987,341

The detail of current tax payables as of December 31, 2011 and 2010 is as follows:

	Balance at
	12-31-2011	12-31-2010
Tax Payables	ThCh$	ThCh$
Income tax payable	104,420,761	72,454,199
VAT tax charge	45,054,989	36,856,368
Stamp taxes	136	733
Provision for taxes	6,096,210	1,583,669
Other	80,281,146	36,771,686
Total	235,853,242	147,666,655

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11.NON-CURRENT ASSETS AND DISPOSAL GROUPS HELD FOR SALE

During the fourth quarter of 2009, the Board of Directors of Enersis authorized the sale of the subsidiaries Compañía Americana de Multiservicios S.A. (CAM) and Synapsis Soluciones y Servicios IT Ltda. (Synapsis), as they were considered “non-core” businesses. The sale process included at first an internal verification of the market and the hiring of financial advisors to provide assistance in the sale process.  Once offers were received, they were submitted to the Board so that it could make the final decision about the sale and its specific conditions.

The potential sale of CAM was considered to be highly probable as of the end of 2009. As for Synapsis, such consideration was taken into account as of September 2010. After those dates, the Company applied IFRS 5 Non-current Assets Held for Sale and Discontinued Operations (IFRS 5) to account for these transactions.

CAM and Synapsis provide services in the five countries where Enersis operates in Latin America, i.e. Chile, Argentina, Brazil, Colombia, and Peru. CAM is present with its products and services throughout the electric cycle, including provision, materials logistics, construction and startup of electric projects, certification of equipment, and measurement of final consumption. On the other hand, Synapsis is a company that provides information technology services.  It specializes in defining strategies companies can use and helping them select software that satisfies their business needs.  Synapsis also designs the infrastructure of the services that will be provided and the methodology to be used, as well as other services.

On December 20, 2010, the Board of Directors of Enersis accepted the offers received to purchase its entire interests in CAM and Synapsis. The CAM offer was presented by Graña y Montero S.A.A, a Peruvian company that offered US$ 20 million, an amount which, after a price adjustment and contractual compensations, was reduced to US$ 14.2 million.  As for Synapsis, Riverwood Capital L.P., a company domiciled in the United States of America, presented a US$ 52 million offer to purchase Synapsis, which will be paid upon the closing of the sales transaction. The sale of CAM was closed on February 24, 2011, and the Synapsis sale was finalized on March 1, 2011 (see Note 2.4.1).

As described in Note 3 j), non-current assets and disposal groups held for sale have been recorded at the lower of book value or fair value less selling costs.  The impact of this treatment was to record an additional impairment on CAM’s net assets as of December 31, 2010 in the amount of ThCh$ 14,881,960, which accumulates to a total impairment of ThCh$ 36,797,809 related to CAM as of December 31, 2010 (ThCh$ 21,915,849 as of December 31, 2009), which was calculated based on the sales price received

Results of operations on these companies prior to sale in 2011 were not significant. The detail of the assets and liabilities classified as held for sale as of December 31, 2010 is as follows:

ASSETS	Dec. 2010 ThCh$
CURRENT ASSETS	47,201,981
Cash and cash equivalents	9,495,181
Other current non-financial assets	1,250,133
Trade and other receivables	22,976,361
Inventories	7,439,747
Current tax assets	6,040,559
NON-CURRENT ASSETS	26,691,309
Other non-current financial assets	53,909
Other non-current non-financial assets	547,349
Non-current receivables	2,367,103
Intangible assets other than goodwill	1,461,938
Property, plant, and equipment, net	19,130,668
Deferred taxes	3,130.342
TOTAL ASSETS	73,893,290

LIABILITIES	Dec. 2010 ThCh$
CURRENT LIABILITIES	56,007,440
Other current financial liabilities	6,210,788
Trade and other payables	28,912,663
Other short-term provisions	11,739,296
Other current non-financial liabilities	9,144,693
NON-CURRENT LIABILITIES	8,622,949
Other non-current financial liabilities	837,446
Deferred taxes	4,171,839
Non-current provisions for employee benefits	2,582,969
Other non-current non-financial liabilities	1,030,695
TOTAL LIABILITIES	64,630,389

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12.INVESTMENTS ACCOUNTED FOR USING THE EQUITY METHOD, AND JOINTLY-CONTROLLED COMPANIES

12.1Equity method accounted investments

a.The following tables present the changes in shareholders’ equity of the Group’s equity method investments during the 2011 and 2010 fiscal years:

Taxpayer ID No. (RUT)	Movements in Investments in Associates	Country	Currency	Ownership Interest		Balance at 01/01/2011 ThCh$	Share of Profit (Loss) ThCh$	Dividends Declared ThCh$		Foreign Currency Translation ThCh$	Other ComprehensiveIncome ThCh$		Balance at 12-31-2011 ThCh$		Negative Equity Provision ThCh$	Balance at 12-31-2011 ThCh$
96,806,130-5	Electrogas S.A. (1)	Chile	U.S. dollar	42.50	%	3,827	4,159,992	(4,142,727	)	918,611	8,793,697		9,733,400		—	9,733,400
96,889,570-2	Inversiones Electrogas S.A.	Chile	Chilean peso	42.50	%	8,089,685	—	—		—	(8,089,685	)	—		—	—
76,788,080-4	GNL Quintero S.A.	Chile	U.S. dollar	20.00	%	2,883,633	4,055,771	—		66,992	(15,880,240	)	(8,873,844	)	8,873,844	—
Foreign	Endesa Cemsa S.A.	Argentina	Argentine peso	45.00	%	3,094,078	249,673	—		84,729	—		3,428,480		—	3,428,480
Foreign	Sacme S.A.	Argentina	Argentine peso	50.00	%	30,151	468	—		763	—		31,382		—	31,382
76,583,350-7	Konecta Chile S.A.	Chile	Chilean peso	26.20	%	278	—	—		—	(278	)	—		—	—
				TOTAL		14,101,652	8,465,904	(4,142,727	)	1,071,095	(15,176,506	)	4,319,418		8,873,844	13,193,262

Taxpayer ID No. (RUT)	Movements in Investments in Associates	Country	Currency	Ownership Interest		Balance at 01/01/2010 ThCh$	Share of Profit (Loss) ThCh$		Dividends Declared ThCh$		Foreign Currency Translation ThCh$		Other ComprehensiveIncome ThCh$		Balance at 12-31-2010 ThCh$	Negative Equity Provision ThCh$	Balance at 12-31-2010 ThCh$
96,806,130-5	Electrogas S.A. (1)	Chile	U.S. dollar	0.02	%	3,775	1,867		(1,635	)	(180	)	—		3,827	—	3,827
96,889,570-2	Inversiones Electrogas S.A.	Chile	Chilean peso	42.50	%	7,818,937	3,352,867		(3,186,199	)	104,080		—		8,089,685	—	8,089,685
76,788,080-4	GNL Quintero S.A.	Chile	U.S. dollar	20.00	%	10,127,465	(2,542,879	)	—		(569,597	)	(4,131,356	)	2,883,633	—	2,883,633
Foreign	Endesa Cemsa S.A.	Argentina	Argentine peso	45.00	%	3,297,780	202,973		—		(406,675	)	—		3,094,078	—	3,094,078
Foreign	Sacme S.A.	Argentina	Argentine peso	50.00	%	33,226	911		—		(3,986	)	—		30,151	—	30,151
76,583,350-7	Konecta Chile S.A.	Chile	Chilean peso	26.20	%	278	—		—		—		—		278	—	278
				TOTAL		21,281,461	1,015,739		(3,187,834	)	(876,358	)	(4,131,356	)	14,101,652	—	14,101,652

(1)               On November 16, 2011, the company Electrogas S.A. merged with the company Inversiones Electrogas S.A.

F-58

b.As of December 31, 2011 and December 31, 2010 no changes in ownership interest in our investment associates have occurred.

c.Additional financial information about investments in associates

·Investments with significant influence

The following tables show summarized information from the Financial Statements of the main investments in associates where the Group has significant influence, including the aggregated amounts of assets, liabilities, revenues, expenses, and profit or loss as of December 31, 2011 and December 31, 2010.

	December 31, 2011
Investments with significant influence	Ownership Interest %		Current Assets ThCh$	Non-current Assets ThCh$	Current Liabilities ThCh$	Non-current Liabilities ThCh$	Revenues ThCh$	Expenses ThCh$		Profit (Loss) ThCh$
Endesa Cemsa S.A.	45.00	%	49,705,466	820,787	42,907,410	—	3,423,785	(2,868,957	)	554,828
GNL Quintero S.A.	20.00	%	112,362,755	600,607,534	76,192,955	681,146,225	95,676,650	(75,397,751	)	20,278,899
Electrogas S.A.	42.50	%	2,688,608	44,772,738	9,510,888	15,048,487	17,218,630	(7,430,408	)	9,788,222

	December 31, 2010
Investments with significant influence	Ownership Interest %		Current Assets ThCh$	Non-current Assets ThCh$	Current Liabilities ThCh$	Non-current Liabilities ThCh$	Revenues ThCh$	Expenses ThCh$		Profit (Loss) ThCh$
Endesa Cemsa S.A.	45.00	%	42,063,375	710,433	35,898,080	—	3,631,967	(3,180,916	)	451,051
Inversiones Electrogas S.A.	42.50	%	—	19,034,552	—	—	8,053,180	(164,082	)	7,889,098
GNL Quintero S.A.	20.00	%	43,182,432	548,261,034	15,642,419	561,382,881	46,342,847	(59,057,243	)	(12,714,396	)
Electrogas S.A.	0.02125	%	6,145,145	36,271,189	8,307,494	16,098,755	15,575,506	(6,788,817	)	8,786,689

Appendix No.3 to these consolidated financial statements provides information on the main activities of our associate companies and the ownership interest the Group holds in them.

None of our associates have published price quotations.

12.2Jointly controlled companies

The following tables set out summarized information from the financial statements of the main jointly controlled companies that are reported using proportional consolidation as of December 31, 2011 and December 31, 2010.

	December 31, 2011
Jointly controlled companies	Ownership Interest %		Current Assets ThCh$	Non-current Assets ThCh$	Current Liabilities ThCh$	Non-current Liabilities ThCh$	Revenues ThCh$	Expenses ThCh$		Profit (Loss) ThCh$
Centrales Hidroeléctricas de Aysén S.A.	51.00	%	10,250,367	115,878,802	7,348,428	1,035,256	—	(4,664,851	)	(4,664,851	)
Transmisora Eléctrica de Quillota Ltda.	50.00	%	1,463,786	10,533,846	298,164	966,978	2,310,668	(1,632,824	)	677,844
GasAtacama S.A.	50.00	%	93,103,848	314,752,350	77,452,973	45,808,413	260,889,567	(225,125,891	)	35,763,676
Distribuidora Eléctrica de Cundinamarca S.A. E.S.P.	48.99	%	19,310,231	95,221,154	21,878,731	35,202,359	67,811,590	(61,233,568	)	6,578,022

	December 31, 2010
Jointly controlled companies	Ownership Interest %		Current Assets ThCh$	Non-current Assets ThCh$	Current Liabilities ThCh$	Non-current Liabilities ThCh$	Revenues ThCh$	Expenses ThCh$		Profit (Loss) ThCh$
Centrales Hidroeléctricas de Aysén S.A.	51.00	%	7,609,649	99,469,947	7,655,622	642,418	—	(7,186,862	)	(7,186,862	)
Transmisora Eléctrica de Quillota Ltda.	50.00	%	3,226,372	9,502,126	1,730,150	943,702	2,122,132	(1,196,978	)	925,154
GasAtacama S.A.	50.00	%	111,484,190	291,968,048	138,310,532	43,440,220	334,321,296	(294,331,806	)	39,989,490
Sistemas Sec S.A. (*)	49.00	%	4,948,616	6,402,040	4,057,366	3,793,979	5,420,246	(5,074,838	)	345,408
Distribuidora Eléctrica de Cundinamarca S.A. E.S.P.	48.99	%	22,106,093	95,012,672	25,746,539	29,366,858	71,377,710	(63,501,842	)	7,875,868

(*)Company belonging to the CAM Group. See Note 2.4.1 and Note 11.

F-59

13.  INTANGIBLE ASSETS OTHER THAN GOODWILL

Intangible assets as of December 31, 2011 and 2010 are detailed as follows:

Intangible Assets, Net	12-31-2011 ThCh$	12-31-2010 ThCh$
Intangible Assets, Net	1,467,398,214	1,452,586,405
Easements and water rights	33,716,526	31,698,726
Concessions	1,369,031,940	1,360,183,077
Development costs	10,282,488	8,741,017
Patents, registered trademarks, and other rights	2,363,933	2,872,877
Computer software	48,745,282	44,247,169
Other identifiable intangible assets	3,258,045	4,843,539

Intangible Assets, Gross	12-31-2011 ThCh$	12-31-2010 ThCh$
Intangible Assets, Gross	2,361,625,560	2,257,171,663
Easements and water rights	40,322,337	38,734,478
Concessions	2,145,097,304	2,045,614,318
Development costs	17,698,378	17,353,688
Patents, registered trademarks, and other rights	9,237,477	9,874,879
Computer software	139,315,361	134,053,309
Other identifiable intangible assets	9,954,703	11,540,991

Accumulated Amortization and Impairment	12-31-2011 ThCh$		12-31-2010 ThCh$
Accumulated Amortization and Impairment, Total	(894,227,346	)	(804,585,258	)
Easements and water rights	(6,605,811	)	(7,035,752	)
Concessions	(776,065,364	)	(685,431,241	)
Development costs	(7,415,890	)	(8,612,671	)
Patents, registered trademarks, and other rights	(6,873,544	)	(7,002,002	)
Computer software	(90,570,079	)	(89,806,140	)
Other identifiable intangible assets	(6,696,658	)	(6,697,452	)

F-60

The reconciliation of the carrying amounts of intangible assets for the 2011 and 2010 fiscal years is as follows:

Year ended December 31, 2011

	Development Costs, Net		Easements and Water Rights, Net		Concessions, Net		Patents, Registered Trademarks, and Other Rights, Net		Computer Software, Net		Other Identifiable Intangible Assets, Net		Intangible Assets, Net
Movements in Intangible Assets	ThCh$		ThCh$		ThCh$		ThCh$		ThCh$		ThCh$		ThCh$
Opening balance at 01/01/2011	8,741,017		31,698,726		1,360,183,077		2,872,877		44,247,169		4,843,539		1,452,586,405
Movements in identifiable intangible assets
Additions	2,897,310		500,709		173,836,828		718,039		13,095,987		22,860		191,071,733
Disposals	(813,771	)	—		(8,618,410	)	—		(182,691	)	(20,853	)	(9,635,725	)
Amortization (*)	(1,044,292	)	(341,988	)	(88,675,941	)	(1,379,500	)	(10,797,238	)	(442,587	)	(102,681,546	)
Foreign currency translation differences	517,527		276,864		(17,416,448	)	98,355		1,325,759		161,688		(15,036,255	)
Other increases (decreases)	(15,303	)	1,582,215		(50,277,166	)	54,162		1,056,296		(1,306,602	)	(48,906,398	)
Total movements in identifiable intangible assets	1,541,471		2,017,800		8,848,863		(508,944	)	4,498,113		(1,585,494	)	14,811,809
Closing balance in identifiable intangible assets at 12/31/2011	10,282,488		33,716,526		1,369,031,940		2,363,933		48,745,282		3,258,045		1,467,398,214

(*)               See Note 28, Depreciation, amortization, and impairment loss.

Year ended December 31, 2010

	Development Costs, Net		Easements and Water Rights, Net		Concessions, Net		Patents, Registered Trademarks, and Other Rights, Net		Computer Software, Net		Other Identifiable Intangible Assets, Net		Intangible Assets, Net
Movements in Intangible Assets	ThCh$		ThCh$		ThCh$		ThCh$		ThCh$		ThCh$		ThCh$
Opening balance at 01/01/2010	8,407,694		31,332,336		1,357,976,679		2,874,809		39,672,214		5,858,513		1,446,122,245
Movements in identifiable intangible assets
Additions	854,638		1,257,221		250,062,078		—		19,185,187		3,201,990		274,561,114
Transfers to (from) non-current assets and disposal groups held for sale	—		—		—		—		(2,176,053	)	(216,865	)	(2,392,918	)
Disposals	—		—		(13,311,084	)	—		(121,912	)	—		(13,432,996	)
Amortization	(1,322	)	(370,817	)	(94,009,562	)	—		(12,177,319	)	(4,417,989	)	(110,977,009	)
Foreign currency translation differences	(243,935	)	(320,358	)	(35,110,606	)	(1,932	)	(589,717	)	254		(36,266,294	)
Other increases (decreases)	(276,058	)	(199,656	)	(105,424,428	)	—		454,769		417,636		(105,027,737	)
Total movements in identifiable intangible assets	333,323		366,390		2,206,398		(1,932	)	4,574,955		(1,014,974	)	6,464,160
Closing balance in identifiable intangible assets at 12/31/2010	8,741,017		31,698,726		1,360,183,077		2,872,877		44,247,169		4,843,539		1,452,586,405

According to the Group management’s estimates and projections, the expected future cash flows attributable to intangible assets allow recovery of the carrying amount of these assets recorded as of December 31, 2011 (see Note 3.e).

As of December 31, 2011 and 2010, the Company does not have significant intangible assets with an indefinite useful life.

F-61

14.GOODWILL

The following table shows goodwill by the Cash-Generating Unit or group of Cash-Generating Units to which it belongs and movements for the years ended December 31, 2011 and 2010:

Company	Opening Balance at 01/01/2010 ThCh$	Foreign Currency Translation ThCh$		Closing Balance at 12/31/2010 ThCh$	Impairment Loss Accounted for in Income StatementThCh$		Foreign Currency Translation ThCh$		Closing Balance at 12/31/2011 ThCh$
Empresa Distribuidora Sur S.A. (*)	9,874,383	(1,161,106	)	8,713,277	(8,931,451	)	218,174		—
Ampla Energia e Serviços S.A.	247,628,585	(7,897,598	)	239,730,987	—		(3,207,683	)	236,523,304
Investluz S.A.	125,801,783	(4,012,172	)	121,789,611	—		(1,629,587	)	120,160,024
Empresa Eléctrica de Colina Ltda.	2,240,478	—		2,240,478	—		—		2,240,478
Compañía Distribuidora y Comercializadora de Energía S.A.	10,748,633	(212,190	)	10,536,443	—		1,053,186		11,589,629
Empresa Eléctrica Pangue S.A.	3,139,337	—		3,139,337	—		—		3,139,337
Endesa Costanera S.A. (**)	6,023,583	(708,301	)	5,315,282	(5,448,372	)	133,090		—
Hidroeléctrica el Chocón S.A.	14,176,409	(1,666,976	)	12,509,433	—		313,227		12,822,660
Compañía Eléctrica San Isidro S.A.	1,516,768	—		1,516,768	—		—		1,516,768
Empresa de Energía de Cundinamarca S.A.	7,497,542	(149,075	)	7,348,467	—		734,527		8,082,994
Empresa de Distribución Eléctrica de Lima Norte S.A.A.	40,516,247	(2,010,631	)	38,505,616	—		6,005,693		44,511,309
Centrais Elétricas Cachoeira Dourada S.A.	91,330,028	(3,426,563	)	87,903,465	—		(1,176,179	)	86,727,286
Edegel S.A.A.	75,920,260	(2,989,192	)	72,931,068	—		10,848,527		83,779,595
Emgesa S.A. E.S.P.	4,769,025	(95,607	)	4,673,418	—		467,264		5,140,682
Chilectra S.A.	128,374,362	—		128,374,362	—		—		128,374,362
Empresa Nacional de Electricidad S.A.	731,782,459	—		731,782,459	—		—		731,782,459
Inversiones Distrilima S.A.	12,051	(598	)	11,453	—		1,786		13,239
Total	1,501,351,933	(24,330,009	)	1,477,021,924	(14,379,823	)	13,762,025		1,476,404,126

According to the Group management’s estimates and projections, the expected future cash flows projections attributable to the Cash-Generating Units or groups of Cash-Generating Units to which the acquired goodwill has been allocated allow recovery of its carrying value as of December 31, 2011 and 2010 (see Note 3.e).

(*)               See Note 15.d) viii

(**)             See Note 34.3

F-62

15.PROPERTY, PLANT, AND EQUIPMENT

Property, plant, and equipment as of December 31, 2011 and December 31, 2010 are as follows:

	12-31-2011	12-31-2010
Classes of Property, Plant, and Equipment, Net	ThCh$	ThCh$
Property, Plant, and Equipment, Net	7,242,731,006	6,751,940,655
Construction in progress	1,072,203,347	810,013,619
Land	103,166,702	122,864,336
Buildings	103,542,090	103,735,435
Plant and equipment	5,864,732,615	5,613,164,538
Fixtures and fittings	71,886,276	74,513,233
Other	27,199,976	27,649,494

	12-31-2011	12-31-2010
Classes of Property, Plant, and Equipment, Gross	ThCh$	ThCh$
Property, Plant, and Equipment, Gross	12,611,068,947	11,526,132,674
Construction in progress	1,072,203,347	810,013,619
Land	103,166,702	122,864,336
Buildings	181,206,892	185,815,964
Plant and equipment	11,016,684,462	10,166,489,832
Fixtures and fittings	203,946,217	203,665,511
Other	33,861,327	37,283,412

Classes of Accumulated Depreciation and Impairment, Property, Plant, and Equipment	12-31-2011 ThCh$		12-31-2010 ThCh$
Accumulated Depreciation and Impairment, Property, Plant, and Equipment, Total	(5,368,337,941	)	(4,774,192,019	)
Buildings	(77,664,802	)	(82,080,529	)
Plant and equipment	(5,151,951,847	)	(4,553,325,294	)
Fixtures and Fittings	(132,059,941	)	(129,152,278	)
Other	(6,661,351	)	(9,633,918	)

F-63

The reconciliation of the carrying amounts of property, plant and equipment for the 2011 and 2010 fiscal years is as follows:

Changes in 2011	Construction in Progress ThCh$		Land ThCh$		Buildings, Net ThCh$		Plant and Equipment, Net ThCh$		Fixtures and Fittings, Net ThCh$		Other Property, Plant, and Equipment, Net ThCh$		Property, Plant, and Equipment, Net ThCh$
Opening balance at January 1, 2011	810,013,619		122,864,336		103,735,435		5,613,164,538		74,513,233		27,649,494		6,751,940,655
Changes
Additions	512,145,923		601,827		560,334		26,297,088		8,744,381		228		548,349,781
Retirements	(894,857	)	(27,495	)	(11,695	)	(1,478,364	)	(276,423	)	—		(2,688,834	)
Depreciation expense (*)	(47,084	)	—		(4,917,847	)	(292,351,527	)	(23,896,598	)	(1,005,434	)	(322,218,490	)
Impairment loss recognized in Consolidated Statement of Comprehensive Income (*)	—		—		—		(106,449,843	)	—		—		(106,449,843	)
Foreign currency translation differences	19,527,280		4,656,121		4,175,863		318,631,910		14,856,991		196,655		362,044,820
Other increases (decreases)	(268,541,534	)	(24,928,087	)	—		306,918,813		(2,055,308	)	359,033		11,752,917
Total changes	262,189,728		(19,697,634	)	(193,345	)	251,568,077		(2,626,957	)	(449,518	)	490,790,351
Closing balance at December 31, 2011	1,072,203,347		103,166,702		103,542,090		5,864,732,615		71,886,276		27,199,976		7,242,731,006

(*)See Note 28, Depreciation, amortization, and impairment losses.

Changes in 2010	Construction in Progress ThCh$		Land ThCh$		Buildings, Net ThCh$		Plant and Equipment, Net ThCh$		Fixtures and Fittings, Net ThCh$		Other Property, Plant, and Equipment, Net ThCh$		Property, Plant, and Equipment, Net ThCh$
Opening balance at January 1, 2010	710,996,813		105,539,626		537,134,153		5,304,578,506		9,551,749		196,270,395		6,864,071,242
Changes
Additions	396,969,270		—		—		—		—		—		396,969,270
Disposals	(56,851	)	(386,262	)	(43,444	)	(1,402,931	)	(270	)	(75,990	)	(1,965,748	)
Transfers to (from) non-current assets and disposal groups held for sale	(3,390,701	)	(172,020	)	(1,442,144	)	(8,436,203	)	(7,257,038	)	(2,136,836	)	(22,834,942	)
Depreciation expense	—		—		(17,163,012	)	(312,401,602	)	(3,851,776	)	(4,623,876	)	(338,040,266	)
Impairment loss recognized in Consolidated Statement of Comprehensive Income	—		—		—		(1,340,235	)	—		—		(1,340,235	)
Foreign currency translation differences	(12,614,659	)	(3,009,524	)	(27,306,886	)	(112,553,429	)	(633,677	)	(5,903,177	)	(162,021,352	)
Other increases (decreases)	(281,890,253	)	20,892,516		(387,443,232	)	744,720,432		76,704,245		(155,881,022	)	17,102,686
Total changes	99,016,806		17,324,710		(433,398,718	)	308,586,032		64,961,484		(168,620,901	)	(112,130,587	)
Closing balance at December 31, 2010	810,013,619		122,864,336		103,735,435		5,613,164,538		74,513,233		27,649,494		6,751,940,655

Additional information on property, plant and equipment, net

a)Main investments

Material investments in the electricity generation business include developments in the program to create new capacity.

A particularly important project in Chile is the construction of the Bocamina II Coal-fired Thermal Power Plant, with capacity of 370 MW.

In Colombia, the Central Hidráulica El Quimbo, a hydroelectric dam with 400 MW of installed capacity and an average annual generation of some 2,216 GWH, is currently under construction.

b)Finance leases

As of December 31, 2011 and December 31, 2010, property, plant and equipment includes ThCh$ 137,092,811 and ThCh$ 129,749,447 respectively, in leased assets classified as finance leases.

F-64

The present value of future lease payments derived from these finance leases is as follows:

	12-31-2011			12-31-2010
	GrossThCh$	InterestThCh$	Present ValueThCh$	GrossThCh$	InterestThCh$	Present ValueThCh$
Less than one year	15,954,189	2,145,937	13,808,252	12,311,927	2,117,942	10,193,985
From one to five years	39,105,238	5,827,660	33,277,578	40,900,311	8,856,066	32,044,245
More than five years	27,619,488	2,457,926	25,161,562	32,304,929	3,209,115	29,095,814
Total	82,678,915	10,431,523	72,247,392	85,517,167	14,183,123	71,334,044

Leasing assets relate primarily to:

1.Endesa Chile S.A.: lease agreement for Electric Transmission Lines and Installations (Ralco-Charrúa 2X220 KV) entered into between Endesa Chile and Abengoa Chile S.A. The lease agreement has a 20-year maturity and bears interest at an annual rate of 6.5%.

2.Edegel S.A.A.: lease agreements to finance the project of converting the Ventanilla thermoelectric plant to a combined cycle plant.  The agreements were signed between Edegel S.A. and the financial institutions BBVA - Banco Continental, Banco de Crédito del Perú, Citibank del Peru, and Banco Internacional del Peru - Interbank.  These agreements have an average term of 8 years and bear interest at an annual rate of Libor + 2.5% as of December 31, 2011.

The company also has an agreement with Scotiabank, which financed the construction of a new open cycle plant at the Santa Rosa Plant. This agreement has a term of 9 years and bears interest an annual rate of Libor + 1.75%.

c)Operating leases

The consolidated statements of income at December 31, 2011, 2010, and 2009 include ThCh$ 17,042,089, ThCh$ 16,980,825, and ThCh$ 19,969,187, respectively, corresponding to accrual during these periods of operating lease contracts for material assets in operation.

As of December 31, 2011, 2010, and 2009, the total future lease payments under those contracts are as follows:

	12-31-2011 ThCh$	12-31-2010 ThCh$	12-31-2009 ThCh$
Less than one year	7,690,811	5,655,232	14,046,981
From one to five years	21,347,042	19,916,962	22,922,219
More than five years	41,634,563	26,625,179	13,741,992
Total	70,672,416	52,197,373	50,711,192

d)Other information

i)As of December 31, 2011 and 2010, the Group had contractual commitments for the acquisition of property, plant and equipment amounting to ThCh$ 179,872,981 and ThCh$ 205,979,469, respectively.

ii)As of December 31, 2011 and 2010, the Group had property, plant and equipment pledged as security for liabilities in the amount of ThCh$ 328,844,715 and ThCh$ 305,655,772, respectively (see Note 34).

iii)The Company and its foreign subsidiaries have insurance policies for risk, earthquake, machinery breakdown and damages for business interruption with a US$ 300 million limit in the case of generating companies and a US$ 30 million limit for distribution companies, including business interruption coverage. The premiums associated with these policies are presented under the line item “Prepayments” within assets.

F-65

iv)GasAtacama, in which Endesa Chile has a 50% ownership interest, consolidated using the proportional integration method, has, among other assets, a combined-cycle electricity generation plant in northern Chile. As importing natural gas from neighboring countries was not possible, GasAtacama has been forced to generate electricity using alternative fuels, the cost of which significantly increased since the last few months of 2007 due to increases in oil prices. As a result, the company filed lawsuits for early termination of its contract with distributor Emel. On January 25, 2008, a ruling was issued in arbitration proceedings on this matter to deny early termination. This situation significantly reduced the recoverable value of the aforementioned plant and, therefore, as of December 31, 2007, an impairment provision of US$ 110 million was recorded.

v)The asset situation, primarily that of works and infrastructure, involving facilities built to support power generation in the SIC grid, has changed since 1998, due primarily to the installation in the SIC of new thermoelectric plants, the arrival of LNG, and new projects that will starting up soon. This results in a new configuration of ample supply for the coming years, in which it is expected that these facilities will not need to be used. Therefore, as of December 31, 2009, the company recorded an impairment provision of ThCh$ 43,999,600 for these assets.

vi)As a result of the February 27, 2010 earthquake in Chile, some of our plant and equipment were partially or totally impaired. The impact on our total assets, however, is minor as the only facilities that suffered some damage in infrastructure were the Bocamina I and Bocamina II plants, the latter under construction, as well as a few other assets from our distribution business.

Due to these impairments, we have written down ThCh$ 369,643 in assets. Additionally, the Group had to incur expenditures related to repair and capital improvements totaling ThCh$ 9,733,426, primarily at the Bocamina I plant.  All of the disbursements incurred are covered by insurance, which carries a US$ 2.5 million policy deductible.

The Group has the necessary insurance coverage for these types of exceptional claims, which provide coverage for material damage as well as business interruption. See Note 25.

vii)Our subsidiary Compañía de Interconexión Energética (CIEN) was initially in the business of selling electricity in Argentina and Brazil. However, because of the reduction in the availability of power generation and physical guarantee of energy and its associated power, the Company has focused its business on a different compensation structure that is not based on the purchase and sale of energy between the countries. Given the strategic importance of the Company’s assets in the relations between Brazil and Argentina, the Company and the Brazilian Government have jointly drawn up a new business plan model changing its selling activity to an electricity transmission activity with payment of a fixed compensation. This new plan involves integrating its transmission lines with the Brazilian transmission grid operated by the Brazilian Government.

In prior periods, the Argentine and Uruguayan Governments formalized toll payments with the Company to transport energy between the two countries. Management considers that this situation further emphasizes the importance of the application made to the Brazilian Government to approve the new business plan and considers that it will probably be approved. In addition, on June 4, 2010 the Company signed a new transmission contract for a six-month period for a total of US$ 155 million to cover the energy transmission required by the Argentine Government.

Finally, on April 5, 2011, the Diario Oficial (The Official Gazette) published Portarías Ministeriales (Ministerial Decrees) 210/2011 and 211/2011 that equipped CIEN with a regulated interconnection line involving payment of a regulated toll. The Receita Anual Permitida (RAP), or income permitted annually, corresponded to 248 million Brazilian reals, to be adjusted according to the Broad National Consumer Price Index (IPCA) every year in June and with the rate to be reviewed every four years. The Line 1 concession lasts until June 2020 and the Line 2 concession until July 2022, with compensation provisions for non-amortized investments. This successfully concludes the change in CIEN’s business model that we had previously been reporting.

F-66

viii)Our Argentine subsidiary, Empresa Distribuidora Sur S.A., has seen its financial equilibrium seriously affected by the delay in the compliance with certain points of the Acta de Acuerdo agreement signed with the Argentine Government, particularly the twice-yearly rate adjustments recognized through the cost-monitoring mechanism (MMC) and the establishment of an Integral Rate Review (RTI) as provided for in this agreement.

At the close of the 2011 fiscal year, Enersis had recorded an impairment loss of ThCh$ 106,449,843 for the Property, Plant and Equipment of Empresa Distribuidora Sur S.A., as well as an additional loss of ThCh$ 8,931,451 for the complete impairment of the purchase goodwill that was assigned to its Argentine subsidiary (see Note 14) in order to cover almost the total equity risk that this company represents for the Enersis Group.

16.INVESTMENT PROPERTY

The detail of the composition of, and changes in, investment property during the 2011 and 2010 fiscal years:

Investment Properties	ThCh$
Opening balance at January 1, 2010	31,231,839
Additions	1,303,676
Disposals	(2,732,209	)
Depreciation expense	(24,029	)
Impairment losses reversed, recognized in the Consolidated Statement of Comprehensive Income (*)	3,239,877
Balance at December 31, 2010	33,019,154
Additions	2,716,250
Disposals	(977,173	)
Depreciation expense	(24,029	)
Impairment losses reversed, recognized in the Consolidated Statement of Comprehensive Income (*)	3,321,687
Closing balance investment property at December 31, 2011	38,055,889

(*)See Note 28.

The fair value of the Group’s investment properties as of December 31, 2011, determined on the basis of valuations carried out internally, was ThCh$ 36,492,692. As of December 31, 2010, the market value of these properties was ThCh$ 34,099,993.

The selling price of investment properties disposed of in the 2011 and 2010 fiscal years was ThCh$ 5,102,508 and ThCh$ 8,015,891, respectively.

The amounts recognized in profit or loss during the 2011 and 2010 fiscal years as direct operating expenses arising from investment properties were not significant.

The Group has insurance policies to cover operational risks of its investment properties, as well as to cover legal claims against the Group that could potentially arise from exercising its business activity. The Group’s management considers that the insurance policy coverage is sufficient against the risks involved.

F-67

17.DEFERRED TAX

a.The deferred taxes recognized by temporary differences as of December 31, 2011 and 2010 are as follows:

	Deferred Tax Assets		Deferred Tax Liabilities
Temporary Differences	12-31-2011 ThCh$	12-31-2010 ThCh$	12-31-2011 ThCh$	12-31-2010 ThCh$
Deferred tax relating to depreciations	87,992,490	124,814,250	455,205,366	474,063,238
Deferred tax relating to amortizations	—	—	6,082,237	8,292,149
Deferred tax relating to accruals	12,161,705	9,031,226	5,034,474	26,142,262
Deferred tax relating to provisions	86,876,561	130,298,290	4,431,328	7,494,432
Deferred tax relating to foreign exchange contracts	31,195,995	46,746,028	107,097	1,155,119
Deferred tax relating to post-employment benefit obligations	38,807,414	38,073,254	5,074,020	3,674,593
Deferred tax relating to revaluations of financial instruments	37,813,186	39,794,055	880,379	4,324,798
Deferred tax relating to tax losses	22,117,495	36,399,383	—	—
Deferred tax relating to other items	62,973,782	27,477,878	31,623,354	30,776,987
Total	379,938,628	452,634,364	508,438,255	555,923,578

b.The following table presents the changes in deferred taxes in the Consolidated Statement of Financial Position for the 2011 and 2010 fiscal years:

	Assets		Liabilities
Deferred Tax Movements	ThCh$		ThCh$
Balance at January 1, 2010	454,896,521		573,049,297
Increase (decrease) in profit or loss	(9,615,881	)	(2,995,918	)
Increase (decrease) in other comprehensive income	13,742,269		2,870,641
Foreign currency translation	(12,073,361	)	(17,943,096	)
Other increase (decrease)	5,684,816		942,654
Balance at December 31, 2010	452,634,364		555,923,578
Increase (decrease) in profit or loss	(48,785,847	)	(26,492,538	)
Increase (decrease) in in other comprehensive income	14,647,632		3,942,971
Foreign currency translation	8,826,145		33,797,031
Other increase (decrease)	(47,383,666	)	(58,732,787	)
Balance at December 31, 2011	379,938,628		508,438,255

Recovery of deferred tax assets will depend on whether sufficient tax profits are obtained in the future. The Company believes that the future profit projections for its numerous subsidiaries will allow these assets to be recovered.

c.As of December 31, 2011 and 2010, the Group has not recognized deferred tax assets related to tax losses totaling ThCh$ 39,313,993 and ThCh$ 16,551,349, respectively. See Note 3.o.

The Enersis Group has not recognized deferred tax liabilities for taxable temporary differences associated with investment in subsidiaries, associates, and jointly controlled entities, as it is able to control the timing of the reversal of the temporary differences and considers that it is probable that such temporary differences will not reverse in the foreseeable future. The aggregate amount of taxable temporary differences associated with investments in subsidiaries, associates, and jointly controlled entities for which deferred tax liabilities have not been recognized totaled ThCh$ 2,204,931,942 as of December 31, 2011 (ThCh$ 1,995,679,814 as of December 31, 2010).

F-68

The Group is potentially subject to income tax audits by the tax authorities of each country in which the Group operates. Such tax audits can be performed until the applicable statute of limitations expires. Tax audits by their nature are often complex and can require several years to complete. The following table presents a summary of tax years, potentially subject to examination, in the significant tax jurisdictions in which the Group operates:

Country	Period
Chile	2007-2011
Argentina	2002-2011
Brazil	2007-2011
Colombia	2009-2011
Peru	2007-2011

Given the range of possible interpretations of tax standards, the results of any future inspections carried out by tax authorities for the years subject to audit can give rise to tax liabilities that cannot currently be quantified objectively. Nevertheless, Enersis Management estimates that the liabilities, if any, that may arise from such audits, would not significantly impact the companies’ future results.

The effects of deferred tax on the components of other comprehensive income are as follows:

	December 31, 2011					December 31, 2010						December 31, 2009
Effects of Deferred Tax on the Components of Other	AmountBefore Tax		IncomeTaxExpense(Benefit)	AmountAfter Tax		AmountBefore Tax		IncomeTaxExpense(Benefit)		AmountAfter Tax		AmountBefore Tax		IncomeTaxExpense(Benefit)		AmountAfter Tax
Comprehensive Income	ThCh$		ThCh$	ThCh$		ThCh$		ThCh$		ThCh$		ThCh$		ThCh$		ThCh$
Available-for sale financial assets	(55,959	)	9,513	(46,446	)	(179	)	31		(148	)	61,031		(10,528	)	50,503
Cash flow hedge	(88,032,492	)	14,110,400	(73,922,092	)	30,911,303		(5,301,050	)	25,610,253		192,801,668		(33,917,966	)	158,883,702
Foreign currency translation	211,929,739		—	211,929,739		(138,554,045	)	—		(138,554,045	)	(246,854,956	)	—		(246,854,956	)
Actuarial income on defined-benefit pension plans	(62,246,623	)	23,078,884	(39,167,739	)	(48,495,375	)	16,515,279		(31,980,096	)	(15,599,453	)	1,369,374		(14,230,079	)
Income tax related to components of other income and expenses debited or credited to Equity	61,594,665		37,198,797	98,793,462		(156,138,296	)	11,214,260		(144,924,036	)	(69,591,710	)	(32,559,120	)	(102,150,830	)

18.OTHER FINANCIAL LIABILITIES

The balance of other financial liabilities as of December 31, 2011 and 2010 is as follows:

	December 31, 2011		December 31, 2010
Classes of Financial Liabilities	CurrentThCh$	Non-currentThCh$	CurrentThCh$	Non-currentThCh$
Interest-bearing loans	661,974,731	3,049,197,963	652,979,492	2,763,822,330
Hedging derivatives (*)	6,200,643	212,913,735	10,002,909	240,113,443
Non-hedging derivatives (**)	807,105	—	—	—
Obligation for Túnel El Melón concession	2,207,755	9,243,595	1,967,333	11,020,674
Other financial liabilities	892,104	—	648,284	—
Total	672,082,338	3,271,355,293	665,598,018	3,014,956,447

(*)See Note 20.2.a

(**)See Note 20.2.b

F-69

Interest-bearing liabilities

18.1The detail of current and non-current interest-bearing borrowings as of December 31, 2011 and 2010 is as follows:

	Balance at December 31, 2011		Balance at December 31, 2010
Classes of Loans that Accrue Interest	CurrentThCh$	Non-currentThCh$	CurrentThCh$	Non-currentThCh$
Bank loans	278,455,859	316,103,001	184,452,979	451,937,608
Unsecured obligations	242,785,757	2,439,913,903	281,652,334	2,039,070,748
Secured obligations	10,660,476	9,635,108	9,522,288	17,703,710
Finance leases	13,808,252	58,439,140	10,193,985	61,140,059
Other loans	116,264,387	225,106,811	167,157,906	193,970,205
Total	661,974,731	3,049,197,963	652,979,492	2,763,822,330

18.2Liabilities by currency and contractual maturity as of December 31, 2011 and 2010 are as follows:

·Summary of Bank Loans by currency and contractual maturity

					Current			Non-current
					Maturity			Maturity			Total
				Secured/	One to ThreeMonths	Three to Twelve Months	Total Current at 12-31-2011	One to Three Years	Three to FiveYears	More than Five Years	Non-Current at 12-31-2011
Country	Currency	NominalRate		Unsecured	ThCh$	ThCh$	ThCh$	ThCh$	ThCh$	ThCh$	ThCh$
Chile	US$	1.97	%	Unsecured	84,500	1,607,710	1,692,210	107,025,578	849,449	—	107,875,027
Peru	US$	3.63	%	Unsecured	2,354,628	8,838,878	11,193,506	4,296,544	19,212,039	26,158,087	49,666,670
Peru	Soles	5.20	%	Unsecured	310,428	1,541,618	1,852,046	—	—	30,832,352	30,832,352
Argentina	US$	5.28	%	Unsecured	494,597	6,393,975	6,888,572	17,983,101	1,598,484	—	19,581,585
Argentina	Ar$	21.17	%	Unsecured	37,631,229	17,687,954	55,319,183	40,368,276	2,414,084	—	42,782,360
Colombia	CPs	6.48	%	Unsecured	262,107	86,794,795	87,056,902	—	—	—	—
Brazil	US$	6.05	%	Unsecured	—	5,825,541	5,825,541	13,909,371	11,722,036	6,352,599	31,984,006
Brazil	Reais	12.89	%	Unsecured	9,173,097	99,454,802	108,627,899	33,381,001	—	—	33,381,001
				Total	50,310,586	228,145,273	278,455,859	216,963,871	35,796,092	63,343,038	316,103,001

					Current			Non-current
					Maturity			Maturity			Total
				Secured/	One to ThreeMonths	Three to Twelve Months	Total Current at 12-31-2010	One to Three Years	Three to FiveYears	More than Five Years	Non-Current at 12-31-2010
Country	Currency	NominalRate		Unsecured	ThCh$	ThCh$	ThCh$	ThCh$	ThCh$	ThCh$	ThCh$
Chile	US$	2.75	%	Unsecured	381,532	1,364,781	1,746,313	2,871,499	95,144,820	—	98,016,319
Peru	US$	2.95	%	Unsecured	999,046	16,410,407	17,409,453	11,694,152	6,908,207	21,661,326	40,263,685
Peru	Soles	3.96	%	Unsecured	1,839,538	—	1,839,538	31,245,764	—	—	31,245,764
Argentina	US$	5.24	%	Unsecured	5,085,358	17,057,145	22,142,503	4,013,854	—	—	4,013,854
Argentina	Ar$	17.27	%	Unsecured	14,760,009	16,463,487	31,223,496	27,395,848	706,664	—	28,102,512
Colombia	CPs	6.91	%	Unsecured	—	5,041,882	5,041,882	—	74,201,702	—	74,201,702
Brazil	US$	6.35	%	Unsecured	—	5,253,378	5,253,378	11,677,838	13,433,724	9,323,740	34,435,302
Brazil	Reais	10.17	%	Unsecured	10,149,162	89,647,254	99,796,416	141,658,470	—	—	141,658,470
				Total	33,214,645	151,238,334	184,452,979	230,557,425	190,395,117	30,985,066	451,937,608

The fair value of current and non-current bank borrowings totaled ThCh$ 582,919,972 at December 31, 2011 and ThCh$ 844,554,823 at December 31, 2010.

F-70

·Identification of Bank Borrowings by Companies

											12-2011
			ID No.				Effective				Current ThCh$			Non-current ThCh$
Taxpayer ID No. (RUT)	Company	Country	Financial Institution	Financial Institution	Country	Currency	Interest Rate		Nominal Interest Rate	Type of Amortization	Less than 90 days	More than 90 days	Total Current	One to Three Years	Three to Five Years	More than Five Years	Total Non- current
Foreign	Ampla	Brazil	Foreign	Banco Itaú	Brazil	Reais	6.15	%	6.15%	Semi-annually	1,694	1,856,820	1,858,514	—	—	—	—
Foreign	Ampla	Brazil	Foreign	Unibanco	Brazil	Reais	6.16	%	6.16%	Semi-annually	26,242	1,479,891	1,506,133	—	—	—	—
Foreign	Ampla	Brazil	Foreign	Banco Alfa	Brazil	Reais	5.91	%	5.91%	Semi-annually	2,211,773	12,517,876	14,729,649	—	—	—	—
Foreign	Ampla	Brazil	Foreign	Brasdesco	Brazil	Reais	6.09	%	6.09%	Semi-annually	6,481,458	7,048,955	13,530,413	5,563,500	—	—	5,563,500
Foreign	Ampla	Brazil	Foreign	Banco do Brazil	Brazil	Reais	6.05	%	6.05%	At maturity	275,812	—	275,812	27,817,501	—	—	27,817,501
Foreign	Ampla	Brazil	Foreign	BANCO HSBC	Brazil	Reais	6.01	%	6.01%	Semi-annually	176,118	20,863,126	21,039,244	—	—	—	—
Foreign	CGTF Fortaleza	Brazil	Foreign	IFC - A	Brazil	US$	7.99	%	7.89%	Semi-annually	—	2,426,516	2,426,516	5,406,532	6,238,628	3,470,634	15,115,794
Foreign	CGTF Fortaleza	Brazil	Foreign	IFC - B	Brazil	US$	2.69	%	2.69%	Semi-annually	—	3,399,025	3,399,025	8,502,839	4,712,630	—	13,215,469
Foreign	CGTF Fortaleza	Brazil	Foreign	IFC - C	Brazil	US$	11.96	%	11.96%	Semi-annually	—	—	—	—	770,778	2,881,965	3,652,743
Foreign	Chinango	Peru	Foreign	BANCO CONTINENTAL	Peru	Soles	3.85	%	3.80%	At maturity	—	—	—	—	—	—	—
Foreign	Chinango	Peru	Foreign	Banco Continental	Peru	US$	4.07	%	3.21%	At maturity	—	—	—	—	—	—	—
Foreign	Chinango	Peru	Foreign	Banco Continental	Peru	US$	3.52	%	3.52%	At maturity	—	—	—	—	—	—	—
Foreign	Chinango	Peru	Foreign	Banco Scotiabank	Peru	US$	4.26	%	L3M+3.7%	At maturity	71,315	—	71,315	1,127,370	1,288,422	13,689,484	16,105,276
Foreign	Chinango	Peru	Foreign	BANCO CONTINENTAL	Peru	Soles	3.85	%	3.80%	At maturity	3,068	1,541,618	1,544,686	—	—	—	—
Foreign	Codensa.	Colombia	Foreign	Banco Agrario	Colombia	CPs	5.99	%	5.81%	At maturity	262,107	—	262,107	—	—	—	—
Foreign	CIEN	Brazil	Foreign	Banco Santander Central Hispano	Brazil	Reais	1.08	%	1.02%	Semi-annually	—	55,688,134	55,688,134	—	—	—	—
Foreign	Edegel	Peru	Foreign	Banco de Crédito	Peru	US$	3.38	%	L3M+3%	Quarterly	1,890,464	5,610,961	7,501,425	1,870,361	—	—	1,870,361
Foreign	Edegel	Peru	Foreign	Banco Continental	Peru	US$	3.54	%	L3M+3.13%	Quarterly	—	—	—	1,298,813	17,923,617	12,468,603	31,691,033
Foreign	Edegel	Peru	Foreign	Banco Scotiabank	Peru	US$	1.65	%	L6M+1.25%	Semi-annually	—	1,870,716	1,870,716	—	—	—	—
Foreign	Edegel	Peru	Foreign	Banco Continental	Peru	US$	2.90	%	L3M+2.5%	At maturity	392,849	1,357,201	1,750,050	—	—	—	—
Foreign	Edelnor	Peru	Foreign	Banco de Crédito	Peru	Soles	2.60	%	2.60%	At maturity	18,741	—	18,741	—	—	2,890,532	2,890,532
Foreign	Edelnor	Peru	Foreign	Banco de Crédito	Peru	Soles	4.00	%	4.00%	Semi-annually	18,741	—	18,741	—	—	2,890,532	2,890,532
Foreign	Edelnor	Peru	Foreign	Banco de Crédito	Peru	Soles	4.00	%	4.00%	Semi-annually	8,847	—	8,847	—	—	2,505,128	2,505,128
Foreign	Edelnor	Peru	Foreign	Banco de Crédito	Peru	Soles	4.00	%	4.00%	Semi-annually	7,497	—	7,497	—	—	1,156,213	1,156,213
Foreign	Edelnor	Peru	Foreign	Banco de Crédito	Peru	Soles	4.00	%	4.00%	Semi-annually	31,235	—	31,235	—	—	4,817,554	4,817,554
Foreign	Edelnor	Peru	Foreign	Banco de Crédito	Peru	Soles	4.00	%	4.00%	Semi-annually	18,741	—	18,741	—	—	2,890,532	2,890,532
Foreign	Edelnor	Peru	Foreign	Banco de Crédito	Peru	Soles	4.00	%	4.00%	Semi-annually	44,826	—	44,826	—	—	4,046,745	4,046,745
Foreign	Edelnor	Peru	Foreign	Banco de Crédito	Peru	Soles	4.00	%	4.00%	Semi-annually	—	—	—	—	—	—	—
Foreign	Edelnor	Peru	Foreign	Banco Continental	Peru	Soles	4.40	%	4.40%	Semi-annually	132,120	—	132,120	—	—	7,708,094	7,708,094
Foreign	Edelnor	Peru	Foreign	Banco de Interbank	Peru	Soles	6.90	%	6.90%	At maturity	26,612	—	26,612	—	—	1,927,022	1,927,022
Foreign	Edesur	Argentina	Foreign	BBVA	Argentina	Ar$	21.55	%	20.00%	Semi-annually	42,370	2,414,082	2,456,452	—	—	—	—
Foreign	Edesur	Argentina	Foreign	Citibank	Argentina	Ar$	17.88	%	16.00%	Monthly	311,088	1,810,562	2,121,650	—	—	—	—
Foreign	Edesur	Argentina	Foreign	Banco de Galicia	Argentina	Ar$	20.16	%	18.52%	Monthly	1,260,656	2,414,082	3,674,738	—	—	—	—
Foreign	Edesur	Argentina	Foreign	Citibank	Argentina	Ar$	18.97	%	17.50%	Monthly	282,930	1,750,209	2,033,139	—	—	—	—
Foreign	Edesur	Argentina	Foreign	Banco de la Ciudad de Buenos Aires	Argentina	Ar$	14.85	%	14.61%	At maturity	—	—	—	1,207,041	—	—	1,207,041
Foreign	Edesur	Argentina	Foreign	Supervielle	Argentina	Ar$	31.92	%	27.00%	At maturity	852,036	—	852,036	—	—	—	—
Foreign	Edesur	Argentina	Foreign	Comafi	Argentina	Ar$	28.33	%	25.00%	At maturity	1,192,058	—	1,192,058	—	—	—	—
Foreign	Edesur	Argentina	Foreign	Standard Bank	Argentina	Ar$	19.18	%	17.94%	Quarterly	—	—	—	1,810,562	—	—	1,810,562
Foreign	Edesur	Argentina	Foreign	Banco Santander Rio	Argentina	Ar$	19.12	%	17.88%	Quarterly	4,834,533	—	4,834,533	2,414,082	—	—	2,414,082
Foreign	Edesur	Argentina	Foreign	BBVA	Argentina	Ar$	21.55	%	20.00%	Semi-annually	617,884	—	617,884	—	—	—	—
Foreign	Edesur	Argentina	Foreign	Standard Bank	Argentina	Ar$	16.75	%	16.05%	Quarterly	—	—	—	1,810,562	—	—	1,810,562
Foreign	Edesur	Argentina	Foreign	Banco Santander Rio	Argentina	Ar$	19.12	%	17.88%	Semi-annually	—	—	—	4,224,644	—	—	4,224,644
Foreign	Edesur	Argentina	Foreign	Banco Itaú	Argentina	Ar$	21.52	%	19.65%	Monthly	—	—	—	3,017,603	—	—	3,017,603
Foreign	Edesur	Argentina	Foreign	Banco Macro	Argentina	Ar$	22.66	%	20.60%	Monthly	—	—	—	2,414,082	—	—	2,414,082
Foreign	Edesur	Argentina	Foreign	Banco de la Ciudad de Buenos Aires	Argentina	Ar$	15.19	%	14.52%	At maturity	186,005	—	186,005	8,449,285	—	—	8,449,285
Foreign	Edesur	Argentina	Foreign	Banco Davivienda	Colombia	CPs	6.48	%	6.48%	Annual	—	8,977,569	8,977,569	—	—	—	—
Foreign	Emgesa	Colombia	Foreign	Bancolombia	Colombia	CPs	6.48	%	6.48%	Yearly	—	6,430,876	6,430,876	—	—	—	—
Foreign	Emgesa	Colombia	Foreign	Bancolombia	Colombia	CPs	6.48	%	6.48%	Annual	—	21,177,566	21,177,566	—	—	—	—
Foreign	Emgesa	Colombia	Foreign	BBVA Colombia	Colombia	CPs	6.48	%	6.48%	Annual	—	23,478,356	23,478,356	—	—	—	—
Foreign	Emgesa	Colombia	Foreign	Banco Santander	Colombia	CPs	6.48	%	6.48%	Annual	—	26,730,428	26,730,428	—	—	—	—
Foreign	Emgesa	Colombia	Foreign	Banco Provincia de Buenos Aires	Argentina	US$	16.00	%	16.00%	At maturity	368,366	—	368,366	—	—	—	—
Foreign	Endesa Costanera	Argentina	Foreign	Banco Galicia	Argentina	US$	3.80	%	LIBOR+3%	At maturity	—	—	—	—	—	—	—
Foreign	Endesa Costanera	Argentina	Foreign	Credit Suisse International	Argentina	US$	11.28	%	LIBOR+12%	At maturity	44,820	—	44,820	5,195,104	—	—	5,195,104
Foreign	Endesa Costanera	Argentina	Foreign	Citibank	Argentina	US$	4.80	%	LIBOR+4.5%	At maturity	—	—	—	—	—	—	—
Foreign	Endesa Costanera	Argentina	Foreign	Banco Nación Argentina	Argentina	Ar$	14.00	%	BAIBOR+5%	At maturity	3,555,128	—	3,555,128	—	—	—	—
Foreign	Endesa Costanera	Argentina	Foreign	Mediocredito Italyno	Argentina	Ar$	1.75	%	1.75%	At maturity	—	—	—	—	—	—	—

											12-2010
			ID No.				Effective				Current ThCh$			Non-current ThCh$
Taxpayer ID No. (RUT)	Company	Country	Financial Institution	Financial Institution	Country	Currency	Interest Rate		Nominal Interest Rate	Type of Amortization	Less than 90 days	More than 90 days	Total Current	One to Three Years	Three to Five Years	More than Five Years	Total Non-current
Foreign	Ampla	Brazil	Foreign	Banco Itaú	Brazil	Reais	6.15	%	6.15%	Semi-annually	4,887	1,882,368	1,887,255	1,882,350	—	—	1,882,350
Foreign	Ampla	Brazil	Foreign	Unibanco	Brazil	Reais	6.16	%	6.16%	Semi-annually	48,591	1,500,240	1,548,831	1,500,240	—	—	1,500,240
Foreign	Ampla	Brazil	Foreign	Banco Alfa	Brazil	Reais	5.91	%	5.91%	Semi-annually	2,321,766	1,410,000	3,731,766	14,100,000	—	—	14,100,000
Foreign	Ampla	Brazil	Foreign	Brasdesco	Brazil	Reais	6.09	%	6.09%	Semi-annually	7,117,655	7,145,880	14,263,535	18,425,880	—	—	18,425,880
Foreign	Ampla	Brazil	Foreign	Banco do Brazil	Brazil	Reais	6.05	%	6.05%	At maturity	286,544	—	286,544	28,200,000	—	—	28,200,000
Foreign	Ampla	Brazil	Foreign	BANCO HSBC	Brazil	Reais	6.01	%	6.01%	Semi-annually	369,719	21,150,000	21,519,719	21,150,000	—	—	21,150,000
Foreign	CGTF Fortaleza	Brazil	Foreign	IFC - A	Brazil	US$	7.99	%	7.89%	Semi-annually	—	2,034,087	2,034,087	4,532,161	5,229,685	6,034,564	15,796,410
Foreign	CGTF Fortaleza	Brazil	Foreign	IFC - B	Brazil	US$	2.69	%	2.69%	Semi-annually	—	3,219,291	3,219,291	7,145,677	8,204,039	—	15,349,716
Foreign	CGTF Fortaleza	Brazil	Foreign	IFC - C	Brazil	US$	11.96	%	11.96%	Semi-annually	—	—	—	—	—	3,289,176	3,289,176
Foreign	Chinango	Peru	Foreign	BANCO CONTINENTAL	Peru	Soles	3.85	%	3.80%	At maturity	27,549	—	27,549	4,901,950	—	—	4,901,950
Foreign	Chinango	Peru	Foreign	Banco Continental	Peru	US$	4.07	%	3.21%	At maturity	—	3,524,902	3,524,902	—	—	—	—
Foreign	Chinango	Peru	Foreign	Banco Continental	Peru	US$	3.52	%	3.52%	At maturity	—	6,579,812	6,579,812	—	—	—	—
Foreign	Chinango	Peru	Foreign	Banco Scotiabank	Peru	US$	4.26	%	L3M+3.7%	At maturity	—	—	—	—	—	—	—
Foreign	Chinango	Peru	Foreign	BANCO CONTINENTAL	Peru	Soles	3.85	%	3.80%	At maturity	1,936	—	1,936	1,333,864	—	—	1,333,864
Foreign	Codensa.	Colombia	Foreign	Banco Agrario	Colombia	CPs	5.99	%	5.81%	At maturity	—	—	—	—	—	—	—
Foreign	CIEN	Brazil	Foreign	Banco Santander Central Hispano	Brazil	Reais	1.08	%	1.02%	Semi-annually	—	56,558,766	56,558,766	56,400,000	—	—	56,400,000
Foreign	Edegel	Peru	Foreign	Banco de Crédito	Peru	US$	3.38	%	L3M+3%	Quarterly	583,558	1,686,071	2,269,629	8,430,354	—	—	8,430,354
Foreign	Edegel	Peru	Foreign	Banco Continental	Peru	US$	3.54	%	L3M+3.13%	Quarterly	415,488	1,246,464	1,661,952	1,577,727	6,908,207	21,661,326	30,147,260
Foreign	Edegel	Peru	Foreign	Banco Scotiabank	Peru	US$	1.65	%	L6M+1.25%	Semi-annually	—	3,373,158	3,373,158	1,686,071	—	—	1,686,071
Foreign	Edegel	Peru	Foreign	Banco Continental	Peru	US$	2.90	%	L3M+2.5%	At maturity	—	—	—	—	—	—	—
Foreign	Edelnor	Peru	Foreign	Banco de Crédito	Peru	Soles	2.60	%	2.60%	At maturity	101,810	—	101,810	3,501,393	—	—	3,501,393
Foreign	Edelnor	Peru	Foreign	Banco de Crédito	Peru	Soles	4.00	%	4.00%	Semi-annually	10,102	—	10,102	2,500,995	—	—	2,500,995
Foreign	Edelnor	Peru	Foreign	Banco de Crédito	Peru	Soles	4.00	%	4.00%	Semi-annually	10,102	—	10,102	2,500,995	—	—	2,500,995
Foreign	Edelnor	Peru	Foreign	Banco de Crédito	Peru	Soles	4.00	%	4.00%	Semi-annually	4,255	—	4,255	2,167,529	—	—	2,167,529
Foreign	Edelnor	Peru	Foreign	Banco de Crédito	Peru	Soles	4.00	%	4.00%	Semi-annually	4,041	—	4,041	1,000,398	—	—	1,000,398
Foreign	Edelnor	Peru	Foreign	Banco de Crédito	Peru	Soles	4.00	%	4.00%	Semi-annually	16,837	—	16,837	4,168,325	—	—	4,168,325
Foreign	Edelnor	Peru	Foreign	Banco de Crédito	Peru	Soles	4.00	%	4.00%	Semi-annually	10,102	—	10,102	2,500,995	—	—	2,500,995
Foreign	Edelnor	Peru	Foreign	Banco de Crédito	Peru	Soles	4.00	%	4.00%	Semi-annually	1,544,238	—	1,544,238	—	—	—	—
Foreign	Edelnor	Peru	Foreign	Banco Continental	Peru	Soles	4.40	%	4.40%	Semi-annually	108,566	—	108,566	6,669,320	—	—	6,669,320
Foreign	Edelnor	Peru	Foreign	Banco de Interbank	Peru	Soles	6.90	%	6.90%	At maturity	—	—	—	—	—	—	—
Foreign	Edesur	Argentina	Foreign	BBVA	Argentina	Ar$	21.55	%	20.00%	Semi-annually	—	1,177,774	1,177,774	—	—	—	—
Foreign	Edesur	Argentina	Foreign	Citibank	Argentina	Ar$	17.88	%	16.00%	Monthly	—	—	—	—	—	—	—
Foreign	Edesur	Argentina	Foreign	Banco de Galicia	Argentina	Ar$	20.16	%	18.52%	Monthly	—	—	—	—	—	—	—
Foreign	Edesur	Argentina	Foreign	Citibank	Argentina	Ar$	18.97	%	17.50%	Monthly	—	—	—	—	—	—	—
Foreign	Edesur	Argentina	Foreign	Banco de la Ciudad de Buenos Aires	Argentina	Ar$	14.85	%	14.61%	At maturity	—	—	—	1,413,329	—	—	1,413,329
Foreign	Edesur	Argentina	Foreign	Supervielle	Argentina	Ar$	31.92	%	27.00%	At maturity	—	—	—	—	—	—	—
Foreign	Edesur	Argentina	Foreign	Comafi	Argentina	Ar$	28.33	%	25.00%	At maturity	—	—	—	—	—	—	—
Foreign	Edesur	Argentina	Foreign	Standard Bank	Argentina	Ar$	19.18	%	17.94%	Quarterly	—	—	—	1,413,328	353,332	—	1,766,660
Foreign	Edesur	Argentina	Foreign	Banco Santander Rio	Argentina	Ar$	19.12	%	17.88%	Quarterly	—	—	—	1,943,328	—	—	1,943,328
Foreign	Edesur	Argentina	Foreign	BBVA	Argentina	Ar$	21.55	%	20.00%	Semi-annually	—	1,177,774	1,177,774	2,355,548	—	—	2,355,548
Foreign	Edesur	Argentina	Foreign	Standard Bank	Argentina	Ar$	16.75	%	16.05%	Quarterly	—	—	—	1,413,328	—	—	1,413,328
Foreign	Edesur	Argentina	Foreign	Banco Santander Rio	Argentina	Ar$	19.12	%	17.88%	Semi-annually	—	1,001,108	1,001,108	2,355,548	353,332	—	2,708,880
Foreign	Edesur	Argentina	Foreign	Banco Itaú	Argentina	Ar$	21.52	%	19.65%	Monthly	—	—	—	—	—	—	—
Foreign	Edesur	Argentina	Foreign	Banco Macro	Argentina	Ar$	22.66	%	20.60%	Monthly	—	—	—	—	—	—	—
Foreign	Edesur	Argentina	Foreign	Banco de la Ciudad de Buenos Aires	Argentina	Ar$	15.19	%	14.52%	At maturity	—	—	—	918,665	—	—	918,665
Foreign	Edesur	Argentina	Foreign	Banco Davivienda	Colombia	CPs	6.48	%	6.48%	Annual	—	521,504	521,504	—	7,675,010	—	7,675,010
Foreign	Emgesa	Colombia	Foreign	Bancolombia	Colombia	CPs	6.48	%	6.48%	Yearly	—	373,568	373,568	—	5,497,818	—	5,497,818
Foreign	Emgesa	Colombia	Foreign	Bancolombia	Colombia	CPs	6.48	%	6.48%	Annual	—	1,230,198	1,230,198	—	18,104,904	—	18,104,904
Foreign	Emgesa	Colombia	Foreign	BBVA Colombia	Colombia	CPs	6.48	%	6.48%	Annual	—	1,363,850	1,363,850	—	20,071,871	—	20,071,871
Foreign	Emgesa	Colombia	Foreign	Banco Santander	Colombia	CPs	6.48	%	6.48%	Annual	—	1,552,762	1,552,762	—	22,852,099	—	22,852,099
Foreign	Emgesa	Colombia	Foreign	Banco Provincia de Buenos Aires	Argentina	US$	16.00	%	16.00%	At maturity	602,549	—	602,549	—	—	—	—
Foreign	Endesa Costanera	Argentina	Foreign	Banco Galicia	Argentina	US$	3.80	%	LIBOR+3%	At maturity	713,260	—	713,260	—	—	—	—
Foreign	Endesa Costanera	Argentina	Foreign	Credit Suisse International	Argentina	US$	11.28	%	LIBOR+12%	At maturity	6,596	—	6,596	4,013,854	—	—	4,013,854
Foreign	Endesa Costanera	Argentina	Foreign	Citibank	Argentina	US$	4.80	%	LIBOR+4.5%	At maturity	614,327	—	614,327	—	—	—	—
Foreign	Endesa Costanera	Argentina	Foreign	Banco Nación Argentina	Argentina	Ar$	14.00	%	BAIBOR+5%	At maturity	—	1,815,068	1,815,068	2,077,593	—	—	2,077,593
Foreign	Endesa Costanera	Argentina	Foreign	Mediocredito Italyno	Argentina	Ar$	1.75	%	1.75%	At maturity	—	963,655	963,655	—	—	—	—

F-71

·Identification of Bank Borrowings by Companies, continued

											12-2011
			ID No.				Effective				Current ThCh$			Non-current ThCh$
Taxpayer ID No. (RUT)	Company	Country	Financial Institution	Financial Institution	Country	Currency	Interest Rate		Nominal Interest Rate	Type of Amortization	Less than 90 days	More than 90 days	Total Current	One to Three Years	Three to Five Years	More than Five Years	Total Non- current
Foreign	Endesa Costanera	Argentina	Foreign	Banco Santander Río	Argentina	Ar$	15.50	%	15.50%	At maturity	1,898,686	—	1,898,686	—	—	—	—
Foreign	Endesa Costanera	Argentina	Foreign	Banco Itau	Argentina	Ar$	16.90	%	BAIBOR+5%	At maturity	3,529,419	—	3,529,419	—	—	—	—
Foreign	Endesa Costanera	Argentina	Foreign	Citibank	Argentina	Ar$	13.50	%	13.50%	At maturity	6,393,434	—	6,393,434	—	—	—	—
Foreign	Endesa Costanera	Argentina	Foreign	Banco Galicia	Argentina	Ar$	16.00	%	16.00%	At maturity	5,167,489	—	5,167,489	—	—	—	—
Foreign	Endesa Costanera	Argentina	Foreign	Citibank	Argentina	US$	5.43	%	LIBOR+4.8%	At maturity	—	—	—	—	—	—	—
Foreign	Endesa Costanera	Argentina	Foreign	Banco Galicia	Argentina	US$	3.80	%	EURIBOR+3.85%	At maturity	—	—	—	—	—	—	—
Foreign	Endesa Costanera	Argentina	Foreign	Banco Supervielle	Argentina	Ar$	16.00	%	16.00%	At maturity	2,566,218	—	2,566,218	—	—	—	—
Foreign	Endesa Costanera	Argentina	Foreign	Banco Ciudad	Argentina	Ar$	16.00	%	16.00%	At maturity	978,500	—	978,500	—	—	—	—
Foreign	Endesa Costanera	Argentina	Foreign	Banco Standard	Argentina	Ar$	16.00	%	16.00%	At maturity	2,509,954	—	2,509,954	—	—	—	—
Foreign	Endesa Costanera	Argentina	Foreign	Banco Macro	Argentina	Ar$	16.00	%	16.00%	At maturity	368,142	—	368,142	—	—	—	—
Foreign	Endesa Costanera	Chile	Foreign	B.N.P. Paribas	USA	US$	6.32	%	6.32%	Semi-annually	50,233	849,448	899,681	1,698,896	849,449	—	2,548,345
91,081,000-6	Endesa Chile	Chile	Foreign	Export Development Corporation Loan	USA	US$	1.60	%	Libor+1.0	Semi-annually	—	758,262	758,262	1,486,682	—	—	1,486,682
91,081,000-6	Endesa Chile .	Chile	Foreign	Banco Bilbao Vizcaya Argentaria S.A.	USA	US$	1.93	%	Libor+0.75	At maturity	34,267	—	34,267	30,494,018	—	—	30,494,018
91,081,000-6	Endesa Chile	Chile	Foreign	The Bank of Tokyo-Mitsubishi, Ltd.	USA	US$	1.93	%	Libor+0.75	At maturity	—	—	—	17,055,976	—	—	17,055,976
91,081,000-6	Endesa Chile	Chile	Foreign	Caja Madrid, Caja Madrid Miami Agency	USA	US$	1.93	%	Libor+0.75	At maturity	—	—	—	26,312,836	—	—	26,312,836
91,081,000-6	Endesa Chile	Chile	Foreign	Banco Santander Central Hispano S.A. N.Y.B.	USA	US$	1.93	%	Libor+0.75	At maturity	—	—	—	17,055,976	—	—	17,055,976
91,081,000-6	Endesa Chile	Chile	Foreign	Banco Español de crédito S.A. N.Y.B.	USA	US$	1.93	%	Libor+0.75	At maturity	—	—	—	12,921,194	—	—	12,921,194
91,081,000-6	Endesa Chile	Argentina	Foreign	Deutsche Bank	Argentina	US$	3.80	%	Libor+3.5%	At maturity	40,734	3,197,006	3,237,740	6,393,998	799,242	—	7,193,240
Foreign	Hidroeléctrica El Chocón	Argentina	Foreign	Standard Bank	Argentina	US$	3.80	%	Libor+3.5%	At maturity	40,677	3,196,969	3,237,646	6,393,999	799,242	—	7,193,241
Foreign	Hidroeléctrica El Chocón	Argentina	Foreign	Banco Itau - Syndicated	Argentina	Ar$	19.36	%	BPC + 5.75%	Semi-annually	25,858	1,545,012	1,570,870	—	—	—	—
Foreign	Hidroeléctrica El Chocón	Argentina	Foreign	Standard - Syndicated	Argentina	Ar$	19.36	%	BPC + 5.75%	Semi-annually	20,196	1,207,041	1,227,237	—	—	—	—
Foreign	Hidroeléctrica El Chocón	Argentina	Foreign	Banco Santander - Syndicated	Argentina	Ar$	19.36	%	BPC + 5.75%	Semi-annually	25,859	1,545,012	1,570,871	—	—	—	—
Foreign	Hidroeléctrica El Chocón	Argentina	Foreign	Banco Hipotecario - Syndicated	Argentina	Ar$	19.36	%	BPC + 5.75%	Semi-annually	16,968	1,013,914	1,030,882	—	—	—	—
Foreign	Hidroeléctrica El Chocón	Argentina	Foreign	Banco de Galicia - Syndicated	Argentina	Ar$	19.36	%	BPC + 5.75%	Semi-annually	8,077	482,816	490,893	—	—	—	—
Foreign	Hidroeléctrica El Chocón	Argentina	Foreign	Banco Itau - Syndicated	Argentina	Ar$	19.36	%	BPC + 5.75%	Semi-annually	82,953	497,792	580,745	761,701	—	—	761,701
Foreign	Hidroeléctrica El Chocón	Argentina	Foreign	Banco Santander - Syndicated	Argentina	Ar$	19.36	%	BPC + 5.75%	Semi-annually	132,688	796,817	929,505	1,219,258	—	—	1,219,258
Foreign	Hidroeléctrica El Chocón	Argentina	Foreign	Banco de la Ciudad de Buenos Aires	Argentina	Ar$	15.84	%	15.84%	At maturity	—	—	—	—	—	—	—
Foreign	Hidroeléctrica El Chocón	Argentina	Foreign	Citibank	Argentina	Ar$	14.50	%	14.50%	At maturity	—	—	—	—	—	—	—
Foreign	Hidroeléctrica El Chocón	Argentina	Foreign	Banco Francés	Argentina	Ar$	14.93	%	14.93%	At maturity	—	—	—	—	—	—	—
Foreign	Hidroeléctrica El Chocón	Argentina	Foreign	Banco Industrial	Argentina	Ar$	17.34	%	BPC + 5.00%	At maturity	—	—	—	—	—	—	—
Foreign	Hidroeléctrica El Chocón	Argentina	Foreign	Banco Macro	Argentina	Ar$	17.75	%	17.75%	At maturity	—	—	—	—	—	—	—
Foreign	Hidroeléctrica El Chocón	Argentina	Foreign	Banco Itau - Nuevo Syndicated	Argentina	Ar$	19.12	%	BPC + 5.25%	Semi-annually	100,996	—	100,996	2,414,203	603,521	—	3,017,724
Foreign	Hidroeléctrica El Chocón	Argentina	Foreign	Standard - Nuevo Syndicated	Argentina	Ar$	19.12	%	BPC + 5.25%	Semi-annually	283,419	1,095,492	1,378,911	4,090,481	603,521	—	4,694,002
Foreign	Hidroeléctrica El Chocón	Argentina	Foreign	Banco Santander - Nuevo Syndicated	Argentina	Ar$	19.12	%	BPC + 5.25%	Semi-annually	100,996	—	100,996	2,414,203	603,521	—	3,017,724
Foreign	Hidroeléctrica El Chocón	Argentina	Foreign	Banco Hipotecario - Nuevo Syndicated	Argentina	Ar$	19.12	%	BPC + 5.25%	Semi-annually	66,315	398,233	464,548	609,361	—	—	609,361
Foreign	Hidroeléctrica El Chocón	Argentina	Foreign	Banco de Galicia - Nuevo Syndicated	Argentina	Ar$	19.12	%	BPC + 5.25%	Semi-annually	167,311	398,233	565,544	3,023,612	603,521	—	3,627,133
Foreign	Hidroeléctrica El Chocón	Argentina	Foreign	Banco de la Ciudad - Nuevo Sindicado	Argentina	Ar$	19.12	%	BPC + 5.25%	Semi-annually	53,063	318,657	371,720	487,596	—	—	487,596
Foreign	Hidroeléctrica El Chocón	Chile	Foreign	PNC BANK	USA	US$	3.09	%	3.09%	Semi-annually	—	—	—	—	—	—	—
							Total				50,310,586	228,145,273	278,455,859	216,963,871	35,796,092	63,343,038	316,103,001

											12-2010
			ID No.				Effective				Current ThCh$			Non-current ThCh$
Taxpayer ID No. (RUT)	Company	Country	Financial Institution	Financial Institution	Country	Currency	Interest Rate		Nominal Interest Rate	Type of Amortization	Less than 90 days	More than 90 days	Total Current	One to Three Years	Three to Five Years	More than Five Years	Total Non- current
Foreign	Endesa Costanera	Argentina	Foreign	Banco Santander Río	Argentina	Ar$	15.50	%	15.50%	At maturity	882,153	—	882,153	—	—	—	—
Foreign	Endesa Costanera	Argentina	Foreign	Banco Itau	Argentina	Ar$	16.90	%	BAIBOR+5%	At maturity	2,679,318	—	2,679,318	—	—	—	—
Foreign	Endesa Costanera	Argentina	Foreign	Citibank	Argentina	Ar$	13.50	%	13.50%	At maturity	—	3,705,866	3,705,866	—	—	—	—
Foreign	Endesa Costanera	Argentina	Foreign	Banco Galicia	Argentina	Ar$	16.00	%	16.00%	At maturity	1,778,439	—	1,778,439	—	—	—	—
Foreign	Endesa Costanera	Argentina	Foreign	Citibank	Argentina	US$	5.43	%	LIBOR+4.8%	At maturity	381,952	—	381,952	—	—	—	—
Foreign	Endesa Costanera	Argentina	Foreign	Banco Galicia	Argentina	US$	3.80	%	EURIBOR+3.85%	At maturity	—	277,010	277,010	—	—	—	—
Foreign	Endesa Costanera	Argentina	Foreign	Banco Supervielle	Argentina	Ar$	16.00	%	16.00%	At maturity	1,779,852	—	1,779,852	—	—	—	—
Foreign	Endesa Costanera	Argentina	Foreign	Banco Ciudad	Argentina	Ar$	16.00	%	16.00%	At maturity	—	954,115	954,115	—	—	—	—
Foreign	Endesa Costanera	Argentina	Foreign	Banco Standard	Argentina	Ar$	16.00	%	16.00%	At maturity	1,159,754	—	1,159,754	—	—	—	—
Foreign	Endesa Costanera	Argentina	Foreign	Banco Macro	Argentina	Ar$	16.00	%	16.00%	At maturity	357,808	—	357,808	—	—	—	—
Foreign	Endesa Costanera	Chile	Foreign	B.N.P. Paribas	USA	US$	6.32	%	6.32%	Semi-annually	—	821,662	821,662	—	—	—	—
91,081,000-6	Endesa Chile	Chile	Foreign	Export Development Corporation Loan	USA	US$	1.60	%	Libor+1.0	Semi-annually	356,896	335,088	691,984	1,531,395	1,531,396	—	3,062,791
91,081,000-6	Endesa Chile .	Chile	Foreign	Banco Bilbao Vizcaya Argentaria S.A.	USA	US$	1.93	%	Libor+0.75	At maturity	24,636	—	24,636	1,340,104	670,052	—	2,010,156
91,081,000-6	Endesa Chile	Chile	Foreign	The Bank of Tokyo-Mitsubishi, Ltd.	USA	US$	1.93	%	Libor+0.75	At maturity	—	—	—	—	27,418,295	—	27,418,295
91,081,000-6	Endesa Chile	Chile	Foreign	Caja Madrid, Caja Madrid Miami Agency	USA	US$	1.93	%	Libor+0.75	At maturity	—	—	—	—	15,335,657	—	15,335,657
91,081,000-6	Endesa Chile	Chile	Foreign	Banco Santander Central Hispano S.A. N.Y.B.	USA	US$	1.93	%	Libor+0.75	At maturity	—	—	—	—	23,235,843	—	23,235,843
91,081,000-6	Endesa Chile	Chile	Foreign	Banco Español de crédito S.A. N.Y.B.	USA	US$	1.93	%	Libor+0.75	At maturity	—	—	—	—	15,335,656	—	15,335,656
91,081,000-6	Endesa Chile	Argentina	Foreign	Deutsche Bank	Argentina	US$	3.80	%	Libor+3.5%	At maturity	1,383,337	8,390,068	9,773,405	—	11,617,921	—	11,617,921
Foreign	Hidroeléctrica El Chocón	Argentina	Foreign	Standard Bank	Argentina	US$	3.80	%	Libor+3.5%	At maturity	1,383,337	8,390,067	9,773,404	—	—	—	—
Foreign	Hidroeléctrica El Chocón	Argentina	Foreign	Banco Itau - Syndicated	Argentina	Ar$	19.36	%	BPC + 5.75%	Semi-annually	22,071	1,095,330	1,117,401	—	—	—	—
Foreign	Hidroeléctrica El Chocón	Argentina	Foreign	Standard - Syndicated	Argentina	Ar$	19.36	%	BPC + 5.75%	Semi-annually	22,071	1,095,330	1,117,401	1,095,330	—	—	1,095,330
Foreign	Hidroeléctrica El Chocón	Argentina	Foreign	Banco Santander - Syndicated	Argentina	Ar$	19.36	%	BPC + 5.75%	Semi-annually	23,732	1,177,774	1,201,506	1,095,330	—	—	1,095,330
Foreign	Hidroeléctrica El Chocón	Argentina	Foreign	Banco Hipotecario - Syndicated	Argentina	Ar$	19.36	%	BPC + 5.75%	Semi-annually	19,936	989,330	1,009,266	1,177,774	—	—	1,177,774
Foreign	Hidroeléctrica El Chocón	Argentina	Foreign	Banco de Galicia - Syndicated	Argentina	Ar$	19.36	%	BPC + 5.75%	Semi-annually	9,493	471,110	480,603	989,330	—	—	989,330
Foreign	Hidroeléctrica El Chocón	Argentina	Foreign	Banco Itau - Syndicated	Argentina	Ar$	19.36	%	BPC + 5.75%	Semi-annually	8,307	412,221	420,528	471,110	—	—	471,110
Foreign	Hidroeléctrica El Chocón	Argentina	Foreign	Banco Santander - Syndicated	Argentina	Ar$	19.36	%	BPC + 5.75%	Semi-annually	8,307	412,221	420,528	412,221	—	—	412,221
Foreign	Hidroeléctrica El Chocón	Argentina	Foreign	Banco de la Ciudad de Buenos Aires	Argentina	Ar$	15.84	%	15.84%	At maturity	10,029	—	10,029	412,221	—	—	412,221
Foreign	Hidroeléctrica El Chocón	Argentina	Foreign	Citibank	Argentina	Ar$	14.50	%	14.50%	At maturity	729,446	—	729,446	—	—	—	—
Foreign	Hidroeléctrica El Chocón	Argentina	Foreign	Banco Francés	Argentina	Ar$	14.93	%	14.93%	At maturity	596,140	—	596,140	—	—	—	—
Foreign	Hidroeléctrica El Chocón	Argentina	Foreign	Banco Industrial	Argentina	Ar$	17.34	%	BPC + 5.00%	At maturity	711,729	—	711,729	—	—	—	—
Foreign	Hidroeléctrica El Chocón	Argentina	Foreign	Banco Macro	Argentina	Ar$	17.75	%	17.75%	At maturity	2,391,059	—	2,391,059	—	—	—	—
Foreign	Hidroeléctrica El Chocón	Argentina	Foreign	Banco Itau - Nuevo Syndicated	Argentina	Ar$	19.12	%	BPC + 5.25%	Semi-annually	245,369	2,314	247,683	—	—	—	—
Foreign	Hidroeléctrica El Chocón	Argentina	Foreign	Standard - Nuevo Syndicated	Argentina	Ar$	19.12	%	BPC + 5.25%	Semi-annually	539,813	5,092	544,905	1,226,886	—	—	1,226,886
Foreign	Hidroeléctrica El Chocón	Argentina	Foreign	Banco Santander - Nuevo Syndicated	Argentina	Ar$	19.12	%	BPC + 5.25%	Semi-annually	392,591	3,703	396,294	2,699,066	—	—	2,699,066
Foreign	Hidroeléctrica El Chocón	Argentina	Foreign	Banco Hipotecario - Nuevo Syndicated	Argentina	Ar$	19.12	%	BPC + 5.25%	Semi-annually	196,296	1,851	198,147	1,962,957	—	—	1,962,957
Foreign	Hidroeléctrica El Chocón	Argentina	Foreign	Banco de Galicia - Nuevo Syndicated	Argentina	Ar$	19.12	%	BPC + 5.25%	Semi-annually	196,296	1,851	198,147	981,478	—	—	981,478
Foreign	Hidroeléctrica El Chocón	Argentina	Foreign	Banco de la Ciudad - Nuevo Sindicado	Argentina	Ar$	19.12	%	BPC + 5.25%	Semi-annually	—	—	—	981,478	—	—	981,478
Foreign	Hidroeléctrica El Chocón	Chile	Foreign	PNC BANK	USA	US$	3.09	%	3.09%	Semi-annually	—	208,031	208,031	—	—	—	—
							Total				33,214,645	151,238,334	184,452,979	230,557,425	190,395,117	30,985,066	451,937,608

Appendix No.4, letter a), presents additional information on financial debt which includes a projection of future cash flows (undiscounted) that the Group will have to disburse to settle the bank loans detailed above.

F-72

18.3        The detail of Unsecured Liabilities by currency and maturity as of December 31, 2011 and 2010 is as follows:

·              Summary of Unsecured Liabilities by currency and maturity

					Current			Non-current
					Maturity			Maturity
		Nominal Annual		Secured/	One to Three Months	Three to Twelve Months	Total Current at 12-31-2011	One to Three Years	Three to Five Years	More than Five Years	Total Non-current at 12-31-2011
Country	Currency	Rate		Unsecured	ThCh$	ThCh$	ThCh$	ThCh$	ThCh$	ThCh$	ThCh$
Chile	US$	8.10	%	Unsecured	22,439,241	802,032	23,241,273	396,001,073	236,020,317	157,801,599	789,822,989
Chile	CH$	5.29	%	Unsecured	31,548,592	9,198,469	40,747,061	13,764,742	14,617,263	378,064,242	406,446,247
Peru	US$	6.97	%	Unsecured	853,625	60,597	914,222	5,049,784	13,692,084	19,828,195	38,570,063
Peru	Soles	7.37	%	Unsecured	27,920,075	57,158	27,977,233	80,986,235	42,415,673	28,905,326	152,307,234
Argentina	Ar$	12.28	%	Unsecured	15,571	3,963,560	3,979,131	—	—	—	—
Colombia	CPs	8.99	%	Unsecured	1,753,145	36,094,355	37,847,500	131,329,301	76,673,844	574,038,462	782,041,607
Brazil	Reais	12.97	%	Unsecured	6,688,369	101,390,968	108,079,337	60,242,802	120,351,829	90,131,132	270,725,763
				Total	91,218,618	151,567,139	242,785,757	687,373,937	503,771,010	1,248,768,956	2,439,913,903

					Current			Non-current
					Maturity			Maturity
		Nominal Annual		Secured/	One to Three Months	Three to Twelve Months	Total Current at 12-31-2010	One to Three Years	Three to Five Years	More than Five Years	Total Non-current at 12-31-2010
Country	Currency	Rate		Unsecured	ThCh$	ThCh$	ThCh$	ThCh$	ThCh$	ThCh$	ThCh$
Chile	US$	8.10	%	Unsecured	20,226,869	722,956	20,949,825	185,675,099	263,691,199	261,884,873	711,251,171
Chile	CH$	5.32	%	Unsecured	1,091,599	9,114,072	10,205,671	14,544,226	15,984,434	396,428,448	426,957,108
Peru	US$	6.88	%	Unsecured	870,099	3,801,453	4,671,552	—	7,528,779	27,242,221	34,771,000
Peru	Soles	7.35	%	Unsecured	19,784,574	49,456	19,834,030	57,933,048	51,988,516	39,215,602	149,137,166
Argentina	Ar$	12.28	%	Unsecured	—	7,736,090	7,736,090	3,862,274	—	—	3,862,274
Colombia	CPs	7.88	%	Unsecured	1,586,797	131,473,631	133,060,428	89,822,752	37,829,581	414,522,034	542,174,367
Brazil	Reais	11.29	%	Unsecured	7,503,875	77,690,863	85,194,738	128,445,480	42,472,182	—	170,917,662
				Total	51,063,813	230,588,521	281,652,334	480,282,879	419,494,691	1,139,293,178	2,039,070,748

18.4        The detail of Secured Liabilities by currency and maturity as of December 31, 2011 and 2010 is as follows:

·              Summary of Secured Liabilities by currency and maturity

					Current			Non-current
					Maturity		Total	Maturity			Total
		Nominal Annual		Secured/	One to Three Months	Three to Twelve Months	Current at12-31-2011	One to Three Years	Three to Five Years	More than Five Years	Non-current at 12-31-2011
Country	Currency	Rate		Unsecured	ThCh$	ThCh$	ThCh$	ThCh$	ThCh$	ThCh$	ThCh$
Peru	US$	6.15	%	Secured	—	10,463,994	10,463,994	—	—	—	—
Peru	Soles	6.41	%	Secured	135,886	60,596	196,482	9,635,108	—	—	9,635,108
				Total	135,886	10,524,590	10,660,476	9,635,108	—	—	9,635,108

					Current			Non-current
					Maturity		Total	Maturity			Total
		Nominal Annual		Secured/	One to Three Months	Three to Twelve Months	Current at12-31-2010	One to Three Years	Three to Five Years	More than Five Years	Non-current at 12-31-2010
Country	Currency	Rate		Unsecured	ThCh$	ThCh$	ThCh$	ThCh$	ThCh$	ThCh$	ThCh$
Peru	US$	6.15	%	Secured	—	66,252	66,252	9,367,060	—	—	9,367,060
Peru	Soles	6.26	%	Secured	4,373,389	5,082,647	9,456,036	4,168,325	4,168,325	—	8,336,650
				Total	4,373,389	5,148,899	9,522,288	13,535,385	4,168,325	—	17,703,710

The fair value of current and non-current secured and unsecured liabilities totaled ThCh$ 3,209,731,363 and ThCh$ 2,753,493,822 as of December 31, 2011 and December 31, 2010 respectively.

F-73

·Secured and Unsecured Liabilities by Company

										12-2011
Taxpayer ID			ID No.							Current ThCh$			Non-current ThCh$
No. (RUT)	Company	Country	Financial Institution	Financial Institution	Country	Currency	Effective Interest Rate	Nominal Interest Rate	Secured/ Unsecured	Less than 90 days	More than 90 days	Total Current	One to Three Years	Three to Five Years	More than Five Years	TotalNon-current
Foreign	Chinango	Peru	Foreign	BANCO CONTINENTAL	Peru	Soles	6.57%	6.57%	YES	—	60,596	60,596	4,817,554	—	—	4,817,554
Foreign	Chinango	Peru	Foreign	BANCO CONTINENTAL	Peru	Soles	6.16%	6.16%	YES	—	—	—	—	—	—	—
Foreign	Chinango	Peru	Foreign	BANCO CONTINENTAL	Peru	Soles	6.15%	6.15%	YES	135,886	—	135,886	4,817,554	—	—	4,817,554
Foreign	Chinango	Peru	Foreign	BANCO CONTINENTAL	Peru	Soles	5.91%	5.91%	YES	—	—	—	—	—	—	—
Foreign	Chinango	Peru	Foreign	BANCO CONTINENTAL	Peru	US$	6.15%	6.15%	YES	—	10,463,994	10,463,994	—	—	—	—
					Total Secured Bonds					135,886	10,524,590	10,660,476	9,635,108	—	—	9,635,108
Foreign	Ampla	Brazil	Foreign	BONDS	Brazil	Reais	12.01%	CDI+1.05%aa	No	4,711,895	83,544,437	88,256,332	—	17,199,885	34,700,328	51,900,213
Foreign	Ampla	Brazil	Foreign	BONDS	Brazil	Reais	12.28%	CDI+1.30%aa	No	164,014	—	164,014	—	32,546,476	—	32,546,476
Foreign	Ampla	Brazil	Foreign	BONDS	Brazil	Reais	16.48%	CDI+5.61%aa	No	147,518	—	147,518	27,931,549	14,103,489	—	42,035,038
Foreign	Codensa	Colombia	Foreign	B5	Colombia	CPs	CPI+6.14%	CPI+6.14%	No	—	—	—	—	—	—	—
Foreign	Codensa	Colombia	Foreign	B8	Colombia	CPs	9.09%	8.80%	No	390,407	—	390,407	66,868,280	—	—	66,868,280
Foreign	Codensa	Colombia	Foreign	B302	Colombia	CPs	CPI+4.60%	CPI+4.60%	No	—	—	—	—	—	—	—
Foreign	Codensa	Colombia	Foreign	B102	Colombia	CPs	8.03%	7.80%	No	456,111	—	456,111	—	—	104,210,669	104,210,669
Foreign	Codensa	Colombia	Foreign	B502	Colombia	CPs	5.97%	5.97%	No	30,623	9,019,194	9,049,817	—	—	—	—
Foreign	Codensa	Colombia	Foreign	B503	Colombia	CPs	6.06%	6.06%	No	115,603	—	115,603	22,868,952	—	—	22,868,952
Foreign	Codensa	Colombia	Foreign	B503	Colombia	CPs	8.74%	8.46%	No	91,853	—	91,853	20,194,220	—	—	20,194,220
Foreign	Codensa	Colombia	Foreign	B103	Colombia	CPs	8.28%	8.04%	No	181,497	—	181,497	—	—	21,397,849	21,397,849
Foreign	Codensa	Colombia	Foreign	B304	Colombia	CPs	5.65%	5.53%	No	114,096	—	114,096	21,397,849	—	—	21,397,849
Foreign	Codensa	Colombia	Foreign	B304	Colombia	CPs	6.61%	6.45%	No	372,955	—	372,955	—	38,783,602	—	38,783,602
Foreign	Coelce	Brazil	Foreign	Itaú	Brazil	Reais	12.34%	12.11%	No	—	700,207	700,207	—	28,930,201	—	28,930,201
Foreign	Coelce	Brazil	Foreign	Santander	Brazil	Reais	14.41%	14.11%	No	1,664,942	17,146,324	18,811,266	32,311,253	27,571,778	55,430,804	115,313,835
Foreign	Edegel	Peru	Foreign	BANCO CONTINENTAL	Peru	Soles	6.41%	6.31%	No	—	7,603	7,603	—	—	4,817,555	4,817,555
Foreign	Edegel	Peru	Foreign	BANCO CONTINENTAL	Peru	Soles	6.38%	6.28%	No	148,780	—	148,780	—	—	4,817,555	4,817,555
Foreign	Edegel	Peru	Foreign	BANCO CONTINENTAL	Peru	Soles	6.86%	6.75%	No	86,706	—	86,706	3,854,084	—	—	3,854,084
Foreign	Edegel	Peru	Foreign	BANCO CONTINENTAL	Peru	Soles	6.54%	6.44%	No	—	33,597	33,597	4,817,555	—	—	4,817,555
Foreign	Edegel	Peru	Foreign	BANCO CONTINENTAL	Peru	Soles	6.73%	6.63%	No	—	15,958	15,958	4,817,555	—	—	4,817,555
Foreign	Edegel	Peru	Foreign	BANCO CONTINENTAL	Peru	Soles	6.61%	6.50%	No	88,723	—	88,723	4,817,555	—	—	4,817,555
Foreign	Edegel	Peru	Foreign	BANCO CONTINENTAL	Peru	Soles	6.70%	6.59%	No	112,871	—	112,871	5,453,472	—	—	5,453,472
Foreign	Edegel	Peru	Foreign	BANCO CONTINENTAL	Peru	US$	5.86%	5.78%	No	141,895	—	141,895	—	—	5,195,251	5,195,251
Foreign	Edegel	Peru	Foreign	BANCO CONTINENTAL	Peru	US$	6.06%	5.97%	No	—	—	—	—	—	—	—
Foreign	Edegel	Peru	Foreign	BANCO CONTINENTAL	Peru	US$	6.44%	6.34%	No	141,900	—	141,900	—	—	5,195,251	5,195,251
Foreign	Edegel	Peru	Foreign	BANCO CONTINENTAL	Peru	US$	7.25%	7.13%	No	—	60,597	60,597	5,049,784	—	—	5,049,784
Foreign	Edegel	Peru	Foreign	BANCO CONTINENTAL	Peru	US$	7.13%	7.13%	No	104,550	—	104,550	—	3,301,582	—	3,301,582
Foreign	Edegel	Peru	Foreign	BANCO SCOTIABANK	Peru	US$	9.20%	9.00%	No	85,722	—	85,722	—	5,195,251	—	5,195,251
Foreign	Edegel	Peru	Foreign	BANCO SCOTIABANK	Peru	US$	6.09%	6.00%	No	146,718	—	146,718	—	—	4,242,442	4,242,442
Foreign	Edegel	Peru	Foreign	BANCO SCOTIABANK	Peru	US$	6.73%	6.63%	No	157,752	—	157,752	—	5,195,251	—	5,195,251
Foreign	Edegel	Peru	Foreign	BANCO SCOTIABANK	Peru	US$	7.93%	7.78%	No	75,088	—	75,088	—	—	5,195,251	5,195,251
Foreign	Edelnor	Peru	Foreign	Military/Police Pension Fund	Peru	Soles	1.27%	0.54%	No	—	—	—	—	—	—	—
Foreign	Edelnor	Peru	Foreign	FCR — Macro fund	Peru	Soles	8.67%	5.44%	No	—	—	—	—	—	—	—
Foreign	Edelnor	Peru	Foreign	Rimac Internacional Cia de Seguros	Peru	Soles	9.92%	6.50%	No	4,840	—	4,840	—	—	—	—
Foreign	Edelnor	Peru	Foreign	Rimac Internacional Cia de Seguros	Peru	Soles	9.92%	6.50%	No	48,852	—	48,852	4,756,410	—	—	4,756,410
Foreign	Edelnor	Peru	Foreign	AFP Integra	Peru	Soles	8.94%	8.75%	No	17,997	—	17,997	4,746,484	—	—	4,746,484
Foreign	Edelnor	Peru	Foreign	Retirement Fund for Noncommissioned Officers and Specialists - Fosersoe	Peru	Soles	8.00%	7.84%	No	10,266	—	10,266	9,476,559	—	—	9,476,559
Foreign	Edelnor	Peru	Foreign	AFP Integra	Peru	Soles	7.71%	7.56%	No	28,102	—	28,102	—	5,781,065	—	5,781,065

										12-2010
Taxpayer ID			ID No.							Current ThCh$			Non-current ThCh$
No. (RUT)	Company	Country	Financial Institution	Financial Institution	Country	Currency	Effective Interest Rate	Nominal Interest Rate	Secured/ Unsecured	Less than 90 days	More than 90 days	Total Current	One to Three Years	Three to Five Years	More than Five Years	TotalNon-current
Foreign	Chinango	Peru	Foreign	BANCO CONTINENTAL	Peru	Soles	6.57%	6.57%	YES	—	52,430	52,430	4,168,325	—	—	4,168,325
Foreign	Chinango	Peru	Foreign	BANCO CONTINENTAL	Peru	Soles	6.16%	6.16%	YES	—	5,030,217	5,030,217	—	—	—	—
Foreign	Chinango	Peru	Foreign	BANCO CONTINENTAL	Peru	Soles	6.15%	6.15%	YES	117,614	—	117,614	—	4,168,325	—	4,168,325
Foreign	Chinango	Peru	Foreign	BANCO CONTINENTAL	Peru	Soles	5.91%	5.91%	YES	4,255,775	—	4,255,775	—	—	—	—
Foreign	Chinango	Peru	Foreign	BANCO CONTINENTAL	Peru	US$	6.15%	6.15%	YES	—	66,252	66,252	9,367,060	—	—	9,367,060
					Total Secured Bonds					4,373,389	5,148,899	9,522,288	13,535,385	4,168,325	—	17,703,710
Foreign	Ampla	Brazil	Foreign	BONDS	Brazil	Reais	12.01%	CDI+1.05%aa	No	4,686,546	52,169,863	56,856,409	52,170,000	—	—	52,170,000
Foreign	Ampla	Brazil	Foreign	BONDS	Brazil	Reais	12.28%	CDI+1.30%aa	No	174,000	—	174,000	32,523,060	—	—	32,523,060
Foreign	Ampla	Brazil	Foreign	BONDS	Brazil	Reais	16.48%	CDI+5.61%aa	No	153,269	—	153,269	13,096,397	26,860,183	—	39,956,580
Foreign	Codensa	Colombia	Foreign	B5	Colombia	CPs	CPI+6.14%	CPI+6.14%	No	240,683	48,655,410	48,896,093	—	—	—	—
Foreign	Codensa	Colombia	Foreign	B8	Colombia	CPs	9.09%	8.80%	No	307,948	—	307,948	60,819,262	—	—	60,819,262
Foreign	Codensa	Colombia	Foreign	B302	Colombia	CPs	CPI+4.60%	CPI+4.60%	No	353,650	—	353,650	—	—	—	—
Foreign	Codensa	Colombia	Foreign	B102	Colombia	CPs	8.03%	7.80%	No	—	—	—	—	—	94,695,348	94,695,348
Foreign	Codensa	Colombia	Foreign	B502	Colombia	CPs	5.97%	5.97%	No	22,810	—	22,810	8,203,302	—	—	8,203,302
Foreign	Codensa	Colombia	Foreign	B503	Colombia	CPs	6.06%	6.06%	No	69,066	—	69,066	20,800,188	—	—	20,800,188
Foreign	Codensa	Colombia	Foreign	B503	Colombia	CPs	8.74%	8.46%	No	89,400	—	89,400	—	18,367,417	—	18,367,417
Foreign	Codensa	Colombia	Foreign	B103	Colombia	CPs	8.28%	8.04%	No	90,029	—	90,029	—	—	19,462,164	19,462,164
Foreign	Codensa	Colombia	Foreign	B304	Colombia	CPs	5.65%	5.53%	No	132,693	—	132,693	—	19,462,164	—	19,462,164
Foreign	Codensa	Colombia	Foreign	B304	Colombia	CPs	6.61%	6.45%	No	280,518	—	280,518	—	—	35,275,172	35,275,172
Foreign	Coelce	Brazil	Foreign	Itaú	Brazil	Reais	12.34%	12.11%	No	890,856	25,521,000	26,411,856	—	—	—	—
Foreign	Coelce	Brazil	Foreign	Santander	Brazil	Reais	14.41%	14.11%	No	1,599,204	—	1,599,204	30,656,023	15,611,999	—	46,268,022
Foreign	Edegel	Peru	Foreign	BANCO CONTINENTAL	Peru	Soles	6.41%	6.31%	No	—	6,578	6,578	—	—	4,168,325	4,168,325
Foreign	Edegel	Peru	Foreign	BANCO CONTINENTAL	Peru	Soles	6.38%	6.28%	No	128,730	—	128,730	—	—	4,168,325	4,168,325
Foreign	Edegel	Peru	Foreign	BANCO CONTINENTAL	Peru	Soles	6.86%	6.75%	No	75,030	—	75,030	—	3,334,660	—	3,334,660
Foreign	Edegel	Peru	Foreign	BANCO CONTINENTAL	Peru	Soles	6.54%	6.44%	No	76,767	—	76,767	4,168,325	—	—	4,168,325
Foreign	Edegel	Peru	Foreign	BANCO CONTINENTAL	Peru	Soles	6.73%	6.63%	No	—	29,070	29,070	4,168,325	—	—	4,168,325
Foreign	Edegel	Peru	Foreign	BANCO CONTINENTAL	Peru	Soles	6.61%	6.50%	No	—	13,808	13,808	4,168,325	—	—	4,168,325
Foreign	Edegel	Peru	Foreign	BANCO CONTINENTAL	Peru	Soles	6.70%	6.59%	No	97,660	—	97,660	—	4,718,544	—	4,718,544
Foreign	Edegel	Peru	Foreign	BANCO CONTINENTAL	Peru	US$	5.86%	5.78%	No	127,919	—	127,919	—	—	4,683,530	4,683,530
Foreign	Edegel	Peru	Foreign	BANCO CONTINENTAL	Peru	US$	6.06%	5.97%	No	100,637	3,746,824	3,847,461	—	—	—	—
Foreign	Edegel	Peru	Foreign	BANCO CONTINENTAL	Peru	US$	6.44%	6.34%	No	127,923	—	127,923	—	—	4,683,530	4,683,530
Foreign	Edegel	Peru	Foreign	BANCO CONTINENTAL	Peru	US$	7.25%	7.13%	No	—	54,629	54,629	—	4,552,391	—	4,552,391
Foreign	Edegel	Peru	Foreign	BANCO CONTINENTAL	Peru	US$	7.13%	7.13%	No	132,266	—	132,266	—	—	3,824,571	3,824,571
Foreign	Edegel	Peru	Foreign	BANCO SCOTIABANK	Peru	US$	9.20%	9.00%	No	94,171	—	94,171	—	2,976,388	—	2,976,388
Foreign	Edegel	Peru	Foreign	BANCO SCOTIABANK	Peru	US$	6.09%	6.00%	No	142,213	—	142,213	—	—	4,683,530	4,683,530
Foreign	Edegel	Peru	Foreign	BANCO SCOTIABANK	Peru	US$	6.73%	6.63%	No	77,278	—	77,278	—	—	4,683,530	4,683,530
Foreign	Edegel	Peru	Foreign	BANCO SCOTIABANK	Peru	US$	7.93%	7.78%	No	67,692	—	67,692	—	—	4,683,530	4,683,530
Foreign	Edelnor	Peru	Foreign	Military/Police Pension Fund	Peru	Soles	1.27%	0.54%	No	3,465,734	—	3,465,734	—	—	—	—
Foreign	Edelnor	Peru	Foreign	FCR — Macro fund	Peru	Soles	8.67%	5.44%	No	819,886	—	819,886	—	—	—	—
Foreign	Edelnor	Peru	Foreign	Rimac Internacional Cia de Seguros	Peru	Soles	9.92%	6.50%	No	40,394	—	40,394	—	3,932,869	—	3,932,869
Foreign	Edelnor	Peru	Foreign	Rimac Internacional Cia de Seguros	Peru	Soles	9.92%	6.50%	No	14,881	—	14,881	—	3,924,661	—	3,924,661
Foreign	Edelnor	Peru	Foreign	AFP Integra	Peru	Soles	8.94%	8.75%	No	8,489	—	8,489	—	7,835,713	—	7,835,713
Foreign	Edelnor	Peru	Foreign	Retirement Fund for Noncommissioned Officers and Specialists - Fosersoe	Peru	Soles	8.00%	7.84%	No	24,315	—	24,315	—	5,001,990	—	5,001,990
Foreign	Edelnor	Peru	Foreign	AFP Integra	Peru	Soles	7.71%	7.56%	No	25,430	—	25,430	666,932	—	—	666,932

F-74

·           Secured and Unsecured Liabilities by Company, continued

												12-2011
			ID No.				Effective					Current ThCh$			Non-current ThCh$
Taxpayer ID No. (RUT)	Company	Country	Financial Institution	Financial Institution	Country	Currency	Interest Rate		Nominal Interest Rate		Secured/ Unsecured	Less than 90 days	More than 90 days	Total Current	One to Three Years	Three to Five Years	More than Five Years	Total Non-current
Foreign	Edelnor	Peru	Foreign	Social Health Insurance - Essalud	Peru	Soles	8.32	%	8.16	%	No	29,390	—	29,390	770,809	—	—	770,809
Foreign	Edelnor	Peru	Foreign	AFP Profuturo	Peru	Soles	7.35	%	7.22	%	No	23,074	—	23,074	2,890,532	—	—	2,890,532
Foreign	Edelnor	Peru	Foreign	AFP Integra	Peru	Soles	8.16	%	8.00	%	No	137,526	—	137,526	—	3,468,639	—	3,468,639
Foreign	Edelnor	Peru	Foreign	AFP Horizonte	Peru	Soles	6.77	%	6.66	%	No	2,516,119	—	2,516,119	—	—	—	—
Foreign	Edelnor	Peru	Foreign	AFP Integra	Peru	Soles	5.77	%	5.69	%	No	69,553	—	69,553	—	2,890,532	—	2,890,532
Foreign	Edelnor	Peru	Foreign	AFP Integra	Peru	Soles	5.99	%	5.91	%	No	173,552	—	173,552	—	5,241,499	—	5,241,499
Foreign	Edelnor	Peru	Foreign	FCR — Macro Fund	Peru	Soles	6.06	%	5.97	%	No	44,894	—	44,894	2,890,532	—	—	2,890,532
Foreign	Edelnor	Peru	Foreign	AFP Profuturo	Peru	Soles	7.06	%	6.94	%	No	3,897,275	—	3,897,275	—	—	—	—
Foreign	Edelnor	Peru	Foreign	AFP Integra	Peru	Soles	6.67	%	6.56	%	No	44,894	—	44,894	—	3,854,043	—	3,854,043
Foreign	Edelnor	Peru	Foreign	AFP Horizonte	Peru	Soles	6.96	%	6.84	%	No	7,930,354	—	7,930,354	—	—	—	—
Foreign	Edelnor	Peru	Foreign	AFP Prima	Peru	Soles	6.38	%	6.28	%	No	179,735	—	179,735	—	7,708,087	—	7,708,087
Foreign	Edelnor	Peru	Foreign	AFP Prima	Peru	Soles	6.93	%	6.81	%	No	5,894,881	—	5,894,881	—	—	—	—
Foreign	Edelnor	Peru	Foreign	AFP Prima	Peru	Soles	7.25	%	7.13	%	No	5,082,940	—	5,082,940	—	—	—	—
Foreign	Edelnor	Peru	Foreign	AFP Integra	Peru	Soles	7.64	%	7.50	%	No	186,831	—	186,831	5,781,065	—	—	5,781,065
Foreign	Edelnor	Peru	Foreign	Mapfre Peru Cia de Seguros	Peru	Soles	7.87	%	7.72	%	No	81,366	—	81,366	3,854,043	—	—	3,854,043
Foreign	Edelnor	Peru	Foreign	AFP Prima	Peru	Soles	8.49	%	8.31	%	No	15,498	—	15,498	4,817,554	—	—	4,817,554
Foreign	Edelnor	Peru	Foreign	AFP Prima	Peru	Soles	8.42	%	8.25	%	No	—	—	—	—	—	—	—
Foreign	Edelnor	Peru	Foreign	AFP Prima	Peru	Soles	7.97	%	7.81	%	No	16,209	—	16,209	—	4,817,554	—	4,817,554
Foreign	Edelnor	Peru	Foreign	AFP Prima	Peru	Soles	8.06	%	7.91	%	No	209,478	—	209,478	5,781,065	—	—	5,781,065
Foreign	Edelnor	Peru	Foreign	AFP Profuturo	Peru	Soles	8.23	%	8.06	%	No	—	—	—	—	—	—	—
Foreign	Edelnor	Peru	Foreign	AFP Profuturo	Peru	Soles	6.67	%	6.56	%	No	210,758	—	210,758	5,781,065	—	—	5,781,065
Foreign	Edelnor	Peru	Foreign	AFP Profuturo	Peru	Soles	7.06	%	7.06	%	No	115,030	—	115,030	—	4,800,211	—	4,800,211
Foreign	Edelnor	Peru	Foreign	AFP Profuturo	Peru	Soles	6.63	%	6.63	%	No	48,664	—	48,664	5,679,896	—	—	5,679,896
Foreign	Edelnor	Peru	Foreign	AFP Profuturo	Peru	Soles	7.44	%	7.44	%	No	85,060	—	85,060	—	—	5,781,065	5,781,065
Foreign	Edelnor	Peru	Foreign	Fondo Mi Vivienda	Peru	Soles	6.50	%	6.50	%	No	42,555	—	42,555	—	3,854,043	—	3,854,043
Foreign	Edelnor	Peru	Foreign	Rimac Internacional Cia de Seguros	Peru	Soles	7.03	%	7.03	%	No	171,987	—	171,987	—	—	5,781,065	5,781,065
Foreign	Edelnor	Peru	Foreign	AFP Prima	Peru	Soles	6.50	%	6.50	%	No	40,360	—	40,360	—	—	3,854,043	3,854,043
Foreign	Edelnor	Peru	Foreign	Fifth Series A	Peru	Soles	7.03	%	7.03	%	No	124,955	—	124,955	—	—	3,854,043	3,854,043
Foreign	Edesur	Argentina	Foreign	oeds7	Argentina	Ar$	12.28	%	11.75	%	No	—	—	—	—	—	—	—
Foreign	Edesur	Argentina	Foreign	oeds7	Argentina	Ar$	12.28	%	11.75	%	No	15,571	3,963,560	3,979,131	—	—	—	—
Foreign	Emgesa	Colombia	Foreign	A-10 Bonds	Colombia	CPs	8.21	%	7.97	%	No	—	534,079	534,079	—	—	56,169,355	56,169,355
Foreign	Emgesa	Colombia	Foreign	B-103 Bonds	Colombia	CPs	8.33	%	8.33	%	No	—	3,654,924	3,654,924	—	—	45,470,431	45,470,431
Foreign	Emgesa	Colombia	Foreign	A102 Bonds	Colombia	CPs	8.21	%	7.97	%	No	—	101,729	101,729	—	—	9,747,283	9,747,283
Foreign	Emgesa	Colombia	Foreign	A5 Bonds	Colombia	CPs	5.32	%	5.22	%	No	—	116,036	116,036	—	13,223,871	—	13,223,871
Foreign	Emgesa	Colombia	Foreign	B10 Bonds	Colombia	CPs	8.97	%	8.69	%	No	—	575,302	575,302	—	—	42,811,747	42,811,747
Foreign	Emgesa	Colombia	Foreign	B15 Bonds	Colombia	CPs	9.29	%	8.99	%	No	—	205,704	205,704	—	—	14,844,758	14,844,758
Foreign	Emgesa	Colombia	Foreign	B09-09 Bonds	Colombia	CPs	9.10	%	8.80	%	No	—	1,416,305	1,416,305	—	—	58,362,634	58,362,634
Foreign	Emgesa	Colombia	Foreign	B12 Bonds	Colombia	CPs	9.30	%	9.00	%	No	—	592,993	592,993	—	—	23,960,242	23,960,242
Foreign	Emgesa	Colombia	Foreign	Commercial papers	Colombia	CPs	4.20	%	4.20	%	No	—	—	—	—	—	—	—
Foreign	Emgesa	Colombia	Foreign	E5-09 Bonds	Colombia	CPs	9.27	%	9.27	%	No	—	1,146,419	1,146,419	—	24,666,371	—	24,666,371
Foreign	Emgesa	Colombia	Foreign	B7 Bonds	Colombia	CPs	9.31	%	9.00	%	No	—	—	—	—	—	—	—
Foreign	Emgesa	Colombia	Foreign	B72 Bonds	Colombia	CPs	9.31	%	9.00	%	No	—	—	—	—	—	—	—
Foreign	Emgesa	Colombia	Foreign	Foreign bonds	Colombia	CPs	10.17	%	10.17	%	No	—	2,288,195	2,288,195	—	—	24,072,581	24,072,581
Foreign	Emgesa	Colombia	Foreign	Quimbo bonds	Colombia	CPs	10.17	%	10.17	%	No	—	16,443,475	16,443,475	—	—	172,990,913	172,990,913
91,081,000-6	Endesa Chile	Chile	Foreign	The Bank of New York Mellon — First Issuance S-1	USA	US$	7.96	%	7.96	%	No	3,507,440	—	3,507,440	—	—	105,516,202	105,516,202
91,081,000-6	Endesa Chile	Chile	Foreign	The Bank of New York Mellon — First Issuance S-2	USA	US$	7.40	%	7.40	%	No	1,121,609	—	1,121,609	—	—	36,254,989	36,254,989
91,081,000-6	Endesa Chile	Chile	Foreign	The Bank of New York Mellon — First Issuance S-3	USA	US$	8.26	%	8.26	%	No	710,395	—	710,395	—	—	15,584,934	15,584,934
91,081,000-6	Endesa Chile	Chile	97,004,000-5	Banco Santander Chile - 264 Series-F	Chile	U.F.	6.44	%	6.44	%	No	31,548,592	—	31,548,592	—	—	—	—
91,081,000-6	Endesa Chile	Chile	Foreign	The Bank of New York Mellon - 144-A	USA	US$	8.50	%	8.50	%	No	7,225,533	—	7,225,533	206,726,825	—	—	206,726,825
91,081,000-6	Endesa Chile	Chile	Foreign	The Bank of New York Mellon - 144-A	USA	US$	8.83	%	8.83	%	No	3,731,750	—	3,731,750	—	102,843,263	—	102,843,263
91,081,000-6	Endesa Chile	Chile	97,004,000-5	Banco Santander Chile - 317 Series-H	Chile	U.F.	7.17	%	7.17	%	No	—	5,653,703	5,653,703	9,274,316	9,274,316	51,798,587	70,347,219
91,081,000-6	Endesa Chile	Chile	97,004,000-5	Banco Santander Chile - 318 Series-K	Chile	U.F.	3.86	%	3.86	%	No	—	699,402	699,402	—	—	88,931,329	88,931,329
91,081,000-6	Endesa Chile	Chile	97,004,000-5	Banco Santander Chile - 522 Series-M	Chile	U.F.	4.82	%	4.82	%	No	—	436,109	436,109	—	—	218,509,846	218,509,846
94,271,000-3	Enersis	Chile	Foreign	Yankee Bonds 2016	USA	US$	7.76	%	7.40	%	No	—	799,582	799,582	—	133,177,054	—	133,177,054
94,271,000-3	Enersis	Chile	Foreign	Yankee Bonds 2026	USA	US$	7.76	%	6.60	%	No	—	2,450	2,450	—	—	445,474	445,474
94,271,000-3	Enersis	Chile	Foreign	Yankee Bonds 2014	USA	US$	7.69	%	7.38	%	No	6,142,514	—	6,142,514	189,274,248	—	—	189,274,248
94,271,000-3	Enersis	Chile	97,004,000-5	Bonds UF 269	Chile	U.F.	7.02	%	5.75	%	No	—	2,409,255	2,409,255	4,490,426	5,342,947	18,824,480	28,657,853
						Total Unsecured Bonds						91,218,618	151,567,139	242,785,757	687,373,937	503,771,010	1,248,768,956	2,439,913,903

												12-2010
			ID No.				Effective					Current ThCh$						Non-current ThCh$
Taxpayer ID No. (RUT)	Company	Country	Financial Institution	Financial Institution	Country	Currency	Interest Rate		Nominal Interest Rate		Secured/ Unsecured	Less than 90 days	More than 90  days	Total Current	One to Three Years	Three to Five Years	More than Five Years	Total Non-Current
Foreign	Edelnor	Peru	Foreign	Social Health Insurance - Essalud	Peru	Soles	8.32	%	8.16	%	No	19,965	—	19,965	2,500,995	—	—	2,500,995
Foreign	Edelnor	Peru	Foreign	AFP Profuturo	Peru	Soles	7.35	%	7.22	%	No	118,993	—	118,993	—	—	3,001,194	3,001,194
Foreign	Edelnor	Peru	Foreign	AFP Integra	Peru	Soles	8.16	%	8.00	%	No	60,180	—	60,180	—	—	2,500,995	2,500,995
Foreign	Edelnor	Peru	Foreign	AFP Horizonte	Peru	Soles	6.77	%	6.66	%	No	3,432,135	—	3,432,135	—	—	—	—
Foreign	Edelnor	Peru	Foreign	AFP Integra	Peru	Soles	5.77	%	5.69	%	No	150,163	—	150,163	—	—	4,535,138	4,535,138
Foreign	Edelnor	Peru	Foreign	AFP Integra	Peru	Soles	5.99	%	5.91	%	No	38,844	—	38,844	2,500,995	—	—	2,500,995
Foreign	Edelnor	Peru	Foreign	FCR — Macro Fund	Peru	Soles	6.06	%	5.97	%	No	37,405	—	37,405	3,334,660	—	—	3,334,660
Foreign	Edelnor	Peru	Foreign	AFP Profuturo	Peru	Soles	7.06	%	6.94	%	No	38,844	—	38,844	—	3,334,660	—	3,334,660
Foreign	Edelnor	Peru	Foreign	AFP Integra	Peru	Soles	6.67	%	6.56	%	No	192,403	—	192,403	6,669,320	—	—	6,669,320
Foreign	Edelnor	Peru	Foreign	AFP Horizonte	Peru	Soles	6.96	%	6.84	%	No	155,513	—	155,513	—	6,669,320	—	6,669,320
Foreign	Edelnor	Peru	Foreign	AFP Prima	Peru	Soles	6.38	%	6.28	%	No	98,477	—	98,477	5,001,990	—	—	5,001,990
Foreign	Edelnor	Peru	Foreign	AFP Prima	Peru	Soles	6.93	%	6.81	%	No	161,653	—	161,653	5,001,990	—	—	5,001,990
Foreign	Edelnor	Peru	Foreign	AFP Prima	Peru	Soles	7.25	%	7.13	%	No	3,401,208	—	3,401,208	—	—	—	—
Foreign	Edelnor	Peru	Foreign	AFP Integra	Peru	Soles	7.64	%	7.50	%	No	70,401	—	70,401	3,334,660	—	—	3,334,660
Foreign	Edelnor	Peru	Foreign	Mapfre Peru Cia de Seguros	Peru	Soles	7.87	%	7.72	%	No	13,410	—	13,410	—	4,168,325	—	4,168,325
Foreign	Edelnor	Peru	Foreign	AFP Prima	Peru	Soles	8.49	%	8.31	%	No	14,025	—	14,025	—	—	4,168,325	4,168,325
Foreign	Edelnor	Peru	Foreign	AFP Prima	Peru	Soles	8.42	%	8.25	%	No	3,452,068	—	3,452,068	—	—	—	—
Foreign	Edelnor	Peru	Foreign	AFP Prima	Peru	Soles	7.97	%	7.81	%	No	181,248	—	181,248	5,001,990	—	—	5,001,990
Foreign	Edelnor	Peru	Foreign	AFP Prima	Peru	Soles	8.06	%	7.91	%	No	9,509	—	9,509	2,167,529	—	—	2,167,529
Foreign	Edelnor	Peru	Foreign	AFP Profuturo	Peru	Soles	8.23	%	8.06	%	No	2,589,753	—	2,589,753	—	—	—	—
Foreign	Edelnor	Peru	Foreign	AFP Profuturo	Peru	Soles	6.67	%	6.56	%	No	152,924	—	152,924	4,245,022	—	—	4,245,022
Foreign	Edelnor	Peru	Foreign	AFP Profuturo	Peru	Soles	7.06	%	7.06	%	No	182,356	—	182,356	5,001,990	—	—	5,001,990
Foreign	Edelnor	Peru	Foreign	AFP Profuturo	Peru	Soles	6.63	%	6.63	%	No	99,528	—	99,528	—	4,153,319	—	4,153,319
Foreign	Edelnor	Peru	Foreign	AFP Profuturo	Peru	Soles	7.44	%	7.44	%	No	42,106	—	42,106	—	4,914,455	—	4,914,455
Foreign	Edelnor	Peru	Foreign	Fondo Mi Vivienda	Peru	Soles	6.50	%	6.50	%	No	73,597	—	73,597	—	—	5,001,990	5,001,990
Foreign	Edelnor	Peru	Foreign	Rimac Internacional Cia de Seguros	Peru	Soles	7.03	%	7.03	%	No	36,820	—	36,820	—	—	3,334,660	3,334,660
Foreign	Edelnor	Peru	Foreign	AFP Prima	Peru	Soles	6.50	%	6.50	%	No	148,809	—	148,809	—	—	5,001,990	5,001,990
Foreign	Edelnor	Peru	Foreign	Fifth Series A	Peru	Soles	7.03	%	7.03	%	No	34,921	—	34,921	—	—	3,334,660	3,334,660
Foreign	Edesur	Argentina	Foreign	oeds7	Argentina	Ar$	12.28	%	11.75	%	No	—	3,886,654	3,886,654	—	—	—	—
Foreign	Edesur	Argentina	Foreign	oeds7	Argentina	Ar$	12.28	%	11.75	%	No	—	3,849,436	3,849,436	3,862,274	—	—	3,862,274
Foreign	Emgesa	Colombia	Foreign	A-10 Bonds	Colombia	CPs	8.21	%	7.97	%	No	—	411,850	411,850	—	—	51,088,180	51,088,180
Foreign	Emgesa	Colombia	Foreign	B-103 Bonds	Colombia	CPs	8.33	%	8.33	%	No	—	2,810,154	2,810,154	—	—	42,837,829	42,837,829
Foreign	Emgesa	Colombia	Foreign	A102 Bonds	Colombia	CPs	8.21	%	7.97	%	No	—	78,448	78,448	—	—	9,384,105	9,384,105
Foreign	Emgesa	Colombia	Foreign	A5 Bonds	Colombia	CPs	5.32	%	5.22	%	No	—	83,357	83,357	—	—	12,027,617	12,027,617
Foreign	Emgesa	Colombia	Foreign	B10 Bonds	Colombia	CPs	8.97	%	8.69	%	No	—	449,458	449,458	—	—	38,938,924	38,938,924
Foreign	Emgesa	Colombia	Foreign	B15 Bonds	Colombia	CPs	9.29	%	8.99	%	No	—	161,483	161,483	—	—	13,501,876	13,501,876
Foreign	Emgesa	Colombia	Foreign	B09-09 Bonds	Colombia	CPs	9.10	%	8.80	%	No	—	1,108,613	1,108,613	—	—	53,083,052	53,083,052
Foreign	Emgesa	Colombia	Foreign	B12 Bonds	Colombia	CPs	9.30	%	9.00	%	No	—	465,607	465,607	—	—	21,792,758	21,792,758
Foreign	Emgesa	Colombia	Foreign	Commercial papers	Colombia	CPs	4.20	%	4.20	%	No	—	17,113,595	17,113,595	—	—	—	—
Foreign	Emgesa	Colombia	Foreign	E5-09 Bonds	Colombia	CPs	9.27	%	9.27	%	No	—	1,042,712	1,042,712	—	—	22,435,009	22,435,009
Foreign	Emgesa	Colombia	Foreign	B7 Bonds	Colombia	CPs	9.31	%	9.00	%	No	—	44,319,708	44,319,708	—	—	—	—
Foreign	Emgesa	Colombia	Foreign	B72 Bonds	Colombia	CPs	9.31	%	9.00	%	No	—	14,773,236	14,773,236	—	—	—	—
Foreign	Emgesa	Colombia	Foreign	Foreign bonds	Colombia	CPs	10.17	%	10.17	%	No	—	—	—	—	—	—	—
Foreign	Emgesa	Colombia	Foreign	Quimbo bonds	Colombia	CPs	10.17	%	10.17	%	No	—	—	—	—	—	—	—
91,081,000-6	Endesa Chile	Chile	Foreign	The Bank of New York Mellon — First Issuance S-1	USA	US$	7.96	%	7.96	%	No	3,161,628	—	3,161,628	—	—	94,921,874	94,921,874
91,081,000-6	Endesa Chile	Chile	Foreign	The Bank of New York Mellon — First Issuance S-2	USA	US$	7.40	%	7.40	%	No	1,011,025	—	1,011,025	—	—	32,652,675	32,652,675
91,081,000-6	Endesa Chile	Chile	Foreign	The Bank of New York Mellon — First Issuance S-3	USA	US$	8.26	%	8.26	%	No	640,355	—	640,355	—	—	13,515,600	13,515,600
91,081,000-6	Endesa Chile	Chile	97,004,000-5	Banco Santander Chile - 264 Series-F	Chile	U.F.	6.44	%	6.44	%	No	1,091,599	321,834	1,413,433	1,609,167	2,252,833	25,121,867	28,983,867
91,081,000-6	Endesa Chile	Chile	Foreign	The Bank of New York Mellon - 144-A	USA	US$	8.50	%	8.50	%	No	6,513,139	—	6,513,139	185,675,099	—	—	185,675,099
91,081,000-6	Endesa Chile	Chile	Foreign	The Bank of New York Mellon - 144-A	USA	US$	8.83	%	8.83	%	No	3,363,822	—	3,363,822	—	92,366,575	—	92,366,575
91,081,000-6	Endesa Chile	Chile	97,004,000-5	Banco Santander Chile - 317 Series-H	Chile	U.F.	7.17	%	7.17	%	No	—	5,497,845	5,497,845	8,925,508	8,925,508	54,281,364	72,132,380
91,081,000-6	Endesa Chile	Chile	97,004,000-5	Banco Santander Chile - 318 Series-K	Chile	U.F.	3.86	%	3.86	%	No	—	673,096	673,096	—	—	85,561,441	85,561,441
91,081,000-6	Endesa Chile	Chile	97,004,000-5	Banco Santander Chile - 522 Series-M	Chile	U.F.	4.82	%	4.82	%	No	—	419,706	419,706	—	—	210,717,524	210,717,524
94,271,000-3	Enersis	Chile	Foreign	Yankee Bonds 2016	USA	US$	7.76	%	7.40	%	No	—	720,747	720,747	—	—	120,393,171	120,393,171
94,271,000-3	Enersis	Chile	Foreign	Yankee Bonds 2026	USA	US$	7.76	%	6.60	%	No	—	2,209	2,209	—	—	401,553	401,553
94,271,000-3	Enersis	Chile	Foreign	Yankee Bonds 2014	USA	US$	7.69	%	7.38	%	No	5,536,900	—	5,536,900	—	171,324,624	—	171,324,624
94,271,000-3	Enersis	Chile	97,004,000-5	Bonds UF 269	Chile	U.F.	7.02	%	5.75	%	No	—	2,201,591	2,201,591	4,009,551	4,806,093	20,746,252	29,561,896
						Total Unsecured Bonds						51,063,813	230,588,521	281,652,334	480,282,879	419,494,691	1,139,293,178	2,039,070,748

Appendix No.4, letter b) presents additional information on financial debt which includes a projection of future cash flows (undiscounted) that the Group will have to disburse to settle the secured and unsecured obligations detailed above

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·      Detail of Financial Lease Obligations

									12-2011
							Nominal		Current			Non-current
Taxpayer ID No. (RUT)	Company	Country	ID No. Financial Institution	Financial Institution	Country	Currency	Interest Rate		Less than 90 days	More than 90 days	Total Current	One to Three Years	Three to Five Years	More than Five Years	Total Non- current
91,081,000-6	Endesa Chile	Chile	87,509,100-K	Leasing Abengoa Chile	Chile	US$	6.50	%	1,041,741	—	1,041,741	2,291,023	2,598,536	13,765,541	18,655,100
Foreign	Edegel	Peru	Foreign	Banco Scotiabank	Peru	US$	2.02	%	1,918,477	6,218,565	8,137,042	10,519,276	14,415,305	11,395,943	36,330,524
96,830,980-3	GasAtacama	Chile	96,976,410-5	Gasred S,A,	Chile	US$	8.27	%	—	—	—	—	—	—	—
Foreign	Edelnor	Peru	Foreign	BBVA	Peru	Soles	6.30	%	579,527	3,648,359	4,227,886	2,859,893	—	—	2,859,893
Foreign	Edesur	Argentina	Foreign	COMAFI	Argentina	Ar$	21.19	%	121,499	280,084	401,583	593,623	—	—	593,623
				Leasing Total					3,661,244	10,147,008	13,808,252	16,263,815	17,013,841	25,161,484	58,439,140

									12-2010
							Nominal		Current			Non-current
Taxpayer ID No. (RUT)	Company	Country	ID No. Financial Institution	Financial Institution	Country	Currency	Interest Rate		Less than 90 days	More than 90 days	Total Current	One to Three Years	Three to Five Years	More than Five Years	Total Non- current
91,081,000-6	Endesa Chile	Chile	87,509,100-K	Leasing Abengoa Chile	Chile	US$	6.50	%	—	881,720	881,720	3,004,174	2,342,336	12,408,341	17,754,851
Foreign	Edegel	Peru	Foreign	Banco Scotiabank	Peru	US$	2.02	%	1,877,853	5,562,774	7,440,627	12,096,296	11,246,668	16,687,463	40,030,427
96,830,980-3	GasAtacama	Chile	96,976,410-5	Gasred S,A,	Chile	US$	8.27	%	—	249,450	249,450	—	—	—	—
Foreign	Edelnor	Peru	Foreign	BBVA	Peru	Soles	6.30	%	448,208	713,588	1,161,796	2,406,791	—	—	2,406,791
Foreign	Edesur	Argentina	Foreign	COMAFI	Argentina	Ar$	21.19	%	—	460,392	460,392	947,990	—	—	947,990
				Leasing Total					2,326,061	7,867,924	10,193,985	18,455,251	13,589,004	29,095,804	61,140,059

Appendix No.4 letter c) presents additional information on financial lease obligations which includes a projection of future cash flows (undiscounted) that the Group will have to disburse to settle these obligations.

·      Detail of Other Obligations

									12-2011
							Nominal		Current			Non-current
Taxpayer ID No. (RUT)	Company	Country	ID No. Financial Institution	Financial Institution	Country	Currency	Interest Rate		Less than 90 days	More than 90 days	Total Current	One to Three Years	Three to Five Years	More than Five Years	Total Non- current
Foreign	Endesa Costanera	Argentina	Foreign	Mitsubishi (secured debt)	Argentina	US$	7.42	%	7,749,998	14,969,290	22,719,288	12,851,153	37,735,332	—	50,586,485
Foreign	Endesa Costanera	Argentina	Foreign	Mitsubishi (unsecured debt)	Argentina	US$	7.42	%	—	13,925,511	13,925,511	—	—	—	—
Foreign	Endesa Costanera	Argentina	Foreign	Others	Argentina	Ar$	11.50	%	679,866	1,133,110	1,812,976	—	—	—	—
91,081,000-6	Endesa Chile	Chile	N/A	Others	Chile	Ch$	4.74	%	27	—	27	—	—	—	—
96,830,980-3	GasAtacama	Chile	96,963,440-6	SC GROUP	Chile	US$	7.50	%	10,104,537	—	10,104,537	—	—	—	—
96,830,980-3	GasAtacama	Chile	96,963,440-6	SC GROUP	Chile	US$	N/A		1,092,804	—	1,092,804	—	—	—	—
96,589,170-6	Pangue	Chile	N/A	Others	Chile	Ch$	N/A		2	—	2	—	—	—	—
96,827,970-K	Endesa Eco	Chile	96,601,250-1	Inversiones Centinela S,A,	Chile	US$	N/A		3,929,271	—	3,929,271	—	—	—	—
94,271,000-3	Enersis	Chile	N/A	Others	Chile	Ch$	N/A		—	3,958	3,958	—	—	—	—
96,800,570-7	Chilectra	Chile	N/A	Others	Chile	Ch$	N/A		—	1,235	1,235	—	—	—	—
Foreign	Ampla	Brazil	Foreign	Eletrobrás	Brazil	Reais	7.15	%	205,853	613,419	819,272	2,035,832	2,239,892	2,816,907	7,092,631
Foreign	Ampla Energía	Brazil	Foreign	Bndes	Brazil	Reais	9.43	%	4,941,520	10,526,077	15,467,597	23,343,601	22,203,629	22,367,250	67,914,480
Foreign	Endesa Brasil	Brazil	Foreign	IFC	Brazil	US$	N/A		—	—	—	—	—	—	—
Foreign	Coelce	Brazil	Foreign	Eletrobras	Brazil	Reais	6.68	%	1,289,715	3,067,631	4,357,346	6,534,103	5,634,274	11,052,898	23,221,275
Foreign	Coelce	Brazil	Foreign	Banco do Brazil	Brazil	US$	4.66	%	16,411	113,158	129,569	108,803	—	1,448,799	1,557,602
Foreign	Coelce	Brazil	Foreign	BEI	Brazil	US$	5.39	%	—	4,532,108	4,532,108	—	—	—	—
Foreign	Coelce	Brazil	Foreign	Banco do Brazil	Brazil	Reais	15.16	%	1,049,301	3,073,192	4,122,493	5,366,340	—	—	5,366,340
Foreign	Coelce	Brazil	Foreign	BNDES	Brazil	Reais	10.03	%	5,567,428	16,072,830	21,640,258	27,967,533	—	—	27,967,533
Foreign	Coelce	Brazil	Foreign	Banco do Nordeste	Brazil	Reais	7.75	%	1,975,303	6,454,541	8,429,844	24,074,744	5,911,192	6,650,091	36,636,027
Foreign	Coelce	Brazil	Foreign	Faelce	Brazil	Reais	13.87	%	—	3,176,291	3,176,291	4,764,438	—	—	4,764,438
				Total Other Obligations					38,602,036	77,662,351	116,264,387	107,046,547	73,724,319	44,335,945	225,106,811

									12-2010
							Nominal		Current			Non-current
Taxpayer ID No. (RUT)	Company	Country	ID No. Financial Institution	Financial Institution	Country	Currency	Interest Rate		Less than 90 days	More than 90 days	Total Current	One to Three Years	Three to Five Years	More than Five Years	Total Non- current
Foreign	Endesa Costanera	Argentina	Foreign	Mitsubishi (secured debt)	Argentina	US$	7.42	%	17,408,628	8,223,739	25,632,367	—	37,523,997	—	37,523,997
Foreign	Endesa Costanera	Argentina	Foreign	Mitsubishi (unsecured debt)	Argentina	US$	7.42	%	—	—	—	—	12,332,589	—	12,332,589
Foreign	Endesa Costanera	Argentina	Foreign	Others	Argentina	Ar$	11.50	%	1,542,295	1,517,680	3,059,975	1,011,826	—	—	1,011,826
91,081,000-6	Endesa Chile	Chile	N/A	Others	Chile	Ch$	4.74	%	—	894	894	—	—	—	—
96,830,980-3	GasAtacama	Chile	96,963,440-6	SC GROUP	Chile	US$	7.50	%	17,550,375	—	17,550,375	792,809	—	—	792,809
96,830,980-3	GasAtacama	Chile	96,963,440-6	SC GROUP	Chile	US$	N/A		—	—	—	—	—	—	—
96,589,170-6	Pangue	Chile	N/A	Others	Chile	Ch$	N/A		—	—	—	—	12,395,250	—	12,395,250
96,827,970-K	Endesa Eco	Chile	96,601,250-1	Inversiones Centinela S,A,	Chile	US$	N/A		—	—	—	—	—	—	—
94,271,000-3	Enersis	Chile	N/A	Others	Chile	Ch$	N/A		—	821	821	—	—	—	—
96,800,570-7	Chilectra	Chile	N/A	Others	Chile	Ch$	N/A		—	1,180	1,180	—	—	—	—
Foreign	Ampla	Brazil	Foreign	Eletrobrás	Brazil	Reais	7.15	%	96,367	410,814	507,181	1,190,260	1,190,260	1,775,735	4,156,255
Foreign	Ampla Energía	Brazil	Foreign	Bndes	Brazil	Reais	9.43	%	8,353,041	17,646,086	25,999,127	10,399,296	531,167	—	10,930,463
Foreign	Endesa Brasil	Brazil	Foreign	IFC	Brazil	US$	N/A		—	51,906,330	51,906,330	—	—	—	—
Foreign	Coelce	Brazil	Foreign	Eletrobras	Brazil	Reais	6.68	%	28,592	125,856	154,448	167,212	32,658	1,304,607	1,504,477
Foreign	Coelce	Brazil	Foreign	Banco do Brazil	Brazil	US$	4.66	%	233,456	3,915,570	4,149,026	3,915,570	—	—	3,915,570
Foreign	Coelce	Brazil	Foreign	BEI	Brazil	US$	5.39	%	1,106,146	3,547,766	4,653,912	7,202,141	4,305,798	9,066,992	20,574,931
Foreign	Coelce	Brazil	Foreign	Banco do Brazil	Brazil	Reais	15.16	%	967,059	2,757,153	3,724,212	8,054,776	976,090	—	9,030,866
Foreign	Coelce	Brazil	Foreign	BNDES	Brazil	Reais	10.03	%	6,439,374	15,673,356	22,112,730	35,333,122	13,847,857	—	49,180,979
Foreign	Coelce	Brazil	Foreign	Banco do Nordeste	Brazil	Reais	7.75	%	1,982,611	5,722,717	7,705,328	17,821,201	12,798,992	—	30,620,193
Foreign	Coelce	Brazil	Foreign	Faelce	Brazil	Reais	13.87	%	—	—	—	—	—	—	—
				Total Other Obligations					55,707,944	111,449,962	167,157,906	85,888,213	95,934,658	12,147,334	193,970,205

Appendix No.4 letter d) presents additional information on other obligations which includes a projection of future cash flows (undiscounted) that the Group will have to disburse to settle these obligations.

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18.5Hedged debt

Of Enersis’ US dollar denominated debt, as of December 31, 2011, ThCh$ 739,686,386 is related to future cash flow hedges for the Group’s US dollar-linked operating income (see Note 3.m). As of December 31, 2010, this amount totaled ThCh$ 679,999,810.

The following table details movements in “Reserve of cash flow hedges” during 2011 and 2010 due to exchange differences of this debt:

	12-31-2011		12-31-2010		12-31-2009
Balance in hedging reserves (hedging income) at the beginning of the year, net	67,748,527		60,346,205		(61,905,837	)
Foreign currency exchange differences recorded in equity, net	(28,520,464	)	15,654,909		126,579,938
Recognition of foreign currency exchange differences in profit or loss, net	(9,306,696	)	(8,252,587	)	(4,327,896	)
Foreign currency translation differences	633,136		—		—
Balance in hedging reserves (hedging income) at the end of the year, net	30,554,503		67,748,527		60,346,205

18.6Other information

As of December 31, 2011 and 2010, the Enersis Group has long-term lines of credit available for use amounting to ThCh$ 238,832,000 and ThCh$ 242,750,000, respectively.

Various of the Company’s and its subsidiaries’ credit facilities contain certain financial ratio covenants, customary In these types of contracts. These agreements also include affirmative and negative covenants that require ongoing monitoring. Additionally, there are certain restrictions in the events of default sections that also require compliance.

Some of Enersis’ and Endesa Chile’s credit facilities include cross default provisions. Regarding the provision affecting Enersis, the loan subscribed on December 2009 under New York jurisdiction and that matures December 2012, stipulates that a cross default arises when Enersis, Chilectra or Endesa Chile is in arrears with any one of its debt repayments, whether on interest or on the principal. There have been no disbursements on this syndicated loan to date.  Endesa Chile’s loan, syndicated the State of New York law, subscribed in 2008 and expiring in 2014, and which contains a disbursed balance of US$ 200 million to date, does not make reference to Endesa Chile’s subsidiaries, so cross default can only originate if Endesa Chile defaults on other of its own debt. For debt repayments to become accelerated due to cross default, the amount in default must exceed US$ 50 million, or its equivalent in other currencies.  Additionally, other conditions must be met before debt repayments can be accelerated, including expiration of the grace period (if any) and a formal notice documenting intention to accelerate debt repayment from the lenders that represent more than 50% of the balance owed under the credit facility. Additionally, in December 2009, both Enersis and Endesa Chile subscribed loans under Chilean law that stipulate that a cross default will arise only by the debtor’s default.  In these loans, the amount in default must also exceed the US$ 50 million threshold aforementioned or its equivalent in foreign currency.  Note that since their subscription, these credit facilities have never been disbursed.

Regarding Enersis’ and Endesa Chile’s bonds registered with the U.S. SEC, commonly known as “Yankee Bonds,” the cross default for nonpayment can arise from other debt affecting the same company, or from any of its Chilean subsidiaries, regardless of the amount, as long as the principal that originated the cross default exceeds US$ 30 million, or its equivalent in other currency.  The acceleration of the debt repayment caused by the cross default provision does not happen automatically; instead, bondholders of at least 25% of a certain series of the Yankee Bonds must demand this.  Additionally, the bankruptcy or insolvency of a foreign subsidiary does not have a contractual impact on Enersis’ and Endesa Chile’s Yankee Bonds.

Enersis’ and Endesa Chile’s Chilean bonds stipulate that a cross default can only arise if the “Issuer” of the debt instrument (as defined in the debt agreement) is in default.  Furthermore, the acceleration of the debt repayment must be requested by at least 50% of the bondholders of a particular series.

As of December 31, 2011 and December 31, 2010, Enersis S.A., Endesa Chile, and their respective subsidiaries were in full compliance with all above-described financial and other covenants and restrictions.

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19.RISK MANAGEMENT POLICY

The Group’s companies are exposed to certain risks that are managed by systems that identify, measure, limit concentration of, and monitor these risks.

The main principles in the Group’s risk management policy include the following:

·Compliance with corporate governance standards.

·Strict compliance with all the Group’s internal policies.

·The Group’s Risk Committee is the organization in charge of defining, approving, and updating the basic principles that are to inspire actions taken regarding risk.

·Risk Governance is organized operationally through the Risk Control and Risk Management areas, which are two independent functions.

·Each business and corporate area determines:

I.The markets and product areas in which it will operate based on its knowledge and ability to ensure effective risk management.

II.Criteria regarding counterparts.

III.Authorized operators.

·Business and corporate areas establish their risk tolerance in a manner consistent with the defined strategy for each market in which they operate.

·Business limits are ratified by the Group’s Risk Committee.

·All of the operations of the businesses and corporate areas are conducted within the limits approved for each case.

·Businesses, corporate areas, lines of business and companies design the risk management controls necessary to ensure that transactions in the markets are conducted in accordance with Enersis’ policies, standards, and procedures.

19.1.Interest rate risk

Changes in interest rates affect the fair value of assets and liabilities bearing fixed interest rates, as well as the expected future cash flows of assets and liabilities subject to floating interest rates.

The objective of managing interest rate risk exposure is to achieve a balance in the debt structure to minimize the cost of debt with reduced volatility in profit or loss.

In compliance with the current interest rate hedging policy, the proportion of fixed debt and/or hedged debt over the net total debt was 62% as of December 31, 2011.

Depending on the Group’s estimates and on the objectives of the debt structure, hedging transactions are performed by entering into derivatives contracts that mitigate interest rate risk. Derivative instruments currently used to comply with the risk management policy are interest rate swaps to set floating rate at fixed rate.

The financial debt structure of the Group detailed by fixed, hedged, and floating rate debt, net of hedging derivative instruments, is as follows:

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Net position:

	12-31-2011		12-31-2010
	%		%
Fixed interest rate	62	%	51	%
Floating interest rate	38	%	49	%
Total	100	%	100	%

19.2.Exchange rate risk

Exchange rate risks involve basically the following transactions:

·Debt contracted by the Group’s companies that is denominated in a foreign currency, when the Company’s contribution margin is not highly indexed to such foreign currency.

·Payments to be made in international markets for the acquisition of project-related materials.

·Group company income directly linked to dollar changes.

·Cash flows from foreign subsidiaries to the Chilean parent company, exposed to exchange rate fluctuations.

In order to mitigate foreign currency risk, the Group’s foreign currency risk management policy is based on cash flows and includes maintaining a balance between U.S. dollar flows and the levels of assets and liabilities denominated in this currency. The objective is to minimize the exposure to variability in cash flows that are attributable to foreign exchange risk.

The hedging instruments currently being used to comply with the policy are currency swaps and forward exchange contracts. In addition, the policy seeks to refinance debt in the functional currency of each of the Group’s companies.

19.3.Commodities risk

The Group has a risk exposure to price changes in certain commodities, basically due to:

·Purchases of fuel used to generate electricity.

·Energy purchase/sale transactions that take place in local markets.

In order to reduce the risk in situations of extreme drought, the company has designed a commercial policy that defines the levels of sales commitments in line with the capacity of its generating power plants in a dry year and includes risk mitigation terms in certain contracts with unregulated customers.

Considering the operating conditions faced by the power generation market in Chile, with drought and highly volatile oil prices, the Group is constantly verifying the advisability of hedging against increases in the price of Brent crude oil. As of December 31, 2011, there are no hedging instruments in effect, and the hedging used in the past has been in specific cases and for fairly insignificant amounts. The Group does not rule out use of this type of instrument in the future.

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19.4.Liquidity risk

The Group maintains a liquidity risk management policy that consists of entering into long-term committed banking facilities and temporary financial investments for amounts that cover the projected needs over a period of time that is determined based on the situation and expectations for debt and capital markets.

The projected needs mentioned above include maturities of financial debt, net of financial derivatives. For further details regarding the features and conditions of financial obligations and financial derivatives, see Notes 18 and 20, and Appendix No.4.

As of December 31, 2011, the Group has cash and cash equivalent totaling ThCh$ 1,219,921,268 and unconditionally available lines of credits totaling ThCh$ 238,832,000. As of December 31, 2010, the Group had ThCh$ 961,355,037 in cash and cash equivalents and ThCh$ 242,750,000 in unconditional available lines of credit.

19.5.Credit risk

Given the current economic climate, the Group has been carefully following its credit risk.

Trade receivables:

The credit risk for receivables from the Group’s commercial activity has historically been very low, due to the short term period of collections from customers, resulting in non-significant cumulative receivables amounts. This situation applies to both the electricity generating and distribution lines of business.

In our electricity generating business, some countries’ regulations allow the suspension of energy service to customers with outstanding payments, and most contracts have termination clauses for payment default. The Company monitors its credit risk on an ongoing basis and measures quantitatively its maximum exposure to payment default risk, which, as stated above, is very low.

In our electricity distribution companies, the suspension of energy service for customers in payment default is permitted in all cases, in accordance with current regulations in each country. This facilitates our credit risk management, which is also low in this line of business.

Financial assets:

Cash surpluses are invested in the highest-rated local and foreign financial entities (with risk rating equivalent to investment grade) with thresholds established for each entity.

Banks that have received investment grade ratings from at least two of the three major international rating agencies (Moody’s, S&P, and Fitch) are selected for making investments.

Investments are backed with treasury bonds from the countries in which the company operates and/or with commercial papers issued by the highest rated banks; wherever possible and when market conditions permit, the treasury bonds are preferred.

Derivative instruments are entered into with entities with solid creditworthiness; approximately 80% of derivative transactions are performed entities rated A or higher.

F-80

19.6.Risk measurement

The Enersis Group measures the Value at Risk (VaR) of its debt positions and financial derivatives in order to ensure that the risk assumed by the company remains consistent with the risk exposure defined by Management, thereby reducing volatility in the income statement.

The portfolio of positions included in calculating the current Value at Risk consists of the following:

·Debt

·Financial derivatives

The VaR determined represents the potential loss in value of the portfolio of positions described above in one day with a 95% confidence level. To determine the VaR, we take into account the volatility of the risk variables affecting the value of the portfolio of positions including:

·U.S. dollar Libor interest rate.

·The customary local indices used in the banking industry for debt, considering the various currencies in which our companies operate.

·The exchange rates of the various currencies used in the calculation.

The calculation of VaR is based on generating possible future scenarios (at one day) of market values (both spot and term) for the risk variables, using Bootstrapping simulations. The number of scenarios generated ensures compliance with the simulation convergence criteria. The table of volatilities and correlations between the various risk variables calculated based on the historical values of the logarithmic price return has been applied to simulate the future price scenario.

Once the price scenarios have been obtained, the fair value of the portfolio is calculated using such scenarios, thereby obtaining a distribution of possible values at one day. The one-day 95%-confidence VaR number is calculated as the 5% percentile of the potential increases in the fair value of the portfolio in one day.

The various debt positions and financial derivatives included in the calculation have been valued consistently using the financial capital calculation methodology reported to Management.

Taking into account the assumptions described above, the Value at Risk of the previously discussed positions, broken down by type of position, is shown in the following table.

	12-31-2011		12-31-2010
Financial Positions	ThCh$		ThCh$
Interest rate	41,560,004		38,847,459
Exchange rate	3,602,591		539,575
Correlation	(310,050	)	(2,695,024	)
Total	44,852,545		36,692,010

The Value at Risk positions have varied during the 2011 and 2010 fiscal years depending on the start/maturity of operations throughout each year.

F-81

20.FINANCIAL INSTRUMENTS

20.1Financial instruments, classified by type and category

a)The detail of financial assets, classified by type and category, as of December 31, 2011 and 2010, is as follows:

	December 31, 2011
	Financial assets held for tradingThCh$	Financial assets at fair value with change in net income ThCh$	Held-to-maturity investmentsThCh$	Loans and receivablesThCh$	Available-for-sale financial assetsThCh$	Hedge derivativesThCh$
Derivative instruments	47,504	—	—	—	—	748,078
Other financial assets	—	—	—	1,013,028,618	—	—
Total Current	47,504	—	—	1,013,028,618	—	748,078
Equity instruments	—	—	—	—	2,892,655	—
Derivative instruments	—	—	—	—	—	12,178,355
Other financial assets	—	—	20,793,960	444,818,541	—	—
Total Non-current	—	—	20,793,960	444,818,541	2,892,655	12,178,355
Total	47,504	—	20,793,960	1,457,847,159	2,892,655	12,926,433

	December 31, 2010
	Financial assets held for trading ThCh$	Financial assets at fair value with change in net income ThCh$	Held-to-maturity investments ThCh$	Loans and receivables ThCh$	Available-for-sale financial assets ThCh$	Hedge derivatives ThCh$
Derivative instruments	17,551	—	—	—	—	64,518
Other financial assets	—	—	7,735,440	1,058,569,847	—	—
Total Current	17,551	—	7,735,440	1,058,569,847	—	64,518
Equity instruments	—	—	—	—	2,511,197	—
Derivative instruments	91,262	—	—	—	—	27,212,944
Other financial assets	—	—	29,461,230	319,907,351	—	—
Total Non-current	91,262	—	29,461,230	319,907,351	2,511,197	27,212,944
Total	108,813	—	37,196,670	1,378,477,198	2,511,197	27,277,462

b)The detail of financial liabilities, classified by type and category, as of December 31, 2011 and 2010, is as follows:

	December 31, 2011
	Financial liabilities held for trading ThCh$	Financial liabilities at fair value with change in net income ThCh$	Loans and payables ThCh$	Hedge derivatives ThCh$
Interest-bearing loans	11,601,335	3,929,271	646,444,125	—
Derivative instruments	807,105	—	—	6,200,643
Other financial liabilities	—	—	1,395,341,923	—
Total Current	12,408,440	3,929,271	2,041,786,048	6,200,643
Interest-bearing loans	13,215,469	—	3,035,982,494	—
Derivative instruments	—	—	—	212,913,735
Other financial liabilities	—	—	23,548,235	—
Total Non-current	13,215,469	—	3,059,530,729	212,913,735
Total	25,623,909	3,929,271	5,101,316,777	219,114,378

	December 31, 2010
	Financial liabilities held for trading	Financial liabilities at fair value with change in net income	Loans and payables	Hedge derivatives
	ThCh$	ThCh$	ThCh$	ThCh$
Interest-bearing loans	6,509,732	—	646,469,760	—
Derivative instruments	—	—	—	10,002,909
Other financial liabilities	—	—	1,375,307,875	—
Total Current	6,509,732	—	2,021,777,635	10,002,909
Interest-bearing loans	15,171,516	12,395,250	2,736,255,564	—
Derivative instruments	—	—	—	240,113,443
Other financial liabilities	—	—	49,341,676	—
Total Non-current	15,171,516	12,395,250	2,785,597,240	240,113,443
Total	21,681,248	12,395,250	4,807,374,875	250,116,352

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20.2Derivative instruments

The risk management policy of the Group uses primarily interest rate and foreign exchange rate derivatives to hedge its exposure to interest rate and foreign currency risks.

The Company classifies its hedges as follows:

·Cash flow hedges: Those that hedge the cash flows of the underlying hedged item.

·Fair value hedges: Those that hedge the fair value of the underlying hedged item.

·Non-hedge derivatives: Financial derivatives that do not meet the requirements established by IFRS to be designated as hedge instruments are recorded at fair value with changes in net income (assets held for trading).

a)Assets and liabilities for hedge derivative instruments

As of December 31, 2011 and 2010, financial derivative transactions that qualify as hedge instruments resulted in recognition of the following assets and liabilities in the statement of financial position:

	December 31, 2011				December 31, 2010
	Assets		Liabilities		Assets		Liabilities
	Current	Non-current	Current	Non-current	Current	Non-current	Current	Non-current
	ThCh$	ThCh$	ThCh$	ThCh$	ThCh$	ThCh$	ThCh$	ThCh$
Interest rate hedge:	—	2,792,448	119,964	7,048,868	64,518	1,825,059	661,966	4,878,454
Cash flow hedge	—	2,792,448	119,964	7,048,868	64,518	1,825,059	661,966	4,878,454
Exchange rate hedge:	748,078	9,385,907	6,080,679	205,864,867	—	25,387,885	9,340,943	235,234,989
Cash flow hedge	748,078	9,385,907	3,070,825	201,717,556	—	25,387,885	3,867,323	229,257,717
Fair value hedge	—	—	3,009,854	4,147,311	—	—	5,473,620	5,977,272
Total	748,078	12,178,355	6,200,643	212,913,735	64,518	27,212,944	10,002,909	240,113,443

·General information on hedge derivative instruments

Hedging derivative instruments and their corresponding hedged instruments are shown in the following table:

Detail of Hedge Instruments	Description of Hedge Instrument	Description of Hedged Instrument	Fair Value of Hedged Instruments 12-31-2011		Fair Value of Hedged Instruments 12-31-2010		Type of Risks Hedged
SWAP	Interest rate	Bank borrowings	(4,376,384	)	(3,715,361	)	Cash flow
SWAP	Exchange rate	Bank borrowings	—		(509,567	)	Cash flow
SWAP	Exchange rate	Bank borrowings	(7,157,165	)	(11,450,892	)	Fair value
SWAP	Exchange rate	Unsecured obligations (bonds)	(194,654,396	)	(207,163,070	)	Cash flow

At the close of the 2011 and 2010 fiscal years, the Group has not recognized significant gains or losses for ineffective cash flow hedges.

For fair value hedges the gain or losses recognized on the hedging instrument and on the underlying hedged item is detailed in the following table:

	December 31, 2011		December 31, 2010		December 31, 2009
	GainThCh$	LossThCh$	GainThCh$	LossThCh$	GainThCh$	LossThCh$
Hedging instrument	4,034,969	—	3,788,165	—	—	9,435,859
Hedged item	—	4,763,189	—	6,749,098	7,893,882	—
TOTAL	4,034,969	4,763,189	3,788,165	6,749,098	7,893,882	9,435,859

F-83

b)Financial derivative instrument assets and liabilities at fair value with changes in net income

As of December 31, 2011 and 2010, financial derivative transactions recorded at fair value with changes in net income, resulted in the recognition of the following assets and liabilities in the statement of financial position:

	December 31, 2011				December 31, 2010
	Assets	Liabilities	Assets	Liabilities	Assets	Liabilities	Assets	Liabilities
	Current ThCh$	Current ThCh$	Non-current ThCh$	Non-current ThCh$	Current ThCh$	Current ThCh$	Non-current ThCh$	Non-current ThCh$
Non-hedging derivative instruments	47,504	807,105	—	—	17,551	—	91,262	—

c)Other information on derivatives:

The following tables present the fair value of hedging and non-hedging derivatives entered into by the Group as well as the remaining contractual maturities as of December 31, 2011 and 2010:

	December 31, 2011
			Notional value
	Fair Value		Less than 1 year	1-2 years	2-3 years	3-4 Years	4-5 Years	Subsequent years	Total
Financial Derivatives	ThCh$		ThCh$	ThCh$	ThCh$	ThCh$	ThCh$	ThCh$	ThCh$
Interest rate hedge:	(4,376,384	)	10,780,523	7,125,818	125,247,877	6,893,698	5,292,723	8,368,224	163,708,863
Cash flow hedge	(4,376,384	)	10,780,523	7,125,818	125,247,877	6,893,698	5,292,723	8,368,224	163,708,863
Exchange rate hedge:	(201,811,561	)	29,287,450	10,912,595	499,430,704	2,091,618	211,163,933	—	752,886,300
Cash flow hedge	(194,654,396	)	23,473,223	9,147,062	497,538,936	64,588	211,163,933	—	741,387,742
Fair value hedge	(7,157,165	)	5,814,227	1,765,533	1,891,768	2,027,030	—	—	11,498,558
Derivatives not designated for hedge accounting	(759,601	)	17,569,294	—	—	—	—	—	17,569,294
TOTAL	(206,947,546	)	57,637,267	18,038,413	624,678,581	8,985,316	216,456,656	8,368,224	934,164,457

	December 31, 2010
			Notional value
	Fair value		Less than 1 year	1-2 years	2-3 Years	3-4 Years	4-5 Years	Subsequent years	Total
Financial Derivatives	ThCh$		ThCh$	ThCh$	ThCh$	ThCh$	ThCh$	ThCh$	ThCh$
Interest rate hedge:	(3,650,843	)	16,841,269	—	10,670,628	107,488,844	6,314,801	13,385,086	154,700,628
Cash flow hedge	(3,650,843	)	16,841,269	—	10,670,628	107,488,844	6,314,801	13,385,086	154,700,628
Exchange rate hedge:	(219,188,047	)	7,219,945	13,573,114	—	462,159,584	9,023,829	203,222,043	695,198,515
Cash flow hedge	(207,737,155	)	7,219,945	4,680,100	—	462,159,584	—	203,222,043	677,281,672
Fair value hedge	(11,450,892	)	—	8,893,014	—	—	9,023,829	—	17,916,843
Derivatives not designated for hedge accounting	108,813		72,537	—	—	—	—	—	72,537
TOTAL	(222,730,077	)	24,133,751	13,573,114	10,670,628	569,648,428	15,338,630	216,607,129	849,971,680

The hedging and non-hedging derivatives contractual maturities do not represent the total Group’s risks exposure, as the amounts presented in the above tables have been drawn up based on undiscounted contractual cash inflows and outflows for their settlement.

F-84

20.3Fair value hierarchies

Financial instruments recognized at fair value in the consolidated statement of financial position are classified based on the hierarchies described in Note 3.g.5.

The following table presents financial assets and liabilities measured at fair value as of December 31, 2011 and 2010:

Financial Instruments measured at Fair Value	Fair Value measured at end of reportingperiod using:
	12-31-2011	Level 1	Level 2	Level 3
	ThCh$	ThCh$	ThCh$	ThCh$
Financial Assets
Cash flow hedge derivatives	12,926,433	—	12,926,433	—
Derivatives not designated for hedge accounting	47,504	—	47,504	—
Available-for-sale financial assets, non-current	86,852	86,852	—	—
Total	13,060,789	86,852	12,973,937	—
Financial Liabilities
Cash flow hedge derivatives	211,957,213	—	211,957,213	—
Fair value hedge derivatives	7,157,165	—	7,157,165	—
Derivatives not designated for hedge accounting	807,105	—	807,105	—
Interest-bearing borrowings, short term	11,601,335	—	11,601,335	—
Interest-bearing borrowings, long-term	13,215,469	—	13,215,469
Other non-current financial liabilities	3,929,271	—	—	3,929,271
Total	248,667,558	—	244,738,287	3,929,271

Financial Instruments measured at Fair Value	Fair Value measured at end of reportingperiod using:
	12-31-2010	Level 1	Level 2	Level 3
	ThCh$	ThCh$	ThCh$	ThCh$
Financial Assets
Cash flow hedge derivatives	27,277,462	—	27,277,462	—
Derivatives not designated for hedge accounting	108,813	—	108,813	—
Available-for-sale financial assets, non-current	88,909	88,909	—	—
Total	27,475,184	88,909	27,386,275	—
Financial Liabilities
Cash flow hedge derivatives	238,665,460	—	238,665,460	—
Fair value hedge derivatives	11,450,892	—	11,450,892	—
Derivatives not designated for hedge accounting	6,509,732	—	6,509,732	—
Interest-bearing borrowings, short term	15,171,516	—	15,171,516	—
Other non-current financial liabilities	12,395,250	—	—	12,395,250
Total	284,192,850	—	271,797,600	12,395,250

20.3.1The following is the reconciliation between opening and closing balances for financial instruments whose fair value is classified at level 3:

Non-current Interest-Bearing Loans	ThCh$
Balance at December 31, 2009	11,953,000
Total losses recognized in financial profit or loss	442,250
Balance at December 31, 2010	12,395,250
Total profit recognized in financial profit or loss	(8,465,979	)
Balance at December 31, 2011	3,929,271

The fair value of Level 3 has been calculated by applying a traditional discounted cash flow method. These projected cash flows include assumptions from within the company that are primarily based on estimates for prices and levels of energy production and firm capacity, as well as the costs of operating and maintaining some of our plants.

None of the possible reasonable scenarios foreseeable in the assumptions mentioned in the above paragraph would result in a significant change in the fair value of the financial instruments included at this level.

F-85

21.TRADE AND OTHER PAYABLES

Trade and other payables as of December 2011 and 2010 is as follows:

	Current		Non-current
	12-31-2011	12-31-2010	12-31-2011	12-31-2010
Trade and Other Payables	ThCh$	ThCh$	ThCh$	ThCh$
Trade payables	393,066,581	305,079,295	—	4,477,313
Other payables	841,997,878	919,410,703	14,304,607	32,759,399
Total	1,235,064,459	1,224,489,998	14,304,607	37,236,712

The breakdown of Trade Accounts and other Payables as of December 31, 2011 and 2010, is as follows:

			Non-current
	Current		One to Five Years
	12-31-2011	12-31-2010	12-31-2011	12-31-2010
Trade and Other Payables	ThCh$	ThCh$	ThCh$	ThCh$
Energy suppliers	354,964,500	417,786,845	—	5,565,832
Fuel and gas suppliers	38,102,081	37,808,210	—	—
Payables for goods and services	612,692,782	385,380,841	243,790	13,410,089
Dividends payable to third parties	89,492,092	249,404,275	—	—
Fines and claims	74,994,982	53,729,963	—	—
Research and development	17,971,576	33,202,794	3,894,943	1,895,349
Payables to tax authorities	17,684,946	32,851,967	7,580,699	11,216,940
Mitsubishi contract	—	3,397,620	—	3,288,535
Obligations for social programs	14,987,123	1,122,119	1,327,278	—
Other accounts payable	14,174,377	9,805,364	1,257,897	1,859,967
Total	1,235,064,459	1,224,489,998	14,304,607	37,236,712

See Note 19.4 for the description of the liquidity risk management policy.

F-86

22.              PROVISIONS

22.1Provisions

a)The breakdown of provisions as of December 31, 2011 and 2010, is as follows:

	Current		Non-current
	12-31-2011	12-31-2010	12-31-2011	12-31-2010
Provisions	ThCh$	ThCh$	ThCh$	ThCh$
Provision for warranty	—	—	—	2,821,692
Provision for legal proceedings	28,429,816	44,903,128	186,849,932	209,740,117
Decommissioning, restoration, and rehabilitation costs	—	—	13,806,632	10,779,096
Provision for suppliers and services	31,001,461	26,183,409	—	—
Provision for employee benefits	31,162,406	31,935,562	65,221	1,201,357
Risk provisions	—	—	38,388	—
Other provisions	9,108,971	12,427,137	1,813,468	980,067
Total	99,702,654	115,449,236	202,573,641	225,522,329

b)Movements in provisions as of December 31, 2011 and 2010 is as follows:

	Warranty		Legal Proceedings		Decommissioning, Restoration, and Rehabilitation Costs		Other Provisions		Total
	ThCh$		ThCh$		ThCh$		ThCh$		ThCh$
Movements in Provisions
Initial balance at January 1, 2011	2,821,692		254,643,245		10,779,096		72,727,532		340,971,565
Movements in Provisions
Additional provisions	—		—		2,049,816		—		2,049,816
Increase (decrease) in existing provisions	—		36,123,460		54,806		2,684,365		38,862,631
Provisions used	—		(43,482,537	)	—		(14,019,715	)	(57,502,252	)
Unused provisions reversed	—		(69,128,722	)	—		—		(69,128,722	)
Increase from adjustment to value of money over time	—		38,900		393,141		47,818		479,859
Foreign currency translation	(38,273	)	(547,411	)	573,146		1,737,638		1,725,100
Other increase (decrease)	(2,783,419	)	37,632,813		(43,373	)	10,012,277		44,818,298
Total movements in provisions	(2,821,692	)	(39,363,497	)	3,027,536		462,383		(38,695,270	)
Final balance at December 31, 2011	—		215,279,748		13,806,632		73,189,915		302,276,295

	Warranty		Legal Proceedings		Decommissioning, Restoration, and Rehabilitation Costs		Other Provisions		Total
	ThCh$		ThCh$		ThCh$		ThCh$		ThCh$
Movements in Provisions
Initial balance at January 1, 2010	2,875,372		258,404,359		10,234,267		78,797,369		350,311,367
Movements in Provisions
Additional provisions	—		30,017,390		—		8,668,661		38,686,051
Increase (decrease) in existing provisions	37,506		26,663,407		563,120		5,321,740		32,585,773
Provisions used	—		(21,169,685	)	—		(16,888,613	)	(38,058,298	)
Unused provisions reversed	—		(32,025,516	)	—		(121,367	)	(32,146,883	)
Increase from adjustment to value of money over time	—		—		56,434		53,791		110,225
Foreign currency translation	(91,186	)	(7,644,162	)	(74,726	)	(3,995,350	)	(11,805,424	)
Other increase (decrease)	—		397,452		1		891,301		1,288,754
Total movements in provisions	(53,680	)	(3,761,114	)	544,829		(6,069,837	)	(9,339,802	)
Final balance at December 31, 2010	2,821,692		254,643,245		10,779,096		72,727,532		340,971,565

F-87

22.2Lawsuits and Arbitration Proceedings

As of the date of these consolidated financial statements, the most relevant litigation involving Enersis and its subsidiaries is as follows:

1.-Law 25,561 on Public Emergency and Reform to the Currency System, enacted on January 6, 2002 by the Argentine authorities, voided certain provisions of the concession agreement of Enersis’s subsidiary Edesur. That law also required that utility concession agreements be renegotiated within a reasonable timeframe to adjust them in light of the emerging economic crisis in Argentina. However, failure to renegotiate Edesur’s concession agreement prompted Enersis S.A., Chilectra S.A., Endesa Chile and Elesur S.A. (now Chilectra S.A.) (collectively, the “Claimants”) to file an arbitration petition in 2003 under the Treaty for the Promotion and Protection of Chilean-Argentine Investments with the International Center for Settlement of Investment Disputes (ICSID). The statement of claim principally requested that the ICSID declare that Edesur’s assets had been expropriated and that Edesur suffered damages totaling US$1,306,875,960. In addition, the Claimants requested that ICSID award indemnification caused to Edesur’s assets due to lack of fair and equitable treatment, totaling US$318,780,600.  Claimants also seek, with respect to both claims, compounded annual interest of 6.9% per annum.  The Claimants also claimed the sums resulting from the damages caused as from July 1, 2004. Finally, the claimants also demanded US$ 102,164,683 for Elesur S.A. (now Chilectra S.A.) due to a lower price received on a sale of its shares as a result of the alleged expropriation. On June 15, 2005, the Argentine authorities and Edesur executed a Letter of Understanding, which was not objected to by the Argentine parliament and was later ratified by the Executive Branch. The Letter of Understanding amends and supplements the terms and conditions of the Concession Agreement, introducing adjusted rates, first during a transitional period and then under a Comprehensive Rate Review that will establish the conditions for a regular 5-year rate period. Arbitration has been stayed since March 2006 in accordance with the terms of the Letter of Understanding, which stay has been renewed yearly at the Claimants’ request. On October 13, 2010, the arbitral panel advised that the proceedings were stayed until October 6, 2011. Once this stay expired, the arbitral panel was to ask the parties to provide a status report on the negotiation process in accordance with the Letter of Understanding, which as of this date has not yet taken place. In October 2010, arbitrator Robert Volterra tendered his resignation. Applicable regulations required the claimants to designate a replacement within 45 days as from the notice sent by the Clerk’s Office; however, the claimants asked that the proceeding be stayed also with regard to the designation of the substitute arbitrator, to which the Argentine Republic consented.

2.-Meridional Servicios, Emprendimientos y Participaciones (“Meridional”) is a company whose only assets are the rights derived from the construction companies Mistral and CIVEL, which had entered into a civil works contract with Centrais Elétricas Fluminense S.A. (“CELF”). The contract was cancelled by CELF before its privatization process started, which eventually led to the creation of Enersis’s Brazilian distribution subsidiary Ampla. Since CELF’s assets were transferred to Ampla during the privatization, Meridional sued Ampla in 1998 contending that the assets had been transferred fraudulently. Ampla only acquired assets from CELF, but is not its successor-in-interest since CELF, a state-owned company, still exists and maintains its legal personality. The plaintiff demanded payment of pending invoices and contractual penalties for repudiation of the civil works contract. In March 2009, the Court decided in favor of Meridional, and Ampla and the State of Rio de Janeiro filed appeals. On December 15, 2009, the State Court accepted the plea and overturned the lower court’s decision in favor of Ampla. Meridional appealed this ruling, which was denied. In July 2010, Meridional filed a new plea (agravo regimental) with the High Court of Justice of Brazil, which the court denied in late August 2010, ruling it was groundless.

On the basis of this decision, Meridional filed a new plea known as mandado de segurança, which was also dismissed. In June 2011, Meridional filed an Embargo de Declaração, which was denied by the court. Against this ruling Meridional filed a Recurso Ordinario with the Higher Court of Justice (in Brasilia). On August 30 of this year, the process was sent to the Ministerio Público. The amount in controversy in this case is US$427 million.

F-88

3.-On March 19, 2009, an Arbitration tribunal was established by the Mediation and Arbitration Chamber of the Getúlio Vargas/RJ Foundation issued an award related to an arbitration claim filed in 2005 by Enertrade Comercializadora de Energía S.A. (“Enertrade”) against Enersis’s Brazilian distribution subsidiary, Ampla, arising out of a dispute regarding a power purchase agreement. The ruling ordered Ampla to: i) pay the difference between the contractual price and the sum paid for the period from January 1, 2004, to August 28, 2006, revised and with interest; ii) pay from October to December 2003, plus interest and a 2% penalty. In addition, the arbitral tribunal ruled that the contract had ended on August 28, 2006 and that Ampla owes nothing to Enertrade after that date. Ampla filed a petition seeking an annulment of the arbitration award, including a petition (“antecipaçâo de tutela”), asking that execution of the arbitration award be suspended until a final ruling be passed in a pending trial of Enertrade vs. ANEEL (“Mandado de Segurança”), which discussed the administrative approval of the power purchase agreement under arbitration. The amount involved is estimated at US$53 million. In May 2009, the “antecipaçâo de tutela” was granted, which suspended the effects of the arbitration award. Enertrade has filed several petitions to try and revoke the injunctions mentioned above, maintaining the stay on the execution of the arbitration award. Simultaneously, Ampla and Enertrade have continued negotations but have yet to reach an agreement. In May of 2011, AMPLA sought a decision on the merits from the court, and in September of 2011 Ampla filed a Memorial with the Judge by reason of the replacement of Judges during the process. Ampla is currently awaiting a decision from the trial court.

4.-Companhia Brasileira de Antibióticos (“CIBRAN”) sued Enersis’s Brazilian distribution subsidiary, Ampla, for damages for the loss of products and raw materials, machinery breakdown, among other things, which allegedly occurred as a result of poor service provided by Ampla between 1987 and May 1994.  CIBRAN is also seeking payment of punitive damages. This litigation is in the trial stage and has been joined with various other claims filed by Cibran against Ampla, including five other actions for smaller amounts based on power outages allegedly caused by Ampla. The judge decided to conduct a single expert assessment for these various claims, which was in part adverse to Ampla. On March 4, 2011, Ampla challenged the expert assessment, seeking its annulment, pointing out various contradictions in which the expert’s assessment and demanded that a new assessment be conducted. The amount involved for of all of these cases is estimated at approximately US$59.19 million.

5.-In October 2009, Tractebel Energía S.A. sued CIEN claiming an alleged breach of the “Purchase & Sale Agreement for 300 MW of Firm Capacity with related energy originating from Argentina” entered into in 1999 by and between CIEN and Centrais Geradoras do Sul do Brasil S.A (Gerasul — presently Tractebel Energia). Tractebel asked the court to order that CIEN pay a rescission penalty of R$ 117,666,976.00 (approximately US$ 62.72 million) plus other fines due to the non-availability of “firm capacity and related energy,” and asked the court to determine those other fines in its ruling. The breach allegedly occurred due to a failure by CIEN to assure the availability of capacity contractually agreed with Tractebel over the 20-year period, which allegedly took place beginning in March 2005.  In November 2009, CIEN answered the lawsuit, arguing that this unavailability was caused by the “Argentine Crisis,” since CIEN imports all the energy it delivers — when needed - to Tractebel from that country. CIEN also argued that the “Argentine Crisis” was an extraordinary event in which CIEN was not involved to any extent, and that this situation was even acknowledged by the Brazilian authorities at the time. In May 2010, Tractebel notified CIEN via a written statement that it intended to exercise its step-in rights in Line I (30%). The process is currently at the trial stage. In October 2011, Tractebel filed its reply to the filings submitted by CIEN, and the lawsuit was sent to the judge in November for him to decide on the lawsuit and determine if he will provide CIEN the opportunity to make any statements it feels necessary or to begin discovery.

6.-Suit filed by Furnas Centrais Eletricas S.A. and served on June 15, 2010, based on CIEN’s alleged breach of Firm Capacity Purchase Agreement No. 12,399, for the purchase of 700 MW of firm capacity with related energy originating from Argentina. The agreement was signed in May 1998, with CIEN committing itself to purchase electricity in the Wholesale Electric Market of the Argentine Republic (Mercado Eléctrico Mayorista de la República Argentina hereinafter “MEM”), and transporting it from the Argentine Electric System through the Sistema de Transmissao de Interligacao, to be made available in Brazil at the Itá substation. The contract has a 20 year term effective June 21, 2000.  On April 11, 2005, CIEN advised Furnas that it was unable to fulfill the agreement due to events beyond its control, alleging force majeure. Consequently, on April 14, 2005, Furnas notified CIEN that it rejected the force majeure allegations. Fumas is requesting that CIEN should be forced to pay a R$520,800,659 (US$ 280.84 million) as a rescission penalty as provided for in the agreement, as adjusted plus interest from the date of filing of the claim until actual payment, as well as other penalties based on the lack of

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availability of the contracted capacity, and other charges to be determined upon the issuance of the final verdict. Discovery in the lawsuit is now completed and, on June 14, 2011, the 12th Civil Section of the Court of Justice unanimously affirmed the decision of the trial court judge to withdraw certain foreign-language documents from the case. CIEN has filed a Special Remedy (Recurso Especial) against this decision, which will be decided upon by the High Court of Justice in Brasilia. At present, the resolution of the principal action and a decision on the merits of the injunction are pending.

7.-In December 2001, the article of the Federal Constitution on which our Brazilian distribution subsidiary, Ampla, argued that it was not required to pay certain taxes (COFINS, Contribuição para o Financiamento da Seguridade Social) and pursuant to which Ampla did not pay tax, was amended. AMPLA began paying COFINS in April 2002, claiming that legislative modifications are effective 90 days after they are published.. However, the Receita Federal argued that this constitutional norm applies only to changes at the level of statutes, but not to those introduced to the Constitution itself, which would apply immediately. Also, the Receita Federal claims that, due to the change in tax treatment made by AMPLA (switching from collected to accrued basis), Ampla’s COFINS amount payable increased in the first half of 2002. This decision was rendered in July 2003. The trial-level administrative decision was adverse to AMPLA, which filed an appeal in October 2003. In November 2007, the appeal was decided at the administrative appeals level, partly in favor of the State in relation to the effective term of the constitutional reform, and in part in favor of AMPLA as regards the change in tax treatment from a collected-revenue basis to an accrued-revenue basis. In April 2008, the Federal Tax Department appealed this decision with the Upper Appellate Chamber. In October 2008, AMPLA filed its answer to this appeal and also filed its own appeal with the Upper Chamber with the regards to the part of the decision that did not favor AMPLA. In May 2009, the Federal Tax Department applied interest on the fine imposed, calculated by applying SELIC (Special Settlement and Custody System —Portuguese acronym: restatement index determined by the federal government based on the benchmark interest rate of the Central Bank of Brazil), as from the month following receipt of the infringement notice. Consequently, since the infringement notice was received in July 2003, SELIC corresponds to interest accumulated since August 2003, yielding a 101.21% rate. In August 2009, AMPLA was notified that the Special Remedy filed by the company had been dismissed. AMPLA filed another appeal from this decision with the President of the Upper Chamber of Tax Appeals. This appeal by Ampla sought to have the Special Remedy instituted, and its outcome was adverse to AMPLA. In May 2010, AMPLA was notified this decision. In July 2010, AMPLA received a demand for production of evidence, requesting that it submit the amounts that represent its financial income. On July 26, 2010, AMPLA filed a reply to the demand for production of evidence. The resolution on the Special Remedy filed by the Federal Tax Department is pending. Also pending is the decision on the remedy filed by AMPLA with the President of the Upper Chamber of Tax Appeals. The amount involved is approximately US$92.05 million.

8.-To fund its investment in Coelce in 1998, our Brazilian distribution subsidiary, AMPLA, issued FRNs (bonds) totaling US$350 million maturing in 2008, which were underwritten by Cerj Overseas (a foreign subsidiary of AMPLA). The bonds were exempted from withholding tax (15% or 25%) on interest payments made abroad, provided that, among other things, no prepayments were made before the average 96 month amortization period. To purchase the bonds, Cerj Overseas obtained 6-month foreign debt financing, whereupon, in October 1998, Cerj Overseas encountered problems in accessing other sources of financing and was forced to refinance with AMPLA, which loaned the funds in reales. The Federal Tax Department argued that the withholding tax exemption applicable to the bonds was lost in 1998 because the loans made in reales by AMPLA to Cerj Overseas were allegedly equivalent to a prepayment of the debt before the average 96-month amortization period. Ampla was notified of the loss of special tax treatment in July 2005. In August 2005 AMPLA filed an appeal with lower administrative court, which was dismissed. In April 2006, an appeal was filed with the Taxpayers Council, which was decided entirely in favor of AMPLA in December 2007. In January 2010, AMPLA was notified this favorable decision by the Taxpayers Council, as well as the Special Remedy filed by the tax authorities. In February 2010, AMPLA presented its counterarguments against the Special Remedy filed by the tax authorities, which is now pending resolution. The amount of this lawsuit is US$417.52 million.

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9.-In 2002, the State of Río de Janeiro (“RJ”) issued a decree establishing that the ICMS (Imposto sobre operações relativas à circulação de mercadorias e sobre prestações de serviços de transporte interestadual, intermunicipal e de comunicação) calculated and paid on the 10th, 20th and 30th days of the same month of the accrual. Due to cash problems, our Brazilian distribution subsidiary, AMPLA, kept paying ICMS in accordance with the previous system (on the 5th day of the month following its accrual). Notwithstanding the existence of an informal agreement with the State of Rio de Janeiro and two amnesty laws, in September 2005 the State of RJ notified AMPLA of a resolution to collect the fine on late payments, and such resolution was appealed by AMPLA that same year. In February 2007, AMPLA was notified of the trial-level administrative decision, which confirmed the charges pressed by the State of RJ. In March 2007, AMPLA filed an appeal with the Taxpayers Council of the State of RJ. AMPLA obtained a “liminar” (injunction) in its favor, allowing it to file this appeal without posting a bond to guarantee 30% of the value of the adjusted amount of the fine. On August 26, 2010, AMPLA received an adverse ruling from the Taxpayers Council of the State of RJ. The Taxpayers Council, in a manner considered unlawful, ruled that AMPLA’s administrative remedy had been decided against such Council. Thereafter, on September 1, 2010, AMPLA filed an appeal with the En Banc Council (a special body within the Taxpayers Council) to amend the decision of the Taxpayers Council. The resolution of the En Banc Council is pending. The amount of the lawsuit is US$ 99.91 million.

10.-In late 2002, our Brazilian generation subsidiary CGTF filed a petition against the Federal Government seeking an acknowledgment that the assets imported for the turbo-generator units should be classified under “Other Generators” in order to be eligible for a 0% Import Tax (II) and Industrial Products Tax (IPI). The Federal Government argued that the imported assets do not qualify as generators. CGTF obtained an interlocutory resolution in its favor allowing it to clear the goods through customs with a 0% duty after depositing a bond with the court. In September 2008, the trial-level court decided entirely in CGTF’s favor. This ruling acknowledged the Generator’s classification as sought by CGTF, and determined that the judicial bond had to remain deposited to secure the outcome of the case. In February 2009, the Receita Federal filed an appeal with the Federal Regional Court (TRF). In May 2010, the Federal regional Court (TRF), judged favorably for CGTF, fully upholding the trial court’s decision in favor of CGTF and dismissing the Federal Government’s appeal. The appellate court’s decision, which classified CGTF’s equipment as generators for taxation purposes, was rendered final because the Receita Federal did not appeal to a higher courts (admitting that the basic issue was chiefly evidential and that no appeal was therefore warranted). In September 2009, CGTF received a final judgment in its favor that allowed for its assets to be levied a 0% tax and be cleared through customs after posting a bond with the court. In October 2009, an appellate decision was published that confirmed the trial-level decision in favor of CGTF. In November 2009, the Federal Government filed a special petition (embargo de declaracao) against the appellate decision. In December 2009, the appellate decision that upheld the trial court’s decision in favor of CGTF was published. In November 2009, the Federal Government filed a special petition against the appellate decision. In December 2009, the special petition filed by the government was decided in favor of CGTF. In March 2010, the government filed a special petition with the High Court of Justice (Brasilia). In June 2011, a resolution was issued that quashed the special petition filed by the Receita Federal.  In August 2011, the Receita Federal was notified that its special petition had been denied. In September 2011, CGTF replied to this petition and the same is now pending. The amount involved is US$ 44.17 million.

11.-In 2005, three lawsuits were filed against ENDESA CHILE, the Chilean Tax Authority and the General Water Affairs Bureau (DGA), currently being treated as a single proceeding, requesting that DGA Resolution 134 be declared void as a matter of public policy, such resolution having established non-consumptive water rights in favor of Endesa to build the Neltume hydroelectric station project. Alternatively, damages were sought for the detriment allegedly sustained by the plaintiffs due to the loss of their status as riparian owners along the Pirehueico Lake, as well as due to the devaluation of their properties. The defendants have rejected these allegations, contending that the resolution complies with all legal requirements, and that the exercise of this right does not cause any detriment to the plaintiffs, among other arguments. To date, the court has issued a resolution opening a discovery period, and several petitions for reconsideration are presently pending resolution by the court. The sums involved in these suits are undetermined. This case was joined with two other cases: the first one is captioned “Arrieta v. the State and Others” in the 9th Civil Court, docket 15279-2005 and the second is captioned “Jordán v. the State and Others”, in the 10th Civil Court, docket 1608-2005. With regards to these cases,, an injunction has been ordered against entering into any acts and contracts concerning Endesa’s water rights related to the Neltume Project. A petition was made to have the injunction lifted, but it was denied, and an appeal was filed from this decision but it was also ultimately

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denied. A petition was then filed to have the injunction replaced by a nominal bond by subsidiary Enigesa, which petition as also denied. Endesa appealed this decision and the appeal is currently under review. Discovery was ordered by the appeals court and the parties filed a plea for reconsideration, which is currently pending a decision.

12.-Five legal proceedings were initiated in 2008, 2009 and 2011 against PANGUE S.A., a subsidiary of ENDESA CHILE, where the plaintiffs sought damages that they allege were due to flooding caused by the operations of the Pangue hydroelectric station, in particular related to spills caused in July 2006. PANGUE S.A. has responded to such lawsuits arguing that its operation of the power station was in accordance with existing regulations and that it acted with due diligence and care.  Consequently, PANGUE S.A. argues that there is no causal between the floods and the spills caused by the station during the period in question.  These proceedings are being reviewed in several courts. The amounts claimed in these four cases is equal to $17,718,704,000 (US$ 34.12 million) in the aggregate. In two of these cases, the court has already ruled in favor of PANGUE S.A., and the plaintiffs filed appeals, with one still pending before the Concepción Court of Appeals and the other already ending with a favorable appellate ruling on May 26, 2011, when the plaintiffs’ appeal on the merits with the Supreme Court was dismissed. The three other cases are in their evidentiary stage, with rulings now imminent. The final case is now closed after the court issued an final enforceable judgment that declared the proceedings abandoned. It should be noted that these proceedings are covered by an insurance policy, and therefore PANGUE S.A. faces no monetary risk.

13.-In 2010, three suits for damages were filed against ENDESA CHILE by plaintiffs alleging that they were affected by the flooding of the Bio-Bio river in Region VIII.  The plaintiffs blamed the company for losses caused by its deficient operation of the Ralco hydroelectric station during the flood. These three cases were joined and their discovery period has ended, and the parties are awaiting a verdict. The plaintiffs are required to produce legal evidence proving the causal link between the operation of the Ralco hydroelectric station during the floods and the damages that the plaintiffs claim they sustained as a result of deficient facility operation.  The amount involved in the three suits totals $ 14,610,042,700 (US$ 28.13 million). It should be noted that these proceedings are covered by an insurance policy, and therefore ENDESA CHILE. faces no monetary risk.

14.-In July and September of 2010, Ingeniería y Construcción Madrid S.A. and Transportes Silva y Silva Limitada filed separate lawsuits against ENDESA CHILE and the General Water Affairs Bureau (DGA), seeking to nullify and void the administrative resolution that established ENDESA CHILE’s water rights for the Neltume hydroelectric station, and the administrative resolution that authorized the relocation of the collection point of such rights.  The plaintiffs argue that both administrative resolutions should be void due to public-policy considerations. Essentially, the plaintiffs demand payment for their water rights located in the area of the hydraulic works for the future Neltume Station. ENDESA CHILE has rejected these claims, contending that the plaintiffs are engaging in wrongful prosecution to prevent the construction of the station in order to obtain monetary compensation.  As to the procedural status of the two lawsuits filed by Ingeniería y Construcción Madrid S.A., the period has expired for both lawsuits and in one of the lawsuits (Case No. 7036-2010) the pleas for reconsideration filed in opposition to the discovery writ were decided upon October 5, 2011, with the evidentiary period having ended with written interrogatories and expert reports still pending.  In the second lawsuit filed by Ingeniería y Construcción Madrid S.A.; (Case No. 6705-2010) a writ of discovery has been issued and has yet to be notified. In the lawsuits filed by Transportes Silva y Silva Ltda., in once lawsuit the parties are awaiting a writ of discovery to be issued, while in the other a writ of discovery has already been issued but remains to be notified. All these claims are for an undetermined amount.

15.-On January 18, 2011, an Arbitration Tribunal was established to hear the case captioned “Empresa Nacional de Electricidad S.A. vs. CMPC Celulosa S.A.”, instituted at the behest of Endesa Chile to determine the damages awarded in another arbitration between the parties on March 27, 2009.  In the prior arbitration, a majority decision agreed with and affirmed Endesa Chile’s position regarding the treatment of excess consumption in the power and capacity supply agreement executed by the parties on May 31, 2003. Once the arbitration award was rendered final and binding in 2010, Endesa Chile began moving toward instituting a new arbitration to determine the amount of damages recognized in the arbitration award of 2009. A claim was filed requesting a sum of Ch$41,864,543,390 (US$ 80.63 million). An answer to the claim was filed by CMPC on June 6, 2011.  The proceeding was then stayed to allow for negotiations between the parties, which were ultimately fruitless, and the stay was lifted on September 30, 2011. Endesa filed a rejoinder in reply to the defendant’s answer and the defendant was given 10 business days

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to answer. The argument stage of the arbitration has now ended, and the parties await a summons to a reconciliation hearing.

16.-In 2001, a suit was filed against Colombian generation subsidiary Emgesa S.A. ESP., Empresa de Energía de Bogotá S.A. ESP. and Corporación Autónoma Regional by the inhabitants of Sibaté, Department of Cundinamarca.  The lawsuit seeks to make the defendants jointly and severally liable for the damages arising from the pollution of the El Muñá reservoir, as a result of Emgesa S.A.’s pumping of polluted waters from the Bogotá river. Emgesa has challenged these allegations, arguing that the company is not liable for these damages, arguing, among other things, that it receives already polluted water. The plaintiffs’ initial demand was for $3,000,000,000 in thousands of Colombian pesos (approx. US$ 1,544.24 million). Emgesa S.A. ESP petitioned for the joinder of approximately 60 public and private entities that also discharge their effluents into the Bogotá river or are otherwise are have responsibility for the environmental management of the river, which is why the lawsuit was sent on to the State Council (Consejo de Estado), with remedies pending by these entities before this regulatory body. On June 29, 2010, the parties were notified of a motion filed by the attorney for the plaintiffs, whereby the plaintiffs sought to declare the acts of the Administrative Court of Cundinamarca since August 1, 2006 null and void.  The plaintiff’s claim that as of such date the Court lacks jurisdiction over this proceeding since according to Law 472 of 1998, the Administrative Circuit Courts are the relevant courts to hear class actions. Emgesa intervened promptly, claiming that such annulment request would be irrelevant and unlawful. The Third Section of the State Council has affirmed the resolution of the Court that denied Emgesa’s impleader petition and joined various legal entities as defendants, including the appellants: Hospital Juan F. Copras, Refisal S.A., Tinzuque S.A., Emocables S.A., Cristalería Peldar S.A., Líquido Carbónico Colombiano S.A., Icollantas S.A. and Agrinal S.A. Elsewhere, the annulment request filed by the inhabitants of the municipality of Sibaté was denied, although the State Council required the Administrative Court for Adversary Proceedings (Tribunal Contencioso Administrativo) to pass the case to the Administrative Courts of the Bogotá Circuit (Juzgados Asdministrativos del Circuito de Bogotá) for its review. In June 2011, the court issued a writ ruling that the lawsuit was passed to the Fifth Administrative Court of Bogotá (Juzgado Quinto Administrativo de Bogotá), which then in turn sent it to the State Council to resolve on appeal from the writ of admission requested by Alpina. The appeal is currently still pending.

17.-The Peruvian tax authority, SUNAT (Superintendencia Nacional de Aduanas y de Administración Tributaria), through Tax and Fine Resolutions (Resoluciones de Impuestos y Multas) issued in 2001, questioned EDEGEL’s method used in accounting for depreciation of Edegel’s revalued assets. In January 2002, EDEGEL filed a petition (recurso de reclamacion) against these resolutions, which SUNAT dismissed as groundless. EDEGEL filed an appeal with the National Tax Court, which ruled in its favor in 2004, upholding (i) its right to depreciate the greater value obtained from revaluating the assets, based on the fact that Edegel had a statutory stability agreement (convenio de estabilidad jurídica), and (ii) the inapplicability of Rule VIII of the Tax Code, since there was no fraud involved. Also, the resolution provided that SUNAT had to verify that the revaluation of assets was not done at more than fair value. From that date, EDEGEL has received several notices from SUNAT request a determination of the revaluation surplus and the tax payable.  In January 2006, a complaint was filed, followed by an appeal filed in 2008 against the resolution of SUNAT’s before the Tax Court, which is currently pending. This amount of this claim equals approximately US$ 51.31 million.

18 -In 2004, 2005 and 2006, Peru’s tax authority, SUNAT, notified EDELNOR of several Assessment and Fine Resolutions whereby SUNAT objected to the Income Tax and General Sales Tax paid from 2000 to 2003. With regards to Income Tax, SUNAT objected to the tax loss declared, during such period. EDELNOR accepted these objections in part and questioned some of them. In relation to General Sales Tax, the objections were substantially less.  EDELNOR filed an appeal against these resolutions with SUNAT. In February 2009, EDELNOR was notified of administrative trial-level resolutions issued by SUNAT, which in part upheld the company’s appeal with SUNAT. In May 2009, an appeal was filed against these resolutions with the Tax Court, and such appeal is currently pending. The amount of this claim equals US$ 51.60 million.

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19.-On May 24, 2011, Endesa was served a with a lawsuit filed by 19 riparian owners along the Pirehueico Lake asking to find DGA Resolution 732, which authorized the relocation of water catchment rights for the Neltume Station from the Pirehueico Lake drain to 900 meters downstream along the Fui River, to be declared null and void. The plaintiffs seek for this annulment to be annotated at the margin of the notarized instrument that memorialized DGA Resolution 732,.  The plaintiffs also seek that the recordation of said instrument be struck from the waters registry, if entered; that the Chilean State, DGA and argue that Endesa be required to pay the damages caused to the plaintiffs as a result of the challenged resolution, seeking to reserve their right to indicate the type and amount of damages in subsequent legal proceedings. The claim is for an undetermined amount since the plaintiffs have requested that damages be determined in another suit, once the administrative resolution is declared null and void. To date, the argument period is over and a writ of discovery has been issued but not yet served.

The Management of Enersis S.A. considers that the reserves established in the Consolidated Financial Statements adequately cover the litigation risks discussed in this Note, and therefore the same are not expected to generate any liabilities in addition to those already recorded.

Given the nature of the risks covered by these reserves, one cannot determine a reasonable timeframe for the payments, if any, related to the same.

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23.EMPLOYMENT BENEFIT OBLIGATIONS

23.1General information:

Enersis S.A. and certain of its subsidiaries in Chile, Brazil, Colombia, and Argentina provide various post-employment benefits for all or some of its active or retired employees. These benefits are calculated and recorded in the financial statements according to the criteria described in Note 3.l.1, and include primarily the following:

a)Defined benefits plans:

·Complementary pension: The beneficiary is entitled to receive a monthly amount that supplements the pension obtained from the respective social security system

·Staff severance indemnities: The beneficiary receives a certain number of contractual salaries upon retirement. Such benefit is subject to a vesting minimum service requirement period, which depending on the company, varies within a range from 5 to 15 years

·Electricity: The beneficiary receives a monthly bonus to cover a portion of his/her billed residential electricity consumption

·Health benefit: The beneficiary receives health coverage in addition to that to which s/he is entitled under his/her social security regime.

b)Other benefits:

Five-year benefit: A benefit certain employees receive after 5 years; begins to accrue after the first year.

Unemployment: A benefit paid regardless of whether the employee is fired or leaves voluntarily. This benefit accrues on a daily basis and is paid at the time of contract termination (although the law allows for partial withdrawals for housing and education).

c)Defined contribution benefits:

The Group makes contributions to a retirement benefit plan where the beneficiary receives additional pension supplements upon his/her retirement, disability, or death.

23.2Details, movements, and presentation in financial statements:

a)The post-employment obligations associated with defined benefits plans and the related assets plan as of December 31, 2011 and December 31, 2010 is detailed as follows:

The amounts included in the consolidated statement of financial position are the following

	Balance at
	12-31-2011	12-31-2010
	ThCh$	ThCh$
Post-employment benefit obligation, current	—	5,450,382
Post-employment benefit obligation, non-current	277,526,013	215,818,975
Total	277,526,013	221,269,357
(-) Surplus of plan assets (*)	—	(3,352,698	)
Total post-employment obligations, net	277,526,013	217,916,659

(*)  Corresponds to the surplus of the fair value of plan assets over the present value of the defined benefit obligation in the subsidiary Coelce. This amount has been presented within “Other financial assets” (see Note 6).

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The amounts included in the statement of financial position arising from the Group´s obligation with respect to its defined benefit plans are as follows:

	Balance at
	12-31-2011		12-31-2010
	ThCh$		ThCh$
Post-employment obligations	600,384,950		554,990,745
(-) Fair value of plan assets (*)	(366,137,888	)	(377,239,859	)
Total	234,247,062		177,750,886
Amount not recognized as an asset due to limit on Defined Benefit Plan Assets	31,908,269		31,425,234
Minimum financing required (IFRIC 14) (**)	11,370,682		11,527,032
Transfer to disposal groups held for sale (***)	—		(2,786,493	)
Total Post-Employment Obligations, net	277,526,013		217,916,659

(*)  Plan assets to fund defined benefit plans in our Brazilian subsidiaries (Ampla and Coelce); the remaining defined benefit plans in our other subsidiaries are unfunded.

(**)  The Brazilian subsidiaries are subject to minimum funding requirements of contributions that must be made to a plan over a given period, in accordance with IFRIC 14.

(***)  Corresponds to benefit obligations in our subsidiaries CAM and Synapsis classified as held for sale (see Note 11 and 2.4.1).

b)The reconciliation of opening and closing balances of the present value of the defined benefit obligations as of December 31, 2011 and December 31, 2010 is as follows:

Present Value of Post-employment Benefit Obligations	ThCh$
Initial balance at January 1, 2010	510,334,175
Current Service Cost	4,455,159
Interest cost	52,703,379
Contributions from plan participants	1,461,694
Actuarial (Gains) losses	48,675,226
Foreign currency translation	(15,843,247	)
Benefits paid	(46,795,641	)
Balance at December 31, 2010	554,990,745
Current Service Cost	4,355,454
Interest cost	57,048,714
Contributions from plan participants	1,252,638
Actuarial (Gains) losses	31,390,546
Foreign currency translation	890,940
Benefits paid	(52,715,892	)
Cost of past services	4,385,031
Reduction of obligation due to sale of Cam and Synapsis	(2,885,053	)
Other	1,671,827
Final balance at December 31, 2011	600,384,950

As of December 31, 2011, out of the total amount of post-employment benefit obligations, 5.99% is from defined benefit plans in Chilean companies (6.4% at December 31, 2010); 78.56% is from defined benefit plans in Brazilian companies (79.1% at December 31, 2010); 14.17% is from defined benefit plans in Colombian companies (14.1% at December 31, 2010); and the remaining 1.28% is from defined benefit plans in one Argentine subsidiary (0.4% at December 31, 2010).

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c)Movements in the fair value of the benefit plan assets is as follows:

Fair Value of Benefit Plan Assets	ThCh$
Initial balance at January 1, 2010	(362,690,337	)
Expected return	(41,253,550	)
Actuarial (gains) losses	(2,416,269	)
Foreign currency translation	12,205,535
Contributions	(15,530,103	)
Benefits paid	32,444,865
Balance at December 31, 2010	(377,239,859	)
Expected return	(44,345,866	)
Actuarial (gains) losses	29,912,014
Foreign currency translation	5,214,769
Employer Contributions	(13,605,383	)
Contributions	(1,252,638	)
Benefits paid	35,179,075
Final balance at December 31, 2011	(366,137,888	)

The amounts included in the fair value of plan assets for equity instruments of the Group’s own financial instruments and for property occupied by the Group are as follows:

	12-31-2011	12-31-2010
	ThCh$	ThCh$
Equity instruments	5	5
Real estate	10,152,936	9,570,510
Total	10,152,941	9,570,515

d)The major categories of benefit plan assets at the end of each reporting period are as follows:

	12-31-2011			12-31-2010
Category of Benefit Plan Assets	ThCh$	%		ThCh$	%
Equity instruments (variable income)	55,291,894	16	%	65,913,747	18	%
Fixed income assets	275,643,406	75	%	283,356,040	75	%
Real estate investments	20,653,101	6	%	23,748,294	6	%
Other	14,549,487	3	%	4,221,778	1	%
Total	366,137,888	100	%	377,239,859	100	%

The expected rate of return on the benefit plan assets has been estimated considering the projections for financial markets of fixed and variable income instruments, and assuming that asset categories will have a weighting similar to that of the previous year. The average return on plan assets was 12.09% as of December 31, 2011.

e)The total expense recognized in profit or loss and comprehensive income with respect to the defined benefit plans as of December 31, 2011, 2010, and 2009 are as follows:

	12-31-2011		12-31-2010		12-31-2009
	ThCh$		ThCh$		ThCh$
Normal service cost for defined benefits plan	4,355,454		4,455,159		5,138,692
Interest cost for defined benefits plan	57,048,714		52,703,379		51,679,594
Expected return on plan assets	(44,345,866	)	(41,253,550	)	(32,050,585	)
Expenses recognized in Profit or Loss	17,058,302		15,904,988		24,767,701
Net actuarial (gains) losses	62,246,623		48,495,375		15,599,453
Total expense recognized in Comprehensive Income	79,304,925		64,400,363		40,367,154

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23.3Other disclosures:

·Actuarial assumptions:

As of December 31, 2011 and December 31, 2010, the following assumptions were used in the actuarial calculation of defined benefits:

	Chile		Brazil		Colombia		Argentina
	12-31-2011	12-31-2010	12-31-2011	12-31-2010	12-31-2011	12-31-2010	12-31-2011	12-31-2010
Discount rates used	6.50%	6.50%	10.50%	10.50%	8.50%	9,52%	5,50%	16,80%
Expected return on plan assets	N/A	N/A	11.10%	12.90% / 13.41%	N/A	N/A	N/A	N/A
Expected rate of salary increases	3.00%	3.00%	6.59%	4.50%	3.5% - 4.0% - 4.5%	4,51%	0,00%	11,30%
Mortality tables	RV-2004	RV-2004 / RV-85	AT 2000	AT 2000	RV 08	RV 08	RV 2004	CSO 1980

·Sensitivity:

As of December 31, 2011, the sensitivity of the value of the actuarial liability for post-employment benefits to variations of 100 basis points in the discount rate assumes a decrease of ThCh$ 54.571.512 (ThCh$ 48,202,624 as of December 31, 2010) if the rate rises and an increase of ThCh$ 65.049.753 (ThCh$ 56,462,882 as of December 31, 2010) if the rate falls.

·Defined contribution:

The total expense recognized in the consolidated statement of comprehensive income within line item “Employee expenses” represents contributions payables to the defined contribution plans by the Group. As of December 31, 2011, the amounts recognized as expenses were ThCh$ 1,998,189 (ThCh$ 1,382,818 and ThCh$ 2,132,317 as of December 2010 and 2009, respectively).

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24.EQUITY

24.1Equity attributable to the parent company’s owners

24.1.1Subscribed and paid capital and number of shares

Enersis S.A.’s share capital as of December 31, 2011 and December 31, 2010 was ThCh$ 2,824,882,835, divided into 32,651,166,465 fully subscribed and paid no par value shares listed at the Bolsa de Comercio de Santiago de Chile, Bolsa Electrónica de Chile, Bolsa de Valores de Valparaíso, New York Stock Exchange (NYSE), and Bolsa de Valores Latinoamericanos de la Bolsa de Madrid (LATIBEX). There has been no change in the numbers of shares as of December 31, 2011 and December 31, 2010.

Capital contributions made in 2003 and 1995 resulted in share premiums amounting to ThCh$ 125,881,577 and ThCh$ 32,878,071, respectively. The Chilean Companies Law permits the use of the share premium account balance to increase capital and does not establish any specific restrictions as to its use.

24.1.2Dividends

The Enersis Board of Directors, at the Board Meeting held on February 26, 2010, agreed to propose to the General Shareholders Meeting, to be held on April 22, 2010, the distribution of a final dividend equivalent to 35.11% of the Company’s 2009 net income, at Ch$ 7.1 per share.

The aforementioned proposal modified the Company’s Dividend Policy for 2009, which allowed for distribution of an expected final dividend of 60% of the Company’s net income. This was disclosed as an Essential Event dated February 26, 2010.  In the General Ordinary Shareholders’ Meeting held on April 22, 2010, the shareholders agreed to distribute the minimum mandatory dividend and an additional dividend amounting to Ch$ 7.1 per share.  This dividend was partially paid during 2009 (Interim Dividend No. 80) and the remaining Ch$ 4.64323 per share was paid on May 6, 2010 (Final Dividend No. 81).

The Board agreed to establish a dividend policy for 2010 amounting to 60% of 2010 net income.

The Enersis Board, at its Ordinary Session held on October 27, 2010, unanimously agreed to pay an interim dividend on January 27, 2011 of Ch$ 1.57180 per share out of 2010 net income and corresponding to 15% of the Company’s net income through September 30, 2010.

At the Ordinary Shareholders’ Meeting held on April 26, 2011, it was unanimously agreed to pay a minimum obligatory dividend (partially paid through interim dividend No. 82) and an additional dividend totaling Ch$ 7.44578.  Given that the interim dividend No. 82 had already been paid, distribution and payment of the balance of final dividend No. 83 totaling Ch$ 5.87398 per share was made from May 12, 2011 onwards.

The foregoing constitutes a modification to the Company’s 2010 dividend policy, which considered payment of the interim dividend in December.

The Enersis Board, at its Ordinary Session held on November 30, 2011, unanimously agreed to distribute an interim dividend of Ch$ 1.46560 per share on January 27, 2012 to be charged against the 2011 fiscal year net income; the amount to be distributed amounts to 15% of the liquid profits calculated as of September 30, 2011.

Fulfillment of the aforementioned dividend plan is subject to the actual net income earned by the Company during the current year, and to the results of the Company’s periodic income projections or to the existence of certain conditions, as applicable.

F-99

The following table details the dividends paid in the last six years:

Dividend No.	Type of Dividend	Payment Date	Pesos Per Share	Charged to
72	Final	04-20-2005	0.41654	2004
73	Final	04-03-2006	1.00000	2005
74	Interim	12-26-2006	1.11000	2006
75	Final	05-23-2007	4.89033	2006
76	Interim	12-27-2007	0.53119	2007
77	Final	04-30-2008	3.41256	2007
78	Interim	12-19-2008	1.53931	2008
79	Final	05-12-2009	4.56069	2008
80	Interim	12-17-2009	2.45677	2009
81	Final	05-06-2010	4.64323	2009
82	Interim	01-27-2011	1.57180	2010
83	Final	05-12-2011	5.87398	2010
84	Interim	01-27-2012	1.46560	2011

24.2Foreign currency translation

The following table details translation adjustments, net of taxes, in the consolidated statement of financial position and the consolidated statement of change in equity as of December 31, 2011, 2010, and 2009.

	12-31-2011		12-31-2010		12-31-2009
Foreign Currency Translation	ThCh$		ThCh$		ThCh$
Distrilec Inversora S.A.	(32,242,851	)	(31,997,882	)	(25,140,985	)
Empresa Distribuidora Sur S.A.	(39,867,010	)	(39,533,598	)	(30,917,314	)
Ampla Energia e Serviços S.A.	125,398,489		131,368,333		145,683,499
Ampla Investimentos e Serviços S.A.	1,047,218		2,457,495		3,558,280
Codensa S.A. E.S.P.	20,185,717		8,383,309		8,666,552
Inversiones Distrilima S.A.	7,760,149		(631,395	)	1,913,422
Edelnor	2,567,123		(9,402,243	)	(5,533,832	)
Investluz S.A.	3,630,372		3,645,236		3,681,834
Endesa Brasil S.A.	20,839,624		32,580,194		55,686,633
Central Costanera S.A.	(6,301,808	)	(6,826,288	)	(3,209,430	)
GasAtacama S.A.	3,979,726		(2,013,576	)	2,261,348
Emgesa S.A. E.S.P.	51,141,069		38,858,582		40,494,477
Hidroelectrica El Chocón S.A.	(9,846,088	)	(10,306,187	)	(7,744,971	)
Generandes Peru S.A.	28,938,192		766,900		9,417,649
Grupo Synapsis	—		(1,148,937	)	(339,801	)
Grupo CAM	—		(2,087,946	)	(1,259,460	)
Others	(607,254	)	(833,107	)	(244,691	)
TOTAL	176,622,668		113,278,890		196,973,210

24.3Capital management

The Company’s objective is to maintain an adequate level of capitalization in order to be able to secure its access to the financial markets, so as to fulfill its medium- and long-term goals while maximizing the return to its shareholders and maintaining a sound financial position.

24.4Restrictions on subsidiaries’ transferring funds to the parent

Certain of the Group’s subsidiaries must comply with financial ratio covenants which require them to have a minimum level of equity or other requirements that restrict the transferring of assets to the parent company. The Group’s restricted net assets as of December 31, 2011 from its subsidiaries Endesa Chile, Endesa Brasil, Ampla Energía, Coelce, and Edelnor totaled ThCh$ 1,037,860,473, ThCh$ 142,130,265, ThCh$ 437,934,092, ThCh$ 49,905,714, and ThCh$ 84,428,267, respectively.

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24.5Other reserves

Other reserves within Equity as of December 31, 2011, 2010, and 2009 are as follows:

	Balance at January 1, 2011		Movements 2011		Balance atDecember 31, 2011
	ThCh$		ThCh$		ThCh$
Exchange differences on translation	113,278,890		63,343,778		176,622,668
Cash flow hedges	40,783,463		(41,093,728	)	(310,265	)
Remeasurement of available-for-sale financial assets	41,825		(27,989	)	13,836
Miscellaneous other reserves	(1,505,891,534	)	8,682,538		(1,497,208,996	)
TOTAL	(1,351,787,356	)	30,904,599		(1,320,882,757	)

	Balance at January 1, 2010		Movements 2010		Balance atDecember 31, 2010
	ThCh$		ThCh$		ThCh$
Exchange differences on translation	196,973,210		(83,694,320	)	113,278,890
Cash flow hedges	(188,691,145	)	14,682,972		(174,008,173	)
Remeasurement of available-for-sale financial assets	41,699		126		41,825
Miscellaneous other reserves	(1,291,099,898	)	—		(1,291,099,898	)
TOTAL	(1,282,776,134	)	(69,011,222	)	(1,351,787,356	)

	Balance at January 1, 2009		Movements 2009		Balance atDecember 31, 2009
	ThCh$		ThCh$		ThCh$
Exchange differences on translation	283,959,611		(86,986,401	)	196,973,210
Cash flow hedges	(276,767,607	)	88,076,462		(188,691,145	)
Remeasurement of available-for-sale financial assets	9,565		32,134		41,699
Miscellaneous other reserves	(1,291,099,898	)	—		(1,291,099,898	)
TOTAL	(1,283,898,329	)	1,122,195		(1,282,776,134	)

·Foreign currency translation reserves: These arise primarily from exchange differences relating to:

·Translation of the financial statements of our foreign operations from their functional currencies to our presentation currency (i.e. Chilean peso) (see Note 2.6.3); and

·Translation of goodwill arising from the acquisition of foreign operations with a functional currency other than the Chilean peso (see Note 3.c).

·Cash flow hedging reserves: These represent the cumulative portion of gains and losses on hedging instruments deemed effective in cash flow hedges (Note 3.g.4. and 3.m).

·Other miscellaneous reserves

Other miscellaneous reserves include the following:

(i)   In accordance with Oficio Circular No. 456 of the SVS, accumulated price level restatements related to paid-in capital since our transition to IFRS 1 on January 1, 2004 through December 31, 2008.

Note that despite the fact that the Company adopted IFRS as its accounting standards as of January 1, 2009, the January 1, 2004 transition date disclosed previously was that used by the our Parent Company Endesa, S.A. in its transition to IFRS. This applies the exemption provided for this purpose in IFRS 1, “First-time adoption.”

(ii)  Translation differences existing at the date of transition to IFRS (exemption IFRS 1 “First-time adoption”).

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(iii)   Reserves arising from transactions between entities under common control, mainly explained by the creation of the Endesa Brasil Holding in 2005 and the merger of our Colombian subsidiaries Emgesa and Betania in 2007.

24.6Non-controlling interests

The following is an explanation of the main variations in minority interests during the 2011, 2010, and 2009 fiscal years:

a)On October 9, 2009, in a transaction on the Lima, Peru Stock Exchange, our subsidiary Endesa Chile purchased an additional 29.3974% ownership interest in Edegel S.A.A. for US$ 375 million. This purchase resulted in a decrease of ThCh$ 127,551,963 in the equity attributable to non-controlling interests in such entity.

·Then, on October 15, in another transaction on the Lima Stock Exchange, Enersis purchased an additional 24% ownership interest in Empresa de Distribución Eléctrica de Lima Norte S.A.A. (Edelnor) for US$ 145.7 million. This purchase resulted in a decrease of ThCh $37,886,392 the equity attributable to non-controlling interests in such entity.

·It should be noted that the Endesa Chile and Enersis Boards of Directors authorized the above transactions after reviewing the external valuations provided by investment banks hired for this purpose, as well as its own internal valuation carried out by the executive management of each company. In both cases, the stock was purchased from Generalima S.A.C., a Peruvian company that is entirely a subsidiary of Endesa Latinoamérica, the direct parent of Enersis.

b)The negative variation reflected in the line item “Increase (decrease) through transfers and other changes” in the Statement of Changes in Equity is explained primarily by:

(i)The amount corresponding to the non-controlling interests in dividends declared by the consolidated subsidiaries

(ii)In addition the 2010 fiscal year includes the amount corresponding to the non-controlling interests in the Emgesa S.A. E.S.P return of capital. The amount received by the non-controlling interests corresponds to ThCh$ 85,231,132.

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25.REVENUES

The detail of revenues presented in the Statement of Comprehensive Income for the years ended December 31, 2011, 2010, and 2009 is as follows:

	Balance at
	12-31-2011	12-31-2010	12-31-2009
Revenues	ThCh$	ThCh$	ThCh$
Energy sales	5,805,296,274	5,653,724,917	5,579,145,884
Other sales	31,746,174	50,570,774	56,489,259
Sale of metering equipment	2,229,019	2,621,293	2,822,658
Sale of electronic supplies	18,913,641	31,263,834	39,840,661
Sale of products and services	10,603,514	16,685,647	13,825,940
Revenue from other services	417,209,641	474,934,133	477,648,472
Tolls and transmission	249,719,988	182,638,100	229,183,380
Metering equipment leases	6,540,680	9,646,546	8,327,754
Public lighting	27,583,293	31,092,463	30,603,007
Verifications and connections	15,605,137	14,106,659	14,869,456
Engineering services	11,896,382	15,871,319	19,960,120
Advisory services	—	23,442,524	26,976,336
Other services	105,864,161	198,136,522	147,728,419
Total operating revenue	6,254,252,089	6,179,229,824	6,113,283,615

	Balance at
	12-31-2011	12-31-2010	12-31-2009
Other operating income	ThCh$	ThCh$	ThCh$
Revenue from construction contracts	179,051,253	252,401,048	200,493,636
Mutual support	25,188,962	23,287,510	17,809,432
Third party services to own and third party fixtures	8,693,287	10,611,783	24,832,249
Leases	765,055	699,787	841,083
Sale of new businesses	12,619,489	11,380,343	9,238,121
Other revenue (1)	54,310,209	85,970,818	105,557,517
Total other income	280,628,255	384,351,289	358,772,038

(1)During the 2011 fiscal year, the Company recognized ThCh$ 7,273,992 (ThCh$ 22,225,795 in December 2010) related to the Bocamina power plant business interruption insurance policy, which was activated as a result of the February 27, 2010 earthquake that damaged that plant  (see Note 15 d) vi).

F-103

26.RAW MATERIALS AND CONSUMABLES USED

Raw materials and consumables used presented in profit or loss as of December 31, 2011, 2010, and 2009 are detailed as follows:

	Balance at
	12-31-2011		12-31-2010		12-31-2009
Raw Materials and Consumables Used	ThCh$		ThCh$		ThCh$
Energy purchases	(1,762,818,298	)	(1,554,714,636	)	(1,520,198,225	)
Fuel consumption	(742,639,363	)	(672,038,103	)	(580,237,613	)
Transportation costs	(393,991,121	)	(405,983,092	)	(316,287,883	)
Costs from construction contracts	(179,051,253	)	(252,401,048	)	(200,493,636	)
Other variable supplies and services	(459,934,694	)	(636,509,375	)	(593,376,220	)
Total	(3,538,434,729	)	(3,521,646,254	)	(3,210,593,577	)

27.EMPLOYEE BENEFITS EXPENSES

Employee expenses recognized in profit or loss as of December 2011, 2010, and 2009 is as follows:

	Balance at
	12-31-2011		12-31-2010		12-31-2009
Employee Benefits Expenses	ThCh$		ThCh$		ThCh$
Wages and salaries	(277,553,004	)	(295,339,462	)	(296,862,091	)
Post-employment benefit obligations expense	(6,353,643	)	(5,837,977	)	(7,271,009	)
Social security and other contributions	(92,915,099	)	(63,391,743	)	(52,252,408	)
Other employee expenses	(1,730,380	)	(10,108,831	)	(14,016,937	)
Total	(378,552,126	)	(374,678,013	)	(370,402,445	)

28.DEPRECIATION, AMORTIZATION, AND IMPAIRMENT LOSSES

Depreciation, amortization, and impairment losses recognized in profit or loss as of December 31, 2011, 2010, and 2009 can be broken down as follows:

	Balance at
	12-31-2011		12-31-2010		12-31-2009
	ThCh$		ThCh$		ThCh$
Depreciation	(322,218,490	)	(338,040,266	)	(346,587,547	)
Amortization	(102,681,546	)	(110,977,009	)	(107,782,412	)
Subtotal	(424,900,036	)	(449,017,275	)	(454,369,959	)
Reversal (losses) from impairment (*)	(136,157,459	)	(108,373,429	)	(85,285,525	)
Total	(561,057,495	)	(557,390,704	)	(539,655,484	)

	Balance at
	12-31-2011		12-31-2010		12-31-2009
(*) Impairment Losses	ThCh$		ThCh$		ThCh$
Financial assets (see Note 7c)	(18,649,480	)	(95,391,111	)	(22,179,120	)
Assets and disposal groups held for sale (see Note 11)	—		(14,881,960	)	(21,915,849	)
Goodwill (see Note 14)	(14,379,823	)	—		—
Fixed assets (see Note 15)	(106,449,843	)	(1,340,235	)	(43,999,600	)
Reversal of investment property provision (see Note 16)	3,321,687		3,239,877		2,809,044
Total	(136,157,459	)	(108,373,429	)	(85,285,525	)

F-104

29.OTHER EXPENSES

Other miscellaneous operating expenses as of December 31, 2011, 2010, and 2009 can be broken down as follows:

	Balance at
	12-31-2011		12-31-2010		12-31-2009
Other Expenses	ThCh$		ThCh$		ThCh$
Other supplies and services	(95,222,224	)	(130,232,972	)	(146,952,970	)
Professional, outsourced, and other services	(180,880,189	)	(113,944,110	)	(117,604,978	)
Repairs and maintenance	(89,045,849	)	(69,199,458	)	(53,933,371	)
Indemnities and fines	(14,733,175	)	(41,316,694	)	(20,934,632	)
Taxes and charges	(90,333,630	)	(26,456,298	)	(33,891,117	)
Insurance premiums	(20,745,032	)	(19,147,361	)	(19,866,916	)
Leases and rental costs	(17,042,089	)	(16,980,825	)	(19,969,187	)
Marketing, public relations, and advertising	(10,316,261	)	(16,207,055	)	(16,338,026	)
Other supplies	(14,716,010	)	(11,701,238	)	(19,372,298	)
Travel expenses	(6,428,292	)	(4,306,510	)	(4,966,691	)
Environmental expenses	(1,235,646	)	(942,248	)	(3,859,011	)
Total	(540,698,397	)	(450,434,769	)	(457,689,197	)

30.OTHER GAINS (LOSSES)

Other gains (losses) as of December 31, 2011, 2010, and 2009 are detailed as follows:

	Balance at
	12-31-2011		12-31-2010	12-31-2009
Other Gains (Losses)	ThCh$		ThCh$	ThCh$
Investment sales (Cam Group and Synapsis (*))	(10,733,882	)	272,686	28,113,548
Sale of Condesa Hogar portfolio	—		—	12,784,152
Land sales	3,766,963		8,381,710	9,253,010
Other assets	2,152,625		3,329,038	489,568
Total	(4,814,294	)	11,983,434	50,640,278

(*)Includes foreign currency translation differences of ThCh$ (3,236,883).

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31.FINANCIAL RESULTS

Financial income and costs as of December 31, 2011, 2010, and 2009 are as follows:

	Balance at
	12-31-2011	12-31-2010	12-31-2009
Financial Income	ThCh$	ThCh$	ThCh$
Income from cash and cash equivalents	124,109,491	68,144,673	79,364,437
Income from expected return on plan assets (Brazil)	44,345,866	41,253,550	32,050,585
Other financial income	62,735,004	56,962,380	41,884,708
Income from other financial assets	2,422,508	4,876,345	6,370,675
Total	233,612,869	171,236,948	159,670,405

	Balance at
	12-31-2011		12-31-2010		12-31-2009
Financial Costs	ThCh$		ThCh$		ThCh$
Financial Costs	(465,411,363	)	(438,358,251	)	(482,472,627	)
Bank loans	(134,214,794	)	(127,921,732	)	(137,274,372	)
Secured and unsecured obligations	(161,347,460	)	(150,777,160	)	(171,723,898	)
Financial leasing	(2,937,215	)	(3,056,546	)	(3,733,454	)
Valuation of financial derivatives	(23,723,865	)	(19,034,198	)	(19,307,617	)
Financial provisions	(90,830,303	)	(73,709,974	)	(12,105,233	)
Post-employment benefit obligations	(57,048,714	)	(52,703,379	)	(51,679,594	)
Capitalized borrowing costs	35,945,738		15,137,380		11,165,950
Other financial costs	(31,254,750	)	(26,292,642	)	(97,814,409	)
Gain (loss) from indexed assets and liabilities	(25,092,203	)	(15,055,706	)	21,781,329
Foreign currency exchange differences, net	20,305,690		11,572,474		(8,235,253	)
Positive	71,301,059		83,236,540		82,015,125
Negative	(50,995,369	)	(71,664,066	)	(90,250,378	)
Total financial costs	(470,197,876	)	(441,841,483	)	(468,926,551	)
Total financial results	(236,585,007	)	(270,604,535	)	(309,256,146	)

F-106

32.INCOME TAX

The following table reconciles income taxes resulting from applying the general current tax rate to “Net income before taxes” to the income tax expense recorded in the accompanying Consolidated Statement of Comprehensive Income for the 2011, 2010, and 2009 fiscal years:

	Balance at
	12-31-2011		12-31-2010		12-31-2009
Income Tax	ThCh$		ThCh$		ThCh$
Current tax expense	(458,621,881	)	(397,519,578	)	(422,830,225	)
Tax benefit from tax assets not previously recognized (Credits and/or benefits on current tax)	42,545,139		51,094,799		39,752,182
Adjustments to current tax from the previous period	(882,687	)	(2,869,081	)	12,569,886
Other current tax expense	(301,441	)	(2,597,705	)	(4,276,209	)
Current Tax Expense, Net	(417,260,870	)	(351,891,565	)	(374,784,366	)
Deferred tax income (expense) from origination and reversal of temporary differences	(43,612,506	)	7,335,286		15,046,756
Deferred tax (income) or expense from tax rate changes or new taxes	148,137		(1,450,689	)	—
Other deferred tax expense	(111,453	)	—		—
Deferred Tax Income (expense), net	(43,575,822	)	5,884,597		15,046,756
Effect of changes in the tax status of the entity or its shareholders	—		—		—
(Income tax income (expense)	(460,836,692	)	(346,006,968	)	(359,737,610	)

The principal temporary differences are detailed in Note 17a.

	12-31-2011		12-31-2010		12-31-2009
Reconciliation of Tax Expense	ThCh$		ThCh$		ThCh$
Tax expense using statutory rate (20%)	(266,675,462	)	(245,938,215	)	(284,081,079	)
Tax effect of rates in other jurisdictions	(117,057,673	)	(159,695,526	)	(166,163,264	)
Tax effect of non-taxable revenues	51,007,579		44,357,904		40,858,030
Tax effect of non-tax-deductible expenses	(106,636,806	)	(9,065,332	)	(30,896,605	)
Tax effect from change in tax rate	148,137		(1,450,689	)	—
Tax effect of over-provided tax in previous period	(882,687	)	(2,869,081	)	12,569,886
Price level restatement for tax purposes (investments and equity)	(20,739,780	)	28,653,971		67,975,422
Total adjustments to tax expense using statutory rate	(194,161,230	)	(100,068,753	)	(75,656,531	)
Income tax	(460,836,692	)	(346,006,968	)	(359,737,610	)

On July 29, 2010, Chilean Law No.20,455 “Modifica diversos cuerpos legales para obtener recursos destinados al financiamiento de la reconstrucción del país” (modifies tax entities to obtain funds to finance the reconstruction of the country) was enacted and published in the Diario Oficial on July 31, 2010. This law, among other things temporarily increases tax rates for the commercial years 2011 and 2012 (20% and 18.5%, respectively), and returns to 17% in 2013.

F-107

33.SEGMENT INFORMATION

33.1Segmentation criteria

The Group’s activities are organized primarily around its core businesses, electric energy generation, transmission, and distribution. On that basis, the Group has established two major business lines.

In addition, segment information has been organized by the geographical areas in which the Group operates:

·Chile

·Argentina

·Brazil

·Peru

·Colombia

Given that the Group’s corporate organization basically matches its business organization and, therefore, the segments organization, the following segment information is based on the financial information of the companies forming each segment.

The following tables present the segment information for the 2011 and 2010 fiscal years.

F-108

33.2    Generation, distribution, and others

	Generation			Distribution		Eliminations and Others				Total
Line of Business	12-31-2011 ThCh$		12-31-2010 ThCh$	12-31-2011 ThCh$	12-31-2010 ThCh$	12-31-2011 ThCh$		12-31-2010 ThCh$		12-31-2011 ThCh$	12-31-2010 ThCh$
Assets
CURRENT ASSETS	1,212,585,323		1,064,310,315	1,007,409,597	1,155,049,652	305,970,088		118,908,009		2,525,965,008	2,338,267,976
Cash and cash equivalents	552,738,084		410,734,005	298,945,821	307,574,515	368,237,363		243,046,517		1,219,921,268	961,355,037
Other current financial assets	914,209		5,535,951	25,011	2,281,558	—		—		939,220	7,817,509
Other current non-financial assets	31,292,979		7,342,281	38,792,524	27,188,821	2,380,809		1,462,146		72,466,312	35,993,248
Trade and other current receivables	355,609,508		321,074,432	610,324,178	690,037,361	11,668,702		26,986,447		977,602,388	1,038,098,240
Accounts receivable from related companies	130,673,380		186,356,762	7,215,786	87,128,995	(102,606,574	)	(253,014,150	)	35,282,592	20,471,607
Inventories	55,906,768		42,162,603	16,354,914	15,560,743	5,663,862		4,928,358		77,925,544	62,651,704
Current tax assets	85,450,395		91,104,281	35,751,363	25,277,659	20,625,926		21,605,401		141,827,684	137,987,341
Non-current assets classified as held for sale and discontinued operations	—		—	—	—	—		73,893,290		—	73,893,290
NON-CURRENT ASSETS	6,154,273,562		5,808,436,926	4,778,151,088	4,606,429,950	275,481,095		252,710,255		11,207,905,744	10,667,577,131
Other non-current financial assets	13,598,337		28,295,886	2,826,723	5,211,606	20,930,001		29,461,230		37,355,061	62,968,722
Other non-current non-financial assets	28,731,435		31,459,012	80,741,831	70,535,341	27,842		1,741,942		109,501,108	103,736,295
Non-current receivables	175,400,312		139,301,288	267,256,936	179,381,740	671,202		884,932		443,328,450	319,567,960
Non-current accounts receivable from related companies	(1,863,216	)	764,220	117,946	324,864	1,745,270		(1,089,084	)	—	—
Investments accounted for using the equity method	591,668,155		591,361,178	503,610,981	546,884,644	(1,082,085,874	)	(1,124,144,170	)	13,193,262	14,101,652
Intangible assets other than goodwill	35,332,818		31,398,642	1,417,846,070	1,405,434,608	14,219,326		15,753,155		1,467,398,214	1,452,586,405
Goodwill	106,399,041		97,673,241	129,382,377	130,262,504	1,240,622,708		1,249,086,179		1,476,404,126	1,477,021,924
Property, plant, and equipment, net	5,068,294,024		4,739,297,094	2,180,696,470	2,017,266,712	(6,259,488	)	(4,623,151	)	7,242,731,006	6,751,940,655
Investment property	—		—	—	—	38,055,889		33,019,154		38,055,889	33,019,154
Deferred tax assets	136,712,656		148,886,365	195,671,754	251,127,931	47,554,218		52,620,068		379,938,628	452,634,364
TOTAL ASSETS	7,366,858,884		6,872,747,241	5,785,560,685	5,761,479,602	581,451,183		371,618,264		13,733,870,752	13,005,845,107

F-109

	Generation		Distribution		Eliminations and Others				Total
	12-31-2011 ThCh$	12-31-2010 ThCh$	12-31-2011 ThCh$	12-31-2010 ThCh$	12-31-2011 ThCh$		12-31-2010 ThCh$		12-31-2011 ThCh$		12-31-2010 ThCh$
LIABILITIES AND EQUITY
CURRENT LIABILITIES	1,150,249,282	1,143,674,971	1,394,053,750	1,298,274,817	(83,769,398	)	(34,672,303	)	2,460,533,634		2,407,277,486
Other current financial liabilities	365,375,002	315,103,380	292,160,116	284,864,090	14,547,220		65,630,548		672,082,338		665,598,018
Trade and other current payables	380,701,745	417,077,978	774,128,579	714,667,656	80,234,135		92,744,364		1,235,064,459		1,224,489,998
Accounts payable to related companies	234,167,088	288,461,159	126,083,948	141,795,739	(203,073,399	)	(282,054,639	)	157,177,637		148,202,260
Other short-term provisions	36,030,224	43,331,481	43,227,192	51,478,884	20,445,238		20,638,871		99,702,654		115,449,236
Current tax liabilities	122,601,990	69,759,646	110,935,913	75,509,486	2,315,339		2,397,523		235,853,242		147,666,655
Current provisions for employee benefits	—	2,703,107	—	2,690,108	—		57,167		—		5,450,382
Other current non-financial liabilities	11,373,233	7,238,220	47,518,002	27,268,854	1,762,069		1,283,474		60,653,304		35,790,548
Liabilities associated with non-current assets classified as held for sale and discontinued operations	—	—	—	—	—		64,630,389		—		64,630,389
NON-CURRENT LIABILITIES	2,231,327,095	2,110,719,491	1,572,059,394	1,545,885,669	573,796,771		427,934,505		4,377,183,260		4,084,539,665
Other non-current financial liabilities	1,755,575,529	1,621,961,525	952,894,143	831,035,287	562,885,621		561,959,635		3,271,355,293		3,014,956,447
Other non-current payables	243,234	13,548,800	14,060,817	23,380,657	556		307,255		14,304,607		37,236,712
Accounts payable to related companies	81,953	1,163,160	—	147,930,726	(81,953	)	(148,009,596	)	—		1,084,290
Other long-term provisions	20,833,139	67,038,203	181,636,893	158,484,126	103,609		—		202,573,641		225,522,329
Deferred tax liabilities	341,568,310	349,429,640	162,528,439	200,477,944	4,341,506		6,015,994		508,438,255		555,923,578
Non-current provisions for employee benefits	36,504,909	27,147,186	234,826,662	181,236,136	6,194,442		7,435,653		277,526,013		215,818,975
Other non-current non-financial liabilities	76,520,021	30,430,977	26,112,440	3,340,793	352,990		225,564		102,985,451		33,997,334
EQUITY	3,985,282,507	3,618,352,778	2,819,447,541	2,917,319,116	91,423,809		(21,643,938	)	6,896,153,857		6,514,027,956
Equity attributable to owners of parent	3,985,282,507	3,618,352,778	2,819,447,541	2,917,319,116	91,423,809		(21,643,938	)	3,895,728,606		3,735,544,636
Issued capital	1,752,890,037	1,830,431,254	1,010,886,630	1,088,609,246	61,106,168		(94,157,665	)	2,824,882,835		2,824,882,835
Retained earnings	1,838,419,172	1,566,278,776	957,047,345	1,318,048,927	(562,497,637	)	(780,638,194	)	2,232,968,880		2,103,689,509
Share premium	—	—	—	—	158,759,648		158,759,648		158,759,648		158,759,648
Other reserves	393,973,298	221,642,748	851,513,566	510,660,943	434,055,630		694,392,273		(1,320,882,757	)	(1,351,787,356	)
Non-controlling interests	—	—	—	—	—		—		3,000,425,251		2,778,483,320
Total Liabilities and Equity	7,366,858,884	6,872,747,241	5,785,560,685	5,761,479,602	581,451,182		371,618,264		13,733,870,752		13,005,845,107

F-110

	Generation						Distribution						Eliminations and Others						Total
	12-31-2011		12-31-2010		12-31-2009		12-31-2011		12-31-2010		12-31-2009		12-31-2011		12-31-2010		12-31-2009		12-31-2011		12-31-2010		12-31-2009
STATEMENT OF COMPREHENSIVE INCOME	ThCh$		ThCh$		ThCh$		ThCh$		ThCh$		ThCh$		ThCh$		ThCh$		ThCh$		ThCh$		ThCh$		ThCh$
REVENUES	2,700,026,218		2,780,604,080		2,708,357,655		4,447,427,469		4,392,625,917		4,240,401,202		(612,573,343	)	(609,648,884	)	(476,703,204	)	6,534,880,344		6,563,581,113		6,472,055,653
Sales	2,681,583,403		2,735,336,937		2,692,140,931		4,187,214,704		4,053,333,247		3,892,291,952		(614,546,018	)	(609,440,360	)	(471,149,268	)	6,254,252,089		6,179,229,824		6,113,283,615
Energy sales	2,587,301,858		2,599,487,673		2,570,529,382		3,830,011,900		3,754,753,999		3,642,828,755		(612,017,484	)	(700,516,755	)	(634,212,253	)	5,805,296,274		5,653,724,917		5,579,145,884
Other sales	10,642,489		15,262,308		6,009,988		8,391,707		9,220,770		12,431,451		12,711,978		26,087,696		38,047,820		31,746,174		50,570,774		56,489,259
Other services rendered	83,639,056		120,586,956		115,601,561		348,811,097		289,358,478		237,031,746		(15,240,512	)	64,988,699		125,015,165		417,209,641		474,934,133		477,648,472
Other operating income	18,442,815		45,267,143		16,216,724		260,212,765		339,292,670		348,109,250		1,972,675		(208,524	)	(5,553,936	)	280,628,255		384,351,289		358,772,038
RAW MATERIALS AND CONSUMABLES USED	(1,272,985,092	)	(1,300,760,188	)	(1,058,410,593	)	(2,904,965,972	)	(2,861,855,754	)	(2,687,937,114	)	639,516,335		640,969,688		535,754,130		(3,538,434,729	)	(3,521,646,254	)	(3,210,593,577	)
Energy purchases	(272,699,080	)	(264,194,654	)	(197,058,728	)	(2,099,527,411	)	(1,988,241,950	)	(1,958,392,871	)	609,408,193		697,721,968		635,253,374		(1,762,818,298	)	(1,554,714,636	)	(1,520,198,225	)
Fuel consumption	(742,631,157	)	(672,030,596	)	(580,234,432	)	—		—		—		(8,206	)	(7,507	)	(3,181	)	(742,639,363	)	(672,038,103	)	(580,237,613	)
Transport expenses	(210,422,135	)	(233,134,592	)	(177,886,470	)	(228,281,706	)	(216,929,666	)	(158,940,229	)	44,712,720		44,081,166		20,538,816		(393,991,121	)	(405,983,092	)	(316,287,883	)
Other variable supplies and services	(47,232,720	)	(131,400,346	)	(103,230,963	)	(577,156,855	)	(656,684,138	)	(570,604,014	)	(14,596,372	)	(100,825,939	)	(120,034,879	)	(638,985,947	)	(888,910,423	)	(793,869,856	)
CONTRIBUTION MARGIN	1,427,041,126		1,479,843,892		1,649,947,062		1,542,461,497		1,530,770,163		1,552,464,088		26,942,992		31,320,804		59,050,926		2,996,445,615		3,041,934,859		3,261,462,076
Other work performed by entity and capitalized	6,404,803		688,024		731,901		39,331,002		34,742,737		32,998,618		4,437,307		9,438,604		—		50,173,112		44,869,365		33,730,519
Employee benefits expense	(84,624,505	)	(76,018,545	)	(69,577,977	)	(252,417,780	)	(215,810,871	)	(216,622,884	)	(41,509,841	)	(82,848,597	)	(84,201,584	)	(378,552,126	)	(374,678,013	)	(370,402,445	)
Other expense	(148,540,710	)	(109,570,881	)	(118,108,486	)	(389,777,503	)	(366,421,018	)	(367,766,183	)	(2,380,185	)	25,557,129		28,185,472		(540,698,398	)	(450,434,770	)	(457,689,197	)
GROSS OPERATING RESULT	1,200,280,714		1,294,942,490		1,462,992,500		939,597,216		983,281,011		1,001,073,639		(12,509,727	)	(16,532,060	)	3,034,814		2,127,368,203		2,261,691,441		2,467,100,953
Depreciation, amortization, and impairment losses	(205,906,910	)	(244,848,894	)	(270,584,246	)	(347,074,905	)	(291,545,800	)	(239,656,554	)	(8,075,680	)	(20,996,010	)	(29,414,684	)	(561,057,495	)	(557,390,704	)	(539,655,484	)
OPERATING INCOME	994,373,804		1,050,093,596		1,192,408,254		592,522,311		691,735,211		761,417,085		(20,585,407	)	(37,528,070	)	(26,379,870	)	1,566,310,708		1,704,300,737		1,927,445,469
FINANCIAL RESULTS	(96,533,304	)	(139,201,816	)	(186,313,678	)	(114,211,524	)	(94,631,362	)	(99,796,594	)	(25,840,179	)	(36,771,357	)	(23,145,874	)	(236,585,007	)	(270,604,535	)	(309,256,146	)
Financial income	88,970,416		27,878,995		40,841,166		127,716,519		132,691,391		117,121,114		16,925,934		10,666,562		1,708,125		233,612,869		171,236,948		159,670,405
Financial costs	(187,258,748	)	(178,031,427	)	(239,569,394	)	(242,555,022	)	(227,390,652	)	(226,454,904	)	(35,597,593	)	(32,936,172	)	(16,448,329	)	(465,411,363	)	(438,358,251	)	(482,472,627	)
Gains (losses) from indexed assets and liabilities	(5,369,555	)	(2,885,747	)	9,009,669		42,067		153,805		458,162		(19,764,715	)	(12,323,764	)	12,313,498		(25,092,203	)	(15,055,706	)	21,781,329
Foreign currency exchange differences	7,124,583		13,836,363		3,404,881		584,912		(85,906	)	9,079,034		12,596,195		(2,177,983	)	(20,719,168	)	20,305,690		11,572,474		(8,235,253	)
Gains	36,535,322		59,331,363		71,795,866		4,951,758		7,255,856		18,584,732		39,385,744		24,744,149		(8,365,473	)	80,872,824		91,331,368		82,015,125
Losses	(29,410,739	)	(45,495,000	)	(68,390,985	)	(4,366,846	)	(7,341,762	)	(9,505,698	)	(26,789,549	)	(26,922,132	)	(12,353,695	)	(60,567,134	)	(79,758,894	)	(90,250,378	)
Share of profit (loss) of associates accounted for using the equity method	8,215,763		811,855		2,233,946		468		911		82,758,254		249,673		202,973		(82,756,621	)	8,465,904		1,015,739		2,235,579
Gains (losses) from other investments	1,038,160		234,251		(55,494	)	70		—		82,850		—		38,435		110,587		1,038,230		272,686		137,943
Gains (losses) from sale of property, plant, and equipment	975,577		1,631,416		64,430		(313,790	)	1,365,276		24,938,953		(6,514,311	)	8,714,057		25,498,952		(5,852,524	)	11,710,749		50,502,335
NET INCOME BEFORE TAX	908,070,000		913,569,302		1,008,337,458		477,997,535		598,470,036		769,400,548		(52,690,224	)	(65,343,962	)	(106,672,826	)	1,333,377,311		1,446,695,376		1,671,065,180
Income tax	(255,341,927	)	(197,493,560	)	(201,746,950	)	(200,528,618	)	(141,600,737	)	(178,201,978	)	(4,966,146	)	(6,912,671	)	20,211,318		(460,836,691	)	(346,006,968	)	(359,737,610	)
NET INCOME AFTER TAX FROM CONTINUING OPERATIONS	652,728,073		716,075,742		806,590,508		277,468,917		456,869,299		591,198,570		(57,656,370	)	(72,256,633	)	(86,461,508	)	872,540,620		1,100,688,408		1,311,327,570
Net income from discontinued operations	—		—		—		—		—		—		—		—		—		—		—		—
NET INCOME	652,728,073		716,075,742		806,590,508		277,468,917		456,869,299		591,198,570		(57,656,370	)	(72,256,633	)	(86,461,508	)	872,540,620		1,100,688,408		1,311,327,570
RESULT FOR THE PERIOD	652,728,073		716,075,742		806,590,508		277,468,917		456,869,299		591,198,570		(57,656,370	)	(72,256,633	)	(86,461,508	)	872,540,620		1,100,688,408		1,311,327,570
Owners of parent	—		—		—		—		—		—		—		—		—		375,471,254		486,226,814		660,231,043
Non-controlling interests	—		—		—		—		—		—		—		—		—		497,069,366		614,461,594		651,096,527

F-111

33.3    Countries

	Chile		Argentina		Brazil		Colombia		Peru		Eliminations				Total
	12-31-2011	12-31-2010	12-31-2011	12-31-2010	12-31-2011	12-31-2010	12-31-2011	12-31-2010	12-31-2011	12-31-2010	12-31-2011		12-31-2010		12-31-2011	12-31-2010
Country	ThCh$	ThCh$	ThCh$	ThCh$	ThCh$	ThCh$	ThCh$	ThCh$	ThCh$	ThCh$	ThCh$		ThCh$		ThCh$	ThCh$
ASSETS
CURRENT ASSETS	1,117,076,586	958,252,718	198,804,567	206,682,679	680,639,175	773,987,829	439,170,846	298,436,755	138,640,932	118,519,262	(48,367,098	)	(17,611,267	)	2,525,965,008	2,338,267,976
Cash and cash equivalents	588,127,702	396,117,160	43,522,761	64,001,651	277,962,207	309,608,364	268,253,856	150,969,852	42,054,742	40,658,010	—		—		1,219,921,268	961,355,037
Other current financial assets	47,504	17,551	143,638	2,271,690	—	5,463,750	699,517	64,518	48,561	—	—		—		939,220	7,817,509
Other current non-financial assets	8,430,910	2,823,979	2,444,742	3,453,937	43,310,736	24,929,082	13,185,071	1,741,706	5,094,853	3,044,544	—		—		72,466,312	35,993,248
Trade and other current receivables	338,292,487	424,328,700	108,345,327	105,722,882	318,551,280	399,849,969	137,785,949	134,933,800	73,975,674	55,329,513	651,671		(82,066,624	)	977,602,388	1,038,098,240
Accounts receivable from related companies	49,976,938	9,118,913	34,084,870	20,580,614	—	—	30,857	85,521	208,696	124,492	(49,018,769	)	(9,437,933	)	35,282,592	20,471,607
Inventories	37,057,881	31,508,007	4,921,951	4,012,205	1,266,810	1,329,912	17,676,019	10,639,048	17,002,883	15,162,532	—		—		77,925,544	62,651,704
Current tax assets	95,143,164	94,338,408	5,341,278	6,639,700	39,548,142	32,806,752	1,539,577	2,310	255,523	4,200,171	—		—		141,827,684	137,987,341
Non-current assets classified as held for sale and discontinued operations	—	—	—	—	—	—	—	—	—	—	—		73,893,290		—	73,893,290
NON-CURRENT ASSETS	7,893,250,053	7,882,741,067	593,346,110	612,376,604	3,805,276,863	3,724,836,639	2,353,927,049	2,089,588,249	1,246,563,957	1,087,290,030	(4,684,458,288	)	(4,729,255,458	)	11,207,905,744	10,667,577,131
Other non-current financial assets	32,942,181	57,422,721	161,140	—	27,818	3,352,698	1,214,684	8,267	3,009,238	2,185,036	—		—		37,355,061	62,968,722
Other non-current non-financial assets	599,528	1,327,410	1,984,737	10,897,471	106,916,843	89,288,250	—	1,111,481	—	—	—		1,111,683		109,501,108	103,736,295
Non-current receivables	4,531,190	9,751,497	151,690,773	123,872,850	273,379,275	177,122,226	13,727,212	8,821,387	—	—	—		—		443,328,450	319,567,960
Non-current accounts receivable from related companies	6,179,892	5,570,592	—	—	44,861,006	36,381,275	—	—	—	—	(51,040,898	)	(41,951,867	)	—	—
Investments accounted for using the equity method	4,681,940,902	4,728,577,212	4,727,255	4,360,892	1,217,587,204	1,231,117,115	76	—	49,887,780	49,494,618	(5,940,949,955	)	(5,999,448,185	)	13,193,262	14,101,652
Intangible assets other than goodwill	40,438,658	43,574,579	3,649,971	3,394,462	1,375,676,408	1,362,506,970	44,330,454	40,486,684	3,302,723	2,623,710	—		—		1,467,398,214	1,452,586,405
Goodwill	2,312,632	2,311,244	2,357,592	2,453,791	119,058,905	120,673,559	13,209,651	7,348,467	10,361,690	10,502,214	1,329,103,656		1,333,732,649		1,476,404,126	1,477,021,924
Property, plant, and equipment	2,998,303,344	2,907,392,986	424,077,441	435,556,490	479,342,553	502,536,126	2,184,994,520	1,908,861,856	1,178,479,794	1,021,665,793	(22,466,646	)	(24,072,596	)	7,242,731,006	6,751,940,655
Investment property	38,055,889	33,019,154	—	—	—	—	—	—	—	—	—		—		38,055,889	33,019,154
Deferred tax assets	87,945,837	93,793,672	4,697,201	31,840,648	188,426,851	201,858,420	96,450,452	122,950,107	1,522,732	818,659	895,555		1,372,858		379,938,628	452,634,364
TOTAL ASSETS	9,010,326,640	8,840,993,785	792,150,677	819,059,282	4,485,916,038	4,498,824,468	2,793,097,895	2,388,025,004	1,385,204,889	1,205,809,292	(4,732,825,387	)	(4,746,866,725	)	13,733,870,752	13,005,845,107

F-112

Country	Chile				Argentina				Brazil		Colombia			Peru			Eliminations				Total
	12-31-2011		12-31-2010		12-31-2011		12-31-2010		12-31-2011	12-31-2010	12-31-2011	12-31-2010		12-31-2011	12-31-2010		12-31-2011		12-31-2010		12-31-2011		12-31-2010
	ThCh$		ThCh$		ThCh$		ThCh$		ThCh$	ThCh$	ThCh$	ThCh$		ThCh$	ThCh$		ThCh$		ThCh$		ThCh$		ThCh$
LIABILITIES AND EQUITY
CURRENT LIABILITIES	661,869,058		647,462,363		494,783,567		368,365,266		650,237,150	749,685,522	483,448,241	432,517,038		170,828,751	122,675,915		(633,131	)	86,571,381		2,460,533,635		2,407,277,486
Other current financial liabilities	88,087,416		57,353,811		105,336,295		91,305,044		288,730,920	316,931,058	124,904,402	138,102,310		65,023,305	61,905,795		—		—		672,082,338		665,598,018
Trade and other current payables	405,601,668		397,291,875		283,219,858		188,824,968		234,837,848	350,493,006	223,557,756	242,087,064		68,645,529	46,211,217		19,201,800		(418,132	)	1,235,064,459		1,224,489,998
Accounts payable to related companies	48,929,238		95,959,740		45,686,586		21,522,018		34,092,017	22,670,347	51,713,966	(8,763,202	)	1,068,536	(5,545,768	)	(24,312,705	)	22,359,124		157,177,638		148,202,260
Other short-term provisions	54,333,202		61,952,297		25,324,807		31,334,089		6,801,936	9,290,490	10,860	1,498,668		8,754,075	11,373,692		4,477,774		—		99,702,654		115,449,236
Current tax liabilities	58,625,870		26,985,525		12,379,051		18,739,444		67,476,356	45,603,630	76,893,506	50,694,810		20,478,459	5,643,246		—		—		235,853,242		147,666,655
Current provisions for employee benefits	—		1,341,781		—		591,831		—	—	—	3,516,770		—	—		—		—		—		5,450,382
Other current non-financial liabilities	6,291,663		6,577,334		22,836,970		16,047,872		18,298,073	4,696,991	6,367,751	5,380,618		6,858,847	3,087,733		—		—		60,653,304		35,790,548
Liabilities associated with non-current assets classified as held for sale and discontinued operations	—		—		—		—		—	—	—	—		—	—		—		64,630,389		—		64,630,389
NON-CURRENT LIABILITIES	1,819,290,887		1,798,546,677		206,938,488		182,056,288		929,216,917	866,894,226	928,038,093	749,238,211		527,947,698	525,104,242		(34,248,823	)	(37,299,979	)	4,377,183,260		4,084,539,665
Other non-current financial liabilities	1,538,473,627		1,511,148,690		113,544,053		87,795,042		515,352,311	483,293,292	782,142,214	616,376,069		321,843,088	316,343,354		—		—		3,271,355,293		3,014,956,447
Other non-current payables	—		3,595,790		1,146,930		325,183		13,157,677	33,173,070	—	142,669		—	—		—		—		14,304,607		37,236,712
Accounts payable to related companies	—		—		34,248,823		36,634,177		—	1,750,092	—	—		—	—		(34,248,823	)	(37,299,979	)	—		1,084,290
Other long-term provisions	17,935,877		17,164,654		9,239,778		11,451,261		168,801,883	183,780,246	4,762,542	2,198,153		1,833,561	10,928,015		—		—		202,573,641		225,522,329
Deferred tax liabilities	204,262,599		222,646,728		13,419,881		21,549,260		67,691,941	61,907,742	19,717,371	52,263,418		203,346,463	197,556,430		—		—		508,438,255		555,923,578
Non-current provisions for employee benefits	35,817,248		33,170,562		7,627,051		1,400,727		149,353,832	102,989,784	84,727,882	78,257,902		—	—		—		—		277,526,013		215,818,975
Other non-current non-financial liabilities	22,801,536		10,820,253		27,711,972		22,900,638		14,859,273	—	36,688,084	—		924,586	276,443		—		—		102,985,451		33,997,334
EQUITY	6,529,166,695		6,394,984,745		90,428,622		268,637,728		2,906,461,971	2,882,244,720	1,381,611,561	1,206,269,755		686,428,440	558,029,135		(4,697,943,433	)	(4,796,138,127	)	6,896,153,857		6,514,027,956
Equity attributable to owners of parent	6,529,166,695		6,394,984,745		90,428,622		268,637,728		2,906,461,971	2,882,244,720	1,381,611,561	1,206,269,755		686,428,440	558,029,135		(4,697,943,433	)	(4,796,138,127	)	3,895,728,606		3,735,544,636
Issued capital	5,517,944,809		5,504,650,136		230,798,614		233,455,382		1,768,841,536	1,016,335,188	150,811,424	147,297,657		197,139,383	198,134,490		(5,040,652,931	)	(4,274,990,018	)	2,824,882,835		2,824,882,835
Retained earnings	2,728,371,595		2,687,545,567		(99,901,666	)	77,431,069		459,494,106	446,813,310	125,770,175	274,298,955		72,384,456	56,504,426		(1,053,149,787	)	(1,438,903,818	)	2,232,968,880		2,103,689,509
Share premium	158,759,648		158,759,648		—		—		—	—	—	—		—	—		—		—		158,759,648		158,759,648
Other reserves	(1,875,909,357	)	(1,955,970,606	)	(40,468,326	)	(42,248,723	)	678,126,329	1,419,096,222	1,105,029,962	784,673,143		416,904,601	303,390,219		1,395,859,285		917,755,709		(1,320,882,757	)	(1,351,787,356	)
Non-controlling interests	—		—		—		—		—	—	—	—		—	—		—		—		3,000,425,251		2,778,483,320
Total liabilities and equity	9,010,326,640		8,840,993,785		792,150,677		819,059,282		4,485,916,038	4,498,824,468	2,793,097,895	2,388,025,004		1,385,204,889	1,205,809,292		(4,732,825,387	)	(4,746,866,725	)	13,733,870,752		13,005,845,107

F-113

Country	Chile						Argentina						Brazil						Colombia
	12-31-2011		12-31-2010		12-31-2009		12-31-2011		12-31-2010		12-31-2009		12-31-2011		12-31-2010		12-31-2009		12-31-2011		12-31-2010		12-31-2009
	ThCh$		ThCh$		ThCh$		ThCh$		ThCh$		ThCh$		ThCh$		ThCh$		ThCh$		ThCh$		ThCh$		ThCh$
STATEMENT OF COMPREHENSIVE INCOME
REVENUES	2,124,479,297		2,085,557,501		2,283,457,941		675,647,122		658,417,051		637,839,445		2,165,287,761		2,230,116,193		1,979,203,998		1,113,791,686		1,163,978,952		1,096,256,547
Sales	2,097,527,758		2,041,203,346		2,260,373,406		667,299,420		644,085,670		624,398,698		1,970,909,825		1,953,154,510		1,732,004,318		1,080,920,739		1,135,970,285		1,040,262,693
Energy sales	1,961,366,637		1,868,868,808		2,071,597,022		641,615,807		614,505,180		590,796,228		1,787,773,720		1,778,434,279		1,564,412,704		991,306,129		1,019,682,987		948,485,479
Other sales	21,888,297		37,515,316		42,402,319		—		—		(49,808	)	6,072,128		3,332,080		4,180,089		3,289,633		6,557,919		6,515,455
Other services rendered	114,272,824		134,819,222		146,374,065		25,683,613		29,580,490		33,652,278		177,063,977		171,388,151		163,411,525		86,324,977		109,729,379		85,261,759
Other operating income	26,951,539		44,354,155		23,084,535		8,347,702		14,331,381		13,440,747		194,377,936		276,961,683		247,199,680		32,870,947		28,008,667		55,993,854
RAW MATERIALS AND CONSUMABLES USED	(1,280,894,315	)	(1,157,432,602	)	(1,131,384,329	)	(457,898,841	)	(413,059,847	)	(365,964,562	)	(1,228,453,536	)	(1,308,455,877	)	(1,074,015,467	)	(385,326,627	)	(463,847,068	)	(428,527,683	)
Energy purchases	(747,064,363	)	(542,253,232	)	(581,492,020	)	(153,569,548	)	(148,902,836	)	(160,131,967	)	(587,111,958	)	(543,260,558	)	(443,577,232	)	(186,337,063	)	(246,229,847	)	(229,843,920	)
Fuel consumption	(350,733,784	)	(318,644,651	)	(345,815,766	)	(283,048,981	)	(242,853,893	)	(180,160,003	)	(35,498,349	)	(37,260,897	)	6,826,322		(23,946,682	)	(27,780,401	)	(20,572,023	)
Transport expenses	(146,853,453	)	(183,181,403	)	(107,329,158	)	(9,143,907	)	(4,875,869	)	(6,886,114	)	(107,475,644	)	(93,660,230	)	(82,792,555	)	(114,302,814	)	(111,637,522	)	(105,632,478	)
Other variable supplies and services	(36,242,715	)	(113,353,316	)	(96,747,385	)	(12,136,405	)	(16,427,249	)	(18,786,478	)	(498,367,585	)	(634,274,192	)	(554,472,002	)	(60,740,068	)	(78,199,298	)	(72,479,262	)
CONTRIBUTION MARGIN	843,584,982		928,124,899		1,152,073,612		217,748,281		245,357,204		271,874,883		936,834,225		921,660,316		905,188,531		728,465,059		700,131,884		667,728,864
Other work performed by entity and capitalized	11,168,239		11,962,653		2,666,652		12,146,533		8,296,765		8,057,055		18,130,297		18,128,254		17,007,228		6,497,714		4,423,015		3,003,205
Employee benefits expense	(105,910,635	)	(113,164,815	)	(110,843,668	)	(106,287,626	)	(79,533,998	)	(79,385,952	)	(110,708,252	)	(109,354,257	)	(108,515,145	)	(48,007,413	)	(51,541,615	)	(47,341,752	)
Other expenses	(113,660,233	)	(100,976,501	)	(106,575,741	)	(88,827,726	)	(89,055,759	)	(77,076,137	)	(161,072,702	)	(148,686,023	)	(158,794,504	)	(146,263,633	)	(78,880,441	)	(75,624,710	)
GROSS OPERATING RESULTS	635,182,353		725,946,236		937,320,855		34,779,462		85,064,212		123,469,849		683,183,568		681,748,290		654,886,110		540,691,727		574,132,843		547,765,607
Depreciation, amortization, and impairment losses	(123,699,667	)	(119,048,628	)	(194,587,688	)	(138,094,097	)	(34,724,329	)	(42,541,505	)	(131,553,418	)	(229,368,430	)	(145,172,290	)	(101,908,200	)	(102,190,376	)	(96,735,454	)
OPERATING INCOME	511,482,686		606,897,608		742,733,167		(103,314,635	)	50,339,883		80,928,344		551,630,150		452,379,860		509,713,820		438,783,527		471,942,467		451,030,153
FINANCIAL RESULTS	(78,797,719	)	(106,356,565	)	(114,219,912	)	(31,563,414	)	(15,788,697	)	(40,008,868	)	(32,405,059	)	(64,838,758	)	(69,697,374	)	(76,360,671	)	(62,523,560	)	(72,011,415	)
Financial income	34,484,561		15,604,598		26,321,994		13,314,838		10,926,110		9,381,341		173,831,176		132,197,987		103,326,143		11,407,941		11,883,669		20,075,886
Financial costs	(93,072,101	)	(109,360,408	)	(135,713,458	)	(36,394,214	)	(34,924,333	)	(32,076,508	)	(225,571,907	)	(193,320,965	)	(187,048,645	)	(87,553,973	)	(74,211,667	)	(92,155,200	)
Gains (losses) from indexed assets and liabilities	(25,092,203	)	(15,055,706	)	21,781,329		—		—		—		—		—		—		—		—		—
Foreign currency exchange differences	4,882,024		2,454,951		(26,609,777	)	(8,484,038	)	8,209,526		(17,313,701	)	19,335,672		(3,715,780	)	14,025,128		(214,639	)	(195,562	)	67,899
Gains	53,545,105		38,536,192		34,338,086		6,006,240		20,715,091		3,564,040		29,865,459		30,931,909		47,716,990		738,510		963,520		1,887,294
Losses	(48,663,081	)	(36,081,241	)	(60,947,863	)	(14,490,278	)	(12,505,565	)	(20,877,741	)	(10,529,787	)	(34,647,689	)	(33,691,862	)	(953,149	)	(1,159,082	)	(1,819,395	)
Share of profit (loss) of associates accounted for using the equity method	8,215,729		811,657		(8,074,230	)	250,141		203,884		374,621		—		—		—		—		—		—
Negative consolidation difference	—		—		—		—		—		—		—		—		—		—		—		—
Gains (losses) from other investments	1,053,408		1,626,786		172,804		498,877		1,596,643		2,683,755		—		29,251		—		70		—		(34,772	)
Gains (losses) from sale of property, plant, and equipment	(6,039,997	)	8,825,168		37,360,860		—		—		—		—		(34,754	)	486,834		(230,878	)	2,515,018		12,851,414
Other expenses distinct from operating expenses	—		—		—		—		—		—		—		—		—		—		—		—
NET INCOME BEFORE TAX	435,914,107		511,804,654		657,972,689		(134,129,031	)	36,351,713		43,977,852		519,225,091		387,535,599		440,503,280		362,192,048		411,933,925		391,835,380
Income tax	(110,530,698	)	(91,503,756	)	(68,971,765	)	(34,044,480	)	(13,131,879	)	(15,197,010	)	(129,039,820	)	(66,998,716	)	(107,407,226	)	(142,998,659	)	(134,315,662	)	(127,250,804	)
NET INCOME AFTER TAX FROM CONTINUING OPERATIONS	325,383,409		420,300,898		589,000,924		(168,173,511	)	23,219,834		28,780,842		390,185,271		320,536,883		333,096,054		219,193,389		277,618,263		264,584,576
Net income from discontinued operations	—		—		—		—		—		—		—		—		—		—		—		—
NET INCOME	325,383,409		420,300,898		589,000,924		(168,173,511	)	23,219,834		28,780,842		390,185,271		320,536,883		333,096,054		219,193,389		277,618,263		264,584,576
RESULT FOR THE PERIOD	325,383,409		420,300,898		589,000,924		(168,173,511	)	23,219,834		28,780,842		390,185,271		320,536,883		333,096,054		219,193,389		277,618,263		264,584,576
Owners of parent	—		—		—		—		—		—		—		—		—		—		—		—
Non-controlling interests	—		—		—		—		—		—		—		—		—		—		—		—

Country	Peru						Eliminations						Total
	12-31-2011		12-31-2010		12-31-2009		12-31-2011		12-31-2010		12-31-2009		12-31-2011		12-31-2010		12-31-2009
	ThCh$		ThCh$		ThCh$		ThCh$		ThCh$		ThCh$		ThCh$		ThCh$		ThCh$
STATEMENT OF COMPREHENSIVE INCOME
REVENUES	458,047,567		429,229,748		479,144,395		(2,373,089	)	(3,718,332	)	(3,846,673	)	6,534,880,344		6,563,581,113		6,472,055,653
Sales	439,967,436		408,534,345		460,091,173		(2,373,089	)	(3,718,332	)	(3,846,673	)	6,254,252,089		6,179,229,824		6,113,283,615
Energy sales	423,233,981		372,233,663		403,854,451		—		—		—		5,805,296,274		5,653,724,917		5,579,145,884
Other sales	565,295		4,375,367		5,012,398		(69,179	)	(1,209,908	)	(1,571,194	)	31,746,174		50,570,774		56,489,259
Other services rendered	16,168,160		31,925,315		51,224,324		(2,303,910	)	(2,508,424	)	(2,275,479	)	417,209,641		474,934,133		477,648,472
Other operating income	18,080,131		20,695,403		19,053,222		—		—		—		280,628,255		384,351,289		358,772,038
RAW MATERIALS AND CONSUMABLES USED	(185,931,510	)	(180,533,345	)	(213,585,176	)	70,100		1,682,485		2,883,640		(3,538,434,729	)	(3,521,646,254	)	(3,210,593,577	)
Energy purchases	(88,735,366	)	(74,068,163	)	(105,153,086	)	—		—		—		(1,762,818,298	)	(1,554,714,636	)	(1,520,198,225	)
Fuel consumption	(49,411,567	)	(45,498,261	)	(40,516,143	)	—		—		—		(742,639,363	)	(672,038,103	)	(580,237,613	)
Transport expenses	(16,215,303	)	(12,628,068	)	(13,647,578	)	—		—		—		(393,991,121	)	(405,983,092	)	(316,287,883	)
Other variable supplies and services	(31,569,274	)	(48,338,853	)	(54,268,369	)	70,100		1,682,485		2,883,640		(638,985,947	)	(888,910,423	)	(793,869,856	)
CONTRIBUTION MARGIN	272,116,057		248,696,403		265,559,219		(2,302,989	)	(2,035,847	)	(963,033	)	2,996,445,615		3,041,934,859		3,261,462,076
Other work performed by entity and capitalized	2,230,329		2,058,678		2,996,379		—		—		—		50,173,112		44,869,365		33,730,519
Employee benefits expense	(7,638,200	)	(21,083,328	)	(24,315,928	)	—		—		—		(378,552,126	)	(374,678,013	)	(370,402,445	)
Other expenses	(33,100,304	)	(33,890,176	)	(40,566,405	)	2,226,200		1,054,130		948,300		(540,698,398	)	(450,434,770	)	(457,689,197	)
GROSS OPERATING RESULTS	233,607,882		195,781,577		203,673,265		(76,789	)	(981,717	)	(14,733	)	2,127,368,203		2,261,691,441		2,467,100,953
Depreciation, amortization, and impairment losses	(59,219,178	)	(60,339,333	)	(60,618,547	)	(6,582,935	)	(11,719,608	)	—		(561,057,495	)	(557,390,704	)	(539,655,484	)
OPERATING INCOME	174,388,704		135,442,244		143,054,718		(6,659,724	)	(12,701,325	)	(14,733	)	1,566,310,708		1,704,300,737		1,927,445,469
FINANCIAL RESULTS	(22,714,456	)	(25,742,132	)	(34,167,002	)	5,256,312		4,645,177		20,848,425		(236,585,007	)	(270,604,535	)	(309,256,146	)
Financial income	2,723,717		2,116,913		3,631,106		(2,149,364	)	(1,492,329	)	(3,066,065	)	233,612,869		171,236,948		159,670,405
Financial costs	(24,968,532	)	(28,154,018	)	(38,544,881	)	2,149,364		1,613,140		3,066,065		(465,411,363	)	(438,358,251	)	(482,472,627	)
Gains (losses) from indexed assets and liabilities	—		—		—		—		—		—		(25,092,203	)	(15,055,706	)	21,781,329
Foreign currency exchange differences	(469,641	)	294,973		746,773		5,256,312		4,524,366		20,848,425		20,305,690		11,572,474		(8,235,253	)
Gains	702,589		1,553,835		2,333,966		(9,985,079	)	(1,369,179	)	(7,825,251	)	80,872,824		91,331,368		82,015,125
Losses	(1,172,230	)	(1,258,862	)	(1,587,193	)	15,241,391		5,893,545		28,673,676		(60,567,134	)	(79,758,894	)	(90,250,378	)
Share of profit (loss) of associates accounted for using the equity method	—		—		9,935,172		34		198		16		8,465,904		1,015,739		2,235,579
Negative consolidation difference	—		—		—		—		—		—		—		—		—
Gains (losses) from other investments	—		—		—		(514,125	)	(2,979,994	)	(2,683,844	)	1,038,230		272,686		137,943
Gains (losses) from sale of property, plant, and equipment	418,351		405,317		(196,773	)	—		—		—		(5,852,524	)	11,710,749		50,502,335
Other expenses distinct from operating expenses	—		—		—		—		—		—		—		—		—
NET INCOME BEFORE TAX	152,092,599		110,105,429		118,626,115		(1,917,503	)	(11,035,944	)	18,149,864		1,333,377,311		1,446,695,376		1,671,065,180
Income tax	(44,223,034	)	(40,056,955	)	(40,910,805	)	—		—		—		(460,836,691	)	(346,006,968	)	(359,737,610	)
NET INCOME AFTER TAX FROM CONTINUING OPERATIONS	107,869,565		70,048,474		77,715,310		(1,917,503	)	(11,035,944	)	18,149,864		872,540,620		1,100,688,408		1,311,327,570
Net income from discontinued operations	—		—		—		—		—
NET INCOME	107,869,565		70,048,474		77,715,310		(1,917,503	)	(11,035,944	)	18,149,864		872,540,620		1,100,688,408		1,311,327,570
RESULT FOR THE PERIOD	107,869,565		70,048,474		77,715,310		(1,917,503	)	(11,035,944	)	18,149,864		872,540,620		1,100,688,408		1,311,327,570
Owners of parent	—		—		—		—		—		—		375,471,254		486,226,814		660,231,043
Non-controlling interests	—		—		—		—		—		—		497,069,366		614,461,594		651,096,527

F-114

33.4Generation and distribution by country

a)Generation

Line of Business	Generation
Country	Chile		Argentina		Brazil		Colombia		Peru		Eliminations				Total
	12-31-2011	12-31-2010	12-31-2011	12-31-2010	12-31-2011	12-31-2010	12-31-2011	12-31-2010	12-31-2011	12-31-2010	12-31-2011		12-31-2010		12-31-2011		12-31-2010
	ThCh$	ThCh$	ThCh$	ThCh$	ThCh$	ThCh$	ThCh$	ThCh$	ThCh$	ThCh$	ThCh$		ThCh$		ThCh$		ThCh$
ASSETS
CURRENT ASSETS	581,738,393	581,919,944	113,950,708	96,454,500	229,070,896	206,821,621	239,044,005	154,997,283	75,650,050	50,330,357	(26,868,729	)	(26,213,389	)	1,212,585,323		1,064,310,315
Cash and cash equivalents	230,289,585	225,658,998	22,383,610	18,626,377	131,040,180	77,999,226	136,260,140	74,583,887	32,764,569	13,865,517	—		—		552,738,084		410,734,005
Other current financial assets	47,504	17,551	143,638	—	—	5,463,750	674,506	54,650	48,561	—	—		—		914,209		5,535,951
Other current non-financial assets	5,388,772	1,073,419	1,197,748	2,254,847	14,283,730	808,494	7,964,428	1,370,458	2,458,301	1,835,063	—		—		31,292,979		7,342,281
Trade and other current receivables	175,085,843	150,897,103	54,090,162	53,364,468	63,940,752	83,976,499	45,507,596	41,680,862	16,985,155	11,027,554	—		(19,872,054	)	355,609,508		321,074,432
Accounts receivable from other related companies	58,683,378	103,058,701	33,441,555	20,203,295	19,803,730	28,663,608	35,104,241	32,368,651	10,509,205	8,403,843	(26,868,729	)	(6,341,335	)	130,673,380		186,356,762
Inventories	29,481,511	24,443,037	1,783,282	1,750,879	2,504	22,842	11,993,970	4,936,465	12,645,501	11,009,380	—		—		55,906,768		42,162,603
Current tax assets	82,761,800	76,771,135	910,713	254,634	—	9,887,202	1,539,124	2,310	238,758	4,189,000	—		—		85,450,395		91,104,281
Non-current assets classified as held for sale and discontinued operations	—	—	—	—	—	—	—	—	—	—	—		—		—		—
NON-CURRENT ASSETS	4,058,185,785	3,989,974,642	319,979,207	290,297,224	600,244,367	614,488,434	1,393,219,292	1,203,713,202	812,558,136	730,619,632	(1,029,913,225	)	(1,020,656,208	)	6,154,273,562		5,808,436,926
Other non-current financial assets	12,014,822	27,935,909	161,140	—	—	—	1,205,585	—	216,790	359,977	—		—		13,598,337		28,295,886
Other non-current non-financial assets	342,343	146,349	1,099,011	10,203,998	27,290,081	19,997,184	—	1,111,481	—	—	—		—		28,731,435		31,459,012
Non-current receivables	160,518	1,820,235	150,312,091	123,377,243	21,685,968	11,129,694	3,241,735	2,974,116	—	—	—		—		175,400,312		139,301,288
Non-current accounts receivable from related companies	6,179,892	5,570,592	—	—	42,997,790	37,063,260	—	—	—	—	(51,040,898	)	(41,869,632	)	(1,863,216	)	764,220
Investments accounted for using the equity method	1,594,961,765	1,591,313,598	3,428,479	3,094,078	10,801,536	10,950,060	—	—	49,887,780	49,494,618	(1,067,411,405	)	(1,063,491,176	)	591,668,155		591,361,178
Intangible assets other than goodwill	11,005,836	9,638,098	176,228	190,799	1,410,902	972,900	22,281,991	20,247,206	457,861	349,639	—		—		35,332,818		31,398,642
Goodwill	14,024	12,636	2,357,592	2,453,791	—	—	5,126,657	—	10,361,690	10,502,214	88,539,078		84,704,600		106,399,041		97,673,241
Property, plant, and equipment	2,400,516,617	2,328,158,165	157,747,465	136,585,507	456,994,530	480,313,680	1,302,924,129	1,125,145,217	750,111,283	669,094,525	—		—		5,068,294,024		4,739,297,094
Investment property	—	—	—	—	—	—	—	—	—	—	—		—		—		—
Deferred tax assets	32,989,968	25,379,060	4,697,201	14,391,808	39,063,560	54,061,656	58,439,195	54,235,182	1,522,732	818,659	—		—		136,712,656		148,886,365
TOTAL ASSETS	4,639,924,178	4,571,894,586	433,929,915	386,751,724	829,315,263	821,310,055	1,632,263,297	1,358,710,485	888,208,186	780,949,989	(1,056,781,954	)	(1,046,869,597	)	7,366,858,885		6,872,747,241

F-115

Line of Business	Generation
Country	Chile				Argentina				Brazil			Colombia		Peru		Eliminations				Total
	12-31-2011		12-31-2010		12-31-2011		12-31-2010		12-31-2011	12-31-2010		12-31-2011	12-31-2010	12-31-2011	12-31-2010	12-31-2011		12-31-2010		12-31-2011	12-31-2010
	ThCh$		ThCh$		ThCh$		ThCh$		ThCh$	ThCh$		ThCh$	ThCh$	ThCh$	ThCh$	ThCh$		ThCh$		ThCh$	ThCh$
LIABILITIES AND EQUITY
CURRENT LIABILITIES	419,861,754		461,971,755		184,089,684		151,057,167		223,439,239	182,940,166		220,413,976	286,630,051	77,444,300	61,493,965	25,000,330		(418,133	)	1,150,249,283	1,143,674,971
Other current financial liabilities	73,513,845		43,626,925		82,987,086		79,751,906		62,027,186	64,363,398		113,869,956	87,860,103	32,976,929	39,501,048	—		—		365,375,002	315,103,380
Trade and other current payables	210,953,110		221,957,794		47,852,899		28,920,947		47,171,805	63,002,748		50,897,328	86,644,371	23,834,560	16,970,251	(7,957	)	(418,133	)	380,701,745	417,077,978
Accounts payable to related companies	69,582,013		142,252,923		43,569,836		28,374,815		81,664,568	37,105,842		14,328,510	80,508,993	13,875	218,586	25,008,287		—		234,167,089	288,461,159
Other short-term provisions	29,277,728		35,783,147		3,901,399		2,553,179		—	1,874,736		10,860	22,520	2,840,237	3,097,899	—		—		36,030,224	43,331,481
Current tax liabilities	31,286,802		14,656,865		5,362,401		11,212,408		30,425,114	16,593,444		40,779,406	26,604,320	14,748,267	692,609	—		—		122,601,990	69,759,646
Current provisions for employee benefits	—		—		—		—		—	—		—	2,703,107	—	—	—		—		—	2,703,107
Other current non-financial liabilities	5,248,256		3,694,101		416,063		243,912		2,150,566	(2	)	527,916	2,286,637	3,030,432	1,013,572	—		—		11,373,233	7,238,220
Liabilities associated with non-current assets classified as held for sale and discontinued operations	—		—		—		—		—	—		—	—	—	—	—		—		—	—
NON-CURRENT LIABILITIES	1,193,061,174		1,172,214,180		165,441,384		141,817,640		58,875,184	156,436,680		530,859,723	356,958,221	317,338,453	319,926,947	(34,248,823	)	(36,634,177	)	2,231,327,095	2,110,719,491
Other non-current financial liabilities	975,588,006		949,189,055		87,602,569		70,465,040		36,725,221	94,332,102		486,420,793	339,291,052	169,238,940	168,684,276	—		—		1,755,575,529	1,621,961,525
Other non-current payables	—		3,288,535		241,287		—		1,947	10,117,596		—	142,669	—	—	—		—		243,234	13,548,800
Accounts payable to related companies	81,953		78,870		34,248,823		36,634,177		—	1,084,290		—	—	—	—	(34,248,823	)	(36,634,177	)	81,953	1,163,160
Other long-term provisions	10,251,812		9,797,457		—		—		8,596,721	46,119,690		316,576	348,770	1,668,030	10,772,286	—		—		20,833,139	67,038,203
Deferred tax liabilities	177,178,521		192,358,468		13,419,881		11,817,785		4,538,425	4,783,002		—	—	146,431,483	140,470,385	—		—		341,568,310	349,429,640
Non-current provisions for employee benefits	12,334,488		9,971,456		2,216,852		—		—	—		21,953,569	17,175,730	—	—	—		—		36,504,909	27,147,186
Other non-current non-financial liabilities	17,626,394		7,530,339		27,711,972		22,900,638		9,012,870	—		22,168,785	—	—	—	—		—		76,520,021	30,430,977
EQUITY	3,027,001,250		2,937,708,650		84,398,847		93,876,916		547,000,840	481,933,209		880,989,598	715,122,213	493,425,433	399,529,077	(1,047,533,461	)	(1,009,817,287	)	3,985,282,507	3,618,352,778
Equity attributable to owners of parent	3,027,001,250		2,937,708,650		84,398,847		93,876,916		547,000,840	481,933,209		880,989,598	715,122,213	493,425,433	399,529,077	(1,047,533,461	)	(1,009,817,287	)	3,985,282,507	3,618,352,778
Issued capital	2,153,213,074		2,132,404,418		92,185,037		92,185,037		204,171,117	203,659,553		142,906,410	142,906,410	164,297,758	164,297,758	(1,003,883,359	)	(905,021,922	)	1,752,890,037	1,830,431,254
Retained earnings	1,140,321,396		1,152,825,041		(7,554,043	)	10,088,706		202,644,366	123,291,764		128,464,532	149,784,385	70,760,796	23,141,069	303,782,125		107,147,811		1,838,419,172	1,566,278,776
Share premium	—		—		—		—		—	—		—	—	—	—	—		—		—	—
Treasury shares	—		—		—		—		—	—		—	—	—	—	—		—		—	—
Other equity interests	—		—		—		—		—	—		—	—	—	—	—		—		—	—
Other reserves	(266,533,220	)	(347,520,809	)	(232,147	)	(8,396,827	)	140,185,357	154,981,892		609,618,656	422,431,418	258,366,879	212,090,250	(347,432,227	)	(211,943,176	)	393,973,298	221,642,748
Non-controlling interests	—		—		—		—		—	—		—	—	—	—	—		—		—	—
TOTAL LIABILITIES AND EQUITY	4,639,924,178		4,571,894,585		433,929,915		386,751,724		829,315,263	821,310,055		1,632,263,297	1,358,710,485	888,208,186	780,949,989	(1,056,781,954	)	(1,046,869,597	)	7,366,858,885	6,872,747,241

F-116

Line of Business	Generation
Country	Chile						Argentina						Brazil						Colombia
	12-31-2011		12-31-2010		12-31-2009		12-31-2011		12-31-2010		12-31-2009		12-31-2011		12-31-2010		12-31-2009		12-31-2011		12-31-2010		12-31-2009
	ThCh$		ThCh$		ThCh$		ThCh$		ThCh$		ThCh$		ThCh$		ThCh$		ThCh$		ThCh$		ThCh$		ThCh$
STATEMENT OF COMPREHENSIVE INCOME
REVENUES	1,257,995,225		1,345,370,795		1,373,230,894		395,296,464		358,089,711		303,112,035		309,049,119		359,211,026		318,321,960		498,568,875		507,526,498		500,964,413
Sales	1,244,969,978		1,315,430,658		1,367,051,056		395,107,435		351,429,303		299,912,430		306,693,874		351,386,168		314,667,204		496,505,095		507,148,312		500,829,922
Energy sales	1,214,467,888		1,286,727,887		1,349,609,938		389,963,331		345,706,935		293,388,675		253,753,923		258,243,192		224,502,356		495,453,014		506,194,881		500,175,971
Other sales	10,642,489		15,262,308		6,009,988		—		—		—		—		—		—		—		—		—
Other services rendered	19,859,601		13,440,463		11,431,130		5,144,104		5,722,368		6,523,755		52,939,951		93,142,976		90,164,848		1,052,081		953,431		653,951
Other operating income	13,025,247		29,940,137		6,179,838		189,029		6,660,408		3,199,605		2,355,245		7,824,858		3,654,756		2,063,780		378,186		134,491
RAW MATERIALS AND CONSUMABLES USED	(679,798,692	)	(666,388,433	)	(511,521,900	)	(315,717,397	)	(267,824,397	)	(208,539,466	)	(55,607,090	)	(109,560,464	)	(82,267,885	)	(134,977,823	)	(176,746,281	)	(184,067,482	)
Energy purchases	(205,693,620	)	(139,373,210	)	(52,310,897	)	(13,740,208	)	(9,296,132	)	(9,375,553	)	(9,943,885	)	(27,257,255	)	(32,746,221	)	(29,508,762	)	(72,764,711	)	(91,955,452	)
Fuel consumption	(350,725,578	)	(318,637,144	)	(345,812,585	)	(283,048,981	)	(242,853,893	)	(180,160,003	)	(35,498,349	)	(37,260,897	)	6,826,322		(23,946,682	)	(27,780,401	)	(20,572,023	)
Transport expenses	(115,056,998	)	(161,189,862	)	(107,314,035	)	(8,165,583	)	(3,636,524	)	(5,363,800	)	(16,353,299	)	(5,098,408	)	(4,851,240	)	(54,452,560	)	(50,431,204	)	(46,663,960	)
Other variable supplies and services	(8,322,496	)	(47,188,217	)	(6,084,383	)	(10,762,625	)	(12,037,848	)	(13,640,110	)	6,188,443		(39,943,904	)	(51,496,746	)	(27,069,819	)	(25,769,965	)	(24,876,047	)
CONTRIBUTION MARGIN	578,196,533		678,982,362		861,708,994		79,579,067		90,265,314		94,572,569		253,442,029		249,650,562		236,054,075		363,591,052		330,780,217		316,896,931
Other work performed by entity and capitalized	3,954,056		—		—		—		—		—		244,254		—		—		2,187,900		688,024		517,847
Employee benefits expense	(42,826,606	)	(31,556,880	)	(29,654,313	)	(19,020,797	)	(14,457,685	)	(11,009,053	)	(12,425,160	)	(11,622,887	)	(11,417,189	)	(13,009,393	)	(12,219,664	)	(10,959,497	)
Other expenses	(52,364,624	)	(50,276,801	)	(51,829,666	)	(9,996,620	)	(11,003,847	)	(12,461,750	)	(10,652,946	)	(11,621,153	)	(14,560,167	)	(61,997,033	)	(21,193,354	)	(19,127,781	)
GROSS OPERATING RESULT	486,959,359		597,148,681		780,225,015		50,561,650		64,803,782		71,101,766		230,608,177		226,406,522		210,076,719		290,772,526		298,055,223		287,327,500
Depreciation, amortization, and impairment losses	(88,155,103	)	(84,379,198	)	(140,184,964	)	(16,647,907	)	(18,093,427	)	(23,365,251	)	(27,115,088	)	(67,594,458	)	(32,305,072	)	(37,264,422	)	(36,572,942	)	(36,516,121	)
OPERATING INCOME	398,804,256		512,769,483		640,040,051		33,913,743		46,710,355		47,736,515		203,493,089		158,812,064		177,771,647		253,508,104		261,482,281		250,811,379
FINANCIAL RESULT	(47,157,682	)	(62,503,182	)	(89,797,956	)	(24,064,353	)	(9,499,131	)	(33,772,058	)	31,870,959		(20,035,955	)	(25,088,330	)	(44,412,198	)	(35,898,815	)	(42,513,775	)
Financial income	15,047,206		4,880,575		9,495,037		6,318,260		1,504,063		2,507,846		62,448,962		19,217,791		18,523,222		6,440,538		3,441,874		11,968,380
Financial costs	(57,750,591	)	(70,389,036	)	(90,931,585	)	(20,995,238	)	(18,112,699	)	(19,226,132	)	(49,265,315	)	(36,376,407	)	(52,183,133	)	(50,600,130	)	(39,269,219	)	(54,646,985	)
Gain (loss) for indexed assets and liabilities	(5,369,555	)	(2,885,747	)	9,009,669		—		—		—		—		—		—		—		—		—
Foreign currency exchange differences	915,258		5,891,026		(17,371,077	)	(9,387,375	)	7,109,505		(17,053,772	)	18,687,312		(2,877,339	)	8,571,581		(252,606	)	(71,470	)	164,830
Gains	16,349,908		12,258,950		28,981,945		4,805,473		19,544,626		2,092,050		27,309,335		27,014,846		39,823,108		370,895		184,162		263,663
Losses	(15,434,650	)	(6,367,924	)	(46,353,022	)	(14,192,848	)	(12,435,121	)	(19,145,822	)	(8,622,023	)	(29,892,185	)	(31,251,527	)	(623,501	)	(255,632	)	(98,833	)
Share of the profit (loss) of associates accounted for using the equity method	8,215,763		811,855		(8,074,214	)	—		—		372,988		—		—		—		—		—		—
Negative consolidation difference	—		—		—		—		—		—		—		—		—		—		—		—
Gains (losses) from other investments	539,283		234,251		(20,722	)	498,877		—		—		—		—		—		—		—		(34,772	)
Gains (losses) on sale of property, plant, and equipment	478,619		24,894		34,186		—		—		—		—		23,169		25,505		70,187		1,127,732		83,708
Other expenses distinct from operating expenses	—		—		—		—		—		—		—		—		—		—		—		—
NET INCOME BEFORE TAX	360,880,239		451,337,301		542,181,345		10,348,267		37,211,224		14,337,445		235,364,048		138,799,278		152,708,822		209,166,093		226,711,198		208,346,540
Income tax	(79,043,325	)	(70,628,343	)	(76,281,986	)	(21,796,346	)	(13,781,110	)	(5,927,003	)	(46,012,835	)	(15,507,514	)	(28,251,488	)	(80,740,375	)	(76,639,668	)	(69,788,953	)
NET INCOME AFTER TAX FROM CONTINUING OPERATIONS	281,836,914		380,708,958		465,899,359		(11,448,079	)	23,430,114		8,410,442		189,351,213		123,291,764		124,457,334		128,425,718		150,071,530		138,557,587
Net income from discontinued operations	—		—		—		—		—		—		—		—		—		—		—		—
NET INCOME	281,836,914		380,708,958		465,899,359		(11,448,079	)	23,430,114		8,410,442		189,351,213		123,291,764		124,457,334		128,425,718		150,071,530		138,557,587
RESULT FOR THE PERIOD	281,836,914		380,708,958		465,899,359		(11,448,079	)	23,430,114		8,410,442		189,351,213		123,291,764		124,457,334		128,425,718		150,071,530		138,557,587
Owners of parent	—		—		—		—		—		—		—		—		—		—		—		—
Non-controlling interests	—		—		—		—		—		—		—		—		—		—		—		—

Line of Business	Generation
Country	Peru						Eliminations						Total
	12-31-2011		12-31-2010		12-31-2009		12-31-2011		12-31-2010		12-31-2009		12-31-2011		12-31-2010		12-31-2009
	ThCh$		ThCh$		ThCh$		ThCh$		ThCh$		ThCh$		ThCh$		ThCh$		ThCh$
STATEMENT OF COMPREHENSIVE INCOME
REVENUES	239,841,441		211,263,618		213,624,981		(724,906	)	(857,568	)	(896,628	)	2,700,026,218		2,780,604,080		2,708,357,655
Sales	239,031,927		210,800,064		210,576,947		(724,906	)	(857,568	)	(896,628	)	2,681,583,403		2,735,336,937		2,692,140,931
Energy sales	233,663,702		202,614,778		202,852,442		—		—		—		2,587,301,858		2,599,487,673		2,570,529,382
Other sales	—		—		—		—		—		—		10,642,489		15,262,308		6,009,988
Other services rendered	5,368,225		8,185,286		7,724,505		(724,906	)	(857,568	)	(896,628	)	83,639,056		120,586,956		115,601,561
Other operating income	809,514		463,554		3,048,034		—		—		—		18,442,815		45,267,143		16,216,724
RAW MATERIALS AND CONSUMABLES USED	(86,884,090	)	(80,240,613	)	(72,013,860	)	—		—		—		(1,272,985,092	)	(1,300,760,188	)	(1,058,410,593	)
Energy purchases	(13,812,605	)	(15,503,346	)	(10,670,605	)	—		—		—		(272,699,080	)	(264,194,654	)	(197,058,728	)
Fuel consumption	(49,411,567	)	(45,498,261	)	(40,516,143	)	—		—		—		(742,631,157	)	(672,030,596	)	(580,234,432	)
Transport expenses	(16,393,695	)	(12,778,594	)	(13,693,435	)	—		—		—		(210,422,135	)	(233,134,592	)	(177,886,470	)
Other variable supplies and services	(7,266,223	)	(6,460,412	)	(7,133,677	)	—		—		—		(47,232,720	)	(131,400,346	)	(103,230,963	)
CONTRIBUTION MARGIN	152,957,351		131,023,005		141,611,121		(724,906	)	(857,568	)	(896,628	)	1,427,041,126		1,479,843,892		1,649,947,062
Other work performed by entity and capitalized	18,593		—		214,054		—		—		—		6,404,803		688,024		731,901
Employee benefits expense	2,657,451		(6,161,429	)	(6,537,925	)	—		—		—		(84,624,505	)	(76,018,545	)	(69,577,977	)
Other expenses	(14,254,393	)	(16,333,294	)	(21,025,750	)	724,906		857,568		896,628		(148,540,710	)	(109,570,881	)	(118,108,486	)
GROSS OPERATING RESULT	141,379,002		108,528,282		114,261,500		—		—		—		1,200,280,714		1,294,942,490		1,462,992,500
Depreciation, amortization, and impairment losses	(36,724,390	)	(38,208,869	)	(38,212,838	)	—		—		—		(205,906,910	)	(244,848,894	)	(270,584,246	)
OPERATING INCOME	104,654,612		70,319,413		76,048,662		—		—		—		994,373,804		1,050,093,596		1,192,408,254
FINANCIAL RESULT	(10,596,299	)	(14,738,535	)	(23,600,707	)	(2,173,731	)	3,473,802		28,459,148		(96,533,304	)	(139,201,816	)	(186,313,678	)
Financial income	862,313		455,981		1,341,180		(2,146,863	)	(1,621,289	)	(2,994,499	)	88,970,416		27,878,995		40,841,166
Financial costs	(10,794,337	)	(15,505,355	)	(25,576,058	)	2,146,863		1,621,289		2,994,499		(187,258,748	)	(178,031,427	)	(239,569,394	)
Gain (loss) for indexed assets and liabilities	—		—		—		—		—		—		(5,369,555	)	(2,885,747	)	9,009,669
Foreign currency exchange differences	(664,275	)	310,839		634,171		(2,173,731	)	3,473,802		28,459,148		7,124,583		13,836,363		3,404,881
Gains	19,821		805,044		635,100		(12,320,110	)	(476,265	)	—		36,535,322		59,331,363		71,795,866
Losses	(684,096	)	(494,205	)	(929	)	10,146,379		3,950,067		28,459,148		(29,410,739	)	(45,495,000	)	(68,390,985	)
Share of the profit (loss) of associates accounted for using the equity method	—		—		9,935,172		—		—		—		8,215,763		811,855		2,233,946
Negative consolidation difference	—		—		—		—		—		—		—		—		—
Gains (losses) from other investments	—		—		—		—		—		—		1,038,160		234,251		(55,494	)
Gains (losses) on sale of property, plant, and equipment	426,771		455,621		(78,969	)	—		—		—		975,577		1,631,416		64,430
Other expenses distinct from operating expenses	—		—		—		—		—		—		—		—		—
NET INCOME BEFORE TAX	94,485,084		56,036,499		62,304,158		(2,173,731	)	3,473,802		28,459,148		908,070,000		913,569,302		1,008,337,458
Income tax	(27,749,046	)	(20,936,925	)	(21,497,520	)	—		—		—		(255,341,927	)	(197,493,560	)	(201,746,950	)
NET INCOME AFTER TAX FROM CONTINUING OPERATIONS	66,736,038		35,099,574		40,806,638		(2,173,731	)	3,473,802		28,459,148		652,728,073		716,075,742		806,590,508
Net income from discontinued operations	—		—		—		—		—		—		—		—		—
NET INCOME	66,736,038		35,099,574		40,806,638		(2,173,731	)	3,473,802		28,459,148		652,728,073		716,075,742		806,590,508
RESULT FOR THE PERIOD	66,736,038		35,099,574		40,806,638		(2,173,731	)	3,473,802		28,459,148		652,728,073		716,075,742		806,590,508
Owners of parent	—		—		—		—		—		—		—		—		—
Non-controlling interests	—		—		—		—		—		—		—		—		—

F-117

b)Distribution

Line of Business	Distribution
Country	Chile		Argentina		Brazil		Colombia		Peru		Eliminations				Total
	12-31-2011	12-31-2010	12-31-2011	12-31-2010	12-31-2011	12-31-2010	12-31-2011	12-31-2010	12-31-2011	12-31-2010	12-31-2011		12-31-2010		12-31-2011	12-31-2010
	ThCh$	ThCh$	ThCh$	ThCh$	ThCh$	ThCh$	ThCh$	ThCh$	ThCh$	ThCh$	ThCh$		ThCh$		ThCh$	ThCh$
ASSETS
CURRENT ASSETS	193,667,154	308,282,584	84,947,442	110,182,639	424,487,557	404,494,596	239,448,013	255,980,239	73,305,844	76,808,391	(8,446,413	)	(698,797	)	1,007,409,597	1,155,049,652
Cash and cash equivalents	26,582,727	106,822,082	21,100,767	45,328,399	109,978,438	52,245,576	131,993,716	76,385,965	9,290,173	26,792,493	—		—		298,945,821	307,574,515
Other current financial assets	—	—	—	2,271,690	—	—	25,011	9,868	—	—	—		—		25,011	2,281,558
Other current non-financial assets	2,312,576	1,422,618	1,246,994	1,199,090	27,375,759	22,986,384	5,220,643	371,248	2,636,552	1,209,481	—		—		38,792,524	27,188,821
Trade and other current receivables	152,223,272	185,002,586	54,255,165	52,358,414	254,576,869	315,121,464	92,278,353	93,252,938	56,990,519	44,301,959	—		—		610,324,178	690,037,361
Accounts receivable from other related companies	10,623,831	6,640,662	776,127	379,832	—	209,526	4,247,788	80,257,637	14,453	340,135	(8,446,413	)	(698,797	)	7,215,786	87,128,995
Inventories	1,924,748	2,136,612	3,138,669	2,261,326	1,252,066	1,307,070	5,682,049	5,702,583	4,357,382	4,153,152	—		—		16,354,914	15,560,743
Current tax assets	—	6,258,024	4,429,720	6,383,888	31,304,425	12,624,576	453	—	16,765	11,171	—		—		35,751,363	25,277,659
Non-current assets classified as held for sale and discontinued operations	—	—	—	—	—	—	—	—	—	—	—		—		—	—
NON-CURRENT ASSETS	1,116,514,950	1,153,691,583	272,099,510	320,842,717	1,994,823,050	1,889,350,205	960,707,757	885,875,047	434,005,821	356,670,398	—		—		4,778,151,088	4,606,429,950
Other non-current financial assets	25,176	25,582	—	—	—	3,352,698	9,099	8,267	2,792,448	1,825,059	—		—		2,826,723	5,211,606
Other non-current non-financial assets	229,343	550,802	885,726	693,473	79,626,762	69,291,066	—	—	—	—	—		—		80,741,831	70,535,341
Non-current receivables	3,699,470	7,046,330	1,378,682	495,607	251,693,307	165,992,532	10,485,477	5,847,271	—	—	—		—		267,256,936	179,381,740
Non-current accounts receivable from related companies	—	—	—	—	117,946	324,864	—	—	—	—	—		—		117,946	324,864
Investments accounted for using the equity method	503,579,522	546,854,493	31,383	30,151	—	—	76	—	—	—	—		—		503,610,981	546,884,644
Intangible assets other than goodwill	15,263,011	18,189,812	3,473,743	3,203,663	1,374,215,991	1,361,527,584	22,048,463	20,239,478	2,844,862	2,274,071	—		—		1,417,846,070	1,405,434,608
Goodwill	2,240,478	2,240,478	—	—	119,058,905	120,673,559	8,082,994	7,348,467	—	—	—		—		129,382,377	130,262,504
Property, plant, and equipment	583,180,744	561,616,684	266,329,976	298,970,983	20,746,848	20,391,138	882,070,391	783,716,639	428,368,511	352,571,268	—		—		2,180,696,470	2,017,266,712
Investment property	—	—	—	—	—	—	—	—	—	—	—		—		—	—
Deferred tax assets	8,297,206	17,167,402	—	17,448,840	149,363,291	147,796,764	38,011,257	68,714,925	—	—	—		—		195,671,754	251,127,931
TOTAL ASSETS	1,310,182,104	1,461,974,167	357,046,952	431,025,356	2,419,310,607	2,293,844,801	1,200,155,770	1,141,855,286	507,311,665	433,478,789	(8,446,413	)	(698,797	)	5,785,560,685	5,761,479,602

F-118

Line of Business	Distribution
Country	Chile				Argentina				Brazil		Colombia			Peru		Eliminations				Total
	12-31-2011		12-31-2010		12-31-2011		12-31-2010		12-31-2011	12-31-2010	12-31-2011		12-31-2010	12-31-2011	12-31-2010	12-31-2011		12-31-2010		12-31-2011	12-31-2010
	ThCh$		ThCh$		ThCh$		ThCh$		ThCh$	ThCh$	ThCh$		ThCh$	ThCh$	ThCh$	ThCh$		ThCh$		ThCh$	ThCh$
LIABILITIES AND EQUITY
CURRENT LIABILITIES	196,759,945		171,286,364		310,638,397		226,189,613		489,046,971	553,701,924	302,355,437		269,331,660	103,699,413	78,464,053	(8,446,413	)	(698,797	)	1,394,053,750	1,298,274,817
Other current financial liabilities	26,351		2,668		22,349,209		11,553,138		226,703,734	200,661,330	11,034,446		50,242,207	32,046,376	22,404,747	—		—		292,160,116	284,864,090
Trade and other current payables	137,937,525		86,947,700		235,366,718		159,903,785		183,352,939	283,132,512	172,660,428		155,442,693	44,810,969	29,240,966	—		—		774,128,579	714,667,656
Accounts payable to related companies	23,267,428		63,921,986		2,249,562		2,212,567		20,937,120	30,669,756	76,706,628		34,172,478	11,369,623	11,517,749	(8,446,413	)	(698,797	)	126,083,948	141,795,739
Other short-term provisions	9,088,010		6,792,229		21,423,408		28,780,910		6,801,936	6,153,804	—		1,476,148	5,913,838	8,275,793	—		—		43,227,192	51,478,884
Current tax liabilities	25,872,525		10,039,050		7,016,288		7,526,565		36,202,808	28,902,744	36,114,100		24,090,490	5,730,192	4,950,637	—		—		110,935,913	75,509,486
Current provisions for employee benefits	—		1,284,614		—		591,831		—	—	—		813,663	—	—	—		—		—	2,690,108
Other current non-financial liabilities	568,106		2,298,117		22,233,212		15,620,817		15,048,434	4,181,778	5,839,835		3,093,981	3,828,415	2,074,161	—		—		47,518,002	27,268,854
Liabilities associated with non-current assets classified as held for sale and discontinued operations	—		—		—		—		—	—	—		—	—	—	—		—		—	—
NON-CURRENT LIABILITIES	52,473,555		196,967,970		41,497,104		40,238,648		870,301,120	711,221,766	397,178,370		392,279,990	210,609,245	205,177,295	—		—		1,572,059,394	1,545,885,669
Other non-current financial liabilities	—		—		25,941,484		17,330,002		478,627,090	388,961,190	295,721,421		277,085,017	152,604,148	147,659,078	—		—		952,894,143	831,035,287
Other non-current payables	—		—		905,643		325,183		13,155,174	23,055,474	—		—	—	—	—		—		14,060,817	23,380,657
Accounts payable to related companies	—		146,500,704		—		—		—	1,430,022	—		—	—	—	—		—		—	147,930,726
Other long-term provisions	7,618,844		7,367,197		9,239,778		11,451,261		160,166,774	137,660,556	4,445,966		1,849,383	165,531	155,729	—		—		181,636,893	158,484,126
Deferred tax liabilities	22,742,572		24,272,266		—		9,731,475		63,153,516	57,124,740	19,717,371		52,263,418	56,914,980	57,086,045	—		—		162,528,439	200,477,944
Non-current provisions for employee benefits	17,289,987		15,763,453		5,410,199		1,400,727		149,352,163	102,989,784	62,774,313		61,082,172	—	—	—		—		234,826,662	181,236,136
Other non-current non-financial liabilities	4,822,152		3,064,350		—		—		5,846,403	—	14,519,299		—	924,586	276,443	—		—		26,112,440	3,340,793
EQUITY	1,060,948,604		1,093,719,833		4,911,451		164,597,095		1,059,962,516	1,028,921,111	500,621,963		480,243,636	193,003,007	149,837,441	—		—		2,819,447,541	2,917,319,116
Equity attributable to owners of parent	1,060,948,604		1,093,719,833		4,911,451		164,597,095		1,059,962,516	1,028,921,111	500,621,963		480,243,636	193,003,007	149,837,441	—		—		2,819,447,541	2,917,319,116
Issued capital	368,494,984		368,494,984		135,477,599		135,477,599		466,167,408	547,861,028	7,905,014		3,934,010	32,841,625	32,841,625	—		—		1,010,886,630	1,088,609,246
Retained earnings	978,146,893		998,431,191		(92,338,025	)	66,482,841		72,309,174	104,634,235	(2,694,357	)	123,200,147	1,623,660	25,300,513	—		—		957,047,345	1,318,048,927
Share premium	—		—		—		—		—	—	—		—	—	—	—		—		—	—
Treasury shares	—		—		—		—		—	—	—		—	—	—	—		—		—	—
Other equity interests	—		—		—		—		—	—	—		—	—	—	—		—		—	—
Other reserves	(285,693,273	)	(273,206,342	)	(38,228,123	)	(37,363,345	)	521,485,934	376,425,848	495,411,306		353,109,479	158,537,722	91,695,303	—		—		851,513,566	510,660,943
Non-controlling interests	—		—		—		—		—	—	—		—	—	—	—		—		—	—
TOTAL LIABILITIES AND EQUITY	1,310,182,104		1,461,974,167		357,046,952		431,025,356		2,419,310,607	2,293,844,801	1,200,155,770		1,141,855,286	507,311,665	433,478,789	(8,446,413	)	(698,797	)	5,785,560,685	5,761,479,602

F-119

Line of Business	Distribution
Country	Chile						Argentina						Brazil						Colombia
	12-31-2011		12-31-2010		12-31-2009		12-31-2011		12-31-2010		12-31-2009		12-31-2011		12-31-2010		12-31-2009		12-31-2011		12-31-2010		12-31-2009
	ThCh$		ThCh$		ThCh$		ThCh$		ThCh$		ThCh$		ThCh$		ThCh$		ThCh$		ThCh$		ThCh$		ThCh$
STATEMENT OF COMPREHENSIVE INCOME
REVENUES	1,046,190,998		1,016,997,495		1,089,515,077		279,724,815		295,538,314		327,087,549		1,976,715,786		1,987,041,550		1,780,335,633		815,486,660		785,889,588		741,167,816
Sales	1,035,360,191		1,003,001,004		1,066,239,632		271,566,142		287,867,341		318,293,459		1,784,693,095		1,717,875,184		1,536,790,709		783,614,400		757,935,491		684,930,692
Energy sales	936,062,746		900,798,434		1,007,550,579		251,678,813		268,829,105		297,441,695		1,661,700,350		1,648,205,624		1,473,905,923		677,266,087		657,681,311		585,665,734
Other sales	6,051,771		7,166,927		10,418,293		—		—		—		—		—		—		2,293,979		2,035,272		1,999,965
Other services rendered	93,245,674		95,035,643		48,270,760		19,887,329		19,038,236		20,851,764		122,992,745		69,669,560		62,884,786		104,054,334		98,218,908		97,264,993
Other operating income	10,830,807		13,996,491		23,275,445		8,158,673		7,670,973		8,794,090		192,022,691		269,166,366		243,544,924		31,872,260		27,954,097		56,237,124
RAW MATERIALS AND CONSUMABLES USED	(803,854,371	)	(788,044,087	)	(845,396,679	)	(141,879,982	)	(142,565,611	)	(153,916,681	)	(1,297,135,167	)	(1,310,974,462	)	(1,109,711,167	)	(451,191,503	)	(426,625,508	)	(393,206,055	)
Energy purchases	(728,175,203	)	(718,972,828	)	(815,863,794	)	(139,846,898	)	(139,626,236	)	(150,780,462	)	(704,848,626	)	(644,017,840	)	(544,826,586	)	(338,121,156	)	(317,529,068	)	(275,176,733	)
Fuel consumption	—		—		—		—		—		—		—		—		—		—		—		—
Transport expenses	(52,701,930	)	(45,459,555	)	—		(978,324	)	(1,239,345	)	(1,522,314	)	(92,384,968	)	(88,561,822	)	(77,941,315	)	(82,215,432	)	(81,668,944	)	(79,476,600	)
Other variable supplies and services	(22,977,238	)	(23,611,704	)	(29,532,885	)	(1,054,760	)	(1,700,030	)	(1,613,905	)	(499,901,573	)	(578,394,800	)	(486,943,266	)	(30,854,915	)	(27,427,496	)	(38,552,722	)
CONTRIBUTION MARGIN	242,336,627		228,953,408		244,118,398		137,844,833		152,972,703		173,170,868		679,580,619		676,067,088		670,624,466		364,295,157		359,264,080		347,961,761
Other work performed by entity and capitalized	2,776,876		2,524,049		2,666,652		12,146,533		8,296,765		8,057,055		17,886,043		18,128,254		17,007,228		4,309,814		3,734,991		2,485,358
Employee benefits expense	(29,792,819	)	(24,818,903	)	(24,641,080	)	(87,034,352	)	(63,168,597	)	(66,048,079	)	(92,462,436	)	(86,726,523	)	(84,491,569	)	(33,383,134	)	(30,266,521	)	(29,972,265	)
Other expenses	(60,852,918	)	(64,729,067	)	(64,826,993	)	(78,690,268	)	(77,589,301	)	(64,218,481	)	(146,412,225	)	(144,659,664	)	(153,761,807	)	(85,303,430	)	(61,109,969	)	(60,815,070	)
GROSS OPERATING RESULT	154,467,766		141,929,487		157,316,977		(15,733,254	)	20,511,570		50,961,363		458,592,001		462,809,155		449,378,318		249,918,407		271,622,581		259,659,784
Depreciation, amortization, and impairment losses	(34,783,079	)	(30,162,735	)	(28,284,945	)	(121,436,654	)	(16,567,619	)	(19,085,702	)	(103,946,132	)	(158,955,424	)	(111,178,295	)	(64,456,300	)	(64,400,224	)	(59,775,278	)
OPERATING INCOME	119,684,687		111,766,752		129,032,032		(137,169,908	)	3,943,951		31,875,661		354,645,869		303,853,731		338,200,023		185,462,107		207,222,357		199,884,506
FINANCIAL RESULT	10,648,013		2,470,113		2,906,811		(7,990,001	)	(6,198,811	)	(5,626,845	)	(72,935,412	)	(54,257,621	)	(57,393,403	)	(31,913,547	)	(26,452,173	)	(29,268,297	)
Financial income	15,874,126		10,576,373		14,891,938		6,538,668		9,324,258		6,866,221		97,925,921		101,888,814		83,232,583		5,531,446		9,289,334		9,885,040
Financial costs	(4,383,448	)	(8,048,514	)	(17,384,760	)	(15,352,367	)	(16,070,345	)	(12,048,619	)	(171,235,373	)	(155,096,284	)	(145,101,661	)	(37,469,524	)	(35,637,190	)	(39,051,936	)
Gain (loss) for indexed assets and liabilities	42,067		153,805		458,162		—		—		—		—		—		—		—		—		—
Foreign currency exchange differences	(884,732	)	(211,551	)	4,941,471		823,698		547,276		(444,447	)	374,040		(1,050,151	)	4,475,675		24,531		(104,317	)	(101,401	)
Gains	798,025		2,679,429		8,283,203		1,121,128		617,720		1,287,472		2,081,506		3,249,786		6,419,927		328,173		604,900		1,561,581
Losses	(1,682,757	)	(2,890,980	)	(3,341,732	)	(297,430	)	(70,444	)	(1,731,919	)	(1,707,466	)	(4,299,937	)	(1,944,252	)	(303,642	)	(709,217	)	(1,662,982	)
Share of the profit (loss) of associates accounted for using the equity method	—		—		82,756,621		468		911		1,633		—		—		—		—		—		—
Negative consolidation difference	—		—		—		—		—		—		—		—		—		—		—		—
Gains (losses) from other investments	—		—		82,850		—		—		—		—		—		—		70		—		—
Gains (losses) on sale of property, plant, and equipment	(4,305	)	(3,349	)	12,050,737		—		—		—		—		—		250,284		(301,065	)	1,389,720		12,755,736
Other expenses distinct from operating expenses	—		—		—		—		—		—		—		—		—		—		—		—
NET INCOME BEFORE TAX	130,328,395		114,233,516		226,829,051		(145,159,441	)	(2,253,949	)	26,250,449		281,710,457		249,596,110		281,056,904		153,247,565		182,159,904		183,371,945
Income tax	(33,614,812	)	(23,402,198	)	(21,064,399	)	(12,248,134	)	635,038		(9,357,145	)	(75,932,075	)	(43,566,137	)	(72,619,778	)	(62,216,531	)	(56,459,150	)	(56,364,261	)
NET INCOME AFTER TAX FROM CONTINUING OPERATIONS	96,713,583		90,831,318		205,764,652		(157,407,575	)	(1,618,911	)	16,893,304		205,778,382		206,029,973		208,437,126		91,031,034		125,700,754		127,007,684
Net income from discontinued operations	—		—		—		—		—		—		—		—		—		—		—		—
NET INCOME	96,713,583		90,831,318		205,764,652		(157,407,575	)	(1,618,911	)	16,893,304		205,778,382		206,029,973		208,437,126		91,031,034		125,700,754		127,007,684
RESULT FOR THE PERIOD	96,713,583		90,831,318		205,764,652		(157,407,575	)	(1,618,911	)	16,893,304		205,778,382		206,029,973		208,437,126		91,031,034		125,700,754		127,007,684
Owners of parent	—		—		—		—		—		—		—		—		—		—		—		—
Non-controlling interests	—		—		—		—		—		—		—		—		—		—		—		—

Line of Business	Distribution
Country	Peru						Eliminations				Total
	12-31-2011		12-31-2010		12-31-2009		12-31-2011	12-31-2010		12-31-2009	12-31-2011		12-31-2010		12-31-2009
	ThCh$		ThCh$		ThCh$		ThCh$	ThCh$		ThCh$	ThCh$		ThCh$		ThCh$
STATEMENT OF COMPREHENSIVE INCOME
REVENUES	329,309,210		307,158,970		302,295,127		—	—		—	4,447,427,469		4,392,625,917		4,240,401,202
Sales	311,980,876		286,654,227		286,037,460		—	—		—	4,187,214,704		4,053,333,247		3,892,291,952
Energy sales	303,303,904		279,239,525		278,264,824		—	—		—	3,830,011,900		3,754,753,999		3,642,828,755
Other sales	45,957		18,571		13,193		—	—		—	8,391,707		9,220,770		12,431,451
Other services rendered	8,631,015		7,396,131		7,759,443		—	—		—	348,811,097		289,358,478		237,031,746
Other operating income	17,328,334		20,504,743		16,257,667		—	—		—	260,212,765		339,292,670		348,109,250
RAW MATERIALS AND CONSUMABLES USED	(210,904,949	)	(193,646,086	)	(185,706,532	)	—	—		—	(2,904,965,972	)	(2,861,855,754	)	(2,687,937,114	)
Energy purchases	(188,535,528	)	(168,095,978	)	(171,745,296	)	—	—		—	(2,099,527,411	)	(1,988,241,950	)	(1,958,392,871	)
Fuel consumption	—		—		—		—	—		—	—		—		—
Transport expenses	(1,052	)	—		—		—	—		—	(228,281,706	)	(216,929,666	)	(158,940,229	)
Other variable supplies and services	(22,368,369	)	(25,550,108	)	(13,961,236	)	—	—		—	(577,156,855	)	(656,684,138	)	(570,604,014	)
CONTRIBUTION MARGIN	118,404,261		113,512,884		116,588,595		—	—		—	1,542,461,497		1,530,770,163		1,552,464,088
Other work performed by entity and capitalized	2,211,736		2,058,678		2,782,325		—	—		—	39,331,002		34,742,737		32,998,618
Employee benefits expense	(9,745,039	)	(10,830,327	)	(11,469,891	)	—	—		—	(252,417,780	)	(215,810,871	)	(216,622,884	)
Other expenses	(18,518,662	)	(18,333,017	)	(24,143,832	)	—	—		—	(389,777,503	)	(366,421,018	)	(367,766,183	)
GROSS OPERATING RESULT	92,352,296		86,408,218		83,757,197		—	—		—	939,597,216		983,281,011		1,001,073,639
Depreciation, amortization, and impairment losses	(22,452,740	)	(21,459,798	)	(21,332,334	)	—	—		—	(347,074,905	)	(291,545,800	)	(239,656,554	)
OPERATING INCOME	69,899,556		64,948,420		62,424,863		—	—		—	592,522,311		691,735,211		761,417,085
FINANCIAL RESULT	(12,080,615	)	(10,893,433	)	(10,414,860	)	60,038	700,563		—	(114,211,524	)	(94,631,362	)	(99,796,594	)
Financial income	1,846,358		1,612,612		2,245,332		—	—		—	127,716,519		132,691,391		117,121,114
Financial costs	(14,114,310	)	(12,538,319	)	(12,867,928	)	—	—		—	(242,555,022	)	(227,390,652	)	(226,454,904	)
Gain (loss) for indexed assets and liabilities	—		—		—		—	—		—	42,067		153,805		458,162
Foreign currency exchange differences	187,337		32,274		207,736		60,038	700,563		—	584,912		(85,906	)	9,079,034
Gains	562,888		308,495		1,032,549		60,038	(204,474	)	—	4,951,758		7,255,856		18,584,732
Losses	(375,551	)	(276,221	)	(824,813	)	—	905,037		—	(4,366,846	)	(7,341,762	)	(9,505,698	)
Share of the profit (loss) of associates accounted for using the equity method	—		—		—		—	—		—	468		911		82,758,254
Negative consolidation difference	—		—		—		—	—		—	—		—		—
Gains (losses) from other investments	—		—		—		—	—		—	70		—		82,850
Gains (losses) on sale of property, plant, and equipment	(8,420	)	(21,095	)	(117,804	)	—	—		—	(313,790	)	1,365,276		24,938,953
Other expenses distinct from operating expenses	—		—		—		—	—		—	—		—		—
NET INCOME BEFORE TAX	57,810,521		54,033,892		51,892,199		60,038	700,563		—	477,997,535		598,470,036		769,400,548
Income tax	(16,517,066	)	(18,808,290	)	(18,796,395	)	—	—		—	(200,528,618	)	(141,600,737	)	(178,201,978	)
NET INCOME AFTER TAX FROM CONTINUING OPERATIONS	41,293,455		35,225,602		33,095,804		60,038	700,563		—	277,468,917		456,869,299		591,198,570
Net income from discontinued operations	—		—		—		—	—		—	—		—		—
NET INCOME	41,293,455		35,225,602		33,095,804		60,038	700,563		—	277,468,917		456,869,299		591,198,570
RESULT FOR THE PERIOD	41,293,455		35,225,602		33,095,804		60,038	700,563		—	277,468,917		456,869,299		591,198,570
Owners of parent	—		—		—		—	—		—	—		—		—
Non-controlling interests	—		—		—		—	—		—	—		—		—

F-120

34.THIRD PARTY GUARANTEES, OTHER CONTINGENT ASSETS AND LIABILITIES, AND OTHER COMMITMENTS

34.1Direct guarantees

							Balance pending
	Debtor			Assets Committed			at December 31,			Guarantees Released
						Accounting
Creditor of Guarantee	Name	Relationship	Type of Guarantee	Type	Currency	Value	Currency	2011	2010	2012	Assets	2013	Assets	2014	Assets
Soc. de Energía de la República Argentina	Endesa ArgentinaEndesa Costanera	Creditor	Pledge	Shares	ThCh$	—	ThCh$	—	963,655	—	—	—	—	—	—
Mitsubishi	Endesa Costanera	Creditor	Pledge	Combined cycle	ThCh$	42,351,337	ThCh$	73,262,031	66,236,055	—	—	—	—	—	—
Credit Suisse First Boston	Endesa Costanera	Creditor	Pledge	Combined cycle	ThCh$	11,313,893	ThCh$	5,192,000	4,011,514	—	—	—	—	—	—
Various creditors	Edegel	Creditor	Pledge	Real estate and equipment	ThCh$	100,476,362	ThCh$	7,127,904	13,008,383	—	—	—	—	—	—
Scotiabank	Chinango	Creditor	Pledge	Collection flows	ThCh$	22,694,232	ThCh$	16,095,200	—	—	—	—	—	—	—
Banco Santander (Guarantee agent)	G.N.L. Quintero	Investee	Pledge	Shares	ThCh$	—	ThCh$	109,265,974	94,071,116	—	—	—	—	—	—
Deutsche Bank (*) / Santander Benelux	Enersis	Creditor	Deposit account	Deposit account	ThCh$	20,793,960	ThCh$	55,264,828	62,720,234	—	—	—	—	—	—
Various creditors	Ampla	Creditor	Pledge on collection and others		ThCh$	10,646,394	ThCh$	140,483,626	84,993,209	—	—	—	—	—	—
Various creditors	Coelce	Creditor	Pledge on collection and others		ThCh$	16,453,910	ThCh$	99,126,606	102,571,290	—	—	—	—	—	—
International Finance Corporation	CGT Fortaleza	Creditor	Mortgage and pledge	Real estate and equipment	ThCh$	174,703,123	ThCh$	38,087,401	17,867,290	—	—	—	—	—	—

As of December 31, 2011, Enersis had commitments for future purchases of energy amounting to ThCh$ 29,249,750,127 (ThCh$ 26,115,482,639 as of December 31, 2010).

34.2Indirect guarantees

						Balance Pending
Creditor	Debtor		Assets Committed			at December 31,			Guarantee Released
of			Type of		Book
Guarantee	Name	Relation	Guarantee	Currency	Value	Currency	2011	2010	2012	Assets	2013	Assets	2014	2015
Bank credit bill	CIEN	Subsidiary	Guarantee	ThCh$	55,410,663	ThCh$	55,410,663	140,797,232	—	—	—	—	—	—
Bonds and bank borrowings	Chinango	Subsidiary	Guarantee	ThCh$	21,553,733	ThCh$	21,553,733	34,817,262	—	—	—	—	—	—

34.3Other information

Our Argentine subsidiary, Endesa Costanera, is experiencing a deficit in its working capital, as it is under pressure from the difficulties it is having in obtaining rate adjustments that reflect actual generation costs, a situation that is creating difficulties in the company’s short-term financial equilibrium. Endesa Costanera hopes to revert the current situation through a favorable resolution of the requests it has made to the Argentine Government. This company does not represent a significant equity risk for the Group.

F-121

35.PERSONNEL FIGURES

Enersis personnel, including that of subsidiaries and jointly-controlled companies in the five Latin American countries where the Group is present, is distributed as follows as of December 31, 2011 and December 31, 2010:

	12-31-2011
Country	Managersand MainExecutives	Professionals and Technicians	Workers and Others	Total	Average for the Period (*)
Chile	94	1,963	340	2,397	2,522
Argentina	43	2,401	883	3,327	3,242
Brazil	40	2,414	310	2,764	2,780
Peru	20	624	153	797	854
Colombia	27	1,517	55	1,599	1,641
Total	224	8,919	1,741	10,884	11,039

(*) Includes average staff at Cam and Synapsis up to the time they were sold, See Note 2,4,1 and Note 11.

	12-31-2010
Country	Managersand MainExecutives	Professionals and Technicians	Workers and Others	Total(**)	Average for the Period
Chile	106	2,397	546	3,049	3,152
Argentina	33	2,276	850	3,159	3,115
Brazil	45	2,514	387	2,946	2,940
Peru	18	944	177	1,139	1,131
Colombia	27	1,819	125	1,971	1,923
Total	229	9,950	2,085	12,264	12,261

(**)Includes 387 employees from Synapsis and 1,313 from CAM. See Note 2.4.1 and Note 11.

36.SUBSEQUENT EVENTS

During 2012, Enersis voluntarily modified the presentation of its cash flows, changing from the indirect to the direct method. The Company did so in anticipation of the effectiveness of a requirement of the Superintendency of Securities and Insurance of Chile to use the direct method applicable for filings of financial statements beginning March 31, 2013.

As a result of this early adoption and in order to conform the presentation of the cash flow statements, the direct method of the cash flow presentation has been retrospectively applied to the consolidated cash flow statements for the 2011, 2010 and 2009 fiscal years included in these financial statements.

No significant events have occurred between December 31, 2011 and date of issuance of these financial statements that could materially affect the presentation of the financial statements.

F-122

37.ENVIRONMENT

Environmental expenses as of December 31, 2011, 2010, and 2009 are as follows:

Company Incurring the Cost	Project	12-31-2011 ThCh$	12-31-2010 ThCh$	12-31-2009 ThCh$
Endesa Chile S.A.	Studies, monitoring, laboratory analysis, removal and final disposal of solid waste at hydroelectric power stations (HPS) and thermoelectric power stations.	—	—	2,416,053
GasAtacama S.A.	Environmental monitoring (air quality, marine monitoring, etc.).	72,711	72,984	65,481
Centrales Hidroeléctricas de Aysén S.A.	Expenses in education and tourism.	455,617	294,327	116,820
Empresa Eléctrica Pehuenche S.A.	Environmental expenses.	—	—	57,394
Chinango S.A.C.	Air and climate protection, waste water management, soil and water recovery, noise and vibration reduction, biodiversity and landscape protection.	211,544	—	—
Edegel S.A.A.	Environmental monitoring, waste management, mitigation and restoration.	336,435	444,983	667,059
Codensa S.A. E.S.P.	Environmental management of PCB transformers.	71,667	69,820	53,926
Companhia Energética do Ceará	Environmental monitoring, waste management, ISO 14,001 audit, environmental education.	—	4,344	212,166
Ampla Energia e Servicos S.A.	Environmental license and environmental management equipment.	—	17,377	8,688
Empresa Distribuidora Sur S.A.	Final disposal of waste and contaminants.	56,185	10,287	151,563
Companía de Interconexión Energética S.A.	Environmental compensation, improvements to facilities and environmental control, implementation of landscaping project.	—	—	11,491
Centrais Elétricas Cachoeira Dourada S.A.	Repopulating of deposit sites.	—	—	50,449
Central Geradora Termeléctrica Fortaleza S.A.	Purchase of environmental monitoring equipment.	—	—	25,505
Compañía de Transmisión del Mercosur S.A.	ISO 14,001 Audit and ENRE 57/2003 Resolution (Public Safety), environmental monitoring, and environmental standards update.	15,100	13,412	10,837
Transportadora de Energía S.A.	ISO 14,001 Audit and ENRE 57/2003 Resolution (Public Safety), environmental monitoring, and environmental standards update.	16,387	14,714	11,579
Total		1,235,646	942,248	3,859,011

F-123

38.SUMMARIZED FINANCIAL INFORMATION OF PRINCIPAL SUBSIDIARIES AND JOINTLY CONTROLLED ENTITIES

As of December 31, 2011 and 2010, the summarized financial information of our principal subsidiaries and jointly controlled entities under IFRS is as follows:

	12-31-2011
	Type of Financial Statements	Current Assets ThCh$	Non-current Assets ThCh$	Total Assets ThCh$	Current Liabilities ThCh$		Non-current liabilities ThCh$		Total Liabilities ThCh$		Revenue ThCh$	Costs ThCh$		Profit (Loss) ThCh$
Chilectra S.A.	Consolidated	193,667,154	1,116,514,950	1,310,182,104	(196,759,945	)	(52,473,555	)	(249,233,500	)	1,035,360,191	(924,569,246	)	110,790,945
Synapsis Soluciones y Servicios IT Ltda.	Consolidated	—	—	—	—		—		—		6,690,708	(6,561,185	)	129,523
Inmobiliaria Manso de Velasco Ltda.	Consolidated	30,451,690	36,347,961	66,799,651	(3,801,501	)	(675,754	)	(4,477,255	)	7,741,781	(1,479,399	)	6,262,382
Compañía Americana de Multiservicios de Chile S.A.	Consolidated	—	—	—	—		—		—		15,582,078	(16,890,062	)	(1,307,984	)
ICT Servicios Informáticos Ltda.	Separate	3,386,984	296,193	3,683,177	(2,119,237	)	(557,313	)	(2,676,550	)	5,897,820	(5,282,766	)	615,054
Inversiones Distrilima S.A.	Separate	73,612	53,558,686	53,632,298	(8,288	)	—		(8,288	)	12,106,048	(4,386	)	12,101,662
Empresa de Distribución Eléctrica de Lima Norte S.A.A.	Separate	73,237,435	434,005,821	507,243,256	(103,696,328	)	(210,609,245	)	(314,305,573	)	311,980,876	(270,687,421	)	41,293,455
Empresa Nacional de Electricidad S.A.	Separate	723,937,172	3,238,686,083	3,962,623,255	(488,951,209	)	(1,087,287,205	)	(1,576,238,414	)	1,184,084,739	(812,433,884	)	371,650,855
Endesa Eco S.A.	Separate	5,437,267	135,146,612	140,583,879	(139,297,158	)	(8,360,757	)	(147,657,915	)	14,315,105	(11,047,198	)	3,267,907
Empresa Eléctrica Pehuenche S.A.	Separate	56,656,641	234,597,856	291,254,497	(77,321,477	)	(39,046,758	)	(116,368,235	)	195,003,413	(78,664,231	)	116,339,182
Compañía Eléctrica San Isidro S.A.	Separate	68,408,746	77,242,199	145,650,945	(71,972,413	)	(9,267,849	)	(81,240,262	)	243,562,829	(199,292,302	)	44,270,527
Empresa Eléctrica Pangue S.A.	Separate	34,480,062	131,950,788	166,430,850	(44,091,140	)	(13,223,971	)	(57,315,111	)	119,050,275	(40,689,183	)	78,361,092
Compañía Eléctrica Tarapacá S.A.	Separate	33,507,950	78,813,461	112,321,411	(15,031,457	)	(5,726,043	)	(20,757,500	)	39,522,009	(38,375,668	)	1,146,341
Inversiones Endesa Norte S.A.	Separate	41	25,157,716	25,157,757	(3,641,034	)	—		(3,641,034	)	—	(270,529	)	(270,529	)
Inversiones GasAtacama Holding Ltda.	Separate	46,551,925	157,376,178	203,928,103	(38,726,488	)	(22,904,207	)	(61,630,695	)	130,444,784	(112,562,946	)	17,881,838
Soc. Concesionaria Túnel El Melón S.A.	Separate	29,481,896	15,071,789	44,553,685	(5,430,649	)	(11,437,055	)	(16,867,704	)	7,687,068	(2,664,769	)	5,022,299
Endesa Argentina S.A.	Separate	8,573,370	34,592,709	43,166,079	(103,684	)	—		(103,684	)	—	453,345		453,345
Endesa Costanera S.A.	Separate	58,093,676	141,156,445	199,250,121	(160,504,466	)	(61,581,301	)	(222,085,767	)	341,636,333	(364,229,923	)	(22,593,590	)
Hidroeléctrica El Chocón S.A.	Separate	27,754,942	161,753,755	189,508,697	(24,739,392	)	(69,116,012	)	(93,855,404	)	48,326,998	(36,168,754	)	12,158,244
Emgesa S.A. E.S.P.	Separate	239,044,005	1,393,219,292	1,632,263,297	(220,413,976	)	(530,859,723	)	(751,273,699	)	496,479,981	(368,041,227	)	128,438,754
Generandes Perú S.A.	Separate	162,255	208,237,040	208,399,295	(9,633	)	—		(9,633	)	22,317,674	(180,671	)	22,137,003
Edegel S.A.A.	Separate	70,142,623	709,616,464	779,759,087	(60,257,964	)	(275,273,113	)	(335,531,077	)	214,815,328	(140,762,791	)	74,052,537
Chinango S.A.C.	Separate	11,140,497	112,163,451	123,303,948	(22,972,028	)	(42,065,340	)	(65,037,368	)	25,943,033	(17,770,892	)	8,172,141
Centrales Hidroeléctricas de Aysén S.A.	Separate	5,227,686	59,098,190	64,325,876	(3,747,698	)	(527,981	)	(4,275,679	)	—	(2,379,074	)	(2,379,074	)
Endesa Brasil S.A.	Separate	144,245,706	1,071,816,109	1,216,061,815	(5,924,851	)	(2,225	)	(5,927,076	)	160,755,284	10,670,289		171,425,573
Central Geradora Termeléctrica Fortaleza S.A.	Separate	85,453,417	162,710,126	248,163,543	(40,948,473	)	(38,033,756	)	(78,982,229	)	127,130,032	(86,764,813	)	40,365,219
Centrais Elétricas Cachoeira Dourada S.A.	Separate	118,123,679	144,987,597	263,111,276	(29,508,803	)	(4,697,541	)	(34,206,344	)	126,646,148	(12,834,467	)	113,811,681
Compañía de Interconexión Energética S.A.	Separate	25,533,963	292,499,911	318,033,874	(151,994,548	)	(16,143,887	)	(168,138,435	)	54,757,129	(18,519,083	)	36,238,046
Compañía de Transmisión del Mercosur S.A.	Separate	18,236,701	3,922,642	22,159,343	(3,751,001	)	(15,927,509	)	(19,678,510	)	2,682,140	(2,906,410	)	(224,270	)
Companhia Energética do Ceará	Separate	202,961,217	773,140,433	976,101,650	(194,185,629	)	(311,700,107	)	(505,885,736	)	805,668,597	(669,295,646	)	136,372,951
EN-Brasil Comércio e Serviços S.A.	Separate	2,449,053	115,999	2,565,052	(1,071,810	)	(38,388	)	(1,110,198	)	5,839,550	(4,878,723	)	960,827
Ampla Energia e Serviços S.A.	Separate	215,407,325	1,102,615,089	1,318,022,414	(293,476,867	)	(548,590,886	)	(842,067,753	)	979,024,498	(909,619,067	)	69,405,431
Ampla Investimentos e Serviços S.A.	Separate	1,507,987	138,395,284	139,903,271	(51,994,249	)	—		(51,994,249	)	—	16,979,113		16,979,113
Codensa S.A. E.S.P.	Separate	1,669	46,733	48,402	(1,029,247	)	—		(1,029,247	)	—	(1,063,733	)	(1,063,733	)
Inversora Codensa S.A.S.	Separate	233,090,499	934,300,085	1,167,390,584	(294,852,363	)	(379,922,653	)	(674,775,016	)	751,734,951	(663,876,013	)	87,858,938
Empresa de Energía de Cundinamarca S.A.	Separate	1,076	76	1,152	(2	)	(33	)	(35	)	—	—		—
Empresa Distribuidora Sur S.A.	Separate	9,578,051	54,738,504	64,316,555	(10,724,651	)	(17,255,717	)	(27,980,368	)	33,225,646	(30,053,506	)	3,172,140

	12-31-2010
	Type of Financial Statements	Current Assets ThCh$	Non-current Assets ThCh$	Total Assets ThCh$	Current Liabilities ThCh$		Non-current liabilities ThCh$		Total Liabilities ThCh$		Revenue ThCh$	Costs ThCh$		Profit (Loss) ThCh$
Chilectra S.A.	Consolidated	308,282,584	1,153,691,583	1,461,974,167	(171,286,364	)	(196,967,970	)	(368,254,334	)	1,003,001,004	(852,052,652	)	150,948,352
Synapsis Soluciones y Servicios IT Ltda.	Consolidated	27,547,119	10,385,607	37,932,726	(15,618,790	)	(1,915,098	)	(17,533,888	)	66,028,200	(70,214,530	)	(4,186,330	)
Inmobiliaria Manso de Velasco Ltda.	Consolidated	32,323,759	35,782,164	68,105,923	(3,422,178	)	(1,623,485	)	(5,045,663	)	10,546,195	(2,729,975	)	7,816,220
Compañía Americana de Multiservicios de Chile S.A.	Consolidated	71,769,555	25,904,845	97,674,400	(45,136,731	)	(6,707,851	)	(51,844,582	)	131,410,554	(133,224,067	)	(1,813,513	)
ICT Servicios Informáticos Ltda.	Separate	4,077,868	233,684	4,311,552	(3,372,931	)	(456,919	)	(3,829,850	)	2,174,853	(2,193,935	)	(19,082	)
Inversiones Distrilima S.A.	Separate	368,480	46,340,936	46,709,416	(3,835	)	—		(3,835	)	11,116,825	(18,031	)	11,098,794
Empresa de Distribución Eléctrica de Lima Norte S.A.A.	Separate	76,439,911	356,670,398	433,110,309	(78,460,218	)	(205,177,295	)	(283,637,513	)	286,654,227	(251,428,625	)	35,225,602
Empresa Nacional de Electricidad S.A.	Separate	693,166,827	3,171,595,808	3,864,762,635	(464,147,067	)	(1,057,670,971	)	(1,521,818,038	)	1,173,423,692	(654,190,040	)	519,233,652
Endesa Eco S.A.	Separate	6,327,207	138,782,297	145,109,504	(137,123,791	)	(20,442,170	)	(157,565,961	)	13,515,877	(16,056,170	)	(2,540,293	)
Empresa Eléctrica Pehuenche S.A.	Separate	54,209,408	242,417,018	296,626,426	(60,865,292	)	(41,020,747	)	(101,886,039	)	234,534,178	(57,265,757	)	177,268,421
Compañía Eléctrica San Isidro S.A.	Separate	43,642,004	81,215,943	124,857,947	(55,987,180	)	(11,948,576	)	(67,935,756	)	167,998,478	(154,961,416	)	13,037,062
Empresa Eléctrica Pangue S.A.	Separate	26,348,540	135,422,607	161,771,147	(48,954,765	)	(13,940,056	)	(62,894,821	)	99,324,285	(35,590,926	)	63,733,359
Compañía Eléctrica Tarapacá S.A.	Separate	28,342,554	77,234,443	105,576,997	(7,312,647	)	(7,839,404	)	(15,152,051	)	45,280,244	(41,788,042	)	3,492,202
Inversiones Endesa Norte S.A.	Separate	—	25,157,716	25,157,716	(3,370,464	)	—		(3,370,464	)	—	(146,130	)	(146,130	)
Inversiones GasAtacama Holding Ltda.	Separate	55,742,095	145,984,024	201,726,119	(69,155,266	)	(21,720,110	)	(90,875,376	)	167,160,648	(147,165,903	)	19,994,745
Soc. Concesionaria Túnel El Melón S.A.	Separate	21,178,870	17,552,855	38,731,725	(2,391,836	)	(13,674,875	)	(16,066,711	)	6,701,752	(2,364,828	)	4,336,924
Endesa Argentina S.A.	Separate	7,852,572	33,753,943	41,606,515	(44,284	)	—		(44,284	)	5,641,118	151,175		5,792,293
Endesa Costanera S.A.	Separate	45,572,669	128,841,292	174,413,961	(107,230,903	)	(65,903,875	)	(173,134,778	)	288,534,151	(290,157,746	)	(1,623,595	)
Hidroeléctrica El Chocón S.A.	Separate	18,399,302	144,894,940	163,294,242	(43,781,981	)	(38,683,634	)	(82,465,615	)	57,172,784	(32,791,612	)	24,381,172
Emgesa S.A. E.S.P.	Separate	154,997,283	1,203,713,202	1,358,710,485	(286,630,051	)	(356,958,221	)	(643,588,272	)	507,137,563	(357,040,190	)	150,097,373
Generandes Perú S.A.	Separate	54,688	180,174,348	180,229,036	(21,008	)	—		(21,008	)	21,122,454	(214,017	)	20,908,437
Edegel S.A.A.	Separate	44,851,844	643,944,854	688,796,698	(40,685,019	)	(282,540,573	)	(323,225,592	)	188,755,959	(152,380,933	)	36,375,026
Chinango S.A.C.	Separate	5,717,609	98,861,331	104,578,940	(21,081,723	)	(49,460,678	)	(70,542,401	)	23,636,752	(19,685,636	)	3,951,116
Centrales Hidroeléctricas de Aysén S.A.	Separate	3,880,921	50,729,673	54,610,594	(3,904,367	)	(327,633	)	(4,232,000	)	—	(3,665,300	)	(3,665,300	)
Endesa Brasil S.A.	Separate	269,141,082	1,085,178,300	1,354,319,382	(58,046,034	)	—		(58,046,034	)	200,739,840	6,041,979		206,781,819
Central Geradora Termeléctrica Fortaleza S.A.	Separate	67,892,629	162,438,204	230,330,833	(32,581,434	)	(39,966,450	)	(72,547,884	)	142,546,333	(93,304,291	)	49,242,042
Centrais Elétricas Cachoeira Dourada S.A.	Separate	94,488,048	134,422,068	228,910,116	(13,765,546	)	(7,521,222	)	(21,286,768	)	115,662,684	(40,215,273	)	75,447,411
Compañía de Interconexión Energética S.A.	Separate	44,440,944	317,628,162	362,069,106	(136,593,186	)	(108,949,008	)	(245,542,194	)	93,177,151	(94,574,840	)	(1,397,689	)
Compañía de Transmisión del Mercosur S.A.	Separate	14,503,105	3,826,350	18,329,455	(449,321	)	(15,233,324	)	(15,682,645	)	2,983,647	(2,420,226	)	563,421
Compañía Energética do Ceará	Separate	177,267,456	737,234,010	914,501,466	(244,318,033	)	(226,036,818	)	(470,354,851	)	788,759,176	(634,806,589	)	153,952,587
EN-Brasil Comércio e Serviços S.A.	Separate	1,033,812	54,708	1,088,520	(489,835	)	—		(489,835	)	1,879,321	(1,267,362	)	611,959
Ampla Energia e Serviços S.A.	Separate	218,527,158	1,031,433,894	1,249,961,052	(307,918,902	)	(481,355,952	)	(789,274,854	)	929,116,008	(877,038,622	)	52,077,386
Ampla Investimentos e Serviços S.A.	Separate	1,579,764	136,771,841	138,351,605	(60,967,554	)	—		(60,967,554	)	—	22,325,366		22,325,366
Codensa S.A. E.S.P.	Separate	251,294,158	865,089,733	1,116,383,891	(262,861,871	)	(377,891,111	)	(640,752,982	)	723,345,987	(599,569,993	)	123,775,994
Empresa de Energía de Cundinamarca S.A.	Separate	10,831,321	46,553,360	57,384,681	(12,615,030	)	(14,388,879	)	(27,003,909	)	36,621,778	(31,864,753	)	4,757,025
Empresa Distribuidora Sur S.A.	Separate	110,182,639	320,842,717	431,025,356	(226,189,613	)	(40,238,648	)	(266,428,261	)	287,867,341	(289,486,252	)	(1,618,911	)

F-124

APPENDIX No. 1 ENERSIS GROUP COMPANIES:

This appendix is part of Note 2.4 “Subsidiaries and jointly-controlled entities.”

It presents the Group’s ownership interest in each company.

Taxpayer ID	Company	Functional	% Ownership Interest at 12-31-2011						% Ownership Interest at 12-31-2010
No, (RUT)	(in alphabetical order)	Currency	Direct		Indirect		Total		Direct		Indirect		Total		Relation	Country	Activity
96,773,290-7	Aguas Santiago Poniente S.A.	Chilean peso	0.00	%	78.88	%	78.88	%	0.00	%	78.88	%	78.88	%	Subsidiary	Chile	Sanitation Services
Foreign	Ampla Energía e Serviços S.A.	Brazilian real	13.68	%	78.25	%	91.93	%	13.68	%	78.25	%	91.93	%	Subsidiary	Brazil	Electric energy production, transportation, and distribution
Foreign	Ampla Investimentos e Serviços S.A.	Brazilian real	13.68	%	78.25	%	91.93	%	13.68	%	78.25	%	91.93	%	Subsidiary	Brazil	Electric energy production, transmission, transformation, distribution, and sales
Foreign	Atacama Finance Co	Dollar	0.00	%	50.00	%	50.00	%	0.00	%	50.00	%	50.00	%	Joint control	Cayman Islands	Portfolio company
Foreign	Compañía Americana de Multiservicios de Brasil Ltda.	Brazilian real	0.00	%	0.00	%	0.00	%	0.00	%	99.99	%	99.99	%	Subsidiary	Brazil	Purchase and sales of electricity-related products
Foreign	Centrais Elétricas Cachoeira Dourada S.A.	Brazilian real	0.00	%	99.61	%	99.61	%	0.00	%	99.61	%	99.61	%	Subsidiary	Brazil	Generation and sales of electric energy
76,003,204-2	Central Eólica Canela S.A.	Chilean peso	0.00	%	75.00	%	75.00	%	0.00	%	75.00	%	75.00	%	Subsidiary	Chile	Promotion and development of renewable energy projects
Foreign	Central Generadora Termoeléctrica Fortaleza S.A.	Brazilian real	0.00	%	100.00	%	100.00	%	0.00	%	100.00	%	100.00	%	Subsidiary	Brazil	Development of a thermoelectric project
76,652,400-1	Centrales Hidroeléctricas de Aysén S.A.	Chilean peso	0.00	%	51.00	%	51.00	%	0.00	%	51.00	%	51.00	%	Joint control	Chile	Development and running of a hydroelectric project
Foreign	Central Vuelta Obligado S.A.	Argentine peso	0.00	%	34.50	%	34.50	%	0.00	%	0.00	%	0.00	%	Joint control	Argentina	Electricity generation and sales
99,573,910-0	Chilectra Inversud S.A.	Chilean peso	0.00	%	100.00	%	100.00	%	0.00	%	100.00	%	100.00	%	Subsidiary	Chile	Portfolio company
96,800,570-7	Chilectra S.A.	Chilean peso	99.08	%	0.01	%	99.09	%	99.08	%	0.01	%	99.09	%	Subsidiary	Chile	Participation in companies of any nature
Foreign	Chinango S.A.C.	Peruvian sol	0.00	%	80.00	%	80.00	%	0.00	%	80.00	%	80.00	%	Subsidiary	Peru	Electric energy generation, sales, and distribution
Foreign	Compañía Americana de Multiservicios de Argentina Ltda.	Argentine peso	0.00	%	0.00	%	0.00	%	0.00	%	100.00	%	100.00	%	Subsidiary	Argentina	Electric network meters, postal, energy meter calibration
96,543,670-1	Compañía Americana de Multiservicios de Chile Ltda.	Chilean peso	0.00	%	0.00	%	0.00	%	99.99	%	0.00	%	99.99	%	Subsidiary	Chile	Purchase and sales of electricity-related products
Foreign	Compañía Americana de Multiservicios de Colombia Ltda.	Colombian Peso	0.00	%	0.00	%	0.00	%	0.00	%	100.00	%	100.00	%	Subsidiary	Colombia	Technical services in calibration and metering
Foreign	Compañía Americana de Multiservicios del Perú Ltda.	Peruvian sol	0.00	%	0.00	%	0.00	%	0.00	%	100.00	%	100.00	%	Subsidiary	Peru	Purchase, sales, and distribution of electricity-related products
Foreign	Compañía de Interconexión Energética S.A.	Brazilian real	0.00	%	100.00	%	100.00	%	0.00	%	100.00	%	100.00	%	Subsidiary	Brazil	Electric energy production, transportation, and distribution
Foreign	Compañía de Transmisión del Mercosur S.A.	Argentine peso	0.00	%	99.99	%	99.99	%	0.00	%	99.99	%	99.99	%	Subsidiary	Argentina	Electric energy production, transportation, and distribution
Foreign	Codensa S.A. E.S.P.	Colombian peso	12.47	%	9.35	%	21.82	%	12.47	%	9.35	%	21.82	%	Subsidiary	Colombia	Electric energy distribution and sales

Taxpayer ID	Company	Functional	% Ownership Interest at 12-31-2011						% Ownership Interest at 12-31-2010
No, (RUT)	(in alphabetical order)	Currency	Direct		Indirect		Total		Direct		Indirect		Total		Relation	Country	Activity
96,783,220-0	Compañía Eléctrica San Isidro S.A.	Chilean peso	0.00	%	100.00	%	100.00	%	0.00	%	100.00	%	100.00	%	Subsidiary	Chile	Complete electric energy cycle
96,770,940-9	Compañía Eléctrica Tarapacá S.A.	Chilean peso	0.00	%	100.00	%	100.00	%	0.00	%	100.00	%	100.00	%	Subsidiary	Chile	Complete electric energy cycle
Foreign	Compañía Energética Do Ceará S.A.	Brazilian real	0.00	%	58.87	%	58.87	%	0.00	%	58.87	%	58.87	%	Subsidiary	Brazil	Complete electric energy cycle
77,625,850-4	Consorcio Ara- Ingendesa Ltda.	Chilean peso	0.00	%	50.00	%	50.00	%	0.00	%	50.00	%	50.00	%	Joint control	Chile	Engineering services
96,764,840-K	Constructora y Proyectos Los Maitenes S.A.	Chilean peso	0.00	%	55.00	%	55.00	%	0.00	%	55.00	%	55.00	%	Subsidiary	Chile	Construction and facilities
Foreign	Distribuidora Eléctrica de Cundinamarca S.A. E.S.P.	Colombian peso	0.00	%	49.00	%	49.00	%	0.00	%	49.00	%	49.00	%	Joint control	Colombia	Electricity distribution and sales
Foreign	Distrilec Inversora S.A.	Argentine peso	27.19	%	24.31	%	51.50	%	27.19	%	24.31	%	51.50	%	Subsidiary	Argentina	Portfolio company
Foreign	Edegel S.A.A.	Peruvian sol	0.00	%	83.60	%	83.60	%	0.00	%	83.60	%	83.60	%	Subsidiary	Peru	Electric energy generation, sales, and distribution
Foreign	Emgesa S.A. E.S.P.	Colombian peso	0.00	%	26.87	%	26.87	%	0.00	%	26.87	%	26.87	%	Subsidiary	Colombia	Electric energy generation
Foreign	Empresa de Distribución Eléctrica de Lima Norte S.A.A.	Peruvian sol	35.02	%	30.15	%	65.17	%	35.02	%	30.15	%	65.17	%	Subsidiary	Peru	Electric energy distribution and sales
Foreign	Empresa de Energía de Cundinamarca S.A.	Colombian peso	0.00	%	49.00	%	49.00	%	0.00	%	49.00	%	49.00	%	Joint control	Colombia	Electric energy distribution and sales
96,588,800-4	Empresa de Ingeniería Ingendesa S.A.	Chilean peso	0.00	%	100.00	%	100.00	%	0.00	%	100.00	%	100.00	%	Subsidiary	Chile	Engineering services
Foreign	Empresa Distribuidora Sur S.A.	Argentine peso	16.02	%	77.21	%	93.23	%	16.02	%	77.21	%	93.23	%	Subsidiary	Argentina	Electric energy distribution and sales
96,783,910-8	Empresa Eléctrica de Colina Ltda.	Chilean peso	0.00	%	100.00	%	100.00	%	0.00	%	100.00	%	100.00	%	Subsidiary	Chile	Complete energy cycle and related supplies
96,589,170-6	Empresa Eléctrica Pangue S.A.	Chilean peso	0.00	%	94.99	%	94.99	%	0.00	%	94.99	%	94.99	%	Subsidiary	Chile	Complete electric energy cycle
96,504,980-0	Empresa Eléctrica Pehuenche S.A.	Chilean peso	0.00	%	92.65	%	92.65	%	0.00	%	92.65	%	92.65	%	Subsidiary	Chile	Complete electric energy cycle
91,081,000-6	Endesa Chile S.A.	Chilean peso	59.98	%	0.00	%	59.98	%	59.98	%	0.00	%	59.98	%	Subsidiary	Chile	Complete electric energy cycle
Foreign	Endesa Argentina S.A.	Argentine peso	0.00	%	100.00	%	100.00	%	0.00	%	100.00	%	100.00	%	Subsidiary	Argentina	Portfolio company
Foreign	Endesa Brasil S.A.	Brazilian real	22.06	%	49.46	%	71.52	%	22.06	%	49.46	%	71.52	%	Subsidiary	Brazil	Portfolio company
Foreign	Endesa Costanera S.A.	Argentine peso	0.00	%	69.76	%	69.76	%	0.00	%	69.76	%	69.76	%	Subsidiary	Argentina	Electricity generation and sales

F-125

	Company		% Ownership Interest at 12-31-2011						% Ownership Interest at 12-31-2010
Taxpayer ID No. (RUT)	(in alphabetical order)	Functional Currency	Direct		Indirect		Total		Direct		Indirect		Total		Relation	Country	Activity
96,827,970-K	Endesa Eco S.A.	Chilean peso	0.00	%	100.00	%	100.00	%	0.00	%	100.00	%	100.00	%	Subsidiary	Chile	Renewable energy projects
96,526,450-7	Endesa Inversiones Generales S.A.	Chilean peso	0.00	%	100.00	%	100.00	%	0.00	%	100.00	%	100.00	%	Subsidiary	Chile	Portfolio company
Foreign	Energex Co.	U.S. dollar	0.00	%	50.00	%	50.00	%	0.00	%	50.00	%	50.00	%	Joint control	Cayman Islands	Portfolio company
Foreign	EN-Brasil Comércio e Serviços S.A.	Brazilian real	0.00	%	99.99	%	99.99	%	0.00	%	99.99	%	99.99	%	Associate	Brazil	Portfolio company
Foreign	Eólica Fanzenda Nova-Geracao e Comercializacao de Energia S.A.	Brazilian real	0.00	%	99.95	%	99.95	%	0.00	%	99.95	%	99.95	%	Associate	Brazil	Promotion and development of renewable energy projects
96,830,980-3	GasAtacama S.A.	U.S. dollar	0.00	%	50.00	%	50.00	%	0.00	%	50.00	%	50.00	%	Joint control	Chile	Administration and management of companies
Foreign	Gasoducto Atacama Argentina S.A.	U.S. dollar	0.00	%	49.99	%	49.99	%	0.00	%	49.99	%	49.99	%	Joint control	Chile	Transportation of natural gas
78,882,820-9	Gasoducto Atacama Chile S.A.	U.S. dollar	0.00	%	50.00	%	50.00	%	0.00	%	50.00	%	50.00	%	Joint control	Chile	Transportation of natural gas
77,032,280-4	Gasoducto Taltal Ltda.	Chilean peso	0.00	%	50.00	%	50.00	%	0.00	%	50.00	%	50.00	%	Joint control	Chile	Transportation of natural gas
Foreign	Generandes Perú S.A.	Peruvian sol	0.00	%	61.00	%	61.00	%	0.00	%	61.00	%	61.00	%	Subsidiary	Peru	Portfolio company
76,041,891-9	Hidroaysén Transmisión S.A.	Chilean peso	0.00	%	51.00	%	51.00	%	0.00	%	51.00	%	51.00	%	Joint control	Chile	Development of electricity transmission systems
Foreign	Hidroeléctrica El Chocón S.A.	Argentine peso	0.00	%	67.67	%	67.67	%	0.00	%	67.67	%	67.67	%	Subsidiary	Argentina	Electric energy production and sales
Foreign	Hidroinvest S.A.	Argentine peso	0.00	%	96.09	%	96.09	%	0.00	%	96.09	%	96.09	%	Subsidiary	Argentina	Portfolio company
In application process	ICT Servicios Informáticos Ltda.	Chilean peso	99.00	%	1.00	%	100.00	%	99.00	%	1.00	%	100.00	%	Subsidiary	Chile	Information and technology services
Foreign	Ingendesa do Brasil Ltda.	Brazilian real	0.00	%	100.00	%	100.00	%	0.00	%	100.00	%	100.00	%	Subsidiary	Brazil	Project engineering consulting
79,913,810-7	Inmobiliaria Manso de Velasco Ltda.	Chilean peso	99.99	%	0.00	%	99.99	%	99.99	%	0.00	%	99.99	%	Subsidiary	Chile	Construction and works
Foreign	Inversiones Distrilima S.A.	Peruvian sol	34.99	%	15.38	%	50.37	%	34.99	%	15.38	%	50.37	%	Subsidiary	Peru	Portfolio company
96,887,060-2	Inversiones Endesa Norte S.A.	Chilean peso	0.00	%	100.00	%	100.00	%	0.00	%	100.00	%	100.00	%	Subsidiary	Chile	Investment in energy projects in the northern Chile
76,014,570-K	Inversiones GasAtacama Holding Ltda.	U.S. dollar	0.00	%	50.00	%	50.00	%	0.00	%	50.00	%	50.00	%	Joint control	Chile	Natural gas transportation

	Company		% Ownership Interest at 12-31-2011						% Ownership Interest at 12-31-2010
Taxpayer ID No. (RUT)	(in alphabetical order)	Functional Currency	Direct		Indirect		Total		Direct		Indirect		Total		Relation	Country	Activity
Foreign	Inversora Codensa S.A.S.	Colombian peso	0.00	%	100.00	%	100.00	%	0.00	%	100.00	%	100.00	%	Subsidiary	Colombia	Investment in domestic public energy services activities
Foreign	Investluz S.A.	Brazilian real	0.00	%	100.00	%	100.00	%	0.00	%	100.00	%	100.00	%	Subsidiary	Brazil	Portfolio company
96,800,460-3	Luz Andes Ltda.	Chilean peso	0.00	%	100.00	%	100.00	%	0.00	%	100.00	%	100.00	%	Subsidiary	Chile	Energy and fuel transportation, distribution, and sales
96905700-K	Progas S.A.	Chilean peso	0.00	%	50.00	%	50.00	%	0.00	%	50.00	%	50.00	%	Joint control	Chile	Gas distribution
99,584,600-4	Sistema Sec S.A.	Chilean peso	0.00	%	0.00	%	0.00	%	0.00	%	49.00	%	49.00	%	Joint control	Chile	Supply of signaling, electrification, and communications systems
77,047,280-6	Sociedad Agrícola de Cameros Ltda.	Chilean peso	0.00	%	57.50	%	57.50	%	0.00	%	57.50	%	57.50	%	Subsidiary	Chile	Financial investments
78,970,360-4	Sociedad Agrícola e Inmobiliaria Pastos Verdes Ltda.	Chilean peso	0.00	%	55.00	%	55.00	%	0.00	%	55.00	%	55.00	%	Subsidiary	Chile	Financial investments
96,671,360-7	Sociedad Concesionaria Túnel El Melón S.A.	Chilean peso	0.00	%	100.00	%	100.00	%	0.00	%	100.00	%	100.00	%	Subsidiary	Chile	Execution, construction, and operation of the El Melón tunnel
79197570-6	Sociedad Consorcio Ingendesa-Ara Limitada	Chilean peso	0.00	%	50.00	%	50.00	%	0.00	%	50.00	%	50.00	%	Joint control	Santiago, Chile	Engineering services
Foreign	Sociedad Portuaria Central Cartagena S.A.	Colombian peso	0.00	%	99.85	%	99.85	%	0.00	%	99.85	%	99.85	%	Associate	Colombia	Port administration
Foreign	Southern Cone Power Argentina S.A.	Argentine peso	0.00	%	100.00	%	100.00	%	0.00	%	100.00	%	100.00	%	Subsidiary	Argentina	Portfolio company
Foreign	Synapsis Argentina S.R.I.	Argentine peso	0.00	%	0.00	%	0.00	%	5.00	%	95.00	%	100.00	%	Subsidiary	Argentina	Computer services
Foreign	Synapsis Brasil Ltda.	Brazilian real	0.00	%	0.00	%	0.00	%	0.00	%	100.00	%	100.00	%	Subsidiary	Brazil	Computer services
Foreign	Synapsis Colombia Ltda.	Colombian peso	0.00	%	0.00	%	0.00	%	0.20	%	99.80	%	100.00	%	Subsidiary	Colombia	Computer services
Foreign	Synapsis Perú S.R.I.	Peruvian sol	0.00	%	0.00	%	0.00	%	0.00	%	100.00	%	100.00	%	Subsidiary	Peru	Computer and telecommunications services and products
96,529,420-1	Synapsis Soluciones y Servicios It Ltda.	Chilean peso	0.00	%	0.00	%	0.00	%	99.99	%	0.01	%	100.00	%	Subsidiary	Chile	Supply and sale of computer services and equipment
Foreign	Termoeléctrica José de San Martín S.A.	Argentine peso	0.00	%	20.86	%	20.86	%	0.00	%	20.86	%	20.86	%	Associate	Argentina	Construction and operation of combined cycle plant
Foreign	Termoeléctrica Manuel Belgrano S.A.	Argentine peso	0.00	%	20.86	%	20.86	%	0.00	%	20.86	%	20.86	%	Associate	Argentina	Electric energy production, transportation, and distribution
77,017,930-0	Transmisora Eléctrica de Quillota Ltda.	Chilean peso	0.00	%	50.00	%	50.00	%	0.00	%	50.00	%	50.00	%	Joint control	Chile	Electric energy transportation and distribution
Foreign	Transportadora de Energía S.A.	Argentine peso	0.00	%	100.00	%	100.00	%	0.00	%	100.00	%	100.00	%	Subsidiary	Argentina	Electric energy production, transportation, and distribution

F-126

APPENDIX No. 2 CHANGES IN THE SCOPE OF CONSOLIDATION:

This appendix is part of Note 2.4.1 “Changes in the scope of consolidation.”

Incorporated into the scope of consolidation during the 2011 and 2010 fiscal years

	% Ownership Interest							% Ownership Interest
	at December 31, 2011							at December 31, 2010
Company	Direct		Indirect		Total		Consolidation Method	Direct		Indirect		Total		Consolidation Method
ICT Servicios Informáticos Ltda.	—		—		—			99.00	%	1.00	%	100.00	%	Consolidation
Central Vuelta Obligado S.A.	0.00	%	34.50	%	34.50	%	Joint control

Excluded from the scope of consolidation during the 2011 and 2010 fiscal years

	% Ownership Interest				% Ownership Interest
	at December 31, 2011				at December 31, 2010
Company (*)	Direct	Indirect	Total	Consolidation Method	Direct		Indirect		Total		Consolidation Method
Compañía Americana de Multiservicios de Brasil Ltda.	—	—	—	—	0.00	%	99.99	%	99.99	%	Consolidation
Compañía Americana de Multiservicios de Argentina Ltda.	—	—	—	—	0.00	%	100.00	%	100.00	%	Consolidation
Compañía Americana de Multiservicios Ltda.	—	—	—	—	99.99	%	0.00	%	99.99	%	Consolidation
Compañía Americana de Multiservicios de Colombia Ltda.	—	—	—	—	0.00	%	100.00	%	100.00	%	Consolidation
Compañía Americana de Multiservicios del Perú Ltda.	—	—	—	—	0.00	%	100.00	%	100.00	%	Consolidation
Synapsis Argentina S.R.L.	—	—	—	—	5.00	%	95.00	%	100.00	%	Consolidation
Synapsis Brasil Ltda.	—	—	—	—	0.00	%	100.00	%	100.00	%	Consolidation
Synapsis Colombia Ltda.	—	—	—	—	0.20	%	99.80	%	100.00	%	Consolidation
Synapsis Perú S.R.L.	—	—	—	—	0.00	%	100.00	%	100.00	%	Consolidation
Synapsis Soluciones y Servicios IT Ltda.	—	—	—	—	99.99	%	0.01	%	100.00	%	Consolidation

(*)           See Notes 2.4.1 and 11.

F-127

APPENDIX No. 3 ENERSIS GROUP ASSOCIATED COMPANIES:

This appendix is part of Note 3.h “Investments in associates accounted for using the equity method”.

Taxpayer ID	Company	Functional	% Ownership Interest at 12-31-2011						% Ownership Interest at 12-31-2010
No, (RUT)	(in alphabetic order)	Currency	Direct		Indirect		Total		Direct		Indirect		Total		Country	Activity
96,806,130-5	Electrogas S.A.	U.S. dollar	42.50	%	0.00	%	42.50	%	0.00	%	42.50	%	42.50	%	Chile	Portfolio company
Foreign	Endesa Cemsa S.A.	Argentine peso	0.00	%	45.00	%	45.00	%	0.00	%	45.00	%	45.00	%	Argentina	Electricity wholesaler
76,418,940-K	GNL Chile S.A.	Chilean peso	0.00	%	33.33	%	33.33	%	0.00	%	33.33	%	33.33	%	Chile	Promotion of liquefied gas supply project
76,788,080-4	GNL Quintero S.A.	U.S. dollar	0.00	%	20.00	%	20.00	%	0.00	%	20.00	%	20.00	%	Chile	Development, design, and supply of a liquid natural gas regasifying terminal
96,889,570-2	Inversiones Electrogas S.A.	Chilean peso	0.00	%	0.00	%	0.00	%	0.00	%	42.50	%	42.50	%	Chile	Portfolio company
Foreign	Sacme S.A.	U.S. dollar	0.00	%	50.00	%	50.00	%	0.00	%	50.00	%	50.00	%	Argentina	Electric system supervision and control

F-128

APPENDIX No. 4 ADDITIONAL INFORMATION ON FINANCIAL DEBT:

This appendix is part of Note 18 “Other financial liabilities.”

The following tables present the contractual undiscounted cash flows by type of financial debt:

a)Bank borrowings

a.Summary of bank loans by currency and maturity

				Current			Non-current				Current			Non-current
				Maturity			Maturity				Maturity			Maturity
Country	Currency	Nominal Rate		One to Three Months	Three to Twelve Months	Total Current at 12-31-2011	One to Three Years	Three to Five Years	More than Five Years	Total Non- current at 12-12-31-2011	One to Three Months	Three to Twelve Months	Total Current at 12-31-2010	One to Three Years	Three to Five Years	More than Five Years	Total Non- current at 12-31-2010
				ThCh$	ThCh$	ThCh$	ThCh$	ThCh$	ThCh$	ThCh$	ThCh$	ThCh$	ThCh$	ThCh$	ThCh$	ThCh$	ThCh$
Chile	US$	0.99	%	906,389	3,359,497	4,265,886	109,631,899	876,746	—	110,508,645	816,706	18,915,156	19,731,862	3,202,593	83,824,641	—	87,027,234
Peru	US$	3.64	%	2,810,297	10,519,166	13,329,463	7,864,024	25,087,748	26,158,087	59,109,859	1,458,040	17,809,137	19,267,177	14,419,663	14,145,757	21,661,326	50,226,746
Peru	Soles	4.62	%	431,794	2,987,507	3,419,301	3,362,985	—	38,373,491	41,736,476	1,839,538	1,031,134	2,870,672	32,616,930	—	—	32,616,930
Argentina	US$	6.16	%	2,662,019	9,436,481	12,098,500	17,142,594	1,612,063	—	18,754,657	5,085,358	18,145,263	23,230,621	4,013,855	—	—	4,013,855
Argentina	Ar$	9.18	%	37,689,501	28,405,542	66,095,043	47,915,942	2,458,440	—	50,374,382	14,760,009	24,845,072	39,605,081	29,992,159	2,424,007	—	32,416,166
Colombia	CPs	6.58	%	1,338,154	82,134,906	83,473,060	—	—	—	—	744,241	5,091,793	5,836,034	—	75,664,686	—	75,664,686
Brazil	US$	5.90	%	644,936	12,599,186	13,244,122	17,532,685	17,877,446	6,352,599	41,762,730	765,141	11,617,821	12,382,962	19,990,693	18,600,098	10,681,077	49,271,868
Brazil	Reais	10.81	%	30,524,862	175,096,068	205,620,930	142,254,517	90,580,272	8,209,057	241,043,846	34,521,334	175,760,765	210,282,099	235,737,812	41,010,710	9,066,992	285,815,514
				77,007,952	324,538,353	401,546,305	345,704,646	138,492,715	79,093,234	563,290,595	59,990,367	273,216,141	333,206,508	339,973,705	235,669,899	41,409,395	617,052,999

b.Identification of bank borrowings by company

									12-2011
					Effective		Nominal		Current			Non-current
Taxpayer ID No, (RUT)	Company	Country	Financial Institution	Currency	Interest Rate		Interest Rate		Less than 90 days	More than 90 days	Total Current	One to Three Years	Three to Five Years	More than Five Years	Total Non- current
Foreign	Ampla	Brazil	Banco Itaú	Reais	12.47	%	6.15	%	57,479	1,964,473	2,021,952	—	—	—	—
Foreign	Ampla	Brazil	Unibanco	Reais	12.49	%	6.16	%	45,870	1,542,373	1,588,243	—	—	—	—
Foreign	Ampla	Brazil	Banco Alfa	Reais	12.26	%	5.91	%	1,779,341	12,975,006	14,754,347	—	—	—	—
Foreign	Ampla	Brazil	Brasdesco	Reais	6.09	%	6.09	%	5,982,354	13,453,719	19,436,073	—	—	—	—
Foreign	Ampla	Brazil	Banco do Brasil	Reais	12.68	%	6.05	%	875,019	2,942,372	3,817,391	30,333,452	—	—	30,333,452
Foreign	Ampla	Brazil	BANCO HSBC	Reais	9.73	%	9.73	%	632,464	22,045,700	22,678,164	—	—	—	—
Foreign	Ampla	Brazil	Electrobras	Reais	6.02	%	6.02	%	339,935	1,111,948	1,451,883	2,916,206	5,539,073	725,103	9,180,382
Foreign	Ampla	Brazil	Bndes	Reais	11.02	%	11.02	%	6,488,408	16,888,622	23,377,030	33,192,137	52,961,281	3,133,364	89,286,782
Foreign	CGTF Fortaleza	Brazil	IFC — A	US$	7.91	%	7.89	%	344,277	3,510,015	3,854,292	7,427,750	7,100,739	4,604,499	19,132,988
Foreign	CGTF Fortaleza	Brazil	IFC — B	US$	2.98	%	2.98	%	114,099	4,162,847	4,276,946	8,990,990	4,835,251	—	13,826,241
Foreign	CGTF Fortaleza	Brazil	IFC — C	US$	11.98	%	11.96	%	108,598	365,176	473,774	875,946	5,584,166	—	6,460,112
Foreign	CIEN	Brazil	Banco Santander Central Hispano	Reais	13.05	%	12.18	%	1,801,366	59,020,877	60,822,243	—	—	—	—
Foreign	Coelce	Brazil	Banco Europeo de Investimentos	US$	6.58	%	6.58	%	19,073	173,334	192,407	237,999	357,290	1,748,100	2,343,389
Foreign	Coelce	Brazil	Eletrobras	Reais	6.58	%	6.58	%	1,721,402	4,747,664	6,469,066	8,943,102	16,832,769	4,350,590	30,126,461
Foreign	Coelce	Brazil	Banco do Brasil	Reais	10.75	%	10.75	%	1,310,254	4,235,607	5,545,861	5,443,423	—	—	5,443,423
Foreign	Coelce	Brazil	Bndes	Reais	9.95	%	9.95	%	9,231,834	30,273,652	39,505,486	56,108,514	15,247,149	—	71,355,663
Foreign	Coelce	Brazil	Banco do Nordeste	Reais	13.15	%	8.50	%	259,136	3,894,055	4,153,191	5,317,683	—	—	5,317,683
Foreign	Coelce	Brazil	Banco Europeo de Investimentos	US$	5.49	%	5.49	%	58,889	4,387,814	4,446,703	—	—	—	—
Foreign	Edegel	Peru	Banco de Crédito	US$	3.97	%	3.97	%	405,477	1,378,129	1,783,606	—	—	—	—
Foreign	Edegel	Peru	Banco de Crédito	US$	3.97	%	3.97	%	1,949,762	5,760,203	7,709,965	1,880,534	—	—	1,880,534
Foreign	Edegel	Peru	Banco Continental	US$	7.19	%	7.19	%	280,841	944,367	1,225,208	3,559,934	7,313,080	26,158,087	37,031,101
Foreign	Edegel	Peru	Banco Scotiabank	US$	5.70	%	5.70	%	8,155	1,878,060	1,886,215	—	—	—	—
Foreign	Edegel	Peru	Banco Continental	Soles	3.80	%	3.80	%	14,597	1,585,500	1,600,097	—	—	—	—
Foreign	Edegel	Peru	Banco Continental	Soles	4.30	%	4.30	%	260	—	260	—	—	—	—
Foreign	Edegel	Peru	Banco Scotiabank	US$	5.95	%	5.95	%	166,062	558,407	724,469	2,423,556	17,774,668	—	20,198,224
Foreign	Edegel	Peru	Banco de Crédito	US$	32.27	%	9.59	%	—	—	—	—	—	—	—
Foreign	Edelnor	Peru	Banco de Crédito	Soles	15.78	%	2.60	%	37,891	127,413	165,304	305,625	—	3,584,598	3,890,223
Foreign	Edelnor	Peru	Banco de Crédito	Soles	15.78	%	4.00	%	37,891	127,413	165,304	305,625	—	3,584,598	3,890,223
Foreign	Edelnor	Peru	Banco de Crédito	Soles	5.18	%	4.00	%	32,360	108,816	141,176	261,016	—	3,097,880	3,358,896
Foreign	Edelnor	Peru	Banco de Crédito	Soles	5.26	%	4.00	%	15,156	50,965	66,121	122,250	—	1,433,839	1,556,089
Foreign	Edelnor	Peru	Banco de Crédito	Soles	5.26	%	4.00	%	63,151	212,355	275,506	509,375	—	5,974,330	6,483,705

									12-2010
					Effective		Nominal		Current			Non-current
Taxpayer ID No, (RUT)	Company	Country	Financial Institution	Currency	Interest Rate		Interest Rate		Less than 90 days	More than 90 days	Total Current	One to Three Years	Three to Five Years	More than Five Years	Total Non- current
Foreign	Ampla	Brazil	Banco Itaú	Reais	12.47	%	6.15	%	101,554	2,149,535	2,251,089	2,014,313	—	—	2,014,313
Foreign	Ampla	Brazil	Unibanco	Reais	12.49	%	6.16	%	80,587	1,698,892	1,779,479	1,585,020	—	—	1,585,020
Foreign	Ampla	Brazil	Banco Alfa	Reais	12.26	%	5.91	%	2,321,766	3,599,477	5,921,243	14,100,000	—	—	14,100,000
Foreign	Ampla	Brazil	Brasdesco	Reais	6.09	%	6.09	%	7,117,655	13,583,761	20,701,416	18,425,880	—	—	18,425,880
Foreign	Ampla	Brazil	Banco do Brasil	Reais	12.68	%	6.05	%	763,245	2,538,618	3,301,863	28,701,429	—	—	28,701,429
Foreign	Ampla	Brazil	BANCO HSBC	Reais	9.73	%	9.73	%	1,116,014	24,085,514	25,201,528	21,832,924	—	—	21,832,924
Foreign	Ampla	Brazil	Electrobras	Reais	6.02	%	6.02	%	183,646	738,057	921,703	1,731,933	3,074,414	589,902	5,396,249
Foreign	Ampla	Brazil	Bndes	Reais	11.02	%	11.02	%	9,075,941	20,796,621	29,872,562	9,181,709	488,855	—	9,670,564
Foreign	CGTF Fortaleza	Brazil	IFC — A	US$	7.91	%	7.89	%	261,361	3,383,432	3,644,793	6,938,582	5,647,394	7,977,977	20,563,953
Foreign	CGTF Fortaleza	Brazil	IFC — B	US$	2.98	%	2.98	%	145,163	3,664,317	3,809,480	5,979,125	12,952,704	—	18,931,829
Foreign	CGTF Fortaleza	Brazil	IFC — C	US$	11.98	%	11.96	%	106,304	353,577	459,881	848,122	—	2,703,100	3,551,222
Foreign	CIEN	Brazil	Banco Santander Central Hispano	Reais	13.05	%	12.18	%	3,166,878	64,735,216	67,902,094	60,518,449	—	—	60,518,449
Foreign	Coelce	Brazil	Banco Europeo de Investimentos	US$	6.58	%	6.58	%	18,857	197,806	216,663	2,225,398	—	—	2,225,398
Foreign	Coelce	Brazil	Eletrobras	Reais	6.58	%	6.58	%	1,521,161	5,224,999	6,746,160	9,147,592	7,457,925	4,670,947	21,276,464
Foreign	Coelce	Brazil	Banco do Brasil	Reais	10.75	%	10.75	%	69,396	5,878,755	5,948,151	9,423,706	976,090	—	10,399,796
Foreign	Coelce	Brazil	Bndes	Reais	9.95	%	9.95	%	7,020,880	25,008,603	32,029,483	59,074,857	29,013,426	3,806,143	91,894,426
Foreign	Coelce	Brazil	Banco do Nordeste	Reais	13.15	%	8.50	%	1,982,611	5,722,717	7,705,328	—	—	—	—
Foreign	Coelce	Brazil	Banco Europeo de Investimentos	US$	5.49	%	5.49	%	233,456	4,018,689	4,252,145	3,999,466	—	—	3,999,466
Foreign	Edegel	Peru	Banco de Crédito	US$	3.97	%	3.97	%	653,107	1,953,825	2,606,932	4,307,956	4,307,955	—	8,615,911
Foreign	Edegel	Peru	Banco de Crédito	US$	3.97	%	3.97	%	268,854	1,472,491	1,741,345	1,603,280	—	—	1,603,280
Foreign	Edegel	Peru	Banco Continental	US$	7.19	%	7.19	%	415,488	645,897	1,061,385	1,957,430	9,837,802	21,661,326	33,456,558
Foreign	Edegel	Peru	Banco Scotiabank	US$	5.70	%	5.70	%	23,655	3,427,268	3,450,923	1,697,864	—	—	1,697,864
Foreign	Edegel	Peru	Banco Continental	Soles	3.80	%	3.80	%	12,762	42,449	55,211	1,379,498	—	—	1,379,498
Foreign	Edegel	Peru	Banco Continental	Soles	4.30	%	4.30	%	77,109	167,805	244,914	5,030,048	—	—	5,030,048
Foreign	Edegel	Peru	Banco Scotiabank	US$	5.95	%	5.95	%	96,936	10,309,656	10,406,592	—	—	—	—
Foreign	Edegel	Peru	Banco de Crédito	US$	32.27	%	9.59	%	—	—	—	4,853,133	—	—	4,853,133
Foreign	Edelnor	Peru	Banco de Crédito	Soles	15.78	%	2.60	%	108,895	—	108,895	2,658,128	—	—	2,658,128
Foreign	Edelnor	Peru	Banco de Crédito	Soles	15.78	%	4.00	%	25,172	83,723	108,895	2,658,128	—	—	2,658,128
Foreign	Edelnor	Peru	Banco de Crédito	Soles	5.18	%	4.00	%	21,816	72,561	94,377	2,310,826	—	—	2,310,826
Foreign	Edelnor	Peru	Banco de Crédito	Soles	5.26	%	4.00	%	10,069	—	10,069	1,063,251	—	—	1,063,251
Foreign	Edelnor	Peru	Banco de Crédito	Soles	5.26	%	4.00	%	41,953	—	41,953	4,430,213	—	—	4,430,213

F-129

c.Identification of bank borrowings by company

									12-2011
					Effective				Current			Non-current
Taxpayer ID No, (RUT)	Company	Country	Financial Institution	Currency	Interest Rate		Nominal Interest Rate		Less than 90 days	More than 90 days	Total Current	One to Three Years	Three to Five Years	More than Five Years	Total Non- current
Foreign	Edelnor	Peru	Banco de Crédito	Soles	15.78	%	2.60	%	37,891	127,413	165,304	305,625	—	3,584,598	3,890,223
Foreign	Edelnor	Peru	Banco de Crédito	Soles	6.01	%	2.63	%	60,638	203,903	264,541	489,101	—	—	489,101
Foreign	Edelnor	Peru	Banco de Crédito	Soles	32.27	%	2.64	%	—	—	—	—	—	5,157,627	5,157,627
Foreign	Edelnor	Peru	BBVA	Soles	5.16	%	4.40	%	99,201	333,576	432,777	800,145	—	9,525,160	10,325,305
Foreign	Edelnor	Peru	Interbank	Soles	6.82	%	5.72	%	32,758	110,153	142,911	264,223	—	2,430,861	2,695,084
Foreign	Edesur	Argentina	BBVA	Ar$	21.31	%	14.00	%	128,257	2,499,512	2,627,769	—	—	—	—
Foreign	Edesur	Argentina	Banco de la Ciudad de Buenos Aires	Ar$	14.85	%	14.85	%	673,842	228,279	902,121	3,245,052	—	—	3,245,052
Foreign	Edesur	Argentina	Standard Bank	Ar$	23.67	%	17.61	%	213,681	718,530	932,211	4,195,131	—	—	4,195,131
Foreign	Edesur	Argentina	Banco Santander Rio	Ar$	59.77	%	15.98	%	179,826	604,690	784,516	1,811,063	—	—	1,811,063
Foreign	Edesur	Argentina	Banco Santander Rio	Ar$	15.17	%	15.17	%	435,062	483,752	918,814	2,896,973	—	—	2,896,973
Foreign	Edesur	Argentina	Citibank	Ar$	16.20	%	16.20	%	6,354,203	1,169,601	7,523,804	9,498,494	—	—	9,498,494
Foreign	Edesur	Argentina	Banco de Galicia	Ar$	16.27	%	16.27	%	2,120,536	1,891,956	4,012,492	—	—	—	—
Foreign	Edesur	Argentina	Macro	Ar$	24.96	%	24.96	%	151,298	508,762	660,060	3,474,143	—	—	3,474,143
Foreign	Edesur	Argentina	Itaú	Ar$	19.91	%	19.91	%	288,456	4,819,512	5,107,968	2,454,313	—	—	2,454,313
Foreign	Edesur	Argentina	Banco de la Ciudad de Buenos Aires	Ar$	16.00	%	16.00	%	124,577	158,143	282,720	1,364,912	—	—	1,364,912
Foreign	Emgesa	Colombia	Davivienda	CPs	6.99	%	6.99	%	138,411	8,481,828	8,620,239	—	—	—	—
Foreign	Emgesa	Colombia	Bancolombia	CPs	6.99	%	6.99	%	99,148	6,208,686	6,307,834	—	—	—	—
Foreign	Emgesa	Colombia	Bancolombia	CPs	6.99	%	6.99	%	326,504	20,008,140	20,334,644	—	—	—	—
Foreign	Emgesa	Colombia	BBVA Colombia	CPs	6.99	%	6.99	%	361,976	22,181,880	22,543,856	—	—	—	—
Foreign	Emgesa	Colombia	Banco Santander Central Hispano	CPs	6.99	%	6.99	%	412,115	25,254,372	25,666,487	—	—	—	—
Foreign	Endesa Costanera	Argentina	Banco Provincia de Buenos Aires	US$	32.27	%	6.00	%	—	—	—	—	—	—	—
Foreign	Endesa Costanera	Argentina	Banco Galicia	US$	32.27	%	5.44	%	—	—	—	—	—	—	—
Foreign	Endesa Costanera	Argentina	Credit Suisse International	US$	12.85	%	12.26	%	166,419	3,156,573	3,322,992	2,652,744	—	—	2,652,744
Foreign	Endesa Costanera	Argentina	Citibank	US$	5.00	%	5.00	%	156,279	—	156,279	—	—	—	—
Foreign	Endesa Costanera	Argentina	Banco Nación Argentina	Ar$	15.82	%	15.82	%	1,382,931	1,533,096	2,916,027	—	—	—	—
Foreign	Endesa Costanera	Argentina	Mediocredito Italyno	Ar$	32.27	%	1.75	%	—	—	—	—	—	—	—
Foreign	Endesa Costanera	Argentina	Banco Santander Río	Ar$	15.00	%	15.00	%	10,746,076	1,949,571	12,695,647	—	—	—	—
Foreign	Endesa Costanera	Argentina	Banco Itau	Ar$	18.12	%	18.12	%	3,503,302	—	3,503,302	—	—	—	—
Foreign	Endesa Costanera	Argentina	Citibank	Ar$	25.30	%	13.00	%	1,478,241	—	1,478,241	—	—	—	—
Foreign	Endesa Costanera	Argentina	Banco Galicia	Ar$	22.24	%	15.00	%	1,105,942	—	1,105,942	—	—	—	—
Foreign	Endesa Costanera	Argentina	Citibank	US$	5.32	%	5.32	%	209,622	—	209,622	—	—	—	—
Foreign	Endesa Costanera	Argentina	Banco de la Ciudad de Buenos Aires	Ar$	6.70	%	6.70	%	4,670,705	—	4,670,705	—	—	—	—
Foreign	Endesa Costanera	Argentina	Macro	Ar$	32.27	%	14.75	%	—	—	—	—	—	—	—
Foreign	Endesa Costanera	Argentina	Standard Bank	Ar$	15.40	%	15.40	%	832,611	—	832,611	—	—	—	—
Foreign	Endesa Costanera	Argentina	Supervielle	Ar$	28.00	%	13.00	%	123,454	—	123,454	—	—	—	—
91,081,000-6	Endesa Chile	Chile	B,N,P, Paribas	US$	6.32	%	5.96	%	53,521	1,002,756	1,056,277	1,915,379	876,746	—	2,792,125
91,081,000-6	Endesa Chile	Chile	Export Development Corporation Loan	US$	2.50	%	2.50	%	379,501	764,980	1,144,481	1,132,904	—	—	1,132,904
91,081,000-6	Endesa Chile	Chile	Banco Bilbao Vizcaya Argentaria S,A,	US$	1.83	%	1.65	%	473,367	1,591,761	2,065,128	106,583,616	—	—	106,583,616
Foreign	Hidroeléctrica El Chocón	Argentina	Deutsche Bank	US$	9.16	%	3.80	%	518,208	1,530,246	2,048,454	3,576,867	402,643	—	3,979,510
Foreign	Hidroeléctrica El Chocón	Argentina	Standard Bank	US$	3.80	%	3.80	%	1,611,491	4,749,662	6,361,153	10,912,983	1,209,420	—	12,122,403
Foreign	Hidroeléctrica El Chocón	Argentina	ITAU - Syndicated	Ar$	20.10	%	18.67	%	1,791,907	—	1,791,907	—	—	—	—
Foreign	Hidroeléctrica El Chocón	Argentina	STANDARD - Syndicated	Ar$	21.27	%	18.67	%	64,001	1,336,177	1,400,178	—	—	—	—
Foreign	Hidroeléctrica El Chocón	Argentina	SANTANDER - Syndicated	Ar$	20.10	%	20.10	%	80,629	1,707,695	1,788,324	—	—	—	—
Foreign	Hidroeléctrica El Chocón	Argentina	HIPOTECARIO - Syndicated	Ar$	21.96	%	18.67	%	55,506	1,125,918	1,181,424	—	—	—	—
Foreign	Hidroeléctrica El Chocón	Argentina	GALICIA - Syndicated	Ar$	21.85	%	18.67	%	26,301	535,888	562,189	—	—	—	—
Foreign	Hidroeléctrica El Chocón	Argentina	Citibank	Ar$	22.39	%	14.30	%	112,503	1,115,167	1,227,670	1,471,923	—	—	1,471,923
Foreign	Hidroeléctrica El Chocón	Argentina	BBVA	Ar$	22.09	%	14.50	%	152,645	1,527,554	1,680,199	2,019,288	—	—	2,019,288
Foreign	Hidroeléctrica El Chocón	Argentina	Macro	Ar$	17.75	%	17.75	%	233,981	2,275,667	2,509,648	2,994,506	—	—	2,994,506
Foreign	Hidroeléctrica El Chocón	Argentina	Banco Santander Rio - Syndicated	Ar$	17.44	%	17.44	%	329,514	1,108,036	1,437,550	6,245,072	1,229,220	—	7,474,292
Foreign	Hidroeléctrica El Chocón	Argentina	Banco Industrial de Azul	Ar$	17.14	%	17.14	%	329,514	1,108,036	1,437,550	6,245,072	1,229,220	—	7,474,292
96,830,980-3	Inversiones GasAtacama Holding	Chile	PNC BANK	US$	32.27	%	3.09	%	—	—	—	—	—	—	—
				Total					77,007,952	324,538,353	401,546,305	345,704,646	138,492,715	79,093,234	563,290,595

									12-2010
					Effective				Current			Non-current
Taxpayer ID No, (RUT)	Company	Country	Financial Institution	Currency	Interest Rate		Nominal Interest Rate		Less than 90 days	More than 90 days	Total Current	One to Three Years	Three to Five Years	More than Five Years	Total Non- current
Foreign	Edelnor	Peru	Banco de Crédito	Soles	15.78	%	2.60	%	25,172	83,723	108,895	2,658,128	—	—	2,658,128
Foreign	Edelnor	Peru	Banco de Crédito	Soles	6.01	%	2.63	%	1,308,111	334,293	1,642,404	—	—	—	—
Foreign	Edelnor	Peru	Banco de Crédito	Soles	32.27	%	2.64	%	134,344	—	134,344	3,591,829	—	—	3,591,829
Foreign	Edelnor	Peru	BBVA	Soles	5.16	%	4.40	%	74,135	246,580	320,715	6,836,881	—	—	6,836,881
Foreign	Edelnor	Peru	Interbank	Soles	6.82	%	5.72	%	—	—	—	—	—	—	—
Foreign	Edesur	Argentina	BBVA	Ar$	21.31	%	14.00	%	271,817	3,031,502	3,303,319	2,534,402	—	—	2,534,402
Foreign	Edesur	Argentina	Banco de la Ciudad de Buenos Aires	Ar$	14.85	%	14.85	%	54,835	182,384	237,219	1,466,744	—	—	1,466,744
Foreign	Edesur	Argentina	Standard Bank	Ar$	23.67	%	17.61	%	156,756	521,383	678,139	3,845,625	727,040	—	4,572,665
Foreign	Edesur	Argentina	Banco Santander Rio	Ar$	59.77	%	15.98	%	—	601,759	601,759	2,008,017	—	—	2,008,017
Foreign	Edesur	Argentina	Banco Santander Rio	Ar$	15.17	%	15.17	%	—	1,354,637	1,354,637	2,530,914	—	—	2,530,914
Foreign	Edesur	Argentina	Citibank	Ar$	16.20	%	16.20	%	—	—	—	—	—	—	—
Foreign	Edesur	Argentina	Banco de Galicia	Ar$	16.27	%	16.27	%	—	—	—	—	—	—	—
Foreign	Edesur	Argentina	Macro	Ar$	24.96	%	24.96	%	—	—	—	—	—	—	—
Foreign	Edesur	Argentina	Itaú	Ar$	19.91	%	19.91	%	—	—	—	—	—	—	—
Foreign	Edesur	Argentina	Banco de la Ciudad de Buenos Aires	Ar$	16.00	%	16.00	%	39,530	131,479	171,009	957,228	—	—	957,228
Foreign	Emgesa	Colombia	Davivienda	CPs	6.99	%	6.99	%	—	603,337	603,337	—	7,812,518	—	7,812,518
Foreign	Emgesa	Colombia	Bancolombia	CPs	6.99	%	6.99	%	—	432,186	432,186	—	23,602,722	—	23,602,722
Foreign	Emgesa	Colombia	Bancolombia	CPs	6.99	%	6.99	%	—	1,423,236	1,423,236	—	23,817,961	—	23,817,961
Foreign	Emgesa	Colombia	BBVA Colombia	CPs	6.99	%	6.99	%	328,989	1,251,871	1,580,860	—	20,431,485	—	20,431,485
Foreign	Emgesa	Colombia	Banco Santander Central Hispano	CPs	6.99	%	6.99	%	415,252	1,381,163	1,796,415	—	—	—	—
Foreign	Endesa Costanera	Argentina	Banco Provincia de Buenos Aires	US$	32.27	%	6.00	%	605,038	—	605,038	—	—	—	—
Foreign	Endesa Costanera	Argentina	Banco Galicia	US$	32.27	%	5.44	%	713,260	351,529	1,064,789	—	—	—	—
Foreign	Endesa Costanera	Argentina	Credit Suisse International	US$	12.85	%	12.26	%	643,599	1,931,528	2,575,127	2,055,803	—	—	2,055,803
Foreign	Endesa Costanera	Argentina	Citibank	US$	5.00	%	5.00	%	160,286	267,560	427,846	—	—	—	—
Foreign	Endesa Costanera	Argentina	Banco Nación Argentina	Ar$	15.82	%	15.82	%	184,556	2,497,668	2,682,224	1,994,435	—	—	1,994,435
Foreign	Endesa Costanera	Argentina	Mediocredito Italyno	Ar$	32.27	%	1.75	%	—	963,655	963,655	—	—	—	—
Foreign	Endesa Costanera	Argentina	Banco Santander Río	Ar$	15.00	%	15.00	%	881,772	—	881,772	—	—	—	—
Foreign	Endesa Costanera	Argentina	Banco Itau	Ar$	18.12	%	18.12	%	1,853,593	890,721	2,744,314	—	—	—	—
Foreign	Endesa Costanera	Argentina	Citibank	Ar$	25.30	%	13.00	%	—	3,954,652	3,954,652	—	—	—	—
Foreign	Endesa Costanera	Argentina	Banco Galicia	Ar$	22.24	%	15.00	%	1,808,418	—	1,808,418	—	—	—	—
Foreign	Endesa Costanera	Argentina	Citibank	US$	5.32	%	5.32	%	6,489	426,386	432,875	—	—	—	—
Foreign	Endesa Costanera	Argentina	Banco de la Ciudad de Buenos Aires	Ar$	6.70	%	6.70	%	35,128	1,011,545	1,046,673	—	—	—	—
Foreign	Endesa Costanera	Argentina	Macro	Ar$	32.27	%	14.75	%	357,550	—	357,550	—	—	—	—
Foreign	Endesa Costanera	Argentina	Standard Bank	Ar$	15.40	%	15.40	%	1,159,080	—	1,159,080	—	—	—	—
Foreign	Endesa Costanera	Argentina	Supervielle	Ar$	28.00	%	13.00	%	1,788,875	—	1,788,875	—	—	—	—
91,081,000-6	Endesa Chile	Chile	B,N,P, Paribas	US$	6.32	%	5.96	%	60,946	944,030	1,004,976	1,823,007	1,648,517	—	3,471,524
91,081,000-6	Endesa Chile	Chile	Export Development Corporation Loan	US$	2.50	%	2.50	%	356,896	688,663	1,045,559	1,379,586	670,052	—	2,049,638
91,081,000-6	Endesa Chile	Chile	Banco Bilbao Vizcaya Argentaria S,A,	US$	1.83	%	1.65	%	397,349	17,072,365	17,469,714	—	81,506,072	—	81,506,072
Foreign	Hidroeléctrica El Chocón	Argentina	Deutsche Bank	US$	9.16	%	3.80	%	1,479,285	7,585,610	9,064,895	979,026	—	—	979,026
Foreign	Hidroeléctrica El Chocón	Argentina	Standard Bank	US$	3.80	%	3.80	%	1,477,401	7,582,650	9,060,051	979,026	—	—	979,026
Foreign	Hidroeléctrica El Chocón	Argentina	ITAU - Syndicated	Ar$	20.10	%	18.67	%	136,513	1,869,470	2,005,983	1,687,700	—	—	1,687,700
Foreign	Hidroeléctrica El Chocón	Argentina	STANDARD - Syndicated	Ar$	21.27	%	18.67	%	106,749	1,460,783	1,567,532	1,318,645	—	—	1,318,645
Foreign	Hidroeléctrica El Chocón	Argentina	SANTANDER - Syndicated	Ar$	20.10	%	20.10	%	415,988	1,589,995	2,005,983	1,687,700	—	—	1,687,700
Foreign	Hidroeléctrica El Chocón	Argentina	HIPOTECARIO - Syndicated	Ar$	21.96	%	18.67	%	88,490	1,223,925	1,312,415	1,106,099	—	—	1,106,099
Foreign	Hidroeléctrica El Chocón	Argentina	GALICIA - Syndicated	Ar$	21.85	%	18.67	%	41,985	582,414	624,399	526,511	—	—	526,511
Foreign	Hidroeléctrica El Chocón	Argentina	Citibank	Ar$	22.39	%	14.30	%	740,013	—	740,013	—	—	—	—
Foreign	Hidroeléctrica El Chocón	Argentina	BBVA	Ar$	22.09	%	14.50	%	21,510	595,558	617,068	—	—	—	—
Foreign	Hidroeléctrica El Chocón	Argentina	Macro	Ar$	17.75	%	17.75	%	2,704,496	—	2,704,496	—	—	—	—
Foreign	Hidroeléctrica El Chocón	Argentina	Banco Santander Rio - Syndicated	Ar$	17.44	%	17.44	%	1,533,640	2,013,163	3,546,803	8,328,139	1,696,967	—	10,025,106
Foreign	Hidroeléctrica El Chocón	Argentina	Banco Industrial de Azul	Ar$	17.14	%	17.14	%	378,715	368,379	747,094	—	—	—	—
96,830,980-3	Inversiones GasAtacama Holding	Chile	PNC BANK	US$	32.27	%	3.09	%	1,515	210,098	211,613	—	—	—	—
				Total					59,990,367	273,216,141	333,206,508	339,973,705	235,669,899	41,409,395	617,052,999

F-130

b)Secured and unsecured liabilities by currency and maturity

d.Summary of secured and unsecured liabilities by currency and maturity

				Current			Non-current				Current			Non-current
				Maturity			Maturity				Maturity			Maturity
		Nominal		One to Three Months	Three to Twelve Months	Total Current at 12-31-2011	One to Three Years	Three to Five Years	More than Five Years	Total Non-current at 12-31-2011	One to Three Months	Three to Twelve Months	Total Current at 12-31-2010	One to Three Years	Three to Five Years	More than Five Years	Total Non-current at 12-31-2010
Country	Currency	rate		ThCh$	ThCh$	ThCh$	ThCh$	ThCh$	ThCh$	ThCh$	ThCh$	ThCh$	ThCh$	ThCh$	ThCh$	ThCh$	ThCh$
Chile	US$	8.15	%	22,439,241	48,971,036	71,410,277	481,039,815	346,571,275	425,876,193	1,253,487,283	20,226,869	44,237,144	64,464,013	299,076,238	429,205,042	515,592,354	1,243,873,634
Chile	U.F.	9.71	%	41,003,385	39,199,072	80,202,457	89,539,138	263,688,193	527,887,200	881,114,531	8,474,004	33,742,901	42,216,905	77,732,304	187,444,894	542,172,671	807,349,869
Peru	US$	6.82	%	853,625	2,238,831	3,092,456	15,656,525	27,138,567	24,540,662	67,335,754	870,099	6,351,625	7,221,724	18,968,745	8,678,373	38,097,741	65,744,859
Peru	Soles	6.75	%	31,909,724	18,212,792	50,122,516	81,151,846	50,536,091	48,755,116	180,443,053	19,784,574	22,667,166	42,451,740	64,109,539	68,651,225	59,006,695	191,767,459
Argentina	Ar$	11.74	%	116,551	4,100,169	4,216,720	—	—	—	—	510,018	9,010,562	9,520,580	4,165,269	—	—	4,165,269
Colombia	CPs	8.76	%	17,854,990	68,624,369	86,479,359	299,425,050	335,136,989	589,777,719	1,224,339,758	47,619,509	131,473,631	179,093,140	152,631,795	183,051,591	442,910,408	778,593,794
Brazil	Reais	12.75	%	11,815,750	134,615,237	146,430,987	123,922,410	200,558,653	90,131,132	414,612,195	7,503,875	97,708,841	105,212,716	155,008,143	48,941,503	—	203,949,646
				125,993,266	315,961,506	441,954,772	1,090,734,784	1,223,629,768	1,706,968,022	4,021,332,574	104,988,948	345,191,870	450,180,818	771,692,033	925,972,628	1,597,779,869	3,295,444,530

e.Secured and unsecured liabilities by company

										12-2011
Taxpayer						Effective		Nominal		Current			Non-current
ID No, (RUT)	Company	Country	Financial Institution	Country	Currency	Interest Rate		Interest Rate		Less than 90 days	More than 90 days	Total Current	One to Three Years	Three to Five Years	More than Five Years	Total Non- current
Foreign	Ampla	Brazil	BONDS	Brazil	Reais	9.56	%	9.56	%	6,698,731	102,230,946	108,929,677	59,162,266	133,237,309	—	192,399,575
Foreign	Codensa	Colombia	B5	Colombia	CPs	32.27	%	8.00	%	—	—	—	—	—	—	—
Foreign	Codensa	Colombia	B8	Colombia	CPs	9.61	%	8.51	%	1,601,595	5,385,582	6,987,177	74,917,478	—	—	74,917,478
Foreign	Codensa	Colombia	B102	Colombia	CPs	8.81	%	7.77	%	863,459	2,903,500	3,766,959	6,964,604	52,594,867	—	59,559,471
Foreign	Codensa	Colombia	B502	Colombia	CPs	6.34	%	6.21	%	142,540	9,063,816	9,206,356	—	—	—	—
Foreign	Codensa	Colombia	B503	Colombia	CPs	6.48	%	6.37	%	369,477	1,242,417	1,611,894	24,349,062	—	—	24,349,062
Foreign	Codensa	Colombia	B503	Colombia	CPs	9.29	%	8.17	%	467,694	1,572,686	2,040,380	22,071,605	—	—	22,071,605
Foreign	Codensa	Colombia	B102	Colombia	CPs	8.62	%	7.50	%	1,404,776	4,723,752	6,128,528	11,330,829	86,996,017	—	98,326,846
Foreign	Codensa	Colombia	B103	Colombia	CPs	8.81	%	7.75	%	469,953	1,580,283	2,050,236	3,790,614	32,393,688	—	36,184,302
Foreign	Codensa	Colombia	B304	Colombia	CPs	6.50	%	5.13	%	346,784	1,166,108	1,512,892	21,620,973	—	—	21,620,973
Foreign	Codensa	Colombia	B604	Colombia	CPs	7.42	%	6.03	%	717,221	2,411,754	3,128,975	5,785,056	46,931,965	—	52,717,021
Foreign	Coelce	Brazil	Itaú	Brazil	Reais	10.47	%	10.47	%	2,539,943	23,718,519	26,258,462	43,973,620	34,824,619	—	78,798,239
Foreign	Coelce	Brazil	Santander	Brazil	Reais	13.57	%	13.57	%	2,577,076	8,665,772	11,242,848	20,786,524	32,496,725	90,131,132	143,414,381
Foreign	Edegel	Peru	BANCO CONTINENTAL	Peru	Soles	6.32	%	6.31	%	—	—	—	—	—	—	—
Foreign	Edegel	Peru	BANCO CONTINENTAL	Peru	Soles	6.31	%	6.28	%	75,800	254,886	330,686	611,394	1,775,041	5,728,426	8,114,861
Foreign	Edegel	Peru	BANCO CONTINENTAL	Peru	Soles	6.28	%	6.17	%	75,424	253,624	329,048	608,367	6,582,587	—	7,190,954
Foreign	Edegel	Peru	BANCO CONTINENTAL	Peru	Soles	6.75	%	6.11	%	64,842	218,041	282,883	4,267,060	—	—	4,267,060
Foreign	Edegel	Peru	BANCO CONTINENTAL	Peru	Soles	6.50	%	5.92	%	78,051	262,457	340,508	4,868,653	—	—	4,868,653
Foreign	Edegel	Peru	BANCO CONTINENTAL	Peru	Soles	6.44	%	6.17	%	77,300	259,934	337,234	4,919,966	—	—	4,919,966
Foreign	Edegel	Peru	BANCO CONTINENTAL	Peru	Soles	6.63	%	6.33	%	79,552	267,504	347,056	4,950,085	—	—	4,950,085
Foreign	Edegel	Peru	BANCO CONTINENTAL	Peru	US$	6.19	%	5.97	%	160,276	—	160,276	—	—	10,819,378	10,819,378
Foreign	Edegel	Peru	BANCO CONTINENTAL	Peru	US$	6.48	%	6.06	%	83,851	281,959	365,810	2,639,913	—	8,220,849	10,860,762
Foreign	Edegel	Peru	BANCO CONTINENTAL	Peru	US$	9.19	%	6.44	%	115,630	388,820	504,450	5,903,654	—	—	5,903,654
Foreign	Edegel	Peru	BANCO CONTINENTAL	Peru	US$	7.94	%	7.78	%	83,988	282,422	366,410	677,444	6,208,170	—	6,885,614
Foreign	Edegel	Peru	BANCO CONTINENTAL	Peru	US$	7.27	%	7.13	%	59,850	201,252	261,102	3,783,487	—	—	3,783,487
Foreign	Edegel	Peru	BANCO SCOTIABANK	Peru	US$	6.76	%	6.63	%	87,568	294,460	382,028	706,319	6,190,863	—	6,897,182
Foreign	Edegel	Peru	BANCO SCOTIABANK	Peru	US$	6.12	%	6.00	%	79,307	266,681	345,988	639,685	6,096,813	—	6,736,498
Foreign	Edegel	Peru	BANCO SCOTIABANK	Peru	US$	6.60	%	6.10	%	85,503	287,515	373,018	689,660	6,853,252	—	7,542,912
Foreign	Edegel	Peru	BANCO CONTINENTAL	Peru	Soles	6.59	%	6.23	%	89,628	301,387	391,015	5,873,636	—	—	5,873,636
Foreign	Edegel	Peru	BANCO CONTINENTAL	Peru	Soles	6.47	%	6.47	%	77,676	261,195	338,871	5,051,067	—	—	5,051,067
Foreign	Edegel	Peru	BANCO CONTINENTAL	Peru	Soles	6.16	%	6.09	%	73,923	248,577	322,500	5,114,463	—	—	5,114,463
Foreign	Edegel	Peru	BANCO CONTINENTAL	Peru	Soles	32.27	%	6.16	%	—	—	—	—	—	—	—
Foreign	Edegel	Peru	BANCO CONTINENTAL	Peru	US$	6.06	%	6.06	%	97,652	235,722	333,374	616,363	1,789,469	5,500,435	7,906,267

										12-2010
Taxpayer						Effective		Nominal		Current			Non-current
ID No, (RUT)	Company	Country	Financial Institution	Country	Currency	Interest Rate		Interest Rate		Less than 90 days	More than 90 days	Total Current	One to Three Years	Three to Five Years	More than Five Years	Total Non- current
Foreign	Ampla	Brazil	BONDS	Brazil	Reais	9.56	%	9.56	%	5,058,194	66,186,606	71,244,800	115,328,463	32,291,490	—	147,619,953
Foreign	Codensa	Colombia	B5	Colombia	CPs	32.27	%	8.00	%	34,864,627	14,808,827	49,673,454	—	—	—	—
Foreign	Codensa	Colombia	B8	Colombia	CPs	9.61	%	8.51	%	1,305,256	4,341,394	5,646,650	60,819,262	—	—	60,819,262
Foreign	Codensa	Colombia	B102	Colombia	CPs	8.81	%	7.77	%	700,056	2,328,447	3,028,503	—	—	94,695,348	94,695,348
Foreign	Codensa	Colombia	B502	Colombia	CPs	6.34	%	6.21	%	128,474	427,314	555,788	8,288,014	—	—	8,288,014
Foreign	Codensa	Colombia	B503	Colombia	CPs	6.48	%	6.37	%	333,765	1,110,132	1,443,897	21,659,750	19,672,953	—	41,332,703
Foreign	Codensa	Colombia	B503	Colombia	CPs	9.29	%	8.17	%	378,323	1,258,334	1,636,657	21,257,241	—	—	21,257,241
Foreign	Codensa	Colombia	B102	Colombia	CPs	8.62	%	7.50	%	1,124,031	3,738,624	4,862,655	—	36,313,095	80,644,446	116,957,541
Foreign	Codensa	Colombia	B103	Colombia	CPs	8.81	%	7.75	%	380,204	1,264,592	1,644,796	—	—	26,883,291	26,883,291
Foreign	Codensa	Colombia	B304	Colombia	CPs	6.50	%	5.13	%	251,482	836,452	1,087,934	—	—	20,546,246	20,546,246
Foreign	Codensa	Colombia	B604	Colombia	CPs	7.42	%	6.03	%	536,552	1,784,618	2,321,170	—	—	—	—
Foreign	Coelce	Brazil	Itaú	Brazil	Reais	10.47	%	10.47	%	846,422	26,202,959	27,049,381	—	—	—	—
Foreign	Coelce	Brazil	Santander	Brazil	Reais	13.57	%	13.57	%	1,599,259	5,319,276	6,918,535	39,679,680	16,650,013	—	56,329,693
Foreign	Edegel	Peru	BANCO CONTINENTAL	Peru	Soles	6.32	%	6.31	%	4,162,360	—	4,162,360	—	—	—	—
Foreign	Edegel	Peru	BANCO CONTINENTAL	Peru	Soles	6.31	%	6.28	%	66,273	220,431	286,704	528,747	1,293,774	5,217,004	7,039,525
Foreign	Edegel	Peru	BANCO CONTINENTAL	Peru	Soles	6.28	%	6.17	%	65,396	217,512	282,908	521,745	1,276,641	4,424,723	6,223,109
Foreign	Edegel	Peru	BANCO CONTINENTAL	Peru	Soles	6.75	%	6.11	%	56,693	188,567	245,260	452,314	3,464,092	—	3,916,406
Foreign	Edegel	Peru	BANCO CONTINENTAL	Peru	Soles	6.50	%	5.92	%	68,242	226,979	295,221	4,482,746	—	—	4,482,746
Foreign	Edegel	Peru	BANCO CONTINENTAL	Peru	Soles	6.44	%	6.17	%	67,586	224,796	292,382	4,524,506	—	—	4,524,506
Foreign	Edegel	Peru	BANCO CONTINENTAL	Peru	Soles	6.63	%	6.33	%	69,554	231,344	300,898	4,557,650	—	—	4,557,650
Foreign	Edegel	Peru	BANCO CONTINENTAL	Peru	US$	6.19	%	5.97	%	269,406	4,353,667	4,623,073	626,739	—	5,590,323	6,217,062
Foreign	Edegel	Peru	BANCO CONTINENTAL	Peru	US$	6.48	%	6.06	%	75,208	250,147	325,355	428,296	—	3,383,243	3,811,539
Foreign	Edegel	Peru	BANCO CONTINENTAL	Peru	US$	9.19	%	6.44	%	103,734	345,028	448,762	600,026	1,468,183	7,663,880	9,732,089
Foreign	Edegel	Peru	BANCO CONTINENTAL	Peru	US$	7.94	%	7.78	%	75,334	250,569	325,903	601,038	1,470,659	4,120,651	6,192,348
Foreign	Edegel	Peru	BANCO CONTINENTAL	Peru	US$	7.27	%	7.13	%	53,683	178,554	232,237	532,248	846,573	5,665,215	7,044,036
Foreign	Edegel	Peru	BANCO SCOTIABANK	Peru	US$	6.76	%	6.63	%	78,556	261,284	339,840	567,661	—	5,504,523	6,072,184
Foreign	Edegel	Peru	BANCO SCOTIABANK	Peru	US$	6.12	%	6.00	%	71,151	236,654	307,805	608,863	—	6,169,906	6,778,769
Foreign	Edegel	Peru	BANCO SCOTIABANK	Peru	US$	6.60	%	6.10	%	76,315	253,831	330,146	827,616	4,892,958	—	5,720,574
Foreign	Edegel	Peru	BANCO CONTINENTAL	Peru	Soles	6.59	%	6.23	%	78,364	260,646	339,010	625,209	4,767,047	—	5,392,256
Foreign	Edegel	Peru	BANCO CONTINENTAL	Peru	Soles	6.47	%	6.47	%	67,914	225,888	293,802	4,639,193	—	—	4,639,193
Foreign	Edegel	Peru	BANCO CONTINENTAL	Peru	Soles	6.16	%	6.09	%	64,633	214,975	279,608	164,402	—	—	164,402
Foreign	Edegel	Peru	BANCO CONTINENTAL	Peru	Soles	32.27	%	6.16	%	77,560	5,057,591	5,135,151	—	—	—	—
Foreign	Edegel	Peru	BANCO CONTINENTAL	Peru	US$	6.06	%	6.06	%	66,712	221,891	288,603	13,746,666	—	—	13,746,666

F-131

f.Secured and unsecured liabilities by company

										12-2011
						Effective		Nominal		Current			Non-current
Taxpayer ID No, (RUT)	Company	Country	Financial Institution	Country	Currency	Interest Rate		Interest Rate		Less than 90 days	More than 90 days	Total Current	One to Three Years	Three to Five Years	More than Five Years	Total Non- current
Foreign	Edegel	Peru	BANCO CONTINENTAL	Peru	US$	32.27	%	5.79	%	—	—	—	—	—	—	—
Foreign	Edelnor	Peru	Military / Police pension fund	Peru	Soles	5.45	%	5.44	%	63,823	214,613	278,436	5,077,124	—	—	5,077,124
Foreign	Edelnor	Peru	FCR - Macrofund	Peru	Soles	6.44	%	1.27	%	76,203	256,244	332,447	5,180,728	—	—	5,180,728
Foreign	Edelnor	Peru	Rimac Internacional Cia de Seguros	Peru	Soles	6.48	%	6.48	%	151,944	510,933	662,877	10,342,337	—	—	10,342,337
Foreign	Edelnor	Peru	Rimac Internacional Cia de Seguros	Peru	Soles	32.27	%	0.48	%	—	—	—	—	—	—	—
Foreign	Edelnor	Peru	AFP Integra	Peru	Soles	14.00	%	14.00	%	126,147	424,187	550,334	1,017,494	—	5,991,693	7,009,187
Foreign	Edelnor	Peru	Retirement Insurance fund for Noncommissioned Officers and Specialists - Fosersoe	Peru	Soles	7.44	%	7.31	%	107,277	360,734	468,011	865,289	2,512,167	6,209,886	9,587,342
Foreign	Edelnor	Peru	AFP Integra	Peru	Soles	7.88	%	7.31	%	15,147	821,547	836,694	—	—	—	—
Foreign	Edelnor	Peru	Social Health Insurance - Essalud	Peru	Soles	7.57	%	7.56	%	54,563	183,474	238,037	2,962,950	—	—	2,962,950
Foreign	Edelnor	Peru	AFP Profuturo	Peru	Soles	8.17	%	7.56	%	70,593	237,379	307,972	569,399	4,271,435	—	4,840,834
Foreign	Edelnor	Peru	AFP Integra	Peru	Soles	7.23	%	7.22	%	52,086	175,146	227,232	420,122	3,482,779	—	3,902,901
Foreign	Edelnor	Peru	AFP Horizonte	Peru	Soles	7.06	%	7.06	%	62,548	210,325	272,873	504,506	4,816,026	—	5,320,532
Foreign	Edelnor	Peru	AFP Integra	Peru	Soles	8.01	%	7.06	%	104,593	351,709	456,302	843,643	—	6,430,925	7,274,568
Foreign	Edelnor	Peru	AFP Integra	Peru	Soles	6.67	%	6.66	%	48,033	161,519	209,552	3,034,955	—	—	3,034,955
Foreign	Edelnor	Peru	FCR - Macrofund	Peru	Soles	5.70	%	5.69	%	3,926,418	—	3,926,418	—	—	—	—
Foreign	Edelnor	Peru	AFP Profuturo	Peru	Soles	5.91	%	5.69	%	56,814	191,045	247,859	458,259	3,910,505	—	4,368,764
Foreign	Edelnor	Peru	AFP Integra	Peru	Soles	5.97	%	5.91	%	7,975,989		7,975,989	—	—	—	—
Foreign	Edelnor	Peru	AFP Horizonte	Peru	Soles	6.94	%	5.97	%	133,328	448,335	581,663	1,075,419	8,019,674	—	9,095,093
Foreign	Edelnor	Peru	AFP Prima	Peru	Soles	6.94	%	6.94	%	6,065,488	—	6,065,488	—	—	—	—
Foreign	Edelnor	Peru	AFP Prima	Peru	Soles	6.85	%	6.56	%	98,656	6,111,343	6,209,999	—	—	—	—
Foreign	Edelnor	Peru	AFP Prima	Peru	Soles	7.13	%	5.94	%	68,516	230,393	298,909	552,643	5,457,537	—	6,010,180
Foreign	Edelnor	Peru	AFP Integra	Peru	Soles	6.29	%	5.94	%	60,381	203,039	263,420	3,893,541	—	—	3,893,541
Foreign	Edelnor	Peru	Mapfre Peru Cia de Seguros	Peru	Soles	6.82	%	6.28	%	81,845	275,214	357,059	5,284,017	—	—	5,284,017
Foreign	Edelnor	Peru	AFP Prima	Peru	Soles	7.13	%	6.81	%	85,597	287,833	373,430	690,422	5,790,825	—	6,481,247
Foreign	Edelnor	Peru	AFP Prima	Peru	Soles	32.27	%	7.13	%	—	—	—	—	—	—	—
Foreign	Edelnor	Peru	AFP Prima	Peru	Soles	7.72	%	7.50	%	111,264	374,141	485,405	—	—	6,004,573	6,004,573
Foreign	Edelnor	Peru	AFP Prima	Peru	Soles	8.32	%	7.72	%	51,945	2,662,041	2,713,986	—	—	—	—
Foreign	Edelnor	Peru	AFP Profuturo	Peru	Soles	32.27	%	8.25	%	—	—	—	—	—	—	—
Foreign	Edelnor	Peru	AFP Profuturo	Peru	Soles	32.27	%	7.81	%	—	—	—	—	—	—	—
Foreign	Edelnor	Peru	AFP Profuturo	Peru	Soles	7.82	%	7.81	%	4,936,463	—	4,936,463	—	—	—	—
Foreign	Edelnor	Peru	AFP Profuturo	Peru	Soles	7.91	%	7.91	%	6,276,791	—	6,276,791	—	—	—	—
Foreign	Edelnor	Peru	AFP Profuturo	Peru	Soles	8.07	%	6.56	%	96,506	324,515	421,021	778,412	—	4,863,685	5,642,097
Foreign	Edelnor	Peru	Fondo Mi Vivienda	Peru	Soles	6.57	%	6.56	%	92,948	312,552	405,500	—	—	6,177,926	6,177,926
Foreign	Edelnor	Peru	Atlantic Security Bank	Peru	Soles	7.07	%	6.16	%	101,873	342,563	444,436	821,704	—	7,348,002	8,169,706
Foreign	Edelnor	Peru	AFP Integra	Peru	Soles	7.45	%	7.44	%	63,749	214,363	278,112	514,191	3,917,515	—	4,431,706
Foreign	Edesur	Argentina	oeds7	Argentina	Ar$	11.74	%	8.00	%	116,551	4,100,169	4,216,720	—	—	—	—
Foreign	Emgesa	Colombia	B10 Bonds	Colombia	CPs	32.27	%	7.05	%	—	—	—	—	—	—	—
Foreign	Emgesa	Colombia	A-10 Bonds	Colombia	CPs	8.22	%	7.21	%	1,150,327	3,868,134	5,018,461	9,278,465	—	56,536,718	65,815,183
Foreign	Emgesa	Colombia	B-103 Bonds	Colombia	CPs	9.97	%	5.11	%	1,129,556	3,798,288	4,927,844	9,110,927	—	62,840,794	71,951,721
Foreign	Emgesa	Colombia	A102 Bonds	Colombia	CPs	8.13	%	6.34	%	216,825	729,104	945,929	1,748,896	10,768,120	—	12,517,016
Foreign	Emgesa	Colombia	A2-5 Bonds	Colombia	CPs	5.43	%	4.83	%	179,093	602,226	781,319	14,001,389	—	—	14,001,389
Foreign	Emgesa	Colombia	B105 Bonds	Colombia	CPs	9.27	%	4.83	%	569,828	1,916,126	2,485,954	28,105,888	—	—	28,105,888
Foreign	Emgesa	Colombia	B105 Bonds	Colombia	CPs	9.13	%	5.33	%	1,328,332	4,466,698	5,795,030	10,714,236	84,115,563	—	94,829,799
Foreign	Emgesa	Colombia	A5 Bonds	Colombia	CPs	32.27	%	7.77	%	—	—	—	—	—	—	—
Foreign	Emgesa	Colombia	B9 Bonds	Colombia	CPs	32.27	%	6.07	%	—	—	—	—	—	—	—
Foreign	Emgesa	Colombia	B104 Bonds	Colombia	CPs	9.28	%	7.94	%	989,794	3,328,320	4,318,114	7,983,617	—	65,971,663	73,955,280
Foreign	Emgesa	Colombia	B104 Bonds	Colombia	CPs	9.80	%	9.80	%	354,285	1,191,331	1,545,616	2,857,637	8,296,492	21,943,442	33,097,571
Foreign	Emgesa	Colombia	C10 Bonds	Colombia	CPs	32.27	%	8.14	%	—	—	—	—	—	—	—
Foreign	Emgesa	Colombia	E105-5 Bonds	Colombia	CPs	9.33	%	9.27	%	556,858	1,872,513	2,429,371	4,491,583	13,040,277	28,416,894	45,948,754
Foreign	Emgesa	Colombia	B1 Bonds	Colombia	CPs	10.17	%	7.76	%	4,386,227	14,749,291	19,135,518	35,379,018	—	310,816,486	346,195,504
Foreign	Emgesa	Colombia	Commercial papers	Colombia	CPs	10.17	%	4.00	%	610,366	2,052,440	2,662,806	4,923,173	—	43,251,722	48,174,895
91,081,000-6	Endesa Chile	Chile	The Bank of New York Mellon — First Issue S-1	USA	US$	7.88	%	7.88	%	703,310	2,364,976	3,068,286	5,672,852	16,469,819	84,974,171	107,116,842
91,081,000-6	Endesa Chile	Chile	The Bank of New York Mellon — First Issue S-2	USA	US$	8.27	%	7.33	%	2,204,773	7,413,852	9,618,625	17,783,553	51,630,453	177,679,777	247,093,783
91,081,000-6	Endesa Chile	Chile	The Bank of New York Mellon — First Issue S-3	USA	US$	9.21	%	8.13	%	2,384,734	8,018,994	10,403,728	19,235,104	109,486,718	—	128,721,822
91,081,000-6	Endesa Chile	Chile	Banco Santander Chile — 264 Series-F	Chile	U.F.	10.59	%	6.20	%	31,321,953	—	31,321,953	—	—	—	—
91,081,000-6	Endesa Chile	Chile	The Bank of New York Mellon - 144 - A	USA	US$	8.95	%	8.35	%	4,635,971	15,589,088	20,225,059	218,659,499	—	—	218,659,499
91,081,000-6	Endesa Chile	Chile	The Bank of New York Mellon - 144 - A	USA	US$	8.74	%	8.63	%	457,603	1,538,753	1,996,356	3,690,997	10,715,959	162,562,141	176,969,097
91,081,000-6	Endesa Chile	Chile	Banco Santander Chile — 317 Series-H	Chile	U.F.	10.66	%	6.20	%	2,124,125	11,532,964	13,657,089	24,422,163	58,670,925	66,097,899	149,190,987
91,081,000-6	Endesa Chile	Chile	Banco Santander Chile — 318 Series-K	Chile	U.F.	7.85	%	3.80	%	1,746,368	5,872,402	7,618,770	14,086,088	40,895,714	145,246,623	200,228,425
91,081,000-6	Endesa Chile	Chile	Banco Santander Chile — 522 Series-M	Chile	U.F.	8.95	%	4.75	%	4,973,783	16,725,028	21,698,811	40,118,205	136,748,818	305,217,831	482,084,854
94,271,000-3	Enersis	Chile	Yankee bonds 2016	USA	US$	7.71	%	7.40	%	2,492,775	8,382,298	10,875,073	20,106,557	158,089,452	—	178,196,009
94,271,000-3	Enersis	Chile	Yankee bonds 2026	USA	US$	6.88	%	6.60	%	7,638	25,685	33,323	61,611	178,874	660,104	900,589
94,271,000-3	Enersis	Chile	Yankee bonds 2014	USA	US$	7.68	%	7.38	%	9,552,437	5,637,390	15,189,827	195,829,642	—	—	195,829,642
94,271,000-3	Enersis	Chile	UF 269 Bonds	Chile	U.F.	10.36	%	5.75	%	837,156	5,068,678	5,905,834	10,912,682	27,372,736	11,324,847	49,610,265
			Total							125,993,266	315,961,506	441,954,772	1,090,734,784	1,223,629,768	1,706,968,022	4,021,332,574

										12-2010
						Effective		Nominal		Current			Non-current
Taxpayer ID No, (RUT)	Company	Country	Financial Institution	Country	Currency	Interest Rate		Interest Rate		Less than 90 days	More than 90 days	Total Current	One to Three Years	Three to Five Years	More than Five Years	Total Non- current
Foreign	Edegel	Peru	BANCO CONTINENTAL	Peru	US$	32.27	%	5.79	%	—	—	—	429,592	—	—	429,592
Foreign	Edelnor	Peru	Military / Police pension fund	Peru	Soles	5.45	%	5.44	%	53,845	179,094	232,939	429,592	7,737,244	—	8,166,836
Foreign	Edelnor	Peru	FCR - Macrofund	Peru	Soles	6.44	%	1.27	%	64,056	213,056	277,112	511,056	4,027,619	—	4,538,675
Foreign	Edelnor	Peru	Rimac Internacional Cia de Seguros	Peru	Soles	6.48	%	6.48	%	127,846	425,227	553,073	1,019,989	8,041,180	—	9,061,169
Foreign	Edelnor	Peru	Rimac Internacional Cia de Seguros	Peru	Soles	32.27	%	0.48	%	815,693	—	815,693	—	—	—	—
Foreign	Edelnor	Peru	AFP Integra	Peru	Soles	14.00	%	14.00	%	110,243	366,678	476,921	879,547	5,838,330	—	6,717,877
Foreign	Edelnor	Peru	Retirement Insurance fund for Noncommissioned Officers and Specialists — Fosersoe	Peru	Solses	7.44	%	7.31	%	3,352,913	—	3,352,913	—	—	—	—
Foreign	Edelnor	Peru	AFP Integra	Peru	Soles	7.88	%	7.31	%	13,176	43,824	57,000	719,004	—	—	719,004
Foreign	Edelnor	Peru	Social Health Insurance - Essalud	Peru	Soles	7.57	%	7.56	%	47,638	158,449	206,087	—	2,752,371	—	2,752,371
Foreign	Edelnor	Peru	AFP Profuturo	Peru	Soles	8.17	%	7.56	%	61,654	205,067	266,721	491,892	3,713,379	—	4,205,271
Foreign	Edelnor	Peru	AFP Integra	Peru	Soles	7.23	%	7.22	%	45,473	151,246	196,719	362,794	3,026,055	—	3,388,849
Foreign	Edelnor	Peru	AFP Horizonte	Peru	Soles	7.06	%	7.06	%	3,371,548	—	3,371,548	—	—	—	—
Foreign	Edelnor	Peru	AFP Integra	Peru	Soles	8.01	%	7.06	%	91,381	303,942	395,323	729,064	1,836,652	—	2,565,716
Foreign	Edelnor	Peru	AFP Integra	Peru	Soles	6.67	%	6.66	%	41,929	139,461	181,390	—	2,791,758	—	2,791,758
Foreign	Edelnor	Peru	FCR - Macrofund	Peru	Soles	5.70	%	5.69	%	47,769	158,885	206,654	3,379,468	—	—	3,379,468
Foreign	Edelnor	Peru	AFP Profuturo	Peru	Soles	5.91	%	5.69	%	49,607	164,996	214,603	395,775	3,710,199	—	4,105,974
Foreign	Edelnor	Peru	AFP Integra	Peru	Soles	5.97	%	5.91	%	100,263	333,484	433,747	6,863,872	—	—	6,863,872
Foreign	Edelnor	Peru	AFP Horizonte	Peru	Soles	6.94	%	5.97	%	116,536	387,610	504,146	929,757	7,552,392	—	8,482,149
Foreign	Edelnor	Peru	AFP Prima	Peru	Soles	6.94	%	6.94	%	82,678	274,994	357,672	—	—	5,217,603	5,217,603
Foreign	Edelnor	Peru	AFP Prima	Peru	Soles	6.85	%	6.56	%	86,221	286,779	373,000	5,342,274	—	—	5,342,274
Foreign	Edelnor	Peru	AFP Prima	Peru	Soles	7.13	%	5.94	%	3,382,087	—	3,382,087	—	—	—	—
Foreign	Edelnor	Peru	AFP Integra	Peru	Soles	6.29	%	5.94	%	52,756	175,472	228,228	3,577,649	—	—	3,577,649
Foreign	Edelnor	Peru	Mapfre Peru Cia de Seguros	Peru	Soles	6.82	%	6.28	%	71,523	237,891	309,414	570,628	4,283,441	—	4,854,069
Foreign	Edelnor	Peru	AFP Prima	Peru	Soles	7.13	%	6.81	%	74,804	248,804	323,608	596,804	—	1,147,374	1,744,178
Foreign	Edelnor	Peru	AFP Prima	Peru	Soles	32.27	%	7.13	%	62,993	3,415,752	3,478,745	—	—	—	—
Foreign	Edelnor	Peru	AFP Prima	Peru	Soles	7.72	%	7.50	%	97,245	323,445	420,690	5,579,682	—	—	5,579,682
Foreign	Edelnor	Peru	AFP Prima	Peru	Soles	8.32	%	7.72	%	45,381	150,941	196,322	2,331,681	—	—	2,331,681
Foreign	Edelnor	Peru	AFP Profuturo	Peru	Soles	32.27	%	8.25	%	1,850,054	940,321	2,790,375	—	—	—	—
Foreign	Edelnor	Peru	AFP Profuturo	Peru	Soles	32.27	%	7.81	%	83,531	4,519,744	4,603,275	—	—	—	—
Foreign	Edelnor	Peru	AFP Profuturo	Peru	Soles	7.82	%	7.81	%	99,607	331,302	430,909	5,395,672	—	—	5,395,672
Foreign	Edelnor	Peru	AFP Profuturo	Peru	Soles	7.91	%	7.91	%	84,342	280,527	364,869	672,899	—	14,378,772	15,051,671
Foreign	Edelnor	Peru	AFP Profuturo	Peru	Soles	8.07	%	6.56	%	81,231	270,181	351,412	648,082	—	28,621,219	29,269,301
Foreign	Edelnor	Peru	Fondo Mi Vivienda	Peru	Soles	6.57	%	6.56	%	88,558	294,551	383,109	706,538	—	—	706,538
Foreign	Edelnor	Peru	Atlantic Security Bank	Peru	Soles	7.07	%	6.16	%	55,355	184,114	239,469	441,633	—	—	441,633
Foreign	Edelnor	Peru	AFP Integra	Peru	Soles	7.45	%	7.44	%	130,063	432,600	562,663	1,037,675	2,539,051	—	3,576,726
Foreign	Edesur	Argentina	oeds7	Argentina	Ar$	11.74	%	8.00	%	510,018	9,010,562	9,520,580	4,165,269	—	—	4,165,269
Foreign	Emgesa	Colombia	B10 Bonds	Colombia	CPs	32.27	%	7.05	%	925,274	46,241,341	47,166,615	—	—	—	—
Foreign	Emgesa	Colombia	A-10 Bonds	Colombia	CPs	8.22	%	7.21	%	928,950	3,089,767	4,018,717	7,411,403	—	58,531,760	65,943,163
Foreign	Emgesa	Colombia	B-103 Bonds	Colombia	CPs	9.97	%	5.11	%	—	3,417,457	3,417,457	—	—	59,944,656	59,944,656
Foreign	Emgesa	Colombia	A102 Bonds	Colombia	CPs	8.13	%	6.34	%	127,910	425,441	553,351	1,020,502	—	—	1,020,502
Foreign	Emgesa	Colombia	A2-5 Bonds	Colombia	CPs	5.43	%	4.83	%	920,115	3,060,381	3,980,496	7,340,914	—	12,326,963	19,667,877
Foreign	Emgesa	Colombia	B105 Bonds	Colombia	CPs	9.27	%	4.83	%	631,089	16,269,543	16,900,632	—	—	—	—
Foreign	Emgesa	Colombia	B105 Bonds	Colombia	CPs	9.13	%	5.33	%	525,615	1,748,240	2,273,855	4,193,491	23,479,236	—	27,672,727
Foreign	Emgesa	Colombia	A5 Bonds	Colombia	CPs	32.27	%	7.77	%	1,870,289	2,803,288	4,673,577	8,619,110	74,169,812	—	82,788,922
Foreign	Emgesa	Colombia	B9 Bonds	Colombia	CPs	32.27	%	6.07	%	454,112	1,510,415	1,964,527	3,623,022	8,865,052	27,196,423	39,684,497
Foreign	Emgesa	Colombia	B104 Bonds	Colombia	CPs	9.28	%	7.94	%	774,134	2,574,836	3,348,970	6,176,240	15,112,435	42,007,978	63,296,653
Foreign	Emgesa	Colombia	B104 Bonds	Colombia	CPs	9.80	%	9.80	%	—	—	—	—	—	—	—
Foreign	Emgesa	Colombia	C10 Bonds	Colombia	CPs	32.27	%	8.14	%	278,613	926,691	1,205,304	2,222,846	5,439,008	20,133,297	27,795,151
Foreign	Emgesa	Colombia	E105-5 Bonds	Colombia	CPs	9.33	%	9.27	%	—	—	—	—	—	—	—
Foreign	Emgesa	Colombia	B1 Bonds	Colombia	CPs	10.17	%	7.76	%	—	—	—	—	—	—	—
Foreign	Emgesa	Colombia	Commercial papers	Colombia	CPs	10.17	%	4.00	%	180,638	17,507,497	17,688,135	—	—	—	—
91,081,000-6	Endesa Chile	Chile	The Bank of New York Mellon — First Issue S-1	USA	US$	7.88	%	7.88	%	3,258,258	—	3,258,258	—	—	133,240,165	133,240,165
91,081,000-6	Endesa Chile	Chile	The Bank of New York Mellon — First Issue S-2	USA	US$	8.27	%	7.33	%	1,800,577		1,800,577	—	—	67,013,806	67,013,806
91,081,000-6	Endesa Chile	Chile	The Bank of New York Mellon — First Issue S-3	USA	US$	9.21	%	8.13	%	1,995,692	6,202,409	8,198,101	—	—	14,515,600	14,515,600
91,081,000-6	Endesa Chile	Chile	Banco Santander Chile - 264 Series-F	Chile	U.F.	10.59	%	6.20	%	1,277,966	2,083,536	3,361,502	6,435,714	19,069,273	23,877,508	49,382,495
91,081,000-6	Endesa Chile	Chile	The Bank of New York Mellon - 144 - A	USA	US$	8.95	%	8.35	%	—	13,893,834	13,893,834	86,790,375	143,546,561	157,010,138	387,347,074
91,081,000-6	Endesa Chile	Chile	The Bank of New York Mellon - 144 - A	USA	US$	8.74	%	8.63	%	3,450,641	10,287,028	13,737,669	186,924,716	110,135,092	—	297,059,808
91,081,000-6	Endesa Chile	Chile	Banco Santander Chile - 317 Series-H	Chile	U.F.	10.66	%	6.20	%	1,436,610	10,440,417	11,877,027	21,414,704	53,101,972	61,491,208	136,007,884
91,081,000-6	Endesa Chile	Chile	Banco Santander Chile - 318 Series-K	Chile	U.F.	7.85	%	3.80	%	1,284,413	4,272,071	5,556,484	10,247,385	25,073,983	131,684,135	167,005,503
91,081,000-6	Endesa Chile	Chile	Banco Santander Chile - 522 Series-M	Chile	U.F.	8.95	%	4.75	%	3,759,700	12,505,089	16,264,789	29,995,867	73,395,881	304,052,705	407,444,453
94,271,000-3	Enersis	Chile	Yankee bonds 2016	USA	US$	7.71	%	7.40	%	2,270,849	7,553,041	9,823,890	—	—	143,190,238	143,190,238
94,271,000-3	Enersis	Chile	Yankee bonds 2026	USA	US$	6.88	%	6.60	%	6,958	23,144	30,102	55,516	135,840	622,407	813,763
94,271,000-3	Enersis	Chile	Yankee bonds 2014	USA	US$	7.68	%	7.38	%	7,443,894	6,277,688	13,721,582	25,305,631	175,387,549	—	200,693,180
94,271,000-3	Enersis	Chile	UF 269 Bonds	Chile	U.F.	10.36	%	5.75	%	715,315	4,441,788	5,157,103	9,638,634	16,803,785	21,067,115	47,509,534
			Total							104,988,948	345,191,870	450,180,818	771,692,033	925,972,628	1,597,779,869	3,295,444,530

F-132

c)             Financial lease obligations

g.             Financial lease obligations by company

									12-2011
Taxpayer			Financial						Current			Non-Current
ID No, (RUT)	Company	Country	Institution ID No.	Financial Institution	Country	Currency	Nominal Interest Rate		Less than 90 Days	More than 90 Days	Total Current	One to Three Years	Three to Five Years	More than Five Years	Total Non- Current
91,081,000-6	Endesa Chile	Chile	87,509,100-K	Leasing Abengoa Chile	Chile	US$	6.40	%	567,586	1,900,568	2,468,154	4,556,135	12,220,275	10,867,880	27,644,290
Foreign	Edegel	Peru	Foreign	Scotiabank	Peru	US$	5.16	%	2,137,134	6,953,795	9,090,929	11,858,222	27,292,271	—	39,150,493
96,830,980-3	GasAtacama	Chile	96,976,410-5	Gasred S.A.	Chile	US$	9.38	%	—	—	—	—	—	—	—
Foreign	Edelnor	Peru	Foreign	BBVA	Peru	Soles	6.40	%	1,178,706	3,660,137	4,838,843	2,604,306	—	—	2,604,306
Foreign	Edesur	Argentina	Foreign	COMAFI	Argentina	Ar$	3.54	%	170,578	411,253	581,831	673,700	—	—	673,700
			Total						4,054,004	12,925,753	16,979,757	19,692,363	39,512,546	10,867,880	70,072,789

									12-2010
Taxpayer			Financial						Current			Non-current
ID No, (RUT)	Company	Country	Institution ID No.	Financial Institution	Country	Currency	Nominal Interest Rate		Less than 90 Days	More than 90 Days	Total Current	One to Three Years	Three to Five Years	More than Five Years	Total Non- Current
91,081,000-6	Endesa Chile	Chile	87,509,100-K	Leasing Abengoa Chile	Chile	US$	6.40	%	514,759	1,713,147	2,227,906	4,107,030	10,200,414	11,875,674	26,183,118
Foreign	Edegel	Peru	Foreign	Scotiabank	Peru	US$	5.16	%	2,204,779	6,628,821	8,833,600	14,084,254	30,098,142	—	44,182,396
96,830,980-3	GasAtacama	Chile	96,976,410-5	Gasred S.A.	Chile	US$	9.38	%	65,489	195,946	261,435	—	—	—	—
Foreign	Edelnor	Peru	Foreign	BBVA	Peru	Soles	6.40	%	450,157	909,184	1,359,341	2,470,766	—	—	2,470,766
Foreign	Edesur	Argentina	Foreign	COMAFI	Argentina	Ar$	3.54	%	174,909	581,159	756,068	917,985	225,762	—	1,143,747
			Total						3,410,093	10,028,257	13,438,350	21,580,035	40,524,318	11,875,674	73,980,027

d)            Other  Liabilities

h.             Other liabilities by company

									12-2011
Taxpayer			Financial				Nominal		Current			Non-current
ID No,(RUT)	Company	Country	Institution ID No,	Financial Institution	Country	Currency	Interest Rate		Less than 90 days	More than 90 days	Total Current	One to Three Years	Three to Five Years	More than Five Years	Total Non- current
Foreign	Endesa Costanera	Argentina	Foreign	Mitsubishi (secured debt)	Argentina	US$	16.08	%	14,958,554	10,030,787	24,989,341	32,747,272	24,243,194	—	56,990,466
Foreign	Endesa Costanera	Argentina	Foreign	Mitsubishi (unsecured debt)	Argentina	US$	16.08	%	2,296,618	67,527	2,364,145	161,976	1,139,597	—	1,301,573
Foreign	Endesa Costanera	Argentina	Foreign	Other	Argentina	Ar$	17.17	%	547,198	884,765	1,431,963	—	—	—	—
96,827,970-K	Endesa Eco	Chile	96,601,250-1	Inversiones Centinela S.A.	Chile	US$	9.90	%	—	3,930,734	3,930,734	—	—	—	—
Foreign	Endesa Brasil	Brazil	Foreign	IFC	Brazil	US$	24.09	%	—	—	—	—	—	—	—
96,830,980-3	Inversiones GasAtacama Holding	Chile	96,963,440-6	SC GROUP	Chile	US$	7.50	%	10,193,375	—	10,193,375	—	—	—	—
			Total						27,995,745	14,913,813	42,909,558	32,909,248	25,382,791	—	58,292,039

									12-2010
Taxpayer			Financial				Nominal		Current			Non-current
ID No,(RUT)	Company	Country	Institution ID No,	Financial Institution	Country	Currency	Interest Rate		Less than 90 days	More than 90 days	Total Current	One to Three Years	Three to Five Years	More than Five Years	Total Non- current
Foreign	Endesa Costanera	Argentina	Foreign	Mitsubishi (secured debt)	Argentina	US$	16.08	%	9,372,718	10,439,827	19,812,545	28,222,904	26,997,497	—	55,220,401
Foreign	Endesa Costanera	Argentina	Foreign	Mitsubishi (unsecured debt)	Argentina	US$	16.08	%	56,194	1,181,656	1,237,850	1,164,650	1,117,531	—	2,282,181
Foreign	Endesa Costanera	Argentina	Foreign	Other	Argentina	Ar$	17.17	%	968,330	1,855,135	2,823,465	866,537	—	—	866,537
96,827,970-K	Endesa Eco	Chile	96,601,250-1	Inversiones Centinela S.A.	Chile	US$	9.90	%	—	—	—	12,395,250	—	—	12,395,250
Foreign	Endesa Brasil	Brazil	Foreign	IFC	Brazil	US$	24.09	%	51,831,581	—	51,831,581	—	—	—	—
96,830,980-3	Inversiones GasAtacama Holding	Chile	96,963,440-6	SC GROUP	Chile	US$	7.50	%	—	—	—	—	—	—	—
			Total						62,228,823	13,476,618	75,705,441	42,649,341	28,115,028	—	70,764,369

F-133

APPENDIX No. 5 ASSETS AND LIABILITIES IN FOREIGN CURRENCIES:

This appendix forms an integral part of the Enersis financial statements.

The detail of assets and liabilities denominated in foreign currencies is the following:

			12-31-2011	12-31-2010
	Foreign Currency	Functional Currency	ThCh$	ThCh$
ASSETS
CURRENT ASSETS
Cash and cash equivalents			42,323,083	66,329,098
	U.S. dollar	Chilean peso	22,805,258	46,804,371
	U.S. dollar	Colombian peso	5,634	6,004
	U.S. dollar	Peruvian sol	3,201,968	1,234,825
	U.S. dollar	Argentine peso	16,310,223	18,283,898
Trade and other current receivables			10,100,793	17,592,080
	U.S. dollar	Chilean peso	10,100,793	17,592,080
Accounts receivable from related companies			379,862	563,614
	U.S. dollar	Chilean peso	379,862	563,614
Total current assets other than assets classified as held for sale and discontinued operations			52,803,738	84,484,792
TOTAL CURRENT ASSETS			52,803,738	84,484,792
NON-CURRENT ASSETS
Investments accounted for using equity method			9,733,400	2,887,460
	U.S. dollar	Chilean peso	9,733,400	2,887,460
Goodwill			477,068,142	488,403,515
	Brazilian real	Peruvian sol	10,361,690	10,502,214
	Brazilian real	Chilean peso	313,990,020	327,477,479
	Colombian peso	Chilean peso	11,589,629	7,348,467
	Peruvian sol	Chilean peso	128,304,143	118,949,428
	Argentine peso	Chilean peso	12,822,660	24,125,927
TOTAL NON-CURRENT ASSETS			486,801,542	491,290,975
TOTAL ASSETS			539,605,280	575,775,767

			12-31-2011							12-31-2010
			Current Liabilities			Non-current Liabilities				Current Liabilities			Non-current Liabilities
	Foreign	Functional	Up to 90 days	91 days to 1 year	Total	1 to 3 years	3 to 5 years	More than 5 years	Total	Up to 90 days	91 days to 1 year	Total	1 to 3 years	3 to 5 years	More than 5 years	Total
	Currency	Currency	ThCh$	ThCh$	Current	ThCh$	ThCh$	ThCh$	Non-current	ThCh$	ThCh$	Current	ThCh$	ThCh$	ThCh$	Non-current
Other current financial liabilities	U.S. dollar		50,273,399	110,007,608	160,281,007	698,191,147	484,059,182	493,795,421	1,676,045,750	93,267,733	137,235,543	230,503,276	419,645,875	622,867,495	537,908,172	1,580,421,542
	U.S. dollar	Chilean peso	23,913,216	58,161,835	82,075,051	595,227,849	359,668,296	436,744,073	1,391,640,218	21,623,823	65,061,393	86,685,216	318,781,111	523,230,097	467,468,028	1,309,479,236
	U.S. dollar	Brazilian real	644,936	12,599,186	13,244,122	17,532,685	17,877,446	6,352,599	41,762,730	52,596,722	11,617,821	64,214,543	19,990,693	18,600,098	10,681,077	49,271,868
	U.S. dollar	Peruvian sol	5,801,056	19,711,792	25,512,848	35,378,771	79,518,586	50,698,749	165,596,106	4,532,918	30,789,583	35,322,501	47,472,662	52,922,272	59,759,067	160,154,001
	U.S. dollar	Argentine peso	19,914,191	19,534,795	39,448,986	50,051,842	26,994,854	—	77,046,696	14,514,270	29,766,746	44,281,016	33,401,409	28,115,028	—	61,516,437
TOTAL LIABILITIES			50,273,399	110,007,608	160,281,007	698,191,147	484,059,182	493,795,421	1,676,045,750	93,267,733	137,235,543	230,503,276	419,645,875	622,867,495	537,908,172	1,580,421,542

F-134

SCHEDULE I

Rule 5-04 of the Securities and Exchange Commission requires presentation of condensed financial statements of the registrant (parent company) when restricted net asset, defined as assets not to be transferred to the parent company in the form of loans, advance or cash dividends of the subsidiary without the consent of a third party, exceed of the 25% consolidated net assets of the parent and its subsidiaries.

Following are the Enersis separate statements of financial position as of December 31, 2011 and 2010 and the related statements of comprehensive income, changes in equity and cash flows for each of the three years in the period ended December 31, 2011, which have been prepared in accordance with International Financial Reporting Standards and have been conformed in accordance to the presentation explained in Note 36 to the consolidated financial statements.

ENERSIS S.A.

Separate Statement of Financial Position

At December 31, 2011 and 2010

(In thousands of Chilean pesos - ThCh$)

	12-31-2011	12-31-2010
	ThCh$	ThCh$
ASSETS
CURRENT ASSETS
Cash and cash equivalents	328,709,300	62,696,278
Other current non-financial assets	432,477	189,330
Trade and other current receivables	5,307,457	2,516,969
Accounts receivable from related companies	45,295,153	39,517,364
Inventories	5,651,622	4,928,358
Current tax assets	10,746,284	9,628,948
Total current assets other than assets classified as held for sale anddiscontinued operations	396,142,293	119,477,247
Non-current assets classified as held for sale and discontinued operations	—	2,756,706
TOTAL CURRENT ASSETS	396,142,293	122,233,953
NON-CURRENT ASSETS
Other non-current financial assets	20,793,960	29,461,230
Non-current receivables	—	146,500,704
Investments in subsidiaries and associates companies	2,407,743,084	2,563,742,088
Intangible assets other than goodwill	1,848,204	1,225,648
Property, plant and equipment, net	6,831,258	7,186,515
Deferred tax assets	39,818,448	42,203,457
TOTAL NON-CURRENT ASSETS	2,477,034,954	2,790,319,642
TOTAL ASSETS	2,873,177,247	2,912,553,595

F-135

ENERSIS S.A.

Separate Statement of Financial Position

At December 31, 2011 and 2010

(In thousands of Chilean pesos - ThCh$)

	12-31-2011 ThCh$		12-31-2010 ThCh$
LIABILITIES AND EQUITY
CURRENT LIABILITIES
Other current financial liabilities	12,336,371		11,755,506
Trade and other current payables	49,990,132		63,408,992
Accounts payable to related companies	79,076,032		111,156,625
Other current provisions	13,485,579		14,443,439
Current tax liabilities	302,633		194,195
Current provisions for employee benefits			—
Other current non-financial liabilities	341,616		156,045
Total current liabilities other than those associated with current assets classified as held for sale and discontinued operations	155,532,363		201,114,802
Liabilities associated with current assets classified as held for sale and discontinued operations			—
TOTAL CURRENT LIABILITIES	155,532,363		201,114,802
NON-CURRENT LIABILITIES
Other non-current financial liabilities	553,642,026		550,938,961
Deferred tax liabilities	1,833,765		2,092,367
Non-current provisions for employee benefits	5,359,699		5,229,738
TOTAL NON-CURRENT LIABILITIES	560,835,490		558,261,066
TOTAL LIABILITIES	716,367,853		759,375,868
EQUITY
Issued capital	2,824,882,835		2,824,882,835
Retained earnings	486,707,243		495,967,789
Share premium	158,759,648		158,759,648
Other reserves	(1,313,540,332	)	(1,326,432,545	)
TOTAL EQUITY	2,156,809,394		2,153,177,727
TOTAL LIABILITIES AND EQUITY	2,873,177,247		2,912,553,595

F-136

ENERSIS S.A.

Separate Statement of Comprehensive Income

For the years ended December 31, 2011, 2010 and 2009

(In thousands of Chilean pesos - ThCh$)

	2011 ThCh$		2010 ThCh$		2009 ThCh$
STATEMENT OF COMPREHENSIVE INCOME
Dividends from a subsidiaries and Associates	400,034,628		249,037,939		204,489,046
Other operating income	14,504,696		15,184,438		14,987,498
Total Revenues	414,539,324		264,222,377		219,476,544
Raw materials and consumable used	(14,798,705	)	(3,802,716	)	—
Contribution Margin	399,740,619		260,419,661		219,476,544
Employee benefits expense	(16,713,154	)	(16,829,950	)	(14,061,411	)
Depreciation and amortization expense	(1,050,299	)	(933,976	)	(1,118,649	)
Impairment loss recognized in the year’s profit or loss	(149,027,067	)	—		—
Other miscellaneous operating expenses	(12,833,294	)	(13,734,299	)	(12,595,192	)
Operating Income	220,116,805		228,921,436		191,701,292
Profit (Loss) on derecognition of available-for-sale financial assets	22,793,523		—		15,997,454
Financial cost	(29,348,484	)	(30,590,442	)	(25,661,743	)
Foreign currency exchange differences	6,580,169		(13,591,211	)	(55,209,234	)
Profit (loss) for indexed assets and liabilities	(19,881,258	)	(12,195,357	)	12,192,704
Net Income Before Tax	200,260,755		172,544,426		139,020,473
Income Tax	470,914		6,031,074		33,886,710
Net Income from Continuing Operations	200,731,669		178,575,500		172,907,183
Net Income from discontinued operations			—		—
NET INCOME	200,731,669		178,575,500		172,907,183
Components of other comprehensive income, before taxes
Gains (losses) on cash flow hedge	15,532,787		1,695,814		(39,016,540	)
Actuarial gain (loss) on defined benefit plans	(127,086	)	73,634		(974,288	)
Total components of other comprehensive income, before taxes	15,405,701		1,769,448		(39,990,828	)
Income tax related to components of other comprehensive income
Income tax related to cash flow hedge	(2,640,574	)	(288,289	)	6,610,405
Income tax related to defined benefit plans	21,605		(12,518	)	165,629
Total income tax	(2,618,969	)	(300.807	)	6,776,034
Total Other Comprehensive Income	12,786,732		1,468,641		(33,214,794	)
TOTAL COMPREHENSIVE INCOME	213,518,401		180,044,141		139,692,389

F-137

ENERSIS S.A.

Separate Statement of Changes in Equity

For the years ended December 31, 2011, 2010 and 2009

(In thousands of Chilean pesos - ThCh$)

			Changes in other reserves
Statement of Changes in Equity, Net	Issued capital	Share Premium	Reserve of cash flow hedge		Reserve of actuarial gains or losses on defined benefit plans		Other miscellaneous reserves		Other reserves		Retained earnings		Total Equity
Equity at beginning of period 01/01/2011	2,824,882,835	158,759,648	(28,319,646	)			(1,298,112,899	)	(1,326,432,545	)	495,967,789		2,153,177,727
Changes in equity
Comprehensive income			12,892,213		(105,481	)			12,786,732		200,731,669		213,518,401
Net income											200,731,669		200,731,669
Other comprehensive income			12,892,213		(105,481	)			12,786,732				12,786,732
Comprehensive Income
Dividends											(209,886,734	)	(209,886,734	)
Increase (decrease) through transfers and other changes					105,481				105,481		(105,481	)	—
Total changes in equity			12,892,213		—				12,892,213		(9,260,546	)	3,631,667
Equity at end of year 31/12/2011	2,824,882,835	158,759,648	(15.427.433	)	—		(1,298,112,899	)	(1,313,540,332	)	486,707,243		2,156,809,394

			Changes in other reserves
Statement of Changes in Equity, Net	Issued capital	Share Premium	Reserve of cash flow hedge		Reserve of actuarial gains or losses on defined benefit plans		Other miscellaneous reserves		Other reserves		Retained earnings		Total Equity
Equity at beginning of period 01/01/2010	2,824,882,835	158,759,648	(29,727,171	)	—		(1,298,112,899	)	(1,327,840,070	)	496,953,186		2,152,755,599
Changes in equity													—
Comprehensive income	—	—	1,407,525		61,116		—		1,468,641		178,575,500		180,044,141
Net income											178,575,500		178,575,500
Other comprehensive income			1,407,525		61,116				1,468,641				1,468,641
Comprehensive Income													—
Dividends											(179,622,013	)	(179,622,013	)
Increase (decrease) through transfers and other changes					(61,116	)	—		(61,116	)	61,116		—
Total changes in equity	—	—	1,407,525		—		—		1,407,525		(985,397	)	422,128
Equity at end of year 31/12/2010	2,824,882,835	158,759,648	(28,319,646	)	—		(1,298,112,899	)	(1,326,432,545	)	495,967,789		2,153,177,727

F-138

ENERSIS S.A.

Separate Statement of Changes in Equity

For the years ended December 31, 2011, 2010 and 2009

(In thousands of Chilean pesos - ThCh$)

			Changes in others reserves
Statement of Changes in Equity, Net	Issued capital	Share Premium	Reserve of cash flow hedge		Reserve of actuarial gains or losses on defined benefit plans		Other miscellaneous reserves		Other reserves		Retained earnings		Total Equity
Equity at beginning of year 01/01/2009	2,824,882,835	158,759,648	2,678,964		—		(1,298,112,899	)	(1,295,433,935	)	552,784,987		2,240,993,535
Changes in equity													—
Comprehensive income	—	—	(32,406,135	)	(808,659	)	—		(33,214,794	)	172,907,183		139,692,389
Net income											172,907,183		172,907,183
Other comprehensive income			(32,406,135	)	(808,659	)			(33,214,794	)			(33,214,794	)
Comprehensive Income													—
Dividends											(227,842,344	)	(227,842,344	)
Increase (decrease) through transfers and other changes					808,659		—		808,659		(896,640	)	(87,981	)
Total changes in equity	—	—	(32,406,135	)	—		—		(32,406,135	)	(55,831,801	)	(88,237,936	)
Equity at end of year 31/12/2009	2,824,882,835	158,759,648	(29.727.171	)	—		(1,298,112,899		(1,327,840,070	)	496,953,186		2,152,755,599

F-139

ENERSIS S.A.

Separate Statement of Cash Flows

For the years ended December 31, 2011, 2010 and 2009

(In thousands of Chilean pesos - ThCh$)

	2011		2010		2009
Statement of Direct Cash Flow	ThCh$		ThCh$		ThCh$
Cash flows from (used in) operating activities
Types of collections from operating activities
Collections from the sale of goods and services	24,558,500		11,980,151		5,900,671
Collections from royalties, payments, commissions, and other income from ordinary activities	11,677,458		13,710,820		—
Other collections from operating activities	153,937		—		9,427,353
Types of payments
Payments to suppliers for goods and services	(20,151,765	)	(11,957,836	)	(6,965,640	)
Payments to and on behalf of employees	(15,353,879	)	(13,090,048	)	(11,514,439	)
Other payments for operating activities	(21,265,185	)	(5,616,563	)	(3,355,537	)
Income tax reimbursed (paid)	636,356		419,096		629,778
Other inflows (outflows) of cash	(10,749,578	)	(45,322,204	)	(54,957,901	)
Net cash flows from (used in) operating activities	(30,494,156	)	(49,876,584	)	(60,835,715	)
Cash flows from (used in) investing activities
Proceeds from the sale of Other Financial Assets	31,486,668		—		27,081,403
Other cash flows provided by (used in) investing activities	161,163,996		17,031,549		89,147,305
Proceeds from dividends received classified for investing purposes	374,143,660		211,194,885		289,576,311
Purchase of property, plant and equipment	(700,846	)	(236,768	)	(499,384	)
Investments in subsidiaries	—		—		(81,549,336	)
Loans to related companies	(2,067,881	)	(821,636	)	(4,074,609	)
Interest received	9,826,441		7,533,195		16,832,831
Other investment disbursements	—		(6,356,992	)	(28,801,680	)
Net cash flows from (used in) investing activities	573,852,038		228,344,233		307,712,841
Cash flows from (used in) financing activities
Proceeds from loans obtained	—		—		36,500,000
Proceeds from loans from related companies	—		5,536,031		9,363,881
Repayments of borrowings	(1,943,349	)	(1,585,498	)	(148,935,949	)
Payments of finance lease liabilities	—		—		(7,895,140	)
Payments from loans to related companies	(7,072,402	)	—		—
Dividends paid to Non-controlling interests	(95,766,907	)	(59,198,027	)	(89,894,294	)
Dividend paid to shareholders of the parent	(146,902,672	)	(61,446,535	)	(102,539,559	)
Interest paid	(25,659,530	)	(26,402,662	)	(32,675,965	)
Net cash flows from (used in) financing activities	(277,344,860	)	(143,096,691	)	(336,077,026	)
Net Increase (Decrease) in Cash and Cash Equivalents	266,013,022		35,370,958		(89,199,900	)
Cash and cash equivalents at beginning of year	62,696,278		27,325,320		116,525,220
Cash and cash equivalents at end of year	328,709,300		62,696,278		27,325,320

F-140

Additional information:

1. Basis of Presentation

Enersis S.A. (“the Parent”) is a holding company that conducts substantially all of its business operations through its subsidiaries. It is important to consider that for purposes of preparing separate financial statements under International Financial Reporting Standards, the Parent records its investments in subsidiaries and associates at its cost. Dividends received from a subsidiary and associate are recognized in profit or loss in the Parent’s separate financial statements when its right to receive such dividend is established. The information described bellow should be read in conjunction with the consolidated financial statements of Enersis S.A. The basis of presentation and accounting principles used in the preparation of these separate financial statements are described in notes 2 and 3 of the consolidated financial statements except for notes 2.4.1, 2.4.2, 2.4.3, 2.5 and 3.c which relates to the consolidation process.

2. Restricted Net Assets

Certain assets of the Parent’s subsidiaries totaling approximately ThCh$1,752,258,811 constitute restricted net assets, as there are contractual, legal or regulatory limitations on transferring such assets outside of the countries where the respective assets are located, or because they constitute undistributed earnings of affiliates of the Parent recorded under the equity method of accounting. As of December 31, 2011 all of the restricted net assets of the Parent’s subsidiaries currently exceed 25% of the consolidated net assets of the Parent and its subsidiaries, thus requiring this Schedule I, “Condensed Financial Information of the Registrant.”

F-141