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Enel Américas Corporate Presentation, April 2019

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Page 1: Enel Américas

Enel Américas Corporate Presentation, April 2019

Page 2: Enel Américas

Enel Américas Overview

Page 3: Enel Américas

Brazil

1,354 MW

1% Market Share in Installed capacity

Net Production 3,755 GWh

Sales 22,236 GWh

5% Market Share in Sales

17.1 million clients

Sales Dx 79,549 GWh2

19% Market Share Dx

2,100 MW transmission lines

Generation

Distribution

Transmission

Enel Américas overview1

Enel Américas is Latin America´s largest private power company

Total Generation

Installed capacity: 11,257 MW

Energy sales: 65,329 GWh

Total Distribution

Clients: 24.5 million

Energy sales: 119,166 GWh2

1.- Source: Company filings and presentations, 2018. 2,- Enel Distribución Sao Paulo’s (Ex Eletropaulo) sales annualized.

Colombia

3,499 MW

20% Market Share in Installed capacity

Net Production 14,052 GWh

Sales 18,544 GWh

27% Market Share in Sales

3.4 million clients

Sales 14,024 GWh

18% Market Share Dx

Generation

Distribution

Peru

1,985 MW

15% Market Share in Installed capacity

Net Production 8,106 GWh

Sales 10,597 GWh

21% Market Share in Sales

1.4 million clients

Sales Dx 8,045 GWh

31% Market Share Dx

Generation

Distribution

Generation

Argentina

4,419 MW

12% Market Share in Installed capacity

Net Production 13,949 GWh

Sales 13,952 GWh

11% Market Share in Sales

2.6 million clients

Sales Dx 17,548 GWh

16% Market Share Dx

Distribution

3

Page 4: Enel Américas

51.80%

12.53%

8.84%24.25%

2.58%

Enel Américas overviewOwnership profile1

1. As of March 31, 2019.

2. As of April 3rd, 2019. 4

Américas

OTHER

SHAREHOLDERS

CHILEAN PENSION

FUNDS

ADR HOLDERS

OTHER INST.

SHAREHOLDERS

ENEL SPA

Market Cap2: USD 10.10 bn

Enel Américas’ shares are traded on:

Page 5: Enel Américas

Delivery 2016-18

Page 6: Enel Américas

Delivery 2016-18Main milestones in the period

1Q

16

2Q

16

3Q

16

4Q

16

1Q

17

2Q

17

3Q

17

4Q

17

1Q

18

2Q

18

3Q

18

4Q

18

First phase of the

Reorganization completed

(the “Spin-offs”)

Second phase of the

Reorganization completed

(the “Merger”)

Enel Dx Goiás (Celg) consolidation1. Paid price: US$ 720 million

2. Clients: 2.9 million

3. Location: State of Goiás

Purchase of 7.5% stake in

Enel Dx Perú from minoritiesPaid price: US$ 80 million

Volta Grande consolidation1. Paid price: US$ 436 million

2. Installed capacity: 380 MW

3. Location: State of Minas Gerais

Enel Dx Sao Paulo (Ex

Eletropaulo) acquisition1. Paid price: US$2,235 million

2. Clients: 7.2 million

3. Location: Sao Paulo

Total investments of US$3.5 bn in acquisitions

Capacity to add

value

Stable and

attractive

Regulation

ProfitabilityCapacity to add

new businessesSimplification

Key Drivers

Creating value in every transaction completed since 2016

1. Stake in Enel Dx Perú after the 7.5% acquisition.

1

6

Page 7: Enel Américas

Delivery 2016-18

7

Sustainability, growth, efficiencies and value creation

Index Member

People benefited1

I&N End users

Gx Energy sales

Group simplification

Cumulated

efficiencies4

Gross Margin

Shareholder return

Sustainability

commitment

Growth

Value creation

Thousand (cumulated)

Number of indexes

Million

TWh

Number of companies

US$ m

US$ bn

DPADR5 US$

2016 2018

0

2,687

42

24.5

50.6

43

~ 130

3.8

0.25

14.1

65.3

323

~ 420

5.0

0.42

1,437

1. Base year 2015. 2. Enel Américas is member of 4: DJSI (Chile, EM and MILA) and FTSE4Good. 3. Not included acquired companies. 4. Base year 2015. 5. Dividend per ADR (1 ADR = 50 shares of Enel Américas).

Opex reduction

Page 8: Enel Américas

2016 2018 2016 2018E

Delivery 2016-18Financial highlights (US$ bn)

Gross Capex

Net Income

EBITDA

Opex evolution

1.21.7

+ 42% + 42%

2.4

3.4

+ 70%

0.6

1.2

Financial results significantly improved since 2016

2016 2018E

0.6

0.41.2

0.51.0

1.7Attributable

Minorities

1.31.1

1.6

0.1 (0.3)0.5

2016 Fx & CPI Efficiencies 2018E withoutperimeter

Perimeter 2018E

3.4

2.4

8

Fx & Opex CPI

- 15%

Page 9: Enel Américas

0.30.4

0.5

2016 2017 2018E

0.25

0.31

0.42

2016 2017 2018E

Delivery 2016-18

9

Shareholders return

Earnings per ADR1 (US$) Dividend per ADR1 (US$)

1. 1 ADR = 50 shares of Enel Américas.

Total Dividend (US$ bn)

Total dividend has increased by about 70% since 2016

+ 68% + US$ 0.2 bn+ 114%

0.490.62

1.05

2016 2017 2018E

Page 10: Enel Américas

Enel Américas today

Page 11: Enel Américas

42%

51%

7%

Generation

Infrastructure & Networks

Retail and Enel X

Enel Américas today2018 KPIs and Financial numbers (US$ bn)

EBITDA by business EBITDA by country I&N:

24.5 m end users

US$ 11.8 bn RAB6

Large hydro generation:

6.2 GW capacity

56% of total Enel Américas’ capacity

Thermal generation:

5.0 GW capacity

Highly flexible and efficient assets

Free market (energy + gas):

1.4 k free customers

17 TWh energy sales

Enel X:

421 k Public lighting

105 Charging infrastructure (cumulated

facilities, k#)

US$ 3.4 bn

Enel Américas is the largest private utility company in LatAm

1. Retail includes free market business. 2. Capex related to investments for recurring asset maintenance. 3. Growth investments in generation and networks (quality programs & smart metering)

4. Capex related to customers (Retail, Enel X (e-Home, e-Industries), Network connections). 5. As of April 3rd, 2019. 6. VNR in Peru.

Argentina

Brazil

Colombia

Peru

Opex 1.6

Asset Management2 0.7

Asset Development3 0.6

Attributable Net Income 1.2

Net Debt 6.6

Market Cap5 10.1Customers4 0.4

Total Net Income 1.7

11

1

36%

35%

17%

12%

US$ 3.4 bn

Page 12: Enel Américas

Enel Américas today2018 Generation and I&N

Net production by technology

Net production by country

End users by country

Distributed energy by country

Almost 60% of our generation mix is hydro

Brazil represents 70% in terms of end users and 60% of the total distributed energy

Argentina

Brazil

Colombia

Peru

Enel Dx Sao Paulo

12

59.4%

6.4%

33.7%

0.4%

Hydro

Oil & Gas

CCGT

Coal39.9 TWh

35%

9%35%

20%

Argentina

Brazil

Colombia

Peru

39.9 TWh

10%

40%

29%

14%

6%

24.5 m

17%

36%24%

14%

8%

Argentina

Brazil

Colombia

Peru

Enel Dx Sao Paulo

100.9 TWh

Page 13: Enel Américas

Energy transition and new

opportunities in LatAm: our vision

Page 14: Enel Américas

Energy transition and new opportunitiesThe role of Enel Américas

UrbanizationConcentration in urban areas

Demand growth

Grid development and automation

Interconnections

Communities & PeopleAccess to affordable energy

Emission reduction

Energy efficiency

Corporate governance

New businessese-City

e-Industries

e-Home

e-Mobility

Market CompetitionLiberalization

Enel Américas is ready to capture new opportunities in LatAm

1 2

3 4

14

Page 15: Enel Américas

Energy transition and new opportunitiesUrbanization

A Region in continuous development; population concentrated in megacities and a trend of energy demand increase

1

Asia

Africa

Latam & Caribe

.

30% 54% 66%

1970 2014 2050

% of people living in urban areas1

India

453269

Southeast

Asia

China

1888

United

States

-73Japan

-94

EU

-89

242Latin America

296

Africa

106 Eurasia

388Middle

East

Latam & Caribe

Change in primary energy demand 2000-20162

1. United Nations 2014. 2. Source: IEA, WEO 2017, Enerdata, EC statistics. 3. Source: RED 2017 CAF-banco de desarrollo de América Latina. 4. Million Tonnes of Oil Equivalent

Mtoe 4

Emerging economies have increased their energy

demand as opposed to mature economies

3

15

year

Page 16: Enel Américas

Energy transition and new opportunitiesCommunities and people

2020

Access to affordable and clean energy mainly in Africa, Asia and Latin America

2.22

20181

Employment and sustainable and inclusive economic growth 1.8

Engaging local communities (m beneficiaries)

High-quality, inclusive and fair education 0.9

Reduction of CO2 specific emissions (kg/kWheq) 0.39

Climate change 2018

3.0

3.0

0.8

<0.35

2.0

20181

0.3

0.4

0.17

2018

Enel

Américas

Enel Group

92%

% Enel

Américas

/ Group

18%

38%

54%

2018

1. Cumulated figures since 2015. 2. In the whole Group perimeter, 4.9 m beneficiaries were reached.

Target

2020

Sustainability commitment is present along the whole business value chain

Enel Américas is

a constituent of:

2

16Target already achieved before 2020

Page 17: Enel Américas

51%47%

2%

81%

19%

Asset Development

Customers

Energy transition and new opportunitiesEnel X

Growing contribution of Enel X and Retail businesses in Enel Américas’ 2019-21 Strategic Plan

3 Market competition4

Low availability of energy for the

free market

Commercial strategy redefinition to

develop the business

Market growth and development

of gas free market

Increase of power sales plan and

start of gas sales plan

Energy market liberalization Starting over sales in the free market

Uncertanty in power prices due

to the situation of Ituango P.P.Opportunities in the new scenario and

potential development of gas sales

Smart lighting for cities

Electric mobility in LatAm Energy efficiency solutions

Demand response and storage solutions

for C&I1 customers

Enel X Gross capex 2019-21 (US$ m)

~ 350

Brazil

Colombia

Rest of countries

16.8

32.0

2018E 2021

~ 2x

~ 350

Energy sales (TWh)

171. Consumer and industrial.

Page 18: Enel Américas

Strategic Plan 2019-21

Page 19: Enel Américas

Strategic Plan 2019-21

Strategic Pillars

Industrial

growth

+ 68% EBITDA

growth1 - 2

Efficiencies

US$ 321 m

Opex Saving1

Shareholders

return

+97% DPS

growth1

1. Base year 2018.

2. M&A not included.

Sustainability

commitment

Sustainable

long-term value

creation

A sustainable and solid growth to increase shareholders return19

Page 20: Enel Américas

23.7 27.6

16.217.1

2018 2021

17.3 17.9

7.2 7.6

2018 2021

76 84

25

4718

2018 2021

Industrial growth: Organic growthOperational targets by business

Infrastructure &

Networks

Distributed energy (TWh)

Thermal Installed Capacity (GW)

Hydro Installed Capacity (GW)

Thermal Generation (TWh)

Free customers power & gas (k)

Electricity sales in free market (TWh)

x

End users (m)

Hydro Generation (TWh)

Generation

59%

emission

free

62%

emission

free

Hydro generation will increase during the period reaching 62% of our total production

Solid increase in our I&N business, close to double in Retail and relevant expansion of Enel X business in LatAm

Free market

11.3 11.3

39.944.6

Enel X

Public lighting (m#)

Charging stations (cumulated facilities, k#)

24.5 25.5

Enel Dx

São Paulo1

Enel Dx

São Paulo

119131

20

4%35%0%

~115x

100%

9%12% 90%

1. 119 TWh includes annualized proforma distributed energy of Enel Dx São Paulo.

Enel Dx

São PauloEnel Dx

São Paulo

6.2 6.2

5.0 5.0

2018 2021

1.4

1.9

2018 2021

16.8

32.0

2018 2021

421

758

2018 2021

2018 2021

0.1

12.0

Page 21: Enel Américas

1.7

3.6

0.2

(0.2)

0.3

1.3

0.4

(0.1)

0.1

2018 Fx & OpexCPI

Efficiencies Tariff/RAB Demand Dx Other 2021

Industrial Growth: Organic growthInfrastructure & Networks evolution

RAB3 (US$ bn)WACC2EBITDA (US$ bn)

1. US$ 2.0 bn includes annualized proforma EBITDA of Enel Dx Sao Paulo. 2. WACC real before taxes. Peru considers ROA. 3. VNR in Peru.

20212018

Enel Dx Goiás

Edesur

Enel Dx Ceará

Enel Dx Perú

Enel Dx Rio

Enel Dx Sao Paulo

Enel Codensa

12.5%

12.3%

12.3%

12.3%

12.3%

12.0%

13.7%

12.5%

12.3%

12.3%

12.3%

12.3%

12.0%

11.8%

80%

1.6 1.6

2.7 3.3

2.02.5

2.0

2.10.9

0.91.0

1.31.7

3.1

2018E 2021

Enel Dx Perú Enel Codensa

Eletropaulo Enel Dx Río

Enel Dx Goiás Enel Dx Ceará

Edesur

11.8

14.7

25%

21

+89% of EBITDA growth and +25% of potential RAB increase

2.01

Enel Dx

Sao Paulo

Enel Dx Sao Paulo

Page 22: Enel Américas

Industrial growth: Non organic growthFocus Enel Distribución Sao Paulo

RAB

Regulatory review

Efficiencies

EBITDA1

End users

@ 2017Key Drivers Plan 2021

Enel Dx

Ceará

Enel Dx Sao Paulo

Enel Dx Río

Enel Dx

Goiás

US$ 0.3 bn US$ 0.8 bn

US$ 2.0 bn US$ 2.5 bn

July 2019

- US$ 178 m

7.2 m 7.6 m

1: The average USD FX rate for FY 2017 equal to 3.19 BRL only for information purposes. Original data is in Brazilian reais.

Distributed Energy 43 TWh 47 TWh

22

Total capex invested during the period will amount to US$ 0.9 bn

Page 23: Enel Américas

0.2

0.8

0.1

0.2

0.3

2018E Efficiencies Operatingimprovement

2021

Industrial growth: Non organic growthFocus Enel Distribución Sao Paulo

Enel Distribución Sao Paulo operational KPIsEBITDA (US$ bn)

167%

20183 2021

43

42

73

47

108

46

Energy distributed (TWh)

EBITDA/Customer (US$)

OPEX/Customer (US$)

23

Financial and operational key drivers will improve over the period

0.31

1. US$ 0.3 bn includes annualized proforma EBITDA of Enel Dx Sao Paulo. 2. Net of Fx & Opex CPI. 3. Annualized values.

2

Page 24: Enel Américas

1.6

(0.1)

0.2

2018 Fx & Opex CPI Volume 2021

Industrial Growth: Organic growthGeneration evolution

EBITDA (US$ bn) Contracted Energy (TWh)

1. Power Purchase Agreement. 2. Volta Grande’s PPA duration: 30 years.

>

100%

>

100% 94%85%

>

100%>

100%>

100% 89%

PPAs1 average duration: 15-30 years2

PPAs1 average duration: 5-7 years

15.714.3

12.7

8.6

2018 2019 2020 2021

Colombia

>

100% 96%93%

74%

PPAs1 average duration: 2-4 years

10.611.0

10.7

9.8

2018 2019 2020 2021

Peru

90%91%

90%

81%

7%

93%

91% 92% 65%

24

Securing profitability through long-term PPAs

13.0

9.2 8.6 8.7

2018 2019 2020 2021

Brazil

>

100%

89% 70%>

100%

1.5

Page 25: Enel Américas

Industrial Growth: Organic growthFree market: positioning & market liberalization

EBITDA evolution (US$ m) Enel Américas free energy sales (TWh)

0% 18%Market

Share:3% 5%Market

Share:

20% 23%Market

Share:28% 25%

Market

Share:

50%

Market liberalization addressing our growth in the free market business25

48

72

1

9

11 12

2018 Fx & OpexCPI

Argentina Brazil Colombia Peru 2021

5,1

7.0

2018E 2021

Colombia

6.9 6.9

2018E 2021

Peru

0.06.1

2018E 2021

Argentina

2018 2021

4.8

12.0

2018E 2021

Brazil

2018 2021

2018 2021

2018 2021

Page 26: Enel Américas

1.42.5

2018E 2021

Industrial Growth: Organic growthEnel X

4 128

e-City e-Industries

e-Home e-Mobility

0.4

0.8

2018E 2021

Public lighting(spots, m#)

Collection services

(transaction, m#)Financial services

(transaction, m#)

1.538.2

2018E 2021

0.91.9

2018E 2021

Credit card

Micro insurance

Demand response(MW delivered/year)

PV(MW installed/year)

0

253

2018E 2021

1

45

2018E 2021

Charging station(cumulated facilities, k#)

e-Buses(cumulated sales, #)

0

41

2018E 2021

EBITDA evolution (US$ m)

205%

26Significant expansion of the Enel X business along the period

0.1

12.0

2018E 2021

43

131

(3)

6

57

26 2

2018 Fx & OpexCPI

Argentina Brazil Colombia Peru 2021

Page 27: Enel Américas

11%

81%

2%

6%

Gx I&N Retail Enel X

14%

55%

21%

10%

Argentina Brazil Colombia Peru

US$ 5.3 bn

34%

37%

29%

Asset Development Asset Management Customers

Total capex

Industrial growth: Organic growthCapex plan 2019- 21

Total capex by country

US$ 5.3 bnUS$ 5.3 bn

I&N business captures more than 80% of total capex plan

Total capex by business

27

1

1. Retail includes free market business.

Page 28: Enel Américas

1,350

1,207

2018 2021

EfficienciesFurther efficiencies 2019-211

New Strategic Plan envisages additional efficiencies for US$321 m

Enel Américas’ opex exc. Enel Dx Sao Paulo (US$ m) Enel Dx Sao Paulo’s opex (US$ m)

2

1. Values in real terms. 2. Annualized opex. 28

Main initiatives

Digitalization

Apply Group standards in technical

maintenance

Efficiency in purchasing

Quality of service: Reduced costs due to

low quality

Technological and functional convergence

of systems

Reducing external costs, mainly services,

travel, introduction of surveillance

technology

Efficiencies at all levels

528

350

2018 2021

Page 29: Enel Américas

3.7

4.24.6

3.4

4.4

5.2

5.7

2018 2019 2020 2021

Previous Plan New Plan

Financial targetsEBITDA1 (US$ bn): Guidance vs previous Strategic Plan

+68%

+5%+13%

-8%

+US$ ~0.2 bn Enel Dx Sao Paulo

- US$ ~0.1 bn Fortaleza

- US$ ~0.4 bn hyperinflation, Fx effect and

others

+ US$ ~0.6 bn Enel Dx Sao Paulo

- US$ ~0.4 bn Fx effect and others

+ US$ ~0.7 bn Enel Dx Sao Paulo

- US$ ~0.1bn Fx effect and others

291. Including Services and Holding costs.

2021

Improved EBITDA in the coming years mainly due to Enel Distribución Sao Paulo’s contribution

Page 30: Enel Américas

8.9

5.4

3.5

0.7

FFO Assetmanagement

Customers FFO afterasset mgmt.

And cust.

AssetDeveloptment

FCF Dividendspaid

Net FCF

Financial targetsFFO1, capex and cash flow 2019-21

FFO and capex (US$ bn) Cash flow generation (US$ bn)2

+89%

1. Funds From Operations. 2. M&A and minorities opportunities not included. 3. Capex. 4. Free Cash Flow. 5. Including US$1.9 bn paid to shareholders of Enel Américas and US$0.8 bn

dividends distributed from subsidiaries to minorities.

1 4

-6%

Positive Net Free Cash Flow leaves room for a relevant capex plan and attractive dividend payout

30

33

3

(1.9)

(1.6)

(1.8)

(2.8)

1.9

5

0.9

1.8

2.3

3.1

3.4

1.7 1.8 1.91.6

2018 2019 2020 2021

FFO Capex

Page 31: Enel Américas

6.17.3 6.6

5.8

0.5

0.30.5

0.6

2018 2019 2020 2021

Financial targetsNet debt evolution 2019-21

Net debt breakdown (US$ bn) Net financial expenses on debt (US$ bn)

31

Countries Holding

7.67.1

6.4

- 8%

0.7 0.7

0.6

8.0 8.07.5

0.0

1.0

2.0

3.0

4.0

5.0

6.0

7.0

8.0

9.0

0.0

0.1

0.2

0.3

0.4

0.5

0.6

0.7

0.8

2019 2020 2021

Net Financial expenses Cost of gross debt (%)

6.6

Page 32: Enel Américas

Financial targetsGuidance 2019-21

EBITDA and Net Income (US$ bn) Net Income evolution (US$ bn)

+68%

+58%

+58%

32

Solid EBITDA and Net Income with a 50% Dividend Policy along the period

+80%

Dividends paid (US$ bn)

Dividend policy: 40% 50% 50% 50%

1.2

1.9

2.3 (0.2)(0.4)

(0.8)

(0.2)

2018 EBITDA D&A Financialcharges

Taxes Minorities 2021

3.4

4.4

5.25.7

1.2 1.31.6

1.9

2018 2019 2020 2021

EBITDA Attributable Net Income

0.5

0.6

0.8

0.9

2018 2019 2020 2021

Page 33: Enel Américas

Closing remarks

Page 34: Enel Américas

Closing remarks

1

2

3

4

5

Successful delivery in the period 2016-18

Enel Américas is now a stronger leader in the utilities sector in the Region

The Company is well positioned to face the energy transition and new opportunities in LatAm creating long term value

Financial targets reviewed upwards versus the previous plan

Relevant contribution to the people and communities where we operate with clear environmental, economic, and social goals

34

Page 35: Enel Américas

Exhibits

Page 36: Enel Américas

-1.8%

2.0%

2.8%

4.8%

-2.1%

2.3%

0.0%

6.9%

1.2%

3.4%

-2.7%

14.2%

Peru

Colombia

Brazil

Argentina

57

73

624

152

54

72

610

147

52

70

595

143

Peru

Colombia

Brazil

Argentina

ExhibitsMacro and energy scenario

CPI1

Energy demand (TWh) Enel Américas distributed energy (TWh)

2019

2020

2021

8.6

14.7

87.4

20.0

8.3

14.5

85.1

19.5

8.0

14.3

82.7

18.9

Enel DxPerú

Codensa

Brazil

Edesur

1. Consumer Price Index. 36

Local currency vs USD

2.5%

3.4%

4.2%

14.0%

2.6%

3.4%

4.2%

17.0%

2.5%

3.4%

4.0%

20.0%

Peru

Colombia

Brazil

Argentina

Page 37: Enel Américas

Exhibits

37

Regulatory cycle of Distribution Companies

Company Regulatory cycle Next regulatory cycle

Edesur 5 years 2022

Enel Dx Ceará 4 years 2019

Enel Dx Goiás 4 years 2022

Enel Dx Rio 5 years 2023

Enel Dx Sao Paulo 4 - 5 years 2019 (3Q)

Enel Codensa 5 years 2019 (1Q)

Enel Dx Perú 4 years 2022

Edesur

Clients: 2.5 m

Enel Dx Ceará

Clients: 4.0 m

Enel Dx Goiás

Clients: 3.0 mn

Enel Dx Rio

Clients: 3.0 m

Enel Dx Sao Paulo

Clients: 7.2 m

Codensa

Clients: 3.4 m

Enel Dx Perú

Clients: 1.4 m

Page 38: Enel Américas

Disclaimer

This presentation does not constitute an offer to sell any securities and is not soliciting an offer to buy any securities in any jurisdiction.

This presentation contains certain “forward-looking statements” regarding anticipated financial and operating results and statistics and other future events relating to Enel Américas S.A. These

statements are not guarantees of future performance and are subject to material risks, uncertainties, changes and other factors which may be beyond Enel Américas’ control or may be difficult to

predict. These statements may constitute forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995. The inclusion of these forward-

looking statements should not be regarded as an indication that Enel Américas or any other person considers such projections to be material or to be a reliable prediction of actual future results.

These forward-looking statements are subjective in many respects and there can be no assurance that they will be realized or that actual results will not be significantly higher or lower than

described. As a result, the inclusion of any forward-looking statements in this presentation should not be relied on as necessarily predictive of actual future events. The projections and other

forward-looking statements were based on numerous variables and assumptions that are inherently uncertain. Actual results may differ materially from those projected as a result of such risks

and uncertainties. In addition, the financial projections do not necessarily reflect revised prospects, changes in general business or economic conditions, or any other transaction or event that has

occurred or that may occur and that was not anticipated at the time the projections were prepared.

Forward looking statements include, but are not limited to, information regarding: Enel Américas' business plans, Enel Américas' cost reduction plans, trends affecting Enel Américas' financial

condition or results of operations including market trends in the electricity sector in Chile or elsewhere, supervision and regulation of the electricity sector in Chile or elsewhere, and the future

effect of any changes in the laws and regulations applicable to Enel Américas' or its affiliates. The principal assumptions underlying these forecasts and targets relate to: Economic and Industry

Conditions, Commercial Factors, Political/Governmental Factors, Operating Factors, and Competitive Factors.

The following important factors, in addition to those discussed elsewhere in this presentation, could cause actual financial and operating results and statistics to differ materially from those

expressed in our forward-looking statements, including but not limited to: changes or developments regarding the applicable regulations (which may affect the investment plan of Enel Américas

regarding the regulated activities), legal restrictions applicable to the implementation of the dividends policy, environmental regulations and other legal issues; price of electricity; price and supply

of raw materials; interest rates or exchange rates; availability of fuel; ability to maintain relationship with suppliers, customers and consumer and user protection groups; changes in climate

conditions; widespread adoption energy efficiency measures; inherent risks in the construction of new power generation and distribution facilities; changes in general economic, political,

administrative and business conditions; operating hazards and risks; tax risks; loss of senior management and key personnel; insufficiency of insurance coverage or increase of insurance costs;

failure of systems and information technology and processing; inability to access the capital markets to refinance its debt and finance its capital expenditures; and other factors that could

adversely affect the business and financial results of the Company.

No assurance can be given that the forward-looking statements in this document will be realized. Readers are cautioned not to place undue reliance on those forward-looking statements, which

speak only as of the date of this presentation. Our independent registered public accounting firm has not audited, examined or compiled the forward-looking statements and, accordingly, does

not provide any assurance with respect to such statements. Neither Enel Américas nor any of its affiliates intends, nor undertakes any obligation, to update or revise the forward-looking

statements, whether as a result of new information, future events or otherwise, except as required by law.

41

Page 39: Enel Américas

Phone

+562 23534682

Rafael De La HazaHead of Investor Relations Enel Américas

Jorge VelisInvestor Relations Manager Enel Américas

Itziar LetzkusInvestor Relations Enel Américas

Javiera RubioInvestor Relations Enel Américas

Gonzalo JuárezIR New York Office

María Luz Muñoz

Executive Assistant

Enel AméricasContact us

Thank you.

Email

[email protected]

Web site

www.enelamericas.com

Page 40: Enel Américas