Enel Chile SA (ENIC) 2023 Q1 法說會逐字稿

Good afternoon, ladies and gentlemen, and welcome to Enel Chile's First Quarter 2023 Results Conference Call. My name is Carmen, and I will be your operator for today.

女士們先生們，下午好，歡迎來到 Enel Chile 的 2023 年第一季度業績電話會議。我叫卡門，今天我是你的接線員。

(Operator Instructions) Please be advised that today's conference is being recorded.

（操作員說明）請注意，今天的會議正在錄製中。

During this conference, 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 and not guarantees of future performance and involve risks and uncertainties.

在這次會議期間，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，而不是對未來業績的保證，並涉及風險和不確定性。

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 first quarter 2023 results; the presentation accompanying this conference call; and Enel Chile's annual report on Form 20-F, included under risk factors. You may access our first quarter 2023 results press release and presentation on our website at www.enel.cl and our 20-F on the SEC's website, www.sec.gov.

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。 Enel Chile 報告其 2023 年第一季度業績的新聞稿中描述了這些因素；本次電話會議隨附的演示文稿； Enel Chile 的 Form 20-F 年度報告，包含在風險因素項下。您可以在我們的網站 www.enel.cl 上訪問我們的 2023 年第一季度業績新聞稿和演示文稿，並在 SEC 的網站 www.sec.gov 上訪問我們的 20-F。

Readers are cautioned not to place undue reliance on those forward-looking statements, which speak only as of their dates. Enel Chile undertakes no obligation to update these forward-looking statements or disclose any development as a result of which these forward-looking statements become inaccurate, except as required by law.

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 Ms. Isabela Klemes, Head of Investor Relations of Enel Chile. Please proceed.

我現在想將介紹轉交給 Enel Chile 投資者關係主管 Isabela Klemes 女士。請繼續。

Thanks, Carmen. Buenos días. Good morning, and welcome to Enel Chile 2023 First Quarter Results Presentation. Thanks to all for joining us today. Joining me this morning, our CFO, Giuseppe Turchiarelli.

謝謝，卡門。布宜諾斯艾利斯。早上好，歡迎來到 Enel Chile 2023 第一季度業績發布會。感謝大家今天加入我們。今天早上和我一起，我們的首席財務官 Giuseppe Turchiarelli。

Our presentation and related financial information are available on our website, www.enel.cl in the Investors section and also in our app investors. In addition, a replay of the call will be soon available.

我們的介紹和相關財務信息可在我們的網站 www.enel.cl 的“投資者”部分以及我們的應用程序投資者中找到。此外，將很快提供通話重播。

At the end of this presentation, there will be an opportunity to ask questions via form or webcast chat through the link, ask a question. Media participants are connected only in listening mode. In the following slides, Giuseppe will open the presentation with our key highlights, later passing by market, regulatory outlook and business and economic and financial performance.

在本演示結束時，將有機會通過鏈接通過表格或網絡廣播聊天提問，提出問題。媒體參與者僅在收聽模式下連接。在接下來的幻燈片中，Giuseppe 將以我們的主要亮點作為開場白，隨後介紹市場、監管前景以及業務和經濟及財務表現。

Thank you all for your attention. And now let me hand over the call to Giuseppe. Giuseppe, please?

謝謝大家的關注。現在讓我把電話轉給 Giuseppe。朱塞佩，好嗎？

Thank you, Isabela. Good morning, and thanks for joining us. Let me now start with Slide 2, giving a highlight of our portfolio management effort seeking the improvement of our resilient flexibility and decarbonization path.

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 2 開始，重點介紹我們的投資組合管理努力，以尋求改善我們的彈性靈活性和脫碳路徑。

During this quarter, our renewable growth accounted for almost 0.1 terawatt hours of additional production, mostly related to the Renaico II project. That is now fully connected and ready to start the test required for receiving the COD expected at the beginning of the second half of this year. Let me highlight that Campos del Sol II has received the COD communication in January 2023. And during this week, also Valle del Sol received its COD by the Chilean system operator.

本季度，我們的可再生能源增長帶來了近 0.1 太瓦時的額外產量，主要與 Renaico II 項目有關。現在已完全連接並準備開始接收預計在今年下半年開始的 COD 所需的測試。讓我強調一下，Campos del Sol II 已於 2023 年 1 月收到 COD 通信。在本週，Valle del Sol 也收到了智利系統運營商的 COD。

On gas, we continue our optimization actions, allowing us to offset the impact of higher spot prices that still pressure the system.

在天然氣方面，我們繼續我們的優化行動，使我們能夠抵消仍然對系統造成壓力的更高現貨價格的影響。

On electrification, with our subsidiary, Enel X, we are (inaudible) the national energy efficiency law, supporting our clients implement it.

在電氣化方面，我們與我們的子公司 Enel X 一起（聽不清）國家能源效率法，支持我們的客戶實施它。

In terms of market context, I would like to highlight that the First Decree related to the stabilization mechanism 2, or Tax 2, was released April, an important step towards the recovery of the cash receivable from the gencos.

就市場背景而言，我想強調的是，與穩定機制 2 或稅收 2 有關的第一項法令於 4 月發布，這是朝著從發電公司收回現金應收款邁出的重要一步。

Also, the good news is that we shall have full availability of natural gas from Argentina, including the supply in the winter time and LNG through our contract with Shell.

此外，好消息是我們將充分利用阿根廷的天然氣，包括冬季供應和通過我們與殼牌簽訂的合同提供的液化天然氣。

Finally, on the solution business, the extra Expert Panel related to the distribution tariff review process was published this week. I will mention a few words on this during my presentation.

最後，在解決方案業務方面，本週發布了與分銷關稅審查流程相關的額外專家小組。在我的演講中，我會就此談幾句。

On the performance of our business, the first quarter started with a significant improvement in terms of EBITDA, reaching 1.5x versus last year that, coupled with a debt optimization, has resulted in a very comfortable indebtedness figure, putting us in a better shape to continue addressing the challenges and taking advantage of the opportunity we see ahead.

在我們的業務表現方面，第一季度的 EBITDA 有了顯著改善，達到去年的 1.5 倍，再加上債務優化，導致了非常舒適的負債數字，使我們處於更好的狀態繼續應對挑戰並利用我們看到的機遇。

On April 26, the Annual Shareholder General Meeting approved the final dividend of 2022 fiscal year with approximately amount of COP 5.1 trillion per share to be paid during May 2023.

4 月 26 日，年度股東大會批准了 2022 財年末期股息，將於 2023 年 5 月派發約每股 5.1 萬億比索。

Finally, it is worth mentioning that our 2022 corporate report are already available on our website, aligning with the best practice at the international level related to the timing of the publishing and frameworks that were included under our transparency commitment.

最後，值得一提的是，我們的 2022 年公司報告已在我們的網站上發布，與我們透明度承諾中包含的發佈時間和框架相關的國際最佳實踐保持一致。

Let's now move to Slide 3. The year begins with improvement in renewable production, achieving plus 0.5 terawatt hour or 17% higher than last year, mainly coming from hydrology and solar. During the first quarter 2023, we connected an additional 72 megawatts related to our wind farm, Renaico II, getting a 76% CO2 emission pre-capacity and reaching the full production 2 days ago. The renewable growth production contributed with 0.1 terawatt hour of additional generation.

現在讓我們轉到幻燈片 3。今年伊始，可再生能源生產有所改善，實現了 0.5 太瓦時或比去年高出 17%，主要來自水文和太陽能。在 2023 年第一季度，我們額外連接了與我們的風電場 Renaico II 相關的 72 兆瓦電力，獲得了 76% 的二氧化碳排放預容量，並在 2 天前達到了滿負荷生產。可再生能源增長的產量貢獻了 0.1 太瓦時的額外發電量。

Natural gas conventional optimization has boosted our portfolio results and supported additional margin, contributing around $100 million this quarter. This was one opportunistic sale negotiating during the last quarter of 2022, taking advantage of the price foreseen at the time. We could cope with this situation thanks to our solid LNG supply position, which includes our long-term LNG contract with Shell and the Argentinean gas supply that especially delivered during the first quarter of this year.

天然氣常規優化提高了我們的投資組合業績並支持額外利潤，本季度貢獻了約 1 億美元。這是 2022 年最後一個季度進行的一次機會主義銷售談判，利用了當時預見的價格。我們可以應對這種情況，這要歸功於我們穩固的液化天然氣供應狀況，其中包括我們與殼牌的長期液化天然氣合同以及今年第一季度特別交付的阿根廷天然氣供應。

Regarding this last point, I would like to mention that we will receive firm Argentinean gas supply during the winter period starting on May 1, 2023. This additional supply was not contemplated in our strategic plan figures, representing an additional option to cope with the current high spot price during the first half 2023.

關於最後一點，我想提一下，從 2023 年 5 月 1 日開始的冬季，我們將獲得穩定的阿根廷天然氣供應。我們的戰略計劃數字中沒有考慮到這一額外供應，這是應對當前形勢的額外選擇2023 年上半年的高現貨價格。

On Page 4, let's review our initiatives and performance on distribution and from analyzed segments important towards electrification. Electrification is right out to tackle climate change, a fundamental buildup of our integrated strategy. Therefore, let me highlight some indicators and projects executed starting with distribution.

在第 4 頁，讓我們回顧一下我們在配電方面的舉措和績效，以及對電氣化很重要的分析細分市場。電氣化是應對氣候變化的直接方法，這是我們綜合戰略的基礎。因此，讓我重點介紹一些從分發開始執行的指標和項目。

The number of clients and distributed energy in our concession area continues to grow. With them, additional challenges, but also opportunities can arise.

我們特許經營區的客戶和分佈式能源數量持續增長。有了它們，可能會出現更多的挑戰，但也可能會帶來機遇。

On the quality, looking at the last 12 months' indicator, we see a small increase of around 5 million in the sale mainly related to favorable weather conditions during the last 12 months, 2022 [yield]. If you look at the March year-to-date figures, see an important improvement for this initiator of around 20%.

在質量方面，從過去 12 個月的指標來看，我們看到銷售額小幅增長約 500 萬，這主要與過去 12 個月 2022 年有利的天氣條件有關[產量]。如果您查看 3 月份年初至今的數據，就會發現該發起者的重要改進約為 20%。

On losses, we continue to focus our attention on this indicator that has grown mainly due to the economic situation of our clients. We continue to evaluate alternatives to support with several payment instruments and package to cut the increase of this indicator.

關於損失，我們繼續關注這個主要由於客戶經濟狀況而增長的指標。我們繼續評估替代方案，以支持多種支付工具和套餐，以減少該指標的增長。

I would like to remind that Chile is a (inaudible) in the region, also in terms of digital payments as we see it in digitalization.

我想提醒一下，智利是該地區的（聽不清），在數字支付方面也是如此，正如我們在數字化中看到的那樣。

No, on Enel X, we continue to develop different initiatives and promote several partnerships to boost the decarbonization of our clients' energy consumption. Let me go through some examples of this period.

不，在 Enel X 上，我們將繼續制定不同的舉措並促進多種合作夥伴關係，以促進客戶能源消耗的脫碳。讓我看一下這個時期的一些例子。

We signed an agreement with a financial institute acting as a business partner to provide different financing alternatives for our customers, mainly for [portal on site] and electromobility projects focused on B2B payment. We continue to increase our portfolio in B2B, providing several efficient projects with an important hotel chain in Chile to replace their conventional oil and gas heating system with the electric heat pumps.

我們與作為業務合作夥伴的一家金融機構簽署了一項協議，為我們的客戶提供不同的融資選擇，主要針對[現場門戶]和專注於 B2B 支付的電動汽車項目。我們繼續增加我們在 B2B 方面的投資組合，為智利一家重要的連鎖酒店提供多個高效項目，以用電熱泵取代其傳統的石油和天然氣加熱系統。

We continue to boost our partnership with the mining industry. In this period, we have developed a new business with mining fleet operators that will allow us to incorporate 49 e-buses for the transport of mining personnel.

我們繼續加強與採礦業的合作夥伴關係。在此期間，我們與採礦車隊運營商開展了一項新業務，這將使我們能夠整合 49 輛電動巴士，用於運輸採礦人員。

To conclude, we were awarded (inaudible) with the implementation of 5 charging depots for the Transantiago 5 project. The depot consider 70 charges and that's energy provided by us.

總而言之，我們獲得（聽不清）為 Transantiago 5 項目實施 5 個充電站。倉庫考慮 70 次充電，這是我們提供的能量。

Now let's go to take a look at the main market update on Slide 5. The stabilization mechanism continue to be an important element in the gencos cash flow. In this slide, let's take a better look the PEC 2 process, also known as consumer protection mechanism.

現在讓我們來看看幻燈片 5 上的主要市場更新。穩定機制仍然是 gencos 現金流中的一個重要因素。在這張幻燈片中，讓我們更好地了解 PEC 2 流程，也稱為消費者保護機制。

At the end of this quarter, we had accumulated around $508 million relating to this [issuance]. The important and most expected news arrived 2 weeks ago, once the Decree July 22 that referred to the accounts receivable accrued during the first half of 2022 was published, allowing gencos to start the process to recover the credit through a factoring mechanism that will be guaranteed by the Chilean treasury. The processes perceive that the gencos receive the data from the (inaudible) and will provide the system operator the information related to their receivable follow which means that a finance to issue the payments of when to be factorized. This process shall be made on monthly basis, will add a stock guarantee and do not require a new decree for going ahead with the mission of payment documents.

截至本季度末，我們已積累了約 5.08 億美元與此次 [發行] 相關的資金。最重要和最令人期待的消息在 2 週前傳來，7 月 22 日發布了涉及 2022 年上半年應收賬款的法令，允許 gencos 開始通過保理機制收回信貸的過程，該機制將得到保證由智利財政部提供。這些流程認為 gencos 從（聽不清）接收數據，並將向系統運營商提供與其應收賬款相關的信息，這意味著財務將在何時分解付款。此過程應按月進行，將增加庫存保證，並且不需要新的法令來執行付款文件的任務。

The second decree is expected to be issued in the following months related to the second half 2022 period in order to reduce the gap between the tariff and the contract price normalizing in the process.

第二項法令預計將在接下來的幾個月內發布，與 2022 年下半年相關，以縮小關稅與合同價格正常化過程中的差距。

Regarding the distribution tariff review, we have an important update. The expert panel process was concluded 2 days ago. We are still evaluating the expert report in more detail, but what we could anticipate is that we have seen positive outcomes as the panel recognized some of our claims. Now the regulator shall evaluate this document and apply its main argument into the [BAT] regulatory process, define the regulatory [form] and publish its finance report. We are expecting this regulatory final report to be published by the end of June 2023, what indicates that the new distribution type will be released by the end of this year.

關於分銷關稅審查，我們有一個重要的更新。專家小組流程已於 2 天前結束。我們仍在更詳細地評估專家報告，但我們可以預期的是，由於專家組認可了我們的一些主張，我們已經看到了積極的結果。現在，監管機構應評估該文件並將其主要論點應用到 [BAT] 監管流程中，定義監管 [表格] 並發布其財務報告。我們預計這份監管最終報告將在 2023 年 6 月底發布，這表明新的發行類型將在今年年底發布。

I will start the financial analysis on Slide 6, introducing a summary of our main results for the period. In the first quarter of 2022, the EBITDA was adjusted by the impairment made to the Coal Stock of the peer which amounted to $21 million. This adjustment had an effect on the bottom line of $14 million. We did not apply any adjustment for the first quarter of 2023. As I had already anticipated, at the beginning of my presentation, all earnings indicated represented an important improvement versus first quarter 2022 figures.

我將從幻燈片 6 開始財務分析，介紹我們這一時期的主要結果摘要。 2022 年第一季度，EBITDA 因同行煤炭庫存減值 2100 萬美元而調整。這一調整對 1400 萬美元的底線產生了影響。我們沒有對 2023 年第一季度進行任何調整。正如我在演講開始時所預料的那樣，所有收益都表明與 2022 年第一季度的數據相比有了重要的改善。

EBITDA and net income present improvement versus last year indicator as part of our already mentioned portfolio management action. Let me highlight also the performance of our FFO in this quarter with an important recovery versus last year's figures that I will explain later.

作為我們已經提到的投資組合管理行動的一部分，EBITDA 和淨收入與去年指標相比有所改善。我還要強調本季度我們的 FFO 的表現，與我稍後將解釋的去年的數據相比有重要的複蘇。

Let's review our CapEx on Slide 7. Our first Q 2023 total CapEx reached $127 million, 61% related to the renewable development. In terms of [taxonomy], 82% of total CapEx was linked to the SDG goals mainly related to our renewable growth, which is coherent with our sustainable strategy.

讓我們回顧一下幻燈片 7 上的資本支出。我們在 2023 年第一季度的資本支出總額達到 1.27 億美元，其中 61% 與可再生能源開發相關。在[分類法]方面，總資本支出的 82% 與可持續發展目標相關，主要與我們的可再生能源增長相關，這與我們的可持續戰略相一致。

Net CapEx totaled $70 million, 15% higher than the previous year. The customer's CapEx was deployed mainly to announce our agreed focus on quality and digitization to continue improving our customer experience. Other investments reached $42 million and were mainly focused on several maintenance and repair activities to guarantee the continuity and resilience of our operation. On that regard, an important portion of our CapEx was mainly focused on the maintenance of our natural gas thermal facilities.

淨資本支出總計 7000 萬美元，比上一年增長 15%。部署客戶的資本支出主要是為了宣布我們商定的對質量和數字化的關注，以繼續改善我們的客戶體驗。其他投資達到 4200 萬美元，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，我們資本支出的重要部分主要集中在維護我們的天然氣熱力設施上。

Development CapEx reached $68 million, representing a decrease of 44% versus last year's figures in line with the remaining portfolio under construction. The 2023, CapEx shown to be committed to confirming our strategy of growing in the central part of the country and in the south between province as we detailed during our Capital Market Day last year.

開發資本支出達到 6800 萬美元，與去年的數字相比下降 44%，這與其餘在建投資組合一致。 2023 年，資本支出表明我們致力於確認我們在該國中部地區和南部各省之間發展的戰略，正如我們在去年的資本市場日期間詳述的那樣。

Looking at the renewable development CapEx, we can see this year an important contribution of our CapEx to win technology, considering Renaico II and La Cabaña.

看看可再生能源開發資本支出，考慮到 Renaico II 和 La Cabaña，我們可以看到今年我們的資本支出對贏得技術的重要貢獻。

On solar, we can see CapEx contribution to the project already fully connected in new development in the central zone as El Manzano.

在太陽能方面，我們可以看到資本支出對該項目的貢獻已經完全連接到中心區的 El Manzano 新開發項目中。

Let's move on to Slide 8, where we have the summary of the first quarter EBITDA breakdown accounting for $343 million. Considering the change in the company consolidation perimeter as a consequence of the sales of Enel Transmisión Chile in December last year, we have restated our EBITDA for first Q 2022 for comparison purposes. Therefore, Enel Chile EBITDA would have increased 78%, mainly explained by the following: $90 million from higher PPA sales in the first Q 2023, primarily due to higher average PPA price mainly related to contract indexation; higher capacity payment revenue due to the new power plant on (inaudible) and commissioned during the second half 2023 to an increase in capacity remuneration; improved hydrology contributed $14 million on our margin; $11 million contribution from renewable growth related to new capacity added; and finally, gas optimization activity that generated an additional $147 million margin, mainly due to sustain of gas as a consequence of a higher natural gas availability and LNG during the period.

讓我們繼續看幻燈片 8，我們在其中總結了第一季度 EBITDA 細目，總額為 3.43 億美元。考慮到去年 12 月出售 Enel Transmisión Chile 導致公司合併範圍發生變化，我們重述了 2022 年第一季度的 EBITDA 以進行比較。因此，Enel Chile 的 EBITDA 將增長 78%，主要原因如下： 2023 年第一季度 PPA 銷售額增加 9000 萬美元，主要是由於與合同指數化相關的 PPA 平均價格上漲；由於新電廠於 2023 年下半年（聽不清）投產，容量報酬增加，因此容量支付收入增加；改善水文為我們貢獻了 1400 萬美元的利潤；與新增產能相關的可再生能源增長貢獻了 1100 萬美元；最後，天然氣優化活動產生了 1.47 億美元的額外利潤，這主要是由於在此期間天然氣和液化天然氣的可用性更高，因此天然氣得以維持。

The above-mentioned effects were partially offset by: $91 million increase in variable costs, mainly related to higher thermal generation costs due to the commodity prices, partially offset by an agreement with one of our PPA supplier; and lower regasification costs in the period.

上述影響被部分抵消：可變成本增加 9100 萬美元，主要與商品價格導致的熱力發電成本增加有關，部分被與我們的一家 PPA 供應商達成的協議所抵消；並在此期間降低再氣化成本。

The remaining variation of our EBITDA comes from plus $2 million due to the agreed remuneration [and demand], mainly explained by $2 million on net gas indexation, the recovery of the demand in the period within [3], 6% in the first Q 2023 compared to first Q 2022, reaching pre-pandemic level, offset by negative effects coming from [variable] losses in the period; higher OpEx, mainly in generation business by $12 million associated with the new renewable capacity and inflation.

我們的 EBITDA 的剩餘變化來自商定的薪酬 [和需求] 加上 200 萬美元，主要是由於淨天然氣指數化 200 萬美元，[3] 期間需求的恢復，第一個 Q 的 6% 2023 年與 2022 年第一季度相比，達到大流行前的水平，被同期[可變]損失帶來的負面影響所抵消；與新的可再生能源容量和通貨膨脹相關的運營支出增加 1200 萬美元，主要是發電業務。

Let's move to Slide 9 to take a look at our financial KPI. Net electricity generation reached 5.1 terawatt hour as of March 2023, 2% lower than the level recorded in the first quarter of 2022. This was mostly due to lower [current] generation mainly related to the disconnection of Bocamina 2 power plant September 2022, which was largely offset by highest hydro generation and solar during the current year. The latter includes, of course, the contribution of the new renewable projects.

讓我們轉到幻燈片 9 看看我們的財務 KPI。截至 2023 年 3 月，淨發電量達到 5.1 太瓦時，比 2022 年第一季度的水平低 2%。這主要是由於 [當前] 發電量較低，主要與 2022 年 9 月 Bocamina 2 發電廠的斷開有關，這在很大程度上被當年最高的水力發電和太陽能發電所抵消。後者當然包括新的可再生能源項目的貢獻。

Our energy sales totaled 7.8 terawatt hours during the first quarter of 2023, equivalent to a 3% decrease compared to March 2022. This was mostly explained by lower sales to free customer, which was partially offset by improvement in the sales to regulated customers. As a result, in terms of energy balance, the amount of energy purchases in the spot market was basically in line with the last year figures, particularly the composition between non solar and solar part.

2023 年第一季度，我們的能源銷售額總計 7.8 太瓦時，與 2022 年 3 月相比下降了 3%。這主要是由於對免費客戶的銷售額下降，部分被對受監管客戶的銷售額增加所抵消。因此，在能源平衡方面，現貨市場的能源採購量與去年基本一致，尤其是非太陽能和太陽能部分的構成。

Now on Slide 10, let's go through the main drivers of our group net income. Net income for the first quarter this year increased 95% to $173 million, mainly resulting from greater EBITDA for $118 million explained in the previous slide; an $18 million improvement on the financial results, mainly due to higher financial income in the period, mainly explained by greater return on short-term fixed income investments related to the higher cash availability and interest rates; lower financial costs due to a fastening of account receivable executed in 2022.

現在在幻燈片 10 上，讓我們來看看我們集團淨收入的主要驅動因素。今年第一季度的淨收入增長了 95%，達到 1.73 億美元，這主要是由於上一張幻燈片中解釋的 1.18 億美元的 EBITDA 增加；財務業績改善 1800 萬美元，主要是由於該期間財務收入增加，主要原因是與現金可用性和利率較高相關的短期固定收益投資回報率較高；由於 2022 年執行的應收賬款固定，財務成本降低。

On the other hand, income taxes and minority increased by $41 million and $9 million, respectively, mostly owing to higher EBITDA results on the company.

另一方面，所得稅和少數股權分別增加了 4100 萬美元和 900 萬美元，這主要是由於公司的 EBITDA 業績較高。

Moving to FFO on Slide 11. During this first quarter, FFO reached $99 million, which reflects a $150 million improvement in the period, resulting from $343 million coming from EBITDA driven by better hydrology, higher renewables contribution and gas trading activities; cumulative stabilization mechanism effect in our receivable for $135 million, reducing the cash conversion of the period.

轉到幻燈片 11 上的 FFO。在第一季度，FFO 達到 9900 萬美元，這反映了該期間 1.5 億美元的改善，這是由於更好的水文、更高的可再生能源貢獻和天然氣交易活動推動的 EBITDA 帶來了 3.43 億美元；累積穩定機制對我們 1.35 億美元的應收賬款產生影響，減少了該期間的現金轉換。

Let me point out that this situation shall improve during the next month since the tariff between July 23 to the period was published this month and having the recovery of part of this receivable. According to the mechanics of the process approved, we expect to recover an important part of the balance accumulated during this year by the end of 2023.

我要指出的是，由於7月23日至本月期間的關稅公佈並收回了部分應收賬款，因此這種情況將在下個月有所改善。根據批准的流程機制，我們預計到 2023 年底將收回今年積累的重要餘額。

Working capital reached a negative balance of $54 million as a consequence of energy and CapEx rebound from 23 to last month, partially offset by positive cash in from commodity hedging, factoring transactions (inaudible) from the sales of Santa Rosa building.

由於能源和資本支出從 23 月反彈至上月，營運資本達到 5400 萬美元的負餘額，部分被商品對沖的正現金收入、聖羅莎大廈銷售的保理交易（聽不清）所抵消。

Income tax reached $23 million, mainly related to the better results in generation business. And financial expenses reached $32 million, in line with the last year's figures.

所得稅達2300萬美元，主要與發電業務業績較好有關。財務費用達到 3200 萬美元，與去年的數字相符。

Now let's take a look at our deleveraging strategy on Page 12. Our gross debt decreased around $0.3 billion to $4.4 billion as of March 2023 when compared to December 2022. This decrease is due to the prepayment of all disbursements of Enel Chile committed credit line with Enel Finance International for $290 million. This prepayment was made in January 2023.

現在讓我們來看看我們在第 12 頁上的去槓桿化策略。與 2022 年 12 月相比，截至 2023 年 3 月，我們的總債務減少了約 3 億美元至 44 億美元。這一減少是由於 Enel Chile 承諾的信貸額度的所有支付提前支付Enel Finance International 以 2.9 億美元收購。這筆預付款是在 2023 年 1 月支付的。

In addition, we improved the average of our debt maturity to 6.4 years, and we also increased the fixed rate portion to 89% as of March 2023 from 84% as of December 2022. The average cost of our debt reached 4.6% at the end of first quarter 2023, a little bit higher than December figures due to the new profile of our debt to prepayment of some bridge short-term instruments in current market situation.

此外，我們將債務平均期限提高到 6.4 年，我們還將固定利率部分從 2022 年 12 月的 84% 提高到 2023 年 3 月的 89%。我們的債務平均成本在年底達到 4.6% 2023 年第一季度的數據略高於 12 月的數據，這是由於我們的債務在當前市場形勢下提前償還了一些過橋短期工具。

In terms of liquidity, we have a comfortable position to cope with possible headwinds in the debt market related to the overall economic situation and support coming debt maturities. These include, of course, cash and cash equivalent of $0.8 billion and committed credit line available for $0.6 billion as of December, but as of March 2023. Large amount of the current liquidity shall be committed to tax payments and other net working capital needs in the current month.

在流動性方面，我們有能力應對與整體經濟形勢相關的債務市場可能出現的逆風，並支持即將到期的債務。當然，其中包括 8 億美元的現金和現金等價物，以及截至 12 月和 2023 年 3 月可用的 6 億美元承諾信貸額度。大量流動資金將用於納稅和其他淨營運資金需求當前月份。

Now before going to the closing remarks, let's review some of our ESG best practice in terms of reporting on Page 13. Let me mention to you that our 2022 integrated report was published at the end of March 2023, taking into the consideration the best practices at the local international level. This report includes the financial and nonfinancial information for the 2023/'22 periods. Also, the 2022 sustainability report is already valid on our website. Both reports are aligned with TCFD, GRI and SASB standards and are available on our website in the investor section together with the 2022 sustainability report, which have a deep dive on ESG matters. The records reflect how sustainability is fully integrated in our business model as the risk management and value creation [other].

在進入結束語之前，讓我們回顧一下我們在第 13 頁的報告方面的一些 ESG 最佳實踐。讓我向您提一下，我們的 2022 年綜合報告是在 2023 年 3 月底發布的，其中考慮了最佳實踐在地方國際層面。本報告包括 2023/'22 期間的財務和非財務信息。此外，2022 年可持續發展報告已在我們的網站上生效。這兩份報告均符合 TCFD、GRI 和 SASB 標準，可在我們網站的投資者部分與深入探討 ESG 問題的 2022 年可持續發展報告一起查閱。這些記錄反映了可持續性如何作為風險管理和價值創造 [其他] 完全融入我們的商業模式。

Also, we would like to invite you to view the new interactive version of the integrated report, giving a different view for different stakeholders. Please feel free to send us your feedback to our Investor Relation teams.

此外，我們還想邀請您查看綜合報告的新交互版本，為不同的利益相關者提供不同的視角。請隨時將您的反饋發送給我們的投資者關係團隊。

Now I will point out some closing remarks on Slide 14. We have been able to deliver a more than solid operating assumption based on that in the past quarter. These are the results of our action on lost value that represented a turnaround story for our assets.

現在我將指出幻燈片 14 的一些結束語。在過去一個季度的基礎上，我們已經能夠提供一個非常可靠的運營假設。這些是我們對損失價值採取行動的結果，代表了我們資產的轉機故事。

We are on the right path, pursuing the opportunity through the decarbonization of our markets and the electrification of (inaudible).

我們走在正確的道路上，通過我們市場的脫碳和（聽不清）的電氣化來尋求機會。

Our integrated and sustainable business model, putting our clients in the center, that give us confidence that Enel Chile is more than prepared to operate in a volatile environment.

我們以客戶為中心的綜合和可持續商業模式讓我們相信，Enel Chile 已做好充分準備在多變的環境中運營。

We had the opportunity to tackle several actions necessary to recover our company's financial position faster than expected. We believe Enel Chile is now in a better shape to continue addressing the challenges and taking advantage of the opportunity we see ahead.

我們有機會採取多項必要措施，以比預期更快的速度恢復公司的財務狀況。我們相信 Enel Chile 現在處於更好的狀態，可以繼續應對挑戰並利用我們看到的未來機遇。

Let me now hand over to Isabela.

現在讓我交給伊莎貝拉。

Thank you, Giuseppe. Thank you all with us today. Now let's begin then our Q&A session. We will receive questions via chat and also via phone and who is those connected here to the webcast. Okay? The Q&A section is open. Operator, please, you may start.

謝謝你，朱塞佩。謝謝大家今天和我們在一起。現在讓我們開始我們的問答環節。我們將通過聊天和電話收到問題，以及誰是這裡連接到網絡廣播的人。好的？問答部分是開放的。接線員，請開始。

Thank you. (Operator Instructions) And our first question comes from the line of Alessandro De Vito with Mediobanca. Please proceed.

謝謝。 （操作員說明）我們的第一個問題來自 Alessandro De Vito 與 Mediobanca 的合作。請繼續。

This is Javier Suarez from Mediobanca. Can I go on with questions?

我是 Mediobanca 的 Javier Suarez。我可以繼續提問嗎？

Go ahead.

前進。

It's Javier at Mediobanca. I have 3 questions. The first one is on the cash flow statement in Slide #11. We have seen some cash flow absorption coming from the stabilization mechanism at $135 million. You can help us to understand the level of that capital cash flow absorption by the year-end. I think that during your presentation, you had mentioned that most of that capital cash flow absorption should be reabsorbed by the year-end. Is that a fair assumption to make?

我是 Mediobanca 的 Javier。我有 3 個問題。第一個是幻燈片 #11 中的現金流量表。我們已經看到穩定機制吸收了 1.35 億美元的一些現金流量。您可以幫助我們了解年末資本現金流吸收水平。我認為在你的演講中，你提到大部分資本現金流吸收應該在年底前重新吸收。這是一個公平的假設嗎？

And second question is also on that slide on the working capital absorption. There has been $54 million, and the [strength] on that is some cash management actions. If you can clarify to what that is referring to.

第二個問題也是關於營運資金吸收的幻燈片。已經有 5400 萬美元，[實力] 是一些現金管理行動。如果你能弄清楚那指的是什麼。

And then the third question, it's a question that has to do with the CapEx. I have noticed that -- that is in Slide #7, that CapEx on -- in the first quarter is down minus 24% and minus 44% when it comes to renewable development. You can help to understand this decrease in the first quarter and what you are expecting through the year?

然後是第三個問題，這是一個與資本支出有關的問題。我注意到——在幻燈片 #7 中，第一季度的資本支出在可再生能源開發方面下降了負 24% 和負 44%。您可以幫助了解第一季度的下降情況以及您對全年的預期嗎？

And the very final question is on the Slide #5. I think that is on the revision for the distribution tariff. You mentioned some improvement in the document through the expert panel process. You can -- you could be a little bit more specific on what has been improved through that revision what you are expecting? And what do you consider that being good news?

最後一個問題在幻燈片 #5 上。我認為這是對分銷關稅的修訂。你提到了通過專家小組流程對文件進行了一些改進。你可以 - 你可以更具體地說明通過該修訂改進了什麼，你期望什麼？你認為什麼是好消息？

Thank you, Javier, for your questions. Giuseppe?

哈維爾，謝謝你的問題。朱塞佩？

Yes. Well, maybe we can start with the last one, the expert panel report that has been issued. We are still analyzing the record. But as I said, seems pretty good in the times that the expert has recognized some of our claims. So we believe that we're going to have a better situation as soon as the decree -- the third decree will be released. Now the process didn't finish. There is another important step that is going to be in June, end of June, when the new report will be issued. And in this report will be clarified the formula based on which the target will be calculated. So as soon as we are going to have this kind of report, we can estimate the impact that we see in our distribution business.

是的。那麼，也許我們可以從最後一份開始，即已經發布的專家小組報告。我們仍在分析記錄。但正如我所說，在專家認可我們的一些主張的時代，這似乎相當不錯。所以我們相信，一旦該法令發布，我們的情況就會好轉——第三條法令將發布。現在這個過程還沒有完成。另一個重要步驟將在 6 月，即 6 月底，屆時將發布新報告。並且在本報告中將闡明計算目標所依據的公式。因此，一旦我們要獲得此類報告，我們就可以估算我們在分銷業務中看到的影響。

For what concerns the CapEx that you see a reduction this weakened this trimester. In comparison with the last year, this is just the effect of, first of all, having part of our project at the end of their construction life, while last year, they were basically at the beginning of -- in the middle -- so basically, we are finalizing some projects.

對於您看到的資本支出的減少，這削弱了本季度。與去年相比，這只是因為，首先，我們項目的一部分處於建設生命週期的末期，而去年，他們基本上處於開始 - 中間 - 所以基本上，我們正在完成一些項目。

And on the other hand, as we already anticipated in our Capital Market Day, we are reducing our CapEx effort for this year, [focalizing] the technology and the location in the center and south of the country and especially in the wind and [base]. So there is a refocus on our CapEx effort.

另一方面，正如我們在資本市場日已經預料到的那樣，我們正在減少今年的資本支出，[重點關注] 該國中部和南部的技術和位置，尤其是風能和 [基地] ].因此，我們重新關注我們的資本支出工作。

For what concern the cash flow, we are -- in the first trimester, we accounted $135 million in terms of receivables coming from the stabilization mechanism. If I think -- if I project my estimation for the full year, the amount is going to be around $400 million. But in the same time, as I said, according to this mechanism, we should have a recovery as soon as the state guarantee will be issued and the factoring, and we can put in place the factoring process.

至於現金流，我們是 - 在第一季度，我們在來自穩定機制的應收賬款方面佔 1.35 億美元。如果我認為——如果我對全年進行預測，金額將在 4 億美元左右。但同時，正如我所說，根據這個機制，一旦國家擔保和保理，我們應該有一個恢復，我們可以到位保理流程。

For what concern the other question about the working capital, the minus $54 million, basically, the management action are what I already said. Basically, we have a [cushion] coming from the hedging activities. And so basically, we are around $103 million coming from the regeneration of our hedging, but we have also some additional transaction that is referring to the sale of Santa Rosa building that was around $44 million -- $34 million, sorry. So these are basically the main impact coming that explain the difference between the working capital that we have this year versus the last year balances.

關於營運資金的另一個問題，負 5400 萬美元，基本上，管理行動是我已經說過的。基本上，我們有來自對沖活動的 [緩衝]。所以基本上，我們從對沖的再生中獲得了大約 1.03 億美元，但我們還有一些額外的交易是指出售 Santa Rosa 大樓，價值約為 4400 萬美元 - 3400 萬美元，抱歉。因此，這些基本上是即將到來的主要影響，解釋了我們今年的營運資金與去年餘額之間的差異。

Maybe a follow-up. Just to understand correctly what you say is that on that Slide 11, that $135 million should become $400 million by the year-end without taking into consideration the factoring, the possibility of factoring activity there. And if that factoring happens, that amount should be substantially reduced. Is that a correct -- a fair statement?

也許是後續行動。只是為了正確理解你所說的，在幻燈片 11 上，到年底，1.35 億美元應該變成 4 億美元，而不考慮保理業務，即那裡保理活動的可能性。如果發生這種分解，那麼這個數額應該會大幅減少。這是正確的——公平的陳述嗎？

Thank you, Javier. Giuseppe, regarding the stabilization mechanism?

謝謝你，哈維爾。 Giuseppe，關於穩定機制？

Yes. As I said, at the end of the year, we're going to have -- we are going to accumulate other $400 million roughly. But of course, we are going to recover an important part of the existing one as well as the mechanism will start.

是的。正如我所說，到今年年底，我們將擁有——我們將粗略地積累另外 4 億美元。但當然，我們將恢復現有的重要部分，並且該機制將啟動。

And can you share with us your expectation of that, the percentage of those $400 million that you expect to recover by the year-end?

您能否與我們分享您對此的期望，即您期望在年底前收回的 4 億美元中的百分比？

Not the full amount, but an important part, I would say around 70%, 80% of the amount is going to be recovered by the end of the year.

不是全部，而是很重要的一部分，我想說70%左右，80%的金額將在年底前收回。

(Operator Instructions) And our next question comes from the line of [Martin Aransett] with [Balance].

（操作員說明）我們的下一個問題來自 [Martin Aransett] 和 [Balance] 的台詞。

Well, first of all, thank you for the materials and for taking my questions. I have 2 questions. First, probably as a follow-up of a recent question. How much are you expecting to collect of already accumulated back to receivables? And when do you think that you will be able to do that?

好吧，首先，感謝您提供材料並回答我的問題。我有兩個問題。首先，可能作為最近一個問題的後續行動。您希望從已累積的應收賬款中收回多少？你認為你什麼時候能夠做到這一點？

And my second question is that we see international coal and gas prices collapse in the past month, and my question is how long do you think that it will take for the system to run through the all more expensive inventory and for store prices to come down and reflect this lower cost of thermal fuels?

我的第二個問題是我們看到過去一個月國際煤炭和天然氣價格暴跌，我的問題是你認為系統需要多長時間才能處理完所有更昂貴的庫存並使商店價格下降並反映這種較低的熱燃料成本？

Thank you for your question. We will then ask Giuseppe to share please?

謝謝你的問題。然後我們會請 Giuseppe 分享一下好嗎？

Yes. Well, let me say that the recovery of the credit from the distribution according to the [Fenechs], and it should start in June, if all their step is going to be confirmed because as I said before, in order to start the recovery of the receivable, we need to get the guarantee from the state that is in the process. So we have already the first decree that is referring to the first half receivables in '22. In the [instrument] we are going to have the decrease, we can start with recollecting this part of our amount. And we are talking about -- around $140 million, $150 million. Now as soon as they and the guarantee is going to be issued, we don't need any more the decrease in order to factorize the receivable because the payment documents should be issued on a monthly basis according to the information that a distribution company will send to the operation company and the generation company, they will send to the system operators.

是的。好吧，讓我說根據 [Fenechs] 從分配中恢復信貸，如果他們的所有步驟都得到確認，它應該從 6 月開始，因為正如我之前所說，為了開始恢復應收賬款，我們需要從正在處理的州獲得擔保。所以我們已經有了第一個涉及 22 年上半年應收賬款的法令。在 [instrument] 中，我們將減少，我們可以從回收這部分金額開始。我們正在談論 - 大約 1.4 億美元，1.5 億美元。現在一旦他們和擔保將被簽發，我們就不需要再減少以分解應收賬款，因為付款文件應該根據分銷公司發送的信息按月簽發到運營公司和發電公司，他們將發送給系統運營商。

So as soon as the timing is going to be respected, we are going to -- we should recollect another approximately -- another $150 million in the second half of the year. So I can say the team general in total, we are going to recover around $300 million.

因此，一旦時間安排得到遵守，我們將在今年下半年再投入 1.5 億美元。所以我可以說團隊總的來說，我們將收回大約 3 億美元。

Thank you [Martin]. That's okay? Do you have any other questions?

謝謝[馬丁]。沒關係？你還有別的問題嗎？

Yes. And my second question then was about spot prices. When do you think that we should see spot prices reflecting the lower cost of thermo fuels?

是的。然後我的第二個問題是關於現貨價格。您認為我們什麼時候應該看到現貨價格反映出熱燃料的較低成本？

Okay. Thank you. Giuseppe?

好的。謝謝。朱塞佩？

Yes. I mean the spot price, of course, is going to be influenced by the hydrology and clearly the commodity. So we should believe that in -- during the winter part, especially in the second part of the year, we should have a reduction in the spot price according to the hydrology effect, but also based on the commodity price that are going to be which effect is going to be correct by the spot price.

是的。我的意思是現貨價格當然會受到水文和商品的影響。因此，我們應該相信，在冬季，尤其是下半年，我們應該根據水文效應降低現貨價格，但也要根據商品價格降低影響將由現貨價格是正確的。

Now we have just to mention the fact that the price that we saw in the first quarter are coming especially by the fact that the system suffered some failure in coal facility and [indiscernible] facility. The reason because we saw a very important increase in the spot price in the first quarter. But in general, the second half of the year, we should see a benefit in terms of reduction of spot prices.

現在我們只想提到一個事實，即我們在第一季度看到的價格正在上漲，特別是因為該系統在煤炭設施和 [音頻不清晰] 設施中遇到了一些故障。原因是我們看到第一季度現貨價格出現了非常重要的上漲。但總的來說，下半年，我們應該會看到現貨價格下降方面的好處。

(Operator Instructions) One moment for our next question, and it comes from the line of Henrique Peretti with JPMorgan.

（操作員說明）請稍等一下我們的下一個問題，它來自摩根大通的 Henrique Peretti 系列。

I have a question regarding the guidance. So congratulations on the results, $343 million in EBITDA in the first quarter. So the range first off in 2023…

我有一個關於指南的問題。所以祝賀結果，第一季度的 EBITDA 為 3.43 億美元。所以該系列將於 2023 年首次推出……

Sorry. We're sorry to interrupt. Could you please just speak a little louder. You're far away from the line.

對不起。很抱歉打擾。請你大聲點好嗎？你離排隊很遠。

Okay. Just give me a moment. I'll try to change. I'm on the speaker now.

好的。給我一點時間。我會努力改變的。我現在在揚聲器上。

Much better.

好多了。

The question is about the guidance. So the company reported $343 million in the first quarter. The guidance for the year is $1 billion to $1.2 billion. So it's between 25% and 1/3 of the guidance for the year already in the first quarter. So given that we still have the rainy period beginning and maybe the help of El Nino, do you believe this guidance could change upwards? Or are you still confirming the guidance for now?

問題是關於指導。因此，該公司在第一季度報告了 3.43 億美元。今年的指導是 10 億至 12 億美元。因此，它已經在第一季度達到了年度指導的 25% 到 1/3 之間。因此，鑑於我們仍然有雨季開始，並且可能還有厄爾尼諾現象的幫助，您認為該指導可能會向上改變嗎？或者你現在還在確認指導？

Thank you. Giuseppe?

謝謝。朱塞佩？

Yes. I mean as of today, we confirm the guidance. Really, the first quarter was pretty good, but we prefer to stick with the guidance in order to see how (inaudible) is going to be because you're right, since that El Nino's going to have some positive effect, but according to our consultant, the effect should be moderate. Better than our forecast, but in any case, not so good to celebrate, let me say this way. So as of today, we can confirm the guidance that we have.

是的。我的意思是，從今天開始，我們確認了指導意見。真的，第一季度非常好，但我們更願意堅持指導，以了解（聽不清）情況如何，因為你是對的，因為厄爾尼諾現象會產生一些積極影響，但根據我們的說法顧問，效果應該適中。好於我們的預測，但無論如何，不好慶祝，讓我這樣說。所以從今天開始，我們可以確認我們所擁有的指導。

Thank you, Giuseppe. Henrique, do you have any other questions?

謝謝你，朱塞佩。恩里克，你還有其他問題嗎？

Wait. You don't confirm the guidance or you confirm?

等待。你不確認指導還是確認？

I can confirm. I confirm.

我可以確認。我確定。

Okay. Good.

好的。好的。

I confirm the guidance.

我確認指導。

Okay. Good.

好的。好的。

Thank you, Henrique.

謝謝你，恩里克。

I'll pass it back to Isabela for any further questions on her side.

如果她有任何進一步的問題，我會把它傳回給伊莎貝拉。

Thank you. So Giuseppe, we have some questions that we received from our chat here. The first one is coming from Fernan Gonzalez from BTG. So Fernan is asking if you could elaborate a little bit more on the impact of gas optimization strategy and how that strategy may continue to impact results in the rest of this year?

謝謝。 Giuseppe，我們從這裡的聊天中收到了一些問題。第一個來自 BTG 的 Fernan Gonzalez。所以費爾南問你是否可以詳細說明氣體優化策略的影響以及該策略如何繼續影響今年剩餘時間的結果？

Yes. Well, basically, our gas optimization is coming from the fact that we have a very good contract with Shell that guarantee a certain level of gas LNG, but also their availability of Argentinean gas. So considering this availability and considering the fact that our projects are going -- our renewable projects are going very well, so we have an excess of gas that last year, this is a very important point, we -- the margin that we are recording this trimester has been stalled last year when the price were higher than what we see today. So basically, thanks to our availability and the capability to manage the supply of gas, we were able to do this margin.

是的。好吧，基本上，我們的天然氣優化來自於我們與殼牌簽訂了非常好的合同，保證了一定水平的天然氣液化天然氣，以及他們對阿根廷天然氣的可用性。因此，考慮到這種可用性並考慮到我們的項目正在進行的事實——我們的可再生能源項目進展順利，所以我們去年的天然氣過剩，這是非常重要的一點，我們——我們記錄的利潤率當價格高於我們今天看到的價格時，這個季度在去年停滯不前。所以基本上，由於我們的可用性和管理天然氣供應的能力，我們能夠做到這一點。

Last year, we sold this effect of gas for the first quarter. And we already sold part of our availability also in the fourth quarter. So we're going to have another positive effect in the last quarter this year.

去年，我們在第一季度出售了天然氣的這種影響。而且我們已經在第四季度出售了部分可用性。因此，我們將在今年最後一個季度產生另一個積極影響。

Now if the question is for how long we are able to do this kind of marketing, clearly, it depends on the prices that we've seen in the international market and the availability of the gas. So for this year, we can confirm our guidance because we already secured the sales. Another story is for our course and 2024. So as of today, we are let me say celebrating our [manager election].

現在，如果問題是我們能夠進行這種營銷多久，顯然，這取決於我們在國際市場上看到的價格和天然氣的可用性。所以對於今年，我們可以確認我們的指導，因為我們已經確保了銷售。另一個故事是關於我們的課程和 2024 年的。所以從今天開始，我要說的是慶祝我們的[經理選舉]。

Thank you, Giuseppe. So we also have another question now coming from Alejandra Aranda from Itaú BBA. Okay. Alejandra is saying congratulations on the beat -- on the significant beat. With these results, you seem to be very comfortable to beat your year-end and guidance for today EBITDA. Can you give us some visibility on what to expect for gas optimization on second quarter? Did you sell any additional energy cargo so far in the second quarter? It's a little bit related to the first question.

謝謝你，朱塞佩。現在我們還有另一個問題，來自 Itaú BBA 的 Alejandra Aranda。好的。亞歷杭德拉說祝賀節拍 - 重要節拍。有了這些結果，您似乎很樂意超過您今天的 EBITDA 年終和指導。您能否讓我們了解一下第二季度對天然氣優化的期望？到目前為止，您是否在第二季度出售了任何額外的能源貨物？跟第一個問題有點關係。

Yes, yes. As I said before, yes, we have already sold cargoes for the fourth quarter of this year, and we are going to have approximately 100 -- yes, in terms of margin, $100 million impact in our fourth quarter. So basically, the sales of gas has been already placed in the first quarter and in the fourth quarter. And again, the guidance, I mean, all this margin has been already included in our guidance. So we are just confirming the guidance because we already know that the margin has been secured.

是的是的。正如我之前所說，是的，我們已經出售了今年第四季度的貨物，我們將有大約 100 件——是的，就利潤率而言，我們第四季度的影響將達到 1 億美元。所以基本上，天然氣的銷售已經放在第一季度和第四季度。再一次，我的意思是，所有這些保證金都已經包含在我們的指導中。所以我們只是確認指導，因為我們已經知道保證金已經得到保障。

Perfect. Thank you, Giuseppe. So now we have another question coming from Andrew McCarthy, CrediCorp, saying that I understand that the $508 million of receivables from the PEC 2 had been accumulated up to March '23, of which $135 million related to the first quarter of this year. Then there would be an additional $265 million of PEC 2 receivables expected up to the end of the year. So total receivables accumulated by the year-end would reach more or less $850 million in the period. Is my understanding correct? And if so, how much of that should be settled by the end of the year? Giuseppe, it's a lot of numbers, so you have to (inaudible) your question.

完美的。謝謝你，朱塞佩。所以現在我們有另一個來自 CrediCorp 的安德魯麥卡錫的問題，他說我知道 PEC 2 的 5.08 億美元應收賬款已經累積到 23 年 3 月，其中 1.35 億美元與今年第一季度有關。到年底，預計還會有 2.65 億美元的 PEC 2 應收賬款。因此，到年底累計的應收賬款總額將達到或少於 8.5 億美元。我的理解正確嗎？如果是這樣，其中有多少應該在年底前解決？朱塞佩，數字很多，所以你必須（聽不清）你的問題。

Yes. Let me recap for a second. Okay. So the accumulation of receivables coming from the PEC 2 in the first quarter are $135 million, as you see in the slide. But of course, PEC 2 are coming also from the last year, so the full amount as of 31 March 2023 is $508 million. So this $508 million includes this $13,500,000 1st Q 2023 and the remaining parts are coming from last year. Okay?

是的。讓我回顧一下。好的。因此，正如您在幻燈片中看到的那樣，第一季度來自 PEC 2 的應收賬款累計為 1.35 億美元。但當然，PEC 2 也來自去年，因此截至 2023 年 3 月 31 日的總金額為 5.08 億美元。因此，這 5.08 億美元包括 2023 年第一季度的 13,500,000 美元，其餘部分來自去年。好的？

Now, if you think about what we are going to accumulate from the second quarter still the fourth quarter, always related to the PEC 2, we have -- we are estimating around $170 million. This is the kind of -- if you want, I can repeat. So $135 million is the amount related to the first quarter 2023. If you look at the number, the total number at the closing of the quarter, we are going to have $508 million that includes this $135 million. And for the rest of the year 2023, we should accrue $170 million roughly of receipts.

現在，如果你想想我們從第二季度到第四季度將積累什麼，總是與 PEC 2 相關，我們估計約為 1.7 億美元。這是那種——如果你願意，我可以重複一遍。因此，1.35 億美元是與 2023 年第一季度相關的金額。如果你看一下這個數字，即本季度末的總數，我們將有 5.08 億美元，其中包括這 1.35 億美元。在 2023 年的剩餘時間裡，我們應該累計大約 1.7 億美元的收入。

Thank you, Giuseppe, for the answer here. So we have another question now coming from Rodrigo Mora from Moneda. So he had some questions. The first one is that he would like to know the availability of natural gas or MG for the second quarter and the third quarter of this year.

朱塞佩，謝謝你在這裡的回答。現在我們有另一個問題來自 Moneda 的 Rodrigo Mora。所以他有一些疑問。第一個是他想知道今年第二季度和第三季度的天然氣或 MG 的供應情況。

The second question is that if you could explain the income in Enel Generación regarding a compensation coming from a supply generator for a PPA agreement purchase. Okay?

第二個問題是，您是否可以解釋 Enel Generación 中關於 PPA 協議購買的供應發電機補償的收入。好的？

Also, there is other question, Giuseppe, from Rodrigo Mora that it was saying on the press we saw that Enel Chile is analyzing to sell part of its solar plant through Enel Green Power Chile. Could you please give him more details about it?

此外，還有其他問題，來自 Rodrigo Mora 的 Giuseppe，它在媒體上說我們看到 Enel Chile 正在分析通過 Enel Green Power Chile 出售其部分太陽能發電廠。你能告訴他更多細節嗎？

Then the other question, I can repeat later, we are just to put all the questions here. Then the last question is coming from distribution business. No? Rodrigo is asking that Enel Distribución is reporting EBITDA by around $25 million per quarter. And also, there is a CapEx that is higher than this. No? So my question is how long this situation will continue and how long the company could afford it?

然後是另一個問題，我可以稍後重複，我們只是把所有的問題都放在這裡。那麼最後一個問題來自分銷業務。不？ Rodrigo 要求 Enel Distribución 報告每季度約 2500 萬美元的 EBITDA。而且，還有比這更高的資本支出。不？所以我的問題是這種情況會持續多久，公司能承受多久？

Thank you, Rodrigo, for your questions. Giuseppe?

羅德里戈，謝謝你的提問。朱塞佩？

Yes. Thank you, Rodrigo. Well, starting from the first one about the gas for the second and third quarter 2023. We have a strong LNG availability in [E.ON] and [Sentinfero]. We have already secured 2.45 million of metal tube per day of Argentinean gas. So May and June, we are covered on that. And of course, we are negotiating new Argentinean gas supply for the rest of the year. At the moment, we don't -- we cannot provide any kind of details.

是的。謝謝你，羅德里戈。好吧，從第一個關於 2023 年第二和第三季度天然氣的問題開始。我們在 [E.ON] 和 [Sentinfero] 擁有強大的液化天然氣供應。我們已經每天獲得 245 萬根金屬管的阿根廷天然氣。所以五月和六月，我們對此有所了解。當然，我們正在就今年剩餘時間的阿根廷新天然氣供應進行談判。目前，我們不——我們無法提供任何類型的細節。

For what concern the income associated to PPA we can buy, we had a PPA signed with our supplier. We have been asked to change some condition from the original deal. And basically, because of difficulties in these third parties and because of that, we have been compensated with -- we did changes in the condition of the contract. But what concerned the rumors about the sales of assets, you know that we always are looking at the opportunity to extra value from our assets, so this is nothing new in comparison with the past. And as soon as we are going to have some additional info, we are going to provide to the market.

對於與我們可以購買的 PPA 相關的收入有何影響，我們與供應商簽署了 PPA。我們被要求更改原始交易的某些條件。基本上，由於這些第三方的困難，我們得到了補償——我們改變了合同條件。但關於出售資產的傳聞，大家知道，我們一直在尋找機會從我們的資產中獲得額外的價值，所以這與過去相比並不是什麼新鮮事。一旦我們將獲得一些額外的信息，我們就會向市場提供。

And the last question, Giuseppe, one on distribution business, no, regarding the (inaudible) CapEx.

最後一個問題，朱塞佩，一個關於分銷業務的問題，不，關於（聽不清）資本支出。

Distribution business, distribution business, of course, is always under analysis. We believe that the distribution has a lot of value to be tracked. The CapEx that we are spending are CapEx that's needed for the quality of the grid and for supply our customer needs. So clearly, the analysis of the financials are always under our monitoring. And we believe that the regulation of the distribution needs changes, and it is something that we are working and we are trying to [pass the net] on the regulator and today, we're all now interest. But as of today, we believe that the distribution business is still very, very valuable for our company.

分銷業務，分銷業務，當然，總是在分析之中。我們相信分佈有很多價值需要跟踪。我們花費的資本支出是電網質量和滿足客戶需求所需的資本支出。很明顯，財務分析始終在我們的監控之下。而且我們相信分配的監管需要改變，這是我們正在努力的事情，我們正試圖 [通過網絡] 監管機構，今天，我們都感興趣。但時至今日，我們相信分銷業務對我們公司來說仍然非常非常有價值。

Okay. Thank you, Giuseppe. So I'll just check. We have one more question, also a follow-up question from Andrew McCarthy that is related to his first question on the PEC stabilization. So he thanks for your clarification and we just wants to confirm. So $508 million plus $107 million, that's all approximately, $750 million, this $750 million for this year. No? So how much do you expect to be settled via factoring by the end of this year?

好的。謝謝你，朱塞佩。所以我會檢查一下。我們還有一個問題，也是 Andrew McCarthy 的後續問題，與他關於 PEC 穩定性的第一個問題有關。所以他感謝你的澄清，我們只是想確認一下。所以 5.08 億美元加上 1.07 億美元，大約是 7.5 億美元，今年是 7.5 億美元。不？那麼你預計到今年年底通過保理結算多少？

We believe that around -- I mean the numbers are [covered]. So we should have an accumulated receivable for PEC 2 at the end of the year, around $750 million. We believe that in terms of factoring, we are going to recover more than $300 million. Now, I cannot give you a more precise number because it all depends on the timing of the document that will be issued according to the process, the payment document.

我們相信——我的意思是這些數字是[覆蓋的]。所以我們應該在年底有 PEC 2 的累計應收賬款，大約 7.5 億美元。我們相信，在保理方面，我們將收回超過 3 億美元。現在，我不能給你一個更精確的數字，因為這完全取決於將根據流程、付款文件發出的文件的時間。

So we believe that $300 million is going to be the minimum amount of collecting through the factoring mechanism. In the next quarter call, we can give more detail and a better view of the remaining part of the year. But definitely, it's going to be more than $300 million.

因此，我們認為 3 億美元將是通過保理機制收取的最低金額。在下一個季度的電話會議中，我們可以提供更多細節，更好地了解今年剩餘時間。但可以肯定的是，它會超過 3 億美元。

Okay. Thank you, Giuseppe, for that. So we have another question coming from [Ignacio Eraduri]. So [Ignacio] is asking us. He would like to know about the liquidity of Enel Chile that was presented here. No? So the cash that we have presented in the slide regarding the Enel Chile if this cash includes or not the centralization cash agreement that Enel Chile has with Enel Generación, no, that's more or less $250 million. So this is his question, Giuseppe.

好的。謝謝你，朱塞佩。 [Ignacio Eraduri] 提出了另一個問題。所以 [Ignacio] 在問我們。他想了解此處介紹的 Enel Chile 的流動性。不？因此，如果這筆現金包括或不包括 Enel Chile 與 Enel Generación 簽訂的集中現金協議，我們在幻燈片中展示的關於 Enel Chile 的現金，不，大約是 2.5 億美元。所以這是他的問題，朱塞佩。

Yes. Yes. Does it include because all our group and group work in this way. So basically, the concept of cash centralization apply to all our subsidiaries. So this clearly is a benefit for the subsidiary that can have a very flexible instrument to manage their cash needs.

是的。是的。是不是包括因為我們所有的小組和小組都是這樣工作的。所以基本上，現金集中化的概念適用於我們所有的子公司。因此，對於可以使用非常靈活的工具來管理其現金需求的子公司來說，這顯然是一個好處。

Okay. Thank you, Giuseppe.

好的。謝謝你，朱塞佩。

Just checking with the operator, if we have more questions here. From the chat, I don't have.

如果我們在這裡有更多問題，請諮詢接線員。從聊天中，我沒有。

So thank you very much for your attention today. As always, our team, Investor Relations team will be available for any other further questions you may have. Please, as you mentioned, give us your feedback. We would appreciate it regarding the material that was recently published. We hope that all the information for this will help you in the evaluation of our company.

非常感謝您今天的關注。一如既往，我們的團隊，投資者關係團隊將隨時為您解答您可能有的任何其他問題。正如您提到的，請給我們您的反饋。對於最近發布的材料，我們將不勝感激。我們希望這方面的所有信息對您對我們公司的評價有所幫助。

Thank you very much. Have a nice day.

非常感謝。祝你今天過得愉快。

And with that, ladies and gentlemen, we thank you again. This concludes today's conference, and you may now disconnect.

女士們先生們，我們再次感謝你們。今天的會議到此結束，您現在可以斷開連接。