Enel Chile SA (ENIC) 2024 Q3 法說會逐字稿

Good afternoon, ladies and gentlemen, and welcome to Enel Chile Nine Months and Third Quarter 2024 Results Conference Call. My name is Carmen, and I will be your host for today. (Operator Instructions)

女士們先生們下午好，歡迎參加智利國家電力公司九個月和 2024 年第三季業績電話會議。我叫卡門，今天我將擔任你們的主持人。（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 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 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 nine months and third quarter 2024 results. The presentation accompanying this conference call and Enel Chile's annual report on Form 20-F, 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 9 個月和 2024 年第三季業績的新聞稿中描述了這些因素。本次電話會議隨附的簡報以及 Enel Chile 的 20-F 表格年度報告中包含了風險因素。

You may access our Nine Months and Third 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.

您可以在我們的網站 www.enel.cl 上造訪我們的九個月和 2024 年第三季業績新聞稿和簡報，並在 SEC 網站 www.sec.gov 上造訪我們的 20-F。

Readers are cautioned not to place undue reliance on those forward-looking statements, which speak only as of their dates. Enel Chile undertakes no obligation to update these forward-looking statements or 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。智利國家電力公司沒有義務更新這些前瞻性聲明或揭露導致這些前瞻性聲明變得不準確的任何進展，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。

(spoken in foreign language) Good afternoon, and welcome to Enel Chile 2024 third quarter and nine months results presentation. Thanks to all joining us today. My name is Isabela Klemes. I'm the Head of Investor Relations.

（用外語發言）下午好，歡迎來到智利國家電力公司 2024 年第三季和九個月的業績發表會。感謝大家今天加入我們。我叫伊莎貝拉‧克萊姆斯。我是投資人關係主管。

Joining me today our CEO, Giuseppe Turchiarelli; and our new CFO, Simone Conticelli. Simone is a nuclear physicist and holds an MBA from Luiss University of Rome. He joined the Enel Group in 2006, working in the administration, finance and control of Enel S.A. From 2018 to 2022, he worked in Chile as the CFO of Enel Generacion Chile. Before becoming CFO of Enel Chile, he held the position of CFO at Slovenské elektrárne another company within Enel Group.

今天和我一起來的是我們的執行長 Giuseppe Turchiarelli；以及我們的新任財務長 Simone Conticelli。Simone 是一位核物理學家，擁有羅馬路易斯大學 MBA 學位。他於 2006 年加入 Enel 集團，負責 Enel S.A. 的行政、財務和控制工作。在成為 Enel Chile 的財務長之前，他曾在 Enel 集團旗下的另一家公司 Slovenské elektràrne 擔任財務長。

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

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上取得。此外，很快就會提供通話重播。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。

In the following slides Giuseppe will start the presentation with our key highlights of this period. He will then cover updates on our portfolio and regulatory contexts. Finally, Simone will provide an overview of our business economic and financial performance.

在接下來的幻燈片中，朱塞佩將以我們這段時期的主要亮點開始演示。然後，他將介紹我們的投資組合和監管環境的最新情況。最後，西蒙娜將概述我們的業務經濟和財務表現。

Thank you all. And now let me hand over the call to Giuseppe.

謝謝大家。現在讓我把電話轉交給朱塞佩。

Thank you, Isabela. Good afternoon, and thanks for joining us. Let's start the presentation with our main highlights of the period on Slide 2. During the first nine months, our hydro portfolio performance was very robust with hydro generation increasing by 20% compared to last year.

謝謝你，伊莎貝拉。下午好，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演示。前 9 個月，我們的水力發電投資組合表現非常強勁，水力發電量比去年增加了 20%。

This improvement was due to higher reservoir level at the beginning of the year, influenced by the El Nino phenomenon observing the previous year and a solid rainy season this year. This resulted in an efficient generation portfolio mix for the period.

這項改善是由於去年厄爾尼諾現象和今年雨季持續的影響，年初水庫水位較高。這導致了該時期高效的發電組合組合。

We are pleased to announce that the Los Condores project is nearing completion. After several years of construction, the project has reached the pre-commissioning tests. We expect Los Condores to be connected to the grid by the end of the year.

我們很高興地宣布洛斯孔多雷斯計畫即將完成。經過幾年的建設，該項目已達到預調試階段。我們預計 Los Condores 將於今年底併網。

As everyone knows, an extreme climate eventually impacted the Central and Southern part of the country, including our construction area in the metropolitan region. Further in the presentation, I will give you more detail to you regarding the unforeseeable and predictable climatic events that affected our distribution segment.

眾所周知，極端氣候最終影響了中南部地區，包括我們在都會圈的建設區域。在演示中，我將向您詳細介紹影響我們分銷部門的不可預見和可預測的氣候事件。

On the regulatory side, we have some important news to share. The factoring related to the PEC 3 receivable was successfully executed last week. We have carried out a factoring totaling $630 million. The PNP Decree for the second semester was published on October 5, which will result in a lower PEC accumulation for the year end. And the draft bill for the electricity subsidies for vulnerable customers is still under discussion.

在監管方面，我們有一些重要消息要分享。與PEC 3應收款相關的保理已於上週成功執行。我們已經進行了總額為 6.3 億美元的保理業務。第二學期的 PNP 法令於 10 月 5 日發布，這將導致年終 PEC 累積較低。弱勢用戶電費補貼法案草案仍在討論中。

Today, the Energy Commission is renewed to evaluate government proposal. I will give you more color on these topics during the presentation. Regarding profitability, and let's announce that our EBITDA and net income results were better than last year's figures, fully confirming our guidance for the year.

今天，能源委員會重新評估政府提案。我將在演示期間為您提供有關這些主題的更多資訊。關於獲利能力，我們宣布我們的 EBITDA 和淨利潤結果好於去年的數據，充分證實了我們今年的指導。

We achieved a positive FFO, even though during the first nine months of this year, we recovered only a small portion of receivables related to the PEC.

儘管在今年前九個月，我們只收回了一小部分與 PEC 相關的應收帳款，但我們還是實現了正的 FFO。

As I mentioned before, much of the recovery of the PEC 3 receivable was made through the factoring executed the last week. So we will see them in the presentation of the full year results. And finally, for the 2024 nine-month results, we present a strong and sound level of liquidity, I will provide more details on this later.

正如我之前提到的，PEC 3 應收款的大部分回收是透過上週執行的保理來實現的。因此，我們將在全年業績的介紹中看到它們。最後，對於 2024 年 9 個月的業績，我們呈現出強勁而健全的流動性水平，我稍後將提供更多詳細資訊。

Now let's look at some updates on the hydrological situation on Slide 3. In addition to the positive hydrological conditions during 2023 that allow us to have greater water availability this year higher-than-expected rainfall recorded during 2024 has allowed us to increase our hydro production, exceeding 20% in the same period of 2023. Therefore, during the first nine months of 2024, we have accumulated 1.6-terawatt hour of additional hydro generation compared to last year.

現在讓我們來看看投影片 3 上水文情況的一些更新。除了 2023 年有利的水文條件使我們今年能夠獲得更多的可用水外，2024 年記錄的降雨量高於預期，使我們能夠增加水力發電量，比 2023 年同期增長超過 20%。因此，2024年前9個月，與去年相比，我們已累積增加1.6太瓦時的水力發電量。

The hydrological situation in our reservoir is also very positive year to date compared to the last year's figures, particularly in the South. In fact, with the water accumulation 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 La Nina phenomenon in November and December. It is worth mentioning that there's no melting season has already started.

與去年的數據相比，今年迄今為止，我們水庫的水文狀況也非常好，特別是在南方。事實上，根據我們水庫迄今的蓄水量，即使11月和12月可能出現拉尼娜現象，我們也有足夠的能力滿足今年年底前的能源需求。值得一提的是，目前還沒有融化季節已經開始。

Unfortunately, there has been a rainfall and a rapid increase in December during the south, generating increases in the affluent flows of the river. In fact, we had to carry out these charges in Penta power plants a few days ago and on October 24 in the Ralco in the Pangue power plants as well. Of course, this manual were coordinated and previously informed to the competent authority and the communities.

不幸的是，南方12月降雨量急劇增加，導致河流的流量增加。事實上，我們幾天前必須在 Penta 發電廠進行這些充電，並於 10 月 24 日在 Pangue 發電廠的 Ralco 進行這些充電。當然，這份手冊是經過協調並事先告知主管機關和社區的。

Based on this fact, we have updated our hydro generation estimate to approximately 15 terawatt hours for 2024 and 3.3 terawatt hours for the fourth quarter of which we have already produced 1.3 terawatt hour.

基於這一事實，我們將 2024 年水力發電量估計更新為約 15 太瓦時，第四季度為 3.3 太瓦時，其中我們已經生產了 1.3 太瓦時。

Let's move to the next slide to review how we continue improving our portfolio on generation assets. We continue consolidating our renewable capacity through a diverse portfolio of projects distributed across various country regions.

讓我們轉到下一張投影片，回顧一下我們如何繼續改進發電資產組合。我們透過分佈在各國地區的多樣化項目組合繼續鞏固我們的再生能源產能。

This year, we increased our exposure to battery energy storage, the best system. In recent months, we received authorization from the national electricity coordinator to begin conventional operation of 101 megawatts associated with the two projects El Manzano BESS located in the metropolitan region of Santiago, and La Cabana BESS, located in the south of Chile.

今年，我們增加了對電池儲能這最佳系統的投資。近幾個月來，我們獲得國家電力協調員的授權，開始與位於聖地亞哥大都會區的El Manzano BESS和位於智利南部的La Cabana BESS兩個項目相關的101兆瓦常規運營。

Considering this latest authorization from the coordinator in 2024, we initiated the commercial operation of a portfolio equivalent to 511 megawatts and 1,735 mega since 2023. In this 9-month period, we reached a total net installed capacity of 8.7 gigawatts, of which 6.8 gigawatt renewable, representing 77% of the total.

考慮到協調員在 2024 年獲得的最新授權，我們自 2023 年起啟動了相當於 511 兆瓦和 1,735 兆瓦的投資組合的商業營運。在這9個月期間，我們的總淨裝置容量達到8.7吉瓦，其中再生能源裝置容量6.8吉瓦，佔總裝置容量的77%。

A good news, the Los Condores hydropower plants had significant updates in this period. We have concluded the filling of the tunnels and started the pre-commissioning test. We expect to be connected by the end of the year.

好消息是，洛斯孔多雷斯水電站在此期間進行了重大更新。我們已經完成了隧道的填充並開始了預調試測試。我們預計將在今年年底前實現連接。

Now on the next slide, we will review the performance of our generation KPIs. Net electricity generation totaled 18.6 terawatt hour as of September 2024, exceeding by 6% of the production during the first nine months of 2024, mainly due to higher hydro and renewable generation, resulting from the improved hydrology this year and the operation of new projects.

現在，在下一張投影片中，我們將回顧這一代 KPI 的表現。截至 2024 年 9 月，淨發電量總計 18.6 太瓦時，超過 2024 年前 9 個月發電量的 6%，這主要是由於今年水文狀況改善和新項目運營導致水力和可再生能源發電量增加。

During the third quarter of 2024, net generation decreased 8% to 6.5 terawatt hour, mainly due to better hydrology recording during the same period of 2023 and lower thermal dispatch during the third quarter of 2024, partially offset by greater wind generation.

2024年第三季度，淨發電量下降8%，至6.5太瓦時，主要是由於2023年同期水文記錄較好，以及2024年第三季熱力學調度較低，部分被風力發電量增加所抵銷。

Our energy sales totaled 25.3 terawatt hours as of September 2024, 9% higher than the level recording in the first nine months last year resulting from higher sales to both regulated customers and free customers. 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 stock market.

截至 2024 年 9 月，我們的能源銷售總量為 25.3 太瓦時，比去年前 9 個月的記錄水準高出 9%，這是由於對受監管客戶和免費客戶的銷售量增加所致。我們對客戶的承諾透過提高再生能源發電的比例得以實現，這也導致我們在股票市場上減少了能源採購。

During the third quarter of 2024, physical energy sales grew by 8% to 8.4 terawatt hour, mainly due to higher sales to regulated customers. In terms of our balance, during the first nine months of the year, we increased our purchases from third parties by 2 terawatt hours as part of our continued effort to diversify and optimize our energy sources.

2024 年第三季度，實體能源銷售額成長 8%，達到 8.4 太瓦時，主要是因為對受監管客戶的銷售額增加。就平衡而言，今年前 9 個月，我們從第三方採購的量增加了 2 太瓦時，作為我們持續努力實現能源多元化和優化的一部分。

Now I would like to take a few minutes to talk about the extraordinary weather events of the last August. I would like to present this slide to discuss the extreme weather events that impacted the country and not just our concession area, which impact was higher than the earth quake occurred in 2010.

現在我想花幾分鐘談談去年八月的異常天氣事件。我想展示這張幻燈片來討論影響該國而不僅僅是我們的特許區的極端天氣事件，其影響比 2010 年發生的地震還要嚴重。

On August 1 and 2, the metropolitan region of Santiago was severely hit by an extraordinary and unpredictable storm, with winds of up to 124 kilometers per hour. Significantly exceeding the forecast and warnings issued by authority and technical expert.

8月1日至2日，聖地牙哥大都會區遭受了一場異常且不可預測的風暴的嚴重襲擊，風速高達每小時124公里。明顯超出權威機構和技術專家發布的預測和預警。

This storm caused the fall of more than 2,000 trees, over 1,000 utility poles and large ranges, which destroyed part of our electricity distribution network, causing widespread power outages. The damage is comparable only to death caused by the earthquake already mentioned.

這場風暴導致 2,000 多棵樹、1,000 多根電線桿和大範圍倒塌，摧毀了我們的部分配電網絡，造成大範圍停電。造成的損失只能與前面提到的地震造成的死亡相提並論。

And Chile deployed all available resourcing going much further than required by Chilean electrical legislation. And it adopted extraordinary special measures to restore power to its customers as quick as possible. Reaching this amount of queue was only possible as part of Enel Group. We have requested support and received more than 100 technicians in this type of event coming from different parts of Latin America and Europe.

智利部署的所有可用資源遠遠超出了智利電力立法的要求。該公司也採取了非常特別的措施，盡快為客戶恢復供電。只有作為 Enel 集團的一部分，才能達到如此多的隊列數量。在此類活動中，我們已請求支援並接待了來自拉丁美洲和歐洲不同地區的 100 多名技術人員。

Furthermore, it is worth noting that for this weather event, we spare no expense to recover and normalize the power supply which made possible. This is reflected in the number of field crews, 383 crew at the peak of the event versus 100 is considered in the reference model company of the current tariffs.

此外，值得注意的是，針對這次天氣事件，我們不遺餘力地恢復和正常化電力供應。這反映在現場工作人員的數量上，活動高峰時有 383 名工作人員，而目前費率的參考模型公司則考慮了 100 名工作人員。

Establishing the system was extremely difficult. And we have already submitted to the local regulator and the core debt resistibility and unpredictability of this event. Therefore, we really faced a major climatic event, the severity of which exceeded all the possible measures to be adopted under the Chilean legislation and will appear clear to all the different stakeholders in Chile once the pertinent data will be disseminated.

建立這個系統是極為困難的。並且我們已經向當地監管機構提交了本次事件的核心債務抗性和不可預測性。因此，我們確實面臨著一場重大氣候事件，其嚴重程度超出了智利立法下可能採取的所有措施，一旦相關數據發布，智利所有不同利益攸關方都會清楚地看到這一情況。

As Enel, we have been working on proposing different kinds of regulatory model to meet the regulatory and physical system more relating to future weather event. We clearly understand the diffusion to modernize and digitalize the Chilean electrical for the solutions.

作為Enel，我們一直致力於提出不同類型的監管模型，以滿足與未來天氣事件更多相關的監管和物理系統。我們清楚地了解智利電力現代化和數位化解決方案的傳播。

Now I would like to talk about some regulatory framework, milestone in the next slide. As you may recall, during last call, we indicated that in January this year, the Ministry of Energy presented the bill related to the energy stabilization mechanism, which the power of continuing the PEC mechanism in mitigating the projected sales increase for Enel customers.

現在我想在下一張投影片中談談一些監管框架和里程碑。您可能還記得，在上次電話會議中，我們表示，今年 1 月，能源部提出了與能源穩定機制相關的法案，該法案旨在繼續 PEC 機制，以減輕 Enel 客戶的預期銷售成長。

At the same time, they also aim to improve the client protection mechanism known as the MPC mechanism to allow gradual repayment and accumulated debt to the degenerator and establish a transitory subsidy for the most vulnerable client. This new law was discussed and approved by the Chilean Congress in April. It came into force at the end of April.

同時，他們也旨在完善被稱為MPC機制的客戶保護機制，允許逐步償還和向退化者累積的債務，並為最脆弱的客戶建立臨時補貼。智利國會於四月討論並批准了這項新法律。該法案於四月底生效。

Following this, the first half and the second half PNP decrease were published and the regular -- regulated tariff was updated. After the communication of the second half Decree, all clients, including that, with the consumption of less than 350-kilowatt hour which are basically households, are paying the regulated PPA real price.

隨後，公佈了上半年和下半年 PNP 的下調幅度，並更新了常規監管關稅。下半年法令傳達後，所有客戶，包括用電350千瓦時以下的基本為家庭的客戶，均按規定的PPA實際價格繳納。

The consequence of this is that no further debt will be accumulated during the tariff stabilization. An outcome that has not been achieved since 2019. This shift map a critical step towards financial stability, reflecting a significant change in managing tariff-related obligation. After the issuance of the sovereign guarantee decree as well as the complementary set of rules and regulation to the new law, the factoring was executed.

結果是，在關稅穩定期間不會再累積更多債務。這是自 2019 年以來從未取得的成果。這一轉變標誌著邁向金融穩定的關鍵一步，反映管理關稅相關義務的重大變化。在主權擔保法令以及新法的補充規則和規定頒布後，保理業務開始實施。

We were able to factor $630 million last October 2024. As of September 2024, we had an account receivable related to the fact already net of factory and including readjustment and interest of around $1.1 billion approximately. So taking into this new factory realized in October, we are expecting to the end of the year with accruals in the range of $500 up to $550 million.

去年 2024 年 10 月，我們得以保理 6.3 億美元。截至 2024 年 9 月，我們的應收帳款已扣除工廠費用，包括調整和利息，約 11 億美元。因此，考慮到 10 月建成的新工廠，我們預計到今年年底，應計利潤將在 5 億至 5.5 億美元之間。

Let me go to the right side of the slide, where we will recall the main topic related to the proposed law the government is introducing to increase the subsidies, which currently cover 1.2 million families to reach approximately 4.9 million families, representing the 40% most vulnerable families in Chile.

讓我轉到幻燈片的右側，我們將回顧與政府正在推出的增加補貼的擬議法律相關的主要主題，該法案目前覆蓋120 萬個家庭，覆蓋約490 萬個家庭，佔最貧困家庭的40 %。

Now Congress is discussing with executive authorities, potentially increasing this benefit to increase the number of the family, supported by these subsidies. Currently, the Energy and Mining Committee of the (inaudible) is deliberating on the matter, which including general terms doubling the green tax emission from the current $5 per ton of CO2 emitted.

現在國會正在與行政當局討論，在這些補貼的支持下，可能會增加這項福利，以增加家庭數量。目前，（聽不清楚）能源和礦業委員會正在審議此事，其中包括將目前每噸二氧化碳排放 5 美元的綠色稅排放量增加一倍的一般條款。

For reference last year, we paid around $15 million related to it, allocating the additional VAT revenue that the treasury is collecting due to the increase in the tariffs, doubling the fines imposed by regulator and allocating them to support the subsidy fund, applying new charges to the small and medium distributed energy units known as PMGDs.

作為參考，去年我們支付了大約1500萬美元相關費用，分配了財政部因關稅增加而徵收的額外增值稅收入，將監管機構徵收的罰款增加了一倍，並將其分配給補貼基金，徵收新的費用稱為 PMGD 的中小型分散式能源裝置。

As Enel, we support the government efforts to find alternatives to assist the most vulnerable family in the country, especially in light of potential economic change. However, we have observed that over the year, government solution have often disrupted the market. The same company that has been impacted by various regulatory measures since 2019 are once again being called APAB to support these subsidies mechanism.

作為義大利國家電力公司，我們支持政府尋找替代方案來幫助該國最弱勢的家庭，特別是考慮到潛在的經濟變化。然而，我們觀察到，一年來，政府的解決方案經常擾亂市場。自 2019 年以來受到各種監管措施影響的同一家公司再次被稱為 APAB 以支持這些補貼機制。

To maintain Chile reputation as a quality marketplace, it is crucial that such measures are reconsidered. Otherwise, we risk severally impacting long-term investments, competitiveness, and the health of energy sector.

為了保持智利作為優質市場的聲譽，重新考慮這些措施至關重要。否則，我們將面臨分別影響長期投資、競爭力和能源產業健康的風險。

Among the proposal measure, we believe that allocating the additional VAT revenue is the most viable and sustainable option. To conclude, regarding distribution EBIT 2024-2028, there have been no significant developments since our last call. Our perspective on the next steps.

在提案措施中，我們認為分配增值稅額外收入是最可行且可持續的選擇。總而言之，關於 2024-2028 年分配息稅前利潤，自我們上次電話會議以來沒有重大進展。我們對下一步的看法。

In the process is detailed in the annex of our presentation. Now I will hand over to our CFO, Simone Conticelli.

我們演示的附件詳細介紹了該過程。現在我將把工作交給我們的財務長 Simone Conticelli。

Many thanks Giuseppe and good afternoon, everybody. First of all, I would like to tell you that it's a pleasure for me to join Enel Chile. And now let's move to economic and financial performance. During this nine-month period and the third quarter of 2024, our results continue to demonstrate a solid economic and financial performance.

非常感謝朱塞佩，大家下午好。首先，我想告訴大家，我很高興加入智利國家電力公司。現在讓我們轉向經濟和財務表現。在這 9 個月期間和 2024 年第三季度，我們的業績持續展現出穩健的經濟和財務表現。

Let me begin with a quick summary of the main figures which I will detail in the following slides. Both nine months '24 and third quarter '24 EBITDA and net income recorded important improvement when compared to last year's indicator. This is mainly explained by a more efficient generation mix, thanks to better hydrological situation, coupled with an increase in our energy sales and better pricing.

讓我先快速總結一下主要數據，我將在下面的投影片中詳細介紹這些數據。與去年的指標相比，2024 年 9 個月和 24 年第三季 EBITDA 和淨利潤均取得了顯著改善。這主要是由於更好的水文狀況、更有效率的發電組合，以及我們能源銷售的增加和更好的定價。

Regarding the FFO the nine-month 2024 figure show a slight reduction versus last year, particularly in the third quarter, mainly explained by a temporary negative effect from tax factoring operations and higher tax payments in 2024, primarily related this to Arcadia transaction in October 2023. This trend is expected to deliver during the last quarter of this year.

關於FFO，2024 年9 個月的數據顯示與去年相比略有下降，特別是在第三季度，這主要是由於稅收保理業務和2024 年納稅額增加帶來的暫時負面影響，這主要與2023 年10 月的Arcadia 交易有關。這一趨勢預計將在今年最後一個季度顯現。

Now on the next slide, let's review the progress on CapEx. Total CapEx reached $406 million during the first nine months, 16% lower than last year considering the conclusion of several renewable and storage projects over the year 2023 at beginning of 2024. 62% of the total CapEx amounting to [$253] million was related mainly to renewable and storage CapEx deployment and 22% equivalent to $92 million was related to grids.

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 2023 年多個再生能源和儲能項目於 2024 年初完成，前 9 個月的資本支出總額達到 4.06 億美元，比去年下降 16%。用於再生能源和儲存資本支出部署，22%（相當於9,200 萬美元）與電網相關。

Asset management CapEx reached $133 million, which represent 33% of our total CapEx. It increased by around 50% compared to the last year figure. The reason for this increase can be found both in the generation and distribution business. In the generation business, this increase of $29 million is mostly related to maintenance activities in the Atacama CCGT power plant and in solar and wind assets.

資產管理資本支出達到 1.33 億美元，占我們總資本支出的 33%。與去年相比，增加了約50%。這種成長的原因可以在發電和配電業務中找到。在發電業務中，2,900 萬美元的成長主要與阿塔卡馬 CCGT 發電廠以及太陽能和風能資產的維護活動有關。

In the distribution business, the increased approx $16 million is due to climate events, emergencies and maintenance related to fall in the low and medium voltage lines. Looking about development CapEx, they reached $227 million a decrease of 32% compared to the last year figure, mainly due to the conclusion of renewable projects.

在配電業務中，由於氣候事件、緊急情況以及與低壓和中壓線路跌落相關的維護，增加了約 1,600 萬美元。就開發資本支出而言，其達到 2.27 億美元，比去年下降 32%，主要是由於再生能源項目的完成。

And now let's move to the next slide, where we have a summary of the second quarter EBITDA breakdown. In third quarter 2024, our EBITDA was $405 million, which is $63 million higher than the same period in 2023. Referring to generation business, we have an increase of $68 million, thanks to a significant contribution from PPA sales.

現在讓我們轉到下一張投影片，其中我們總結了第二季 EBITDA 細目。2024 年第三季度，我們的 EBITDA 為 4.05 億美元，比 2023 年同期增加 6,300 萬美元。發電業務方面，由於PPA銷售的巨大貢獻，我們增加了6800萬美元。

This is mainly due to higher volume, especially in the regulated markets, as mentioned by Giuseppe and pricing effects mainly related to contract indexation. Going to gas trading. We had a $11 million margin increase coming from additional trading activities in third quarter 2024. Particularly the sale of LNG cargo to Europe.

這主要是由於交易量增加，特別是在受監管市場，正如朱塞佩所提到的，以及主要與合約指數化相關的定價效應。去天然氣交易。2024 年第三季的額外交易活動使我們的利潤增加了 1,100 萬美元。特別是向歐洲銷售液化天然氣貨物。

Referring to the margin is higher by $5 million, mainly due to the increase of remuneration linked to publication of the VAD 2020, 2024 regulatory report. This margin was totally offset by the extreme weather events, including the force majeure events of August 1st and 2nd that affected our distribution segment. This generated $16 million of additional OpEx and other expenses mainly related to an increase in dispatch for center facilities and generators rent and operation.

提到利潤率增加了500萬美元，主要是因為與VAD 2020、2024年監管報告的發布相關的薪酬增加。這一利潤完全被極端天氣事件所抵消，包括影響我們分銷部門的 8 月 1 日和 2 日的不可抗力事件。這產生了 1,600 萬美元的額外營運支出和其他費用，主要與中心設施調度以及發電機租金和營運的增加有關。

Let's move now on the next slide to review the main impact on EBITDA during the nine month figures. Our EBITDA reached $1 billion, an increase of $300 million, representing a 46% improvement compared to the last year. I will start explaining the positive effects.

現在讓我們轉到下一張投影片，回顧這九個月的數據對 EBITDA 的主要影響。我們的 EBITDA 達到 10 億美元，增加了 3 億美元，比去年增加了 46%。我將開始解釋正面的影響。

First, we had a great contribution of $250 million in PPA sales, mainly related to higher volumes, particularly in the regulated market and PPA pricing in the free markets, mainly due to indexation in line with the assets explained previously in the quarter.

首先，我們對PPA 銷售做出了2.5 億美元的巨大貢獻，這主要與銷售增加有關，特別是在受監管市場和自由市場的PPA 定價方面，這主要是由於與本季度之前解釋的資產指數化一致。

Second, industrial sourcing had a positive impact of $123 million, this is mainly explained by lower variable production cost due to lower thermal generation because of the remarkable hydrology of the deal. Then, that's a positive contribution of $70 million related to commercial sourcing mainly explained by lower prices associated with purchases in the stock market.

其次，工業採購產生了 1.23 億美元的正面影響，這主要是由於交易的顯著水文特性導致火力發電量降低，從而降低了可變生產成本。然後，這是與商業採購相關的 7000 萬美元的積極貢獻，主要是由於與股票市場購買相關的價格較低。

This effect was partially offset by higher purchases from third parties and the impact of PPA renegotiation that benefited us in 2023. Then we have another positive effect of $23 million loan from grid margin. This is mainly due to the grid remuneration linked the publication of VAD 2024 regulatory report. As we have seen in the quarterly analysis, this positive effect was offset by the impact of the weather events.

這一影響被第三方採購量增加以及購電協議重新談判的影響部分抵消，而購電協議重新談判的影響使我們在 2023 年受益。然後，我們還獲得了來自電網利潤的 2300 萬美元貸款的另一個積極影響。這主要是由於電網報酬與VAD 2024監管報告的發布掛鉤。正如我們在季度分析中看到的，這種正面影響被天氣事件的影響所抵消。

The aforementioned that positive that were partially offset by a negative impact of $115 million associated with the notable gas trading activities carried out during the first nine months of 2023, amounting to approximately 29 terabytes and a negative net effect of $16 billion, mainly due to higher OpEx associated with new renewable projects. recognition of Transantiago business in buses in 2023 for NLX. Negative impact of inflection across all the businesses.

上述正面影響被 2023 年前 9 個月進行的著名天然氣交易活動相關的 1.15 億美元負面影響部分抵消，總計約 29 太字節，以及 160 億美元的負面淨影響，主要是由於較高的與新的可再生能源項目相關的營運支出。 NLX 將於 2023 年獲得 Transantiago 巴士業務的認可。所有業務的變化都會產生負面影響。

Let's move on to the next slide where we will review the net income evolution. Nine months 2024 net income amounted to $446 million, 62% higher than the last year's figure, mainly explained by the EBITDA improvement. Let me drive you through the additional aspects for this nine-month period.

讓我們繼續看下一張投影片，我們將回顧淨利潤的演變。2024 年 9 個月淨利達 4.46 億美元，比去年同期成長 62%，這主要是由於 EBITDA 的改善。讓我帶您了解這九個月期間的其他方面。

Returning to the depreciation, amortization and bad debt we have a higher cost for $47 million, mainly resulting from higher depreciation in green power due to the new renewable capacity coming into operation and Chilean peso devaluation in the period. Higher bad debt accrual increase due to the rise in credit losses associated to the higher tariffs.

回到折舊、攤銷和壞帳方面，我們的成本較高，為 4700 萬美元，這主要是由於新的可再生能源發電能力投入運營以及期內智利比索貶值導致綠色電力折舊較高。由於關稅上漲導致信貸損失增加，應計壞帳增加。

Regarding financial results and equity investments, we reported a $63 million negative variation versus last year, mainly explained by positive exchange rate differences in 2023, higher financial expenses, mainly due to FX variation and lower financial income linked to lower average interest rates, partially offset by higher interest related to the tax receivables.

關於財務績效和股權投資，我們報告了與去年相比出現6300 萬美元的負變化，這主要是由於2023 年的正匯率差異、較高的財務費用（主要是由於匯率變化）以及與較低的平均利率相關的較低的財務收入（部分抵銷）與應收稅款相關的更高利息。

Talking about the income taxes, we recorded an increase of $42 million, mainly due to the better results in the period. This was partially offset by a lower cost related to representation of Arcadia assets held for sale in 2023.. Focusing on the quarter, our net income increased by 3%.

說到所得稅，我們增加了 4,200 萬美元，主要是因為期內業績較好。這被與 2023 年待售阿卡迪亞資產相關的較低成本所部分抵消。重點關注本季度，我們的淨利潤增長了 3%。

This is mainly explained at high pricing EBITDA contribution, lower tax expenses of $50 million, mainly due to lower cost for the electrification of Arcadia assets held for sale in 2023 and lower cost due to monetary production.

這主要是由於 EBITDA 貢獻較高、稅收費用較低 5000 萬美元，這主要是由於 2023 年待售的 Arcadia 資產的電氣化成本較低以及貨幣生產導致的成本較低。

These positive effects were partially offset by, first, an increase in D&A and bad debt of $12 million due to higher depreciation mainly linked to operation of new renewable capacity in EGP. And an increase in bad debt mainly due to a rise in credit losses associated to the higher Second, highest financial expenses of $60 million, mainly due to positive exchange rate differences in 2023 and lower interest recognition related to PEC 2.0 in third quarter 2024 versus third quarter 2023.

這些正面影響部分被以下因素所抵消：首先，由於折舊增加（主要與 EGP 新再生能源發電量的營運有關），D&A 和壞帳增加了 1,200 萬美元。壞帳增加主要是由於與第二季最高財務費用 6,000 萬美元相關的信用損失增加，主要是由於 2023 年正匯率差異以及 2024 年第三季與 PEC 2.0 相關的利息確認低於第三季度2023 年季度。

And now let's move to the FFO analysis on the next slide. Let's review the composition of our FFO for the period and the main effect versus 2023. First, let me highlight that the 2023 FFO figure has been adjusted by $310 million due to tax paid on capital gains for the sale of Enel transmission in 2022.

現在讓我們轉向下一張投影片上的 FFO 分析。讓我們回顧一下該期間 FFO 的組成以及與 2023 年相比的主要影響。首先，我要強調的是，由於 2022 年出售 Enel 變速箱的資本利得稅，2023 年 FFO 數字已調整了 3.1 億美元。

Our FFO in this nine-month period of 2024 reached $366 million, nearly align in the same period of 2023. Excluding the 2024 tax payment for the sale of Arcadia asset last year, an FFO would have shown an improvement versus last year.

2024 年這 9 個月期間，我們的 FFO 達到 3.66 億美元，幾乎與 2023 年同期持平。如果排除去年出售 Arcadia 資產的 2024 年稅款，FFO 的表現將較去年有所改善。

EBITDA in this nine-month year amounted to more than $1 billion, showing a variation of $380 million compared to the last year's figure. This is mainly due to higher PPF sales and positive performance in commercial and industrial sourcing as I previous explained. We have also already talked about the cumulative impact of the stabilization mechanism, which amounted to $313 million.

今年 9 個月的 EBITDA 超過 10 億美元，與去年相比變動了 3.8 億美元。正如我之前所解釋的，這主要是由於 PPF 銷售額的增加以及商業和工業採購的積極表現。我們也談到穩定機制的累積影響，達3.13億美元。

This negative effect was partially offset by the execution of the IEB factor related to PEC 2, PEC 3, which amounted to $83 million in the nine months period. When we compare the total aspect of PEC net of factoring for the nine months of 2024 versus 2023, we see an increase of $270 million this year. However, this is only a temporary aspect as we have already received an additional USD 630 million.

這種負面影響被與 PEC 2、PEC 3 相關的 IEB 因子的執行部分抵消，該因子在 9 個月期間達到 8,300 萬美元。當我們比較 2024 年 9 個月與 2023 年的 PEC 淨保理總額時，我們發現今年增加了 2.7 億美元。不過，這只是暫時的，我們已經額外收到了 6.3 億美元。

Working capital in the nine-month period showed a negative balance of $74 million, mostly due to CapEx payments related to 2023 renewable. Compared to the last year's season, working capital impact on FFO was positive for $84 million, mainly due to the higher cumulation of VAT tax credit in 2023. Income taxes negatively impacted our FFO by $169 million this period, primarily due to tax payment in the generational business in 2024 and taxes paid on the sale of Arcadias.

這 9 個月期間的營運資本出現 7,400 萬美元的負餘額，主要是由於與 2023 年再生能源相關的資本支出支付。與去年同期相比，FFO 的營運資金影響為 8,400 萬美元，主要是因為 2023 年增值稅稅收抵免累計額較高。在此期間，所得稅對我們的 FFO 產生了 1.69 億美元的負面影響，這主要是由於 2024 年代際業務的納稅以及出售 Arcadias 所繳納的稅款。

Comparing income taxes paid in the first nine months of 2024 to 2023, we see a negative effect of $163 million. This difference is mainly due to the tax payment of our value operation in 2024, higher tax payment in generation business and lower recovery from previous years.

比較 2024 年前 9 個月與 2023 年繳納的所得稅，我們看到了 1.63 億美元的負面影響。這一差異主要是由於我們2024年價值業務的納稅情況、發電業務的納稅情況較高以及往年的回收率較低所致。

To conclude the financial expenses as a net negative impact of $166 million on the nine-month 2024 FFO, mainly due to the debt related to expenses. Once compared to last year, our financial expenses decreased by $12 million in the first nine months of 2024 compared to 2023. This decrease, it may be due to the financial strength related to PEC 1 in 2024.

得出財務費用對 2024 年 9 個月 FFO 的淨負面影響為 1.66 億美元，主要是由於與費用相關的債務。與去年相比，2024 年前 9 個月我們的財務費用比 2023 年減少了 1,200 萬美元。這一下降，可能是由於 2024 年 PEC 1 相關的財務實力所致。

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 September 2024 compared to December 2023. This higher debt was mainly due to accumulation effect and seasonality of generation business.

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 9 月底，我們的總債務增加了 8%，達到 48 億美元。債務較高主要是由於發電業務的累積效應和季節性。

This increase in gross debt should reverse during the last quarter of 2024, considering the factor under the PEC 3 mechanics, which took place on the last October 24 allowing us to pay an important amount in short-term credit lines, taking advantage of our debt flexibility. The average sale of our debt activity slightly decreased to 5.7 years by the end of September 2024 versus the 6.1 years that's seen in December 2023.

考慮到去年 10 月 24 日發生的 PEC 3 機制下的因素，總債務的增加應該會在 2024 年最後一個季度逆轉，這使得我們能夠利用我們的債務在短期信貸額度中支付大量金額靈活性。截至 2024 年 9 月底，我們的債務活動平均出售期限略有下降至 5.7 年，而 2023 年 12 月為 6.1 年。

And the portion at the fixed rate was 75% of total debt. The average cost of our debt reached 5.0% as of September 2023, slightly above a 4.9% recovered in December 2023. Mainly due to the energy generation reactive bond maturity in April 2024 for $400 million at 4.25%.

固定利率部分佔總債務的75%。截至 2023 年 9 月，我們的平均債務成本達到 5.0%，略高於 2023 年 12 月恢復的 4.9%。主要是由於發電反應性債券將於 2024 年 4 月到期，金額為 4 億美元，利率為 4.25%。

All in all, we can see a significant improvement in our leverage generations. In this September, our net debt-to-EBITDA ratio was 2.9, demonstrating solid decreases versus last quarter figure. Regarding liquidity, we are in a comfortable position to support our capital needs for the upcoming months and cope with the next year.

總而言之，我們可以看到我們的槓桿世代有了顯著改善。今年 9 月，我們的淨負債與 EBITDA 比率為 2.9，與上季相比大幅下降。在流動性方面，我們有能力支持未來幾個月的資本需求並應對明年的需求。

Thank you all for your attention. And now I pass the floor to Giuseppe Turchiarelli for closing remarks.

感謝大家的關注。現在請朱塞佩·圖基亞雷利 (Giuseppe Turchiarelli) 致閉幕詞。

Thank you, Simone. To conclude this presentation, I would like to give you the following closing remarks. Better hydrology and incorporating new technology such as optimization in hydro facility and the development of battery in our portfolio have helped us to improve our margin.

謝謝你，西蒙娜。作為本次演講的結束語，我想向大家發表以下結束語。更好的水文學和融入新技術，例如水力設施的最佳化和我們產品組合中的電池開發，幫助我們提高了利潤率。

Also, our trading capabilities were also important in adjusting our sales portfolio, contributing to important margin in the period. As a result, we have delivered a more than solid operating and financial performance during the year.

此外，我們的交易能力對於調整我們的銷售組合也很重要，為該期間的利潤率做出了貢獻。因此，我們在這一年中取得了非常穩健的營運和財務表現。

We received around $713 million through various factoring activities related to the fact. Larger part of which came from the last week operation, which reached $630 million. The proceeds will primarily repay short-term debt, strengthening our balance sheet.

我們透過與該事實相關的各種保理活動獲得了約 7.13 億美元。其中很大一部分來自上週的運營，達到 6.3 億美元。所得款項將主要償還短期債務，增強我們的資產負債表。

As I mentioned, taking this new factor in realizing in October, we expect to end the year with accrual in the range of $500 million up to $550 million. Finally, to conclude, we want to embark you to the event of November 21, where we will present the new strategic plan for 2025, 2027 to the financial community.

正如我所提到的，考慮到 10 月實現的新因素，我們預計年底的應計費用將在 5 億至 5.5 億美元之間。最後，作為總結，我們希望帶領您參加 11 月 21 日的活動，屆時我們將向金融界介紹 2025 年、2027 年的新策略計畫。

More information will be provided in the coming year. Let me now hand over to Isabela

更多資訊將在明年提供。現在讓我把任務交給伊莎貝拉

Thank you, Giuseppe. Let's now begin with our Q&A session. We will receive questions via phone and chat in the webcast. The Q&A session is open Carmen, 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。問答環節開始了，卡門，請開始。

(Operator Instructions)

（操作員說明）

Javier Suarez with Mediobanca.

哈維爾·蘇亞雷斯與Mediobanca。

Hi. Many thanks for the presentation and for taking my questions as well. I have three questions. The first one is on the guidance. If you can elaborate on the latest guidance that you provided to the market in terms of EBITDA net income and also net debt, we should consider this guidance confirmed and the implications of the fact that the company is increasing their higher guidance to 13 terawatt hour this year, when previous guidance were 12 terawatts hour. So any light on existing guidance could be appreciated.

你好。非常感謝您的演講並回答我的問題。我有三個問題。第一個是關於指導。如果您能詳細說明您向市場提供的 EBITDA 淨收入和淨債務的最新指導，我們應該考慮確認該指導以及該公司將其更高指導提高到 13 太瓦時這一事實的影響年，之前的指導值為12 太瓦時。因此，對現有指南的任何了解都值得讚賞。

Second question is on the recovery of regulatory receivables under the destabilization mechanism. So the question is, can you update us on your latest expectation for the timing for the recovery of the pending amount. I think that on the previous conference call, you mentioned something like $200 million in 2025 and the remaining portion in 2026 and '27. Is that guidance is still a good one.

第二個問題是不穩定機制下監理應收帳款的回收。所以問題是，您能否向我們介紹一下您對收回待處理金額的時間的最新預期。我認為在之前的電話會議上，您提到了 2025 年大約 2 億美元，剩餘部分在 2026 年和 27 年。這種指導仍然是個好的指導嗎？

And the final question is on the your latest expectations on the publication of the new distribution tariff. I think that you mentioned during the conference call that there is no significant update. So if you can give us a latest thought on when the final report should be unveiled.

最後一個問題是您對新的發行費率公佈的最新預期。我想你在電話會議中提到沒有重大更新。那麼您能否給我們關於何時公佈最終報告的最新想法？

Okay. Thank you, Javier, for your questions. I will hand over to Giuseppe.

好的。謝謝哈維爾的提問。我將把工作交給朱塞佩。

Yes. Okay. Let me say that for what concerns the guidance, as you probably remind last year, we present a range of EBITDA between 1.3, 1.5, and we confirm it. Of course, we're going to be in the upper side of the range, but we are confirming our guidance. Same confirmation for concern, the net debt-to-EBITDA ratio, we're going to be below 3 times, that is basically our target. We feel comfortable with this duration.

是的。好的。讓我說一下，就指導而言，正如您去年可能提醒的那樣，我們提出了 1.3 至 1.5 之間的 EBITDA 範圍，並且我們對此進行了確認。當然，我們將處於該範圍的上限，但我們正在確認我們的指導。同樣值得關注的是，淨負債與 EBITDA 比率將低於 3 倍，這基本上是我們的目標。我們對這個持續時間感到滿意。

And for work content hydro, as you see in the presentation, we are expecting to close the year with approximately 13 terawatt hours of hydro production. Let me say that already in October, we had 1.2, 1.3. So we are in line everything is in line with our forecast that people send in the call. So this should be the production that we're going to have at the end of the year.

對於水力發電工作內容，正如您在演示中看到的那樣，我們預計今年年底的水力發電量約為 13 太瓦。我想說的是，我們在 10 月就已經推出了 1.2、1.3。因此，我們一切都符合人們在電話中發送的預測。所以這應該是我們將在今年底生產的產品。

For what concern back with Simone. Well, okay, maybe just to find to finalize my part for what concern there in 2024, 2028 distribution tariff process. We don't have any kind of update. We expect to have some news at the beginning of the next year, when the CNA, the regulatory model will show the feedback for the technical consult record. So we are waiting for this report.

與西蒙娜有什麼關係。好吧，也許只是為了最終確定我在 2024 年、2028 年分銷關稅流程中所關心的問題。我們沒有任何更新。我們預計明年年初會有一些消息，屆時CNA監管模型將顯示技術諮詢記錄的回饋。所以我們正在等待這份報告。

Okay. Thanks for the question. Let's talk a little bit about PEC. As you know, at the beginning of the year, the debt was quite high, $750 million. And then this increased first three quarters, of course, each quarter, we accumulate something like $100 million of new debt.

好的。謝謝你的提問。我們來談談 PEC。如你所知，年初時債務相當高，達到7.5億美元。然後，前三個季度的債務有所增加，當然，每個季度，我們都會累積約 1 億美元的新債務。

And in the first three quarters, we received a factoring process, just more or less $80 million. And so at the end of September, the situation is that we have debt about $1.1 billion. The important message that already Giuseppe gave you is that, in any case, the increase in time change the situation. starting from a few weeks ago with the PPD of second half. So we are not accumulating more or less any other tax receivable. And so from now on, the PEC amount should decrease each month.

在前三個季度，我們收到了保理流程，大約只有 8,000 萬美元。因此，到 9 月底，我們的債務約為 11 億美元。朱塞佩已經給你的重要訊息是，無論如何，時間的增加會改變情況。從幾週前下半年的 PPD 開始。因此，我們沒有或多或少地累積任何其他應收稅款。因此，從現在開始，PEC 金額應該每月減少。

Now as we have already commented, we received a cashing of $630 million, so the 24 of October. And given this cashing at the end of the year, our position should be in a range around $500 million and $550 million. This amount should be cashed mainly in the next two years. The larger amount, more or less [$200] million in the first year, plus in '25. And the most of the remaining in 2026.

正如我們已經評論過的，我們在 10 月 24 日收到了 6.3 億美元的兌現。考慮到年底的兌現，我們的部位應該在 5 億至 5.5 億美元之間。這筆錢應該主要在未來兩年內兌現。較大的金額，第一年或多或少 [2 億美元]，加上 25 年。剩下的大部分將在 2026 年完成。

We expect just a small part to be cashed in 2027. And particularly, we are talking about the sector one mechanism. As you know, these mechanics consider that as part of the total debt will be cashed in through the tariffs. And so we had to wait before the end of 2027.

我們預計只有一小部分會在 2027 年兌現。特別是，我們正在談論第一部門機制。如您所知，這些機制認為總債務的一部分將透過關稅兌現。所以我們必須等到 2027 年底之前。

Thank you, Simone. Operator, do you have more questions on line?

謝謝你，西蒙娜。接線生，您還有其他問題嗎？

We do not have any other questions. Back to you for webcast.

我們沒有其他問題。回到您的網路廣播。

Okay. So Giuseppe and Simone, I will start with some questions that we have received from the analysts and investors connected. So the first one is coming from Francisco Paz from Santander. Francisco is saying thanks for the presentation.

好的。朱塞佩和西蒙，我將從分析師和投資者那裡收到的一些問題開始。第一個來自桑坦德銀行的弗朗西斯科·帕斯。弗朗西斯科對您的介紹表示感謝。

The question is the following. We have observed a positive water availability during this year and the previous one, which has helped the company to reduce cost pressures and increase hydro generation. Going forward and in the context of uncertainty for water availability in the long term.

問題如下。我們觀察到今年和前一年的水供應情況良好，這有助於該公司減輕成本壓力並增加水力發電量。展望未來，在長期水資源供應不確定的背景下。

What do you assume is the reasonable estimate of hydro generation in the medium to long term for the company in an motor?

您認為該公司中長期水力發電量的合理估計是多少？

Well, let me say that we are clearly happy to have this two year with a very good hydrological condition. We do not consider this three year as a proxy for the following year. So we used to project in terms of hydro condition the last 10, 11-year average.

好吧，我想說的是，我們顯然很高興這兩年水文條款非常好。我們不認為這三年可以作為下一年的代理。因此，我們過去常常根據水力狀況來預測過去 10 年、11 年的平均值。

So in general, we are soon to have around 10, 11-terawatt hour per year. These are our estimation as soon as we're going to see a different kind of path in terms of hydrology, we are going to change our estimation. But as of today, we keep our estimation around 10, 11 terawatt hours per year.

因此，總的來說，我們每年很快就會擁有大約 10、11 太瓦時。這些是我們的估計，一旦我們在水文學方面看到不同的路徑，我們就會改變我們的估計。但截至今天，我們的估計保持在每年 10、11 太瓦時左右。

Okay. Thank you, Giuseppe. So we have some questions now from Andrew McCarthy from LarrainVial. So the first question is also related to the hydro generation, but I think we have covered now the question. So the second one relating to the fact, the factory, now so when do you expect to sell more factory receivables? And how much do you expect to receive?

好的。謝謝你，朱塞佩。現在我們有來自 LarrainVial 的 Andrew McCarthy 的一些問題。所以第一個問題也與水力發電有關，但我認為我們現在已經討論了這個問題。第二個與工廠有關，那麼您預計什麼時候出售更多工廠應收帳款？您期望收到多少錢？

So I think that we have answered also in the previous question, but I will focus on the specific questions. Thank you. We are keep on selling the PEC debt going with the new decreases that we, and we are expecting to have cash for around $200 million or something more by the end of 2025. This is the first block of the effect that we are going to cash in.

所以我認為我們在上一個問題中也已經回答了，但我將重點放在具體問題上。謝謝。隨著新的減持，我們將繼續出售 PEC 債務，預計到 2025 年底我們將擁有約 2 億美元或更多的現金。這是我們要兌現的第一個效果塊。

Okay. Thank you, Simone. So we have another question from Andrew that also their investors analysts have sent to us. So do you see more gas commercialization opportunities for the first quarter?

好的。謝謝你，西蒙娜。安德魯提出了另一個問題，他們的投資者分析師也發給了我們。那麼您認為第一季天然氣商業化機會更多嗎？

Well, at this moment, we don't expect any additional sales of cargo for the rest of the year. Clearly, we are always looking at mainly opportunity to increase our profitability but as of today, we don't have any in front of us in (inaudible) in front of us.

目前，我們預計今年剩餘時間不會有任何額外的貨物銷售。顯然，我們一直在主要尋找提高獲利能力的機會，但截至今天，我們面前還沒有任何機會（聽不清楚）。

Okay. So the last question from Andrew is, do we expect the distribution business to return to normalized operating profit in the fourth quarter of this year or should there be more negative impacts from fines or compensation to clients for services interruption that occurred in 2024.

好的。因此，安德魯的最後一個問題是，我們是否預期分銷業務將在今年第四季恢復正常營業利潤，或者因 2024 年發生的服務中斷而對客戶進行罰款或賠償是否會產生更多負面影響。

For what concern, the distribution business, of course, we are still evaluating all the period that we need in order to put our grid to the original status. We are waiting also in discussion for what concern the possible fines or compensation, and we're going to give you more detail during our Investor Day.

當然，對於配電業務，我們仍在評估我們需要的所有時間，以便將我們的電網恢復到原來的狀態。我們還在等待討論可能的罰款或賠償問題，我們將在投資者日期間向您提供更多詳細資訊。

Okay. Thank you. We have some questions from Ignacio Sabella from Itau. So the question is also very similar to the ones that we have already answered. But just to focus on the PEC 2. Now so how much we expect the receivable accumulation regarding the factory going forward. Simone, just to rephrase as we have several questions on this.

好的。謝謝。來自 Itau 的 Ignacio Sabella 向我們提出了一些問題。所以這個問題也跟我們已經回答過的問題非常相似。但僅關注 PEC 2。現在我們對工廠未來的應收帳款累積有多少期望。Simone，請重新表達一下，因為我們對此有幾個問題。

Yes. As we have commented on this one, that the two segment of customer with the consumption below 350 and with the consumption higher of 650 are started to pay. Basic the sales price we call the cost of the system and then also a component that is needed to recover. So from now on, we expect no significant increase or accumulation of debt.

是的。正如我們對此的評論，消費低於350和消費高於650的兩部分客戶開始付費。基本的銷售價格我們稱為系統成本，然後也是恢復所需的組件。因此，從現在開始，我們預計債務不會大幅增加或累積。

Okay. So a question from now coming from Martin Arancet from Balanz. Also on PEC, but he is asking more details about the usage of the funds from the factory that we received in October.

好的。現在，來自 Balanz 的 Martin Arancet 提出了一個問題。也在 PEC 上，但他正在詢問有關我們 10 月收到的工廠資金的使用情況的更多詳細資訊。

Okay. Thank you for the question. As we have commented, the 24 of October, we received a payment of more or less [630]. This cash in was received by Enel Chile. And Enel Chile used the money to reduce the debt position in the short term. And part of the mine was invested also in the short term as the market interest rate. Clear, we keep on looking ahead to have further opportunity to optimize also the long-term debt.

好的。謝謝你的提問。正如我們所評論的，10 月 24 日，我們收到了或多或少的付款[630]。這筆現金由智利國家電力公司收到。智利國家電力公司利用這筆資金在短期內減少了債務狀況。且部分礦場也隨著市場利率進行短期投資。顯然，我們繼續展望未來，尋找進一步優化長期債務的機會。

And on the other side, you know that the financial stability is one of our core growth for our strategy while, of course, we can leverage on that to graph eventual proximity that can come up in the market. And so this increase of our financial stability is a very positive effect that can enable us to do more in the future.

另一方面，您知道金融穩定是我們策略的核心成長之一，當然，我們可以利用這一點來繪製市場上可能出現的最終接近程度。因此，我們金融穩定性的增強是一個非常積極的影響，可以使我們在未來做得更多。

Okay. Thank you, Simone. So we have one more from Martin. He's asking, if I'm not mistaken, the government is preparing a technical report to evaluate if a non-distribution has taken the proper steps to return service to clients after the extreme weather event conditions. Could you give us any color on the time line of this report, your expectations? And also your options if it has a negative outcome.

好的。謝謝你，西蒙娜。我們也收到了馬丁的另一封信。他問，如果我沒記錯的話，政府正在準備一份技術報告，以評估非分銷商是否採取了適當的措施，在極端天氣事件發生後向客戶恢復服務。您能否告訴我們關於這份報告的時間軸以及您的期望？如果結果是負面的，還有你的選擇。

Okay. So let me first mention the fact that the process of revoking the concession has not yet started. The Minister of Energy tasked the sector is preparing a stemming report on energy distribution concession.

好的。首先我要指出的是，撤銷特許權的程序尚未開始。能源部長責成該部門準備一份有關能源分配特許權的緊急報告。

According to the authority, the study should take between six and 18 months. And once it's going to be ready, it will be delivered to the President of the Republic for review and only the President of the Republic of Chile through a decree can start the process.

據當局稱，該研究需要 6 至 18 個月的時間。一旦準備就緒，它將提交給共和國總統審查，只有智利共和國總統可以透過法令啟動這項進程。

So we are waiting for the record that should be issued by the SEC or let's understand whether this technical mode see any possibility or any suggestions in order to revoke or to suggest the blocking of the concession. Just to be clear, below the current law exclude any possible revocation of the concession in case of force majeure.

所以我們正在等待SEC應該發布的記錄，或者讓我們了解這種技術模式是否有任何可能性或任何建議來撤銷或建議阻止特許權。需要明確的是，現行法律排除了在不可抗力的情況下可能撤銷特許權的可能性。

This is the reason because we believe that any record from the SEC should give this kind of suggestion because it is clear from the situation that has been occurred in August that the force majeure is clearly part of the bank, let me say. And what we're going to do in case of negative outcome. Well clearly, we're going to start with all the legal action locally and international. So we're going to start really defending our interest in terms of concession.

這是因為我們認為 SEC 的任何記錄都應該給出這種建議，因為從 8 月發生的情況可以清楚地看出，不可抗力顯然是銀行的一部分，讓我說。以及如果出現負面結果我們將採取什麼措施。很明顯，我們將從本地和國際的所有法律行動開始。因此，我們將開始真正捍衛我們在讓步方面的利益。

Okay. Thank you Giuseppe. We received all the questions also from Rodrigo Mora, but were the same on distribution and also on gas commercialization. So Tomas Gonzales from Scotiabank. Some questions we have answered, but I go to the dividend. And also, he is asking regarding the dividend, do you plan to pay our interim dividend before the year-end? Any possibility to increase the payout in the future is mentioned because of the funds of the PEC.

好的。謝謝朱塞佩。我們也收到了羅德里戈·莫拉（Rodrigo Mora）提出的所有問題，但關於分銷和天然氣商業化的問題都是相同的。豐業銀行的托馬斯岡薩雷斯就是這樣。我們已經回答了一些問題，但我要談談股息。還有，他問的是股息，你們打算在年底前支付我們的中期股息嗎？由於 PEC 的資金，未來增加支付的可能性被提及。

Okay. Talking about Enel, soon, the business policy of Enel to increase to the year the dividend. In this moment, this cash in is in line with the possibility to stay in the policy. And in the very short term, so we will reach in the future until the 70% of the dividend. And so this money are very good news.

好的。談到Enel，很快，Enel的經營政策是增加當年的股利。目前，這筆現金符合保留保單的可能性。而且在很短期內，所以我們將來會達到股利的70%。所以這筆錢是個好消息。

No, will permit stay with our in policy. But in my opinion, and this is a matter for the Board of Directors and for the assembly of owners of the company. But in my opinion, there will be no big changes regarding the dividend policy.

不，將允許遵守我們的政策。但在我看來，這是董事會和公司所有者大會的事。但我認為，股利政策不會有大的變動。

Okay. So let me check here. We have other questions. Okay. So we have one from Martin [Poso]. So he's asking us. Can you give more detail about the impact the company might have with the increase of the green taxes in case the new project law is approved. Can you give you more details Simone.

好的。那麼讓我在這裡檢查一下。我們還有其他問題。好的。所以我們有馬丁的一份[波索]。所以他在問我們。您能否更詳細地說明如果新專案法獲得批准，增加綠色稅可能對公司產生的影響？你能給你更多詳細資訊嗎？

Well, let me remind you that last year, we paid $50 million in green taxes. And we have a very good mix in terms of plant fleet. Our CCGT is tied with a very competitive contract. And the green tax at the end of the day, represents a very low percentage of our thermal power plant. We have several options in order to compensate this taxes.

好吧，讓我提醒您，去年我們繳了 5000 萬美元的綠色稅。我們在工廠機隊方面擁有非常好的組合。我們的 CCGT 簽訂了一份極具競爭力的合約。歸根結底，綠色稅在我們的火力發電廠中所佔的比例非常低。我們有多種選擇來補償這筆稅金。

But at the end of the day, as I said before, we are -- the law is under discussion is at the beginning of the discussion, actually. And the amount of the taxes are almost. Yes, very, very low.

但歸根結底，正如我之前所說，我們正在討論的法律實際上還處於討論的開始階段。而且稅的金額也差不多。是的，非常非常低。

Okay. Thank you, Giuseppe. So one more from Rodrigo Mora from Moneda. He's asking about Los Condores project, okay? So he's asking if we could give more color about the status of testing of Los Condores.

好的。謝謝你，朱塞佩。來自莫內達的羅德里戈·莫拉（Rodrigo Mora）又發了一封信。他在問 Los Condores 項目，好嗎？所以他問我們是否可以對洛斯孔多雷斯的測試狀況提供更多資訊。

And the energy generated expected to this plant. So just if you can give more on how we are in Los Condores, and then Simone the generation of Los Condores?

以及該工廠預計產生的能量。那麼，您是否可以更多地介紹我們在洛斯孔多雷斯以及洛斯孔多雷斯一代的西蒙娜的情況？

Okay. Well, Los Condores project is in a very good shape right now because we already started the pre-commissioning test. We are going ahead and we are pretty sure to have the first synchronization in the following month. It should be before the end of the year, we expect we could have a very good surprise in the following weeks. But let me say just to be conservative by the end of the year.

好的。嗯，Los Condores 專案目前狀況非常好，因為我們已經開始了預調試測試。我們正在繼續進行，我們非常肯定會在下個月進行第一次同步。應該是在年底之前，我們預計在接下來的幾週內我們會帶來非常好的驚喜。但我想說的是，到今年年底時要保持保守。

Okay. Thank you. Simone, on the generation, please.

好的。謝謝。西蒙娜，請談談這一代。

Talking about generation of this new plant, we can give a range of production expected for the next year and should be on 150 and 200 gigawatt hour for one year.

談到這個新工廠的發電，我們可以給出明年的預期產量範圍，一年的產量應該達到 150 吉瓦時和 200 吉瓦時。

Okay. Thank you. So we have one from Andres Barberis. So the question is on Andres. Thank you for the presentation. I have a question regarding the regulated sales. We observed a year-over-year increase of 606 gigawatt, is this increase driven by higher demand in your current CPAs? Or is due to a start of a new regulated contract?

好的。謝謝。我們有一位來自安德烈斯·巴貝里斯 (Andres Barberis) 的人。所以問題出在安德烈斯身上。謝謝您的介紹。我對管制銷售有疑問。我們觀察到同比增長了 606 吉瓦，這一增長是否是由您當前 CPA 的更高需求推動的？還是由於新的受監管合約的開始？

Basically, increase in sales are connected to a new cons that start recently this year actually. And it was a regulated standard that we won in 2017. So it's a matter of perimeter. So we have a new PPA entering our portfolio.

基本上，銷量的成長實際上與今年最近開始的新缺點有關。這是我們在 2017 年贏得的一項監管標準。所以這是一個週長的問題。因此，我們的產品組合中有一個新的購電協議。

Okay. Thank you, Giuseppe. So Carmen operator, do we have any more questions online.

好的。謝謝你，朱塞佩。那麼卡門接線員，我們還有什麼線上問題嗎？

Yes, we do. We have a follow-up or moment, please. Okay. Thank you from the line of Javier Suarez with Mediobanca.

是的，我們願意。我們有後續行動或時間，請。好的。感謝哈維爾·蘇亞雷斯 (Javier Suarez) 和 Mediobanca 的支持。

Sorry for coming back again. Is on the guidance, you mentioned that the guidance for the EBITDA in 2024, is now seen at the upper end of the range, the previous range, $1.3 billion to $1.5 billion. If you can confirm that if you can share with us also on the guidance for the net income.

抱歉又回來了。關於指導，您提到 2024 年 EBITDA 的指導現在處於該範圍的上限，即之前的範圍，即 13 億美元至 15 億美元。如果您能確認的話，也可以與我們分享淨利潤的指導。

Okay. I confirm you on that if you're going to be at the upper range. So around closer to 1.3 rather than 1.3. So upper range. And for what concern the net income similar situation, I mean, we are going to confirm the guidance at the upper range that we presented last year.

好的。如果你想達到上限，我向你確認這一點。所以大約更接近 1.3 而不是 1.3。所以上限。對於與淨利潤類似的情況有關的問題，我的意思是，我們將確認我們去年提出的上限指導。

Okay. Thank you. If there is no more questions, I would like to conclude our conference call. The Investor Relations team is available to answer any questions you may have. Many thanks for your attention.

好的。謝謝。如果沒有其他問題，我想結束我們的電話會議。投資者關係團隊可以回答您的任何問題。非常感謝您的關注。

Have a great rest of the week and see you soon at our Investor Day. Thank you.

祝您本週休息愉快，我們的投資者日再見。謝謝。

Thank you. And with that, we conclude today's conference. You may now disconnect.

謝謝。我們今天的會議就到此結束。您現在可以斷開連線。