Enel Amricas Corporate Presentation, December 2018 Enel Amricas - - PowerPoint PPT Presentation
Enel Amricas Corporate Presentation, December 2018 Enel Amricas - - PowerPoint PPT Presentation
Enel Amricas Corporate Presentation, December 2018 Enel Amricas Overview Enel Amricas overview 1 Enel Amricas is Latin America s largest private power company Brazil Colombia Generation Generation 1,354 MW 3,501 MW 1% Market
Enel Américas Overview
Brazil
1,354 MW 1% Market Share in Installed capacity Net Production 4,153 GWh Sales 21.639 GWh 3% Market Share in Sales 17.1 million clients Sales Dx 79,596 GWh2 17% Market Share Dx 2,100 MW transmission lines
Generation Distribution
Transmission
Enel Américas overview1
Enel Américas is Latin America´s largest private power company
Total Generation Installed capacity: 11,259 MW Energy sales: 64,900 GWh Total Distribution Clients: 24.5 million Energy sales: 119,602 GWh2
1.- Source: Company filings and presentations, 2018 expected. 2,- Eletropaulo’s sales annualized.
Colombia
3,501 MW 21% Market Share in Installed capacity Net Production 14,561 GWh Sales 18,572 GWh 26% Market Share in Sales 3.4 million clients Sales 13,993 GWh 22% Market Share Dx
Generation Distribution
Peru
1,985 MW 16% Market Share in Installed capacity Net Production 8,181 GWh Sales 10,527 GWh 22% Market Share in Sales 1.4 million clients Sales Dx 7,985 GWh 31% Market Share Dx
Generation Distribution Generation
Argentina
4,419 MW 13% Market Share in Installed capacity Net Production 14,153 GWh Sales 14,163 GWh 10% Market Share in Sales 2.6 million clients Sales Dx 18,304 GWh 16% Market Share Dx
Distribution 3
51.80% 15.35% 7.19% 23.06% 2.60%
Enel Américas overview
Ownership profile1
- 1. As of September 30, 2018.
- 2. As of November 30, 2018.
4
Américas
OTHER SHAREHOLDERS CHILEAN PENSION FUNDS ADR HOLDERS OTHER INST. SHAREHOLDERS ENEL SPA
Market Cap2: USD 9.96 Bn
Enel Américas’ shares are traded on:
Delivery 2016-18
Delivery 2016-18
Main milestones in the period
1Q 16 2Q 16 3Q 16 4Q 16 1Q 17 2Q 17 3Q 17 4Q 17 1Q 18 2Q 18 3Q 18 4Q 18
First phase of the Reorganization completed (the “Spin-offs”) Second phase of the Reorganization completed (the “Merger”) Enel Dx Goiás (Celg) consolidation Purchase of 7.5% stake in Enel Dx Perú from minorities Volta Grande consolidation Eletropaulo acquisition
Total investments of US$3.5 bn in acquisitions
Capacity to add value Stable and attractive Regulation Profitability Capacity to add new businesses Simplification
Key Drivers
Creating value in every transaction completed since 2016
- 1. Stake in Enel Dx Perú after the 7.5% acquisition.
1
4
Delivery 2016-18
7
Sustainability, growth, efficiencies and value creation
Index Member People benefited1 I&N End users Gx Energy sales Group simplification Cumulated efficiencies4 Gross Margin Shareholder return Sustainability commitment Growth Value creation
Thousand (cumulated) Number of indexes Million TWh Number of companies US$ m US$ bn DPADR5 US$
2016 2018E
2,687 42 24.5 50.6 43 ~ 130 3.8 0.25 14.1 64.9 323 ~ 420 5.0 0.42 1,437
- 1. Base year 2015. 2. Enel Américas is member of 4: DJSI (Chile, EM and MILA) and FTSE4Good. 3. Not included acquired companies. 4. Base year 2015. 5. Dividend per ADR (1 ADR = 50 shares of Enel Américas).
Opex reduction
2016 2018E 2016 2018E
Delivery 2016-18
Financial highlights (US$ bn)
Gross Capex Net Income EBITDA Opex evolution
1.2 1.7
+ 42% + 42%
2.4 3.4
+ 70%
0.6 1.2
Financial results significantly improved since 2016
2016 2018E
0.6 0.4 1.2 0.5 1.0 1.7
Attributable Minorities
1.3 1.1 1.6 0.1 (0.3) 0.5 2016 Fx & CPI Efficiencies 2018E without perimeter Perimeter 2018E
3.4 2.4
E: Expected
6
Fx & Opex CPI
- 15%
0.3 0.4 0.5 2016 2017 2018E 0.25 0.31 0.42 2016 2017 2018E
Delivery 2016-18
9
Shareholders return
Earnings per ADR1 (US$) Dividend per ADR1 (US$)
- 1. 1 ADR = 50 shares of Enel Américas.
Total Dividend (US$ bn) Total dividend has increased by about 70% since 2016
+ 68% + US$ 0.2 bn + 112%
E: Expected
0.49 0.62 1.04 2016 2017 2018E
Enel Américas today
42% 51% 7%
Generation Infrastructure & Networks Retail and Enel X
13% 28% 6% 37% 16%
Enel Américas today
2018E KPIs and Financial numbers (US$ bn)
EBITDA by business EBITDA by country
I&N: 24.5 m end users US$ 11.8 bn RAB6 Large hydro generation: 6.2 GW capacity 55% of total Enel Américas’ capacity Thermal generation: 5.0 GW capacity Highly flexible and efficient assets Free market: 1.6 k free customers 17 TWh energy sales Enel X: 421 k Public lighting 105 Charging infrastructure
US$ 3.4 bn US$ 3.4 bn
Enel Américas is the largest private utility company in LatAm
- 1. Retail includes free market business. 2. Capex related to investments for recurring asset maintenance. 3. Growth investments in generation and networks (quality programs & smart metering)
- 4. Capex related to customers (Retail, Enel X (e-Home, e-Industries), Network connections). 5. As of November 23rd, 2018. 6. VNR in Peru.
Argentina Brazil Colombia Peru Eletropaulo
Opex 1.6 Asset Management2 0.7 Asset Development3 0.6 Attributable Net Income 1.2 Net Debt 7.0 Market Cap5 9.5 Customers4 0.4 Total Net Income 1.7
9
1
18% 36% 24% 14% 8% 10% 41% 29% 14% 6% 59% 6% 34% 1%
Hydro Oil & Gas CCGT Coal
34% 10% 36% 20%
Argentina Brazil Colombia Peru
41.0 TWh
Enel Américas today
2018E Generation and I&N
Net production by technology Net production by country End users by country Distributed energy by country Almost 60% of our generation mix is hydro Brazil represents 70% in terms of end users and 60% of the total distributed energy
41.0 TWh 24.5 m 101 TWh
Argentina Brazil Colombia Peru Eletropaulo Argentina Brazil Colombia Peru Eletropaulo 10
Energy transition and new
- pportunities in LatAm: our vision
Energy transition and new opportunities
The role of Enel Américas Urbanization
Concentration in urban areas Demand growth Grid development and automation Interconnections
Communities & People
Access to affordable energy Emission reduction Energy efficiency Corporate governance
New businesses
e-City e-Industries e-Home e-Mobility
Market Competition
Liberalization
Enel Américas is ready to capture new opportunities in LatAm
1 2 3 4
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Energy transition and new opportunities
Urbanization
A Region in continuous development; population concentrated in megacities and a trend of energy demand increase
1
Asia Africa Latam & Caribe
.
30% 54% 66%
1970 2014 2050
% of people living in urban areas1
India 453 269 Southeast Asia China 1888 United States
- 73
Japan
- 94
EU
- 89
242 Latin America
296 Africa 106 Eurasia 388 Middle East
Latam & Caribe
Change in primary energy demand 2000-20162
- 1. United Nations 2014. 2. Source: IEA, WEO 2017, Enerdata, EC statistics. 3. Source: RED 2017 CAF-banco de desarrollo de América Latina. 4. Million Tonnes of Oil Equivalent
Mtoe 4
Emerging economies have increased their energy demand as opposed to mature economies
3
13
year
Energy transition and new opportunities
Communities and people
2020
Access to affordable and clean energy mainly in Africa, Asia and Latin America 2.22
2018E1
Employment and sustainable and inclusive economic growth
1.8 Engaging local communities (m beneficiaries) High-quality, inclusive and fair education 0.9
Reduction of CO2 specific emissions (kg/kWheq)
0.39 Climate change 2018E
3.0
3.0 0.8 <0.35
2.0
2018E1 0.3 0.3 0.21 2018E
Enel Américas Enel Group
92% % Enel Américas / Group 18% 38% 54% 2018E
- 1. Cumulated figures since 2015. 2. In the whole Group perimeter, 4.9 m beneficiaries were reached.
Target 2020
Sustainability commitment is present along the whole business value chain
Enel Américas is a constituent of:
2
14
Target already achieved before 2020
51% 47% 2% 81% 19% Asset Development Customers
Energy transition and new opportunities
Enel X
Growing contribution of Enel X and Retail businesses in Enel Américas’ 2019-21 Strategic Plan
3 Market competition 4
Low availability of energy for the free market Commercial strategy redefinition to develop the business Market growth and development
- f gas free market
Increase of power sales plan and start of gas sales plan Energy market liberalization Starting over sales in the free market Uncertanty in power prices due to the situation of Ituango P.P. Opportunities in the new scenario and potential development of gas sales
Smart lighting for cities Electric mobility in LatAm Energy efficiency solutions Demand response and storage solutions for C&I1 customers
Enel X Gross capex 2019-21 (US$ m)
~ 350
Brazil Colombia Rest of countries
17.3 32.0
2018E 2021
~ 2x
~ 350
Energy sales (TWh)
15
- 1. Consumer and industrial.
Strategic Plan 2019-21
Strategic Plan 2019-21
Strategic Pillars
Industrial growth
+ 68% EBITDA growth1 - 2
Efficiencies
US$ 285 m Opex Saving1
Shareholders return
+97% DPS growth1
1. Base year 2018E. 2. M&A not included.
Sustainability commitment
Sustainable long-term value creation
A sustainable and solid growth to increase shareholders return
17
77 84 25 47
18
2018E 2021
24.1 27.6 16.9 17.1
2018E 2021
17.3 32.0
2018E 2021
1.6 1.9
2018E 2021
17.3 17.9 7.2 7.6
2018E 2021 6.2 6.2 5.0 5.0 2018E 2021
Industrial growth: Organic growth
Operational targets by business
Infrastructure & Networks
Distributed energy (TWh) Thermal Installed Capacity (GW) Hydro Installed Capacity (GW) Thermal Generation (TWh) Free customers power & gas (k) Electricity sales in free market (TWh)
x
End users (m) Hydro Generation (TWh)
Generation
59% emission free 62% emission free
Hydro generation will increase during the period reaching 62% of our total production Solid increase in our I&N business, close to double in Retail and relevant expansion of Enel X business in LatAm Free market
11.3 11.3 41.0 44.6
Enel X
0.4 0.8
2018E 2021 Public lighting (m#)
0.1 12.0
2018E 2021 Charging stations (k#)
ELPL ELPL
24.5 25.5
ELPL1 ELPL
120 131
18
4% 19% 0% ~115x 100% 9% 9% 85%
- 1. 120 TWh includes annualized proforma distributed energy of Eletropaulo.
1.6
3.6
0.2 (0.2) 0.3 1.3 0.4
(0.1)
0.1 2018E Fx & Opex CPI Efficiencies Tariff/RAB Demand Dx Other 2021
Industrial Growth: Organic growth
Infrastructure & Networks evolution
RAB3 (US$ bn) WACC2 EBITDA (US$ bn)
- 1. US$ 1.9 bn includes annualized proforma EBITDA of Eletropaulo. 2. WACC real before taxes. Peru considers ROA. 3. VNR in Peru.
2021 2018 Enel Dx Goiás Edesur Enel Dx Ceará Enel Dx Perú Enel Dx Rio Eletropaulo Enel Codensa 12.5% 12.3% 12.3% 12.3% 12.3% 12.0% 13.7% 12.5% 12.3% 12.3% 12.3% 12.3% 12.0% 11.8%
89%
1.6 1.6 2.7 3.3
2.0 2.5 2.0 2.1 0.9 0.9 1.0 1.3
1.7 3.1
2018E 2021
Enel Dx Perú Enel Codensa Eletropaulo Enel Dx Río Enel Dx Goiás Enel Dx Ceará Edesur
11.8 14.7 25%
19
+89% of EBITDA growth and +25% of potential RAB increase
1.9
1
ELPL
Industrial growth: Non organic growth
Focus Eletropaulo
RAB Regulatory review Efficiencies EBITDA1 End users @ 2017 Key Drivers Plan 2021
Enel Dx Ceará Eletropaulo Enel Dx Río Enel Dx Goiás
US$ 0.3 bn US$ 0.8 bn US$ 2.0 bn US$ 2.5 bn July 2019
- US$ 207 m
7.2 m 7.6 m
1: The average USD FX rate for FY 2017 equal to 3.19 BRL only for information purposes. Original data is in Brazilian reais.
Distributed Energy 43 TWh 47 TWh
22
Total capex invested during the period will amount to US$ 0.9 bn
0.2 0.8 0.1 0.2 0.3
2018E Efficiencies Operating improvement 2021
Industrial growth: Non organic growth
Focus Eletropaulo
Eletropaulo operational KPIs EBITDA (US$ bn)
167%
2018E3 2021 43 42 77 47 108 46 Energy distributed (TWh) EBITDA/Customer (US$) OPEX/Customer (US$)
23
Financial and operational key drivers will improve over the period 0.3
1
- 1. US$ 0.3 bn includes annualized proforma EBITDA of Eletropaulo. 2. Net of Fx & Opex CPI. 3. Annualized values.
2
Industrial Growth: Organic growth
Generation evolution
EBITDA (US$ bn) Contracted Energy (TWh)
- 1. Power Purchase Agreement. 2. Volta Grande’s PPA duration: 30 years.
> 100% > 100% 94% 85% > 100% > 100% > 100% 89% PPAs1 average duration: 15-30 years2 PPAs1 average duration: 5-7 years 15.7 14.3 12.7 8.6
2018 2019 2020 2021
Colombia
> 100% 96% 93% 74% PPAs1 average duration: 2-4 years 10.6 11.0 10.7 9.8
2018 2019 2020 2021
Peru
90% 91% 90% 81%
14%
93% 91% 92% 65%
24
Securing profitability through long-term PPAs
13.0 9.2 8.6 8.7 2018 2019 2020 2021
Brazil
> 100% 89% 70% > 100%
1.4 1.6 (0.1) 0.3
2018E Fx & Opex CPI Volume 2021
Industrial Growth: Organic growth
Free market: positioning & market liberalization
EBITDA evolution (US$ m) Enel Américas free energy sales (TWh)
0.0 6.1 2018E 2021
Argentina
5.2 12.0
2018E 2021
Brazil
5.2 7.0
2018E 2021
Colombia
6.9 6.9
2018E 2021
Peru
0% 18%
Market Share:
3% 5%
Market Share:
20% 23%
Market Share:
28% 25%
Market Share:
64%
Market liberalization addressing our growth in the free market business
23
44 72 1 9 12 2 3
2018E Fx & Opex CPI Argentina Brazil Colombia Peru 2021
1.4 2.5 2018E 2021
Industrial Growth: Organic growth
Enel X
4 128
e-City e-Industries e-Home e-Mobility
0.4 0.8
2018E 2021
Public lighting
(spots, m#) Collection services (transaction, m#) Financial services (transaction, m#)
1.5 38.2 2018E 2021 0.9 1.9 2018E 2021
Credit card Micro insurance
Demand response
(MW delivered/year)
PV
(MW installed/year)
253 2018E 2021 1 45 2018E 2021
Charging station
(cumulated facilities, k#)
e-Buses
(cumulated sales, #)
41 2018E 2021
EBITDA evolution (US$ m)
42 131 (3) 6 57 26 2
2018E Fx Argentina Brazil Colombia Peru 2021
212%
24
Significant expansion of the Enel X business along the period
Fx & Opex CPI 0.1 12.0
2018E 2021
11% 81% 2% 6%
Gx I&N Retail Enel X
14% 55% 21% 10%
Argentina Brazil Colombia Peru
US$ 5.3 bn
34% 37% 29%
Asset Development Asset Management Customers
Total capex
Industrial growth: Organic growth
Capex plan 2019- 21
Total capex by country
US$ 5.3 bn US$ 5.3 bn
I&N business captures more than 80% of total capex plan Total capex by business
25
1
- 1. Retail includes free market business.
558 350
2018E 2021
Efficiencies
Further efficiencies 2019-211
New Strategic Plan envisages additional efficiencies for US$285 m
Enel Américas’ opex exc. Eletropaulo (US$ m) Eletropaulo’s opex (US$ m)
2
- 1. Values in real terms. 2. Annualized opex.
26
1,284 1,207
2018E 2021
Main initiatives
Digitalization Apply Group standards in technical maintenance Efficiency in purchasing Quality of service: Reduced costs due to low quality Technological and functional convergence
- f systems
Reducing external costs, mainly services, travel, introduction
- f
surveillance technology
Efficiencies at all levels
3.7 4.2 4.6 3.4 4.4 5.2 5.7
2018E 2019 2020 2021
Previous Plan New Plan 2018E
Financial targets
EBITDA1 (US$ bn): Guidance vs previous Strategic Plan
+68% +5% +13%
- 8%
+US$ ~0.2 bn Eletropaulo
- US$ ~0.1 bn Fortaleza
- US$ ~0.4 bn hyperinflation, Fx effect and
- thers
+ US$ ~0.6 bn Eletropaulo
- US$ ~0.4 bn Fx effect and others
+ US$ ~0.7 bn Eletropaulo
- US$ ~0.1bn Fx effect and others
27
- 1. Including Services and Holding costs.
2021
Improved EBITDA in the coming years mainly due to Eletropaulo’s contribution
8.9 5.4 3.6 0.7
FFO Asset management Customers FFO after asset mgmt. And cust. Asset Developtment FCF Dividends paid Net FCF
Financial targets
FFO1, capex and cash flow 2019-21
FFO and capex (US$ bn) Cash flow generation (US$ bn)2
+106%
- 1. Funds From Operations. 2. M&A and minorities opportunities not included. 3. Capex. 4. Free Cash Flow. 5. Including US$1.9 bn paid to shareholders of Enel Américas and US$0.8 bn
dividends distributed from subsidiaries to minorities.
1 4
1.7 2.3 3.1 3.5 1.7 1.8 1.9 1.6 2018E 2019 2020 2021
FFO Capex
- 6%
Positive Net Free Cash Flow leaves room for a relevant capex plan and attractive dividend payout
28
3 3 3
(1.9) (1.6) (1.8) (2.7)
1.9
5
0.8
Financial targets
Net debt evolution 2019-21
4.0 Net debt breakdown (US$ bn) Net financial expenses on debt (US$ bn)
29
6.9 7.3 6.6 5.8
0.1
0.3 0.5 0.6
2018E 2019 2020 2021 Countries Holding
7.0 7.6 7.1 6.4
- 9%
0.7 0.7 0.6
8.0 8.0 7.5
0.0 1.0 2.0 3.0 4.0 5.0 6.0 7.0 8.0 9.0 0.0 0.1 0.2 0.3 0.4 0.5 0.6 0.7 0.8
2019 2020 2021 Net Financial expenses Cost of gross debt (%)
Financial targets
Guidance 2019-21
3.4 4.4 5.2 5.7 1.2 1.3 1.6 1.9 2018E 2019 2020 2021
EBITDA Attributable Net Income
EBITDA and Net Income (US$ bn) Net Income evolution (US$ bn)
+68% +58%
1.2 1.9 2.3 (0.2) (0.4) (0.8) (0.2) 2018E EBITDA D&A Financial charges Taxes Minorities 2021
+58%
30
Solid EBITDA and Net Income with a 50% Dividend Policy along the period
0.5 0.6 0.8 0.9 2018E 2019 2020 2021
+80%
Dividends paid (US$ bn)
Dividend policy: 40% 50% 50% 50%
Closing remarks
Closing remarks
1 2 3 4 5
Successful delivery in the period 2016-18 Enel Américas is now a stronger leader in the utilities sector in the Region The Company is well positioned to face the energy transition and new opportunities in LatAm creating long term value Financial targets reviewed upwards versus the previous plan Relevant contribution to the people and communities where we operate with clear environmental, economic, and social goals
32
Exhibits
- 1.8%
2.0% 2.8% 4.8%
- 2.1%
2.3% 0.0% 6.9% 1.2% 3.4%
- 2.7%
14.2% Peru Colombia Brazil Argentina 57 73 624 152 54 72 610 147 52 70 595 143 Peru Colombia Brazil Argentina
Exhibits
Macro and energy scenario
CPI1 Energy demand (TWh) Enel Américas distributed energy (TWh)
2019 2020 2021 8.6 14.7 87.4 20.0 8.3 14.5 85.1 19.5 8.0 14.3 82.7 18.9 Enel Dx Perú Codensa Brazil Edesur
- 1. Consumer Price Index.
34
Local currency vs USD
2.5% 3.4% 4.2% 14.0% 2.6% 3.4% 4.2% 17.0% 2.5% 3.4% 4.0% 20.0% Peru Colombia Brazil Argentina
Exhibits
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Regulatory cycle of Distribution Companies
Company Regulatory cycle Next regulatory cycle Edesur 5 years 2022 Enel Dx Ceará 4 years 2019 Enel Dx Goiás 4 years 2022 Enel Dx Rio 5 years 2023 Eletropaulo 4 - 5 years 2019 (3Q) Enel Codensa 5 years 2019 (1Q) Enel Dx Perú 4 years 2022
Edesur Clients: 2.5 m Enel Dx Ceará Clients: 4.0 m Enel Dx Goiás Clients: 3.0 mn Enel Dx Rio Clients: 3.0 m Eletropaulo Clients: 7.2 m Codensa Clients: 3.4 m Enel Dx Perú Clients: 1.4 m
Disclaimer
This presentation does not constitute an offer to sell any securities and is not soliciting an offer to buy any securities in any jurisdiction. This presentation contains certain “forward-looking statements” regarding anticipated financial and operating results and statistics and other future events relating to Enel Américas S.A. These statements are not guarantees of future performance and are subject to material risks, uncertainties, changes and other factors which may be beyond Enel Américas’ control or may be difficult to
- predict. These statements may constitute forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995. The inclusion of these forward-
looking statements should not be regarded as an indication that Enel Américas or any other person considers such projections to be material or to be a reliable prediction of actual future results. These forward-looking statements are subjective in many respects and there can be no assurance that they will be realized or that actual results will not be significantly higher or lower than
- described. As a result, the inclusion of any forward-looking statements in this presentation should not be relied on as necessarily predictive of actual future events. The projections and other
forward-looking statements were based on numerous variables and assumptions that are inherently uncertain. Actual results may differ materially from those projected as a result of such risks and uncertainties. In addition, the financial projections do not necessarily reflect revised prospects, changes in general business or economic conditions, or any other transaction or event that has
- ccurred or that may occur and that was not anticipated at the time the projections were prepared.
Forward looking statements include, but are not limited to, information regarding: Enel Américas' business plans, Enel Américas' cost reduction plans, trends affecting Enel Américas' financial condition or results of operations including market trends in the electricity sector in Chile or elsewhere, supervision and regulation of the electricity sector in Chile or elsewhere, and the future effect of any changes in the laws and regulations applicable to Enel Américas' or its affiliates. The principal assumptions underlying these forecasts and targets relate to: Economic and Industry Conditions, Commercial Factors, Political/Governmental Factors, Operating Factors, and Competitive Factors. The following important factors, in addition to those discussed elsewhere in this presentation, could cause actual financial and operating results and statistics to differ materially from those expressed in our forward-looking statements, including but not limited to: changes or developments regarding the applicable regulations (which may affect the investment plan of Enel Américas regarding the regulated activities), legal restrictions applicable to the implementation of the dividends policy, environmental regulations and other legal issues; price of electricity; price and supply
- f raw materials; interest rates or exchange rates; availability of fuel; ability to maintain relationship with suppliers, customers and consumer and user protection groups; changes in climate
conditions; widespread adoption energy efficiency measures; inherent risks in the construction of new power generation and distribution facilities; changes in general economic, political, administrative and business conditions; operating hazards and risks; tax risks; loss of senior management and key personnel; insufficiency of insurance coverage or increase of insurance costs; failure of systems and information technology and processing; inability to access the capital markets to refinance its debt and finance its capital expenditures; and other factors that could adversely affect the business and financial results of the Company. No assurance can be given that the forward-looking statements in this document will be realized. Readers are cautioned not to place undue reliance on those forward-looking statements, which speak only as of the date of this presentation. Our independent registered public accounting firm has not audited, examined or compiled the forward-looking statements and, accordingly, does not provide any assurance with respect to such statements. Neither Enel Américas nor any of its affiliates intends, nor undertakes any obligation, to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
35
Phone +562 23534682
Rafael De La Haza
Head of Investor Relations Enel Américas
Jorge Velis
Investor Relations Manager Enel Américas
Itziar Letzkus
Investor Relations Enel Américas
Javiera Rubio
Investor Relations Enel Américas
Gonzalo Juárez
IR New York Office María Luz Muñoz Executive Assistant
Enel Américas
Contact us
Thank you.
Email ir.enelamericas@enel.com Web site www.enelamericas.com
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