Enel Chile SA (ENIC) 2023 Q4 法說會逐字稿

Good afternoon, ladies and gentlemen, and welcome to Enel Chile full year and fourth quarter 2023 results conference call. My name is Carmen, and I'll be your host for today. (Operator Instructions) Please note that today's conference is being recorded.

女士們先生們下午好，歡迎參加 Enel Chile 2023 年全年和第四季度業績電話會議。我叫卡門，今天由我擔任主持人。（操作員指示）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.

在本次電話會議期間，我們可能會發表構成 1995 年《私人證券訴訟改革法案》含義內的前瞻性聲明的聲明。此類前瞻性陳述僅反映我們目前的預期，並非對未來績效的保證，並涉及風險和不確定性。

Actual result may differ materially as anticipated in the forward-looking statements as a result of various factors. These factors are described in Enel Chile's press release reporting its full year and fourth quarter 2023 results. The presentation accompanying this conference call and Enel Chile's annual report on Form 20F. We have included on the risk factors.

由於各種因素，實際結果可能與前瞻性陳述中的預期有重大差異。Enel Chile 在報告其全年和 2023 年第四季業績的新聞稿中描述了這些因素。本次電話會議附帶的簡報以及 Enel Chile 的 20F 表格年度報告。我們已將風險因素納入其中。

You may access our full year And fourth quarter 2023 results press release and presentation on our website, www.enelchile.com and our 20F on the SEC's website, www.sec.gov.

您可以在我們的網站 www.enelchile.com 上以及 SEC 網站 www.sec.gov 上的 20F 頁面上訪問我們的 2023 年全年和第四季度業績新聞稿和演示文稿。

Readers are cautioned not to place undue reliance on those forward-looking statements, which speak only as of their dates, and our 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.

請讀者不要過度依賴這些前瞻性陳述，這些陳述僅代表截至當前的情況，我們的智利沒有義務更新這些前瞻性陳述或披露這些前瞻性陳述所導致的任何進展。除非法律要求，否則陳述將變得不準確。

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

現在我想把演講交給智利國家電力公司投資者關係主管伊莎貝拉‧克萊姆斯女士。請繼續。

Good afternoon, and welcome to Enel Chile's 2023 fourth quarter and full year results presentation. Thank you all for joining us today. Joining me this morning is our CEO, Fabrizio Barderi, and our CFO, Giuseppe Turchiarelli.

下午好，歡迎來到智利國家電力公司 2023 年第四季和全年業績發表會。感謝大家今天加入我們。今天早上加入我的是我們的執行長 Fabrizio Barderi 和財務長 Giuseppe Turchiarelli。

As announced yesterday by our Board of Directors, today is the last day of our CEO, Fabrizio Bardelli, after two years in charge of our company, assuming a new position within Enel SPA in Italy. During the period that the new CEO shall be designing, Giuseppe Turchiarelli shall step in as interim CEO of Enel Chile.

正如我們董事會昨天宣布的那樣，今天是我們執行長 Fabrizio Bardelli 在執掌我們公司兩年後在義大利 Enel SPA 擔任新職務的最後一天。在新任執行長任職期間，朱塞佩·圖爾基亞雷利 (Giuseppe Turchiarelli) 將接任智利國家電力公司臨時執行長。

I take the opportunity to thank Fabrizio for all his contributions to our company over the years. Now our presentation and related financial information are available on our website www.enel.cl in the investor section and in our app Investors.

我藉此機會感謝 Fabrizio 多年來對我們公司所做的所有貢獻。現在，我們的簡報和相關財務資訊可在我們的網站 www.enel.cl 的投資者部分和我們的應用程式投資者中取得。

In addition, a replay for the call will be soon available. 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 listening mode. In the following slides, Fabrizio will open the presentation with our key highlights of the period, then go through our portfolio management actions, regulatory context updates, and guidance achievements. Finally, Giuseppe will give us a view of our business economic and financial performance.

此外，電話會議的重播也將很快提供。在本演示結束時，將有機會透過電話或網路廣播聊天透過「提問」連結提出問題。媒體參與者僅在偵聽模式下連線。在接下來的幻燈片中，Fabrizio 將首先介紹我們這段時期的主要亮點，然後介紹我們的投資組合管理行動、監管背景更新和指導成果。最後，朱塞佩將為我們介紹我們的企業經濟和財務績效。

Thank you all for your attention and now let me hand over the call to Fabrizio.

感謝大家的關注，現在讓我將電話轉交給 Fabrizio。

Thank you, Isabella. Good afternoon and thanks for joining us. Let's start our presentation with our main highlights on slide three. I want to start with our portfolio management highlights. During the year, we added around 600 megawatts of new renewable energy capacity, including our first best product.

謝謝你，伊莎貝拉。下午好，感謝您加入我們。讓我們從第三張幻燈片的主要亮點開始我們的簡報。我想從我們的投資組合管理亮點開始。這一年裡，我們新增了約 600 兆瓦的再生能源產能，其中包括我們的第一個最佳產品。

All these additions will support us in our long-term ambition of decarbonization and the continued optimization of our portfolio. As of today, we have received the commercial operation data, the cost from the system operator, for around 1.4 gigawatts, which is in line with our expectations announced in our last two investor statements.

所有這些新增內容將支持我們實現脫碳的長期目標和持續優化我們的產品組合。截至今天，我們已經收到商業營運數據，即來自系統營運商的成本，約為1.4吉瓦，這符合我們在最近兩份投資者聲明中宣布的預期。

This year, we had a remarkable performance of our generation portfolio. The better than expected hydrology, due to the El Niño phenomenon, and all the gas trading activities, outstanding performance, supported the achievement of our goals and targets.

今年，我們的發電組合表現優異。由於厄爾尼諾現象，水文狀況優於預期，所有天然氣交易活動表現出色，支持了我們目標和指標的實現。

On the regulatory side, we have some important news to share. First, the Chilean government presented a draft bill to Congress introducing the stabilization mechanism, the PEC 03, a very important positive and important sign of stability to the energy market.

在監管方面，我們有一些重要消息要分享。首先，智利政府向國會提交了引入穩定機制PEC 03的法案草案，這是能源市場穩定的一個非常重要的正面和重要標誌。

At the same time, the regulator has published the final technical distribution report, referring to the 2020 to 2024 cycle. This step was very important to reduce eventual uncertainty to the distribution business remuneration. I will deep dive into both topics later.

同時，監管機構發布了最終的技術分配報告，指的是2020年至2024年的周期。這一步驟對於減少分銷業務報酬的最終不確定性非常重要。稍後我將深入探討這兩個主題。

Finally, I am pleased to announce that we beat all our financial targets for 2023, which reflects our confidence in energy's future and solidity. Giuseppe will give you more color on this. To conclude, during 2023, we recovered around $358 million related to the stabilization mechanism, the PEC 02, and closed the Arcadia project, which represented around $180 million as positive impact in our net gain.

最後，我很高興地宣布，我們超額完成了 2023 年的所有財務目標，這反映了我們對能源的未來和穩定性的信心。朱塞佩會給你更多關於這一點的色彩。總而言之，2023 年，我們收回了與穩定機制 PEC 02 相關的約 3.58 億美元，並關閉了 Arcadia 項目，這對我們的淨收益產生了約 1.8 億美元的積極影響。

Now, let us move to slide four to review how we executed our goals and strategies towards a more efficient generation portfolio. Over the last few years, we have significantly increased our renewable capacity through a diversified pipeline across different areas of the country, increasing our exposure to solar close to the center of consumption, to wind, and more recently, to storage.

現在，讓我們轉到第四張投影片，回顧我們如何執行目標和策略，以實現更有效率的發電組合。在過去的幾年裡，我們透過遍布全國不同地區的多元化管道，顯著增加了再生能源發電能力，增加了我們對靠近消費中心的太陽能、風能以及最近的儲存的投資。

During 2023, we connected almost 600 megawatts of additional net capacity. In Q4, we connected 106 megawatts related to the last phase of our solar plant, Sierra Gorda, 34 megawatts of La Cabaña West, and 39 megawatts of Campos del Sol.

2023 年，我們新增了近 600 兆瓦的淨容量。第四季度，我們連接了與 Sierra Gorda 太陽能發電廠最後一期相關的 106 兆瓦、La Cabaña West 的 34 兆瓦和 Campos del Sol 的 39 兆瓦。

During the year, we have also secured some asset rotation in the form of the sale of 416 megawatts of solar generation assets to in the north of Chile, and the sale of our VAD gas turbine power plant. Both were initiatives aimed at optimizing our portfolio and recycling our capital.

年內，我們也透過向智利北部出售 416 兆瓦太陽能發電資產以及出售 VAD 燃氣渦輪發電廠的形式實現了一些資產輪換。兩項措施都旨在優化我們的投資組合和回收我們的資本。

Regarding cost, since January 2023, we have received the authorization from the National Electricity Coordinator to begin commercial operations for 1.4 gigawatts. This includes projects such as Campos del Sol, Valle del Sol, Finis Terrae, Guanchoi, Sierra Gorda, and the recently announced El Manzano andLa Cabaña.

在成本方面，自2023年1月起，我們已獲得國家電力協調員的授權，開始1.4吉瓦的商業營運。其中包括 Campos del Sol、Valle del Sol、Finis Terrae、Guanchoi、Sierra Gorda 以及最近宣布的 El Manzano 和 La Cabaña 等項目。

Now, let's look at some updates on the hydrological situation and gas optimization activities on slide 5. Favorable hydrological conditions during 2023 allowed us to reach a higher than expected hydro production, exceeding by 25% the level recorded in 2022, and totaling 12.2 terawatt hours of hydro generation, a scenario that we had not seen since 2010.

現在，讓我們看看幻燈片 5 上有關水文狀況和天然氣優化活動的一些更新。2023年有利的水文條件使我們能夠實現高於預期的水力發電量，比2022年的水平高出25%，水力發電總量達到12.2太瓦時，這是我們自2010年以來從未見過的情況。

The hydrological situation in our reservoir is also very positive. Here today, once compared to last year's figure, especially in the south, we have included an updated view of our reservoir levels in the annex of our presentation. Rainfall during 2023 surpassed the last 10-year average period, allowing us to have comfortable water availability until the end of the first quarter of 2024.

我們水庫的水文情勢也非常好。今天在這裡，與去年的數據進行比較，特別是在南部地區，我們在簡報的附件中包含了水庫水位的最新視圖。2023 年的降雨量超過了過去 10 年的平均水平，使我們能夠在 2024 年第一季末之前擁有充足的水資源。

In fact, as of February 1, 2024, water available for generation was equivalent to 1,800 gigawatt hours, 150 gigawatt hours more than the same date in 2023. Regarding our gas optimization and drilling activities, we have guaranteed natural gas and LNG supply to our fleet and executed some very profitable sales to local industrial and mining customers and also to foreign markets.

事實上，截至 2024 年 2 月 1 日，可用於發電的水量相當於 1,800 吉瓦時，比 2023 年同期多了 150 吉瓦時。關於我們的天然氣優化和鑽探活動，我們保證了我們船隊的天然氣和液化天然氣供應，並向當地工業和採礦客戶以及國外市場進行了一些非常有利可圖的銷售。

The foreign market sales were negotiated during 2022 at very attractive prices, and the deliveries were mainly concentrated during the first and the fourth quarters of 2023, totaling four cargos sold abroad. All the above contributed around $300 million as margins for 2023. For 2024, we also see the situation as very comfortable.

2022年國外市場銷售以極具吸引力的價格進行洽談，交付主要集中在2023年第一季和第四季度，總共有四批貨物銷往國外。上述所有項目為 2023 年貢獻了約 3 億美元的利潤。對於 2024 年，我們也認為情況非常舒適。

For reference, we have already executed a new firm agreement with several Argentine gas suppliers for up to 4 million cubic meters per day that are already in operation from October 1 until the end of April 2024, allowing us to optimize our combined cycle generation cost.

作為參考，我們已經與幾家阿根廷天然氣供應商簽署了一項新的固定協議，每天產量高達400 萬立方米，該協議已於10 月1 日至2024 年4 月底投入運行，使我們能夠優化聯合循環發電成本。

In addition, we have already secured new agreements for 2024 winter period with Argentine suppliers for up to 2.6 million cubic meters per day from May to September 2024, giving us security to optimize our portfolio during 2024.

此外，我們已經與阿根廷供應商簽訂了2024年冬季新協議，從2024年5月到9月每天產量高達260萬立方米，為我們在2024年優化我們的產品組合提供了保障。

Now, let's look at some important updates related to the regulatory context on slide 6. In January this year, the Ministry of Energy presented a draft bill related to the Stabilization Energy Mechanism with the purpose of continuing the PEC mechanism and mitigating the projected tariff increases to final customers.

現在，讓我們來看看投影片 6 中與監管環境相關的一些重要更新。今年1月，能源部提出了一份與穩定能源機制相關的法案草案，旨在延續PEC機制並減輕預計對最終客戶的電價上漲。

At the same time, they aim to improve the Client Protection Mechanism, known as MPC mechanism, to allow gradual repayment of accumulated debt with the generator and establish a transitory subsidy for the most vulnerable clients.

同時，他們的目標是完善客戶保護機制，即MPC機制，允許逐步償還發電商累積的債務，並為最脆弱的客戶提供臨時補貼。

Also, during January, the draft bill was reviewed and approved by a special energy commission from the Senate. And now, after the Congress annual leave that ends during the month of February, the draft will be discussed first in the Senate plenary and then in the Chamber of Deputies.

此外，一月份，該法案草案得到了參議院特別能源委員會的審查和批准。現在，在二月國會年假結束後，該草案將首先在參議院全體會議上討論，然後在眾議院討論。

Let me say that we consider the government proposal very solid and aligned with Chile's position and goals in incentivizing investment towards the decarbonization. Let me quickly explain the PDL proposal, starting with how this mechanism is financed. The PDL considers the three sources of finance. First, a temporary state subsidy until 2026 of total $20 million per year. Then, the public service charge, which involves the regulated and pre-client and that amounts to around $200 million annually.

我想說的是，我們認為政府的提案非常可靠，並且符合智利在激勵脫碳投資方面的立場和目標。讓我快速解釋一下 PDL 提案，首先從該機制的融資方式開始。PDL 考慮了三種資金來源。首先，到 2026 年為止，每年提供總計 2,000 萬美元的臨時國家補貼。然後是公共服務費，涉及受監管者和預客戶，每年約 2 億美元。

And finally, the Client Protection Mechanism charge that will be applied only to regulated customers up to 2035. Both charges shall have different fees depending on the consumption of each client. With this finance mechanism in place and also the gradual increase in the tariff, which will depend on the client consumption, shall support the recovery of the generators that count the receivables generated since the enforcement of PEC 01 and PEC 02.

最後，客戶保護機制收費將僅適用於 2035 年之前的受監管客戶。兩種收費根據每個客戶的消費情況收取不同的費用。隨著此融資機制的到位以及電費的逐步增加（取決於客戶消費），將支援計算自 PEC 01 和 PEC 02 執行以來產生的應收帳款的發電商的恢復。

In our case, on December 31, we had an account receivable related to the PEC already net of patronage of $759 million. In addition, the PDL has confirmed that PEC 01 settlement shall occur up to 2027. Also, the PDL modifies the PEC 2 by extending the settlement limit period from 2032 to 2035 and increasing the total amount of the funds by $3,700 million, totaling $5,500 million.

就我們而言，12 月 31 日，我們有一筆與 PEC 相關的應收帳款，扣除贊助後已淨額為 7.59 億美元。此外，PDL 已確認 PEC 01 結算將在 2027 年之前完成。此外，PDL也修改了PEC 2，將結算期限從2032年延長至2035年，並將資金總額增加37億美元，總計55億美元。

We expect that the PDL will be approved and published soon, in the first semester of 2024, considering the urgency of the decision and the fact that the next regulatory auction is scheduled to be held during April.

考慮到該決定的緊迫性以及下一次監管拍賣定於 4 月舉行的事實，我們預計 PDL 將很快在 2024 年上半年獲得批准並發布。

Regarding the distribution tariff review, the regulatory final report for the 2020 to 2024 cycle was published early this month of February. And the tariff decree on the distribution 2020 to 2024 remuneration cycle shall be published within the next few months. And let me say that we had a more positive view of the process once comparing to its beginning.

關於配電電價審查，2月初發布了2020年至2024年周期的監管最終報告。關於分配2020年至2024年薪資週期的關稅法令將在未來幾個月內公佈。我要說的是，與開始相比，我們對這個過程有了更積極的看法。

Additionally, by November 2024, we shall start the distribution regulatory cycle comprising the 2024 to 2028 period. We are still at the very beginning of this process. Currently, the external consultants responsible for realizing the reference model company studies have started this work. The results of this study shall be known in the following months.

此外，到 2024 年 11 月，我們將啟動涵蓋 2024 年至 2028 年期間的分銷監管週期。我們仍處於這過程的開始階段。目前，負責實現參考模型公司研究的外部顧問已經開始這項工作。這項研究的結果將在接下來的幾個月內公佈。

Now, let us move to slide 7 to review our main KPIs of 2023 versus our guidance. In terms of renewables and best execution, we have achieved our goal, reaching 77% of renewables and best contribution in our metric on December 23, 2023. Contributing to our commitment to the country's energy transition. The latter also enabled us to reach our goal of 74 greenhouse gases free production over the total during 2023.

現在，讓我們轉到投影片 7，對照我們的指導回顧 2023 年的主要 KPI。在再生能源和最佳執行方面，我們已經實現了目標，於 2023 年 12 月 23 日達到了 77% 的可再生能源，並在我們的指標中做出了最佳貢獻。為我們對國家能源轉型的承諾做出貢獻。後者也使我們能夠實現 2023 年生產總量中不排放 74 種溫室氣體的目標。

Let me point out that our efforts intending to improve efficiency and quality of service in the distribution business have led us to decrease indicators such as tidy and also to achieve our goal regarding network losses despite a more complex market scenario. On the electrification effort, we have also achieved our goal.

我要指出的是，儘管市場情況更加複雜，但我們旨在提高分銷業務效率和服務品質的努力使我們降低了整潔等指標，並實現了網路損耗的目標。在電氣化方面，我們也達到了我們的目標。

Now, let us review on slide 8 our main financial indicators versus our 2023 guidance. During 2023, we experienced a significant improvement in our operation, mostly explained by a more efficient generation mix related to a better hydrological situation and the contribution of our optimization portfolio action plan developed and executed during the last year.

現在，讓我們在投影片 8 上回顧我們的主要財務指標與 2023 年指引。2023 年，我們的營運取得了顯著改善，這主要是由於與更好的水文狀況相關的更高效的發電組合以及去年制定和執行的優化組合行動計劃的貢獻。

The latter, coupled with the conclusion of optimization initiatives such as the sale of Arcadia last October, enabled us to achieve our EBITDA and net income commitment. On the last financial indicator, we have reached the upper range of the guidance announced during 2023.

後者，加上去年 10 月出售 Arcadia 等優化措施的完成，使我們能夠實現 EBITDA 和淨利潤承諾。就最後一項財務指標而言，我們已達到 2023 年期間所公佈的指引上限。

To that, we provide details on our performance on EBITDA and net income in the following slide. All the above guaranteed our leverage and net debt to EBITDA committee, making us comfortable recommending the maintenance of the committee's payout, which was also the company's board of directors' recommendation and was also in line with our guidance.

為此，我們在下一張投影片中詳細介紹了 EBITDA 和淨利的表現。所有這些都保證了我們對 EBITDA 委員會的槓桿率和淨債務，使我們放心地建議維持委員會的派息，這也是公司董事會的建議，也符合我們的指導。

Now, I will hand over the floor to Giuseppe. Giuseppe, the floor is yours.

現在，我將把發言權交給朱塞佩。朱塞佩，地板是你的。

Many thanks, Fabrizio. Good afternoon to all our investors connected. I will start my presentation with a summary of our main results of the year. To better evaluate our company earnings performance, we present the 2022 figures as a performance that includes the following adjustments.

非常感謝，法布里齊奧。我們所有的投資者都下午好。我將首先總結我們今年的主要成果。為了更好地評估我們公司的獲利表現，我們將 2022 年的數據呈現為包含以下調整的表現。

First, the full year of 2022 EBITDA has been adjusted by the impairment of the cold stock and the write-off of generation projects totaling $124 million. These adjustments worth $63 million in the Q4. Likewise, these adjustments affected the bottom line by a total of $83 million in the full year and $41 million in the Q4 of 2022.

首先，2022年全年EBITDA已根據冷庫存減損和發電項目沖銷總計1.24億美元進行了調整。這些調整在第四季的價值為 6300 萬美元。同樣，這些調整對全年利潤的影響總計為 8,300 萬美元，對 2022 年第四季的影響為 4,100 萬美元。

Additionally, we have excluded from these figures in order to better evaluate the operational performance of our company through one-off effects. The operational results and capital gain of the sales of energy transmission and the impact of the agreement we shared, both executed in December 2022, totaling $643 million in the full year and $568 million in the Q4. These adjustments affected the bottom line by a total of $1,230 million and $1,185 million in the full year and in the Q4, respectively.

此外，我們已將這些數據排除在外，以便透過一次性效應來更好地評估我們公司的營運績效。能源傳輸銷售的營運業績和資本收益以及我們分享的協議的影響均於 2022 年 12 月執行，全年總計 6.43 億美元，第四季度總計 5.68 億美元。這些調整對全年和第四季的利潤分別產生了 12.3 億美元和 11.85 億美元的影響。

Regarding the FFO, the figures for 2023 and 2022 have been adjusted only by the sales of energy transmission. It means that 2022 figures include the Shell agreement. In 2022, in terms of cash, the adjustment amounted to $20 million in the full year and $2 million in the Q4.

關於FFO，2023年和2022年的數據僅根據能源傳輸的銷售進行了調整。這意味著2022年的數據包括殼牌協議。2022年，現金方面，全年調整金額為2,000萬美元，第四季調整金額為200萬美元。

In 2023, we have excluded $310 million paid-in taxes on capital gain obtained from these transactions. Considering these adjustments, let's see how the earnings indicator and FFO perform. As you can see, in the full year period and the Q4 2023, our earnings indicator presents an important improvement compared to the 2022 figures.

2023 年，我們排除了從這些交易中獲得的資本利得的 3.1 億美元實繳稅款。考慮到這些調整，讓我們看看收益指標和 FFO 的表現如何。正如您所看到的，在全年和 2023 年第四季度，我們的獲利指標與 2022 年的數據相比出現了重大改善。

Regarding EBITDA and net income, the improvement is mainly explained by a more efficient generation mix thanks to the outstanding hydro and renewable performance and due to greater gas trading activities. We will see more detail in the following slides. Regarding the FFO, the 2023 full year figures show a relevant improvement impacted mainly by the PEC 02 factoring executed for around $345 million and other cash management optimization actions.

就 EBITDA 和淨利潤而言，這種改善主要歸因於更有效率的發電組合，這要歸功於出色的水力和可再生能源性能以及天然氣貿易活動的增加。我們將在下面的幻燈片中看到更多細節。關於 FFO，2023 年全年數據顯示相關改善主要受到執行約 3.45 億美元的 PEC 02 保理和其他現金管理優化行動的影響。

Let me remind you that the Q4 2022 FFO includes $520 million Shell agreement. We will see more detail later on. Let's review now the progress on CapEx. Our 2023 total CapEx reached $804 million, basically in line with our guidance for the year. I would like to highlight that 78% of our total CapEx was related to the renewable and storage in line with our strategy of rebalancing our portfolio to adapt it to the new market context.

讓我提醒您，2022 年第四季的 FFO 包括價值 5.2 億美元的殼牌協議。我們稍後會看到更多細節。現在讓我們回顧一下資本支出的進展。我們 2023 年的總資本支出達到 8.04 億美元，基本上符合我們今年的指導。我想強調的是，我們總資本支出的 78% 與再生能源和儲存相關，這符合我們重新平衡投資組合以適應新市場環境的策略。

In addition, 15% of our CapEx was mainly related to clients' new connections in Greece, considering the growth in our customer base. Customer CapEx total $78 million, 7% higher than the previous year, mainly associated with the new customer connection.

此外，考慮到我們客戶群的成長，我們 15% 的資本支出主要與客戶在希臘的新聯繫有關。客戶資本支出總計 7,800 萬美元，比上年成長 7%，主要與新客戶連結相關。

Asset management CapEx reached $129 million, 36% lower than previous year, mainly due to lower maintenance activity in conventional generation plants and distribution business. Developing CapEx reached $597 million, representing a decrease of 33% versus last year's figure in line with the remaining renewable portfolio under construction.

資產管理資本支出達 1.29 億美元，比前一年下降 36%，主要是因為傳統發電廠和配電業務的維護活動減少。開發資本支出達 5.97 億美元，比去年下降 33%，與剩餘在建再生能源投資組合一致。

Let's now take a look at the slide 12, where we have the summary of the Q4 2023 EBITDA breakdown, accounting for $471 million. First of all, let me remind you that we have included the performance of our Q4 2023 EBITDA for comparison purposes. We have excluded from the 2022 EBITDA the impact of the one-off effect from the sales of Transmission Chile and the agreement signed with Shell.

現在讓我們來看看投影片 12，其中匯總了 2023 年第四季 EBITDA 明細，金額為 4.71 億美元。首先，讓我提醒您，我們已將 2023 年第四季 EBITDA 的業績納入其中以進行比較。我們已從 2022 年 EBITDA 中排除了出售 Transmission Chile 以及與殼牌簽署的協議帶來的一次性效應的影響。

Taking this into consideration, our Q4 2023 EBITDA was around $71 million higher than the 2022 performance, mainly explained by the following. First, a positive contribution from hydro and renewable assets totaling $41 million, mainly related to improved hydrology and deforestation.

考慮到這一點，我們的 2023 年第四季 EBITDA 比 2022 年的業績高出約 7,100 萬美元，主要解釋如下。首先，水力發電和再生能源資產的積極貢獻總計 4,100 萬美元，主要與改善水文和森林砍伐有關。

Second, a positive effect of $83 million on variable costs, mainly explained by lower withdrawal spot price, lower transmission fees, and savings due to lower fuel consumption, both as a consequence of the better hydrology in the field.

其次，對可變成本產生了 8300 萬美元的積極影響，這主要是由於提款現貨價格降低、傳輸費用降低以及燃料消耗降低而節省的費用，這都是由於現場水文狀況改善而產生的。

In addition, a positive contribution of $80 million related to the gas optimization activity, mainly due to increased gas trading activity for 0.9 TWh made in Q4 2023, and the very increasing prices negotiated in the end of 2022 when the international prices were very high.

此外，與天然氣優化活動相關的 8,000 萬美元的積極貢獻主要是由於 2023 年第四季度天然氣交易活動增加了 0.9 TWh，以及 2022 年底國際價格非常高時談判的價格大幅上漲。

The above mentioned effects were partially offset by $150 million from lower PPA sales in Q4 2023, primarily due to lower average PPA price, mainly related to lower commodity indexation in the regulated market. $18 million in OpEx and other costs, mainly explained by our new renewable capacity, inflation across all the businesses, and negative effects in energy, due to a higher recognition of the cost margin in 2022. Partially offsetting the positive effect in distribution margin of $3 million, mainly due to the indexation.

上述影響被 2023 年第四季 PPA 銷售額下降 1.5 億美元部分抵消，這主要是由於平均 PPA 價格較低，而這主要與受監管市場的商品指數較低有關。營運支出和其他成本為 1800 萬美元，主要是由於我們新的再生能源產能、所有業務的通貨膨脹以及能源的負面影響（由於對 2022 年成本利潤率的更高認可）。部分抵消了 300 萬美元分配利潤的正面影響，這主要是由於指數化。

Let's move on to the next slide, where we will review the full year EBITDA breakdown summary, accounting for $1,237 million. In the full year 2023, our EBITDA increased $358 million versus 2022 performance, mainly explained by the following effects. First, a positive contribution from hydro renewables totaling $213 million, mainly related to improved hydrology volume.

讓我們繼續看下一張投影片，我們將回顧全年 EBITDA 明細摘要，總計 12.37 億美元。2023 年全年，我們的 EBITDA 與 2022 年的業績相比增加了 3.58 億美元，主要是由於以下影響。首先，水力再生能源的積極貢獻總計 2.13 億美元，主要與水文容量的改善有關。

Second, a positive effect of $94 million in variable costs, mainly explained by lower cost price in the period, due to a better hydrology since June 2023. One of the effects of an agreement with one of our PPA suppliers and lower transmission fees, partially offset by a lower thermal generation margin.

其次，變動成本產生了 9,400 萬美元的正面影響，這主要是由於自 2023 年 6 月以來水文狀況有所改善，導致該期間成本價格較低。與我們的一家購電協議供應商達成的協議和較低的輸電費用的影響之一，部分被較低的火力發電利潤所抵消。

In addition, a positive effect of $81 million related to the gas oximization activity, mainly due to increased gas trading activities from one terabit EU in the full year. And finally, a positive contribution of $27 million in grid margin, mainly due to grid remuneration related to indexation, lower fines and compensation, and higher demand.

此外，與天然氣氧化活動相關的8,100萬美元的正面影響主要是由於全年1太比特歐盟的天然氣貿易活動增加。最後，對電網利潤率做出了 2700 萬美元的積極貢獻，這主要是由於與指數化相關的電網薪酬、較低的罰款和補償以及較高的需求。

The above mentioned effects were partially offset by $17 million from lower PPA sales in the full year 2023, mainly due to lower average PPA price due to indexation, partially offset by higher capacity payments in this year. $41 million in OpEx and other costs, mainly in generation business, explained primarily by our new renewable capacity and maintenance of plants, and inflation across all the business.

上述影響被 2023 年全年 PPA 銷售額下降 1700 萬美元所部分抵消，這主要是由於指數化導致平均 PPA 價格下降，部分被今年更高的產能支付所抵消。營運支出和其他成本為 4,100 萬美元，主要是發電業務，這主要是由於我們新的再生能源產能和工廠維護以及所有業務的通貨膨脹。

Let's move on to slide 14 to take a look at our generation business, meaning KPI. Net electricity totaled 24.1 TWh as of December 2023, exceeding by 9% the production during 2022, mainly due to higher hydro and solar generation, resulting from the improved hydrology and the addition of new projects, respectively.

讓我們繼續看投影片 14，看看我們的發電業務，即 KPI。截至 2023 年 12 月，淨發電量總計 24.1 太瓦時，比 2022 年產量高出 9%，這主要是由於水文改善和新項目增加分別導致水力發電和太陽能發電量增加。

These also offset the lower thermal dispatch, mostly relating to the disconnection of Bocamina two in September 2022. If we exclude the production of Boccamino two in 2022, the real increase in the company generation was equivalent to a growth of 15%, coming mainly by hydro and renewable growth contributions.

這也抵消了熱力調度的下降，主要與 2022 年 9 月博卡米納二號機組的斷電有關。如果我們排除 2022 年博卡米諾二期的產量，公司發電量的實際成長相當於 15%，主要來自水力發電和再生能源成長的貢獻。

During 4Q2023, net generation grew by 15% to 6.6 TWh, mainly due to higher hydro, solar and wind generation. Our energy sales totaled 30.9 TWh in 2023, 0.5% higher than the level recorded in 2032, primarily due to higher sales to pre-customers.

2023 年第四季度，淨發電量成長 15% 至 6.6 TWh，主要是由於水力發電、太陽能發電和風力發電的增加。2023 年，我們的能源銷售總額為 30.9 太瓦時，比 2032 年記錄的水平高出 0.5%，這主要是由於對預客戶的銷售增加。

It's worth mentioning that our commitments with our clients were fulfilled with a higher portion of our renewable generation, which also led us to lower energy purchases in the stock market, mainly the no solar hour. During 4Q 2023, typical energy sales increased by 2.2% to 7.6 TWh, mainly due to higher sales to pre-customers. Let me point out that during the last quarter of 2023, our increased renewable production also allowed us to reach zero net purchases in the stock market.

值得一提的是，我們對客戶的承諾是透過提高再生能源發電的比例來實現的，這也導致我們在股票市場上的能源購買量減少，主要是在無太陽時。2023 年第四季度，典型能源銷量成長 2.2% 至 7.6 TWh，主要是因為預售客戶銷售增加。我要指出的是，在 2023 年最後一個季度，我們再生能源產量的增加也使我們在股票市場上實現了零淨購買。

Now, on slide 15, let's go through the main drivers of our growth net income. Our net income increased by 66%, excluding the net impact of Ascadia sales of $183 million versus last year's performance figure. Let me drive you through the main effects. A greater EBITDA of $358 million, as already explained.

現在，在投影片 15 上，讓我們回顧一下淨收入成長的主要驅動力。與去年的業績數據相比，不包括 Ascadia 銷售額 1.83 億美元的淨影響，我們的淨利潤成長了 66%。讓我帶您了解主要效果。如前所述，EBITDA 達到 3.58 億美元。

Higher depreciation amortization of $20 million to $22 million, mainly resulting from our new renewable project in operation, which was offset by lower depreciation in energy generation, mainly as a consequence of new investment in power plants that increased the average useful life of property, plants, and the heat. Higher amortization in tangible assets in energy distribution due to the new IT system development, partially offset by lower depreciation and amortization due to the sales of energy that we closed in December 2022.

折舊攤銷增加2,000 萬至2,200 萬美元，主要是由於我們正在運營的新可再生能源項目，這被能源發電折舊較低所抵消，主要是由於對發電廠的新投資增加了財產、工廠的平均使用壽命和熱。由於新 IT 系統的開發，能源分配中有形資產攤銷增加，但由於我們於 2022 年 12 月完成能源銷售而導致折舊和攤提減少，部分抵消了這一影響。

A lower bad debt, mainly related to the client's net health recovery due to several commercial actions. Regarding financial results and equity investment, we recorded a $35 million improvement, primarily explained by $98 million related to higher interest and adjustment due to PEC 02 recognition, $10 million mainly due to equity income linked to non-consolidated companies and capital gains basically associated to the sales of [Wasco] thermal power plants.

壞帳較低，主要與客戶因多項商業行為而實現的淨健康恢復有關。關於財務績效和股權投資，我們記錄了3500 萬美元的改善，主要解釋為9800 萬美元與PEC 02 確認導致的更高利息和調整相關，1000 萬美元主要是由於與非合併公司相關的股權收入以及基本上與[Wasco]火力發電廠的銷售。

All the above effects were partially offset by lower income related to monetary adjustment, higher financial costs associated to payment schedule optimization agreement with supplier, and higher financial expense linked to the sales of parts of an electricity-based business. Income tax increased by $138 million mainly related to the income tax associated to the sales of Arcadia of $148 million.

所有上述影響都被與貨幣調整相關的較低收入、與供應商的付款計劃優化協議相關的較高財務成本以及與部分電力業務銷售相關的較高財務費用所部分抵消。所得稅增加1.38億美元，主要與Arcadia銷售相關的1.48億美元所得稅有關。

During the fourth quarter of 2023, net income increased 44% to $426 million, primarily explained by higher EBITDA, as detailed in the previous slide, higher depreciation amortization for $10 million is mainly explained by the generation business due to new renewable energy projects and operations, higher financial results and equity investment of $13 million.

2023 年第四季度，淨利潤成長44% 至4.26 億美元，主要是由於EBITDA 較高，如上一張投影片所述，折舊攤提增加1,000 萬美元主要是由於新的再生能源項目和營運導致的發電業務，更高的財務表現和 1300 萬美元的股權投資。

This is explained by $84 million related to the previously mentioned PEC 02 adjustment, partially offset by higher financial expense linked to the sales of an electricity-based business, higher financial costs related to the payment schedule optimization agreement with supplier, higher financial costs mainly related to the higher cost of that. And basically, slight variation on the quarter in terms of income tax.

這是因為與先前提到的PEC 02 調整相關的8400 萬美元，部分被與電力業務銷售相關的財務費用增加、與供應商的付款計劃優化協議相關的財務費用增加、主要與相關的財務費用增加所抵消。從而導致更高的成本。基本上，本季所得稅方面略有變化。

Moving to the FFO analysis on the next slide. Let's review in detail our FFO for this video. Regarding the FFO, the figures for 2023 to 2022 have been adjusted only by the sales of energy transmission, but not by the Shell agreement executed in 2022. Here, in terms of cash, the adjustment amounted to $20 million in the full year. In 2023, we have excluded $310 million paid in taxes on capital gains obtained from this transaction.

前往下一張投影片上的 FFO 分析。讓我們詳細回顧一下本影片的 FFO。關於FFO，2023年至2022年的數據僅根據能源傳輸的銷售情況進行了調整，而沒有根據2022年執行的殼牌協議進行調整。這裡，就現金而言，全年調整額為2000萬美元。2023 年，我們排除了從此交易中獲得的資本利得所繳納的 3.1 億美元稅。

Our FFO in 2023 reached $986 million, representing an improvement of $334 million. The main effects that explain our FFO in this period are the following. $1.3 billion coming from EBITDA driven by the strong hydrology contribution, gas trading activity, and better results in the distribution business. $406 million negative impact from the cumulative stabilization mechanism effect in our receivable, reducing the cash conversion of the period.

2023 年，我們的 FFO 達到 9.86 億美元，增加了 3.34 億美元。解釋我們這段時期 FFO 的主要影響如下。 13 億美元來自 EBITDA，這得益於強大的水文貢獻、天然氣貿易活動以及分銷業務的更好業績。累積穩定機制對我們的應收帳款產生了4.06億美元的負面影響，減少了當期現金轉換。

This situation has been improved by the impact of the execution of the IDB factor related to PEC 02, which amounted to $345 million. Working capital reached a positive balance of $88 million as a consequence of cash machining from the sales of Santa Rosa building and cash management optimization, partially offset by VAT payment related to stabilization mechanism. Working capital improvement once compared to last year figures mainly comes from the sales of Santa Rosa building and other managerial actions, as well as better collections on distribution business.

這種情況因執行與 PEC 02 相關的 IDB 因子（金額為 3.45 億美元）的影響而得到改善。由於出售聖羅莎大樓的現金加工和現金管理優化，營運資金達到 8,800 萬美元的正餘額，部分被與穩定機制相關的增值稅支付所抵消。與去年相比，營運資本的改善主要來自聖羅莎大樓的銷售和其他管理行動，以及分銷業務的更好收款。

$34 million income tax net payment mainly related to tax payment in generation business in 2023, offset by tax recovery from previous period for both generation and distribution business contribution. Once compared to the income paid in contact in 2023 versus last year, the main difference comes from the tax recovery from previous period obtained during this year.

3,400萬美元的所得稅淨支付主要與2023年發電業務的稅款支付有關，被上期發電和配電業務貢獻的稅收回收所抵消。與2023年接觸支付的收入與去年相比，主要差異來自於今年獲得的上期稅款回收。

To conclude, regarding financial expense, we paid $299 million. This is explained mainly due to the debt interest related to the average interest on the gross debt of 4.9%, that reflects also the new interest curve associated with the revolving credit sparsity. Once we compare the 2023 financial expenses with last year figures, we see an increase also explained by higher average interest rates on the gross debt and monthly payments related to the revolving credit sparsity as a bridge instrument for the effect to delay.

總而言之，關於財務費用，我們支付了 2.99 億美元。這主要是由於與總債務平均利息 4.9% 相關的債務利息，這也反映了與循環信貸稀疏性相關的新利率曲線。一旦我們將 2023 年的財務費用與去年的數據進行比較，我們就會發現，增加的原因還在於總債務和每月還款的平均利率上升，而循環信貸稀疏性是延遲影響的橋樑工具。

Now, let's look at our liquidity and leverage position. Our gross debt decreased around $0.3 billion to $4.4 billion as of December 2023, compared to December 2022. This decrease was primarily due to the repayment of revolving credit lines, partially thanks to the use of the proceeds from Arcadia sales, concluded last October 2023.

現在，讓我們看看我們的流動性和槓桿狀況。與 2022 年 12 月相比，截至 2023 年 12 月，我們的總債務減少了約 3 億美元，至 44 億美元。這一下降主要是由於循環信貸額度的償還，部分原因是使用了 2023 年 10 月完成的 Arcadia 銷售收入。

The average of our debt maturity increased to 6.1 years as of December 2023, also improving the portion of the fixed rate to 88% of a total debt from 77% in September 2023. The average cost of our debt reached 4.9% as of December 2023, mostly owing to the new profile of our debt, the financial market condition, and the prepayment of some bridge short-term instruments.

截至 2023 年 12 月，我們的平均債務期限增至 6.1 年，固定利率佔總債務的比例也從 2023 年 9 月的 77% 提高至 88%。截至 2023 年 12 月，我們的債務平均成本達到 4.9%，這主要是由於我們的債務狀況、金融市場狀況以及一些過橋短期工具的提前償還所致。

In terms of liquidity, we have a comfortable position in order to support the coming debt maturity in 2024, and also to cope with possible advance in the debt market related to the economic situation. Talking about 2024, we had approximately $750 million maturing in 2024, including $400 million of the [Yankee] bond. In line with our financing strategy and according to our 2024 financial plan, we are evaluating the best alternatives to pay this maturity.

在流動性方面，我們擁有充足的資金來支持即將到來的2024年債務到期，並因應與經濟狀況相關的債務市場可能出現的進展。談到 2024 年，我們大約有 7.5 億美元將於 2024 年到期，其中包括 4 億美元的 [Yankee] 債券。根據我們的融資策略和 2024 年財務計劃，我們正在評估支付該到期日的最佳替代方案。

This could be done through the payment with cash, the use of long-term committed credit lines, executing a new financing at an initial level or a mix between the alternatives. Currently, we are in advanced conversation with several banks and financial institutions, which has shown great interest in participating in possible new financing. In the first quarter, we'll give you more color on it.

這可以透過現金支付、使用長期承諾信貸額度、在初始水準上執行新融資或混合使用多種方式來完成。目前，我們正在與多家銀行和金融機構進行深入洽談，這些銀行和金融機構對參與可能的新融資表現出了極大的興趣。在第一季度，我們將為您提供更多的色彩。

Now, I will hand over to Fabrizio for closing remarks.

現在，我將請法布里齊奧致閉幕詞。

Thank you, Giuseppe. Energy in a sustainable business model demonstrated its resiliency and optionality, and these outstanding operating and financial results gave the management room to pursue the company's strategy toward decarbonization, electrification, and profitability.

謝謝你，朱塞佩。永續商業模式中的能源展現了其彈性和選擇性，這些出色的營運和財務表現為管理層提供了實施公司脫碳、電氣化和獲利策略的空間。

As planned, the Arcadia transaction was concluded last October. With this, our asset rotation plan was successfully concluded. The 2023 results showed a solid operating performance. The better than expected hydrology and the gas trading activities during this year, complemented by the several managerial actions we have taken over the last year, supported us in achieving our commitment to all our shareholders.

按照計劃，Arcadia 交易於去年 10 月完成。至此，我們的資產輪調計畫圓滿結束。2023 年業績顯示穩健的經營績效。今年優於預期的水文和天然氣交易活動，加上我們去年採取的多項管理行動，支持我們實現對所有股東的承諾。

Finally, we would like to announce that the 2024 Annual General Meeting will be held on August 26 at 9:00 PM, during which our shareholders will deliberate on the final dividends for the 2023 fiscal year.

最後，我們謹宣布，2024年年度股東大會將於8月26日晚上9:00舉行，屆時我們的股東將審議2023財年末期股息。

Let me now hand it over to Isabella.

現在讓我把它交給伊莎貝拉。

Thank you, Fabrizio, and thank you all for your attention. So, now let's begin the Q&A session. We will receive questions via phone and chat in the webcast. The Q&A section is open. Operator, please, you may start.

謝謝法布里齊奧，也謝謝大家的關注。那麼，現在讓我們開始問答環節。我們將透過電話和網路廣播中的聊天收到問題。問答部分已開放。接線員，請開始。

(Operator Instructions) And our first question comes from the line of Javier Suarez with Mediobanca. Please proceed.

（操作員說明）我們的第一個問題來自 Javier Suarez 與 Mediobanca 的線路。請繼續。

Hi. Good afternoon, and thank you for the presentation. Several questions on the regulatory side. On slide 6, you detail several significant improvements in the outlook for regulation when it comes to the stabilization mechanism and also the regulation for distribution. So, the question for you is if you can, again, clarify the amount of receivables that you have on your balance sheet related to the stabilization mechanism and your latest expectations on the timeframe for the recovery of this amount, and how this new guidance may impact your guidance as presented in the Business Plan of November 2023.

你好。下午好，謝謝您的演講。監管方面的幾個問題。在投影片 6 中，您詳細介紹了穩定機制和分配監管方面監管前景的幾項重大改進。因此，您面臨的問題是，您是否可以再次澄清您的資產負債表上與穩定機制相關的應收帳款金額，以及您對收回該金額的時間框架的最新預期，以及這一新指導將如何實施影響 2023 年 11 月業務計畫中所提出的指引。

And a similar question for the distribution regulatory cycle. You are expecting the publication of the decrease during the second half of 2024. You can share with us your latest expectations on this regulatory review and how this compares with the assumptions embedded in your business plan.

分銷監理週期也有類似的問題。您預計將在 2024 年下半年公佈下降情況。您可以與我們分享您對此監管審查的最新期望，以及與您商業計劃中嵌入的假設的比較。

Then, the third question is related to the hydro production and reservoir levels. You can kindly elaborate on how these higher reservoirs that you have for 2024 compare with your assumption in the business plan for 2024 and what we may expect in terms of additional contributions of this additional hydro capacity, I guess. And the final question is this year we have seen a significant contribution as well from gas trading optimization opportunity. You can share with us the expectation for 2024. Many Thanks.

然後，第三個問題涉及水力生產和水庫水位。您可以詳細說明您在 2024 年擁有的這些較高的水庫與您在 2024 年業務計劃中的假設相比如何，以及我猜我們對這些額外水電容量的額外貢獻的預期。最後一個問題是，今年我們也看到了天然氣交易優化機會的重大貢獻。您可以與我們分享對2024年的期望。非常感謝。

Okay. Thank you very much. Well, several questions. So, let me try to answer starting from the last one. And I will probably to change the order in my answer. So, gas trading is pretty simple. In the end, we usually have, let me say, between $30 million and $40 million margin in a normal year. And 2024 will be a normal year. So, this is the range in which you have to consider our gas trading margin activities for 2024.

好的。非常感謝。嗯，有幾個問題。那麼，讓我試著從最後一個開始回答。我可能會改變我的答案的順序。因此，天然氣交易非常簡單。最後，正常年份我們的利潤通常在 3,000 萬至 4,000 萬美元之間。2024年將是正常的一年。因此，這是您必須考慮我們 2024 年天然氣交易保證金活動的範圍。

As we usually experience those in the past, we have some, let me say, growth in this, but it's as I say, some million dollars. We are talking about that. The order of magnitude changed drastically in the last two years because of the very particular condition that we experienced in the international LNG market in 2022.

正如我們過去通常經歷的那樣，我們在這方面有一些增長，但正如我所說，有幾百萬美元。我們正在談論這個。由於 2022 年國際液化天然氣市場經歷了非常特殊的情況，過去兩年的數量級發生了巨大變化。

That was the moment in which we materialized all our sales that we benefited from in 2022 and 2023 performance. So, basically, this is the standard-- let me say, expectation for natural gas trading activities between $30 million and $40 million.

那是我們實現 2022 年和 2023 年業績中受益的所有銷售額的時刻。所以，基本上，這就是標準——讓我說，天然氣交易活動的預期在 3,000 萬至 4,000 萬美元之間。

Then, as a production, as I said, we have some, it's true, we have some higher than expected levels in our reservoir. And of course, it would help us to probably perform better than expectation in our first quarter. It is difficult to project this in terms of yearly production, because starting from the April 1, the smelting period would end and new rainfall would affect the overall production of the year.

然後，作為生產，正如我所說，我們的水庫中確實有一些高於預期的水平。當然，這將有助於我們在第一季的表現可能比預期好。就全年產量而言很難預測，因為從4月1日開始，冶煉期將結束，新的降雨將影響全年的整體產量。

So, what can I say? It is that we are pretty confident that first quarter results will be boosted by this additional hydro production and additional water in our reservoir that we have been experiencing in this first part of the year.

那麼，我能說什麼？我們非常有信心，今年上半年我們所經歷的額外水力發電和水庫中的額外水量將推動第一季的業績。

Distribution and regulators.

分銷和監管機構。

Yes, well, as I mentioned that this is a positive piece of news. Of course, we still have to wait for the final degree and all the process, the review process from [Controlloria], but we are quite optimistic that this will be the final numbers for VAD, for our distribution activity. And there are some upsides compared to what we registered in the last three years, because I remember that in the last three years we had to, of course, make our P&L assumptions about the 2020 to 2024 distribution size.

是的，正如我所提到的，這是一個積極的消息。當然，我們仍然需要等待最終的學位和所有流程，以及 [Controlloria] 的審查流程，但我們非常樂觀地認為這將是 VAD 和我們的分銷活動的最終數字。與我們過去三年的記錄相比，有一些好處，因為我記得在過去三年中，我們當然必須對 2020 年至 2024 年的分配規模做出損益假設。

So, we have some upside there and we have probably also some upside compared to what we now can expect for 2024. In the range of $20 million more, this is more or less what we can expect as an upside in our distribution business as a consequence of this final report from the regulators. And then your first question about the PEC. I will give you a very general answer and then I will let Giuseppe to add some more on that.

因此，我們有一些上行空間，而且與我們現在對 2024 年的預期相比，我們可能也有一些上行空間。在 2000 萬美元以上的範圍內，這或多或少是我們根據監管機構的最終報告預計的分銷業務的上行空間。然後是關於 PEC 的第一個問題。我會給你一個非常籠統的答案，然後我會讓朱塞佩補充一些。

As I mentioned during my speech, the amount of receivables net of what we already factor is $759 million. This is the figures that we have in our account for this item. Of course, once the draft bill will be hopefully approved, there will be a path to recover all these accounts receivables that we already registered and, of course, also the evolution of what it is going to accumulate in the next month.

正如我在演講中提到的，扣除我們已經考慮的應收帳款金額為 7.59 億美元。這是我們帳戶中該項目的數字。當然，一旦法案草案有望獲得批准，我們就有辦法收回我們已經登記的所有應收帳款，當然還有下個月將累積的帳款的演變。

So, it's quite a little bit complex between what we are going to anyway have as an repayment and what it is going to accumulate more. I will leave Giuseppe to add some more color on that.

因此，我們無論如何都會得到的還款和它將累積更多的東西之間是相當複雜的。我將讓朱塞佩對此添加更多色彩。

Yeah, thank you Fabrizio. Basically, we believe that if the law is going to be approved in end of March, beginning of April, we are soon to recover $450 million approximately. It's the amount that we expect to be collected and factorized in 2024 and this is what we put in our projection for the year.

是的，謝謝法布里齊奧。基本上，我們相信，如果該法律在 3 月底、4 月初獲得批准，我們很快就能收回約 4.5 億美元。這是我們預計在 2024 年收集和分解的金額，也是我們今年的預測。

Okay, thank you Giuseppe. Thank you Fabrizio. I think we have reached all the questions from Javier. So now, do we have any other questions coming from the line operator?

好的，謝謝朱塞佩。謝謝法布里齊奧。我想我們已經回答了哈維爾提出的所有問題。那麼現在，線路操作員還有其他問題嗎？

No, we don't have any more. I can hand it back to you to mention any questions we have on the chat.

不，我們沒有了。我可以將其交還給您，以提及我們在聊天中遇到的任何問題。

Definitely. We have received some questions here from the audience coming from the chat. So, I will start with the first question here that I received from Felipe Torres Abita. Felipe Torres is asking us about, can you give us more detail regarding the Extraordinary Shareholders Meeting to be held after the Ordinary Shareholders Meeting in April 29? So, Felipe, I will answer this one here. So soon, all the topics of our Shareholders Meeting will be available in our website, okay?

確實。我們收到了一些觀眾在聊天中提出的問題。因此，我將從 Felipe Torres Abita 收到的第一個問題開始。Felipe Torres向我們詢問，您能否向我們介紹更多關於4月29日普通股東大會之後召開的臨時股東大會的細節？所以，費利佩，我會在這裡回答這個問題。很快，我們股東大會的所有議題都會在我們的網站上公佈，好嗎？

And then, once it's available, we will be here, the Investor Relations Team, available for your questions and other requirements you may have, okay? So, coming from the second question now from Martin Aronset from Balance Capital. Martin is asking about the PEC, Fabrizio, and Giuseppe. Will the IDB offer to monetize the PEC 03 receivables as they did with PEC 02? Do you expect any financial costs from generators, Giuseppe?

然後，一旦可用，我們投資者關係團隊將在這裡回答您的問題和您可能有的其他要求，好嗎？現在，來自 Balance Capital 的 Martin Aronset 提出第二個問題。Martin 正在詢問 PEC、Fabrizio 和 Giuseppe 的情況。IDB 是否會像對待 PEC 02 那樣將 PEC 03 應收帳款貨幣化？朱塞佩，您預計發電機會產生任何財務成本嗎？

Yeah. Well, consider that the new system has seen a full PEC 02 cost for what concerns the generation every time that they are going to do the factoring, except for the legal costs associated to the deal. And IDB is going to already got the mandate from the government in order to arrange the new factoring. So, we believe that the situation is going to be smoother than the previous one. So, we do not expect significant costs associated to the factoring.

是的。好吧，考慮一下新系統已經看到了每次進行保理時所涉及的全部 PEC 02 成本，除了與交易相關的法律成本。伊斯蘭開發銀行將已經獲得政府的授權來安排新的保理業務。因此，我們相信情況會比之前更順利。因此，我們預期保理業務不會產生重大成本。

Okay. Thank you, Giuseppe. So, now, let's go to another question coming from Francisco Paz from Santander. The first question of Francisco is, what level of gas commercialization do you expect for this year? I think we have already answered on this one. And the second one, what level of hydro generation are you forecasting for this year in the context of El Niño, La Niño phenomenon, if you see any kind of a change in the forecast because of these events that we might have this year? Thank you. Giuseppe?

好的。謝謝你，朱塞佩。那麼，現在讓我們來回答來自桑坦德銀行的弗朗西斯科·帕斯提出的另一個問題。弗朗西斯科的第一個問題是，您預計今年天然氣商業化程度如何？我想我們已經對此做出了答案。第二個問題，在厄爾尼諾、拉尼諾現象的背景下，您預測今年的水力發電水平是多少，如果您發現由於我們可能發生的這些事件而導致預測發生任何變化今年？謝謝。朱塞佩？

Yeah. Let me give a very general answer to that. We already experienced in the past that having an Niño phenomenon or La Niño phenomenon doesn't imply as a direct consequence a drastic change in hydrology in Chile. Sometimes it happens, sometimes not. So, hydrological conditions in Chile are not, as in other countries, a natural consequence of this phenomenon.

是的。讓我對此給出一個非常籠統的答案。我們過去已經經歷過，出現尼諾現像或拉尼諾現象並不意味著智利水文發生巨大變化的直接後果。有時會發生，有時不會。因此，智利的水文狀況並不像其他國家那樣是這種現象的自然結果。

So, of course, we monitor this phenomenon, and we also adjust when we have some strong evidence of this phenomenon affecting our hydrological condition. But so far, we don't see any particular, let me say, impact on what we could expect on 2024. So, we have elaborated our budget, and we are still projecting an overall hydrology, an overall hydroelectric production for the year in line with the last five years average. And so, meaning 9.6 terawatts hours. This is the reason why we have not changed, at least so far, our assumptions about the hydro production for this year.

因此，我們當然會監測這種現象，當我們有強有力的證據表明這種現象影響我們的水文狀況時，我們也會進行調整。但到目前為止，我們還沒有看到對 2024 年預期的任何具體影響。因此，我們已經詳細闡述了預算，並且仍在預測今年的整體水文、整體水力發電量與過去五年的平均水準一致。因此，這意味著 9.6 太瓦時。這就是為什麼我們至少到目前為止沒有改變今年水力發電的假設的原因。

Okay. Thank you, Fabrizio. We have one more question coming from Florencia Mallorca from MetLife. So, the question is from Florencia. First, she's giving us the congrats from the results and then how much of PEC 02 receivables are you expected to monetize in 2024? What's your plans for the 2024 notes due in April? Florencia is asking about the Yankee bond.

好的。謝謝你，法布里齊奧。我們還有一個來自大都會人壽的 Florencia Mallorca 的問題。所以，問題來自弗洛倫西亞。首先，她對我們的結果表示祝賀，然後您預計 2024 年將有多少 PEC 02 應收帳款變現？您對 4 月到期的 2024 年票據有何計畫？弗洛倫西亞正在詢問洋基債券的情況。

Yeah. I mean, for what concerns the factoring of PEC 02 in 2024, basically, I've already answered. So, we are talking about around $450 million in the second half of this year. Concerning the maturing of yankee bond that is going to be repaid in the second quarter of 2024, as I said in my speech, we are basically exploring all alternatives that we have in our hands. So, it's going to be-- we are going to use cash that is available, but also the committed lines that we have outstanding and not to use.

是的。我的意思是，關於2024年PEC 02保理的問題，基本上我已經回答了。因此，我們談論的是今年下半年約 4.5 億美元。關於將於 2024 年第二季償還的洋基債券的到期問題，正如我在演講中所說，我們基本上正在探索我們手中擁有的所有替代方案。因此，我們將使用可用的現金，但也會使用我們尚未使用但未使用的承諾額度。

We are exploring also the possibility to issue a new loan. Now, we are, as I said already, in an advanced stage of negotiation with some banks and institutions. We are deciding in this month -- we are going to decide during the month, basically, which kind of alternative to apply benefits for our company. Again, the first quarter results we are going to give you more color on that.

我們也正在探索發放新貸款的可能性。現在，正如我已經說過的，我們正處於與一些銀行和機構談判的後期階段。我們將在本月做出決定——基本上，我們將在本月決定為我們公司申請福利的替代方案。同樣，第一季的業績我們將為您提供更多資訊。

Okay. Thank you, Giuseppe. Now, questions coming from Rodrigo Mora from Moneda. Rodrigo asked about Los Condores. So, the first question, Rodrigo, is coming about how-- if we have some news on the project Los Condores, and also how much resources we will need to end the construction during this year of 2024.

好的。謝謝你，朱塞佩。現在，來自莫內達的羅德里戈·莫拉提出了問題。羅德里戈詢問了洛斯孔多雷斯的情況。所以，羅德里戈，第一個問題是關於如何——我們是否有關於 Los Condores 項目的一些消息，以及我們需要多少資源才能在 2024 年結束施工。

This is the first question. And then the second question that Rodrigo is asking is about the agreement with the Argentinian gas producers. So, he's asking more details about what we have already signed with the Argentinian gas producers for 2024. Thank you, Rodrigo, for the question.

這是第一個問題。羅德里戈問的第二個問題是關於與阿根廷天然氣生產商的協議。因此，他詢問我們已經與阿根廷天然氣生產商簽署的 2024 年協議的更多細節。謝謝羅德里戈的提問。

Okay. Well, look, regarding Los Condores, we are finally at the end, at the final stage of this very particular project, very challenging project. And let me comment, first of all, that all the main civil wars that were related to all excavation in the mountains, so the problems that we experienced with this project are concluded.

好的。好吧，看，關於洛斯孔多雷斯，我們終於到了最後，處於這個非常特殊的項目的最後階段，非常具有挑戰性的項目。首先，讓我評論一下，所有主要的內戰都與山上的所有挖掘有關，因此我們在這個項目中遇到的問題已經結束。

So, this is something that, of course, is really important for us to announce that the main wars that were, like we say, a little bit more risky from a geological point of view are finalized. They will finalize at the end of this year.

因此，對我們來說，宣布那些從地質角度來看風險更大的主要戰爭已經結束，這當然非常重要。他們將於今年底敲定。

So, about the time we could expect Los Condores online, it would be in the second semester. This is some months, a little bit more of what we projected previously. And this is related to the big rainfall that we had last year that, of course, on the one hand, were really positive to our performance in 2023, but unfortunately, on the other hand, make us impossible in some months to continue working on the Los Condores project.

所以，Los Condores 上線的時間大概是在第二學期。這是幾個月的時間，比我們之前預測的要多一些。這與我們去年的大降雨有關，當然，一方面，這對我們 2023 年的表現非常積極，但不幸的是，另一方面，使我們在某些​​幾個月內無法繼續工作洛斯孔多雷斯專案.

And so, we have some months delay due to this unexpected stop that is related to the heavy rainfall that we experienced last year. In relation with how much investment we need to finalize the project, I would say a relatively small amount because we are talking about $60 million. This is our projection for 2024 CapEx needs to conclude the Los Condores project. So, as I said, finally, we are expecting this important project to be online this year. And we are also pretty optimistic since the main critical goals were already finalized.

因此，由於與去年經歷的強降雨有關的意外停止，我們推遲了幾個月。至於完成該項目需要多少投資，我想說的是相對較小的金額，因為我們談論的是 6000 萬美元。這是我們對完成 Los Condores 專案所需的 2024 年資本支出的預測。因此，正如我所說，最後，我們預計這個重要項目將在今年上線。我們也非常樂觀，因為主要的關鍵目標已經最終確定。

Second question will be now about Argentina and Gaza. Well, I can repeat the numbers I gave you during the speech, but let me first make a general point. We have been committing to sign several agreements with the Argentina suppliers because we want to be, let me say, sure about gas availability because the risk profile is really asymmetric in case hydrological conditions could change versus the ones that we projected in our budget.

第二個問題是關於阿根廷和加薩的。好吧，我可以重複我在演講中給你們的數字，但讓我先提出一個一般性的觀點。我們一直致力於與阿根廷供應商簽署幾項協議，因為我們希望，讓我說，確定天然氣的供應情況，因為如果水文條件可能與我們在預算中預測的情況相比發生變化，風險狀況實際上是不對稱的。

So, of course, we wanted to be sure and to secure enough gas availability in order to be ready to face adverse hydrological conditions in case more gas production would be needed from our plan and also from competitors. So, the figures I was referring to, it is 4.1 cubic meters per day in the current period, so starting from October 23 to April 24.

因此，當然，我們希望確保足夠的天然氣供應，以便準備好面對不利的水文條件，以防我們的計劃和競爭對手需要更多的天然氣產量。所以，我提到的數字，當前時期是每天4.1立方米，所以從10月23日到4月24日。

Then, in the winter period, we secured 2.6 cubic meters per day, medium cubic meters per day, of course, sorry-- and 2.6 medium cubic meters per day. And then, in the following period, October 24, December 24, 3.5 medium cubic meters per day.

然後，在冬季，我們保證了每天 2.6 立方米，中立方米，當然，抱歉——每天 2.6 中立方米。然後，在接下來的一段時間內，10月24日、12月24日，每天3.5中立方公尺。

Okay. Now, we have a last question coming from Davi Parra from Itaú. Davi is asking about the transmission cost that we had during 2023, no? So, he's asking-- I would like to ask about the transmission cost. In fourth quarter, we can see a lower cost in comparison to the other quarter of this year. What explains this difference? Can we expect the same level going forward?

好的。現在，我們有來自義大利的 Davi Parra 提出的最後一個問題。Davi 詢問的是 2023 年我們的傳輸成本，不是嗎？所以，他問——我想問傳輸成本。在第四季度，我們可以看到與今年其他季度相比成本較低。如何解釋這種差異？我們可以期望未來達到同樣的水準嗎？

Well, in the fourth quarter, the cost of transmission has been offset by the recovery of the decoupling cost to the transmission tools. So, basically, it's the next cost that we received in the fourth quarter. It's difficult to predict whether we are going to have again this kind of recovery. So, it's the kind of stuff that requires more analysis once we have the closing of the book. So, right now, I cannot say that we are going to repeat this recovery.

那麼第四季度，傳輸成本已經被傳輸工具脫鉤成本的恢復所抵銷了。所以，基本上，這是我們在第四季收到的下一個成本。很難預測我們是否會再次出現這種復甦。因此，一旦我們結束這本書，就需要對這類內容進行更多分析。因此，現在我不能說我們會重複這種復甦。

Okay. Thank you, Giuseppe. Then, we have a last question coming from Fernando Gonzalez from BTG. So, Fernando Gonzalez is asking about the reservoirs, no? So, the question is, given the current levels at reservoirs and assuming dry conditions, do you see that it could support hydro generation beyond the first quarter and into the second quarter as well? So, the question is about reservoirs throughout the next month.

好的。謝謝你，朱塞佩。最後一個問題是來自 BTG 的費爾南多·岡薩雷斯 (Fernando Gonzalez)。那麼，費爾南多·岡薩雷斯正在詢問水庫的情況，不是嗎？因此，問題是，考慮到水庫目前的水位並假設乾旱條件，您是否認為它可以支援第一季之後和第二季的水力發電？因此，問題在於下個月的水庫。

Well, of course, this is a very challenging question because it will depend, of course, also on the level that we are going to experience in the next weeks about inflows generated by the last part of the smelting season. Of course, the inflows are decreasing as expected, of course, as always during the smelting season.

當然，這是一個非常具有挑戰性的問題，因為這當然也取決於我們在未來幾週內將經歷的冶煉季最後階段產生的流入程度。當然，流入量正如預期一樣在減少，當然，在冶煉季節一如既往。

But it is true that this year, we are experiencing a smoother smelting season when compared to last year. So, that is the reason why we have been accumulating more water in our reservoirs and we are generating more hydro production compared to our budget expectations.

但確實，與去年相比，今年我們的冶煉季節更順利。因此，這就是為什麼我們的水庫蓄積了更多的水，與我們的預算預期相比，我們產生了更多的水力發電。

Now, commenting if it's possible to predict if it would be also of some comfort in April or during the second quarter, it's difficult to say. It would depend also on the level of inflows that would materialize in the next week. Anyway, as I said, of course, it's a very good piece of news for Q1. It's difficult to comment about Q2.

現在，很難說是否可以預測四月或第二季是否也會帶來一些安慰。這也取決於下週將實現的資金流入水準。無論如何，正如我所說，這對第一季來說當然是一個非常好的消息。很難對第二季發表評論。

Okay. Thank you, Fabrizio. If there are no more questions, I will hand over to you, Fabrizio, for your final words. Thank you.

好的。謝謝你，法布里齊奧。如果沒有其他問題了，法布里齊奧，我將請你作最後發言。謝謝。

Thank you, Isabella. Well, as you might know, today is my last day as CEO of Enel Chile. Tomorrow, I will assume another position within the Enel Group back to Italy. And I would like to take this opportunity to thank all the colleagues in Enel Chile and the managing team who worked together with me for all the support during this year, during which we worked together to unlock the value of this asset and to reshape the financial sustainability of Enel Chile.

謝謝你，伊莎貝拉。嗯，你可能知道，今天是我擔任智利國家電力公司執行長的最後一天。明天，我將回到義大利擔任 Enel 集團的另一個職位。我想藉此機會感謝智利國家電力公司的所有同事以及與我一起工作的管理團隊這一年來的所有支持，在此期間我們共同努力釋放該資產的價值並重塑財務狀況智利國家電力公司的可持續發展。

Being able to deliver all the commitments agreed to with our shareholders. Also, I would like to sincerely thank all of you for all the engaging directions we had during our calls and meetings. It has provided me with considerable professional growth. So, thank you very much again and all the best.

能夠履行與股東達成的所有承諾。另外，我要真誠地感謝大家在電話和會議期間為我們提供的所有引人入勝的指導。它為我提供了相當大的專業成長。所以，再次非常感謝您，祝您一切順利。

Thank you, Fabrizio. Thank you all. So, with this, we conclude our conference call. The investor relations team is available for any doubt you may have. Many thanks for your attention and see you soon in our annual shareholders meeting in the end of April. Thank you. Bye-bye.

謝謝你，法布里齊奧。謝謝你們。因此，我們的電話會議到此結束。投資者關係團隊可以解答您的任何疑問。非常感謝您的關注，我們很快就會在四月底的年度股東大會上見到您。謝謝。再見。

Thank you, everybody, for your participation. And you may now disconnect.

謝謝大家的參與。您現在可以斷開連線。