Enel Chile SA (ENIC) 2024 Q2 法說會逐字稿

Good morning ladies and gentlemen and welcome to Enel Chile's First Half and Second Quarter 2024 Results Conference Call. My name is Carmen and I will be your operator for today. At this time, all participants are in a listen-only mode. After the speaker’s presentation, there will be a question-and-answer session. (Operator Instructions)

女士們先生們早上好，歡迎參加 Enel Chile 2024 年上半年和第二季業績電話會議。我叫卡門，今天我將擔任您的接線生。此時，所有參與者都處於只聽模式。演講者演講結束後，將進行問答環節。（操作員說明）

Please be advised that today's conference is being recorded.

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 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《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 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 half and second quarter 2024 results, the presentation accompanying this conference call and Enel Chile's annual report on Form 20-F included on the Risk Factors. You may access our first half and second quarter 2024 results press release and presentation on our website 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的預期有重大差異。Enel Chile 報告其 2024 年上半年和第二季度業績的新聞稿、本次電話會議隨附的演示以及 Enel Chile 包含風險因素的 20-F 表格年度報告中描述了這些因素。您可以在我們的網站 www.enel.cl 上以及 SEC 網站 www.sec.gov 上的 20-F 頁面上訪問我們的 2024 年上半年和第二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. Enel Chile undertakes no obligation to update these forward-looking statements or to disclose any development as a result of which these forward-looking statements become inaccurate except as required by law.

請讀者不要過度依賴這些前瞻性陳述，這些陳述僅代表當前情況。智利國家電力公司不承擔更新這些前瞻性聲明或披露導致這些前瞻性聲明變得不準確的任何進展的義務，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.

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。

[Foreign Language] Good morning and welcome to Enel Chile 2024 second quarter and first half results presentation. Thank you for all joining us today. My name is Isabela Klemes and I'm the Head of Investor Relations. Joining me this morning is our CEO, 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 Investor.

[外語]早上好，歡迎來到Enel Chile 2024年第二季和上半年業績發表會。感謝大家今天加入我們。我叫伊莎貝拉‧克萊姆斯 (Isabela Klemes)，是投資人關係主管。今天早上加入我的是我們的執行長 Giuseppe Turchiarelli。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」部分以及我們的應用程式「投資者」中取得。

In addition a replay of the call will be soon available. At the end of this presentation there will be an opportunity to ask questions via phone, webcast chat through the link ask the question. Media participants are connected only in listening mode.

此外，電話會議的重播將很快提供。在本次演示結束時，將有機會透過電話、網路廣播聊天和連結提問的方式提問。媒體參與者僅在偵聽模式下連線。

In the following slide Giuseppe will open the presentation with our key highlights of the period then go through our portfolio and regulatory context update. And finally he'll give us a view of our business economic and financial performance.

在下面的幻燈片中，朱塞佩將以我們這段時期的主要亮點開始演示，然後介紹我們的投資組合和監管背景更新。最後，他將向我們介紹我們的企業經濟和財務績效。

Thank you all for your attention, and let me now hand over to Giuseppe.

感謝大家的關注，現在請讓我將會議交給朱塞佩。

Thank you, Isabela. Good morning and thanks for joining us. Let's start our presentation with our main highlights of the period on slide 2. During the second quarter, our hydro portfolio performed outstandingly, repeating the good performance of the first quarter. This resulted from higher reservoir level at the beginning of the year due to El Nino phenomenon last year, coupled with strong weather events during this quarter. This gave us a robust and efficient generation portfolio mix for the semester.

謝謝你，伊莎貝拉。早安，感謝您加入我們。讓我們從幻燈片 2 中這段時期的主要亮點開始我們的簡報。第二季度，我們的水電投資組合表現出色，延續了第一季的良好表現。這是由於去年厄爾尼諾現象導致年初水庫水位較高，加上本季的強烈天氣事件造成的。這為我們本學期提供了強大而高效的發電組合。

We added approximately 250 megawatts of new renewable energy capacity and BESS project. All these additions will support our long-term ambition of decarbonization and the ongoing optimization of our portfolio.

我們新增約 250 兆瓦的再生能源產能和 BESS 專案。所有這些新增內容都將支持我們脫碳的長期目標以及我們產品組合的持續優化。

Furthermore, I would like to mention that we have received the commercial operation date from the system operator for around 410 megawatts this year, totaling 1.6 gigawatts since January, 2023. Moreover during this period Enel Generación a subsidiary of Enel Chile secured a 20-year term regulated PPA, representing a sales of around 3.6 terawatt hour in the regulated auction starting to deliver around 1.5 terawatt hours till 2027 and the remaining part to reach 3.6 terawatt hour in 2028.

此外，我想提一下，今年我們已經從系統運營商收到了約410兆瓦的商業運營日期，自2023年1月以來總計1.6吉瓦。此外，在此期間，Enel Chile 的子公司Enel Generación 獲得了一份為期20 年的受監管PPA，代表在受監管拍賣中銷售了約3.6 太瓦時，到2027 年開始交付約1.5 太瓦時，其餘部分將達到3.6 太瓦時2028年。

This contain Enel Generación goal to diversify its sales and include more long-term PPA in its portfolio.

其中包含 Enel Generación 實現銷售多元化的目標，並在其產品組合中納入更多長期購電協議。

On the regulatory side, we have some important news to share. First, as you may know, the Chilean Congress approved the law related to the stabilization mechanism, type III. In July, the decree which updated the regulated tariff was published. Now, we are awaiting the sovereign guarantee decree during the third quarter to enable to start the factoring process. Second, the distribution tariff for 2024 came into effect in June of this year. The review process for the distribution tariff for 2028 has already begun and is progressing as expected. I will give you more color on this topic later on.

在監管方面，我們有一些重要消息要分享。首先，如你所知，智利國會批准了第三類穩定機制相關法律。7月，發布了更新監理關稅的法令。現在，我們正在等待第三季的主權擔保法令，以便啟動保理流程。其次，2024年的分銷電價已於今年6月生效。2028年分銷電價的審查程序已經開始，並如預期進展。稍後我將為您提供有關此主題的更多資訊。

Regarding profitability, I am pleased to announce that the first half showed solid EBITDA and net income results. This reflects our confidence in our guidance for this year. We achieved a positive FFO despite the tax receivables. As you know, we expect to recover a portion of it during the second half of this year. The positive effect of FFO reflects our solid operation performance during this semester. And finally, we have a solid level of liquidity to be used for future cash CapEx deployments. I will provide more details on this later.

關於獲利能力，我很高興地宣布，上半年顯示出穩健的 EBITDA 和淨利潤結果。這反映了我們對今年指導的信心。儘管有應收稅款，我們還是實現了正的 FFO。如您所知，我們預計將在今年下半年收回部分資金。FFO的正面效應反映了我們本學期紮實的經營績效。最後，我們擁有穩定的流動性，可用於未來的現金資本支出部署。稍後我將提供更多詳細資訊。

Now, let's look at some updates on the hydrological situation on Slide 3. Positive hydrological conditions during 2023 allowed us to have greater water availability during the first quarter of this year. In addition, higher than expected rainfall during the second quarter of 2024 allowed us to increase our hydro production, exceeding by 72% the level recorded in the second quarter of 2023. Therefore, during the first half of 2024, we have accumulated 2.1 terrawatt hour of hydro generation compared to the last year.

現在，我們來看看投影片 3 上水文狀況的一些更新。2023 年良好的水文條件使我們能夠在今年第一季獲得更多的水資源。此外，2024 年第二季的降雨量高於預期，使我們能夠增加水力發電量，比 2023 年第二季記錄的水平高出 72%。因此，2024年上半年，與去年相比，我們累計發電量為2.1太瓦時。

The hydrological situation in our reservoir is also a very positive year-to-date once compared to the last year. Especially in the south. In fact, with the water accumulated in our reservoir to date, we have sufficient availability to supply our energy demand until the end of this year, even with the possibility of a weak La Nina phenomenon in August and September. Based on these results, we have updated our hydro generation estimates to approximately 12 terrawatt hour for 2024. We expect to complement this information once we know the results of the Ruta de Nieve studies, which will be carried out in the coming months, so that we can better estimate the snow melt forecast for the fourth quarter.

與去年相比，今年迄今，我們水庫的水文狀況也非常好。尤其是在南方。事實上，根據我們水庫迄今累積的水量，即使八月和九月可能出現微弱的拉尼娜現象，我們也有足夠的能力滿足今年年底前的能源需求。根據這些結果，我們將 2024 年水力發電量預測更新為約 12 太瓦。一旦我們知道了 Ruta de Nieve 研究的結果（該研究將在未來幾個月內進行），我們預計將補充這些信息，以便我們能夠更好地估計第四季度的融雪預測。

Now, let's move to the next slide to review how we continue to improve our portfolio of generation assets. We continue developing our strategies towards a more efficient generation matrix, increasing our renewable capacity across different areas of the country, focusing on solar close to the center of consumption and incorporating more batteries in our portfolio projects.

現在，讓我們轉到下一張投影片，回顧一下我們如何繼續改進我們的發電資產組合。我們繼續制定更有效率的發電矩陣策略，增加全國不同地區的再生能源發電能力，重點發展靠近消費中心的太陽能，並在我們的投資組合項目中納入更多電池。

During this first half, we reached a total netting soil capacity of 8.7 gigawatt. We connect almost 250 megawatt of additional net capacity related to our solar plant with batteries, Don Humberto, located in the metropolitan region, and two more projects with batteries. These are El Manzano BESS, which is also in the metropolitan region, and La Cabaña BESS, too, in the south part of the country.

上半年，我們的淨土壤容量達到 8.7 吉瓦。我們將與我們的太陽能發電廠相關的近 250 兆瓦的額外淨容量與電池、位於大都市區的 Don Humberto 以及另外兩個使用電池的項目連接起來。這些是同樣位於大都會區的 El Manzano BESS 和位於該國南部的 La Cabaña BESS。

During this half, we received authorization from the National Electricity Coordinator to begin commercial operations for 410 megawatt related to the two solar plants, Las Salinas in the north zone, a hybrid project that is located in the same field as Sierra Gorda Este, a 112 megawatt wind farm, and El Manzano, a solar plant located in the metropolitan region of Santiago, very close to the consumption center, and finally, our wind farm La Cabaña, located in the south of Chile.

今年上半年，我們獲得國家電力協調員的授權，開始與兩個太陽能發電廠相關的410 兆瓦商業運營，即北部地區的拉斯薩利納斯(Las Salinas) 混合項目，該項目與Sierra Gorda Este (112) 位於同一地區。

In addition, let me inform you that we have concluding Los Condores a hydro power plant. In September, we will have the important milestone. We will start filling the tunnel with water to execute what we call the wet test. Following it coordinated with the system operator we will start the testing process of Los Condores. Our goal is to add the connection and testing concluding during 2024.

此外，讓我通知您，我們已經完成了洛斯孔多雷斯水力發電廠的建設。九月，我們將迎來一個重要的里程碑。我們將開始向隧道注水以執行所謂的濕測試。在與系統操作員協調後，我們將開始 Los Condores 的測試過程。我們的目標是在 2024 年完成連接和測試。

The deployment of our renewable plants aim to increase the flexibility of our portfolio, which is today 77% renewable-based. It should be noted that with everything mentioned above we have completed the first wave of growth projects that were part of our plan.

我們部署再生能源工廠的目的是提高我們產品組合的靈活性，目前我們的產品組合中有 77% 是基於再生能源。應該指出的是，透過上述所有內容，我們已經完成了計劃中的第一波成長項目。

Now on slide -- on the next slide, we will review the performance of our Generation KPIs. Net electricity generation totaled 12.1 terawatt hours, as of June 2024, exceeding by 15% the production during the first half of 2023 mainly due to higher hydro and renewable generation resulting from the improved hydrology in the operation of the new projects respectively.

現在在投影片上 - 在下一張投影片上，我們將回顧 KPI 一代的績效。截至 2024 年 6 月，淨發電量總計 12.1 太瓦時，比 2023 年上半年的發電量高出 15%，這主要是由於新項目營運中水文狀況改善導致水力發電和再生能源發電量增加。

During the second quarter of 2024, net generation grew by 11% to 6.1 terawatt hours mainly due to higher hydro and wind generation. Our energy sales totaled 17 terawatt hours in June 2024, 10% higher than the level recorded in the first semester last year resulting from higher sales to both regulated customers and frequent clients. It's worth mentioning that our commitment with our clients were fulfilled with a higher portion of our renewable generation, which also led us to lower energy purchases in the spot market mainly in solar hour.

2024 年第二季度，淨發電量成長 11%，達到 6.1 太瓦時，主要是由於水力發電和風力發電量增加。2024 年 6 月，我們的能源銷售總量為 17 太瓦時，比去年第一季的水準高出 10%，這是由於對受監管客戶和常客的銷售量增加所致。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，這也導致我們減少了現貨市場的能源採購，主要是在太陽時。

During the second quarter of 2024 physical energy sales grew by 11% to 8.5 terawatt hours mainly due to higher sales to regulated customers. In terms of our balance, during the first semester, we increased our purchases from third-parties by 1.5 terawatt hours as part of our continued effort to diversify our sourcing.

2024 年第二季度，實體能源銷售額成長 11%，達到 8.5 太瓦時，主要是因為受監管客戶的銷售額增加。就我們的平衡而言，在第一學期，作為我們持續努力實現採購多元化的一部分，我們從第三方的採購量增加了 1.5 太瓦時。

Now on the next slide, we will review the performance of our main KPIs. In the generation business, during this semester, we have seen relevant improvement in our KPIs. In terms of renewable and BESS increased capacity reaching 6.8 gigawatts of net capacity, representing a 77% stake in our generation portfolio. This enabled us to reach 74% CO2-free production, which is 13 basis points higher than in the first half of 2023.

現在，在下一張投影片中，我們將回顧主要 KPI 的績效。在發電業務方面，這學期我們的KPI也有了相應的提升。在再生能源和 BESS 方面，淨容量達到 6.8 吉瓦，占我們發電組合的 77%。這使我們的生產實現了 74% 的無二氧化碳排放，比 2023 年上半年提高了 13 個基點。

Additionally, the energy sold in the generation segment reached 17 terawatt hours, representing an improvement of 10% compared to the last year. I would like to highlight now the great contribution that [indiscernible] is making in terms of our energy offering that allow us to continue driving the electrification process. We improved our figures in this semester compared to the last year period.

此外，發電板塊售電量達到17太瓦時，比去年增加10%。我現在想強調[音訊不清晰]在我們的能源供應方面做出的巨大貢獻，使我們能夠繼續推動電氣化進程。與去年同期相比，我們本學期的數據有所改善。

We have increased the number of public and private charging points for electric cycles by 25% reaching almost 3,000 charging ports. Regarding e-Home services and ectrification indicator we also improved our number by 40% and 60% respectively compared to the last year. In regarding the public lighting, we reached 372,000 lighting poles 1% higher than last year mainly due to the maintenance contract with La Pincoya [ph], Castro and Huechuraba Municipality.

我們將電動自行車的公共和私人充電點數量增加了 25%，達到近 3,000 個充電埠。在e-Home服務和電氣化指標方面，我們的數字也比去年分別提高了40%和60%。在公共照明方面，我們達到了 372,000 根燈桿，比去年增加了 1%，這主要歸功於與 La Pincoya [ph]、卡斯特羅和韋楚拉巴市政府的維護合約。

Regarding the Distribution segment the number of clients in distributed energy in our concession area continued to grow by 2% and 3% respectively compared to last year. It is relevant to mention that this quarter we had some critical weather events with heavy rains and snow that affected the stability of the electricity supply impacting our quality indicators such as SAIDI, SAIFI and losses. Regarding SAIDI and SAIFI as a matter of comparison the number presented on this slide do not include the impact of the maintenance event.

在分銷業務方面，我們特許經營區的分散式能源客戶數量與去年相比分別持續成長2%和3%。值得一提的是，本季我們發生了一些嚴重的天氣事件，包括大雨和大雪，影響了電力供應的穩定性，影響了我們的品質指標，如 SAIDI、SAIFI 和損失。對於 SAIDI 和 SAIFI 作為比較，本投影片中顯示的數字不包括維護事件的影響。

Now on the next slide, let's look at some updates related to the regulatory content. As you may recall last call we indicated that in January this year the Ministry of Energy presented a bill related to the stabilization of energy mechanism with the purpose of continuing the PEC mechanism and mitigating the projected increases to final customers.

現在在下一張投影片上，我們來看看與監管內容相關的一些更新。您可能還記得上次電話會議，我們指出，今年 1 月，能源部提出了一項與穩定能源機制相關的法案，旨在繼續 PEC 機制並減輕對最終客戶的預期成長。

At the same time, we also aim to improve the client protection mechanism known as MPC mechanism to a low gradual repayment of accumulated debt with the generator and establish a transitory subsidy for the most vulnerable clients. This new law was discussed and approved by the Chilean Congress in April published and came to force last Tuesday, April, 30.

同時，我們也旨在完善稱為MPC機制的客戶保護機制，以低額逐步償還發電商累積的債務，並為最脆弱的客戶建立臨時補貼。這項新法律經智利國會討論並於 4 月批准發布，並於 4 月 30 日上週二生效。

In June, the P&P decree was published. And with this publication the tariff of the regulated clients started to be updated maintained their location and monthly consumption. Clients with consumption below 350 kilowatt hours had their generation component of the target updated by inflation and clients with consumption above 350 kilowatt hours shall foresee a higher amount increase of around 35% related to the starting to pay the real price of electricity plus a new charge NIM MPC.

6月，P&P法令發布。隨著該出版物的發布，受監管客戶的資費開始更新，以維持其位置和每月消費。用電量低於350 千瓦時的客戶的目標發電部分將根據通貨膨脹進行更新，用電量高於350 千瓦時的客戶預計將增加約35% 的較高金額，開始支付實際電價加上新的費用NIM MPC。

We are now waiting for the issuance and publication of the sovereign guarantee decree as well as a complementary set of rules and regulation to the new law needed to start the factoring process. This guarantee will be presented to investors as a part of the issuance coordinated by the IDB expected in the next few months.

我們現在正在等待主權擔保法令以及啟動保理流程所需的新法律的補充規則和法規的頒布和公佈。該擔保將作為美洲開發銀行預計在未來幾個月協調發行的一部分提供給投資者。

As of June 2024, we had an account receivable related to the PEC already net of factoring of $904 million. Considering the readjustment in the interest of around $115 million we reached an accrual of $1 billion approximately. With the issuance and publication of the pending regulation we expect to execute the factoring of the current accounts receivable during the second half of this year ranging from $550 million to $650 million. We expect that by the end of 2024, the accounts receivable net of factoring should range between $350 million to $450 million.

截至 2024 年 6 月，我們的與 PEC 相關的應收帳款（扣除保理後）已達 9.04 億美元。考慮到約 1.15 億美元的利息調整，我們的應計費用約為 10 億美元。隨著待定法規的頒布和公佈，我們預計今年下半年將執行 5.5 億至 6.5 億美元之間的應收帳款保理業務。我們預計，到 2024 年底，扣除保理的應收帳款應在 3.5 億至 4.5 億美元之間。

Now all the discussions are standard on the subsidy in place which could increase the number of family that will receive these subsidies and avoid further tariff increase. According to the law approved today, $100 million are coming from subsidies paid by the consumer particularly repeat customer and $20 million are coming from the treasurer of Chile. This $120 million would support around 1.2 million families. The family that will be beneficiated shall be known during September and the distribution company shall apply retroactively since July this benefit during October this year.

現在所有的討論都是關於補貼的標準，這可以增加獲得這些補貼的家庭數量並避免關稅進一步增加。根據今天批准的法律，1 億美元來自消費者（特別是回頭客）支付的補貼，2,000 萬美元來自智利財政部長。這 1.2 億美元將支持約 120 萬個家庭。將在 9 月期間確定將受益的家庭，分配公司應在今年 10 月期間從 7 月起追溯申請該福利。

Now Congress is discussing with executive authorities a potential increase of this benefit to increase the number of families supported by the subsidy to around 4.7 million families increasing the total around subsidy to around $300 million per year versus the current $120 million in place.

現在，國會正在與行政當局討論是否可能增加這項福利，以將接受補貼的家庭數量增加到約 470 萬個家庭，將補貼總額從目前的 1.2 億美元每年增加到約 3 億美元。

The potential changes to increase the subsidies are still under discussion by the government and the Congress. We expect the final proposal to be submitted by the middle of August. On the distribution tariff review the regulatory final decree for 2020-2024 cycle was published in early June, and therefore the new distribution tariff will represent an increase in the tariff for the finance customer in our concessionaire of around 5%.

政府和國會仍在討論增加補貼的潛在變化。我們預計最終提案將於八月中旬提交。關於分銷費率審查，2020-2024 年周期的監管最終法令已於 6 月初發布，因此新的分銷費率將意味著我們特許經營商的金融客戶的費率增加約 5%。

Regarding the 2024-2028 cycle in July, the consultant technical reportable review was received and is currently being reviewed by the committee. The final record is foreseen to be published early in the Q4 2024. We expect that by the end of this year, the regulator shall publish the preliminary technical report on this new cycle. We are more confident regarding the process considering that the consultant who is working is the same one who was in that previous cycle period. Therefore, we understand that some topics already discussed for the previous cycle shall be automatically applied to this process.

關於7月份的2024-2028週期，已收到顧問技術可報告審查，目前正在由委員會審查。最終記錄預計將於 2024 年第四季初發布。我們預計，到今年年底，監管機構將發布有關此新周期的初步技術報告。考慮到正在工作的顧問與上一個週期的顧問是同一個人，我們對該流程更有信心。因此，我們知道上一周期已經討論過的一些主題將自動應用於此過程。

Now let's review on the next slide our earnings indicator. Our economic and financial performance was very solid in the first half and second quarter of 2024. As you can see on the slide, in the first half and second quarter 2024, we had an important improvement in EBITDA and net income versus last year's figures. This is mainly explained by the outstanding hydrological situation and a more efficient generation mix.

現在讓我們在下一張投影片上回顧我們的收益指標。2024年上半年和第二季我們的經濟和財務表現非常穩健。正如您在幻燈片中看到的，2024 年上半年和第二季度，我們的 EBITDA 和淨利潤與去年的數據相比有了重大改善。這主要是由於出色的水文狀況和更有效率的發電結構。

In the first semester of 2024, the FFO also showed an improvement compared to last year, reaching $52 million. This is mainly explained by the improvement in EBITDA, offset by a negative impact due to higher tax payments related to Arcadia operations and a more significant PEC accumulation.

2024年第一季，FFO也較去年改善，達5,200萬美元。這主要是由於 EBITDA 的改善，但被與 Arcadia 業務相關的較高納稅額和更顯著的 PEC 累積帶來的負面影響所抵消。

Regarding the second quarter, FFO improved by $27 million in 2024 versus 2023 due to the same impact already mentioned in the slide. We will review more detail on the following slide.

至於第二季度，由於幻燈片中已經提到的相同影響，2024 年的 FFO 比 2023 年增加了 2,700 萬美元。我們將在下面的幻燈片中查看更多詳細資訊。

Now on the next slide, let's review the progress on CapEx. Our total CapEx reached $290 million this first half, 9% lower than last year considering the conclusion of several renewable and solar projects since the second quarter of 2023. 66% of our total CapEx equivalent to $190 million was related to renewable and storage, and 22% equivalent to $63 million was related to [indiscernible], mainly due to new customer connections associated to the growth of our customer base and corrective maintenance of the network.

現在，在下一張投影片上，讓我們回顧一下資本支出的進展。考慮到自2023 年第二季以來多個再生能源和太陽能專案的完成，我們上半年的總資本支出達到2.9 億美元，比去年下降9%。 66% 與再生能源和儲存有關，並且22%（相當於 6300 萬美元）與[音訊不清晰]相關，主要是由於與我們的客戶群增長和網路糾正性維護相關的新客戶連接。

Asset management CapEx reached $87 million, which represents 30% of our total CapEx. It decreased by around 22% compared to the last year's figures, mainly explained by increased CapEx in the distribution business, mostly related to activities in the low and middle voltage, and maintenance activity in our generation fleet particularly in our hydro and gas facilities.

資產管理資本支出達到 8,700 萬美元，占我們總資本支出的 30%。與去年的數字相比，這一數字下降了約22%，這主要是由於配電業務的資本支出增加（主要與低壓和中壓活動以及我們的發電機組的維護活動（特別是水力和天然氣設施的維護活動）有關）所致。

Finally, development CapEx reached $167 million, representing 58% of our total CapEx, a decrease of 21% compared to last year's figures, considering that we are finalizing our renewable and BESS portfolio under construction.

最後，考慮到我們正在最終確定正在建造的可再生能源和 BESS 投資組合，開發資本支出達到 1.67 億美元，占我們總資本支出的 58%，與去年的數字相比下降了 21%。

Let's now move to the next slide where we have a summary of the second quarter EBITDA breakdown. In the second quarter of 2024, our EBITDA reached $301 million, 6.4 times higher than the second quarter of 2023.

現在讓我們轉到下一張投影片，其中總結了第二季 EBITDA 細目。2024年第二季度，我們的EBITDA達到3.01億美元，是2023年第二季的6.4倍。

Let me explain the main effects on this call. I will start with the positive effects. First I would like to highlight a relevant contribution from PPA sales equivalent to $150 million, primarily related to higher volume, mainly regulated market as we have view in the preliminary slide and indexation in the free market. Another relevant aspect of these quarters is related to industrial sourcing for $70 million, mainly explained by lower variable costs coming from lower commodity prices and thermal generation, considering this quarter's hydrological situation and more efficient generation mix.

讓我解釋一下這次通話的主要影響。我將從正面影響開始。首先，我想強調相當於 1.5 億美元的 PPA 銷售額的相關貢獻，主要與銷量較高、主要受監管的市場有關，正如我們在自由市場的初步下滑和指數化中所看到的那樣。這些季度的另一個相關方面與7000 萬美元的工業採購有關，這主要是由於考慮到本季度的水文狀況和更高效的發電組合，商品價格和火力發電較低帶來的可變成本較低。

Third, there is a positive contribution of $60 million related to commercial sourcing, primarily due to lower parties in the stock market, mainly explained by lower prices as a result of more significant higher generation in the period. In addition, we had a positive effect of $12 million related to the grid margin, mainly explained by the grid remuneration associated with the VAD 2024 regulatory report publication.

第三，與商業採購相關的 6000 萬美元的積極貢獻主要是由於股票市場中的較低方，主要是由於該時期發電量大幅增加導致價格較低。此外，我們還獲得了與電網利潤相關的 1,200 萬美元的正面影響，這主要是由於與 VAD 2024 監管報告發布相關的電網薪酬所致。

Finally, we had a positive effect of $13 million from OpEx and others. This is mainly explained by higher capacity payments coming from new projects, which more than offset higher OpEx related to these new renewable projects. The above mentioned effects were partially offset by a negative effect of $7 million related to the largest gas activity carried out during the second quarter of 2023. And finally, we had a negative effect of $10 million related to the Metka PPA agreement, which was signed in 2023.

最後，我們從營運支出和其他方面獲得了 1300 萬美元的正面影響。這主要是因為新項目的容量支付更高，這足以抵消與這些新的再生能源項目相關的更高的營運支出。上述影響被 2023 年第二季進行的最大天然氣活動相關的 700 萬美元負面影響部分抵消。最後，我們因 2023 年簽署的 Metka PPA 協議而產生了 1000 萬美元的負面影響。

Let's move on to the next slide to review the main impact on EBITDA during the first half. In the first half, our EBITDA was 74% higher than last year, reaching $597 million. Let's start by explaining the positive effect. First, we had a positive contribution from PPA sales equivalent to $168 million, mainly related to higher volume in the regulated market and indexation in the pre-market in line with the effects explained previously in the quarter.

讓我們轉到下一張投影片，回顧一下上半年對 EBITDA 的主要影響。上半年，我們的 EBITDA 比去年成長 74%，達到 5.97 億美元。我們先來解釋一下它的正面作用。首先，我們從 PPA 銷售額中獲得了相當於 1.68 億美元的正面貢獻，這主要與受監管市場的交易量增加以及市場前的指數化有關，這與本季先前解釋的影響一致。

Second, there is a relevant effect of $160 million related to industrial sourcing, primarily explained by lower variable costs due to lower thermal generation as a consequence of the remarkable hydrology of the period, and a more efficient generation mixing by positive effects of the AG instrument versus 2023.

其次，與工業採購相關的相關影響為1.6 億美元，這主要是由於該時期顯著的水文現象導致火力發電量降低，從而降低了可變成本，以及AG 工具的積極影響帶來了更有效的發電混合與 2023 年相比。

Third, there is a positive contribution of $108 million related to the commercial sourcing, primarily explained by lower prices and volume associated with the purchases in the spot market. This effect is partially offset by higher purchases from third parties. In addition, we had a positive effect of $16 million related to the grid margin, primarily explained, as in the quarter, by the recognition of the VAD 2020-2024 in the period.

第三，與商業採購相關的積極貢獻為 1.08 億美元，這主要是由於現貨市場採購的價格和數量較低。這種影響被第三方採購量的增加部分抵消。此外，我們也對電網利潤產生了 1,600 萬美元的正面影響，這主要是由於本季度確認了 2020-2024 年 VAD。

Now, on OpEx and others. We had a positive effect of $16 million from OpEx and others, which is mainly explained by the same effect as I already mentioned in the quarter, linked to the higher capacity payments coming from the new project, which offset higher OpEx related to them and higher costs for contingency plan after the climate events during the second quarter of 2024. The above-mentioned effects were partially offset by a negative effect of $124 million related to the remarkable gas trading activity carried out during the first half of 2023 for around 2020 tera btu. Finally, there was a negative effect of $35 million related to the Metka PPA agreement signed in 2026.

現在，在營運支出和其他方面。我們從營運支出和其他方面獲得了1600 萬美元的積極影響，這主要是由於與我在本季度已經提到的相同的影響，與新項目帶來的更高的容量支付相關，這抵消了與它們相關的更高的營運支出和更高的營運支出。上述影響被 2023 年上半年進行的 2,020 兆英熱單位左右的天然氣交易活動造成的 1.24 億美元的負面影響部分抵消。最後，2026 年簽署的 Metka PPA 協議帶來了 3,500 萬美元的負面影響。

Let's move on to the next slide, where we will review the net income evolution accounting for $267 million. Our net income increased by 2.2x versus last year's figures, mainly explained by the EBITDA results. Let me drive you through the additional effects for the first half. Higher depreciation, amortization, a bad debt of $34 million, mainly resulting from higher depreciation in energy and power due to the new renewable capacity coming into operation, higher bad debt accrual in Green due to higher credit losses expected associated with the residential customer.

讓我們繼續看下一張投影片，我們將回顧 2.67 億美元的淨利潤演變。我們的淨利潤比去年增長了 2.2 倍，這主要是由 EBITDA 業績所致。讓我帶您了解前半部的附加效果。折舊、攤銷增加，壞帳達 3,400 萬美元，主要是由於新的再生能源發電能力投入營運導致能源和電力折舊增加，以及由於預期與住宅客戶相關的信用損失增加導致綠色壞帳應計增加。

Regarding financial results and equity investment, we recorded a $6 million reduction versus last year, mainly explained by higher interest related to the PEC receivables, offset by higher financial expenses and lower financial income linked to the lower average interest rate.

關於財務績效和股權投資，我們比去年減少了600 萬美元，主要原因是與PEC 應收帳款相關的利息增加，但被較高的財務費用和與較低平均利率相關的較低財務收入所抵消。

Income tax increased by $57 million, mainly due to better results in the period. This was partially offset by lower costs related to the reclassification of assets held for sale in 2023, specifically those related to Arcadia.

所得稅增加了 5,700 萬美元，主要是因為期內業績較好。這被 2023 年待售資產重新分類相關的成本降低所部分抵消，特別是與阿卡迪亞相關的資產。

Focusing on the quarter, our net income increased by $137 million. This increase is mainly explained by the rise in EBITDA contribution, which was partially offset by an increase in D&A and the debt of $21 million, primarily due to a $15 million linked to the operation of new renewable capacity. Bad debt increased by $6 million primarily due to higher credit losses among the residential customer in the distribution business. These dynamics closer in euro but offset in the first half.

重點關注本季度，我們的淨利潤增加了 1.37 億美元。這一增長主要是由於 EBITDA 貢獻的增加，而 EBITDA 貢獻的增加被 D&A 和 2100 萬美元債務的增加部分抵消，主要是由於與新可再生能源發電能力運營相關的 1500 萬美元。壞帳增加了 600 萬美元，主要是由於分銷業務中住宅客戶的信用損失增加。這些動態在歐元上更為接近，但在上半年被抵消。

Higher financial expenses and lower financial income linked to the lower average interest rate. An increase in tax of $58 million in the period is mainly due to the earnings before tax losses recorded in the second quarter of 2023 and positive EBITDA in 2024.

較高的財務費用和較低的財務收入與較低的平均利率有關。期內稅費增加5,800萬美元，主要是由於2023年第二季錄得稅前虧損以及2024年正EBITDA。

Moving to FFO analysis on the next slide. Regarding FFO, the figures for 2023 have been adjusted by $310 million paid in taxes on capital gains obtained from the sale of Enel Transmission in 2022. In the first half of 2024, our FFO reached $52 million, representing an improvement of $56 million compared to the same period in 2023.

前往下一張投影片的 FFO 分析。關於 FFO，2023 年的數據已根據 2022 年出售 Enel Transmission 獲得的資本利得繳納的 3.1 億美元稅款進行了調整。2024年上半年，我們的FFO達到5,200萬美元，比2023年同期增加5,600萬美元。

Let's see the comparison of our first half 2024 FFO and the balances versus 2023, starting with EBITDA. $597 million coming from EBITDA in 2024 and a variation of $254 million versus last year period, primarily due to higher PPA sales and positive performance of the industrial and commercial sourcing, as already explained. $216 million negative impact coming from the cumulative stabilization mechanism effect in our receivables. This negative effect is partially offset by the execution of IDB factoring related to the PEC, which amounted to $70 million this first half. Once compared with the last year figures, the net impact of the PEC adjusted by factoring in the period totaled $147 million, an amount of $15 million higher than last year figure.

讓我們來看看 2024 年上半年 FFO 和餘額與 2023 年的比較，從 EBITDA 開始。如前所述，2024 年 EBITDA 為 5.97 億美元，與去年同期相比增加了 2.54 億美元，這主要是由於 PPA 銷售增加以及工業和商業採購的積極表現。我們的應收帳款累積穩定機制效應產生了 2.16 億美元的負面影響。這種負面影響被執行與 PEC 相關的 IDB 保理業務部分抵消，今年上半年金額達 7,000 萬美元。與去年的數據相比，計入這段期間的 PEC 調整後的淨影響總計 1.47 億美元，比去年的數字高出 1,500 萬美元。

Working capital reached a negative balance of $142 million, mainly due to the payment from 2023. Once compared to last year's figures, the working capital was $19 million lower, mainly explained by the sales of our headquarter in Santa Rosa building in 2023, partially offset by higher accumulation of VAD tax credit and payments associated with the Santa Rosa feedback explained.

營運資金出現負餘額1.42億美元，主要是因為2023年起支付。與去年的數據相比，營運資金減少了 1,900 萬美元，這主要是由於 2023 年聖羅莎總部大樓的銷售，部分被 VAD 稅收抵免和與聖羅莎反饋相關的付款累積增加所抵消。

Income tax also negatively impacted our FFO results by $137 million, mainly explained by higher tax payment in generation business in 2024 and taxes paid on the sale of Arcadia assets. Once comparing the income tax paid in the first half of 2024 basis, first half 2023, we see a negative balance of $135 million.

所得稅也對我們的 FFO 業績產生了 1.37 億美元的負面影響，這主要是由於 2024 年發電業務繳納的稅款增加以及出售 Arcadia 資產所繳納的稅款。比較 2024 年上半年和 2023 年上半年繳納的所得稅，我們發現負餘額為 1.35 億美元。

The main differences come from the tax payment of Arcadia operation, the recovery from previous periods obtained during 2023 and lower tax payment in generation business.

主要差異來自Arcadia業務的納稅情況、2023年實現的前期恢復以及發電業務的納稅情況較低。

To conclude, regarding financial explain -- expenses, this first half of $120 million has a negative effect primarily explained by the payment of debt related expenses. Once we compare this first half financial expenses with the last year figures, we see a balances of $32 million, mainly explained by lower financial income linked to both reduced cash level and lower average interest rate.

總而言之，就財務費用而言，上半年 1.2 億美元的負面影響主要是由債務相關費用的支付所造成的。將上半年的財務支出與去年的數據進行比較後，我們發現餘額為 3,200 萬美元，這主要是由於現金水準下降和平均利率下降導致財務收入下降。

Now, let's take a look at our liquidity and leverage position. Our gross debt increased by 8% to $4.8 billion by the end of June 2024 compared to December 2023. This higher debt was mainly due to higher working capital and CapEx needs for 2024. This increase in gross debt should reverse during the second half of 2024 considering the seasonality of our generation business and then currently factor under the PEC we're making which we expect to be carry out soon.

現在，讓我們來看看我們的流動性和槓桿狀況。與 2023 年 12 月相比，到 2024 年 6 月底，我們的總債務增加了 8%，達到 48 億美元。債務增加主要是由於 2024 年營運資本和資本支出需求增加。考慮到我們發電業務的季節性，然後考慮到我們正在製定的 PEC（我們預計很快就會實施），總債務的增加應該會在 2024 年下半年出現逆轉。

The average term of our debt maturity slightly decreased to 5.9 years by the end of the first half of 2024 versus the 6.1 years in December 2023. And the portion of the fixed rate was 76% of the total debt. The average cost of our debt reached 5% as of June 2024 and slightly above the 4.9% recorded in December 2023, primarily due to the Enel Generacion Yankee bond maturity in April 2024 for $100 million at 4.25%.

到 2024 年上半年末，我們的債務平均期限略有下降至 5.9 年，而 2023 年 12 月為 6.1 年。固定利率部分佔總債務的76%。截至2024 年6 月，我們的平均債務成本達到5%，略高於2023 年12 月記錄的4.9%，這主要是由於Enel Generacion Yankee 債券於2024 年4 月到期，價值1 億美元，利率為4.25%。

Regarding liquidity we are in a comfortable position to support our capital needs for the coming months and cope with the next year maturity. As of June 2024, we have available committed credit line for $750 million and a cash and cash equivalent for $305 million.

就流動性而言，我們能夠輕鬆支持未來幾個月的資本需求並應對明年的到期。截至 2024 年 6 月，我們可用的承諾信貸額度為 7.5 億美元，現金及現金等價物為 3.05 億美元。

Now, I will conclude this presentation with some closing remark. The first half of this year was very important regarding update in the regulatory framework. The VAD 2020-2024 decree and the approval of the PEC three were followed by the publication of the PNP decree which was a significant milestone for the generator starting to execute factoring in the third quarter 2024.

現在，我將以一些結束語結束本次演講。今年上半年對於監理架構的更新非常重要。VAD 2020-2024 年法令和 PEC 3 的批准之後，PNP 法令的發布是發電機組在 2024 年第三季開始執行保理的一個重要里程碑。

Today, the regulatory agenda is centered on the potential increase of subsidies for vulnerable family. We understand the importance of this moment and we are constantly monitoring the situation. We will provide any necessary feedback to the authority and association according to former processes. However we hope that the State of Chile will make the best decision for all maintaining the security of the regulatory and market environment.

如今，監管議程的重點是可能增加對弱勢家庭的補貼。我們了解這一刻的重要性，我們也不斷監控局勢。我們將按照先前的流程向當局和協會提供任何必要的回饋。然而，我們希望智利政府能做出對所有人最好的決定，維護監管和市場環境的安全。

An important message that I would like to leave here concerns the increase of flexible technology in our generation markets. As you can see all the committed megawatts of renewable generation and BESS were successfully delivered. As I mentioned before, we are also concluding the Los Condores hydropower plant by the end of this year.

我想在這裡留下的一個重要訊息涉及我們發電市場中靈活技術的增加。正如您所看到的，所有承諾的可再生能源發電和 BESS 兆瓦都已成功交付。正如我之前提到的，我們還將在今年年底前完成洛斯孔多雷斯水力發電廠的建造。

To conclude, in this quarter, you can also see that we have been able to deliver a more than solid operating and financial performance in the first semester. These are the results of our actions to unlock value and give us enough support to be confident about our 2024 guidance.

總而言之，在本季度，您還可以看到我們在第一學期取得了非常穩健的營運和財務表現。這些是我們為釋放價值而採取的行動的結果，並為我們提供了足夠的支持，讓我們對 2024 年的指導充滿信心。

Let me now hand over to Isabela.

現在讓我把任務交給伊莎貝拉。

Thank you, Giuseppe. Let's now begin with the Q&A session. We will receive questions via phone and chat in the webcast. The Q&A session is open. Operator, please you may start.

謝謝你，朱塞佩。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。問答環節已經開始。接線員，請開始。

Thank you so much. (Operator Instructions)

太感謝了。（操作員說明）

Alessandro Di Vito, Mediobanca..

亞歷山德羅·迪·維托 (Alessandro Di Vito)，Mediobanca..

Hi, thanks for taking my question. I have three. The first one is on the PEC mechanism. So, I wanted to understand you said that you have more or less $1 billion to recover. I wanted to understand if this amount can move or is it still? Because I saw that on your cash flow you booked additional $200 million in this first half. So, I wanted to understand if you could either move upwards or downwards?

您好，感謝您提出我的問題。我有三個。第一個是關於PEC機制。所以，我想了解您所說的大約有 10 億美元需要追回的情況。我想知道這個金額是可以變動還是還是不變？因為我看到你們上半年的現金流增加了 2 億美元。所以，我想知道你是否可以向上移動或向下移動？

And then you said that you expect to recover let's say $600 million of receivables by the end of the year but the whole amount is going to be fully recovered by 2025. So I wanted to understand the trajectory of the remaining $400 million? This was the first question.

然後你說你預計到年底收回 6 億美元的應收帳款，但到 2025 年將全部收回。所以我想了解剩下的4億美元的軌跡？這是第一個問題。

The second question is on the update of distribution tariffs. I wanted to understand if the conclusion of the review for 2020-2024 tariffs had some impact on your numbers? And you also said that you expect a 5% increase in tariffs for the next update for 2024-2028. So, I wanted to understand which impact this may have on your numbers?

第二個問題是關於分銷費率的更新。我想了解 2020-2024 年關稅審查的結論是否對你們的數字有影響？您也表示，預計 2024-2028 年的下一次更新關稅將增加 5%。所以，我想了解這可能會對您的數字產生什麼影響？

And the last question is on guidance. So, you confirmed the guidance for 2024. If I remember correctly the guidance was based on an assumption of a 10 terawatt hours hydro output. But now we see that the projections are pointing more towards 12 terawatt hours.

最後一個問題是關於指導的。因此，您確認了 2024 年的指導方針。如果我沒記錯的話，該指南是基於 10 太瓦時水力輸出的假設。但現在我們看到預測更多地指向 12 太瓦時。

So I wanted to understand whether this guidance is conservative? Because looking at the numbers they are more or less we're more or less halfway through the year and they're off the number of the guidance. So I just wanted to square the circle on this matter. Thank you.

所以我想了解這個指導是否保守？因為從數字來看，我們或多或少已經過了今年的一半，而且它們偏離了指導數字。所以我只是想在這件事上解決這個問題。謝謝。

Okay. Starting from the first one. As I said we have at the end of June, we had $1 billion. That includes also around $150 million in terms of income. Now, the evolution of the PEC is based on the exchange rate U.S. dollar-pesos because I remind you that we have the PPA in dollar even if the payment of the (inaudible). So, we have a certain trend at the end of the year but again this trend is strictly linked to the exchange rate FX.

好的。從第一個開始。正如我所說，我們在 6 月底擁有 10 億美元。其中還包括約 1.5 億美元的收入。現在，PEC 的演變是基於美元兌比索的匯率，因為我提醒您，我們有美元的 PPA，即使支付（聽不清楚）。因此，我們在年底有一定的趨勢，但這種趨勢又與外匯匯率嚴格相關。

The recovery that we are -- the recovery that we expect in 2024, of course, are strictly linked to this factoring process. The remaining part is going to be recovered between 2025 and 2026. I would like to remind you that the PEC 1 was seen to have a mechanism of recovering that is going to finish in 2027. So, approximately we have but again this is just an estimation so far. We are going to recover another $200 million in 2025 and the remaining part between 2026 and 2027. These are basically the current estimation that we have today.

當然，我們所期望的 2024 年復甦與保理流程密切相關。剩餘部分將於 2025 年至 2026 年間收回。我想提醒您，PEC 1 被認為有一個將於 2027 年完成的恢復機制。所以，我們大約有，但這只是迄今為止的估計。我們計劃在 2025 年再收回 2 億美元，並在 2026 年至 2027 年收回剩餘部分。這些基本上是我們今天的當前估計。

For what concern the tariff update 2020-2024, as I said, we have an increase in our number of around $15 million in June versus last year. You have to consider that this amount include also around $7 million that are part of recognition that is referring to the previous year.

至於 2020-2024 年關稅更新，正如我所說，6 月我們的數量比去年增加了約 1500 萬美元。您必須考慮到這筆金額還包括約 700 萬美元，這是對去年的認可的一部分。

You have to consider that this tariff decree is basically adjusting a situation that was absolutely externally because we are at the end of the process and only now we got the final tariff. So, part of this increase is related to the adjustment from 2020-2023.

你必須考慮到，這項關稅法令基本上是在調整一種絕對外部的情況，因為我們正處於這個過程的最後階段，直到現在我們才得到最終關稅。因此，這一增長部分與2020-2023年的調整有關。

And for what concerns the next regulatory cycle 2024-2028, let me say that the technical report that we have received supplies in line with our strategic plan. So basically we don't see any kind of situation that could so far -- could affect the strategic plan.

至於下一個監管週期 2024-2028 年的情況，我想說的是，我們收到的技術報告符合我們的策略計畫。所以基本上我們到目前為止還沒有看到任何可能影響戰略計劃的情況。

Clearly we are going to give us our feedback and we are going to try to understand which is the, best tariff for covering the several aspects of the distribution company but as of today we don't have any kind of issue for the PEC a technical report.

顯然，我們將向我們提供回饋，我們將嘗試了解涵蓋分銷公司各個方面的最佳費率，但截至今天，我們對 PEC 沒有任何技術問題報告。

In terms of guidance, well, what I can tell you is that as of today we confirm our guidance of course. What we declared on the last Capital Market Day was the range. And as of today I can confirm that we are in a range -- in this range.

就指導而言，我可以告訴你的是，截至今天，我們當然確認了我們的指導。我們在上一個資本市場日宣布的是範圍。截至今天，我可以確認我們處於一個範圍內——在這個範圍內。

Clearly we are still trying to understand which are -- which is the results of the (inaudible) and that will give us further information to understand how the amazing season will be in the following months. But as of today I can tell you that we are in the range of the guidance.

顯然，我們仍在努力了解哪些是——哪些是（聽不清）的結果，這將為我們提供更多信息，以了解接下來幾個月的令人驚嘆的賽季將如何。但截至今天，我可以告訴你，我們處於指導範圍內。

Okay. Thank you, Giuseppe. Operator, do we have more questions coming from the line?

好的。謝謝你，朱塞佩。接線員，我們還有其他問題嗎？

Yeah. Thank you.

是的。謝謝。

Maria Florencia Mayorga Torres, MetLife.

瑪麗亞·弗洛倫西亞·馬約加·托雷斯，大都會人壽。

Thank you. Thank you for taking my questions. Just a follow-up regarding the receivables, so for this year how much are you expecting to be able to monetize?

謝謝。感謝您回答我的問題。只是關於應收帳款的後續行動，那麼今年您預計能夠變現多少？

Thank you, Florencia.

謝謝你，弗洛倫西亞。

Yeah. Well, for what concern the receivable that is currently affecting our generation company. As I said in the June closing we have approximately $1 billion. And if everything is going as expected in the second half between I would say, September and October we were able to make the -- to proceed with the factoring process so we should have around $450 million and $600 million of outlook.

是的。那麼，目前影響我們發電公司的應收帳款是什麼？正如我在 6 月的收盤中所說，我們擁有大約 10 億美元。如果下半年一切都按預期進行，我想說，9 月到 10 月之間，我們能夠繼續進行保理流程，因此我們應該有大約 4.5 億美元和 6 億美元的前景。

Okay.

好的。

This is the EBITDA.

這就是 EBITDA。

Okay. Perfect. Thank you.

好的。完美的。謝謝。

Thank you, Florencia. Operator, more questions coming from the line?

謝謝你，弗洛倫西亞。接線員，線路還有其他問題嗎？

Yeah.

是的。

Martín Arancet, Balanz.

馬丁·阿蘭塞，巴蘭茲。

Hi. Thank you for the presentation and for taking my questions. I have three questions. I would like to run them one by one, if that's okay. First we learned that Santiago electrical expressed a desire to see the Santiago electrical that was even stimulated in order to address potential issues with quality of service. I was wondering if this could affect the distribution of Chile Opex and CapEx plans and if so, about how much?

你好。感謝您的介紹並回答我的問題。我有三個問題。如果可以的話，我想一一運行它們。首先我們了解到聖地牙哥電氣表達了希望看到聖地牙哥電氣甚至受到刺激的願望，以解決潛在的服務品質問題。我想知道這是否會影響智利營運支出和資本支出計畫的分配，如果會影響，影響程度是多少？

Thank you, Giuseppe.

謝謝你，朱塞佩。

Yeah. I mean maybe the extreme weather events that we had in May, affected our supply of energy into our work. It was very, very complicated, because of rain and also temperature.

是的。我的意思是，也許我們五月發生的極端天氣事件影響了我們工作的能源供應。由於下雨和氣溫，情況非常非常複雜。

And clearly we had some cost associated with it which are approximately $10 and clearly we are in discussion with BESS to understand how to manage this situation. We don't have so far any other information about that.

顯然我們有一些與之相關的成本，大約是 10 美元，顯然我們正在與 BESS 討論以了解如何管理這種情況。到目前為止我們還沒有任何其他相關資訊。

Okay. Well following up then on energy solution. And I'm sorry because I think that you already mentioned this so I may be asking you to repeat yourself. But I want to understand the situation around poor household power bills? So if you could please tell us which hikes have already been implemented by July? I guess that the ones related to Valor Agregado the distribution already implemented. I was wondering which hikes have been implemented in the energy component? And also specifically about the surcharge for large customers related to the PEC grade payment if that has been already implemented in the power bills also?

好的。接下來我們就能源解決方案進行跟進。很抱歉，因為我認為您已經提到過這一點，所以我可能會要求您重複一遍。但我想了解貧困家庭電費的情況？那麼，您能否告訴我們，到 7 月份，哪些升息已經實施？我猜想與 Valor Agregado 相關的發行版已經實現了。我想知道能源部分實施了哪些升息？特別是關於與 PEC 等級付款相關的大客戶附加費，如果這也已經在電費帳單中實施的話？

Okay. Thank you. Giuseppe?

好的。謝謝。朱塞佩？

Thank you. For what concern the tariff adjustment in the distribution segment, we have two kind of adjustment depending on the cluster. So we have the clients that consume lower than 350 kilowatt hours, which the increase is going to be around 16%. And this increase is basically the result of three components. The first one is the update of VAD 2020-2024. That represents 5%. So basically the increased tariff associated to the VAD 2020-2024 the distribution company is around 5%.

謝謝。對於分銷環節的資費調整，我們根據集群有兩種調整。所以我們有消耗量低於350度的客戶，增幅將在16%左右。而這種增長基本上是三個組成部分的結果。第一個是VAD 2020-2024的更新。這代表 5%。因此，基本上，與 2020-2024 年 VAD 相關的分銷公司關稅增加幅度約為 5%。

The remaining part is split between an increase in the tariff coming from the updating transmission regulatory framework so this is around 4%, and finally, we have 8%, which is associated to the generation segment. This is for what concerned the cluster of clients lower than 350 kilowatt hours.

剩下的部分由更新輸電監管框架帶來的電費增加所分配，因此約為 4%，最後，我們有 8%，與發電部分相關。這是針對小於350千瓦時的客戶群的情況。

For the other one more than 350 the increase of tariff is higher, because we have an increase in Distribution segment 5% transmission 4% and an increase in the segment for the generation company that is going to be around 33%. And this is because basically for this customer we are going to apply basically the cost of PPA that the tenders in the past year has been resulting.

對於超過 350 的另一家，電價增幅更高，因為我們的配電部門增加了 5%，輸電部門增加了 4%，發電公司部門的增幅約為 33%。這是因為對於該客戶，我們基本上將應用去年招標產生的購電協議成本。

For what concern the PEC the PEC that we're going to factorize by the end of the year includes also the interest.

對於與 PEC 相關的內容，我們將在年底前分解的 PEC 也包括利息。

There is a date for these increases sorry?

抱歉，這些增加有一個日期嗎？

The date of this increase?

這次增加的日期是？

It's already in place.

它已經就位了。

Okay. Thanks. Well, my last question then regarding the El Manzano and La Cabaña batteries. I think that they were connected if I'm not in mistaken before. They are co-located generation plants start the operations. So I was wondering what is the remuneration mix that you expect to receive from these? For the moment sale on batteries is shut spot trading or also capacity payments and perhaps some ancillary services as well? And also who will be in charge of deciding the charging and discharging times of these batteries? Is it going to be Enel Chile or (inaudible)

好的。謝謝。好吧，我的最後一個問題是關於埃爾曼薩諾和拉卡巴尼亞電池的。如果我之前沒有記錯的話，我認為它們是有連結的。它們在同一地點的發電廠開始運作。所以我想知道您期望從中獲得的薪酬組合是多少？目前電池銷售已停止現貨交易或容量支付，也許還有一些輔助服務？誰來負責決定這些電池的充電和放電時間？是智利國家電力公司還是（聽不清楚）

Okay. Look for what concern this battery basically the composition of the revenues are basically coming from the capacity payment and the energy shift. These are the main component of the remuneration of this plant. The ancillary services we are waiting for an update of the regulation by the end of this year. And as soon as it's going to be in force, we are going to have also an additional FX coming from this stream of revenue. And these two projects are projects retrofitting.

好的。看看這個電池基本上收入的組成主要來自容量支付和能源轉移。這些是該廠薪酬的主要組成部分。我們正在等待今年年底對輔助服務法規的更新。一旦它生效，我們還將從這一收入流中獲得額外的外匯。這兩個項目都是改造項目。

So basically are jointly to another renewable project in this case the El Manzano [ph]. And in this case, we are talking about solar power plant. So basically they are charging from the solar power plants but the regulation allow us to charge the battery also by the grid. So depending on the situation we are going to use one of the two.

所以基本上是聯合另一個可再生能源項目，在這種情況下是 El Manzano[ph]。在這種情況下，我們談論的是太陽能發電廠。所以基本上他們是從太陽能發電廠充電，但法規允許我們也透過電網充電。因此，根據情況我們將使用兩者之一。

Thank you, Giuseppe. Operator, do you have more questions coming from the line?

謝謝你，朱塞佩。接線生，您還有其他問題嗎？

Yes, I do.

是的，我願意。

Alessandro Di Vito, Mediobanca.

亞歷山德羅·迪·維托，Mediobanca。

Hi, again. Thanks for taking my questions. I have a follow-up -- a couple of follow-ups actually. Well, the first one is on PEC. So you said that the general framework to recover the PEC-3 receivables goes up to 2025, but you want to recover all the $1 billion before 2027. Is this correct?

嗨，又來了。感謝您回答我的問題。我有一個後續行動——實際上有幾個後續行動。嗯，第一個是 PEC。所以你說收回PEC-3應收帳款的整體架構要到2025年，但你希望在2027年之前收回全部10億美元。這是正確的嗎？

And you said that you have this $1 billion at June 2024, of which $150 million is related to interest and $850 million is related to tax receivables. Is this correct? Because in this sense the $850 million is what is still and the $150 million related to -- let's say, related to interest is the amount that is going to -- that may change in the coming months. So this is the first follow-up.

你說你在2024年6月有這10億美元，其中1.5億美元與利息相關，8.5億美元與應收稅款有關。這是正確的嗎？因為從這個意義上說，8.5 億美元是靜止的，而 1.5 億美元與——比方說，與利息相關的是——未來幾個月可能會發生變化的金額。所以這是第一個後續行動。

The second follow-up is just a clarification on the update of tariffs. So you said that you expect a 5% tariff increase on the next regulatory period so 2024-2028 but the $16 million that -- let's say, that you are accounting in your numbers, it's related to the update so the one that's been concluded the 2020-2024. I just wanted to have a confirmation on this? Thanks.

第二個後續只是對關稅更新的澄清。所以你說你預計下一個監管期（即 2024-2028 年）關稅將增加 5%，但是 1600 萬美元 - 比方說，你正在計算你的數字，它與更新有關，所以已經得出的結論是2020 -2024。我只是想確認一下？謝謝。

Thanks, Alessandro. Giuseppe?

謝謝，亞歷山德羅。朱塞佩？

Yeah. I mean we'll try to be more clear. So, as I said, as of today, we have $1 billion that includes $1 billion credit coming from the PEC-3. That includes $150 million in terms of interest. And by the end of the year, we are going to factorize around $550 million $650 million. The remaining part is going to be recovered not necessarily through the factoring but according to the regular mechanism. By the end of 2027, the increase for what concern the outstanding credit that we have today.

是的。我的意思是我們會盡量說得更清楚。因此，正如我所說，截至今天，我們有 10 億美元，其中包括來自 PEC-3 的 10 億美元信貸。其中包括 1.5 億美元的利息。今年底，我們將分解約 5.5 億美元至 6.5 億美元。剩餘部分不一定透過保理回收，而是依照常規機制回收。到 2027 年底，我們今天所擁有的未償信貸將會增加。

Clearly from now onwards, we are going to accumulate -- depending on the market conditions, we're going to accumulate another remaining part that is going to -- is not going to be a huge part of our credit but we are going to recover it in the next year. And...

顯然，從現在開始，我們將累積——根據市場狀況，我們將累積另一部分的剩餘——不會成為我們信貸的很大一部分，但我們將恢復明年。和...

The second question...

第二個問題...

For what concern the update tariff in the distribution, as I said, the impact for the distribution -- sorry the remuneration that is going to impact the distribution company is only related to the 5% increase that the company is going to receive, because of course, the remaining component transmission international is going to be passed through to the international company and the establishment company. So the amount that you see there in terms of margin, of course, is linked exclusively to the 5%. And as I said, we are -- sorry?

至於分銷中的更新費率，正如我所說，對分銷的影響 - 抱歉，將影響分銷公司的報酬僅與該公司將收到的 5% 的增長有關，因為當然，剩下的部分傳輸國際將被傳遞給國際公司和設立公司。當然，您看到的保證金金額僅與 5% 相關。正如我所說，我們——抱歉？

For the next regulatory period 2024-2028, right?

下一個監管期 2024-2028 年，對吧？

No. For the 2024-2028, we are still understanding how it's going to be the...

不。對於 2024-2028 年，我們仍在了解它將如何...

Okay. I just wanted to understand the -- what regulatory period was related to $15 million which relates to the 5%. So it's -- .

好的。我只是想了解 1500 萬美元與 5% 相關的監管期限是多少。所以這是——。

First one.

第一個。

Okay.

好的。

As of today, at least the information that we got are in line with our expectations. So, we don't see a drop today, we don't see any kind of worry, but it's too early to understand how it's going to be, the tariff.

截至今天，至少我們得到的資訊符合我們的預期。因此，我們今天沒有看到下降，我們沒有看到任何擔憂，但現在了解關稅將會如何還為時過早。

Okay. Thank you so much.

好的。太感謝了。

Yes, and I'm not showing any further questions in the queue. I will pass it back to Isabela for any additional questions on your side.

是的，我不會在隊列中顯示任何其他問題。我會將其傳回給伊莎貝拉，以解答您的任何其他問題。

Okay. Thank you.

好的。謝謝。

Isabela, your line is muted if you are reading the questions.

伊莎貝拉，如果您正在閱讀問題，您的線路將被靜音。

Thank you, operator. So the first question is coming from Felipe Torres from ISP Abita. So the question is, could you explain the better results in the Distribution segment? Is it related to the tariff decree of June?

謝謝你，接線生。第一個問題來自 ISP Abita 的 Felipe Torres。那麼問題是，您能解釋一下分銷部門的更好結果嗎？與6月的關稅法令有關嗎？

Yeah. As I said, basically, the tariff decree allows energy distribution to adjust the provision made in the past regarding the VAD 2024. So basically, up to June we used to make an estimation on the provision point of view, estimation of the tariff.

是的。正如我所說，基本上，關稅法令允許能源分配調整過去有關 VAD 2024 的規定。所以基本上，到 6 月為止，我們都是從供應的角度、關稅的角度來估算。

Right now, we have the funnel size. So we started applying the funnel size that we received, and we are recovering part of the adjustment that we made in the previous year. So this is basically the main reason of increase in the distribution company.

現在，我們有了漏斗的大小。因此，我們開始應用收到的漏斗尺寸，並且正在恢復去年所做的部分調整。所以這基本上是分銷公司增加的主要原因。

Clearly, we have all -- several other effects, the demand, the inflation. But basically, in terms of the decree, this amount is clearly significant for a company because it is recovering the gap that we had in the last year.

顯然，我們還有其他一些影響：需求、通貨膨脹。但基本上，就該法令而言，這筆金額對一家公司來說顯然意義重大，因為它正在彌補我們去年的差距。

Okay. Also now on distribution, we have received some also questions coming from now our e-mail, okay? So some retail investors are asking us, not regarding the impact of the current tariff discussions on Enel Chile. The question is whether the published tariff decree explain the results of Enel Chile as indicated by the press?

好的。現在還在分發中，我們還收到了一些來自我們電子郵件的問題，好嗎？因此，一些散戶投資者向我們詢問，而不是關於當前關稅討論對智利國家電力公司的影響。問題是，公佈的關稅法令是否解釋了媒體報導的智利國家電力公司的結果？

Let me clarify the point. For what concern the generation company, the tariff decree doesn't have any kind of impact in terms of EDA because since the first PEC law has been issued, we started to register, to make a provision according to the PPA in place. So basically, we don't have any kind of increase in terms of PPA because of this tariff increase. And this is the reason because we have the PEC receivables. So we continued since the beginning to repeat the correct PPA price. What we received in terms of payment only a part of this PPA price. This is the reason because we have the PEC receivable.

讓我澄清一下這一點。對於發電公司而言，關稅法令對 EDA 沒有任何影響，因為自從第一部 PEC 法頒布以來，我們就開始註冊，並根據現有的 PPA 做出規定。所以基本上，我們的購電協議並沒有因為關稅的增加而增加。這就是原因，因為我們有 PEC 應收帳款。所以我們從一開始就不斷重複正確的 PPA 價格。我們收到的付款只是該購電協議價格的一部分。這是因為我們有 PEC 應收帳款。

For what concern the target decree, the only impact that we can -- that is related to the increase of our performance is on the distribution company. So basically, what we have already said, distribution is after three years roughly starting to accrue according the current tariff, and this is explained -- and this explains around $15 million, not more, not less, of which half of it approximately is coming from the adjustment of the previous year. So basically, in a very short way, I would say that the current decree impacted in our performance in a very, very low amount.

就目標法令而言，我們唯一能產生的影響力－與我們績效的提升有關的是分銷公司。所以基本上，我們已經說過，分配是在三年後根據當前的關稅大致開始累積，這已經解釋了 - 這解釋了大約 1500 萬美元，不多也不少，其中大約一半將來自較上年調整。所以基本上，我想說的是，目前的法令對我們的表現的影響非常非常小。

Okay. Thank you, Giuseppe. Let's go to another question now coming from -- the second question is coming from Fernan Gonzalez from BTG. So Fernan is asking us how and when do you expect to receive in the payments from the accumulated debt in the distribution segments from the delay of 2020-2024 decree?

好的。謝謝你，朱塞佩。現在讓我們討論另一個問題——第二個問題來自 BTG 的費爾南·岡薩雷斯 (Fernan Gonzalez)。因此，費爾南問我們，您預計如何以及何時收到因 2020-2024 年法令延遲而導致的分配部門累積債務的付款？

Okay. Well our estimation is that we are going to receive the accumulated debt at the beginning of next year – in the first quarter of the next year. This is the estimation that we have as of today. I don't believe that we're going to get any kind of adjustment by the end of the year.

好的。我們的估計是，我們將在明年初——明年第一季收到累積的債務。這是我們今天的估計。我不認為我們會在今年年底前進行任何形式的調整。

Okay. Thank you, Giuseppe. Now we joined two questions here one from Fernan Gonzalez from BTG. So how do you feel about your medium to longer-term contracted portfolio? Are you still participating in the new unregulated option to try to win new PPAs? Or do you believe you don't have much room left? So also there is a very similar question coming from Ken Shao [ph] from Morgan Stanley. He's also asking us about are you still on track to hit the 33 terawatt hours sales by 2024-2026? You have several regulated contracts ending. So how will you source additional contracts?

好的。謝謝你，朱塞佩。現在我們在這裡加入兩個問題，其中一個來自 BTG 的 Fernan Gonzalez。那麼您對中長期合約投資組合有何看法？您是否仍在參與新的不受監管的選項來嘗試贏得新的購電協議？還是你認為你已經沒有太多空間了？摩根士丹利的 Ken Shao [ph] 也提出了一個非常相似的問題。他也詢問我們，你們是否仍有望在 2024 年至 2026 年實現 33 太瓦時的銷量？您有幾份受監管的合約已結束。那麼您將如何獲得額外的合約呢？

Well as of today we don't see any -- we don't have any kind of information about new regulated trends as of today. In general of course as I already explained several times I mean we don't have any kind of prejudice in our customers. So the best PPA in we are going to choose. So for what concern the 33 terawatt hour this year we don't see any kind of issue.

截至今天，我們還沒有看到任何資訊——截至今天，我們沒有任何有關新監管趨勢的資訊。當然，總的來說，正如我已經多次解釋過的那樣，我的意思是我們對客戶沒有任何偏見。所以我們要選擇最好的PPA。因此，對於今年 33 太瓦時的問題，我們沒有看到任何問題。

We basically -- all the contracts have been already in place. From the next year we are in negotiation with several customers in order to fulfill the amount of terawatt hours that is going to expire according to the PPA in the regulatory segment. So as of today we confirm our target in terms of sales and we are confident to reach.

我們基本上——所有合約都已經到位。從明年開始，我們正在與幾家客戶進行談判，以履行監管部門購電協議規定的即將到期的太瓦時電量。因此，截至今天，我們確認了我們的銷售目標，並且我們有信心實現。

Okay. We have other questions in terms of the guidance that you have already answered. So the other question is coming from [indiscernible] [68:26] from Penta. He's asking can you give us some color on the cost for our new solar and wind project per megawatt? Related to that what about the cost of our battery?

好的。根據您已回答的指南，我們還有其他問題。所以另一個問題來自 Penta 的[音訊不清楚][68:26]。他問您能否介紹一下我們新的太陽能和風能專案每兆瓦的成本？與此相關的是我們電池的成本如何？

Yes. I mean in terms of wind I would say it is around $1.6 million per megawatt approximately. We said several times it's depending of the project how it is an extension of an existing one how much it's close to the grid. But in general $1.6 million per megawatt is a good proxy of the cost. For what concern the solar I would say that we are close between $0.7 million and $0.8 million per megawatt.

是的。我的意思是，就風能而言，我想說大約是每兆瓦 160 萬美元。我們多次說過，這取決於該項目如何擴展現有項目以及它與電網的接近程度。但總的來說，每兆瓦 160 萬美元是一個很好的成本代表。對於太陽能，我想說的是，我們接近每兆瓦 70 萬至 80 萬美元。

Let me remind you that in our plan as of today we are not expecting any other solar power plant. And for what concern the best [ph] we believe that something is improving the best cost because we are -- we believe that we're able to reach $1 million per megawatt in the best power plant per hour.

讓我提醒您，在我們今天的計劃中，我們預計不會再有任何其他太陽能發電廠。對於最關心的問題，我們相信某些事情正在改善最佳成本，因為我們相信我們能夠在最好的發電廠每小時達到每兆瓦 100 萬美元。

Perfect. Thank you, Giuseppe. We do not have any more questions. So we would like to thank you all for being connected today. And as always if you have any other doubt the Investor Relations team will be available. Have a great end of week. Bye-bye.

完美的。謝謝你，朱塞佩。我們沒有更多問題了。因此，我們要感謝大家今天的聯繫。一如既往，如果您有任何其他疑問，投資者關係團隊將為您提供協助。週末愉快。再見。

And thank you all for participating in today's program and you may now disconnect.

感謝大家參與今天的節目，現在您可以斷開連結了。