Enel Chile SA (ENIC) 2022 Q4 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to Enel Chile Fourth Quarter and Full Year 2022 Results Conference Call. My name is Gigi, and I'll be your operator for today. At this time, all participants are in a listen-only mode. (Operator Instructions) Please be advised that today's conference is being recorded.

女士們先生們，早上好，歡迎來到 Enel Chile 第四季度和 2022 年全年業績電話會議。我叫吉吉，今天我是你的接線員。此時，所有參與者都處於只聽模式。 （操作員說明）請注意，今天的會議正在錄製中。

During this conference call, we may make statements that constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements reflect only our current expectations, are not guarantees of future performance and involve risks and uncertainties. Actual results may differ materially from those anticipated in the forward-looking statements as a result of various factors. These factors are described in Enel Chile's press release reporting its fourth quarter and full year 2022 results. The presentation accompanying this conference call and Enel Chile's annual report on Form 20-F, included under Risk Factors.

在本次電話會議期間，我們可能會做出構成 1995 年《私人證券訴訟改革法案》含義內的前瞻性陳述的陳述。此類前瞻性陳述僅反映我們當前的預期，並非對未來業績的保證，並涉及風險和不確定性.由於各種因素，實際結果可能與前瞻性陳述中預期的結果存在重大差異。這些因素在 Enel Chile 報告其第四季度和 2022 年全年業績的新聞稿中有所描述。本次電話會議隨附的演示文稿和 Enel Chile 的 20-F 表格年度報告包含在風險因素下。

You may access our fourth quarter and full year 2022 results press release and presentation on our website www.enel.cl, and our 20-F on the SEC's website, www.sec.gov. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of their dates. And Enel Chile undertakes no obligation to update these forward-looking statements or to disclose any development as a result of which these forward-looking statements become inaccurate, except as required by law.

您可以在我們的網站 www.enel.cl 上訪問我們的第四季度和 2022 年全年業績新聞稿和演示文稿，以及在美國證券交易委員會網站 www.sec.gov 上訪問我們的 20-F。告誡讀者不要過分依賴這些前瞻性陳述，這些陳述僅代表截至日期。 Enel Chile 不承擔更新這些前瞻性陳述或披露導致這些前瞻性陳述變得不准確的任何發展的義務，除非法律要求。

I would now like to turn the presentation over to Mrs. Isabela Klemes, Head of Investor Relations of Enel Chile. Please proceed.

現在，我想將演示文稿轉交給 Enel 智利投資者關係主管 Isabela Klemes 女士。請繼續。

Good morning, and welcome to Enel Chile's Fourth Quarter and Full Year 2022 Results Presentation. Thanks to you all joining us today. Joining me this morning, our CEO, Fabrizio Barderi; and our CFO, Giuseppe Turchiarelli. Our presentation and related financial information are available on our website. www.enel.cl in the Investors section and in our app investors.

早上好，歡迎來到 Enel Chile 的第四季度和 2022 年全年業績發布會。感謝大家今天加入我們。今天早上和我一起的是我們的首席執行官 Fabrizio Barderi；以及我們的首席財務官 Giuseppe Turchiarelli。我們的介紹和相關財務信息可在我們的網站上找到。 www.enel.cl 在投資者部分和我們的應用程序投資者中。

In addition, a replay of the call will be available soon. At the end of this presentation, there will be an opportunity to ask questions via phone or webcast chat through the link, ask a question. Media participants are connected only in listener mood. The following slides, Fabrizio will open the presentation with our key highlights later passing by market and portfolio management actions. And Giuseppe will continue with our business economic and financial performance. Thank you all for your attention. And now let me hand over to Fabrizio. Fabrizio?

此外，通話的重播將很快提供。在本次演示結束時，將有機會通過電話或網絡直播聊天通過鏈接提問，提出問題。媒體參與者僅以聽眾的心情聯繫在一起。在接下來的幻燈片中，Fabrizio 將以我們的主要亮點作為開場白，隨後將介紹市場和投資組合管理行動。 Giuseppe 將繼續保持我們的業務經濟和財務業績。謝謝大家的關注。現在讓我交給 Fabrizio。法布里齊奧？

Thank you, Isabela. Good morning, and thanks for joining us. Let me now start with the highlights of the period on Slide 3. 2022 was a very complex year, but it also was a year in which we had the opportunity to take several actions necessary to recover our company's financial position faster than expected.

謝謝你，伊莎貝拉。早上好，感謝您加入我們。現在讓我從幻燈片 3 中這段時期的亮點開始。2022 年是非常複雜的一年，但也是我們有機會採取多項必要行動以比預期更快地恢復公司財務狀況的一年。

Today, I will give an in-depth look in today and how Enel Chile is in a better shape to continue addressing the challenges and taking advantage of the opportunities with [SIC]. We are very pleased to announce that the 2022 year was a turnaround in our story, mainly through the asset rotation activities such as the sale of our transmission assets and portfolio management through the renegotiation of our LNG contracts we share and last but not least, our gas trading and optimization activity.

今天，我將深入了解今天的情況，以及 Enel Chile 如何更好地繼續應對挑戰並利用 [SIC] 帶來的機遇。我們很高興地宣布，2022 年是我們故事的轉折點，主要是通過資產輪換活動，例如出售我們的輸電資產和通過重新談判我們共享的液化天然氣合同進行投資組合管理，最後但並非最不重要的是，我們的天然氣交易和優化活動。

All these actions plus the recovery in our business performance allowed us to significantly outperform the everyday net income target for 2022 announced SST 2021 Investor Day. Moreover, we have exceeded the net income projection presented in November during our last Investor Day. These results were achieved despite a very challenging market context. Spot prices were and continue to be under pressure given the commodity scenario and the bottlenecks in the national transmission systems.

所有這些行動加上我們業務績效的恢復，使我們能夠大大超過 SST 2021 投資者日宣布的 2022 年每日淨收入目標。此外，我們已經超過了 11 月份在上一個投資者日提出的淨收入預測。儘管市場環境非常具有挑戰性，但仍取得了這些成果。鑑於大宗商品情況和國家輸電系統的瓶頸，現貨價格一直並將繼續承受壓力。

Nevertheless, improved hydrology and several optimization alternatives EBITDA are offsetting this situation. Hydrogeneration increased by 2 terawatt hours compared to 2021. Regarding our decarbonization path, we added around 0.8 gigawatts of additional renewable capacity into our portfolio during the year. Also, in December 2022, we started the commercial operation of our free nitrogen pilot project in Southern Chile. As a result of all our actions and strategy, we have continued to be a venture as one of the region's best ESG performer. In fact, we became the first country's electricity generation company in Chile after the disconnection of the unit 2 at Bocamina power plant fertility last September.

然而，改進的水文和幾種優化方案 EBITDA 正在抵消這種情況。與 2021 年相比，水力發電增加了 2 太瓦時。關於我們的脫碳路徑，我們在這一年中增加了約 0.8 吉瓦的額外可再生能源容量。此外，2022 年 12 月，我們在智利南部開始了免費氮試點項目的商業運營。由於我們所有的行動和戰略，我們繼續成為該地區 ESG 表現最好的企業之一。事實上，在去年 9 月 Bocamina 發電廠 2 號機組斷開後，我們成為智利第一家國家發電公司。

Before moving on, another significant milestone was the company's fast deleveraging, reducing its net debt-to-EBITDA ratio by around 60%. As a result, we improved our liquidity to support our strategy for the 2023 to 2025 (inaudible).

在繼續前進之前，另一個重要的里程碑是公司的快速去槓桿化，將其淨債務與 EBITDA 的比率降低了約 60%。因此，我們提高了流動性以支持我們 2023 年至 2025 年的戰略（聽不清）。

In April 2023, we are holding the Annual Shareholders' General Meeting where we are going to propose a final dividend of CLN 5.1 per share, totaling CLN 5.2 per share for the 2022 fiscal year.

2023 年 4 月，我們將召開年度股東大會，屆時我們將提議派發每股 5.1 CLN 的末期股息，2022 財年總計每股 5.2 CLN。

Now let us move to Slide 4 to review our main KPIs of 2022 versus our guidance. Even though 2022 was a complex and challenging year for the energy sector, we faced headwinds and put ourselves in a much more comfortable position, thanks to several optimization actions which we will discuss in more detail in the following slides. First, we added 0.8 gigawatts of renewable capacity, reaching 76% of our total generation market by the end of last year. Therefore, we accomplished the renewables percentage in our portfolio KPI and report our commitment to the energy transition in the half.

現在讓我們轉到幻燈片 4，對照我們的指導回顧我們 2022 年的主要 KPI。儘管 2022 年對能源行業來說是複雜而充滿挑戰的一年，但我們面臨著逆風，並使自己處於更加舒適的位置，這要歸功於我們將在以下幻燈片中更詳細討論的幾項優化措施。首先，我們增加了 0.8 吉瓦的可再生能源容量，到去年年底達到我們總發電市場的 76%。因此，我們在我們的投資組合 KPI 中實現了可再生能源百分比，並報告了我們對能源轉型一半的承諾。

In addition, regarding early targets, the better business performance, coupled with the conclusion of several [ization] and unlocking value initiatives during 2022 enabled us to increase our EBITDA and net income. Notably, in both indicators, we exceeded the upper range of our guidance announcing during 2021 Investor Day. Making possible a significant recovery in the company's financial situation, as we already anticipated in November.

此外，關於早期目標，更好的業務績效，加上 2022 年完成的幾項 [ization] 和釋放價值計劃，使我們能夠增加 EBITDA 和淨收入。值得注意的是，在這兩個指標中，我們都超過了我們在 2021 年投資者日宣布的指導範圍的上限。正如我們在 11 月份所預期的那樣，使公司財務狀況的顯著復甦成為可能。

In fact, the net income figure for 2022 were even higher than the last projection we shared in November. In the following slide, we will give some more details about our initiatives and how it was translated into this outstanding performance improvement.

事實上，2022 年的淨收入數字甚至高於我們在 11 月份分享的最後一個預測。在下一張幻燈片中，我們將詳細介紹我們的計劃以及如何將其轉化為出色的性能改進。

On Slide 6, let's briefly talk about the market situation and how we have developed our recovery plan. Last year, we carried out a recovery plan by developing several actions to face the challenging scenario that puts the whole energy sector under pressure. Namely the increase in commodity prices, transmission constraints and critical hydrology conditions at the beginning of the year.

在幻燈片 6 上，讓我們簡要談談市場情況以及我們如何制定復甦計劃。去年，我們通過制定多項行動來實施複蘇計劃，以應對使整個能源行業面臨壓力的挑戰性情景。即年初商品價格上漲、傳輸限制和關鍵水文條件。

All in all, during 2022, our short-term optimization initiatives contributed $276 million, as detailed in the slide. Hydrology recovery during 2022 and an accurate gas strategy has boosted our portfolio results and supported additional margins from international trading and gas [block] to the North of Chile, contributing almost $190 million in 2022. On natural gas, let me confirm that we are also adopting a solid gas policy for 2023. In addition, in 2022, we connected 0.8 gigawatts of new renewable installed capacity. All our renewables growth contributed with a 1.2 terawatt hour of additional generation with a positive impact in the year of $37 million.

總而言之，在 2022 年期間，我們的短期優化計劃貢獻了 2.76 億美元，詳見幻燈片。 2022 年的水文恢復和準確的天然氣戰略提升了我們的投資組合業績，並支持了國際貿易和智利北部天然氣 [block] 的額外利潤，2022 年貢獻了近 1.9 億美元。關於天然氣，讓我確認一下，我們也採用 2023 年固體天然氣政策。此外，在 2022 年，我們新增可再生能源裝機容量 0.8 吉瓦。我們所有的可再生能源增長都貢獻了 1.2 太瓦時的額外發電量，在這一年產生了 3700 萬美元的積極影響。

On Slide 7, we will review the development of our renewable projects during the last year. We continue to promote and support the energy transition in Chile. Strengthening our portfolio mix and asset festivity. During the last few years, we have significantly increased our renewable capacity through a diversified pipeline, allowing us to consolidate our position. During 2022, 0.5 gigawatts of capacity received the commercial operation date the cost from authority. We continue to improve our portfolio and currently have around 0.7 gigawatts of projects in construction in the gap.

在幻燈片 7 中，我們將回顧去年可再生能源項目的發展情況。我們繼續促進和支持智利的能源轉型。加強我們的投資組合組合和資產慶祝活動。在過去的幾年中，我們通過多元化的管道顯著增加了可再生能源容量，從而鞏固了我們的地位。 2022 年期間，0.5 吉瓦的容量從當局收到了商業運營日期的費用。我們繼續改進我們的投資組合，目前有大約 0.7 吉瓦的建設項目缺口。

Here, we have some updates. We have started the construction of our first solar project in the Central region, actually in the Metropolitan area of Santiago. There will be a hybrid project with the best Connect. The project [Marcelo] represents the first step in updating our growth strategy, which we announced during our last Investor Day.

在這裡，我們有一些更新。我們已經開始在中部地區建設我們的第一個太陽能項目，實際上是在聖地亞哥的大都市區。將有一個具有最佳連接的混合項目。 [Marcelo] 項目代表了更新我們在上一個投資者日宣布的增長戰略的第一步。

Now let's move to Slide 8 to talk about two actions that have successfully unlocked our asset value last year. According to our integrated approach strategy presented at our last Investor Day, we have carried out several actions including those intended to strengthen our balance sheet metrics by sustainable growth, unlocking the value of our assets and consequently being better positioned for future opportunities. The most relevant case was the execution of the sale of Enel Transmission Chile last December, and noncore assets for our company that hasn't been adequately valued inside of our portfolio. The proceeds of the sale of these assets at a very interesting market multiple who are used to optimize our debt level and to that crucial level.

現在讓我們轉到幻燈片 8 來談談去年成功解鎖我們資產價值的兩個動作。根據我們在上一個投資者日提出的綜合方法戰略，我們已經採取了幾項行動，包括旨在通過可持續增長加強我們的資產負債表指標的行動，釋放我們資產的價值，從而更好地把握未來的機會。最相關的案例是去年 12 月出售 Enel Transmission Chile，以及我們公司的非核心資產在我們的投資組合中沒有得到充分估值。以非常有趣的市場倍數出售這些資產的收益用於優化我們的債務水平並達到該關鍵水平。

In addition, we have also concluded an important negotiation to extract the value of our LNG long-term agreement, taking advantage of high commodity prices momentum. This initiative, which totaled $520 million allowed us to monetize this contract value and reduce our exposure to potential natural gas (inaudible). All these actions are aligned with our value proposition and commitment to our shareholders. We will continue reviewing our assets, looking for (inaudible) that is locked or not other positive [explosives].

此外，我們還利用高商品價格勢頭，完成了一項重要談判，以提取我們液化天然氣長期協議的價值。這項總計 5.2 億美元的計劃使我們能夠將合同價值貨幣化並減少我們對潛在天然氣的風險敞口（聽不清）。所有這些行動都符合我們的價值主張和對股東的承諾。我們將繼續審查我們的資產，尋找（聽不清）已鎖定或未鎖定的其他 [爆炸物]。

On Page 9, let's review of our initiatives and performance on the dissolution segment, over an important pillar of our integrated strategy. Electrification is vital to take or come a change, a fundamental pillar of our integrated strategy. During the last few years, we have focused all our efforts on enhancing our risk and improving the quality and digitalization of our net. All these efforts have allowed us to improve our main indicators, particularly the losses and quality indicators. Additionally, as you can see, we have developed a different initiatives and promoted several partnerships to boost the decarbonization of our client energy consumption.

在第 9 頁，讓我們回顧一下我們在溶解部門的舉措和績效，這是我們綜合戰略的一個重要支柱。電氣化對於實現變革至關重要，這是我們綜合戰略的基本支柱。在過去的幾年裡，我們把所有的精力都集中在提高我們的風險和提高我們網絡的質量和數字化上。所有這些努力使我們能夠改善我們的主要指標，特別是損失和質量指標。此外，如您所見，我們制定了不同的舉措並促進了多項合作夥伴關係，以促進我們客戶能源消耗的脫碳。

Let me go through some examples of the period. Regarding the B2C segment, we were awarded a tender for replacing 2,600 wood stores with air conditioning units in December. [Modelo] will finance this project as a mechanism to definition. On the B2G segment, we closed the deal with the municipality of [Sanforteen] to provide energy solutions at 3 sports facilities. These projects include [PV] plants, led lighting and water heating through [Hipp].

讓我舉幾個那個時期的例子。在 B2C 領域，我們在 12 月中標將 2,600 家木材商店更換為空調設備。 [Modelo] 將資助這個項目作為定義的機制。在 B2G 部分，我們與 [Sanforteen] 市政府達成協議，為 3 個體育設施提供能源解決方案。這些項目包括 [PV] 工廠、led 照明和通過 [Hipp] 進行的水加熱。

Finally, in the B2B segment, we closed an important contract for 14 years with an agroindustry (inaudible) we developed a 1.15 megawatt peak photovoltaic plant. This is the largest project up to date for Enel Chile.

最後，在 B2B 領域，我們與一家農用工業公司（聽不清）簽訂了一份為期 14 年的重要合同，我們開發了一個 1.15 兆瓦的峰值光伏電站。這是 Enel Chile 迄今為止最大的項目。

On Page 10, I will conclude my section giving some evidence of our creating value for approach. Our commitment and efforts to the energy transition began to pay off years ago. And now the market recognizes us as one of the best [CSG] performers in the region. Our CapEx reached 92% CSG related and over 89% aligned with the new platform. This confirms that our strategy embeds sustainability. Also, sustainability finance represents almost 1/4 of our total debt [input]. There is still plenty of room to improve this indicator, but it is something that will take some time. A considerable amount of our investments is SDG-related and now an important piece of our debt is also (inaudible)-related.

在第 10 頁，我將結束我的部分，提供一些我們為方法創造價值的證據。我們對能源轉型的承諾和努力在多年前就開始見效。現在市場認為我們是該地區表現最好的 [CSG] 之一。我們的資本支出達到 92% 與 CSG 相關，超過 89% 與新平台保持一致。這證實了我們的戰略融入了可持續性。此外，可持續發展融資幾乎占我們總債務 [投入] 的 1/4。這個指標還有很大的改進空間，但這需要一些時間。我們有相當一部分投資與 SDG 相關，現在我們的一部分債務也（聽不清）相關。

A significant milestone was the inflection of the [gold] at out process. Now the rest share has risen to 76% of the total 6 basis points higher than in 2021 and also we reduced by almost 20% of our CO2 emissions intensity, achieving 218 grams of (inaudible) per kilowatt hour.

一個重要的里程碑是 [gold] at out 過程的變化。現在，其餘份額已上升到比 2021 年高 6 個基點的 76%，而且我們減少了近 20% 的二氧化碳排放強度，達到每千瓦時 218 克（聽不清）。

In December, the company was recognized once again by being confirmed in the first place in the 3 categories of the downtown sustainability index, after having obtained the score of [ADA]. The categories were emerging markets, integrated markets of the Pacific line. Enel Chile was also confirmed in the Fit For Good Emerging Index and Fit for Good Latin America market (inaudible). The carbon disclosure project highlighted for the second time the company's leadership in mitigating the risk and reducing greenhouse gas emissions.

12 月，該公司在獲得 [ADA] 分數後，再次獲得認可，在市中心可持續發展指數的 3 個類別中排名第一。這些類別是新興市場，太平洋線的綜合市場。 Enel Chile 也在 Fit For Good 新興指數和 Fit for Good 拉丁美洲市場（聽不清）中得到確認。碳披露項目第二次凸顯了公司在降低風險和減少溫室氣體排放方面的領導地位。

This time, the company improved its rating from B to A (inaudible). Bloomberg Gender Quality Index 2023 confirms Enel Chile for a second consecutive year, measuring publicly traded company's diversity and inclusion performance. These results reflect the company's commitment to divest inclusion, thanks to implementing actions and programs that have closed gender gap in the energy sector and progress in sustainable development. Enel Chile received the highest award given by [Alain], the company [Grand Prix]. The latest is the most important category a company can aspire to in (inaudible). It is awarded the only one company in Latin America, delivering leadership, consistency and excellence in the public disclosure of information of its Investor Relations and sustainable development [profit].

這一次，該公司將其評級從 B 提高到 A（聽不清）。彭博社性別質量指數 2023 連續第二年確認 Enel Chile，衡量上市公司的多元化和包容性表現。這些結果反映了公司放棄包容性的承諾，這要歸功於實施了縮小能源部門性別差距的行動和計劃，並在可持續發展方面取得了進展。 Enel Chile 獲得了【Alain】公司【Grand Prix】給予的最高獎項。最新是公司可以追求的最重要的類別（聽不清）。它是拉丁美洲唯一一家在公開披露其投資者關係和可持續發展 [利潤] 信息方面表現出領導力、一致性和卓越性的公司。

Let me now hand over the presentation to Giuseppe, our CFO.

現在讓我將演示文稿交給我們的首席財務官 Giuseppe。

Many thanks, Fabrizio. Good morning to all our investors connected. I will start my presentation on Slide 12, where I show a summary of our main results and the mean adjustment of the period.

非常感謝，法布里齊奧。早上好，我們所有的投資者。我將從幻燈片 12 開始我的演示，其中我展示了我們的主要結果的摘要和期間的平均調整。

The full year 2022, the EBITDA is adjusted by the impairment made to the full stock of the period, which amounted to $59 million and $61 million related to the rest of adjustments commented the generation development process, as geothermal, hydropower plants and thermal facility. That according to our strategy and evaluation, we have decided not to execute. On the last quarter of 2022, we have also adjusted our EBITDA, but the already mentioned record booked in the period by $61 million. All these 2022 adjustments affected the bottom line by $80 million in the full year and $39 million in the quarter.

2022 年全年，EBITDA 根據該期間全部存貨的減值進行調整，總計 5900 萬美元，其餘 6100 萬美元與發電開發過程相關的調整，如地熱、水力發電廠和熱力設施。根據我們的策略和評估，我們決定不執行。在 2022 年最後一個季度，我們還調整了我們的 EBITDA，但已經提到的記錄在此期間記錄了 6100 萬美元。所有這些 2022 年調整對全年利潤產生了 8000 萬美元的影響，對本季度產生了 3900 萬美元的影響。

Now let me recap the 2021 adjustment. The 2021 EBITDA figures were adjusted by the coal stock and the voluntary retirement plan that totaled $80 million in the full year and $38 million in the last quarter of 2021. In this case, only adjusted by the post impairment. All these 2021 adjustment and to the impairment related to Bocamina to book in the Q4 2021 resulted in an adjusted net income of $74 million and $42 million in the full year and the fourth quarter of 2021, respectively.

現在讓我回顧一下 2021 年的調整。 2021 年 EBITDA 數據由煤炭庫存和自願退休計劃調整，全年總額為 8000 萬美元，2021 年最後一個季度為 3800 萬美元。在這種情況下，僅通過減值後調整。所有這些 2021 年調整以及與 Bocamina 相關的減值將在 2021 年第四季度入賬，導致 2021 年全年和第四季度的調整後淨收入分別為 7400 萬美元和 4200 萬美元。

As you can see in the slide, all earnings indicator represented an important improvement versus 2021 keys. I will detail later on our performance on our EBITDA and net (inaudible). But before moving on, I would like to reinforce the results of our efforts to reduce our leverage. Our net debt to EBITDA has decreased by 60% as of December 31, 2022, versus the same period of the previous year. This was mainly explained by the managerial action already mentioned by Fabrizio, the Shell agreement and the sale of an electrical (inaudible) assets executed in 2022.

正如您在幻燈片中看到的那樣，與 2021 年的關鍵指標相比，所有收益指標都取得了重要進步。稍後我將詳細介紹我們在 EBITDA 和淨額（聽不清）上的表現。但在繼續之前，我想強調一下我們降低杠桿率的努力所取得的成果。截至 2022 年 12 月 31 日，我們對 EBITDA 的淨債務與去年同期相比下降了 60%。這主要是由於 Fabrizio 已經提到的管理行動、殼牌協議和 2022 年執行的電氣（聽不清）資產的出售。

Let's review our CapEx on Slide 13. Our 2022 traditional CapEx reached $1,128 million fastly in line with our guidance for the year. In terms of taxonomy, 92% of the total CapEx was linked to the decrease goals, mainly related to our renewable growth. And 89% of our investments are aligned with the EU taxonomy, which is current with our sustainable strategy. Customer CapEx totaled $70 million, similar to the previous year and was deployed mainly to enhance our free focus on quality and digitization in order to improve our customer experience.

讓我們回顧一下幻燈片 13 上的資本支出。我們 2022 年的傳統資本支出迅速達到 11.28 億美元，符合我們當年的指導。在分類方面，總資本支出的 92% 與減少目標相關，主要與我們的可再生能源增長有關。我們 89% 的投資符合歐盟分類法，這符合我們的可持續發展戰略。客戶資本支出總計 7000 萬美元，與上一年相似，主要用於加強我們對質量和數字化的自由關注，以改善我們的客戶體驗。

Other investments reached $194 million, and were mainly focused on several maintenance and repair activities to guarantee the continuity and resilience of our operations. On that regard, an important portion of our CapEx was mainly focused on the maintenance of our gas terminal facility considers the postponement of the maintenance in our 10 months fleet in the last year as a result of the severe trial in this country in the last 3 years. Development CapEx reached $856 million, representing an increase of number spend in line with our renewable strategy.

其他投資達到 1.94 億美元，主要集中在幾項維護和維修活動上，以保證我們運營的連續性和彈性。在這方面，我們的資本支出的一個重要部分主要集中在我們的天然氣終端設施的維護上，考慮到由於過去 3 年在這個國家進行的嚴格試驗，我們在去年推遲了 10 個月的機隊維護年。開發資本支出達到 8.56 億美元，這意味著根據我們的可再生能源戰略增加了支出。

Let's now move to Slide 14, where we have the summary of the fourth quarter adjusted EBITDA breakdown accounting for $932 million. The variation was mainly related to the agreement with Shell signed and executed in December 2022, totaling $520 million an increase in our PPA sales of $169 million in Q4 2022, primarily explained by the higher devaluation of Chilean pesos [against] dollar. $81 million due to better products in the period, renewable growth related to the new capacity connected adding $4 million in the EBITDA of the period and the gas estimation activities that generate is $40 million of margin as a consequence of a solid natural gas policy defined for 2022. All the effect that I've just mentioned in the duration side were offset by a negative $64 million related to the variable costs, mainly due to the higher thermal generation volumes and costs related to the commodity price and higher regasification costs due to higher volume. And by a higher spot price in the system in the Q4 2022, mainly related to the commodity price and transition line cost trend.

現在讓我們轉到幻燈片 14，我們在其中總結了第四季度調整後的 EBITDA 明細，佔 9.32 億美元。變化主要與 2022 年 12 月與殼牌簽署並執行的協議有關，總計 5.2 億美元，我們的 PPA 銷售額在 2022 年第四季度增加了 1.69 億美元，這主要是由於智利比索 [兌] 美元貶值較高。 8100 萬美元歸因於該期間更好的產品，與新產能相關的可再生能源增長使該期間的 EBITDA 增加 400 萬美元，而天然氣估算活動產生的利潤為 4000 萬美元，這是為2022. 我剛才在持續時間方面提到的所有影響都被與可變成本相關的負 6400 萬美元所抵消，這主要是由於更高的熱發電量和與商品價格相關的成本以及更高的再氣化成本體積。而 2022 年第四季度系統現貨價格較高，主要與商品價格和過渡線成本趨勢有關。

Following on the slide, let me talk about the other elements, let's explain our EBITDA. [Grid] accounted a positive impact of $11 million, mainly related to tax indexation in both distribution and transmission business, partially offset by the provision of regulatory signs in network business due to no compliance on quality services KPI from previous years.

在幻燈片之後，讓我談談其他要素，讓我們解釋一下我們的 EBITDA。 [電網] 產生了 1100 萬美元的積極影響，主要與配電和輸電業務的稅收指數化有關，部分被網絡業務中由於未遵守前幾年的質量服務 KPI 而提供監管標誌所抵消。

To conclude, let's review the final to negative effects in the period. $9 million of the hedging instruments associated with the bond debt of Enel Chile in (inaudible), $50 million associated to operate and other effects, mainly related to higher inflation affected personnel and maintenance costs.

最後，讓我們回顧一下該期間的最終負面影響。 900 萬美元與 Enel Chile 的債券債務相關的對沖工具（聽不清），5000 萬美元與運營和其他影響相關，主要與較高的通貨膨脹影響人員和維護成本有關。

Let's move on to Slide 15, where we have the summary of full year adjusted EBITDA breakdown accounted for $1,268 million, [2.2x] higher versus last year's figures. This variation was mainly related to the one-off effect associated to the agreement with Shell. $469 million from higher PPA sales, primarily explained by the higher foreign exchange of Chilean pesos against dollar, an increase in the unregulated CPAs and higher regulated demand. $87 million from renewables growth contribution, mainly due to the new capacity added in the period. The [better hydrology] in this year resulting in a positive impact of $148 million.

讓我們繼續看幻燈片 15，我們在其中總結了全年調整後的 EBITDA 細分為 12.68 億美元，比去年的數字高 [2.2 倍]。這種差異主要與與殼牌協議相關的一次性效應有關。 PPA 銷售額增加 4.69 億美元，主要原因是智利比索兌美元的匯率較高、不受監管的 CPA 增加以及受監管的需求增加。來自可再生能源增長貢獻的 8700 萬美元，主要是由於在此期間增加的新產能。今年 [更好的水文] 產生了 1.48 億美元的積極影響。

And finally, by the gas optimization activities that generated $169 million of margin. All these effects that I just mentioned in the generation side were offset by a negative $240 million in variable cost. Mainly related to higher thermal generation costs due to the commodity prices and higher regasification costs in the period due to higher volume. Partially offset by higher [thermal] generation and the aging commodity coverage instruments in the period, a negative $280 million due to higher spot price in the system in the full year 2022. The remaining variation of our EBITDA comes from $43 million due to great remuneration and demand, mainly explained by $49 million on tax indexation in both network business, $11 million coming from distribution and the remaining from transmission business that is consolidated in our book up to November 2022.

最後，天然氣優化活動產生了 1.69 億美元的利潤。我剛才在發電方面提到的所有這些影響都被 2.4 億美元的負可變成本所抵消。主要與大宗商品價格導致的熱力發電成本增加以及銷量增加導致的再氣化成本增加有關。由於 2022 年全年系統現貨價格較高，部分被更高的 [熱] 發電量和老化的商品覆蓋工具所抵消，負 2.8 億美元。我們 EBITDA 的剩餘變化來自 4300 萬美元，原因是高額報酬和需求，主要是由於網絡業務的稅收指數化產生了 4900 萬美元，其中 1100 萬美元來自配電，其餘來自傳輸業務，這些業務已合併到 2022 年 11 月。

The recovery of the demand in the period, which increased 4% in the full year 2022 compared to the previous year, reaching refund REIT level. This effect has been offset by additional time booked in the period, a total $12 million.

期間需求回暖，2022年全年較上年增長4%，達到可退REIT水平。這一影響已被該期間預訂的額外時間所抵消，總計 1200 萬美元。

To conclude, let's review the final two effects in the period and negative hedging instrument effects associated with the bond debt and higher OpEx, mainly interaction business, by $35 million because of the inflation level of 2022 versus 2021.

最後，讓我們回顧一下這一時期的最後兩個影響，以及與債券債務相關的負面對沖工具影響，以及由於 2022 年與 2021 年相比的通貨膨脹水平而增加 3500 萬美元的運營支出（主要是互動業務）。

Let's now give you more detail on generation KPIs on Page 16. Net electricity generation increased by 17% to 22.2% (inaudible) during 2022, mainly resulting from a greater higher production due to the improvement in fall and a higher dispatch of our CCT team coupled with the higher generation from other renewable sources, especially solar production, mostly related to the additional capacity of new projects. Similarly, net generation increased 9% to 5.7 terawatt hours during the Q4 2022. Highlighting the improved hydro production and also a greater generation from other renewable costs. Our energy sales increased 11% during last year. Mostly related to greater sales to regulated customers, coupled with higher stage to the customer, primarily due to new contracts. During Q4 2022, physical sales grew by 3%, mainly as a return of higher sales to regulated customers.

現在讓我們在第 16 頁上為您提供有關發電 KPI 的更多詳細信息。2022 年淨發電量增長了 17% 至 22.2%（聽不清），這主要是由於秋季的改善和我們的 CCT 團隊的派遣增加導致產量增加再加上來自其他可再生能源的更高發電量，尤其是太陽能發電，主要與新項目的額外產能有關。同樣，在 2022 年第四季度，淨發電量增加了 9%，達到 5.7 太瓦時。突出了水力發電的改善以及其他可再生能源成本的增加。去年，我們的能源銷售額增長了 11%。主要與對受監管客戶的銷售量增加以及對客戶的更高階段有關，這主要是由於新合同。 2022 年第四季度，實物銷售額增長了 3%，主要是因為對受監管客戶的銷售額增加。

Now on Slide 17, let's go through the main drivers of our group net income. Our full year 2022 adjusted net income amounted to $1,470 million, representing an increase versus last year's figures of 8.8 tonnes. The main balances are coming from higher adjusted EBITDA, which increased $793 million or 2.2x as already explained in the page slide. Higher G&A impairment and net debt of $32 million versus 2021, mainly related to higher depreciation and amortization in Enel Green Power assets. Primarily explained by the valuation of Chilean pesos in the period and the initial commissioning of new solar power plants already connected to the grid. A higher depreciation in distribution related to the new projects and higher amortization of intangible assets related to the new commercial system recently upgraded at Enel [distribution].

現在在幻燈片 17 上，讓我們來看看我們集團淨收入的主要驅動因素。我們 2022 年全年調整後的淨收入為 14.7 億美元，比去年的 8.8 噸有所增加。主要餘額來自更高的調整後 EBITDA，如頁面幻燈片中所述，EBITDA 增加了 7.93 億美元或 2.2 倍。與 2021 年相比，G&A 減值和淨債務增加了 3200 萬美元，這主要與 Enel Green Power 資產的折舊和攤銷增加有關。主要原因是智利比索在此期間的估值以及已經並網的新太陽能發電廠的初始調試。與新項目相關的分銷折舊較高，與最近在 Enel [分銷] 升級的新商業系統相關的無形資產攤銷較高。

Financial results and equity investments recorded an improvement of $32 million in 2022. Mainly due to lower expenses related to the factor we executed in 2022 in our generation business, once compared to 2021 figures, only referring to the accounts receivables that arose from the tariff utilization law. In the higher financial capitalized costs as a result of our renewable development plan in execution. All these effects were partially offset by higher financial expenses as a consequence of new debt and bridge loans raised in the second and third quarter of 2022.

財務業績和股權投資在 2022 年錄得 3200 萬美元的改善。主要是由於與我們在 2022 年在發電業務中執行的因素相關的費用較低，與 2021 年的數字相比，僅指因關稅使用產生的應收賬款法律。由於我們正在執行的可再生髮展計劃，財務資本化成本較高。所有這些影響都被 2022 年第二和第三季度籌集的新債務和過橋貸款導致的更高財務費用所部分抵消。

Income tax increased by $167 million, mainly related to the higher earning before tax resulting of the company. These effects were partially offset by a tax benefit due to the monetary correction in the period. To conclude, our net income was also positively impacted by the sale of Enel transmission during the fourth quarter. This transaction resulted in a net effect of $769 million. In Q4 2022 adjusted net income reached 1,300 and $5 million, representing an increase of around 15x in the quarter, mainly explained by effect as just mentioned.

所得稅增加1.67億美元，主要與公司稅前利潤增加有關。由於該期間的貨幣調整，這些影響被稅收優惠部分抵消。總而言之，我們的淨收入也受到第四季度 Enel 變速器銷售的積極影響。該交易產生了 7.69 億美元的淨效應。 2022 年第四季度調整後淨收入達到 1,300 美元和 500 萬美元，本季度增長約 15 倍，這主要是由於剛才提到的影響。

Moving to FFO on Slide 18. The full year 2022 FFO amounted a positive $672 million in the period, mainly explained by the full year 2022 EBITDA, which amounted [$1,888] million based to $744 million of 2021 due to the reasons previously explained. The cumulated stabilization maintenance in our receivable accounts. In full year 2020 for [$534] million, reducing the cash conversion of the period. Let me highlight that $9 million are related to the stabilization [maintaining] approved in 2019 and $444 million related to the new maintaining across last August 2022. According to the meaning of the law, we expect to receive the largest amount of this receivables during 2023.

轉到幻燈片 18 上的 FFO。2022 年全年 FFO 在此期間為正 6.72 億美元，主要是由於 2022 年全年 EBITDA 為 [1,888] 億美元，而 2021 年為 7.44 億美元，原因如前所述。我們的應收賬款中的累積穩定維持。 2020 年全年為 [5.34 億美元]，減少了該期間的現金轉換。讓我強調一下，900 萬美元與 2019 年批准的穩定 [維護] 相關，4.44 億美元與 2022 年 8 月的新維護相關。根據法律的含義，我們預計將在 2023 年收到這筆應收賬款中的最大金額.

The working capital in the field accounted for a positive impact of $58 million, mainly due to several Asian management including factoring of stabilization energy mechanism at 1. Let me remind you that the net working capital of 2022 --2021 was positively impacted by the factoring related to (inaudible) naming stabilization make receivables executed during 2021 and recovery of LNG makeup gas from previous year.

該領域的營運資金佔5800萬美元的積極影響，主要是由於幾個亞洲管理，包括保理穩定能源機制在1。讓我提醒你，2022年--2021年的淨營運資金受到保理的積極影響與（聽不清）命名穩定有關，使應收賬款在 2021 年執行，並從上一年回收液化天然氣尾氣。

Income tax reached $74 million, mainly associated with the annual corporate tax space. I would like to recall that the 2022 numbers were impacted by the FX losses resulting in lower payment of tax once compared to 2021 figures. And finally, the financial expense amounted to $256 million (inaudible) is in line with the last year's figure.

所得稅達到 7400 萬美元，主要與年度企業稅收空間相關。我想回顧一下，2022 年的數字受到外匯損失的影響，導致與 2021 年的數字相比，繳納的稅款一度減少。最後，財務費用為 2.56 億美元（聽不清），與去年的數字一致。

Now let's take a look to our liability management on Page 19. Our gross debt decreased $0.3 billion to $4.7 billion as of December 2022 when compared to December 2021. You should be noted that the reduction by $1 billion our indebtedness when compared to June 2022. This decrease is due to the prepayment of Enel Chile's committed credit line with Enel Finance International and [Nova Scotia] (inaudible) drove from September 2021 in August 2022. All this debt reduction is coming from the usage of proceeds from the sales of Enel [transmission] as we committed to our stakeholders last year.

現在讓我們看一下第 19 頁上的負債管理。與 2021 年 12 月相比，截至 2022 年 12 月，我們的總債務減少了 3 億美元至 47 億美元。您應該注意到，與 2022 年 6 月相比，我們的債務減少了 10 億美元。這一減少是由於 Enel Chile 與 Enel Finance International 和 [Nova Scotia]（聽不清）從 2021 年 9 月開始到 2022 年 8 月提前支付了承諾的信貸額度。所有這些債務減少都來自使用 Enel 的銷售收益 [ transmission] 正如我們去年向利益相關者承諾的那樣。

Therefore, we improved the average of our debt maturity to see on 3 years, and we also increased the fixed rate portion to 84%. In addition, the average cost of our debt declined to 4.1 as of December 2022 to -- from 4.4 as of December 2021. In terms of liquidity, we have a very comfortable position in order to cope with possible headwind in the debt market related to the overall economic situation and also to support upcoming debt maturity.

因此，我們將債務平均期限提高到 3 年，並將固定利率部分提高到 84%。此外，截至 2022 年 12 月，我們的債務平均成本從 2021 年 12 月的 4.4 降至 4.1。在流動性方面，我們處於非常有利的地位，以應對債務市場可能出現的逆風整體經濟形勢也支持即將到期的債務。

Now I will hand over to Fabrizio.

現在我將交給 Fabrizio。

Many thanks, Giuseppe. Now I will point out some closing remarks on Slide 20. Despite the very challenging environment during 2022, we have been able to deliver a more than solid operating and financial performance. This is represented by our earnings, along with our unlocking value actions that represented a turnaround story for our assets. These outstanding results led to an important improvement in our financial position, giving us room to continue pursuing our strategy towards decarbonization, electrification, demission, value creation forward as we have presented in our last Investor Day.

非常感謝，朱塞佩。現在我將指出幻燈片 20 的一些結束語。儘管 2022 年的環境非常具有挑戰性，但我們已經能夠提供非常穩健的運營和財務業績。這體現在我們的收益以及我們釋放價值的行動中，這些行動代表了我們資產的轉機故事。這些出色的成果使我們的財務狀況有了重大改善，使我們有空間繼續實施我們在上一個投資者日提出的脫碳、電氣化、排放和價值創造戰略。

We will continue working to leverage our set of assets, people and expertise through our integrated and sustainable business model, putting our clients in the trend. This gives us confidence that Enel Chile is more than prepared to operate in a volatile environment and to take advantage of the offer. Let me now hand over to Isabela.

我們將繼續努力通過我們的綜合和可持續商業模式利用我們的資產、人員和專業知識，讓我們的客戶緊跟潮流。這讓我們相信，Enel Chile 已做好充分準備在動蕩的環境中運營並利用這一機會。現在讓我交給伊莎貝拉。

Thank you, Fabrizio, thanks you Giuseppe. Thank you all for your attention. As I have anticipated, we will receive questions in our phone and chat in the webcast on this occasion. The Q&A session is now open. Gigi please you may start.

謝謝 Fabrizio，謝謝 Giuseppe。謝謝大家的關注。正如我所預料的那樣，這次我們將通過電話收到問題並在網絡直播中聊天。問答環節現已開放。 Gigi 拜託，你可以開始了。

(Operator Instructions) Our first question comes from the line of Javier Suarez from Mediobanca.

（操作員說明）我們的第一個問題來自 Mediobanca 的 Javier Suarez。

Many thanks for the presentation and for taking my questions. I have three. The first one is on the Slide #18 and the impact on the stabilization mechanism, and that has played an important role in 2022. So the question for you is, which is your expectation of that stabilization mechanism impacting cash flow generation in the next year to come, for example, in 2023 and '24. So any light on the possible recovery of this working capital cash flow absorption would be helpful.

非常感謝您的介紹和回答我的問題。我有三個。第一個是關於幻燈片 #18 和對穩定機制的影響，它在 2022 年發揮了重要作用。所以你的問題是，你對穩定機制在明年影響現金流產生的預期是什麼例如，2023 年和 24 年。因此，任何關於這種營運資金現金流吸收的可能恢復的信息都會有所幫助。

Then the second question, I think, is in one of the expenditures. You are mentioning the regulatory framework evolution and particularly interesting on your expectation from the capacity regulation of own capacity payment. I think that on the presentation, you are mentioning that the new regulation should be published during the second half of 2023. So if you can help us to understand the implications for Enel Chile of the new regulation on capacity payment.

那麼第二個問題，我認為是在其中一項支出中。你提到了監管框架的演變，特別有趣的是你對自有能力支付的能力監管的期望。我認為在演示文稿中，您提到新法規應在 2023 年下半年發布。因此，如果您能幫助我們了解新的產能支付法規對 Enel Chile 的影響。

And the third question is on the balance sheet structure of the company. There has been a significant improvement in the net debt-to-EBITDA of the company following the extraordinary operations. I think that as we expect net debt to EBITDA is along the lines of 2.7x. So the question for you is what is -- what do you consider an optimal net debt to EBITDA for a company of the profile of Enel Chile. And if you intend to continue through 2023 and 2024, with this strategy of asset rotating asset and management of your portfolio? And the very final thing is if you can share with us your cost of debt in 2022 and expectations for 2023 and '24. Thank you.

第三個問題是關於公司的資產負債表結構。在非常規運營之後，公司的淨債務對 EBITDA 的比率有了顯著改善。我認為正如我們預期的那樣，淨債務與 EBITDA 的比率約為 2.7 倍。所以你的問題是什麼 - 你認為 Enel Chile 公司的 EBITDA 最佳淨債務是多少。如果您打算在 2023 年和 2024 年繼續採用這種資產輪換資產和管理您的投資組合的策略？最後一件事是，您是否可以與我們分享您在 2022 年的債務成本以及對 2023 年和 24 年的預期。謝謝。

Thank you, Javier. I will hand over now to Fabrizio. Fabrizio?

謝謝你，哈維爾。我現在將交給 Fabrizio。法布里齊奧？

Yes. Let me address the second question, then I hand over to Giuseppe for the first and the third question even if I think that the third question, of course, is a very general one. And usually, the magic number that I've always heard about it 3, but anyway, Giuseppe will give you some more comments about that.

是的。讓我解決第二個問題，然後我將第一個和第三個問題交給 Giuseppe，儘管我認為第三個問題當然是一個非常籠統的問題。通常，我一直聽說的神奇數字 3，但無論如何，Giuseppe 會給你更多關於它的評論。

And the second question about the capacity payment connection. Well, first of all, let me highlight that this is still something that is under discussion. Of course, there are some documents that are available to the different stakeholders for their comments. So we know quite well which is the current statement of the proposal. And well, let me say that we don't see any particular impact in the short term. Basically for two reasons, that is -- this is something that has to be approved. And the second reason is that there is a very quite long transition period in which the old and the new (inaudible) there will go in parallel. We don't envisage any big impact in Enel (inaudible) portfolio.

第二個問題關於容量支付連接。好吧，首先讓我強調一下，這仍在討論中。當然，有一些文件可供不同的利益相關者徵求意見。所以我們很清楚提案的當前聲明是什麼。好吧，讓我說我們在短期內看不到任何特別的影響。基本上有兩個原因，那就是——這是必須獲得批准的事情。第二個原因是有一個非常長的過渡期，新舊（聽不清）將並行進行。我們預計不會對 Enel（聽不清）投資組合產生任何重大影響。

In general terms, let me say that I think that the what the news in these new regulations are quite aligned with our long-term objectives. And they are regional because in the end, the most important changes will affect net capacity payments. So there will be some specific method in order to assess which would be the contribution for storage facility to receive this capacity, remaining payments, and we are very interested about that. And the other issues are more like detail like, well, reducing a little bit dollar capacity payments, but existing and under construction plan, could decide to stay with the old mechanism, and that's the reason why we don't see a big input for us.

總的來說，我認為這些新法規中的消息與我們的長期目標非常一致。而且它們是區域性的，因為最終，最重要的變化將影響淨容量支付。所以會有一些具體的方法來評估存儲設施接收這個容量的貢獻，剩餘的付款，我們對此非常感興趣。其他問題更像是細節，比如，減少一點美元的容量支付，但現有和正在建設的計劃可能會決定保留舊機制，這就是為什麼我們看不到大量投入的原因我們。

And there is also organization for less competitive thermal plants like these plants. So the more costly units of -- and this is a penalization for them, but we are not involved in that part of the business, so it doesn't affect us. So let me say, in general terms, no stronger impact on our results. And in general terms, we are aligned with the intention of the regulator in introducing this change.

還有像這些電廠這樣競爭力較弱的熱電廠的組織。所以成本更高的單位——這對他們來說是一種懲罰，但我們沒有參與這部分業務，所以它不會影響我們。所以讓我說，一般來說，對我們的結果沒有更大的影響。總的來說，我們與監管機構引入這一變化的意圖是一致的。

Okay. For what concern the recovery of the receivables that has been raised because of the new law according to the mechanism, we expect to receive most of the amount by the end of 2023. We are talking about around $450 million. Clearly, it depends on the regulatory decrease that has been issued in order to start with the process of collection. And on the other hand, we are already organizing structuring the after of this receivable with the -- so we believe that if everything is going to be according to the plan, starting from the second quarter, we should start recovering part of this amount.

好的。關於根據機制回收因新法而提出的應收賬款，我們預計到 2023 年底將收到大部分金額。我們說的是大約 4.5 億美元。顯然，這取決於為了開始收集過程而發布的監管減少。另一方面，我們已經在組織這筆應收賬款的後續結構——所以我們相信，如果一切都按計劃進行，從第二季度開始，我們應該開始收回部分金額。

But many case by the end of the year, the amount to be or should be around $150 million. But what concerned the leverage, the optimal level of the leverage, let me say that below 3x net debt EBITDA is our target. This is basically something that is in compliance with the requirement that we have with raising guidance. So we believe that by the end of this year, we are able to achieve this ratio.

但很多情況下，到年底，金額將達到或應該達到 1.5 億美元左右。但是關於槓桿，槓桿的最佳水平，讓我說低於 3 倍淨債務 EBITDA 是我們的目標。這基本上符合我們提出指導的要求。所以我們相信到今年年底，我們能夠達到這個比例。

For what concern the cost of debt 2023, we are going to have a little bit an increase in terms of cost of debt that we had in 2022 because we are going to repay some short-term debt and that clearly have more cheaper cost. So we believe that we are going to close lower than 5% between 4.5%.

關於 2023 年的債務成本，我們將在 2022 年的債務成本方面略有增加，因為我們將償還一些短期債務，而這顯然具有更便宜的成本。因此，我們認為我們將收盤價低於 5%，介於 4.5% 之間。

Okay. Thank you, Giuseppe. Gigi, do we have more questions or any follow-up on Javier, please?

好的。謝謝你，朱塞佩。吉吉，我們還有更多關於哈維爾的問題或任何後續行動嗎？

Yes. One moment for our next question. Our next question comes from the line of [Fernand Gonzalez] from [BTG Pactual].

是的。稍等一下我們的下一個問題。我們的下一個問題來自 [BTG Pactual] 的 [Fernand Gonzalez]。

I have three questions here. One is about the distribution segment and some of the headwinds that it has been facing. I've seen some publications through Enel distribution about the electrical cable theft that happened last year and how much it increased? And also, we've seen comments in the press release related to fines, but by the regulator. Could you walk us through what exactly is happening to that business segment and what you can actually do to improve any problems that you may be facing?

我在這裡有三個問題。一是關於分銷部門及其一直面臨的一些不利因素。我通過 Enel 發行版看到了一些關於去年發生的電纜盜竊事件及其增加了多少的出版物？而且，我們在新聞稿中看到了與罰款相關的評論，但是由監管機構提出的。您能否向我們介紹一下該業務部門到底發生了什麼，以及您實際上可以做些什麼來改善您可能面臨的任何問題？

My second question is on the generation segment. And I would like to hear your thoughts about the massive amount of renewable capacity that's going to be added this year and how the system is going to absorb that? And whether or not you believe we may be getting into an overcapacity situation here?

我的第二個問題是關於發電領域的。我想听聽您對今年將增加的大量可再生能源容量以及系統將如何吸收這些容量的看法？您是否認為我們可能會陷入產能過剩的局面？

And my third question is about your green hydrogen pilot project in Magallanes, which is already producing. What's the next step here? And what will be your role in this JV. Are you going to be the supplier of energy? Or are you going to be participating in the whole production process and exporting of the product eventually?

我的第三個問題是關於你們在麥哲倫的綠色氫試點項目，該項目已經開始生產。下一步是什麼？你在這個合資企業中的角色是什麼？你要成為能源供應商嗎？還是您將參與整個生產過程並最終出口產品？

Thank you, [Fernand]. Fabrizio?

謝謝你，[費爾南德]。法布里齊奧？

Okay. Let me start with the third question. There is quite simple to address. We are not only delivering energy, but we are also in a 50%-50% joint venture with (inaudible) in degree, hydrogen part of the project. So for what -- the green hydrogen production is concerned, we are in a perfectly 50-50 joint venture in all the relative issues. We are not involved in the consequent processing of the green hydrogen to transform it in a fuel that is actually the final product of this pilot project in which the offtake is pushed. But we are not in this part of the industrial development. As I said, we were not interested because in the end, as a company, we are much more focused in green hydrogen production. This is what's really interest to (inaudible).

好的。讓我從第三個問題開始。解決起來很簡單。我們不僅提供能源，而且我們還在一個 50%-50% 的合資企業中（聽不清）項目的氫部分。因此，就綠色氫氣生產而言，我們在所有相關問題上處於完美的 50-50 合資企業。我們沒有參與對綠色氫進行後續處理以將其轉化為燃料，而該燃料實際上是推動承購的試點項目的最終產品。但是我們還沒有在這部分產業發展。正如我所說，我們不感興趣，因為最終，作為一家公司，我們更專注於綠色氫生產。這是（聽不清）真正感興趣的。

The second question was about the generation segment. Well, let me say that it's difficult to predict that there would be a structural overcapacity in the system soon. Of course, there are huge development in this segment. But we also know that there are some transmission constraints that should be sold in some way. And so we don't -- we are not foreseeing a very different market results in the short to medium -- to medium term. That's basically our view -- and in general terms, let me say that, of course, we are actively managing our portfolio in terms of selling energy to a final country that final current that, of course, help us also to manage potential overcapacity is. But that I say, I don't see any way changing drastically the situation in the short to medium term.

第二個問題是關於發電環節的。好吧，讓我說很難預測系統很快就會出現結構性產能過剩。當然，這個細分市場也有巨大的發展。但我們也知道應該以某種方式出售一些傳輸限制。所以我們不會 - 我們沒有預見到短期到中期 - 到中期的市場結果會有很大不同。這基本上是我們的觀點——總的來說，讓我說，當然，我們正在積極管理我們的投資組合，向最終國家出售能源，最終電流當然也幫助我們管理潛在的產能過剩是.但我要說的是，我看不出有任何方法可以在中短期內徹底改變這種情況。

And first question about distribution. Well, actually, what you mentioned is something that core let me say, defined, at least the define something that is quite recurrent, let me say. And I hand over to Giuseppe if you want to give some more details of the word. But (inaudible) is something, of course, that is recurrent because this involves many activities, and we are not experiencing any peculiar issue in debt. This issue that -- that is true, that is quite an increasing problem about the electric wires that are stolen. This is something that, of course, is let me say, it's about -- it's a more general concern, okay? And this is something that is absolutely in line with the situation that Chile is facing another -- another situation about the increasing problems with the situation about security and unfortunately, it's true that the number of these events is drastically increased. There is a focus also by the government in order to introduce some more strict regulations on more [stricter] loans in order to prevent and [desensitize] this kind of situation.

第一個關於分配的問題。好吧，實際上，你提到的是讓我說的核心內容，定義，至少定義一些非常經常出現的東西，讓我說。如果您想提供有關該詞的更多詳細信息，我將交給 Giuseppe。但是（聽不清）當然是經常發生的事情，因為這涉及許多活動，而且我們沒有遇到任何特殊的債務問題。確實，這個問題是關於被盜電線的一個日益嚴重的問題。當然，我要說的是——這是一個更普遍的問題，好嗎？這完全符合智利面臨的另一種情況——另一種情況，即安全問題日益嚴重，不幸的是，這些事件的數量確實急劇增加。政府也著重於對更 [更嚴格] 的貸款出台一些更嚴格的規定，以防止和 [脫敏] 這種情況。

The only point that we can add is that part of this energy coming from the previous year something relative to before the 2020. And clearly, every time that we see such a tenant we are filing in order to support our reason because sometimes these plans are not really in agreement with our view.

我們唯一可以補充的一點是，這種能量的一部分來自前一年，與 2020 年之前相關。很明顯，每次我們看到這樣的租戶時，我們都會提交申請以支持我們的理由，因為有時這些計劃是不太同意我們的觀點。

Thank you, [Fernand].

謝謝你，[費爾南德]。

Thank you. At this time, I'm showing no further questions over the phone line. I would now like to turn the conference back to Isabela Klemes.

謝謝。目前，我不會通過電話線提出更多問題。我現在想把會議轉回 Isabela Klemes。

Thank you, Gigi. So we have received some questions for the chat and also for [Mayo]. So Fabrizio due the first question here is coming from [Rodrigo Mora] from [Mones] Asset Management. Rodrigo is asking two questions to us. The first one, if we could explain more about the gas optimization gains that were booked in the fourth quarter of this year and also in the full year of 2022 was the meaning of the [optimization]. And the second question is related to the distribution business. What are the actions that we are doing as a company in order to improve the performance of this business. And Fabrizio do that pick?

謝謝你，吉吉。所以我們收到了一些關於聊天和 [Mayo] 的問題。 Fabrizio 由於這裡的第一個問題來自 [Mones] 資產管理公司的 [Rodrigo Mora]。 Rodrigo 向我們提出了兩個問題。第一個，如果我們能更多地解釋一下今年第四季度和 2022 年全年的氣體優化收益，那就是 [優化] 的含義。第二個問題與分銷業務有關。作為一家公司，我們正在採取哪些行動來提高這項業務的績效。 Fabrizio 做那個選秀權？

Okay. So let me try to address this question. But in general, (inaudible) about Enel distributions, let me say that, of course, this is something that is related to regulation, this is something that -- of course, we are trying to manage to improve through very careful management of our investments in order to improve quality indicators and to enable potential future opportunities that will arise with electrification process that I think that will give some more opportunities to the distribution segment.

好的。因此，讓我嘗試解決這個問題。但總的來說，（聽不清）關於 Enel 分佈，讓我說，當然，這與監管有關，這是 - 當然，我們正在努力通過非常謹慎的管理來改進我們的投資以提高質量指標並實現電氣化過程中可能出現的未來機會，我認為這將為配電部門提供更多機會。

But as a matter of fact, finally, we also welcome the fact also the government and specifically the Energy Minister recently stated that distribution segment is absolutely a priority in order to review in general terms, the regulation that we think is not appropriate.

但事實上，最後，我們也歡迎政府，特別是能源部長最近表示，配電部門絕對是優先事項，以便從總體上審查我們認為不合適的法規。

In terms of gas optimization, gas optimization is something that is absolutely core to our portfolio management and that has become particularly relevant in 2022 and will be very relevant also in 2023. And the activity is -- this, of course, is there are several activities that we do in order to optimize our position and take advantage of all the potential opportunities. But of course, the most impact is driven by the sale of LNG in the international market. And we sold three LNG cargoes in the last year between August and December. That, of course, was a particularly high-priced content in the market, and that was the reason why we benefited in our results as we showed during the presentation. And we are doing the same for 2023, in which we already sold four cargoes in the international market that also delivered to us a very interesting margins because we handing out this activity during the second half of 2022 and the international [market] prices were much higher than today.

在氣體優化方面，氣體優化絕對是我們投資組合管理的核心，並且在 2022 年變得尤為重要，並且在 2023 年也將非常重要。活動是——當然，這是有幾個我們為優化我們的地位和利用所有潛在機會而進行的活動。但當然，影響最大的是液化天然氣在國際市場上的銷售。去年 8 月至 12 月期間，我們出售了三批液化天然氣貨物。當然，這是市場上價格特別高的內容，這就是我們在演示期間展示的結果中受益的原因。我們正在為 2023 年做同樣的事情，我們已經在國際市場上出售了四批貨物，這也為我們帶來了非常可觀的利潤，因為我們在 2022 年下半年進行了這項活動，國際 [市場] 價格高得多高於今天。

And of course, there are a lot of other optimization activities that we do also locally in terms of exchanging gas with other players in the market and also to optimize our own production between the different power trends that we have in the country.

當然，在與市場上的其他參與者交換天然氣方面，我們也在當地開展了許多其他優化活動，並在我們國內不同的電力趨勢之間優化我們自己的生產。

Okay. Thank you, Fabrizio. We also have another question coming from a [Mariana Corridors] (inaudible). And Maria is asking a question that is more related to our controlling shareholders, but she's asking with the political situation in Latin America, in which countries have you considered divesting? As we were not answered by our controller shareholder, I would say about -- Fabrizio, if you could give you some words about the -- what is Chile, including the portfolio. And if you're seeing any kind of investments on our perimeter here?

好的。謝謝你，法布里齊奧。我們還有另一個問題來自 [馬里亞納走廊]（聽不清）。 Maria問的是跟我們的控股股東比較相關的問題，但是她問的是拉丁美洲的政治形勢，你考慮過在哪些國家剝離？由於我們的控制人股東沒有回答我們，我想說一下——法布里齊奧，如果你能給你一些關於——智利是什麼，包括投資組合的話。如果您在這裡看到我們周邊有任何投資？

No. In general terms, of course, let me say that we cannot answer about any plans, but it seems quite clear since Enel Chile was included in the list of Tier 1 countries for any group, that means that the countries where the group can promote and foster value creation through the integrated presence along the value chain. We think that this would be something that would be confirmed in the future.

沒有。一般來說，當然，我可以說我們不能回答任何計劃，但看起來很清楚，因為 Enel 智利被列入任何集團的一級國家名單，這意味著該集團可以通過價值鏈上的綜合存在促進和促進價值創造。我們認為這將在未來得到證實。

More locally, so for what is concerned directly to Enel Chile, of course, we commented the sale of [Enel] transmission. We mentioned that we are continuing always continue to see if there is any other opportunities for value creation. And according to, of course, what is the -- what is the optimal risk return profile for our assets in our portfolio. But we don't see any big divestments, any disposal. There is not any big disposal in our plan. And so as I said, we will look -- we are looking in the future with this value creation view, but nothing big is in at the moment.

更多本地，所以對於直接與 Enel 智利有關的事情，我們當然評論了 [Enel] 變速箱的銷售。我們提到我們一直在繼續尋找是否還有其他創造價值的機會。當然，根據我們投資組合中資產的最佳風險回報情況是什麼。但我們沒有看到任何大的撤資，任何處置。我們的計劃中沒有什麼大的處置。正如我所說，我們將展望——我們正在以這種價值創造的觀點展望未來，但目前沒有什麼大不了的。

Okay. Thank you, Fabrizio. We have another question coming from [Tomas Gonzalez] from [Scotiabank]. Tomas is asking us two questions, related to the gas agreement. After the agreement with Shell, which is going to be the new amount of LNG shipments per year this year and who is going to be the supplier now about this contract the price of this new shipment is going to be higher or lower than before given the drop in international fuel prices.

好的。謝謝你，法布里齊奧。我們有另一個問題來自 [Scotiabank] 的 [Tomas Gonzalez]。托馬斯問我們兩個問題，與天然氣協議有關。在與殼牌達成協議後，這將是今年每年新的液化天然氣出貨量，現在誰將成為該合同的供應商，鑑於國際燃油價格下跌。

Okay. Well, let me say that what in general sense, the contract with shell is still there. The agreement that we made was just reduced partially as we showed during the presentation, the amount that is under the long-term contract but we are still -- Shell would continue to be our LNG provider. And for what concerned 2023, let me say that after the agreement the amount of the contract would be reduced from the original 18 cargoes to 16 cargoes, out of which, as I just mentioned, 4 were already sold in international markets.

好的。好吧，讓我說一般意義上的東西，與shell的合同仍然存在。正如我們在演示期間所展示的那樣，我們達成的協議只是部分減少，這是長期合同下的金額，但我們仍然 - 殼牌將繼續成為我們的液化天然氣供應商。至於2023年，我說，協議達成後，合同的數量將從原來的18批貨減少到16批貨，其中剛才提到的，其中4批已經在國際市場上銷售了。

So now we are foreseeing to receive its time to be delivered 12 cargoes to Chile that would be like 33 terabit this year under the same agreement we share, the price is linked to particularly down to heavy up. So it's benefiting partially from the drop in the commodity and we already signed some agreements to be supplied also from Argentina gas. We already contracted [16 terabit] upto (inaudible). And we expect also to potentially shut some additional volumes for the rest of the year.

因此，根據我們共享的同一協議，我們預計今年將有 12 批貨物運往智利，運量約為 33 太比特，價格從低到高。因此，它部分受益於大宗商品的下跌，我們已經簽署了一些也由阿根廷天然氣供應的協議。我們已經簽約 [16 太比特] 高達（聽不清）。我們預計今年剩餘時間可能還會關閉一些額外的交易量。

And about the price, also Argentinian gas cut, of course, is pretty aligned with LNG long-term contract prices located in Chile. That is significantly lower than the international market price. So let me say that in general terms, we are continuing to look for additional opportunity to actively optimize our gas portfolio and trying to extract the maximum value from.

關於價格，當然還有阿根廷的天然氣減產，與位於智利的液化天然氣長期合同價格非常一致。這大大低於國際市場價格。所以讓我說，總的來說，我們正在繼續尋找更多機會來積極優化我們的天然氣組合，並試圖從中獲取最大價值。

Thank you, Fabrizio. We also have one question from [Alejandra Aranda] (inaudible). The question is also relating to the LNG and natural gas. So can you give us a ballpark idea of what the margin is for those LNG cargo sales during 2022.

謝謝你，法布里齊奧。 [Alejandra Aranda]（聽不清）也提出了一個問題。這個問題也與液化天然氣和天然氣有關。那麼，您能否大致了解一下 2022 年液化天然氣貨物銷售的利潤率是多少？

Well, 2022 was significant was quite a very past situation and of course, as we already mentioned, this activity almost totaled like some of $150 million last year, and it was related to 3 cargoes plus some additional optimization updates that we carried out. So let me say that in that context, we achieved up to $40 million per capita, but this is something really unusual. And of course, it was much related to this particular moment.

好吧，2022 年很重要，這是一個非常過去的情況，當然，正如我們已經提到的，去年這項活動的總額幾乎達到 1.5 億美元左右，它與 3 批貨物以及我們進行的一些額外優化更新有關。所以讓我說，在這種情況下，我們實現了人均 4000 萬美元，但這確實很不尋常。當然，這與這個特定時刻有很大關係。

Even if, as I said, we also benefited -- we are going to benefit in 2023 of some of these optimization activities because we closed the sale during the second half of 2022.

即使正如我所說，我們也從中受益——我們將在 2023 年受益於其中一些優化活動，因為我們在 2022 年下半年完成了銷售。

Okay. Perfect. Thank you, Fabrizio. Okay, I'm checking here. We don't have any more questions. So I will conclude our results conference call. Let me remind you that our Investor Relations team is going to be available for any doubt you may have. Many thanks for your attention. See you soon.

好的。完美的。謝謝你，法布里齊奧。好的，我正在檢查這裡。我們沒有更多問題了。因此，我將結束我們的結果電話會議。讓我提醒您，我們的投資者關係團隊將隨時為您解答任何疑問。非常感謝您的關注。再見。

This concludes today's conference call. Thank you for participating. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連接。